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
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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 Constitution Bancorp	COM	31986N102	2	120	SH		SOLE		120	0	0
1st Source Corporation	COM	336901103	210	4,600	SH		SOLE		1,900	0	2,700
AFLAC INC COM	COM	001055102	11,746	224,510	SH		SOLE		29,700	0	194,810
AMC Networks Inc. cl A	COM	00164V103	329	6,700	SH		SOLE		2,900	0	3,800
AT&T Inc.	COM	00206R102	14,273	377,200	SH		SOLE		50,800	0	326,400
AVX Corporation	COM	002444107	2,266	149,100	SH		SOLE		61,200	0	87,900
AXA Equitable Holdings	COM	054561105	5,292	238,800	SH		SOLE		92,600	0	146,200
Acco Brands Corporation	COM	00081T108	2,102	212,974	SH		SOLE		91,074	0	121,900
Air Lease Corp. Cl A	COM	00912X302	3,513	84,000	SH		SOLE		33,600	0	50,400
Aircastle Ltd	COM	G0129K104	2,113	94,200	SH		SOLE		37,900	0	56,300
Alexanders Inc.	COM	014752109	1,916	5,500	SH		SOLE		2,200	0	3,300
Alliance Data Systems Corp	COM	018581108	1,128	8,800	SH		SOLE		3,500	0	5,300
Allison Transmission Holdings	COM	01973R101	1,256	26,700	SH		SOLE		11,400	0	15,300
Ally Financial Inc.	COM	02005N100	1,041	31,400	SH		SOLE		13,000	0	18,400
Altria Group Inc	COM	02209S103	3,620	88,500	SH		SOLE		6,600	0	81,900
Amdocs Limited	COM	G02602103	6,525	98,700	SH		SOLE		18,300	0	80,400
Amerco	COM	023586100	9,439	24,200	SH		SOLE		5,100	0	19,100
American Campus Communities	COM	024835100	1,269	26,400	SH		SOLE		7,900	0	18,500
American Equity Investment	COM	025676206	80	3,300	SH		SOLE		0	0	3,300
AmerisourceBergen Corp	COM	03073E105	3,911	47,500	SH		SOLE		9,400	0	38,100
Amkor Technology Inc	COM	031652100	2,109	231,800	SH		SOLE		95,000	0	136,800
Apartment Invest&Mang A	COM	03748R754	443	8,500	SH		SOLE		5,000	0	3,500
Apple Hospitality REIT Inc	COM	03784Y200	1,161	70,000	SH		SOLE		27,600	0	42,400
Apple Inc.	COM	037833100	358	1,600	SH		SOLE		0	0	1,600
Arch Capital Group Ltd.	COM	G0450A105	3,732	88,900	SH		SOLE		35,200	0	53,700
Arrow Electronics Inc	COM	042735100	5,638	75,600	SH		SOLE		17,100	0	58,500
Arrow Financial Corp.	COM	042744102	5	139	SH		SOLE		139	0	0
Assured Guaranty Ltd	COM	G0585R106	3,695	83,100	SH		SOLE		33,200	0	49,900
Athene Holding Ltd.	COM	G0684D107	1,274	30,300	SH		SOLE		14,100	0	16,200
Atkore International Group	COM	047649108	1,187	39,100	SH		SOLE		15,900	0	23,200
Atlas Air Worldwide	COM	049164205	547	21,700	SH		SOLE		6,600	0	15,100
Atrion Corporation	COM	049904105	2,182	2,800	SH		SOLE		100	0	2,700
AutoNation Inc.	COM	05329W102	1,323	26,100	SH		SOLE		10,300	0	15,800
Avangrid Inc.	COM	05351W103	13,324	255,000	SH		SOLE		51,900	0	203,100
BancFirst Corp OK	COM	05945F103	2,067	37,300	SH		SOLE		15,200	0	22,100
Bank of America Corp	COM	060505104	14,719	504,600	SH		SOLE		68,100	0	436,500
Bar Harbor Bankshares	COM	066849100	2	87	SH		SOLE		87	0	0
Bel Fuse cl B	COM	077347300	1	81	SH		SOLE		81	0	0
Berkshire Hathaway cl B	COM	084670702	7,946	38,200	SH		SOLE		6,800	0	31,400
Biogen Inc.	COM	09062X103	4,424	19,000	SH		SOLE		3,100	0	15,900
Bluegreen Vacations Corp	COM	09629F108	122	13,100	SH		SOLE		5,300	0	7,800
Booz Allen Hamilton cl A	COM	099502106	874	12,300	SH		SOLE		2,200	0	10,100
Brown-Forman cl B	COM	115637209	12,565	200,140	SH		SOLE		37,950	0	162,190
Byline Bancorp Inc.	COM	124411109	2	115	SH		SOLE		115	0	0
CBS Corp. cl B	COM	124857202	7,057	174,800	SH		SOLE		41,500	0	133,300
CDK Global	COM	12508E101	957	19,900	SH		SOLE		9,700	0	10,200
CDW Corporation	COM	12514G108	1,269	10,300	SH		SOLE		700	0	9,600
CNA Financial Corp.	COM	126117100	14,351	291,400	SH		SOLE		60,400	0	231,000
CNB Financial Corp PA	COM	126128107	1	30	SH		SOLE		30	0	0
Cabot Oil & Gas Corp	COM	127097103	945	53,800	SH		SOLE		10,900	0	42,900
Cadence Design Systems, Inc.	COM	127387108	1,196	18,100	SH		SOLE		800	0	17,300
Callon Petroleum Co.	COM	13123X102	444	102,300	SH		SOLE		78,700	0	23,600
Cambridge Bancorp	COM	132152109	2	27	SH		SOLE		27	0	0
Capital One Financial Corp.	COM	14040H105	10,972	120,600	SH		SOLE		16,200	0	104,400
Carnival Corporation	COM	143658300	9,918	226,900	SH		SOLE		30,000	0	196,900
Carriage Services Inc.	COM	143905107	1	63	SH		SOLE		63	0	0
Casa Systems	COM	14713L102	149	19,000	SH		SOLE		7,800	0	11,200
Cathay General Bancorp	COM	149150104	257	7,400	SH		SOLE		3,000	0	4,400
Century Bancorp cl A	COM	156432106	4	50	SH		SOLE		50	0	0
Chubb Limited	COM	H1467J104	10,219	63,300	SH		SOLE		9,300	0	54,000
Citizens Financial Grp	COM	174610105	276	7,800	SH		SOLE		3,000	0	4,800
Clearfield Inc.	COM	18482P103	1	62	SH		SOLE		62	0	0
Coda Octopus Group Inc.	COM	19188U206	1	154	SH		SOLE		154	0	0
Cohen & Steers Inc	COM	19247A100	330	6,000	SH		SOLE		2,600	0	3,400
Colony Bankcorp GA	COM	19623P101	1	76	SH		SOLE		76	0	0
Comcast cl A	COM	20030N101	848	18,800	SH		SOLE		0	0	18,800
Community Trust Bancorp	COM	204149108	5	109	SH		SOLE		109	0	0
Compx International Inc	COM	020563P10	3	197	SH		SOLE		197	0	0
Consolidated Tomoka Land Company	COM	210226106	1,337	20,374	SH		SOLE		8,374	0	12,000
Consolidated Water Co.	COM	G23773107	1,124	68,137	SH		SOLE		27,337	0	40,800
Continental Resources, Inc.	COM	212015101	1,826	59,300	SH		SOLE		12,100	0	47,200
Copart, Inc. (DE)	COM	217204106	659	8,200	SH		SOLE		1,800	0	6,400
Cornerstone Building Brands Inc.	COM	21925D109	359	59,300	SH		SOLE		24,200	0	35,100
Costamare Inc	COM	Y1771G102	2,174	358,100	SH		SOLE		148,400	0	209,700
Cousins Properties Inc	COM	222795502	417	11,100	SH		SOLE		4,100	0	7,000
Cummins Inc.	COM	231021106	146	900	SH		SOLE		0	0	900
DISH Network Corp cl A	COM	25470M109	4,950	145,300	SH		SOLE		38,700	0	106,600
DXC Technology	COM	23355L106	384	13,000	SH		SOLE		5,200	0	7,800
DaVita HealthCare Partners Inc	COM	23918K108	1,062	18,600	SH		SOLE		7,000	0	11,600
Delta Air Lines, Inc.	COM	247361702	783	13,600	SH		SOLE		0	0	13,600
Deluxe Corporation	COM	248019101	59	1,200	SH		SOLE		1,200	0	0
Diamond Hill Investments	COM	25264R207	345	2,500	SH		SOLE		1,000	0	1,500
Dime Community Bancshares	COM	253922108	122	5,700	SH		SOLE		2,300	0	3,400
Discover Financial Services	COM	254709108	8,381	103,356	SH		SOLE		26,200	0	77,156
Dolby Laboratories Inc.	COM	25659T107	2,450	37,900	SH		SOLE		13,600	0	24,300
Dover Corp.	COM	260003108	8,413	84,500	SH		SOLE		19,900	0	64,600
East West Bancorp, Inc.	COM	27579R104	1,435	32,400	SH		SOLE		11,100	0	21,300
Eastman Chemical Co	COM	277432100	2,267	30,700	SH		SOLE		13,100	0	17,600
Eaton Corporation, plc	COM	G29183103	10,833	130,278	SH		SOLE		17,500	0	112,778
Employers Holdings, Inc.	COM	292218104	1,238	28,400	SH		SOLE		11,300	0	17,100
Ennis Inc	COM	293389102	129	6,400	SH		SOLE		2,600	0	3,800
Enstar Group Limited	COM	G3075P101	2,127	11,200	SH		SOLE		4,500	0	6,700
Entertainment Properties	COM	26884U109	5,511	71,700	SH		SOLE		24,900	0	46,800
Equity Lifestyle Properties	COM	29472R108	10,407	77,900	SH		SOLE		13,500	0	64,400
Escalade Inc.	COM	296056104	2	202	SH		SOLE		202	0	0
Evolution Petroleum	COM	30049A107	3	493	SH		SOLE		493	0	0
Exxon Mobil Corporation	COM	30231G102	3,619	51,256	SH		SOLE		8,000	0	43,256
F5 Networks Inc.	COM	315616102	169	1,200	SH		SOLE		500	0	700
FTS International Inc	COM	30283W104	394	175,700	SH		SOLE		70,200	0	105,500
Farmer Mac	COM	313148306	1,025	12,556	SH		SOLE		5,156	0	7,400
Farmers National Banc	COM	309627107	2	159	SH		SOLE		159	0	0
Fifth Third Bancorp	COM	316773100	4,266	155,800	SH		SOLE		49,200	0	106,600
First Bancorp	COM	318910106	140	3,900	SH		SOLE		1,600	0	2,300
First Defiance Financial	COM	32006W106	2	56	SH		SOLE		56	0	0
First Interstate BancSystem A	COM	32055Y201	1,787	44,400	SH		SOLE		16,600	0	27,800
First Merchants Corp	COM	320817109	677	18,000	SH		SOLE		7,300	0	10,700
First Savings Financial Grp	COM	33621E109	2	36	SH		SOLE		36	0	0
Flagstar Bancorp Inc	COM	337930705	1,225	32,800	SH		SOLE		14,300	0	18,500
Flushing Financial Corp	COM	343873105	4	203	SH		SOLE		203	0	0
Fonar Corporation	COM	344437405	4	193	SH		SOLE		193	0	0
Ford Motor Company	COM	345370860	1,294	141,300	SH		SOLE		47,700	0	93,600
Franklin Resources Inc	COM	354613101	3,186	110,400	SH		SOLE		40,800	0	69,600
GAMCO Investors, Inc.	COM	361438104	1,101	56,300	SH		SOLE		32,300	0	24,000
Garmin Ltd	COM	H2906T109	5,479	64,700	SH		SOLE		12,700	0	52,000
Gencor Industries Inc.	COM	368678108	2	190	SH		SOLE		190	0	0
General Motors Company	COM	37045V100	9,936	265,100	SH		SOLE		36,500	0	228,600
Genpact Limited	COM	G3922B107	5,929	153,000	SH		SOLE		22,400	0	130,600
Gentex Corporation	COM	371901109	1,396	50,700	SH		SOLE		20,400	0	30,300
Genworth Financial Inc	COM	37247D106	1,715	389,700	SH		SOLE		166,900	0	222,800
Gilead Sciences, Inc.	COM	375558103	10,312	162,703	SH		SOLE		21,300	0	141,403
Global Life	COM	37959E102	689	7,200	SH		SOLE		2,300	0	4,900
GlobalSCAPE Inc	COM	37940G109	2	142	SH		SOLE		142	0	0
Gray Television Inc	COM	389375106	811	49,700	SH		SOLE		20,400	0	29,300
Great Ajax Corp	COM	38983D300	3	180	SH		SOLE		180	0	0
Great Southern Bancorp	COM	390905107	5	82	SH		SOLE		82	0	0
Green Brick Partners Inc	COM	392709101	3	257	SH		SOLE		257	0	0
Greene County Bancorp	COM	394357107	2	70	SH		SOLE		70	0	0
Greif Inc cl A	COM	397624107	1,394	36,800	SH		SOLE		15,000	0	21,800
Group 1 Automotive, Inc.	COM	398905109	812	8,800	SH		SOLE		3,600	0	5,200
HCA Holdings, Inc.	COM	40412C101	7,237	60,100	SH		SOLE		7,200	0	52,900
HP Inc.	COM	40434L105	10,813	571,500	SH		SOLE		77,000	0	494,500
Hennessy Advisors, Inc.	COM	425885100	1	130	SH		SOLE		130	0	0
Hingham Institution for Saving	COM	433323102	4	21	SH		SOLE		21	0	0
HollyFrontier Corporation	COM	436106108	735	13,700	SH		SOLE		5,800	0	7,900
Hooker Furniture Corp	COM	439038100	2	107	SH		SOLE		107	0	0
Houlihan Lokey, Inc.	COM	441593100	758	16,800	SH		SOLE		6,900	0	9,900
Huntington Ingalls Industries	COM	446413106	868	4,100	SH		SOLE		1,500	0	2,600
Hurco Companies Inc.	COM	447324104	1	26	SH		SOLE		26	0	0
Ingles Markets cl A	COM	457030104	2,087	53,708	SH		SOLE		21,408	0	32,300
International Bancshares	COM	459044103	2,159	55,900	SH		SOLE		22,900	0	33,000
International Speedway Corp	COM	460335201	1,877	41,700	SH		SOLE		17,800	0	23,900
Isramco Inc	COM	465141406	1	9	SH		SOLE		9	0	0
J.Jill, Inc.	COM	46620W102	239	125,992	SH		SOLE		52,692	0	73,300
JPMorgan Chase & Co.	COM	46625H100	5,837	49,600	SH		SOLE		11,000	0	38,600
Jazz Pharmaceuticals plc	COM	G50871105	500	3,900	SH		SOLE		0	0	3,900
Jeld Wen Holding	COM	47580P103	1,055	54,700	SH		SOLE		22,800	0	31,900
JetBlue Airways Corp	COM	477143101	581	34,700	SH		SOLE		16,000	0	18,700
Kelly Services cl A	COM	488152208	862	35,600	SH		SOLE		14,600	0	21,000
Kimball Electronics, Inc.	COM	49428J109	4	301	SH		SOLE		301	0	0
Kraton Corporation	COM	50077C106	339	10,500	SH		SOLE		4,300	0	6,200
Kroger Company	COM	501044101	7,097	275,300	SH		SOLE		54,900	0	220,400
Kronos Worldwide Inc.	COM	50105F105	840	67,900	SH		SOLE		25,000	0	42,900
Lakeland Bancorp	COM	511637100	25	1,600	SH		SOLE		1,600	0	0
Lamar Advertising Co.	COM	512816109	459	5,600	SH		SOLE		1,500	0	4,100
Landstar System Inc.	COM	515098101	1,520	13,500	SH		SOLE		6,400	0	7,100
Laredo Petroleum	COM	516806106	1,965	815,357	SH		SOLE		335,157	0	480,200
Lear Corporation	COM	521865204	8,241	69,900	SH		SOLE		15,200	0	54,700
Lee Enterprises Inc.	COM	523768109	2	1,148	SH		SOLE		1,148	0	0
Lennox International Inc.	COM	526107107	1,992	8,200	SH		SOLE		3,700	0	4,500
Liberty Oilfield Services	COM	53115L104	383	35,400	SH		SOLE		14,500	0	20,900
Lincoln National Corporation	COM	534187109	8,704	144,300	SH		SOLE		32,700	0	111,600
Loews Corp	COM	540424108	8,263	160,500	SH		SOLE		22,700	0	137,800
Luther Burbank Corporation	COM	550550107	4	393	SH		SOLE		393	0	0
LyondellBasell Industries cl A	COM	N53745100	11,904	133,051	SH		SOLE		18,100	0	114,951
M/I Homes, Inc.	COM	55305B101	1,498	39,800	SH		SOLE		15,700	0	24,100
MDC Holdings Inc	COM	552676108	1,021	23,700	SH		SOLE		10,000	0	13,700
MGE Energy Inc.	COM	55277P104	1,198	15,000	SH		SOLE		6,300	0	8,700
MSC Industrial Direct Co.	COM	553530106	892	12,300	SH		SOLE		4,200	0	8,100
MSG Networks Inc.	COM	553573106	2,057	126,800	SH		SOLE		50,300	0	76,500
Manhattan Associates, Inc.	COM	562750109	2,347	29,100	SH		SOLE		7,400	0	21,700
ManpowerGroup Inc	COM	56418H100	800	9,500	SH		SOLE		3,500	0	6,000
Marine Products Corp	COM	568427108	462	32,602	SH		SOLE		14,102	0	18,500
Matador Resources	COM	576485205	91	5,500	SH		SOLE		0	0	5,500
Matson Inc.	COM	57686G105	1,842	49,100	SH		SOLE		20,000	0	29,100
Medical Properties Trust Inc	COM	58463J304	4,438	226,900	SH		SOLE		74,800	0	152,100
Mednax, Inc.	COM	58502B106	455	20,100	SH		SOLE		7,900	0	12,200
Merchants Bancorp	COM	58844R108	3	183	SH		SOLE		183	0	0
Meritor, Inc.	COM	59001K100	1,371	74,100	SH		SOLE		30,100	0	44,000
Mesa Air Group	COM	590479135	3	406	SH		SOLE		406	0	0
Mettler-Toledo International	COM	592688105	704	1,000	SH		SOLE		0	0	1,000
Micron Technology Inc	COM	595112103	10,070	235,000	SH		SOLE		31,700	0	203,300
Microsoft Corporation	COM	594918104	584	4,200	SH		SOLE		0	0	4,200
MidWestOne Finl Grp	COM	598511103	2	56	SH		SOLE		56	0	0
Miller Industries Inc.	COM	600551204	1	45	SH		SOLE		45	0	0
Minerals Technologies	COM	603158106	2,129	40,100	SH		SOLE		16,600	0	23,500
Molson Coors Brewing Co.	COM	60871R209	8,418	146,400	SH		SOLE		30,700	0	115,700
Morgan Stanley	COM	617446448	4,237	99,300	SH		SOLE		4,700	0	94,600
NBT Bancorp Inc.	COM	628778102	2,115	57,800	SH		SOLE		23,700	0	34,100
NI Holdings Inc.	COM	65342T106	2	143	SH		SOLE		143	0	0
NL Industries Inc.	COM	629156407	1	364	SH		SOLE		364	0	0
NVR Inc.	COM	62944T105	3,717	1,000	SH		SOLE		300	0	700
Napco Security Technologies	COM	630402105	498	19,500	SH		SOLE		8,600	0	10,900
National Fuel Gas Co.	COM	636180101	11,730	250,000	SH		SOLE		52,500	0	197,500
National General Holdings Corp	COM	636220303	1,697	73,700	SH		SOLE		29,800	0	43,900
National HealthCare Corp	COM	635906100	385	4,700	SH		SOLE		1,900	0	2,800
National Instruments	COM	636518102	1,029	24,500	SH		SOLE		11,200	0	13,300
National Presto Industries	COM	637215104	1,078	12,100	SH		SOLE		5,300	0	6,800
National Retail Properties	COM	637417106	3,288	58,300	SH		SOLE		8,200	0	50,100
National Western Life Group A	COM	638517102	1,932	7,200	SH		SOLE		2,900	0	4,300
Natural Health Trends Corp	COM	63888P406	2	293	SH		SOLE		293	0	0
Nelnet Inc	COM	64031N108	1,921	30,200	SH		SOLE		12,400	0	17,800
New Residential Investments	COM	64828T201	5,439	346,900	SH		SOLE		77,800	0	269,100
Newmark Group	COM	65158N102	187	20,600	SH		SOLE		8,600	0	12,000
Nicolet Bankshares Inc	COM	65406E102	113	1,700	SH		SOLE		700	0	1,000
Northern Trust Corp.	COM	665859104	1,204	12,900	SH		SOLE		5,500	0	7,400
Nve Corporation	COM	629445206	174	2,624	SH		SOLE		1,624	0	1,000
OGE Energy Corp.	COM	670837103	172	3,800	SH		SOLE		3,800	0	0
Office Depot Inc.	COM	676220106	483	275,300	SH		SOLE		114,100	0	161,200
Old Dominion Freight	COM	679580100	136	800	SH		SOLE		800	0	0
One Liberty Properties Inc.	COM	682406103	4	131	SH		SOLE		131	0	0
Oritani Financial Corp.	COM	68633D103	2,077	117,400	SH		SOLE		48,100	0	69,300
Oshkosh Corporation	COM	688239201	424	5,600	SH		SOLE		2,100	0	3,500
PBF Energy Inc cl A	COM	69318G106	900	33,100	SH		SOLE		13,600	0	19,500
PC Connection, Inc.	COM	69318J100	2,179	56,019	SH		SOLE		23,419	0	32,600
PPL Corp.	COM	69351T106	12,442	395,096	SH		SOLE		73,100	0	321,996
Paccar Inc.	COM	693718108	6,644	94,900	SH		SOLE		12,700	0	82,200
Pangaea Logistics Solutions	COM	G6891L105	2	660	SH		SOLE		660	0	0
Panhandle Oil and Gas Inc	COM	698477106	2	142	SH		SOLE		142	0	0
Park National Corp OH	COM	700658107	2,133	22,500	SH		SOLE		9,200	0	13,300
Park-Ohio Holdings Co	COM	700666100	929	31,125	SH		SOLE		12,625	0	18,500
Parke Bancorp, Inc.	COM	700885106	2	100	SH		SOLE		100	0	0
PennyMac Financial Service Inc	COM	70932M107	1,856	61,100	SH		SOLE		26,000	0	35,100
Penske Automotive Group, Inc.	COM	70959W103	1,990	42,100	SH		SOLE		17,700	0	24,400
Peoples Bancorp OH	COM	709789101	3	89	SH		SOLE		89	0	0
Phillips 66	COM	718546104	10,496	102,500	SH		SOLE		14,200	0	88,300
Preformed Line Products	COM	740444104	2	41	SH		SOLE		41	0	0
Principal Financial Group, Inc.	COM	74251V102	10,858	190,017	SH		SOLE		42,100	0	147,917
Prosperity Bancshares Inc.	COM	743606105	770	10,900	SH		SOLE		5,200	0	5,700
Prudential Financial Inc	COM	744320102	1,889	21,000	SH		SOLE		2,600	0	18,400
Psychemedics Corporation	COM	744375205	1	98	SH		SOLE		98	0	0
Quest Diagnostics Inc.	COM	74834L100	653	6,100	SH		SOLE		0	0	6,100
RMR Group	COM	74967R106	1,055	23,200	SH		SOLE		9,500	0	13,700
Rayonier Advanced Materials	COM	75508B104	119	27,430	SH		SOLE		11,530	0	15,900
Redwood Trust Inc.	COM	758075402	1,344	81,900	SH		SOLE		34,900	0	47,000
Regional Management Corp.	COM	75902K106	1	30	SH		SOLE		30	0	0
Reinsurance Group of America, Inc	COM	759351604	4,397	27,500	SH		SOLE		11,300	0	16,200
Reliance Steel & Aluminum	COM	759509102	419	4,200	SH		SOLE		1,700	0	2,500
Republic Bancorp KY	COM	760281204	1,894	43,601	SH		SOLE		17,801	0	25,800
Republic Services Inc.	COM	760759100	4,734	54,700	SH		SOLE		0	0	54,700
ResMed Inc.	COM	761152107	392	2,900	SH		SOLE		2,900	0	0
Rush Enterprises Inc	COM	781846209	2,118	54,900	SH		SOLE		23,300	0	31,600
Ryerson Holding Corporation	COM	783754104	5	530	SH		SOLE		530	0	0
S&T Bancorp Inc.	COM	783859101	1,490	40,800	SH		SOLE		16,700	0	24,100
SB Financial Group Inc.	COM	78408D105	2	125	SH		SOLE		125	0	0
Saga Communications Inc.	COM	786598300	2	73	SH		SOLE		73	0	0
Santander Consumer USA Holdings Inc.	COM	80283M101	10,186	399,300	SH		SOLE		106,500	0	292,800
Saul Centers Inc.	COM	804395101	431	7,900	SH		SOLE		3,200	0	4,700
ScanSource, Inc.	COM	806037107	965	31,600	SH		SOLE		12,600	0	19,000
Schnitzer Steel Ind cl A	COM	806882106	312	15,100	SH		SOLE		6,100	0	9,000
ServisFirst Bancshares, Inc.	COM	81768T108	312	9,400	SH		SOLE		4,300	0	5,100
Sonic Automotive, Inc.	COM	83545G102	2,387	76,000	SH		SOLE		31,800	0	44,200
Southern Copper Corp.	COM	84265V105	10,454	306,300	SH		SOLE		42,700	0	263,600
Southern MO Bancorp	COM	843380106	2	63	SH		SOLE		63	0	0
Steel Dynamics Inc.	COM	858119100	516	17,300	SH		SOLE		6,800	0	10,500
Sterling Bancorp Inc	COM	85917W102	1,043	106,869	SH		SOLE		43,769	0	63,100
Stock Yards Bancorp, Inc.	COM	861025104	1	25	SH		SOLE		25	0	0
Synchrony Financial	COM	87165B103	5,823	170,800	SH		SOLE		24,100	0	146,700
Synnex Corporation	COM	87162W100	2,947	26,100	SH		SOLE		10,300	0	15,800
T-Mobile US Inc	COM	872590104	1,544	19,600	SH		SOLE		0	0	19,600
TPG RE Finance Trust	COM	87266M107	337	17,000	SH		SOLE		2,200	0	14,800
Territorial Bancorp Inc.	COM	88145X108	2	79	SH		SOLE		79	0	0
Textron Inc.	COM	883203101	196	4,000	SH		SOLE		1,400	0	2,600
The Gap, Inc.	COM	364760108	243	14,000	SH		SOLE		4,100	0	9,900
Toll Brothers Inc	COM	889478103	891	21,700	SH		SOLE		7,600	0	14,100
Tootsie Roll Industries Inc.	COM	890516107	1,058	28,500	SH		SOLE		12,000	0	16,500
Toro Company	COM	891092108	1,327	18,100	SH		SOLE		6,800	0	11,300
Towne Bank	COM	89214P109	2,021	72,700	SH		SOLE		29,200	0	43,500
Triton International Ltd	COM	G9078F107	2,152	63,600	SH		SOLE		26,000	0	37,600
Tyson Foods	COM	902494103	12,602	146,300	SH		SOLE		28,900	0	117,400
UGI Corp	COM	902681105	2,408	47,900	SH		SOLE		18,700	0	29,200
Ubiquiti Inc.	COM	90353W103	2,815	23,800	SH		SOLE		6,800	0	17,000
United Security Bancshare	COM	911460103	2	218	SH		SOLE		218	0	0
United States Lime & Minerals	COM	911922102	3	38	SH		SOLE		38	0	0
United Therapeutics Corp.	COM	91307C102	766	9,600	SH		SOLE		7,600	0	2,000
Universal Health Services	COM	913903100	5,534	37,200	SH		SOLE		2,800	0	34,400
Universal Logistics Holdings,	COM	91388P105	4	151	SH		SOLE		151	0	0
Utah Medical Products Inc.	COM	917488108	4	46	SH		SOLE		46	0	0
VMware, Inc. Cl A	COM	928563402	10,774	71,800	SH		SOLE		9,700	0	62,100
VSE Corporation	COM	918284100	5	134	SH		SOLE		134	0	0
Valero Energy Corporation	COM	91913Y100	5,379	63,100	SH		SOLE		7,500	0	55,600
Value Line Inc.	COM	920437100	2	99	SH		SOLE		99	0	0
VeriSign Inc	COM	92343E102	2,679	14,200	SH		SOLE		2,300	0	11,900
Verizon Communications, Inc.	COM	92343V104	13,847	229,400	SH		SOLE		30,900	0	198,500
Viacom Inc cl B	COM	92553P201	10,343	430,400	SH		SOLE		90,100	0	340,300
Village Super Market	COM	927107409	2	60	SH		SOLE		60	0	0
W&T Offshore Inc.	COM	92922P106	429	98,145	SH		SOLE		31,245	0	66,900
Wabash National Corp.	COM	929566107	1,355	93,400	SH		SOLE		38,300	0	55,100
Walker & Dunlop, Inc.	COM	93148P102	56	1,000	SH		SOLE		0	0	1,000
Warrior Met Coal, Llc	COM	93627C101	1,788	91,600	SH		SOLE		35,400	0	56,200
Waterstone Financial, Inc (MD)	COM	94188P101	1	76	SH		SOLE		76	0	0
Watsco Inc.	COM	942622200	1,404	8,300	SH		SOLE		3,100	0	5,200
Weis Markets Inc.	COM	948849104	217	5,700	SH		SOLE		2,300	0	3,400
Wells Fargo & Company	COM	949746101	14,930	296,000	SH		SOLE		39,600	0	256,400
WesBanco Inc.	COM	950810101	101	2,700	SH		SOLE		0	0	2,700
Westwood Holdings Group Inc.	COM	961765104	1	30	SH		SOLE		30	0	0
Weyco Group Inc.	COM	962149100	3	134	SH		SOLE		134	0	0
Willis Lease Finance	COM	970646105	4	76	SH		SOLE		76	0	0
Winmark Corporation	COM	974250102	957	5,423	SH		SOLE		2,423	0	3,000
Worthington Industries	COM	981811102	995	27,600	SH		SOLE		11,800	0	15,800