13F-HR 1 d13fhr.txt FORM 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: 6/30/07 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: Marcia P. Venegas ---------------------------------- Title: Chief Compliance Officer ---------------------------------- Phone: (415) 981-1710 ---------------------------------- Signature, Place, and Date of Signing: /S/ Marcia P. Venegas San Francisco, CA 8/14/07 __________________________ _____________________________ ___________________ [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: 138,496,297 -------------- (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 COL 7 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 4,331 80,877 SH SOLE 80,877 0 AEGON N.V.-NY REG SHR AMERREG 007924103 1,134,907 57,756,060 SH SOLE 54,879,881 538,062 2,338,117 AETNA INC COMMON 00817Y108 2,594 52,500 SH SOLE 52,500 0 AFLAC INC COMMON 001055102 316 6,145 SH SOLE 6,145 0 AGILENT TECHNOLOGIES INC COMMON 00846U101 566 14,713 SH SOLE 14,713 0 AIR PRODUCTS & CHEMICALS INC COMMON 009158106 3,783 47,068 SH SOLE 41,418 5,650 AKZO NOBEL NV-SPON ADR COMMON 010199305 34,962 407,344 SH SOLE 402,244 5,100 ALCOA INC COMMON 013817101 580,386 14,319,907 SH SOLE 13,558,466 107,700 653,741 ALLERGAN INC COMMON 018490102 205 3,564 SH SOLE 3,564 0 ALLSTATE CORP COMMON 020002101 614 9,989 SH SOLE 9,989 0 ALTRIA GROUP INC COMMON 02209S103 3,009 42,900 SH SOLE 38,900 4,000 AMBAC FINANCIAL GROUP INC COMMON 023139108 295 3,383 SH SOLE 3,383 0 AMERICAN ELECTRIC POWER COMMON 025537101 4,284 95,124 SH SOLE 94,904 220 AMERICAN EXPRESS CO COMMON 025816109 27,173 444,150 SH SOLE 424,320 19,830 AMERICAN INTERNATIONAL GROUP COMMON 026874107 9,047 129,185 SH SOLE 117,893 11,292 AMERIPRISE FINANCIAL INC COMMON 03076C106 1,736 27,307 SH SOLE 24,527 2,780 ANADARKO PETROLEUM CORP COMMON 032511107 4,746 91,278 SH SOLE 88,728 2,550 ANHEUSER-BUSCH COS INC. COMMON 035229103 1,026 19,663 SH SOLE 19,663 0 AON CORP COMMON 037389103 378 8,877 SH SOLE 8,877 0 AT&T INC COMMON 00206R102 4,004 96,480 SH SOLE 96,480 0 AUTOMATIC DATA PROCESSING COMMON 053015103 364 7,520 SH SOLE 5,720 1,800 AVAYA INC COMMON 053499109 920,990 54,690,631 SH SOLE 51,475,431 532,800 2,682,400 AVON PRODUCTS INC COMMON 054303102 841,153 22,888,525 SH SOLE 21,607,375 195,100 1,086,050 BAKER HUGHES INC COMMON 057224107 2,147,878 25,530,462 SH SOLE 24,031,112 248,700 1,250,650 BANK OF AMERICA CORP COMMON 060505104 20,902 427,538 SH SOLE 402,390 25,148 BANK OF NEW YORK CO INC COMMON 064057102 394 9,500 SH SOLE 9,500 0 BAXTER INTERNATIONAL INC COMMON 071813109 623 11,062 SH SOLE 11,062 0 BB&T CORP COMMON 054937107 208 5,106 SH SOLE 5,106 0 BECTON DICKINSON & CO COMMON 075887109 573,636 7,699,818 SH SOLE 7,219,868 93,900 386,050 BERKSHIRE HATHAWAY INC-CL A CL A 084670108 657 6 SH SOLE 6 0 BERKSHIRE HATHAWAY INC-CL B CL B 084670207 4,207 1,167 SH SOLE 999 168 BG GROUP PLC-SPON ADR ADRFININSTN 055434203 264 3,228 SH SOLE 3,228 0 BMC SOFTWARE INC COMMON 055921100 578,845 19,103,781 SH SOLE 17,965,131 193,300 945,350 BOEING CO COMMON 097023105 684 7,110 SH SOLE 7,110 0 BOSTON SCIENTIFIC CORP COMMON 101137107 605,192 39,451,900 SH SOLE 37,154,900 378,400 1,918,600 BP PLC-SPONS ADR COMMON 055622104 17,665 244,869 SH SOLE 234,697 10,172 BRISTOL-MYERS SQUIBB CO COMMON 110122108 1,147,809 36,369,117 SH SOLE 34,312,557 371,800 1,684,760 BROOKFIELD ASSET MANAGE-CL A CLALTDVTSH 112585104 235 5,899 SH SOLE 5,899 0 CA INC COMMON 12673P105 276 10,700 SH SOLE 10,700 0 CANADIAN NATURAL RESOURCES COMMON 136385101 557 8,400 SH SOLE 8,400 0 CANADIAN PACIFIC RAILWAY LTD COMMON 13645T100 196,242 2,851,525 SH SOLE 2,851,525 0 CANON INC-SPONS ADR ADR 138006309 204 3,479 SH SOLE 3,479 0 CAPITAL ONE FINANCIAL CORP COMMON 14040H105 2,216,848 28,261,699 SH SOLE 26,679,549 256,100 1,326,050 CARDINAL HEALTH INC COMMON 14149Y108 3,008,203 42,584,978 SH SOLE 40,052,978 396,800 2,135,200 CATERPILLAR INC COMMON 149123101 16,940 216,344 SH SOLE 204,744 11,600 CEMEX SAB-SPONS ADR PART CER SPONADR5ORD 151290889 1,077,923 29,211,992 SH SOLE 28,474,051 116,181 621,760 CHEVRON CORP COMMON 166764100 3,444,301 40,886,764 SH SOLE 38,498,411 389,568 1,998,785 CHUBB CORP COMMON 171232101 1,146,094 21,169,088 SH SOLE 19,769,988 256,800 1,142,300 CIGNA CORP COMMON 125509109 8,877 169,994 SH SOLE 162,194 7,800 CIT GROUP INC COMMON 125581108 4,578 83,500 SH SOLE 83,500 0 CITIGROUP INC COMMON 172967101 2,190,205 42,702,378 SH SOLE 40,061,162 422,700 2,218,516 CITRIX SYSTEMS INC COMMON 177376100 279,804 8,310,187 SH SOLE 7,942,987 21,400 345,800 COACH INC COMMON 189754104 1,862 39,300 SH SOLE 39,300 0 COCA-COLA CO/THE COMMON 191216100 2,385 45,592 SH SOLE 45,592 0 COLGATE-PALMOLIVE CO COMMON 194162103 454 7,000 SH SOLE 7,000 0 COMCAST CORP-CL A CL A 20030N101 4,539,781 161,443,135 SH SOLE 152,017,750 1,581,916 7,843,469 COMCAST CORP-SPECIAL CL A CLASPL 20030N200 2,736 97,871 SH SOLE 87,110 10,761 COMPUTER SCIENCES CORP COMMON 205363104 1,376,757 23,275,691 SH SOLE 21,916,991 232,900 1,125,800 COMPUWARE CORP COMMON 205638109 540,791 45,597,875 SH SOLE 41,507,475 720,100 3,370,300 CONOCOPHILLIPS COMMON 20825C104 1,557,802 19,844,610 SH SOLE 18,696,330 187,500 960,780 CONSOLIDATED EDISON INC COMMON 209115104 240 5,326 SH SOLE 5,326 0 CORNING INC COMMON 219350105 1,295 50,687 SH SOLE 50,687 0 COTT CORPORATION COMMON 22163N106 32,889 2,285,530 SH SOLE 2,285,530 0 CSX CORP COMMON 126408103 1,406 31,200 SH SOLE 31,200 0 CVS CAREMARK CORP COMMON 126650100 255 7,000 SH SOLE 7,000 0 DEERE & CO COMMON 244199105 10,949 90,683 SH SOLE 86,083 4,600 DELL INC COMMON 24702R101 1,388,933 48,649,138 SH SOLE 45,596,638 473,400 2,579,100 DIAGEO PLC-SPONSORED ADR COMMON 25243Q205 408 4,900 SH SOLE 4,900 0 DILLARDS INC-CL A CL A 254067101 216 6,000 SH SOLE 6,000 0 DOMINION RESOURCES INC/VA COMMON 25746U109 844 9,782 SH SOLE 9,782 0 DOMTAR CORP COMMON 257559104 624 55,894 SH SOLE 55,894 0 DOW CHEMICAL COMMON 260543103 2,567,921 58,071,476 SH SOLE 54,704,601 543,428 2,823,447 DU PONT (E.I.) DE NEMOURS COMMON 263534109 3,948 77,649 SH SOLE 77,649 0 DUKE ENERGY CORP COMMON 26441C105 12,454 680,554 SH SOLE 671,654 8,900 DUN & BRADSTREET CORP COMMON 26483E100 1,563 15,175 SH SOLE 15,175 0 EBAY INC COMMON 278642103 1,019,183 31,671,304 SH SOLE 29,810,304 291,600 1,569,400 ECHOSTAR COMMUNICATIONS - A CL A 278762109 598,636 13,803,005 SH SOLE 13,114,813 154,100 534,092 ELECTRONIC DATA SYSTEMS CORP COMMON 285661104 1,758,014 63,397,534 SH SOLE 59,557,234 619,600 3,220,700 ELI LILLY & CO COMMON 532457108 3,924 70,221 SH SOLE 70,121 100 EMERSON ELECTRIC CO COMMON 291011104 421 9,000 SH SOLE 9,000 0 ENCANA CORP COMMON 292505104 1,344 21,864 SH SOLE 16,392 5,472 EQUITY RESIDENTIAL SH BEN 29476L107 4,276 93,700 SH SOLE 93,700 0 EXXON MOBIL CORP COMMON 30231G102 1,306,002 15,569,883 SH SOLE 14,683,515 146,600 739,768 FEDEX CORP COMMON 31428X106 2,409,041 21,708,942 SH SOLE 20,377,650 217,800 1,113,492 FIRST MIDWEST BANCORP INC/IL COMMON 320867104 374 10,534 SH SOLE 10,534 0 FIRSTENERGY CORP COMMON 337932107 465,850 7,196,811 SH SOLE 6,697,711 91,800 407,300 FLUOR CORP COMMON 343412102 7,832 70,326 SH SOLE 70,326 0 FOMENTO ECONOMICO MEX-SP ADR SPNADR 344419106 320,150 8,142,174 SH SOLE 8,142,174 0 FPL GROUP INC COMMON 302571104 4,237 74,668 SH SOLE 69,468 5,200 FRANKLIN RESOURCES INC COMMON 354613101 1,828 13,800 SH SOLE 13,800 0 GAP INC/THE COMMON 364760108 879,628 46,053,820 SH SOLE 43,417,120 392,300 2,244,400 GENERAL ELECTRIC CO COMMON 369604103 1,469,400 38,385,588 SH SOLE 36,129,016 364,100 1,892,472 GENERAL MILLS INC COMMON 370334104 514 8,800 SH SOLE 8,800 0 GENUINE PARTS CO COMMON 372460105 908,066 18,307,784 SH SOLE 17,077,697 204,100 1,025,987 GENWORTH FINANCIAL INC-CL A COMCLA 37247D106 522,486 15,188,551 SH SOLE 14,256,551 164,900 767,100 GLAXOSMITHKLINE PLC-SPON ADR COMMON 37733W105 3,809,889 72,749,459 SH SOLE 70,147,307 409,500 2,192,652 GRUPO TELEVISA SA-SPONS ADR SPADRREPORD 40049J206 568,172 20,578,492 SH SOLE 20,578,492 0 HALLIBURTON CO COMMON 406216101 2,071 60,024 SH SOLE 59,024 1,000 HARTFORD FINANCIAL SVCS GRP COMMON 416515104 749 7,600 SH SOLE 5,600 2,000 HEALTH MGMT ASSOCIATES INC-A CL A 421933102 300,518 26,454,035 SH SOLE 24,946,635 243,300 1,264,100 HESS CORP COMMON 42809H107 9,684 164,243 SH SOLE 158,243 6,000 HEWLETT-PACKARD CO COMMON 428236103 4,667,830 104,612,955 SH SOLE 98,401,308 1,008,572 5,203,075 HITACHI LTD -SPONS ADR ADR10 433578507 1,245,366 17,602,350 SH SOLE 16,634,550 163,500 804,300 HOME DEPOT INC COMMON 437076102 950,950 24,166,445 SH SOLE 22,857,745 200,500 1,108,200 HONDA MOTOR CO LTD-SPONS ADR AMERN 438128308 1,397,850 38,518,872 SH SOLE 37,482,272 184,900 851,700 HONEYWELL INTERNATIONAL INC COMMON 438516106 1,886 33,510 SH SOLE 33,510 0 HSBC HOLDINGS PLC-SPONS ADR SPONADRNEW 404280406 1,198,099 13,055,450 SH SOLE 12,346,850 121,800 586,800 IMS HEALTH INC COMMON 449934108 1,301 40,500 SH SOLE 40,500 0 INGERSOLL-RAND CO LTD-CL A CL A G4776G101 296 5,404 SH SOLE 5,404 0 INTERNATIONAL PAPER CO COMMON 460146103 513,044 13,138,138 SH SOLE 12,466,288 107,400 564,450 INTERPUBLIC GROUP OF COS INC COMMON 460690100 557,482 48,901,919 SH SOLE 46,248,119 441,700 2,212,100 INTL BUSINESS MACHINES CORP COMMON 459200101 25,143 238,885 SH SOLE 222,545 16,340 J.C. PENNEY CO INC COMMON 708160106 439 6,062 SH SOLE 6,062 0 JOHNSON & JOHNSON COMMON 478160104 4,434 71,950 SH SOLE 69,150 2,800 JPMORGAN CHASE & CO COMMON 46625H100 8,608 177,660 SH SOLE 172,480 5,180 KIMBERLY-CLARK CORP COMMON 494368103 1,198 17,909 SH SOLE 17,909 0 KOOKMIN BANK-SPON ADR COMMON 50049M109 524,399 5,978,100 SH SOLE 5,978,100 0 KONINKLIJKE PHILIPS NYREGSHNEW 500472303 630,682 14,902,688 SH SOLE 14,003,500 149,600 749,588 KRAFT FOODS INC-A CL A 50075N104 1,046 29,683 SH SOLE 26,915 2,768 KT CORP-SP ADR COMMON 48268K101 512,798 21,858,400 SH SOLE 21,858,400 0 LG.PHILIPS LCD CO LTD-ADR COMMON 50186V102 527,772 23,321,800 SH SOLE 23,321,800 0 LIBERTY GLOBAL INC-A COMSERA 530555101 126,858 3,091,088 SH SOLE 2,961,188 12,700 117,200 LIBERTY GLOBAL INC-SERIES C COMSERC 530555309 182,544 4,644,893 SH SOLE 4,492,993 17,700 134,200 LIBERTY MEDIA 4.000 11/15/29 DEB 4.000% 530715AG6 59,251 88,105,000 SH SOLE 77,025,000 35,000 1,045,000 LIBERTY MEDIA 3.750 2/15/30 DEB 3.750% 530715AL5 109,943 176,970,000 SH SOLE 156,705,000 40,000 225,000 LIBERTY MEDIA CORP-CAP SER A CAPCOMSERA 53071M302 472,735 4,017,119 SH SOLE 3,788,229 37,758 191,132 LIBERTY MEDIA-INTERACTIVE A INTCOMSERA 53071M104 364,062 16,303,712 SH SOLE 15,290,887 178,225 834,600 LINCOLN NATIONAL CORP COMMON 534187109 210 2,964 SH SOLE 2,964 0 LOEWS CORP COMMON 540424108 1,308,899 25,674,755 SH SOLE 24,363,005 241,000 1,070,750 MACY'S INC COMMON 55616P104 839,234 21,096,895 SH SOLE 19,634,585 218,766 1,243,544 MARSH & MCLENNAN COS COMMON 571748102 950 30,752 SH SOLE 30,752 0 MASCO CORP COMMON 574599106 712,723 25,034,164 SH SOLE 23,210,464 258,800 1,564,900 MATSUSHITA ELEC IND-SPON ADR COMMON 576879209 2,720,948 137,352,230 SH SOLE 129,753,430 1,293,400 6,305,400 MBIA INC COMMON 55262C100 2,851 45,829 SH SOLE 45,829 0 MCDONALD'S CORP COMMON 580135101 3,100,815 61,087,759 SH SOLE 57,310,786 656,100 3,120,873 MCGRAW-HILL COMPANIES INC COMMON 580645109 944 13,868 SH SOLE 13,868 0 MELLON FINANCIAL CORP COMMON 58551A108 2,446 55,600 SH SOLE 51,900 3,700 MERCK & CO. INC. COMMON 589331107 2,186 43,898 SH SOLE 43,898 0 MITSUBISHI UFJ FINL GRP-ADR COMMON 606822104 745,770 67,674,200 SH SOLE 67,674,200 0 MOODY'S CORP COMMON 615369105 1,312 21,100 SH SOLE 21,100 0 MOTOROLA INC COMMON 620076109 3,873,454 218,839,229 SH SOLE 208,124,079 1,706,800 9,008,350 NCR CORPORATION COMMON 62886E108 533,374 10,151,761 SH SOLE 9,595,361 96,400 460,000 NEWS CORP-CL A CL A 65248E104 4,346,664 204,934,655 SH SOLE 195,248,655 1,575,500 8,110,500 NIKE INC -CL B CL B 654106103 710,423 12,187,736 SH SOLE 11,490,236 124,700 572,800 NISOURCE INC COMMON 65473P105 300 14,500 SH SOLE 14,500 0 NOKIA CORP-SPON ADR COMMON 654902204 365 13,000 SH SOLE 13,000 0 NORDSTROM INC COMMON 655664100 389 7,600 SH SOLE 7,600 0 NORFOLK SOUTHERN CORP COMMON 655844108 1,518 28,881 SH SOLE 28,881 0 NORTEL NETWORKS CORP COMMON 656568508 240,301 9,991,705 SH SOLE 9,991,705 0 NOVA CHEMICALS CORP COMMON 66977W109 293,812 8,260,108 SH SOLE 7,759,608 93,000 407,500 NOVARTIS AG-ADR SPONADR 66987V109 2,687,205 47,925,900 SH SOLE 46,857,700 208,800 859,400 NUCOR CORP COMMON 670346105 8,897 151,700 SH SOLE 151,700 0 OCCIDENTAL PETROLEUM CORP COMMON 674599105 1,556,886 26,898,519 SH SOLE 25,313,079 251,100 1,334,340 PARKER HANNIFIN CORP COMMON 701094104 1,031 10,533 SH SOLE 8,533 2,000 PEPSICO INC COMMON 713448108 488 7,520 SH SOLE 7,520 0 PETROLEO BRASILEIRO S.A.-ADR SPONADR 71654V408 256 2,114 SH SOLE 2,114 0 PETROLEO BRASILEIRO-SPON ADR SPONADR 71654V101 627,193 5,879,200 SH SOLE 5,879,200 0 PFIZER INC COMMON 717081103 3,222,533 126,027,895 SH SOLE 119,021,101 1,229,321 5,777,473 PITNEY BOWES INC COMMON 724479100 777,664 16,609,661 SH SOLE 15,638,161 158,200 813,300 PNC FINANCIAL SERVICES GROUP COMMON 693475105 3,380 47,218 SH SOLE 47,218 0 PPG INDUSTRIES INC COMMON 693506107 3,303 43,400 SH SOLE 43,400 0 PRAXAIR INC COMMON 74005P104 576 8,000 SH SOLE 8,000 0 PROCTER & GAMBLE CO COMMON 742718109 19,266 314,855 SH SOLE 303,375 11,480 PROGRESS ENERGY INC COMMON 743263105 609 13,350 SH SOLE 13,350 0 P T TELEKOMUNIKASI INDONESIA SPONADR 715684106 86,607 2,009,447 SH SOLE 2,009,447 0 QIMONDA AG-SPONSORED ADR SPONADR 746904101 93,636 6,060,600 SH SOLE 6,060,600 0 QUALCOMM INC COMMON 747525103 1,028 23,700 SH SOLE 23,700 0 RIO TINTO PLC-SPON ADR COMMON 767204100 18,794 61,395 SH SOLE 60,895 500 ROHM AND HAAS CO COMMON 775371107 910,618 16,653,583 SH SOLE 15,589,333 166,200 898,050 ROYAL DUTCH SHELL PLC-ADR ADR A 780259206 1,343,104 16,540,686 SH SOLE 15,468,140 218,900 853,646 ROYAL DUTCH SHELL PLC-ADR ADR B 780259107 1,068,895 12,824,172 SH SOLE 12,824,172 0 SADIA SA-ADR SPADRPRD30 786326108 226,024 4,839,921 SH SOLE 4,839,921 0 SAFECO CORP COMMON 786429100 407,797 6,549,911 SH SOLE 6,208,011 70,700 271,200 SANOFI-AVENTIS-ADR SPNADR 80105N105 2,954,366 73,363,934 SH SOLE 69,488,034 724,600 3,151,300 SCHERING-PLOUGH CORP COMMON 806605101 58,938 1,936,190 SH SOLE 1,413,790 522,400 SCHLUMBERGER LTD COMMON 806857108 2,301,121 27,091,131 SH SOLE 26,095,531 164,300 831,300 SHINHAN FINANCIAL GRP-ADR COMMON 824596100 266,879 2,178,784 SH SOLE 2,178,784 0 SHIRE PLC-ADR SPNADR 82481R106 348 4,700 SH SOLE 4,700 0 SIGMA-ALDRICH COMMON 826552101 1,760 41,244 SH SOLE 41,244 0 SLM CORP COMMON 78442P106 812,817 14,116,300 SH SOLE 13,292,300 134,800 689,200 SONY CORP-SPONSORED ADR COMMON 835699307 3,439,840 66,962,043 SH SOLE 63,276,743 606,200 3,079,100 SPECTRA ENERGY CORP COMMON 847560109 330,953 12,748,560 SH SOLE 11,997,735 119,650 631,175 SPRINT NEXTEL CORP COMMON 852061100 2,123,967 102,557,536 SH SOLE 96,857,236 909,300 4,791,000 STATE STREET CORP COMMON 857477103 602 8,800 SH SOLE 8,800 0 STRYKER CORP COMMON 863667101 2,563 40,625 SH SOLE 40,625 0 SUN MICROSYSTEMS INC COMMON 866810104 507,059 96,399,010 SH SOLE 90,762,910 910,300 4,725,800 SUNTRUST BANKS INC COMMON 867914103 473 5,516 SH SOLE 5,516 0 TARGET CORP COMMON 87612E106 26,297 413,473 SH SOLE 399,573 13,900 TEXAS INSTRUMENTS INC COMMON 882508104 1,520 40,400 SH SOLE 19,400 21,000 THE WALT DISNEY CO COMMON 254687106 2,414 70,695 SH SOLE 64,095 6,600 THERMO FISHER SCIENTIFIC INC COMMON 883556102 946,406 18,298,655 SH SOLE 17,078,555 192,600 1,027,500 THOMSON (EX-TMM)-SPON ADR SPNADR 885118109 200,922 10,837,200 SH SOLE 10,228,100 100,700 508,400 TIME WARNER INC COMMON 887317105 3,246,028 154,278,905 SH SOLE 145,309,005 1,475,900 7,494,000 TORCHMARK CORP COMMON 891027104 968 14,450 SH SOLE 14,450 0 TOTAL SA-SPON ADR COMMON 89151E109 387 4,782 SH SOLE 4,782 0 TRAVELERS COS INC/THE COMMON 89417E109 2,222,741 41,546,565 SH SOLE 38,956,245 384,900 2,205,420 TRIBUNE CO COMMON 896047107 337 11,465 SH SOLE 11,465 0 TXU CORP COMMON 873168108 769 11,420 SH SOLE 11,420 0 TYCO INTERNATIONAL LTD COMMON G9143X208 1,814,229 53,691,289 SH SOLE 50,709,889 492,800 2,488,600 ULTRAPAR PARTICPAC-SPON ADR ADRPFD 90400P101 226,417 6,819,785 SH SOLE 6,819,785 0 UNIBANCO-GDR GDRPRDREPUT 90458E107 255,030 2,259,500 SH SOLE 2,259,500 0 UNILEVER N V -NY SHARES NY SHS 904784709 1,249,812 40,290,533 SH SOLE 38,446,423 285,700 1,558,410 UNION PACIFIC CORP COMMON 907818108 2,672,006 23,204,569 SH SOLE 21,839,594 223,400 1,141,575 UNIONBANCAL CORPORATION COMMON 908906100 322 5,400 SH SOLE 5,400 0 UNITED TECHNOLOGIES CORP COMMON 913017109 2,473 34,860 SH SOLE 34,860 0 UNUM GROUP COMMON 91529Y106 567,941 21,751,844 SH SOLE 20,376,844 300,400 1,074,600 US BANCORP COMMON 902973304 1,750 53,120 SH SOLE 53,120 0 VERIZON COMMUNICATIONS INC COMMON 92343V104 505 12,274 SH SOLE 12,274 0 VF CORP COMMON 918204108 3,909 42,685 SH SOLE 40,685 2,000 VODAFONE GROUP PLC-SP ADR COMMON 92857W209 2,353,565 69,984,093 SH SOLE 67,586,459 400,911 1,996,723 VOLVO AB-SPONSORED ADR ADR B 928856400 3,865 194,300 SH SOLE 194,300 0 WACHOVIA CORP COMMON 929903102 2,899,457 56,574,779 SH SOLE 53,157,594 535,157 2,882,028 WAL-MART STORES INC COMMON 931142103 3,430,617 71,307,774 SH SOLE 68,499,074 652,800 2,155,900 WALGREEN CO COMMON 931422109 965 22,169 SH SOLE 22,169 0 WASHINGTON MUTUAL INC COMMON 939322103 325 7,627 SH SOLE 7,627 0 WELLPOINT INC COMMON 94973V107 2,441,501 30,583,748 SH SOLE 28,861,248 256,500 1,466,000 WELLS FARGO & COMPANY COMMON 949746101 823,199 23,406,279 SH SOLE 21,773,957 248,900 1,383,422 WEYERHAEUSER CO COMMON 962166104 1,388 17,584 SH SOLE 17,584 0 WHIRLPOOL CORP COMMON 963320106 11,836 106,440 SH SOLE 103,440 3,000 WISCONSIN ENERGY CORP COMMON 976657106 579 13,100 SH SOLE 13,100 0 WYETH COMMON 983024100 1,220,151 21,279,224 SH SOLE 20,085,774 214,500 978,950 XEROX CORP COMMON 984121103 1,777,617 96,191,409 SH SOLE 90,594,709 920,000 4,676,700 3M CO COMMON 88579Y101 4,748 54,708 SH SOLE 54,708 0