0001142941-12-000007.txt : 20121002 0001142941-12-000007.hdr.sgml : 20121002 20121002155333 ACCESSION NUMBER: 0001142941-12-000007 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121002 DATE AS OF CHANGE: 20121002 EFFECTIVENESS DATE: 20121002 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: 121123339 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 report20120930.txt 13F-09302012 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13 (F) COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 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: 858-320-4165 Signature, Place, and Date of Signing: /s/ Anne Erickson La Jolla, CA October 02, 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: 255 Form 13F Information Table Value Total: $555745 (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- A.O. Smith Corp. COM 831865209 161 2800 SH SOLE 2800 0 0 ACE Limited COM H0023R105 3198 42300 SH SOLE 24400 0 17900 AES Corporation COM 00130H105 2832 258200 SH SOLE 39300 0 218900 AT&T Inc. COM 00206R102 1165 30900 SH SOLE 12100 0 18800 Aaron's Inc. COM 002535300 403 14500 SH SOLE 6000 0 8500 Activision Blizzard, Inc. COM 00507V109 239 21200 SH SOLE 21200 0 0 Advance Auto Parts Inc COM 00751Y106 68 1000 SH SOLE 1000 0 0 Aecom Technology Corp. COM 00766T100 451 21300 SH SOLE 21300 0 0 Aetna Inc. COM 00817Y108 8 200 SH SOLE 200 0 0 Alaska Air Group Inc COM 011659109 302 8600 SH SOLE 8600 0 0 Alleghany Corp COM 017175100 1294 3750 SH SOLE 1100 0 2650 Allied World Assurance Co. COM H01531104 3731 48300 SH SOLE 11800 0 36500 Allstate Corporation COM 020002101 364 9200 SH SOLE 9200 0 0 Altria Group Inc COM 02209S103 1509 45200 SH SOLE 0 0 45200 Ameren Corp COM 023608102 8174 250200 SH SOLE 52900 0 197300 American Capital Agency COM 02503X105 415 12000 SH SOLE 0 0 12000 American Capital, Ltd. COM 02503Y103 5493 484000 SH SOLE 136800 0 347200 American Financial Group COM 025932104 273 7200 SH SOLE 7200 0 0 American Greetings cl A COM 026375105 143 8500 SH SOLE 8500 0 0 American Intl Group, Inc. COM 026874784 108 3300 SH SOLE 3300 0 0 American Water Works COM 030420103 2468 66600 SH SOLE 8500 0 58100 AmerisourceBergen Corp COM 03073E105 11183 288900 SH SOLE 83400 0 205500 Analog Devices Inc. COM 032654105 8 200 SH SOLE 200 0 0 Annaly Capital Mgmt. COM 035710409 633 37600 SH SOLE 37600 0 0 Apple Inc. COM 037833100 1167 1750 SH SOLE 1300 0 450 Arch Capital Group Ltd. COM G0450A105 2623 63000 SH SOLE 13500 0 49500 Archer Daniels Midland COM 039483102 3792 139500 SH SOLE 32400 0 107100 Arctic Cat Inc. COM 039670104 564 13600 SH SOLE 9600 0 4000 Ares Capital Corp COM 04010L103 2341 136600 SH SOLE 61500 0 75100 Arrow Electronics Inc COM 042735100 836 24800 SH SOLE 11300 0 13500 Asbury Automotive Group COM 043436104 688 24600 SH SOLE 18100 0 6500 Ashland Inc. COM 044209104 5234 73100 SH SOLE 18700 0 54400 Associated Banc-Corp COM 045487105 63 4800 SH SOLE 4800 0 0 Assurant Inc. COM 04621X108 1570 42100 SH SOLE 7400 0 34700 Atmos Energy Corp COM 049560105 79 2200 SH SOLE 2200 0 0 AutoZone Inc. COM 053332102 111 300 SH SOLE 0 0 300 Avery Dennison Corp. COM 053611109 70 2200 SH SOLE 2200 0 0 Avnet Inc COM 053807103 5085 174800 SH SOLE 84500 0 90300 Axis Capital Holdings Ltd COM G0692U109 1330 38100 SH SOLE 1700 0 36400 Bank of America Corp COM 060505104 177 20000 SH SOLE 0 0 20000 Bank of New York Mellon Corp. COM 064058100 36 1600 SH SOLE 1600 0 0 Berkshire Hathaway cl B COM 084670702 4507 51100 SH SOLE 4500 0 46600 Best Buy Co., Inc. COM 086516101 1818 105700 SH SOLE 48000 0 57700 BioMarin Pharmaceutical COM 09061G101 254 6300 SH SOLE 6300 0 0 Boeing Company COM 097023105 153 2200 SH SOLE 2200 0 0 Boston Beer Co. Inc. COM 100557107 45 400 SH SOLE 400 0 0 Briggs & Stratton Corp. COM 109043109 204 10900 SH SOLE 10900 0 0 Bunge Limited COM G16962105 7516 112100 SH SOLE 34800 0 77300 C.R. Bard Inc. COM 067383109 42 400 SH SOLE 400 0 0 CACI International, Inc. COM 127190304 2030 39200 SH SOLE 18100 0 21100 CBRE Group Inc. COM 12504L109 399 21700 SH SOLE 1000 0 20700 CBS Corp. Class B COM 124857202 302 8300 SH SOLE 0 0 8300 CIGNA Corporation COM 125509109 132 2800 SH SOLE 1100 0 1700 CMS Energy Corp COM 125896100 2807 119200 SH SOLE 11700 0 107500 CNH Global N.V. COM N20935206 2640 68100 SH SOLE 24800 0 43300 CVS Caremark Corp. COM 126650100 7011 144800 SH SOLE 0 0 144800 CYS Investments Inc COM 12673A108 6914 490700 SH SOLE 92600 0 398100 Cadence Design Systems, Inc. COM 127387108 1394 108400 SH SOLE 72900 0 35500 Capital One Financial Corp. COM 14040H105 91 1600 SH SOLE 1600 0 0 Capstead Mortgage Corp COM 14067E506 5240 388400 SH SOLE 83600 0 304800 Cardinal Health Inc. COM 14149Y108 8811 226100 SH SOLE 90700 0 135400 Casey's General Stores, Inc. COM 147528103 874 15300 SH SOLE 700 0 14600 Chesapeake Energy Corp COM 165167107 181 9600 SH SOLE 400 0 9200 Chevron Corp COM 166764100 12740 109300 SH SOLE 26600 0 82700 Chubb Corp COM 171232101 2319 30400 SH SOLE 22600 0 7800 Cincinnati Financial Corp COM 172062101 64 1700 SH SOLE 1700 0 0 Cirrus Logic Inc. COM 172755100 338 8800 SH SOLE 8800 0 0 Commerce Bancshares Inc COM 200525103 49 1217 SH SOLE 1217 0 0 Commercial Metals Co. COM 201723103 143 10800 SH SOLE 10800 0 0 Community Health Systems COM 203668108 1122 38500 SH SOLE 7700 0 30800 Conns Inc COM 208242107 342 15500 SH SOLE 5000 0 10500 Consolidated Edison, Inc. COM 209115104 359 6000 SH SOLE 6000 0 0 Cooper Tire & Rubber Co. COM 216831107 2864 149300 SH SOLE 47800 0 101500 Cornerstone OnDemand Inc. COM 21925Y103 288 9400 SH SOLE 9400 0 0 Corning Inc. COM 219350105 2376 180700 SH SOLE 132500 0 48200 Costco Wholesale Corp COM 22160K105 220 2200 SH SOLE 2200 0 0 Cracker Barrel Old Cntry Store COM 22410J106 490 7300 SH SOLE 7300 0 0 DTE Energy Company COM 233331107 186 3100 SH SOLE 400 0 2700 Dell Inc. COM 24702R101 78 7900 SH SOLE 7900 0 0 Delta Air Lines, Inc. COM 247361702 1539 168000 SH SOLE 17100 0 150900 Denbury Resources Inc. COM 247916208 84 5200 SH SOLE 5200 0 0 Diamond Offshore Drilling Inc. COM 25271C102 118 1800 SH SOLE 1800 0 0 Discover Financial Services COM 254709108 7588 191000 SH SOLE 49100 0 141900 Discovery Communications A COM 25470F104 16456 276100 SH SOLE 82900 0 193200 Dolby Laboratories Inc. COM 25659T107 66 2000 SH SOLE 2000 0 0 Dun & Bradstreet Corp COM 26483E100 127 1600 SH SOLE 1600 0 0 EZCORP Inc. COM 302301106 142 6200 SH SOLE 6200 0 0 Edison International COM 281020107 1686 36900 SH SOLE 27900 0 9000 Edwards Lifesciences Corp. COM 28176E108 32 300 SH SOLE 300 0 0 Eli Lilly & Co. COM 532457108 133 2800 SH SOLE 2800 0 0 Ellie Mae, Inc. COM 28849P100 25 900 SH SOLE 900 0 0 Entergy Corp COM 29364G103 1635 23600 SH SOLE 18800 0 4800 Everest Re Group Ltd COM G3223R108 3679 34400 SH SOLE 5000 0 29400 Exxon Mobil Corporation COM 30231G102 10197 111500 SH SOLE 36100 0 75400 Fifth Third Bancorp COM 316773100 12107 781100 SH SOLE 244500 0 536600 First Horizon National Corp COM 320517105 273 28400 SH SOLE 1300 0 27100 First Niagara Financial Group COM 33582V108 3043 377100 SH SOLE 99300 0 277800 Foot Locker Inc COM 344849104 1821 51300 SH SOLE 10100 0 41200 Ford Motor Company COM 345370860 229 23200 SH SOLE 19700 0 3500 Franklin Electric Co. COM 353514102 181 3000 SH SOLE 3000 0 0 Gannett Co. Inc. COM 364730101 80 4500 SH SOLE 4500 0 0 General Dynamics Corp. COM 369550108 2936 44400 SH SOLE 30000 0 14400 General Electric Co COM 369604103 7129 313900 SH SOLE 63600 0 250300 Genuine Parts Company COM 372460105 8935 146400 SH SOLE 35300 0 111100 Georgia Gulf Corp. COM 373200302 1184 32700 SH SOLE 7400 0 25300 Goldman Sachs Group Inc COM 38141G104 1660 14600 SH SOLE 11900 0 2700 Great Plains Energy Inc COM 391164100 683 30700 SH SOLE 10700 0 20000 HCA Holdings Inc. COM 40412C101 2650 79700 SH SOLE 23400 0 56300 Halliburton Company COM 406216101 226 6700 SH SOLE 6700 0 0 Harris Teeter Supermarkets Inc COM 414585109 1565 40300 SH SOLE 15700 0 24600 Hartford Financial Services COM 416515104 916 47100 SH SOLE 14900 0 32200 Hatteras Financial Corp. COM 41902R103 7566 268400 SH SOLE 60200 0 208200 Henry Schein Inc. COM 806407102 301 3800 SH SOLE 2700 0 1100 Hewlett-Packard Co COM 428236103 9231 541100 SH SOLE 179900 0 361200 Hologic Inc. COM 436440101 204 10100 SH SOLE 10100 0 0 Home Depot Inc. COM 437076102 718 11900 SH SOLE 300 0 11600 Hormel Foods Corp COM 440452100 392 13400 SH SOLE 3100 0 10300 Humana Inc. COM 444859102 4300 61300 SH SOLE 18800 0 42500 IAC/InterActiveCorp COM 44919P508 109 2100 SH SOLE 2100 0 0 Iconix Brand Group, Inc. COM 451055107 1548 84900 SH SOLE 49000 0 35900 Ingersoll-Rand Co. COM G47791101 2268 50600 SH SOLE 12400 0 38200 Ingram Micro Inc. COM 457153104 4144 272100 SH SOLE 60100 0 212000 Ingredion Incorporated COM 457187102 1826 33100 SH SOLE 7100 0 26000 Integrys Energy Group COM 45822P105 78 1500 SH SOLE 1500 0 0 Intel Corporation COM 458140100 5 200 SH SOLE 200 0 0 International Paper Co. COM 460146103 1035 28500 SH SOLE 14200 0 14300 Invesco Mortgage Capital Inc. COM 46131B100 1310 65100 SH SOLE 42100 0 23000 JPMorgan Chase & Co COM 46625H100 9549 235900 SH SOLE 86200 0 149700 John Wiley & Sons cl A COM 968223206 781 17000 SH SOLE 8000 0 9000 Johnson & Johnson COM 478160104 41 600 SH SOLE 600 0 0 Kelly Services cl A COM 488152208 64 5100 SH SOLE 5100 0 0 KeyCorp COM 493267108 3569 408300 SH SOLE 137000 0 271300 Kimberly-Clark Corp. COM 494368103 60 700 SH SOLE 700 0 0 Kroger Company COM 501044101 10565 448800 SH SOLE 147800 0 301000 L-3 Communications COM 502424104 65 900 SH SOLE 900 0 0 LKQ Corporation COM 501889208 336 18200 SH SOLE 18200 0 0 Lancaster Colony Corp COM 513847103 22 300 SH SOLE 300 0 0 Lear Corporation COM 521865204 2003 53000 SH SOLE 14500 0 38500 Leucadia National Corp. COM 527288104 1251 55000 SH SOLE 20700 0 34300 Lincoln National Corp COM 534187109 9081 375400 SH SOLE 110600 0 264800 Lithia Motors Inc. COM 536797103 3431 103000 SH SOLE 39100 0 63900 Lockheed Martin Corp. COM 539830109 486 5200 SH SOLE 4300 0 900 Loews Corp COM 540424108 6247 151400 SH SOLE 79300 0 72100 MFA Financial, Inc. COM 55272X102 1942 228500 SH SOLE 57200 0 171300 Macy's Inc. COM 55616P104 4770 126800 SH SOLE 36600 0 90200 Marathon Oil Corp COM 565849106 186 6300 SH SOLE 6300 0 0 Marathon Petroleum Corp COM 56585A102 377 6900 SH SOLE 0 0 6900 Mattel Inc. COM 577081102 223 6300 SH SOLE 6300 0 0 McKesson Corp COM 58155Q103 9300 108100 SH SOLE 42500 0 65600 Medtronic Inc. COM 585055106 147 3400 SH SOLE 3400 0 0 Merck & Co. Inc. COM 58933Y105 9 200 SH SOLE 200 0 0 MetLife, Inc. COM 59156R108 5232 151821 SH SOLE 40998 0 110823 Morgan Stanley COM 617446448 511 30500 SH SOLE 30500 0 0 Mylan Inc. COM 628530107 2074 85100 SH SOLE 20800 0 64300 National Retail Properties COM 637417106 241 7900 SH SOLE 7900 0 0 Newell Rubbermaid Inc COM 651229106 288 15100 SH SOLE 15100 0 0 Northrop Grumman Corp COM 666807102 4763 71700 SH SOLE 29300 0 42400 Nu Skin Enterprises Inc. COM 67018T105 10406 268000 SH SOLE 79000 0 189000 NxStage Medical Inc. COM 67072V103 74 5600 SH SOLE 5600 0 0 Ocwen Financial Corp COM 675746309 255 9300 SH SOLE 9300 0 0 Omnicare Inc COM 681904108 934 27500 SH SOLE 5800 0 21700 Oshkosh Corporation COM 688239201 2397 87400 SH SOLE 24400 0 63000 Oxford Industries Inc. COM 691497309 96 1700 SH SOLE 1700 0 0 PG&E Corporation COM 69331C108 60 1400 SH SOLE 0 0 1400 PNC Financial Services COM 693475105 82 1300 SH SOLE 1300 0 0 PNM Resources, Inc. COM 69349H107 547 26000 SH SOLE 4500 0 21500 PartnerRe Ltd. COM G6852T105 854 11500 SH SOLE 3000 0 8500 Pennymac Mortgage Invsmt Tr COM 70931T103 855 36600 SH SOLE 23100 0 13500 People's United Financial, Inc COM 712704105 1293 106500 SH SOLE 11900 0 94600 PetSmart Inc. COM 716768106 5649 81900 SH SOLE 34000 0 47900 Pfizer Inc. COM 717081103 497 20000 SH SOLE 20000 0 0 Pharmacyclics Inc. COM 716933106 342 5300 SH SOLE 3300 0 2000 Philip Morris Intl COM 718172109 468 5200 SH SOLE 0 0 5200 Pitney Bowes Inc. COM 724479100 468 33900 SH SOLE 33900 0 0 Plains Exploration & Product. COM 726505100 697 18600 SH SOLE 7900 0 10700 Popular Inc. COM 733174700 944 54100 SH SOLE 33500 0 20600 Proassurance Corp COM 74267C106 1058 11700 SH SOLE 4500 0 7200 Procter & Gamble Co. COM 742718109 139 2000 SH SOLE 2000 0 0 Prudential Financial Inc COM 744320102 6127 112400 SH SOLE 44600 0 67800 PulteGroup, Inc. COM 745867101 505 32600 SH SOLE 32600 0 0 QEP Resources, Inc. COM 74733V100 70 2200 SH SOLE 2200 0 0 Questcor Pharmaceutical COM 74835Y101 488 26400 SH SOLE 9200 0 17200 RPM International, Inc. COM 749685103 300 10500 SH SOLE 10500 0 0 Raytheon Company COM 755111507 1783 31200 SH SOLE 24500 0 6700 Reinsurance Group of America COM 759351604 1742 30100 SH SOLE 18000 0 12100 Reliance Steel & Aluminum COM 759509102 115 2200 SH SOLE 2200 0 0 Renaissance Re Hldgs COM G7496G103 5894 76500 SH SOLE 19100 0 57400 Reynolds American Inc COM 761713106 3628 83700 SH SOLE 69400 0 14300 Roper Industries Inc. COM 776696106 121 1100 SH SOLE 1100 0 0 Ross Stores Inc. COM 778296103 459 7100 SH SOLE 0 0 7100 SLM Corporation COM 78442P106 146 9300 SH SOLE 9300 0 0 Safeway Inc. COM 786514208 803 49900 SH SOLE 32200 0 17700 Scholastic Corporation COM 807066105 2542 80000 SH SOLE 14800 0 65200 Schweitzer-Mauduit Int'l Inc. COM 808541106 46 1400 SH SOLE 1400 0 0 Select Medical Holdings Corp COM 81619Q105 246 21900 SH SOLE 5900 0 16000 Sherwin-Williams Co. COM 824348106 1221 8200 SH SOLE 3400 0 4800 Skechers U.S.A. Inc. COM 830566105 320 15700 SH SOLE 15700 0 0 Smithfield Foods Inc COM 832248108 2476 126000 SH SOLE 20100 0 105900 Snap-On Inc. COM 833034101 86 1200 SH SOLE 1200 0 0 Solarwinds, Inc. COM 83416B109 89 1600 SH SOLE 1600 0 0 Sonic Automotive, Inc. COM 83545G102 228 12000 SH SOLE 12000 0 0 Southern Company COM 842587107 6324 137200 SH SOLE 67500 0 69700 Southern Copper Corp. COM 84265V105 3250 94600 SH SOLE 60700 0 33900 Spectrum Pharmaceuticals COM 84763A108 1564 133700 SH SOLE 30400 0 103300 Spirit Airlines, Inc. COM 848577102 494 28900 SH SOLE 12500 0 16400 Starwood Property Trust, Inc. COM 85571B105 742 31900 SH SOLE 31900 0 0 State Street Corp COM 857477103 1863 44400 SH SOLE 9300 0 35100 Stryker Corporation COM 863667101 72 1300 SH SOLE 1300 0 0 SunTrust Banks, Inc. COM 867914103 1532 54200 SH SOLE 7000 0 47200 Susser Holdings Corp. COM 869233106 105 2900 SH SOLE 2900 0 0 Symantec Corporation COM 871503108 128 7100 SH SOLE 0 0 7100 Synnex Corp COM 87162W100 4897 150300 SH SOLE 35400 0 114900 Synopsys Inc. COM 871607107 907 27500 SH SOLE 27500 0 0 TJX Companies Inc. COM 872540109 6562 146500 SH SOLE 47700 0 98800 TRW Automotive Hldgs Corp. COM 87264S106 6176 141300 SH SOLE 43400 0 97900 Target Corporation COM 87612E106 13 200 SH SOLE 200 0 0 Team Health Holdings, Inc COM 87817A107 1153 42500 SH SOLE 12000 0 30500 Tech Data Corporation COM 878237106 10770 238000 SH SOLE 69500 0 168500 Tenneco Inc. COM 880349105 84 3000 SH SOLE 3000 0 0 Tesoro Corp COM 881609101 4249 101400 SH SOLE 36300 0 65100 Textron Inc. COM 883203101 1458 55700 SH SOLE 5500 0 50200 The Travelers Companies COM 89417E109 2621 38400 SH SOLE 3300 0 35100 Thermo Fisher Scientific, Inc. COM 883556102 35 600 SH SOLE 600 0 0 Time Warner Cable COM 88732J207 8270 87000 SH SOLE 29100 0 57900 Time Warner Inc COM 887317303 267 5900 SH SOLE 5900 0 0 Timken Company COM 887389104 2044 55000 SH SOLE 12800 0 42200 Transdigm Group, Inc. COM 893641100 9037 63700 SH SOLE 6600 0 57100 Triangle Capital Corp. COM 895848109 370 14400 SH SOLE 2700 0 11700 Two Harbors Investment Corp. COM 90187B101 776 66000 SH SOLE 66000 0 0 Tyson Foods Inc COM 902494103 2999 187200 SH SOLE 49300 0 137900 U.S. Bancorp COM 902973304 4150 121000 SH SOLE 16700 0 104300 UGI Corporation COM 902681105 3715 117000 SH SOLE 50700 0 66300 USG Corporation COM 903293405 233 10600 SH SOLE 500 0 10100 United Continental Hldg, Inc. COM 910047109 359 18400 SH SOLE 0 0 18400 United Natural Foods Inc. COM 911163103 164 2800 SH SOLE 2800 0 0 UnitedHealth Group, Inc. COM 91324P102 11658 210400 SH SOLE 63800 0 146600 Universal Corporation COM 913456109 524 10300 SH SOLE 10300 0 0 V.F. Corporation COM 918204108 159 1000 SH SOLE 1000 0 0 Valero Energy Corp. COM 91913Y100 15710 495900 SH SOLE 132400 0 363500 Validus Holdings, Ltd. COM G9319H102 3344 98600 SH SOLE 17700 0 80900 Valspar Corporation COM 920355104 3147 56100 SH SOLE 21600 0 34500 Verisk Analytics, Inc. Class A COM 92345Y106 4556 95700 SH SOLE 24400 0 71300 W.W. Grainger Inc. COM 384802104 1917 9200 SH SOLE 3900 0 5300 WESCO International, Inc. COM 95082P105 378 6600 SH SOLE 6600 0 0 Wabtec Corporation COM 929740108 136 1700 SH SOLE 1700 0 0 Wal-Mart Stores, Inc. COM 931142103 4952 67100 SH SOLE 22500 0 44600 Webster Financial Corp COM 947890109 495 20900 SH SOLE 9000 0 11900 WellPoint, Inc. COM 94973V107 3167 54600 SH SOLE 16800 0 37800 Wells Fargo & Co COM 949746101 8926 258500 SH SOLE 40400 0 218100 Western Digital Corp. COM 958102105 689 17800 SH SOLE 400 0 17400 Western Refining, Inc. COM 959319104 139 5300 SH SOLE 5300 0 0 Wisconsin Energy Corp COM 976657106 117 3100 SH SOLE 3100 0 0 Wyndham Worldwide Corp COM 98310W108 273 5200 SH SOLE 5200 0 0 Xcel Energy Inc COM 98389B100 1003 36200 SH SOLE 11500 0 24700 Zimmer Holdings Inc COM 98956P102 14 200 SH SOLE 200 0 0