Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COST	COSTCO WHOLESALE	172,915	$24.51M	5.0%	$88.48	+23.7%	COMMON	22160K105
MMM	3M COMPANY	133,849	$21.99M	4.5%	$64.42	+39.2%	COMMON	88579Y101
HON	HONEYWELL INTERNATIONAL INC.	201,612	$20.14M	4.1%	$55.37	+23.3%	COMMON	438516106
JNJ	JOHNSON & JOHNSON	183,743	$19.21M	4.0%	$61.73	+25.2%	COMMON	478160104
DIS	WALT DISNEY	201,380	$18.97M	3.9%	$57.03	+42.6%	COMMON	254687106
—	ANADARKO PETROLEUM	203,807	$16.81M	3.5%	$87.03	—	COMMON	032511107
AAPL	APPLE COMPUTER INC	148,588	$16.4M	3.4%	$17.99	+33.9%	COMMON	037833100
VZ	VERIZON COMMUNICATIONS	347,994	$16.28M	3.4%	$26.79	+3.2%	COMMON	92343V104
AWK	AMERICAN WATER WORKS	288,485	$15.38M	3.2%	$32.76	+26.9%	COMMON	030420103
PG	PROCTER & GAMBLE	157,727	$14.37M	3.0%	$55.35	+16.7%	COMMON	742718109
EMR	EMERSON ELECTRIC	213,228	$13.16M	2.7%	$41.69	+11.3%	COMMON	291011104
SLB	SCHLUMBERGER LIMITED	142,960	$12.21M	2.5%	$56.12	+20.0%	COMMON	806857108
IBM	INTL BUSINESS MACHINES	75,000	$12.03M	2.5%	$116.36	-13.7%	COMMON	459200101
NSRGY	NESTLE SA REP RG SH ADR	155,752	$11.36M	2.3%	$66.13	—	COMMON	641069406
—	WESTAR ENERGY INC.	265,307	$10.94M	2.3%	$31.92	—	COMMON	95709T100
—	UNITED TECHNOLOGIES	93,352	$10.74M	2.2%	$96.50	—	COMMON	913017109
CAT	CATERPILLAR	115,557	$10.58M	2.2%	$63.03	+16.4%	COMMON	149123101
DVN	DEVON ENERGY CORPORATION	169,942	$10.4M	2.1%	$38.04	+8.1%	COMMON	25179M103
ABT	ABBOTT LABORATORIES	218,600	$9.841M	2.0%	$29.16	+21.1%	COMMON	002824100
—	BUCKEYE PARTNERS LP	127,174	$9.622M	2.0%	$70.13	—	COMMON	118230101
QCOM	QUALCOMM	120,985	$8.993M	1.9%	$46.10	+15.7%	COMMON	747525103
—	UNILEVER N.V. NY SHRS	223,008	$8.707M	1.8%	$39.57	—	COMMON	904784709
KMI	KINDER MORGAN INC	201,887	$8.542M	1.8%	$22.45	0.0%	COMMON	49456B101
—	GENERAL ELECTRIC	278,957	$7.049M	1.5%	$23.19	—	COMMON	369604103
WMT	WAL-MART STORES	79,675	$6.842M	1.4%	$19.99	+9.2%	COMMON	931142103
PAA	PLAINS ALL AMER PIPELINE	132,980	$6.825M	1.4%	$56.18	—	COMMON	726503105
CVX	CHEVRON CORP.	58,083	$6.516M	1.3%	$71.39	-1.2%	COMMON	166764100
TMO	THERMO FISHER SCIENTIFIC	50,893	$6.376M	1.3%	$85.27	+37.8%	COMMON	883556102
—	CRESCENT POINT ENERGY CORP	270,005	$6.253M	1.3%	$35.56	—	COMMON	22576C101
KMB	KIMBERLY CLARK	52,417	$6.056M	1.2%	$65.34	+16.5%	COMMON	494368103
—	GOOGLE INC-CL A	10,555	$5.601M	1.2%	$584.96	—	COMMON	38259P508
—	RAYTHEON	48,706	$5.268M	1.1%	$90.07	—	COMMON	755111507
MRK	MERCK	91,472	$5.195M	1.1%	$30.22	+30.2%	COMMON	58933Y105
—	GOLDCORP	268,068	$4.965M	1.0%	$24.85	—	COMMON	380956409
—	GOOGLE INC-CL C	9,341	$4.917M	1.0%	$1109.02	—	COMMON	38259P706
AEM	AGNICO-EAGLE MINES LTD	196,414	$4.889M	1.0%	$25.13	-14.6%	COMMON	008474108
BA	BOEING	36,317	$4.721M	1.0%	$104.07	+6.3%	COMMON	097023105
NFG	NATIONAL FUEL GAS CO	57,150	$3.974M	0.8%	$62.26	+10.8%	COMMON	636180101
—	ENERGY TRANSFER PARTNERS LP	58,062	$3.774M	0.8%	$54.42	—	COMMON	29273R109
ABBNY	ABB LTD-SPON ADR	164,880	$3.487M	0.7%	$25.16	—	COMMON	000375204
CMI	CUMMINS	23,303	$3.36M	0.7%	$99.70	+4.9%	COMMON	231021106
SIEGY	SIEMENS AG-SPONS ADR	28,410	$3.182M	0.7%	$130.92	—	COMMON	826197501
RRC	RANGE RESOURCES CORP	58,700	$3.138M	0.6%	$76.33	-15.3%	COMMON	75281A109
—	BARRICK GOLD	279,164	$3.001M	0.6%	$16.32	—	COMMON	067901108
—	MAGELLAN MIDSTREAM PARTNERS, LP.	36,193	$2.992M	0.6%	$59.38	—	COMMON	559080106
—	ENCANA CORP.	212,159	$2.943M	0.6%	$18.13	—	COMMON	292505104
T	A T & T INC.	86,130	$2.893M	0.6%	$11.06	+6.7%	COMMON	00206R102
SO	SOUTHERN	48,083	$2.362M	0.5%	$25.57	+15.3%	COMMON	842587107
XOM	EXXON MOBIL	24,637	$2.278M	0.5%	$53.81	+7.8%	COMMON	30231G102
—	BREITBURN ENERGY PARTNERS LP	233,300	$1.633M	0.3%	$19.94	—	COMMON	106776107
—	PLUM CREEK TIMBER CO	37,382	$1.6M	0.3%	$42.90	—	COMMON	729251108
NOC	NORTHROP GRUMMAN	10,658	$1.571M	0.3%	$68.22	+67.5%	COMMON	666807102
BRK/A	BERKSHIRE HATHAWAY - CL A	6	$1.356M	0.3%	$165023.42	+31.2%	COMMON	084670108
KGC	KINROSS GOLD CORP.	457,997	$1.291M	0.3%	$5.35	-47.6%	COMMON	496902404
HAL	HALLIBURTON	28,673	$1.128M	0.2%	$36.36	+8.1%	COMMON	406216101
—	ALLERGAN	5,300	$1.127M	0.2%	$135.61	—	COMMON	001849010
KO	COCA COLA	26,567	$1.122M	0.2%	$27.85	+7.9%	COMMON	191216100
NEE	NEXTERA ENERGY, INC.	9,730	$1.034M	0.2%	$14.93	+26.5%	COMMON	65339F101
EPD	ENTERPRISE PRODUCT PARTNERS L.P.	25,414	$918K	0.2%	$50.73	—	COMMON	293792107
—	SOVRAN SELF STORAGE INC	10,352	$903K	0.2%	$73.42	—	COMMON	84610H108
—	CHICAGO BRIDGE & IRON CO NV	21,190	$890K	0.2%	$63.89	—	COMMON	167250109
AMGN	AMGEN INC	5,414	$862K	0.2%	$76.59	+47.9%	COMMON	031162100
BABA	ALIBABA GROUP HOLDING-SP ADR	8,050	$837K	0.2%	$103.98	—	COMMON	01609W102
KMPR	KEMPER	23,160	$836K	0.2%	$32.74	+7.7%	COMMON	488401100
PCH	POTLATCH CORP.	19,886	$833K	0.2%	$38.67	—	COMMON	737630103
EOG	EOG RESOURCES INC	8,904	$820K	0.2%	$63.43	+7.3%	COMMON	26875P101
—	ENBRIDGE ENERGY PARTNERS LP	19,827	$791K	0.2%	$30.98	—	COMMON	29250R106
RYN	RAYONIER	27,216	$760K	0.2%	$45.89	—	COMMON	754907103
BIIB	BIOGEN IDEC	2,023	$687K	0.1%	$312.11	+3.7%	COMMON	09062X103
AXP	AMERICAN EXPRESS	7,319	$681K	0.1%	$60.50	+26.3%	COMMON	025816109
MSFT	MICROSOFT	14,501	$674K	0.1%	$30.17	+32.2%	COMMON	594918104
—	NEWFIELD EXPLORATION	23,703	$643K	0.1%	$37.98	—	COMMON	651290108
—	INTEGRYS ENERGY GROUP INC	8,241	$642K	0.1%	$58.50	—	COMMON	45822P105
—	SENIOR HOUSING PROP TRUST	29,016	$641K	0.1%	$21.76	—	COMMON	81721M109
RIG	TRANSOCEAN LTD	34,668	$635K	0.1%	$46.00	-45.7%	COMMON	H8817H100
PEP	PEPSICO	6,447	$610K	0.1%	$58.11	+18.1%	COMMON	713448108
VTR	VENTAS INC	7,756	$556K	0.1%	$41.21	+17.2%	COMMON	92276F100
IEP	ICAHN ENTERPRISES LP	6,000	$555K	0.1%	$101.44	—	COMMON	451100101
DUK	DUKE ENERGY CORP	6,600	$551K	0.1%	$41.48	+22.9%	COMMON	26441C204
—	CELGENE	4,800	$537K	0.1%	$98.76	—	COMMON	151020104
—	CAN REAL ESTATE INVEST TRUST	13,132	$515K	0.1%	$40.13	—	COMMON	13650J104
OXY	OCCIDENTAL PETROLEUM	6,334	$511K	0.1%	$63.52	-6.7%	COMMON	674599105
GILD	GILEAD SCIENCES INC	5,394	$508K	0.1%	$53.65	+33.9%	COMMON	375558103
SRE	SEMPRA ENERGY	4,555	$507K	0.1%	$27.60	+39.4%	COMMON	816851109
COP	CONOCOPHILLIPS	7,338	$506K	0.1%	$42.90	+13.9%	COMMON	20825C104
BAC	BANK OF AMERICA CORP	27,525	$492K	0.1%	$10.03	+35.2%	COMMON	060505104
NEM	NEWMONT MINING	25,760	$487K	0.1%	$25.34	-38.0%	COMMON	651639106
—	VALEANT PHARMACEUTICALS INTE	3,200	$458K	0.1%	$143.13	—	COMMON	91911K102
MCK	McKESSON	2,200	$457K	0.1%	$170.26	+9.8%	COMMON	58155Q103
LMT	LOCKHEED MARTIN	2,345	$452K	0.1%	$95.59	+43.6%	COMMON	539830109
PBR	PETROLEO BRASILEIRO S.A.-ADR	60,183	$439K	0.1%	$13.56	—	COMMON	71654V408
INTC	INTEL CORP	11,729	$426K	0.1%	$25.75	+3.4%	COMMON	458140100
CW	CURTISS-WRIGHT	6,016	$425K	0.1%	$32.35	+101.3%	COMMON	231561101
ABBV	ABBVIE INC	6,231	$408K	0.1%	$27.51	+46.3%	COMMON	00287Y109
—	VALE SA-SP ADR	49,314	$403K	0.1%	$13.83	—	COMMON	91912E109
MCY	MERCURY GENERAL	7,050	$400K	0.1%	$43.15	+24.0%	COMMON	589400100
BIDU	BAIDU INC - SPON ADR	1,715	$391K	0.1%	$167.68	—	COMMON	056752108
EQR	EQUITY RESIDENTIAL	5,400	$388K	0.1%	$34.44	+15.8%	COMMON	29476L107
—	ALLEGHENY TECH	11,146	$388K	0.1%	$26.29	—	COMMON	001741R10
—	AQUA AMERICA INC.	14,338	$383K	0.1%	$29.12	—	COMMON	03836W103
—	H&R REAL ESTATE INV-REIT UTS	20,375	$383K	0.1%	$20.76	—	COMMON	404428203
VOD	VODAFONE GROUP PLC SP ADR	10,954	$374K	0.1%	$34.14	—	COMMON	92857W308
PSA	PUBLIC STORAGE INC.	1,850	$342K	0.1%	$110.47	+6.2%	COMMON	74460D109
—	MARINE HARVEST ASA- SPON ADR	25,050	$342K	0.1%	$14.06	—	COMMON	56824R205
BRK/B	BERKSHIRE HATHAWAY CLASS B	2,249	$338K	0.1%	$110.02	+31.2%	COMMON	084670702
BUD	ANHEUSER BUSCH	3,000	$337K	0.1%	$115.00	—	COMMON	03524A108
PFE	PFIZER	10,699	$333K	0.1%	$16.64	+8.0%	COMMON	717081103
—	TELEDYNE	3,184	$327K	0.1%	$77.26	—	COMMON	087936010
—	HCP INC	7,215	$318K	0.1%	$44.07	—	COMMON	40414L109
—	ACTAVIS PLC	1,200	$309K	0.1%	$257.50	—	COMMON	G0083B108
WYNN	WYNN RESORTS LTD	2,000	$298K	0.1%	$170.16	-14.0%	COMMON	983134107
WFC	WELLS FARGO & CO.	5,434	$298K	0.1%	$27.36	+41.7%	COMMON	949746101
—	UNION PACIFIC CORP	2,400	$286K	0.1%	$119.17	—	COMMON	090781810
VRTX	VERTEX PHARMACEUTICALS INC	2,300	$273K	0.1%	$112.63	0.0%	COMMON	92532F100
UAA	UNDER ARMOUR INC-CLASS A	4,000	$272K	0.1%	$33.36	+1.0%	COMMON	904311107
—	DU PONT (E.I.) DE NEMOURS	3,610	$267K	0.1%	$67.20	—	COMMON	263534109
FFIV	F5 NETWORKS INC	2,000	$261K	0.1%	$107.63	+15.8%	COMMON	315616102
ECL	ECOLAB	2,500	$261K	0.1%	$73.48	+31.6%	COMMON	278865100
—	SOUTHERN CAL ED PFD E	10,667	$259K	0.1%	$24.19	—	PREFERRED	842400509
MO	ALTRIA GROUP INC	5,195	$256K	0.1%	$20.68	+14.9%	COMMON	02209S103
META	FACEBOOK INC-A	3,200	$250K	0.1%	$75.91	0.0%	COMMON	30303M102
—	PHARMACYCLICS INC	2,000	$245K	0.1%	$122.50	—	COMMON	716933106
—	KRAFT FOODS GROUP INC	3,890	$244K	0.1%	$56.30	—	COMMON	50076Q106
BMY	BRISTOL-MYERS SQUIBB	4,104	$242K	0.0%	$34.21	+13.7%	COMMON	110122108
BAX	BAXTER INTERNATIONAL	3,077	$226K	0.0%	$33.43	-3.4%	COMMON	071813109
SJM	JM SMUCKER	2,227	$225K	0.0%	$70.84	+3.0%	COMMON	832696405
MCD	MCDONALDS	2,394	$224K	0.0%	$71.25	-1.0%	COMMON	580135101
TSLA	TESLA MOTORS INC	1,000	$222K	0.0%	$15.63	0.0%	COMMON	88160R101
—	CTRIP.COM INTERNATIONAL-ADR	4,700	$214K	0.0%	$45.53	—	COMMON	22943F100
JPM	J.P. MORGAN CHASE & CO.	3,401	$213K	0.0%	$44.70	0.0%	COMMON	46625H100
—	CENTRAL GOLDTRUST	5,160	$210K	0.0%	$43.33	—	COMMON	153546106
WMMVY	WAL-MART DE MEXICO SA ADR	9,600	$206K	0.0%	$28.02	—	COMMON	93114W107
—	LINN CO LLC	19,350	$201K	0.0%	$29.56	—	COMMON	535782106
CAPLEUR	CAPITALAND LTD	40,000	$95,000	0.0%	$2.55	—	COMMON	Y10923103
—	IMMUNOCELLULAR THERAPEUTICS	28,000	$20,000	0.0%	$1.93	—	COMMON	452536105
—	ROCK CREEK PHARMACEUTICALS I	16,300	$3,000	0.0%	$0.18	—	COMMON	772081204
KRED	KONARED CORP	11,500	$2,000	0.0%	$0.72	-65.1%	COMMON	50048Y104
—	PFF BANCORP INC	13,610	$0	0.0%	—	—	COMMON	69331W104