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	26	SH		SOLE		26	0	0
AFLAC INC COM	COM	001055102	732	14,300	SH		SOLE		14,300	0	0
AMC Networks Inc. cl A	COM	00164V103	1,690	31,800	SH		SOLE		7,400	0	24,400
Acco Brands Corporation	COM	00081T108	4,411	522,606	SH		SOLE		131,606	0	391,000
Adtalem Global Education	COM	00737L103	1,613	40,782	SH		SOLE		11,182	0	29,600
Advanced Emissions Solutions	COM	00770C101	29	5,350	SH		SOLE		5,350	0	0
Advansix Inc	COM	00773T101	2,727	101,662	SH		SOLE		24,462	0	77,200
Air Lease Corp. Cl A	COM	00912X302	38	769	SH		SOLE		769	0	0
Alliance Data Systems Corp	COM	018581108	1	12	SH		SOLE		12	0	0
Allison Transmission Holdings	COM	01973R101	16	400	SH		SOLE		400	0	0
Allstate Corp.	COM	020002101	1,769	15,400	SH		SOLE		15,400	0	0
Ally Financial Inc.	COM	02005N100	24	532	SH		SOLE		532	0	0
Alphabet Inc. Class A	COM	02079K305	1,238	600	SH		SOLE		600	0	0
Altabancorp	COM	021347109	124	2,940	SH		SOLE		2,940	0	0
Amdocs Limited	COM	G02602103	744	10,600	SH		SOLE		10,600	0	0
America's Car-Mart Inc	COM	03062T105	2,120	13,916	SH		SOLE		3,516	0	10,400
American National Insur.	COM	028591105	2	18	SH		SOLE		18	0	0
Ameriprise Financial Inc.	COM	03076C106	1,588	6,830	SH		SOLE		6,830	0	0
Amkor Technology Inc	COM	031652100	3	113	SH		SOLE		113	0	0
Apartment Income REIT	COM	03750L109	34	795	SH		SOLE		795	0	0
Apartment Invest& Mang A	COM	03748R747	2	369	SH		SOLE		369	0	0
Apple Hospitality REIT Inc	COM	03784Y200	15	1,000	SH		SOLE		1,000	0	0
Arcbest Corp	COM	03937C105	692	9,834	SH		SOLE		2,334	0	7,500
Arch Capital Group Ltd.	COM	G0450A105	1,113	29,000	SH		SOLE		29,000	0	0
Archer Daniels Midland	COM	039483102	1,693	29,700	SH		SOLE		29,700	0	0
Arrow Financial Corp.	COM	042744102	12	350	SH		SOLE		350	0	0
Associated Banc-Corp	COM	045487105	2	99	SH		SOLE		99	0	0
Assured Guaranty Ltd	COM	G0585R106	2	37	SH		SOLE		37	0	0
Athene Holding Ltd.	COM	G0684D107	709	14,062	SH		SOLE		14,062	0	0
Atlanticus Holdings	COM	04914Y102	31	1,020	SH		SOLE		1,020	0	0
AutoNation Inc.	COM	05329W102	149	1,600	SH		SOLE		1,600	0	0
AutoZone Inc.	COM	053332102	140	100	SH		SOLE		100	0	0
Avangrid Inc.	COM	05351W103	95	1,900	SH		SOLE		1,900	0	0
BM Technologies Inc	COM	05591L107	122	10,470	SH		SOLE		3,439	0	7,031
BOK Financial Corp.	COM	05561Q201	5	61	SH		SOLE		61	0	0
BancFirst Corp OK	COM	05945F103	283	4,000	SH		SOLE		2,100	0	1,900
BancorpSouth, Inc.	COM	059692103	1	27	SH		SOLE		27	0	0
Bank OZK	COM	06417N103	4	89	SH		SOLE		89	0	0
Bank of America Corp	COM	060505104	2,503	64,700	SH		SOLE		64,700	0	0
Bank of NT Butterfield LTD	COM	G0772R208	4,286	112,146	SH		SOLE		28,646	0	83,500
Bank of New York Mellon Corp.	COM	064058100	1,107	23,400	SH		SOLE		23,400	0	0
Berkshire Hathaway cl B	COM	084670702	2,938	11,500	SH		SOLE		11,500	0	0
Best Buy Inc.	COM	086516101	517	4,500	SH		SOLE		4,500	0	0
Bio-Rad Laboratories Cl A	COM	090572207	1,714	3,000	SH		SOLE		3,000	0	0
Biogen Inc.	COM	09062X103	755	2,700	SH		SOLE		2,700	0	0
Bonanza Creek Energy	COM	097793400	5,106	142,892	SH		SOLE		39,792	0	103,100
Brightshphere Investment Group	COM	10948W103	1,351	66,282	SH		SOLE		16,982	0	49,300
Brown-Forman cl B	COM	115637209	1,021	14,800	SH		SOLE		14,800	0	0
Byline Bancorp Inc.	COM	124411109	93	4,420	SH		SOLE		4,420	0	0
CACI International, Inc.	COM	127190304	25	100	SH		SOLE		100	0	0
CAI International, Inc.	COM	12477X106	2,712	59,585	SH		SOLE		17,785	0	41,800
CBIZ, Inc.	COM	124805102	93	2,839	SH		SOLE		39	0	2,800
CBRE Group, Inc.	COM	12504L109	237	3,000	SH		SOLE		3,000	0	0
CNA Financial Corp.	COM	126117100	170	3,800	SH		SOLE		3,800	0	0
CNB Financial Corp PA	COM	126128107	176	7,140	SH		SOLE		7,140	0	0
CTO Realty Growth Inc	COM	22948Q101	1,203	23,124	SH		SOLE		8,944	0	14,180
Cabot Oil & Gas Corp	COM	127097103	36	1,900	SH		SOLE		1,900	0	0
Caledonia Mining Corp	COM	G1757E113	55	3,850	SH		SOLE		3,850	0	0
Camden National Corp	COM	133034108	44	910	SH		SOLE		910	0	0
Cathay General Bancorp	COM	149150104	3,924	96,231	SH		SOLE		23,631	0	72,600
Celanese Corporation	COM	150870103	30	200	SH		SOLE		200	0	0
Central Garden&Pet cl A	COM	153527205	4,994	96,245	SH		SOLE		22,445	0	73,800
Century Bancorp cl A	COM	156432106	179	1,920	SH		SOLE		1,920	0	0
Century Communities, Inc.	COM	156504300	792	13,122	SH		SOLE		2,722	0	10,400
Citigroup Inc.	COM	172967424	604	8,300	SH		SOLE		8,300	0	0
Columbia Sportswear Co.	COM	198516106	3	24	SH		SOLE		24	0	0
Comerica, Inc.	COM	200340107	1	17	SH		SOLE		17	0	0
Community Trust Bancorp	COM	204149108	184	4,180	SH		SOLE		4,180	0	0
Compx International Inc	COM	20563P101	141	7,820	SH		SOLE		7,820	0	0
Conn's, Inc.	COM	208242107	33	1,690	SH		SOLE		1,690	0	0
Copart, Inc. (DE)	COM	217204106	815	7,500	SH		SOLE		7,500	0	0
Costamare Inc	COM	Y1771G102	1,341	139,400	SH		SOLE		34,800	0	104,600
Cowen Inc	COM	223622606	148	4,200	SH		SOLE		0	0	4,200
Cullen/Frost Bankers, Inc.	COM	229899109	6	53	SH		SOLE		53	0	0
Customers Bancorp Inc	COM	23204G100	2,095	65,830	SH		SOLE		20,130	0	45,700
D.R. Horton Inc.	COM	23331A109	900	10,100	SH		SOLE		10,100	0	0
DISH Network Corp cl A	COM	25470M109	793	21,900	SH		SOLE		21,900	0	0
DaVita HealthCare Partners Inc	COM	23918K108	11	100	SH		SOLE		100	0	0
Discover Financial Services	COM	254709108	19	200	SH		SOLE		200	0	0
Dolby Laboratories Inc.	COM	25659T107	20	200	SH		SOLE		200	0	0
Duluth Holdings	COM	26443V101	19	1,130	SH		SOLE		1,130	0	0
EOG Resources Inc	COM	26875P101	1,342	18,500	SH		SOLE		18,500	0	0
EPAM Systems Inc	COM	29414B104	119	300	SH		SOLE		300	0	0
Eagle Bancorp Inc	COM	268948106	3,826	71,908	SH		SOLE		18,808	0	53,100
Eastman Chemical Co	COM	277432100	22	200	SH		SOLE		200	0	0
Electromed Inc	COM	285409108	22	2,120	SH		SOLE		2,120	0	0
Employers Holdings, Inc.	COM	292218104	4,711	109,400	SH		SOLE		27,300	0	82,100
Encore Wire Corporation	COM	292562105	302	4,500	SH		SOLE		1,400	0	3,100
Enova International, Inc.	COM	29357K103	2,597	73,200	SH		SOLE		17,300	0	55,900
Enstar Group Limited	COM	G3075P101	5,112	20,721	SH		SOLE		5,221	0	15,500
Enterprise Bancorp Inc Mass	COM	293668109	1	40	SH		SOLE		40	0	0
Envela Corp	COM	29402E102	0	66	SH		SOLE		66	0	0
Equity Lifestyle Properties	COM	29472R108	515	8,100	SH		SOLE		8,100	0	0
Escalade Inc.	COM	296056104	83	3,960	SH		SOLE		3,960	0	0
Exelixis Inc.	COM	30161Q104	147	6,500	SH		SOLE		6,500	0	0
Exelon Corporation	COM	30161N101	1,443	33,000	SH		SOLE		33,000	0	0
F.N.B Corporation PA	COM	302520101	2	193	SH		SOLE		193	0	0
FBL Financial Group cl A	COM	30239F106	537	9,600	SH		SOLE		2,600	0	7,000
FTI Consulting, Inc.	COM	302941109	28	200	SH		SOLE		200	0	0
Farmer Mac	COM	313148306	5,302	52,640	SH		SOLE		14,640	0	38,000
Farmers National Banc	COM	309627107	21	1,250	SH		SOLE		1,250	0	0
Farmland Partners Inc.	COM	31154R109	22	1,920	SH		SOLE		1,920	0	0
Federated Hermes Inc	COM	314211103	4,445	142,000	SH		SOLE		34,600	0	107,400
Fifth Third Bancorp	COM	316773100	45	1,200	SH		SOLE		1,200	0	0
Financial Institutions Inc.	COM	317585404	75	2,490	SH		SOLE		2,490	0	0
First Busey Corporation	COM	319383204	1,472	57,400	SH		SOLE		13,100	0	44,300
First Citizens Bancshares cl A	COM	31946M103	6	7	SH		SOLE		7	0	0
First Financial Bancorp OH	COM	320209109	3,206	133,600	SH		SOLE		31,600	0	102,000
First Interstate BancSystem A	COM	32055Y201	4,383	95,200	SH		SOLE		23,700	0	71,500
First Merchants Corp	COM	320817109	4,878	104,900	SH		SOLE		26,800	0	78,100
First Mid-Illinois Bancshares	COM	320866106	134	3,060	SH		SOLE		3,060	0	0
Flagstar Bancorp Inc	COM	337930705	4,226	93,700	SH		SOLE		23,300	0	70,400
Fonar Corporation	COM	344437405	145	8,040	SH		SOLE		8,040	0	0
Forestar Group	COM	346232101	174	7,470	SH		SOLE		7,470	0	0
FutureFuel Corp	COM	36116M106	166	11,407	SH		SOLE		11,407	0	0
GAMCO Investors, Inc.	COM	361438104	1,214	65,442	SH		SOLE		32,300	0	33,142
Gaming and Leisure Properties, Inc.	COM	36467J108	423	9,976	SH		SOLE		9,976	0	0
Garmin Ltd	COM	H2906T109	1,319	10,000	SH		SOLE		10,000	0	0
General Dynamics Corp.	COM	369550108	1,906	10,500	SH		SOLE		10,500	0	0
General Motors Company	COM	37045V100	1,000	17,400	SH		SOLE		17,400	0	0
Genpact Limited	COM	G3922B107	17	400	SH		SOLE		400	0	0
Gentex Corporation	COM	371901109	21	600	SH		SOLE		600	0	0
Genworth Financial Inc	COM	37247D106	1,080	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	12	200	SH		SOLE		200	0	0
Graftech International Ltd	COM	384313508	15	1,188	SH		SOLE		1,188	0	0
Graham Holdings Company	COM	384637104	5	9	SH		SOLE		9	0	0
Grand Canyon Education, Inc	COM	38526M106	32	300	SH		SOLE		300	0	0
Gray Television Inc	COM	389375106	4,330	235,302	SH		SOLE		58,602	0	176,700
Great Southern Bancorp	COM	390905107	173	3,060	SH		SOLE		3,060	0	0
Green Brick Partners Inc	COM	392709101	4,606	203,091	SH		SOLE		53,991	0	149,100
Greif Inc cl A	COM	397624107	5,192	91,094	SH		SOLE		22,894	0	68,200
Group 1 Automotive, Inc.	COM	398905109	1	5	SH		SOLE		5	0	0
H&R Block, Inc.	COM	093671105	1	32	SH		SOLE		32	0	0
HCA Holdings, Inc.	COM	40412C101	1,770	9,400	SH		SOLE		9,400	0	0
HNI Corporation	COM	404251100	435	11,000	SH		SOLE		2,600	0	8,400
HP Inc.	COM	40434L105	1,883	59,300	SH		SOLE		59,300	0	0
Hamilton Beach Brands	COM	40701T104	29	1,600	SH		SOLE		1,600	0	0
Hartford Financial Services	COM	416515104	47	700	SH		SOLE		700	0	0
Haverty Furniture	COM	419596101	666	17,900	SH		SOLE		4,500	0	13,400
Heartland Express	COM	422347104	572	29,200	SH		SOLE		7,200	0	22,000
Heartland Financial USA	COM	42234Q102	533	10,600	SH		SOLE		2,600	0	8,000
Herc Holdings, Inc.	COM	42704L104	3,032	29,919	SH		SOLE		7,519	0	22,400
Hilltop Holdings Inc.	COM	432748101	1	29	SH		SOLE		29	0	0
Hingham Institution for Saving	COM	433323102	193	680	SH		SOLE		680	0	0
HollyFrontier Corporation	COM	436106108	25	700	SH		SOLE		700	0	0
Home Bancshares Inc	COM	436893200	3	109	SH		SOLE		109	0	0
Hope Bancorp	COM	43940T109	5,230	347,300	SH		SOLE		85,200	0	262,100
Horace Mann Educators	COM	440327104	2,057	47,600	SH		SOLE		10,500	0	37,100
Horizon Bancorp	COM	440407104	185	9,960	SH		SOLE		9,960	0	0
Hormel Foods Corp	COM	440452100	1,233	25,800	SH		SOLE		25,800	0	0
Hub Group Inc.	COM	443320106	903	13,415	SH		SOLE		3,215	0	10,200
Huntington Ingalls Industries	COM	446413106	32	155	SH		SOLE		155	0	0
Independent Bank MI	COM	453838609	69	2,910	SH		SOLE		2,910	0	0
Ingevity Corp	COM	45688C107	113	1,500	SH		SOLE		1,500	0	0
Ingles Markets cl A	COM	457030104	4,676	75,846	SH		SOLE		18,746	0	57,100
Innoviva, Inc.	COM	45781M101	4,592	384,270	SH		SOLE		96,270	0	288,000
Insight Enterprises, Inc.	COM	45765U103	707	7,408	SH		SOLE		2,208	0	5,200
Intel Corporation	COM	458140100	2,240	35,000	SH		SOLE		35,000	0	0
Intelligent Systems Corp	COM	45816D100	1	14	SH		SOLE		14	0	0
International Bancshares	COM	459044103	4,540	97,800	SH		SOLE		23,600	0	74,200
International Money Express Inc	COM	46005L101	85	5,670	SH		SOLE		5,670	0	0
International Paper Co.	COM	460146103	1,454	26,900	SH		SOLE		26,900	0	0
Iradimed Corp.	COM	46266A109	21	800	SH		SOLE		800	0	0
JPMorgan Chase & Co.	COM	46625H100	2,618	17,200	SH		SOLE		17,200	0	0
Johnson Outdoors Inc.	COM	479167108	1,674	11,730	SH		SOLE		4,130	0	7,600
Jones Lang LaSalle Incorporated	COM	48020Q107	18	100	SH		SOLE		100	0	0
Kennedy-Wilson Holdings	COM	489398107	4,349	215,200	SH		SOLE		54,700	0	160,500
Keurig Dr. Pepper Inc	COM	49271V100	58	1,700	SH		SOLE		1,700	0	0
Kforce Inc.	COM	493732101	1	16	SH		SOLE		16	0	0
Kimball Electronics, Inc.	COM	49428J109	149	5,770	SH		SOLE		5,770	0	0
Koppers Holdings Inc.	COM	50060P106	43	1,240	SH		SOLE		1,240	0	0
Kroger Company	COM	501044101	669	18,600	SH		SOLE		18,600	0	0
Kronos Worldwide Inc.	COM	50105F105	2,658	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	816	3,200	SH		SOLE		3,200	0	0
Lakeland Bancorp	COM	511637100	111	6,340	SH		SOLE		6,340	0	0
Landstar System Inc.	COM	515098101	33	200	SH		SOLE		200	0	0
Lazard LTD.	COM	G54050102	2	56	SH		SOLE		56	0	0
Lear Corporation	COM	521865204	1,069	5,900	SH		SOLE		5,900	0	0
Lennar Corp cl A	COM	526057104	800	7,900	SH		SOLE		7,900	0	0
Liberty Sirius XM	COM	531229607	18	400	SH		SOLE		400	0	0
Lifevantage Corp	COM	53222K205	77	8,260	SH		SOLE		8,260	0	0
Luther Burbank Corporation	COM	550550107	168	14,230	SH		SOLE		14,230	0	0
LyondellBasell Industries cl A	COM	N53745100	1,810	17,400	SH		SOLE		17,400	0	0
M&T Bank Corp.	COM	55261F104	1,364	9,000	SH		SOLE		9,000	0	0
M/I Homes, Inc.	COM	55305B101	5,409	91,575	SH		SOLE		25,575	0	66,000
MDC Holdings Inc	COM	552676108	1	23	SH		SOLE		23	0	0
MDU Resources Group	COM	552690109	3	80	SH		SOLE		80	0	0
MGIC Investment Corp.	COM	552848103	19	1,400	SH		SOLE		1,400	0	0
MSC Industrial Direct Co.	COM	553530106	29	323	SH		SOLE		323	0	0
MSG Networks Inc.	COM	553573106	3,453	229,558	SH		SOLE		56,658	0	172,900
Macatawa Bank Corp	COM	554225102	29	2,940	SH		SOLE		2,940	0	0
ManpowerGroup Inc	COM	56418H100	20	200	SH		SOLE		200	0	0
Marcus & Millichap, Inc.	COM	566324109	485	14,400	SH		SOLE		3,600	0	10,800
Marine Products Corp	COM	568427108	864	53,130	SH		SOLE		23,130	0	30,000
Marinemax Inc	COM	567908108	1,244	25,200	SH		SOLE		6,400	0	18,800
Marten Transport, Ltd.	COM	573075108	1,952	115,000	SH		SOLE		31,100	0	83,900
Mastech Digital	COM	57633B100	10	570	SH		SOLE		570	0	0
Matson Inc.	COM	57686G105	1	21	SH		SOLE		21	0	0
McGrath RentCorp	COM	580589109	1,565	19,400	SH		SOLE		4,200	0	15,200
Medical Properties Trust Inc	COM	58463J304	128	6,000	SH		SOLE		6,000	0	0
Mercantile Bank Corp	COM	587376104	132	4,080	SH		SOLE		4,080	0	0
Merchants Bancorp	COM	58844R108	225	5,364	SH		SOLE		5,364	0	0
Mercury General Corp.	COM	589400100	1	11	SH		SOLE		11	0	0
Meridian Bancorp Inc	COM	58958U103	152	8,260	SH		SOLE		8,260	0	0
Mesa Air Group	COM	590479135	30	2,260	SH		SOLE		2,260	0	0
MetLife, Inc.	COM	59156R108	310	5,100	SH		SOLE		5,100	0	0
Methode Electronics Inc	COM	591520200	4,346	103,514	SH		SOLE		25,814	0	77,700
Metrocity Bankshares	COM	59165J105	30	1,930	SH		SOLE		1,930	0	0
Metropolitan Bank Holding Corp	COM	591774104	103	2,040	SH		SOLE		2,040	0	0
Micron Technology Inc	COM	595112103	1,323	15,000	SH		SOLE		15,000	0	0
Mid-America Apartment	COM	59522J103	43	300	SH		SOLE		300	0	0
Miller Industries Inc.	COM	600551204	162	3,510	SH		SOLE		3,510	0	0
Minerals Technologies	COM	603158106	3,368	44,720	SH		SOLE		11,020	0	33,700
Mohawk Industries Inc	COM	608190104	19	100	SH		SOLE		100	0	0
Molina Healthcare, Inc.	COM	60855R100	748	3,200	SH		SOLE		3,200	0	0
Morgan Stanley	COM	617446448	683	8,800	SH		SOLE		8,800	0	0
Mueller Industries, Inc.	COM	624756102	331	8,000	SH		SOLE		3,900	0	4,100
NACCO Industries cl A	COM	629579103	64	2,580	SH		SOLE		2,580	0	0
NI Holdings Inc.	COM	65342T106	101	5,440	SH		SOLE		5,440	0	0
NL Industries Inc.	COM	629156407	95	12,710	SH		SOLE		12,710	0	0
NVR Inc.	COM	62944T105	1,225	260	SH		SOLE		260	0	0
National Fuel Gas Co.	COM	636180101	15	300	SH		SOLE		300	0	0
National Western Life Group A	COM	638517102	3,212	12,900	SH		SOLE		3,000	0	9,900
Natural Grocers By Vitamin Cottage Inc	COM	63888U108	24	1,370	SH		SOLE		1,370	0	0
Natural Health Trends Corp	COM	63888P406	24	3,500	SH		SOLE		3,500	0	0
Nelnet Inc	COM	64031N108	3,835	52,716	SH		SOLE		12,016	0	40,700
NewMarket Corporation	COM	651587107	4	10	SH		SOLE		10	0	0
Newmark Group	COM	65158N102	936	93,600	SH		SOLE		19,400	0	74,200
Nexstar Media Group, Inc. Cl A	COM	65336K103	14	100	SH		SOLE		100	0	0
Northern Trust Corp.	COM	665859104	53	500	SH		SOLE		500	0	0
Nucor Corporation	COM	670346105	1,951	24,300	SH		SOLE		24,300	0	0
ONEOK, Inc.	COM	682680103	30	600	SH		SOLE		600	0	0
Old Dominion Freight	COM	679580100	168	700	SH		SOLE		700	0	0
Old Republic Int'l Corp	COM	680223104	2	105	SH		SOLE		105	0	0
Old Second Bancorp Inc	COM	680277100	17	1,250	SH		SOLE		1,250	0	0
One Liberty Properties Inc.	COM	682406103	176	7,897	SH		SOLE		7,897	0	0
Onemain Holdings Inc	COM	68268W103	25	459	SH		SOLE		459	0	0
Onewater Marine	COM	68280L101	59	1,480	SH		SOLE		1,480	0	0
Oracle Corporation	COM	68389X105	119	1,700	SH		SOLE		1,700	0	0
Orion Engineered Carbons	COM	L72967109	1,861	94,396	SH		SOLE		21,696	0	72,700
P.A.M. Transportation	COM	693149106	35	560	SH		SOLE		560	0	0
PC Connection, Inc.	COM	69318J100	2,836	61,136	SH		SOLE		14,636	0	46,500
PPL Corp.	COM	69351T106	12	400	SH		SOLE		400	0	0
PQ Group Holdings Inc	COM	73943T103	813	48,700	SH		SOLE		18,000	0	30,700
PS Business Parks Inc	COM	69360J107	376	2,432	SH		SOLE		32	0	2,400
Paccar Inc.	COM	693718108	1,477	15,900	SH		SOLE		15,900	0	0
Pangaea Logistics Solutions	COM	G6891L105	92	29,120	SH		SOLE		29,120	0	0
Park-Ohio Holdings Co	COM	700666100	1,107	35,160	SH		SOLE		12,460	0	22,700
Parsons Corporation	COM	70202L102	1,719	42,500	SH		SOLE		9,600	0	32,900
Patrick Industries Inc.	COM	703343103	2,731	32,133	SH		SOLE		7,933	0	24,200
PennyMac Financial Service Inc	COM	70932M107	3,157	47,218	SH		SOLE		10,718	0	36,500
Penske Automotive Group, Inc.	COM	70959W103	46	579	SH		SOLE		579	0	0
Phibro Animal Health Corp CL A	COM	71742Q106	730	29,900	SH		SOLE		7,500	0	22,400
Piedmont Office Realty Trust,	COM	720190206	3,901	224,569	SH		SOLE		58,269	0	166,300
Pilgrims Pride Corp	COM	72147K108	19	780	SH		SOLE		780	0	0
Popular Inc.	COM	733174700	6	83	SH		SOLE		83	0	0
Preformed Line Products	COM	740444104	155	2,260	SH		SOLE		2,260	0	0
Primoris Services Corp.	COM	74164F103	3,233	97,573	SH		SOLE		27,573	0	70,000
Principal Financial Group, Inc.	COM	74251V102	1,169	19,500	SH		SOLE		19,500	0	0
Pro-Dex Inc	COM	74265M205	49	1,820	SH		SOLE		1,820	0	0
Progressive Corp.	COM	743315103	1,884	19,700	SH		SOLE		19,700	0	0
Prosight Global Inc	COM	74349J103	67	5,320	SH		SOLE		5,320	0	0
Provident Financial Services	COM	74386T105	711	31,900	SH		SOLE		7,800	0	24,100
Prudential Financial Inc	COM	744320102	292	3,200	SH		SOLE		3,200	0	0
Public Storage, Inc.	COM	74460D109	938	3,800	SH		SOLE		3,800	0	0
PulteGroup, Inc.	COM	745867101	3	49	SH		SOLE		49	0	0
QCR Holdings, Inc.	COM	74727A104	188	3,980	SH		SOLE		3,980	0	0
RBB Bancorp	COM	74930B105	179	8,830	SH		SOLE		8,830	0	0
RMR Group	COM	74967R106	1,050	25,739	SH		SOLE		4,839	0	20,900
Radian Group, Inc.	COM	750236101	4,934	212,207	SH		SOLE		51,507	0	160,700
Ramaco Resources Inc	COM	75134P303	16	3,700	SH		SOLE		3,700	0	0
Raymond James Financial Inc.	COM	754730109	49	400	SH		SOLE		400	0	0
Regeneron Pharmaceuticals	COM	75886F107	47	100	SH		SOLE		100	0	0
Regional Management Corp.	COM	75902K106	39	1,130	SH		SOLE		1,130	0	0
Regions Financial Corp	COM	7591EP100	29	1,400	SH		SOLE		1,400	0	0
Reliance Steel & Aluminum	COM	759509102	15	100	SH		SOLE		100	0	0
Republic Bancorp KY	COM	760281204	2,744	61,960	SH		SOLE		21,660	0	40,300
Republic Services Inc.	COM	760759100	99	1,000	SH		SOLE		1,000	0	0
Reynolds Consumer Product	COM	76171L106	3	104	SH		SOLE		104	0	0
Robert Half International Inc.	COM	770323103	16	200	SH		SOLE		200	0	0
Rocky Brands Inc	COM	774515100	43	790	SH		SOLE		790	0	0
Rush Enterprises Inc	COM	781846209	5,161	103,576	SH		SOLE		26,026	0	77,550
Ryerson Holding Corporation	COM	783754104	185	10,870	SH		SOLE		10,870	0	0
SEI Investments Co.	COM	784117103	5	81	SH		SOLE		81	0	0
Sally Beauty Holdings, Inc.	COM	79546E104	1	39	SH		SOLE		39	0	0
Santander Consumer USA Holdings Inc.	COM	80283M101	33	1,209	SH		SOLE		1,209	0	0
Saul Centers Inc.	COM	804395101	363	9,044	SH		SOLE		2,344	0	6,700
Schneider National Inc.	COM	80689H102	6	224	SH		SOLE		224	0	0
Security National Financial	COM	814785309	10	1,020	SH		SOLE		1,020	0	0
Select Medical Holdings Corp	COM	81619Q105	1	40	SH		SOLE		40	0	0
Sierra Bancorp	COM	82620P102	36	1,360	SH		SOLE		1,360	0	0
Silgan Holdings Inc.	COM	827048109	2	54	SH		SOLE		54	0	0
Skechers U.S.A. Inc.	COM	830566105	13	300	SH		SOLE		300	0	0
SkyWest Inc.	COM	830879102	1,738	31,900	SH		SOLE		8,800	0	23,100
Snap-On Inc.	COM	833034101	23	100	SH		SOLE		100	0	0
South Plains Financial	COM	83946P107	22	960	SH		SOLE		960	0	0
Southern Company	COM	842587107	1,610	25,900	SH		SOLE		25,900	0	0
Southern Copper Corp.	COM	84265V105	1,581	23,300	SH		SOLE		23,300	0	0
Sprouts Farmers Market	COM	85208M102	19	700	SH		SOLE		700	0	0
State Street Corporation	COM	857477103	34	400	SH		SOLE		400	0	0
Steel Dynamics Inc.	COM	858119100	62	1,215	SH		SOLE		1,215	0	0
Sterling Bancorp Inc	COM	85917W102	725	128,040	SH		SOLE		41,540	0	86,500
Stifel Financial Corp	COM	860630102	2	34	SH		SOLE		34	0	0
Stonex Group	COM	861896108	1,899	29,040	SH		SOLE		9,540	0	19,500
Summit Fincl Group Inc.	COM	86606G101	48	1,800	SH		SOLE		1,800	0	0
Superior Group of Companies	COM	868358102	81	3,170	SH		SOLE		3,170	0	0
Supernus Pharmaceuticals Inc	COM	868459108	1	38	SH		SOLE		38	0	0
Synchrony Financial	COM	87165B103	947	23,300	SH		SOLE		23,300	0	0
Synnex Corporation	COM	87162W100	23	200	SH		SOLE		200	0	0
Synovus Financial Corp	COM	87161C501	2	36	SH		SOLE		36	0	0
Systemax Inc	COM	871851101	1,494	36,342	SH		SOLE		9,142	0	27,200
TEGNA Inc.	COM	87901J105	3	184	SH		SOLE		184	0	0
Telephone & Data Systems	COM	879433829	30	1,321	SH		SOLE		1,321	0	0
The Michaels Companies, Inc.	COM	59408Q106	832	37,900	SH		SOLE		8,600	0	29,300
Timberland Bancorp Inc.	COM	887098101	13	450	SH		SOLE		450	0	0
Timken Company	COM	887389104	3	40	SH		SOLE		40	0	0
Towne Bank	COM	89214P109	4,629	152,268	SH		SOLE		38,119	0	114,149
Tri Pointe Group	COM	87265H109	2	84	SH		SOLE		84	0	0
Trinet Group Inc	COM	896288107	1	15	SH		SOLE		15	0	0
Triple-S Management Corp	COM	896749108	44	1,690	SH		SOLE		1,690	0	0
Triton International Ltd	COM	G9078F107	4,282	77,863	SH		SOLE		19,063	0	58,800
Trustmark Corporation	COM	898402102	1,040	30,900	SH		SOLE		7,000	0	23,900
Twenty-First Century Fox Inc.	COM	35137L105	961	26,600	SH		SOLE		26,600	0	0
Tyson Foods	COM	902494103	1,657	22,300	SH		SOLE		22,300	0	0
UGI Corp	COM	902681105	3	85	SH		SOLE		85	0	0
UMB Financial Corp	COM	902788108	2	23	SH		SOLE		23	0	0
USANA Health Sciences, Inc.	COM	90328M107	1,221	12,513	SH		SOLE		3,213	0	9,300
Ubiquiti Inc.	COM	90353W103	537	1,800	SH		SOLE		1,800	0	0
Ultralife Corp	COM	903899102	29	3,510	SH		SOLE		3,510	0	0
United States Cellular Corp	COM	911684108	6	175	SH		SOLE		175	0	0
United States Lime & Minerals	COM	911922102	167	1,250	SH		SOLE		1,250	0	0
United Therapeutics Corp.	COM	91307C102	17	100	SH		SOLE		100	0	0
Unity Bancorp Inc	COM	913290102	16	730	SH		SOLE		730	0	0
Universal Corporation	COM	913456109	820	13,900	SH		SOLE		5,000	0	8,900
Universal Health Services	COM	913903100	160	1,200	SH		SOLE		1,200	0	0
Universal Logistics Holdings,	COM	91388P105	190	7,240	SH		SOLE		7,240	0	0
Unum Group	COM	91529Y106	2	78	SH		SOLE		78	0	0
Urstadt Biddle Prop cl A	COM	917286205	167	10,060	SH		SOLE		10,060	0	0
Utah Medical Products Inc.	COM	917488108	10	120	SH		SOLE		120	0	0
VMware, Inc. Cl A	COM	928563402	1,128	7,500	SH		SOLE		7,500	0	0
VSE Corporation	COM	918284100	170	4,310	SH		SOLE		4,310	0	0
Valvoline	COM	92047W101	23	900	SH		SOLE		900	0	0
Vera Bradley Inc	COM	92335C106	16	1,580	SH		SOLE		1,580	0	0
Verizon Communications, Inc.	COM	92343V104	2,128	36,600	SH		SOLE		36,600	0	0
Viemed Healthcare	COM	92663R105	32	3,170	SH		SOLE		3,170	0	0
Village Super Market	COM	927107409	67	2,860	SH		SOLE		2,860	0	0
Vishay Intertechnology Inc.	COM	928298108	2,976	123,600	SH		SOLE		30,900	0	92,700
W.W. Grainger Inc.	COM	384802104	40	100	SH		SOLE		100	0	0
Walmart Inc.	COM	931142103	1,331	9,800	SH		SOLE		9,800	0	0
Warrior Met Coal, Llc	COM	93627C101	3,020	176,300	SH		SOLE		43,900	0	132,400
Weingarten Realty Investors	COM	948741103	31	1,143	SH		SOLE		1,143	0	0
Weis Markets Inc.	COM	948849104	1,654	29,257	SH		SOLE		7,757	0	21,500
Wells Fargo & Company	COM	949746101	1,688	43,200	SH		SOLE		43,200	0	0
West Pharmaceutical Services	COM	955306105	564	2,000	SH		SOLE		2,000	0	0
Westlake Chemical Corporation	COM	960413102	41	462	SH		SOLE		462	0	0
Weyco Group Inc.	COM	962149100	139	6,440	SH		SOLE		6,440	0	0
Willis Lease Finance	COM	970646105	138	3,170	SH		SOLE		3,170	0	0
Winmark Corporation	COM	974250102	727	3,900	SH		SOLE		1,000	0	2,900
World Fuel Services Corp	COM	981475106	760	21,600	SH		SOLE		4,700	0	16,900
Worthington Industries	COM	981811102	2,442	36,400	SH		SOLE		7,300	0	29,100
eBay Inc.	COM	278642103	43	700	SH		SOLE		700	0	0
ePlus Inc.	COM	294268107	1,077	10,811	SH		SOLE		2,811	0	8,000