Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	Berkshire Hathaway Class B	118,208	$16.33M	10.4%	$138.14	$116.63	+18.4%	CL B NEW	084670702
PEP	Pepsico Incorporated	96,932	$9.023M	5.8%	$93.09 *	$58.00	+14.6%	COM	713448108
KO	Coca Cola Company	190,146	$8.112M	5.2%	$42.66 *	$27.04	+10.7%	COM	191216100
CSX	C S X Corp	239,410	$7.675M	4.9%	$32.06 *	$7.47	+19.9%	COM	126408103
INTC	Intel Corp.	209,350	$7.29M	4.7%	$34.82 *	$18.21	+45.7%	COM	458140100
COP	Conocophillips	90,727	$6.942M	4.4%	$76.52 *	$48.78	+8.8%	COM	20825C104
LMT	Lockheed Martin Corp	37,808	$6.911M	4.4%	$182.79 *	$99.17	+35.9%	COM	539830109
IBM	Intl Business Machines	32,580	$6.185M	4.0%	$189.84 *	$107.15	+6.5%	COM	459200101
JNJ	Johnson & Johnson	52,939	$5.643M	3.6%	$106.59 *	$66.20	+17.8%	COM	478160104
CVX	Chevrontexaco Corp	47,089	$5.619M	3.6%	$119.33 *	$73.08	+0.9%	COM	166764100
DVA	Davita Healthcare Ptnr	74,294	$5.434M	3.5%	$73.14	$66.90	+9.3%	COM	23918K108
MSFT	Microsoft Corp	114,532	$5.31M	3.4%	$46.36 *	$30.28	+29.7%	COM	594918104
—	Medtronic Inc	83,182	$5.153M	3.3%	$61.95	$57.87	—	COM	585055106
PG	Procter & Gamble	59,113	$4.95M	3.2%	$83.74 *	$58.05	+5.3%	COM	742718109
—	United Technologies Corp	46,607	$4.922M	3.1%	$105.61	$112.75	—	COM	913017109
—	Royal Dutch Shell A Adrf	63,944	$4.868M	3.1%	$76.13	$72.32	—	SPONSORED ADR A	780259206
DIS	Disney Walt Co	52,391	$4.664M	3.0%	$89.02 *	$63.96	+25.2%	COM DISNEY	254687106
HD	Home Depot Inc	48,651	$4.463M	2.9%	$91.74 *	$59.04	+19.5%	COM	437076102
—	Walgreen Company	59,641	$3.535M	2.3%	$59.27	$58.89	—	COM	931422109
T	A T & T Corp New	91,500	$3.224M	2.1%	$35.23 *	$11.78	+1.2%	COM	00206R102
SYK	Stryker Corp	35,095	$2.834M	1.8%	$80.75 *	$63.88	+10.9%	COM	863667101
ABBV	Abbvie Inc	38,648	$2.232M	1.4%	$57.75 *	$30.60	+19.7%	COM	00287Y109
CSCO	Cisco Systems Inc	77,512	$1.951M	1.2%	$25.17 *	$15.43	+15.7%	COM	17275R102
—	Wells Fargo Ban	1,600	$1.924M	1.2%	$1202.50	$1214.38	—	PERP PFD CNV A	949746804
ABT	Abbott Laboratories	43,960	$1.828M	1.2%	$41.58 *	$29.60	+13.4%	COM	002824100
—	Intel Corp 12/15/2035 2.95%	1,385	$1.772M	1.1%	$1279.42	$1124.68	—	SDCV 2.950%12/1	458140AD2
MCD	Mc Donalds Corp	17,835	$1.691M	1.1%	$94.81 *	$71.63	-0.6%	COM	580135101
—	Central Fd Cda Ltd Cla	137,025	$1.687M	1.1%	$12.31	$13.32	—	CL A	153501101
GILD	Gilead Sciences Inc	14,670	$1.562M	1.0%	$106.48 *	$55.13	+34.1%	COM	375558103
AMGN	Amgen Incorporated	10,435	$1.466M	0.9%	$140.49 *	$81.11	+25.6%	COM	031162100
—	Coeur D'alene 03/15/2028 3.25%	1,299	$1.308M	0.8%	$1006.93	$1010.78	—	NOTE 3.250% 3/1	192108AR9
XOM	Exxon Mobil Corporation	13,905	$1.308M	0.8%	$94.07 *	$56.01	+4.0%	COM	30231G102
—	Avon Products Inc	96,055	$1.21M	0.8%	$12.60	$16.71	—	COM	054303102
—	Baldwin & Lyons Class A	49,165	$1.148M	0.7%	$23.35	$23.40	—	COM	057755100
—	Noble Corp	48,285	$1.073M	0.7%	$22.22	$32.80	—	SHS USD	G65422100
—	Petrochina Co Adr	7,955	$1.022M	0.7%	$128.47	$110.12	—	SPONSORED ADR	71646E108
WMT	Wal-Mart Stores Inc	11,475	$877K	0.6%	$76.43 *	$20.37	+0.9%	COM	931142103
MAT	Mattel Incorporated	19,660	$603K	0.4%	$30.67	$38.13	-19.6%	COM	577081102
LOW	Lowes Companies Inc	9,771	$517K	0.3%	$52.91 *	$39.13	+10.4%	COM	548661107
—	Baker Hughes Inc	5,025	$327K	0.2%	$65.07	$56.44	—	COM	057224107
REGN	Regeneron Pharmaceuticals	677	$244K	0.2%	$360.41	$333.32	+7.6%	COM	75886F107
—	General Electric Company	9,481	$243K	0.2%	$25.63	$25.90	—	COM	369604103
NSC	Norfolk Southern Corp	2,008	$224K	0.1%	$111.55 *	$76.02	+14.6%	COM	655844108
—	Berkshire Hathaway Class A	100	$207K	0.1%	$2070.00	$2070.00	—	CL A	084990175
—	Cigna Corp	2,268	$206K	0.1%	$90.83	$92.15	—	COM	125509109
RGLD	Royal Gold Inc	2,664	$173K	0.1%	$64.94	$66.09	-1.7%	COM	780287108
—	Google Inc Class A	279	$164K	0.1%	$587.81	$1121.57	—	CL A	38259P508
—	Google Inc Class C	279	$161K	0.1%	$577.06	$577.06	—	CL C	38259P706
—	Paragon Offshore PLC	16,337	$100K	0.1%	$6.12	$6.12	—	SHS	G6501W108