13F-HR 1 d13fhr.txt REPORT FOR THE PERIOD ENDING JUNE 30, 2004 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 06/30/04 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: 555 California Street 40th 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 8/13/04 ------------------------- ------------------------- ------------- [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: 220 Form 13F Information Table Value Total: 70,722,967,552 (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 2,582 63,350 SH SOLE 62,690 660 AETNA INC - NEW COMMON 00817Y108 774 9,100 SH SOLE 9,000 100 AGILENT TECHNOLOGIES INC COMMON 00846U101 922 31,492 SH SOLE 26,253 5,239 AIR PRODUCTS & CHEMICALS INC COMMON 009158106 3,255 62,068 SH SOLE 49,318 12,750 AKZO NOBEL NV - SPON ADR COMMON 010199305 1,212,651 32,554,390 SH SOLE 30,562,090 564,300 1,428,000 ALCOA INC COMMON 013817101 268,128 8,117,704 SH SOLE 7,573,463 153,300 390,941 ALLERGAN INC COMMON 018490102 294 3,282 SH SOLE 3,282 0 ALLSTATE CORP COMMON 020002101 555 11,914 SH SOLE 10,600 1,314 ALTRIA GROUP INC COMMON 02209S103 2,668 53,300 SH SOLE 47,000 6,300 AMERADA HESS CORP COMMON 023551104 943,271 11,911,490 SH SOLE 11,081,330 210,000 620,160 AMEREN CORP COMMON 023608102 2,111 49,150 SH SOLE 47,150 2,000 AMERICAN ELEC POWER CO INC COMMON 025537101 546,401 17,075,020 SH SOLE 15,752,852 318,800 1,003,368 AMERICAN EXPRESS COMPANY COMMON 025816109 33,602 653,999 SH SOLE 604,703 49,296 AMERICAN INTERNATIONAL GROUP COMMON 026874107 8,015 112,442 SH SOLE 79,537 32,905 AMERICAN POWER CONVERSION COP COMMON 029066107 27,429 1,395,900 SH SOLE 1,302,000 7,300 86,600 AMSOUTH BANCORPORATION COMMON 032165102 463 18,181 SH SOLE 18,181 0 ANADARKO PETROLEUM CORP COMMON 032511107 8,558 146,039 SH SOLE 138,164 7,875 ANHEUSER-BUSCH COS INC COMMON 035229103 1,110 20,552 SH SOLE 20,552 0 AON CORP COMMON 037389103 314 11,024 SH SOLE 11,024 0 ARCHER-DANIELS MIDLAND COMMON 039483102 8,121 483,976 SH SOLE 425,714 58,262 AT&T CORP COMMON 001957505 1,502,900 102,727,259 SH SOLE 96,060,372 1,641,180 5,025,707 AT&T WIRELESS SERVICES COMMON 00209A106 2,096,044 146,371,761 SH SOLE 136,524,161 2,613,800 7,233,800 AUTOMATIC DATA PROCESSING INC COMMON 053015103 386 9,220 SH SOLE 5,220 4,000 AVAYA INC COMMON 053499109 387,286 24,527,319 SH SOLE 22,868,919 404,600 1,253,800 AVERY DENNISON CORP COMMON 053611109 218 3,400 SH SOLE 3,400 0 BAKER HUGHES INC COMMON 057224107 737,784 19,595,850 SH SOLE 18,341,000 308,000 946,850 BANCO LATINOAMERICANO EXPORTA COMMON P16994132 15,789 1,006,922 SH SOLE 1,006,922 0 BANK OF AMERICA CORP COMMON 060505104 26,527 313,482 SH SOLE 277,436 36,046 BANK OF NEW YORK INC COMMON 064057102 629 21,320 SH SOLE 21,320 0 BANK ONE CORP COMMON 06423A103 1,471,514 28,853,214 SH SOLE 26,846,869 534,700 1,471,645 BAXTER INTERNATIONAL INC COMMON 071813109 556 16,114 SH SOLE 16,114 0 BAYER AG - SPONSORED ADR COMMON 072730302 7,738 265,000 SH SOLE 251,100 13,900 BB&T CORP COMMON 054937107 325 8,786 SH SOLE 8,786 0 BECTON DICKINSON & CO COMMON 075887109 481,784 9,300,857 SH SOLE 8,592,457 172,700 535,700 BELLSOUTH CORP COMMON 079860102 700 26,698 SH SOLE 23,778 2,920 BERKSHIRE HATHAWAY INC DEL COMMON 084670108 445 5 SH SOLE 5 0 BERKSHIRE HATHAWAY, INC CLASS COMMON 084670207 5,077 1,718 SH SOLE 1,425 293 BMC SOFTWARE COMMON 055921100 327,820 17,720,000 SH SOLE 16,725,300 220,700 774,000 BOEING CO COMMON 097023105 1,906 37,310 SH SOLE 37,310 0 BP PLC SPONS ADR COMMON 055622104 16,956 316,528 SH SOLE 292,740 23,788 BRISTOL-MYERS SQUIBB CO COMMON 110122108 399,679 16,313,441 SH SOLE 15,223,171 296,600 793,670 BURLINGTON RESOURCES, INC. COMMON 122014103 422 11,676 SH SOLE 11,676 0 C S X CORP COMMON 126408103 534 16,300 SH SOLE 16,300 0 CADENCE DESIGN SYSTEM INC COMMON 127387108 246 16,800 SH SOLE 14,500 2,300 CANADIAN PACIFIC RAILWAY LTD COMMON 13645T100 749 30,391 SH SOLE 29,866 525 CAPITAL ONE FINANCIAL COMMON 14040H105 1,310,802 19,169,380 SH SOLE 17,913,830 315,600 939,950 CARDINAL HEALTH INC COMMON 14149Y108 1,260,956 18,000,797 SH SOLE 16,764,897 324,700 911,200 CATELLUS DEVELOPMENT CORP (NE COMMON 149113102 1,011 41,020 SH SOLE 41,020 0 CATERPILLAR INC COMMON 149123101 20,475 257,745 SH SOLE 229,099 28,646 CHEVRONTEXACO CORP COMMON 166764100 1,279,864 13,599,658 SH SOLE 12,660,465 230,700 708,493 CHUBB CORP COMMON 171232101 700,554 10,275,062 SH SOLE 9,623,812 157,600 493,650 CIGNA CORP COMMON 125509109 8,709 126,563 SH SOLE 109,863 16,700 CIT GROUP INC COMMON 125581108 1,014,354 26,491,350 SH SOLE 24,521,150 519,600 1,450,600 CITIGROUP INC COMMON 172967101 28,463 612,113 SH SOLE 556,257 55,856 CNA FINANCIAL CORP COMMON 126117100 27,310 922,950 SH SOLE 778,900 21,800 122,250 CNH GLOBAL N.V. COMMON N20935206 19,196 930,020 SH SOLE 930,020 0 COCA COLA CO COMMON 191216100 2,622 51,948 SH SOLE 48,588 3,360 COLGATE-PALMOLIVE CO COMMON 194162103 409 7,000 SH SOLE 7,000 0 COMCAST CORP CL A COMMON 20030N101 1,722,748 61,460,856 SH SOLE 57,774,057 937,870 2,748,929 COMCAST CORP-SPECIAL CL A COMMON 20030N200 1,276 46,214 SH SOLE 46,214 0 COMPUTER ASSOC INTL INC COMMON 204912109 1,299 46,300 SH SOLE 46,300 0 COMPUTER SCIENCES CORP COMMON 205363104 1,129,663 24,330,457 SH SOLE 22,924,357 363,400 1,042,700 COMPUWARE CORP COMMON 205638109 330,739 50,111,928 SH SOLE 45,756,928 1,038,800 3,316,200 CONOCOPHILLIPS COMMON 20825C104 1,150,383 15,079,079 SH SOLE 13,970,743 287,100 821,236 CONSOLIDATED EDISON INC COMMON 209115104 224 5,626 SH SOLE 5,626 0 CORNING INC COMMON 219350105 15,333 1,174,029 SH SOLE 1,089,629 84,400 CVS CORP COMMON 126650100 555 13,200 SH SOLE 13,200 0 DEERE & CO COMMON 244199105 16,368 233,364 SH SOLE 204,914 28,450 DELPHI CORP COMMON 247126105 781,953 73,216,548 SH SOLE 68,481,187 1,178,900 3,556,461 DILLARD'S INC CLASS A COMMON 254067101 238,233 10,683,105 SH SOLE 10,046,955 129,400 506,750 DOMINION RESOURCES INC VA COMMON 25746U109 1,019 16,159 SH SOLE 14,429 1,730 DOW CHEMICAL CO COMMON 260543103 1,574,889 38,695,063 SH SOLE 35,907,222 697,398 2,090,443 DUKE ENERGY CORP COMMON 264399106 1,052,864 51,890,766 SH SOLE 48,827,136 683,500 2,380,130 DUN & BRADSTREET CORP COMMON 26483E100 2,764 51,275 SH SOLE 51,275 0 E I DU PONT DE NEMOURS & CO COMMON 263534109 5,400 121,577 SH SOLE 113,535 8,042 EASTMAN KODAK CO COMMON 277461109 620,700 23,005,930 SH SOLE 21,631,255 319,800 1,054,875 ELECTRONIC DATA SYSTEMS COMMON 285661104 1,223,958 63,914,269 SH SOLE 59,898,469 993,800 3,022,000 ELI LILLY & CO COMMON 532457108 6,636 94,925 SH SOLE 82,325 12,600 EMERSON ELECTRIC CO COMMON 291011104 334 5,250 SH SOLE 5,250 0 ENCANA CORP COMMON 292505104 2,772 64,235 SH SOLE 56,473 7,762 ENGELHARD CORP COMMON 292845104 410,206 12,695,932 SH SOLE 11,722,732 243,900 729,300 EQUITY OFFICE PROPERTIES TRUS COMMON 294741103 1,008,170 37,065,068 SH SOLE 34,701,818 575,400 1,787,850 EQUITY RESIDENTIAL SH BEN 29476L107 626,405 21,069,801 SH SOLE 19,644,650 370,200 1,054,951 EXELON CORPORATION COMMON 30161N101 1,014 30,456 SH SOLE 29,582 874 EXXON MOBIL CORPORATION COMMON 30231G102 30,735 692,079 SH SOLE 622,350 69,729 FANNIE MAE COMMON 313586109 290 4,063 SH SOLE 3,263 800 FEDEX CORP COMMON 31428X106 1,007,970 12,338,967 SH SOLE 11,472,025 221,200 645,742 FIAT SPA - SPONS ADR COMMON 315621888 26,285 3,110,700 SH SOLE 3,110,700 0 FIRST MIDWEST BANCORP INC COMMON 320867104 441 12,534 SH SOLE 12,534 0 FIRSTENERGY CORP COMMON 337932107 318,838 8,522,800 SH SOLE 8,022,700 82,600 417,500 FLUOR CORP (NEW) COMMON 343412102 498,741 10,462,365 SH SOLE 9,815,915 217,800 428,650 FOMENTO ECONOMICO MEX-SP ADR COMMON 344419106 16,044 350,000 SH SOLE 350,000 0 FORD MOTOR CO COMMON 345370860 812 51,905 SH SOLE 47,710 4,195 FPL GROUP INC COMMON 302571104 5,697 89,091 SH SOLE 80,440 8,651 GENERAL ELECTRIC CO COMMON 369604103 37,939 1,170,962 SH SOLE 1,058,459 112,503 GENERAL MILLS INC COMMON 370334104 475 10,000 SH SOLE 8,800 1,200 GENERAL MOTORS CORP COMMON 370442105 508 10,900 SH SOLE 9,400 1,500 GENUINE PARTS CO COMMON 372460105 862,073 21,725,625 SH SOLE 20,118,001 429,100 1,178,524 GENWORTH FINANCIAL COMCLA 37247D106 362,514 15,795,800 SH SOLE 15,006,100 132,700 657,000 GILLETTE COMPANY COMMON 375766102 848 20,000 SH SOLE 20,000 0 GLAXOSMITHKLINE PLC ADR COMMON 37733W105 3,355 80,924 SH SOLE 69,910 11,014 GOLDEN WEST FINANCIAL CORP COMMON 381317106 1,087,584 10,226,456 SH SOLE 9,454,806 195,400 576,250 GUIDANT CORP COMMON 401698105 279 5,000 SH SOLE 5,000 0 HALLIBURTON CO COMMON 406216101 1,504 49,700 SH SOLE 42,800 6,900 HARTFORD FINANCIAL SVCS GRP COMMON 416515104 894 13,005 SH SOLE 10,505 2,500 HCA INC COMMON 404119109 1,855,567 44,615,709 SH SOLE 41,946,409 713,300 1,956,000 HEWLETT PACKARD CO COMMON 428236103 1,879,603 89,080,699 SH SOLE 83,362,303 1,343,923 4,374,473 HOME DEPOT INC COMMON 437076102 273 7,767 SH SOLE 6,220 1,547 HONDA MOTOR CO LTD - SPON ADR COMMON 438128308 395,064 16,244,400 SH SOLE 15,272,800 247,600 724,000 HONEYWELL INTERNATIONAL INC COMMON 438516106 2,624 71,632 SH SOLE 68,620 3,012 IMS HEALTH INC COMMON 449934108 4,536 193,500 SH SOLE 193,500 0 INGERSOLL RAND CO LTD CLASS A COMMON G4776G101 612 8,952 SH SOLE 3,852 5,100 INTERCONTINENTAL HOTELS PLC A COMMON 458573102 227,407 21,095,249 SH SOLE 19,549,255 476,828 1,069,166 INTERNATIONAL BUSINESS MCH CO COMMON 459200101 28,243 320,392 SH SOLE 271,539 48,853 INTERNATIONAL PAPER CO COMMON 460146103 417,594 9,342,158 SH SOLE 8,736,426 115,200 490,532 INTL FLAVORS & FRAGRANCES INC COMMON 459506101 733 19,608 SH SOLE 19,608 0 JOHNSON & JOHNSON COMMON 478160104 5,749 103,210 SH SOLE 76,287 26,923 JPMORGAN CHASE & COMPANY COMMON 46625H100 4,764 122,870 SH SOLE 95,520 27,350 KIMBERLY CLARK CORP COMMON 494368103 946 14,366 SH SOLE 14,366 0 KOOKMIN BANK-SPON ADR COMMON 50049M109 50,142 1,597,900 SH SOLE 1,597,900 0 KT CORP-SP ADR COMMON 48268K101 42,538 2,358,000 SH SOLE 2,358,000 0 LEHMAN BROTHERS HOLDINGS INC COMMON 524908100 239 3,180 SH SOLE 3,180 0 LINCOLN NATIONAL CORP COMMON 534187109 386 8,164 SH SOLE 8,164 0 LOCKHEED MARTIN CORP COMMON 539830109 872 16,750 SH SOLE 12,500 4,250 LOEWS CORP COMMON 540424108 913,779 15,239,817 SH SOLE 14,430,067 224,400 585,350 LUBRIZOL CORP COMMON 549271104 94,154 2,571,121 SH SOLE 2,311,471 43,700 215,950 MARSH & MCLENNAN CO COMMON 571748102 1,540 33,932 SH SOLE 33,932 0 MASCO CORP COMMON 574599106 637,771 20,454,475 SH SOLE 18,944,125 358,100 1,152,250 MATSUSHITA ELEC IND ADR COMMON 576879209 876,642 61,047,486 SH SOLE 56,887,286 1,079,800 3,080,400 MAY DEPT STORES CO COMMON 577778103 1,035,112 37,654,112 SH SOLE 34,948,712 670,300 2,035,100 MBIA INC COMMON 55262C100 205,797 3,602,887 SH SOLE 3,342,619 79,600 180,668 MC DONALDS CORP COMMON 580135101 1,500,185 57,699,426 SH SOLE 53,669,144 1,020,800 3,009,482 MC GRAW-HILL COMPANIES INC COMMON 580645109 750 9,800 SH SOLE 6,800 3,000 MEDTRONIC INC COMMON 585055106 633 13,000 SH SOLE 11,400 1,600 MELLON FINANCIAL CORP COMMON 58551A108 3,144 107,200 SH SOLE 86,800 20,400 MERCK & CO INC COMMON 589331107 5,475 115,257 SH SOLE 102,872 12,385 MERRILL LYNCH & CO INC COMMON 590188108 281 5,200 SH SOLE 5,200 0 MITSUBISHI TOKYO FINANCIAL GR COMMON 606816106 23,555 2,513,900 SH SOLE 2,513,900 0 MOODY'S CORP COMMON 615369105 5,771 89,250 SH SOLE 89,250 0 MOTOROLA INC COMMON 620076109 569,402 31,200,111 SH SOLE 29,218,761 497,500 1,483,850 MURPHY OIL CORP COMMON 626717102 243 3,300 SH SOLE 3,300 0 NCR CORP COMMON 62886E108 488,956 9,859,974 SH SOLE 9,210,490 162,400 487,084 NEWS CORP LTD SPONS ADR PRF COMMON 652487802 1,589,428 48,340,267 SH SOLE 45,139,817 812,500 2,387,950 NISOURCE INC COMMON 65473P105 584 28,300 SH SOLE 18,300 10,000 NORDSTROM INC COMMON 655664100 380,093 8,920,272 SH SOLE 8,437,922 132,800 349,550 NORFOLK SOUTHERN CORP COMMON 655844108 850 32,049 SH SOLE 27,249 4,800 NORSK HYDRO A/S SPONS ADR COMMON 656531605 22,024 336,500 SH SOLE 336,500 0 NORTEL NETWORKS CORP COMMON 656568102 5,863 1,175,000 SH SOLE 1,175,000 0 NOVA CHEMICALS CORP COMMON 66977W109 332,725 11,501,043 SH SOLE 10,631,403 228,600 641,040 NUCOR CORP COMMON 670346105 13,999 182,380 SH SOLE 182,380 0 OCCIDENTAL PETROLEUM CORP COMMON 674599105 1,024,771 21,168,587 SH SOLE 19,651,517 356,200 1,160,870 PARKER-HANNIFIN CORP COMMON 701094104 1,506 25,335 SH SOLE 20,085 5,250 PENNEY (J C) CO COMMON 708160106 402 10,640 SH SOLE 10,640 0 PEPSICO INC COMMON 713448108 1,262 23,420 SH SOLE 23,420 0 PETROLEO BRASILEIRO S.A. - AD PFD 71654V101 42,102 1,670,700 SH SOLE 1,670,700 0 PFIZER INC COMMON 717081103 557,245 16,255,679 SH SOLE 15,272,224 272,360 711,095 PITNEY BOWES INC COMMON 724479100 530,616 11,991,326 SH SOLE 11,202,526 189,700 599,100 PNC FINANCIAL SERVICES GROUP COMMON 693475105 3,717 70,024 SH SOLE 64,524 5,500 PPG INDUSTRIES INC COMMON 693506107 3,724 59,600 SH SOLE 59,600 0 PRAXAIR INC COMMON 74005P104 479 12,000 SH SOLE 12,000 0 PROCTER & GAMBLE CO COMMON 742718109 23,150 425,232 SH SOLE 380,580 44,652 PROGRESS ENERGY INC COMMON 743263105 1,692 38,400 SH SOLE 33,700 4,700 QUALCOMM INC COMMON 747525103 547 7,500 SH SOLE 7,500 0 R R DONNELLEY & SONS CO COMMON 257867101 461,027 13,962,043 SH SOLE 12,844,497 266,800 850,746 RIO TINTO PLC-SPON ADR COMMON 767204100 889,479 9,071,686 SH SOLE 8,520,796 132,700 418,190 ROHM & HAAS COMMON 775371107 621,709 14,952,122 SH SOLE 13,829,222 285,600 837,300 ROYAL DUTCH PETROLEUM CO COMMON 780257804 270,456 5,234,298 SH SOLE 4,382,870 236,200 615,228 SAFECO CORP COMMON 786429100 387,488 8,806,551 SH SOLE 8,306,351 127,500 372,700 SBC COMMUNICATIONS, INC COMMON 78387G103 3,264 134,607 SH SOLE 124,464 10,143 SCHERING-PLOUGH CORP COMMON 806605101 1,610,928 87,171,403 SH SOLE 81,315,659 1,393,900 4,461,844 SCHLUMBERGER LTD COMMON 806857108 5,034 79,262 SH SOLE 74,212 5,050 SCOTTISH POWER & LIGHT PLC AD COMMON 81013T705 291,017 9,861,651 SH SOLE 9,244,651 138,000 479,000 SHELL TRANSPORT & TRADING ADR ADR NY 822703609 472,256 10,565,000 SH SOLE 10,565,000 0 SIGMA-ALDRICH CORP COMMON 826552101 1,311 22,000 SH SOLE 22,000 0 SONY CORP ADR COMMON 835699307 1,502,273 39,481,546 SH SOLE 36,879,846 632,500 1,969,200 ST PAUL TRAVELERS COMPANIES I COMMON 792860108 989,995 24,420,199 SH SOLE 22,867,979 389,600 1,162,620 STATE STREET CORP COMMON 857477103 971 19,800 SH SOLE 19,800 0 STOLT OFFSHORE SA - ADR COMMON 861567105 26,534 8,450,200 SH SOLE 8,450,200 0 STORAGE TECHNOLOGY COMMON 862111200 367,026 12,656,083 SH SOLE 11,898,883 187,600 569,600 SUNTRUST BANKS INC COMMON 867914103 358 5,516 SH SOLE 5,516 0 SYMYX TECHNOLOGIES COMMON 87155S108 917 38,011 SH SOLE 38,011 0 SYNGENTA AG - ADR COMMON 87160A100 406,902 24,234,800 SH SOLE 22,673,700 398,600 1,162,500 SYSCO CORP COMMON 871829107 275 7,654 SH SOLE 7,654 0 TARGET CORP COMMON 87612E106 30,821 725,717 SH SOLE 655,402 70,315 TEXAS INSTRUMENTS INC COMMON 882508104 3,494 144,510 SH SOLE 101,710 42,800 THE GAP INC COMMON 364760108 513,348 21,168,975 SH SOLE 19,763,675 355,300 1,050,000 THERMO ELECTRON COMMON 883556102 563,333 18,325,734 SH SOLE 16,912,084 350,000 1,063,650 TIME WARNER INC COMMON 887317105 1,516,904 86,285,772 SH SOLE 80,819,872 1,393,700 4,072,200 TORCHMARK CORP COMMON 891027104 522,037 9,703,284 SH SOLE 9,169,784 109,200 424,300 TRIBUNE CO NEW COMMON 896047107 2,702 59,325 SH SOLE 59,325 0 TXU CORP COMMON 873168108 417,415 10,304,002 SH SOLE 9,545,783 181,800 576,419 TYCO INTERNATIONAL LTD COMMON 902124106 5,004 151,000 SH SOLE 151,000 0 ULTRAPAR PARTICPACEOS SPON AD PFD 90400P101 10,868 1,067,600 SH SOLE 1,067,600 0 UNIBANCO SPONSORED GDR COMMON 90458E107 48,954 2,476,200 SH SOLE 2,476,200 0 UNILEVER NV COMMON 904784709 1,366,660 19,948,323 SH SOLE 18,785,219 286,200 876,904 UNION PACIFIC CORP COMMON 907818108 1,491,380 25,086,299 SH SOLE 23,574,882 378,600 1,132,817 UNIONBANCAL CORPORATION COMMON 908906100 417 7,400 SH SOLE 7,400 0 UNITED TECHNOLOGIES CORP COMMON 913017109 2,027 22,159 SH SOLE 20,820 1,339 UNOCAL CORP COMMON 915289102 1,094,970 28,814,994 SH SOLE 26,734,944 508,000 1,572,050 UNUMPROVIDENT CORP COMMON 91529Y106 402,673 25,325,357 SH SOLE 23,607,857 504,100 1,213,400 US BANCORP (NEW) COMMON 902973304 317 11,520 SH SOLE 11,520 0 V F CORP COMMON 918204108 518,710 10,651,132 SH SOLE 9,911,232 187,000 552,900 VERIZON COMMUNICATIONS COMMON 92343V104 1,027 28,369 SH SOLE 27,595 774 VODAFONE GROUP PLC-SP ADR COMMON 92857W100 33,843 1,531,347 SH SOLE 1,529,347 2,000 VOLVO AB-SPON ADR ADR B 928856400 149,154 4,260,200 SH SOLE 4,063,600 46,300 150,300 WACHOVIA CORP COMMON 929903102 1,239,193 27,847,038 SH SOLE 26,098,138 428,800 1,320,100 WAL-MART STORES INC COMMON 931142103 1,104 20,918 SH SOLE 17,118 3,800 WALGREEN CO COMMON 931422109 574 15,849 SH SOLE 15,849 0 WALT DISNEY CO COMMON 254687106 647 25,371 SH SOLE 16,071 9,300 WASHINGTON MUTUAL INC COMMON 939322103 256 6,627 SH SOLE 6,627 0 WELLPOINT HEALTH NETWORKS INC COMMON 94973H108 867,347 7,743,480 SH SOLE 7,260,330 120,500 362,650 WELLS FARGO & CO COMMON 949746101 706,841 12,350,874 SH SOLE 11,487,593 197,500 665,781 WEYERHAEUSER CO COMMON 962166104 3,165 50,137 SH SOLE 43,387 6,750 WHIRLPOOL CORP COMMON 963320106 524,252 7,642,160 SH SOLE 7,118,160 125,900 398,100 WHITE MOUNTAINS INS GROUP, IN COMMON G9618E107 204 400 SH SOLE 400 0 WISCONSIN ENERGY CORP COMMON 976657106 1,265 38,800 SH SOLE 37,700 1,100 WYETH COMMON 983024100 687,003 18,998,987 SH SOLE 17,920,337 295,100 783,550 XEROX CORP COMMON 984121103 1,440,635 99,354,157 SH SOLE 91,733,757 1,956,000 5,664,400 XL CAPITAL LTD COMMON G98255105 535 7,096 SH SOLE 7,096 0 3M CO COMMON 88579Y101 7,113 79,023 SH SOLE 74,223 4,800