-----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, GwZlL+K/EDYB2s300DqsqBJhCO2VgcENTKIUYY8AoVD5qYzL3/j4iv4PTCxAnElC 0SaXgDe6bA/gzRilqDXNXA== 0001142941-07-000002.txt : 20070419 0001142941-07-000002.hdr.sgml : 20070419 20070418180925 ACCESSION NUMBER: 0001142941-07-000002 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20070331 FILED AS OF DATE: 20070419 DATE AS OF CHANGE: 20070418 EFFECTIVENESS DATE: 20070419 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: 07774456 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 report20070331.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13 (F) COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 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 April 18, 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: 346 Form 13F Information Table Value Total: $1064942 (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 131 16900 SH SOLE 16900 0 0 1st Source Corporation COM 336901103 127 4840 SH SOLE 4840 0 0 3M Company COM 88579Y101 268 3500 SH SOLE 300 0 3200 ACE Limited COM G0070K103 46 800 SH SOLE 500 0 300 AES Corporation COM 00130H105 8793 408600 SH SOLE 94700 0 313900 AFLAC Inc. COM 001055102 42 900 SH SOLE 200 0 700 ALLIANCE ONE INTL COM 018772103 878 95100 SH SOLE 31100 0 64000 AMB Properties Corp COM 00163T109 182 3100 SH SOLE 1900 0 1200 AMR Corporation COM 001765106 6739 221300 SH SOLE 60100 0 161200 AT&T Inc COM 00206R102 6832 173258 SH SOLE 49400 0 123858 Advanced Micro Device COM 007903107 810 62000 SH SOLE 5800 0 56200 Aetna US Healthcare COM 00817Y108 26 600 SH SOLE 600 0 0 Affiliated Computer S COM 008190100 35 600 SH SOLE 600 0 0 Allegheny Energy Inc COM 017361106 118 2400 SH SOLE 2400 0 0 Alliant Techsystems Inc COM 018804104 18 200 SH SOLE 0 0 200 Allstate Corporation COM 020002101 8864 147590 SH SOLE 41800 0 105790 Alltel Corporation COM 020039103 1017 16400 SH SOLE 11600 0 4800 Alpharma Inc COM 020813101 92 3800 SH SOLE 3800 0 0 Altria Group Inc COM 02209S103 26 300 SH SOLE 0 0 300 Amcore Fincl Inc COM 023912108 143 4500 SH SOLE 4500 0 0 Amer Fincl Gr Hldg COM 025932104 400 11750 SH SOLE 6900 0 4850 Ameren Corp COM 023608102 176 3500 SH SOLE 3500 0 0 AmeriCredit Corp. COM 03060R101 9889 432600 SH SOLE 125000 0 307600 American Express Comp COM 025816109 1743 30900 SH SOLE 4400 0 26500 American Greetings cl A COM 026375105 93 4000 SH SOLE 4000 0 0 American Home Mortgage COM 02660R107 59 2200 SH SOLE 2200 0 0 American Intl Group COM 026874107 975 14500 SH SOLE 8900 0 5600 Amerisafe, Inc. COM 03071H100 8 400 SH SOLE 400 0 0 Amerisource Bergen Corp COM 03073E105 17729 336100 SH SOLE 66200 0 269900 Amgen Inc. COM 031162100 2353 42100 SH SOLE 23700 0 18400 Anadarko Petroleum Co COM 032511107 941 21900 SH SOLE 400 0 21500 Annaly Mortgage Mgmt. COM 035710409 528 34100 SH SOLE 8200 0 25900 Anthracite Capital In COM 037023108 54 4500 SH SOLE 4500 0 0 Anworth Mortgage Asse COM 037347101 161 16500 SH SOLE 16500 0 0 Applied Industrial Tech COM 03820C105 61 2500 SH SOLE 2500 0 0 Apria Healthcare Grou COM 037933108 106 3300 SH SOLE 3300 0 0 Archer Daniels Midland COM 039483102 8074 220000 SH SOLE 30700 0 189300 Arctic Cat Inc. COM 039670104 74 3800 SH SOLE 3800 0 0 Argonaut Group Inc. COM 040157109 356 11000 SH SOLE 6900 0 4100 Arkansas Best Corp COM 040790107 71 2000 SH SOLE 2000 0 0 Arrow Electronics In COM 042735100 19 500 SH SOLE 500 0 0 ArvinMeritor Inc COM 043353101 4298 235500 SH SOLE 94000 0 141500 Ashland Inc. COM 044204105 577 8800 SH SOLE 3100 0 5700 Atmos Energy Corporat COM 049560105 153 4900 SH SOLE 4100 0 800 AutoNation Inc. COM 05329W102 25 1177 SH SOLE 1177 0 0 Autodesk Inc. COM 052769106 132 3500 SH SOLE 3500 0 0 Avocent Corporation COM 053893103 97 3600 SH SOLE 3600 0 0 BJs Wholesale Club COM 05548J106 61 1800 SH SOLE 300 0 1500 Baker Hughes Inc. COM 057224107 99 1500 SH SOLE 0 0 1500 BancorpSouth Inc COM 059692103 125 5100 SH SOLE 5100 0 0 Bank Mutual Corp COM 063750103 90 7900 SH SOLE 7900 0 0 Bank of America Corp. COM 060505104 33413 654892 SH SOLE 141932 0 512960 Bank of New York Co. COM 064057102 1002 24700 SH SOLE 4800 0 19900 BankUnited cl A COM 06652B103 28 1300 SH SOLE 1300 0 0 Bear Stearns Cos COM 073902108 16914 112500 SH SOLE 19200 0 93300 Berkshire Hathaway cl A COM 084670108 16022 147 SH SOLE 27 0 120 Black Box Corporation COM 091826107 91 2500 SH SOLE 2500 0 0 Blyth Inc. COM 09643P108 55 2600 SH SOLE 2300 0 300 Bob Evans Farms Inc. COM 096761101 122 3300 SH SOLE 3300 0 0 Borland Software Corp COM 099849101 92 17500 SH SOLE 17500 0 0 Boston Properties In COM 101121101 247 2100 SH SOLE 2100 0 0 Bradley Pharmaceuticals Inc COM 104576103 67 3500 SH SOLE 3500 0 0 Brown-Forman cl B COM 115637209 111 1700 SH SOLE 700 0 1000 Building Materials Holding COM 120113105 74 4100 SH SOLE 4100 0 0 CBIZ, Inc. COM 124805102 94 13200 SH SOLE 13200 0 0 CBS Corp Cl B COM 124857202 30073 983100 SH SOLE 269900 0 713200 CIT Group Inc DEL COM 125581108 25846 488400 SH SOLE 142000 0 346400 CMS Energy COM 125896100 8653 486100 SH SOLE 148200 0 337900 CNA Financial Corpora COM 126117100 12793 296900 SH SOLE 61100 0 235800 CSS Industries Inc. COM 125906107 37 1000 SH SOLE 1000 0 0 CVS Corp COM 126650100 1475 43204 SH SOLE 31561 0 11643 Cablevision Systems cl A COM 12686C109 61 2000 SH SOLE 1800 0 200 Cadence Design System COM 127387108 263 12500 SH SOLE 3000 0 9500 Callaway Golf Company COM 131193104 118 7500 SH SOLE 7500 0 0 Capital One Financial COM 14040H105 1547 20500 SH SOLE 3800 0 16700 Cardinal Health Inc. COM 14149Y108 4610 63200 SH SOLE 10200 0 53000 Cascade Corp COM 147195101 72 1200 SH SOLE 1200 0 0 Casella Waste Systems COM 147448104 28 2900 SH SOLE 2900 0 0 Cash America Internat COM 14754D100 41 1000 SH SOLE 1000 0 0 Caterpillar Inc COM 149123101 47 700 SH SOLE 0 0 700 Celanese Corp. COM 150870103 12561 407300 SH SOLE 112000 0 295300 CenterPoint Energy Inc COM 15189T107 30 1700 SH SOLE 0 0 1700 Century Aluminum Comp COM 156431108 38 800 SH SOLE 800 0 0 Chesapeake Corp COM 165159104 32 2100 SH SOLE 2100 0 0 Chevron Corp COM 166764100 18335 247900 SH SOLE 57400 0 190500 Chiquita Brands Intl COM 170032809 45 3200 SH SOLE 3200 0 0 Chubb Corp COM 171232101 1452 28100 SH SOLE 22500 0 5600 Circuit City Stores Inc COM 172737108 185 10000 SH SOLE 8200 0 1800 Cisco Systems Inc. COM 17275R102 123 4800 SH SOLE 0 0 4800 Citigroup Inc COM 172967101 43840 853910 SH SOLE 262200 0 591710 Clear Channel Outdoor Hldgs. COM 18451C109 476 18100 SH SOLE 4900 0 13200 Cleco Corp Holding Co COM 12561W105 44 1700 SH SOLE 1700 0 0 Coherent Inc. COM 192479103 92 2900 SH SOLE 2900 0 0 Colgate-Palmolive Co COM 194162103 1516 22700 SH SOLE 16400 0 6300 Comcast cl A COM 20030N101 361 13900 SH SOLE 4900 0 9000 Commerce Group MA COM 200641108 129 4300 SH SOLE 4300 0 0 Commercial Metals Com COM 201723103 13 400 SH SOLE 400 0 0 Community Health Systems COM 203668108 28 800 SH SOLE 0 0 800 CompuCredit Corporati COM 20478N100 5919 189600 SH SOLE 59400 0 130200 Computer Sciences Cor COM 205363104 2028 38900 SH SOLE 13200 0 25700 ConocoPhillips COM 20825C104 4388 64200 SH SOLE 16800 0 47400 Conseco Inc COM 208464883 5116 295700 SH SOLE 108100 0 187600 Constellation Brands Inc COM 21036P108 4319 203900 SH SOLE 55700 0 148200 Constellation Energy Grp Inc COM 210371100 4130 47500 SH SOLE 13900 0 33600 Continental Airlines cl B COM 210795308 18 500 SH SOLE 500 0 0 Core Mark Hldg Co. Inc. COM 218681104 39 1100 SH SOLE 1100 0 0 Corning Incorporated COM 219350105 39 1700 SH SOLE 1700 0 0 DSP Group Inc. COM 23332B106 80 4200 SH SOLE 4200 0 0 DaVita COM 23918K108 75 1400 SH SOLE 1400 0 0 Dean Foods Co COM 242370104 112 2400 SH SOLE 2400 0 0 Delphi Financial cl A COM 247131105 48 1200 SH SOLE 1200 0 0 Deluxe Corporation COM 248019101 37 1100 SH SOLE 0 0 1100 Diodes Inc. COM 254543101 17 500 SH SOLE 500 0 0 Dollar Thrifty Automo COM 256743105 5533 108400 SH SOLE 19000 0 89400 Downey Financial Corp COM 261018105 39 600 SH SOLE 600 0 0 E*TRADE Financial Corp COM 269246104 30 1400 SH SOLE 1400 0 0 E.I. DuPont de Nemour COM 263534109 227 4600 SH SOLE 4600 0 0 Eastman Chemical Comp COM 277432100 139 2200 SH SOLE 0 0 2200 Eastman Kodak Co COM 277461109 23 1000 SH SOLE 1000 0 0 EchoStar Communication COM 278762109 526 12100 SH SOLE 8000 0 4100 Edison International COM 281020107 6500 132300 SH SOLE 48600 0 83700 El Paso Electric Co COM 283677854 79 3000 SH SOLE 3000 0 0 Electronic Data Sys COM 285661104 5536 200000 SH SOLE 77400 0 122600 EnPro Industries COM 29355X107 22 600 SH SOLE 600 0 0 Energen Corp COM 29265N108 15 300 SH SOLE 300 0 0 Entergy Corp COM 29364G103 136 1300 SH SOLE 0 0 1300 Estee Lauder cl A COM 518439104 78 1600 SH SOLE 1100 0 500 Exelon Corp COM 30161N101 8712 126800 SH SOLE 34100 0 92700 Express Scripts Inc COM 302182100 48 600 SH SOLE 400 0 200 Exxon Mobil Corporati COM 30231G102 72802 964900 SH SOLE 283700 0 681200 FLOW INTERNATIONAL CORPORATION COM 343468104 8 700 SH SOLE 700 0 0 Fed Agric Mtg Corp COM 313148306 60 2200 SH SOLE 2200 0 0 Fed National Mtg Assg COM 313586109 7832 143500 SH SOLE 18100 0 125400 Federal Home Ln Mtg COM 313400301 3897 65500 SH SOLE 18000 0 47500 Federated Department Stores COM 31410H101 4717 104700 SH SOLE 33100 0 71600 First American Corp. COM 318522307 76 1500 SH SOLE 1500 0 0 Franklin Bank Corp. COM 352451108 38 2100 SH SOLE 2100 0 0 Freeport Mc cl B COM 35671D857 13576 205100 SH SOLE 50700 0 154400 GAMCO Investors, Inc. COM 361438104 126 2900 SH SOLE 2900 0 0 Genentech Inc. COM 368710406 57 700 SH SOLE 700 0 0 General Cable COM 369300108 246 4600 SH SOLE 2000 0 2600 General Electric Co COM 369604103 13210 373600 SH SOLE 57800 0 315800 General Growth Proper COM 370021107 110 1700 SH SOLE 1100 0 600 General Motors Corp. COM 370442105 1434 46800 SH SOLE 9900 0 36900 Genesco Inc. COM 371532102 62 1500 SH SOLE 1500 0 0 Genworth Financial Inc COM 37247D106 16495 472100 SH SOLE 160800 0 311300 Glatfelter COM 377316104 164 11000 SH SOLE 3300 0 7700 Global Payments COM 37940X102 89 2600 SH SOLE 2600 0 0 Goldman Sachs Group Inc COM 38141G104 579 2800 SH SOLE 2300 0 500 Goodyear Tire & Rubbe COM 382550101 25950 832000 SH SOLE 208400 0 623600 Great American Financial COM 389915109 51 2100 SH SOLE 2100 0 0 Great Plains Energy Inc COM 391164100 146 4500 SH SOLE 2100 0 2400 Group 1 Automotive I COM 398905109 72 1800 SH SOLE 1800 0 0 Hanmi Financial Corp COM 410495105 133 7000 SH SOLE 7000 0 0 Harsco Corporation COM 415864107 18 400 SH SOLE 400 0 0 Hartford Fincl Services COM 416515104 3078 32200 SH SOLE 20100 0 12100 Hartmarx Corporation COM 417119104 98 13200 SH SOLE 13200 0 0 Health Net Inc COM 42222G108 118 2200 SH SOLE 0 0 2200 HealthTronics Surgical Svcs COM 42222L107 32 5900 SH SOLE 5900 0 0 Healthcare Realty Tru COM 421946104 97 2600 SH SOLE 2600 0 0 Heartland Fncl USA Inc COM 42234Q102 35 1300 SH SOLE 1300 0 0 Hercules Incorporated COM 427056106 78 4000 SH SOLE 4000 0 0 Hewitt Associates Inc COM 42822Q100 342 11700 SH SOLE 7100 0 4600 Hewlett-Packard Co COM 428236103 96 2400 SH SOLE 1100 0 1300 Home Properties COM 437306103 132 2500 SH SOLE 2500 0 0 Host Hotels & Resort COM 44107P104 892 33900 SH SOLE 4200 0 29700 Houston Exploration COM 442120101 86 1600 SH SOLE 1600 0 0 Humana Inc. 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Penney Company COM 708160106 9982 121500 SH SOLE 17200 0 104300 JPMorgan Chase & Co COM 46625H100 16599 343100 SH SOLE 154900 0 188200 Johnson & Johnson COM 478160104 7400 122800 SH SOLE 22900 0 99900 KNBT Bancorp COM 482921103 91 6200 SH SOLE 6200 0 0 Kellwood Company COM 488044108 97 3300 SH SOLE 3300 0 0 Kenneth Cole Producti COM 193294105 105 4100 SH SOLE 4100 0 0 KeyCorp COM 493267108 386 10300 SH SOLE 6300 0 4000 Kimberly-Clark Corp. COM 494368103 164 2400 SH SOLE 1500 0 900 Kraft Foods Inc COM 50075N104 4078 128800 SH SOLE 35100 0 93700 Kroger Company COM 501044101 14035 496800 SH SOLE 124900 0 371900 Lam Research Corp. COM 512807108 19 400 SH SOLE 0 0 400 LandAmerica Fincl Grp COM 514936103 946 12800 SH SOLE 10400 0 2400 Lennar Corp cl A COM 526057104 30 700 SH SOLE 700 0 0 Lexmark Int Gp Cl A COM 529771107 88 1500 SH SOLE 1500 0 0 Liberty Media Capital Sr A COM 53071M302 10451 94500 SH SOLE 31400 0 63100 Lin TV Corp COM 532774106 188 11800 SH SOLE 11800 0 0 Lincoln National Corp COM 534187109 95 1400 SH SOLE 0 0 1400 Live Nation Inc COM 538034109 13 600 SH SOLE 600 0 0 Loews Corp COM 540424108 25881 569700 SH SOLE 150100 0 419600 Lone Star Tech Inc. COM 542312103 33 500 SH SOLE 500 0 0 Lyondell Chemical Com COM 552078107 20404 680800 SH SOLE 208500 0 472300 MDU Resources Group COM 552690109 47 1650 SH SOLE 0 0 1650 MERCER INTERNATIONAL INC. COM 588056101 42 3500 SH SOLE 3500 0 0 MGE Energy Inc COM 55277P104 46 1300 SH SOLE 1300 0 0 MPS Group Inc COM 553409103 108 7600 SH SOLE 7600 0 0 Manpower Inc. COM 56418H100 148 2000 SH SOLE 2000 0 0 Marathon Oil Corp COM 565849106 2234 22600 SH SOLE 4800 0 17800 Marshall & Ilsley Cor COM 571834100 227 4900 SH SOLE 4900 0 0 McClatchy Co cl A COM 579489105 76 2400 SH SOLE 2400 0 0 McKesson Corp COM 58155Q103 30382 519000 SH SOLE 144400 0 374600 MedCath Corp COM 58404W109 44 1600 SH SOLE 1600 0 0 Medco Health Solutions Inc COM 58405U102 2002 27600 SH SOLE 16200 0 11400 Mellon Financial Corp COM 58551A108 1169 27100 SH SOLE 21100 0 6000 Merrill Lynch & Co. COM 590188108 65 800 SH SOLE 800 0 0 MetLife Inc. COM 59156R108 7382 116900 SH SOLE 14500 0 102400 Micron Technology In COM 595112103 14 1200 SH SOLE 1200 0 0 Microsoft Corporation COM 594918104 4019 144200 SH SOLE 29300 0 114900 Modine Manufacturing COM 607828100 96 4200 SH SOLE 4200 0 0 Molina Healthcare Inc COM 60855R100 34 1100 SH SOLE 1100 0 0 Morgan Stanley COM 617446448 1229 15600 SH SOLE 14500 0 1100 Motorola Inc. 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COM 68268N103 34 500 SH SOLE 0 0 500 Orbital Sciences Corp COM 685564106 82 4400 SH SOLE 3100 0 1300 PG&E Corporation COM 69331C108 357 7400 SH SOLE 4900 0 2500 PNC Financial Services COM 693475105 65 900 SH SOLE 900 0 0 Palm Inc. COM 696642206 123 6800 SH SOLE 6800 0 0 Pantry Inc. COM 698657103 190 4200 SH SOLE 1500 0 2700 Partners Tr Fin Grp Inc COM 70213F102 71 6200 SH SOLE 6200 0 0 Payless Shoesource I COM 704379106 63 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 1866 64300 SH SOLE 15500 0 48800 Pepsi Bottling Group COM 713409100 300 9400 SH SOLE 8100 0 1300 PepsiCo Inc. COM 713448108 1252 19700 SH SOLE 19000 0 700 Pfizer Inc. COM 717081103 20870 826200 SH SOLE 190500 0 635700 Plains All American Pipeline COM 726503105 599 10400 SH SOLE 6400 0 4000 Potlatch Corp. COM 737628107 60 1300 SH SOLE 1300 0 0 Power-One Inc. 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COM 883556102 108 2300 SH SOLE 2300 0 0 Thornburg Mtge Asset COM 885218107 31 1200 SH SOLE 1200 0 0 Tronox Inc Cl B COM 897051207 38 2700 SH SOLE 2700 0 0 Tyson Foods COM 902494103 29 1500 SH SOLE 0 0 1500 U.S. Bancorp COM 902973304 1315 37600 SH SOLE 0 0 37600 UAL CORPORATION COM 902549807 31 800 SH SOLE 800 0 0 UAP Holding Corp. COM 903441103 16 600 SH SOLE 600 0 0 UGI Corporation COM 902681105 45 1700 SH SOLE 0 0 1700 URS Corp COM 903236107 72 1700 SH SOLE 1700 0 0 USA Mobility, Inc COM 90341G103 62 3100 SH SOLE 3100 0 0 Unionbancal Corporation COM 908906100 44 700 SH SOLE 0 0 700 Unisource Energy Corp COM 909205106 154 4100 SH SOLE 1900 0 2200 United Parcel Srvc B COM 911312106 14756 210500 SH SOLE 49000 0 161500 United Rentals Inc. COM 911363109 8385 304900 SH SOLE 94300 0 210600 United Therapeutics C COM 91307C102 661 12300 SH SOLE 11900 0 400 Universal Corporation COM 913456109 49 800 SH SOLE 400 0 400 Usec Inc COM 90333E108 0 0 SH SOLE 0 0 0 VIRGIN MEDIA INC. COM 92769L101 0 0 SH SOLE 0 0 0 Valero Energy Corp. COM 91913Y100 97 1500 SH SOLE 0 0 1500 Verizon Communication COM 92343V104 36088 951700 SH SOLE 302800 0 648900 Vignette Corporation COM 926734401 71 3800 SH SOLE 3800 0 0 Vornado Realty Trust COM 929042109 286 2400 SH SOLE 900 0 1500 W.R. Berkley Corp COM 084423102 2958 89300 SH SOLE 48450 0 40850 WCI Communities Inc COM 92923C104 107 5000 SH SOLE 5000 0 0 Wachovia Bank COM 929903102 19461 353510 SH SOLE 67900 0 285610 Wal-Mart Stores Inc. COM 931142103 10118 215500 SH SOLE 59400 0 156100 Walgreen Company COM 931422109 4465 97300 SH SOLE 19300 0 78000 Walter Industries In COM 93317Q105 718 29000 SH SOLE 16700 0 12300 Waste Management Inc. COM 94106L109 5894 171300 SH SOLE 32000 0 139300 Watts Water Tech Inc COM 942749102 156 4100 SH SOLE 2300 0 1800 WellPoint, Inc. COM 94973V107 20194 249000 SH SOLE 58300 0 190700 Wells Fargo & Co COM 949746101 35559 1032800 SH SOLE 258500 0 774300 Westar Energy Inc COM 95709T100 22 800 SH SOLE 0 0 800 Williams Companies I COM 969457100 11728 412100 SH SOLE 120000 0 292100 Wyeth COM 983024100 1736 34700 SH SOLE 18700 0 16000 XL Capital Limited COM G98255105 553 7900 SH SOLE 700 0 7200 Xcel Energy Inc COM 98389B100 27 1100 SH SOLE 0 0 1100 Xerox Corporation COM 984121103 522 30900 SH SOLE 0 0 30900 YRC Worldwide COM 984249102 24 600 SH SOLE 600 0 0 Zions Bancorp COM 989701107 34 400 SH SOLE 0 0 400 iStar Financial COM 45031U101 642 13700 SH SOLE 8700 0 5000
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