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
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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	207	2,700	SH		SOLE		2,700	0	0
AFLAC Inc.	COM	001055102	7,787	130,000	SH		SOLE		38,400	0	91,600
AVX Corporation	COM	002444107	2	196	SH		SOLE		196	0	0
Acco Brands Corporation	COM	00081T108	2	300	SH		SOLE		300	0	0
Adams Resources & Energy	COM	006351308	2	61	SH		SOLE		61	0	0
Alaska Air Group Inc	COM	011659109	813	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	1,480	23,700	SH		SOLE		3,200	0	20,500
Allstate Corporation	COM	020002101	7,898	127,200	SH		SOLE		39,900	0	87,300
Ally Financial Inc.	COM	02005N100	380	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	6,095	111,700	SH		SOLE		31,500	0	80,200
Amerco	COM	023586100	4,323	11,100	SH		SOLE		2,000	0	9,100
American Axle & Manufacturing	COM	024061103	2	122	SH		SOLE		122	0	0
American Financial Group	COM	025932104	4,382	60,800	SH		SOLE		11,500	0	49,300
American Water Works	COM	030420103	723	12,100	SH		SOLE		2,400	0	9,700
American Woodmark Corp.	COM	030506109	3,703	46,300	SH		SOLE		11,800	0	34,500
Annaly Capital Mgmt.	COM	035710409	4,462	475,700	SH		SOLE		140,000	0	335,700
Arch Capital Group Ltd.	COM	G0450A105	9,221	132,200	SH		SOLE		44,800	0	87,400
Arrow Electronics Inc	COM	042735100	5,862	108,200	SH		SOLE		38,300	0	69,900
Arrow Financial Corp.	COM	042744102	2	80	SH		SOLE		80	0	0
Assured Guaranty Ltd	COM	G0585R106	1,501	56,800	SH		SOLE		7,000	0	49,800
Atrion Corporation	COM	049904105	114	300	SH		SOLE		300	0	0
Atwood Oceanics Inc	COM	050095108	99	9,700	SH		SOLE		9,700	0	0
AutoNation Inc.	COM	05329W102	519	8,700	SH		SOLE		8,700	0	0
Autobytel Inc.	COM	05275N205	2	100	SH		SOLE		100	0	0
Avnet Inc	COM	053807103	11,897	277,700	SH		SOLE		76,500	0	201,200
Aware Inc.	COM	05453N100	2	651	SH		SOLE		651	0	0
BB&T Corp	COM	054937107	2,424	64,100	SH		SOLE		800	0	63,300
BOK Financial Corp.	COM	05561Q201	1,070	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	2	45	SH		SOLE		45	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
Blue Capital Reinsurnce Hldgs	COM	G1190F107	1	64	SH		SOLE		64	0	0
Booz Allen Hamilton cl A	COM	099502106	1,876	60,800	SH		SOLE		26,000	0	34,800
Breeze-Eastern Corp	COM	106764103	3	159	SH		SOLE		159	0	0
Broadridge Fncl Solutions	COM	11133T103	3,004	55,900	SH		SOLE		15,200	0	40,700
Brown-Forman cl B	COM	115637209	3,663	36,900	SH		SOLE		13,200	0	23,700
Brunswick Corporation	COM	117043109	3,071	60,800	SH		SOLE		14,200	0	46,600
Buckle Inc.	COM	118440106	3	91	SH		SOLE		91	0	0
CA, Inc.	COM	12673P105	13,198	462,100	SH		SOLE		134,300	0	327,800
CACI International, Inc.	COM	127190304	5	531	SH		SOLE		531	0	0
CDW Corporation	COM	12514G108	568	13,500	SH		SOLE		4,600	0	8,900
CNA Financial Corporation	COM	126117100	3,434	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	6,636	143,200	SH		SOLE		44,500	0	98,700
Camden National Corp	COM	133034108	4	80	SH		SOLE		80	0	0
Campbell Soup Company	COM	134429109	2,522	48,000	SH		SOLE		11,900	0	36,100
Cardinal Health Inc.	COM	14149Y108	3,026	33,900	SH		SOLE		12,400	0	21,500
Celanese Corp.	COM	150870103	3,932	58,400	SH		SOLE		12,300	0	46,100
Central Pacific Financial Corp	COM	154760102	3	117	SH		SOLE		117	0	0
Century Bancorp cl A	COM	156432106	4	100	SH		SOLE		100	0	0
Century Communities, Inc.	COM	156504300	3	173	SH		SOLE		173	0	0
Chase Corporation	COM	16150R104	2	57	SH		SOLE		57	0	0
Chevron Corp	COM	166764100	9,599	106,700	SH		SOLE		32,500	0	74,200
Citizens & Northern Corp	COM	172922106	2	100	SH		SOLE		100	0	0
Columbus McKinnon Corp	COM	199333105	5	278	SH		SOLE		278	0	0
Community Trust Bancorp	COM	204149108	3	100	SH		SOLE		100	0	0
Consumer Portfolio Services	COM	210502100	3	550	SH		SOLE		550	0	0
Crawford & Co cl A	COM	224633206	3	500	SH		SOLE		500	0	0
Crown Media Holdings Inc.	COM	228411104	2	400	SH		SOLE		400	0	0
CubeSmart	COM	229663109	2,434	79,500	SH		SOLE		17,500	0	62,000
Culp Inc.	COM	230215105	1	50	SH		SOLE		50	0	0
DST Systems Inc.	COM	233326107	9,627	84,400	SH		SOLE		25,300	0	59,100
DTE Energy Company	COM	233331107	5,846	72,900	SH		SOLE		20,400	0	52,500
Delta Air Lines, Inc.	COM	247361702	7,720	152,300	SH		SOLE		45,800	0	106,500
Dicks Sporting Goods Inc	COM	253393102	424	12,000	SH		SOLE		3,700	0	8,300
Dillards Inc cl A	COM	254067101	368	5,600	SH		SOLE		3,400	0	2,200
Discovery Communications A	COM	25470F104	1,214	45,500	SH		SOLE		15,600	0	29,900
Donegal Group Inc. cl A	COM	257701201	2	135	SH		SOLE		135	0	0
Dorian LPG Ltd.	COM	Y2106R110	211	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	4	150	SH		SOLE		150	0	0
EP Energy Corporation Cl A	COM	268785102	403	92,000	SH		SOLE		24,000	0	68,000
Edison International	COM	281020107	533	9,000	SH		SOLE		1,900	0	7,100
Education Realty Trust Inc.	COM	28140H203	1,189	31,400	SH		SOLE		4,100	0	27,300
Electro Rent Corp	COM	285218103	3	292	SH		SOLE		292	0	0
Employers Holdings, Inc.	COM	292218104	4	136	SH		SOLE		136	0	0
Enstar Group Limited	COM	G3075P101	2	10	SH		SOLE		10	0	0
Entercom Communications	COM	293639100	2	200	SH		SOLE		200	0	0
Enterprise Financial Services	COM	293712105	0	17	SH		SOLE		17	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	14,647	80,000	SH		SOLE		23,600	0	56,400
Exxon Mobil Corporation	COM	30231G102	15,029	192,800	SH		SOLE		56,900	0	135,900
FBL Financial Group cl A	COM	30239F106	2	34	SH		SOLE		34	0	0
FBR & Co.	COM	30247C400	2	100	SH		SOLE		100	0	0
Fabrinet	COM	G3323L100	2	100	SH		SOLE		100	0	0
Fidelity & Guaranty Life	COM	315785105	1	58	SH		SOLE		58	0	0
Fifth Third Bancorp	COM	316773100	5,025	250,000	SH		SOLE		83,800	0	166,200
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
First of Long Island Corp	COM	320734106	2	79	SH		SOLE		79	0	0
Flexsteel Industries Inc.	COM	339382103	5	105	SH		SOLE		105	0	0
Fluor Corp	COM	343412102	760	16,100	SH		SOLE		5,600	0	10,500
Ford Motor Company	COM	345370860	483	34,300	SH		SOLE		34,300	0	0
Franklin Resources, Inc.	COM	354613101	6,223	169,000	SH		SOLE		38,200	0	130,800
Fresh Del Monte Produce	COM	G36738105	2	42	SH		SOLE		42	0	0
FutureFuel Corp	COM	36116M106	5	383	SH		SOLE		383	0	0
GAMCO Investors, Inc.	COM	361438104	3	94	SH		SOLE		94	0	0
Gap Inc.	COM	364760108	3,359	136,000	SH		SOLE		42,000	0	94,000
General Electric Co	COM	369604103	1,072	34,426	SH		SOLE		10,100	0	24,326
General Growth Properties	COM	370023103	2,275	83,600	SH		SOLE		25,500	0	58,100
German American Bancorp	COM	373865104	4	119	SH		SOLE		119	0	0
Global Sources Ltd.	COM	G39300101	2	313	SH		SOLE		313	0	0
Goldman Sachs Group Inc	COM	38141G104	36	200	SH		SOLE		200	0	0
Goodyear Tire & Rubber	COM	382550101	5,877	179,900	SH		SOLE		43,000	0	136,900
Great Southern Bancorp	COM	390905107	5	116	SH		SOLE		116	0	0
Greenbrier Companies	COM	393657101	708	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
Hawaiian Telcom Holdco, Inc.	COM	420031106	5	188	SH		SOLE		188	0	0
Healthcare Realty Trust Inc.	COM	421946104	3,115	110,000	SH		SOLE		27,900	0	82,100
Heartland Financial USA	COM	42234Q102	0	14	SH		SOLE		14	0	0
Henry Schein Inc.	COM	806407102	2,784	17,600	SH		SOLE		5,100	0	12,500
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	1,117	28,000	SH		SOLE		7,700	0	20,300
Hormel Foods Corp	COM	440452100	8,256	104,400	SH		SOLE		31,400	0	73,000
Hubbell Inc	COM	443510607	697	6,900	SH		SOLE		2,100	0	4,800
Hudson Pacific Properties, Inc	COM	444097109	1,987	70,600	SH		SOLE		18,800	0	51,800
Huntsman Corp.	COM	447011107	293	25,800	SH		SOLE		0	0	25,800
Hyster-Yale Materials Handling	COM	449172105	3	56	SH		SOLE		56	0	0
IBM Corp	COM	459200101	8,312	60,400	SH		SOLE		18,100	0	42,300
IDT Corp Class B	COM	448947507	1	49	SH		SOLE		49	0	0
Illinois Tool Works Inc.	COM	452308109	7,776	83,900	SH		SOLE		25,200	0	58,700
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	1,786	58,800	SH		SOLE		14,100	0	44,700
Ingredion Incorporated	COM	457187102	556	5,800	SH		SOLE		2,100	0	3,700
International Bancshares	COM	459044103	3	116	SH		SOLE		116	0	0
Investors Real Estate Trust	COM	461730103	294	42,287	SH		SOLE		23,287	0	19,000
JPMorgan Chase & Co	COM	46625H100	11,390	172,500	SH		SOLE		49,500	0	123,000
Jabil Circuit Inc.	COM	466313103	887	38,100	SH		SOLE		10,600	0	27,500
Jardine Strategic Hldg	COM	FM6472969	316	11,567	SH		SOLE		0	0	0
John B Sanfilippo & Son Inc.	COM	800422107	1	11	SH		SOLE		11	0	0
John Bean Technologies	COM	477839104	638	12,800	SH		SOLE		4,200	0	8,600
Johnson Outdoors Inc.	COM	479167108	1	47	SH		SOLE		47	0	0
Key Tronic Corp	COM	493144109	1	100	SH		SOLE		100	0	0
Keysight Technologies	COM	49338L10	258	9,100	SH		SOLE		0	0	9,100
LGI Homes, Inc.	COM	50187T106	1	56	SH		SOLE		56	0	0
Landstar System Inc.	COM	515098101	528	9,000	SH		SOLE		3,100	0	5,900
Lear Corporation	COM	521865204	13,401	109,100	SH		SOLE		32,600	0	76,500
Loews Corp	COM	540424108	1,110	28,900	SH		SOLE		26,200	0	2,700
M/I Homes, Inc.	COM	55305B101	3	143	SH		SOLE		143	0	0
MGE Energy Inc.	COM	55277P104	3	55	SH		SOLE		55	0	0
Maiden Holdings Ltd.	COM	G5753U112	1	52	SH		SOLE		52	0	0
Manpower Inc.	COM	56418H100	1,315	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	3	206	SH		SOLE		206	0	0
Medivation, Inc.	COM	58501N101	2,190	45,300	SH		SOLE		10,300	0	35,000
Mednax, Inc.	COM	58502B106	1,261	17,600	SH		SOLE		3,700	0	13,900
Methode Electronics Inc	COM	591520200	1,130	35,500	SH		SOLE		13,100	0	22,400
Mid-America Apartment	COM	59522J103	45	500	SH		SOLE		500	0	0
MidWestOne Finl Grp	COM	598511103	2	72	SH		SOLE		72	0	0
Monarch Financial Hldgs	COM	60907Q100	3	154	SH		SOLE		154	0	0
Monmouth Real Est Inv Corp	COM	609720107	164	15,675	SH		SOLE		75	0	15,600
Moody's Corp.	COM	615369105	1,144	11,400	SH		SOLE		1,000	0	10,400
Morningstar, Inc.	COM	617700109	1,214	15,100	SH		SOLE		6,000	0	9,100
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	1	21	SH		SOLE		21	0	0
MutualFirst Financial Inc.	COM	62845B104	2	86	SH		SOLE		86	0	0
National Bankshares Inc	COM	634865109	2	54	SH		SOLE		54	0	0
National Beverage Corp	COM	635017106	4	87	SH		SOLE		87	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 Interstate Corp	COM	63654U100	2	83	SH		SOLE		83	0	0
National Western Life Group, Inc.	COM	638517102	3	10	SH		SOLE		10	0	0
Nature's Sunshine Products	COM	639027101	1	142	SH		SOLE		142	0	0
Navient Corporation	COM	63938C108	4,990	435,800	SH		SOLE		126,600	0	309,200
Navigators Group Inc	COM	638904102	2	22	SH		SOLE		22	0	0
Nelnet Inc	COM	64031N108	3	104	SH		SOLE		104	0	0
Nutraceutical Int'l Corp	COM	67060Y101	5	181	SH		SOLE		181	0	0
OM Asset Management plc	COM	G67506108	2	100	SH		SOLE		100	0	0
OceanFirst Financial	COM	675234108	3	126	SH		SOLE		126	0	0
Omega Flex, Inc.	COM	682095104	2	55	SH		SOLE		55	0	0
One Liberty Properties Inc.	COM	682406103	4	170	SH		SOLE		170	0	0
Onebeacon Insurance Grp	COM	G67742109	2	187	SH		SOLE		187	0	0
PC Connection, Inc.	COM	69318J100	7	304	SH		SOLE		304	0	0
PDL BioPharma, Inc.	COM	69329Y104	1	330	SH		SOLE		330	0	0
PHI, Inc. Non-Voting	COM	69336T205	2	109	SH		SOLE		109	0	0
PPL Corp	COM	69351T106	126	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	7,121	157,500	SH		SOLE		43,600	0	113,900
Penske Automotive Group	COM	70959W103	3,104	73,300	SH		SOLE		16,200	0	57,100
Pilgrims Pride Corp	COM	72147K108	10,985	497,300	SH		SOLE		142,800	0	354,500
Pitney Bowes Inc.	COM	724479100	541	26,200	SH		SOLE		7,700	0	18,500
Preformed Line Products	COM	740444104	2	53	SH		SOLE		53	0	0
Premier Financial Bncp.	COM	74050M105	2	150	SH		SOLE		150	0	0
Principal Financial Group	COM	74251V102	3,666	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	1,443	37,300	SH		SOLE		9,700	0	27,600
Pulaski Financial Corp.	COM	745548107	3	162	SH		SOLE		162	0	0
PulteGroup, Inc.	COM	745867101	2,965	166,400	SH		SOLE		42,600	0	123,800
Quest Diagnostics Inc	COM	74834L100	3,735	52,500	SH		SOLE		11,800	0	40,700
Quintiles Transnation	COM	74876Y101	5,877	85,600	SH		SOLE		35,100	0	50,500
Raytheon Company	COM	755111507	3,885	31,200	SH		SOLE		9,800	0	21,400
Reinsurance Group of America	COM	759351604	9,000	105,200	SH		SOLE		30,200	0	75,000
Republic Bancorp KY	COM	760281204	3	100	SH		SOLE		100	0	0
Robert Half International Inc.	COM	770323103	1,032	21,900	SH		SOLE		7,600	0	14,300
Rockwell Collins Inc	COM	774341101	1,597	17,300	SH		SOLE		3,700	0	13,600
Rollins Inc.	COM	775711104	137	5,300	SH		SOLE		5,300	0	0
Saga Communications Inc.	COM	786598300	2	52	SH		SOLE		52	0	0
Sally Beauty Holdings, Inc.	COM	79546E104	1,545	55,400	SH		SOLE		10,600	0	44,800
Sanmina Corp	COM	800907206	3	147	SH		SOLE		147	0	0
Santander Consmer USA Hdng Inc	COM	80283M101	3,571	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	7,531	124,500	SH		SOLE		46,800	0	77,700
Scripps Networks Interact.	COM	811065101	696	12,600	SH		SOLE		4,200	0	8,400
Seadrill Limited	COM	G7945E105	470	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
Ship Finance Intl Ltd	COM	G81075106	3	171	SH		SOLE		171	0	0
Sonic Automotive, Inc.	COM	83545G102	3	129	SH		SOLE		129	0	0
Southern Copper Corp.	COM	84265V105	5,621	215,200	SH		SOLE		64,600	0	150,600
Southern MO Bancorp	COM	843380106	3	109	SH		SOLE		109	0	0
Span-America Medical	COM	846396109	2	100	SH		SOLE		100	0	0
Stag Industrial Inc.	COM	85254J102	753	40,800	SH		SOLE		16,100	0	24,700
Starz Series A Liberty Capital	COM	85571Q102	811	24,200	SH		SOLE		10,100	0	14,100
Stepan Company	COM	858586100	1	29	SH		SOLE		29	0	0
Steris Corporation	COM	859152100	1,281	17,000	SH		SOLE		4,000	0	13,000
Sucampo Pharmaceuticals, Inc.	COM	864909106	169	9,800	SH		SOLE		0	0	9,800
Summit Hotel Properties, Inc.	COM	866082100	985	82,400	SH		SOLE		0	0	82,400
Sun Communities Inc.	COM	866674104	5,900	86,100	SH		SOLE		26,800	0	59,300
SunTrust Banks, Inc.	COM	867914103	9,438	220,300	SH		SOLE		52,500	0	167,800
Supreme Industries Inc.	COM	868607102	2	276	SH		SOLE		276	0	0
Synchrony Financial	COM	87165B103	5,805	190,904	SH		SOLE		75,756	0	115,148
Syntel Inc.	COM	87162H103	3	68	SH		SOLE		68	0	0
Synutra International, Inc.	COM	87164C102	1	233	SH		SOLE		233	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	4	401	SH		SOLE		401	0	0
Tanger Factory Outlet	COM	875465106	4,248	129,900	SH		SOLE		40,600	0	89,300
TeleTech Holdings Inc	COM	879939106	3	114	SH		SOLE		114	0	0
Textainer Group Hldgs Ltd.	COM	G8766E109	1	100	SH		SOLE		100	0	0
Third Point Reinsurance Ltd.	COM	G8827U100	1	43	SH		SOLE		43	0	0
Thomson Reuters Corp	COM	884903105	2,468	65,200	SH		SOLE		19,800	0	45,400
Tompkins Financial Corp	COM	890110109	4	66	SH		SOLE		66	0	0
Toro Company	COM	891092108	1,162	15,900	SH		SOLE		4,300	0	11,600
Trans World Entertainment	COM	89336Q100	2	500	SH		SOLE		500	0	0
Trinity Industries, Inc.	COM	896522109	2,976	123,900	SH		SOLE		45,100	0	78,800
Tutor Perini Corporation	COM	901109108	3	186	SH		SOLE		186	0	0
Twenty-First Cent Fox Inc Cl A	COM	90130A101	6,480	238,600	SH		SOLE		72,200	0	166,400
Trans World Entertainement	COM	902681105	311	9,200	SH		SOLE		0	0	9,200
Universal Corporation	COM	913456109	2	28	SH		SOLE		28	0	0
Universal Health Services	COM	913903100	1,553	13,000	SH		SOLE		3,400	0	9,600
Universal Truckload Services	COM	91388P105	3	217	SH		SOLE		217	0	0
Unum Group	COM	91529Y106	1,451	43,600	SH		SOLE		15,700	0	27,900
Urstadt Biddle Prop cl A	COM	917286205	1	47	SH		SOLE		47	0	0
Utah Medical Products Inc.	COM	917488108	2	39	SH		SOLE		39	0	0
VSE Corporation	COM	918284100	2	26	SH		SOLE		26	0	0
Valero Energy Corp.	COM	91913Y100	2,736	38,700	SH		SOLE		10,100	0	28,600
Varian Medical Systems Inc.	COM	92220P105	291	3,600	SH		SOLE		2,200	0	1,400
Vectrus, Inc.	COM	92242T101	2	88	SH		SOLE		88	0	0
Village Super Market	COM	927107409	3	128	SH		SOLE		128	0	0
Voya Financial, Inc.	COM	929089100	1,857	50,300	SH		SOLE		16,000	0	34,300
WD-40 Company	COM	929236107	878	8,900	SH		SOLE		1,700	0	7,200
Wal-Mart Stores, Inc.	COM	931142103	9,557	155,900	SH		SOLE		46,800	1	109,100
Washington Trust Bancorp	COM	940610108	4	100	SH		SOLE		100	2	0
Waters Corporation	COM	941848103	700	12,295	SH		SOLE		12,295	3	3,200
Wayside Technology Group	COM	946760105	2	100	SH		SOLE		100	4	0
Weis Markets Inc.	COM	948849104	193	4,355	SH		SOLE		55	5	4,300
Wells Fargo & Co	COM	949746101	7,942	146,100	SH		SOLE		48,300	6	97,800
Western Refining, Inc.	COM	959319104	0	14	SH		SOLE		14	7	0
Westlake Chemical Corp	COM	960413102	4,199	77,300	SH		SOLE		23,700	8	53,600
Weyco Group Inc.	COM	962149100	2	63	SH		SOLE		63	9	0
World Acceptance Corp	COM	981419104	1	28	SH		SOLE		28	10	0
World Fuel Services Corp	COM	981475106	1,981	51,500	SH		SOLE		11,700	11	39,800
Xerox Corporation	COM	984121103	2,147	202,000	SH		SOLE		83,300	12	118,700
ZAIS Financial Corp.	COM	98886K108	2	100	SH		SOLE		100	13	0
ePlus Inc.	COM	294268107	2	26	SH		SOLE		26	14	0