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
1-800-Flowers.com cl A	COM	68243Q106	648	26,000	SH		SOLE		6,500	0	19,500
1st Source Corporation	COM	336901103	833	27,000	SH		SOLE		6,300	0	20,700
AFLAC INC COM	COM	001055102	6,227	171,300	SH		SOLE		28,500	0	142,800
AMC Networks Inc. cl A	COM	00164V103	2,155	87,200	SH		SOLE		21,800	0	65,400
AT&T Inc.	COM	00206R102	2,104	73,800	SH		SOLE		48,100	0	25,700
AXOS Financial Inc	COM	05465C100	1,606	68,900	SH		SOLE		16,600	0	52,300
Acco Brands Corporation	COM	00081T108	2,247	387,400	SH		SOLE		97,500	0	289,900
Advanced Emissions Solutions	COM	00770C101	23	5,570	SH		SOLE		5,570	0	0
Advansix Inc	COM	00773T101	909	70,600	SH		SOLE		17,700	0	52,900
Air Lease Corp. Cl A	COM	00912X302	827	28,100	SH		SOLE		500	0	27,600
Alexanders Inc.	COM	014752109	883	3,600	SH		SOLE		600	0	3,000
Allison Transmission Holdings	COM	01973R101	552	15,700	SH		SOLE		400	0	15,300
Allstate Corp.	COM	020002101	6,637	70,500	SH		SOLE		14,600	0	55,900
Ally Financial Inc.	COM	02005N100	582	23,200	SH		SOLE		400	0	22,800
Altabancorp	COM	021347109	16	790	SH		SOLE		790	0	0
Amdocs Limited	COM	G02602103	2,790	48,600	SH		SOLE		15,500	0	33,100
Amerco	COM	023586100	1,780	5,000	SH		SOLE		0	0	5,000
America's Car-Mart Inc	COM	03062T105	280	3,300	SH		SOLE		1,000	0	2,300
American Equity Investment	COM	025676206	1,695	77,100	SH		SOLE		21,500	0	55,600
Ameriprise Financial Inc.	COM	03076C106	832	5,400	SH		SOLE		100	0	5,300
AmerisourceBergen Corp	COM	03073E105	6,339	65,400	SH		SOLE		10,000	0	55,400
Amkor Technology Inc	COM	031652100	2,885	257,600	SH		SOLE		64,100	0	193,500
Apartment Invest&Mang A	COM	03748R754	1,224	36,300	SH		SOLE		3,000	0	33,300
Apple Hospitality REIT Inc	COM	03784Y200	692	72,000	SH		SOLE		1,000	0	71,000
Arcbest Corp	COM	03937C105	208	6,700	SH		SOLE		2,200	0	4,500
Arch Capital Group Ltd.	COM	G0450A105	2,173	74,300	SH		SOLE		800	0	73,500
Archer Daniels Midland	COM	039483102	6,774	145,700	SH		SOLE		2,100	0	143,600
Arrow Financial Corp.	COM	042744102	9	350	SH		SOLE		350	0	0
Athene Holding Ltd.	COM	G0684D107	1,735	50,900	SH		SOLE		16,700	0	34,200
Atkore International Group	COM	047649108	686	30,200	SH		SOLE		7,600	0	22,600
AutoNation Inc.	COM	05329W102	625	11,800	SH		SOLE		200	0	11,600
Avangrid Inc.	COM	05351W103	5,707	113,100	SH		SOLE		1,700	0	111,400
BancFirst Corp OK	COM	05945F103	2,965	72,600	SH		SOLE		18,200	0	54,400
Bank of America Corp	COM	060505104	8,207	340,700	SH		SOLE		69,500	0	271,200
Bank of NT Butterfield LTD	COM	G0772R208	2,134	95,800	SH		SOLE		24,400	0	71,400
Bank of New York Mellon Corp.	COM	064058100	4,313	125,600	SH		SOLE		22,300	0	103,300
Bank7 Corp	COM	06652N107	43	4,560	SH		SOLE		4,560	0	0
Berkshire Hathaway cl B	COM	084670702	9,433	44,300	SH		SOLE		7,400	0	36,900
Best Buy Inc.	COM	086516101	1,224	11,000	SH		SOLE		4,400	0	6,600
Biogen Inc.	COM	09062X103	5,135	18,100	SH		SOLE		3,000	0	15,100
Bonanza Creek Energy	COM	097793400	1,480	78,720	SH		SOLE		21,520	0	57,200
Booz Allen Hamilton cl A	COM	099502106	8	100	SH		SOLE		100	0	0
Brightshphere Investment Group	COM	10948W103	854	66,200	SH		SOLE		16,900	0	49,300
Brown-Forman cl B	COM	115637209	644	8,550	SH		SOLE		200	0	8,350
Buckle Inc.	COM	118440106	375	18,400	SH		SOLE		5,000	0	13,400
Byline Bancorp Inc.	COM	124411109	41	3,650	SH		SOLE		3,650	0	0
CAI International, Inc.	COM	12477X106	142	5,150	SH		SOLE		5,150	0	0
CBIZ, Inc.	COM	124805102	462	20,200	SH		SOLE		5,000	0	15,200
CBRE Group, Inc.	COM	12504L109	3,086	65,700	SH		SOLE		3,400	0	62,300
CBTX Inc	COM	12481V104	60	3,700	SH		SOLE		3,700	0	0
CDW Corporation	COM	12514G108	36	300	SH		SOLE		300	0	0
CNA Financial Corp.	COM	126117100	4,265	142,200	SH		SOLE		27,700	0	114,500
CNB Financial Corp PA	COM	126128107	87	5,840	SH		SOLE		5,840	0	0
CTO Realty Growth Inc	COM	22948P103	1,201	27,224	SH		SOLE		10,220	0	17,004
Cabot Oil & Gas Corp	COM	127097103	778	44,800	SH		SOLE		10,200	0	34,600
Capital One Financial Corp.	COM	14040H105	4,757	66,200	SH		SOLE		13,400	0	52,800
Cathay General Bancorp	COM	149150104	1,773	81,800	SH		SOLE		20,200	0	61,600
Cedar Realty Trust Inc.	COM	150602209	15	18,800	SH		SOLE		18,800	0	0
Central Garden&Pet cl A	COM	153527205	770	21,300	SH		SOLE		5,300	0	16,000
Century Bancorp cl A	COM	156432106	112	1,700	SH		SOLE		1,700	0	0
Century Communities, Inc.	COM	156504300	478	11,300	SH		SOLE		2,800	0	8,500
Cheniere Energy Inc	COM	16411R208	5	100	SH		SOLE		100	0	0
Ciena Corporation	COM	171779309	321	8,100	SH		SOLE		0	0	8,100
Citizens Financial Grp	COM	174610105	741	29,300	SH		SOLE		600	0	28,700
Clorox Company	COM	189054109	21	100	SH		SOLE		100	0	0
Comcast cl A	COM	20030N101	7,984	172,600	SH		SOLE		36,000	0	136,600
Community Trust Bancorp	COM	204149108	105	3,730	SH		SOLE		3,730	0	0
Compx International Inc	COM	20563P101	133	8,910	SH		SOLE		8,910	0	0
Conn's, Inc.	COM	208242107	17	1,590	SH		SOLE		1,590	0	0
Consolidated Water Co.	COM	G23773107	639	61,400	SH		SOLE		14,200	0	47,200
Construction Partners Inc.	COM	21044C107	559	30,700	SH		SOLE		7,900	0	22,800
Containers Store Group	COM	210751103	35	5,700	SH		SOLE		5,700	0	0
Continental Resources, Inc.	COM	212015101	422	34,400	SH		SOLE		0	0	34,400
Copart, Inc. (DE)	COM	217204106	5,090	48,400	SH		SOLE		8,200	0	40,200
Corvel Corp.	COM	221006109	85	1,000	SH		SOLE		0	0	1,000
Costamare Inc	COM	Y1771G102	1,473	242,700	SH		SOLE		59,800	0	182,900
Customers Bancorp Inc	COM	23204G100	754	67,290	SH		SOLE		21,590	0	45,700
D.R. Horton Inc.	COM	23331A109	1,482	19,600	SH		SOLE		8,500	0	11,100
DISH Network Corp cl A	COM	25470M109	4,180	144,000	SH		SOLE		23,800	0	120,200
DLH Holdings	COM	23335Q100	9	1,260	SH		SOLE		1,260	0	0
Diamond Hill Investments	COM	25264R207	531	4,200	SH		SOLE		700	0	3,500
Discover Financial Services	COM	254709108	740	12,800	SH		SOLE		900	0	11,900
Discovery Inc.	COM	25470F104	11	500	SH		SOLE		500	0	0
Dolby Laboratories Inc.	COM	25659T107	948	14,300	SH		SOLE		200	0	14,100
Dover Corp.	COM	260003108	3,954	36,500	SH		SOLE		8,000	0	28,500
EPAM Systems Inc	COM	29414B104	3,071	9,500	SH		SOLE		300	0	9,200
Eagle Bancorp Inc	COM	268948106	504	18,800	SH		SOLE		4,700	0	14,100
East West Bancorp, Inc.	COM	27579R104	547	16,700	SH		SOLE		300	0	16,400
Eastman Chemical Co	COM	277432100	1,016	13,000	SH		SOLE		200	0	12,800
Eaton Corporation, plc	COM	G29183103	5,877	57,600	SH		SOLE		12,300	0	45,300
Ebix Inc	COM	278715206	391	19,000	SH		SOLE		2,700	0	16,300
Electromed Inc	COM	285409108	22	2,120	SH		SOLE		2,120	0	0
Employers Holdings, Inc.	COM	292218104	1,975	65,300	SH		SOLE		16,200	0	49,100
Encore Wire Corporation	COM	292562105	223	4,800	SH		SOLE		1,700	0	3,100
Ennis Inc	COM	293389102	211	12,100	SH		SOLE		3,000	0	9,100
Enstar Group Limited	COM	G3075P101	2,826	17,500	SH		SOLE		4,300	0	13,200
Enterprise Financial Services	COM	293712105	215	7,900	SH		SOLE		2,000	0	5,900
Entertainment Properties	COM	26884U109	435	15,800	SH		SOLE		200	0	15,600
Equity Lifestyle Properties	COM	29472R108	4,358	71,100	SH		SOLE		10,400	0	60,700
Escalade Inc.	COM	296056104	59	3,230	SH		SOLE		3,230	0	0
Exelixis Inc.	COM	30161Q104	809	33,100	SH		SOLE		500	0	32,600
Exelon Corporation	COM	30161N101	672	18,800	SH		SOLE		18,800	0	0
Expeditors International of WA	COM	302130109	253	2,800	SH		SOLE		2,800	0	0
Exxon Mobil Corporation	COM	30231G102	6,406	186,600	SH		SOLE		33,700	0	152,900
FB Financial Corp.	COM	30257X104	266	10,600	SH		SOLE		2,600	0	8,000
FMC Corporation	COM	302491303	64	600	SH		SOLE		600	0	0
FTI Consulting, Inc.	COM	302941109	530	5,000	SH		SOLE		100	0	4,900
Falcon Minerals Corp	COM	30607B109	10	4,140	SH		SOLE		4,140	0	0
Farmer Mac	COM	313148306	2,508	39,400	SH		SOLE		11,300	0	28,100
Farmland Partners Inc.	COM	31154R109	14	2,060	SH		SOLE		2,060	0	0
Federated Hermes Inc	COM	314211103	1,917	89,100	SH		SOLE		22,200	0	66,900
Fifth Third Bancorp	COM	316773100	1,580	74,100	SH		SOLE		1,200	0	72,900
Financial Institutions Inc.	COM	317585404	69	4,470	SH		SOLE		4,470	0	0
First Bancorp	COM	318910106	57	2,700	SH		SOLE		0	0	2,700
First Busey Corporation	COM	319383204	647	40,700	SH		SOLE		10,100	0	30,600
First Choice Bancorp	COM	31948P104	24	1,830	SH		SOLE		1,830	0	0
First Financial Bancorp OH	COM	320209109	1,316	109,600	SH		SOLE		27,000	0	82,600
First Financial Corp (IN)	COM	320218100	38	1,200	SH		SOLE		1,200	0	0
First Interstate BancSystem A	COM	32055Y201	3,048	95,700	SH		SOLE		23,800	0	71,900
First Merchants Corp	COM	320817109	2,140	92,400	SH		SOLE		22,900	0	69,500
First Mid-Illinois Bancshares	COM	320866106	8	340	SH		SOLE		340	0	0
Flagstar Bancorp Inc	COM	337930705	2,308	77,900	SH		SOLE		17,300	0	60,600
Flushing Financial Corp	COM	343873105	98	9,270	SH		SOLE		9,270	0	0
Fonar Corporation	COM	344437405	100	4,770	SH		SOLE		4,770	0	0
Forestar Group	COM	346232101	217	12,270	SH		SOLE		4,270	0	8,000
Franklin Resources Inc	COM	354613101	415	20,400	SH		SOLE		0	0	20,400
FutureFuel Corp	COM	36116M106	114	10,070	SH		SOLE		10,070	0	0
GAMCO Investors, Inc.	COM	361438104	757	65,442	SH		SOLE		32,300	0	33,142
Gaming and Leisure Properties, Inc.	COM	36467J108	1,148	31,092	SH		SOLE		10,072	0	21,020
Garmin Ltd	COM	H2906T109	6,081	64,100	SH		SOLE		10,000	0	54,100
Gencor Industries Inc.	COM	368678108	4	400	SH		SOLE		400	0	0
General Dynamics Corp.	COM	369550108	5,067	36,600	SH		SOLE		6,500	0	30,100
Genpact Limited	COM	G3922B107	1,799	46,200	SH		SOLE		6,300	0	39,900
Gentex Corporation	COM	371901109	680	26,400	SH		SOLE		2,900	0	23,500
Genworth Financial Inc	COM	37247D106	1,090	325,400	SH		SOLE		82,300	0	243,100
Globus Medical Inc	COM	379577208	490	9,900	SH		SOLE		200	0	9,700
Goldman Sachs Group Inc	COM	38141G104	20	100	SH		SOLE		100	0	0
Gray Television Inc	COM	389375106	2,830	205,500	SH		SOLE		51,200	0	154,300
Great Southern Bancorp	COM	390905107	169	4,660	SH		SOLE		3,060	0	1,600
Green Brick Partners Inc	COM	392709101	1,069	66,400	SH		SOLE		23,000	0	43,400
Greene County Bancorp	COM	394357107	16	750	SH		SOLE		750	0	0
Greif Inc cl A	COM	397624107	3,042	84,000	SH		SOLE		20,700	0	63,300
HCA Holdings, Inc.	COM	40412C101	6,097	48,900	SH		SOLE		9,900	0	39,000
HNI Corporation	COM	404251100	333	10,600	SH		SOLE		2,200	0	8,400
HP Inc.	COM	40434L105	5,767	303,700	SH		SOLE		50,200	0	253,500
Hamilton Beach Brands	COM	40701T104	31	1,600	SH		SOLE		1,600	0	0
Hawaiian Holdings Inc.	COM	419879101	58	4,500	SH		SOLE		0	0	4,500
Heartland Express	COM	422347104	543	29,200	SH		SOLE		7,200	0	22,000
Heartland Financial USA	COM	42234Q102	318	10,600	SH		SOLE		2,600	0	8,000
Hingham Institution for Saving	COM	433323102	40	220	SH		SOLE		220	0	0
HollyFrontier Corporation	COM	436106108	436	22,100	SH		SOLE		700	0	21,400
Hope Bancorp	COM	43940T109	2,197	289,700	SH		SOLE		69,700	0	220,000
Horizon Bancorp	COM	440407104	109	10,780	SH		SOLE		10,780	0	0
Hormel Foods Corp	COM	440452100	6,713	137,300	SH		SOLE		23,800	0	113,500
Hudson Pacific Properties, Inc	COM	444097109	480	21,900	SH		SOLE		300	0	21,600
Huntington Ingalls Industries	COM	446413106	2,435	17,300	SH		SOLE		800	0	16,500
IPG Photonics Corporation	COM	44980X109	544	3,200	SH		SOLE		0	0	3,200
Independence Holding Co.	COM	453440307	56	1,490	SH		SOLE		1,490	0	0
Independent Bank MI	COM	453838609	37	2,910	SH		SOLE		2,910	0	0
Ingles Markets cl A	COM	457030104	2,187	57,500	SH		SOLE		14,200	0	43,300
Ingredion Incorporated	COM	457187102	447	5,900	SH		SOLE		0	0	5,900
Innoviva, Inc.	COM	45781M101	2,804	268,300	SH		SOLE		66,700	0	201,600
Insight Enterprises, Inc.	COM	45765U103	419	7,400	SH		SOLE		2,200	0	5,200
Intel Corporation	COM	458140100	8,005	154,600	SH		SOLE		30,700	0	123,900
International Bancshares	COM	459044103	2,562	98,300	SH		SOLE		24,500	0	73,800
International Money Express Inc	COM	46005L101	73	5,080	SH		SOLE		5,080	0	0
International Paper Co.	COM	460146103	2,878	71,000	SH		SOLE		17,200	0	53,800
Iradimed Corp.	COM	46266A109	17	800	SH		SOLE		800	0	0
JPMorgan Chase & Co.	COM	46625H100	9,175	95,300	SH		SOLE		19,100	0	76,200
Jazz Pharmaceuticals plc	COM	G50871105	2,481	17,400	SH		SOLE		0	0	17,400
JetBlue Airways Corp	COM	477143101	43	3,800	SH		SOLE		3,800	0	0
Johnson Outdoors Inc.	COM	479167108	88	1,070	SH		SOLE		1,070	0	0
KKR Real Estate Finance	COM	48251K100	53	3,200	SH		SOLE		0	0	3,200
Kennedy-Wilson Holdings	COM	489398107	3,193	219,900	SH		SOLE		54,700	0	165,200
Keurig Dr. Pepper Inc	COM	49271V100	47	1,700	SH		SOLE		1,700	0	0
Kforce Inc.	COM	493732101	441	13,700	SH		SOLE		3,400	0	10,300
Kimball Electronics, Inc.	COM	49428J109	82	7,100	SH		SOLE		7,100	0	0
Kimball International cl B	COM	494274103	56	5,270	SH		SOLE		5,270	0	0
Knoll Inc.	COM	498904200	490	40,600	SH		SOLE		6,200	0	34,400
Kraton Corporation	COM	50077C106	2,044	114,700	SH		SOLE		31,200	0	83,500
Kroger Company	COM	501044101	2,058	60,700	SH		SOLE		14,200	0	46,500
Kronos Worldwide Inc.	COM	50105F105	2,234	173,700	SH		SOLE		41,300	0	132,400
Laboratory Corp of America	COM	50540R409	2,127	11,300	SH		SOLE		5,200	0	6,100
Landstar System Inc.	COM	515098101	1,305	10,400	SH		SOLE		200	0	10,200
Lantheus Holdings Inc	COM	516544103	284	22,400	SH		SOLE		5,600	0	16,800
Lawson Products Inc.	COM	520776105	18	450	SH		SOLE		450	0	0
Lear Corporation	COM	521865204	5,311	48,700	SH		SOLE		7,700	0	41,000
Lennar Corp cl A	COM	526057104	5,758	70,500	SH		SOLE		2,900	0	67,600
Lennox International Inc.	COM	526107107	600	2,200	SH		SOLE		0	0	2,200
Liberty Oilfield Services	COM	53115L104	470	58,800	SH		SOLE		14,500	0	44,300
Liberty Sirius XM	COM	531229607	953	28,800	SH		SOLE		600	0	28,200
Lifevantage Corp	COM	53222K205	47	3,910	SH		SOLE		3,910	0	0
Lincoln National Corporation	COM	534187109	533	17,000	SH		SOLE		1,300	0	15,700
Luther Burbank Corporation	COM	550550107	103	12,360	SH		SOLE		12,360	0	0
LyondellBasell Industries cl A	COM	N53745100	9,735	138,100	SH		SOLE		21,700	0	116,400
M&T Bank Corp.	COM	55261F104	5,608	60,900	SH		SOLE		9,600	0	51,300
M/I Homes, Inc.	COM	55305B101	1,580	34,300	SH		SOLE		8,000	0	26,300
MGIC Investment Corp.	COM	552848103	668	75,400	SH		SOLE		2,300	0	73,100
MSC Industrial Direct Co.	COM	553530106	525	8,300	SH		SOLE		200	0	8,100
MSG Networks Inc.	COM	553573106	2,196	229,500	SH		SOLE		56,600	0	172,900
Macatawa Bank Corp	COM	554225102	55	8,360	SH		SOLE		8,360	0	0
ManpowerGroup Inc	COM	56418H100	829	11,300	SH		SOLE		800	0	10,500
Marine Products Corp	COM	568427108	815	52,090	SH		SOLE		22,090	0	30,000
Marinemax Inc	COM	567908108	100	3,900	SH		SOLE		1,300	0	2,600
Marlin Business Services Corp	COM	571157106	23	3,200	SH		SOLE		3,200	0	0
Mastech Digital	COM	57633B100	10	570	SH		SOLE		570	0	0
Matson Inc.	COM	57686G105	3,295	82,200	SH		SOLE		20,500	0	61,700
McGrath RentCorp	COM	580589109	1,937	32,500	SH		SOLE		8,000	0	24,500
Medical Properties Trust Inc	COM	58463J304	1,375	78,000	SH		SOLE		6,500	0	71,500
Mercantile Bank Corp	COM	587376104	76	4,240	SH		SOLE		4,240	0	0
Merchants Bancorp	COM	58844R108	116	5,900	SH		SOLE		5,900	0	0
Meridian Bancorp Inc	COM	58958U103	7	690	SH		SOLE		690	0	0
Methode Electronics Inc	COM	591520200	2,511	88,100	SH		SOLE		21,600	0	66,500
Metropolitan Bank Holding Corp	COM	591774104	32	1,150	SH		SOLE		1,150	0	0
Micron Technology Inc	COM	595112103	5,635	120,000	SH		SOLE		24,300	0	95,700
Mid-America Apartment	COM	59522J103	394	3,400	SH		SOLE		3,400	0	0
Miller Industries Inc.	COM	600551204	109	3,560	SH		SOLE		3,560	0	0
Minerals Technologies	COM	603158106	618	12,100	SH		SOLE		2,200	0	9,900
Molina Healthcare, Inc.	COM	60855R100	55	300	SH		SOLE		300	0	0
Molson Coors Brewing Co.	COM	60871R209	440	13,100	SH		SOLE		1,200	0	11,900
Morgan Stanley	COM	617446448	6,160	127,400	SH		SOLE		25,800	0	101,600
Mueller Industries, Inc.	COM	624756102	612	22,600	SH		SOLE		5,800	0	16,800
NACCO Industries cl A	COM	629579103	31	1,720	SH		SOLE		1,720	0	0
NBT Bancorp Inc.	COM	628778102	86	3,200	SH		SOLE		0	0	3,200
NI Holdings Inc.	COM	65342T106	93	5,500	SH		SOLE		5,500	0	0
NL Industries Inc.	COM	629156407	54	12,710	SH		SOLE		12,710	0	0
NMI Holdings	COM	629209305	84	4,700	SH		SOLE		0	0	4,700
NVR Inc.	COM	62944T105	2,042	500	SH		SOLE		200	0	300
National Beverage Corp	COM	635017106	1,122	16,500	SH		SOLE		2,600	0	13,900
National Fuel Gas Co.	COM	636180101	678	16,700	SH		SOLE		300	0	16,400
National General Holdings Corp	COM	636220303	2,774	82,200	SH		SOLE		20,400	0	61,800
National HealthCare Corp	COM	635906100	1,682	27,000	SH		SOLE		6,600	0	20,400
National Instruments	COM	636518102	486	13,600	SH		SOLE		300	0	13,300
National Presto Industries	COM	637215104	1,441	17,600	SH		SOLE		4,200	0	13,400
National Western Life Group A	COM	638517102	2,157	11,800	SH		SOLE		2,700	0	9,100
Natural Grocers By Vitamin Cottage Inc	COM	63888U108	14	1,370	SH		SOLE		1,370	0	0
Natural Health Trends Corp	COM	63888P406	20	3,500	SH		SOLE		3,500	0	0
Nelnet Inc	COM	64031N108	2,892	48,000	SH		SOLE		12,000	0	36,000
Newmark Group	COM	65158N102	518	120,000	SH		SOLE		28,100	0	91,900
Northern Trust Corp.	COM	665859104	1,614	20,700	SH		SOLE		400	0	20,300
Nucor Corporation	COM	670346105	1,673	37,300	SH		SOLE		2,000	0	35,300
Ollie's Bargain Outlet Holdings	COM	681116109	1,502	17,200	SH		SOLE		0	0	17,200
One Liberty Properties Inc.	COM	682406103	103	6,297	SH		SOLE		6,297	0	0
Onemain Holdings Inc	COM	68268W103	9	300	SH		SOLE		300	0	0
Oppenheimer Holdings	COM	683797104	72	3,210	SH		SOLE		3,210	0	0
Oracle Corporation	COM	68389X105	78	1,300	SH		SOLE		1,300	0	0
Orion Engineered Carbons	COM	L72967109	796	63,600	SH		SOLE		14,000	0	49,600
PBF Energy Inc cl A	COM	69318G106	185	32,600	SH		SOLE		6,300	0	26,300
PC Connection, Inc.	COM	69318J100	2,439	59,400	SH		SOLE		14,700	0	44,700
PPL Corp.	COM	69351T106	3,423	125,800	SH		SOLE		29,100	0	96,700
PQ Group Holdings Inc	COM	73943T103	78	7,600	SH		SOLE		3,200	0	4,400
Paccar Inc.	COM	693718108	6,507	76,300	SH		SOLE		11,400	0	64,900
Pangaea Logistics Solutions	COM	G6891L105	74	28,530	SH		SOLE		28,530	0	0
Park National Corp OH	COM	700658107	189	2,300	SH		SOLE		100	0	2,200
Park-Ohio Holdings Co	COM	700666100	887	55,210	SH		SOLE		18,910	0	36,300
Parke Bancorp, Inc.	COM	700885106	34	2,860	SH		SOLE		2,860	0	0
Parsons Corporation	COM	70202L102	1,597	47,600	SH		SOLE		11,900	0	35,700
Peapack-Gladstone Financial Corp	COM	704699107	22	1,450	SH		SOLE		1,450	0	0
Penn Virginia Corp	COM	70788V102	1,374	139,530	SH		SOLE		43,030	0	96,500
PennyMac Financial Service Inc	COM	70932M107	244	4,200	SH		SOLE		1,900	0	2,300
Penske Automotive Group, Inc.	COM	70959W103	820	17,200	SH		SOLE		300	0	16,900
Peoples Bancorp OH	COM	709789101	46	2,400	SH		SOLE		2,400	0	0
Phibro Animal Health Corp CL A	COM	71742Q106	233	13,400	SH		SOLE		3,300	0	10,100
Phillips 66	COM	718546104	270	5,200	SH		SOLE		5,200	0	0
Piedmont Office Realty Trust,	COM	720190206	1,552	114,400	SH		SOLE		28,300	0	86,100
Pilgrims Pride Corp	COM	72147K108	370	24,700	SH		SOLE		600	0	24,100
Pool Corporation	COM	73278L105	669	2,000	SH		SOLE		2,000	0	0
Preformed Line Products	COM	740444104	82	1,690	SH		SOLE		1,690	0	0
Prestige Brand Holdings	COM	74112D101	270	7,400	SH		SOLE		600	0	6,800
Primoris Services Corp.	COM	74164F103	1,759	97,500	SH		SOLE		27,500	0	70,000
Principal Financial Group, Inc.	COM	74251V102	5,569	138,300	SH		SOLE		25,900	0	112,400
Progressive Corp.	COM	743315103	265	2,800	SH		SOLE		2,800	0	0
Prosight Global Inc	COM	74349J103	18	1,600	SH		SOLE		1,600	0	0
Provident Financial Services	COM	74386T105	555	45,500	SH		SOLE		10,900	0	34,600
Prudential Financial Inc	COM	744320102	4,497	70,800	SH		SOLE		4,000	0	66,800
PulteGroup, Inc.	COM	745867101	537	11,600	SH		SOLE		0	0	11,600
QCR Holdings, Inc.	COM	74727A104	104	3,780	SH		SOLE		3,780	0	0
Quest Diagnostics Inc.	COM	74834L100	1,763	15,400	SH		SOLE		0	0	15,400
Quidel Corp	COM	74838J101	22	100	SH		SOLE		100	0	0
RBB Bancorp	COM	74930B105	70	6,180	SH		SOLE		6,180	0	0
RMR Group	COM	74967R106	316	11,500	SH		SOLE		1,300	0	10,200
Radian Group, Inc.	COM	750236101	365	25,000	SH		SOLE		7,800	0	17,200
Ramaco Resources Inc	COM	75134P303	13	3,700	SH		SOLE		3,700	0	0
Rayonier Advanced Materials	COM	75508B104	65	20,380	SH		SOLE		20,380	0	0
Red River Bancshares Inc	COM	75686R202	9	220	SH		SOLE		220	0	0
Reliance Steel & Aluminum	COM	759509102	929	9,100	SH		SOLE		100	0	9,000
Renasant Corp	COM	75970E107	95	4,200	SH		SOLE		1,700	0	2,500
Republic Bancorp KY	COM	760281204	1,736	61,660	SH		SOLE		21,360	0	40,300
Republic Services Inc.	COM	760759100	5,060	54,200	SH		SOLE		900	0	53,300
ResMed Inc.	COM	761152107	69	400	SH		SOLE		400	0	0
Robert Half International Inc.	COM	770323103	16	300	SH		SOLE		300	0	0
Rush Enterprises Inc	COM	781846209	3,184	63,000	SH		SOLE		15,700	0	47,300
Ryerson Holding Corporation	COM	783754104	108	18,890	SH		SOLE		18,890	0	0
Santander Consumer USA Holdings Inc.	COM	80283M101	875	48,100	SH		SOLE		800	0	47,300
Saul Centers Inc.	COM	804395101	239	9,000	SH		SOLE		2,300	0	6,700
ServisFirst Bancshares, Inc.	COM	81768T108	701	20,600	SH		SOLE		6,000	0	14,600
SkyWest Inc.	COM	830879102	2,631	88,100	SH		SOLE		23,100	0	65,000
Skyworks Solutions, Inc.	COM	83088M102	815	5,600	SH		SOLE		100	0	5,500
Snap-On Inc.	COM	833034101	103	700	SH		SOLE		700	0	0
Southern Copper Corp.	COM	84265V105	6,039	133,400	SH		SOLE		27,200	0	106,200
Southern MO Bancorp	COM	843380106	57	2,400	SH		SOLE		2,400	0	0
Starwood Property Trust, Inc.	COM	85571B105	8	500	SH		SOLE		500	0	0
State Street Corporation	COM	857477103	2,213	37,300	SH		SOLE		5,600	0	31,700
Steel Dynamics Inc.	COM	858119100	1,429	49,900	SH		SOLE		900	0	49,000
Steris PLC	COM	G8473T100	2,925	16,600	SH		SOLE		3,700	0	12,900
Sterling Bancorp Inc	COM	85917W102	573	190,340	SH		SOLE		57,040	0	133,300
Summit Fincl Group Inc.	COM	86606G101	27	1,800	SH		SOLE		1,800	0	0
Superior Group of Companies	COM	868358102	32	1,370	SH		SOLE		1,370	0	0
Sykes Enterprises Inc.	COM	871237103	469	13,700	SH		SOLE		3,400	0	10,300
Synchrony Financial	COM	87165B103	3,564	136,200	SH		SOLE		14,000	0	122,200
Synnex Corporation	COM	87162W100	672	4,800	SH		SOLE		100	0	4,700
T Rowe Price Group Inc	COM	74144T108	38	300	SH		SOLE		300	0	0
The Michaels Companies, Inc.	COM	59408Q106	366	37,900	SH		SOLE		8,600	0	29,300
Toll Brothers Inc	COM	889478103	637	13,100	SH		SOLE		1,000	0	12,100
Tootsie Roll Industries Inc.	COM	890516107	735	23,775	SH		SOLE		6,586	0	17,189
Towne Bank	COM	89214P109	2,644	161,249	SH		SOLE		42,900	0	118,349
Triple-S Management Corp	COM	896749108	28	1,590	SH		SOLE		1,590	0	0
Triton International Ltd	COM	G9078F107	3,546	87,200	SH		SOLE		21,700	0	65,500
Turtle Beach Corp	COM	900450206	226	12,400	SH		SOLE		3,700	0	8,700
Tyson Foods	COM	902494103	5,466	91,900	SH		SOLE		4,000	0	87,900
USANA Health Sciences, Inc.	COM	90328M107	15	200	SH		SOLE		200	0	0
Ubiquiti Inc.	COM	90353W103	2,467	14,800	SH		SOLE		1,900	0	12,900
United States Lime & Minerals	COM	911922102	114	1,260	SH		SOLE		1,260	0	0
United Therapeutics Corp.	COM	91307C102	434	4,300	SH		SOLE		100	0	4,200
Unity Bancorp Inc	COM	913290102	8	670	SH		SOLE		670	0	0
Universal Corporation	COM	913456109	599	14,300	SH		SOLE		5,400	0	8,900
Universal Health Services	COM	913903100	3,510	32,800	SH		SOLE		6,100	0	26,700
Universal Logistics Holdings,	COM	91388P105	110	5,270	SH		SOLE		5,270	0	0
Unum Group	COM	91529Y106	530	31,500	SH		SOLE		0	0	31,500
Urstadt Biddle Prop cl A	COM	917286205	208	22,620	SH		SOLE		16,420	0	6,200
Utah Medical Products Inc.	COM	917488108	27	340	SH		SOLE		340	0	0
VMware, Inc. Cl A	COM	928563402	4,511	31,400	SH		SOLE		6,300	0	25,100
VSE Corporation	COM	918284100	116	3,780	SH		SOLE		3,780	0	0
Value Line Inc.	COM	920437100	73	2,970	SH		SOLE		2,970	0	0
Valvoline	COM	92047W101	10	500	SH		SOLE		500	0	0
Verizon Communications, Inc.	COM	92343V104	8,573	144,100	SH		SOLE		29,000	0	115,100
ViacomCBS Corp. cl B	COM	92556H206	671	23,960	SH		SOLE		346	0	23,614
Village Super Market	COM	927107409	70	2,860	SH		SOLE		2,860	0	0
W&T Offshore Inc.	COM	92922P106	515	286,010	SH		SOLE		96,710	0	189,300
W.W. Grainger Inc.	COM	384802104	71	200	SH		SOLE		200	0	0
Wabash National Corp.	COM	929566107	537	44,900	SH		SOLE		7,000	0	37,900
Waddell & Reed cl A	COM	930059100	885	59,600	SH		SOLE		6,700	0	52,900
Walker & Dunlop, Inc.	COM	93148P102	1,394	26,300	SH		SOLE		7,100	0	19,200
Warrior Met Coal, Llc	COM	93627C101	3,476	203,500	SH		SOLE		50,700	0	152,800
Watsco Inc.	COM	942622200	3,750	16,100	SH		SOLE		3,400	0	12,700
Weingarten Realty Investors	COM	948741103	689	40,600	SH		SOLE		2,700	0	37,900
Weis Markets Inc.	COM	948849104	1,190	24,800	SH		SOLE		6,700	0	18,100
Wells Fargo & Company	COM	949746101	5,779	245,800	SH		SOLE		48,600	0	197,200
WesBanco Inc.	COM	950810101	235	11,000	SH		SOLE		1,900	0	9,100
West Pharmaceutical Services	COM	955306105	797	2,900	SH		SOLE		2,900	0	0
Westlake Chemical Corporation	COM	960413102	1,220	19,300	SH		SOLE		400	0	18,900
Weyco Group Inc.	COM	962149100	103	6,380	SH		SOLE		6,380	0	0
Whitestone REIT	COM	966084204	25	4,130	SH		SOLE		4,130	0	0
Willis Lease Finance	COM	970646105	59	3,210	SH		SOLE		3,210	0	0
Winmark Corporation	COM	974250102	913	5,300	SH		SOLE		1,400	0	3,900
Worthington Industries	COM	981811102	1,484	36,400	SH		SOLE		7,300	0	29,100
Zynex Inc	COM	98986M103	16	900	SH		SOLE		900	0	0
ePlus Inc.	COM	294268107	571	7,800	SH		SOLE		2,000	0	5,800