-----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, Db3ifFuhU7Pd8mTLNVcHDEwDgGTv/ud2bHQDTiZ6mWhof2t8cI5NDCKlDz785Uun f7cOyS0u7J7+MNS0aweCtg== 0001142941-07-000003.txt : 20070720 0001142941-07-000003.hdr.sgml : 20070720 20070720162247 ACCESSION NUMBER: 0001142941-07-000003 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20070630 FILED AS OF DATE: 20070720 DATE AS OF CHANGE: 20070720 EFFECTIVENESS DATE: 20070720 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: 07991761 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 report20070630.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, 2007 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: 9191 Towne Centre Drive, Suite 365 San Diego, CA 92122 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 San Diego, CA July 20, 2007 - ------------------- ------------------ -------------------- [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: 330 Form 13F Information Table Value Total: $1115624 (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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 1-800-Flowers.com cl A COM 68243Q106 159 16900 SH SOLE 16900 0 0 1st Source Corporation COM 336901103 121 4840 SH SOLE 4840 0 0 3M Company COM 88579Y101 278 3200 SH SOLE 0 0 3200 A.M. Castle & Co. COM 148411101 43 1200 SH SOLE 1200 0 0 AAR Corp. COM 000361105 1888 57200 SH SOLE 30600 0 26600 ACE Limited COM G0070K103 125 2000 SH SOLE 0 0 2000 AES Corporation COM 00130H105 9594 438500 SH SOLE 115300 0 323200 AFLAC Inc. COM 001055102 5 100 SH SOLE 0 0 100 AMB Property Corp COM 00163T109 59 1100 SH SOLE 900 0 200 AMR Corporation COM 001765106 6970 264500 SH SOLE 77000 0 187500 AT&T Inc. COM 00206R102 8614 207558 SH SOLE 56900 0 150658 ATP Oil & Gas Corp COM 00208J108 73 1500 SH SOLE 1200 0 300 Acco Brands Corporation COM 00081T108 35 1500 SH SOLE 1500 0 0 Allegheny Energy Inc COM 017361106 1837 35500 SH SOLE 7200 0 28300 Alliance One Int'l Inc. COM 018772103 254 25300 SH SOLE 15300 0 10000 Allied Waste Industries Inc. COM 019589308 30 2200 SH SOLE 0 0 2200 Allstate Corporation COM 020002101 22875 371890 SH SOLE 98300 0 273590 Alltel Corporation COM 020039103 61 900 SH SOLE 900 0 0 Alon USA Energy, Inc. COM 020520102 26 600 SH SOLE 600 0 0 Alpharma Inc. COM 020813101 99 3800 SH SOLE 3800 0 0 Altria Group Inc COM 02209S103 6600 94100 SH SOLE 29200 0 64900 Amcore Financial Inc. COM 023912108 130 4500 SH SOLE 4500 0 0 Ameren Corp COM 023608102 172 3500 SH SOLE 3500 0 0 AmeriCredit Corp. COM 03060R101 9154 344800 SH SOLE 103500 0 241300 American Express Co. COM 025816109 1738 28400 SH SOLE 1900 0 26500 American Financial Group COM 025932104 316 9250 SH SOLE 4800 0 4450 American Greetings cl A COM 026375105 113 4000 SH SOLE 4000 0 0 American Int'l Group, Inc. COM 026874107 1001 14300 SH SOLE 8700 0 5600 American Physicians Capital COM 028884104 73 1800 SH SOLE 1800 0 0 American Reprographics Co. COM 029263100 80 2600 SH SOLE 1000 0 1600 Amerisafe, Inc. COM 03071H100 16 800 SH SOLE 800 0 0 AmerisourceBergen Corp COM 03073E105 8098 163700 SH SOLE 43600 0 120100 Amgen Inc. COM 031162100 2140 38700 SH SOLE 22800 0 15900 Annaly Capital Management COM 035710409 78 5400 SH SOLE 2600 0 2800 Anthracite Capital Inc. COM 037023108 36 3100 SH SOLE 3100 0 0 Applied Industrial Tech COM 03820C105 74 2500 SH SOLE 2500 0 0 Apria Healthcare Group Inc COM 037933108 95 3300 SH SOLE 3300 0 0 Archer Daniels Midland COM 039483102 7333 221600 SH SOLE 30700 0 190900 Arctic Cat Inc. COM 039670104 75 3800 SH SOLE 3800 0 0 Argonaut Group Inc. COM 040157109 1551 49700 SH SOLE 22500 0 27200 Arkansas Best Corp COM 040790107 78 2000 SH SOLE 2000 0 0 Arrow Electronics Inc COM 042735100 23 600 SH SOLE 600 0 0 ArvinMeritor Inc COM 043353101 313 14100 SH SOLE 10000 0 4100 Ashland Inc. COM 044209104 269 4200 SH SOLE 2300 0 1900 Atmos Energy Corp COM 049560105 111 3700 SH SOLE 3700 0 0 AutoNation Inc. COM 05329W102 26 1177 SH SOLE 1177 0 0 Avis Budget Group, Inc. COM 053774105 18016 633700 SH SOLE 150200 0 483500 Avocent Corporation COM 053893103 104 3600 SH SOLE 3600 0 0 Baker Hughes Inc. COM 057224107 2086 24800 SH SOLE 4200 0 20600 Ball Corporation COM 058498106 53 1000 SH SOLE 0 0 1000 BancorpSouth Inc COM 059692103 125 5100 SH SOLE 5100 0 0 Bank Mutual Corp COM 063750103 91 7900 SH SOLE 7900 0 0 Bank New York Mellon Corp. COM 064058100 215 5200 SH SOLE 3600 0 1600 Bank of America Corp COM 060505104 32599 666792 SH SOLE 143132 0 523660 BankUnited Financial Corp COM 06652B103 26 1300 SH SOLE 1300 0 0 Bear Stearns Cos COM 073902108 13482 96300 SH SOLE 15200 0 81100 Berkshire Hathaway cl A COM 084670108 6678 61 SH SOLE 2 0 59 Black Box Corporation COM 091826107 103 2500 SH SOLE 2500 0 0 Bon-Ton Stores Inc. COM 09776J101 104 2600 SH SOLE 2600 0 0 Boston Properties, Inc. COM 101121101 214 2100 SH SOLE 2100 0 0 Bradley Pharmaceuticals Inc COM 104576103 76 3500 SH SOLE 3500 0 0 Brown-Forman cl B COM 115637209 51 700 SH SOLE 700 0 0 Building Materials Holding COM 120113105 58 4100 SH SOLE 4100 0 0 CBIZ, Inc. COM 124805102 97 13200 SH SOLE 13200 0 0 CBS Corp. Class B COM 124857202 32627 979200 SH SOLE 267500 0 711700 CIT Group Inc. COM 125581108 13631 248600 SH SOLE 67400 0 181200 CMGI Inc. COM 125750109 34 17500 SH SOLE 17500 0 0 CMS Energy Corp COM 125896100 11049 642400 SH SOLE 178800 0 463600 CNA Financial Corpora COM 126117100 2466 51700 SH SOLE 1500 0 50200 CSS Industries Inc. COM 125906107 40 1000 SH SOLE 1000 0 0 CVS Caremark Corp. COM 126650100 1575 43204 SH SOLE 31561 0 11643 Cadence Design Systems, Inc. COM 127387108 244 11100 SH SOLE 3000 0 8100 Callaway Golf Company COM 131193104 134 7500 SH SOLE 7500 0 0 Capital One Financial Corp. COM 14040H105 6134 78200 SH SOLE 7000 0 71200 Cardinal Health Inc. COM 14149Y108 4415 62500 SH SOLE 9500 0 53000 Carters Inc COM 146229109 112 4300 SH SOLE 2000 0 2300 Cascade Corp COM 147195101 94 1200 SH SOLE 1200 0 0 Cash America Int'l Inc. COM 14754D100 40 1000 SH SOLE 1000 0 0 Caterpillar Inc COM 149123101 243 3100 SH SOLE 0 0 3100 Celanese Corp. COM 150870103 22807 588100 SH SOLE 139700 0 448400 CenterPoint Energy Inc COM 15189T107 30 1700 SH SOLE 0 0 1700 Central Garden & Pet Co. Cl A COM 153527205 41 3500 SH SOLE 3500 0 0 Century Aluminum Co. COM 156431108 17110 313200 SH SOLE 72700 0 240500 Chesapeake Corp COM 165159104 26 2100 SH SOLE 2100 0 0 Chesapeake Energy Corp COM 165167107 21 600 SH SOLE 600 0 0 Chevron Corp COM 166764100 20218 240000 SH SOLE 57100 0 182900 Chubb Corp COM 171232101 1521 28100 SH SOLE 22500 0 5600 Cisco Systems Inc. COM 17275R102 134 4800 SH SOLE 0 0 4800 Citigroup, Inc. COM 172967101 42664 831810 SH SOLE 253000 0 578810 Clear Channel Outdoor Hldgs. COM 18451C109 9 300 SH SOLE 300 0 0 Cleco Corporation COM 12561W105 42 1700 SH SOLE 1700 0 0 Coherent Inc. COM 192479103 88 2900 SH SOLE 2900 0 0 Colgate-Palmolive Co COM 194162103 1498 23100 SH SOLE 16400 0 6700 Commerce Group, Inc. COM 200641108 149 4300 SH SOLE 4300 0 0 Community Health Systems COM 203668108 32 800 SH SOLE 0 0 800 Complete Production Services COM 20453E109 93 3600 SH SOLE 3600 0 0 CompuCredit Corp COM 20478N100 16050 458300 SH SOLE 154300 0 304000 Computer Sciences Corp COM 205363104 1278 21600 SH SOLE 5500 0 16100 ConAgra Foods, Inc. COM 205887102 32 1200 SH SOLE 1200 0 0 ConocoPhillips COM 20825C104 14546 185300 SH SOLE 63000 0 122300 Conseco, Inc. COM 208464883 6938 332100 SH SOLE 119900 0 212200 Constellation Energy Group COM 210371100 4088 46900 SH SOLE 13700 0 33200 Continental Airlines Cl B COM 210795308 78 2300 SH SOLE 1900 0 400 Core Mark Hldg Co. Inc. COM 218681104 40 1100 SH SOLE 1100 0 0 Corning Inc. COM 219350105 43 1700 SH SOLE 1700 0 0 DSP Group Inc. COM 23332B106 86 4200 SH SOLE 4200 0 0 DaVita Inc. COM 23918K108 14408 267400 SH SOLE 93400 0 174000 Delphi Financial Group Inc. COM 247131105 50 1200 SH SOLE 1200 0 0 Dollar Thrifty Automotive COM 256743105 927 22700 SH SOLE 4600 0 18100 Dow Chemical Company COM 260543103 18 400 SH SOLE 0 0 400 Downey Financial Corp COM 261018105 40 600 SH SOLE 600 0 0 DuPont de Nemours & Co. COM 263534109 234 4600 SH SOLE 4600 0 0 E*TRADE Financial Corp COM 269246104 31 1400 SH SOLE 1400 0 0 Eastman Chemical Co. COM 277432100 32 500 SH SOLE 0 0 500 EchoStar Communications COM 278762109 121 2800 SH SOLE 900 0 1900 Edison International COM 281020107 7458 132900 SH SOLE 47600 0 85300 El Paso Electric Co. COM 283677854 74 3000 SH SOLE 3000 0 0 Electro Scientific Industries COM 285229100 77 3700 SH SOLE 3700 0 0 Electronic Data Systems COM 285661104 8882 320300 SH SOLE 137700 0 182600 EnPro Industries, Inc. COM 29355X107 26 600 SH SOLE 600 0 0 Ensco International, Inc. COM 26874Q100 61 1000 SH SOLE 0 0 1000 Entergy Corp COM 29364G103 140 1300 SH SOLE 0 0 1300 Epicor Software Corp COM 29426L108 19 1300 SH SOLE 1300 0 0 Exelon Corp COM 30161N101 9097 125300 SH SOLE 32900 0 92400 Exxon Mobil Corporation COM 30231G102 80483 959500 SH SOLE 282700 0 676800 Financial Federal Corp COM 317492106 75 2500 SH SOLE 2500 0 0 First American Corp. COM 318522307 64 1300 SH SOLE 1300 0 0 First Niagara Financial Group COM 33582V108 72 5500 SH SOLE 5500 0 0 Flow Intl Corp. COM 343468104 9 700 SH SOLE 700 0 0 Franklin Bank Corp. COM 352451108 31 2100 SH SOLE 2100 0 0 Freddie Mac COM 313400301 3721 61300 SH SOLE 15300 0 46000 Freeport-McMoRan Copper COM 35671D857 15313 184900 SH SOLE 49000 0 135900 G&K Services cl A COM 361268105 75 1900 SH SOLE 1900 0 0 GAMCO Investors, Inc. COM 361438104 163 2900 SH SOLE 2900 0 0 GenCorp Inc. COM 368682100 37 2800 SH SOLE 2800 0 0 Genentech Inc. COM 368710406 53 700 SH SOLE 700 0 0 General Cable Corp. COM 369300108 68 900 SH SOLE 900 0 0 General Electric Co COM 369604103 17234 450200 SH SOLE 68700 0 381500 General Growth Properties COM 370021107 74 1400 SH SOLE 1400 0 0 General Motors Corp. COM 370442105 2703 71500 SH SOLE 18300 0 53200 Genworth Financial Inc COM 37247D106 20860 606400 SH SOLE 186300 0 420100 Glatfelter COM 377316104 37 2700 SH SOLE 2700 0 0 Goodyear Tire & Rubber COM 382550101 25768 741300 SH SOLE 196100 0 545200 Gray Television Inc COM 389375106 79 8500 SH SOLE 8500 0 0 Great Plains Energy Inc COM 391164100 108 3700 SH SOLE 2100 0 1600 Group 1 Automotive, Inc. COM 398905109 81 2000 SH SOLE 2000 0 0 H&R Block Inc. COM 093671105 72 3100 SH SOLE 3100 0 0 HLTH Corporation COM 40422Y101 17 1200 SH SOLE 1200 0 0 Hanmi Financial Corp COM 410495105 119 7000 SH SOLE 7000 0 0 Harleysville Group, Inc. COM 412824104 77 2300 SH SOLE 2300 0 0 Hartford Financial Services COM 416515104 3349 34000 SH SOLE 20800 0 13200 Hartmarx Corporation COM 417119104 105 13200 SH SOLE 13200 0 0 Healthcare Realty Trust Inc. COM 421946104 72 2600 SH SOLE 2600 0 0 Hercules Incorporated COM 427056106 169 8600 SH SOLE 5800 0 2800 Hercules Offshore, Inc. COM 427093109 42 1300 SH SOLE 1300 0 0 Hewlett-Packard Co COM 428236103 1245 27900 SH SOLE 1100 0 26800 Home Properties Inc. COM 437306103 130 2500 SH SOLE 2500 0 0 Host Hotels & Resorts, Inc. COM 44107P104 608 26300 SH SOLE 2800 0 23500 Humana Inc. COM 444859102 238 3900 SH SOLE 3900 0 0 Huntsman Corp. COM 447011107 49 2000 SH SOLE 2000 0 0 IBM Corp COM 459200101 35248 334900 SH SOLE 77800 0 257100 Inergy LP COM 456615103 40 1100 SH SOLE 1100 0 0 InfoSpace, Inc. COM 45678T201 72 3100 SH SOLE 3100 0 0 Ingles Markets cl A COM 457030104 38 1100 SH SOLE 1100 0 0 Ingram Micro Inc. COM 457153104 89 4100 SH SOLE 4100 0 0 Insight Enterprises, Inc. COM 45765U103 117 5200 SH SOLE 5200 0 0 Integrys Energy Group COM 45822P105 152 3000 SH SOLE 3000 0 0 International Paper Co. COM 460146103 7736 198100 SH SOLE 90500 0 107600 Internet Capital Group Inc. COM 46059C205 42 3400 SH SOLE 3400 0 0 Irwin Financial Corp. COM 464119106 67 4500 SH SOLE 4500 0 0 J.C. Penney Company Inc. COM 708160106 9142 126300 SH SOLE 22100 0 104200 JPMorgan Chase & Co COM 46625H100 21856 451100 SH SOLE 178100 0 273000 Johnson & Johnson COM 478160104 7567 122800 SH SOLE 22900 0 99900 Joy Global Inc COM 481165108 99 1700 SH SOLE 1400 0 300 KNBT Bancorp Inc. COM 482921103 91 6200 SH SOLE 6200 0 0 Kadant Inc COM 48282T104 84 2700 SH SOLE 2700 0 0 Kellwood Company COM 488044108 93 3300 SH SOLE 3300 0 0 KeyCorp COM 493267108 203 5900 SH SOLE 4200 0 1700 Kforce Inc COM 493732101 45 2800 SH SOLE 2800 0 0 Kimberly-Clark Corp. COM 494368103 27 400 SH SOLE 0 0 400 Komag Inc COM 500453204 57 1800 SH SOLE 1800 0 0 Kraft Foods Inc COM 50075N104 3906 110807 SH SOLE 21800 0 89007 Kroger Company COM 501044101 13916 494700 SH SOLE 124500 0 370200 Kronos Worldwide Inc. COM 50105F105 35 1400 SH SOLE 1400 0 0 Lam Research Corporation COM 512807108 226 4400 SH SOLE 0 0 4400 LandAmerica Financial Group COM 514936103 145 1500 SH SOLE 1500 0 0 Lawson Software, Inc. COM 52078P102 43 4300 SH SOLE 4300 0 0 Liberty Media Capital Sr A COM 53071M302 418 3556 SH SOLE 2749 0 807 Lifetime Brands, Inc COM 53222Q103 43 2100 SH SOLE 2100 0 0 Lin TV Corp COM 532774106 70 3700 SH SOLE 3700 0 0 Live Nation, Inc. COM 538034109 13 600 SH SOLE 600 0 0 Lyondell Chemical Co. COM 552078107 14852 400100 SH SOLE 127300 0 272800 MDU Resources Group COM 552690109 46 1650 SH SOLE 0 0 1650 MEMC Electronic Materials COM 552715104 501 8200 SH SOLE 700 0 7500 MGE Energy Inc. COM 55277P104 42 1300 SH SOLE 1300 0 0 Macy's Inc. COM 55616P104 6934 174300 SH SOLE 39800 0 134500 Magellan Health Svcs COM 559079207 1984 42700 SH SOLE 23600 0 19100 Manpower Inc. COM 56418H100 157 1700 SH SOLE 1700 0 0 Marathon Oil Corp COM 565849106 1271 21200 SH SOLE 7400 0 13800 Marshall & Ilsley Corp COM 571834100 29 600 SH SOLE 600 0 0 McClatchy Co. cl A COM 579489105 61 2400 SH SOLE 2400 0 0 McKesson Corp COM 58155Q103 30780 516100 SH SOLE 143300 0 372800 MedCath Corp COM 58404W109 51 1600 SH SOLE 1600 0 0 Medco Health Solutions Inc COM 58405U102 4149 53200 SH SOLE 16100 0 37100 Media General cl A COM 584404107 70 2100 SH SOLE 2100 0 0 Mellon Financial Corp COM 58551A108 898 20400 SH SOLE 16200 0 4200 Merrill Lynch & Co. COM 590188108 50 600 SH SOLE 600 0 0 MetLife, Inc. COM 59156R108 7538 116900 SH SOLE 14500 0 102400 Microsoft Corporation COM 594918104 4229 143500 SH SOLE 28600 0 114900 Morgan Stanley COM 617446448 4295 51200 SH SOLE 30900 0 20300 Mylan Laboratories Inc COM 628530107 837 46000 SH SOLE 42500 0 3500 NRG Energy Inc COM 629377508 4020 96700 SH SOLE 38600 0 58100 Nash Finch Company COM 631158102 59 1200 SH SOLE 1200 0 0 National Oilwell Varco Inc COM 637071101 208 2000 SH SOLE 2000 0 0 Nelnet Inc COM 64031N108 37 1500 SH SOLE 1500 0 0 New Jersey Resources COM 646025106 97 1900 SH SOLE 900 0 1000 NewMarket Corp COM 651587107 102 2100 SH SOLE 2100 0 0 Newcastle Investment Corp COM 65105M108 15 600 SH SOLE 0 0 600 Northeast Utilities COM 664397106 125 4400 SH SOLE 4400 0 0 Northwest Natural Gas Co. COM 667655104 51 1100 SH SOLE 1100 0 0 NutriSystem, Inc. COM 67069D108 84 1200 SH SOLE 1200 0 0 O Charleys Inc. COM 670823103 67 3300 SH SOLE 3300 0 0 OM Group Inc. COM 670872100 37 700 SH SOLE 700 0 0 ON Semiconductor Corp. COM 682189105 68 6300 SH SOLE 6300 0 0 ONEOK Inc. COM 682680103 202 4000 SH SOLE 1900 0 2100 Office Depot Inc. COM 676220106 27 900 SH SOLE 0 0 900 Oil States International, Inc. COM 678026105 62 1500 SH SOLE 1500 0 0 Orbital Sciences Corp. COM 685564106 92 4400 SH SOLE 3100 0 1300 PG&E Corporation COM 69331C108 231 5100 SH SOLE 4900 0 200 PNC Financial Services COM 693475105 29 400 SH SOLE 400 0 0 Palm, Inc. COM 696643105 109 6800 SH SOLE 6800 0 0 Pantry Inc. COM 698657103 69 1500 SH SOLE 1500 0 0 Parker-Hannifin Corp. COM 701094104 69 700 SH SOLE 700 0 0 Partners Tr Fin Grp Inc COM 70213F102 65 6200 SH SOLE 6200 0 0 Payless Shoesource Inc. COM 704379106 60 1900 SH SOLE 0 0 1900 Penn R.E.I.T. SBI COM 709102107 151 3400 SH SOLE 3400 0 0 Pepco Holdings Inc COM 713291102 1686 59800 SH SOLE 11300 0 48500 Pepsi Bottling Group Inc. COM 713409100 179 5300 SH SOLE 5300 0 0 PepsiCo, Inc. COM 713448108 1278 19700 SH SOLE 19000 0 700 Petroleum Development Corp. COM 716578109 1429 30100 SH SOLE 11600 0 18500 Pfizer Inc. COM 717081103 20487 801200 SH SOLE 190000 0 611200 Pitney Bowes Inc. COM 724479100 89 1900 SH SOLE 0 0 1900 Potlatch Corporation COM 737630103 125 2900 SH SOLE 2300 0 600 Precision Castparts Corp COM 740189105 61 500 SH SOLE 0 0 500 ProLogis COM 743410102 57 1000 SH SOLE 0 0 1000 Procter & Gamble Co. COM 742718109 1750 28600 SH SOLE 12200 0 16400 Provident Financial Services COM 74386T105 76 4800 SH SOLE 4800 0 0 Prudential Financial Inc COM 744320102 12679 130400 SH SOLE 19600 0 110800 Public Storage, Inc. COM 74460D109 277 3600 SH SOLE 1500 0 2100 QWest Communications COM 749121109 4101 422800 SH SOLE 53500 0 369300 Questar Corporation COM 748356102 74 1400 SH SOLE 1400 0 0 R.H. Donnelley Corp. COM 74955W307 455 6000 SH SOLE 700 0 5300 R.R. Donnelley & Sons COM 257867101 270 6200 SH SOLE 1100 0 5100 RC2 Corp COM 749388104 72 1800 SH SOLE 1800 0 0 RLI Corporation COM 749607107 112 2000 SH SOLE 2000 0 0 Rayonier Inc. COM 754907103 27 600 SH SOLE 600 0 0 Regal Entertainment Group COM 758766109 4513 205800 SH SOLE 30100 0 175700 Reliance Steel & Aluminum COM 759509102 8900 158200 SH SOLE 28200 0 130000 Rent-A-Center Inc COM 76009N100 165 6300 SH SOLE 4900 0 1400 Reynolds American Inc COM 761713106 1780 27300 SH SOLE 2800 0 24500 Ryerson Inc. COM 78375P107 83 2200 SH SOLE 2200 0 0 SAVVIS, Inc. COM 805423308 25 500 SH SOLE 500 0 0 SUPERVALU, Inc. COM 868536103 8231 177700 SH SOLE 71500 0 106200 Scana Corporation COM 80589M102 123 3200 SH SOLE 1400 0 1800 Scholastic Corporation COM 807066105 72 2000 SH SOLE 2000 0 0 Sears Holdings Corporation COM 812350106 475 2800 SH SOLE 2200 0 600 Sepracor Inc. COM 817315104 82 2000 SH SOLE 2000 0 0 Shoe Carnival Inc. COM 824889109 63 2300 SH SOLE 2300 0 0 Simon Property Group Inc. COM 828806109 2475 26600 SH SOLE 9700 0 16900 Smithfield Foods Inc COM 832248108 10081 327400 SH SOLE 135800 0 191600 Spansion Inc. Cl A COM 84649R101 133 12000 SH SOLE 12000 0 0 Standex Intl Corp. COM 854231107 37 1300 SH SOLE 1300 0 0 Star Gas Partners COM 85512C105 42 9500 SH SOLE 9500 0 0 Steelcase Inc cl A COM 858155203 67 3600 SH SOLE 3600 0 0 Stepan Company COM 858586100 39 1300 SH SOLE 1300 0 0 Stone Energy Corporation COM 861642106 48 1400 SH SOLE 1400 0 0 Suburban Propane Partners LP COM 864482104 378 7900 SH SOLE 4900 0 3000 SunTrust Banks, Inc. COM 867914103 523 6100 SH SOLE 1300 0 4800 Sunoco Inc. COM 86764P109 853 10700 SH SOLE 9100 0 1600 Sunstone Hotel Investors Inc. COM 867892101 34 1200 SH SOLE 1200 0 0 Superior Energy Services COM 868157108 48 1200 SH SOLE 1200 0 0 Superior Essex Inc. COM 86815V105 41 1100 SH SOLE 1100 0 0 SureWest Communications COM 868733106 93 3400 SH SOLE 3400 0 0 Synnex Corp COM 87162W100 33 1600 SH SOLE 1600 0 0 Synovus Financial Corp COM 87161C105 46 1500 SH SOLE 0 0 1500 TJX Companies Inc. COM 872540109 132 4800 SH SOLE 2300 0 2500 TRW Automotive Hldgs Corp. COM 87264S106 88 2400 SH SOLE 2400 0 0 Taylor Capital Group Inc COM 876851106 72 2600 SH SOLE 2600 0 0 Tech Data Corporation COM 878237106 496 12900 SH SOLE 9700 0 3200 Terra Industries Inc COM 880915103 102 4000 SH SOLE 4000 0 0 Tesoro Corp COM 881609101 4669 81700 SH SOLE 7900 0 73800 The Travelers Companies COM 89417E109 241 4500 SH SOLE 3600 0 900 Thermo Fisher Scientific, Inc. COM 883556102 119 2300 SH SOLE 2300 0 0 Titanium Metals Corp. COM 888339207 284 8900 SH SOLE 400 0 8500 Tronox Inc CL B COM 897051207 38 2700 SH SOLE 2700 0 0 Tyson Foods Inc COM 902494103 35 1500 SH SOLE 0 0 1500 U.S. Bancorp COM 902973304 379 11500 SH SOLE 0 0 11500 URS Corporation COM 903236107 83 1700 SH SOLE 1700 0 0 US Airways Group, Inc. COM 90341W108 24 800 SH SOLE 500 0 300 USA Mobility, Inc COM 90341G103 83 3100 SH SOLE 3100 0 0 Unisource Energy Corp COM 909205106 118 3600 SH SOLE 1900 0 1700 United Community Financial COM 909839102 70 7000 SH SOLE 7000 0 0 United Parcel Service Inc. COM 911312106 2292 31400 SH SOLE 1400 0 30000 United Rentals Inc. COM 911363109 6635 203900 SH SOLE 76300 0 127600 Universal Corporation COM 913456109 49 800 SH SOLE 400 0 400 Valero Energy Corp. COM 91913Y100 36864 499100 SH SOLE 139000 0 360100 Verizon Communications, Inc. COM 92343V104 38947 946000 SH SOLE 297100 0 648900 Vignette Corporation COM 926734401 73 3800 SH SOLE 3800 0 0 Virgin Media Inc. COM 92769L101 8327 341700 SH SOLE 101800 0 239900 W.R. Berkley Corp COM 084423102 23982 737000 SH SOLE 259950 0 477050 Wachovia Corp. COM 929903102 18117 353510 SH SOLE 67900 0 285610 Wal-Mart Stores, Inc. COM 931142103 12268 255000 SH SOLE 64800 0 190200 Walgreen Company COM 931422109 4236 97300 SH SOLE 19300 0 78000 Walter Industries Inc COM 93317Q105 67 2300 SH SOLE 2300 0 0 Warnaco Group Inc (The) COM 934390402 87 2200 SH SOLE 2200 0 0 Waste Management Inc. COM 94106L109 6670 170800 SH SOLE 31500 0 139300 WellPoint, Inc. COM 94973V107 14449 181000 SH SOLE 29900 0 151100 Wells Fargo & Co COM 949746101 36672 1042700 SH SOLE 259100 0 783600 WesBanco Inc. COM 950810101 83 2800 SH SOLE 2800 0 0 Western Digital Corp. COM 958102105 159 8200 SH SOLE 7200 0 1000 Whirlpool Corporation COM 963320106 89 800 SH SOLE 800 0 0 Williams Companies COM 969457100 16866 533400 SH SOLE 153300 0 380100 Wyeth COM 983024100 1990 34700 SH SOLE 18700 0 16000 XL Capital Limited COM G98255105 607 7200 SH SOLE 0 0 7200 Xcel Energy Inc COM 98389B100 2012 98300 SH SOLE 62000 0 36300 Xerox Corporation COM 984121103 564 30500 SH SOLE 0 0 30500 YRC Worldwide, Inc. COM 984249102 22 600 SH SOLE 600 0 0 Zenith National Insurance COM 989390109 24 500 SH SOLE 500 0 0 Zions Bancorp COM 989701107 31 400 SH SOLE 0 0 400 iStar Financial Inc. COM 45031U101 457 10300 SH SOLE 6000 0 4300
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