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	1,767,079	40,952	SH		SOLE		10,452	0	30,500
4D Mollecular Therapeutics	COM	35104E100	34,380	2,000	SH		SOLE		0	0	2,000
ACM Research Inc	COM	00108J109	117,000	10,000	SH		SOLE		0	0	10,000
AFLAC INC COM	COM	001055102	660,878	10,243	SH		SOLE		10,243	0	0
AMC Networks Inc. cl A	COM	00164V103	1,177,860	67,000	SH		SOLE		20,200	0	46,800
AMN Healthcare Services	COM	001744101	3,899	47	SH		SOLE		47	0	0
AbCellera Biologics Inc	COM	00288U106	660,504	87,600	SH		SOLE		22,800	0	64,800
Adams Resources & Energy	COM	006351308	80,682	2,100	SH		SOLE		0	0	2,100
Aersale Corp	COM	00810F106	96,432	5,600	SH		SOLE		0	0	5,600
Affiliated Managers Group	COM	008252108	1,709	12	SH		SOLE		12	0	0
Akamai Technologies Inc.	COM	00971T101	392	5	SH		SOLE		5	0	0
Albertsons Companies	COM	013091103	702,052	33,785	SH		SOLE		33,785	0	0
Alexanders Inc.	COM	014752109	639,375	3,300	SH		SOLE		600	0	2,700
Allied Motion Technologies	COM	019330109	61,840	1,600	SH		SOLE		0	0	1,600
Allison Transmission Holdings	COM	01973R101	18,458	408	SH		SOLE		408	0	0
Allovir Inc	COM	019818103	25,610	6,500	SH		SOLE		0	0	6,500
Allstate Corp.	COM	020002101	243,782	2,200	SH		SOLE		2,200	0	0
Ally Financial Inc.	COM	02005N100	28,676	1,125	SH		SOLE		1,125	0	0
Alphabet Inc. Class A	COM	02079K305	995,808	9,600	SH		SOLE		9,600	0	0
Altice USA	COM	02156K103	1,406	411	SH		SOLE		411	0	0
Amdocs Limited	COM	G02602103	663,471	6,909	SH		SOLE		6,909	0	0
Amerco	COM	023586100	9,365	157	SH		SOLE		157	0	0
American Equity Investment	COM	025676206	2,517,701	68,997	SH		SOLE		17,297	0	51,700
American Intl Group, Inc.	COM	026874784	266,908	5,300	SH		SOLE		5,300	0	0
Ameris Bancorp	COM	03076K108	5,011	137	SH		SOLE		137	0	0
Amkor Technology Inc	COM	031652100	3,894,465	149,672	SH		SOLE		38,172	0	111,500
Amneal Pharamceuticals	COM	03168L105	481	346	SH		SOLE		346	0	0
Annaly Capital Mgmt.	COM	035710839	994	52	SH		SOLE		52	0	0
Apartment Income REIT	COM	03750L109	859	24	SH		SOLE		24	0	0
Arcbest Corp	COM	03937C105	1,571	17	SH		SOLE		17	0	0
Arch Capital Group Ltd.	COM	G0450A105	27,895	411	SH		SOLE		411	0	0
Arch Resources Inc	COM	03940R107	328,650	2,500	SH		SOLE		800	0	1,700
Archer Daniels Midland	COM	039483102	406,266	5,100	SH		SOLE		5,100	0	0
Ardagh Metal Packaging SA	COM	L02235106	1,534	376	SH		SOLE		376	0	0
Arko Corp	COM	041242108	2,072	244	SH		SOLE		244	0	0
Arrow Electronics Inc	COM	042735100	288,450	2,310	SH		SOLE		2,310	0	0
Asbury Automotive Group	COM	043436104	4,200	20	SH		SOLE		20	0	0
Atara Biotherapeutics	COM	046513107	37,990	13,100	SH		SOLE		0	0	13,100
Atea Pharmaceuticals	COM	04683R106	60,300	18,000	SH		SOLE		0	0	18,000
Atlantic Union Bancshares	COM	04911A107	2,737,405	78,100	SH		SOLE		20,900	0	57,200
Atlanticus Holdings	COM	04914Y102	220,648	8,133	SH		SOLE		833	0	7,300
AutoNation Inc.	COM	05329W102	3,359	25	SH		SOLE		25	0	0
Avangrid Inc.	COM	05351W103	487,932	12,235	SH		SOLE		12,235	0	0
Avis Budget Group, Inc.	COM	053774105	1,558	8	SH		SOLE		8	0	0
BOK Financial Corp.	COM	05561Q201	49,127	582	SH		SOLE		582	0	0
Bank OZK	COM	06417N103	3,078	90	SH		SOLE		90	0	0
Bank of America Corp	COM	060505104	715,000	25,000	SH		SOLE		25,000	0	0
Bank of NT Butterfield LTD	COM	G0772R208	3,223,908	119,404	SH		SOLE		30,404	0	89,000
Bank of New York Mellon Corp.	COM	064058100	570,363	12,552	SH		SOLE		12,552	0	0
Beacon Roofing Supply	COM	073685109	3,178	54	SH		SOLE		54	0	0
Beazer Homes USA	COM	07556Q881	795,588	50,100	SH		SOLE		14,100	0	36,000
Belden Inc.	COM	077454106	2,430	28	SH		SOLE		28	0	0
Best Buy Inc.	COM	086516101	16,358	209	SH		SOLE		209	0	0
Bioatla	COM	09077B104	19,564	7,300	SH		SOLE		0	0	7,300
Biogen Inc.	COM	09062X103	668,106	2,403	SH		SOLE		2,403	0	0
Bluegreen Vacations Holding Corp	COM	096308101	98,568	3,600	SH		SOLE		0	0	3,600
Bluelinx Holdings	COM	09624H208	3,592,637	52,864	SH		SOLE		12,864	0	40,000
Boise Cascade LLC	COM	09739D100	3,032,395	47,943	SH		SOLE		12,443	0	35,500
Boston Properties, Inc.	COM	101121101	704	13	SH		SOLE		13	0	0
Bread Financial Holdings	COM	018581108	3,204,885	105,702	SH		SOLE		26,602	0	79,100
Brightsphere Investment Group	COM	10948W103	1,085	46	SH		SOLE		46	0	0
Brookline Bancorp, Inc.	COM	11373M107	57,750	5,500	SH		SOLE		5,500	0	0
Brown-Forman cl B	COM	115637209	560,306	8,718	SH		SOLE		8,718	0	0
Buckle Inc.	COM	118440106	1,356,220	38,000	SH		SOLE		9,600	0	28,400
Builders FirstSource Inc	COM	12008R107	48,119	542	SH		SOLE		542	0	0
Bunge Limited	COM	G16962105	355,143	3,718	SH		SOLE		3,718	0	0
Byline Bancorp Inc.	COM	124411109	157,826	7,300	SH		SOLE		0	0	7,300
C&F Financial	COM	12466Q104	10,342	200	SH		SOLE		0	0	200
C.H. Robinson Worldwide, Inc.	COM	12541W209	497	5	SH		SOLE		5	0	0
CACI International, Inc.	COM	127190304	593	2	SH		SOLE		2	0	0
CBRE Group, Inc.	COM	12504L109	364,050	5,000	SH		SOLE		5,000	0	0
CDW Corporation	COM	12514G108	77,956	400	SH		SOLE		400	0	0
CNA Financial Corp.	COM	126117100	72,713	1,863	SH		SOLE		1,863	0	0
CORE Molding Tech	COM	218683100	23,387	1,300	SH		SOLE		0	0	1,300
CPI Card Group Inc	COM	12634H200	121,527	2,700	SH		SOLE		0	0	2,700
CVR Energy, Inc.	COM	12662P108	2,524	77	SH		SOLE		77	0	0
Cabaletta Bio	COM	12674W109	11,578	1,400	SH		SOLE		0	0	1,400
Cadence Bank	COM	12740C103	810	39	SH		SOLE		39	0	0
Cal-Maine Foods Inc.	COM	128030202	974	16	SH		SOLE		16	0	0
Camping World Holdings, Inc.	COM	13462K109	1,294	62	SH		SOLE		62	0	0
Cano Health	COM	13781Y103	572	629	SH		SOLE		629	0	0
Capital One Financial Corp.	COM	14040H105	38,464	400	SH		SOLE		400	0	0
Carlyle Finance LLC	COM	14316J108	24,848	800	SH		SOLE		800	0	0
Carrier Global Corporation	COM	14448C104	463,265	10,126	SH		SOLE		10,126	0	0
Carters Inc	COM	146229109	21,576	300	SH		SOLE		300	0	0
Celanese Corporation	COM	150870103	438,173	4,024	SH		SOLE		4,024	0	0
Central Valley Community Bancorp	COM	155685100	18,522	900	SH		SOLE		0	0	900
Centrus Energy	COM	15643U104	38,640	1,200	SH		SOLE		0	0	1,200
Century Communities, Inc.	COM	156504300	4,608,632	72,100	SH		SOLE		18,600	0	53,500
Children's Place, Inc. (The)	COM	168905107	24,150	600	SH		SOLE		0	0	600
Choice Hotels Intl	COM	169905106	24,141	206	SH		SOLE		206	0	0
Cincinnati Financial Corp	COM	172062101	12,329	110	SH		SOLE		110	0	0
Cinemark Holdings Inc	COM	17243V102	296	20	SH		SOLE		20	0	0
Cirrus Logic Inc.	COM	172755100	33,470	306	SH		SOLE		306	0	0
Citigroup Inc.	COM	172967424	614,259	13,100	SH		SOLE		13,100	0	0
Claros Mortgage Trust	COM	18270D106	379,790	32,600	SH		SOLE		7,600	0	25,000
Clean Harbors, Inc.	COM	184496107	428	3	SH		SOLE		3	0	0
Clearway Energy Inc	COM	18539C204	564	18	SH		SOLE		18	0	0
Cleveland-Cliffs Inc.	COM	185899101	1,668	91	SH		SOLE		91	0	0
Coca-Cola Bottling Cl A	COM	191098102	1,605	3	SH		SOLE		3	0	0
Columbia Financial	COM	197641103	82,260	4,500	SH		SOLE		0	0	4,500
Columbia Sportswear Co.	COM	198516106	1,534	17	SH		SOLE		17	0	0
Commercial Metals Co	COM	201723103	1,760	36	SH		SOLE		36	0	0
Commscope Holding	COM	20337X109	2,554	401	SH		SOLE		401	0	0
Concentrix Corp.	COM	20602D101	12,763	105	SH		SOLE		105	0	0
Constellium	COM	F21107101	1,681	110	SH		SOLE		110	0	0
Consumer Portfolio Services	COM	210502100	138,970	13,000	SH		SOLE		0	0	13,000
Containers Store Group	COM	210751103	25,725	7,500	SH		SOLE		0	0	7,500
Cooper Companies, Inc.	COM	216648402	37,709	101	SH		SOLE		101	0	0
Copart, Inc. (DE)	COM	217204106	90,252	1,200	SH		SOLE		1,200	0	0
Core & Main Inc	COM	21874C102	7,392	320	SH		SOLE		320	0	0
Corecard Corporation	COM	45816D100	36,156	1,200	SH		SOLE		0	0	1,200
Costamare Inc	COM	Y1771G102	4,016,188	426,800	SH		SOLE		104,300	0	322,500
Coterra Energy Inc	COM	127097103	347,315	14,153	SH		SOLE		14,153	0	0
Cross Country Healthcare Inc	COM	227483104	67,585	3,028	SH		SOLE		128	0	2,900
Curo Group Holdings Corp	COM	23131L107	15,743	9,100	SH		SOLE		0	0	9,100
Curtiss-Wright Corp.	COM	231561101	1,058	6	SH		SOLE		6	0	0
Cushman & Wakefield	COM	G2717B108	875	83	SH		SOLE		83	0	0
D.R. Horton Inc.	COM	23331A109	783,962	8,025	SH		SOLE		8,025	0	0
DISH Network Corp cl A	COM	25470M109	31,881	3,417	SH		SOLE		3,417	0	0
DLH Holdings	COM	23335Q100	84,878	7,400	SH		SOLE		0	0	7,400
DT Midstream Inc	COM	23345M107	1,728	35	SH		SOLE		35	0	0
DaVita HealthCare Partners Inc	COM	23918K108	24,820	306	SH		SOLE		306	0	0
Daseke	COM	23753F107	83,484	10,800	SH		SOLE		0	0	10,800
Delek US Energy, Inc.	COM	24665A103	2,295	100	SH		SOLE		100	0	0
Dell Inc.	COM	24703L202	577,215	14,355	SH		SOLE		14,355	0	0
Dermtech Inc	COM	24984K105	38,640	10,500	SH		SOLE		0	0	10,500
Dicks Sporting Goods Inc	COM	253393102	1,277	9	SH		SOLE		9	0	0
Dillards Inc cl A	COM	254067101	524,594	1,705	SH		SOLE		405	0	1,300
Discover Financial Services	COM	254709108	565,760	5,724	SH		SOLE		5,724	0	0
Dolby Laboratories Inc.	COM	25659T107	427	5	SH		SOLE		5	0	0
Dorian LPG Ltd.	COM	Y2106R110	3,780,086	189,573	SH		SOLE		50,473	0	139,100
Dream Finders Homes Inc	COM	26154D100	1,948	147	SH		SOLE		147	0	0
Dynavax Technologies Corporation	COM	268158201	125,568	12,800	SH		SOLE		0	0	12,800
Dyne Therapeutics	COM	26818M108	31,104	2,700	SH		SOLE		0	0	2,700
E.W. Scripps Cl A	COM	811054402	409,335	43,500	SH		SOLE		9,600	0	33,900
EMCOR Group Inc.	COM	29084Q100	4,390	27	SH		SOLE		27	0	0
ESAB Corporation	COM	29605J106	1,240	21	SH		SOLE		21	0	0
Eagle Pharmaceuticals Inc	COM	269796108	56,740	2,000	SH		SOLE		0	0	2,000
Enact Holdings Inc	COM	29249E109	310,119	13,566	SH		SOLE		3,466	0	10,100
Encore Wire Corporation	COM	292562105	2,595	14	SH		SOLE		14	0	0
Enova International, Inc.	COM	29357K103	4,126,303	92,872	SH		SOLE		22,572	0	70,300
Ensign Group	COM	29358P101	4,108	43	SH		SOLE		43	0	0
Enstar Group Limited	COM	G3075P101	1,390,740	6,000	SH		SOLE		1,700	0	4,300
Enterprise Financial Services	COM	293712105	891,800	20,000	SH		SOLE		5,100	0	14,900
Epsilon Energy	COM	294375209	59,808	11,200	SH		SOLE		0	0	11,200
Essent Group	COM	G3198U102	1,798,645	44,910	SH		SOLE		10,910	0	34,000
Evi Industries	COM	26929N102	11,880	600	SH		SOLE		0	0	600
Exelixis Inc.	COM	30161Q104	408	21	SH		SOLE		21	0	0
Expeditors International of WA	COM	302130109	430,679	3,911	SH		SOLE		3,911	0	0
FS Bancorp Inc.	COM	30263Y104	36,012	1,200	SH		SOLE		0	0	1,200
FTI Consulting, Inc.	COM	302941109	395	2	SH		SOLE		2	0	0
Fabrinet	COM	G3323L100	1,425	12	SH		SOLE		12	0	0
Farmer Mac	COM	313148306	2,077,764	15,600	SH		SOLE		4,000	0	11,600
Fidelity National Fin Inc.	COM	31620R303	547,528	15,675	SH		SOLE		15,675	0	0
First American Financial Corp	COM	31847R102	22,876	411	SH		SOLE		411	0	0
First Busey Corporation	COM	319383204	22,374	1,100	SH		SOLE		1,100	0	0
First Cash Fncl Svcs Inc.	COM	33768G107	1,144	12	SH		SOLE		12	0	0
First Financial Bancorp OH	COM	320209109	5,138	236	SH		SOLE		236	0	0
First Hawaiian, Inc	COM	32051X108	4,518	219	SH		SOLE		219	0	0
First Internet Bancorp	COM	320557101	16,650	1,000	SH		SOLE		0	0	1,000
Flex LNG Ltd	COM	G35947202	1,470,435	43,789	SH		SOLE		9,589	0	34,200
Fluor Corporation	COM	343412102	3,307	107	SH		SOLE		107	0	0
Focus Financial Partner	COM	34417P100	1,089	21	SH		SOLE		21	0	0
Fonar Corporation	COM	344437405	53,460	3,300	SH		SOLE		0	0	3,300
Forestar Group	COM	346232101	1,036,996	66,645	SH		SOLE		17,845	0	48,800
Franklin Resources Inc	COM	354613101	16,164	600	SH		SOLE		600	0	0
Gaming and Leisure Properties, Inc.	COM	36467J108	416	8	SH		SOLE		8	0	0
Garmin Ltd	COM	H2906T109	21,193	210	SH		SOLE		210	0	0
Gates Industrial Corp	COM	G39108108	2,639	190	SH		SOLE		190	0	0
General Dynamics Corp.	COM	369550108	616,167	2,700	SH		SOLE		2,700	0	0
General Motors Company	COM	37045V100	308,112	8,400	SH		SOLE		8,400	0	0
Generation Bio	COM	37148K100	45,580	10,600	SH		SOLE		0	0	10,600
Genie Energy	COM	372284208	232,176	16,800	SH		SOLE		0	0	16,800
Geo Group Inc	COM	36162J106	49,707	6,300	SH		SOLE		0	0	6,300
Global Industrial Co.	COM	37892E102	504,592	18,800	SH		SOLE		3,900	0	14,900
Goldman Sachs Group Inc	COM	38141G104	654,220	2,000	SH		SOLE		2,000	0	0
Graftech International Ltd	COM	384313508	2,680,115	551,464	SH		SOLE		140,064	0	411,400
Graham Holdings Company	COM	384637104	4,027,878	6,760	SH		SOLE		1,760	0	5,000
Grand Canyon Education, Inc	COM	38526M106	456	4	SH		SOLE		4	0	0
Gray Television Inc	COM	389375106	2,439,769	279,790	SH		SOLE		71,190	0	208,600
Green Dot Corp cl A	COM	39304D102	481	28	SH		SOLE		28	0	0
Greene County Bancorp	COM	394357107	72,576	3,200	SH		SOLE		0	0	3,200
Greenhill & Co Inc.	COM	395259104	36,367	4,100	SH		SOLE		0	0	4,100
Greif Inc cl A	COM	397624107	3,947,888	62,299	SH		SOLE		15,799	0	46,500
Group 1 Automotive, Inc.	COM	398905109	2,264	10	SH		SOLE		10	0	0
HBT Financial Inc	COM	404111106	19,720	1,000	SH		SOLE		0	0	1,000
HF Sinclair Corp	COM	403949100	416,310	8,605	SH		SOLE		8,605	0	0
Hackett Group Inc	COM	404609109	118,272	6,400	SH		SOLE		0	0	6,400
Hamilton Beach Brands	COM	40701T104	34,816	3,400	SH		SOLE		0	0	3,400
Hartford Financial Services	COM	416515104	363,921	5,222	SH		SOLE		5,222	0	0
Haverty Furniture	COM	419596101	376,538	11,800	SH		SOLE		3,000	0	8,800
Hawaiian Electric Industries	COM	419870100	2,726	71	SH		SOLE		71	0	0
Hayward Holdings Inc	COM	421298100	1,957	167	SH		SOLE		167	0	0
Heartland Express	COM	422347104	1,168,528	73,400	SH		SOLE		18,600	0	54,800
Heartland Financial USA	COM	42234Q102	3,346,565	87,241	SH		SOLE		22,241	0	65,000
Herbalife Nutrition Ltd	COM	G4412G101	1,208	75	SH		SOLE		75	0	0
Heritage-Crystal Cleaning	COM	42726M106	121,074	3,400	SH		SOLE		0	0	3,400
Highpeak Energy	COM	43114Q105	1,186,800	51,600	SH		SOLE		13,700	0	37,900
Highwoods Properties	COM	431284108	21,822	941	SH		SOLE		941	0	0
Hilltop Holdings Inc.	COM	432748101	3,904,572	131,600	SH		SOLE		33,700	0	97,900
Hologic Inc.	COM	436440101	679,171	8,416	SH		SOLE		8,416	0	0
Home Bancorp, Inc.	COM	43689E107	46,242	1,400	SH		SOLE		0	0	1,400
Hometrust Bancshares Inc	COM	437872104	29,508	1,200	SH		SOLE		0	0	1,200
Hope Bancorp	COM	43940T109	2,744,690	279,500	SH		SOLE		68,700	0	210,800
Hormel Foods Corp	COM	440452100	252,879	6,341	SH		SOLE		6,341	0	0
Houlihan Lokey, Inc.	COM	441593100	1,662	19	SH		SOLE		19	0	0
Hudson Technologies	COM	444144109	54,772	6,274	SH		SOLE		74	0	6,200
IDT Corporation Cl B	COM	448947507	44,304	1,300	SH		SOLE		0	0	1,300
Ibex Ltd	COM	G4690M101	58,560	2,400	SH		SOLE		0	0	2,400
Immunic Inc	COM	4525EP101	25,330	17,000	SH		SOLE		0	0	17,000
Ingles Markets cl A	COM	457030104	4,102,286	46,249	SH		SOLE		11,749	0	34,500
Innoviva, Inc.	COM	45781M101	3,905,224	347,131	SH		SOLE		88,331	0	258,800
Insight Enterprises, Inc.	COM	45765U103	4,146	29	SH		SOLE		29	0	0
Insperity	COM	45778Q107	2,674	22	SH		SOLE		22	0	0
Intel Corporation	COM	458140100	934,362	28,600	SH		SOLE		28,600	0	0
International Bancshares	COM	459044103	4,003,670	93,500	SH		SOLE		23,700	0	69,800
International Paper Co.	COM	460146103	14,424	400	SH		SOLE		400	0	0
Intest Corp	COM	461147100	47,702	2,300	SH		SOLE		0	0	2,300
Ironwood Pharmaceuticals	COM	46333X108	715	68	SH		SOLE		68	0	0
JPMorgan Chase & Co.	COM	46625H100	912,170	7,000	SH		SOLE		7,000	0	0
Jackson Financial	COM	46817M107	1,776,975	47,500	SH		SOLE		12,000	0	35,500
Jeld Wen Holding	COM	47580P103	1,469	116	SH		SOLE		116	0	0
John Wiley & Sons	COM	968223206	620	16	SH		SOLE		16	0	0
Johnson Outdoors Inc.	COM	479167108	838,033	13,300	SH		SOLE		2,300	0	11,000
Jones Lang LaSalle Incorporated	COM	48020Q107	29,098	200	SH		SOLE		200	0	0
KB Home	COM	48666K109	1,366	34	SH		SOLE		34	0	0
KKR Real Estate Finance	COM	48251K100	192,491	16,900	SH		SOLE		0	0	16,900
Kalvista Pharmaceuticals	COM	483497103	45,588	5,800	SH		SOLE		0	0	5,800
Kennedy-Wilson Holdings	COM	489398107	3,991,554	240,600	SH		SOLE		58,400	0	182,200
Kimball Electronics, Inc.	COM	49428J109	43,380	1,800	SH		SOLE		0	0	1,800
Kroger Company	COM	501044101	691	14	SH		SOLE		14	0	0
Kronos Worldwide Inc.	COM	50105F105	2,042,778	221,800	SH		SOLE		58,000	0	163,800
Kura Oncology	COM	50127T109	110,070	9,000	SH		SOLE		0	0	9,000
La-Z-Boy Incorporated	COM	505336107	1,160,292	39,900	SH		SOLE		10,100	0	29,800
Lands' End, Inc.	COM	51509F105	83,592	8,600	SH		SOLE		0	0	8,600
Lazard LTD.	COM	G54050102	4,437	134	SH		SOLE		134	0	0
Legacy Housing Corporation	COM	52472M101	116,076	5,100	SH		SOLE		0	0	5,100
Lennar Corp cl A	COM	526057104	790,743	7,523	SH		SOLE		7,523	0	0
Lennox International Inc.	COM	526107107	25,631	102	SH		SOLE		102	0	0
Liquidity Services, Inc.	COM	53635B107	57,948	4,400	SH		SOLE		0	0	4,400
Louisiana-Pacific Corp	COM	546347105	35,779	660	SH		SOLE		660	0	0
Lumber Liquidators Holdings	COM	55003T107	25,080	6,600	SH		SOLE		0	0	6,600
Luther Burbank Corporation	COM	550550107	110,916	11,700	SH		SOLE		0	0	11,700
LyondellBasell Industries cl A	COM	N53745100	772,433	8,227	SH		SOLE		8,227	0	0
M/I Homes, Inc.	COM	55305B101	4,626,390	73,330	SH		SOLE		18,630	0	54,700
MDC Holdings Inc	COM	552676108	4,575,893	117,723	SH		SOLE		29,523	0	88,200
MGIC Investment Corp.	COM	552848103	1,812	135	SH		SOLE		135	0	0
MKS Instruments Inc.	COM	55306N104	620	7	SH		SOLE		7	0	0
MSA Safety Incorporated	COM	553498106	668	5	SH		SOLE		5	0	0
MSC Industrial Direct Co.	COM	553530106	25,200	300	SH		SOLE		300	0	0
Macrogenics Inc	COM	556099109	30,831	4,300	SH		SOLE		0	0	4,300
Marcus & Millichap, Inc.	COM	566324109	995	31	SH		SOLE		31	0	0
Marine Products Corp	COM	568427108	77,821	5,900	SH		SOLE		0	0	5,900
Marinus Pharmaceuticals	COM	56854Q200	66,240	9,600	SH		SOLE		0	0	9,600
MasterCraft Boat Holdings	COM	57637H103	60,860	2,000	SH		SOLE		0	0	2,000
Matson Inc.	COM	57686G105	811,989	13,608	SH		SOLE		3,408	0	10,200
Maximus	COM	577933104	3,384	43	SH		SOLE		43	0	0
Merchants Bancorp	COM	58844R108	1,523,470	58,505	SH		SOLE		13,455	0	45,050
Meritage Homes Corp	COM	59001A102	2,569	22	SH		SOLE		22	0	0
MetLife, Inc.	COM	59156R108	550,430	9,500	SH		SOLE		9,500	0	0
Meta Platforms Inc	COM	30303M102	614,626	2,900	SH		SOLE		2,900	0	0
Methode Electronics Inc	COM	591520200	587,992	13,400	SH		SOLE		2,400	0	11,000
MidWestOne Finl Grp	COM	598511103	63,492	2,600	SH		SOLE		0	0	2,600
Midland States Bancorp Inc	COM	597742105	96,390	4,500	SH		SOLE		0	0	4,500
Moderna Inc	COM	60770K107	184,296	1,200	SH		SOLE		1,200	0	0
Modivcare	COM	60783X104	1,261	15	SH		SOLE		15	0	0
Mueller Industries, Inc.	COM	624756102	4,284,766	58,312	SH		SOLE		14,812	0	43,500
Murphy USA, Inc.	COM	626755102	3,097	12	SH		SOLE		12	0	0
NACCO Industries cl A	COM	629579103	72,140	2,000	SH		SOLE		0	0	2,000
NMI Holdings	COM	629209305	192,038	8,600	SH		SOLE		4,700	0	3,900
NRG Energy Inc	COM	629377508	39,365	1,148	SH		SOLE		1,148	0	0
National Beverage Corp	COM	635017106	3,392,216	64,344	SH		SOLE		16,744	0	47,600
National Energy Services Reunited	COM	G6375R107	558,612	106,200	SH		SOLE		26,900	0	79,300
National HealthCare Corp	COM	635906100	1,852,433	31,900	SH		SOLE		7,600	0	24,300
National Western Life Group A	COM	638517102	315,406	1,300	SH		SOLE		200	0	1,100
Natural Grocers By Vitamin Cottage Inc	COM	63888U108	72,850	6,200	SH		SOLE		0	0	6,200
Nature's Sunshine Products	COM	639027101	59,218	5,800	SH		SOLE		0	0	5,800
Nelnet Inc	COM	64031N108	3,373,282	36,710	SH		SOLE		9,610	0	27,100
NewMarket Corporation	COM	651587107	6,570	18	SH		SOLE		18	0	0
Newmark Group	COM	65158N102	3,549,799	501,384	SH		SOLE		119,384	0	382,000
Nexstar Media Group, Inc. Cl A	COM	65336K103	35,741	207	SH		SOLE		207	0	0
Northern Trust Corp.	COM	665859104	17,626	200	SH		SOLE		200	0	0
O-I Glass	COM	67098H104	1,771	78	SH		SOLE		78	0	0
ONEOK, Inc.	COM	682680103	578,214	9,100	SH		SOLE		9,100	0	0
OceanFirst Financial	COM	675234108	1,090,320	59,000	SH		SOLE		15,400	0	43,600
Oil-Dri Corp. of Amer	COM	677864100	79,059	1,900	SH		SOLE		0	0	1,900
Olaplex Holdings	COM	679369108	734	172	SH		SOLE		172	0	0
Old Republic Int'l Corp	COM	680223104	20,775	832	SH		SOLE		832	0	0
Olympic Steel Inc.	COM	68162K106	167,072	3,200	SH		SOLE		0	0	3,200
Onemain Holdings Inc	COM	68268W103	23,768	641	SH		SOLE		641	0	0
Oppenheimer Holdings	COM	683797104	1,084,455	27,700	SH		SOLE		6,700	0	21,000
Opportun Financial Corp	COM	68376D104	36,670	9,500	SH		SOLE		0	0	9,500
Option Care Health	COM	68404L201	4,035	127	SH		SOLE		127	0	0
Oracle Corporation	COM	68389X105	390,264	4,200	SH		SOLE		4,200	0	0
Organon & Co	COM	68622V106	61,693	2,623	SH		SOLE		2,623	0	0
Otter Tail Corp	COM	689648103	1,879	26	SH		SOLE		26	0	0
Owens & Minor Inc.	COM	690732102	3,143	216	SH		SOLE		216	0	0
P.A.M. Transportation	COM	693149106	111,657	3,900	SH		SOLE		0	0	3,900
PBF Energy Inc cl A	COM	69318G106	2,098,104	48,388	SH		SOLE		12,288	0	36,100
PC Connection, Inc.	COM	69318J100	4,284,688	95,300	SH		SOLE		24,100	0	71,200
Paccar Inc.	COM	693718108	571,472	7,807	SH		SOLE		7,807	0	0
Par Pacific Holding	COM	69888T207	1,781	61	SH		SOLE		61	0	0
Paramount Global	COM	92556H206	513	23	SH		SOLE		23	0	0
Park National Corp OH	COM	700658107	1,861,549	15,700	SH		SOLE		3,700	0	12,000
Patterson Companies Inc	COM	703395103	4,016	150	SH		SOLE		150	0	0
PennyMac Financial Service Inc	COM	70932M107	751,086	12,600	SH		SOLE		3,300	0	9,300
Penske Automotive Group, Inc.	COM	70959W103	376,647	2,656	SH		SOLE		2,656	0	0
Perdoceo Education Corp	COM	71363P106	3,455,539	257,300	SH		SOLE		67,200	0	190,100
Pfizer Inc.	COM	717081103	807,840	19,800	SH		SOLE		19,800	0	0
Piedmont Office Realty Trust,	COM	720190206	1,606	220	SH		SOLE		220	0	0
Pilgrims Pride Corp	COM	72147K108	18,219	786	SH		SOLE		786	0	0
Playtika Holding Corp	COM	72815L107	23,094	2,051	SH		SOLE		2,051	0	0
Plexus Corp.	COM	729132100	3,025	31	SH		SOLE		31	0	0
Postal Realty Trust Inc	COM	73757R102	974	64	SH		SOLE		64	0	0
Potlatch Corporation	COM	737630103	396	8	SH		SOLE		8	0	0
Preferred Bank Los Angeles CA	COM	740367404	570,024	10,400	SH		SOLE		2,100	0	8,300
Preformed Line Products	COM	740444104	243,276	1,900	SH		SOLE		0	0	1,900
Prelude Therapeutics	COM	74065P101	46,740	8,200	SH		SOLE		0	0	8,200
Premier Financial	COM	74052F108	211,446	10,200	SH		SOLE		2,600	0	7,600
Principal Financial Group, Inc.	COM	74251V102	180,821	2,433	SH		SOLE		2,433	0	0
Prog Holdings	COM	74319R101	1,523	64	SH		SOLE		64	0	0
Prosperity Bancshares Inc.	COM	743606105	2,830	46	SH		SOLE		46	0	0
Provention Bio	COM	74374N102	103,630	4,300	SH		SOLE		0	0	4,300
Provident Bancorp	COM	74383L105	34,884	5,100	SH		SOLE		0	0	5,100
Provident Financial Services	COM	74386T105	571,564	29,800	SH		SOLE		12,200	0	17,600
PulteGroup, Inc.	COM	745867101	352,128	6,042	SH		SOLE		6,042	0	0
Quest Diagnostics Inc.	COM	74834L100	609,496	4,308	SH		SOLE		4,308	0	0
Quidelortho Corp	COM	219798105	28,509	320	SH		SOLE		320	0	0
R C M Technologies	COM	749360400	84,388	7,300	SH		SOLE		0	0	7,300
RBB Bancorp	COM	74930B105	41,850	2,700	SH		SOLE		0	0	2,700
REX American Resources	COM	761624105	40,626	1,421	SH		SOLE		21	0	1,400
Radian Group, Inc.	COM	750236101	1,989	90	SH		SOLE		90	0	0
Radiant Logistics	COM	75025X100	53,792	8,200	SH		SOLE		0	0	8,200
Regional Management Corp.	COM	75902K106	49,571	1,900	SH		SOLE		0	0	1,900
Reliance Steel & Aluminum	COM	759509102	52,632	205	SH		SOLE		205	0	0
Republic Bancorp KY	COM	760281204	1,107,423	26,100	SH		SOLE		5,500	0	20,600
Resources Connection	COM	76122Q105	121,126	7,100	SH		SOLE		0	0	7,100
Retractable Technologies Inc	COM	76129W105	30,800	17,600	SH		SOLE		0	0	17,600
Revance Therapeutics	COM	761330109	35,431	1,100	SH		SOLE		0	0	1,100
Reynolds Consumer Product	COM	76171L106	6,435	234	SH		SOLE		234	0	0
Rhythm Pharmaceuticals	COM	76243J105	57,088	3,200	SH		SOLE		0	0	3,200
Richardson Electronics	COM	763165107	89,280	4,000	SH		SOLE		0	0	4,000
Robert Half International Inc.	COM	770323103	17,000	211	SH		SOLE		211	0	0
Rocky Brands Inc	COM	774515100	23,070	1,000	SH		SOLE		0	0	1,000
Rumbleon Inc	COM	781386305	26,058	4,300	SH		SOLE		0	0	4,300
Rush Enterprises Inc	COM	781846209	4,297,020	78,700	SH		SOLE		19,750	0	58,950
Ryerson Holding Corporation	COM	783754104	4,285,200	117,790	SH		SOLE		29,190	0	88,600
SEI Investments Co.	COM	784117103	17,265	300	SH		SOLE		300	0	0
SLM Corp	COM	78442P106	14,843	1,198	SH		SOLE		1,198	0	0
Sandy Spring Bancorp Inc.	COM	800363103	1,335,372	51,400	SH		SOLE		17,700	0	33,700
Schneider National Inc.	COM	80689H102	30,201	1,129	SH		SOLE		1,129	0	0
Scholar Rock Holdings	COM	80706P103	32,800	4,100	SH		SOLE		0	0	4,100
Science App Int'l Corp	COM	808625107	21,492	200	SH		SOLE		200	0	0
Select Medical Holdings Corp	COM	81619Q105	2,217,206	85,772	SH		SOLE		22,472	0	63,300
Semler Scientific Inc	COM	81684M104	131,320	4,900	SH		SOLE		0	0	4,900
Seneca Foods cl A	COM	817070501	1,040,173	19,900	SH		SOLE		4,700	0	15,200
Sensus Healthcare	COM	81728J109	39,596	7,600	SH		SOLE		0	0	7,600
Shattuck Labs	COM	82024L103	27,342	9,300	SH		SOLE		0	0	9,300
Silvercrest Asset Mgmt Grp	COM	828359109	47,268	2,600	SH		SOLE		0	0	2,600
Sinclair Broadcast	COM	829226109	704	41	SH		SOLE		41	0	0
Skechers U.S.A. Inc.	COM	830566105	475	10	SH		SOLE		10	0	0
Snap-On Inc.	COM	833034101	520,938	2,110	SH		SOLE		2,110	0	0
South Plains Financial	COM	83946P107	122,037	5,700	SH		SOLE		0	0	5,700
Southern Copper Corp.	COM	84265V105	724,375	9,500	SH		SOLE		9,500	0	0
Sportman's Warehouse Holdings, Inc.	COM	84920Y106	196,736	23,200	SH		SOLE		4,100	0	19,100
Sprouts Farmers Market	COM	85208M102	1,436	41	SH		SOLE		41	0	0
Stagwell	COM	85256A109	475	64	SH		SOLE		64	0	0
Standard Motor Products	COM	853666105	121,803	3,300	SH		SOLE		0	0	3,300
Starwood Property Trust, Inc.	COM	85571B105	566	32	SH		SOLE		32	0	0
State Street Corporation	COM	857477103	47,458	627	SH		SOLE		627	0	0
Steel Dynamics Inc.	COM	858119100	392,318	3,470	SH		SOLE		3,470	0	0
Stewart Information Services	COM	860372101	3,353,085	83,100	SH		SOLE		20,100	0	63,000
Stifel Financial Corp	COM	860630102	3,132	53	SH		SOLE		53	0	0
Stonex Group	COM	861896108	2,620,965	25,316	SH		SOLE		6,316	0	19,000
Sturm Ruger & Co. Inc.	COM	864159108	86,160	1,500	SH		SOLE		1,500	0	0
Super Miccro Computer	COM	86800U104	5,328	50	SH		SOLE		50	0	0
Superior Group of Companies	COM	868358102	31,480	4,000	SH		SOLE		0	0	4,000
Surgery Partners	COM	86881A100	2,447	71	SH		SOLE		71	0	0
Sylvamo Corp	COM	871332102	3,191,940	69,000	SH		SOLE		17,800	0	51,200
Synchrony Financial	COM	87165B103	36,554	1,257	SH		SOLE		1,257	0	0
TD Synnex Corporation	COM	87162W100	317,568	3,281	SH		SOLE		3,281	0	0
TTEC Holdings Inc.	COM	89854H102	772,113	20,739	SH		SOLE		4,539	0	16,200
Taylor Morrison Home Corporation	COM	87724P106	5,127	134	SH		SOLE		134	0	0
Tetra Tech, Inc.	COM	88162G103	15,866	108	SH		SOLE		108	0	0
Texas Pacific Land Trust	COM	88262P102	442,265	260	SH		SOLE		260	0	0
Textainer Group Hldgs Ltd.	COM	G8766E109	911,924	28,400	SH		SOLE		7,200	0	21,200
The ONE Group Hospitality Inc	COM	88338K103	64,800	8,000	SH		SOLE		0	0	8,000
Thor Industries Inc.	COM	885160101	16,724	210	SH		SOLE		210	0	0
Thryv Holdings	COM	886029206	2,792,312	121,089	SH		SOLE		28,789	0	92,300
Timken Company	COM	887389104	33,260	407	SH		SOLE		407	0	0
Tiptree Inc	COM	88822Q103	134,044	9,200	SH		SOLE		0	0	9,200
Towne Bank	COM	89214P109	3,838,160	144,021	SH		SOLE		36,572	0	107,449
Trean Insurance Group Inc	COM	89457R101	140,760	23,000	SH		SOLE		0	0	23,000
Trinet Group Inc	COM	896288107	1,451	18	SH		SOLE		18	0	0
Triton International Ltd	COM	G9078F107	4,173	66	SH		SOLE		66	0	0
Tronox Holdings	COM	G9087Q102	657,166	45,700	SH		SOLE		9,700	0	36,000
Truist Financial	COM	89832Q109	470,580	13,800	SH		SOLE		13,800	0	0
Twenty-First Century Fox Inc.	COM	35137L105	407,034	11,954	SH		SOLE		11,954	0	0
Tyson Foods	COM	902494103	440,392	7,424	SH		SOLE		7,424	0	0
UFP Industries	COM	90278Q108	4,291	54	SH		SOLE		54	0	0
UGI Corp	COM	902681105	17,380	500	SH		SOLE		500	0	0
USANA Health Sciences, Inc.	COM	90328M107	3,190,854	50,729	SH		SOLE		13,029	0	37,700
Ubiquiti Inc.	COM	90353W103	27,984	103	SH		SOLE		103	0	0
Ultra Clean Holdings, Inc.	COM	90385V107	1,757	53	SH		SOLE		53	0	0
United Natural Foods Inc.	COM	911163103	1,080	41	SH		SOLE		41	0	0
United States Cellular Corp	COM	911684108	2,755,017	132,900	SH		SOLE		33,700	0	99,200
United States Lime & Minerals	COM	911922102	106,883	700	SH		SOLE		0	0	700
United States Steel Corp	COM	912909108	2,584	99	SH		SOLE		99	0	0
Universal Logistics Holdings,	COM	91388P105	1,499,214	51,431	SH		SOLE		11,831	0	39,600
Urban One Inc	COM	91705J204	51,700	9,400	SH		SOLE		0	0	9,400
Valero Energy Corporation	COM	91913Y100	97,720	700	SH		SOLE		700	0	0
Valhi Inc.	COM	918905209	78,345	4,500	SH		SOLE		0	0	4,500
Value Line Inc.	COM	920437100	38,664	800	SH		SOLE		0	0	800
VeriSign Inc	COM	92343E102	317,418	1,502	SH		SOLE		1,502	0	0
Veritiv	COM	923454102	3,649	27	SH		SOLE		27	0	0
Verizon Communications, Inc.	COM	92343V104	793,356	20,400	SH		SOLE		20,400	0	0
Victory Capital Holdings Inc	COM	92645B103	2,130,856	72,800	SH		SOLE		18,900	0	53,900
Viking Therapeutics Inc	COM	92686J106	54,945	3,300	SH		SOLE		0	0	3,300
Village Super Market	COM	927107409	123,552	5,400	SH		SOLE		0	0	5,400
Virtu Financial	COM	928254101	4,196	222	SH		SOLE		222	0	0
Vista Outdoor	COM	928377100	1,086,232	39,200	SH		SOLE		8,400	0	30,800
Vontier Corp	COM	928881101	29,445	1,077	SH		SOLE		1,077	0	0
Vor BioPharma Inc	COM	929033108	34,970	6,500	SH		SOLE		0	0	6,500
Waterstone Financial, Inc (MD)	COM	94188P101	22,695	1,500	SH		SOLE		0	0	1,500
Watsco Inc.	COM	942622200	32,134	101	SH		SOLE		101	0	0
Weatherford International Public Ltd	COM	G48833118	1,484	25	SH		SOLE		25	0	0
Weis Markets Inc.	COM	948849104	1,837,339	21,700	SH		SOLE		5,800	0	15,900
Western Union	COM	959802109	12,265	1,100	SH		SOLE		1,100	0	0
Westlake Corporation	COM	960413102	466,124	4,019	SH		SOLE		4,019	0	0
Weyerhaeuser Co	COM	962166104	493,680	16,385	SH		SOLE		16,385	0	0
Williams-Sonoma Inc.	COM	969904101	12,166	100	SH		SOLE		100	0	0
Worthington Industries	COM	981811102	4,614,911	71,383	SH		SOLE		18,183	0	53,200
Y-Mabs Therapeutics	COM	984241109	41,583	8,300	SH		SOLE		0	0	8,300
Zynex Inc	COM	98986M103	116,232	9,686	SH		SOLE		86	0	9,600
ePlus Inc.	COM	294268107	868,008	17,700	SH		SOLE		4,500	0	13,200