0001036325-13-000036.txt : 20130514 0001036325-13-000036.hdr.sgml : 20130514 20130514140229 ACCESSION NUMBER: 0001036325-13-000036 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130514 DATE AS OF CHANGE: 20130514 EFFECTIVENESS DATE: 20130514 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: 13840694 BUSINESS ADDRESS: STREET 1: 2949 E. ELVIRA ROAD STREET 2: SUITE 101 CITY: TUCSON STATE: AZ ZIP: 85756 BUSINESS PHONE: (520)806-7600 MAIL ADDRESS: STREET 1: 2949 E. ELVIRA ROAD STREET 2: SUITE 101 CITY: TUCSON STATE: AZ ZIP: 85756 13F-HR 1 sec13f033113.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 Ended: March 31, 2013 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 April 14, 2013 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: 267 Form 13F Information Table Value Total: $40.3 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 12,280 115,510 SH SOLE 99,683 0 15,827 ABB Limited ADR ADR 000375204 1,129 49,600 SH SOLE 49,600 0 0 Ace Limited Common H0023R105 363,906 4,090,206 SH SOLE 3,909,333 0 180,873 Ace Limited Common H0023R105 3,412 38,350 SH Defined 1 0 0 38,350 Activision Blizzard, Inc. Common 00507V109 281,392 19,313,107 SH SOLE 18,650,798 0 662,309 Activision Blizzard, Inc. Common 00507V109 2,578 176,952 SH Defined 1 0 0 176,952 AES Corp. Common 00130H105 6,805 541,340 SH SOLE 541,340 0 0 AES Trust III,6.75%,10/15/29 Preferred 00808N202 8,242 163,758 SH SOLE 0 0 0 Agilent Technologies, Inc. Common 00846U101 158,880 3,785,564 SH SOLE 3,618,448 0 167,116 Agilent Technologies, Inc. Common 00846U101 1,119 26,658 SH Defined 1 0 0 26,658 Air Products & Chemicals, Inc. Common 009158106 575,386 6,604,517 SH SOLE 6,325,171 0 279,346 Air Products & Chemicals, Inc. Common 009158106 4,000 45,910 SH Defined 1 0 0 45,910 Alexandria Real Estate Equities Common 015271109 96,263 1,356,205 SH SOLE 172,819 0 1,183,386 Alleghany Corp. Common 017175100 798,680 2,017,276 SH SOLE 1,866,936 0 150,340 Alleghany Corp. Common 017175100 4,765 12,035 SH Defined 1 0 0 12,035 Allegheny Technologies, Inc. Common 01741R102 9,121 287,650 SH SOLE 287,650 0 0 Altera Corp. Common 021441100 1,730 48,800 SH SOLE 48,800 0 0 Amazon.Com, Inc. Common 023135106 5,110 19,175 SH SOLE 18,773 0 402 America Movil S.A.B. de C.V. ADR 02364W105 94,420 4,504,787 SH SOLE 4,345,772 0 159,015 America Movil S.A.B. de C.V. ADR 02364W105 703 33,560 SH Defined 1 0 0 33,560 American Campus Communities Common 024835100 40,228 887,243 SH SOLE 142,916 0 744,327 American Express Co. Common 025816109 2,675,891 39,666,337 SH SOLE 37,667,012 0 1,999,325 American Express Co. Common 025816109 18,301 271,290 SH Defined 1 0 0 271,290 American International Group Inc. Common 026874784 45,439 1,170,500 SH SOLE 985,300 0 185,200 American Tower Corp. Common 03027X100 42,480 552,262 SH SOLE 100,754 0 451,508 Ameriprise Financial, Inc. Common 03076C106 244,272 3,316,661 SH SOLE 3,108,293 0 208,368 Ameriprise Financial, Inc. Common 03076C106 1,314 17,840 SH Defined 1 0 0 17,840 Angie's List Inc. Common 034754101 28,107 1,422,401 SH SOLE 1,325,995 0 96,406 Aon Plc. Common G0408V102 19,821 322,285 SH SOLE 322,285 0 0 Apache Corp Common 037411105 209 2,715 SH SOLE 2,365 0 350 Apple Inc. Common 037833100 259 585 SH SOLE 585 0 0 Applied Materials, Inc. Common 038222105 5,240 388,698 SH SOLE 343,766 0 44,932 AT&T Inc. Common 00206R102 3,119 85,000 SH SOLE 79,750 0 5,250 Autodesk, Inc. Common 052769106 1,031 25,000 SH SOLE 25,000 0 0 Automatic Data Processing Common 053015103 8,276 127,260 SH SOLE 113,640 0 13,620 Avalonbay Communities, Inc. Common 053484101 46,445 366,659 SH SOLE 78,232 0 288,427 Bank of America Corp. Common 060505104 14,272 1,171,796 SH SOLE 1,040,651 0 131,145 Bank of New York Mellon Common 064058100 2,523,237 90,147,790 SH SOLE 85,690,595 0 4,457,195 Bank of New York Mellon Common 064058100 20,568 734,830 SH Defined 1 0 0 734,830 Baxter International Inc. Common 071813109 399 5,495 SH SOLE 5,495 0 0 Becton, Dickinson and Co. Common 075887109 440 4,600 SH SOLE 4,600 0 0 Bed Bath + Beyond Inc. Common 075896100 1,414,759 21,961,493 SH SOLE 21,009,831 0 951,662 Bed Bath + Beyond Inc. Common 075896100 11,503 178,567 SH Defined 1 0 0 178,567 Berkshire Hathaway Inc., A Common 084670108 1,795,345 11,488 SH SOLE 11,097 0 391 Berkshire Hathaway Inc., A Common 084670108 16,409 105 SH Defined 1 0 0 105 Berkshire Hathaway Inc., B Common 084670702 302,891 2,906,820 SH SOLE 2,661,734 0 245,086 Biomed Realty Trust, Inc. Common 09063H107 19,442 900,097 SH SOLE 205,850 0 694,247 Boeing Co. Common 097023105 7,450 86,782 SH SOLE 77,994 0 8,788 Boston Properties, Inc. Common 101121101 20,189 199,776 SH SOLE 87,990 0 111,786 BRE Properties, Inc. Common 05564E106 33,384 685,780 SH SOLE 120,886 0 564,894 Brookfield Asset Management Foreign 112585104 342,787 9,393,999 SH SOLE 8,867,148 0 526,851 Brookfield Asset Management Foreign 112585104 2,316 63,458 SH Defined 1 0 0 63,458 C.H. Robinson Worldwide, Inc. Common 12541W209 387 6,510 SH SOLE 6,510 0 0 Campus Crest Communities, Inc. Common 13466Y105 5,597 402,686 SH SOLE 84,934 0 317,752 Canadian Natural Resources Foreign 136385101 1,227,332 38,198,946 SH SOLE 36,622,489 0 1,576,457 Canadian Natural Resources Foreign 136385101 8,775 273,120 SH Defined 1 0 0 273,120 Carefusion Corp. Common 14170T101 301 8,615 SH SOLE 8,615 0 0 CarMax, Inc. Common 143130102 396,528 9,509,075 SH SOLE 9,167,925 0 341,150 CarMax, Inc. Common 143130102 3,958 94,909 SH Defined 1 0 0 94,909 CBL & Associates Properties Common 124830100 24,810 1,051,255 SH SOLE 179,944 0 871,311 CBS Corp., Class B Common 124857202 754 16,150 SH SOLE 16,150 0 0 Cemex SA ADR 151290889 500 40,928 SH SOLE 40,928 0 0 Charles Schwab Corp. Common 808513105 343,256 19,403,947 SH SOLE 18,582,224 0 821,723 Charles Schwab Corp. Common 808513105 2,975 168,200 SH Defined 1 0 0 168,200 Chubb Corp. Common 171232101 11,081 126,599 SH SOLE 112,266 0 14,333 Citigroup Inc. Common 172967424 14,509 327,959 SH SOLE 327,959 0 0 CME Group Inc. Common 12572Q105 91,760 1,494,220 SH SOLE 1,443,860 0 50,360 CME Group Inc. Common 12572Q105 835 13,590 SH Defined 1 0 0 13,590 CNinsure Inc. ADR 18976M103 442 73,250 SH SOLE 73,250 0 0 Coca Cola Co. Common 191216100 657,446 16,257,318 SH SOLE 15,516,388 0 740,930 Coca Cola Co. Common 191216100 4,983 123,220 SH Defined 1 0 0 123,220 Colgate-Palmolive Co. Common 194162103 1,209 10,244 SH SOLE 9,805 0 439 Colonial Properties Trust Common 195872106 7,846 347,030 SH SOLE 78,090 0 268,940 ConocoPhillips Common 20825C104 2,145 35,690 SH SOLE 34,550 0 1,140 Corporate Office Properties Trust Common 22002T108 34,688 1,300,144 SH SOLE 192,286 0 1,107,858 Costco Wholesale Corp. Common 22160K105 1,488,696 14,029,743 SH SOLE 13,401,800 0 627,943 Costco Wholesale Corp. Common 22160K105 8,811 83,035 SH Defined 1 0 0 83,035 Ctrip.com International, Ltd. ADR 22943F100 9,639 450,820 SH SOLE 450,820 0 0 Cummins Inc. Common 231021106 8,296 71,638 SH SOLE 64,080 0 7,558 CVS Caremark Corp. Common 126650100 2,343,792 42,622,150 SH SOLE 40,743,002 0 1,879,148 CVS Caremark Corp. Common 126650100 16,775 305,057 SH Defined 1 0 0 305,057 DDR Corporation Common 23317H102 7,260 416,738 SH SOLE 187,768 0 228,970 Deere & Co Common 244199105 12,148 141,288 SH SOLE 126,798 0 14,490 Devon Energy Corp. Common 25179M103 298,693 5,294,093 SH SOLE 5,014,779 0 279,314 Devon Energy Corp. Common 25179M103 1,859 32,950 SH Defined 1 0 0 32,950 Diageo PLC ADR 25243Q205 275,477 2,189,104 SH SOLE 1,963,793 0 225,311 Diageo PLC ADR 25243Q205 3,227 25,640 SH Defined 1 0 0 25,640 Digital Realty Trust Inc. Common 253868103 76,411 1,141,998 SH SOLE 197,931 0 944,067 Disney Walt Holdings Common 254687106 5,916 104,150 SH SOLE 0 0 104,150 Disney Walt Holdings Common 254687106 873,627 15,380,765 SH Defined 1 14,602,400 0 778,365 Dominion Resources, Inc. Common 25746U109 365 6,270 SH SOLE 3,600 0 2,670 Du Pont E I de Nemours & Co. Common 263534109 2,382 48,455 SH SOLE 44,450 0 4,005 DuPont Fabros Technology Inc. Common 26613Q106 41,158 1,695,835 SH SOLE 343,833 0 1,352,002 Eastgroup Properties, Inc. Common 277276101 25,158 432,264 SH SOLE 77,364 0 354,900 Ecolab Inc. Common 278865100 396,865 4,949,680 SH SOLE 4,770,290 0 179,390 Ecolab Inc. Common 278865100 3,605 44,960 SH Defined 1 0 0 44,960 Education Realty Trust, Inc. Common 28140H104 37,923 3,601,452 SH SOLE 633,617 0 2,967,835 Eli Lilly and Co. Common 532457108 16,112 283,709 SH SOLE 251,200 0 32,509 Emerson Electric Co. Common 291011104 185,992 3,329,022 SH SOLE 3,201,204 0 127,818 Emerson Electric Co. Common 291011104 1,597 28,580 SH Defined 1 0 0 28,580 EOG Resources, Inc. Common 26875P101 620,715 4,846,684 SH SOLE 4,640,179 0 206,505 EOG Resources, Inc. Common 26875P101 2,458 19,190 SH Defined 1 0 0 19,190 Equity Residential Common 29476L107 35,609 646,724 SH SOLE 111,500 0 535,224 Essex Property Trust, Inc. Common 297178105 45,383 301,390 SH SOLE 51,880 0 249,510 Estee Lauder Companies, A Common 518439104 2,238 34,955 SH SOLE 32,450 0 2,505 Everest Re Group, Ltd. Common G3223R108 266,244 2,050,238 SH SOLE 1,923,543 0 126,695 Everest Re Group, Ltd. Common G3223R108 2,224 17,125 SH Defined 1 0 0 17,125 Expeditors Int'l of Washington Inc. Common 302130109 18,462 516,715 SH SOLE 479,377 0 37,338 Express Scripts Inc - Class A Common 30219G108 7,337 127,330 SH SOLE 0 0 127,330 Express Scripts Inc - Class A Common 30219G108 908,434 15,765,957 SH Defined 1 15,007,197 0 758,760 Exxon Mobil Corp. Common 30231G102 18,869 209,402 SH SOLE 184,897 0 24,505 Fairchild Semiconductor Intl Common 303726103 7,367 520,997 SH SOLE 520,997 0 0 Federal Realty Investment Trust Common 313747206 12,791 118,388 SH SOLE 51,721 0 66,667 FedEx Corp. Common 31428X106 9,349 95,207 SH SOLE 84,480 0 10,727 Forest City Ent FCE 4.25 Bond 345550AP2 4,940 4,463,000 PRN SOLE 0 0 0 Forest City Ent FCE 5 Bond 345550AM9 1,645 1,120,000 PRN SOLE 0 0 0 Forest City Enterprises Inc. - A Common 345550107 28,473 1,602,293 SH SOLE 652,888 0 949,405 Freeport-McMoRan Copper & Gold Common 35671D857 6,701 202,444 SH SOLE 202,444 0 0 General Electric Co. Common 369604103 10,360 448,110 SH SOLE 447,510 0 600 General Growth Properties, Inc. Common 370023103 19,589 985,379 SH SOLE 186,213 0 799,166 Goldman Sachs Group Inc. Common 38141G104 226,582 1,539,801 SH SOLE 1,372,028 0 167,773 Goldman Sachs Group Inc. Common 38141G104 1,351 9,180 SH Defined 1 0 0 9,180 Google Inc. Class A Common 38259P508 2,129,417 2,681,251 SH SOLE 2,571,389 0 109,862 Google Inc. Class A Common 38259P508 16,471 20,739 SH Defined 1 0 0 20,739 Groupon Inc. Common 399473107 99,680 16,287,559 SH SOLE 15,654,635 0 632,924 Groupon Inc. Common 399473107 757 123,650 SH Defined 1 0 0 123,650 Grupo Televisa SA ADR 40049J206 80,208 3,014,208 SH SOLE 2,932,818 0 81,390 Grupo Televisa SA ADR 40049J206 564 21,190 SH Defined 1 0 0 21,190 Harley-Davidson, Inc. Common 412822108 207,814 3,898,944 SH SOLE 3,709,550 0 189,394 Harley-Davidson, Inc. Common 412822108 1,206 22,620 SH Defined 1 0 0 22,620 HCP, Inc. Common 40414L109 16,882 338,591 SH SOLE 68,509 0 270,082 Hewlett Packard Co. Common 428236103 214,732 9,007,194 SH SOLE 8,569,586 0 437,608 Hewlett Packard Co. Common 428236103 1,340 56,200 SH Defined 1 0 0 56,200 Highwoods Properties Inc. Common 431284108 3,088 78,036 SH SOLE 0 0 78,036 Home Depot Inc Common 437076102 1,608 23,050 SH SOLE 22,250 0 800 Host Hotels & Resorts Inc. Common 44107P104 30,469 1,742,075 SH SOLE 299,128 0 1,442,947 Hunter Douglas N.V. Foreign 005291810 79,688 1,998,652 SH SOLE 1,942,032 0 56,620 Hunter Douglas N.V. Foreign 005291810 654 16,400 SH Defined 1 0 0 16,400 ICICI Bank Limited ADR 45104G104 10,792 251,565 SH SOLE 172,020 0 79,545 IDEXX Laboratories, Inc. Common 45168D104 16,919 183,123 SH SOLE 167,129 0 15,994 Intel Corp 3.25 8/1/39 Bond 458140AF7 14,469 12,001,000 PRN SOLE 0 0 0 Intel Corp. Common 458140100 114,731 5,254,441 SH SOLE 5,025,228 0 229,213 Intel Corp. Common 458140100 909 41,620 SH Defined 1 0 0 41,620 International Business Machines Common 459200101 154,537 724,507 SH SOLE 693,844 0 30,663 International Business Machines Common 459200101 1,288 6,040 SH Defined 1 0 0 6,040 International Rectifier Corp. Common 460254105 7,840 370,700 SH SOLE 370,700 0 0 Iron Mountain Inc. Common 462846106 398,869 10,985,087 SH SOLE 10,462,028 0 523,059 Iron Mountain Inc. Common 462846106 2,664 73,379 SH Defined 1 0 0 73,379 iShares Lehman Aggregate Bond Fund ETF 464287226 864 7,800 SH SOLE 5,650 0 2,150 Johnson & Johnson Common 478160104 23,453 287,663 SH SOLE 239,760 0 47,903 JPMorgan Chase & Co. Common 46625H100 342,557 7,217,805 SH SOLE 6,951,309 0 266,496 JPMorgan Chase & Co. Common 46625H100 3,112 65,570 SH Defined 1 0 0 65,570 Kellogg Co Common 487836108 11,995 186,173 SH SOLE 164,568 0 21,605 Kimco Realty Corp. Common 49446R109 21,722 969,747 SH SOLE 116,738 0 853,009 Kohls Corp. Common 500255104 14,568 315,800 SH SOLE 315,800 0 0 Laboratory Corp of America Hldg Common 50540R409 372,980 4,135,036 SH SOLE 3,965,643 0 169,393 Laboratory Corp of America Hldg Common 50540R409 2,287 25,350 SH Defined 1 0 0 25,350 LaSalle Hotel Properties Common 517942108 28,163 1,109,647 SH SOLE 257,373 0 852,274 Level 3 Communications, Inc. Common 52729N308 312 15,400 SH SOLE 15,400 0 0 Liberty Interactive Corp A Common 53071M104 229,371 10,733,318 SH SOLE 10,390,328 0 342,990 Liberty Interactive Corp A Common 53071M104 2,047 95,770 SH Defined 1 0 0 95,770 Liberty Property Trust Common 531172104 36,558 919,688 SH SOLE 166,455 0 753,233 Liberty Ventures Series A Common 53071M880 54,019 714,722 SH SOLE 691,653 0 23,069 Liberty Ventures Series A Common 53071M880 487 6,443 SH Defined 1 0 0 6,443 Lockheed Martin Corp. Common 539830109 606 6,280 SH SOLE 5,320 0 960 Loews Corp. Common 540424108 1,197,675 27,176,640 SH SOLE 25,757,865 0 1,418,775 Loews Corp. Common 540424108 9,291 210,819 SH Defined 1 0 0 210,819 Markel Corp. Common 570535104 159,390 316,564 SH SOLE 287,250 0 29,314 Markel Corp. Common 570535104 672 1,335 SH Defined 1 0 0 1,335 Martin Marietta Materials, Inc. Common 573284106 112,144 1,099,234 SH SOLE 1,051,624 0 47,610 Martin Marietta Materials, Inc. Common 573284106 1,049 10,280 SH Defined 1 0 0 10,280 Masco Corp. Common 574599106 11,004 543,430 SH SOLE 543,430 0 0 Mastercard, Inc. Common 57636Q104 1,236 2,285 SH SOLE 2,285 0 0 Medtronic, Inc. Common 585055106 16,518 351,745 SH SOLE 310,157 0 41,588 Microsoft Corp. Common 594918104 359,587 12,570,769 SH SOLE 11,910,839 0 659,930 Microsoft Corp. Common 594918104 2,533 88,550 SH Defined 1 0 0 88,550 Midway Gold Corp. Common 598153104 31 25,000 SH SOLE 0 0 25,000 Molycorp 3.25% Bond 608753AA7 4,594 7,500,000 PRN SOLE 0 0 0 Molycorp 6% Bond 608753AF6 4,075 5,750,000 PRN SOLE 0 0 0 Molycorp, Inc. Common 608753109 1,207 232,150 SH SOLE 232,150 0 0 Monsanto Co. Common 61166W101 963,554 9,121,974 SH SOLE 8,683,671 0 438,303 Monsanto Co. Common 61166W101 8,252 78,120 SH Defined 1 0 0 78,120 Motorola Inc. Common 620076307 3,477 54,296 SH SOLE 45,728 0 8,568 Nabors Industries Ltd. Common G6359F103 11,970 737,960 SH SOLE 737,960 0 0 NetEase.com Inc. ADR 64110W102 6,739 123,050 SH SOLE 123,050 0 0 Netflix Inc. Common 64110L106 99,640 526,416 SH SOLE 505,121 0 21,295 Netflix Inc. Common 64110L106 804 4,250 SH Defined 1 0 0 4,250 News Corp., Class A Common 65248E104 11,602 380,280 SH SOLE 380,280 0 0 Nielsen Holdings B.V. Common N63218106 35,802 999,496 SH SOLE 946,172 0 53,324 Noble Energy, Inc. Common 655044105 4,665 40,335 SH SOLE 39,450 0 885 Nordstrom, Inc. Common 655664100 1,657 30,000 SH SOLE 30,000 0 0 Novartis Ag ADR 66987V109 2,358 33,100 SH SOLE 32,400 0 700 Oaktree Cap Group LLC Common 674001201 101,762 1,994,549 SH SOLE 1,994,549 0 0 Occidental Petroleum Corp. Common 674599105 687,797 8,776,282 SH SOLE 8,366,003 0 410,279 Occidental Petroleum Corp. Common 674599105 5,146 65,660 SH Defined 1 0 0 65,660 Oracle Corporation Common 68389X105 3,398 105,090 SH SOLE 0 0 105,090 Oracle Corporation Common 68389X105 418,761 12,952,702 SH Defined 1 12,394,074 0 558,628 PACCAR Inc Common 693718108 445,192 8,805,231 SH SOLE 8,457,523 0 347,708 PACCAR Inc Common 693718108 3,825 75,650 SH Defined 1 0 0 75,650 Philip Morris International Inc. Common 718172109 366,612 3,954,395 SH SOLE 3,771,952 0 182,443 Philip Morris International Inc. Common 718172109 2,415 26,052 SH Defined 1 0 0 26,052 Phillips 66 Common 718546104 1,249 17,845 SH SOLE 17,275 0 570 Post Properties, Inc. Common 737464107 34,482 732,109 SH SOLE 147,358 0 584,751 Potash Corp Saskatchewan, Inc. Foreign 73755L107 308,247 7,853,422 SH SOLE 7,532,604 0 320,818 Potash Corp Saskatchewan, Inc. Foreign 73755L107 2,378 60,575 SH Defined 1 0 0 60,575 Praxair, Inc. Common 74005P104 267,435 2,397,663 SH SOLE 2,309,403 0 88,260 Praxair, Inc. Common 74005P104 2,717 24,360 SH Defined 1 0 0 24,360 Procter & Gamble Co. Common 742718109 15,139 196,462 SH SOLE 173,628 0 22,834 Progressive Corp. Common 743315103 1,246,311 49,319,783 SH SOLE 46,672,948 0 2,646,835 Progressive Corp. Common 743315103 9,183 363,390 SH Defined 1 0 0 363,390 Prologis, Inc. Common 74340W103 4,657 116,476 SH SOLE 11,569 0 104,907 Public Storage, Inc Common 74460D109 16,193 106,311 SH SOLE 44,568 0 61,743 Quanta Services, Inc. Common 74762E102 14,163 495,550 SH SOLE 495,550 0 0 Rayonier, Inc Common 754907103 38,811 650,424 SH SOLE 119,286 0 531,138 Regency Centers Corporation Common 758849103 7,573 143,137 SH SOLE 0 0 143,137 Republic Services, Inc. Common 760759100 783 23,720 SH SOLE 23,720 0 0 SAP AG ADR 803054204 7,589 94,230 SH SOLE 82,121 0 12,109 SBA Communications Corp Common 78388J106 8,428 117,056 SH SOLE 51,603 0 65,453 Schlumberger Ltd. Common 806857108 289,561 3,866,485 SH SOLE 3,721,160 0 145,325 Schlumberger Ltd. Common 806857108 2,426 32,390 SH Defined 1 0 0 32,390 Siemens AG ADR 826197501 264 2,450 SH SOLE 2,250 0 200 Sigma-Aldrich Corp. Common 826552101 22,364 288,005 SH SOLE 251,812 0 36,193 Simon Property Group Inc. Common 828806109 102,001 643,295 SH SOLE 140,142 0 503,153 Sinovac Biotech Ltd. Foreign 002384520 9,773 2,627,231 SH SOLE 2,627,231 0 0 SL Green Realty Corp. Common 78440X101 13,590 157,821 SH SOLE 69,805 0 88,016 Spectra Energy Corp. Common 847560109 653 21,250 SH SOLE 21,250 0 0 Sunstone Hotel Investors, Inc. Common 867892101 3,840 311,965 SH SOLE 134,644 0 177,321 Sysco Corp Common 871829107 157,925 4,490,325 SH SOLE 4,293,879 0 196,446 Sysco Corp Common 871829107 1,290 36,690 SH Defined 1 0 0 36,690 Taubman Centers, Inc. Common 876664103 8,009 103,132 SH SOLE 44,753 0 58,379 Techne Corp. Common 878377100 2,305 33,973 SH SOLE 29,345 0 4,628 Tenaris S.A. - ADR ADR 88031M109 4,351 106,700 SH SOLE 106,700 0 0 Texas Instruments, Inc. Common 882508104 550,870 15,526,222 SH SOLE 14,833,452 0 692,770 Texas Instruments, Inc. Common 882508104 3,244 91,420 SH Defined 1 0 0 91,420 The First Marblehead Corp. Common 320771108 1,929 1,910,194 SH SOLE 1,910,194 0 0 The Sherwin Williams Co. Common 824348106 770 4,560 SH SOLE 4,560 0 0 Tiffany & Co. Common 886547108 162,539 2,337,343 SH SOLE 2,244,763 0 92,580 Tiffany & Co. Common 886547108 1,314 18,890 SH Defined 1 0 0 18,890 Toronto Dominion Bank Foreign 891160509 8,219 98,705 SH SOLE 20,595 0 78,110 Transocean Ltd. Common H8817H100 266,622 5,131,289 SH SOLE 4,920,388 0 210,901 Transocean Ltd. Common H8817H100 1,958 37,676 SH Defined 1 0 0 37,676 Tyson Foods Inc 3.25% 10/15/13 Bond 902494AP8 18,736 12,665,000 PRN SOLE 0 0 0 Unilever NV ADR 904784709 30,992 755,912 SH SOLE 751,458 0 4,454 United Rental 4% CV Bond 911363AL3 14,458 2,922,000 PRN SOLE 0 0 0 US Steel Corp. Common 912909108 6,592 338,030 SH SOLE 338,030 0 0 UnitedHealth Group, Inc. Common 91324P102 463,962 8,109,807 SH SOLE 7,747,986 0 361,821 UnitedHealth Group, Inc. Common 91324P102 2,988 52,220 SH Defined 1 0 0 52,220 Universal Health Services, Inc. Common 913903100 16,051 251,300 SH SOLE 251,300 0 0 US Bancorp Common 902973304 19,010 560,282 SH SOLE 460,866 0 99,416 Valeant Pharmaceutical Int'l Common 91911K102 12,371 164,909 SH SOLE 164,909 0 0 Ventas, Inc. Common 92276F100 45,254 618,229 SH SOLE 111,391 0 506,838 Vipshop Holdings Ltd. ADR 92763W103 20,877 687,407 SH SOLE 683,955 0 3,452 Visa Inc. Common 92826C839 354,624 2,087,990 SH SOLE 1,947,950 0 140,040 Visa Inc. Common 92826C839 2,748 16,180 SH Defined 1 0 0 16,180 Vornado Realty Trust Common 929042109 67,194 803,376 SH SOLE 140,433 0 662,943 W. R. Berkley Corp. Common 084423102 225 5,080 SH SOLE 5,080 0 0 Wal-Mart Stores, Inc. Common 931142103 16,097 215,115 SH SOLE 190,396 0 24,719 Washington Post Co., B Common 939640108 1,164 2,604 SH SOLE 2,515 0 89 Waste Connections Inc. Common 941053100 11,322 314,670 SH SOLE 314,670 0 0 WellPoint Inc. Common 94973V107 522 7,880 SH SOLE 7,880 0 0 Wells Fargo & Co. Common 949746101 2,351,620 63,574,472 SH SOLE 60,205,330 0 3,369,142 Wells Fargo & Co. Common 949746101 16,814 454,567 SH Defined 1 0 0 454,567 Wells Fargo & Co. Warrants Warrant 949746119 5,208 433,960 SH SOLE 0 0 0 Western Union Company Common 959802109 4,975 330,772 SH SOLE 330,772 0 0 Whole Foods Market Inc. Common 966837106 7,925 91,350 SH SOLE 91,350 0 0 Wynn Resorts, Ltd. Common 983134107 498 3,980 SH SOLE 3,980 0 0 Youku.com Inc. ADR 98742U100 16,215 966,904 SH SOLE 890,617 0 76,287