0000865733-12-000004.txt : 20120214 0000865733-12-000004.hdr.sgml : 20120214 20120214162613 ACCESSION NUMBER: 0000865733-12-000004 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120214 DATE AS OF CHANGE: 20120214 EFFECTIVENESS DATE: 20120214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION CENTRAL INDEX KEY: 0000833018 IRS NUMBER: 530116145 STATE OF INCORPORATION: DC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-02316 FILM NUMBER: 12610310 BUSINESS ADDRESS: STREET 1: 4301 WILSON BLVD CITY: ARLINGTON STATE: VA ZIP: 22203 BUSINESS PHONE: 7039075500 MAIL ADDRESS: STREET 1: 4301 WILSON BLVD CITY: ARLINGTON STATE: VA ZIP: 22203 13F-HR 1 form13fhrq42011nreca.txt FORM 13F HOLDINGS REPORT FYE 12312011 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, 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: National Rural Electric Cooperative Association ----------------------------------------------- Address: 4301 Wilson Boulevard ----------------------------------------------- Arlington, Virginia 22203 ----------------------------------------------- Form 13F File Number: 028-02316 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: Peter R. Morris ------------------------------------------- Title: Vice President and Chief Investment Officer ------------------------------------------- Phone: 703-907-6030 ------------------------------------------- Signature, Place and Date of Signing: /s/ Peter R. Morris Arlington, Virgina February 14, 2012 ------------------- ------------------ ----------------- [Signature] [City, State] [Date] Report Type (Check only one): [X] 13F HOLDINGS REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 --------------------- Form 13F Information Table Entry Total: 250 --------------------- Form 13F Information Table Value Total: 3,383,831 --------------------- (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 --- -------------------- ----------------------- 1 028-04894 RE Advisers Corporation FORM 13F INFORMATION TABLE AS OF 12/31/2011 REPORTING MANAGER: National Rural Electric Cooperative Association ==================================================================================================================================== Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 -------- -------- -------- -------- -------- -------- -------- -------- Title Shares or of Value Principal SH/ PUT/ Investment Other Voting Authority Name of Issuer Class Cusip (x$1,000) Amount PRN CALL Discretion Managers Sole Shared None ==================================================================================================================================== ABBOTT LABORATORIES COM 002824100 67,645 1,203,000 SH DEFINED n/a 1,203,000 ABBOTT LABORATORIES COM 002824100 23,111 411,000 SH DEFINED 1 411,000 ACE LTD SHS H0023R105 5,533 78,900 SH DEFINED n/a 78,900 AFLAC INC COM 001055102 4,257 98,400 SH DEFINED n/a 98,400 AIR PRODUCTS & CHEMICALS INC COM 009158106 4,387 51,500 SH DEFINED n/a 51,500 ALLEGHENY TECHNOLOGIES INC COM 01741R102 8,953 187,300 SH DEFINED n/a 187,300 ALLERGAN INC COM 018490102 4,286 48,843 SH DEFINED n/a 48,843 ALLSTATE CORP COM 020002101 44,382 1,619,200 SH DEFINED n/a 1,619,200 ALLSTATE CORP COM 020002101 10,827 395,000 SH DEFINED 1 395,000 AMERICAN TOWER CORP CL A 029912201 3,269 54,469 SH DEFINED n/a 54,469 ANADARKO PETROLEUM CORP COM 032511107 4,653 60,954 SH DEFINED n/a 60,954 APPLE INC COM 037833100 2,182 5,388 SH DEFINED n/a 5,388 APPLIED INDUSTRIAL TECH INC COM 03820C105 14,483 411,785 SH DEFINED n/a 411,785 APPLIED INDUSTRIAL TECH INC COM 03820C105 11,321 321,900 SH DEFINED 1 321,900 ASSET ACCEPTANCE CAPITAL COM 04543P100 2,256 576,998 SH DEFINED n/a 576,998 ASSET ACCEPTANCE CAPITAL COM 04543P100 1,172 299,815 SH DEFINED 1 299,815 ASTORIA FINANCIAL CORP COM 046265104 1,295 152,500 SH DEFINED n/a 152,500 AVERY DENNISON CORP COM 053611109 52,441 1,828,500 SH DEFINED n/a 1,828,500 AVERY DENNISON CORP COM 053611109 15,519 541,100 SH DEFINED 1 541,100 AVON PRODUCTS INC COM 054303102 4,797 274,600 SH DEFINED n/a 274,600 BAKER HUGHES INC COM 057224107 50,265 1,033,400 SH DEFINED n/a 1,033,400 BAKER HUGHES INC COM 057224107 9,485 195,000 SH DEFINED 1 195,000 BANK OF AMERICA CORP COM 060505104 5,965 1,072,760 SH DEFINED n/a 1,072,760 BANK OF AMERICA CORP COM 060505104 1,799 323,600 SH DEFINED 1 323,600 BARRICK GOLD CORP COM 067901108 3,955 87,400 SH DEFINED n/a 87,400 BB&T CORP COM 054937107 3,984 158,300 SH DEFINED n/a 158,300 BELDEN INC COM 077454106 10,886 327,100 SH DEFINED n/a 327,100 BELDEN INC COM 077454106 6,040 181,500 SH DEFINED 1 181,500 BEMIS INC COM 081437105 52,860 1,757,300 SH DEFINED n/a 1,757,300 BEMIS INC COM 081437105 13,404 445,600 SH DEFINED 1 445,600 BERKSHIRE HATHAWAY INC CL A 084670108 803 7 SH DEFINED n/a 7 BERKSHIRE HATHAWAY INC CL B 084670702 2,381 31,200 SH DEFINED n/a 31,200 BOSTON SCIENTIFIC CORP COM 101137107 3,275 613,200 SH DEFINED n/a 613,200 BRINKER INTERNATIONAL INC COM 109641100 17,852 667,100 SH DEFINED n/a 667,100 BRINKER INTERNATIONAL INC COM 109641100 5,352 200,000 SH DEFINED 1 200,000 BRISTOL MYERS SQUIBB CO COM 110122108 101,300 2,874,580 SH DEFINED n/a 2,874,580 BRISTOL MYERS SQUIBB CO COM 110122108 30,049 852,700 SH DEFINED 1 852,700 BROADCOM CORP CL A 111320107 6,653 226,590 SH DEFINED n/a 226,590 CARDINAL FINANCIAL CORP COM 14149F109 5,129 477,600 SH DEFINED n/a 477,600 CARDINAL FINANCIAL CORP COM 14149F109 2,850 265,400 SH DEFINED 1 265,400 CARLISLE COS INC COM 142339100 15,554 351,100 SH DEFINED n/a 351,100 CARLISLE COS INC COM 142339100 5,564 125,600 SH DEFINED 1 125,600 CARNIVAL CORP PAIRED CTF 143658300 6,388 195,700 SH DEFINED n/a 195,700 CATERPILLAR INC COM 149123101 3,823 42,200 SH DEFINED n/a 42,200 CBS CORP CL B 124857202 7,051 259,800 SH DEFINED n/a 259,800 CENOVUS ENERGY INC COM 15135U109 6,633 199,800 SH DEFINED n/a 199,800 CENTENE CORP COM 15135B101 1,588 40,100 SH DEFINED n/a 40,100 CERNER CORP COM 156782104 4,894 79,900 SH DEFINED n/a 79,900 CHEVRON CORP COM 166764100 72,877 684,935 SH DEFINED n/a 684,935 CHEVRON CORP COM 166764100 21,918 206,000 SH DEFINED 1 206,000 CHUBB CORP COM 171232101 61,329 886,000 SH DEFINED n/a 886,000 CHUBB CORP COM 171232101 8,860 128,000 SH DEFINED 1 128,000 CIMAREX ENERGY CO COM 171798101 13,581 219,400 SH DEFINED n/a 219,400 CIMAREX ENERGY CO COM 171798101 3,677 59,400 SH DEFINED 1 59,400 CISCO SYSTEMS INC COM 17275R102 70,747 3,913,000 SH DEFINED n/a 3,913,000 CISCO SYSTEMS INC COM 17275R102 19,291 1,067,000 SH DEFINED 1 1,067,000 CLARCOR INC COM 179895107 12,343 246,900 SH DEFINED n/a 246,900 CLARCOR INC COM 179895107 4,354 87,100 SH DEFINED 1 87,100 CLIFFS NATURAL RESOURCES INC COM 18683K101 2,868 46,000 SH DEFINED n/a 46,000 COBALT INTERNATIONAL ENERGY COM 19075F106 1,344 86,600 SH DEFINED n/a 86,600 COMCAST CORP CL A 20030N101 12,570 530,148 SH DEFINED n/a 530,148 COMMERCE BANCSHARES INC COM 200525103 16,292 427,396 SH DEFINED n/a 427,396 COMMERCE BANCSHARES INC COM 200525103 1,376 36,092 SH DEFINED 1 36,092 CONOCOPHILLIPS COM 20825C104 71,974 987,700 SH DEFINED n/a 987,700 CONOCOPHILLIPS COM 20825C104 19,675 270,000 SH DEFINED 1 270,000 COOPER TIRE & RUBBER COM 216831107 27,126 1,936,162 SH DEFINED n/a 1,936,162 COOPER TIRE & RUBBER COM 216831107 10,557 753,500 SH DEFINED 1 753,500 CORE MARK HOLDING CO INC COM 218681104 3,588 90,600 SH DEFINED n/a 90,600 CORE MARK HOLDING CO INC COM 218681104 2,277 57,500 SH DEFINED 1 57,500 COVIDIEN PLC SHS G2554F113 30,512 677,900 SH DEFINED n/a 677,900 COVIDIEN PLC SHS G2554F113 9,634 214,050 SH DEFINED 1 214,050 CRACKER BARREL OLD COUNTRY COM 22410J106 12,068 239,400 SH DEFINED n/a 239,400 CRACKER BARREL OLD COUNTRY COM 22410J106 6,634 131,600 SH DEFINED 1 131,600 DANAHER CORP COM 235851102 5,123 108,900 SH DEFINED n/a 108,900 DEAN FOODS CO COM 242370104 41,353 3,692,200 SH DEFINED n/a 3,692,200 DEAN FOODS CO COM 242370104 16,333 1,458,300 SH DEFINED 1 1,458,300 DELL INC COM 24702R101 47,986 3,280,000 SH DEFINED n/a 3,280,000 DELL INC COM 24702R101 19,385 1,325,000 SH DEFINED 1 1,325,000 DILLARDS INC CL A 254067101 61,908 1,379,400 SH DEFINED n/a 1,379,400 DILLARDS INC CL A 254067101 9,658 215,200 SH DEFINED 1 215,200 DOW CHEMICAL CO COM 260543103 63,485 2,207,400 SH DEFINED n/a 2,207,400 DOW CHEMICAL CO COM 260543103 20,676 718,900 SH DEFINED 1 718,900 DREAMWORKS ANIMATION SKG INC CL A 26153C103 1,830 110,300 SH DEFINED n/a 110,300 DRIL QUIP INC COM 262037104 2,343 35,600 SH DEFINED n/a 35,600 EL PASO CORP COM 28336L109 40,203 1,513,088 SH DEFINED n/a 1,513,088 EL PASO CORP COM 28336L109 10,953 412,212 SH DEFINED 1 412,212 EMERSON ELECTRIC CO COM 291011104 2,977 63,900 SH DEFINED n/a 63,900 ENCANA CORP COM 292505104 2,705 146,000 SH DEFINED n/a 146,000 ENCORE CAPITAL GROUP INC COM 292554102 3,246 152,679 SH DEFINED n/a 152,679 ENCORE CAPITAL GROUP INC COM 292554102 1,507 70,900 SH DEFINED 1 70,900 EXPRESS SCRIPTS INC COM 302182100 107 2,400 SH DEFINED n/a 2,400 FEDEX CORP COM 31428X106 2,105 25,200 SH DEFINED n/a 25,200 FLEXTRONICS INTL LTD ORD Y2573F102 2,819 498,000 SH DEFINED n/a 498,000 FLOWSERVE CORP COM 34354P105 33,032 332,581 SH DEFINED n/a 332,581 FLOWSERVE CORP COM 34354P105 11,303 113,800 SH DEFINED 1 113,800 FRED S INC CL A 356108100 4,137 283,770 SH DEFINED n/a 283,770 FRED S INC CL A 356108100 4,786 328,276 SH DEFINED 1 328,276 FREESCALE SEMICONDUCTOR HOLD SHS G3727Q101 1,471 116,300 SH DEFINED n/a 116,300 GANNETT CO COM 364730101 6,067 453,800 SH DEFINED n/a 453,800 GENERAL ELECTRIC CO COM 369604103 63,996 3,573,200 SH DEFINED n/a 3,573,200 GENERAL ELECTRIC CO COM 369604103 18,322 1,023,000 SH DEFINED 1 1,023,000 GENUINE PARTS CO COM 372460105 73,526 1,201,400 SH DEFINED n/a 1,201,400 GENUINE PARTS CO COM 372460105 19,915 325,400 SH DEFINED 1 325,400 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 46,953 1,029,000 SH DEFINED n/a 1,029,000 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 16,427 360,000 SH DEFINED 1 360,000 GOLDMAN SACHS GROUP INC COM 38141G104 7,325 81,004 SH DEFINED n/a 81,004 GOOGLE INC CL A 38259P508 11,937 18,481 SH DEFINED n/a 18,481 GORMAN RUPP CO COM 383082104 4,202 154,750 SH DEFINED n/a 154,750 GORMAN RUPP CO COM 383082104 3,033 111,725 SH DEFINED 1 111,725 HALLIBURTON CO COM 406216101 11,595 336,000 SH DEFINED n/a 336,000 HELMERICH & PAYNE COM 423452101 7,797 133,600 SH DEFINED n/a 133,600 HELMERICH & PAYNE COM 423452101 2,043 35,000 SH DEFINED 1 35,000 HENRY JACK & ASSOC INC COM 426281101 3,737 111,200 SH DEFINED n/a 111,200 HEWLETT PACKARD CO COM 428236103 48,545 1,884,500 SH DEFINED n/a 1,884,500 HEWLETT PACKARD CO COM 428236103 15,288 593,491 SH DEFINED 1 593,491 HOME DEPOT INC COM 437076102 7,386 175,700 SH DEFINED n/a 175,700 HONEYWELL INTERNATIONAL INC COM 438516106 42,904 789,400 SH DEFINED n/a 789,400 HONEYWELL INTERNATIONAL INC COM 438516106 15,658 288,100 SH DEFINED 1 288,100 HOSPIRA INC COM 441060100 33,459 1,101,700 SH DEFINED n/a 1,101,700 HOSPIRA INC COM 441060100 11,917 392,400 SH DEFINED 1 392,400 HUNTINGTON INGALLS INDUSTRIE COM 446413106 6,162 197,000 SH DEFINED n/a 197,000 HUNTINGTON INGALLS INDUSTRIE COM 446413106 3,319 106,105 SH DEFINED 1 106,105 INTEL CORP COM 458140100 87,002 3,587,700 SH DEFINED n/a 3,587,700 INTEL CORP COM 458140100 27,960 1,153,000 SH DEFINED 1 1,153,000 INTERPUBLIC GROUP OF COS INC COM 460690100 3 340 SH DEFINED n/a 340 INTL BUSINESS MACHINES CORP COM 459200101 1,511 8,216 SH DEFINED n/a 8,216 IRON MOUNTAIN INC COM 462846106 3,323 107,900 SH DEFINED n/a 107,900 ISHARES TR RUSSELL 2000 464287655 44,214 600,000 SH DEFINED n/a 600,000 ISHARES TR RUSL 2000 VALU 464287630 6,564 100,000 SH DEFINED n/a 100,000 ISHARES TR S&P SMLCAP 600 464287804 6,828 100,000 SH DEFINED n/a 100,000 ISHARES TR RUSL 2000 VALU 464287630 6,892 105,000 SH DEFINED 1 105,000 ISHARES TR S&P SMLCAP 600 464287804 6,179 90,500 SH DEFINED 1 90,500 JACOBS ENGINEERING GROUP INC COM 469814107 2,877 70,900 SH DEFINED n/a 70,900 JPMORGAN CHASE & CO COM 46625H100 60,042 1,805,783 SH DEFINED n/a 1,805,783 JPMORGAN CHASE & CO COM 46625H100 15,149 455,600 SH DEFINED 1 455,600 JUNIPER NETWORKS INC COM 48203R104 4,841 237,184 SH DEFINED n/a 237,184 KLA TENCOR CORPORATION COM 482480100 5,472 113,400 SH DEFINED n/a 113,400 KNIGHT TRANSPORTATION INC COM 499064103 5,465 349,400 SH DEFINED n/a 349,400 KNIGHT TRANSPORTATION INC COM 499064103 2,574 164,600 SH DEFINED 1 164,600 LEGG MASON INC COM 524901105 2,466 102,555 SH DEFINED n/a 102,555 LYONDELLBASELL INDUSTRIES SHS -A- N53745100 2,726 83,900 SH DEFINED n/a 83,900 MANITOWOC COMPANY INC COM 563571108 13,091 1,424,500 SH DEFINED n/a 1,424,500 MANITOWOC COMPANY INC COM 563571108 5,072 551,900 SH DEFINED 1 551,900 MANTECH INTERNATIONAL CORP CL A 564563104 8,595 275,117 SH DEFINED n/a 275,117 MANTECH INTERNATIONAL CORP CL A 564563104 4,567 146,200 SH DEFINED 1 146,200 MARATHON OIL CORP COM 565849106 45,351 1,549,384 SH DEFINED n/a 1,549,384 MARATHON OIL CORP COM 565849106 14,050 480,000 SH DEFINED 1 480,000 MARATHON PETROLEUM CORP COM 56585A102 20,680 621,192 SH DEFINED n/a 621,192 MARATHON PETROLEUM CORP COM 56585A102 6,442 193,500 SH DEFINED 1 193,500 MAXIM INTEGRATED PRODUCTS COM 57772K101 2,410 92,545 SH DEFINED n/a 92,545 MERCK & CO INC COM 58933Y105 25,709 681,946 SH DEFINED n/a 681,946 MERCK & CO INC COM 58933Y105 7,805 207,034 SH DEFINED 1 207,034 METTLER TOLEDO INTERNATIONAL COM 592688105 1,034 7,000 SH DEFINED n/a 7,000 MICROSOFT CORP COM 594918104 4,019 154,800 SH DEFINED n/a 154,800 MIDDLEBURG FINANCIAL CORP COM 596094102 2,652 186,100 SH DEFINED n/a 186,100 MIDDLEBURG FINANCIAL CORP COM 596094102 1,378 96,700 SH DEFINED 1 96,700 MONSANTO CO COM 61166W101 3,753 53,556 SH DEFINED n/a 53,556 NATIONAL BANKSHARES INC VA COM 634865109 2,893 103,600 SH DEFINED n/a 103,600 NATIONAL BANKSHARES INC VA COM 634865109 2,401 86,000 SH DEFINED 1 86,000 NIELSEN HOLDINGS NV COM N63218106 707 23,800 SH DEFINED n/a 23,800 NOBLE ENERGY INC COM 655044105 7,617 80,700 SH DEFINED n/a 80,700 NORDSTROM INC COM 655664100 8,948 180,000 SH DEFINED n/a 180,000 NORDSTROM INC COM 655664100 4,474 90,000 SH DEFINED 1 90,000 NVR INC COM 62944T105 3,018 4,400 SH DEFINED n/a 4,400 O CHARLEYS INC COM 670823103 1,158 210,900 SH DEFINED n/a 210,900 O CHARLEYS INC COM 670823103 113 20,660 SH DEFINED 1 20,660 OLIN CORP COM PAR $1 680665205 10,153 516,700 SH DEFINED n/a 516,700 OLIN CORP COM PAR $1 680665205 5,249 267,100 SH DEFINED 1 267,100 ORACLE CORP COM 68389X105 4,878 190,184 SH DEFINED n/a 190,184 PARKER HANNIFIN CORP COM 701094104 69,784 915,200 SH DEFINED n/a 915,200 PARKER HANNIFIN CORP COM 701094104 19,551 256,400 SH DEFINED 1 256,400 PFIZER INC COM 717081103 60,462 2,794,000 SH DEFINED n/a 2,794,000 PFIZER INC COM 717081103 24,475 1,131,000 SH DEFINED 1 1,131,000 PHARMASSET INC COM 71715N106 14,410 112,400 SH DEFINED n/a 112,400 PHILIP MORRIS INTERNATIONAL COM 718172109 10,979 139,900 SH DEFINED n/a 139,900 POLYONE CORPORATION COM 73179P106 4,505 390,000 SH DEFINED n/a 390,000 POLYONE CORPORATION COM 73179P106 3,724 322,400 SH DEFINED 1 322,400 POLYPORE INTERNATIONAL INC COM 73179V103 3,739 85,000 SH DEFINED n/a 85,000 POLYPORE INTERNATIONAL INC COM 73179V103 871 19,800 SH DEFINED 1 19,800 PRINCIPAL FINANCIAL GROUP COM 74251V102 18,996 772,200 SH DEFINED n/a 772,200 PRINCIPAL FINANCIAL GROUP COM 74251V102 1,368 55,600 SH DEFINED 1 55,600 PROGRESSIVE CORP COM 743315103 3,494 179,100 SH DEFINED n/a 179,100 QEP RESOURCES INC COM 74733V100 28,948 988,000 SH DEFINED n/a 988,000 QEP RESOURCES INC COM 74733V100 8,720 297,600 SH DEFINED 1 297,600 QUALCOMM INC COM 747525103 4,251 77,715 SH DEFINED n/a 77,715 QUESTAR CORP COM 748356102 19,622 988,000 SH DEFINED n/a 988,000 QUESTAR CORP COM 748356102 5,910 297,600 SH DEFINED 1 297,600 REGAL BELOIT CORP COM 758750103 6,570 128,900 SH DEFINED n/a 128,900 REGAL BELOIT CORP COM 758750103 2,982 58,500 SH DEFINED 1 58,500 REPUBLIC SERVICES INC COM 760759100 5,392 195,700 SH DEFINED n/a 195,700 ROFIN SINAR TECHNOLOGIES INC COM 775043102 10,159 444,600 SH DEFINED n/a 444,600 ROFIN SINAR TECHNOLOGIES INC COM 775043102 4,810 210,500 SH DEFINED 1 210,500 ROWAN COMPANIES INC COM 779382100 5,308 175,000 SH DEFINED n/a 175,000 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 7,008 95,884 SH DEFINED n/a 95,884 ROYAL DUTCH SHELL PLC SPONS ADR B 780259107 3,490 45,916 SH DEFINED n/a 45,916 RUDDICK CORP COM 781258108 4,192 98,300 SH DEFINED n/a 98,300 RUDDICK CORP COM 781258108 3,637 85,300 SH DEFINED 1 85,300 SAIC INC COM 78390X101 18,264 1,486,110 SH DEFINED n/a 1,486,110 SAIC INC COM 78390X101 7,669 624,000 SH DEFINED 1 624,000 SALLY BEAUTY HOLDINGS INC COM 79546E104 4,414 208,900 SH DEFINED n/a 208,900 SALLY BEAUTY HOLDINGS INC COM 79546E104 2,409 114,000 SH DEFINED 1 114,000 SCHLUMBERGER LTD COM 806857108 8,974 131,367 SH DEFINED n/a 131,367 SCHWAB CHARLES CORP COM 808513105 7,671 681,269 SH DEFINED n/a 681,269 SCRIPPS NETWORKS INTER CL A COM 811065101 1,862 43,900 SH DEFINED n/a 43,900 SEATTLE GENETICS INC COM 812578102 4,287 256,500 SH DEFINED n/a 256,500 SHIRE PLC SPONSORED ADR 82481R106 5,835 56,157 SH DEFINED n/a 56,157 SIGNET JEWELERS LTD SHS G81276100 5,179 117,800 SH DEFINED n/a 117,800 SM ENERGY CO COM 78454L100 15,322 209,600 SH DEFINED n/a 209,600 SM ENERGY CO COM 78454L100 3,582 49,000 SH DEFINED 1 49,000 SMUCKER J M CO COM 832696405 3,909 50,000 SH DEFINED n/a 50,000 SMUCKER J M CO COM 832696405 14,831 189,721 SH DEFINED 1 189,721 SOUTHCOAST FINANCIAL CORP COM 84129R100 149 117,370 SH DEFINED n/a 117,370 SOUTHCOAST FINANCIAL CORP COM 84129R100 72 56,507 SH DEFINED 1 56,507 SOUTHWEST AIRLINES CO COM 844741108 24,818 2,899,343 SH DEFINED n/a 2,899,343 SOUTHWEST AIRLINES CO COM 844741108 7,380 862,100 SH DEFINED 1 862,100 STANDEX INTERNATIONAL CORP COM 854231107 8,310 243,200 SH DEFINED n/a 243,200 STANDEX INTERNATIONAL CORP COM 854231107 666 19,500 SH DEFINED 1 19,500 STERIS CORP COM 859152100 12,957 434,500 SH DEFINED n/a 434,500 STERIS CORP COM 859152100 6,435 215,800 SH DEFINED 1 215,800 TARGET CORP COM 87612E106 5,062 98,823 SH DEFINED n/a 98,823 TE CONNECTIVITY LTD REG SHS H84989104 28,966 940,150 SH DEFINED n/a 940,150 TE CONNECTIVITY LTD REG SHS H84989104 8,465 274,750 SH DEFINED 1 274,750 THOMAS & BETTS CORP COM 884315102 11,608 212,600 SH DEFINED n/a 212,600 THOMAS & BETTS CORP COM 884315102 1,365 25,000 SH DEFINED 1 25,000 TIFFANY & CO COM 886547108 1,136 17,151 SH DEFINED n/a 17,151 TIM HORTONS INC COM 88706M103 23,318 481,580 SH DEFINED n/a 481,580 TIME WARNER CABLE COM 88732J207 3,597 56,590 SH DEFINED n/a 56,590 TRANSCANADA CORP COM 89353D107 7,189 164,628 SH DEFINED n/a 164,628 TRANSOCEAN LTD REG SHS H8817H100 504 13,120 SH DEFINED n/a 13,120 TRIUMPH GROUP INC COM 896818101 21,276 364,000 SH DEFINED n/a 364,000 TRIUMPH GROUP INC COM 896818101 7,996 136,800 SH DEFINED 1 136,800 TYCO INTERNATIONAL LTD SHS H89128104 25,170 538,850 SH DEFINED n/a 538,850 TYCO INTERNATIONAL LTD SHS H89128104 7,880 168,700 SH DEFINED 1 168,700 UNITED NATURAL FOODS INC COM 911163103 12,555 313,800 SH DEFINED n/a 313,800 UNITED NATURAL FOODS INC COM 911163103 6,386 159,600 SH DEFINED 1 159,600 UNIVERSAL HEALTH SERVICES CL B 913903100 1,170 30,100 SH DEFINED n/a 30,100 UNUM GROUP COM 91529Y106 8,130 385,857 SH DEFINED n/a 385,857 URBAN OUTFITTERS INC COM 917047102 4,908 178,100 SH DEFINED n/a 178,100 VALLEY NATIONAL BANCORP COM 919794107 8,344 674,548 SH DEFINED n/a 674,548 VALLEY NATIONAL BANCORP COM 919794107 2,496 201,800 SH DEFINED 1 201,800 VISA INC COM CL A 92826C839 1,500 14,778 SH DEFINED n/a 14,778 WEATHERFORD INTL LTD REG SHS H27013103 8,504 580,900 SH DEFINED n/a 580,900 WELLS FARGO & CO COM 949746101 19,953 724,000 SH DEFINED n/a 724,000 WELLS FARGO & CO COM 949746101 4,658 169,000 SH DEFINED 1 169,000 WERNER ENTERPRISES INC COM 950755108 4,610 191,300 SH DEFINED n/a 191,300 WERNER ENTERPRISES INC COM 950755108 2,249 93,300 SH DEFINED 1 93,300 WESTERN DIGITAL CORP COM 958102105 5,645 182,400 SH DEFINED n/a 182,400 WESTERN DIGITAL CORP COM 958102105 2,924 94,483 SH DEFINED 1 94,483 WESTLAKE CHEMICAL CORP COM 960413102 15,987 397,300 SH DEFINED n/a 397,300 WESTLAKE CHEMICAL CORP COM 960413102 4,656 115,700 SH DEFINED 1 115,700 Total: ========= 3,383,831