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	3,748,030	71,500	SH		SOLE		17,800	0	53,700
ACM Research Inc	COM	00108J109	329,282	11,300	SH		SOLE		0	0	11,300
AFLAC INC COM	COM	001055102	844,519	9,836	SH		SOLE		9,836	0	0
AMC Networks Inc. cl A	COM	00164V103	2,719,546	224,200	SH		SOLE		58,000	0	166,200
AMN Healthcare Services	COM	001744101	4,626	74	SH		SOLE		74	0	0
APA Corp	COM	03743Q108	4,160	121	SH		SOLE		121	0	0
API Group Corp	COM	00187Y100	4,555	116	SH		SOLE		116	0	0
Academy Sports and Outdoors	COM	00402L107	2,769	41	SH		SOLE		41	0	0
Acco Brands Corporation	COM	00081T108	144,177	25,700	SH		SOLE		0	0	25,700
AdaptHealth Corp	COM	00653Q102	3,280	285	SH		SOLE		285	0	0
Affiliated Managers Group	COM	008252108	42,537	254	SH		SOLE		254	0	0
Agco Corporation	COM	001084102	38,136	310	SH		SOLE		310	0	0
Albertsons Companies	COM	013091103	695,642	32,446	SH		SOLE		32,446	0	0
Aldeyra Therapeutics	COM	01438T106	154,671	47,300	SH		SOLE		0	0	47,300
Alexanders Inc.	COM	014752109	2,801,106	12,900	SH		SOLE		2,000	0	10,900
Alignment Healthcare	COM	01625V104	1,503	303	SH		SOLE		303	0	0
Allient Inc	COM	019330109	189,104	5,300	SH		SOLE		0	0	5,300
Allison Transmission Holdings	COM	01973R101	2,272	28	SH		SOLE		28	0	0
Ally Financial Inc.	COM	02005N100	56,501	1,392	SH		SOLE		1,392	0	0
Alphabet Inc. Class A	COM	02079K305	1,071,603	7,100	SH		SOLE		7,100	0	0
Amalgamated Financial	COM	022671101	720,000	30,000	SH		SOLE		0	0	30,000
Amdocs Limited	COM	G02602103	624,547	6,911	SH		SOLE		6,911	0	0
Amerco	COM	023586100	32,014	474	SH		SOLE		474	0	0
American Eagle Outfitters Inc	COM	02553E106	3,121	121	SH		SOLE		121	0	0
American Electric Power	COM	025537101	25,830	300	SH		SOLE		300	0	0
American Intl Group, Inc.	COM	026874784	969,308	12,400	SH		SOLE		12,400	0	0
Amkor Technology Inc	COM	031652100	2,457,526	76,226	SH		SOLE		19,326	0	56,900
Andersons Inc.	COM	034164103	1,147	20	SH		SOLE		20	0	0
Apartment Income REIT	COM	03750L109	74,519	2,295	SH		SOLE		2,295	0	0
Applied Therapeutics	COM	03828A101	228,480	33,600	SH		SOLE		0	0	33,600
Arcbest Corp	COM	03937C105	2,280	16	SH		SOLE		16	0	0
Arch Capital Group Ltd.	COM	G0450A105	213,999	2,315	SH		SOLE		2,315	0	0
Arch Resources Inc	COM	03940R107	2,427,929	15,100	SH		SOLE		1,600	0	13,500
Archer Daniels Midland	COM	039483102	383,141	6,100	SH		SOLE		6,100	0	0
Arcturus Therapeutics Holdings	COM	03969T109	209,374	6,200	SH		SOLE		0	0	6,200
Arko Corp	COM	041242108	2,804	492	SH		SOLE		492	0	0
Armada Hoffler Properties Inc.	COM	04208T108	410,800	39,500	SH		SOLE		6,200	0	33,300
Arrow Electronics Inc	COM	042735100	469,422	3,626	SH		SOLE		3,626	0	0
Asbury Automotive Group	COM	043436104	1,415	6	SH		SOLE		6	0	0
Assertio Holdings	COM	04546C205	158,476	165,200	SH		SOLE		0	0	165,200
Assured Guaranty Ltd	COM	G0585R106	2,967	34	SH		SOLE		34	0	0
Atlanticus Holdings	COM	04914Y102	770,524	26,040	SH		SOLE		840	0	25,200
AutoNation Inc.	COM	05329W102	41,064	248	SH		SOLE		248	0	0
Avangrid Inc.	COM	05351W103	82,537	2,265	SH		SOLE		2,265	0	0
Aveanna Healthcare Holdings Inc	COM	05356F105	1,882	756	SH		SOLE		756	0	0
Avis Budget Group, Inc.	COM	053774105	28,288	231	SH		SOLE		231	0	0
Avnet Inc.	COM	053807103	7,933	160	SH		SOLE		160	0	0
BOK Financial Corp.	COM	05561Q201	8,004	87	SH		SOLE		87	0	0
BRT Apartments Corp	COM	055645303	181,440	10,800	SH		SOLE		0	0	10,800
Bank of America Corp	COM	060505104	1,042,800	27,500	SH		SOLE		27,500	0	0
Bank of NT Butterfield LTD	COM	G0772R208	4,391,139	137,266	SH		SOLE		34,366	0	102,900
Bank of New York Mellon Corp.	COM	064058100	71,161	1,235	SH		SOLE		1,235	0	0
Bank7 Corp	COM	06652N107	262,260	9,300	SH		SOLE		0	0	9,300
Bath & Body Works	COM	070830104	20,658	413	SH		SOLE		413	0	0
Beacon Roofing Supply	COM	073685109	6,861	70	SH		SOLE		70	0	0
Bel Fuse cl B	COM	077347300	313,612	5,200	SH		SOLE		0	0	5,200
Belden Inc.	COM	077454106	4,445	48	SH		SOLE		48	0	0
Berkshire Hathaway cl B	COM	084670702	1,219,508	2,900	SH		SOLE		2,900	0	0
Best Buy Inc.	COM	086516101	33,632	410	SH		SOLE		410	0	0
Biogen Inc.	COM	09062X103	86,252	400	SH		SOLE		400	0	0
Bloomin' Brands Inc	COM	094235108	1,405	49	SH		SOLE		49	0	0
Bluelinx Holdings	COM	09624H208	5,658,016	43,443	SH		SOLE		10,143	0	33,300
Boise Cascade LLC	COM	09739D100	6,595	43	SH		SOLE		43	0	0
Bread Financial Holdings	COM	018581108	4,289,080	115,174	SH		SOLE		30,374	0	84,800
Bridgewater Bancshares Inc	COM	108621103	116,400	10,000	SH		SOLE		0	0	10,000
Brightsphere Investment Group	COM	10948W103	3,587,958	157,091	SH		SOLE		41,591	0	115,500
Brookfield Business	COM	11259V106	4,997	207	SH		SOLE		207	0	0
Brookfield Infrastructure Corporation	COM	11275Q107	757	21	SH		SOLE		21	0	0
Brookfield Renewable Corporation	COM	11284V105	1,990	81	SH		SOLE		81	0	0
Buckle Inc.	COM	118440106	4,604,875	114,350	SH		SOLE		28,450	0	85,900
Builders FirstSource Inc	COM	12008R107	21,481	103	SH		SOLE		103	0	0
Bunge Limited	COM	H11356104	699,699	6,825	SH		SOLE		6,825	0	0
Business First Bancshares	COM	12326C105	392,128	17,600	SH		SOLE		0	0	17,600
CDW Corporation	COM	12514G108	25,578	100	SH		SOLE		100	0	0
CNA Financial Corp.	COM	126117100	70,356	1,549	SH		SOLE		1,549	0	0
CNH Industrial N.V.	COM	N20944109	739	57	SH		SOLE		57	0	0
CNO Financial Group, Inc.	COM	12621E103	769,440	28,000	SH		SOLE		11,200	0	16,800
CORE Molding Tech	COM	218683100	467,571	24,700	SH		SOLE		0	0	24,700
CPI Card Group Inc	COM	12634H200	291,118	16,300	SH		SOLE		0	0	16,300
CVR Energy, Inc.	COM	12662P108	1,339,818	37,572	SH		SOLE		18,472	0	19,100
Cabaletta Bio	COM	12674W109	295,138	17,300	SH		SOLE		0	0	17,300
Cabot Corporation	COM	127055101	1,199	13	SH		SOLE		13	0	0
Cal-Maine Foods Inc.	COM	128030202	1,530	26	SH		SOLE		26	0	0
Callon Petroleum Co.	COM	13123X508	733,080	20,500	SH		SOLE		10,400	0	10,100
Camping World Holdings, Inc.	COM	13462K109	2,785	100	SH		SOLE		100	0	0
Capital One Financial Corp.	COM	14040H105	610,449	4,100	SH		SOLE		4,100	0	0
Carrier Global Corporation	COM	14448C104	17,439	300	SH		SOLE		300	0	0
Carvana Co	COM	146869102	3,253	37	SH		SOLE		37	0	0
Castle Biosciences	COM	14843C105	186,060	8,400	SH		SOLE		0	0	8,400
Cathay General Bancorp	COM	149150104	908	24	SH		SOLE		24	0	0
Celanese Corporation	COM	150870103	70,463	410	SH		SOLE		410	0	0
Cencora Inc	COM	03073E105	388,784	1,600	SH		SOLE		1,600	0	0
Central Valley Community Bancorp	COM	155685100	147,186	7,400	SH		SOLE		0	0	7,400
Centrus Energy	COM	15643U104	382,657	9,214	SH		SOLE		14	0	9,200
Century Communities, Inc.	COM	156504300	5,362,795	55,573	SH		SOLE		14,273	0	41,300
Championx Corp	COM	15872M104	969	27	SH		SOLE		27	0	0
Cheniere Energy Inc	COM	16411R208	516,096	3,200	SH		SOLE		3,200	0	0
Chesapeake Energy Corp	COM	165167735	362,959	4,086	SH		SOLE		4,086	0	0
Chevron Corp	COM	166764100	962,214	6,100	SH		SOLE		6,100	0	0
Cincinnati Financial Corp	COM	172062101	51,282	413	SH		SOLE		413	0	0
Cinemark Holdings Inc	COM	17243V102	521	29	SH		SOLE		29	0	0
Cirrus Logic Inc.	COM	172755100	186,231	2,012	SH		SOLE		2,012	0	0
Cleveland-Cliffs Inc.	COM	185899101	4,707	207	SH		SOLE		207	0	0
Coca-Cola Bottling Cl A	COM	191098102	2,539	3	SH		SOLE		3	0	0
Cognizant Tech Solutions	COM	192446102	308,624	4,211	SH		SOLE		4,211	0	0
Columbia Sportswear Co.	COM	198516106	2,273	28	SH		SOLE		28	0	0
Commscope Holding	COM	20337X109	4,419	3,373	SH		SOLE		3,373	0	0
Concentrix Corp.	COM	20602D101	23,111	349	SH		SOLE		349	0	0
ConnectOne Bancorp Inc	COM	20786W107	645,450	33,100	SH		SOLE		4,500	0	28,600
Constellium	COM	F21107101	2,742	124	SH		SOLE		124	0	0
Consumer Portfolio Services	COM	210502100	276,696	36,600	SH		SOLE		0	0	36,600
Cooper Companies, Inc.	COM	216648501	538,550	5,308	SH		SOLE		5,308	0	0
Copart, Inc. (DE)	COM	217204106	185,344	3,200	SH		SOLE		3,200	0	0
Corebridge FInancial	COM	21871X109	1,070,164	37,249	SH		SOLE		37,249	0	0
Corecard Corporation	COM	45816D100	192,789	17,447	SH		SOLE		47	0	17,400
Costamare Inc	COM	Y1771G102	5,113,118	450,495	SH		SOLE		114,795	0	335,700
Crane Company	COM	224408104	811	6	SH		SOLE		6	0	0
Credit Acceptance Corp	COM	225310101	2,206	4	SH		SOLE		4	0	0
Cross Country Healthcare Inc	COM	227483104	102,960	5,500	SH		SOLE		5,500	0	0
Crossfirst Bancshares	COM	22766M109	296,176	21,400	SH		SOLE		0	0	21,400
Customers Bancorp Inc	COM	23204G100	1,822,293	34,344	SH		SOLE		8,744	0	25,600
DLH Holdings	COM	23335Q100	408,716	30,800	SH		SOLE		0	0	30,800
DTE Energy Corp.	COM	233331107	33,642	300	SH		SOLE		300	0	0
DaVita HealthCare Partners Inc	COM	23918K108	28,300	205	SH		SOLE		205	0	0
Destination XL Group	COM	25065K104	153,000	42,500	SH		SOLE		0	0	42,500
Dillards Inc cl A	COM	254067101	4,678,669	9,920	SH		SOLE		2,620	0	7,300
Direct Digital Holdings	COM	25461T105	234,696	15,400	SH		SOLE		0	0	15,400
Discover Financial Services	COM	254709108	670,656	5,116	SH		SOLE		5,116	0	0
Distribution Solutions Group	COM	520776105	184,496	5,200	SH		SOLE		0	0	5,200
Dnow Inc	COM	67011P100	1,409,040	92,700	SH		SOLE		22,000	0	70,700
Dolby Laboratories Inc.	COM	25659T107	25,969	310	SH		SOLE		310	0	0
Dow Chemical Company	COM	260557103	196,962	3,400	SH		SOLE		3,400	0	0
Dream Finders Homes Inc	COM	26154D100	4,801,991	109,810	SH		SOLE		28,010	0	81,800
Dropbox Inc	COM	26210C104	20,023	824	SH		SOLE		824	0	0
ePlus Inc.	COM	294268107	3,927	50	SH		SOLE		50	0	0
Eagle Pharmaceuticals Inc	COM	269796108	139,384	26,600	SH		SOLE		0	0	26,600
East West Bancorp, Inc.	COM	27579R104	32,277	408	SH		SOLE		408	0	0
Eastman Kodak	COM	277461406	223,740	45,200	SH		SOLE		0	0	45,200
EchoStar Corp.	COM	278768106	841	59	SH		SOLE		59	0	0
Edgewise Therapeutics	COM	28036F105	350,208	19,200	SH		SOLE		0	0	19,200
Embecta Corp	COM	29082K105	674,116	50,800	SH		SOLE		16,500	0	34,300
Enact Holdings Inc	COM	29249E109	5,467,912	175,366	SH		SOLE		44,866	0	130,500
Energy Services of America	COM	29271Q103	154,275	18,700	SH		SOLE		0	0	18,700
Ennis Inc	COM	293389102	147,672	7,200	SH		SOLE		0	0	7,200
Ensign Group	COM	29358P101	4,355	35	SH		SOLE		35	0	0
Enstar Group Limited	COM	G3075P101	2,858,992	9,200	SH		SOLE		2,200	0	7,000
Entergy Corp	COM	29364G103	10,568	100	SH		SOLE		100	0	0
Envela Corp	COM	29402E102	130,746	28,300	SH		SOLE		0	0	28,300
Equity Bancshares	COM	29460X109	467,432	13,600	SH		SOLE		0	0	13,600
Erasca Inc	COM	29479A108	187,872	91,200	SH		SOLE		0	0	91,200
Essent Group	COM	G3198U102	5,653	95	SH		SOLE		95	0	0
Essential Properties Realty Trust	COM	29670E107	1,013	38	SH		SOLE		38	0	0
Evi Industries	COM	26929N102	166,830	6,700	SH		SOLE		0	0	6,700
Evolent Health Inc	COM	30050B101	2,558	78	SH		SOLE		78	0	0
Expeditors International of WA	COM	302130109	560,316	4,609	SH		SOLE		4,609	0	0
Exxon Mobil Corporation	COM	30231G102	1,174,024	10,100	SH		SOLE		10,100	0	0
F&G Annuities and Life Inc	COM	30190A104	4,663	115	SH		SOLE		115	0	0
FS Bancorp Inc.	COM	30263Y104	357,513	10,300	SH		SOLE		0	0	10,300
Fabrinet	COM	G3323L100	3,969	21	SH		SOLE		21	0	0
Fidelity National Fin Inc.	COM	31620R303	564,878	10,638	SH		SOLE		10,638	0	0
Fifth Third Bancorp	COM	316773100	30,922	831	SH		SOLE		831	0	0
First American Financial Corp	COM	31847R102	3,968	65	SH		SOLE		65	0	0
First Bank	COM	31931U102	292,662	21,300	SH		SOLE		0	0	21,300
First Busey Corporation	COM	319383204	839,345	34,900	SH		SOLE		11,800	0	23,100
First Cash Fncl Svcs Inc.	COM	33768G107	2,041	16	SH		SOLE		16	0	0
First Financial Bancorp OH	COM	320209109	4,811,332	214,600	SH		SOLE		58,500	0	156,100
First Internet Bancorp	COM	320557101	844,182	24,300	SH		SOLE		0	0	24,300
First Merchants Corp	COM	320817109	5,108,557	146,377	SH		SOLE		38,777	0	107,600
Flex LNG Ltd	COM	G35947202	2,049,658	80,600	SH		SOLE		22,100	0	58,500
Flexsteel Industries Inc.	COM	339382103	126,820	3,400	SH		SOLE		0	0	3,400
Fluor Corporation	COM	343412102	4,609	109	SH		SOLE		109	0	0
Fonar Corporation	COM	344437405	343,896	16,100	SH		SOLE		0	0	16,100
Forestar Group	COM	346232101	5,277,027	131,302	SH		SOLE		31,902	0	99,400
Franklin Resources Inc	COM	354613101	43,542	1,549	SH		SOLE		1,549	0	0
Fulcrum Therapeutics	COM	359616109	255,824	27,100	SH		SOLE		0	0	27,100
FutureFuel Corp	COM	36116M106	433,090	53,800	SH		SOLE		0	0	53,800
G1 Therapeutics	COM	3621LQ109	371,952	86,100	SH		SOLE		0	0	86,100
GE Healthcare Technologies	COM	36266G107	454,550	5,000	SH		SOLE		5,000	0	0
GMS Inc	COM	36251C103	5,548	57	SH		SOLE		57	0	0
Garmin Ltd	COM	H2906T109	179,239	1,204	SH		SOLE		1,204	0	0
Gates Industrial Corp	COM	G39108108	1,151	65	SH		SOLE		65	0	0
General Dynamics Corp.	COM	369550108	480,233	1,700	SH		SOLE		1,700	0	0
General Motors Company	COM	37045V100	820,835	18,100	SH		SOLE		18,100	0	0
Genie Energy	COM	372284208	137,228	9,100	SH		SOLE		0	0	9,100
Genpact Limited	COM	G3922B107	17,035	517	SH		SOLE		517	0	0
Genworth Financial Inc	COM	37247D106	3,409,829	530,300	SH		SOLE		116,300	0	414,000
Geo Group Inc	COM	36162J106	1,118,304	79,200	SH		SOLE		23,800	0	55,400
Global Industrial Co.	COM	37892E102	1,769,795	39,522	SH		SOLE		8,522	0	31,000
Golar LNG Ltd	COM	G9456A100	1,049,016	43,600	SH		SOLE		0	0	43,600
Golden Ocean Group	COM	G39637205	5,061,632	390,558	SH		SOLE		100,158	0	290,400
Goldman Sachs Group Inc	COM	38141G104	877,149	2,100	SH		SOLE		2,100	0	0
Graham Holdings Company	COM	384637104	4,454,079	5,802	SH		SOLE		1,302	0	4,500
Gray Television Inc	COM	389375106	1,769,088	279,919	SH		SOLE		71,319	0	208,600
Greene County Bancorp	COM	394357107	391,544	13,600	SH		SOLE		0	0	13,600
Greif Inc cl A	COM	397624107	5,338,463	77,313	SH		SOLE		19,813	0	57,500
Group 1 Automotive, Inc.	COM	398905109	4,676	16	SH		SOLE		16	0	0
Guess Inc.	COM	401617105	519,255	16,500	SH		SOLE		4,300	0	12,200
Gulfport Energy Corp	COM	402635502	5,700,272	35,600	SH		SOLE		9,300	0	26,300
H&E Equipment Services	COM	404030108	320,900	5,000	SH		SOLE		800	0	4,200
HBT Financial Inc	COM	404111106	333,200	17,500	SH		SOLE		0	0	17,500
HCA Holdings, Inc.	COM	40412C101	800,472	2,400	SH		SOLE		2,400	0	0
HF Sinclair Corp	COM	403949100	354,312	5,869	SH		SOLE		5,869	0	0
HP Inc.	COM	40434L105	943,076	31,207	SH		SOLE		31,207	0	0
Hamilton Beach Brands	COM	40701T104	548,100	22,500	SH		SOLE		0	0	22,500
Hartford Financial Services	COM	416515104	52,349	508	SH		SOLE		508	0	0
Haverty Furniture	COM	419596101	1,924,368	56,400	SH		SOLE		13,000	0	43,400
Heartland Financial USA	COM	42234Q102	4,924,374	140,096	SH		SOLE		35,996	0	104,100
Heidrick & Struggles	COM	422819102	656,370	19,500	SH		SOLE		2,700	0	16,800
Herbalife Ltd	COM	G4412G101	2,020	201	SH		SOLE		201	0	0
Hertz Global Holdings, Inc.	COM	42806J700	22,558	2,881	SH		SOLE		2,881	0	0
Highpeak Energy	COM	43114Q105	2,799,175	177,500	SH		SOLE		42,600	0	134,900
Highwoods Properties	COM	431284108	969	37	SH		SOLE		37	0	0
Hingham Institution for Saving	COM	433323102	296,582	1,700	SH		SOLE		0	0	1,700
Holley Inc	COM	43538H103	206,052	46,200	SH		SOLE		0	0	46,200
Hologic Inc.	COM	436440101	366,412	4,700	SH		SOLE		4,700	0	0
Home Bancorp, Inc.	COM	43689E107	279,663	7,300	SH		SOLE		0	0	7,300
Hope Bancorp	COM	43940T109	3,426,527	297,700	SH		SOLE		72,700	0	225,000
Hovnanian Enterprises Inc.	COM	442487401	1,711,588	10,906	SH		SOLE		2,706	0	8,200
Hudson Technologies	COM	444144109	335,519	30,474	SH		SOLE		74	0	30,400
IDT Corporation Cl B	COM	448947507	419,691	11,100	SH		SOLE		0	0	11,100
IES Holdings	COM	44951W106	316,264	2,600	SH		SOLE		0	0	2,600
Ibex Ltd	COM	G4690M101	364,148	23,600	SH		SOLE		0	0	23,600
Immersion	COM	452521107	348,568	46,600	SH		SOLE		0	0	46,600
Incyte Corp	COM	45337C102	17,604	309	SH		SOLE		309	0	0
Independent Bank MI	COM	453838609	220,545	8,700	SH		SOLE		0	0	8,700
Ingles Markets cl A	COM	457030104	5,022,157	65,495	SH		SOLE		16,895	0	48,600
Innoviva, Inc.	COM	45781M101	4,969,551	326,086	SH		SOLE		81,586	0	244,500
Inotiv Inc	COM	45783Q100	276,782	25,300	SH		SOLE		0	0	25,300
Inozyme Pharma	COM	45790W108	168,520	22,000	SH		SOLE		0	0	22,000
Insight Enterprises, Inc.	COM	45765U103	6,308	34	SH		SOLE		34	0	0
Insperity	COM	45778Q107	3,836	35	SH		SOLE		35	0	0
Insteel Industries Inc	COM	45774W108	236,964	6,200	SH		SOLE		0	0	6,200
Intest Corp	COM	461147100	198,750	15,000	SH		SOLE		0	0	15,000
Invesco Limited	COM	G491BT108	22,181	1,337	SH		SOLE		1,337	0	0
Iradimed Corp.	COM	46266A109	250,743	5,700	SH		SOLE		0	0	5,700
Itron Inc.	COM	465741106	3,331	36	SH		SOLE		36	0	0
J.Jill, Inc.	COM	46620W201	431,595	13,500	SH		SOLE		0	0	13,500
JAKKS Pacific Inc.	COM	47012E403	140,790	5,700	SH		SOLE		0	0	5,700
JPMorgan Chase & Co.	COM	46625H100	1,221,830	6,100	SH		SOLE		6,100	0	0
Jackson Financial	COM	46817M107	6,031,968	91,200	SH		SOLE		23,300	0	67,900
Janus Henderson Group Plc	COM	G4474Y214	954	29	SH		SOLE		29	0	0
Johnson Outdoors Inc.	COM	479167108	1,397,133	30,300	SH		SOLE		4,000	0	26,300
Jones Lang LaSalle Incorporated	COM	48020Q107	20,289	104	SH		SOLE		104	0	0
Karat Packaging	COM	48563L101	761,026	26,600	SH		SOLE		0	0	26,600
Koppers Holdings Inc.	COM	50060P106	772,380	14,000	SH		SOLE		3,500	0	10,500
Kronos Worldwide Inc.	COM	50105F105	952,260	80,700	SH		SOLE		25,700	0	55,000
LKQ Corporation	COM	501889208	16,557	310	SH		SOLE		310	0	0
LSI Industries	COM	50216C108	120,960	8,000	SH		SOLE		0	0	8,000
Landsea Homes Corp	COM	51509P103	582,653	40,100	SH		SOLE		0	0	40,100
Landstar System Inc.	COM	515098101	20,240	105	SH		SOLE		105	0	0
Legacy Housing Corporation	COM	52472M101	219,504	10,200	SH		SOLE		0	0	10,200
Leidos Holdings, Inc.	COM	525327102	237,142	1,809	SH		SOLE		1,809	0	0
Lennar Corp cl A	COM	526057104	933,335	5,427	SH		SOLE		5,427	0	0
Lennox International Inc.	COM	526107107	439,884	900	SH		SOLE		900	0	0
Liberty Broadband	COM	530307305	515	9	SH		SOLE		9	0	0
Liberty Oilfield Services	COM	53115L104	1,388	67	SH		SOLE		67	0	0
Liberty Sirius XM	COM	531229789	1,723	58	SH		SOLE		58	0	0
Lifeway Foods	COM	531914109	246,246	14,300	SH		SOLE		0	0	14,300
Lions Gate Entertainment Corp	COM	535919401	1,035	104	SH		SOLE		104	0	0
Liquidity Services, Inc.	COM	53635B107	353,400	19,000	SH		SOLE		0	0	19,000
Lithia Motors Inc.	COM	536797103	31,289	104	SH		SOLE		104	0	0
Longboard Pharmaceuticals	COM	54300N103	200,880	9,300	SH		SOLE		0	0	9,300
Louisiana-Pacific Corp	COM	546347105	43,549	519	SH		SOLE		519	0	0
LyondellBasell Industries cl A	COM	N53745100	853,117	8,341	SH		SOLE		8,341	0	0
MDU Resources Group	COM	552690109	2,797	111	SH		SOLE		111	0	0
MGIC Investment Corp.	COM	552848103	6,954	311	SH		SOLE		311	0	0
MSC Industrial Direct Co.	COM	553530106	29,112	300	SH		SOLE		300	0	0
Macy's Inc.	COM	55616P104	1,739	87	SH		SOLE		87	0	0
Malibu Boats Inc	COM	56117J100	220,728	5,100	SH		SOLE		700	0	4,400
Marathon Petroleum Corp	COM	56585A102	664,950	3,300	SH		SOLE		3,300	0	0
Marine Products Corp	COM	568427108	829,550	70,600	SH		SOLE		0	0	70,600
Marinus Pharmaceuticals	COM	56854Q200	122,944	13,600	SH		SOLE		0	0	13,600
Markel Corp	COM	570535104	45,644	30	SH		SOLE		30	0	0
Mastech Digital	COM	57633B100	129,600	14,400	SH		SOLE		0	0	14,400
Matson Inc.	COM	57686G105	1,917,207	17,057	SH		SOLE		4,857	0	12,200
Medallion Financial	COM	583928106	353,577	44,700	SH		SOLE		0	0	44,700
Medifast Inc	COM	58470H101	1,012,146	26,413	SH		SOLE		6,213	0	20,200
Mercantile Bank Corp	COM	587376104	654,330	17,000	SH		SOLE		900	0	16,100
Merchants Bancorp	COM	58844R108	3,511,095	81,313	SH		SOLE		16,963	0	64,350
Midland States Bancorp Inc	COM	597742105	115,598	4,600	SH		SOLE		0	0	4,600
Modivcare	COM	60783X104	1,548	66	SH		SOLE		66	0	0
Mosaic Co. (The)	COM	61945C103	25,968	800	SH		SOLE		800	0	0
Movado Group Inc.	COM	624580106	2,692,452	96,400	SH		SOLE		19,300	0	77,100
Mueller Industries, Inc.	COM	624756102	4,099	76	SH		SOLE		76	0	0
NVR Inc.	COM	62944T105	647,997	80	SH		SOLE		80	0	0
Nathan's Famous Inc	COM	632347100	127,440	1,800	SH		SOLE		0	0	1,800
National Beverage Corp	COM	635017106	4,015,116	84,600	SH		SOLE		20,900	0	63,700
National Health Investors	COM	63633D104	565	9	SH		SOLE		9	0	0
Natural Grocers By Vitamin Cottage Inc	COM	63888U108	499,985	27,700	SH		SOLE		0	0	27,700
Navient Corporation	COM	63938C108	4,924,200	283,000	SH		SOLE		73,100	0	209,900
Nelnet Inc	COM	64031N108	4,591,472	48,510	SH		SOLE		12,810	0	35,700
NetApp, Inc.	COM	64110D104	136,461	1,300	SH		SOLE		1,300	0	0
New Jersey Resources	COM	646025106	1,030	24	SH		SOLE		24	0	0
NewMarket Corporation	COM	651587107	635	1	SH		SOLE		1	0	0
Newmark Group	COM	65158N102	5,209,295	469,729	SH		SOLE		119,129	0	350,600
Nexstar Media Group, Inc. Cl A	COM	65336K103	17,918	104	SH		SOLE		104	0	0
Nikarta	COM	65487U108	286,465	26,500	SH		SOLE		0	0	26,500
Nucor Corporation	COM	670346105	914,100	4,619	SH		SOLE		4,619	0	0
O-I Glass	COM	67098H104	2,273	137	SH		SOLE		137	0	0
Olaplex Holdings	COM	679369108	1,357	707	SH		SOLE		707	0	0
Old Republic Int'l Corp	COM	680223104	23,992	781	SH		SOLE		781	0	0
Olin Corporation	COM	680665205	1,117	19	SH		SOLE		19	0	0
Olympic Steel Inc.	COM	68162K106	198,464	2,800	SH		SOLE		0	0	2,800
Onemain Holdings Inc	COM	68268W103	30,245	592	SH		SOLE		592	0	0
Option Care Health	COM	68404L201	4,696	140	SH		SOLE		140	0	0
Organogenesis Holdings Inc	COM	68621F102	129,220	45,500	SH		SOLE		0	0	45,500
Organon & Co	COM	68622V106	26,884	1,430	SH		SOLE		1,430	0	0
Orion Engineered Carbons	COM	L72967109	383,376	16,300	SH		SOLE		0	0	16,300
Oscar Health Inc	COM	687793109	1,532	103	SH		SOLE		103	0	0
Otter Tail Corp	COM	689648103	518	6	SH		SOLE		6	0	0
Ovintiv Inc	COM	69047Q102	26,469	510	SH		SOLE		510	0	0
Owens Corning Inc.	COM	690742101	50,040	300	SH		SOLE		300	0	0
P.A.M. Transportation	COM	693149106	374,451	23,100	SH		SOLE		0	0	23,100
PBF Energy Inc cl A	COM	69318G106	4,591,956	79,763	SH		SOLE		20,363	0	59,400
PC Connection, Inc.	COM	69318J100	5,064,215	76,812	SH		SOLE		19,512	0	57,300
Paccar Inc.	COM	693718108	656,617	5,300	SH		SOLE		5,300	0	0
Par Pacific Holding	COM	69888T207	2,187	59	SH		SOLE		59	0	0
Patterson Companies Inc	COM	703395103	4,922	178	SH		SOLE		178	0	0
Peabody Energy Corp	COM	704551100	2,746,839	113,225	SH		SOLE		47,125	0	66,100
Peapack-Gladstone Financial Corp	COM	704699107	204,372	8,400	SH		SOLE		0	0	8,400
PennyMac Financial Service Inc	COM	70932M107	3,789,344	41,600	SH		SOLE		10,500	0	31,100
Penske Automotive Group, Inc.	COM	70959W103	624,633	3,856	SH		SOLE		3,856	0	0
Perdoceo Education Corp	COM	71363P106	2,892,132	164,700	SH		SOLE		35,500	0	129,200
Pfizer Inc.	COM	717081103	810,300	29,200	SH		SOLE		29,200	0	0
Piedmont Office Realty Trust,	COM	720190206	358,530	51,000	SH		SOLE		0	0	51,000
Pilgrims Pride Corp	COM	72147K108	3,089	90	SH		SOLE		90	0	0
Pinnacle Financial Partners	COM	72346Q104	1,546	18	SH		SOLE		18	0	0
Playtika Holding Corp	COM	72815L107	17,667	2,506	SH		SOLE		2,506	0	0
Plexus Corp.	COM	729132100	4,836	51	SH		SOLE		51	0	0
Popular Inc.	COM	733174700	7,840	89	SH		SOLE		89	0	0
Preformed Line Products	COM	740444104	514,680	4,000	SH		SOLE		0	0	4,000
Premier Financial	COM	74052F108	669,900	33,000	SH		SOLE		6,900	0	26,100
Primoris Services Corp.	COM	74164F103	3,108	73	SH		SOLE		73	0	0
Principal Financial Group, Inc.	COM	74251V102	573,789	6,648	SH		SOLE		6,648	0	0
Privia Health Group Inc	COM	74276R102	1,391	71	SH		SOLE		71	0	0
Prog Holdings	COM	74319R101	1,446	42	SH		SOLE		42	0	0
Public Storage, Inc.	COM	74460D109	261,054	900	SH		SOLE		900	0	0
PulteGroup, Inc.	COM	745867101	254,388	2,109	SH		SOLE		2,109	0	0
QCR Holdings, Inc.	COM	74727A104	1,129,764	18,600	SH		SOLE		2,700	0	15,900
Qualcomm Inc.	COM	747525103	118,510	700	SH		SOLE		700	0	0
Quest Diagnostics Inc.	COM	74834L100	39,933	300	SH		SOLE		300	0	0
R C M Technologies	COM	749360400	480,825	22,500	SH		SOLE		0	0	22,500
RadNet Inc	COM	750491102	3,358	69	SH		SOLE		69	0	0
Radian Group, Inc.	COM	750236101	1,171	35	SH		SOLE		35	0	0
Radiant Logistics	COM	75025X100	264,496	48,800	SH		SOLE		0	0	48,800
Ramaco Resources Inc	COM	75134P600	279,544	16,600	SH		SOLE		0	0	16,600
Rapt Therapeutics	COM	75382E109	292,748	32,600	SH		SOLE		0	0	32,600
Regional Management Corp.	COM	75902K106	300,204	12,400	SH		SOLE		0	0	12,400
Reliance Inc.	COM	759509102	34,086	102	SH		SOLE		102	0	0
Replimune Group	COM	76029N106	296,571	36,300	SH		SOLE		0	0	36,300
Republic Bancorp KY	COM	760281204	1,550,400	30,400	SH		SOLE		4,000	0	26,400
Resideo Technologies Inc	COM	76118Y104	1,816	81	SH		SOLE		81	0	0
Reynolds Consumer Product	COM	76171L106	7,054	247	SH		SOLE		247	0	0
Richardson Electronics	COM	763165107	417,213	45,300	SH		SOLE		0	0	45,300
Rily Exploration Permian	COM	76665T102	435,600	13,200	SH		SOLE		0	0	13,200
Rithm Capital Corp	COM	64828T201	28,547	2,558	SH		SOLE		2,558	0	0
Robert Half Inc.	COM	770323103	16,728	211	SH		SOLE		211	0	0
Rocky Brands Inc	COM	774515100	565,172	20,832	SH		SOLE		32	0	20,800
Rush Enterprises Inc	COM	781846209	5,570,629	104,085	SH		SOLE		27,410	0	76,675
Ryder System Inc.	COM	783549108	7,692	64	SH		SOLE		64	0	0
Ryerson Holding Corporation	COM	783754104	5,332,731	159,186	SH		SOLE		40,886	0	118,300
Ryman Hospitality Properties	COM	78377T107	1,503	13	SH		SOLE		13	0	0
SLM Corp	COM	78442P106	2,920	134	SH		SOLE		134	0	0
SS&C Technologies Hldgs Inc.	COM	78467J100	51,496	800	SH		SOLE		800	0	0
SSR Mining Inc	COM	784730103	642	144	SH		SOLE		144	0	0
Safe Bulkers	COM	Y7388L103	497,984	100,400	SH		SOLE		23,900	0	76,500
Sandridge Energy, Inc.	COM	80007P869	2,517,696	172,800	SH		SOLE		49,300	0	123,500
Sandy Spring Bancorp Inc.	COM	800363103	3,095,550	133,544	SH		SOLE		34,244	0	99,300
Sanmina Corporation	COM	801056102	5,472	88	SH		SOLE		88	0	0
Schneider National Inc.	COM	80689H102	27,372	1,209	SH		SOLE		1,209	0	0
Seaboard Corp	COM	811543107	6,448	2	SH		SOLE		2	0	0
Select Medical Holdings Corp	COM	81619Q105	3,783,312	125,483	SH		SOLE		29,083	0	96,400
Semler Scientific Inc	COM	81684M104	423,545	14,500	SH		SOLE		0	0	14,500
Shoe Carnival, Inc.	COM	824889109	2,018,864	55,100	SH		SOLE		14,100	0	41,000
Silverbow Resources	COM	82836G102	1,386,084	40,600	SH		SOLE		9,500	0	31,100
Silvercrest Asset Mgmt Grp	COM	828359109	186,558	11,800	SH		SOLE		0	0	11,800
Simmons First National Corp	COM	828730200	3,576,748	183,800	SH		SOLE		53,000	0	130,800
Sinclair Inc	COM	829242106	674	50	SH		SOLE		50	0	0
Siriuspoint	COM	G8192H106	1,856	146	SH		SOLE		146	0	0
Skyworks Solutions, Inc.	COM	83088M102	347,491	3,208	SH		SOLE		3,208	0	0
Smith & Wesson Brands	COM	831754106	2,849,054	164,116	SH		SOLE		67,416	0	96,700
Snap-On Inc.	COM	833034101	506,240	1,709	SH		SOLE		1,709	0	0
Sonic Automotive, Inc.	COM	83545G102	2,089,698	36,700	SH		SOLE		8,100	0	28,600
Southern Copper Corp.	COM	84265V105	681,728	6,400	SH		SOLE		6,400	0	0
Southside Bancshares	COM	84470P109	265,993	9,100	SH		SOLE		3,800	0	5,300
Southwestern Energy Co.	COM	845467109	1,122	148	SH		SOLE		148	0	0
Sprouts Farmers Market	COM	85208M102	3,224	50	SH		SOLE		50	0	0
Standard Motor Products	COM	853666105	946,110	28,200	SH		SOLE		7,200	0	21,000
State Street Corporation	COM	857477103	39,433	510	SH		SOLE		510	0	0
Steel Dynamics Inc.	COM	858119100	76,042	513	SH		SOLE		513	0	0
Steris PLC	COM	G8473T100	67,446	300	SH		SOLE		300	0	0
StoneCo Ltd	COM	G85158106	1,146	69	SH		SOLE		69	0	0
Stonex Group	COM	861896108	163,776	2,331	SH		SOLE		31	0	2,300
Sturm Ruger & Co. Inc.	COM	864159108	36,920	800	SH		SOLE		800	0	0
Super Miccro Computer	COM	86800U104	5,050	5	SH		SOLE		5	0	0
Surgery Partners	COM	86881A100	3,460	116	SH		SOLE		116	0	0
Sylvamo Corp	COM	871332102	5,136,768	83,200	SH		SOLE		21,300	0	61,900
Synchrony Financial	COM	87165B103	339,009	7,862	SH		SOLE		7,862	0	0
TD Synnex Corporation	COM	87162W100	702,803	6,214	SH		SOLE		6,214	0	0
TEGNA Inc.	COM	87901J105	6,170	413	SH		SOLE		413	0	0
TTEC Holdings Inc.	COM	89854H102	1,008,928	97,293	SH		SOLE		26,093	0	71,200
Tapestry Inc	COM	876030107	33,948	715	SH		SOLE		715	0	0
Target HospitalityCorp	COM	87615L107	210,878	19,400	SH		SOLE		0	0	19,400
Teekay Corporation	COM	Y8564W103	146,328	20,100	SH		SOLE		0	0	20,100
Tenaya Therapeutics	COM	87990A106	226,459	43,300	SH		SOLE		0	0	43,300
Terex Corp.	COM	880779103	2,640	41	SH		SOLE		41	0	0
Tetra Tech, Inc.	COM	88162G103	74,992	406	SH		SOLE		406	0	0
The Carlyle Group Inc	COM	14316J108	610	13	SH		SOLE		13	0	0
The ONE Group Hospitality Inc	COM	88338K103	218,901	39,300	SH		SOLE		0	0	39,300
Thor Industries Inc.	COM	885160101	12,321	105	SH		SOLE		105	0	0
Thryv Holdings	COM	886029206	792,277	35,640	SH		SOLE		6,140	0	29,500
Tileshop Holdings	COM	88677Q109	240,426	34,200	SH		SOLE		0	0	34,200
Timken Company	COM	887389104	35,846	410	SH		SOLE		410	0	0
Titan International Inc.	COM	88830M102	505,876	40,600	SH		SOLE		8,000	0	32,600
Tourmaline Bio	COM	89157D105	128,240	5,600	SH		SOLE		0	0	5,600
Travelzoo	COM	89421Q205	399,056	39,200	SH		SOLE		0	0	39,200
Tri Pointe Group	COM	87265H109	2,552	66	SH		SOLE		66	0	0
Trinet Group Inc	COM	896288107	2,782	21	SH		SOLE		21	0	0
Tronox Holdings	COM	G9087Q102	85,015	4,900	SH		SOLE		4,900	0	0
Twenty-First Century Fox Inc.	COM	35137L105	371,050	11,866	SH		SOLE		11,866	0	0
Tyson Foods	COM	902494103	42,344	721	SH		SOLE		721	0	0
UFP Industries	COM	90278Q108	1,845	15	SH		SOLE		15	0	0
UGI Corp	COM	902681105	17,178	700	SH		SOLE		700	0	0
USANA Health Sciences, Inc.	COM	90328M107	1,197,950	24,700	SH		SOLE		8,600	0	16,100
United States Steel Corp	COM	912909108	3,426	84	SH		SOLE		84	0	0
Universal Health Realty Income Trust	COM	91359E105	198,234	5,400	SH		SOLE		0	0	5,400
Universal Health Services	COM	913903100	37,404	205	SH		SOLE		205	0	0
Universal Logistics Holdings,	COM	91388P105	2,312,892	62,731	SH		SOLE		11,831	0	50,900
Urban One Inc	COM	91705J204	27,744	13,600	SH		SOLE		0	0	13,600
Urban Outfitters Inc	COM	917047102	2,432	56	SH		SOLE		56	0	0
Vector Group Ltd.	COM	92240M108	1,328,352	121,200	SH		SOLE		39,300	0	81,900
Verizon Communications, Inc.	COM	92343V104	822,416	19,600	SH		SOLE		19,600	0	0
Victory Capital Holdings Inc	COM	92645B103	5,598,129	131,938	SH		SOLE		33,438	0	98,500
Village Super Market	COM	927107409	726,694	25,400	SH		SOLE		0	0	25,400
Vista Outdoor	COM	928377100	951	29	SH		SOLE		29	0	0
Vital Energy	COM	516806205	331,002	6,300	SH		SOLE		0	0	6,300
Vontier Corp	COM	928881101	33,884	747	SH		SOLE		747	0	0
WESCO International, Inc.	COM	95082P105	17,813	104	SH		SOLE		104	0	0
Waterstone Financial, Inc (MD)	COM	94188P101	144,823	11,900	SH		SOLE		0	0	11,900
Weatherford International Public Ltd	COM	G48833118	1,731	15	SH		SOLE		15	0	0
Weis Markets Inc.	COM	948849104	1,378,160	21,400	SH		SOLE		5,000	0	16,400
Wells Fargo & Company	COM	949746101	220,248	3,800	SH		SOLE		3,800	0	0
Werewolf Therapeutics	COM	95075A107	172,368	26,600	SH		SOLE		0	0	26,600
WesBanco Inc.	COM	950810101	515,713	17,300	SH		SOLE		2,300	0	15,000
Westlake Corporation	COM	960413102	905,340	5,925	SH		SOLE		5,925	0	0
Weyco Group Inc.	COM	962149100	149,836	4,700	SH		SOLE		0	0	4,700
Weyerhaeuser Co	COM	962166104	822,195	22,896	SH		SOLE		22,896	0	0
Williams-Sonoma Inc.	COM	969904101	445,495	1,403	SH		SOLE		1,403	0	0
Worthington Industries	COM	981811102	5,041,937	81,021	SH		SOLE		20,821	0	60,200
Zynex Inc	COM	98986M103	374,811	30,300	SH		SOLE		0	0	30,300