UNITED STATES
                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549

                              FORM 13F

                        FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  JUNE 30, 2002.

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 ADVISORS
Address: 609 Fifth Avenue, 11th Floor
         New York, NY 10017

13F File Number:  28-5114

The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.


Person Signing this Report on Behalf of reporting Manager:

Name:     Anthony Frazia,J.D.
Title:    Chief Compliance Officer/Risk Manager
Phone:    (212) 891-5508
Signature, Place, and Date of Signing:

Anthony Frazia     New York, New York    August 8, 2002

Report Type (Check only one.):

[X]     13F HOLDINGS REPORT.
[ ]	13F NOTICE.
[ ]     13F COMBINATION REPORT.


List of Other Managers Reporting for this Manager:


I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934


                   FORM 13F SUMMARY PAGE


Report Summary:

Number of Other Included Mangers:          0

Form 13F Information Table Entry Total:    261

Form 13F Information Table Value Total:    $34,022,615

List of Other Included Managers: 	   None


		

						FORM 13F INFORMATION TABLE
								Value	Shares/		Sh/	Invstmt	Other	           Voting Authority
Name of Issuer			Title of Class	CUSIP	     ( X $1000)	Prn Amt		Prn	Dscretn	ManagersSole	Shared	None

21st Century Insurance Group	Common Stock	90130N103	348	18,300		Sh	SOLE		18,300		0	0
3M Company			Common Stock	88579Y101	709,077	5,764,853	Sh	SOLE		5,764,853	0	0
Advent Software, Inc.		Common Stock	7974108		915	5,600		Sh	SOLE		35,600		0	0
AES Trust III,6.75%,10/15/29	Preferred Stock	00808N202	4,075	216,200		Sh	SOLE		216,200		0	0
AFLAC, Inc.			Common Stock	001055102	8,004	250,130		Sh	SOLE		250,130		0	0
Agere Systems Inc., Class  A	Common Stock	00845V100	108,197	75,324247	Sh	SOLE		77,283,868	0	0
Agilent Technologies, Inc.	Common Stock	00846U101	4,462	188,673		Sh	SOLE		188,673		0	0
Albertsons Inc			Common Stock	13104104	92,087	3,023,200	Sh	SOLE		3,023,200	0	0
Alexandria Real Estate Equities	Common Stock	015271109	17,197	348,531		Sh	SOLE		348,531		0	0
Alleghany Corp			Common Stock	17175100	769	4,027		Sh	SOLE		4,027		0	0
Allied Irish Banks Plc		Foreign Stock	19783		212	16,000		Sh	SOLE		16,000		0	0
Allmerica Financial Corp	Common Stock	19754100	287	6,203		Sh	SOLE		6,203		0	0
Allstate Corp			Common Stock	020002101	719	19,436		Sh	SOLE		19,436		0	0
Alltel Corp			Common Stock	20039103	386	8,215		Sh	SOLE		8,215		0	0
Aluminum Corp of China Ltd.	Foreign Stock	6425395		138	750,000		Sh	SOLE		750,000		0	0
Amazon.Com, Inc.		Common Stock	023135106	1,307	80,400		Sh	SOLE		80,400		0	0
American Express Co.		Common Stock	025816109      2,380,25865,535,726	Sh	SOLE		65,535,726	0	0
American International Group IncCommon Stock	26874107       1,220,48617,887,818	Sh	SOLE		17,887,818	0	0
American Standard Companies	Common Stock	029712106	127,272	1,694,700	Sh	SOLE		1,694,700	0	0
Anthem, Inc.			Common Stock	03674B104	5,958	88,300		Sh	SOLE		88,300		0	0
Aon Corp.			Common Stock	037389103	482,999	16,383,953	Sh	SOLE		16,383,953	0	0
Apartment Invt & Mgmt Co	Preferred Stock	03748R408	1,651	64,200		Sh	SOLE		64,200		0	0
Apogent Technologies, Inc.	Common Stock	03760A101	8,220	399,600		Sh	SOLE		399,600		0	0
Apple Computer			Common Stock	37833100	709	40,000		Sh	SOLE		40,000		0	0
Aramark Corp.,  Class B		Common Stock	38521100	11,875	475,000		Sh	SOLE		475,000		0	0
Archstone-Smith Trust		Common Stock	039583109	10,272	384,733		Sh	SOLE		384,733		0	0
Arden Realty			Common Stock	039793104	5,883	206,771		Sh	SOLE		206,771		0	0
Argonaut Group			Common Stock	40157109	321	15,000		Sh	SOLE		15,000		0	0
AT&T Wireless Group		Common Stock	00209A106	2,398	409,800		Sh	SOLE		409,855		0	0
Avalonbay Communities, Inc.	Common Stock	053484101	20,414	437,121		Sh	SOLE		437,121		0	0
Axa Spons - ADR			Common Stock	054536107	300	16,520		Sh	SOLE		16,520		0	0
Axis Specialty Limited RSTD	Common Stock	054609987	10,100	100,000		Sh	SOLE		100,000		0	0
Bank of America Corp.		Common Stock	060505104	1,216	17,282		Sh	SOLE		17,282		0	0
Bank One Corp.			Common Stock	06423A103	667,853	17,355,842	Sh	SOLE		17,355,842	0	0
Bayerische Motoren Werke AG	Foreign Stock	5756029		588	14,500		Sh	SOLE		14,500		0	0
Belo Corp., Class A		Common Stock	80555105	7,547	333,800		Sh	SOLE		333,800		0	0
Berkshire Hathaway Inc., ClassA	Common Stock	84670108	898,994	13,458		Sh	SOLE		13,458		0	0
Berkshire Hathaway Inc., Class BCommon Stock	84670207	154,139	68,968		Sh	SOLE		68,968		0	0
Blackrock, Inc.			Common Stock	09247X101	2,215	50,000		Sh	SOLE		50,000		0	0
BMC Software, Inc.		Common Stock	55921100	146,832	8,845,300	Sh	SOLE		8,845,300	0	0
Boston Properties, Inc.		Common Stock	101121101	19,638	491,572		Sh	SOLE		491,572		0	0
BP PLC				Foreign Stock	798059		395	47,000		Sh	SOLE		47,000		0	0
Bristol Myers Squibb Inc	Common Stock	110122108	280,509	10,914,696	Sh	SOLE		10,914,696	0	0
Canadian National Railway Pfd	Preferred Stock	136375409	4,300	63,000		Sh	SOLE		63,000		0	0
Canon Inc JPY50			Foreign Stock	6172323		189	5,000		Sh	SOLE		5,000		0	0
Capital One Financial Corp.	Common Stock	14040H105	1,871	30,655		Sh	SOLE		30,655		0	0
Cardinal Health Inc		Common Stock	14149Y108	1,850	30,133		Sh	SOLE		30,133		0	0
CarrAmerica Realty Corp.	Common Stock	144418100	7,225	234,191		Sh	SOLE		234,191		0	0
Catellus Development Corp.	Common Stock	149111106	18,104	886,595		Sh	SOLE		886,595		0	0
CBL & Associates Properties,Inc	Common Stock	124830100	13,355	329,755		Sh	SOLE		329,755		0	0
Celltech Group PLC		Foreign Stock	182276		134	16,900		Sh	SOLE		16,900		0	0
Centerpoint PPTS Trust A	Preferred Stock	151895208	2,329	91,700		Sh	SOLE		91,700		0	0
Centerpoint Properties Corp.	Common Stock	151895109	207,414	3,575,488	Sh	SOLE		3,575,488	0	0
Charles Schwab Corp.		Common Stock	808513105	5,495	490,595		Sh	SOLE		490,595		0	0
Chelsea Property Group, Inc.	Common Stock	163421100	20,480	612,250		Sh	SOLE		612,250		0	0
China Mobile Ltd./HK		Foreign Stock	6073556		160	54,000		Sh	SOLE		54,000		0	0
Chubb Corp.			Common Stock	171232101	169,231	2,390,272	Sh	SOLE		2,390,272	0	0
Cincinnati Financial Corp.	Common Stock	172062101	50,858	1,093,020	Sh	SOLE		1,093,020	0	0
Citigroup, Inc.			Common Stock	172967101	1,309,42133,791,497	Sh	SOLE		33,791,497	0	0
CNA Financial Corporation	Common Stock	126117100	352	13,268		Sh	SOLE		13,268		0	0
Coca Cola Enterprises Ltd.	Common Stock	191219104	1,325	60,000		Sh	SOLE		60,000		0	0
Compass Group ORD GBPO.10	Foreign Stock	533153		413	68,000		Sh	SOLE		68,000		0	0
Conoco Inc.			Common Stock	208251504	70,189	2,524,800	Sh	SOLE		2,524,800	0	0
Corporate Office Propertie Tr	Common Stock	22002T108	4,883	334,685		Sh	SOLE		334,685		0	0
Costco Wholesale Corp.		Common Stock	22160K105	1,026,68826,584,348	Sh	SOLE		26,584,348	0	0
Covad Communications Group Inc.	Common Stock	222814204	2,030	1,720,000	Sh	SOLE		1,720,000	0	0
CRH Plc.			Foreign Stock	182704		1,008	62,000		Sh	SOLE		62,000		0	0
Danske Bank			Foreign Stock	4588825		437	23,800		Sh	SOLE		23,800		0	0
Devon Energy Corp.		Common Stock	25179M103	665,925	13,513,082	Sh	SOLE		13,513,082	0	0
Diageo PLC			Foreign Stock	237400		432,469	33,292,379	Sh	SOLE		33,292,379	0	0
Diageo PLC, ADR			Common Stock	25243Q205	204,602	3,961,311	Sh	SOLE		3,961,311	0	0
Dominion Resorces Inc/ VA	Common Stock	25746U109	1,814	27,400		Sh	SOLE		27,400		0	0
Dover Corp.			Common Stock	260003108	390,620	11,160,579	Sh	SOLE		11,160,579	0	0
DST Systems, Inc.		Common Stock	233326107	3,309	72,400		Sh	SOLE		72,400		0	0
Duane Reade Inc.		Common Stock	263578106	8,036	236,000		Sh	SOLE		236,000		0	0
Duke Realty Corp		Common Stock	264411505	15,423	532,745		Sh	SOLE		532,745		0	0
Dun & Bradstreet Corp.		Common Stock	2.65E+104	352,993	10,680,575	Sh	SOLE		10,680,575	0	0
E.W. Scripps Co., Class A	Common Stock	811054204	3,781	49,100		Sh	SOLE		49,100		0	0
Edwards (A.G.) Inc		Common Stock	281760108	225	5,785		Sh	SOLE		5,785		0	0
Electrolux AB- Series B		Foreign Stock	5466782		1,339	66,500		Sh	SOLE		66,500		0	0
Eli Lilly and Co.		Common Stock	532457108	626,439	11,107,082	Sh	SOLE		11,107,082	0	0
Entravision Communication Corp	Common Stock	29382R107	2,179	177,900		Sh	SOLE		177,900		0	0
EOG Resources, Inc.		Common Stock	26875P101	405,561	10,215,611	Sh	SOLE		10,215,611	0	0
Equifax Inc.			Common Stock	294429105	4,720	174,800		Sh	SOLE		174,800		0	0
Equity Office Properties Trust	Common Stock	294741103	15,778	524,194		Sh	SOLE		524,194		0	0
Equity Residential		Preferred Stock	29476L883	2,022	63,200		Sh	SOLE		63,200		0	0
Equity Residential - Class C	Preferred Stock	29476L503	414	15,500		Sh	SOLE		15,500		0	0
Equity Residential - COM	Common Stock	29476L107	5,400	187,831		Sh	SOLE		187,831		0	0
Equity Residential - PFD	Preferred Stock	29476L800	1,212	46,400		Sh	SOLE		46,400		0	0
Essex Property Trust, Inc.	Common Stock	297178105	6,023	110,114		Sh	SOLE		110,114		0	0
Everest Re Group, Ltd.		Common Stock	G3223R108	68,786	1,229,415	Sh	SOLE		1,229,415	0	0
Excel ORD PLC			Foreign Stock	448688		446	35,000		Sh	SOLE		35,000		0	0
Federal National Mortgage	Common Stock	313586109	5,753	78,000		Sh	SOLE		78,000		0	0
Fiat SPA			Foreign Stock	5748521		2,995	237,500		Sh	SOLE		237,500		0	0
Fidelity National Finl Inc	Common Stock	316326107	1,156	36,567		Sh	SOLE		36,567		0	0
Fifth Third Bancorp.		Common Stock	316773100	7,132	107,000		Sh	SOLE		107,000		0	0
First Industrial Realty TrInc.	Common Stock	32054K103	20,227	615,740		Sh	SOLE		615,740		0	0
FPIC Insurance Group, Inc.	Common Stock	302563101	6,550	435,200		Sh	SOLE		435,200		0	0
Gannett Co., Inc.		Common Stock	364730101	202,165	2,663,570	Sh	SOLE		2,663,570	0	0
General Growth Properties Inc.	Common Stock	370021107	152,205	2,984,404	Sh	SOLE		2,984,404	0	0
General Growth Properties,7.25%	Preferred Stock	370021206	115,070	3,607,200	Sh	SOLE		3,607,200	0	0
Golden West Financial Corp.	Common Stock	381317106	998,691	14,520,078	Sh	SOLE		14,520,078	0	0
Greenpoint Financial		Common Stock	395384100	2,435	49,600		Sh	SOLE		49,600		0	0
Groupe Bruxelles Lambert S.A.	Foreign Stock	7097328		3,134	60,100		Sh	SOLE		60,100		0	0
Halliburton Co.			Common Stock	406216101	1,044	65,526		Sh	SOLE		65,526		0	0
Hershey Foods Corp.		Common Stock	427866108	162,006	2,592,101	Sh	SOLE		2,592,101	0	0
Hewlett Packard Co.		Common Stock	428236103	322	21,100		Sh	SOLE		21,100		0	0
Highwoods Properties Inc	Common Stock	431284108	16,015	615,966		Sh	SOLE		615,966		0	0
Home Properties NY Inc.		Common Stock	437306103	13,472	355,084		Sh	SOLE		355,084		0	0
Hongkong Electric Holdings	Foreign Stock	6435327		75	20,000		Sh	SOLE		20,000		0	0
Horace Mann Educators Corp.	Common Stock	440327104	11,915	638,215		Sh	SOLE		638,215		0	0
Household International, Inc.	Common Stock	441815107	1,535,26430,890,600	Sh	SOLE		30,890,600	0	0
IDT Corp.			Common Stock	448947101	1,502	88,800		Sh	SOLE		88,800		0	0
IDT Corp., Class B		Common Stock	448947309	3,136	194,800		Sh	SOLE		194,800		0	0
IMS Health Inc.			Common Stock	449934108	115,778	6,450,000	Sh	SOLE		6,450,000	0	0
Ing Groep N.V.-Sponsored ADR	Common Stock	456837103	606	23,838		Sh	SOLE		23,838		0	0
ING Groep NV			Foreign Stock	7154182		410	16,000		Sh	SOLE		16,000		0	0
International Business Machines	Common Stock	459200101	1,045	14,520		Sh	SOLE		14,520		0	0
International Rectifier Corp	Common Stock	460254105	831	28,500		Sh	SOLE		28,500		0	0
International Speedway Corp.CL	Common Stock	460335201	2,438	60,800		Sh	SOLE		60,800		0	0
Investment Technology Group	Common Stock	46145F105	2,943	90,002		Sh	SOLE		90,002		0	0
Investor  AB			Foreign Stock	5679591		28,836	3,300,000	Sh	SOLE		3,300,000	0	0
ISS A/S				Foreign Stock	5952816		211	4,000		Sh	SOLE		4,000		0	0
J.P. Morgan Chase & Co.		Common Stock	46625H100	502	14,803		Sh	SOLE		14,803		0	0
JC Penney (Holding Co) Inc.	Common Stock	708160106	62,405	2,834,000	Sh	SOLE		2,834,000	0	0
Jefferies Group Inc (New)	Common Stock	472319102	2,526	60,001		Sh	SOLE		60,001		0	0
Julius Baer Holdings Ltd.ClB	Foreign Stock	7194177		465,140	1,622,821	Sh	SOLE		1,622,821	0	0
KB Home				Common Stock	48666K109	652	12,650		Sh	SOLE		12,650		0	0
Kerr-McGee(Devon Energy) 5.50	Preferred Stock	492386305	12,285	264,200		Sh	SOLE		264,200		0	0
Kilroy Realty Corp.		Common Stock	49427F108	7,264	271,561		Sh	SOLE		271,561		0	0
Kimco Realty Corp.		Common Stock	49446R109	16,060	479,537		Sh	SOLE		479,537		0	0
Kinder Morgan, Inc.		Common Stock	49455P101	313,089	8,234,829	Sh	SOLE		8,234,829	0	0
KPMG Consulting, Inc.		Common Stock	48265R109	2,562	172,400		Sh	SOLE		172,400		0	0
Kraft Foods Inc.		Common Stock	50075N104	306,739	7,490,571	Sh	SOLE		7,490,571	0	0
Lagardere S.C.A.		Foreign Stock	4547213		180,645	4,180,120	Sh	SOLE		4,180,120	0	0
Lexmark International, Inc.	Common Stock	529771107	659,526	12,123,636	Sh	SOLE		12,123,636	0	0
Liberty Property Trust		Common Stock	531172104	21,577	616,479		Sh	SOLE		616,479		0	0
Lin TV Corp Class A		Common Stock	532774106	1,947	72,000		Sh	SOLE		72,000		0	0
Lloyds TSB Group PLC		Foreign Stock	870612		299,675	30,100,081	Sh	SOLE		30,100,081	0	0
Lloyds TSB Group PLC		Common Stock	539439109	138,947	3,469,322	Sh	SOLE		3,469,322	0	0
Loews Corp.			Common Stock	540424108	533,796	10,073,504	Sh	SOLE		10,073,504	0	0
Logic Vision, Inc.		Common Stock	54140W107	656	122,647		Sh	SOLE		122,647		0	0
Lucent Tech,144A, 8%, 8/1/3	Preferred Stock	549463206	18,816	38,400		Sh	SOLE		38,400		0	0
M & T Bank Corp			Common Stock	55261F104	8,576	100,000		Sh	SOLE		100,000		0	0
Marathon Oil Corporation	Common Stock	565849106	466	17,200		Sh	SOLE		17,200		0	0
Markel Corp.			Common Stock	570535104	45,010	228,475		Sh	SOLE		228,475		0	0
Marriott Intl, Inc., Class	Common Stock	571903202	300,063	7,886,011	Sh	SOLE		7,886,011	0	0
Marshall & Ilsley Corp		Common Stock	571834100	208	6,711		Sh	SOLE		6,711		0	0
Martin Marietta Materials, Inc.	Common Stock	573284106	242,681	6,222,600	Sh	SOLE		6,222,600	0	0
Masco Corp.			Common Stock	574599106	573,038	21,137,508	Sh	SOLE		21,137,508	0	0
May Deptartment Stores Co.	Common Stock	577778103	296	9,000		Sh	SOLE		9,000		0	0
Mazda Motor Corporation		Foreign Stock	6900308		185	70,000		Sh	SOLE		70,000		0	0
Mellon Financial Corp.		Common Stock	58551A108	673	21,400		Sh	SOLE		21,400		0	0
Merck & Co., Inc.		Common Stock	589331107	542,559	10,714,034	Sh	SOLE		10,714,034	0	0
Mercury General Corp.		Common Stock	589400100	1,746	36,000		Sh	SOLE		36,000		0	0
Merrill Lynch & Co Inc		Common Stock	590188108	722	17,837		Sh	SOLE		17,837		0	0
Metro-Goldwyn-Mayer, Inc.	Common Stock	591610100	4,529	387,100		Sh	SOLE		387,100		0	0
Mid-Atlantic Realty Trust	Common Stock	595232109	587	33,333		Sh	SOLE		33,333		0	0
Molex Inc., Class A		Common Stock	608554200	577	21,028		Sh	SOLE		21,028		0	0
Molex, Inc.			Common Stock	608554101	1,341	40,000		Sh	SOLE		40,000		0	0
Mondadori Editore		Foreign Stock	4084895		292	44,100		Sh	SOLE		44,100		0	0
Moody's Corp.			Common Stock	615369105	560,093	11,258,137	Sh	SOLE		11,258,137	0	0
Morgan Stanley			Common Stock	617446448	509,383	11,824,111	Sh	SOLE		11,824,111	0	0
Morrison (WM.) Supermarkets	Foreign Stock	604316		180	58,000		Sh	SOLE		58,000		0	0
Motorola Inc.			Common Stock	620076109	1,488	102,000		Sh	SOLE		102,000		0	0
News Corp, Ltd., ADR		Common Stock	652487703	3,490	152,218		Sh	SOLE		152,218		0	0
Nokia Oyj			Foreign Stock	5902941		190	13,000		Sh	SOLE		13,000		0	0
Nomura Holdings  LTD, JAPAN	Foreign Stock	6643108		440	30,000		Sh	SOLE		30,000		0	0
Northern Trust Corp.		Common Stock	665859104	1,322	30,000		Sh	SOLE		30,000		0	0
Novartis  AG-Reg Shs		Foreign Stock	7103065		439	10,000		Sh	SOLE		10,000		0	0
Novo Nordisk A/S-B		Foreign Stock	7077524		397	12,000		Sh	SOLE		12,000		0	0
Old Republic International Inc.	Common Stock	680223104	621	19,728		Sh	SOLE		19,728		0	0
Olympus Optical Co., Ltd.	Foreign Stock	6658801		196	14,000		Sh	SOLE		14,000		0	0
Panamerican Beverages, Inc.	Common Stock	2674469		4,799	336,800		Sh	SOLE		336,800		0	0
Parkway Properties, Inc		Common Stock	70159Q104	6,543	179,859		Sh	SOLE		179,859		0	0
Paychex, Inc.			Common Stock	704326107	702	22,437		Sh	SOLE		22,437		0	0
PepsiCo				Common Stock	713448108	228	4726		Sh	SOLE		4726		0	0
Pfizer Inc			Common Stock	717081103	315	8,986		Sh	SOLE		8,986		0	0
Pharmacia Corp.			Common Stock	71713U102	133,460	3,563,680	Sh	SOLE		3,563,680	0	0
Philip Morris Cos. Inc.		Common Stock	718154107	1,960,83244,890,834	Sh	SOLE		44,890,834	0	0
Phillips Petroleum Co.		Common Stock	718507106	827,010	14,045,682	Sh	SOLE		14,045,682	0	0
Pioneer Corporation		Foreign Stock	6688745		376	21,000		Sh	SOLE		21,000		0	0
Premcor Inc.			Common Stock	74045Q104	7,073	275,000		Sh	SOLE		275,000		0	0
Principal Financial Group, Inc.	Common Stock	74251V102	161,584	5,212,400	Sh	SOLE		5,212,400	0	0
Progressive Corp.		Common Stock	743315103	665,664	11,506,706	Sh	SOLE		11,506,706	0	0
ProLogis			Common Stock	743410102	23,403	900,107		Sh	SOLE		900,107		0	0
Providian Financial Corp.	Common Stock	74406A102	80,635	13,713,400	Sh	SOLE		13,713,400	0	0
PS Business Parks		Common Stock	69360J107	5,864	167,790		Sh	SOLE		167,790		0	0
Quanta Services, Inc.		Common Stock	7.48E+106	428	43,400		Sh	SOLE		43,400		0	0
Qwest Communications Intl	Common Stock	749121109	703	250,900		Sh	SOLE		250,900		0	0
RadioShack Corp.		Common Stock	750438103	299,779	9,972,658	Sh	SOLE		9,972,658	0	0
Reckitt Benckiser PLC		Foreign Stock	727871		395	22,000		Sh	SOLE		22,000		0	0
Reed Elsevier Plc		Foreign Stock	730835		247	26,000		Sh	SOLE		26,000		0	0
RenaissanceRe Holdings Ltd	Common Stock	2728429		992	27,100		Sh	SOLE		27,100		0	0
Robert Half Int			Common Stock	770323103	1,165	50,000		Sh	SOLE		50,000		0	0
Rockwell Automation Inc.	Common Stock	773903109	1,606	80,400		Sh	SOLE		80,400		0	0
Royal Dutch Pete Co		Common Stock	780257804	365	6,600		Sh	SOLE		6,600		0	0
S.L. Green Realty Corp		Common Stock	78440X101	2,149	60,276		Sh	SOLE		60,276		0	0
Safeco Corp.			Common Stock	786429100	929	30,080		Sh	SOLE		30,080		0	0
Safeway Inc.			Common Stock	786514208	478,853	16,404,664	Sh	SOLE		16,404,664	0	0
SAIPEM				Foreign Stock	4768768		431	60,000		Sh	SOLE		60,000		0	0
Sanofi Synthelabo SA		Foreign Stock	5671735		176	2,900		Sh	SOLE		2,900		0	0
SAP AG-ADR			Common Stock	803054204	2,503	103,048		Sh	SOLE		103,048		0	0
Schering AG			Foreign Stock	4845757		679	10,800		Sh	SOLE		10,800		0	0
Schlumberger Ltd		Common Stock	806857108	279	6,000		Sh	SOLE		6,000		0	0
School Specialty Inc -	 	Common Stock	807863105	1,169	44,000		Sh	SOLE		44,000		0	0
Sealed Air Corp.		Common Stock	81211K100	853,622	21,197,466	Sh	SOLE		21,197,466	0	0
Sealed Air Corp$2.00,04/01/18,	Preferred Stock	81211K209	11,242	275,200		Sh	SOLE		275,200		0	0
Selective Insurance Group Inc	Common Stock	816300107	552	19,501		Sh	SOLE		19,501		0	0
Serono SA-B			Foreign Stock	5981070		210	320		Sh	SOLE		320		0	0
ServiceMaster Co.		Common Stock	81760N109	4,123	300,500		Sh	SOLE		300,500		0	0
Seven-Eleven Japan		Foreign Stock	6797179		315	8,000		Sh	SOLE		8,000		0	0
Shin-Etsu Chemical Co., Ltd	Foreign Stock	6804585		361	8,400		Sh	SOLE		8,400		0	0
Sigma-Aldrich Corp.		Common Stock	826552101	12,683	252,900		Sh	SOLE		252,900		0	0
Simon Property Group Inc New	Common Stock	828806109	21,444	582,095		Sh	SOLE		582,095		0	0
SIX FLAGS INC			Common Stock	83001P109	265	18,340		Sh	SOLE		18,340		0	0
Six Flags Inc PRFB 7.25% 8/15/0	Preferred Stock	83001P505	10,658	461,400		Sh	SOLE		461,400		0	0
SL Green Realty Corp.,8.00%	Preferred Stock	78440X200	25,797	705,600		Sh	SOLE		705,600		0	0
SMC Corporation			Foreign Stock	6763965		272	2,300		Sh	SOLE		2,300		0	0
Smithfield Foods Inc		Common Stock	832248108	835	45,000		Sh	SOLE		45,000		0	0
Speedway Motorsports, Inc.	Common Stock	847788106	5,694	223,900		Sh	SOLE		223,900		0	0
Starwood Hotels&Res Worldwide	Common Stock	85590A203	10,995	334,300		Sh	SOLE		334,300		0	0
State Street Corp.		Common Stock	857477103	92,143	2,061,367	Sh	SOLE		2,061,367	0	0
Stilwell Financial, Inc.	Common Stock	860831106	180,625	9,924,455	Sh	SOLE		9,924,455	0	0
Stmicroelectronics NV		Foreign Stock	5962332		259	10,400		Sh	SOLE		10,400		0	0
Sun Hung Kai Properties		Foreign Stock	6859927		342	45,000		Sh	SOLE		45,000		0	0
Sun Life Financial Svc of Cana	Common Stock	866796105	77,702	3,554,510	Sh	SOLE		3,554,51	0	0	0
Swiss Helvetia Fund		Common Stock	870875101	677	59,121		Sh	SOLE		59,121		0	0
Symantec Corp.			Common Stock	871503108	3,052	92,900		Sh	SOLE		92,900		0	0
Taiwan Semiconductor Mgf	Common Stock	874039100	4,219	324,566		Sh	SOLE		324,566		0	0
Taiwan Semicondutor Mfg C	Foreign Stock	6889106		542	266,420		Sh	SOLE		266,420		0	0
Takefuji Corporation		Foreign Stock	6876067		57,683	830,030		Sh	SOLE		830,030		0	0
Taubman Centers, Inc.		Common Stock	876664103	16,758	1,098,899	Sh	SOLE		1,098,899	0	0
Tellabs, Inc.			Common Stock	879664100	202,594	32,676,400	Sh	SOLE		32,676,400	0	0
Tesco  PLC			Foreign Stock	884709		460	126,500		Sh	SOLE		126,500		0	0
Texas Instruments, Inc.		Common Stock	882508104	2,850	120,254		Sh	SOLE		120,254		0	0
Textron Inc			Common Stock	883203101	478	10,200		Sh	SOLE		10,200		0	0
Tiffany & Co.			Common Stock	886547108	3,520	100,000		Sh	SOLE		100,000		0	0
Torchmark Corp.			Common Stock	891027104	2,929	76,674		Sh	SOLE		76,674		0	0
Trans World Entertainment Corp.	Common Stock	89336Q100	2,515	431,400		Sh	SOLE		431,400		0	0
Transatlantic Holdings, Inc.	Common Stock	893521104	852,674	10,658,427	Sh	SOLE		10,658,427	0	0
Travelers PPTY Pfd 4.5%,4/15/32	Preferred Stock	89420G307	1,892	80,000		Sh	SOLE		80,000		0	0
TV Azteca, S.A. de C.V., ADR	Common Stock	901145102	2,484	364,800		Sh	SOLE		364,800		0	0
Twin City Financial Corp	Common Stock	872275102	3,260	66,400		Sh	SOLE		66,400		0	0
Tyco International Ltd.		Common Stock	902124106	689,374	51,026,912	Sh	SOLE		51,026,912	0	0
UBS AG				Foreign Stock	7126114		417	8,300		Sh	SOLE		8,300		0	0
United Dominion Realty Tr.Inc.	Common Stock	910197102	15,109	959,299		Sh	SOLE		959,299		0	0
United Microelectronics-ADR	Common Stock	910873207	222	30,175		Sh	SOLE		30,175		0	0
United Parcel Service  Class	Common Stock	911312106	1,282,07820,762,382	Sh	SOLE		20,762,382	0	0
United Rentals Trust I, 6.50%	Preferred Stock	91136H306	5,909	155,500		Sh	SOLE		155,500		0	0
UnumProvident Corporation	Common Stock	91529Y106	76,619	3,010,561	Sh	SOLE		3,010,561	0	0
Vertex Pharmaceuticals Inc.	Common Stock	92532F100	733	45,000		Sh	SOLE		45,000		0	0
Vornado Realty Trust		Common Stock	929042109	52,770	1,142,215	Sh	SOLE		1,142,215	0	0
Vulcan Materials Corp.		Common Stock	929160109	340,105	7,764,955	Sh	SOLE		7,764,955	0	0
W.R. Berkley Corp.		Common Stock	84423102	1,528	27,783		Sh	SOLE		27,783		0	0
Waddell & Reed Financial - A	Common Stock	930059100	795	34,707		Sh	SOLE		34,707		0	0
Wells Fargo & Co.		Common Stock	949746101	1,467,10529,306,930	Sh	SOLE		29,306,930	0	0
White Mountains Insurance GP	Common Stock	G9618E107	950	3,000		Sh	SOLE		3,000		0	0
Wm. Wrigley Jr. Co.		Common Stock	982526105	7,965	143,900		Sh	SOLE		143,900		0	0
WPP Group ORD			Foreign Stock	974042		96,942	11,477,080	Sh	SOLE		11,477,080	0	0
WPP Group PLC ADR		Common Stock	929309300	25,241	572,600		Sh	SOLE		572,600		0	0
Yamato Transport Company LTD	Foreign Stock	6985565	 	225     14,000		Sh	SOLE		14,000		0	0