0001142941-12-000005.txt : 20120411
0001142941-12-000005.hdr.sgml : 20120411
20120410173828
ACCESSION NUMBER: 0001142941-12-000005
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20120331
FILED AS OF DATE: 20120411
DATE AS OF CHANGE: 20120410
EFFECTIVENESS DATE: 20120411
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: DENALI ADVISORS LLC
CENTRAL INDEX KEY: 0001142941
IRS NUMBER: 330957285
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 13F-HR
SEC ACT: 1934 Act
SEC FILE NUMBER: 028-10130
FILM NUMBER: 12752703
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
report20120331.txt
13F 03312012
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, 2012
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 10, 2012
------------------- ------------------ --------------------
[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: 285
Form 13F Information Table Value Total: $886616 (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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ABM Industries Inc. COM 000957100 143 5900 SH SOLE 5900 0 0
ACE Limited COM H0023R105 608 8300 SH SOLE 4200 0 4100
AES Corporation COM 00130H105 3006 230000 SH SOLE 107000 0 123000
AFLAC Inc. COM 001055102 1265 27500 SH SOLE 6900 0 20600
AT&T Inc. COM 00206R102 290 9300 SH SOLE 9300 0 0
Aaron's Inc. COM 002535300 2753 106300 SH SOLE 63400 0 42900
Acacia Res - Acacia Tech COM 003881307 897 21500 SH SOLE 17700 0 3800
Activision Blizzard, Inc. COM 00507V109 272 21200 SH SOLE 21200 0 0
Advance Auto Parts Inc COM 00751Y106 257 2900 SH SOLE 2900 0 0
Aecom Technology Corp. COM 00766T100 720 32200 SH SOLE 28800 0 3400
Aetna Inc. COM 00817Y108 130 2600 SH SOLE 2600 0 0
Allete Inc COM 018522300 1863 44900 SH SOLE 7600 0 37300
Alliance Data Systems Corp COM 018581108 227 1800 SH SOLE 1800 0 0
Allied World Assurance Co. COM H01531104 1943 28300 SH SOLE 8000 0 20300
Allstate Corporation COM 020002101 30 900 SH SOLE 0 0 900
Altria Group Inc COM 02209S103 10107 327400 SH SOLE 206400 0 121000
Ameren Corp COM 023608102 17854 548000 SH SOLE 292000 0 256000
American Capital Agency COM 02503X105 508 17200 SH SOLE 500 0 16700
American Capital, Ltd. COM 02503Y103 73 8400 SH SOLE 8400 0 0
American Electric Power COM 025537101 513 13300 SH SOLE 13300 0 0
American Equity Investment COM 025676206 983 77000 SH SOLE 5200 0 71800
American Financial Group COM 025932104 278 7200 SH SOLE 7200 0 0
American Greetings cl A COM 026375105 1402 91400 SH SOLE 19200 0 72200
American Intl Group, Inc. COM 026874784 102 3300 SH SOLE 3300 0 0
American Water Works COM 030420103 357 10500 SH SOLE 500 0 10000
AmerisourceBergen Corp COM 03073E105 19751 498000 SH SOLE 245100 0 252900
Andersons Inc. COM 034164103 83 1700 SH SOLE 1700 0 0
Anixter International COM 035290105 457 6300 SH SOLE 6300 0 0
Annaly Capital Mgmt. COM 035710409 5994 378900 SH SOLE 124200 0 254700
Arch Capital Group Ltd. COM G0450A105 562 15100 SH SOLE 4600 0 10500
Archer Daniels Midland COM 039483102 7693 243000 SH SOLE 135900 0 107100
Ares Capital Corp COM 04010L103 829 50700 SH SOLE 50700 0 0
Arrow Electronics Inc COM 042735100 420 10000 SH SOLE 10000 0 0
Asbury Automotive Group COM 043436104 176 6500 SH SOLE 6500 0 0
Ashland Inc. COM 044209104 79 1300 SH SOLE 1300 0 0
Assurant Inc. COM 04621X108 1705 42100 SH SOLE 7400 0 34700
Assured Guaranty Ltd COM G0585R106 154 9300 SH SOLE 400 0 8900
Atmos Energy Corp COM 049560105 126 4000 SH SOLE 4000 0 0
AutoZone Inc. COM 053332102 74 200 SH SOLE 0 0 200
Avery Dennison Corp. COM 053611109 277 9200 SH SOLE 9200 0 0
Avnet Inc COM 053807103 6405 176000 SH SOLE 82700 0 93300
Axis Capital Holdings Ltd COM G0692U109 2438 73500 SH SOLE 20400 0 53100
BOK Financial Corp. COM 05561Q201 34 600 SH SOLE 600 0 0
Bank of America Corp COM 060505104 5701 595694 SH SOLE 209932 0 385762
Bank of Hawaii Corp COM 062540109 237 4900 SH SOLE 4900 0 0
Bank of New York Mellon Corp. COM 064058100 5169 214196 SH SOLE 115296 0 98900
Basic Energy Services, Inc. COM 06985P100 168 9700 SH SOLE 9700 0 0
Berkshire Hathaway cl B COM 084670702 20052 247100 SH SOLE 152500 0 94600
Best Buy Co., Inc. COM 086516101 7071 298600 SH SOLE 189200 0 109400
Briggs & Stratton Corp. COM 109043109 195 10900 SH SOLE 10900 0 0
Brightpoint Inc. COM 109473405 121 15000 SH SOLE 15000 0 0
Brunswick Corporation COM 117043109 118 4600 SH SOLE 4600 0 0
Bunge Limited COM G16962105 1163 17000 SH SOLE 4200 0 12800
CACI International, Inc. COM 127190304 4890 78500 SH SOLE 50800 0 27700
CEVA Inc COM 157210105 95 4200 SH SOLE 4200 0 0
CIGNA Corporation COM 125509109 1399 28400 SH SOLE 8300 0 20100
CMS Energy Corp COM 125896100 2743 124700 SH SOLE 14100 0 110600
CVS Caremark Corp. COM 126650100 4879 108900 SH SOLE 81900 0 27000
CYS Investments Inc COM 12673A108 12183 930700 SH SOLE 561700 0 369000
Capital One Financial Corp. COM 14040H105 14426 258800 SH SOLE 172000 0 86800
Capstead Mortgage Corp COM 14067E506 10889 830600 SH SOLE 442300 0 388300
Carbo Ceramics Inc. COM 140781105 148 1400 SH SOLE 1400 0 0
Cardinal Health Inc. COM 14149Y108 17908 415400 SH SOLE 280000 0 135400
Casey's General Stores, Inc. COM 147528103 1436 25900 SH SOLE 5100 0 20800
Cash America Int'l Inc. COM 14754D100 187 3900 SH SOLE 3100 0 800
Chevron Corp COM 166764100 34093 318000 SH SOLE 193300 0 124700
Chiquita Brands Intl COM 170032809 215 24500 SH SOLE 9800 0 14700
Choice Hotels Intl COM 169905106 2166 58000 SH SOLE 43900 0 14100
Chubb Corp COM 171232101 1679 24300 SH SOLE 14500 0 9800
Church & Dwight Co. Inc. COM 171340102 20 400 SH SOLE 400 0 0
Citigroup, Inc. COM 172967424 55 1500 SH SOLE 1500 0 0
City Holding Company COM 177835105 135 3900 SH SOLE 200 0 3700
CommVault Systems, Inc. COM 204166102 79 1600 SH SOLE 1600 0 0
Commerce Bancshares Inc COM 200525103 947 23362 SH SOLE 23362 0 0
Community Bank System Inc COM 203607106 455 15800 SH SOLE 8600 0 7200
Community Health Systems COM 203668108 478 21500 SH SOLE 1000 0 20500
Computer Programs & Systems COM 205306103 130 2300 SH SOLE 2300 0 0
ConocoPhillips COM 20825C104 46 600 SH SOLE 600 0 0
Consolidated Edison, Inc. COM 209115104 3272 56000 SH SOLE 24200 0 31800
Corn Products International COM 219023108 2375 41200 SH SOLE 15200 0 26000
Cornerstone OnDemand Inc. COM 21925Y103 205 9400 SH SOLE 9400 0 0
Costco Wholesale Corp COM 22160K105 236 2600 SH SOLE 2600 0 0
Coventry Health Care COM 222862104 299 8400 SH SOLE 8400 0 0
Cracker Barrel Old Cntry Store COM 22410J106 541 9700 SH SOLE 9700 0 0
Cullen/Frost Bankers COM 229899109 1484 25500 SH SOLE 10600 0 14900
DISH Network Corp Cl A COM 25470M109 698 21200 SH SOLE 21200 0 0
DTE Energy Company COM 233331107 226 4100 SH SOLE 4100 0 0
Dana Holding Corp. COM 235825205 140 9000 SH SOLE 9000 0 0
Dell Inc. COM 24702R101 2953 178000 SH SOLE 170600 0 7400
Dillards Inc cl A COM 254067101 1550 24600 SH SOLE 17400 0 7200
Discovery Communications A COM 25470F104 25963 513100 SH SOLE 292000 0 221100
Dolby Laboratories Inc. COM 25659T107 76 2000 SH SOLE 2000 0 0
DuPont de Nemours & Co. COM 263534109 159 3000 SH SOLE 3000 0 0
Duke Energy Corp COM 26441C105 5866 279200 SH SOLE 121100 0 158100
Dun & Bradstreet Corp COM 26483E100 1635 19300 SH SOLE 13100 0 6200
EMCOR Group Inc. COM 29084Q100 152 5500 SH SOLE 5500 0 0
EZCORP Inc. COM 302301106 376 11600 SH SOLE 11600 0 0
Edison International COM 281020107 1713 40300 SH SOLE 37600 0 2700
Eli Lilly & Co. COM 532457108 85 2100 SH SOLE 2100 0 0
Empire District Electric Co. COM 291641108 944 46400 SH SOLE 26300 0 20100
Endo Pharmaceuticals COM 29264F205 686 17700 SH SOLE 5300 0 12400
Endologix Inc COM 29266S106 89 6100 SH SOLE 6100 0 0
Exelon Corp COM 30161N101 7475 190633 SH SOLE 139177 0 51456
Exxon Mobil Corporation COM 30231G102 12012 138500 SH SOLE 112600 0 25900
FedEx Corp COM 31428X106 110 1200 SH SOLE 1200 0 0
Fifth Third Bancorp COM 316773100 4338 309000 SH SOLE 66200 0 242800
First Niagara Financial Group COM 33582V108 9884 1004500 SH SOLE 460500 0 544000
FirstEnergy Corporation COM 337932107 1792 39300 SH SOLE 39300 0 0
Ford Motor Company COM 345370860 279 22400 SH SOLE 22400 0 0
Franklin Electric Co. COM 353514102 290 5900 SH SOLE 3800 0 2100
Fred's Inc. COM 356108100 142 9700 SH SOLE 400 0 9300
Freeport-McMoRan Copper COM 35671D857 167 4400 SH SOLE 4400 0 0
General Dynamics Corp. COM 369550108 59 800 SH SOLE 800 0 0
General Electric Co COM 369604103 11498 572900 SH SOLE 325500 0 247400
General Motors Corp. COM 37045V100 5410 210900 SH SOLE 135100 0 75800
Genuine Parts Company COM 372460105 23694 377600 SH SOLE 209600 0 168000
Great Plains Energy Inc COM 391164100 1518 74900 SH SOLE 23400 0 51500
Group 1 Automotive, Inc. COM 398905109 1966 35000 SH SOLE 28900 0 6100
H.J. Heinz Company COM 423074103 252 4700 SH SOLE 200 0 4500
Halliburton Company COM 406216101 299 9000 SH SOLE 9000 0 0
Hartford Financial Services COM 416515104 2593 123000 SH SOLE 33300 0 89700
Hatteras Financial Corp. COM 41902R103 16319 584900 SH SOLE 327000 0 257900
Healthcare Services Group COM 421906108 79 3700 SH SOLE 0 0 3700
Henry Schein Inc. COM 806407102 189 2500 SH SOLE 2500 0 0
Hewlett-Packard Co COM 428236103 295 12400 SH SOLE 12400 0 0
Hologic Inc. COM 436440101 218 10100 SH SOLE 10100 0 0
Home Depot Inc. COM 437076102 4598 91400 SH SOLE 11200 0 80200
Hormel Foods Corp COM 440452100 584 19800 SH SOLE 3400 0 16400
Hubbell Inc cl B COM 443510201 16 200 SH SOLE 200 0 0
Humana Inc. COM 444859102 16397 177300 SH SOLE 80200 0 97100
IAC/InterActiveCorp COM 44919P508 398 8100 SH SOLE 8100 0 0
IDACORP Inc COM 451107106 576 14000 SH SOLE 8600 0 5400
ITT Educational Services Inc COM 45068B109 7222 109200 SH SOLE 62800 0 46400
Iconix Brand Group, Inc. COM 451055107 9684 557200 SH SOLE 313300 0 243900
Ingram Micro Inc. COM 457153104 7723 416100 SH SOLE 112900 0 303200
Integrys Energy Group COM 45822P105 48 900 SH SOLE 900 0 0
Intel Corporation COM 458140100 39 1400 SH SOLE 1400 0 0
IntercontinentalExchange Inc. COM 45865V100 192 1400 SH SOLE 1400 0 0
International Paper Co. COM 460146103 2661 75800 SH SOLE 24800 0 51000
Invesco Mortgage Capital Inc. COM 46131B100 3742 212000 SH SOLE 128200 0 83800
JPMorgan Chase & Co COM 46625H100 29841 649000 SH SOLE 400900 0 248100
Jabil Circuit Inc. COM 466313103 53 2100 SH SOLE 2100 0 0
Jazz Pharmaceuticals, Inc. COM 472147107 136 2800 SH SOLE 2800 0 0
John Wiley & Sons cl A COM 968223206 2922 61400 SH SOLE 35600 0 25800
Johnson & Johnson COM 478160104 26 400 SH SOLE 400 0 0
Kelly Services cl A COM 488152208 451 28200 SH SOLE 6600 0 21600
KeyCorp COM 493267108 1017 119600 SH SOLE 13300 0 106300
Kimberly-Clark Corp. COM 494368103 30 400 SH SOLE 400 0 0
Kroger Company COM 501044101 18187 750600 SH SOLE 457600 0 293000
Kronos Worldwide Inc. COM 50105F105 252 10100 SH SOLE 10100 0 0
L-3 Communications COM 502424104 1500 21200 SH SOLE 21200 0 0
LKQ Corporation COM 501889208 405 13000 SH SOLE 13000 0 0
La-Z-Boy Incorporated COM 505336107 141 9400 SH SOLE 9400 0 0
Laclede Group Inc COM 505597104 1424 36500 SH SOLE 17100 0 19400
Lancaster Colony Corp COM 513847103 3549 53400 SH SOLE 27200 0 26200
Landstar System Inc. COM 515098101 179 3100 SH SOLE 3100 0 0
Leucadia National Corp. COM 527288104 13 500 SH SOLE 500 0 0
Level 3 Communications COM 52729N100 288 11200 SH SOLE 11200 0 0
Limited Brands Inc COM 532716107 523 10900 SH SOLE 500 0 10400
Lincoln National Corp COM 534187109 13291 504200 SH SOLE 251700 0 252500
Lithia Motors Inc. COM 536797103 2798 106800 SH SOLE 66100 0 40700
Lockheed Martin Corp. COM 539830109 1150 12800 SH SOLE 11600 0 1200
Loews Corp COM 540424108 152 3800 SH SOLE 3800 0 0
Lorillard, Inc. COM 544147101 311 2400 SH SOLE 2400 0 0
M&T Bank Corp. COM 55261F104 556 6400 SH SOLE 6400 0 0
MBIA Inc COM 55262C100 3387 345600 SH SOLE 182600 0 163000
MFA Financial, Inc. COM 55272X102 6494 869400 SH SOLE 383300 0 486100
Macy's Inc. COM 55616P104 5511 138700 SH SOLE 41800 0 96900
Marathon Oil Corp COM 565849106 621 19600 SH SOLE 19600 0 0
Mattel Inc. COM 577081102 175 5200 SH SOLE 5200 0 0
McKesson Corp COM 58155Q103 18546 211300 SH SOLE 143200 0 68100
Medco Health Solutions Inc COM 58405U102 218 3100 SH SOLE 3100 0 0
MetLife, Inc. COM 59156R108 6745 180592 SH SOLE 80369 0 100223
Morgan Stanley COM 617446448 589 30000 SH SOLE 30000 0 0
Myriad Genetics Inc. COM 62855J104 232 9800 SH SOLE 9800 0 0
NV Energy, Inc. COM 67073Y106 1607 99700 SH SOLE 63800 0 35900
Nelnet Inc COM 64031N108 163 6300 SH SOLE 1800 0 4500
New York Cmnty Bancorp COM 649445103 47 3400 SH SOLE 3400 0 0
Newell Rubbermaid Inc COM 651229106 269 15100 SH SOLE 15100 0 0
NextEra Energy, Inc. COM 65339F101 24 400 SH SOLE 0 0 400
Northern Trust Corp. COM 665859104 560 11800 SH SOLE 500 0 11300
Northrop Grumman Corp COM 666807102 2480 40600 SH SOLE 39200 0 1400
Nu Skin Enterprises Inc. COM 67018T105 24675 426100 SH SOLE 236800 0 189300
NxStage Medical Inc. COM 67072V103 108 5600 SH SOLE 5600 0 0
Omnicare Inc COM 681904108 555 15600 SH SOLE 700 0 14900
Oxford Industries Inc. COM 691497309 86 1700 SH SOLE 1700 0 0
PG&E Corporation COM 69331C108 339 7800 SH SOLE 6400 0 1400
PH Glatfelter Co. COM 377316104 229 14500 SH SOLE 14500 0 0
PNC Financial Services COM 693475105 8119 125900 SH SOLE 94400 0 31500
Patterson Companies Inc COM 703395103 314 9400 SH SOLE 9400 0 0
Patterson-UTI Energy Inc COM 703481101 138 8000 SH SOLE 8000 0 0
Pennymac Mortgage Invsmt Tr COM 70931T103 261 14000 SH SOLE 14000 0 0
Penske Automotive Group COM 70959W103 300 12200 SH SOLE 700 0 11500
People's United Financial, Inc COM 712704105 5617 424600 SH SOLE 109600 0 315000
Pepco Holdings Inc COM 713291102 788 41700 SH SOLE 1900 0 39800
PetSmart Inc. COM 716768106 16245 283900 SH SOLE 170500 0 113400
Pfizer Inc. COM 717081103 2207 97500 SH SOLE 63100 0 34400
Pharmacyclics Inc. COM 716933106 2918 105100 SH SOLE 65300 0 39800
Pier 1 Imports Inc. COM 720279108 165 9100 SH SOLE 9100 0 0
Pitney Bowes Inc. COM 724479100 8268 470300 SH SOLE 269400 0 200900
PriceSmart Inc. COM 741511109 2687 36900 SH SOLE 2500 0 34400
Primoris Services Corp. COM 74164F103 93 5800 SH SOLE 300 0 5500
Proassurance Corp COM 74267C106 1269 14400 SH SOLE 14400 0 0
Procter & Gamble Co. COM 742718109 148 2200 SH SOLE 2200 0 0
Progress Energy Inc COM 743263105 1540 29000 SH SOLE 1300 0 27700
Prospect Capital Corporation COM 74348T102 531 48400 SH SOLE 17300 0 31100
Protective Life Corp. COM 743674103 803 27100 SH SOLE 1200 0 25900
Prudential Financial Inc COM 744320102 8038 126800 SH SOLE 123300 0 3500
Public Service Enterprise Grp COM 744573106 1114 36400 SH SOLE 600 0 35800
QEP Resources, Inc. COM 74733V100 262 8600 SH SOLE 8600 0 0
Quest Software Inc. COM 74834T103 426 18300 SH SOLE 18300 0 0
Questcor Pharmaceutical COM 74835Y101 854 22700 SH SOLE 12600 0 10100
RPM International, Inc. COM 749685103 275 10500 SH SOLE 10500 0 0
Raytheon Company COM 755111507 1488 28200 SH SOLE 24500 0 3700
Realty Income Corp COM 756109104 434 11200 SH SOLE 11200 0 0
Reinsurance Group of America COM 759351604 12233 205700 SH SOLE 132600 0 73100
Reliance Steel & Aluminum COM 759509102 435 7700 SH SOLE 7700 0 0
Rent-A-Center Inc COM 76009N100 498 13200 SH SOLE 2300 0 10900
Retail Opportunity Invmts Corp COM 76131N101 692 57500 SH SOLE 44100 0 13400
Rollins Inc. COM 775711104 813 38200 SH SOLE 8600 0 29600
Ruddick Corporation COM 781258108 5442 135700 SH SOLE 77600 0 58100
SPX Corporation COM 784635104 209 2700 SH SOLE 2700 0 0
SUPERVALU, Inc. COM 868536103 252 44100 SH SOLE 44100 0 0
Safeway Inc. COM 786514208 952 47100 SH SOLE 29400 0 17700
Scholastic Corporation COM 807066105 5772 163600 SH SOLE 84400 0 79200
Sempra Energy COM 816851109 917 15300 SH SOLE 700 0 14600
Signature Bank COM 82669G104 372 5900 SH SOLE 5900 0 0
Smithfield Foods Inc COM 832248108 1309 59400 SH SOLE 36700 0 22700
Snap-On Inc. COM 833034101 317 5200 SH SOLE 5200 0 0
Solarwinds, Inc. COM 83416B109 62 1600 SH SOLE 1600 0 0
Sonic Automotive, Inc. COM 83545G102 2656 148300 SH SOLE 104400 0 43900
Southern Company COM 842587107 144 3200 SH SOLE 3200 0 0
Spectrum Pharmaceuticals COM 84763A108 434 34400 SH SOLE 11000 0 23400
Stamps.com Inc. COM 852857200 190 6800 SH SOLE 6800 0 0
Starwood Property Trust, Inc. COM 85571B105 187 8900 SH SOLE 8900 0 0
State Street Corp COM 857477103 378 8300 SH SOLE 8300 0 0
Stone Energy Corporation COM 861642106 226 7900 SH SOLE 7900 0 0
Sturm Ruger & Co. Inc. COM 864159108 329 6700 SH SOLE 300 0 6400
SunTrust Banks, Inc. COM 867914103 981 40600 SH SOLE 1800 0 38800
Superior Energy Services COM 868157108 97 3685 SH SOLE 3685 0 0
Synnex Corp COM 87162W100 9710 254600 SH SOLE 125300 0 129300
Synopsys Inc. COM 871607107 748 24400 SH SOLE 24400 0 0
Target Corporation COM 87612E106 181 3100 SH SOLE 3100 0 0
Team Health Holdings, Inc COM 87817A107 2852 138700 SH SOLE 86900 0 51800
Tech Data Corporation COM 878237106 19284 355400 SH SOLE 176900 0 178500
Techne Corporation COM 878377100 687 9800 SH SOLE 2200 0 7600
Tenneco Inc. COM 880349105 111 3000 SH SOLE 3000 0 0
Tesoro Corp COM 881609101 38 1400 SH SOLE 1400 0 0
The Brinks Company COM 109696104 193 8100 SH SOLE 8100 0 0
The Travelers Companies COM 89417E109 6121 103400 SH SOLE 68700 0 34700
Thor Industries Inc. COM 885160101 180 5700 SH SOLE 5700 0 0
Time Warner Cable COM 88732J207 3179 39000 SH SOLE 38600 0 400
Time Warner Inc COM 887317303 366 9700 SH SOLE 9700 0 0
Torchmark Corp. COM 891027104 259 5200 SH SOLE 250 0 4950
Transdigm Group, Inc. COM 893641100 12757 110200 SH SOLE 49500 0 60700
Triumph Group Inc. COM 896818101 351 5600 SH SOLE 5600 0 0
Tyson Foods Inc COM 902494103 8256 431100 SH SOLE 267800 0 163300
U.S. Bancorp COM 902973304 2877 90800 SH SOLE 90800 0 0
UGI Corporation COM 902681105 11638 427100 SH SOLE 247300 0 179800
United Continental Hldg, Inc. COM 910047109 1524 70900 SH SOLE 19400 0 51500
United Stationers, Inc. COM 913004107 279 9000 SH SOLE 9000 0 0
United Therapeutics Corp. COM 91307C102 429 9100 SH SOLE 9100 0 0
UnitedHealth Group, Inc. COM 91324P102 16821 285400 SH SOLE 166400 0 119000
Universal Corporation COM 913456109 1258 27000 SH SOLE 18300 0 8700
Unum Group COM 91529Y106 98 4000 SH SOLE 4000 0 0
V.F. Corporation COM 918204108 1898 13000 SH SOLE 12200 0 800
Valero Energy Corp. COM 91913Y100 26736 1037500 SH SOLE 579500 0 458000
Viacom Inc cl B COM 92553P201 389 8200 SH SOLE 8200 0 0
ViroPharma Inc. COM 928241108 168 5600 SH SOLE 5600 0 0
W.W. Grainger Inc. COM 384802104 5220 24300 SH SOLE 6000 0 18300
WESCO International, Inc. COM 95082P105 327 5000 SH SOLE 5000 0 0
WMS Industries Inc. COM 929297109 233 9800 SH SOLE 9800 0 0
Wal-Mart Stores, Inc. COM 931142103 6977 114000 SH SOLE 70600 0 43400
Walgreen Company COM 931422109 2559 76400 SH SOLE 49400 0 27000
Watsco Inc. COM 942622200 252 3400 SH SOLE 3400 0 0
WellPoint, Inc. COM 94973V107 6494 88000 SH SOLE 67100 0 20900
Wells Fargo & Co COM 949746101 24878 728700 SH SOLE 463800 0 264900
Westar Energy Inc COM 95709T100 1243 44500 SH SOLE 26000 0 18500
Western Refining, Inc. COM 959319104 461 24500 SH SOLE 24500 0 0
Wisconsin Energy Corp COM 976657106 109 3100 SH SOLE 3100 0 0
Wolverine World Wide Inc. COM 978097103 119 3200 SH SOLE 3200 0 0
World Fuel Services Corp COM 981475106 267 6500 SH SOLE 6500 0 0
Wyndham Worldwide Corp COM 98310W108 242 5200 SH SOLE 5200 0 0
Xcel Energy Inc COM 98389B100 1676 63300 SH SOLE 38600 0 24700
j2 Global Communications COM 46626E205 123 4300 SH SOLE 4300 0 0