Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
KHC	KRAFT HEINZ CO	325,634,818	$25.58B	19.9%	$78.56	—	—	COM	500754106
WFC	WELLS FARGO & CO NEW	479,704,270	$23.2B	18.0%	$48.36	—	—	COM	949746101
KO	COCA COLA CO	400,000,000	$18.56B	14.4%	$46.39	—	—	COM	191216100
IBM	INTERNATIONAL BUSINESS MACHS	81,232,303	$12.3B	9.6%	$151.45	—	—	COM	459200101
AXP	AMERICAN EXPRESS CO	151,610,700	$9.309B	7.2%	$61.40	—	—	COM	025816109
PSX	PHILLIPS 66	75,550,745	$6.542B	5.1%	$86.59	—	—	COM	718546104
WMT	WAL MART STORES INC	55,235,863	$3.783B	2.9%	$68.49	—	—	COM	931142103
USB	US BANCORP DEL	85,063,167	$3.453B	2.7%	$40.59	—	—	COM NEW	902973304
DVA	DAVITA HEALTHCARE PARTNERS I	38,565,570	$2.83B	2.2%	$73.38	—	—	COM	23918K108
MCO	MOODYS CORP	24,669,778	$2.382B	1.9%	$96.56	—	—	COM	615369105
—	CHARTER COMMUNICATIONS INC D	10,326,803	$2.09B	1.6%	$202.43	—	—	CL A NEW	16117M305
DE	DEERE & CO	23,280,994	$1.792B	1.4%	$76.99	—	—	COM	244199105
GS	GOLDMAN SACHS GROUP INC	10,959,519	$1.72B	1.3%	$156.98	—	—	COM	38141G104
GM	GENERAL MTRS CO	50,000,000	$1.571B	1.2%	$31.43	—	—	COM	37045V100
VRSN	VERISIGN INC	12,985,000	$1.15B	0.9%	$88.54	—	—	COM	92343E102
AAPL	APPLE INC	9,811,747	$1.069B	0.8%	$108.99	—	—	COM	037833100
—	U S G CORP	39,002,016	$968M	0.8%	$24.81	—	—	COM NEW	903293405
SU	SUNCOR ENERGY INC NEW	30,000,000	$834M	0.6%	$27.81	—	—	COM	867224107
VZ	VERIZON COMMUNICATIONS INC	15,000,928	$811M	0.6%	$54.08	—	—	COM	92343V104
V	VISA INC	10,239,160	$783M	0.6%	$76.48	—	—	COM CL A	92826C839
BK	BANK OF NEW YORK MELLON CORP	20,827,212	$767M	0.6%	$36.83	—	—	COM	064058100
—	LIBERTY MEDIA CORP DELAWARE	20,000,000	$762M	0.6%	$38.09	—	—	COM SER C	531229300
COST	COSTCO WHSL CORP NEW	4,333,363	$683M	0.5%	$157.58	—	—	COM	22160K105
AXTA	AXALTA COATING SYS LTD	23,324,000	$681M	0.5%	$29.20	—	—	COM	G0750C108
LBTYAUSD	LIBERTY GLOBAL PLC	15,577,436	$600M	0.5%	$38.50	—	—	SHS CL A	G5480U104
MTB	M & T BK CORP	5,382,040	$597M	0.5%	$111.00	—	—	COM	55261F104
KMI	KINDER MORGAN INC DEL	26,533,525	$474M	0.4%	$17.86	—	—	COM	49456B101
MA	MASTERCARD INC	4,934,756	$466M	0.4%	$94.50	—	—	CL A	57636Q104
—	LIBERTY MEDIA CORP DELAWARE	10,000,000	$386M	0.3%	$38.63	—	—	CL A	531229102
—	WABCO HLDGS INC	3,237,094	$346M	0.3%	$106.92	—	—	COM	92927K102
—	TORCHMARK CORP	6,353,727	$344M	0.3%	$54.16	—	—	COM	891027104
—	GENERAL ELECTRIC CO	10,585,502	$337M	0.3%	$31.79	—	—	COM	369604103
QSR	RESTAURANT BRANDS INTL INC	8,438,225	$328M	0.3%	$38.83	—	—	COM	76131D103
—	LIBERTY GLOBAL PLC	7,346,968	$276M	0.2%	$37.56	—	—	SHS CL C	G5480U120
—	TWENTY FIRST CENTY FOX INC	8,951,869	$250M	0.2%	$27.88	—	—	CL A	90130A101
SNY	SANOFI	3,905,875	$157M	0.1%	$40.16	—	—	SPONSORED ADR	80105N105
VRSK	VERISK ANALYTICS INC	1,563,434	$125M	0.1%	$79.92	—	—	CL A	92345Y106
—	MEDIA GEN INC NEW	3,471,309	$56.62M	0.0%	$16.31	—	—	COM	58441K100
GHC	GRAHAM HLDGS CO	107,575	$51.64M	0.0%	$480.00	—	—	COM	384637104
JNJ	JOHNSON & JOHNSON	327,100	$35.39M	0.0%	$108.20	—	—	COM	478160104
DNOW	NOW INC	1,825,569	$32.35M	0.0%	$17.72	—	—	COM	67011P100
PG	PROCTER & GAMBLE CO	315,400	$25.96M	0.0%	$82.31	—	—	COM	742718109
MDLZ	MONDELEZ INTL INC	578,000	$23.19M	0.0%	$40.12	—	—	CL A	609207105
—	LIBERTY GLOBAL PLC	517,139	$18.13M	0.0%	$35.06	—	—	LILAC SHS CL A	G5480U138
—	LIBERTY GLOBAL PLC	367,348	$13.91M	0.0%	$37.88	—	—	LILAC SHS CL C	G5480U153
UPS	UNITED PARCEL SERVICE INC	59,400	$6.265M	0.0%	$105.47	—	—	CL B	911312106
—	LEE ENTERPRISES INC	88,863	$160K	0.0%	$1.80	—	—	COM	523768109