TUKMAN GROSSMAN CAPITAL MANAGEMENT INC Activity Q4 1999-Q3 2017

Q3 2017

			Value		Shares		↓ Weighting
DIS	Sell	DISNEY WALT CO	$19,529,000	-39.4%	198,123	-34.6%	14.66%	+31.8%
GS	Sell	GOLDMAN SACHS GROUP INC	$11,513,000	-57.0%	48,539	-59.8%	8.64%	-6.6%
JNJ	Sell	JOHNSON & JOHNSON	$10,796,000	-49.6%	83,038	-48.8%	8.10%	+9.4%
SYK	Sell	STRYKER CORP	$10,358,000	-58.0%	72,933	-59.0%	7.78%	-8.7%
WFC	Sell	WELLS FARGO & CO NEW	$8,909,000	-60.0%	161,536	-59.8%	6.69%	-13.1%
SLB	Sell	SCHLUMBERGER LTD	$8,467,000	-46.0%	121,376	-49.0%	6.36%	+17.4%
PG	Sell	PROCTER & GAMBLE CO	$8,387,000	-46.5%	92,183	-48.7%	6.30%	+16.3%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELCL B	$8,081,000	-52.3%	44,082	-55.9%	6.07%	+3.7%
PEP	Sell	PEPSICO INC	$7,875,000	-57.3%	70,674	-55.7%	5.91%	-7.2%
LOW	Sell	LOWES COS INC	$7,172,000	-59.4%	89,718	-60.7%	5.38%	-11.9%
AIG	Sell	AMERICAN INTL GROUP INC	$6,293,000	-59.4%	102,513	-58.6%	4.72%	-11.7%
EMR	Sell	EMERSON ELEC CO	$6,097,000	-36.8%	97,032	-40.0%	4.58%	+37.4%
KO	Sell	COCA COLA CO	$5,519,000	-55.9%	122,618	-56.0%	4.14%	-4.1%
ADP	Sell	AUTOMATIC DATA PROCESSIN	$4,228,000	-67.3%	38,673	-69.4%	3.17%	-29.0%
IBM	Sell	INTERNATIONAL BUSINESS M	$4,008,000	-65.2%	27,628	-63.1%	3.01%	-24.3%
MMM	Sell	3M CO	$3,763,000	-61.3%	17,926	-61.6%	2.82%	-15.9%
AER	Sell	AERCAP HOLDINGS NV	$2,203,000	-62.3%	43,097	-65.8%	1.65%	-18.1%

Q2 2017

			Value		Shares		↓ Weighting
DIS	New	DISNEY WALT CO	$32,202,000	–	303,077	–	11.13%	–
GS	New	GOLDMAN SACHS GROUP INC	$26,792,000	–	120,739	–	9.26%	–
SYK	New	STRYKER CORP	$24,659,000	–	177,683	–	8.52%	–
WFC	New	WELLS FARGO & CO NEW	$22,277,000	–	402,036	–	7.70%	–
JNJ	New	JOHNSON & JOHNSON	$21,436,000	–	162,038	–	7.41%	–
PEP	New	PEPSICO INC	$18,441,000	–	159,674	–	6.37%	–
LOW	New	LOWES COS INC	$17,686,000	–	228,118	–	6.11%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELCL B	$16,925,000	–	99,932	–	5.85%	–
PG	New	PROCTER & GAMBLE CO	$15,668,000	–	179,783	–	5.41%	–
SLB	New	SCHLUMBERGER LTD	$15,668,000	–	237,976	–	5.41%	–
AIG	New	AMERICAN INTL GROUP INC	$15,487,000	–	247,713	–	5.35%	–
ADP	New	AUTOMATIC DATA PROCESSIN	$12,938,000	–	126,273	–	4.47%	–
KO	New	COCA COLA CO	$12,501,000	–	278,718	–	4.32%	–
IBM	New	INTERNATIONAL BUSINESS M	$11,511,000	–	74,828	–	3.98%	–
MMM	New	3M CO	$9,728,000	–	46,726	–	3.36%	–
EMR	New	EMERSON ELEC CO	$9,642,000	–	161,732	–	3.33%	–
AER	New	AERCAP HOLDINGS NV	$5,845,000	–	125,897	–	2.02%	–

Q4 2016

			Value		Shares		↓ Weighting
AER	Exit	AERCAP HOLDINGS NV	$0	–	-709,000	–	-2.13%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-437,400	–	-2.39%	–
MMM	Exit	3M CO	$0	–	-231,115	–	-3.18%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-828,700	–	-3.53%	–
KO	Exit	COCA COLA CO	$0	–	-1,092,100	–	-3.61%	–
ADP	Exit	AUTOMATIC DATA PROCESSIN	$0	–	-634,400	–	-4.37%	–
IBM	Exit	INTERNATIONAL BUSINESS M	$0	–	-394,250	–	-4.89%	–
LOW	Exit	LOWES COS INC	$0	–	-932,300	–	-5.26%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELCL B	$0	–	-506,761	–	-5.72%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-897,400	–	-6.29%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-1,055,350	–	-6.48%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-1,399,400	–	-6.49%	–
PEP	Exit	PEPSICO INC	$0	–	-799,550	–	-6.79%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-2,084,100	–	-7.21%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-810,330	–	-7.48%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,069,705	–	-7.76%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-638,450	–	-8.04%	–
SYK	Exit	STRYKER CORP	$0	–	-922,600	–	-8.39%	–

Q3 2016

			Value		Shares		↓ Weighting
SYK	Sell	STRYKER CORP	$107,400,000	-26.9%	922,600	-24.8%	8.39%	-3.4%
GS	Sell	GOLDMAN SACHS GROUP INC	$102,963,000	-18.5%	638,450	-24.9%	8.04%	+7.7%
DIS	Sell	DISNEY WALT CO	$99,333,000	-27.0%	1,069,705	-23.1%	7.76%	-3.6%
JNJ	Sell	JOHNSON & JOHNSON	$95,724,000	-26.7%	810,330	-24.8%	7.48%	-3.1%
WFC	Sell	WELLS FARGO & CO NEW	$92,284,000	-30.1%	2,084,100	-25.3%	7.21%	-7.7%
PEP	Sell	PEPSICO INC	$86,967,000	-22.7%	799,550	-24.8%	6.79%	+2.1%
AIG	Sell	AMERICAN INTL GROUP INC	$83,040,000	-15.7%	1,399,400	-24.9%	6.49%	+11.4%
SLB	Sell	SCHLUMBERGER LTD	$82,993,000	-25.1%	1,055,350	-24.7%	6.48%	-1.0%
PG	Sell	PROCTER & GAMBLE CO	$80,542,000	-26.1%	897,400	-30.3%	6.29%	-2.4%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELCL B	$73,212,000	-24.9%	506,761	-24.7%	5.72%	-0.7%
LOW	Sell	LOWES COS INC	$67,321,000	-29.6%	932,300	-22.8%	5.26%	-6.9%
IBM	Sell	INTERNATIONAL BUSINESS M	$62,627,000	-28.1%	394,250	-31.3%	4.89%	-5.0%
ADP	Sell	AUTOMATIC DATA PROCESSIN	$55,954,000	-27.9%	634,400	-24.9%	4.37%	-4.7%
KO	Sell	COCA COLA CO	$46,218,000	-29.6%	1,092,100	-24.6%	3.61%	-7.0%
EMR	Sell	EMERSON ELEC CO	$45,172,000	-21.7%	828,700	-25.0%	3.53%	+3.6%
MMM	Sell	3M CO	$40,729,000	-46.7%	231,115	-47.0%	3.18%	-29.5%
DG	New	DOLLAR GEN CORP NEW	$30,614,000	–	437,400	–	2.39%	–
AER	Sell	AERCAP HOLDINGS NV	$27,289,000	-13.9%	709,000	-24.8%	2.13%	+13.8%

Q2 2016

			Value		Shares		↓ Weighting
SYK	New	STRYKER CORP	$146,924,000	–	1,226,100	–	8.68%	–
DIS	New	DISNEY WALT CO	$136,156,000	–	1,391,905	–	8.05%	–
WFC	New	WELLS FARGO & CO NEW	$132,117,000	–	2,791,400	–	7.81%	–
JNJ	New	JOHNSON & JOHNSON	$130,632,000	–	1,076,930	–	7.72%	–
GS	New	GOLDMAN SACHS GROUP INC	$126,345,000	–	850,350	–	7.47%	–
PEP	New	PEPSICO INC	$112,567,000	–	1,062,550	–	6.65%	–
SLB	New	SCHLUMBERGER LTD	$110,787,000	–	1,400,950	–	6.55%	–
PG	New	PROCTER & GAMBLE CO	$109,021,000	–	1,287,600	–	6.44%	–
AIG	New	AMERICAN INTL GROUP INC	$98,508,000	–	1,862,500	–	5.82%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELCL B	$97,445,000	–	673,011	–	5.76%	–
LOW	New	LOWES COS INC	$95,566,000	–	1,207,100	–	5.65%	–
IBM	New	INTERNATIONAL BUSINESS M	$87,129,000	–	574,050	–	5.15%	–
ADP	New	AUTOMATIC DATA PROCESSIN	$77,630,000	–	845,000	–	4.59%	–
MMM	New	3M CO	$76,407,000	–	436,315	–	4.52%	–
KO	New	COCA COLA CO	$65,692,000	–	1,449,200	–	3.88%	–
EMR	New	EMERSON ELEC CO	$57,658,000	–	1,105,400	–	3.41%	–
AER	New	AERCAP HOLDINGS NV	$31,689,000	–	943,400	–	1.87%	–

Q4 2015

			Value		Shares		↓ Weighting
COP	Exit	CONOCOPHILLIPS	$0	–	-420,900	–	-1.17%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-668,900	–	-1.49%	–
BBBY	Exit	BED BATH & BEYOND INC	$0	–	-595,200	–	-1.97%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-1,024,100	–	-2.63%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELCL B	$0	–	-455,250	–	-3.45%	–
WMT	Exit	WAL MART STORES INC	$0	–	-982,100	–	-3.70%	–
MMM	Exit	3M CO	$0	–	-461,800	–	-3.80%	–
ADP	Exit	AUTOMATIC DATA PROCESSIN	$0	–	-882,700	–	-4.12%	–
KO	Exit	COCA COLA CO	$0	–	-1,831,500	–	-4.27%	–
LOW	Exit	LOWES COS INC	$0	–	-1,356,300	–	-5.43%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-1,719,700	–	-5.68%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-1,363,900	–	-5.70%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-578,850	–	-5.84%	–
IBM	Exit	INTERNATIONAL BUSINESS M	$0	–	-695,550	–	-5.86%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-1,483,750	–	-5.95%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,141,300	–	-6.19%	–
PEP	Exit	PEPSICO INC	$0	–	-1,175,550	–	-6.44%	–
SYK	Exit	STRYKER CORP	$0	–	-1,297,500	–	-7.10%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-2,939,800	–	-8.77%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,756,405	–	-10.43%	–

Q3 2015

			Value		Shares		↓ Weighting
DIS	Sell	DISNEY WALT CO	$179,505,000	-20.0%	1,756,405	-10.6%	10.43%	-6.6%
WFC	Sell	WELLS FARGO & CO NEW	$150,959,000	-17.4%	2,939,800	-9.5%	8.77%	-3.6%
SYK	Sell	STRYKER CORP	$122,095,000	-10.7%	1,297,500	-9.3%	7.10%	+4.2%
PEP	Sell	PEPSICO INC	$110,854,000	-8.3%	1,175,550	-9.2%	6.44%	+7.0%
JNJ	Sell	JOHNSON & JOHNSON	$106,540,000	-13.0%	1,141,300	-9.2%	6.19%	+1.5%
SLB	Sell	SCHLUMBERGER LTD	$102,334,000	-27.5%	1,483,750	-9.3%	5.95%	-15.4%
IBM	Sell	INTERNATIONAL BUSINESS M	$100,834,000	-19.2%	695,550	-9.3%	5.86%	-5.7%
GS	Sell	GOLDMAN SACHS GROUP INC	$100,581,000	-16.9%	578,850	-0.1%	5.84%	-3.1%
PG	Sell	PROCTER & GAMBLE CO	$98,119,000	-16.5%	1,363,900	-9.2%	5.70%	-2.6%
AIG	Sell	AMERICAN INTL GROUP INC	$97,713,000	-16.6%	1,719,700	-9.3%	5.68%	-2.7%
LOW	Sell	LOWES COS INC	$93,476,000	-6.6%	1,356,300	-9.3%	5.43%	+8.9%
KO	Sell	COCA COLA CO	$73,480,000	-7.1%	1,831,500	-9.1%	4.27%	+8.4%
ADP	Sell	AUTOMATIC DATA PROCESSIN	$70,934,000	-7.1%	882,700	-7.3%	4.12%	+8.4%
MMM	Sell	3M CO	$65,469,000	-16.5%	461,800	-9.1%	3.80%	-2.6%
WMT	Sell	WAL MART STORES INC	$63,679,000	-17.1%	982,100	-9.3%	3.70%	-3.3%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELCL B	$59,365,000	-2.6%	455,250	+1.7%	3.45%	+13.6%
EMR	Buy	EMERSON ELEC CO	$45,234,000	+7.0%	1,024,100	+34.2%	2.63%	+24.8%
BBBY	Buy	BED BATH & BEYOND INC	$33,938,000	-11.9%	595,200	+6.6%	1.97%	+2.8%
AER	Buy	AERCAP HOLDINGS NV	$25,579,000	+87.1%	668,900	+124.1%	1.49%	+118.2%
COP	Sell	CONOCOPHILLIPS	$20,186,000	-38.2%	420,900	-20.9%	1.17%	-27.9%

Q2 2015

			Value		Shares		↓ Weighting
DIS	New	DISNEY WALT CO	$224,275,000	–	1,964,912	–	11.17%	–
WFC	New	WELLS FARGO & CO NEW	$182,662,000	–	3,247,900	–	9.10%	–
SLB	New	SCHLUMBERGER LTD	$141,063,000	–	1,636,650	–	7.03%	–
SYK	New	STRYKER CORP	$136,694,000	–	1,430,300	–	6.81%	–
IBM	New	INTERNATIONAL BUSINESS M	$124,768,000	–	767,050	–	6.22%	–
JNJ	New	JOHNSON & JOHNSON	$122,478,000	–	1,256,700	–	6.10%	–
GS	New	GOLDMAN SACHS GROUP INC	$121,025,000	–	579,650	–	6.03%	–
PEP	New	PEPSICO INC	$120,861,000	–	1,294,850	–	6.02%	–
PG	New	PROCTER & GAMBLE CO	$117,571,000	–	1,502,700	–	5.86%	–
AIG	New	AMERICAN INTL GROUP INC	$117,198,000	–	1,895,800	–	5.84%	–
LOW	New	LOWES COS INC	$100,093,000	–	1,494,600	–	4.99%	–
KO	New	COCA COLA CO	$79,064,000	–	2,015,400	–	3.94%	–
MMM	New	3M CO	$78,415,000	–	508,200	–	3.91%	–
WMT	New	WAL MART STORES INC	$76,810,000	–	1,082,900	–	3.83%	–
ADP	New	AUTOMATIC DATA PROCESSIN	$76,371,000	–	951,900	–	3.80%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELCL B	$60,950,000	–	447,800	–	3.04%	–
EMR	New	EMERSON ELEC CO	$42,288,000	–	762,900	–	2.11%	–
BBBY	New	BED BATH & BEYOND INC	$38,505,000	–	558,200	–	1.92%	–
COP	New	CONOCOPHILLIPS	$32,676,000	–	532,100	–	1.63%	–
AER	New	AERCAP HOLDINGS NV	$13,668,000	–	298,500	–	0.68%	–

Q4 2014

			Value		Shares		↓ Weighting
BBBY	Exit	BED BATH & BEYOND INC	$0	–	-525,900	–	-1.65%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-789,500	–	-2.88%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELCL B	$0	–	-491,500	–	-3.24%	–
MMM	Exit	3M CO	$0	–	-558,200	–	-3.77%	–
LOW	Exit	LOWES COS INC	$0	–	-1,632,100	–	-4.12%	–
KO	Exit	COCA COLA CO	$0	–	-2,212,900	–	-4.50%	–
ADP	Exit	AUTOMATIC DATA PROCESSIN	$0	–	-1,151,800	–	-4.56%	–
WMT	Exit	WAL MART STORES INC	$0	–	-1,294,200	–	-4.72%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-1,995,200	–	-5.14%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-632,050	–	-5.53%	–
SYK	Exit	STRYKER CORP	$0	–	-1,562,000	–	-6.01%	–
PEP	Exit	PEPSICO INC	$0	–	-1,420,150	–	-6.30%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-1,652,300	–	-6.60%	–
IBM	Exit	INTERNATIONAL BUSINESS M	$0	–	-731,850	–	-6.62%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,385,400	–	-7.04%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-3,549,700	–	-8.78%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-1,903,250	–	-9.22%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,199,712	–	-9.33%	–

Q3 2014

			Value		Shares		↓ Weighting
DIS	Buy	DISNEY WALT CO	$195,840,000	+5.7%	2,199,712	+1.8%	9.33%	+3.9%
SLB	Buy	SCHLUMBERGER LTD	$193,541,000	-12.9%	1,903,250	+1.1%	9.22%	-14.3%
WFC	Buy	WELLS FARGO & CO NEW	$184,123,000	+0.5%	3,549,700	+1.8%	8.78%	-1.2%
JNJ	Buy	JOHNSON & JOHNSON	$147,670,000	+4.1%	1,385,400	+2.2%	7.04%	+2.4%
IBM	Sell	INTERNATIONAL BUSINESS M	$138,927,000	-8.6%	731,850	-12.8%	6.62%	-10.2%
PG	Buy	PROCTER & GAMBLE CO	$138,364,000	+8.7%	1,652,300	+2.1%	6.60%	+6.9%
PEP	Buy	PEPSICO INC	$132,202,000	+6.2%	1,420,150	+1.9%	6.30%	+4.4%
SYK	Buy	STRYKER CORP	$126,132,000	+16.1%	1,562,000	+21.2%	6.01%	+14.1%
GS	Buy	GOLDMAN SACHS GROUP INC	$116,025,000	+12.2%	632,050	+2.3%	5.53%	+10.3%
AIG	Buy	AMERICAN INTL GROUP INC	$107,781,000	+31.6%	1,995,200	+32.9%	5.14%	+29.3%
WMT	Buy	WAL MART STORES INC	$98,967,000	+3.6%	1,294,200	+1.7%	4.72%	+1.9%
ADP	Sell	AUTOMATIC DATA PROCESSIN	$95,692,000	-2.0%	1,151,800	-6.5%	4.56%	-3.7%
KO	Buy	COCA COLA CO	$94,402,000	+2.6%	2,212,900	+1.9%	4.50%	+0.9%
LOW	Sell	LOWES COS INC	$86,371,000	+4.6%	1,632,100	-5.2%	4.12%	+2.8%
MMM	Sell	3M CO	$79,086,000	-12.9%	558,200	-11.9%	3.77%	-14.4%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELCL B	$67,896,000	+11.0%	491,500	+1.7%	3.24%	+9.1%
COP	Buy	CONOCOPHILLIPS	$60,413,000	-9.2%	789,500	+1.7%	2.88%	-10.7%
BBBY	Sell	BED BATH & BEYOND INC	$34,620,000	-24.7%	525,900	-34.4%	1.65%	-26.0%

Q2 2014

			Value		Shares		↓ Weighting
SLB	New	SCHLUMBERGER LTD	$222,106,000	–	1,883,050	–	10.77%	–
DIS	New	DISNEY WALT CO	$185,337,000	–	2,161,612	–	8.99%	–
WFC	New	WELLS FARGO & CO NEW	$183,292,000	–	3,487,300	–	8.89%	–
IBM	New	INTERNATIONAL BUSINESS M	$152,076,000	–	838,950	–	7.37%	–
JNJ	New	JOHNSON & JOHNSON	$141,812,000	–	1,355,500	–	6.88%	–
PG	New	PROCTER & GAMBLE CO	$127,245,000	–	1,619,100	–	6.17%	–
PEP	New	PEPSICO INC	$124,500,000	–	1,393,550	–	6.04%	–
SYK	New	STRYKER CORP	$108,680,000	–	1,288,900	–	5.27%	–
GS	New	GOLDMAN SACHS GROUP INC	$103,403,000	–	617,550	–	5.01%	–
ADP	New	AUTOMATIC DATA PROCESSIN	$97,641,000	–	1,231,600	–	4.73%	–
WMT	New	WAL MART STORES INC	$95,489,000	–	1,272,000	–	4.63%	–
KO	New	COCA COLA CO	$91,993,000	–	2,171,700	–	4.46%	–
MMM	New	3M CO	$90,786,000	–	633,800	–	4.40%	–
LOW	New	LOWES COS INC	$82,586,000	–	1,720,900	–	4.00%	–
AIG	New	AMERICAN INTL GROUP INC	$81,919,000	–	1,500,900	–	3.97%	–
COP	New	CONOCOPHILLIPS	$66,526,000	–	776,000	–	3.22%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELCL B	$61,179,000	–	483,400	–	2.97%	–
BBBY	New	BED BATH & BEYOND INC	$45,996,000	–	801,600	–	2.23%	–

Q4 2013

			Value		Shares		↓ Weighting
MSFT	Exit	MICROSOFT CORP	$0	–	-583,100	–	-1.06%	–
TGT	Exit	TARGET CORP	$0	–	-448,900	–	-1.58%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-996,000	–	-2.66%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-806,500	–	-3.08%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELCL B	$0	–	-502,600	–	-3.13%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-462,350	–	-4.02%	–
LOW	Exit	LOWES COS INC	$0	–	-1,790,900	–	-4.68%	–
KO	Exit	COCA COLA CO	$0	–	-2,253,800	–	-4.69%	–
SYK	Exit	STRYKER CORP	$0	–	-1,336,500	–	-4.96%	–
MMM	Exit	3M CO	$0	–	-787,600	–	-5.16%	–
WMT	Exit	WAL MART STORES INC	$0	–	-1,321,600	–	-5.36%	–
ADP	Exit	AUTOMATIC DATA PROCESSIN	$0	–	-1,363,000	–	-5.42%	–
PEP	Exit	PEPSICO INC	$0	–	-1,448,250	–	-6.32%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,405,700	–	-6.69%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-1,690,700	–	-7.02%	–
IBM	Exit	INTERNATIONAL BUSINESS M	$0	–	-744,150	–	-7.56%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-3,637,400	–	-8.25%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,503,512	–	-8.86%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-1,960,250	–	-9.51%	–

Q3 2013

			Value		Shares		↓ Weighting
SLB	Sell	SCHLUMBERGER LTD	$173,208,000	+13.8%	1,960,250	-7.7%	9.51%	+21.7%
DIS	Sell	DISNEY WALT CO	$161,451,000	-5.3%	2,503,512	-7.3%	8.86%	+1.2%
WFC	Sell	WELLS FARGO & CO NEW	$150,297,000	-7.9%	3,637,400	-8.0%	8.25%	-1.5%
IBM	Sell	INTERNATIONAL BUSINESS M	$137,802,000	-10.5%	744,150	-7.7%	7.56%	-4.4%
PG	Sell	PROCTER & GAMBLE CO	$127,800,000	-9.3%	1,690,700	-7.6%	7.02%	-3.1%
JNJ	Sell	JOHNSON & JOHNSON	$121,860,000	-6.7%	1,405,700	-7.6%	6.69%	-0.3%
PEP	Sell	PEPSICO INC	$115,136,000	-10.2%	1,448,250	-7.7%	6.32%	-4.1%
ADP	Sell	AUTOMATIC DATA PROCESSIN	$98,654,000	-2.9%	1,363,000	-7.6%	5.42%	+3.8%
WMT	Buy	WAL MART STORES INC	$97,746,000	+16.2%	1,321,600	+17.0%	5.36%	+24.2%
MMM	Sell	3M CO	$94,047,000	-25.2%	787,600	-31.5%	5.16%	-20.1%
SYK	Sell	STRYKER CORP	$90,334,000	-3.5%	1,336,500	-7.7%	4.96%	+3.1%
KO	Sell	COCA COLA CO	$85,374,000	-12.8%	2,253,800	-7.7%	4.69%	-6.8%
LOW	Sell	LOWES COS INC	$85,265,000	+7.5%	1,790,900	-7.7%	4.68%	+14.8%
GS	Sell	GOLDMAN SACHS GROUP INC	$73,148,000	-3.8%	462,350	-8.0%	4.02%	+2.8%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELCL B	$57,050,000	-6.3%	502,600	-7.7%	3.13%	+0.1%
COP	Sell	CONOCOPHILLIPS	$56,060,000	+6.1%	806,500	-7.6%	3.08%	+13.4%
AIG	Sell	AMERICAN INTL GROUP INC	$48,435,000	+0.4%	996,000	-7.7%	2.66%	+7.3%
TGT	Sell	TARGET CORP	$28,721,000	-47.0%	448,900	-43.0%	1.58%	-43.4%
MSFT	Sell	MICROSOFT CORP	$19,406,000	-40.6%	583,100	-38.3%	1.06%	-36.5%

Q2 2013

			Value		Shares		↓ Weighting
DIS	New	DISNEY WALT CO	$170,537,000	–	2,700,512	–	8.76%	–
WFC	New	WELLS FARGO & CO NEW	$163,116,000	–	3,952,400	–	8.38%	–
IBM	New	INTERNATIONAL BUSINESS M	$154,006,000	–	805,850	–	7.91%	–
SLB	New	SCHLUMBERGER LTD	$152,152,000	–	2,123,250	–	7.82%	–
PG	New	PROCTER & GAMBLE CO	$140,899,000	–	1,830,100	–	7.24%	–
JNJ	New	JOHNSON & JOHNSON	$130,679,000	–	1,522,000	–	6.71%	–
PEP	New	PEPSICO INC	$128,267,000	–	1,568,250	–	6.59%	–
MMM	New	3M CO	$125,807,000	–	1,150,500	–	6.46%	–
ADP	New	AUTOMATIC DATA PROCESSING	$101,555,000	–	1,474,800	–	5.22%	–
KO	New	COCA COLA CO	$97,904,000	–	2,440,900	–	5.03%	–
SYK	New	STRYKER CORP	$93,618,000	–	1,447,400	–	4.81%	–
WMT	New	WAL MART STORES INC	$84,114,000	–	1,129,200	–	4.32%	–
LOW	New	LOWES COS INC	$79,350,000	–	1,940,100	–	4.08%	–
GS	New	GOLDMAN SACHS GROUP INC	$76,026,000	–	502,650	–	3.90%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELCL Bcl b new	$60,918,000	–	544,300	–	3.13%	–
TGT	New	TARGET CORP	$54,227,000	–	787,500	–	2.78%	–
COP	New	CONOCOPHILLIPS	$52,835,000	–	873,300	–	2.71%	–
AIG	New	AMERICAN INTL GROUP INC	$48,236,000	–	1,079,100	–	2.48%	–
MSFT	New	MICROSOFT CORP	$32,662,000	–	945,500	–	1.68%	–

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