Denali Advisors 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
1st Source Corporation	COM	336901103	1,256	27,137	SH		SOLE		6,837	0	20,300
AFLAC INC COM	COM	001055102	646	11,500	SH		SOLE		11,500	0	0
ALX Oncology	COM	00166B105	72	7,500	SH		SOLE		0	0	7,500
AMC Networks Inc. cl A	COM	00164V103	2,026	99,820	SH		SOLE		26,720	0	73,100
Acco Brands Corporation	COM	00081T108	2,576	525,703	SH		SOLE		136,003	0	389,700
Acushnet Holdings Corp.	COM	005098108	2,714	62,400	SH		SOLE		14,400	0	48,000
Aersale Corp	COM	00810F106	104	5,600	SH		SOLE		0	0	5,600
Air Lease Corp. Cl A	COM	00912X302	11	358	SH		SOLE		358	0	0
Akero Therapeutics	COM	00973Y108	177	5,200	SH		SOLE		0	0	5,200
Albertsons Companies	COM	013091103	559	22,502	SH		SOLE		22,502	0	0
Alexanders Inc.	COM	014752109	690	3,300	SH		SOLE		600	0	2,700
Allied Motion Technologies	COM	019330109	43	1,500	SH		SOLE		0	0	1,500
Allison Transmission Holdings	COM	01973R101	28	843	SH		SOLE		843	0	0
Allovir Inc	COM	019818103	51	6,500	SH		SOLE		0	0	6,500
Allstate Corp.	COM	020002101	336	2,700	SH		SOLE		2,700	0	0
Ally Financial Inc.	COM	02005N100	28	1,000	SH		SOLE		1,000	0	0
Alpha and Omega Semiconductor	COM	G6331P104	43	1,400	SH		SOLE		0	0	1,400
Alphabet Inc. Class A	COM	02079K305	717	7,500	SH		SOLE		7,500	0	0
Altice USA	COM	02156K103	8	1,318	SH		SOLE		1,318	0	0
Amalgamated Financial	COM	022671101	180	8,000	SH		SOLE		0	0	8,000
Amdocs Limited	COM	G02602103	604	7,600	SH		SOLE		7,600	0	0
Amerco	COM	023586100	240	471	SH		SOLE		471	0	0
American Equity Investment	COM	025676206	1,713	45,948	SH		SOLE		13,048	0	32,900
Ameris Bancorp	COM	03076K108	2	40	SH		SOLE		40	0	0
Amkor Technology Inc	COM	031652100	3,449	202,294	SH		SOLE		50,394	0	151,900
Annaly Capital Mgmt.	COM	035710839	1	45	SH		SOLE		45	0	0
Apartment Income REIT	COM	03750L109	13	324	SH		SOLE		324	0	0
Arch Capital Group Ltd.	COM	G0450A105	697	15,300	SH		SOLE		15,300	0	0
Archer Daniels Midland	COM	039483102	330	4,100	SH		SOLE		4,100	0	0
Arcutis Biotherapeutics	COM	03969K108	23	1,200	SH		SOLE		0	0	1,200
Atara Biotherapeutics	COM	046513107	50	13,100	SH		SOLE		0	0	13,100
Atea Pharmaceuticals	COM	04683R106	25	4,400	SH		SOLE		0	0	4,400
Atlantic Union Bancshares	COM	04911A107	1,309	43,100	SH		SOLE		15,100	0	28,000
Atlanticus Holdings	COM	04914Y102	210	8,000	SH		SOLE		800	0	7,200
AutoNation Inc.	COM	05329W102	12	117	SH		SOLE		117	0	0
Avangrid Inc.	COM	05351W103	563	13,500	SH		SOLE		13,500	0	0
BCB Bancorp, Inc.	COM	055298103	59	3,500	SH		SOLE		0	0	3,500
BOK Financial Corp.	COM	05561Q201	6	69	SH		SOLE		69	0	0
Bank OZK	COM	06417N103	4	90	SH		SOLE		90	0	0
Bank of America Corp	COM	060505104	734	24,300	SH		SOLE		24,300	0	0
Bank of NT Butterfield LTD	COM	G0772R208	4,139	127,504	SH		SOLE		32,204	0	95,300
Bank of New York Mellon Corp.	COM	064058100	474	12,300	SH		SOLE		12,300	0	0
Barrett Business Services	COM	068463108	62	800	SH		SOLE		0	0	800
Berkshire Hathaway cl B	COM	084670702	975	3,650	SH		SOLE		3,650	0	0
Bioatla	COM	09077B104	56	7,300	SH		SOLE		0	0	7,300
Biogen Inc.	COM	09062X103	908	3,400	SH		SOLE		3,400	0	0
Bioventus Inc	COM	09075A108	25	3,500	SH		SOLE		0	0	3,500
Bluebird Bio	COM	09609G100	133	21,000	SH		SOLE		0	0	21,000
Bluelinx Holdings	COM	09624H208	3,634	58,521	SH		SOLE		14,421	0	44,100
Boise Cascade LLC	COM	09739D100	1	17	SH		SOLE		17	0	0
Bread Financial Holdings	COM	018581108	1,786	56,800	SH		SOLE		14,600	0	42,200
Brightsphere Investment Group	COM	10948W103	151	10,130	SH		SOLE		0	0	10,130
Brown-Forman cl B	COM	115637209	599	9,000	SH		SOLE		9,000	0	0
Buckle Inc.	COM	118440106	804	25,400	SH		SOLE		7,100	0	18,300
Builders FirstSource Inc	COM	12008R107	1	15	SH		SOLE		15	0	0
Business First Bancshares	COM	12326C105	34	1,600	SH		SOLE		0	0	1,600
Byline Bancorp Inc.	COM	124411109	142	7,000	SH		SOLE		0	0	7,000
C.H. Robinson Worldwide, Inc.	COM	12541W209	29	300	SH		SOLE		300	0	0
CBRE Group, Inc.	COM	12504L109	533	7,900	SH		SOLE		7,900	0	0
CDW Corporation	COM	12514G108	31	200	SH		SOLE		200	0	0
CNA Financial Corp.	COM	126117100	59	1,600	SH		SOLE		1,600	0	0
CNO Financial Group, Inc.	COM	12621E103	393	21,843	SH		SOLE		6,143	0	15,700
CRA International Inc	COM	12618T105	80	900	SH		SOLE		0	0	900
CTO Realty Growth Inc	COM	22948Q101	124	6,600	SH		SOLE		0	0	6,600
Carlyle Finance LLC	COM	14316J108	22	835	SH		SOLE		835	0	0
Carrier Global Corporation	COM	14448C104	28	800	SH		SOLE		800	0	0
Casey's General Stores, Inc.	COM	147528103	20	100	SH		SOLE		100	0	0
Celanese Corporation	COM	150870103	352	3,900	SH		SOLE		3,900	0	0
Central Garden&Pet cl A	COM	153527205	618	18,100	SH		SOLE		2,400	0	15,700
Centrus Energy	COM	15643U104	49	1,200	SH		SOLE		0	0	1,200
Century Communities, Inc.	COM	156504300	3,290	76,900	SH		SOLE		19,500	0	57,400
Cincinnati Financial Corp	COM	172062101	45	500	SH		SOLE		500	0	0
Cirrus Logic Inc.	COM	172755100	21	300	SH		SOLE		300	0	0
Citigroup Inc.	COM	172967424	71	1,700	SH		SOLE		1,700	0	0
Cleveland-Cliffs Inc.	COM	185899101	1	110	SH		SOLE		110	0	0
Codiak Biosciences	COM	192010106	7	9,100	SH		SOLE		0	0	9,100
Collegium Pharmaceuticals	COM	19459J104	48	3,000	SH		SOLE		0	0	3,000
Commercial Metals Co	COM	201723103	2	49	SH		SOLE		49	0	0
Consumer Portfolio Services	COM	210502100	63	8,600	SH		SOLE		0	0	8,600
Containers Store Group	COM	210751103	37	7,500	SH		SOLE		0	0	7,500
Continental Resources, Inc.	COM	212015101	314	4,700	SH		SOLE		4,700	0	0
Core & Main Inc	COM	21874C102	5	203	SH		SOLE		203	0	0
Corecard Corporation	COM	45816D100	48	2,200	SH		SOLE		0	0	2,200
Costamare Inc	COM	Y1771G102	2,725	304,514	SH		SOLE		76,914	0	227,600
Cummins Inc.	COM	231021106	20	100	SH		SOLE		100	0	0
Curo Group Holdings Corp	COM	23131L107	36	9,100	SH		SOLE		0	0	9,100
D.R. Horton Inc.	COM	23331A109	465	6,900	SH		SOLE		6,900	0	0
DISH Network Corp cl A	COM	25470M109	29	2,100	SH		SOLE		2,100	0	0
DLH Holdings	COM	23335Q100	80	6,500	SH		SOLE		0	0	6,500
DT Midstream Inc	COM	23345M107	3	54	SH		SOLE		54	0	0
DTE Energy Corp.	COM	233331107	173	1,500	SH		SOLE		1,500	0	0
DaVita HealthCare Partners Inc	COM	23918K108	282	3,413	SH		SOLE		3,413	0	0
Dell Inc.	COM	24703L202	475	13,900	SH		SOLE		13,900	0	0
Dermtech Inc	COM	24984K105	42	10,500	SH		SOLE		0	0	10,500
Dicks Sporting Goods Inc	COM	253393102	2	17	SH		SOLE		17	0	0
Discover Financial Services	COM	254709108	418	4,600	SH		SOLE		4,600	0	0
Dorian LPG Ltd.	COM	Y2106R110	2,705	199,343	SH		SOLE		50,543	0	148,800
Dyne Therapeutics	COM	26818M108	61	4,800	SH		SOLE		0	0	4,800
Dynex Capital Inc.	COM	26817Q886	345	29,600	SH		SOLE		7,400	0	22,200
Earthstone Energy	COM	27032D304	758	61,538	SH		SOLE		15,138	0	46,400
Ebix Inc	COM	278715206	299	15,787	SH		SOLE		5,687	0	10,100
Employers Holdings, Inc.	COM	292218104	497	14,400	SH		SOLE		4,000	0	10,400
Encore Wire Corporation	COM	292562105	1	6	SH		SOLE		6	0	0
Enova International, Inc.	COM	29357K103	2,615	89,353	SH		SOLE		21,553	0	67,800
Enstar Group Limited	COM	G3075P101	2,781	16,400	SH		SOLE		4,100	0	12,300
Epsilon Energy	COM	294375209	40	6,400	SH		SOLE		0	0	6,400
Erie Indemnity Co cl A	COM	29530P102	6	27	SH		SOLE		27	0	0
Essent Group	COM	G3198U102	2	71	SH		SOLE		71	0	0
Exelixis Inc.	COM	30161Q104	11	700	SH		SOLE		700	0	0
Expeditors International of WA	COM	302130109	247	2,800	SH		SOLE		2,800	0	0
Farmer Mac	COM	313148306	1,636	16,500	SH		SOLE		4,600	0	11,900
Federated Hermes Inc	COM	314211103	113	3,400	SH		SOLE		0	0	3,400
Fidelity National Fin Inc.	COM	31620R303	206	5,700	SH		SOLE		5,700	0	0
First Financial Bancorp OH	COM	320209109	2,306	109,370	SH		SOLE		24,370	0	85,000
First Hawaiian, Inc	COM	32051X108	5	204	SH		SOLE		204	0	0
Fonar Corporation	COM	344437405	47	3,300	SH		SOLE		0	0	3,300
Forestar Group	COM	346232101	850	76,005	SH		SOLE		17,905	0	58,100
Franklin Resources Inc	COM	354613101	39	1,800	SH		SOLE		1,800	0	0
G-III Apparel Group	COM	36237H101	1,950	130,432	SH		SOLE		31,732	0	98,700
Gates Industrial Corp	COM	G39108108	2	248	SH		SOLE		248	0	0
General Dynamics Corp.	COM	369550108	573	2,700	SH		SOLE		2,700	0	0
Generation Bio	COM	37148K100	39	7,400	SH		SOLE		0	0	7,400
Genie Energy	COM	372284208	70	7,500	SH		SOLE		0	0	7,500
Genworth Financial Inc	COM	37247D106	586	167,500	SH		SOLE		41,000	0	126,500
Geo Group Inc	COM	36162J106	88	11,400	SH		SOLE		0	0	11,400
Global Industrial Co.	COM	37892E102	504	18,800	SH		SOLE		3,900	0	14,900
Goldman Sachs Group Inc	COM	38141G104	322	1,100	SH		SOLE		1,100	0	0
Gossamer Bio	COM	38341P102	55	4,600	SH		SOLE		0	0	4,600
Graftech International Ltd	COM	384313508	2,545	590,537	SH		SOLE		150,737	0	439,800
Graham Holdings Company	COM	384637104	3,825	7,110	SH		SOLE		1,810	0	5,300
Gray Television Inc	COM	389375106	1,791	125,072	SH		SOLE		29,372	0	95,700
Greene County Bancorp	COM	394357107	74	1,300	SH		SOLE		0	0	1,300
Greenhill & Co Inc.	COM	395259104	24	4,100	SH		SOLE		0	0	4,100
Greif Inc cl A	COM	397624107	3,710	62,288	SH		SOLE		15,788	0	46,500
Group 1 Automotive, Inc.	COM	398905109	1	10	SH		SOLE		10	0	0
HF Sinclair Corp	COM	403949100	92	1,700	SH		SOLE		1,700	0	0
HP Inc.	COM	40434L105	277	11,100	SH		SOLE		11,100	0	0
Hackett Group Inc	COM	404609109	106	6,000	SH		SOLE		0	0	6,000
Hamilton Beach Brands	COM	40701T104	40	3,400	SH		SOLE		0	0	3,400
Hawaiian Electric Industries	COM	419870100	5	138	SH		SOLE		138	0	0
Hawkins Inc	COM	420261109	35	900	SH		SOLE		0	0	900
Hayward Holdings Inc	COM	421298100	0	52	SH		SOLE		52	0	0
Heartland Express	COM	422347104	677	47,300	SH		SOLE		11,900	0	35,400
Heartland Financial USA	COM	42234Q102	2,580	59,513	SH		SOLE		15,413	0	44,100
Henry Schein Inc.	COM	806407102	480	7,300	SH		SOLE		7,300	0	0
Herbalife Nutrition Ltd	COM	G4412G101	1	52	SH		SOLE		52	0	0
Heritage-Crystal Cleaning	COM	42726M106	77	2,600	SH		SOLE		0	0	2,600
Highwoods Properties	COM	431284108	13	500	SH		SOLE		500	0	0
Hilltop Holdings Inc.	COM	432748101	3,772	151,773	SH		SOLE		38,173	0	113,600
Hologic Inc.	COM	436440101	503	7,800	SH		SOLE		7,800	0	0
Home Bancorp, Inc.	COM	43689E107	43	1,100	SH		SOLE		0	0	1,100
Hope Bancorp	COM	43940T109	3,533	279,500	SH		SOLE		68,700	0	210,800
Horizon Bancorp	COM	440407104	293	16,300	SH		SOLE		4,100	0	12,200
Hormel Foods Corp	COM	440452100	314	6,900	SH		SOLE		6,900	0	0
Hudson Technologies	COM	444144109	46	6,274	SH		SOLE		74	0	6,200
Huntington Ingalls Industries	COM	446413106	20	90	SH		SOLE		90	0	0
IDT Corporation Cl B	COM	448947507	32	1,300	SH		SOLE		0	0	1,300
IES Holdings	COM	44951W106	22	800	SH		SOLE		0	0	800
Immunic Inc	COM	4525EP101	54	17,000	SH		SOLE		0	0	17,000
Ingles Markets cl A	COM	457030104	3,719	46,955	SH		SOLE		11,855	0	35,100
Innoviva, Inc.	COM	45781M101	3,301	284,322	SH		SOLE		72,022	0	212,300
Intel Corporation	COM	458140100	611	23,700	SH		SOLE		23,700	0	0
International Bancshares	COM	459044103	4,225	99,400	SH		SOLE		24,800	0	74,600
Intest Corp	COM	461147100	32	4,200	SH		SOLE		0	0	4,200
JPMorgan Chase & Co.	COM	46625H100	867	8,300	SH		SOLE		8,300	0	0
Jabil Circuit Inc.	COM	466313103	29	500	SH		SOLE		500	0	0
Johnson Outdoors Inc.	COM	479167108	46	900	SH		SOLE		0	0	900
Jones Lang LaSalle Incorporated	COM	48020Q107	257	1,700	SH		SOLE		1,700	0	0
KKR & Co.	COM	48251W104	13	300	SH		SOLE		300	0	0
Kennedy-Wilson Holdings	COM	489398107	3,529	228,251	SH		SOLE		57,451	0	170,800
Kimball Electronics, Inc.	COM	49428J109	31	1,800	SH		SOLE		0	0	1,800
Koppers Holdings Inc.	COM	50060P106	565	27,200	SH		SOLE		8,600	0	18,600
Kronos Worldwide Inc.	COM	50105F105	2,073	221,919	SH		SOLE		58,119	0	163,800
Kura Oncology	COM	50127T109	89	6,500	SH		SOLE		0	0	6,500
LCI Industries	COM	50189K103	30	300	SH		SOLE		300	0	0
Laboratory Corp of America	COM	50540R409	102	500	SH		SOLE		500	0	0
Lamar Advertising Co.	COM	512816109	25	300	SH		SOLE		300	0	0
Lands' End, Inc.	COM	51509F105	66	8,600	SH		SOLE		0	0	8,600
Landstar System Inc.	COM	515098101	14	100	SH		SOLE		100	0	0
Lazard LTD.	COM	G54050102	4	134	SH		SOLE		134	0	0
Lazydays Holdings Inc.	COM	52110H100	62	4,600	SH		SOLE		0	0	4,600
Legacy Housing Corporation	COM	52472M101	77	4,500	SH		SOLE		0	0	4,500
Leidos Holdings, Inc.	COM	525327102	17	200	SH		SOLE		200	0	0
Lennar Corp cl A	COM	526057104	403	5,400	SH		SOLE		5,400	0	0
Lennox International Inc.	COM	526107107	22	100	SH		SOLE		100	0	0
Liquidity Services, Inc.	COM	53635B107	49	3,000	SH		SOLE		0	0	3,000
Louisiana-Pacific Corp	COM	546347105	11	209	SH		SOLE		209	0	0
Luther Burbank Corporation	COM	550550107	136	11,700	SH		SOLE		0	0	11,700
LyondellBasell Industries cl A	COM	N53745100	670	8,900	SH		SOLE		8,900	0	0
M/I Homes, Inc.	COM	55305B101	3,299	91,066	SH		SOLE		23,366	0	67,700
MDC Holdings Inc	COM	552676108	3,535	128,927	SH		SOLE		32,427	0	96,500
MGIC Investment Corp.	COM	552848103	5	399	SH		SOLE		399	0	0
MSC Industrial Direct Co.	COM	553530106	22	300	SH		SOLE		300	0	0
MVB Financial	COM	553810102	28	1,000	SH		SOLE		0	0	1,000
Macrogenics Inc	COM	556099109	25	7,300	SH		SOLE		0	0	7,300
ManpowerGroup Inc	COM	56418H100	13	200	SH		SOLE		200	0	0
Marcus & Millichap, Inc.	COM	566324109	2,786	85,000	SH		SOLE		21,500	0	63,500
Marine Products Corp	COM	568427108	50	5,900	SH		SOLE		0	0	5,900
Matson Inc.	COM	57686G105	837	13,608	SH		SOLE		3,408	0	10,200
Merchants Bancorp	COM	58844R108	1,351	58,555	SH		SOLE		13,505	0	45,050
Meritage Homes Corp	COM	59001A102	1	20	SH		SOLE		20	0	0
MetLife, Inc.	COM	59156R108	608	10,000	SH		SOLE		10,000	0	0
Meta Platforms Inc	COM	30303M102	570	4,200	SH		SOLE		4,200	0	0
MidWestOne Finl Grp	COM	598511103	41	1,500	SH		SOLE		0	0	1,500
Midland States Bancorp Inc	COM	597742105	106	4,500	SH		SOLE		0	0	4,500
Moderna Inc	COM	60770K107	130	1,100	SH		SOLE		1,100	0	0
Molina Healthcare, Inc.	COM	60855R100	165	500	SH		SOLE		500	0	0
Mr Cooper Group	COM	62482R107	1	14	SH		SOLE		14	0	0
Mueller Industries, Inc.	COM	624756102	3,111	52,341	SH		SOLE		13,041	0	39,300
NACCO Industries cl A	COM	629579103	137	2,916	SH		SOLE		16	0	2,900
NBT Bancorp Inc.	COM	628778102	3,381	89,100	SH		SOLE		24,200	0	64,900
NCR Corporation	COM	62886E108	10	500	SH		SOLE		500	0	0
NMI Holdings	COM	629209305	1,600	78,566	SH		SOLE		21,166	0	57,400
NRG Energy Inc	COM	629377508	369	9,634	SH		SOLE		9,634	0	0
National Beverage Corp	COM	635017106	624	16,200	SH		SOLE		4,500	0	11,700
National Energy Services Reunited	COM	G6375R107	631	106,200	SH		SOLE		26,900	0	79,300
National HealthCare Corp	COM	635906100	1,355	21,400	SH		SOLE		5,400	0	16,000
National Western Life Group A	COM	638517102	1,146	6,707	SH		SOLE		1,407	0	5,300
Natural Grocers By Vitamin Cottage Inc	COM	63888U108	35	3,200	SH		SOLE		0	0	3,200
Nature's Sunshine Products	COM	639027101	48	5,800	SH		SOLE		0	0	5,800
Nelnet Inc	COM	64031N108	3,643	46,000	SH		SOLE		11,700	0	34,300
New Fortress Energy	COM	644393100	27	608	SH		SOLE		608	0	0
NewMarket Corporation	COM	651587107	5	18	SH		SOLE		18	0	0
Newmark Group	COM	65158N102	1,064	131,991	SH		SOLE		40,491	0	91,500
Nexstar Media Group, Inc. Cl A	COM	65336K103	17	100	SH		SOLE		100	0	0
Northern Trust Corp.	COM	665859104	43	500	SH		SOLE		500	0	0
Nurix Therapeutics	COM	67080M103	47	3,600	SH		SOLE		0	0	3,600
ONEOK, Inc.	COM	682680103	359	7,000	SH		SOLE		7,000	0	0
OceanFirst Financial	COM	675234108	863	46,300	SH		SOLE		11,800	0	34,500
Oil-Dri Corp. of Amer	COM	677864100	53	2,200	SH		SOLE		0	0	2,200
Old Republic Int'l Corp	COM	680223104	20	954	SH		SOLE		954	0	0
Olympic Steel Inc.	COM	68162K106	41	1,800	SH		SOLE		0	0	1,800
Omnicom Group Inc	COM	681919106	13	200	SH		SOLE		200	0	0
One Liberty Properties Inc.	COM	682406103	61	2,900	SH		SOLE		0	0	2,900
Onemain Holdings Inc	COM	68268W103	11	371	SH		SOLE		371	0	0
Onewater Marine	COM	68280L101	289	9,600	SH		SOLE		2,100	0	7,500
Oppenheimer Holdings	COM	683797104	871	28,100	SH		SOLE		2,900	0	25,200
Opportun Financial Corp	COM	68376D104	42	9,500	SH		SOLE		0	0	9,500
Oracle Corporation	COM	68389X105	531	8,700	SH		SOLE		8,700	0	0
Organon & Co	COM	68622V106	403	17,206	SH		SOLE		17,206	0	0
P.A.M. Transportation	COM	693149106	121	3,900	SH		SOLE		0	0	3,900
PC Connection, Inc.	COM	69318J100	3,661	81,200	SH		SOLE		20,800	0	60,400
Paccar Inc.	COM	693718108	418	5,000	SH		SOLE		5,000	0	0
Park National Corp OH	COM	700658107	1,095	8,800	SH		SOLE		1,800	0	7,000
PennyMac Financial Service Inc	COM	70932M107	1,978	46,100	SH		SOLE		11,400	0	34,700
Penske Automotive Group, Inc.	COM	70959W103	301	3,053	SH		SOLE		3,053	0	0
Perdoceo Education Corp	COM	71363P106	2,589	251,400	SH		SOLE		67,200	0	184,200
Photronics Inc.	COM	719405102	54	3,700	SH		SOLE		0	0	3,700
Piedmont Office Realty Trust,	COM	720190206	1,316	124,620	SH		SOLE		18,220	0	106,400
Pilgrims Pride Corp	COM	72147K108	12	506	SH		SOLE		506	0	0
Playtika Holding Corp	COM	72815L107	3	317	SH		SOLE		317	0	0
Popular Inc.	COM	733174700	79	1,100	SH		SOLE		1,100	0	0
Postal Realty Trust Inc	COM	73757R102	1	90	SH		SOLE		90	0	0
Potlatch Corporation	COM	737630103	1,235	30,100	SH		SOLE		5,100	0	25,000
Praxis Precision Medicines	COM	74006W108	88	38,800	SH		SOLE		0	0	38,800
Preformed Line Products	COM	740444104	135	1,900	SH		SOLE		0	0	1,900
Prelude Therapeutics	COM	74065P101	54	8,200	SH		SOLE		0	0	8,200
Principal Financial Group, Inc.	COM	74251V102	130	1,800	SH		SOLE		1,800	0	0
Provention Bio	COM	74374N102	32	7,000	SH		SOLE		0	0	7,000
Provident Financial Services	COM	74386T105	991	50,800	SH		SOLE		11,100	0	39,700
PulteGroup, Inc.	COM	745867101	15	397	SH		SOLE		397	0	0
Quidelortho Corp	COM	219798105	15	211	SH		SOLE		211	0	0
Qurate Retail	COM	74915M100	0	210	SH		SOLE		210	0	0
R C M Technologies	COM	749360400	80	4,800	SH		SOLE		0	0	4,800
RBB Bancorp	COM	74930B105	143	6,900	SH		SOLE		0	0	6,900
REX American Resources	COM	761624105	1	21	SH		SOLE		21	0	0
RMR Group	COM	74967R106	1	28	SH		SOLE		28	0	0
Radiant Logistics	COM	75025X100	47	8,200	SH		SOLE		0	0	8,200
Ramaco Resources Inc	COM	75134P303	55	6,000	SH		SOLE		0	0	6,000
Raymond James Financial Inc.	COM	754730109	35	350	SH		SOLE		350	0	0
Regional Management Corp.	COM	75902K106	64	2,300	SH		SOLE		0	0	2,300
Reliance Steel & Aluminum	COM	759509102	35	200	SH		SOLE		200	0	0
Republic Bancorp KY	COM	760281204	969	25,300	SH		SOLE		5,500	0	19,800
Resources Connection	COM	76122Q105	74	4,100	SH		SOLE		0	1	4,100
Retractable Technologies Inc	COM	76129W105	35	17,600	SH		SOLE		0	2	17,600
Revance Therapeutics	COM	761330109	122	4,500	SH		SOLE		0	3	4,500
Reynolds Consumer Product	COM	76171L106	5	206	SH		SOLE		206	4	0
Rhythm Pharmaceuticals	COM	76243J105	47	1,900	SH		SOLE		0	5	1,900
Rily Exploration Permian	COM	76665T102	0	24	SH		SOLE		24	6	0
Rush Enterprises Inc	COM	781846209	3,891	88,721	SH		SOLE		22,371	7	66,350
Ryerson Holding Corporation	COM	783754104	3,546	137,743	SH		SOLE		35,243	8	102,500
SEI Investments Co.	COM	784117103	2	43	SH		SOLE		43	9	0
SLM Corp	COM	78442P106	16	1,153	SH		SOLE		1,153	10	0
Safety Insurance Group Inc.	COM	78648T100	122	1,500	SH		SOLE		1,500	11	0
Saul Centers Inc.	COM	804395101	1	26	SH		SOLE		26	12	0
Schneider National Inc.	COM	80689H102	23	1,150	SH		SOLE		1,150	13	0
Scholar Rock Holdings	COM	80706P103	62	9,000	SH		SOLE		0	14	9,000
Security National Financial	COM	814785309	21	3,360	SH		SOLE		0	15	3,360
Select Medical Holdings Corp	COM	81619Q105	2,524	114,200	SH		SOLE		28,400	16	85,800
Seneca Foods cl A	COM	817070501	232	4,600	SH		SOLE		400	0	4,200
Sensus Healthcare	COM	81728J109	46	3,700	SH		SOLE		0	0	3,700
Shattuck Labs	COM	82024L103	35	13,100	SH		SOLE		0	0	13,100
Silgan Holdings Inc.	COM	827048109	3	68	SH		SOLE		68	0	0
Silvercrest Asset Mgmt Grp	COM	828359109	31	1,900	SH		SOLE		0	0	1,900
Smart Global Holdings Inc	COM	G8232Y101	103	6,500	SH		SOLE		0	0	6,500
South Plains Financial	COM	83946P107	135	4,900	SH		SOLE		0	0	4,900
Southern Copper Corp.	COM	84265V105	453	10,100	SH		SOLE		10,100	0	0
Southern MO Bancorp	COM	843380106	82	1,600	SH		SOLE		0	0	1,600
Steel Dynamics Inc.	COM	858119100	451	6,350	SH		SOLE		6,350	0	0
Stewart Information Services	COM	860372101	3,247	74,400	SH		SOLE		16,700	0	57,700
Stifel Financial Corp	COM	860630102	3	53	SH		SOLE		53	0	0
Stonex Group	COM	861896108	3,575	43,100	SH		SOLE		10,800	0	32,300
Superior Group of Companies	COM	868358102	36	4,000	SH		SOLE		0	0	4,000
Synchrony Financial	COM	87165B103	116	4,100	SH		SOLE		4,100	0	0
TD Synnex Corporation	COM	87162W100	46	561	SH		SOLE		561	0	0
TEGNA Inc.	COM	87901J105	1	38	SH		SOLE		38	0	0
TTEC Holdings Inc.	COM	89854H102	727	16,400	SH		SOLE		4,500	0	11,900
Taylor Morrison Home Corporation	COM	87724P106	2	70	SH		SOLE		70	0	0
Texas Pacific Land Trust	COM	88262P102	427	240	SH		SOLE		240	0	0
The ONE Group Hospitality Inc	COM	88338K103	53	8,000	SH		SOLE		0	0	8,000
Thryv Holdings	COM	886029206	1,599	70,061	SH		SOLE		16,761	0	53,300
Timken Company	COM	887389104	3	52	SH		SOLE		52	0	0
Tiptree Inc	COM	88822Q103	99	9,200	SH		SOLE		0	0	9,200
Titan Machinery Inc.	COM	88830R101	113	4,000	SH		SOLE		0	0	4,000
Towne Bank	COM	89214P109	3,886	144,821	SH		SOLE		36,172	0	108,649
Trean Insurance Group Inc	COM	89457R101	49	14,400	SH		SOLE		0	0	14,400
Trinet Group Inc	COM	896288107	0	7	SH		SOLE		7	0	0
Triton International Ltd	COM	G9078F107	2	36	SH		SOLE		36	0	0
Tronox Holdings	COM	G9087Q102	1,120	91,430	SH		SOLE		22,330	0	69,100
Truist Financial	COM	89832Q109	592	13,600	SH		SOLE		13,600	0	0
Twenty-First Century Fox Inc.	COM	35137L105	380	12,400	SH		SOLE		12,400	0	0
Tyson Foods	COM	902494103	527	8,000	SH		SOLE		8,000	0	0
UFP Industries	COM	90278Q108	3,514	48,700	SH		SOLE		12,600	0	36,100
UGI Corp	COM	902681105	39	1,200	SH		SOLE		1,200	0	0
USANA Health Sciences, Inc.	COM	90328M107	2,103	37,513	SH		SOLE		9,513	0	28,000
Ubiquiti Inc.	COM	90353W103	29	100	SH		SOLE		100	0	0
United States Cellular Corp	COM	911684108	3,775	145,042	SH		SOLE		36,442	0	108,600
United States Lime & Minerals	COM	911922102	41	400	SH		SOLE		0	0	400
United States Steel Corp	COM	912909108	1	59	SH		SOLE		59	0	0
Universal Logistics Holdings,	COM	91388P105	726	22,900	SH		SOLE		5,300	0	17,600
Universal Technical Institute	COM	913915104	22	4,000	SH		SOLE		0	0	4,000
Urban One Inc	COM	91705J204	40	9,400	SH		SOLE		0	0	9,400
Valero Energy Corporation	COM	91913Y100	107	1,000	SH		SOLE		1,000	0	0
Valhi Inc.	COM	918905209	177	7,021	SH		SOLE		1,421	0	5,600
Value Line Inc.	COM	920437100	35	800	SH		SOLE		0	0	800
Valvoline	COM	92047W101	18	700	SH		SOLE		700	0	0
VeriSign Inc	COM	92343E102	122	700	SH		SOLE		700	0	0
Verizon Communications, Inc.	COM	92343V104	657	17,300	SH		SOLE		17,300	0	0
Village Super Market	COM	927107409	79	4,100	SH		SOLE		0	0	4,100
Virtu Financial	COM	928254101	2	102	SH		SOLE		102	0	0
Vontier Corp	COM	928881101	19	1,140	SH		SOLE		1,140	0	0
W.R. Berkley Corp	COM	084423102	13	200	SH		SOLE		200	0	0
WEC Energy Group	COM	92939U106	188	2,100	SH		SOLE		2,100	0	0
WESCO International, Inc.	COM	95082P105	12	100	SH		SOLE		100	0	0
Walgreens Boots Alliance Inc	COM	931427108	214	6,800	SH		SOLE		6,800	0	0
Walmart Inc.	COM	931142103	324	2,500	SH		SOLE		2,500	0	0
Weis Markets Inc.	COM	948849104	1,425	20,000	SH		SOLE		5,100	0	14,900
Wells Fargo & Company	COM	949746101	88	2,200	SH		SOLE		2,200	0	0
Werewolf Therapeutics	COM	95075A107	27	5,900	SH		SOLE		0	0	5,900
Western Union	COM	959802109	15	1,100	SH		SOLE		1,100	0	0
Westlake Corporation	COM	960413102	547	6,300	SH		SOLE		6,300	0	0
Weyerhaeuser Co	COM	962166104	23	800	SH		SOLE		800	0	0
Williams-Sonoma Inc.	COM	969904101	24	200	SH		SOLE		200	0	0
World Fuel Services Corp	COM	981475106	2,072	88,400	SH		SOLE		21,300	0	67,100
Worthington Industries	COM	981811102	3,004	78,761	SH		SOLE		19,861	0	58,900
Zynex Inc	COM	98986M103	71	7,786	SH		SOLE		86	0	7,700
eXp World Holdings Inc	COM	30212W100	1	79	SH		SOLE		79	0	0