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	0	26	SH		SOLE		26	0	26
1st Source Corporation	COM	336901103	273	5,900	SH		SOLE		1,300	0	1,300
A-Mark Precious Metals	COM	00181T107	217	2,800	SH		SOLE		1,500	0	1,500
AFLAC INC COM	COM	001055102	251	3,900	SH		SOLE		800	0	3,900
AMC Networks Inc. cl A	COM	00164V103	1,412	34,751	SH		SOLE		51	0	8,851
AXOS Financial Inc	COM	05465C100	3,753	80,900	SH		SOLE		18,800	0	19,600
Aaron's, Inc.	COM	00258W108	2	87	SH		SOLE		5,755	0	87
Academy Sports and Outdoors	COM	00402L107	1,269	32,200	SH		SOLE		4,800	0	5,700
Acco Brands Corporation	COM	00081T108	3,789	473,603	SH		SOLE		121,747	0	121,703
Acushnet Holdings Corp.	COM	005098108	2,770	68,800	SH		SOLE		3,000	0	16,700
Advansix Inc	COM	00773T101	107	2,100	SH		SOLE		5,616	0	0
Aersale Corp	COM	00810F106	60	3,800	SH		SOLE		0	0	0
Agco Corporation	COM	001084102	15	100	SH		SOLE		0	0	100
Air Lease Corp. Cl A	COM	00912X302	33	749	SH		SOLE		849	0	749
Albertsons Companies	COM	013091103	138	4,152	SH		SOLE		3,018	0	4,152
Aligos Therapeutics	COM	01626L105	34	16,000	SH		SOLE		0	0	0
Alleghany Corp	COM	017175100	3	4	SH		SOLE		0	0	4
Alliance Data Systems Corp	COM	018581108	1	21	SH		SOLE		12	0	21
Allied Motion Technologies	COM	019330109	33	1,100	SH		SOLE		0	0	0
Allison Transmission Holdings	COM	01973R101	34	856	SH		SOLE		883	0	856
Allstate Corp.	COM	020002101	319	2,300	SH		SOLE		3,900	0	2,300
Alpha and Omega Semiconductor	COM	G6331P104	77	1,411	SH		SOLE		11	0	11
Alphabet Inc. Class A	COM	02079K305	1,029	370	SH		SOLE		300	0	370
Amalgamated Financial	COM	022671101	117	6,500	SH		SOLE		0	0	0
Amdocs Limited	COM	G02602103	66	800	SH		SOLE		600	0	800
Amerant Bancorp	COM	023576101	79	2,500	SH		SOLE		0	0	0
Amerco	COM	023586100	310	520	SH		SOLE		488	0	520
American Equity Investment	COM	025676206	1,082	27,100	SH		SOLE		8,600	0	8,600
American National Insur.	COM	02772A109	2,270	12,005	SH		SOLE		2,905	0	2,905
Amkor Technology Inc	COM	031652100	3	137	SH		SOLE		113	0	137
Angel Oak Mortgage	COM	03464Y108	34	2,100	SH		SOLE		0	0	0
Apartment Income REIT	COM	03750L109	1	24	SH		SOLE		0	0	24
Apartment Invest& Mang A	COM	03748R747	2	295	SH		SOLE		295	0	295
Apollo Commercial Real Estate	COM	03762U105	999	71,700	SH		SOLE		10,400	0	10,400
Arch Capital Group Ltd.	COM	G0450A105	799	16,500	SH		SOLE		18,500	0	16,500
Archer Daniels Midland	COM	039483102	560	6,200	SH		SOLE		4,800	0	6,200
Arcutis Biotherapeutics	COM	03969K108	71	3,700	SH		SOLE		0	0	0
Arrow Electronics Inc	COM	042735100	12	100	SH		SOLE		100	0	100
Asbury Automotive Group	COM	043436104	1	4	SH		SOLE		6	0	4
Atlantic Union Bacncshares	COM	04911A107	1,273	34,700	SH		SOLE		0	0	8,700
Atlanticus Holdings	COM	04914Y102	394	7,600	SH		SOLE		1,700	0	1,700
AutoNation Inc.	COM	05329W102	21	213	SH		SOLE		204	0	213
AutoZone Inc.	COM	053332102	143	70	SH		SOLE		190	0	70
Avangrid Inc.	COM	05351W103	500	10,700	SH		SOLE		8,600	0	10,700
B. Riley Financial	COM	05580M108	231	3,300	SH		SOLE		14	0	0
BOK Financial Corp.	COM	05561Q201	6	62	SH		SOLE		62	0	62
BancFirst Corp OK	COM	05945F103	3,029	36,400	SH		SOLE		6,400	0	9,100
Bank OZK	COM	06417N103	2	38	SH		SOLE		38	0	38
Bank of America Corp	COM	060505104	824	20,000	SH		SOLE		18,700	0	20,000
Bank of NT Butterfield LTD	COM	G0772R208	4,176	116,384	SH		SOLE		28,984	0	28,984
Bank of New York Mellon Corp.	COM	064058100	313	6,300	SH		SOLE		700	0	6,300
Barrett Business Services	COM	068463108	85	1,100	SH		SOLE		0	0	0
Berkshire Hathaway cl B	COM	084670702	1,570	4,450	SH		SOLE		4,200	0	4,450
Berry Global Group	COM	08579W103	12	200	SH		SOLE		0	0	200
Best Buy Inc.	COM	086516101	18	200	SH		SOLE		2,400	0	200
Big Five Sporting Goods	COM	08915P101	27	1,600	SH		SOLE		0	0	0
Biogen Inc.	COM	09062X103	337	1,600	SH		SOLE		1,000	0	1,600
Bioventus Inc	COM	09075A108	49	3,500	SH		SOLE		0	0	0
Bluebird Bio	COM	09609G100	49	10,100	SH		SOLE		0	0	0
Bluelinx Holdings	COM	09624H208	2,136	29,714	SH		SOLE		6,923	0	6,814
Boise Cascade LLC	COM	09739D100	3,557	51,200	SH		SOLE		15,621	0	13,300
BorgWarner Inc.	COM	099724106	12	300	SH		SOLE		300	0	300
Brigham Minerals	COM	10918L103	217	8,500	SH		SOLE		0	0	0
Brightsphere Investment Group	COM	10948W103	441	18,167	SH		SOLE		2,047	0	1,121
Brown-Forman cl B	COM	115637209	20	300	SH		SOLE		0	0	300
Business First Bancshares	COM	12326C105	39	1,600	SH		SOLE		0	0	0
Byline Bancorp Inc.	COM	124411109	197	7,400	SH		SOLE		0	0	0
CACI International, Inc.	COM	127190304	30	100	SH		SOLE		100	0	100
CBRE Group, Inc.	COM	12504L109	613	6,700	SH		SOLE		6,900	0	6,700
CBTX Inc	COM	12481V104	105	3,400	SH		SOLE		0	0	0
CDW Corporation	COM	12514G108	54	300	SH		SOLE		0	0	300
CNA Financial Corp.	COM	126117100	78	1,600	SH		SOLE		1,600	0	1,600
CNO Financial Group, Inc.	COM	12621E103	409	16,300	SH		SOLE		0	0	4,800
CRA International Inc	COM	12618T105	93	1,100	SH		SOLE		0	0	0
CTO Realty Growth Inc	COM	22948Q101	146	2,200	SH		SOLE		0	0	0
Carlyle Finance LLC	COM	14316J108	127	2,600	SH		SOLE		4,600	0	2,600
Casey's General Stores, Inc.	COM	147528103	20	100	SH		SOLE		100	0	100
Cathay General Bancorp	COM	149150104	82	1,831	SH		SOLE		20,331	0	1,831
Celanese Corporation	COM	150870103	686	4,800	SH		SOLE		4,700	0	4,800
Central Garden&Pet cl A	COM	153527205	738	18,100	SH		SOLE		2,400	0	2,400
Centrus Energy	COM	15643U104	40	1,200	SH		SOLE		0	0	0
Cincinnati Financial Corp	COM	172062101	707	5,200	SH		SOLE		4,800	0	5,200
Cirrus Logic Inc.	COM	172755100	25	300	SH		SOLE		300	0	300
Citi Trends	COM	17306X102	56	1,817	SH		SOLE		6	0	17
Citigroup Inc.	COM	172967424	139	2,600	SH		SOLE		6,900	0	2,600
Codiak Biosciences	COM	192010106	41	6,500	SH		SOLE		0	0	0
Collegium Pharmaceuticals	COM	19459J104	35	1,700	SH		SOLE		0	0	0
Conn's, Inc.	COM	208242107	31	2,000	SH		SOLE		0	0	0
Consol Energy Inc	COM	20854L108	1,062	28,217	SH		SOLE		0	0	11,817
Consumer Portfolio Services	COM	210502100	87	8,600	SH		SOLE		0	0	0
Containers Store Group	COM	210751103	61	7,500	SH		SOLE		0	0	0
Continental Resources, Inc.	COM	212015101	501	8,163	SH		SOLE		5,313	0	8,163
Costamare Inc	COM	Y1771G102	4,989	292,638	SH		SOLE		70,692	0	73,838
Covenant Logistics Grp	COM	22284P105	52	2,400	SH		SOLE		0	0	0
Cowen Inc	COM	223622606	131	4,829	SH		SOLE		29	0	29
Cummins Inc.	COM	231021106	41	200	SH		SOLE		600	0	200
Curo Group Holdings Corp	COM	23131L107	119	9,100	SH		SOLE		0	0	0
Customers Bancorp Inc	COM	23204G100	460	8,831	SH		SOLE		16,200	0	5,231
D.R. Horton Inc.	COM	23331A109	335	4,500	SH		SOLE		700	0	4,500
DISH Network Corp cl A	COM	25470M109	212	6,700	SH		SOLE		12,500	0	6,700
DLH Holdings	COM	23335Q100	106	5,600	SH		SOLE		0	0	0
DTE Energy Corp.	COM	233331107	185	1,400	SH		SOLE		200	0	1,400
DaVita HealthCare Partners Inc	COM	23918K108	204	1,800	SH		SOLE		1,600	0	1,800
Deciphera Pharmaceuticals	COM	24344T101	73	7,900	SH		SOLE		0	0	0
Dell Inc.	COM	24703L202	668	13,300	SH		SOLE		11,600	0	13,300
Dicks Sporting Goods Inc	COM	253393102	1	8	SH		SOLE		0	0	8
Discover Financial Services	COM	254709108	430	3,900	SH		SOLE		4,200	0	3,900
Dorian LPG Ltd.	COM	Y2106R110	2,070	142,843	SH		SOLE		18,500	0	35,543
Duluth Holdings	COM	26443V101	26	2,100	SH		SOLE		0	0	0
Eagle Bancorp Inc	COM	268948106	2,064	36,200	SH		SOLE		11,000	0	10,300
Earthstone Energy	COM	27032D304	623	49,300	SH		SOLE		0	0	8,700
Ebix Inc	COM	278715206	1	20	SH		SOLE		0	0	20
Employers Holdings, Inc.	COM	292218104	4,315	105,200	SH		SOLE		25,100	0	25,900
Encore Capital Group, Inc.	COM	292554102	376	6,000	SH		SOLE		3,700	0	1,800
Encore Wire Corporation	COM	292562105	1,415	12,406	SH		SOLE		3,313	0	2,806
Enova International, Inc.	COM	29357K103	2,755	72,553	SH		SOLE		16,025	0	18,953
Enstar Group Limited	COM	G3075P101	4,283	16,400	SH		SOLE		3,900	0	4,100
Entergy Corp	COM	29364G103	35	300	SH		SOLE		300	0	300
Erie Indemnity Co cl A	COM	29530P102	5	26	SH		SOLE		15	0	26
Esperion Therapeutics	COM	29664W105	49	10,500	SH		SOLE		0	0	0
Essent Group	COM	G3198U102	1	28	SH		SOLE		38	0	28
Exelixis Inc.	COM	30161Q104	16	700	SH		SOLE		700	0	700
Expeditors International of WA	COM	302130109	279	2,700	SH		SOLE		300	0	2,700
F.N.B Corporation PA	COM	302520101	2	193	SH		SOLE		193	0	193
FS Bancorp Inc.	COM	30263Y104	31	1,000	SH		SOLE		0	0	0
Falcon Minerals Corp	COM	30607B109	185	27,400	SH		SOLE		0	0	0
Farmer Mac	COM	313148306	1,779	16,400	SH		SOLE		3,200	0	3,200
Fidelity National Fin Inc.	COM	31620R303	264	5,400	SH		SOLE		3,300	0	5,400
First Financial Bancorp OH	COM	320209109	3,546	153,845	SH		SOLE		31,600	0	38,545
First Internet Bancorp	COM	320557101	60	1,400	SH		SOLE		0	0	0
Fonar Corporation	COM	344437405	93	5,000	SH		SOLE		0	0	0
Foot Locker Inc	COM	344849104	0	16	SH		SOLE		16	0	16
Forestar Group	COM	346232101	1,351	76,096	SH		SOLE		14,890	0	17,996
Forma Therapeutics Holdings	COM	34633R104	39	4,200	SH		SOLE		0	0	0
Franklin Resources Inc	COM	354613101	31	1,100	SH		SOLE		0	0	1,100
Fulcrum Therapeutics	COM	359616109	92	3,900	SH		SOLE		0	0	0
G-III Apparel Group	COM	36237H101	239	8,832	SH		SOLE		32	0	3,932
GAMCO Investors, Inc.	COM	361438104	1,361	61,542	SH		SOLE		25,900	0	25,900
Gaming and Leisure Properties, Inc.	COM	36467J108	21	446	SH		SOLE		346	0	446
Gates Industrial Corp	COM	G39108108	4	296	SH		SOLE		0	0	296
General Dynamics Corp.	COM	369550108	699	2,900	SH		SOLE		3,500	0	2,900
General Motors Company	COM	37045V100	337	7,700	SH		SOLE		8,100	0	7,700
Genworth Financial Inc	COM	37247D106	633	167,500	SH		SOLE		41,000	0	41,000
Global Industrial Co.	COM	37892E102	606	18,800	SH		SOLE		3,900	0	3,900
Globe Life	COM	37959E102	4	38	SH		SOLE		19	0	38
Goldman Sachs Group Inc	COM	38141G104	330	1,000	SH		SOLE		1,700	0	1,000
Graftech International Ltd	COM	384313508	3,519	365,837	SH		SOLE		93,137	0	93,137
Graham Holdings Company	COM	384637104	4,531	7,410	SH		SOLE		1,911	0	1,910
Gray Television Inc	COM	389375106	4,162	188,572	SH		SOLE		48,072	0	46,472
Greenhill & Co Inc.	COM	395259104	63	4,100	SH		SOLE		0	0	0
Greif Inc cl A	COM	397624107	4,854	74,607	SH		SOLE		17,494	0	18,807
Gritstone Bio	COM	39868T105	19	4,600	SH		SOLE		0	0	0
Group 1 Automotive, Inc.	COM	398905109	2	10	SH		SOLE		10	0	10
H&R Block, Inc.	COM	093671105	2	73	SH		SOLE		155	0	73
HCA Holdings, Inc.	COM	40412C101	376	1,500	SH		SOLE		2,800	0	1,500
HF Sinclair Corp	COM	403949100	36	900	SH		SOLE		0	0	900
HP Inc.	COM	40434L105	494	13,600	SH		SOLE		21,100	0	13,600
Hackett Group Inc	COM	404609109	58	2,500	SH		SOLE		0	0	0
Hamilton Beach Brands	COM	40701T104	28	2,400	SH		SOLE		0	0	0
Hawaiian Electric Industries	COM	419870100	6	138	SH		SOLE		103	0	138
Hawkins Inc	COM	420261109	41	900	SH		SOLE		0	0	0
Heartland Financial USA	COM	42234Q102	1,331	27,833	SH		SOLE		4,033	0	6,633
Henry Schein Inc.	COM	806407102	532	6,100	SH		SOLE		5,300	0	6,100
Highwoods Properties	COM	431284108	14	300	SH		SOLE		300	0	300
Hilltop Holdings Inc.	COM	432748101	4,166	141,709	SH		SOLE		31,209	0	35,609
Hologic Inc.	COM	436440101	184	2,400	SH		SOLE		0	0	2,400
Home Bancorp, Inc.	COM	43689E107	45	1,100	SH		SOLE		0	0	0
Home Bancshares Inc	COM	436893200	2	76	SH		SOLE		94	0	76
Hope Bancorp	COM	43940T109	3,965	246,600	SH		SOLE		35,300	0	54,600
Horizon Bancorp	COM	440407104	304	16,300	SH		SOLE		0	0	4,100
Hormel Foods Corp	COM	440452100	356	6,900	SH		SOLE		8,700	0	6,900
Huntington Ingalls Industries	COM	446413106	38	190	SH		SOLE		190	0	190
Huttig Building Products	COM	448451104	39	3,700	SH		SOLE		0	0	0
Independent Bank Grp	COM	45384B106	1,921	27,000	SH		SOLE		0	0	6,800
Ingles Markets cl A	COM	457030104	4,920	55,255	SH		SOLE		13,855	0	13,855
Innoviva, Inc.	COM	45781M101	4,418	228,322	SH		SOLE		62,722	0	57,422
Intel Corporation	COM	458140100	852	17,200	SH		SOLE		16,700	0	17,200
International Bancshares	COM	459044103	4,196	99,400	SH		SOLE		22,576	0	24,800
Intest Corp	COM	461147100	45	4,200	SH		SOLE		0	0	0
Ironwood Pharmaceuticals	COM	46333X108	1,429	113,600	SH		SOLE		31,500	0	31,500
JPMorgan Chase & Co.	COM	46625H100	968	7,100	SH		SOLE		6,300	0	7,100
Jabil Circuit Inc.	COM	466313103	49	800	SH		SOLE		900	0	800
Jefferies Financial Group Inc.	COM	47233W109	16	500	SH		SOLE		0	0	500
Johnson Outdoors Inc.	COM	479167108	630	8,100	SH		SOLE		3,100	0	1,600
Jones Lang LaSalle Incorporated	COM	48020Q107	239	1,000	SH		SOLE		300	0	1,000
KKR & Co.	COM	48251W104	41	700	SH		SOLE		400	0	700
Kemper Corp	COM	488401100	3	48	SH		SOLE		48	0	48
Kennedy-Wilson Holdings	COM	489398107	4,685	192,100	SH		SOLE		45,700	0	48,900
Kimball Electronics, Inc.	COM	49428J109	148	7,400	SH		SOLE		22	0	0
Koppers Holdings Inc.	COM	50060P106	749	27,200	SH		SOLE		8,600	0	8,600
Kronos Worldwide Inc.	COM	50105F105	3,783	243,719	SH		SOLE		50,119	0	59,519
Kura Oncology	COM	50127T109	61	3,800	SH		SOLE		0	0	0
Laboratory Corp of America	COM	50540R409	475	1,800	SH		SOLE		1,700	0	1,800
Lamar Advertising Co.	COM	512816109	23	200	SH		SOLE		200	0	200
Lands' End, Inc.	COM	51509F105	110	6,500	SH		SOLE		19	0	0
Landstar System Inc.	COM	515098101	15	100	SH		SOLE		200	0	100
Lazard LTD.	COM	G54050102	3	74	SH		SOLE		0	0	74
Lazydays Holdings Inc.	COM	52110H100	162	8,051	SH		SOLE		3,851	0	51
Lee Enterprises Inc.	COM	523768406	51	1,900	SH		SOLE		0	0	0
Legacy Housing Corporation	COM	52472M101	97	4,500	SH		SOLE		0	0	0
Leidos Holdings, Inc.	COM	525327102	22	200	SH		SOLE		200	0	200
Lennar Corp cl A	COM	526057104	479	5,900	SH		SOLE		4,000	0	5,900
Lumber Liquidators Holdings	COM	55003T107	25	1,800	SH		SOLE		0	0	0
Luther Burbank Corporation	COM	550550107	155	11,700	SH		SOLE		0	0	0
LyondellBasell Industries cl A	COM	N53745100	833	8,100	SH		SOLE		8,800	0	8,100
M/I Homes, Inc.	COM	55305B101	3,946	88,966	SH		SOLE		18,966	0	22,366
MDC Holdings Inc	COM	552676108	1	27	SH		SOLE		27	0	27
MDU Resources Group	COM	552690109	1	51	SH		SOLE		0	0	51
MGIC Investment Corp.	COM	552848103	2	116	SH		SOLE		0	0	116
MSC Industrial Direct Co.	COM	553530106	34	400	SH		SOLE		400	0	400
ManTech International Corp.	COM	564563104	1	14	SH		SOLE		14	0	14
ManpowerGroup Inc	COM	56418H100	19	200	SH		SOLE		200	0	200
Marcus & Millichap, Inc.	COM	566324109	2,228	42,300	SH		SOLE		9,700	0	10,200
Marine Products Corp	COM	568427108	68	5,900	SH		SOLE		0	0	0
Marinemax Inc	COM	567908108	48	1,200	SH		SOLE		800	0	0
Markel Corp	COM	570535104	487	330	SH		SOLE		40	0	330
Marten Transport, Ltd.	COM	573075108	867	48,800	SH		SOLE		9,700	0	12,900
Merchants Bancorp	COM	58844R108	1,398	51,043	SH		SOLE		5,629	0	11,593
Mercury General Corp.	COM	589400100	5	96	SH		SOLE		65	0	96
Meritage Homes Corp	COM	59001A102	2	26	SH		SOLE		11	0	26
MetLife, Inc.	COM	59156R108	640	9,100	SH		SOLE		11,400	0	9,100
Methode Electronics Inc	COM	591520200	377	8,725	SH		SOLE		14,425	0	2,225
MidWestOne Finl Grp	COM	598511103	50	1,500	SH		SOLE		0	0	0
Midland States Bancorp Inc	COM	597742105	95	3,300	SH		SOLE		0	0	0
Miller Industries Inc.	COM	600551204	34	1,200	SH		SOLE		0	0	0
Minerals Technologies	COM	603158106	490	7,400	SH		SOLE		3,200	0	3,200
Molina Healthcare, Inc.	COM	60855R100	554	1,660	SH		SOLE		1,960	0	1,660
Monarch Casino & Resort	COM	609027107	113	1,300	SH		SOLE		0	0	0
Mr Cooper Group	COM	62482R107	1	14	SH		SOLE		0	0	14
Mueller Industries, Inc.	COM	624756102	4,361	80,500	SH		SOLE		18,500	0	20,800
NACCO Industries cl A	COM	629579103	98	2,500	SH		SOLE		0	0	0
NBT Bancorp Inc.	COM	628778102	1,051	29,100	SH		SOLE		1,300	0	7,200
NCR Corporation	COM	62886E108	24	600	SH		SOLE		0	0	600
NRG Energy Inc	COM	629377508	15	396	SH		SOLE		82	0	396
National Health Investors	COM	63633D104	1	9	SH		SOLE		9	0	9
National HealthCare Corp	COM	635906100	668	9,509	SH		SOLE		1,509	0	2,409
National Western Life Group A	COM	638517102	1,411	6,705	SH		SOLE		2,000	0	1,405
Natural Grocers By Vitamin Cottage Inc	COM	63888U108	51	2,600	SH		SOLE		0	0	0
Nature's Sunshine Products	COM	639027101	98	5,800	SH		SOLE		0	0	0
Nelnet Inc	COM	64031N108	3,520	41,416	SH		SOLE		11,116	0	11,116
NetApp, Inc.	COM	64110D104	149	1,800	SH		SOLE		1,500	0	1,800
NewMarket Corporation	COM	651587107	6	18	SH		SOLE		18	0	18
Newmark Group	COM	65158N102	3,304	207,563	SH		SOLE		51,763	0	51,763
Nexstar Media Group, Inc. Cl A	COM	65336K103	19	100	SH		SOLE		100	0	100
Northern Trust Corp.	COM	665859104	58	500	SH		SOLE		300	0	500
Northrop Grumman Corp	COM	666807102	671	1,500	SH		SOLE		1,400	0	1,500
Northwest Pipe Co	COM	667746101	74	2,900	SH		SOLE		0	0	0
ONEOK, Inc.	COM	682680103	141	2,000	SH		SOLE		2,000	0	2,000
OceanFirst Financial	COM	675234108	225	11,200	SH		SOLE		2,100	0	2,100
Oil-Dri Corp. of Amer	COM	677864100	32	1,100	SH		SOLE		0	0	0
Old Republic Int'l Corp	COM	680223104	36	1,377	SH		SOLE		977	0	1,377
Olympic Steel Inc.	COM	68162K106	69	1,800	SH		SOLE		0	0	0
Omeros COrp	COM	682143102	43	7,100	SH		SOLE		0	0	0
Omnicom Group Inc	COM	681919106	306	3,600	SH		SOLE		500	0	3,600
One Liberty Properties Inc.	COM	682406103	89	2,900	SH		SOLE		0	0	0
Onemain Holdings Inc	COM	68268W103	21	445	SH		SOLE		445	0	445
Onewater Marine	COM	68280L101	79	2,300	SH		SOLE		12	0	0
Oppenheimer Holdings	COM	683797104	802	18,400	SH		SOLE		900	0	2,100
Oracle Corporation	COM	68389X105	769	9,300	SH		SOLE		7,800	0	9,300
Orion Engineered Carbons	COM	L72967109	1,778	111,341	SH		SOLE		25,596	0	31,641
P.A.M. Transportation	COM	693149106	174	5,000	SH		SOLE		0	0	0
PC Connection, Inc.	COM	69318J100	4,160	79,400	SH		SOLE		16,111	0	18,900
PS Business Parks Inc	COM	69360J107	308	1,833	SH		SOLE		23	0	233
Paccar Inc.	COM	693718108	26	300	SH		SOLE		400	0	300
Park National Corp OH	COM	700658107	328	2,500	SH		SOLE		0	0	600
Passage Bio	COM	702712100	33	10,800	SH		SOLE		0	0	0
PennyMac Financial Service Inc	COM	70932M107	2,820	53,010	SH		SOLE		14,210	0	14,210
Penske Automotive Group, Inc.	COM	70959W103	287	3,063	SH		SOLE		1,559	0	3,063
Perdoceo Education Corp	COM	71363P106	3,007	261,900	SH		SOLE		62,600	0	67,200
Phantom Pharmaceuticals	COM	71722W107	34	2,500	SH		SOLE		0	0	0
Photronics Inc.	COM	719405102	95	5,600	SH		SOLE		0	0	0
Piedmont Office Realty Trust,	COM	720190206	3,695	214,574	SH		SOLE		37,298	0	37,274
Pilgrims Pride Corp	COM	72147K108	3	119	SH		SOLE		119	0	119
Popular Inc.	COM	733174700	38	468	SH		SOLE		80	1	468
Precision Biosciences	COM	74019P108	20	6,500	SH		SOLE		0	2	0
Preformed Line Products	COM	740444104	120	1,900	SH		SOLE		0	3	0
Primerica, Inc.	COM	74164M108	1	6	SH		SOLE		10	4	6
Primoris Services Corp.	COM	74164F103	729	30,600	SH		SOLE		5,600	5	5,600
Principal Financial Group, Inc.	COM	74251V102	44	600	SH		SOLE		3,300	6	600
Progressive Corp.	COM	743315103	638	5,600	SH		SOLE		5,000	7	5,600
Provention Bio	COM	74374N102	51	7,000	SH		SOLE		0	8	0
Provident Financial Services	COM	74386T105	3,912	167,200	SH		SOLE		35,700	9	46,000
Prudential Financial Inc	COM	744320102	43	360	SH		SOLE		360	10	360
PulteGroup, Inc.	COM	745867101	24	567	SH		SOLE		73	11	567
RBB Bancorp	COM	74930B105	162	6,900	SH		SOLE		0	12	0
REX American Resources	COM	761624105	120	1,200	SH		SOLE		0	13	0
RMR Group	COM	74967R106	1	28	SH		SOLE		28	14	28
Radiant Logistics	COM	75025X100	52	8,200	SH		SOLE		0	15	0
Ramaco Resources Inc	COM	75134P303	65	4,100	SH		SOLE		0	16	0
Raymond James Financial Inc.	COM	754730109	49	450	SH		SOLE		750	0	450
Regional Management Corp.	COM	75902K106	112	2,300	SH		SOLE		0	0	0
Reliance Steel & Aluminum	COM	759509102	37	200	SH		SOLE		100	0	200
Republic Bancorp KY	COM	760281204	1,137	25,300	SH		SOLE		5,500	0	5,500
Republic Services Inc.	COM	760759100	146	1,100	SH		SOLE		2,500	0	1,100
Resources Connection	COM	76122Q105	70	4,100	SH		SOLE		0	0	0
Retractable Technologies Inc	COM	76129W105	84	17,600	SH		SOLE		0	0	0
Revance Therapeutics	COM	761330109	127	6,500	SH		SOLE		0	0	0
Reynolds Consumer Product	COM	76171L106	6	206	SH		SOLE		218	0	206
Rush Enterprises Inc	COM	781846209	4,238	83,244	SH		SOLE		20,877	0	20,894
Ryerson Holding Corporation	COM	783754104	900	25,700	SH		SOLE		0	0	5,700
SEI Investments Co.	COM	784117103	3	43	SH		SOLE		43	0	43
Safe Bulkers	COM	Y7388L103	92	19,400	SH		SOLE		0	0	0
Safety Insurance Group Inc.	COM	78648T100	836	9,200	SH		SOLE		1,600	0	3,200
Sally Beauty Holdings, Inc.	COM	79546E104	596	38,100	SH		SOLE		0	0	11,000
Sanmina Corporation	COM	801056102	4,525	111,950	SH		SOLE		28,135	0	28,150
Saul Centers Inc.	COM	804395101	1	26	SH		SOLE		36	0	26
Schneider National Inc.	COM	80689H102	29	1,150	SH		SOLE		1,150	0	1,150
Schweitzer-Mauduit Int'l Inc.	COM	808541106	539	19,600	SH		SOLE		0	0	4,900
Security National Financial	COM	814785309	32	3,200	SH		SOLE		0	0	0
Select Medical Holdings Corp	COM	81619Q105	3,505	146,100	SH		SOLE		30,000	0	36,500
Selective Insurance Group	COM	816300107	3	29	SH		SOLE		0	0	29
Seneca Foods cl A	COM	817070501	134	2,600	SH		SOLE		0	0	0
Shattuck Labs	COM	82024L103	43	10,000	SH		SOLE		0	0	0
Silgan Holdings Inc.	COM	827048109	7	155	SH		SOLE		155	0	155
SkyWest Inc.	COM	830879102	40	1,400	SH		SOLE		4,800	0	1,400
Smart Global Holdings Inc	COM	G8232Y101	1	22	SH		SOLE		19	0	22
Sonic Automotive, Inc.	COM	83545G102	455	10,700	SH		SOLE		0	0	1,500
South Plains Financial	COM	83946P107	120	4,500	SH		SOLE		0	0	0
Southern Company	COM	842587107	718	9,900	SH		SOLE		10,600	0	9,900
Southern Copper Corp.	COM	84265V105	774	10,200	SH		SOLE		11,800	0	10,200
Southern First Bancshares	COM	842873101	25	500	SH		SOLE		0	0	0
Southern MO Bancorp	COM	843380106	65	1,300	SH		SOLE		0	0	0
Standard Motor Products	COM	853666105	1,648	38,200	SH		SOLE		10,200	0	10,200
Steel Dynamics Inc.	COM	858119100	55	664	SH		SOLE		435	0	664
Sterling Construction Company	COM	859241101	115	4,300	SH		SOLE		2,100	0	0
Stewart Information Services	COM	860372101	2,140	35,300	SH		SOLE		2,900	0	8,700
Stifel Financial Corp	COM	860630102	5	76	SH		SOLE		76	0	76
Stonex Group	COM	861896108	4,476	60,300	SH		SOLE		13,200	0	14,800
Superior Group of Companies	COM	868358102	34	1,900	SH		SOLE		0	0	0
Synchrony Financial	COM	87165B103	359	10,300	SH		SOLE		10,300	0	10,300
Synovus Financial Corp	COM	87161C501	6	118	SH		SOLE		136	0	118
TD Synnex Corporation	COM	87162W100	48	461	SH		SOLE		357	0	461
TEGNA Inc.	COM	87901J105	1	38	SH		SOLE		200	0	38
The ONE Group Hospitality Inc	COM	88338K103	85	8,055	SH		SOLE		55	0	55
Timken Company	COM	887389104	2	40	SH		SOLE		40	0	40
Tiptree Inc	COM	88822Q103	91	7,100	SH		SOLE		0	0	0
Titan Machinery Inc.	COM	88830R101	111	3,920	SH		SOLE		20	0	20
Towne Bank	COM	89214P109	4,203	140,368	SH		SOLE		33,619	0	35,219
Trinet Group Inc	COM	896288107	1,773	18,028	SH		SOLE		4,239	0	4,228
Triton International Ltd	COM	G9078F107	901	12,836	SH		SOLE		9,744	0	3,236
Tronox Holdings	COM	G9087Q102	1	30	SH		SOLE		0	0	30
Truist Financial	COM	89832Q109	629	11,100	SH		SOLE		10,500	0	11,100
Tupperware Brands Corp.	COM	899896104	47	2,400	SH		SOLE		0	0	0
Twenty-First Century Fox Inc.	COM	35137L105	533	13,500	SH		SOLE		4,000	0	13,500
Tyson Foods	COM	902494103	744	8,300	SH		SOLE		9,300	0	8,300
UGI Corp	COM	902681105	406	11,200	SH		SOLE		2,049	0	11,200
USA Truck Inc	COM	902925106	74	3,600	SH		SOLE		0	0	0
USANA Health Sciences, Inc.	COM	90328M107	1,669	21,013	SH		SOLE		5,213	0	5,213
United States Cellular Corp	COM	911684108	3,697	122,304	SH		SOLE		22,804	0	30,404
United States Lime & Minerals	COM	911922102	46	400	SH		SOLE		0	0	0
Universal Health Services	COM	913903100	14	100	SH		SOLE		100	0	100
Universal Logistics Holdings,	COM	91388P105	101	5,000	SH		SOLE		0	0	0
Universal Technical Institute	COM	913915104	35	4,000	SH		SOLE		0	0	0
Unum Group	COM	91529Y106	1	30	SH		SOLE		0	0	30
Urban One Inc	COM	91705J204	39	7,500	SH		SOLE		0	0	0
Urogen Pharma	COM	M96088105	36	4,100	SH		SOLE		0	0	0
VMware, Inc. Cl A	COM	928563402	137	1,200	SH		SOLE		1,308	0	1,200
Valvoline	COM	92047W101	22	700	SH		SOLE		0	0	700
Verizon Communications, Inc.	COM	92343V104	795	15,600	SH		SOLE		15,500	0	15,600
Via Renewables	COM	92556D106	19	2,300	SH		SOLE		0	0	0
Village Super Market	COM	927107409	100	4,100	SH		SOLE		0	0	0
Virtu Financial	COM	928254101	1	32	SH		SOLE		32	0	32
Vishay Intertechnology Inc.	COM	928298108	2,619	133,600	SH		SOLE		38,600	0	38,600
Vontier Corp	COM	928881101	18	700	SH		SOLE		700	0	700
Walgreens Boots Alliance Inc	COM	931427108	367	8,200	SH		SOLE		0	0	8,200
Walmart Inc.	COM	931142103	804	5,400	SH		SOLE		5,100	0	5,400
Waters Corporation	COM	941848103	310	1,000	SH		SOLE		1,000	0	1,000
Weis Markets Inc.	COM	948849104	1,921	26,900	SH		SOLE		6,800	0	6,800
Wells Fargo & Company	COM	949746101	257	5,300	SH		SOLE		6,000	0	5,300
Western Union	COM	959802109	34	1,801	SH		SOLE		1,401	0	1,801
Westlake Corporation	COM	960413102	279	2,257	SH		SOLE		664	0	2,257
Whirlpool Corporation	COM	963320106	35	200	SH		SOLE		200	0	200
Williams-Sonoma Inc.	COM	969904101	15	100	SH		SOLE		0	0	100
World Acceptance Corp	COM	981419104	38	200	SH		SOLE		0	0	0
World Fuel Services Corp	COM	981475106	3,105	114,829	SH		SOLE		19,929	0	28,929
Worthington Industries	COM	981811102	3,881	75,500	SH		SOLE		6,100	0	18,000
Zumiez Inc.	COM	989817101	971	25,400	SH		SOLE		0	0	7,200
Zynex Inc	COM	98986M103	48	7,700	SH		SOLE		0	0	0
ePlus Inc.	COM	294268107	718	12,800	SH		SOLE		400	0	2,700