-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, F1UhDMmBHZFOHVOwxHtbQ8kvTM+JjYJpua0x5rRLMDzlbUvYcbmuCyqxk2JyqlBC VSYKor2LZ8MOAm3yHMXcwA== 0001142941-08-000003.txt : 20080723 0001142941-08-000003.hdr.sgml : 20080723 20080723162254 ACCESSION NUMBER: 0001142941-08-000003 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080630 FILED AS OF DATE: 20080723 DATE AS OF CHANGE: 20080723 EFFECTIVENESS DATE: 20080723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DENALI ADVISORS LLC CENTRAL INDEX KEY: 0001142941 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-10130 FILM NUMBER: 08966042 BUSINESS ADDRESS: STREET 1: 9191 TOWNE CENTRE DR STREET 2: SUITE 365 CITY: SAN DIEGO STATE: CA ZIP: 92122 BUSINESS PHONE: 8585583600 MAIL ADDRESS: STREET 1: 9191 TOWNE CENTRE DR STREET 2: SUITE 365 CITY: SAN DIEGO STATE: CA ZIP: 92122 13F-HR 1 report20080630.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13 (F) COVER PAGE Report for the Calendar Year or Quarter Ended: June 30, 2008 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 Address: 4275 Executive Square, Suite 650 La Jolla, CA 92037 Form 13F File Number: 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: Doug Palenchar Title: Chief Compliance Officer Phone: 858-558-3600 Signature, Place, and Date of Signing: /s/ Doug Palenchar La Jolla, CA July 23, 2008 - ------------------- ------------------ -------------------- [Signature] [City, State] [Date] Report Type (Check only one.): [ x ] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 333 Form 13F Information Table Value Total: $1065396 (thousands) 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.] NONE FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M Company COM 88579Y101 160 2300 SH SOLE 0 0 2300 AAR Corp. COM 000361105 1682 124300 SH SOLE 38200 0 86100 ACE Limited COM G0070K103 18180 330000 SH SOLE 127800 0 202200 AES Corporation COM 00130H105 46 2400 SH SOLE 0 0 2400 AFLAC Inc. COM 001055102 132 2100 SH SOLE 1000 0 1100 AGL Resources Inc. COM 001204106 505 14600 SH SOLE 0 0 14600 AMB Property Corp COM 00163T109 106 2100 SH SOLE 0 0 2100 AT&T Inc. COM 00206R102 25699 762798 SH SOLE 267540 0 495258 Air Products & Chemicals COM 009158106 4834 48900 SH SOLE 18000 0 30900 Allegheny Energy Inc COM 017361106 6549 130700 SH SOLE 36600 0 94100 Alliant Techsystems Inc COM 018804104 2389 23500 SH SOLE 3200 0 20300 Allstate Corporation COM 020002101 5753 126190 SH SOLE 41400 0 84790 Alpha Natural Resources Inc. COM 02076X102 781 7490 SH SOLE 7490 0 0 Altria Group Inc COM 02209S103 2511 122140 SH SOLE 54840 0 67300 Ameren Corp COM 023608102 10416 246660 SH SOLE 61660 0 185000 American Capital, Ltd. COM 02503Y103 2341 98500 SH SOLE 27900 0 70600 American Electric Power COM 025537101 3609 89700 SH SOLE 0 0 89700 American Express Co. COM 025816109 776 20600 SH SOLE 500 0 20100 American Financial Group COM 025932104 2488 93000 SH SOLE 6500 0 86500 American Intl Group, Inc. COM 026874107 484 18300 SH SOLE 13200 0 5100 AmerisourceBergen Corp COM 03073E105 344 8600 SH SOLE 0 0 8600 Amphenol Corp. COM 032095101 758 16900 SH SOLE 0 0 16900 Andersons Inc. COM 034164103 16 400 SH SOLE 0 0 400 Anixter International COM 035290105 24 400 SH SOLE 400 0 0 Annaly Capital Mgmt. COM 035710409 2379 153360 SH SOLE 19160 0 134200 Apogee Enterprises Inc. COM 037598109 10 600 SH SOLE 600 0 0 Apple Inc. COM 037833100 1088 6500 SH SOLE 1000 0 5500 Applied Industrial Tech COM 03820C105 27 1100 SH SOLE 1100 0 0 Arch Capital Group Ltd. COM G0450A105 1883 28400 SH SOLE 0 0 28400 Archer Daniels Midland COM 039483102 6716 199000 SH SOLE 30700 0 168300 Arena Resources Inc. COM 040049108 486 9200 SH SOLE 1200 0 8000 Assurant Inc. COM 04621X108 2816 42700 SH SOLE 0 0 42700 Atheros Communications Inc. COM 04743P108 21 700 SH SOLE 700 0 0 Atlas Energy Resources CL B COM 049303100 683 17900 SH SOLE 0 0 17900 Atwood Oceanics Inc COM 050095108 13730 110420 SH SOLE 41420 0 69000 AutoZone Inc. COM 053332102 605 5000 SH SOLE 0 0 5000 Autodesk Inc. COM 052769106 85 2500 SH SOLE 0 0 2500 Autoliv Inc. COM 052800109 28 600 SH SOLE 0 0 600 Avalonbay Communities COM 053484101 6658 74670 SH SOLE 29470 0 45200 BE Aerospace Inc. COM 073302101 300 12900 SH SOLE 0 0 12900 Bank Mutual Corp COM 063750103 32 3200 SH SOLE 3200 0 0 Bank of America Corp COM 060505104 17648 739332 SH SOLE 257072 0 482260 Bank of New York Mellon Corp. COM 064058100 1896 50126 SH SOLE 37826 0 12300 Becton Dickinson & Co. COM 075887109 417 5130 SH SOLE 5130 0 0 Bemis Company Inc. COM 081437105 578 25800 SH SOLE 0 0 25800 Berkshire Hathaway cl A COM 084670108 6883 57 SH SOLE 22 0 35 Bill Barrett Corp. COM 06846N104 903 15200 SH SOLE 2300 0 12900 Bio-Rad Lab cl A COM 090572207 49 600 SH SOLE 0 0 600 BorgWarner Inc. COM 099724106 1482 33400 SH SOLE 1400 0 32000 Boston Properties, Inc. COM 101121101 5866 65020 SH SOLE 2920 0 62100 Bristow Group, Inc. COM 110394103 445 9000 SH SOLE 0 0 9000 Bucyrus International, Inc. COM 118759109 2380 32600 SH SOLE 9200 0 23400 Bunge Limited COM G16962105 1981 18400 SH SOLE 0 0 18400 CBS Corp. Class B COM 124857202 5247 269200 SH SOLE 85400 0 183800 CF Industries Holdings, Inc. COM 125269100 443 2900 SH SOLE 2100 0 800 CIRCOR International Inc. COM 17273K109 206 4200 SH SOLE 2900 0 1300 CIT Group Inc. COM 125581108 337 49500 SH SOLE 1600 0 47900 CME Group Inc. COM 12572Q105 222 580 SH SOLE 580 0 0 CMS Energy Corp COM 125896100 656 44000 SH SOLE 44000 0 0 CSX Corporation COM 126408103 6615 105310 SH SOLE 21910 0 83400 CVS Caremark Corp. COM 126650100 1355 34255 SH SOLE 23412 0 10843 Calgon Carbon Corp COM 129603106 3 200 SH SOLE 0 0 200 Capital One Financial Corp. COM 14040H105 5035 132470 SH SOLE 37970 0 94500 Capstead Mortgage Corp COM 14067E506 502 46300 SH SOLE 5500 0 40800 Cardinal Health Inc. COM 14149Y108 15 300 SH SOLE 300 0 0 Carnival Corp COM 143658300 10 300 SH SOLE 0 0 300 Caterpillar Inc COM 149123101 428 5800 SH SOLE 300 0 5500 Celanese Corp. COM 150870103 41 900 SH SOLE 600 0 300 CenterPoint Energy Inc COM 15189T107 47 2900 SH SOLE 0 0 2900 Central European Distribution COM 153435102 59 800 SH SOLE 0 0 800 Century Aluminum Co. COM 156431108 133 2000 SH SOLE 900 0 1100 Cepheid Inc. COM 15670R107 686 24400 SH SOLE 1600 0 22800 Chevron Corp COM 166764100 30389 306560 SH SOLE 108760 0 197800 Chipotle Mexican Grill Cl A COM 169656105 537 6500 SH SOLE 0 0 6500 Chubb Corp COM 171232101 10697 218270 SH SOLE 88770 0 129500 Cincinnati Financial Corp COM 172062101 2344 92300 SH SOLE 8400 0 83900 Cleco Corporation COM 12561W105 40 1700 SH SOLE 0 0 1700 Coca-Cola Enterprises Inc. COM 191219104 57 3300 SH SOLE 0 0 3300 Cognizant Tech Solutions COM 192446102 787 24200 SH SOLE 0 0 24200 Colgate-Palmolive Co COM 194162103 1024 14820 SH SOLE 4720 0 10100 Commerce Bancshares Inc COM 200525103 40 1000 SH SOLE 1000 0 0 Compass Minerals Intl Inc COM 20451N101 27566 342180 SH SOLE 99180 0 243000 Complete Production Services COM 20453E109 76 2100 SH SOLE 2100 0 0 Computer Sciences Corp COM 205363104 361 7700 SH SOLE 5100 0 2600 Comstock Resources Inc. COM 205768203 76 900 SH SOLE 0 0 900 ConAgra Foods, Inc. COM 205887102 858 44500 SH SOLE 1700 0 42800 ConocoPhillips COM 20825C104 31585 334620 SH SOLE 154920 0 179700 Consolidated Edison, Inc. COM 209115104 3069 78520 SH SOLE 620 0 77900 Constellation Energy Group COM 210371100 2997 36500 SH SOLE 12700 0 23800 Contango Oil & Gas Co COM 21075N204 9938 106950 SH SOLE 33750 0 73200 Continental Resources, Inc. COM 212015101 7646 110300 SH SOLE 27700 0 82600 Corning Inc. COM 219350105 32 1400 SH SOLE 1400 0 0 Covance Inc. COM 222816100 77 900 SH SOLE 0 0 900 Crosstex Energy Inc COM 22765Y104 2225 64200 SH SOLE 11100 0 53100 Crown Castle International COM 228227104 875 22600 SH SOLE 1600 0 21000 Cummins Inc. COM 231021106 3884 59280 SH SOLE 32080 0 27200 DPL Inc. COM 233293109 739 28000 SH SOLE 0 0 28000 DTE Energy Company COM 233331107 140 3300 SH SOLE 0 0 3300 Darling International Inc. COM 237266101 236 14300 SH SOLE 7900 0 6400 Denbury Resources Inc. COM 247916208 22 600 SH SOLE 600 0 0 Dentsply International Inc COM 249030107 5671 154100 SH SOLE 55500 0 98600 Diamond Offshore Drilling Inc. COM 25271C102 13455 96700 SH SOLE 24300 0 72400 DirecTV Group Inc. COM 25459L106 2715 104800 SH SOLE 38800 0 66000 Discovery Holding Co. cl A COM 25468Y107 18 800 SH SOLE 300 0 500 DuPont de Nemours & Co. COM 263534109 103 2400 SH SOLE 2400 0 0 Duke Energy Corp COM 26441C105 269 15470 SH SOLE 9070 0 6400 Dun & Bradstreet Corp COM 26483E100 53 600 SH SOLE 600 0 0 EarthLink, Inc. COM 270321102 304 35100 SH SOLE 0 0 35100 Eastman Chemical Co. COM 277432100 14 200 SH SOLE 200 0 0 Eaton Corporation COM 278058102 301 3540 SH SOLE 2540 0 1000 Edison International COM 281020107 6710 130600 SH SOLE 46800 0 83800 El Paso Corp COM 28336L109 1009 46400 SH SOLE 2500 0 43900 Electronic Data Systems COM 285661104 5184 210400 SH SOLE 103500 0 106900 Eli Lilly & Co. COM 532457108 559 12100 SH SOLE 3300 0 8800 Emerson Electric Co. COM 291011104 283 5730 SH SOLE 5730 0 0 Encore Acquisition Co. COM 29255W100 53 700 SH SOLE 700 0 0 EnerSys Inc COM 29275Y102 2341 68400 SH SOLE 2000 0 66400 Energen Corporation COM 29265N108 16 200 SH SOLE 200 0 0 Equity Lifestyle Properties COM 29472R108 128 2900 SH SOLE 2700 0 200 Exelon Corp COM 30161N101 8177 90900 SH SOLE 26900 0 64000 Express Scripts Inc COM 302182100 44 700 SH SOLE 700 0 0 Exxon Mobil Corporation COM 30231G102 58879 668090 SH SOLE 272490 0 395600 FedEx Corp COM 31428X106 1996 25330 SH SOLE 18030 0 7300 First Solar, Inc. COM 336433107 14268 52300 SH SOLE 17800 0 34500 FirstEnergy Corporation COM 337932107 354 4300 SH SOLE 4300 0 0 Fluor Corp COM 343412102 17957 96500 SH SOLE 31500 0 65000 Franklin Resources, Inc. COM 354613101 367 4000 SH SOLE 3100 0 900 Freeport-McMoRan Copper COM 35671D857 17446 148870 SH SOLE 51870 0 97000 Frontier Oil Corp COM 35914P105 1469 61450 SH SOLE 20250 0 41200 GATX Corporation COM 361448103 674 15200 SH SOLE 0 0 15200 Gamestop Corp COM 36467W109 966 23900 SH SOLE 200 0 23700 Gannett Co. Inc. COM 364730101 1357 62600 SH SOLE 0 0 62600 Genentech Inc. COM 368710406 53 700 SH SOLE 700 0 0 General Cable Corp. COM 369300108 8052 132330 SH SOLE 41230 0 91100 General Dynamics Corp. COM 369550108 387 4600 SH SOLE 2600 0 2000 General Electric Co COM 369604103 20492 767770 SH SOLE 273870 0 493900 General Mills Inc. COM 370334104 26124 429880 SH SOLE 166880 0 263000 Genuine Parts Company COM 372460105 607 15300 SH SOLE 10300 0 5000 Genworth Financial Inc COM 37247D106 4743 266300 SH SOLE 62000 0 204300 Goldman Sachs Group Inc COM 38141G104 35 200 SH SOLE 200 0 0 Goodyear Tire & Rubber COM 382550101 12328 691400 SH SOLE 115400 0 576000 Graftech International Ltd COM 384313102 27 1000 SH SOLE 1000 0 0 Greif Inc cl A COM 397624107 19 300 SH SOLE 0 0 300 H.J. Heinz Company COM 423074103 9794 204690 SH SOLE 60490 0 144200 HCP, Inc. COM 40414L109 1874 58900 SH SOLE 10300 0 48600 Harris Corporation COM 413875105 9825 194600 SH SOLE 60400 0 134200 Harsco Corporation COM 415864107 3488 64100 SH SOLE 18600 0 45500 Hartford Financial Services COM 416515104 3190 49400 SH SOLE 31300 0 18100 Helmerich & Payne Inc COM 423452101 14 200 SH SOLE 200 0 0 Hess Corporation COM 42809H107 2196 17400 SH SOLE 2400 0 15000 Hewlett-Packard Co COM 428236103 645 14600 SH SOLE 9300 0 5300 Hormel Foods Corp COM 440452100 1741 50300 SH SOLE 3000 0 47300 Host Hotels & Resorts, Inc. COM 44107P104 83 6100 SH SOLE 0 0 6100 Hudson City Bancorp Inc COM 443683107 165 9900 SH SOLE 0 0 9900 Huntington Bancshares, Inc. COM 446150104 1382 239440 SH SOLE 83540 0 155900 IAC/InterActiveCorp COM 44919P300 15 800 SH SOLE 0 0 800 IBM Corp COM 459200101 13548 114300 SH SOLE 34400 0 79900 IKON Office Solutions Inc COM 451713101 197 17500 SH SOLE 0 0 17500 ITC Holdings Corporation COM 465685105 31 600 SH SOLE 0 0 600 Ingram Micro Inc. COM 457153104 699 39400 SH SOLE 0 0 39400 Integrys Energy Group COM 45822P105 102 2000 SH SOLE 2000 0 0 International Coal Group Inc. COM 45928H106 16 1200 SH SOLE 1200 0 0 International Flavors&Frag. COM 459506101 242 6200 SH SOLE 0 0 6200 International Paper Co. COM 460146103 839 36000 SH SOLE 7000 0 29000 J.C. Penney Company Inc. COM 708160106 149 4100 SH SOLE 4100 0 0 JAKKS Pacific Inc. COM 47012E106 44 2000 SH SOLE 1300 0 700 JPMorgan Chase & Co COM 46625H100 18675 544300 SH SOLE 239200 0 305100 Jacobs Engineering Group COM 469814107 178 2200 SH SOLE 1500 0 700 Johnson & Johnson COM 478160104 10264 159520 SH SOLE 57220 0 102300 Joy Global Inc. COM 481165108 45 600 SH SOLE 600 0 0 Kaydon Corporation COM 486587108 77 1500 SH SOLE 0 0 1500 Kellogg Company COM 487836108 202 4200 SH SOLE 0 0 4200 Kennametal Inc. COM 489170100 1367 42000 SH SOLE 900 0 41100 Kimberly-Clark Corp. COM 494368103 499 8340 SH SOLE 6340 0 2000 Kirby Corporation COM 497266106 797 16600 SH SOLE 1600 0 15000 Kraft Foods Inc COM 50075N104 250 8800 SH SOLE 0 0 8800 Kroger Company COM 501044101 55 1900 SH SOLE 1900 0 0 L-3 Communications COM 502424104 254 2800 SH SOLE 0 0 2800 LKQ Corporation COM 501889208 699 38700 SH SOLE 3600 0 35100 Las Vegas Sands Corp. COM 517834107 14 300 SH SOLE 300 0 0 Lennox International, Inc. COM 526107107 75 2600 SH SOLE 2600 0 0 Liberty Global, Inc. Cl A COM 530555101 1483 47170 SH SOLE 9870 0 37300 Liberty Media A Lib Entert. COM 53071M500 63 2600 SH SOLE 600 0 2000 Life Time Fitness Inc COM 53217R207 59 2000 SH SOLE 1800 0 200 Limited Brands Inc COM 532716107 22 1300 SH SOLE 1300 0 0 Lincoln National Corp COM 534187109 2003 44200 SH SOLE 12900 0 31300 Lorillard, Inc. COM 544147101 1708 24700 SH SOLE 4000 0 20700 Lubrizol Corporation COM 549271104 56 1200 SH SOLE 400 0 800 M&T Bank Corp. COM 55261F104 642 9100 SH SOLE 0 0 9100 MDU Resources Group COM 552690109 1234 35400 SH SOLE 9900 0 25500 MEMC Electronic Materials COM 552715104 43 700 SH SOLE 300 0 400 Manitowoc Company Inc COM 563571108 18723 575570 SH SOLE 168270 0 407300 Manpower Inc. COM 56418H100 99 1700 SH SOLE 1700 0 0 Marathon Oil Corp COM 565849106 877 16900 SH SOLE 9100 0 7800 Mariner Energy, Inc. COM 56845T305 8571 231850 SH SOLE 44850 0 187000 Marshall & Ilsley Corp COM 571837103 32 2098 SH SOLE 0 0 2098 Martin Marietta Materials Inc COM 573284106 1212 11700 SH SOLE 0 0 11700 Massey Energy Co. COM 576206106 4566 48700 SH SOLE 7000 0 41700 McKesson Corp COM 58155Q103 19054 340800 SH SOLE 120200 0 220600 Medco Health Solutions Inc COM 58405U102 11009 233240 SH SOLE 103140 0 130100 Merck & Co. Inc. COM 589331107 181 4800 SH SOLE 0 0 4800 MetLife, Inc. COM 59156R108 16432 311390 SH SOLE 114790 0 196600 Microsoft Corporation COM 594918104 15845 575980 SH SOLE 221880 0 354100 Monsanto Co COM 61166W101 228 1800 SH SOLE 1800 0 0 Morgan Stanley COM 617446448 1764 48900 SH SOLE 33300 0 15600 Myriad Genetics Inc. COM 62855J104 159 3500 SH SOLE 1600 0 1900 NII Holdings Inc. COM 62913F201 24 500 SH SOLE 0 0 500 NRG Energy Inc COM 629377508 137 3200 SH SOLE 2000 0 1200 Nabors Industries Ltd. COM G6359F103 44 900 SH SOLE 300 0 600 National Retail Properties COM 637417106 543 26000 SH SOLE 0 0 26000 Nationwide Financial Services COM 638612101 605 12600 SH SOLE 0 0 12600 Neustar, Inc. COM 64126X201 134 6200 SH SOLE 1000 0 5200 New ticker = ATVID COM 004930202 1063 31200 SH SOLE 15000 0 16200 NiSource Inc COM 65473P105 1559 87000 SH SOLE 0 0 87000 Nike Inc cl B COM 654106103 6165 103430 SH SOLE 49030 0 54400 Northeast Utilities COM 664397106 1003 39300 SH SOLE 4200 0 35100 Northern Trust Corp. COM 665859104 2791 40700 SH SOLE 7500 0 33200 Northrop Grumman Corp COM 666807102 10557 157800 SH SOLE 78200 0 79600 Northwest Natural Gas Co. COM 667655104 504 10900 SH SOLE 0 0 10900 Nucor Corporation COM 670346105 82 1100 SH SOLE 1100 0 0 OGE Energy Corp. COM 670837103 856 27000 SH SOLE 5400 0 21600 OM Group Inc. COM 670872100 12168 371100 SH SOLE 92900 0 278200 ON Semiconductor Corp. COM 682189105 79 8600 SH SOLE 8600 0 0 Occidental Petroleum Corp COM 674599105 881 9800 SH SOLE 1300 0 8500 Oceaneering International COM 675232102 5521 71660 SH SOLE 19060 0 52600 Olympic Steel Inc. COM 68162K106 425 5600 SH SOLE 0 0 5600 Omnicom Group Inc. COM 681919106 2271 50600 SH SOLE 13400 0 37200 PG&E Corporation COM 69331C108 877 22100 SH SOLE 4200 0 17900 PNM Resources, Inc. COM 69349H107 29 2400 SH SOLE 0 0 2400 PPL Corp COM 69351T106 648 12400 SH SOLE 0 0 12400 Parker-Hannifin Corp. COM 701094104 4629 64900 SH SOLE 28000 0 36900 PartnerRe Ltd. COM G6852T105 1673 24200 SH SOLE 0 0 24200 Penn Virginia Corp. COM 707882106 33058 438320 SH SOLE 136920 0 301400 Penn Virginia Resource COM 707884102 441 16270 SH SOLE 2070 0 14200 Pepco Holdings Inc COM 713291102 2680 104500 SH SOLE 3400 0 101100 Pepsi Bottling Group Inc. COM 713409100 148 5300 SH SOLE 5300 0 0 PepsiCo, Inc. COM 713448108 1081 17000 SH SOLE 17000 0 0 Pfizer Inc. COM 717081103 785 44960 SH SOLE 40560 0 4400 Philip Morris Intl COM 718172109 5300 107300 SH SOLE 41400 0 65900 Phillips-Van Heusen Corp. COM 718592108 1062 29000 SH SOLE 1100 0 27900 Pitney Bowes Inc. COM 724479100 1098 32200 SH SOLE 0 0 32200 Plains Exploration & Prod COM 726505100 22 300 SH SOLE 0 0 300 Potlatch Corporation COM 737630103 1349 29900 SH SOLE 2200 0 27700 Precision Castparts Corp COM 740189105 810 8400 SH SOLE 400 0 8000 Principal Financial Group COM 74251V102 34 800 SH SOLE 0 0 800 Proassurance Corp COM 74267C106 414 8600 SH SOLE 0 0 8600 Procter & Gamble Co. COM 742718109 2049 33700 SH SOLE 14200 0 19500 Progress Energy Inc COM 743263105 3590 85830 SH SOLE 12530 0 73300 Prudential Financial Inc COM 744320102 8243 137980 SH SOLE 30380 0 107600 Psychiatric Solutions Inc COM 74439H108 235 6200 SH SOLE 0 0 6200 Public Service Enterprise Grp COM 744573106 547 11900 SH SOLE 9100 0 2800 Public Storage, Inc. COM 74460D109 759 9400 SH SOLE 1500 0 7900 Puget Energy, Inc. COM 745310102 288 12000 SH SOLE 0 0 12000 Questar Corporation COM 748356102 99 1400 SH SOLE 1400 0 0 R.R. Donnelley & Sons COM 257867101 3503 117990 SH SOLE 21390 0 96600 Rayonier Inc. COM 754907103 4736 111530 SH SOLE 25630 0 85900 Raytheon Company COM 755111507 1193 21200 SH SOLE 2000 0 19200 Regal-Beloit Corp. COM 758750103 431 10200 SH SOLE 0 0 10200 Regions Financial Corp COM 7591EP100 2559 234570 SH SOLE 67070 0 167500 Reliance Steel & Aluminum COM 759509102 3523 45700 SH SOLE 24300 0 21400 Republic Services Inc. COM 760759100 175 5900 SH SOLE 2800 0 3100 Reynolds American Inc COM 761713106 252 5400 SH SOLE 500 0 4900 Roper Industries Inc. COM 776696106 1588 24100 SH SOLE 3300 0 20800 Rosetta Resources Inc. COM 777779307 20 700 SH SOLE 700 0 0 Royal Caribbean Cruises Ltd COM V7780T103 1461 65000 SH SOLE 8900 0 56100 Ruddick Corporation COM 781258108 546 15900 SH SOLE 0 0 15900 Safeco Corporation COM 786429100 598 8900 SH SOLE 0 0 8900 Salesforce.com Inc COM 79466L302 34 500 SH SOLE 500 0 0 Scana Corporation COM 80589M102 1595 43100 SH SOLE 8500 0 34600 Seacor Holdings Inc COM 811904101 286 3200 SH SOLE 0 0 3200 Sempra Energy COM 816851109 3782 67000 SH SOLE 0 0 67000 Senior Housing Properties COM 81721M109 18 900 SH SOLE 900 0 0 Sensient Technologies Corp COM 81725T100 17 600 SH SOLE 0 0 600 Sigma Designs Inc. COM 826565103 11 800 SH SOLE 0 0 800 Sigma-Aldrich Corporation COM 826552101 4896 90900 SH SOLE 32900 0 58000 Simon Property Group Inc. COM 828806109 18 200 SH SOLE 200 0 0 Snap-On Inc. COM 833034101 1950 37500 SH SOLE 8200 0 29300 Sonoco Products Co. COM 835495102 40 1300 SH SOLE 1300 0 0 Southern Company COM 842587107 839 24040 SH SOLE 24040 0 0 State Street Corp COM 857477103 13 200 SH SOLE 0 0 200 SunPower Corp. Cl A COM 867652109 1130 15700 SH SOLE 400 0 15300 SunTrust Banks, Inc. COM 867914103 645 17820 SH SOLE 17820 0 0 Superior Energy Services COM 868157108 2564 46500 SH SOLE 7700 0 38800 Syntel Inc. COM 87162H103 219 6500 SH SOLE 1400 0 5100 T Rowe Price Group Inc COM 74144T108 192 3400 SH SOLE 1300 0 2100 T-3 Energy Services Inc COM 87306E107 64 800 SH SOLE 800 0 0 TJX Companies Inc. COM 872540109 431 13710 SH SOLE 13710 0 0 Texas Industries Inc COM 882491103 561 10000 SH SOLE 600 0 9400 Textron Inc. COM 883203101 158 3300 SH SOLE 2100 0 1200 The Mosaic Co. COM 61945A107 680 4700 SH SOLE 1700 0 3000 The Travelers Companies COM 89417E109 178 4100 SH SOLE 3200 0 900 Thermo Fisher Scientific, Inc. COM 883556102 1744 31300 SH SOLE 6100 0 25200 Thomas & Betts Corp. COM 884315102 26 700 SH SOLE 0 0 700 Time Warner Cable Cl A COM 88732J108 373 14100 SH SOLE 4600 0 9500 Torchmark Corp. COM 891027104 14862 253410 SH SOLE 86610 0 166800 Toro Company COM 891092108 363 10900 SH SOLE 0 0 10900 UST Inc. COM 902911106 5441 99630 SH SOLE 45930 0 53700 Under Armour, Inc. Class A COM 904311107 405 15800 SH SOLE 2500 0 13300 United Parcel Service Inc. COM 911312106 25 400 SH SOLE 400 0 0 United Technologies Corp COM 913017109 62 1000 SH SOLE 1000 0 0 Unum Group COM 91529Y106 2460 120300 SH SOLE 0 0 120300 V.F. Corporation COM 918204108 890 12500 SH SOLE 0 0 12500 Valero Energy Corp. COM 91913Y100 502 12200 SH SOLE 400 0 11800 Varian Inc. COM 922206107 36 700 SH SOLE 0 0 700 Vectren Corporation COM 92240G101 353 11300 SH SOLE 0 0 11300 Verizon Communications, Inc. COM 92343V104 28005 791100 SH SOLE 274500 0 516600 Viacom Inc Cl B COM 92553P201 34 1100 SH SOLE 0 0 1100 Vishay Intertechnology Inc. COM 928298108 388 43700 SH SOLE 0 0 43700 Vornado Realty Trust COM 929042109 4082 46390 SH SOLE 8290 0 38100 W.R. Berkley Corp COM 084423102 10787 446500 SH SOLE 127350 0 319150 W.W. Grainger Inc. COM 384802104 2478 30290 SH SOLE 1590 0 28700 Wabtec Corporation COM 929740108 34 700 SH SOLE 700 0 0 Wachovia Corp. COM 929903102 5280 340010 SH SOLE 99000 0 241010 Wal-Mart Stores, Inc. COM 931142103 6424 114300 SH SOLE 30400 0 83900 Walt Disney Company COM 254687106 492 15760 SH SOLE 15760 0 0 Walter Industries Inc COM 93317Q105 294 2700 SH SOLE 1300 0 1400 Washington Federal Inc COM 938824109 38 2100 SH SOLE 0 0 2100 Waste Management Inc. COM 94106L109 4846 128500 SH SOLE 26400 0 102100 Webster Financial Corp COM 947890109 227 12200 SH SOLE 0 0 12200 WellPoint, Inc. COM 94973V107 515 10800 SH SOLE 2100 0 8700 Wells Fargo & Co COM 949746101 19423 817820 SH SOLE 275020 0 542800 Western Digital Corp. COM 958102105 18886 546950 SH SOLE 125650 0 421300 Whirlpool Corporation COM 963320106 241 3900 SH SOLE 0 0 3900 Whiting Petroleum Corp COM 966387102 3692 34800 SH SOLE 8700 0 26100 Williams Companies COM 969457100 1907 47300 SH SOLE 13300 0 34000 Wisconsin Energy Corp COM 976657106 10822 239310 SH SOLE 78110 0 161200 Wolverine World Wide Inc. COM 978097103 464 17400 SH SOLE 1300 0 16100 Wyeth COM 983024100 101 2100 SH SOLE 1100 0 1000 XL Capital Limited COM G98255105 469 22800 SH SOLE 1800 0 21000 Xcel Energy Inc COM 98389B100 1766 88000 SH SOLE 61200 0 26800 Xerox Corporation COM 984121103 155 11400 SH SOLE 0 0 11400 Zions Bancorp COM 989701107 778 24700 SH SOLE 600 0 24100 iPCS, Inc. COM 44980Y305 145 4900 SH SOLE 1200 0 3700
-----END PRIVACY-ENHANCED MESSAGE-----