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
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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
ARM Holdings plc COM 042068106 1,402 32,100 SH   SOLE   32,100 0 0
AT&T Corp. (New) COM 00206R102 1,985 56,314 SH   SOLE   55,730 0 584
AbbVie, Inc. COM 00287Y109 2,040 35,310 SH   SOLE   35,310 0 0
Abbott Laboratories COM 002824100 1,498 36,010 SH   SOLE   36,010 0 0
Annaly Mortgage Management, In COM 035710409 545 51,009 SH   SOLE   51,009 0 0
Apple Computer COM 037833100 469 4,654 SH   SOLE   4,654 0 0
Avista (formerly Washington Wa COM 05379B107 220 7,200 SH   SOLE   7,200 0 0
Bristol-Myers Squibb COM 110122108 2,683 52,417 SH   SOLE   51,717 0 700
Bunge Ltd. COM G16962105 1,633 19,389 SH   SOLE   19,389 0 0
CSX Corp. COM 126408103 3,550 110,721 SH   SOLE   110,721 0 0
Chevron Corporation (fmly. Che COM 166764100 3,199 26,812 SH   SOLE   26,512 0 300
Chubb Corporation COM 171232101 1,047 11,500 SH   SOLE   11,500 0 0
Clorox Co. COM 189054109 3,375 35,146 SH   SOLE   35,146 0 0
ConocoPhillips COM 20825C104 1,601 20,920 SH   SOLE   20,920 0 0
Copart Inc. COM 217204106 1,093 34,900 SH   SOLE   34,900 0 0
DNP Select Income Fund (fmly. COM 23325p104 1,064 105,290 SH   SOLE   105,290 0 0
Duke Energy COM 264399106 330 4,414 SH   SOLE   4,414 0 0
Duke-Weeks Realty Corp. COM 264411505 258 15,000 SH   SOLE   14,200 0 800
Edison International (formerly COM 281020107 274 4,900 SH   SOLE   4,900 0 0
Elements Rogers International COM 870297801 320 42,500 SH   SOLE   42,500 0 0
Essex Property Trust COM 297178105 1,879 10,512 SH   SOLE   10,334 0 178
ExxonMobil COM 30231g102 404 4,300 SH   SOLE   4,300 0 0
Frontier Communications COM 35906a108 286 43,890 SH   SOLE   43,890 0 0
GDF Suez S.A. COM 36160b105 1,775 70,800 SH   SOLE   70,800 0 0
General Electric COM 369604103 835 32,595 SH   SOLE   32,595 0 0
HCP, Inc. COM 40414L109 1,227 30,900 SH   SOLE   30,900 0 0
Hawaiian Electric COM 419870100 1,841 69,325 SH   SOLE   69,325 0 0
Intel Corp. COM 458140100 3,555 102,110 SH   SOLE   102,110 0 0
International Business Machine COM 459200101 1,079 5,686 SH   SOLE   5,686 0 0
Johnson & Johnson COM 478160104 2,174 20,400 SH   SOLE   20,400 0 0
Kimberly-Clark COM 494368103 1,834 17,050 SH   SOLE   17,050 0 0
Leggett & Platt, Inc. COM 524660107 716 20,509 SH   SOLE   20,509 0 0
Lilly, Eli COM 532457108 1,972 30,410 SH   SOLE   30,410 0 0
Lockheed Martin Corp. COM 539830109 602 3,293 SH   SOLE   3,293 0 0
Merck & Co. COM 589331107 4,555 76,842 SH   SOLE   75,842 0 1,000
Microchip Technology, Inc. COM 595017104 2,270 48,065 SH   SOLE   48,065 0 0
Microsoft COM 594918104 2,333 50,314 SH   SOLE   49,514 0 800
Open Joint Stock Co. Gazprom COM 368287207 1,693 242,600 SH   SOLE   242,600 0 0
Oracle Corp. COM 68389X105 1,045 27,300 SH   SOLE   27,300 0 0
PG&E Corporation COM 69331C108 621 13,779 SH   SOLE   13,779 0 0
PPG Industries COM 693506107 295 1,497 SH   SOLE   1,497 0 0
Pepco Holdings, Inc. COM 737679100 1,169 43,670 SH   SOLE   43,670 0 0
Pepsico Inc. COM 713448108 1,845 19,817 SH   SOLE   19,517 0 300
Pfizer Inc. COM 717081103 1,029 34,804 SH   SOLE   34,804 0 0
Phillips 66 COM 718546104 712 8,760 SH   SOLE   8,760 0 0
Pitney Bowes, Inc. COM 724479100 258 10,314 SH   SOLE   10,314 0 0
Plum Creek Timber Company, Inc COM 729251108 1,372 35,167 SH   SOLE   34,667 0 500
Procter & Gamble COM 742718109 15,306 182,785 SH   SOLE   182,485 0 300
Public Storage COM 74460D109 1,672 10,079 SH   SOLE   9,879 0 200
Rayonier Advanced Materials In COM 75508b104 313 9,504 SH   SOLE   9,354 0 150
Rayonier Inc. COM 754907103 889 28,536 SH   SOLE   28,086 0 450
Realty Income Corp. COM 756109104 265 6,500 SH   SOLE   6,500 0 0
Sanofi-Aventis SA COM 80105N105 1,528 27,084 SH   SOLE   27,084 0 0
Senior Housing Properties COM 81721M109 769 36,750 SH   SOLE   36,750 0 0
Southern Company COM 842587107 1,641 37,600 SH   SOLE   37,600 0 0
Statoil ASA COM 85771p102 1,088 40,041 SH   SOLE   40,041 0 0
Telefonica de Espana S.A. ADR COM 879382208 210 13,662 SH   SOLE   13,662 0 0
Total S.A. ADR COM 89151E109 1,701 26,400 SH   SOLE   26,400 0 0
Unilever PLC COM 904767704 1,573 37,530 SH   SOLE   37,530 0 0
United Technologies COM 913017109 1,481 14,021 SH   SOLE   14,021 0 0
UnitedHealth Group Inc. COM 910581107 2,217 25,704 SH   SOLE   25,704 0 0
Ventas, Inc. COM 92276F100 1,270 20,500 SH   SOLE   20,500 0 0
Verizon Corporation COM 92343V104 1,369 27,389 SH   SOLE   27,389 0 0
ASA (Bermuda) Limited COM G3156P103 1,598 135,850 SH   SOLE   134,350 0 1,500
AngloGold Ashanti Ltd. COM 035128206 431 35,900 SH   SOLE   35,900 0 0
BHP Billiton Ltd. COM 088606108 241 4,100 SH   SOLE   4,100 0 0
Barrick Gold Corporation COM 067901108 435 29,679 SH   SOLE   29,679 0 0
Central Fund of Canada Ltd. COM 153501101 3,292 267,447 SH   SOLE   267,447 0 0
Freeport McMoRan Inc. COM 35671D857 982 30,076 SH   SOLE   30,076 0 0
Goldcorp, Inc. COM 380956409 3,009 130,661 SH   SOLE   129,161 0 1,500
Hecla Mining COM 422704106 241 97,053 SH   SOLE   97,053 0 0
IAMGOLD Corporation COM 450913108 356 128,850 SH   SOLE   128,850 0 0
Kinross Gold Corporation COM 496902404 458 138,850 SH   SOLE   138,850 0 0
Market Vectors Junior Gold Min COM 57060U589 227 6,750 SH   SOLE   6,750 0 0
Newmont Mining COM 651639106 2,250 97,619 SH   SOLE   96,619 0 1,000
Pan American Silver Corp. COM 697900108 939 85,534 SH   SOLE   85,534 0 0
Silver Wheaton Corp. COM 828336107 2,006 100,655 SH   SOLE   100,655 0 0
Sprott Physical Gold Trust ETF COM 85207H104 2,369 237,652 SH   SOLE   237,152 0 500
Sprott Physical Silver Trust E COM 852075107 291 42,350 SH   SOLE   42,350 0 0
Yamana Gold, Inc. COM 98462Y100 1,201 200,162 SH   SOLE   200,162 0 0