0001036325-12-000085.txt : 20121114
0001036325-12-000085.hdr.sgml : 20121114
20121114105357
ACCESSION NUMBER: 0001036325-12-000085
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20120930
FILED AS OF DATE: 20121114
DATE AS OF CHANGE: 20121114
EFFECTIVENESS DATE: 20121114
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: DAVIS SELECTED ADVISERS
CENTRAL INDEX KEY: 0001036325
IRS NUMBER: 850360310
STATE OF INCORPORATION: CO
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 13F-HR
SEC ACT: 1934 Act
SEC FILE NUMBER: 028-04121
FILM NUMBER: 121201750
BUSINESS ADDRESS:
STREET 1: 2949 E. ELVIRA ROAD
STREET 2: SUITE 101
CITY: TUCSON
STATE: AZ
ZIP: 85706
BUSINESS PHONE: (520)806-7600
MAIL ADDRESS:
STREET 1: 2949 E. ELVIRA ROAD
STREET 2: SUITE 101
CITY: TUCSON
STATE: AZ
ZIP: 85706
13F-HR
1
sec13f093012.txt
DAVIS SELECTED ADVISERS, L.P.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F-HR
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 2012
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 85756
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: Sharra Haynes
Title: Chief Compliance Officer
Phone: (520) 434-3735
Signature, Place, and Date of Signing:
Sharra Haynes, Tucson, Arizona November 14, 2012
Report Type (Check only one.):
[ ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[X] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
None
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Mangers: 1
Form 13F Information Table Entry Total: 275
Form 13F Information Table Value Total: $42.2 Billion
List of Other Included Managers:
1) Directed Services, LLC #028-14593
Form 13F Information Table
Title Value Shares SH/ PUT/ Invstmt Othr Voting Authority
Name of Issuer of Class CUSIP (X$1000) Prn Amt PRN CALL Dscretn Mgrs Sole Shared None
------------------------------ ---------- -------- -------- --------- --- ---- ------- ---- --------- ------ ----------
3M company Common 88579Y101 11,525 124,706 SH SOLE 111,307 0 13,399
ABB Limited ADR ADR 000375204 1,970 105,350 SH SOLE 105,350 0 0
Ace Limited Common H0023R105 3,777 49,960 SH Defined 1 0 0 49,960
Ace Limited Common H0023R105 349,307 4,620,462 SH SOLE 4,322,883 0 297,579
Activision Blizzard, Inc. Common 00507V109 2,645 234,552 SH Defined 1 0 0 234,552
Activision Blizzard, Inc. Common 00507V109 235,995 20,930,857 SH SOLE 19,676,588 0 1,254,269
AES Corp. Common 00130H105 5,938 541,340 SH SOLE 541,340 0 0
AES Trust III,6.75%,10/15/29 Preferred 00808N202 8,167 163,758 SH SOLE 163,758 0 0
Agilent Technologies, Inc. Common 00846U101 1,251 32,528 SH Defined 1 0 0 32,528
Agilent Technologies, Inc. Common 00846U101 193,227 5,025,421 SH SOLE 4,588,456 0 436,965
Air Products & Chemicals, Inc. Common 009158106 5,945 71,890 SH Defined 1 0 0 71,890
Air Products & Chemicals, Inc. Common 009158106 505,437 6,111,691 SH SOLE 5,636,521 0 475,170
Alexandria Real Estate Equities Common 015271109 83,438 1,134,900 SH SOLE 127,814 0 1,007,086
Alleghany Corp. Common 017175100 6,552 18,995 SH Defined 1 0 0 18,995
Alleghany Corp. Common 017175100 779,134 2,258,752 SH SOLE 2,046,034 0 212,718
Allegheny Tech. 4.25% 6/1/14 Bond 01741RAD4 11,281 9,815,000 PRN SOLE 9,815,000 0 0
Allegheny Technologies, Inc. Common 01741R102 3,176 99,550 SH SOLE 99,550 0 0
Amazon.Com, Inc. Common 023135106 4,877 19,175 SH SOLE 18,773 0 402
America Movil S.A.B. de C.V. ADR 02364W105 1,158 45,530 SH Defined 1 0 0 45,530
America Movil S.A.B. de C.V. ADR 02364W105 123,274 4,847,578 SH SOLE 4,602,117 0 245,461
American Campus Communities Common 024835100 66,253 1,509,866 SH SOLE 247,274 0 1,262,592
American Express Co. Common 025816109 24,542 431,620 SH Defined 1 0 0 431,620
American Express Co. Common 025816109 2,666,146 46,889,657 SH SOLE 43,576,002 0 3,313,655
American Tower Corp. Common 03027X100 38,625 541,038 SH SOLE 109,253 0 431,785
Ameriprise Financial, Inc. Common 03076C106 1,256 22,150 SH Defined 1 0 0 22,150
Ameriprise Financial, Inc. Common 03076C106 201,788 3,559,507 SH SOLE 3,297,887 0 261,620
Angie's List Inc. Common 034754101 13,022 1,230,843 SH SOLE 1,137,972 0 92,871
Aon Plc. Common G0408V102 19,759 377,875 SH SOLE 340,005 0 37,870
Apache Corp Common 037411105 235 2,715 SH SOLE 2,715 0 0
Apple Inc. Common 037833100 629 943 SH SOLE 943 0 0
Applied Materials, Inc. Common 038222105 1,048 93,827 SH SOLE 93,427 0 400
AT&T Inc. Common 00206R102 3,206 85,051 SH SOLE 84,701 0 350
Autodesk, Inc. Common 052769106 834 25,000 SH SOLE 25,000 0 0
Automatic Data Processing Common 053015103 8,592 146,471 SH SOLE 132,657 0 13,814
Avalonbay Communities, Inc. Common 053484101 17,091 125,681 SH SOLE 56,118 0 69,563
Bank of America Corp. Common 060505104 10,686 1,210,186 SH SOLE 1,079,041 0 131,145
Bank of New York Mellon Common 064058100 21,136 934,390 SH Defined 1 0 0 934,390
Bank of New York Mellon Common 064058100 2,336,635 103,299,508 SH SOLE 96,353,250 0 6,946,258
Baxter International Inc. Common 071813109 465 7,713 SH SOLE 7,713 0 0
Becton, Dickinson and Co. Common 075887109 362 4,603 SH SOLE 4,603 0 0
Bed Bath + Beyond Inc. Common 075896100 15,604 247,677 SH Defined 1 0 0 247,677
Bed Bath + Beyond Inc. Common 075896100 1,494,319 23,719,343 SH SOLE 22,225,462 0 1,493,881
Berkshire Hathaway Inc., A Common 084670108 15,924 120 SH Defined 1 0 0 120
Berkshire Hathaway Inc., A Common 084670108 1,448,686 10,917 SH SOLE 10,532 0 385
Berkshire Hathaway Inc., B Common 084670702 302,800 3,433,104 SH SOLE 2,823,199 0 609,905
Biomed Realty Trust, Inc. Common 09063H107 30,258 1,616,355 SH SOLE 401,442 0 1,214,913
Boeing Co. Common 097023105 1,442 20,725 SH SOLE 20,600 0 125
Boston Properties, Inc. Common 101121101 20,864 188,624 SH SOLE 88,390 0 100,234
Brandywine Realty Trust Common 105368203 23,763 1,949,402 SH SOLE 423,378 0 1,526,024
Brookfield Asset Management Foreign 112585104 2,835 82,148 SH Defined 1 0 0 82,148
Brookfield Asset Management Foreign 112585104 346,117 10,029,462 SH SOLE 9,156,811 0 872,651
C.H. Robinson Worldwide, Inc. Common 12541W209 572 9,760 SH SOLE 9,760 0 0
Canadian Natural Resources Foreign 136385101 12,324 400,260 SH Defined 1 0 0 400,260
Canadian Natural Resources Foreign 136385101 1,294,423 42,040,358 SH SOLE 39,568,981 0 2,471,377
Carefusion Corp. Common 14170T101 245 8,615 SH SOLE 8,615 0 0
CarMax, Inc. Common 143130102 3,444 121,699 SH Defined 1 0 0 121,699
CarMax, Inc. Common 143130102 281,301 9,939,947 SH SOLE 9,393,755 0 546,192
CBL & Associates Properties Common 124830100 43,681 2,046,922 SH SOLE 329,448 0 1,717,474
Cemex SA ADR 151290889 256 30,728 SH SOLE 30,728 0 0
Charles Schwab Corp. Common 808513105 2,604 203,680 SH Defined 1 0 0 203,680
Charles Schwab Corp. Common 808513105 240,767 18,832,005 SH SOLE 17,699,395 0 1,132,610
Chubb Corp. Common 171232101 8,339 109,325 SH SOLE 104,792 0 4,533
Citigroup Inc. Common 172967424 1,151 35,186 SH SOLE 35,186 0 0
Citigroup Inc. 7.5% 12/15/12 Preferred 172967416 13,606 140,300 SH SOLE 140,300 0 0
CME Group Inc. Common 12572Q105 914 15,950 SH Defined 1 0 0 15,950
CME Group Inc. Common 12572Q105 90,521 1,580,047 SH SOLE 1,487,455 0 92,592
CNinsure Inc. ADR 18976M103 1,365 235,294 SH SOLE 235,294 0 0
Coca Cola Co. Common 191216100 6,235 164,370 SH Defined 1 0 0 164,370
Coca Cola Co. Common 191216100 666,772 17,579,006 SH SOLE 16,381,353 0 1,197,653
Colgate-Palmolive Co. Common 194162103 596 5,559 SH SOLE 5,125 0 434
ConocoPhillips Common 20825C104 2,098 36,690 SH SOLE 36,550 0 140
Coresite Realty Corp. Common 21870Q105 5,441 201,969 SH SOLE 58,325 0 143,644
Corporate Office Properties Trust Common 22002T108 36,047 1,503,831 SH SOLE 184,322 0 1,319,509
Costco Wholesale Corp. Common 22160K105 14,690 146,665 SH Defined 1 0 0 146,665
Costco Wholesale Corp. Common 22160K105 1,797,143 17,942,723 SH SOLE 16,636,391 0 1,306,332
Ctrip.com International, Ltd. ADR 22943F100 7,673 454,590 SH SOLE 454,590 0 0
Cummins Inc. Common 231021106 4,789 51,940 SH SOLE 51,800 0 140
CVS Caremark Corp. Common 126650100 26,981 557,227 SH Defined 1 0 0 557,227
CVS Caremark Corp. Common 126650100 2,807,833 57,989,112 SH SOLE 54,202,252 0 3,786,860
DCT Industrial Trust Inc. Common 233153105 47,065 7,285,611 SH SOLE 1,005,229 0 6,280,382
DDR Corporation Common 23317H102 13,646 888,420 SH SOLE 416,118 0 472,302
Deere & Co Common 244199105 12,928 156,755 SH SOLE 142,270 0 14,485
Devon Energy Corp. Common 25179M103 5,557 91,850 SH Defined 1 0 0 91,850
Devon Energy Corp. Common 25179M103 593,625 9,811,976 SH SOLE 9,133,519 0 678,457
Diageo PLC ADR 25243Q205 6,076 53,900 SH Defined 1 0 0 53,900
Diageo PLC ADR 25243Q205 323,890 2,873,148 SH SOLE 2,397,939 0 475,209
Digital Realty Trust Inc. Common 253868103 61,940 886,759 SH SOLE 107,615 0 779,144
Disney Walt Holdings Common 254687106 11,846 226,580 SH Defined 1 0 0 226,580
Disney Walt Holdings Common 254687106 1,173,208 22,440,852 SH SOLE 20,826,518 0 1,614,334
Dominion Resources, Inc. Common 25746U109 332 6,270 SH SOLE 6,150 0 120
Du Pont E I de Nemours & Co. Common 263534109 2,456 48,855 SH SOLE 48,600 0 255
DuPont Fabros Technology Inc. Common 26613Q106 32,526 1,288,169 SH SOLE 278,083 0 1,010,086
Eastgroup Properties, Inc. Common 277276101 40,703 765,085 SH SOLE 131,071 0 634,014
Ecolab Inc. Common 278865100 3,997 61,680 SH Defined 1 0 0 61,680
Ecolab Inc. Common 278865100 350,630 5,410,118 SH SOLE 5,091,728 0 318,390
Education Realty Trust, Inc. Common 28140H104 20,450 1,876,161 SH SOLE 502,979 0 1,373,182
Eli Lilly and Co. Common 532457108 14,842 313,054 SH SOLE 284,157 0 28,897
Emerson Electric Co. Common 291011104 1,583 32,790 SH Defined 1 0 0 32,790
Emerson Electric Co. Common 291011104 168,916 3,499,393 SH SOLE 3,291,491 0 207,902
Entertainment Properties Trust Common 29380T105 18,564 417,817 SH SOLE 84,904 0 332,913
EOG Resources, Inc. Common 26875P101 3,754 33,500 SH Defined 1 0 0 33,500
EOG Resources, Inc. Common 26875P101 728,757 6,503,857 SH SOLE 5,917,913 0 585,944
Equity Residential Common 29476L107 49,319 857,270 SH SOLE 132,314 0 724,956
Essex Property Trust, Inc. Common 297178105 49,781 335,813 SH SOLE 51,289 0 284,524
Estee Lauder Companies, A Common 518439104 2,152 34,955 SH SOLE 34,800 0 155
Everest Re Group, Ltd. Common G3223R108 2,096 19,595 SH Defined 1 0 0 19,595
Everest Re Group, Ltd. Common G3223R108 224,503 2,098,939 SH SOLE 1,952,194 0 146,745
Expedia Inc. Common 30212P303 695 12,015 SH Defined 1 0 0 12,015
Expedia Inc. Common 30212P303 62,701 1,084,049 SH SOLE 1,019,059 0 64,990
Expeditors Int'l of Washington Inc. Common 302130109 20,444 562,433 SH SOLE 519,153 0 43,280
Express Scripts Inc - Class A Common 30219G108 14,688 234,520 SH Defined 1 0 0 234,520
Express Scripts Inc - Class A Common 30219G108 1,303,255 20,808,805 SH SOLE 19,484,467 0 1,324,338
Exxon Mobil Corp. Common 30231G102 21,422 234,251 SH SOLE 210,565 0 23,686
Fairchild Semiconductor Intl Common 303726103 6,826 520,247 SH SOLE 520,247 0 0
Federal Realty Investment Trust Common 313747206 10,954 104,031 SH SOLE 46,616 0 57,415
FedEx Corp. Common 31428X106 9,120 107,774 SH SOLE 97,031 0 10,743
Forest City Ent FCE 4.25 Bond 345550AP2 8,331 7,963,000 PRN SOLE 7,963,000 0 0
Forest City Ent FCE 5 Bond 345550AM9 1,520 1,120,000 PRN SOLE 1,120,000 0 0
Forest City Enterprises Inc. - A Common 345550107 23,967 1,512,138 SH SOLE 666,010 0 846,128
Freeport-McMoRan Copper & Gold Common 35671D857 8,013 202,444 SH SOLE 202,444 0 0
General Electric Co. Common 369604103 10,767 474,110 SH SOLE 474,110 0 0
Goldman Sachs Group Inc. Common 38141G104 2,088 18,370 SH Defined 1 0 0 18,370
Goldman Sachs Group Inc. Common 38141G104 239,028 2,102,635 SH SOLE 1,878,526 0 224,109
Google Inc. Class A Common 38259P508 19,752 26,179 SH Defined 1 0 0 26,179
Google Inc. Class A Common 38259P508 2,128,062 2,820,493 SH SOLE 2,649,558 0 170,935
Groupon Inc. Common 399473107 718 150,750 SH Defined 1 0 0 150,750
Groupon Inc. Common 399473107 76,731 16,102,975 SH SOLE 15,180,654 0 922,321
Grupo Televisa SA ADR 40049J206 614 26,120 SH Defined 1 0 0 26,120
Grupo Televisa SA ADR 40049J206 77,656 3,303,120 SH SOLE 3,120,520 0 182,600
Harley-Davidson, Inc. Common 412822108 1,505 35,530 SH Defined 1 0 0 35,530
Harley-Davidson, Inc. Common 412822108 286,309 6,757,358 SH SOLE 6,198,495 0 558,863
Hewlett Packard Co. Common 428236103 1,587 93,030 SH Defined 1 0 0 93,030
Hewlett Packard Co. Common 428236103 189,408 11,102,487 SH SOLE 10,394,852 0 707,635
Highwoods Properties Inc. Common 431284108 22,147 678,936 SH SOLE 0 0 678,936
Home Depot Inc Common 437076102 1,603 26,550 SH SOLE 26,350 0 200
Host Hotels & Resorts Inc. Common 44107P104 16,507 1,028,444 SH SOLE 461,703 0 566,741
Hunter Douglas N.V. Foreign 5291810 619 16,400 SH Defined 1 0 0 16,400
Hunter Douglas N.V. Foreign 5291810 79,380 2,102,297 SH SOLE 1,989,927 0 112,370
ICICI Bank Limited ADR 45104G104 10,098 251,565 SH SOLE 172,020 0 79,545
IDEXX Laboratories, Inc. Common 45168D104 20,188 203,196 SH SOLE 184,634 0 18,562
Intel Corp 3.25 8/1/39 Bond 458140AF7 14,791 12,001,000 SH SOLE 12,001,000 0 0
Intel Corp. Common 458140100 1,479 65,300 SH Defined 1 0 0 65,300
Intel Corp. Common 458140100 150,575 6,646,440 SH SOLE 6,256,636 0 389,804
International Business Machines Common 459200101 16,151 77,855 SH SOLE 69,331 0 8,524
International Rectifier Corp. Common 460254105 5,659 339,040 SH SOLE 339,040 0 0
Iron Mountain Inc. Common 462846106 4,835 141,750 SH Defined 1 0 0 141,750
Iron Mountain Inc. Common 462846106 582,661 17,081,824 SH SOLE 15,882,954 0 1,198,870
iShares Lehman Aggregate Bond Fund ETF 464287226 877 7,800 SH SOLE 6,650 0 1,150
Johnson & Johnson Common 478160104 21,828 316,768 SH SOLE 269,201 0 47,567
JPMorgan Chase & Co. Common 46625H100 3,236 79,950 SH Defined 1 0 0 79,950
JPMorgan Chase & Co. Common 46625H100 304,361 7,518,805 SH SOLE 7,087,025 0 431,780
Kellogg Co Common 487836108 10,346 200,277 SH SOLE 181,455 0 18,822
Kimco Realty Corp. Common 49446R109 44,781 2,209,234 SH SOLE 313,490 0 1,895,744
Kohls Corp. Common 500255104 16,314 318,500 SH SOLE 318,500 0 0
LaSalle Hotel Properties Common 517942108 10,426 390,645 SH SOLE 178,881 0 211,764
Liberty Interactive Corp A Common 53071M104 2,174 117,500 SH Defined 1 0 0 117,500
Liberty Interactive Corp A Common 53071M104 208,663 11,279,088 SH SOLE 10,585,760 0 693,328
Liberty Property Trust Common 531172104 25,374 700,170 SH SOLE 0 0 700,170
Liberty Ventures Rights Right 53071M112 27 1,959 SH Defined 1 0 0 1,959
Liberty Ventures Rights Right 53071M112 2,545 187,939 SH SOLE 176,400 0 11,539
Liberty Ventures Series A Common 53071M880 292 5,875 SH Defined 1 0 0 5,875
Liberty Ventures Series A Common 53071M880 27,984 563,741 SH SOLE 529,132 0 34,609
Lockheed Martin Corp. Common 539830109 587 6,284 SH SOLE 5,347 0 937
Loews Corp. Common 540424108 12,638 306,299 SH Defined 1 0 0 306,299
Loews Corp. Common 540424108 1,396,266 33,840,665 SH SOLE 31,346,948 0 2,493,717
Macerich Company Common 554382101 37,780 660,142 SH SOLE 127,868 0 532,274
Markel Corp. Common 570535104 699 1,525 SH Defined 1 0 0 1,525
Markel Corp. Common 570535104 139,528 304,320 SH SOLE 269,982 0 34,338
Martin Marietta Materials, Inc. Common 573284106 1,314 15,860 SH Defined 1 0 0 15,860
Martin Marietta Materials, Inc. Common 573284106 107,503 1,297,246 SH SOLE 1,220,373 0 76,873
Masco Corp. Common 574599106 8,254 548,430 SH SOLE 548,430 0 0
Mastercard, Inc. Common 57636Q104 473 1,047 SH SOLE 1,047 0 0
Medtronic, Inc. Common 585055106 16,989 393,984 SH SOLE 355,903 0 38,081
Merck & Co., Inc. Common 58933Y105 1,587 35,191 SH SOLE 30,837 0 4,354
Microsoft Corp. Common 594918104 4,407 148,070 SH Defined 1 0 0 148,070
Microsoft Corp. Common 594918104 495,598 16,653,171 SH SOLE 15,486,486 0 1,166,685
Midway Gold Corp. Common 598153104 41 25,000 SH SOLE 25,000 0 0
Molycorp 3.25% Bond 608753AA7 5,213 7,500,000 PRN SOLE 7,500,000 0 0
Molycorp 6% Bond 608753AF6 5,734 5,000,000 PRN SOLE 5,000,000 0 0
Molycorp, Inc. Common 608753109 3,162 274,950 SH SOLE 274,950 0 0
Monsanto Co. Common 61166W101 11,964 131,440 SH Defined 1 0 0 131,440
Monsanto Co. Common 61166W101 1,044,204 11,472,248 SH SOLE 10,805,660 0 666,588
Nabors Industries Ltd. Common G6359F103 10,338 736,860 SH SOLE 736,860 0 0
NetEase.com Inc. ADR 64110W102 6,873 122,420 SH SOLE 122,420 0 0
Netflix Inc. Common 64110L106 2,333 42,860 SH Defined 1 0 0 42,860
Netflix Inc. Common 64110L106 224,638 4,126,344 SH SOLE 3,882,706 0 243,638
News Corp., Class A Common 65248E104 10,088 411,680 SH SOLE 411,680 0 0
Nielsen Holdings B.V. Common N63218106 32,621 1,088,079 SH SOLE 1,036,905 0 51,174
Noble Energy, Inc. Common 655044105 3,869 41,735 SH SOLE 41,600 0 135
Nokia Oyj Corp. ADR 654902204 2,578 1,001,248 SH SOLE 892,755 0 108,493
Nordstrom, Inc. Common 655664100 1,655 30,000 SH SOLE 30,000 0 0
Novartis Ag ADR 66987V109 2,030 33,131 SH SOLE 33,131 0 0
Oaktree Cap Group LLC Common 674001201 129,551 3,159,786 SH SOLE 3,159,786 0 0
Occidental Petroleum Corp. Common 674599105 12,608 146,500 SH Defined 1 0 0 146,500
Occidental Petroleum Corp. Common 674599105 1,254,153 14,573,003 SH SOLE 13,612,478 0 960,525
Oracle Corporation Common 68389X105 4,244 134,900 SH Defined 1 0 0 134,900
Oracle Corporation Common 68389X105 424,359 13,488,851 SH SOLE 12,600,505 0 888,346
PACCAR Inc Common 693718108 3,885 97,070 SH Defined 1 0 0 97,070
PACCAR Inc Common 693718108 374,274 9,352,174 SH SOLE 8,790,750 0 561,424
Pfizer Inc. Common 717081103 78,380 3,154,139 SH SOLE 2,788,737 0 365,402
Philip Morris International Inc. Common 718172109 3,197 35,542 SH Defined 1 0 0 35,542
Philip Morris International Inc. Common 718172109 395,493 4,397,302 SH SOLE 4,067,661 0 329,641
Phillips 66 Common 718546104 851 18,345 SH SOLE 18,275 0 70
Plains Exploration & Product CompanyCommon 726505100 1,514 40,400 SH SOLE 40,400 0 0
Plum Creek Timber Company, Inc. Common 729251108 16,751 382,100 SH SOLE 0 0 382,100
PNC Financial Services Group Common 693475105 231 3,666 SH SOLE 3,666 0 0
Post Properties, Inc. Common 737464107 30,718 640,493 SH SOLE 140,002 0 500,491
Potash Corp Saskatchewan, Inc. Foreign 73755L107 3,420 78,755 SH Defined 1 0 0 78,755
Potash Corp Saskatchewan, Inc. Foreign 73755L107 373,244 8,596,127 SH SOLE 8,043,991 0 552,136
Praxair, Inc. Common 74005P104 3,054 29,400 SH Defined 1 0 0 29,400
Praxair, Inc. Common 74005P104 269,621 2,595,502 SH SOLE 2,457,222 0 138,280
Procter & Gamble Co. Common 742718109 15,067 217,229 SH SOLE 196,977 0 20,252
Progressive Corp. Common 743315103 11,062 533,380 SH Defined 1 0 0 533,380
Progressive Corp. Common 743315103 1,156,877 55,780,014 SH SOLE 51,721,269 0 4,058,745
Prologis, Inc. Common 74340W103 4,052 115,658 SH SOLE 10,795 0 104,863
Public Storage, Inc Common 74460D109 16,492 118,502 SH SOLE 52,728 0 65,774
Quanta Services, Inc. Common 74762E102 14,154 573,050 SH SOLE 573,050 0 0
Rayonier, Inc Common 754907103 44,312 904,133 SH SOLE 184,999 0 719,134
Regency Centers Corporation Common 758849103 28,290 580,537 SH SOLE 0 0 580,537
Republic Services, Inc. Common 760759100 342 12,420 SH SOLE 12,420 0 0
SAP AG ADR 803054204 8,940 125,334 SH SOLE 110,272 0 15,062
Schlumberger Ltd. Common 806857108 2,806 38,790 SH Defined 1 0 0 38,790
Schlumberger Ltd. Common 806857108 298,022 4,120,306 SH SOLE 3,892,563 0 227,743
School Specialty Conv. Bond 3.75% Bond 807863AM7 7,413 11,243,000 PRN SOLE 11,243,000 0 0
School Specialty Inc. Common 807863105 1,366 594,117 SH SOLE 594,117 0 0
Sealed Air Corp. Common 81211K100 215 13,894 SH Defined 1 0 0 13,894
Sealed Air Corp. Common 81211K100 65,664 4,247,343 SH SOLE 3,778,483 0 468,860
Siemens AG ADR 826197501 245 2,450 SH SOLE 2,450 0 0
Sigma-Aldrich Corp. Common 826552101 23,836 331,190 SH SOLE 291,942 0 39,248
Simon Property Group Inc. Common 828806109 79,035 520,616 SH SOLE 101,392 0 419,224
Sinovac Biotech Ltd. Common 002384520 6,700 2,658,924 SH SOLE 2,658,924 0 0
SL Green Realty Corp. Common 78440X101 11,723 146,411 SH SOLE 67,116 0 79,295
Spectra Energy Corp. Common 847560109 327 11,150 SH SOLE 11,150 0 0
Sysco Corp Common 871829107 1,391 44,470 SH Defined 1 0 0 44,470
Sysco Corp Common 871829107 150,286 4,806,073 SH SOLE 4,502,025 0 304,048
Taubman Centers, Inc. Common 876664103 6,868 89,508 SH SOLE 39,441 0 50,067
Techne Corp. Common 878377100 1,936 26,916 SH SOLE 23,915 0 3,001
Tenaris S.A. - ADR ADR 88031M109 16,691 409,388 SH SOLE 409,388 0 0
Texas Instruments, Inc. Common 882508104 4,111 149,210 SH Defined 1 0 0 149,210
Texas Instruments, Inc. Common 882508104 473,281 17,175,863 SH SOLE 15,783,132 0 1,392,731
The First Marblehead Corp. Common 320771108 2,006 1,910,194 SH SOLE 1,910,194 0 0
The Sherwin Williams Co. Common 824348106 414 2,780 SH SOLE 2,780 0 0
The TJX Companies, Inc. Common 872540109 856 19,120 SH SOLE 19,120 0 0
Tiffany & Co. Common 886547108 1,372 22,180 SH Defined 1 0 0 22,180
Tiffany & Co. Common 886547108 153,670 2,483,358 SH SOLE 2,329,612 0 153,746
Toronto Dominion Bank Foreign 891160509 8,384 100,605 SH SOLE 22,495 0 78,110
Transocean Inc. Series C Bond 893830AW9 2,924 2,950,000 PRN SOLE 2,950,000 0 0
Transocean Ltd. Common H8817H100 2,221 49,476 SH Defined 1 0 0 49,476
Transocean Ltd. Common H8817H100 249,840 5,565,599 SH SOLE 5,204,281 0 361,318
Tyson Foods Inc 3.25% 10/15/13 Bond 902494AP8 13,979 12,665,000 PRN SOLE 12,665,000 0 0
Tyson Foods Inc. Common 902494103 4,188 261,430 SH SOLE 261,430 0 0
Unilever NV ADR 904784709 30,964 872,706 SH SOLE 776,863 0 95,843
United Rental 4% CV Bond 911363AL3 8,779 2,922,000 PRN SOLE 2,922,000 0 0
Universal Health Services, Inc. Common 913903100 13,001 284,300 SH SOLE 284,300 0 0
US Bancorp Common 902973304 21,853 637,115 SH SOLE 536,924 0 100,191
US Steel Corp. Common 912909108 3,077 161,340 SH SOLE 161,340 0 0
US Steel Corp. 4% 05/15/14 Bond 912909AE8 11,268 11,150,000 PRN SOLE 11,150,000 0 0
Valeant Pharmaceutical Int'l Common 91911K102 10,972 198,509 SH SOLE 198,509 0 0
Ventas, Inc. Common 92276F100 55,180 886,424 SH SOLE 128,306 0 758,118
Vipshop Holdings Ltd. ADR 92763W103 3,840 511,970 SH SOLE 511,970 0 0
Visa Inc. Common 92826C839 2,672 19,900 SH Defined 1 0 0 19,900
Visa Inc. Common 92826C839 295,570 2,201,145 SH SOLE 2,005,095 0 196,050
Vornado Realty Trust Common 929042109 52,084 642,617 SH SOLE 112,972 0 529,645
Walgreen Co. Common 931422109 324 8,900 SH Defined 1 0 0 8,900
Walgreen Co. Common 931422109 25,258 693,133 SH SOLE 656,233 0 36,900
Wal-Mart Stores, Inc. Common 931142103 17,608 238,587 SH SOLE 216,076 0 22,511
Washington Post Co., B Common 939640108 945 2,604 SH SOLE 2,590 0 14
Waste Connections Inc. Common 941053100 10,094 333,670 SH SOLE 333,670 0 0
Wells Fargo & Co. Common 949746101 22,906 663,367 SH Defined 1 0 0 663,367
Wells Fargo & Co. Common 949746101 2,726,283 78,954,047 SH SOLE 73,077,148 0 5,876,899
Wells Fargo & Co. Warrants Warrant 949746119 4,970 503,520 SH SOLE 503,520 0 0
Western Union Company Common 959802109 5,910 324,372 SH SOLE 324,372 0 0
Weyerhaeuser Co. Common 962166104 19,881 760,540 SH SOLE 135,743 0 624,797
Whole Foods Market Inc. Common 966837106 9,628 98,850 SH SOLE 98,850 0 0
Youku.com Inc. ADR 98742U100 19,405 1,055,211 SH SOLE 977,499 0 77,712