Denali Advisors 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
1st Source Corporation	COM	336901103	2	79	SH		SOLE		79	0	0
A.O. Smith Corp.	COM	831865209	176	2,700	SH		SOLE		2,700	0	0
ACE Limited	COM	H0023R105	8,303	80,300	SH		SOLE		23,900	0	56,400
AFLAC Inc.	COM	001055102	7,057	121,400	SH		SOLE		33,600	0	87,800
AVX Corporation	COM	002444107	3	196	SH		SOLE		196	0	0
Acco Brands Corporation	COM	00081T108	2	300	SH		SOLE		300	0	0
Activision Blizzard, Inc.	COM	00507V109	1,087	35,200	SH		SOLE		24,400	0	10,800
Adams Resources & Energy	COM	006351308	3	61	SH		SOLE		61	0	0
Alaska Air Group Inc	COM	011659109	802	10,100	SH		SOLE		2,400	0	7,700
Alexanders Inc.	COM	014752109	3	7	SH		SOLE		7	0	0
Alliant Energy Corp.	COM	018802108	1,386	23,700	SH		SOLE		3,200	0	20,500
Allstate Corporation	COM	020002101	623	10,700	SH		SOLE		800	0	9,900
Ally Financial Inc.	COM	02005N100	416	20,400	SH		SOLE		6,300	0	14,100
Altisource Portfolio Solutions	COM	044540827	2	77	SH		SOLE		77	0	0
Amcon Distributing Co	COM	02341Q205	2	25	SH		SOLE		25	0	0
Amdocs Limited	COM	G02602103	5,540	97,400	SH		SOLE		22,500	0	74,900
Amerco	COM	023586100	3,108	7,900	SH		SOLE		1,500	0	6,400
American Assets Trust, Inc.	COM	024013104	686	16,800	SH		SOLE		0	0	16,800
American Axle & Manufacturing	COM	024061103	2	122	SH		SOLE		122	0	0
American Financial Group	COM	025932104	4,893	71,000	SH		SOLE		16,000	0	55,000
American Water Works	COM	030420103	1,239	22,500	SH		SOLE		2,400	0	20,100
American Woodmark Corp.	COM	030506109	1,122	17,300	SH		SOLE		5,900	0	11,400
Annaly Capital Mgmt.	COM	035710409	4,619	468,000	SH		SOLE		132,300	0	335,700
Arch Capital Group Ltd.	COM	G0450A105	9,250	125,900	SH		SOLE		43,500	0	82,400
Arrow Electronics Inc	COM	042735100	6,053	109,500	SH		SOLE		38,300	0	71,200
Assured Guaranty Ltd	COM	G0585R106	2,995	119,800	SH		SOLE		30,600	0	89,200
Atrion Corporation	COM	049904105	375	1,000	SH		SOLE		300	0	700
Atwood Oceanics Inc	COM	050095108	144	9,700	SH		SOLE		9,700	0	0
AutoNation Inc.	COM	05329W102	634	10,900	SH		SOLE		10,900	0	0
Autobytel Inc.	COM	05275N205	2	100	SH		SOLE		100	0	0
Avnet Inc	COM	053807103	12,027	281,800	SH		SOLE		76,500	0	205,300
Aware Inc.	COM	05453N100	2	651	SH		SOLE		651	0	0
Axis Capital Holdings Ltd	COM	G0692U109	1,058	19,700	SH		SOLE		0	0	19,700
BB&T Corp	COM	054937107	2,325	65,300	SH		SOLE		800	0	64,500
BOK Financial Corp.	COM	05561Q201	1,158	17,900	SH		SOLE		9,600	0	8,300
Baldwin & Lyons cl B	COM	057755209	2	100	SH		SOLE		100	0	0
BancFirst Corp OK	COM	05945F103	3	53	SH		SOLE		53	0	0
Bar Harbor Bankshares	COM	066849100	3	91	SH		SOLE		91	0	0
Beasley Broadcast Group Inc.	COM	074014101	1	300	SH		SOLE		300	0	0
Benchmark Electronics, Inc.	COM	08160H101	1	41	SH		SOLE		41	0	0
Beneficial Bancorp, Inc.	COM	08171T102	240	18,100	SH		SOLE		0	0	18,100
Biospecifics Tech Corp	COM	090931106	1	27	SH		SOLE		27	0	0
Booz Allen Hamilton cl A	COM	099502106	1,594	60,800	SH		SOLE		26,000	0	34,800
Boston Properties, Inc.	COM	101121101	1,965	16,600	SH		SOLE		4,400	0	12,200
Breeze-Eastern Corp	COM	106764103	2	159	SH		SOLE		159	0	0
Brown-Forman cl B	COM	115637209	3,430	35,400	SH		SOLE		15,800	0	19,600
Brunswick Corporation	COM	117043109	3,491	72,900	SH		SOLE		14,200	0	58,700
Buckle Inc.	COM	118440106	3	69	SH		SOLE		69	0	0
CA, Inc.	COM	12673P105	11,785	431,700	SH		SOLE		130,800	0	300,900
CACI International, Inc.	COM	127190304	4	371	SH		SOLE		371	0	0
CBRE Group Inc.	COM	12504L109	1,034	32,300	SH		SOLE		7,600	0	24,700
CDW Corporation	COM	12514G108	821	20,100	SH		SOLE		5,300	0	14,800
CNA Financial Corporation	COM	126117100	3,413	97,700	SH		SOLE		23,800	0	73,900
CNB Financial Corp PA	COM	126128107	2	100	SH		SOLE		100	0	0
CSS Industries Inc.	COM	125906107	2	62	SH		SOLE		62	0	0
Cal-Maine Foods Inc.	COM	128030202	8,749	160,200	SH		SOLE		49,000	0	111,200
Camden National Corp	COM	133034108	2	53	SH		SOLE		53	0	0
Campbell Soup Company	COM	134429109	1,024	20,200	SH		SOLE		2,600	0	17,600
Cardinal Health Inc.	COM	14149Y108	230	3,000	SH		SOLE		2,300	0	700
Celanese Corp.	COM	150870103	3,331	56,300	SH		SOLE		12,300	0	44,000
Central Pacific Financial Corp	COM	154760102	2	117	SH		SOLE		117	0	0
Century Bancorp cl A	COM	156432106	4	100	SH		SOLE		100	0	0
Chase Corporation	COM	16150R104	2	57	SH		SOLE		57	0	0
Chevron Corp	COM	166764100	8,416	106,700	SH		SOLE		32,500	0	74,200
Citizens & Northern Corp	COM	172922106	2	100	SH		SOLE		100	0	0
Colony Financial, Inc.	COM	19624R106	1,005	51,400	SH		SOLE		11,100	0	40,300
Community Health Systems	COM	203668108	197	4,600	SH		SOLE		0	0	4,600
Community Trust Bancorp	COM	204149108	4	100	SH		SOLE		100	0	0
Consumer Portfolio Services	COM	210502100	3	550	SH		SOLE		550	0	0
Cooper-Standard Holdings Inc.	COM	21676P103	2	27	SH		SOLE		27	0	0
Corrections Corp of America	COM	22025Y407	109	3,700	SH		SOLE		3,700	0	0
Crawford & Co cl A	COM	224633206	3	500	SH		SOLE		500	0	0
Crown Holdings, Inc.	COM	228368106	2,068	45,200	SH		SOLE		9,900	0	35,300
Crown Media Holdings Inc.	COM	228411104	2	400	SH		SOLE		400	0	0
CubeSmart	COM	229663109	2,163	79,500	SH		SOLE		17,500	0	62,000
Culp Inc.	COM	230215105	2	50	SH		SOLE		50	0	0
DST Systems Inc.	COM	233326107	8,422	80,100	SH		SOLE		24,300	0	55,800
DTE Energy Company	COM	233331107	4,444	55,300	SH		SOLE		7,700	0	47,600
Delta Air Lines, Inc.	COM	247361702	7,543	168,100	SH		SOLE		50,300	0	117,800
Dillards Inc cl A	COM	254067101	489	5,600	SH		SOLE		3,400	0	2,200
Discovery Communications A	COM	25470F104	104	4,000	SH		SOLE		4,000	0	0
Donegal Group Inc. cl A	COM	257701201	2	135	SH		SOLE		135	0	0
Dorian LPG Ltd.	COM	Y2106R110	185	17,900	SH		SOLE		0	0	17,900
Dynex Capital Inc.	COM	26817Q506	2	239	SH		SOLE		239	0	0
EMC Insurance Group	COM	268664109	3	150	SH		SOLE		150	0	0
EP Energy Corporation Cl A	COM	268785102	474	92,000	SH		SOLE		24,000	0	68,000
Edison International	COM	281020107	568	9,000	SH		SOLE		1,900	0	7,100
Education Realty Trust Inc.	COM	28140H203	1,035	31,400	SH		SOLE		4,100	0	27,300
Electro Rent Corp	COM	285218103	3	292	SH		SOLE		292	0	0
Emergent Biosolutions, Inc.	COM	29089Q105	493	17,300	SH		SOLE		6,100	0	11,200
Employers Holdings, Inc.	COM	292218104	3	136	SH		SOLE		136	0	0
Enstar Group Limited	COM	G3075P101	2	10	SH		SOLE		10	0	0
Entercom Communications	COM	293639100	1	100	SH		SOLE		100	0	0
Enterprise Financial Services	COM	293712105	3	100	SH		SOLE		100	0	0
Essendant Inc.	COM	296689102	3	80	SH		SOLE		80	0	0
EverBank Financial Corp.	COM	29977G102	2	100	SH		SOLE		100	0	0
Everest Re Group Ltd	COM	G3223R108	13,763	79,400	SH		SOLE		23,600	0	55,800
Exactech Inc.	COM	30064E109	2	100	SH		SOLE		100	0	0
Exxon Mobil Corporation	COM	30231G102	14,350	193,000	SH		SOLE		57,100	0	135,900
FBL Financial Group cl A	COM	30239F106	1	16	SH		SOLE		16	0	0
FBR & Co.	COM	30247C400	2	100	SH		SOLE		100	0	0
Fabrinet	COM	G3323L100	2	100	SH		SOLE		100	0	0
Fidelity Southern Corp	COM	316394105	1	68	SH		SOLE		68	0	0
Fifth Third Bancorp	COM	316773100	5,232	276,700	SH		SOLE		102,300	0	174,400
First Citizens Bancshares cl A	COM	31946M103	3	12	SH		SOLE		12	0	0
First Community Bancshares Inc	COM	31983A103	2	119	SH		SOLE		119	0	0
First Financial Corp (IN)	COM	320218100	3	100	SH		SOLE		100	0	0
First Interstate BancSystem A	COM	32055Y201	3	111	SH		SOLE		111	0	0
Flexsteel Industries Inc.	COM	339382103	3	105	SH		SOLE		105	0	0
Flushing Financial Corp	COM	343873105	2	108	SH		SOLE		108	0	0
Ford Motor Company	COM	345370860	1,128	83,100	SH		SOLE		74,400	0	8,700
Franklin Resources, Inc.	COM	354613101	5,302	142,300	SH		SOLE		22,700	0	119,600
Fresh Del Monte Produce	COM	G36738105	2	42	SH		SOLE		42	0	0
FutureFuel Corp	COM	36116M106	4	417	SH		SOLE		417	0	0
GAMCO Investors, Inc.	COM	361438104	2	38	SH		SOLE		38	0	0
Gap Inc.	COM	364760108	2,856	100,200	SH		SOLE		32,800	0	67,400
General Electric Co	COM	369604103	1,264	50,100	SH		SOLE		14,700	0	35,400
General Growth Properties	COM	370023103	2,916	112,300	SH		SOLE		45,500	0	66,800
German American Bancorp	COM	373865104	2	73	SH		SOLE		73	0	0
Global Sources Ltd.	COM	G39300101	3	313	SH		SOLE		313	0	0
Goldman Sachs Group Inc	COM	38141G104	35	200	SH		SOLE		200	0	0
Goodyear Tire & Rubber	COM	382550101	4,285	146,100	SH		SOLE		19,400	0	126,700
Great Southern Bancorp	COM	390905107	5	116	SH		SOLE		116	0	0
Greenbrier Companies	COM	393657101	697	21,700	SH		SOLE		6,500	0	15,200
Hallador Energy Company	COM	406092304	2	331	SH		SOLE		331	0	0
Handy & Harman Ltd.	COM	410315105	2	84	SH		SOLE		84	0	0
Harris Corporation	COM	413875105	3,087	42,200	SH		SOLE		3,600	0	38,600
Hawaiian Telcom Holdco, Inc.	COM	420031106	4	188	SH		SOLE		188	0	0
Heartland Financial USA	COM	42234Q102	1	14	SH		SOLE		14	0	0
Henry Schein Inc.	COM	806407102	2,561	19,300	SH		SOLE		6,500	0	12,800
Hilltop Holdings Inc.	COM	432748101	2	100	SH		SOLE		100	0	0
Hingham Institution for Saving	COM	433323102	2	18	SH		SOLE		18	0	0
HollyFrontier Corporation	COM	436106108	2,056	42,100	SH		SOLE		12,500	0	29,600
Homestreet Inc	COM	43785V102	1	31	SH		SOLE		31	0	0
Hormel Foods Corp	COM	440452100	6,812	107,600	SH		SOLE		26,900	0	80,700
Hudson Pacific Properties, Inc	COM	444097109	2,033	70,600	SH		SOLE		18,800	0	51,800
Huntington Ingalls Industries	COM	446413106	86	800	SH		SOLE		0	0	800
Hyster-Yale Materials Handling	COM	449172105	2	40	SH		SOLE		40	0	0
IBM Corp	COM	459200101	8,597	59,300	SH		SOLE		18,100	0	41,200
ICU Medical, Inc.	COM	44930G107	3,099	28,300	SH		SOLE		7,700	0	20,600
IDT Corp Class B	COM	448947507	3	188	SH		SOLE		188	0	0
Illinois Tool Works Inc.	COM	452308109	6,906	83,900	SH		SOLE		26,400	0	57,500
Independence Holding Co.	COM	453440307	2	160	SH		SOLE		160	0	0
Ingles Markets cl A	COM	457030104	1	22	SH		SOLE		22	0	0
Ingram Micro Inc.	COM	457153104	1,602	58,800	SH		SOLE		14,100	0	44,700
Ingredion Incorporated	COM	457187102	1,851	21,200	SH		SOLE		3,900	0	17,300
International Bancshares	COM	459044103	3	116	SH		SOLE		116	0	0
JPMorgan Chase & Co	COM	46625H100	11,084	181,800	SH		SOLE		51,800	0	130,000
Jabil Circuit Inc.	COM	466313103	785	35,100	SH		SOLE		7,600	0	27,500
John B Sanfilippo & Son Inc.	COM	800422107	2	32	SH		SOLE		32	0	0
Johnson Outdoors Inc.	COM	479167108	3	139	SH		SOLE		139	0	0
Jones Lang LaSalle Inc	COM	48020Q107	2,401	16,700	SH		SOLE		6,300	0	10,400
Kansas City Life Insurance	COM	484836101	3	67	SH		SOLE		67	0	0
Key Tronic Corp	COM	493144109	1	100	SH		SOLE		100	0	0
Knoll Inc.	COM	498904200	336	15,300	SH		SOLE		0	0	15,300
L-3 Communications	COM	502424104	2,770	26,500	SH		SOLE		6,900	0	19,600
LGI Homes, Inc.	COM	50187T106	6	205	SH		SOLE		205	0	0
Laboratory Corp of America	COM	50540R409	933	8,600	SH		SOLE		1,800	0	6,800
Lannett Company	COM	516012101	561	13,500	SH		SOLE		2,700	0	10,800
LeMaitre Vascular, Inc.	COM	525558201	1	85	SH		SOLE		85	0	0
Lear Corporation	COM	521865204	13,184	121,200	SH		SOLE		35,300	0	85,900
M&T Bank Corp.	COM	55261F104	6,768	55,500	SH		SOLE		8,500	0	47,000
M/I Homes, Inc.	COM	55305B101	3	143	SH		SOLE		143	0	0
MGE Energy Inc.	COM	55277P104	2	55	SH		SOLE		55	0	0
Maiden Holdings Ltd.	COM	G5753U112	1	52	SH		SOLE		52	0	0
Manpower Inc.	COM	56418H100	1,277	15,600	SH		SOLE		1,800	0	13,800
Marcus Corporation	COM	566330106	1	52	SH		SOLE		52	0	0
Marine Products Corp	COM	568427108	2	300	SH		SOLE		300	0	0
Marlin Business Services Corp	COM	571157106	2	100	SH		SOLE		100	0	0
Medivation, Inc.	COM	58501N101	4,378	103,000	SH		SOLE		28,400	0	74,600
Mednax, Inc.	COM	58502B106	1,421	18,500	SH		SOLE		4,600	0	13,900
Monarch Financial Hldgs	COM	60907Q100	2	140	SH		SOLE		140	0	0
Moody's Corp.	COM	615369105	2,062	21,000	SH		SOLE		7,000	0	14,000
Mosaic Co. (The)	COM	61945C103	1,188	38,200	SH		SOLE		5,900	0	32,300
Movado Group Inc.	COM	624580106	1	55	SH		SOLE		55	0	0
Mueller Industries, Inc.	COM	624756102	1	46	SH		SOLE		46	0	0
Multi-Color Corp.	COM	625383104	2	21	SH		SOLE		21	0	0
National Beverage Corp	COM	635017106	3	109	SH		SOLE		109	0	0
National General Holdings Corp	COM	636220303	2	100	SH		SOLE		100	0	0
National Healthcare Corp	COM	635906100	3	44	SH		SOLE		44	0	0
National Western Life Group, Inc.	COM	638517102	2	10	SH		SOLE		10	0	0
Nature's Sunshine Products	COM	639027101	2	142	SH		SOLE		142	0	0
Navient Corporation	COM	63938C108	4,898	435,800	SH		SOLE		126,600	0	309,200
Nelnet Inc	COM	64031N108	2	70	SH		SOLE		70	0	0
Nutraceutical Int'l Corp	COM	67060Y101	5	229	SH		SOLE		229	0	0
OceanFirst Financial	COM	675234108	2	126	SH		SOLE		126	0	0
Omega Flex, Inc.	COM	682095104	2	55	SH		SOLE		55	0	0
One Liberty Properties Inc.	COM	682406103	3	135	SH		SOLE		135	0	0
Onebeacon Insurance Grp	COM	G67742109	3	187	SH		SOLE		187	0	0
Oxford Industries Inc.	COM	691497309	1,389	18,800	SH		SOLE		5,600	0	13,200
PC Connection, Inc.	COM	69318J100	6	304	SH		SOLE		304	0	0
PCM, Inc.	COM	69323K100	2	200	SH		SOLE		200	0	0
PDL BioPharma, Inc.	COM	69329Y104	2	330	SH		SOLE		330	0	0
PHI, Inc. Non-Voting	COM	69336T205	2	109	SH		SOLE		109	0	0
PPL Corp	COM	69351T106	122	3,700	SH		SOLE		3,700	0	0
Park National Corp OH	COM	700658107	4	40	SH		SOLE		40	0	0
Park-Ohio Holdings Co	COM	700666100	3	87	SH		SOLE		87	0	0
Patterson Companies Inc	COM	703395103	8,343	192,900	SH		SOLE		51,900	0	141,000
Penske Automotive Group	COM	70959W103	3,551	73,300	SH		SOLE		16,200	0	57,100
Pilgrims Pride Corp	COM	72147K108	7,200	346,500	SH		SOLE		116,600	0	229,900
Pitney Bowes Inc.	COM	724479100	520	26,200	SH		SOLE		7,700	0	18,500
Preferred Apt Communties cl A	COM	74039L103	1	137	SH		SOLE		137	0	0
Preformed Line Products	COM	740444104	2	53	SH		SOLE		53	0	0
Principal Financial Group	COM	74251V102	3,858	81,500	SH		SOLE		19,600	0	61,900
Provident Financial Services	COM	74386T105	1	37	SH		SOLE		37	0	0
Public Service Enterprise Grp	COM	744573106	1,573	37,300	SH		SOLE		9,700	0	27,600
Pulaski Financial Corp.	COM	745548107	2	162	SH		SOLE		162	0	0
PulteGroup, Inc.	COM	745867101	2,666	141,300	SH		SOLE		35,400	0	105,900
QCR Holdings, Inc.	COM	74727A104	2	100	SH		SOLE		100	0	0
Quad/Graphics, Inc. cl A	COM	747301109	1	100	SH		SOLE		100	0	0
Quest Diagnostics Inc	COM	74834L100	43	700	SH		SOLE		0	0	700
Quintiles Transnation	COM	74876Y101	7,465	107,300	SH		SOLE		42,100	0	65,200
Raytheon Company	COM	755111507	3,431	31,400	SH		SOLE		10,000	0	21,400
Reinsurance Group of America	COM	759351604	6,876	75,900	SH		SOLE		28,700	0	47,200
Republic Bancorp KY	COM	760281204	2	100	SH		SOLE		100	0	0
Rockwell Collins Inc	COM	774341101	1,416	17,300	SH		SOLE		3,700	0	13,600
Rollins Inc.	COM	775711104	142	5,300	SH		SOLE		5,300	0	0
Ryder System Inc.	COM	783549108	1,725	23,300	SH		SOLE		6,900	0	16,400
SL Industries, Inc.	COM	784413106	2	50	SH		SOLE		50	0	0
Saga Communications Inc.	COM	786598300	2	52	SH		SOLE		52	0	0
Sally Beauty Holdings, Inc.	COM	79546E104	1,316	55,400	SH		SOLE		10,600	0	44,800
Sanmina Corp	COM	800907206	2	100	SH		SOLE		100	0	0
Santander Consmer USA Hdng Inc	COM	80283M101	4,601	225,300	SH		SOLE		91,400	0	133,900
Saul Centers Inc.	COM	804395101	3	55	SH		SOLE		55	0	0
Scana Corporation	COM	80589M102	2,329	41,400	SH		SOLE		22,100	0	19,300
Scripps Networks Interact.	COM	811065101	138	2,800	SH		SOLE		2,800	0	0
Seadrill Limited	COM	G7945E105	817	138,500	SH		SOLE		30,800	0	107,700
Select Medical Holdings Corp	COM	81619Q105	2	207	SH		SOLE		207	0	0
Seneca Foods cl A	COM	817070501	2	65	SH		SOLE		65	0	0
Shiloh Industries Inc.	COM	824543102	1	160	SH		SOLE		160	0	0
Skechers U.S.A. Inc.	COM	830566105	751	5,600	SH		SOLE		1,300	0	4,300
Sonic Automotive, Inc.	COM	83545G102	2	76	SH		SOLE		76	0	0
Southern Copper Corp.	COM	84265V105	5,750	215,200	SH		SOLE		64,600	0	150,600
Southern MO Bancorp	COM	843380106	2	109	SH		SOLE		109	0	0
Span-America Medical	COM	846396109	2	100	SH		SOLE		100	0	0
Stag Industrial Inc.	COM	85254J102	745	40,900	SH		SOLE		16,200	0	24,700
Standard Pacific Corp	COM	85375C101	3	336	SH		SOLE		336	0	0
Starz Series A Liberty Capital	COM	85571Q102	1,669	44,700	SH		SOLE		14,100	0	30,600
Stepan Company	COM	858586100	1	29	SH		SOLE		29	0	0
Sucampo Pharmaceuticals, Inc.	COM	864909106	280	14,100	SH		SOLE		4,300	0	9,800
Summit Hotel Properties, Inc.	COM	866082100	2,529	216,700	SH		SOLE		71,300	0	145,400
Sun Communities Inc.	COM	866674104	6,071	89,600	SH		SOLE		26,800	0	62,800
SunTrust Banks, Inc.	COM	867914103	5,304	138,700	SH		SOLE		57,200	0	81,500
Supreme Industries Inc.	COM	868607102	2	276	SH		SOLE		276	0	0
Symetra Financial Corp	COM	87151Q106	3	88	SH		SOLE		88	0	0
Synchrony Financial	COM	87165B103	7,262	232,000	SH		SOLE		83,100	0	148,900
Syntel Inc.	COM	87162H103	3	68	SH		SOLE		68	0	0
TAL International Group	COM	874083108	1	71	SH		SOLE		71	0	0
TESSCO Technologies, Inc.	COM	872386107	4	200	SH		SOLE		200	0	0
TRC Companies Inc.	COM	872625108	5	401	SH		SOLE		401	0	0
Team Health Holdings, Inc	COM	87817A107	259	4,800	SH		SOLE		0	0	4,800
TeleTech Holdings Inc	COM	879939106	3	114	SH		SOLE		114	0	0
Textainer Group Hldgs Ltd.	COM	G8766E109	2	100	SH		SOLE		100	0	0
Third Point Reinsurance Ltd.	COM	G8827U100	3	200	SH		SOLE		200	0	0
Trans World Entertainement	COM	884903105	2,625	65,200	SH		SOLE		19,800	0	45,400
Towne Bank	COM	89214P109	5	258	SH		SOLE		258	0	0
Trans World Entertainment	COM	89336Q100	2	500	SH		SOLE		500	0	0
Trinity Industries, Inc.	COM	896522109	2,174	95,900	SH		SOLE		45,300	0	50,600
Triple-S Management Corp	COM	896749108	4	200	SH		SOLE		200	0	0
Tutor Perini Corporation	COM	901109108	2	100	SH		SOLE		100	0	0
Twenty-First Cent Fox Inc Cl A	COM	90130A101	6,367	236,000	SH		SOLE		69,600	0	166,400
Tyson Foods Inc	COM	902494103	1,767	41,000	SH		SOLE		8,500	0	32,500
UGI Corporation	COM	902681105	320	9,200	SH		SOLE		0	0	9,200
United States Lime & Minerals	COM	911922102	1	13	SH		SOLE		13	0	0
Universal Corporation	COM	913456109	1	28	SH		SOLE		28	0	0
Universal Truckload Services	COM	91388P105	2	150	SH		SOLE		150	0	0
Urstadt Biddle Prop cl A	COM	917286205	1	47	SH		SOLE		47	0	0
VSE Corporation	COM	918284100	1	26	SH		SOLE		26	0	0
Valero Energy Corp.	COM	91913Y100	3,179	52,900	SH		SOLE		16,100	1	36,800
Varian Medical Systems Inc.	COM	92220P105	162	2,200	SH		SOLE		2,200	2	0
Village Super Market	COM	927107409	3	12,295	SH		SOLE		12,295	3	0
Visteon Corp	COM	92839U206	1,296	12,800	SH		SOLE		4,600	4	8,200
Voya Financial, Inc.	COM	929089100	3,501	90,300	SH		SOLE		35,200	5	55,100
WEC Energy Group, Inc.	COM	92939U106	642	12,295	SH		SOLE		12,295	6	0
Wal-Mart Stores, Inc.	COM	931142103	9,895	152,600	SH		SOLE		46,400	7	106,200
Washington Trust Bancorp	COM	940610108	4	100	SH		SOLE		100	8	0
Waters Corporation	COM	941848103	272	2,300	SH		SOLE		0	9	2,300
Wayside Technology Group	COM	946760105	2	100	SH		SOLE		100	10	0
Weis Markets Inc.	COM	948849104	2	55	SH		SOLE		55	11	0
Wells Fargo & Co	COM	949746101	2,696	52,500	SH		SOLE		16,600	12	35,900
West Corporation	COM	952355204	1	42	SH		SOLE		42	13	0
Western Refining, Inc.	COM	959319104	1	14	SH		SOLE		14	14	0
Weyco Group Inc.	COM	962149100	2	63	SH		SOLE		63	15	0
Wilshire Bancorp Inc.	COM	97186T108	2	163	SH		SOLE		163	16	0
World Acceptance Corp	COM	981419104	1	28	SH		SOLE		28	17	0
World Fuel Services Corp	COM	981475106	161	4,500	SH		SOLE		0	18	4,500
Xcel Energy Inc	COM	98389B100	3,520	99,400	SH		SOLE		46,700	19	52,700
Xerox Corporation	COM	984121103	1,025	105,300	SH		SOLE		73,100	20	32,200
ZAIS Financial Corp.	COM	98886K108	1	100	SH		SOLE		100	21	0
Zimmer Biomet Holdings Inc	COM	98956P102	2,245	23,900	SH		SOLE		4,400	22	19,500
ePlus Inc.	COM	294268107	2	26	SH		SOLE		26	23	0