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
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
Abbott Laboratories COM 002824100 108 2,200 SH   SOLE NONE 2,200 0 0
AbbVie Inc COM 00287Y109 131 1,950 SH   SOLE NONE 1,950 0 0
Accenture PLC COM G1151C101 1,077 11,132 SH   SOLE NONE 11,132 0 0
Align Technology Inc COM 016255101 534 8,514 SH   SOLE NONE 8,514 0 0
Alleghany Corp COM 017175100 195 417 SH   SOLE NONE 417 0 0
Alliance Data Systems Corp COM 018581108 51 175 SH   SOLE NONE 175 0 0
Altria Group Inc COM 02209S103 3,155 91,525 SH   SOLE NONE 91,525 0 0
American Express Co COM 025816109 117 4,112 SH   SOLE NONE 4,112 0 0
Anadarko Petroleum Corp COM 032511107 1,475 18,900 SH   SOLE NONE 18,900 0 0
Apache Corp COM 037411105 76 1,315 SH   SOLE NONE 1,315 0 0
Apple Inc COM 037833100 556 4,431 SH   SOLE NONE 4,431 0 0
Baker Hughes Inc COM 057224107 19 300 SH   SOLE NONE 300 0 0
Bank of New York Mellon Corp/The COM 064058100 730 17,387 SH   SOLE NONE 17,387 0 0
Baxter International Inc COM 071813109 18,816 291,825 SH   SOLE NONE 291,825 0 0
Berkshire Hathaway Inc CL B NEW 084670702 13,362 115,896 SH   SOLE NONE 115,896 0 0
BorgWarner Inc COM 099724106 109 8,390 SH   SOLE NONE 8,390 0 0
Chevron Corp COM 166764100 96 1,000 SH   SOLE NONE 1,000 0 0
Citigroup Inc COM 172967424 28,282 536,549 SH   SOLE NONE 536,549 0 0
Comcast Corp COM USD0.01 CL A COM 20030N101 30,892 610,336 SH   SOLE NONE 610,336 0 0
CVS Caremark Corp COM 126650100 11,398 153,726 SH   SOLE NONE 153,726 0 0
Danaher Corp COM 235851102 355 4,150 SH   SOLE NONE 4,150 0 0
Dollar General Corp COM 256677105 471 6,065 SH   SOLE NONE 6,065 0 0
Dr Pepper Snapple Group Inc COM 26138E109 271 3,724 SH   SOLE NONE 3,724 0 0
eBay Inc COM 278642103 850 14,115 SH   SOLE NONE 14,115 0 0
EMC Corp/MA COM 268648102 229 23,441 SH   SOLE NONE 23,441 0 0
Exxon Mobil Corp COM 30231G102 220 2,640 SH   SOLE NONE 2,640 0 0
First Republic Bank/CA COM 33616C100 61 975 SH   SOLE NONE 975 0 0
Fiserv Inc COM 337738108 349 15,200 SH   SOLE NONE 15,200 0 0
Franco-Nevada Corp COM 351858105 5,803 144,310 SH   SOLE NONE 144,310 0 0
Google Inc CL A 38259P508 19,394 40,884 SH   SOLE NONE 40,884 0 0
Google Inc CL C 38259P706 14,127 31,175 SH   SOLE NONE 31,175 0 0
Halliburton Co COM 406216101 8,768 254,530 SH   SOLE NONE 254,530 0 0
Hershey Co/The COM 427866108 96 1,086 SH   SOLE NONE 1,086 0 0
Honeywell International Inc COM 438516106 41 4,300 SH   SOLE NONE 4,300 0 0
Illinois Tool Works Inc COM 452308109 455 4,961 SH   SOLE NONE 4,961 0 0
International Business Machines Corp COM 459200101 195 1,200 SH   SOLE NONE 1,200 0 0
Intuit Inc COM 461202103 294 2,919 SH   SOLE NONE 2,919 0 0
Jardine Matheson Holdings Ltd COM G50736100 3,581 63,150 SH   SOLE NONE 63,150 0 0
Johnson & Johnson COM 478160104 244 8,700 SH   SOLE NONE 8,700 0 0
KeyCorp COM 493267108 461 30,674 SH   SOLE NONE 30,674 0 0
Laboratory Corp of America Holdings COM 50540R409 9,088 88,085 SH   SOLE NONE 88,085 0 0
Marsh & McLennan Cos Inc COM 571748102 1,435 40,900 SH   SOLE NONE 40,900 0 0
Mastercard Inc COM 57636Q104 841 9,000 SH   SOLE NONE 9,000 0 0
Merck & Co Inc COM 58933Y105 981 17,239 SH   SOLE NONE 17,239 0 0
Microsoft Corp COM 594918104 45,973 1,196,715 SH   SOLE NONE 1,196,715 0 0
Nielsen NV COM N63218106 520 11,616 SH   SOLE NONE 11,616 0 0
Northern Trust Corp COM 665859104 4,100 72,500 SH   SOLE NONE 72,500 0 0
Oracle Corp COM 68389X105 32,811 947,875 SH   SOLE NONE 947,875 0 0
Paychex Inc COM 704326107 1,228 26,209 SH   SOLE NONE 26,209 0 0
Pfizer Inc COM 717081103 114 3,400 SH   SOLE NONE 3,400 0 0
Philip Morris International Inc COM 718172109 628 11,835 SH   SOLE NONE 11,835 0 0
Praxair Inc COM 74005P104 514 6,450 SH   SOLE NONE 6,450 0 0
Principal Financial Group Inc COM 74251V102 556 10,845 SH   SOLE NONE 10,845 0 0
Quest Diagnostics Inc COM 74834L100 131 1,800 SH   SOLE NONE 1,800 0 0
Reynolds American Inc COM 761713106 365 4,889 SH   SOLE NONE 4,889 0 0
Schlumberger Ltd COM 806857108 4,864 67,380 SH   SOLE NONE 67,380 0 0
Symantec Corp COM 871503108 74 3,200 SH   SOLE NONE 3,200 0 0
TJX Cos Inc COM 872540109 125 1,890 SH   SOLE NONE 1,890 0 0
Union Pacific Corp COM 907818108 15,059 178,819 SH   SOLE NONE 178,819 0 0
UnitedHealth Group Inc COM 91324P102 48,378 459,720 SH   SOLE NONE 459,720 0 0
United Parcel Service Inc CL B 911312106 165 6,200 SH   SOLE NONE 6,200 0 0
United Technologies Corp COM 913017109 1,103 9,950 SH   SOLE NONE 9,950 0 0
Varian Medical Systems Inc COM 92220P105 203 5,500 SH   SOLE NONE 5,500 0 0
Verizon Communications Inc COM 92343V104 1,058 22,654 SH   SOLE NONE 22,654 0 0
Walt Disney Co/The COM 254687106 531 4,651 SH   SOLE NONE 4,651 0 0
Waters Corp COM 941848103 14,724 140,140 SH   SOLE NONE 140,140 0 0
Wec Energy Group Inc COM 92939U106 262 5,810 SH   SOLE NONE 5,810 0 0
Xylem Inc/NY COM 98419M100 285 7,680 SH   SOLE NONE 7,680 0 0
Yum! Brands Inc COM 988498101 158 1,750 SH   SOLE NONE 1,750 0 0