The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M CO COM 88579Y101 604,772 4,458 SH SOLE 4,458 0 0
AIR PRODS & CHEMS INC COM 009158106 367,834 3,090 SH SOLE 3,090 0 0
ALLEGHANY CORP DEL COM 017175100 227,318 558 SH SOLE 558 0 0
AMERICAN EXPRESS CO COM 025816109 91,932,874 1,021,136 SH SOLE 1,021,136 0 0
ASSURANT INC COM 04621X108 15,644,382 240,831 SH SOLE 240,831 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 421,067 5,450 SH SOLE 5,450 0 0
AUTOZONE INC COM 053332102 232,027 432 SH SOLE 432 0 0
BECTON DICKINSON & CO COM 075887109 394,091 3,366 SH SOLE 3,366 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 17,493,301 139,980 SH SOLE 139,980 0 0
CINCINNATI FINL CORP COM 172062101 435,118 8,942 SH SOLE 8,942 0 0
CISCO SYS INC COM 17275R102 17,920,591 799,491 SH SOLE 799,491 0 0
CITIGROUP INC COM NEW 172967424 18,436,337 387,318 SH SOLE 387,318 0 0
CME GROUP INC COM 12572Q105 14,254,031 192,570 SH SOLE 192,570 0 0
CROWN HOLDINGS INC COM 228368106 292,868 6,546 SH SOLE 6,546 0 0
DIRECTV COM 25490A309 596,840 7,810 SH SOLE 7,810 0 0
ENERSIS S A SPONSORED ADR 29274F104 15,831,142 1,019,391 SH SOLE 1,019,391 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 591,037 5,152 SH SOLE 5,152 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 224,490 4,200 SH SOLE 4,200 0 0
FISERV INC COM 337738108 483,906 8,536 SH SOLE 8,536 0 0
INTEL CORP COM 458140100 639,103 24,758 SH SOLE 24,758 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 630,982 3,278 SH SOLE 3,278 0 0
INTERNATIONAL FLAVORS&FRAGRA COM 459506101 543,023 5,676 SH SOLE 5,676 0 0
JOHNSON & JOHNSON COM 478160104 17,280,033 175,914 SH SOLE 175,914 0 0
JPMORGAN CHASE & CO COM 46625H100 16,924,795 278,781 SH SOLE 278,781 0 0
LOEWS CORP COM 540424108 604,102 13,714 SH SOLE 13,714 0 0
MASTERCARD INC CL A 57636Q104 63,332,901 847,830 SH SOLE 847,830 0 0
MCDONALDS CORP COM 580135101 47,552,785 485,084 SH SOLE 485,084 0 0
MERCK & CO INC NEW COM 58933Y105 427,365 7,528 SH SOLE 7,528 0 0
MICROSOFT CORP COM 594918104 17,134,804 418,024 SH SOLE 418,024 0 0
MOODYS CORP COM 615369105 84,803,630 1,069,133 SH SOLE 1,069,133 0 0
MOTOROLA SOLUTIONS INC COM NEW 620076307 300,106 4,668 SH SOLE 4,668 0 0
NU SKIN ENTERPRISES INC CL A 67018T105 4,843,272 48,641 SH SOLE 48,641 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 12,965,157 136,060 SH SOLE 136,060 0 0
PARKER HANNIFIN CORP COM 701094104 19,549,840 163,310 SH SOLE 163,310 0 0
PAYCHEX INC COM 704326107 604,920 14,200 SH SOLE 14,200 0 0
PETSMART INC COM 716768106 64,340,302 933,686 SH SOLE 933,686 0 0
PHILIP MORRIS INTL INC COM 718172109 3,732,371 45,589 SH SOLE 45,589 0 0
PRAXAIR INC COM 74005P104 354,929 2,710 SH SOLE 2,710 0 0
PROGRESSIVE CORP OHIO COM 743315103 334,963 13,830 SH SOLE 13,830 0 0
QUALCOMM INC COM 747525103 46,095,089 584,518 SH SOLE 584,518 0 0
RAYTHEON CO COM NEW 755111507 341,221 3,454 SH SOLE 3,454 0 0
REPUBLIC SVCS INC COM 760759100 64,272,142 1,881,503 SH SOLE 1,881,503 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 229,761 9,606 SH SOLE 9,606 0 0
SIGMA ALDRICH CORP COM 826552101 604,916 6,478 SH SOLE 6,478 0 0
STERICYCLE INC COM 858912108 307,683 2,708 SH SOLE 2,708 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 62,900,736 1,190,400 SH SOLE 1,190,400 0 0
THOMSON REUTERS CORP COM 884903105 299,170 8,738 SH SOLE 8,738 0 0
TJX COS INC NEW COM 872540109 293,425 4,838 SH SOLE 4,838 0 0
TORCHMARK CORP COM 891027104 604,416 7,680 SH SOLE 7,680 0 0
TOTAL SYS SVCS INC COM 891906109 341,808 11,240 SH SOLE 11,240 0 0
UNITED PARCEL SERVICE INC CL B 911312106 567,141 5,824 SH SOLE 5,824 0 0
US BANCORP DEL COM NEW 902973304 31,414,451 732,955 SH SOLE 732,955 0 0
VIMPELCOM LTD SPONSORED ADR 92719A106 1,660,301 183,865 SH SOLE 183,865 0 0
WAL-MART STORES INC COM 931142103 5,132,045 67,147 SH SOLE 67,147 0 0
WELLPOINT INC COM 94973V107 16,487,371 165,619 SH SOLE 165,619 0 0
WELLS FARGO & CO NEW COM 949746101 17,436,407 350,551 SH SOLE 350,551 0 0
YUM BRANDS INC COM 988498101 48,568,952 644,236 SH SOLE 644,236 0 0