0001142941-11-000003.txt : 20110414
0001142941-11-000003.hdr.sgml : 20110414
20110414165454
ACCESSION NUMBER: 0001142941-11-000003
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20110331
FILED AS OF DATE: 20110414
DATE AS OF CHANGE: 20110414
EFFECTIVENESS DATE: 20110414
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: DENALI ADVISORS LLC
CENTRAL INDEX KEY: 0001142941
IRS NUMBER: 330957285
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 13F-HR
SEC ACT: 1934 Act
SEC FILE NUMBER: 028-10130
FILM NUMBER: 11760151
BUSINESS ADDRESS:
STREET 1: 4275 EXECUTIVE SQUARE
STREET 2: SUITE 650
CITY: LA JOLLA
STATE: CA
ZIP: 92037
BUSINESS PHONE: 8585583600
MAIL ADDRESS:
STREET 1: 4275 EXECUTIVE SQUARE
STREET 2: SUITE 650
CITY: LA JOLLA
STATE: CA
ZIP: 92037
13F-HR
1
report20110331.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, 2011
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: 4275 Executive Square, Suite 650
La Jolla, CA 92037
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: Anne Erickson
Title: Chief Compliance Officer
Phone: 858-558-3600
Signature, Place, and Date of Signing:
/s/ Anne Erickson La Jolla, CA April 14,2011
------------------- ------------------ --------------------
[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: 369
Form 13F Information Table Value Total: $1137365 (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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
AES Corporation COM 00130H105 725 55800 SH SOLE 19100 0 36700
AFLAC Inc. COM 001055102 2539 48100 SH SOLE 27100 0 21000
AGL Resources Inc. COM 001204106 3370 84600 SH SOLE 47600 0 37000
AT&T Inc. COM 00206R102 22555 736858 SH SOLE 582000 0 154858
Acacia Res - Acacia Tech COM 003881307 127 3700 SH SOLE 3700 0 0
Advance Auto Parts Inc COM 00751Y106 499 7600 SH SOLE 7600 0 0
Aecom Technology Corp. COM 00766T100 4661 168100 SH SOLE 100000 0 68100
Aetna Inc. COM 00817Y108 389 10400 SH SOLE 10400 0 0
Affiliated Managers Group COM 008252108 339 3100 SH SOLE 3100 0 0
Alaska Air Group Inc COM 011659109 431 6800 SH SOLE 6800 0 0
Alcoa, Inc. COM 013817101 157 8900 SH SOLE 6700 0 2200
Alere Inc. COM 01449J105 442 11300 SH SOLE 11300 0 0
Alexion Pharmaceuticals COM 015351109 592 6000 SH SOLE 6000 0 0
Allied World Assurance Co. COM H01531104 301 4800 SH SOLE 1900 0 2900
Allstate Corporation COM 020002101 2403 75600 SH SOLE 36900 0 38700
Altria Group Inc COM 02209S103 17641 677700 SH SOLE 485500 0 192200
Amerco COM 023586100 1028 10600 SH SOLE 6900 0 3700
Ameren Corp COM 023608102 5426 193300 SH SOLE 128700 0 64600
American Capital, Ltd. COM 02503Y103 10626 1072200 SH SOLE 713700 0 358500
American Electric Power COM 025537101 720 20500 SH SOLE 18000 0 2500
American Financial Group COM 025932104 287 8200 SH SOLE 8200 0 0
American Greetings cl A COM 026375105 366 15500 SH SOLE 15500 0 0
American Water Works COM 030420103 2547 90800 SH SOLE 79900 0 10900
Ameriprise Financial, Inc. COM 03076C106 104 1700 SH SOLE 1700 0 0
AmerisourceBergen Corp COM 03073E105 15448 390500 SH SOLE 245700 0 144800
Ancestry.com, Inc. COM 032803108 2265 63900 SH SOLE 36200 0 27700
Andersons Inc. COM 034164103 195 4000 SH SOLE 3400 0 600
Annaly Capital Mgmt. COM 035710409 8381 480300 SH SOLE 242300 0 238000
Ansys Incorporated COM 03662Q105 2569 47400 SH SOLE 33000 0 14400
Apple Inc. COM 037833100 5018 14400 SH SOLE 7900 0 6500
Aqua America Inc COM 03836W103 2248 98200 SH SOLE 61200 0 37000
Archer Daniels Midland COM 039483102 13396 372000 SH SOLE 226800 0 145200
Ares Capital Corp COM 04010L103 13106 773689 SH SOLE 458700 0 314989
Armstrong World Industries COM 04247X102 449 9700 SH SOLE 9700 0 0
Arrow Electronics Inc COM 042735100 17451 416700 SH SOLE 266200 0 150500
Assurant Inc. COM 04621X108 2307 59900 SH SOLE 27100 0 32800
Assured Guaranty Ltd COM G0585R106 8976 602400 SH SOLE 279300 0 323100
Autoliv Inc. COM 052800109 89 1200 SH SOLE 1200 0 0
Avery Dennison Corp. COM 053611109 386 9200 SH SOLE 9200 0 0
Avista Corp COM 05379B107 199 8600 SH SOLE 8600 0 0
Avnet Inc COM 053807103 6692 196300 SH SOLE 85800 0 110500
Axis Capital Holdings Ltd COM G0692U109 4805 137600 SH SOLE 71400 0 66200
BMC Software Inc. COM 055921100 910 18300 SH SOLE 5500 0 12800
Bank of America Corp COM 060505104 18087 1356894 SH SOLE 761832 0 595062
Bank of New York Mellon Corp. COM 064058100 6957 232896 SH SOLE 131396 0 101500
Berkshire Hathaway cl B COM 084670702 33159 396500 SH SOLE 268300 0 128200
Best Buy Co., Inc. COM 086516101 7413 258100 SH SOLE 184300 0 73800
Blackboard Inc. COM 091935502 3091 85300 SH SOLE 58900 0 26400
Blackrock Inc. COM 09247X101 2935 14600 SH SOLE 12500 0 2100
Boise Inc. COM 09746Y105 571 62300 SH SOLE 43500 0 18800
Buckeye Technologies COM 118255108 487 17900 SH SOLE 5700 0 12200
Bunge Limited COM G16962105 1953 27000 SH SOLE 11300 0 15700
CACI International, Inc. COM 127190304 325 5300 SH SOLE 1700 0 3600
CEC Entertainment Inc COM 125137109 128 3400 SH SOLE 3400 0 0
CIGNA Corporation COM 125509109 2790 63000 SH SOLE 36300 0 26700
CIT Group Inc. COM 125581801 6748 158600 SH SOLE 105800 0 52800
CME Group Inc. COM 12572Q105 181 600 SH SOLE 600 0 0
CMS Energy Corp COM 125896100 5509 280500 SH SOLE 148100 0 132400
CNA Financial Corporation COM 126117100 1729 58500 SH SOLE 21600 0 36900
CNH Global N.V. COM N20935206 1131 23300 SH SOLE 16900 0 6400
CSX Corporation COM 126408103 5856 74500 SH SOLE 52000 0 22500
CVR Energy, Inc. COM 12662P108 3437 148400 SH SOLE 68000 0 80400
Cabot Corporation COM 127055101 222 4800 SH SOLE 4800 0 0
California Water Srvc Grp COM 130788102 7 200 SH SOLE 200 0 0
Calpine Corp. COM 131347304 225 14200 SH SOLE 11800 0 2400
Cameron International Corp. COM 13342B105 628 11000 SH SOLE 11000 0 0
Campbell Soup Company COM 134429109 308 9300 SH SOLE 9300 0 0
Capital One Financial Corp. COM 14040H105 12580 242100 SH SOLE 177700 0 64400
Cardinal Health Inc. COM 14149Y108 11019 267900 SH SOLE 206900 0 61000
Carnival Corp COM 143658300 27 700 SH SOLE 700 0 0
Caterpillar Inc COM 149123101 846 7600 SH SOLE 7400 0 200
CenterPoint Energy Inc COM 15189T107 594 33800 SH SOLE 33800 0 0
CenturyLink, Inc. COM 156700106 1076 25900 SH SOLE 14200 0 11700
Cephalon Inc. COM 156708109 479 6300 SH SOLE 6300 0 0
Chevron Corp COM 166764100 24518 228100 SH SOLE 134700 0 93400
Chubb Corp COM 171232101 2882 47000 SH SOLE 47000 0 0
Clayton Williams Energy Inc. COM 969490101 507 4800 SH SOLE 4800 0 0
Coca-Cola Enterprises Inc. (Ne COM 19122T109 1794 65700 SH SOLE 47000 0 18700
Coeur dAlene Mines Corp COM 192108504 6577 189100 SH SOLE 153200 0 35900
Comcast Cl A COM 20030N101 210 8500 SH SOLE 8500 0 0
Commerce Bancshares Inc COM 200525103 132 3255 SH SOLE 3255 0 0
Complete Production Services COM 20453E109 17356 545600 SH SOLE 288000 0 257600
Computer Sciences Corp COM 205363104 3518 72200 SH SOLE 56000 0 16200
Concho Resources Inc. COM 20605P101 740 6900 SH SOLE 3400 0 3500
ConocoPhillips COM 20825C104 8489 106300 SH SOLE 102800 0 3500
Consolidated Edison, Inc. COM 209115104 3221 63500 SH SOLE 34000 0 29500
Constellation Energy Group COM 210371100 10239 328900 SH SOLE 206900 0 122000
Contango Oil & Gas Co COM 21075N204 1366 21600 SH SOLE 12100 0 9500
Continental Resources, Inc. COM 212015101 429 6000 SH SOLE 6000 0 0
Convergys Corporation COM 212485106 516 35900 SH SOLE 35900 0 0
Cooper Companies, Inc. COM 216648402 257 3700 SH SOLE 3700 0 0
Coventry Health Care COM 222862104 863 27100 SH SOLE 27100 0 0
Cracker Barrel Old Cntry Store COM 22410J106 2300 46800 SH SOLE 22100 0 24700
Crown Holdings, Inc. COM 228368106 5216 135200 SH SOLE 46800 0 88400
Cubist Pharmaceuticals COM 229678107 164 6500 SH SOLE 6500 0 0
Cullen/Frost Bankers COM 229899109 77 1300 SH SOLE 1300 0 0
DIRECTV Class A COM 25490A101 2186 46700 SH SOLE 46700 0 0
DPL Inc. COM 233293109 3530 128800 SH SOLE 90400 0 38400
DST Systems Inc. COM 233326107 232 4400 SH SOLE 4400 0 0
DSW Inc. COM 23334L102 4879 122100 SH SOLE 92300 0 29800
Danaher Corporation COM 235851102 83 1600 SH SOLE 1600 0 0
Deckers Outdoor Corp. COM 243537107 103 1200 SH SOLE 1200 0 0
Deere & Company COM 244199105 29 300 SH SOLE 300 0 0
Dell Inc. COM 24702R101 3162 217900 SH SOLE 190500 0 27400
Delta Air Lines, Inc. COM 247361702 143 14600 SH SOLE 14600 0 0
Deluxe Corporation COM 248019101 4806 181100 SH SOLE 111400 0 69700
Developers Diversified Realty COM 251591103 237 16900 SH SOLE 16900 0 0
Dice Holdings, Inc. COM 253017107 70 4600 SH SOLE 4600 0 0
Dillards Inc cl A COM 254067101 457 11400 SH SOLE 11400 0 0
DineEquity, Inc. COM 254423106 231 4200 SH SOLE 4200 0 0
Discovery Communications A COM 25470F104 3168 79400 SH SOLE 43200 0 36200
Dow Chemical Company COM 260543103 3028 80200 SH SOLE 66000 0 14200
DuPont de Nemours & Co. COM 263534109 4898 89100 SH SOLE 64000 0 25100
Duke Energy Corp COM 26441C105 381 21000 SH SOLE 21000 0 0
Dun & Bradstreet Corp COM 26483E100 1204 15000 SH SOLE 4500 0 10500
Eaton Corporation COM 278058102 22 400 SH SOLE 400 0 0
Edison International COM 281020107 2375 64900 SH SOLE 58700 0 6200
El Paso Corp COM 28336L109 376 20900 SH SOLE 6700 0 14200
Eli Lilly & Co. COM 532457108 3250 92400 SH SOLE 67200 0 25200
Endo Pharmaceuticals COM 29264F205 1172 30700 SH SOLE 11900 0 18800
Energizer Holdings Inc COM 29266R108 441 6200 SH SOLE 6200 0 0
Entergy Corp COM 29364G103 40 600 SH SOLE 600 0 0
Exelon Corp COM 30161N101 2499 60600 SH SOLE 43500 0 17100
Exxon Mobil Corporation COM 30231G102 9078 107900 SH SOLE 107900 0 0
FMC Technologies Inc COM 30249U101 340 3600 SH SOLE 3600 0 0
FedEx Corp COM 31428X106 758 8100 SH SOLE 5700 0 2400
Federal Realty Investment COM 313747206 302 3700 SH SOLE 3700 0 0
Fidelity National Info Srv COM 31620M106 850 26000 SH SOLE 8400 0 17600
Fifth Third Bancorp COM 316773100 834 60100 SH SOLE 41700 0 18400
FirstEnergy Corporation COM 337932107 2025 54600 SH SOLE 54600 0 0
Forest City Enterprises A COM 345550107 328 17400 SH SOLE 17400 0 0
G-III Apparel Group Ltd. COM 36237H101 135 3600 SH SOLE 3600 0 0
Gamestop Corp COM 36467W109 227 10100 SH SOLE 10100 0 0
Gannett Co. Inc. COM 364730101 239 15700 SH SOLE 15700 0 0
Gartner Inc. COM 366651107 4209 101000 SH SOLE 75000 0 26000
General Dynamics Corp. COM 369550108 237 3100 SH SOLE 3100 0 0
General Electric Co COM 369604103 19491 972100 SH SOLE 670300 0 301800
Genuine Parts Company COM 372460105 2226 41500 SH SOLE 24600 0 16900
Genworth Financial Inc COM 37247D106 1835 136300 SH SOLE 74000 0 62300
Georgia Gulf Corp. COM 373200302 1132 30600 SH SOLE 25000 0 5600
Global Payments Inc. COM 37940X102 1032 21100 SH SOLE 21100 0 0
Goldman Sachs Group Inc COM 38141G104 79 500 SH SOLE 500 0 0
Great Plains Energy Inc COM 391164100 7526 375900 SH SOLE 238500 0 137400
Greif Inc cl A COM 397624107 150 2300 SH SOLE 2300 0 0
Gulfport Energy Corp COM 402635304 813 22500 SH SOLE 17100 0 5400
H.J. Heinz Company COM 423074103 2358 48300 SH SOLE 15500 0 32800
Harris Corporation COM 413875105 893 18000 SH SOLE 8500 0 9500
Hartford Financial Services COM 416515104 9918 368300 SH SOLE 207900 0 160400
Health Net Inc COM 42222G108 504 15400 SH SOLE 5000 0 10400
Healthspring, Inc. COM 42224N101 404 10800 SH SOLE 3500 0 7300
Helix Energy Solutions COM 42330P107 187 10900 SH SOLE 10900 0 0
Hershey Co. COM 427866108 440 8100 SH SOLE 8100 0 0
Hewlett-Packard Co COM 428236103 160 3900 SH SOLE 3900 0 0
Holly Corporation COM 435758305 13458 221500 SH SOLE 144000 0 77500
Home Depot Inc. COM 437076102 3165 85400 SH SOLE 5200 0 80200
Hormel Foods Corp COM 440452100 763 27400 SH SOLE 9400 0 18000
Hospitality Properties Trust COM 44106M102 394 17000 SH SOLE 17000 0 0
Humana Inc. COM 444859102 12086 172800 SH SOLE 121400 0 51400
Huntington Ingalls Industries COM 446413106 377 9083 SH SOLE 9083 0 0
Hyatt Hotels Corporation COM 448579102 1158 26900 SH SOLE 19900 0 7000
IAC/InterActiveCorp COM 44919P508 1958 63350 SH SOLE 29950 0 33400
IBM Corp COM 459200101 98 600 SH SOLE 600 0 0
IHS Inc. Class A COM 451734107 1021 11500 SH SOLE 5400 0 6100
ION Geophysical Corp. COM 462044108 22 1700 SH SOLE 1700 0 0
IPG Photonics Corp COM 44980X109 236 4100 SH SOLE 4100 0 0
ITC Holdings Corporation COM 465685105 1335 19100 SH SOLE 12900 0 6200
Iconix Brand Group, Inc. COM 451055107 4966 231200 SH SOLE 137100 0 94100
Ingram Micro Inc. COM 457153104 11068 526300 SH SOLE 290600 0 235700
Integrys Energy Group COM 45822P105 66 1300 SH SOLE 1300 0 0
InterDigital, Inc. COM 45867G101 759 15900 SH SOLE 7000 0 8900
IntercontinentalExchange Inc. COM 45865V100 2001 16200 SH SOLE 5000 0 11200
International Paper Co. COM 460146103 7886 261300 SH SOLE 148600 0 112700
Invesco Mortgage Capital Inc. COM 46131B100 229 10500 SH SOLE 10500 0 0
JPMorgan Chase & Co COM 46625H100 21704 470800 SH SOLE 290700 0 180100
Jabil Circuit Inc. COM 466313103 198 9700 SH SOLE 9700 0 0
Jarden Corp COM 471109108 854 24000 SH SOLE 21200 0 2800
Johnson & Johnson COM 478160104 95 1600 SH SOLE 1600 0 0
Joy Global Inc. COM 481165108 2362 23900 SH SOLE 18300 0 5600
Kaiser Aluminum Corp. COM 483007704 59 1200 SH SOLE 1200 0 0
Kemet Corp COM 488360207 1820 122700 SH SOLE 87700 0 35000
KeyCorp COM 493267108 1590 179000 SH SOLE 63300 0 115700
Kimberly-Clark Corp. COM 494368103 117 1800 SH SOLE 1800 0 0
Kimco Realty Corp. COM 49446R109 457 24900 SH SOLE 14800 0 10100
Korn/Ferry Int'l COM 500643200 1031 46300 SH SOLE 24800 0 21500
Kraton Performance Polymers COM 50077C106 964 25200 SH SOLE 14900 0 10300
Kroger Company COM 501044101 8179 341200 SH SOLE 156000 0 185200
L-3 Communications COM 502424104 321 4100 SH SOLE 4100 0 0
Las Vegas Sands Corp. COM 517834107 1866 44200 SH SOLE 44200 0 0
Liberty Global, Inc. Cl A COM 530555101 4667 112700 SH SOLE 55400 0 57300
Life Technologies Corp COM 53217V109 126 2400 SH SOLE 2400 0 0
Life Time Fitness Inc COM 53217R207 440 11800 SH SOLE 11800 0 0
Limited Brands Inc COM 532716107 533 16200 SH SOLE 5000 0 11200
Lincare Holdings Inc. COM 532791100 501 16900 SH SOLE 16900 0 0
Lincoln National Corp COM 534187109 6341 211100 SH SOLE 124700 0 86400
Live Nation Entertainment, Inc COM 538034109 245 24500 SH SOLE 24500 0 0
Lockheed Martin Corp. COM 539830109 1118 13900 SH SOLE 12400 0 1500
M&T Bank Corp. COM 55261F104 681 7700 SH SOLE 7700 0 0
MFA Financial, Inc. COM 55272X102 475 57900 SH SOLE 57900 0 0
MSCI Inc. COM 55354G100 228 6200 SH SOLE 6200 0 0
Macy's Inc. COM 55616P104 3278 135100 SH SOLE 50400 0 84700
Marathon Oil Corp COM 565849106 5448 102200 SH SOLE 66200 0 36000
Maxim Integrated Products COM 57772K101 591 23100 SH SOLE 23100 0 0
McGraw-Hill Companies COM 580645109 528 13400 SH SOLE 13400 0 0
McKesson Corp COM 58155Q103 18174 229900 SH SOLE 160800 0 69100
MedAssets, Inc. COM 584045108 105 6900 SH SOLE 6900 0 0
Medco Health Solutions Inc COM 58405U102 174 3100 SH SOLE 3100 0 0
Merck & Co. Inc. COM 58933Y105 17 500 SH SOLE 500 0 0
MetLife, Inc. COM 59156R108 6373 142476 SH SOLE 94153 0 48323
Microsoft Corporation COM 594918104 734 28900 SH SOLE 28900 0 0
Murphy Oil Corp. COM 626717102 2122 28900 SH SOLE 17400 0 11500
NASDAQ OMX Group Inc COM 631103108 1413 54700 SH SOLE 21300 0 33400
NCR Corporation COM 62886E108 339 18000 SH SOLE 18000 0 0
NRG Energy Inc COM 629377508 6654 308900 SH SOLE 164600 0 144300
NSTAR COM 67019E107 745 16100 SH SOLE 3700 0 12400
NV Energy, Inc. COM 67073Y106 2073 139200 SH SOLE 96200 0 43000
Nalco Holding Co. COM 62985Q101 235 8600 SH SOLE 8600 0 0
National Oilwell Varco Inc COM 637071101 18660 235400 SH SOLE 153900 0 81500
Navistar International Corp COM 63934E108 6392 92200 SH SOLE 61700 0 30500
New York Cmnty Bancorp COM 649445103 842 48800 SH SOLE 35800 0 13000
Newell Rubbermaid Inc COM 651229106 987 51600 SH SOLE 26000 0 25600
Newfield Exploration Co. COM 651290108 198 2600 SH SOLE 2600 0 0
NextEra Energy, Inc. COM 65339F101 6488 117700 SH SOLE 78600 0 39100
NiSource Inc COM 65473P105 1600 83400 SH SOLE 29100 0 54300
Northern Oil & Gas Inc. COM 665531109 1367 51200 SH SOLE 26000 0 25200
Northern Trust Corp. COM 665859104 1157 22800 SH SOLE 10200 0 12600
Northrop Grumman Corp COM 666807102 3418 54500 SH SOLE 54500 0 0
Northwest Natural Gas Co. COM 667655104 9 200 SH SOLE 200 0 0
Nu Skin Enterprises Inc. COM 67018T105 60 2100 SH SOLE 2100 0 0
OGE Energy Corp. COM 670837103 40 800 SH SOLE 800 0 0
Oil States International COM 678026105 251 3300 SH SOLE 3300 0 0
Omnicare Inc COM 681904108 717 23900 SH SOLE 7700 0 16200
Oritani Financial Corp COM 68633D103 269 21200 SH SOLE 6800 0 14400
Oshkosh Corporation COM 688239201 6177 174600 SH SOLE 110500 0 64100
Owens Corning Inc. COM 690742101 119 3300 SH SOLE 3300 0 0
P.F. Changs China Bistro COM 69333Y108 342 7400 SH SOLE 7400 0 0
PG&E Corporation COM 69331C108 4352 98500 SH SOLE 52200 0 46300
PHH Corp. COM 693320202 2573 118200 SH SOLE 83400 0 34800
PNC Financial Services COM 693475105 10217 162200 SH SOLE 124200 0 38000
PNM Resources, Inc. COM 69349H107 560 37500 SH SOLE 12100 0 25400
PPG Industries Inc. COM 693506107 1466 15400 SH SOLE 7000 0 8400
PartnerRe Ltd. COM G6852T105 1371 17300 SH SOLE 5600 0 11700
Patterson Companies Inc COM 703395103 303 9400 SH SOLE 9400 0 0
Penn National Gaming Inc. COM 707569109 382 10300 SH SOLE 10300 0 0
Penske Automotive Group COM 70959W103 374 18700 SH SOLE 6200 0 12500
Pepco Holdings Inc COM 713291102 1153 61800 SH SOLE 18600 0 43200
Pfizer Inc. COM 717081103 12568 618800 SH SOLE 338700 0 280100
Pitney Bowes Inc. COM 724479100 126 4900 SH SOLE 4900 0 0
Power-One Inc. COM 73930R102 5600 640000 SH SOLE 396100 0 243900
Principal Financial Group COM 74251V102 1028 32000 SH SOLE 13300 0 18700
Procter & Gamble Co. COM 742718109 283 4600 SH SOLE 4100 0 500
Progress Energy Inc COM 743263105 2049 44400 SH SOLE 14300 0 30100
Progress Software Corp COM 743312100 2444 84000 SH SOLE 48750 0 35250
Progressive Corp. COM 743315103 568 26900 SH SOLE 10900 0 16000
Protective Life Corp. COM 743674103 1500 56500 SH SOLE 27400 0 29100
Prudential Financial Inc COM 744320102 6466 105000 SH SOLE 74300 0 30700
Public Service Enterprise Grp COM 744573106 1235 39200 SH SOLE 600 0 38600
Public Storage, Inc. COM 74460D109 144 1300 SH SOLE 1300 0 0
Quest Software Inc. COM 74834T103 1082 42600 SH SOLE 30700 0 11900
Questcor Pharmaceutical COM 74835Y101 2460 170700 SH SOLE 126400 0 44300
RPC Inc. COM 749660106 1967 77700 SH SOLE 31850 0 45850
RPM International, Inc. COM 749685103 249 10500 SH SOLE 10500 0 0
Reinsurance Group of America COM 759351604 3440 54800 SH SOLE 39900 0 14900
Reliance Steel & Aluminum COM 759509102 948 16400 SH SOLE 10200 0 6200
Renaissance Re Hldgs COM G7496G103 83 1200 SH SOLE 1200 0 0
Rent-A-Center Inc COM 76009N100 3348 95900 SH SOLE 50900 0 45000
Riverbed Technology, Inc. COM 768573107 5414 143800 SH SOLE 140000 0 3800
Rock-Tenn Co. COM 772739207 236 3400 SH SOLE 3400 0 0
Rosetta Resources Inc. COM 777779307 243 5100 SH SOLE 5100 0 0
Ross Stores Inc. COM 778296103 156 2200 SH SOLE 2200 0 0
Royal Caribbean Cruises Ltd COM V7780T103 854 20700 SH SOLE 0 0 20700
SAVVIS, Inc. COM 805423308 579 15600 SH SOLE 15600 0 0
SBA Communications Corp. COM 78388J106 274 6900 SH SOLE 6900 0 0
SL Green Realty Corp. COM 78440X101 346 4600 SH SOLE 4600 0 0
SLM Corporation COM 78442P106 3239 211700 SH SOLE 77600 0 134100
SM Energy Company COM 792228108 74 1000 SH SOLE 0 0 1000
SPX Corporation COM 784635104 524 6600 SH SOLE 6600 0 0
Safeway Inc. COM 786514208 1339 56900 SH SOLE 37700 0 19200
Sandridge Energy, Inc. COM 80007P307 133 10400 SH SOLE 10400 0 0
Scotts Miracle-Gro Co COM 810186106 197 3400 SH SOLE 3400 0 0
Seacor Holdings Inc COM 811904101 3754 40600 SH SOLE 29100 0 11500
Sempra Energy COM 816851109 4430 82800 SH SOLE 36200 0 46600
Shaw Group Inc. COM 820280105 1710 48300 SH SOLE 22200 0 26100
Snap-On Inc. COM 833034101 1183 19700 SH SOLE 9800 0 9900
Solutia Inc. COM 834376501 2812 110700 SH SOLE 75600 0 35100
Sonoco Products Co. COM 835495102 156 4300 SH SOLE 4300 0 0
Southern Company COM 842587107 297 7800 SH SOLE 5600 0 2200
Southern Union Co COM 844030106 816 28500 SH SOLE 14900 0 13600
Southwest Gas Corporation COM 844895102 43 1100 SH SOLE 1100 0 0
Spectra Energy Corp COM 847560109 101 3700 SH SOLE 3700 0 0
Stanley Black & Decker, Inc. COM 854616109 245 3200 SH SOLE 3200 0 0
State Street Corp COM 857477103 1132 25200 SH SOLE 25200 0 0
Steelcase Inc cl A COM 858155203 3364 295600 SH SOLE 207800 0 87800
Steris Corporation COM 859152100 404 11700 SH SOLE 11700 0 0
SuccessFactors, Inc. COM 864596101 336 8600 SH SOLE 8600 0 0
SunPower Corp. Cl A COM 867652109 1985 115800 SH SOLE 47100 0 68700
SunTrust Banks, Inc. COM 867914103 3559 123400 SH SOLE 50700 0 72700
Sunoco Inc. COM 86764P109 1172 25700 SH SOLE 11800 0 13900
Swift Energy Company COM 870738101 43 1000 SH SOLE 1000 0 0
Synopsys Inc. COM 871607107 675 24400 SH SOLE 24400 0 0
TAL International Group COM 874083108 1360 37500 SH SOLE 20400 0 17100
TJX Companies Inc. COM 872540109 30 600 SH SOLE 600 0 0
TRW Automotive Hldgs Corp. COM 87264S106 176 3200 SH SOLE 3200 0 0
TTM Technologies Inc COM 87305R109 192 10600 SH SOLE 10600 0 0
Target Corporation COM 87612E106 240 4800 SH SOLE 4800 0 0
Tech Data Corporation COM 878237106 1231 24200 SH SOLE 15100 0 9100
Teekay Corporation COM Y8564W103 366 9900 SH SOLE 4500 0 5400
Tenneco Inc. COM 880349105 9347 220200 SH SOLE 141200 0 79000
Tesoro Corp COM 881609101 6694 249500 SH SOLE 200000 0 49500
The Brinks Company COM 109696104 268 8100 SH SOLE 8100 0 0
The Travelers Companies COM 89417E109 5526 92900 SH SOLE 80500 0 12400
Time Warner Cable COM 88732J207 250 3500 SH SOLE 3500 0 0
Time Warner Inc COM 887317303 15283 428100 SH SOLE 243100 0 185000
Timken Company COM 887389104 382 7300 SH SOLE 7300 0 0
Torchmark Corp. COM 891027104 951 14300 SH SOLE 4500 0 9800
Tower Group, Inc. COM 891777104 1235 51400 SH SOLE 26300 0 25100
Transatlantic Holdings Inc COM 893521104 229 4700 SH SOLE 4700 0 0
Transdigm Group, Inc. COM 893641100 14368 171400 SH SOLE 94600 0 76800
Trinity Industries, Inc. COM 896522109 315 8600 SH SOLE 8600 0 0
Triumph Group Inc. COM 896818101 938 10600 SH SOLE 10600 0 0
Tutor Perini Corporation COM 901109108 5162 211900 SH SOLE 118900 0 93000
Two Harbors Investment Corp. COM 90187B101 245 23400 SH SOLE 0 0 23400
Tyson Foods Inc COM 902494103 10019 522100 SH SOLE 343400 0 178700
U.S. Bancorp COM 902973304 2751 104100 SH SOLE 104100 0 0
UGI Corporation COM 902681105 888 27000 SH SOLE 15100 0 11900
US Airways Group, Inc. COM 90341W108 17133 1967100 SH SOLE 1254800 0 712300
UTi Worldwide Inc COM G87210103 738 36600 SH SOLE 11400 0 25200
Ulta Salon, Cosmetics COM 90384S303 703 14600 SH SOLE 9700 0 4900
Unisource Energy Corp COM 909205106 358 9900 SH SOLE 3100 0 6800
United Continental Hldg, Inc. COM 902549500 441 19200 SH SOLE 6200 0 13000
United Rentals Inc. COM 911363109 21422 643700 SH SOLE 414900 0 228800
United Therapeutics Corp. COM 91307C102 456 6800 SH SOLE 6800 0 0
UnitedHealth Group, Inc. COM 91324P102 9736 215400 SH SOLE 135900 0 79500
Unum Group COM 91529Y106 2344 89300 SH SOLE 42200 0 47100
V.F. Corporation COM 918204108 118 1200 SH SOLE 1200 0 0
VMware, Inc. Cl A COM 928563402 18542 227400 SH SOLE 155100 0 72300
Valassis Communications COM 918866104 242 8300 SH SOLE 0 0 8300
Valero Energy Corp. COM 91913Y100 11868 398000 SH SOLE 186200 0 211800
Validus Holdings, Ltd. COM G9319H102 43 1281 SH SOLE 1281 0 0
Vectren Corporation COM 92240G101 473 17400 SH SOLE 5200 0 12200
Verisk Analytics, Inc. Class A COM 92345Y106 1848 56400 SH SOLE 43700 0 12700
Verizon Communications, Inc. COM 92343V104 30901 801800 SH SOLE 527200 0 274600
Viacom Inc Cl B COM 92553P201 991 21300 SH SOLE 20200 0 1100
Virgin Media Inc. COM 92769L101 3893 140100 SH SOLE 71500 0 68600
Vornado Realty Trust COM 929042109 2346 26812 SH SOLE 12199 0 14613
W&T Offshore Inc. COM 92922P106 262 11500 SH SOLE 11500 0 0
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WABCO Holdings Inc. COM 92927K102 2281 37000 SH SOLE 24700 0 12300
Wabash National Corp. COM 929566107 159 13700 SH SOLE 13700 0 0
Wal-Mart Stores, Inc. COM 931142103 5814 111700 SH SOLE 85600 0 26100
Walgreen Company COM 931422109 124 3100 SH SOLE 3100 0 0
Washington Post cl B COM 939640108 44 100 SH SOLE 100 0 0
Waste Connections Inc COM 941053100 7156 248550 SH SOLE 161400 0 87150
Waste Management Inc. COM 94106L109 1423 38100 SH SOLE 11600 0 26500
WellPoint, Inc. COM 94973V107 4229 60600 SH SOLE 44700 0 15900
Wells Fargo & Co COM 949746101 26871 847400 SH SOLE 593700 0 253700
Westar Energy Inc COM 95709T100 1696 64200 SH SOLE 44600 0 19600
Western Refining, Inc. COM 959319104 12523 738800 SH SOLE 436100 0 302700
Whirlpool Corporation COM 963320106 589 6900 SH SOLE 2800 0 4100
Whiting Petroleum Corp COM 966387102 3746 51000 SH SOLE 22200 0 28800
Williams Companies COM 969457100 1749 56100 SH SOLE 11600 0 44500
Windstream Corporation COM 97381W104 5866 455400 SH SOLE 275500 0 179900
Wisconsin Energy Corp COM 976657106 1000 32800 SH SOLE 11600 0 21200
World Acceptance Corp COM 981419104 202 3100 SH SOLE 3100 0 0
World Fuel Services Corp COM 981475106 983 24200 SH SOLE 22100 0 2100
Xcel Energy Inc COM 98389B100 2683 112300 SH SOLE 79100 0 33200
Xerox Corporation COM 984121103 1567 147100 SH SOLE 47400 0 99700
Zimmer Holdings Inc COM 98956P102 54 900 SH SOLE 900 0 0
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