-----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, OST09/3mG/qhuEAoOTI3CGUNZNJmaylOkiHXjkUFAb9R1jEdLIoq4aiEQsJNFSyG WkbPtrjeD2HhOSxwz+FgJA== 0001142941-06-000003.txt : 20060427 0001142941-06-000003.hdr.sgml : 20060427 20060426175201 ACCESSION NUMBER: 0001142941-06-000003 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060331 FILED AS OF DATE: 20060427 DATE AS OF CHANGE: 20060426 EFFECTIVENESS DATE: 20060427 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: 06782400 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 report20060331.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, 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 April 25, 2005 - ------------------- ------------------ -------------------- [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: 257 Form 13F Information Table Value Total: $806203 (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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 99 Cents Only Store COM 65440K106 437 32200 SH SOLE 11700 0 20500 AAR Corp COM 000361105 174 6100 SH SOLE 5400 0 700 ACE Limited COM G0070K103 411 7900 SH SOLE 3800 0 4100 AES Corporation COM 00130H105 7346 430600 SH SOLE 89500 0 341100 AFLAC Inc. COM 001055102 36 800 SH SOLE 200 0 600 AT&T Inc COM 00206R102 142 5258 SH SOLE 2100 0 3158 Aetna US Healthcare COM 00817Y108 6020 122500 SH SOLE 24900 0 97600 Air Products & Chemic COM 009158106 47 700 SH SOLE 700 0 0 Alliant Energy Corp. COM 018802108 283 9000 SH SOLE 9000 0 0 Allstate Corporation COM 020002101 6367 122190 SH SOLE 30300 0 91890 Amer Fincl Gr Hldg COM 025932104 1802 43300 SH SOLE 8500 0 34800 Amerco COM 023586100 1019 10300 SH SOLE 7500 0 2800 American Express Comp COM 025816109 1676 31900 SH SOLE 1800 0 30100 American Intl Group COM 026874107 1018 15400 SH SOLE 4700 0 10700 American Repographics COM 029263100 14 400 SH SOLE 0 0 400 Amerisource Bergen Corp COM 03073E105 20018 414700 SH SOLE 84200 0 330500 Analogic Corp COM 032657207 1304 19700 SH SOLE 9800 0 9900 Aon Corp COM 037389103 71 1700 SH SOLE 0 0 1700 Apple Computer Inc. COM 037833100 5413 86300 SH SOLE 23900 0 62400 Archer Daniels Midland COM 039483102 10267 305100 SH SOLE 58800 0 246300 Argonaut Group Inc. COM 040157109 1696 47700 SH SOLE 21300 0 26400 Arrow Electronics In COM 042735100 2159 66915 SH SOLE 16500 0 50415 Avnet Inc COM 053807103 86 3400 SH SOLE 3400 0 0 BB&T Corp COM 054937107 35 900 SH SOLE 0 0 900 Baker Hughes Inc. COM 057224107 410 6000 SH SOLE 0 0 6000 Bank of America Corp. COM 060505104 27023 593392 SH SOLE 104132 0 489260 Bank of New York Co. COM 064057102 1820 50500 SH SOLE 15800 0 34700 Barr Laboratories Inc COM 068306109 542 8600 SH SOLE 7100 0 1500 Bear Stearns Cos COM 073902108 7948 57300 SH SOLE 15200 0 42100 Benchmark Electronic COM 08160H101 230 6000 SH SOLE 4700 0 1300 Berkshire Hathaway cl A COM 084670108 18522 205 SH SOLE 28 0 177 Biogen Idec COM 09062X103 405 8600 SH SOLE 0 0 8600 Biosite Inc COM 090945106 151 2900 SH SOLE 0 0 2900 Brightpoint Inc. COM 109473405 517 16650 SH SOLE 5350 0 11300 Bunge Limited COM G16962105 223 4000 SH SOLE 0 0 4000 CIGNA Corporation COM 125509109 287 2200 SH SOLE 2200 0 0 CIT Group Inc DEL COM 125581108 396 7400 SH SOLE 4900 0 2500 CMS Energy COM 125896100 2536 195800 SH SOLE 54800 0 141000 CNA Financial Corpora COM 126117100 4617 145000 SH SOLE 6100 0 138900 CVS Corp COM 126650100 427 14300 SH SOLE 8000 0 6300 Calamos Asset Management Inc COM 12811R104 2248 60100 SH SOLE 11000 0 49100 Capital One Financial COM 14040H105 6353 78900 SH SOLE 21700 0 57200 Cardinal Health Inc. COM 14149Y108 4330 58100 SH SOLE 4800 0 53300 Caremark RX COM 141705103 39 800 SH SOLE 0 0 800 Cendant Corporation COM 151313103 772 44500 SH SOLE 4200 0 40300 Ceradyne Inc COM 156710105 399 8000 SH SOLE 6600 0 1400 Cheesecake Factory COM 163072101 26 700 SH SOLE 700 0 0 Chevron Corp COM 166764100 5733 98900 SH SOLE 22500 0 76400 Chubb Corp COM 171232101 869 9100 SH SOLE 6800 0 2300 Cincinnati Financial COM 172062101 162 3860 SH SOLE 3860 0 0 Cisco Systems Inc. COM 17275R102 995 45900 SH SOLE 20800 0 25100 Citigroup Inc COM 172967101 29066 615410 SH SOLE 159000 0 456410 Citizens Communicatio COM 17453B101 1712 129000 SH SOLE 6300 0 122700 Clear Channel Communi COM 184502102 458 15800 SH SOLE 8200 0 7600 Coach Inc COM 189754104 3551 102700 SH SOLE 34500 0 68200 Comcast cl A COM 20030N101 3184 121701 SH SOLE 12800 0 108901 Commerce Bancorp NJ COM 200519106 29 800 SH SOLE 800 0 0 Commercial Metals Com COM 201723103 289 5400 SH SOLE 5400 0 0 Compass Bancshares COM 20449H109 71 1400 SH SOLE 0 0 1400 Computer Sciences Cor COM 205363104 1961 35300 SH SOLE 11500 0 23800 ConocoPhillips COM 20825C104 14322 226800 SH SOLE 39900 0 186900 Conseco Inc COM 208464883 11050 445200 SH SOLE 104100 0 341100 Consol Edison Inc COM 209115104 65 1500 SH SOLE 1500 0 0 Constellation Energy Grp Inc COM 210371100 6204 113400 SH SOLE 31000 0 82400 Corning Incorporated COM 219350105 11947 443800 SH SOLE 84200 0 359600 Costco Wholesale Corp COM 22160K105 157 2900 SH SOLE 100 0 2800 Cousins Properties In COM 222795106 261 7800 SH SOLE 3100 0 4700 Covance Inc COM 222816100 24 400 SH SOLE 400 0 0 Crescent RE Equitie COM 225756105 76 3600 SH SOLE 0 0 3600 Crown Hldgs Inc (Hldg Co) COM 228368106 87 4900 SH SOLE 1200 0 3700 Dean Foods Co COM 242370104 276 7100 SH SOLE 6100 0 1000 Dell Inc COM 24702R101 6062 203700 SH SOLE 42700 0 161000 Devon Energy Corp COM 25179M103 5206 85100 SH SOLE 2300 0 82800 Digene Corporation COM 253752109 12 300 SH SOLE 0 0 300 Dillards Inc cl A COM 254067101 65 2500 SH SOLE 200 0 2300 Dollar Thrifty Automo COM 256743105 5389 118700 SH SOLE 18600 0 100100 Dominion Resources COM 25746U109 193 2800 SH SOLE 0 0 2800 Dow Chemical Company COM 260543103 20 500 SH SOLE 500 0 0 E*TRADE Financial Corp COM 269246104 22580 836900 SH SOLE 193100 0 643800 EMC Corporation COM 268648102 4141 303800 SH SOLE 24800 0 279000 EOG Resources Inc COM 26875P101 86 1200 SH SOLE 1200 0 0 EchoStar Communication COM 278762109 6918 231600 SH SOLE 41400 0 190200 Edison International COM 281020107 74 1800 SH SOLE 1800 0 0 El Paso Electric Co COM 283677854 1297 68100 SH SOLE 11800 0 56300 Encore Wire Corporation COM 292562105 61 1800 SH SOLE 1800 0 0 Energy Partners Ltd COM 29270U105 349 14800 SH SOLE 7000 0 7800 Energy Transfer Prtnrs LP COM 29273R109 85 2200 SH SOLE 2200 0 0 Entergy Corp COM 29364G103 455 6600 SH SOLE 3600 0 3000 Exelon Corp COM 30161N101 201 3800 SH SOLE 2300 0 1500 Express Scripts Inc COM 302182100 2707 30800 SH SOLE 10600 0 20200 Exxon Mobil Corporati COM 30231G102 52559 863600 SH SOLE 213400 0 650200 FPL Group Inc. COM 302571104 60 1500 SH SOLE 1500 0 0 Fastenal Company COM 311900104 497 10500 SH SOLE 8700 0 1800 Fed National Mtg Assg COM 313586109 8080 157200 SH SOLE 29400 0 127800 Federal Home Ln Mtg COM 313400301 275 4500 SH SOLE 0 0 4500 Fidelity Natl Financial COM 316326107 2118 59600 SH SOLE 8100 0 51500 Fifth Third Bancorp COM 316773100 35 900 SH SOLE 0 0 900 First American Corp. COM 318522307 454 11600 SH SOLE 3600 0 8000 Fiserv Inc. COM 337738108 362 8500 SH SOLE 8500 0 0 Fleetwood Enterprises COM 339099103 1305 116800 SH SOLE 18600 0 98200 Fluor Corp Inc COM 343412102 14140 164800 SH SOLE 33200 0 131600 Freeport Mc cl B COM 35671D857 1315 22000 SH SOLE 3700 0 18300 Freescale Semiconductor Inc COM 35687M107 9881 355800 SH SOLE 74400 0 281400 GATX Corporation COM 361448103 227 5500 SH SOLE 4900 0 600 Genentech Inc. COM 368710406 2823 33400 SH SOLE 7800 0 25600 General Electric Co COM 369604103 12726 365900 SH SOLE 97200 0 268700 General Growth Proper COM 370021107 108 2200 SH SOLE 1100 0 1100 General Motors Corp. COM 370442105 6 300 SH SOLE 0 0 300 Genlyte Group Inc. COM 372302109 613 9000 SH SOLE 4200 0 4800 Gilead Sciences Inc. COM 375558103 417 6700 SH SOLE 700 0 6000 Goldman Sachs Group Inc COM 38141G104 157 1000 SH SOLE 0 0 1000 Goodyear Tire & Rubbe COM 382550101 3927 271200 SH SOLE 18900 0 252300 Gymboree Corp COM 403777105 2276 87400 SH SOLE 20200 0 67200 Harman Intl Industri COM 413086109 44 400 SH SOLE 400 0 0 Hartford Fincl Services COM 416515104 2014 25000 SH SOLE 3400 0 21600 Health Net Inc COM 42222G108 534 10500 SH SOLE 3800 0 6700 Hewlett-Packard Co COM 428236103 194 5900 SH SOLE 0 0 5900 Home Depot Inc. COM 437076102 2788 65900 SH SOLE 5500 0 60400 Hospira Inc COM 441060100 91 2300 SH SOLE 2300 0 0 Host Marriott Corporation COM 44107P104 841 39300 SH SOLE 15700 0 23600 Humana Inc. COM 444859102 2122 40300 SH SOLE 29200 0 11100 Hutchinson Technology COM 448407106 63 2100 SH SOLE 500 0 1600 IAC/InterActive Corp COM 44919P102 212 7200 SH SOLE 7200 0 0 IBM Corp COM 459200101 2738 33200 SH SOLE 5800 0 27400 IDT Corp Pfd B COM 448947309 12 1100 SH SOLE 0 0 1100 Illinois Tool Works COM 452308109 270 2800 SH SOLE 2800 0 0 Ingram Micro Inc. COM 457153104 116 5800 SH SOLE 5800 0 0 Intel Corporation COM 458140100 545 28000 SH SOLE 4000 0 24000 Intermune Inc. COM 45884X103 432 23300 SH SOLE 14000 0 9300 International Paper C COM 460146103 933 27000 SH SOLE 2000 0 25000 Intuit Inc. COM 461202103 1197 22500 SH SOLE 9600 0 12900 J.C. Penney Company COM 708160106 7890 130600 SH SOLE 12400 0 118200 JPMorgan Chase & Co COM 46625H100 6054 145400 SH SOLE 41500 0 103900 Jabil Circuit Inc. COM 466313103 540 12600 SH SOLE 12000 0 600 KeyCorp COM 493267108 416 11300 SH SOLE 11300 0 0 KeySpan Corp COM 49337W100 29 700 SH SOLE 0 0 700 Kimberly-Clark Corp. COM 494368103 17 300 SH SOLE 300 0 0 Kimco Realty Corp. COM 49446R109 16 400 SH SOLE 400 0 0 Kohls Corp COM 500255104 154 2900 SH SOLE 2400 0 500 Kraft Foods Inc COM 50075N104 755 24900 SH SOLE 15300 0 9600 Kroger Company COM 501044101 8077 396700 SH SOLE 86400 0 310300 LaSalle Hotel Prop COM 517942108 230 5600 SH SOLE 300 0 5300 Lam Research Corp. COM 512807108 65 1500 SH SOLE 1500 0 0 Lamar Advertising Co. COM 512815101 137 2600 SH SOLE 1500 0 1100 LandAmerica Fincl Grp COM 514936103 3074 45300 SH SOLE 8700 0 36600 Lawson Software Inc. COM 520780107 3358 437800 SH SOLE 91500 0 346300 Leap Wireless COM 521863308 5008 114900 SH SOLE 26300 0 88600 Liberty Media Intl Inc Cl A COM 530719103 596 29100 SH SOLE 4300 0 24800 Liberty Media cl A COM 530718105 602 73300 SH SOLE 0 0 73300 Lockheed Martin Corp. COM 539830109 75 1000 SH SOLE 1000 0 0 Loews Corp COM 540424108 10181 100600 SH SOLE 14900 0 85700 Louisiana-Pacific Cor COM 546347105 120 4400 SH SOLE 4400 0 0 Lowes Companies Inc. COM 548661107 992 15400 SH SOLE 7800 0 7600 Lufkin Industries Inc COM 549764108 33 600 SH SOLE 0 0 600 Lyondell Chemical Com COM 552078107 18 900 SH SOLE 900 0 0 M&T Bank Corp. COM 55261F104 297 2600 SH SOLE 100 0 2500 MPS Group Inc COM 553409103 1181 77200 SH SOLE 9400 0 67800 Marathon Oil Corp COM 565849106 22501 295400 SH SOLE 56600 0 238800 Marshall & Ilsley Cor COM 571834100 837 19200 SH SOLE 8400 0 10800 McGraw-Hill Companies COM 580645109 98 1700 SH SOLE 1700 0 0 McKesson Corp COM 58155Q103 12188 233800 SH SOLE 72300 0 161500 Medco Health Solutions Inc COM 58405U102 34 600 SH SOLE 600 0 0 Mellon Financial Corp COM 58551A108 886 24900 SH SOLE 23500 0 1400 Merrill Lynch & Co. COM 590188108 39 500 SH SOLE 0 0 500 MetLife Inc. COM 59156R108 6162 127400 SH SOLE 23100 0 104300 Micron Technology In COM 595112103 1494 101500 SH SOLE 17200 0 84300 Monster Worldwide Inc COM 611742107 120 2400 SH SOLE 2400 0 0 NTL Incorporated COM 62941W101 2912 100050 SH SOLE 12550 0 87500 Nabors Ind Ltd Bermuda COM G6359F103 122 1700 SH SOLE 0 0 1700 National City Corp COM 635405103 4275 122500 SH SOLE 46400 0 76100 National Semiconducto COM 637640103 58 2100 SH SOLE 2100 0 0 Navigators Group Inc COM 638904102 74 1500 SH SOLE 1500 0 0 Newmont Mining Corp Hlding Co COM 651639106 16818 324100 SH SOLE 72200 0 251900 Nextel Partners Inc. COM 65333F107 3622 127900 SH SOLE 27000 0 100900 Northeast Utilities COM 664397106 150 7700 SH SOLE 3800 0 3900 Nucor Corporation COM 670346105 23075 220200 SH SOLE 46500 0 173700 Odyssey Re Hldgs Corp COM 67612W108 106 4900 SH SOLE 4900 0 0 Oil States Inter Inc COM 678026105 55 1500 SH SOLE 1100 0 400 Olin Corporation COM 680665205 1056 49200 SH SOLE 11300 0 37900 Omega Healthcare COM 681936100 4 300 SH SOLE 0 0 300 PG&E Corporation COM 69331C108 8686 223300 SH SOLE 43000 0 180300 PHH Corp COM 693320202 101 3800 SH SOLE 2100 0 1700 PNC Financial Services COM 693475105 222 3300 SH SOLE 3300 0 0 PPG Industries Inc. COM 693506107 89 1400 SH SOLE 0 0 1400 Parker-Hannifin Corp. COM 701094104 16 200 SH SOLE 200 0 0 Pepsi Bottling Group COM 713409100 2185 71900 SH SOLE 17700 0 54200 PepsiCo Inc. COM 713448108 173 3000 SH SOLE 3000 0 0 Performance Food COM 713755106 390 12500 SH SOLE 12500 0 0 Pfizer Inc. COM 717081103 3728 149600 SH SOLE 31600 0 118000 Phelps Dodge Corp. COM 717265102 1562 19400 SH SOLE 6200 0 13200 Popular Inc. COM 733174106 214 10300 SH SOLE 0 0 10300 Potlatch Corp. COM 737628107 4322 100878 SH SOLE 25878 0 75000 Principal Fncl Grp Inc COM 74251V102 2611 53500 SH SOLE 10100 0 43400 ProLogis COM 743410102 364 6800 SH SOLE 1400 0 5400 Prudential Financial Inc COM 744320102 21742 286800 SH SOLE 65900 0 220900 Qualcomm Inc. COM 747525103 20629 407600 SH SOLE 93700 0 313900 R.R. Donnelley & Sons COM 257867101 278 8500 SH SOLE 2300 0 6200 RC2 Corp COM 749388104 20 500 SH SOLE 0 0 500 Remington Oil & Gas C COM 759594302 30 700 SH SOLE 300 0 400 Robert Half Intl Inc COM 770323103 131 3400 SH SOLE 0 0 3400 Rogers Corporation COM 775133101 2054 37700 SH SOLE 14400 0 23300 SanDisk Corp COM 80004C101 627 10900 SH SOLE 1200 0 9700 Sanderson Farms Inc COM 800013104 16 700 SH SOLE 0 0 700 Scholastic Corporatio COM 807066105 262 9800 SH SOLE 0 0 9800 Scientific Games Corp COM 80874P109 109 3100 SH SOLE 3100 0 0 Sears Holdings Corporation COM 812350106 119 900 SH SOLE 600 0 300 Sempra Energy COM 816851109 181 3900 SH SOLE 3900 0 0 Sierra Pacific Resouce COM 826428104 126 9100 SH SOLE 3600 0 5500 Simon Prop Grp Paired COM 828806109 2524 30000 SH SOLE 13300 0 16700 Southern Peru Copper COM 84265V105 667 7900 SH SOLE 0 0 7900 Southwest Energy C COM 845467109 10 300 SH SOLE 0 0 300 Sprint Nextel Corp COM 852061100 3823 147930 SH SOLE 64357 0 83573 St. Paul Travelers Companies COM 792860108 4864 116400 SH SOLE 44100 0 72300 Starbucks Corp COM 855244109 5080 135000 SH SOLE 35600 0 99400 SunTrust Banks Inc. COM 867914103 546 7500 SH SOLE 0 0 7500 Sunoco Inc. COM 86764P109 2180 28100 SH SOLE 13900 0 14200 Sysco Corporation COM 871829107 80 2500 SH SOLE 0 0 2500 TD AmeriTrade Holding Co COM 87236Y108 1668 79900 SH SOLE 11800 0 68100 Texas Industries Inc COM 882491103 10931 180700 SH SOLE 33600 0 147100 Texas Instruments COM 882508104 1016 31300 SH SOLE 24600 0 6700 The DIRECTV Group COM 25459L106 13 800 SH SOLE 800 0 0 The Hanover Insurance Group COM 410867105 3528 67300 SH SOLE 7300 0 60000 Thomas & Betts Corp. COM 884315102 3314 64500 SH SOLE 14700 0 49800 Triad Hospitals Inc. COM 89579K109 134 3200 SH SOLE 2000 0 1200 Triarc Cl B COM 895927309 126 7200 SH SOLE 0 0 7200 Trinity Inds Inc COM 896522109 9730 178900 SH SOLE 42500 0 136400 Tyson Foods COM 902494103 231 16800 SH SOLE 11200 0 5600 U.S. Bancorp COM 902973304 1208 39600 SH SOLE 0 0 39600 US Cellular COM 911684108 71 1200 SH SOLE 600 0 600 Unionbancal Corporation COM 908906100 21 300 SH SOLE 0 0 300 United Parcel Srvc B COM 911312106 87 1100 SH SOLE 1100 0 0 Universal Forest Prod COM 913543104 38 600 SH SOLE 600 0 0 Universal Technical Institute COM 913915104 12 400 SH SOLE 0 0 400 Valero Energy Corp. COM 91913Y100 12 200 SH SOLE 0 0 200 Veritas DGC Inc. COM 92343P107 10431 229800 SH SOLE 35400 0 194400 Verizon Communication COM 92343V104 14639 429800 SH SOLE 118800 0 311000 Vornado Realty Trust COM 929042109 1421 14800 SH SOLE 2400 0 12400 Vulcan Materials Comp COM 929160109 95 1100 SH SOLE 1100 0 0 W.R. Berkley Corp COM 084423102 1324 22800 SH SOLE 9700 0 13100 W.W. Grainger Inc. COM 384802104 60 800 SH SOLE 800 0 0 WMS Industries COM 929297109 2814 93500 SH SOLE 24900 0 68600 Wachovia Bank COM 929903102 17785 317310 SH SOLE 43800 0 273510 Wal-Mart Stores Inc. COM 931142103 161 3400 SH SOLE 3400 0 0 Walt Disney Company COM 254687106 3324 119200 SH SOLE 26800 0 92400 Waste Management Inc. COM 94106L109 10992 311400 SH SOLE 48700 0 262700 Weatherford Intl Ltd COM G95089101 50 1100 SH SOLE 0 0 1100 WellPoint, Inc. COM 94973V107 14874 192100 SH SOLE 22100 0 170000 Wells Fargo & Co COM 949746101 28946 453200 SH SOLE 100300 0 352900 Wesco Intl Inc COM 95082P105 388 5700 SH SOLE 5700 0 0 Weyerhaeuser Co COM 962166104 10314 142400 SH SOLE 33400 0 109000 World Fuel Services C COM 981475106 154 3800 SH SOLE 3800 0 0 XL Capital Limited COM G98255105 821 12800 SH SOLE 6300 0 6500 Xcel Energy Inc COM 98389B100 169 9300 SH SOLE 9300 0 0 Yahoo! Inc. 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