UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON D.C. 20549

                                    FORM 13F

                               FORM 13F COVER PAGE

          Report for Calendar Year or Quarter Ended: DECEMBER 31, 2012

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:    QUALCOMM INCORPORATED
Address: 5775 MOREHOUSE DRIVE
         SAN DIEGO, CALIFORNIA 92121

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.

Person signing this report on behalf of the reporting manager:

Name:      RICHARD F. GRANNIS
Title      SENIOR VICE PRESIDENT AND CORPORATE TREASURER
Telephone: 858-658-4817

Signature, Place, and Date of Signing:

      /s/ RICHARD F. GRANNIS               San Diego, CA          2/14/2013
------------------------------------   ---------------------   -----------------
             [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).)

                                      -1-




                              FORM 13F SUMMARY PAGE

REPORT SUMMARY:

Number of Other Included Managers:                3
Form 13F Information Table Entry Total:         219
Form 13F Information Table Value Total:   2,106,869 (thousands)

List of Other Included Managers:

Provide a numbered list of the names(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. [If there are no entries in this
list, state "NONE" and omit the column headings and list entries.]

NO.   NAME
---   -----------------------------------------------
 1    State Street Corporation
 2    Flaherty & Crumrine Incorporated
 3    Invesco Ltd.

                                      -2-



FORM 13F INFORMATION TABLE AS OF 12/31/2012



                                                                                                           VOTING
                                                           VALUE    SHRS OR  SH/ PUT/ INVESTMENT  OTHER   AUTHORITY
NAME OF ISSUER                 TITLE OF CLASS     CUSIP   (X$1000)  PRN AMT  PRN CALL DISCRETION MANAGERS   SOLE
-------------------------------------------------------------------------------------------------------------------
                                                                               
A123 SYS INC                   COM              03739T108       97 5,351,864 SH       SOLE                5,351,864
ABBOTT LABS                    COM              002824100    6,707   102,400 SH       DEFINED           1   102,400
ADOBE SYS INC                  COM              00724F101    5,271   139,900 SH       DEFINED           1   139,900
ADVANCE AUTO PARTS INC         COM              00751Y106    5,701    78,800 SH       DEFINED           1    78,800
AFFILIATED MANAGERS GROUP      COM              008252108   10,946    84,100 SH       DEFINED           1    84,100
AIRGAS INC                     COM              009363102    5,313    58,200 SH       DEFINED           1    58,200
ALLEGHANY CORP DEL             COM              017175100      268       800 SH       DEFINED           1       800
ALLERGAN INC                   COM              018490102    2,394    26,100 SH       DEFINED           1    26,100
ALLIANCE DATA SYSTEMS CORP     COM              018581108    9,684    66,900 SH       DEFINED           1    66,900
ALTRIA GROUP INC               COM              02209S103   10,457   332,600 SH       DEFINED           1   332,600
AMAZON COM INC                 COM              023135106   14,516    57,800 SH       DEFINED           1    57,800
AMERICAN CAPITAL AGENCY CORP   COM              02503X105    5,823   201,500 SH       DEFINED           1   201,500
AMERICAN ELEC PWR INC          COM              025537101    3,568    83,600 SH       DEFINED           1    83,600
AMERICAN INTL GROUP INC        COM NEW          026874784    2,503    70,900 SH       DEFINED           1    70,900
AMERICAN WTR WKS CO INC NEW    COM              030420103    6,635   178,700 SH       DEFINED           1   178,700
AMERISOURCEBERGEN CORP         COM              03073E105    1,637    37,900 SH       DEFINED           1    37,900
AMGEN INC                      COM              031162100    7,370    85,500 SH       DEFINED           1    85,500
ANNALY CAP MGMT INC            COM              035710409    4,893   348,500 SH       DEFINED           1   348,500
APPLE INC                      COM              037833100   24,306    45,600 SH       DEFINED           1    45,600
AQUA AMERICA INC               COM              03836W103    6,800   267,500 SH       DEFINED           1   267,500
ARCH CAP GROUP LTD             ORD              G0450A105   14,707   334,100 SH       DEFINED           1   334,100
AT&T INC                       COM              00206R102   11,023   327,000 SH       DEFINED           1   327,000
AUTOZONE INC                   COM              053332102   10,704    30,200 SH       DEFINED           1    30,200
B/E AEROSPACE INC              COM              073302101    2,677    54,200 SH       DEFINED           1    54,200
BARCLAYS BANK PLC              ADR PFD SR 5     06739H362   21,891   860,850 SH       DEFINED           2   860,850
BARCLAYS BANK PLC              ADS7.75%PFD S4   06739H511      388    15,400 SH       DEFINED           2    15,400
BARCLAYS BANK PLC              SP ADR 7.1%PF3   06739H776    6,265   250,000 SH       DEFINED           2   250,000
BAXTER INTL INC                COM              071813109   14,652   219,800 SH       DEFINED           1   219,800
BECTON DICKINSON & CO          COM              075887109    4,214    53,900 SH       DEFINED           1    53,900
BED BATH & BEYOND INC          COM              075896100    9,102   162,800 SH       DEFINED           1   162,800
BERKSHIRE HATHAWAY INC DEL     CL B NEW         084670702   22,030   245,600 SH       DEFINED           1   245,600
BIOGEN IDEC INC                COM              09062X103    5,559    37,900 SH       DEFINED           1    37,900
BMC SOFTWARE INC               COM              055921100    5,346   134,800 SH       DEFINED           1   134,800
BORGWARNER INC                 COM              099724106    3,466    48,400 SH       DEFINED           1    48,400
BRISTOL MYERS SQUIBB CO        COM              110122108    5,423   166,400 SH       DEFINED           1   166,400
CALPINE CORP                   COM NEW          131347304      283    15,600 SH       DEFINED           1    15,600
CAMERON INTERNATIONAL CORP     COM              13342B105    6,741   119,400 SH       DEFINED           1   119,400
CAMPBELL SOUP CO               COM              134429109    4,965   142,300 SH       DEFINED           1   142,300
CAPITOL FED FINL INC           COM              14057J101    2,297   196,489 SH       DEFINED           1   196,489
CAREFUSION CORP                COM              14170T101    2,149    75,200 SH       DEFINED           1    75,200
CARNIVAL CORP                  PAIRED CTF       143658300    7,571   205,900 SH       DEFINED           1   205,900
CBOE HLDGS INC                 COM              12503M108      563    19,100 SH       DEFINED           1    19,100
CELGENE CORP                   COM              151020104    2,692    34,200 SH       DEFINED           1    34,200
CENTURYLINK INC                COM              156700106    4,392   112,279 SH       DEFINED           1   112,279
CERNER CORP                    COM              156782104    4,907    63,200 SH       DEFINED           1    63,200
CHEVRON CORP NEW               COM              166764100    5,591    51,700 SH       DEFINED           1    51,700
CHIMERA INVT CORP              COM              16934Q109    2,265   868,000 SH       DEFINED           1   868,000
CHIPOTLE MEXICAN GRILL INC     COM              169656105    7,437    25,000 SH       DEFINED           1    25,000
CHUBB CORP                     COM              171232101    5,393    71,600 SH       DEFINED           1    71,600
CIT GROUP INC                  COM NEW          125581801    3,643    94,301 SH       DEFINED           2    94,301
CITRIX SYS INC                 COM              177376100    3,301    50,200 SH       DEFINED           1    50,200
CLOROX CO DEL                  COM              189054109    9,189   125,500 SH       DEFINED           1   125,500
COBALT INTL ENERGY INC         COM              19075F106      631    25,700 SH       DEFINED           1    25,700
COGNIZANT TECHNOLOGY SOLUTIO   CL A             192446102    4,413    59,600 SH       DEFINED           1    59,600
CONAGRA FOODS INC              COM              205887102    3,865   131,000 SH       DEFINED           1   131,000
CONCHO RES INC                 COM              20605P101    5,543    68,800 SH       DEFINED           1    68,800
CONOCOPHILLIPS                 COM              20825C104    9,510   164,000 SH       DEFINED           1   164,000
CONSOLIDATED EDISON INC        COM              209115104    7,759   139,700 SH       DEFINED           1   139,700
CONTINENTAL RESOURCES INC      COM              212015101    4,380    59,600 SH       DEFINED           1    59,600
COPART INC                     COM              217204106    3,357   113,800 SH       DEFINED           1   113,800
COVANCE INC                    COM              222816100    2,461    42,600 SH       DEFINED           1    42,600
BARD C R INC                   COM              067383109    4,760    48,700 SH       DEFINED           1    48,700
CREE INC                       COM              225447101      581    17,100 SH       DEFINED           1    17,100
CROWN CASTLE INTL CORP         COM              228227104    9,273   128,500 SH       DEFINED           1   128,500
CROWN HOLDINGS INC             COM              228368106    9,368   254,500 SH       DEFINED           1   254,500
DAVITA HEALTHCARE PARTNERS I   COM              23918K108    6,400    57,900 SH       DEFINED           1    57,900
DIGITAL RLTY TR INC            COM              253868103    2,132    31,400 SH       DEFINED           1    31,400
DIRECTV                        COM              25490A309   14,511   289,300 SH       DEFINED           1   289,300
DISCOVERY COMMUNICATNS NEW     COM SER A        25470F104    6,272    98,800 SH       DEFINED           1    98,800





                                                                              
DISCOVERY COMMUNICATNS NEW     COM SER C        25470F302    5,060    86,500 SH       DEFINED          1    86,500
DOLLAR GEN CORP NEW            COM              256677105    2,103    47,700 SH       DEFINED          1    47,700
DOLLAR TREE INC                COM              256746108    6,863   169,200 SH       DEFINED          1   169,200
DOMINION RES INC VA NEW        COM              25746U109    5,543   107,000 SH       DEFINED          1   107,000
DRESSER-RAND GROUP INC         COM              261608103    2,897    51,600 SH       DEFINED          1    51,600
DUKE ENERGY CORP NEW           COM NEW          26441C204   11,227   175,978 SH       DEFINED          1   175,978
DUN & BRADSTREET CORP DEL NE   COM              26483E100    3,107    39,500 SH       DEFINED          1    39,500
EBAY INC                       COM              278642103   12,061   236,400 SH       DEFINED          1   236,400
EDISON INTL                    COM              281020107    1,387    30,700 SH       DEFINED          1    30,700
EDWARDS LIFESCIENCES CORP      COM              28176E108    5,203    57,700 SH       DEFINED          1    57,700
LILLY ELI & CO                 COM              532457108    6,999   141,900 SH       DEFINED          1   141,900
E M C CORP MASS                COM              268648102   19,415   767,400 SH       DEFINED          1   767,400
EMERSON ELEC CO                COM              291011104    8,876   167,600 SH       DEFINED          1   167,600
ENDO HEALTH SOLUTIONS INC      COM              29264F205    5,254   200,000 SH       DEFINED          1   200,000
ENGILITY HLDGS INC             COM              29285W104      234    12,133 SH       DEFINED          1    12,133
ENTERGY CORP NEW               COM              29364G103    4,558    71,500 SH       DEFINED          1    71,500
EQUINIX INC                    COM NEW          29444U502    2,722    13,200 SH       DEFINED          1    13,200
EXELON CORP                    COM              30161N101    2,813    94,600 SH       DEFINED          1    94,600
EXPRESS SCRIPTS HLDG CO        COM              30219G108    9,621   178,164 SH       DEFINED          1   178,164
EXXON MOBIL CORP               COM              30231G102    5,444    62,900 SH       DEFINED          1    62,900
F5 NETWORKS INC                COM              315616102    2,128    21,900 SH       DEFINED          1    21,900
FAMILY DLR STORES INC          COM              307000109    6,417   101,200 SH       DEFINED          1   101,200
FIDELITY NATL INFORMATION SV   COM              31620M106    1,372    39,400 SH       DEFINED          1    39,400
FISERV INC                     COM              337738108   17,355   219,600 SH       DEFINED          1   219,600
FLOWERS FOODS INC              COM              343498101    1,082    46,500 SH       DEFINED          1    46,500
FMC TECHNOLOGIES INC           COM              30249U101    4,960   115,800 SH       DEFINED          1   115,800
FOREST LABS INC                COM              345838106    5,146   145,700 SH       DEFINED          1   145,700
FRONTIER COMMUNICATIONS CORP   COM              35906A108    2,018   471,500 SH       DEFINED          1   471,500
GENERAL MLS INC                COM              370334104    4,802   118,800 SH       DEFINED          1   118,800
GILEAD SCIENCES INC            COM              375558103    4,348   118,400 SH       DEFINED          1   118,400
GLOBALSTAR INC                 COM              378973408    1,267 4,154,400 SH       SOLE               4,154,400
GOOGLE INC                     CL A             38259P508   21,849    30,800 SH       DEFINED          1    30,800
GREEN MTN COFFEE ROASTERS IN   COM              393122106    1,415    34,200 SH       DEFINED          1    34,200
HEALTH CARE REIT INC           COM              42217K106    3,610    58,900 SH       DEFINED          1    58,900
SCHEIN HENRY INC               COM              806407102    7,330    91,100 SH       DEFINED          1    91,100
HERSHEY CO                     COM              427866108    8,999   124,600 SH       DEFINED          1   124,600
HEINZ H J CO                   COM              423074103    5,053    87,600 SH       DEFINED          1    87,600
HONEYWELL INTL INC             COM              438516106    7,331   115,500 SH       DEFINED          1   115,500
HUDSON CITY BANCORP            COM              443683107    2,754   338,800 SH       DEFINED          1   338,800
IDEXX LABS INC                 COM              45168D104    2,320    25,000 SH       DEFINED          1    25,000
IHS INC                        CL A             451734107    4,176    43,500 SH       DEFINED          1    43,500
INTERCONTINENTALEXCHANGE INC   COM              45865V100    6,166    49,800 SH       DEFINED          1    49,800
INTERNATIONAL BUSINESS MACHS   COM              459200101    3,276    17,100 SH       DEFINED          1    17,100
INTUITIVE SURGICAL INC         COM NEW          46120E602    6,473    13,200 SH       DEFINED          1    13,200
INVENSENSE INC                 COM              46123D205   41,557 3,740,528 SH       SOLE               3,740,528
ISHARES TR                     S&P MC 400 GRW   464287606   80,087   700,000 SH       SOLE                 700,000
JOHNSON & JOHNSON              COM              478160104   12,204   174,100 SH       DEFINED          1   174,100
KELLOGG CO                     COM              487836108    9,053   162,100 SH       DEFINED          1   162,100
KIMBERLY CLARK CORP            COM              494368103    5,792    68,600 SH       DEFINED          1    68,600
KINDER MORGAN MANAGEMENT LLC   SHS              49455U100    6,603    87,497 SH       DEFINED          1    87,497
KIRBY CORP                     COM              497266106    4,035    65,200 SH       DEFINED          1    65,200
KRAFT FOODS GROUP INC          COM ADDED        50076Q106    1,945    42,766 SH       DEFINED          1    42,766
KROGER CO                      COM              501044101    5,199   199,800 SH       DEFINED          1   199,800
L-3 COMMUNICATIONS HLDGS INC   COM              502424104    5,578    72,800 SH       DEFINED          1    72,800
LABORATORY CORP AMER HLDGS     COM NEW          50540R409    5,743    66,300 SH       DEFINED          1    66,300
LIBERTY MEDIA CORPORATION      LIB CAP COM A    530322106    6,605    56,932 SH       DEFINED          1    56,932
LKQ CORP                       COM              501889208    5,646   267,600 SH       DEFINED          1   267,600
LORILLARD INC                  COM              544147101    4,643   119,400 SH       DEFINED          1   119,400
LULULEMON ATHLETICA INC        COM              550021109    2,089    27,400 SH       DEFINED          1    27,400
MARKEL CORP                    COM              570535104   10,662    24,600 SH       DEFINED          1    24,600
MCCORMICK & CO INC             COM NON VTG      579780206    4,974    78,300 SH       DEFINED          1    78,300
MCDONALDS CORP                 COM              580135101    5,054    57,300 SH       DEFINED          1    57,300
MEDTRONIC INC                  COM              585055106   11,531   281,100 SH       DEFINED          1   281,100
MERCK & CO INC NEW             COM              58933Y105    6,047   147,700 SH       DEFINED          1   147,700
MERCURY GENL CORP NEW          COM              589400100    1,389    35,000 SH       DEFINED          1    35,000
METTLER TOLEDO INTERNATIONAL   COM              592688105    7,732    40,000 SH       DEFINED          1    40,000
MICROSOFT CORP                 COM              594918104    9,031   338,100 SH       DEFINED          1   338,100
MOLSON COORS BREWING CO        CL B             60871R209    4,489   104,900 SH       DEFINED          1   104,900
MONDELEZ INTL INC              CL A             609207105    3,266   128,300 SH       DEFINED          1   128,300
MONSTER BEVERAGE CORP          COM              611740101    9,561   180,800 SH       DEFINED          1   180,800
NAVISTAR INTL CORP NEW         COM              63934E108       46     2,100 SH       DEFINED          1     2,100
NEW YORK CMNTY BANCORP INC     COM              649445103    1,106    85,500 SH       DEFINED          1    85,500





                                                                              
NEWMONT MINING CORP            COM              651639106    3,172    68,300 SH       DEFINED          1    68,300
NEXTERA ENERGY INC             COM              65339F101    5,092    73,600 SH       DEFINED          1    73,600
NIELSEN HOLDINGS N V           COM              N63218106      297     9,700 SH       DEFINED          1     9,700
NORTHEAST UTILS                COM              664397106    1,877    48,019 SH       DEFINED          1    48,019
NQ MOBILE INC                  ADR REPSTG CL A  64118U108    1,644   272,266 SH       SOLE                 272,266
NVR INC                        COM              62944T105    5,520     6,000 SH       DEFINED          1     6,000
ONYX PHARMACEUTICALS INC       COM              683399109      498     6,600 SH       DEFINED          1     6,600
O REILLY AUTOMOTIVE INC NEW    COM              67103H107    8,057    90,100 SH       DEFINED          1    90,100
PG&E CORP                      COM              69331C108    5,473   136,200 SH       DEFINED          1   136,200
PANERA BREAD CO                CL A             69840W108    4,479    28,200 SH       DEFINED          1    28,200
PARTNERRE LTD                  COM              G6852T105    2,374    29,500 SH       DEFINED          1    29,500
PATTERSON COMPANIES INC        COM              703395103    4,522   132,100 SH       DEFINED          1   132,100
PEOPLES UNITED FINANCIAL INC   COM              712704105    3,690   305,200 SH       DEFINED          1   305,200
PEPCO HOLDINGS INC             COM              713291102    1,114    56,800 SH       DEFINED          1    56,800
PEPSICO INC                    COM              713448108    4,968    72,600 SH       DEFINED          1    72,600
PFIZER INC                     COM              717081103   12,878   513,474 SH       DEFINED          1   513,474
PHILIP MORRIS INTL INC         COM              718172109   10,614   126,900 SH       DEFINED          1   126,900
POST HLDGS INC                 COM              737446104      707    20,650 SH       DEFINED          1    20,650
PPL CORP                       COM              69351T106    5,508   192,400 SH       DEFINED          1   192,400
PRICELINE COM INC              COM NEW          741503403    7,827    12,600 SH       DEFINED          1    12,600
PROCTER & GAMBLE CO            COM              742718109    4,807    70,800 SH       DEFINED          1    70,800
QUANTA SVCS INC                COM              74762E102    1,386    50,800 SH       DEFINED          1    50,800
QUEST DIAGNOSTICS INC          COM              74834L100    1,806    31,000 SH       DEFINED          1    31,000
RALCORP HLDGS INC NEW          COM              751028101    6,132    68,400 SH       DEFINED          1    68,400
RAYTHEON CO                    COM NEW          755111507   11,328   196,800 SH       DEFINED          1   196,800
REALTY INCOME CORP             COM              756109104    6,430   159,900 SH       DEFINED          1   159,900
REGENERON PHARMACEUTICALS      COM              75886F107      565     3,300 SH       DEFINED          1     3,300
REYNOLDS AMERICAN INC          COM              761713106    8,087   195,200 SH       DEFINED          1   195,200
ROSS STORES INC                COM              778296103    5,982   110,600 SH       DEFINED          1   110,600
SALESFORCE COM INC             COM              79466L302    4,572    27,200 SH       DEFINED          1    27,200
SALLY BEAUTY HLDGS INC         COM              79546E104    4,375   185,600 SH       DEFINED          1   185,600
SANDISK CORP                   COM              80004C101    2,047    47,000 SH       DEFINED          1    47,000
SBA COMMUNICATIONS CORP        COM              78388J106      312     4,400 SH       DEFINED          1     4,400
SCANA CORP NEW                 COM              80589M102    5,180   113,500 SH       DEFINED          1   113,500
SEMPRA ENERGY                  COM              816851109    3,065    43,200 SH       DEFINED          1    43,200
SOUTHERN CO                    COM              842587107    8,352   195,100 SH       DEFINED          1   195,100
SOUTHWESTERN ENERGY CO         COM              845467109    1,711    51,200 SH       DEFINED          1    51,200
STERICYCLE INC                 COM              858912108    8,758    93,900 SH       DEFINED          1    93,900
SUPERMEDIA INC                 COM              868447103       28     8,048 SH       DEFINED          3     8,048
SYSCO CORP                     COM              871829107    5,154   162,800 SH       DEFINED          1   162,800
TARGET CORP                    COM              87612E106    6,840   115,600 SH       DEFINED          1   115,600
TERADATA CORP DEL              COM              88076W103    2,705    43,700 SH       DEFINED          1    43,700
TEREX CORP NEW                 COM              880779103    2,001    71,200 SH       DEFINED          1    71,200
TJX COS INC NEW                COM              872540109    7,072   166,600 SH       DEFINED          1   166,600
TRAVELERS COMPANIES INC        COM              89417E109   13,294   185,100 SH       DEFINED          1   185,100
TRIMBLE NAVIGATION LTD         COM              896239100    2,786    46,600 SH       DEFINED          1    46,600
TRW AUTOMOTIVE HLDGS CORP      COM              87264S106    3,340    62,300 SH       DEFINED          1    62,300
UNDER ARMOUR INC               CL A             904311107    1,310    27,000 SH       DEFINED          1    27,000
UNITED CONTL HLDGS INC         COM              910047109      648    27,700 SH       DEFINED          1    27,700
UNITEDHEALTH GROUP INC         COM              91324P102    9,449   174,200 SH       DEFINED          1   174,200
UNITED STATES CELLULAR CORP    COM              911684108      233     6,600 SH       DEFINED          1     6,600
VALIDUS HOLDINGS LTD           COM SHS          G9319H102    3,337    96,500 SH       DEFINED          1    96,500
VANGUARD INTL EQUITY INDEX F   MSCI EMR MKT ETF 922042858  206,313 4,633,127 SH       SOLE               4,633,127
VANGUARD INDEX FDS             GROWTH ETF       922908736  226,748 3,185,558 SH       SOLE               3,185,558
VANGUARD INDEX FDS             MCAP GR IDXVIP   922908538   68,580 1,000,000 SH       SOLE               1,000,000
VANGUARD INDEX FDS             SML CP GRW ETF   922908595  106,836 1,200,000 SH       SOLE               1,200,000
VANGUARD INDEX FDS             VALUE ETF        922908744  187,040 3,180,944 SH       SOLE               3,180,944
VERISIGN INC                   COM              92343E102      221     5,700 SH       DEFINED          1     5,700
VERISK ANALYTICS INC           CL A             92345Y106    4,106    80,500 SH       DEFINED          1    80,500
VERIZON COMMUNICATIONS INC     COM              92343V104   11,397   263,400 SH       DEFINED          1   263,400
VMWARE INC                     CL A COM         928563402    2,372    25,200 SH       DEFINED          1    25,200
WABCO HLDGS INC                COM              92927K102    1,767    27,100 SH       DEFINED          1    27,100
WALGREEN CO                    COM              931422109   11,344   306,500 SH       DEFINED          1   306,500
WAL-MART STORES INC            COM              931142103   11,640   170,600 SH       DEFINED          1   170,600
WASTE MGMT INC DEL             COM              94106L109    3,455   102,400 SH       DEFINED          1   102,400
WATERS CORP                    COM              941848103    3,101    35,600 SH       DEFINED          1    35,600
WATSON PHARMACEUTICALS INC     COM              942683103    2,520    29,300 SH       DEFINED          1    29,300
WEATHERFORD INTERNATIONAL LT   REG SHS          H27013103      633    56,600 SH       DEFINED          1    56,600
WELLPOINT INC                  COM              94973V107   10,478   172,000 SH       DEFINED          1   172,000
WELLS FARGO & CO NEW           COM              949746101   12,059   352,800 SH       DEFINED          1   352,800
WELLS FARGO & CO NEW           PERP PFD CNV A   949746804    9,188     7,500 SH       DEFINED          2     7,500
WHITE MTNS INS GROUP LTD       COM              G9618E107    2,627     5,100 SH       DEFINED          1     5,100





                                                                              
WHITING PETE CORP NEW          COM              966387102    2,515    58,000 SH       DEFINED          1    58,000
WINDSTREAM CORP                COM              97381W104    3,940   475,900 SH       DEFINED          1   475,900
WISCONSIN ENERGY CORP          COM              976657106    6,217   168,700 SH       DEFINED          1   168,700
BERKLEY W R CORP               COM              084423102    5,653   149,800 SH       DEFINED          1   149,800
XCEL ENERGY INC                COM              98389B100    5,078   190,100 SH       DEFINED          1   190,100
ZEBRA TECHNOLOGIES CORP        CL A             989207105    2,006    51,070 SH       DEFINED          1    51,070