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Ten Largest Public Equity Holdings

December 31, 2013

    1. Berkshire Hathaway
    2. Nestle SA
    3. American Public Education Inc.
    4. Reald Inc.
    5. Actuant Corp
    6. Corporate Executive Board CO/T
    7. Colfax Corp
    8. Philip Morris International IN
    9. Masimo Corp
    10. Anheuser-Busch InBev NV