13F-HR 1 d13fhr.txt REPORT FOR THE PERIOD ENDING DECEMBER 31, 2003 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 12/31/03 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 2/17/04 -------------------------- ----------------------------- ------------------- [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: 223 --------------- Form 13F Information Table Value Total: 59,381,670,488 --------------- (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 3,199 68,650 SH SOLE 67,990 660 AETNA INC - NEW COMMON 00817Y108 391 5,788 SH SOLE 5,600 188 AGILENT TECHNOLOGIES INC COMMON 00846U101 1,456 49,783 SH SOLE 40,027 9,756 AIR PRODUCTS & CHEMICALS INC COMMON 009158106 3,327 62,968 SH SOLE 50,218 12,750 AKZO NOBEL NV - SPON ADR COMMON 010199305 1,096,086 28,685,839 SH SOLE 27,016,239 357,100 1,312,500 ALCOA INC COMMON 013817101 691,800 18,205,250 SH SOLE 17,017,759 189,600 997,891 ALLERGAN INC COMMON 018490102 252 3,282 SH SOLE 3,282 0 ALLSTATE CORP COMMON 020002101 513 11,914 SH SOLE 10,600 1,314 ALTRIA GROUP INC COMMON 02209S103 2,922 53,700 SH SOLE 47,400 6,300 AMERADA HESS CORP COMMON 023551104 647,108 12,170,540 SH SOLE 11,416,780 116,200 637,560 AMEREN CORP COMMON 023608102 2,806 61,010 SH SOLE 58,710 2,300 AMERICAN ELEC POWER CO INC COMMON 025537101 491,905 16,122,750 SH SOLE 14,993,582 181,900 947,268 AMERICAN EXPRESS COMPANY COMMON 025816109 31,576 654,686 SH SOLE 599,990 54,696 AMERICAN INTERNATIONAL GROUP COMMON 026874107 8,083 121,946 SH SOLE 88,133 33,813 AMSOUTH BANCORPORATION COMMON 032165102 445 18,181 SH SOLE 18,181 0 ANADARKO PETROLEUM CORP COMMON 032511107 7,624 149,461 SH SOLE 139,321 10,140 ANHEUSER-BUSCH COS INC COMMON 035229103 1,083 20,552 SH SOLE 20,552 0 AON CORP COMMON 037389103 264 11,024 SH SOLE 11,024 0 ARCHER-DANIELS MIDLAND COMMON 039483102 356,208 23,403,953 SH SOLE 21,971,538 258,362 1,174,053 AT&T CORP (NEW) COMMON 001957505 1,701,449 83,815,221 SH SOLE 78,951,854 818,180 4,045,187 AT&T WIRELESS SERVICES COMMON 00209A106 1,186,757 148,530,267 SH SOLE 139,423,067 1,553,000 7,554,200 AUTOMATIC DATA PROCESSING INC COMMON 053015103 381 9,620 SH SOLE 5,620 4,000 AVAYA INC COMMON 053499109 405,871 31,365,626 SH SOLE 29,363,826 327,700 1,674,100 AVERY DENNISON CORP COMMON 053611109 213 3,800 SH SOLE 3,800 0 BAKER HUGHES INC COMMON 057224107 629,595 19,576,950 SH SOLE 18,527,200 161,500 888,250 BANCO LATINOAMERICANO EXPORTA COMMON P16994132 11,085 576,422 SH SOLE 576,422 0 BANK OF AMERICA CORP COMMON 060505104 18,350 228,149 SH SOLE 201,341 26,808 BANK OF NEW YORK INC COMMON 064057102 706 21,320 SH SOLE 21,320 0 BANK ONE CORP COMMON 06423A103 1,547,359 33,940,764 SH SOLE 31,734,869 384,000 1,821,895 BAXTER INTERNATIONAL INC COMMON 071813109 461 15,114 SH SOLE 15,114 0 BB&T CORP COMMON 054937107 339 8,786 SH SOLE 8,786 0 BECTON DICKINSON & CO COMMON 075887109 395,477 9,612,957 SH SOLE 8,941,457 102,500 569,000 BELLSOUTH CORP COMMON 079860102 804 28,398 SH SOLE 25,478 2,920 BERKSHIRE HATHAWAY INC DEL COMMON 084670108 421 5 SH SOLE 5 0 BERKSHIRE HATHAWAY, INC CLASS COMMON 084670207 5,087 1,807 SH SOLE 1,514 293 BMC SOFTWARE COMMON 055921100 146,768 7,869,600 SH SOLE 7,161,200 127,600 580,800 BOEING CO COMMON 097023105 1,677 39,796 SH SOLE 39,796 0 BOISE CASCADE CORP COMMON 097383103 463 14,083 SH SOLE 14,083 0 BP PLC SPONS ADR COMMON 055622104 15,385 311,754 SH SOLE 286,498 25,256 BRISTOL-MYERS SQUIBB CO COMMON 110122108 544,481 19,037,786 SH SOLE 17,921,316 204,700 911,770 BURLINGTON RESOURCES, INC. COMMON 122014103 323 5,838 SH SOLE 5,838 0 C S X CORP COMMON 126408103 586 16,300 SH SOLE 16,300 0 CADENCE DESIGN SYSTEM INC COMMON 127387108 302 16,800 SH SOLE 14,500 2,300 CANADIAN PACIFIC RAILWAY LTD COMMON 13645T100 1,134 40,291 SH SOLE 38,366 1,925 CAPITAL ONE FINANCIAL COMMON 14040H105 1,029,606 16,798,930 SH SOLE 15,706,130 189,900 902,900 CARDINAL HEALTH INC COMMON 14149Y108 756,219 12,364,597 SH SOLE 11,669,197 125,200 570,200 CARNIVAL CORP COMMON 143658300 302 7,600 SH SOLE 7,600 0 CATELLUS DEVELOPMENT CORP (NE COMMON 149113102 989 41,021 SH SOLE 41,021 0 CATERPILLAR INC COMMON 149123101 27,844 335,391 SH SOLE 294,461 40,930 CHEVRONTEXACO CORP COMMON 166764100 1,111,401 12,864,926 SH SOLE 12,066,233 121,300 677,393 CHUBB CORP COMMON 171232101 547,351 8,037,462 SH SOLE 7,571,612 79,600 386,250 CIGNA CORP COMMON 125509109 7,954 138,328 SH SOLE 116,628 21,700 CISCO SYSTEMS COMMON 17275R102 1,088 44,900 SH SOLE 44,900 0 CIT GROUP INC COMMON 125581108 1,003,375 27,910,300 SH SOLE 26,064,800 323,000 1,522,500 CITIGROUP INC COMMON 172967101 31,299 644,817 SH SOLE 574,594 70,223 CNA FINANCIAL CORP COMMON 126117100 23,296 966,650 SH SOLE 816,400 28,000 122,250 CNH GLOBAL N.V. COMMON N20935206 4,233 255,020 SH SOLE 255,020 0 COCA COLA CO COMMON 191216100 2,839 55,942 SH SOLE 52,482 3,460 COLGATE-PALMOLIVE CO COMMON 194162103 420 8,400 SH SOLE 8,400 0 COMCAST CORP CL A COMMON 20030N101 1,385,768 42,261,907 SH SOLE 39,569,225 462,070 2,230,612 COMCAST CORP-SPECIAL CL A COMMON 20030N200 1,446 46,214 SH SOLE 46,214 0 COMPUTER ASSOC INTL INC COMMON 204912109 1,655 60,550 SH SOLE 60,550 0 COMPUTER SCIENCES CORP COMMON 205363104 707,446 15,994,707 SH SOLE 15,040,007 129,600 825,100 COMPUWARE CORP COMMON 205638109 311,976 51,651,728 SH SOLE 47,610,228 572,300 3,469,200 CONOCOPHILLIPS COMMON 20825C104 976,946 14,899,284 SH SOLE 13,932,843 160,000 806,441 CONSOLIDATED EDISON INC COMMON 209115104 242 5,626 SH SOLE 5,626 0 CORNING INC COMMON 219350105 126,163 12,096,212 SH SOLE 11,388,012 111,300 596,900 CVS CORP COMMON 126650100 441 12,200 SH SOLE 12,200 0 DEERE & CO COMMON 244199105 20,439 314,197 SH SOLE 281,222 32,975 DELPHI CORP COMMON 247126105 658,779 64,522,951 SH SOLE 60,559,286 618,300 3,345,365 DILLARD'S INC CLASS A COMMON 254067101 178,719 10,857,805 SH SOLE 10,243,755 104,000 510,050 DOMINION RESOURCES INC VA COMMON 25746U109 1,051 16,459 SH SOLE 14,204 2,255 DOW CHEMICAL CO COMMON 260543103 1,630,706 39,227,944 SH SOLE 36,667,210 409,698 2,151,036 DUKE ENERGY CORP COMMON 264399106 686,366 33,563,116 SH SOLE 31,662,086 323,900 1,577,130 DUN & BRADSTREET CORP COMMON 26483E100 2,600 51,275 SH SOLE 51,275 0 E I DU PONT DE NEMOURS & CO COMMON 263534109 5,607 122,177 SH SOLE 112,005 10,172 EASTMAN KODAK CO COMMON 277461109 467,726 18,220,730 SH SOLE 17,075,705 181,700 963,325 ELECTRONIC DATA SYSTEMS COMMON 285661104 1,253,149 51,065,569 SH SOLE 47,884,029 535,800 2,645,740 ELI LILLY & CO COMMON 532457108 6,890 97,965 SH SOLE 82,325 15,640 EMERSON ELECTRIC CO COMMON 291011104 340 5,250 SH SOLE 5,250 0 ENCANA CORP COMMON 292505104 2,806 71,139 SH SOLE 62,420 8,719 ENGELHARD CORP COMMON 292845104 376,850 12,582,632 SH SOLE 11,757,732 134,200 690,700 EQUITY OFFICE PROPERTIES TRUS COMMON 294741103 1,039,549 36,284,418 SH SOLE 34,181,568 307,500 1,795,350 EQUITY RESIDENTIAL SH BEN 29476L107 577,335 19,564,050 SH SOLE 18,415,450 202,000 946,600 EXELON CORPORATION COMMON 30161N101 1,011 15,228 SH SOLE 14,791 437 EXXON MOBIL CORPORATION COMMON 30231G102 28,701 700,033 SH SOLE 623,024 77,009 FANNIE MAE COMMON 313586109 350 4,663 SH SOLE 3,863 800 FEDEX CORP COMMON 31428X106 822,310 12,182,367 SH SOLE 11,420,675 130,200 631,492 FIAT SPA - SPONS ADR COMMON 315621888 9,913 1,280,700 SH SOLE 1,280,700 0 FIRST MIDWEST BANCORP INC COMMON 320867104 406 12,534 SH SOLE 12,534 0 FLEET BOSTON FINANCIAL CORP COMMON 339030108 7,443 170,514 SH SOLE 152,962 17,552 FLUOR CORP (NEW) COMMON 343412102 427,823 10,792,715 SH SOLE 10,219,615 135,000 438,100 FORD MOTOR CO COMMON 345370860 76,763 4,797,678 SH SOLE 4,521,681 40,507 235,490 FPL GROUP INC COMMON 302571104 6,038 92,291 SH SOLE 83,140 9,151 FREDDIE MAC COMMON 313400301 1,314 22,533 SH SOLE 22,533 0 GENERAL ELECTRIC CO COMMON 369604103 37,861 1,222,109 SH SOLE 1,103,706 118,403 GENERAL MILLS INC COMMON 370334104 453 10,000 SH SOLE 8,800 1,200 GENERAL MOTORS CORP COMMON 370442105 596 11,160 SH SOLE 9,660 1,500 GENUINE PARTS CO COMMON 372460105 760,832 22,916,625 SH SOLE 21,380,901 255,500 1,280,224 GILLETTE COMPANY COMMON 375766102 735 20,000 SH SOLE 20,000 0 GLAXOSMITHKLINE PLC ADR COMMON 37733W105 3,804 81,593 SH SOLE 70,579 11,014 GOLDEN WEST FINANCIAL CORP COMMON 381317106 1,089,292 10,556,174 SH SOLE 9,838,349 111,600 606,225 GUIDANT CORP COMMON 401698105 301 5,000 SH SOLE 5,000 0 HALLIBURTON CO COMMON 406216101 1,381 53,100 SH SOLE 46,200 6,900 HARTFORD FINANCIAL SVCS GRP COMMON 416515104 753 12,755 SH SOLE 10,009 2,746 HCA INC COMMON 404119109 1,382,161 32,173,209 SH SOLE 30,292,009 338,200 1,543,000 HEWLETT PACKARD CO COMMON 428236103 1,606,840 69,953,842 SH SOLE 65,817,715 703,323 3,432,804 HOME DEPOT INC COMMON 437076102 462 13,017 SH SOLE 7,320 5,697 HONDA MOTOR CO LTD - SPON ADR COMMON 438128308 23,857 1,060,300 SH SOLE 1,027,100 33,200 HONEYWELL INTERNATIONAL INC COMMON 438516106 2,708 80,995 SH SOLE 68,378 12,617 IMS HEALTH INC COMMON 449934108 4,810 193,500 SH SOLE 193,500 0 INGERSOLL RAND CO LTD CLASS A COMMON G4776G101 720 10,602 SH SOLE 4,902 5,700 INTERCONTINENTAL HOTELS PLC A COMMON 458573102 318,885 33,321,317 SH SOLE 31,211,639 388,033 1,721,645 INTERNATIONAL BUSINESS MCH CO COMMON 459200101 30,200 325,850 SH SOLE 272,447 53,403 INTERNATIONAL PAPER CO COMMON 460146103 415,138 9,629,737 SH SOLE 9,002,755 108,200 518,782 INTL FLAVORS & FRAGRANCES INC COMMON 459506101 758 21,710 SH SOLE 21,710 0 JOHNSON & JOHNSON COMMON 478160104 4,818 93,260 SH SOLE 66,337 26,923 KIMBERLY CLARK CORP COMMON 494368103 1,021 17,282 SH SOLE 17,282 0 KOOKMIN BANK-SPON ADR COMMON 50049M109 16,759 442,900 SH SOLE 442,900 0 KT CORP-SP ADR COMMON 48268K101 23,323 1,223,000 SH SOLE 1,223,000 0 LEHMAN BROTHERS HOLDINGS INC COMMON 524908100 229 2,960 SH SOLE 2,840 120 LINCOLN NATIONAL CORP COMMON 534187109 330 8,164 SH SOLE 8,164 0 LINEAR TECHNOLOGY CORP COMMON 535678106 589 14,000 SH SOLE 14,000 0 LOCKHEED MARTIN CORP COMMON 539830109 1,118 21,750 SH SOLE 11,500 10,250 LOEWS CORP COMMON 540424108 781,044 15,794,617 SH SOLE 14,964,067 171,300 659,250 LUBRIZOL CORP COMMON 549271104 84,036 2,584,121 SH SOLE 2,349,371 20,000 214,750 MARSH & MCLENNAN CO COMMON 571748102 1,639 34,232 SH SOLE 34,232 0 MASCO CORP COMMON 574599106 532,530 19,428,325 SH SOLE 18,114,175 184,800 1,129,350 MATSUSHITA ELEC IND ADR COMMON 576879209 796,899 57,166,386 SH SOLE 53,590,586 629,300 2,946,500 MAY DEPT STORES CO COMMON 577778103 1,050,887 36,150,212 SH SOLE 33,781,512 390,200 1,978,500 MBIA INC COMMON 55262C100 217,585 3,673,562 SH SOLE 3,463,094 44,900 165,568 MC DONALDS CORP COMMON 580135101 1,301,735 52,425,876 SH SOLE 48,925,294 595,500 2,905,082 MC GRAW-HILL COMPANIES INC COMMON 580645109 720 10,300 SH SOLE 7,300 3,000 MEDTRONIC INC COMMON 585055106 933 19,200 SH SOLE 17,600 1,600 MELLON FINANCIAL CORP COMMON 58551A108 3,738 116,400 SH SOLE 95,000 21,400 MERCK & CO INC COMMON 589331107 5,639 122,065 SH SOLE 108,548 13,517 MICROSOFT CORP COMMON 594918104 307 11,200 SH SOLE 11,200 0 MITSUBISHI TOKYO FINANCIAL GR COMMON 606816106 15,466 1,975,200 SH SOLE 1,975,200 0 MOLEX INC COMMON 608554101 257 7,377 SH SOLE 7,377 0 MOODY'S CORP COMMON 615369105 5,416 89,450 SH SOLE 89,450 0 MORGAN (J P) CHASE & CO COMMON 46625H100 5,278 143,708 SH SOLE 114,178 29,530 MORGAN STANLEY COMMON 617446448 217 3,752 SH SOLE 1,092 2,660 MOTOROLA INC COMMON 620076109 704,123 50,294,534 SH SOLE 47,206,884 394,200 2,693,450 MURPHY OIL CORP COMMON 626717102 235 3,600 SH SOLE 3,600 0 NCR CORP COMMON 62886E108 519,259 13,382,974 SH SOLE 12,540,890 137,300 704,784 NEWS CORP LTD SPONS ADR PRF COMMON 652487802 1,345,412 44,476,417 SH SOLE 41,627,367 474,000 2,375,050 NISOURCE INC COMMON 65473P105 621 28,300 SH SOLE 17,300 11,000 NORDSTROM INC COMMON 655664100 521,679 15,209,297 SH SOLE 14,271,247 167,000 771,050 NORFOLK SOUTHERN CORP COMMON 655844108 822 34,759 SH SOLE 29,959 4,800 NORSK HYDRO A/S SPONS ADR COMMON 656531605 5,587 90,400 SH SOLE 90,400 0 NORTEL NETWORKS CORP COMMON 656568102 7,297 1,725,000 SH SOLE 1,725,000 0 NORTHROP GRUMMAN CORP (NEW) COMMON 666807102 322 3,372 SH SOLE 3,372 0 NOVA CHEMICALS CORP COMMON 66977W109 313,357 11,627,343 SH SOLE 10,878,623 119,000 629,720 NUCOR CORP COMMON 670346105 12,173 217,380 SH SOLE 217,380 0 OCCIDENTAL PETROLEUM CORP COMMON 674599105 959,973 22,726,637 SH SOLE 21,206,317 253,100 1,267,220 PARKER-HANNIFIN CORP COMMON 701094104 1,649 27,710 SH SOLE 22,460 5,250 PENNEY (J C) CO COMMON 708160106 280 10,640 SH SOLE 10,240 400 PEPSICO INC COMMON 713448108 1,390 29,820 SH SOLE 29,820 0 PETROLEO BRASILEIRO S.A. - AD PFD 71654V101 12,362 463,700 SH SOLE 463,700 0 PFIZER INC COMMON 717081103 580,226 16,423,048 SH SOLE 15,583,418 155,360 684,270 PITNEY BOWES INC COMMON 724479100 390,499 9,613,476 SH SOLE 8,965,026 103,100 545,350 PNC FINANCIAL SERVICES GROUP COMMON 693475105 3,989 72,891 SH SOLE 67,091 5,800 PPG INDUSTRIES INC COMMON 693506107 3,816 59,600 SH SOLE 59,600 0 PRAXAIR INC COMMON 74005P104 458 12,000 SH SOLE 12,000 0 PROCTER & GAMBLE CO COMMON 742718109 22,998 230,253 SH SOLE 205,027 25,226 PROGRESS ENERGY INC COMMON 743263105 1,738 38,400 SH SOLE 33,700 4,700 R R DONNELLEY & SONS CO COMMON 257867101 446,251 14,801,043 SH SOLE 13,726,297 154,600 920,146 REUTERS GROUP PLC ADR COMMON 76132M102 3,184 125,600 SH SOLE 125,600 0 RIO TINTO PLC-SPON ADR COMMON 767204100 742,396 6,669,624 SH SOLE 6,238,184 76,100 355,340 ROHM & HAAS COMMON 775371107 645,029 15,102,522 SH SOLE 14,121,422 165,600 815,500 ROYAL DUTCH PETROLEUM CO COMMON 780257804 12,800 244,316 SH SOLE 230,388 13,928 SAFECO CORP COMMON 786429100 1,187 30,500 SH SOLE 29,300 1,200 SBC COMMUNICATIONS, INC COMMON 78387G103 3,563 136,659 SH SOLE 124,195 12,464 SCHERING-PLOUGH CORP COMMON 806605101 1,386,098 79,706,603 SH SOLE 74,845,859 772,100 4,088,644 SCHLUMBERGER LTD COMMON 806857108 4,373 79,912 SH SOLE 74,312 5,600 SCOTTISH POWER & LIGHT PLC AD COMMON 81013T705 240,955 8,865,156 SH SOLE 8,291,256 105,200 468,700 SIGMA-ALDRICH CORP COMMON 826552101 1,258 22,000 SH SOLE 22,000 0 SONOCO PRODUCTS COMMON 835495102 202 8,200 SH SOLE 8,200 0 SONY CORP ADR COMMON 835699307 1,299,000 37,467,546 SH SOLE 35,269,546 362,900 1,835,100 ST PAUL COMPANIES INC COMMON 792860108 819,972 20,680,244 SH SOLE 19,369,724 212,900 1,097,620 STATE STREET CORP COMMON 857477103 1,526 29,300 SH SOLE 29,300 0 STOLT OFFSHORE SA - ADR COMMON 861567105 5,485 2,238,900 SH SOLE 2,238,900 0 STORAGE TECHNOLOGY COMMON 862111200 326,170 12,666,783 SH SOLE 11,861,283 136,000 669,500 SUNTRUST BANKS INC COMMON 867914103 394 5,516 SH SOLE 5,516 0 SYMYX TECHNOLOGIES COMMON 87155S108 1,089 53,011 SH SOLE 53,011 0 SYNGENTA AG - ADR COMMON 87160A100 317,362 23,543,200 SH SOLE 22,210,400 224,700 1,108,100 SYSCO CORP COMMON 871829107 667 17,904 SH SOLE 7,654 10,250 TARGET CORP COMMON 87612E106 29,574 770,159 SH SOLE 693,294 76,865 TEXAS INSTRUMENTS INC COMMON 882508104 5,060 172,242 SH SOLE 111,042 61,200 THE GAP INC COMMON 364760108 517,742 22,306,850 SH SOLE 20,929,750 228,600 1,148,500 THERMO ELECTRON COMMON 883556102 486,375 19,300,584 SH SOLE 17,944,034 222,400 1,134,150 TIME WARNER INC COMMON 887317105 787,702 43,785,560 SH SOLE 41,101,460 410,900 2,273,200 TORCHMARK CORP COMMON 891027104 467,813 10,272,584 SH SOLE 9,676,684 127,400 468,500 TRIBUNE CO NEW COMMON 896047107 2,930 56,790 SH SOLE 56,790 0 TXU CORP COMMON 873168108 250,722 10,570,052 SH SOLE 9,881,083 105,600 583,369 TYCO INTERNATIONAL LTD COMMON 902124106 4,002 151,000 SH SOLE 151,000 0 ULTRAPAR PARTICPACEOS SPON AD PFD 90400P101 11,885 932,900 SH SOLE 932,900 0 UNIBANCO SPONSORED GDR COMMON 90458E107 14,259 571,500 SH SOLE 571,500 0 UNILEVER NV COMMON 904784709 1,082,168 16,674,390 SH SOLE 15,668,219 178,900 827,271 UNION PACIFIC CORP COMMON 907818108 890,796 12,820,903 SH SOLE 11,998,332 133,300 689,271 UNIONBANCAL CORPORATION COMMON 908906100 426 7,400 SH SOLE 7,400 0 UNITED TECHNOLOGIES CORP COMMON 913017109 2,539 26,788 SH SOLE 21,543 5,245 UNOCAL CORP COMMON 915289102 1,027,619 27,901,694 SH SOLE 26,104,244 269,300 1,528,150 UNUMPROVIDENT CORP COMMON 91529Y106 401,990 25,490,831 SH SOLE 23,962,031 283,300 1,245,500 US BANCORP (NEW) COMMON 902973304 343 11,520 SH SOLE 11,520 0 V F CORP COMMON 918204108 378,263 8,747,982 SH SOLE 8,133,882 101,200 512,900 VERIZON COMMUNICATIONS COMMON 92343V104 1,045 29,789 SH SOLE 28,508 1,281 VODAFONE GROUP PLC-SP ADR COMMON 92857W100 402 16,055 SH SOLE 14,055 2,000 WACHOVIA CORP COMMON 929903102 874,091 18,761,338 SH SOLE 17,465,538 226,600 1,069,200 WAL-MART STORES INC COMMON 931142103 476 8,968 SH SOLE 4,368 4,600 WALGREEN CO COMMON 931422109 649 17,849 SH SOLE 17,849 0 WALT DISNEY CO COMMON 254687106 592 25,371 SH SOLE 16,071 9,300 WASHINGTON MUTUAL INC COMMON 939322103 418 10,419 SH SOLE 10,419 0 WELLPOINT HEALTH NETWORKS INC COMMON 94973H108 664,205 6,848,180 SH SOLE 6,450,730 70,500 326,950 WELLS FARGO & CO COMMON 949746101 606,092 10,291,928 SH SOLE 9,565,447 104,000 622,481 WEYERHAEUSER CO COMMON 962166104 4,896 76,499 SH SOLE 67,674 8,825 WHIRLPOOL CORP COMMON 963320106 540,927 7,445,660 SH SOLE 6,972,160 77,000 396,500 WHITE MOUNTAINS INS GROUP, IN COMMON G9618E107 207 450 SH SOLE 450 0 WISCONSIN ENERGY CORP COMMON 976657106 1,529 45,700 SH SOLE 43,400 2,300 WYETH COMMON 983024100 378,921 8,926,287 SH SOLE 8,461,487 86,800 378,000 XEROX CORP COMMON 984121103 1,418,427 102,784,557 SH SOLE 95,697,857 1,203,800 5,882,900 XL CAPITAL LTD COMMON G98255105 550 7,096 SH SOLE 7,096 0 3M CO COMMON 88579Y101 7,947 93,461 SH SOLE 85,561 7,900