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
AMERICAN ELEC PWR INC COM 025537101 278 5,485 SH   SOLE   5,215 0 270
APACHE CORP COM 037411105 57,354 691,432 SH   SOLE   592,291 0 99,141
AT&T INC COM 00206R102 497 14,159 SH   SOLE   1,700 0 12,459
BANK NEW YORK MELLON CORP COM 064058100 29,939 848,369 SH   SOLE   728,318 0 120,051
BECTON DICKINSON & CO COM 075887109 27,699 236,585 SH   SOLE   202,169 0 34,416
BED BATH & BEYOND INC COM 075896100 455 6,610 SH   SOLE   5,690 0 920
BERKLEY W R CORP COM 084423102 55,866 1,342,281 SH   SOLE   1,153,982 0 188,299
CAMPBELL SOUP CO COM 134429109 311 6,919 SH   SOLE   6,789 0 130
CHECK POINT SOFTWARE TECH LT ORD M22465104 30,300 448,029 SH   SOLE   379,596 0 68,433
CLOROX CO DEL COM 189054109 279 3,165 SH   SOLE   2,920 0 245
COCA COLA CO COM 191216100 248 6,405 SH   SOLE   6,080 0 325
CVS CAREMARK CORPORATION COM 126650100 29,956 400,159 SH   SOLE   361,074 0 39,085
DORCHESTER MINERALS LP COM UNIT 25820R105 224 8,564 SH   SOLE   0 0 8,564
ENBRIDGE INC COM 29250N105 60,483 1,328,996 SH   SOLE   1,142,013 0 186,983
ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 209 4,480 SH   SOLE   0 0 4,480
EXPEDITORS INTL WASH INC COM 302130109 39,984 1,008,931 SH   SOLE   863,232 0 145,699
EXPRESS SCRIPTS HLDG CO COM 30219G108 59,089 786,904 SH   SOLE   661,270 0 125,634
EXXON MOBIL CORP COM 30231G102 488 4,993 SH   SOLE   3,205 0 1,788
FRANCO NEVADA CORP COM 351858105 37,908 826,611 SH   SOLE   701,488 0 125,123
JOHNSON & JOHNSON COM 478160104 742 7,557 SH   SOLE   6,774 0 783
LIBERTY MEDIA CORP DELAWARE CL A 531229102 1,967 15,050 SH   SOLE   13,750 0 1,300
MCCORMICK & CO INC COM NON VTG 579780206 2,226 31,035 SH   SOLE   28,680 0 2,355
MEDTRONIC INC COM 585055106 43,203 702,039 SH   SOLE   585,008 0 117,031
MICROSOFT CORP COM 594918104 58,999 1,439,355 SH   SOLE   1,233,137 0 206,218
MOLSON COORS BREWING CO CL B 60871R209 59,815 1,016,218 SH   SOLE   851,226 0 164,992
NEWMONT MINING CORP COM 651639106 451 19,232 SH   SOLE   16,995 0 2,237
NORFOLK SOUTHERN CORP COM 655844108 332 3,420 SH   SOLE   3,420 0 0
NOVARTIS A G SPONSORED ADR 66987V109 52,156 613,459 SH   SOLE   520,233 0 93,226
ORANGE SPONSORED ADR 684060106 29,921 2,036,822 SH   SOLE   1,668,581 0 368,241
PAYCHEX INC COM 704326107 223 5,243 SH   SOLE   4,683 0 560
PEPSICO INC COM 713448108 356 4,265 SH   SOLE   4,095 0 170
PHILIP MORRIS INTL INC COM 718172109 54,668 667,742 SH   SOLE   570,194 0 97,548
PRAXAIR INC COM 74005P104 28,916 220,784 SH   SOLE   189,227 0 31,557
PROCTER & GAMBLE CO COM 742718109 544 6,751 SH   SOLE   6,616 0 135
PUBLIC SVC ENTERPRISE GROUP COM 744573106 363 9,530 SH   SOLE   9,100 0 430
ROGERS COMMUNICATIONS INC CL B 775109200 310 7,480 SH   SOLE   7,080 0 400
ROYAL GOLD INC COM 780287108 42,105 672,388 SH   SOLE   558,458 0 113,930
SPECTRA ENERGY CORP COM 847560109 52,496 1,421,107 SH   SOLE   1,207,548 0 213,559
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 265 24,882 SH   SOLE   18,862 0 6,020
SYSCO CORP COM 871829107 53,369 1,477,125 SH   SOLE   1,257,230 0 219,895
TARGET CORP COM 87612E106 358 5,910 SH   SOLE   990 0 4,920
TRANSCANADA CORP COM 89353D107 370 8,130 SH   SOLE   7,680 0 450
UNILEVER PLC SPON ADR NEW 904767704 391 9,140 SH   SOLE   8,780 0 360
WESTERN UN CO COM 959802109 377 23,070 SH   SOLE   21,685 0 1,385