0001142941-11-000006.txt : 20110718 0001142941-11-000006.hdr.sgml : 20110718 20110718130609 ACCESSION NUMBER: 0001142941-11-000006 CONFORMED SUBMISSION TYPE: 13F-HR/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110718 DATE AS OF CHANGE: 20110718 EFFECTIVENESS DATE: 20110718 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 028-10130 FILM NUMBER: 11972311 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/A 1 report20110630.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13 (F) COVER PAGE Report for the Calendar Year or Quarter Ended: June 30, 2011 Check here if Amendment [x ]; Amendment Number:1 This Amendment (Check only one.): [ x ] 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 July 18,2011 ------------------- ------------------ -------------------- [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: 342 Form 13F Information Table Value Total: $924706 (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ACI Worldwide, Inc. COM 004498101 81 2400 SH SOLE 0 0 2400 AES Corporation COM 00130H105 529 41500 SH SOLE 7700 0 33800 AFLAC Inc. COM 001055102 2227 47700 SH SOLE 26700 0 21000 AGL Resources Inc. COM 001204106 2760 67800 SH SOLE 32200 0 35600 AMERIGROUP Corp. COM 03073T102 21 300 SH SOLE 300 0 0 AT&T Inc. COM 00206R102 20861 664158 SH SOLE 509300 0 154858 Acacia Res - Acacia Tech COM 003881307 2693 73400 SH SOLE 47800 0 25600 Advance Auto Parts Inc COM 00751Y106 170 2900 SH SOLE 2900 0 0 Aecom Technology Corp. COM 00766T100 4109 150300 SH SOLE 88400 0 61900 Aetna Inc. COM 00817Y108 247 5600 SH SOLE 5600 0 0 Affiliated Managers Group COM 008252108 314 3100 SH SOLE 3100 0 0 Alaska Air Group Inc COM 011659109 130 1900 SH SOLE 1900 0 0 Alcoa, Inc. COM 013817101 141 8900 SH SOLE 6700 0 2200 Alere Inc. COM 01449J105 348 9500 SH SOLE 9500 0 0 Alexion Pharmaceuticals COM 015351109 851 18100 SH SOLE 12900 0 5200 Alliance Data Systems Corp COM 018581108 169 1800 SH SOLE 1800 0 0 Allied World Assurance Co. COM H01531104 576 10000 SH SOLE 3600 0 6400 Allstate Corporation COM 020002101 1676 54900 SH SOLE 16200 0 38700 Altria Group Inc COM 02209S103 13477 510300 SH SOLE 337400 0 172900 Amerco COM 023586100 404 4200 SH SOLE 2600 0 1600 Ameren Corp COM 023608102 4343 150600 SH SOLE 89300 0 61300 American Capital, Ltd. COM 02503Y103 8611 867200 SH SOLE 524000 0 343200 American Electric Power COM 025537101 772 20500 SH SOLE 18000 0 2500 American Equity Investment COM 025676206 744 58500 SH SOLE 6300 0 52200 American Financial Group COM 025932104 293 8200 SH SOLE 8200 0 0 American Greetings cl A COM 026375105 204 8500 SH SOLE 8500 0 0 American Water Works COM 030420103 2185 74200 SH SOLE 64200 0 10000 AmerisourceBergen Corp COM 03073E105 15078 364200 SH SOLE 212700 0 151500 Ameristar Casinos, Inc. COM 03070Q101 166 7000 SH SOLE 7000 0 0 Ancestry.com, Inc. COM 032803108 2620 63300 SH SOLE 35600 0 27700 Andersons Inc. COM 034164103 25 600 SH SOLE 0 0 600 Anixter International COM 035290105 425 6500 SH SOLE 6500 0 0 Annaly Capital Mgmt. COM 035710409 9482 525600 SH SOLE 245000 0 280600 Ansys Incorporated COM 03662Q105 2214 40500 SH SOLE 26100 0 14400 Apple Inc. COM 037833100 4532 13500 SH SOLE 7000 0 6500 Aqua America Inc COM 03836W103 11 500 SH SOLE 500 0 0 Arch Capital Group Ltd. COM G0450A105 2295 71900 SH SOLE 39700 0 32200 Archer Daniels Midland COM 039483102 10046 333200 SH SOLE 188000 0 145200 Ares Capital Corp COM 04010L103 9724 605089 SH SOLE 298800 0 306289 Armstrong World Industries COM 04247X102 27 600 SH SOLE 600 0 0 Arrow Electronics Inc COM 042735100 22908 552000 SH SOLE 335200 0 216800 Aruba Networks Inc. COM 043176106 148 5000 SH SOLE 5000 0 0 Assurant Inc. COM 04621X108 2216 61100 SH SOLE 18400 0 42700 Autoliv Inc. COM 052800109 94 1200 SH SOLE 1200 0 0 Avery Dennison Corp. COM 053611109 355 9200 SH SOLE 9200 0 0 Avista Corp COM 05379B107 72 2800 SH SOLE 2800 0 0 Avnet Inc COM 053807103 5576 174900 SH SOLE 64400 0 110500 Axis Capital Holdings Ltd COM G0692U109 3090 99800 SH SOLE 38200 0 61600 BJ's Wholesale Club Inc. COM 05548J106 6359 126300 SH SOLE 44300 0 82000 BMC Software Inc. COM 055921100 706 12900 SH SOLE 1000 0 11900 Baker Hughes Inc. COM 057224107 15 200 SH SOLE 200 0 0 Bank of America Corp COM 060505104 8433 769394 SH SOLE 309032 0 460362 Bank of New York Mellon Corp. COM 064058100 5575 217596 SH SOLE 116096 0 101500 Basic Energy Services, Inc. COM 06985P100 1152 36600 SH SOLE 36600 0 0 Berkshire Hathaway cl B COM 084670702 26839 346800 SH SOLE 215100 0 131700 Best Buy Co., Inc. COM 086516101 7400 235600 SH SOLE 161800 0 73800 Blackrock Inc. COM 09247X101 2129 11100 SH SOLE 9000 0 2100 Brightpoint Inc. COM 109473405 741 91400 SH SOLE 39900 0 51500 BroadSoft, Inc. COM 11133B409 2627 68900 SH SOLE 39100 0 29800 Bunge Limited COM G16962105 1407 20400 SH SOLE 5800 0 14600 CACI International, Inc. COM 127190304 3286 52100 SH SOLE 30300 0 21800 CEC Entertainment Inc COM 125137109 136 3400 SH SOLE 3400 0 0 CIGNA Corporation COM 125509109 1893 36800 SH SOLE 14800 0 22000 CME Group Inc. COM 12572Q105 146 500 SH SOLE 500 0 0 CMS Energy Corp COM 125896100 4241 215400 SH SOLE 84200 0 131200 CNA Financial Corporation COM 126117100 1322 45500 SH SOLE 10600 0 34900 CNH Global N.V. COM N20935206 549 14200 SH SOLE 8300 0 5900 CVR Energy, Inc. COM 12662P108 11153 453000 SH SOLE 222700 0 230300 Cabot Corporation COM 127055101 191 4800 SH SOLE 4800 0 0 California Water Srvc Grp COM 130788102 7 400 SH SOLE 400 0 0 Capital One Financial Corp. COM 14040H105 14282 276400 SH SOLE 187000 0 89400 Capstead Mortgage Corp COM 14067E506 220 16400 SH SOLE 1300 0 15100 Cardinal Health Inc. COM 14149Y108 18481 406900 SH SOLE 275500 0 131400 Caterpillar Inc COM 149123101 479 4500 SH SOLE 4500 0 0 Cephalon Inc. COM 156708109 152 1900 SH SOLE 1900 0 0 Chevron Corp COM 166764100 18984 184600 SH SOLE 91000 0 93600 Chubb Corp COM 171232101 1803 28800 SH SOLE 28800 0 0 Citigroup, Inc. COM 172967101 112 2700 SH SOLE 2700 0 0 Coca-Cola Enterprises Inc. (Ne COM 19122T109 1827 62600 SH SOLE 44500 0 18100 Coeur dAlene Mines Corp COM 192108504 5344 220300 SH SOLE 151700 0 68600 Comcast Cl A COM 20030N101 43 1700 SH SOLE 1700 0 0 CommVault Systems, Inc. COM 204166102 738 16600 SH SOLE 11200 0 5400 Commerce Bancshares Inc COM 200525103 140 3255 SH SOLE 3255 0 0 CommonWealth REIT COM 203233101 98 3800 SH SOLE 3800 0 0 Community Bank System Inc COM 203607106 52 2100 SH SOLE 2100 0 0 Complete Production Services COM 20453E109 12510 375000 SH SOLE 161900 0 213100 Computer Sciences Corp COM 205363104 288 7600 SH SOLE 6500 0 1100 Concho Resources Inc. COM 20605P101 514 5600 SH SOLE 2400 0 3200 ConocoPhillips COM 20825C104 5940 79000 SH SOLE 77500 0 1500 Consolidated Edison, Inc. COM 209115104 2646 49700 SH SOLE 22600 0 27100 Constellation Energy Group COM 210371100 10147 267300 SH SOLE 148300 0 119000 Contango Oil & Gas Co COM 21075N204 1660 28400 SH SOLE 16300 0 12100 Convergys Corporation COM 212485106 490 35900 SH SOLE 35900 0 0 Corn Products International COM 219023108 431 7800 SH SOLE 7800 0 0 Costco Wholesale Corp COM 22160K105 227 2800 SH SOLE 1300 0 1500 Coventry Health Care COM 222862104 306 8400 SH SOLE 8400 0 0 Cracker Barrel Old Cntry Store COM 22410J106 873 17700 SH SOLE 12000 0 5700 Crown Holdings, Inc. COM 228368106 4981 128300 SH SOLE 31500 0 96800 Cubist Pharmaceuticals COM 229678107 234 6500 SH SOLE 6500 0 0 DIRECTV Class A COM 25490A101 711 14000 SH SOLE 14000 0 0 DPL Inc. COM 233293109 866 28700 SH SOLE 15100 0 13600 DST Systems Inc. COM 233326107 232 4400 SH SOLE 4400 0 0 DSW Inc. COM 23334L102 506 10000 SH SOLE 9400 0 600 Deckers Outdoor Corp. COM 243537107 106 1200 SH SOLE 1200 0 0 Dell Inc. COM 24702R101 3677 220600 SH SOLE 189300 0 31300 Delta Air Lines, Inc. COM 247361702 126 13700 SH SOLE 13700 0 0 Deluxe Corporation COM 248019101 808 32700 SH SOLE 2400 0 30300 Dillards Inc cl A COM 254067101 10 200 SH SOLE 200 0 0 Discovery Communications A COM 25470F104 5104 124600 SH SOLE 35500 0 89100 Dow Chemical Company COM 260543103 803 22300 SH SOLE 10600 0 11700 DuPont de Nemours & Co. COM 263534109 4059 75100 SH SOLE 50000 0 25100 Duke Energy Corp COM 26441C105 395 21000 SH SOLE 21000 0 0 Dun & Bradstreet Corp COM 26483E100 196 2600 SH SOLE 200 0 2400 EMCOR Group Inc. COM 29084Q100 161 5500 SH SOLE 5500 0 0 EZCORP Inc. COM 302301106 701 19700 SH SOLE 9800 0 9900 Eaton Corporation COM 278058102 103 2000 SH SOLE 2000 0 0 EchoStar Corp. COM 278768106 1308 35900 SH SOLE 22800 0 13100 Edison International COM 281020107 1899 49000 SH SOLE 44300 0 4700 El Paso Electric Co. COM 283677854 1240 38400 SH SOLE 17800 0 20600 Eli Lilly & Co. COM 532457108 263 7000 SH SOLE 7000 0 0 Endo Pharmaceuticals COM 29264F205 3314 82500 SH SOLE 16200 0 66300 Energizer Holdings Inc COM 29266R108 449 6200 SH SOLE 6200 0 0 Entergy Corp COM 29364G103 41 600 SH SOLE 600 0 0 Exelon Corp COM 30161N101 2163 50500 SH SOLE 33400 0 17100 Exxon Mobil Corporation COM 30231G102 10783 132500 SH SOLE 127500 0 5000 FedEx Corp COM 31428X106 152 1600 SH SOLE 1600 0 0 Federal Realty Investment COM 313747206 315 3700 SH SOLE 3700 0 0 Fifth Third Bancorp COM 316773100 678 53200 SH SOLE 36200 0 17000 FirstEnergy Corporation COM 337932107 3386 76700 SH SOLE 70900 0 5800 Fossil Inc. COM 349882100 765 6500 SH SOLE 3500 0 3000 G-III Apparel Group Ltd. COM 36237H101 124 3600 SH SOLE 3600 0 0 Gamestop Corp COM 36467W109 269 10100 SH SOLE 10100 0 0 Gartner Inc. COM 366651107 2655 65900 SH SOLE 41900 0 24000 General Dynamics Corp. COM 369550108 306 4100 SH SOLE 4100 0 0 General Electric Co COM 369604103 16091 853200 SH SOLE 551400 0 301800 Genuine Parts Company COM 372460105 1180 21700 SH SOLE 6100 0 15600 Genworth Financial Inc COM 37247D106 286 27800 SH SOLE 27800 0 0 Global Payments Inc. COM 37940X102 158 3100 SH SOLE 2700 0 400 Great Plains Energy Inc COM 391164100 6360 306800 SH SOLE 174900 0 131900 Greif Inc cl A COM 397624107 150 2300 SH SOLE 2300 0 0 Gulfport Energy Corp COM 402635304 294 9900 SH SOLE 9900 0 0 H&R Block Inc. COM 093671105 2390 149000 SH SOLE 96000 0 53000 H.J. Heinz Company COM 423074103 1742 32700 SH SOLE 2500 0 30200 Harris Corporation COM 413875105 577 12800 SH SOLE 4200 0 8600 Hartford Financial Services COM 416515104 9053 343300 SH SOLE 149400 0 193900 Health Net Inc COM 42222G108 459 14300 SH SOLE 4700 0 9600 Healthspring, Inc. COM 42224N101 6271 136000 SH SOLE 75700 0 60300 Helix Energy Solutions COM 42330P107 181 10900 SH SOLE 10900 0 0 Henry Schein Inc. COM 806407102 179 2500 SH SOLE 2500 0 0 Hershey Co. COM 427866108 409 7200 SH SOLE 7200 0 0 Hewlett-Packard Co COM 428236103 109 3000 SH SOLE 3000 0 0 Holly Corporation COM 435758305 14199 204600 SH SOLE 115400 0 89200 Hologic Inc. COM 436440101 204 10100 SH SOLE 10100 0 0 Home Depot Inc. COM 437076102 3093 85400 SH SOLE 5200 0 80200 Hormel Foods Corp COM 440452100 537 18000 SH SOLE 1600 0 16400 Hospitality Properties Trust COM 44106M102 412 17000 SH SOLE 17000 0 0 Humana Inc. COM 444859102 18009 223600 SH SOLE 116900 0 106700 IAC/InterActiveCorp COM 44919P508 1491 39050 SH SOLE 16050 0 23000 IHS Inc. Class A COM 451734107 684 8200 SH SOLE 2100 0 6100 ION Geophysical Corp. COM 462044108 142 15000 SH SOLE 15000 0 0 IPG Photonics Corp COM 44980X109 298 4100 SH SOLE 4100 0 0 ITC Holdings Corporation COM 465685105 237 3300 SH SOLE 2100 0 1200 ITT Educational Services Inc COM 45068B109 156 2000 SH SOLE 2000 0 0 Iconix Brand Group, Inc. COM 451055107 5290 218600 SH SOLE 109700 0 108900 Ingram Micro Inc. COM 457153104 8499 468500 SH SOLE 203600 0 264900 Innospec Inc. COM 45768S105 3748 111500 SH SOLE 59400 0 52100 Integrys Energy Group COM 45822P105 67 1300 SH SOLE 1300 0 0 IntercontinentalExchange Inc. COM 45865V100 5737 46000 SH SOLE 11400 0 34600 International Paper Co. COM 460146103 6086 204100 SH SOLE 98900 0 105200 JPMorgan Chase & Co COM 46625H100 16089 393000 SH SOLE 209700 0 183300 Jabil Circuit Inc. COM 466313103 196 9700 SH SOLE 9700 0 0 Jarden Corp COM 471109108 704 20400 SH SOLE 20100 0 300 Jazz Pharmaceuticals, Inc. COM 472147107 590 17700 SH SOLE 1400 0 16300 Johnson & Johnson COM 478160104 113 1700 SH SOLE 1700 0 0 Joy Global Inc. COM 481165108 152 1600 SH SOLE 1600 0 0 KBR, Inc. COM 48242W106 400 10600 SH SOLE 4000 0 6600 Kemet Corp COM 488360207 1196 83700 SH SOLE 67800 0 15900 KeyCorp COM 493267108 1030 123600 SH SOLE 17300 0 106300 Kimberly-Clark Corp. COM 494368103 120 1800 SH SOLE 1800 0 0 Kraton Performance Polymers COM 50077C106 811 20700 SH SOLE 10700 0 10000 Kroger Company COM 501044101 12772 515000 SH SOLE 221800 0 293200 Kronos Worldwide Inc. COM 50105F105 7680 244200 SH SOLE 141100 0 103100 L-3 Communications COM 502424104 79 900 SH SOLE 900 0 0 Liberty Global, Inc. Cl A COM 530555101 1865 41400 SH SOLE 24800 0 16600 Life Technologies Corp COM 53217V109 125 2400 SH SOLE 2400 0 0 Limited Brands Inc COM 532716107 431 11200 SH SOLE 800 0 10400 Lincare Holdings Inc. COM 532791100 304 10400 SH SOLE 10400 0 0 Lincoln National Corp COM 534187109 4909 172300 SH SOLE 88800 0 83500 Live Nation Entertainment, Inc COM 538034109 281 24500 SH SOLE 24500 0 0 Lockheed Martin Corp. COM 539830109 874 10800 SH SOLE 9600 0 1200 M&T Bank Corp. COM 55261F104 792 9000 SH SOLE 9000 0 0 MFA Financial, Inc. COM 55272X102 466 57900 SH SOLE 57900 0 0 Macy's Inc. COM 55616P104 2597 88800 SH SOLE 10800 0 78000 Marathon Oil Corp COM 565849106 4056 77000 SH SOLE 41400 0 35600 McGraw-Hill Companies COM 580645109 415 9900 SH SOLE 9900 0 0 McKesson Corp COM 58155Q103 18386 219800 SH SOLE 151000 0 68800 Medco Health Solutions Inc COM 58405U102 175 3100 SH SOLE 3100 0 0 Merck & Co. Inc. COM 58933Y105 11 300 SH SOLE 300 0 0 MetLife, Inc. COM 59156R108 5167 117784 SH SOLE 69461 0 48323 Microsoft Corporation COM 594918104 16 600 SH SOLE 600 0 0 Murphy Oil Corp. COM 626717102 263 4000 SH SOLE 4000 0 0 NASDAQ OMX Group Inc COM 631103108 1369 54100 SH SOLE 23400 0 30700 NCR Corporation COM 62886E108 340 18000 SH SOLE 18000 0 0 NRG Energy Inc COM 629377508 8424 342700 SH SOLE 145500 0 197200 NSTAR COM 67019E107 386 8400 SH SOLE 600 0 7800 NV Energy, Inc. COM 67073Y106 1796 117000 SH SOLE 75000 0 42000 Nalco Holding Co. COM 62985Q101 239 8600 SH SOLE 8600 0 0 National Oilwell Varco Inc COM 637071101 12756 163100 SH SOLE 99200 0 63900 Navistar International Corp COM 63934E108 4585 81200 SH SOLE 51700 0 29500 New York Cmnty Bancorp COM 649445103 666 44400 SH SOLE 32300 0 12100 Newell Rubbermaid Inc COM 651229106 238 15100 SH SOLE 15100 0 0 NextEra Energy, Inc. COM 65339F101 5918 103000 SH SOLE 63900 0 39100 NiSource Inc COM 65473P105 1399 69100 SH SOLE 17200 0 51900 Northern Trust Corp. COM 665859104 781 17000 SH SOLE 5700 0 11300 Northrop Grumman Corp COM 666807102 2802 40400 SH SOLE 40400 0 0 Northwest Natural Gas Co. COM 667655104 9 200 SH SOLE 200 0 0 Nu Skin Enterprises Inc. COM 67018T105 11 300 SH SOLE 300 0 0 NxStage Medical Inc. COM 67072V103 189 9100 SH SOLE 9100 0 0 OGE Energy Corp. COM 670837103 60 1200 SH SOLE 1200 0 0 Oil States International COM 678026105 264 3300 SH SOLE 3300 0 0 Omnicare Inc COM 681904108 517 16200 SH SOLE 1300 0 14900 Onyx Pharmaceuticals COM 683399109 141 4000 SH SOLE 4000 0 0 Oshkosh Corporation COM 688239201 87 3000 SH SOLE 3000 0 0 P.F. Changs China Bistro COM 69333Y108 298 7400 SH SOLE 7400 0 0 PG&E Corporation COM 69331C108 3833 91200 SH SOLE 44400 0 46800 PH Glatfelter Co. COM 377316104 1217 79100 SH SOLE 52200 0 26900 PNC Financial Services COM 693475105 7994 134100 SH SOLE 96100 0 38000 PPG Industries Inc. COM 693506107 953 10500 SH SOLE 2800 0 7700 PartnerRe Ltd. COM G6852T105 806 11700 SH SOLE 900 0 10800 Patterson Companies Inc COM 703395103 309 9400 SH SOLE 9400 0 0 Penske Automotive Group COM 70959W103 289 12700 SH SOLE 1200 0 11500 Pepco Holdings Inc COM 713291102 844 43000 SH SOLE 3200 0 39800 Pfizer Inc. COM 717081103 4141 201000 SH SOLE 103900 0 97100 Pitney Bowes Inc. COM 724479100 113 4900 SH SOLE 4900 0 0 Principal Financial Group COM 74251V102 91 3000 SH SOLE 3000 0 0 Procter & Gamble Co. COM 742718109 254 4000 SH SOLE 3500 0 500 Progress Energy Inc COM 743263105 1440 30000 SH SOLE 2300 0 27700 Progress Software Corp COM 743312100 3112 128950 SH SOLE 67100 0 61850 Progressive Corp. COM 743315103 725 33900 SH SOLE 19200 0 14700 Prospect Capital Corporation COM 74348T102 341 33700 SH SOLE 2600 0 31100 Protective Life Corp. COM 743674103 671 29000 SH SOLE 2200 0 26800 Prudential Financial Inc COM 744320102 12012 188900 SH SOLE 133900 0 55000 Public Service Enterprise Grp COM 744573106 1279 39200 SH SOLE 600 0 38600 Public Storage, Inc. COM 74460D109 148 1300 SH SOLE 1300 0 0 Quest Software Inc. COM 74834T103 705 31000 SH SOLE 20000 0 11000 Questcor Pharmaceutical COM 74835Y101 142 5900 SH SOLE 500 0 5400 RPC Inc. COM 749660106 108 4400 SH SOLE 4400 0 0 RPM International, Inc. COM 749685103 242 10500 SH SOLE 10500 0 0 Reinsurance Group of America COM 759351604 4157 68300 SH SOLE 44800 0 23500 Reliance Steel & Aluminum COM 759509102 690 13900 SH SOLE 8100 0 5800 Rent-A-Center Inc COM 76009N100 2292 75000 SH SOLE 32600 0 42400 Riverbed Technology, Inc. COM 768573107 1592 40200 SH SOLE 39000 0 1200 Rosetta Resources Inc. COM 777779307 263 5100 SH SOLE 5100 0 0 Ruddick Corporation COM 781258108 222 5100 SH SOLE 400 0 4700 SLM Corporation COM 78442P106 2372 141100 SH SOLE 17600 0 123500 SPX Corporation COM 784635104 546 6600 SH SOLE 6600 0 0 SUPERVALU, Inc. COM 868536103 422 44800 SH SOLE 44800 0 0 Safeway Inc. COM 786514208 1115 47700 SH SOLE 30000 0 17700 Sauer-Danfoss Inc. COM 804137107 25 500 SH SOLE 500 0 0 Seacor Holdings Inc COM 811904101 5348 53500 SH SOLE 31800 0 21700 Sempra Energy COM 816851109 3231 61100 SH SOLE 17000 0 44100 Shaw Group Inc. COM 820280105 930 30800 SH SOLE 9000 0 21800 Signature Bank COM 82669G104 137 2400 SH SOLE 2400 0 0 Silicon Graphics International COM 82706L108 100 5800 SH SOLE 5800 0 0 Smithfield Foods Inc COM 832248108 663 30300 SH SOLE 16000 0 14300 Snap-On Inc. COM 833034101 319 5100 SH SOLE 5100 0 0 Solutia Inc. COM 834376501 183 8000 SH SOLE 8000 0 0 Sonoco Products Co. COM 835495102 153 4300 SH SOLE 4300 0 0 Southern Company COM 842587107 262 6500 SH SOLE 4300 0 2200 Southern Union Co COM 844030106 546 13600 SH SOLE 1100 0 12500 Stanley Black & Decker, Inc. COM 854616109 122 1700 SH SOLE 1700 0 0 State Street Corp COM 857477103 419 9300 SH SOLE 9300 0 0 Steelcase Inc cl A COM 858155203 2799 245700 SH SOLE 159800 0 85900 Stone Energy Corporation COM 861642106 353 11600 SH SOLE 11600 0 0 SunTrust Banks, Inc. COM 867914103 2180 84500 SH SOLE 17600 0 66900 Sunrise Senior Living Inc COM 86768K106 95 10000 SH SOLE 10000 0 0 Synopsys Inc. COM 871607107 627 24400 SH SOLE 24400 0 0 TPC Group, Inc. COM 89236Y104 1200 30600 SH SOLE 20800 0 9800 TRW Automotive Hldgs Corp. COM 87264S106 189 3200 SH SOLE 3200 0 0 TTM Technologies Inc COM 87305R109 170 10600 SH SOLE 10600 0 0 Target Corporation COM 87612E106 145 3100 SH SOLE 3100 0 0 Team Health Holdings, Inc COM 87817A107 2501 111100 SH SOLE 71000 0 40100 Tech Data Corporation COM 878237106 9705 198500 SH SOLE 128200 0 70300 Tenneco Inc. COM 880349105 630 14300 SH SOLE 14300 0 0 Tesoro Corp COM 881609101 1995 87100 SH SOLE 42500 0 44600 The Brinks Company COM 109696104 242 8100 SH SOLE 8100 0 0 The Travelers Companies COM 89417E109 7274 124600 SH SOLE 83900 0 40700 Thermo Fisher Scientific, Inc. COM 883556102 180 2800 SH SOLE 2800 0 0 Time Warner Cable COM 88732J207 273 3500 SH SOLE 3500 0 0 Time Warner Inc COM 887317303 393 10800 SH SOLE 9700 0 1100 Titan International Inc. COM 88830M102 95 3900 SH SOLE 3900 0 0 Titan Machinery Inc. COM 88830R101 337 11700 SH SOLE 11400 0 300 Torchmark Corp. COM 891027104 622 9700 SH SOLE 700 0 9000 Tower Group, Inc. COM 891777104 927 38900 SH SOLE 14500 0 24400 Transdigm Group, Inc. COM 893641100 11800 129400 SH SOLE 56400 0 73000 Travelzoo Inc COM 89421Q106 9444 146100 SH SOLE 91400 0 54700 Triumph Group Inc. COM 896818101 438 4400 SH SOLE 4400 0 0 Tutor Perini Corporation COM 901109108 2202 114800 SH SOLE 62100 0 52700 Tyson Foods Inc COM 902494103 8809 453600 SH SOLE 281500 0 172100 U.S. Bancorp COM 902973304 2242 87900 SH SOLE 87900 0 0 UGI Corporation COM 902681105 1741 54600 SH SOLE 27700 0 26900 US Airways Group, Inc. COM 90341W108 3253 365100 SH SOLE 204100 0 161000 UTi Worldwide Inc COM G87210103 496 25200 SH SOLE 2000 0 23200 Ulta Salon, Cosmetics COM 90384S303 329 5100 SH SOLE 5100 0 0 Unisource Energy Corp COM 909205106 15 400 SH SOLE 100 0 300 United Rentals Inc. COM 911363109 371 14600 SH SOLE 14600 0 0 United Therapeutics Corp. COM 91307C102 678 12300 SH SOLE 12300 0 0 UnitedHealth Group, Inc. COM 91324P102 18275 354300 SH SOLE 217000 0 137300 Universal American Corp. COM 91338E101 217 19800 SH SOLE 5900 0 13900 Unum Group COM 91529Y106 1669 65500 SH SOLE 22200 0 43300 V.F. Corporation COM 918204108 217 2000 SH SOLE 2000 0 0 VMware, Inc. Cl A COM 928563402 822 8200 SH SOLE 7100 0 1100 Valero Energy Corp. COM 91913Y100 4027 157500 SH SOLE 48500 0 109000 Vectren Corporation COM 92240G101 251 9000 SH SOLE 2400 0 6600 Verisk Analytics, Inc. Class A COM 92345Y106 173 5000 SH SOLE 2800 0 2200 Verizon Communications, Inc. COM 92343V104 23913 642300 SH SOLE 382300 0 260000 Viacom Inc Cl B COM 92553P201 1086 21300 SH SOLE 20200 0 1100 Vornado Realty Trust COM 929042109 504 5407 SH SOLE 477 0 4930 W&T Offshore Inc. COM 92922P106 300 11500 SH SOLE 11500 0 0 W.W. Grainger Inc. COM 384802104 5501 35800 SH SOLE 11400 0 24400 WABCO Holdings Inc. COM 92927K102 2134 30900 SH SOLE 19600 0 11300 WESCO International, Inc. COM 95082P105 1298 24000 SH SOLE 19800 0 4200 Wabash National Corp. COM 929566107 128 13700 SH SOLE 13700 0 0 Wal-Mart Stores, Inc. COM 931142103 4485 84400 SH SOLE 58300 0 26100 Walgreen Company COM 931422109 149 3500 SH SOLE 3500 0 0 Washington Post cl B COM 939640108 42 100 SH SOLE 100 0 0 Waste Connections Inc COM 941053100 3422 107850 SH SOLE 56600 0 51250 Waste Management Inc. COM 94106L109 246 6600 SH SOLE 4100 0 2500 Weight Watchers Intl COM 948626106 20898 276900 SH SOLE 153100 0 123800 WellPoint, Inc. COM 94973V107 4198 53300 SH SOLE 37400 0 15900 Wells Fargo & Co COM 949746101 20063 715000 SH SOLE 461300 0 253700 Westar Energy Inc COM 95709T100 1251 46500 SH SOLE 28600 0 17900 Western Refining, Inc. COM 959319104 18314 1013500 SH SOLE 549700 0 463800 Western Union COM 959802109 3015 150500 SH SOLE 93400 0 57100 Whirlpool Corporation COM 963320106 407 5000 SH SOLE 1200 0 3800 Winn-Dixie Stores, Inc. COM 974280307 145 17200 SH SOLE 17200 0 0 Wisconsin Energy Corp COM 976657106 756 24100 SH SOLE 4300 0 19800 World Acceptance Corp COM 981419104 203 3100 SH SOLE 3100 0 0 World Fuel Services Corp COM 981475106 887 24700 SH SOLE 22600 0 2100 Xcel Energy Inc COM 98389B100 1857 76400 SH SOLE 44200 0 32200 Xerox Corporation COM 984121103 1036 99500 SH SOLE 7700 0 91800 eBay Inc. COM 278642103 52 1600 SH SOLE 1600 0 0