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	3,000,270	54,600	SH		SOLE		13,400	0	41,200
AFLAC INC COM	COM	001055102	811,883	9,841	SH		SOLE		9,841	0	0
AG Mortgage Investment Tr	COM	001228501	93,980	14,800	SH		SOLE		0	0	14,800
AMC Networks Inc. cl A	COM	00164V103	4,213,827	224,259	SH		SOLE		58,059	0	166,200
AMN Healthcare Services	COM	001744101	3,819	51	SH		SOLE		51	0	0
API Group Corp	COM	00187Y100	3,702	107	SH		SOLE		107	0	0
ARS Pharmaceutical	COM	82835W108	479,500	87,500	SH		SOLE		0	0	87,500
Academy Sports and Outdoors	COM	00402L107	2,706	41	SH		SOLE		41	0	0
Acco Brands Corporation	COM	00081T108	156,256	25,700	SH		SOLE		0	0	25,700
AdaptHealth Corp	COM	00653Q102	2,347	322	SH		SOLE		322	0	0
Advanced Energy Industries	COM	007973100	3,050	28	SH		SOLE		28	0	0
Affiliated Managers Group	COM	008252108	7,268	48	SH		SOLE		48	0	0
Agco Corporation	COM	001084102	37,516	309	SH		SOLE		309	0	0
Albertsons Companies	COM	013091103	138	6	SH		SOLE		6	0	0
Alexanders Inc.	COM	014752109	2,306,556	10,800	SH		SOLE		1,700	0	9,100
Alignment Healthcare	COM	01625V104	1,429	166	SH		SOLE		166	0	0
Allison Transmission Holdings	COM	01973R101	1,628	28	SH		SOLE		28	0	0
Ally Financial Inc.	COM	02005N100	59,434	1,702	SH		SOLE		1,702	0	0
Alphabet Inc. Class A	COM	02079K305	935,923	6,700	SH		SOLE		6,700	0	0
Amalgamated Financial	COM	022671101	422,958	15,700	SH		SOLE		0	0	15,700
Amdocs Limited	COM	G02602103	633,599	7,209	SH		SOLE		7,209	0	0
Amerco	COM	023586100	35,182	490	SH		SOLE		490	0	0
American Eagle Outfitters Inc	COM	02553E106	2,095	99	SH		SOLE		99	0	0
American Equity Investment	COM	025676206	3,292	59	SH		SOLE		59	0	0
American Intl Group, Inc.	COM	026874784	718,150	10,600	SH		SOLE		10,600	0	0
Ameris Bancorp	COM	03076K108	212,200	4,000	SH		SOLE		0	0	4,000
Amkor Technology Inc	COM	031652100	3,067,527	92,201	SH		SOLE		23,001	0	69,200
Andersons Inc.	COM	034164103	1,151	20	SH		SOLE		20	0	0
Annaly Capital Mgmt.	COM	035710839	407	21	SH		SOLE		21	0	0
Apache Corporation	COM	03743Q108	21,241	592	SH		SOLE		592	0	0
Apartment Income REIT	COM	03750L109	78,768	2,268	SH		SOLE		2,268	0	0
Arcbest Corp	COM	03937C105	3,727	31	SH		SOLE		31	0	0
Archer Daniels Midland	COM	039483102	433,320	6,000	SH		SOLE		6,000	0	0
Arko Corp	COM	041242108	2,327	282	SH		SOLE		282	0	0
Armada Hoffler Properties Inc.	COM	04208T108	488,615	39,500	SH		SOLE		6,200	0	33,300
Arrow Electronics Inc	COM	042735100	527,142	4,312	SH		SOLE		4,312	0	0
Assertio Holdings	COM	04546C205	45,689	42,700	SH		SOLE		0	0	42,700
Assured Guaranty Ltd	COM	G0585R106	2,020	27	SH		SOLE		27	0	0
Atlanticus Holdings	COM	04914Y102	957,276	24,755	SH		SOLE		855	0	23,900
AutoNation Inc.	COM	05329W102	20,725	138	SH		SOLE		138	0	0
Avangrid Inc.	COM	05351W103	73,085	2,255	SH		SOLE		2,255	0	0
Aveanna Healthcare Holdings Inc	COM	05356F105	1,227	458	SH		SOLE		458	0	0
Avis Budget Group, Inc.	COM	053774105	21,094	119	SH		SOLE		119	0	0
Avnet Inc.	COM	053807103	7,106	141	SH		SOLE		141	0	0
BOK Financial Corp.	COM	05561Q201	7,452	87	SH		SOLE		87	0	0
BRT Apartments Corp	COM	055645303	200,772	10,800	SH		SOLE		0	0	10,800
Bank of America Corp	COM	060505104	986,531	29,300	SH		SOLE		29,300	0	0
Bank of NT Butterfield LTD	COM	G0772R208	4,985,750	155,756	SH		SOLE		40,456	0	115,300
Bank of New York Mellon Corp.	COM	064058100	64,126	1,232	SH		SOLE		1,232	0	0
Bank7 Corp	COM	06652N107	158,630	5,800	SH		SOLE		0	0	5,800
Banner Corp.	COM	06652V208	674,856	12,600	SH		SOLE		3,500	0	9,100
Bath & Body Works	COM	070830104	26,673	618	SH		SOLE		618	0	0
Beacon Roofing Supply	COM	073685109	4,003	46	SH		SOLE		46	0	0
Beazer Homes USA	COM	07556Q881	2,723,474	80,600	SH		SOLE		22,200	0	58,400
Belden Inc.	COM	077454106	4,249	55	SH		SOLE		55	0	0
Berkshire Hathaway cl B	COM	084670702	1,141,312	3,200	SH		SOLE		3,200	0	0
Best Buy Inc.	COM	086516101	24,267	310	SH		SOLE		310	0	0
Bloomin' Brands Inc	COM	094235108	1,379	49	SH		SOLE		49	0	0
Bluelinx Holdings	COM	09624H208	6,080,328	53,661	SH		SOLE		13,061	0	40,600
Boise Cascade LLC	COM	09739D100	5,562	43	SH		SOLE		43	0	0
Bread Financial Holdings	COM	018581108	5,053,062	153,402	SH		SOLE		39,802	0	113,600
Bridgewater Bancshares Inc	COM	108621103	135,200	10,000	SH		SOLE		0	0	10,000
Brightsphere Investment Group	COM	10948W103	1,508,735	78,744	SH		SOLE		21,544	0	57,200
Brookfield Business	COM	11259V106	4,819	207	SH		SOLE		207	0	0
Brookfield Infrastructure Corporation	COM	11275Q107	741	21	SH		SOLE		21	0	0
Brookfield Renewable Corporation	COM	11284V105	2,332	81	SH		SOLE		81	0	0
Brown-Forman cl B	COM	115637209	17,130	300	SH		SOLE		300	0	0
Buckle Inc.	COM	118440106	5,286,600	111,250	SH		SOLE		28,350	0	82,900
Bunge Limited	COM	H11356104	688,984	6,825	SH		SOLE		6,825	0	0
Business First Bancshares	COM	12326C105	433,840	17,600	SH		SOLE		0	0	17,600
Byline Bancorp Inc.	COM	124411109	424,080	18,000	SH		SOLE		0	0	18,000
CDW Corporation	COM	12514G108	45,464	200	SH		SOLE		200	0	0
CNA Financial Corp.	COM	126117100	65,538	1,549	SH		SOLE		1,549	0	0
CNO Financial Group, Inc.	COM	12621E103	415,710	14,900	SH		SOLE		11,200	0	3,700
CORE Molding Tech	COM	218683100	361,335	19,500	SH		SOLE		0	0	19,500
CPI Card Group Inc	COM	12634H200	262,903	13,700	SH		SOLE		0	0	13,700
CVR Energy, Inc.	COM	12662P108	1,371,742	45,272	SH		SOLE		18,472	0	26,800
Cabaletta Bio	COM	12674W109	392,710	17,300	SH		SOLE		0	0	17,300
Cabot Corporation	COM	127055101	1,086	13	SH		SOLE		13	0	0
Cal-Maine Foods Inc.	COM	128030202	1,492	26	SH		SOLE		26	0	0
Camping World Holdings, Inc.	COM	13462K109	2,626	100	SH		SOLE		100	0	0
Capital One Financial Corp.	COM	14040H105	839,168	6,400	SH		SOLE		6,400	0	0
Carrier Global Corporation	COM	14448C104	17,235	300	SH		SOLE		300	0	0
Carvana Co	COM	146869102	3,388	64	SH		SOLE		64	0	0
Cathay General Bancorp	COM	149150104	1,070	24	SH		SOLE		24	0	0
Celanese Corporation	COM	150870103	79,239	510	SH		SOLE		510	0	0
Cencora Inc	COM	03073E105	492,912	2,400	SH		SOLE		2,400	0	0
Central Valley Community Bancorp	COM	155685100	165,390	7,400	SH		SOLE		0	0	7,400
Centrus Energy	COM	15643U104	1,628,546	29,931	SH		SOLE		3,931	0	26,000
Century Communities, Inc.	COM	156504300	5,809,081	63,738	SH		SOLE		16,038	0	47,700
Championx Corp	COM	15872M104	789	27	SH		SOLE		27	0	0
Cheniere Energy Inc	COM	16411R208	546,272	3,200	SH		SOLE		3,200	0	0
Chesapeake Energy Corp	COM	165167735	445,329	5,788	SH		SOLE		5,788	0	0
Chevron Corp	COM	166764100	253,572	1,700	SH		SOLE		1,700	0	0
Cincinnati Financial Corp	COM	172062101	53,282	515	SH		SOLE		515	0	0
Cinemark Holdings Inc	COM	17243V102	409	29	SH		SOLE		29	0	0
Cirrus Logic Inc.	COM	172755100	217,459	2,614	SH		SOLE		2,614	0	0
Claros Mortgage Trust	COM	18270D106	399,359	29,300	SH		SOLE		0	0	29,300
Clearfield Inc.	COM	18482P103	165,756	5,700	SH		SOLE		0	0	5,700
Cleveland-Cliffs Inc.	COM	185899101	5,064	248	SH		SOLE		248	0	0
Coca-Cola Bottling Cl A	COM	191098102	2,785	3	SH		SOLE		3	0	0
Cognizant Tech Solutions	COM	192446102	211,484	2,800	SH		SOLE		2,800	0	0
Columbia Sportswear Co.	COM	198516106	2,227	28	SH		SOLE		28	0	0
Concentrix Corp.	COM	20602D101	33,195	338	SH		SOLE		338	0	0
ConnectOne Bancorp Inc	COM	20786W107	758,321	33,100	SH		SOLE		4,500	0	28,600
Constellium	COM	F21107101	2,475	124	SH		SOLE		124	0	0
Consumer Portfolio Services	COM	210502100	342,942	36,600	SH		SOLE		0	0	36,600
Cooper Companies, Inc.	COM	216648402	378,440	1,000	SH		SOLE		1,000	0	0
Copart, Inc. (DE)	COM	217204106	117,600	2,400	SH		SOLE		2,400	0	0
Corebridge FInancial	COM	21871X109	529,240	24,434	SH		SOLE		24,434	0	0
Corecard Corporation	COM	45816D100	241,292	17,447	SH		SOLE		47	0	17,400
Costamare Inc	COM	Y1771G102	4,689,653	450,495	SH		SOLE		114,795	0	335,700
Coterra Energy Inc	COM	127097103	150,568	5,900	SH		SOLE		5,900	0	0
Crane Company	COM	224408104	827	7	SH		SOLE		7	0	0
Credit Acceptance Corp	COM	225310101	1,598	3	SH		SOLE		3	0	0
Crescent Energy	COM	44952J104	310,435	23,500	SH		SOLE		15,300	0	8,200
Cross Country Healthcare Inc	COM	227483104	3,124	138	SH		SOLE		138	0	0
Crossfirst Bancshares	COM	22766M109	290,612	21,400	SH		SOLE		0	0	21,400
Customers Bancorp Inc	COM	23204G100	4,894,473	84,944	SH		SOLE		21,544	0	63,400
DLH Holdings	COM	23335Q100	485,100	30,800	SH		SOLE		0	0	30,800
DaVita HealthCare Partners Inc	COM	23918K108	21,476	205	SH		SOLE		205	0	0
Daseke	COM	23753F107	423,630	52,300	SH		SOLE		0	0	52,300
Destination XL Group	COM	25065K104	187,000	42,500	SH		SOLE		0	0	42,500
Dicks Sporting Goods Inc	COM	253393102	588	4	SH		SOLE		4	0	0
Dillards Inc cl A	COM	254067101	3,998,557	9,906	SH		SOLE		2,606	0	7,300
Diodes Inc.	COM	254543101	2,738	34	SH		SOLE		34	0	0
Direct Digital Holdings	COM	25461T105	358,608	24,100	SH		SOLE		0	0	24,100
Discover Financial Services	COM	254709108	766,905	6,823	SH		SOLE		6,823	0	0
Distribution Solutions Group	COM	520776105	164,112	5,200	SH		SOLE		0	0	5,200
Dolby Laboratories Inc.	COM	25659T107	26,716	310	SH		SOLE		310	0	0
Dow Chemical Company	COM	260557103	186,456	3,400	SH		SOLE		3,400	0	0
Dream Finders Homes Inc	COM	26154D100	5,267,074	148,243	SH		SOLE		38,743	0	109,500
ePlus Inc.	COM	294268107	3,912	49	SH		SOLE		49	0	0
Eagle Pharmaceuticals Inc	COM	269796108	139,118	26,600	SH		SOLE		0	0	26,600
East West Bancorp, Inc.	COM	27579R104	35,975	500	SH		SOLE		500	0	0
Eastman Kodak	COM	277461406	125,970	32,300	SH		SOLE		0	0	32,300
EchoStar Corp.	COM	278768106	1,425,269	86,015	SH		SOLE		21,015	0	65,000
Embecta Corp	COM	29082K105	1,176,481	62,149	SH		SOLE		21,149	0	41,000
Enact Holdings Inc	COM	29249E109	4,658,975	161,266	SH		SOLE		41,366	0	119,900
Encore Wire Corporation	COM	292562105	7,262	34	SH		SOLE		34	0	0
Ennis Inc	COM	293389102	157,752	7,200	SH		SOLE		0	0	7,200
Enova International, Inc.	COM	29357K103	4,844,000	87,500	SH		SOLE		22,300	0	65,200
Ensign Group	COM	29358P101	3,927	35	SH		SOLE		35	0	0
Enstar Group Limited	COM	G3075P101	2,708,020	9,200	SH		SOLE		2,200	0	7,000
Envela Corp	COM	29402E102	137,538	28,300	SH		SOLE		0	0	28,300
Equity Bancshares	COM	29460X109	216,960	6,400	SH		SOLE		0	0	6,400
Erasca Inc	COM	29479A108	194,256	91,200	SH		SOLE		0	0	91,200
Essent Group	COM	G3198U102	4,487,910	85,095	SH		SOLE		21,695	0	63,400
Essential Properties Realty Trust	COM	29670E107	971	38	SH		SOLE		38	0	0
Evi Industries	COM	26929N102	158,991	6,700	SH		SOLE		0	0	6,700
Expeditors International of WA	COM	302130109	522,156	4,105	SH		SOLE		4,105	0	0
F&G Annuities and Life Inc	COM	30190A104	1,334	29	SH		SOLE		29	0	0
FB Financial Corp.	COM	30257X104	880,685	22,100	SH		SOLE		4,800	0	17,300
FS Bancorp Inc.	COM	30263Y104	380,688	10,300	SH		SOLE		0	0	10,300
FTI Consulting, Inc.	COM	302941109	20,313	102	SH		SOLE		102	0	0
Fabrinet	COM	G3323L100	4,758	25	SH		SOLE		25	0	0
Fidelity National Fin Inc.	COM	31620R303	732,596	14,359	SH		SOLE		14,359	0	0
Fifth Third Bancorp	COM	316773100	35,559	1,031	SH		SOLE		1,031	0	0
First American Financial Corp	COM	31847R102	4,189	65	SH		SOLE		65	0	0
First Busey Corporation	COM	319383204	27,302	1,100	SH		SOLE		1,100	0	0
First Cash Fncl Svcs Inc.	COM	33768G107	1,734	16	SH		SOLE		16	0	0
First Financial Bancorp OH	COM	320209109	3,705,000	156,000	SH		SOLE		38,700	0	117,300
First Internet Bancorp	COM	320557101	587,817	24,300	SH		SOLE		0	0	24,300
First Merchants Corp	COM	320817109	3,960,144	106,800	SH		SOLE		26,900	0	79,900
First Mid-Illinois Bancshares	COM	320866106	131,708	3,800	SH		SOLE		0	0	3,800
Flex LNG Ltd	COM	G35947202	328,378	11,300	SH		SOLE		4,400	0	6,900
Fluor Corporation	COM	343412102	3,682	94	SH		SOLE		94	0	0
Fonar Corporation	COM	344437405	262,104	13,400	SH		SOLE		0	0	13,400
Forestar Group	COM	346232101	2,702,745	81,728	SH		SOLE		22,028	0	59,700
Four Corners PPTY Trust	COM	35086T109	481	19	SH		SOLE		19	0	0
Fulcrum Therapeutics	COM	359616109	390,150	57,800	SH		SOLE		0	0	57,800
FutureFuel Corp	COM	36116M106	183,008	30,100	SH		SOLE		0	0	30,100
G1 Therapeutics	COM	3621LQ109	371,490	121,800	SH		SOLE		0	0	121,800
GMS Inc	COM	36251C103	3,709	45	SH		SOLE		45	0	0
Gates Industrial Corp	COM	G39108108	3,422	255	SH		SOLE		255	0	0
General Dynamics Corp.	COM	369550108	441,439	1,700	SH		SOLE		1,700	0	0
General Motors Company	COM	37045V100	610,640	17,000	SH		SOLE		17,000	0	0
Genie Energy	COM	372284208	731,380	26,000	SH		SOLE		0	0	26,000
Genpact Limited	COM	G3922B107	17,945	517	SH		SOLE		517	0	0
Genworth Financial Inc	COM	37247D106	2,086,164	312,300	SH		SOLE		71,000	0	241,300
Geo Group Inc	COM	36162J106	1,251,948	115,600	SH		SOLE		34,700	0	80,900
Global Industrial Co.	COM	37892E102	1,535,034	39,522	SH		SOLE		8,522	0	31,000
Golden Ocean Group	COM	G39637205	4,615,094	472,858	SH		SOLE		121,258	0	351,600
Goldman Sachs Group Inc	COM	38141G104	848,694	2,200	SH		SOLE		2,200	0	0
Graham Holdings Company	COM	384637104	280,001	402	SH		SOLE		2	0	400
Gray Television Inc	COM	389375106	2,507,250	279,827	SH		SOLE		71,227	0	208,600
Greene County Bancorp	COM	394357107	383,520	13,600	SH		SOLE		0	0	13,600
Greif Inc cl A	COM	397624107	4,217,109	64,295	SH		SOLE		16,395	0	47,900
Group 1 Automotive, Inc.	COM	398905109	3,047	10	SH		SOLE		10	0	0
Gulfport Energy Corp	COM	402635502	4,422,240	33,200	SH		SOLE		8,300	0	24,900
HBT Financial Inc	COM	404111106	369,425	17,500	SH		SOLE		0	0	17,500
HCA Holdings, Inc.	COM	40412C101	568,428	2,100	SH		SOLE		2,100	0	0
HF Sinclair Corp	COM	403949100	392,380	7,061	SH		SOLE		7,061	0	0
HP Inc.	COM	40434L105	858,077	28,517	SH		SOLE		28,517	0	0
Hackett Group Inc	COM	404609109	209,484	9,200	SH		SOLE		0	0	9,200
Hamilton Beach Brands	COM	40701T104	262,350	15,000	SH		SOLE		0	0	15,000
Haverty Furniture	COM	419596101	1,242,500	35,000	SH		SOLE		7,500	0	27,500
Heartland Financial USA	COM	42234Q102	5,422,083	144,166	SH		SOLE		36,866	0	107,300
Heidrick & Struggles	COM	422819102	575,835	19,500	SH		SOLE		2,700	0	16,800
Herbalife Ltd	COM	G4412G101	1,618	106	SH		SOLE		106	0	0
Hertz Global Holdings, Inc.	COM	42806J700	19,481	1,875	SH		SOLE		1,875	0	0
Highpeak Energy	COM	43114Q105	3,011,760	211,500	SH		SOLE		53,900	0	157,600
Highwoods Properties	COM	431284108	19,769	861	SH		SOLE		861	0	0
Hingham Institution for Saving	COM	433323102	330,480	1,700	SH		SOLE		0	0	1,700
Holley Inc	COM	43538H103	224,994	46,200	SH		SOLE		0	0	46,200
Hologic Inc.	COM	436440101	478,715	6,700	SH		SOLE		6,700	0	0
Home Bancorp, Inc.	COM	43689E107	306,673	7,300	SH		SOLE		0	0	7,300
Hope Bancorp	COM	43940T109	3,424,680	283,500	SH		SOLE		72,700	0	210,800
Hovnanian Enterprises Inc.	COM	442487401	902,596	5,800	SH		SOLE		1,500	0	4,300
Hudson Technologies	COM	444144109	473,148	35,074	SH		SOLE		74	0	35,000
IDT Corporation Cl B	COM	448947507	511,350	15,000	SH		SOLE		0	0	15,000
IES Holdings	COM	44951W106	205,972	2,600	SH		SOLE		0	0	2,600
Ibex Ltd	COM	G4690M101	448,636	23,600	SH		SOLE		0	0	23,600
Immersion	COM	452521107	328,996	46,600	SH		SOLE		0	0	46,600
Independent Bank MI	COM	453838609	137,906	5,300	SH		SOLE		0	0	5,300
Ingles Markets cl A	COM	457030104	4,713,729	54,576	SH		SOLE		14,076	0	40,500
Innoviva, Inc.	COM	45781M101	5,280,143	329,186	SH		SOLE		86,186	0	243,000
Inozyme Pharma	COM	45790W108	93,720	22,000	SH		SOLE		0	0	22,000
Insight Enterprises, Inc.	COM	45765U103	4,430	25	SH		SOLE		25	0	0
Insperity	COM	45778Q107	2,696	23	SH		SOLE		23	0	0
Insteel Industries Inc	COM	45774W108	237,398	6,200	SH		SOLE		0	0	6,200
International Paper Co.	COM	460146103	14,460	400	SH		SOLE		400	0	0
Intest Corp	COM	461147100	204,000	15,000	SH		SOLE		0	0	15,000
Invesco Limited	COM	G491BT108	23,852	1,337	SH		SOLE		1,337	0	0
Iradimed Corp.	COM	46266A109	365,519	7,700	SH		SOLE		0	0	7,700
Itron Inc.	COM	465741106	1,888	25	SH		SOLE		25	0	0
J.Jill, Inc.	COM	46620W201	348,030	13,500	SH		SOLE		0	0	13,500
JAKKS Pacific Inc.	COM	47012E403	202,635	5,700	SH		SOLE		0	0	5,700
JPMorgan Chase & Co.	COM	46625H100	1,139,670	6,700	SH		SOLE		6,700	0	0
Jackson Financial	COM	46817M107	4,915,200	96,000	SH		SOLE		24,000	0	72,000
Janus Henderson Group Plc	COM	G4474Y214	874	29	SH		SOLE		29	0	0
Jefferies Financial Group Inc.	COM	47233W109	24,771	613	SH		SOLE		613	0	0
Johnson Outdoors Inc.	COM	479167108	1,517,128	28,400	SH		SOLE		4,000	0	24,400
Jones Lang LaSalle Incorporated	COM	48020Q107	19,642	104	SH		SOLE		104	0	0
Karat Packaging	COM	48563L101	785,260	31,600	SH		SOLE		0	0	31,600
Kelly Services cl A	COM	488152208	125,396	5,800	SH		SOLE		0	0	5,800
Koppers Holdings Inc.	COM	50060P106	952,692	18,600	SH		SOLE		3,500	0	15,100
Kroger Company	COM	501044101	307,034	6,717	SH		SOLE		6,717	0	0
Kronos Worldwide Inc.	COM	50105F105	1,145,088	115,200	SH		SOLE		25,700	0	89,500
LCI Industries	COM	50189K103	1,886	15	SH		SOLE		15	0	0
LKQ Corporation	COM	501889208	14,815	310	SH		SOLE		310	0	0
LSI Industries	COM	50216C108	222,464	15,800	SH		SOLE		0	0	15,800
Landsea Homes Corp	COM	51509P103	526,914	40,100	SH		SOLE		0	0	40,100
Landstar System Inc.	COM	515098101	20,333	105	SH		SOLE		105	0	0
Legacy Housing Corporation	COM	52472M101	257,244	10,200	SH		SOLE		0	0	10,200
Leidos Holdings, Inc.	COM	525327102	249,926	2,309	SH		SOLE		2,309	0	0
Lennar Corp cl A	COM	526057104	943,274	6,329	SH		SOLE		6,329	0	0
Lennox International Inc.	COM	526107107	763,469	1,706	SH		SOLE		1,706	0	0
Liberty Broadband	COM	530307305	16,843	209	SH		SOLE		209	0	0
Liberty Oilfield Services	COM	53115L104	1,215	67	SH		SOLE		67	0	0
Liberty Sirius XM	COM	531229789	806	28	SH		SOLE		28	0	0
Lifeway Foods	COM	531914109	191,763	14,300	SH		SOLE		0	0	14,300
Lions Gate Entertainment Corp	COM	535919401	1,134	104	SH		SOLE		104	0	0
Liquidity Services, Inc.	COM	53635B107	326,990	19,000	SH		SOLE		0	0	19,000
Lithia Motors Inc.	COM	536797103	33,916	103	SH		SOLE		103	0	0
Louisiana-Pacific Corp	COM	546347105	38,532	544	SH		SOLE		544	0	0
Lovesac Company	COM	54738L109	212,065	8,300	SH		SOLE		0	0	8,300
LyondellBasell Industries cl A	COM	N53745100	773,761	8,138	SH		SOLE		8,138	0	0
MDC Holdings Inc	COM	552676108	5,691	103	SH		SOLE		103	0	0
MDU Resources Group	COM	552690109	2,198	111	SH		SOLE		111	0	0
MGIC Investment Corp.	COM	552848103	5,999	311	SH		SOLE		311	0	0
MSC Industrial Direct Co.	COM	553530106	30,378	300	SH		SOLE		300	0	0
Macy's Inc.	COM	55616P104	1,750	87	SH		SOLE		87	0	0
Marathon Petroleum Corp	COM	56585A102	489,588	3,300	SH		SOLE		3,300	0	0
Marine Products Corp	COM	568427108	630,420	55,300	SH		SOLE		0	0	55,300
Marinus Pharmaceuticals	COM	56854Q200	147,832	13,600	SH		SOLE		0	0	13,600
Markel Corp	COM	570535104	44,017	31	SH		SOLE		31	0	0
Mastech Digital	COM	57633B100	121,363	14,400	SH		SOLE		0	0	14,400
Match Group, Inc.	COM	57667L107	15,111	414	SH		SOLE		414	0	0
Matson Inc.	COM	57686G105	3,082,281	28,123	SH		SOLE		8,223	0	19,900
Medallion Financial	COM	583928106	219,655	22,300	SH		SOLE		0	0	22,300
Medifast Inc	COM	58470H101	1,466,270	21,813	SH		SOLE		4,513	0	17,300
Mercantile Bank Corp	COM	587376104	302,850	7,500	SH		SOLE		0	0	7,500
Merchants Bancorp	COM	58844R108	3,433,353	80,633	SH		SOLE		16,283	0	64,350
Metropolitan Bank Holding Corp	COM	591774104	249,210	4,500	SH		SOLE		0	0	4,500
Midland States Bancorp Inc	COM	597742105	126,776	4,600	SH		SOLE		0	0	4,600
Modivcare	COM	60783X104	2,200	50	SH		SOLE		50	0	0
Morgan Stanley	COM	617446448	512,875	5,500	SH		SOLE		5,500	0	0
Mosaic Co. (The)	COM	61945C103	29,513	826	SH		SOLE		826	0	0
Movado Group Inc.	COM	624580106	982,890	32,600	SH		SOLE		5,800	0	26,800
Mr Cooper Group	COM	62482R107	859,584	13,200	SH		SOLE		3,300	0	9,900
Mueller Industries, Inc.	COM	624756102	2,169	46	SH		SOLE		46	0	0
NVR Inc.	COM	62944T105	455,029	65	SH		SOLE		65	0	0
Nathan's Famous Inc	COM	632347100	140,418	1,800	SH		SOLE		0	0	1,800
National Beverage Corp	COM	635017106	4,206,312	84,600	SH		SOLE		20,900	0	63,700
National HealthCare Corp	COM	635906100	1,700,528	18,400	SH		SOLE		4,600	0	13,800
Natural Grocers By Vitamin Cottage Inc	COM	63888U108	443,200	27,700	SH		SOLE		0	0	27,700
Navient Corporation	COM	63938C108	2,441,082	131,100	SH		SOLE		29,000	0	102,100
Nelnet Inc	COM	64031N108	4,279,552	48,510	SH		SOLE		12,810	0	35,700
New Jersey Resources	COM	646025106	1,070	24	SH		SOLE		24	0	0
NewMarket Corporation	COM	651587107	7,096	13	SH		SOLE		13	0	0
Newmark Group	COM	65158N102	5,551,558	506,529	SH		SOLE		135,029	0	371,500
Nexstar Media Group, Inc. Cl A	COM	65336K103	32,291	206	SH		SOLE		206	0	0
Northwest Bancshares, Inc.	COM	667340103	253,344	20,300	SH		SOLE		3,300	0	17,000
Novavax Inc	COM	670002401	830	173	SH		SOLE		173	0	0
Nucor Corporation	COM	670346105	804,065	4,620	SH		SOLE		4,620	0	0
Nurix Therapeutics	COM	67080M103	593,400	57,500	SH		SOLE		0	0	57,500
O-I Glass	COM	67098H104	2,244	137	SH		SOLE		137	0	0
OFG Bancorp	COM	67103X102	423,524	11,300	SH		SOLE		1,800	0	9,500
ONEOK, Inc.	COM	682680103	274,841	3,914	SH		SOLE		3,914	0	0
Olaplex Holdings	COM	679369108	1,796	707	SH		SOLE		707	0	0
Old Republic Int'l Corp	COM	680223104	19,727	671	SH		SOLE		671	0	0
Olin Corporation	COM	680665205	1,025	19	SH		SOLE		19	0	0
Olympic Steel Inc.	COM	68162K106	446,890	6,700	SH		SOLE		0	0	6,700
Onemain Holdings Inc	COM	68268W103	33,308	677	SH		SOLE		677	0	0
Option Care Health	COM	68404L201	4,110	122	SH		SOLE		122	0	0
Organon & Co	COM	68622V106	104,502	7,247	SH		SOLE		7,247	0	0
Origin Bancorp	COM	68621T102	248,990	7,000	SH		SOLE		0	0	7,000
Oscar Health Inc	COM	687793109	2,196	240	SH		SOLE		240	0	0
Otter Tail Corp	COM	689648103	510	6	SH		SOLE		6	0	0
Ovintiv Inc	COM	69047Q102	19,281	439	SH		SOLE		439	0	0
P.A.M. Transportation	COM	693149106	367,806	17,700	SH		SOLE		0	0	17,700
PBF Energy Inc cl A	COM	69318G106	3,506,381	79,763	SH		SOLE		20,363	0	59,400
PC Connection, Inc.	COM	69318J100	5,195,333	77,300	SH		SOLE		20,000	0	57,300
PMV Pharmaceuticals	COM	69353Y103	105,090	33,900	SH		SOLE		0	0	33,900
Paccar Inc.	COM	693718108	429,660	4,400	SH		SOLE		4,400	0	0
Pacific Premier Bancorp Inc	COM	69478X105	2,212	76	SH		SOLE		76	0	0
Par Pacific Holding	COM	69888T207	2,146	59	SH		SOLE		59	0	0
Patrick Industries Inc.	COM	703343103	190,665	1,900	SH		SOLE		0	0	1,900
Patterson Companies Inc	COM	703395103	4,125	145	SH		SOLE		145	0	0
Peabody Energy Corp	COM	704551100	2,466,048	101,400	SH		SOLE		42,600	0	58,800
PennyMac Financial Service Inc	COM	70932M107	1,316,713	14,900	SH		SOLE		3,900	0	11,000
Penske Automotive Group, Inc.	COM	70959W103	425,512	2,651	SH		SOLE		2,651	0	0
Perdoceo Education Corp	COM	71363P106	3,951,000	225,000	SH		SOLE		57,600	0	167,400
Pfizer Inc.	COM	717081103	751,419	26,100	SH		SOLE		26,100	0	0
Piedmont Office Realty Trust,	COM	720190206	543,915	76,500	SH		SOLE		0	0	76,500
Pilgrims Pride Corp	COM	72147K108	1,632	59	SH		SOLE		59	0	0
Pinnacle Financial Partners	COM	72346Q104	1,570	18	SH		SOLE		18	0	0
Playtika Holding Corp	COM	72815L107	21,852	2,506	SH		SOLE		2,506	0	0
Plexus Corp.	COM	729132100	3,676	34	SH		SOLE		34	0	0
Popular Inc.	COM	733174700	8,207	100	SH		SOLE		100	0	0
Preformed Line Products	COM	740444104	388,194	2,900	SH		SOLE		0	0	2,900
Premier Financial	COM	74052F108	759,150	31,500	SH		SOLE		5,400	0	26,100
Primoris Services Corp.	COM	74164F103	1,760	53	SH		SOLE		53	0	0
Principal Financial Group, Inc.	COM	74251V102	145,382	1,848	SH		SOLE		1,848	0	0
Prog Holdings	COM	74319R101	1,298	42	SH		SOLE		42	0	0
Protalix Biotherapeutics	COM	74365A309	168,566	94,700	SH		SOLE		0	0	94,700
Public Storage, Inc.	COM	74460D109	488,000	1,600	SH		SOLE		1,600	0	0
PulteGroup, Inc.	COM	745867101	196,841	1,907	SH		SOLE		1,907	0	0
QCR Holdings, Inc.	COM	74727A104	513,832	8,800	SH		SOLE		1,100	0	7,700
Qualcomm Inc.	COM	747525103	173,556	1,200	SH		SOLE		1,200	0	0
Quest Diagnostics Inc.	COM	74834L100	372,690	2,703	SH		SOLE		2,703	0	0
Quidelortho Corp	COM	219798105	170,394	2,312	SH		SOLE		2,312	0	0
R C M Technologies	COM	749360400	653,400	22,500	SH		SOLE		0	0	22,500
RadNet Inc	COM	750491102	2,573	74	SH		SOLE		74	0	0
Radian Group, Inc.	COM	750236101	2,570	90	SH		SOLE		90	0	0
Radiant Logistics	COM	75025X100	324,032	48,800	SH		SOLE		0	0	48,800
Ramaco Resources Inc	COM	75134P600	556,632	32,400	SH		SOLE		0	0	32,400
Ready Capital	COM	75574U101	102,500	10,000	SH		SOLE		0	0	10,000
Regional Management Corp.	COM	75902K106	310,992	12,400	SH		SOLE		0	0	12,400
Reliance Steel & Aluminum	COM	759509102	28,527	102	SH		SOLE		102	0	0
Republic Bancorp KY	COM	760281204	2,024,372	36,700	SH		SOLE		5,500	0	31,200
Resideo Technologies Inc	COM	76118Y104	1,524	81	SH		SOLE		81	0	0
Resources Connection	COM	76122Q105	104,858	7,400	SH		SOLE		0	0	7,400
Reynolds Consumer Product	COM	76171L106	6,629	247	SH		SOLE		247	0	0
Richardson Electronics	COM	763165107	604,755	45,300	SH		SOLE		0	0	45,300
Rily Exploration Permian	COM	76665T102	935,612	34,347	SH		SOLE		5,847	0	28,500
Rithm Capital Corp	COM	64828T201	27,319	2,558	SH		SOLE		2,558	0	0
Robert Half Inc.	COM	770323103	18,551	211	SH		SOLE		211	0	0
Rocky Brands Inc	COM	774515100	628,710	20,832	SH		SOLE		32	0	20,800
Rush Enterprises Inc	COM	781846209	5,259,318	104,559	SH		SOLE		27,184	0	77,375
Ryder System Inc.	COM	783549108	3,107	27	SH		SOLE		27	0	0
Ryerson Holding Corporation	COM	783754104	4,995,134	144,035	SH		SOLE		35,435	0	108,600
Ryman Hospitality Properties	COM	78377T107	1,431	13	SH		SOLE		13	0	0
SLM Corp	COM	78442P106	1,874	98	SH		SOLE		98	0	0
Sandridge Energy, Inc.	COM	80007P869	1,261,741	92,300	SH		SOLE		25,100	0	67,200
Sandy Spring Bancorp Inc.	COM	800363103	3,889,872	142,800	SH		SOLE		38,600	0	104,200
Sanmina Corporation	COM	801056102	3,904	76	SH		SOLE		76	0	0
Schneider National Inc.	COM	80689H102	30,158	1,185	SH		SOLE		1,185	0	0
Scholar Rock Holdings	COM	80706P103	530,160	28,200	SH		SOLE		0	0	28,200
Seaboard Corp	COM	811543107	7,140	2	SH		SOLE		2	0	0
Select Medical Holdings Corp	COM	81619Q105	1,498,901	63,783	SH		SOLE		13,083	0	50,700
Selective Insurance Group	COM	816300107	1,890	19	SH		SOLE		19	0	0
Semler Scientific Inc	COM	81684M104	642,205	14,500	SH		SOLE		0	0	14,500
Shoe Carnival, Inc.	COM	824889109	1,120,791	37,100	SH		SOLE		10,000	0	27,100
Silverbow Resources	COM	82836G102	727,000	25,000	SH		SOLE		9,500	0	15,500
Silvercrest Asset Mgmt Grp	COM	828359109	200,600	11,800	SH		SOLE		0	0	11,800
Sinclair Inc	COM	829242106	1,068	82	SH		SOLE		82	0	0
Siriuspoint	COM	G8192H106	1,195	103	SH		SOLE		103	0	0
Skyworks Solutions, Inc.	COM	83088M102	224,840	2,000	SH		SOLE		2,000	0	0
Smith & Wesson Brands	COM	831754106	1,565,041	115,416	SH		SOLE		47,116	0	68,300
Snap-On Inc.	COM	833034101	724,700	2,509	SH		SOLE		2,509	0	0
Sonic Automotive, Inc.	COM	83545G102	1,562,638	27,800	SH		SOLE		7,600	0	20,200
Southern Copper Corp.	COM	84265V105	611,097	7,100	SH		SOLE		7,100	0	0
Southern MO Bancorp	COM	843380106	138,814	2,600	SH		SOLE		0	0	2,600
Southwestern Energy Co.	COM	845467109	2,011	307	SH		SOLE		307	0	0
Sprouts Farmers Market	COM	85208M102	2,406	50	SH		SOLE		50	0	0
Standard Motor Products	COM	853666105	676,770	17,000	SH		SOLE		4,600	0	12,400
State Street Corporation	COM	857477103	39,505	510	SH		SOLE		510	0	0
Steel Dynamics Inc.	COM	858119100	47,949	406	SH		SOLE		406	0	0
Stewart Information Services	COM	860372101	3,078,500	52,400	SH		SOLE		12,200	0	40,200
Stonex Group	COM	861896108	2,510	34	SH		SOLE		34	0	0
Sturm Ruger & Co. Inc.	COM	864159108	36,360	800	SH		SOLE		800	0	0
Super Miccro Computer	COM	86800U104	5,969	21	SH		SOLE		21	0	0
Surgery Partners	COM	86881A100	2,207	69	SH		SOLE		69	0	0
Sylvamo Corp	COM	871332102	4,365,879	88,900	SH		SOLE		22,800	0	66,100
Synchrony Financial	COM	87165B103	144,091	3,773	SH		SOLE		3,773	0	0
Synovus Financial Corp	COM	87161C501	452	12	SH		SOLE		12	0	0
TD Synnex Corporation	COM	87162W100	679,450	6,314	SH		SOLE		6,314	0	0
TEGNA Inc.	COM	87901J105	5,936	388	SH		SOLE		388	0	0
TTEC Holdings Inc.	COM	89854H102	2,108,339	97,293	SH		SOLE		26,093	0	71,200
Tapestry Inc	COM	876030107	26,209	712	SH		SOLE		712	0	0
Target HospitalityCorp	COM	87615L107	91,462	9,400	SH		SOLE		0	0	9,400
Taylor Morrison Home Corporation	COM	87724P106	3,041	57	SH		SOLE		57	0	0
Tenaya Therapeutics	COM	87990A106	140,292	43,300	SH		SOLE		0	0	43,300
Tetra Tech, Inc.	COM	88162G103	34,388	206	SH		SOLE		206	0	0
Texas Pacific Land Trust	COM	88262P102	172,970	110	SH		SOLE		110	0	0
Textainer Group Hldgs Ltd.	COM	G8766E109	1,667,880	33,900	SH		SOLE		8,500	0	25,400
The Carlyle Group Inc	COM	14316J108	37,720	927	SH		SOLE		927	0	0
The ONE Group Hospitality Inc	COM	88338K103	240,516	39,300	SH		SOLE		0	0	39,300
Theseus Pharmaceuticals	COM	88369M101	420,390	103,800	SH		SOLE		0	0	103,800
Thryv Holdings	COM	886029206	1,409,034	69,240	SH		SOLE		13,040	0	56,200
Tileshop Holdings	COM	88677Q109	154,560	21,000	SH		SOLE		0	0	21,000
Timken Company	COM	887389104	32,862	410	SH		SOLE		410	0	0
Townsquare Media Inc.	COM	892231101	152,064	14,400	SH		SOLE		0	0	14,400
Travelzoo	COM	89421Q205	373,576	39,200	SH		SOLE		0	0	39,200
Trinet Group Inc	COM	896288107	2,735	23	SH		SOLE		23	0	0
Tronox Holdings	COM	G9087Q102	69,384	4,900	SH		SOLE		4,900	0	0
Twenty-First Century Fox Inc.	COM	35137L105	527,117	17,766	SH		SOLE		17,766	0	0
Tyson Foods	COM	902494103	38,754	721	SH		SOLE		721	0	0
UFP Industries	COM	90278Q108	6,403	51	SH		SOLE		51	0	0
USANA Health Sciences, Inc.	COM	90328M107	2,524,560	47,100	SH		SOLE		12,100	0	35,000
Ubiquiti Inc.	COM	90353W103	57,359	411	SH		SOLE		411	0	0
United States Lime & Minerals	COM	911922102	460,700	2,000	SH		SOLE		0	0	2,000
United States Steel Corp	COM	912909108	4,622	95	SH		SOLE		95	0	0
Universal Health Realty Income Trust	COM	91359E105	147,050	3,400	SH		SOLE		1,000	0	2,400
Universal Logistics Holdings,	COM	91388P105	1,757,723	62,731	SH		SOLE		11,831	0	50,900
Urban One Inc	COM	91705J204	90,368	25,600	SH		SOLE		0	0	25,600
Urban Outfitters Inc	COM	917047102	1,356	38	SH		SOLE		38	0	0
Valero Energy Corporation	COM	91913Y100	442,000	3,400	SH		SOLE		3,400	0	0
Vector Group Ltd.	COM	92240M108	288,768	25,600	SH		SOLE		0	0	25,600
Verizon Communications, Inc.	COM	92343V104	803,010	21,300	SH		SOLE		21,300	0	0
Victory Capital Holdings Inc	COM	92645B103	4,733,365	137,438	SH		SOLE		35,738	0	101,700
Village Super Market	COM	927107409	666,242	25,400	SH		SOLE		0	0	25,400
Vista Outdoor	COM	928377100	1,712,103	57,900	SH		SOLE		13,900	0	44,000
Vital Energy	COM	516806205	423,057	9,300	SH		SOLE		0	0	9,300
Vontier Corp	COM	928881101	33,721	976	SH		SOLE		976	0	0
WESCO International, Inc.	COM	95082P105	18,084	104	SH		SOLE		104	0	0
Waterstone Financial, Inc (MD)	COM	94188P101	168,980	11,900	SH		SOLE		0	0	11,900
Weatherford International Public Ltd	COM	G48833118	1,957	20	SH		SOLE		20	0	0
Weis Markets Inc.	COM	948849104	1,368,744	21,400	SH		SOLE		5,000	0	16,400
Wells Fargo & Company	COM	949746101	487,278	9,900	SH		SOLE		9,900	0	0
WesBanco Inc.	COM	950810101	586,619	18,700	SH		SOLE		3,700	0	15,000
Westlake Corporation	COM	960413102	829,263	5,925	SH		SOLE		5,925	0	0
Weyco Group Inc.	COM	962149100	78,400	2,500	SH		SOLE		0	0	2,500
Weyerhaeuser Co	COM	962166104	736,672	21,187	SH		SOLE		21,187	0	0
Williams-Sonoma Inc.	COM	969904101	404,569	2,005	SH		SOLE		2,005	0	0
Worthing Steel, Inc.	COM	982104101	1,681,982	59,857	SH		SOLE		15,257	0	44,600
Worthington Industries	COM	981811102	3,444,770	59,857	SH		SOLE		15,257	0	44,600
Y-Mabs Therapeutics	COM	984241109	111,848	16,400	SH		SOLE		0	0	16,400
Zynex Inc	COM	98986M103	330,904	30,386	SH		SOLE		86	0	30,300