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	961	27,000	SH		SOLE		6,300	0	20,700
AFLAC INC COM	COM	001055102	6,280	174,300	SH		SOLE		32,900	0	141,400
AMC Networks Inc. cl A	COM	00164V103	246	10,500	SH		SOLE		0	0	10,500
AT&T Inc.	COM	00206R102	7,452	246,500	SH		SOLE		51,100	0	195,400
Acco Brands Corporation	COM	00081T108	2,751	387,400	SH		SOLE		97,500	0	289,900
Acushnet Holdings Corp.	COM	005098108	2,077	59,700	SH		SOLE		14,800	0	44,900
Advanced Emissions Solutions	COM	00770C101	40	8,170	SH		SOLE		8,170	0	0
Advansix Inc	COM	00773T101	209	17,800	SH		SOLE		4,500	0	13,300
Air Lease Corp. Cl A	COM	00912X302	1,341	45,800	SH		SOLE		13,500	0	32,300
Alerus Financial Corp	COM	01446U103	69	3,500	SH		SOLE		3,500	0	0
Alexanders Inc.	COM	014752109	1,807	7,500	SH		SOLE		1,800	0	5,700
Alliance Data Systems Corp	COM	018581108	722	16,000	SH		SOLE		4,200	0	11,800
Allison Transmission Holdings	COM	01973R101	805	21,900	SH		SOLE		6,600	0	15,300
Allstate Corp.	COM	020002101	6,285	64,800	SH		SOLE		12,300	0	52,500
Ally Financial Inc.	COM	02005N100	682	34,400	SH		SOLE		11,600	0	22,800
Amdocs Limited	COM	G02602103	3,537	58,100	SH		SOLE		25,000	0	33,100
Amerant Bancorp	COM	023576101	77	5,150	SH		SOLE		5,150	0	0
Amerco	COM	023586100	1,541	5,100	SH		SOLE		100	0	5,000
American Equity Investment	COM	025676206	1,893	76,600	SH		SOLE		21,000	0	55,600
American Financial Group	COM	025932104	552	8,700	SH		SOLE		2,300	0	6,400
American Homes 4 Rent	COM	02665T306	266	9,900	SH		SOLE		9,900	0	0
Ameriprise Financial Inc.	COM	03076C106	1,245	8,300	SH		SOLE		2,400	0	5,900
AmerisourceBergen Corp	COM	03073E105	1,421	14,100	SH		SOLE		9,300	0	4,800
Amkor Technology Inc	COM	031652100	3,348	272,000	SH		SOLE		68,700	0	203,300
Apartment Invest&Mang A	COM	03748R754	1,427	37,900	SH		SOLE		13,300	0	24,600
Apple Hospitality REIT Inc	COM	03784Y200	1,480	153,200	SH		SOLE		31,500	0	121,700
Arch Capital Group Ltd.	COM	G0450A105	2,914	101,700	SH		SOLE		12,800	0	88,900
Armada Hoffler Properties Inc.	COM	04208T108	210	21,100	SH		SOLE		5,200	0	15,900
Arrow Electronics Inc	COM	042735100	907	13,200	SH		SOLE		4,200	0	9,000
Arrow Financial Corp.	COM	042744102	130	4,360	SH		SOLE		4,360	0	0
Asbury Automotive Group	COM	043436104	874	11,300	SH		SOLE		2,900	0	8,400
Aspen Technology	COM	045327103	1,005	9,700	SH		SOLE		3,300	0	6,400
Athene Holding Ltd.	COM	G0684D107	2,112	67,700	SH		SOLE		33,500	0	34,200
Atkore International Group	COM	047649108	290	10,600	SH		SOLE		2,500	0	8,100
Atlas Air Worldwide	COM	049164205	159	3,700	SH		SOLE		0	0	3,700
AutoNation Inc.	COM	05329W102	680	18,100	SH		SOLE		6,500	0	11,600
Avangrid Inc.	COM	05351W103	6,981	166,300	SH		SOLE		40,400	0	125,900
BancFirst Corp OK	COM	05945F103	2,945	72,600	SH		SOLE		18,200	0	54,400
Bank of America Corp	COM	060505104	7,999	336,800	SH		SOLE		66,900	0	269,900
Bank of NT Butterfield LTD	COM	G0772R208	1,405	57,600	SH		SOLE		13,200	0	44,400
Bank of New York Mellon Corp.	COM	064058100	707	18,300	SH		SOLE		18,300	0	0
Bank7 Corp	COM	06652N107	61	5,600	SH		SOLE		5,600	0	0
Berkshire Hathaway cl B	COM	084670702	5,873	32,900	SH		SOLE		5,100	0	27,800
Biogen Inc.	COM	09062X103	268	1,000	SH		SOLE		0	0	1,000
Biospecifics Tech Corp	COM	090931106	203	3,320	SH		SOLE		2,420	0	900
Bluegreen Vacations Corp	COM	09629F108	62	11,500	SH		SOLE		3,700	0	7,800
Bonanza Creek Energy	COM	097793400	687	46,370	SH		SOLE		16,970	0	29,400
Booz Allen Hamilton cl A	COM	099502106	179	2,300	SH		SOLE		2,300	0	0
Brightshphere Investment Group	COM	10948W103	825	66,200	SH		SOLE		16,900	0	49,300
Brown-Forman cl B	COM	115637209	1,085	17,050	SH		SOLE		10,400	0	6,650
Buckle Inc.	COM	118440106	289	18,400	SH		SOLE		5,000	0	13,400
Byline Bancorp Inc.	COM	124411109	35	2,690	SH		SOLE		2,690	0	0
CAI International, Inc.	COM	12477X106	93	5,590	SH		SOLE		5,590	0	0
CBIZ, Inc.	COM	124805102	484	20,200	SH		SOLE		5,000	0	15,200
CBRE Group, Inc.	COM	12504L109	3,672	81,200	SH		SOLE		10,800	0	70,400
CBTX Inc	COM	12481V104	66	3,140	SH		SOLE		3,140	0	0
CDW Corporation	COM	12514G108	81	700	SH		SOLE		700	0	0
CNA Financial Corp.	COM	126117100	6,665	207,300	SH		SOLE		52,400	0	154,900
CNB Financial Corp PA	COM	126128107	100	5,590	SH		SOLE		5,590	0	0
CTO Realty Growth Inc	COM	22948P103	1,173	29,684	SH		SOLE		10,880	0	18,804
Cabot Oil & Gas Corp	COM	127097103	567	33,000	SH		SOLE		10,100	0	22,900
Capital One Financial Corp.	COM	14040H105	4,707	75,200	SH		SOLE		16,100	0	59,100
Carlisle Companies Inc.	COM	142339100	168	1,400	SH		SOLE		1,400	0	0
Carpenter Technology Corp	COM	144285103	568	23,400	SH		SOLE		5,700	0	17,700
Carriage Services Inc.	COM	143905107	26	1,460	SH		SOLE		1,460	0	0
Cathay General Bancorp	COM	149150104	1,646	62,600	SH		SOLE		15,400	0	47,200
Cedar Realty Trust Inc.	COM	150602209	19	18,800	SH		SOLE		18,800	0	0
Central Garden&Pet cl A	COM	153527205	720	21,300	SH		SOLE		5,300	0	16,000
Century Bancorp cl A	COM	156432106	157	2,020	SH		SOLE		2,020	0	0
Century Communities, Inc.	COM	156504300	371	12,100	SH		SOLE		3,600	0	8,500
Cheniere Energy Inc	COM	16411R208	353	7,300	SH		SOLE		0	0	7,300
Citizens Financial Grp	COM	174610105	525	20,800	SH		SOLE		8,000	0	12,800
Clorox Company	COM	189054109	66	300	SH		SOLE		300	0	0
Comcast cl A	COM	20030N101	6,034	154,800	SH		SOLE		29,100	0	125,700
Comerica, Inc.	COM	200340107	385	10,100	SH		SOLE		0	0	10,100
Community Bankers Trust	COM	203612106	42	7,600	SH		SOLE		7,600	0	0
Community Trust Bancorp	COM	204149108	154	4,700	SH		SOLE		4,700	0	0
Compx International Inc	COM	20563P101	131	9,500	SH		SOLE		9,500	0	0
Conn's, Inc.	COM	208242107	20	2,000	SH		SOLE		2,000	0	0
Consolidated Water Co.	COM	G23773107	1,482	102,700	SH		SOLE		23,800	0	78,900
Construction Partners Inc.	COM	21044C107	628	35,370	SH		SOLE		12,570	0	22,800
Continental Resources, Inc.	COM	212015101	603	34,400	SH		SOLE		0	0	34,400
Copart, Inc. (DE)	COM	217204106	3,805	45,700	SH		SOLE		6,800	0	38,900
Corvel Corp.	COM	221006109	71	1,000	SH		SOLE		0	0	1,000
Costamare Inc	COM	Y1771G102	2,249	404,500	SH		SOLE		99,800	0	304,700
Customers Bancorp Inc	COM	23204G100	859	71,470	SH		SOLE		25,770	0	45,700
D.R. Horton Inc.	COM	23331A109	261	4,700	SH		SOLE		4,700	0	0
DISH Network Corp cl A	COM	25470M109	6,446	186,800	SH		SOLE		43,800	0	143,000
DXP Enterprises Inc	COM	233377407	33	1,680	SH		SOLE		1,680	0	0
DaVita HealthCare Partners Inc	COM	23918K108	791	10,000	SH		SOLE		2,600	0	7,400
Diamond Hill Investments	COM	25264R207	515	4,530	SH		SOLE		1,030	0	3,500
Discover Financial Services	COM	254709108	1,984	39,600	SH		SOLE		16,700	0	22,900
Discovery Inc.	COM	25470F104	247	11,700	SH		SOLE		11,700	0	0
Dolby Laboratories Inc.	COM	25659T107	1,245	18,900	SH		SOLE		4,800	0	14,100
Dover Corp.	COM	260003108	4,104	42,500	SH		SOLE		11,100	0	31,400
EPAM Systems Inc	COM	29414B104	4,108	16,300	SH		SOLE		600	0	15,700
East West Bancorp, Inc.	COM	27579R104	801	22,100	SH		SOLE		5,700	0	16,400
Eastern Co	COM	276317104	14	800	SH		SOLE		800	0	0
Eastman Chemical Co	COM	277432100	1,706	24,500	SH		SOLE		6,900	0	17,600
Eaton Corporation, plc	COM	G29183103	5,651	64,600	SH		SOLE		13,000	0	51,600
Ebix Inc	COM	278715206	780	34,900	SH		SOLE		8,700	0	26,200
Electromed Inc	COM	285409108	33	2,120	SH		SOLE		2,120	0	0
Employers Holdings, Inc.	COM	292218104	1,152	38,200	SH		SOLE		9,400	0	28,800
Encore Wire Corporation	COM	292562105	234	4,800	SH		SOLE		1,700	0	3,100
Ennis Inc	COM	293389102	219	12,100	SH		SOLE		3,000	0	9,100
Enstar Group Limited	COM	G3075P101	2,933	19,200	SH		SOLE		4,800	0	14,400
Entertainment Properties	COM	26884U109	928	28,000	SH		SOLE		6,700	0	21,300
Equity Lifestyle Properties	COM	29472R108	3,880	62,100	SH		SOLE		9,500	0	52,600
Escalade Inc.	COM	296056104	142	10,200	SH		SOLE		10,200	0	0
Exantas Capital Corp	COM	30068N105	26	9,770	SH		SOLE		9,770	0	0
Exelixis Inc.	COM	30161Q104	757	31,900	SH		SOLE		8,700	0	23,200
Expeditors International of WA	COM	302130109	213	2,800	SH		SOLE		2,800	0	0
Exxon Mobil Corporation	COM	30231G102	6,033	134,900	SH		SOLE		27,300	0	107,600
FB Financial Corp.	COM	30257X104	263	10,600	SH		SOLE		2,600	0	8,000
FTS International Inc	COM	30283W203	53	7,750	SH		SOLE		2,475	0	5,275
Farmer Mac	COM	313148306	1,885	29,450	SH		SOLE		9,350	0	20,100
Fifth Third Bancorp	COM	316773100	1,918	99,500	SH		SOLE		26,600	0	72,900
Financial Institutions Inc.	COM	317585404	76	4,100	SH		SOLE		4,100	0	0
First Bancorp	COM	318910106	166	6,600	SH		SOLE		1,600	0	5,000
First Busey Corporation	COM	319383204	375	20,100	SH		SOLE		5,000	0	15,100
First Choice Bancorp	COM	31948P104	75	4,600	SH		SOLE		4,600	0	0
First Financial Bancorp OH	COM	320209109	1,182	85,100	SH		SOLE		20,900	0	64,200
First Financial Corp (IN)	COM	320218100	33	900	SH		SOLE		900	0	0
First Interstate BancSystem A	COM	32055Y201	2,839	91,700	SH		SOLE		22,800	0	68,900
First Merchants Corp	COM	320817109	1,690	61,300	SH		SOLE		15,100	0	46,200
Flagstar Bancorp Inc	COM	337930705	2,293	77,900	SH		SOLE		17,300	0	60,600
Flushing Financial Corp	COM	343873105	164	14,200	SH		SOLE		14,200	0	0
Fonar Corporation	COM	344437405	143	6,710	SH		SOLE		6,710	0	0
Forestar Group	COM	346232101	207	13,710	SH		SOLE		9,610	0	4,100
Franklin Resources Inc	COM	354613101	428	20,400	SH		SOLE		0	0	20,400
FutureFuel Corp	COM	36116M106	147	12,300	SH		SOLE		12,300	0	0
GAMCO Investors, Inc.	COM	361438104	871	65,442	SH		SOLE		32,300	0	33,142
Gaming and Leisure Properties, Inc.	COM	36467J108	1,448	41,861	SH		SOLE		21,361	0	20,500
Garmin Ltd	COM	H2906T109	7,069	72,500	SH		SOLE		14,800	0	57,700
Gencor Industries Inc.	COM	368678108	68	5,370	SH		SOLE		5,370	0	0
General Motors Company	COM	37045V100	2,608	103,100	SH		SOLE		24,400	0	78,700
Genpact Limited	COM	G3922B107	4,313	118,100	SH		SOLE		24,600	0	93,500
Gentex Corporation	COM	371901109	912	35,400	SH		SOLE		11,900	0	23,500
Genworth Financial Inc	COM	37247D106	752	325,400	SH		SOLE		82,300	0	243,100
Getty Realty Corp	COM	374297109	202	6,800	SH		SOLE		1,700	0	5,100
Globe Life	COM	37959E102	431	5,800	SH		SOLE		0	0	5,800
Gray Television Inc	COM	389375106	2,867	205,500	SH		SOLE		51,200	0	154,300
Great Ajax Corp	COM	38983D300	25	2,692	SH		SOLE		2,692	0	0
Great Southern Bancorp	COM	390905107	239	5,930	SH		SOLE		3,130	0	2,800
Green Brick Partners Inc	COM	392709101	178	14,980	SH		SOLE		14,980	0	0
Greene County Bancorp	COM	394357107	17	750	SH		SOLE		750	0	0
Greif Inc cl A	COM	397624107	2,890	84,000	SH		SOLE		20,700	0	63,300
Group 1 Automotive, Inc.	COM	398905109	2,586	39,200	SH		SOLE		10,000	0	29,200
Guaranty Bancshares Inc	COM	400764106	32	1,240	SH		SOLE		1,240	0	0
H&E Equipment Services	COM	404030108	538	29,100	SH		SOLE		7,100	0	22,000
HCA Holdings, Inc.	COM	40412C101	4,911	50,600	SH		SOLE		9,600	0	41,000
HNI Corporation	COM	404251100	15	500	SH		SOLE		500	0	0
HP Inc.	COM	40434L105	5,830	334,500	SH		SOLE		61,600	0	272,900
Hamilton Beach Brands	COM	40701T104	30	2,500	SH		SOLE		2,500	0	0
Hawaiian Electric Industries	COM	419870100	664	18,400	SH		SOLE		0	0	18,400
Hawaiian Holdings Inc.	COM	419879101	83	5,900	SH		SOLE		1,400	0	4,500
Heartland Express	COM	422347104	608	29,200	SH		SOLE		7,200	0	22,000
Heartland Financial USA	COM	42234Q102	354	10,600	SH		SOLE		2,600	0	8,000
Hingham Institution for Saving	COM	433323102	18	110	SH		SOLE		110	0	0
HollyFrontier Corporation	COM	436106108	1,568	53,700	SH		SOLE		10,100	0	43,600
Hope Bancorp	COM	43940T109	1,909	207,000	SH		SOLE		49,100	0	157,900
Horizon Bancorp	COM	440407104	115	10,730	SH		SOLE		10,730	0	0
Hormel Foods Corp	COM	440452100	7,163	148,400	SH		SOLE		34,900	0	113,500
Hudson Pacific Properties, Inc	COM	444097109	793	31,500	SH		SOLE		9,900	0	21,600
Huntington Ingalls Industries	COM	446413106	3,804	21,800	SH		SOLE		2,300	0	19,500
IPG Photonics Corporation	COM	44980X109	513	3,200	SH		SOLE		0	0	3,200
Independence Holding Co.	COM	453440307	86	2,800	SH		SOLE		2,800	0	0
Ingles Markets cl A	COM	457030104	2,635	61,190	SH		SOLE		17,890	0	43,300
Innoviva, Inc.	COM	45781M101	2,315	165,600	SH		SOLE		41,000	0	124,600
International Bancshares	COM	459044103	3,007	93,900	SH		SOLE		23,400	0	70,500
Invesco Limited	COM	G491BT108	740	68,800	SH		SOLE		27,300	0	41,500
Iradimed Corp.	COM	46266A109	19	800	SH		SOLE		800	0	0
J.Jill, Inc.	COM	46620W102	10	14,300	SH		SOLE		4,800	0	9,500
JPMorgan Chase & Co.	COM	46625H100	8,569	91,100	SH		SOLE		18,400	0	72,700
Jazz Pharmaceuticals plc	COM	G50871105	2,979	27,000	SH		SOLE		0	0	27,000
JetBlue Airways Corp	COM	477143101	131	12,000	SH		SOLE		12,000	0	0
Johnson Outdoors Inc.	COM	479167108	30	330	SH		SOLE		330	0	0
KKR Real Estate Finance	COM	48251K100	53	3,200	SH		SOLE		0	0	3,200
Kelly Services cl A	COM	488152208	1,221	77,200	SH		SOLE		23,200	0	54,000
Kennedy-Wilson Holdings	COM	489398107	1,825	119,900	SH		SOLE		29,700	0	90,200
Keurig Dr. Pepper Inc	COM	49271V100	378	13,300	SH		SOLE		2,100	0	11,200
Kimball Electronics, Inc.	COM	49428J109	144	10,630	SH		SOLE		10,630	0	0
Knoll Inc.	COM	498904200	568	46,600	SH		SOLE		12,200	0	34,400
Kraton Corporation	COM	50077C106	1,982	114,700	SH		SOLE		31,200	0	83,500
Kroger Company	COM	501044101	2,958	87,400	SH		SOLE		17,500	0	69,900
Kronos Worldwide Inc.	COM	50105F105	1,808	173,700	SH		SOLE		41,300	0	132,400
Laboratory Corp of America	COM	50540R409	2,193	13,200	SH		SOLE		6,100	0	7,100
Lakeland Financial Corp	COM	511656100	606	13,000	SH		SOLE		2,000	0	11,000
Landstar System Inc.	COM	515098101	1,876	16,700	SH		SOLE		4,900	0	11,800
Lantheus Holdings Inc	COM	516544103	341	23,850	SH		SOLE		7,050	0	16,800
Laredo Petroleum	COM	516806205	931	67,194	SH		SOLE		16,585	0	50,609
Lawson Products Inc.	COM	520776105	15	450	SH		SOLE		450	0	0
Lear Corporation	COM	521865204	5,734	52,600	SH		SOLE		11,600	0	41,000
Lennar Corp cl A	COM	526057104	4,375	71,000	SH		SOLE		6,800	0	64,200
Lennox International Inc.	COM	526107107	2,796	12,000	SH		SOLE		900	0	11,100
Liberty Oilfield Services	COM	53115L104	322	58,800	SH		SOLE		14,500	0	44,300
Liberty Sirius XM	COM	531229607	1,316	38,200	SH		SOLE		10,000	0	28,200
Lincoln National Corporation	COM	534187109	773	21,000	SH		SOLE		5,300	0	15,700
Loews Corp	COM	540424108	1,636	47,700	SH		SOLE		11,200	0	36,500
Luther Burbank Corporation	COM	550550107	157	15,660	SH		SOLE		15,660	0	0
LyondellBasell Industries cl A	COM	N53745100	6,730	102,400	SH		SOLE		20,200	0	82,200
M&T Bank Corp.	COM	55261F104	7,964	76,600	SH		SOLE		14,300	0	62,300
M/I Homes, Inc.	COM	55305B101	1,133	32,900	SH		SOLE		8,000	0	24,900
MSC Industrial Direct Co.	COM	553530106	896	12,300	SH		SOLE		4,200	0	8,100
MSG Networks Inc.	COM	553573106	2,284	229,500	SH		SOLE		56,600	0	172,900
Macatawa Bank Corp	COM	554225102	88	11,300	SH		SOLE		11,300	0	0
ManpowerGroup Inc	COM	56418H100	921	13,400	SH		SOLE		2,900	0	10,500
Marine Products Corp	COM	568427108	813	58,670	SH		SOLE		28,670	0	30,000
Marlin Business Services Corp	COM	571157106	40	4,700	SH		SOLE		4,700	0	0
Matson Inc.	COM	57686G105	2,919	100,300	SH		SOLE		25,000	0	75,300
McGrath RentCorp	COM	580589109	443	8,200	SH		SOLE		2,000	0	6,200
Medical Properties Trust Inc	COM	58463J304	2,359	125,500	SH		SOLE		29,900	0	95,600
Mercantile Bank Corp	COM	587376104	66	2,900	SH		SOLE		2,900	0	0
Merchants Bancorp	COM	58844R108	174	9,390	SH		SOLE		9,390	0	0
Mesa Air Group	COM	590479135	72	20,890	SH		SOLE		20,890	0	0
Methode Electronics Inc	COM	591520200	1,719	55,000	SH		SOLE		13,400	0	41,600
Metropolitan Bank Holding Corp	COM	591774104	29	900	SH		SOLE		900	0	0
Micron Technology Inc	COM	595112103	6,579	127,700	SH		SOLE		26,200	0	101,500
Mid-America Apartment	COM	59522J103	367	3,200	SH		SOLE		3,200	0	0
MidWestOne Finl Grp	COM	598511103	16	780	SH		SOLE		780	0	0
Miller Industries Inc.	COM	600551204	130	4,360	SH		SOLE		4,360	0	0
Minerals Technologies	COM	603158106	568	12,100	SH		SOLE		2,200	0	9,900
Molson Coors Brewing Co.	COM	60871R209	1,440	41,900	SH		SOLE		7,200	0	34,700
Morgan Stanley	COM	617446448	6,757	139,900	SH		SOLE		28,200	0	111,700
Mueller Industries, Inc.	COM	624756102	601	22,600	SH		SOLE		5,800	0	16,800
NACCO Industries cl A	COM	629579103	34	1,450	SH		SOLE		1,450	0	0
NBT Bancorp Inc.	COM	628778102	98	3,200	SH		SOLE		0	0	3,200
NI Holdings Inc.	COM	65342T106	117	7,940	SH		SOLE		7,940	0	0
NL Industries Inc.	COM	629156407	56	16,400	SH		SOLE		16,400	0	0
NVR Inc.	COM	62944T105	2,281	700	SH		SOLE		300	0	400
National Beverage Corp	COM	635017106	85	1,400	SH		SOLE		0	0	1,400
National Fuel Gas Co.	COM	636180101	935	22,300	SH		SOLE		5,900	0	16,400
National General Holdings Corp	COM	636220303	3,162	146,300	SH		SOLE		36,300	0	110,000
National HealthCare Corp	COM	635906100	1,713	27,000	SH		SOLE		6,600	0	20,400
National Instruments	COM	636518102	774	20,000	SH		SOLE		6,700	0	13,300
National Presto Industries	COM	637215104	1,538	17,600	SH		SOLE		4,200	0	13,400
National Western Life Group A	COM	638517102	2,398	11,800	SH		SOLE		2,700	0	9,100
Natural Health Trends Corp	COM	63888P406	20	3,500	SH		SOLE		3,500	0	0
Nelnet Inc	COM	64031N108	2,549	53,400	SH		SOLE		13,300	0	40,100
NewMarket Corporation	COM	651587107	240	600	SH		SOLE		600	0	0
Newmark Group	COM	65158N102	583	120,000	SH		SOLE		28,100	0	91,900
Northern Trust Corp.	COM	665859104	1,785	22,500	SH		SOLE		6,700	0	15,800
Nucor Corporation	COM	670346105	1,350	32,600	SH		SOLE		11,800	0	20,800
Ollie's Bargain Outlet Holdings	COM	681116109	937	9,600	SH		SOLE		0	0	9,600
One Liberty Properties Inc.	COM	682406103	97	5,480	SH		SOLE		5,480	0	0
Onemain Holdings Inc	COM	68268W103	160	6,500	SH		SOLE		6,500	0	0
Oppenheimer Holdings	COM	683797104	102	4,700	SH		SOLE		4,700	0	0
Orion Engineered Carbons	COM	L72967109	599	56,600	SH		SOLE		14,000	0	42,600
Oshkosh Corporation	COM	688239201	201	2,800	SH		SOLE		2,800	0	0
PBF Energy Inc cl A	COM	69318G106	443	43,300	SH		SOLE		17,000	0	26,300
PC Connection, Inc.	COM	69318J100	2,754	59,400	SH		SOLE		14,700	0	44,700
PCB Bancorp	COM	69320M109	31	3,020	SH		SOLE		3,020	0	0
PPL Corp.	COM	69351T106	5,230	202,400	SH		SOLE		39,000	0	163,400
PQ Group Holdings Inc	COM	73943T103	101	7,600	SH		SOLE		3,200	0	4,400
Paccar Inc.	COM	693718108	5,666	75,700	SH		SOLE		14,500	0	61,200
Pangaea Logistics Solutions	COM	G6891L105	79	31,600	SH		SOLE		31,600	0	0
Park National Corp OH	COM	700658107	2,224	31,600	SH		SOLE		7,800	0	23,800
Park-Ohio Holdings Co	COM	700666100	957	57,700	SH		SOLE		21,400	0	36,300
Parke Bancorp, Inc.	COM	700885106	39	2,860	SH		SOLE		2,860	0	0
Parsons Corporation	COM	70202L102	696	19,200	SH		SOLE		4,800	0	14,400
PennyMac Financial Service Inc	COM	70932M107	3,561	85,200	SH		SOLE		21,200	0	64,000
Penske Automotive Group, Inc.	COM	70959W103	1,347	34,800	SH		SOLE		8,500	0	26,300
Peoples Bancorp OH	COM	709789101	43	2,000	SH		SOLE		2,000	0	0
Phibro Animal Health Corp CL A	COM	71742Q106	352	13,400	SH		SOLE		3,300	0	10,100
Phillips 66	COM	718546104	1,812	25,200	SH		SOLE		5,400	0	19,800
Piedmont Office Realty Trust,	COM	720190206	1,143	68,800	SH		SOLE		17,000	0	51,800
Pilgrims Pride Corp	COM	72147K108	642	38,000	SH		SOLE		13,900	0	24,100
Pool Corporation	COM	73278L105	82	300	SH		SOLE		300	0	0
Preformed Line Products	COM	740444104	78	1,560	SH		SOLE		1,560	0	0
Prestige Brand Holdings	COM	74112D101	297	7,900	SH		SOLE		1,000	0	6,900
Primoris Services Corp.	COM	74164F103	1,245	70,100	SH		SOLE		17,500	0	52,600
Principal Financial Group, Inc.	COM	74251V102	7,569	182,200	SH		SOLE		45,100	0	137,100
Provident Financial Services	COM	74386T105	657	45,500	SH		SOLE		10,900	0	34,600
Prudential Financial Inc	COM	744320102	749	12,300	SH		SOLE		3,600	0	8,700
PulteGroup, Inc.	COM	745867101	395	11,600	SH		SOLE		0	0	11,600
QCR Holdings, Inc.	COM	74727A104	122	3,900	SH		SOLE		3,900	0	0
Quest Diagnostics Inc.	COM	74834L100	1,755	15,400	SH		SOLE		0	0	15,400
RBB Bancorp	COM	74930B105	116	8,520	SH		SOLE		8,520	0	0
RMR Group	COM	74967R106	365	12,400	SH		SOLE		2,200	0	10,200
Ramaco Resources Inc	COM	75134P303	8	3,700	SH		SOLE		3,700	0	0
Rayonier Advanced Materials	COM	75508B104	87	31,000	SH		SOLE		31,000	0	0
Regeneron Pharmaceuticals	COM	75886F107	62	100	SH		SOLE		100	0	0
Regional Management Corp.	COM	75902K106	144	8,120	SH		SOLE		8,120	0	0
Reinsurance Group of America, Inc	COM	759351604	400	5,100	SH		SOLE		0	0	5,100
Reliance Steel & Aluminum	COM	759509102	1,395	14,700	SH		SOLE		3,300	0	11,400
Republic Bancorp KY	COM	760281204	2,051	62,690	SH		SOLE		22,390	0	40,300
Republic Services Inc.	COM	760759100	4,718	57,500	SH		SOLE		11,500	0	46,000
ResMed Inc.	COM	761152107	115	600	SH		SOLE		600	0	0
Rush Enterprises Inc	COM	781846209	2,857	68,900	SH		SOLE		17,200	0	51,700
Ryerson Holding Corporation	COM	783754104	179	31,870	SH		SOLE		31,870	0	0
Santander Consumer USA Holdings Inc.	COM	80283M101	2,958	160,700	SH		SOLE		38,600	0	122,100
Saul Centers Inc.	COM	804395101	290	9,000	SH		SOLE		2,300	0	6,700
Service Properties Trust	COM	81761L102	104	14,600	SH		SOLE		14,600	0	0
ServisFirst Bancshares, Inc.	COM	81768T108	737	20,600	SH		SOLE		6,000	0	14,600
SkyWest Inc.	COM	830879102	2,293	70,300	SH		SOLE		17,400	0	52,900
Skyworks Solutions, Inc.	COM	83088M102	1,279	10,000	SH		SOLE		2,000	0	8,000
Smart Sand Inc	COM	83191H107	34	32,400	SH		SOLE		32,400	0	0
Snap-On Inc.	COM	833034101	388	2,800	SH		SOLE		2,800	0	0
Southern Copper Corp.	COM	84265V105	6,502	163,500	SH		SOLE		33,200	0	130,300
Southern MO Bancorp	COM	843380106	70	2,900	SH		SOLE		2,900	0	0
Southwest Airlines Co.	COM	844741108	2,396	70,100	SH		SOLE		17,900	0	52,200
Starwood Property Trust, Inc.	COM	85571B105	109	7,300	SH		SOLE		7,300	0	0
State Street Corporation	COM	857477103	1,080	17,000	SH		SOLE		5,000	0	12,000
Steel Dynamics Inc.	COM	858119100	1,722	66,000	SH		SOLE		17,000	0	49,000
Steris PLC	COM	G8473T100	4,480	29,200	SH		SOLE		6,000	0	23,200
Sterling Bancorp Inc	COM	85917W102	707	197,600	SH		SOLE		64,300	0	133,300
Summit Fincl Group Inc.	COM	86606G101	30	1,800	SH		SOLE		1,800	0	0
Summit Hotel Properties, Inc.	COM	866082100	1,274	214,800	SH		SOLE		54,400	0	160,400
Sykes Enterprises Inc.	COM	871237103	379	13,700	SH		SOLE		3,400	0	10,300
Synchrony Financial	COM	87165B103	3,335	150,500	SH		SOLE		19,000	0	131,500
Synnex Corporation	COM	87162W100	1,114	9,300	SH		SOLE		2,400	0	6,900
TPG RE Finance Trust	COM	87266M107	529	61,500	SH		SOLE		10,500	0	51,000
Tailored Brands Inc	COM	87403A107	10	11,100	SH		SOLE		11,100	0	0
Textainer Group Hldgs Ltd.	COM	G8766E109	139	17,000	SH		SOLE		0	0	17,000
The Michaels Companies, Inc.	COM	59408Q106	1,331	188,300	SH		SOLE		44,300	0	144,000
The ODP Corp.	COM	88337F105	1,073	45,640	SH		SOLE		11,410	0	34,230
Toll Brothers Inc	COM	889478103	984	30,200	SH		SOLE		7,200	0	23,000
Tootsie Roll Industries Inc.	COM	890516107	815	23,775	SH		SOLE		6,586	0	17,189
Towne Bank	COM	89214P109	2,458	130,449	SH		SOLE		37,800	0	92,649
Tristate Capital Holdings Inc	COM	89678F100	58	3,690	SH		SOLE		3,690	0	0
Triton International Ltd	COM	G9078F107	2,791	92,300	SH		SOLE		23,400	0	68,900
Twin River Worldwide	COM	90171V204	412	18,500	SH		SOLE		5,100	0	13,400
Tyson Foods	COM	902494103	5,541	92,800	SH		SOLE		9,600	0	83,200
US Food Holdings	COM	912008109	489	24,800	SH		SOLE		10,200	0	14,600
Ubiquiti Inc.	COM	90353W103	1,187	6,800	SH		SOLE		2,800	0	4,000
United States Lime & Minerals	COM	911922102	161	1,910	SH		SOLE		1,910	0	0
United Therapeutics Corp.	COM	91307C102	811	6,700	SH		SOLE		1,800	0	4,900
Unity Bancorp Inc	COM	913290102	10	670	SH		SOLE		670	0	0
Universal Corporation	COM	913456109	608	14,300	SH		SOLE		5,400	0	8,900
Universal Health Services	COM	913903100	3,363	36,200	SH		SOLE		9,000	0	27,200
Universal Logistics Holdings,	COM	91388P105	200	11,520	SH		SOLE		11,520	0	0
Unum Group	COM	91529Y106	828	49,900	SH		SOLE		18,400	0	31,500
Urstadt Biddle Prop cl A	COM	917286205	184	15,520	SH		SOLE		9,320	0	6,200
Utah Medical Products Inc.	COM	917488108	69	780	SH		SOLE		780	0	0
VMware, Inc. Cl A	COM	928563402	6,318	40,800	SH		SOLE		8,200	0	32,600
VSE Corporation	COM	918284100	193	6,150	SH		SOLE		6,150	0	0
Value Line Inc.	COM	920437100	97	3,610	SH		SOLE		3,610	0	0
Valvoline	COM	92047W101	240	12,400	SH		SOLE		12,400	0	0
Verizon Communications, Inc.	COM	92343V104	7,591	137,700	SH		SOLE		27,900	0	109,800
ViacomCBS Corp. cl B	COM	92556H206	2,193	94,060	SH		SOLE		38,046	0	56,014
Village Super Market	COM	927107409	93	3,360	SH		SOLE		3,360	0	0
Vishay Precision Group Inc	COM	92835K103	19	790	SH		SOLE		790	0	0
W&T Offshore Inc.	COM	92922P106	697	305,510	SH		SOLE		116,210	0	189,300
Wabash National Corp.	COM	929566107	1,576	148,400	SH		SOLE		35,000	0	113,400
Waddell & Reed cl A	COM	930059100	924	59,600	SH		SOLE		6,700	0	52,900
Walgreens Boots Alliance Inc	COM	931427108	55	1,300	SH		SOLE		1,300	0	0
Warrior Met Coal, Llc	COM	93627C101	3,132	203,500	SH		SOLE		50,700	0	152,800
Waterstone Financial, Inc (MD)	COM	94188P101	22	1,460	SH		SOLE		1,460	0	0
Watsco Inc.	COM	942622200	6,735	37,900	SH		SOLE		8,200	0	29,700
Weingarten Realty Investors	COM	948741103	717	37,900	SH		SOLE		0	0	37,900
Weis Markets Inc.	COM	948849104	1,037	20,700	SH		SOLE		5,400	0	15,300
Wells Fargo & Company	COM	949746101	6,597	257,700	SH		SOLE		46,600	0	211,100
WesBanco Inc.	COM	950810101	223	11,000	SH		SOLE		1,900	0	9,100
West Pharmaceutical Services	COM	955306105	522	2,300	SH		SOLE		2,300	0	0
Westlake Chemical Corporation	COM	960413102	1,395	26,000	SH		SOLE		7,100	0	18,900
Weyco Group Inc.	COM	962149100	173	8,000	SH		SOLE		8,000	0	0
Willis Lease Finance	COM	970646105	96	3,950	SH		SOLE		3,950	0	0
Winmark Corporation	COM	974250102	687	4,010	SH		SOLE		1,110	0	2,900
Worthington Industries	COM	981811102	3,469	93,000	SH		SOLE		23,900	0	69,100
Zynex Inc	COM	98986M103	22	900	SH		SOLE		900	0	0
ePlus Inc.	COM	294268107	304	4,300	SH		SOLE		1,100	0	3,200