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	4	79	SH		SOLE		79	0	0
A V Homes, Inc.	COM	00234P102	2	143	SH		SOLE		143	0	0
AFLAC Inc.	COM	001055102	10,924	156,949	SH		SOLE		51,305	0	105,644
AG Mortgage Investment Tr	COM	001228105	4	222	SH		SOLE		222	0	0
AVX Corporation	COM	002444107	4	266	SH		SOLE		266	0	0
Acco Brands Corporation	COM	00081T108	4	272	SH		SOLE		272	0	0
Adams Resources & Energy	COM	006351308	2	61	SH		SOLE		61	0	0
Air Lease Corp cl A	COM	00912X302	137	4,000	SH		SOLE		4,000	0	0
Alexanders Inc.	COM	014752109	3	7	SH		SOLE		7	0	0
Alliant Energy Corp.	COM	018802108	709	18,700	SH		SOLE		0	0	18,700
Allstate Corporation	COM	020002101	5,144	69,400	SH		SOLE		21,600	0	47,800
Ally Financial Inc.	COM	02005N100	268	14,100	SH		SOLE		0	0	14,100
Altisource Portfolio Solutions	COM	044540827	2	77	SH		SOLE		77	0	0
AmTrust Financial Services	COM	032359309	698	25,500	SH		SOLE		5,400	0	20,100
Amcon Distributing Co	COM	02341Q205	3	25	SH		SOLE		25	0	0
Amdocs Limited	COM	G02602103	6,369	109,340	SH		SOLE		35,355	0	73,985
Amerco	COM	023586100	12,936	35,000	SH		SOLE		10,300	0	24,700
American Railcar Industries	COM	02916P103	4	88	SH		SOLE		88	0	0
Amkor Technology Inc	COM	031652100	3	327	SH		SOLE		327	0	0
Annaly Capital Mgmt.	COM	035710409	106	10,600	SH		SOLE		0	0	10,600
Antero Resources Corporation	COM	03674X106	1,402	59,300	SH		SOLE		31,400	0	27,900
Apartment Invest&Mang A	COM	03748R101	1,291	28,400	SH		SOLE		12,500	0	15,900
Arch Capital Group Ltd.	COM	G0450A105	6,126	70,995	SH		SOLE		27,259	0	43,736
Archer Daniels Midland	COM	039483102	3,510	76,900	SH		SOLE		21,900	0	55,000
Ares Commercial Real Estate	COM	04013V108	2	171	SH		SOLE		171	0	0
Arrow Electronics Inc	COM	042735100	6,945	97,404	SH		SOLE		29,918	0	67,486
Atwood Oceanics Inc	COM	050095108	2	168	SH		SOLE		168	0	0
Avnet Inc	COM	053807103	13,822	290,308	SH		SOLE		88,281	0	202,027
Axis Capital Holdings Ltd	COM	G0692U109	5,997	91,877	SH		SOLE		22,400	0	69,477
BFC Financial Corp	COM	055384200	4	778	SH		SOLE		778	0	0
Baldwin & Lyons cl B	COM	057755209	3	100	SH		SOLE		100	0	0
BancFirst Corp OK	COM	05945F103	5	53	SH		SOLE		53	0	0
Banco Latinoamericano de Comer	COM	P16994132	3	107	SH		SOLE		107	0	0
Bar Harbor Bankshares	COM	066849100	2	45	SH		SOLE		45	0	0
Baxter International	COM	071813109	2,794	63,005	SH		SOLE		33,100	0	29,905
Beasley Broadcast Group Inc.	COM	074014101	2	300	SH		SOLE		300	0	0
Bed Bath & Beyond Inc	COM	075896100	7,088	174,400	SH		SOLE		48,900	0	125,500
Blue Capital Reinsurnce Hldgs	COM	G1190F107	3	188	SH		SOLE		188	0	0
Booz Allen Hamilton cl A	COM	099502106	1,363	37,800	SH		SOLE		17,500	0	20,300
Brown-Forman cl B	COM	115637209	8,091	180,119	SH		SOLE		50,672	0	129,447
Buckle Inc.	COM	118440106	3	122	SH		SOLE		122	0	0
CA, Inc.	COM	12673P105	11,939	375,800	SH		SOLE		106,500	0	269,300
CAI International, Inc.	COM	12477X106	5	531	SH		SOLE		531	0	0
CBL & Associates Properties	COM	124830100	2,161	187,900	SH		SOLE		50,400	0	137,500
CNA Financial Corporation	COM	126117100	6,673	160,800	SH		SOLE		42,700	0	118,100
CNB Financial Corp PA	COM	126128107	3	100	SH		SOLE		100	0	0
CORE Molding Tech	COM	218683100	2	100	SH		SOLE		100	0	0
CVR Energy, Inc.	COM	12662P108	5	192	SH		SOLE		192	0	0
CYS Investments, Inc.	COM	12673A108	3	390	SH		SOLE		390	0	0
Cardinal Health Inc.	COM	14149Y108	8,161	113,400	SH		SOLE		36,000	0	77,400
Care Capital Properties, Inc.	COM	141624106	2,338	93,500	SH		SOLE		26,700	0	66,800
Century Bancorp cl A	COM	156432106	6	100	SH		SOLE		100	0	0
Chemtura Corp.	COM	163893209	2	55	SH		SOLE		55	0	0
Chimera Investment Corp	COM	16934Q208	4,117	241,900	SH		SOLE		83,900	0	158,000
Cintas Corporation	COM	172908105	299	2,588	SH		SOLE		980	0	1,608
Citizens & Northern Corp	COM	172922106	3	100	SH		SOLE		100	0	0
Civista Bancshares, Inc.	COM	178867107	3	150	SH		SOLE		150	0	0
Community Trust Bancorp	COM	204149108	7	145	SH		SOLE		145	0	0
Consumer Portfolio Services	COM	210502100	3	550	SH		SOLE		550	0	0
Corning Inc.	COM	219350105	5,335	219,800	SH		SOLE		71,600	0	148,200
Corrections Corp of America	COM	22025Y407	587	24,000	SH		SOLE		24,000	0	0
DST Systems Inc.	COM	233326107	2,529	23,600	SH		SOLE		6,500	0	17,100
DTE Energy Company	COM	233331107	9,933	100,837	SH		SOLE		27,193	0	73,644
DaVita HealthCare Partners Inc	COM	23918K108	263	4,100	SH		SOLE		0	0	4,100
Delta Air Lines, Inc.	COM	247361702	11,075	225,152	SH		SOLE		73,509	0	151,643
Dicks Sporting Goods Inc	COM	253393102	366	6,900	SH		SOLE		3,700	0	3,200
Dillards Inc cl A	COM	254067101	107	1,700	SH		SOLE		1,700	0	0
Discover Financial Services	COM	254709108	11,173	154,983	SH		SOLE		47,156	0	107,827
Discovery Communications A	COM	25470F104	14,723	537,142	SH		SOLE		160,216	0	376,926
Dolby Laboratories Inc	COM	25659T107	1,722	38,100	SH		SOLE		10,300	0	27,800
Donegal Group Inc. cl A	COM	257701201	2	135	SH		SOLE		135	0	0
Dril-Quip Inc.	COM	262037104	378	6,300	SH		SOLE		1,300	0	5,000
EMC Insurance Group	COM	268664109	6	191	SH		SOLE		191	0	0
EPR Properties	COM	26884U109	2,010	28,000	SH		SOLE		7,600	0	20,400
ESSA Bancorp, Inc.	COM	29667D104	2	120	SH		SOLE		120	0	0
Eastman Chemical Co.	COM	277432100	1,617	21,500	SH		SOLE		6,500	0	15,000
Eaton Corporation, plc	COM	G29183103	3,770	56,197	SH		SOLE		10,378	0	45,819
EchoStar Corp.	COM	278768106	1,259	24,500	SH		SOLE		5,500	0	19,000
Enova International, Inc.	COM	29357K103	5	365	SH		SOLE		365	0	0
Enstar Group Limited	COM	G3075P101	2	10	SH		SOLE		10	0	0
Entercom Communications	COM	293639100	5	295	SH		SOLE		295	0	0
Enterprise Bancorp Inc Mass	COM	293668109	4	104	SH		SOLE		104	0	0
Equity Residential Properties	COM	29476L107	3,353	52,093	SH		SOLE		19,265	0	32,828
Everest Re Group Ltd	COM	G3223R108	17,774	82,133	SH		SOLE		25,085	0	57,048
Exactech Inc.	COM	30064E109	3	100	SH		SOLE		100	0	0
Exelon Corp	COM	30161N101	270	7,600	SH		SOLE		7,600	0	0
Exxon Mobil Corporation	COM	30231G102	3,430	38,001	SH		SOLE		12,756	0	25,245
FBL Financial Group cl A	COM	30239F106	1	15	SH		SOLE		15	0	0
Farmers Capital Bank	COM	309562106	6	144	SH		SOLE		144	0	0
Fidelity & Guaranty Life	COM	315785105	1	28	SH		SOLE		28	0	0
Fifth Third Bancorp	COM	316773100	3,247	120,400	SH		SOLE		42,500	0	77,900
Financial Institutions Inc.	COM	317585404	3	76	SH		SOLE		76	0	0
First Citizens Bancshares cl A	COM	31946M103	4	12	SH		SOLE		12	0	0
First Community Bancshares Inc	COM	31983A103	4	119	SH		SOLE		119	0	0
First Financial Corp (IN)	COM	320218100	7	132	SH		SOLE		132	0	0
First Interstate BancSystem A	COM	32055Y201	5	111	SH		SOLE		111	0	0
Fogo de Chao, Inc.	COM	344177100	3	207	SH		SOLE		207	0	0
Fonar Corporation	COM	344437405	2	128	SH		SOLE		128	0	0
Ford Motor Company	COM	345370860	3,880	319,827	SH		SOLE		119,279	0	200,548
Fossil Group, Inc.	COM	34988V106	1	56	SH		SOLE		56	0	0
Franklin Resources, Inc.	COM	354613101	7,426	187,623	SH		SOLE		69,543	0	118,080
Frontline Ltd.	COM	G3682E192	3	372	SH		SOLE		372	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	182	7,200	SH		SOLE		0	0	7,200
Gap Inc.	COM	364760108	2,165	96,500	SH		SOLE		26,700	0	69,800
General Electric Company	COM	369604103	1,625	51,432	SH		SOLE		16,633	0	34,799
General Motors Company	COM	37045V100	12,392	355,680	SH		SOLE		115,500	0	240,180
Gilead Sciences Inc.	COM	375558103	8,967	125,213	SH		SOLE		41,003	0	84,210
Global Sources Ltd.	COM	G39300101	3	313	SH		SOLE		313	0	0
Goldman Sachs Group Inc	COM	38141G104	1,413	5,900	SH		SOLE		0	0	5,900
Gorman-Rupp Company	COM	383082104	1	30	SH		SOLE		30	0	0
HP Inc.	COM	40434L105	5,068	341,500	SH		SOLE		111,700	0	229,800
Hallador Energy Company	COM	40609P105	3	331	SH		SOLE		331	0	0
Hallmark Financial Services	COM	40624Q203	2	200	SH		SOLE		200	0	0
Handy & Harman Ltd.	COM	410315105	2	84	SH		SOLE		84	0	0
Heartland Financial USA	COM	42234Q102	1	14	SH		SOLE		14	0	0
Hemisphere Media Group Inc A	COM	42365Q103	1	100	SH		SOLE		100	0	0
Hess Corporation	COM	42809H107	37	600	SH		SOLE		0	0	600
Hormel Foods Corp	COM	440452100	2,604	74,800	SH		SOLE		33,300	0	41,500
Houlihan Lokey, Inc.	COM	441593100	2	68	SH		SOLE		68	0	0
Hubbell Inc	COM	443510607	805	6,900	SH		SOLE		2,100	0	4,800
Hyster-Yale Materials Handling	COM	449172105	4	60	SH		SOLE		60	0	0
IBM Corp	COM	459200101	12,041	72,540	SH		SOLE		23,814	0	48,726
Illinois Tool Works Inc.	COM	452308109	7,240	59,121	SH		SOLE		23,590	0	35,531
Impac Mortgage Holdings	COM	45254P508	4	313	SH		SOLE		313	0	0
Independence Holding Co.	COM	453440307	3	160	SH		SOLE		160	0	0
Insight Enterprises, Inc.	COM	45765U103	2	46	SH		SOLE		46	0	0
International Bancshares	COM	459044103	5	116	SH		SOLE		116	0	0
Iridium Communications Inc	COM	46269C102	1	147	SH		SOLE		147	0	0
JPMorgan Chase & Co	COM	46625H100	10,433	120,911	SH		SOLE		33,921	0	86,990
JetBlue Airways Corp	COM	477143101	368	16,400	SH		SOLE		16,400	0	0
Jones Lang LaSalle Inc	COM	48020Q107	515	5,100	SH		SOLE		0	0	5,100
Kelly Services cl A	COM	488152208	6	248	SH		SOLE		248	0	0
Kemper Corp	COM	488401100	3	62	SH		SOLE		62	0	0
Key Tronic Corp	COM	493144109	1	100	SH		SOLE		100	0	0
Keysight Technologies Inc	COM	49338L103	5,080	138,900	SH		SOLE		36,800	0	102,100
Kimball Electronics, Inc.	COM	49428J109	6	315	SH		SOLE		315	0	0
Kimball International cl B	COM	494274103	2	95	SH		SOLE		95	0	0
Kirklands Inc	COM	497498105	5	302	SH		SOLE		302	0	0
Lake Sunapee Bank Group	COM	510866106	2	94	SH		SOLE		94	0	0
Landstar System Inc.	COM	515098101	2,167	25,400	SH		SOLE		6,300	0	19,100
Lear Corporation	COM	521865204	5,123	38,700	SH		SOLE		10,600	0	28,100
Lennox International, Inc.	COM	526107107	214	1,400	SH		SOLE		400	0	1,000
Lincoln National Corp	COM	534187109	7,658	115,551	SH		SOLE		34,458	0	81,093
LyondellBasell Industries cl A	COM	N53745100	8,516	99,279	SH		SOLE		36,351	0	62,928
M/I Homes, Inc.	COM	55305B101	4	143	SH		SOLE		143	0	0
MFA Financial, Inc.	COM	55272X102	1,374	180,100	SH		SOLE		37,600	0	142,500
MGE Energy Inc.	COM	55277P104	4	55	SH		SOLE		55	0	0
MSC Industrial Direct Co.	COM	553530106	3,705	40,100	SH		SOLE		10,800	0	29,300
MSG Networks Inc.	COM	553573106	1	69	SH		SOLE		69	0	0
Macerich Company	COM	554382101	3,670	51,800	SH		SOLE		17,400	0	34,400
Maiden Holdings Ltd.	COM	G5753U112	4	205	SH		SOLE		205	0	0
ManpowerGroup	COM	56418H100	773	8,700	SH		SOLE		1,800	0	6,900
Marathon Petroleum Corp	COM	56585A102	972	19,300	SH		SOLE		0	0	19,300
Marine Products Corp	COM	568427108	2	166	SH		SOLE		166	0	0
Marlin Business Services Corp	COM	571157106	4	206	SH		SOLE		206	0	0
Maui Land & Pineapple Co.	COM	577345101	1	200	SH		SOLE		200	0	0
Meritor, Inc.	COM	59001K100	2	163	SH		SOLE		163	0	0
MidWestOne Finl Grp	COM	598511103	3	72	SH		SOLE		72	0	0
Miller Industries Inc.	COM	600551204	2	77	SH		SOLE		77	0	0
Monmouth Real Est Inv Corp	COM	609720107	1,654	108,500	SH		SOLE		0	0	108,500
Movado Group Inc.	COM	624580106	3	100	SH		SOLE		100	0	0
Mueller Industries, Inc.	COM	624756102	2	46	SH		SOLE		46	0	0
MutualFirst Financial Inc.	COM	62845B104	3	86	SH		SOLE		86	0	0
NBT Bancorp Inc.	COM	628778102	1	30	SH		SOLE		30	0	0
National Bankshares Inc	COM	634865109	2	54	SH		SOLE		54	0	0
National Beverage Corp	COM	635017106	1	26	SH		SOLE		26	0	0
National General Holdings Corp	COM	636220303	1	27	SH		SOLE		27	0	0
National HealthCare Corp	COM	635906100	3	44	SH		SOLE		44	0	0
National Instruments	COM	636518102	2,540	82,400	SH		SOLE		31,200	0	51,200
National Western Life Group A	COM	638517102	5	16	SH		SOLE		16	0	0
Navient Corporation	COM	63938C108	7,689	468,000	SH		SOLE		151,800	0	316,200
Navios Maritime Acq Corp	COM	Y62159101	5	2,900	SH		SOLE		2,900	0	0
Nelnet Inc	COM	64031N108	4	78	SH		SOLE		78	0	0
Neustar Inc	COM	64126X201	1	41	SH		SOLE		41	0	0
NewMarket Corporation	COM	651587107	4,662	11,000	SH		SOLE		2,900	0	8,100
Norfolk Southern Corp	COM	655844108	428	3,956	SH		SOLE		1,343	0	2,613
Nutraceutical Int'l Corp	COM	67060Y101	5	129	SH		SOLE		129	0	0
OM Asset Management plc	COM	G67506108	1	100	SH		SOLE		100	0	0
ONEOK Inc.	COM	682680103	3,041	52,971	SH		SOLE		12,400	0	40,571
Omega Flex, Inc.	COM	682095104	3	55	SH		SOLE		55	0	0
Omega Healthcare Investors	COM	681936100	3,720	119,000	SH		SOLE		29,500	0	89,500
One Liberty Properties Inc.	COM	682406103	6	237	SH		SOLE		237	0	0
Onebeacon Insurance Grp	COM	G67742109	3	187	SH		SOLE		187	0	0
Oracle Corporation	COM	68389X105	561	14,600	SH		SOLE		6,600	0	8,000
Oritani Financial Corp.	COM	68633D103	1	55	SH		SOLE		55	0	0
Otter Tail Corp	COM	689648103	2	44	SH		SOLE		44	0	0
P.A.M. Transportation	COM	693149106	3	104	SH		SOLE		104	0	0
PC Connection, Inc.	COM	69318J100	9	304	SH		SOLE		304	0	0
PDL BioPharma, Inc.	COM	69329Y104	1	330	SH		SOLE		330	0	0
PH Glatfelter Co.	COM	377316104	3	116	SH		SOLE		116	0	0
PHI, Inc. Non-Voting	COM	69336T205	6	312	SH		SOLE		312	0	0
PPL Corporation	COM	69351T106	1,184	34,762	SH		SOLE		18,396	0	16,366
Park National Corp OH	COM	700658107	5	40	SH		SOLE		40	0	0
Park-Ohio Holdings Co	COM	700666100	5	122	SH		SOLE		122	0	0
Parke Bancorp, Inc.	COM	700885106	2	116	SH		SOLE		116	0	0
Penske Automotive Group	COM	70959W103	1,918	37,000	SH		SOLE		8,900	0	28,100
Peoples Bancorp of NC	COM	710577107	3	100	SH		SOLE		100	0	0
Phillips 66	COM	718546104	1,040	12,032	SH		SOLE		8,128	0	3,904
Pier 1 Imports Inc.	COM	720279108	3	386	SH		SOLE		386	0	0
Pilgrims Pride Corp	COM	72147K108	13,109	690,310	SH		SOLE		213,599	0	476,711
Popular Inc.	COM	733174700	2,222	50,700	SH		SOLE		14,500	0	36,200
Preformed Line Products	COM	740444104	3	53	SH		SOLE		53	0	0
Premier Financial Bncp.	COM	74050M105	3	165	SH		SOLE		165	0	0
Principal Financial Group	COM	74251V102	7,872	136,047	SH		SOLE		39,417	0	96,630
Provident Financial Services	COM	74386T105	1	37	SH		SOLE		37	0	0
Public Service Enterprise Grp	COM	744573106	6,597	150,339	SH		SOLE		58,565	0	91,774
Public Storage, Inc.	COM	74460D109	1,587	7,100	SH		SOLE		800	0	6,300
PulteGroup, Inc.	COM	745867101	1,285	69,900	SH		SOLE		24,100	0	45,800
Quest Diagnostics Inc	COM	74834L100	6,117	66,558	SH		SOLE		16,744	0	49,814
Quintiles Transnational Hldg	COM	74876Y101	753	9,900	SH		SOLE		6,100	0	3,800
Reinsurance Group of America	COM	759351604	7,034	55,900	SH		SOLE		10,200	0	45,700
Republic Bancorp KY	COM	760281204	5	138	SH		SOLE		138	0	0
Robert Half International Inc.	COM	770323103	2,839	58,200	SH		SOLE		14,200	0	44,000
Rockwell Collins Inc	COM	774341101	965	10,400	SH		SOLE		2,000	0	8,400
Rollins Inc.	COM	775711104	3,587	106,200	SH		SOLE		25,900	0	80,300
Rowan Companies plc	COM	G7665A101	7,414	392,490	SH		SOLE		112,800	0	279,690
STORE Capital Corporation	COM	862121100	86	3,500	SH		SOLE		3,500	0	0
Saga Communications Inc.	COM	786598300	3	52	SH		SOLE		52	0	0
Santander Consmer USA Hdng Inc	COM	80283M101	6,959	515,500	SH		SOLE		158,200	0	357,300
Saul Centers Inc.	COM	804395101	4	55	SH		SOLE		55	0	0
Scana Corporation	COM	80589M102	6,170	84,200	SH		SOLE		23,300	0	60,900
Seneca Foods cl A	COM	817070501	3	79	SH		SOLE		79	0	0
Shiloh Industries Inc.	COM	824543102	1	160	SH		SOLE		160	0	0
Ship Finance Intl Ltd	COM	G81075106	1	100	SH		SOLE		100	0	0
Shoe Carnival, Inc.	COM	824889109	1	50	SH		SOLE		50	0	0
Sonic Automotive, Inc.	COM	83545G102	4	168	SH		SOLE		168	0	0
Southern Copper Corp.	COM	84265V105	16,708	523,103	SH		SOLE		161,000	0	362,103
Southern MO Bancorp	COM	843380106	4	109	SH		SOLE		109	0	0
Sovran Self Storage, Inc.	COM	84610H108	213	2,500	SH		SOLE		0	0	2,500
State Street Corp	COM	857477103	1,900	24,441	SH		SOLE		14,527	0	9,914
Strattec Security Corp	COM	863111100	2	40	SH		SOLE		40	0	0
SunTrust Banks, Inc.	COM	867914103	2,435	44,400	SH		SOLE		8,900	0	35,500
Syntel Inc.	COM	87162H103	2	113	SH		SOLE		113	0	0
Synutra International, Inc.	COM	87164C102	1	233	SH		SOLE		233	0	0
TESSCO Technologies, Inc.	COM	872386107	3	200	SH		SOLE		200	0	0
Tanger Factory Outlet	COM	875465106	154	4,300	SH		SOLE		4,300	0	0
Teekay Tankers cl A	COM	Y8565N102	2	901	SH		SOLE		901	0	0
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 Travelers Companies	COM	89417E109	12,340	100,800	SH		SOLE		32,900	0	67,900
Thomson Reuters Corp	COM	884903105	2,491	56,900	SH		SOLE		15,000	0	41,900
Toro Company	COM	891092108	4,521	80,800	SH		SOLE		20,600	0	60,200
Trans World Entertainment	COM	89336Q100	2	500	SH		SOLE		500	0	0
Trecora Resources	COM	894648104	3	210	SH		SOLE		210	0	0
Trinity Industries, Inc.	COM	896522109	5,477	197,300	SH		SOLE		42,600	0	154,700
Twenty-First Cent Fox Inc Cl A	COM	90130A101	7,854	280,105	SH		SOLE		88,417	0	191,688
UFP Technologies, Inc.	COM	902673102	2	68	SH		SOLE		68	0	0
United Continental Hldg, Inc.	COM	910047109	1,086	14,900	SH		SOLE		3,600	0	11,300
United Guardian Inc.	COM	910571108	1	69	SH		SOLE		69	0	0
United States Lime & Minerals	COM	911922102	3	38	SH		SOLE		38	0	0
Universal Corporation	COM	913456109	2	28	SH		SOLE		28	0	0
Universal Health Services	COM	913903100	1,607	15,110	SH		SOLE		3,412	0	11,698
Universal Logistics Holdings,	COM	91388P105	5	317	SH		SOLE		317	0	0
Urstadt Biddle Prop cl A	COM	917286205	1	47	SH		SOLE		47	0	0
VMware, Inc. Cl A	COM	928563402	2,762	35,082	SH		SOLE		8,474	0	26,608
Valero Energy Corp.	COM	91913Y100	10,116	148,066	SH		SOLE		46,171	0	101,895
Vectrus, Inc.	COM	92242T101	4	156	SH		SOLE		156	0	0
Viacom Inc cl B	COM	92553P201	1,383	39,400	SH		SOLE		11,300	0	28,100
Village Super Market	COM	927107409	3	85	SH		SOLE		85	0	0
Voya Financial, Inc.	COM	929089100	1,973	50,300	SH		SOLE		16,000	0	34,300
Wal-Mart Stores, Inc.	COM	931142103	13,802	199,677	SH		SOLE		65,151	0	134,526
Watsco Inc.	COM	942622200	400	2,700	SH		SOLE		600	0	2,100
Wayside Technology Group	COM	946760105	2	100	SH		SOLE		100	0	0
Weis Markets Inc.	COM	948849104	993	14,855	SH		SOLE		55	0	14,800
Wells Fargo & Co	COM	949746101	18,874	342,476	SH		SOLE		111,400	0	231,076
WesBanco Inc.	COM	950810101	2	56	SH		SOLE		56	0	0
West Bancorporation	COM	95123P106	2	100	SH		SOLE		100	0	0
West Corporation	COM	952355204	4	162	SH		SOLE		162	0	0
Western Refining, Inc.	COM	959319104	2	53	SH		SOLE		53	0	0
Westlake Chemical Corp	COM	960413102	13,013	232,416	SH		SOLE		63,961	0	168,455
Weyco Group Inc.	COM	962149100	2	63	SH		SOLE		63	0	0
Willis Lease Finance	COM	970646105	3	129	SH		SOLE		129	0	0
Winmark Corporation	COM	974250102	3	22	SH		SOLE		22	0	0
World Acceptance Corp	COM	981419104	8	128	SH		SOLE		128	0	0
World Fuel Services Corp	COM	981475106	7,677	167,215	SH		SOLE		53,212	0	114,003
Xerox Corporation	COM	984121103	1,763	202,000	SH		SOLE		83,300	0	118,700