# EDGAR Filing Document

**Accession Number:** 0001142941
**File Stem:** 0001941040-23-000064
**Filing Date:** 2023-2
**Character Count:** 42913
**Document Hash:** 99168ed681a2f6652c2af56609ab914f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001941040-23-000064.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001941040-23-000064

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DENALI ADVISORS LLC
- **CENTRAL INDEX KEY:** 0001142941
- **IRS NUMBER:** 330957285
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10130
- **FILM NUMBER:** 23604712

**BUSINESS ADDRESS:**
- **STREET 1:** 5075 SHOREHAM PLACE
- **STREET 2:** SUITE 120
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122
- **BUSINESS PHONE:** 858-558-3600

**MAIL ADDRESS:**
- **STREET 1:** 5075 SHOREHAM PLACE
- **STREET 2:** SUITE 120
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** DENALI ADVISORS LLC<br>**Address:** 5075 Shoreham Place<br>Suite 120<br>San Diego, CA 92122

**Form 13F File Number:** 028-10130

**CRD Number (if applicable):** 000110242

**SEC File Number (if applicable):** 801-60039

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Stephanie Neruda<br>**Title:** Chief Compliance Officer<br>**Phone:** 858-558-3600

**Signature, Place, and Date of Signing:**

Stephanie Neruda  San Diego, CA  02-09-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[x] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 415

**Form 13F Information Table Value Total:** $238523253

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

|   No. | Name                         | Form 13F File Number   | CRD Number   | SEC File Number   |
|---:|:---|:---|:---|:---|
|     1 | Bank of New York Mellon Corp | 028-12592              |  |  |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 1st Source Corporation | COM | 336901103 |  | 1952916 | 36785 | SH |  | SOLE |  | 9385 | 0 | 27400 |
| 2seventy Bio Inc | COM | 901384107 |  | 56220 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| 4D Mollecular Therapeutics | COM | 35104E100 |  | 44420 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| Acushnet Holdings Corp. | COM | 005098108 |  | 2649504 | 62400 | SH |  | SOLE |  | 14400 | 0 | 48000 |
| Aersale Corp | COM | 00810F106 |  | 90832 | 5600 | SH |  | SOLE |  | 0 | 0 | 5600 |
| AFLAC INC COM | COM | 001055102 |  | 748176 | 10400 | SH |  | SOLE |  | 10400 | 0 | 0 |
| Albertsons Companies | COM | 013091103 |  | 311 | 15 | SH |  | SOLE |  | 15 | 0 | 0 |
| Alexanders Inc. | COM | 014752109 |  | 726198 | 3300 | SH |  | SOLE |  | 600 | 0 | 2700 |
| Allied Motion Technologies | COM | 019330109 |  | 80063 | 2300 | SH |  | SOLE |  | 0 | 0 | 2300 |
| Allison Transmission Holdings | COM | 01973R101 |  | 30909 | 743 | SH |  | SOLE |  | 743 | 0 | 0 |
| Allovir Inc | COM | 019818103 |  | 33345 | 6500 | SH |  | SOLE |  | 0 | 0 | 6500 |
| Allstate Corp. | COM | 020002101 |  | 366120 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| Ally Financial Inc. | COM | 02005N100 |  | 29340 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| Alphabet Inc. Class A | COM | 02079K305 |  | 767601 | 8700 | SH |  | SOLE |  | 8700 | 0 | 0 |
| Altice USA | COM | 02156K103 |  | 777 | 169 | SH |  | SOLE |  | 169 | 0 | 0 |
| Amalgamated Financial | COM | 022671101 |  | 165888 | 7200 | SH |  | SOLE |  | 0 | 0 | 7200 |
| AMC Networks Inc. cl A | COM | 00164V103 |  | 1563709 | 99790 | SH |  | SOLE |  | 26690 | 0 | 73100 |
| Amdocs Limited | COM | G02602103 |  | 618120 | 6800 | SH |  | SOLE |  | 6800 | 0 | 0 |
| Amerco | COM | 023586100 |  | 9450 | 157 | SH |  | SOLE |  | 157 | 0 | 0 |
| American Equity Investment | COM | 025676206 |  | 2995957 | 65672 | SH |  | SOLE |  | 16672 | 0 | 49000 |
| Amkor Technology Inc | COM | 031652100 |  | 3589710 | 149696 | SH |  | SOLE |  | 38196 | 0 | 111500 |
| AMN Healthcare Services | COM | 001744101 |  | 3496 | 34 | SH |  | SOLE |  | 34 | 0 | 0 |
| Amneal Pharamceuticals | COM | 03168L105 |  | 965 | 485 | SH |  | SOLE |  | 485 | 0 | 0 |
| Annaly Capital Mgmt. | COM | 035710839 |  | 5544 | 263 | SH |  | SOLE |  | 263 | 0 | 0 |
| Apartment Income REIT | COM | 03750L109 |  | 11116 | 324 | SH |  | SOLE |  | 324 | 0 | 0 |
| Arch Capital Group Ltd. | COM | G0450A105 |  | 31390 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| Archer Daniels Midland | COM | 039483102 |  | 427110 | 4600 | SH |  | SOLE |  | 4600 | 0 | 0 |
| Ardagh Metal Packaging SA | COM | L02235106 |  | 827 | 172 | SH |  | SOLE |  | 0 | 0 | 0 |
| Arko Corp | COM | 041242108 |  | 1619 | 187 | SH |  | SOLE |  | 187 | 0 | 0 |
| Arrow Electronics Inc | COM | 042735100 |  | 230054 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| Artisan Partners Asset Mgmt | COM | 04316A108 |  | 650430 | 21900 | SH |  | SOLE |  | 7900 | 0 | 14000 |
| Asbury Automotive Group | COM | 043436104 |  | 1613 | 9 | SH |  | SOLE |  | 9 | 0 | 0 |
| Atara Biotherapeutics | COM | 046513107 |  | 42968 | 13100 | SH |  | SOLE |  | 0 | 0 | 13100 |
| Atea Pharmaceuticals | COM | 04683R106 |  | 86580 | 18000 | SH |  | SOLE |  | 0 | 0 | 18000 |
| Atlantic Union Bancshares | COM | 04911A107 |  | 1514534 | 43100 | SH |  | SOLE |  | 15100 | 0 | 28000 |
| Atlanticus Holdings | COM | 04914Y102 |  | 167680 | 6400 | SH |  | SOLE |  | 800 | 0 | 5600 |
| AutoNation Inc. | COM | 05329W102 |  | 2361 | 22 | SH |  | SOLE |  | 22 | 0 | 0 |
| Avangrid Inc. | COM | 05351W103 |  | 674786 | 15700 | SH |  | SOLE |  | 15700 | 0 | 0 |
| Bank First National | COM | 06211J100 |  | 37128 | 400 | SH |  | SOLE |  | 0 | 0 | 400 |
| Bank of America Corp | COM | 060505104 |  | 748512 | 22600 | SH |  | SOLE |  | 22600 | 0 | 0 |
| Bank of New York Mellon Corp. | COM | 064058100 |  | 582656 | 12800 | SH |  | SOLE |  | 12800 | 0 | 0 |
| Bank of NT Butterfield LTD | COM | G0772R208 |  | 3523661 | 118204 | SH |  | SOLE |  | 29904 | 0 | 88300 |
| Bank OZK | COM | 06417N103 |  | 3605 | 90 | SH |  | SOLE |  | 90 | 0 | 0 |
| Barrett Business Services | COM | 068463108 |  | 46640 | 500 | SH |  | SOLE |  | 0 | 0 | 500 |
| BCB Bancorp Inc. | COM | 055298103 |  | 62965 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| Beacon Roofing Supply | COM | 073685109 |  | 2851 | 54 | SH |  | SOLE |  | 54 | 0 | 0 |
| Bed Bath  Beyond Inc | COM | 075896100 |  | 1072 | 427 | SH |  | SOLE |  | 427 | 0 | 0 |
| Belden Inc. | COM | 077454106 |  | 2013 | 28 | SH |  | SOLE |  | 28 | 0 | 0 |
| Berkshire Hathaway cl B | COM | 084670702 |  | 386125 | 1250 | SH |  | SOLE |  | 1250 | 0 | 0 |
| Best Buy Inc. | COM | 086516101 |  | 16042 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| Bioatla | COM | 09077B104 |  | 60225 | 7300 | SH |  | SOLE |  | 0 | 0 | 7300 |
| Biogen Inc. | COM | 09062X103 |  | 581532 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| Bluebird Bio | COM | 09609G100 |  | 66432 | 9600 | SH |  | SOLE |  | 0 | 0 | 9600 |
| Bluegreen Vacations Holding Corp | COM | 096308101 |  | 44928 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| Bluelinx Holdings | COM | 09624H208 |  | 4226707 | 59439 | SH |  | SOLE |  | 15339 | 0 | 44100 |
| Boise Cascade LLC | COM | 09739D100 |  | 1598157 | 23273 | SH |  | SOLE |  | 6173 | 0 | 17100 |
| BOK Financial Corp. | COM | 05561Q201 |  | 6020 | 58 | SH |  | SOLE |  | 58 | 0 | 0 |
| Bread Financial Holdings | COM | 018581108 |  | 3592764 | 95400 | SH |  | SOLE |  | 24400 | 0 | 71000 |
| Brookline Bancorp Inc. | COM | 11373M107 |  | 77825 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| Brown-Forman cl B | COM | 115637209 |  | 604256 | 9200 | SH |  | SOLE |  | 9200 | 0 | 0 |
| Buckle Inc. | COM | 118440106 |  | 1723300 | 38000 | SH |  | SOLE |  | 9600 | 0 | 28400 |
| Builders FirstSource Inc | COM | 12008R107 |  | 3309 | 51 | SH |  | SOLE |  | 51 | 0 | 0 |
| Bunge Limited | COM | G16962105 |  | 289333 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| Business First Bancshares | COM | 12326C105 |  | 35424 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| Byline Bancorp Inc. | COM | 124411109 |  | 107959 | 4700 | SH |  | SOLE |  | 0 | 0 | 4700 |
| C.H. Robinson Worldwide Inc. | COM | 12541W209 |  | 36624 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| Cadence Bank | COM | 12740C103 |  | 543 | 22 | SH |  | SOLE |  | 22 | 0 | 0 |
| Camping World Holdings Inc. | COM | 13462K109 |  | 1272 | 57 | SH |  | SOLE |  | 57 | 0 | 0 |
| Capital City Bank Group | COM | 139674105 |  | 29250 | 900 | SH |  | SOLE |  | 0 | 0 | 900 |
| Carlyle Finance LLC | COM | 14316J108 |  | 24916 | 835 | SH |  | SOLE |  | 835 | 0 | 0 |
| Carrier Global Corporation | COM | 14448C104 |  | 416625 | 10100 | SH |  | SOLE |  | 10100 | 0 | 0 |
| Carters Inc | COM | 146229109 |  | 22383 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| Casey's General Stores Inc. | COM | 147528103 |  | 22435 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| CBRE Group Inc. | COM | 12504L109 |  | 515632 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| CDW Corporation | COM | 12514G108 |  | 71432 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| Celanese Corporation | COM | 150870103 |  | 265824 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| Central Garden cl A | COM | 153527205 |  | 647980 | 18100 | SH |  | SOLE |  | 2400 | 0 | 15700 |
| Centrus Energy | COM | 15643U104 |  | 38976 | 1200 | SH |  | SOLE |  | 0 | 0 | 1200 |
| Century Communities Inc. | COM | 156504300 |  | 3845769 | 76900 | SH |  | SOLE |  | 19500 | 0 | 57400 |
| Children's Place Inc. (The) | COM | 168905107 |  | 65556 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| Cinemark Holdings Inc | COM | 17243V102 |  | 173 | 20 | SH |  | SOLE |  | 20 | 0 | 0 |
| Cirrus Logic Inc. | COM | 172755100 |  | 29792 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| Citigroup Inc. | COM | 172967424 |  | 551806 | 12200 | SH |  | SOLE |  | 12200 | 0 | 0 |
| Clearway Energy Inc | COM | 18539C204 |  | 574 | 18 | SH |  | SOLE |  | 18 | 0 | 0 |
| Cleveland-Cliffs Inc. | COM | 185899101 |  | 2980 | 185 | SH |  | SOLE |  | 185 | 0 | 0 |
| CNA Financial Corp. | COM | 126117100 |  | 59192 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| CNO Financial Group Inc. | COM | 12621E103 |  | 48968 | 2143 | SH |  | SOLE |  | 2143 | 0 | 0 |
| Coca-Cola Bottling Cl A | COM | 191098102 |  | 512 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| Collegium Pharmaceuticals | COM | 19459J104 |  | 69600 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| Columbia Financial | COM | 197641103 |  | 121072 | 5600 | SH |  | SOLE |  | 1100 | 0 | 4500 |
| Columbia Sportswear Co. | COM | 198516106 |  | 613 | 7 | SH |  | SOLE |  | 7 | 0 | 0 |
| Commercial Metals Co | COM | 201723103 |  | 4106 | 85 | SH |  | SOLE |  | 85 | 0 | 0 |
| Commscope Holding | COM | 20337X109 |  | 1985 | 270 | SH |  | SOLE |  | 270 | 0 | 0 |
| Consensus Cloud Solutions | COM | 20848V105 |  | 382771 | 7120 | SH |  | SOLE |  | 2720 | 0 | 4400 |
| Constellium | COM | F21107101 |  | 1301 | 110 | SH |  | SOLE |  | 110 | 0 | 0 |
| Consumer Portfolio Services | COM | 210502100 |  | 115050 | 13000 | SH |  | SOLE |  | 0 | 0 | 13000 |
| Containers Store Group | COM | 210751103 |  | 32325 | 7500 | SH |  | SOLE |  | 0 | 0 | 7500 |
| Cooper Companies Inc. | COM | 216648402 |  | 33067 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| Core  Main Inc | COM | 21874C102 |  | 3920 | 203 | SH |  | SOLE |  | 203 | 0 | 0 |
| Corecard Corporation | COM | 45816D100 |  | 34764 | 1200 | SH |  | SOLE |  | 0 | 0 | 1200 |
| Costamare Inc | COM | Y1771G102 |  | 3764098 | 405614 | SH |  | SOLE |  | 104414 | 0 | 301200 |
| Coterra Energy Inc | COM | 127097103 |  | 294840 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| CRA International Inc | COM | 12618T105 |  | 48972 | 400 | SH |  | SOLE |  | 0 | 0 | 400 |
| Cross Country Healthcare Inc | COM | 227483104 |  | 78913 | 2970 | SH |  | SOLE |  | 70 | 0 | 2900 |
| Curo Group Holdings Corp | COM | 23131L107 |  | 32305 | 9100 | SH |  | SOLE |  | 0 | 0 | 9100 |
| Cushman  Wakefield | COM | G2717B108 |  | 1034 | 83 | SH |  | SOLE |  | 83 | 0 | 0 |
| CVR Energy Inc. | COM | 12662P108 |  | 1849 | 59 | SH |  | SOLE |  | 59 | 0 | 0 |
| D.R. Horton Inc. | COM | 23331A109 |  | 695292 | 7800 | SH |  | SOLE |  | 7800 | 0 | 0 |
| Daseke | COM | 23753F107 |  | 51779 | 9100 | SH |  | SOLE |  | 0 | 0 | 9100 |
| DaVita HealthCare Partners Inc | COM | 23918K108 |  | 180179 | 2413 | SH |  | SOLE |  | 2413 | 0 | 0 |
| Delek US Energy Inc. | COM | 24665A103 |  | 1998 | 74 | SH |  | SOLE |  | 74 | 0 | 0 |
| Dell Inc. | COM | 24703L202 |  | 68374 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| Dermtech Inc | COM | 24984K105 |  | 18585 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| Dicks Sporting Goods Inc | COM | 253393102 |  | 1083 | 9 | SH |  | SOLE |  | 9 | 0 | 0 |
| Diebold Incorporated | COM | 253651103 |  | 1409 | 992 | SH |  | SOLE |  | 992 | 0 | 0 |
| Dillards Inc cl A | COM | 254067101 |  | 550733 | 1704 | SH |  | SOLE |  | 404 | 0 | 1300 |
| Discover Financial Services | COM | 254709108 |  | 586980 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| DISH Network Corp cl A | COM | 25470M109 |  | 37908 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| DLH Holdings | COM | 23335Q100 |  | 87801 | 7400 | SH |  | SOLE |  | 0 | 0 | 7400 |
| Dorian LPG Ltd. | COM | Y2106R110 |  | 3716910 | 196143 | SH |  | SOLE |  | 50543 | 0 | 145600 |
| DT Midstream Inc | COM | 23345M107 |  | 1934 | 35 | SH |  | SOLE |  | 35 | 0 | 0 |
| DTE Energy Corp. | COM | 233331107 |  | 164542 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| Dyne Therapeutics | COM | 26818M108 |  | 31293 | 2700 | SH |  | SOLE |  | 0 | 0 | 2700 |
| Dynex Capital Inc. | COM | 26817Q886 |  | 376512 | 29600 | SH |  | SOLE |  | 7400 | 0 | 22200 |
| E.W. Scripps Cl A | COM | 811054402 |  | 238739 | 18100 | SH |  | SOLE |  | 3200 | 0 | 14900 |
| Eagle Pharmaceuticals Inc | COM | 269796108 |  | 58460 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| EMCOR Group Inc. | COM | 29084Q100 |  | 2962 | 20 | SH |  | SOLE |  | 20 | 0 | 0 |
| Encore Wire Corporation | COM | 292562105 |  | 825 | 6 | SH |  | SOLE |  | 6 | 0 | 0 |
| Enova International Inc. | COM | 29357K103 |  | 2361789 | 61553 | SH |  | SOLE |  | 16353 | 0 | 45200 |
| Ensign Group | COM | 29358P101 |  | 3595 | 38 | SH |  | SOLE |  | 38 | 0 | 0 |
| Enstar Group Limited | COM | G3075P101 |  | 3789056 | 16400 | SH |  | SOLE |  | 4100 | 0 | 12300 |
| Epsilon Energy | COM | 294375209 |  | 42432 | 6400 | SH |  | SOLE |  | 0 | 0 | 6400 |
| Erie Indemnity Co cl A | COM | 29530P102 |  | 995 | 4 | SH |  | SOLE |  | 4 | 0 | 0 |
| Essent Group | COM | G3198U102 |  | 4277 | 110 | SH |  | SOLE |  | 110 | 0 | 0 |
| Exelixis Inc. | COM | 30161Q104 |  | 11228 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| Expeditors International of WA | COM | 302130109 |  | 342936 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| F Annuities and Life Inc | COM | 30190A104 |  | 7444 | 372 | SH |  | SOLE |  | 372 | 0 | 0 |
| Fabrinet | COM | G3323L100 |  | 1539 | 12 | SH |  | SOLE |  | 12 | 0 | 0 |
| Farmer Mac | COM | 313148306 |  | 1251081 | 11100 | SH |  | SOLE |  | 2900 | 0 | 8200 |
| Fidelity National Fin Inc. | COM | 31620R303 |  | 504108 | 13400 | SH |  | SOLE |  | 13400 | 0 | 0 |
| First American Financial Corp | COM | 31847R102 |  | 19104 | 365 | SH |  | SOLE |  | 365 | 0 | 0 |
| First Busey Corporation | COM | 319383204 |  | 27192 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| First Cash Fncl Svcs Inc. | COM | 33768G107 |  | 1043 | 12 | SH |  | SOLE |  | 0 | 0 | 0 |
| First Financial Bancorp OH | COM | 320209109 |  | 211673 | 8736 | SH |  | SOLE |  | 5736 | 0 | 3000 |
| First Hawaiian Inc | COM | 32051X108 |  | 5703 | 219 | SH |  | SOLE |  | 219 | 0 | 0 |
| Fluor Corporation | COM | 343412102 |  | 3015 | 87 | SH |  | SOLE |  | 87 | 0 | 0 |
| Focus Financial Partner | COM | 34417P100 |  | 783 | 21 | SH |  | SOLE |  | 21 | 0 | 0 |
| Fonar Corporation | COM | 344437405 |  | 55275 | 3300 | SH |  | SOLE |  | 0 | 0 | 3300 |
| Forestar Group | COM | 346232101 |  | 1150357 | 74650 | SH |  | SOLE |  | 17950 | 0 | 56700 |
| Franklin Resources Inc | COM | 354613101 |  | 47484 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| Garmin Ltd | COM | H2906T109 |  | 18458 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| Gates Industrial Corp | COM | G39108108 |  | 2830 | 248 | SH |  | SOLE |  | 248 | 0 | 0 |
| General Dynamics Corp. | COM | 369550108 |  | 645086 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| General Mills Inc. | COM | 370334104 |  | 243165 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| Generation Bio | COM | 37148K100 |  | 41658 | 10600 | SH |  | SOLE |  | 0 | 0 | 10600 |
| Genie Energy | COM | 372284208 |  | 131318 | 12700 | SH |  | SOLE |  | 0 | 0 | 12700 |
| Genworth Financial Inc | COM | 37247D106 |  | 886075 | 167500 | SH |  | SOLE |  | 41000 | 0 | 126500 |
| Geo Group Inc | COM | 36162J106 |  | 85410 | 7800 | SH |  | SOLE |  | 0 | 0 | 7800 |
| Global Industrial Co. | COM | 37892E102 |  | 442364 | 18800 | SH |  | SOLE |  | 3900 | 0 | 14900 |
| Goldman Sachs Group Inc | COM | 38141G104 |  | 652422 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| Gossamer Bio | COM | 38341P102 |  | 9982 | 4600 | SH |  | SOLE |  | 0 | 0 | 4600 |
| Graftech International Ltd | COM | 384313508 |  | 1181261 | 248164 | SH |  | SOLE |  | 63164 | 0 | 185000 |
| Graham Holdings Company | COM | 384637104 |  | 3933407 | 6510 | SH |  | SOLE |  | 1610 | 0 | 4900 |
| Gray Television Inc | COM | 389375106 |  | 3130279 | 279739 | SH |  | SOLE |  | 71139 | 0 | 208600 |
| Greene County Bancorp | COM | 394357107 |  | 91872 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| Greenhill  Co Inc. | COM | 395259104 |  | 42025 | 4100 | SH |  | SOLE |  | 0 | 0 | 4100 |
| Greif Inc cl A | COM | 397624107 |  | 4177771 | 62299 | SH |  | SOLE |  | 15799 | 0 | 46500 |
| Group 1 Automotive Inc. | COM | 398905109 |  | 1804 | 10 | SH |  | SOLE |  | 10 | 0 | 0 |
| Hackett Group Inc | COM | 404609109 |  | 167034 | 8200 | SH |  | SOLE |  | 0 | 0 | 8200 |
| Hamilton Beach Brands | COM | 40701T104 |  | 42126 | 3400 | SH |  | SOLE |  | 0 | 0 | 3400 |
| Hawaiian Electric Industries | COM | 419870100 |  | 5775 | 138 | SH |  | SOLE |  | 138 | 0 | 0 |
| Hayward Holdings Inc | COM | 421298100 |  | 1936 | 206 | SH |  | SOLE |  | 206 | 0 | 0 |
| Heartland Express | COM | 422347104 |  | 1125956 | 73400 | SH |  | SOLE |  | 18600 | 0 | 54800 |
| Heartland Financial USA | COM | 42234Q102 |  | 3890019 | 83441 | SH |  | SOLE |  | 21041 | 0 | 62400 |
| Henry Schein Inc. | COM | 806407102 |  | 567077 | 7100 | SH |  | SOLE |  | 7100 | 0 | 0 |
| Herbalife Nutrition Ltd | COM | G4412G101 |  | 1890 | 127 | SH |  | SOLE |  | 127 | 0 | 0 |
| Heritage-Crystal Cleaning | COM | 42726M106 |  | 129920 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| HF Sinclair Corp | COM | 403949100 |  | 395039 | 7613 | SH |  | SOLE |  | 7613 | 0 | 0 |
| Highpeak Energy | COM | 43114Q105 |  | 775293 | 33900 | SH |  | SOLE |  | 8600 | 0 | 25300 |
| Highwoods Properties | COM | 431284108 |  | 16116 | 576 | SH |  | SOLE |  | 576 | 0 | 0 |
| Hilltop Holdings Inc. | COM | 432748101 |  | 4218596 | 140573 | SH |  | SOLE |  | 35073 | 0 | 105500 |
| Hologic Inc. | COM | 436440101 |  | 590999 | 7900 | SH |  | SOLE |  | 7900 | 0 | 0 |
| Home Bancorp Inc. | COM | 43689E107 |  | 56042 | 1400 | SH |  | SOLE |  | 0 | 0 | 1400 |
| Hope Bancorp | COM | 43940T109 |  | 3580395 | 279500 | SH |  | SOLE |  | 68700 | 0 | 210800 |
| Hormel Foods Corp | COM | 440452100 |  | 432725 | 9500 | SH |  | SOLE |  | 9500 | 0 | 0 |
| Houlihan Lokey Inc. | COM | 441593100 |  | 1220 | 14 | SH |  | SOLE |  | 14 | 0 | 0 |
| HP Inc. | COM | 40434L105 |  | 303631 | 11300 | SH |  | SOLE |  | 11300 | 0 | 0 |
| Hudson Technologies | COM | 444144109 |  | 63493 | 6274 | SH |  | SOLE |  | 74 | 0 | 6200 |
| Huntington Ingalls Industries | COM | 446413106 |  | 20761 | 90 | SH |  | SOLE |  | 90 | 0 | 0 |
| IDT Corporation Cl B | COM | 448947507 |  | 36621 | 1300 | SH |  | SOLE |  | 0 | 0 | 1300 |
| Immunic Inc | COM | 4525EP101 |  | 23800 | 17000 | SH |  | SOLE |  | 0 | 0 | 17000 |
| Immunovant Inc | COM | 45258J102 |  | 69225 | 3900 | SH |  | SOLE |  | 0 | 0 | 3900 |
| Independent Bank MI | COM | 453838609 |  | 35880 | 1500 | SH |  | SOLE |  | 0 | 0 | 1500 |
| Ingles Markets cl A | COM | 457030104 |  | 4103312 | 42539 | SH |  | SOLE |  | 10739 | 0 | 31800 |
| Innoviva Inc. | COM | 45781M101 |  | 4227545 | 319060 | SH |  | SOLE |  | 81260 | 0 | 237800 |
| Insperity | COM | 45778Q107 |  | 1818 | 16 | SH |  | SOLE |  | 16 | 0 | 0 |
| Intel Corporation | COM | 458140100 |  | 689823 | 26100 | SH |  | SOLE |  | 26100 | 0 | 0 |
| International Bancshares | COM | 459044103 |  | 3660800 | 80000 | SH |  | SOLE |  | 20200 | 0 | 59800 |
| International Money Express Inc | COM | 46005L101 |  | 56051 | 2300 | SH |  | SOLE |  | 0 | 0 | 2300 |
| International Paper Co. | COM | 460146103 |  | 13852 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| Intest Corp | COM | 461147100 |  | 43260 | 4200 | SH |  | SOLE |  | 0 | 0 | 4200 |
| Jabil Circuit Inc. | COM | 466313103 |  | 20460 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| Jeld Wen Holding | COM | 47580P103 |  | 1419 | 147 | SH |  | SOLE |  | 147 | 0 | 0 |
| John Wiley  Sons | COM | 968223206 |  | 641 | 16 | SH |  | SOLE |  | 16 | 0 | 0 |
| Johnson Outdoors Inc. | COM | 479167108 |  | 85956 | 1300 | SH |  | SOLE |  | 0 | 0 | 1300 |
| Jones Lang LaSalle Incorporated | COM | 48020Q107 |  | 31874 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 992340 | 7400 | SH |  | SOLE |  | 7400 | 0 | 0 |
| Kalvista Pharmaceuticals | COM | 483497103 |  | 73008 | 10800 | SH |  | SOLE |  | 0 | 0 | 10800 |
| KB Home | COM | 48666K109 |  | 1433 | 45 | SH |  | SOLE |  | 45 | 0 | 0 |
| Kennedy-Wilson Holdings | COM | 489398107 |  | 3827911 | 243351 | SH |  | SOLE |  | 61151 | 0 | 182200 |
| Kimball Electronics Inc. | COM | 49428J109 |  | 40662 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| KKR Real Estate Finance | COM | 48251K100 |  | 235924 | 16900 | SH |  | SOLE |  | 0 | 0 | 16900 |
| Koppers Holdings Inc. | COM | 50060P106 |  | 676800 | 24000 | SH |  | SOLE |  | 8600 | 0 | 15400 |
| Kronos Worldwide Inc. | COM | 50105F105 |  | 2084920 | 221800 | SH |  | SOLE |  | 58000 | 0 | 163800 |
| Kura Oncology | COM | 50127T109 |  | 47158 | 3800 | SH |  | SOLE |  | 0 | 0 | 3800 |
| Laboratory Corp of America | COM | 50540R409 |  | 47096 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| Lands' End Inc. | COM | 51509F105 |  | 65274 | 8600 | SH |  | SOLE |  | 0 | 0 | 8600 |
| Landstar System Inc. | COM | 515098101 |  | 16290 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| Lazard LTD. | COM | G54050102 |  | 4646 | 134 | SH |  | SOLE |  | 134 | 0 | 0 |
| LCI Industries | COM | 50189K103 |  | 2893685 | 31300 | SH |  | SOLE |  | 7100 | 0 | 24200 |
| Legacy Housing Corporation | COM | 52472M101 |  | 85320 | 4500 | SH |  | SOLE |  | 0 | 0 | 4500 |
| Leidos Holdings Inc. | COM | 525327102 |  | 21038 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| Lennar Corp cl A | COM | 526057104 |  | 651600 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| Lennox International Inc. | COM | 526107107 |  | 23923 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| Liquidity Services Inc. | COM | 53635B107 |  | 42180 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| Louisiana-Pacific Corp | COM | 546347105 |  | 30547 | 516 | SH |  | SOLE |  | 516 | 0 | 0 |
| Lumber Liquidators Holdings | COM | 55003T107 |  | 37092 | 6600 | SH |  | SOLE |  | 0 | 0 | 6600 |
| Luther Burbank Corporation | COM | 550550107 |  | 129987 | 11700 | SH |  | SOLE |  | 0 | 0 | 11700 |
| LyondellBasell Industries cl A | COM | N53745100 |  | 738967 | 8900 | SH |  | SOLE |  | 8900 | 0 | 0 |
| M/I Homes Inc. | COM | 55305B101 |  | 4531643 | 98130 | SH |  | SOLE |  | 24730 | 0 | 73400 |
| Macrogenics Inc | COM | 556099109 |  | 48983 | 7300 | SH |  | SOLE |  | 0 | 0 | 7300 |
| Marine Products Corp | COM | 568427108 |  | 69443 | 5900 | SH |  | SOLE |  | 0 | 0 | 5900 |
| Matson Inc. | COM | 57686G105 |  | 850636 | 13608 | SH |  | SOLE |  | 3408 | 0 | 10200 |
| Maximus | COM | 577933104 |  | 3153 | 43 | SH |  | SOLE |  | 43 | 0 | 0 |
| MDC Holdings Inc | COM | 552676108 |  | 3904622 | 123564 | SH |  | SOLE |  | 30864 | 0 | 92700 |
| Merchants Bancorp | COM | 58844R108 |  | 1443903 | 59371 | SH |  | SOLE |  | 13521 | 0 | 45850 |
| Meritage Homes Corp | COM | 59001A102 |  | 2028 | 22 | SH |  | SOLE |  | 22 | 0 | 0 |
| Meta Platforms Inc | COM | 30303M102 |  | 758142 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| MetLife Inc. | COM | 59156R108 |  | 644093 | 8900 | SH |  | SOLE |  | 8900 | 0 | 0 |
| Midland States Bancorp Inc | COM | 597742105 |  | 119790 | 4500 | SH |  | SOLE |  | 0 | 0 | 4500 |
| MidWestOne Finl Grp | COM | 598511103 |  | 82550 | 2600 | SH |  | SOLE |  | 0 | 0 | 2600 |
| Moderna Inc | COM | 60770K107 |  | 107772 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| Modivcare | COM | 60783X104 |  | 1256 | 14 | SH |  | SOLE |  | 14 | 0 | 0 |
| Moelis  Co | COM | 60786M105 |  | 767 | 20 | SH |  | SOLE |  | 20 | 0 | 0 |
| Mr Cooper Group | COM | 62482R107 |  | 562 | 14 | SH |  | SOLE |  | 14 | 0 | 0 |
| MSC Industrial Direct Co. | COM | 553530106 |  | 24510 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| Mueller Industries Inc. | COM | 624756102 |  | 3501119 | 59341 | SH |  | SOLE |  | 15341 | 0 | 44000 |
| Murphy USA Inc. | COM | 626755102 |  | 2236 | 8 | SH |  | SOLE |  | 8 | 0 | 0 |
| MVB Financial | COM | 553810102 |  | 48444 | 2200 | SH |  | SOLE |  | 0 | 0 | 2200 |
| NACCO Industries cl A | COM | 629579103 |  | 76000 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| National Beverage Corp | COM | 635017106 |  | 2993926 | 64344 | SH |  | SOLE |  | 16744 | 0 | 47600 |
| National Energy Services Reunited | COM | G6375R107 |  | 737028 | 106200 | SH |  | SOLE |  | 26900 | 0 | 79300 |
| National HealthCare Corp | COM | 635906100 |  | 1790950 | 30100 | SH |  | SOLE |  | 7600 | 0 | 22500 |
| National Western Life Group A | COM | 638517102 |  | 1124000 | 4000 | SH |  | SOLE |  | 700 | 0 | 3300 |
| Natural Grocers By Vitamin Cottage Inc | COM | 63888U108 |  | 56668 | 6200 | SH |  | SOLE |  | 0 | 0 | 6200 |
| Nature's Sunshine Products | COM | 639027101 |  | 48256 | 5800 | SH |  | SOLE |  | 0 | 0 | 5800 |
| NBT Bancorp Inc. | COM | 628778102 |  | 3586492 | 82600 | SH |  | SOLE |  | 21400 | 0 | 61200 |
| Nelnet Inc | COM | 64031N108 |  | 3332431 | 36721 | SH |  | SOLE |  | 9621 | 0 | 27100 |
| New Fortress Energy | COM | 644393100 |  | 12726 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| Newmark Group | COM | 65158N102 |  | 3144651 | 394561 | SH |  | SOLE |  | 88561 | 0 | 306000 |
| NewMarket Corporation | COM | 651587107 |  | 5600 | 18 | SH |  | SOLE |  | 18 | 0 | 0 |
| Nexstar Media Group Inc. Cl A | COM | 65336K103 |  | 17503 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| NMI Holdings | COM | 629209305 |  | 674359 | 32266 | SH |  | SOLE |  | 11166 | 0 | 21100 |
| Northern Trust Corp. | COM | 665859104 |  | 44245 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| NRG Energy Inc | COM | 629377508 |  | 306554 | 9634 | SH |  | SOLE |  | 9634 | 0 | 0 |
| Nurix Therapeutics | COM | 67080M103 |  | 64782 | 5900 | SH |  | SOLE |  | 0 | 0 | 5900 |
| OceanFirst Financial | COM | 675234108 |  | 414375 | 19500 | SH |  | SOLE |  | 5300 | 0 | 14200 |
| O-I Glass | COM | 67098H104 |  | 1292 | 78 | SH |  | SOLE |  | 78 | 0 | 0 |
| Oil-Dri Corp. of Amer | COM | 677864100 |  | 73788 | 2200 | SH |  | SOLE |  | 0 | 0 | 2200 |
| Olaplex Holdings | COM | 679369108 |  | 1438 | 276 | SH |  | SOLE |  | 276 | 0 | 0 |
| Old Republic Int'l Corp | COM | 680223104 |  | 19320 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| Olympic Steel Inc. | COM | 68162K106 |  | 107456 | 3200 | SH |  | SOLE |  | 0 | 0 | 3200 |
| Omnicom Group Inc | COM | 681919106 |  | 16314 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| One Liberty Properties Inc. | COM | 682406103 |  | 64438 | 2900 | SH |  | SOLE |  | 0 | 1 | 2900 |
| Onemain Holdings Inc | COM | 68268W103 |  | 25116 | 754 | SH |  | SOLE |  | 754 | 2 | 0 |
| ONEOK Inc. | COM | 682680103 |  | 459900 | 7000 | SH |  | SOLE |  | 7000 | 3 | 0 |
| Oppenheimer Holdings | COM | 683797104 |  | 1303764 | 30800 | SH |  | SOLE |  | 5600 | 4 | 25200 |
| Opportun Financial Corp | COM | 68376D104 |  | 52345 | 9500 | SH |  | SOLE |  | 0 | 5 | 9500 |
| Option Care Health | COM | 68404L201 |  | 4303 | 143 | SH |  | SOLE |  | 143 | 6 | 0 |
| Oracle Corporation | COM | 68389X105 |  | 531310 | 6500 | SH |  | SOLE |  | 6500 | 7 | 0 |
| Organon  Co | COM | 68622V106 |  | 410739 | 14706 | SH |  | SOLE |  | 14706 | 8 | 0 |
| Otter Tail Corp | COM | 689648103 |  | 2103344 | 35826 | SH |  | SOLE |  | 7426 | 9 | 28400 |
| Owens  Minor Inc. | COM | 690732102 |  | 3496 | 179 | SH |  | SOLE |  | 179 | 10 | 0 |
| P.A.M. Transportation | COM | 693149106 |  | 101010 | 3900 | SH |  | SOLE |  | 0 | 11 | 3900 |
| Paccar Inc. | COM | 693718108 |  | 574026 | 5800 | SH |  | SOLE |  | 5800 | 12 | 0 |
| Par Pacific Holding | COM | 69888T207 |  | 1721 | 74 | SH |  | SOLE |  | 74 | 13 | 0 |
| Park National Corp OH | COM | 700658107 |  | 1238600 | 8800 | SH |  | SOLE |  | 1800 | 14 | 7000 |
| Patterson Companies Inc | COM | 703395103 |  | 3728 | 133 | SH |  | SOLE |  | 133 | 15 | 0 |
| PBF Energy Inc cl A | COM | 69318G106 |  | 1973263 | 48388 | SH |  | SOLE |  | 12288 | 16 | 36100 |
| PC Connection Inc. | COM | 69318J100 |  | 3540950 | 75500 | SH |  | SOLE |  | 19100 | 0 | 56400 |
| PennyMac Financial Service Inc | COM | 70932M107 |  | 3651227 | 64441 | SH |  | SOLE |  | 16241 | 0 | 48200 |
| Penske Automotive Group Inc. | COM | 70959W103 |  | 373867 | 3253 | SH |  | SOLE |  | 3253 | 0 | 0 |
| Perdoceo Education Corp | COM | 71363P106 |  | 3494460 | 251400 | SH |  | SOLE |  | 67200 | 0 | 184200 |
| Photronics Inc. | COM | 719405102 |  | 50490 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| Piedmont Office Realty Trust | COM | 720190206 |  | 369734 | 40320 | SH |  | SOLE |  | 8920 | 0 | 31400 |
| Pilgrims Pride Corp | COM | 72147K108 |  | 17892 | 754 | SH |  | SOLE |  | 754 | 0 | 0 |
| Playtika Holding Corp | COM | 72815L107 |  | 17165 | 2017 | SH |  | SOLE |  | 2017 | 0 | 0 |
| Plexus Corp. | COM | 729132100 |  | 2573 | 25 | SH |  | SOLE |  | 25 | 0 | 0 |
| Postal Realty Trust Inc | COM | 73757R102 |  | 1308 | 90 | SH |  | SOLE |  | 90 | 0 | 0 |
| Potlatch Corporation | COM | 737630103 |  | 352 | 8 | SH |  | SOLE |  | 8 | 0 | 0 |
| Preformed Line Products | COM | 740444104 |  | 158251 | 1900 | SH |  | SOLE |  | 0 | 0 | 1900 |
| Prelude Therapeutics | COM | 74065P101 |  | 49528 | 8200 | SH |  | SOLE |  | 0 | 0 | 8200 |
| Premier Financial | COM | 74052F108 |  | 275094 | 10200 | SH |  | SOLE |  | 2600 | 0 | 7600 |
| Primoris Services Corp. | COM | 74164F103 |  | 46074 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| Principal Financial Group Inc. | COM | 74251V102 |  | 369248 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| Prosperity Bancshares Inc. | COM | 743606105 |  | 1526 | 21 | SH |  | SOLE |  | 21 | 0 | 0 |
| Provention Bio | COM | 74374N102 |  | 45451 | 4300 | SH |  | SOLE |  | 0 | 0 | 4300 |
| Provident Bancorp | COM | 74383L105 |  | 37128 | 5100 | SH |  | SOLE |  | 0 | 0 | 5100 |
| Provident Financial Services | COM | 74386T105 |  | 2043383 | 95664 | SH |  | SOLE |  | 24764 | 0 | 70900 |
| Pulmonx Corporation | COM | 745848101 |  | 62382 | 7400 | SH |  | SOLE |  | 0 | 0 | 7400 |
| PulteGroup Inc. | COM | 745867101 |  | 36925 | 811 | SH |  | SOLE |  | 811 | 0 | 0 |
| Quest Diagnostics Inc. | COM | 74834L100 |  | 688336 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| Quidelortho Corp | COM | 219798105 |  | 26643 | 311 | SH |  | SOLE |  | 311 | 0 | 0 |
| R C M Technologies | COM | 749360400 |  | 67870 | 5500 | SH |  | SOLE |  | 0 | 0 | 5500 |
| Radian Group Inc. | COM | 750236101 |  | 1240 | 65 | SH |  | SOLE |  | 65 | 0 | 0 |
| Radiant Logistics | COM | 75025X100 |  | 41738 | 8200 | SH |  | SOLE |  | 0 | 0 | 8200 |
| Raymond James Financial Inc. | COM | 754730109 |  | 26713 | 250 | SH |  | SOLE |  | 250 | 0 | 0 |
| RBB Bancorp | COM | 74930B105 |  | 143865 | 6900 | SH |  | SOLE |  | 0 | 0 | 6900 |
| Regional Management Corp. | COM | 75902K106 |  | 64584 | 2300 | SH |  | SOLE |  | 0 | 0 | 2300 |
| Reliance Steel  Aluminum | COM | 759509102 |  | 40488 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| Republic Bancorp KY | COM | 760281204 |  | 1068585 | 26114 | SH |  | SOLE |  | 5514 | 0 | 20600 |
| Resources Connection | COM | 76122Q105 |  | 75358 | 4100 | SH |  | SOLE |  | 0 | 0 | 4100 |
| Retractable Technologies Inc | COM | 76129W105 |  | 28866 | 17600 | SH |  | SOLE |  | 0 | 0 | 17600 |
| Revance Therapeutics | COM | 761330109 |  | 42458 | 2300 | SH |  | SOLE |  | 0 | 0 | 2300 |
| REX American Resources | COM | 761624105 |  | 669 | 21 | SH |  | SOLE |  | 21 | 0 | 0 |
| Reynolds Consumer Product | COM | 76171L106 |  | 5756 | 192 | SH |  | SOLE |  | 192 | 0 | 0 |
| Rhythm Pharmaceuticals | COM | 76243J105 |  | 93184 | 3200 | SH |  | SOLE |  | 0 | 0 | 3200 |
| Richardson Electronics | COM | 763165107 |  | 49059 | 2300 | SH |  | SOLE |  | 0 | 0 | 2300 |
| Rily Exploration Permian | COM | 76665T102 |  | 75665 | 2571 | SH |  | SOLE |  | 71 | 0 | 2500 |
| RLI Corporation | COM | 749607107 |  | 919 | 7 | SH |  | SOLE |  | 7 | 0 | 0 |
| Rush Enterprises Inc | COM | 781846209 |  | 4246234 | 81221 | SH |  | SOLE |  | 20571 | 0 | 60650 |
| Ryerson Holding Corporation | COM | 783754104 |  | 4093875 | 135290 | SH |  | SOLE |  | 33990 | 0 | 101300 |
| Sandy Spring Bancorp Inc. | COM | 800363103 |  | 1088607 | 30900 | SH |  | SOLE |  | 6000 | 0 | 24900 |
| Schneider National Inc. | COM | 80689H102 |  | 26910 | 1150 | SH |  | SOLE |  | 1150 | 0 | 0 |
| Scholar Rock Holdings | COM | 80706P103 |  | 54300 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| Science App Int'l Corp | COM | 808625107 |  | 22186 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| SEI Investments Co. | COM | 784117103 |  | 49147 | 843 | SH |  | SOLE |  | 843 | 0 | 0 |
| Select Medical Holdings Corp | COM | 81619Q105 |  | 2781208 | 112010 | SH |  | SOLE |  | 29210 | 0 | 82800 |
| Seneca Foods cl A | COM | 817070501 |  | 646070 | 10600 | SH |  | SOLE |  | 2500 | 0 | 8100 |
| Sensus Healthcare | COM | 81728J109 |  | 56392 | 7600 | SH |  | SOLE |  | 0 | 0 | 7600 |
| Shattuck Labs | COM | 82024L103 |  | 30130 | 13100 | SH |  | SOLE |  | 0 | 0 | 13100 |
| Silgan Holdings Inc. | COM | 827048109 |  | 2385 | 46 | SH |  | SOLE |  | 46 | 0 | 0 |
| Silvercrest Asset Mgmt Grp | COM | 828359109 |  | 48802 | 2600 | SH |  | SOLE |  | 0 | 0 | 2600 |
| Sinclair Broadcast | COM | 829226109 |  | 636 | 41 | SH |  | SOLE |  | 41 | 0 | 0 |
| Siriuspoint | COM | G8192H106 |  | 991 | 168 | SH |  | SOLE |  | 168 | 0 | 0 |
| Sitio Royalties Corp | COM | 82983N108 |  | 150020 | 5200 | SH |  | SOLE |  | 0 | 0 | 5200 |
| SLM Corp | COM | 78442P106 |  | 19140 | 1153 | SH |  | SOLE |  | 1153 | 0 | 0 |
| Snap-On Inc. | COM | 833034101 |  | 22849 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| South Plains Financial | COM | 83946P107 |  | 156921 | 5700 | SH |  | SOLE |  | 0 | 0 | 5700 |
| Southern Copper Corp. | COM | 84265V105 |  | 519354 | 8600 | SH |  | SOLE |  | 8600 | 0 | 0 |
| Southern MO Bancorp | COM | 843380106 |  | 73328 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| Sprouts Farmers Market | COM | 85208M102 |  | 1327 | 41 | SH |  | SOLE |  | 41 | 0 | 0 |
| Stagwell | COM | 85256A109 |  | 397 | 64 | SH |  | SOLE |  | 0 | 0 | 0 |
| Steel Dynamics Inc. | COM | 858119100 |  | 639935 | 6550 | SH |  | SOLE |  | 6550 | 0 | 0 |
| Sterling Infrastructure Inc | COM | 859241101 |  | 193520 | 5900 | SH |  | SOLE |  | 2500 | 0 | 3400 |
| Stewart Information Services | COM | 860372101 |  | 3644869 | 85300 | SH |  | SOLE |  | 20100 | 0 | 65200 |
| Stifel Financial Corp | COM | 860630102 |  | 3094 | 53 | SH |  | SOLE |  | 53 | 0 | 0 |
| Stonex Group | COM | 861896108 |  | 4108955 | 43116 | SH |  | SOLE |  | 10816 | 0 | 32300 |
| Super Miccro Computer | COM | 86800U104 |  | 3530 | 43 | SH |  | SOLE |  | 43 | 0 | 0 |
| Superior Group of Companies | COM | 868358102 |  | 40240 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| Sylvamo Corp | COM | 871332102 |  | 1360520 | 28000 | SH |  | SOLE |  | 6900 | 0 | 21100 |
| Synchrony Financial | COM | 87165B103 |  | 39432 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| Syros Pharmaceuticals | COM | 87184Q206 |  | 27643 | 7700 | SH |  | SOLE |  | 0 | 0 | 7700 |
| Taylor Morrison Home Corporation | COM | 87724P106 |  | 4067 | 134 | SH |  | SOLE |  | 134 | 0 | 0 |
| TD Synnex Corporation | COM | 87162W100 |  | 138371 | 1461 | SH |  | SOLE |  | 1461 | 0 | 0 |
| Texas Pacific Land Trust | COM | 88262P102 |  | 539173 | 230 | SH |  | SOLE |  | 230 | 0 | 0 |
| The ONE Group Hospitality Inc | COM | 88338K103 |  | 50400 | 8000 | SH |  | SOLE |  | 0 | 0 | 8000 |
| Thryv Holdings | COM | 886029206 |  | 2664959 | 140261 | SH |  | SOLE |  | 34561 | 0 | 105700 |
| Timken Company | COM | 887389104 |  | 31943 | 452 | SH |  | SOLE |  | 452 | 0 | 0 |
| Tiptree Inc | COM | 88822Q103 |  | 127328 | 9200 | SH |  | SOLE |  | 0 | 0 | 9200 |
| Titan Machinery Inc. | COM | 88830R101 |  | 75487 | 1900 | SH |  | SOLE |  | 600 | 0 | 1300 |
| Tootsie Roll Industries Inc. | COM | 890516107 |  | 46827 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| Towne Bank | COM | 89214P109 |  | 3997512 | 129621 | SH |  | SOLE |  | 32972 | 0 | 96649 |
| Trean Insurance Group Inc | COM | 89457R101 |  | 138000 | 23000 | SH |  | SOLE |  | 0 | 0 | 23000 |
| Trinet Group Inc | COM | 896288107 |  | 1220 | 18 | SH |  | SOLE |  | 18 | 0 | 0 |
| Triton International Ltd | COM | G9078F107 |  | 2476 | 36 | SH |  | SOLE |  | 36 | 0 | 0 |
| Tronox Holdings | COM | G9087Q102 |  | 1514955 | 110500 | SH |  | SOLE |  | 26500 | 0 | 84000 |
| Truist Financial | COM | 89832Q109 |  | 632541 | 14700 | SH |  | SOLE |  | 14700 | 0 | 0 |
| TrustCo Bank Corp NY | COM | 898349204 |  | 22554 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| TTEC Holdings Inc. | COM | 89854H102 |  | 725453 | 16439 | SH |  | SOLE |  | 4539 | 0 | 11900 |
| Twenty-First Century Fox Inc. | COM | 35137L105 |  | 361403 | 11900 | SH |  | SOLE |  | 11900 | 0 | 0 |
| Tyson Foods | COM | 902494103 |  | 479325 | 7700 | SH |  | SOLE |  | 7700 | 0 | 0 |
| Ubiquiti Inc. | COM | 90353W103 |  | 54706 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| UFP Industries | COM | 90278Q108 |  | 3249 | 41 | SH |  | SOLE |  | 41 | 0 | 0 |
| UGI Corp | COM | 902681105 |  | 48191 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| Ultra Clean Holdings Inc. | COM | 90385V107 |  | 1293 | 39 | SH |  | SOLE |  | 39 | 0 | 0 |
| Unisys Corporation | COM | 909214306 |  | 746 | 146 | SH |  | SOLE |  | 146 | 0 | 0 |
| United Natural Foods Inc. | COM | 911163103 |  | 1239 | 32 | SH |  | SOLE |  | 32 | 0 | 0 |
| United States Cellular Corp | COM | 911684108 |  | 2772591 | 132978 | SH |  | SOLE |  | 33778 | 0 | 99200 |
| United States Lime  Minerals | COM | 911922102 |  | 56304 | 400 | SH |  | SOLE |  | 0 | 0 | 400 |
| United States Steel Corp | COM | 912909108 |  | 1478 | 59 | SH |  | SOLE |  | 59 | 0 | 0 |
| Universal Logistics Holdings | COM | 91388P105 |  | 1070080 | 32000 | SH |  | SOLE |  | 7100 | 0 | 24900 |
| Urban One Inc | COM | 91705J204 |  | 35344 | 9400 | SH |  | SOLE |  | 0 | 0 | 9400 |
| USANA Health Sciences Inc. | COM | 90328M107 |  | 2831783 | 53229 | SH |  | SOLE |  | 13729 | 0 | 39500 |
| Valhi Inc. | COM | 918905209 |  | 70862 | 3221 | SH |  | SOLE |  | 21 | 0 | 3200 |
| Value Line Inc. | COM | 920437100 |  | 40704 | 800 | SH |  | SOLE |  | 0 | 0 | 800 |
| Vector Group Ltd. | COM | 92240M108 |  | 593 | 50 | SH |  | SOLE |  | 50 | 0 | 0 |
| VeriSign Inc | COM | 92343E102 |  | 308160 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| Veritiv | COM | 923454102 |  | 2434 | 20 | SH |  | SOLE |  | 20 | 0 | 0 |
| Verizon Communications Inc. | COM | 92343V104 |  | 807700 | 20500 | SH |  | SOLE |  | 20500 | 0 | 0 |
| Village Super Market | COM | 927107409 |  | 109463 | 4700 | SH |  | SOLE |  | 0 | 0 | 4700 |
| Virtu Financial | COM | 928254101 |  | 2082 | 102 | SH |  | SOLE |  | 102 | 0 | 0 |
| Vontier Corp | COM | 928881101 |  | 22036 | 1140 | SH |  | SOLE |  | 1140 | 0 | 0 |
| Walgreens Boots Alliance Inc | COM | 931427108 |  | 141968 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| Watsco Inc. | COM | 942622200 |  | 24940 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| Weatherford International Public Ltd | COM | G48833118 |  | 1018 | 20 | SH |  | SOLE |  | 20 | 0 | 0 |
| WEC Energy Group | COM | 92939U106 |  | 206272 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| Weis Markets Inc. | COM | 948849104 |  | 1374243 | 16700 | SH |  | SOLE |  | 4200 | 0 | 12500 |
| Western Union | COM | 959802109 |  | 15147 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| Westlake Corporation | COM | 960413102 |  | 646002 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| Weyerhaeuser Co | COM | 962166104 |  | 409200 | 13200 | SH |  | SOLE |  | 13200 | 0 | 0 |
| Williams-Sonoma Inc. | COM | 969904101 |  | 22984 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| World Fuel Services Corp | COM | 981475106 |  | 1877571 | 68700 | SH |  | SOLE |  | 17700 | 0 | 51000 |
| Worthington Industries | COM | 981811102 |  | 3671630 | 73861 | SH |  | SOLE |  | 18761 | 0 | 55100 |
| Zynex Inc | COM | 98986M103 |  | 134732 | 9686 | SH |  | SOLE |  | 86 | 0 | 9600 |

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