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 1,466 32,400 SH   SOLE   32,400 0 0
AT&T Corp. (New) COM 00206R102 2,006 56,729 SH   SOLE   56,145 0 584
AbbVie, Inc. COM 00287Y109 2,111 37,410 SH   SOLE   37,410 0 0
Abbott Laboratories COM 002824100 1,518 37,110 SH   SOLE   37,110 0 0
Annaly Mortgage Management, In COM 035710409 611 53,483 SH   SOLE   53,483 0 0
Apple Computer COM 037833100 437 4,704 SH   SOLE   4,704 0 0
Avista (formerly Washington Wa COM 05379B107 251 7,500 SH   SOLE   7,500 0 0
Bristol-Myers Squibb COM 110122108 2,565 52,867 SH   SOLE   52,167 0 700
Bunge Ltd. COM G16962105 1,489 19,686 SH   SOLE   19,686 0 0
CSX Corp. COM 126408103 3,440 111,661 SH   SOLE   111,661 0 0
Chevron Corporation (fmly. Che COM 166764100 3,520 26,962 SH   SOLE   26,662 0 300
Chubb Corporation COM 171232101 1,198 13,000 SH   SOLE   13,000 0 0
Clorox Co. COM 189054109 3,226 35,290 SH   SOLE   35,290 0 0
ConocoPhillips COM 20825C104 1,793 20,920 SH   SOLE   20,920 0 0
Copart Inc. COM 217204106 1,269 35,300 SH   SOLE   35,300 0 0
DNP Select Income Fund (fmly. COM 23325p104 1,133 107,797 SH   SOLE   107,797 0 0
Duke Energy COM 264399106 327 4,414 SH   SOLE   4,414 0 0
Duke-Weeks Realty Corp. COM 264411505 272 15,000 SH   SOLE   14,200 0 800
Edison International (formerly COM 281020107 285 4,900 SH   SOLE   4,900 0 0
Elements Rogers International COM 870297801 369 43,000 SH   SOLE   43,000 0 0
Essex Property Trust COM 297178105 1,974 10,674 SH   SOLE   10,496 0 178
ExxonMobil COM 30231g102 433 4,300 SH   SOLE   4,300 0 0
Frontier Communications COM 35906a108 258 44,140 SH   SOLE   44,140 0 0
GDF Suez S.A. COM 36160b105 1,960 70,800 SH   SOLE   70,800 0 0
General Electric COM 369604103 856 32,590 SH   SOLE   32,590 0 0
HCP, Inc. COM 40414L109 1,295 31,300 SH   SOLE   31,300 0 0
Hawaiian Electric COM 419870100 1,770 69,913 SH   SOLE   69,913 0 0
Healthcare Services Group, Inc COM 421906108 205 6,950 SH   SOLE   6,950 0 0
Intel Corp. COM 458140100 3,158 102,200 SH   SOLE   102,200 0 0
International Business Machine COM 459200101 1,031 5,690 SH   SOLE   5,690 0 0
Johnson & Johnson COM 478160104 2,166 20,700 SH   SOLE   20,700 0 0
Kimberly-Clark COM 494368103 1,896 17,050 SH   SOLE   17,050 0 0
Leggett & Platt, Inc. COM 524660107 703 20,500 SH   SOLE   20,500 0 0
Lilly, Eli COM 532457108 1,909 30,710 SH   SOLE   30,710 0 0
Lockheed Martin Corp. COM 539830109 626 3,893 SH   SOLE   3,893 0 0
Merck & Co. COM 589331107 4,477 77,385 SH   SOLE   76,385 0 1,000
Microchip Technology, Inc. COM 595017104 2,351 48,158 SH   SOLE   48,158 0 0
Microsoft COM 594918104 2,127 51,008 SH   SOLE   50,208 0 800
Mosaic Company (The) COM 61945C103 218 4,402 SH   SOLE   4,402 0 0
Open Joint Stock Co. Gazprom COM 368287207 2,119 243,100 SH   SOLE   243,100 0 0
Oracle Corp. COM 68389X105 1,188 29,300 SH   SOLE   29,300 0 0
PG&E Corporation COM 69331C108 671 13,979 SH   SOLE   13,979 0 0
PPG Industries COM 693506107 315 1,497 SH   SOLE   1,497 0 0
Pepco Holdings, Inc. COM 737679100 1,208 43,960 SH   SOLE   43,960 0 0
Pepsico Inc. COM 713448108 1,775 19,867 SH   SOLE   19,567 0 300
Pfizer Inc. COM 717081103 1,036 34,900 SH   SOLE   34,900 0 0
Phillips 66 COM 718546104 705 8,760 SH   SOLE   8,760 0 0
Pitney Bowes, Inc. COM 724479100 285 10,307 SH   SOLE   10,307 0 0
Plum Creek Timber Company, Inc COM 729251108 1,586 35,167 SH   SOLE   34,667 0 500
Procter & Gamble COM 742718109 14,532 184,910 SH   SOLE   184,610 0 300
Public Storage COM 74460D109 1,727 10,076 SH   SOLE   9,876 0 200
Rayonier Advanced Materials In COM 75508b104 368 9,505 SH   SOLE   9,355 0 150
Rayonier Inc. COM 754907103 1,014 28,519 SH   SOLE   28,069 0 450
Realty Income Corp. COM 756109104 289 6,500 SH   SOLE   6,500 0 0
Sanofi-Aventis SA COM 80105N105 1,440 27,084 SH   SOLE   27,084 0 0
Senior Housing Properties COM 81721M109 901 37,100 SH   SOLE   37,100 0 0
Southern Company COM 842587107 1,706 37,600 SH   SOLE   37,600 0 0
Statoil ASA COM 85771p102 1,234 40,032 SH   SOLE   40,032 0 0
Telefonica de Espana S.A. ADR COM 879382208 234 13,662 SH   SOLE   13,662 0 0
Total S.A. ADR COM 89151E109 1,921 26,600 SH   SOLE   26,600 0 0
Unilever PLC COM 904767704 1,700 37,530 SH   SOLE   37,530 0 0
United Technologies COM 913017109 1,630 14,121 SH   SOLE   14,121 0 0
UnitedHealth Group Inc. COM 910581107 2,101 25,702 SH   SOLE   25,702 0 0
Ventas, Inc. COM 92276F100 1,314 20,500 SH   SOLE   20,500 0 0
Verizon Corporation COM 92343V104 1,359 27,777 SH   SOLE   27,777 0 0
ASA (Bermuda) Limited COM G3156P103 2,009 137,100 SH   SOLE   135,600 0 1,500
AngloGold Ashanti Ltd. COM 035128206 620 36,000 SH   SOLE   36,000 0 0
BHP Billiton Ltd. COM 088606108 281 4,100 SH   SOLE   4,100 0 0
Barrick Gold Corporation COM 067901108 543 29,677 SH   SOLE   29,677 0 0
Central Fund of Canada Ltd. COM 153501101 3,903 268,447 SH   SOLE   268,447 0 0
Freeport McMoRan Copper & Gold COM 35671D857 1,069 29,274 SH   SOLE   29,274 0 0
Goldcorp, Inc. COM 380956409 3,669 131,456 SH   SOLE   129,956 0 1,500
Hecla Mining COM 422704106 335 97,052 SH   SOLE   97,052 0 0
IAMGOLD Corporation COM 450913108 535 129,850 SH   SOLE   129,850 0 0
Kinross Gold Corporation COM 496902404 575 138,850 SH   SOLE   138,850 0 0
Market Vectors Junior Gold Min COM 57060U589 285 6,750 SH   SOLE   6,750 0 0
Newmont Mining COM 651639106 2,491 97,918 SH   SOLE   96,918 0 1,000
Pan American Silver Corp. COM 697900108 1,313 85,517 SH   SOLE   85,517 0 0
Silver Wheaton Corp. COM 828336107 2,657 101,153 SH   SOLE   101,153 0 0
Sprott Physical Gold Trust ETF COM 85207H104 2,619 237,852 SH   SOLE   237,352 0 500
Sprott Physical Silver Trust E COM 852075107 359 42,350 SH   SOLE   42,350 0 0
Yamana Gold, Inc. COM 98462Y100 1,647 200,400 SH   SOLE   200,400 0 0