Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT	8,711,265	$354M	8.0%	$31.04	+20.0%	COM	594918104
—	MICHAEL KORS	4,940,730	$325M	7.3%	$75.31	—	COM	G60754101
JNJ	JOHNSON & JOHNSON	2,923,870	$294M	6.6%	$69.84	+7.6%	COM	478160104
—	GOOGLE - CLASS A	502,440	$279M	6.3%	$546.23	—	COM	38259P508
BRK/B	BERKSHIRE HATHAWAY B	1,719,780	$248M	5.6%	$131.10	+12.2%	COM	084670702
QCOM	QUALCOMM	3,465,375	$240M	5.4%	$52.41	-1.4%	COM	747525103
EMR	EMERSON ELECTRIC	4,040,350	$229M	5.2%	$45.22	-4.0%	COM	291011104
EBAY	EBAY	3,406,593	$196M	4.4%	$19.57	+8.5%	COM	278642103
KO	COCA-COLA	4,746,370	$192M	4.3%	$31.23	-5.2%	COM	191216100
—	UNITED TECHNOLOGIES	1,530,635	$179M	4.1%	$106.24	—	COM	913017109
AMGN	AMGEN	938,000	$150M	3.4%	$108.56	+6.0%	COM	031162100
PG	PROCTER & GAMBLE	1,693,560	$139M	3.1%	$58.60	+8.5%	COM	742718109
ABT	ABBOTT LABORATORIES	2,579,960	$120M	2.7%	$37.26	+0.4%	COM	002824100
PM	PHILIP MORRIS INTL.	1,530,300	$115M	2.6%	$50.14	-6.1%	COM	718172109
MDT	MEDTRONIC	1,332,010	$104M	2.3%	$58.10	0.0%	COM	G5960L103
MA	MASTERCARD	979,644	$84.63M	1.9%	$75.61	+7.5%	COM	57636Q104
PEP	PEPSICO	795,910	$76.11M	1.7%	$61.27	+13.8%	COM	713448108
IBM	IBM	463,271	$74.36M	1.7%	$108.55	-11.1%	COM	459200101
PFE	PFIZER	2,012,730	$70.02M	1.6%	$19.19	+4.8%	COM	717081103
—	PRICELINE GROUP	47,549	$55.35M	1.3%	$1155.03	—	COM	741503403
GIS	GENERAL MILLS	807,362	$45.7M	1.0%	$35.38	+3.5%	COM	370334104
MCD	MCDONALDS	448,480	$43.7M	1.0%	$80.18	-10.0%	COM	580135101
ORCL	ORACLE	936,785	$40.42M	0.9%	$28.64	+28.6%	COM	68389X105
—	COACH	968,830	$40.14M	0.9%	$43.24	—	COM	189754104
MMM	3M	213,530	$35.22M	0.8%	$86.62	+11.8%	COM	88579Y101
SLB	SCHLUMBERGER	339,825	$28.36M	0.6%	$79.40	-22.7%	COM	806857108
—	0,350% PRICELINE 15.06.2020	24,500,000	$28.01M	0.6%	$1.12	—	NOTE	741503AS5
ABEV	AMBEV ADR	4,860,000	$27.99M	0.6%	$5.87	—	COM	02319V103
CSCO	CISCO SYSTEMS	1,014,640	$27.93M	0.6%	$18.51	+8.6%	COM	17275R102
—	NATIONAL OILWELL VARCO	553,300	$27.66M	0.6%	$72.58	—	COM	637071101
XOM	EXXON MOBIL	312,760	$26.59M	0.6%	$57.56	-3.4%	COM	30231G102
—	POTASH CORP SASKATCHEWAN	803,500	$25.91M	0.6%	$37.29	—	COM	73755L107
TJX	TJX COMPANIES	356,000	$24.94M	0.6%	$25.09	+16.7%	COM	872540109
—	BARRICK GOLD	2,171,140	$23.79M	0.5%	$17.12	—	COM	067901108
WU	WESTERN UNION	1,090,530	$22.69M	0.5%	$14.32	—	COM	959802109
AAPL	APPLE	180,419	$22.45M	0.5%	$41.70	-35.6%	COM	037833100
MU	MICRON TECHNOLOGY	811,000	$22M	0.5%	$30.15	-3.3%	COM	595112103
—	SEAGATE TECHNOLOGY	413,500	$21.51M	0.5%	$55.67	—	COM	G7945M107
UNP	UNION PACIFIC	195,050	$21.13M	0.5%	$80.52	+14.1%	COM	907818108
CL	COLGATE-PALMOLIVE	279,500	$19.38M	0.4%	$50.83	+5.6%	COM	194162103
—	CHINA MOBILE ADR	277,050	$18.02M	0.4%	$48.61	—	COM	16941M109
—	QIAGEN	696,500	$17.54M	0.4%	$23.37	—	COM	N72482107
BAX	BAXTER INTERNATIONAL	248,650	$17.03M	0.4%	$29.52	+7.2%	COM	071813109
SYK	STRYKER	183,300	$16.91M	0.4%	$55.30	+48.3%	COM	863667101
—	XEROX	1,221,710	$15.7M	0.4%	$9.94	—	COM	984121103
—	EMC	598,890	$15.31M	0.3%	$25.12	—	COM	268648102
INTC	INTEL	483,250	$15.11M	0.3%	$26.00	0.0%	COM	458140100
—	KELLOGG	227,376	$14.99M	0.3%	$41.28	+1.1%	COM	487836108
VZ	VERIZON COMMUNICATIONS	297,229	$14.45M	0.3%	$27.05	+2.1%	COM	92343V104
NEM	NEWMONT MINING	656,180	$14.25M	0.3%	$25.01	-27.0%	COM	651639106
—	YAHOO!	284,999	$12.66M	0.3%	$35.32	—	COM	984332106
COP	CONOCOPHILLIPS	185,000	$11.52M	0.3%	$61.71	-26.2%	COM	20825C104
WDC	WESTERN DIGITAL	115,350	$10.5M	0.2%	$48.76	+34.2%	COM	958102105
—	1,375% LIBERTY MEDIA 15.10.2023	10,000,000	$10.09M	0.2%	$0.99	—	NOTE	531229AB8
WFC	WELLS FARGO	155,000	$8.432M	0.2%	$39.85	0.0%	COM	949746101
NTES	NETEASE ADR	78,600	$8.277M	0.2%	$78.36	—	COM	64110W102
ZBH	ZIMMER HOLDINGS	65,000	$7.639M	0.2%	$55.90	+86.7%	COM	98956P102
—	0,500% TOLL BROTHERS 15.09.2032	6,000,000	$6.344M	0.1%	$1.06	—	NOTE	88947EAM2
—	0,625% JDS UNIPHASE 15.08.2033	6,000,000	$6.207M	0.1%	$1.01	—	NOTE	46612JAF8
—	3,000% MICRON TECHNOLOGY 15.11.2043	5,000,000	$5.599M	0.1%	$1.20	—	NOTE	595112AY9
ABBV	ABBVIE	95,500	$5.591M	0.1%	$22.34	+73.9%	COM	00287Y109
TMO	THERMO FISHER SCIENTIFIC	37,730	$5.069M	0.1%	$93.00	+34.1%	COM	883556102
—	2,950% INTEL 15.12.2035	3,500,000	$4.405M	0.1%	$1.08	—	NOTE	458140AD2
—	1,000% SINA 01.12.2018	4,500,000	$4.103M	0.1%	$0.92	—	NOTE	82922RAD5
—	MICROSOFT CALL	1,000	$4.066M	0.1%	—	—	Call	594918904
MDLZ	MONDELEZ INT.	100,000	$3.609M	0.1%	$23.20	+22.1%	COM	609207105
—	CISCO SYSTEMS CALL	1,300	$3.578M	0.1%	—	—	Call	17275R902
GLD	SPDR GOLD TRUST	30,000	$3.41M	0.1%	$139.15	—	GOLD SHS	78463V107
—	1,125% YANDEX 15.12.2018	4,000,000	$3.315M	0.1%	$0.83	—	NOTE	98474TAB3
ROST	ROSS STORES	29,100	$3.066M	0.1%	$30.87	+44.1%	COM	778296103
—	0,500% SANDISK 15.10.2020	3,000,000	$3.021M	0.1%	$1.14	—	NOTE	80004CAF8
WMT	WAL-MART STORES	35,900	$2.953M	0.1%	$24.00	-4.0%	COM	931142103
—	JOHNSON & JOHNSON CALL	264	$2.656M	0.1%	—	—	Call	478160904
—	MASTERCARD CALL	300	$2.592M	0.1%	—	—	Call	57636Q904
TSM	TAIWAN SEMICONDUCTOR ADR	106,500	$2.501M	0.1%	$22.26	—	COM	874039100
—	NUANCE COMMUNICATIONS	166,300	$2.386M	0.1%	$18.40	—	COM	67020Y100
DDS	DILLARDS	16,500	$2.252M	0.1%	$79.28	+16.9%	COM	254067101
—	MICHAEL KORS HOLDINGS CALL	300	$1.973M	0.0%	—	—	Call	G60754901
—	GOOGLE - CLASS C	3,500	$1.918M	0.0%	$575.23	—	COM	38259P706
RDY	DR REDDY'S LABORATORIES ADR	24,500	$1.399M	0.0%	$49.94	—	COM	256135203
CCU	CERVECERIAS UNIDAS ADR	60,000	$1.246M	0.0%	$19.61	—	COM	204429104
—	7,500% WELLS FARGO 15.12.2049	1,000	$1.22M	0.0%	$1220.00	—	NOTE	949746804
—	GRUPO PAO DE ACUCAR ADR	40,000	$1.193M	0.0%	$38.33	—	COM	20440T201
—	GRUPO SANTANDER MEXICO ADR	107,500	$1.174M	0.0%	$10.87	—	COM	40053C105
BAP	CREDICORP	8,250	$1.16M	0.0%	$119.49	-6.5%	COM	G2519Y108
UGP	ULTRAPAR ADR	55,500	$1.121M	0.0%	$19.70	—	COM	90400P101
IFF	INTL FLAVORS & FRAGRANCES	9,100	$1.068M	0.0%	$80.81	+7.6%	COM	459506101
YUM	YUM! BRANDS	12,750	$1.004M	0.0%	$57.10	-22.0%	COM	988498101
NBIS	YANDEX	65,000	$986K	0.0%	$17.96	—	COM	N97284108
—	L BRANDS	9,500	$896K	0.0%	$65.72	—	COM	501797104
PSX	PHILLIPS 66	10,000	$786K	0.0%	$33.24	+48.2%	COM	718546104
GWW	WW GRAINGER	2,950	$696K	0.0%	$204.51	-2.2%	COM	384802104
BRK/A	BERKSHIRE HATHAWAY A	2	$435K	0.0%	$161908.78	+36.5%	COM	084670108
DE	DEERE & CO.	3,600	$316K	0.0%	$69.76	+4.7%	COM	244199105
OXY	OCCIDENTAL PETROLEUM	4,100	$299K	0.0%	$82.45	-32.4%	COM	674599105
PH	PARKER HANNIFIN	2,500	$297K	0.0%	$102.00	-0.7%	COM	701094104
—	GOLDCORP	15,000	$272K	0.0%	$18.13	—	COM	380956409
T	AT & T	7,150	$233K	0.0%	$11.81	-0.1%	COM	00206R102
DB	DEUTSCHE BANK	6,330	$220K	0.0%	$23.54	0.0%	COM	D18190898
TDC	TERADATA CORP	4,980	$220K	0.0%	$42.83	+2.1%	COM	88076W103