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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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ARM Holdings plc COM 042068106   1,431 30,900 SH   SOLE   30,900 0 0
AT&T Corp. (New) COM 00206R102   1,838 54,723 SH   SOLE   54,139 0 584
AbbVie, Inc. COM 00287Y109   2,245 34,310 SH   SOLE   34,310 0 0
Abbott Laboratories COM 002824100   1,621 36,010 SH   SOLE   36,010 0 0
Anheuser Busch InBev COM 03524a108   1,095 9,750 SH   SOLE   9,750 0 0
Annaly Mortgage Management, In COM 035710409   539 49,883 SH   SOLE   49,883 0 0
Apple Computer COM 037833100   516 4,679 SH   SOLE   4,679 0 0
Avista (formerly Washington Wa COM 05379B107   255 7,200 SH   SOLE   7,200 0 0
Bristol-Myers Squibb COM 110122108   3,057 51,784 SH   SOLE   51,084 0 700
Bunge Ltd. COM G16962105   1,708 18,784 SH   SOLE   18,784 0 0
CSX Corp. COM 126408103   3,840 106,000 SH   SOLE   106,000 0 0
Chevron Corporation (fmly. Che COM 166764100   2,946 26,262 SH   SOLE   25,962 0 300
Chubb Corporation COM 171232101   931 9,000 SH   SOLE   9,000 0 0
Clorox Co. COM 189054109   3,532 33,890 SH   SOLE   33,890 0 0
ConocoPhillips COM 20825C104   1,445 20,920 SH   SOLE   20,920 0 0
Copart Inc. COM 217204106   1,230 33,700 SH   SOLE   33,700 0 0
DNP Select Income Fund (fmly. COM 23325p104   1,108 104,940 SH   SOLE   104,940 0 0
Duke Energy COM 264399106   366 4,383 SH   SOLE   4,383 0 0
Duke-Weeks Realty Corp. COM 264411505   303 15,000 SH   SOLE   14,200 0 800
Edison International (formerly COM 281020107   314 4,800 SH   SOLE   4,800 0 0
Elements Rogers International COM 870297801   257 40,800 SH   SOLE   40,800 0 0
Essex Property Trust COM 297178105   2,236 10,824 SH   SOLE   10,646 0 178
ExxonMobil COM 30231g102   388 4,200 SH   SOLE   4,200 0 0
Frontier Communications COM 35906a108   291 43,590 SH   SOLE   43,590 0 0
GDF Suez S.A. COM 36160b105   1,615 69,300 SH   SOLE   69,300 0 0
General Electric COM 369604103   811 32,090 SH   SOLE   32,090 0 0
HCP, Inc. COM 40414L109   1,361 30,907 SH   SOLE   30,907 0 0
Hawaiian Electric COM 419870100   2,284 68,206 SH   SOLE   68,206 0 0
Healthcare Realty Trust COM 421946104   205 7,500 SH   SOLE   7,500 0 0
Healthcare Services Group, Inc COM 421906108   215 6,950 SH   SOLE   6,950 0 0
Intel Corp. COM 458140100   3,644 100,400 SH   SOLE   100,400 0 0
International Business Machine COM 459200101   918 5,720 SH   SOLE   5,720 0 0
Johnson & Johnson COM 478160104   2,133 20,400 SH   SOLE   20,400 0 0
Kimberly-Clark COM 494368103   1,958 16,950 SH   SOLE   16,950 0 0
Leggett & Platt, Inc. COM 524660107   827 19,400 SH   SOLE   19,400 0 0
Lilly, Eli COM 532457108   2,067 29,960 SH   SOLE   29,960 0 0
Lockheed Martin Corp. COM 539830109   501 2,600 SH   SOLE   2,600 0 0
Mattel, Inc. COM 577081102   792 25,600 SH   SOLE   25,600 0 0
Merck & Co. COM 589331107   4,273 75,235 SH   SOLE   74,235 0 1,000
Microchip Technology, Inc. COM 595017104   2,109 46,750 SH   SOLE   46,750 0 0
Microsoft COM 594918104   2,267 48,801 SH   SOLE   48,001 0 800
Open Joint Stock Co. Gazprom COM 368287207   903 199,350 SH   SOLE   199,350 0 0
Oracle Corp. COM 68389X105   1,228 27,300 SH   SOLE   27,300 0 0
Overstock.com COM 690370101   660 27,200 SH   SOLE   26,700 0 500
PG&E Corporation COM 69331C108   728 13,679 SH   SOLE   13,679 0 0
PPG Industries COM 693506107   346 1,497 SH   SOLE   1,497 0 0
Pepco Holdings, Inc. COM 737679100   1,146 42,550 SH   SOLE   42,550 0 0
Pepsico Inc. COM 713448108   1,869 19,767 SH   SOLE   19,467 0 300
Petroleo Brasileiro S.A. COM 71654v408   461 63,100 SH   SOLE   63,100 0 0
Pfizer Inc. COM 717081103   1,072 34,402 SH   SOLE   34,402 0 0
Phillips 66 COM 718546104   621 8,660 SH   SOLE   8,660 0 0
Pitney Bowes, Inc. COM 724479100   227 9,300 SH   SOLE   9,300 0 0
Plum Creek Timber Company, Inc COM 729251108   1,509 35,267 SH   SOLE   34,767 0 500
Procter & Gamble COM 742718109   16,575 181,966 SH   SOLE   181,666 0 300
Public Storage COM 74460D109   1,807 9,774 SH   SOLE   9,574 0 200
Rayonier Advanced Materials In COM 75508b104   206 9,252 SH   SOLE   9,102 0 150
Realty Income Corp. COM 756109104   310 6,500 SH   SOLE   6,500 0 0
Sanofi-Aventis SA COM 80105N105   1,231 26,984 SH   SOLE   26,984 0 0
Senior Housing Properties COM 81721M109   811 36,668 SH   SOLE   36,668 0 0
Southern Company COM 842587107   1,842 37,500 SH   SOLE   37,500 0 0
Star Bulk Carriers Corp. COM y8162k121   128 19,500 SH   SOLE   19,500 0 0
Statoil ASA COM 85771p102   687 39,000 SH   SOLE   39,000 0 0
Telefonica de Espana S.A. ADR COM 879382208   191 13,441 SH   SOLE   13,441 0 0
The Chef's Warehouse COM 163086101   627 27,200 SH   SOLE   26,700 0 500
Total S.A. ADR COM 89151E109   1,331 26,000 SH   SOLE   26,000 0 0
Unilever PLC COM 904767704   1,508 37,250 SH   SOLE   37,250 0 0
Union Pacific Corp. COM 907818108   216 1,809 SH   SOLE   1,809 0 0
United Parcel Service COM 911312106   1,506 13,549 SH   SOLE   13,549 0 0
United Technologies COM 913017109   1,601 13,921 SH   SOLE   13,921 0 0
UnitedHealth Group Inc. COM 910581107   2,527 25,000 SH   SOLE   25,000 0 0
Ventas, Inc. COM 92276F100   1,463 20,400 SH   SOLE   20,400 0 0
Verizon Corporation COM 92343V104   1,277 27,289 SH   SOLE   27,289 0 0