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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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	14,364	198,349	SH		SOLE		53,405	0	144,944
AG Mortgage Investment Tr	COM	001228105	5	297	SH		SOLE		297	0	0
AVANGRID, Inc.	COM	05351W103	5,992	140,200	SH		SOLE		54,700	0	85,500
AVX Corporation	COM	002444107	4	266	SH		SOLE		266	0	0
Acco Brands Corporation	COM	00081T108	4	272	SH		SOLE		272	0	0
Air Lease Corp cl A	COM	00912X302	1,422	36,700	SH		SOLE		9,400	0	27,300
Aircastle Ltd.	COM	G0129K104	4	146	SH		SOLE		146	0	0
Alexanders Inc.	COM	014752109	4	9	SH		SOLE		9	0	0
Allstate Corporation	COM	020002101	8,165	100,200	SH		SOLE		26,700	0	73,500
Ally Financial Inc.	COM	02005N100	287	14,100	SH		SOLE		0	0	14,100
Altisource Portfolio Solutions	COM	044540827	3	77	SH		SOLE		77	0	0
AmTrust Financial Services	COM	032359309	1,927	104,400	SH		SOLE		30,400	0	74,000
Amcon Distributing Co	COM	02341Q205	2	25	SH		SOLE		25	0	0
Amdocs Limited	COM	G02602103	2,525	41,400	SH		SOLE		11,600	0	29,800
Amerco	COM	023586100	15,057	39,500	SH		SOLE		10,300	0	29,200
American Railcar Industries	COM	02916P103	4	88	SH		SOLE		88	0	0
Amkor Technology Inc	COM	031652100	4	327	SH		SOLE		327	0	0
Antero Resources Corporation	COM	03674X106	511	22,400	SH		SOLE		7,700	0	14,700
Apple Hospitality REIT	COM	03784Y200	669	35,000	SH		SOLE		0	0	35,000
Arch Capital Group Ltd.	COM	G0450A105	5,418	57,168	SH		SOLE		20,059	0	37,109
Archer Daniels Midland	COM	039483102	4,162	90,400	SH		SOLE		21,900	0	68,500
Arrow Electronics Inc	COM	042735100	11,198	152,545	SH		SOLE		40,418	0	112,127
Atwood Oceanics Inc	COM	050095108	3	303	SH		SOLE		303	0	0
Avnet Inc	COM	053807103	14,873	325,026	SH		SOLE		87,781	0	237,245
Axis Capital Holdings Ltd	COM	G0692U109	5,282	78,800	SH		SOLE		19,400	0	59,400
BB&T Corp	COM	054937107	3,044	68,100	SH		SOLE		21,200	0	46,900
Baldwin & Lyons cl B	COM	057755209	2	100	SH		SOLE		100	0	0
BancFirst Corp OK	COM	05945F103	4	42	SH		SOLE		42	0	0
Banco Latinoamericano de Comer	COM	P16994132	3	107	SH		SOLE		107	0	0
Baxter International	COM	071813109	1,558	30,037	SH		SOLE		6,800	0	23,237
Bed Bath & Beyond Inc	COM	075896100	7,438	188,500	SH		SOLE		53,600	0	134,900
Blue Capital Reinsurnce Hldgs	COM	G1190F107	4	188	SH		SOLE		188	0	0
Booz Allen Hamilton cl A	COM	099502106	1,338	37,800	SH		SOLE		17,500	0	20,300
Brown-Forman cl B	COM	115637209	10,059	217,832	SH		SOLE		53,272	0	164,560
Buckle Inc.	COM	118440106	2	122	SH		SOLE		122	0	0
CA, Inc.	COM	12673P105	7,055	222,400	SH		SOLE		56,400	0	166,000
CAI International, Inc.	COM	12477X106	6	400	SH		SOLE		400	0	0
CBL & Associates Properties	COM	124830100	1,532	160,600	SH		SOLE		23,100	0	137,500
CNA Financial Corporation	COM	126117100	8,017	181,500	SH		SOLE		51,300	0	130,200
CYS Investments, Inc.	COM	12673A108	1	166	SH		SOLE		166	0	0
Calpine Corp.	COM	131347304	1,933	174,900	SH		SOLE		41,800	0	133,100
Cardinal Health Inc.	COM	14149Y108	13,912	170,600	SH		SOLE		45,800	0	124,800
Care Capital Properties, Inc.	COM	141624106	3,574	133,000	SH		SOLE		26,700	0	106,300
Celanese Corp.	COM	150870103	1,186	13,200	SH		SOLE		3,200	0	10,000
Century Bancorp cl A	COM	156432106	5	82	SH		SOLE		82	0	0
Chimera Investment Corp	COM	16934Q208	7,588	376,000	SH		SOLE		102,200	0	273,800
Citigroup Inc.	COM	172967424	3,123	52,200	SH		SOLE		8,500	0	43,700
Citizens & Northern Corp	COM	172922106	2	100	SH		SOLE		100	0	0
Civista Bancshares, Inc.	COM	178867107	3	150	SH		SOLE		150	0	0
Community Trust Bancorp	COM	204149108	2	45	SH		SOLE		45	0	0
Consumer Portfolio Services	COM	210502100	3	550	SH		SOLE		550	0	0
Corning Inc.	COM	219350105	7,104	263,100	SH		SOLE		72,300	0	190,800
Corrections Corp of America	COM	22025Y407	531	16,900	SH		SOLE		16,900	0	0
Costamare Inc.	COM	Y1771G102	2	356	SH		SOLE		356	0	0
DST Systems Inc.	COM	233326107	2,891	23,600	SH		SOLE		6,500	0	17,100
DTE Energy Company	COM	233331107	10,824	106,002	SH		SOLE		24,193	0	81,809
DaVita HealthCare Partners Inc	COM	23918K108	279	4,100	SH		SOLE		0	0	4,100
Delta Air Lines, Inc.	COM	247361702	1,658	36,084	SH		SOLE		6,700	0	29,384
Diamondback Energy Inc.	COM	25278X109	1,120	10,800	SH		SOLE		6,400	0	4,400
Discover Financial Services	COM	254709108	10,000	146,213	SH		SOLE		38,456	0	107,757
Discovery Communications A	COM	25470F104	15,913	547,031	SH		SOLE		147,016	0	400,015
Dolby Laboratories Inc	COM	25659T107	1,997	38,100	SH		SOLE		10,300	0	27,800
Donegal Group Inc. cl A	COM	257701201	4	235	SH		SOLE		235	0	0
EMC Insurance Group	COM	268664109	5	191	SH		SOLE		191	0	0
EPR Properties	COM	26884U109	2,062	28,000	SH		SOLE		7,600	0	20,400
Eastman Chemical Co.	COM	277432100	2,472	30,600	SH		SOLE		8,800	0	21,800
Eaton Corporation, plc	COM	G29183103	5,955	80,309	SH		SOLE		14,878	0	65,431
EchoStar Corp.	COM	278768106	1,879	33,000	SH		SOLE		9,300	0	23,700
Enova International, Inc.	COM	29357K103	5	365	SH		SOLE		365	0	0
Enstar Group Limited	COM	G3075P101	4	20	SH		SOLE		20	0	0
Entercom Communications	COM	293639100	5	355	SH		SOLE		355	0	0
Enterprise Bancorp Inc Mass	COM	293668109	4	104	SH		SOLE		104	0	0
Equity Residential Properties	COM	29476L107	3,963	63,690	SH		SOLE		19,265	0	44,425
Everest Re Group Ltd	COM	G3223R108	18,214	77,901	SH		SOLE		19,885	0	58,016
Exactech Inc.	COM	30064E109	1	26	SH		SOLE		26	0	0
Exelon Corp	COM	30161N101	4,501	125,100	SH		SOLE		22,900	0	102,200
Exxon Mobil Corporation	COM	30231G102	4,319	52,666	SH		SOLE		14,256	0	38,410
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
Federated National Holding Co.	COM	31422T101	4	244	SH		SOLE		244	0	0
Fidelity & Guaranty Life	COM	315785105	1	28	SH		SOLE		28	0	0
Fifth Third Bancorp	COM	316773100	2,141	84,300	SH		SOLE		29,200	0	55,100
Financial Institutions Inc.	COM	317585404	5	155	SH		SOLE		155	0	0
First Citizens Bancshares cl A	COM	31946M103	4	12	SH		SOLE		12	0	0
First Financial Corp (IN)	COM	320218100	6	132	SH		SOLE		132	0	0
First Interstate BancSystem A	COM	32055Y201	4	89	SH		SOLE		89	0	0
First Savings Financial Group	COM	33621E109	3	53	SH		SOLE		53	0	0
Flexsteel Industries Inc.	COM	339382103	4	82	SH		SOLE		82	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	5,241	450,277	SH		SOLE		129,579	0	320,698
Fossil Group, Inc.	COM	34988V106	1	56	SH		SOLE		56	0	0
Franklin Resources, Inc.	COM	354613101	7,867	186,678	SH		SOLE		47,443	0	139,235
Frontline Ltd.	COM	G3682E192	3	372	SH		SOLE		372	0	0
FutureFuel Corp	COM	36116M106	5	383	SH		SOLE		383	0	0
GAIN Capital Holdings, Inc.	COM	36268W100	4	465	SH		SOLE		465	0	0
GAMCO Investors, Inc.	COM	361438104	4	126	SH		SOLE		126	0	0
GGP Inc.	COM	36174X101	3,412	147,200	SH		SOLE		100,100	0	47,100
GNC Holdings, Inc.	COM	36191G107	2	232	SH		SOLE		232	0	0
Gamestop Corp	COM	36467W109	1,700	75,400	SH		SOLE		19,900	0	55,500
Gap Inc.	COM	364760108	87	3,600	SH		SOLE		3,600	0	0
General Motors Company	COM	37045V100	15,127	427,800	SH		SOLE		116,600	0	311,200
Gilead Sciences Inc.	COM	375558103	10,248	150,877	SH		SOLE		41,503	0	109,374
Global Sources Ltd.	COM	G39300101	3	313	SH		SOLE		313	0	0
Gorman-Rupp Company	COM	383082104	2	62	SH		SOLE		62	0	0
Great Southern Bancorp	COM	390905107	5	100	SH		SOLE		100	0	0
HP Inc.	COM	40434L105	11,302	632,100	SH		SOLE		170,200	0	461,900
Hallador Energy Company	COM	40609P105	3	331	SH		SOLE		331	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
Hospitality Properties Trust	COM	44106M102	1,280	40,600	SH		SOLE		0	0	40,600
Houlihan Lokey, Inc.	COM	441593100	4	128	SH		SOLE		128	0	0
Hubbell Inc	COM	443510607	1,417	11,800	SH		SOLE		3,400	0	8,400
Hyster-Yale Materials Handling	COM	449172105	3	60	SH		SOLE		60	0	0
IBM Corp	COM	459200101	15,186	87,205	SH		SOLE		24,114	0	63,091
Illinois Tool Works Inc.	COM	452308109	8,506	64,213	SH		SOLE		19,990	0	44,223
Impac Mortgage Holdings	COM	45254P508	5	413	SH		SOLE		413	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	4	116	SH		SOLE		116	0	0
Iridium Communications Inc	COM	46269C102	1	147	SH		SOLE		147	0	0
JetBlue Airways Corp	COM	477143101	7,756	376,300	SH		SOLE		112,500	0	263,800
Jones Lang LaSalle Inc	COM	48020Q107	2,118	19,000	SH		SOLE		3,500	0	15,500
Kelly Services cl A	COM	488152208	5	248	SH		SOLE		248	0	0
Key Tronic Corp	COM	493144109	1	100	SH		SOLE		100	0	0
Keysight Technologies Inc	COM	49338L103	3,213	88,900	SH		SOLE		25,900	0	63,000
Kimball Electronics, Inc.	COM	49428J109	5	315	SH		SOLE		315	0	0
Lear Corporation	COM	521865204	5,479	38,700	SH		SOLE		10,600	0	28,100
Lee Enterprises Inc.	COM	523768109	3	986	SH		SOLE		986	0	0
Lennox International, Inc.	COM	526107107	234	1,400	SH		SOLE		400	0	1,000
Lincoln National Corp	COM	534187109	6,237	95,300	SH		SOLE		27,700	0	67,600
Loews Corp	COM	540424108	2,787	59,600	SH		SOLE		30,200	0	29,400
LyondellBasell Industries cl A	COM	N53745100	14,315	156,979	SH		SOLE		42,051	0	114,928
M/I Homes, Inc.	COM	55305B101	3	112	SH		SOLE		112	0	0
MGE Energy Inc.	COM	55277P104	4	55	SH		SOLE		55	0	0
MSC Industrial Direct Co.	COM	553530106	1,737	16,900	SH		SOLE		4,600	0	12,300
MSG Networks Inc.	COM	553573106	4	178	SH		SOLE		178	0	0
MacQuarie Infrastructure Corp.	COM	55608B105	564	7,000	SH		SOLE		1,600	0	5,400
Macerich Company	COM	554382101	3,536	54,900	SH		SOLE		17,000	0	37,900
Maiden Holdings Ltd.	COM	G5753U112	3	205	SH		SOLE		205	0	0
ManpowerGroup	COM	56418H100	2,103	20,500	SH		SOLE		5,700	0	14,800
Marine Products Corp	COM	568427108	2	166	SH		SOLE		166	0	0
Marlin Business Services Corp	COM	571157106	5	206	SH		SOLE		206	0	0
Match Group Inc.	COM	57665R106	1,026	62,800	SH		SOLE		16,300	0	46,500
Maui Land & Pineapple Co.	COM	577345101	2	200	SH		SOLE		200	0	0
Meritor, Inc.	COM	59001K100	3	163	SH		SOLE		163	0	0
MidWestOne Finl Grp	COM	598511103	4	108	SH		SOLE		108	0	0
Miller Industries Inc.	COM	600551204	2	77	SH		SOLE		77	0	0
Monmouth Real Est Inv Corp	COM	609720107	481	33,700	SH		SOLE		0	0	33,700
Movado Group Inc.	COM	624580106	2	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
NCI Inc.	COM	62886K104	2	130	SH		SOLE		130	0	0
National Bankshares Inc	COM	634865109	2	54	SH		SOLE		54	0	0
National Beverage Corp	COM	635017106	2	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	2,292	70,400	SH		SOLE		22,900	0	47,500
National Western Life Group A	COM	638517102	4	12	SH		SOLE		12	0	0
Navient Corporation	COM	63938C108	11,343	768,500	SH		SOLE		212,000	0	556,500
Navios Maritime Acq Corp	COM	Y62159101	6	3,700	SH		SOLE		3,700	0	0
Nelnet Inc	COM	64031N108	3	78	SH		SOLE		78	0	0
NewMarket Corporation	COM	651587107	1,178	2,600	SH		SOLE		700	0	1,900
Nutraceutical Int'l Corp	COM	67060Y101	4	129	SH		SOLE		129	0	0
OM Asset Management plc	COM	G67506108	2	100	SH		SOLE		100	0	0
ONEOK Inc.	COM	682680103	3,731	67,300	SH		SOLE		12,800	0	54,500
Omega Flex, Inc.	COM	682095104	3	55	SH		SOLE		55	0	0
Omega Healthcare Investors	COM	681936100	3,325	100,800	SH		SOLE		11,300	0	89,500
One Liberty Properties Inc.	COM	682406103	4	167	SH		SOLE		167	0	0
Onebeacon Insurance Grp	COM	G67742109	3	187	SH		SOLE		187	0	0
Oracle Corporation	COM	68389X105	13,570	304,200	SH		SOLE		89,000	0	215,200
Oritani Financial Corp.	COM	68633D103	1	55	SH		SOLE		55	0	0
Owens Realty Mortgage Inc.	COM	690828108	2	100	SH		SOLE		100	0	0
P.A.M. Transportation	COM	693149106	2	104	SH		SOLE		104	0	0
PBF Energy Inc cl A	COM	69318G106	778	35,100	SH		SOLE		8,400	0	26,700
PC Connection, Inc.	COM	69318J100	10	351	SH		SOLE		351	0	0
PDL BioPharma, Inc.	COM	69329Y104	1	330	SH		SOLE		330	0	0
PH Glatfelter Co.	COM	377316104	1	37	SH		SOLE		37	0	0
PHI, Inc. Non-Voting	COM	69336T205	3	212	SH		SOLE		212	0	0
PPL Corporation	COM	69351T106	1,075	28,748	SH		SOLE		8,496	0	20,252
Park National Corp OH	COM	700658107	4	40	SH		SOLE		40	0	0
Park-Ohio Holdings Co	COM	700666100	4	122	SH		SOLE		122	0	0
Parke Bancorp, Inc.	COM	700885106	2	116	SH		SOLE		116	0	0
Party City Holdco Inc.	COM	702149105	1	98	SH		SOLE		98	0	0
Penske Automotive Group	COM	70959W103	1,348	28,800	SH		SOLE		7,500	0	21,300
Peoples Bancorp of NC	COM	710577107	3	100	SH		SOLE		100	0	0
Phillips 66	COM	718546104	368	4,643	SH		SOLE		3,128	0	1,515
Pier 1 Imports Inc.	COM	720279108	1	161	SH		SOLE		161	0	0
Pilgrims Pride Corp	COM	72147K108	23,166	1,029,388	SH		SOLE		283,199	0	746,189
Popular Inc.	COM	733174700	2,065	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	11,614	184,034	SH		SOLE		58,117	0	125,917
Provident Financial Services	COM	74386T105	1	37	SH		SOLE		37	0	0
Public Service Enterprise Grp	COM	744573106	7,182	161,930	SH		SOLE		58,565	0	103,365
Quest Diagnostics Inc	COM	74834L100	6,438	65,571	SH		SOLE		16,444	0	49,127
Quintiles Transnational Hldg	COM	74876Y101	499	6,200	SH		SOLE		4,300	0	1,900
Redwood Trust Inc.	COM	758075402	3	158	SH		SOLE		158	0	0
Reinsurance Group of America	COM	759351604	5,879	46,300	SH		SOLE		9,200	0	37,100
Republic Bancorp KY	COM	760281204	5	138	SH		SOLE		138	0	0
Robert Half International Inc.	COM	770323103	1,392	28,500	SH		SOLE		7,000	0	21,500
Rockwell Collins Inc	COM	774341101	1,010	10,400	SH		SOLE		2,000	0	8,400
Rowan Companies plc	COM	G7665A101	2,931	188,100	SH		SOLE		42,700	0	145,400
S&T Bancorp Inc.	COM	783859101	2	64	SH		SOLE		64	0	0
Saga Communications Inc.	COM	786598300	3	52	SH		SOLE		52	0	0
Santander Consmer USA Hdng Inc	COM	80283M101	14,970	1,123,900	SH		SOLE		317,000	0	806,900
Saul Centers Inc.	COM	804395101	1	24	SH		SOLE		24	0	0
ScanSource, Inc.	COM	806037107	4	93	SH		SOLE		93	0	0
Scana Corporation	COM	80589M102	3,875	59,300	SH		SOLE		18,100	0	41,200
Seneca Foods cl A	COM	817070501	3	79	SH		SOLE		79	0	0
Ship Finance Intl Ltd	COM	G81075106	1	100	SH		SOLE		100	0	0
Sonic Automotive, Inc.	COM	83545G102	3	168	SH		SOLE		168	0	0
Southern Copper Corp.	COM	84265V105	20,045	558,500	SH		SOLE		149,700	0	408,800
Southern MO Bancorp	COM	843380106	4	109	SH		SOLE		109	0	0
Spark Energy, Inc.	COM	846511103	2	48	SH		SOLE		48	0	0
Spirit Aerosystems Holdings	COM	848574109	1,929	33,300	SH		SOLE		9,000	0	24,300
State Street Corp	COM	857477103	760	9,542	SH		SOLE		2,227	0	7,315
Steelcase Inc cl A	COM	858155203	2	118	SH		SOLE		118	0	0
Strattec Security Corp	COM	863111100	1	40	SH		SOLE		40	0	0
SunTrust Banks, Inc.	COM	867914103	2,654	48,000	SH		SOLE		9,200	0	38,800
Superior Uniform Group Inc.	COM	868358102	3	151	SH		SOLE		151	0	0
Syntel Inc.	COM	87162H103	2	113	SH		SOLE		113	0	0
Synutra International, Inc.	COM	87164C102	1	233	SH		SOLE		233	0	0
TEGNA Inc.	COM	87901J105	876	34,200	SH		SOLE		8,200	0	26,000
TESSCO Technologies, Inc.	COM	872386107	3	200	SH		SOLE		200	0	0
Teekay Tankers cl A	COM	Y8565N102	3	1,440	SH		SOLE		1,440	0	0
TeleTech Holdings Inc	COM	879939106	3	114	SH		SOLE		114	0	0
Tesoro Corp	COM	881609101	7,984	98,500	SH		SOLE		23,600	0	74,900
Textainer Group Hldgs Ltd.	COM	G8766E109	1	38	SH		SOLE		38	0	0
The Travelers Companies	COM	89417E109	14,646	121,500	SH		SOLE		33,300	0	88,200
Thomson Reuters Corp	COM	884903105	2,909	67,300	SH		SOLE		15,000	0	52,300
Tilly's, Inc.	COM	886885102	2	266	SH		SOLE		266	0	0
Trans World Entertainment	COM	89336Q100	1	500	SH		SOLE		500	0	0
Trecora Resources	COM	894648104	2	210	SH		SOLE		210	0	0
Trinity Industries, Inc.	COM	896522109	3,688	138,900	SH		SOLE		38,100	0	100,800
Twenty-First Cent Fox Inc Cl A	COM	90130A101	11,000	339,603	SH		SOLE		92,317	0	247,286
UFP Technologies, Inc.	COM	902673102	2	68	SH		SOLE		68	0	0
United Continental Hldg, Inc.	COM	910047109	11,733	166,100	SH		SOLE		46,000	0	120,100
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	3,113	25,017	SH		SOLE		6,912	0	18,105
Universal Logistics Holdings,	COM	91388P105	3	200	SH		SOLE		200	0	0
Urstadt Biddle Prop cl A	COM	917286205	1	47	SH		SOLE		47	0	0
Utah Medical Products Inc.	COM	917488108	2	33	SH		SOLE		33	0	0
VMware, Inc. Cl A	COM	928563402	4,790	51,989	SH		SOLE		13,374	0	38,615
VSE Corporation	COM	918284100	3	65	SH		SOLE		65	0	0
Valero Energy Corp.	COM	91913Y100	12,807	193,194	SH		SOLE		52,671	0	140,523
Vectrus, Inc.	COM	92242T101	3	156	SH		SOLE		156	0	0
Viacom Inc cl B	COM	92553P201	4,681	100,400	SH		SOLE		24,900	0	75,500
Village Super Market	COM	927107409	5	195	SH		SOLE		195	0	0
Vornado Realty Trust	COM	929042109	2,187	21,800	SH		SOLE		2,500	0	19,300
Voya Financial, Inc.	COM	929089100	1,909	50,300	SH		SOLE		16,000	0	34,300
Wal-Mart Stores, Inc.	COM	931142103	18,626	258,404	SH		SOLE		70,651	0	187,753
Watsco Inc.	COM	942622200	387	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	3	55	SH		SOLE		55	0	0
Wells Fargo & Co	COM	949746101	22,721	408,203	SH		SOLE		111,800	0	296,403
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	1	29	SH		SOLE		29	0	0
Westlake Chemical Corp	COM	960413102	13,502	204,427	SH		SOLE		55,861	0	148,566
Weyco Group Inc.	COM	962149100	3	94	SH		SOLE		94	0	0
Willis Lease Finance	COM	970646105	3	129	SH		SOLE		129	0	0
Winmark Corporation	COM	974250102	2	22	SH		SOLE		22	0	0
World Acceptance Corp	COM	981419104	4	84	SH		SOLE		84	0	0
World Fuel Services Corp	COM	981475106	1,675	46,200	SH		SOLE		14,200	0	32,000
Xerox Corporation	COM	984121103	1,483	202,000	SH		SOLE		83,300	0	118,700