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	591	11,400	SH		SOLE		4,600	0	6,800
AFLAC INC COM	COM	001055102	10,041	189,810	SH		SOLE		29,700	0	160,110
AMC Networks Inc. cl A	COM	00164V103	265	6,700	SH		SOLE		2,900	0	3,800
AT&T Inc.	COM	00206R102	5,162	132,100	SH		SOLE		36,900	0	95,200
AVX Corporation	COM	002444107	2,246	109,700	SH		SOLE		45,100	0	64,600
AXT Inc	COM	00246W103	17	3,800	SH		SOLE		3,800	0	0
Acco Brands Corporation	COM	00081T108	2,222	237,400	SH		SOLE		97,500	0	139,900
Air Lease Corp. Cl A	COM	00912X302	3,802	80,000	SH		SOLE		31,800	0	48,200
Aircastle Ltd	COM	G0129K104	2,234	69,800	SH		SOLE		28,700	0	41,100
Alexanders Inc.	COM	014752109	1,949	5,900	SH		SOLE		2,300	0	3,600
Alliance Data Systems Corp	COM	018581108	2,592	23,100	SH		SOLE		10,000	0	13,100
Allison Transmission Holdings	COM	01973R101	1,290	26,700	SH		SOLE		11,400	0	15,300
Allstate Corp.	COM	020002101	8,872	78,900	SH		SOLE		2,800	0	76,100
Ally Financial Inc.	COM	02005N100	1,094	35,800	SH		SOLE		13,000	0	22,800
Altria Group Inc	COM	02209S103	2,356	47,200	SH		SOLE		6,200	0	41,000
Amdocs Limited	COM	G02602103	12,366	171,300	SH		SOLE		38,000	0	133,300
Amerco	COM	023586100	7,216	19,200	SH		SOLE		4,500	0	14,700
American Equity Investment	COM	025676206	913	30,500	SH		SOLE		13,400	0	17,100
American Financial Group	COM	025932104	2,138	19,500	SH		SOLE		6,900	0	12,600
AmerisourceBergen Corp	COM	03073E105	748	8,800	SH		SOLE		6,300	0	2,500
Amkor Technology Inc	COM	031652100	2,271	174,700	SH		SOLE		71,700	0	103,000
Apartment Invest&Mang A	COM	03748R754	439	8,500	SH		SOLE		5,000	0	3,500
Apple Hospitality REIT Inc	COM	03784Y200	1,138	70,000	SH		SOLE		27,600	0	42,400
Arch Capital Group Ltd.	COM	G0450A105	180	4,200	SH		SOLE		4,200	0	0
Ares Commercial Real Estate	COM	04013V108	128	8,068	SH		SOLE		8,068	0	0
Arrow Electronics Inc	COM	042735100	3,161	37,300	SH		SOLE		16,100	0	21,200
Arrow Financial Corp.	COM	042744102	228	6,027	SH		SOLE		6,027	0	0
Assured Guaranty Ltd	COM	G0585R106	3,226	65,800	SH		SOLE		26,500	0	39,300
Athene Holding Ltd.	COM	G0684D107	1,425	30,300	SH		SOLE		14,100	0	16,200
Atlas Air Worldwide	COM	049164205	1,004	36,400	SH		SOLE		15,100	0	21,300
Atrion Corporation	COM	049904105	1,578	2,100	SH		SOLE		100	0	2,000
AutoNation Inc.	COM	05329W102	934	19,200	SH		SOLE		7,600	0	11,600
Avangrid Inc.	COM	05351W103	11,931	233,200	SH		SOLE		53,600	0	179,600
Avnet Inc.	COM	053807103	505	11,900	SH		SOLE		4,300	0	7,600
BG Staffing Inc	COM	05544A109	13	600	SH		SOLE		600	0	0
BancFirst Corp OK	COM	05945F103	2,329	37,300	SH		SOLE		15,200	0	22,100
Bank of America Corp	COM	060505104	13,630	387,000	SH		SOLE		61,600	0	325,400
Bank7 Corp	COM	06652N107	108	5,716	SH		SOLE		5,716	0	0
Bar Harbor Bankshares	COM	066849100	2	87	SH		SOLE		87	0	0
Berkshire Hathaway cl B	COM	084670702	15,176	67,000	SH		SOLE		10,600	0	56,400
Biogen Inc.	COM	09062X103	1,098	3,700	SH		SOLE		800	0	2,900
Biospecifics Tech Corp	COM	090931106	167	2,941	SH		SOLE		2,941	0	0
Blue Bird Corp	COM	095306106	101	4,400	SH		SOLE		4,400	0	0
Bluegreen Vacations Corp	COM	09629F108	135	13,100	SH		SOLE		5,300	0	7,800
Bonanza Creek Energy	COM	097793400	28	1,200	SH		SOLE		1,200	0	0
Booz Allen Hamilton cl A	COM	099502106	256	3,600	SH		SOLE		2,200	0	1,400
Bridge Bancorp Inc	COM	108035106	104	3,100	SH		SOLE		3,100	0	0
Brown-Forman cl B	COM	115637209	3,922	58,025	SH		SOLE		11,725	0	46,300
Byline Bancorp Inc.	COM	124411109	2	115	SH		SOLE		115	0	0
CBRE Group, Inc.	COM	12504L109	4,493	73,300	SH		SOLE		0	0	73,300
CDW Corporation	COM	12514G108	100	700	SH		SOLE		700	0	0
CNA Financial Corp.	COM	126117100	12,058	269,100	SH		SOLE		66,200	0	202,900
CNB Financial Corp PA	COM	126128107	136	4,171	SH		SOLE		4,171	0	0
Cabot Oil & Gas Corp	COM	127097103	1,128	64,800	SH		SOLE		10,900	0	53,900
Camden National Corp	COM	133034108	106	2,300	SH		SOLE		2,300	0	0
Capital One Financial Corp.	COM	14040H105	10,260	99,700	SH		SOLE		16,100	0	83,600
Carlisle Companies Inc.	COM	142339100	469	2,900	SH		SOLE		1,400	0	1,500
Carnival Corporation	COM	143658300	10,232	201,300	SH		SOLE		32,700	0	168,600
Casa Systems	COM	14713L102	78	19,000	SH		SOLE		7,800	0	11,200
Cathay General Bancorp	COM	149150104	1,431	37,600	SH		SOLE		15,400	0	22,200
Cedar Realty Trust Inc.	COM	150602209	55	18,800	SH		SOLE		18,800	0	0
Century Bancorp cl A	COM	156432106	229	2,550	SH		SOLE		2,550	0	0
Chesapeake Utilities Corp.	COM	165303108	240	2,500	SH		SOLE		1,000	0	1,500
Citizens Financial Grp	COM	174610105	317	7,800	SH		SOLE		3,000	0	4,800
Cleveland-Cliffs Inc.	COM	185899101	264	31,400	SH		SOLE		10,700	0	20,700
Coda Octopus Group Inc.	COM	19188U206	1	154	SH		SOLE		154	0	0
Colony Bankcorp GA	COM	19623P101	1	76	SH		SOLE		76	0	0
Community Bankers Trust	COM	203612106	67	7,600	SH		SOLE		7,600	0	0
Community Trust Bancorp	COM	204149108	224	4,802	SH		SOLE		4,802	0	0
Compx International Inc	COM	20563P101	141	9,697	SH		SOLE		9,697	0	0
Consolidated Tomoka Land Company	COM	210226106	1,386	22,970	SH		SOLE		10,970	0	12,000
Consolidated Water Co.	COM	G23773107	1,108	68,000	SH		SOLE		27,200	0	40,800
Continental Resources, Inc.	COM	212015101	4,054	118,200	SH		SOLE		21,800	0	96,400
Copart, Inc. (DE)	COM	217204106	1,182	13,000	SH		SOLE		6,600	0	6,400
Costamare Inc	COM	Y1771G102	2,632	276,200	SH		SOLE		113,400	0	162,800
Cummins Inc.	COM	231021106	161	900	SH		SOLE		0	0	900
Curo Group Holdings Corp	COM	23131L107	32	2,596	SH		SOLE		2,596	0	0
Customers Bancorp Inc	COM	23204G100	495	20,803	SH		SOLE		11,003	0	9,800
D.R. Horton Inc.	COM	23331A109	32	600	SH		SOLE		600	0	0
DISH Network Corp cl A	COM	25470M109	4,462	125,800	SH		SOLE		37,300	0	88,500
DaVita HealthCare Partners Inc	COM	23918K108	1,268	16,900	SH		SOLE		7,000	0	9,900
Dana Incorporated	COM	235825205	713	39,200	SH		SOLE		16,900	0	22,300
Diamond Hill Investments	COM	25264R207	492	3,500	SH		SOLE		1,400	0	2,100
Discover Financial Services	COM	254709108	8,750	103,156	SH		SOLE		26,000	0	77,156
Dolby Laboratories Inc.	COM	25659T107	2,608	37,900	SH		SOLE		13,600	0	24,300
Dover Corp.	COM	260003108	7,861	68,200	SH		SOLE		19,300	0	48,900
Eagle Bancorp Montana Inc	COM	26942G100	36	1,700	SH		SOLE		1,700	0	0
East West Bancorp, Inc.	COM	27579R104	1,578	32,400	SH		SOLE		11,100	0	21,300
Eastern Co	COM	276317104	58	1,910	SH		SOLE		1,910	0	0
Eastman Chemical Co	COM	277432100	2,433	30,700	SH		SOLE		13,100	0	17,600
Eaton Corporation, plc	COM	G29183103	9,877	104,278	SH		SOLE		16,700	0	87,578
Employers Holdings, Inc.	COM	292218104	1,541	36,900	SH		SOLE		15,300	0	21,600
Enstar Group Limited	COM	G3075P101	2,317	11,200	SH		SOLE		4,500	0	6,700
Entertainment Properties	COM	26884U109	4,048	57,300	SH		SOLE		28,700	0	28,600
Equitable Holdings	COM	29452E101	4,349	175,500	SH		SOLE		89,400	0	86,100
Equity Lifestyle Properties	COM	29472R108	8,574	121,800	SH		SOLE		22,100	0	99,700
Escalade Inc.	COM	296056104	102	10,402	SH		SOLE		10,402	0	0
Evolution Petroleum	COM	30049A107	83	15,100	SH		SOLE		15,100	0	0
Exxon Mobil Corporation	COM	30231G102	4,044	57,956	SH		SOLE		9,300	0	48,656
FS Bancorp Inc.	COM	30263Y104	115	1,800	SH		SOLE		1,800	0	0
FTS International Inc	COM	30283W104	183	175,700	SH		SOLE		70,200	0	105,500
Farmer Mac	COM	313148306	1,474	17,653	SH		SOLE		8,753	0	8,900
Farmers National Banc	COM	309627107	153	9,359	SH		SOLE		9,359	0	0
Fifth Third Bancorp	COM	316773100	4,571	148,700	SH		SOLE		49,100	0	99,600
Financial Institutions Inc.	COM	317585404	132	4,100	SH		SOLE		4,100	0	0
First Bancorp	COM	318910106	156	3,900	SH		SOLE		1,600	0	2,300
First Busey Corporation	COM	319383204	184	6,700	SH		SOLE		2,700	0	4,000
First Choice Bancorp	COM	31948P104	127	4,700	SH		SOLE		4,700	0	0
First Defiance Financial	COM	32006W106	142	4,500	SH		SOLE		1,900	0	2,600
First Interstate BancSystem A	COM	32055Y201	2,171	51,800	SH		SOLE		21,300	0	30,500
First Merchants Corp	COM	320817109	1,531	36,800	SH		SOLE		15,100	0	21,700
Flagstar Bancorp Inc	COM	337930705	2,284	59,700	SH		SOLE		24,500	0	35,200
Flushing Financial Corp	COM	343873105	218	10,103	SH		SOLE		10,103	0	0
Fonar Corporation	COM	344437405	214	10,893	SH		SOLE		10,893	0	0
Franklin Resources Inc	COM	354613101	1,429	55,000	SH		SOLE		21,900	0	33,100
GAMCO Investors, Inc.	COM	361438104	1,097	56,300	SH		SOLE		32,300	0	24,000
Garmin Ltd	COM	H2906T109	6,400	65,600	SH		SOLE		12,400	0	53,200
Gencor Industries Inc.	COM	368678108	111	9,490	SH		SOLE		9,490	0	0
General Motors Company	COM	37045V100	8,590	234,700	SH		SOLE		36,500	0	198,200
Genpact Limited	COM	G3922B107	5,566	132,000	SH		SOLE		25,000	0	107,000
Gentex Corporation	COM	371901109	1,469	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
Great Ajax Corp	COM	38983D300	213	14,405	SH		SOLE		14,405	0	0
Great Southern Bancorp	COM	390905107	135	2,138	SH		SOLE		938	0	1,200
Green Brick Partners Inc	COM	392709101	212	18,482	SH		SOLE		18,482	0	0
Greene County Bancorp	COM	394357107	54	1,870	SH		SOLE		1,870	0	0
Greif Inc cl A	COM	397624107	2,064	46,700	SH		SOLE		19,000	0	27,700
Guaranty Bancshares Inc	COM	400764106	43	1,300	SH		SOLE		1,300	0	0
H&E Equipment Services	COM	404030108	578	17,300	SH		SOLE		7,100	0	10,200
HCA Holdings, Inc.	COM	40412C101	10,081	68,200	SH		SOLE		10,900	0	57,300
HP Inc.	COM	40434L105	9,856	479,600	SH		SOLE		76,500	0	403,100
Hamilton Beach Brands	COM	40701T104	48	2,500	SH		SOLE		2,500	0	0
Hawaiian Holdings Inc.	COM	419879101	319	10,900	SH		SOLE		3,900	0	7,000
Heartland Financial USA	COM	42234Q102	313	6,300	SH		SOLE		2,600	0	3,700
Hennessy Advisors, Inc.	COM	425885100	1	130	SH		SOLE		130	0	0
Hilltop Holdings Inc.	COM	432748101	299	12,000	SH		SOLE		0	0	12,000
Hingham Institution for Saving	COM	433323102	4	21	SH		SOLE		21	0	0
HollyFrontier Corporation	COM	436106108	5,639	111,200	SH		SOLE		29,200	0	82,000
Home Bancorp, Inc.	COM	43689E107	1	21	SH		SOLE		21	0	0
Hooker Furniture Corp	COM	439038100	3	107	SH		SOLE		107	0	0
Houlihan Lokey, Inc.	COM	441593100	1,080	22,100	SH		SOLE		6,900	0	15,200
Huntington Ingalls Industries	COM	446413106	1,029	4,100	SH		SOLE		1,500	0	2,600
Hurco Companies Inc.	COM	447324104	44	1,155	SH		SOLE		1,155	0	0
Independence Holding Co.	COM	453440307	120	2,857	SH		SOLE		2,857	0	0
Ingles Markets cl A	COM	457030104	2,656	55,908	SH		SOLE		26,308	0	29,600
International Bancshares	COM	459044103	2,330	54,100	SH		SOLE		22,900	0	31,200
Invesco Limited	COM	G491BT108	656	36,500	SH		SOLE		13,000	0	23,500
Investors Title Company	COM	461804106	146	914	SH		SOLE		914	0	0
J.Jill, Inc.	COM	46620W102	91	80,400	SH		SOLE		27,000	0	53,400
JPMorgan Chase & Co.	COM	46625H100	8,824	63,300	SH		SOLE		10,400	0	52,900
Jeld Wen Holding	COM	47580P103	1,281	54,700	SH		SOLE		22,800	0	31,900
JetBlue Airways Corp	COM	477143101	650	34,700	SH		SOLE		16,000	0	18,700
Johnson Outdoors Inc.	COM	479167108	202	2,637	SH		SOLE		2,637	0	0
KKR Real Estate Finance	COM	48251K100	65	3,200	SH		SOLE		3,200	0	0
Kelly Services cl A	COM	488152208	804	35,600	SH		SOLE		14,600	0	21,000
Kimball Electronics, Inc.	COM	49428J109	152	8,664	SH		SOLE		8,664	0	0
Kraton Corporation	COM	50077C106	1,137	44,900	SH		SOLE		18,500	0	26,400
Kroger Company	COM	501044101	6,975	240,600	SH		SOLE		60,000	0	180,600
Kronos Worldwide Inc.	COM	50105F105	1,063	79,300	SH		SOLE		29,800	0	49,500
Lakeland Bancorp	COM	511637100	28	1,600	SH		SOLE		1,600	0	0
Landstar System Inc.	COM	515098101	1,537	13,500	SH		SOLE		6,400	0	7,100
Laredo Petroleum	COM	516806106	2,643	920,844	SH		SOLE		378,544	0	542,300
Lear Corporation	COM	521865204	11,950	87,100	SH		SOLE		19,500	0	67,600
Lee Enterprises Inc.	COM	523768109	2	1,148	SH		SOLE		1,148	0	0
Lennar Corp cl A	COM	526057104	497	8,900	SH		SOLE		4,000	0	4,900
Lennox International Inc.	COM	526107107	10,540	43,200	SH		SOLE		9,700	0	33,500
Liberty Oilfield Services	COM	53115L104	394	35,400	SH		SOLE		14,500	0	20,900
Life Storage, Inc.	COM	53223X107	1,245	11,500	SH		SOLE		4,500	0	7,000
Lincoln National Corporation	COM	534187109	5,110	86,600	SH		SOLE		22,100	0	64,500
Loews Corp	COM	540424108	3,401	64,800	SH		SOLE		17,500	0	47,300
Luther Burbank Corporation	COM	550550107	209	18,093	SH		SOLE		18,093	0	0
LyondellBasell Industries cl A	COM	N53745100	10,001	105,851	SH		SOLE		16,700	0	89,151
M/I Homes, Inc.	COM	55305B101	1,936	49,200	SH		SOLE		20,200	0	29,000
MDC Holdings Inc	COM	552676108	2,152	56,400	SH		SOLE		23,200	0	33,200
MGE Energy Inc.	COM	55277P104	717	9,100	SH		SOLE		3,800	0	5,300
MSC Industrial Direct Co.	COM	553530106	965	12,300	SH		SOLE		4,200	0	8,100
MSG Networks Inc.	COM	553573106	2,394	137,600	SH		SOLE		56,600	0	81,000
Macatawa Bank Corp	COM	554225102	109	9,814	SH		SOLE		9,814	0	0
ManpowerGroup Inc	COM	56418H100	1,670	17,200	SH		SOLE		6,700	0	10,500
Marine Products Corp	COM	568427108	670	46,502	SH		SOLE		28,002	0	18,500
Marlin Business Services Corp	COM	571157106	106	4,805	SH		SOLE		4,805	0	0
Matson Inc.	COM	57686G105	2,334	57,200	SH		SOLE		23,700	0	33,500
Medical Properties Trust Inc	COM	58463J304	5,058	239,600	SH		SOLE		72,900	0	166,700
Mercantile Bank Corp	COM	587376104	106	2,900	SH		SOLE		2,900	0	0
Merchants Bancorp	COM	58844R108	239	12,138	SH		SOLE		12,138	0	0
Mesa Air Group	COM	590479135	188	21,059	SH		SOLE		21,059	0	0
Micron Technology Inc	COM	595112103	10,665	198,300	SH		SOLE		31,700	0	166,600
Miller Industries Inc.	COM	600551204	281	7,578	SH		SOLE		6,078	0	1,500
Minerals Technologies	COM	603158106	2,311	40,100	SH		SOLE		16,600	0	23,500
Molson Coors Brewing Co.	COM	60871R209	6,263	116,200	SH		SOLE		27,400	0	88,800
Morgan Stanley	COM	617446448	9,631	188,400	SH		SOLE		30,900	0	157,500
Mueller Industries, Inc.	COM	624756102	292	9,200	SH		SOLE		3,800	0	5,400
NBT Bancorp Inc.	COM	628778102	2,231	55,000	SH		SOLE		22,800	0	32,200
NI Holdings Inc.	COM	65342T106	121	7,043	SH		SOLE		7,043	0	0
NL Industries Inc.	COM	629156407	66	16,764	SH		SOLE		16,764	0	0
NVR Inc.	COM	62944T105	3,047	800	SH		SOLE		300	0	500
National Fuel Gas Co.	COM	636180101	1,112	23,900	SH		SOLE		2,100	0	21,800
National General Holdings Corp	COM	636220303	2,133	96,500	SH		SOLE		39,300	0	57,200
National HealthCare Corp	COM	635906100	562	6,500	SH		SOLE		2,600	0	3,900
National Instruments	COM	636518102	1,037	24,500	SH		SOLE		11,200	0	13,300
National Presto Industries	COM	637215104	1,697	19,200	SH		SOLE		8,300	0	10,900
National Western Life Group A	COM	638517102	2,153	7,400	SH		SOLE		2,800	0	4,600
Natural Health Trends Corp	COM	63888P406	47	8,793	SH		SOLE		8,793	0	0
Nelnet Inc	COM	64031N108	1,840	31,600	SH		SOLE		12,400	0	19,200
New Residential Investments	COM	64828T201	1,651	102,500	SH		SOLE		40,600	0	61,900
Northern Trust Corp.	COM	665859104	1,370	12,900	SH		SOLE		5,500	0	7,400
Nve Corporation	COM	629445206	631	8,831	SH		SOLE		5,431	0	3,400
OGE Energy Corp.	COM	670837103	169	3,800	SH		SOLE		3,800	0	0
Office Depot Inc.	COM	676220106	754	275,300	SH		SOLE		114,100	0	161,200
One Liberty Properties Inc.	COM	682406103	78	2,882	SH		SOLE		2,882	0	0
Oshkosh Corporation	COM	688239201	530	5,600	SH		SOLE		2,100	0	3,500
PBF Energy Inc cl A	COM	69318G106	1,038	33,100	SH		SOLE		13,600	0	19,500
PC Connection, Inc.	COM	69318J100	2,433	48,991	SH		SOLE		22,791	0	26,200
PCB Bancorp	COM	69320M109	36	2,100	SH		SOLE		2,100	0	0
PPL Corp.	COM	69351T106	8,227	229,300	SH		SOLE		68,100	0	161,200
Paccar Inc.	COM	693718108	6,565	83,000	SH		SOLE		16,900	0	66,100
Pangaea Logistics Solutions	COM	G6891L105	95	32,363	SH		SOLE		32,363	0	0
Park National Corp OH	COM	700658107	2,304	22,500	SH		SOLE		9,200	0	13,300
Park-Ohio Holdings Co	COM	700666100	1,273	37,845	SH		SOLE		19,345	0	18,500
Parke Bancorp, Inc.	COM	700885106	69	2,700	SH		SOLE		2,700	0	0
PennyMac Financial Service Inc	COM	70932M107	2,080	61,100	SH		SOLE		26,000	0	35,100
Penske Automotive Group, Inc.	COM	70959W103	2,114	42,100	SH		SOLE		17,700	0	24,400
Peoples Bancorp OH	COM	709789101	3	89	SH		SOLE		89	0	0
Pfizer Inc.	COM	717081103	8,275	211,200	SH		SOLE		39,100	0	172,100
Phillips 66	COM	718546104	9,102	81,700	SH		SOLE		12,900	0	68,800
Preformed Line Products	COM	740444104	111	1,841	SH		SOLE		1,841	0	0
Primoris Services Corp.	COM	74164F103	176	7,900	SH		SOLE		3,400	0	4,500
Principal Financial Group, Inc.	COM	74251V102	10,627	193,217	SH		SOLE		43,300	0	149,917
Prosperity Bancshares Inc.	COM	743606105	784	10,900	SH		SOLE		5,200	0	5,700
Provident Financial Services	COM	74386T105	436	17,700	SH		SOLE		6,900	0	10,800
Prudential Financial Inc	COM	744320102	3,431	36,600	SH		SOLE		2,600	0	34,000
Psychemedics Corporation	COM	744375205	1	98	SH		SOLE		98	0	0
QCR Holdings, Inc.	COM	74727A104	114	2,600	SH		SOLE		2,600	0	0
Quest Diagnostics Inc.	COM	74834L100	2,040	19,100	SH		SOLE		0	0	19,100
RBB Bancorp	COM	74930B105	138	6,516	SH		SOLE		6,516	0	0
RMR Group	COM	74967R106	1,269	27,800	SH		SOLE		11,400	0	16,400
RTI Surgical Holdings Inc	COM	74975N105	60	22,000	SH		SOLE		22,000	0	0
Ramaco Resources Inc	COM	75134P303	87	24,200	SH		SOLE		24,200	0	0
Rayonier Advanced Materials	COM	75508B104	224	58,430	SH		SOLE		42,530	0	15,900
Redwood Trust Inc.	COM	758075402	572	34,600	SH		SOLE		18,400	0	16,200
Regional Management Corp.	COM	75902K106	152	5,071	SH		SOLE		5,071	0	0
Reinsurance Group of America, Inc	COM	759351604	5,283	32,400	SH		SOLE		16,200	0	16,200
Reliance Steel & Aluminum	COM	759509102	11,389	95,100	SH		SOLE		14,700	0	80,400
Republic Bancorp KY	COM	760281204	2,251	48,101	SH		SOLE		22,301	0	25,800
Republic Services Inc.	COM	760759100	3,379	37,700	SH		SOLE		0	0	37,700
ResMed Inc.	COM	761152107	93	600	SH		SOLE		600	0	0
Ring Energy Inc.	COM	76680V108	1	430	SH		SOLE		430	0	0
Rush Enterprises Inc	COM	781846209	2,311	49,700	SH		SOLE		20,400	0	29,300
Ryerson Holding Corporation	COM	783754104	242	20,435	SH		SOLE		20,435	0	0
S&T Bancorp Inc.	COM	783859101	266	6,600	SH		SOLE		4,800	0	1,800
Saga Communications Inc.	COM	786598300	20	673	SH		SOLE		673	0	0
Santander Consumer USA Holdings Inc.	COM	80283M101	10,161	434,800	SH		SOLE		125,800	0	309,000
Saul Centers Inc.	COM	804395101	16	300	SH		SOLE		300	0	0
Schnitzer Steel Ind cl A	COM	806882106	56	2,600	SH		SOLE		2,600	0	0
ServisFirst Bancshares, Inc.	COM	81768T108	561	14,900	SH		SOLE		6,600	0	8,300
SkyWest Inc.	COM	830879102	892	13,800	SH		SOLE		5,900	0	7,900
Smart Sand Inc	COM	83191H107	84	33,172	SH		SOLE		33,172	0	0
Sonic Automotive, Inc.	COM	83545G102	2,065	66,600	SH		SOLE		27,500	0	39,100
Southern Copper Corp.	COM	84265V105	10,582	249,100	SH		SOLE		40,500	0	208,600
Southern MO Bancorp	COM	843380106	60	1,563	SH		SOLE		1,563	0	0
Southwest Airlines Co.	COM	844741108	5,312	98,400	SH		SOLE		5,000	0	93,400
State Street Corporation	COM	857477103	348	4,400	SH		SOLE		1,500	0	2,900
Steel Dynamics Inc.	COM	858119100	1,957	57,500	SH		SOLE		22,800	0	34,700
Sterling Bancorp Inc	COM	85917W102	1,036	127,869	SH		SOLE		64,769	0	63,100
Summit Fincl Group Inc.	COM	86606G101	111	4,088	SH		SOLE		4,088	0	0
Summit Hotel Properties, Inc.	COM	866082100	513	41,600	SH		SOLE		17,100	0	24,500
Synchrony Financial	COM	87165B103	6,885	191,200	SH		SOLE		32,600	0	158,600
Synnex Corporation	COM	87162W100	3,362	26,100	SH		SOLE		10,300	0	15,800
TPG RE Finance Trust	COM	87266M107	718	35,400	SH		SOLE		9,700	0	25,700
Tailored Brands Inc	COM	87403A107	47	11,296	SH		SOLE		11,296	0	0
Textron Inc.	COM	883203101	116	2,600	SH		SOLE		0	0	2,600
The Gap, Inc.	COM	364760108	248	14,000	SH		SOLE		4,100	0	9,900
The Michaels Companies, Inc.	COM	59408Q106	934	115,500	SH		SOLE		44,300	0	71,200
Toll Brothers Inc	COM	889478103	5,504	139,300	SH		SOLE		27,900	0	111,400
Tootsie Roll Industries Inc.	COM	890516107	314	9,200	SH		SOLE		2,900	0	6,300
Towne Bank	COM	89214P109	2,209	79,400	SH		SOLE		32,700	0	46,700
Triton International Ltd	COM	G9078F107	2,380	59,200	SH		SOLE		24,300	0	34,900
Tyson Foods	COM	902494103	12,063	132,500	SH		SOLE		29,900	0	102,600
Ubiquiti Inc.	COM	90353W103	680	3,600	SH		SOLE		1,500	0	2,100
United Security Bancshare	COM	911460103	2	218	SH		SOLE		218	0	0
United States Lime & Minerals	COM	911922102	184	2,043	SH		SOLE		2,043	0	0
Unitil Corp	COM	913259107	136	2,200	SH		SOLE		900	0	1,300
Universal Health Services	COM	913903100	5,165	36,000	SH		SOLE		6,800	0	29,200
Universal Logistics Holdings,	COM	91388P105	207	10,937	SH		SOLE		10,937	0	0
Unum Group	COM	91529Y106	779	26,700	SH		SOLE		9,400	0	17,300
Utah Medical Products Inc.	COM	917488108	123	1,143	SH		SOLE		1,143	0	0
VMware, Inc. Cl A	COM	928563402	9,153	60,300	SH		SOLE		9,500	0	50,800
VSE Corporation	COM	918284100	210	5,516	SH		SOLE		5,516	0	0
Valero Energy Corporation	COM	91913Y100	4,842	51,700	SH		SOLE		7,100	0	44,600
Valley National Bancorp	COM	919794107	1,372	119,840	SH		SOLE		48,480	0	71,360
Value Line Inc.	COM	920437100	142	4,899	SH		SOLE		4,899	0	0
VeriSign Inc	COM	92343E102	1,252	6,500	SH		SOLE		0	0	6,500
Verizon Communications, Inc.	COM	92343V104	12,476	203,200	SH		SOLE		32,800	0	170,400
ViacomCBS Corp. cl B	COM	92556H206	14,501	345,502	SH		SOLE		85,488	0	260,014
Village Super Market	COM	927107409	71	3,060	SH		SOLE		3,060	0	0
W&T Offshore Inc.	COM	92922P106	817	147,010	SH		SOLE		80,110	0	66,900
W.R. Berkley Corp	COM	084423102	1,513	21,900	SH		SOLE		8,500	0	13,400
Wabash National Corp.	COM	929566107	1,980	134,800	SH		SOLE		55,400	0	79,400
Warrior Met Coal, Llc	COM	93627C101	2,278	107,800	SH		SOLE		44,300	0	63,500
Waterstone Financial, Inc (MD)	COM	94188P101	87	4,576	SH		SOLE		4,576	1	0
Watsco Inc.	COM	942622200	3,639	20,200	SH		SOLE		7,200	2	13,000
Weis Markets Inc.	COM	948849104	385	9,500	SH		SOLE		3,900	3	5,600
Wells Fargo & Company	COM	949746101	12,417	230,800	SH		SOLE		36,700	4	194,100
WesBanco Inc.	COM	950810101	102	2,700	SH		SOLE		0	5	2,700
West Bancorporation	COM	95123P106	18	700	SH		SOLE		700	6	0
Westlake Chemical Corporation	COM	960413102	2,932	41,800	SH		SOLE		16,500	7	25,300
Westwood Holdings Group Inc.	COM	961765104	1	30	SH		SOLE		30	8	0
Weyco Group Inc.	COM	962149100	186	7,034	SH		SOLE		7,034	9	0
Willis Lease Finance	COM	970646105	211	3,581	SH		SOLE		3,581	10	0
Worthington Industries	COM	981811102	852	20,200	SH		SOLE		10,300	11	9,900
Wyndham Destinations, Inc.	COM	98310W108	1,111	21,500	SH		SOLE		7,900	12	13,600
Zions Bancorp	COM	989701107	312	6,000	SH		SOLE		3,100	13	2,900