13F-HR 1 leuthold13f12312010.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2010 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: Leuthold Weeden Capital Management, LLC Address: 33 South Sixth Street, Suite 4600 Minneapolis, MN 55402 Form 13F File Number: 028-10174 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: Roger Peters Title: Chief Compliance Officer Phone: (612) 332-9141 Signature, Place, and Date of Signing: /s/ Roger Peters Minneapolis, MN February 14, 2011 ------------------------------------------------------------------------------- Roger Peters City, State Date Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 ------------- Form 13F Information Table Entry Total: 275 ------------- Form 13F Information Table Value Total: 2,467,491 ------------- (thousands) List of Other Included Managers: NONE
FORM 13F INFORMATION TABLE Name of Reporting Manager: Leuthold Weeden Capital Management, LLC Value Shares/ Sh/ Put/ Invstmt Other Voting Authority Name of Issuer Title of Class CUSIP (x1000) Prn Amt Prn Call Dscretn Managers Sole Shared None ------------------------------------- ----------------- --------- --------- --------- -------- ------- -------- ------------------- 3M Co. COM 88579Y101 9,025 104,575 SH SOLE 104,575 Abbott Laboratories COM 002824100 5,576 116,375 SH SOLE 116,375 ACE Ltd. COM H0023R105 6,418 103,096 SH SOLE 103,096 ADA-ES Inc. COM 005208103 1,703 152,562 SH SOLE 152,562 Advance Auto Parts Inc. COM 00751Y106 6,299 95,220 SH SOLE 95,220 Advanced Battery Technologies Inc. COM 00752H102 151 39,215 SH SOLE 39,215 Advent Clay Gbl Conv Sec Inc. COM BENE INTER 007639107 2,077 226,478 SH SOLE 226,478 Aetna Inc. COM 00817Y108 25,602 839,148 SH SOLE 839,148 Alaska Air Group Inc. COM 011659109 2,598 45,835 SH SOLE 45,835 Alexander & Baldwin Inc. COM 014482103 1,482 37,010 SH SOLE 37,010 Allergan Inc. COM 018490102 10,377 151,115 SH SOLE 151,115 Alliant Energy Corp. COM 018802108 5,365 145,906 SH SOLE 145,906 Altera Corp. COM 021441100 27,265 766,289 SH SOLE 766,289 Altria Group Inc. COM 02209S103 10,660 432,977 SH SOLE 432,977 America Movil S.A.B. de C.V. SPON ADR L SHS 02364W105 13,852 241,583 SH SOLE 241,583 American Capital Agency Corp. COM 02503X105 19,030 662,154 SH SOLE 662,154 American Water Works Co. COM 030420103 1,867 73,821 SH SOLE 73,821 AMERIGROUP Corp. COM 03073T102 31,730 722,450 SH SOLE 722,450 AmerisourceBergen Corp. COM 03073E105 5,737 168,147 SH SOLE 168,147 Amphenol Corp. CL A 032095101 15,009 284,375 SH SOLE 284,375 Analog Devices Inc. COM 032654105 25,483 676,467 SH SOLE 676,467 Annaly Capital Management Inc. COM 035710409 18,613 1,038,688 SH SOLE 1,038,688 Anworth Mortgage Asset Corp. COM 037347101 8,700 1,242,815 SH SOLE 1,242,815 Applied Industrial Technologies Inc. COM 03820C105 2,371 72,991 SH SOLE 72,991 Applied Micro Circuits Corp. COM 03822W406 7,080 662,891 SH SOLE 662,891 Arrow Electronics Inc. COM 042735100 14,914 435,454 SH SOLE 435,454 Ashland Inc. COM 044209104 2,343 46,058 SH SOLE 46,058 AstraZeneca PLC SPONSORED ADR 046353108 11,131 240,976 SH SOLE 240,976 Atheros Communications Inc. COM 04743P108 14,810 412,317 SH SOLE 412,317 Autoliv Inc. COM 052800109 10,392 131,647 SH SOLE 131,647 AutoNation Inc. COM 05329W102 1,746 61,928 SH SOLE 61,928 AutoZone Inc. COM 053332102 3,244 11,900 SH SOLE 11,900 Avnet Inc. COM 053807103 6,634 200,846 SH SOLE 200,846 Baidu Inc. SPON ADR REP A 056752108 16,185 167,668 SH SOLE 167,668 Barclays iPath MSCI India Index IPMS INDIA ETN 06739F291 18,704 240,846 SH SOLE 240,846 BCE Inc. COM 05534B760 6,120 172,593 SH SOLE 172,593 Benchmark Electronics Inc. COM 08160H101 2,961 163,068 SH SOLE 163,068 Best Buy Co. Inc. COM 086516101 32,498 947,748 SH SOLE 947,748 BJ's Wholesale Club Inc. COM 05548J106 17,233 359,761 SH SOLE 359,761 Bristol-Myers Squibb Co. COM 110122108 5,459 206,174 SH SOLE 206,174 British American Tobacco PLC SPONSORED ADR 110448107 10,804 139,053 SH SOLE 139,053 Broadcom Corp. COM 111320107 16,336 375,111 SH SOLE 375,111 Cabot Corp. COM 127055101 7,921 210,379 SH SOLE 210,379 Canadian Imperial Bank of Commerce COM 136069101 9,263 118,146 SH SOLE 118,146 Canadian National Railway Co. COM 136375102 6,918 104,079 SH SOLE 104,079 Canadian Pacific Railway Ltd. COM 13645T100 5,533 85,369 SH SOLE 85,369 Canon Inc. ADR 138006309 13,066 254,502 SH SOLE 254,502 Capital One Financial Corp. COM 14040H105 2,590 60,859 SH SOLE 60,859 Carlisle Cos. COM 142339100 19,147 481,795 SH SOLE 481,795 Cash America International Inc. COM 14754D100 2,127 57,583 SH SOLE 57,583 Caterpillar Inc. COM 149123101 11,586 123,707 SH SOLE 123,707 Central Europe & Russia Fund Inc. COM 153436100 6,630 158,468 SH SOLE 158,468 Cereplast Inc. COM 156732307 987 238,497 SH SOLE 238,497 Chevron Corp. COM 166764100 17,810 195,174 SH SOLE 195,174 China Fund Inc. COM 169373107 5,411 166,489 SH SOLE 166,489 China Mobile Ltd. SPONSORED ADR 16941M109 2,317 46,685 SH SOLE 46,685 China Valves Technology Inc. COM NEW 169476207 641 61,130 SH SOLE 61,130 China Wind Systems Inc. COM NEW 16945F209 806 225,212 SH SOLE 225,212 Chubb Corp. COM 171232101 4,569 76,612 SH SOLE 76,612 CIGNA Corp. COM 125509109 25,511 695,889 SH SOLE 695,889 Cimarex Energy Co. COM 171798101 3,948 44,591 SH SOLE 44,591 Cinemark Holdings Inc. COM 17243V102 2,520 146,177 SH SOLE 146,177 Cirrus Logic Inc. COM 172755100 5,166 323,252 SH SOLE 323,252 Citigroup Inc. COM 172967101 12,250 2,589,856 SH SOLE 2,589,856 CLARCOR Inc. COM 179895107 452 10,543 SH SOLE 10,543 Cliffs Natural Resources Inc. COM 18683K101 3,831 49,105 SH SOLE 49,105 Coca-Cola Femsa S.A.B. de C.V. SPON ADR REP L 191241108 5,603 67,968 SH SOLE 67,968 Collective Brands Inc. COM 19421W100 769 36,454 SH SOLE 36,454 Comcast Corp. CL A 20030N101 2,942 133,901 SH SOLE 133,901 CommonWealth REIT COM SH BEN INT 203233101 7,528 295,088 SH SOLE 295,088 Companhia Brasileira de Dist SPON ADR PFD CL A 20440T201 24,317 579,249 SH SOLE 579,249 Companhia de Saneamento Basico SPONSORED ADR 20441A102 1,676 31,693 SH SOLE 31,693 Companhia Energetica de Minas SP ADR N-V PFD 204409601 416 25,047 SH SOLE 25,047 Companhia Siderurgica Nacional SPONSORED ADR 20440w105 3,952 237,081 SH SOLE 237,081 ConocoPhillips COM 20825C104 18,026 264,694 SH SOLE 264,694 Corning Inc. COM 219350105 16,467 852,352 SH SOLE 852,352 Cosan Ltd. CL A G25343107 463 33,985 SH SOLE 33,985 Costco Wholesale Corp. COM 22160K105 38,028 526,625 SH SOLE 526,625 Coventry Health Care Inc. COM 222862104 30,469 1,154,117 SH SOLE 1,154,117 Cracker Barrel Old Country Store Inc. COM 22410J106 7,176 131,022 SH SOLE 131,022 Credicorp Ltd. COM G2519Y108 2,969 24,972 SH SOLE 24,972 Credit Acceptance Corp. COM 225310101 2,600 41,426 SH SOLE 41,426 Credit Suisse Group SPONSORED ADR 225401108 8,210 203,164 SH SOLE 203,164 CSX Corp. COM 126408103 11,599 179,528 SH SOLE 179,528 Ctrip.com International Ltd. AMERICAN DEP SHS 22943F100 2,139 52,870 SH SOLE 52,870 Cummins Inc. COM 231021106 16,744 152,202 SH SOLE 152,202 Daqo New Energy Corp. SPONSORED ADR 23703Q104 519 51,060 SH SOLE 51,060 Deckers Outdoor Corp. COM 243537107 7,721 96,825 SH SOLE 96,825 Deutsche Bank AG NAMEN AKT D18190898 9,423 181,036 SH SOLE 181,036 Dillard's Inc. CL A 254067101 3,237 85,318 SH SOLE 85,318 Discover Financial Services COM 254709108 2,800 151,107 SH SOLE 151,107 Domtar Corp. COM 257559203 8,271 108,945 SH SOLE 108,945 Donaldson Co. Inc. COM 257651109 511 8,775 SH SOLE 8,775 Dow Chemical Co. COM 260543103 1,473 43,134 SH SOLE 43,134 E.I. DuPont de Nemours & Co. COM 263534109 1,268 25,426 SH SOLE 25,426 Eastman Chemical Co. COM 277432100 8,054 95,793 SH SOLE 95,793 Echelon Corp. COM 27874N105 416 40,826 SH SOLE 40,826 Edison International COM 281020107 8,053 208,638 SH SOLE 208,638 Eli Lilly & Co. COM 532457108 7,120 203,208 SH SOLE 203,208 Endo Pharmaceuticals Holdings Inc. COM 29264F205 11,635 325,808 SH SOLE 325,808 Energizer Holdings Inc. COM 29266R108 6,764 92,781 SH SOLE 92,781 Entertainment Properties Trust COM 29380T105 13,944 301,491 SH SOLE 301,491 ESCO Technologies Inc. COM 296315104 362 9,577 SH SOLE 9,577 Exxon Mobil Corp. COM 30231G102 9,689 132,514 SH SOLE 132,514 Fairchild Semiconductor International COM 303726103 3,294 210,996 SH SOLE 210,996 First Solar Inc. COM 336433107 715 5,493 SH SOLE 5,493 Flextronics International Ltd. COM Y2573F102 12,376 1,576,516 SH SOLE 1,576,516 Fomento Economico Mexicano SPON ADR UNITS 344419106 9,843 176,021 SH SOLE 176,021 Fossil Inc. COM 349882100 5,968 84,676 SH SOLE 84,676 Freeport-McMoRan Copper & Gold COM 35671D857 10,002 83,287 SH SOLE 83,287 Garmin Ltd. COM H2906T109 5,244 169,217 SH SOLE 169,217 Genesee & Wyoming Inc. CL A 371559105 3,666 69,240 SH SOLE 69,240 GlaxoSmithKline PLC SPONSORED ADR 37733W105 6,079 154,997 SH SOLE 154,997 Greater China Fund Inc. COM 39167B102 205 15,592 SH SOLE 15,592 Grupo Aeroportuario del Sureste SPON ADR SER B 40051E202 2,810 49,781 SH SOLE 49,781 Grupo Televisa S.A. de C.V. SPON ADR REP ORD 40049J206 10,776 415,586 SH SOLE 415,586 Headwaters Inc. COM 42210P102 1,014 221,316 SH SOLE 221,316 Health Net Inc. COM 42222G108 4,461 163,454 SH SOLE 163,454 HealthSpring Inc. COM 42224N101 25,253 951,875 SH SOLE 951,875 Herbalife Ltd. COM G4412G101 3,151 46,082 SH SOLE 46,082 Hess Corp. COM 42809H107 6,590 86,102 SH SOLE 86,102 Hewlett-Packard Co. COM 428236103 10,830 257,240 SH SOLE 257,240 Hill-Rom Holdings Inc. COM 431475102 3,143 79,837 SH SOLE 79,837 Humana Inc. COM 444859102 29,326 535,740 SH SOLE 535,740 Impax Laboratories Inc. COM 45256B101 2,100 104,440 SH SOLE 104,440 ING Groep N.V. SPONSORED ADR 456837103 9,325 952,469 SH SOLE 952,469 Insituform Technologies Inc. CL A 457667103 1,026 38,717 SH SOLE 38,717 Intel Corp. COM 458140100 26,901 1,279,153 SH SOLE 1,279,153 International Bancshares Corp. COM 459044103 2,306 115,129 SH SOLE 115,129 IPG Photonics Corp. COM 44980X109 3,630 114,810 SH SOLE 114,810 iShares Barclays Intermediate BARCLAYS INTER CR 464288638 3,380 32,133 SH SOLE 32,133 iShares FTSE/Xinhua China FTSE XNHUA IDX 464287184 17,959 416,782 SH SOLE 416,782 iShares iBoxx $High Yield HIGH YLD CORP 464288513 1,848 20,466 SH SOLE 20,466 iShares iBoxx $InvesTop IBOXX INV CPBD 464287242 67,713 624,428 SH SOLE 624,428 iShares JPMorgan USD JPMORGAN USD 464288281 1,922 17,953 SH SOLE 17,953 iShares MSCI Brazil MSCI BRAZIL 464286400 13,272 171,476 SH SOLE 171,476 iShares MSCI EAFE MSCI EAFE IDX 464287465 300 5,160 SH SOLE 5,160 iShares MSCI Emerging Mkt MSCI EMERG MKT 464287234 17,200 361,033 SH SOLE 361,033 iShares MSCI Korea MSCI S KOREA 464286772 14,701 240,244 SH SOLE 240,244 iShares MSCI Malaysia MSCI MALAYSIA 464286830 10,478 728,681 SH SOLE 728,681 iShares MSCI Singapore MSCI SINGAPORE 464286673 4,368 315,381 SH SOLE 315,381 iShares MSCI South Afr MSCI STH AFRCA 464286780 7,180 96,149 SH SOLE 96,149 iShares MSCI Taiwan MSCI TAIWAN 464286731 9,578 613,176 SH SOLE 613,176 iShares MSCI Thailand MSCI THAILAND 464286624 4,983 77,132 SH SOLE 77,132 iShares S&P 100 S&P 100 IDX FD 464287101 2,293 40,458 SH SOLE 40,458 iShares S&P Latin America S&P LTN AM 40 464287390 23,843 442,682 SH SOLE 442,682 iShares Silver Trust ISHARES 46428Q109 7,559 250,477 SH SOLE 250,477 JA Solar Holdings Co. Ltd. SPON ADR 466090107 231 33,412 SH SOLE 33,412 Jabil Circuit Inc. COM 466313103 6,021 299,704 SH SOLE 299,704 JinkoSolar Holding Co. Ltd. SPONSORED ADR 47759T100 298 14,822 SH SOLE 14,822 Johnson & Johnson COM 478160104 6,058 97,951 SH SOLE 97,951 Johnson Controls Inc. COM 478366107 2,756 72,156 SH SOLE 72,156 Joy Global Inc. COM 481165108 11,883 136,977 SH SOLE 136,977 JPMorgan Chase & Co. COM 46625H100 13,218 311,589 SH SOLE 311,589 Kansas City Southern COM 485170302 6,761 141,270 SH SOLE 141,270 KKR Financial Holdings LLC COM 48248A306 6,652 715,281 SH SOLE 715,281 Layne Christensen Co. COM 521050104 830 24,122 SH SOLE 24,122 Lear Corp. COM 521865204 2,883 29,202 SH SOLE 29,202 Lexington Realty Trust COM 529043101 6,976 877,438 SH SOLE 877,438 Lexmark International Inc. CL A 529771107 5,699 163,679 SH SOLE 163,679 Limited Brands Inc. COM 532716107 9,460 307,834 SH SOLE 307,834 Longtop Financial Technologies Ltd. ADR 54318P108 1,872 51,754 SH SOLE 51,754 Lorillard Inc. COM 544147101 10,151 123,700 SH SOLE 123,700 LSB Industries Inc. COM 502160104 663 27,315 SH SOLE 27,315 LSI Corp. COM 502161102 9,102 1,519,559 SH SOLE 1,519,559 Lubrizol Corp. COM 549271104 5,405 50,574 SH SOLE 50,574 Magellan Health Services Inc. COM NEW 559079207 13,367 282,711 SH SOLE 282,711 Magna International Inc. COM 559222401 7,117 136,864 SH SOLE 136,864 Marathon Oil Corp. COM 565849106 6,828 184,395 SH SOLE 184,395 Market Vectors Indonesia INDONESIA ETF 57060U753 4,900 56,123 SH SOLE 56,123 Market Vectors Russia RUSSIA ETF 57060U506 39,194 1,033,866 SH SOLE 1,033,866 Market Vectors Vietnam VIETNAM ETF 57060U761 663 25,321 SH SOLE 25,321 MasTec Inc. COM 576323109 5,812 398,352 SH SOLE 398,352 MeadWestvaco Corp. COM 583334107 1,852 70,799 SH SOLE 70,799 Medicis Pharmaceutical Corp. COM 584690309 5,531 206,449 SH SOLE 206,449 Merck & Co. Inc. COM 58933Y105 10,728 297,682 SH SOLE 297,682 MetroPCS Communications Inc. COM 591708102 7,803 617,805 SH SOLE 617,805 MFA Financial Inc. COM 55272X102 18,545 2,272,717 SH SOLE 2,272,717 Micrel Inc. COM 594793101 6,274 482,967 SH SOLE 482,967 Mindray Medical International Ltd. SPON ADR 602675100 5,251 198,918 SH SOLE 198,918 Molex Inc. COM 608554101 10,952 482,062 SH SOLE 482,062 Mylan Inc. COM 628530107 4,565 216,055 SH SOLE 216,055 National Retail Properties Inc. COM 637417106 50,767 1,550,599 SH SOLE 1,550,599 New Oriental Edu & Tech Group SPON ADR 647581107 2,778 26,397 SH SOLE 26,397 NII Holdings Inc. CL B NEW 62913F201 1,479 33,126 SH SOLE 33,126 Norfolk Southern Corp. COM 655844108 11,389 181,298 SH SOLE 181,298 Novartis AG SPONSORED ADR 66987V109 11,959 202,868 SH SOLE 202,868 Novellus Systems Inc. COM 670008101 17,665 546,566 SH SOLE 546,566 Novo Nordisk A/S ADR 670100205 6,699 59,512 SH SOLE 59,512 NTT DoCoMo Inc. SPON ADR 62942M201 2,429 139,426 SH SOLE 139,426 Occidental Petroleum Corp. COM 674599105 23,945 244,084 SH SOLE 244,084 Omega Healthcare Investors Inc. COM 681936100 39,169 1,745,504 SH SOLE 1,745,504 ON Semiconductor Corp. COM 682189105 13,706 1,387,281 SH SOLE 1,387,281 Pall Corp. COM 696429307 487 9,816 SH SOLE 9,816 Panasonic Corp. ADR 69832A205 13,376 948,665 SH SOLE 948,665 Par Pharmaceutical Cos. Inc. COM 69888P106 4,302 111,700 SH SOLE 111,700 Partner Communications Co. Ltd. ADR 70211M109 1,155 56,845 SH SOLE 56,845 Perrigo Co. COM 714290103 7,071 111,646 SH SOLE 111,646 Perry Ellis International Inc. COM 288853104 2,386 86,857 SH SOLE 86,857 Pfizer Inc. COM 717081103 10,178 581,289 SH SOLE 581,289 Philip Morris International Inc. COM 718172109 19,019 324,950 SH SOLE 324,950 Plexus Corp. COM 729132100 3,832 123,846 SH SOLE 123,846 Polaris Industries Inc. COM 731068102 7,845 100,557 SH SOLE 100,557 Popular Inc. COM 733174106 4,625 1,473,068 SH SOLE 1,473,068 PowerShares Emerg Mkts SOVREIGN DEBT 73936T573 1,934 72,500 SH SOLE 72,500 ProShares Short 20+ Year Treasury SHRT 20+ YR TRE 74347X849 19,343 437,141 SH SOLE 437,141 ProShares Short Russell2000 PSHS SHTRUSS2000 74347R826 12,673 393,804 SH SOLE 393,804 ProShares Trust Short Dow30 PSHS SHORT DOW30 74347R701 1,319 29,743 SH SOLE 29,743 ProShares Trust Short S&P500 PSHS SHRT S&P 500 74347R503 2,216 50,545 SH SOLE 50,545 Quanta Services Inc. COM 74762E102 305 15,290 SH SOLE 15,290 Questcor Pharmaceuticals Inc. COM 74835Y101 4,230 287,193 SH SOLE 287,193 Real Goods Solar Inc. CL A 75601N104 291 113,924 SH SOLE 113,924 Realty Income Corp. COM 756109104 17,258 504,625 SH SOLE 504,625 ReneSola Ltd. SPONS ADR 75971T103 587 67,214 SH SOLE 67,214 Rentech Inc. COM 760112102 257 210,321 SH SOLE 210,321 Reynolds American Inc. COM 761713106 9,896 303,360 SH SOLE 303,360 RF Micro Devices Inc. COM 749941100 20,001 2,721,157 SH SOLE 2,721,157 Rogers Communications Inc. CL B 775109200 2,326 67,153 SH SOLE 67,153 Royal Dutch Shell PLC SPONS ADR A 780259206 6,586 98,626 SH SOLE 98,626 RPC Inc. COM 749660106 3,590 198,134 SH SOLE 198,134 Rubicon Technology Inc. COM 78112T107 216 10,232 SH SOLE 10,232 SanDisk Corp. COM 80004C101 6,676 133,897 SH SOLE 133,897 Sanmina-SCI Corp. COM NEW 800907206 6,648 579,107 SH SOLE 579,107 Sasol Ltd. SPONSORED ADR 803866300 1,708 32,808 SH SOLE 32,808 SEACOR Holdings Inc. COM 811904101 10,446 103,331 SH SOLE 103,331 Seaspan Corp. COM Y75638109 1,251 100,717 SH SOLE 100,717 Senior Housing Properties Trust SH BEN INT 81721M109 30,949 1,410,604 SH SOLE 1,410,604 Shire PLC SPONSORED ADR 82481R106 10,267 141,843 SH SOLE 141,843 Solarfun Power Holdings Co. Ltd. SPONSORED ADR 83415U108 234 28,601 SH SOLE 28,601 Sony Corp. ADR NEW 835699307 34,891 977,073 SH SOLE 977,073 Southwest Airlines Co. COM 844741108 6,816 525,140 SH SOLE 525,140 SPDR Barclays Capital BARCLYS YLD ETF 78464A417 2,005 50,492 SH SOLE 50,492 SPDR Gold Trust GOLD SHS 78463V107 18,686 134,706 SH SOLE 134,706 SPDR S&P Emerging MIDEAST AFRICA 78463X806 4,727 59,390 SH SOLE 59,390 SPDR S&P 500 TR UNIT 78462F103 246 1,960 SH SOLE 1,960 Sunoco Inc. COM 86764P109 6,053 150,157 SH SOLE 150,157 Tellabs Inc. COM 879664100 5,820 858,384 SH SOLE 858,384 Teva Pharmaceutical Industries Ltd. ADR 881624209 6,001 115,125 SH SOLE 115,125 Texas Instruments Incorporated COM 882508104 11,062 340,376 SH SOLE 340,376 Thomas & Betts Corp. COM 884315102 11,351 235,006 SH SOLE 235,006 Thor Industries Inc. COM 885160101 2,522 74,254 SH SOLE 74,254 Travelers Cos. Inc. COM 89417E109 6,236 111,934 SH SOLE 111,934 Trimble Navigation Ltd. COM 896239100 4,689 117,423 SH SOLE 117,423 Trina Solar Ltd. SPON ADR 89628E104 3,119 133,184 SH SOLE 133,184 TriQuint Semiconductor Inc. COM 89674K103 3,294 281,747 SH SOLE 281,747 TRW Automotive Holdings Corp. COM 87264S106 3,666 69,567 SH SOLE 69,567 TTM Technologies Inc. COM 87305R109 5,069 339,773 SH SOLE 339,773 Tyco Electronics Ltd. COM H8912P106 36,750 1,038,141 SH SOLE 1,038,141 Tyco International Ltd. SHS H89128104 7,506 181,118 SH SOLE 181,118 U.S. Cellular Corp. COM 911684108 1,377 27,577 SH SOLE 27,577 U.S. Geothermal Inc. COM 90338S102 102 87,472 SH SOLE 87,472 UBS AG SHS NEW H89231338 10,806 656,131 SH SOLE 656,131 Union Pacific Corp. COM 907818108 13,301 143,548 SH SOLE 143,548 UnitedHealth Group Inc. COM 91324P102 27,103 750,561 SH SOLE 750,561 US Airways Group Inc. COM 90341W108 2,629 262,612 SH SOLE 262,612 Valeant Pharmaceuticals International COM 91911K102 4,857 171,689 SH SOLE 171,689 Veeco Instruments Inc. COM 922417100 306 7,122 SH SOLE 7,122 Verizon Communications Inc. COM 92343V104 9,958 278,325 SH SOLE 278,325 ViroPharma Inc. COM 928241108 4,082 235,659 SH SOLE 235,659 Vishay Intertechnology Inc. COM 928298108 22,376 1,524,237 SH SOLE 1,524,237 Vodafone Group PLC SPON ADR NEW 92857W209 5,880 222,399 SH SOLE 222,399 Volterra Semiconductor Corp. COM 928708106 3,197 138,042 SH SOLE 138,042 Wal-Mart Stores Inc. COM 931142103 31,392 582,083 SH SOLE 582,083 Warner Chilcott PLC SHS A G94368100 6,006 266,220 SH SOLE 266,220 Washington Real Estate Investment Tr. COM 939653101 9,264 298,924 SH SOLE 298,924 Watson Pharmaceuticals Inc. COM 942683103 4,724 91,467 SH SOLE 91,467 WellPoint Inc. COM 94973V107 22,562 396,795 SH SOLE 396,795 Wesco International Inc. COM 95082P105 3,082 58,363 SH SOLE 58,363 Westlake Chemical Corp. COM 960413102 2,071 47,653 SH SOLE 47,653 Whirlpool Corp. COM 963320106 5,858 65,949 SH SOLE 65,949 Williams Partners L.P. COM 96950F104 6,038 129,426 SH SOLE 129,426 WisdomTree Dreyfus Brazilian BRAZILN RL ETF 97717W240 12,075 454,796 SH SOLE 454,796 Xerox Corp. COM 984121103 43,900 3,810,766 SH SOLE 3,810,766 Xilinx Inc. COM 983919101 3,019 104,162 SH SOLE 104,162 Zebra Technologies Corp. CL A 989207105 8,700 229,000 SH SOLE 229,000 TOTAL 2,467,491