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	448	13,800	SH		SOLE		5,600	0	8,200
AFLAC INC COM	COM	001055102	8,125	237,310	SH		SOLE		38,900	0	198,410
AMC Networks Inc. cl A	COM	00164V103	92	3,800	SH		SOLE		0	0	3,800
AT&T Inc.	COM	00206R102	3,408	116,900	SH		SOLE		27,100	0	89,800
Acco Brands Corporation	COM	00081T108	1,199	237,400	SH		SOLE		97,500	0	139,900
Acushnet Holdings Corp.	COM	005098108	332	12,900	SH		SOLE		5,300	0	7,600
Air Lease Corp. Cl A	COM	00912X302	1,993	90,000	SH		SOLE		34,700	0	55,300
Alaska Air Group Inc	COM	011659109	134	4,700	SH		SOLE		2,200	0	2,500
Alerus Financial Corp	COM	01446U103	58	3,500	SH		SOLE		3,500	0	0
Alexanders Inc.	COM	014752109	1,187	4,300	SH		SOLE		1,800	0	2,500
Alliance Data Systems Corp	COM	018581108	660	19,600	SH		SOLE		7,800	0	11,800
Allison Transmission Holdings	COM	01973R101	871	26,700	SH		SOLE		11,400	0	15,300
Allstate Corp.	COM	020002101	7,659	83,500	SH		SOLE		13,300	0	70,200
Ally Financial Inc.	COM	02005N100	558	38,700	SH		SOLE		15,900	0	22,800
Amdocs Limited	COM	G02602103	8,169	148,600	SH		SOLE		33,300	0	115,300
Amerant Bancorp	COM	023576101	61	3,990	SH		SOLE		3,990	0	0
Amerco	COM	023586100	1,598	5,500	SH		SOLE		100	0	5,400
American Equity Investment	COM	025676206	880	46,800	SH		SOLE		21,000	0	25,800
American Financial Group	COM	025932104	1,367	19,500	SH		SOLE		6,900	0	12,600
American Homes 4 Rent	COM	02665T306	230	9,900	SH		SOLE		9,900	0	0
AmerisourceBergen Corp	COM	03073E105	1,133	12,800	SH		SOLE		6,500	0	6,300
Amkor Technology Inc	COM	031652100	1,384	177,600	SH		SOLE		74,600	0	103,000
Apartment Invest&Mang A	COM	03748R754	1,040	29,600	SH		SOLE		5,000	0	24,600
Apple Hospitality REIT Inc	COM	03784Y200	2,053	223,900	SH		SOLE		89,200	0	134,700
Arch Capital Group Ltd.	COM	G0450A105	120	4,200	SH		SOLE		4,200	0	0
Armada Hoffler Properties Inc.	COM	04208T108	135	12,600	SH		SOLE		5,200	0	7,400
Arrow Electronics Inc	COM	042735100	1,919	37,000	SH		SOLE		15,800	0	21,200
Arrow Financial Corp.	COM	042744102	164	5,900	SH		SOLE		5,900	0	0
Asbury Automotive Group	COM	043436104	88	1,600	SH		SOLE		900	0	700
Athene Holding Ltd.	COM	G0684D107	926	37,300	SH		SOLE		17,300	0	20,000
Atlas Air Worldwide	COM	049164205	18	700	SH		SOLE		700	0	0
Atrion Corporation	COM	049904105	195	300	SH		SOLE		0	0	300
AutoNation Inc.	COM	05329W102	539	19,200	SH		SOLE		7,600	0	11,600
Avangrid Inc.	COM	05351W103	6,545	149,500	SH		SOLE		33,900	0	115,600
Avnet Inc.	COM	053807103	565	22,500	SH		SOLE		8,700	0	13,800
BancFirst Corp OK	COM	05945F103	1,245	37,300	SH		SOLE		15,200	0	22,100
Bank of America Corp	COM	060505104	8,237	388,000	SH		SOLE		62,800	0	325,200
Bank of NT Butterfield LTD	COM	G0772R208	383	22,500	SH		SOLE		7,900	0	14,600
Bank7 Corp	COM	06652N107	44	5,600	SH		SOLE		5,600	0	0
Berkshire Hathaway cl B	COM	084670702	10,714	58,600	SH		SOLE		9,400	0	49,200
Biospecifics Tech Corp	COM	090931106	164	2,900	SH		SOLE		2,900	0	0
Bluegreen Vacations Corp	COM	09629F108	66	11,500	SH		SOLE		3,700	0	7,800
Bonanza Creek Energy	COM	097793400	150	13,300	SH		SOLE		5,500	0	7,800
Booz Allen Hamilton cl A	COM	099502106	247	3,600	SH		SOLE		2,200	0	1,400
Brandywine Realty Trust	COM	105368203	58	5,500	SH		SOLE		5,500	0	0
Brightshphere Investment Group	COM	10948W103	191	29,900	SH		SOLE		12,300	0	17,600
Brown-Forman cl B	COM	115637209	264	4,750	SH		SOLE		3,700	0	1,050
CBIZ, Inc.	COM	124805102	255	12,200	SH		SOLE		5,000	0	7,200
CBRE Group, Inc.	COM	12504L109	3,990	105,800	SH		SOLE		11,000	0	94,800
CDW Corporation	COM	12514G108	65	700	SH		SOLE		700	0	0
CNA Financial Corp.	COM	126117100	7,704	248,200	SH		SOLE		57,000	0	191,200
CNB Financial Corp PA	COM	126128107	77	4,100	SH		SOLE		4,100	0	0
Cabot Oil & Gas Corp	COM	127097103	459	26,700	SH		SOLE		7,500	0	19,200
Capital One Financial Corp.	COM	14040H105	6,807	135,000	SH		SOLE		21,500	0	113,500
Carlisle Companies Inc.	COM	142339100	363	2,900	SH		SOLE		1,400	0	1,500
Carnival Corporation	COM	143658300	2,789	211,800	SH		SOLE		33,700	0	178,100
Carriage Services Inc.	COM	143905107	24	1,460	SH		SOLE		1,460	0	0
Cathay General Bancorp	COM	149150104	863	37,600	SH		SOLE		15,400	0	22,200
Cedar Realty Trust Inc.	COM	150602209	18	18,800	SH		SOLE		18,800	0	0
Central Garden&Pet cl A	COM	153527205	327	12,800	SH		SOLE		5,300	0	7,500
Century Bancorp cl A	COM	156432106	153	2,460	SH		SOLE		2,460	0	0
Century Communities, Inc.	COM	156504300	133	9,200	SH		SOLE		3,600	0	5,600
Citizens Financial Grp	COM	174610105	147	7,800	SH		SOLE		3,000	0	4,800
Cleveland-Cliffs Inc.	COM	185899101	242	61,300	SH		SOLE		24,800	0	36,500
Community Bankers Trust	COM	203612106	37	7,600	SH		SOLE		7,600	0	0
Community Trust Bancorp	COM	204149108	149	4,700	SH		SOLE		4,700	0	0
Compx International Inc	COM	20563P101	144	9,500	SH		SOLE		9,500	0	0
Conn's, Inc.	COM	208242107	8	2,000	SH		SOLE		2,000	0	0
Consolidated Tomoka Land Company	COM	210226106	1,037	22,880	SH		SOLE		10,880	0	12,000
Consolidated Water Co.	COM	G23773107	1,115	68,000	SH		SOLE		27,200	0	40,800
Construction Partners Inc.	COM	21044C107	408	24,170	SH		SOLE		12,570	0	11,600
Continental Resources, Inc.	COM	212015101	407	53,300	SH		SOLE		11,300	0	42,000
Copart, Inc. (DE)	COM	217204106	1,364	19,900	SH		SOLE		6,600	0	13,300
Corvel Corp.	COM	221006109	147	2,700	SH		SOLE		1,100	0	1,600
Costamare Inc	COM	Y1771G102	1,096	242,400	SH		SOLE		99,800	0	142,600
Cummins Inc.	COM	231021106	122	900	SH		SOLE		0	0	900
Curo Group Holdings Corp	COM	23131L107	7	1,400	SH		SOLE		1,400	0	0
Customers Bancorp Inc	COM	23204G100	518	47,420	SH		SOLE		23,520	0	23,900
D.R. Horton Inc.	COM	23331A109	204	6,000	SH		SOLE		700	0	5,300
DISH Network Corp cl A	COM	25470M109	7,390	369,700	SH		SOLE		84,300	0	285,400
DaVita HealthCare Partners Inc	COM	23918K108	1,080	14,200	SH		SOLE		5,700	0	8,500
Dana Incorporated	COM	235825205	306	39,200	SH		SOLE		16,900	0	22,300
Diamond Hill Investments	COM	25264R207	505	5,600	SH		SOLE		2,200	0	3,400
Discover Financial Services	COM	254709108	1,430	40,100	SH		SOLE		22,200	0	17,900
Dolby Laboratories Inc.	COM	25659T107	1,279	23,600	SH		SOLE		9,500	0	14,100
Dover Corp.	COM	260003108	4,952	59,000	SH		SOLE		18,100	0	40,900
East West Bancorp, Inc.	COM	27579R104	708	27,500	SH		SOLE		11,100	0	16,400
Eastern Co	COM	276317104	16	800	SH		SOLE		800	0	0
Eastman Chemical Co	COM	277432100	1,430	30,700	SH		SOLE		13,100	0	17,600
Eaton Corporation, plc	COM	G29183103	6,338	81,578	SH		SOLE		13,100	0	68,478
Ebix Inc	COM	278715206	91	6,000	SH		SOLE		1,900	0	4,100
Employers Holdings, Inc.	COM	292218104	1,426	35,200	SH		SOLE		15,300	0	19,900
Ennis Inc	COM	293389102	135	7,200	SH		SOLE		3,000	0	4,200
Enstar Group Limited	COM	G3075P101	1,718	10,800	SH		SOLE		4,500	0	6,300
Entertainment Properties	COM	26884U109	1,104	45,600	SH		SOLE		24,300	0	21,300
Equity Lifestyle Properties	COM	29472R108	4,162	72,400	SH		SOLE		9,500	0	62,900
Escalade Inc.	COM	296056104	61	10,200	SH		SOLE		10,200	0	0
Exantas Capital Corp	COM	30068N105	27	9,770	SH		SOLE		9,770	0	0
Exxon Mobil Corporation	COM	30231G102	8,158	214,856	SH		SOLE		34,100	0	180,756
FB Financial Corp.	COM	30257X104	124	6,300	SH		SOLE		2,600	0	3,700
FTS International Inc	COM	30283W104	35	155,000	SH		SOLE		49,500	0	105,500
Farmer Mac	COM	313148306	989	17,780	SH		SOLE		8,880	0	8,900
Farmers National Banc	COM	309627107	138	11,880	SH		SOLE		11,880	0	0
Fifth Third Bancorp	COM	316773100	1,884	126,900	SH		SOLE		47,500	0	79,400
Financial Institutions Inc.	COM	317585404	74	4,100	SH		SOLE		4,100	0	0
First Bancorp	COM	318910106	90	3,900	SH		SOLE		1,600	0	2,300
First Busey Corporation	COM	319383204	207	12,100	SH		SOLE		5,000	0	7,100
First Choice Bancorp	COM	31948P104	69	4,600	SH		SOLE		4,600	0	0
First Financial Corp (IN)	COM	320218100	30	900	SH		SOLE		900	0	0
First Interstate BancSystem A	COM	32055Y201	1,589	55,100	SH		SOLE		22,700	0	32,400
First Merchants Corp	COM	320817109	975	36,800	SH		SOLE		15,100	0	21,700
Flagstar Bancorp Inc	COM	337930705	1,184	59,700	SH		SOLE		24,500	0	35,200
Flushing Financial Corp	COM	343873105	132	9,900	SH		SOLE		9,900	0	0
Fonar Corporation	COM	344437405	142	9,700	SH		SOLE		9,700	0	0
Franklin Resources Inc	COM	354613101	561	33,600	SH		SOLE		13,200	0	20,400
FutureFuel Corp	COM	36116M106	28	2,500	SH		SOLE		2,500	0	0
GAMCO Investors, Inc.	COM	361438104	619	56,300	SH		SOLE		32,300	0	24,000
Gaming and Leisure Properties, Inc.	COM	36467J108	432	15,600	SH		SOLE		8,400	0	7,200
Garmin Ltd	COM	H2906T109	2,376	31,700	SH		SOLE		8,100	0	23,600
Gencor Industries Inc.	COM	368678108	98	9,300	SH		SOLE		9,300	0	0
General Motors Company	COM	37045V100	3,560	171,300	SH		SOLE		27,600	0	143,700
Genpact Limited	COM	G3922B107	4,742	162,400	SH		SOLE		25,000	0	137,400
Gentex Corporation	COM	371901109	973	43,900	SH		SOLE		20,400	0	23,500
Genworth Financial Inc	COM	37247D106	655	197,400	SH		SOLE		82,300	0	115,100
Getty Realty Corp	COM	374297109	97	4,100	SH		SOLE		1,700	0	2,400
Globe Life	COM	37959E102	417	5,800	SH		SOLE		0	0	5,800
Great Ajax Corp	COM	38983D300	17	2,691	SH		SOLE		2,691	0	0
Great Southern Bancorp	COM	390905107	113	2,800	SH		SOLE		1,600	0	1,200
Green Brick Partners Inc	COM	392709101	137	17,020	SH		SOLE		17,020	0	0
Greene County Bancorp	COM	394357107	18	750	SH		SOLE		750	0	0
Greif Inc cl A	COM	397624107	1,660	53,400	SH		SOLE		21,700	0	31,700
Group 1 Automotive, Inc.	COM	398905109	62	1,400	SH		SOLE		700	0	700
Guaranty Bancshares Inc	COM	400764106	29	1,240	SH		SOLE		1,240	0	0
H&E Equipment Services	COM	404030108	254	17,300	SH		SOLE		7,100	0	10,200
HCA Holdings, Inc.	COM	40412C101	7,556	84,100	SH		SOLE		13,400	0	70,700
HP Inc.	COM	40434L105	6,831	393,500	SH		SOLE		53,800	0	339,700
Hamilton Beach Brands	COM	40701T104	24	2,500	SH		SOLE		2,500	0	0
Hawaiian Electric Industries	COM	419870100	1,231	28,600	SH		SOLE		10,200	0	18,400
Hawaiian Holdings Inc.	COM	419879101	62	5,900	SH		SOLE		1,400	0	4,500
Heartland Financial USA	COM	42234Q102	190	6,300	SH		SOLE		2,600	0	3,700
HollyFrontier Corporation	COM	436106108	2,821	115,100	SH		SOLE		29,500	0	85,600
Hooker Furniture Corp	COM	439038100	8	500	SH		SOLE		500	0	0
Hope Bancorp	COM	43940T109	230	28,000	SH		SOLE		11,600	0	16,400
Horizon Bancorp	COM	440407104	16	1,600	SH		SOLE		1,600	0	0
Hormel Foods Corp	COM	440452100	121	2,600	SH		SOLE		2,600	0	0
Hudson Pacific Properties, Inc	COM	444097109	527	20,800	SH		SOLE		6,400	0	14,400
Huntington Ingalls Industries	COM	446413106	5,485	30,100	SH		SOLE		5,200	0	24,900
Independence Holding Co.	COM	453440307	72	2,800	SH		SOLE		2,800	0	0
Ingles Markets cl A	COM	457030104	1,985	54,900	SH		SOLE		25,300	0	29,600
International Bancshares	COM	459044103	1,454	54,100	SH		SOLE		22,900	0	31,200
Invesco Limited	COM	G491BT108	625	68,800	SH		SOLE		27,300	0	41,500
Investors Title Company	COM	461804106	143	1,120	SH		SOLE		1,120	0	0
Iradimed Corp.	COM	46266A109	17	800	SH		SOLE		800	0	0
J.Jill, Inc.	COM	46620W102	8	14,300	SH		SOLE		4,800	0	9,500
JPMorgan Chase & Co.	COM	46625H100	9,237	102,600	SH		SOLE		16,200	0	86,400
Jazz Pharmaceuticals plc	COM	G50871105	1,895	19,000	SH		SOLE		600	0	18,400
Jeld Wen Holding	COM	47580P103	532	54,700	SH		SOLE		22,800	0	31,900
JetBlue Airways Corp	COM	477143101	311	34,700	SH		SOLE		16,000	0	18,700
Johnson Outdoors Inc.	COM	479167108	143	2,280	SH		SOLE		2,280	0	0
KKR Real Estate Finance	COM	48251K100	48	3,200	SH		SOLE		0	0	3,200
Kelly Services cl A	COM	488152208	721	56,800	SH		SOLE		27,900	0	28,900
Kennedy-Wilson Holdings	COM	489398107	209	15,600	SH		SOLE		6,500	0	9,100
Keurig Dr. Pepper Inc	COM	49271V100	670	27,600	SH		SOLE		2,100	0	25,500
Kimball Electronics, Inc.	COM	49428J109	126	11,560	SH		SOLE		11,560	0	0
Knoll Inc.	COM	498904200	99	9,600	SH		SOLE		3,700	0	5,900
Kraton Corporation	COM	50077C106	537	66,300	SH		SOLE		27,500	0	38,800
Kroger Company	COM	501044101	6,181	205,200	SH		SOLE		48,700	0	156,500
Kronos Worldwide Inc.	COM	50105F105	901	106,700	SH		SOLE		41,300	0	65,400
Laboratory Corp of America	COM	50540R409	3,286	26,000	SH		SOLE		11,300	0	14,700
Lakeland Financial Corp	COM	511656100	125	3,400	SH		SOLE		1,400	0	2,000
Landstar System Inc.	COM	515098101	1,802	18,800	SH		SOLE		7,800	0	11,000
Laredo Petroleum	COM	516806106	306	805,300	SH		SOLE		331,700	0	473,600
Lear Corporation	COM	521865204	5,151	63,400	SH		SOLE		17,100	0	46,300
Lennar Corp cl A	COM	526057104	4,802	125,700	SH		SOLE		16,900	0	108,800
Lennox International Inc.	COM	526107107	3,836	21,100	SH		SOLE		4,200	0	16,900
Liberty Oilfield Services	COM	53115L104	95	35,400	SH		SOLE		14,500	0	20,900
Lincoln National Corporation	COM	534187109	1,171	44,500	SH		SOLE		25,100	0	19,400
Loews Corp	COM	540424108	2,981	85,600	SH		SOLE		25,400	0	60,200
Luther Burbank Corporation	COM	550550107	173	18,910	SH		SOLE		18,910	0	0
LyondellBasell Industries cl A	COM	N53745100	7,328	147,651	SH		SOLE		21,300	0	126,351
M&T Bank Corp.	COM	55261F104	2,110	20,400	SH		SOLE		8,100	0	12,300
M/I Homes, Inc.	COM	55305B101	827	50,000	SH		SOLE		21,000	0	29,000
MSC Industrial Direct Co.	COM	553530106	676	12,300	SH		SOLE		4,200	0	8,100
MSG Networks Inc.	COM	553573106	1,404	137,600	SH		SOLE		56,600	0	81,000
Macatawa Bank Corp	COM	554225102	80	11,300	SH		SOLE		11,300	0	0
ManpowerGroup Inc	COM	56418H100	911	17,200	SH		SOLE		6,700	0	10,500
Marine Products Corp	COM	568427108	381	47,170	SH		SOLE		28,670	0	18,500
Marlin Business Services Corp	COM	571157106	52	4,700	SH		SOLE		4,700	0	0
Matson Inc.	COM	57686G105	1,751	57,200	SH		SOLE		23,700	0	33,500
Medical Properties Trust Inc	COM	58463J304	3,835	221,800	SH		SOLE		65,900	0	155,900
Mercantile Bank Corp	COM	587376104	61	2,900	SH		SOLE		2,900	0	0
Merchants Bancorp	COM	58844R108	156	10,270	SH		SOLE		10,270	0	0
Mesa Air Group	COM	590479135	69	20,890	SH		SOLE		20,890	0	0
Methode Electronics Inc	COM	591520200	423	16,000	SH		SOLE		6,600	0	9,400
Micron Technology Inc	COM	595112103	7,264	172,700	SH		SOLE		26,500	0	146,200
Mid-America Apartment	COM	59522J103	319	3,100	SH		SOLE		3,100	0	0
MidWestOne Finl Grp	COM	598511103	36	1,700	SH		SOLE		1,700	0	0
Miller Industries Inc.	COM	600551204	122	4,300	SH		SOLE		4,300	0	0
Minerals Technologies	COM	603158106	1,062	29,300	SH		SOLE		11,900	0	17,400
Molson Coors Brewing Co.	COM	60871R209	3,835	98,300	SH		SOLE		24,200	0	74,100
Morgan Stanley	COM	617446448	6,307	185,500	SH		SOLE		29,700	0	155,800
Mueller Industries, Inc.	COM	624756102	220	9,200	SH		SOLE		3,800	0	5,400
NBT Bancorp Inc.	COM	628778102	123	3,800	SH		SOLE		1,700	0	2,100
NI Holdings Inc.	COM	65342T106	94	6,900	SH		SOLE		6,900	0	0
NL Industries Inc.	COM	629156407	49	16,400	SH		SOLE		16,400	0	0
NVR Inc.	COM	62944T105	2,826	1,100	SH		SOLE		500	0	600
National Fuel Gas Co.	COM	636180101	656	17,600	SH		SOLE		7,300	0	10,300
National General Holdings Corp	COM	636220303	1,597	96,500	SH		SOLE		39,300	0	57,200
National HealthCare Corp	COM	635906100	724	10,100	SH		SOLE		4,100	0	6,000
National Instruments	COM	636518102	810	24,500	SH		SOLE		11,200	0	13,300
National Presto Industries	COM	637215104	1,480	20,900	SH		SOLE		9,000	0	11,900
National Western Life Group A	COM	638517102	1,032	6,000	SH		SOLE		2,300	0	3,700
Natural Health Trends Corp	COM	63888P406	12	3,500	SH		SOLE		3,500	0	0
Nelnet Inc	COM	64031N108	1,562	34,400	SH		SOLE		14,400	0	20,000
NewMarket Corporation	COM	651587107	230	600	SH		SOLE		600	0	0
Newmark Group	COM	65158N102	30	7,000	SH		SOLE		0	0	7,000
Northern Trust Corp.	COM	665859104	973	12,900	SH		SOLE		5,500	0	7,400
Nucor Corporation	COM	670346105	1,063	29,500	SH		SOLE		9,300	0	20,200
OGE Energy Corp.	COM	670837103	117	3,800	SH		SOLE		3,800	0	0
Office Depot Inc.	COM	676220106	451	275,300	SH		SOLE		114,100	0	161,200
Old Republic Int'l Corp	COM	680223104	2,044	134,000	SH		SOLE		52,900	0	81,100
One Liberty Properties Inc.	COM	682406103	43	3,060	SH		SOLE		3,060	0	0
Oppenheimer Holdings	COM	683797104	50	2,540	SH		SOLE		2,540	0	0
Oshkosh Corporation	COM	688239201	360	5,600	SH		SOLE		2,100	0	3,500
PBF Energy Inc cl A	COM	69318G106	307	43,300	SH		SOLE		17,000	0	26,300
PC Connection, Inc.	COM	69318J100	2,117	51,370	SH		SOLE		23,770	0	27,600
PCB Bancorp	COM	69320M109	30	3,020	SH		SOLE		3,020	0	0
PPL Corp.	COM	69351T106	6,501	263,400	SH		SOLE		67,700	0	195,700
Paccar Inc.	COM	693718108	5,740	93,900	SH		SOLE		16,000	0	77,900
Pangaea Logistics Solutions	COM	G6891L105	63	31,600	SH		SOLE		31,600	0	0
Park National Corp OH	COM	700658107	1,747	22,500	SH		SOLE		9,200	0	13,300
Park-Ohio Holdings Co	COM	700666100	797	42,100	SH		SOLE		21,400	0	20,700
Parke Bancorp, Inc.	COM	700885106	39	2,860	SH		SOLE		2,860	0	0
PennyMac Financial Service Inc	COM	70932M107	1,203	54,400	SH		SOLE		22,600	0	31,800
Penske Automotive Group, Inc.	COM	70959W103	1,672	59,700	SH		SOLE		21,600	0	38,100
Peoples Bancorp OH	COM	709789101	44	2,000	SH		SOLE		2,000	0	0
Pfizer Inc.	COM	717081103	415	12,700	SH		SOLE		0	0	12,700
Phibro Animal Health Corp CL A	COM	71742Q106	193	8,000	SH		SOLE		3,300	0	4,700
Phillips 66	COM	718546104	6,749	125,800	SH		SOLE		17,500	0	108,300
Piedmont Office Realty Trust,	COM	720190206	726	41,100	SH		SOLE		17,000	0	24,100
Preformed Line Products	COM	740444104	66	1,320	SH		SOLE		1,320	0	0
Prestige Brand Holdings	COM	74112D101	624	17,000	SH		SOLE		7,000	0	10,000
Primoris Services Corp.	COM	74164F103	351	22,100	SH		SOLE		9,300	0	12,800
Principal Financial Group, Inc.	COM	74251V102	6,851	218,617	SH		SOLE		60,800	0	157,817
Provident Financial Services	COM	74386T105	352	27,400	SH		SOLE		10,900	0	16,500
Prudential Financial Inc	COM	744320102	4,463	85,600	SH		SOLE		3,900	0	81,700
QCR Holdings, Inc.	COM	74727A104	106	3,900	SH		SOLE		3,900	0	0
Quest Diagnostics Inc.	COM	74834L100	1,638	20,400	SH		SOLE		0	0	20,400
RBB Bancorp	COM	74930B105	117	8,520	SH		SOLE		8,520	0	0
RMR Group	COM	74967R106	146	5,400	SH		SOLE		2,200	1	3,200
Ramaco Resources Inc	COM	75134P303	9	3,700	SH		SOLE		3,700	2	0
Rayonier Advanced Materials	COM	75508B104	33	31,000	SH		SOLE		31,000	3	0
Regional Management Corp.	COM	75902K106	103	7,520	SH		SOLE		7,520	4	0
Reinsurance Group of America, Inc	COM	759351604	7,000	83,200	SH		SOLE		19,600	5	63,600
Reliance Steel & Aluminum	COM	759509102	2,330	26,600	SH		SOLE		10,900	6	15,700
Republic Bancorp KY	COM	760281204	1,599	48,400	SH		SOLE		22,600	7	25,800
Republic Services Inc.	COM	760759100	4,699	62,600	SH		SOLE		5,900	8	56,700
ResMed Inc.	COM	761152107	29	200	SH		SOLE		200	9	0
Rush Enterprises Inc	COM	781846209	1,472	46,100	SH		SOLE		19,300	10	26,800
Ryerson Holding Corporation	COM	783754104	118	22,250	SH		SOLE		22,250	11	0
Santander Consumer USA Holdings Inc.	COM	80283M101	3,661	263,200	SH		SOLE		91,500	12	171,700
Saul Centers Inc.	COM	804395101	79	2,400	SH		SOLE		1,000	0	1,400
Schnitzer Steel Ind cl A	COM	806882106	93	7,100	SH		SOLE		1,900	0	5,200
Service Properties Trust	COM	81761L102	255	47,300	SH		SOLE		20,900	0	26,400
ServisFirst Bancshares, Inc.	COM	81768T108	308	10,500	SH		SOLE		6,000	0	4,500
SkyWest Inc.	COM	830879102	1,103	42,100	SH		SOLE		17,400	0	24,700
Skyworks Solutions, Inc.	COM	83088M102	420	4,700	SH		SOLE		1,800	0	2,900
Smart Sand Inc	COM	83191H107	34	32,400	SH		SOLE		32,400	0	0
Sonic Automotive, Inc.	COM	83545G102	892	67,200	SH		SOLE		27,700	0	39,500
Southern Copper Corp.	COM	84265V105	6,311	224,100	SH		SOLE		36,300	0	187,800
Southern MO Bancorp	COM	843380106	46	1,890	SH		SOLE		1,890	0	0
Southwest Airlines Co.	COM	844741108	5,893	165,500	SH		SOLE		25,500	0	140,000
Starwood Property Trust, Inc.	COM	85571B105	173	16,900	SH		SOLE		16,900	0	0
State Street Corporation	COM	857477103	234	4,400	SH		SOLE		1,500	0	2,900
Steel Dynamics Inc.	COM	858119100	2,439	108,200	SH		SOLE		42,600	0	65,600
Steris PLC	COM	G8473T100	7,138	51,000	SH		SOLE		10,500	0	40,500
Sterling Bancorp Inc	COM	85917W102	548	127,400	SH		SOLE		64,300	0	63,100
Summit Fincl Group Inc.	COM	86606G101	38	1,800	SH		SOLE		1,800	0	0
Summit Hotel Properties, Inc.	COM	866082100	554	131,300	SH		SOLE		54,400	0	76,900
Sykes Enterprises Inc.	COM	871237103	225	8,300	SH		SOLE		3,400	0	4,900
Synchrony Financial	COM	87165B103	3,160	196,400	SH		SOLE		32,600	0	163,800
Synnex Corporation	COM	87162W100	1,908	26,100	SH		SOLE		9,700	0	16,400
TPG RE Finance Trust	COM	87266M107	302	55,000	SH		SOLE		17,800	0	37,200
Tailored Brands Inc	COM	87403A107	19	11,100	SH		SOLE		11,100	0	0
Teledyne Technologies Inc.	COM	879360105	89	300	SH		SOLE		0	0	300
Textainer Group Hldgs Ltd.	COM	G8766E109	206	25,100	SH		SOLE		10,400	0	14,700
The Gap, Inc.	COM	364760108	70	9,900	SH		SOLE		0	0	9,900
The Michaels Companies, Inc.	COM	59408Q106	187	115,500	SH		SOLE		44,300	0	71,200
Toll Brothers Inc	COM	889478103	1,594	82,800	SH		SOLE		25,700	0	57,100
Tootsie Roll Industries Inc.	COM	890516107	341	9,476	SH		SOLE		2,987	0	6,489
Towne Bank	COM	89214P109	1,436	79,400	SH		SOLE		32,700	0	46,700
Triton International Ltd	COM	G9078F107	1,508	58,300	SH		SOLE		23,400	0	34,900
Tyson Foods	COM	902494103	7,593	131,200	SH		SOLE		22,100	0	109,100
Ubiquiti Inc.	COM	90353W103	1,614	11,400	SH		SOLE		5,300	0	6,100
United States Lime & Minerals	COM	911922102	182	2,460	SH		SOLE		2,460	0	0
Unitil Corp	COM	913259107	314	6,000	SH		SOLE		2,500	0	3,500
Universal Corporation	COM	913456109	119	2,700	SH		SOLE		2,700	0	0
Universal Health Services	COM	913903100	3,052	30,800	SH		SOLE		5,900	0	24,900
Universal Logistics Holdings,	COM	91388P105	151	11,520	SH		SOLE		11,520	0	0
Unum Group	COM	91529Y106	749	49,900	SH		SOLE		18,400	0	31,500
Urstadt Biddle Prop cl A	COM	917286205	31	2,200	SH		SOLE		2,200	0	0
Utah Medical Products Inc.	COM	917488108	73	780	SH		SOLE		780	0	0
VMware, Inc. Cl A	COM	928563402	7,617	62,900	SH		SOLE		9,700	0	53,200
VSE Corporation	COM	918284100	101	6,150	SH		SOLE		6,150	0	0
Valero Energy Corporation	COM	91913Y100	2,354	51,900	SH		SOLE		7,300	0	44,600
Value Line Inc.	COM	920437100	141	4,360	SH		SOLE		4,360	0	0
VeriSign Inc	COM	92343E102	450	2,500	SH		SOLE		0	0	2,500
Verizon Communications, Inc.	COM	92343V104	7,694	143,200	SH		SOLE		22,800	0	120,400
ViacomCBS Corp. cl B	COM	92556H206	568	40,567	SH		SOLE		14,146	0	26,421
Village Super Market	COM	927107409	108	4,400	SH		SOLE		4,400	0	0
W&T Offshore Inc.	COM	92922P106	362	213,050	SH		SOLE		122,650	0	90,400
WESCO International, Inc.	COM	95082P105	181	7,900	SH		SOLE		3,600	0	4,300
Wabash National Corp.	COM	929566107	1,022	141,500	SH		SOLE		56,600	0	84,900
Waddell & Reed cl A	COM	930059100	668	58,700	SH		SOLE		25,200	0	33,500
Warrior Met Coal, Llc	COM	93627C101	1,145	107,800	SH		SOLE		44,300	0	63,500
Waterstone Financial, Inc (MD)	COM	94188P101	42	2,910	SH		SOLE		2,910	0	0
Watford Holdings	COM	G94787101	34	2,300	SH		SOLE		2,300	0	0
Watsco Inc.	COM	942622200	5,958	37,700	SH		SOLE		8,900	0	28,800
Weis Markets Inc.	COM	948849104	550	13,200	SH		SOLE		5,400	0	7,800
Wells Fargo & Company	COM	949746101	7,628	265,800	SH		SOLE		41,300	0	224,500
WesBanco Inc.	COM	950810101	119	5,000	SH		SOLE		2,300	0	2,700
Westlake Chemical Corporation	COM	960413102	813	21,300	SH		SOLE		9,200	0	12,100
Weyco Group Inc.	COM	962149100	151	7,500	SH		SOLE		7,500	0	0
Willis Lease Finance	COM	970646105	92	3,470	SH		SOLE		3,470	0	0
Worthington Industries	COM	981811102	714	27,200	SH		SOLE		13,200	0	14,000
ePlus Inc.	COM	294268107	169	2,700	SH		SOLE		1,100	0	1,600