-----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, RYv8E8BxVD+fSNwLQLUTe8w1C+eIquVDQ9IMLjtBkfoJmC2j6Z4GJaMw2o/ypTxr uZHa3lCaQQc3iv1FLd/poQ== 0001142941-08-000002.txt : 20080408 0001142941-08-000002.hdr.sgml : 20080408 20080408142020 ACCESSION NUMBER: 0001142941-08-000002 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080408 DATE AS OF CHANGE: 20080408 EFFECTIVENESS DATE: 20080408 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: 08745022 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 report20080331.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, 2008 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: Doug Palenchar Title: Chief Compliance Officer Phone: 858-558-3600 Signature, Place, and Date of Signing: /s/ Doug Palenchar La Jolla, CA April 8, 2008 - ------------------- ------------------ -------------------- [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: 363 Form 13F Information Table Value Total: $997386 (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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M Company COM 88579Y101 182 2300 SH SOLE 0 0 2300 AAR Corp. COM 000361105 8306 304600 SH SOLE 101900 0 202700 ACE Limited COM G0070K103 15769 286400 SH SOLE 84400 0 202000 AES Corporation COM 00130H105 2330 139800 SH SOLE 38100 0 101700 AGL Resources Inc. COM 001204106 501 14600 SH SOLE 0 0 14600 AMB Property Corp COM 00163T109 103 1900 SH SOLE 0 0 1900 AT&T Inc. COM 00206R102 21420 559258 SH SOLE 151000 0 408258 Activision Inc. COM 004930202 918 33600 SH SOLE 15000 0 18600 Air Products & Chemicals COM 009158106 3910 42500 SH SOLE 5100 0 37400 Alexion Pharmaceuticals COM 015351109 59 1000 SH SOLE 1000 0 0 Allegheny Energy Inc COM 017361106 6555 129800 SH SOLE 35700 0 94100 Alliant Techsystems Inc COM 018804104 7599 73400 SH SOLE 13400 0 60000 Allied Waste Industries Inc. COM 019589308 39 3600 SH SOLE 0 0 3600 Allstate Corporation COM 020002101 6065 126190 SH SOLE 41400 0 84790 Alpha Natural Resources Inc. COM 02076X102 26 600 SH SOLE 600 0 0 Altria Group Inc COM 02209S103 2626 118300 SH SOLE 51000 0 67300 Ambac Financial Group COM 023139108 370 64300 SH SOLE 4100 0 60200 Ameren Corp COM 023608102 10160 230700 SH SOLE 46200 0 184500 American Electric Power COM 025537101 3734 89700 SH SOLE 0 0 89700 American Express Co. COM 025816109 1045 23900 SH SOLE 1600 0 22300 American Financial Group COM 025932104 1927 75400 SH SOLE 8400 0 67000 American Intl Group, Inc. COM 026874107 437 10100 SH SOLE 5000 0 5100 American Tower Corp. COM 029912201 792 20200 SH SOLE 0 0 20200 AmerisourceBergen Corp COM 03073E105 352 8600 SH SOLE 0 0 8600 Amphenol Corp. COM 032095101 630 16900 SH SOLE 0 0 16900 Andersons Inc. COM 034164103 18 400 SH SOLE 0 0 400 Anixter International COM 035290105 26 400 SH SOLE 400 0 0 Annaly Capital Mgmt. COM 035710409 2056 134200 SH SOLE 0 0 134200 Ansys Incorporated COM 03662Q105 442 12800 SH SOLE 0 0 12800 Apple Inc. COM 037833100 2138 14900 SH SOLE 4500 0 10400 Aqua America Inc COM 03836W103 58 3100 SH SOLE 0 0 3100 Arch Capital Group Ltd. COM G0450A105 1621 23600 SH SOLE 0 0 23600 Archer Daniels Midland COM 039483102 8273 201000 SH SOLE 30700 0 170300 Arena Resources Inc. COM 040049108 612 15800 SH SOLE 5200 0 10600 Argo Group International Hldgs COM G0464B107 32 907 SH SOLE 907 0 0 Assurant Inc. COM 04621X108 2611 42900 SH SOLE 0 0 42900 Atlas Energy Resources CL B COM 049303100 924 29800 SH SOLE 2800 0 27000 Atwood Oceanics Inc COM 050095108 7961 86800 SH SOLE 26000 0 60800 AutoZone Inc. COM 053332102 569 5000 SH SOLE 0 0 5000 Auxilium Pharmaceuticals COM 05334D107 83 3100 SH SOLE 0 0 3100 Avalonbay Communities COM 053484101 270 2800 SH SOLE 0 0 2800 BE Aerospace Inc. COM 073302101 451 12900 SH SOLE 0 0 12900 Baldor Electric Co. COM 057741100 283 10100 SH SOLE 0 0 10100 Bank Mutual Corp COM 063750103 665 61900 SH SOLE 20900 0 41000 Bank of America Corp COM 060505104 22060 581892 SH SOLE 164832 0 417060 Bank of New York Mellon Corp. COM 064058100 250 5996 SH SOLE 5996 0 0 Bemis Company Inc. COM 081437105 656 25800 SH SOLE 0 0 25800 Berkshire Hathaway cl A COM 084670108 11472 86 SH SOLE 19 0 67 Bill Barrett Corp. COM 06846N104 931 19700 SH SOLE 2300 0 17400 Bio-Rad Lab cl A COM 090572207 36 400 SH SOLE 0 0 400 Blackrock Inc. COM 09247X101 2614 12800 SH SOLE 3600 0 9200 BorgWarner Inc. COM 099724106 1153 26800 SH SOLE 0 0 26800 Boston Properties, Inc. COM 101121101 6252 67900 SH SOLE 2300 0 65600 Bristow Group, Inc. COM 110394103 564 10500 SH SOLE 0 0 10500 Bucyrus Intl Inc cl A COM 118759109 1789 17600 SH SOLE 5000 0 12600 Bunge Limited COM G16962105 1599 18400 SH SOLE 0 0 18400 CBS Corp. Class B COM 124857202 6997 316900 SH SOLE 100300 0 216600 CF Industries Holdings, Inc. COM 125269100 3409 32900 SH SOLE 12500 0 20400 CH Energy Group Inc COM 12541M102 19 500 SH SOLE 0 0 500 CIT Group Inc. COM 125581108 922 77800 SH SOLE 2700 0 75100 CMS Energy Corp COM 125896100 5430 401000 SH SOLE 128000 0 273000 CNA Financial Corporation COM 126117100 622 24100 SH SOLE 0 0 24100 CSX Corporation COM 126408103 3577 63800 SH SOLE 3900 0 59900 CVS Caremark Corp. COM 126650100 1388 34255 SH SOLE 23412 0 10843 Cabot Oil & Gas Corp COM 127097103 1032 20300 SH SOLE 900 0 19400 Calgon Carbon Corp COM 129603106 1373 91200 SH SOLE 35100 0 56100 Cameron International COM 13342B105 545 13100 SH SOLE 0 0 13100 Capella Education Company COM 139594105 16 300 SH SOLE 300 0 0 Capital One Financial Corp. COM 14040H105 6123 124400 SH SOLE 29900 0 94500 Cardinal Health Inc. COM 14149Y108 16 300 SH SOLE 300 0 0 Carnival Corp COM 143658300 12 300 SH SOLE 0 0 300 Caterpillar Inc COM 149123101 454 5800 SH SOLE 300 0 5500 Celanese Corp. COM 150870103 7240 185400 SH SOLE 45800 0 139600 Cent Euro Media Ent Ltd COM G20045202 153 1800 SH SOLE 700 0 1100 CenterPoint Energy Inc COM 15189T107 41 2900 SH SOLE 0 0 2900 Central European Distribution COM 153435102 140 2400 SH SOLE 0 0 2400 Century Aluminum Co. COM 156431108 66 1000 SH SOLE 600 0 400 Cepheid Inc. COM 15670R107 4239 173800 SH SOLE 58300 0 115500 Chesapeake Energy Corp COM 165167107 60 1300 SH SOLE 0 0 1300 Chevron Corp COM 166764100 18882 221200 SH SOLE 61900 0 159300 Chipotle Mexican Grill Cl A COM 169656105 2064 18200 SH SOLE 400 0 17800 Chubb Corp COM 171232101 2474 50000 SH SOLE 33400 0 16600 Cincinnati Financial Corp COM 172062101 2982 78400 SH SOLE 6800 0 71600 Citigroup, Inc. COM 172967101 9609 448610 SH SOLE 162900 0 285710 Citizens Republic Bancorp, Inc COM 174420109 41 3300 SH SOLE 3300 0 0 City Holding Company COM 177835105 104 2600 SH SOLE 2400 0 200 Clear Channel Outdoor Hldgs. COM 18451C109 63 3300 SH SOLE 0 0 3300 Cleco Corporation COM 12561W105 38 1700 SH SOLE 0 0 1700 Coca-Cola Enterprises Inc. COM 191219104 80 3300 SH SOLE 0 0 3300 Cognizant Tech Solutions COM 192446102 698 24200 SH SOLE 0 0 24200 Colgate-Palmolive Co COM 194162103 203 2600 SH SOLE 1800 0 800 Colonial BancGroup cl A COM 195493309 743 77200 SH SOLE 0 0 77200 Commerce Bancshares Inc COM 200525103 42 1000 SH SOLE 1000 0 0 Community Bank System Inc COM 203607106 111 4500 SH SOLE 0 0 4500 Compass Minerals Intl Inc COM 20451N101 9360 158700 SH SOLE 48100 0 110600 Computer Sciences Corp COM 205363104 314 7700 SH SOLE 5100 0 2600 Comstock Resources Inc. COM 205768203 270 6700 SH SOLE 0 0 6700 ConAgra Foods, Inc. COM 205887102 1066 44500 SH SOLE 1700 0 42800 ConocoPhillips COM 20825C104 24059 315700 SH SOLE 134800 0 180900 Conseco, Inc. COM 208464883 108 10600 SH SOLE 10600 0 0 Consolidated Edison, Inc. COM 209115104 3093 77900 SH SOLE 0 0 77900 Constellation Energy Group COM 210371100 3240 36700 SH SOLE 12900 0 23800 Contango Oil & Gas Co COM 21075N204 4148 64200 SH SOLE 19200 0 45000 Continental Airlines Cl B COM 210795308 31 1600 SH SOLE 1600 0 0 Corning Inc. COM 219350105 41 1700 SH SOLE 1700 0 0 Covance Inc. COM 222816100 75 900 SH SOLE 0 0 900 Crocs, Inc. COM 227046109 5026 287700 SH SOLE 83500 0 204200 Crosstex Energy Inc COM 22765Y104 1270 37400 SH SOLE 2300 0 35100 Crown Castle International COM 228227104 952 27600 SH SOLE 6600 0 21000 Cummins Inc. COM 231021106 52 1100 SH SOLE 1100 0 0 DENTSPLY International COM 249030107 6141 159100 SH SOLE 58100 0 101000 DPL Inc. COM 233293109 718 28000 SH SOLE 0 0 28000 DTE Energy Company COM 233331107 128 3300 SH SOLE 0 0 3300 Darling International Inc. COM 237266101 310 23900 SH SOLE 9400 0 14500 Denbury Resources Inc. COM 247916208 183 6400 SH SOLE 3000 0 3400 Diamond Offshore Drilling Inc. COM 25271C102 13188 113300 SH SOLE 33100 0 80200 DirecTV Group Inc. COM 25459L106 12 500 SH SOLE 500 0 0 Discovery Holding Co. cl A COM 25468Y107 23 1100 SH SOLE 600 0 500 DuPont de Nemours & Co. COM 263534109 112 2400 SH SOLE 2400 0 0 Duke Energy Corp COM 26441C105 250 14000 SH SOLE 7600 0 6400 Eastman Chemical Co. COM 277432100 2242 35900 SH SOLE 2100 0 33800 Eaton Corporation COM 278058102 80 1000 SH SOLE 0 0 1000 Edison International COM 281020107 6427 131100 SH SOLE 47300 0 83800 Electronic Data Systems COM 285661104 3105 186500 SH SOLE 103500 0 83000 Eli Lilly & Co. COM 532457108 624 12100 SH SOLE 3300 0 8800 EnerSys Inc COM 29275Y102 1206 50400 SH SOLE 0 0 50400 Evergreen Solar Inc. COM 30033R108 1142 123200 SH SOLE 10200 0 113000 Exelon Corp COM 30161N101 8192 100800 SH SOLE 32400 0 68400 Express Scripts Inc COM 302182100 264 4100 SH SOLE 700 0 3400 Exxon Mobil Corporation COM 30231G102 53404 631400 SH SOLE 230400 0 401000 First Solar, Inc. COM 336433107 20548 88900 SH SOLE 27300 0 61600 FirstEnergy Corporation COM 337932107 295 4300 SH SOLE 4300 0 0 Forest Oil Corp COM 346091705 88 1800 SH SOLE 0 0 1800 Fortune Brands, Inc. COM 349631101 139 2000 SH SOLE 0 0 2000 Franklin Resources, Inc. COM 354613101 1018 10500 SH SOLE 2700 0 7800 Freeport-McMoRan Copper COM 35671D857 14346 149100 SH SOLE 49700 0 99400 Frontier Oil Corp COM 35914P105 1071 39300 SH SOLE 0 0 39300 GATX Corporation COM 361448103 594 15200 SH SOLE 0 0 15200 Gamestop Corp COM 36467W109 1288 24900 SH SOLE 1200 0 23700 Gannett Co. Inc. COM 364730101 1819 62600 SH SOLE 0 0 62600 GenCorp Inc. COM 368682100 16 1600 SH SOLE 1600 0 0 Genentech Inc. COM 368710406 57 700 SH SOLE 700 0 0 General Cable Corp. COM 369300108 7307 123700 SH SOLE 34200 0 89500 General Electric Co COM 369604103 26540 717100 SH SOLE 227200 0 489900 General Mills Inc. COM 370334104 25994 434100 SH SOLE 131200 0 302900 Genuine Parts Company COM 372460105 233 5800 SH SOLE 800 0 5000 Genworth Financial Inc COM 37247D106 11261 497400 SH SOLE 148000 0 349400 Goldman Sachs Group Inc COM 38141G104 33 200 SH SOLE 200 0 0 Goodyear Tire & Rubber COM 382550101 441 17100 SH SOLE 4200 0 12900 Graftech International Ltd COM 384313102 642 39600 SH SOLE 0 0 39600 Grant Prideco Inc. COM 38821G101 59 1200 SH SOLE 1200 0 0 Greif Inc cl A COM 397624107 20 300 SH SOLE 0 0 300 H.J. Heinz Company COM 423074103 5561 118400 SH SOLE 10100 0 108300 HCP, Inc. COM 40414L109 1981 58600 SH SOLE 10300 0 48300 Haemonetics Corporation COM 405024100 2759 46300 SH SOLE 12800 0 33500 Hanesbrands, Inc. COM 410345102 529 18100 SH SOLE 800 0 17300 Harris Corporation COM 413875105 8425 173600 SH SOLE 50800 0 122800 Hartford Financial Services COM 416515104 3743 49400 SH SOLE 31300 0 18100 Hess Corporation COM 42809H107 2548 28900 SH SOLE 2400 0 26500 Hewlett-Packard Co COM 428236103 639 14000 SH SOLE 8700 0 5300 Hormel Foods Corp COM 440452100 1079 25900 SH SOLE 2900 0 23000 Host Hotels & Resorts, Inc. COM 44107P104 97 6100 SH SOLE 0 0 6100 Hudson City Bancorp Inc COM 443683107 175 9900 SH SOLE 0 0 9900 Humana Inc. COM 444859102 36 800 SH SOLE 800 0 0 Huntington Bancshares, Inc. COM 446150104 1935 180000 SH SOLE 0 0 180000 Huron Consulting Group COM 447462102 21 500 SH SOLE 0 0 500 IBM Corp COM 459200101 13241 115000 SH SOLE 34600 0 80400 IKON Office Solutions Inc COM 451713101 424 55800 SH SOLE 0 0 55800 ITC Holdings Corporation COM 465685105 47 900 SH SOLE 0 0 900 ITT Educational Services Inc COM 45068B109 14 300 SH SOLE 300 0 0 Illinois Tool Works Inc. COM 452308109 53 1100 SH SOLE 1100 0 0 Ingram Micro Inc. COM 457153104 1029 65000 SH SOLE 0 0 65000 Int'l Flavors & Fragrances COM 459506101 458 10400 SH SOLE 0 0 10400 Integrys Energy Group COM 45822P105 103 2200 SH SOLE 2200 0 0 International Paper Co. COM 460146103 3468 127500 SH SOLE 47200 0 80300 Intuitive Surgical, Inc. COM 46120E602 2063 6359 SH SOLE 1733 0 4626 Iron Mountain Inc. COM 462846106 34 1300 SH SOLE 0 0 1300 J.C. Penney Company Inc. COM 708160106 155 4100 SH SOLE 4100 0 0 JAKKS Pacific Inc. COM 47012E106 55 2000 SH SOLE 1300 0 700 JPMorgan Chase & Co COM 46625H100 23373 544200 SH SOLE 238700 0 305500 Jacobs Engineering Group COM 469814107 162 2200 SH SOLE 1500 0 700 John Wiley & Sons cl A COM 968223206 40 1000 SH SOLE 200 0 800 Johnson & Johnson COM 478160104 8258 127300 SH SOLE 26400 0 100900 Joy Global Inc. COM 481165108 39 600 SH SOLE 600 0 0 KBR, Inc. COM 48242W106 141 5100 SH SOLE 0 0 5100 Kaydon Corporation COM 486587108 66 1500 SH SOLE 0 0 1500 Kellogg Company COM 487836108 221 4200 SH SOLE 0 0 4200 Kennametal Inc. COM 489170100 1171 39800 SH SOLE 0 0 39800 KeyCorp COM 493267108 92 4200 SH SOLE 4200 0 0 Kimberly-Clark Corp. COM 494368103 168 2600 SH SOLE 600 0 2000 Kirby Corporation COM 497266106 946 16600 SH SOLE 1600 0 15000 Kraft Foods Inc COM 50075N104 341 11000 SH SOLE 2200 0 8800 Kroger Company COM 501044101 86 3400 SH SOLE 3400 0 0 LKQ Corporation COM 501889208 1649 73400 SH SOLE 7500 0 65900 Las Vegas Sands Corp. COM 517834107 37 500 SH SOLE 300 0 200 Lennox International, Inc. COM 526107107 94 2600 SH SOLE 2600 0 0 Liberty Global, Inc. Cl A COM 530555101 1581 46400 SH SOLE 8900 0 37500 Liberty Media A Lib Entert. COM 53071M500 172 7600 SH SOLE 5600 0 2000 Liberty Media Hldg Inter Sr A COM 53071M104 84 5200 SH SOLE 0 0 5200 Life Time Fitness Inc COM 53217R207 2104 67400 SH SOLE 21500 0 45900 Lincoln National Corp COM 534187109 2324 44700 SH SOLE 13200 0 31500 Loews Carolina Group COM 540424207 5224 72000 SH SOLE 27000 0 45000 Lubrizol Corporation COM 549271104 505 9100 SH SOLE 700 0 8400 M&T Bank Corp. COM 55261F104 732 9100 SH SOLE 0 0 9100 MCG Capital Corp COM 58047P107 22 2400 SH SOLE 0 0 2400 MDU Resources Group COM 552690109 437 17800 SH SOLE 0 0 17800 MEMC Electronic Materials COM 552715104 78 1100 SH SOLE 700 0 400 MFA Mortgage Invest Inc COM 55272X102 50 8000 SH SOLE 8000 0 0 ManTech Int'l Corp CL A COM 564563104 23 500 SH SOLE 0 0 500 Manitowoc Company Inc COM 563571108 7858 192600 SH SOLE 44300 0 148300 Manpower Inc. COM 56418H100 96 1700 SH SOLE 1700 0 0 Marathon Oil Corp COM 565849106 771 16900 SH SOLE 9100 0 7800 Mariner Energy, Inc. COM 56845T305 5529 204700 SH SOLE 40000 0 164700 Marriott Intl Inc. COM 571903202 14 400 SH SOLE 400 0 0 Marshall & Ilsley Corp COM 571837103 49 2098 SH SOLE 0 0 2098 Martin Marietta Materials Inc COM 573284106 1455 13700 SH SOLE 0 0 13700 Massey Energy Co. COM 576206106 6486 177700 SH SOLE 27600 0 150100 McKesson Corp COM 58155Q103 17450 333200 SH SOLE 120200 0 213000 MeadWestvaco Corp COM 583334107 90 3300 SH SOLE 0 0 3300 Medarex Inc. COM 583916101 21 2400 SH SOLE 2400 0 0 Medco Health Solutions Inc COM 58405U102 9862 225200 SH SOLE 95100 0 130100 Merck & Co. Inc. COM 589331107 239 6300 SH SOLE 0 0 6300 Merrill Lynch & Co. COM 590188108 12 300 SH SOLE 300 0 0 MetLife, Inc. COM 59156R108 17445 289500 SH SOLE 90100 0 199400 Microsoft Corporation COM 594918104 4243 149500 SH SOLE 37100 0 112400 Morgan Stanley COM 617446448 1746 38200 SH SOLE 27700 0 10500 Morningstar, Inc. COM 617700109 37 600 SH SOLE 600 0 0 Myriad Genetics Inc. COM 62855J104 141 3500 SH SOLE 1600 0 1900 NII Holdings Inc. COM 62913F201 16 500 SH SOLE 0 0 500 NRG Energy Inc COM 629377508 133 3400 SH SOLE 2200 0 1200 NVIDIA Corp COM 67066G104 283 14300 SH SOLE 0 0 14300 Nabors Industries Ltd. COM G6359F103 51 1500 SH SOLE 700 0 800 National City Corp COM 635405103 636 63900 SH SOLE 0 0 63900 National Retail Properties COM 637417106 573 26000 SH SOLE 0 0 26000 Nationwide Financial Services COM 638612101 596 12600 SH SOLE 0 0 12600 Neustar, Inc. COM 64126X201 164 6200 SH SOLE 1000 0 5200 NiSource Inc COM 65473P105 1500 87000 SH SOLE 0 0 87000 Nike Inc cl B COM 654106103 1401 20600 SH SOLE 11100 0 9500 Northeast Utilities COM 664397106 964 39300 SH SOLE 4200 0 35100 Northern Trust Corp. COM 665859104 2586 38900 SH SOLE 7500 0 31400 Northrop Grumman Corp COM 666807102 4007 51500 SH SOLE 19100 0 32400 Northwest Natural Gas Co. COM 667655104 804 18500 SH SOLE 4500 0 14000 Nustar Energy LP COM 67058H102 24 500 SH SOLE 500 0 0 OGE Energy Corp. COM 670837103 673 21600 SH SOLE 0 0 21600 OM Group Inc. COM 670872100 1478 27100 SH SOLE 0 0 27100 ON Semiconductor Corp. COM 682189105 702 123600 SH SOLE 23500 0 100100 Occidental Petroleum Corp COM 674599105 1134 15500 SH SOLE 3800 0 11700 Oceaneering International COM 675232102 4202 66700 SH SOLE 15100 0 51600 Omnicom Group Inc. COM 681919106 2236 50600 SH SOLE 13400 0 37200 PG&E Corporation COM 69331C108 839 22800 SH SOLE 4900 0 17900 PNM Resources, Inc. COM 69349H107 880 70600 SH SOLE 0 0 70600 PPG Industries Inc. COM 693506107 212 3500 SH SOLE 0 0 3500 PPL Corp COM 69351T106 1139 24800 SH SOLE 0 0 24800 Packaging Corp of America COM 695156109 293 13100 SH SOLE 0 0 13100 Parker-Hannifin Corp. COM 701094104 4426 63900 SH SOLE 26600 0 37300 PartnerRe Ltd. COM G6852T105 1320 17300 SH SOLE 0 0 17300 Penn Virginia Corp. COM 707882106 4744 107600 SH SOLE 31500 0 76100 Penn Virginia Resource COM 707884102 377 15100 SH SOLE 1100 0 14000 Pepco Holdings Inc COM 713291102 1607 65000 SH SOLE 2400 0 62600 Pepsi Bottling Group Inc. COM 713409100 180 5300 SH SOLE 5300 0 0 PepsiCo, Inc. COM 713448108 1227 17000 SH SOLE 17000 0 0 Pfizer Inc. COM 717081103 132 6300 SH SOLE 2300 0 4000 Philip Morris Intl WI COM 718172109 5984 118300 SH SOLE 51000 0 67300 Phillips-Van Heusen Corp. COM 718592108 1100 29000 SH SOLE 1100 0 27900 Pitney Bowes Inc. COM 724479100 1240 35400 SH SOLE 1300 0 34100 Plains Exploration & Prod COM 726505100 4698 88400 SH SOLE 3600 0 84800 Potlatch Corporation COM 737630103 1420 34400 SH SOLE 6400 0 28000 Precision Castparts Corp COM 740189105 817 8000 SH SOLE 0 0 8000 Principal Financial Group COM 74251V102 669 12000 SH SOLE 0 0 12000 Proassurance Corp COM 74267C106 463 8600 SH SOLE 0 0 8600 Procter & Gamble Co. COM 742718109 2775 39600 SH SOLE 20100 0 19500 Progress Energy Inc COM 743263105 3057 73300 SH SOLE 0 0 73300 Prudential Financial Inc COM 744320102 10799 138000 SH SOLE 30200 0 107800 Psychiatric Solutions Inc COM 74439H108 1153 34000 SH SOLE 0 0 34000 Public Service Enterprise Grp COM 744573106 177 4400 SH SOLE 1600 0 2800 Public Storage, Inc. COM 74460D109 771 8700 SH SOLE 1500 0 7200 Puget Energy, Inc. COM 745310102 310 12000 SH SOLE 0 0 12000 Questar Corporation COM 748356102 79 1400 SH SOLE 1400 0 0 R.R. Donnelley & Sons COM 257867101 1600 52800 SH SOLE 1100 0 51700 Rayonier Inc. COM 754907103 6542 150600 SH SOLE 43900 0 106700 Raytheon Company COM 755111507 1325 20500 SH SOLE 1500 0 19000 Regal-Beloit Corp. COM 758750103 374 10200 SH SOLE 0 0 10200 Regions Financial Corp COM 7591EP100 302 15300 SH SOLE 0 0 15300 Reliance Steel & Aluminum COM 759509102 299 5000 SH SOLE 3700 0 1300 Republic Services Inc. COM 760759100 173 5900 SH SOLE 2800 0 3100 Reynolds American Inc COM 761713106 360 6100 SH SOLE 1200 0 4900 Rosetta Resources Inc. COM 777779307 183 9300 SH SOLE 700 0 8600 Royal Caribbean Cruises Ltd COM V7780T103 2191 66600 SH SOLE 4000 0 62600 Safeco Corporation COM 786429100 391 8900 SH SOLE 0 0 8900 Scana Corporation COM 80589M102 779 21300 SH SOLE 1400 0 19900 Sempra Energy COM 816851109 3612 67800 SH SOLE 0 0 67800 Sensient Technologies Corp COM 81725T100 18 600 SH SOLE 0 0 600 Sherwin-Williams Co. COM 824348106 71 1400 SH SOLE 1400 0 0 Sierra Pacific Resouces COM 826428104 16 1300 SH SOLE 0 0 1300 Sigma Designs Inc. COM 826565103 637 28100 SH SOLE 700 0 27400 Sigma-Aldrich Corporation COM 826552101 131 2200 SH SOLE 0 0 2200 Simon Property Group Inc. COM 828806109 427 4600 SH SOLE 400 0 4200 Smithfield Foods Inc COM 832248108 100 3900 SH SOLE 3900 0 0 Snap-On Inc. COM 833034101 1729 34000 SH SOLE 3000 0 31000 Sonoco Products Co. COM 835495102 92 3200 SH SOLE 3200 0 0 South Jersey Industries, Inc. COM 838518108 815 23200 SH SOLE 7600 0 15600 Spectra Energy Corp COM 847560109 34 1500 SH SOLE 0 0 1500 State Street Corp COM 857477103 16 200 SH SOLE 0 0 200 Steelcase Inc cl A COM 858155203 35 3200 SH SOLE 0 0 3200 Stericycle Inc. COM 858912108 1061 20600 SH SOLE 10200 0 10400 SunPower Corp. Cl A COM 867652109 4195 56300 SH SOLE 15800 0 40500 Sunoco Inc. COM 86764P109 94 1800 SH SOLE 700 0 1100 Superior Energy Services COM 868157108 2694 68000 SH SOLE 11800 0 56200 T Rowe Price Group Inc COM 74144T108 115 2300 SH SOLE 200 0 2100 T-3 Energy Services Inc COM 87306E107 34 800 SH SOLE 800 0 0 TJX Companies Inc. COM 872540109 76 2300 SH SOLE 2300 0 0 Taleo Corporation Cl A COM 87424N104 332 17100 SH SOLE 1200 0 15900 Tennant Company COM 880345103 1111 27900 SH SOLE 8800 0 19100 Terra Nitrogen Co. LP COM 881005201 5511 49400 SH SOLE 12800 0 36600 Tesoro Corp COM 881609101 33 1100 SH SOLE 1100 0 0 Textron Inc. 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Corporation COM 918204108 969 12500 SH SOLE 0 0 12500 Vail Resorts Inc. COM 91879Q109 101 2100 SH SOLE 0 0 2100 Valero Energy Corp. COM 91913Y100 16727 340600 SH SOLE 111700 0 228900 Varian Inc. COM 922206107 41 700 SH SOLE 0 0 700 Vectren Corporation COM 92240G101 303 11300 SH SOLE 0 0 11300 Verizon Communications, Inc. COM 92343V104 28836 791100 SH SOLE 274500 0 516600 Viacom Inc Cl B COM 92553P201 139 3500 SH SOLE 1600 0 1900 Virgin Media Inc. COM 92769L101 89 6300 SH SOLE 3600 0 2700 Vornado Realty Trust COM 929042109 4302 49900 SH SOLE 7600 0 42300 W.R. Berkley Corp COM 084423102 15664 565700 SH SOLE 188950 0 376750 W.W. Grainger Inc. COM 384802104 2192 28700 SH SOLE 0 0 28700 Wabtec Corporation COM 929740108 26 700 SH SOLE 700 0 0 Wachovia Corp. COM 929903102 8492 314510 SH SOLE 75200 0 239310 Wal-Mart Stores, Inc. 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