Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
KHC	KRAFT HEINZ CO	325,634,818	$29.15B	22.6%	$89.51	—	—	COM	500754106
WFC	WELLS FARGO & CO NEW	479,704,270	$21.24B	16.5%	$44.28	—	—	COM	949746101
KO	COCA COLA CO	400,000,000	$16.93B	13.1%	$42.32	—	—	COM	191216100
IBM	INTERNATIONAL BUSINESS MACHS	81,232,303	$12.9B	10.0%	$158.85	—	—	COM	459200101
AXP	AMERICAN EXPRESS CO	151,610,700	$9.709B	7.5%	$64.04	—	—	COM	025816109
PSX	PHILLIPS 66	80,689,892	$6.5B	5.0%	$80.55	—	—	COM	718546104
USB	US BANCORP DEL	85,063,167	$3.648B	2.8%	$42.89	—	—	COM NEW	902973304
MCO	MOODYS CORP	24,669,778	$2.671B	2.1%	$108.28	—	—	COM	615369105
CHTR	CHARTER COMMUNICATIONS INC N	9,443,491	$2.549B	2.0%	$269.97	—	—	CL A	16119P108
DVA	DAVITA HEALTHCARE PARTNERS I	38,565,570	$2.548B	2.0%	$66.07	—	—	COM	23918K108
DE	DEERE & CO	21,085,061	$1.8B	1.4%	$85.35	—	—	COM	244199105
GS	GOLDMAN SACHS GROUP INC	10,959,519	$1.767B	1.4%	$161.27	—	—	COM	38141G104
AAPL	APPLE INC	15,227,702	$1.721B	1.3%	$113.05	—	—	COM	037833100
GM	GENERAL MTRS CO	50,000,000	$1.589B	1.2%	$31.77	—	—	COM	37045V100
VRSN	VERISIGN INC	12,952,745	$1.013B	0.8%	$78.24	—	—	COM	92343E102
—	U S G CORP	39,002,016	$1.008B	0.8%	$25.85	—	—	COM NEW	903293405
WMT	WAL MART STORES INC	12,971,574	$936M	0.7%	$72.12	—	—	COM	931142103
V	VISA INC	10,562,460	$874M	0.7%	$82.70	—	—	COM CL A	92826C839
BK	BANK OF NEW YORK MELLON CORP	21,136,712	$843M	0.7%	$39.88	—	—	COM	064058100
AAL	AMERICAN AIRLS GROUP INC	21,770,555	$797M	0.6%	$36.61	—	—	COM	02376R102
VZ	VERIZON COMMUNICATIONS INC	15,000,928	$780M	0.6%	$51.98	—	—	COM	92343V104
—	LIBERTY MEDIA CORP DELAWARE	22,236,109	$743M	0.6%	$33.41	—	—	COM C SIRIUSXM	531229607
LBTYAUSD	LIBERTY GLOBAL PLC	20,180,897	$690M	0.5%	$34.18	—	—	SHS CL A	G5480U104
COST	COSTCO WHSL CORP NEW	4,333,363	$661M	0.5%	$152.51	—	—	COM	22160K105
AXTA	AXALTA COATING SYS LTD	23,324,000	$659M	0.5%	$28.27	—	—	COM	G0750C108
MTB	M & T BK CORP	5,382,040	$625M	0.5%	$116.10	—	—	COM	55261F104
MA	MASTERCARD INC	4,934,756	$502M	0.4%	$101.77	—	—	CL A	57636Q104
KMI	KINDER MORGAN INC DEL	20,000,000	$463M	0.4%	$23.13	—	—	COM	49456B101
—	TORCHMARK CORP	6,353,727	$406M	0.3%	$63.89	—	—	COM	891027104
—	WABCO HLDGS INC	3,368,394	$382M	0.3%	$113.53	—	—	COM	92927K102
QSR	RESTAURANT BRANDS INTL INC	8,438,225	$376M	0.3%	$44.58	—	—	COM	76131D103
—	LIBERTY MEDIA CORP DELAWARE	10,058,800	$342M	0.3%	$33.98	—	—	COM A SIRIUSXM	531229409
—	GENERAL ELECTRIC CO	10,585,502	$314M	0.2%	$29.62	—	—	COM	369604103
DAL	DELTA AIR LINES INC DEL	6,333,923	$249M	0.2%	$39.36	—	—	COM NEW	247361702
—	LIBERTY GLOBAL PLC	7,346,968	$243M	0.2%	$33.04	—	—	SHS CL C	G5480U120
UAL	UNITED CONTL HLDGS INC	4,533,013	$238M	0.2%	$52.47	—	—	COM	910047109
—	TWENTY FIRST CENTY FOX INC	8,951,869	$217M	0.2%	$24.22	—	—	CL A	90130A101
SNY	SANOFI	3,905,875	$149M	0.1%	$38.19	—	—	SPONSORED ADR	80105N105
VRSK	VERISK ANALYTICS INC	1,563,434	$127M	0.1%	$81.28	—	—	CL A	92345Y106
—	LIBERTY MEDIA CORP DELAWARE	3,189,041	$89.74M	0.1%	$28.14	—	—	COM C MEDIA GRP	531229854
—	LIBERTY GLOBAL PLC	2,714,854	$74.9M	0.1%	$27.59	—	—	LILAC SHS CL A	G5480U138
GHC	GRAHAM HLDGS CO	107,575	$51.78M	0.0%	$481.37	—	—	COM	384637104
DNOW	NOW INC	1,825,569	$39.12M	0.0%	$21.43	—	—	COM	67011P100
JNJ	JOHNSON & JOHNSON	327,100	$38.64M	0.0%	$118.13	—	—	COM	478160104
—	LIBERTY MEDIA CORP DELAWARE	1,296,013	$37.13M	0.0%	$28.65	—	—	COM A MEDIA GRP	531229870
—	LIBERTY GLOBAL PLC	1,284,020	$36.02M	0.0%	$28.05	—	—	LILAC SHS CL C	G5480U153
PG	PROCTER & GAMBLE CO	315,400	$28.31M	0.0%	$89.75	—	—	COM	742718109
MDLZ	MONDELEZ INTL INC	578,000	$25.37M	0.0%	$43.90	—	—	CL A	609207105
UPS	UNITED PARCEL SERVICE INC	59,400	$6.496M	0.0%	$109.36	—	—	CL B	911312106
—	LEE ENTERPRISES INC	88,863	$333K	0.0%	$3.75	—	—	COM	523768109