13F-HR 1 report20090630.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, 2009 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 July 7, 2009 ------------------- ------------------ -------------------- [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: 384 Form 13F Information Table Value Total: $926392 (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- AFLAC Inc. COM 001055102 4244 136501 SH SOLE 44201 0 92300 AMB Property Corp COM 00163T109 6 300 SH SOLE 0 0 300 AT&T Inc. COM 00206R102 12354 497333 SH SOLE 187375 0 309958 Activision Blizzard, Inc. COM 00507V109 200 15800 SH SOLE 15800 0 0 Adobe Systems Inc. COM 00724F101 1802 63685 SH SOLE 22585 0 41100 Aetna Inc. COM 00817Y108 55 2200 SH SOLE 2200 0 0 Alberto-Culver Company COM 013078100 3369 132500 SH SOLE 28000 0 104500 Alcoa, Inc. COM 013817101 1190 115200 SH SOLE 51500 0 63700 Alleghany Corp COM 017175100 522 1926 SH SOLE 601 0 1325 Allegheny Energy Inc COM 017361106 8 300 SH SOLE 0 0 300 Alliant Techsystems Inc COM 018804104 387 4700 SH SOLE 1400 0 3300 Allstate Corporation COM 020002101 2657 108890 SH SOLE 37300 0 71590 Alpha Natural Resources Inc. COM 02076X102 502 19100 SH SOLE 13500 0 5600 Altria Group Inc COM 02209S103 12315 751343 SH SOLE 326143 0 425200 Ameren Corp COM 023608102 6383 256460 SH SOLE 82060 0 174400 American Electric Power COM 025537101 1959 67800 SH SOLE 0 0 67800 American Express Co. COM 025816109 337 14500 SH SOLE 0 0 14500 American Financial Group COM 025932104 19 900 SH SOLE 900 0 0 AmerisourceBergen Corp COM 03073E105 7237 407976 SH SOLE 119176 0 288800 Ameron International Corp COM 030710107 13 200 SH SOLE 200 0 0 Amylin Pharmaceuticals, Inc. COM 032346108 1563 115800 SH SOLE 12600 0 103200 Anixter International COM 035290105 1063 28288 SH SOLE 5488 0 22800 Annaly Capital Mgmt. COM 035710409 71 4700 SH SOLE 0 0 4700 Apple Inc. COM 037833100 2046 14362 SH SOLE 6662 0 7700 Arbitron, Inc. COM 03875Q108 135 8500 SH SOLE 0 0 8500 Arch Capital Group Ltd. COM G0450A105 1652 28200 SH SOLE 1800 0 26400 Archer Daniels Midland COM 039483102 10793 403178 SH SOLE 129578 0 273600 Arena Resources Inc. COM 040049108 22 700 SH SOLE 700 0 0 Armstrong World Industries COM 04247X102 2167 131404 SH SOLE 36704 0 94700 Assurant Inc. COM 04621X108 831 34500 SH SOLE 5600 0 28900 Atlas Air Worldwide COM 049164205 512 22100 SH SOLE 8200 0 13900 Atwood Oceanics Inc COM 050095108 1916 76900 SH SOLE 2900 0 74000 AutoZone Inc. COM 053332102 1103 7300 SH SOLE 300 0 7000 Autodesk Inc. COM 052769106 47 2500 SH SOLE 0 0 2500 Avalonbay Communities COM 053484101 157 2806 SH SOLE 1444 0 1362 BE Aerospace Inc. COM 073302101 185 12900 SH SOLE 0 0 12900 BJ's Wholesale Club Inc. COM 05548J106 1457 45200 SH SOLE 12300 0 32900 BOK Financial Corp. COM 05561Q201 19 500 SH SOLE 500 0 0 Baker Hughes Inc. COM 057224107 29 800 SH SOLE 800 0 0 Bank of America Corp COM 060505104 14852 1125122 SH SOLE 461662 0 663460 Bank of Hawaii Corp COM 062540109 125 3500 SH SOLE 3500 0 0 Bank of New York Mellon Corp. COM 064058100 7039 240170 SH SOLE 69070 0 171100 Bare Escentuals, Inc. COM 067511105 1784 200200 SH SOLE 40800 0 159400 Becton Dickinson & Co. COM 075887109 93 1300 SH SOLE 1300 0 0 Best Buy Co., Inc. COM 086516101 432 12900 SH SOLE 9600 0 3300 Bio-Rad Laboratories Cl A COM 090572207 60 800 SH SOLE 0 0 800 Black Hills Corp. COM 092113109 41 1800 SH SOLE 1800 0 0 Blyth Inc. COM 09643P207 46 1400 SH SOLE 0 0 1400 Boston Properties, Inc. COM 101121101 2528 53000 SH SOLE 4300 0 48700 Brown-Forman cl B COM 115637209 26 600 SH SOLE 600 0 0 Buckle Inc. COM 118440106 742 23350 SH SOLE 6800 0 16550 Bucyrus International, Inc. COM 118759109 214 7500 SH SOLE 0 0 7500 Buffalo Wild Wings Inc COM 119848109 185 5700 SH SOLE 0 0 5700 Bunge Limited COM G16962105 14189 235500 SH SOLE 79900 0 155600 C.H. Robinson Worldwide, Inc. COM 12541W209 68 1300 SH SOLE 1300 0 0 C.R. Bard Inc. COM 067383109 4504 60500 SH SOLE 22400 0 38100 CBEYOND Inc. COM 149847105 60 4200 SH SOLE 4200 0 0 CIGNA Corporation COM 125509109 63 2600 SH SOLE 2600 0 0 CNA Financial Corporation COM 126117100 43 2800 SH SOLE 2800 0 0 CSX Corporation COM 126408103 59 1700 SH SOLE 1000 0 700 CVR Energy, Inc. COM 12662P108 162 22100 SH SOLE 7700 0 14400 CVS Caremark Corp. COM 126650100 1257 39455 SH SOLE 22012 0 17443 Capella Education Co. COM 139594105 1226 20446 SH SOLE 6846 0 13600 CarMax Inc. COM 143130102 3496 237800 SH SOLE 63500 0 174300 Cardinal Health Inc. COM 14149Y108 4110 134541 SH SOLE 34941 0 99600 Cash America Int'l Inc. COM 14754D100 401 17126 SH SOLE 6226 0 10900 Caterpillar Inc COM 149123101 142 4300 SH SOLE 0 0 4300 Celanese Corp. COM 150870103 43 1800 SH SOLE 1800 0 0 Central European Distribution COM 153435102 3239 121900 SH SOLE 45800 0 76100 Cepheid Inc. COM 15670R107 664 70500 SH SOLE 27000 0 43500 Chevron Corp COM 166764100 39860 601654 SH SOLE 219654 0 382000 Chubb Corp COM 171232101 8014 200964 SH SOLE 72664 0 128300 Church & Dwight Co. Inc. COM 171340102 179 3300 SH SOLE 3300 0 0 Cincinnati Financial Corp COM 172062101 438 19600 SH SOLE 2900 0 16700 Cisco Systems Inc. COM 17275R102 576 30900 SH SOLE 3400 0 27500 Cliffs Natural Resources Inc COM 18683K101 10299 420900 SH SOLE 170000 0 250900 Clorox Company COM 189054109 67 1200 SH SOLE 1200 0 0 Cognizant Tech Solutions COM 192446102 328 12300 SH SOLE 0 0 12300 Colgate-Palmolive Co COM 194162103 1139 16100 SH SOLE 6400 0 9700 Commerce Bancshares Inc COM 200525103 1343 42180 SH SOLE 10890 0 31290 Compass Minerals Intl Inc COM 20451N101 626 11400 SH SOLE 1200 0 10200 Computer Sciences Corp COM 205363104 208 4700 SH SOLE 2800 0 1900 ConAgra Foods, Inc. COM 205887102 848 44500 SH SOLE 1700 0 42800 Conns Inc COM 208242107 239 19107 SH SOLE 11907 0 7200 ConocoPhillips COM 20825C104 5985 142300 SH SOLE 60300 0 82000 Consolidated Edison, Inc. COM 209115104 2609 69720 SH SOLE 9320 0 60400 Constellation Energy Group COM 210371100 1515 57000 SH SOLE 11200 0 45800 Copart Inc. COM 217204106 139 4000 SH SOLE 2700 0 1300 Cousins Properties Inc COM 222795106 553 65100 SH SOLE 14600 0 50500 Covance Inc. COM 222816100 3297 67018 SH SOLE 9018 0 58000 DISH Network Corp Cl A COM 25470M109 17900 1104285 SH SOLE 393485 0 710800 DPL Inc. COM 233293109 672 29000 SH SOLE 1800 0 27200 DTE Energy Company COM 233331107 58 1800 SH SOLE 0 0 1800 Deckers Outdoor Corp. COM 243537107 10449 148700 SH SOLE 51800 0 96900 Dell Inc. COM 24702R101 1012 73700 SH SOLE 3600 0 70100 Dentsply International Inc COM 249030107 425 13900 SH SOLE 0 0 13900 Devon Energy Corp COM 25179M103 38 700 SH SOLE 700 0 0 Diamond Offshore Drilling Inc. COM 25271C102 266 3200 SH SOLE 2100 0 1100 Diodes Inc. COM 254543101 1217 77800 SH SOLE 18800 0 59000 DirecTV Group Inc. COM 25459L106 8352 338016 SH SOLE 124116 0 213900 Discovery Communications A COM 25470F104 81 3600 SH SOLE 3600 0 0 Dolby Laboratories Inc. COM 25659T107 414 11100 SH SOLE 200 0 10900 Dollar Tree Inc. COM 256746108 295 7000 SH SOLE 500 0 6500 Dow Chemical Company COM 260543103 341 21100 SH SOLE 500 0 20600 Dresser-Rand Group, Inc. COM 261608103 26 1000 SH SOLE 1000 0 0 DuPont de Nemours & Co. COM 263534109 41 1600 SH SOLE 1600 0 0 Duke Energy Corp COM 26441C105 103 7070 SH SOLE 7070 0 0 Dun & Bradstreet Corp COM 26483E100 975 12000 SH SOLE 1300 0 10700 EMCOR Group Inc. COM 29084Q100 439 21800 SH SOLE 200 0 21600 EQT Corporation COM 26884L109 35 1000 SH SOLE 1000 0 0 EZCORP Inc. COM 302301106 499 46300 SH SOLE 1900 0 44400 Ecolab Inc. COM 278865100 55 1400 SH SOLE 1400 0 0 Edison International COM 281020107 3800 120800 SH SOLE 45500 0 75300 El Paso Corp COM 28336L109 571 61900 SH SOLE 16900 0 45000 Electronic Arts Inc. COM 285512109 793 36500 SH SOLE 7000 0 29500 Eli Lilly & Co. COM 532457108 3700 106800 SH SOLE 41000 0 65800 Emerson Electric Co. COM 291011104 50 1530 SH SOLE 1530 0 0 Energen Corporation COM 29265N108 164 4100 SH SOLE 1300 0 2800 Energy Conversion Devices COM 292659109 212 15000 SH SOLE 11600 0 3400 Entergy Corp COM 29364G103 416 5362 SH SOLE 4262 0 1100 Equity Lifestyle Properties COM 29472R108 1264 34000 SH SOLE 5500 0 28500 Equity Residential Properties COM 29476L107 393 17700 SH SOLE 4100 0 13600 Erie Indemnity Co cl A COM 29530P102 25 700 SH SOLE 700 0 0 Exelon Corp COM 30161N101 3842 75021 SH SOLE 30821 0 44200 Exterran Holdings, Inc. COM 30225X103 666 41500 SH SOLE 11700 0 29800 Exxon Mobil Corporation COM 30231G102 41850 598629 SH SOLE 216729 0 381900 FMC Technologies Inc COM 30249U101 19 500 SH SOLE 500 0 0 FactSet Research Systems, Inc. COM 303075105 224 4500 SH SOLE 4500 0 0 Fair Isaac Corp COM 303250104 206 13300 SH SOLE 200 0 13100 Fastenal Company COM 311900104 859 25900 SH SOLE 3400 0 22500 First Commonwealth Financial COM 319829107 216 34000 SH SOLE 2300 0 31700 First Solar, Inc. COM 336433107 9005 55519 SH SOLE 21919 0 33600 FirstEnergy Corporation COM 337932107 217 5599 SH SOLE 5599 0 0 Flowers Foods Inc COM 343498101 124 5700 SH SOLE 5700 0 0 Fluor Corp COM 343412102 24548 478606 SH SOLE 151206 0 327400 Forest Laboratories Inc. COM 345838106 1900 75677 SH SOLE 27177 0 48500 Forest Oil Corp COM 346091705 6307 422700 SH SOLE 136300 0 286400 Fossil Inc. COM 349882100 5786 240286 SH SOLE 55586 0 184700 Franklin Resources, Inc. COM 354613101 223 3100 SH SOLE 2900 0 200 Gap Inc. COM 364760108 66 4000 SH SOLE 4000 0 0 Gardner Denver, Inc. COM 365558105 20 800 SH SOLE 800 0 0 General Dynamics Corp. COM 369550108 4503 81300 SH SOLE 46500 0 34800 General Electric Co COM 369604103 11361 969381 SH SOLE 366481 0 602900 General Mills Inc. COM 370334104 1720 30700 SH SOLE 7800 0 22900 Genoptix, Inc. COM 37243V100 26 800 SH SOLE 800 0 0 Genuine Parts Company COM 372460105 11018 328300 SH SOLE 138700 0 189600 Gilead Sciences Inc. COM 375558103 32 685 SH SOLE 0 0 685 Global Payments Inc. COM 37940X102 104 2782 SH SOLE 0 0 2782 Goldman Sachs Group Inc COM 38141G104 9678 65637 SH SOLE 21167 0 44470 Google Inc COM 38259P508 15805 37490 SH SOLE 13771 0 23719 Graco Inc COM 384109104 506 23000 SH SOLE 7600 0 15400 Great Plains Energy Inc COM 391164100 131 8400 SH SOLE 8400 0 0 Guess? Inc. COM 401617105 23 900 SH SOLE 900 0 0 H.J. Heinz Company COM 423074103 5929 166090 SH SOLE 60790 0 105300 HCP, Inc. COM 40414L109 990 46700 SH SOLE 5800 0 40900 Haemonetics Corporation COM 405024100 5903 103566 SH SOLE 43366 0 60200 Hanesbrands, Inc. COM 410345102 161 10700 SH SOLE 0 0 10700 Hansen Natural Corp. COM 411310105 34 1100 SH SOLE 1100 0 0 Harley-Davidson Inc. COM 412822108 10 600 SH SOLE 0 0 600 Harris Corporation COM 413875105 737 26000 SH SOLE 1700 0 24300 Hartford Financial Services COM 416515104 1256 105800 SH SOLE 26000 0 79800 Hawaiian Electric Industries COM 419870100 1378 72300 SH SOLE 5900 0 66400 Health Care REIT Inc COM 42217K106 126 3700 SH SOLE 3700 0 0 Healthcare Services Group COM 421906108 793 44373 SH SOLE 14373 0 30000 Henry Schein Inc. COM 806407102 14 300 SH SOLE 300 0 0 Hewitt Associates Inc COM 42822Q100 24 800 SH SOLE 800 0 0 Hewlett-Packard Co COM 428236103 131 3400 SH SOLE 1000 0 2400 Hibbett Sports, Inc. COM 428567101 115 6400 SH SOLE 0 0 6400 Home Depot Inc. COM 437076102 2201 93133 SH SOLE 16933 0 76200 Honeywell Intl Inc COM 438516106 38 1200 SH SOLE 1200 0 0 Hormel Foods Corp COM 440452100 1910 55300 SH SOLE 7600 0 47700 Hubbell Inc cl B COM 443510201 3084 96200 SH SOLE 21700 0 74500 Hudson City Bancorp Inc COM 443683107 179 13454 SH SOLE 0 0 13454 Humana Inc. COM 444859102 1223 37900 SH SOLE 10400 0 27500 Huron Consulting Group COM 447462102 18 400 SH SOLE 400 0 0 IAC/InterActiveCorp COM 44919P508 2891 180150 SH SOLE 44150 0 136000 IBM Corp COM 459200101 4375 41900 SH SOLE 7000 0 34900 IMS Health, Inc. COM 449934108 81 6400 SH SOLE 6400 0 0 Idexx Laboratories, Inc. COM 45168D104 305 6600 SH SOLE 6200 0 400 Immucor Inc. COM 452526106 5496 399400 SH SOLE 103700 0 295700 Ingram Micro Inc. COM 457153104 413 23600 SH SOLE 0 0 23600 Integrys Energy Group COM 45822P105 78 2600 SH SOLE 2600 0 0 InterMune Inc. COM 45884X103 228 15000 SH SOLE 1400 0 13600 International Bancshares COM 459044103 2646 256599 SH SOLE 67199 0 189400 International Paper Co. COM 460146103 239 15800 SH SOLE 15800 0 0 Intuitive Surgical, Inc. COM 46120E602 426 2600 SH SOLE 200 0 2400 J.C. Penney Company Inc. COM 708160106 586 20400 SH SOLE 3400 0 17000 JPMorgan Chase & Co COM 46625H100 20638 605055 SH SOLE 241755 0 363300 Jacobs Engineering Group COM 469814107 1094 25984 SH SOLE 7184 0 18800 John Wiley & Sons cl A COM 968223206 40 1200 SH SOLE 1200 0 0 Johnson & Johnson COM 478160104 29960 527463 SH SOLE 200863 0 326600 Joy Global Inc. COM 481165108 154 4300 SH SOLE 800 0 3500 KBR, Inc. COM 48242W106 959 52000 SH SOLE 6900 0 45100 Kellogg Company COM 487836108 79 1700 SH SOLE 1700 0 0 Kimco Realty Corp. COM 49446R109 152 15100 SH SOLE 6100 0 9000 Kroger Company COM 501044101 49 2200 SH SOLE 2200 0 0 L-3 Communications COM 502424104 194 2800 SH SOLE 0 0 2800 LHC Group Inc. COM 50187A107 24 1100 SH SOLE 1100 0 0 LKQ Corporation COM 501889208 713 43370 SH SOLE 9370 0 34000 Laclede Group Inc COM 505597104 33 1000 SH SOLE 1000 0 0 Lancaster Colony Corp COM 513847103 40 900 SH SOLE 900 0 0 Landstar System Inc. COM 515098101 43 1200 SH SOLE 1200 0 0 Las Vegas Sands Corp. COM 517834107 8968 1141000 SH SOLE 373400 0 767600 Liberty Media A Lib Entert. COM 53071M500 29 1100 SH SOLE 1100 0 0 Life Technologies Corp COM 53217V109 117 2800 SH SOLE 1100 0 1700 Limited Brands Inc COM 532716107 452 37800 SH SOLE 2400 0 35400 Lincoln National Corp COM 534187109 4084 237300 SH SOLE 77200 0 160100 Linear Technology Corp COM 535678106 292 12500 SH SOLE 12100 0 400 Lockheed Martin Corp. COM 539830109 40 500 SH SOLE 500 0 0 Lorillard, Inc. COM 544147101 115 1700 SH SOLE 0 0 1700 Lufkin Industries Inc COM 549764108 21 500 SH SOLE 500 0 0 M&T Bank Corp. COM 55261F104 463 9100 SH SOLE 0 0 9100 MDU Resources Group COM 552690109 1351 71200 SH SOLE 1300 0 69900 Macy's Inc. COM 55616P104 1014 86200 SH SOLE 18400 0 67800 Marathon Oil Corp COM 565849106 1347 44700 SH SOLE 25600 0 19100 Masco Corporation COM 574599106 56 5800 SH SOLE 5800 0 0 Masimo Corporation COM 574795100 31 1300 SH SOLE 1300 0 0 Mastercard Inc. COM 57636Q104 84 500 SH SOLE 0 0 500 Maxim Integrated Products COM 57772K101 33 2100 SH SOLE 2100 0 0 McKesson Corp COM 58155Q103 21643 491876 SH SOLE 173676 0 318200 Medco Health Solutions Inc COM 58405U102 12017 263471 SH SOLE 91171 0 172300 Merck & Co. Inc. COM 589331107 134 4800 SH SOLE 0 0 4800 MetLife, Inc. COM 59156R108 6519 217223 SH SOLE 77378 0 139845 MetroPCS Communications, Inc. COM 591708102 1339 100600 SH SOLE 11300 0 89300 Micros Systems Inc. COM 594901100 1150 45400 SH SOLE 7000 0 38400 Microsemi Corporation COM 595137100 1038 75200 SH SOLE 5300 0 69900 Microsoft Corporation COM 594918104 12471 524639 SH SOLE 206839 0 317800 Moody's Corp. COM 615369105 253 9600 SH SOLE 0 0 9600 Morgan Stanley COM 617446448 12341 432866 SH SOLE 176366 0 256500 Murphy Oil Corp. COM 626717102 282 5200 SH SOLE 5200 0 0 Myriad Pharmaceuticals WI COM 62856H107 1 300 SH SOLE 125 0 175 NII Holdings Inc. COM 62913F201 10324 541400 SH SOLE 189500 0 351900 NRG Energy Inc COM 629377508 911 35100 SH SOLE 9500 0 25600 NSTAR COM 67019E107 167 5200 SH SOLE 5200 0 0 NVIDIA Corp COM 67066G104 2155 190900 SH SOLE 12700 0 178200 National Oilwell Varco Inc COM 637071101 63 1935 SH SOLE 0 0 1935 Neustar, Inc. COM 64126X201 7162 323200 SH SOLE 92100 0 231100 New York Cmnty Bancorp COM 649445103 220 20600 SH SOLE 4400 0 16200 News Corp Cl A COM 65248E104 405 44500 SH SOLE 41700 0 2800 NiSource Inc COM 65473P105 823 70600 SH SOLE 0 0 70600 Nike Inc cl B COM 654106103 5689 109860 SH SOLE 32094 0 77766 Noble Corp COM G65422100 32 1064 SH SOLE 1064 0 0 Northeast Utilities COM 664397106 20 900 SH SOLE 900 0 0 Northern Trust Corp. COM 665859104 1111 20700 SH SOLE 6300 0 14400 Northrop Grumman Corp COM 666807102 7386 161700 SH SOLE 77300 0 84400 OGE Energy Corp. COM 670837103 589 20800 SH SOLE 3700 0 17100 ONEOK Inc. COM 682680103 38 1300 SH SOLE 1300 0 0 Oil States International COM 678026105 3491 144200 SH SOLE 54300 0 89900 Omnicom Group Inc. COM 681919106 878 27800 SH SOLE 1800 0 26000 Omniture, Inc. COM 68212S109 10 800 SH SOLE 800 0 0 Oracle Corporation COM 68389X105 299 13937 SH SOLE 0 0 13937 Owens & Minor Inc. COM 690732102 1963 44800 SH SOLE 11800 0 33000 Owens-Illinois Inc. COM 690768403 235 8400 SH SOLE 0 0 8400 PG&E Corporation COM 69331C108 38 1000 SH SOLE 1000 0 0 PNC Financial Services COM 693475105 10956 282298 SH SOLE 86898 0 195400 PPG Industries Inc. COM 693506107 2981 67900 SH SOLE 33000 0 34900 PartnerRe Ltd. COM G6852T105 682 10500 SH SOLE 0 0 10500 Pepco Holdings Inc COM 713291102 1185 88200 SH SOLE 2900 0 85300 PepsiCo, Inc. COM 713448108 434 7900 SH SOLE 7900 0 0 Petmed Express, Inc. COM 716382106 138 9200 SH SOLE 5200 0 4000 Pfizer Inc. COM 717081103 9138 609200 SH SOLE 247500 0 361700 Pharmaceutical Product Dev COM 717124101 727 31300 SH SOLE 900 0 30400 Philip Morris Intl COM 718172109 632 14500 SH SOLE 1100 0 13400 Phillips-Van Heusen Corp. COM 718592108 798 27800 SH SOLE 0 0 27800 Piedmont Natural Gas Co. COM 720186105 29 1200 SH SOLE 1200 0 0 Pitney Bowes Inc. COM 724479100 29 1300 SH SOLE 1300 0 0 Plum Creek Timber Co. COM 729251108 2546 85500 SH SOLE 28700 0 56800 Precision Castparts Corp COM 740189105 22 300 SH SOLE 0 0 300 Priceline.com Inc. COM 741503403 22 200 SH SOLE 200 0 0 Principal Financial Group COM 74251V102 1410 74818 SH SOLE 14918 0 59900 ProLogis COM 743410102 2441 302900 SH SOLE 51000 0 251900 Proassurance Corp COM 74267C106 379 8200 SH SOLE 1500 0 6700 Procter & Gamble Co. COM 742718109 353 6900 SH SOLE 3100 0 3800 Progress Energy Inc COM 743263105 9228 243930 SH SOLE 63530 0 180400 Progressive Corp. COM 743315103 24 1600 SH SOLE 1600 0 0 Protective Life Corp. COM 743674103 86 7500 SH SOLE 0 0 7500 Prudential Financial Inc COM 744320102 6308 169483 SH SOLE 57383 0 112100 Public Service Enterprise Grp COM 744573106 2078 63696 SH SOLE 17496 0 46200 Public Storage, Inc. COM 74460D109 2246 34300 SH SOLE 3900 0 30400 Questar Corporation COM 748356102 71 2300 SH SOLE 2300 0 0 R.R. Donnelley & Sons COM 257867101 538 46300 SH SOLE 700 0 45600 Rayonier Inc. COM 754907103 382 10500 SH SOLE 200 0 10300 Raytheon Company COM 755111507 2462 55408 SH SOLE 9008 0 46400 Redwood Trust Inc. COM 758075402 298 20200 SH SOLE 200 0 20000 Reinsurance Group of America COM 759351604 1837 52609 SH SOLE 20283 0 32326 Republic Services Inc. COM 760759100 110 4500 SH SOLE 2100 0 2400 ResMed Inc. COM 761152107 78 1915 SH SOLE 1915 0 0 Rowan Companies Inc. COM 779382100 14 700 SH SOLE 0 0 700 Royal Gold Inc. COM 780287108 25 600 SH SOLE 600 0 0 Ruddick Corporation COM 781258108 612 26100 SH SOLE 0 0 26100 SAIC, Inc. COM 78390X101 37 2000 SH SOLE 2000 0 0 SL Green Realty Corp. COM 78440X101 2108 91900 SH SOLE 6700 0 85200 Sandridge Energy, Inc. COM 80007P307 1809 212300 SH SOLE 51600 0 160700 Scana Corporation COM 80589M102 1120 34500 SH SOLE 7400 0 27100 Schnitzer Steel Ind CL A COM 806882106 196 3700 SH SOLE 1500 0 2200 Seagate Technology COM G7945J104 838 80100 SH SOLE 12800 0 67300 Sears Holdings Corporation COM 812350106 47 700 SH SOLE 700 0 0 Sempra Energy COM 816851109 2700 54400 SH SOLE 1500 0 52900 Senior Housing Properties COM 81721M109 777 47600 SH SOLE 14700 0 32900 Shaw Group Inc. COM 820280105 4101 149600 SH SOLE 41000 0 108600 Sherwin-Williams Co. COM 824348106 446 8300 SH SOLE 2800 0 5500 Sigma-Aldrich Corporation COM 826552101 387 7800 SH SOLE 2900 0 4900 Skechers U.S.A. Inc. COM 830566105 48 4900 SH SOLE 4900 0 0 Smithfield Foods Inc COM 832248108 1137 81400 SH SOLE 13800 0 67600 Snap-On Inc. COM 833034101 601 20900 SH SOLE 0 0 20900 Sonoco Products Co. COM 835495102 43 1800 SH SOLE 1800 0 0 Southern Company COM 842587107 816 26176 SH SOLE 24976 0 1200 Southwestern Energy Co. COM 845467109 43 1100 SH SOLE 1100 0 0 Standard Microsystems Corp COM 853626109 4 200 SH SOLE 200 0 0 State Street Corp COM 857477103 14575 308784 SH SOLE 106884 0 201900 SunTrust Banks, Inc. COM 867914103 5689 345813 SH SOLE 99413 0 246400 Synnex Corp COM 87162W100 105 4200 SH SOLE 2400 0 1800 Syntel Inc. COM 87162H103 412 13100 SH SOLE 800 0 12300 Sysco Corporation COM 871829107 320 14253 SH SOLE 14253 0 0 TJX Companies Inc. COM 872540109 31 1000 SH SOLE 1000 0 0 Take-Two Interactive Software COM 874054109 1712 180800 SH SOLE 22700 0 158100 Team Inc. COM 878155100 566 36094 SH SOLE 14694 0 21400 Techne Corporation COM 878377100 64 1000 SH SOLE 1000 0 0 TeleTech Holdings Inc COM 879939106 2342 154600 SH SOLE 67400 0 87200 Terex Corp. COM 880779103 13150 1089500 SH SOLE 372700 0 716800 Tesoro Corp COM 881609101 45 3500 SH SOLE 0 0 3500 The Brinks Company COM 109696104 923 31800 SH SOLE 17400 0 14400 The Childrens Place Retail COM 168905107 4705 178000 SH SOLE 65300 0 112700 The Mosaic Co. COM 61945A107 15159 342200 SH SOLE 100500 0 241700 The Travelers Companies COM 89417E109 673 16404 SH SOLE 11004 0 5400 Thomas & Betts Corp. COM 884315102 4555 157818 SH SOLE 41518 0 116300 Time Warner Cable Cl A COM 88732J207 0 0 SH SOLE 0 0 0 Time Warner Inc COM 887317105 50 2000 SH SOLE 2000 0 0 Tootsie Roll Industries Inc. COM 890516107 352 15499 SH SOLE 2436 0 13063 Torchmark Corp. COM 891027104 1196 32300 SH SOLE 5900 0 26400 Toro Company COM 891092108 326 10900 SH SOLE 0 0 10900 Transatlantic Holdings Inc COM 893521104 30 700 SH SOLE 700 0 0 True Religion Apparel Inc COM 89784N104 27 1200 SH SOLE 300 0 900 TrustCo Bank Corp NY COM 898349105 354 60100 SH SOLE 1400 0 58700 Tupperware Brands Corp. COM 899896104 138 5300 SH SOLE 0 0 5300 Tyco Electronics Ltd. COM G9144P105 374 20100 SH SOLE 0 0 20100 Tyco International Ltd. COM G9143X208 766 29500 SH SOLE 3300 0 26200 U.S. Bancorp COM 902973304 1343 74919 SH SOLE 3819 0 71100 UGI Corporation COM 902681105 701 27500 SH SOLE 15900 0 11600 UMB Financial Corp COM 902788108 27 700 SH SOLE 700 0 0 URS Corporation COM 903236107 84 1700 SH SOLE 1700 0 0 Under Armour, Inc. Class A COM 904311107 365 16300 SH SOLE 2200 0 14100 Unisource Energy Corp COM 909205106 37 1400 SH SOLE 1400 0 0 United States Steel Corp COM 912909108 1969 55091 SH SOLE 15591 0 39500 Unum Group COM 91529Y106 1247 78600 SH SOLE 1300 0 77300 V.F. Corporation COM 918204108 692 12500 SH SOLE 2600 0 9900 VMware, Inc. Class A COM 928563402 3488 127900 SH SOLE 37800 0 90100 Valero Energy Corp. COM 91913Y100 753 44600 SH SOLE 14100 0 30500 Valley National Bancorp COM 919794107 100 8505 SH SOLE 525 0 7980 Valmont Industries Inc COM 920253101 29 400 SH SOLE 400 0 0 Varian Semiconductor COM 922207105 1078 44951 SH SOLE 7451 0 37500 Verizon Communications, Inc. COM 92343V104 24898 810225 SH SOLE 244725 0 565500 Viacom Inc Cl B COM 92553P201 829 36525 SH SOLE 17025 0 19500 Visa Inc. COM 92826C839 282 4527 SH SOLE 1227 0 3300 Vornado Realty Trust COM 929042109 4200 93274 SH SOLE 35538 0 57736 W.R. Berkley Corp COM 084423102 78 3650 SH SOLE 2450 0 1200 W.W. Grainger Inc. COM 384802104 2825 34500 SH SOLE 2000 0 32500 WGL Holdings Inc. COM 92924F106 48 1500 SH SOLE 1500 0 0 WMS Industries Inc. COM 929297109 35 1100 SH SOLE 1100 0 0 Wabtec Corporation COM 929740108 19 600 SH SOLE 600 0 0 Wal-Mart Stores, Inc. COM 931142103 16961 350153 SH SOLE 142553 0 207600 Walt Disney Company COM 254687106 1299 55661 SH SOLE 27161 0 28500 Washington Federal Inc COM 938824109 100 7700 SH SOLE 7700 0 0 Washington Post cl B COM 939640108 1479 4200 SH SOLE 700 0 3500 Waste Connections Inc COM 941053100 4016 155000 SH SOLE 52400 0 102600 Waste Management Inc. COM 94106L109 3818 135594 SH SOLE 22294 0 113300 Watson Wyatt Worldwide Inc. COM 942712100 158 4200 SH SOLE 4200 0 0 Weis Markets Inc. COM 948849104 10 300 SH SOLE 0 0 300 WellPoint, Inc. COM 94973V107 494 9700 SH SOLE 4100 0 5600 Wells Fargo & Co COM 949746101 25026 1031572 SH SOLE 360472 0 671100 Western Digital Corp. COM 958102105 1463 55200 SH SOLE 8500 0 46700 Western Refining, Inc. COM 959319104 1418 200900 SH SOLE 90800 0 110100 Western Union COM 959802109 444 27100 SH SOLE 3900 0 23200 Weyerhaeuser Co COM 962166104 67 2201 SH SOLE 1800 1 400 Whiting Petroleum Corp COM 966387102 25 702 SH SOLE 700 2 0 Williams Companies COM 969457100 10708 685956 SH SOLE 236853 3 449100 Wisconsin Energy Corp COM 976657106 2019 49604 SH SOLE 8600 4 41000 Wolverine World Wide Inc. COM 978097103 693 31405 SH SOLE 1300 5 30100 World Acceptance Corp COM 981419104 4484 225206 SH SOLE 80800 6 144400 Wright Medical Group Inc. COM 98235T107 23 1407 SH SOLE 1400 7 0 Xcel Energy Inc COM 98389B100 1755 95308 SH SOLE 69500 8 25800 Xilinx Inc. COM 983919101 33 1609 SH SOLE 1600 9 0 Yum! Brands, Inc. COM 988498101 50 1510 SH SOLE 1500 10 0 j2 Global Communications COM 46626E205 97 4311 SH SOLE 0 11 4300