Denali Advisors 13FHR/A Quarterly holdings report by institutional manager (amended) | SEC 20 Jul 22

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

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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	873	19,237	SH		SOLE		5,037	0	14,200
A-Mark Precious Metals	COM	00181T107	32	1,000	SH		SOLE		0	0	1,000
AFLAC INC COM	COM	001055102	243	4,400	SH		SOLE		4,400	0	0
AMC Networks Inc. cl A	COM	00164V103	2,187	75,120	SH		SOLE		20,320	0	54,800
Academy Sports and Outdoors	COM	00402L107	1,144	32,200	SH		SOLE		5,700	0	26,500
Acco Brands Corporation	COM	00081T108	3,433	525,703	SH		SOLE		136,003	0	389,700
Acushnet Holdings Corp.	COM	005098108	4,222	101,300	SH		SOLE		24,900	0	76,400
Advansix Inc	COM	00773T101	70	2,100	SH		SOLE		0	0	2,100
Aersale Corp	COM	00810F106	55	3,800	SH		SOLE		0	0	3,800
Air Lease Corp. Cl A	COM	00912X302	23	697	SH		SOLE		697	0	0
Albertsons Companies	COM	013091103	140	5,252	SH		SOLE		5,252	0	0
Alexanders Inc.	COM	014752109	511	2,300	SH		SOLE		400	0	1,900
Allied Motion Technologies	COM	019330109	34	1,500	SH		SOLE		0	0	1,500
Allison Transmission Holdings	COM	01973R101	33	856	SH		SOLE		856	0	0
Allstate Corp.	COM	020002101	317	2,500	SH		SOLE		2,500	0	0
Alpha and Omega Semiconductor	COM	G6331P104	47	1,411	SH		SOLE		11	0	1,400
Alphabet Inc. Class A	COM	02079K305	774	355	SH		SOLE		355	0	0
Altice USA	COM	02156K103	11	1,200	SH		SOLE		1,200	0	0
Amalgamated Financial	COM	022671101	158	8,000	SH		SOLE		0	0	8,000
Amdocs Limited	COM	G02602103	625	7,500	SH		SOLE		7,500	0	0
Amerco	COM	023586100	225	471	SH		SOLE		471	0	0
American Equity Investment	COM	025676206	1,442	39,435	SH		SOLE		11,435	0	28,000
Amkor Technology Inc	COM	031652100	881	51,994	SH		SOLE		11,494	0	40,500
Angel Oak Mortgage	COM	03464Y108	27	2,100	SH		SOLE		0	0	2,100
Apartment Income REIT	COM	03750L109	13	324	SH		SOLE		324	0	0
Apartment Invest& Mang A	COM	03748R747	2	295	SH		SOLE		295	0	0
Arch Capital Group Ltd.	COM	G0450A105	660	14,500	SH		SOLE		14,500	0	0
Arch Resources Inc	COM	03940R107	29	200	SH		SOLE		0	0	200
Archer Daniels Midland	COM	039483102	334	4,300	SH		SOLE		4,300	0	0
Arcutis Biotherapeutics	COM	03969K108	55	2,600	SH		SOLE		0	0	2,600
Arrow Electronics Inc	COM	042735100	11	100	SH		SOLE		100	0	0
Atlantic Union Bacncshares	COM	04911A107	2,028	59,800	SH		SOLE		15,100	0	44,700
Atlanticus Holdings	COM	04914Y102	278	7,900	SH		SOLE		1,700	0	6,200
AutoNation Inc.	COM	05329W102	13	120	SH		SOLE		120	0	0
Avangrid Inc.	COM	05351W103	687	14,900	SH		SOLE		14,900	0	0
B. Riley Financial	COM	05580M108	1	24	SH		SOLE		24	0	0
BBQ Holdings	COM	05551A109	27	2,600	SH		SOLE		0	0	2,600
BCB Bancorp, Inc.	COM	055298103	29	1,700	SH		SOLE		0	0	1,700
BOK Financial Corp.	COM	05561Q201	5	62	SH		SOLE		62	0	0
BancFirst Corp OK	COM	05945F103	230	2,400	SH		SOLE		2,400	0	0
Bank OZK	COM	06417N103	2	59	SH		SOLE		59	0	0
Bank of America Corp	COM	060505104	756	24,300	SH		SOLE		24,300	0	0
Bank of NT Butterfield LTD	COM	G0772R208	3,977	127,504	SH		SOLE		32,204	0	95,300
Bank of New York Mellon Corp.	COM	064058100	304	7,300	SH		SOLE		7,300	0	0
Barrett Business Services	COM	068463108	66	900	SH		SOLE		0	0	900
Berkshire Hathaway cl B	COM	084670702	1,160	4,250	SH		SOLE		4,250	0	0
Best Buy Inc.	COM	086516101	13	200	SH		SOLE		200	0	0
Big Lots Inc	COM	089302103	19	900	SH		SOLE		900	0	0
Biogen Inc.	COM	09062X103	347	1,700	SH		SOLE		1,700	0	0
Bioventus Inc	COM	09075A108	24	3,500	SH		SOLE		0	0	3,500
Bluebird Bio	COM	09609G100	106	25,500	SH		SOLE		0	0	25,500
Bluelinx Holdings	COM	09624H208	3,462	51,821	SH		SOLE		12,821	0	39,000
BorgWarner Inc.	COM	099724106	10	300	SH		SOLE		300	0	0
Bread Financial Holdings	COM	018581108	1	21	SH		SOLE		21	0	0
Brightsphere Investment Group	COM	10948W103	182	10,130	SH		SOLE		0	0	10,130
Brown-Forman cl B	COM	115637209	35	500	SH		SOLE		500	0	0
Business First Bancshares	COM	12326C105	34	1,600	SH		SOLE		0	0	1,600
Byline Bancorp Inc.	COM	124411109	176	7,400	SH		SOLE		0	0	7,400
CACI International, Inc.	COM	127190304	28	100	SH		SOLE		100	0	0
CBRE Group, Inc.	COM	12504L109	648	8,800	SH		SOLE		8,800	0	0
CDW Corporation	COM	12514G108	47	300	SH		SOLE		300	0	0
CNA Financial Corp.	COM	126117100	72	1,600	SH		SOLE		1,600	0	0
CNO Financial Group, Inc.	COM	12621E103	295	16,300	SH		SOLE		4,800	0	11,500
CRA International Inc	COM	12618T105	98	1,100	SH		SOLE		0	0	1,100
CTO Realty Growth Inc	COM	22948Q101	134	2,200	SH		SOLE		0	0	2,200
Capri Holdings Ltd.	COM	G1890L107	12	300	SH		SOLE		300	0	0
Carlyle Finance LLC	COM	14316J108	33	1,035	SH		SOLE		1,035	0	0
Carrier Global Corporation	COM	14448C104	29	800	SH		SOLE		800	0	0
Casey's General Stores, Inc.	COM	147528103	18	100	SH		SOLE		100	0	0
Cathay General Bancorp	COM	149150104	1	31	SH		SOLE		31	0	0
Celanese Corporation	COM	150870103	459	3,900	SH		SOLE		3,900	0	0
Central Garden&Pet cl A	COM	153527205	724	18,100	SH		SOLE		2,400	0	15,700
Centrus Energy	COM	15643U104	30	1,200	SH		SOLE		0	0	1,200
Century Communities, Inc.	COM	156504300	1	22	SH		SOLE		22	0	0
Cincinnati Financial Corp	COM	172062101	607	5,100	SH		SOLE		5,100	0	0
Cirrus Logic Inc.	COM	172755100	22	300	SH		SOLE		300	0	0
Cleveland-Cliffs Inc.	COM	185899101	1	45	SH		SOLE		45	0	0
Codiak Biosciences	COM	192010106	26	9,100	SH		SOLE		0	0	9,100
Collegium Pharmaceuticals	COM	19459J104	53	3,000	SH		SOLE		0	0	3,000
Commercial Metals Co	COM	201723103	1	34	SH		SOLE		34	0	0
Computer Programs & Systems	COM	205306103	29	900	SH		SOLE		0	0	900
Consumer Portfolio Services	COM	210502100	88	8,600	SH		SOLE		0	0	8,600
Containers Store Group	COM	210751103	47	7,500	SH		SOLE		0	0	7,500
Continental Resources, Inc.	COM	212015101	404	6,178	SH		SOLE		6,178	0	0
Costamare Inc	COM	Y1771G102	3,685	304,514	SH		SOLE		76,914	0	227,600
Cummins Inc.	COM	231021106	39	200	SH		SOLE		200	0	0
Curo Group Holdings Corp	COM	23131L107	50	9,100	SH		SOLE		0	0	9,100
Customers Bancorp Inc	COM	23204G100	1	43	SH		SOLE		43	0	0
D.R. Horton Inc.	COM	23331A109	556	8,400	SH		SOLE		8,400	0	0
DISH Network Corp cl A	COM	25470M109	43	2,400	SH		SOLE		2,400	0	0
DLH Holdings	COM	23335Q100	99	6,500	SH		SOLE		0	0	6,500
DTE Energy Corp.	COM	233331107	190	1,500	SH		SOLE		1,500	0	0
DaVita HealthCare Partners Inc	COM	23918K108	312	3,900	SH		SOLE		3,900	0	0
Deciphera Pharmaceuticals	COM	24344T101	104	7,900	SH		SOLE		0	0	7,900
Dell Inc.	COM	24703L202	628	13,600	SH		SOLE		13,600	0	0
Dicks Sporting Goods Inc	COM	253393102	2	25	SH		SOLE		25	0	0
Discover Financial Services	COM	254709108	416	4,400	SH		SOLE		4,400	0	0
Dorian LPG Ltd.	COM	Y2106R110	3,077	202,443	SH		SOLE		50,543	0	151,900
Duluth Holdings	COM	26443V101	20	2,100	SH		SOLE		0	0	2,100
Eagle Bancorp Inc	COM	268948106	1,716	36,200	SH		SOLE		10,300	0	25,900
Earthstone Energy	COM	27032D304	1,726	126,438	SH		SOLE		32,338	0	94,100
Ebix Inc	COM	278715206	1	57	SH		SOLE		57	0	0
Employers Holdings, Inc.	COM	292218104	3,774	90,100	SH		SOLE		21,600	0	68,500
Encore Capital Group, Inc.	COM	292554102	24	412	SH		SOLE		412	0	0
Encore Wire Corporation	COM	292562105	1	6	SH		SOLE		6	0	0
Enova International, Inc.	COM	29357K103	2,177	75,553	SH		SOLE		18,953	0	56,600
Enstar Group Limited	COM	G3075P101	3,509	16,400	SH		SOLE		4,100	0	12,300
Entergy Corp	COM	29364G103	11	100	SH		SOLE		100	0	0
Epsilon Energy	COM	294375209	38	6,400	SH		SOLE		0	0	6,400
Equity Residential	COM	29476L107	22	300	SH		SOLE		300	0	0
Erie Indemnity Co cl A	COM	29530P102	6	31	SH		SOLE		31	0	0
Essent Group	COM	G3198U102	1	28	SH		SOLE		28	0	0
Exelixis Inc.	COM	30161Q104	15	700	SH		SOLE		700	0	0
Expeditors International of WA	COM	302130109	273	2,800	SH		SOLE		2,800	0	0
F.N.B Corporation PA	COM	302520101	2	145	SH		SOLE		145	0	0
Farmer Mac	COM	313148306	1,660	17,000	SH		SOLE		4,000	0	13,000
Federated Hermes Inc	COM	314211103	108	3,400	SH		SOLE		0	0	3,400
Fidelity National Fin Inc.	COM	31620R303	196	5,300	SH		SOLE		5,300	0	0
First Financial Bancorp OH	COM	320209109	3,670	189,170	SH		SOLE		48,270	0	140,900
First Guaranty Bancshares	COM	32043P106	24	1,000	SH		SOLE		0	0	1,000
First Hawaiian, Inc	COM	32051X108	5	204	SH		SOLE		204	0	0
First Internet Bancorp	COM	320557101	52	1,400	SH		SOLE		0	0	1,400
Fonar Corporation	COM	344437405	50	3,300	SH		SOLE		0	0	3,300
Foot Locker Inc	COM	344849104	0	16	SH		SOLE		16	0	0
Forestar Group	COM	346232101	1,057	77,196	SH		SOLE		17,996	0	59,200
Forma Therapeutics Holdings	COM	34633R104	103	14,900	SH		SOLE		0	0	14,900
Fulcrum Therapeutics	COM	359616109	19	3,900	SH		SOLE		0	0	3,900
G-III Apparel Group	COM	36237H101	1,694	83,732	SH		SOLE		21,732	0	62,000
GAMCO Investors, Inc.	COM	361438104	1,318	63,042	SH		SOLE		25,900	0	37,142
Gates Industrial Corp	COM	G39108108	4	382	SH		SOLE		382	0	0
General Dynamics Corp.	COM	369550108	642	2,900	SH		SOLE		2,900	0	0
General Motors Company	COM	37045V100	299	9,400	SH		SOLE		9,400	0	0
Genie Energy	COM	372284208	23	2,500	SH		SOLE		0	0	2,500
Genworth Financial Inc	COM	37247D106	591	167,500	SH		SOLE		41,000	0	126,500
Geo Group Inc	COM	36162J106	75	11,400	SH		SOLE		0	0	11,400
Global Industrial Co.	COM	37892E102	635	18,800	SH		SOLE		3,900	0	14,900
Goldman Sachs Group Inc	COM	38141G104	297	1,000	SH		SOLE		1,000	0	0
Gossamer Bio	COM	38341P102	75	9,000	SH		SOLE		0	0	9,000
Graftech International Ltd	COM	384313508	3,401	481,037	SH		SOLE		121,537	0	359,500
Graham Holdings Company	COM	384637104	4,030	7,110	SH		SOLE		1,810	0	5,300
Gray Television Inc	COM	389375106	2,112	125,072	SH		SOLE		29,372	0	95,700
Green Brick Partners Inc	COM	392709101	2,143	109,500	SH		SOLE		27,600	0	81,900
Greene County Bancorp	COM	394357107	41	900	SH		SOLE		0	0	900
Greenhill & Co Inc.	COM	395259104	38	4,100	SH		SOLE		0	0	4,100
Greif Inc cl A	COM	397624107	4,223	67,696	SH		SOLE		17,796	0	49,900
Group 1 Automotive, Inc.	COM	398905109	2	10	SH		SOLE		10	0	0
HF Sinclair Corp	COM	403949100	18	400	SH		SOLE		400	0	0
HP Inc.	COM	40434L105	318	9,700	SH		SOLE		9,700	0	0
Hackett Group Inc	COM	404609109	47	2,500	SH		SOLE		0	0	2,500
Hamilton Beach Brands	COM	40701T104	42	3,400	SH		SOLE		0	0	3,400
Hawaiian Electric Industries	COM	419870100	6	138	SH		SOLE		138	0	0
Hawkins Inc	COM	420261109	32	900	SH		SOLE		0	0	900
Hayward Holdings Inc	COM	421298100	1	52	SH		SOLE		52	0	0
Heartland Financial USA	COM	42234Q102	1,194	28,733	SH		SOLE		7,533	0	21,200
Henry Schein Inc.	COM	806407102	506	6,600	SH		SOLE		6,600	0	0
Heritage-Crystal Cleaning	COM	42726M106	70	2,600	SH		SOLE		0	0	2,600
Highwoods Properties	COM	431284108	27	800	SH		SOLE		800	0	0
Hilltop Holdings Inc.	COM	432748101	3,778	141,709	SH		SOLE		35,609	0	106,100
Hologic Inc.	COM	436440101	541	7,800	SH		SOLE		7,800	0	0
Home Bancorp, Inc.	COM	43689E107	38	1,100	SH		SOLE		0	0	1,100
Home Bancshares Inc	COM	436893200	2	76	SH		SOLE		76	0	0
Hope Bancorp	COM	43940T109	3,413	246,600	SH		SOLE		54,600	0	192,000
Horizon Bancorp	COM	440407104	284	16,300	SH		SOLE		4,100	0	12,200
Hormel Foods Corp	COM	440452100	327	6,900	SH		SOLE		6,900	0	0
Hudson Technologies	COM	444144109	47	6,200	SH		SOLE		0	0	6,200
Huntington Ingalls Industries	COM	446413106	20	90	SH		SOLE		90	0	0
IDT Corporation Cl B	COM	448947507	33	1,300	SH		SOLE		0	0	1,300
Ingles Markets cl A	COM	457030104	4,073	46,955	SH		SOLE		11,855	0	35,100
Innoviva, Inc.	COM	45781M101	4,039	273,622	SH		SOLE		69,522	0	204,100
Intel Corporation	COM	458140100	711	19,000	SH		SOLE		19,000	0	0
International Bancshares	COM	459044103	4,020	100,300	SH		SOLE		25,700	0	74,600
International Paper Co.	COM	460146103	17	400	SH		SOLE		400	0	0
Intest Corp	COM	461147100	29	4,200	SH		SOLE		0	0	4,200
JPMorgan Chase & Co.	COM	46625H100	890	7,900	SH		SOLE		7,900	0	0
Jabil Circuit Inc.	COM	466313103	41	800	SH		SOLE		800	0	0
Jefferies Financial Group Inc.	COM	47233W109	25	900	SH		SOLE		900	0	0
Johnson Outdoors Inc.	COM	479167108	495	8,100	SH		SOLE		1,600	0	6,500
Jones Lang LaSalle Incorporated	COM	48020Q107	297	1,700	SH		SOLE		1,700	0	0
KKR & Co.	COM	48251W104	23	500	SH		SOLE		500	0	0
Kellogg Company	COM	487836108	21	300	SH		SOLE		300	0	0
Kemper Corp	COM	488401100	1	26	SH		SOLE		26	0	0
Kennedy-Wilson Holdings	COM	489398107	3,757	198,351	SH		SOLE		50,151	0	148,200
Kimball Electronics, Inc.	COM	49428J109	36	1,800	SH		SOLE		0	0	1,800
Koppers Holdings Inc.	COM	50060P106	616	27,200	SH		SOLE		8,600	0	18,600
Kronos Worldwide Inc.	COM	50105F105	4,034	219,219	SH		SOLE		55,419	0	163,800
Kura Oncology	COM	50127T109	119	6,500	SH		SOLE		0	0	6,500
Laboratory Corp of America	COM	50540R409	469	2,000	SH		SOLE		2,000	0	0
Lamar Advertising Co.	COM	512816109	26	300	SH		SOLE		300	0	0
Lands' End, Inc.	COM	51509F105	91	8,600	SH		SOLE		0	0	8,600
Landstar System Inc.	COM	515098101	15	100	SH		SOLE		100	0	0
Laredo Petroleum	COM	516806205	28	400	SH		SOLE		0	0	400
Lazard LTD.	COM	G54050102	4	134	SH		SOLE		134	0	0
Lazydays Holdings Inc.	COM	52110H100	62	5,300	SH		SOLE		0	0	5,300
Lee Enterprises Inc.	COM	523768406	36	1,900	SH		SOLE		0	0	1,900
Legacy Housing Corporation	COM	52472M101	59	4,500	SH		SOLE		0	0	4,500
Leidos Holdings, Inc.	COM	525327102	20	200	SH		SOLE		200	0	0
Lennar Corp cl A	COM	526057104	438	6,200	SH		SOLE		6,200	0	0
Lennox International Inc.	COM	526107107	21	100	SH		SOLE		100	0	0
Luther Burbank Corporation	COM	550550107	153	11,700	SH		SOLE		0	0	11,700
LyondellBasell Industries cl A	COM	N53745100	612	7,000	SH		SOLE		7,000	0	0
M/I Homes, Inc.	COM	55305B101	3,580	90,266	SH		SOLE		22,566	0	67,700
MDC Holdings Inc	COM	552676108	2,744	84,927	SH		SOLE		21,127	0	63,800
MDU Resources Group	COM	552690109	1	51	SH		SOLE		51	0	0
MGIC Investment Corp.	COM	552848103	1	116	SH		SOLE		116	0	0
MSC Industrial Direct Co.	COM	553530106	23	300	SH		SOLE		300	0	0
MVB Financial	COM	553810102	22	700	SH		SOLE		0	0	700
ManpowerGroup Inc	COM	56418H100	15	200	SH		SOLE		200	0	0
Marcus & Millichap, Inc.	COM	566324109	3,144	85,000	SH		SOLE		21,500	0	63,500
Marine Products Corp	COM	568427108	56	5,900	SH		SOLE		0	0	5,900
Marinemax Inc	COM	567908108	18	500	SH		SOLE		0	0	500
Matson Inc.	COM	57686G105	1	8	SH		SOLE		8	0	0
Merchants Bancorp	COM	58844R108	1,157	51,043	SH		SOLE		11,593	0	39,450
Mercury General Corp.	COM	589400100	5	104	SH		SOLE		104	0	0
Meritage Homes Corp	COM	59001A102	219	3,026	SH		SOLE		1,026	0	2,000
MetLife, Inc.	COM	59156R108	584	9,300	SH		SOLE		9,300	0	0
Meta Platforms Inc	COM	30303M102	290	1,800	SH		SOLE		1,800	0	0
Methode Electronics Inc	COM	591520200	323	8,725	SH		SOLE		2,225	0	6,500
MidWestOne Finl Grp	COM	598511103	45	1,500	SH		SOLE		0	0	1,500
Midland States Bancorp Inc	COM	597742105	79	3,300	SH		SOLE		0	0	3,300
Minerals Technologies	COM	603158106	61	1,000	SH		SOLE		1,000	0	0
Moderna Inc	COM	60770K107	57	400	SH		SOLE		400	0	0
Molina Healthcare, Inc.	COM	60855R100	224	800	SH		SOLE		800	0	0
Monarch Casino & Resort	COM	609027107	29	500	SH		SOLE		0	0	500
Morgan Stanley	COM	617446448	38	500	SH		SOLE		500	0	0
Mr Cooper Group	COM	62482R107	1	14	SH		SOLE		14	0	0
Mueller Industries, Inc.	COM	624756102	3,433	64,426	SH		SOLE		13,726	0	50,700
NACCO Industries cl A	COM	629579103	110	2,900	SH		SOLE		0	0	2,900
NBT Bancorp Inc.	COM	628778102	2,797	74,400	SH		SOLE		20,400	0	54,000
NCR Corporation	COM	62886E108	19	600	SH		SOLE		600	0	0
NMI Holdings	COM	629209305	30	1,800	SH		SOLE		1,800	0	0
NRG Energy Inc	COM	629377508	448	11,734	SH		SOLE		11,734	0	0
National Beverage Corp	COM	635017106	24	500	SH		SOLE		500	0	0
National Energy Services Reunited	COM	G6375R107	626	92,400	SH		SOLE		26,900	0	65,500
National HealthCare Corp	COM	635906100	1,357	19,409	SH		SOLE		4,909	0	14,500
National Western Life Group A	COM	638517102	1,360	6,707	SH		SOLE		1,407	0	5,300
Natural Grocers By Vitamin Cottage Inc	COM	63888U108	51	3,200	SH		SOLE		0	0	3,200
Nature's Sunshine Products	COM	639027101	62	5,800	SH		SOLE		0	0	5,800
Nelnet Inc	COM	64031N108	3,836	45,000	SH		SOLE		11,700	0	33,300
New Fortress Energy	COM	644393100	13	329	SH		SOLE		329	0	0
NewMarket Corporation	COM	651587107	5	18	SH		SOLE		18	0	0
Newmark Group	COM	65158N102	2,007	207,563	SH		SOLE		51,763	0	155,800
Nexstar Media Group, Inc. Cl A	COM	65336K103	33	200	SH		SOLE		200	0	0
Nikarta	COM	65487U108	38	3,100	SH		SOLE		0	0	3,100
Northern Trust Corp.	COM	665859104	48	500	SH		SOLE		500	0	0
Northrop Grumman Corp	COM	666807102	526	1,100	SH		SOLE		1,100	0	0
ONEOK, Inc.	COM	682680103	411	7,400	SH		SOLE		7,400	0	0
OceanFirst Financial	COM	675234108	532	27,800	SH		SOLE		7,200	0	20,600
Oil-Dri Corp. of Amer	COM	677864100	67	2,200	SH		SOLE		0	0	2,200
Old Republic Int'l Corp	COM	680223104	30	1,343	SH		SOLE		1,343	0	0
Olympic Steel Inc.	COM	68162K106	46	1,800	SH		SOLE		0	0	1,800
Omnicom Group Inc	COM	681919106	274	4,300	SH		SOLE		4,300	0	0
One Liberty Properties Inc.	COM	682406103	75	2,900	SH		SOLE		0	0	2,900
Onemain Holdings Inc	COM	68268W103	13	352	SH		SOLE		352	0	0
Onewater Marine	COM	68280L101	76	2,300	SH		SOLE		0	0	2,300
Oppenheimer Holdings	COM	683797104	710	21,500	SH		SOLE		2,100	0	19,400
Opportun Financial Corp	COM	68376D104	27	3,300	SH		SOLE		0	0	3,300
Oracle Corporation	COM	68389X105	678	9,700	SH		SOLE		9,700	0	0
Organon & Co	COM	68622V106	131	3,881	SH		SOLE		3,881	0	0
Orion Engineered Carbons	COM	L72967109	37	2,400	SH		SOLE		2,400	0	0
P.A.M. Transportation	COM	693149106	107	3,900	SH		SOLE		0	0	3,900
PC Connection, Inc.	COM	69318J100	3,898	88,500	SH		SOLE		21,300	0	67,200
Paccar Inc.	COM	693718108	25	300	SH		SOLE		300	0	0
Park National Corp OH	COM	700658107	1,067	8,800	SH		SOLE		1,800	0	7,000
Passage Bio	COM	702712100	25	10,800	SH		SOLE		0	0	10,800
PennyMac Financial Service Inc	COM	70932M107	2,877	65,810	SH		SOLE		16,710	0	49,100
Penske Automotive Group, Inc.	COM	70959W103	330	3,153	SH		SOLE		3,153	0	0
Perdoceo Education Corp	COM	71363P106	3,085	261,900	SH		SOLE		67,200	0	194,700
Photronics Inc.	COM	719405102	72	3,700	SH		SOLE		0	0	3,700
Piedmont Office Realty Trust,	COM	720190206	1,635	124,620	SH		SOLE		18,220	0	106,400
Pilgrims Pride Corp	COM	72147K108	4	119	SH		SOLE		119	0	0
Potlatch Corporation	COM	737630103	362	8,200	SH		SOLE		1,500	0	6,700
Preformed Line Products	COM	740444104	117	1,900	SH		SOLE		0	0	1,900
Premier Financial	COM	74052F108	236	9,300	SH		SOLE		1,600	0	7,700
Principal Financial Group, Inc.	COM	74251V102	20	300	SH		SOLE		300	1	0
Progressive Corp.	COM	743315103	267	2,300	SH		SOLE		2,300	2	0
Provention Bio	COM	74374N102	28	7,000	SH		SOLE		0	3	7,000
Provident Financial Services	COM	74386T105	1,131	50,800	SH		SOLE		11,100	4	39,700
Prudential Financial Inc	COM	744320102	25	260	SH		SOLE		260	5	0
PulteGroup, Inc.	COM	745867101	27	679	SH		SOLE		679	6	0
Qurate Retail	COM	74915M100	1	210	SH		SOLE		210	7	0
R C M Technologies	COM	749360400	55	2,700	SH		SOLE		0	8	2,700
RBB Bancorp	COM	74930B105	143	6,900	SH		SOLE		0	9	6,900
RMR Group	COM	74967R106	1	28	SH		SOLE		28	10	0
Radiant Logistics	COM	75025X100	61	8,200	SH		SOLE		0	11	8,200
Ramaco Resources Inc	COM	75134P303	79	6,000	SH		SOLE		0	12	6,000
Raymond James Financial Inc.	COM	754730109	31	350	SH		SOLE		350	13	0
Regional Management Corp.	COM	75902K106	86	2,300	SH		SOLE		0	14	2,300
Reliance Steel & Aluminum	COM	759509102	34	200	SH		SOLE		200	15	0
Republic Bancorp KY	COM	760281204	1,221	25,300	SH		SOLE		5,500	16	19,800
Republic Services Inc.	COM	760759100	118	900	SH		SOLE		900	0	0
Resources Connection	COM	76122Q105	84	4,100	SH		SOLE		0	0	4,100
Retractable Technologies Inc	COM	76129W105	67	17,600	SH		SOLE		0	0	17,600
Revance Therapeutics	COM	761330109	76	5,500	SH		SOLE		0	0	5,500
Reynolds Consumer Product	COM	76171L106	6	206	SH		SOLE		206	0	0
Rush Enterprises Inc	COM	781846209	4,011	83,221	SH		SOLE		20,871	0	62,350
Ryerson Holding Corporation	COM	783754104	1,965	92,300	SH		SOLE		24,800	0	67,500
SEI Investments Co.	COM	784117103	2	43	SH		SOLE		43	0	0
Safe Bulkers	COM	Y7388L103	63	16,400	SH		SOLE		0	0	16,400
Safety Insurance Group Inc.	COM	78648T100	893	9,200	SH		SOLE		3,200	0	6,000
Sally Beauty Holdings, Inc.	COM	79546E104	454	38,100	SH		SOLE		11,000	0	27,100
Sanmina Corporation	COM	801056102	828	20,317	SH		SOLE		6,417	0	13,900
Saul Centers Inc.	COM	804395101	1	26	SH		SOLE		26	0	0
Schneider National Inc.	COM	80689H102	26	1,150	SH		SOLE		1,150	0	0
Schnitzer Steel Ind cl A	COM	806882106	30	900	SH		SOLE		0	0	900
Scholar Rock Holdings	COM	80706P103	38	7,000	SH		SOLE		0	0	7,000
Schweitzer-Mauduit Int'l Inc.	COM	808541106	784	31,200	SH		SOLE		8,200	0	23,000
Security National Financial	COM	814785309	28	3,360	SH		SOLE		0	0	3,360
Select Medical Holdings Corp	COM	81619Q105	4,117	174,300	SH		SOLE		44,400	0	129,900
Selective Insurance Group	COM	816300107	3	29	SH		SOLE		29	0	0
Seneca Foods cl A	COM	817070501	144	2,600	SH		SOLE		0	0	2,600
Shattuck Labs	COM	82024L103	53	13,100	SH		SOLE		0	0	13,100
Silgan Holdings Inc.	COM	827048109	6	135	SH		SOLE		135	0	0
Silvercrest Asset Mgmt Grp	COM	828359109	31	1,900	SH		SOLE		0	0	1,900
Sitio Royalties Corp	COM	82982V101	159	6,850	SH		SOLE		0	0	6,850
Smart Global Holdings Inc	COM	G8232Y101	20	1,200	SH		SOLE		0	0	1,200
Sonic Automotive, Inc.	COM	83545G102	454	12,400	SH		SOLE		3,200	0	9,200
South Plains Financial	COM	83946P107	109	4,500	SH		SOLE		0	0	4,500
Southern Copper Corp.	COM	84265V105	488	9,800	SH		SOLE		9,800	0	0
Southern MO Bancorp	COM	843380106	59	1,300	SH		SOLE		0	0	1,300
Standard Motor Products	COM	853666105	1,719	38,200	SH		SOLE		10,200	0	28,000
Steel Dynamics Inc.	COM	858119100	327	4,950	SH		SOLE		4,950	0	0
StepStone Group Inc	COM	85914M107	1	48	SH		SOLE		48	0	0
Stewart Information Services	COM	860372101	1,980	39,800	SH		SOLE		9,500	0	30,300
Stonex Group	COM	861896108	4,684	60,000	SH		SOLE		14,400	0	45,600
Superior Group of Companies	COM	868358102	53	3,000	SH		SOLE		0	0	3,000
Synchrony Financial	COM	87165B103	113	4,100	SH		SOLE		4,100	0	0
TD Synnex Corporation	COM	87162W100	51	561	SH		SOLE		561	0	0
TEGNA Inc.	COM	87901J105	1	38	SH		SOLE		38	0	0
TTEC Holdings Inc.	COM	89854H102	1,046	15,400	SH		SOLE		3,500	0	11,900
Taylor Morrison Home Corporation	COM	87724P106	2	70	SH		SOLE		70	0	0
Texas Pacific Land Trust	COM	88262P102	357	240	SH		SOLE		240	0	0
The ONE Group Hospitality Inc	COM	88338K103	59	8,055	SH		SOLE		55	0	8,000
Timken Company	COM	887389104	2	40	SH		SOLE		40	0	0
Tiptree Inc	COM	88822Q103	98	9,200	SH		SOLE		0	0	9,200
Titan Machinery Inc.	COM	88830R101	49	2,200	SH		SOLE		0	0	2,200
Towne Bank	COM	89214P109	3,932	144,821	SH		SOLE		36,172	0	108,649
Trean Insurance Group Inc	COM	89457R101	90	14,400	SH		SOLE		0	0	14,400
Trinet Group Inc	COM	896288107	1	7	SH		SOLE		7	0	0
Triton International Ltd	COM	G9078F107	2	36	SH		SOLE		36	0	0
Tronox Holdings	COM	G9087Q102	1	30	SH		SOLE		30	0	0
Truist Financial	COM	89832Q109	674	14,200	SH		SOLE		14,200	0	0
Twenty-First Century Fox Inc.	COM	35137L105	601	18,700	SH		SOLE		18,700	0	0
Tyson Foods	COM	902494103	732	8,500	SH		SOLE		8,500	0	0
UFP Industries	COM	90278Q108	2,412	35,400	SH		SOLE		9,200	0	26,200
UGI Corp	COM	902681105	54	1,400	SH		SOLE		1,400	0	0
USA Truck Inc	COM	902925106	151	4,800	SH		SOLE		0	0	4,800
USANA Health Sciences, Inc.	COM	90328M107	1,448	20,013	SH		SOLE		5,213	0	14,800
United States Cellular Corp	COM	911684108	4,102	141,642	SH		SOLE		35,742	0	105,900
United States Lime & Minerals	COM	911922102	42	400	SH		SOLE		0	0	400
United States Steel Corp	COM	912909108	0	27	SH		SOLE		27	0	0
Universal Health Services	COM	913903100	10	100	SH		SOLE		100	0	0
Universal Logistics Holdings,	COM	91388P105	235	8,600	SH		SOLE		2,200	0	6,400
Universal Technical Institute	COM	913915104	29	4,000	SH		SOLE		0	0	4,000
Urban One Inc	COM	91705J204	40	9,400	SH		SOLE		0	0	9,400
Vaalco Energy	COM	91851C201	23	3,300	SH		SOLE		0	0	3,300
Valhi Inc.	COM	918905209	254	5,600	SH		SOLE		1,400	0	4,200
Value Line Inc.	COM	920437100	53	800	SH		SOLE		0	0	800
Valvoline	COM	92047W101	20	700	SH		SOLE		700	0	0
VeriSign Inc	COM	92343E102	17	100	SH		SOLE		100	0	0
Verizon Communications, Inc.	COM	92343V104	802	15,800	SH		SOLE		15,800	0	0
Village Super Market	COM	927107409	94	4,100	SH		SOLE		0	0	4,100
Virtu Financial	COM	928254101	2	102	SH		SOLE		102	0	0
Vishay Intertechnology Inc.	COM	928298108	2,381	133,600	SH		SOLE		38,600	0	95,000
Vontier Corp	COM	928881101	26	1,125	SH		SOLE		1,125	0	0
Walgreens Boots Alliance Inc	COM	931427108	402	10,600	SH		SOLE		10,600	0	0
Walmart Inc.	COM	931142103	547	4,500	SH		SOLE		4,500	0	0
Waters Corporation	COM	941848103	298	900	SH		SOLE		900	0	0
Weis Markets Inc.	COM	948849104	1,789	24,000	SH		SOLE		6,100	0	17,900
Wells Fargo & Company	COM	949746101	239	6,100	SH		SOLE		6,100	0	0
WesBanco Inc.	COM	950810101	444	14,000	SH		SOLE		1,400	0	12,600
Western Union	COM	959802109	29	1,764	SH		SOLE		1,764	0	0
Westlake Corporation	COM	960413102	455	4,646	SH		SOLE		4,646	0	0
Williams-Sonoma Inc.	COM	969904101	22	200	SH		SOLE		200	0	0
World Fuel Services Corp	COM	981475106	3,283	160,451	SH		SOLE		40,351	0	120,100
Worthington Industries	COM	981811102	3,949	89,548	SH		SOLE		22,648	0	66,900
Zynex Inc	COM	98986M103	61	7,700	SH		SOLE		0	0	7,700
ePlus Inc.	COM	294268107	680	12,800	SH		SOLE		2,700	0	10,100
eXp World Holdings Inc	COM	30212W100	1	79	SH		SOLE		79	0	0

Denali Advisors 13F-HR/AQuarterly holdings report by institutional manager (amended)