Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COST	COSTCO WHOLESALE	97,638	$15.38M	5.0%	$88.98	+43.6%	COMMON	22160K105
HON	HONEYWELL INTERNATIONAL INC.	130,290	$14.6M	4.7%	$56.26	+35.7%	COMMON	438516106
MMM	3M COMPANY	79,691	$13.28M	4.3%	$65.70	+41.2%	COMMON	88579Y101
JNJ	JOHNSON & JOHNSON	101,518	$10.98M	3.5%	$61.73	+27.6%	COMMON	478160104
DIS	WALT DISNEY	109,004	$10.82M	3.5%	$61.02	+45.8%	COMMON	254687106
SLB	SCHLUMBERGER LIMITED	139,194	$10.27M	3.3%	$56.30	-5.6%	COMMON	806857108
VZ	VERIZON COMMUNICATIONS	173,570	$9.386M	3.0%	$26.79	+12.1%	COMMON	92343V104
AWK	AMERICAN WATER WORKS	135,605	$9.347M	3.0%	$33.18	+62.2%	COMMON	030420103
CAT	CATERPILLAR	107,037	$8.192M	2.6%	$63.03	-15.8%	COMMON	149123101
GOOGL	ALPHABET INC-CL A	10,577	$8.069M	2.6%	$36.73	-0.5%	COMMON	02079K305
AAPL	APPLE COMPUTER INC	65,801	$7.172M	2.3%	$19.01	+18.6%	COMMON	037833100
TMO	THERMO FISHER SCIENTIFIC	49,513	$7.011M	2.3%	$87.68	+48.6%	COMMON	883556102
KMB	KIMBERLY CLARK	49,718	$6.688M	2.2%	$65.34	+42.0%	COMMON	494368103
GOOG	ALPHABET INC-CL C	8,867	$6.605M	2.1%	$35.61	-0.2%	COMMON	02079K107
PG	PROCTER & GAMBLE	75,746	$6.235M	2.0%	$55.35	+11.4%	COMMON	742718109
EMR	EMERSON ELECTRIC	109,335	$5.946M	1.9%	$41.45	-9.8%	COMMON	291011104
—	ANADARKO PETROLEUM	127,493	$5.937M	1.9%	$87.03	—	COMMON	032511107
—	UNILEVER N.V. NY SHRS	130,201	$5.817M	1.9%	$39.71	—	COMMON	904784709
EOG	EOG RESOURCES INC	78,210	$5.676M	1.8%	$61.52	-17.0%	COMMON	26875P101
—	RAYTHEON	45,205	$5.543M	1.8%	$90.46	—	COMMON	755111507
CVX	CHEVRON CORP.	55,854	$5.329M	1.7%	$64.56	-11.1%	COMMON	166764100
—	WESTAR ENERGY INC.	106,767	$5.296M	1.7%	$31.92	—	COMMON	95709T100
VOD	VODAFONE GROUP PLC SP ADR	165,091	$5.291M	1.7%	$32.04	—	COMMON	92857W308
—	GENERAL ELECTRIC	166,072	$5.28M	1.7%	$23.35	—	COMMON	369604103
WMT	WAL-MART STORES	76,875	$5.265M	1.7%	$19.97	-8.3%	COMMON	931142103
—	ROYAL DUTCH SHELL PLC-ADR	106,522	$5.24M	1.7%	$51.95	—	COMMON	780259107
IBM	INTL BUSINESS MACHINES	32,652	$4.945M	1.6%	$116.36	-27.8%	COMMON	459200101
KMI	KINDER MORGAN INC	273,941	$4.893M	1.6%	$21.48	-53.7%	COMMON	49456B101
AMGN	AMGEN INC	31,762	$4.762M	1.5%	$111.60	-0.7%	COMMON	031162100
—	UNITED TECHNOLOGIES	47,040	$4.709M	1.5%	$97.09	—	COMMON	913017109
BA	BOEING	34,474	$4.376M	1.4%	$104.85	+6.7%	COMMON	097023105
—	BUCKEYE PARTNERS LP	57,486	$3.906M	1.3%	$70.12	—	COMMON	118230101
CMI	CUMMINS	31,028	$3.411M	1.1%	$98.87	-25.0%	COMMON	231021106
ABT	ABBOTT LABORATORIES	80,410	$3.363M	1.1%	$29.16	+13.2%	COMMON	002824100
—	ENERGY TRANSFER PARTNERS LP	98,325	$3.18M	1.0%	$48.38	—	COMMON	29273R109
AEM	AGNICO-EAGLE MINES LTD	81,364	$2.942M	0.9%	$25.13	+9.1%	COMMON	008474108
ABBNY	ABB LTD-SPON ADR	150,680	$2.926M	0.9%	$25.16	—	COMMON	000375204
NFG	NATIONAL FUEL GAS CO	57,150	$2.86M	0.9%	$62.26	-26.0%	COMMON	636180101
PFE	PFIZER	94,802	$2.81M	0.9%	$20.09	-7.0%	COMMON	717081103
T	A T & T INC.	69,410	$2.719M	0.9%	$11.06	+25.1%	COMMON	00206R102
SO	SOUTHERN	46,683	$2.415M	0.8%	$25.57	+26.0%	COMMON	842587107
—	MAGELLAN MIDSTREAM PARTNERS, LP.	34,921	$2.403M	0.8%	$59.38	—	COMMON	559080106
PAA	PLAINS ALL AMER PIPELINE	112,683	$2.363M	0.8%	$52.79	—	COMMON	726503105
—	GOLDCORP	136,553	$2.216M	0.7%	$24.85	—	COMMON	380956409
COP	CONOCOPHILLIPS	49,723	$2.002M	0.6%	$38.37	-26.8%	COMMON	20825C104
NOC	NORTHROP GRUMMAN	10,014	$1.981M	0.6%	$69.61	+131.4%	COMMON	666807102
DVN	DEVON ENERGY CORPORATION	72,076	$1.978M	0.6%	$38.04	-55.4%	COMMON	25179M103
ROK	ROCKWELL AUTOMATION	14,290	$1.625M	0.5%	$93.93	-10.6%	COMMON	773903109
XOM	EXXON MOBIL	18,897	$1.58M	0.5%	$53.86	-3.5%	COMMON	30231G102
—	PLUM CREEK TIMBER CO	37,382	$1.366M	0.4%	$42.90	—	COMMON	729251108
—	SOVRAN SELF STORAGE INC	10,352	$1.221M	0.4%	$73.42	—	COMMON	84610H108
—	ALLERGAN PLC	4,104	$1.1M	0.4%	$303.56	—	COMMON	G0177J108
NEE	NEXTERA ENERGY, INC.	9,270	$1.097M	0.4%	$14.93	+46.0%	COMMON	65339F101
—	BARRICK GOLD	77,657	$1.055M	0.3%	$16.32	—	COMMON	067901108
HAL	HALLIBURTON	28,223	$1.008M	0.3%	$36.46	-26.1%	COMMON	406216101
BIIB	BIOGEN IDEC	3,700	$963K	0.3%	$327.13	-19.3%	COMMON	09062X103
—	CRESCENT POINT ENERGY CORP	64,370	$891K	0.3%	$35.56	—	COMMON	22576C101
BRK/A	BERKSHIRE HATHAWAY - CL A	4	$854K	0.3%	$165023.42	+20.9%	COMMON	084670108
KMPR	KEMPER	23,160	$685K	0.2%	$32.74	-8.4%	COMMON	488401100
RYN	RAYONIER	27,216	$672K	0.2%	$45.89	—	COMMON	754907103
MRK	MERCK	12,485	$661K	0.2%	$31.76	+13.5%	COMMON	58933Y105
PCH	POTLATCH CORP.	19,886	$626K	0.2%	$38.67	—	COMMON	737630103
—	NICHOLAS FINANCIAL INC	56,366	$608K	0.2%	$12.61	—	COMMON	65373J209
KO	COCA COLA	12,916	$599K	0.2%	$27.85	+14.3%	COMMON	191216100
—	AIR TRANSPORT SERVICES GROUP	38,809	$597K	0.2%	$10.17	—	COMMON	00922R105
AMZN	AMAZON.COM	1,004	$596K	0.2%	$31.52	-10.0%	COMMON	023135106
WFC	WELLS FARGO & CO.	11,945	$578K	0.2%	$34.76	+6.7%	COMMON	949746101
EPD	ENTERPRISE PRODUCT PARTNERS L.P.	23,316	$574K	0.2%	$50.73	—	COMMON	293792107
BABA	ALIBABA GROUP HOLDING-SP ADR	7,110	$562K	0.2%	$96.01	—	COMMON	01609W102
PEP	PEPSICO	5,100	$523K	0.2%	$60.44	+21.2%	COMMON	713448108
FSBW	FS BANCORP INC	20,141	$507K	0.2%	$8.50	+17.5%	COMMON	30263Y104
DUK	DUKE ENERGY CORP	6,251	$504K	0.2%	$41.48	+21.7%	COMMON	26441C204
WEC	WEC ENERGY GROUP	8,247	$495K	0.2%	$33.96	+19.9%	COMMON	92939U106
KGC	KINROSS GOLD CORP.	144,534	$491K	0.2%	$5.35	-53.6%	COMMON	496902404
VTR	VENTAS INC	7,756	$488K	0.2%	$41.21	-11.0%	COMMON	92276F100
GLDD	GREAT LAKES DREDGE & DOCK CO	106,416	$475K	0.2%	$5.64	-36.5%	COMMON	390607109
SRE	SEMPRA ENERGY	4,555	$474K	0.2%	$27.60	+27.6%	COMMON	816851109
DGICA	DONEGAL GROUP INC-CL A	31,937	$459K	0.1%	$9.59	-2.3%	COMMON	257701201
—	NEWFIELD EXPLORATION	13,750	$457K	0.1%	$37.90	—	COMMON	651290108
—	AQUA AMERICA INC.	14,338	$456K	0.1%	$29.12	—	COMMON	03836W103
CW	CURTISS-WRIGHT	6,016	$455K	0.1%	$32.35	+104.3%	COMMON	231561101
BAC	BANK OF AMERICA CORP	33,225	$449K	0.1%	$10.90	-0.4%	COMMON	060505104
MSFT	MICROSOFT	8,007	$442K	0.1%	$30.27	+52.2%	COMMON	594918104
AHRT	ARMADA HOFFLER PROPERTIES IN	38,088	$428K	0.1%	$9.98	—	COMMON	04208T108
UHAL	AMERCO	1,192	$426K	0.1%	$32.68	+6.5%	COMMON	023586100
GILD	GILEAD SCIENCES INC	4,394	$404K	0.1%	$62.42	+1.7%	COMMON	375558103
—	OHA INVESTMENT CORP	118,928	$403K	0.1%	$4.91	—	COMMON	67091U102
LMT	LOCKHEED MARTIN	1,815	$402K	0.1%	$95.59	+72.8%	COMMON	539830109
FSFG	FIRST SAVINGS FINANCIAL GRP	11,827	$402K	0.1%	$9.26	0.0%	COMMON	33621E109
—	GRAMERCY PROPERTY TRUST INC	47,106	$398K	0.1%	$7.73	—	COMMON	385002100
AXP	AMERICAN EXPRESS	6,474	$398K	0.1%	$61.27	-17.6%	COMMON	025816109
—	CTRIP.COM INTERNATIONAL-ADR	8,850	$392K	0.1%	$45.96	—	COMMON	22943F100
MCY	MERCURY GENERAL	7,050	$391K	0.1%	$43.15	+15.5%	COMMON	589400100
—	MARINE HARVEST ASA- SPON ADR	25,550	$391K	0.1%	$14.08	—	COMMON	56824R205
IEP	ICAHN ENTERPRISES LP	6,000	$378K	0.1%	$101.44	—	COMMON	451100101
—	ZAIS FINANCIAL CORP	25,177	$376K	0.1%	$15.05	—	COMMON	98886K108
OXY	OCCIDENTAL PETROLEUM	5,200	$356K	0.1%	$63.52	-20.7%	COMMON	674599105
SOHO	SOTHERLY HOTELS INC	66,164	$340K	0.1%	$7.02	—	COMMON	83600C103
—	ENCANA CORP.	55,077	$335K	0.1%	$18.13	—	COMMON	292505104
M	MACY'S INC	7,500	$331K	0.1%	$43.33	-4.6%	COMMON	55616P104
PBR	PETROLEO BRASILEIRO S.A.-ADR	56,283	$329K	0.1%	$13.56	—	COMMON	71654V408
KINS	KINGSTONE COS INC	39,850	$329K	0.1%	$6.30	+5.2%	COMMON	496719105
BRK/B	BERKSHIRE HATHAWAY CLASS B	2,249	$319K	0.1%	$110.02	+20.5%	COMMON	084670702
BIDU	BAIDU INC - SPON ADR	1,615	$308K	0.1%	$182.36	—	COMMON	056752108
—	SENIOR HOUSING PROP TRUST	16,516	$295K	0.1%	$21.76	—	COMMON	81721M109
INTC	INTEL CORP	9,106	$295K	0.1%	$25.75	-5.3%	COMMON	458140100
TIPT	TIPTREE FINANCIAL INC - A	51,509	$294K	0.1%	$6.48	-9.0%	COMMON	88822Q103
SJM	JM SMUCKER	2,155	$280K	0.1%	$71.16	+31.3%	COMMON	832696405
ABBV	ABBVIE INC	4,762	$272K	0.1%	$30.17	+23.0%	COMMON	00287Y109
UAA	UNDER ARMOUR INC-CLASS A	3,000	$254K	0.1%	$42.07	-6.2%	COMMON	904311107
—	CHICAGO BRIDGE & IRON CO NV	6,955	$254K	0.1%	$62.28	—	COMMON	167250109
MCK	McKESSON	1,600	$252K	0.1%	$179.33	-16.6%	COMMON	58155Q103
—	ANNALY CAPITAL MANAGEMENT IN	24,500	$251K	0.1%	$9.88	—	COMMON	035710409
PBHC	PATHFINDER BANCORP INC	22,303	$246K	0.1%	$8.95	+9.9%	COMMON	70319R109
—	FIRST DEFIANCE FINL CORP	6,331	$243K	0.1%	$37.37	—	COMMON	32006W106
—	ENBRIDGE ENERGY PARTNERS LP	13,180	$241K	0.1%	$30.98	—	COMMON	29250R106
—	INDEPENDENCE HOLDING CO	14,555	$232K	0.1%	$15.94	—	COMMON	453440307
BMY	BRISTOL-MYERS SQUIBB	3,335	$213K	0.1%	$34.21	+31.0%	COMMON	110122108
—	VALE SA-SP ADR	49,314	$208K	0.1%	$4.22	—	COMMON	91912E109
DHR	DANAHER CORPORATION	2,170	$206K	0.1%	$38.22	-4.6%	COMMON	235851102
RIG	TRANSOCEAN LTD	22,371	$204K	0.1%	$46.00	-78.4%	COMMON	H8817H100
—	CELGENE	2,000	$200K	0.1%	$98.98	—	COMMON	151020104
PHYS	SPROTT PHYSICAL GOLD TRUST	17,048	$173K	0.1%	$10.15	—	COMMON	85207H104
—	NEVADA GOLD & CASINOS INC	79,565	$171K	0.1%	$1.55	—	COMMON	64126Q206
—	SIZMEK INC	22,682	$66,000	0.0%	$7.10	—	COMMON	83013P105
—	IMMUNOCELLULAR THERAPEUTICS	28,000	$8,000	0.0%	$1.93	—	COMMON	452536105