Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
COST	COSTCO WHOLESALE	149,662	$21.64M	5.2%	$144.57 *	$88.98	+34.4%	COMMON	22160K105
AAPL	APPLE COMPUTER INC	168,635	$18.6M	4.4%	$110.30 *	$19.01	+38.2%	COMMON	037833100
DIS	WALT DISNEY	170,163	$17.39M	4.1%	$102.20 *	$61.02	+63.4%	COMMON	254687106
JNJ	JOHNSON & JOHNSON	181,930	$16.98M	4.0%	$93.35 *	$61.73	+17.4%	COMMON	478160104
MMM	3M COMPANY	118,728	$16.83M	4.0%	$141.77 *	$65.70	+33.2%	COMMON	88579Y101
HON	HONEYWELL INTERNATIONAL INC.	173,346	$16.41M	3.9%	$94.69 *	$56.26	+30.3%	COMMON	438516106
VZ	VERIZON COMMUNICATIONS	339,765	$14.78M	3.5%	$43.51 *	$26.79	+0.8%	COMMON	92343V104
AWK	AMERICAN WATER WORKS	259,710	$14.3M	3.4%	$55.08 *	$32.91	+29.8%	COMMON	030420103
—	ANADARKO PETROLEUM	194,053	$11.72M	2.8%	$60.39	$87.03	—	COMMON	032511107
IBM	INTL BUSINESS MACHINES	70,445	$10.21M	2.4%	$144.96 *	$116.36	-18.1%	COMMON	459200101
—	WESTAR ENERGY INC.	261,667	$10.06M	2.4%	$38.44	$31.92	—	COMMON	95709T100
SLB	SCHLUMBERGER LIMITED	145,306	$10.02M	2.4%	$68.97 *	$56.30	+4.6%	COMMON	806857108
NSRGY	NESTLE SA REP RG SH ADR	126,483	$9.517M	2.3%	$75.24	$66.13	—	COMMON	641069406
—	UNILEVER N.V. NY SHRS	231,145	$9.292M	2.2%	$40.20	$39.66	—	COMMON	904784709
ABT	ABBOTT LABORATORIES	219,931	$8.846M	2.1%	$40.22 *	$29.16	+33.1%	COMMON	002824100
—	UNITED TECHNOLOGIES	93,712	$8.339M	2.0%	$88.99	$97.09	—	COMMON	913017109
EMR	EMERSON ELECTRIC	186,311	$8.23M	2.0%	$44.17 *	$41.69	-10.5%	COMMON	291011104
KMI	KINDER MORGAN INC	296,951	$8.219M	2.0%	$27.68 *	$21.48	-9.0%	COMMON	49456B101
CVX	CHEVRON CORP.	91,377	$7.208M	1.7%	$78.88 *	$64.64	-16.7%	COMMON	166764100
CAT	CATERPILLAR	109,722	$7.171M	1.7%	$65.36 *	$63.03	-6.2%	COMMON	149123101
—	GENERAL ELECTRIC	282,377	$7.122M	1.7%	$25.22	$23.21	—	COMMON	369604103
TMO	THERMO FISHER SCIENTIFIC	53,183	$6.503M	1.5%	$122.28 *	$87.68	+44.1%	COMMON	883556102
DVN	DEVON ENERGY CORPORATION	165,267	$6.13M	1.5%	$37.09 *	$38.04	-17.1%	COMMON	25179M103
PG	PROCTER & GAMBLE	82,503	$5.935M	1.4%	$71.94 *	$55.35	+1.8%	COMMON	742718109
—	GOOGLE INC-CL A	8,859	$5.655M	1.3%	$638.33	$584.96	—	COMMON	38259P508
KMB	KIMBERLY CLARK	51,611	$5.628M	1.3%	$109.05 *	$65.34	+18.4%	COMMON	494368103
MRK	MERCK	111,017	$5.483M	1.3%	$49.39 *	$31.76	+20.9%	COMMON	58933Y105
—	RAYTHEON	49,906	$5.452M	1.3%	$109.25	$90.46	—	COMMON	755111507
—	GOOGLE INC-CL C	8,671	$5.275M	1.3%	$608.35	$1097.31	—	COMMON	38259P706
WMT	WAL-MART STORES	79,708	$5.168M	1.2%	$64.84 *	$19.97	-5.3%	COMMON	931142103
AEM	AGNICO-EAGLE MINES LTD	193,864	$4.909M	1.2%	$25.32 *	$25.13	-19.7%	COMMON	008474108
BA	BOEING	36,680	$4.803M	1.1%	$130.94 *	$104.85	+17.6%	COMMON	097023105
—	ROYAL DUTCH SHELL PLC-ADR	99,392	$4.719M	1.1%	$47.48	$52.32	—	COMMON	780259107
VOD	VODAFONE GROUP PLC SP ADR	146,845	$4.661M	1.1%	$31.74	$32.01	—	COMMON	92857W308
CMI	CUMMINS	35,758	$3.883M	0.9%	$108.59 *	$98.87	-6.0%	COMMON	231021106
—	ENERGY TRANSFER PARTNERS LP	89,062	$3.658M	0.9%	$41.07	$49.90	—	COMMON	29273R109
QCOM	QUALCOMM	67,820	$3.644M	0.9%	$53.73 *	$46.10	-4.3%	COMMON	747525103
—	GOLDCORP	265,088	$3.319M	0.8%	$12.52	$24.85	—	COMMON	380956409
—	BUCKEYE PARTNERS LP	55,884	$3.312M	0.8%	$59.27	$70.24	—	COMMON	118230101
PAA	PLAINS ALL AMER PIPELINE	101,130	$3.072M	0.7%	$30.38	$56.18	—	COMMON	726503105
NFG	NATIONAL FUEL GAS CO	57,150	$2.856M	0.7%	$49.97 *	$62.26	-13.2%	COMMON	636180101
ABBNY	ABB LTD-SPON ADR	159,330	$2.815M	0.7%	$17.67	$25.16	—	COMMON	000375204
—	CRESCENT POINT ENERGY CORP	215,595	$2.465M	0.6%	$11.43	$35.56	—	COMMON	22576C101
SIEGY	SIEMENS AG-SPONS ADR	27,535	$2.459M	0.6%	$89.30	$130.92	—	COMMON	826197501
T	A T & T INC.	72,736	$2.369M	0.6%	$32.57 *	$11.06	+10.9%	COMMON	00206R102
PFE	PFIZER	72,749	$2.285M	0.5%	$31.41 *	$20.01	+3.0%	COMMON	717081103
—	MAGELLAN MIDSTREAM PARTNERS, LP.	35,424	$2.13M	0.5%	$60.13	$59.38	—	COMMON	559080106
SO	SOUTHERN	46,833	$2.093M	0.5%	$44.69 *	$25.57	+10.8%	COMMON	842587107
RRC	RANGE RESOURCES CORP	58,700	$1.885M	0.4%	$32.11 *	$76.33	-48.9%	COMMON	75281A109
EOG	EOG RESOURCES INC	24,804	$1.805M	0.4%	$72.77 *	$65.23	-12.4%	COMMON	26875P101
NOC	NORTHROP GRUMMAN	10,585	$1.757M	0.4%	$165.99 *	$69.61	+103.4%	COMMON	666807102
ROK	ROCKWELL AUTOMATION	14,755	$1.497M	0.4%	$101.46 *	$95.87	-3.6%	COMMON	773903109
XOM	EXXON MOBIL	20,062	$1.492M	0.4%	$74.37 *	$53.86	-8.9%	COMMON	30231G102
—	PLUM CREEK TIMBER CO	37,382	$1.477M	0.4%	$39.51	$42.90	—	COMMON	729251108
BIIB	BIOGEN IDEC	4,800	$1.401M	0.3%	$291.88 *	$327.13	+0.9%	COMMON	09062X103
—	BARRICK GOLD	200,652	$1.276M	0.3%	$6.36	$16.32	—	COMMON	067901108
—	DU PONT (E.I.) DE NEMOURS	24,610	$1.186M	0.3%	$48.19	$50.98	—	COMMON	263534109
—	ALLERGAN PLC	4,304	$1.17M	0.3%	$271.84	$303.56	—	COMMON	G0177J108
HAL	HALLIBURTON	31,373	$1.109M	0.3%	$35.35 *	$36.46	-11.8%	COMMON	406216101
—	SOVRAN SELF STORAGE INC	10,352	$976K	0.2%	$94.28	$73.42	—	COMMON	84610H108
BRK/A	BERKSHIRE HATHAWAY - CL A	5	$976K	0.2%	$195200.00 *	$165023.42	+24.8%	COMMON	084670108
NEE	NEXTERA ENERGY, INC.	9,670	$944K	0.2%	$97.62 *	$14.93	+30.2%	COMMON	65339F101
GILD	GILEAD SCIENCES INC	8,794	$863K	0.2%	$98.14 *	$62.42	+24.2%	COMMON	375558103
AMGN	AMGEN INC	6,047	$836K	0.2%	$138.25 *	$91.21	+27.4%	COMMON	031162100
KMPR	KEMPER	23,160	$819K	0.2%	$35.36 *	$32.74	+13.7%	COMMON	488401100
—	NEWFIELD EXPLORATION	24,153	$794K	0.2%	$32.87	$37.90	—	COMMON	651290108
KO	COCA COLA	19,145	$768K	0.2%	$40.11 *	$27.85	+3.5%	COMMON	191216100
KGC	KINROSS GOLD CORP.	439,697	$757K	0.2%	$1.72 *	$5.35	-65.8%	COMMON	496902404
BABA	ALIBABA GROUP HOLDING-SP ADR	12,050	$711K	0.2%	$59.00	$96.92	—	COMMON	01609W102
NFLX	NETFLIX INC	6,800	$702K	0.2%	$103.24 *	$10.39	+3.4%	COMMON	64110L106
—	CHICAGO BRIDGE & IRON CO NV	17,450	$692K	0.2%	$39.66	$62.28	—	COMMON	167250109
PEP	PEPSICO	7,067	$666K	0.2%	$94.24 *	$60.44	+15.0%	COMMON	713448108
—	NICHOLAS FINANCIAL INC	49,947	$648K	0.2%	$12.97	$12.76	—	COMMON	65373J209
EPD	ENTERPRISE PRODUCT PARTNERS L.P.	25,214	$628K	0.1%	$24.91	$50.73	—	COMMON	293792107
RYN	RAYONIER	27,216	$601K	0.1%	$22.08	$45.89	—	COMMON	754907103
FSBW	FS BANCORP INC	24,463	$577K	0.1%	$23.59 *	$8.50	+8.4%	COMMON	30263Y104
PCH	POTLATCH CORP.	19,886	$573K	0.1%	$28.81	$38.67	—	COMMON	737630103
AXP	AMERICAN EXPRESS	7,468	$554K	0.1%	$74.18 *	$61.27	+8.1%	COMMON	025816109
META	FACEBOOK INC-A	6,100	$548K	0.1%	$89.84	$91.13	0.0%	COMMON	30303M102
FSFG	FIRST SAVINGS FINANCIAL GRP	15,624	$531K	0.1%	$33.99 *	$8.41	0.0%	COMMON	33621E109
DGICA	DONEGAL GROUP INC-CL A	37,702	$530K	0.1%	$14.06 *	$9.65	-3.4%	COMMON	257701201
BAC	BANK OF AMERICA CORP	33,225	$518K	0.1%	$15.59 *	$10.90	+23.4%	COMMON	060505104
UHAL	AMERCO	1,298	$511K	0.1%	$393.68 *	$32.68	+11.2%	COMMON	023586100
MSFT	MICROSOFT	11,435	$506K	0.1%	$44.25 *	$30.27	+28.6%	COMMON	594918104
GLDD	GREAT LAKES DREDGE & DOCK CO	97,972	$494K	0.1%	$5.04 *	$5.81	-5.7%	COMMON	390607109
AHRT	ARMADA HOFFLER PROPERTIES IN	50,478	$493K	0.1%	$9.77	$9.98	—	COMMON	04208T108
LMT	LOCKHEED MARTIN	2,345	$486K	0.1%	$207.25 *	$95.59	+61.0%	COMMON	539830109
HUM	HUMANA INC	2,700	$483K	0.1%	$178.89 *	$170.85	-0.5%	COMMON	444859102
—	CELGENE	4,400	$476K	0.1%	$108.18	$98.98	—	COMMON	151020104
CME	CME GROUP	5,052	$469K	0.1%	$92.83 *	$61.53	+2.5%	COMMON	12572Q105
DUK	DUKE ENERGY CORP	6,436	$463K	0.1%	$71.94 *	$41.48	+13.7%	COMMON	26441C204
FFIV	F5 NETWORKS INC	4,000	$463K	0.1%	$115.75 *	$115.29	+6.2%	COMMON	315616102
SOHO	SOTHERLY HOTELS INC	67,822	$461K	0.1%	$6.80	$7.02	—	COMMON	83600C103
WEC	WEC ENERGY GROUP	8,462	$442K	0.1%	$52.23 *	$33.96	+2.5%	COMMON	92939U106
SRE	SEMPRA ENERGY	4,555	$441K	0.1%	$96.82 *	$27.60	+28.4%	COMMON	816851109
VTR	VENTAS INC	7,756	$435K	0.1%	$56.09 *	$41.21	+0.8%	COMMON	92276F100
—	OHA INVESTMENT CORP	102,832	$435K	0.1%	$4.23	$5.12	—	COMMON	67091U102
RIG	TRANSOCEAN LTD	32,947	$426K	0.1%	$12.93 *	$46.00	-69.8%	COMMON	H8817H100
OXY	OCCIDENTAL PETROLEUM	6,318	$418K	0.1%	$66.16 *	$63.52	-19.2%	COMMON	674599105
WFC	WELLS FARGO & CO.	8,079	$415K	0.1%	$51.37 *	$31.85	+29.0%	COMMON	949746101
NEM	NEWMONT MINING	25,760	$414K	0.1%	$16.07 *	$25.34	-44.7%	COMMON	651639106
ABBV	ABBVIE INC	7,593	$413K	0.1%	$54.39 *	$30.17	+40.9%	COMMON	00287Y109
—	CAN REAL ESTATE INVEST TRUST	13,132	$406K	0.1%	$30.92	$40.13	—	COMMON	13650J104
IEP	ICAHN ENTERPRISES LP	6,000	$402K	0.1%	$67.00	$101.44	—	COMMON	451100101
—	AIR TRANSPORT SERVICES GROUP	46,204	$395K	0.1%	$8.55	$10.17	—	COMMON	00922R105
—	AQUA AMERICA INC.	14,338	$380K	0.1%	$26.50	$29.12	—	COMMON	03836W103
SWKS	SKYWORKS SOLUTIONS	4,500	$379K	0.1%	$84.22 *	$80.77	-8.5%	COMMON	83088M102
CW	CURTISS-WRIGHT	6,016	$376K	0.1%	$62.50 *	$32.35	+97.4%	COMMON	231561101
KINS	KINGSTONE COS INC	42,450	$367K	0.1%	$8.65 *	$6.29	+6.2%	COMMON	496719105
MCY	MERCURY GENERAL	7,050	$356K	0.1%	$50.50 *	$43.15	+24.2%	COMMON	589400100
—	ENCANA CORP.	55,077	$355K	0.1%	$6.45	$18.13	—	COMMON	292505104
—	TROPICANA ENTERTAINMENT INC	21,695	$351K	0.1%	$16.18	$16.06	—	COMMON	89708X105
PANW	PALO ALTO NETWORKS INC	2,000	$344K	0.1%	$172.00 *	$29.50	0.0%	COMMON	697435105
—	ENBRIDGE ENERGY PARTNERS LP	13,827	$342K	0.1%	$24.73	$30.98	—	COMMON	29250R106
INTC	INTEL CORP	11,312	$341K	0.1%	$30.14 *	$25.75	-12.1%	COMMON	458140100
NRIM	NORTHRIM BANCORP INC	11,508	$333K	0.1%	$28.94 *	$4.29	+7.2%	COMMON	666762109
FDX	FEDEX CORPORATION	2,252	$324K	0.1%	$143.87 *	$147.21	-7.4%	COMMON	31428X106
HD	HOME DEPOT INC.	2,778	$321K	0.1%	$115.55 *	$86.16	+5.0%	COMMON	437076102
—	MARINE HARVEST ASA- SPON ADR	25,050	$316K	0.1%	$12.61	$14.06	—	COMMON	56824R205
GS	GOLDMAN SACHS	1,800	$313K	0.1%	$173.89 *	$158.88	0.0%	COMMON	38141G104
TIPT	TIPTREE FINANCIAL INC - A	48,248	$309K	0.1%	$6.40 *	$6.52	-3.8%	COMMON	88822Q103
—	BAY COMMERCIAL BANK	25,620	$308K	0.1%	$12.02	$11.79	—	COMMON	072199102
—	GRAMERCY PROPERTY TRUST INC	14,768	$307K	0.1%	$20.79	$23.36	—	COMMON	38489R605
—	H&R REAL ESTATE INV-REIT UTS	20,375	$305K	0.1%	$14.97	$20.76	—	COMMON	404428203
—	CTRIP.COM INTERNATIONAL-ADR	4,700	$297K	0.1%	$63.19	$45.53	—	COMMON	22943F100
MCK	McKESSON	1,600	$296K	0.1%	$185.00 *	$179.33	+9.1%	COMMON	58155Q103
MCBK	MADISON COUNTY FINANCIAL INC	14,234	$293K	0.1%	$20.58 *	$18.15	-6.7%	COMMON	556777100
BRK/B	BERKSHIRE HATHAWAY CLASS B	2,249	$293K	0.1%	$130.28 *	$110.02	+24.5%	COMMON	084670702
—	TELEDYNE	3,184	$288K	0.1%	$90.45	$77.26	—	COMMON	087936010
MO	ALTRIA GROUP INC	5,195	$283K	0.1%	$54.48 *	$20.68	+30.6%	COMMON	02209S103
ELV	ANTHEM INC	2,000	$280K	0.1%	$140.00 *	$126.69	+2.5%	COMMON	036752103
PBHC	PATHFINDER BANCORP INC	24,432	$271K	0.1%	$11.09 *	$8.95	+1.9%	COMMON	70319R109
—	HCP INC	7,215	$269K	0.1%	$37.28	$44.07	—	COMMON	40414L109
—	SENIOR HOUSING PROP TRUST	16,516	$268K	0.1%	$16.23	$21.76	—	COMMON	81721M109
—	FIRST DEFIANCE FINL CORP	7,238	$265K	0.1%	$36.61	$37.37	—	COMMON	32006W106
SJM	JM SMUCKER	2,294	$262K	0.1%	$114.21 *	$71.16	+14.8%	COMMON	832696405
—	SOUTHERN CAL ED PFD E	10,667	$256K	0.1%	$24.00	$24.19	—	PREFERRED	842400509
PBR	PETROLEO BRASILEIRO S.A.-ADR	57,533	$250K	0.1%	$4.35	$13.56	—	COMMON	71654V408
—	AVAGO TECHNOLOGIES LTD	2,000	$250K	0.1%	$125.00	$125.00	—	COMMON	Y0486S104
—	ANNALY CAPITAL MANAGEMENT IN	25,000	$247K	0.1%	$9.88	$9.88	—	COMMON	035710409
WMMVY	WAL-MART DE MEXICO SA ADR	9,600	$237K	0.1%	$24.69	$28.02	—	COMMON	93114W107
BIDU	BAIDU INC - SPON ADR	1,715	$236K	0.1%	$137.61	$182.36	—	COMMON	056752108
MCD	MCDONALDS	2,361	$233K	0.1%	$98.69 *	$71.36	+5.6%	COMMON	580135101
ECL	ECOLAB	2,000	$219K	0.1%	$109.50 *	$73.48	+35.8%	COMMON	278865100
LULU	LULULEMON ATHLETICA INC	4,300	$218K	0.1%	$50.70 *	$60.95	0.0%	COMMON	550021109
UAA	UNDER ARMOUR INC-CLASS A	2,200	$213K	0.1%	$96.82 *	$40.45	+17.5%	COMMON	904311107
LLY	LILLY (ELI)	2,528	$212K	0.1%	$83.86 *	$63.20	+11.5%	COMMON	532457108
BMY	BRISTOL-MYERS SQUIBB	3,539	$210K	0.0%	$59.34 *	$34.21	+30.2%	COMMON	110122108
CRM	SALESFORCE.COM INC	3,000	$208K	0.0%	$69.33	$70.36	-0.5%	COMMON	79466L302
—	VALE SA-SP ADR	49,314	$207K	0.0%	$4.20	$4.20	—	COMMON	91912E204
LXU	LSB INDUSTRIES INC	11,184	$171K	0.0%	$15.29 *	$32.72	-32.1%	COMMON	502160104
—	1347 PROPERTY INSURANCE HOLD	23,092	$169K	0.0%	$7.32	$7.98	—	COMMON	68244P107
—	ALLEGHENY TECH	11,146	$158K	0.0%	$14.18	$26.29	—	COMMON	001741R10
—	SIZMEK INC	22,682	$136K	0.0%	$6.00	$7.10	—	COMMON	83013P105
—	NEVADA GOLD & CASINOS INC	84,182	$126K	0.0%	$1.50	$1.53	—	COMMON	64126Q206
CAPLEUR	CAPITALAND LTD	40,000	$77,000	0.0%	$1.93	$2.55	—	COMMON	Y10923103
—	IMMUNOCELLULAR THERAPEUTICS	28,000	$12,000	0.0%	$0.43	$1.93	—	COMMON	452536105
KRED	KONARED CORP	11,500	$1,000	0.0%	$0.09	$0.72	-85.4%	COMMON	50048Y104
—	MID-AMERICA APARTMENT COMM	3,000	$0	0.0%	$0.00	—	—	COMMON	059522J10
—	PFF BANCORP INC	13,610	$0	0.0%	$0.00	—	—	COMMON	69331W104
EQR	EQUITY RESIDENTIAL	5,400	$0	0.0%	$0.00	$34.44	+25.7%	COMMON	29476L107