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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ARM Holdings plcCOM0420681061,40232,100SH SOLE 32,10000
AT&T Corp. (New)COM00206R1021,98556,314SH SOLE 55,7300584
AbbVie, Inc.COM00287Y1092,04035,310SH SOLE 35,31000
Abbott LaboratoriesCOM0028241001,49836,010SH SOLE 36,01000
Annaly Mortgage Management, InCOM03571040954551,009SH SOLE 51,00900
Apple ComputerCOM0378331004694,654SH SOLE 4,65400
Avista (formerly Washington WaCOM05379B1072207,200SH SOLE 7,20000
Bristol-Myers SquibbCOM1101221082,68352,417SH SOLE 51,7170700
Bunge Ltd.COMG169621051,63319,389SH SOLE 19,38900
CSX Corp.COM1264081033,550110,721SH SOLE 110,72100
Chevron Corporation (fmly. CheCOM1667641003,19926,812SH SOLE 26,5120300
Chubb CorporationCOM1712321011,04711,500SH SOLE 11,50000
Clorox Co.COM1890541093,37535,146SH SOLE 35,14600
ConocoPhillipsCOM20825C1041,60120,920SH SOLE 20,92000
Copart Inc.COM2172041061,09334,900SH SOLE 34,90000
DNP Select Income Fund (fmly.COM23325p1041,064105,290SH SOLE 105,29000
Duke EnergyCOM2643991063304,414SH SOLE 4,41400
Duke-Weeks Realty Corp.COM26441150525815,000SH SOLE 14,2000800
Edison International (formerlyCOM2810201072744,900SH SOLE 4,90000
Elements Rogers InternationalCOM87029780132042,500SH SOLE 42,50000
Essex Property TrustCOM2971781051,87910,512SH SOLE 10,3340178
ExxonMobilCOM30231g1024044,300SH SOLE 4,30000
Frontier CommunicationsCOM35906a10828643,890SH SOLE 43,89000
GDF Suez S.A.COM36160b1051,77570,800SH SOLE 70,80000
General ElectricCOM36960410383532,595SH SOLE 32,59500
HCP, Inc.COM40414L1091,22730,900SH SOLE 30,90000
Hawaiian ElectricCOM4198701001,84169,325SH SOLE 69,32500
Intel Corp.COM4581401003,555102,110SH SOLE 102,11000
International Business MachineCOM4592001011,0795,686SH SOLE 5,68600
Johnson & JohnsonCOM4781601042,17420,400SH SOLE 20,40000
Kimberly-ClarkCOM4943681031,83417,050SH SOLE 17,05000
Leggett & Platt, Inc.COM52466010771620,509SH SOLE 20,50900
Lilly, EliCOM5324571081,97230,410SH SOLE 30,41000
Lockheed Martin Corp.COM5398301096023,293SH SOLE 3,29300
Merck & Co.COM5893311074,55576,842SH SOLE 75,84201,000
Microchip Technology, Inc.COM5950171042,27048,065SH SOLE 48,06500
MicrosoftCOM5949181042,33350,314SH SOLE 49,5140800
Open Joint Stock Co. GazpromCOM3682872071,693242,600SH SOLE 242,60000
Oracle Corp.COM68389X1051,04527,300SH SOLE 27,30000
PG&E CorporationCOM69331C10862113,779SH SOLE 13,77900
PPG IndustriesCOM6935061072951,497SH SOLE 1,49700
Pepco Holdings, Inc.COM7376791001,16943,670SH SOLE 43,67000
Pepsico Inc.COM7134481081,84519,817SH SOLE 19,5170300
Pfizer Inc.COM7170811031,02934,804SH SOLE 34,80400
Phillips 66COM7185461047128,760SH SOLE 8,76000
Pitney Bowes, Inc.COM72447910025810,314SH SOLE 10,31400
Plum Creek Timber Company, IncCOM7292511081,37235,167SH SOLE 34,6670500
Procter & GambleCOM74271810915,306182,785SH SOLE 182,4850300
Public StorageCOM74460D1091,67210,079SH SOLE 9,8790200
Rayonier Advanced Materials InCOM75508b1043139,504SH SOLE 9,3540150
Rayonier Inc.COM75490710388928,536SH SOLE 28,0860450
Realty Income Corp.COM7561091042656,500SH SOLE 6,50000
Sanofi-Aventis SACOM80105N1051,52827,084SH SOLE 27,08400
Senior Housing PropertiesCOM81721M10976936,750SH SOLE 36,75000
Southern CompanyCOM8425871071,64137,600SH SOLE 37,60000
Statoil ASACOM85771p1021,08840,041SH SOLE 40,04100
Telefonica de Espana S.A. ADRCOM87938220821013,662SH SOLE 13,66200
Total S.A. ADRCOM89151E1091,70126,400SH SOLE 26,40000
Unilever PLCCOM9047677041,57337,530SH SOLE 37,53000
United TechnologiesCOM9130171091,48114,021SH SOLE 14,02100
UnitedHealth Group Inc.COM9105811072,21725,704SH SOLE 25,70400
Ventas, Inc.COM92276F1001,27020,500SH SOLE 20,50000
Verizon CorporationCOM92343V1041,36927,389SH SOLE 27,38900
ASA (Bermuda) LimitedCOMG3156P1031,598135,850SH SOLE 134,35001,500
AngloGold Ashanti Ltd.COM03512820643135,900SH SOLE 35,90000
BHP Billiton Ltd.COM0886061082414,100SH SOLE 4,10000
Barrick Gold CorporationCOM06790110843529,679SH SOLE 29,67900
Central Fund of Canada Ltd.COM1535011013,292267,447SH SOLE 267,44700
Freeport McMoRan Inc.COM35671D85798230,076SH SOLE 30,07600
Goldcorp, Inc.COM3809564093,009130,661SH SOLE 129,16101,500
Hecla MiningCOM42270410624197,053SH SOLE 97,05300
IAMGOLD CorporationCOM450913108356128,850SH SOLE 128,85000
Kinross Gold CorporationCOM496902404458138,850SH SOLE 138,85000
Market Vectors Junior Gold MinCOM57060U5892276,750SH SOLE 6,75000
Newmont MiningCOM6516391062,25097,619SH SOLE 96,61901,000
Pan American Silver Corp.COM69790010893985,534SH SOLE 85,53400
Silver Wheaton Corp.COM8283361072,006100,655SH SOLE 100,65500
Sprott Physical Gold Trust ETFCOM85207H1042,369237,652SH SOLE 237,1520500
Sprott Physical Silver Trust ECOM85207510729142,350SH SOLE 42,35000
Yamana Gold, Inc.COM98462Y1001,201200,162SH SOLE 200,16200