| Ticker | Company | Share Value x1000 | Change in Value x1000 | Current Value x1000 | Shares Held | Change in Shares | % of Portfolio | Position Change |
| COP | ConocoPhillips | $5,710,262 | $5,710,262 | $4,935,382 | 77,955,800 | 77,955,800 | 8.17% | Increase |
| PG | Procter & Gamble Co. | $5,592,762 | ($843,794) | $6,421,765 | 80,252,000 | (25,595,000) | 8.00% | Decrease |
| WFC | Wells Fargo & Co. Del | $2,481,957 | ($4,421,097) | $2,637,369 | 66,132,620 | (224,522,248) | 3.55% | Decrease |
| USB | US Bancorp | $1,781,615 | ($132,505) | $1,714,841 | 49,461,826 | (19,169,200) | 2.55% | Decrease |
| JNJ | Johnson & Johnson | $1,703,512 | ($2,269,769) | $2,166,027 | 24,588,800 | (37,165,648) | 2.44% | Decrease |
| MCO | Moody's | $1,632,000 | ($21,120) | $3,259,680 | 48,000,000 | 0 | 2.34% | No Change |
| WMT | Wal-Mart Stores, Inc. | $1,194,464 | $73,595 | $1,553,063 | 19,944,300 | 0 | 1.71% | No Change |
| BUD | Anheuser Busch Cos. Inc. | $898,264 | $38,213 | $1,334,243 | 13,845,000 | 0 | 1.29% | No Change |
| AXP | American Express Co. | $893,546 | ($4,817,626) | $1,849,133 | 25,220,034 | (126,390,666) | 1.28% | Decrease |
| UNP | Union Pacific Corp. | $633,751 | ($38,652) | $1,424,159 | 8,906,000 | 0 | 0.91% | No Change |
| MTB | M & T Bank Corporation | $584,530 | $110,850 | $693,839 | 6,549,360 | (165,700) | 0.84% | Decrease |
| WPO | Washington Post Co. | $580,487 | ($433,538) | $486,703 | 1,042,615 | (685,150) | 0.83% | Decrease |
| NKE | Nike Inc. | $511,183 | $55,703 | $499,110 | 7,641,000 | 0 | 0.73% | No Change |
| USG | USG Corporation | $437,048 | ($67,777) | $481,777 | 17,072,192 | 0 | 0.63% | No Change |
| COST | Costco Wholesale Corp. | $341,142 | ($27,374) | $593,965 | 5,254,000 | 0 | 0.49% | No Change |
| KMX | Carmax Inc. | $258,217 | ($44,030) | $897,674 | 18,444,100 | (2,855,900) | 0.37% | Decrease |
| CMCSK | Comcast Corp | $236,640 | $11,520 | $492,300 | 12,000,000 | 0 | 0.34% | No Change |
| GE | General Electric Co. | $198,336 | ($9,256) | $182,470 | 7,777,900 | 0 | 0.28% | No Change |
| IR | Ingersoll-Rd Company LTD. | $175,674 | ($35,281) | $327,148 | 5,636,600 | 0 | 0.25% | No Change |
| BAC | Bank of America Corp. | $175,000 | ($42,217) | $67,150 | 5,000,000 | (4,100,000) | 0.25% | Decrease |
| ETN | Eaton Corporation | $163,411 | $0 | $194,476 | 2,908,700 | 0 | 0.23% | No Change |
| UNH | United Health Group Inc. | $161,986 | ($6,014) | $400,913 | 6,379,900 | (20,100) | 0.23% | Decrease |
| LOW | Lowes Companies Inc. | $153,985 | $8,735 | $277,355 | 6,500,000 | (500,000) | 0.22% | Decrease |
| STI | Sun Trusts Banks Inc. | $144,175 | $28,105 | $102,163 | 3,204,600 | 0 | 0.21% | No Change |
| NSC | Norfolk Southern Corp. | $127,984 | $6,843 | $155,085 | 1,933,000 | 0 | 0.18% | No Change |
| NRG | NRG Energy, Inc. | $123,750 | $0 | $140,050 | 5,000,000 | 0 | 0.18% | No Change |
| KO | Coca Cola | $115,067 | ($10,280,933) | $93,503 | 2,176,000 | (197,824,000) | 0.16% | Decrease |
| SNY | Sanofi Aventis | $111,253 | ($18,474) | $184,463 | 3,384,633 | (519,300) | 0.16% | Decrease |
| WBC | Wabco Holdings Inc. | $95,958 | $0 | $209,817 | 2,700,000 | 0 | 0.14% | No Change |
| HD | Home Depot Inc. | $95,793 | ($2,126) | $284,382 | 3,700,000 | (481,000) | 0.14% | Decrease |
| UPS | United Parcel Service Inc. | $89,882 | $2,029 | $126,770 | 1,429,200 | 0 | 0.13% | No Change |
| IRM | Iron Mountain Inc. | $82,315 | ($7,217) | $131,381 | 3,372,200 | 0 | 0.12% | No Change |
| GSK | GlaxoSmithKline | $65,646 | ($1,148) | $78,878 | 1,510,500 | 0 | 0.09% | No Change |
| GCI | Gannett Inc. | $58,299 | ($16,410) | $74,330 | 3,447,600 | 0 | 0.08% | No Change |
| TMK | Torchmark Corp. | $31,532 | ($134,088) | $34,199 | 527,279 | (2,296,600) | 0.05% | Decrease |
| CDCO | Comdisco Holding Co. | $14,466 | ($220) | $7,621 | 1,521,162 | (16,704) | 0.02% | Decrease |
