-----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, VsUP0hFfoy3QGHWYxE0wcqrYSSCpYYQYVQHidEbJgkhHF/pFRDoob884X1MHI0vD Qdty12Kp2SlAZTi+v10wDg== 0001142941-06-000002.txt : 20060105 0001142941-06-000002.hdr.sgml : 20060105 20060104182251 ACCESSION NUMBER: 0001142941-06-000002 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20051231 FILED AS OF DATE: 20060105 DATE AS OF CHANGE: 20060104 EFFECTIVENESS DATE: 20060105 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: 06509690 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 report20051231.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13 (F) COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2005 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 January 5, 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: 293 Form 13F Information Table Value Total: $752861 (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 77 7400 SH SOLE 7400 0 0 ACE Limited COM G0070K103 422 7900 SH SOLE 3800 0 4100 AES Corporation COM 00130H105 6747 426200 SH SOLE 103000 0 323200 AFLAC Inc. COM 001055102 9 200 SH SOLE 200 0 0 AMR Corporation COM 001765106 638 28700 SH SOLE 11000 0 17700 AT&T Inc COM 00206R102 77 3158 SH SOLE 0 0 3158 Activision Inc. COM 004930202 5848 425597 SH SOLE 169831 0 255766 Aetna US Healthcare COM 00817Y108 4480 47500 SH SOLE 13600 0 33900 Affiliated Computer S COM 008190100 24 400 SH SOLE 400 0 0 Alaska Air Group Inc COM 011659109 511 14300 SH SOLE 2600 0 11700 Allegheny Energy Inc COM 017361106 111 3500 SH SOLE 3500 0 0 Alliance Data Sys COM 018581108 1250 35100 SH SOLE 9400 0 25700 Alliance Resource Partner COM 01877R108 243 6528 SH SOLE 2978 0 3550 Allstate Corporation COM 020002101 6628 122590 SH SOLE 44800 0 77790 Amer Fincl Gr Hldg COM 025932104 1555 40600 SH SOLE 7400 0 33200 AmerUs Group cl A COM 03072M108 204 3600 SH SOLE 3600 0 0 Amerco COM 023586100 440 6100 SH SOLE 4800 0 1300 AmeriCredit Corp. COM 03060R101 95 3700 SH SOLE 3700 0 0 AmeriTrade Holding Co COM 03074K100 12900 537500 SH SOLE 141300 0 396200 American Electric Pow COM 025537101 7 200 SH SOLE 0 0 200 American Express Comp COM 025816109 93 1800 SH SOLE 1800 0 0 American Intl Group COM 026874107 1685 24700 SH SOLE 15300 0 9400 Amerisource Bergen Corp COM 03073E105 19036 459800 SH SOLE 117000 0 342800 Anadarko Petroleum Co COM 032511107 171 1800 SH SOLE 1800 0 0 Anixter International COM 035290105 2140 54700 SH SOLE 27700 0 27000 Aon Corp COM 037389103 61 1700 SH SOLE 0 0 1700 Apache Corporation COM 037411105 14 200 SH SOLE 200 0 0 Apple Computer Inc. COM 037833100 769 10700 SH SOLE 7500 0 3200 Arch Coal Inc. COM 039380100 994 12500 SH SOLE 5200 0 7300 Archer Daniels Midland COM 039483102 4439 180000 SH SOLE 37100 0 142900 Argonaut Group Inc. COM 040157109 750 22900 SH SOLE 9700 0 13200 Arrow Electronics In COM 042735100 2367 73915 SH SOLE 23200 0 50715 Assurant Inc COM 04621X108 57 1300 SH SOLE 1300 0 0 Atmos Energy Corporat COM 049560105 39 1500 SH SOLE 1500 0 0 AutoNation Inc. COM 05329W102 35 1600 SH SOLE 1600 0 0 Avnet Inc COM 053807103 268 11200 SH SOLE 9800 0 1400 BB&T Corp COM 054937107 38 900 SH SOLE 0 0 900 BJs Wholesale Club COM 05548J106 30 1000 SH SOLE 1000 0 0 Bank of America Corp. COM 060505104 27260 590692 SH SOLE 141694 0 448998 Bank of New York Co. COM 064057102 1475 46300 SH SOLE 20400 0 25900 Barr Laboratories Inc COM 068306109 374 6000 SH SOLE 6000 0 0 Bear Stearns Cos COM 073902108 23 200 SH SOLE 200 0 0 Berkshire Hathaway cl A COM 084670108 15243 172 SH SOLE 27 0 145 Boston Properties In COM 101121101 556 7500 SH SOLE 2100 0 5400 Brightpoint Inc. COM 109473405 740 26700 SH SOLE 4900 0 21800 Brown-Forman cl B COM 115637209 55 800 SH SOLE 800 0 0 Building Materials Hldg COM 120113105 20 300 SH SOLE 300 0 0 Bunge Limited COM G16962105 226 4000 SH SOLE 4000 0 0 Burlington Resources COM 122014103 15490 179700 SH SOLE 28300 0 151400 CBL & Assoc Properties COM 124830100 111 2800 SH SOLE 1400 0 1400 CCE Spinco Inc COM 14985W109 33 2549 SH SOLE 1712 0 837 CIGNA Corporation COM 125509109 246 2200 SH SOLE 2200 0 0 CIT Group Inc DEL COM 125581108 254 4900 SH SOLE 4900 0 0 CMS Energy COM 125896100 380 26200 SH SOLE 16500 0 9700 CNA Financial Corpora COM 126117100 3047 93100 SH SOLE 5400 0 87700 CVS Corp COM 126650100 378 14300 SH SOLE 8000 0 6300 Cal Dive Intl Inc COM 127914109 4127 115000 SH SOLE 56800 0 58200 Calamos Asset Management Inc COM 12811R104 2343 74500 SH SOLE 20800 0 53700 Capital One Financial COM 14040H105 6817 78900 SH SOLE 25400 0 53500 Cardinal Health Inc. COM 14149Y108 3994 58100 SH SOLE 11300 0 46800 Caremark RX COM 141705103 41 800 SH SOLE 0 0 800 Cendant Corporation COM 151313103 3303 191500 SH SOLE 37500 0 154000 CheckFree Holdings Co COM 162813109 110 2400 SH SOLE 2400 0 0 Cheesecake Factory COM 163072101 71 1900 SH SOLE 1900 0 0 Chevron Corp COM 166764100 6137 108100 SH SOLE 31400 0 76700 ChoicePoint Inc. COM 170388102 36 800 SH SOLE 0 0 800 Chubb Corp COM 171232101 547 5600 SH SOLE 5600 0 0 Cincinnati Financial COM 172062101 172 3860 SH SOLE 3860 0 0 Citigroup Inc COM 172967101 28075 578510 SH SOLE 180000 0 398510 Citizens Communicatio COM 17453B101 1595 130400 SH SOLE 8000 0 122400 Clear Channel Communi COM 184502102 642 20400 SH SOLE 13700 0 6700 Coach Inc COM 189754104 3394 101800 SH SOLE 34500 0 67300 Comcast cl A COM 20030N101 4248 163901 SH SOLE 31700 0 132201 Commerce Bancorp NJ COM 200519106 28 800 SH SOLE 800 0 0 Compass Bancshares COM 20449H109 97 2000 SH SOLE 600 0 1400 Computer Sciences Cor COM 205363104 1848 36500 SH SOLE 16300 0 20200 ConocoPhillips COM 20825C104 18699 321400 SH SOLE 93300 0 228100 Conseco Inc COM 208464883 7681 331500 SH SOLE 94300 0 237200 Consol Edison Inc COM 209115104 69 1500 SH SOLE 1500 0 0 Constellation Energy Grp Inc COM 210371100 7955 138100 SH SOLE 39100 0 99000 Costco Wholesale Corp COM 22160K105 143 2900 SH SOLE 100 0 2800 Cousins Properties In COM 222795106 1160 41000 SH SOLE 9300 0 31700 Covance Inc COM 222816100 19 400 SH SOLE 400 0 0 Crescent RE Equitie COM 225756105 71 3600 SH SOLE 0 0 3600 Crown Hldgs Inc (Hldg Co) COM 228368106 141 7200 SH SOLE 5200 0 2000 Dean Foods Co COM 242370104 267 7100 SH SOLE 6100 0 1000 Dell Inc COM 24702R101 2049 68400 SH SOLE 11000 0 57400 Devon Energy Corp COM 25179M103 663 10600 SH SOLE 3700 0 6900 Dollar Thrifty Automo COM 256743105 4285 118800 SH SOLE 25800 0 93000 Dominion Resources COM 25746U109 216 2800 SH SOLE 2300 0 500 Dycom Industries Inc COM 267475101 55 2500 SH SOLE 2500 0 0 E*TRADE Financial Corp COM 269246104 20831 998600 SH SOLE 282600 0 716000 EMC Corporation COM 268648102 449 33000 SH SOLE 24800 0 8200 EOG Resources Inc COM 26875P101 3551 48400 SH SOLE 9500 0 38900 EchoStar Communication COM 278762109 13470 495600 SH SOLE 135500 0 360100 Edison International COM 281020107 78 1800 SH SOLE 1800 0 0 Egl Inc COM 268484102 192 5100 SH SOLE 5100 0 0 El Paso Electric Co COM 283677854 1433 68100 SH SOLE 15600 0 52500 Electronics For Imaging COM 286082102 114 4300 SH SOLE 4300 0 0 ElkCorp COM 287456107 121 3600 SH SOLE 2100 0 1500 Enbridge Energy Partners COM 29250R106 9 200 SH SOLE 0 0 200 Encore Wire Corporation COM 292562105 11 500 SH SOLE 500 0 0 Ensco International COM 26874Q100 89 2000 SH SOLE 0 0 2000 Entercom Comm COM 293639100 42 1400 SH SOLE 1400 0 0 Entergy Corp COM 29364G103 391 5700 SH SOLE 3600 0 2100 Equity Inns Inc COM 294703103 195 14400 SH SOLE 0 0 14400 Equity Office Propert COM 294741103 52 1700 SH SOLE 1700 0 0 Estee Lauder cl A COM 518439104 30 900 SH SOLE 900 0 0 Exelon Corp COM 30161N101 202 3800 SH SOLE 2300 0 1500 Express Scripts Inc COM 302182100 3226 38500 SH SOLE 15200 0 23300 Exxon Mobil Corporati COM 30231G102 44857 798600 SH SOLE 237300 0 561300 FPL Group Inc. COM 302571104 62 1500 SH SOLE 1500 0 0 Fastenal Company COM 311900104 454 11600 SH SOLE 9800 0 1800 Fed National Mtg Assg COM 313586109 7673 157200 SH SOLE 37600 0 119600 Federal Home Ln Mtg COM 313400301 137 2100 SH SOLE 1300 0 800 Fidelity Natl Financial COM 316326107 3230 87800 SH SOLE 19700 0 68100 Fifth Third Bancorp COM 316773100 34 900 SH SOLE 900 0 0 First American Corp. COM 318522307 525 11600 SH SOLE 3600 0 8000 Fiserv Inc. COM 337738108 368 8500 SH SOLE 8500 0 0 Fluor Corp Inc COM 343412102 11203 145000 SH SOLE 40200 0 104800 Freescale Semiconductor Inc COM 35687M107 9290 369100 SH SOLE 89600 0 279500 GATX Corporation COM 361448103 14 400 SH SOLE 400 0 0 Genentech Inc. COM 368710406 2868 31000 SH SOLE 8800 0 22200 General Electric Co COM 369604103 12909 368300 SH SOLE 117300 0 251000 General Growth Proper COM 370021107 127 2700 SH SOLE 1100 0 1600 General Motors Corp. COM 370442105 4453 229300 SH SOLE 49700 0 179600 Genlyte Group Inc. COM 372302109 4129 77086 SH SOLE 10246 0 66840 Genworth Financial Inc COM 37247D106 290 8400 SH SOLE 2100 0 6300 Gilead Sciences Inc. COM 375558103 10719 203900 SH SOLE 56700 0 147200 Golden West Financial COM 381317106 139 2100 SH SOLE 2100 0 0 Goldman Sachs Group Inc COM 38141G104 983 7700 SH SOLE 3300 0 4400 Goodyear Tire & Rubbe COM 382550101 16584 954200 SH SOLE 230700 0 723500 Griffon Corporation COM 398433102 24 1000 SH SOLE 1000 0 0 Gymboree Corp COM 403777105 138 5900 SH SOLE 5900 0 0 HCC Ins Hldgs Inc COM 404132102 196 6600 SH SOLE 6600 0 0 Hansen Natural Corp COM 411310105 87 1100 SH SOLE 1100 0 0 Hartford Fincl Services COM 416515104 2225 25900 SH SOLE 8100 0 17800 Health Net Inc COM 42222G108 196 3800 SH SOLE 3800 0 0 Henry Schein Inc. COM 806407102 39 900 SH SOLE 900 0 0 Hercules Incorporated COM 427056106 31 2700 SH SOLE 2700 0 0 Hewlett-Packard Co COM 428236103 169 5900 SH SOLE 5900 0 0 Home Depot Inc. COM 437076102 1494 36900 SH SOLE 9400 0 27500 Hospira Inc COM 441060100 98 2300 SH SOLE 2300 0 0 Host Marriott Corporation COM 44107P104 442 23300 SH SOLE 6200 0 17100 Houston Exploration COM 442120101 158 3000 SH SOLE 3000 0 0 Humana Inc. COM 444859102 2972 54700 SH SOLE 43200 0 11500 Hutchinson Technology COM 448407106 60 2100 SH SOLE 700 0 1400 IAC/InterActive Corp COM 44919P102 348 12300 SH SOLE 12300 0 0 IBM Corp COM 459200101 3707 45100 SH SOLE 7000 0 38100 IDT Corp Pfd B COM 448947309 13 1100 SH SOLE 0 0 1100 Ingram Micro Inc. COM 457153104 76 3800 SH SOLE 3800 0 0 Intel Corporation COM 458140100 32 1300 SH SOLE 1300 0 0 Interdigital Commun. COM 45866A105 1035 56500 SH SOLE 15400 0 41100 Intuit Inc. COM 461202103 1823 34200 SH SOLE 10900 0 23300 Intuitive Surgical COM 46120E602 94 800 SH SOLE 800 0 0 J.C. Penney Company COM 708160106 1056 19000 SH SOLE 5200 0 13800 JPMorgan Chase & Co COM 46625H100 2961 74600 SH SOLE 30400 0 44200 Jabil Circuit Inc. COM 466313103 56 1500 SH SOLE 1500 0 0 Johnson & Johnson COM 478160104 24 400 SH SOLE 400 0 0 Jones Lang LaSalle COM 48020Q107 35 700 SH SOLE 700 0 0 KeyCorp COM 493267108 217 6600 SH SOLE 6600 0 0 KeySpan Corp COM 49337W100 360 10100 SH SOLE 8800 0 1300 Kimco Realty Corp. COM 49446R109 13 400 SH SOLE 400 0 0 Kohls Corp COM 500255104 262 5400 SH SOLE 4900 0 500 Kraft Foods Inc COM 50075N104 9096 322880 SH SOLE 113700 0 209180 Kroger Company COM 501044101 7490 396700 SH SOLE 94100 0 302600 LaSalle Hotel Prop COM 517942108 206 5600 SH SOLE 300 0 5300 Lam Research Corp. COM 512807108 54 1500 SH SOLE 1500 0 0 Lamar Advertising Co. COM 512815101 69 1500 SH SOLE 1500 0 0 LandAmerica Fincl Grp COM 514936103 7020 112500 SH SOLE 17600 0 94900 Lawson Software Inc. COM 520780107 3218 437800 SH SOLE 118900 0 318900 Liberty Media Intl Inc Cl A COM 530719103 446 19800 SH SOLE 5500 0 14300 Liberty Media cl A COM 530718105 577 73300 SH SOLE 9300 0 64000 Loews Carolina Group COM 540424207 18 400 SH SOLE 400 0 0 Louisiana-Pacific Cor COM 546347105 1689 61500 SH SOLE 18500 0 43000 Lowes Companies Inc. COM 548661107 1127 16900 SH SOLE 10700 0 6200 M&T Bank Corp. COM 55261F104 284 2600 SH SOLE 100 0 2500 MGM Mirage Inc. COM 552953101 488 13300 SH SOLE 7600 0 5700 Manpower Inc. COM 56418H100 93 2000 SH SOLE 2000 0 0 Marathon Oil Corp COM 565849106 9456 155100 SH SOLE 19500 0 135600 Markel Corp COM 570535104 63 200 SH SOLE 200 0 0 Marshall & Ilsley Cor COM 571834100 1562 36300 SH SOLE 12100 0 24200 Martek Biosciences Co COM 572901106 216 8800 SH SOLE 1700 0 7100 McGraw-Hill Companies COM 580645109 88 1700 SH SOLE 1700 0 0 McKesson Corp COM 58155Q103 7042 136500 SH SOLE 48100 0 88400 Mellon Financial Corp COM 58551A108 1045 30500 SH SOLE 29100 0 1400 Mercury General Corp. COM 589400100 76 1300 SH SOLE 1300 0 0 MetLife Inc. COM 59156R108 7933 161900 SH SOLE 47400 0 114500 Micron Technology In COM 595112103 1195 89800 SH SOLE 34200 0 55600 Monster Worldwide Inc COM 611742107 98 2400 SH SOLE 2400 0 0 Morgan Stanley COM 617446448 17 300 SH SOLE 300 0 0 Multi Fineline Electro COM 62541B101 29 600 SH SOLE 600 0 0 Murphy Oil Corp. COM 626717102 11 200 SH SOLE 200 0 0 NRG Energy Inc COM 629377508 141 3000 SH SOLE 3000 0 0 NS Group Inc. COM 628916108 21 500 SH SOLE 500 0 0 NSTAR COM 67019E107 29 1000 SH SOLE 1000 0 0 NTL Inc COM 62940M104 1906 28000 SH SOLE 2200 0 25800 National City Corp COM 635405103 4112 122500 SH SOLE 60700 0 61800 Navigators Group Inc COM 638904102 39 900 SH SOLE 900 0 0 Newfield Exploration Co. COM 651290108 115 2300 SH SOLE 2300 0 0 Newmont Mining Corp Hlding Co COM 651639106 17077 319800 SH SOLE 89400 0 230400 Nextel Partners Inc. COM 65333F107 4543 162600 SH SOLE 32500 0 130100 Norfolk Southern Corp COM 655844108 139 3100 SH SOLE 3100 0 0 North Fork Bancorp COM 659424105 22 800 SH SOLE 800 0 0 Northeast Utilities COM 664397106 199 10100 SH SOLE 6200 0 3900 Nucor Corporation COM 670346105 267 4000 SH SOLE 4000 0 0 Occidental Petroleum COM 674599105 2157 27000 SH SOLE 1300 0 25700 Odyssey Re Hldgs Corp COM 67612W108 384 15300 SH SOLE 8000 0 7300 Ohio Casualty Corp. COM 677240103 34 1200 SH SOLE 1200 0 0 Oil States Inter Inc COM 678026105 35 1100 SH SOLE 1100 0 0 PG&E Corporation COM 69331C108 8081 217700 SH SOLE 52100 0 165600 PNC Financial Services COM 693475105 303 4900 SH SOLE 4900 0 0 PPG Industries Inc. COM 693506107 81 1400 SH SOLE 1400 0 0 Panera Bread Co COM 69840W108 374 5700 SH SOLE 700 0 5000 Pantry Inc. COM 698657103 75 1600 SH SOLE 1600 0 0 Patterson-UTI Energy Inc COM 703481101 712 21600 SH SOLE 1100 0 20500 Peabody Energy Corp COM 704549104 41 500 SH SOLE 500 0 0 Pepsi Bottling Group COM 713409100 2961 103500 SH SOLE 26400 0 77100 Performance Food COM 713755106 2250 79300 SH SOLE 34300 0 45000 Pfizer Inc. COM 717081103 96 4100 SH SOLE 1300 0 2800 Phoenix Companies COM 71902E109 35 2600 SH SOLE 2600 0 0 Popular Inc. COM 733174106 537 25400 SH SOLE 6800 0 18600 Potlatch Corp. COM 737628107 20 400 SH SOLE 400 0 0 Principal Fncl Grp Inc COM 74251V102 5668 119500 SH SOLE 14900 0 104600 ProLogis COM 743410102 402 8600 SH SOLE 3400 0 5200 Prudential Financial Inc COM 744320102 20947 286200 SH SOLE 80700 0 205500 Qualcomm Inc. COM 747525103 17456 405200 SH SOLE 106900 0 298300 R.H. Donnelley Corp. COM 74955W307 37 600 SH SOLE 600 0 0 R.R. Donnelley & Sons COM 257867101 311 9100 SH SOLE 2900 0 6200 Radio One cl D COM 75040P405 24 2300 SH SOLE 2300 0 0 Raytheon Company COM 755111507 20 500 SH SOLE 500 0 0 Redwood Trust Inc. COM 758075402 2286 55400 SH SOLE 27400 0 28000 Reinsurance Group of COM 759351109 38 800 SH SOLE 800 0 0 Reliant Energy COM 75952B105 130 12600 SH SOLE 12600 0 0 Remington Oil & Gas C COM 759594302 621 17000 SH SOLE 12000 0 5000 Ryder System Inc. COM 783549108 16 400 SH SOLE 400 0 0 Ryerson Inc COM 78375P107 119 4900 SH SOLE 4900 0 0 SanDisk Corp COM 80004C101 1426 22700 SH SOLE 4100 0 18600 Sempra Energy COM 816851109 175 3900 SH SOLE 3900 0 0 Sherwin-Williams Co. COM 824348106 64 1400 SH SOLE 1400 0 0 Sierra Pacific Resouce COM 826428104 209 16000 SH SOLE 5200 0 10800 Silicon Laboratories Inc. COM 826919102 62 1700 SH SOLE 1700 0 0 Simon Prop Grp Paired COM 828806109 582 7600 SH SOLE 6500 0 1100 Smithfield Foods Inc COM 832248108 21 700 SH SOLE 700 0 0 Sothebys Holdings I COM 835898107 180 9800 SH SOLE 9800 0 0 Sprint Nextel Corp COM 852061100 6767 289666 SH SOLE 103306 0 186360 St. Paul Travelers Companies COM 792860108 10859 243100 SH SOLE 82000 0 161100 Starbucks Corp COM 855244109 147 4900 SH SOLE 4900 0 0 State Street Corp COM 857477103 128 2300 SH SOLE 2300 0 0 SunTrust Banks Inc. COM 867914103 546 7500 SH SOLE 0 0 7500 Sunoco Inc. COM 86764P109 1991 25400 SH SOLE 10700 0 14700 Sunstone Hotel Investors Inc. COM 867892101 266 10000 SH SOLE 2500 0 7500 TD Banknorth Inc. COM 87235A101 1412 48595 SH SOLE 34595 0 14000 Telephone & Data Syst COM 879433100 793 22000 SH SOLE 5000 0 17000 Texas Instruments COM 882508104 600 18700 SH SOLE 17000 0 1700 The Brinks Company COM 109696104 38 800 SH SOLE 800 0 0 The DIRECTV Group COM 25459L106 11 800 SH SOLE 800 0 0 Thomas & Betts Corp. COM 884315102 2706 64500 SH SOLE 20300 0 44200 Timberland Company COM 887100105 137 4200 SH SOLE 4200 0 0 Triad Hospitals Inc. COM 89579K109 165 4200 SH SOLE 2000 0 2200 Tyson Foods COM 902494103 419 24500 SH SOLE 11200 0 13300 U.S. Bancorp COM 902973304 1184 39600 SH SOLE 2000 0 37600 US Cellular COM 911684108 84 1700 SH SOLE 1100 0 600 Unionbancal Corporation COM 908906100 21 300 SH SOLE 0 0 300 United Parcel Srvc B COM 911312106 38 500 SH SOLE 500 0 0 Universal Compression COM 913431102 37 900 SH SOLE 900 0 0 Universal Forest Prod COM 913543104 61 1100 SH SOLE 600 0 500 Valero Energy Corp. 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COM 94973V107 15990 200400 SH SOLE 28900 0 171500 Wells Fargo & Co COM 949746101 28475 453200 SH SOLE 126400 0 326800 Wesco Intl Inc COM 95082P105 684 16000 SH SOLE 10600 0 5400 Westcorp COM 957907108 33 500 SH SOLE 500 0 0 Weyerhaeuser Co COM 962166104 9752 147000 SH SOLE 39200 0 107800 William Wrigley Jr. C COM 982526105 20 300 SH SOLE 300 0 0 World Fuel Services C COM 981475106 98 2900 SH SOLE 2900 0 0 XL Capital Limited COM G98255105 721 10700 SH SOLE 5300 0 5400 Xcel Energy Inc COM 98389B100 172 9300 SH SOLE 9300 0 0 Yahoo! Inc. COM 984332106 106 2700 SH SOLE 1500 0 1200 Zenith Natl Insurance COM 989390109 35 750 SH SOLE 0 0 750 Zions Bancorp COM 989701107 295 3900 SH SOLE 3900 0 0 eBay Inc. COM 278642103 5415 125300 SH SOLE 27400 0 97900
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