Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
WFC	WELLS FARGO & CO NEW	463,458,123	$23.05B	21.8%	$49.74	—	—	COM	949746101
KO	COCA COLA CO	400,000,000	$15.46B	14.6%	$38.66	—	—	COM	191216100
AXP	AMERICAN EXPRESS CO	151,610,700	$13.65B	12.9%	$90.03	—	—	COM	025816109
IBM	INTERNATIONAL BUSINESS MACHS	68,355,084	$13.16B	12.4%	$192.49	—	—	COM	459200101
WMT	WAL MART STORES INC	58,052,412	$4.437B	4.2%	$76.43	—	—	COM	931142103
PG	PROCTER & GAMBLE CO	52,793,078	$4.255B	4.0%	$80.60	—	—	COM	742718109
XOM	EXXON MOBIL CORP	41,129,643	$4.018B	3.8%	$97.68	—	—	COM	30231G102
USB	US BANCORP DEL	80,026,697	$3.43B	3.2%	$42.86	—	—	COM NEW	902973304
—	DIRECTV	34,514,700	$2.638B	2.5%	$76.42	—	—	COM	25490A309
DVA	DAVITA HEALTHCARE PARTNERS I	37,621,152	$2.59B	2.4%	$68.85	—	—	COM	23918K108
GS	GOLDMAN SACHS GROUP INC	12,631,531	$2.07B	2.0%	$163.85	—	—	COM	38141G104
MCO	MOODYS CORP	24,669,778	$1.957B	1.9%	$79.32	—	—	COM	615369105
GHC	GRAHAM HLDGS CO	1,727,765	$1.216B	1.1%	$703.75	—	—	COM	384637104
—	U S G CORP	34,890,174	$1.142B	1.1%	$32.72	—	—	COM NEW	903293405
GM	GENERAL MTRS CO	30,000,000	$1.033B	1.0%	$34.42	—	—	COM	37045V100
BK	BANK OF NEW YORK MELLON CORP	24,652,836	$870M	0.8%	$35.29	—	—	COM	064058100
—	CHICAGO BRIDGE & IRON CO N V	9,550,755	$832M	0.8%	$87.15	—	—	N Y REGISTRY SH	167250109
COP	CONOCOPHILLIPS	11,079,958	$779M	0.7%	$70.35	—	—	COM	20825C104
PSX	PHILLIPS 66	9,741,303	$751M	0.7%	$77.06	—	—	COM	718546104
—	LIBERTY MEDIA CORP DELAWARE	5,300,000	$693M	0.7%	$130.73	—	—	CL A	531229102
—	NATIONAL OILWELL VARCO INC	8,880,000	$691M	0.7%	$77.87	—	—	COM	637071101
MTB	M & T BK CORP	5,382,040	$653M	0.6%	$121.30	—	—	COM	55261F104
—	VIACOM INC NEW	7,607,200	$647M	0.6%	$84.99	—	—	CL B	92553P201
VRSN	VERISIGN INC	11,685,654	$630M	0.6%	$53.91	—	—	COM	92343E102
VZ	VERIZON COMMUNICATIONS INC	11,022,743	$524M	0.5%	$47.57	—	—	COM	92343V104
—	PRECISION CASTPARTS CORP	1,977,336	$500M	0.5%	$252.76	—	—	COM	740189105
COST	COSTCO WHSL CORP NEW	4,333,363	$484M	0.5%	$111.68	—	—	COM	22160K105
SU	SUNCOR ENERGY INC NEW	13,000,000	$454M	0.4%	$34.96	—	—	COM	867224107
—	WABCO HLDGS INC	4,076,325	$430M	0.4%	$105.56	—	—	COM	92927K102
DE	DEERE & CO	3,978,767	$361M	0.3%	$90.80	—	—	COM	244199105
V	VISA INC	1,555,459	$336M	0.3%	$215.86	—	—	COM CL A	92826C839
—	TORCHMARK CORP	4,235,818	$333M	0.3%	$78.70	—	—	COM	891027104
LBTYAUSD	LIBERTY GLOBAL PLC	7,346,968	$306M	0.3%	$41.60	—	—	SHS CL A	G5480U104
MA	MASTERCARD INC	4,050,000	$303M	0.3%	$74.70	—	—	CL A	57636Q104
—	LIBERTY GLOBAL PLC	7,346,968	$299M	0.3%	$40.71	—	—	SHS CL C	G5480U120
—	GENERAL ELECTRIC CO	10,585,502	$274M	0.3%	$25.89	—	—	COM	369604103
SNY	SANOFI	3,905,875	$204M	0.2%	$52.28	—	—	SPONSORED ADR	80105N105
VRSK	VERISK ANALYTICS INC	1,563,434	$93.74M	0.1%	$59.96	—	—	CL A	92345Y106
—	MEDIA GEN INC	4,646,220	$85.35M	0.1%	$18.37	—	—	CL A	584404107
—	STARZ	1,919,541	$61.96M	0.1%	$32.28	—	—	LIBRTY CAP COM A	85571Q102
JNJ	JOHNSON & JOHNSON	327,100	$32.13M	0.0%	$98.23	—	—	COM	478160104
MDLZ	MONDELEZ INTL INC	578,000	$19.97M	0.0%	$34.55	—	—	CL A	609207105
—	KRAFT FOODS GROUP INC	192,666	$10.81M	0.0%	$56.10	—	—	COM	50076Q106
UPS	UNITED PARCEL SERVICE INC	59,400	$5.784M	0.0%	$97.37	—	—	CL B	911312106
—	LEE ENTERPRISES INC	88,863	$397K	0.0%	$4.47	—	—	COM	523768109