Tweedy, Browne Co LLC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BRKA	Sell	BERKSHIRE HATHAWAY INC	$354,495,159	+101927.4%	667	-0.6%	18.97%	+4.0%
GOOGL	Sell	ALPHABET INC-CL A	$262,750,130	+109218.9%	2,007,872	-0.0%	14.06%	+11.4%
JNJ	Sell	JOHNSON & JOHNSON	$177,611,382	+88626.3%	1,140,362	-5.7%	9.50%	-9.6%
IONS	Sell	IONIS PHARMACEUTICALS INC.	$159,221,447	+109495.5%	3,510,173	-0.9%	8.52%	+11.7%
KOF	Sell	COCA COLA FEMSAadr	$124,382,779	+81701.2%	1,585,706	-13.1%	6.66%	-16.6%
ALV	Sell	AUTOLIV INC.	$98,093,821	+113303.3%	1,016,727	-0.0%	5.25%	+15.6%
FMC	Buy	FMC CORP.	$96,691,554	+91798.1%	1,443,804	+43.2%	5.17%	-6.3%
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL CL B	$57,795,997	+91510.3%	164,990	-10.8%	3.09%	-6.6%
AZO	Sell	AUTOZONE, INC.	$46,530,077	+97856.0%	18,319	-3.8%	2.49%	-0.1%
FDX	Sell	FEDEX CORP.	$43,328,726	+102980.2%	163,554	-3.5%	2.32%	+5.1%
WFC	Sell	WELLS FARGO & CO	$37,276,210	+91153.7%	912,291	-4.7%	1.99%	-7.0%
SEE	Buy	SEALED AIR CORPORATION	$26,777,778	+122666.3%	814,905	+49.4%	1.43%	+25.2%
VRTX	New	VERTEX PHARMACEUTICALS	$26,081,891	–	75,004	–	1.40%	–
TFC	Sell	TRUIST FINANCIAL CORP	$23,230,776	+90819.2%	811,981	-3.6%	1.24%	-7.3%
	Sell	U-HAUL HOLDING CO - NON VOTING	$21,932,288	+99814.8%	418,635	-3.4%	1.17%	+1.8%
DEO	Sell	DIAGEO P L C - ADRadr	$21,714,790	+85472.2%	145,561	-0.5%	1.16%	-12.8%
NWLI	Sell	NATIONAL WESTERN LIFE GROUP	$19,334,433	+105001.3%	44,194	-0.2%	1.03%	+7.0%
BK	Sell	BANK OF NEW YORK MELLON CORP	$18,232,107	+58173.7%	427,482	-39.2%	0.98%	-40.6%
AXP	Sell	AMERICAN EXPRESS CO	$16,965,738	+81517.1%	113,719	-4.7%	0.91%	-16.8%
BAC	Sell	BANK OF AMERICA CORP COM	$14,411,764	+91841.1%	526,361	-3.7%	0.77%	-6.3%
CSCO	Sell	CISCO SYSTEMS INC	$14,400,745	+33112.1%	267,871	-68.0%	0.77%	-66.2%
CNXC	Sell	CONCENTRIX CORP	$11,902,023	+66070.1%	148,571	-33.3%	0.64%	-32.5%
	Sell	TOTALENERGIES SE ADRadr	$10,780,431	+112866.9%	163,936	-1.0%	0.58%	+15.2%
CNHI	Sell	CNH INDUSTRIALS	$10,201,147	+82721.7%	843,070	-1.4%	0.55%	-15.5%
THO	Sell	THOR INDUSTRIES INC.	$10,011,101	+88337.3%	105,236	-3.8%	0.54%	-9.8%
NVS	Sell	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$9,668,144	+99643.6%	94,916	-1.2%	0.52%	+1.6%
USB	Sell	US BANCORP	$9,442,366	+89699.0%	285,613	-10.3%	0.50%	-8.5%
UNP	Sell	UNION PACIFIC CORP	$9,168,033	+99250.2%	45,023	-0.2%	0.49%	+1.4%
	New	KENVUE INC.	$8,984,314	–	447,426	–	0.48%	–
UL	Sell	UNILEVER PLC SPONSORED ADRadr	$6,583,143	+83136.1%	133,262	-12.2%	0.35%	-15.2%
	Sell	GSK PLC ADRadr	$4,712,282	+98195.4%	129,994	-3.4%	0.25%	0.0%
PSX	Sell	PHILLIPS 66	$3,845,521	+124835.7%	32,006	-0.8%	0.21%	+27.2%
VIAC	Sell	PARAMOUNT GLOBAL - CLASS B	$3,710,917	+60595.4%	287,668	-25.1%	0.20%	-38.0%
COP	Sell	CONOCOPHILLIPS	$3,618,799	+114455.2%	30,207	-0.9%	0.19%	+16.9%
BABA	Sell	ALIBABA GROUP HOLDING SP-ADRadr	$2,921,230	+98924.7%	33,678	-4.8%	0.16%	+0.6%
BIDU	Sell	BAIDU INC. - SPON ADRadr	$2,922,650	+95255.6%	21,754	-2.8%	0.16%	-3.1%
	New	ATMUS FILTRATION TECHNOLOGIES	$2,756,266	–	132,195	–	0.15%	–
CMCSA	Sell	COMCAST CORPORATION - CLASS A	$2,176,828	+103509.1%	49,094	-2.9%	0.12%	+5.5%
VZ	Sell	VERIZON COMMUNICATIONS	$2,032,755	+83690.4%	62,720	-3.8%	0.11%	-14.2%
INTC	Sell	INTEL CORP	$1,812,837	+100893.7%	50,994	-5.0%	0.10%	+3.2%
EMR	Sell	EMERSON ELECTRIC CO	$1,521,943	+76341.1%	15,760	-28.5%	0.08%	-22.9%
	Sell	HALEON PLC ADRadr	$1,005,581	+97909.8%	120,718	-1.4%	0.05%	0.0%
CSL	Sell	CARLISLE COS INC	$632,594	+99835.9%	2,440	-1.2%	0.03%	+3.0%
BAX	Sell	BAXTER INTERNATIONAL INC	$417,140	+81055.6%	11,053	-2.1%	0.02%	-18.5%
CKX	Exit	CKX LANDS INC	$0	–	-10,600	–	-0.01%	–
FMS	Exit	FRESENIUS MEDICAL CARE-ADRadr	$0	–	-339,637	–	-0.43%	–

Q2 2023

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC	$347,451	–	671	–	18.24%	–
GOOGL	New	ALPHABET INC-CL A	$240,352	–	2,007,952	–	12.62%	–
JNJ	New	JOHNSON & JOHNSON	$200,179	–	1,209,396	–	10.51%	–
KOF	New	COCA COLA FEMSAadr	$152,055	–	1,825,172	–	7.98%	–
IONS	New	IONIS PHARMACEUTICALS INC.	$145,281	–	3,540,858	–	7.63%	–
FMC	New	FMC CORP.	$105,216	–	1,008,400	–	5.52%	–
ALV	New	AUTOLIV INC.	$86,500	–	1,017,172	–	4.54%	–
GOOG	New	ALPHABET INC-CL C	$71,936	–	594,661	–	3.78%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL B	$63,089	–	185,012	–	3.31%	–
AZO	New	AUTOZONE, INC.	$47,501	–	19,051	–	2.49%	–
CSCO	New	CISCO SYSTEMS INC	$43,360	–	838,040	–	2.28%	–
FDX	New	FEDEX CORP.	$42,034	–	169,559	–	2.21%	–
WFC	New	WELLS FARGO & CO	$40,849	–	957,109	–	2.14%	–
BK	New	BANK OF NEW YORK MELLON CORP	$31,287	–	702,774	–	1.64%	–
TFC	New	TRUIST FINANCIAL CORP	$25,551	–	841,871	–	1.34%	–
DEO	New	DIAGEO P L C - ADRadr	$25,376	–	146,275	–	1.33%	–
	New	U-HAUL HOLDING CO - NON VOTING	$21,951	–	433,208	–	1.15%	–
SEE	New	SEALED AIR CORPORATION	$21,812	–	545,295	–	1.14%	–
AXP	New	AMERICAN EXPRESS CO	$20,787	–	119,329	–	1.09%	–
NWLI	New	NATIONAL WESTERN LIFE GROUP	$18,396	–	44,269	–	0.97%	–
CNXC	New	CONCENTRIX CORP	$17,987	–	222,753	–	0.94%	–
BAC	New	BANK OF AMERICA CORP COM	$15,675	–	546,361	–	0.82%	–
CNHI	New	CNH INDUSTRIALS	$12,317	–	855,350	–	0.65%	–
THO	New	THOR INDUSTRIES INC.	$11,320	–	109,371	–	0.59%	–
USB	New	US BANCORP	$10,515	–	318,238	–	0.55%	–
NVS	New	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$9,693	–	96,056	–	0.51%	–
	New	TOTALENERGIES SE ADRadr	$9,543	–	165,556	–	0.50%	–
UNP	New	UNION PACIFIC CORP	$9,228	–	45,098	–	0.48%	–
FMS	New	FRESENIUS MEDICAL CARE-ADRadr	$8,128	–	339,637	–	0.43%	–
UL	New	UNILEVER PLC SPONSORED ADRadr	$7,909	–	151,724	–	0.42%	–
VIAC	New	PARAMOUNT GLOBAL - CLASS B	$6,114	–	384,298	–	0.32%	–
	New	GSK PLC ADRadr	$4,794	–	134,514	–	0.25%	–
PGR	New	PROGRESSIVE CORP	$4,573	–	34,550	–	0.24%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS	$3,591	–	136,295	–	0.19%	–
COP	New	CONOCOPHILLIPS	$3,159	–	30,492	–	0.17%	–
PSX	New	PHILLIPS 66	$3,078	–	32,271	–	0.16%	–
BIDU	New	BAIDU INC. - SPON ADRadr	$3,065	–	22,389	–	0.16%	–
BABA	New	ALIBABA GROUP HOLDING SP-ADRadr	$2,950	–	35,388	–	0.16%	–
VZ	New	VERIZON COMMUNICATIONS	$2,426	–	65,224	–	0.13%	–
CMCSA	New	COMCAST CORPORATION - CLASS A	$2,101	–	50,564	–	0.11%	–
EMR	New	EMERSON ELECTRIC CO	$1,991	–	22,032	–	0.10%	–
INTC	New	INTEL CORP	$1,795	–	53,684	–	0.09%	–
	New	HALEON PLC ADRadr	$1,026	–	122,418	–	0.05%	–
CSL	New	CARLISLE COS INC	$633	–	2,469	–	0.03%	–
BAX	New	BAXTER INTERNATIONAL INC	$514	–	11,288	–	0.03%	–
CKX	New	CKX LANDS INC	$106	–	10,600	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
CKX	Exit	CKX LANDS INC	$0	–	-10,600	–	-0.01%	–
	Exit	HALEON PLC ADRadr	$0	–	-179,811	–	-0.05%	–
BAX	Exit	BAXTER INTERNATIONAL INC	$0	–	-38,991	–	-0.09%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-61,229	–	-0.10%	–
PSX	Exit	PHILLIPS 66	$0	–	-32,493	–	-0.12%	–
BIDU	Exit	BAIDU INC. - SPON ADRadr	$0	–	-24,371	–	-0.13%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-31,252	–	-0.14%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS	$0	–	-136,295	–	-0.14%	–
BABA	Exit	ALIBABA GROUP HOLDING SP-ADRadr	$0	–	-41,240	–	-0.14%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-47,451	–	-0.15%	–
GSK	Exit	GSK PLC ADRadr	$0	–	-145,663	–	-0.19%	–
NWLI	Exit	NATIONAL WESTERN LIFE GROUP	$0	–	-44,434	–	-0.33%	–
NVS	Exit	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$0	–	-100,709	–	-0.34%	–
TTE	Exit	TOTALENERGIES SE ADRadr	$0	–	-171,887	–	-0.35%	–
MS	Exit	MORGAN STANLEY	$0	–	-105,055	–	-0.36%	–
CSL	Exit	CARLISLE COS INC	$0	–	-33,404	–	-0.41%	–
CNHI	Exit	CNH INDUSTRIALS	$0	–	-967,803	–	-0.48%	–
CMCSA	Exit	COMCAST CORPORATION - CLASS A	$0	–	-387,756	–	-0.50%	–
VIAC	Exit	PARAMOUNT GLOBAL - CLASS B	$0	–	-663,765	–	-0.56%	–
THO	Exit	THOR INDUSTRIES INC.	$0	–	-195,584	–	-0.60%	–
FMS	Exit	FRESENIUS MEDICAL CARE-ADRadr	$0	–	-1,003,036	–	-0.62%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-123,794	–	-0.74%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-161,908	–	-0.83%	–
UL	Exit	UNILEVER PLC SPONSORED ADRadr	$0	–	-458,543	–	-0.88%	–
DEO	Exit	DIAGEO P L C - ADRadr	$0	–	-147,583	–	-1.10%	–
FDX	Exit	FEDEX CORP.	$0	–	-189,887	–	-1.24%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-158,458	–	-1.36%	–
FOX	Exit	FOX CORP CLASS B	$0	–	-1,100,270	–	-1.38%	–
INTC	Exit	INTEL CORP	$0	–	-1,223,850	–	-1.39%	–
TFC	Exit	TRUIST FINANCIAL CORP	$0	–	-818,904	–	-1.57%	–
USB	Exit	US BANCORP	$0	–	-918,298	–	-1.63%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-1,063,483	–	-1.87%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL B	$0	–	-192,829	–	-2.27%	–
BAC	Exit	BANK OF AMERICA CORP COM	$0	–	-1,744,903	–	-2.32%	–
CNXC	Exit	CONCENTRIX CORP	$0	–	-504,353	–	-2.48%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-1,490,827	–	-2.53%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-1,555,090	–	-2.75%	–
ALV	Exit	AUTOLIV INC.	$0	–	-1,115,317	–	-3.27%	–
AZO	Exit	AUTOZONE, INC.	$0	–	-48,839	–	-4.60%	–
IONS	Exit	IONIS PHARMACEUTICALS INC.	$0	–	-2,722,988	–	-5.30%	–
FMC	Exit	FMC CORP.	$0	–	-1,238,282	–	-5.76%	–
KOF	Exit	COCA COLA FEMSAadr	$0	–	-2,339,541	–	-6.01%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-1,578,765	–	-6.68%	–
GOOGL	Exit	ALPHABET INC-CL A	$0	–	-2,391,480	–	-10.07%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,488,820	–	-10.71%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC	$0	–	-863	–	-15.44%	–

Q3 2022

			Value		Shares		↓ Weighting
JNJ	Sell	JOHNSON & JOHNSON	$243,214,000	-8.2%	1,488,820	-0.2%	10.71%	-1.1%
GOOGL	Buy	ALPHABET INC-CL A	$228,745,000	-12.2%	2,391,480	+1901.4%	10.07%	-5.4%
GOOG	Buy	ALPHABET INC-CL C	$151,798,000	-15.2%	1,578,765	+1830.0%	6.68%	-8.7%
KOF	Sell	COCA COLA FEMSAadr	$136,606,000	+1.5%	2,339,541	-3.9%	6.01%	+9.2%
FMC	Buy	FMC CORP.	$130,886,000	+3.0%	1,238,282	+4.3%	5.76%	+10.9%
IONS	Sell	IONIS PHARMACEUTICALS INC.	$120,438,000	+19.3%	2,722,988	-0.1%	5.30%	+28.4%
AZO	Sell	AUTOZONE, INC.	$104,610,000	-9.4%	48,839	-9.1%	4.60%	-2.5%
ALV	Buy	AUTOLIV INC.	$74,314,000	-5.2%	1,115,317	+1.8%	3.27%	+2.0%
WFC	Sell	WELLS FARGO & CO	$62,546,000	-2.2%	1,555,090	-4.7%	2.75%	+5.3%
BK	Sell	BANK OF NEW YORK MELLON CORP	$57,427,000	-9.0%	1,490,827	-1.4%	2.53%	-2.0%
CNXC	Buy	CONCENTRIX CORP	$56,301,000	+348.0%	504,353	+444.3%	2.48%	+382.1%
BAC	Sell	BANK OF AMERICA CORP COM	$52,696,000	-9.9%	1,744,903	-7.1%	2.32%	-3.0%
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL CL B	$51,489,000	-3.5%	192,829	-1.4%	2.27%	+3.8%
CSCO	Sell	CISCO SYSTEMS INC	$42,539,000	-16.1%	1,063,483	-10.6%	1.87%	-9.7%
USB	Sell	US BANCORP	$37,026,000	-14.0%	918,298	-1.9%	1.63%	-7.4%
TFC	Sell	TRUIST FINANCIAL CORP	$35,655,000	-8.5%	818,904	-0.3%	1.57%	-1.5%
INTC	Sell	INTEL CORP	$31,539,000	-33.5%	1,223,850	-3.5%	1.39%	-28.5%
FOX	Sell	FOX CORP CLASS B	$31,358,000	-36.8%	1,100,270	-34.1%	1.38%	-32.0%
UNP	Sell	UNION PACIFIC CORP	$30,871,000	-8.8%	158,458	-0.1%	1.36%	-1.8%
FDX	Buy	FEDEX CORP.	$28,193,000	-32.3%	189,887	+3.4%	1.24%	-27.1%
DEO	Sell	DIAGEO P L C - ADRadr	$25,061,000	-3.0%	147,583	-0.6%	1.10%	+4.4%
UL	Sell	UNILEVER PLC SPONSORED ADRadr	$20,103,000	-4.3%	458,543	-0.0%	0.88%	+3.0%
PGR	Sell	PROGRESSIVE CORP	$18,815,000	-1.0%	161,908	-1.0%	0.83%	+6.6%
AXP	Sell	AMERICAN EXPRESS CO	$16,701,000	-2.8%	123,794	-0.2%	0.74%	+4.6%
FMS	Sell	FRESENIUS MEDICAL CARE-ADRadr	$14,083,000	-44.4%	1,003,036	-1.3%	0.62%	-40.2%
THO	Sell	THOR INDUSTRIES INC.	$13,687,000	-6.4%	195,584	-0.0%	0.60%	+0.7%
VIAC	Buy	PARAMOUNT GLOBAL - CLASS B	$12,638,000	-20.8%	663,765	+2.6%	0.56%	-14.9%
CMCSA	Sell	COMCAST CORPORATION - CLASS A	$11,373,000	-72.3%	387,756	-63.0%	0.50%	-70.2%
CNHI	Sell	CNH INDUSTRIALS	$10,810,000	-3.9%	967,803	-0.2%	0.48%	+3.5%
CSL	Buy	CARLISLE COS INC	$9,367,000	+17.6%	33,404	+0.1%	0.41%	+26.4%
MS	Sell	MORGAN STANLEY	$8,300,000	-11.0%	105,055	-14.4%	0.36%	-4.2%
TTE	Buy	TOTALENERGIES SE ADRadr	$7,996,000	-11.3%	171,887	+0.4%	0.35%	-4.3%
NVS	Buy	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$7,655,000	-8.0%	100,709	+2.3%	0.34%	-0.9%
NWLI	Sell	NATIONAL WESTERN LIFE GROUP	$7,589,000	-16.7%	44,434	-1.2%	0.33%	-10.5%
GSK	Sell	GSK PLC ADRadr	$4,287,000	-48.3%	145,663	-23.5%	0.19%	-44.2%
EMR	Sell	EMERSON ELECTRIC CO	$3,474,000	-30.1%	47,451	-24.0%	0.15%	-24.6%
BABA	Sell	ALIBABA GROUP HOLDING SP-ADRadr	$3,299,000	-30.6%	41,240	-1.4%	0.14%	-25.3%
COP	Sell	CONOCOPHILLIPS	$3,198,000	+7.3%	31,252	-5.9%	0.14%	+15.6%
BIDU	Sell	BAIDU INC. - SPON ADRadr	$2,863,000	-21.4%	24,371	-0.5%	0.13%	-15.4%
VZ	Sell	VERIZON COMMUNICATIONS	$2,325,000	-66.5%	61,229	-55.2%	0.10%	-64.1%
BAX	Sell	BAXTER INTERNATIONAL INC	$2,100,000	-16.6%	38,991	-0.6%	0.09%	-10.7%
	New	HALEON PLC ADRadr	$1,095,000	–	179,811	–	0.05%	–

Q2 2022

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC	$352,924,000	–	863	–	14.43%	–
JNJ	New	JOHNSON & JOHNSON	$264,871,000	–	1,492,146	–	10.83%	–
GOOGL	New	ALPHABET INC-CL A	$260,400,000	–	119,490	–	10.65%	–
GOOG	New	ALPHABET INC-CL C	$178,940,000	–	81,803	–	7.32%	–
KOF	New	COCA COLA FEMSAadr	$134,605,000	–	2,434,974	–	5.50%	–
FMC	New	FMC CORP.	$127,060,000	–	1,187,367	–	5.20%	–
AZO	New	AUTOZONE, INC.	$115,507,000	–	53,746	–	4.72%	–
IONS	New	IONIS PHARMACEUTICALS INC.	$100,945,000	–	2,726,778	–	4.13%	–
ALV	New	AUTOLIV INC.	$78,406,000	–	1,095,510	–	3.21%	–
WFC	New	WELLS FARGO & CO	$63,940,000	–	1,632,373	–	2.61%	–
BK	New	BANK OF NEW YORK MELLON CORP	$63,081,000	–	1,512,376	–	2.58%	–
BAC	New	BANK OF AMERICA CORP COM	$58,478,000	–	1,878,523	–	2.39%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL B	$53,369,000	–	195,475	–	2.18%	–
CSCO	New	CISCO SYSTEMS INC	$50,714,000	–	1,189,354	–	2.07%	–
FOX	New	FOX CORP CLASS B	$49,595,000	–	1,669,868	–	2.03%	–
INTC	New	INTEL CORP	$47,462,000	–	1,268,690	–	1.94%	–
USB	New	US BANCORP	$43,071,000	–	935,930	–	1.76%	–
FDX	New	FEDEX CORP.	$41,652,000	–	183,723	–	1.70%	–
CMCSA	New	COMCAST CORPORATION - CLASS A	$41,111,000	–	1,047,683	–	1.68%	–
TFC	New	TRUIST FINANCIAL CORP	$38,968,000	–	821,582	–	1.59%	–
UNP	New	UNION PACIFIC CORP	$33,839,000	–	158,658	–	1.38%	–
DEO	New	DIAGEO P L C - ADRadr	$25,843,000	–	148,423	–	1.06%	–
FMS	New	FRESENIUS MEDICAL CARE-ADRadr	$25,350,000	–	1,016,440	–	1.04%	–
UL	New	UNILEVER PLC SPONSORED ADRadr	$21,016,000	–	458,561	–	0.86%	–
PGR	New	PROGRESSIVE CORP	$19,012,000	–	163,518	–	0.78%	–
AXP	New	AMERICAN EXPRESS CO	$17,187,000	–	123,989	–	0.70%	–
VIAC	New	PARAMOUNT GLOBAL - CLASS B	$15,963,000	–	646,810	–	0.65%	–
THO	New	THOR INDUSTRIES INC.	$14,623,000	–	195,679	–	0.60%	–
CNXC	New	CONCENTRIX CORP	$12,568,000	–	92,660	–	0.51%	–
CNHI	New	CNH INDUSTRIALS	$11,244,000	–	970,133	–	0.46%	–
MS	New	MORGAN STANLEY	$9,330,000	–	122,670	–	0.38%	–
NWLI	New	NATIONAL WESTERN LIFE GROUP	$9,115,000	–	44,969	–	0.37%	–
TTE	New	TOTALENERGIES SE ADRadr	$9,010,000	–	171,162	–	0.37%	–
NVS	New	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$8,320,000	–	98,430	–	0.34%	–
GSK	New	GSK PLC ADRadr	$8,289,000	–	190,421	–	0.34%	–
CSL	New	CARLISLE COS INC	$7,966,000	–	33,384	–	0.33%	–
VZ	New	VERIZON COMMUNICATIONS	$6,937,000	–	136,681	–	0.28%	–
EMR	New	EMERSON ELECTRIC CO	$4,968,000	–	62,465	–	0.20%	–
BABA	New	ALIBABA GROUP HOLDING SP-ADRadr	$4,756,000	–	41,840	–	0.19%	–
BIDU	New	BAIDU INC. - SPON ADRadr	$3,643,000	–	24,496	–	0.15%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS	$3,322,000	–	136,295	–	0.14%	–
COP	New	CONOCOPHILLIPS	$2,981,000	–	33,197	–	0.12%	–
PSX	New	PHILLIPS 66	$2,664,000	–	32,493	–	0.11%	–
BAX	New	BAXTER INTERNATIONAL INC	$2,519,000	–	39,222	–	0.10%	–
CKX	New	CKX LANDS INC	$118,000	–	10,600	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
CKX	Exit	CKX LANDS INC	$0	–	-10,600	–	-0.00%	–
HSBC	Exit	HSBC HOLDINGS PLC SPONSORED ADRadr	$0	–	-36,786	–	-0.03%	–
AIT	Exit	APPLIED INDUSTRIAL TECH INC.	$0	–	-29,370	–	-0.09%	–
ANAT	Exit	AMERICAN NATIONAL GROUP INC	$0	–	-14,597	–	-0.09%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS	$0	–	-136,295	–	-0.10%	–
JEF	Exit	JEFFERIES FINANCIAL GROUP INC	$0	–	-84,440	–	-0.10%	–
BAX	Exit	BAXTER INTERNATIONAL INC	$0	–	-41,516	–	-0.11%	–
PSX	Exit	PHILLIPS 66	$0	–	-60,899	–	-0.14%	–
BIDU	Exit	BAIDU INC. - SPON ADRadr	$0	–	-30,280	–	-0.16%	–
GSK	Exit	GLAXO SMITHKLINE PLC ADRadr	$0	–	-185,716	–	-0.24%	–
NVS	Exit	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$0	–	-111,180	–	-0.30%	–
BABA	Exit	ALIBABA GROUP HOLDING SP-ADRadr	$0	–	-62,975	–	-0.31%	–
TTE	Exit	TOTALENERGIES SE ADRadr	$0	–	-194,908	–	-0.31%	–
NWLI	Exit	NATIONAL WESTERN LIFE GROUP	$0	–	-49,094	–	-0.34%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-164,438	–	-0.50%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-294,281	–	-0.53%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-246,883	–	-0.56%	–
CNXC	Exit	CONCENTRIX CORP	$0	–	-96,154	–	-0.57%	–
CNHI	Exit	CNH INDUSTRIALS	$0	–	-1,069,327	–	-0.59%	–
MS	Exit	MORGAN STANLEY	$0	–	-237,835	–	-0.77%	–
UL	Exit	UNILEVER PLC SPONSORED ADRadr	$0	–	-498,692	–	-0.90%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-290,078	–	-0.91%	–
FMS	Exit	FRESENIUS MEDICAL CARE-ADRadr	$0	–	-849,722	–	-0.99%	–
DEO	Exit	DIAGEO P L C - ADRadr	$0	–	-160,419	–	-1.03%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-161,762	–	-1.06%	–
INTC	Exit	INTEL CORP	$0	–	-630,833	–	-1.12%	–
CSL	Exit	CARLISLE COS INC	$0	–	-215,401	–	-1.43%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-270,039	–	-1.51%	–
TFC	Exit	TRUIST FINANCIAL CORP	$0	–	-845,291	–	-1.66%	–
MMM	Exit	3M CO	$0	–	-349,172	–	-2.05%	–
CMCSA	Exit	COMCAST CORPORATION - CLASS A	$0	–	-1,121,847	–	-2.10%	–
USB	Exit	US BANCORP	$0	–	-1,090,847	–	-2.17%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL B	$0	–	-285,756	–	-2.61%	–
BAC	Exit	BANK OF AMERICA CORP COM	$0	–	-1,928,858	–	-2.74%	–
FOX	Exit	FOX CORP CLASS B	$0	–	-2,249,220	–	-2.79%	–
FMC	Exit	FMC CORP.	$0	–	-991,210	–	-3.03%	–
ALV	Exit	AUTOLIV INC.	$0	–	-1,113,530	–	-3.19%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-1,868,974	–	-3.24%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-2,177,243	–	-3.38%	–
AZO	Exit	AUTOZONE, INC.	$0	–	-87,253	–	-4.95%	–
KOF	Exit	COCA COLA FEMSAadr	$0	–	-2,802,434	–	-5.27%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-3,007,873	–	-5.47%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-89,645	–	-7.98%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,674,726	–	-9.04%	–
GOOGL	Exit	ALPHABET INC-CL A	$0	–	-127,195	–	-11.36%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC	$0	–	-886	–	-12.18%	–

Q3 2021

			Value		Shares		↓ Weighting
BRKA	Sell	BERKSHIRE HATHAWAY INC	$364,482,000	-4.5%	886	-2.9%	12.18%	+13.6%
GOOGL	Sell	ALPHABET INC-CL A	$340,058,000	+9.2%	127,195	-0.3%	11.36%	+29.9%
JNJ	Sell	JOHNSON & JOHNSON	$270,468,000	-5.1%	1,674,726	-3.2%	9.04%	+12.9%
GOOG	Sell	ALPHABET INC-CL C	$238,932,000	-16.8%	89,645	-21.7%	7.98%	-1.0%
CSCO	Sell	CISCO SYSTEMS INC	$163,719,000	-13.1%	3,007,873	-15.4%	5.47%	+3.3%
KOF	Sell	COCA COLA FEMSAadr	$157,693,000	+6.2%	2,802,434	-0.1%	5.27%	+26.3%
AZO	Sell	AUTOZONE, INC.	$148,155,000	+13.2%	87,253	-0.5%	4.95%	+34.7%
WFC	Sell	WELLS FARGO & CO	$101,046,000	-1.2%	2,177,243	-3.5%	3.38%	+17.6%
BK	Sell	BANK OF NEW YORK MELLON CORP	$96,888,000	-0.7%	1,868,974	-1.9%	3.24%	+18.1%
ALV	Sell	AUTOLIV INC.	$95,452,000	-13.3%	1,113,530	-1.1%	3.19%	+3.1%
FMC	New	FMC CORP.	$90,755,000	–	991,210	–	3.03%	–
FOX	Sell	FOX CORP CLASS B	$83,491,000	+5.1%	2,249,220	-0.3%	2.79%	+25.0%
BAC	Sell	BANK OF AMERICA CORP COM	$81,880,000	+2.7%	1,928,858	-0.2%	2.74%	+22.2%
BRKB	Buy	BERKSHIRE HATHAWAY INC DEL CL B	$77,994,000	+2.6%	285,756	+4.5%	2.61%	+22.1%
USB	Sell	US BANCORP	$64,840,000	+0.8%	1,090,847	-3.4%	2.17%	+19.9%
CMCSA	Sell	COMCAST CORPORATION - CLASS A	$62,745,000	-2.1%	1,121,847	-0.2%	2.10%	+16.4%
MMM	Sell	3M CO	$61,252,000	-12.2%	349,172	-0.6%	2.05%	+4.4%
TFC	Sell	TRUIST FINANCIAL CORP	$49,576,000	+5.3%	845,291	-0.3%	1.66%	+25.3%
AXP	Sell	AMERICAN EXPRESS CO	$45,240,000	+0.5%	270,039	-0.9%	1.51%	+19.5%
CSL	Sell	CARLISLE COS INC	$42,820,000	+0.3%	215,401	-3.4%	1.43%	+19.3%
INTC	Sell	INTEL CORP	$33,611,000	-5.1%	630,833	-0.0%	1.12%	+12.9%
UNP	Sell	UNION PACIFIC CORP	$31,707,000	-18.5%	161,762	-8.6%	1.06%	-3.1%
DEO	Sell	DIAGEO P L C - ADRadr	$30,961,000	-7.4%	160,419	-8.0%	1.03%	+10.1%
FMS	Buy	FRESENIUS MEDICAL CARE-ADRadr	$29,715,000	+18.2%	849,722	+40.5%	0.99%	+40.7%
EMR	Sell	EMERSON ELECTRIC CO	$27,325,000	-3.8%	290,078	-1.8%	0.91%	+14.4%
UL	Sell	UNILEVER PLC SPONSORED ADRadr	$27,039,000	-8.5%	498,692	-1.2%	0.90%	+8.8%
MS	Sell	MORGAN STANLEY	$23,144,000	-10.5%	237,835	-15.7%	0.77%	+6.5%
CNHI	Sell	CNH INDUSTRIALS	$17,762,000	-4.1%	1,069,327	-3.4%	0.59%	+14.0%
CNXC	Sell	CONCENTRIX CORP	$17,019,000	+8.4%	96,154	-1.5%	0.57%	+29.0%
COP	Sell	CONOCOPHILLIPS	$16,731,000	+10.3%	246,883	-0.9%	0.56%	+31.2%
VZ	Sell	VERIZON COMMUNICATIONS	$15,894,000	-4.5%	294,281	-0.9%	0.53%	+13.7%
PGR	Buy	PROGRESSIVE CORP	$14,864,000	+12.0%	164,438	+21.6%	0.50%	+33.2%
NWLI	Sell	NATIONAL WESTERN LIFE GROUP	$10,339,000	-6.2%	49,094	-0.1%	0.34%	+11.3%
TTE	Sell	TOTALENERGIES SE ADRadr	$9,342,000	+2.6%	194,908	-3.1%	0.31%	+21.9%
BABA	Sell	ALIBABA GROUP HOLDING SP-ADRadr	$9,323,000	-97.3%	62,975	-95.9%	0.31%	-96.8%
NVS	Sell	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$9,092,000	-13.6%	111,180	-3.7%	0.30%	+2.7%
GSK	Sell	GLAXO SMITHKLINE PLC ADRadr	$7,096,000	-5.7%	185,716	-1.7%	0.24%	+12.3%
BIDU	Sell	BAIDU INC. - SPON ADRadr	$4,656,000	-97.7%	30,280	-96.9%	0.16%	-97.2%
PSX	Sell	PHILLIPS 66	$4,265,000	-19.3%	60,899	-1.2%	0.14%	-4.1%
JEF	Sell	JEFFERIES FINANCIAL GROUP INC	$3,135,000	+3.5%	84,440	-4.7%	0.10%	+23.5%
ANAT	Sell	AMERICAN NATIONAL GROUP INC	$2,759,000	+22.8%	14,597	-3.5%	0.09%	+46.0%
AIT	Sell	APPLIED INDUSTRIAL TECH INC.	$2,647,000	-11.6%	29,370	-10.7%	0.09%	+4.8%
HSBC	Sell	HSBC HOLDINGS PLC SPONSORED ADRadr	$962,000	-26.1%	36,786	-18.5%	0.03%	-13.5%
ABBV	Exit	ABBVIE INC.	$0	–	-390,370	–	-1.24%	–

Q2 2021

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC	$381,764,000	–	912	–	10.72%	–
BABA	New	ALIBABA GROUP HOLDING SP-ADRadr	$350,900,000	–	1,547,316	–	9.86%	–
GOOGL	New	ALPHABET INC-CL A	$311,475,000	–	127,560	–	8.75%	–
GOOG	New	ALPHABET INC-CL C	$287,074,000	–	114,540	–	8.06%	–
JNJ	New	JOHNSON & JOHNSON	$285,033,000	–	1,730,200	–	8.01%	–
BIDU	New	BAIDU INC. - SPON ADRadr	$198,529,000	–	973,657	–	5.58%	–
CSCO	New	CISCO SYSTEMS INC	$188,442,000	–	3,555,515	–	5.29%	–
KOF	New	COCA COLA FEMSAadr	$148,517,000	–	2,805,906	–	4.17%	–
AZO	New	AUTOZONE, INC.	$130,884,000	–	87,711	–	3.68%	–
ALV	New	AUTOLIV INC.	$110,072,000	–	1,125,938	–	3.09%	–
WFC	New	WELLS FARGO & CO	$102,236,000	–	2,257,353	–	2.87%	–
BK	New	BANK OF NEW YORK MELLON CORP	$97,575,000	–	1,904,650	–	2.74%	–
BAC	New	BANK OF AMERICA CORP COM	$79,702,000	–	1,933,102	–	2.24%	–
FOX	New	FOX CORP CLASS B	$79,430,000	–	2,256,543	–	2.23%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL B	$76,024,000	–	273,546	–	2.14%	–
MMM	New	3M CO	$69,769,000	–	351,251	–	1.96%	–
USB	New	US BANCORP	$64,332,000	–	1,129,228	–	1.81%	–
CMCSA	New	COMCAST CORPORATION - CLASS A	$64,074,000	–	1,123,714	–	1.80%	–
TFC	New	TRUIST FINANCIAL CORP	$47,070,000	–	848,104	–	1.32%	–
AXP	New	AMERICAN EXPRESS CO	$45,001,000	–	272,355	–	1.26%	–
ABBV	New	ABBVIE INC.	$43,971,000	–	390,370	–	1.24%	–
CSL	New	CARLISLE COS INC	$42,683,000	–	223,027	–	1.20%	–
UNP	New	UNION PACIFIC CORP	$38,920,000	–	176,964	–	1.09%	–
INTC	New	INTEL CORP	$35,423,000	–	630,969	–	1.00%	–
DEO	New	DIAGEO P L C - ADRadr	$33,419,000	–	174,340	–	0.94%	–
UL	New	UNILEVER PLC SPONSORED ADRadr	$29,535,000	–	504,880	–	0.83%	–
EMR	New	EMERSON ELECTRIC CO	$28,415,000	–	295,256	–	0.80%	–
MS	New	MORGAN STANLEY	$25,860,000	–	282,035	–	0.73%	–
FMS	New	FRESENIUS MEDICAL CARE-ADRadr	$25,148,000	–	604,964	–	0.71%	–
CNHI	New	CNH INDUSTRIALS	$18,514,000	–	1,107,302	–	0.52%	–
VZ	New	VERIZON COMMUNICATIONS	$16,637,000	–	296,926	–	0.47%	–
CNXC	New	CONCENTRIX CORP	$15,698,000	–	97,622	–	0.44%	–
COP	New	CONOCOPHILLIPS	$15,171,000	–	249,108	–	0.43%	–
PGR	New	PROGRESSIVE CORP	$13,276,000	–	135,183	–	0.37%	–
NWLI	New	NATIONAL WESTERN LIFE GROUP	$11,026,000	–	49,139	–	0.31%	–
NVS	New	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$10,529,000	–	115,403	–	0.30%	–
TTE	New	TOTALENERGIES SE ADRadr	$9,106,000	–	201,184	–	0.26%	–
GSK	New	GLAXO SMITHKLINE PLC ADRadr	$7,523,000	–	188,915	–	0.21%	–
PSX	New	PHILLIPS 66	$5,287,000	–	61,608	–	0.15%	–
BAX	New	BAXTER INTERNATIONAL INC	$3,342,000	–	41,516	–	0.09%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS	$3,289,000	–	136,295	–	0.09%	–
JEF	New	JEFFERIES FINANCIAL GROUP INC	$3,030,000	–	88,595	–	0.08%	–
AIT	New	APPLIED INDUSTRIAL TECH INC.	$2,995,000	–	32,890	–	0.08%	–
ANAT	New	AMERICAN NATIONAL GROUP INC	$2,247,000	–	15,127	–	0.06%	–
HSBC	New	HSBC HOLDINGS PLC SPONSORED ADRadr	$1,302,000	–	45,137	–	0.04%	–
CKX	New	CKX LANDS INC	$132,000	–	10,600	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
CKX	Exit	CKX LANDS INC	$0	–	-10,600	–	-0.00%	–
MRK	Exit	MERCK & COMPANY INC.	$0	–	-3,306	–	-0.01%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC-A SHRS ADRadr	$0	–	-40,292	–	-0.04%	–
ALC	Exit	ALCON INC ADRadr	$0	–	-23,426	–	-0.05%	–
HSBC	Exit	HSBC HOLDINGS PLC SPONSORED ADRadr	$0	–	-84,866	–	-0.06%	–
ANAT	Exit	AMERICAN NATIONAL GROUP INC	$0	–	-30,025	–	-0.08%	–
AIT	Exit	APPLIED INDUSTRIAL TECH INC.	$0	–	-53,198	–	-0.11%	–
SHEN	Exit	SHENANDOAH TELECOMMUNICATIONS CO.	$0	–	-79,680	–	-0.14%	–
PSX	Exit	PHILLIPS 66	$0	–	-69,415	–	-0.14%	–
UL	Exit	UNILEVER PLC SPONSORED ADRadr	$0	–	-63,315	–	-0.15%	–
BAX	Exit	BAXTER INTERNATIONAL INC	$0	–	-55,468	–	-0.17%	–
UNF	Exit	UNIFIRST CORP	$0	–	-30,962	–	-0.23%	–
GSK	Exit	GLAXO SMITHKLINE PLC ADRadr	$0	–	-159,639	–	-0.23%	–
TTE	Exit	TOTAL SA - ADRadr	$0	–	-235,879	–	-0.31%	–
CNHI	Exit	CNH INDUSTRIALS	$0	–	-1,292,855	–	-0.39%	–
NVS	Exit	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$0	–	-140,023	–	-0.47%	–
NWLI	Exit	NATIONAL WESTERN LIFE GROUP	$0	–	-68,734	–	-0.49%	–
BAC	Exit	BANK OF AMERICA CORP COM	$0	–	-616,960	–	-0.58%	–
GS	Exit	GOLDMAN SACHS	$0	–	-90,137	–	-0.70%	–
TFC	Exit	TRUIST FINANCIAL CORP	$0	–	-479,476	–	-0.71%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-339,610	–	-0.78%	–
INTC	Exit	INTEL CORP	$0	–	-398,350	–	-0.80%	–
CSL	Exit	CARLISLE COS INC	$0	–	-180,194	–	-0.86%	–
MS	Exit	MORGAN STANLEY	$0	–	-463,155	–	-0.87%	–
ABBV	Exit	ABBVIE INC.	$0	–	-302,320	–	-1.03%	–
DEO	Exit	DIAGEO P L C - ADRadr	$0	–	-216,422	–	-1.16%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-302,624	–	-1.18%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-936,526	–	-1.19%	–
UN	Exit	UNILEVER N V - ADRadr	$0	–	-530,833	–	-1.24%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-186,429	–	-1.42%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-586,772	–	-1.49%	–
USB	Exit	US BANCORP	$0	–	-1,200,266	–	-1.67%	–
CMCSA	Exit	COMCAST CORPORATION - CLASS A	$0	–	-1,128,215	–	-2.02%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-2,405,145	–	-2.19%	–
MMM	Exit	3M CO	$0	–	-381,124	–	-2.37%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL B	$0	–	-312,514	–	-2.58%	–
FOX	Exit	FOX CORP CLASS B	$0	–	-2,520,408	–	-2.73%	–
ALV	Exit	AUTOLIV INC.	$0	–	-1,142,383	–	-3.23%	–
AZO	Exit	AUTOZONE, INC.	$0	–	-94,090	–	-4.30%	–
KOF	Exit	COCA COLA FEMSAadr	$0	–	-2,826,143	–	-4.46%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-3,728,931	–	-4.96%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-118,357	–	-6.74%	–
BIDU	Exit	BAIDU INC. - SPON ADRadr	$0	–	-1,399,783	–	-6.87%	–
GOOGL	Exit	ALPHABET INC-CL A	$0	–	-129,566	–	-7.36%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-5,359,540	–	-8.18%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,802,726	–	-10.40%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC	$0	–	-1,035	–	-12.84%	–

Q3 2020

			Value		Shares		↓ Weighting
BRKA	Sell	BERKSHIRE HATHAWAY INC	$331,201,000	+19.0%	1,035	-0.6%	12.84%	+15.6%
JNJ	Sell	JOHNSON & JOHNSON	$268,390,000	+3.6%	1,802,726	-2.1%	10.40%	+0.7%
CSCO	Sell	CISCO SYSTEMS INC	$211,112,000	-16.6%	5,359,540	-1.2%	8.18%	-18.9%
GOOGL	Sell	ALPHABET INC-CL A	$189,892,000	+3.1%	129,566	-0.2%	7.36%	+0.2%
BIDU	Sell	BAIDU INC. - SPON ADRadr	$177,199,000	+5.5%	1,399,783	-0.1%	6.87%	+2.5%
GOOG	Sell	ALPHABET INC-CL C	$173,937,000	+3.6%	118,357	-0.3%	6.74%	+0.7%
BK	Sell	BANK OF NEW YORK MELLON CORP	$128,051,000	-11.7%	3,728,931	-0.6%	4.96%	-14.2%
KOF	Buy	COCA COLA FEMSAadr	$115,081,000	-4.3%	2,826,143	+3.0%	4.46%	-7.0%
AZO	Sell	AUTOZONE, INC.	$110,804,000	-0.5%	94,090	-4.7%	4.30%	-3.3%
ALV	Sell	AUTOLIV INC.	$83,257,000	+12.8%	1,142,383	-0.1%	3.23%	+9.6%
FOX	Sell	FOX CORP CLASS B	$70,496,000	+3.0%	2,520,408	-1.1%	2.73%	+0.1%
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL CL B	$66,547,000	+18.0%	312,514	-1.1%	2.58%	+14.6%
MMM	Sell	3M CO	$61,048,000	+2.0%	381,124	-0.7%	2.37%	-0.9%
WFC	Sell	WELLS FARGO & CO	$56,545,000	-10.3%	2,405,145	-2.3%	2.19%	-12.8%
CMCSA	Sell	COMCAST CORPORATION - CLASS A	$52,191,000	+18.2%	1,128,215	-0.4%	2.02%	+14.9%
USB	Buy	US BANCORP	$43,030,000	+3.1%	1,200,266	+5.9%	1.67%	+0.2%
EMR	Sell	EMERSON ELECTRIC CO	$38,475,000	+3.2%	586,772	-2.3%	1.49%	+0.3%
UNP	Sell	UNION PACIFIC CORP	$36,702,000	+15.7%	186,429	-0.6%	1.42%	+12.4%
UN	Sell	UNILEVER N V - ADRadr	$32,062,000	+12.4%	530,833	-0.8%	1.24%	+9.2%
COP	Sell	CONOCOPHILLIPS	$30,756,000	-53.2%	936,526	-40.1%	1.19%	-54.5%
AXP	Sell	AMERICAN EXPRESS CO	$30,338,000	+3.9%	302,624	-1.4%	1.18%	+0.9%
DEO	Sell	DIAGEO P L C - ADRadr	$29,793,000	+0.3%	216,422	-2.1%	1.16%	-2.6%
ABBV	Buy	ABBVIE INC.	$26,480,000	+30.9%	302,320	+46.8%	1.03%	+27.3%
MS	Buy	MORGAN STANLEY	$22,394,000	+0.2%	463,155	+0.1%	0.87%	-2.6%
CSL	New	CARLISLE COS INC	$22,050,000	–	180,194	–	0.86%	–
INTC	New	INTEL CORP	$20,627,000	–	398,350	–	0.80%	–
VZ	Sell	VERIZON COMMUNICATIONS	$20,203,000	+4.9%	339,610	-2.8%	0.78%	+1.8%
TFC	New	TRUIST FINANCIAL CORP	$18,244,000	–	479,476	–	0.71%	–
GS	Sell	GOLDMAN SACHS	$18,115,000	+1.4%	90,137	-0.3%	0.70%	-1.5%
BAC	New	BANK OF AMERICA CORP COM	$14,863,000	–	616,960	–	0.58%	–
NWLI	Sell	NATIONAL WESTERN LIFE GROUP	$12,563,000	-10.2%	68,734	-0.2%	0.49%	-12.7%
NVS	Sell	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$12,176,000	-3.3%	140,023	-2.8%	0.47%	-6.0%
CNHI	Sell	CNH INDUSTRIALS	$10,110,000	+8.4%	1,292,855	-2.5%	0.39%	+5.4%
TTE	Sell	TOTAL SA - ADRadr	$8,091,000	-13.1%	235,879	-2.5%	0.31%	-15.4%
GSK	Buy	GLAXO SMITHKLINE PLC ADRadr	$6,009,000	-5.3%	159,639	+2.6%	0.23%	-7.9%
BAX	Sell	BAXTER INTERNATIONAL INC	$4,461,000	-17.6%	55,468	-11.8%	0.17%	-19.9%
UL	Sell	UNILEVER PLC SPONSORED ADRadr	$3,905,000	-43.1%	63,315	-49.4%	0.15%	-44.9%
PSX	Sell	PHILLIPS 66	$3,598,000	-86.2%	69,415	-80.8%	0.14%	-86.6%
AIT	Sell	APPLIED INDUSTRIAL TECH INC.	$2,931,000	-13.8%	53,198	-2.4%	0.11%	-16.2%
ANAT	Sell	AMERICAN NATIONAL GROUP INC	$2,028,000	-6.4%	30,025	-0.1%	0.08%	-8.1%
HSBC	Sell	HSBC HOLDINGS PLC SPONSORED ADRadr	$1,662,000	-17.3%	84,866	-1.5%	0.06%	-20.0%
ALC	Sell	ALCON INC ADRadr	$1,334,000	-6.0%	23,426	-5.4%	0.05%	-8.8%
RDSA	Sell	ROYAL DUTCH SHELL PLC-A SHRS ADRadr	$1,014,000	-26.3%	40,292	-4.2%	0.04%	-29.1%

Q2 2020

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC	$278,259,000	–	1,041	–	11.10%	–
JNJ	New	JOHNSON & JOHNSON	$258,984,000	–	1,841,597	–	10.33%	–
CSCO	New	CISCO SYSTEMS INC	$253,041,000	–	5,425,411	–	10.10%	–
GOOGL	New	ALPHABET INC-CL A	$184,098,000	–	129,825	–	7.35%	–
BIDU	New	BAIDU INC. - SPON ADRadr	$168,017,000	–	1,401,429	–	6.70%	–
GOOG	New	ALPHABET INC-CL C	$167,861,000	–	118,746	–	6.70%	–
BK	New	BANK OF NEW YORK MELLON CORP	$144,969,000	–	3,750,817	–	5.78%	–
KOF	New	COCA COLA FEMSAadr	$120,270,000	–	2,742,756	–	4.80%	–
AZO	New	AUTOZONE, INC.	$111,343,000	–	98,698	–	4.44%	–
ALV	New	AUTOLIV INC.	$73,794,000	–	1,143,918	–	2.94%	–
FOX	New	FOX CORP CLASS B	$68,413,000	–	2,548,915	–	2.73%	–
COP	New	CONOCOPHILLIPS	$65,701,000	–	1,563,556	–	2.62%	–
WFC	New	WELLS FARGO & CO	$63,029,000	–	2,462,083	–	2.52%	–
MMM	New	3M CO	$59,870,000	–	383,808	–	2.39%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL B	$56,414,000	–	316,029	–	2.25%	–
CMCSA	New	COMCAST CORPORATION - CLASS A	$44,138,000	–	1,132,324	–	1.76%	–
USB	New	US BANCORP	$41,730,000	–	1,133,346	–	1.66%	–
EMR	New	EMERSON ELECTRIC CO	$37,272,000	–	600,870	–	1.49%	–
UNP	New	UNION PACIFIC CORP	$31,723,000	–	187,631	–	1.27%	–
DEO	New	DIAGEO P L C - ADRadr	$29,711,000	–	221,083	–	1.19%	–
AXP	New	AMERICAN EXPRESS CO	$29,209,000	–	306,820	–	1.17%	–
UN	New	UNILEVER N V - ADRadr	$28,518,000	–	535,339	–	1.14%	–
PSX	New	PHILLIPS 66	$26,007,000	–	361,715	–	1.04%	–
MS	New	MORGAN STANLEY	$22,339,000	–	462,500	–	0.89%	–
ABBV	New	ABBVIE INC.	$20,225,000	–	206,000	–	0.81%	–
VZ	New	VERIZON COMMUNICATIONS	$19,267,000	–	349,484	–	0.77%	–
GS	New	GOLDMAN SACHS	$17,865,000	–	90,402	–	0.71%	–
NWLI	New	NATIONAL WESTERN LIFE GROUP	$13,995,000	–	68,874	–	0.56%	–
NVS	New	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$12,588,000	–	144,121	–	0.50%	–
CNHI	New	CNH INDUSTRIALS	$9,324,000	–	1,326,255	–	0.37%	–
TTE	New	TOTAL SA - ADRadr	$9,308,000	–	242,029	–	0.37%	–
UL	New	UNILEVER PLC SPONSORED ADRadr	$6,866,000	–	125,115	–	0.27%	–
GSK	New	GLAXO SMITHKLINE PLC ADRadr	$6,344,000	–	155,520	–	0.25%	–
UNF	New	UNIFIRST CORP	$5,541,000	–	30,962	–	0.22%	–
BAX	New	BAXTER INTERNATIONAL INC	$5,414,000	–	62,883	–	0.22%	–
SHEN	New	SHENANDOAH TELECOMMUNICATIONS CO.	$3,927,000	–	79,680	–	0.16%	–
AIT	New	APPLIED INDUSTRIAL TECH INC.	$3,401,000	–	54,516	–	0.14%	–
ANAT	New	AMERICAN NATIONAL GROUP INC	$2,166,000	–	30,056	–	0.09%	–
HSBC	New	HSBC HOLDINGS PLC SPONSORED ADRadr	$2,010,000	–	86,139	–	0.08%	–
ALC	New	ALCON INC ADRadr	$1,419,000	–	24,755	–	0.06%	–
RDSA	New	ROYAL DUTCH SHELL PLC-A SHRS ADRadr	$1,375,000	–	42,065	–	0.06%	–
MRK	New	MERCK & COMPANY INC.	$256,000	–	3,306	–	0.01%	–
CKX	New	CKX LANDS INC	$85,000	–	10,600	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
CKX	Exit	CKX LANDS INC	$0	–	-10,600	–	-0.00%	–
MRK	Exit	MERCK & COMPANY INC.	$0	–	-3,306	–	-0.01%	–
CTWS	Exit	CONNECTICUT WATER SERVICE INC	$0	–	-6,483	–	-0.02%	–
ALC	Exit	ALCON INC ADRadr	$0	–	-30,641	–	-0.06%	–
SHEN	Exit	SHENANDOAH TELECOMMUNICATIONS CO.	$0	–	-79,680	–	-0.09%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC-A SHRS ADRadr	$0	–	-48,622	–	-0.10%	–
ANAT	Exit	AMERICAN NATIONAL INSURANCE CO	$0	–	-30,889	–	-0.14%	–
HSBC	Exit	HSBC HOLDINGS PLC SPONSORED ADRadr	$0	–	-106,475	–	-0.14%	–
CCL	Exit	CARNIVAL CORP	$0	–	-140,420	–	-0.22%	–
TTE	Exit	UNIFIRST CORP	$0	–	-32,177	–	-0.22%	–
BAX	Exit	BAXTER INTERNATIONAL INC	$0	–	-72,182	–	-0.22%	–
GSK	Exit	GLAXO SMITHKLINE PLC ADRadr	$0	–	-173,709	–	-0.26%	–
UL	Exit	UNILEVER PLC SPONSORED ADRadr	$0	–	-129,810	–	-0.28%	–
CNHI	Exit	CNH INDUSTRIALS	$0	–	-951,513	–	-0.34%	–
HAL	Exit	HALLIBURTON CO	$0	–	-529,099	–	-0.35%	–
TMK	Exit	TOTAL SA - ADRadr	$0	–	-244,661	–	-0.45%	–
WPP	Exit	WPP PLC - ADRadr	$0	–	-209,046	–	-0.46%	–
NVS	Exit	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$0	–	-155,140	–	-0.48%	–
NWLI	Exit	NATIONAL WESTERN LIFE GROUP	$0	–	-74,615	–	-0.71%	–
GS	Exit	GOLDMAN SACHS	$0	–	-97,632	–	-0.72%	–
CMCSA	Exit	COMCAST CORPORATION - CLASS A	$0	–	-453,798	–	-0.72%	–
AVT	Exit	AVNET	$0	–	-580,127	–	-0.91%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-431,444	–	-0.92%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-1,179,525	–	-1.00%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-194,503	–	-1.12%	–
KOF	Exit	COCA COLA FEMSA	$0	–	-520,112	–	-1.12%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-278,773	–	-1.17%	–
UNF	Exit	UNILEVER N V - ADRadr	$0	–	-554,746	–	-1.18%	–
PSX	Exit	PHILLIPS 66	$0	–	-364,748	–	-1.32%	–
DEO	Exit	DIAGEO P L C - ADRadr	$0	–	-231,582	–	-1.34%	–
FOXA	Exit	FOX CORP CLASS B	$0	–	-1,299,471	–	-1.45%	–
USB	Exit	US BANCORP	$0	–	-833,980	–	-1.63%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-722,601	–	-1.71%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL B	$0	–	-248,589	–	-1.83%	–
MRC	Exit	MRC GLOBAL INC.	$0	–	-4,504,994	–	-1.93%	–
MMM	Exit	3M CO	$0	–	-352,276	–	-2.05%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-1,609,223	–	-3.24%	–
AZO	Exit	AUTOZONE, INC.	$0	–	-104,745	–	-4.02%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-2,629,114	–	-4.69%	–
BIDU	Exit	BAIDU INC. - SPON ADRadr	$0	–	-1,412,405	–	-5.14%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-121,502	–	-5.24%	–
GOOGL	Exit	ALPHABET INC-CL A	$0	–	-134,509	–	-5.81%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-4,147,319	–	-6.63%	–
UN	Exit	UNILEVER NV	$0	–	-3,574,701	–	-7.60%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,043,724	–	-9.36%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-5,743,887	–	-10.04%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC	$0	–	-1,046	–	-11.54%	–

Q3 2019

			Value		Shares		↓ Weighting
BRKA	Buy	BERKSHIRE HATHAWAY INC	$326,176,000	-0.2%	1,046	+1.9%	11.54%	-0.1%
CSCO	Sell	CISCO SYSTEMS INC	$283,805,000	-9.9%	5,743,887	-0.2%	10.04%	-9.7%
JNJ	Sell	JOHNSON & JOHNSON	$264,417,000	-7.3%	2,043,724	-0.2%	9.36%	-7.1%
UN	Buy	UNILEVER NV	$214,927,000	+532.5%	3,574,701	+538.7%	7.60%	+533.8%
BK	Sell	BANK OF NEW YORK MELLON CORP	$187,500,000	+1.8%	4,147,319	-0.6%	6.63%	+2.0%
GOOGL	Sell	ALPHABET INC-CL A	$164,254,000	+12.7%	134,509	-0.1%	5.81%	+12.9%
GOOG	Sell	ALPHABET INC-CL C	$148,111,000	+12.6%	121,502	-0.1%	5.24%	+12.9%
BIDU	Sell	BAIDU INC. - SPON ADRadr	$145,139,000	-47.8%	1,412,405	-40.4%	5.14%	-47.7%
WFC	Sell	WELLS FARGO & CO	$132,613,000	+6.2%	2,629,114	-0.4%	4.69%	+6.3%
AZO	Sell	AUTOZONE, INC.	$113,609,000	-4.5%	104,745	-3.1%	4.02%	-4.3%
COP	Sell	CONOCOPHILLIPS	$91,694,000	-6.8%	1,609,223	-0.2%	3.24%	-6.6%
MMM	Sell	3M CO	$57,914,000	-5.4%	352,276	-0.3%	2.05%	-5.2%
MRC	Sell	MRC GLOBAL INC.	$54,646,000	-29.4%	4,504,994	-0.4%	1.93%	-29.3%
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL CL B	$51,711,000	-4.7%	248,589	-2.4%	1.83%	-4.5%
EMR	Sell	EMERSON ELECTRIC CO	$48,313,000	-3.1%	722,601	-3.3%	1.71%	-3.0%
USB	Sell	US BANCORP	$46,152,000	+5.1%	833,980	-0.5%	1.63%	+5.3%
FOXA	Buy	FOX CORP CLASS B	$40,985,000	+1826.0%	1,299,471	+2130.9%	1.45%	+1833.3%
DEO	Sell	DIAGEO P L C - ADRadr	$37,868,000	-5.4%	231,582	-0.3%	1.34%	-5.2%
PSX	Sell	PHILLIPS 66	$37,350,000	+9.0%	364,748	-0.4%	1.32%	+9.3%
UNF	Buy	UNILEVER N V - ADRadr	$33,301,000	+444.4%	554,746	+1610.2%	1.18%	+445.4%
AXP	Sell	AMERICAN EXPRESS CO	$32,973,000	-5.5%	278,773	-1.4%	1.17%	-5.4%
UNP	Sell	UNION PACIFIC CORP	$31,506,000	-4.5%	194,503	-0.3%	1.12%	-4.3%
DVN	Sell	DEVON ENERGY CORP	$28,379,000	-26.4%	1,179,525	-12.8%	1.00%	-26.3%
VZ	Sell	VERIZON COMMUNICATIONS	$26,042,000	+3.9%	431,444	-1.6%	0.92%	+4.1%
AVT	Sell	AVNET	$25,807,000	-1.9%	580,127	-0.2%	0.91%	-1.7%
CMCSA	Sell	COMCAST CORPORATION - CLASS A	$20,457,000	+4.5%	453,798	-1.9%	0.72%	+4.8%
GS	Sell	GOLDMAN SACHS	$20,232,000	+0.7%	97,632	-0.6%	0.72%	+1.0%
NWLI	Sell	NATIONAL WESTERN LIFE GROUP	$20,024,000	+3.8%	74,615	-0.6%	0.71%	+4.1%
NVS	Sell	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$13,482,000	-7.3%	155,140	-2.6%	0.48%	-7.2%
WPP	Sell	WPP PLC - ADRadr	$13,084,000	-2.6%	209,046	-2.1%	0.46%	-2.5%
TMK	Buy	TOTAL SA - ADRadr	$12,722,000	+35.0%	244,661	+132.2%	0.45%	+35.1%
HAL	Sell	HALLIBURTON CO	$9,974,000	-23.1%	529,099	-7.2%	0.35%	-22.9%
CNHI	Sell	CNH INDUSTRIALS	$9,658,000	-2.6%	951,513	-1.3%	0.34%	-2.3%
UL	Sell	UNILEVER PLC SPONSORED ADRadr	$7,802,000	-3.3%	129,810	-0.3%	0.28%	-3.2%
GSK	Sell	GLAXO SMITHKLINE PLC ADRadr	$7,414,000	+2.8%	173,709	-3.6%	0.26%	+2.7%
TTE	Sell	UNIFIRST CORP	$6,278,000	-55.2%	32,177	-87.2%	0.22%	-55.2%
CCL	Sell	CARNIVAL CORP	$6,138,000	-12.0%	140,420	-6.3%	0.22%	-11.8%
HSBC	Sell	HSBC HOLDINGS PLC SPONSORED ADRadr	$4,075,000	-13.9%	106,475	-6.1%	0.14%	-13.8%
ANAT	Sell	AMERICAN NATIONAL INSURANCE CO	$3,822,000	+4.9%	30,889	-1.2%	0.14%	+4.7%
RDSA	Sell	ROYAL DUTCH SHELL PLC-A SHRS ADRadr	$2,861,000	-10.4%	48,622	-0.9%	0.10%	-10.6%
ALC	Sell	ALCON INC ADRadr	$1,786,000	-11.8%	30,641	-6.1%	0.06%	-12.5%
AGCO	Exit	AGCO CORP.	$0	–	-61,058	–	-0.17%	–
MA	Exit	MASTERCARD INC - CLASS A	$0	–	-173,994	–	-1.63%	–

Q2 2019

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC	$326,946,000	–	1,027	–	11.55%	–
CSCO	New	CISCO SYSTEMS INC	$314,835,000	–	5,752,519	–	11.12%	–
JNJ	New	JOHNSON & JOHNSON	$285,103,000	–	2,046,979	–	10.07%	–
BIDU	New	BAIDU INC. - SPON ADRadr	$277,895,000	–	2,367,889	–	9.82%	–
BK	New	BANK OF NEW YORK MELLON CORP	$184,123,000	–	4,170,387	–	6.50%	–
GOOGL	New	ALPHABET INC-CL A	$145,765,000	–	134,619	–	5.15%	–
GOOG	New	ALPHABET INC-CL C	$131,495,000	–	121,652	–	4.64%	–
WFC	New	WELLS FARGO & CO	$124,914,000	–	2,639,775	–	4.41%	–
AZO	New	AUTOZONE, INC.	$118,901,000	–	108,144	–	4.20%	–
COP	New	CONOCOPHILLIPS	$98,340,000	–	1,612,130	–	3.47%	–
MRC	New	MRC GLOBAL INC.	$77,414,000	–	4,521,843	–	2.73%	–
MMM	New	3M CO	$61,223,000	–	353,196	–	2.16%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL B	$54,275,000	–	254,610	–	1.92%	–
EMR	New	EMERSON ELECTRIC CO	$49,852,000	–	747,184	–	1.76%	–
MA	New	MASTERCARD INC - CLASS A	$46,027,000	–	173,994	–	1.63%	–
USB	New	US BANCORP	$43,907,000	–	837,925	–	1.55%	–
DEO	New	DIAGEO P L C - ADRadr	$40,041,000	–	232,363	–	1.41%	–
DVN	New	DEVON ENERGY CORP	$38,569,000	–	1,352,365	–	1.36%	–
AXP	New	AMERICAN EXPRESS CO	$34,905,000	–	282,768	–	1.23%	–
PSX	New	PHILLIPS 66	$34,255,000	–	366,209	–	1.21%	–
UN	New	UNILEVER N V - ADRadr	$33,983,000	–	559,671	–	1.20%	–
UNP	New	UNION PACIFIC CORP	$32,977,000	–	195,003	–	1.16%	–
KOF	New	COCA COLA FEMSA	$32,320,000	–	520,112	–	1.14%	–
AVT	New	AVNET	$26,312,000	–	581,227	–	0.93%	–
VZ	New	VERIZON COMMUNICATIONS	$25,058,000	–	438,609	–	0.88%	–
GS	New	GOLDMAN SACHS	$20,086,000	–	98,174	–	0.71%	–
CMCSA	New	COMCAST CORPORATION - CLASS A	$19,568,000	–	462,813	–	0.69%	–
NWLI	New	NATIONAL WESTERN LIFE GROUP	$19,291,000	–	75,062	–	0.68%	–
NVS	New	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$14,542,000	–	159,259	–	0.51%	–
TTE	New	TOTAL SA - ADRadr	$14,018,000	–	251,269	–	0.50%	–
WPP	New	WPP PLC - ADRadr	$13,440,000	–	213,631	–	0.48%	–
HAL	New	HALLIBURTON CO	$12,962,000	–	570,003	–	0.46%	–
CNHI	New	CNH INDUSTRIALS	$9,911,000	–	964,152	–	0.35%	–
TMK	New	TORCHMARK CORP	$9,426,000	–	105,371	–	0.33%	–
UL	New	UNILEVER PLC SPONSORED ADRadr	$8,067,000	–	130,176	–	0.28%	–
GSK	New	GLAXO SMITHKLINE PLC ADRadr	$7,209,000	–	180,147	–	0.26%	–
CCL	New	CARNIVAL CORP	$6,974,000	–	149,825	–	0.25%	–
UNF	New	UNIFIRST CORP	$6,117,000	–	32,437	–	0.22%	–
BAX	New	BAXTER INTERNATIONAL INC	$5,912,000	–	72,182	–	0.21%	–
HSBC	New	HSBC HOLDINGS PLC SPONSORED ADRadr	$4,731,000	–	113,351	–	0.17%	–
AGCO	New	AGCO CORP.	$4,736,000	–	61,058	–	0.17%	–
ANAT	New	AMERICAN NATIONAL INSURANCE CO	$3,643,000	–	31,279	–	0.13%	–
RDSA	New	ROYAL DUTCH SHELL PLC-A SHRS ADRadr	$3,193,000	–	49,066	–	0.11%	–
SHEN	New	SHENANDOAH TELECOMMUNICATIONS CO.	$3,069,000	–	79,680	–	0.11%	–
FOXA	New	FOX CORP CLASS B	$2,128,000	–	58,250	–	0.08%	–
ALC	New	ALCON INC ADRadr	$2,025,000	–	32,641	–	0.07%	–
CTWS	New	CONNECTICUT WATER SERVICE INC	$452,000	–	6,483	–	0.02%	–
MRK	New	MERCK & COMPANY INC.	$277,000	–	3,306	–	0.01%	–
CKX	New	CKX LANDS INC	$103,000	–	10,600	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
CKX	Exit	CKX LANDS INC	$0	–	-10,600	–	-0.00%	–
MRK	Exit	MERCK & COMPANY INC.	$0	–	-3,306	–	-0.01%	–
CTWS	Exit	CONNECTICUT WATER SERVICE INC	$0	–	-6,483	–	-0.01%	–
SHEN	Exit	SHENANDOAH TELECOMMUNICATIONS CO.	$0	–	-79,680	–	-0.09%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC-A SHRS ADRadr	$0	–	-46,814	–	-0.10%	–
ANAT	Exit	AMERICAN NATIONAL INSURANCE CO	$0	–	-33,218	–	-0.13%	–
BAX	Exit	BAXTER INTERNATIONAL INC	$0	–	-72,485	–	-0.17%	–
UNF	Exit	UNIFIRST CORP	$0	–	-34,970	–	-0.18%	–
HSBC	Exit	HSBC HOLDINGS PLC SPONSORED ADRadr	$0	–	-139,951	–	-0.19%	–
UL	Exit	UNILEVER PLC SPONSORED ADRadr	$0	–	-130,720	–	-0.22%	–
CNHI	Exit	CNH INDUSTRIALS	$0	–	-621,311	–	-0.22%	–
GSK	Exit	GLAXO SMITHKLINE PLC ADRadr	$0	–	-193,319	–	-0.23%	–
TMK	Exit	TORCHMARK CORP	$0	–	-115,032	–	-0.30%	–
NVS	Exit	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$0	–	-180,607	–	-0.47%	–
WPP	Exit	WPP PLC - ADRadr	$0	–	-221,499	–	-0.49%	–
TTE	Exit	TOTAL SA - ADRadr	$0	–	-263,425	–	-0.51%	–
CMCSA	Exit	COMCAST CORPORATION - CLASS A	$0	–	-626,360	–	-0.67%	–
NWLI	Exit	NATIONAL WESTERN LIFE GROUP	$0	–	-76,756	–	-0.74%	–
AVT	Exit	AVNET	$0	–	-581,127	–	-0.78%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-515,509	–	-0.83%	–
USB	Exit	US BANCORP	$0	–	-539,800	–	-0.86%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-295,698	–	-0.95%	–
KOF	Exit	COCA COLA FEMSA	$0	–	-520,112	–	-0.96%	–
UN	Exit	UNILEVER N V - ADRadr	$0	–	-636,182	–	-1.06%	–
DEO	Exit	DIAGEO P L C - ADRadr	$0	–	-258,598	–	-1.10%	–
AGCO	Exit	AGCO CORP.	$0	–	-642,169	–	-1.18%	–
PSX	Exit	PHILLIPS 66	$0	–	-370,002	–	-1.26%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL B	$0	–	-237,562	–	-1.53%	–
MA	Exit	MASTERCARD INC - CLASS A	$0	–	-229,979	–	-1.54%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-328,455	–	-1.61%	–
HAL	Exit	HALLIBURTON CO	$0	–	-1,546,393	–	-1.89%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-970,441	–	-2.24%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-1,961,770	–	-2.36%	–
MMM	Exit	3M CO	$0	–	-389,149	–	-2.47%	–
MRC	Exit	MRC GLOBAL INC.	$0	–	-4,700,260	–	-2.66%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-1,671,498	–	-3.90%	–
AZO	Exit	AUTOZONE, INC.	$0	–	-178,062	–	-4.16%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-122,390	–	-4.40%	–
GOOGL	Exit	ALPHABET INC-CL A	$0	–	-129,608	–	-4.71%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-3,171,017	–	-5.02%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-4,232,940	–	-6.50%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,139,592	–	-8.91%	–
BIDU	Exit	BAIDU INC. - SPON ADRadr	$0	–	-1,382,426	–	-9.53%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC	$0	–	-1,044	–	-10.07%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-8,713,751	–	-12.78%	–

Q3 2018

			Value		Shares		↓ Weighting
CSCO	Sell	CISCO SYSTEMS INC	$423,924,000	+9.7%	8,713,751	-3.0%	12.78%	+6.4%
BRKA	Sell	BERKSHIRE HATHAWAY INC	$334,080,000	+13.4%	1,044	-0.1%	10.07%	+9.9%
BIDU	Buy	BAIDU INC. - SPON ADRadr	$316,133,000	-5.3%	1,382,426	+0.6%	9.53%	-8.2%
JNJ	Sell	JOHNSON & JOHNSON	$295,627,000	+11.9%	2,139,592	-1.7%	8.91%	+8.5%
BK	Sell	BANK OF NEW YORK MELLON CORP	$215,838,000	-7.3%	4,232,940	-2.0%	6.50%	-10.1%
WFC	Sell	WELLS FARGO & CO	$166,669,000	-8.1%	3,171,017	-3.0%	5.02%	-10.8%
AZO	Sell	AUTOZONE, INC.	$138,123,000	+14.7%	178,062	-0.8%	4.16%	+11.2%
COP	Sell	CONOCOPHILLIPS	$129,374,000	+9.8%	1,671,498	-1.2%	3.90%	+6.5%
MRC	Sell	MRC GLOBAL INC.	$88,224,000	-14.4%	4,700,260	-1.1%	2.66%	-16.9%
MMM	Sell	3M CO	$81,998,000	+2.0%	389,149	-4.8%	2.47%	-1.1%
DVN	Sell	DEVON ENERGY CORP	$78,353,000	-13.9%	1,961,770	-5.3%	2.36%	-16.5%
EMR	Sell	EMERSON ELECTRIC CO	$74,316,000	+1.8%	970,441	-8.1%	2.24%	-1.3%
HAL	Sell	HALLIBURTON CO	$62,675,000	-10.7%	1,546,393	-0.7%	1.89%	-13.3%
UNP	Sell	UNION PACIFIC CORP	$53,482,000	+13.3%	328,455	-1.4%	1.61%	+10.0%
MA	Sell	MASTERCARD INC - CLASS A	$51,196,000	+6.1%	229,979	-6.3%	1.54%	+2.9%
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL CL B	$50,864,000	+14.3%	237,562	-0.4%	1.53%	+10.8%
PSX	Sell	PHILLIPS 66	$41,707,000	+0.2%	370,002	-0.2%	1.26%	-2.9%
DEO	Sell	DIAGEO P L C - ADRadr	$36,636,000	-8.3%	258,598	-6.8%	1.10%	-11.0%
UN	Sell	UNILEVER N V - ADRadr	$35,340,000	-2.2%	636,182	-1.9%	1.06%	-5.2%
AXP	Sell	AMERICAN EXPRESS CO	$31,489,000	+7.3%	295,698	-1.2%	0.95%	+4.1%
VZ	Sell	VERIZON COMMUNICATIONS	$27,523,000	-0.4%	515,509	-6.1%	0.83%	-3.5%
AVT	Sell	AVNET	$26,017,000	+2.9%	581,127	-1.4%	0.78%	-0.1%
NWLI	Sell	NATIONAL WESTERN LIFE GROUP	$24,501,000	+1.3%	76,756	-2.5%	0.74%	-1.7%
CMCSA	Sell	COMCAST CORPORATION - CLASS A	$22,179,000	+7.2%	626,360	-0.7%	0.67%	+3.9%
TTE	Sell	TOTAL SA - ADRadr	$16,962,000	+5.3%	263,425	-1.0%	0.51%	+2.0%
WPP	Sell	WPP PLC - ADRadr	$16,229,000	-7.2%	221,499	-0.4%	0.49%	-9.9%
NVS	Sell	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$15,561,000	+11.4%	180,607	-2.3%	0.47%	+8.1%
TMK	Sell	TORCHMARK CORP	$9,972,000	+4.6%	115,032	-1.8%	0.30%	+1.4%
GSK	Sell	GLAXO SMITHKLINE PLC ADRadr	$7,766,000	-0.7%	193,319	-0.4%	0.23%	-3.7%
CNHI	New	CNH INDUSTRIALS	$7,462,000	–	621,311	–	0.22%	–
UL	Sell	UNILEVER PLC SPONSORED ADRadr	$7,186,000	-41.6%	130,720	-41.2%	0.22%	-43.2%
HSBC	Sell	HSBC HOLDINGS PLC SPONSORED ADRadr	$6,156,000	-9.0%	139,951	-2.5%	0.19%	-11.4%
UNF	Sell	UNIFIRST CORP	$6,073,000	-2.8%	34,970	-1.0%	0.18%	-5.7%
ANAT	Sell	AMERICAN NATIONAL INSURANCE CO	$4,295,000	+7.1%	33,218	-1.0%	0.13%	+3.2%

Q2 2018

			Value		Shares		↓ Weighting
CSCO	New	CISCO SYSTEMS INC	$386,528,000	–	8,982,762	–	12.01%	–
BIDU	New	BAIDU INC. - SPON ADRadr	$333,912,000	–	1,374,125	–	10.37%	–
BRKA	New	BERKSHIRE HATHAWAY INC	$294,732,000	–	1,045	–	9.16%	–
JNJ	New	JOHNSON & JOHNSON	$264,175,000	–	2,177,149	–	8.21%	–
BK	New	BANK OF NEW YORK MELLON CORP	$232,844,000	–	4,317,528	–	7.23%	–
WFC	New	WELLS FARGO & CO	$181,320,000	–	3,270,561	–	5.63%	–
GOOGL	New	ALPHABET INC-CL A	$146,352,000	–	129,608	–	4.55%	–
GOOG	New	ALPHABET INC-CL C	$136,544,000	–	122,390	–	4.24%	–
AZO	New	AUTOZONE, INC.	$120,437,000	–	179,507	–	3.74%	–
COP	New	CONOCOPHILLIPS	$117,824,000	–	1,692,382	–	3.66%	–
MRC	New	MRC GLOBAL INC.	$103,022,000	–	4,754,127	–	3.20%	–
DVN	New	DEVON ENERGY CORP	$91,029,000	–	2,070,716	–	2.83%	–
MMM	New	3M CO	$80,429,000	–	408,852	–	2.50%	–
EMR	New	EMERSON ELECTRIC CO	$73,001,000	–	1,055,850	–	2.27%	–
HAL	New	HALLIBURTON CO	$70,178,000	–	1,557,429	–	2.18%	–
MA	New	MASTERCARD INC - CLASS A	$48,259,000	–	245,569	–	1.50%	–
UNP	New	UNION PACIFIC CORP	$47,202,000	–	333,162	–	1.47%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL B	$44,514,000	–	238,490	–	1.38%	–
PSX	New	PHILLIPS 66	$41,635,000	–	370,717	–	1.29%	–
DEO	New	DIAGEO P L C - ADRadr	$39,956,000	–	277,452	–	1.24%	–
AGCO	New	AGCO CORP.	$38,993,000	–	642,169	–	1.21%	–
UN	New	UNILEVER N V - ADRadr	$36,151,000	–	648,797	–	1.12%	–
KOF	New	COCA COLA FEMSA	$29,350,000	–	520,112	–	0.91%	–
AXP	New	AMERICAN EXPRESS CO	$29,339,000	–	299,380	–	0.91%	–
VZ	New	VERIZON COMMUNICATIONS	$27,634,000	–	549,274	–	0.86%	–
USB	New	US BANCORP	$27,001,000	–	539,800	–	0.84%	–
AVT	New	AVNET	$25,279,000	–	589,387	–	0.78%	–
NWLI	New	NATIONAL WESTERN LIFE GROUP	$24,188,000	–	78,723	–	0.75%	–
CMCSA	New	COMCAST CORPORATION - CLASS A	$20,690,000	–	630,593	–	0.64%	–
WPP	New	WPP PLC - ADRadr	$17,484,000	–	222,499	–	0.54%	–
TTE	New	TOTAL SA - ADRadr	$16,111,000	–	266,029	–	0.50%	–
NVS	New	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$13,968,000	–	184,913	–	0.43%	–
UL	New	UNILEVER PLC SPONSORED ADRadr	$12,299,000	–	222,477	–	0.38%	–
TMK	New	TORCHMARK CORP	$9,538,000	–	117,155	–	0.30%	–
GSK	New	GLAXO SMITHKLINE PLC ADRadr	$7,820,000	–	194,005	–	0.24%	–
HSBC	New	HSBC HOLDINGS PLC SPONSORED ADRadr	$6,766,000	–	143,537	–	0.21%	–
UNF	New	UNIFIRST CORP	$6,247,000	–	35,311	–	0.19%	–
BAX	New	BAXTER INTERNATIONAL INC	$5,352,000	–	72,485	–	0.17%	–
ANAT	New	AMERICAN NATIONAL INSURANCE CO	$4,011,000	–	33,543	–	0.12%	–
RDSA	New	ROYAL DUTCH SHELL PLC-A SHRS ADRadr	$3,241,000	–	46,814	–	0.10%	–
SHEN	New	SHENANDOAH TELECOMMUNICATIONS CO.	$2,606,000	–	79,680	–	0.08%	–
CTWS	New	CONNECTICUT WATER SERVICE INC	$423,000	–	6,483	–	0.01%	–
MRK	New	MERCK & COMPANY INC.	$201,000	–	3,306	–	0.01%	–
CKX	New	CKX LANDS INC	$111,000	–	10,600	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
CKX	Exit	CKX LANDS INC	$0	–	-10,600	–	-0.00%	–
TRMK	Exit	TRUSTMARK CORPORATION	$0	–	-7,200	–	-0.01%	–
MRK	Exit	MERCK & COMPANY INC.	$0	–	-3,306	–	-0.01%	–
CTWS	Exit	CONNECTICUT WATER SERVICE INC	$0	–	-6,483	–	-0.01%	–
DNOW	Exit	NOW INC/DE	$0	–	-50,062	–	-0.02%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-50,008	–	-0.03%	–
LUK	Exit	LEUCADIA NATIONAL CORP	$0	–	-68,684	–	-0.05%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC-A SHRS ADRadr	$0	–	-47,158	–	-0.08%	–
SHEN	Exit	SHENANDOAH TELECOMMUNICATIONS CO.	$0	–	-79,680	–	-0.08%	–
GSK	Exit	GLAXO SMITHKLINE PLC ADRadr	$0	–	-109,194	–	-0.12%	–
SHPG	Exit	SHIRE PLC-ADRadr	$0	–	-32,558	–	-0.14%	–
UNF	Exit	UNIFIRST CORP	$0	–	-36,016	–	-0.15%	–
HSBC	Exit	HSBC HOLDINGS PLC SPONSORED ADRadr	$0	–	-169,393	–	-0.23%	–
TMK	Exit	TORCHMARK CORP	$0	–	-122,093	–	-0.27%	–
WSM	Exit	WILLIAMS-SONOMA INC	$0	–	-197,245	–	-0.27%	–
ANAT	Exit	AMERICAN NATIONAL INSURANCE CO	$0	–	-95,045	–	-0.30%	–
	Exit	SIGNET JEWELERS LIMITED	$0	–	-225,198	–	-0.41%	–
UL	Exit	UNILEVER PLC SPONSORED ADRadr	$0	–	-279,724	–	-0.44%	–
	Exit	TOTAL SA - ADRadr	$0	–	-308,210	–	-0.45%	–
NVS	Exit	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$0	–	-196,952	–	-0.46%	–
AVT	Exit	AVNET	$0	–	-589,146	–	-0.63%	–
SNI	Exit	SCRIPPS NETWORKS INTER- CL A	$0	–	-275,890	–	-0.64%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-549,074	–	-0.74%	–
USB	Exit	US BANCORP	$0	–	-539,800	–	-0.79%	–
NWLI	Exit	NATIONAL WESTERN LIFE GROUP	$0	–	-85,895	–	-0.82%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-350,431	–	-0.86%	–
IBM	Exit	INT'L BUSINESS MACHINE CORP.	$0	–	-234,755	–	-0.93%	–
PSX	Exit	PHILLIPS 66	$0	–	-392,922	–	-0.98%	–
MA	Exit	MASTERCARD INC - CLASS A	$0	–	-262,263	–	-1.01%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-339,128	–	-1.07%	–
DEO	Exit	DIAGEO P L C - ADRadr	$0	–	-302,825	–	-1.09%	–
KOF	Exit	COCA COLA FEMSA	$0	–	-520,112	–	-1.09%	–
UN	Exit	UNILEVER N V - ADRadr	$0	–	-716,644	–	-1.15%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL B	$0	–	-290,911	–	-1.45%	–
AZO	Exit	AUTOZONE, INC.	$0	–	-102,089	–	-1.65%	–
CMCSA	Exit	COMCAST CORPORATION - CLASS A	$0	–	-1,776,843	–	-1.86%	–
AGCO	Exit	AGCO CORP.	$0	–	-941,890	–	-1.89%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-1,235,088	–	-2.11%	–
MRC	Exit	MRC GLOBAL INC.	$0	–	-5,155,340	–	-2.45%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-1,919,576	–	-2.61%	–
BAX	Exit	BAXTER INTERNATIONAL INC	$0	–	-1,532,534	–	-2.62%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-2,802,928	–	-2.80%	–
MMM	Exit	3M CO	$0	–	-555,986	–	-3.17%	–
GOOG	Exit	ALPHABET INCL-CL C	$0	–	-126,185	–	-3.29%	–
GOOGL	Exit	ALPHABET INC-CL A	$0	–	-133,486	–	-3.54%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-1,227,518	–	-3.71%	–
HAL	Exit	HALLIBURTON CO	$0	–	-3,460,174	–	-4.33%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-3,518,438	–	-5.28%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-4,612,087	–	-6.65%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,292,554	–	-8.11%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC	$0	–	-1,087	–	-8.12%	–
BIDU	Exit	BAIDU INC. - SPON ADRadr	$0	–	-1,406,604	–	-9.48%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-10,470,841	–	-9.58%	–

Q3 2017

			Value		Shares		↓ Weighting
CSCO	Sell	CISCO SYSTEMS INC	$352,134,000	+7.4%	10,470,841	-0.1%	9.58%	-1.7%
BIDU	Buy	BAIDU INC. - SPON ADRadr	$348,402,000	+38.5%	1,406,604	+0.0%	9.48%	+26.9%
JNJ	Sell	JOHNSON & JOHNSON	$298,055,000	-2.0%	2,292,554	-0.3%	8.11%	-10.3%
BK	Sell	BANK OF NEW YORK MELLON CORP	$244,533,000	+3.6%	4,612,087	-0.3%	6.65%	-5.1%
WFC	Sell	WELLS FARGO & CO	$194,042,000	-0.6%	3,518,438	-0.1%	5.28%	-9.0%
HAL	Sell	HALLIBURTON CO	$159,272,000	+6.5%	3,460,174	-1.2%	4.33%	-2.5%
PM	Sell	PHILIP MORRIS INTERNATIONAL	$136,267,000	-5.7%	1,227,518	-0.2%	3.71%	-13.6%
GOOGL	Sell	ALPHABET INC-CL A	$129,978,000	+4.4%	133,486	-0.3%	3.54%	-4.4%
GOOG	Sell	ALPHABET INCL-CL C	$121,025,000	+5.2%	126,185	-0.3%	3.29%	-3.6%
MMM	Sell	3M CO	$116,701,000	+0.7%	555,986	-0.2%	3.17%	-7.8%
DVN	Sell	DEVON ENERGY CORP	$102,895,000	+12.5%	2,802,928	-2.1%	2.80%	+3.0%
BAX	Sell	BAXTER INTERNATIONAL INC	$96,167,000	+3.4%	1,532,534	-0.2%	2.62%	-5.3%
COP	Sell	CONOCOPHILLIPS	$96,075,000	+11.3%	1,919,576	-2.2%	2.61%	+2.0%
MRC	Buy	MRC GLOBAL INC.	$90,167,000	+22.1%	5,155,340	+15.3%	2.45%	+11.8%
EMR	Sell	EMERSON ELECTRIC CO	$77,613,000	+3.7%	1,235,088	-1.6%	2.11%	-5.0%
AGCO	Sell	AGCO CORP.	$69,483,000	+1.8%	941,890	-7.0%	1.89%	-6.8%
CMCSA	Sell	COMCAST CORPORATION - CLASS A	$68,373,000	-1.2%	1,776,843	-0.1%	1.86%	-9.5%
AZO	New	AUTOZONE, INC.	$60,754,000	–	102,089	–	1.65%	–
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL CL B	$53,330,000	+5.2%	290,911	-2.8%	1.45%	-3.6%
UN	Sell	UNILEVER N V - ADRadr	$42,311,000	-1.8%	716,644	-8.0%	1.15%	-10.0%
DEO	Sell	DIAGEO P L C - ADRadr	$40,012,000	+9.9%	302,825	-0.3%	1.09%	+0.6%
UNP	Buy	UNION PACIFIC CORP	$39,329,000	+6.5%	339,128	+0.1%	1.07%	-2.4%
MA	Sell	MASTERCARD INC - CLASS A	$37,032,000	+15.8%	262,263	-0.4%	1.01%	+6.0%
PSX	Sell	PHILLIPS 66	$35,996,000	+10.6%	392,922	-0.1%	0.98%	+1.3%
AXP	Sell	AMERICAN EXPRESS CO	$31,700,000	+6.7%	350,431	-0.6%	0.86%	-2.3%
NWLI	Sell	NATIONAL WESTERN LIFE GROUP	$29,977,000	+8.5%	85,895	-0.6%	0.82%	-0.6%
VZ	Buy	VERIZON COMMUNICATIONS	$27,174,000	+10.8%	549,074	+0.0%	0.74%	+1.5%
SNI	New	SCRIPPS NETWORKS INTER- CL A	$23,696,000	–	275,890	–	0.64%	–
NVS	Buy	NOVARTIS AG AMERICAN DEPOSITORY SHARESadr	$16,908,000	+3.1%	196,952	+0.3%	0.46%	-5.5%
	New	TOTAL SA - ADRadr	$16,495,000	–	308,210	–	0.45%	–
UL	Buy	UNILEVER PLC SPONSORED ADRadr	$16,213,000	+7.2%	279,724	+0.1%	0.44%	-1.8%
	New	SIGNET JEWELERS LIMITED	$14,987,000	–	225,198	–	0.41%	–
TMK	Sell	TORCHMARK CORP	$9,778,000	+3.6%	122,093	-1.1%	0.27%	-5.0%
HSBC	Sell	HSBC HOLDINGS PLC SPONSORED ADRadr	$8,370,000	+5.1%	169,393	-1.3%	0.23%	-3.4%
SHPG	Sell	SHIRE PLC-ADRadr	$4,986,000	-8.2%	32,558	-1.0%	0.14%	-15.5%
GSK	Sell	GLAXO SMITHKLINE PLC ADRadr	$4,433,000	-6.2%	109,194	-0.4%	0.12%	-13.6%
RDSA	Sell	ROYAL DUTCH SHELL PLC-A SHRS ADRadr	$2,857,000	+9.7%	47,158	-3.7%	0.08%	+1.3%
LUK	Sell	LEUCADIA NATIONAL CORP	$1,734,000	-6.2%	68,684	-2.8%	0.05%	-14.5%
DNOW	Sell	NOW INC/DE	$691,000	-14.4%	50,062	-0.2%	0.02%	-20.8%
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-225,198	–	-0.42%	–
TTE	Exit	TOTAL S A 1 ADR REPRESENTING 1adr	$0	–	-311,632	–	-0.46%	–

Q2 2017

			Value		Shares		↓ Weighting
CSCO	New	CISCO SYSTEMS INC	$327,931,000	–	10,477,027	–	9.74%	–
JNJ	New	JOHNSON & JOHNSON	$304,137,000	–	2,299,019	–	9.03%	–
BRKA	New	BERKSHIRE HATHAWAY INC	$276,859,000	–	1,087	–	8.22%	–
BIDU	New	BAIDU INC. - SPON ADRadr	$251,540,000	–	1,406,354	–	7.47%	–
BK	New	BANK OF NEW YORK MELLON CORP	$236,069,000	–	4,626,992	–	7.01%	–
WFC	New	WELLS FARGO & CO	$195,212,000	–	3,523,050	–	5.80%	–
HAL	New	HALLIBURTON CO	$149,530,000	–	3,501,059	–	4.44%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$144,446,000	–	1,229,853	–	4.29%	–
GOOGL	New	ALPHABET INC-CL A	$124,505,000	–	133,922	–	3.70%	–
MMM	New	3M CO	$115,939,000	–	556,891	–	3.44%	–
GOOG	New	ALPHABET INC-CL C	$115,027,000	–	126,580	–	3.42%	–
BAX	New	BAXTER INTERNATIONAL INC	$92,961,000	–	1,535,525	–	2.76%	–
DVN	New	DEVON ENERGY CORP	$91,502,000	–	2,862,113	–	2.72%	–
COP	New	CONOCOPHILLIPS	$86,302,000	–	1,963,191	–	2.56%	–
EMR	New	EMERSON ELECTRIC CO	$74,819,000	–	1,254,929	–	2.22%	–
MRC	New	MRC GLOBAL INC	$73,864,000	–	4,471,161	–	2.19%	–
CMCSA	New	COMCAST CORPORATION CLASS A	$69,201,000	–	1,778,037	–	2.06%	–
AGCO	New	AGCO CORP.	$68,274,000	–	1,013,118	–	2.03%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL	$50,680,000	–	299,226	–	1.50%	–
KOF	New	COCA COLA FEMSA	$44,038,000	–	520,112	–	1.31%	–
UN	New	UNILEVER N V YORK SHS ADRadr	$43,069,000	–	779,256	–	1.28%	–
UNP	New	UNION PACIFIC CORP	$36,914,000	–	338,944	–	1.10%	–
DEO	New	DIAGEO PLC-SPONSORED ADR REPSTadr	$36,392,000	–	303,695	–	1.08%	–
IBM	New	INT'L BUSINESS MACHINE CORP.	$36,112,000	–	234,755	–	1.07%	–
PSX	New	PHILLIPS 66	$32,536,000	–	393,473	–	0.97%	–
MA	New	MASTERCARD INC - CLASS A	$31,976,000	–	263,287	–	0.95%	–
AXP	New	AMERICAN EXPRESS CO	$29,703,000	–	352,597	–	0.88%	–
USB	New	US BANCORP	$28,026,000	–	539,800	–	0.83%	–
NWLI	New	NATIONAL WESTERN LIFE GROUP	$27,619,000	–	86,412	–	0.82%	–
VZ	New	VERIZON COMMUNICATIONS	$24,516,000	–	548,950	–	0.73%	–
AVT	New	AVNET	$22,906,000	–	589,146	–	0.68%	–
NVS	New	NOVARTIS AG AMERICAN DEPOSITARadr	$16,395,000	–	196,422	–	0.49%	–
TTE	New	TOTAL S A 1 ADR REPRESENTING 1adr	$15,454,000	–	311,632	–	0.46%	–
UL	New	UNILEVER PLC SPONSORED ADRadr	$15,122,000	–	279,409	–	0.45%	–
SIG	New	SIGNET JEWELERS LIMITED	$14,242,000	–	225,198	–	0.42%	–
ANAT	New	AMERICAN NATIONAL INSURANCE CO	$11,072,000	–	95,045	–	0.33%	–
WSM	New	WILLIAMS-SONOMA INC	$9,566,000	–	197,245	–	0.28%	–
TMK	New	TORCHMARK CORP	$9,440,000	–	123,396	–	0.28%	–
HSBC	New	HSBC HOLDINGS PLC SPONSORED ADadr	$7,963,000	–	171,648	–	0.24%	–
SHPG	New	SHIRE PLC-ADRadr	$5,433,000	–	32,874	–	0.16%	–
UNF	New	UNIFIRST CORP	$5,067,000	–	36,016	–	0.15%	–
GSK	New	GLAXO SMITHKLINE PLC ADRadr	$4,725,000	–	109,584	–	0.14%	–
RDSA	New	ROYAL DUTCH SHELL PLC-A SHRS Aadr	$2,604,000	–	48,952	–	0.08%	–
SHEN	New	SHENANDOAH TELECOMMUNICATIONS	$2,446,000	–	79,680	–	0.07%	–
LUK	New	LEUCADIA NATIONAL CORP	$1,849,000	–	70,664	–	0.06%	–
GE	New	GENERAL ELECTRIC CO	$1,351,000	–	50,008	–	0.04%	–
DNOW	New	NOW INC/DE	$807,000	–	50,181	–	0.02%	–
CTWS	New	CONNECTICUT WATER SERVICE INC	$360,000	–	6,483	–	0.01%	–
TRMK	New	TRUSTMARK CORPORATION	$232,000	–	7,200	–	0.01%	–
MRK	New	MERCK & COMPANY INC.	$212,000	–	3,306	–	0.01%	–
CKX	New	CKX LANDS INC	$122,000	–	10,600	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
CKX	Exit	CKX LANDS INC	$0	–	-10,600	–	-0.00%	–
MRK	Exit	MERCK & COMPANY INC.	$0	–	-3,306	–	-0.01%	–
CTWS	Exit	CONNECTICUT WATER SERVICE INC	$0	–	-6,483	–	-0.01%	–
DNOW	Exit	NOW INC/DE	$0	–	-50,595	–	-0.03%	–
LUK	Exit	LEUCADIA NATIONAL CORP	$0	–	-75,008	–	-0.04%	–
SHEN	Exit	SHENANDOAH TELECOMMUNICATIONS	$0	–	-79,680	–	-0.06%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC-A SHRS Aadr	$0	–	-48,370	–	-0.07%	–
GSK	Exit	GLAXO SMITHKLINE PLC ADRadr	$0	–	-114,844	–	-0.15%	–
HSBC	Exit	HSBC HOLDINGS PLC SPONSORED ADadr	$0	–	-181,797	–	-0.21%	–
SHPG	Exit	SHIRE PLC-ADR - adus shpgadr	$0	–	-36,304	–	-0.21%	–
ANAT	Exit	AMERICAN NATIONAL INSURANCE CO	$0	–	-95,225	–	-0.35%	–
TMK	Exit	TORCHMARK CORP	$0	–	-189,402	–	-0.36%	–
UL	Exit	UNILEVER PLC SPONSORED ADRadr	$0	–	-283,727	–	-0.40%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-232,098	–	-0.45%	–
TTE	Exit	TOTAL S A 1 ADR REPRESENTING 1adr	$0	–	-333,305	–	-0.48%	–
NVS	Exit	NOVARTIS AG AMERICAN DEPOSITARadr	$0	–	-220,115	–	-0.52%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-613,133	–	-0.55%	–
NWLI	Exit	NATIONAL WESTERN LIFE GROUP	$0	–	-88,445	–	-0.55%	–
WMT	Exit	WALMART STORES INC	$0	–	-263,389	–	-0.57%	–
LMT	Exit	LOCKHEED MARTIN CORP COM	$0	–	-80,175	–	-0.58%	–
UNF	Exit	UNIFIRST CORP	$0	–	-158,960	–	-0.63%	–
USB	Exit	US BANCORP	$0	–	-539,800	–	-0.70%	–
ITW	Exit	ILLINOIS TOOL WORKS	$0	–	-226,655	–	-0.82%	–
MA	Exit	MASTERCARD INC - CLASS A	$0	–	-267,170	–	-0.82%	–
AVT	Exit	AVNET	$0	–	-722,296	–	-0.89%	–
PSX	Exit	PHILLIPS 66	$0	–	-393,939	–	-0.96%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-220,834	–	-0.96%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-350,086	–	-1.03%	–
DEO	Exit	DIAGEO PLC-SPONSORED ADR REPSTadr	$0	–	-317,010	–	-1.11%	–
UN	Exit	UNILEVER N V YORK SHS ADRadr	$0	–	-825,918	–	-1.15%	–
KOF	Exit	COCA COLA FEMSA	$0	–	-520,112	–	-1.17%	–
AGCO	Exit	AGCO CORP.	$0	–	-865,624	–	-1.28%	–
CMCSA	Exit	COMCAST CORPORATION CLASS A	$0	–	-917,276	–	-1.83%	–
IBM	Exit	INT'L BUSINESS MACHINE CORP.	$0	–	-394,950	–	-1.89%	–
MRC	Exit	MRC GLOBAL INC	$0	–	-4,464,901	–	-2.21%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-1,605,125	–	-2.51%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-1,707,757	–	-2.80%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-127,131	–	-2.98%	–
GOOGL	Exit	ALPHABET INC-CL A	$0	–	-126,903	–	-3.07%	–
BAX	Exit	BAXTER INTERNATIONAL INC	$0	–	-2,157,391	–	-3.09%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-2,433,789	–	-3.18%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-1,386,581	–	-4.06%	–
MMM	Exit	3M CO	$0	–	-777,926	–	-4.13%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-3,374,439	–	-4.48%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-4,518,942	–	-5.43%	–
HAL	Exit	HALLIBURTON CO	$0	–	-4,106,254	–	-5.55%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-4,393,961	–	-5.86%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC	$0	–	-1,092	–	-7.11%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,978,783	–	-10.59%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-12,674,188	–	-12.10%	–

Q3 2016

			Value		Shares		↓ Weighting
CSCO	Sell	CISCO SYSTEMS INC	$402,025,000	+3.5%	12,674,188	-6.4%	12.10%	+11.0%
JNJ	Sell	JOHNSON & JOHNSON	$351,884,000	-9.8%	2,978,783	-7.4%	10.59%	-3.3%
BRKA	Sell	BERKSHIRE HATHAWAY INC	$236,112,000	-7.0%	1,092	-6.7%	7.11%	-0.2%
WFC	Sell	WELLS FARGO & CO	$194,565,000	-17.9%	4,393,961	-12.2%	5.86%	-11.9%
HAL	Sell	HALLIBURTON CO	$184,289,000	-20.4%	4,106,254	-19.7%	5.55%	-14.6%
BK	Sell	BANK OF NEW YORK MELLON CORP	$180,215,000	-9.1%	4,518,942	-11.4%	5.43%	-2.5%
DVN	Sell	DEVON ENERGY CORP	$148,847,000	+8.7%	3,374,439	-10.6%	4.48%	+16.6%
MMM	Sell	3M CO	$137,094,000	-14.7%	777,926	-15.2%	4.13%	-8.5%
PM	Sell	PHILIP MORRIS INTERNATIONAL	$134,803,000	-10.0%	1,386,581	-5.8%	4.06%	-3.4%
COP	Sell	CONOCOPHILLIPS	$105,797,000	-6.1%	2,433,789	-5.8%	3.18%	+0.7%
BAX	Sell	BAXTER INTERNATIONAL INC	$102,692,000	-5.1%	2,157,391	-9.9%	3.09%	+1.8%
GOOGL	Sell	ALPHABET INC-CL A	$102,038,000	+3.9%	126,903	-9.1%	3.07%	+11.4%
GOOG	Sell	ALPHABET INC-CL C	$98,818,000	+2.0%	127,131	-9.1%	2.98%	+9.5%
EMR	Sell	EMERSON ELECTRIC CO	$93,090,000	-2.4%	1,707,757	-6.6%	2.80%	+4.7%
VZ	Sell	VERIZON COMMUNICATIONS	$83,434,000	-9.7%	1,605,125	-3.0%	2.51%	-3.1%
MRC	Sell	MRC GLOBAL INC	$73,358,000	-9.8%	4,464,901	-22.0%	2.21%	-3.2%
IBM	Sell	INT'L BUSINESS MACHINE CORP.	$62,738,000	+2.6%	394,950	-2.0%	1.89%	+10.0%
CMCSA	Sell	COMCAST CORPORATION CLASS A	$60,852,000	-14.2%	917,276	-15.7%	1.83%	-8.0%
AGCO	Buy	AGCO CORP.	$42,693,000	+16.7%	865,624	+11.5%	1.28%	+25.1%
UN	Sell	UNILEVER N V YORK SHS ADRadr	$38,075,000	-8.2%	825,918	-6.6%	1.15%	-1.6%
DEO	Sell	DIAGEO PLC-SPONSORED ADR REPSTadr	$36,786,000	+2.1%	317,010	-0.7%	1.11%	+9.6%
UNP	Sell	UNION PACIFIC CORP	$34,144,000	-14.4%	350,086	-23.4%	1.03%	-8.1%
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL CL	$31,904,000	-41.9%	220,834	-41.8%	0.96%	-37.7%
PSX	Sell	PHILLIPS 66	$31,732,000	+1.3%	393,939	-0.2%	0.96%	+8.6%
AVT	Buy	AVNET	$29,657,000	+1.4%	722,296	+0.0%	0.89%	+8.8%
MA	Sell	MASTERCARD INC - CLASS A	$27,190,000	+14.9%	267,170	-0.6%	0.82%	+23.3%
UNF	Sell	UNIFIRST CORP	$20,960,000	-3.2%	158,960	-15.1%	0.63%	+3.8%
LMT	Sell	LOCKHEED MARTIN CORP COM	$19,220,000	-7.4%	80,175	-4.1%	0.58%	-0.5%
WMT	Sell	WALMART STORES INC	$18,996,000	-15.9%	263,389	-14.8%	0.57%	-9.8%
NWLI	Sell	NATIONAL WESTERN LIFE GROUP	$18,164,000	+4.5%	88,445	-0.6%	0.55%	+12.1%
GE	Buy	GENERAL ELECTRIC CO	$18,161,000	-5.8%	613,133	+0.2%	0.55%	+1.1%
NVS	Sell	NOVARTIS AG AMERICAN DEPOSITARadr	$17,380,000	-9.9%	220,115	-5.8%	0.52%	-3.3%
TTE	Sell	TOTAL S A 1 ADR REPRESENTING 1adr	$15,899,000	-7.9%	333,305	-7.2%	0.48%	-1.2%
AXP	Sell	AMERICAN EXPRESS CO	$14,864,000	-4.7%	232,098	-9.6%	0.45%	+2.3%
UL	Sell	UNILEVER PLC SPONSORED ADRadr	$13,449,000	-1.3%	283,727	-0.3%	0.40%	+5.7%
TMK	Sell	TORCHMARK CORP	$12,101,000	+2.7%	189,402	-0.6%	0.36%	+10.0%
ANAT	Sell	AMERICAN NATIONAL INSURANCE CO	$11,614,000	+7.2%	95,225	-0.5%	0.35%	+15.1%
SHPG	Sell	SHIRE PLC-ADR - adus shpgadr	$7,038,000	-9.5%	36,304	-14.1%	0.21%	-2.8%
HSBC	Buy	HSBC HOLDINGS PLC SPONSORED ADadr	$6,837,000	+21.6%	181,797	+1.3%	0.21%	+30.4%
GSK	Sell	GLAXO SMITHKLINE PLC ADRadr	$4,953,000	-1.9%	114,844	-1.4%	0.15%	+4.9%
RDSA	Sell	ROYAL DUTCH SHELL PLC-A SHRS Aadr	$2,422,000	-23.0%	48,370	-15.1%	0.07%	-17.0%
LUK	Sell	LEUCADIA NATIONAL CORP	$1,428,000	+1.3%	75,008	-7.8%	0.04%	+7.5%
DNOW	Sell	NOW INC/DE	$1,084,000	+16.4%	50,595	-1.4%	0.03%	+26.9%
MRK	New	MERCK & COMPANY INC.	$206,000	–	3,306	–	0.01%	–
XOM	Exit	EXXON MOBIL CORPORATION	$0	–	-2,364	–	-0.01%	–

Q2 2016

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON & JOHNSON	$390,163,000	–	3,216,513	–	10.95%	–
CSCO	New	CISCO SYSTEMS INC	$388,354,000	–	13,536,202	–	10.90%	–
BRKA	New	BERKSHIRE HATHAWAY INC	$253,861,000	–	1,170	–	7.12%	–
WFC	New	WELLS FARGO & CO	$236,958,000	–	5,006,510	–	6.65%	–
HAL	New	HALLIBURTON CO	$231,458,000	–	5,110,577	–	6.50%	–
BK	New	BANK OF NEW YORK MELLON CORP	$198,238,000	–	5,102,662	–	5.56%	–
MMM	New	3M CO	$160,643,000	–	917,333	–	4.51%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$149,706,000	–	1,471,747	–	4.20%	–
DVN	New	DEVON ENERGY CORP	$136,901,000	–	3,776,588	–	3.84%	–
COP	New	CONOCOPHILLIPS	$112,649,000	–	2,583,693	–	3.16%	–
BAX	New	BAXTER INTERNATIONAL INC	$108,242,000	–	2,393,665	–	3.04%	–
GOOGL	New	ALPHABET INC-CL A	$98,227,000	–	139,620	–	2.76%	–
GOOG	New	ALPHABET INC-CL C	$96,846,000	–	139,931	–	2.72%	–
EMR	New	EMERSON ELECTRIC CO	$95,369,000	–	1,828,394	–	2.68%	–
VZ	New	VERIZON COMMUNICATIONS	$92,376,000	–	1,654,292	–	2.59%	–
MRC	New	MRC GLOBAL INC	$81,314,000	–	5,722,341	–	2.28%	–
CMCSA	New	COMCAST CORPORATION CLASS A	$70,942,000	–	1,088,234	–	1.99%	–
IBM	New	INT'L BUSINESS MACHINE CORP.	$61,165,000	–	402,985	–	1.72%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL	$54,929,000	–	379,367	–	1.54%	–
KOF	New	COCA COLA FEMSA	$43,148,000	–	520,112	–	1.21%	–
UN	New	UNILEVER N V YORK SHS ADRadr	$41,495,000	–	883,998	–	1.16%	–
UNP	New	UNION PACIFIC CORP	$39,881,000	–	457,086	–	1.12%	–
AGCO	New	AGCO CORP.	$36,591,000	–	776,392	–	1.03%	–
DEO	New	DIAGEO PLC-SPONSORED ADR REPSTadr	$36,037,000	–	319,253	–	1.01%	–
PSX	New	PHILLIPS 66	$31,333,000	–	394,923	–	0.88%	–
AVT	New	AVNET	$29,251,000	–	722,066	–	0.82%	–
MA	New	MASTERCARD INC - CLASS A	$23,668,000	–	268,770	–	0.66%	–
ITW	New	ILLINOIS TOOL WORKS	$23,608,000	–	226,655	–	0.66%	–
WMT	New	WALMART STORES INC	$22,574,000	–	309,149	–	0.63%	–
USB	New	US BANCORP	$21,770,000	–	539,800	–	0.61%	–
UNF	New	UNIFIRST CORP	$21,657,000	–	187,151	–	0.61%	–
LMT	New	LOCKHEED MARTIN CORP COM	$20,747,000	–	83,600	–	0.58%	–
NVS	New	NOVARTIS AG AMERICAN DEPOSITARadr	$19,289,000	–	233,783	–	0.54%	–
GE	New	GENERAL ELECTRIC CO	$19,272,000	–	612,188	–	0.54%	–
NWLI	New	NATIONAL WESTERN LIFE GROUP	$17,378,000	–	88,997	–	0.49%	–
TTE	New	TOTAL S A 1 ADR REPRESENTING 1adr	$17,269,000	–	359,016	–	0.48%	–
AXP	New	AMERICAN EXPRESS CO	$15,605,000	–	256,836	–	0.44%	–
UL	New	UNILEVER PLC SPONSORED ADRadr	$13,632,000	–	284,532	–	0.38%	–
TMK	New	TORCHMARK CORP	$11,779,000	–	190,529	–	0.33%	–
ANAT	New	AMERICAN NATIONAL INSURANCE CO	$10,832,000	–	95,732	–	0.30%	–
SHPG	New	SHIRE PLC-ADRadr	$7,776,000	–	42,247	–	0.22%	–
HSBC	New	HSBC HOLDINGS PLC SPONSORED ADadr	$5,621,000	–	179,538	–	0.16%	–
GSK	New	GLAXO SMITHKLINE PLC ADRadr	$5,049,000	–	116,491	–	0.14%	–
RDSA	New	ROYAL DUTCH SHELL PLC-A SHRS Aadr	$3,146,000	–	56,965	–	0.09%	–
SHEN	New	SHENANDOAH TELECOMMUNICATIONS	$3,112,000	–	79,680	–	0.09%	–
LUK	New	LEUCADIA NATIONAL CORP	$1,410,000	–	81,358	–	0.04%	–
DNOW	New	NOW INC/DE	$931,000	–	51,321	–	0.03%	–
CTWS	New	CONNECTICUT WATER SERVICE INC	$364,000	–	6,483	–	0.01%	–
XOM	New	EXXON MOBIL CORPORATION	$222,000	–	2,364	–	0.01%	–
CKX	New	CKX LANDS INC	$120,000	–	10,600	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
CTWS	Exit	CONNECTICUT WATER SERVICE INC	$0	–	-6,483	–	-0.01%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-13,500	–	-0.01%	–
DNOW	Exit	NOW INC/DE	$0	–	-84,948	–	-0.04%	–
SHEN	Exit	SHENANDOAH TELECOMMUNICATIONS	$0	–	-39,840	–	-0.05%	–
LUK	Exit	LEUCADIA NATIONAL CORP	$0	–	-85,865	–	-0.05%	–
NOV	Exit	NATIONAL OILWELL VARCO	$0	–	-54,299	–	-0.06%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC-A SHRS Aadr	$0	–	-55,514	–	-0.08%	–
GSK	Exit	GLAXO SMITHKLINE PLC ADRadr	$0	–	-133,458	–	-0.15%	–
HSBC	Exit	HSBC HOLDINGS PLC SPONSORED ADadr	$0	–	-172,314	–	-0.19%	–
UL	Exit	UNILEVER PLC SPONSORED ADRadr	$0	–	-284,532	–	-0.35%	–
AGCO	Exit	AGCO CORP.	$0	–	-271,243	–	-0.38%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-632,513	–	-0.48%	–
TTE	Exit	TOTAL S A 1 ADR REPRESENTING 1adr	$0	–	-370,242	–	-0.49%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-264,742	–	-0.58%	–
UNF	Exit	UNIFIRST CORP	$0	–	-190,598	–	-0.61%	–
NWLI	Exit	NATIONAL WESTERN LIFE INS CO	$0	–	-94,448	–	-0.63%	–
USB	Exit	US BANCORP	$0	–	-539,800	–	-0.66%	–
NVS	Exit	NOVARTIS AG AMERICAN DEPOSITARadr	$0	–	-249,022	–	-0.68%	–
MA	Exit	MASTERCARD INC - CLASS A	$0	–	-271,995	–	-0.73%	–
ITW	Exit	ILLINOIS TOOL WORKS	$0	–	-352,727	–	-0.86%	–
PSX	Exit	PHILLIPS 66	$0	–	-397,744	–	-0.91%	–
LMT	Exit	LOCKHEED MARTIN CORP COM	$0	–	-149,917	–	-0.93%	–
ANAT	Exit	AMERICAN NATIONAL INSURANCE CO	$0	–	-356,417	–	-1.04%	–
DEO	Exit	DIAGEO PLC-SPONSORED ADR REPSTadr	$0	–	-323,932	–	-1.04%	–
KOF	Exit	COCA COLA FEMSA	$0	–	-520,112	–	-1.08%	–
UN	Exit	UNILEVER N V YORK SHS ADRadr	$0	–	-907,505	–	-1.09%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-465,378	–	-1.22%	–
IBM	Exit	INT'L BUSINESS MACHINE CORP.	$0	–	-315,210	–	-1.36%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL CL	$0	–	-386,806	–	-1.50%	–
MRC	Exit	MRC GLOBAL INC	$0	–	-4,938,719	–	-1.64%	–
WMT	Exit	WALMART STORES INC	$0	–	-973,785	–	-1.88%	–
CMCSK	Exit	COMCAST CORPORATION	$0	–	-1,237,183	–	-2.11%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-1,653,640	–	-2.14%	–
TMK	Exit	TORCHMARK CORP	$0	–	-1,389,902	–	-2.34%	–
BXLT	Exit	BAXALTA INC	$0	–	-2,499,326	–	-2.35%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-1,796,921	–	-2.36%	–
BAX	Exit	BAXTER INTERNATIONAL INC	$0	–	-2,498,141	–	-2.44%	–
GOOG	Exit	GOOGLE INC CL C	$0	–	-140,376	–	-2.54%	–
GOOGL	Exit	GOOGLE INC CLASS A	$0	–	-140,025	–	-2.66%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-2,726,543	–	-3.90%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-1,838,570	–	-4.34%	–
MMM	Exit	3M CO	$0	–	-1,038,793	–	-4.39%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-4,018,419	–	-4.44%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-4,065,878	–	-4.74%	–
HAL	Exit	HALLIBURTON CO	$0	–	-5,296,728	–	-5.58%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC	$0	–	-1,171	–	-6.81%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-9,826,121	–	-7.68%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-5,024,899	–	-7.68%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,855,936	–	-10.72%	–

Q3 2015

			Value		Shares		↓ Weighting
JNJ	Sell	JOHNSON & JOHNSON	$359,952,000	-5.8%	3,855,936	-1.6%	10.72%	+1.6%
WFC	Sell	WELLS FARGO & CO	$258,029,000	-9.3%	5,024,899	-0.7%	7.68%	-2.2%
CSCO	Sell	CISCO SYSTEMS INC	$257,936,000	-5.9%	9,826,121	-1.6%	7.68%	+1.4%
BRKA	Sell	BERKSHIRE HATHAWAY INC	$228,626,000	-5.0%	1,171	-0.3%	6.81%	+2.4%
HAL	Sell	HALLIBURTON CO	$187,239,000	-18.2%	5,296,728	-0.3%	5.58%	-11.8%
BK	Sell	BANK OF NEW YORK MELLON CORP	$159,179,000	-7.3%	4,065,878	-0.6%	4.74%	-0.0%
DVN	Sell	DEVON ENERGY CORP	$149,043,000	-39.7%	4,018,419	-3.2%	4.44%	-35.0%
MMM	Sell	3M CO	$147,270,000	-8.3%	1,038,793	-0.2%	4.39%	-1.1%
PM	Sell	PHILIP MORRIS INTERNATIONAL	$145,854,000	-1.1%	1,838,570	-0.0%	4.34%	+6.7%
COP	Sell	CONOCOPHILLIPS	$130,765,000	-22.0%	2,726,543	-0.2%	3.90%	-15.9%
GOOGL	Sell	GOOGLE INC CLASS A	$89,388,000	+18.1%	140,025	-0.1%	2.66%	+27.4%
GOOG	Sell	GOOGLE INC CL C	$85,408,000	+16.8%	140,376	-0.1%	2.54%	+25.9%
BAX	Sell	BAXTER INTERNATIONAL INC	$82,064,000	-53.9%	2,498,141	-1.8%	2.44%	-50.3%
EMR	Sell	EMERSON ELECTRIC CO	$79,370,000	-20.8%	1,796,921	-0.6%	2.36%	-14.6%
BXLT	New	BAXALTA INC	$78,754,000	–	2,499,326	–	2.35%	–
TMK	Sell	TORCHMARK CORP	$78,390,000	-3.6%	1,389,902	-0.5%	2.34%	+3.9%
VZ	Sell	VERIZON COMMUNICATIONS	$71,950,000	-12.1%	1,653,640	-5.8%	2.14%	-5.2%
CMCSK	Sell	COMCAST CORPORATION	$70,816,000	-4.7%	1,237,183	-0.2%	2.11%	+2.7%
WMT	Sell	WALMART STORES INC	$63,140,000	-8.8%	973,785	-0.2%	1.88%	-1.6%
MRC	New	MRC GLOBAL INC	$55,067,000	–	4,938,719	–	1.64%	–
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL CL	$50,440,000	-5.0%	386,806	-0.8%	1.50%	+2.5%
IBM	New	INT'L BUSINESS MACHINE CORP.	$45,696,000	–	315,210	–	1.36%	–
UNP	Sell	UNION PACIFIC CORP	$41,144,000	-7.5%	465,378	-0.2%	1.22%	-0.2%
UN	Sell	UNILEVER N V YORK SHS ADRadr	$36,482,000	-4.9%	907,505	-1.0%	1.09%	+2.6%
DEO	Sell	DIAGEO PLC-SPONSORED ADR REPSTadr	$34,917,000	-7.8%	323,932	-0.7%	1.04%	-0.6%
ANAT	Sell	AMERICAN NATIONAL INSURANCE CO	$34,801,000	-10.1%	356,417	-5.8%	1.04%	-3.0%
PSX	Sell	PHILLIPS 66	$30,563,000	-4.8%	397,744	-0.2%	0.91%	+2.6%
MA	Sell	MASTERCARD INC - CLASS A	$24,512,000	-10.4%	271,995	-7.0%	0.73%	-3.3%
NVS	Sell	NOVARTIS AG AMERICAN DEPOSITARadr	$22,890,000	-8.4%	249,022	-2.0%	0.68%	-1.3%
NWLI	New	NATIONAL WESTERN LIFE INS CO	$21,034,000	–	94,448	–	0.63%	–
UNF	Sell	UNIFIRST CORP	$20,358,000	-4.8%	190,598	-0.3%	0.61%	+2.5%
AXP	Sell	AMERICAN EXPRESS CO	$19,625,000	-5.6%	264,742	-1.0%	0.58%	+1.9%
TTE	Sell	TOTAL S A 1 ADR REPRESENTING 1adr	$16,554,000	-9.2%	370,242	-0.2%	0.49%	-2.2%
GE	New	GENERAL ELECTRIC CO	$15,952,000	–	632,513	–	0.48%	–
AGCO	Sell	AGCO CORP.	$12,648,000	-18.0%	271,243	-0.1%	0.38%	-11.5%
UL	Sell	UNILEVER PLC SPONSORED ADRadr	$11,603,000	-5.2%	284,532	-0.1%	0.35%	+2.4%
HSBC	Buy	HSBC HOLDINGS PLC SPONSORED ADadr	$6,527,000	-14.4%	172,314	+1.3%	0.19%	-8.1%
GSK	Buy	GLAXO SMITHKLINE PLC ADRadr	$5,131,000	-4.0%	133,458	+4.0%	0.15%	+3.4%
RDSA	Buy	ROYAL DUTCH SHELL PLC-A SHRS Aadr	$2,631,000	-14.1%	55,514	+3.3%	0.08%	-8.2%
NOV	Sell	NATIONAL OILWELL VARCO	$2,044,000	-88.4%	54,299	-85.1%	0.06%	-87.5%
LUK	Sell	LEUCADIA NATIONAL CORP	$1,740,000	-78.7%	85,865	-74.5%	0.05%	-77.0%
DNOW	Sell	NOW INC/DE	$1,257,000	-25.8%	84,948	-0.2%	0.04%	-21.3%
BRO	Sell	BROWN & BROWN INC	$418,000	-8.7%	13,500	-3.1%	0.01%	-7.7%
XOM	Exit	EXXON MOBIL CORPORATION	$0	–	-2,364	–	-0.01%	–
CNQ	Exit	CANADIAN NATURAL RESOURCES	$0	–	-125,000	–	-0.09%	–
NWLI	Exit	NATIONAL WESTERN LIFE INS CO	$0	–	-94,793	–	-0.63%	–

Q2 2015

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON & JOHNSON	$381,926,000	–	3,918,801	–	10.55%	–
WFC	New	WELLS FARGO & CO	$284,501,000	–	5,058,689	–	7.86%	–
CSCO	New	CISCO SYSTEMS INC	$274,176,000	–	9,984,544	–	7.57%	–
DVN	New	DEVON ENERGY CORP	$247,017,000	–	4,152,246	–	6.82%	–
BRKA	New	BERKSHIRE HATHAWAY INC	$240,699,000	–	1,175	–	6.65%	–
HAL	New	HALLIBURTON CO	$228,823,000	–	5,312,823	–	6.32%	–
BAX	New	BAXTER INTERNATIONAL INC	$177,900,000	–	2,543,966	–	4.91%	–
BK	New	BANK OF NEW YORK MELLON CORP	$171,668,000	–	4,090,263	–	4.74%	–
COP	New	CONOCOPHILLIPS	$167,727,000	–	2,731,258	–	4.63%	–
MMM	New	3M CO	$160,594,000	–	1,040,788	–	4.44%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$147,441,000	–	1,839,100	–	4.07%	–
EMR	New	EMERSON ELECTRIC CO	$100,218,000	–	1,808,006	–	2.77%	–
VZ	New	VERIZON COMMUNICATIONS	$81,857,000	–	1,756,210	–	2.26%	–
TMK	New	TORCHMARK CORP	$81,334,000	–	1,397,010	–	2.25%	–
GOOGL	New	GOOGLE INC CLASS A	$75,670,000	–	140,120	–	2.09%	–
CMCSK	New	COMCAST CORPORATION	$74,326,000	–	1,240,011	–	2.05%	–
GOOG	New	GOOGLE INC CLASS C	$73,117,000	–	140,471	–	2.02%	–
WMT	New	WALMART STORES INC	$69,198,000	–	975,585	–	1.91%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL	$53,073,000	–	389,926	–	1.47%	–
UNP	New	UNION PACIFIC CORP	$44,465,000	–	466,238	–	1.23%	–
KOF	New	COCA COLA FEMSA	$41,323,000	–	520,112	–	1.14%	–
ANAT	New	AMERICAN NATIONAL INSURANCE CO	$38,700,000	–	378,230	–	1.07%	–
UN	New	UNILEVER N V - ADRadr	$38,344,000	–	916,441	–	1.06%	–
DEO	New	DIAGEO P L C - ADRadr	$37,860,000	–	326,264	–	1.05%	–
ITW	New	ILLINOIS TOOL WORKS	$32,377,000	–	352,727	–	0.89%	–
PSX	New	PHILLIPS 66	$32,109,000	–	398,568	–	0.89%	–
LMT	New	LOCKHEED MARTIN CORP COM	$27,870,000	–	149,917	–	0.77%	–
MA	New	MASTERCARD INC - CLASS A	$27,348,000	–	292,550	–	0.76%	–
NVS	New	NOVARTIS A G - ADRadr	$25,000,000	–	254,217	–	0.69%	–
USB	New	US BANCORP	$23,427,000	–	539,800	–	0.65%	–
NWLI	New	NATIONAL WESTERN LIFE INS CO	$22,702,000	–	94,793	–	0.63%	–
UNF	New	UNIFIRST CORP	$21,383,000	–	191,178	–	0.59%	–
AXP	New	AMERICAN EXPRESS CO	$20,791,000	–	267,506	–	0.57%	–
TTE	New	TOTAL SA - ADRadr	$18,240,000	–	370,967	–	0.50%	–
NOV	New	NATIONAL OILWELL VARCO	$17,642,000	–	365,403	–	0.49%	–
AGCO	New	AGCO CORP.	$15,418,000	–	271,538	–	0.43%	–
UL	New	UNILEVER PLC - ADRadr	$12,241,000	–	284,937	–	0.34%	–
LUK	New	LEUCADIA NATIONAL CORP	$8,164,000	–	336,247	–	0.23%	–
HSBC	New	HSBC HOLDINGS PLC - ADRadr	$7,625,000	–	170,173	–	0.21%	–
GSK	New	GLAXO SMITHKLINE PLC ADRadr	$5,343,000	–	128,285	–	0.15%	–
CNQ	New	CANADIAN NATURAL RESOURCES	$3,394,000	–	125,000	–	0.09%	–
RDSA	New	ROYAL DUTCH SHELL PLC-A SHRS Aadr	$3,064,000	–	53,743	–	0.08%	–
DNOW	New	NOW INC/DE	$1,694,000	–	85,079	–	0.05%	–
SHEN	New	SHENANDOAH TELECOMMUNICATIONS	$1,364,000	–	39,840	–	0.04%	–
BRO	New	BROWN & BROWN INC	$458,000	–	13,925	–	0.01%	–
CTWS	New	CONNECTICUT WATER SERVICE INC	$221,000	–	6,483	–	0.01%	–
XOM	New	EXXON MOBIL CORPORATION	$197,000	–	2,364	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
CTWS	Exit	CONNECTICUT WATER SERVICE INC	$0	–	-6,483	–	-0.01%	–
XOM	Exit	EXXON MOBIL CORPORATION	$0	–	-2,364	–	-0.01%	–
BRO	Exit	BROWN AND BROWN INC.	$0	–	-13,925	–	-0.01%	–
FHI	Exit	FEDERATED INVESTORS INC (PA.)	$0	–	-25,906	–	-0.02%	–
SHEN	Exit	SHENANDOAH TELECOMMUNICATIONS	$0	–	-39,840	–	-0.02%	–
DNOW	Exit	NOW INC/DE	$0	–	-86,183	–	-0.06%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC-A SHRS Aadr	$0	–	-53,404	–	-0.09%	–
GSK	Exit	GLAXO SMITHKLINE PLC ADRadr	$0	–	-140,278	–	-0.15%	–
HSBC	Exit	HSBC HOLDINGS PLC SPONSOR ADR'adr	$0	–	-171,995	–	-0.20%	–
UL	Exit	UNILEVER ( ul )adr	$0	–	-288,957	–	-0.28%	–
LUK	Exit	LEUCADIA NATIONAL CORP	$0	–	-595,421	–	-0.33%	–
UNF	Exit	UNIFIRST CORP	$0	–	-196,150	–	-0.44%	–
MA	Exit	MASTERCARD INC.	$0	–	-304,305	–	-0.52%	–
USB	Exit	US BANCORP	$0	–	-539,800	–	-0.52%	–
NWLI	Exit	NATIONAL WESTERN LIFE INS CO	$0	–	-96,493	–	-0.55%	–
AXP	Exit	AMERICAN EXPRESS COMPANY	$0	–	-282,228	–	-0.57%	–
TTE	Exit	TOTAL SA - SPON ADRadr	$0	–	-396,915	–	-0.59%	–
CNQ	Exit	CANADIAN NATURAL RESOURCES	$0	–	-670,700	–	-0.60%	–
NVS	Exit	NOVARTIS AG ADRadr	$0	–	-283,983	–	-0.62%	–
NOV	Exit	NATIONAL OILWELL VARCO	$0	–	-371,288	–	-0.65%	–
LMT	Exit	LOCKHEED MARTIN CORP COM	$0	–	-156,052	–	-0.66%	–
ITW	Exit	ILLINOIS TOOL WORKS	$0	–	-353,253	–	-0.69%	–
PSX	Exit	PHILLIPS 66	$0	–	-402,732	–	-0.75%	–
UN	Exit	UNILEVER (UN)adr	$0	–	-951,198	–	-0.87%	–
DEO	Exit	DIAGEO PLC- SPONSORED ADRadr	$0	–	-336,281	–	-0.89%	–
ANAT	Exit	AMERICAN NATIONAL INSURANCE CO	$0	–	-385,771	–	-1.00%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-1,017,613	–	-1.17%	–
UNP	Exit	UNION PACIFIC	$0	–	-473,822	–	-1.18%	–
KOF	Exit	COCA COLA FEMSA	$0	–	-522,877	–	-1.21%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC-DEL-B	$0	–	-402,538	–	-1.28%	–
CMCSK	Exit	COMCAST CORP SPECIAL CLASS A	$0	–	-1,250,138	–	-1.54%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-991,542	–	-1.74%	–
TMK	Exit	TORCHMARK CORP	$0	–	-1,471,828	–	-1.77%	–
GOOG	Exit	GOOGLE CLASS C SHARES	$0	–	-140,837	–	-1.87%	–
GOOGL	Exit	GOOGLE CLASS A SHARES	$0	–	-140,837	–	-1.91%	–
EMR	Exit	EMERSON ELECTRIC COMPANY	$0	–	-2,107,538	–	-3.04%	–
MMM	Exit	3M CO	$0	–	-1,055,227	–	-3.44%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-1,854,479	–	-3.56%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-4,154,803	–	-3.70%	–
JOY	Exit	JOY GLOBAL	$0	–	-3,283,746	–	-4.12%	–
BAX	Exit	BAXTER INTERNATIONAL INC	$0	–	-2,581,277	–	-4.26%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-2,842,190	–	-5.01%	–
BSBR	Exit	BANCO SANTANDER ADRadr	$0	–	-35,814,778	–	-5.39%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DEL-A	$0	–	-1,179	–	-5.62%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-10,679,762	–	-6.19%	–
WFC	Exit	WELLS FARGO & COMPANY	$0	–	-5,198,582	–	-6.21%	–
DVN	Exit	DEVON ENERGY	$0	–	-4,193,253	–	-6.58%	–
HAL	Exit	HALLIBURTON CO	$0	–	-5,331,690	–	-7.92%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-4,163,934	–	-10.22%	–

Q3 2014

			Value		Shares		↓ Weighting
JNJ	Sell	JOHNSON & JOHNSON	$443,834,000	+1.1%	4,163,934	-0.8%	10.22%	+8.9%
HAL	Sell	HALLIBURTON CO	$343,947,000	-9.7%	5,331,690	-0.6%	7.92%	-2.7%
DVN	Sell	DEVON ENERGY	$285,896,000	-14.5%	4,193,253	-0.4%	6.58%	-7.8%
WFC	Sell	WELLS FARGO & COMPANY	$269,650,000	-2.8%	5,198,582	-1.5%	6.21%	+4.8%
CSCO	Sell	CISCO SYSTEMS INC	$268,810,000	-0.7%	10,679,762	-2.0%	6.19%	+6.9%
BSBR	Sell	BANCO SANTANDER ADRadr	$234,229,000	-44.8%	35,814,778	-41.6%	5.39%	-40.6%
COP	Sell	CONOCOPHILLIPS	$217,484,000	-14.3%	2,842,190	-3.9%	5.01%	-7.6%
BAX	Sell	BAXTER INTERNATIONAL INC	$185,258,000	-1.1%	2,581,277	-0.4%	4.26%	+6.5%
JOY	Sell	JOY GLOBAL	$179,096,000	-11.5%	3,283,746	-0.1%	4.12%	-4.6%
BK	Sell	BANK OF NEW YORK MELLON CORP	$160,916,000	+2.6%	4,154,803	-0.7%	3.70%	+10.6%
PM	Sell	PHILIP MORRIS INTERNATIONAL	$154,664,000	-3.2%	1,854,479	-2.1%	3.56%	+4.4%
MMM	Sell	3M CO	$149,505,000	-1.3%	1,055,227	-0.2%	3.44%	+6.4%
EMR	Sell	EMERSON ELECTRIC COMPANY	$131,890,000	-7.6%	2,107,538	-2.0%	3.04%	-0.4%
GOOGL	Sell	GOOGLE CLASS A SHARES	$82,870,000	+0.5%	140,837	-0.2%	1.91%	+8.2%
GOOG	Sell	GOOGLE CLASS C SHARES	$81,314,000	+0.2%	140,837	-0.2%	1.87%	+8.0%
TMK	Buy	TORCHMARK CORP	$77,080,000	-4.2%	1,471,828	+49.8%	1.77%	+3.2%
WMT	Sell	WAL-MART STORES INC	$75,823,000	-7.1%	991,542	-8.8%	1.74%	+0.1%
CMCSK	Sell	COMCAST CORP SPECIAL CLASS A	$66,882,000	-0.7%	1,250,138	-1.0%	1.54%	+6.9%
BRKB	Sell	BERKSHIRE HATHAWAY INC-DEL-B	$55,607,000	+7.5%	402,538	-1.5%	1.28%	+15.8%
UNP	Sell	UNION PACIFIC	$51,372,000	+8.1%	473,822	-0.6%	1.18%	+16.5%
VZ	New	VERIZON COMMUNICATIONS	$50,870,000	–	1,017,613	–	1.17%	–
ANAT	Sell	AMERICAN NATIONAL INSURANCE CO	$43,361,000	-3.0%	385,771	-1.5%	1.00%	+4.5%
DEO	Sell	DIAGEO PLC- SPONSORED ADRadr	$38,807,000	-9.7%	336,281	-0.5%	0.89%	-2.7%
UN	Sell	UNILEVER (UN)adr	$37,744,000	-11.8%	951,198	-2.7%	0.87%	-4.9%
PSX	Sell	PHILLIPS 66	$32,746,000	+0.7%	402,732	-0.4%	0.75%	+8.5%
LMT	Sell	LOCKHEED MARTIN CORP COM	$28,523,000	-15.9%	156,052	-26.0%	0.66%	-9.3%
NOV	Sell	NATIONAL OILWELL VARCO	$28,255,000	-7.7%	371,288	-0.1%	0.65%	-0.6%
NVS	Sell	NOVARTIS AG ADRadr	$26,731,000	+2.2%	283,983	-1.7%	0.62%	+10.2%
TTE	Sell	TOTAL SA - SPON ADRadr	$25,581,000	-11.6%	396,915	-0.9%	0.59%	-4.7%
AXP	Sell	AMERICAN EXPRESS COMPANY	$24,706,000	-10.1%	282,228	-2.6%	0.57%	-3.1%
NWLI	Sell	NATIONAL WESTERN LIFE INS CO	$23,835,000	-2.2%	96,493	-1.3%	0.55%	+5.4%
MA	Sell	MASTERCARD INC.	$22,494,000	-16.3%	304,305	-16.8%	0.52%	-9.8%
UNF	Sell	UNIFIRST CORP	$18,946,000	-9.4%	196,150	-0.6%	0.44%	-2.5%
LUK	Sell	LEUCADIA NATIONAL CORP	$14,195,000	-9.1%	595,421	-0.1%	0.33%	-2.1%
UL	Sell	UNILEVER ( ul )adr	$12,107,000	-7.8%	288,957	-0.3%	0.28%	-0.4%
HSBC	Buy	HSBC HOLDINGS PLC SPONSOR ADR'adr	$8,751,000	+0.6%	171,995	+0.4%	0.20%	+8.1%
GSK	Sell	GLAXO SMITHKLINE PLC ADRadr	$6,449,000	-15.1%	140,278	-1.3%	0.15%	-8.6%
RDSA	Sell	ROYAL DUTCH SHELL PLC-A SHRS Aadr	$4,066,000	-8.0%	53,404	-0.5%	0.09%	0.0%
DNOW	Sell	NOW INC/DE	$2,621,000	-16.1%	86,183	-0.1%	0.06%	-10.4%
SYY	Exit	SYSCO CORP	$0	–	-56,045	–	-0.04%	–

Q2 2014

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON & JOHNSON	$439,009,000	–	4,196,224	–	9.38%	–
BSBR	New	BANCO SANTANDER ADRadr	$424,682,000	–	61,370,223	–	9.07%	–
HAL	New	HALLIBURTON CO	$380,801,000	–	5,362,637	–	8.13%	–
DVN	New	DEVON ENERGY	$334,265,000	–	4,209,889	–	7.14%	–
WFC	New	WELLS FARGO & COMPANY	$277,367,000	–	5,277,152	–	5.92%	–
CSCO	New	CISCO SYSTEMS INC	$270,828,000	–	10,898,507	–	5.78%	–
COP	New	CONOCOPHILLIPS	$253,675,000	–	2,958,996	–	5.42%	–
BRKA	New	BERKSHIRE HATHAWAY INC DEL-A	$223,893,000	–	1,179	–	4.78%	–
JOY	New	JOY GLOBAL	$202,414,000	–	3,287,016	–	4.32%	–
BAX	New	BAXTER INTERNATIONAL INC	$187,413,000	–	2,592,155	–	4.00%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$159,718,000	–	1,894,411	–	3.41%	–
BK	New	BANK OF NEW YORK MELLON CORP	$156,777,000	–	4,182,948	–	3.35%	–
MMM	New	3M CO	$151,459,000	–	1,057,377	–	3.24%	–
EMR	New	EMERSON ELECTRIC COMPANY	$142,758,000	–	2,151,263	–	3.05%	–
GOOGL	New	GOOGLE CLASS A SHARES	$82,472,000	–	141,057	–	1.76%	–
WMT	New	WAL-MART STORES INC	$81,612,000	–	1,087,150	–	1.74%	–
GOOG	New	GOOGLE CLASS C SHARES	$81,147,000	–	141,057	–	1.73%	–
TMK	New	TORCHMARK CORP	$80,500,000	–	982,662	–	1.72%	–
CMCSK	New	COMCAST CORP SPECIAL CLASS A	$67,376,000	–	1,263,374	–	1.44%	–
KOF	New	COCA COLA FEMSA	$59,409,000	–	522,877	–	1.27%	–
BRKB	New	BERKSHIRE HATHAWAY INC-DEL-B	$51,744,000	–	408,852	–	1.10%	–
UNP	New	UNION PACIFIC	$47,544,000	–	476,632	–	1.02%	–
ANAT	New	AMERICAN NATIONAL INSURANCE CO	$44,707,000	–	391,476	–	0.96%	–
DEO	New	DIAGEO PLC- SPONSORED ADRadr	$42,996,000	–	337,831	–	0.92%	–
UN	New	UNILEVER (UN)adr	$42,791,000	–	977,864	–	0.91%	–
LMT	New	LOCKHEED MARTIN CORP COM	$33,901,000	–	210,922	–	0.72%	–
PSX	New	PHILLIPS 66	$32,519,000	–	404,311	–	0.70%	–
ITW	New	ILLINOIS TOOL WORKS	$30,931,000	–	353,253	–	0.66%	–
CNQ	New	CANADIAN NATURAL RESOURCES	$30,873,000	–	670,700	–	0.66%	–
NOV	New	NATIONAL OILWELL VARCO	$30,616,000	–	371,773	–	0.65%	–
TTE	New	TOTAL SA - SPON ADRadr	$28,922,000	–	400,578	–	0.62%	–
AXP	New	AMERICAN EXPRESS COMPANY	$27,488,000	–	289,746	–	0.59%	–
MA	New	MASTERCARD INC.	$26,867,000	–	365,680	–	0.57%	–
NVS	New	NOVARTIS AG ADRadr	$26,147,000	–	288,825	–	0.56%	–
NWLI	New	NATIONAL WESTERN LIFE INS CO	$24,379,000	–	97,747	–	0.52%	–
USB	New	US BANCORP	$23,384,000	–	539,800	–	0.50%	–
UNF	New	UNIFIRST CORP	$20,923,000	–	197,385	–	0.45%	–
LUK	New	LEUCADIA NATIONAL CORP	$15,623,000	–	595,833	–	0.33%	–
UL	New	UNILEVER ( ul )adr	$13,132,000	–	289,817	–	0.28%	–
HSBC	New	HSBC HOLDINGS PLC SPONSOR ADR'adr	$8,702,000	–	171,302	–	0.19%	–
GSK	New	GLAXO SMITHKLINE PLC ADRadr	$7,600,000	–	142,118	–	0.16%	–
RDSA	New	ROYAL DUTCH SHELL PLC-A SHRS Aadr	$4,421,000	–	53,667	–	0.09%	–
DNOW	New	NOW INC/DE	$3,124,000	–	86,262	–	0.07%	–
SYY	New	SYSCO CORP	$2,099,000	–	56,045	–	0.04%	–
SHEN	New	SHENANDOAH TELECOMMUNICATIONS	$1,214,000	–	39,840	–	0.03%	–
FHI	New	FEDERATED INVESTORS INC (PA.)	$801,000	–	25,906	–	0.02%	–
BRO	New	BROWN AND BROWN INC.	$428,000	–	13,925	–	0.01%	–
XOM	New	EXXON MOBIL CORPORATION	$238,000	–	2,364	–	0.01%	–
CTWS	New	CONNECTICUT WATER SERVICE INC	$220,000	–	6,483	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
CTWS	Exit	CONNECTICUT WATER SERVICE INC	$0	–	-6,483	–	-0.01%	–
XOM	Exit	EXXON MOBIL CORPORATION	$0	–	-2,534	–	-0.01%	–
CAJ	Exit	CANON INC SPONSORED ADRadr	$0	–	-8,230	–	-0.01%	–
BRO	Exit	BROWN AND BROWN INC.	$0	–	-13,925	–	-0.01%	–
FHI	Exit	FEDERATED INVESTORS INC (PA.)	$0	–	-29,406	–	-0.02%	–
SHEN	Exit	SHENANDOAH TELECOMMUNICATIONS	$0	–	-39,840	–	-0.02%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC-A SHARESadr	$0	–	-53,744	–	-0.08%	–
GSK	Exit	GLAXO SMITHKLINE PLC, ADRadr	$0	–	-151,030	–	-0.18%	–
HSBC	Exit	HSBC HOLDINGS PLC SPONSOR ADR'adr	$0	–	-167,735	–	-0.22%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-141,914	–	-0.25%	–
UL	Exit	UNILEVER ( ul )adr	$0	–	-289,817	–	-0.27%	–
USB	Exit	US BANCORP	$0	–	-539,800	–	-0.48%	–
NWLI	Exit	NATIONAL WESTERN LIFE INS CO	$0	–	-100,537	–	-0.49%	–
CNQ	Exit	CANADIAN NATURAL RESOURCES	$0	–	-670,700	–	-0.51%	–
AXP	Exit	AMERICAN EXPRESS COMPANY	$0	–	-293,022	–	-0.53%	–
NVS	Exit	NOVARTIS AG ADRadr	$0	–	-295,290	–	-0.54%	–
TTE	Exit	TOTAL SA - SPON ADRadr	$0	–	-407,408	–	-0.57%	–
PSX	Exit	PHILLIPS 66	$0	–	-423,760	–	-0.59%	–
NOV	Exit	NATIONAL OILWELL VARCO	$0	–	-331,370	–	-0.62%	–
LUK	Exit	LEUCADIA NATIONAL CORP	$0	–	-953,769	–	-0.62%	–
LMT	Exit	LOCKHEED MARTIN CORP COM	$0	–	-210,922	–	-0.65%	–
ITW	Exit	ILLINOIS TOOL WORKS	$0	–	-353,253	–	-0.65%	–
MA	Exit	MASTERCARD INC.	$0	–	-47,478	–	-0.77%	–
UNF	Exit	UNIFIRST CORP	$0	–	-344,165	–	-0.86%	–
UN	Exit	UNILEVER (UN)adr	$0	–	-983,826	–	-0.89%	–
ANAT	Exit	AMERICAN NATIONAL INSURANCE CO	$0	–	-401,923	–	-0.95%	–
SYY	Exit	SYSCO CORP	$0	–	-1,270,938	–	-0.97%	–
DEO	Exit	DIAGEO PLC- SPONSORED ADRadr	$0	–	-340,069	–	-1.04%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC-DEL-B	$0	–	-414,085	–	-1.13%	–
CMCSK	Exit	COMCAST CORP SPECIAL CLASS A	$0	–	-1,378,815	–	-1.44%	–
TMK	Exit	TORCHMARK CORP	$0	–	-986,106	–	-1.72%	–
KOF	Exit	COCA COLA FEMSA	$0	–	-603,220	–	-1.83%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-1,264,160	–	-2.25%	–
UNP	Exit	UNION PACIFIC	$0	–	-699,632	–	-2.61%	–
MMM	Exit	3M CO	$0	–	-1,064,814	–	-3.06%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-4,599,980	–	-3.34%	–
EMR	Exit	EMERSON ELECTRIC COMPANY	$0	–	-2,184,982	–	-3.40%	–
GOOGL	Exit	GOOGLE	$0	–	-165,790	–	-3.49%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-1,911,076	–	-3.98%	–
BAX	Exit	BAXTER INTERNATIONAL INC	$0	–	-2,603,888	–	-4.11%	–
JOY	Exit	JOY GLOBAL	$0	–	-3,357,154	–	-4.12%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DEL-A	$0	–	-1,184	–	-4.85%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-2,973,875	–	-4.97%	–
WFC	Exit	WELLS FARGO & COMPANY	$0	–	-5,323,295	–	-5.29%	–
DVN	Exit	DEVON ENERGY	$0	–	-4,229,160	–	-5.87%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-11,030,309	–	-6.22%	–
HAL	Exit	HALLIBURTON CO	$0	–	-5,527,392	–	-6.40%	–
BSBR	Exit	BANCO SANTANDER BRASIL ADSadr	$0	–	-48,487,074	–	-8.10%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-4,324,131	–	-9.02%	–

Q3 2013

			Value		Shares		↓ Weighting
JNJ	Sell	JOHNSON & JOHNSON	$374,859,000	+0.6%	4,324,131	-0.3%	9.02%	-3.2%
BSBR	Buy	BANCO SANTANDER BRASIL ADSadr	$336,985,000	+35.5%	48,487,074	+21.3%	8.10%	+30.4%
HAL	Sell	HALLIBURTON CO	$266,144,000	+15.2%	5,527,392	-0.2%	6.40%	+10.9%
CSCO	Sell	CISCO SYSTEMS INC	$258,451,000	-4.1%	11,030,309	-0.4%	6.22%	-7.7%
DVN	Sell	DEVON ENERGY	$244,276,000	+11.1%	4,229,160	-0.2%	5.87%	+7.0%
WFC	Sell	WELLS FARGO & COMPANY	$219,959,000	-0.2%	5,323,295	-0.3%	5.29%	-3.9%
COP	Sell	CONOCOPHILLIPS	$206,714,000	+14.6%	2,973,875	-0.3%	4.97%	+10.2%
JOY	Buy	JOY GLOBAL	$171,349,000	+5.5%	3,357,154	+0.3%	4.12%	+1.6%
BAX	Sell	BAXTER INTERNATIONAL INC	$171,049,000	-5.3%	2,603,888	-0.1%	4.11%	-8.9%
GOOGL	Sell	GOOGLE	$145,217,000	-0.6%	165,790	-0.1%	3.49%	-4.4%
EMR	Sell	EMERSON ELECTRIC COMPANY	$141,368,000	+18.4%	2,184,982	-0.2%	3.40%	+14.0%
BK	Sell	BANK OF NEW YORK MELLON CORP	$138,873,000	+0.3%	4,599,980	-6.8%	3.34%	-3.5%
MMM	Sell	3M CO	$127,149,000	+8.9%	1,064,814	-0.3%	3.06%	+4.8%
UNP	Sell	UNION PACIFIC	$108,681,000	+0.3%	699,632	-0.3%	2.61%	-3.4%
WMT	Sell	WAL-MART STORES INC	$93,497,000	-0.7%	1,264,160	-0.0%	2.25%	-4.5%
KOF	Sell	COCA COLA FEMSA	$75,994,000	-29.9%	603,220	-21.9%	1.83%	-32.5%
TMK	Sell	TORCHMARK CORP	$71,345,000	+10.9%	986,106	-0.1%	1.72%	+6.8%
CMCSK	Sell	COMCAST CORP SPECIAL CLASS A	$59,772,000	+5.0%	1,378,815	-3.9%	1.44%	+1.1%
BRKB	Sell	BERKSHIRE HATHAWAY INC-DEL-B	$47,003,000	+0.6%	414,085	-0.8%	1.13%	-3.2%
DEO	Sell	DIAGEO PLC- SPONSORED ADRadr	$43,216,000	+10.2%	340,069	-0.3%	1.04%	+6.0%
SYY	Sell	SYSCO CORP	$40,454,000	-19.5%	1,270,938	-13.6%	0.97%	-22.5%
ANAT	Sell	AMERICAN NATIONAL INSURANCE CO	$39,405,000	-3.1%	401,923	-1.7%	0.95%	-6.8%
UN	Sell	UNILEVER (UN)adr	$37,110,000	-4.3%	983,826	-0.2%	0.89%	-7.9%
UNF	Sell	UNIFIRST CORP	$35,938,000	+4.3%	344,165	-8.9%	0.86%	+0.3%
MA	Sell	MASTERCARD INC.	$31,942,000	-38.4%	47,478	-47.4%	0.77%	-40.7%
NOV	Buy	NATIONAL OILWELL VARCO	$25,883,000	+90.8%	331,370	+68.3%	0.62%	+83.5%
PSX	Sell	PHILLIPS 66	$24,502,000	-42.7%	423,760	-41.6%	0.59%	-44.9%
TTE	Sell	TOTAL SA - SPON ADRadr	$23,597,000	+18.6%	407,408	-0.3%	0.57%	+14.1%
NVS	Sell	NOVARTIS AG ADRadr	$22,652,000	+8.2%	295,290	-0.3%	0.54%	+4.2%
AXP	Sell	AMERICAN EXPRESS COMPANY	$22,129,000	+0.8%	293,022	-0.2%	0.53%	-2.9%
NWLI	Sell	NATIONAL WESTERN LIFE INS CO	$20,285,000	0.0%	100,537	-5.9%	0.49%	-3.7%
HSBC	Sell	HSBC HOLDINGS PLC SPONSOR ADR'adr	$9,101,000	+4.5%	167,735	-0.0%	0.22%	+0.5%
GSK	Sell	GLAXO SMITHKLINE PLC, ADRadr	$7,577,000	+0.4%	151,030	-0.0%	0.18%	-3.7%
RDSA	Sell	ROYAL DUTCH SHELL PLC-A SHARESadr	$3,530,000	+2.8%	53,744	-0.1%	0.08%	-1.2%
CTWS	New	CONNECTICUT WATER SERVICE INC	$208,000	–	6,483	–	0.01%	–
FSCI	Exit	FISHER COMMUNICATIONS INC.	$0	–	-5,824	–	-0.01%	–
AJG	Exit	ARTHUR J GALLAGHER	$0	–	-63,723	–	-0.07%	–

Q2 2013

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON & JOHNSON	$372,559,000	–	4,339,144	–	9.31%	–
CSCO	New	CISCO SYSTEMS INC	$269,376,000	–	11,069,499	–	6.73%	–
BSBR	New	BANCO SANTANDER BRASIL ADSadr	$248,705,000	–	39,984,793	–	6.22%	–
HAL	New	HALLIBURTON CO	$231,026,000	–	5,537,542	–	5.77%	–
WFC	New	WELLS FARGO & COMPANY	$220,357,000	–	5,339,395	–	5.51%	–
DVN	New	DEVON ENERGY	$219,800,000	–	4,236,700	–	5.49%	–
BRKA	New	BERKSHIRE HATHAWAY INC DEL-A	$199,622,000	–	1,184	–	4.99%	–
BAX	New	BAXTER INTERNATIONAL INC	$180,591,000	–	2,607,066	–	4.51%	–
COP	New	CONOCOPHILLIPS	$180,445,000	–	2,982,565	–	4.51%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$165,537,000	–	1,911,076	–	4.14%	–
JOY	New	JOY GLOBAL	$162,418,000	–	3,346,754	–	4.06%	–
GOOGL	New	GOOGLE	$146,119,000	–	165,975	–	3.65%	–
BK	New	BANK OF NEW YORK MELLON CORP	$138,484,000	–	4,937,028	–	3.46%	–
EMR	New	EMERSON ELECTRIC COMPANY	$119,393,000	–	2,189,087	–	2.98%	–
MMM	New	3M CO	$116,744,000	–	1,067,615	–	2.92%	–
KOF	New	COCA COLA FEMSA	$108,397,000	–	772,663	–	2.71%	–
UNP	New	UNION PACIFIC	$108,302,000	–	701,981	–	2.71%	–
WMT	New	WAL-MART STORES INC	$94,175,000	–	1,264,270	–	2.35%	–
TMK	New	TORCHMARK CORP	$64,322,000	–	987,448	–	1.61%	–
CMCSK	New	COMCAST CORP SPECIAL CLASS A	$56,913,000	–	1,434,659	–	1.42%	–
MA	New	MASTERCARD INC.	$51,854,000	–	90,259	–	1.30%	–
SYY	New	SYSCO CORP	$50,259,000	–	1,471,283	–	1.26%	–
BRKB	New	BERKSHIRE HATHAWAY INC-DEL-B	$46,700,000	–	417,263	–	1.17%	–
PSX	New	PHILLIPS 66	$42,775,000	–	726,116	–	1.07%	–
ANAT	New	AMERICAN NATIONAL INSURANCE CO	$40,682,000	–	408,984	–	1.02%	–
DEO	New	DIAGEO PLC- SPONSORED ADRadr	$39,215,000	–	341,149	–	0.98%	–
UN	New	UNILEVER (UN)adr	$38,763,000	–	986,093	–	0.97%	–
UNF	New	UNIFIRST CORP	$34,466,000	–	377,713	–	0.86%	–
LUK	New	LEUCADIA NATIONAL CORP	$25,008,000	–	953,769	–	0.62%	–
ITW	New	ILLINOIS TOOL WORKS	$24,435,000	–	353,253	–	0.61%	–
LMT	New	LOCKHEED MARTIN CORP COM	$22,877,000	–	210,922	–	0.57%	–
AXP	New	AMERICAN EXPRESS COMPANY	$21,949,000	–	293,591	–	0.55%	–
NVS	New	NOVARTIS AG ADRadr	$20,937,000	–	296,095	–	0.52%	–
NWLI	New	NATIONAL WESTERN LIFE INS CO	$20,285,000	–	106,849	–	0.51%	–
TTE	New	TOTAL SA - SPON ADRadr	$19,892,000	–	408,453	–	0.50%	–
USB	New	US BANCORP	$19,514,000	–	539,800	–	0.49%	–
CNQ	New	CANADIAN NATURAL RESOURCES	$18,850,000	–	670,700	–	0.47%	–
NOV	New	NATIONAL OILWELL VARCO	$13,565,000	–	196,877	–	0.34%	–
UL	New	UNILEVER ( ul )adr	$11,723,000	–	289,817	–	0.29%	–
ADP	New	AUTOMATIC DATA PROCESSING	$9,772,000	–	141,914	–	0.24%	–
HSBC	New	HSBC HOLDINGS PLC SPONSOR ADR'adr	$8,708,000	–	167,785	–	0.22%	–
GSK	New	GLAXO SMITHKLINE PLC, ADRadr	$7,550,000	–	151,090	–	0.19%	–
RDSA	New	ROYAL DUTCH SHELL PLC-A SHARESadr	$3,433,000	–	53,805	–	0.09%	–
AJG	New	ARTHUR J GALLAGHER	$2,784,000	–	63,723	–	0.07%	–
FHI	New	FEDERATED INVESTORS INC (PA.)	$806,000	–	29,406	–	0.02%	–
SHEN	New	SHENANDOAH TELECOMMUNICATIONS	$665,000	–	39,840	–	0.02%	–
BRO	New	BROWN AND BROWN INC.	$449,000	–	13,925	–	0.01%	–
CAJ	New	CANON INC SPONSORED ADRadr	$271,000	–	8,230	–	0.01%	–
XOM	New	EXXON MOBIL CORPORATION	$229,000	–	2,534	–	0.01%	–
FSCI	New	FISHER COMMUNICATIONS INC.	$239,000	–	5,824	–	0.01%	–

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