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	1,043	40,126	SH		SOLE		9,826	0	30,300
1st Source Corporation	COM	336901103	1,088	27,000	SH		SOLE		6,300	0	20,700
AFLAC INC COM	COM	001055102	3,633	81,700	SH		SOLE		18,100	0	63,600
AMC Networks Inc. cl A	COM	00164V103	2,148	60,046	SH		SOLE		15,046	0	45,000
AT&T Inc.	COM	00206R102	7,590	263,900	SH		SOLE		63,200	0	200,700
AXOS Financial Inc	COM	05465C100	2,901	77,300	SH		SOLE		17,000	0	60,300
Acco Brands Corporation	COM	00081T108	3,752	444,006	SH		SOLE		111,706	0	332,300
Adtalem Global Education	COM	00737L103	1,204	35,464	SH		SOLE		8,864	0	26,600
Advanced Emissions Solutions	COM	00770C101	29	5,350	SH		SOLE		5,350	0	0
Advansix Inc	COM	00773T101	1,734	86,762	SH		SOLE		20,662	0	66,100
Air Lease Corp. Cl A	COM	00912X302	1,079	24,300	SH		SOLE		700	0	23,600
Alexanders Inc.	COM	014752109	250	900	SH		SOLE		0	0	900
Alliance Data Systems Corp	COM	018581108	3	34	SH		SOLE		34	0	0
Allison Transmission Holdings	COM	01973R101	677	15,700	SH		SOLE		400	0	15,300
Allstate Corp.	COM	020002101	7,036	64,000	SH		SOLE		14,600	0	49,400
Ally Financial Inc.	COM	02005N100	718	20,139	SH		SOLE		439	0	19,700
Altabancorp	COM	021347109	54	1,930	SH		SOLE		1,930	0	0
Amdocs Limited	COM	G02602103	2,539	35,800	SH		SOLE		15,400	0	20,400
Amerco	COM	023586100	1,816	4,000	SH		SOLE		0	0	4,000
America's Car-Mart Inc	COM	03062T105	1,187	10,806	SH		SOLE		2,706	0	8,100
American Equity Investment	COM	025676206	2,133	77,100	SH		SOLE		21,500	0	55,600
American National Insur.	COM	028591105	2	18	SH		SOLE		18	0	0
American Woodmark Corp.	COM	030506109	1	6	SH		SOLE		6	0	0
Ameriprise Financial Inc.	COM	03076C106	1,871	9,630	SH		SOLE		1,430	0	8,200
Amkor Technology Inc	COM	031652100	3,889	257,868	SH		SOLE		64,368	0	193,500
Apartment Income REIT	COM	03750L109	1,165	30,332	SH		SOLE		795	0	29,537
Apartment Invest& Mang A	COM	03748R747	160	30,332	SH		SOLE		795	0	29,537
Apple Hospitality REIT Inc	COM	03784Y200	13	1,000	SH		SOLE		1,000	0	0
Arcbest Corp	COM	03937C105	1,047	24,534	SH		SOLE		6,234	0	18,300
Arch Capital Group Ltd.	COM	G0450A105	4,155	115,200	SH		SOLE		1,800	0	113,400
Archer Daniels Midland	COM	039483102	8,005	158,800	SH		SOLE		29,600	0	129,200
Arrow Financial Corp.	COM	042744102	10	350	SH		SOLE		350	0	0
Asbury Automotive Group	COM	043436104	1	5	SH		SOLE		5	0	0
Associated Banc-Corp	COM	045487105	2	99	SH		SOLE		99	0	0
Assured Guaranty Ltd	COM	G0585R106	1	37	SH		SOLE		37	0	0
Athene Holding Ltd.	COM	G0684D107	2,341	54,262	SH		SOLE		14,862	0	39,400
Atkore International Group	COM	047649108	300	7,300	SH		SOLE		2,300	0	5,000
AutoNation Inc.	COM	05329W102	831	11,905	SH		SOLE		305	0	11,600
AutoZone Inc.	COM	053332102	2,987	2,520	SH		SOLE		420	0	2,100
Avangrid Inc.	COM	05351W103	3,600	79,200	SH		SOLE		1,800	0	77,400
BOK Financial Corp.	COM	05561Q201	5	66	SH		SOLE		66	0	0
BancFirst Corp OK	COM	05945F103	2,037	34,700	SH		SOLE		9,300	0	25,400
BancorpSouth, Inc.	COM	059692103	1	27	SH		SOLE		27	0	0
Bank OZK	COM	06417N103	5	146	SH		SOLE		146	0	0
Bank of America Corp	COM	060505104	9,242	304,900	SH		SOLE		70,300	0	234,600
Bank of NT Butterfield LTD	COM	G0772R208	3,490	112,000	SH		SOLE		28,500	0	83,500
Bank of New York Mellon Corp.	COM	064058100	4,898	115,400	SH		SOLE		22,300	0	93,100
Bank7 Corp	COM	06652N107	13	900	SH		SOLE		900	0	0
Bankunited Inc	COM	06652K103	2	57	SH		SOLE		57	0	0
Berkshire Hathaway cl B	COM	084670702	10,318	44,500	SH		SOLE		11,200	0	33,300
Best Buy Inc.	COM	086516101	2,575	25,800	SH		SOLE		4,700	0	21,100
Biogen Inc.	COM	09062X103	3,991	16,300	SH		SOLE		2,700	0	13,600
Bonanza Creek Energy	COM	097793400	1,961	101,434	SH		SOLE		31,734	0	69,700
Brightshphere Investment Group	COM	10948W103	1,276	66,200	SH		SOLE		16,900	0	49,300
Brown-Forman cl B	COM	115637209	4,329	54,500	SH		SOLE		13,800	0	40,700
Buckle Inc.	COM	118440106	0	10	SH		SOLE		10	0	0
Byline Bancorp Inc.	COM	124411109	68	4,420	SH		SOLE		4,420	0	0
CACI International, Inc.	COM	127190304	524	2,100	SH		SOLE		0	0	2,100
CAI International, Inc.	COM	12477X106	1,002	32,075	SH		SOLE		11,975	0	20,100
CBIZ, Inc.	COM	124805102	288	10,839	SH		SOLE		39	0	10,800
CBRE Group, Inc.	COM	12504L109	4,096	65,300	SH		SOLE		3,000	0	62,300
CBTX Inc	COM	12481V104	72	2,830	SH		SOLE		2,830	0	0
CNA Financial Corp.	COM	126117100	2,069	53,100	SH		SOLE		3,800	0	49,300
CNB Financial Corp PA	COM	126128107	142	6,680	SH		SOLE		6,680	0	0
CRA International Inc	COM	12618T105	1	14	SH		SOLE		14	0	0
CTO Realty Growth Inc	COM	22948P103	1,472	34,924	SH		SOLE		12,644	0	22,280
Cabot Oil & Gas Corp	COM	127097103	2,585	158,800	SH		SOLE		1,900	0	156,900
Capital One Financial Corp.	COM	14040H105	5,733	58,000	SH		SOLE		13,400	0	44,600
CarMax Inc.	COM	143130102	453	4,800	SH		SOLE		100	0	4,700
Cathay General Bancorp	COM	149150104	3,098	96,231	SH		SOLE		23,631	0	72,600
Cedar Realty Trust Inc.	COM	150602605	29	2,847	SH		SOLE		2,847	0	0
Central Garden&Pet cl A	COM	153527205	2,319	63,845	SH		SOLE		15,945	0	47,900
Century Bancorp cl A	COM	156432106	149	1,920	SH		SOLE		1,920	0	0
Century Communities, Inc.	COM	156504300	373	8,510	SH		SOLE		2,310	0	6,200
Ciena Corporation	COM	171779309	613	11,600	SH		SOLE		200	0	11,400
Citizens Financial Grp	COM	174610105	1,048	29,300	SH		SOLE		600	0	28,700
Columbia Sportswear Co.	COM	198516106	2	24	SH		SOLE		24	0	0
Comcast cl A	COM	20030N101	7,797	148,800	SH		SOLE		34,300	0	114,500
Comerica, Inc.	COM	200340107	3	46	SH		SOLE		46	0	0
Community Trust Bancorp	COM	204149108	155	4,180	SH		SOLE		4,180	0	0
Compx International Inc	COM	20563P101	111	7,820	SH		SOLE		7,820	0	0
Concentrix Corp.	COM	20602D101	474	4,800	SH		SOLE		100	0	4,700
Conn's, Inc.	COM	208242107	20	1,690	SH		SOLE		1,690	0	0
Consolidated Water Co.	COM	G23773107	390	32,400	SH		SOLE		8,000	0	24,400
Construction Partners Inc.	COM	21044C107	0	10	SH		SOLE		10	0	0
Copart, Inc. (DE)	COM	217204106	5,294	41,600	SH		SOLE		9,000	0	32,600
Corvel Corp.	COM	221006109	1	5	SH		SOLE		5	0	0
Costamare Inc	COM	Y1771G102	354	42,700	SH		SOLE		10,500	0	32,200
Credit Acceptance Corp	COM	225310101	2	5	SH		SOLE		5	0	0
Cullen/Frost Bankers, Inc.	COM	229899109	5	53	SH		SOLE		53	0	0
Curo Group Holdings Corp	COM	23131L107	23	1,590	SH		SOLE		1,590	0	0
Customers Bancorp Inc	COM	23204G100	1,232	67,770	SH		SOLE		22,070	0	45,700
D.R. Horton Inc.	COM	23331A109	1,427	20,700	SH		SOLE		8,400	0	12,300
DISH Network Corp cl A	COM	25470M109	1,620	50,100	SH		SOLE		15,400	0	34,700
DaVita HealthCare Partners Inc	COM	23918K108	751	6,400	SH		SOLE		0	0	6,400
Discover Financial Services	COM	254709108	851	9,400	SH		SOLE		200	0	9,200
Discovery Inc.	COM	25470F104	15	500	SH		SOLE		500	0	0
Dolby Laboratories Inc.	COM	25659T107	806	8,300	SH		SOLE		200	0	8,100
Dover Corp.	COM	260003108	972	7,700	SH		SOLE		100	0	7,600
EOG Resources Inc	COM	26875P101	494	9,900	SH		SOLE		9,900	0	0
EPAM Systems Inc	COM	29414B104	3,404	9,500	SH		SOLE		300	0	9,200
Eagle Bancorp Inc	COM	268948106	1,966	47,600	SH		SOLE		12,600	0	35,000
East West Bancorp, Inc.	COM	27579R104	847	16,700	SH		SOLE		300	0	16,400
Eastman Chemical Co	COM	277432100	762	7,600	SH		SOLE		200	0	7,400
Electromed Inc	COM	285409108	21	2,120	SH		SOLE		2,120	0	0
Employers Holdings, Inc.	COM	292218104	2,508	77,900	SH		SOLE		19,400	0	58,500
Encore Wire Corporation	COM	292562105	291	4,812	SH		SOLE		1,712	0	3,100
Ennis Inc	COM	293389102	216	12,100	SH		SOLE		3,000	0	9,100
Enova International, Inc.	COM	29357K103	1,734	70,000	SH		SOLE		17,300	0	52,700
Enstar Group Limited	COM	G3075P101	3,897	19,021	SH		SOLE		4,721	0	14,300
Equity Lifestyle Properties	COM	29472R108	3,840	60,600	SH		SOLE		10,400	0	50,200
Escalade Inc.	COM	296056104	84	3,960	SH		SOLE		3,960	0	0
Exelixis Inc.	COM	30161Q104	554	27,600	SH		SOLE		5,900	0	21,700
Exelon Corporation	COM	30161N101	3,922	92,900	SH		SOLE		32,200	0	60,700
Expeditors International of WA	COM	302130109	228	2,400	SH		SOLE		2,400	0	0
Exxon Mobil Corporation	COM	30231G102	7,918	192,100	SH		SOLE		40,700	0	151,400
F.N.B Corporation PA	COM	302520101	2	193	SH		SOLE		193	0	0
FBL Financial Group cl A	COM	30239F106	488	9,300	SH		SOLE		2,300	0	7,000
FTI Consulting, Inc.	COM	302941109	704	6,300	SH		SOLE		200	0	6,100
Farmer Mac	COM	313148306	3,827	51,540	SH		SOLE		14,640	0	36,900
Farmland Partners Inc.	COM	31154R109	18	2,060	SH		SOLE		2,060	0	0
Federated Hermes Inc	COM	314211103	3,429	118,700	SH		SOLE		26,800	0	91,900
Fifth Third Bancorp	COM	316773100	1,731	62,800	SH		SOLE		1,200	0	61,600
Financial Institutions Inc.	COM	317585404	56	2,490	SH		SOLE		2,490	0	0
First Busey Corporation	COM	319383204	1,237	57,400	SH		SOLE		13,100	0	44,300
First Citizens Bancshares cl A	COM	31946M103	6	10	SH		SOLE		10	0	0
First Financial Bancorp OH	COM	320209109	2,342	133,600	SH		SOLE		31,600	0	102,000
First Interstate BancSystem A	COM	32055Y201	3,881	95,200	SH		SOLE		23,700	0	71,500
First Merchants Corp	COM	320817109	4,010	107,200	SH		SOLE		26,800	0	80,400
First Mid-Illinois Bancshares	COM	320866106	19	570	SH		SOLE		570	0	0
Flagstar Bancorp Inc	COM	337930705	4,039	99,100	SH		SOLE		24,400	0	74,700
Flushing Financial Corp	COM	343873105	153	9,180	SH		SOLE		9,180	0	0
Fonar Corporation	COM	344437405	103	5,950	SH		SOLE		5,950	0	0
Forestar Group	COM	346232101	55	2,723	SH		SOLE		2,723	0	0
FutureFuel Corp	COM	36116M106	145	11,407	SH		SOLE		11,407	0	0
GAMCO Investors, Inc.	COM	361438104	1,161	65,442	SH		SOLE		32,300	0	33,142
GATX Corp.	COM	361448103	2,548	30,631	SH		SOLE		7,631	0	23,000
Gaming and Leisure Properties, Inc.	COM	36467J108	1,333	31,428	SH		SOLE		10,176	0	21,252
Garmin Ltd	COM	H2906T109	5,624	47,000	SH		SOLE		9,700	0	37,300
General Dynamics Corp.	COM	369550108	5,730	38,500	SH		SOLE		8,400	0	30,100
Genpact Limited	COM	G3922B107	682	16,500	SH		SOLE		400	0	16,100
Gentex Corporation	COM	371901109	526	15,500	SH		SOLE		600	0	14,900
Genworth Financial Inc	COM	37247D106	1,230	325,400	SH		SOLE		82,300	0	243,100
Geo Group Inc	COM	36162J106	1	153	SH		SOLE		153	0	0
Globus Medical Inc	COM	379577208	646	9,900	SH		SOLE		200	0	9,700
Graham Holdings Company	COM	384637104	5	10	SH		SOLE		10	0	0
Grand Canyon Education, Inc	COM	38526M106	624	6,700	SH		SOLE		200	0	6,500
Gray Television Inc	COM	389375106	3,669	205,102	SH		SOLE		51,302	0	153,800
Great Southern Bancorp	COM	390905107	228	4,660	SH		SOLE		3,060	0	1,600
Green Brick Partners Inc	COM	392709101	4,110	179,001	SH		SOLE		50,201	0	128,800
Greene County Bancorp	COM	394357107	19	750	SH		SOLE		750	0	0
Greif Inc cl A	COM	397624107	3,619	77,187	SH		SOLE		19,287	0	57,900
Group 1 Automotive, Inc.	COM	398905109	1	5	SH		SOLE		5	0	0
H&R Block, Inc.	COM	093671105	373	23,532	SH		SOLE		32	0	23,500
HCA Holdings, Inc.	COM	40412C101	7,253	44,100	SH		SOLE		9,900	0	34,200
HNI Corporation	COM	404251100	379	11,000	SH		SOLE		2,600	0	8,400
HP Inc.	COM	40434L105	8,552	347,800	SH		SOLE		64,400	0	283,400
Hamilton Beach Brands	COM	40701T104	28	1,600	SH		SOLE		1,600	0	0
Hartford Financial Services	COM	416515104	15	300	SH		SOLE		300	0	0
Heartland Express	COM	422347104	529	29,200	SH		SOLE		7,200	0	22,000
Heartland Financial USA	COM	42234Q102	428	10,600	SH		SOLE		2,600	0	8,000
Herc Holdings, Inc.	COM	42704L104	1,143	17,215	SH		SOLE		4,315	0	12,900
Hewlett Packard Enterprise Co	COM	42824C109	747	63,000	SH		SOLE		1,800	0	61,200
Hibbett Sports, Inc.	COM	428567101	0	10	SH		SOLE		10	0	0
Hilltop Holdings Inc.	COM	432748101	1	29	SH		SOLE		29	0	0
Hingham Institution for Saving	COM	433323102	147	680	SH		SOLE		680	0	0
HollyFrontier Corporation	COM	436106108	571	22,100	SH		SOLE		700	0	21,400
Home Bancshares Inc	COM	436893200	2	109	SH		SOLE		109	0	0
Hope Bancorp	COM	43940T109	3,161	289,700	SH		SOLE		69,700	0	220,000
Horace Mann Educators	COM	440327104	824	19,600	SH		SOLE		4,900	0	14,700
Horizon Bancorp	COM	440407104	158	9,960	SH		SOLE		9,960	0	0
Hormel Foods Corp	COM	440452100	5,989	128,500	SH		SOLE		26,400	0	102,100
Hub Group Inc.	COM	443320106	1	15	SH		SOLE		15	0	0
Huntington Ingalls Industries	COM	446413106	1,032	6,055	SH		SOLE		155	0	5,900
Independence Holding Co.	COM	453440307	51	1,240	SH		SOLE		1,240	0	0
Independent Bank MI	COM	453838609	54	2,910	SH		SOLE		2,910	0	0
Ingles Markets cl A	COM	457030104	3,236	75,846	SH		SOLE		18,746	0	57,100
Ingredion Incorporated	COM	457187102	464	5,900	SH		SOLE		0	0	5,900
Innoviva, Inc.	COM	45781M101	3,575	288,530	SH		SOLE		72,030	0	216,500
Insight Enterprises, Inc.	COM	45765U103	563	7,400	SH		SOLE		2,200	0	5,200
Intel Corporation	COM	458140100	6,960	139,700	SH		SOLE		31,900	0	107,800
Intelligent Systems Corp	COM	45816D100	0	7	SH		SOLE		7	0	0
International Bancshares	COM	459044103	4,332	115,710	SH		SOLE		28,910	0	86,800
International Money Express Inc	COM	46005L101	67	4,320	SH		SOLE		4,320	0	0
International Paper Co.	COM	460146103	6,225	125,200	SH		SOLE		24,300	0	100,900
Iradimed Corp.	COM	46266A109	18	800	SH		SOLE		800	0	0
JPMorgan Chase & Co.	COM	46625H100	10,229	80,500	SH		SOLE		18,600	0	61,900
Jazz Pharmaceuticals plc	COM	G50871105	2,377	14,400	SH		SOLE		0	0	14,400
JetBlue Airways Corp	COM	477143101	10	700	SH		SOLE		700	0	0
Johnson Outdoors Inc.	COM	479167108	744	6,610	SH		SOLE		2,810	0	3,800
Kemper Corp	COM	488401100	0	5	SH		SOLE		5	0	0
Kennedy-Wilson Holdings	COM	489398107	3,850	215,200	SH		SOLE		54,700	0	160,500
Keurig Dr. Pepper Inc	COM	49271V100	54	1,700	SH		SOLE		1,700	0	0
Kforce Inc.	COM	493732101	1	34	SH		SOLE		34	0	0
Kimball Electronics, Inc.	COM	49428J109	145	9,060	SH		SOLE		9,060	0	0
Kimball International cl B	COM	494274103	85	7,130	SH		SOLE		7,130	0	0
Knoll Inc.	COM	498904200	357	24,300	SH		SOLE		1,200	0	23,100
Kroger Company	COM	501044101	2,029	63,900	SH		SOLE		17,400	0	46,500
Kronos Worldwide Inc.	COM	50105F105	2,590	173,700	SH		SOLE		41,300	0	132,400
LCI Industries	COM	50189K103	1	5	SH		SOLE		5	0	0
LGI Homes, Inc.	COM	50187T106	1	5	SH		SOLE		5	0	0
LTC Properties	COM	502175102	4	92	SH		SOLE		92	0	0
Laboratory Corp of America	COM	50540R409	855	4,200	SH		SOLE		4,200	0	0
Lakeland Industries Inc.	COM	511795106	0	15	SH		SOLE		15	0	0
Landstar System Inc.	COM	515098101	1,414	10,500	SH		SOLE		300	0	10,200
Lawson Products Inc.	COM	520776105	35	680	SH		SOLE		680	0	0
Lear Corporation	COM	521865204	6,266	39,400	SH		SOLE		7,700	0	31,700
Lennar Corp cl A	COM	526057104	5,306	69,600	SH		SOLE		8,000	0	61,600
Liberty Sirius XM	COM	531229607	740	17,000	SH		SOLE		400	0	16,600
Life Storage, Inc.	COM	53223X107	681	5,700	SH		SOLE		0	0	5,700
Lifevantage Corp	COM	53222K205	45	4,860	SH		SOLE		4,860	0	0
Luther Burbank Corporation	COM	550550107	131	13,330	SH		SOLE		13,330	0	0
LyondellBasell Industries cl A	COM	N53745100	9,817	107,100	SH		SOLE		19,100	0	88,000
M&T Bank Corp.	COM	55261F104	7,625	59,900	SH		SOLE		9,500	0	50,400
M/I Homes, Inc.	COM	55305B101	2,486	56,141	SH		SOLE		14,441	0	41,700
MDC Holdings Inc	COM	552676108	1	22	SH		SOLE		22	0	0
MDU Resources Group	COM	552690109	2	80	SH		SOLE		80	0	0
MGIC Investment Corp.	COM	552848103	940	74,900	SH		SOLE		1,800	0	73,100
MSC Industrial Direct Co.	COM	553530106	709	8,400	SH		SOLE		300	0	8,100
MSG Networks Inc.	COM	553573106	3,384	229,558	SH		SOLE		56,658	0	172,900
MVB Financial	COM	553810102	18	790	SH		SOLE		790	0	0
Macatawa Bank Corp	COM	554225102	70	8,360	SH		SOLE		8,360	0	0
Malibu Boats Inc	COM	56117J100	0	5	SH		SOLE		5	0	0
ManpowerGroup Inc	COM	56418H100	703	7,800	SH		SOLE		200	0	7,600
Marine Products Corp	COM	568427108	744	51,160	SH		SOLE		21,160	0	30,000
Marinemax Inc	COM	567908108	1,072	30,600	SH		SOLE		7,900	0	22,700
Marten Transport, Ltd.	COM	573075108	1,385	80,400	SH		SOLE		22,400	0	58,000
Mastech Digital	COM	57633B100	9	570	SH		SOLE		570	0	0
Matson Inc.	COM	57686G105	3,436	60,321	SH		SOLE		15,021	0	45,300
McGrath RentCorp	COM	580589109	1,684	25,100	SH		SOLE		6,000	0	19,100
Medical Properties Trust Inc	COM	58463J304	1,273	58,400	SH		SOLE		6,000	0	52,400
Mercantile Bank Corp	COM	587376104	135	4,980	SH		SOLE		4,980	0	0
Merchants Bancorp	COM	58844R108	147	5,320	SH		SOLE		5,320	0	0
Mercury General Corp.	COM	589400100	2	44	SH		SOLE		44	0	0
Meridian Bancorp Inc	COM	58958U103	20	1,360	SH		SOLE		1,360	0	0
MetLife, Inc.	COM	59156R108	183	3,900	SH		SOLE		3,900	0	0
Methode Electronics Inc	COM	591520200	3,373	88,114	SH		SOLE		21,614	0	66,500
Metrocity Bankshares	COM	59165J105	8	570	SH		SOLE		570	0	0
Metropolitan Bank Holding Corp	COM	591774104	42	1,150	SH		SOLE		1,150	0	0
Micron Technology Inc	COM	595112103	7,420	98,700	SH		SOLE		22,600	0	76,100
Mid-America Apartment	COM	59522J103	51	400	SH		SOLE		400	0	0
Miller Industries Inc.	COM	600551204	133	3,510	SH		SOLE		3,510	0	0
Minerals Technologies	COM	603158106	1,301	20,937	SH		SOLE		4,937	0	16,000
Mohawk Industries Inc	COM	608190104	1	5	SH		SOLE		5	0	0
Molina Healthcare, Inc.	COM	60855R100	3,998	18,800	SH		SOLE		2,800	0	16,000
Morgan Stanley	COM	617446448	7,045	102,800	SH		SOLE		20,800	0	82,000
Mueller Industries, Inc.	COM	624756102	793	22,600	SH		SOLE		5,800	0	16,800
NACCO Industries cl A	COM	629579103	56	2,120	SH		SOLE		2,120	0	0
NI Holdings Inc.	COM	65342T106	89	5,440	SH		SOLE		5,440	0	0
NL Industries Inc.	COM	629156407	61	12,710	SH		SOLE		12,710	0	0
NVR Inc.	COM	62944T105	4,529	1,110	SH		SOLE		260	0	850
National Fuel Gas Co.	COM	636180101	1,213	29,500	SH		SOLE		800	0	28,700
National General Holdings Corp	COM	636220303	2,728	79,800	SH		SOLE		18,000	0	61,800
National HealthCare Corp	COM	635906100	1,302	19,600	SH		SOLE		4,300	0	15,300
National Presto Industries	COM	637215104	1,353	15,300	SH		SOLE		3,900	0	11,400
National Western Life Group A	COM	638517102	2,663	12,900	SH		SOLE		3,000	0	9,900
Natural Grocers By Vitamin Cottage Inc	COM	63888U108	19	1,370	SH		SOLE		1,370	0	0
Natural Health Trends Corp	COM	63888P406	17	3,500	SH		SOLE		3,500	0	0
Nelnet Inc	COM	64031N108	3,421	48,016	SH		SOLE		12,016	0	36,000
NewMarket Corporation	COM	651587107	4	11	SH		SOLE		11	0	0
Newmark Group	COM	65158N102	208	28,500	SH		SOLE		2,200	0	26,300
Northern Trust Corp.	COM	665859104	1,937	20,800	SH		SOLE		500	0	20,300
Nucor Corporation	COM	670346105	7,947	149,400	SH		SOLE		24,200	0	125,200
Old Dominion Freight	COM	679580100	2,206	11,300	SH		SOLE		0	0	11,300
One Liberty Properties Inc.	COM	682406103	127	6,327	SH		SOLE		6,327	0	0
Onemain Holdings Inc	COM	68268W103	851	17,670	SH		SOLE		670	0	17,000
Oppenheimer Holdings	COM	683797104	57	1,820	SH		SOLE		1,820	0	0
Oracle Corporation	COM	68389X105	110	1,700	SH		SOLE		1,700	0	0
Orion Engineered Carbons	COM	L72967109	1,617	94,348	SH		SOLE		21,648	0	72,700
Oshkosh Corporation	COM	688239201	448	5,200	SH		SOLE		0	0	5,200
PC Connection, Inc.	COM	69318J100	2,243	47,427	SH		SOLE		11,327	0	36,100
PPL Corp.	COM	69351T106	623	22,100	SH		SOLE		400	0	21,700
PQ Group Holdings Inc	COM	73943T103	745	52,240	SH		SOLE		12,840	0	39,400
PS Business Parks Inc	COM	69360J107	1	10	SH		SOLE		10	0	0
Paccar Inc.	COM	693718108	6,376	73,900	SH		SOLE		13,800	0	60,100
Pangaea Logistics Solutions	COM	G6891L105	81	29,120	SH		SOLE		29,120	0	0
Park-Ohio Holdings Co	COM	700666100	1,086	35,160	SH		SOLE		12,460	0	22,700
Parke Bancorp, Inc.	COM	700885106	45	2,860	SH		SOLE		2,860	0	0
Parsons Corporation	COM	70202L102	1,734	47,612	SH		SOLE		11,912	0	35,700
Patrick Industries Inc.	COM	703343103	1,643	24,033	SH		SOLE		6,133	0	17,900
Penn Virginia Corp	COM	70788V102	475	46,800	SH		SOLE		11,100	0	35,700
PennyMac Financial Service Inc	COM	70932M107	453	6,910	SH		SOLE		1,110	0	5,800
Penske Automotive Group, Inc.	COM	70959W103	1,038	17,479	SH		SOLE		579	0	16,900
Phibro Animal Health Corp CL A	COM	71742Q106	260	13,400	SH		SOLE		3,300	0	10,100
Piedmont Office Realty Trust,	COM	720190206	3,738	230,300	SH		SOLE		58,200	0	172,100
Pilgrims Pride Corp	COM	72147K108	488	24,880	SH		SOLE		780	0	24,100
Pool Corporation	COM	73278L105	708	1,900	SH		SOLE		1,900	0	0
Popular Inc.	COM	733174700	5	83	SH		SOLE		83	0	0
Preformed Line Products	COM	740444104	117	1,710	SH		SOLE		1,710	0	0
Prestige Brand Holdings	COM	74112D101	258	7,400	SH		SOLE		600	0	6,800
Primerica, Inc.	COM	74164M108	1	5	SH		SOLE		5	0	0
Primoris Services Corp.	COM	74164F103	2,694	97,573	SH		SOLE		27,573	0	70,000
Principal Financial Group, Inc.	COM	74251V102	5,517	111,200	SH		SOLE		22,400	0	88,800
Pro-Dex Inc	COM	74265M205	56	1,820	SH		SOLE		1,820	0	0
Progressive Corp.	COM	743315103	7,287	73,700	SH		SOLE		16,900	0	56,800
Prosight Global Inc	COM	74349J103	57	4,410	SH		SOLE		4,410	0	0
Prudential Financial Inc	COM	744320102	6,527	83,600	SH		SOLE		4,100	0	79,500
Public Storage, Inc.	COM	74460D109	531	2,300	SH		SOLE		2,300	0	0
PulteGroup, Inc.	COM	745867101	501	11,627	SH		SOLE		27	0	11,600
QCR Holdings, Inc.	COM	74727A104	158	3,980	SH		SOLE		3,980	0	0
Quest Diagnostics Inc.	COM	74834L100	1,835	15,400	SH		SOLE		0	0	15,400
Quidel Corp	COM	74838J101	1,617	9,000	SH		SOLE		2,000	0	7,000
RBB Bancorp	COM	74930B105	120	7,810	SH		SOLE		7,810	0	0
RMR Group	COM	74967R106	681	17,639	SH		SOLE		2,839	0	14,800
Radian Group, Inc.	COM	750236101	134	6,607	SH		SOLE		107	0	6,500
Ramaco Resources Inc	COM	75134P303	11	3,700	SH		SOLE		3,700	0	0
Rayonier Advanced Materials	COM	75508B104	121	18,570	SH		SOLE		18,570	0	0
Regional Management Corp.	COM	75902K106	47	1,580	SH		SOLE		1,580	0	0
Reliance Steel & Aluminum	COM	759509102	742	6,200	SH		SOLE		100	0	6,100
Republic Bancorp KY	COM	760281204	2,235	61,960	SH		SOLE		21,660	0	40,300
Republic Services Inc.	COM	760759100	5,297	55,000	SH		SOLE		800	0	54,200
Robert Half International Inc.	COM	770323103	556	8,900	SH		SOLE		200	0	8,700
Rush Enterprises Inc	COM	781846209	3,963	95,676	SH		SOLE		23,926	0	71,750
Ryerson Holding Corporation	COM	783754104	176	12,910	SH		SOLE		12,910	0	0
SEI Investments Co.	COM	784117103	5	81	SH		SOLE		81	0	0
SVB Financial Group	COM	78486Q101	27	70	SH		SOLE		70	0	0
Santander Consumer USA Holdings Inc.	COM	80283M101	947	43,009	SH		SOLE		1,009	0	42,000
Saul Centers Inc.	COM	804395101	286	9,033	SH		SOLE		2,333	0	6,700
Schneider National Inc.	COM	80689H102	586	28,324	SH		SOLE		224	0	28,100
Security National Financial	COM	814785309	9	1,020	SH		SOLE		1,020	0	0
Sierra Bancorp	COM	82620P102	16	680	SH		SOLE		680	0	0
Silgan Holdings Inc.	COM	827048109	4	107	SH		SOLE		107	0	0
SkyWest Inc.	COM	830879102	1,286	31,900	SH		SOLE		8,800	0	23,100
Skyworks Solutions, Inc.	COM	83088M102	15	100	SH		SOLE		100	0	0
Snap-On Inc.	COM	833034101	103	600	SH		SOLE		600	0	0
Southern Copper Corp.	COM	84265V105	6,974	107,100	SH		SOLE		24,700	0	82,400
Southern MO Bancorp	COM	843380106	96	3,170	SH		SOLE		3,170	0	0
SpartanNash Company	COM	847215100	1	41	SH		SOLE		41	0	0
Sprouts Farmers Market	COM	85208M102	503	25,000	SH		SOLE		700	0	24,300
Starwood Property Trust, Inc.	COM	85571B105	10	500	SH		SOLE		500	0	0
State Street Corporation	COM	857477103	1,652	22,700	SH		SOLE		5,700	0	17,000
Steel Dynamics Inc.	COM	858119100	1,844	50,023	SH		SOLE		1,023	0	49,000
Steris PLC	COM	G8473T100	2,180	11,500	SH		SOLE		3,000	0	8,500
Sterling Bancorp	COM	85917A100	1	31	SH		SOLE		31	0	0
Sterling Bancorp Inc	COM	85917W102	791	174,140	SH		SOLE		53,040	0	121,100
Stifel Financial Corp	COM	860630102	2	34	SH		SOLE		34	0	0
Summit Fincl Group Inc.	COM	86606G101	40	1,800	SH		SOLE		1,800	0	0
Superior Group of Companies	COM	868358102	47	2,040	SH		SOLE		2,040	0	0
Supernus Pharmaceuticals Inc	COM	868459108	1	38	SH		SOLE		38	0	0
Synchrony Financial	COM	87165B103	4,481	129,100	SH		SOLE		14,800	0	114,300
Synnex Corporation	COM	87162W100	391	4,800	SH		SOLE		100	0	4,700
Systemax Inc	COM	871851101	249	6,946	SH		SOLE		1,746	0	5,200
TEGNA Inc.	COM	87901J105	3	184	SH		SOLE		184	0	0
Telephone & Data Systems	COM	879433829	3	154	SH		SOLE		154	0	0
Tempur-Sealy International Inc	COM	88023U101	432	16,000	SH		SOLE		0	0	16,000
The Michaels Companies, Inc.	COM	59408Q106	494	37,970	SH		SOLE		8,670	0	29,300
Timberland Bancorp Inc.	COM	887098101	11	450	SH		SOLE		450	0	0
Timken Company	COM	887389104	3	40	SH		SOLE		40	0	0
Toll Brothers Inc	COM	889478103	17	400	SH		SOLE		400	0	0
Tootsie Roll Industries Inc.	COM	890516107	706	23,775	SH		SOLE		6,586	0	17,189
Towne Bank	COM	89214P109	3,991	169,968	SH		SOLE		42,919	0	127,049
Tri Pointe Group	COM	87265H109	1	84	SH		SOLE		84	0	0
Trinet Group Inc	COM	896288107	1	15	SH		SOLE		15	0	0
Triple-S Management Corp	COM	896749108	36	1,690	SH		SOLE		1,690	0	0
Triton International Ltd	COM	G9078F107	3,898	80,363	SH		SOLE		20,363	0	60,000
Trustmark Corporation	COM	898402102	582	21,300	SH		SOLE		5,300	0	16,000
Turtle Beach Corp	COM	900450206	268	12,422	SH		SOLE		3,722	0	8,700
Tyson Foods	COM	902494103	6,109	94,800	SH		SOLE		15,800	0	79,000
USANA Health Sciences, Inc.	COM	90328M107	16	210	SH		SOLE		210	0	0
Ubiquiti Inc.	COM	90353W103	4,094	14,700	SH		SOLE		2,100	0	12,600
United States Cellular Corp	COM	911684108	3	103	SH		SOLE		103	0	0
United States Lime & Minerals	COM	911922102	154	1,350	SH		SOLE		1,350	0	0
United Therapeutics Corp.	COM	91307C102	531	3,500	SH		SOLE		100	0	3,400
Unity Bancorp Inc	COM	913290102	12	670	SH		SOLE		670	0	0
Universal Corporation	COM	913456109	695	14,300	SH		SOLE		5,400	0	8,900
Universal Health Services	COM	913903100	1,004	7,300	SH		SOLE		1,300	0	6,000
Universal Logistics Holdings,	COM	91388P105	129	6,252	SH		SOLE		6,252	0	0
Unum Group	COM	91529Y106	2	78	SH		SOLE		78	0	0
Urstadt Biddle Prop cl A	COM	917286205	142	10,080	SH		SOLE		10,080	0	0
Utah Medical Products Inc.	COM	917488108	10	120	SH		SOLE		120	0	0
VICI Properties Inc	COM	925652109	620	24,300	SH		SOLE		0	0	24,300
VMware, Inc. Cl A	COM	928563402	4,306	30,700	SH		SOLE		6,800	0	23,900
VSE Corporation	COM	918284100	144	3,740	SH		SOLE		3,740	0	0
Value Line Inc.	COM	920437100	45	1,360	SH		SOLE		1,360	0	0
Valvoline	COM	92047W101	21	900	SH		SOLE		900	0	0
Verizon Communications, Inc.	COM	92343V104	8,272	140,800	SH		SOLE		32,400	0	108,400
Village Super Market	COM	927107409	63	2,860	SH		SOLE		2,860	0	0
Vishay Precision Group Inc	COM	92835K103	29	935	SH		SOLE		935	0	0
W&T Offshore Inc.	COM	92922P106	621	286,010	SH		SOLE		96,710	0	189,300
W.W. Grainger Inc.	COM	384802104	82	200	SH		SOLE		200	0	0
Walker & Dunlop, Inc.	COM	93148P102	285	3,100	SH		SOLE		0	0	3,100
Warrior Met Coal, Llc	COM	93627C101	3,759	176,300	SH		SOLE		43,900	0	132,400
Waterstone Financial, Inc (MD)	COM	94188P101	9	460	SH		SOLE		460	0	0
Webster Financial Corp	COM	947890109	1	35	SH		SOLE		35	0	0
Weingarten Realty Investors	COM	948741103	570	26,304	SH		SOLE		1,204	0	25,100
Weis Markets Inc.	COM	948849104	1,729	36,157	SH		SOLE		9,257	0	26,900
Wells Fargo & Company	COM	949746101	5,372	178,000	SH		SOLE		42,300	0	135,700
West Pharmaceutical Services	COM	955306105	680	2,400	SH		SOLE		2,400	0	0
Western Alliance Bancorp	COM	957638109	5	78	SH		SOLE		78	0	0
Westlake Chemical Corporation	COM	960413102	1,577	19,328	SH		SOLE		428	0	18,900
Weyco Group Inc.	COM	962149100	102	6,440	SH		SOLE		6,440	0	0
Willis Lease Finance	COM	970646105	97	3,170	SH		SOLE		3,170	0	0
Winmark Corporation	COM	974250102	836	4,500	SH		SOLE		1,100	0	3,400
Wintrust Financial Corp	COM	97650W108	0	7	SH		SOLE		7	0	0
Worthington Industries	COM	981811102	1,869	36,400	SH		SOLE		7,300	0	29,100
Zynex Inc	COM	98986M103	12	900	SH		SOLE		900	0	0
ePlus Inc.	COM	294268107	952	10,819	SH		SOLE		2,819	0	8,000