13F-HR 1 13fjun2011a.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: June 30, 2011 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: Sparinvest Fondsmaeglerselskab A/S Address: Kingosvej 2630 Taastrup, Denmark Form 13F File Number: 28- 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: Michael Albrechtslund Title: Managing Director Phone: +45 36347502 Signature, Place, and Date of Signing: /s/ Michael Albrechtslund Taastrup, Denmark August 29, 2011 ------------------------- ----------------- ----------------- 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: 281 ------------- Form 13F Information Table Value Total: $318.528.870 ------------- (thousands) List of Other Included Managers: N/A 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. N/A FORM 13F INFORMATION TABLE 03/31/2011

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 ---------------------------- ----------------- --------- ---------- ---------------- -------- ------------------------- VOTING AUTHORITY VALUE SHARES/ SH/ INVSTMNT ------------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (X1000) PRN AMT PRN DSCRETN SOLE SHARED NONE ---------------------------- ----------------- --------- ---------- ----------- --- -------- ---- ---------- --------- ~~ACE~~ROYAL CARIBBEAN CRUISES LTD COM ~~H0153110~~G7127P10 ~~258~~617 416.~~000~~500 SH SOLE 416.~~000~~500 ALLIED WORLD ASSURANCE CO COM G6852T10 ~~172~~158 2.772 SH SOLE 2.772 ~~ALTERRA~~ARGO ~~CAPITAL~~GROUP ~~HOLDINGS~~INTERNATIONAL ~~LTD~~ COM ~~G9829010~~G0692U10 68111 3.~~075~~800 SH SOLE 3.~~075~~800 ~~ARCH~~ALTERRA CAPITAL ~~GROUP~~HOLDINGS LTD COM ~~G9319H10~~G9829010 ~~641~~69 63.~~500~~075 SH SOLE 63.~~500~~075 ~~ARGO~~XL GROUP ~~INTERNATIONAL~~PLC COM ~~G0692U10~~G7496G10 ~~126~~426 319.~~800~~500 SH SOLE 319.~~800~~500 ~~ASPEN~~AXIS ~~INSURANCE~~CAPITAL HOLDINGS LTD COM ~~V7780T10~~G0538410 82610 319.~~000~~522 SH SOLE 319.~~000~~522 ~~AXIS~~GENCO ~~CAPITAL~~SHIPPING ~~HOLDINGS~~& TRADING LTD COM ~~G0538410~~G0450A10 ~~676~~10 191.~~522~~300 SH SOLE 191.~~522~~300 ~~BUNGE~~NOBLE ~~LTD~~CORP COM ~~D1819089~~G3223R10 ~~359~~27.252 4702.~~900~~374 SH SOLE 4702.~~900~~374 ~~DEUTSCHE~~PARTNERRE ~~BANK~~LTD ~~AG-REGISTERED~~ COM ~~G3039710~~H5833N10 ~~833~~618 148.~~000~~931 SH SOLE 148.~~000~~931 ~~ENDURANCE~~ACE ~~SPECIALTY~~LTD ~~HOLDINGS~~ COM ~~Y2685T10~~H0153110 ~~215~~264 4.~~539~~000 SH SOLE 4.~~539~~000 ~~ENERGY~~EVEREST ~~XXI~~RE ~~BERMUDA~~GROUP LTD COM ~~N.A.~~G4095J10 68609 27.~~000~~400 SH SOLE 27.~~000~~400 ~~EVEREST~~ARCH RECAPITAL GROUP LTD COM ~~G4095J10~~G9319H10 ~~622~~629 719.~~400~~500 SH SOLE 719.~~400~~500 ~~GENCO~~ASPEN ~~SHIPPING~~INSURANCE &HOLDINGS ~~TRADING~~ LTD COM ~~G0450A10~~V7780T10 1477 13.~~300~~000 SH SOLE 13.~~300~~000 ~~NOBLE~~BUNGE ~~CORP~~LTD COM ~~G3223R10~~D1819089 ~~31.706~~335 ~~682~~4.~~795~~900 SH SOLE ~~682~~4.~~795~~900 ~~PARTNERRE~~VALIDUS HOLDINGS LTD COM ~~H5833N10~~G0229R10 ~~693~~349 811.~~931~~300 SH SOLE 811.~~931~~300 ~~PLATINUM~~DEUTSCHE ~~UNDERWRITERS~~BANK ~~HLDGS~~AG-REGISTERED COM ~~H8912P10~~G3039710 ~~115~~808 314.~~076~~000 SH SOLE 314.~~076~~000 ~~RENAISSANCERE~~ENDURANCE SPECIALTY HOLDINGS ~~LTD~~ COM ~~G1696210~~Y2685T10 ~~662~~188 94.~~800~~539 SH SOLE 94.~~800~~539 ~~ROYAL~~ENERGY ~~CARIBBEAN~~XXI ~~CRUISES~~BERMUDA ~~LTD~~ COM ~~G7127P10~~N.A. ~~701~~67 162.~~500~~000 SH SOLE 162.~~500~~000 TEGLOBAL ~~CONNECTIVITY~~INDEMNITY ~~LTD~~PLC COM N.A. ~~408~~92 114.~~700~~202 SH SOLE 114.~~700~~202 ~~VALIDUS~~PLATINUM UNDERWRITERS HLDGS COM H8912P10 102 3.076 SH SOLE 3.076 RENAISSANCERE HOLDINGS LTD COM ~~G0229R10~~G1696210 ~~148~~684 49.~~500~~800 SH SOLE 49.~~500~~800 XLAGCO ~~GROUP~~CORP ~~PLC~~ COM ~~G7496G10~~00108410 ~~464~~195 194.~~500~~000 SH SOLE 194.~~500~~000 AU OPTRONICS CORP-SPON ADR ADR 00225510 ~~109~~87 12.869 SH SOLE 12.869 ADVANCE AUTO PARTS INC COM 00751Y10 ~~232~~201 3.500 SH SOLE 3.500 ADVANCED SEMICONDUCTOR E-ADR ADR 00756M40 ~~294~~297 53.756 SH SOLE 53.756 AFFILIATED MANAGERS GROUP COM 00825210 6661 600 SH SOLE 600 ~~AGILYSYS INC COM 00847J10 38 6.530 SH SOLE 6.530~~ AIR METHODS CORP COM 00912830 6675 1.000 SH SOLE 1.000 ~~AKAMAI~~AIR ~~TECHNOLOGIES~~PRODUCTS & CHEMICALS INC COM ~~00971T10~~00915810 ~~134~~197 32.~~500~~100 SH SOLE 32.~~500~~100 ALBEMARLE CORP COM 01265310 6675 1.100 SH SOLE 1.100 ALLEGHANY CORP COM 01717510 ~~175~~172 520 SH SOLE 520 ALLSTATE CORP COM 02000210 ~~114~~108 3.543 SH SOLE 3.543 AMERCO COM 02358610 6965 700 SH SOLE 700 AMEREN CORPORATION COM 02360810 ~~398~~401 14.000 SH SOLE 14.000 AMERICAN EQUITY INVT LIFE HL COM 02567620 ~~172~~165 13.100 SH SOLE 13.100 AMERICAN NATIONAL INSURANCE COM 02859110 2.~~100~~190 2628.~~476~~245 SH SOLE 2628.~~476~~245 AMERICAN ~~SCIENCE~~WATER &WORKS ~~ENGINEERI~~CO INC COM ~~02942910~~03042010 46298 ~~500~~10.000 SH SOLE ~~500~~10.000 AMERISOURCEBERGEN CORP COM 03073E10 ~~381~~394 9.600 SH SOLE 9.600 AMERIGROUP CORP COM 03073T10 65127 1.~~000~~800 SH SOLE 1.~~000~~800 AMERIPRISE FINANCIAL INC COM 03076C10 ~~185~~171 3.000 SH SOLE 3.000 AMETEK INC COM 03110010 ~~262~~267 6.000 SH SOLE 6.000 ANIXTER INTERNATIONAL INC COM 03529010 ~~105~~98 1.500 SH SOLE 1.500 ANNALY CAPITAL MANAGEMENT IN COM 03571040 9293 5.200 SH SOLE 5.200 APOGEE ENTERPRISES INC COM 03759810 1.~~765~~662 132.592 SH SOLE 132.592 APOLLO INVESTMENT CORP COM 03761U10 6352 5.216 SH SOLE 5.216 APPLE INC COM 03783310 ~~632~~600 1.800 SH SOLE 1.800 ARCTIC CAT INC COM 03967010 1.~~268~~484 81105.~~171~~697 SH SOLE 81105.~~171~~697 ARES CAPITAL CORP COM 04010L10 ~~104~~97 6.118 SH SOLE 6.118 ARROW ELECTRONICS INC COM 04273510 196 45.~~700~~000 SH SOLE 45.~~700~~000 ASCENT ~~MEDIA~~CAPITAL ~~CORP~~GROUP INC-A CL A 04363210 ~~183~~186 3.700 SH SOLE 3.700 ASHFORD HOSPITALITY TRUST COM 04410310 ~~285~~323 26.000 SH SOLE 26.000 ~~ASHLAND INC COM 04420910 116 2.000 SH SOLE 2.000~~ ASSURANT INC COM 04621X10 ~~413~~379 10.500 SH SOLE 10.500 AUTOLIV INC COM 05280010 ~~252~~265 3.400 SH SOLE 3.400 AVATAR HOLDINGS INC COM 05349410 7356 3.600 SH SOLE 3.600 BALDWIN & LYONS INC -CL B CL B 05775520 35 1.500 SH SOLE 1.500 BALL CORP COM 05849810 ~~467~~494 13.000 SH SOLE 13.000 BANK OF AMERICA CORP COM 06050510 ~~450~~370 33.257 SH SOLE 33.257 BJ'S RESTAURANTS INC COM 09180C10 ~~157~~130 42.~~000~~500 SH SOLE 42.~~000~~500 BLACK BOX CORP COM 09182610 ~~178~~151 5.000 SH SOLE 5.000 BLACK HILLS CORP COM 09211310 ~~101~~91 3.000 SH SOLE 3.000 BOISE INC COM 09746Y10 ~~138~~115 15.000 SH SOLE 15.000 BORGWARNER INC COM 09972410 ~~277~~280 3.500 SH SOLE 3.500 BOSTON SCIENTIFIC CORP COM 10113710 ~~373~~346 50.000 SH SOLE 50.000 BROWN-FORMAN CORP-CLASS B CL B 11563720 ~~192~~206 2.800 SH SOLE 2.800 CF INDUSTRIES HOLDINGS INC COM 12526910 268 1.800 SH SOLE 1.800 CSS INDUSTRIES INC COM 12590610 3841 2.000 SH SOLE 2.000 ~~CNA~~CSX ~~SURETY~~ CORP COM ~~12612L10~~12640810 77309 312.000 SH SOLE 312.000 CABOT MICROELECTRONICS CORP COM 12709P10 4741 900 SH SOLE 900 CAPITAL ONE FINANCIAL CORP COM 14040H10 287 5.500 SH SOLE 5.500 CAPITAL SOUTHWEST CORP COM 14050110 ~~121~~122 1.333 SH SOLE 1.333 CARBO CERAMICS INC COM 14078110 7080 500 SH SOLE 500 CARMAX INC COM 14313010 ~~261~~246 7.500 SH SOLE 7.500 CATERPILLAR INC COM 14912310 ~~281~~258 2.500 SH SOLE 2.500 CATHAY GENERAL BANCORP COM 14915010 ~~120~~115 7.000 SH SOLE 7.000 CENTURYLINK INC COM 15670010 ~~773~~559 1813.~~400~~900 SH SOLE 1813.~~400~~900 ~~CERADYNE~~CHEMED ~~INC~~CORP COM ~~15671010~~16359R10 9552 ~~2.100~~800 SH SOLE ~~2.100~~800 CHUBB CORP COM 17123210 ~~307~~312 5.000 SH SOLE 5.000 CHUNGHWA TELECOM LTD-ADR ADR 17133Q50 ~~105~~115 3.373 SH SOLE 3.373 CINCINNATI FINANCIAL CORP COM 17206210 ~~498~~434 15.000 SH SOLE 15.000 CITIGROUP INC COM ~~17296710~~17296742 ~~218~~201 484.~~587~~859 SH SOLE 484.~~587~~859 CITRIX SYSTEMS INC COM 17737610 ~~255~~274 3.500 SH SOLE 3.500 CLEAN HARBORS INC COM 18449610 5051 500 SH SOLE 500 ~~CLIFFS~~COCA-COLA ~~NATURAL~~CO/THE ~~RESOURCES INC~~ COM ~~18683K10~~19121610 ~~267~~466 27.~~700~~000 SH SOLE 27.~~700~~000 ~~COCA-COLA~~COEUR ~~CO/THE~~D'ALENE MINES CORP COM ~~19121610~~19210850 ~~266~~73 43.000 SH SOLE 43.000 COGNIZANT TECH SOLUTIONS-A CL A 19244610 ~~263~~233 3.200 SH SOLE 3.200 COMCAST CORP-SPECIAL CL A CL A 20030N20 ~~467~~475 20.000 SH SOLE 20.000 COMERICA INC COM 20034010 ~~352~~325 9.500 SH SOLE 9.500 COMPLETE PRODUCTION SERVICES COM 20453E10 ~~128~~130 4.000 SH SOLE 4.000 COMPUTER SCIENCES CORP COM 20536310 ~~355~~269 7.200 SH SOLE 7.200 CONCHO RESOURCES INC COM 20605P10 8672 800 SH SOLE 800 CONSTELLATION ENERGY GROUP COM 21037110 ~~411~~492 13.000 SH SOLE 13.000 CORE-MARK HOLDING CO INC COM 21868110 ~~101~~104 3.000 SH SOLE 3.000 CORNING INC COM 21935010 1614.~~178~~704 ~~772~~833.~~480~~346 SH SOLE ~~772~~833.~~480~~346 COSTCO WHOLESALE CORP COM 22160K10 ~~220~~240 3.000 SH SOLE 3.000 COSTAR GROUP INC COM 22160N10 4441 700 SH SOLE 700 COVENTRY HEALTH CARE INC COM 22286210 ~~192~~710 619.~~000~~500 SH SOLE 619.~~000~~500 CREDIT ACCEPTANCE CORP COM 22531010 6373 900 SH SOLE 900 CUMMINS INC COM 23102110 ~~496~~454 4.500 SH SOLE 4.500 DTE ENERGY COMPANY COM 23333110 ~~869~~879 17.609 SH SOLE 17.609 ~~DANA~~DARLING ~~HOLDING~~INTERNATIONAL ~~CORP~~INC COM ~~23582520~~23726610 ~~108~~65 63.~~000~~500 SH SOLE 63.~~000~~500 DECKERS OUTDOOR CORP COM 24353710 ~~158~~157 1.800 SH SOLE 1.800 ~~DICK'S~~DEERE ~~SPORTING~~& ~~GOODS~~CO ~~INC~~ COM ~~25339310~~24419910 81247 23.000 SH SOLE 23.000 ~~DILLARDS~~DICK'S ~~INC-CL~~SPORTING AGOODS CLINC ACOM ~~25406710~~25339310 ~~15.411~~77 ~~378~~2.~~579~~000 SH SOLE ~~378~~2.~~579~~000 DIRECTV-CLASS A CL A 25490A10 ~~508~~545 10.882 SH SOLE 10.882 DOLLAR THRIFTY AUTOMOTIVE GP COM 25674310 8088 1.200 SH SOLE 1.200 ~~DOMTAR CORP COM 25755920 174 1.900 SH SOLE 1.900~~ DOVER CORP COM 26000310 ~~229~~232 3.500 SH SOLE 3.500 DUKE ENERGY CORP COM 26441C10 ~~694~~712 37.955 SH SOLE 37.955 EMC CORP/MASS COM 26864810 ~~209~~208 7.700 SH SOLE 7.700 EASTMAN CHEMICAL CO COM 27743210 202 2.000 SH SOLE 2.000 ECHOSTAR CORP-A CL A 27876810 57239 16.~~500~~600 SH SOLE 16.~~500~~600 EDISON INTERNATIONAL COM 28102010 ~~240~~251 6.500 SH SOLE 6.500 EDWARDS LIFESCIENCES CORP COM 28176E10 ~~620~~598 7.000 SH SOLE 7.000 ~~EMERSON~~EL ~~ELECTRIC~~PASO COCORP COM ~~29101110~~28336L10 ~~202~~164 38.~~500~~200 SH SOLE 38.~~500~~200 EQUITY RESIDENTIAL COM 29476L10 ~~235~~252 4.200 SH SOLE 4.200 ESTERLINE TECHNOLOGIES CORP COM 29742510 ~~185~~128 21.~~600~~700 SH SOLE 21.~~600~~700 FMC CORP COM 30249130 ~~213~~214 2.500 SH SOLE 2.500 ~~F5 NETWORKS INC COM 31561610 122 1.200 SH SOLE 1.200~~ FIFTH THIRD BANCORP COM 31677310 ~~106~~97 7.644 SH SOLE 7.644 FIRST AMERICAN FINANCIAL COM 31847R10 ~~123~~117 7.400 SH SOLE 7.400 FIRST CITIZENS BCSHS -CL A CL A 31946M10 ~~101~~93 500 SH SOLE 500 FIRST MERCHANTS CORP COM 32081710 2527 3.000 SH SOLE 3.000 FISERV INC COM 33773810 ~~252~~136 42.~~000~~200 SH SOLE 42.~~000~~200 FOSSIL INC COM 34988210 ~~148~~70 600 SH SOLE 600 FOSTER (LB) CO-A CL A 35006010 35 1.~~600~~100 SH SOLE 1.~~600~~100 FRED'S INC-CLASS A CL A 35610810 4.~~250~~386 ~~314~~308.~~035~~100 SH SOLE ~~314~~308.~~035~~100 FRISCH'S RESTAURANTS INC COM 35874810 ~~446~~503 20.976 SH SOLE 20.976 GARDNER DENVER INC COM 36555810 ~~116~~124 1.500 SH SOLE 1.500 GEN-PROBE INC COM 36866T10 6669 1.000 SH SOLE 1.000 GENESEE & WYOMING INC-CL A CL A 37155910 5958 1.000 SH SOLE 1.000 GENWORTH FINANCIAL INC-CL A CL A 37247D10 ~~136~~102 10.000 SH SOLE 10.000 GIBRALTAR INDUSTRIES INC COM 37468910 ~~138~~129 12.000 SH SOLE 12.000 GOODRICH CORP COM 38238810 ~~578~~187 62.~~700~~000 SH SOLE 62.~~700~~000 WW GRAINGER INC COM 38480210 ~~428~~469 3.100 SH SOLE 3.100 HANGER ORTHOPEDIC GROUP INC COM 41043F20 7874 3.000 SH SOLE 3.000 HANOVER INSURANCE GROUP INC/ COM 41086710 6856 1.500 SH SOLE 1.500 HARTFORD FINANCIAL SVCS GRP COM 41651510 ~~212~~204 7.855 SH SOLE 7.855 ~~HASBRO~~HEICO ~~INC~~CORP COM ~~41805610~~42280610 ~~167~~54 ~~3.500 SH SOLE 3.500 HAWKINS INC COM 42026110 50~~ 1.~~200~~000 SH SOLE 1.~~200~~000 ~~HEICO CORP COM 42280610 51 800 SH SOLE 800~~ HORACE MANN EDUCATORS COM 44032710 ~~149~~138 8.956 SH SOLE 8.956 HORMEL FOODS CORP COM 44045210 ~~416~~439 14.800 SH SOLE 14.800 HOSPITALITY PROPERTIES TRUST COM 44106M10 5861 2.500 SH SOLE 2.500 ~~HOST~~HURCO ~~HOTELS~~COMPANIES ~~& RESORTS~~ INC COM ~~44107P10~~44732410 ~~229~~77 132.~~000~~400 SH SOLE 132.~~000~~400 ~~HURCO~~IPC ~~COMPANIES~~THE ~~INC~~HOSPITALIST CO COM ~~44732410~~44984A10 4046 1.~~300~~000 SH SOLE 1.~~300~~000 ~~IAC/INTERACTIVECORP COM 44919P50 202 6.500 SH SOLE 6.500~~ IBERIABANK CORP COM 45082810 3635 600 SH SOLE 600 IMATION CORP COM 45245A10 4436 3.900 SH SOLE 3.900 INFINITY PROPERTY & CASUALTY COM 45665Q10 5955 1.000 SH SOLE 1.000 INNOPHOS HOLDINGS INC COM 45774N10 6873 1.500 SH SOLE 1.500 INTL BUSINESS MACHINES CORP COM 45920010 ~~210~~217 1.276 SH SOLE 1.276 INTL SPEEDWAY CORP-CL A CL A 46033520 11.~~722~~494 ~~389~~401.~~244~~630 SH SOLE ~~389~~401.~~244~~630 ~~INTERPUBLIC GROUP OF COS INC COM 46069010 223 17.900 SH SOLE 17.900~~ ITC HOLDINGS CORP COM 46568510 6365 900 SH SOLE 900 JPMORGAN CHASE & CO COM 46625H10 1.~~327~~146 28.379 SH SOLE 28.379 ~~JONES LANG LASALLE INC COM 48020Q10 139 1.400 SH SOLE 1.400~~ JOS A BANK CLOTHIERS INC COM 48083810 9289 1.800 SH SOLE 1.800 KB FINANCIAL GROUP INC-ADR ADR 48241A10 ~~385~~352 7.400 SH SOLE 7.400 KT CORP-SP ADR ADR 48268K10 ~~161~~159 8.300 SH SOLE 8.300 KAISER ALUMINUM CORP COM 48300770 ~~208~~226 4.200 SH SOLE 4.200 KANSAS CITY LIFE INS CO COM 48483610 3937 1.200 SH SOLE 1.200 KANSAS CITY SOUTHERN COM 48517030 98103 1.800 SH SOLE 1.800 KELLY SERVICES INC -A CL A 48815220 ~~179~~137 8.400 SH SOLE 8.400 KEYCORP COM 49326710 ~~198~~182 22.000 SH SOLE 22.000 KIMBALL INTERNATIONAL-B CL B 49427410 2622 3.500 SH SOLE 3.500 KINDRED HEALTHCARE INC COM 49458010 ~~208~~183 8.500 SH SOLE 8.500 ~~KOREA~~KINETIC ~~ELEC~~CONCEPTS ~~POWER CORP-SP ADR ADR 50063110 60 4.900 SH SOLE 4.900 LADISH CO~~ INC COM ~~50575420~~49460W20 8386 1.500 SH SOLE 1.500 ~~LAM~~KOREA ~~RESEARCH~~ELEC POWER CORP-SP ~~COM~~ADR ~~51280710~~ADR ~~229~~50063110 65 4.~~000~~900 SH SOLE 4.~~000~~900 LAS VEGAS SANDS CORP COM 51783410 ~~219~~208 5.000 SH SOLE 5.000 LATTICE SEMICONDUCTOR CORP COM 51841510 9196 15.000 SH SOLE 15.000 ~~LEAR CORP COM 52186520 58 1.200 SH SOLE 1.200~~ LIBERTY GLOBAL INC-A CL A 53055510 ~~211~~442 510.000 SH SOLE 510.000 LIBERTY MEDIA CORP-CAP SER A COM 53071M30 ~~150~~164 2.000 SH SOLE 2.000 LIFEPOINT HOSPITALS INC COM 53219L10 8885 2.200 SH SOLE 2.200 LIMITED BRANDS INC COM 53271610 ~~234~~266 7.000 SH SOLE 7.000 LINCOLN NATIONAL CORP COM 53418710 ~~353~~323 11.500 SH SOLE 11.500 LOEWS CORP COM 54042410 ~~338~~328 7.800 SH SOLE 7.800 LUFKIN INDUSTRIES INC COM 54976410 ~~129~~119 1.400 SH SOLE 1.400 MBIA INC COM 55262C10 5143 5.000 SH SOLE 5.000 MSC INDUSTRIAL DIRECT CO-A COM 55353010 68 1.000 SH SOLE 1.000 MTS SYSTEMS CORP COM 55377710 4137 900 SH SOLE 900 MVC CAPITAL INC COM 55382910 ~~141~~134 10.145 SH SOLE 10.145 MWI VETERINARY SUPPLY INC COM 55402X10 ~~149~~153 1.900 SH SOLE 1.900 STEVEN MADDEN LTD COM 55626910 6475 12.~~350~~025 SH SOLE 12.~~350~~025 ~~MAGELLAN~~MAXIMUS ~~HEALTH SERVICES~~ INC COM ~~55907920~~57793310 9866 ~~2.000~~800 SH SOLE ~~2.000~~800 ~~MARATHON~~MCCORMICK ~~OIL~~& ~~CORP~~CO-NON VTG SHRS COM ~~56584910~~57978020 ~~229~~112 42.~~300~~200 SH SOLE 42.~~300~~200 ~~MCCORMICK~~MEASUREMENT &SPECIALTIES ~~CO-NON~~INC ~~VTG SHRS~~ COM ~~57978020~~58342110 ~~105~~70 2.~~200~~000 SH SOLE 2.~~200~~000 METLIFE INC COM 59156R10 ~~422~~405 9.335 SH SOLE 9.335 METROPCS COMMUNICATIONS INC COM 59170810 ~~246~~258 15.000 SH SOLE 15.000 MICRON TECHNOLOGY INC COM 59511210 ~~175~~112 15.000 SH SOLE 15.000 MIDDLEBY CORP COM 59627810 7574 800 SH SOLE 800 MOLSON COORS BREWING CO -B CL B 60871R20 ~~189~~179 4.000 SH SOLE 4.000 MORGAN STANLEY COM 61744644 ~~574~~489 20.938 SH SOLE 20.938 ~~MURPHY~~NGP ~~OIL~~CAPITAL ~~CORP~~RESOURCES CO COM ~~62671710~~62912R10 ~~221~~49 36.000 SH SOLE 36.000 ~~NGP~~NASDAQ ~~CAPITAL~~OMX ~~RESOURCES~~GROUP/THE COCOM 63110310 188 7.500 SH SOLE 7.500 NATIONAL OILWELL VARCO INC COM ~~62912R10~~63707110 58151 62.000 SH SOLE 62.000 NATL WESTERN LIFE INS-CL A CL A 63852210 1.~~153~~062 76.~~066~~666 SH SOLE 76.~~066~~666 NAVIGATORS GROUP INC COM 63890410 6761 1.300 SH SOLE 1.300 NATUZZI SPA-SP ADR ADR 63905A10 21.~~273~~670 ~~493~~476.~~018~~718 SH SOLE ~~493~~476.~~018~~718 ~~NEWALLIANCE BANCSHARES INC COM 65020310 45 3.000 SH SOLE 3.000 NEWSTAR FINANCIAL INC COM 65251F10 43 4.000 SH SOLE 4.000 NIKE INC -CL B CL B 65410610 130 1.678 SH SOLE 1.678~~ NISOURCE INC COM 65473P10 ~~484~~503 25.000 SH SOLE 25.000 NORDSON CORP COM 65566310 ~~139~~129 12.~~200~~400 SH SOLE 12.~~200~~400 NORTHSTAR REALTY FINANCE COR COM 66704R10 2217 4.179 SH SOLE 4.179 OM GROUP INC COM 67087210 5560 1.500 SH SOLE 1.500 ~~O'REILLY AUTOMOTIVE INC COM 67103H10 309 5.300 SH SOLE 5.300~~ OYO GEOSPACE CORP COM 67107410 ~~130~~129 1.300 SH SOLE 1.300 OLD REPUBLIC INTL CORP COM 68022310 ~~401~~374 31.925 SH SOLE 31.925 OMNICARE INC COM 68190410 ~~659~~688 22.000 SH SOLE 22.000 ~~OMNIVISION TECHNOLOGIES INC COM 68212810 146 4.000 SH SOLE 4.000~~ OWENS CORNING COM 69074210 ~~108~~111 3.000 SH SOLE 3.000 PHH CORP COM 69332020 ~~109~~100 5.000 SH SOLE 5.000 POSCO-ADR ADR 69348310 ~~225~~204 1.900 SH SOLE 1.900 PNM RESOURCES INC COM 69349H10 ~~167~~182 11.000 SH SOLE 11.000 ~~PAR~~PPG ~~PHARMACEUTICAL~~INDUSTRIES ~~COS~~INC COM 69350610 311 3.500 SH SOLE 3.500 PAPA JOHN'S INTL INC COM ~~69888P10~~69881310 3266 12.000 SH SOLE 12.000 PATTERSON-UTI ENERGY INC COM 70348110 2225.~~959~~241 ~~788~~841.~~735~~525 SH SOLE ~~788~~841.~~735~~525 J.C. PENNEY CO INC COM 70816010 20.~~679~~700 ~~560~~593.~~538~~529 SH SOLE ~~560~~593.~~538~~529 PEPCO HOLDINGS INC COM 71329110 ~~548~~565 29.000 SH SOLE 29.000 ~~PETROLEUM DEVELOPMENT CORP COM 71657810 121 2.520 SH SOLE 2.520~~ PETSMART INC COM 71676810 ~~418~~459 10.100 SH SOLE 10.100 PINNACLE WEST CAPITAL COM 72348410 ~~453~~466 10.500 SH SOLE 10.500 PIONEER NATURAL RESOURCES CO COM 72378710 ~~621~~355 64.000 SH SOLE 64.000 ~~POLO~~PRAXAIR ~~RALPH~~INC ~~LAUREN CORP~~ COM ~~73157210~~74005P10 ~~226~~162 1.~~800~~500 SH SOLE 1.~~800~~500 ~~PORTFOLIO RECOVERY ASSOCIATE COM 73640Q10 161 1.900 SH SOLE 1.900~~ PROASSURANCE CORP COM 74267C10 3842 600 SH SOLE 600 PROVIDENT FINANCIAL SERVICES COM 74386T10 ~~148~~142 10.000 SH SOLE 10.000 PRUDENTIAL FINANCIAL INC COM 74432010 ~~166~~170 2.700 SH SOLE 2.700 RAIT FINANCIAL TRUST COM ~~74922710~~74922760 108 4.000 SH SOLE 4.000 RADIOSHACK CORP COM 75043810 5.127 396.841 SH SOLE 396.841 RED ROBIN GOURMET BURGERS COM 75689M10 55 1.500 SH SOLE 1.500 REGIONS FINANCIAL CORP COM 7591EP10 ~~328~~276 45.000 SH SOLE 45.000 REINSURANCE GROUP OF AMERICA COM 75935160 76164 12.~~200~~700 SH SOLE 12.~~200~~700 ROPER INDUSTRIES INC COM 77669610 ~~250~~239 2.900 SH SOLE 2.900 ROSETTA RESOURCES INC COM 77777930 7377 1.500 SH SOLE 1.500 ROVI CORP COM 77937610 ~~121~~125 2.200 SH SOLE 2.200 ROWAN COMPANIES INC COM 77938210 ~~648~~570 15.000 SH SOLE 15.000 ~~SL GREEN REALTY CORP COM 78440X10 180 2.400 SH SOLE 2.400~~ SAFETY INSURANCE GROUP INC COM 78648T10 ~~176~~158 3.800 SH SOLE 3.800 ~~SANDISK CORP COM 80004C10 370 8.100 SH SOLE 8.100~~ SANDY SPRING BANCORP INC COM 80036310 4744 2.500 SH SOLE 2.500 SCHOLASTIC CORP COM 80706610 1817.~~526~~162 ~~680~~655.~~477~~877 SH SOLE ~~680~~655.~~477~~877 ~~SEABOARD CORP COM 81154310 121 50 SH SOLE 50~~ SEABRIGHT HOLDINGS INC COM 81165610 9487 9.025 SH SOLE 9.025 SEACOR HOLDINGS INC COM 81190410 ~~181~~183 1.889 SH SOLE 1.889 SHINHAN FINANCIAL GROUP-ADR ADR 82459610 ~~314~~334 3.500 SH SOLE 3.500 SKYWEST INC COM 83087910 ~~107~~93 6.216 SH SOLE 6.216 SPRINT NEXTEL CORP COM 85206110 ~~505~~572 110.000 SH SOLE 110.000 SUNOCO INC COM 86764P10 ~~214~~189 4.600 SH SOLE 4.600 SUNTRUST BANKS INC COM 86791410 ~~462~~403 15.712 SH SOLE 15.712 SUPERIOR INDUSTRIES INTL COM 86816810 1 49 SH SOLE 49 SUSQUEHANNA BANCSHARES INC COM 86909910 4740 5.000 SH SOLE 5.000 SUSSER HOLDINGS CORP COM 86923310 4048 3.000 SH SOLE 3.000 ~~SWIFT ENERGY CO COM 87073810 52 1.200 SH SOLE 1.200~~ SYNOVUS FINANCIAL CORP COM 87161C10 4842 20.000 SH SOLE 20.000 TRW AUTOMOTIVE HOLDINGS CORP COM 87264S10 ~~393~~421 7.200 SH SOLE 7.200 TAIWAN SEMICONDUCTOR-SP ADR ADR 87403910 ~~150~~151 12.267 SH SOLE 12.267 TECH DATA CORP COM 87823710 ~~179~~167 3.500 SH SOLE 3.500 TECUMSEH PRODUCTS CO-CLASS A CL A 87889520 6061 6.000 SH SOLE 6.000 TESORO CORP COM 88160910 155 7.000 SH SOLE 7.000 TEXAS INSTRUMENTS INC COM 88250810 191 6.000 SH SOLE 6.000 TIDEWATER INC COM 88642310 2423.~~698~~475 ~~410~~440.~~688~~776 SH SOLE ~~410~~440.~~688~~776 TIME WARNER INC COM 88731730 ~~713~~717 19.899 SH SOLE 19.899 TIME WARNER CABLE COM 88732J20 209 2.700 SH SOLE 2.700 TITAN INTERNATIONAL INC COM 88830M10 94 4.000 SH SOLE 4.000 TRACTOR SUPPLY COMPANY COM 89235610 ~~143~~160 2.400 SH SOLE 2.400 TRANSATLANTIC HOLDINGS INC COM 89352110 ~~212~~217 4.400 SH SOLE 4.400 TRAVELERS COS INC/THE COM 89417E10 22.~~013~~948 ~~368~~392.~~137~~406 SH SOLE ~~368~~392.~~137~~406 TRIMBLE NAVIGATION LTD COM 89623910 4535 900 SH SOLE 900 ~~TRINITY INDUSTRIES INC COM 89652210 107 3.000 SH SOLE 3.000~~ TRIQUINT SEMICONDUCTOR INC COM 89674K10 5340 4.000 SH SOLE 4.000 TUESDAY MORNING CORP COM 89903550 1.~~285~~304 ~~263~~290.~~112~~196 SH SOLE ~~263~~290.~~112~~196 URS CORP COM 90323610 ~~128~~123 2.800 SH SOLE 2.800 ~~USA MOBILITY INC COM 90341G10 30 2.000 SH SOLE 2.000~~ UMPQUA HOLDINGS CORP COM 90421410 9293 8.136 SH SOLE 8.136 UNION PACIFIC CORP COM 90781810 ~~424~~442 4.300 SH SOLE 4.300 UNITED COMMUNITY BANKS/GA COM ~~90984P10~~90984P30 8 ~~4.092~~818 SH SOLE ~~4.092~~818 UNITED MICROELECTRON-SP ADR ADR 91087340 ~~265~~242 96.453 SH SOLE 96.453 ~~UNITRIN INC COM 91327510 61 1.953 SH SOLE 1.953~~ UNIVERSAL AMERICAN CORP COM ~~91337710~~91338E10 6933 3.000 SH SOLE 3.000 UNUM GROUP COM 91529Y10 ~~581~~547 21.700 SH SOLE 21.700 VALERO ENERGY CORP COM 91913Y10 2924.~~195~~683 ~~943~~990.~~588~~801 SH SOLE ~~943~~990.~~588~~801 VIACOM INC-CLASS B CL B 92553P20 ~~284~~303 6.000 SH SOLE 6.000 VIRGIN MEDIA INC COM 92769L10 ~~223~~249 8.000 SH SOLE 8.000 VISHAY INTERTECHNOLOGY INC COM 92829810 2117.~~222~~482 1.~~175~~173.~~558~~575 SH SOLE 1.~~175~~173.~~558~~575 WSFS FINANCIAL CORP COM 92932810 46 1.200 SH SOLE 1.200 WALTER INVESTMENT MANAGEMENT COM 93317W10 5873 3.500 SH SOLE 3.500 WATSON PHARMACEUTICALS INC COM 94268310 ~~520~~626 9.200 SH SOLE 9.200 WEBSTER FINANCIAL CORP COM 94789010 ~~187~~182 8.700 SH SOLE 8.700 WEIS MARKETS INC COM 94884910 ~~355~~644 816.~~702~~011 SH SOLE 816.~~702~~011 WELLPOINT INC COM 94973V10 ~~820~~925 11.700 SH SOLE 11.700 WERNER ENTERPRISES INC COM 95075510 14.~~348~~087 ~~547~~568.~~891~~448 SH SOLE ~~547~~568.~~891~~448 WESCO FINANCIAL CORP COM 95081710 3977 ~~100~~200 SH SOLE ~~100~~200 WESCO INTERNATIONAL INC COM 95082P10 52 1.000 SH SOLE 1.000 WESTERN DIGITAL CORP COM 95810210 23.~~263~~467 ~~612~~654.~~687~~136 SH SOLE ~~612~~654.~~687~~136 WHITING PETROLEUM CORP COM 96638710 ~~225~~167 3.000 SH SOLE 3.000 WHOLE FOODS MARKET INC COM 96683710 171 2.700 SH SOLE 2.700 CLAYTON WILLIAMS ENERGY INC COM 96949010 ~~105~~60 1.000 SH SOLE 1.000 WINTRUST FINANCIAL CORP COM 97650W10 8472 2.270 SH SOLE 2.270 WOORI FINANCE HOLDINGS-ADR ADR 98106310 ~~137~~526 313.500 SH SOLE 313.500 WORLD ACCEPTANCE CORP COM 98141910 79 1.200 SH SOLE 1.200 ZIONS BANCORPORATION COM 98970110 ~~226~~233 9.700 SH SOLE 9.700 ZOLL MEDICAL CORP COM 98992210 45112 12.000 SH SOLE 12.000

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