HOLDINGS

as of 02/28/2013

Holdings are subject to change depending on subsequent purchases and sales of securities. Holdings will be updated as of the end of each fiscal quarter and published on this webpage no sooner than 60 days after quarter end.

#	Security	Shares	Market Value	Weight (%)
1	Berkshire Hathaway, Inc., Class A	690	$105,294,000	28.14%
2	Yum! Brands, Inc.	915000	$59,914,200	16.01%
3	Berkshire Hathaway, Inc., Class B	460000	$46,993,600	12.56%
4	Wal-Mart Stores, Inc.	370000	$26,188,600	7.00%
5	JPMorgan Chase & Co.	361650	$17,691,918	4.73%
6	Johnson & Johnson	216000	$16,439,760	4.39%
7	Cohen & Steers Infrastructure Fund, Inc.	736836	$14,456,722	3.86%
8	Wells Fargo & Co.	401811	$14,095,530	3.77%
9	Sanofi, ADR	190000	$8,969,900	2.40%
10	Cheung Kong Holdings, Ltd.	529500	$8,233,754	2.20%
11	Kohl's Corp.	160900	$7,417,490	1.98%
12	Heineken NV	95117	$7,101,861	1.90%
13	Caterpillar, Inc.	60000	$5,542,200	1.48%
14	Cisco Systems, Inc.	253500	$5,285,475	1.41%
15	Kiwi Income Property Trust	4779336	$4,563,489	1.22%
16	Freeport-McMoRan Copper & Gold, Inc.	127000	$4,053,840	1.08%
17	Heineken Holding NV	60000	$3,759,987	1.01%
18	Chevron Corp.	31500	$3,690,225	0.99%
19	Enterprise Products Partners L.P.	54950	$3,114,017	0.83%
20	Midland Holdings, Ltd.	6156000	$2,778,122	0.74%
21	Nestle SA	20000	$1,397,632	0.37%
22	Linn Energy LLC	30000	$1,140,300	0.31%
23	WP Carey & Co. LLC	17300	$1,030,907	0.28%
24	Republic Services, Inc.	30000	$943,200	0.25%
25	Philip Morris International, Inc.	9700	$889,975	0.24%
26	3M Co.	8000	$832,000	0.22%
27	Franklin Resources, Inc.	5700	$805,125	0.22%
28	Henderson Land Development Co., Ltd.	104500	$726,929	0.20%
29	Transocean, Ltd.	8000	$418,400	0.11%
30	RMR Real Estate Income Fund	18726	$383,883	0.10%
Total Investments			$374,153,041
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Past performance cannot predict future results. Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information shown does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. An investment in the Fund involves risk, including loss of principal.

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S&P 500 Index - A commonly recognized, market capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.

P/E - Price/Earnings Ratio represents equity securities within the Fund’s portfolio, and is not intended to demonstrate Fund growth, income earned by the Fund, or distributions made by the Fund.

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HOLDINGS

as of 02/28/2013