Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
UNH	UNITEDHEALTH GROUP INC COM	338,511	$29.2M	7.2%	$86.25 *	$50.75	+41.9%	Common	91324P102
—	MEDTRONIC INC	384,987	$23.85M	5.9%	$61.95	$55.79	—	Common	585055106
KRE	SPDR SERIES TRUST KBW REGL BKG	611,901	$23.17M	5.7%	$37.86	$31.96	+18.5%	Common	78464A698
—	POTASH CORP SASK INC	614,797	$21.25M	5.2%	$34.56	$37.40	—	Common	73755L107
GLD	SPDR GOLD TRUST	182,213	$21.18M	5.2%	$116.21	$135.17	-14.0%	Common	78463V107
BRK/B	BERKSHIRE HATHAWAY (CLASS B)	129,870	$17.94M	4.4%	$138.14	$110.02	+25.6%	Common	084670702
—	BROOKFIELD ASSET MGMT	367,142	$16.51M	4.1%	$44.96	$36.02	—	Common	112585104
LYB	LYONDELLBASELL INDS FCLASS A	149,369	$16.23M	4.0%	$108.66 *	$33.40	+78.7%	Common	N53745100
DIS	DISNEY WALT CO	165,335	$14.72M	3.6%	$89.03 *	$56.11	+42.7%	Common	254687106
—	WELLPOINT HEALTH NETWORKS NEW	122,140	$14.61M	3.6%	$119.62	$83.61	—	Common	94973V107
WFC	WELLS FARGO & CO	269,550	$13.98M	3.4%	$51.87 *	$27.36	+38.3%	Common	949746101
CCL	CARNIVAL CORP	328,571	$13.2M	3.2%	$40.17 *	$29.34	+16.1%	Common	143658300
MA	MASTERCARD INC	174,578	$12.9M	3.2%	$73.92 *	$71.23	-3.1%	Common	57636Q104
—	NORDSTROM INC	186,211	$12.73M	3.1%	$68.37	$59.89	—	Common	655664100
CSCO	CISCO SYSTEMS	484,742	$12.2M	3.0%	$25.17 *	$15.22	+17.3%	Common	17275R102
VTR	VENTAS INC COM	194,981	$12.08M	3.0%	$61.95 *	$41.29	+4.6%	Common	92276F100
—	APACHE CORP	127,510	$11.97M	2.9%	$93.87	$85.94	—	Common	037411105
QCOM	QUALCOMM	156,755	$11.72M	2.9%	$74.77 *	$54.02	+0.7%	Common	747525103
ORCL	ORACLE CORPORATION	305,970	$11.71M	2.9%	$38.28 *	$27.58	+17.3%	Common	68389X105
BCE	B C E INC NEW F	265,940	$11.37M	2.8%	$42.76 *	$22.29	+0.3%	Common	05534B760
—	GAP INC DEL	264,680	$11.04M	2.7%	$41.69	$41.57	—	Common	780259206
—	JOY GLOBAL INC	201,171	$10.97M	2.7%	$54.54	$49.16	—	Common	481165108
AVAV	AEROVIRONMENT INC	357,660	$10.76M	2.6%	$30.07	$19.70	+52.6%	Common	008073108
MAT	MATTEL INC	303,770	$9.311M	2.3%	$30.65	$38.81	-21.0%	Common	577081102
WIP	SPDR INTL INFLATION GOVT ETF	138,452	$8.131M	2.0%	$58.73	$61.48	-4.5%	Common	78464A490
—	YAHOO! INC	157,300	$6.41M	1.6%	$40.75	$35.13	—	Common	984332106
—	GOOGLE INC CLASS C NON VOTING	10,022	$5.786M	1.4%	$577.33	$575.27	—	Common	38259P706
—	POWERSHARES ETF CHINESE YUAN D	144,040	$3.579M	0.9%	$24.85	$24.72	—	Common	73937B753
BRK/A	1/100 SHARE BERKSHIRE HATHAWAY	9	$1.862M	0.5%	$206888.89	$199815.62	+3.5%	Common	084670108
IGSB	ISHARES TR BARCLAYS 1-3 YEAR C	13,403	$1.411M	0.3%	$105.27 *	$52.69	-0.1%	Common	464288646
BMY	BRISTOL MYERS SQUIBB	22,487	$1.151M	0.3%	$51.19 *	$28.80	+21.7%	Common	110122108
XOM	EXXON MOBIL CORPORATION	11,648	$1.095M	0.3%	$94.01 *	$53.71	+8.5%	Common	30231G102
—	REYNOLDS AMERICAN INC COM	15,330	$904K	0.2%	$58.97	$49.70	—	Common	761713106
—	STATOIL ASA	31,570	$857K	0.2%	$27.15	$21.54	—	Common	85771P102
BMO	BANK MONTREAL QUE COM	11,590	$853K	0.2%	$73.60 *	$37.08	+25.6%	Common	063671101
CVX	CHEVRON TEXACO CORPORATION	7,018	$837K	0.2%	$119.26 *	$71.40	+3.3%	Common	166764100
KMB	KIMBERLY CLARK CORP	7,055	$759K	0.2%	$107.58 *	$63.70	+10.8%	Common	494368103
PAA	PLAINS ALL AM PIPELINE UNIT LT	11,570	$681K	0.2%	$58.86	$55.94	—	Common	726503105
HSY	HERSHEY FOODS CORP	5,270	$503K	0.1%	$95.45 *	$65.86	+10.8%	Common	427866108
EPD	ENTERPRISE PRODS PARTN COM	12,312	$496K	0.1%	$40.29	$51.42	—	Common	293792107
SPY	SPDR - S&P500 INDEX	2,495	$492K	0.1%	$197.19	$166.59	+18.3%	Common	78462F103
—	UNITED TECHNOLOGIES CP	4,293	$453K	0.1%	$105.52	$93.52	—	Common	913017109
—	KINDER MORGAN ENERGY UT LTD PA	4,340	$405K	0.1%	$93.32	$86.09	—	Common	494550106
UNP	UNION PAC CORP	3,716	$403K	0.1%	$108.45 *	$66.19	+27.5%	Common	907818108
—	MAGELLAN MIDSTREAM PARTNERS	4,380	$369K	0.1%	$84.25	$84.25	—	Common	559080106
AAPL	APPLE COMPUTER INC	3,474	$350K	0.1%	$100.75 *	$17.87	+24.4%	Common	037833100
—	ENERGY TRANSFER PARTNERS LP UN	5,394	$345K	0.1%	$63.96	$59.87	—	Common	29273R109
CAG	CONAGRA INCORPORATED	9,925	$328K	0.1%	$33.05 *	$16.37	+7.0%	Common	205887102
SLV	ISHARES SILVER TRUST ISHARES	17,402	$285K	0.1%	$16.38	$22.10	-26.0%	Common	46428Q109
ET	ENERGY TRANSFER EQUITY COM UT	4,580	$283K	0.1%	$61.79	$46.72	—	Common	29273V100
JNJ	JOHNSON & JOHNSON	2,645	$282K	0.1%	$106.62 *	$61.08	+27.7%	Common	478160104
FCX	FREEPORT MCMORAN COPPER	7,892	$258K	0.1%	$32.69 *	$29.82	-4.6%	Common	35671D857
SO	THE SOUTHERN COMPANY	5,660	$247K	0.1%	$43.64 *	$26.76	+1.1%	Common	842587107
AIG	AMERICAN INTL GROUP	4,450	$240K	0.1%	$53.93 *	$40.41	+2.4%	Common	026874784
CPB	CAMPBELL SOUP COMPANY	5,510	$235K	0.1%	$42.65 *	$28.92	+4.0%	Common	134429109
MDLZ	MONDELEZ INTL INC CL A	6,735	$231K	0.1%	$34.30 *	$23.29	+14.8%	Common	609207105
MMM	MINNESOTA MNG & MFG CO	1,630	$231K	0.1%	$141.72 *	$61.26	+34.8%	Common	88579Y101
COP	CONOCO PHILLIPS	2,966	$227K	0.1%	$76.53 *	$39.96	+32.9%	Common	20825C104
XEL	XCEL ENERGY INC	7,400	$225K	0.1%	$30.41 *	$19.99	+6.6%	Common	98389B100
—	CIVITAS SOLUTIONS INC COM	14,000	$219K	0.1%	$15.64	$15.64	—	Common	17887R102
PEP	PEPSICO INC	2,285	$213K	0.1%	$93.22 *	$60.92	+9.1%	Common	713448108
PG	PROCTER & GAMBLE CO	2,532	$212K	0.1%	$83.73 *	$59.73	+2.3%	Common	742718109
ILMN	ILLUMINA INC COM	1,270	$208K	0.1%	$163.78 *	$149.19	+6.9%	Common	452327109
—	TECO ENERGY INC	11,725	$204K	0.1%	$17.40	$17.40	—	Common	872375100
NG	NOVAGOLD RES INC NEW F	23,000	$70,000	0.0%	$3.04	$3.16	-4.0%	Common	66987E206
—	FRONTLINE LTD SHS	21,000	$26,000	0.0%	$1.24	$3.43	—	Common	G3682E127