13F-HR 1 xxx13f063008final.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F-HR FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: June 30, 2008 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: DAVIS SELECTED ADVISERS, LP Address: 2949 East Elvira Road, Suite 101 Tucson, Arizona 85706 13F File Number: 28-04121 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: Anthony Frazia,JD, CRCP Title: Co-Chief Compliance Officer/Director of Institutional, Operations,Compliance and Risk Management Phone: (212) 891-5508 Signature, Place, and Date of Signing: Anthony Frazia New York, New York August 12, 2008 Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: none I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934 FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Mangers: 0 Form 13F Information Table Entry Total: 363 Form 13F Information Table Value Total: $83,799,816 List of Other Included Managers: None Form 13F Information Table Title Value Shares SH/PUT/Invstmt Other Voting Authority Name of Issuer of Class CUSIP (X$1000) Prn Amt PRNCALLDscretn Managers Sole Shared None ------------------------------ -------- --------- -------- -------- -------------- ------- -------- ------ -------- 3M Company Common 88579Y101 6576 94500SH SOLE 94500 0 0 Abbott Laboratories Common 002824100 3750 70800SH SOLE 70800 0 0 Abercrombie & Fitch Co. Common 002896207 796 12700SH SOLE 12700 0 0 Ace Limited Common G0070K103 1080 19600SH SOLE 19600 0 0 AES Corp. Common 00130H105 144370 7515380SH SOLE 7179000 0 336380 AES Trust III,6.75%,10/15/29 Preferred 00808N202 13935 288810SH SOLE 288810 0 0 Aetna Inc Common 00817Y108 215 5300SH SOLE 5300 0 0 Affiliated Computer Services, Inc. Common 008190100 936 17500SH SOLE 17500 0 0 AFLAC, Inc. Common 001055102 25775 410434SH SOLE 354702 0 55789 Agilent Technologies, Inc. Common 00846U101 927394 26094363SH SOLE 24195592 0 1899099 Air Products & Chemicals, Inc. Common 009158106 791 8000SH SOLE 8000 0 0 Alexander & Baldwin, Inc. Common 014482103 17626 386964SH SOLE 284503 0 102461 Alexandria Real Estate Equities Common 015271109 173924 1786773SH SOLE 609195 0 1177578 Alleghany Corp Common 017175100 1505 4531SH SOLE 4531 0 0 Allstate Corp Common 020002101 5596 122736SH SOLE 122736 0 0 Altria Group Inc. Common 02209S103 908043 44165495SH SOLE 41415207 0 2750288 Amazon.Com, Inc. Common 023135106 233439 3183410SH SOLE 2971668 0 211742 AMB Property Corp. Common 00163T109 82177 1631142SH SOLE 307197 0 1323945 Ambac Financial Group Inc. Common 023139108 33003 24629122SH SOLE 23017904 0 1611631 America Movil S.A.B. de C.V. ADR 02364W105 3668 69533SH SOLE 69533 0 0 American Campus Communities Common 024835100 88105 3164691SH SOLE 1118744 0 2045947 American Eagle Outfitters, Inc. Common 02553E106 926 67950SH SOLE 67950 0 0 American Express Co. Common 025816109 3107313 82487737SH SOLE 77468354 0 5019383 American International Group Preferred 026874115 16419 275000SH SOLE 275000 0 0 American International Group Inc. Common 026874107 1957821 73991712SH SOLE 70976462 0 3015250 American Tower Corp Cl A Common 029912201 18708 442798SH SOLE 356127 0 86780 Ameriprise Financial, Inc. Common 03076C106 568814 13986083SH SOLE 13416706 0 569377 AmeriSourceBergen Corp Common 03073E105 1124 28100SH SOLE 28100 0 0 Amgen Inc Common 031162100 2712 57500SH SOLE 57500 0 0 Anadardo Petroleum Corp. Common 032511107 2679 35800SH SOLE 35800 0 0 Anheuser Busch Cos Inc Common 035229103 1851 29800SH SOLE 29800 0 0 Aon Corp. Common 037389103 726269 15809082SH SOLE 14780472 0 1028610 Apache Corp Common 037411105 5240 37700SH SOLE 37700 0 0 Apollo Group Inc - Class A Common 037604105 1903 43000SH SOLE 43000 0 0 Apple Inc. Common 037833100 8238 49200SH SOLE 49200 0 0 Archer Daniels Midland Co. Common 039483102 867 25700SH SOLE 25700 0 0 AT&T Inc. Common 00206R102 2740 81322SH SOLE 81322 0 0 Autonation Incorporated Common 05329W102 177 17700SH SOLE 17700 0 0 Autozone Inc., 5.5 11/15/2015 Corp Bond 053332AF9 1803 1900000SH SOLE 1900000 0 0 Autozone Incorporated Common 053332102 10758 88900SH SOLE 88900 0 0 Avalonbay Communities, Inc. Common 053484101 71882 806209SH SOLE 209217 0 596992 Avnet Inc Common 053807103 216 7900SH SOLE 7900 0 0 Avon Products 4.2 07/15/18 Corp Bond 054303AR3 5162 6000000SH SOLE 6000000 0 0 Avon Products, Inc. Common 054303102 233511 6482816SH SOLE 6077824 0 404992 Axis Capital Holdings Limited Common G0692U109 3926 131714SH SOLE 131714 0 0 Baker Hughes Inc Common 057224107 515 5900SH SOLE 5900 0 0 Bank of America Corp. Common 060505104 5736 240304SH SOLE 240304 0 0 Bank of New York Mellon Corp. Common 064058100 1718937 45438462SH SOLE 42988819 0 2449643 Barrick Gold Corp. Foreign 067901108 1260 27700SH SOLE 27700 0 0 BB&T Corp. Common 054937107 574 25200SH SOLE 25200 0 0 Bed Bath + Beyond Inc. Common 075896100 614136 21855386SH SOLE 20417013 0 1438476 Berkshire Hathaway Inc., Class A Common 084670108 2508461 20774SH SOLE 19918 0 856 Berkshire Hathaway Inc., Class B Common 084670207 734870 183168SH SOLE 156042 0 27126 Best Buy Company Inc. Common 086516101 459 11600SH SOLE 11600 0 0 Biogen Idec Inc. Common 09062X103 1811 32400SH SOLE 32400 0 0 Blackrock, Inc. Common 09247X101 655 3700SH SOLE 3700 0 0 Blount International, Inc. Common 095180105 51265 4415550SH SOLE 3720409 0 695828 Boston Properties, Inc. Common 101121101 131001 1452019SH SOLE 402974 0 1049045 BP Amoco PLC ADR 055622104 1183 17000SH SOLE 17000 0 0 Brookfield Asset Management - CL A Foreign 112585104 297054 9128901SH SOLE 8541025 0 587876 Brown & Brown, Inc. Common 115236101 16175 930120SH SOLE 753162 0 177231 Burlington Northern Santa Fe Inc. Common 12189T104 12723 127373SH SOLE 92213 0 35160 Cameron International Corp. Common 13342B105 941 17000SH SOLE 17000 0 0 Canadian Natural Resources Ltd. Foreign 136385101 2318313 23125321SH SOLE 21842881 0 1282440 Cardinal Health Inc. Common 14149Y108 582063 11284660SH SOLE 10484283 0 800452 CarMax, Inc. Common 143130102 446587 31471982SH SOLE 29393939 0 2078228 Caterpillar, Inc. Common 149123101 967 13100SH SOLE 13100 0 0 CBL & Associates Properties, Inc Common 124830100 14135 618853SH SOLE 0 0 618853 Celanese Corp. -Series A Common 150870103 320 7000SH SOLE 7000 0 0 Charles Schwab Corp. Common 808513105 170 8300SH SOLE 8300 0 0 Chesapeake Energy Corp. Common 165167107 937 14200SH SOLE 14200 0 0 Chevron Corp. Common 166764100 28262 285102SH SOLE 285102 0 0 China Life Insurance, Co. ADR 16939P106 22582 432763SH SOLE 432763 0 0 Chubb Corp. Common 171232101 6388 130344SH SOLE 130344 0 0 Chunghwa Telecom Co., Ltd. ADR 17133Q304 432 17041SH SOLE 17041 0 0 Cisco Systems, Inc. Common 17275R102 419952 18054669SH SOLE 16756386 0 1298374 Citigroup Inc. Common 172967101 354900 21175412SH SOLE 19830794 0 1344618 Citigroup Inc. 6.5% 12/31/49 Preferred 172967598 17461 400000SH SOLE 400000 0 0 Citrix Sys Inc Common 177376100 485 16500SH SOLE 16500 0 0 Clark Holdings, Inc. Common 18145M109 3702 1510935SH SOLE 1510935 0 0 CNA Financial Corporation Common 126117100 334 13268SH SOLE 13268 0 0 Coach Inc. Common 189754104 806 27900SH SOLE 27900 0 0 Coca Cola Co Common 191216100 28397 546300SH SOLE 546300 0 0 Coca Cola Co., 5.35% Bond 11/15/2017 Corp Bond 191216AK6 2016 2000000SH SOLE 2000000 0 0 Coca Cola Enterprises Ltd. Common 191219104 215 12400SH SOLE 12400 0 0 Cogdell Spencer, Inc. Common 19238U107 36918 2300083SH SOLE 1372132 0 927951 Colgate-Palmolive Co. Common 194162103 3469 50200SH SOLE 50200 0 0 Comcast Corp - Special Class A Common 20030N200 1922982 102504385SH SOLE 95172621 0 7332087 Comerica Inc Common 200340107 243 9500SH SOLE 9500 0 0 Companhia Vale do Rio Doce ADR 204412100 3209 107540SH SOLE 107540 0 0 ConocoPhillips Common 20825C104 4161133 44084468SH SOLE 41282507 0 2801962 Continental Airlines Financial Tr I Preferred 210796306 2369 161300SH SOLE 161300 0 0 Convera Corp. Common 211919105 1970 1387078SH SOLE 1387078 0 0 Corporate Data Sciences, Inc. Common 219884103 1 20552SH SOLE 0 0 20552 Corporate Office Properties Trust Common 22002T108 133641 3892825SH SOLE 943461 0 2949364 Costco Wholesale Corp. Common 22160K105 4186920 59693755SH SOLE 55785367 0 3908457 Cousins Properties, Inc. Common 222795106 84143 3642534SH SOLE 1504067 0 2138467 Coventry Health Care, Inc. Common 222862104 1606 52800SH SOLE 52800 0 0 Covidien Ltd. Common G2552X108 625943 13070435SH SOLE 12159530 0 910906 CVS Caremark Corp. Common 126650100 1320130 33361899SH SOLE 31129439 0 2232460 D & B Corp. Common 26483E100 774560 8837978SH SOLE 8455667 0 382311 Danaher Corp Common 235851102 3030 39200SH SOLE 39200 0 0 DCT Industrial Trust Inc. Common 233153105 86948 10500972SH SOLE 1684693 0 8816279 Deere & Co Common 244199105 3506 48600SH SOLE 48600 0 0 Dell Inc. Common 24702R101 747687 34172187SH SOLE 31594135 0 2578327 Denbury Resources Inc. Common 247916208 431 11800SH SOLE 11800 0 0 Developers Diversified Common 251591103 36328 1046608SH SOLE 0 0 1046608 Devon Energy Corp. Common 25179M103 3468166 28862902SH SOLE 26907527 0 1955375 Diageo PLC ADR 25243Q205 407564 5517310SH SOLE 4545574 0 971736 Diamond Offshore Common 25271C102 1030 7400SH SOLE 7400 0 0 Digital Realty LP DLR - Series D Preferred 253868608 17611 650000SH SOLE 650000 0 0 Digital Realty LP DLR 4.125 Corp Bond 25389JAA4 10280 7750000SH SOLE 7750000 0 0 Digital Realty Trust Inc. Common 253868103 168987 4130713SH SOLE 1279433 0 2851280 Discover Financial Services Common 254709108 84019 6379599SH SOLE 5751122 0 628663 Discovery Holding Co Common 25468Y107 325 14800SH SOLE 14800 0 0 Disney Walt Holdings Common 254687106 28622 917381SH SOLE 765322 0 152149 eBay Inc. Common 278642103 189478 6932970SH SOLE 6466110 0 466860 Eli Lilly and Co. Common 532457108 4999 108300SH SOLE 108300 0 0 EMC Corp. Common 268648102 1349 91800SH SOLE 91800 0 0 Emerson Electric Co. Common 291011104 762 15400SH SOLE 15400 0 0 Energizer Holdings, Inc. Common 29266R108 877 12000SH SOLE 12000 0 0 EOG Resources, Inc. Common 26875P101 3124661 23816012SH SOLE 22235048 0 1580964 Equity Residential - Series E Preferred 29476L883 2704 63200SH SOLE 49600 0 13600 Equity Residential PP Common 29476L107 249 6496SH SOLE 6371 0 125 Essex Property Trust, Inc. Common 297178105 104304 979377SH SOLE 260569 0 718808 Estee Lauder Companies-CL A Common 518439104 562 12100SH SOLE 12100 0 0 ETRADE Financial Corp. Common 269246104 51058 16260497SH SOLE 14950750 0 1310422 Everest Re Group, Ltd. Common G3223R108 95939 1203604SH SOLE 1138684 0 64948 Express Scripts Inc - Class A Common 302182100 672342 10719739SH SOLE 10025469 0 694270 Exxon Mobil Corp. Common 30231G102 38619 438200SH SOLE 438200 0 0 Fairchild Semiconductor Int Common 303726103 5371 457900SH SOLE 457900 0 0 Federal Realty Investment Trust Common 313747206 51298 743444SH SOLE 173019 0 570425 First Industrial Realty Trust Common 32054K103 10220 372050SH SOLE 0 0 372050 First Potomac Realty Trust Common 33610F109 28356 1860616SH SOLE 686928 0 1173688 Fiserv, Inc. Common 337738108 1515 33400SH SOLE 33400 0 0 Flir Systems Inc Common 302445101 256 6300SH SOLE 6300 0 0 Flowserve Corp. Common 34354P105 560 4100SH SOLE 4100 0 0 Fluor Corp Common 343412102 1842 9900SH SOLE 9900 0 0 FMC Technologies, Inc. Common 30249U101 769 10000SH SOLE 10000 0 0 Ford Motor Co Common 345370860 758 157493SH SOLE 157493 0 0 Forest City Ent FCE 3.625 Corp Bond 345550AH0 18977 23000000SH SOLE 23000000 0 0 Forest City Enterprises - A Common 345550107 82280 2553685SH SOLE 2079273 0 474412 Forest Laboratories Inc Common 345838106 1480 42600SH SOLE 42600 0 0 FPIC Insurance Group, Inc. Common 302563101 19709 434894SH SOLE 434894 0 0 Franklin Electric Co., Inc. Common 353514102 10328 266328SH SOLE 216664 0 49787 Freddie Mac Common 313400301 356 21700SH SOLE 21700 0 0 Gamestop Corp. Class A Common 36467W109 412 10200SH SOLE 10200 0 0 Gannett Co., Inc. Common 364730101 765 35300SH SOLE 35300 0 0 Gap Inc. Common 364760108 342 20500SH SOLE 20500 0 0 Garmin Ltd. Common G37260109 230868 5389076SH SOLE 4787673 0 601834 General Dynamics Corp Common 369550108 3326 39500SH SOLE 39500 0 0 General Electric Co Common 369604103 1014564 38012898SH SOLE 35843879 0 2169019 General Growth Prop Inc 3.98 4/15/27 Corp Bond 36170XAA3 16459 21000000SH SOLE 21000000 0 0 General Growth Properties Inc. Common 370021107 126544 3612442SH SOLE 1388922 0 2223520 General Motors Corp. Common 370442105 204 17700SH SOLE 17700 0 0 Genzyme Corp Common 372917104 259 3600SH SOLE 3600 0 0 Gilead Sciences Inc. Common 375558103 3103 58600SH SOLE 58600 0 0 Goldman Sachs Group Inc. Common 38141G104 20901 119500SH SOLE 119500 0 0 Goodrich (B.F.) Co Common 382388106 332 7000SH SOLE 7000 0 0 Google Inc. Class A Common 38259P508 764037 1451382SH SOLE 1336211 0 115194 Gramercy Capital Corp. Common 384871109 37114 3202256SH SOLE 1065326 0 2136930 Grupo Televisa SA-Spons ADR 40049J206 909538 38507108SH SOLE 35789051 0 2718187 H & R Block, Inc. Common 093671105 964234 45057671SH SOLE 42093675 0 2964091 Halliburton Co. Common 406216101 1056 19900SH SOLE 19900 0 0 Harley-Davidson, Inc. Common 412822108 856536 23622076SH SOLE 22120883 0 1501297 Hartford Fin Svcs Group Inc Common 416515104 743 11500SH SOLE 11500 0 0 Hess Corp. Common 42809H107 2070 16400SH SOLE 16400 0 0 Hewlett Packard Co. Common 428236103 686447 15526958SH SOLE 14551611 0 975347 Highwoods Properties Inc. Common 431284108 66064 2102609SH SOLE 0 0 2102609 Home Depot Inc Common 437076102 9860 421000SH SOLE 421000 0 0 Honeywell Int'l Inc Common 438516106 588 11700SH SOLE 11700 0 0 Hudson City Bancorp, Inc. Common 443683107 340 20400SH SOLE 20400 0 0 Hunter Douglas N.V. Foreign 5291810 147685 2446555SH SOLE 2299353 0 147202 ICICI Bank Limited ADR 45104G104 2847 99000SH SOLE 99000 0 0 IDEXX Laboratories, Inc. Common 45168D104 33169 680535SH SOLE 564240 0 116466 Ing Groep N.V. ADR 456837103 820 25990SH SOLE 25990 0 0 Ingersoll Rand Co Common G4776G101 7801 208406SH SOLE 165606 0 42826 Intel Corp 2.95 12/15/2035 Corp Bond 458140AD2 35055 36000000SH SOLE 36000000 0 0 Intel Corp. Common 458140100 3424 159400SH SOLE 159400 0 0 International Business Machines Common 459200101 6866 57928SH SOLE 57928 0 0 International Rectifier Corp. Common 460254105 5697 296700SH SOLE 296700 0 0 Invitrogen Corp. Common 46185R100 243 6200SH SOLE 6200 0 0 Iron Mountain Inc. Common 462846106 1084181 40835459SH SOLE 37944900 0 2890783 Ishares TR S&P500/BAR Common 464287408 1670 26335SH SOLE 26335 0 0 ITT Educational Services, Inc. Common 45068B109 1116 13500SH SOLE 13500 0 0 Jacobs Engineering Group Inc Common 469814107 1065 13200SH SOLE 13200 0 0 JC Penney (Holding Co) Inc. Common 708160106 9089 250450SH SOLE 250450 0 0 Johnson & Johnson Common 478160104 447278 6951781SH SOLE 6359822 0 592105 Johnson Controls, Inc. Common 478366107 12748 444480SH SOLE 374066 0 70461 JPMorgan Chase & Co. Common 46625H100 2558183 74560855SH SOLE 69741205 0 4819650 Juniper Networks Common 48203R104 408 18400SH SOLE 18400 0 0 Kellogg Co Common 487836108 346 7200SH SOLE 7200 0 0 Kimberly-Clark Corp Common 494368103 2116 35400SH SOLE 35400 0 0 Kimco Realty Corp. Common 49446R109 46004 1332681SH SOLE 425199 0 907482 Kohls Corp Common 500255104 29177 728700SH SOLE 728700 0 0 Kohls Corp Bond Corp Bond 500255AP9 9534 10000000SH SOLE 10000000 0 0 Koninklijke Philips Electronics ADR 500472303 2511 74291SH SOLE 74291 0 0 Kraft Foods Inc. Common 50075N104 841 29559SH SOLE 29559 0 0 L-3 Communications Hldgs Inc Common 502424104 1754 19300SH SOLE 19300 0 0 Legg Mason, Inc. Common 524901105 18751 430367SH SOLE 352722 0 77728 Leucadia National Corp. Common 527288104 911 19400SH SOLE 19400 0 0 Level 3 Communications, 10% 5/1/2011Corp Bond 52729NBE9 108625 100000000SH SOLE 100000000 0 0 Liberty Global, Inc. -Class C Common 530555309 1381 45493SH SOLE 45493 0 0 Liberty Media Capital Series A Common 53071M302 31061 2157032SH SOLE 2007501 0 149531 Liberty Media Corp Entertainment Common 53071M500 225090 9289736SH SOLE 8571445 0 718357 Liberty Media Interactive Ser A Common 53071M104 174309 11809554SH SOLE 10882770 0 926888 Liberty Property Trust Common 531172104 48085 1450522SH SOLE 0 0 1450522 Liz Claiborne Inc Common 539320101 184 13000SH SOLE 13000 0 0 Loews Corp. Common 540424108 2187034 46631846SH SOLE 43627926 0 3003921 Lowes Cos Inc. Common 548661107 243093 11715314SH SOLE 10932504 0 782810 M B I A Inc. Common 55262C100 30530 6954328SH SOLE 6476019 0 478388 Macerich Co Common 554382101 42559 685000SH SOLE 0 0 685000 Markel Corp. Common 570535104 179594 489357SH SOLE 439642 0 49760 Martin Marietta Materials, Inc. Common 573284106 658821 6359890SH SOLE 5967910 0 391980 Masco Corp, 6.125 10/03/16 Corp Bond 574599BD7 10874 12000000SH SOLE 12000000 0 0 Masco Corp. Common 574599106 10742 682900SH SOLE 682900 0 0 McDonald's Corp. Common 580135101 1108 19700SH SOLE 19700 0 0 McKesson Corporation Common 58155Q103 3545 63400SH SOLE 63400 0 0 Medco Health Solutions, Inc. Common 58405U102 2034 43100SH SOLE 43100 0 0 Medtronic, Inc. Common 585055106 3478 67200SH SOLE 67200 0 0 Merck & Co., Inc. Common 589331107 14571 386600SH SOLE 386600 0 0 Mercury General Corp. Common 589400100 1682 36000SH SOLE 36000 0 0 Merrill Lynch & Co. Inc. Common 590188108 1903427 60026072SH SOLE 56154314 0 3871855 Microsoft Corp. Common 594918104 1933615 70287710SH SOLE 65397084 0 4891110 Millea Holdings, Inc. ADR 60032R106 2082 53320SH SOLE 53320 0 0 Monsanto Co. Common 61166W101 10532 83300SH SOLE 83300 0 0 Moody's Corp. Common 615369105 647720 18807212SH SOLE 17634967 0 1172244 Morgan Stanley Common 617446448 192754 5343884SH SOLE 5043251 0 300633 Murphy Oil Corp Common 626717102 1598 16300SH SOLE 16300 0 0 Nabors 0.94 Corp Bond 629568AP1 47970 39000000SH SOLE 39000000 0 0 Netflix Inc. Common 64110L106 56112 2152356SH SOLE 1779361 0 373548 News America Inc.NCPO 02/28/21-06 Corp Bond 652482AZ3 9369 16050000SH SOLE 16050000 0 0 News Corp., Class A Common 65248E104 1114626 74110760SH SOLE 69053791 0 5057182 News Corp., Class B Common 65248E203 1765 115000SH SOLE 115000 0 0 Nike Inc Common 654106103 656 11000SH SOLE 11000 0 0 Noble Corp Common G65422100 689 10600SH SOLE 10600 0 0 Nokia Oyj Corp. ADR 654902204 1013 41360SH SOLE 41360 0 0 Nordstrom Inc Common 655664100 545 18000SH SOLE 18000 0 0 Nortel Networks Corporation Foreign 656568508 125 15241SH SOLE 15241 0 0 Nucor Corp Common 670346105 605 8100SH SOLE 8100 0 0 Nymex Holdings, Inc. Common 62948N104 1037 12270SH SOLE 12270 0 0 Occidental Petroleum Corp. Common 674599105 2843089 31639094SH SOLE 29525385 0 2113709 Office Depot Inc. Common 676220106 526 48100SH SOLE 48100 0 0 Old Republic International Inc. Common 680223104 489 41290SH SOLE 41290 0 0 Oracle Corporation Common 68389X105 9269 441400SH SOLE 441400 0 0 Owens Illinois Inc Common 690768403 579 13900SH SOLE 13900 0 0 PACCAR Inc Common 693718108 34546 825875SH SOLE 786225 0 39650 Parker Hannifin Corp Common 701094104 1305 18300SH SOLE 18300 0 0 Pepsico, Inc. Common 713448108 17157 269800SH SOLE 269800 0 0 Pfizer Inc. Common 717081103 21969 1257500SH SOLE 1257500 0 0 Philip Morris International Common 718172109 2177542 44088727SH SOLE 41276211 0 2812516 Power Corp. of Canada Foreign 739239101 10454 341430SH SOLE 341430 0 0 PPL Corporation Common 69351T106 225 4300SH SOLE 4300 0 0 Praxair Inc. Common 74005P104 1706 18100SH SOLE 18100 0 0 Precision Castparts Corp. Common 740189105 434 4500SH SOLE 4500 0 0 Principal Financial Group, Inc. Common 74251V102 184740 4401718SH SOLE 4099358 0 302360 Procter & Gamble Co. Common 742718109 1148015 18878726SH SOLE 17788974 0 1089752 Progressive Corp. Common 743315103 1505005 80395585SH SOLE 75099714 0 5295871 Prologis TR SH BEN IN Common 743410102 2093 38511SH SOLE 37712 0 799 Prologis, 2.25% Corp Bond 743410AP7 45968 50307000SH SOLE 41847000 0 8460000 Public Service Enterprises Common 744573106 363 7900SH SOLE 7900 0 0 QUALCOMM Inc. Common 747525103 9824 221400SH SOLE 221400 0 0 Quanta Services 4.5%, 10/1/2023 Corp Bond 74762EAC6 25458 8500000SH SOLE 8500000 0 0 Quest Diagnostics Inc Common 74834L100 368 7600SH SOLE 7600 0 0 Raytheon Company Common 755111507 326 5800SH SOLE 5800 0 0 Reckson Operating SLG4 06/15/25 Corp Bond 75621LAJ3 16763 18000000SH SOLE 18000000 0 0 Redwood Trust Inc. Common 758075402 83148 3648427SH SOLE 3369224 0 279375 Regency Centers Corporation Common 758849103 43196 730644SH SOLE 215850 0 514794 Reliant Resources Incorporated Common 75952B105 302 14200SH SOLE 14200 0 0 RenaissanceRe Holdings Ltd Common G7496G103 11190 250514SH SOLE 198276 0 52275 RHJ Intl Restricted Depositary ReceipADR 749561205 4998 396550SH SOLE 396550 0 0 Ryanair Holdings PLC ADR 783513104 1382 48200SH SOLE 48200 0 0 SAP AG ADR 803054204 7712 148000SH SOLE 148000 0 0 Schering Plough Corp Common 806605101 26241 1332722SH SOLE 1115767 0 217110 Schlumberger Ltd. Common 806857108 7542 70200SH SOLE 70200 0 0 School Specialty Inc Common 807863105 3568 120000SH SOLE 120000 0 0 School Specialty SCHS 3.75 Corp Bond 807863AL9 7299 8500000SH SOLE 8500000 0 0 School Specialty, Inc., Conv.Sub.NoteCorp Bond 807863AE5 20664 22101000SH SOLE 22101000 0 0 Sealed Air Corp. Common 81211K100 1118540 58839567SH SOLE 54835966 0 4003731 Sealed Air Corp. 3% 06/30/33 Corp Bond 81211KAG5 7650 8000000SH SOLE 8000000 0 0 Sears Holdings Corp. Common 812350106 148864 2020961SH SOLE 1914668 0 106293 Selective Insurance Group Inc Common 816300107 1961 104519SH SOLE 104519 0 0 Shaw Group Inc Common 820280105 37157 601347SH SOLE 505812 0 95598 Sigma-Aldrich Corp. Common 826552101 48258 895996SH SOLE 734980 0 161191 SL Green Realty, 3% Corp Bond 78444FAA4 1583 1969000SH SOLE 1459000 0 510000 Smith Intl Inc Common 832110100 956 11500SH SOLE 11500 0 0 Southwestern Energy Company Common 845467109 543 11400SH SOLE 11400 0 0 Sprint Nextel Corp. 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Common 882508104 1011208 35909392SH SOLE 33310794 0 2598996 Textron Inc Common 883203101 896 18700SH SOLE 18700 0 0 The First Marblehead Corp. Common 320771108 4507 1753650SH SOLE 1753650 0 0 The Hershey Co. Common 427866108 125720 3835276SH SOLE 3577636 0 257640 The Mosaic Company Common 61945A107 622 4300SH SOLE 4300 0 0 The Travelers Companies, Inc. Common 89417E109 2808 64700SH SOLE 64700 0 0 Thornburg Mortgage, 8% 05/15/13 Corp Bond 885218AB3 8820 14000000SH SOLE 14000000 0 0 Tiffany & Co. Common 886547108 4144 101700SH SOLE 101700 0 0 TJX Cos Inc. Common 872540109 324 10300SH SOLE 10300 0 0 Torchmark Corp. Common 891027104 463 7900SH SOLE 7900 0 0 Toronto Dominion Bank Foreign 891160509 438059 7034835SH SOLE 6586342 0 448493 Total System Services, Inc. Common 891906109 213 9600SH SOLE 9600 0 0 Transatlantic Holdings, Inc. Common 893521104 829765 14693908SH SOLE 14047410 0 646582 Transocean Inc. Common G90073100 1030830 6764419SH SOLE 6256965 0 507514 Tyco Electronics Ltd. 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