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<SEC-DOCUMENT>0000919574-11-001753.txt : 20110224
<SEC-HEADER>0000919574-11-001753.hdr.sgml : 20110224
<ACCEPTANCE-DATETIME>20110224142121
ACCESSION NUMBER:		0000919574-11-001753
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110224
DATE AS OF CHANGE:		20110224
EFFECTIVENESS DATE:		20110224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIGHTBOX CAPITAL MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0001513875
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-14434
		FILM NUMBER:		11635546

	BUSINESS ADDRESS:	
		STREET 1:		24 WEST 40TH STREET
		STREET 2:		2ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		212-616-8005

	MAIL ADDRESS:	
		STREET 1:		24 WEST 40TH STREET
		STREET 2:		2ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>d1174301_13f-hr.txt
<TEXT>

                                 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 holding entries.

Institutional Manager Filing this Report:

Name:     LightBox Capital Management, LLC

Address:  24 West 40th Street, 2nd Floor
          New York, NY 10018


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:   Nancy Wiser
Title:  Chief Operating Officer
Phone:  212-616-8005


Signature, Place and Date of Signing:


/s/ Nancy Wiser                  New York, New York          February 24, 2011
- -----------------------     --------------------------    ----------------------
     [Signature]                   [City, State]                   [Date]

<PAGE>



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 managers(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).)







<PAGE>

                             Form 13F SUMMARY PAGE



Report Summary:

Number of Other Included Managers:         1

Form 13F Information Table Entry Total:    318

Form 13F Information Table Value Total:   $186,151
                                         (in 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.

No.     Form 13F File Number             Name
- ---     --------------------             --------------------------
1                                        LightBox Master Fund, Ltd.



<PAGE>


<TABLE>
                                                     FORM 13F INFORMATION TABLE
                                                 Kingdon Capital Management, L.L.C.
                                                         December 31, 2010

<CAPTION>
COLUMN 1                         COLUMN 2     COLUMN 3   COLUMN 4       COLUMN 5        COLUMN 6     COLUMN 7      COLUMN 8
- --------------                --------------  ---------  --------  ------------------ -------------- -------- --------------------
                                                          VALUE    SHS OR   SH/  PUT/   INVESTMENT    OTHER     VOTING AUTHORITY
NAME OF ISSUER                TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT  PRN  CALL   DISCRETION     MGRS    SOLE   SHARED  NONE
- --------------                --------------  ---------  --------  -------  ---  ---- -------------- -------- ------  ------  ----
<S>                           <C>             <C>        <C>       <C>      <C>       <C>             <C>      <C>    <C>     <C>
3M CO                         COM             88579Y101  2,082     24,128    SH       SHARED-DEFINED     1      24,128
ABBOTT LABS                   COM             002824100  1,606     33,516    SH       SHARED-DEFINED     1      33,516
ACE LTD                       SHS             H0023R105    255      4,099    SH       SHARED-DEFINED     1       4,099
ADOBE SYS INC                 COM             00724F101    439     14,271    SH       SHARED-DEFINED     1      14,271
ADVANCED MICRO DEVICES INC    COM             007903107    296     36,149    SH       SHARED-DEFINED     1      36,149
AERCAP HOLDINGS NV            SHS             N00985106    209     14,800    SH       SHARED-DEFINED     1      14,800
AES CORP                      COM             00130H105    264     21,648    SH       SHARED-DEFINED     1      21,648
AETNA INC NEW                 COM             00817Y108    239      7,818    SH       SHARED-DEFINED     1       7,818
AFLAC INC                     COM             001055102    445      7,883    SH       SHARED-DEFINED     1       7,883
AIR PRODS & CHEMS INC         COM             009158106    288      3,164    SH       SHARED-DEFINED     1       3,164
AK STL HLDG CORP              COM             001547108    262     15,990    SH       SHARED-DEFINED     1      15,990
AKAMAI TECHNOLOGIES INC       COM             00971T101    267      5,671    SH       SHARED-DEFINED     1       5,671
ALERE INC                     COM             01449J105    725     19,800    SH       SHARED-DEFINED     1      19,800
ALLIANCE ONE INTL INC         COM             018772103     93     21,943    SH       SHARED-DEFINED     1      21,943
ALLIANT TECHSYSTEMS INC       COM             018804104    238      3,198    SH       SHARED-DEFINED     1       3,198
ALTERA CORP                   COM             021441100    237      6,648    SH       SHARED-DEFINED     1       6,648
ALTRIA GROUP INC              COM             02209S103    651     26,438    SH       SHARED-DEFINED     1      26,438
AMAZON COM INC                COM             23135106     665      3,692    SH       SHARED-DEFINED     1       3,692
AMEDISYS INC                  COM             23436108     440     13,126    SH       SHARED-DEFINED     1      13,126
AMEREN CORP                   COM             23608102     444     15,741    SH       SHARED-DEFINED     1      15,741
AMERICAN INTL GROUP INC       COM NEW         26874784     342      5,939    SH       SHARED-DEFINED     1       5,939
AMERICAN TOWER CORP           CL A            29912201   1,145     22,167    SH       SHARED-DEFINED     1      22,167
AMGEN INC                     COM             031162100  5,070     92,357    SH       SHARED-DEFINED     1      92,357
AMN HEALTHCARE SERVICES INC   COM             001744101     89     14,524    SH       SHARED-DEFINED     1      14,524
AMPHENOL CORP NEW             CL A            32095101     285      5,398    SH       SHARED-DEFINED     1       5,398
AMYLIN PHARMACEUTICALS INC    COM             32346108     279     18,940    SH       SHARED-DEFINED     1      18,940
ANALOG DEVICES INC            COM             32654105     488     12,956    SH       SHARED-DEFINED     1      12,956
AON CORP                      COM             37389103     383      8,332    SH       SHARED-DEFINED     1       8,332
APOLLO GROUP INC              CL A            37604105     887     22,462    SH       SHARED-DEFINED     1      22,462
APPLE INC                     COM             37833100   1,399      4,338    SH       SHARED-DEFINED     1       4,338
APPLIED MATLS INC             COM             38222105     579     41,222    SH       SHARED-DEFINED     1      41,222
ARCHER DANIELS MIDLAND CO     COM             39483102     513     17,040    SH       SHARED-DEFINED     1      17,040
AT&T INC                      COM             00206R102  2,138     72,784    SH       SHARED-DEFINED     1      72,784
AUTODESK INC                  COM             52769106     638     16,700    SH       SHARED-DEFINED     1      16,700
AUTOMATIC DATA PROCESSING IN  COM             53015103     249      5,383    SH       SHARED-DEFINED     1       5,383
AVON PRODS INC                COM             54303102     549     18,904    SH       SHARED-DEFINED     1      18,904
BAKER HUGHES INC              COM             57224107     779     13,620    SH       SHARED-DEFINED     1      13,620
BANCO SANTANDER BRASIL S A    ADS REP 1 UNIT  05967A107    306     22,500    SH       SHARED-DEFINED     1      22,500
BANCORPSOUTH INC              COM             59692103     235     14,760    SH       SHARED-DEFINED     1      14,760
BARNES & NOBLE INC            COM             67774109     164     11,562    SH       SHARED-DEFINED     1      11,562
BAXTER INTL INC               COM             71813109     272      5,367    SH       SHARED-DEFINED     1       5,367
BECTON DICKINSON & CO         COM             75887109     356      4,209    SH       SHARED-DEFINED     1       4,209
BED BATH & BEYOND INC         COM             75896100     668     13,600    SH       SHARED-DEFINED     1      13,600
BERKSHIRE HATHAWAY INC DEL    CL B NEW        84670702   2,278     28,434    SH       SHARED-DEFINED     1      28,434
BEST BUY INC                  COM             86516101     702     20,480    SH       SHARED-DEFINED     1      20,480
BIOGEN IDEC INC               COM             09062X103    482      7,195    SH       SHARED-DEFINED     1       7,195
BMC SOFTWARE INC              COM             55921100     397      8,412    SH       SHARED-DEFINED     1       8,412
BOEING CO                     COM             97023105     987     15,119    SH       SHARED-DEFINED     1      15,119
BOSTON SCIENTIFIC CORP        COM             101137107    530     69,993    SH       SHARED-DEFINED     1      69,993
BP PLC                        SPONSORED ADR   55622104   1,325     30,000    SH       SHARED-DEFINED     1      30,000
CALPINE CORP                  COM NEW         131347304    334     25,000    SH       SHARED-DEFINED     1      25,000
CAMERON INTERNATIONAL CORP    COM             13342B105    222      4,374    SH       SHARED-DEFINED     1       4,374
CAPELLA EDUCATION COMPANY     COM             139594105    262      3,936    SH       SHARED-DEFINED     1       3,936
CAPITAL ONE FINL CORP         COM             14040H105  2,062     48,459    SH       SHARED-DEFINED     1      48,459
CAREER EDUCATION CORP         COM             141665109    265     12,792    SH       SHARED-DEFINED     1      12,792
CARNIVAL CORP                 PAIRED CTF      143658300    216      4,678    SH       SHARED-DEFINED     1       4,678
CATERPILLAR INC DEL           COM             149123101  2,497     26,657    SH       SHARED-DEFINED     1      26,657
CATHAY GENERAL BANCORP        COM             149150104    335     20,033    SH       SHARED-DEFINED     1      20,033
CELGENE CORP                  COM             151020104    284      4,800    SH       SHARED-DEFINED     1       4,800
CENTERPOINT ENERGY INC        COM             15189T107    484     30,803    SH       SHARED-DEFINED     1      30,803
CEPHALON INC                  COM             156708109    648     10,501    SH       SHARED-DEFINED     1      10,501
CHEMED CORP NEW               COM             16359R103    502      7,900    SH       SHARED-DEFINED     1       7,900
CHESAPEAKE ENERGY CORP        COM             165167107    268     10,332    SH       SHARED-DEFINED     1      10,332
CHIMERA INVT CORP             COM             16934Q109    163     39,600    SH       SHARED-DEFINED     1      39,600
CHRISTOPHER & BANKS CORP      COM             171046105    101     16,354    SH       SHARED-DEFINED     1      16,354
CHUBB CORP                    COM             171232101    907     15,207    SH       SHARED-DEFINED     1      15,207
CINCINNATI BELL INC NEW       COM             171871106     41     14,502    SH       SHARED-DEFINED     1      14,502
CISCO SYS INC                 COM             17275R102  2,914    144,065    SH       SHARED-DEFINED     1     144,065
CITIGROUP INC                 COM             172967101    773    163,483    SH       SHARED-DEFINED     1     163,483
CITRIX SYS INC                COM             177376100    266      3,883    SH       SHARED-DEFINED     1       3,883
CLIFFS NATURAL RESOURCES INC  COM             18683K101    283      3,627    SH       SHARED-DEFINED     1       3,627
CLOROX CO DEL                 COM             189054109    680     10,752    SH       SHARED-DEFINED     1      10,752
CNINSURE INC                  SPONSORED ADR   18976M103    668     38,700    SH       SHARED-DEFINED     1      38,700
COLDWATER CREEK INC           COM             193068103     32     10,102    SH       SHARED-DEFINED     1      10,102
COMCAST CORP NEW              CL A            20030N101    266     12,104    SH       SHARED-DEFINED     1      12,104
COMPUTER SCIENCES CORP        COM             205363104    946     19,066    SH       SHARED-DEFINED     1      19,066
COMPUWARE CORP                COM             205638109    250     21,416    SH       SHARED-DEFINED     1      21,416
COMSTOCK RES INC              COM NEW         205768203    272     11,070    SH       SHARED-DEFINED     1      11,070
COMTECH TELECOMMUNICATIONS C  COM NEW         205826209    225      8,118    SH       SHARED-DEFINED     1       8,118
CONAGRA FOODS INC             COM             205887102    659     29,200    SH       SHARED-DEFINED     1      29,200
CONOCOPHILLIPS                COM             20825C104    211      3,103    SH       SHARED-DEFINED     1       3,103
CONSOL ENERGY INC             COM             20854P109    487     10,002    SH       SHARED-DEFINED     1      10,002
CONSOLIDATED EDISON INC       COM             209115104    246      4,958    SH       SHARED-DEFINED     1       4,958
CONSTELLATION ENERGY GROUP I  COM             210371100    435     14,210    SH       SHARED-DEFINED     1      14,210
COPART INC                    COM             217204106    687     18,400    SH       SHARED-DEFINED     1      18,400
CORINTHIAN COLLEGES INC       COM             218868107    340     65,344    SH       SHARED-DEFINED     1      65,344
CORNING INC                   COM             219350105    217     11,210    SH       SHARED-DEFINED     1      11,210
CUMMINS INC                   COM             231021106    344      3,126    SH       SHARED-DEFINED     1       3,126
CVS CAREMARK CORPORATION      COM             126650100    841     24,201    SH       SHARED-DEFINED     1      24,201
DARDEN RESTAURANTS INC        COM             237194105    599     12,900    SH       SHARED-DEFINED     1      12,900
DAVITA INC                    COM             23918K108    481      6,923    SH       SHARED-DEFINED     1       6,923
DEAN FOODS CO NEW             COM             242370104    584     66,064    SH       SHARED-DEFINED     1      66,064
DELL INC                      COM             24702R101  2,962    218,609    SH       SHARED-DEFINED     1     218,609
DENDREON CORP                 COM             24823Q107    660     18,890    SH       SHARED-DEFINED     1      18,890
DEVRY INC DEL                 COM             251893103    260      5,412    SH       SHARED-DEFINED     1       5,412
DIAMOND OFFSHORE DRILLING IN  COM             25271C102    587      8,778    SH       SHARED-DEFINED     1       8,778
DIRECTV                       COM CL A        25490A101    449     11,235    SH       SHARED-DEFINED     1      11,235
DISCOVERY COMMUNICATNS NEW    COM SER A       25470F104    638     15,300    SH       SHARED-DEFINED     1      15,300
DOLAN CO                      COM             25659P402    200     14,400    SH       SHARED-DEFINED     1      14,400
DOMINION RES INC VA NEW       COM             25746U109    407      9,517    SH       SHARED-DEFINED     1       9,517
DOVER CORP                    COM             260003108    280      4,783    SH       SHARED-DEFINED     1       4,783
DOW CHEM CO                   COM             260543103  2,450     71,749    SH       SHARED-DEFINED     1      71,749
DREAMWORKS ANIMATION SKG INC  CL A            26153C103    239      8,118    SH       SHARED-DEFINED     1       8,118
DRYSHIPS INC                  SHS             Y2109Q101    749    136,200    SH       SHARED-DEFINED     1     136,200
DUKE ENERGY CORP NEW          COM             26441C105    243     13,668    SH       SHARED-DEFINED     1      13,668
EASTMAN CHEM CO               COM             277432100    234      2,786    SH       SHARED-DEFINED     1       2,786
EBAY INC                      COM             278642103    856     30,772    SH       SHARED-DEFINED     1      30,772
ELECTRONIC ARTS INC           COM             285512109    254     15,498    SH       SHARED-DEFINED     1      15,498
LILLY ELI & CO                COM             532457108    516     14,731    SH       SHARED-DEFINED     1      14,731
EMERSON ELEC CO               COM             291011104    602     10,525    SH       SHARED-DEFINED     1      10,525
ENTERGY CORP NEW              COM             29364G103  1,654     23,357    SH       SHARED-DEFINED     1      23,357
ENTREE GOLD INC               COM             29383G100    173     50,000    SH       SHARED-DEFINED     1      50,000
ENZON PHARMACEUTICALS INC     COM             293904108    414     34,000    SH       SHARED-DEFINED     1      34,000
EOG RES INC                   COM             26875P101    351      3,837    SH       SHARED-DEFINED     1       3,837
EQUINIX INC                   COM NEW         29444U502    240      2,952    SH       SHARED-DEFINED     1       2,952
ERESEARCHTECHNOLOGY INC       COM             29481V108    117     15,919    SH       SHARED-DEFINED     1      15,919
LAUDER ESTEE COS INC          CL A            518439104    221      2,736    SH       SHARED-DEFINED     1       2,736
EXPEDIA INC DEL               COM             30212P105    487     19,415    SH       SHARED-DEFINED     1      19,415
EXXON MOBIL CORP              COM             30231G102  3,059     41,842    SH       SHARED-DEFINED     1      41,842
FEDEX CORP                    COM             31428X106  1,435     15,429    SH       SHARED-DEFINED     1      15,429
FIDELITY NATL INFORMATION SV  COM             31620M106    238      8,705    SH       SHARED-DEFINED     1       8,705
FINANCIAL SELECT SECTOR SPDR  COM             81369Y605    683     42,850    SH       SHARED-DEFINED     1      42,850
FIRST BANCORP P R             COM             318672102     35     76,276    SH       SHARED-DEFINED     1      76,276
FIRST COMWLTH FINL CORP PA    COM             319829107    113     15,997    SH       SHARED-DEFINED     1      15,997
FIRST HORIZON NATL CORP       COM             320517105    503     42,724    SH       SHARED-DEFINED     1      42,724
FIRST SOLAR INC               COM             336433107    603      4,633    SH       SHARED-DEFINED     1       4,633
FIRSTENERGY CORP              COM             337932107    355      9,581    SH       SHARED-DEFINED     1       9,581
FLIR SYS INC                  COM             302445101    428     14,398    SH       SHARED-DEFINED     1      14,398
FLUOR CORP NEW                COM             343412102    228      3,443    SH       SHARED-DEFINED     1       3,443
F M C CORP                    COM NEW         302491303    205      2,571    SH       SHARED-DEFINED     1       2,571
FORD MTR CO DEL               COM PAR $0.01   345370860  2,422    144,246    SH       SHARED-DEFINED     1     144,246
FRANKLIN RES INC              COM             354613101    950      8,540    SH       SHARED-DEFINED     1       8,540
FTI CONSULTING INC            COM             302941109    257      6,888    SH       SHARED-DEFINED     1       6,888
GAMMON GOLD INC               COM             36467T106    171     20,900    SH       SHARED-DEFINED     1      20,900
GENCORP INC                   COM             368682100     74     14,244    SH       SHARED-DEFINED     1      14,244
GENERAL MLS INC               COM             370334104    446     12,530    SH       SHARED-DEFINED     1      12,530
GENERAL STEEL HOLDINGS INC    COM             370853103     57     19,900    SH       SHARED-DEFINED     1      19,900
GILEAD SCIENCES INC           COM             375558103    710     19,600    SH       SHARED-DEFINED     1      19,600
GLOBAL PMTS INC               COM             37940X102    437      9,458    SH       SHARED-DEFINED     1       9,458
GOLDCORP INC NEW              COM             380956409    322      7,000    SH       SHARED-DEFINED     1       7,000
GOODYEAR TIRE & RUBR CO       COM             382550101    291     24,571    SH       SHARED-DEFINED     1      24,571
GOOGLE INC                    CL A            38259P508    848      1,428    SH       SHARED-DEFINED     1       1,428
GRANITE CONSTR INC            COM             387328107    202      7,380    SH       SHARED-DEFINED     1       7,380
BLOCK H & R INC               COM             93671105     226     18,942    SH       SHARED-DEFINED     1      18,942
HALLIBURTON CO                COM             406216101  1,106     27,085    SH       SHARED-DEFINED     1      27,085
HANCOCK HLDG CO               COM             410120109    234      6,706    SH       SHARED-DEFINED     1       6,706
HANMI FINL CORP               COM             410495105     33     28,511    SH       SHARED-DEFINED     1      28,511
HARSCO CORP                   COM             415864107    251      8,856    SH       SHARED-DEFINED     1       8,856
HEADWATERS INC                COM             42210P102     84     18,359    SH       SHARED-DEFINED     1      18,359
HERSHEY CO                    COM             427866108    705     14,949    SH       SHARED-DEFINED     1      14,949
HERTZ GLOBAL HOLDINGS INC     COM             42805T105    188     13,000    SH       SHARED-DEFINED     1      13,000
HEINZ H J CO                  COM             423074103  3,222     65,145    SH       SHARED-DEFINED     1      65,145
HONEYWELL INTL INC            COM             438516106  2,034     38,260    SH       SHARED-DEFINED     1      38,260
HOSPIRA INC                   COM             441060100    564     10,133    SH       SHARED-DEFINED     1      10,133
ILLINOIS TOOL WKS INC         COM             452308109    517      9,675    SH       SHARED-DEFINED     1       9,675
INTEGRYS ENERGY GROUP INC     COM             45822P105    670     13,819    SH       SHARED-DEFINED     1      13,819
INTEL CORP                    COM             458140100  1,397     66,434    SH       SHARED-DEFINED     1      66,434
INTERNATIONAL COAL GRP INC N  COM             45928H106    180     23,300    SH       SHARED-DEFINED     1      23,300
INTUITIVE SURGICAL INC        COM NEW         46120E602    739      2,866    SH       SHARED-DEFINED     1       2,866
ITRON INC                     COM             465741106    246      4,428    SH       SHARED-DEFINED     1       4,428
ITT EDUCATIONAL SERVICES INC  COM             45068B109    251      3,936    SH       SHARED-DEFINED     1       3,936
IVANHOE ENERGY INC            COM             465790103     45     16,549    SH       SHARED-DEFINED     1      16,549
IVANHOE MINES LTD             COM             46579N103    367     16,000    SH       SHARED-DEFINED     1      16,000
JDS UNIPHASE CORP             COM PAR $0.001  46612J507    250     17,291    SH       SHARED-DEFINED     1      17,291
JOHNSON & JOHNSON             COM             478160104  2,679     43,315    SH       SHARED-DEFINED     1      43,315
JOHNSON CTLS INC              COM             478366107    228      5,972    SH       SHARED-DEFINED     1       5,972
JPMORGAN CHASE & CO           COM             46625H100  1,120     26,412    SH       SHARED-DEFINED     1      26,412
KIMBERLY CLARK CORP           COM             494368103    407      6,454    SH       SHARED-DEFINED     1       6,454
KLA-TENCOR CORP               COM             482480100    212      5,489    SH       SHARED-DEFINED     1       5,489
KOPIN CORP                    COM             500600101     96     22,965    SH       SHARED-DEFINED     1      22,965
KRAFT FOODS INC               CL A            50075N104    868     27,539    SH       SHARED-DEFINED     1      27,539
KRONOS WORLDWIDE INC          COM             50105F105    472     11,100    SH       SHARED-DEFINED     1      11,100
L-3 COMMUNICATIONS HLDGS INC  COM             502424104    343      4,859    SH       SHARED-DEFINED     1       4,859
LABRANCHE & CO INC            COM             505447102     41     11,510    SH       SHARED-DEFINED     1      11,510
LENDER PROCESSING SVCS INC    COM             52602E102    240      8,118    SH       SHARED-DEFINED     1       8,118
LEXMARK INTL NEW              CL A            529771107    325      9,321    SH       SHARED-DEFINED     1       9,321
LIFE TECHNOLOGIES CORP        COM             53217V109    491      8,849    SH       SHARED-DEFINED     1       8,849
LOCKHEED MARTIN CORP          COM             539830109  1,723     24,644    SH       SHARED-DEFINED     1      24,644
LOWES COS INC                 COM             548661107  1,526     60,851    SH       SHARED-DEFINED     1      60,851
LSI CORPORATION               COM             502161102    284     47,449    SH       SHARED-DEFINED     1      47,449
M & T BK CORP                 COM             55261F104    271      3,116    SH       SHARED-DEFINED     1       3,116
MACK CALI RLTY CORP           COM             554489104    268      8,118    SH       SHARED-DEFINED     1       8,118
MANPOWER INC                  COM             56418H100    628     10,000    SH       SHARED-DEFINED     1      10,000
MCAFEE INC                    COM             579064106    317      6,841    SH       SHARED-DEFINED     1       6,841
MCDONALDS CORP                COM             580135101  3,370     43,902    SH       SHARED-DEFINED     1      43,902
MDU RES GROUP INC             COM             552690109    244     12,054    SH       SHARED-DEFINED     1      12,054
MEADWESTVACO CORP             COM             583334107    297     11,341    SH       SHARED-DEFINED     1      11,341
MEMC ELECTR MATLS INC         COM             552715104    380     33,723    SH       SHARED-DEFINED     1      33,723
MERCK & CO INC NEW            COM             58933Y105  2,337     64,849    SH       SHARED-DEFINED     1      64,849
MICRON TECHNOLOGY INC         COM             595112103    146     18,233    SH       SHARED-DEFINED     1      18,233
MORGAN STANLEY                COM NEW         617446448    287     10,548    SH       SHARED-DEFINED     1      10,548
MOSAIC CO                     COM             61945A107    336      4,400    SH       SHARED-DEFINED     1       4,400
NATIONAL SEMICONDUCTOR CORP   COM             637640103    177     12,893    SH       SHARED-DEFINED     1      12,893
NATIONAL PENN BANCSHARES INC  COM             637138108    283     35,304    SH       SHARED-DEFINED     1      35,304
NAVIGANT CONSULTING INC       COM             63935N107    250     27,187    SH       SHARED-DEFINED     1      27,187
NEW YORK TIMES CO             CL A            650111107    289     29,491    SH       SHARED-DEFINED     1      29,491
NEWELL RUBBERMAID INC         COM             651229106    273     15,022    SH       SHARED-DEFINED     1      15,022
NEWMONT MINING CORP           COM             651639106    273      4,448    SH       SHARED-DEFINED     1       4,448
NEWS CORP                     CL A            65248E104  1,443     99,091    SH       SHARED-DEFINED     1      99,091
NEXTERA ENERGY INC            COM             65339F101    552     10,615    SH       SHARED-DEFINED     1      10,615
NIKE INC                      CL B            654106103    665      7,786    SH       SHARED-DEFINED     1       7,786
NORTHERN TR CORP              COM             665859104    264      4,769    SH       SHARED-DEFINED     1       4,769
NRG ENERGY INC                COM NEW         629377508    452     23,154    SH       SHARED-DEFINED     1      23,154
NVIDIA CORP                   COM             67066G104    554     35,957    SH       SHARED-DEFINED     1      35,957
NYSE EURONEXT                 COM             629491101  1,537     51,270    SH       SHARED-DEFINED     1      51,270
OFFICE DEPOT INC              COM             676220106    322     59,650    SH       SHARED-DEFINED     1      59,650
ON ASSIGNMENT INC             COM             682159108     86     10,529    SH       SHARED-DEFINED     1      10,529
ORACLE CORP                   COM             68389X105  2,028     64,802    SH       SHARED-DEFINED     1      64,802
OVERSEAS SHIPHOLDING GROUP    COM             690368105    244      6,888    SH       SHARED-DEFINED     1       6,888
PACCAR INC                    COM             693718108    259      4,505    SH       SHARED-DEFINED     1       4,505
PARKER HANNIFIN CORP          COM             701094104    264      3,062    SH       SHARED-DEFINED     1       3,062
PATRIOT COAL CORP             COM             70336T104    194     10,000    SH       SHARED-DEFINED     1      10,000
PENN VA CORP                  COM             707882106    404     24,000    SH       SHARED-DEFINED     1      24,000
PENTAIR INC                   COM             709631105    668     18,300    SH       SHARED-DEFINED     1      18,300
PEOPLES UNITED FINANCIAL INC  COM             712704105    255     18,204    SH       SHARED-DEFINED     1      18,204
PEPCO HOLDINGS INC            COM             713291102    327     17,896    SH       SHARED-DEFINED     1      17,896
PERKINELMER INC               COM             714046109    219      8,484    SH       SHARED-DEFINED     1       8,484
PETROLEO BRASILEIRO SA PETRO  COM             71654V408  2,195     58,000    SH       SHARED-DEFINED     1      58,000
PFIZER INC                    COM             717081103  1,417     80,937    SH       SHARED-DEFINED     1      80,937
POST PPTYS INC                COM             737464107    936     25,773    SH       SHARED-DEFINED     1      25,773
PPG INDS INC                  COM             693506107    222      2,644    SH       SHARED-DEFINED     1       2,644
PPL CORP                      COM             69351T106    353     13,395    SH       SHARED-DEFINED     1      13,395
PRAXAIR INC                   COM             74005P104    314      3,285    SH       SHARED-DEFINED     1       3,285
PRICELINE COM INC             COM NEW         741503403    238        595    SH       SHARED-DEFINED     1         595
PROCTER & GAMBLE CO           COM             742718109  1,950     30,311    SH       SHARED-DEFINED     1      30,311
PROGRESS ENERGY INC           COM             743263105    477     10,978    SH       SHARED-DEFINED     1      10,978
PROGRESSIVE CORP OHIO         COM             743315103    569     28,650    SH       SHARED-DEFINED     1      28,650
PROTECTIVE LIFE CORP          COM             743674103    239      8,968    SH       SHARED-DEFINED     1       8,968
PUBLIC STORAGE                COM             74460D109    252      2,482    SH       SHARED-DEFINED     1       2,482
PULTE GROUP INC               COM             745867101    311     41,302    SH       SHARED-DEFINED     1      41,302
QLOGIC CORP                   COM             747277101    469     27,533    SH       SHARED-DEFINED     1      27,533
QUALCOMM INC                  COM             747525103  1,848     37,347    SH       SHARED-DEFINED     1      37,347
QUEST DIAGNOSTICS INC         COM             74834L100    252      4,674    SH       SHARED-DEFINED     1       4,674
QUIKSILVER INC                COM             74838C106    211     41,588    SH       SHARED-DEFINED     1      41,588
RANGE RES CORP                COM             75281A109    266      5,904    SH       SHARED-DEFINED     1       5,904
RARE ELEMENT RES LTD          COM             75381M102    658     40,949    SH       SHARED-DEFINED     1      40,949
RAYTHEON CO                   COM NEW         755111507  1,505     32,481    SH       SHARED-DEFINED     1      32,481
REGIS CORP MINN               COM             758932107    171     10,300    SH       SHARED-DEFINED     1      10,300
RF MICRODEVICES INC           COM             749941100    103     13,990    SH       SHARED-DEFINED     1      13,990
RIO TINTO PLC                 SPONSORED ADR   767204100    537      7,500    SH       SHARED-DEFINED     1       7,500
ROCKWELL AUTOMATION INC       COM             773903109    563      7,845    SH       SHARED-DEFINED     1       7,845
ROWAN COS INC                 COM             779382100    389     11,151    SH       SHARED-DEFINED     1      11,151
DONNELLEY R R & SONS CO       COM             257867101    245     14,022    SH       SHARED-DEFINED     1      14,022
RUBY TUESDAY INC              COM             781182100    131     10,024    SH       SHARED-DEFINED     1      10,024
RYLAND GROUP INC              COM             783764103    256     15,006    SH       SHARED-DEFINED     1      15,006
SAFEWAY INC                   COM NEW         786514208    852     37,900    SH       SHARED-DEFINED     1      37,900
SAIC INC                      COM             78390X101    254     15,990    SH       SHARED-DEFINED     1      15,990
SANDISK CORP                  COM             80004C101    240      4,818    SH       SHARED-DEFINED     1       4,818
SANGAMO BIOSCIENCES INC       COM             800677106    296     44,600    SH       SHARED-DEFINED     1      44,600
SATCON TECHNOLOGY CORP        COM             803893106    137     30,500    SH       SHARED-DEFINED     1      30,500
SAUL CTRS INC                 COM             804395101    241      5,100    SH       SHARED-DEFINED     1       5,100
SCHWAB CHARLES CORP NEW       COM             808513105    248     14,514    SH       SHARED-DEFINED     1      14,514
SCIENTIFIC GAMES COR          CL A            80874P109    275     27,631    SH       SHARED-DEFINED     1      27,631
SEARS HLDGS CORP              COM             812350106    272      3,690    SH       SHARED-DEFINED     1       3,690
SKECHERS U S A INC            CL A            830566105    231     11,562    SH       SHARED-DEFINED     1      11,562
SNAP ON INC                   COM             833034101    371      6,551    SH       SHARED-DEFINED     1       6,551
SOLARFUN POWER HOLDINGS CO L  SPONSORED ADR   83415U108    229     28,000    SH       SHARED-DEFINED     1      28,000
SONIC CORP                    COM             835451105    169     16,666    SH       SHARED-DEFINED     1      16,666
SONOCO PRODS CO               COM             835495102    660     19,600    SH       SHARED-DEFINED     1      19,600
SOUTHERN CO                   COM             842587107  2,026     52,995    SH       SHARED-DEFINED     1      52,995
SOUTHWEST AIRLS CO            COM             844741108    752     57,925    SH       SHARED-DEFINED     1      57,925
SOUTHWESTERN ENERGY CO        COM             845467109    258      6,888    SH       SHARED-DEFINED     1       6,888
SPDR S&P MIDCAP 400 ETF TR    UTSER1 S&PDCRP, 78467Y107  1,021      6,200    SH       SHARED-DEFINED     1       6,200
SPRINT NEXTEL CORP            COM SER 1       852061100    419     98,976    SH       SHARED-DEFINED     1      98,976
ST JUDE MED INC               COM             790849103    276      6,465    SH       SHARED-DEFINED     1       6,465
STANDARD PAC CORP NEW         COM             85375C101     53     11,426    SH       SHARED-DEFINED     1      11,426
STANLEY BLACK & DECKER INC    COM             854502101    269      4,030    SH       SHARED-DEFINED     1       4,030
STARWOOD HOTELS&RESORTS WRLD  COM             85590A401    246      4,044    SH       SHARED-DEFINED     1       4,044
STATOIL ASA                   SPONSORED ADR   85771P102    264     11,100    SH       SHARED-DEFINED     1      11,100
STEIN MART INC                COM             858375108    130     14,100    SH       SHARED-DEFINED     1      14,100
STRAYER ED INC                COM             863236105    225      1,476    SH       SHARED-DEFINED     1       1,476
STRYKER CORP                  COM             863667101    671     12,500    SH       SHARED-DEFINED     1      12,500
SUNCOR ENERGY INC NEW         COM             867224107    670     17,500    SH       SHARED-DEFINED     1      17,500
SUPERVALU INC                 COM             868536103    739     76,733    SH       SHARED-DEFINED     1      76,733
SUSQUEHANNA BANCSHARES INC P  COM             869099101    204     21,029    SH       SHARED-DEFINED     1      21,029
SYNOVUS FINL CORP             COM             87161C105     46     17,247    SH       SHARED-DEFINED     1      17,247
SYSCO CORP                    COM             871829107    446     15,167    SH       SHARED-DEFINED     1      15,167
TECH DATA CORP                COM             878237106    249      5,658    SH       SHARED-DEFINED     1       5,658
TEKELEC                       COM             879101103    161     13,530    SH       SHARED-DEFINED     1      13,530
TELETECH HOLDINGS INC         COM             879939106    331     16,100    SH       SHARED-DEFINED     1      16,100
TELLABS INC                   COM             879664100    388     57,164    SH       SHARED-DEFINED     1      57,164
TENET HEALTHCARE CORP         COM             88033G100    536     80,084    SH       SHARED-DEFINED     1      80,084
DISNEY WALT CO                COM DISNEY      254687106  1,209     32,219    SH       SHARED-DEFINED     1      32,219
THERMO FISHER SCIENTIFIC INC  COM             883556102    375      6,775    SH       SHARED-DEFINED     1       6,775
THQ INC                       COM NEW         872443403    163     26,899    SH       SHARED-DEFINED     1      26,899
TIBCO SOFTWARE INC            COM             88632Q103    671     34,044    SH       SHARED-DEFINED     1      34,044
TITANIUM METALS CORP          COM NEW         888339207    421     24,477    SH       SHARED-DEFINED     1      24,477
TJX COS INC NEW               COM             872540109    525     11,827    SH       SHARED-DEFINED     1      11,827
TOTAL SYS SVCS INC            COM             891906109    347     22,535    SH       SHARED-DEFINED     1      22,535
TRADESTATION GROUP INC        COM             89267P105     68     10,024    SH       SHARED-DEFINED     1      10,024
TRAVELERS COMPANIES INC       COM             89417E109    247      4,442    SH       SHARED-DEFINED     1       4,442
TRINITY INDS INC              COM             896522109    721     27,100    SH       SHARED-DEFINED     1      27,100
TW TELECOM INC                COM             87311L104    171     10,000    SH       SHARED-DEFINED     1      10,000
UNITED CMNTY BKS BLAIRSVLE G  CAP STK         90984P105     47     24,287    SH       SHARED-DEFINED     1      24,287
UNITED TECHNOLOGIES CORP      COM             913017109  3,111     39,514    SH       SHARED-DEFINED     1      39,514
US BANCORP DEL                COM NEW         902973304    820     30,416    SH       SHARED-DEFINED     1      30,416
VERTEX PHARMACEUTICALS INC    COM             92532F100    250      7,134    SH       SHARED-DEFINED     1       7,134
V F CORP                      COM             918204108    249      2,895    SH       SHARED-DEFINED     1       2,895
VIRGIN MEDIA INC              COM             92769L101    667     24,500    SH       SHARED-DEFINED     1      24,500
VISA INC                      COM CL A        92826C839    865     12,292    SH       SHARED-DEFINED     1      12,292
VODAFONE GROUP PLC NEW        SPONS ADR NEW   92857W209    925     35,000    SH       SHARED-DEFINED     1      35,000
VULCAN MATLS CO               COM             929160109    298      6,723    SH       SHARED-DEFINED     1       6,723
WASHINGTON FED INC            COM             938824109    262     15,498    SH       SHARED-DEFINED     1      15,498
WASHINGTON POST CO            CL B            939640108    279        635    SH       SHARED-DEFINED     1         635
WAUSAU PAPER CORP             COM             943315101     96     11,147    SH       SHARED-DEFINED     1      11,147
WELLCARE HEALTH PLANS INC     COM             94946T106    260      8,610    SH       SHARED-DEFINED     1       8,610
WELLS FARGO & CO NEW          COM             949746101  1,741     56,178    SH       SHARED-DEFINED     1      56,178
WESTERN DIGITAL CORP          COM             958102105    420     12,380    SH       SHARED-DEFINED     1      12,380
WESTERN UN CO                 COM             959802109    197     10,585    SH       SHARED-DEFINED     1      10,585
WILLIAMS COS INC DEL          COM             969457100  1,588     64,245    SH       SHARED-DEFINED     1      64,245
WILMINGTON TRUST CORP         COM             971807102    222     51,147    SH       SHARED-DEFINED     1      51,147
WYNN RESORTS LTD              COM             983134107    237      2,281    SH       SHARED-DEFINED     1       2,281
XCEL ENERGY INC               COM             98389B100    240     10,207    SH       SHARED-DEFINED     1      10,207
XEROX CORP                    COM             984121103  1,026     89,049    SH       SHARED-DEFINED     1      89,049
YAHOO INC                     COM             984332106    205     12,313    SH       SHARED-DEFINED     1      12,313
YUM BRANDS INC                COM             988498101    201      4,091    SH       SHARED-DEFINED     1       4,091
ZALE CORP NEW                 COM             988858106     66     15,461    SH       SHARED-DEFINED     1      15,461
ZIMMER HLDGS INC              COM             98956P102    238      4,428    SH       SHARED-DEFINED     1       4,428

</TABLE>




SK 26441 0002 1174301
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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