13F-HR 1 d13fhr.txt SCHEDULE 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 03/31/03 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: Dodge & Cox -------------------------------- Address: One Sansome Street -------------------------------- 35th Floor -------------------------------- San Francisco, CA 94104 -------------------------------- Form 13F File Number: 28-400 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: Thomas M. Mistele ---------------------------------- Title: Vice President ---------------------------------- Phone: (415) 981-1710 ---------------------------------- Signature, Place, and Date of Signing: /S/ Thomas M. Mistele San Francisco, CA 5/15/03 -------------------------- ----------------------------- ------------------- [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).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 -------------- Form 13F Information Table Entry Total: 209 -------------- Form 13F Information Table Value Total: 33,499,051,842 -------------- (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. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] NONE
FORM 13F NAME OF REPORTING MGR - DODGE & COX COLUMN 1 COL.2 COL. 3 COL 4 COLUMN 5 COL. 6 COL7 COLUMN 8 VALUE SHARES/ SH/ PUT/ INVSTMT OTHR VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRETN MGRS SOLE SHARED NONE -------------------------- ------ --------- -------- ---------- --- ---- ------- ---- ---------- ------- ------------ ABBOTT LABORATORIES COMMON 002824100 446 11,860 SH SOLE 11,200 660 AETNA INC - NEW COMMON 00817Y108 462 9,362 SH SOLE 9,362 0 AGILENT TECHNOLOGIES INC COMMON 00846U101 1,231 93,587 SH SOLE 82,009 11,578 AIR PRODUCTS & CHEMICALS INC COMMON 009158106 3,464 83,600 SH SOLE 73,650 9,950 AKZO NOBEL NV - SPON ADR COMMON 010199305 448,882 22,388,116 SH SOLE 21,038,916 377,200 972,000 ALCOA INC COMMON 013817101 331,080 17,083,579 SH SOLE 15,878,138 264,000 941,441 ALLERGAN INC COMMON 018490102 224 3,282 SH SOLE 3,282 0 ALLSTATE CORP COMMON 020002101 395 11,914 SH SOLE 11,914 0 ALTRIA GROUP INC COMMON 02209S103 1,666 55,600 SH SOLE 49,300 6,300 AMERADA HESS CORP COMMON 023551104 442,882 10,006,366 SH SOLE 9,323,566 159,400 523,400 AMEREN CORP COMMON 023608102 7,872 201,577 SH SOLE 191,317 10,260 AMERICAN ELEC POWER CO INC COMMON 025537101 341,060 14,926,022 SH SOLE 13,820,541 282,520 822,961 AMERICAN EXPRESS COMPANY COMMON 025816109 23,622 710,861 SH SOLE 642,851 68,010 AMERICAN INTERNATIONAL GROUP COMMON 026874107 6,331 128,019 SH SOLE 86,398 41,621 AMSOUTH BANCORPORATION COMMON 032165102 421 21,181 SH SOLE 21,181 0 ANADARKO PETROLEUM CORP COMMON 032511107 7,540 165,708 SH SOLE 146,990 18,718 AOL TIME WARNER INC COMMON 00184A105 289,085 26,619,250 SH SOLE 24,875,550 494,100 1,249,600 AON CORP COMMON 037389103 228 11,024 SH SOLE 11,024 0 ARCHER-DANIELS MIDLAND COMMON 039483102 291,616 27,001,455 SH SOLE 24,814,501 533,210 1,653,744 AT&T CORP (NEW) COMMON 001957505 624,319 38,538,179 SH SOLE 35,889,419 668,100 1,980,660 AT&T WIRELESS SERVICES COMMON 00209A106 285,760 43,297,004 SH SOLE 40,448,904 748,500 2,099,600 AUTOMATIC DATA PROCESSING INC COMMON 053015103 327 10,620 SH SOLE 10,620 0 AVAYA INC COMMON 053499109 87,179 42,735,046 SH SOLE 39,234,346 865,900 2,634,800 AVERY DENNISON CORP COMMON 053611109 375 6,400 SH SOLE 6,400 0 BAKER HUGHES INC COMMON 057224107 377,850 12,624,450 SH SOLE 11,655,690 247,900 720,860 BANCO LATINOAMERICANO EXPORTA COMMON P16994132 2,473 471,000 SH SOLE 471,000 0 BANK OF AMERICA CORP COMMON 060505104 18,344 274,446 SH SOLE 234,478 39,968 BANK OF NEW YORK INC COMMON 064057102 466 22,720 SH SOLE 19,840 2,880 BANK ONE CORP COMMON 06423A103 955,228 27,591,803 SH SOLE 25,451,891 562,600 1,577,312 BAUSCH & LOMB COMMON 071707103 115,997 3,526,819 SH SOLE 3,240,069 68,400 218,350 BAXTER INTERNATIONAL INC COMMON 071813109 461 24,714 SH SOLE 15,114 9,600 BECTON DICKINSON & CO COMMON 075887109 404,037 11,731,607 SH SOLE 10,882,557 206,900 642,150 BELLSOUTH CORP COMMON 079860102 789 36,388 SH SOLE 33,568 2,820 BERKSHIRE HATHAWAY INC DEL COMMON 084670108 319 5 SH SOLE 2 3 BERKSHIRE HATHAWAY, INC CLASS COMMON 084670207 4,103 1,920 SH SOLE 1,463 457 BOEING CO COMMON 097023105 1,079 43,072 SH SOLE 43,072 0 BOISE CASCADE CORP COMMON 097383103 127,264 5,824,455 SH SOLE 5,392,416 99,500 332,539 BP PLC SPONS ADR COMMON 055622104 11,138 288,624 SH SOLE 266,528 22,096 BRISTOL-MYERS SQUIBB CO COMMON 110122108 278,952 13,201,686 SH SOLE 12,394,966 215,600 591,120 BURLINGTON RESOURCES, INC. COMMON 122014103 279 5,838 SH SOLE 5,838 0 C S X CORP COMMON 126408103 627 22,000 SH SOLE 22,000 0 CADENCE DESIGN SYSTEM INC COMMON 127387108 168 16,800 SH SOLE 14,500 2,300 CANADIAN PACIFIC RAILWAY LTD COMMON 13645T100 1,248 59,158 SH SOLE 54,583 4,575 CAPITAL ONE FINANCIAL COMMON 14040H105 438,526 14,612,655 SH SOLE 13,573,455 265,000 774,200 CATELLUS DEVELOPMENT CORP COMMON 149111106 945 45,000 SH SOLE 45,000 0 CATERPILLAR INC COMMON 149123101 329,691 6,701,030 SH SOLE 6,205,730 112,700 382,600 CHEVRONTEXACO CORP COMMON 166764100 628,939 9,728,368 SH SOLE 9,041,527 166,400 520,441 CHUBB CORP COMMON 171232101 229,099 5,169,195 SH SOLE 4,847,845 77,200 244,150 CIGNA CORP COMMON 125509109 6,422 140,453 SH SOLE 128,767 11,686 CISCO SYSTEMS COMMON 17275R102 1,537 118,400 SH SOLE 118,400 0 CIT GROUP INC COMMON 125581108 455,149 26,995,800 SH SOLE 25,056,400 480,800 1,458,600 CITIGROUP INC COMMON 172967101 24,215 702,890 SH SOLE 620,807 82,083 CNA FINANCIAL CORP COMMON 126117100 17,307 772,650 SH SOLE 583,800 71,000 117,850 CNH GLOBAL N.V. COMMON N20935206 1,186 760,100 SH SOLE 760,100 0 COCA COLA CO COMMON 191216100 2,023 49,979 SH SOLE 39,933 10,046 COLGATE-PALMOLIVE CO COMMON 194162103 697 12,800 SH SOLE 12,800 0 COMCAST CORP CL A COMMON 20030N101 887,529 31,043,351 SH SOLE 28,805,492 558,071 1,679,788 COMCAST CORP(NEW) SPECIAL CL COMMON 20030N200 605 22,000 SH SOLE 22,000 0 COMPUTER ASSOC INTL INC COMMON 204912109 67,651 4,952,470 SH SOLE 4,613,470 66,600 272,400 COMPUTER SCIENCES CORP COMMON 205363104 337,728 10,375,657 SH SOLE 9,685,057 157,300 533,300 COMPUWARE CORP COMMON 205638109 163,207 48,143,628 SH SOLE 44,282,328 927,200 2,934,100 CONOCOPHILLIPS COMMON 20825C104 845,385 15,772,112 SH SOLE 14,551,921 315,900 904,291 CONSOLIDATED EDISON INC COMMON 209115104 216 5,626 SH SOLE 5,626 0 CORNING INC COMMON 219350105 616,959 105,643,692 SH SOLE 97,855,744 2,044,800 5,743,148 CVS CORP COMMON 126650100 386 16,200 SH SOLE 13,800 2,400 DANAHER CORP COMMON 235851102 365 5,550 SH SOLE 5,550 0 DEERE & CO COMMON 244199105 16,370 416,962 SH SOLE 373,987 42,975 DELPHI CORP COMMON 247126105 346,400 50,717,358 SH SOLE 47,346,086 852,474 2,518,798 DILLARD'S INC CLASS A COMMON 254067101 118,190 9,147,805 SH SOLE 8,519,455 161,600 466,750 DOMINION RESOURCES INC VA COMMON 25746U109 986 17,809 SH SOLE 14,427 3,382 DOW CHEMICAL CO COMMON 260543103 949,730 34,398,029 SH SOLE 31,896,740 600,835 1,900,454 DOW JONES & CO COMMON 260561105 424 11,950 SH SOLE 11,550 400 DUKE ENERGY CORP COMMON 264399106 1,108 76,180 SH SOLE 76,180 0 E I DU PONT DE NEMOURS & CO COMMON 263534109 4,985 128,272 SH SOLE 121,172 7,100 EASTMAN CHEMICAL CO COMMON 277432100 202,619 6,989,269 SH SOLE 6,477,919 128,000 383,350 EASTMAN KODAK CO COMMON 277461109 362,076 12,232,296 SH SOLE 11,246,796 245,800 739,700 ELECTRONIC DATA SYSTEMS COMMON 285661104 177,413 10,080,269 SH SOLE 9,510,869 122,900 446,500 ELI LILLY & CO COMMON 532457108 6,114 106,985 SH SOLE 96,829 10,156 EMERSON ELECTRIC CO COMMON 291011104 261 5,750 SH SOLE 650 5,100 ENCANA CORP COMMON 292505104 3,636 112,351 SH SOLE 93,716 18,635 ENGELHARD CORP COMMON 292845104 232,417 10,850,482 SH SOLE 10,025,582 188,300 636,600 EQUITY OFFICE PROPERTIES TRUS COMMON 294741103 601,132 23,620,118 SH SOLE 21,944,168 423,000 1,252,950 EQUITY RESIDENTIAL SH BEN 29476L107 356,693 14,819,000 SH SOLE 13,797,000 266,000 756,000 EXELON CORPORATION COMMON 30161N101 954 18,920 SH SOLE 17,958 962 EXXON MOBIL CORPORATION COMMON 30231G102 24,264 694,252 SH SOLE 671,596 22,656 FANNIE MAE COMMON 313586109 570 8,717 SH SOLE 8,717 0 FEDEX CORP COMMON 31428X106 826,812 15,013,842 SH SOLE 13,813,550 286,000 914,292 FIAT SPA - SPONS ADR COMMON 315621888 207,745 33,027,763 SH SOLE 30,625,763 612,800 1,789,200 FIRST HEALTH GROUP CORP COMMON 320960107 1,212 47,653 SH SOLE 46,453 1,200 FIRST MIDWEST BANCORP INC COMMON 320867104 324 12,534 SH SOLE 12,534 0 FIRST VIRGINIA BANKS INC COMMON 337477103 274 6,974 SH SOLE 6,974 0 FLEET BOSTON FINANCIAL CORP COMMON 339030108 4,252 178,037 SH SOLE 159,775 18,262 FLUOR CORP (NEW) COMMON 343412102 344,956 10,242,165 SH SOLE 9,721,415 192,400 328,350 FORD MOTOR CO COMMON 345370860 118,030 15,695,453 SH SOLE 14,664,488 251,069 779,896 FPL GROUP INC COMMON 302571104 5,615 95,291 SH SOLE 86,991 8,300 FREDDIE MAC COMMON 313400301 368 6,937 SH SOLE 6,937 0 GENERAL ELECTRIC CO COMMON 369604103 17,756 696,331 SH SOLE 621,412 74,919 GENERAL MILLS INC COMMON 370334104 456 10,000 SH SOLE 8,800 1,200 GENERAL MOTORS CORP COMMON 370442105 639 19,017 SH SOLE 17,717 1,300 GENUINE PARTS CO COMMON 372460105 676,757 22,181,471 SH SOLE 20,489,009 394,700 1,297,762 GLAXOSMITHKLINE PLC ADR COMMON 37733W105 3,099 88,077 SH SOLE 64,889 23,188 GOLDEN WEST FINANCIAL CORP COMMON 381317106 791,525 11,004,095 SH SOLE 10,179,587 197,100 627,408 GUIDANT CORP COMMON 401698105 224 6,200 SH SOLE 6,200 0 HALLIBURTON CO COMMON 406216101 868 41,850 SH SOLE 38,350 3,500 HARTFORD FINANCIAL SVCS GRP COMMON 416515104 577 16,346 SH SOLE 9,846 6,500 HCA INC COMMON 404119109 526,528 12,730,359 SH SOLE 11,926,059 228,300 576,000 HEWLETT PACKARD CO COMMON 428236103 771,816 49,634,455 SH SOLE 45,906,821 948,512 2,779,122 HOME DEPOT INC COMMON 437076102 317 13,017 SH SOLE 9,867 3,150 HONDA MOTOR CO LTD - SPON ADR COMMON 438128308 2,970 178,900 SH SOLE 178,900 0 HONEYWELL INTERNATIONAL INC COMMON 438516106 2,136 99,995 SH SOLE 92,120 7,875 INGERSOLL RAND CO LTD CLASS A COMMON G4776G101 671 17,392 SH SOLE 14,892 2,500 INTEL CORP COMMON 458140100 280 17,214 SH SOLE 17,214 0 INTERNATIONAL BUSINESS MCH CO COMMON 459200101 27,658 352,641 SH SOLE 302,082 50,559 INTERNATIONAL PAPER CO COMMON 460146103 288,575 8,537,733 SH SOLE 7,924,833 151,600 461,300 INTL FLAVORS & FRAGRANCES INC COMMON 459506101 784 25,210 SH SOLE 25,210 0 JOHNSON & JOHNSON COMMON 478160104 5,091 87,974 SH SOLE 75,562 12,412 KIMBERLY CLARK CORP COMMON 494368103 669 14,706 SH SOLE 14,706 0 KOOKMIN BANK-SPON ADR COMMON 50049M109 2,137 92,900 SH SOLE 92,900 0 KT CORP-SP ADR COMMON 48268K101 1,459 85,000 SH SOLE 85,000 0 LOCKHEED MARTIN CORP COMMON 539830109 1,900 39,950 SH SOLE 28,500 11,450 LOEWS CORP COMMON 540424108 546,677 13,721,817 SH SOLE 12,965,967 207,900 547,950 LUBRIZOL CORP COMMON 549271104 72,433 2,413,621 SH SOLE 2,159,571 44,000 210,050 MARSH & MCLENNAN CO COMMON 571748102 1,512 35,474 SH SOLE 35,474 0 MASCO CORP COMMON 574599106 333,887 17,931,620 SH SOLE 16,639,970 272,300 1,019,350 MATSUSHITA ELEC IND ADR COMMON 576879209 331,655 38,880,986 SH SOLE 36,164,386 710,300 2,006,300 MAY DEPT STORES CO COMMON 577778103 608,240 30,580,212 SH SOLE 28,490,512 525,300 1,564,400 MBIA INC COMMON 55262C100 132,556 3,430,546 SH SOLE 3,238,728 57,250 134,568 MC DONALDS CORP COMMON 580135101 678,041 46,890,826 SH SOLE 43,602,644 827,500 2,460,682 MC GRAW-HILL COMPANIES INC COMMON 580645109 656 11,800 SH SOLE 4,800 7,000 MEDTRONIC INC COMMON 585055106 812 18,000 SH SOLE 16,400 1,600 MELLON FINANCIAL CORP COMMON 58551A108 2,555 120,200 SH SOLE 102,900 17,300 MERCK & CO INC COMMON 589331107 6,921 126,333 SH SOLE 118,167 8,166 MITSUBISHI TOKYO FINANCIAL GR COMMON 606816106 912 245,200 SH SOLE 245,200 0 MORGAN (J P) CHASE & CO COMMON 46625H100 3,291 138,803 SH SOLE 109,573 29,230 MOTOROLA INC COMMON 620076109 228,541 27,668,454 SH SOLE 25,965,204 402,400 1,300,850 NCR CORP COMMON 62886E108 233,812 12,748,769 SH SOLE 11,954,288 192,800 601,681 NISOURCE INC COMMON 65473P105 515 28,300 SH SOLE 18,300 10,000 NORDSTROM INC COMMON 655664100 289,892 17,894,547 SH SOLE 16,291,847 376,600 1,226,100 NORFOLK SOUTHERN CORP COMMON 655844108 941 50,716 SH SOLE 50,716 0 NORSK HYDRO A/S SPONS ADR COMMON 656531605 2,864 75,400 SH SOLE 75,400 0 NOVA CHEMICALS CORP COMMON 66977W109 176,606 9,650,593 SH SOLE 8,955,903 165,240 529,450 OCCIDENTAL PETROLEUM CORP COMMON 674599105 678,210 22,637,184 SH SOLE 20,949,984 422,400 1,264,800 PARKER-HANNIFIN CORP COMMON 701094104 1,103 28,460 SH SOLE 23,210 5,250 PENNEY (J C) CO COMMON 708160106 295 15,040 SH SOLE 14,640 400 PEPSICO INC COMMON 713448108 625 15,620 SH SOLE 14,820 800 PETROLEO BRASILEIRO S.A. - AD PFD 71654V101 2,528 183,700 SH SOLE 183,700 0 PFIZER INC COMMON 717081103 6,569 210,805 SH SOLE 157,650 53,155 PHARMACIA CORP COMMON 71713U102 331,430 7,654,274 SH SOLE 7,138,327 125,700 390,247 PITNEY BOWES INC COMMON 724479100 266,764 8,357,276 SH SOLE 7,730,226 154,000 473,050 PNC FINANCIAL SERVICES GROUP COMMON 693475105 3,533 83,357 SH SOLE 82,157 1,200 PRAXAIR INC COMMON 74005P104 338 6,000 SH SOLE 6,000 0 PROCTER & GAMBLE CO COMMON 742718109 22,669 254,568 SH SOLE 230,043 24,525 PROGRESS ENERGY INC COMMON 743263105 1,621 41,400 SH SOLE 34,900 6,500 PRUDENTIAL FINANCIAL INC. COMMON 744320102 119,273 4,077,711 SH SOLE 4,077,711 0 R R DONNELLEY & SONS CO COMMON 257867101 267,137 14,581,737 SH SOLE 13,369,457 282,200 930,080 REUTERS GROUP PLC ADR COMMON 76132M102 1,010 103,300 SH SOLE 103,300 0 RIO TINTO PLC-SPON ADR COMMON 767204100 517,529 6,836,574 SH SOLE 6,324,884 138,200 373,490 ROHM & HAAS COMMON 775371107 379,693 12,749,922 SH SOLE 11,838,822 228,700 682,400 ROYAL DUTCH PETROLEUM CO COMMON 780257804 9,589 235,314 SH SOLE 221,714 13,600 SAFECO CORP COMMON 786429100 1,087 31,096 SH SOLE 31,096 0 SBC COMMUNICATIONS, INC COMMON 78387G103 3,155 157,297 SH SOLE 145,539 11,758 SCHERING-PLOUGH CORP COMMON 806605101 805,857 45,196,695 SH SOLE 41,963,459 769,100 2,464,136 SCHLUMBERGER LTD COMMON 806857108 3,463 91,102 SH SOLE 83,602 7,500 SCOTTISH POWER & LIGHT PLC AD COMMON 81013T705 98,089 4,088,738 SH SOLE 3,776,638 97,500 214,600 SIGMA-ALDRICH CORP COMMON 826552101 979 22,000 SH SOLE 22,000 0 SIX CONTINENTS PLC- SPON ADR COMMON 830018107 375,571 38,480,600 SH SOLE 35,746,700 726,400 2,007,500 SONY CORP ADR COMMON 835699307 404,809 11,523,172 SH SOLE 10,703,972 205,500 613,700 ST PAUL COMPANIES INC COMMON 792860108 547,172 17,206,678 SH SOLE 16,018,694 286,100 901,884 STATE STREET CORP COMMON 857477103 629 19,900 SH SOLE 19,900 0 STOLT OFFSHORE SA - ADR COMMON 861567105 1,059 897,600 SH SOLE 897,600 0 STORAGE TECHNOLOGY COMMON 862111200 227,307 11,241,708 SH SOLE 10,412,758 205,700 623,250 SUNTRUST BANKS INC COMMON 867914103 290 5,516 SH SOLE 5,516 0 SYNGENTA AG - ADR COMMON 87160A100 131,602 14,382,700 SH SOLE 13,261,900 296,700 824,100 SYSCO CORP COMMON 871829107 468 18,404 SH SOLE 7,654 10,750 TARGET CORP COMMON 87612E106 25,365 866,874 SH SOLE 729,509 137,365 TECO ENERGY INC COMMON 872375100 207 19,500 SH SOLE 16,800 2,700 TEXAS INSTRUMENTS INC COMMON 882508104 1,987 121,355 SH SOLE 60,555 60,800 THE GAP INC COMMON 364760108 313,864 21,660,750 SH SOLE 20,010,150 435,500 1,215,100 THERMO ELECTRON COMMON 883556102 332,886 18,391,484 SH SOLE 17,063,384 341,800 986,300 TORCHMARK CORP COMMON 891027104 388,820 10,860,884 SH SOLE 10,041,184 229,000 590,700 TRIBUNE CO NEW COMMON 896047107 2,641 58,680 SH SOLE 56,143 2,537 TXU CORP COMMON 873168108 154,665 8,664,702 SH SOLE 8,048,227 151,300 465,175 ULTRAPAR PARTICPACEOS SPON AD PFD 90400P101 2,353 342,000 SH SOLE 342,000 0 UNILEVER NV COMMON 904784709 298,663 5,024,619 SH SOLE 4,625,034 106,100 293,485 UNION PACIFIC CORP COMMON 907818108 573,399 10,425,444 SH SOLE 9,604,555 191,600 629,289 UNIONBANCAL CORPORATION COMMON 908906100 412 10,454 SH SOLE 10,454 0 UNITED TECHNOLOGIES CORP COMMON 913017109 2,014 34,858 SH SOLE 28,442 6,416 UNOCAL CORP COMMON 915289102 589,455 22,404,219 SH SOLE 20,793,369 391,500 1,219,350 UNOVA, INC. COMMON 91529B106 15,394 2,866,756 SH SOLE 2,590,206 37,100 239,450 UNUMPROVIDENT CORP COMMON 91529Y106 202,178 20,630,431 SH SOLE 19,210,831 385,900 1,033,700 US BANCORP (NEW) COMMON 902973304 219 11,520 SH SOLE 11,520 0 V F CORP COMMON 918204108 298,109 7,922,115 SH SOLE 7,267,115 167,800 487,200 VERIZON COMMUNICATIONS COMMON 92343V104 1,377 38,965 SH SOLE 34,331 4,634 VODAFONE GROUP PLC-SP ADR COMMON 92857W100 293 16,055 SH SOLE 16,055 0 WACHOVIA CORP COMMON 929903102 632,196 18,555,788 SH SOLE 17,089,688 365,800 1,100,300 WAL-MART STORES INC COMMON 931142103 467 8,968 SH SOLE 7,568 1,400 WALGREEN CO COMMON 931422109 565 19,180 SH SOLE 19,180 0 WALT DISNEY CO COMMON 254687106 432 25,371 SH SOLE 14,076 11,295 WASHINGTON MUTUAL INC COMMON 939322103 607 17,202 SH SOLE 17,202 0 WELLPOINT HEALTH NETWORKS INC COMMON 94973H108 352,526 4,593,176 SH SOLE 4,215,476 98,800 278,900 WELLS FARGO & CO COMMON 949746101 277,350 6,164,695 SH SOLE 5,588,054 111,500 465,141 WEYERHAEUSER CO COMMON 962166104 7,642 159,778 SH SOLE 151,558 8,220 WHIRLPOOL CORP COMMON 963320106 433,702 8,845,640 SH SOLE 8,154,690 151,900 539,050 WISCONSIN ENERGY CORP COMMON 976657106 3,896 153,378 SH SOLE 146,278 7,100 WYETH COMMON 983024100 296,520 7,840,307 SH SOLE 7,424,607 112,400 303,300 XEROX CORP COMMON 984121103 819,857 94,236,457 SH SOLE 86,701,457 1,916,800 5,618,200 XL CAPITAL LTD COMMON G98255105 502 7,096 SH SOLE 7,096 0 ZIONS BANCORPORATION COMMON 989701107 488 11,400 SH SOLE 11,400 0 3M CO COMMON 88579Y101 9,358 71,969 SH SOLE 66,469 5,500