Denali Advisors 13FHR Quarterly holdings report by institutional manager | SEC 19 Oct 23

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
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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	1,974,021	46,900	SH		SOLE		12,000	0	34,900
ACM Research Inc	COM	00108J109	660,833	36,500	SH		SOLE		0	0	36,500
AFLAC INC COM	COM	001055102	901,275	11,743	SH		SOLE		11,743	0	0
AG Mortgage Investment Tr	COM	001228501	103,785	18,700	SH		SOLE		0	0	18,700
AMC Networks Inc. cl A	COM	00164V103	2,641,771	224,259	SH		SOLE		58,059	0	166,200
AMN Healthcare Services	COM	001744101	3,578	42	SH		SOLE		42	0	0
APA Corporation	COM	03743Q108	1,480	36	SH		SOLE		36	0	0
API Group Corp	COM	00187Y100	3,293	127	SH		SOLE		127	0	0
Academy Sports and Outdoors	COM	00402L107	2,600	55	SH		SOLE		55	0	0
Acco Brands Corporation	COM	00081T108	217,546	37,900	SH		SOLE		0	0	37,900
Adams Resources & Energy	COM	006351308	70,749	2,100	SH		SOLE		0	0	2,100
AdaptHealth Corp	COM	00653Q102	2,148	236	SH		SOLE		236	0	0
Aersale Corp	COM	00810F106	41,832	2,800	SH		SOLE		0	0	2,800
Affiliated Managers Group	COM	008252108	5,214	40	SH		SOLE		40	0	0
Agco Corporation	COM	001084102	24,366	206	SH		SOLE		206	0	0
Alexanders Inc.	COM	014752109	1,767,631	9,700	SH		SOLE		1,500	0	8,200
Alignment Healthcare	COM	01625V104	1,673	241	SH		SOLE		241	0	0
Allison Transmission Holdings	COM	01973R101	2,599	44	SH		SOLE		44	0	0
Ally Financial Inc.	COM	02005N100	50,612	1,897	SH		SOLE		1,897	0	0
Alphabet Inc. Class A	COM	02079K305	876,762	6,700	SH		SOLE		6,700	0	0
Amdocs Limited	COM	G02602103	600,639	7,109	SH		SOLE		7,109	0	0
Amerco	COM	023586100	26,739	490	SH		SOLE		490	0	0
American Eagle Outfitters Inc	COM	02553E106	1,644	99	SH		SOLE		99	0	0
American Equity Investment	COM	025676206	3,957,291	73,775	SH		SOLE		18,875	0	54,900
American Intl Group, Inc.	COM	026874784	551,460	9,100	SH		SOLE		9,100	0	0
American Software	COM	029683109	333,543	29,105	SH		SOLE		105	0	29,000
Ameris Bancorp	COM	03076K108	203,467	5,300	SH		SOLE		1,300	0	4,000
Amkor Technology Inc	COM	031652100	2,082,839	92,161	SH		SOLE		22,961	0	69,200
Annaly Capital Mgmt.	COM	035710839	395	21	SH		SOLE		21	0	0
Apartment Income REIT	COM	03750L109	6,785	221	SH		SOLE		221	0	0
Arcbest Corp	COM	03937C105	2,846	28	SH		SOLE		28	0	0
Arch Resources Inc	COM	03940R107	2,474,570	14,500	SH		SOLE		2,400	0	12,100
Archer Daniels Midland	COM	039483102	437,436	5,800	SH		SOLE		5,800	0	0
Arko Corp	COM	041242108	2,309	323	SH		SOLE		323	0	0
Armada Hoffler Properties Inc.	COM	04208T108	404,480	39,500	SH		SOLE		6,200	0	33,300
Arrow Electronics Inc	COM	042735100	540,035	4,312	SH		SOLE		4,312	0	0
Assertio Holdings	COM	04546C205	109,312	42,700	SH		SOLE		0	0	42,700
Assured Guaranty Ltd	COM	G0585R106	1,634	27	SH		SOLE		27	0	0
Atea Pharmaceuticals	COM	04683R106	54,000	18,000	SH		SOLE		0	0	18,000
Atlanticus Holdings	COM	04914Y102	850,347	28,055	SH		SOLE		855	0	27,200
AutoNation Inc.	COM	05329W102	19,076	126	SH		SOLE		126	0	0
Avangrid Inc.	COM	05351W103	64,322	2,132	SH		SOLE		2,132	0	0
Aveanna Healthcare Holdings Inc	COM	05356F105	1,490	1,252	SH		SOLE		1,252	0	0
Avis Budget Group, Inc.	COM	053774105	19,946	111	SH		SOLE		111	0	0
Avnet Inc.	COM	053807103	6,313	131	SH		SOLE		131	0	0
BOK Financial Corp.	COM	05561Q201	6,478	81	SH		SOLE		81	0	0
BRT Apartments Corp	COM	055645303	186,516	10,800	SH		SOLE		0	0	10,800
Bank of America Corp	COM	060505104	837,828	30,600	SH		SOLE		30,600	0	0
Bank of NT Butterfield LTD	COM	G0772R208	4,054,147	149,710	SH		SOLE		38,010	0	111,700
Bank of New York Mellon Corp.	COM	064058100	347,939	8,158	SH		SOLE		8,158	0	0
Bank7 Corp	COM	06652N107	164,323	7,300	SH		SOLE		0	0	7,300
Beacon Roofing Supply	COM	073685109	4,167	54	SH		SOLE		54	0	0
Beazer Homes USA	COM	07556Q881	2,254,978	90,525	SH		SOLE		21,725	0	68,800
Belden Inc.	COM	077454106	3,476	36	SH		SOLE		36	0	0
Berkshire Hathaway cl B	COM	084670702	1,261,080	3,600	SH		SOLE		3,600	0	0
Best Buy Inc.	COM	086516101	14,450	208	SH		SOLE		208	0	0
Bluegreen Vacations Holding Corp	COM	096308101	1,089,396	29,700	SH		SOLE		1,100	0	28,600
Bluelinx Holdings	COM	09624H208	4,370,964	53,246	SH		SOLE		12,446	0	40,800
Boise Cascade LLC	COM	09739D100	4,431	43	SH		SOLE		43	0	0
Bread Financial Holdings	COM	018581108	3,573,968	104,502	SH		SOLE		25,402	0	79,100
Bridgewater Bancshares Inc	COM	108621103	94,800	10,000	SH		SOLE		0	0	10,000
Brightsphere Investment Group	COM	10948W103	1,036,318	53,446	SH		SOLE		13,646	0	39,800
Brookfield Infrastructure Corporation	COM	11275Q107	742	21	SH		SOLE		21	0	0
Brown-Forman cl B	COM	115637209	462,558	8,018	SH		SOLE		8,018	0	0
Buckle Inc.	COM	118440106	1,269,421	38,018	SH		SOLE		9,618	0	28,400
Bunge Limited	COM	G16962105	716,290	6,617	SH		SOLE		6,617	0	0
Business First Bancshares	COM	12326C105	170,716	9,100	SH		SOLE		0	0	9,100
Byline Bancorp Inc.	COM	124411109	297,621	15,100	SH		SOLE		0	0	15,100
CDW Corporation	COM	12514G108	40,352	200	SH		SOLE		200	0	0
CNA Financial Corp.	COM	126117100	76,693	1,949	SH		SOLE		1,949	0	0
CNO Financial Group, Inc.	COM	12621E103	249,165	10,500	SH		SOLE		6,800	0	3,700
CORE Molding Tech	COM	218683100	327,635	11,500	SH		SOLE		0	0	11,500
CPI Card Group Inc	COM	12634H200	275,948	14,900	SH		SOLE		0	0	14,900
CVR Energy, Inc.	COM	12662P108	2,008	59	SH		SOLE		59	0	0
Cabot Corporation	COM	127055101	901	13	SH		SOLE		13	0	0
Cal-Maine Foods Inc.	COM	128030202	1,259	26	SH		SOLE		26	0	0
Camping World Holdings, Inc.	COM	13462K109	2,225	109	SH		SOLE		109	0	0
Cano Health	COM	13781Y103	1,711	6,745	SH		SOLE		6,745	0	0
Capital One Financial Corp.	COM	14040H105	621,120	6,400	SH		SOLE		6,400	0	0
Carlyle Finance LLC	COM	14316J108	27,958	927	SH		SOLE		927	0	0
Carrier Global Corporation	COM	14448C104	380,880	6,900	SH		SOLE		6,900	0	0
Carters Inc	COM	146229109	20,745	300	SH		SOLE		300	0	0
Carvana Co	COM	146869102	2,057	49	SH		SOLE		49	0	0
Celanese Corporation	COM	150870103	64,643	515	SH		SOLE		515	0	0
Central Valley Community Bancorp	COM	155685100	104,414	7,400	SH		SOLE		0	0	7,400
Centrus Energy	COM	15643U104	2,045,574	36,039	SH		SOLE		3,839	0	32,200
Century Communities, Inc.	COM	156504300	3,728,862	55,838	SH		SOLE		13,838	0	42,000
Championx Corp	COM	15872M104	962	27	SH		SOLE		27	0	0
Charles River Laboratories	COM	159864107	19,598	100	SH		SOLE		100	0	0
Chesapeake Energy Corp	COM	165167735	603,438	6,998	SH		SOLE		6,998	0	0
Cincinnati Financial Corp	COM	172062101	574,870	5,620	SH		SOLE		5,620	0	0
Cinemark Holdings Inc	COM	17243V102	532	29	SH		SOLE		29	0	0
Cirrus Logic Inc.	COM	172755100	30,398	411	SH		SOLE		411	0	0
Claros Mortgage Trust	COM	18270D106	399,988	36,100	SH		SOLE		0	0	36,100
Clearfield Inc.	COM	18482P103	186,290	6,500	SH		SOLE		0	0	6,500
Cleveland-Cliffs Inc.	COM	185899101	4,236	271	SH		SOLE		271	0	0
Coca-Cola Bottling Cl A	COM	191098102	1,909	3	SH		SOLE		3	0	0
Columbia Sportswear Co.	COM	198516106	2,075	28	SH		SOLE		28	0	0
Comerica, Inc.	COM	200340107	19,071	459	SH		SOLE		459	0	0
Concentrix Corp.	COM	20602D101	27,077	338	SH		SOLE		338	0	0
ConnectOne Bancorp Inc	COM	20786W107	590,173	33,100	SH		SOLE		4,500	0	28,600
Constellium	COM	F21107101	2,257	124	SH		SOLE		124	0	0
Consumer Portfolio Services	COM	210502100	449,872	49,600	SH		SOLE		0	0	49,600
Containers Store Group	COM	210751103	139,275	61,900	SH		SOLE		0	0	61,900
Cooper Companies, Inc.	COM	216648402	31,801	100	SH		SOLE		100	0	0
Copart, Inc. (DE)	COM	217204106	137,888	3,200	SH		SOLE		3,200	0	0
Core & Main Inc	COM	21874C102	1,673	58	SH		SOLE		58	0	0
Corecard Corporation	COM	45816D100	320,940	16,047	SH		SOLE		47	0	16,000
Costamare Inc	COM	Y1771G102	4,012,454	417,095	SH		SOLE		106,195	0	310,900
Coterra Energy Inc	COM	127097103	300,255	11,100	SH		SOLE		11,100	0	0
Crane Company	COM	224408104	622	7	SH		SOLE		7	0	0
Crescent Energy	COM	44952J104	1,037,744	82,100	SH		SOLE		19,900	0	62,200
Cross Country Healthcare Inc	COM	227483104	3,024	122	SH		SOLE		122	0	0
Crossfirst Bancshares	COM	22766M109	107,963	10,700	SH		SOLE		0	0	10,700
Curtiss-Wright Corp.	COM	231561101	20,541	105	SH		SOLE		105	0	0
Customers Bancorp Inc	COM	23204G100	2,926,321	84,944	SH		SOLE		21,544	0	63,400
D.R. Horton Inc.	COM	23331A109	344,979	3,210	SH		SOLE		3,210	0	0
DISH Network Corp cl A	COM	25470M109	37,850	6,459	SH		SOLE		6,459	0	0
DLH Holdings	COM	23335Q100	445,794	38,200	SH		SOLE		0	0	38,200
DaVita HealthCare Partners Inc	COM	23918K108	19,473	206	SH		SOLE		206	0	0
Daseke	COM	23753F107	330,372	64,400	SH		SOLE		0	0	64,400
Destination XL Group	COM	25065K104	190,400	42,500	SH		SOLE		0	0	42,500
Dicks Sporting Goods Inc	COM	253393102	869	8	SH		SOLE		8	0	0
Dillards Inc cl A	COM	254067101	3,277,665	9,908	SH		SOLE		2,608	0	7,300
Diodes Inc.	COM	254543101	2,681	34	SH		SOLE		34	0	0
Discover Financial Services	COM	254709108	591,076	6,823	SH		SOLE		6,823	0	0
Distribution Solutions Group	COM	520776105	135,200	5,200	SH		SOLE		0	0	5,200
Dolby Laboratories Inc.	COM	25659T107	24,571	310	SH		SOLE		310	0	0
Dorian LPG Ltd.	COM	Y2106R110	135,031	4,700	SH		SOLE		0	0	4,700
Dow Chemical Company	COM	260557103	30,936	600	SH		SOLE		600	0	0
Dream Finders Homes Inc	COM	26154D100	1,010,198	45,443	SH		SOLE		12,343	0	33,100
Ducommun	COM	264147109	208,848	4,800	SH		SOLE		0	0	4,800
ePlus Inc.	COM	294268107	1,907,950	30,037	SH		SOLE		8,637	0	21,400
ESAB Corporation	COM	29605J106	1,475	21	SH		SOLE		21	0	0
Eagle Pharmaceuticals Inc	COM	269796108	509,371	32,300	SH		SOLE		0	0	32,300
Earthstone Energy	COM	27032D304	431,112	21,300	SH		SOLE		0	0	21,300
East West Bancorp, Inc.	COM	27579R104	15,813	300	SH		SOLE		300	0	0
Ebix Inc	COM	278715206	278,616	28,200	SH		SOLE		0	0	28,200
EchoStar Corp.	COM	278768106	522,600	31,200	SH		SOLE		8,000	0	23,200
Embecta Corp	COM	29082K105	1,388,347	92,249	SH		SOLE		26,949	0	65,300
Enact Holdings Inc	COM	29249E109	3,195,876	117,366	SH		SOLE		29,966	0	87,400
Encore Wire Corporation	COM	292562105	6,569	36	SH		SOLE		36	0	0
Ennis Inc	COM	293389102	201,590	9,500	SH		SOLE		0	0	9,500
Enova International, Inc.	COM	29357K103	4,454,788	87,572	SH		SOLE		22,372	0	65,200
Ensign Group	COM	29358P101	3,531	38	SH		SOLE		38	0	0
Enstar Group Limited	COM	G3075P101	1,452,000	6,000	SH		SOLE		1,700	0	4,300
Envela Corp	COM	29402E102	163,530	34,500	SH		SOLE		0	0	34,500
Epsilon Energy	COM	294375209	59,136	11,200	SH		SOLE		0	0	11,200
Equity Bancshares	COM	29460X109	122,757	5,100	SH		SOLE		0	0	5,100
Erasca Inc	COM	29479A108	221,822	112,600	SH		SOLE		0	0	112,600
Escalade Inc.	COM	296056104	47,461	3,100	SH		SOLE		0	0	3,100
Essent Group	COM	G3198U102	4,024,143	85,095	SH		SOLE		21,695	0	63,400
Essential Properties Realty Trust	COM	29670E107	497	23	SH		SOLE		23	0	0
Evi Industries	COM	26929N102	208,488	8,400	SH		SOLE		0	0	8,400
Exelixis Inc.	COM	30161Q104	37,145	1,700	SH		SOLE		1,700	0	0
Expeditors International of WA	COM	302130109	241,296	2,105	SH		SOLE		2,105	0	0
Eyepoint Pharmaceuticals	COM	30233G209	111,061	13,900	SH		SOLE		0	0	13,900
FS Bancorp Inc.	COM	30263Y104	380,550	12,900	SH		SOLE		0	0	12,900
FTI Consulting, Inc.	COM	302941109	18,555	104	SH		SOLE		104	0	0
Fabrinet	COM	G3323L100	3,999	24	SH		SOLE		24	0	0
Federal Agricultural Mortgage	COM	313148306	1,789,880	11,600	SH		SOLE		3,200	0	8,400
Fidelity National Fin Inc.	COM	31620R303	775,697	18,782	SH		SOLE		18,782	0	0
First American Financial Corp	COM	31847R102	6,270	111	SH		SOLE		111	0	0
First Busey Corporation	COM	319383204	21,142	1,100	SH		SOLE		1,100	0	0
First Cash Fncl Svcs Inc.	COM	33768G107	2,309	23	SH		SOLE		23	0	0
First Financial Bancorp OH	COM	320209109	1,856,120	94,700	SH		SOLE		23,000	0	71,700
First Guaranty Bancshares	COM	32043P106	44,000	4,000	SH		SOLE		0	0	4,000
First Hawaiian, Inc	COM	32051X108	1,805	100	SH		SOLE		100	0	0
First Internet Bancorp	COM	320557101	648,400	40,000	SH		SOLE		0	0	40,000
First Merchants Corp	COM	320817109	1,541,228	55,400	SH		SOLE		15,300	0	40,100
First Mid-Illinois Bancshares	COM	320866106	100,928	3,800	SH		SOLE		0	0	3,800
Flex LNG Ltd	COM	G35947202	2,798,848	92,800	SH		SOLE		22,200	0	70,600
Fluor Corporation	COM	343412102	3,780	103	SH		SOLE		103	0	0
Fonar Corporation	COM	344437405	203,280	13,200	SH		SOLE		0	0	13,200
Forestar Group	COM	346232101	1,215,748	45,128	SH		SOLE		11,228	0	33,900
Friedman Industries	COM	358435105	26,800	2,000	SH		SOLE		0	0	2,000
Fulcrum Therapeutics	COM	359616109	313,464	70,600	SH		SOLE		0	0	70,600
FutureFuel Corp	COM	36116M106	243,780	34,000	SH		SOLE		0	0	34,000
G1 Therapeutics	COM	3621LQ109	214,272	148,800	SH		SOLE		0	0	148,800
GMS Inc	COM	36251C103	4,350	68	SH		SOLE		68	0	0
Gaming and Leisure Properties, Inc.	COM	36467J108	13,665	300	SH		SOLE		300	0	0
Gates Industrial Corp	COM	G39108108	2,961	255	SH		SOLE		255	0	0
General Dynamics Corp.	COM	369550108	685,007	3,100	SH		SOLE		3,100	0	0
General Motors Company	COM	37045V100	520,926	15,800	SH		SOLE		15,800	0	0
Generation Bio	COM	37148K100	40,174	10,600	SH		SOLE		0	0	10,600
Genie Energy	COM	372284208	805,731	54,700	SH		SOLE		0	0	54,700
Genpact Limited	COM	G3922B107	18,715	517	SH		SOLE		517	0	0
Genworth Financial Inc	COM	37247D106	494,584	84,400	SH		SOLE		11,100	0	73,300
Geo Group Inc	COM	36162J106	1,501,848	183,600	SH		SOLE		60,000	0	123,600
Global Foundries	COM	G39387108	285,829	4,912	SH		SOLE		4,912	0	0
Global Industrial Co.	COM	37892E102	1,323,987	39,522	SH		SOLE		8,522	0	31,000
Golden Ocean Group	COM	G39637205	4,728,788	600,100	SH		SOLE		160,900	0	439,200
Goldman Sachs Group Inc	COM	38141G104	744,211	2,300	SH		SOLE		2,300	0	0
Graftech International Ltd	COM	384313508	2,112,107	551,464	SH		SOLE		140,064	0	411,400
Graham Holdings Company	COM	384637104	1,140,348	1,956	SH		SOLE		456	0	1,500
Grand Canyon Education, Inc	COM	38526M106	468	4	SH		SOLE		4	0	0
Gray Television Inc	COM	389375106	1,936,403	279,827	SH		SOLE		71,227	0	208,600
Greene County Bancorp	COM	394357107	404,040	16,800	SH		SOLE		0	0	16,800
Greenhill & Co Inc.	COM	395259104	29,600	2,000	SH		SOLE		0	0	2,000
Greif Inc cl A	COM	397624107	4,161,929	62,295	SH		SOLE		15,795	0	46,500
Group 1 Automotive, Inc.	COM	398905109	2,687	10	SH		SOLE		10	0	0
Gulfport Energy Corp	COM	402635502	2,456,262	20,700	SH		SOLE		5,300	0	15,400
HBT Financial Inc	COM	404111106	383,040	21,000	SH		SOLE		0	0	21,000
HCA Holdings, Inc.	COM	40412C101	491,960	2,000	SH		SOLE		2,000	0	0
HF Sinclair Corp	COM	403949100	509,922	8,957	SH		SOLE		8,957	0	0
HP Inc.	COM	40434L105	683,492	26,595	SH		SOLE		26,595	0	0
Hackett Group Inc	COM	404609109	217,028	9,200	SH		SOLE		0	0	9,200
Hamilton Beach Brands	COM	40701T104	228,344	18,400	SH		SOLE		0	0	18,400
Haverty Furniture	COM	419596101	846,132	29,400	SH		SOLE		7,500	0	21,900
Heartland Financial USA	COM	42234Q102	4,239,127	144,041	SH		SOLE		36,741	0	107,300
Heidrick & Struggles	COM	422819102	217,674	8,700	SH		SOLE		0	0	8,700
Herbalife Ltd	COM	G4412G101	1,483	106	SH		SOLE		106	0	0
Hibbett Sports, Inc.	COM	428567101	23,755	500	SH		SOLE		0	0	500
Highpeak Energy	COM	43114Q105	3,571,504	211,582	SH		SOLE		53,982	0	157,600
Highwoods Properties	COM	431284108	17,745	861	SH		SOLE		861	0	0
Hilltop Holdings Inc.	COM	432748101	1,463,376	51,600	SH		SOLE		14,400	0	37,200
Hingham Institution for Saving	COM	433323102	317,475	1,700	SH		SOLE		0	0	1,700
Holley Inc	COM	43538H103	290,418	58,200	SH		SOLE		0	0	58,200
Hologic Inc.	COM	436440101	528,550	7,616	SH		SOLE		7,616	0	0
Home Bancorp, Inc.	COM	43689E107	197,594	6,200	SH		SOLE		0	0	6,200
Hope Bancorp	COM	43940T109	2,473,575	279,500	SH		SOLE		68,700	0	210,800
Hormel Foods Corp	COM	440452100	385,662	10,141	SH		SOLE		10,141	0	0
Hudson Technologies	COM	444144109	727,164	54,674	SH		SOLE		74	0	54,600
IDT Corporation Cl B	COM	448947507	275,625	12,500	SH		SOLE		0	0	12,500
IES Holdings	COM	44951W106	223,958	3,400	SH		SOLE		0	0	3,400
Ibex Ltd	COM	G4690M101	381,615	24,700	SH		SOLE		0	0	24,700
Immersion	COM	452521107	390,651	59,100	SH		SOLE		0	0	59,100
Immunic Inc	COM	4525EP101	24,990	17,000	SH		SOLE		0	0	17,000
Ingles Markets cl A	COM	457030104	4,104,506	54,487	SH		SOLE		14,487	0	40,000
Innoviva, Inc.	COM	45781M101	4,407,143	339,272	SH		SOLE		88,372	0	250,900
Inozyme Pharma	COM	45790W108	112,140	26,700	SH		SOLE		0	0	26,700
Insight Enterprises, Inc.	COM	45765U103	4,511	31	SH		SOLE		31	0	0
Insperity	COM	45778Q107	3,416	35	SH		SOLE		35	0	0
Insteel Industries Inc	COM	45774W108	201,252	6,200	SH		SOLE		0	0	6,200
Intel Corporation	COM	458140100	401,715	11,300	SH		SOLE		11,300	0	0
Intest Corp	COM	461147100	280,645	18,500	SH		SOLE		0	0	18,500
Invesco Limited	COM	G491BT108	14,912	1,027	SH		SOLE		1,027	0	0
Iradimed Corp.	COM	46266A109	261,783	5,900	SH		SOLE		0	0	5,900
Itron Inc.	COM	465741106	1,212	20	SH		SOLE		20	0	0
JPMorgan Chase & Co.	COM	46625H100	1,029,642	7,100	SH		SOLE		7,100	0	0
Jackson Financial	COM	46817M107	3,738,948	97,827	SH		SOLE		27,327	0	70,500
Jefferies Financial Group Inc.	COM	47233W109	30,220	825	SH		SOLE		825	0	0
Johnson Outdoors Inc.	COM	479167108	1,728,204	31,600	SH		SOLE		4,000	0	27,600
Jones Lang LaSalle Incorporated	COM	48020Q107	28,236	200	SH		SOLE		200	0	0
Karat Packaging	COM	48563L101	272,108	11,800	SH		SOLE		0	0	11,800
Kelly Services cl A	COM	488152208	271,031	14,900	SH		SOLE		3,800	0	11,100
Kimball Electronics, Inc.	COM	49428J109	49,284	1,800	SH		SOLE		0	0	1,800
Kroger Company	COM	501044101	354,286	7,917	SH		SOLE		7,917	0	0
Kronos Worldwide Inc.	COM	50105F105	1,513,575	195,300	SH		SOLE		46,100	0	149,200
Kura Oncology	COM	50127T109	82,080	9,000	SH		SOLE		0	0	9,000
LCI Industries	COM	50189K103	1,761	15	SH		SOLE		15	0	0
LKQ Corporation	COM	501889208	15,348	310	SH		SOLE		310	0	0
LSI Industries	COM	50216C108	314,424	19,800	SH		SOLE		0	0	19,800
Lands' End, Inc.	COM	51509F105	64,242	8,600	SH		SOLE		0	0	8,600
Landsea Homes Corp	COM	51509P103	455,793	50,700	SH		SOLE		0	0	50,700
Landstar System Inc.	COM	515098101	708	4	SH		SOLE		4	0	0
Legacy Housing Corporation	COM	52472M101	252,330	13,000	SH		SOLE		0	0	13,000
Leidos Holdings, Inc.	COM	525327102	240,538	2,610	SH		SOLE		2,610	0	0
Lennar Corp cl A	COM	526057104	754,747	6,725	SH		SOLE		6,725	0	0
Liberty Oilfield Services	COM	53115L104	1,519	82	SH		SOLE		82	0	0
Lifeway Foods	COM	531914109	90,992	8,800	SH		SOLE		0	0	8,800
Lions Gate Entertainment Corp	COM	535919401	882	104	SH		SOLE		104	0	0
Liquidity Services, Inc.	COM	53635B107	592,032	33,600	SH		SOLE		0	0	33,600
Lithia Motors Inc.	COM	536797103	591	2	SH		SOLE		2	0	0
Louisiana-Pacific Corp	COM	546347105	30,343	549	SH		SOLE		549	0	0
Lovesac Company	COM	54738L109	165,336	8,300	SH		SOLE		0	0	8,300
Lumber Liquidators Holdings	COM	55003T107	20,922	6,600	SH		SOLE		0	0	6,600
Luther Burbank Corporation	COM	550550107	98,280	11,700	SH		SOLE		0	0	11,700
LyondellBasell Industries cl A	COM	N53745100	770,669	8,138	SH		SOLE		8,138	0	0
M/I Homes, Inc.	COM	55305B101	3,605,316	42,900	SH		SOLE		11,000	0	31,900
MDC Holdings Inc	COM	552676108	3,546	86	SH		SOLE		86	0	0
MDU Resources Group	COM	552690109	1,899	97	SH		SOLE		97	0	0
MGIC Investment Corp.	COM	552848103	5,191	311	SH		SOLE		311	0	0
MSC Industrial Direct Co.	COM	553530106	29,445	300	SH		SOLE		300	0	0
Macrogenics Inc	COM	556099109	20,038	4,300	SH		SOLE		0	0	4,300
Macy's Inc.	COM	55616P104	1,010	87	SH		SOLE		87	0	0
Marathon Petroleum Corp	COM	56585A102	196,742	1,300	SH		SOLE		1,300	0	0
Marcus & Millichap, Inc.	COM	566324109	792	27	SH		SOLE		27	0	0
Marine Products Corp	COM	568427108	782,971	55,100	SH		SOLE		0	0	55,100
Marinus Pharmaceuticals	COM	56854Q200	214,130	26,600	SH		SOLE		0	0	26,600
Markel Corp	COM	570535104	150,194	102	SH		SOLE		102	0	0
Mastech Digital	COM	57633B100	163,800	18,200	SH		SOLE		0	0	18,200
Matson Inc.	COM	57686G105	1,207,302	13,608	SH		SOLE		3,408	0	10,200
Maximus	COM	577933104	1,419	19	SH		SOLE		19	0	0
Medallion Financial	COM	583928106	84,240	12,000	SH		SOLE		0	0	12,000
Mercantile Bank Corp	COM	587376104	179,278	5,800	SH		SOLE		0	0	5,800
Merchants Bancorp	COM	58844R108	2,240,025	80,809	SH		SOLE		16,359	0	64,450
Metropolitan Bank Holding Corp	COM	591774104	464,384	12,800	SH		SOLE		0	0	12,800
Midland States Bancorp Inc	COM	597742105	92,430	4,500	SH		SOLE		0	0	4,500
Modivcare	COM	60783X104	2,300	73	SH		SOLE		73	0	0
Morgan Stanley	COM	617446448	579,857	7,100	SH		SOLE		7,100	0	0
Mosaic Co. (The)	COM	61945C103	14,667	412	SH		SOLE		412	0	0
Movado Group Inc.	COM	624580106	109,400	4,000	SH		SOLE		0	0	4,000
Mr Cooper Group	COM	62482R107	933,176	17,423	SH		SOLE		4,023	0	13,400
Mueller Industries, Inc.	COM	624756102	902	12	SH		SOLE		12	0	0
NACCO Industries cl A	COM	629579103	52,605	1,500	SH		SOLE		0	0	1,500
NMI Holdings	COM	629209305	522,837	19,300	SH		SOLE		4,700	0	14,600
Nathan's Famous Inc	COM	632347100	155,452	2,200	SH		SOLE		0	0	2,200
National Beverage Corp	COM	635017106	3,234,976	68,800	SH		SOLE		17,500	0	51,300
National HealthCare Corp	COM	635906100	2,040,962	31,900	SH		SOLE		7,600	0	24,300
National Western Life Group A	COM	638517102	262,494	600	SH		SOLE		0	0	600
Natural Grocers By Vitamin Cottage Inc	COM	63888U108	437,649	33,900	SH		SOLE		0	0	33,900
Nature's Sunshine Products	COM	639027101	96,106	5,800	SH		SOLE		0	0	5,800
Nelnet Inc	COM	64031N108	3,564,761	39,910	SH		SOLE		10,510	0	29,400
New Jersey Resources	COM	646025106	975	24	SH		SOLE		24	0	0
NewMarket Corporation	COM	651587107	7,736	17	SH		SOLE		17	0	0
Newmark Group	COM	65158N102	3,108,577	483,449	SH		SOLE		127,349	0	356,100
Nexstar Media Group, Inc. Cl A	COM	65336K103	29,534	206	SH		SOLE		206	0	0
Northrim Bancorp	COM	666762109	106,974	2,700	SH		SOLE		0	0	2,700
Novavax Inc	COM	670002401	456	63	SH		SOLE		63	0	0
Nucor Corporation	COM	670346105	737,972	4,720	SH		SOLE		4,720	0	0
Nve Corporation	COM	629445206	336,774	4,100	SH		SOLE		0	0	4,100
O-I Glass	COM	67098H104	1,857	111	SH		SOLE		111	0	0
OFG Bancorp	COM	67103X102	725,598	24,300	SH		SOLE		6,200	0	18,100
ONEOK, Inc.	COM	682680103	445,152	7,018	SH		SOLE		7,018	0	0
Olaplex Holdings	COM	679369108	1,379	707	SH		SOLE		707	0	0
Old Republic Int'l Corp	COM	680223104	41,676	1,547	SH		SOLE		1,547	0	0
Olympic Steel Inc.	COM	68162K106	758,835	13,500	SH		SOLE		0	0	13,500
Onemain Holdings Inc	COM	68268W103	30,027	749	SH		SOLE		749	0	0
Organon & Co	COM	68622V106	125,808	7,247	SH		SOLE		7,247	0	0
Oscar Health Inc	COM	687793109	1,654	297	SH		SOLE		297	0	0
Otter Tail Corp	COM	689648103	456	6	SH		SOLE		6	0	0
P.A.M. Transportation	COM	693149106	476,255	22,100	SH		SOLE		0	0	22,100
PBF Energy Inc cl A	COM	69318G106	5,103,764	95,344	SH		SOLE		24,544	0	70,800
PC Connection, Inc.	COM	69318J100	4,425,202	82,900	SH		SOLE		21,000	0	61,900
PMV Pharmaceuticals	COM	69353Y103	187,270	30,500	SH		SOLE		0	0	30,500
Paccar Inc.	COM	693718108	535,626	6,300	SH		SOLE		6,300	0	0
Pacific Premier Bancorp Inc	COM	69478X105	544	25	SH		SOLE		25	0	0
Par Pacific Holding	COM	69888T207	2,228	62	SH		SOLE		62	0	0
Patrick Industries Inc.	COM	703343103	142,614	1,900	SH		SOLE		0	0	1,900
Patterson Companies Inc	COM	703395103	3,912	132	SH		SOLE		132	0	0
Peabody Energy Corp	COM	704551100	3,030,434	116,600	SH		SOLE		49,300	0	67,300
PennyMac Financial Service Inc	COM	70932M107	840,292	12,617	SH		SOLE		3,317	0	9,300
Penske Automotive Group, Inc.	COM	70959W103	426,170	2,551	SH		SOLE		2,551	0	0
Perdoceo Education Corp	COM	71363P106	3,895,380	227,800	SH		SOLE		60,400	0	167,400
Pfizer Inc.	COM	717081103	779,495	23,500	SH		SOLE		23,500	0	0
Phillips 66	COM	718546104	108,135	900	SH		SOLE		900	0	0
Piedmont Office Realty Trust,	COM	720190206	430,666	76,631	SH		SOLE		131	0	76,500
Pilgrims Pride Corp	COM	72147K108	1,347	59	SH		SOLE		59	0	0
Pinnacle Financial Partners	COM	72346Q104	3,218	48	SH		SOLE		48	0	0
Playtika Holding Corp	COM	72815L107	21,706	2,254	SH		SOLE		2,254	0	0
Plexus Corp.	COM	729132100	3,719	40	SH		SOLE		40	0	0
Popular Inc.	COM	733174700	19,659	312	SH		SOLE		312	0	0
Preferred Bank Los Angeles CA	COM	740367404	616,275	9,900	SH		SOLE		2,300	0	7,600
Preformed Line Products	COM	740444104	601,546	3,700	SH		SOLE		0	0	3,700
Principal Financial Group, Inc.	COM	74251V102	58,809	816	SH		SOLE		816	0	0
ProFrac Holding Corp	COM	74319N100	189,312	17,400	SH		SOLE		0	0	17,400
Prog Holdings	COM	74319R101	1,561	47	SH		SOLE		47	0	0
Protalix Biotherapeutics	COM	74365A309	182,932	110,200	SH		SOLE		0	0	110,200
Prudential Financial Inc	COM	744320102	18,978	200	SH		SOLE		200	0	0
Public Storage, Inc.	COM	74460D109	421,632	1,600	SH		SOLE		1,600	0	0
PulteGroup, Inc.	COM	745867101	252,288	3,407	SH		SOLE		3,407	0	0
Qualcomm Inc.	COM	747525103	166,590	1,500	SH		SOLE		1,500	0	0
Quest Diagnostics Inc.	COM	74834L100	366,189	3,005	SH		SOLE		3,005	0	0
Quidelortho Corp	COM	219798105	168,868	2,312	SH		SOLE		2,312	0	0
R C M Technologies	COM	749360400	838,266	42,900	SH		SOLE		0	0	42,900
RBB Bancorp	COM	74930B105	34,506	2,700	SH		SOLE		0	0	2,700
REX American Resources	COM	761624105	118,088	2,900	SH		SOLE		0	0	2,900
Radian Group, Inc.	COM	750236101	2,260	90	SH		SOLE		90	0	0
Radiant Logistics	COM	75025X100	322,050	57,000	SH		SOLE		0	0	57,000
Ramaco Resources Inc	COM	75134P600	413,224	37,600	SH		SOLE		0	0	37,600
Regional Management Corp.	COM	75902K106	395,824	14,300	SH		SOLE		0	0	14,300
Reliance Steel & Aluminum	COM	759509102	26,747	102	SH		SOLE		102	0	0
Republic Bancorp KY	COM	760281204	1,757,595	39,900	SH		SOLE		5,500	0	34,400
Resources Connection	COM	76122Q105	216,195	14,500	SH		SOLE		0	0	14,500
Retractable Technologies Inc	COM	76129W105	20,944	17,600	SH		SOLE		0	0	17,600
Revance Therapeutics	COM	761330109	12,617	1,100	SH		SOLE		0	0	1,100
Reynolds Consumer Product	COM	76171L106	5,613	219	SH		SOLE		219	0	0
Richardson Electronics	COM	763165107	545,407	49,900	SH		SOLE		0	0	49,900
Rily Exploration Permian	COM	76665T102	952,015	29,947	SH		SOLE		5,847	0	24,100
Rithm Capital Corp	COM	64828T201	23,764	2,558	SH		SOLE		2,558	0	0
Robert Half Inc.	COM	770323103	15,462	211	SH		SOLE		211	0	0
Rocky Brands Inc	COM	774515100	245,490	16,700	SH		SOLE		0	0	16,700
Rush Enterprises Inc	COM	781846209	4,178,338	102,335	SH		SOLE		26,060	0	76,275
Ryder System Inc.	COM	783549108	2,888	27	SH		SOLE		27	0	0
Ryerson Holding Corporation	COM	783754104	2,912,374	100,116	SH		SOLE		24,516	0	75,600
Ryman Hospitality Properties	COM	78377T107	1,083	13	SH		SOLE		13	0	0
SLM Corp	COM	78442P106	1,335	98	SH		SOLE		98	0	0
Sandridge Energy, Inc.	COM	80007P869	455,706	29,100	SH		SOLE		7,400	0	21,700
Sandy Spring Bancorp Inc.	COM	800363103	2,753,755	128,500	SH		SOLE		38,600	0	89,900
Sanmina Corporation	COM	801056102	4,125	76	SH		SOLE		76	0	0
Schneider National Inc.	COM	80689H102	31,262	1,129	SH		SOLE		1,129	0	0
Scholar Rock Holdings	COM	80706P103	338,670	47,700	SH		SOLE		0	0	47,700
Scynexis	COM	811292200	53,580	23,500	SH		SOLE		0	0	23,500
Select Medical Holdings Corp	COM	81619Q105	368,058	14,565	SH		SOLE		3,665	0	10,900
Selective Insurance Group	COM	816300107	1,960	19	SH		SOLE		19	0	0
Semler Scientific Inc	COM	81684M104	581,734	22,930	SH		SOLE		30	0	22,900
Seneca Foods cl A	COM	817070501	742,854	13,800	SH		SOLE		2,500	0	11,300
Sensus Healthcare	COM	81728J109	51,799	18,700	SH		SOLE		0	0	18,700
Shoe Carnival, Inc.	COM	824889109	891,513	37,100	SH		SOLE		10,000	0	27,100
Silverbow Resources	COM	82836G102	1,123,178	31,400	SH		SOLE		8,000	0	23,400
Silvercrest Asset Mgmt Grp	COM	828359109	228,528	14,400	SH		SOLE		0	0	14,400
Sinclair Inc	COM	829242106	920	82	SH		SOLE		82	0	0
Siriuspoint	COM	G8192H106	1,048	103	SH		SOLE		103	0	0
Skechers U.S.A. Inc.	COM	830566105	490	10	SH		SOLE		10	0	0
Smart Global Holdings Inc	COM	G8232Y101	2,581	106	SH		SOLE		106	0	0
Smith & Wesson Brands	COM	831754106	970,509	75,175	SH		SOLE		31,475	0	43,700
Snap-On Inc.	COM	833034101	639,946	2,509	SH		SOLE		2,509	0	0
Sonic Automotive, Inc.	COM	83545G102	1,327,728	27,800	SH		SOLE		7,600	0	20,200
South Plains Financial	COM	83946P107	142,776	5,400	SH		SOLE		0	0	5,400
Southern Copper Corp.	COM	84265V105	564,675	7,500	SH		SOLE		7,500	0	0
Southside Bancshares	COM	84470P109	134,890	4,700	SH		SOLE		0	0	4,700
Sprouts Farmers Market	COM	85208M102	2,568	60	SH		SOLE		60	0	0
Standard Motor Products	COM	853666105	571,540	17,000	SH		SOLE		4,600	0	12,400
Starwood Property Trust, Inc.	COM	85571B105	619	32	SH		SOLE		32	0	0
State Street Corporation	COM	857477103	34,150	510	SH		SOLE		510	0	0
Steel Dynamics Inc.	COM	858119100	21,873	204	SH		SOLE		204	0	0
Stewart Information Services	COM	860372101	2,960,880	67,600	SH		SOLE		15,600	0	52,000
Sturm Ruger & Co. Inc.	COM	864159108	42,269	811	SH		SOLE		811	0	0
Super Miccro Computer	COM	86800U104	5,210	19	SH		SOLE		19	0	0
Surgery Partners	COM	86881A100	3,364	115	SH		SOLE		115	0	0
Sylvamo Corp	COM	871332102	3,212,014	73,100	SH		SOLE		18,600	0	54,500
Synchrony Financial	COM	87165B103	115,341	3,773	SH		SOLE		3,773	0	0
Synovus Financial Corp	COM	87161C501	445	16	SH		SOLE		16	0	0
TD Synnex Corporation	COM	87162W100	627,420	6,283	SH		SOLE		6,283	0	0
TEGNA Inc.	COM	87901J105	4,517	310	SH		SOLE		310	0	0
TTEC Holdings Inc.	COM	89854H102	1,726,875	65,861	SH		SOLE		18,061	0	47,800
Tapestry Inc	COM	876030107	14,375	500	SH		SOLE		500	0	0
Taylor Morrison Home Corporation	COM	87724P106	2,983	70	SH		SOLE		70	0	0
Tenaya Therapeutics	COM	87990A106	130,305	51,100	SH		SOLE		0	0	51,100
Tetra Tech, Inc.	COM	88162G103	31,470	207	SH		SOLE		207	0	0
Texas Pacific Land Trust	COM	88262P102	127,649	70	SH		SOLE		70	0	0
Textainer Group Hldgs Ltd.	COM	G8766E109	4,119,850	110,600	SH		SOLE		27,800	0	82,800
The ONE Group Hospitality Inc	COM	88338K103	260,150	47,300	SH		SOLE		0	0	47,300
Theseus Pharmaceuticals	COM	88369M101	344,051	127,900	SH		SOLE		0	0	127,900
Thor Industries Inc.	COM	885160101	19,502	205	SH		SOLE		205	0	0
Thryv Holdings	COM	886029206	1,226,432	65,340	SH		SOLE		11,640	0	53,700
Tileshop Holdings	COM	88677Q109	144,387	26,300	SH		SOLE		0	0	26,300
Timken Company	COM	887389104	30,131	410	SH		SOLE		410	0	0
Towne Bank	COM	89214P109	499,874	21,800	SH		SOLE		10,000	0	11,800
Townsquare Media Inc.	COM	892231101	142,136	16,300	SH		SOLE		0	0	16,300
Travelzoo	COM	89421Q205	217,459	37,300	SH		SOLE		0	0	37,300
Trinet Group Inc	COM	896288107	2,563	22	SH		SOLE		22	0	0
Tronox Holdings	COM	G9087Q102	65,856	4,900	SH		SOLE		4,900	0	0
Twenty-First Century Fox Inc.	COM	35137L105	482,165	15,454	SH		SOLE		15,454	0	0
Tyson Foods	COM	902494103	238,363	4,721	SH		SOLE		4,721	0	0
UFP Industries	COM	90278Q108	5,939	58	SH		SOLE		58	0	0
USANA Health Sciences, Inc.	COM	90328M107	2,762,231	47,129	SH		SOLE		12,129	0	35,000
Ubiquiti Inc.	COM	90353W103	146,172	1,006	SH		SOLE		1,006	0	0
United States Lime & Minerals	COM	911922102	522,600	2,600	SH		SOLE		0	0	2,600
United States Steel Corp	COM	912909108	3,086	95	SH		SOLE		95	0	0
Universal Health Realty Income Trust	COM	91359E105	226,408	5,600	SH		SOLE		1,000	0	4,600
Universal Logistics Holdings,	COM	91388P105	1,695,395	67,331	SH		SOLE		11,831	0	55,500
Urban One Inc	COM	91705J204	176,050	35,000	SH		SOLE		0	0	35,000
Urban Outfitters Inc	COM	917047102	1,569	48	SH		SOLE		48	0	0
Urogen Pharma	COM	M96088105	200,343	14,300	SH		SOLE		0	0	14,300
Valhi Inc.	COM	918905209	59,670	4,500	SH		SOLE		0	0	4,500
Value Line Inc.	COM	920437100	34,976	800	SH		SOLE		0	0	800
Verizon Communications, Inc.	COM	92343V104	751,912	23,200	SH		SOLE		23,200	0	0
Victory Capital Holdings Inc	COM	92645B103	4,394,812	131,818	SH		SOLE		33,518	0	98,300
Village Super Market	COM	927107409	708,632	31,300	SH		SOLE		0	0	31,300
Vir Biotechnology Inc	COM	92764N102	1,724	184	SH		SOLE		184	0	0
Virtu Financial	COM	928254101	2,090	121	SH		SOLE		121	0	0
Vishay Precision Group Inc	COM	92835K103	120,888	3,600	SH		SOLE		0	0	3,600
Vista Outdoor	COM	928377100	2,887,070	87,170	SH		SOLE		20,670	0	66,500
Vital Energy	COM	516806205	781,422	14,100	SH		SOLE		0	0	14,100
Vontier Corp	COM	928881101	32,806	1,061	SH		SOLE		1,061	0	0
WESCO International, Inc.	COM	95082P105	14,957	104	SH		SOLE		104	0	0
Waterstone Financial, Inc (MD)	COM	94188P101	130,305	11,900	SH		SOLE		0	0	11,900
Weatherford International Public Ltd	COM	G48833118	1,807	20	SH		SOLE		20	0	0
Weis Markets Inc.	COM	948849104	1,234,800	19,600	SH		SOLE		5,000	0	14,600
WesBanco Inc.	COM	950810101	356,532	14,600	SH		SOLE		3,700	0	10,900
Westlake Corporation	COM	960413102	713,736	5,725	SH		SOLE		5,725	0	0
Weyerhaeuser Co	COM	962166104	649,593	21,187	SH		SOLE		21,187	0	0
Williams-Sonoma Inc.	COM	969904101	31,857	205	SH		SOLE		205	0	0
Worthington Industries	COM	981811102	3,701,967	59,883	SH		SOLE		15,283	0	44,600
Y-Mabs Therapeutics	COM	984241109	468,155	85,900	SH		SOLE		0	0	85,900
Zynex Inc	COM	98986M103	584,688	73,086	SH		SOLE		86	0	73,000

Denali Advisors 13F-HRQuarterly holdings report by institutional manager