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 CORP	COM	336901103	5,635,462	105,100	SH		SOLE		21,500	0	83,600
AFLAC INC	COM	001055102	636,423	7,126	SH		SOLE		7,126	0	0
ALBERTSONS COS INC	COMMON STOCK	013091103	842,219	42,644	SH		SOLE		42,644	0	0
ALEXANDERS INC	COM	014752109	4,384,770	19,500	SH		SOLE		2,600	0	16,900
ALPHA METALLURGICAL RESOUR I	COM	020764106	2,581,437	9,202	SH		SOLE		1,102	0	8,100
ALPHABET INC	CAP STK CL A	02079K305	1,129,330	6,200	SH		SOLE		6,200	0	0
AMC NETWORKS INC	CL A	00164V103	2,175,432	225,200	SH		SOLE		59,000	0	166,200
AMDOCS LTD	SHS	G02602103	600,660	7,611	SH		SOLE		7,611	0	0
AMERICAN INTL GROUP INC	COM NEW	026874784	801,792	10,800	SH		SOLE		10,800	0	0
AMKOR TECHNOLOGY INC	COM	031652100	1,197,639	29,926	SH		SOLE		5,326	0	24,600
ANDERSONS INC	COM	034164103	372,000	7,500	SH		SOLE		500	0	7,000
ARCH CAP GROUP LTD	ORD	G0450A105	718,337	7,120	SH		SOLE		7,120	0	0
ARCH RESOURCES INC	CL A	03940R107	3,135,938	20,600	SH		SOLE		4,200	0	16,400
ARCHER DANIELS MIDLAND CO	COM	039483102	284,115	4,700	SH		SOLE		4,700	0	0
ARDMORE SHIPPING CORP	COM	Y0207T100	315,420	14,000	SH		SOLE		900	0	13,100
ARMADA HOFFLER PPTYS INC	COM	04208T108	438,055	39,500	SH		SOLE		6,200	0	33,300
ARROW ELECTRS INC	COM	042735100	377,496	3,126	SH		SOLE		3,126	0	0
ATLAS ENERGY SOLUTIONS INC	COM NEW	642045108	2,149,152	107,835	SH		SOLE		22,835	0	85,000
AVANGRID INC	COM	05351W103	503,815	14,180	SH		SOLE		14,180	0	0
BANK AMERICA CORP	COM	060505104	1,037,997	26,100	SH		SOLE		26,100	0	0
BANK OF NT BUTTERFIELD&SON L	SHS NEW	G0772R208	5,142,095	146,415	SH		SOLE		37,715	0	108,700
BANKUNITED INC	COM	06652K103	799,071	27,300	SH		SOLE		1,600	0	25,700
BANNER CORP	COM NEW	06652V208	322,660	6,500	SH		SOLE		500	0	6,000
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	1,301,760	3,200	SH		SOLE		3,200	0	0
BLUELINX HLDGS INC	COM NEW	09624H208	6,221,670	66,835	SH		SOLE		14,135	0	52,700
BREAD FINANCIAL HOLDINGS INC	COM	018581108	602,852	13,529	SH		SOLE		3,829	0	9,700
BRIGHTSPHERE INVT GROUP INC	COM	10948W103	3,547,200	160,000	SH		SOLE		34,200	0	125,800
BUCKLE INC	COM	118440106	5,796,920	156,928	SH		SOLE		31,028	0	125,900
BUNGE GLOBAL SA	COM SHS	H11356104	706,177	6,614	SH		SOLE		6,614	0	0
CAPITAL ONE FINL CORP	COM	14040H105	221,520	1,600	SH		SOLE		1,600	0	0
CATHAY GEN BANCORP	COM	149150104	563,952	14,951	SH		SOLE		1,051	0	13,900
CENCORA INC	COM	03073E105	383,010	1,700	SH		SOLE		1,700	0	0
CENTRUS ENERGY CORP	CL A	15643U104	505,775	11,831	SH		SOLE		31	0	11,800
CENTURY CMNTYS INC	COM	156504300	6,689,179	81,915	SH		SOLE		17,215	0	64,700
CHENIERE ENERGY INC	COM NEW	16411R208	874,150	5,000	SH		SOLE		5,000	0	0
CHESAPEAKE ENERGY CORP	COM	165167735	345,938	4,209	SH		SOLE		4,209	0	0
CHEVRON CORP NEW	COM	166764100	938,520	6,000	SH		SOLE		6,000	0	0
CIRRUS LOGIC INC	COM	172755100	205,277	1,608	SH		SOLE		1,608	0	0
CITIGROUP INC	COM NEW	172967424	387,106	6,100	SH		SOLE		6,100	0	0
CNO FINL GROUP INC	COM	12621E103	6,403,320	231,000	SH		SOLE		48,100	0	182,900
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	592,620	8,715	SH		SOLE		8,715	0	0
CONNECTONE BANCORP INC	COM	20786W107	625,259	33,100	SH		SOLE		4,500	0	28,600
CONSENSUS CLOUD SOLUTIONS IN	COM	20848V105	1,051,416	61,200	SH		SOLE		10,300	0	50,900
CONSTELLIUM SE	CL A SHS	F21107101	462,372	24,529	SH		SOLE		129	0	24,400
COREBRIDGE FINL INC	COM	21871X109	986,702	33,884	SH		SOLE		33,884	0	0
COSTAMARE INC	SHS	Y1771G102	7,073,033	430,495	SH		SOLE		91,095	0	339,400
CUSTOMERS BANCORP INC	COM	23204G100	2,257,171	47,044	SH		SOLE		9,644	0	37,400
CVR ENERGY INC	COM	12662P108	4,260,767	159,162	SH		SOLE		30,462	0	128,700
DILLARDS INC	CL A	254067101	5,729,034	13,009	SH		SOLE		2,809	0	10,200
DIME CMNTY BANCSHARES INC	COM	25432X102	234,600	11,500	SH		SOLE		400	0	11,100
DISCOVER FINL SVCS	COM	254709108	511,729	3,912	SH		SOLE		3,912	0	0
DNOW INC	COM	67011P100	1,786,273	130,100	SH		SOLE		24,100	0	106,000
DREAM FINDERS HOMES INC	COM CL A	26154D100	3,625,360	140,409	SH		SOLE		32,809	0	107,600
EMBECTA CORP	COMMON STOCK	29082K105	753,750	60,300	SH		SOLE		17,200	0	43,100
ENACT HLDGS INC	COM	29249E109	6,974,108	227,466	SH		SOLE		48,666	0	178,800
EXPEDITORS INTL WASH INC	COM	302130109	575,157	4,609	SH		SOLE		4,609	0	0
EXXON MOBIL CORP	COM	30231G102	1,128,176	9,800	SH		SOLE		9,800	0	0
F&G ANNUITIES & LIFE INC	COMMON STOCK	30190A104	647,078	17,006	SH		SOLE		3,706	0	13,300
FIDELITY NATIONAL FINANCIAL	FNF GROUP COM	31620R303	204,253	4,133	SH		SOLE		4,133	0	0
FIRST BUSEY CORP	COM NEW	319383204	1,341,234	55,400	SH		SOLE		13,200	0	42,200
FIRST FINL BANCORP OH	COM	320209109	6,725,994	302,700	SH		SOLE		63,800	0	238,900
FIRST MERCHANTS CORP	COM	320817109	6,797,052	204,177	SH		SOLE		42,377	0	161,800
FLEX LNG LTD	SHS	G35947202	4,283,136	158,400	SH		SOLE		36,900	0	121,500
FORESTAR GROUP INC	COM	346232101	4,533,847	141,727	SH		SOLE		30,927	0	110,800
GE HEALTHCARE TECHNOLOGIES I	COMMON STOCK	36266G107	412,976	5,300	SH		SOLE		5,300	0	0
GENERAL DYNAMICS CORP	COM	369550108	464,224	1,600	SH		SOLE		1,600	0	0
GENERAL MTRS CO	COM	37045V100	836,280	18,000	SH		SOLE		18,000	0	0
GENWORTH FINL INC	COM SHS	37247D106	4,171,828	690,700	SH		SOLE		127,300	0	563,400
GLOBAL INDUSTRIAL COMPANY	COM	37892E102	1,791,346	57,122	SH		SOLE		9,922	0	47,200
GOLDEN OCEAN GROUP LTD	SHS NEW	G39637205	6,052,542	438,590	SH		SOLE		116,190	0	322,400
GRAHAM HLDGS CO	COM CL B	384637104	5,106,715	7,300	SH		SOLE		1,300	0	6,000
GRANITE RIDGE RESOURCES INC	COM	387432107	802,049	126,706	SH		SOLE		30,006	0	96,700
GRAY TELEVISION INC	COM	389375106	1,856,499	357,019	SH		SOLE		71,319	0	285,700
GREEN BRICK PARTNERS INC	COM	392709101	1,568,376	27,400	SH		SOLE		6,500	0	20,900
GREIF INC	CL A	397624107	6,063,832	105,513	SH		SOLE		22,413	0	83,100
GULFPORT ENERGY CORP	COMMON SHARES	402635502	241,600	1,600	SH		SOLE		0	0	1,600
HANCOCK WHITNEY CORPORATION	COM	410120109	3,037,205	63,500	SH		SOLE		13,400	0	50,100
HARMONY BIOSCIENCES HLDGS IN	COM	413197104	425,397	14,100	SH		SOLE		1,300	0	12,800
HARTFORD FINL SVCS GROUP INC	COM	416515104	242,502	2,412	SH		SOLE		2,412	0	0
HAVERTY FURNITURE COS INC	COM	419596101	536,148	21,200	SH		SOLE		5,300	0	15,900
HCA HEALTHCARE INC	COM	40412C101	610,432	1,900	SH		SOLE		1,900	0	0
HEARTLAND FINL USA INC	COM	42234Q102	2,769,235	62,300	SH		SOLE		18,300	0	44,000
HIGHPEAK ENERGY INC	COM	43114Q105	4,496,388	319,800	SH		SOLE		64,500	0	255,300
HILLTOP HOLDINGS INC	COM	432748101	1,407,600	45,000	SH		SOLE		8,700	0	36,300
HOLOGIC INC	COM	436440101	371,250	5,000	SH		SOLE		5,000	0	0
HOPE BANCORP INC	COM	43940T109	3,763,296	350,400	SH		SOLE		76,600	0	273,800
HOVNANIAN ENTERPRISES INC	CL A NEW	442487401	3,052,132	21,506	SH		SOLE		4,506	0	17,000
HP INC	COM	40434L105	874,379	24,968	SH		SOLE		24,968	0	0
INGLES MKTS INC	CL A	457030104	6,319,118	92,102	SH		SOLE		19,602	0	72,500
INNOVIVA INC	COM	45781M101	7,212,490	439,786	SH		SOLE		95,986	0	343,800
JACKSON FINANCIAL INC	COM CL A	46817M107	6,950,736	93,600	SH		SOLE		20,300	0	73,300
JOHNSON OUTDOORS INC	CL A	479167108	766,062	21,900	SH		SOLE		4,000	0	17,900
JPMORGAN CHASE & CO.	COM	46625H100	1,213,560	6,000	SH		SOLE		6,000	0	0
KOPPERS HOLDINGS INC	COM	50060P106	787,887	21,300	SH		SOLE		3,900	0	17,400
KRONOS WORLDWIDE INC	COM	50105F105	837,085	66,700	SH		SOLE		25,700	0	41,000
LADDER CAP CORP	CL A	505743104	413,214	36,600	SH		SOLE		0	0	36,600
LEIDOS HOLDINGS INC	COM	525327102	204,232	1,400	SH		SOLE		1,400	0	0
LENNAR CORP	CL A	526057104	843,169	5,626	SH		SOLE		5,626	0	0
LENNOX INTL INC	COM	526107107	534,980	1,000	SH		SOLE		1,000	0	0
LGI HOMES INC	COM	50187T106	993,339	11,100	SH		SOLE		1,700	0	9,400
LYONDELLBASELL INDUSTRIES N	SHS - A -	N53745100	759,636	7,941	SH		SOLE		7,941	0	0
MARATHON PETE CORP	COM	56585A102	659,224	3,800	SH		SOLE		3,800	0	0
MATSON INC	COM	57686G105	1,068,322	8,157	SH		SOLE		557	0	7,600
MEDIFAST INC	COM	58470H101	577,314	26,458	SH		SOLE		6,258	0	20,200
MERCHANTS BANCORP IND	COM	58844R108	5,238,741	129,224	SH		SOLE		27,574	0	101,650
METLIFE INC	COM	59156R108	526,425	7,500	SH		SOLE		7,500	0	0
MOVADO GROUP INC	COM	624580106	4,817,868	193,800	SH		SOLE		39,400	0	154,400
MSA SAFETY INC	COM	553498106	394,149	2,100	SH		SOLE		2,100	0	0
NATIONAL BEVERAGE CORP	COM	635017106	5,897,724	115,100	SH		SOLE		23,000	0	92,100
NAVIENT CORPORATION	COM	63938C108	2,057,328	141,300	SH		SOLE		28,800	0	112,500
NELNET INC	CL A	64031N108	6,506,479	64,510	SH		SOLE		13,910	0	50,600
NEWMARK GROUP INC	CL A	65158N102	6,688,671	653,829	SH		SOLE		140,829	0	513,000
NUCOR CORP	COM	670346105	729,539	4,615	SH		SOLE		4,615	0	0
NVR INC	COM	62944T105	607,085	80	SH		SOLE		80	0	0
OCEANFIRST FINL CORP	COM	675234108	171,612	10,800	SH		SOLE		1,400	0	9,400
OFG BANCORP	COM	67103X102	1,232,105	32,900	SH		SOLE		6,900	0	26,000
ORION S.A.	COM	L72967109	717,438	32,700	SH		SOLE		2,700	0	30,000
OVINTIV INC	COM	69047Q102	329,543	7,031	SH		SOLE		7,031	0	0
PACCAR INC	COM	693718108	556,597	5,407	SH		SOLE		5,407	0	0
PATRIA INVESTMENTS LIMITED	COM CL A	G69451105	461,898	38,300	SH		SOLE		2,200	0	36,100
PBF ENERGY INC	CL A	69318G106	4,922,437	106,963	SH		SOLE		22,463	0	84,500
PC CONNECTION INC	COM	69318J100	5,534,040	86,200	SH		SOLE		17,300	0	68,900
PEABODY ENERGY CORP	COM	704551100	3,062,448	138,447	SH		SOLE		59,947	0	78,500
PENNYMAC FINL SVCS INC NEW	COM	70932M107	6,413,880	67,800	SH		SOLE		14,900	0	52,900
PENSKE AUTOMOTIVE GRP INC	COM	70959W103	799,492	5,365	SH		SOLE		5,365	0	0
PERDOCEO ED CORP	COM	71363P106	3,238,704	151,200	SH		SOLE		32,300	0	118,900
PFIZER INC	COM	717081103	884,168	31,600	SH		SOLE		31,600	0	0
PNC FINL SVCS GROUP INC	COM	693475105	715,208	4,600	SH		SOLE		4,600	0	0
PREFERRED BK LOS ANGELES CA	COM NEW	740367404	249,117	3,300	SH		SOLE		200	0	3,100
PREMIER FINANCIAL CORP	COM	74052F108	953,436	46,600	SH		SOLE		7,800	0	38,800
PRINCIPAL FINANCIAL GROUP IN	COM	74251V102	843,181	10,748	SH		SOLE		10,748	0	0
PROVIDENT FINL SVCS INC	COM	74386T105	997,325	69,500	SH		SOLE		16,100	0	53,400
PULTE GROUP INC	COM	745867101	232,421	2,111	SH		SOLE		2,111	0	0
QCR HOLDINGS INC	COM	74727A104	840,000	14,000	SH		SOLE		3,100	0	10,900
REPUBLIC BANCORP INC KY	CL A	760281204	1,050,756	19,600	SH		SOLE		4,200	0	15,400
RESOURCES CONNECTION INC	COM	76122Q105	168,912	15,300	SH		SOLE		1,100	0	14,200
RILEY EXPLORATION PERMIAN IN	COM	76665T102	1,208,837	42,700	SH		SOLE		9,100	0	33,600
RUSH ENTERPRISES INC	CL A	781846209	6,229,628	148,785	SH		SOLE		31,710	0	117,075
RYERSON HLDG CORP	COM	783754104	4,169,237	213,807	SH		SOLE		40,907	0	172,900
S & T BANCORP INC	COM	783859101	200,340	6,000	SH		SOLE		400	0	5,600
SAFE BULKERS INC	COM	Y7388L103	2,434,506	418,300	SH		SOLE		83,400	0	334,900
SANDRIDGE ENERGY INC	COM NEW	80007P869	3,785,904	292,800	SH		SOLE		62,200	0	230,600
SELECT MED HLDGS CORP	COM	81619Q105	3,412,811	97,342	SH		SOLE		19,642	0	77,700
SIGA TECHNOLOGIES INC	COM	826917106	1,814,769	239,100	SH		SOLE		43,800	0	195,300
SILVERBOW RES INC	COM	82836G102	3,919,188	103,600	SH		SOLE		22,700	0	80,900
SIMMONS 1ST NATL CORP	CL A $1 PAR	828730200	6,610,080	376,000	SH		SOLE		83,400	0	292,600
SKYWORKS SOLUTIONS INC	COM	83088M102	512,437	4,808	SH		SOLE		4,808	0	0
SMITH & WESSON BRANDS INC	COM	831754106	2,058,077	143,520	SH		SOLE		60,520	0	83,000
SONIC AUTOMOTIVE INC	CL A	83545G102	2,620,007	48,100	SH		SOLE		8,700	0	39,400
SOUTHERN COPPER CORP	COM	84265V105	457,033	4,242	SH		SOLE		4,242	0	0
STANDARD MTR PRODS INC	COM	853666105	1,159,114	41,800	SH		SOLE		8,200	0	33,600
STEEL DYNAMICS INC	COM	858119100	441,984	3,413	SH		SOLE		3,413	0	0
STEWART INFORMATION SVCS COR	COM	860372101	235,904	3,800	SH		SOLE		600	0	3,200
STONEX GROUP INC	COM	861896108	3,125,365	41,500	SH		SOLE		8,500	0	33,000
SUN CTRY AIRLS HLDGS INC	COM	866683105	272,552	21,700	SH		SOLE		1,600	0	20,100
SYLVAMO CORP	COMMON STOCK	871332102	6,324,920	92,200	SH		SOLE		20,100	0	72,100
SYNCHRONY FINANCIAL	COM	87165B103	615,735	13,048	SH		SOLE		13,048	0	0
TARGET HOSPITALITY CORP	COM	87615L107	1,615,705	185,500	SH		SOLE		21,900	0	163,600
TD SYNNEX CORPORATION	COM	87162W100	543,765	4,712	SH		SOLE		4,712	0	0
TEGNA INC	COM	87901J105	814,180	58,406	SH		SOLE		4,506	0	53,900
TITAN INTL INC ILL	COM	88830M102	2,051,733	276,887	SH		SOLE		55,787	0	221,100
TTEC HLDGS INC	COM	89854H102	572,083	97,293	SH		SOLE		26,093	0	71,200
UNIVERSAL HEALTH RLTY INCOME	SH BEN INT	91359E105	211,356	5,400	SH		SOLE		0	0	5,400
UNIVERSAL LOGISTICS HLDGS IN	COM	91388P105	3,402,700	83,831	SH		SOLE		15,231	0	68,600
USANA HEALTH SCIENCES INC	COM	90328M107	963,612	21,300	SH		SOLE		4,700	0	16,600
VECTOR GROUP LTD	COM	92240M108	1,362,473	128,900	SH		SOLE		47,000	0	81,900
VERIZON COMMUNICATIONS INC	COM	92343V104	903,156	21,900	SH		SOLE		21,900	0	0
VICTORY CAP HLDGS INC	COM CL A	92645B103	4,521,367	94,728	SH		SOLE		24,928	0	69,800
VITAL ENERGY INC	COM	516806205	1,771,600	39,527	SH		SOLE		8,927	0	30,600
WEIS MKTS INC	COM	948849104	1,255,400	20,000	SH		SOLE		3,900	0	16,100
WESBANCO INC	COM	950810101	482,843	17,300	SH		SOLE		2,300	0	15,000
WESTLAKE CORPORATION	COM	960413102	770,732	5,322	SH		SOLE		5,322	0	0
WEYERHAEUSER CO MTN BE	COM NEW	962166104	491,033	17,296	SH		SOLE		17,296	0	0
WORTHINGTON ENTERPRISES INC	COM	981811102	5,291,494	111,800	SH		SOLE		22,900	0	88,900
WSFS FINL CORP	COM	929328102	3,435,700	73,100	SH		SOLE		15,400	0	57,700