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
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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	3	79	SH		SOLE		79	0	0
AES Corporation	COM	00130H105	1,351	114,500	SH		SOLE		29,100	0	85,400
AFLAC Inc.	COM	001055102	8,505	134,700	SH		SOLE		41,200	0	93,500
AVX Corporation	COM	002444107	2	196	SH		SOLE		196	0	0
Adams Resources & Energy	COM	006351308	2	61	SH		SOLE		61	0	0
Alexanders Inc.	COM	014752109	3	7	SH		SOLE		7	0	0
Alleghany Corp	COM	017175100	298	600	SH		SOLE		600	0	0
Alliant Energy Corp.	COM	018802108	1,760	23,700	SH		SOLE		3,200	0	20,500
Allstate Corporation	COM	020002101	8,529	126,600	SH		SOLE		38,600	0	88,000
Ally Financial Inc.	COM	02005N100	264	14,100	SH		SOLE		0	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	6,090	100,800	SH		SOLE		28,300	0	72,500
Amerco	COM	023586100	1,572	4,400	SH		SOLE		400	0	4,000
American Axle & Manufacturing	COM	024061103	2	122	SH		SOLE		122	0	0
American Financial Group	COM	025932104	3,863	54,900	SH		SOLE		5,600	0	49,300
American Public Education	COM	02913V103	3	133	SH		SOLE		133	0	0
American Woodmark Corp.	COM	030506109	2,797	37,500	SH		SOLE		10,100	0	27,400
Anixter International	COM	035290105	2	47	SH		SOLE		47	0	0
Annaly Capital Mgmt.	COM	035710409	4,699	458,000	SH		SOLE		122,300	0	335,700
Antero Resources Corporation	COM	03674X106	366	14,700	SH		SOLE		0	0	14,700
Arch Capital Group Ltd.	COM	G0450A105	8,383	117,900	SH		SOLE		31,900	0	86,000
Arrow Electronics Inc	COM	042735100	6,183	96,000	SH		SOLE		26,100	0	69,900
Arrow Financial Corp.	COM	042744102	3	120	SH		SOLE		120	0	0
Assured Guaranty Ltd	COM	G0585R106	1,437	56,800	SH		SOLE		7,000	0	49,800
Atwood Oceanics Inc	COM	050095108	89	9,700	SH		SOLE		9,700	0	0
Avnet Inc	COM	053807103	12,798	288,900	SH		SOLE		79,700	0	209,200
Aware Inc.	COM	05453N100	1	351	SH		SOLE		351	0	0
BB&T Corp	COM	054937107	2,106	63,300	SH		SOLE		0	0	63,300
BCB Bancorp, Inc.	COM	055298103	2	171	SH		SOLE		171	0	0
BOK Financial Corp.	COM	05561Q201	1,458	26,700	SH		SOLE		9,600	0	17,100
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
Banco Latinoamericano de Comer	COM	P16994132	3	107	SH		SOLE		107	0	0
Bar Harbor Bankshares	COM	066849100	1	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	2	128	SH		SOLE		128	0	0
Booz Allen Hamilton cl A	COM	099502106	1,841	60,800	SH		SOLE		26,000	0	34,800
Brinker International	COM	109641100	354	7,700	SH		SOLE		3,100	0	4,600
Broadridge Fncl Solutions	COM	11133T103	3,315	55,900	SH		SOLE		15,200	0	40,700
Brown-Forman cl B	COM	115637209	916	9,300	SH		SOLE		3,400	0	5,900
Brunswick Corporation	COM	117043109	1,698	35,400	SH		SOLE		10,200	0	25,200
Buckle Inc.	COM	118440106	3	91	SH		SOLE		91	0	0
Bunge Limited	COM	G16962105	680	12,000	SH		SOLE		4,800	0	7,200
CA, Inc.	COM	12673P105	13,588	441,300	SH		SOLE		128,900	0	312,400
CAI International, Inc.	COM	12477X106	5	531	SH		SOLE		531	0	0
CNA Financial Corporation	COM	126117100	3,157	98,100	SH		SOLE		23,800	0	74,300
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	3,691	71,100	SH		SOLE		19,200	0	51,900
Camden National Corp	COM	133034108	3	80	SH		SOLE		80	0	0
Campbell Soup Company	COM	134429109	3,062	48,000	SH		SOLE		11,900	0	36,100
Cardinal Health Inc.	COM	14149Y108	3,098	37,800	SH		SOLE		12,400	0	25,400
Celanese Corp.	COM	150870103	118	1,800	SH		SOLE		1,800	0	0
Central Pacific Financial Corp	COM	154760409	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	5	273	SH		SOLE		273	0	0
Chemtura Corp.	COM	163893209	2	60	SH		SOLE		60	0	0
Chevron Corp	COM	166764100	10,160	106,500	SH		SOLE		32,300	0	74,200
Choice Hotels Intl	COM	169905106	881	16,300	SH		SOLE		5,900	0	10,400
Citizens & Northern Corp	COM	172922106	2	100	SH		SOLE		100	0	0
Columbus McKinnon Corp	COM	199333105	4	278	SH		SOLE		278	0	0
Community Trust Bancorp	COM	204149108	4	100	SH		SOLE		100	0	0
Consumer Portfolio Services	COM	210502100	2	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	2,647	79,500	SH		SOLE		17,500	0	62,000
Culp Inc.	COM	230215105	1	50	SH		SOLE		50	0	0
DISH Network Corp cl A	COM	25470M109	51	1,100	SH		SOLE		0	0	1,100
DST Systems Inc.	COM	233326107	9,552	84,700	SH		SOLE		23,500	0	61,200
DTE Energy Company	COM	233331107	6,863	75,700	SH		SOLE		20,700	0	55,000
Delta Air Lines, Inc.	COM	247361702	6,728	138,200	SH		SOLE		41,700	0	96,500
Dicks Sporting Goods Inc	COM	253393102	781	16,700	SH		SOLE		3,700	0	13,000
Dillards Inc cl A	COM	254067101	475	5,600	SH		SOLE		3,400	0	2,200
Discovery Communications A	COM	25470F104	5,039	176,000	SH		SOLE		52,800	0	123,200
Donegal Group Inc. cl A	COM	257701201	2	135	SH		SOLE		135	0	0
Dorian LPG Ltd.	COM	Y2106R110	169	18,012	SH		SOLE		112	0	17,900
Dynex Capital Inc.	COM	26817Q506	2	239	SH		SOLE		239	0	0
EMC Insurance Group	COM	268664109	5	191	SH		SOLE		191	0	0
Eaton Corporation, plc	COM	G29183103	213	3,400	SH		SOLE		1,100	0	2,300
Education Realty Trust Inc.	COM	28140H203	1,306	31,400	SH		SOLE		4,100	0	27,300
El Paso Electric Co.	COM	283677854	2	35	SH		SOLE		35	0	0
Electro Rent Corp	COM	285218103	2	261	SH		SOLE		261	0	0
Employers Holdings, Inc.	COM	292218104	4	136	SH		SOLE		136	0	0
Enova International, Inc.	COM	29357K103	1	231	SH		SOLE		231	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 Bancorp Inc Mass	COM	293668109	3	100	SH		SOLE		100	0	0
Everest Re Group Ltd	COM	G3223R108	14,432	73,100	SH		SOLE		21,100	0	52,000
Exxon Mobil Corporation	COM	30231G102	4,815	57,600	SH		SOLE		17,300	0	40,300
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
Fidelity & Guaranty Life	COM	315785105	2	58	SH		SOLE		58	0	0
Fifth Third Bancorp	COM	316773100	6,232	373,400	SH		SOLE		119,400	0	254,000
First Busey Corporation	COM	319383204	2	120	SH		SOLE		120	0	0
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	5	105	SH		SOLE		105	0	0
Fluor Corporation	COM	343412102	2,728	50,800	SH		SOLE		10,200	0	40,600
Ford Motor Company	COM	345370860	463	34,300	SH		SOLE		34,300	0	0
Franklin Resources, Inc.	COM	354613101	8,271	211,800	SH		SOLE		60,500	0	151,300
Fresh Del Monte Produce	COM	G36738105	1	32	SH		SOLE		32	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
Gamestop Corp	COM	36467W109	228	7,200	SH		SOLE		0	0	7,200
Gap Inc.	COM	364760108	7,747	263,500	SH		SOLE		76,500	0	187,000
General Electric Company	COM	369604103	1,342	42,225	SH		SOLE		12,400	0	29,825
General Growth Properties Inc	COM	370023103	1,026	34,500	SH		SOLE		0	0	34,500
German American Bancorp	COM	373865104	4	119	SH		SOLE		119	0	0
Gilead Sciences Inc.	COM	375558103	1,920	20,900	SH		SOLE		5,300	0	15,600
Global Sources Ltd.	COM	G39300101	3	313	SH		SOLE		313	0	0
Goldman Sachs Group Inc	COM	38141G104	989	6,300	SH		SOLE		1,100	0	5,200
Goodyear Tire & Rubber	COM	382550101	8,176	247,900	SH		SOLE		64,400	0	183,500
Great Southern Bancorp	COM	390905107	1	16	SH		SOLE		16	0	0
Greenbrier Companies	COM	393657101	600	21,700	SH		SOLE		6,500	0	15,200
HP Inc.	COM	40434L105	3,202	259,900	SH		SOLE		78,000	0	181,900
Hallador Energy Company	COM	40609P105	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	4	188	SH		SOLE		188	0	0
Healthcare Realty Trust Inc.	COM	421946104	2,388	77,300	SH		SOLE		27,900	0	49,400
Heartland Financial USA	COM	42234Q102	0	14	SH		SOLE		14	0	0
Henry Schein Inc.	COM	806407102	1,726	10,000	SH		SOLE		2,400	0	7,600
Hormel Foods Corp	COM	440452100	5,643	130,500	SH		SOLE		43,000	0	87,500
Hubbell Inc	COM	443510201	731	6,900	SH		SOLE		2,100	0	4,800
Hudson Pacific Properties, Inc	COM	444097109	2,403	83,100	SH		SOLE		31,300	0	51,800
Huntsman Corp.	COM	447011107	343	25,800	SH		SOLE		0	0	25,800
Hyster-Yale Materials Handling	COM	449172105	4	56	SH		SOLE		56	0	0
IBM Corp	COM	459200101	9,148	60,400	SH		SOLE		18,100	0	42,300
IDT Corporation Cl B	COM	448947507	1	49	SH		SOLE		49	0	0
ITT Corporation	COM	450911201	1,306	35,400	SH		SOLE		11,100	0	24,300
Illinois Tool Works Inc.	COM	452308109	8,185	79,900	SH		SOLE		23,900	0	56,000
Independence Holding Co.	COM	453440307	3	160	SH		SOLE		160	0	0
Ingram Micro Inc.	COM	457153104	1,095	30,500	SH		SOLE		8,800	0	21,700
Ingredion Incorporated	COM	457187102	619	5,800	SH		SOLE		2,100	0	3,700
International Bancshares	COM	459044103	3	116	SH		SOLE		116	0	0
Interval Leisure Group	COM	46113M108	2	156	SH		SOLE		156	0	0
Investors Real Estate Trust	COM	461730103	1	100	SH		SOLE		100	0	0
Iridium Communications Inc	COM	46269C102	2	208	SH		SOLE		208	0	0
JPMorgan Chase & Co	COM	46625H100	11,394	192,400	SH		SOLE		54,500	0	137,900
Jack Henry & Associates	COM	426281101	1,810	21,400	SH		SOLE		5,900	0	15,500
John B Sanfilippo & Son Inc.	COM	800422107	1	11	SH		SOLE		11	0	0
John Bean Technologies	COM	477839104	175	3,100	SH		SOLE		0	0	3,100
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 Inc	COM	49338L103	3,914	141,100	SH		SOLE		49,000	0	92,100
Kilroy Realty Corp.	COM	49427F108	1,677	27,100	SH		SOLE		9,100	0	18,000
Kimball Electronics, Inc.	COM	49428J109	2	215	SH		SOLE		215	0	0
Lake Sunapee Bank Group	COM	510866106	2	156	SH		SOLE		156	0	0
Lancaster Colony Corp	COM	513847103	2,510	22,700	SH		SOLE		6,700	0	16,000
Landstar System Inc.	COM	515098101	1,641	25,400	SH		SOLE		6,300	0	19,100
Lear Corporation	COM	521865204	11,717	105,400	SH		SOLE		28,900	0	76,500
Lincoln National Corp	COM	534187109	3,371	86,000	SH		SOLE		24,700	0	61,300
Loews Corp	COM	540424108	842	22,000	SH		SOLE		19,300	0	2,700
M/I Homes, Inc.	COM	55305B101	5	243	SH		SOLE		243	0	0
MDU Resources Group	COM	552690109	588	30,200	SH		SOLE		7,800	0	22,400
MGE Energy Inc.	COM	55277P104	3	55	SH		SOLE		55	0	0
Maiden Holdings Ltd.	COM	G5753U112	1	52	SH		SOLE		52	0	0
ManpowerGroup	COM	56418H100	708	8,700	SH		SOLE		1,800	0	6,900
Marathon Petroleum Corp	COM	56585A102	889	23,900	SH		SOLE		1,400	0	22,500
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
Mednax, Inc.	COM	58502B106	1,053	16,300	SH		SOLE		2,400	0	13,900
Meritor, Inc.	COM	59001K100	2	246	SH		SOLE		246	0	0
MidWestOne Finl Grp	COM	598511103	2	72	SH		SOLE		72	0	0
Monmouth Real Est Inv Corp	COM	609720107	443	37,275	SH		SOLE		75	0	37,200
Morningstar, Inc.	COM	617700109	5,252	59,500	SH		SOLE		17,800	0	41,700
Movado Group Inc.	COM	624580106	2	55	SH		SOLE		55	0	0
Mueller Industries, Inc.	COM	624756102	1	46	SH		SOLE		46	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	3	69	SH		SOLE		69	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 A	COM	638517102	2	10	SH		SOLE		10	0	0
Nature's Sunshine Products	COM	639027101	2	242	SH		SOLE		242	0	0
Navient Corporation	COM	63938C108	5,105	426,500	SH		SOLE		117,300	0	309,200
Navigators Group, Inc.	COM	638904102	2	22	SH		SOLE		22	0	0
Nelnet Inc	COM	64031N108	3	78	SH		SOLE		78	0	0
NewStar Financial, Inc.	COM	65251F105	2	220	SH		SOLE		220	0	0
NiSource Inc	COM	65473P105	822	34,900	SH		SOLE		13,200	0	21,700
Nutraceutical Int'l Corp	COM	67060Y101	4	181	SH		SOLE		181	0	0
OM Asset Management plc	COM	G67506108	1	100	SH		SOLE		100	0	0
OceanFirst Financial	COM	675234108	1	44	SH		SOLE		44	0	0
Oil-Dri Corp. of Amer	COM	677864100	2	54	SH		SOLE		54	0	0
Omega Flex, Inc.	COM	682095104	2	55	SH		SOLE		55	0	0
One Liberty Properties Inc.	COM	682406103	5	237	SH		SOLE		237	0	0
Onebeacon Insurance Grp	COM	G67742109	2	187	SH		SOLE		187	0	0
PC Connection, Inc.	COM	69318J100	8	304	SH		SOLE		304	0	0
PDL BioPharma, Inc.	COM	69329Y104	1	330	SH		SOLE		330	0	0
PH Glatfelter Co.	COM	377316104	3	156	SH		SOLE		156	0	0
PHI, Inc. Non-Voting	COM	69336T205	3	166	SH		SOLE		166	0	0
PPL Corporation	COM	69351T106	407	10,700	SH		SOLE		10,700	0	0
Park National Corp OH	COM	700658107	4	40	SH		SOLE		40	0	0
Park-Ohio Holdings Co	COM	700666100	2	48	SH		SOLE		48	0	0
Patterson Companies Inc	COM	703395103	5,518	118,600	SH		SOLE		25,100	0	93,500
Penske Automotive Group	COM	70959W103	2,346	61,900	SH		SOLE		16,200	0	45,700
Peoples Bancorp of NC	COM	710577107	2	100	SH		SOLE		100	0	0
Pilgrims Pride Corp	COM	72147K108	12,383	487,500	SH		SOLE		139,900	0	347,600
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	4,284	108,600	SH		SOLE		29,600	0	79,000
Provident Financial Services	COM	74386T105	1	37	SH		SOLE		37	0	0
Public Service Enterprise Grp	COM	744573106	2,819	59,800	SH		SOLE		17,700	0	42,100
Pulaski Financial Corp.	COM	745548107	3	162	SH		SOLE		162	0	0
PulteGroup, Inc.	COM	745867101	3,113	166,400	SH		SOLE		42,600	0	123,800
Quest Diagnostics Inc	COM	74834L100	4,158	58,200	SH		SOLE		14,400	0	43,800
Quintiles Transnational Hldg	COM	74876Y101	1,400	21,500	SH		SOLE		14,500	0	7,000
Reinsurance Group of America	COM	759351604	3,263	33,900	SH		SOLE		7,600	0	26,300
Republic Bancorp KY	COM	760281204	3	100	SH		SOLE		100	0	0
ResMed Inc.	COM	761152107	35	600	SH		SOLE		600	0	0
Robert Half International Inc.	COM	770323103	1,127	24,200	SH		SOLE		9,900	0	14,300
Rockwell Collins Inc	COM	774341101	959	10,400	SH		SOLE		2,000	0	8,400
Rollins Inc.	COM	775711104	1,207	44,500	SH		SOLE		15,100	0	29,400
Saga Communications Inc.	COM	786598300	2	52	SH		SOLE		52	0	0
Sally Beauty Holdings, Inc.	COM	79546E104	479	14,800	SH		SOLE		3,300	0	11,500
Sanmina Corporation	COM	801056102	3	147	SH		SOLE		147	0	0
Santander Consmer USA Hdng Inc	COM	80283M101	2,361	225,100	SH		SOLE		91,200	0	133,900
Sapiens International	COM	N7716A151	2	171	SH		SOLE		171	0	0
Saul Centers Inc.	COM	804395101	3	55	SH		SOLE		55	0	0
Scana Corporation	COM	80589M102	13,918	198,400	SH		SOLE		60,400	0	138,000
Scripps Networks Interact.	COM	811065101	812	12,400	SH		SOLE		4,000	0	8,400
Select Medical Holdings Corp	COM	81619Q105	2	207	SH		SOLE		207	0	0
Seneca Foods cl A	COM	817070501	1	21	SH		SOLE		21	0	0
Shiloh Industries Inc.	COM	824543102	1	160	SH		SOLE		160	0	0
Ship Finance Intl Ltd	COM	G81075106	2	119	SH		SOLE		119	0	0
Sonic Automotive, Inc.	COM	83545G102	2	129	SH		SOLE		129	0	0
Southern Copper Corp.	COM	84265V105	5,955	214,900	SH		SOLE		64,300	0	150,600
Southern MO Bancorp	COM	843380106	3	109	SH		SOLE		109	0	0
Starz Series A	COM	85571Q102	450	17,100	SH		SOLE		3,000	0	14,100
Steris PLC	COM	G84720104	50	700	SH		SOLE		0	0	700
Strattec Security Corp	COM	863111100	2	40	SH		SOLE		40	0	0
Summit Hotel Properties, Inc.	COM	866082100	889	74,300	SH		SOLE		0	0	74,300
Sun Communities Inc.	COM	866674104	4,676	65,300	SH		SOLE		18,900	0	46,400
SunTrust Banks, Inc.	COM	867914103	4,575	126,800	SH		SOLE		32,700	0	94,100
Synchrony Financial	COM	87165B103	5,119	178,603	SH		SOLE		70,756	0	107,847
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	3	200	SH		SOLE		200	0	0
TRC Companies Inc.	COM	872625108	3	401	SH		SOLE		401	0	0
Tanger Factory Outlet	COM	875465106	4,756	130,700	SH		SOLE		40,600	0	90,100
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
The New Home Company Inc.	COM	645370107	2	190	SH		SOLE		190	0	0
Thomson Reuters Corp	COM	884903105	2,639	65,200	SH		SOLE		19,800	0	45,400
Toro Company	COM	891092108	3,410	39,600	SH		SOLE		11,100	0	28,500
Trans World Entertainment	COM	89336Q100	2	500	SH		SOLE		500	0	0
Trinity Industries, Inc.	COM	896522109	2,305	125,900	SH		SOLE		38,100	0	87,800
Triumph Group Inc.	COM	896818101	1,470	46,700	SH		SOLE		13,900	0	32,800
Tutor Perini Corporation	COM	901109108	3	186	SH		SOLE		186	0	0
Twenty-First Cent Fox Inc Cl A	COM	90130A101	6,764	242,600	SH		SOLE		72,200	0	170,400
Trans World Entertainement	COM	902681105	371	9,200	SH		SOLE		0	0	9,200
United Guardian Inc.	COM	910571108	1	69	SH		SOLE		69	0	0
Universal Corporation	COM	913456109	2	28	SH		SOLE		28	0	0
Universal Health Services	COM	913903100	1,621	13,000	SH		SOLE		3,400	0	9,600
Universal Truckload Services	COM	91388P105	4	217	SH		SOLE		217	0	0
Unum Group	COM	91529Y106	1,348	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	5,106	79,600	SH		SOLE		23,400	0	56,200
Varian Medical Systems Inc.	COM	92220P105	2,465	30,800	SH		SOLE		13,200	0	17,600
Vectrus, Inc.	COM	92242T101	2	88	SH		SOLE		88	0	0
Village Super Market	COM	927107409	5	223	SH		SOLE		223	0	0
Voya Financial, Inc.	COM	929089100	1,497	50,300	SH		SOLE		16,000	0	34,300
WD-40 Company	COM	929236107	2,981	27,600	SH		SOLE		6,600	0	21,000
WESCO International, Inc.	COM	95082P105	421	7,700	SH		SOLE		2,500	0	5,200
Wal-Mart Stores, Inc.	COM	931142103	10,541	12,295	SH		SOLE		12,295	0	107,500
Washington Trust Bancorp	COM	940610108	4	100	SH		SOLE		100	0	0
Wayside Technology Group	COM	946760105	2	100	SH		SOLE		100	0	0
Weis Markets Inc.	COM	948849104	476	10,555	SH		SOLE		55	0	10,500
Wells Fargo & Co	COM	949746101	13,613	281,500	SH		SOLE		84,500	0	197,000
Western Refining, Inc.	COM	959319104	3	88	SH		SOLE		88	0	0
Westlake Chemical Corp	COM	960413102	2,338	50,500	SH		SOLE		14,300	0	36,200
Weyco Group Inc.	COM	962149100	2	63	SH		SOLE		63	0	0
Winmark Corporation	COM	974250102	2	22	SH		SOLE		22	0	0
World Acceptance Corp	COM	981419104	1	28	SH		SOLE		28	0	0
World Fuel Services Corp	COM	981475106	5,626	115,800	SH		SOLE		26,000	0	89,800
Xerox Corporation	COM	984121103	2,254	202,000	SH		SOLE		83,300	0	118,700
ZAIS Financial Corp.	COM	98886K108	1	100	SH		SOLE		100	0	0