-----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, UstIQiBJ5hke+xw492YfJJbBx978WTIIPI4sMH6MiPAueXFpWW1qMhonLTrfJXAv 2xJZvyZrmlZPb/SikMaVdA== 0001142941-06-000006.txt : 20061020 0001142941-06-000006.hdr.sgml : 20061020 20061019203015 ACCESSION NUMBER: 0001142941-06-000006 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060930 FILED AS OF DATE: 20061020 DATE AS OF CHANGE: 20061019 EFFECTIVENESS DATE: 20061020 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: 061154266 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 report20060930.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13 (F) COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2006 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 October 19, 2006 - ------------------- ------------------ -------------------- [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: 404 Form 13F Information Table Value Total: $1004658 (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 89 16900 SH SOLE 16900 0 0 1st Source Corporation COM 336901103 143 4840 SH SOLE 4840 0 0 3M Company COM 88579Y101 238 3200 SH SOLE 0 0 3200 ACE Limited COM G0070K103 197 3600 SH SOLE 1900 0 1700 AES Corporation COM 00130H105 9108 446700 SH SOLE 126100 0 320600 AFLAC Inc. COM 001055102 160 3500 SH SOLE 1300 0 2200 AMB Properties Corp COM 00163T109 149 2700 SH SOLE 1900 0 800 AMR Corporation COM 001765106 400 17300 SH SOLE 5200 0 12100 AT&T Inc COM 00206R102 311 9558 SH SOLE 6400 0 3158 Actel Corporation COM 004934105 107 6900 SH SOLE 6900 0 0 Aetna US Healthcare COM 00817Y108 2701 68300 SH SOLE 7100 0 61200 Affiliated Computer S COM 008190100 21 400 SH SOLE 400 0 0 Agco Corporation COM 001084102 58 2300 SH SOLE 0 0 2300 Air Products & Chemic COM 009158106 20 300 SH SOLE 300 0 0 Alaska Air Group Inc COM 011659109 27 700 SH SOLE 700 0 0 Albany International COM 012348108 73 2300 SH SOLE 2300 0 0 Allegheny Energy Inc COM 017361106 104 2600 SH SOLE 2600 0 0 Alliant Energy Corp. COM 018802108 272 7600 SH SOLE 2800 0 4800 Allstate Corporation COM 020002101 9208 146790 SH SOLE 42100 0 104690 Amcore Fincl Inc COM 023912108 136 4500 SH SOLE 4500 0 0 Amer Fincl Gr Hldg COM 025932104 2788 59400 SH SOLE 6900 0 52500 AmerUs Group cl A COM 03072M108 122 1800 SH SOLE 1800 0 0 AmeriCredit Corp. COM 03060R101 35 1400 SH SOLE 0 0 1400 American Express Comp COM 025816109 1598 28500 SH SOLE 2400 0 26100 American Greetings cl A COM 026375105 88 3800 SH SOLE 3800 0 0 American Intl Group COM 026874107 755 11400 SH SOLE 5100 0 6300 Amerisource Bergen Corp COM 03073E105 20001 442500 SH SOLE 95300 0 347200 Anadarko Petroleum Co COM 032511107 6903 157500 SH SOLE 50100 0 107400 Anaren Inc COM 032744104 101 4800 SH SOLE 4800 0 0 AnnTaylor Stores Corp COM 036115103 50 1200 SH SOLE 0 0 1200 Anthracite Capital In COM 037023108 51 4000 SH SOLE 4000 0 0 Anworth Mortgage Asse COM 037347101 138 16500 SH SOLE 16500 0 0 Apple Computer Inc. COM 037833100 31 400 SH SOLE 400 0 0 Applied Industrial Tech COM 03820C105 61 2500 SH SOLE 2500 0 0 Apria Healthcare Grou COM 037933108 65 3300 SH SOLE 3300 0 0 Archer Daniels Midland COM 039483102 11303 298400 SH SOLE 76800 0 221600 Argonaut Group Inc. COM 040157109 410 13200 SH SOLE 11400 0 1800 Arkansas Best Corp COM 040790107 86 2000 SH SOLE 2000 0 0 Arrow Electronics In COM 042735100 44 1600 SH SOLE 1600 0 0 Assurant Inc COM 04621X108 3675 68800 SH SOLE 2000 0 66800 Atmos Energy Corporat COM 049560105 117 4100 SH SOLE 3300 0 800 AutoNation Inc. COM 05329W102 25 1177 SH SOLE 1177 0 0 Avis Budget Group, Inc. COM 053774105 66 3620 SH SOLE 0 0 3620 Avocent Corporation COM 053893103 108 3600 SH SOLE 3600 0 0 BJs Wholesale Club COM 05548J106 178 6100 SH SOLE 4600 0 1500 BancFirst Corp OK COM 05945F103 42 900 SH SOLE 900 0 0 BancorpSouth Inc COM 059692103 142 5100 SH SOLE 5100 0 0 Bank Mutual Corp COM 063750103 96 7900 SH SOLE 7900 0 0 Bank of America Corp. COM 060505104 35854 669292 SH SOLE 163032 0 506260 Bank of New York Co. COM 064057102 1745 49500 SH SOLE 14800 0 34700 BankUnited cl A COM 06652B103 34 1300 SH SOLE 1300 0 0 Barr Laboratories Inc COM 068306109 130 2500 SH SOLE 0 0 2500 Bear Stearns Cos COM 073902108 26913 192100 SH SOLE 56800 0 135300 Benchmark Electronic COM 08160H101 89 3300 SH SOLE 3300 0 0 Berkshire Hathaway cl A COM 084670108 26058 272 SH SOLE 79 0 193 Big Lots Inc COM 089302103 513 25900 SH SOLE 15400 0 10500 Black Box Corporation COM 091826107 97 2500 SH SOLE 2500 0 0 Blyth Inc. COM 09643P108 63 2600 SH SOLE 2300 0 300 Bob Evans Farms Inc. COM 096761101 100 3300 SH SOLE 3300 0 0 Borland Software Corp COM 099849101 100 17500 SH SOLE 17500 0 0 Boston Properties In COM 101121101 217 2100 SH SOLE 2100 0 0 Bowater Incorporated COM 102183100 25 1200 SH SOLE 0 0 1200 Brightpoint Inc. COM 109473405 27 1900 SH SOLE 1900 0 0 Bristol West Hldgs Inc. COM 11037M105 90 6200 SH SOLE 6200 0 0 Brown-Forman cl B COM 115637209 31 400 SH SOLE 400 0 0 C&D Technologies Inc COM 124661109 92 12900 SH SOLE 12900 0 0 CBIZ, Inc. COM 124805102 96 13200 SH SOLE 13200 0 0 CIT Group Inc DEL COM 125581108 2320 47700 SH SOLE 27600 0 20100 CMS Energy COM 125896100 3076 213000 SH SOLE 69000 0 144000 CNA Financial Corpora COM 126117100 11696 324700 SH SOLE 68400 0 256300 CONMED Corporation COM 207410101 103 4900 SH SOLE 4900 0 0 CVS Corp COM 126650100 459 14300 SH SOLE 9000 0 5300 Cablevision Systems cl A COM 12686C109 109 4800 SH SOLE 2700 0 2100 Callaway Golf Company COM 131193104 98 7500 SH SOLE 7500 0 0 Capital One Financial COM 14040H105 5821 74000 SH SOLE 25000 0 49000 Capital Trust MD COM 14052H506 37 900 SH SOLE 900 0 0 Cardinal Health Inc. COM 14149Y108 4128 62800 SH SOLE 9100 0 53700 Caterpillar Inc COM 149123101 138 2100 SH SOLE 0 0 2100 CenterPoint Energy Inc COM 15189T107 24 1700 SH SOLE 0 0 1700 CharterMac COM 160908109 64 3200 SH SOLE 3200 0 0 Chevron Corp COM 166764100 18232 281100 SH SOLE 73400 0 207700 Chubb Corp COM 171232101 1522 29300 SH SOLE 23700 0 5600 Cincinnati Financial COM 172062101 125 2600 SH SOLE 2600 0 0 Cisco Systems Inc. COM 17275R102 354 15400 SH SOLE 0 0 15400 Citigroup Inc COM 172967101 43660 879010 SH SOLE 291700 0 587310 Citizens Communicatio COM 17453B101 876 62400 SH SOLE 6200 0 56200 City Bank WA COM 17770A109 38 800 SH SOLE 800 0 0 Clark Inc COM 181457102 80 7100 SH SOLE 7100 0 0 Cleco Corp Holding Co COM 12561W105 43 1700 SH SOLE 1700 0 0 Cleveland-Cliffs Inc. COM 185896107 99 2600 SH SOLE 2600 0 0 Coach Inc COM 189754104 3344 97200 SH SOLE 19200 0 78000 Coherent Inc. COM 192479103 101 2900 SH SOLE 2900 0 0 Colgate-Palmolive Co COM 194162103 950 15300 SH SOLE 8600 0 6700 Comcast cl A COM 20030N101 4310 116801 SH SOLE 24000 0 92801 Commercial Metals Com COM 201723103 77 3800 SH SOLE 400 0 3400 Community Health Systems COM 203668108 49 1300 SH SOLE 0 0 1300 Computer Sciences Cor COM 205363104 2289 46600 SH SOLE 18400 0 28200 ConocoPhillips COM 20825C104 10852 182300 SH SOLE 33000 0 149300 Conseco Inc COM 208464883 13799 657400 SH SOLE 181200 0 476200 Consolidated Graphics COM 209341106 2629 43700 SH SOLE 16300 0 27400 Constellation Energy Grp Inc COM 210371100 8152 137700 SH SOLE 52400 0 85300 Continental Airlines cl B COM 210795308 14 500 SH SOLE 500 0 0 Corning Incorporated COM 219350105 383 15700 SH SOLE 4500 0 11200 Corus Bankshares Inc COM 220873103 27 1200 SH SOLE 0 0 1200 Costco Wholesale Corp COM 22160K105 144 2900 SH SOLE 100 0 2800 Cox Radio Inc. COM 224051102 104 6800 SH SOLE 6800 0 0 Crescent RE Equitie COM 225756105 24 1100 SH SOLE 0 0 1100 Cross Country Healthcare Inc COM 227483104 85 5000 SH SOLE 5000 0 0 Cummins Inc COM 231021106 1204 10100 SH SOLE 900 0 9200 Cumulus Media Inc. COM 231082108 88 9200 SH SOLE 9200 0 0 Dean Foods Co COM 242370104 479 11400 SH SOLE 8700 0 2700 Dell Inc COM 24702R101 25 1100 SH SOLE 0 0 1100 Delphi Financial cl A COM 247131105 48 1200 SH SOLE 1200 0 0 Denbury Resources In COM 247916208 38 1300 SH SOLE 1300 0 0 Devon Energy Corp COM 25179M103 1307 20700 SH SOLE 7800 0 12900 Dillards Inc cl A COM 254067101 6998 213800 SH SOLE 72400 0 141400 Dollar Thrifty Automo COM 256743105 7207 161700 SH SOLE 40100 0 121600 Downey Financial Corp COM 261018105 106 1600 SH SOLE 600 0 1000 E*TRADE Financial Corp COM 269246104 1280 53500 SH SOLE 38100 0 15400 E.I. DuPont de Nemour COM 263534109 77 1800 SH SOLE 1800 0 0 EOG Resources Inc COM 26875P101 13 200 SH SOLE 200 0 0 EZcorp Inc cl A COM 302301106 35 900 SH SOLE 900 0 0 Eastman Chemical Comp COM 277432100 248 4600 SH SOLE 0 0 4600 Echelon Corp COM 27874N105 93 11300 SH SOLE 11300 0 0 Edison International COM 281020107 4376 105100 SH SOLE 35400 0 69700 Egl Inc COM 268484102 58 1600 SH SOLE 1600 0 0 El Paso Electric Co COM 283677854 1946 87100 SH SOLE 28700 0 58400 Electronics For Imaging COM 286082102 108 4700 SH SOLE 4700 0 0 Encore Capital Group Inc COM 292554102 43 3300 SH SOLE 3300 0 0 Energizer Holdings I COM 29266R108 65 900 SH SOLE 0 0 900 Energy Transfer Prtnrs LP COM 29273R109 28 600 SH SOLE 600 0 0 Entergy Corp COM 29364G103 641 8200 SH SOLE 3600 0 4600 Entertainment Properties COM 29380T105 39 800 SH SOLE 800 0 0 Entravision Comm CP COM 29382R107 88 11800 SH SOLE 11800 0 0 Estee Lauder cl A COM 518439104 36 900 SH SOLE 900 0 0 Exelon Corp COM 30161N101 2991 49400 SH SOLE 19400 0 30000 Express Scripts Inc COM 302182100 596 7900 SH SOLE 1000 0 6900 Exxon Mobil Corporati COM 30231G102 70455 1050000 SH SOLE 338000 0 712000 Fed Agric Mtg Corp COM 313148306 58 2200 SH SOLE 2200 0 0 Fed National Mtg Assg COM 313586109 8750 156500 SH SOLE 30000 0 126500 Federal Home Ln Mtg COM 313400301 4345 65500 SH SOLE 18000 0 47500 Fidelity Natl Financial COM 316326107 100 2400 SH SOLE 0 0 2400 Fifth Third Bancorp COM 316773100 34 900 SH SOLE 0 0 900 First American Corp. COM 318522307 30 700 SH SOLE 700 0 0 First Cash Fncl Svcs Inc. COM 31942D107 1157 56200 SH SOLE 36000 0 20200 FirstFed Fincl Co COM 337907109 1214 21400 SH SOLE 6300 0 15100 Fiserv Inc. COM 337738108 184 3900 SH SOLE 3900 0 0 Franklin Bank Corp. COM 352451108 42 2100 SH SOLE 2100 0 0 Freeport Mc cl B COM 35671D857 4607 86500 SH SOLE 13900 0 72600 Freescale Semiconductor Inc COM 35687M107 16941 445700 SH SOLE 116900 0 328800 Furniture Brands Intl COM 360921100 84 4400 SH SOLE 4400 0 0 GAMCO Investors, Inc. COM 361438104 110 2900 SH SOLE 2900 0 0 GATX Corporation COM 361448103 74 1800 SH SOLE 1800 0 0 Genentech Inc. COM 368710406 2853 34500 SH SOLE 10600 0 23900 General Cable COM 369300108 16350 427900 SH SOLE 121200 0 306700 General Dynamics COM 369550108 1089 15200 SH SOLE 6600 0 8600 General Electric Co COM 369604103 10205 289100 SH SOLE 96100 0 193000 General Growth Proper COM 370021107 105 2200 SH SOLE 1100 0 1100 Giant Industries COM 374508109 49 600 SH SOLE 600 0 0 Gilead Sciences Inc. COM 375558103 28 400 SH SOLE 400 0 0 Glenborough Realty Trust COM 37803P105 162 6300 SH SOLE 6300 0 0 Global Industries Lt COM 379336100 19 1200 SH SOLE 1200 0 0 Goldman Sachs Group Inc COM 38141G104 1421 8400 SH SOLE 1000 0 7400 Goodrich Company COM 382388106 292 7200 SH SOLE 4500 0 2700 Goodyear Tire & Rubbe COM 382550101 189 13000 SH SOLE 13000 0 0 Great American Financial COM 389915109 44 2100 SH SOLE 2100 0 0 Great Plains Energy Inc COM 391164100 397 12800 SH SOLE 9300 0 3500 Greif Inc cl A COM 397624107 200 2500 SH SOLE 2200 0 300 Grey Wolf Inc COM 397888108 202 30300 SH SOLE 22500 0 7800 Griffon Corporation COM 398433102 48 2000 SH SOLE 2000 0 0 Group 1 Automotive I COM 398905109 90 1800 SH SOLE 1800 0 0 Gymboree Corp COM 403777105 30 700 SH SOLE 700 0 0 Handleman Company COM 410252100 85 11200 SH SOLE 11200 0 0 Hanmi Financial Corp COM 410495105 137 7000 SH SOLE 7000 0 0 Hartford Fincl Services COM 416515104 2889 33300 SH SOLE 21200 0 12100 Hartmarx Corporation COM 417119104 89 13200 SH SOLE 13200 0 0 Health Net Inc COM 42222G108 831 19100 SH SOLE 3800 0 15300 HealthTronics Surgical Svcs COM 42222L107 36 5900 SH SOLE 5900 0 0 Healthcare Realty Tru COM 421946104 100 2600 SH SOLE 2600 0 0 Heartland Fncl USA Inc COM 42234Q102 136 5300 SH SOLE 5300 0 0 Hercules Incorporated COM 427056106 43 2700 SH SOLE 2700 0 0 Hess Corp COM 42809H107 21 500 SH SOLE 0 0 500 Hewitt Associates Inc COM 42822Q100 713 29400 SH SOLE 14200 0 15200 Hewlett-Packard Co COM 428236103 40 1100 SH SOLE 0 0 1100 Home Properties COM 437306103 143 2500 SH SOLE 2500 0 0 Host Hotels & Resort COM 44107P104 1656 72200 SH SOLE 22700 0 49500 Houston Exploration COM 442120101 88 1600 SH SOLE 1600 0 0 Humana Inc. COM 444859102 3000 45400 SH SOLE 29500 0 15900 Huntsman Corp. COM 447011107 15 800 SH SOLE 800 0 0 Hutchinson Technology COM 448407106 95 4500 SH SOLE 4500 0 0 IBM Corp COM 459200101 2237 27300 SH SOLE 7300 0 20000 IDT Corp Pfd B COM 448947309 16 1100 SH SOLE 1100 0 0 ITLA Capital Corp COM 450565106 81 1500 SH SOLE 1500 0 0 Illinois Tool Works COM 452308109 162 3600 SH SOLE 3600 0 0 Imation Corp COM 45245A107 96 2400 SH SOLE 2400 0 0 Ingram Micro Inc. COM 457153104 111 5800 SH SOLE 5800 0 0 Insight Enterprises COM 45765U103 107 5200 SH SOLE 5200 0 0 Intel Corporation COM 458140100 56 2700 SH SOLE 2700 0 0 Intergraph Corporatio COM 458683109 129 3000 SH SOLE 3000 0 0 International Paper C COM 460146103 20930 604400 SH SOLE 178600 0 425800 Intuit Inc. COM 461202103 793 24700 SH SOLE 9200 0 15500 Irwin Financial Corp. COM 464119106 88 4500 SH SOLE 4500 0 0 J.C. Penney Company COM 708160106 10197 149100 SH SOLE 32700 0 116400 JPMorgan Chase & Co COM 46625H100 15948 339600 SH SOLE 155300 0 184300 Jack in the Box Inc. COM 466367109 31 600 SH SOLE 600 0 0 Jacobs Engineering Gr COM 469814107 37 500 SH SOLE 500 0 0 Johnson & Johnson COM 478160104 396 6100 SH SOLE 400 0 5700 Journal Comm Inc Cl A COM 481130102 96 8500 SH SOLE 8500 0 0 Kadant Inc COM 48282T104 106 4300 SH SOLE 4300 0 0 Keane Inc. COM 486665102 110 7600 SH SOLE 7600 0 0 Kellwood Company COM 488044108 115 4000 SH SOLE 4000 0 0 Kenneth Cole Producti COM 193294105 100 4100 SH SOLE 4100 0 0 KeyCorp COM 493267108 681 18200 SH SOLE 13200 0 5000 Kimberly-Clark Corp. COM 494368103 2248 34400 SH SOLE 10600 0 23800 Kohls Corp COM 500255104 143 2200 SH SOLE 1000 0 1200 Komag Inc COM 500453204 26 800 SH SOLE 0 0 800 Kraft Foods Inc COM 50075N104 663 18600 SH SOLE 13400 0 5200 Kroger Company COM 501044101 11672 504400 SH SOLE 132500 0 371900 LaSalle Hotel Prop COM 517942108 22 500 SH SOLE 0 0 500 Laclede Group Inc COM 505597104 38 1200 SH SOLE 1200 0 0 Lam Research Corp. COM 512807108 159 3500 SH SOLE 1000 0 2500 LandAmerica Fincl Grp COM 514936103 6388 97100 SH SOLE 22800 0 74300 Leap Wireless COM 521863308 272 5600 SH SOLE 3000 0 2600 Lexmark Int Gp Cl A COM 529771107 1649 28600 SH SOLE 7100 0 21500 Liberty Global Inc COM 530555101 250 9731 SH SOLE 3189 0 6542 Lin TV Corp COM 532774106 92 11800 SH SOLE 11800 0 0 Lincoln National Corp COM 534187109 99 1600 SH SOLE 0 0 1600 Lockheed Martin Corp. 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COM 57383T103 17 700 SH SOLE 0 0 700 McClatchy Co cl A COM 579489105 101 2400 SH SOLE 2400 0 0 McKesson Corp COM 58155Q103 16870 320000 SH SOLE 137600 0 182400 MedCath Corp COM 58404W109 48 1600 SH SOLE 1600 0 0 Medco Health Solutions Inc COM 58405U102 228 3800 SH SOLE 2500 0 1300 Mellon Financial Corp COM 58551A108 1470 37600 SH SOLE 27500 0 10100 Merrill Lynch & Co. COM 590188108 3543 45300 SH SOLE 11600 0 33700 MetLife Inc. COM 59156R108 7045 124300 SH SOLE 21900 0 102400 Micron Technology In COM 595112103 21 1200 SH SOLE 1200 0 0 Modine Manufacturing COM 607828100 102 4200 SH SOLE 4200 0 0 Molina Healthcare Inc COM 60855R100 39 1100 SH SOLE 1100 0 0 Morgan Stanley COM 617446448 3135 43000 SH SOLE 37600 0 5400 NCI Building Systems COM 628852105 1041 17900 SH SOLE 10600 0 7300 NII Holdings Inc COM 62913F201 963 15500 SH SOLE 12800 0 2700 NRG Energy Inc COM 629377508 2401 53000 SH SOLE 10900 0 42100 NTL Incorporated COM 62941W101 2219 87250 SH SOLE 11400 0 75850 Nabors Ind Ltd Bermuda COM G6359F103 2639 88700 SH SOLE 0 0 88700 National City Corp COM 635405103 1438 39300 SH SOLE 17400 0 21900 Natl Western Life In COM 638522102 46 200 SH SOLE 200 0 0 Nelnet Inc COM 64031N108 46 1500 SH SOLE 1500 0 0 NetBank Inc. 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Transportation COM 693149106 88 3500 SH SOLE 3500 0 0 PG&E Corporation COM 69331C108 6043 145100 SH SOLE 23700 0 121400 PHH Corp COM 693320202 1362 49700 SH SOLE 17300 0 32400 PNC Financial Services COM 693475105 261 3600 SH SOLE 3600 0 0 Pantry Inc. COM 698657103 406 7200 SH SOLE 600 0 6600 Parker-Hannifin Corp. COM 701094104 70 900 SH SOLE 900 0 0 Payless Shoesource I COM 704379106 47 1900 SH SOLE 0 0 1900 Penn R.E.I.T. SBI COM 709102107 145 3400 SH SOLE 3400 0 0 Peoples Bancorp OH COM 709789101 96 3300 SH SOLE 3300 0 0 Pepsi Bottling Group COM 713409100 2560 72100 SH SOLE 19200 0 52900 Performance Food COM 713755106 154 5500 SH SOLE 5500 0 0 Pfizer Inc. COM 717081103 3295 116200 SH SOLE 36800 0 79400 Phelps Dodge Corp. COM 717265102 356 4200 SH SOLE 900 0 3300 Piper Jaffray Companies COM 724078100 97 1600 SH SOLE 1600 0 0 Plains All American Pipeline COM 726503105 1366 29600 SH SOLE 13900 0 15700 Polycom Inc. 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COM 758075402 25 500 SH SOLE 0 0 500 Regions Financial Corp COM 7594EP100 7516 204300 SH SOLE 72800 0 131500 Rent-A-Center Inc COM 76009N100 111 3800 SH SOLE 3800 0 0 Robert Half Intl Inc COM 770323103 1182 34800 SH SOLE 23800 0 11000 Rock-Tenn cl A COM 772739207 85 4300 SH SOLE 800 0 3500 Rogers Corporation COM 775133101 68 1100 SH SOLE 1100 0 0 Ryerson Inc COM 78375P107 5578 254800 SH SOLE 84900 0 169900 SLM Corporation COM 78442P106 130 2500 SH SOLE 0 0 2500 SVB Financial Group COM 78486Q101 40 900 SH SOLE 900 0 0 SafeNet Inc COM 78645R107 106 5800 SH SOLE 5800 0 0 Safeco Corporation COM 786429100 772 13100 SH SOLE 1800 0 11300 Safeway Inc. COM 786514208 12 400 SH SOLE 400 0 0 Saks Inc. COM 79377W108 102 5900 SH SOLE 5900 0 0 Salem Comm cl A COM 794093104 87 7700 SH SOLE 7700 0 0 Scholastic Corporatio COM 807066105 299 9600 SH SOLE 0 0 9600 Seacor Holdings Inc COM 811904101 58 700 SH SOLE 0 0 700 Sears Holdings Corporation COM 812350106 1360 8600 SH SOLE 6700 0 1900 Sequa Corp Cl A COM 817320104 94 1000 SH SOLE 800 0 200 Sharper Image Corpora COM 820013100 96 9300 SH SOLE 9300 0 0 Sierra Pacific Resouce COM 826428104 62 4300 SH SOLE 4300 0 0 Simon Prop Grp Paired COM 828806109 7503 82800 SH SOLE 36300 0 46500 Smithfield Foods Inc COM 832248108 1573 58200 SH SOLE 39200 0 19000 Southern Peru Copper COM 84265V105 12002 129750 SH SOLE 47850 0 81900 Southwest Gas Corporation COM 844895102 297 8900 SH SOLE 8500 0 400 Spherion Corporation COM 848420105 79 11000 SH SOLE 11000 0 0 Sprint Nextel Corp COM 852061100 5516 321630 SH SOLE 102766 0 218864 St. Mary Land $ Expl COM 792228108 184 5000 SH SOLE 2800 0 2200 St. Paul Travelers Companies COM 792860108 4830 103000 SH SOLE 33200 0 69800 Starbucks Corp COM 855244109 6204 182200 SH SOLE 71400 0 110800 Stewart Enterprises Cl A COM 860370105 104 17700 SH SOLE 17700 0 0 Sun Bancorp NJ COM 86663B102 47 2500 SH SOLE 2500 0 0 SunTrust Banks Inc. 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