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Dodge & Cox Buys Covidien Ltd., The SherwinWilliams Company, Credit Suisse Group, Sells Allergan Inc., Patterson Companies Inc., NOVA Chemicals Corp.

Dodge & Cox's performance has been hurt by owning financials. But they are staying their course, buying more of them. Now they own more than 10% of Fannie Mae. Isn't Fannie Mae too hard for them? How will this bet turn out? These are their buys and sells during the second quarter. Dodge & Cox. Dodge & Cox owns 247 stocks with a total value of $107.5 billion.

Dodge & Cox buys Covidien Ltd., The SherwinWilliams Company, Credit Suisse Group, Cadence Design Systems Inc., Synopsys Inc., ICICI Bank Ltd., NET Servicos de Comunicacao S.A., Staples Inc., Verigy Ltd., PHILIP MORRIS INTERNATIONAL INC, The Williams Companies Inc., LSI Corp., Linear Technology Corp., Leap Wireless International Inc., iShares S&P 500 Index Fund, DIRECTV Group Inc. The, Cadence Design Systems Inc., sells Allergan Inc., Patterson Companies Inc., NOVA Chemicals Corp., Lockheed Martin Corp., IngersollRand Company Ltd., Gilead Sciences Inc., Fortune Brands Inc., FreeportMcMoRan Copper & Gold Inc., Dell Inc., Cott Corp., Canadian Natural Resources Ltd., SunTrust Banks Inc. during the 3-months ended 06/30/2008, according to the most recent filings of his investment company, Dodge & Cox. Dodge & Cox owns 247 stocks with a total value of $107.5 billion. These are the details of the buys and sells.

For the details of Dodge & Cox's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Dodge+%26+Cox

Added: American International Group Inc. (AIG)

Dodge & Cox added to their holdings in American International Group Inc. by 119.25%. Their purchase prices were between $27.75 and $48.77, with an estimated average price of $39.6. The impact to their portfolio due to this purchase was 1.53%. Their holdings were 114,148,972 shares as of 06/30/2008.

American International Group Inc. world leaders in insurance and financial services is the leading international insurance organization with operations in more than one hundred thirty countries and jurisdictions. AIG companies serve commercial institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition AIG companies are leading providers of retirement services financial services and asset management around the world. American International Group Inc. has a market cap of $61.82 billion; its shares were traded at around $22.99 with P/S ratio of 0.75. The dividend yield of American International Group Inc. stocks is 3.2%.

Added: Fannie Mae (FNM)

Dodge & Cox added to their holdings in Fannie Mae by 475.71%. Their purchase prices were between $20.66 and $30.38, with an estimated average price of $26.9. The impact to their portfolio due to this purchase was 1.04%. Their holdings were 69,420,681 shares as of 06/30/2008.

Fannie Mae is the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is one of the nation's largest sources of financing for home mortgages. Fannie Mae is working to shrink the nation's homeownership gaps through an American Dream Commitment to increase homeownership rates and serve targeted American families by the end of the decade. (Company Press Release) Fannie Mae has a market cap of $8.46 billion; its shares were traded at around $7.91 . The dividend yield of Fannie Mae stocks is 12.1%.

Added: Wachovia Corp. (WB)

Dodge & Cox added to their holdings in Wachovia Corp. by 51.22%. Their purchase prices were between $16.22 and $29.62, with an estimated average price of $24.1. The impact to their portfolio due to this purchase was 0.92%. Their holdings were 188,925,546 shares as of 06/30/2008.

Wachovia Corporation is a leading provider of financial services to retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in East Coast states and Washington D.C. and offers full-service brokerage with offices in 47 states and global services through more than 30 international offices. Wachovia Corp. has a market cap of $33.26 billion; its shares were traded at around $15.57 with P/S ratio of 1.83. The dividend yield of Wachovia Corp. stocks is 1.4%.

Added: General Electric Company (GE)

Dodge & Cox added to their holdings in General Electric Company by 45.64%. Their purchase prices were between $26.26 and $37.15, with an estimated average price of $31. The impact to their portfolio due to this purchase was 0.5%. Their holdings were 64,568,958 shares as of 06/30/2008.

General Electric is one of the largest and most diversified industrial corporations in the world. GE is engaged in developing manufacturing and marketing a wide variety of products for the generation transmission distribution control and utilization of electricity. Some of GE's products include major appliances; lighting products; industrial automation products; medical diagnostic imaging equipment; motors; electrical distribution and control equipment; locomotives; power generation and delivery products. General Electric Company has a market cap of $296.45 billion; its shares were traded at around $29.8 with a P/E ratio of 13.86 and P/S ratio of 1.63. The dividend yield of General Electric Company stocks is 4.3%.

Added: UnitedHealth Group Inc. (UNH)

Dodge & Cox added to their holdings in UnitedHealth Group Inc. by 70.38%. Their purchase prices were between $26.01 and $37.25, with an estimated average price of $32.9. The impact to their portfolio due to this purchase was 0.33%. Their holdings were 32,364,581 shares as of 06/30/2008.

UnitedHealth Group Inc. offers health care coverage and related services to help people achieve improved health and well-being through all stages of life. The company's products and services reflect a number of core capabilities including medical information management health benefit administration care coordination risk assessment and pricing health benefit design and provider contracting. With these capabilities it is able to provide comprehensive health care management services through organized health systems and insurance products. UnitedHealth Group Inc. has a market cap of $40.19 billion; its shares were traded at around $33.01 with a P/E ratio of 11.18 and P/S ratio of 0.50. The dividend yield of UnitedHealth Group Inc. stocks is 0.1%.

Added: WellPoint Inc. (WLP)

Dodge & Cox added to their holdings in WellPoint Inc. by 18.44%. Their purchase prices were between $46 and $55.82, with an estimated average price of $51. The impact to their portfolio due to this purchase was 0.3%. Their holdings were 43,711,973 shares as of 06/30/2008.

WellPoint Inc. is the largest publicly traded commercial health benefits company in terms of membership in the United States. WellPoint Inc. is an independent licensee of the Blue Cross and Blue Shield Association and serves its members as the Blue Cross licensee for California; the Blue Cross and Blue Shield licensee for Colorado Connecticut Georgia Indiana Kentucky Maine Missouri Nevada New Hampshire Ohio Virginia (excluding the Northern Virginia suburbs of Washington D.C.) Wisconsin; and through HealthLink and UniCare. WellPoint Inc. has a market cap of $29.44 billion; its shares were traded at around $57.57 with a P/E ratio of 10.50 and P/S ratio of 0.46.

Added: Citigroup Inc. (C)

Dodge & Cox added to their holdings in Citigroup Inc. by 28.85%. Their purchase prices were between $16.96 and $25.94, with an estimated average price of $22. The impact to their portfolio due to this purchase was 0.29%. Their holdings were 83,091,020 shares as of 06/30/2008.

Citigroup Inc. the leading global financial services company has some two hundred million customer accounts and does business in more than hundred countries providing consumers corporations governments and institutions with a broad range of financial products and services including consumer banking and credit corporate and investment banking securities brokerage and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank CitiFinancial Primerica Smith Barney and Banamex. Citigroup Inc. has a market cap of $101.01 billion; its shares were traded at around $18.55 with P/S ratio of 2.66. The dividend yield of Citigroup Inc. stocks is 6.8%.

Added: Telefonica S.A. (TEF)

Dodge & Cox added to their holdings in Telefonica S.A. by 79.45%. Their purchase prices were between $78.79 and $89.3, with an estimated average price of $85.2. The impact to their portfolio due to this purchase was 0.27%. Their holdings were 8,076,200 shares as of 06/30/2008.

Telefonica is the largest supplier of telecommunications services in the Spanish and Portuguese speaking world. They provide fixed-link public voice telephone mobile phone service internet access data transmission directories and broadcast media. Telefonica S.A. has a market cap of $112.78 billion; its shares were traded at around $72.81 with a P/E ratio of 8.81 and P/S ratio of 1.34. The dividend yield of Telefonica S.A. stocks is 4%.

Added: Petroleo Brasileiro S.A.Petrobras (PBR-A)

Dodge & Cox added to their holdings in Petroleo Brasileiro S.A.Petrobras by 83.89%. Their purchase prices were between $46.04 and $61.16, with an estimated average price of $54.2. The impact to their portfolio due to this purchase was 0.26%. Their holdings were 10,533,900 shares as of 06/30/2008.

Petrolo Brasilerio was founded in October of 1953 to operate in the Brazilian oil sector. The company is a mixed capital corporation that operates in the exploration production refining commercialization transportation import and export of oil and oil products. It also operates in the natural gas segment in oil product distribution in petrochemicals and in fertilizers. The company's main domestic clients are oil products and natural gas distributors as well as major industrial consumers. Petroleo Brasileiro S.A.Petrobras has a market cap of $ million; its shares were traded at around $39.66 . The dividend yield of Petroleo Brasileiro S.A.Petrobras stocks is 1.5%.

Added: Wells Fargo & Company (WFC)

Dodge & Cox added to their holdings in Wells Fargo & Company by 25.35%. Their purchase prices were between $23.77 and $30.5, with an estimated average price of $27.6. The impact to their portfolio due to this purchase was 0.23%. Their holdings were 51,808,532 shares as of 06/30/2008.

Wells Fargo & Company is a diversified financial services company providing banking insurance investments mortgage and consumer finance services through stores its Internet site and other distribution channels across North America as well as internationally. (Company Press Release) Wells Fargo & Company has a market cap of $98.47 billion; its shares were traded at around $29.76 with a P/E ratio of 13.65 and P/S ratio of 2.98. The dividend yield of Wells Fargo & Company stocks is 4.7%.

Added: Computer Sciences Corp. (CSC)

Dodge & Cox added to their holdings in Computer Sciences Corp. by 22.77%. Their purchase prices were between $41.27 and $49.15, with an estimated average price of $45.8. The impact to their portfolio due to this purchase was 0.21%. Their holdings were 26,264,918 shares as of 06/30/2008.

Computer Sciences Corp. offers a broad array of professional services to clients in the global commercial and government markets and specializes in the application of advanced and complex I/T to achieve its customers' strategic objectives. Its service offerings include outsourcing systems integration and I/T and management consulting and other professional services including e-business solutions. Computer Sciences Corp. has a market cap of $7.33 billion; its shares were traded at around $48.47 with a P/E ratio of 14.28 and P/S ratio of 0.43.

Added: Amgen Inc. (AMGN)

Dodge & Cox added to their holdings in Amgen Inc. by 11.59%. Their purchase prices were between $41.53 and $46.37, with an estimated average price of $43.3. The impact to their portfolio due to this purchase was 0.18%. Their holdings were 38,468,894 shares as of 06/30/2008.

Amgen Inc. discovers develops and delivers innovative human therapeutics. A biotechnology pioneer Amgen was one of the first companies to realize the new science's promise by bringing safe and effective medicines from lab to manufacturing plant to patient. Amgen therapeutics have changed the practice of medicine helping millions of people around the world in the fight against cancer kidney disease rheumatoid arthritis and other serious illnesses. With a deep and broad pipeline of potential new medicines Amgen remains committed to advancing science to dramatically improve people's lives. Amgen Inc. has a market cap of $68.84 billion; its shares were traded at around $65.06 with a P/E ratio of 22.75 and P/S ratio of 4.61.

Added: SanofiAventis (SNY)

Dodge & Cox added to their holdings in SanofiAventis by 7.42%. Their purchase prices were between $32.32 and $38.04, with an estimated average price of $35.9. The impact to their portfolio due to this purchase was 0.16%. Their holdings were 74,405,451 shares as of 06/30/2008.

Sanofi-Synth?labo is a leading global pharmaceutical company. SanofiAventis has a market cap of $95.98 billion; its shares were traded at around $36.78 with a P/E ratio of 13.28 and P/S ratio of 2.19. The dividend yield of SanofiAventis stocks is 3.1%.

Added: Tyco International Ltd. (TYC)

Dodge & Cox added to their holdings in Tyco International Ltd. by 31.53%. Their purchase prices were between $40.08 and $47.23, with an estimated average price of $44.5. The impact to their portfolio due to this purchase was 0.15%. Their holdings were 16,938,567 shares as of 06/30/2008.

Tyco International Ltd. a diversified manufacturing and service company is the world's largest manufacturer and servicer of electrical and electronic components and undersea telecommunications systems the world's largest manufacturer installer and provider of fire protection systems and electronic security services has strong leadership positions in disposable medical products plastics and adhesives and is the largest manufacturer of flow control valves. (press release) Tyco International Ltd. has a market cap of $21.3 billion; its shares were traded at around $44.85 with a P/E ratio of 16.98 and P/S ratio of 1.04. The dividend yield of Tyco International Ltd. stocks is 1.5%.

Added: Motorola Inc. (MOT)

Dodge & Cox added to their holdings in Motorola Inc. by 7.31%. Their purchase prices were between $7.35 and $10.01, with an estimated average price of $9.1. The impact to their portfolio due to this purchase was 0.15%. Their holdings were 330,474,050 shares as of 06/30/2008.

Motorola Inc. is a global leader in providing integrated communications solutions and embedded electronic solutions. They manufacture telecommunication equipment and software for consumers network operators and commercial government and industrial customers. They also produce embedded semiconductor solutions embedded electronic systems digital and analog systems and set-top terminals for broadband cable television operators. Motorola Inc. has a market cap of $23.4 billion; its shares were traded at around $10.33 with P/S ratio of 0.67. The dividend yield of Motorola Inc. stocks is 2.8%.

Added: SLM Corp. (SLM)

Dodge & Cox added to their holdings in SLM Corp. by 11.53%. Their purchase prices were between $17.2 and $23.85, with an estimated average price of $20.8. The impact to their portfolio due to this purchase was 0.09%. Their holdings were 48,136,937 shares as of 06/30/2008.

SLM Corporation is the one of nation's largest private sources of funding and servicing support for higher education loans for students and their parents. The company provides a wide range of financial services processing capabilities and information technology to meet the needs of educational institutions lenders students and guarantee agencies. SLM Corp. has a market cap of $7.55 billion; its shares were traded at around $16.15 .

Added: Nortel Networks Corp. (NT)

Dodge & Cox added to their holdings in Nortel Networks Corp. by 24.55%. Their purchase prices were between $7 and $10.05, with an estimated average price of $8.2. The impact to their portfolio due to this purchase was 0.06%. Their holdings were 40,185,993 shares as of 06/30/2008.

Nortel Networks Corporation is one of the leading global suppliers of networking solutions and services that support the Internet and other public and private data voice and video networks using wireless and wireline technologies. Its business consists of the design development manufacture assembly marketing sale licensing financing installation servicing and support of networking solutions and services. The company is focused on building the infrastructure service enabling solutions and applications for the new high-performance Internet. Nortel Networks Corp. has a market cap of $3.12 billion; its shares were traded at around $6.29 with P/S ratio of 0.27.

Added: Perusahaan Perseroan P.T. Telekomunikasi (TLK)

Dodge & Cox added to their holdings in Perusahaan Perseroan P.T. Telekomunikasi by 30.78%. Their purchase prices were between $30.63 and $39.55, with an estimated average price of $35. The impact to their portfolio due to this purchase was 0.05%. Their holdings were 7,523,959 shares as of 06/30/2008.

PT TELEKOMUNIKASI INDONESIA is a telecommunication Co.that provides local and long distance telephone services. In addition the Co. also provides non-telephone telecommunication services such as telegrams telexes and leased circuits. Perusahaan Perseroan P.T. Telekomunikasi has a market cap of $15.75 billion; its shares were traded at around $31.93 with a P/E ratio of 11.57 and P/S ratio of 2.22. The dividend yield of Perusahaan Perseroan P.T. Telekomunikasi stocks is 5%.

Added: Verizon Communications Inc. (VZ)

Dodge & Cox added to their holdings in Verizon Communications Inc. by 44.96%. Their purchase prices were between $33.86 and $39.11, with an estimated average price of $36.7. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 14,508 shares as of 06/30/2008.

Verizon Communications formed by the merger of Bell Atlantic and GTE is one of the world's leading providers of high-growth communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States. Verizon is also the world's largest provider of print and on-line directory information. Verizon Communications Inc. has a market cap of $99.56 billion; its shares were traded at around $34.96 with a P/E ratio of 17.14 and P/S ratio of 1.03. The dividend yield of Verizon Communications Inc. stocks is 5%.

Added: PepsiCo Inc. (PEP)

Dodge & Cox added to their holdings in PepsiCo Inc. by 47.05%. Their purchase prices were between $63.93 and $71.08, with an estimated average price of $67.7. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 16,830 shares as of 06/30/2008.

PepsiCo Inc. consists of: Frito-Lay Company Pepsi-Cola Company and Tropicana Products. PepsiCo brands are among the best known and most respected in the world and are available in countries and territories throughout the world. PepsiCo's success is the result of superior products high standards of performance distinctive competitive strategies and the high integrity of its people. PepsiCo Inc. has a market cap of $109.9 billion; its shares were traded at around $70.2 with a P/E ratio of 19.61 and P/S ratio of 2.62. The dividend yield of PepsiCo Inc. stocks is 2.5%.

Added: Exelon Corp. (EXC)

Dodge & Cox added to their holdings in Exelon Corp. by 116.94%. Their purchase prices were between $81.43 and $89.14, with an estimated average price of $85.6. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 6,122 shares as of 06/30/2008.

Exelon Corporation is a utility holding company. Its subsidiaries are engaged principally in the production purchase transmission distribution and sale of electricity to residential commercial industrial and wholesale customers and the distribution and sale of natural gas to residential commercial and industrial customers. Exelon is a bold creative accountable and committed company with employees dedicated in their efforts to set the standards for the utility services industry. Exelon Corp. has a market cap of $48.24 billion; its shares were traded at around $73.39 with a P/E ratio of 18.35 and P/S ratio of 2.59. The dividend yield of Exelon Corp. stocks is 2.5%.

Added: Danaher Corp. (DHR)

Dodge & Cox added to their holdings in Danaher Corp. by 51.82%. Their purchase prices were between $75.14 and $81.76, with an estimated average price of $78. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 8,350 shares as of 06/30/2008.

Danaher Corporation conducts its operations through two business segments:Process/Environmental Controls and Tools and Components. The Process/Environmental Controls segment produces and sells a range of products including compact professional electronic test tools quality assurance products and systems and power protection products. The Tools and Components segment is a worldwide producer and distributor of general purpose mechanics' hand tools and automotive specialty tools. Danaher Corp. has a market cap of $26.76 billion; its shares were traded at around $83.91 with a P/E ratio of 19.25 and P/S ratio of 2.21. The dividend yield of Danaher Corp. stocks is 0.1%.

Added: Agilent Technologies Inc. (A)

Dodge & Cox added to their holdings in Agilent Technologies Inc. by 30.79%. Their purchase prices were between $30.13 and $37.57, with an estimated average price of $34.1. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 18,356 shares as of 06/30/2008.

Agilent Technologies is the world?s premier measurement company and a technology leader in communications electronics life sciences and chemical analysis. Agilent has two primary business segments: Bio-Analytical Measurement and Electronic Measurement. Agilent Technologies Inc. has a market cap of $13.1 billion; its shares were traded at around $36.37 with a P/E ratio of 21.33 and P/S ratio of 2.30.

Added: Microsoft Corp. (MSFT)

Dodge & Cox added to their holdings in Microsoft Corp. by 47.47%. Their purchase prices were between $27.49 and $29.99, with an estimated average price of $28.8. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 52,206 shares as of 06/30/2008.

Microsoft develops manufactures licenses and supports a wide range of software products for a multitude of computing devices. Microsoft software includes scalable operating systems for servers personal computers and intelligent devices; server applications for client/server environments; knowledge worker productivity applications; and software development tools. The Company's online efforts include the MSN network of Internet products and services and alliances with companies involved with broadband access and various forms of digital interactivity. Microsoft Corp. has a market cap of $253.91 billion; its shares were traded at around $27.81 with a P/E ratio of 14.90 and P/S ratio of 4.22. The dividend yield of Microsoft Corp. stocks is 1.61%.

Added: Intel Corp. (INTC)

Dodge & Cox added to their holdings in Intel Corp. by 20.64%. Their purchase prices were between $20.98 and $24.84, with an estimated average price of $22.6. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 12,667 shares as of 06/30/2008.

Intel Corporation one of the world's largest semiconductor chip maker supplies the computing and communications industries with chips boards and systems building blocks that are integral to computers servers and networking and communications products. Its products are offered at various levels of integration and are used by industry members to create advanced computing and communications systems. Intel Corp. has a market cap of $136.39 billion; its shares were traded at around $24.26 with a P/E ratio of 20.17 and P/S ratio of 3.43. The dividend yield of Intel Corp. stocks is 2.37%.

Added: BP p.l.c. (BP)

Dodge & Cox added to their holdings in BP p.l.c. by 23.15%. Their purchase prices were between $61.42 and $74.04, with an estimated average price of $68.2. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 276,594 shares as of 06/30/2008.

BP p.l.c. is the holding company of one of the world's largest petroleum and petrochemicals groups. Their main activities are exploration and production of crude oil and natural gas; refining marketing supply and transportation; and manufacturing and marketing of petrochemicals. They have a growing activity in gas and power and in solar power generation. BP has well-established operations in Europe North and South America Australasia and Africa. BP p.l.c. has a market cap of $180.28 billion; its shares were traded at around $57.52 with a P/E ratio of 7.14 and P/S ratio of 0.53. The dividend yield of BP p.l.c. stocks is 5.3%.

New Purchase: Covidien Ltd. (COV)

Dodge & Cox initiated holdings in Covidien Ltd.. Their purchase prices were between $44.86 and $49.93, with an estimated average price of $47.6. The impact to their portfolio due to this purchase was 0.98%. Their holdings were 22,100,755 shares as of 06/30/2008.

Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures distributes and services a diverse range of industry-leading product lines including Surgical Devices Energy-Based Devices Respiratory and Monitoring Solutions Patient Care and Safety Products Imaging Solutions Pharmaceutical Products Medical Supplies and Retail Products. Covidien Ltd. has a market cap of $27.04 billion; its shares were traded at around $53.88 with a P/E ratio of 27.45 and P/S ratio of 2.76. The dividend yield of Covidien Ltd. stocks is 1.3%.

New Purchase: The SherwinWilliams Company (SHW)

Dodge & Cox initiated holdings in The SherwinWilliams Company. Their purchase prices were between $46.87 and $59.6, with an estimated average price of $54. The impact to their portfolio due to this purchase was 0.4%. Their holdings were 9,277,380 shares as of 06/30/2008.

Sherwin-Williams Co. is a manufacturer distributor and retailer of paint coatings and related products. It is the one of largest paint companies in the United States and in the world. Well known brands include Sherwin- Williams Dutch Boy Pratt & Lambert Martin-Senour Thompson's Minwax and Krylon. (Company Press Release) The SherwinWilliams Company has a market cap of $7 billion; its shares were traded at around $59.59 with a P/E ratio of 13.42 and P/S ratio of 0.86. The dividend yield of The SherwinWilliams Company stocks is 2.6%.

New Purchase: Credit Suisse Group (CS)

Dodge & Cox initiated holdings in Credit Suisse Group. Their purchase prices were between $45.18 and $55.49, with an estimated average price of $51.1. The impact to their portfolio due to this purchase was 0.33%. Their holdings were 7,944,587 shares as of 06/30/2008.

CREDIT SUISSE GROUP and Winterthur offer investment products private banking and financial advisory services as well as insurance and pension solutions. Credit Suisse First Boston provides securities underwriting sales and trading financial advisory investment research venture capital and asset management services. Because they specialize in gaining a deep understanding of their clients' financial needs they know that no one's needs are two-dimensional. 360? Choice. Credit Suisse Group has a market cap of $48.05 billion; its shares were traded at around $46.94 with a P/E ratio of 59.57 and P/S ratio of 2.02. The dividend yield of Credit Suisse Group stocks is 6.2%.

New Purchase: Cadence Design Systems Inc. (CDNS)

Dodge & Cox initiated holdings in Cadence Design Systems Inc.. Their purchase prices were between $10.14 and $11.62, with an estimated average price of $11.1. The impact to their portfolio due to this purchase was 0.24%. Their holdings were 25,302,150 shares as of 06/30/2008.

Cadence Design Systems Inc. provides comprehensive software and othertechnology and offers design and methodology services for the productdevelopment requirements of the world's leading electronics companies. Cadence licenses its leading-edge electronic design automation software and hardware technology and provides a range of services to companies throughout the world to help optimize their product development processes. Cadence Design Systems Inc. has a market cap of $1.99 billion; its shares were traded at around $7.64 with a P/E ratio of 11.79 and P/S ratio of 1.26.

New Purchase: Synopsys Inc. (SNPS)

Dodge & Cox initiated holdings in Synopsys Inc.. Their purchase prices were between $22.24 and $26.35, with an estimated average price of $24.2. The impact to their portfolio due to this purchase was 0.13%. Their holdings were 5,721,640 shares as of 06/30/2008.

Synopsys Inc. is one of the leading suppliers of electronic design automation software to the global electronics industry. The company's products are used by designers of integrated circuits including system-on-a-chip integrated circuits and the electronic products that use such integrated circuits to automate significant portions of their chip design process. Integrated circuits are distinguished by the speed at which they run their area the amount of power they consume and the cost of production. Synopsys Inc. has a market cap of $3.44 billion; its shares were traded at around $24.09 with a P/E ratio of 23.69 and P/S ratio of 2.78.

New Purchase: ICICI Bank Ltd. (IBN)

Dodge & Cox initiated holdings in ICICI Bank Ltd.. Their purchase prices were between $29.13 and $46.36, with an estimated average price of $38.8. The impact to their portfolio due to this purchase was 0.11%. Their holdings were 4,058,700 shares as of 06/30/2008.

ICICI Bank offers a wide range of banking products and services to corporate and retail customers through a variety of delivery channels. ICICI Bank Ltd. has a market cap of $13.99 billion; its shares were traded at around $31.12 with a P/E ratio of 20.75 and P/S ratio of 1.93.

New Purchase: NET Servicos de Comunicacao S.A. (NETC)

Dodge & Cox initiated holdings in NET Servicos de Comunicacao S.A.. Their purchase prices were between $12.03 and $15.52, with an estimated average price of $13.2. The impact to their portfolio due to this purchase was 0.08%. Their holdings were 6,585,600 shares as of 06/30/2008.

Net Servicos de Comunicacao S.A. is the largest Pay-TV multi-service operator in Latin America. NET Servicos de Comunicacao S.A. has a market cap of $ million; its shares were traded at around $11.14 .

New Purchase: LSI Corp. (LSI)

Dodge & Cox initiated holdings in LSI Corp.. Their purchase prices were between $5.02 and $7.27, with an estimated average price of $6.4. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 33,908 shares as of 06/30/2008.

LSI Corporation is a leading provider of innovative silicon systems and software technologies that enable products that seamlessly bring people information and digital content together. The company offers a broad portfolio of capabilities and services including custom and standard product ICs adapters systems and software that are trusted by the world's best known brands to power leading solutions in the Storage Networking and Consumer markets. LSI Corp. has a market cap of $4.92 billion; its shares were traded at around $7.65 with P/S ratio of 1.77.

New Purchase: Linear Technology Corp. (LLTC)

Dodge & Cox initiated holdings in Linear Technology Corp.. Their purchase prices were between $30.24 and $37.04, with an estimated average price of $34.1. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 6,900 shares as of 06/30/2008.

Linear Technology products include operational instrumentation and audio amplifiers; voltage regulators power management devices DC-DC converters and voltage references; comparators; monolithic filters; communications interface circuits; one-chip data acquisition sub-systems; pulse-width modulators and sample-and-hold devices. (Company Press Release) Linear Technology Corp. has a market cap of $7.52 billion; its shares were traded at around $33.97 with a P/E ratio of 19.83 and P/S ratio of 6.43. The dividend yield of Linear Technology Corp. stocks is 2.56%.

New Purchase: The Williams Companies Inc. (WMB)

Dodge & Cox initiated holdings in The Williams Companies Inc.. Their purchase prices were between $33.99 and $39.17, with an estimated average price of $37.4. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 5,000 shares as of 06/30/2008.

Williams Companies moves manages and markets a variety of energy products including natural gas liquid hydrocarbons petroleum and electricity. Based in Tulsa Oklahoma Williams' operations span the energy value chain from wellhead to burner tip. The Williams Companies Inc. has a market cap of $16.19 billion; its shares were traded at around $28.09 with a P/E ratio of 12.41 and P/S ratio of 1.31. The dividend yield of The Williams Companies Inc. stocks is 1.4%.

New Purchase: PHILIP MORRIS INTERNATIONAL INC (PM)

Dodge & Cox initiated holdings in PHILIP MORRIS INTERNATIONAL INC. Their purchase prices were between $47.9 and $52.91, with an estimated average price of $50.6. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 39,726 shares as of 06/30/2008.

Philip Morris International is the leading international tobacco company with products sold in over 160 countries. They own 7 of the top 15 brands in the world and have a strong mix of international and local products that seek to appeal to a wide array of adult smokers. PHILIP MORRIS INTERNATIONAL INC has a market cap of $114.54 billion; its shares were traded at around $55.57 with a P/E ratio of 1.25 and P/S ratio of 4.68. The dividend yield of PHILIP MORRIS INTERNATIONAL INC stocks is 3.5%.

New Purchase: Verigy Ltd. (VRGY)

Dodge & Cox initiated holdings in Verigy Ltd.. Their purchase prices were between $19.01 and $25.54, with an estimated average price of $22.5. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 12,748 shares as of 06/30/2008.

Verigy Ltd. designs develops manufactures sells and services advanced test systems and solutions for the memory and system-on-chip segments of the semiconductor industry. Verigy's scalable platform systems are used by leading semiconductor companies worldwide in design validation characterization and high-volume manufacturing test. Verigy Ltd. has a market cap of $1.35 billion; its shares were traded at around $22.5 with a P/E ratio of 12.60 and P/S ratio of 1.74.

New Purchase: Staples Inc. (SPLS)

Dodge & Cox initiated holdings in Staples Inc.. Their purchase prices were between $21.5 and $25.49, with an estimated average price of $23.2. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 13,972 shares as of 06/30/2008.

Staples.com is creating a leading business-to-business electronic marketplace offering a comprehensive solution for all of the officeneeds of business customers. Staples.com provides an electronic marketplace where small mid-sized and large businesses can procure office products and business services and obtain business information and expert content. Staples.com includes the operations of all three of Staples Inc.'s e-commerce sites: Staples.com Quillcorp.com and StaplesLink.com. (PRESS RELEASE) Staples Inc. has a market cap of $17.48 billion; its shares were traded at around $24.9 with a P/E ratio of 17.82 and P/S ratio of 0.89. The dividend yield of Staples Inc. stocks is 1.42%.

New Purchase: Leap Wireless International Inc. (LEAP)

Dodge & Cox initiated holdings in Leap Wireless International Inc.. Their purchase prices were between $43.68 and $61.09, with an estimated average price of $54. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 6,000 shares as of 06/30/2008.

Leap Wireless is a customer-focused company providing innovative mobile wireless services that are targeted to meet the needs of customers who are under-served by traditional communications companies. With a commitment to predictability simplicity and value as the foundation of our business Leap pioneered Cricket? service a simple and affordable wireless alternative to traditional landline service. Cricket service offers customers unlimited anytime minutes within the Cricket calling area over a high-quality all-digital CDMA network. Leap Wireless International Inc. has a market cap of $2.95 billion; its shares were traded at around $42.56 with P/S ratio of 1.66.

New Purchase: DIRECTV Group Inc. The (DTV)

Dodge & Cox initiated holdings in DIRECTV Group Inc. The. Their purchase prices were between $25.25 and $28.1, with an estimated average price of $26.7. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 24,430 shares as of 06/30/2008.

The DIRECTV Group Inc. is a world-leading provider of digital multichannel television entertainment broadband satellite networks and services and global video and data broadcasting. DIRECTV Group Inc. The has a market cap of $30.95 billion; its shares were traded at around $27.88 with a P/E ratio of 21.70 and P/S ratio of 1.69.

New Purchase: iShares S&P 500 Index Fund (IVV)

Dodge & Cox initiated holdings in iShares S&P 500 Index Fund. Their purchase prices were between $128.06 and $142.16, with an estimated average price of $136.7. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 9,383 shares as of 06/30/2008.

iShares S&P 500 Index Fund has a market cap of $ million; its shares were traded at around $130.29 . The dividend yield of iShares S&P 500 Index Fund stocks is 2%.

Reduced: ECHOSTAR CORPORATION (SATS)

Dodge & Cox reduced to their holdings in ECHOSTAR CORPORATION by 99.6%. Their sale prices were between $28.37 and $38, with an estimated average price of $32.9. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 7,180 shares as of 06/30/2008.

ECHOSTAR CORP is a publicly traded company. They intend to operate two primary businesses a digital set-top box business and a fixed satellite services business. Their set-top box business designs develops and distributes set-top boxes and related products for direct-to-home satellite service providers. ECHOSTAR CORPORATION has a market cap of $2.85 billion; its shares were traded at around $31.65 with a P/E ratio of 15.99 and P/S ratio of 1.20.

Reduced: Spectra Energy Corp (SE)

Dodge & Cox reduced to their holdings in Spectra Energy Corp by 47.71%. Their sale prices were between $22.88 and $28.2, with an estimated average price of $25.8. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 107,551 shares as of 06/30/2008.

SPECTRA ENERGY CORP is one of North America's premier natural gas infrastructure companies serving three key links in the natural gas value chain: gathering and processing transmission and storage and distribution. For close to a century Spectra Energy and its predecessor companies have developed critically important pipelines and related infrastructure connecting natural gas supply sources to premium markets. Spectra Energy Corp has a market cap of $16.02 billion; its shares were traded at around $26.06 with a P/E ratio of 13.93 and P/S ratio of 3.13. The dividend yield of Spectra Energy Corp stocks is 3.8%.

Reduced: ScheringPlough Corp. (SGP)

Dodge & Cox reduced to their holdings in ScheringPlough Corp. by 20.69%. Their sale prices were between $16.01 and $20.33, with an estimated average price of $18.6. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 896,844 shares as of 06/30/2008.

Schering-Plough Corporation and its subsidiaries are engaged in the discovery development manufacturing and marketing of pharmaceutical products worldwide. The company operates primarily in the prescription pharmaceutical marketplace. However where appropriate the company has sought regulatory approval to switch prescription products to over-the-counter status as a means of extending a product's life cycle. ScheringPlough Corp. has a market cap of $33.63 billion; its shares were traded at around $20.69 with P/S ratio of 2.05. The dividend yield of ScheringPlough Corp. stocks is 1.3%.

Reduced: Electronic Data Systems Corp. (EDS)

Dodge & Cox reduced to their holdings in Electronic Data Systems Corp. by 99.96%. Their sale prices were between $16.92 and $24.56, with an estimated average price of $21.6. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 25,900 shares as of 06/30/2008.

Electronic Data Systems Corp. is one of the leaders in the global information technology services industry. The company provides strategy implementation and hosting services and solutions for clients managing the complexities of the digital economy bringing together the world's best technologies to address our clients' critical business imperatives. The company's four lines of business are Information Solutions Business Process Management E.solutions and A.T. Kearney. Electronic Data Systems Corp. has a market cap of $12.54 billion; its shares were traded at around $24.82 with a P/E ratio of 20.23 and P/S ratio of 0.56. The dividend yield of Electronic Data Systems Corp. stocks is 0.8%.

Reduced: Safeco Corp. (SAF)

Dodge & Cox reduced to their holdings in Safeco Corp. by 24.65%. Their sale prices were between $43.33 and $66.91, with an estimated average price of $61.5. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 30,878 shares as of 06/30/2008.

SAFECO Corporation owns operating subsidiaries in segments of insurance and other financially related businesses. SAFECO's insurance subsidiaries engage in two principal lines: property and casualty and life insurance. SAFECO's property and casualty insurance operations is one of the largest in the United States. Safeco Corp. has a market cap of $6.09 billion; its shares were traded at around $67.67 with a P/E ratio of 10.04 and P/S ratio of 0.99. The dividend yield of Safeco Corp. stocks is 2.4%.

Reduced: Canadian Pacific Railway Ltd. (CP)

Dodge & Cox reduced to their holdings in Canadian Pacific Railway Ltd. by 20.6%. Their sale prices were between $64.06 and $72.98, with an estimated average price of $68.8. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 10,019 shares as of 06/30/2008.

Canadian Pacific Railway is North America's first transcontinental railway and is the only transcontinental carrier with direct service to the U.S. Eastern Seaboard. Canadian Pacific Railway Ltd. has a market cap of $9.19 billion; its shares were traded at around $59.76 with a P/E ratio of 12.20 and P/S ratio of 2.10. The dividend yield of Canadian Pacific Railway Ltd. stocks is 1.6%.

Reduced: Stryker Corp. (SYK)

Dodge & Cox reduced to their holdings in Stryker Corp. by 20.92%. Their sale prices were between $62.12 and $65.89, with an estimated average price of $63.9. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 15,500 shares as of 06/30/2008.

Stryker Corporation develops manufactures and markets specialty surgical and medical products including orthopaedic implants bone cement trauma systems used in bone repair powered surgical instruments endoscopic systems craniomaxillofacial fixation devices specialty surgical equipment used in neurosurgery and patient care and handling equipment for the global market and provide outpatient physical and occupational rehabilitation services. Stryker Corp. has a market cap of $27.58 billion; its shares were traded at around $66.89 with a P/E ratio of 25.39 and P/S ratio of 4.25. The dividend yield of Stryker Corp. stocks is 0.5%.

Reduced: CIT Group Inc. (CIT)

Dodge & Cox reduced to their holdings in CIT Group Inc. by 21.05%. Their sale prices were between $7.91 and $14.51, with an estimated average price of $11. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 40,500 shares as of 06/30/2008.

CIT Group Inc. is a leading commercial and consumer finance company provides clients with financing and leasing products and advisory services. CIT Group Inc. has a market cap of $2.72 billion; its shares were traded at around $9.53 with P/S ratio of 0.84. The dividend yield of CIT Group Inc. stocks is 4.9%.

Reduced: Unum Group (UNM)

Dodge & Cox reduced to their holdings in Unum Group by 25.33%. Their sale prices were between $20.94 and $24.75, with an estimated average price of $23.2. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 124,900 shares as of 06/30/2008.

UnumProvident is the industry leader in disability income protection and one of the top providers of supplemental benefits in the nation. The company's subsidiaries offer comprehensive insurance solutions to help protect against the financial effects of accident illness or death. Below are the countries in which we operate and the companies that offer products in each country. Unum Group has a market cap of $8.56 billion; its shares were traded at around $24.79 with a P/E ratio of 11.72 and P/S ratio of 0.80. The dividend yield of Unum Group stocks is 1.4%.

Reduced: United Technologies Corp. (UTX)

Dodge & Cox reduced to their holdings in United Technologies Corp. by 21.05%. Their sale prices were between $60.86 and $74.42, with an estimated average price of $69.9. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 28,469 shares as of 06/30/2008.

United Technologies Corporation provides a broad range of high technology products and services to the building systems and aerospace industries. Those products include Pratt & Whitney aircraft engines space propulsion systems and industrial gas turbines; Carrier heating air conditioning and refrigeration; Otis elevator escalator and people movers; Hamilton Sundstrand aerospace and industrial products; Sikorsky helicopters and International Fuel Cells power systems. (Company Press Release) United Technologies Corp. has a market cap of $64.42 billion; its shares were traded at around $66.8 with a P/E ratio of 14.43 and P/S ratio of 1.10. The dividend yield of United Technologies Corp. stocks is 2%.

Reduced: Avon Products Inc. (AVP)

Dodge & Cox reduced to their holdings in Avon Products Inc. by 31.97%. Their sale prices were between $35.28 and $40.55, with an estimated average price of $38.4. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 333,900 shares as of 06/30/2008.

Avon Products Inc. is one of the world's leading manufacturers and marketers of beauty and related products which include cosmetics fragrance and toiletries; beauty plus which consists of jewelry and accessories and apparel; and non-core which consists of gift and decorative and home entertainment products. Avon Products Inc. has a market cap of $18.39 billion; its shares were traded at around $43.19 with a P/E ratio of 27.08 and P/S ratio of 1.72. The dividend yield of Avon Products Inc. stocks is 2.2%.

Reduced: Aetna Inc. (AET)

Dodge & Cox reduced to their holdings in Aetna Inc. by 47.62%. Their sale prices were between $40.31 and $47.16, with an estimated average price of $43.4. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 17,267 shares as of 06/30/2008.

Aetna Inc. is one of the nation's largest health benefits companies and one of the nation's largest insurance and financial services organizations. Aetna provides these benefits to employer and plan sponsor customers in all 50 states ranging from large multisite national accounts to middle-market and small-employer groups. Its products include the full range of health insurance including dental and pharmacy benefits from HMO and POS to PPO and indemnity as well as group insurance products such as life disability and long-term care insurance. Aetna Inc. has a market cap of $20.66 billion; its shares were traded at around $43.8 with a P/E ratio of 12.06 and P/S ratio of 0.68. The dividend yield of Aetna Inc. stocks is 0.1%.

Reduced: Alcoa Inc. (AA)

Dodge & Cox reduced to their holdings in Alcoa Inc. by 22.57%. Their sale prices were between $34.79 and $42.92, with an estimated average price of $37.9. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 571,511 shares as of 06/30/2008.

Alcoa Inc. is the world's leading producer and manager of primary aluminum fabricated aluminum and alumina facilities and is active in all major aspects of the industry. Alcoa serves the aerospace automotive packaging building and construction commercial transportation and industrial markets bringing design engineering production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components Alcoa also markets consumer brands including Reynolds Wrap foils and plastic wraps Alcoa wheels and Baco household wraps. Among its other businesses are closures fastening systems precision castings and electrical distribution systems for cars and trucks. Alcoa Inc. has a market cap of $25.87 billion; its shares were traded at around $31.81 with a P/E ratio of 13.17 and P/S ratio of 0.87. The dividend yield of Alcoa Inc. stocks is 2.1%.

Reduced: The Gap Inc. (GPS)

Dodge & Cox reduced to their holdings in The Gap Inc. by 24.75%. Their sale prices were between $16.65 and $19.24, with an estimated average price of $18.1. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 887,780 shares as of 06/30/2008.

The Gap Inc. is a global specialty retailer which operates stores selling casual apparel personal care and other accessories for men women and children under the Gap Banana Republic and Old Navy brands. The company designs virtually all of its products which in turn are manufactured by independent sources and sells them under its brand names. The Gap Inc. has a market cap of $14.04 billion; its shares were traded at around $19.4 with a P/E ratio of 16.60 and P/S ratio of 0.89. The dividend yield of The Gap Inc. stocks is 2.1%.

Reduced: White Mountains Insurance Group Ltd. (WTM)

Dodge & Cox reduced to their holdings in White Mountains Insurance Group Ltd. by 25%. Their sale prices were between $434.8 and $482.83, with an estimated average price of $462.3. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 1,500 shares as of 06/30/2008.

White Mountains Insurance Group Ltd. is engaged in the business of property and casualty insurance and reinsurance. White Mountains Insurance Group Ltd. has a market cap of $4.7 billion; its shares were traded at around $448.33 with a P/E ratio of 32.44 and P/S ratio of 1.08. The dividend yield of White Mountains Insurance Group Ltd. stocks is 1.9%.

Reduced: Pacific Capital Bancorp (PCBC)

Dodge & Cox reduced to their holdings in Pacific Capital Bancorp by 25.63%. Their sale prices were between $14.36 and $23.36, with an estimated average price of $19.3. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 49,340 shares as of 06/30/2008.

Pacific Capital Bancorp is a bank holding company for Santa Barbara Bank & Trust First National Bank of Central California and South Valley National Bank. The banks offer a full range of commercial banking services to households professionals and small- to medium-sized businesses. These include various commercial real estate and consumer loan leasing and deposit products. The banks offers other services like electronic fund transfers and safe deposit boxes to both individuals and businesses. Pacific Capital Bancorp has a market cap of $740.03 million; its shares were traded at around $16.02 with a P/E ratio of 9.05 and P/S ratio of 1.90. The dividend yield of Pacific Capital Bancorp stocks is 6.01%.

Reduced: Hess Corp. (HES)

Dodge & Cox reduced to their holdings in Hess Corp. by 27.57%. Their sale prices were between $92.69 and $127.93, with an estimated average price of $115.3. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 56,363 shares as of 06/30/2008.

Hess Corporation is a global integrated energy company engaged in the exploration for and the production purchase transportation and sale of crude oil and natural gas as well as the production and sale of refined petroleum products electricity. Hess Corp. has a market cap of $31.01 billion; its shares were traded at around $95.32 with a P/E ratio of 12.00 and P/S ratio of 0.82. The dividend yield of Hess Corp. stocks is 0.4%.

Reduced: John Wiley & Sons Inc. (JW-A)

Dodge & Cox reduced to their holdings in John Wiley & Sons Inc. by 35.33%. Their sale prices were between $41.74 and $48.66, with an estimated average price of $45.7. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 19,400 shares as of 06/30/2008.

Wiley John & Sons Inc. is a global publisher of print and electronic products specializing in scientific technical and medical books and journals; professional and consumer books and subscription services; and textbooks and other educational materials for undergraduate and graduate students as well as lifelong learners. The company has publishing marketing and distribution centers in the United States Canada Europe Asia and Australia. John Wiley & Sons Inc. has a market cap of $2.87 billion; its shares were traded at around $48.88 with a P/E ratio of 19.65 and P/S ratio of 1.66. The dividend yield of John Wiley & Sons Inc. stocks is 1%.

Reduced: NIKE Inc. (NKE)

Dodge & Cox reduced to their holdings in NIKE Inc. by 42.11%. Their sale prices were between $60.34 and $68.99, with an estimated average price of $66.7. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 22,000 shares as of 06/30/2008.

Nike Inc.'s principal business activity involves the design development and worldwide marketing of high quality footwear apparel equipment and accessory products. NIKE is the one of the largest sellers of athletic footwear and athletic apparel in the world. The company sells its products to retail accounts in the United States and through a mix of independent distributors licensees and subsidiaries in numerous countries around the world. NIKE Inc. has a market cap of $30.55 billion; its shares were traded at around $62.29 with a P/E ratio of 16.67 and P/S ratio of 1.63. The dividend yield of NIKE Inc. stocks is 1.6%.

Reduced: Vodafone Group plc (VOD)

Dodge & Cox reduced to their holdings in Vodafone Group plc by 95.98%. Their sale prices were between $27.86 and $31.8, with an estimated average price of $30.3. The impact to their portfolio due to this sale was -0.02%. Dodge & Cox still held 723,277 shares as of 06/30/2008.

Vodafone AirTouch Plc is the world's largest international mobile communications firm. Their primary operation is in digital and analog cellular telephone networks of Vodafone. Vodafone Group plc has a market cap of $138.44 billion; its shares were traded at around $26.06 with a P/E ratio of 11.14 and P/S ratio of 2.09. The dividend yield of Vodafone Group plc stocks is 7.5%.

Reduced: The Chubb Corp. (CB)

Dodge & Cox reduced to their holdings in The Chubb Corp. by 88.76%. Their sale prices were between $49.07 and $53.62, with an estimated average price of $51.8. The impact to their portfolio due to this sale was -0.03%. Dodge & Cox still held 670,955 shares as of 06/30/2008.

Chubb Corporation is a holding company with subsidiaries principally engaged in the property and casualty insurance business. The property and casualty insurance subsidiaries provide insurance coverages principally in the United States Canada Europe and parts of Australia Latin America and the Far East. The Chubb Corp. has a market cap of $17.53 billion; its shares were traded at around $48.61 with a P/E ratio of 7.36 and P/S ratio of 1.25. The dividend yield of The Chubb Corp. stocks is 2.9%.

Reduced: KT Corp. (KTC)

Dodge & Cox reduced to their holdings in KT Corp. by 63.47%. Their sale prices were between $21.26 and $24.49, with an estimated average price of $22.6. The impact to their portfolio due to this sale was -0.04%. Dodge & Cox still held 3,174,990 shares as of 06/30/2008.

KT Korea's top integrated wired/wireless communications service provider has been Korea's leader in the development of the information & communications business for the last twenty five years. In that same time it has helped turn Korea into an IT powerhouse with the world's leading technology in the operation of broadband service. With the commercial launch of the world's first wireless broadband service KT is paving the way for U-Korea with ubiquitous infrastructure through which people can share information wherever they are. KT Corp. has a market cap of $8.25 billion; its shares were traded at around $20.24 with a P/E ratio of 8.23 and P/S ratio of 0.46.

Reduced: Masco Corp. (MAS)

Dodge & Cox reduced to their holdings in Masco Corp. by 23.88%. Their sale prices were between $15.69 and $19.85, with an estimated average price of $18.1. The impact to their portfolio due to this sale was -0.06%. Dodge & Cox still held 17,560,385 shares as of 06/30/2008.

Masco Corporation is the country's leading manufacturer of home improvement and building products that bring the highest quality and value to your home and family. Although Masco may not yet be a household word you probably recognize some of our family members. Currently we have over 30 quality building products manufacturers in our family. Masco Corp. has a market cap of $6.71 billion; its shares were traded at around $18.65 with a P/E ratio of 48.69 and P/S ratio of 0.59. The dividend yield of Masco Corp. stocks is 5.8%.

Reduced: McDonald's Corp. (MCD)

Dodge & Cox reduced to their holdings in McDonald's Corp. by 88.22%. Their sale prices were between $55.04 and $60.56, with an estimated average price of $58. The impact to their portfolio due to this sale was -0.06%. Dodge & Cox still held 1,323,170 shares as of 06/30/2008.

McDonald's Corporation develops operates franchises and services a worldwide system of restaurants that prepare assemble package and sell a limited menu of value-priced foods. The company operates primarily in the quick-service hamburger restaurant business. All restaurants are operated by the company or under the terms of franchise arrangements by franchisees who are independent third parties or by affiliates operating under joint-venture agreements between the company and local business people. McDonald's Corp. has a market cap of $71.56 billion; its shares were traded at around $63.63 with a P/E ratio of 16.76 and P/S ratio of 3.06. The dividend yield of McDonald's Corp. stocks is 2.6%.

Reduced: Fomento Economico Mexicano S.A.B. de C.V (FMX)

Dodge & Cox reduced to their holdings in Fomento Economico Mexicano S.A.B. de C.V by 72.63%. Their sale prices were between $41.58 and $47.05, with an estimated average price of $44.2. The impact to their portfolio due to this sale was -0.07%. Dodge & Cox still held 2,222,173 shares as of 06/30/2008.

FOMENTO ECO-ADR is Latin America's largest beverage company exporting to the United States Canada and select countries in Europe Asia and Latin America. They are strategically comprised of and operates by means of the following subsidiaries: FEMSA Cerveza Coca-Cola FEMSA the largest bottler for The Coca-Cola Co. in Latin America and the Strategic Businesses Division which groups the packaging retail and logistics operations whose main objective is to offer competitive advantages to the beverage subsidiaries. Fomento Economico Mexicano S.A.B. de C.V has a market cap of $16.94 billion; its shares were traded at around $47.34 with a P/E ratio of 19.50 and P/S ratio of 1.12. The dividend yield of Fomento Economico Mexicano S.A.B. de C.V stocks is 1.1%.

Reduced: Union Pacific Corp. (UNP)

Dodge & Cox reduced to their holdings in Union Pacific Corp. by 90.08%. Their sale prices were between $64.93 and $82.08, with an estimated average price of $73.5. The impact to their portfolio due to this sale was -0.08%. Dodge & Cox still held 1,264,602 shares as of 06/30/2008.

Union Pacific Corp. consists of one reportable segment rail transportation and the company's other product lines. The railsegment includes the operations of the corporation's wholly owned subsidiary Union Pacific Railroad Company and Union Pacific Railroad Company's subsidiaries and rail affiliates. The company's other operations include the trucking product line as well as the other product lines that include technology self-insurance activities corporate holding company operations and all appropriate consolidating entries. Union Pacific Corp. has a market cap of $42.49 billion; its shares were traded at around $76.87 with a P/E ratio of 20.23 and P/S ratio of 2.49. The dividend yield of Union Pacific Corp. stocks is 1.1%.

Reduced: Mitsubishi UFJ Financial Group Inc. (MTU)

Dodge & Cox reduced to their holdings in Mitsubishi UFJ Financial Group Inc. by 64.34%. Their sale prices were between $8.72 and $10.79, with an estimated average price of $9.9. The impact to their portfolio due to this sale was -0.13%. Dodge & Cox still held 24,130,100 shares as of 06/30/2008.

Mitsubishi Tokyo provides a variety of financial and investment services such as commercial banking asset management services and trust banking. Mitsubishi UFJ Financial Group Inc. has a market cap of $15.74 T million; its shares were traded at around $7.33 with P/S ratio of 395.94.

Reduced: Statoil ASA (STO)

Dodge & Cox reduced to their holdings in Statoil ASA by 23.62%. Their sale prices were between $29.88 and $41.7, with an estimated average price of $36.1. The impact to their portfolio due to this sale was -0.13%. Dodge & Cox still held 15,709,989 shares as of 06/30/2008.

Statoil is an integrated oil and gas company. One of the world?s biggest sellers of crude oil Statoil is also a major supplier of natural gas in the European market and has substantial industrial operations. The group has service stations in the Scandinavian countries Ireland Poland the Baltic states and Russia. Statoil is one of the world?s most environmentally-efficient producers and transporters of oil and gas. Statoil ASA has a market cap of $90.07 billion; its shares were traded at around $28.27 with a P/E ratio of 8.75 and P/S ratio of 0.81. The dividend yield of Statoil ASA stocks is 2.1%.

Reduced: The Travelers Companies Inc. (TRV)

Dodge & Cox reduced to their holdings in The Travelers Companies Inc. by 20.93%. Their sale prices were between $44.3 and $51.75, with an estimated average price of $48.7. The impact to their portfolio due to this sale was -0.2%. Dodge & Cox still held 23,236,341 shares as of 06/30/2008.

St. Paul Travelers is a leading provider of commercial property-liability insurance and asset management services. Under the Travelers brand the company is also a leading underwriter of homeowners and auto insurance through independent agents. The Travelers Companies Inc. has a market cap of $26.27 billion; its shares were traded at around $44.46 with a P/E ratio of 6.79 and P/S ratio of 1.01. The dividend yield of The Travelers Companies Inc. stocks is 2.8%.

Sold Out: Lockheed Martin Corp. (LMT)

Dodge & Cox sold out their holdings in Lockheed Martin Corp.. Their sale prices were between $99.62 and $109.44, with an estimated average price of $104.8. The impact to their portfolio due to this sale was less than 0.01%.

Lockheed Martin Corp. is a global enterprise principally engaged in the research design development manufacture and integration of advanced-technology systems products and services. The corporation's core businesses are systems integration space aeronautics and technology services. (Company Press Release) Lockheed Martin Corp. has a market cap of $46.24 billion; its shares were traded at around $116.67 with a P/E ratio of 15.39 and P/S ratio of 1.04. The dividend yield of Lockheed Martin Corp. stocks is 1.6%.

Sold Out: Patterson Companies Inc. (PDCO)

Dodge & Cox sold out their holdings in Patterson Companies Inc.. Their sale prices were between $29.76 and $37.18, with an estimated average price of $33.7. The impact to their portfolio due to this sale was less than 0.01%.

Patterson Companies Inc. is a value-added distributor serving the dental companion-pet veterinarian and rehabilitation supply markets. Patterson Companies Inc. has a market cap of $3.97 billion; its shares were traded at around $32.69 with a P/E ratio of 19.32 and P/S ratio of 1.33.

Sold Out: IngersollRand Company Ltd. (IR)

Dodge & Cox sold out their holdings in IngersollRand Company Ltd.. Their sale prices were between $36.7 and $46.18, with an estimated average price of $42.6. The impact to their portfolio due to this sale was less than 0.01%.

Ingersoll Rand Company is one of the leading providers of security and safety climate control industrial productivity and infrastructure products. In each of these markets the company offers a diverse productportfolio that includes well-recognized industrial and commercial brands. IngersollRand Company Ltd. has a market cap of $12.8 billion; its shares were traded at around $40.17 with a P/E ratio of 3.54 and P/S ratio of 1.28. The dividend yield of IngersollRand Company Ltd. stocks is 2%.

Sold Out: Canadian Natural Resources Ltd. (CNQ)

Dodge & Cox sold out their holdings in Canadian Natural Resources Ltd.. Their sale prices were between $71.57 and $103.69, with an estimated average price of $92.5. The impact to their portfolio due to this sale was less than 0.01%.

Canadian Natural Resources Limited is a senior independent oil and natural gas exploration development and production company based in Calgary Alberta. The Company's operations are focused in Western Canada the North Sea and Offshore West Africa. Canadian Natural Resources Ltd. has a market cap of $40.6 billion; its shares were traded at around $75.08 with a P/E ratio of 22.94 and P/S ratio of 3.31. The dividend yield of Canadian Natural Resources Ltd. stocks is 0.5%.

Sold Out: FreeportMcMoRan Copper & Gold Inc. (FCX)

Dodge & Cox sold out their holdings in FreeportMcMoRan Copper & Gold Inc.. Their sale prices were between $105.77 and $123.67, with an estimated average price of $114.8. The impact to their portfolio due to this sale was less than 0.01%.

Freeport-McMoRan is engaged in mineral exploration and development mining and milling of copper gold and silver in Indonesia and the smelting and refining of copper concentrates in Spain and Indonesia. They are the world's lowest-cost copper producer and one of the world's largest producers of copper and gold. FCX's operations are conducted through its subsidiaries P.T. Freeport Indonesia (PT-FI) P.T. IRJA Eastern Minerals Corporation (Eastern Mining) and through Atlantic Copper S.A. (Atlantic). FreeportMcMoRan Copper & Gold Inc. has a market cap of $32.41 billion; its shares were traded at around $84.39 with a P/E ratio of 10.78 and P/S ratio of 1.64. The dividend yield of FreeportMcMoRan Copper & Gold Inc. stocks is 1.8%.

Sold Out: Fortune Brands Inc. (FO)

Dodge & Cox sold out their holdings in Fortune Brands Inc.. Their sale prices were between $61.92 and $72.94, with an estimated average price of $68. The impact to their portfolio due to this sale was less than 0.01%.

Fortune Brands is a holding company with subsidiaries engaged in themanufacture and sale of home products (plumbing accessories security devices and tool storage products) office products (stapling equipment computer accessories and supplies) golf products and spirits and wine. The company is recently involved in a strategy of seeking to enhance the operations of its principal operating companies. Fortune Brands Inc. has a market cap of $9.12 billion; its shares were traded at around $60.85 with a P/E ratio of 14.26 and P/S ratio of 1.17. The dividend yield of Fortune Brands Inc. stocks is 2.9%.

Sold Out: Gilead Sciences Inc. (GILD)

Dodge & Cox sold out their holdings in Gilead Sciences Inc.. Their sale prices were between $50.64 and $55.32, with an estimated average price of $53.2. The impact to their portfolio due to this sale was less than 0.01%.

Gilead Sciences Inc. is an independent biopharmaceutical company that seeks to provide accelerated solutions for patients and the people who care for them. They have a broad-based focus on developing and marketing drugs to treat patients with infectious diseases including viral infections fungal infections and bacterial infections and a specialized focus on cancer. They have expertise in liposomal drug delivery technology a technology that the company uses to develop drugsthat are safer easier for patients to tolerate and more effective. Gilead Sciences Inc. has a market cap of $51.92 billion; its shares were traded at around $56.26 with a P/E ratio of 31.22 and P/S ratio of 11.15.

Sold Out: NOVA Chemicals Corp. (NCX)

Dodge & Cox sold out their holdings in NOVA Chemicals Corp.. Their sale prices were between $24.16 and $28.88, with an estimated average price of $26.4. The impact to their portfolio due to this sale was less than 0.01%.

Nova Chemicals Corporation is a focused commodity chemicals company that produces olefins/polyolefins and styrenics. The company manufactures and markets ethylene polyethylene styrene polystyrene and expandable polystyrene. (Press Release) NOVA Chemicals Corp. has a market cap of $2.25 billion; its shares were traded at around $27.02 with a P/E ratio of 7.74 and P/S ratio of 0.29. The dividend yield of NOVA Chemicals Corp. stocks is 1.5%.

Sold Out: Dell Inc. (DELL)

Dodge & Cox sold out their holdings in Dell Inc.. Their sale prices were between $18.5 and $24.42, with an estimated average price of $21.1. The impact to their portfolio due to this sale was less than 0.01%.

Dell Inc. is a premier provider of products and services required for customers worldwide to build their information-technology and Internet infrastructures. Dell through its direct business model designs manufactures and customizes products and services to customer requirements and offers an extensive selection of software and peripherals. Dell Inc. has a market cap of $50.64 billion; its shares were traded at around $25.06 with a P/E ratio of 18.48 and P/S ratio of 0.82.

Sold Out: SunTrust Banks Inc. (STI)

Dodge & Cox sold out their holdings in SunTrust Banks Inc.. Their sale prices were between $37.04 and $57.77, with an estimated average price of $50.3. The impact to their portfolio due to this sale was less than 0.01%.

SunTrust Banks Inc. is a commercial banking organization. The company provides a wide range of services to meet the financial needs of its growing customer base in Alabama Florida Georgia Maryland Tennessee Virginia and the District of Columbia. Its primary businesses include traditional deposit and credit services as well as trust and investment services. (Company Press Release) SunTrust Banks Inc. has a market cap of $15.19 billion; its shares were traded at around $42.96 with a P/E ratio of 12.14 and P/S ratio of 2.22. The dividend yield of SunTrust Banks Inc. stocks is 8%.

Sold Out: Cott Corp. (COT)

Dodge & Cox sold out their holdings in Cott Corp.. Their sale prices were between $2.49 and $3.38, with an estimated average price of $2.9. The impact to their portfolio due to this sale was less than 0.01%.

Cott Corporation is one of the world's largest non-alcoholic beverage companies and the world's largest retailer brand soft drink provider. The Company commercializes its business in over Sixty countries worldwide with its principal markets being the United States Canada the United Kingdom and Mexico. Cott markets or supplies over two hundred retailer and licensed brands and Company-owned brands including Cott RC Vintage Vess and So Clear. Its products include carbonated soft drinks sparkling and flavored waters energy drinks sports drinks juices juice drinks and smoothies ready-to-drink teas and other non-carbonated beverages. Cott Corp. has a market cap of $200.34 million; its shares were traded at around $2.88 with P/S ratio of 0.11.

Sold Out: Allergan Inc. (AGN)

Dodge & Cox sold out their holdings in Allergan Inc.. Their sale prices were between $51.53 and $59.36, with an estimated average price of $55.3. The impact to their portfolio due to this sale was less than 0.01%.

Allergan Inc. is a provider of eye care and specialty pharmaceutical products throughout the world with products in the eye care pharmaceutical ophthalmic surgical device over-the-counter contact lens care movement disorder and dermatological markets. Its worldwide consolidated revenues are principally generated by prescription and non-prescription pharmaceutical products in the areas of ophthalmology and skin care neurotoxins intraocular lenses and other ophthalmic surgical products and contact lens care products. Allergan Inc. has a market cap of $17.5 billion; its shares were traded at around $57.5 with a P/E ratio of 30.78 and P/S ratio of 4.04. The dividend yield of Allergan Inc. stocks is 0.4%.

Added: Computer Sciences Corp. (CSC)

Dodge & Cox added to their holdings in Computer Sciences Corp. by 25.32%. The impact to their portfolio due to this purchase was 1.1%. Their holdings were 26,811,218 shares as of 06/30/2008.

Computer Sciences Corp. offers a broad array of professional services to clients in the global commercial and government markets and specializes in the application of advanced and complex I/T to achieve its customers' strategic objectives. Its service offerings include outsourcing systems integration and I/T and management consulting and other professional services including e-business solutions. Computer Sciences Corp. has a market cap of $7.33 billion; its shares were traded at around $48.47 with a P/E ratio of 14.28 and P/S ratio of 0.43.

Added: Fannie Mae (FNM)

Dodge & Cox added to their holdings in Fannie Mae by 893.64%. The impact to their portfolio due to this purchase was 1.08%. Their holdings were 119,814,881 shares as of 06/30/2008.

Fannie Mae is the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is one of the nation's largest sources of financing for home mortgages. Fannie Mae is working to shrink the nation's homeownership gaps through an American Dream Commitment to increase homeownership rates and serve targeted American families by the end of the decade. (Company Press Release) Fannie Mae has a market cap of $8.46 billion; its shares were traded at around $7.91 . The dividend yield of Fannie Mae stocks is 12.1%.

New Purchase: Cadence Design Systems Inc. (CDNS)

Dodge & Cox initiated holdings in Cadence Design Systems Inc.. The impact to their portfolio due to this purchase was 0.21%. Their holdings were 33,500,650 shares as of 06/30/2008.

Cadence Design Systems Inc. provides comprehensive software and othertechnology and offers design and methodology services for the productdevelopment requirements of the world's leading electronics companies. Cadence licenses its leading-edge electronic design automation software and hardware technology and provides a range of services to companies throughout the world to help optimize their product development processes. Cadence Design Systems Inc. has a market cap of $1.99 billion; its shares were traded at around $7.64 with a P/E ratio of 11.79 and P/S ratio of 1.26.


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