The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M COMPANY COMMON 88579Y101 3,185 21,145 SH   SOLE   21,145 0 0
3M COMPANY COMMON 88579Y101 8,790 58,353 SH   SOLE   58,353 0 0
A T & T INC. COMMON 00206R102 720 20,932 SH   SOLE   20,932 0 0
A T & T INC. COMMON 00206R102 1,668 48,478 SH   SOLE   48,478 0 0
ABB LTD-SPON ADR COMMON 000375204 2,705 152,580 SH   SOLE   152,580 0 0
ABBOTT LABORATORIES COMMON 002824100 255 5,674 SH   SOLE   5,674 0 0
ABBOTT LABORATORIES COMMON 002824100 3,431 76,404 SH   SOLE   76,404 0 0
ABBVIE INC COMMON 00287Y109 282 4,762 SH   SOLE   4,762 0 0
AGNICO-EAGLE MINES LTD COMMON 008474108 1,460 55,550 SH   SOLE   55,550 0 0
AGNICO-EAGLE MINES LTD COMMON 008474108 665 25,294 SH   SOLE   25,294 0 0
AIR TRANSPORT SERVICES GROUP COMMON 00922R105 466 46,204 SH   SOLE   46,204 0 0
ALIBABA GROUP HOLDING-SP ADR COMMON 01609W102 549 6,750 SH   SOLE   6,750 0 0
ALLERGAN PLC COMMON G0177J108 1,283 4,104 SH   SOLE   4,104 0 0
ALPHABET INC-CL A COMMON 02079K305 6,042 7,766 SH   SOLE   7,766 0 0
ALPHABET INC-CL A COMMON 02079K305 2,241 2,880 SH   SOLE   2,880 0 0
ALPHABET INC-CL C COMMON 02079K107 2,172 2,862 SH   SOLE   2,862 0 0
ALPHABET INC-CL C COMMON 02079K107 4,720 6,220 SH   SOLE   6,220 0 0
AMAZON.COM COMMON 023135106 679 1,004 SH   SOLE   1,004 0 0
AMERCO COMMON 023586100 464 1,192 SH   SOLE   1,192 0 0
AMERICAN EXPRESS COMMON 025816109 450 6,471 SH   SOLE   6,471 0 0
AMERICAN WATER WORKS COMMON 030420103 3,909 65,415 SH   SOLE   65,415 0 0
AMERICAN WATER WORKS COMMON 030420103 4,091 68,470 SH   SOLE   68,470 0 0
AMGEN INC COMMON 031162100 259 1,595 SH   SOLE   1,595 0 0
AMGEN INC COMMON 031162100 4,822 29,702 SH   SOLE   29,702 0 0
ANADARKO PETROLEUM COMMON 032511107 1,426 29,363 SH   SOLE   29,363 0 0
ANADARKO PETROLEUM COMMON 032511107 4,770 98,181 SH   SOLE   98,181 0 0
ANNALY CAPITAL MANAGEMENT IN COMMON 035710409 230 24,500 SH   SOLE   24,500 0 0
APPLE COMPUTER INC COMMON 037833100 16,877 160,341 SH   SOLE   160,341 0 0
APPLE COMPUTER INC COMMON 037833100 643 6,106 SH   SOLE   6,106 0 0
AQUA AMERICA INC. COMMON 03836W103 427 14,338 SH   SOLE   14,338 0 0
ARMADA HOFFLER PROPERTIES IN COMMON 04208T108 419 40,011 SH   SOLE   40,011 0 0
BAIDU INC - SPON ADR COMMON 056752108 324 1,715 SH   SOLE   1,715 0 0
BANK OF AMERICA CORP COMMON 060505104 559 33,225 SH   SOLE   33,225 0 0
BARRICK GOLD COMMON 067901108 319 43,213 SH   SOLE   43,213 0 0
BARRICK GOLD COMMON 067901108 255 34,578 SH   SOLE   34,578 0 0
BERKSHIRE HATHAWAY - CL A COMMON 084670108 791 4 SH   SOLE   4 0 0
BERKSHIRE HATHAWAY CLASS B COMMON 084670702 297 2,249 SH   SOLE   2,249 0 0
BIOGEN IDEC COMMON 09062X103 1,133 3,700 SH   SOLE   3,700 0 0
BOEING COMMON 097023105 3,127 21,624 SH   SOLE   21,624 0 0
BOEING COMMON 097023105 2,118 14,650 SH   SOLE   14,650 0 0
BRISTOL-MYERS SQUIBB COMMON 110122108 236 3,435 SH   SOLE   3,435 0 0
BUCKEYE PARTNERS LP COMMON 118230101 2,692 40,815 SH   SOLE   40,815 0 0
BUCKEYE PARTNERS LP COMMON 118230101 1,100 16,671 SH   SOLE   16,671 0 0
CATERPILLAR COMMON 149123101 5,928 87,235 SH   SOLE   87,235 0 0
CATERPILLAR COMMON 149123101 1,399 20,582 SH   SOLE   20,582 0 0
CELGENE COMMON 151020104 240 2,000 SH   SOLE   2,000 0 0
CHEVRON CORP. COMMON 166764100 4,965 55,190 SH   SOLE   55,190 0 0
CHICAGO BRIDGE & IRON CO NV COMMON 167250109 303 7,775 SH   SOLE   7,775 0 0
COCA COLA COMMON 191216100 705 16,416 SH   SOLE   16,416 0 0
CONOCOPHILLIPS COMMON 20825C104 2,324 49,778 SH   SOLE   49,778 0 0
COSTCO WHOLESALE COMMON 22160K105 11,417 70,694 SH   SOLE   70,694 0 0
COSTCO WHOLESALE COMMON 22160K105 4,591 28,430 SH   SOLE   28,430 0 0
CRESCENT POINT ENERGY CORP COMMON 22576C101 436 37,445 SH   SOLE   37,445 0 0
CRESCENT POINT ENERGY CORP COMMON 22576C101 325 27,925 SH   SOLE   27,925 0 0
CTRIP.COM INTERNATIONAL-ADR COMMON 22943F100 436 9,400 SH   SOLE   9,400 0 0
CUMMINS COMMON 231021106 2,562 29,105 SH   SOLE   29,105 0 0
CUMMINS COMMON 231021106 220 2,503 SH   SOLE   2,503 0 0
CURTISS-WRIGHT COMMON 231561101 412 6,016 SH   SOLE   6,016 0 0
DANAHER CORPORATION COMMON 235851102 202 2,170 SH   SOLE   2,170 0 0
DEVON ENERGY CORPORATION COMMON 25179M103 902 28,194 SH   SOLE   28,194 0 0
DEVON ENERGY CORPORATION COMMON 25179M103 1,416 44,244 SH   SOLE   44,244 0 0
DONEGAL GROUP INC-CL A COMMON 257701201 595 42,263 SH   SOLE   42,263 0 0
DU PONT (E.I.) DE NEMOURS COMMON 263534109 1,532 23,000 SH   SOLE   23,000 0 0
DUKE ENERGY CORP COMMON 26441C204 446 6,251 SH   SOLE   6,251 0 0
EMERSON ELECTRIC COMMON 291011104 1,512 31,619 SH   SOLE   31,619 0 0
EMERSON ELECTRIC COMMON 291011104 7,841 163,930 SH   SOLE   163,930 0 0
ENBRIDGE ENERGY PARTNERS LP COMMON 29250R106 304 13,180 SH   SOLE   13,180 0 0
ENCANA CORP. COMMON 292505104 280 55,077 SH   SOLE   55,077 0 0
ENERGY TRANSFER PARTNERS LP COMMON 29273R109 3,317 98,325 SH   SOLE   98,325 0 0
ENTERPRISE PRODUCT PARTNERS L.P. COMMON 293792107 617 24,116 SH   SOLE   24,116 0 0
EOG RESOURCES INC COMMON 26875P101 5,536 78,210 SH   SOLE   78,210 0 0
EXXON MOBIL COMMON 30231G102 1,473 18,897 SH   SOLE   18,897 0 0
F5 NETWORKS INC COMMON 315616102 388 4,000 SH   SOLE   4,000 0 0
FACEBOOK INC-A COMMON 30303M102 283 2,700 SH   SOLE   2,700 0 0
FIRST DEFIANCE FINL CORP COMMON 32006W106 276 7,303 SH   SOLE   7,303 0 0
FS BANCORP INC COMMON 30263Y104 633 24,343 SH   SOLE   24,343 0 0
GENERAL ELECTRIC COMMON 369604103 4,876 156,522 SH   SOLE   156,522 0 0
GENERAL ELECTRIC COMMON 369604103 213 6,850 SH   SOLE   6,850 0 0
GILEAD SCIENCES INC COMMON 375558103 445 4,394 SH   SOLE   4,394 0 0
GOLDCORP COMMON 380956409 479 41,428 SH   SOLE   41,428 0 0
GOLDCORP COMMON 380956409 1,098 94,955 SH   SOLE   94,955 0 0
GOLDMAN SACHS COMMON 38141G104 360 2,000 SH   SOLE   2,000 0 0
GRAMERCY PROPERTY TRUST INC COMMON 385002100 364 47,107 SH   SOLE   47,107 0 0
GREAT LAKES DREDGE & DOCK CO COMMON 390607109 388 97,972 SH   SOLE   97,972 0 0
HALLIBURTON COMMON 406216101 754 22,150 SH   SOLE   22,150 0 0
HALLIBURTON COMMON 406216101 207 6,073 SH   SOLE   6,073 0 0
HOME DEPOT INC. COMMON 437076102 304 2,300 SH   SOLE   2,300 0 0
HONEYWELL INTERNATIONAL INC. COMMON 438516106 3,863 37,296 SH   SOLE   37,296 0 0
HONEYWELL INTERNATIONAL INC. COMMON 438516106 10,254 99,007 SH   SOLE   99,007 0 0
HUMANA INC COMMON 444859102 482 2,700 SH   SOLE   2,700 0 0
ICAHN ENTERPRISES LP COMMON 451100101 368 6,000 SH   SOLE   6,000 0 0
IMMUNOCELLULAR THERAPEUTICS COMMON 452536105 10 28,000 SH   SOLE   28,000 0 0
INTEL CORP COMMON 458140100 372 10,786 SH   SOLE   10,786 0 0
INTL BUSINESS MACHINES COMMON 459200101 5,533 40,204 SH   SOLE   40,204 0 0
INTL BUSINESS MACHINES COMMON 459200101 1,829 13,290 SH   SOLE   13,290 0 0
JM SMUCKER COMMON 832696405 266 2,155 SH   SOLE   2,155 0 0
JOHNSON & JOHNSON COMMON 478160104 3,090 30,086 SH   SOLE   30,086 0 0
JOHNSON & JOHNSON COMMON 478160104 7,526 73,267 SH   SOLE   73,267 0 0
KEMPER COMMON 488401100 863 23,160 SH   SOLE   23,160 0 0
KIMBERLY CLARK COMMON 494368103 2,738 21,507 SH   SOLE   21,507 0 0
KIMBERLY CLARK COMMON 494368103 3,673 28,850 SH   SOLE   28,850 0 0
KINDER MORGAN INC COMMON 49456B101 4,087 273,941 SH   SOLE   273,941 0 0
KINGSTONE COS INC COMMON 496719105 347 38,500 SH   SOLE   38,500 0 0
KINROSS GOLD CORP. COMMON 496902404 143 78,322 SH   SOLE   78,322 0 0
KINROSS GOLD CORP. COMMON 496902404 121 66,485 SH   SOLE   66,485 0 0
LOCKHEED MARTIN COMMON 539830109 394 1,815 SH   SOLE   1,815 0 0
LULULEMON ATHLETICA INC COMMON 550021109 210 4,000 SH   SOLE   4,000 0 0
MACY'S INC COMMON 55616P104 262 7,500 SH   SOLE   7,500 0 0
MADISON COUNTY FINANCIAL INC COMMON 556777100 278 13,093 SH   SOLE   13,093 0 0
MAGELLAN MIDSTREAM PARTNERS, LP. COMMON 559080106 1,459 21,482 SH   SOLE   21,482 0 0
MAGELLAN MIDSTREAM PARTNERS, LP. COMMON 559080106 916 13,489 SH   SOLE   13,489 0 0
MARINE HARVEST ASA- SPON ADR COMMON 56824R205 330 25,050 SH   SOLE   25,050 0 0
MERCK COMMON 58933Y105 659 12,485 SH   SOLE   12,485 0 0
MERCURY GENERAL COMMON 589400100 328 7,050 SH   SOLE   7,050 0 0
MICROSOFT COMMON 594918104 452 8,152 SH   SOLE   8,152 0 0
McKESSON COMMON 58155Q103 316 1,600 SH   SOLE   1,600 0 0
NATIONAL FUEL GAS CO COMMON 636180101 2,443 57,150 SH   SOLE   57,150 0 0
NEVADA GOLD & CASINOS INC COMMON 64126Q206 193 85,848 SH   SOLE   85,848 0 0
NEWFIELD EXPLORATION COMMON 651290108 448 13,750 SH   SOLE   13,750 0 0
NEXTERA ENERGY, INC. COMMON 65339F101 270 2,600 SH   SOLE   2,600 0 0
NEXTERA ENERGY, INC. COMMON 65339F101 693 6,670 SH   SOLE   6,670 0 0
NICHOLAS FINANCIAL INC COMMON 65373J209 636 54,553 SH   SOLE   54,553 0 0
NORTHRIM BANCORP INC COMMON 666762109 306 11,508 SH   SOLE   11,508 0 0
NORTHROP GRUMMAN COMMON 666807102 274 1,452 SH   SOLE   1,452 0 0
NORTHROP GRUMMAN COMMON 666807102 1,606 8,508 SH   SOLE   8,508 0 0
OCCIDENTAL PETROLEUM COMMON 674599105 352 5,200 SH   SOLE   5,200 0 0
OHA INVESTMENT CORP COMMON 67091U102 427 112,311 SH   SOLE   112,311 0 0
PALO ALTO NETWORKS INC COMMON 697435105 352 2,000 SH   SOLE   2,000 0 0
PATHFINDER BANCORP INC COMMON 70319R109 311 24,112 SH   SOLE   24,112 0 0
PEPSICO COMMON 713448108 580 5,800 SH   SOLE   5,800 0 0
PETROLEO BRASILEIRO S.A.-ADR COMMON 71654V408 44 10,213 SH   SOLE   10,213 0 0
PETROLEO BRASILEIRO S.A.-ADR COMMON 71654V408 199 46,170 SH   SOLE   46,170 0 0
PFIZER COMMON 717081103 3,060 94,802 SH   SOLE   94,802 0 0
PLAINS ALL AMER PIPELINE COMMON 726503105 307 13,308 SH   SOLE   13,308 0 0
PLAINS ALL AMER PIPELINE COMMON 726503105 2,296 99,375 SH   SOLE   99,375 0 0
PLUM CREEK TIMBER CO COMMON 729251108 1,784 37,382 SH   SOLE   37,382 0 0
POTLATCH CORP. COMMON 737630103 601 19,886 SH   SOLE   19,886 0 0
PROCTER & GAMBLE COMMON 742718109 1,967 24,770 SH   SOLE   24,770 0 0
PROCTER & GAMBLE COMMON 742718109 4,165 52,454 SH   SOLE   52,454 0 0
QUALCOMM COMMON 747525103 3,274 65,500 SH   SOLE   65,500 0 0
RAYONIER COMMON 754907103 604 27,216 SH   SOLE   27,216 0 0
RAYTHEON COMMON 755111507 1,780 14,294 SH   SOLE   14,294 0 0
RAYTHEON COMMON 755111507 3,907 31,375 SH   SOLE   31,375 0 0
ROCKWELL AUTOMATION COMMON 773903109 1,227 11,955 SH   SOLE   11,955 0 0
ROYAL DUTCH SHELL PLC-ADR COMMON 780259107 4,861 105,572 SH   SOLE   105,572 0 0
SCHLUMBERGER LIMITED COMMON 806857108 1,846 26,470 SH   SOLE   26,470 0 0
SCHLUMBERGER LIMITED COMMON 806857108 7,915 113,478 SH   SOLE   113,478 0 0
SEMPRA ENERGY COMMON 816851109 428 4,555 SH   SOLE   4,555 0 0
SENIOR HOUSING PROP TRUST COMMON 81721M109 245 16,516 SH   SOLE   16,516 0 0
SIZMEK INC COMMON 83013P105 83 22,682 SH   SOLE   22,682 0 0
SKYWORKS SOLUTIONS COMMON 83088M102 307 4,000 SH   SOLE   4,000 0 0
SOTHERLY HOTELS INC COMMON 83600C103 419 68,006 SH   SOLE   68,006 0 0
SOUTHERN COMMON 842587107 1,829 39,088 SH   SOLE   39,088 0 0
SOUTHERN COMMON 842587107 355 7,595 SH   SOLE   7,595 0 0
SOVRAN SELF STORAGE INC COMMON 84610H108 1,111 10,352 SH   SOLE   10,352 0 0
THERMO FISHER SCIENTIFIC COMMON 883556102 6,442 45,415 SH   SOLE   45,415 0 0
THERMO FISHER SCIENTIFIC COMMON 883556102 519 3,658 SH   SOLE   3,658 0 0
TIPTREE FINANCIAL INC - A COMMON 88822Q103 296 48,248 SH   SOLE   48,248 0 0
TRANSOCEAN LTD COMMON H8817H100 277 22,371 SH   SOLE   22,371 0 0
UNDER ARMOUR INC-CLASS A COMMON 904311107 258 3,200 SH   SOLE   3,200 0 0
UNILEVER N.V. NY SHRS COMMON 904784709 2,151 49,650 SH   SOLE   49,650 0 0
UNILEVER N.V. NY SHRS COMMON 904784709 3,430 79,185 SH   SOLE   79,185 0 0
UNITED TECHNOLOGIES COMMON 913017109 7,815 81,345 SH   SOLE   81,345 0 0
UNITED TECHNOLOGIES COMMON 913017109 519 5,405 SH   SOLE   5,405 0 0
VENTAS INC COMMON 92276F100 438 7,756 SH   SOLE   7,756 0 0
VERIZON COMMUNICATIONS COMMON 92343V104 2,344 50,703 SH   SOLE   50,703 0 0
VERIZON COMMUNICATIONS COMMON 92343V104 7,754 167,755 SH   SOLE   167,755 0 0
VODAFONE GROUP PLC SP ADR COMMON 92857W308 5,326 165,091 SH   SOLE   165,091 0 0
WAL-MART STORES COMMON 931142103 4,774 77,875 SH   SOLE   77,875 0 0
WALGREENS BOOTS ALLIANCE INC COMMON 931427108 272 3,200 SH   SOLE   3,200 0 0
WALT DISNEY COMMON 254687106 4,987 47,460 SH   SOLE   47,460 0 0
WALT DISNEY COMMON 254687106 6,681 63,583 SH   SOLE   63,583 0 0
WEC ENERGY GROUP COMMON 92939U106 423 8,247 SH   SOLE   8,247 0 0
WELLS FARGO & CO. COMMON 949746101 649 11,945 SH   SOLE   11,945 0 0
WESTAR ENERGY INC. COMMON 95709T100 358 8,432 SH   SOLE   8,432 0 0
WESTAR ENERGY INC. COMMON 95709T100 4,322 101,915 SH   SOLE   101,915 0 0
ZAIS FINANCIAL CORP COMMON 98886K108 249 16,482 SH   SOLE   16,482 0 0