UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 12/31/2010
Check here if Amendment [X]; Amendment Number: 1
-------
This Amendment (Check only one.): [X] is a restatement.
[] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Nomura Holdings Inc.
Address: 1-9-1, Nihonbashi, Chuo-ku, Tokyo 103-8011, Japan
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.
Persons Signing this Report on Behalf of Reporting Manager:
Name: Brendan G. Daly
Title: Head of Compliance and Surveillance
Phone: 212-667-1246
Signature, Place, and Date of Signing:
/s/ Brendan G. Daly New York, NY 1/25/2011
--------------------------------- --------------------------------- ----------
[Signature] [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).)
List of Other Managers Reporting for this Manager:
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 5
Form 13F Information Table Entry Total: 463
Form 13F Information Table Value Total: $ 3,096,254
--------------
(In Thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
No. Form 13F File Number Name
1 28-04983 Nomura Securities International, Inc.
---- -------------------- ----------------------------------------------------
2 28-04985 Nomura International plc
---- -------------------- ----------------------------------------------------
3 28-04979 Nomura Securities Company, Ltd
---- -------------------- ----------------------------------------------------
4 028-13982 Nomura Corporate Research & Asset Management Inc.
---- -------------------- ----------------------------------------------------
5 Nomura Funds Research and Technologies America Inc.
---- -------------------- ----------------------------------------------------
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------ -------------- --------- ----------- ----------------- ---------- -------- ------------------------
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------ -------------- --------- ----------- -------- --- ---- ---------- -------- -------- -------- ------
3M CO COM USD0.0 CMN 88579Y101 907 10512 SH SOLE 2 10512 0 0
A123 Systems, In CMN 03739T108 236.4012 24780 SH SOLE 3 24780 0 0
ABBOTT LABORATOR CMN 002824100 925 19300 SH DEFINED 2 0 19300 0
ABBOTT LABORATOR CMN 002824100 11498 240000 SH DEFINED 1 0 240000 0
ABERCROMBIE & FI CMN 002896207 373 6470 SH SOLE 2 6470 0 0
ACE LTD CHF30.57 CMN H0023R105 428 6882 SH SOLE 2 6882 0 0
ACME PACKET INC CMN 004764106 494 9300 SH SOLE 1 9300 0 0
ADOBE SYSTEMS IN CMN 00724F101 999 32452 SH SOLE 2 32452 0 0
ADVANCED MICRO D CMN 007903107 476 58100 SH SOLE 2 58100 0 0
AES CORP/THE COM CMN 00130H105 420 34449 SH SOLE 2 34449 0 0
AETNA INC COM US CMN 00817Y108 333 10904 SH SOLE 2 10904 0 0
AFLAC INC COM US CMN 001055102 779 13797 SH SOLE 1 13797 0 0
AIRGAS INC COM U CMN 009363102 1887 30216 SH SOLE 2 30216 0 0
AK STEEL HOLDING CMN 001547108 1123 68607 SH SOLE 2 0 0 0
ALCON INC COM CH CMN H01301102 14707 90000 SH SOLE 2 0 0 0
ALEXION PHARMACE CMN 015351109 2618 32500 SH SOLE 1 32500 0 0
ALLEGHENY TECHNO CMN 01741R102 245 4443 SH SOLE 2 0 0 0
ALLERGAN INC/UNI CMN 018490102 7666 111628 SH SOLE 1 111628 0 0
ALLIS-CHALMERS C CMN 19645506 137.546 19400 SH SOLE 4 0 0 0
AMERICAN ELECTRI CMN 025537101 700 19449 SH SOLE 2 19449 0 0
AMERICAN EXPRESS CMN 025816109 2123 49463 SH DEFINED 2 0 49463 0
AMERICAN EXPRESS CMN 025816109 1325 30866 SH DEFINED 1 0 30866 0
AMERICAN INTERNA CMN 026874784 589 10220 SH DEFINED 2 0 10220 0
AMERICAN TOWER C CMN 029912201 311 6027 SH SOLE 2 6027 0 0
AMERIPRISE FINAN CMN 03076C106 421 7308 SH SOLE 1 7308 0 0
AMGEN INC COM US CMN 031162100 922 16800 SH SOLE 2 16800 0 0
ANALOG DEVICES I CMN 032654105 529 14054 SH DEFINED 2 0 14054 0
ANALOG DEVICES I CMN 032654105 1884 50000 SH DEFINED 1 0 50000 0
ANNTAYLOR STORES CMN 036115103 1301 47500 SH SOLE 1 47500 0 0
AON CORP COM USD CMN 037389103 430 9352 SH SOLE 1 9352 0 0
APACHE CORP USD0 CMN 037411105 990 8300 SH SOLE 1 8300 0 0
APPLE INC COM CMN 037833100 343.4907225 1065 SH DEFINED 3 0 1065 0
APPLE INC COM NP CMN 037833100 206 640 SH DEFINED 2 0 640 0
APPLE INC COM NP CMN 037833100 4350 13485 SH DEFINED 2 0 13485 0
APPLE INC COM NP CMN 037833100 1000 3100 SH DEFINED 1 0 3100 0
APPLIED MATERIAL CMN 038222105 490 34910 SH SOLE 2 34910 0 0
ARCELORMITTAL NY CMN 03938L104 9486 248800 SH SOLE 2 248800 0 0
ARCHER-DANIELS-M CMN 039483102 649 21583 SH DEFINED 2 0 21583 0
ARCHER-DANIELS-M CMN 039483102 4493 149375 SH DEFINED 1 0 149375 0
ARCTIC CAT INC C CMN 039670104 1126 76902 SH SOLE 1 76902 0 0
ARMSTRONG WORLD CMN 04247X102 219.902 5114 SH SOLE 4 0 0 0
AT&T INC COM USD CMN 00206R102 1821 62000 SH SOLE 2 62000 0 0
AUTOMATIC DATA P CMN 053015103 217 4683 SH SOLE 2 4683 0 0
AVON PRODUCTS IN CMN 054303102 375 12899 SH SOLE 2 12899 0 0
BAKER HUGHES INC CMN 057224107 421 7365 SH SOLE 2 7365 0 0
BANCO SANTANDER CMN 05964H105 639 60000 SH SOLE 2 60000 0 0
BANK OF AMERICA CMN 060505104 24388 1827672 SH DEFINED 2 0 1827672 0
BANK OF AMERICA CMN 060505104 1267 94955 SH DEFINED 2 0 94955 0
BANK OF AMERICA CMN 060505104 3938 295132 SH DEFINED 1 0 295132 0
BANK OF NEW YORK CMN 064058100 1380 45691 SH DEFINED 1 0 45691 0
BARRICK GOLD COR CMN 067901108 640 12031 SH SOLE 2 12031 0 0
BAXTER INTERNATI CMN 071813109 232 4590 SH SOLE 2 4590 0 0
BB&T CORP COM US CMN 054937107 803 30533 SH SOLE 1 30533 30533 0
BEAZER HOMES USA CMN 07556Q105 282 52300 SH SOLE 1 52300 0 0
BERKSHIRE HATHAW CMN 084670702 4081 50939 SH SOLE 1 50939 0 0
BEST BUY CO INC CMN 086516101 1147 33457 SH SOLE 1 33457 0 0
BHP BILLITON LTD CMN 088606108 1067 11478 SH SOLE 2 0 0 0
BLACKROCK INC/NE CMN 09247X101 521 2732 SH SOLE 1 2732 0 0
BLUE COAT SYSTEM CMN 09534T508 2988 100000 SH SOLE 2 100000 0 0
BOEING CO COM US CMN 097023105 1711 26216 SH SOLE 2 26216 0 0
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------ -------------- --------- ----------- ----------------- ---------- -------- ------------------------
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------ -------------- --------- ----------- -------- --- ---- ---------- -------- -------- -------- ------
BROADCOM CORP CL CMN 111320107 550 12621 SH SOLE 2 12621 0 0
BUCYRUS INTERNAT CMN 118759109 7861 87923 SH SOLE 2 87923 0 0
BUNGE LTD COM US CMN G16962105 644 9831 SH SOLE 2 9831 0 0
CAMECO CORP COM CMN 13321L108 275 6800 SH SOLE 2 6800 0 0
CAPITAL ONE FINA CMN 14040H105 571 13420 SH SOLE 1 13420 0 0
CARMAX INC COM U CMN 143130102 828 25969 SH SOLE 2 0 0 0
CARNIVAL CORP CO CMN 143658300 445 9658 SH SOLE 2 0 0 0
CATERPILLAR INC CMN 149123101 1998 21335 SH SOLE 2 0 0 0
CEMEX SAB DE CV ADR 151290889 39255.12738 3664278 SH SOLE 2 0 0 0
CEPHALON INC COM CMN 156708109 19120 309792 SH SOLE 2 309792 0 0
CHARLES RIVER LA CMN 159864107 2661 74848 SH SOLE 2 74848 0 0
CHEVRON CORP COM CMN 166764100 694 7600 SH DEFINED 2 0 7600 0
CHEVRON CORP COM CMN 166764100 1158 12695 SH DEFINED 2 0 12695 0
CHIMERA INVT COR CMN 16934Q109 122 29665 SH SOLE 1 29665 0 0
CHIQUITA BRANDS CMN 170032809 313 22300 SH SOLE 1 22300 0 0
CHMT CS CMN 163893209 5543.71768 346916 SH SOLE 4 294731 0 52185
CHTR CS CMN 16117M305 10319.99562 265023 SH SOLE 4 0 0 0
CHUBB CORP COM U CMN 171232101 534 8953 SH SOLE 1 8953 0 0
CIA SIDERURGICA CMN 20440W105 13499 809713 SH SOLE 2 0 0 0
CIENA CORP COM S CMN 171779309 1654 78600 SH SOLE 1 78600 0 0
CISCO SYSTEMS IN CMN 17275R102 744 36750 SH DEFINED 2 0 36750 0
CISCO SYSTEMS IN CMN 17275R102 327 16181 SH DEFINED 2 0 16181 0
CIT CS CMN 125581801 307.2804 6524 SH SOLE 4 0 0 0
CIT GROUP INC/NE CMN 125581801 267 5666 SH SOLE 1 5666 0 0
CITIGROUP INC CMN 172967101 425.14014 89800 SH DEFINED 3 0 89800 0
CITIGROUP INC CO CMN 172967101 11300 2386874 SH DEFINED 2 0 2386874 0
CITIGROUP INC CO CMN 172967101 11840 2500858 SH DEFINED 2 0 2500858 0
CITIGROUP INC CO CMN 172967101 9205 1944329 SH DEFINED 1 0 1944329 0
CLIFFS NATURAL R CMN 18683K101 503 6450 SH SOLE 2 6450 0 0
CME GROUP INC CO CMN 12572Q105 615 1911 SH SOLE 1 1911 0 0
COACH INC COM US CMN 189754104 287 5188 SH SOLE 2 5188 0 0
COCA-COLA CO/THE CMN 191216100 853 12965 SH SOLE 2 12965 0 0
COINSTAR INC COM CMN 19259P300 2972 52655 SH SOLE 1 52655 0 0
COLGATE-PALMOLIV CMN 194162103 789 9818 SH SOLE 2 9818 0 0
COMMSCOPE INC CO CMN 203372107 3746 120000 SH SOLE 2 120000 0 0
CONOCOPHILLIPS C CMN 20825C104 385 5648 SH SOLE 2 5648 0 0
CONSTAR INTL INC CMN 21036U107 0 82200 SH SOLE 1 82200 0 0
CONSUMER STAPLES CMN 81369Y308 360 12288 SH SOLE 2 12288 0 0
COORS(ADOLPH)CO CMN 60871R209 788 15700 SH SOLE 1 15700 0 0
CORNING INC COM CMN 219350105 443 22929 SH DEFINED 2 0 22929 0
CORNING INC COM CMN 219350105 4056 210000 SH DEFINED 1 0 210000 0
COVANCE INC COM CMN 222816100 16568 322290 SH SOLE 2 322290 0 0
COVENTRY HEALTH CMN 222862104 871 32992 SH SOLE 1 32992 0 0
CREE INC COM USD CMN 225447101 505 7658 SH SOLE 2 0 0 0
CSX CORP COM USD CMN 126408103 240 3717 SH SOLE 2 0 0 0
CUBIST PHARMACEU CMN 229678107 219 10235 SH SOLE 1 0 0 0
CUMMINS INC COM CMN 231021106 764 6943 SH SOLE 2 0 0 0
DANAHER CORP COM CMN 235851102 387 8206 SH SOLE 1 8206 0 0
DEERE & CO COM U CMN 244199105 234 2812 SH SOLE 2 0 0 0
DEL MONTE FOODS CMN 24522P103 7013 373100 SH SOLE 2 373100 0 0
DELTA AIR LINES CMN 247361702 568 45109 SH DEFINED 2 0 45109 0
DELTA AIR LINES CMN 247361702 1001 79500 SH DEFINED 1 0 79500 0
DELTA AIR LINES CMN 247361702 199.7604 15854 SH SOLE 4 14330 0 1524
DEXO CS CMN 25212W100 3520.62018 471933 SH SOLE 4 359173 0 116345
DIAMOND OFFSHORE CMN 25271C102 404 6041 SH SOLE 2 6041 0 0
DIREXION DAILY R CMN 25459W755 11363 200000 SH SOLE 1 200000 0 0
DIREXIONSHARES M CMN 25459W524 936 100000 SH SOLE 1 100000 0 0
DISCOVER FINANCI CMN 254709108 286 15433 SH SOLE 1 15433 0 0
DOMINION RESOURC CMN 25746U109 427 10000 SH SOLE 2 10000 0 0
DU PONT EI DE NE CMN 263534109 253 5072 SH SOLE 2 0 0 0
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------ -------------- --------- ----------- ----------------- ---------- -------- ------------------------
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------ -------------- --------- ----------- -------- --- ---- ---------- -------- -------- -------- ------
DYNEGY INC COM S CMN 26817G300 563 100000 SH SOLE 2 0 0 0
ELI LILLY & CO C CMN 532457108 3505 100000 SH SOLE 1 100000 0 0
EMC CORP/MASSACH CMN 268648102 2982 130200 SH SOLE 1 130200 0 0
EMERSON ELECTRIC CMN 291011104 343 5991 SH SOLE 2 5991 0 0
ENTERGY CORP COM CMN 29364G103 14519 204987 SH DEFINED 2 0 204987 0
ENTERGY CORP COM CMN 29364G103 337 4759 SH DEFINED 2 0 4759 0
EQUINIX INC COM CMN 29444U502 11589 142606 SH SOLE 2 142606 0 0
EXCO RESOURCES I CMN 269279402 2991 154000 SH SOLE 2 154000 0 0
EXELIXIS INC COM CMN 30161Q104 139 17000 SH SOLE 2 17000 0 0
EXELON CORP COM CMN 30161N101 1179 28320 SH SOLE 2 28320 0 0
EXPEDITORS INTL CMN 302130109 480 8786 SH SOLE 2 8786 0 0
EXPRESS SCRIPTS CMN 302182100 393 7270 SH SOLE 2 7270 0 0
EXXON MOBIL CORP CMN 30231G102 7152 97800 SH DEFINED 2 0 97800 0
EXXON MOBIL CORP CMN 30231G102 2410 32955 SH DEFINED 2 0 32955 0
FEMO CS CMN 313549404 1272.08987 61602 SH SOLE 4 0 0 0
FIDELITY NATIONA CMN 31620M106 203 7400 SH SOLE 1 7400 0 0
FIFTH THIRD BANC CMN 316773100 327 22292 SH SOLE 1 22292 0 0
FIN SELECT SECTO CMN 81369Y605 12076 756970 SH SOLE 1 0 0 0
FINANCIAL BEAR 3 CMN 25459W490 21742 2300000 SH SOLE 1 2300000 0 0
FINISAR CORP USD CMN 31787A507 1763 59400 SH SOLE 1 59400 0 0
FINISH LINE CLAS CMN 317923100 174 10100 SH SOLE 2 10100 0 0
FIRST NIAGARA FI CMN 33582V108 155 11106 SH SOLE 1 11106 0 0
FLUOR CORP COM U CMN 343412102 823 12423 SH SOLE 2 12423 0 0
FMC CORP COM STK CMN 302491303 479 5995 SH SOLE 2 5995 0 0
FOCUS MEDIA HOLD CMN 34415V109 7908 360489 SH SOLE 2 360489 0 0
FORD MOTOR CO CO CMN 345370134 10195 1250000 SH DEFINED 2 0 1250000 0
FORD MOTOR CO CO CMN 345370134 378 46360.97 SH DEFINED 1 0 46360.97 0
FOREST CITY ENTS CMN 345550107 2381 142703 SH SOLE 2 142703 0 0
FORTINET INC USD CMN 34959E109 575 17790 SH SOLE 2 17790 0 0
FORTRESS INVESTM CMN 34958B106 344779.6962 60487666 SH SOLE 1 60487666 0 0
FOSTER WHEELER A CMN H27178104 579 16764 SH SOLE 2 16764 0 0
FRANKLIN RESOURC CMN 354613101 487 4379 SH SOLE 1 4379 0 0
FREEPORT-MCMORAN CMN 35671D857 604 5030 SH DEFINED 2 0 5030 0
FREEPORT-MCMORAN CMN 35671D857 13078 108900 SH DEFINED 1 0 108900 0
GAP INC/THE COM CMN 364760108 2428 109650 SH SOLE 2 109650 0 0
GAYLORD ENTERTAI CMN 367905106 2277 63357 SH SOLE 2 63357 0 0
GENERAL DYNAMICS CMN 369550108 338 4762 SH SOLE 2 4762 0 0
GENERAL ELECTRIC CMN 369604103 3412 186500 SH DEFINED 2 0 186500 0
GENERAL ELECTRIC CMN 369604103 3703 202402 SH DEFINED 2 0 202402 0
GENERAL ELECTRIC CMN 369604103 1669 91212 SH DEFINED 1 0 91212 0
GENERAL MOTORS C CMN O24674192 850.4177696 23072 SH SOLE 3 23072 0 0
GENZYME CORP COM CMN 372917104 5718 80309 SH SOLE 2 80309 0 0
GERBER SCIENTIFI CMN 373730100 509 64573 SH SOLE 1 64573 0 0
GERON CORP COM U CMN 374163103 1109 213830 SH SOLE 1 213830 0 0
GGC CS CMN 373200302 3025.64124 125754 SH SOLE 4 0 0 0
GILEAD SCIENCES CMN 375558103 25337 699250 SH DEFINED 2 0 699250 0
GILEAD SCIENCES CMN 375558103 309 8520 SH DEFINED 2 0 8520 0
GOL LINHAS AEREA CMN 38045R107 210 13686 SH SOLE 2 13686 0 0
GOLDCORP INC COM CMN 380956409 450 9777 SH SOLE 2 9777 0 0
GOOGLE INC COM U CMN 38259P508 893 1503 SH SOLE 2 1503 0 0
GRAY TELEVISION CMN 389375106 5610 2992213 SH SOLE 1 2992213 0 0
GROUP 1 AUTOMOTI CMN 398905109 351 8400 SH SOLE 1 8400 0 0
HALLIBURTON CO C CMN 406216101 392 9599 SH SOLE 2 9599 0 0
HARTFORD FINANCI CMN 416515104 2700 101959 SH SOLE 2 101959 0 0
HEWLETT-PACKARD CMN 428236103 8844 210100 SH DEFINED 2 0 210100 0
HEWLETT-PACKARD CMN 428236103 1136 26994 SH DEFINED 2 0 26994 0
HOLOGIC INC COM CMN 436440101 1251 66500 SH SOLE 1 66500 0 0
HOME DEPOT INC C CMN 437076102 439 12514 SH SOLE 2 12514 0 0
HONEYWELL INTERN CMN 438516106 977 18385 SH SOLE 2 18385 0 0
HUDSON CITY BANC CMN 443683107 175 13752 SH DEFINED 1 0 13752 0
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------ -------------- --------- ----------- ----------------- ---------- -------- ------------------------
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------ -------------- --------- ----------- -------- --- ---- ---------- -------- -------- -------- ------
HUGHES COMMUNICA CMN 444398101 40453 1000000 SH SOLE 2 1000000 0 0
HUGHES ELECTRONI CMN 25490A101 4276 107076 SH DEFINED 2 0 107076 0
HUGHES ELECTRONI CMN 25490A101 942 23594 SH DEFINED 2 0 23594 0
HUNT (J.B.) TRAN CMN 445658107 2576 63125 SH SOLE 1 63125 0 0
HUNTINGTON BANCS CMN 446150104 144 20884 SH SOLE 1 20884 0 0
ICICI BANK LTD I CMN 45104G104 5763 113800 SH SOLE 2 113800 0 0
ILLINOIS TOOL WO CMN 452308109 257 4803 SH SOLE 2 4803 0 0
INDUSTRIAL SELEC CMN 81369Y704 406 11635 SH SOLE 2 11635 0 0
INFOSYS TECHNOLO CMN 456788108 7608 100000 SH SOLE 2 0 0 0
INGERSOLL-RAND P CMN G47791101 2121 45043 SH SOLE 1 45043 0 0
INNOPHOS HOLDING CMN 45774N108 319.38016 8852 SH SOLE 4 0 0 0
INTEL CORP COM U CMN 458140100 770 36600 SH DEFINED 2 0 36600 0
INTEL CORP COM U CMN 458140100 3136 149099 SH DEFINED 2 0 149099 0
INTERCONTINENTAL CMN 45865V100 249 2086 SH SOLE 1 2086 0 0
INTERNATIONAL BU CMN 459200101 1468 10004 SH SOLE 2 0 0 0
INTERNATIONAL GA CMN 459902102 8497 480393 SH SOLE 2 480393 0 0
INTL FLAVORS & F CMN 459506101 464 8349 SH SOLE 2 8349 0 0
INTREPID POTASH CMN 46121Y102 4246 113856 SH SOLE 1 113856 0 0
INTUIT INC COM U CMN 461202103 320 6501 SH SOLE 2 6501 0 0
IPATH INVERSE S& CMN 06740L592 658 20000 SH SOLE 2 20000 0 0
IPATH S&P 500 VI CMN 06740C527 0 1000025 SH DEFINED 2 0 1000025 0
IPATH S&P 500 VI CMN 06740C527 0 28000 SH DEFINED 2 0 28000 0
ISHARES FTSE/CHI CMN 464287184 27039 627435 SH SOLE 1 627435 0 0
ISHARES INC - MS CMN 464286822 458 7400 SH SOLE 2 7400 0 0
ISHARES MSCI BRA CMN 464286400 728 9400 SH DEFINED 2 0 9400 0
ISHARES MSCI BRA CMN 464286400 1956 25275 SH DEFINED 2 0 25275 0
ISHARES MSCI BRA CMN 464286400 23945 309340 SH DEFINED 1 0 309340 0
ISHARES MSCI EAF CMN 464287465 317 5449 SH SOLE 2 5449 0 0
ISHARES MSCI HK CMN 464286871 889 47000 SH DEFINED 2 0 47000 0
ISHARES RUSSELL CMN 464287655 5146 65774 SH SOLE 1 65774 0 0
ISHARES S&P 100 CMN 464287101 271 4778 SH SOLE 2 4778 0 0
ISHARES SILVER T CMN 46428Q109 2415 80000 SH SOLE 2 80000 0 0
ISHARES TRUST DO CMN 464287739 1282 22911 SH SOLE 1 22911 0 0
ISHARES TRUST DO CMN 464287721 269 4182 SH SOLE 2 4182 0 0
ISHARES TRUST GO CMN 464287242 1217 11222 SH SOLE 2 11222 0 0
ISHARES TRUST MS CMN 464287234 6515 136753 SH DEFINED 2 0 136753 0
ISHARES TRUST MS CMN 464287234 6393 134194 SH DEFINED 1 0 134194 0
ISHARES TRUST RU CMN 464287622 405 5802 SH SOLE 2 5802 0 0
ITRON INC COM NP CMN 465741106 1139 20542 SH SOLE 2 20542 0 0
J CREW GROUP INC CMN 46612H402 3467 80357 SH SOLE 2 80357 0 0
JAPAN SMALLER CA CMN 47109U104 1789 199426 SH SOLE 2 199426 0 0
JEFFERIES GROUP CMN 472319102 274 10284 SH SOLE 1 10284 0 0
JO-ANN STORES IN CMN 47758P307 5119 85000 SH SOLE 2 85000 0 0
JOHNSON & JOHNSO CMN 478160104 1384 22386 SH SOLE 2 22386 0 0
JOY GLOBAL INC C CMN 481165108 4217 48614 SH SOLE 2 48614 0 0
JP MORGAN CHASE CMN 46625H100 7627 179780 SH DEFINED 2 0 179780 0
JP MORGAN CHASE CMN 46625H100 74080 1746279 SH DEFINED 1 0 1746279 0
JUNIPER NETWORKS CMN 48203R104 402 10891 SH SOLE 2 10891 0 0
KAISER ALUMINUM CMN 483007704 3037 60631 SH SOLE 2 60631 0 0
KBW REGIONAL BAN CMN 78464A698 14496 548000 SH SOLE 1 548000 0 0
KELLOGG CO COM U CMN 487836108 307 6016 SH SOLE 2 6016 0 0
KEY ENERGY SERVI CMN 492914106 1233 94984 SH SOLE 1 94984 0 0
KEYCORP COM USD1 CMN 493267108 220 24920 SH SOLE 1 24920 0 0
KIMBERLY-CLARK C CMN 494368103 689 10932 SH SOLE 2 0 0 0
KING PHARMACEUTI CMN 495582108 2821 200812 SH SOLE 2 200812 0 0
KINROSS GOLD COR CMN 496902404 892 47058 SH SOLE 2 0 0 0
KLA-TENCOR CORP CMN 482480100 447 11557 SH SOLE 2 0 0 0
KNIGHT CAPITAL G CMN 499005106 9989 724000 SH SOLE 2 0 0 0
KRAFT FOODS INC CMN 50075N104 878 27849 SH SOLE 2 0 0 0
KRISPY KREME DOU CMN 501014104 282 40329 SH SOLE 2 0 0 0
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------ -------------- --------- ----------- ----------------- ---------- -------- ------------------------
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------ -------------- --------- ----------- -------- --- ---- ---------- -------- -------- -------- ------
LAM RESEARCH COR CMN 512807108 495 9554 SH SOLE 2 0 0 0
LAS VEGAS SANDS CMN 517834107 531 11552 SH SOLE 2 0 0 0
LEA CS CMN 521865204 518.2275 5250 SH SOLE 4 0 0 0
LIBERTY MEDIA-IN CMN 53071M104 24115 1529598 SH SOLE 2 1529598 0 0
LIFEPOINT HOSPIT CMN 53219L109 551 15000 SH SOLE 1 0 0 0
LINCOLN NATIONAL CMN 534187109 224 8042 SH SOLE 1 8042 0 0
LOCKHEED MARTIN CMN 539830109 291 4158 SH SOLE 2 0 0 0
LOEWS CORP COM U CMN 540424108 361 9277 SH SOLE 1 9277 0 0
LORILLARD INC US CMN 544147101 3870 47156 SH SOLE 1 47156 0 0
LOWE'S COS INC C CMN 548661107 374 14900 SH SOLE 1 14900 0 0
LUBRIZOL CORP CO CMN 549271104 406 3802 SH SOLE 2 0 0 0
LYONDELL CHEMICA CMN N53745100 18338.812 533105 SH SOLE 4 0 0 95300
MACY'S INC COM S CMN 55616P104 535 21145 SH SOLE 2 0 0 0
MANITOWOC CO INC CMN 563571108 243 18500 SH SOLE 1 0 0 0
MARC CMN 566137105 0 3735000 SH SOLE 1 0 0 0
MARKET VECTORS - CMN 57060U100 4831 78600 SH SOLE 1 0 0 0
MARKET VECTORS D CMN 617480280 7800 170900 SH SOLE 1 0 0 0
MARKET VECTORS E CMN 57060U506 758 20000 SH SOLE 2 0 0 0
MARSH & MCLENNAN CMN 571748102 419 15329 SH SOLE 1 15329 0 0
MARSHALL & ILSLE CMN 571837103 107 15503 SH SOLE 1 15503 0 0
MARVELL TECHNOLO CMN G5876H105 463 24971 SH SOLE 2 0 0 0
MASTERCARD INC C CMN 57636Q104 644 2875 SH SOLE 1 2875 0 0
MAXIM INTEGRATED CMN 57772K101 524 22190 SH SOLE 2 22190 0 0
MBIA INC COM USD CMN 55262C100 6210 518212 SH SOLE 1 518212 0 0
MCAFEE INC COM U CMN 579064106 7881 170167 SH SOLE 2 170167 0 0
MCCLATCHY CO CLA CMN 579489105 83 17800 SH SOLE 2 17800 0 0
MCDONALD'S CORP CMN 580135101 760 9900 SH DEFINED 2 0 9900 0
MCDONALD'S CORP CMN 580135101 2297 29926 SH DEFINED 2 0 29926 0
MEAD JOHNSON NUT CMN 582839106 1185 19033 SH DEFINED 2 0 19033 0
MEAD JOHNSON NUT CMN 582839106 2501 40183 SH DEFINED 2 0 40183 0
MECHEL OAO CMN 583840103 2523 86314 SH SOLE 2 86314 0 0
MEDCO HEALTH SOL CMN 58405U102 400 6534 SH SOLE 2 6534 0 0
MEDTRONIC INC CO CMN 585055106 475 12800 SH SOLE 2 12800 0 0
MEMC ELECTRONIC CMN 552715104 373 33074 SH SOLE 2 33074 0 0
MERCK & CO INC CMN 58933Y105 348 9655 SH DEFINED 1 0 9655 0
MERCK & CO INC C CMN 58933Y105 1752 48600 SH DEFINED 2 0 48600 0
MERCK & CO INC C CMN 58933Y105 804 22303 SH DEFINED 2 0 22303 0
METLIFE INC COM CMN 59156R108 3251 73165 SH DEFINED 1 0 73165 0
MGM RESORTS INTE CMN 552953101 203 13702 SH SOLE 2 13702 0 0
MICROCHIP TECHNO CMN 595017104 443 12939 SH SOLE 2 12939 0 0
MICRON TECHNOLOG CMN 595112103 471 58748 SH SOLE 2 58748 0 0
MICROSOFT CORP C CMN 594918104 22.32496 22324.96 SH DEFINED 3 0 800 0
MICROSOFT CORP C CMN 594918104 13943 499650 SH DEFINED 2 0 499650 0
MICROSOFT CORP C CMN 594918104 2421 86753 SH DEFINED 2 0 86753 0
MICROSOFT CORP C CMN 594918104 15793 565941 SH DEFINED 1 0 565941 0
MOBILE TELESYSTE CMN 607409109 12157 582368 SH SOLE 2 582368 0 0
MONSANTO CO COM CMN 61166W101 20307 291598 SH SOLE 1 291598 0 0
MORGAN STANLEY C CMN 617446448 1211 44531 SH SOLE 1 44531 0 0
MOSAIC CO/THE CO CMN 61945A107 529 6925 SH SOLE 2 6925 0 0
MUELLER WATER PR CMN 624758108 92 22096 SH SOLE 2 22096 0 0
NANOSPHERE INC C CMN 63009F105 52 11900 SH SOLE 1 11900 0 0
NASDAQ 100 INDEX CMN 73935A104 438 8045 SH DEFINED 2 0 8045 0
NASDAQ 100 INDEX CMN 73935A104 512 9400 SH DEFINED 1 0 9400 0
NATIONAL OILWELL CMN 637071101 474 7054 SH SOLE 2 7054 0 0
NATIONAL SEMICON CMN 637640103 430 31210 SH SOLE 2 31210 0 0
NAVISTAR INTERNA CMN 63934E108 1804 31150 SH SOLE 1 31150 0 0
NETAPP INC COM U CMN 64110D104 1371 24943 SH SOLE 1 24943 0 0
NETLIST INC COM CMN 64118P109 1723 672507 SH SOLE 1 0 0 0
NEW YORK COMMUNI CMN 649445103 233 12339 SH SOLE 1 12339 0 0
NEWMONT MINING C CMN 651639106 891 14500 SH DEFINED 2 0 14500 0
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------ -------------- --------- ----------- ----------------- ---------- -------- ------------------------
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------ -------------- --------- ----------- -------- --- ---- ---------- -------- -------- -------- ------
NEWMONT MINING C CMN 651639106 811 13196 SH DEFINED 2 0 13196 0
NEWMONT MINING C CMN 651639106 9990 162610 SH DEFINED 1 0 162610 0
NII HOLDINGS INC CMN 62913F201 437 9780 SH SOLE 2 9780 0 0
NOBLE CORP CHF3. CMN H5833N103 445 12452 SH SOLE 2 12452 0 0
NORDSTROM INC CO CMN 655664100 7628 180000 SH SOLE 1 180000 0 0
NORTHERN TRUST C CMN 665859104 390 7039 SH SOLE 1 7039 0 0
NORTHROP GRUMMAN CMN 666807102 302 4655 SH SOLE 2 4655 0 0
NOVELL INC COM U CMN 670006105 6862 1158740 SH SOLE 2 1158740 0 0
NRG ENERGY INC CMN 629377508 258.4165 13225 SH SOLE 4 0 0 0
NRG ENERGY INC C CMN 629377508 262 13410 SH DEFINED 2 0 13410 0
NRG ENERGY INC C CMN 629377508 14332 733200 SH DEFINED 1 0 733200 0
NVIDIA CORP COM CMN 67066G104 554 35974 SH SOLE 2 35974 0 0
NYSE EURONEXT CO CMN 629491101 1801 60081 SH SOLE 1 60081 0 0
OIL STATES INTER CMN 678026105 961 15000 SH SOLE 1 15000 0 0
OIL SVC HOLDERS CMN 678002106 225 1600 SH SOLE 2 1600 0 0
ONYX PHARMACEUTI CMN 683399109 221 6000 SH SOLE 1 0 0 0
ORACLE CORP COM CMN 68389X105 506 16171 SH SOLE 2 0 0 0
PACKAGING CORP O CMN 695156109 12514 484233 SH SOLE 1 0 0 0
PARTNERRE LTD CO CMN G6852T105 413 5146 SH SOLE 2 0 0 0
PEABODY ENERGY C CMN 704549104 3609 56400 SH SOLE 1 56400 0 0
PEOPLE'S UNITED CMN 712704105 152 10862 SH SOLE 1 10862 0 0
PETROHAWK ENERGY CMN 716495106 454 24854 SH SOLE 2 24854 0 0
PETROLEO BRASILE CMN 71654V408 39345 1039668 SH DEFINED 2 0 1039668 0
PETROLEO BRASILE CMN 71654V408 8511 224906 SH DEFINED 2 0 224906 0
PFIZER INC COM U CMN 717081103 3274 186900 SH DEFINED 2 0 186900 0
PFIZER INC COM U CMN 717081103 1311 74845 SH DEFINED 2 0 74845 0
PFIZER INC COM U CMN 717081103 6130 350000 SH DEFINED 1 0 350000 0
PHH CORP COM NPV CMN 693320202 4082 176269 SH SOLE 2 176269 0 0
PHILIP MORRIS IN CMN 718172109 528 9014 SH SOLE 2 9014 0 0
Plum Creek Timbe CMN 729251108 823.9 22000 SH SOLE 5 0 0 0
PMI GROUP INC/TH CMN 69344M101 95 28700 SH SOLE 1 28700 0 0
PNC FINANCIAL SE CMN 693475105 941 15503 SH SOLE 1 15503 0 0
POWERSHARES DB A CMN 73936B408 615 19000 SH SOLE 1 19000 0 0
POWERSHARES EXCH CMN 73936D107 1081 47600 SH SOLE 1 47600 0 0
PRICE (T. ROWE) CMN 74144T108 469 7262 SH SOLE 1 7262 0 0
PRICELINE.COM IN CMN 741503403 2078 5200 SH SOLE 1 5200 0 0
PRIDE INTERNATIO CMN 74153Q102 441 13363 SH SOLE 2 0 0 0
PRINCIPAL FINANC CMN 74251V102 307 9418 SH SOLE 1 9418 0 0
PROCTER & GAMBLE CMN 742718109 4464 69401 SH DEFINED 2 0 69401 0
PROCTER & GAMBLE CMN 742718109 1435 22306 SH DEFINED 2 0 22306 0
PROGRESSIVE CORP CMN 743315103 378 19019 SH SOLE 1 19019 0 0
PRUDENTIAL FINAN CMN 744320102 4559 77656 SH SOLE 1 77656 0 0
PUBLIC SERVICE E CMN 744573106 1490 46828 SH SOLE 2 0 0 0
QIAGEN NV COM EU CMN N72482107 293 15000 SH SOLE 2 0 0 0
QLTY CS CMN 74756M102 1147.30344 126216 SH SOLE 4 0 0 12218
QUALCOMM INC COM CMN 747525103 511 10327 SH SOLE 2 0 0 0
QUESTAR CORP COM CMN 748356102 7502 430967 SH SOLE 1 0 0 0
RACKSPACE HOSTIN CMN 750086100 999 31800 SH SOLE 1 0 0 0
RAMBUS INC COM U CMN 750917106 410 20000 SH SOLE 2 0 0 0
RASER TECHNOLOGI CMN 754055101 28 160800 SH SOLE 1 0 0 0
Rayonier CMN 754907103 840.32 16000 SH SOLE 5 0 0 0
RAYONIER INC COM CMN 754907103 554 10556 SH SOLE 1 10556 0 0
RAYTHEON CO COM CMN 755111507 290 6254 SH SOLE 2 6254 0 0
REGIONS FINANCIA CMN 7591EP100 247 35231 SH SOLE 1 35231 0 0
RENAISSANCERE HO CMN G7496G103 433 6794 SH SOLE 2 6794 0 0
RETAIL HOLDERS T CMN 76127U101 224 2100 SH DEFINED 2 0 2100 0
RETAIL HOLDERS T CMN 76127U101 2401 22550 SH DEFINED 1 0 22550 0
RIGEL PHARMACEUT CMN 766559603 1283 170323 SH SOLE 1 170323 0 0
RIO TINTO PLC OR CMN 767204100 500 6976 SH SOLE 2 6976 0 0
RITE AID CORP CO CMN 767754104 2903 3259335 SH SOLE 1 3259335 0 0
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------ -------------- --------- ----------- ----------------- ---------- -------- ------------------------
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------ -------------- --------- ----------- -------- --- ---- ---------- -------- -------- -------- ------
ROBOTIC VISION S CMN 771074309 0 378865 SH SOLE 1 378865 0 0
ROVI CORP COM US CMN 779376102 775 12500 SH SOLE 2 12500 0 0
ROWAN COS INC CO CMN 779382100 282 8082 SH SOLE 2 8082 0 0
RYDEX ETF TRUST CMN 78355W700 2955 75000 SH SOLE 1 75000 0 0
SALESFORCE.COM I CMN 79466L302 9576 72544 SH SOLE 2 72544 0 0
SANDERSON FARMS CMN 800013104 811 20706 SH SOLE 2 20706 0 0
SANDISK CORP COM CMN 80004C101 9099 182500 SH DEFINED 2 0 182500 0
SANDISK CORP COM CMN 80004C101 226 4539 SH DEFINED 2 0 4539 0
SANMINA-SCI CORP CMN 800907206 297 25819 SH SOLE 1 25819 0 0
SAP AG ORD NPV CMN 803054204 2736 54053 SH SOLE 2 54053 0 0
SAPIENT CORP COM CMN 803062108 1208 99900 SH SOLE 1 99900 0 0
SCHLUMBERGER LTD CMN 806857108 971 11631 SH SOLE 2 11631 0 0
SEA CONTAINERS L CMN 811371707 0 391636 SH SOLE 1 391636 0 0
SEAGATE TECHNOLO CMN G7945M107 522 34704 SH SOLE 2 34704 0 0
SELECT SECTOR SP CMN 81369Y886 270 8616 SH SOLE 2 8616 0 0
SELECT SECTOR SP CMN 81369Y506 8606 126100 SH DEFINED 1 0 126100 0
SELECT SECTOR SP CMN 81369Y209 314 9975 SH SOLE 2 9975 0 0
SELECT SECTOR SP CMN 81369Y407 313 8370 SH DEFINED 2 0 8370 0
SELECT SECTOR SP CMN 81369Y407 303 8100 SH DEFINED 1 0 8100 0
SIRONA DENTAL SY CMN 82966C103 288 6900 SH SOLE 2 6900 0 0
SIX FLAGS INC CO CMN 83001A102 1085.4432 19953 SH SOLE 4 15260 0 4693
SL GREEN REALTY CMN 78440X101 382 5659 SH SOLE 1 5659 0 0
SLM CORPORATION CMN 78442P106 180 14278 SH SOLE 1 14278 0 0
SMALL CAP BULL 3 CMN 25459W847 10866 150000 SH SOLE 1 150000 0 0
SMITHFIELD FOODS CMN 832248108 824 39960 SH SOLE 1 39960 0 0
SOLUTIA INC COMM CMN 834376501 3386.66688 146736 SH SOLE 4 133514 0 13222
SOTHEBY'S COM ST CMN 835898107 1058 23500 SH SOLE 1 23500 0 0
SOUTHERN CO COM CMN 842587107 535 14000 SH SOLE 2 14000 0 0
SPDR METALS & MI CMN 78464A755 1733 25200 SH SOLE 1 25200 0 0
SPDR S&P 500 ETF CMN 78462F103 654294 5203136 SH DEFINED 2 0 5203136 0
SPDR S&P 500 ETF CMN 78462F103 225 1791 SH DEFINED 2 0 1791 0
SPDR TRUST SERIE CMN 78462F103 438233 3484953 SH SOLE 1 3484953 0 0
SPRINT NEXTEL CO CMN 852061100 58 13720 SH DEFINED 2 0 13720 0
SPRINT NEXTEL CO CMN 852061100 1431 337900 SH DEFINED 1 0 337900 0
SSCC CS CMN 83272A104 13551.36 529350 SH SOLE 4 407395 0 121955
ST JUDE MEDICAL CMN 790849103 3121 73000 SH SOLE 1 73000 0 0
STATE STREET COR CMN 857477103 684 14750 SH SOLE 1 14750 0 0
STEEL DYNAMICS I CMN 858119100 1907 104200 SH SOLE 1 104200 0 0
STREETTRACKS DIV CMN 78464A763 343 6600 SH SOLE 1 6600 0 0
STREETTRACKS GOL CMN 78463V107 135216 974752 SH SOLE 1 974752 0 0
STREETTRACKS SER CMN 78464A888 1784 102610 SH DEFINED 2 0 102610 0
STREETTRACKS SER CMN 78464A888 7810 449066 SH DEFINED 1 0 449066 0
SUCCESSFACTORS I CMN 864596101 478 16500 SH SOLE 1 16500 0 0
SUNTRUST BANKS, CMN 867914103 418 14151 SH SOLE 1 14151 0 0
SYNIVERSE HOLDIN CMN 87163F106 4102 133000 SH SOLE 2 0 0 0
SYNOVUS FINANCIA CMN 87161C105 56 21240 SH SOLE 1 0 0 0
TAIWAN SEMICONDU CMN 874039100 38772 3090165 SH SOLE 2 0 0 0
TAKE-TWO INTERAC CMN 874054109 6120 498977 SH SOLE 2 0 0 0
TEKELEC COM NPV CMN 879101103 2231 187377 SH SOLE 1 0 0 0
TELECOMMNS SYSTE CMN 87929J103 234 50000 SH SOLE 2 0 0 0
TEMPLE-INLAND IN CMN 879868107 425 20000 SH SOLE 1 0 0 0
TENET HEALTHCARE CMN 88033G100 3398 508081 SH SOLE 2 0 0 0
TERADYNE INC COM CMN 880770102 9034 643151 SH SOLE 2 643151 0 0
TEXAS INSTRUMENT CMN 882508104 491 15122 SH SOLE 2 0 0 0
TEXTRON INC COM CMN 883203101 12149 513920 SH SOLE 2 513920 0 0
THE ALLSTATE COR CMN 020002101 2098 65822 SH SOLE 1 65822 0 0
THE CHARLES SCHW CMN 808513105 498 29100 SH SOLE 1 29100 0 0
THE GOLDMAN SACH CMN 38141G104 7819 46500 SH DEFINED 2 0 46500 0
THE GOLDMAN SACH CMN 38141G104 2550 15163 SH DEFINED 1 0 15163 0
TIFFANY & CO COM CMN 886547108 531 8525 SH SOLE 2 8525 0 0
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------ -------------- --------- ----------- ----------------- ---------- -------- ------------------------
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------ -------------- --------- ----------- -------- --- ---- ---------- -------- -------- -------- ------
TIME WARNER CABL CMN 88732J207 1177 17825 SH SOLE 2 0 0 0
TRANSOCEAN LTD C CMN H8817H100 324 4658 SH SOLE 2 4658 0 0
TRAVELERS COS IN CMN 89417E109 2481 44546 SH SOLE 1 44546 0 0
TRW AUTOMOTIVE H CMN 87264S106 987 18729 SH SOLE 1 18729 0 0
TUESDAY MORNING CMN 899035505 1019 192991 SH SOLE 1 0 0 0
TYCO ELECTRONICS CMN H8912P106 510 14406 SH SOLE 2 0 0 0
TYSON FOODS INC CMN 902494103 879 51053 SH SOLE 2 0 0 0
UNION PACIFIC CO CMN 907818108 264 2853 SH SOLE 2 0 0 0
UNITED STATES NA CMN 912318102 1496 250000 SH SOLE 1 250000 0 0
UNITED TECHNOLOG CMN 913017109 966 12273 SH SOLE 2 12273 0 0
UNITEDHEALTH GRO CMN 91324P102 993 27500 SH DEFINED 2 0 27500 0
UNITEDHEALTH GRO CMN 91324P102 385 10653 SH DEFINED 2 0 10653 0
UNITEDHEALTH GRO CMN 91324P102 397 11000 SH DEFINED 1 0 11000 0
UNUM GROUP COM U CMN 91529Y106 229 9440 SH SOLE 1 9440 0 0
US BANCORP INC C CMN 902973304 1602 59409 SH SOLE 1 59409 0 0
UTD STS OIL FD L CMN 91232N108 2340 60000 SH DEFINED 2 0 60000 0
UTD STS OIL FD L CMN 91232N108 2770 71023 SH DEFINED 2 0 71023 0
VALE SA COM NPV CMN 91912E105 386 11174 SH SOLE 2 11174 0 0
VALERO ENERGY CO CMN 91913Y100 4067 175891 SH SOLE 1 175891 0 0
VANGUARD ENERGY CMN 92204A306 219 2200 SH SOLE 1 2200 0 0
VARIAN MEDICAL S CMN 92220P105 529 7632 SH SOLE 2 7632 0 0
VCA ANTECH INC C CMN 918194101 853 36623 SH SOLE 2 36623 0 0
VERIZON COMMUNIC CMN 92343V104 749 20943 SH DEFINED 2 0 20943 0
VERIZON COMMUNIC CMN 92343V104 1161 32447 SH DEFINED 2 0 32447 0
VERIZON COMMUNIC CMN 92343V104 338 9452 SH DEFINED 1 0 9452 0
VIRGIN MEDIA INC CMN 92769L101 2320 85181 SH SOLE 2 85181 0 0
VISA INC USD0.00 CMN 92826C839 13127 186525 SH DEFINED 2 0 186525 0
VISA INC USD0.00 CMN 92826C839 101406 1440944 SH DEFINED 1 0 1440944 0
WAL-MART STORES CMN 931142103 1108 20549 SH DEFINED 2 0 20549 0
WAL-MART STORES CMN 931142103 1348 25000 SH DEFINED 1 0 25000 0
WELLPOINT INC CO CMN 94973V107 4668 82100 SH DEFINED 2 0 82100 0
WELLPOINT INC CO CMN 94973V107 355 6250 SH DEFINED 2 0 6250 0
WELLS FARGO & CO CMN 949746101 3988 128700 SH DEFINED 2 0 128700 0
WELLS FARGO & CO CMN 949746101 4435 143141 SH DEFINED 1 0 143141 0
WESTERN DIGITAL CMN 958102105 479 14139 SH SOLE 2 14139 0 0
WESTERN UNION CO CMN 959802109 354 19051 SH SOLE 1 19051 0 0
WIMM-BILL-DANN F CMN 97263M109 1152 34956 SH SOLE 2 34956 0 0
WISDOMTREE INDIA CMN 97717W422 1102 41742 SH SOLE 1 41742 0 0
WYNDHAM WORLDWID CMN 98310W108 9489 316780 SH SOLE 2 316780 0 0
YAHOO INC COM US CMN 984332106 765 46000 SH DEFINED 2 0 46000 0
YAHOO INC COM US CMN 984332106 446 26816 SH DEFINED 1 0 26816 0
YUM! BRANDS INC CMN 988498101 440 8963 SH SOLE 2 8963 0 0
ZIONS BANCORPORA CMN 989701107 218 8975 SH SOLE 1 8975 0 0