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	3	143	SH		SOLE		143	0	0
AFLAC INC COM	COM	001055102	14,599	333,610	SH		SOLE		76,810	0	256,800
AG Mortgage Investment Tr	COM	001228105	4	245	SH		SOLE		245	0	0
AT&T Inc.	COM	00206R102	7,768	217,900	SH		SOLE		22,200	0	195,700
AVX Corporation	COM	002444107	4	231	SH		SOLE		231	0	0
Acco Brands Corporation	COM	00081T108	4	345	SH		SOLE		345	0	0
Addus Homecare Corporation	COM	006739106	3	66	SH		SOLE		66	0	0
Air Lease Corp. Cl A	COM	00912X302	3,832	89,900	SH		SOLE		32,300	0	57,600
Aircastle Ltd	COM	G0129K104	4	209	SH		SOLE		209	0	0
Alaska Air Group Inc	COM	011659109	328	5,300	SH		SOLE		2,000	0	3,300
Alexanders Inc.	COM	014752109	3	9	SH		SOLE		9	0	0
Allison Transmission Holdings	COM	01973R101	285	7,300	SH		SOLE		0	0	7,300
Ally Financial Inc.	COM	02005N100	383	14,100	SH		SOLE		0	0	14,100
Amerco	COM	023586100	10,042	29,100	SH		SOLE		7,000	0	22,100
Ameresco Inc	COM	02361E108	7	515	SH		SOLE		515	0	0
American Railcar Industries	COM	02916P103	4	106	SH		SOLE		106	0	0
Ameriprise Financial Inc.	COM	03076C106	370	2,500	SH		SOLE		800	0	1,700
Ames National Corp.	COM	031001100	2	85	SH		SOLE		85	0	0
Amkor Technology Inc	COM	031652100	4	405	SH		SOLE		405	0	0
Andeavor Corp	COM	03349M105	10,167	101,100	SH		SOLE		26,700	0	74,400
Annaly Capital Mgmt.	COM	035710409	495	47,500	SH		SOLE		0	0	47,500
Arch Capital Group Ltd.	COM	G0450A105	745	8,700	SH		SOLE		3,900	0	4,800
Ares Commercial Real Estate	COM	04013V108	1	115	SH		SOLE		115	0	0
Arrow Electronics Inc	COM	042735100	12,986	168,600	SH		SOLE		45,700	0	122,900
Arrow Financial Corp.	COM	042744102	2	67	SH		SOLE		67	0	0
Asbury Automotive Group	COM	043436104	3	47	SH		SOLE		47	0	0
Assured Guaranty Ltd	COM	G0585R106	9,477	261,800	SH		SOLE		76,100	0	185,700
Athene Holding Ltd.	COM	G0684D107	1,673	35,000	SH		SOLE		14,100	0	20,900
Avangrid Inc.	COM	05351W103	9,646	188,700	SH		SOLE		74,000	0	114,700
Avnet Inc.	COM	053807103	301	7,200	SH		SOLE		3,100	0	4,100
BGC Partners Inc.	COM	05541T101	1,147	85,300	SH		SOLE		23,500	0	61,800
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	696	10,700	SH		SOLE		3,000	0	7,700
Berkshire Hathaway cl B	COM	084670702	13,545	67,900	SH		SOLE		14,500	0	53,400
Biospecifics Tech Corp	COM	090931106	2	55	SH		SOLE		55	0	0
Bridgford Foods Corp.	COM	108763103	2	109	SH		SOLE		109	0	0
Brooks Automation Inc	COM	114340102	1,584	58,500	SH		SOLE		0	0	58,500
Brown-Forman cl B	COM	115637209	15,624	287,215	SH		SOLE		74,840	0	212,375
Buckle Inc.	COM	118440106	3	134	SH		SOLE		134	0	0
CA Inc.	COM	12673P105	6,817	201,100	SH		SOLE		39,000	0	162,100
CBRE Group, Inc.	COM	12504L109	7,470	158,200	SH		SOLE		40,000	0	118,200
CNA Financial Corp.	COM	126117100	12,634	256,000	SH		SOLE		75,500	0	180,500
CVR Energy, Inc.	COM	12662P108	2	80	SH		SOLE		80	0	0
Capstead Mortgage Corp	COM	14067E506	1	109	SH		SOLE		109	0	0
Cardinal Health Inc.	COM	14149Y108	6,143	98,000	SH		SOLE		25,400	0	72,600
Century Bancorp cl A	COM	156432106	5	58	SH		SOLE		58	0	0
Century Communities, Inc.	COM	156504300	2	54	SH		SOLE		54	0	0
Chimera Investment Corporation	COM	16934Q208	5,033	289,100	SH		SOLE		63,500	0	225,600
Cimarex Energy Co	COM	171798101	271	2,900	SH		SOLE		2,900	0	0
Coherent Inc.	COM	192479103	4,441	23,700	SH		SOLE		6,700	0	17,000
Colony Bankcorp GA	COM	19623P101	2	128	SH		SOLE		128	0	0
Columbia Sportswear Co.	COM	198516106	3	43	SH		SOLE		43	0	0
Community Trust Bancorp	COM	204149108	5	101	SH		SOLE		101	0	0
Consolidated Tomoka Land Company	COM	210226106	3	51	SH		SOLE		51	0	0
Consumer Portfolio Services	COM	210502100	2	550	SH		SOLE		550	0	0
Cooper Companies, Inc.	COM	216648402	297	1,300	SH		SOLE		1,300	0	0
Corcept Therapeutics Inc.	COM	218352102	4,050	246,200	SH		SOLE		56,700	0	189,500
CoreCivic, Inc.	COM	21871N101	318	16,300	SH		SOLE		16,300	0	0
Corning Incorporated	COM	219350105	6,836	245,200	SH		SOLE		56,300	0	188,900
Costamare Inc	COM	Y1771G102	4	655	SH		SOLE		655	0	0
Customers Bancorp Inc	COM	23204G100	1	39	SH		SOLE		39	0	0
D.R. Horton Inc.	COM	23331A109	158	3,600	SH		SOLE		3,600	0	0
DST SYS INC COM	COM	233326107	795	9,500	SH		SOLE		3,700	0	5,800
DTE Energy Corp.	COM	233331107	1,023	9,800	SH		SOLE		7,100	0	2,700
Diamondback Energy, Inc.	COM	25278X109	4,441	35,100	SH		SOLE		3,900	0	31,200
Discover Financial Services	COM	254709108	14,088	195,856	SH		SOLE		48,756	0	147,100
Discovery Inc.	COM	25470F104	8,214	383,316	SH		SOLE		95,716	0	287,600
Dolby Laboratories Inc.	COM	25659T107	2,581	40,600	SH		SOLE		14,400	0	26,200
Donegal Group Inc. cl A	COM	257701201	4	284	SH		SOLE		284	0	0
Dover Corp.	COM	260003108	1,699	17,300	SH		SOLE		8,000	0	9,300
EMC Insurance Group	COM	268664109	7	248	SH		SOLE		248	0	0
Eastman Chemical Co	COM	277432100	4,466	42,300	SH		SOLE		15,600	0	26,700
Eaton Corporation, plc	COM	G29183103	15,477	193,678	SH		SOLE		43,978	0	149,700
Employers Holdings, Inc.	COM	292218104	4	88	SH		SOLE		88	0	0
Enstar Group Limited	COM	G3075P101	4	20	SH		SOLE		20	0	0
Enterprise Bancorp Inc Mass	COM	293668109	4	104	SH		SOLE		104	0	0
Entertainment Properties	COM	26884U109	4,864	87,800	SH		SOLE		30,400	0	57,400
Equity Residential	COM	29476L107	6,261	101,600	SH		SOLE		23,000	0	78,600
Escalade Inc.	COM	296056104	3	200	SH		SOLE		200	0	0
Everest Re Group Ltd	COM	G3223R108	385	1,500	SH		SOLE		0	0	1,500
Eversource Energy	COM	30040W108	300	5,100	SH		SOLE		0	0	5,100
Evolution Petroleum	COM	30049A107	1	130	SH		SOLE		130	0	0
Exelon Corporation	COM	30161N101	1,931	49,500	SH		SOLE		3,900	0	45,600
Exxon Mobil Corporation	COM	30231G102	4,548	60,956	SH		SOLE		13,556	0	47,400
FB Financial Corp.	COM	30257X104	2	39	SH		SOLE		39	0	0
FBL Financial Group cl A	COM	30239F106	3	39	SH		SOLE		39	0	0
FLIR Systems, Inc.	COM	302445101	1,110	22,200	SH		SOLE		5,300	0	16,900
Fidelity National Fin Inc.	COM	31620R303	628	15,700	SH		SOLE		0	0	15,700
Fifth Third Bancorp	COM	316773100	10,144	319,500	SH		SOLE		76,900	0	242,600
First American Financial Corp	COM	31847R102	88	1,500	SH		SOLE		1,500	0	0
First Citizens Bancshares cl A	COM	31946M103	4	10	SH		SOLE		10	0	0
First Community Bancshares Inc	COM	31983A103	2	82	SH		SOLE		82	0	0
First Defiance Financial	COM	32006W106	3	48	SH		SOLE		48	0	0
First Financial Corp (IN)	COM	320218100	5	110	SH		SOLE		110	0	0
First Interstate BancSystem A	COM	32055Y201	2	59	SH		SOLE		59	0	0
Flexsteel Industries Inc.	COM	339382103	3	82	SH		SOLE		82	0	0
Flushing Financial Corp	COM	343873105	6	233	SH		SOLE		233	0	0
Fogo de Chao, Inc.	COM	344177100	4	282	SH		SOLE		282	0	0
Fonar Corporation	COM	344437405	6	198	SH		SOLE		198	0	0
Ford Motor Company	COM	345370860	441	39,800	SH		SOLE		0	0	39,800
Fortive Corp.	COM	34959J108	349	4,500	SH		SOLE		1,800	0	2,700
Franklin Resources Inc	COM	354613101	9,070	261,543	SH		SOLE		58,543	0	203,000
FutureFuel Corp	COM	36116M106	5	383	SH		SOLE		383	0	0
GAMCO Investors, Inc.	COM	361438104	3	126	SH		SOLE		126	0	0
GGP Inc.	COM	36174X101	1,931	94,400	SH		SOLE		58,800	0	35,600
Gamestop Corp. Cl A	COM	36467W109	1,305	103,400	SH		SOLE		40,600	0	62,800
Gaming and Leisure Properties, Inc.	COM	36467J108	124	3,700	SH		SOLE		0	0	3,700
Garmin Ltd	COM	H2906T109	3,153	53,500	SH		SOLE		18,400	0	35,100
General Motors Company	COM	37045V100	14,532	399,900	SH		SOLE		90,700	0	309,200
Gentherm Inc.	COM	37253A103	1	23	SH		SOLE		23	0	0
Gilead Sciences, Inc.	COM	375558103	10,638	141,103	SH		SOLE		32,303	0	108,800
Great Southern Bancorp	COM	390905107	9	182	SH		SOLE		182	0	0
Greene County Bancorp	COM	394357107	3	80	SH		SOLE		80	0	0
HP Inc.	COM	40434L105	951	43,400	SH		SOLE		30,100	0	13,300
Hemisphere Media Group Inc A	COM	42365Q103	4	365	SH		SOLE		365	0	0
Hennessy Advisors, Inc.	COM	425885100	3	174	SH		SOLE		174	0	0
Hilton Grand Vacations	COM	43283X105	3,975	92,400	SH		SOLE		32,700	0	59,700
HollyFrontier Corporation	COM	436106108	93	1,900	SH		SOLE		1,900	0	0
Hubbell Incorporated	COM	443510607	1,011	8,300	SH		SOLE		3,400	0	4,900
Hurco Companies Inc.	COM	447324104	2	53	SH		SOLE		53	0	0
Hyster-Yale Materials Handling	COM	449172105	2	27	SH		SOLE		27	0	0
IPG Photonics Corporation	COM	44980X109	420	1,800	SH		SOLE		1,800	0	0
Idexx Laboratories, Inc.	COM	45168D104	115	600	SH		SOLE		0	0	600
Illinois Tool Works	COM	452308109	7,816	49,890	SH		SOLE		12,590	0	37,300
Impac Mortgage Holdings	COM	45254P508	2	263	SH		SOLE		263	0	0
Ingles Markets cl A	COM	457030104	1	44	SH		SOLE		44	0	0
Innospec Inc.	COM	45768S105	2	33	SH		SOLE		33	0	0
Insight Enterprises, Inc.	COM	45765U103	1	17	SH		SOLE		17	0	0
International Bancshares	COM	459044103	5	116	SH		SOLE		116	0	0
International Business Machines Corp.	COM	459200101	9,469	61,714	SH		SOLE		15,014	0	46,700
Invesco Limited	COM	G491BT108	1,152	36,000	SH		SOLE		11,600	0	24,400
Investors Title Company	COM	461804106	2	11	SH		SOLE		11	0	0
JPMorgan Chase & Co.	COM	46625H100	1,012	9,200	SH		SOLE		2,100	0	7,100
Johnson Outdoors Inc.	COM	479167108	2	28	SH		SOLE		28	0	0
Jones Lang LaSalle Incorporated	COM	48020Q107	4,209	24,100	SH		SOLE		9,000	0	15,100
Kelly Services cl A	COM	488152208	7	248	SH		SOLE		248	0	0
Kimball Electronics, Inc.	COM	49428J109	6	402	SH		SOLE		402	0	0
Kimco Realty Corporation	COM	49446R109	386	26,800	SH		SOLE		0	0	26,800
Lear Corporation	COM	521865204	11,668	62,700	SH		SOLE		17,800	0	44,900
Lee Enterprises Inc.	COM	523768109	2	986	SH		SOLE		986	0	0
Lennox International Inc.	COM	526107107	204	1,000	SH		SOLE		0	0	1,000
Lincoln National Corporation	COM	534187109	12,742	174,400	SH		SOLE		48,000	0	126,400
LyondellBasell Industries cl A	COM	N53745100	13,194	124,851	SH		SOLE		28,451	0	96,400
M/I Homes, Inc.	COM	55305B101	2	63	SH		SOLE		63	0	0
MSG Networks Inc.	COM	553573106	4	178	SH		SOLE		178	0	0
Marcus & Millichap, Inc.	COM	566324109	4	121	SH		SOLE		121	0	0
Marine Products Corp	COM	568427108	2	166	SH		SOLE		166	0	0
Match Group, Inc.	COM	57665R106	840	18,900	SH		SOLE		9,100	0	9,800
Matson Inc.	COM	57686G105	4	124	SH		SOLE		124	0	0
Medical Properties Trust Inc	COM	58463J304	618	47,500	SH		SOLE		0	0	47,500
Meritage Homes Corp	COM	59001A102	4	96	SH		SOLE		96	0	0
Michael Kors Holdings Limited	COM	G60754101	4,532	73,000	SH		SOLE		25,600	0	47,400
Micron Technology Inc	COM	595112103	4,171	80,000	SH		SOLE		9,600	0	70,400
Miller Industries Inc.	COM	600551204	3	116	SH		SOLE		116	0	0
Moody's Corp.	COM	615369105	677	4,200	SH		SOLE		1,600	0	2,600
Moog Inc.	COM	615394202	4	46	SH		SOLE		46	0	0
Mueller Industries, Inc.	COM	624756102	1	46	SH		SOLE		46	0	0
Murphy USA, Inc.	COM	626755102	2,817	38,700	SH		SOLE		9,900	0	28,800
NL Industries Inc.	COM	629156407	2	313	SH		SOLE		313	0	0
NVR Inc.	COM	62944T105	560	200	SH		SOLE		0	0	200
Napco Security Technologies	COM	630402105	1	51	SH		SOLE		51	0	0
National General Holdings Corp	COM	636220303	1	27	SH		SOLE		27	0	0
National HealthCare Corp	COM	635906100	1	24	SH		SOLE		24	0	0
National Instruments	COM	636518102	1,583	31,300	SH		SOLE		11,200	0	20,100
National Presto Industries	COM	637215104	7	74	SH		SOLE		74	0	0
National Western Life Group A	COM	638517102	4	12	SH		SOLE		12	0	0
Natural Health Trends Corp	COM	63888P406	5	252	SH		SOLE		252	0	0
Navient Corporation	COM	63938C108	1,387	105,700	SH		SOLE		38,300	0	67,400
Nelnet Inc	COM	64031N108	4	80	SH		SOLE		80	0	0
New Residential Investments	COM	64828T201	1,170	71,100	SH		SOLE		34,400	0	36,700
Northern Trust Corp.	COM	665859104	1,289	12,500	SH		SOLE		4,400	0	8,100
OFG Bancorp	COM	67103X102	3	244	SH		SOLE		244	0	0
ONEOK, Inc.	COM	682680103	330	5,800	SH		SOLE		5,800	0	0
Old Dominion Freight	COM	679580100	1,749	11,900	SH		SOLE		4,800	0	7,100
Old Republic Int'l Corp	COM	680223104	124	5,800	SH		SOLE		5,800	0	0
One Liberty Properties Inc.	COM	682406103	5	211	SH		SOLE		211	0	0
PBF Energy Inc cl A	COM	69318G106	1,214	35,800	SH		SOLE		13,400	0	22,400
PC Connection, Inc.	COM	69318J100	9	345	SH		SOLE		345	0	0
PDL BioPharma, Inc.	COM	69329Y104	1	330	SH		SOLE		330	0	0
PPL Corp.	COM	69351T106	12,201	431,296	SH		SOLE		94,896	0	336,400
Park National Corp OH	COM	700658107	4	40	SH		SOLE		40	0	0
Park-Ohio Holdings Co	COM	700666100	7	178	SH		SOLE		178	0	0
Parke Bancorp, Inc.	COM	700885106	3	127	SH		SOLE		127	0	0
Party City Holdco Inc.	COM	702150103	4	279	SH		SOLE		279	0	0
Penske Automotive Group, Inc.	COM	70959W103	1,600	36,100	SH		SOLE		13,100	0	23,000
Peoples Financial Services	COM	711040105	2	48	SH		SOLE		48	0	0
Petmed Express, Inc.	COM	716382106	109	2,600	SH		SOLE		2,600	0	0
Phibro Animal Health Corp CL A	COM	71742Q106	3	80	SH		SOLE		80	0	0
Phillips 66	COM	718546104	4,738	49,400	SH		SOLE		11,800	0	37,600
Pilgrims Pride Corp	COM	72147K108	14,106	573,199	SH		SOLE		152,099	0	421,100
Popular Inc.	COM	733174700	2,027	48,700	SH		SOLE		17,900	0	30,800
Preformed Line Products	COM	740444104	3	53	SH		SOLE		53	0	0
Principal Financial Group, Inc.	COM	74251V102	17,775	291,817	SH		SOLE		78,717	0	213,100
Provident Financial Services	COM	74386T105	1	37	SH		SOLE		37	0	0
Prudential Financial Inc	COM	744320102	756	7,300	SH		SOLE		0	0	7,300
Psychemedics Corporation	COM	744375205	2	80	SH		SOLE		80	0	0
Public Storage, Inc.	COM	74460D109	3,367	16,800	SH		SOLE		2,600	0	14,200
Quest Diagnostics Inc.	COM	74834L100	9,312	92,844	SH		SOLE		21,644	0	71,200
RSP Permian Inc.	COM	74978Q105	619	13,200	SH		SOLE		5,100	0	8,100
Reading International Inc.	COM	755408101	3	182	SH		SOLE		182	0	0
Redwood Trust Inc.	COM	758075402	3	205	SH		SOLE		205	0	0
Regional Management Corp.	COM	75902K106	3	102	SH		SOLE		102	0	0
Reinsurance Group of America, Inc	COM	759351604	5,328	34,600	SH		SOLE		12,000	0	22,600
Republic Bancorp KY	COM	760281204	8	196	SH		SOLE		196	0	0
Ryder System Inc.	COM	783549108	735	10,100	SH		SOLE		3,200	0	6,900
S&T Bancorp Inc.	COM	783859101	4	109	SH		SOLE		109	0	0
SJW Group	COM	784305104	2	47	SH		SOLE		47	0	0
Santander Consumer USA Holdings Inc.	COM	80283M101	8,928	547,700	SH		SOLE		153,100	0	394,600
ScanSource, Inc.	COM	806037107	4	121	SH		SOLE		121	0	0
Schweitzer-Mauduit Int'l Inc.	COM	808541106	1	33	SH		SOLE		33	0	0
Ship Finance Intl Ltd	COM	G81075106	2	144	SH		SOLE		144	0	0
Skechers U.S.A. Inc.	COM	830566105	817	21,000	SH		SOLE		9,300	0	11,700
Skyworks Solutions, Inc.	COM	83088M102	311	3,100	SH		SOLE		3,100	0	0
Sonic Automotive, Inc.	COM	83545G102	2	85	SH		SOLE		85	0	0
Southern Copper Corp.	COM	84265V105	15,051	277,800	SH		SOLE		63,200	0	214,600
Southern MO Bancorp	COM	843380106	5	134	SH		SOLE		134	0	0
Spire Inc.	COM	84857L101	3	42	SH		SOLE		42	0	0
Spirit AeroSystems Holdings, Inc.	COM	848574109	368	4,400	SH		SOLE		0	0	4,400
State Street Corporation	COM	857477103	110	1,100	SH		SOLE		1,100	0	0
Strattec Security Corp	COM	863111100	1	40	SH		SOLE		40	0	0
Summit Fincl Group Inc.	COM	86606G101	1	44	SH		SOLE		44	0	0
Superior Uniform Group	COM	868358102	3	121	SH		SOLE		121	0	0
Syntel Inc.	COM	87162H103	4	169	SH		SOLE		169	0	0
TTEC Holdings Inc.	COM	89854H102	3	108	SH		SOLE		108	0	0
Teekay Tankers cl A	COM	Y8565N102	2	1,540	SH		SOLE		1,540	0	0
Teledyne Technologies Inc.	COM	879360105	1,011	5,400	SH		SOLE		2,100	0	3,300
Teleflex Incorporated	COM	879369106	3,519	13,800	SH		SOLE		2,900	0	10,900
The Gap, Inc.	COM	364760108	112	3,600	SH		SOLE		3,600	0	0
The New Home Company Inc.	COM	645370107	5	449	SH		SOLE		449	0	0
The Travelers Companies, Inc.	COM	89417E109	15,205	109,500	SH		SOLE		24,100	0	85,400
Thor Industries Inc.	COM	885160101	242	2,100	SH		SOLE		0	0	2,100
Townsquare Media Inc.	COM	892231101	2	305	SH		SOLE		305	0	0
TransAct Technologies Inc.	COM	892918103	2	160	SH		SOLE		160	0	0
Trinity Industries, Inc.	COM	896522109	114	3,500	SH		SOLE		0	0	3,500
Turning Point Brands	COM	90041L105	4	207	SH		SOLE		207	0	0
Twent-First Century Fox Inc.	COM	90130A101	312	8,500	SH		SOLE		400	0	8,100
Tyson Foods	COM	902494103	13,050	178,300	SH		SOLE		49,100	0	129,200
USANA Health Sciences, Inc.	COM	90328M107	5	55	SH		SOLE		55	0	0
United Continental Hldg, Inc.	COM	910047109	3,210	46,200	SH		SOLE		13,700	0	32,500
United States Lime & Minerals	COM	911922102	4	55	SH		SOLE		55	0	0
Universal Insurance Hldgs	COM	91359V107	5	154	SH		SOLE		154	0	0
Universal Logistics Holdings,	COM	91388P105	4	200	SH		SOLE		200	0	0
VMware, Inc. Cl A	COM	928563402	9,626	79,374	SH		SOLE		19,874	0	59,500
VSE Corporation	COM	918284100	3	65	SH		SOLE		65	0	0
Valero Energy Corporation	COM	91913Y100	10,601	114,271	SH		SOLE		24,271	0	90,000
VeriSign Inc	COM	92343E102	2,395	20,200	SH		SOLE		7,700	0	12,500
Verizon Communications, Inc.	COM	92343V104	17,440	364,700	SH		SOLE		82,700	0	282,000
Versum Materials, Inc.	COM	92532W103	230	6,100	SH		SOLE		1,900	0	4,200
Viacom Inc cl B	COM	92553P201	8,110	261,100	SH		SOLE		68,600	0	192,500
Village Super Market	COM	927107409	3	103	SH		SOLE		103	0	0
Walker & Dunlop, Inc.	COM	93148P102	3	55	SH		SOLE		55	0	0
Walmart Inc.	COM	931142103	17,541	197,151	SH		SOLE		44,451	0	152,700
Waters Corporation	COM	941848103	2,066	10,400	SH		SOLE		500	0	9,900
Wells Fargo & Company	COM	949746101	18,773	358,200	SH		SOLE		82,400	0	275,800
West Bancorporation	COM	95123P106	4	137	SH		SOLE		137	0	0
Westlake Chemical Corporation	COM	960413102	10,477	94,261	SH		SOLE		24,361	0	69,900
Weyco Group Inc.	COM	962149100	5	138	SH		SOLE		138	0	0
Willis Lease Finance	COM	970646105	3	100	SH		SOLE		100	0	0
Winmark Corporation	COM	974250102	4	27	SH		SOLE		27	0	0
Wyndham Worldwide Corporation	COM	98310W108	3,742	32,700	SH		SOLE		6,000	0	26,700
Xerox Corporation	COM	984121608	873	30,325	SH		SOLE		4,350	0	25,975
Yum! Brands, Inc.	COM	988498101	17	200	SH		SOLE		200	0	0