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 CO COM 88579Y101 534 3,205 SH   SOLE   1,070 0 2,135
AMERICAN ELEC PWR INC COM 025537101 790 11,891 SH   SOLE   3,585 0 8,306
ANNALY CAP MGMT INC COM 035710409 491 47,839 SH   SOLE   11,065 0 36,774
AT&T INC COM 00206R102 878 22,412 SH   SOLE   6,975 0 15,437
BANK NEW YORK MELLON CORP COM 064058100 48,012 1,303,602 SH   SOLE   1,075,255 0 228,347
BECTON DICKINSON & CO COM 075887109 22,680 149,388 SH   SOLE   117,221 0 32,167
BERKLEY W R CORP COM 084423102 61,557 1,095,324 SH   SOLE   890,373 0 204,951
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 43,408 1,247,725 SH   SOLE   1,023,562 0 224,163
CENTRAL FD CDA LTD CL A 153501101 1,739 145,016 SH   SOLE   33,890 0 111,126
CHEVRON CORP NEW COM 166764100 605 6,345 SH   SOLE   1,885 0 4,460
CLOROX CO DEL COM 189054109 524 4,160 SH   SOLE   1,245 0 2,915
COCA COLA CO COM 191216100 838 18,059 SH   SOLE   5,585 0 12,474
CURRENCYSHARES CDN DLR TR CDN DOLLAR SHS 23129X105 477 6,244 SH   SOLE   1,439 0 4,805
CURRENCYSHARES EURO TR EURO SHS 23130C108 458 4,115 SH   SOLE   950 0 3,165
DIAGEO P L C SPON ADR NEW 25243Q205 59,839 554,733 SH   SOLE   451,811 0 102,922
DOMINION RES INC VA NEW COM 25746U109 531 7,071 SH   SOLE   2,195 0 4,876
DORCHESTER MINERALS LP COM UNIT 25820R105 367 32,208 SH   SOLE   7,795 0 24,413
DUKE ENERGY CORP NEW COM NEW 26441C204 724 8,970 SH   SOLE   2,776 0 6,194
EMERSON ELEC CO COM 291011104 2,667 49,043 SH   SOLE   32,626 0 16,417
ENTERPRISE PRODS PARTNERS L COM 293792107 475 19,303 SH   SOLE   4,442 0 14,861
EXPEDITORS INTL WASH INC COM 302130109 45,093 923,841 SH   SOLE   750,552 0 173,289
EXPRESS SCRIPTS HLDG CO COM 30219G108 61,703 898,284 SH   SOLE   736,638 0 161,646
EXXON MOBIL CORP COM 30231G102 827 9,897 SH   SOLE   2,980 0 6,917
FRANCO NEVADA CORP COM 351858105 15,276 248,877 SH   SOLE   192,876 0 56,001
GENERAL ELECTRIC CO COM 369604103 1,421 44,697 SH   SOLE   13,625 0 31,072
ISHARES TR 1-3 YR TR BD ETF 464287457 1,249 14,690 SH   SOLE   3,385 0 11,305
ISHARES TR 1-3 YR CR BD ETF 464288646 1,453 13,785 SH   SOLE   3,175 0 10,610
ITC HLDGS CORP COM 465685105 30,600 702,308 SH   SOLE   572,411 0 129,897
JOHNSON & JOHNSON COM 478160104 723 6,683 SH   SOLE   2,003 0 4,680
KELLOGG CO COM 487836108 669 8,745 SH   SOLE   2,665 0 6,080
MCCORMICK & CO INC COM NON VTG 579780206 800 8,043 SH   SOLE   2,438 0 5,605
MCDONALDS CORP COM 580135101 946 7,525 SH   SOLE   2,290 0 5,235
MICROSOFT CORP COM 594918104 782 14,156 SH   SOLE   4,205 0 9,951
MONSANTO CO NEW COM 61166W101 21,692 247,225 SH   SOLE   202,520 0 44,705
NORFOLK SOUTHERN CORP COM 655844108 622 7,470 SH   SOLE   2,150 0 5,320
NOVARTIS A G SPONSORED ADR 66987V109 571 7,884 SH   SOLE   2,443 0 5,441
NUVEEN QUALITY INCOME MUN FD COM 670977107 873 59,303 SH   SOLE   13,825 0 45,478
PEPSICO INC COM 713448108 748 7,295 SH   SOLE   2,215 0 5,080
PHILIP MORRIS INTL INC COM 718172109 69,717 710,598 SH   SOLE   576,222 0 134,376
PRAXAIR INC COM 74005P104 48,329 422,269 SH   SOLE   347,431 0 74,838
PROCTER & GAMBLE CO COM 742718109 1,026 12,464 SH   SOLE   4,563 0 7,901
PUBLIC SVC ENTERPRISE GROUP COM 744573106 525 11,130 SH   SOLE   3,680 0 7,450
ROYAL GOLD INC COM 780287108 66,820 1,302,782 SH   SOLE   1,086,645 0 216,137
SANOFI SPONSORED ADR 80105N105 54,959 1,368,512 SH   SOLE   1,128,448 0 240,064
SCHLUMBERGER LTD COM 806857108 26,424 358,293 SH   SOLE   291,151 0 67,142
SOUTHERN CO COM 842587107 866 16,731 SH   SOLE   4,980 0 11,751
SPECTRA ENERGY CORP COM 847560109 61,677 2,015,591 SH   SOLE   1,609,237 0 406,354
SPECTRA ENERGY PARTNERS LP COM 84756N109 473 9,839 SH   SOLE   2,304 0 7,535
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 2,084 205,955 SH   SOLE   77,733 0 128,222
SYSCO CORP COM 871829107 534 11,429 SH   SOLE   3,288 0 8,141
UNILEVER PLC SPON ADR NEW 904767704 890 19,710 SH   SOLE   6,120 0 13,590
V F CORP COM 918204108 1,673 25,836 SH   SOLE   22,630 0 3,206
VANGUARD BD INDEX FD INC SHORT TRM BOND 921937827 1,656 20,532 SH   SOLE   6,387 0 14,145
VANGUARD CHARLOTTE FDS INTL BD IDX ETF 92203J407 223 4,091 SH   SOLE   4,091 0 0
VANGUARD MALVERN FDS STRM INFPROIDX 922020805 228 4,650 SH   SOLE   4,375 0 275
WAL-MART STORES INC COM 931142103 534 7,803 SH   SOLE   2,395 0 5,408
WASTE MGMT INC DEL COM 94106L109 495 8,385 SH   SOLE   2,885 0 5,500
WESTERN UN CO COM 959802109 598 31,006 SH   SOLE   9,260 0 21,746