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	4	79	SH		SOLE		79	0	0
A V Homes, Inc.	COM	00234P102	2	143	SH		SOLE		143	0	0
AFLAC Inc.	COM	001055102	13,734	168,749	SH		SOLE		48,905	0	119,844
AG Mortgage Investment Tr	COM	001228105	5	245	SH		SOLE		245	0	0
AVANGRID, Inc.	COM	05351W103	5,283	111,400	SH		SOLE		54,500	0	56,900
AVX Corporation	COM	002444107	4	231	SH		SOLE		231	0	0
Acco Brands Corporation	COM	00081T108	3	272	SH		SOLE		272	0	0
Air Lease Corp cl A	COM	00912X302	4,236	99,400	SH		SOLE		36,700	0	62,700
Aircastle Ltd	COM	G0129K104	4	173	SH		SOLE		173	0	0
Alexanders Inc.	COM	014752109	4	9	SH		SOLE		9	0	0
Allison Transmission	COM	01973R101	717	19,100	SH		SOLE		6,900	0	12,200
Allstate Corporation	COM	020002101	221	2,400	SH		SOLE		2,400	0	0
Ally Financial Inc.	COM	02005N100	342	14,100	SH		SOLE		0	0	14,100
Amerco	COM	023586100	3,374	9,000	SH		SOLE		2,800	0	6,200
Ameresco Inc	COM	02361E108	1	146	SH		SOLE		146	0	0
American Railcar Industries	COM	02916P103	4	106	SH		SOLE		106	0	0
Ameriprise Financial, Inc.	COM	03076C106	1,530	10,300	SH		SOLE		4,100	0	6,200
AmerisourceBergen Corp	COM	03073E105	50	600	SH		SOLE		600	0	0
Ames National Corp.	COM	031001100	3	85	SH		SOLE		85	0	0
Amkor Technology Inc	COM	031652100	2	189	SH		SOLE		189	0	0
Andeavor	COM	03349M105	5,560	53,900	SH		SOLE		23,900	0	30,000
Antero Resources Corporation	COM	03674X106	492	24,700	SH		SOLE		9,500	0	15,200
Arch Capital Group Ltd.	COM	G0450A105	857	8,700	SH		SOLE		3,900	0	4,800
Arrow Electronics Inc	COM	042735100	2,943	36,600	SH		SOLE		11,400	0	25,200
Asbury Automotive Group	COM	043436104	3	47	SH		SOLE		47	0	0
Assured Guaranty Ltd	COM	G0585R106	14,424	382,100	SH		SOLE		112,000	0	270,100
Atmos Energy Corp	COM	049560105	252	3,000	SH		SOLE		0	0	3,000
Atwood Oceanics Inc	COM	050095108	1	133	SH		SOLE		133	0	0
Avnet Inc	COM	053807103	865	22,000	SH		SOLE		17,900	0	4,100
Axis Capital Holdings Ltd	COM	G0692U109	63	1,100	SH		SOLE		1,100	0	0
BancFirst Corp OK	COM	05945F103	4	70	SH		SOLE		70	0	0
Banco Latinoamericano de Comer	COM	P16994132	4	135	SH		SOLE		135	0	0
Baxter International	COM	071813109	1,709	27,237	SH		SOLE		6,800	0	20,437
Bed Bath & Beyond Inc	COM	075896100	232	9,900	SH		SOLE		0	0	9,900
Best Buy Co., Inc.	COM	086516101	740	13,000	SH		SOLE		3,100	0	9,900
Blue Capital Reinsurnce Hldgs	COM	G1190F107	3	188	SH		SOLE		188	0	0
Brown-Forman cl B	COM	115637209	13,778	253,732	SH		SOLE		79,472	0	174,260
Buckle Inc.	COM	118440106	2	122	SH		SOLE		122	0	0
CA, Inc.	COM	12673P105	7,210	216,000	SH		SOLE		58,300	0	157,700
CAI International, Inc.	COM	12477X106	1	27	SH		SOLE		27	0	0
CBRE Group, Inc.	COM	12504L109	322	8,500	SH		SOLE		0	0	8,500
CNA Financial Corporation	COM	126117100	8,929	177,700	SH		SOLE		61,400	0	116,300
CalAtlantic Group Inc.	COM	128195104	769	21,000	SH		SOLE		10,400	0	10,600
Capstead Mortgage Corp	COM	14067E506	1	109	SH		SOLE		109	0	0
Cardinal Health Inc.	COM	14149Y108	6,812	101,800	SH		SOLE		30,000	0	71,800
Carters Inc	COM	146229109	365	3,700	SH		SOLE		0	0	3,700
Celanese Corp.	COM	150870103	344	3,300	SH		SOLE		1,900	0	1,400
Century Bancorp cl A	COM	156432106	6	71	SH		SOLE		71	0	0
Century Communities, Inc.	COM	156504300	6	255	SH		SOLE		255	0	0
Cheniere Energy Inc	COM	16411R208	68	1,500	SH		SOLE		200	0	1,300
Chimera Investment Corp	COM	16934Q208	5,772	305,100	SH		SOLE		93,200	0	211,900
Chubb Limited	COM	H1467J104	86	600	SH		SOLE		600	0	0
Civista Bancshares, Inc.	COM	178867107	3	120	SH		SOLE		120	0	0
Cognex Corporation	COM	192422103	8,514	77,200	SH		SOLE		23,000	0	54,200
Colony Bankcorp GA	COM	19623P101	2	128	SH		SOLE		128	0	0
Columbia Sportswear Co.	COM	198516106	4	66	SH		SOLE		66	0	0
Consumer Portfolio Services	COM	210502100	3	550	SH		SOLE		550	0	0
Corning Inc.	COM	219350105	7,289	243,600	SH		SOLE		71,100	0	172,500
Costamare Inc	COM	Y1771G102	3	530	SH		SOLE		530	0	0
Customers Bancorp Inc	COM	23204G100	4	131	SH		SOLE		131	0	0
DST Systems Inc.	COM	233326107	2,316	42,200	SH		SOLE		14,600	0	27,600
DTE Energy Company	COM	233331107	5,110	47,600	SH		SOLE		18,600	0	29,000
Diamondback Energy, Inc.	COM	25278X109	147	1,500	SH		SOLE		1,500	0	0
Discover Financial Services	COM	254709108	12,632	195,913	SH		SOLE		55,756	0	140,157
Discovery Communications A	COM	25470F104	10,003	469,831	SH		SOLE		147,116	0	322,715
Dolby Laboratories Inc	COM	25659T107	1,450	25,200	SH		SOLE		8,500	0	16,700
Donegal Group Inc. cl A	COM	257701201	5	284	SH		SOLE		284	0	0
Dover Corporation	COM	260003108	6,653	72,800	SH		SOLE		19,600	0	53,200
Dunkin' Brands Group, Inc.	COM	265504100	8,089	152,400	SH		SOLE		53,200	0	99,200
EMC Insurance Group	COM	268664109	4	150	SH		SOLE		150	0	0
EPR Properties	COM	26884U109	13,299	190,700	SH		SOLE		56,000	0	134,700
Eastman Chemical Co.	COM	277432100	3,221	35,600	SH		SOLE		11,800	0	23,800
Eaton Corporation, plc	COM	G29183103	7,326	95,409	SH		SOLE		28,678	0	66,731
Enova International, Inc.	COM	29357K103	2	116	SH		SOLE		116	0	0
Enstar Group Limited	COM	G3075P101	4	20	SH		SOLE		20	0	0
Entercom Communications	COM	293639100	2	193	SH		SOLE		193	0	0
Enterprise Bancorp Inc Mass	COM	293668109	4	104	SH		SOLE		104	0	0
Equity Residential Properties	COM	29476L107	839	12,725	SH		SOLE		0	0	12,725
Escalade Inc.	COM	296056104	3	200	SH		SOLE		200	0	0
Everest Re Group Ltd	COM	G3223R108	10,757	47,101	SH		SOLE		14,185	0	32,916
Exelon Corp	COM	30161N101	7,862	208,700	SH		SOLE		54,500	0	154,200
Exxon Mobil Corporation	COM	30231G102	4,506	54,966	SH		SOLE		16,356	0	38,610
FBL Financial Group cl A	COM	30239F106	2	26	SH		SOLE		26	0	0
FLIR Systems Inc.	COM	302445101	1,763	45,300	SH		SOLE		17,000	0	28,300
Fidelity & Guaranty Life	COM	315785105	1	28	SH		SOLE		28	0	0
Fifth Third Bancorp	COM	316773100	2,359	84,300	SH		SOLE		29,200	0	55,100
First Bancorp, Inc. (ME)	COM	31866P102	3	100	SH		SOLE		100	0	0
First Citizens Bancshares cl A	COM	31946M103	4	10	SH		SOLE		10	0	0
First Financial Corp (IN)	COM	320218100	5	110	SH		SOLE		110	0	0
First Interstate BancSystem A	COM	32055Y201	3	89	SH		SOLE		89	0	0
First Savings Financial Grp	COM	33621E109	3	53	SH		SOLE		53	0	0
Flushing Financial Corp	COM	343873105	6	208	SH		SOLE		208	0	0
Fogo de Chao, Inc.	COM	344177100	5	377	SH		SOLE		377	0	0
Fonar Corporation	COM	344437405	6	187	SH		SOLE		187	0	0
Ford Motor Company	COM	345370860	816	68,200	SH		SOLE		22,700	0	45,500
Franklin Resources, Inc.	COM	354613101	8,745	196,478	SH		SOLE		49,043	0	147,435
Frontline Ltd.	COM	G3682E192	2	372	SH		SOLE		372	0	0
FutureFuel Corp	COM	36116M106	6	383	SH		SOLE		383	0	0
GAMCO Investors, Inc.	COM	361438104	4	126	SH		SOLE		126	0	0
GGP Inc.	COM	36174X101	2,675	128,800	SH		SOLE		96,700	0	32,100
Gamestop Corp	COM	36467W109	2,136	103,400	SH		SOLE		40,600	0	62,800
Gap Inc.	COM	364760108	106	3,600	SH		SOLE		3,600	0	0
Garmin Ltd	COM	H2906T109	739	13,700	SH		SOLE		3,400	0	10,300
General Motors Company	COM	37045V100	16,588	410,800	SH		SOLE		117,500	0	293,300
Gilead Sciences Inc.	COM	375558103	11,309	139,577	SH		SOLE		40,903	0	98,674
Global Indemnity Ltd.	COM	G3933F105	2	50	SH		SOLE		50	0	0
Great Southern Bancorp	COM	390905107	8	136	SH		SOLE		136	0	0
Greene County Bancorp	COM	394357107	1	25	SH		SOLE		25	0	0
H&R Block Inc.	COM	093671105	625	23,600	SH		SOLE		14,300	0	9,300
HP Inc.	COM	40434L105	11,687	585,500	SH		SOLE		167,000	0	418,500
Healthcare Trust of America, Inc.	COM	42225P501	4,875	163,600	SH		SOLE		60,900	0	102,700
Hemisphere Media Group Inc A	COM	42365Q103	6	465	SH		SOLE		465	0	0
Hennessy Advisors, Inc.	COM	425885100	3	174	SH		SOLE		174	0	0
Home Bancorp, Inc.	COM	43689E107	3	74	SH		SOLE		74	0	0
Hospitality Properties Trust	COM	44106M102	516	18,100	SH		SOLE		0	0	18,100
Houlihan Lokey, Inc.	COM	441593100	3	84	SH		SOLE		84	0	0
Hubbell Inc	COM	443510607	963	8,300	SH		SOLE		3,400	0	4,900
Hyster-Yale Materials Handling	COM	449172105	2	27	SH		SOLE		27	0	0
IBM Corp	COM	459200101	13,043	89,905	SH		SOLE		25,914	0	63,991
Idexx Laboratories, Inc.	COM	45168D104	4,354	28,000	SH		SOLE		8,100	0	19,900
Illinois Tool Works Inc.	COM	452308109	12,608	85,213	SH		SOLE		25,690	0	59,523
Impac Mortgage Holdings	COM	45254P508	5	413	SH		SOLE		413	0	0
Ingles Markets cl A	COM	457030104	1	44	SH		SOLE		44	0	0
Innospec Inc.	COM	45768S105	4	69	SH		SOLE		69	0	0
Innoviva, Inc.	COM	45781M101	570	40,400	SH		SOLE		15,700	0	24,700
Intel Corporation	COM	458140100	3,294	86,500	SH		SOLE		19,500	0	67,000
International Bancshares	COM	459044103	5	116	SH		SOLE		116	0	0
JPMorgan Chase & Co	COM	46625H100	6,084	63,700	SH		SOLE		18,500	0	45,200
JetBlue Airways Corp	COM	477143101	117	6,300	SH		SOLE		0	0	6,300
Jones Lang LaSalle Inc	COM	48020Q107	469	3,800	SH		SOLE		0	0	3,800
KEMET Corporation	COM	488360207	122	5,778	SH		SOLE		1,278	0	4,500
Kadant Inc	COM	48282T104	1	9	SH		SOLE		9	0	0
Kelly Services cl A	COM	488152208	6	248	SH		SOLE		248	0	0
Keysight Technologies Inc	COM	49338L103	4,062	97,500	SH		SOLE		34,500	0	63,000
Kimco Realty Corp.	COM	49446R109	2,143	109,600	SH		SOLE		36,900	0	72,700
Lakeland Industries Inc.	COM	511795106	2	140	SH		SOLE		140	0	0
Lear Corporation	COM	521865204	5,590	32,300	SH		SOLE		12,200	0	20,100
Lee Enterprises Inc.	COM	523768109	2	986	SH		SOLE		986	0	0
Lennox International, Inc.	COM	526107107	1,396	7,800	SH		SOLE		3,400	0	4,400
Lincoln National Corp	COM	534187109	12,690	172,700	SH		SOLE		62,400	0	110,300
LyondellBasell Industries cl A	COM	N53745100	15,014	151,579	SH		SOLE		43,951	0	107,628
M/I Homes, Inc.	COM	55305B101	3	112	SH		SOLE		112	0	0
MSG Networks Inc.	COM	553573106	4	178	SH		SOLE		178	0	0
Macerich Company	COM	554382101	1,528	27,800	SH		SOLE		13,500	0	14,300
Macquarie Infrastructure Co Tr	COM	55608B105	1,068	14,800	SH		SOLE		5,400	0	9,400
Mallinckrodt plc.	COM	G5785G107	579	15,500	SH		SOLE		5,800	0	9,700
ManpowerGroup	COM	56418H100	130	1,100	SH		SOLE		1,100	0	0
Marcus & Millichap, Inc.	COM	566324109	2	85	SH		SOLE		85	0	0
Marine Products Corp	COM	568427108	3	166	SH		SOLE		166	0	0
Marlin Business Services Corp	COM	571157106	1	41	SH		SOLE		41	0	0
Match Group, Inc.	COM	57665R106	311	13,400	SH		SOLE		3,600	0	9,800
Maui Land & Pineapple Co.	COM	577345101	3	200	SH		SOLE		200	0	0
Medical Properties Trust Inc	COM	58463J304	624	47,500	SH		SOLE		0	0	47,500
Mednax, Inc.	COM	58502B106	185	4,300	SH		SOLE		2,000	0	2,300
Meritage Homes Corp	COM	59001A102	1	21	SH		SOLE		21	0	0
Meritor, Inc.	COM	59001K100	6	227	SH		SOLE		227	0	0
Miller Industries Inc.	COM	600551204	2	77	SH		SOLE		77	0	0
Moody's Corp.	COM	615369105	4,343	31,200	SH		SOLE		7,700	0	23,500
Moog Inc.	COM	615394202	4	53	SH		SOLE		53	0	0
Mueller Industries, Inc.	COM	624756102	2	46	SH		SOLE		46	0	0
MutualFirst Financial Inc.	COM	62845B104	1	31	SH		SOLE		31	0	0
NL Industries Inc.	COM	629156407	3	313	SH		SOLE		313	0	0
NRG Yield Inc.	COM	62942X306	3	182	SH		SOLE		182	0	0
NVR Inc.	COM	62944T105	571	200	SH		SOLE		0	0	200
National General Holdings Corp	COM	636220303	1	27	SH		SOLE		27	0	0
National HealthCare Corp	COM	635906100	2	24	SH		SOLE		24	0	0
National Presto Industries	COM	637215104	3	26	SH		SOLE		26	0	0
National Western Life Group A	COM	638517102	4	12	SH		SOLE		12	0	0
Natural Hlth Trends Corp	COM	63888P406	6	234	SH		SOLE		234	0	0
Navient Corporation	COM	63938C108	8,890	591,900	SH		SOLE		196,900	0	395,000
Navios Maritime Acq Corp	COM	Y62159101	5	3,700	SH		SOLE		3,700	0	0
Nelnet Inc	COM	64031N108	4	80	SH		SOLE		80	0	0
New York Mortgage Trust	COM	649604501	2	249	SH		SOLE		249	0	0
Northrim Bancorp	COM	666762109	3	86	SH		SOLE		86	0	0
Nve Corporation	COM	629445206	3	38	SH		SOLE		38	0	0
OFG Bancorp	COM	67103X102	2	271	SH		SOLE		271	0	0
OM Asset Management plc	COM	G67506108	1	100	SH		SOLE		100	0	0
ONEOK Inc.	COM	682680103	4,688	84,600	SH		SOLE		22,500	0	62,100
Omega Flex, Inc.	COM	682095104	5	72	SH		SOLE		72	0	0
One Liberty Properties Inc.	COM	682406103	5	211	SH		SOLE		211	0	0
Oracle Corporation	COM	68389X105	7,673	158,700	SH		SOLE		45,300	0	113,400
Oritani Financial Corp.	COM	68633D103	1	55	SH		SOLE		55	0	0
P.A.M. Transportation	COM	693149106	4	160	SH		SOLE		160	0	0
PC Connection, Inc.	COM	69318J100	9	316	SH		SOLE		316	0	0
PDL BioPharma, Inc.	COM	69329Y104	1	330	SH		SOLE		330	0	0
PPL Corporation	COM	69351T106	16,180	426,348	SH		SOLE		116,396	0	309,952
Park National Corp OH	COM	700658107	4	40	SH		SOLE		40	0	0
Park-Ohio Holdings Co	COM	700666100	5	118	SH		SOLE		118	0	0
Parke Bancorp, Inc.	COM	700885106	3	127	SH		SOLE		127	0	0
Party City Holdco Inc.	COM	702150103	2	158	SH		SOLE		158	0	0
Penske Automotive Group	COM	70959W103	471	9,900	SH		SOLE		7,500	0	2,400
Peoples Bancorp of NC	COM	710577107	2	47	SH		SOLE		47	0	0
Peoples Financial Services	COM	711040105	2	48	SH		SOLE		48	0	0
Phibro Animal Health Corp CL A	COM	71742Q106	0	10	SH		SOLE		10	0	0
Phillips 66	COM	718546104	4,553	49,700	SH		SOLE		14,900	0	34,800
Pilgrims Pride Corp	COM	72147K108	16,870	593,788	SH		SOLE		183,699	0	410,089
Plantronics Inc.	COM	727493108	1	33	SH		SOLE		33	0	0
Popular Inc.	COM	733174700	1,750	48,700	SH		SOLE		17,900	0	30,800
Preformed Line Products	COM	740444104	4	53	SH		SOLE		53	0	0
Premier Financial Bncp.	COM	74050M105	4	165	SH		SOLE		165	0	0
Principal Financial Group	COM	74251V102	9,795	152,234	SH		SOLE		58,217	0	94,017
Provident Financial Services	COM	74386T105	1	37	SH		SOLE		37	0	0
Psychemedics Corporation	COM	744375205	1	60	SH		SOLE		60	0	0
Public Storage, Inc.	COM	74460D109	86	400	SH		SOLE		0	0	400
Quest Diagnostics Inc	COM	74834L100	8,097	86,471	SH		SOLE		27,144	0	59,327
REX American Resources	COM	761624105	1	11	SH		SOLE		11	0	0
RMR Group	COM	74967R106	1	25	SH		SOLE		25	0	0
Redwood Trust Inc.	COM	758075402	3	158	SH		SOLE		158	0	0
Reinsurance Group of America	COM	759351604	321	2,300	SH		SOLE		2,300	0	0
Republic Bancorp KY	COM	760281204	7	174	SH		SOLE		174	0	0
S&T Bancorp Inc.	COM	783859101	4	109	SH		SOLE		109	0	0
SJW Group	COM	784305104	3	47	SH		SOLE		47	0	0
Saga Communications Inc.	COM	786598300	2	52	SH		SOLE		52	0	0
Santander Consmer USA Hdng Inc	COM	80283M101	10,965	713,400	SH		SOLE		220,100	0	493,300
ScanSource, Inc.	COM	806037107	1	33	SH		SOLE		33	0	0
Scana Corporation	COM	80589M102	2,420	49,900	SH		SOLE		14,500	0	35,400
Ship Finance Intl Ltd	COM	G81075106	2	144	SH		SOLE		144	0	0
Simulations Plus Inc.	COM	829214105	6	407	SH		SOLE		407	0	0
Skechers U.S.A. Inc.	COM	830566105	527	21,000	SH		SOLE		9,300	0	11,700
Sonic Automotive, Inc.	COM	83545G102	3	168	SH		SOLE		168	0	0
Southern Copper Corp.	COM	84265V105	13,872	348,900	SH		SOLE		103,400	0	245,500
Southern MO Bancorp	COM	843380106	6	161	SH		SOLE		161	0	0
Spirit Aerosystems Holdings	COM	848574109	1,313	16,900	SH		SOLE		5,800	0	11,100
State Street Corp	COM	857477103	1,186	12,415	SH		SOLE		800	0	11,615
Steelcase Inc cl A	COM	858155203	2	118	SH		SOLE		118	0	0
Strattec Security Corp	COM	863111100	2	40	SH		SOLE		40	0	0
Summit Fincl Group Inc.	COM	86606G101	3	121	SH		SOLE		121	0	0
SunTrust Banks, Inc.	COM	867914103	11,004	184,100	SH		SOLE		53,300	0	130,800
Superior Uniform Group	COM	868358102	3	151	SH		SOLE		151	0	0
Syntel Inc.	COM	87162H103	4	203	SH		SOLE		203	0	0
TEGNA Inc.	COM	87901J105	2,213	166,000	SH		SOLE		61,900	0	104,100
Teekay Tankers cl A	COM	Y8565N102	2	1,540	SH		SOLE		1,540	0	0
TeleTech Holdings Inc	COM	879939106	4	93	SH		SOLE		93	0	0
Teleflex Inc.	COM	879369106	750	3,100	SH		SOLE		1,800	0	1,300
The Travelers Companies	COM	89417E109	12,669	103,400	SH		SOLE		31,600	0	71,800
Timberland Bancorp Inc.	COM	887098101	3	85	SH		SOLE		85	0	0
Trecora Resources	COM	894648104	3	210	SH		SOLE		210	0	0
Trinity Industries, Inc.	COM	896522109	112	3,500	SH		SOLE		0	0	3,500
Twenty-First Cent Fox Inc Cl A	COM	90130A101	8,225	311,803	SH		SOLE		91,317	0	220,486
United Continental Hldg, Inc.	COM	910047109	10,764	176,800	SH		SOLE		59,700	0	117,100
United States Lime & Minerals	COM	911922102	5	55	SH		SOLE		55	0	0
Universal Insurance Hldgs	COM	91359V107	3	150	SH		SOLE		150	0	0
Universal Logistics Holdings,	COM	91388P105	4	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	5	64	SH		SOLE		64	0	0
VMware, Inc. Cl A	COM	928563402	8,614	78,889	SH		SOLE		25,174	0	53,715
VSE Corporation	COM	918284100	4	65	SH		SOLE		65	0	0
Valero Energy Corp.	COM	91913Y100	11,608	150,894	SH		SOLE		35,771	0	115,123
VeriSign Inc	COM	92343E102	1,298	12,200	SH		SOLE		5,500	0	6,700
Viacom Inc cl B	COM	92553P201	7,044	253,000	SH		SOLE		73,000	0	180,000
Village Super Market	COM	927107409	4	154	SH		SOLE		154	0	0
Vornado Realty Trust	COM	929042109	208	2,700	SH		SOLE		0	0	2,700
W&T Offshore Inc.	COM	92922P106	2	539	SH		SOLE		539	0	0
Wal-Mart Stores, Inc.	COM	931142103	17,246	220,704	SH		SOLE		62,951	0	157,753
Waters Corporation	COM	941848103	2,172	12,100	SH		SOLE		800	0	11,300
Wells Fargo & Co	COM	949746101	20,836	377,803	SH		SOLE		109,700	0	268,103
West Bancorporation	COM	95123P106	2	100	SH		SOLE		100	0	0
West Corporation	COM	952355204	2	95	SH		SOLE		95	0	0
Westlake Chemical Corp	COM	960413102	7,284	87,661	SH		SOLE		33,061	0	54,600
Weyco Group Inc.	COM	962149100	3	94	SH		SOLE		94	0	0
Willis Lease Finance	COM	970646105	2	100	SH		SOLE		100	0	0
Winmark Corporation	COM	974250102	5	36	SH		SOLE		36	0	0
World Acceptance Corp	COM	981419104	3	39	SH		SOLE		39	0	0
Wyndham Worldwide Corp	COM	98310W108	1,676	15,900	SH		SOLE		5,400	0	10,500
Xerox Corporation	COM	984121608	1,798	54,000	SH		SOLE		20,325	0	33,675