Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
COST	COSTCO WHOLESALE	147,260	$19.89M	4.5%	$135.06 *	$88.48	+35.9%	COMMON	22160K105
AAPL	APPLE COMPUTER INC	154,793	$19.41M	4.3%	$125.43 *	$18.36	+55.5%	COMMON	037833100
JNJ	JOHNSON & JOHNSON	182,930	$17.83M	4.0%	$97.46 *	$61.73	+20.7%	COMMON	478160104
DIS	WALT DISNEY	154,251	$17.61M	3.9%	$114.14 *	$57.03	+75.3%	COMMON	254687106
MMM	3M COMPANY	112,160	$17.31M	3.9%	$154.30 *	$64.42	+47.2%	COMMON	88579Y101
HON	HONEYWELL INTERNATIONAL INC.	164,829	$16.81M	3.8%	$101.97 *	$55.37	+35.0%	COMMON	438516106
VZ	VERIZON COMMUNICATIONS	341,541	$15.92M	3.6%	$46.61 *	$26.79	+5.7%	COMMON	92343V104
—	ANADARKO PETROLEUM	196,267	$15.32M	3.4%	$78.06	$87.03	—	COMMON	032511107
AWK	AMERICAN WATER WORKS	291,110	$14.16M	3.2%	$48.63 *	$32.91	+29.9%	COMMON	030420103
SLB	SCHLUMBERGER LIMITED	146,323	$12.61M	2.8%	$86.19 *	$56.30	+18.6%	COMMON	806857108
IBM	INTL BUSINESS MACHINES	71,228	$11.59M	2.6%	$162.66 *	$116.36	-11.5%	COMMON	459200101
ABT	ABBOTT LABORATORIES	218,481	$10.72M	2.4%	$49.08 *	$29.16	+34.9%	COMMON	002824100
—	UNITED TECHNOLOGIES	94,712	$10.51M	2.4%	$110.94	$97.09	—	COMMON	913017109
EMR	EMERSON ELECTRIC	188,061	$10.42M	2.3%	$55.43 *	$41.69	+6.1%	COMMON	291011104
DVN	DEVON ENERGY CORPORATION	168,632	$10.03M	2.2%	$59.49 *	$38.04	+16.3%	COMMON	25179M103
—	UNILEVER N.V. NY SHRS	232,295	$9.72M	2.2%	$41.84	$39.66	—	COMMON	904784709
CAT	CATERPILLAR	111,472	$9.455M	2.1%	$84.82 *	$63.03	+4.5%	COMMON	149123101
NSRGY	NESTLE SA REP RG SH ADR	127,734	$9.217M	2.1%	$72.16	$66.13	—	COMMON	641069406
—	WESTAR ENERGY INC.	264,267	$9.043M	2.0%	$34.22	$31.92	—	COMMON	95709T100
KMI	KINDER MORGAN INC	197,214	$7.571M	1.7%	$38.39 *	$22.45	+8.4%	COMMON	49456B101
—	GENERAL ELECTRIC	281,377	$7.476M	1.7%	$26.57	$23.21	—	COMMON	369604103
TMO	THERMO FISHER SCIENTIFIC	54,113	$7.022M	1.6%	$129.77 *	$87.68	+44.0%	COMMON	883556102
PG	PROCTER & GAMBLE	85,873	$6.718M	1.5%	$78.23 *	$55.35	+8.3%	COMMON	742718109
—	GOOGLE INC-CL A	10,479	$5.659M	1.3%	$540.03	$584.96	—	COMMON	38259P508
WMT	WAL-MART STORES	78,675	$5.58M	1.2%	$70.92 *	$19.99	+4.5%	COMMON	931142103
KMB	KIMBERLY CLARK	52,311	$5.543M	1.2%	$105.96 *	$65.34	+16.1%	COMMON	494368103
AEM	AGNICO-EAGLE MINES LTD	193,464	$5.489M	1.2%	$28.37 *	$25.13	+2.2%	COMMON	008474108
CVX	CHEVRON CORP.	56,231	$5.425M	1.2%	$96.48 *	$71.39	-6.9%	COMMON	166764100
MRK	MERCK	90,132	$5.131M	1.1%	$56.93 *	$30.22	+33.2%	COMMON	58933Y105
—	GOOGLE INC-CL C	9,391	$4.889M	1.1%	$520.60	$1097.31	—	COMMON	38259P706
BA	BOEING	35,180	$4.88M	1.1%	$138.72 *	$104.07	+23.8%	COMMON	097023105
—	RAYTHEON	48,906	$4.679M	1.0%	$95.67	$90.07	—	COMMON	755111507
—	CRESCENT POINT ENERGY CORP	225,365	$4.616M	1.0%	$20.48	$35.56	—	COMMON	22576C101
PAA	PLAINS ALL AMER PIPELINE	101,130	$4.406M	1.0%	$43.57	$56.18	—	COMMON	726503105
—	GOLDCORP	265,688	$4.304M	1.0%	$16.20	$24.85	—	COMMON	380956409
QCOM	QUALCOMM	67,820	$4.248M	1.0%	$62.64 *	$46.10	+9.1%	COMMON	747525103
—	BUCKEYE PARTNERS LP	55,884	$4.131M	0.9%	$73.92	$70.24	—	COMMON	118230101
CMI	CUMMINS	27,958	$3.668M	0.8%	$131.20 *	$100.53	+2.3%	COMMON	231021106
NFG	NATIONAL FUEL GAS CO	57,150	$3.366M	0.8%	$58.90 *	$62.26	+1.4%	COMMON	636180101
ABBNY	ABB LTD-SPON ADR	160,430	$3.35M	0.7%	$20.88	$25.16	—	COMMON	000375204
—	ENERGY TRANSFER PARTNERS LP	59,062	$3.083M	0.7%	$52.20	$54.38	—	COMMON	29273R109
T	A T & T INC.	82,712	$2.938M	0.7%	$35.52 *	$11.06	+10.4%	COMMON	00206R102
RRC	RANGE RESOURCES CORP	58,700	$2.899M	0.6%	$49.39 *	$76.33	-25.2%	COMMON	75281A109
—	BARRICK GOLD	270,507	$2.884M	0.6%	$10.66	$16.32	—	COMMON	067901108
—	ROYAL DUTCH SHELL PLC-ADR	48,700	$2.793M	0.6%	$57.35	$57.35	—	COMMON	780259107
SIEGY	SIEMENS AG-SPONS ADR	27,385	$2.781M	0.6%	$101.55	$130.92	—	COMMON	826197501
—	MAGELLAN MIDSTREAM PARTNERS, LP.	35,543	$2.608M	0.6%	$73.38	$59.38	—	COMMON	559080106
EOG	EOG RESOURCES INC	24,804	$2.172M	0.5%	$87.57 *	$65.23	+4.0%	COMMON	26875P101
SO	SOUTHERN	46,833	$1.963M	0.4%	$41.91 *	$25.57	+8.7%	COMMON	842587107
XOM	EXXON MOBIL	20,062	$1.669M	0.4%	$83.19 *	$53.86	+0.8%	COMMON	30231G102
NOC	NORTHROP GRUMMAN	10,385	$1.647M	0.4%	$158.59 *	$68.22	+97.3%	COMMON	666807102
—	ALLERGAN PLC	5,004	$1.519M	0.3%	$303.56	$303.56	—	COMMON	G0177J108
—	PLUM CREEK TIMBER CO	37,382	$1.517M	0.3%	$40.58	$42.90	—	COMMON	729251108
HAL	HALLIBURTON	31,373	$1.352M	0.3%	$43.09 *	$36.46	+2.9%	COMMON	406216101
AMGN	AMGEN INC	8,414	$1.292M	0.3%	$153.55 *	$91.21	+28.9%	COMMON	031162100
BRK/A	BERKSHIRE HATHAWAY - CL A	6	$1.229M	0.3%	$204833.33 *	$165023.42	+30.0%	COMMON	084670108
ROK	ROCKWELL AUTOMATION	9,505	$1.185M	0.3%	$124.67 *	$97.78	0.0%	COMMON	773903109
—	CHICAGO BRIDGE & IRON CO NV	23,171	$1.159M	0.3%	$50.02	$62.28	—	COMMON	167250109
—	BREITBURN ENERGY PARTNERS LP	221,100	$1.052M	0.2%	$4.76	$19.94	—	COMMON	106776107
KGC	KINROSS GOLD CORP.	439,697	$1.02M	0.2%	$2.32 *	$5.35	-55.5%	COMMON	496902404
BABA	ALIBABA GROUP HOLDING-SP ADR	12,050	$991K	0.2%	$82.24	$96.92	—	COMMON	01609W102
NEE	NEXTERA ENERGY, INC.	9,670	$948K	0.2%	$98.04 *	$14.93	+29.2%	COMMON	65339F101
BIIB	BIOGEN IDEC	2,300	$929K	0.2%	$403.91	$323.75	+24.0%	COMMON	09062X103
—	SOVRAN SELF STORAGE INC	10,352	$900K	0.2%	$86.94	$73.42	—	COMMON	84610H108
KMPR	KEMPER	23,160	$893K	0.2%	$38.56 *	$32.74	+15.3%	COMMON	488401100
—	NEWFIELD EXPLORATION	24,153	$872K	0.2%	$36.10	$37.90	—	COMMON	651290108
VOD	VODAFONE GROUP PLC SP ADR	23,195	$845K	0.2%	$36.43	$33.45	—	COMMON	92857W308
KO	COCA COLA	20,945	$822K	0.2%	$39.25 *	$27.85	+4.2%	COMMON	191216100
EPD	ENTERPRISE PRODUCT PARTNERS L.P.	25,414	$760K	0.2%	$29.90	$50.73	—	COMMON	293792107
GILD	GILEAD SCIENCES INC	6,194	$725K	0.2%	$117.05 *	$56.09	+35.5%	COMMON	375558103
HD	HOME DEPOT INC.	6,378	$709K	0.2%	$111.16 *	$86.16	+1.1%	COMMON	437076102
PCH	POTLATCH CORP.	19,886	$702K	0.2%	$35.30	$38.67	—	COMMON	737630103
RYN	RAYONIER	27,216	$695K	0.2%	$25.54	$45.89	—	COMMON	754907103
PEP	PEPSICO	7,067	$660K	0.1%	$93.39 *	$60.44	+14.7%	COMMON	713448108
NFLX	NETFLIX INC	1,000	$657K	0.1%	$657.00 *	$8.37	0.0%	COMMON	64110L106
—	ENCANA CORP.	55,077	$607K	0.1%	$11.02	$18.13	—	COMMON	292505104
NEM	NEWMONT MINING	25,760	$602K	0.1%	$23.37 *	$25.34	-22.9%	COMMON	651639106
FSBW	FS BANCORP INC	23,988	$539K	0.1%	$22.47 *	$8.48	0.0%	COMMON	30263Y104
RIG	TRANSOCEAN LTD	33,182	$535K	0.1%	$16.12 *	$46.00	-60.8%	COMMON	H8817H100
—	NICHOLAS FINANCIAL INC	41,669	$530K	0.1%	$12.72	$12.72	—	COMMON	65373J209
DGICA	DONEGAL GROUP INC-CL A	34,721	$529K	0.1%	$15.24 *	$9.68	0.0%	COMMON	257701201
PBR	PETROLEO BRASILEIRO S.A.-ADR	57,533	$521K	0.1%	$9.06	$13.56	—	COMMON	71654V408
IEP	ICAHN ENTERPRISES LP	6,000	$520K	0.1%	$86.67	$101.44	—	COMMON	451100101
HUM	HUMANA INC	2,700	$516K	0.1%	$191.11 *	$170.85	0.0%	COMMON	444859102
UHAL	AMERCO	1,568	$513K	0.1%	$327.17 *	$32.68	0.0%	COMMON	023586100
ABBV	ABBVIE INC	7,594	$510K	0.1%	$67.16 *	$30.17	+40.3%	COMMON	00287Y109
—	SENIOR HOUSING PROP TRUST	29,016	$509K	0.1%	$17.54	$21.76	—	COMMON	81721M109
GLDD	GREAT LAKES DREDGE & DOCK CO	84,213	$502K	0.1%	$5.96	$5.87	0.0%	COMMON	390607109
AXP	AMERICAN EXPRESS	6,465	$502K	0.1%	$77.65 *	$60.50	+12.5%	COMMON	025816109
MSFT	MICROSOFT	11,301	$499K	0.1%	$44.16 *	$30.17	+30.3%	COMMON	594918104
—	CELGENE	4,300	$498K	0.1%	$115.81	$98.76	—	COMMON	151020104
BAC	BANK OF AMERICA CORP	29,225	$497K	0.1%	$17.01 *	$10.55	+24.5%	COMMON	060505104
OXY	OCCIDENTAL PETROLEUM	6,318	$491K	0.1%	$77.71 *	$63.52	-10.5%	COMMON	674599105
VTR	VENTAS INC	7,756	$482K	0.1%	$62.15 *	$41.21	+18.7%	COMMON	92276F100
FFIV	F5 NETWORKS INC	4,000	$481K	0.1%	$120.25 *	$115.29	+6.6%	COMMON	315616102
AHRT	ARMADA HOFFLER PROPERTIES IN	48,162	$481K	0.1%	$9.99	$9.99	—	COMMON	04208T108
—	ENBRIDGE ENERGY PARTNERS LP	13,827	$461K	0.1%	$33.34	$30.98	—	COMMON	29250R106
DUK	DUKE ENERGY CORP	6,500	$459K	0.1%	$70.62 *	$41.48	+17.4%	COMMON	26441C204
LXU	LSB INDUSTRIES INC	11,184	$457K	0.1%	$40.86 *	$32.72	0.0%	COMMON	502160104
SRE	SEMPRA ENERGY	4,555	$451K	0.1%	$99.01 *	$27.60	+37.1%	COMMON	816851109
—	CAN REAL ESTATE INVEST TRUST	13,132	$446K	0.1%	$33.96	$40.13	—	COMMON	13650J104
CW	CURTISS-WRIGHT	6,016	$436K	0.1%	$72.47 *	$32.35	+116.0%	COMMON	231561101
COP	CONOCOPHILLIPS	7,105	$436K	0.1%	$61.37 *	$42.90	+8.1%	COMMON	20825C104
LMT	LOCKHEED MARTIN	2,345	$436K	0.1%	$185.93 *	$95.59	+51.2%	COMMON	539830109
PFE	PFIZER	12,749	$427K	0.1%	$33.49 *	$17.19	+20.8%	COMMON	717081103
WEC	WEC ENERGY GROUP	9,294	$418K	0.1%	$44.98 *	$33.96	0.0%	COMMON	92939U106
SWKS	SKYWORKS SOLUTIONS	4,000	$416K	0.1%	$104.00 *	$81.63	0.0%	COMMON	83088M102
—	AIR TRANSPORT SERVICES GROUP	38,627	$405K	0.1%	$10.48	$10.48	—	COMMON	00922R105
SOHO	SOTHERLY HOTELS INC	55,765	$394K	0.1%	$7.07	$7.07	—	COMMON	83600C103
MCY	MERCURY GENERAL	7,050	$392K	0.1%	$55.60	$43.15	+30.5%	COMMON	589400100
EQR	EQUITY RESIDENTIAL	5,400	$379K	0.1%	$70.19 *	$34.44	+25.8%	COMMON	29476L107
—	H&R REAL ESTATE INV-REIT UTS	20,375	$366K	0.1%	$17.96	$20.76	—	COMMON	404428203
—	UNITEDHEALTH GROUP INC.	3,000	$366K	0.1%	$122.00	$119.67	—	COMMON	091324P10
FDX	FEDEX CORPORATION	2,118	$361K	0.1%	$170.44 *	$147.90	+0.3%	COMMON	31428X106
MCK	McKESSON	1,600	$360K	0.1%	$225.00 *	$179.33	+18.8%	COMMON	58155Q103
—	OHA INVESTMENT CORP	62,402	$355K	0.1%	$5.69	$5.69	—	COMMON	67091U102
—	AQUA AMERICA INC.	14,338	$351K	0.1%	$24.48	$29.12	—	COMMON	03836W103
—	GRAMERCY PROPERTY TRUST INC	14,768	$345K	0.1%	$23.36	$23.36	—	COMMON	38489R605
INTC	INTEL CORP	11,279	$343K	0.1%	$30.41 *	$25.75	-2.5%	COMMON	458140100
PSA	PUBLIC STORAGE INC.	1,850	$341K	0.1%	$184.32 *	$110.47	+14.3%	COMMON	74460D109
—	CTRIP.COM INTERNATIONAL-ADR	4,700	$341K	0.1%	$72.55	$45.53	—	COMMON	22943F100
BIDU	BAIDU INC - SPON ADR	1,715	$341K	0.1%	$198.83	$182.36	—	COMMON	056752108
—	ALLEGHENY TECH	11,146	$337K	0.1%	$30.24	$26.29	—	COMMON	001741R10
—	TELEDYNE	3,184	$336K	0.1%	$105.53	$77.26	—	COMMON	087936010
CME	CME GROUP	3,552	$331K	0.1%	$93.19 *	$60.87	+1.2%	COMMON	12572Q105
—	KRAFT FOODS GROUP INC	3,890	$331K	0.1%	$85.09	$56.30	—	COMMON	50076Q106
ELV	ANTHEM INC	2,000	$328K	0.1%	$164.00 *	$126.69	+8.5%	COMMON	036752103
BRK/B	BERKSHIRE HATHAWAY CLASS B	2,249	$306K	0.1%	$136.06 *	$110.02	+29.6%	COMMON	084670702
WFC	WELLS FARGO & CO.	5,434	$306K	0.1%	$56.31 *	$27.36	+51.2%	COMMON	949746101
—	BAY COMMERCIAL BANK	25,620	$302K	0.1%	$11.79	$11.79	—	COMMON	072199102
—	TROPICANA ENTERTAINMENT INC	18,326	$294K	0.1%	$16.04	$16.04	—	COMMON	89708X105
NRIM	NORTHRIM BANCORP INC	11,475	$294K	0.1%	$25.62 *	$4.29	0.0%	COMMON	666762109
—	VALE SA-SP ADR	49,314	$290K	0.1%	$5.88	$13.83	—	COMMON	91912E109
PBHC	PATHFINDER BANCORP INC	24,289	$286K	0.1%	$11.77 *	$8.95	0.0%	COMMON	70319R109
—	MARINE HARVEST ASA- SPON ADR	25,050	$286K	0.1%	$11.42	$14.06	—	COMMON	56824R205
MCBK	MADISON COUNTY FINANCIAL INC	12,694	$267K	0.1%	$21.03 *	$18.30	0.0%	COMMON	556777100
—	HCP INC	7,215	$263K	0.1%	$36.45	$44.07	—	COMMON	40414L109
—	SOUTHERN CAL ED PFD E	10,667	$260K	0.1%	$24.37	$24.19	—	PREFERRED	842400509
MO	ALTRIA GROUP INC	5,195	$254K	0.1%	$48.89 *	$20.68	+22.2%	COMMON	02209S103
—	ISIS PHARMACEUTICAL	4,200	$242K	0.1%	$57.62	$57.62	—	COMMON	464330109
SJM	JM SMUCKER	2,227	$241K	0.1%	$108.22 *	$70.84	+19.0%	COMMON	832696405
WMMVY	WAL-MART DE MEXICO SA ADR	9,600	$234K	0.1%	$24.38	$28.02	—	COMMON	93114W107
BMY	BRISTOL-MYERS SQUIBB	3,504	$233K	0.1%	$66.50 *	$34.21	+34.5%	COMMON	110122108
—	HCC INSURANCE HOLDINGS INC	3,000	$231K	0.1%	$77.00	$77.00	—	COMMON	404132102
—	DU PONT (E.I.) DE NEMOURS	3,610	$231K	0.1%	$63.99	$67.20	—	COMMON	263534109
—	FIRST DEFIANCE FINL CORP	6,104	$229K	0.1%	$37.52	$37.52	—	COMMON	32006W106
ECL	ECOLAB	2,000	$226K	0.1%	$113.00 *	$73.48	+39.1%	COMMON	278865100
MCD	MCDONALDS	2,294	$218K	0.0%	$95.03 *	$71.25	+4.1%	COMMON	580135101
KINS	KINGSTONE COS INC	28,273	$215K	0.0%	$7.60 *	$6.09	0.0%	COMMON	496719105
BAX	BAXTER INTERNATIONAL	3,077	$215K	0.0%	$69.87 *	$33.43	-5.9%	COMMON	071813109
LLY	LILLY (ELI)	2,528	$211K	0.0%	$83.47 *	$63.20	0.0%	COMMON	532457108
UAA	UNDER ARMOUR INC-CLASS A	2,500	$209K	0.0%	$83.60 *	$40.45	0.0%	COMMON	904311107
CRM	SALESFORCE.COM INC	3,000	$209K	0.0%	$69.67	$70.36	0.0%	COMMON	79466L302
—	SIZMEK INC	28,451	$202K	0.0%	$7.10	$7.10	—	COMMON	83013P105
TIPT	TIPTREE FINANCIAL INC - A	25,329	$184K	0.0%	$7.26 *	$6.74	0.0%	COMMON	88822Q103
—	LINN CO LLC	17,750	$168K	0.0%	$9.46	$29.56	—	COMMON	535782106
—	1347 PROPERTY INSURANCE HOLD	18,807	$153K	0.0%	$8.14	$8.14	—	COMMON	68244P107
CAPLEUR	CAPITALAND LTD	40,000	$98,000	0.0%	$2.45	$2.55	—	COMMON	Y10923103
—	NEVADA GOLD & CASINOS INC	19,900	$33,000	0.0%	$1.66	$1.66	—	COMMON	64126Q206
—	IMMUNOCELLULAR THERAPEUTICS	28,000	$13,000	0.0%	$0.46	$1.93	—	COMMON	452536105
KRED	KONARED CORP	11,500	$1,000	0.0%	$0.09 *	$0.72	-76.2%	COMMON	50048Y104
—	PFF BANCORP INC	13,610	$0	0.0%	$0.00	—	—	COMMON	69331W104