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	1,952,916	36,785	SH		SOLE		9,385	0	27,400
2seventy Bio Inc	COM	901384107	56,220	6,000	SH		SOLE		0	0	6,000
4D Mollecular Therapeutics	COM	35104E100	44,420	2,000	SH		SOLE		0	0	2,000
Acushnet Holdings Corp.	COM	005098108	2,649,504	62,400	SH		SOLE		14,400	0	48,000
Aersale Corp	COM	00810F106	90,832	5,600	SH		SOLE		0	0	5,600
AFLAC INC COM	COM	001055102	748,176	10,400	SH		SOLE		10,400	0	0
Albertsons Companies	COM	013091103	311	15	SH		SOLE		15	0	0
Alexanders Inc.	COM	014752109	726,198	3,300	SH		SOLE		600	0	2,700
Allied Motion Technologies	COM	019330109	80,063	2,300	SH		SOLE		0	0	2,300
Allison Transmission Holdings	COM	01973R101	30,909	743	SH		SOLE		743	0	0
Allovir Inc	COM	019818103	33,345	6,500	SH		SOLE		0	0	6,500
Allstate Corp.	COM	020002101	366,120	2,700	SH		SOLE		2,700	0	0
Ally Financial Inc.	COM	02005N100	29,340	1,200	SH		SOLE		1,200	0	0
Alphabet Inc. Class A	COM	02079K305	767,601	8,700	SH		SOLE		8,700	0	0
Altice USA	COM	02156K103	777	169	SH		SOLE		169	0	0
Amalgamated Financial	COM	022671101	165,888	7,200	SH		SOLE		0	0	7,200
AMC Networks Inc. cl A	COM	00164V103	1,563,709	99,790	SH		SOLE		26,690	0	73,100
Amdocs Limited	COM	G02602103	618,120	6,800	SH		SOLE		6,800	0	0
Amerco	COM	023586100	9,450	157	SH		SOLE		157	0	0
American Equity Investment	COM	025676206	2,995,957	65,672	SH		SOLE		16,672	0	49,000
Amkor Technology Inc	COM	031652100	3,589,710	149,696	SH		SOLE		38,196	0	111,500
AMN Healthcare Services	COM	001744101	3,496	34	SH		SOLE		34	0	0
Amneal Pharamceuticals	COM	03168L105	965	485	SH		SOLE		485	0	0
Annaly Capital Mgmt.	COM	035710839	5,544	263	SH		SOLE		263	0	0
Apartment Income REIT	COM	03750L109	11,116	324	SH		SOLE		324	0	0
Arch Capital Group Ltd.	COM	G0450A105	31,390	500	SH		SOLE		500	0	0
Archer Daniels Midland	COM	039483102	427,110	4,600	SH		SOLE		4,600	0	0
Ardagh Metal Packaging SA	COM	L02235106	827	172	SH		SOLE		0	0	0
Arko Corp	COM	041242108	1,619	187	SH		SOLE		187	0	0
Arrow Electronics Inc	COM	042735100	230,054	2,200	SH		SOLE		2,200	0	0
Artisan Partners Asset Mgmt	COM	04316A108	650,430	21,900	SH		SOLE		7,900	0	14,000
Asbury Automotive Group	COM	043436104	1,613	9	SH		SOLE		9	0	0
Atara Biotherapeutics	COM	046513107	42,968	13,100	SH		SOLE		0	0	13,100
Atea Pharmaceuticals	COM	04683R106	86,580	18,000	SH		SOLE		0	0	18,000
Atlantic Union Bancshares	COM	04911A107	1,514,534	43,100	SH		SOLE		15,100	0	28,000
Atlanticus Holdings	COM	04914Y102	167,680	6,400	SH		SOLE		800	0	5,600
AutoNation Inc.	COM	05329W102	2,361	22	SH		SOLE		22	0	0
Avangrid Inc.	COM	05351W103	674,786	15,700	SH		SOLE		15,700	0	0
Bank First National	COM	06211J100	37,128	400	SH		SOLE		0	0	400
Bank of America Corp	COM	060505104	748,512	22,600	SH		SOLE		22,600	0	0
Bank of New York Mellon Corp.	COM	064058100	582,656	12,800	SH		SOLE		12,800	0	0
Bank of NT Butterfield LTD	COM	G0772R208	3,523,661	118,204	SH		SOLE		29,904	0	88,300
Bank OZK	COM	06417N103	3,605	90	SH		SOLE		90	0	0
Barrett Business Services	COM	068463108	46,640	500	SH		SOLE		0	0	500
BCB Bancorp, Inc.	COM	055298103	62,965	3,500	SH		SOLE		0	0	3,500
Beacon Roofing Supply	COM	073685109	2,851	54	SH		SOLE		54	0	0
Bed Bath & Beyond Inc	COM	075896100	1,072	427	SH		SOLE		427	0	0
Belden Inc.	COM	077454106	2,013	28	SH		SOLE		28	0	0
Berkshire Hathaway cl B	COM	084670702	386,125	1,250	SH		SOLE		1,250	0	0
Best Buy Inc.	COM	086516101	16,042	200	SH		SOLE		200	0	0
Bioatla	COM	09077B104	60,225	7,300	SH		SOLE		0	0	7,300
Biogen Inc.	COM	09062X103	581,532	2,100	SH		SOLE		2,100	0	0
Bluebird Bio	COM	09609G100	66,432	9,600	SH		SOLE		0	0	9,600
Bluegreen Vacations Holding Corp	COM	096308101	44,928	1,800	SH		SOLE		0	0	1,800
Bluelinx Holdings	COM	09624H208	4,226,707	59,439	SH		SOLE		15,339	0	44,100
Boise Cascade LLC	COM	09739D100	1,598,157	23,273	SH		SOLE		6,173	0	17,100
BOK Financial Corp.	COM	05561Q201	6,020	58	SH		SOLE		58	0	0
Bread Financial Holdings	COM	018581108	3,592,764	95,400	SH		SOLE		24,400	0	71,000
Brookline Bancorp, Inc.	COM	11373M107	77,825	5,500	SH		SOLE		5,500	0	0
Brown-Forman cl B	COM	115637209	604,256	9,200	SH		SOLE		9,200	0	0
Buckle Inc.	COM	118440106	1,723,300	38,000	SH		SOLE		9,600	0	28,400
Builders FirstSource Inc	COM	12008R107	3,309	51	SH		SOLE		51	0	0
Bunge Limited	COM	G16962105	289,333	2,900	SH		SOLE		2,900	0	0
Business First Bancshares	COM	12326C105	35,424	1,600	SH		SOLE		0	0	1,600
Byline Bancorp Inc.	COM	124411109	107,959	4,700	SH		SOLE		0	0	4,700
C.H. Robinson Worldwide, Inc.	COM	12541W209	36,624	400	SH		SOLE		400	0	0
Cadence Bank	COM	12740C103	543	22	SH		SOLE		22	0	0
Camping World Holdings, Inc.	COM	13462K109	1,272	57	SH		SOLE		57	0	0
Capital City Bank Group	COM	139674105	29,250	900	SH		SOLE		0	0	900
Carlyle Finance LLC	COM	14316J108	24,916	835	SH		SOLE		835	0	0
Carrier Global Corporation	COM	14448C104	416,625	10,100	SH		SOLE		10,100	0	0
Carters Inc	COM	146229109	22,383	300	SH		SOLE		300	0	0
Casey's General Stores, Inc.	COM	147528103	22,435	100	SH		SOLE		100	0	0
CBRE Group, Inc.	COM	12504L109	515,632	6,700	SH		SOLE		6,700	0	0
CDW Corporation	COM	12514G108	71,432	400	SH		SOLE		400	0	0
Celanese Corporation	COM	150870103	265,824	2,600	SH		SOLE		2,600	0	0
Central Garden&Pet cl A	COM	153527205	647,980	18,100	SH		SOLE		2,400	0	15,700
Centrus Energy	COM	15643U104	38,976	1,200	SH		SOLE		0	0	1,200
Century Communities, Inc.	COM	156504300	3,845,769	76,900	SH		SOLE		19,500	0	57,400
Children's Place, Inc. (The)	COM	168905107	65,556	1,800	SH		SOLE		0	0	1,800
Cinemark Holdings Inc	COM	17243V102	173	20	SH		SOLE		20	0	0
Cirrus Logic Inc.	COM	172755100	29,792	400	SH		SOLE		400	0	0
Citigroup Inc.	COM	172967424	551,806	12,200	SH		SOLE		12,200	0	0
Clearway Energy Inc	COM	18539C204	574	18	SH		SOLE		18	0	0
Cleveland-Cliffs Inc.	COM	185899101	2,980	185	SH		SOLE		185	0	0
CNA Financial Corp.	COM	126117100	59,192	1,400	SH		SOLE		1,400	0	0
CNO Financial Group, Inc.	COM	12621E103	48,968	2,143	SH		SOLE		2,143	0	0
Coca-Cola Bottling Cl A	COM	191098102	512	1	SH		SOLE		1	0	0
Collegium Pharmaceuticals	COM	19459J104	69,600	3,000	SH		SOLE		0	0	3,000
Columbia Financial	COM	197641103	121,072	5,600	SH		SOLE		1,100	0	4,500
Columbia Sportswear Co.	COM	198516106	613	7	SH		SOLE		7	0	0
Commercial Metals Co	COM	201723103	4,106	85	SH		SOLE		85	0	0
Commscope Holding	COM	20337X109	1,985	270	SH		SOLE		270	0	0
Consensus Cloud Solutions	COM	20848V105	382,771	7,120	SH		SOLE		2,720	0	4,400
Constellium	COM	F21107101	1,301	110	SH		SOLE		110	0	0
Consumer Portfolio Services	COM	210502100	115,050	13,000	SH		SOLE		0	0	13,000
Containers Store Group	COM	210751103	32,325	7,500	SH		SOLE		0	0	7,500
Cooper Companies, Inc.	COM	216648402	33,067	100	SH		SOLE		100	0	0
Core & Main Inc	COM	21874C102	3,920	203	SH		SOLE		203	0	0
Corecard Corporation	COM	45816D100	34,764	1,200	SH		SOLE		0	0	1,200
Costamare Inc	COM	Y1771G102	3,764,098	405,614	SH		SOLE		104,414	0	301,200
Coterra Energy Inc	COM	127097103	294,840	12,000	SH		SOLE		12,000	0	0
CRA International Inc	COM	12618T105	48,972	400	SH		SOLE		0	0	400
Cross Country Healthcare Inc	COM	227483104	78,913	2,970	SH		SOLE		70	0	2,900
Curo Group Holdings Corp	COM	23131L107	32,305	9,100	SH		SOLE		0	0	9,100
Cushman & Wakefield	COM	G2717B108	1,034	83	SH		SOLE		83	0	0
CVR Energy, Inc.	COM	12662P108	1,849	59	SH		SOLE		59	0	0
D.R. Horton Inc.	COM	23331A109	695,292	7,800	SH		SOLE		7,800	0	0
Daseke	COM	23753F107	51,779	9,100	SH		SOLE		0	0	9,100
DaVita HealthCare Partners Inc	COM	23918K108	180,179	2,413	SH		SOLE		2,413	0	0
Delek US Energy, Inc.	COM	24665A103	1,998	74	SH		SOLE		74	0	0
Dell Inc.	COM	24703L202	68,374	1,700	SH		SOLE		1,700	0	0
Dermtech Inc	COM	24984K105	18,585	10,500	SH		SOLE		0	0	10,500
Dicks Sporting Goods Inc	COM	253393102	1,083	9	SH		SOLE		9	0	0
Diebold Incorporated	COM	253651103	1,409	992	SH		SOLE		992	0	0
Dillards Inc cl A	COM	254067101	550,733	1,704	SH		SOLE		404	0	1,300
Discover Financial Services	COM	254709108	586,980	6,000	SH		SOLE		6,000	0	0
DISH Network Corp cl A	COM	25470M109	37,908	2,700	SH		SOLE		2,700	0	0
DLH Holdings	COM	23335Q100	87,801	7,400	SH		SOLE		0	0	7,400
Dorian LPG Ltd.	COM	Y2106R110	3,716,910	196,143	SH		SOLE		50,543	0	145,600
DT Midstream Inc	COM	23345M107	1,934	35	SH		SOLE		35	0	0
DTE Energy Corp.	COM	233331107	164,542	1,400	SH		SOLE		1,400	0	0
Dyne Therapeutics	COM	26818M108	31,293	2,700	SH		SOLE		0	0	2,700
Dynex Capital Inc.	COM	26817Q886	376,512	29,600	SH		SOLE		7,400	0	22,200
E.W. Scripps Cl A	COM	811054402	238,739	18,100	SH		SOLE		3,200	0	14,900
Eagle Pharmaceuticals Inc	COM	269796108	58,460	2,000	SH		SOLE		0	0	2,000
EMCOR Group Inc.	COM	29084Q100	2,962	20	SH		SOLE		20	0	0
Encore Wire Corporation	COM	292562105	825	6	SH		SOLE		6	0	0
Enova International, Inc.	COM	29357K103	2,361,789	61,553	SH		SOLE		16,353	0	45,200
Ensign Group	COM	29358P101	3,595	38	SH		SOLE		38	0	0
Enstar Group Limited	COM	G3075P101	3,789,056	16,400	SH		SOLE		4,100	0	12,300
Epsilon Energy	COM	294375209	42,432	6,400	SH		SOLE		0	0	6,400
Erie Indemnity Co cl A	COM	29530P102	995	4	SH		SOLE		4	0	0
Essent Group	COM	G3198U102	4,277	110	SH		SOLE		110	0	0
Exelixis Inc.	COM	30161Q104	11,228	700	SH		SOLE		700	0	0
Expeditors International of WA	COM	302130109	342,936	3,300	SH		SOLE		3,300	0	0
F&G Annuities and Life Inc	COM	30190A104	7,444	372	SH		SOLE		372	0	0
Fabrinet	COM	G3323L100	1,539	12	SH		SOLE		12	0	0
Farmer Mac	COM	313148306	1,251,081	11,100	SH		SOLE		2,900	0	8,200
Fidelity National Fin Inc.	COM	31620R303	504,108	13,400	SH		SOLE		13,400	0	0
First American Financial Corp	COM	31847R102	19,104	365	SH		SOLE		365	0	0
First Busey Corporation	COM	319383204	27,192	1,100	SH		SOLE		1,100	0	0
First Cash Fncl Svcs Inc.	COM	33768G107	1,043	12	SH		SOLE		0	0	0
First Financial Bancorp OH	COM	320209109	211,673	8,736	SH		SOLE		5,736	0	3,000
First Hawaiian, Inc	COM	32051X108	5,703	219	SH		SOLE		219	0	0
Fluor Corporation	COM	343412102	3,015	87	SH		SOLE		87	0	0
Focus Financial Partner	COM	34417P100	783	21	SH		SOLE		21	0	0
Fonar Corporation	COM	344437405	55,275	3,300	SH		SOLE		0	0	3,300
Forestar Group	COM	346232101	1,150,357	74,650	SH		SOLE		17,950	0	56,700
Franklin Resources Inc	COM	354613101	47,484	1,800	SH		SOLE		1,800	0	0
Garmin Ltd	COM	H2906T109	18,458	200	SH		SOLE		200	0	0
Gates Industrial Corp	COM	G39108108	2,830	248	SH		SOLE		248	0	0
General Dynamics Corp.	COM	369550108	645,086	2,600	SH		SOLE		2,600	0	0
General Mills Inc.	COM	370334104	243,165	2,900	SH		SOLE		2,900	0	0
Generation Bio	COM	37148K100	41,658	10,600	SH		SOLE		0	0	10,600
Genie Energy	COM	372284208	131,318	12,700	SH		SOLE		0	0	12,700
Genworth Financial Inc	COM	37247D106	886,075	167,500	SH		SOLE		41,000	0	126,500
Geo Group Inc	COM	36162J106	85,410	7,800	SH		SOLE		0	0	7,800
Global Industrial Co.	COM	37892E102	442,364	18,800	SH		SOLE		3,900	0	14,900
Goldman Sachs Group Inc	COM	38141G104	652,422	1,900	SH		SOLE		1,900	0	0
Gossamer Bio	COM	38341P102	9,982	4,600	SH		SOLE		0	0	4,600
Graftech International Ltd	COM	384313508	1,181,261	248,164	SH		SOLE		63,164	0	185,000
Graham Holdings Company	COM	384637104	3,933,407	6,510	SH		SOLE		1,610	0	4,900
Gray Television Inc	COM	389375106	3,130,279	279,739	SH		SOLE		71,139	0	208,600
Greene County Bancorp	COM	394357107	91,872	1,600	SH		SOLE		0	0	1,600
Greenhill & Co Inc.	COM	395259104	42,025	4,100	SH		SOLE		0	0	4,100
Greif Inc cl A	COM	397624107	4,177,771	62,299	SH		SOLE		15,799	0	46,500
Group 1 Automotive, Inc.	COM	398905109	1,804	10	SH		SOLE		10	0	0
Hackett Group Inc	COM	404609109	167,034	8,200	SH		SOLE		0	0	8,200
Hamilton Beach Brands	COM	40701T104	42,126	3,400	SH		SOLE		0	0	3,400
Hawaiian Electric Industries	COM	419870100	5,775	138	SH		SOLE		138	0	0
Hayward Holdings Inc	COM	421298100	1,936	206	SH		SOLE		206	0	0
Heartland Express	COM	422347104	1,125,956	73,400	SH		SOLE		18,600	0	54,800
Heartland Financial USA	COM	42234Q102	3,890,019	83,441	SH		SOLE		21,041	0	62,400
Henry Schein Inc.	COM	806407102	567,077	7,100	SH		SOLE		7,100	0	0
Herbalife Nutrition Ltd	COM	G4412G101	1,890	127	SH		SOLE		127	0	0
Heritage-Crystal Cleaning	COM	42726M106	129,920	4,000	SH		SOLE		0	0	4,000
HF Sinclair Corp	COM	403949100	395,039	7,613	SH		SOLE		7,613	0	0
Highpeak Energy	COM	43114Q105	775,293	33,900	SH		SOLE		8,600	0	25,300
Highwoods Properties	COM	431284108	16,116	576	SH		SOLE		576	0	0
Hilltop Holdings Inc.	COM	432748101	4,218,596	140,573	SH		SOLE		35,073	0	105,500
Hologic Inc.	COM	436440101	590,999	7,900	SH		SOLE		7,900	0	0
Home Bancorp, Inc.	COM	43689E107	56,042	1,400	SH		SOLE		0	0	1,400
Hope Bancorp	COM	43940T109	3,580,395	279,500	SH		SOLE		68,700	0	210,800
Hormel Foods Corp	COM	440452100	432,725	9,500	SH		SOLE		9,500	0	0
Houlihan Lokey, Inc.	COM	441593100	1,220	14	SH		SOLE		14	0	0
HP Inc.	COM	40434L105	303,631	11,300	SH		SOLE		11,300	0	0
Hudson Technologies	COM	444144109	63,493	6,274	SH		SOLE		74	0	6,200
Huntington Ingalls Industries	COM	446413106	20,761	90	SH		SOLE		90	0	0
IDT Corporation Cl B	COM	448947507	36,621	1,300	SH		SOLE		0	0	1,300
Immunic Inc	COM	4525EP101	23,800	17,000	SH		SOLE		0	0	17,000
Immunovant Inc	COM	45258J102	69,225	3,900	SH		SOLE		0	0	3,900
Independent Bank MI	COM	453838609	35,880	1,500	SH		SOLE		0	0	1,500
Ingles Markets cl A	COM	457030104	4,103,312	42,539	SH		SOLE		10,739	0	31,800
Innoviva, Inc.	COM	45781M101	4,227,545	319,060	SH		SOLE		81,260	0	237,800
Insperity	COM	45778Q107	1,818	16	SH		SOLE		16	0	0
Intel Corporation	COM	458140100	689,823	26,100	SH		SOLE		26,100	0	0
International Bancshares	COM	459044103	3,660,800	80,000	SH		SOLE		20,200	0	59,800
International Money Express Inc	COM	46005L101	56,051	2,300	SH		SOLE		0	0	2,300
International Paper Co.	COM	460146103	13,852	400	SH		SOLE		400	0	0
Intest Corp	COM	461147100	43,260	4,200	SH		SOLE		0	0	4,200
Jabil Circuit Inc.	COM	466313103	20,460	300	SH		SOLE		300	0	0
Jeld Wen Holding	COM	47580P103	1,419	147	SH		SOLE		147	0	0
John Wiley & Sons	COM	968223206	641	16	SH		SOLE		16	0	0
Johnson Outdoors Inc.	COM	479167108	85,956	1,300	SH		SOLE		0	0	1,300
Jones Lang LaSalle Incorporated	COM	48020Q107	31,874	200	SH		SOLE		200	0	0
JPMorgan Chase & Co.	COM	46625H100	992,340	7,400	SH		SOLE		7,400	0	0
Kalvista Pharmaceuticals	COM	483497103	73,008	10,800	SH		SOLE		0	0	10,800
KB Home	COM	48666K109	1,433	45	SH		SOLE		45	0	0
Kennedy-Wilson Holdings	COM	489398107	3,827,911	243,351	SH		SOLE		61,151	0	182,200
Kimball Electronics, Inc.	COM	49428J109	40,662	1,800	SH		SOLE		0	0	1,800
KKR Real Estate Finance	COM	48251K100	235,924	16,900	SH		SOLE		0	0	16,900
Koppers Holdings Inc.	COM	50060P106	676,800	24,000	SH		SOLE		8,600	0	15,400
Kronos Worldwide Inc.	COM	50105F105	2,084,920	221,800	SH		SOLE		58,000	0	163,800
Kura Oncology	COM	50127T109	47,158	3,800	SH		SOLE		0	0	3,800
Laboratory Corp of America	COM	50540R409	47,096	200	SH		SOLE		200	0	0
Lands' End, Inc.	COM	51509F105	65,274	8,600	SH		SOLE		0	0	8,600
Landstar System Inc.	COM	515098101	16,290	100	SH		SOLE		100	0	0
Lazard LTD.	COM	G54050102	4,646	134	SH		SOLE		134	0	0
LCI Industries	COM	50189K103	2,893,685	31,300	SH		SOLE		7,100	0	24,200
Legacy Housing Corporation	COM	52472M101	85,320	4,500	SH		SOLE		0	0	4,500
Leidos Holdings, Inc.	COM	525327102	21,038	200	SH		SOLE		200	0	0
Lennar Corp cl A	COM	526057104	651,600	7,200	SH		SOLE		7,200	0	0
Lennox International Inc.	COM	526107107	23,923	100	SH		SOLE		100	0	0
Liquidity Services, Inc.	COM	53635B107	42,180	3,000	SH		SOLE		0	0	3,000
Louisiana-Pacific Corp	COM	546347105	30,547	516	SH		SOLE		516	0	0
Lumber Liquidators Holdings	COM	55003T107	37,092	6,600	SH		SOLE		0	0	6,600
Luther Burbank Corporation	COM	550550107	129,987	11,700	SH		SOLE		0	0	11,700
LyondellBasell Industries cl A	COM	N53745100	738,967	8,900	SH		SOLE		8,900	0	0
M/I Homes, Inc.	COM	55305B101	4,531,643	98,130	SH		SOLE		24,730	0	73,400
Macrogenics Inc	COM	556099109	48,983	7,300	SH		SOLE		0	0	7,300
Marine Products Corp	COM	568427108	69,443	5,900	SH		SOLE		0	0	5,900
Matson Inc.	COM	57686G105	850,636	13,608	SH		SOLE		3,408	0	10,200
Maximus	COM	577933104	3,153	43	SH		SOLE		43	0	0
MDC Holdings Inc	COM	552676108	3,904,622	123,564	SH		SOLE		30,864	0	92,700
Merchants Bancorp	COM	58844R108	1,443,903	59,371	SH		SOLE		13,521	0	45,850
Meritage Homes Corp	COM	59001A102	2,028	22	SH		SOLE		22	0	0
Meta Platforms Inc	COM	30303M102	758,142	6,300	SH		SOLE		6,300	0	0
MetLife, Inc.	COM	59156R108	644,093	8,900	SH		SOLE		8,900	0	0
Midland States Bancorp Inc	COM	597742105	119,790	4,500	SH		SOLE		0	0	4,500
MidWestOne Finl Grp	COM	598511103	82,550	2,600	SH		SOLE		0	0	2,600
Moderna Inc	COM	60770K107	107,772	600	SH		SOLE		600	0	0
Modivcare	COM	60783X104	1,256	14	SH		SOLE		14	0	0
Moelis & Co	COM	60786M105	767	20	SH		SOLE		20	0	0
Mr Cooper Group	COM	62482R107	562	14	SH		SOLE		14	0	0
MSC Industrial Direct Co.	COM	553530106	24,510	300	SH		SOLE		300	0	0
Mueller Industries, Inc.	COM	624756102	3,501,119	59,341	SH		SOLE		15,341	0	44,000
Murphy USA, Inc.	COM	626755102	2,236	8	SH		SOLE		8	0	0
MVB Financial	COM	553810102	48,444	2,200	SH		SOLE		0	0	2,200
NACCO Industries cl A	COM	629579103	76,000	2,000	SH		SOLE		0	0	2,000
National Beverage Corp	COM	635017106	2,993,926	64,344	SH		SOLE		16,744	0	47,600
National Energy Services Reunited	COM	G6375R107	737,028	106,200	SH		SOLE		26,900	0	79,300
National HealthCare Corp	COM	635906100	1,790,950	30,100	SH		SOLE		7,600	0	22,500
National Western Life Group A	COM	638517102	1,124,000	4,000	SH		SOLE		700	0	3,300
Natural Grocers By Vitamin Cottage Inc	COM	63888U108	56,668	6,200	SH		SOLE		0	0	6,200
Nature's Sunshine Products	COM	639027101	48,256	5,800	SH		SOLE		0	0	5,800
NBT Bancorp Inc.	COM	628778102	3,586,492	82,600	SH		SOLE		21,400	0	61,200
Nelnet Inc	COM	64031N108	3,332,431	36,721	SH		SOLE		9,621	0	27,100
New Fortress Energy	COM	644393100	12,726	300	SH		SOLE		300	0	0
Newmark Group	COM	65158N102	3,144,651	394,561	SH		SOLE		88,561	0	306,000
NewMarket Corporation	COM	651587107	5,600	18	SH		SOLE		18	0	0
Nexstar Media Group, Inc. Cl A	COM	65336K103	17,503	100	SH		SOLE		100	0	0
NMI Holdings	COM	629209305	674,359	32,266	SH		SOLE		11,166	0	21,100
Northern Trust Corp.	COM	665859104	44,245	500	SH		SOLE		500	0	0
NRG Energy Inc	COM	629377508	306,554	9,634	SH		SOLE		9,634	0	0
Nurix Therapeutics	COM	67080M103	64,782	5,900	SH		SOLE		0	0	5,900
OceanFirst Financial	COM	675234108	414,375	19,500	SH		SOLE		5,300	0	14,200
O-I Glass	COM	67098H104	1,292	78	SH		SOLE		78	0	0
Oil-Dri Corp. of Amer	COM	677864100	73,788	2,200	SH		SOLE		0	0	2,200
Olaplex Holdings	COM	679369108	1,438	276	SH		SOLE		276	0	0
Old Republic Int'l Corp	COM	680223104	19,320	800	SH		SOLE		800	0	0
Olympic Steel Inc.	COM	68162K106	107,456	3,200	SH		SOLE		0	0	3,200
Omnicom Group Inc	COM	681919106	16,314	200	SH		SOLE		200	0	0
One Liberty Properties Inc.	COM	682406103	64,438	2,900	SH		SOLE		0	1	2,900
Onemain Holdings Inc	COM	68268W103	25,116	754	SH		SOLE		754	2	0
ONEOK, Inc.	COM	682680103	459,900	7,000	SH		SOLE		7,000	3	0
Oppenheimer Holdings	COM	683797104	1,303,764	30,800	SH		SOLE		5,600	4	25,200
Opportun Financial Corp	COM	68376D104	52,345	9,500	SH		SOLE		0	5	9,500
Option Care Health	COM	68404L201	4,303	143	SH		SOLE		143	6	0
Oracle Corporation	COM	68389X105	531,310	6,500	SH		SOLE		6,500	7	0
Organon & Co	COM	68622V106	410,739	14,706	SH		SOLE		14,706	8	0
Otter Tail Corp	COM	689648103	2,103,344	35,826	SH		SOLE		7,426	9	28,400
Owens & Minor Inc.	COM	690732102	3,496	179	SH		SOLE		179	10	0
P.A.M. Transportation	COM	693149106	101,010	3,900	SH		SOLE		0	11	3,900
Paccar Inc.	COM	693718108	574,026	5,800	SH		SOLE		5,800	12	0
Par Pacific Holding	COM	69888T207	1,721	74	SH		SOLE		74	13	0
Park National Corp OH	COM	700658107	1,238,600	8,800	SH		SOLE		1,800	14	7,000
Patterson Companies Inc	COM	703395103	3,728	133	SH		SOLE		133	15	0
PBF Energy Inc cl A	COM	69318G106	1,973,263	48,388	SH		SOLE		12,288	16	36,100
PC Connection, Inc.	COM	69318J100	3,540,950	75,500	SH		SOLE		19,100	0	56,400
PennyMac Financial Service Inc	COM	70932M107	3,651,227	64,441	SH		SOLE		16,241	0	48,200
Penske Automotive Group, Inc.	COM	70959W103	373,867	3,253	SH		SOLE		3,253	0	0
Perdoceo Education Corp	COM	71363P106	3,494,460	251,400	SH		SOLE		67,200	0	184,200
Photronics Inc.	COM	719405102	50,490	3,000	SH		SOLE		0	0	3,000
Piedmont Office Realty Trust,	COM	720190206	369,734	40,320	SH		SOLE		8,920	0	31,400
Pilgrims Pride Corp	COM	72147K108	17,892	754	SH		SOLE		754	0	0
Playtika Holding Corp	COM	72815L107	17,165	2,017	SH		SOLE		2,017	0	0
Plexus Corp.	COM	729132100	2,573	25	SH		SOLE		25	0	0
Postal Realty Trust Inc	COM	73757R102	1,308	90	SH		SOLE		90	0	0
Potlatch Corporation	COM	737630103	352	8	SH		SOLE		8	0	0
Preformed Line Products	COM	740444104	158,251	1,900	SH		SOLE		0	0	1,900
Prelude Therapeutics	COM	74065P101	49,528	8,200	SH		SOLE		0	0	8,200
Premier Financial	COM	74052F108	275,094	10,200	SH		SOLE		2,600	0	7,600
Primoris Services Corp.	COM	74164F103	46,074	2,100	SH		SOLE		2,100	0	0
Principal Financial Group, Inc.	COM	74251V102	369,248	4,400	SH		SOLE		4,400	0	0
Prosperity Bancshares Inc.	COM	743606105	1,526	21	SH		SOLE		21	0	0
Provention Bio	COM	74374N102	45,451	4,300	SH		SOLE		0	0	4,300
Provident Bancorp	COM	74383L105	37,128	5,100	SH		SOLE		0	0	5,100
Provident Financial Services	COM	74386T105	2,043,383	95,664	SH		SOLE		24,764	0	70,900
Pulmonx Corporation	COM	745848101	62,382	7,400	SH		SOLE		0	0	7,400
PulteGroup, Inc.	COM	745867101	36,925	811	SH		SOLE		811	0	0
Quest Diagnostics Inc.	COM	74834L100	688,336	4,400	SH		SOLE		4,400	0	0
Quidelortho Corp	COM	219798105	26,643	311	SH		SOLE		311	0	0
R C M Technologies	COM	749360400	67,870	5,500	SH		SOLE		0	0	5,500
Radian Group, Inc.	COM	750236101	1,240	65	SH		SOLE		65	0	0
Radiant Logistics	COM	75025X100	41,738	8,200	SH		SOLE		0	0	8,200
Raymond James Financial Inc.	COM	754730109	26,713	250	SH		SOLE		250	0	0
RBB Bancorp	COM	74930B105	143,865	6,900	SH		SOLE		0	0	6,900
Regional Management Corp.	COM	75902K106	64,584	2,300	SH		SOLE		0	0	2,300
Reliance Steel & Aluminum	COM	759509102	40,488	200	SH		SOLE		200	0	0
Republic Bancorp KY	COM	760281204	1,068,585	26,114	SH		SOLE		5,514	0	20,600
Resources Connection	COM	76122Q105	75,358	4,100	SH		SOLE		0	0	4,100
Retractable Technologies Inc	COM	76129W105	28,866	17,600	SH		SOLE		0	0	17,600
Revance Therapeutics	COM	761330109	42,458	2,300	SH		SOLE		0	0	2,300
REX American Resources	COM	761624105	669	21	SH		SOLE		21	0	0
Reynolds Consumer Product	COM	76171L106	5,756	192	SH		SOLE		192	0	0
Rhythm Pharmaceuticals	COM	76243J105	93,184	3,200	SH		SOLE		0	0	3,200
Richardson Electronics	COM	763165107	49,059	2,300	SH		SOLE		0	0	2,300
Rily Exploration Permian	COM	76665T102	75,665	2,571	SH		SOLE		71	0	2,500
RLI Corporation	COM	749607107	919	7	SH		SOLE		7	0	0
Rush Enterprises Inc	COM	781846209	4,246,234	81,221	SH		SOLE		20,571	0	60,650
Ryerson Holding Corporation	COM	783754104	4,093,875	135,290	SH		SOLE		33,990	0	101,300
Sandy Spring Bancorp Inc.	COM	800363103	1,088,607	30,900	SH		SOLE		6,000	0	24,900
Schneider National Inc.	COM	80689H102	26,910	1,150	SH		SOLE		1,150	0	0
Scholar Rock Holdings	COM	80706P103	54,300	6,000	SH		SOLE		0	0	6,000
Science App Int'l Corp	COM	808625107	22,186	200	SH		SOLE		200	0	0
SEI Investments Co.	COM	784117103	49,147	843	SH		SOLE		843	0	0
Select Medical Holdings Corp	COM	81619Q105	2,781,208	112,010	SH		SOLE		29,210	0	82,800
Seneca Foods cl A	COM	817070501	646,070	10,600	SH		SOLE		2,500	0	8,100
Sensus Healthcare	COM	81728J109	56,392	7,600	SH		SOLE		0	0	7,600
Shattuck Labs	COM	82024L103	30,130	13,100	SH		SOLE		0	0	13,100
Silgan Holdings Inc.	COM	827048109	2,385	46	SH		SOLE		46	0	0
Silvercrest Asset Mgmt Grp	COM	828359109	48,802	2,600	SH		SOLE		0	0	2,600
Sinclair Broadcast	COM	829226109	636	41	SH		SOLE		41	0	0
Siriuspoint	COM	G8192H106	991	168	SH		SOLE		168	0	0
Sitio Royalties Corp	COM	82983N108	150,020	5,200	SH		SOLE		0	0	5,200
SLM Corp	COM	78442P106	19,140	1,153	SH		SOLE		1,153	0	0
Snap-On Inc.	COM	833034101	22,849	100	SH		SOLE		100	0	0
South Plains Financial	COM	83946P107	156,921	5,700	SH		SOLE		0	0	5,700
Southern Copper Corp.	COM	84265V105	519,354	8,600	SH		SOLE		8,600	0	0
Southern MO Bancorp	COM	843380106	73,328	1,600	SH		SOLE		0	0	1,600
Sprouts Farmers Market	COM	85208M102	1,327	41	SH		SOLE		41	0	0
Stagwell	COM	85256A109	397	64	SH		SOLE		0	0	0
Steel Dynamics Inc.	COM	858119100	639,935	6,550	SH		SOLE		6,550	0	0
Sterling Infrastructure Inc	COM	859241101	193,520	5,900	SH		SOLE		2,500	0	3,400
Stewart Information Services	COM	860372101	3,644,869	85,300	SH		SOLE		20,100	0	65,200
Stifel Financial Corp	COM	860630102	3,094	53	SH		SOLE		53	0	0
Stonex Group	COM	861896108	4,108,955	43,116	SH		SOLE		10,816	0	32,300
Super Miccro Computer	COM	86800U104	3,530	43	SH		SOLE		43	0	0
Superior Group of Companies	COM	868358102	40,240	4,000	SH		SOLE		0	0	4,000
Sylvamo Corp	COM	871332102	1,360,520	28,000	SH		SOLE		6,900	0	21,100
Synchrony Financial	COM	87165B103	39,432	1,200	SH		SOLE		1,200	0	0
Syros Pharmaceuticals	COM	87184Q206	27,643	7,700	SH		SOLE		0	0	7,700
Taylor Morrison Home Corporation	COM	87724P106	4,067	134	SH		SOLE		134	0	0
TD Synnex Corporation	COM	87162W100	138,371	1,461	SH		SOLE		1,461	0	0
Texas Pacific Land Trust	COM	88262P102	539,173	230	SH		SOLE		230	0	0
The ONE Group Hospitality Inc	COM	88338K103	50,400	8,000	SH		SOLE		0	0	8,000
Thryv Holdings	COM	886029206	2,664,959	140,261	SH		SOLE		34,561	0	105,700
Timken Company	COM	887389104	31,943	452	SH		SOLE		452	0	0
Tiptree Inc	COM	88822Q103	127,328	9,200	SH		SOLE		0	0	9,200
Titan Machinery Inc.	COM	88830R101	75,487	1,900	SH		SOLE		600	0	1,300
Tootsie Roll Industries Inc.	COM	890516107	46,827	1,100	SH		SOLE		1,100	0	0
Towne Bank	COM	89214P109	3,997,512	129,621	SH		SOLE		32,972	0	96,649
Trean Insurance Group Inc	COM	89457R101	138,000	23,000	SH		SOLE		0	0	23,000
Trinet Group Inc	COM	896288107	1,220	18	SH		SOLE		18	0	0
Triton International Ltd	COM	G9078F107	2,476	36	SH		SOLE		36	0	0
Tronox Holdings	COM	G9087Q102	1,514,955	110,500	SH		SOLE		26,500	0	84,000
Truist Financial	COM	89832Q109	632,541	14,700	SH		SOLE		14,700	0	0
TrustCo Bank Corp NY	COM	898349204	22,554	600	SH		SOLE		600	0	0
TTEC Holdings Inc.	COM	89854H102	725,453	16,439	SH		SOLE		4,539	0	11,900
Twenty-First Century Fox Inc.	COM	35137L105	361,403	11,900	SH		SOLE		11,900	0	0
Tyson Foods	COM	902494103	479,325	7,700	SH		SOLE		7,700	0	0
Ubiquiti Inc.	COM	90353W103	54,706	200	SH		SOLE		200	0	0
UFP Industries	COM	90278Q108	3,249	41	SH		SOLE		41	0	0
UGI Corp	COM	902681105	48,191	1,300	SH		SOLE		1,300	0	0
Ultra Clean Holdings, Inc.	COM	90385V107	1,293	39	SH		SOLE		39	0	0
Unisys Corporation	COM	909214306	746	146	SH		SOLE		146	0	0
United Natural Foods Inc.	COM	911163103	1,239	32	SH		SOLE		32	0	0
United States Cellular Corp	COM	911684108	2,772,591	132,978	SH		SOLE		33,778	0	99,200
United States Lime & Minerals	COM	911922102	56,304	400	SH		SOLE		0	0	400
United States Steel Corp	COM	912909108	1,478	59	SH		SOLE		59	0	0
Universal Logistics Holdings,	COM	91388P105	1,070,080	32,000	SH		SOLE		7,100	0	24,900
Urban One Inc	COM	91705J204	35,344	9,400	SH		SOLE		0	0	9,400
USANA Health Sciences, Inc.	COM	90328M107	2,831,783	53,229	SH		SOLE		13,729	0	39,500
Valhi Inc.	COM	918905209	70,862	3,221	SH		SOLE		21	0	3,200
Value Line Inc.	COM	920437100	40,704	800	SH		SOLE		0	0	800
Vector Group Ltd.	COM	92240M108	593	50	SH		SOLE		50	0	0
VeriSign Inc	COM	92343E102	308,160	1,500	SH		SOLE		1,500	0	0
Veritiv	COM	923454102	2,434	20	SH		SOLE		20	0	0
Verizon Communications, Inc.	COM	92343V104	807,700	20,500	SH		SOLE		20,500	0	0
Village Super Market	COM	927107409	109,463	4,700	SH		SOLE		0	0	4,700
Virtu Financial	COM	928254101	2,082	102	SH		SOLE		102	0	0
Vontier Corp	COM	928881101	22,036	1,140	SH		SOLE		1,140	0	0
Walgreens Boots Alliance Inc	COM	931427108	141,968	3,800	SH		SOLE		3,800	0	0
Watsco Inc.	COM	942622200	24,940	100	SH		SOLE		100	0	0
Weatherford International Public Ltd	COM	G48833118	1,018	20	SH		SOLE		20	0	0
WEC Energy Group	COM	92939U106	206,272	2,200	SH		SOLE		2,200	0	0
Weis Markets Inc.	COM	948849104	1,374,243	16,700	SH		SOLE		4,200	0	12,500
Western Union	COM	959802109	15,147	1,100	SH		SOLE		1,100	0	0
Westlake Corporation	COM	960413102	646,002	6,300	SH		SOLE		6,300	0	0
Weyerhaeuser Co	COM	962166104	409,200	13,200	SH		SOLE		13,200	0	0
Williams-Sonoma Inc.	COM	969904101	22,984	200	SH		SOLE		200	0	0
World Fuel Services Corp	COM	981475106	1,877,571	68,700	SH		SOLE		17,700	0	51,000
Worthington Industries	COM	981811102	3,671,630	73,861	SH		SOLE		18,761	0	55,100
Zynex Inc	COM	98986M103	134,732	9,686	SH		SOLE		86	0	9,600