<SEC-DOCUMENT>0000909012-13-000177.txt : 20130422
<SEC-HEADER>0000909012-13-000177.hdr.sgml : 20130422
<ACCEPTANCE-DATETIME>20130422131859
ACCESSION NUMBER:		0000909012-13-000177
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20130331
FILED AS OF DATE:		20130422
DATE AS OF CHANGE:		20130422
EFFECTIVENESS DATE:		20130422

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TODD ASSET MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001071483
		IRS NUMBER:				611350302
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-04171
		FILM NUMBER:		13773325

	BUSINESS ADDRESS:	
		STREET 1:		101 S. 5TH STREET
		STREET 2:		SUITE 3100
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40202
		BUSINESS PHONE:		5025853121

	MAIL ADDRESS:	
		STREET 1:		101 S. 5TH STREET
		STREET 2:		SUITE 3100
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TODD VEREDUS ASSET MANAGEMENT LLC
		DATE OF NAME CHANGE:	20090504

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VEREDUS ASSET MANAGEMENT LLC
		DATE OF NAME CHANGE:	19990503
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>t307098.txt
<DESCRIPTION>TAM
<TEXT>

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

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: Quarter Ended: March 31, 2013

Check here if Amendment [ ]; Amendment Number:______
  This Amendment (Check only one.): [  ] is a restatement.
                                    [  ] adds new holdings entries.

Institutional Investment Manager Filing This Report:

Name:            Todd Asset Management, LLC
                 (FKA Todd-Veredus Asset Management, LLC)
Address:         101 S. 5th Street, Suite 3100
                 Louisville, KY 40202

Form 13F File Number: 28-7802

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:    James R. Jenkins
Title:   Chief Compliance Officer
Phone:   (502) 585-3121

Signature, Place, and Date of Signing:

JAMES R. JENKINS          LOUISVILLE, KENTUCKY               April 19, 2013
--------------------------------------------------------------------------------
  [Signature]                [City, State]                     [Date]

Report Type (Check only one.):

[X]      13F HOLDINGS REPORT.

[ ]      13F NOTICE.

[ ]      13F COMBINATION REPORT.


<PAGE>
















                                           Form 13F SUMMARY PAGE


Report Summary:

Number of Other Included Managers:                   0

Form 13F Information Table Entry Total:             209

Form 13F Information Table Value Total:        $3,194,116
                                               (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.

NONE



<PAGE>




<TABLE>
<CAPTION>
<S>                                  <C>    <C>           <C>        <C>           <C>             <C>    <C>      <C>    <C>

                                                           VALUE              SH/  PUT/ INVESTMENT OTHER      VOTING AUTHORITY
NAME                                 TITLE  CUSIP         (000s)      SHARES  PRN  CALL DISCRTN    MGRS    SOLE    SHARE    NONE
------------------------------------------------------------------------------------------------------------------------------------
3M CO                               com    88579Y101          954       8,977  SH         SOLE                  -            8,977
ABB LTD                             com    000375204        6,923     304,166  SH         SOLE              4,166          300,000
ABBOTT LABORATORIES                 com    002824100       16,172     457,880  SH         SOLE            105,300          352,580
ABBVIE                              com    00287Y109        1,419      34,788  SH         SOLE             25,030            9,758
ACCENTURE LTD BERMUDA***            com    G1151C101       15,563     204,852  SH         SOLE              2,852          202,000
ADT CORPORATION                     com    00101J106          576      11,770  SH         SOLE                  -           11,770
AETNA INC                           com    00817y108        2,505      49,000  SH         SOLE                  -           49,000
AFLAC INC COM                       com    001055102       48,685     935,883  SH         SOLE            211,102          724,781
AGRIUM, INC                         com    008916108        9,588      98,336  SH         SOLE              1,336           97,000
ALLIANZ AKTIENGESELLSCHAF           com    018805101       12,519     920,565  SH         SOLE             12,565          908,000
ALTRIA GROUP INC COM                com    02209S103       34,353     998,903  SH         SOLE            236,898          762,005
AMERICAN EXPRESS CO                 com    025816109       51,153     758,271  SH         SOLE            159,685          598,586
AMERIPRISE FINANCIAL INC            com    03076C106       14,001     190,104  SH         SOLE             32,605          157,499
AMERISOURCE BERGEN CORP             com    03073e105        2,706      52,590  SH         SOLE                  -           52,590
ANNALY CAPITAL MANAGEMENT INC       com    035710409          159      10,000  SH         SOLE              7,500            2,500
APPLIED MATERIALS                   com    038222105        2,630     195,100  SH         SOLE                  -          195,100
ASHLAND INC                         com    044209104          223       3,006  SH         SOLE              3,006                -
ASSURANT INC                        com    04621X108        2,935      65,200  SH         SOLE                  -           65,200
ASTRAZENECA PLC-SPONS ADR           com    046353108       12,089     241,870  SH         SOLE             15,393          226,477
AT&T INC COM                        com    00206R102       25,332     690,437  SH         SOLE            164,151          526,286
AVAGO TECHNOLOGIES***               com    Y0486S104       12,321     343,207  SH         SOLE              4,807          338,400
B A S F  A G                        com    055262505        6,230      70,960  SH         SOLE                960           70,000
BANCO BILBAO VIZCAYA ARG            com    05946K101        8,982   1,024,178  SH         SOLE             14,178        1,010,000
BANCO SANTANDER CHILE NEW           com    05965X109        8,199     287,991  SH         SOLE              3,566          284,425
BANK NOVA SCOTIA HALIFAX            com    064149107       13,269     227,711  SH         SOLE             11,590          216,121
BANK OF AMERICA CORPORATION         com    060505104       47,144   3,870,592  SH         SOLE            829,447        3,041,145
BANK OF MONTREAL                    com    063671101          770      12,237  SH         SOLE              7,595            4,642
BANK OF NEW YORK                    com    064058100        2,427      86,700  SH         SOLE                  -           86,700
BARCLAYS                            com    06738E204        7,654     430,959  SH         SOLE              5,959          425,000
BAXTER INTERNATIONAL INC            com    071813109        2,462      33,900  SH         SOLE                  -           33,900
BED BATH & BEYOND INC               com    075896100        2,620      40,670  SH         SOLE                  -           40,670
BHP BILLITON LTD SPONSORED ADR      com    088606108       18,619     272,096  SH         SOLE             34,408          237,688
BIG LOTS INC                        com    089302103        2,821      79,980  SH         SOLE                  -           79,980
BLACKROCK INC                       com    09247X101       67,024     260,917  SH         SOLE             59,362          201,555
BNP PARIBAS PA                      com    05565A202        7,350     283,916  SH         SOLE              3,916          280,000
BOARDWALK PIPELINE PARTNERS         com    096627104          226       7,700  SH         SOLE              7,700                -
BRISTOL MYERS SQUIBB CO             com    110122108       26,553     644,633  SH         SOLE            155,264          489,369
BRITISH AMERN TOB PLC               com    110448107       13,488     125,995  SH         SOLE              7,495          118,500
BROADCOM CORP                       com    111320107       37,071   1,068,983  SH         SOLE            218,203          850,780
CA INC.                             com    12673P105        2,577     102,360  SH         SOLE                  -          102,360
CANADIAN NATL RY CO                 com    136375102       17,914     178,599  SH         SOLE              2,599          176,000
CATERPILLAR INC                     com    149123101       12,525     144,021  SH         SOLE             32,625          111,396
CELGENE CORP                        com    151020104        3,292      28,400  SH         SOLE                  -           28,400
CENTERPOINT ENERGY                  com    15189T107          332      13,851  SH         SOLE                  -           13,851
CF INDUSTRIES                       com    125269100       20,611     108,267  SH         SOLE             24,463           83,804
CH ROBINSON WORLDWIDE INC           com    12541w209        2,135      35,900  SH         SOLE                  -           35,900
CHEVRON CORP NEW COM                com    166764100       45,664     384,310  SH         SOLE             93,901          290,409
CHICAGO BRIDGE & IRON CO. N.V.      com    167250109       15,554     250,471  SH         SOLE              3,471          247,000
CHINA MOBILE LIMITED                com    16941M109        4,480      84,315  SH         SOLE              9,116           75,199
CISCO SYS INC COM                   com    17275R102       22,630   1,083,036  SH         SOLE            244,901          838,135
CITIGROUP INC                       com    172967424       46,777   1,057,338  SH         SOLE            216,836          840,502
CNH GLOBAL N V                      com    N20935206       13,198     319,412  SH         SOLE              4,412          315,000
COACH INC                           com    189754104       28,511     570,329  SH         SOLE            130,085          440,244
COCA COLA                           com    191216100          308       7,610  SH         SOLE              5,010            2,600
COGNIZANT TECH                      com    192446102        2,326      30,360  SH         SOLE                  -           30,360
COMERICA INC.                       com    200340107        2,783      77,400  SH         SOLE                  -           77,400
CONOCOPHILLIPS                      com    20825C104       52,681     876,546  SH         SOLE            191,389          685,157
COPA HOLDINGS SA                    com    P31076105       13,343     111,556  SH         SOLE              1,556          110,000
COVIDIEN LTD                        com    G2554F113       53,353     786,452  SH         SOLE            138,505          647,947
CVS CAREMARK CORPORATION COM        com    126650100        2,596      47,210  SH         SOLE                790           46,420
DANAHER CORP DEL COM                com    235851102       36,393     585,578  SH         SOLE            131,626          453,952
DARDEN RESTAURANTS INC              com    237194105          604      11,678  SH         SOLE              7,780            3,898
DEUTSCHE BANK AG-REGISTERED         com    D18190898       10,077     257,568  SH         SOLE              3,568          254,000
DIAGEO P L C                        com    25243Q205       14,456     114,875  SH         SOLE              2,083          112,792
DIRECTV                             com    25490A309        2,506      44,290  SH         SOLE                  -           44,290
DOLLAR TREE INC COM                 com    256746108        2,699      55,730  SH         SOLE                  -           55,730
DOMINION RES INC VA NEW COM         com    25746U109        1,658      28,492  SH         SOLE             16,892           11,600
DUPONT ELNEMOURS                    com    263534109          898      18,274  SH         SOLE             12,105            6,169
EATON CORP PLC                      com    G29183103       34,797     568,115  SH         SOLE            140,687          427,428
ECOPETROL                           com    279158109        9,840     180,477  SH         SOLE              2,477          178,000
ELI LILLY & CO                      com    532457108        2,152      37,887  SH         SOLE              7,240           30,647
EMC CORP                            com    268648102       17,441     730,038  SH         SOLE            163,500          566,538
EMERSON ELEC CO COM                 com    291011104        2,570      45,993  SH         SOLE                200           45,793
ENERGY TRANSFER EQUITY LP           com    29273V100          282       4,821  SH         SOLE              4,821                -
ENSCO PLC SHS CL A                  com    G3157S106       61,953   1,032,550  SH         SOLE            195,419          837,131
ENTERPRISE PRODUCTS PARTNERS        com    293792107          211       3,500  SH         SOLE              3,500                -
EXPRESS SCRIPTS HOLDING COMPAN      com    30219G108       48,702     845,222  SH         SOLE            189,832          655,390
EXXON MOBIL                         com    30231G102       47,488     527,007  SH         SOLE            115,775          411,232
FAMILY DOLLAR                       com    307000109        2,121      35,920  SH         SOLE                  -           35,920
FEDERATED INVESTORS INC             com    314211103          733      30,983  SH         SOLE             17,510           13,473
FINANCIAL SELECT SECTOR             com    81369Y605          364      20,000  SH         SOLE                  -           20,000
FOMENTO ECONOMICO MEX-SP ADR        com    344419106        9,112      80,287  SH         SOLE              1,087           79,200
FOSSIL INC                          com    349882100        2,355      24,380  SH         SOLE                  -           24,380
FRESENIUS MEDICAL CARE AG & CO      com    358029106        7,946     234,660  SH         SOLE              3,260          231,400
GAMESTOP                            com    36467W109        2,528      90,400  SH         SOLE                  -           90,400
GENERAL ELECTRIC CO                 com    369604103       50,165   2,169,777  SH         SOLE            515,062        1,654,715
GENERAL MILLS                       com    370334104        1,307      26,511  SH         SOLE              1,780           24,731
GENUINE PARTS CO                    com    372460105       27,621     354,109  SH         SOLE             86,832          267,277
GLAXOSMITHKLINE PLC                 com    37733W105          409       8,710  SH         SOLE              8,710                -
GOOGLE INC                          com    38259P508       64,748      81,528  SH         SOLE             17,160           64,368
GUANGSHEN RAILWAY CO                com    40065W107       10,069     416,729  SH         SOLE              5,729          411,000
H & R BLOCK  INC                    com    093671105        3,538     120,260  SH         SOLE                  -          120,260
HARTFORD FINL SVCS GRP              com    416515104        2,518      97,600  SH         SOLE                  -           97,600
HOME DEPOT                          com    437076102       23,961     343,381  SH         SOLE             70,347          273,034
HSBC HLDGS PLC                      com    404280406       13,737     257,538  SH         SOLE              3,538          254,000
ICICI BK LTD                        com    45104G104        9,744     227,147  SH         SOLE              3,147          224,000
ILLINOIS TOOL WKS INC COM           com    452308109       45,235     742,282  SH         SOLE            153,557          588,725
INTEL CORP                          com    458140100       52,793   2,417,807  SH         SOLE            564,365        1,853,442
INTERNATIONAL BUSINESS MACHS C      com    459200101       45,482     213,231  SH         SOLE             51,729          161,502
INVESCO PLC                         com    G491BT108       17,305     597,570  SH         SOLE              7,010          590,560
ISHARES CORE S&P 500 INDEX          com    464287200        5,250      33,360  SH         SOLE             33,360                -
ISHARES CORE TOTAL US BOND MAR      com    464287226       33,297     300,700  SH         SOLE            300,700                -
ISHARES INC S+P SMALL CAP 600/      com    464287887        1,862      19,830  SH         SOLE             19,830                -
ISHARES LEHMAN TREASURY BOND F      com    464287457        3,650      43,210  SH         SOLE             43,210                -
ISHARES S&P 500 BAR VALUE           com    464287408       13,933     188,790  SH         SOLE            188,790                -
ISHARES TR MSCI EAFE IDX            com    464287465       10,258     173,930  SH         SOLE            173,930                -
ISHARES TR S&P MIDCAP GROWTH        com    464287606        3,327      25,960  SH         SOLE             25,960                -
ISHARES TR S&P MIDCP VALUE          com    464287705        3,463      34,320  SH         SOLE             34,320                -
ISHARES TR S&P SMLCP VALUE          com    464287879        4,146      46,100  SH         SOLE             46,100                -
ISHARES TR S&P500/BAR GRW           com    464287309       14,213     172,530  SH         SOLE            172,530                -
J P MORGAN CHASE & CO               com    46625H100       54,384   1,145,906  SH         SOLE            250,641          895,265
JOHNSON & JOHNSON COM               com    478160104          518       6,353  SH         SOLE              3,140            3,213
KINDER MORGAN                       com    494550106          224       2,500  SH         SOLE              2,500                -
KOHLS CORP                          com    500255104        2,508      54,360  SH         SOLE                  -           54,360
KUBOTA CORPORATION                  com    501173207       10,318     142,957  SH         SOLE              1,957          141,000
LABORATORY CORP AMER HLDGS COM      com    50540R409        2,363      26,200  SH         SOLE                  -           26,200
LAZARD LTD                          com    G54050102       11,112     325,556  SH         SOLE              4,556          321,000
LINCOLN NATIONAL CORP               com    534187109        2,763      84,730  SH         SOLE                  -           84,730
LORILLARD INC                       com    544147101        2,433      60,300  SH         SOLE              3,000           57,300
LSI LOGIC CORP                      com    502161102        2,195     323,700  SH         SOLE                  -          323,700
LUKOIL CO                           com    677862104       11,772     182,519  SH         SOLE              2,519          180,000
LVMH Moet Hennessy                  com    502441306        9,379     273,759  SH         SOLE              3,759          270,000
MAKITA CORP                         com    560877300        9,642     217,985  SH         SOLE              2,985          215,000
MARATHON OIL CORP COM               com    565849106          512      15,188  SH         SOLE             14,198              990
MARATHON PETROLEUM CORP             com    56585A102        4,525      50,500  SH         SOLE             13,925           36,575
MCDONALDS CORP                      com    580135101       34,145     342,518  SH         SOLE             79,416          263,102
MCKESSON CORP COM                   com    58155Q103       48,508     449,320  SH         SOLE            109,688          339,632
MERCK & CO INC                      com    58933Y105       36,900     834,837  SH         SOLE            185,174          649,663
MICROSOFT CORP                      com    594918104       29,149   1,019,009  SH         SOLE            249,235          769,774
MINDRAY MEDICAL INTL LTD            com    602675100       15,508     388,284  SH         SOLE              5,284          383,000
MITSUBISHI UFJ FINL GROUP           com    606822104       14,561   2,426,855  SH         SOLE             32,855        2,394,000
MITSUI & CO LTD                     com    606827202       12,449      44,619  SH         SOLE                619           44,000
NASDAQ STOCK MARKET INC             com    631103108        2,899      89,750  SH         SOLE                  -           89,750
NATIONAL GRID TRANSCO PLC           com    636274300        6,862     118,285  SH         SOLE             12,228          106,057
NESTLE S A                          com    641069406       16,526     228,038  SH         SOLE              5,038          223,000
NETEASE INC.                        com    64110W102       11,119     202,998  SH         SOLE              2,998          200,000
NEXTERA ENERGY INC                  com    65339F101       22,791     293,388  SH         SOLE             57,625          235,763
NICE-SYSTEMS LTD (ADR)***           com    653656108        9,826     266,780  SH         SOLE              3,780          263,000
NIPPON TELEG & TEL CORP             com    654624105          412      18,944  SH         SOLE             12,730            6,214
NISSAN MOTORS                       com    654744408        6,112     318,358  SH         SOLE              4,358          314,000
NORFOLK SOUTHERN CORP               com    655844108       37,297     483,870  SH         SOLE            100,477          383,393
NOVARTIS A G SPONSORED ADR          com    66987V109       39,322     551,967  SH         SOLE             84,787          467,180
NOVO-NORDISK A S                    com    670100205        9,828      60,850  SH         SOLE                850           60,000
OPEN TEXT CORPORATION               com    683715106       13,749     232,957  SH         SOLE              2,957          230,000
ORACLE CORP COM                     com    68389X105       56,508   1,747,863  SH         SOLE            358,891        1,388,972
ORIX CORP                           com    686330101       15,470     243,323  SH         SOLE              3,323          240,000
PEARSON PLC                         com    705015105          453      25,202  SH         SOLE             15,240            9,962
PEPSICO INC COM                     com    713448108       34,389     434,700  SH         SOLE            100,468          334,232
PFIZER INC                          com    717081103       44,683   1,548,270  SH         SOLE            365,309        1,182,961
PHILIP MORRIS INTL INC COM          com    718172109       68,029     733,787  SH         SOLE            166,443          567,344
PHILLIPS 66                         com    718546104       26,394     377,220  SH         SOLE             74,936          302,284
PLAINS ALL AMERICAN PIPELINE L      com    726503105          534       9,460  SH         SOLE              9,200              260
POSCO                               com    693483109        6,749      91,563  SH         SOLE              1,263           90,300
POTASH CORP OF SASKATCHEWAN         com    73755l107       12,856     327,543  SH         SOLE              4,543          323,000
PRAXAIR INC COM                     com    74005P104       21,681     194,376  SH         SOLE             43,951          150,425
PROCTER & GAMBLE                    com    742718109          775      10,055  SH         SOLE              6,975            3,080
QIHOO 360 TECHNOLOGY CO. LTD        com    74734M109       11,656     393,378  SH         SOLE              5,378          388,000
QUALCOMM INC                        com    747525103       54,926     820,523  SH         SOLE            182,920          637,603
RAYTHEON CO                         com    755111507        2,305      39,200  SH         SOLE                  -           39,200
RIO TINTO PLC                       com    767204100        8,163     173,391  SH         SOLE              2,391          171,000
ROCHE HLDG LTD                      com    771195104       10,873     185,556  SH         SOLE              2,556          183,000
ROCKWELL COLLINS                    com    774341101        2,449      38,800  SH         SOLE                  -           38,800
ROSS STORES INC COM                 com    778296103       44,930     741,171  SH         SOLE            155,947          585,224
ROYAL DUTCH SHELL PLC               com    780259206          415       6,363  SH         SOLE              3,685            2,678
SANOFI AVENTIS                      com    80105N105        8,183     160,212  SH         SOLE              2,212          158,000
SAP AKTIENGESELLSCHAFT              com    803054204        9,474     117,631  SH         SOLE              1,631          116,000
SCHLUMBERGER LTD                    com    806857108        9,113     121,694  SH         SOLE              1,694          120,000
SEADRILL LIMITED                    com    G7945E105       12,670     340,489  SH         SOLE             16,656          323,833
SEAGATE TECH***                     com    G7945M107        2,639      72,190  SH         SOLE                  -           72,190
SHAW COMMUNICATIONS                 com    82028K200          773      31,273  SH         SOLE             20,130           11,143
SHINHAN FINANCIAL GROUP C           com    824596100       11,503     320,401  SH         SOLE              4,401          316,000
SIEMENS A G                         com    826197501        9,069      84,131  SH         SOLE              1,131           83,000
SMITH & NEPHEW PLC                  com    83175M205       11,705     202,761  SH         SOLE              2,761          200,000
STANLEY BLACK & DECKER INC          com    854502101       22,726     280,664  SH         SOLE             62,704          217,960
STATE STR CORP COM                  com    857477103       30,968     524,091  SH         SOLE            105,042          419,049
STATOIL ASA                         com    85771P102       11,042     448,478  SH         SOLE              5,720          442,758
SUN LIFE FINANCIAL                  com    866796105          834      30,553  SH         SOLE             19,590           10,963
SYNGENTA AG                         com    87160A100        7,729      92,281  SH         SOLE              1,281           91,000
TAIWAN SEMICONDUCTOR MFG CO AD      com    874039100        7,303     424,877  SH         SOLE              5,877          419,000
TE CONNECTIVITY LTD.                com    H84989104       23,658     564,245  SH         SOLE            127,643          436,602
TECK RESOURCES LIMITED              com    878742204       10,966     389,435  SH         SOLE              5,435          384,000
TELUS CORP NV                       com    87971M103        8,274     119,730  SH         SOLE              1,730          118,000
TENARIS SA                          com    88031M109       13,895     340,734  SH         SOLE              4,734          336,000
TEXTRON INC                         com    883203101        2,671      89,600  SH         SOLE                  -           89,600
TIFFANY & CO                        com    886547108        2,726      39,200  SH         SOLE                  -           39,200
TORCHMARK CORP                      com    891027104        2,604      43,540  SH         SOLE                  -           43,540
TOTAL SA                            com    89151E109          651      13,570  SH         SOLE              8,480            5,090
TRANSOCEAN LTD REG SHS              com    H8817H100        5,796     111,555  SH         SOLE              1,555          110,000
TYCO INTL LTD NEW                   com    H89128104          668      20,876  SH         SOLE                  -           20,876
ULTRAPAR PARTICIPACOES              com    90400P101        9,935     391,448  SH         SOLE              5,448          386,000
UNILEVER NV                         com    904784709          764      18,643  SH         SOLE             11,490            7,153
UNION PAC CORP COM                  com    907818108       66,582     467,537  SH         SOLE            103,815          363,722
UNITED HEALTHCARE CORP              com    91324p102       45,669     798,265  SH         SOLE            176,888          621,377
UNITED TECHNOLOGIES CORP COM        com    913017109       32,512     347,978  SH         SOLE             82,200          265,778
UNUM GROUP                          com    91529Y106        3,017     106,810  SH         SOLE                  -          106,810
VERIZON COMMUNICATIONS              com    92343v104          451       9,166  SH         SOLE              8,566              600
VIACOM INC. CL B                    com    92553P201        2,551      41,500  SH         SOLE                  -           41,500
VODAFONE GROUP PLC NEW              com    92857W209       39,069   1,375,637  SH         SOLE            245,741        1,129,896
VOLKSWAGEN AG                       com    928662303       15,096     399,476  SH         SOLE              5,476          394,000
W.W. GRAINGER INC.                  com    384802104        2,475      11,000  SH         SOLE                  -           11,000
WAL MART STORES INC                 com    931142103        2,499      33,400  SH         SOLE                100           33,300
WALGREEN CO                         com    931422109       29,301     614,532  SH         SOLE            126,468          488,064
WALT DISNEY CO HOLDING CO           com    254687106        2,545      44,800  SH         SOLE                  -           44,800
WELLPOINT INC COM                   com    94973V107        2,463      37,190  SH         SOLE                240           36,950
WELLS FARGO & CO                    com    949746101       43,097   1,165,098  SH         SOLE            262,706          902,392
WESTPAC BKG CORP                    com    961214301       13,127      81,504  SH         SOLE              5,230           76,274
WPP PLC                             com    92937A102       13,811     172,377  SH         SOLE              2,377          170,000
YANDEX N.V.                         com    N97284108        9,788     422,971  SH         SOLE              5,971          417,000
YUM! BRANDS INC                     com    988498101       23,653     328,785  SH         SOLE             74,753          254,032

                                                        3,194,116
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>