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
3M Common Stock 88579Y101 4,789 31,040 SH   SOLE   31,040 0 0
ABBOTT LABORATORIES Common Stock 002824100 2,701 55,050 SH   SOLE   55,050 0 0
ABBVIE INC. Common Stock 00287Y109 3,786 56,350 SH   SOLE   56,350 0 0
AIR PRODUCTS & CHEMICALS Common Stock 009158106 608 4,450 SH   SOLE   4,450 0 0
ALTRIA GROUP INC. Common Stock 02209S103 640 13,100 SH   SOLE   13,100 0 0
AMERICAN EXPRESS CO. Common Stock 025816109 1,282 16,500 SH   SOLE   16,500 0 0
AMERICAN FUNDAMENTAL INVESTORS CL A Common Stock 360802102 998 18,956 SH   SOLE   18,956 0 0
AMGEN INC. Common Stock 031162100 4,940 32,180 SH   SOLE   32,180 0 0
APPLE COMPUTER Common Stock 037833100 54,155 431,777 SH   SOLE   431,777 0 0
BAKER HUGHES, INC. Common Stock 057224107 1,246 20,200 SH   SOLE   20,200 0 0
BANK OF NY MELLON CORP Common Stock 064058100 860 20,500 SH   SOLE   20,500 0 0
BANK OF AMERICA CORP Common Stock 060505104 326 19,205 SH   SOLE   19,205 0 0
BAXTER INTERNATIONAL Common Stock 071813109 2,720 38,900 SH   SOLE   38,900 0 0
BERKSHIRE HATHAWAY INC. CL. "B" Common Stock 084670207 2,268 16,670 SH   SOLE   16,670 0 0
BOEING CORPORATION Common Stock 097023105 4,827 34,800 SH   SOLE   34,800 0 0
BRISTOL-MYERS SQUIBB Common Stock 110122108 3,406 51,200 SH   SOLE   51,200 0 0
CVS CAREMARK CORP. Common Stock 126650100 629 6,000 SH   SOLE   6,000 0 0
CHEVRON TEXACO Common Stock 166764100 438 4,550 SH   SOLE   4,550 0 0
CISCO SYSTEMS Common Stock 17275R102 455 16,600 SH   SOLE   16,600 0 0
CLOVIS Common Stock 189464100 527 6,000 SH   SOLE   6,000 0 0
COCA COLA Common Stock 191216100 2,316 59,045 SH   SOLE   59,045 0 0
COLGATE-PALMOLIVE COMPANY Common Stock 194162103 3,178 48,600 SH   SOLE   48,600 0 0
CONOCO PHILLIPS Common Stock 20825C104 528 8,600 SH   SOLE   8,600 0 0
CORNING INC. Common Stock 219350105 538 27,300 SH   SOLE   27,300 0 0
COSTCO Common Stock 22160K105 459 3,400 SH   SOLE   3,400 0 0
CUMMINS INC. Common Stock 231021106 550 4,200 SH   SOLE   4,200 0 0
CYTEC INDUSTRIES Common Stock 232820100 920 15,200 SH   SOLE   15,200 0 0
DEERE & COMPANY Common Stock 24419910 650 6,700 SH   SOLE   6,700 0 0
DEVON ENERGY CORP. Common Stock 25179M103 690 11,600 SH   SOLE   11,600 0 0
DISNEY (WALT) CO. Common Stock 254687106 5,324 46,650 SH   SOLE   46,650 0 0
DOVER CORP Common Stock 260003108 1,586 22,600 SH   SOLE   22,600 0 0
DUPONT DE NEMOURS Common Stock 263534109 1,502 23,500 SH   SOLE   23,500 0 0
EMERSON CO. Common Stock 291011104 3,153 56,900 SH   SOLE   56,900 0 0
EXXON MOBIL Common Stock 30231G102 6,683 80,325 SH   SOLE   80,325 0 0
FEDEX CORP Common Stock 31428X106 1,363 8,000 SH   SOLE   8,000 0 0
FREEPORT-MCMORAN COPPER & GOLD, INC. Common Stock 35671D857 301 16,200 SH   SOLE   16,200 0 0
GENERAL ELECTRIC Common Stock 369604103 3,481 131,037 SH   SOLE   131,037 0 0
GOLDMAN SACHS Common Stock 38141G104 887 4,250 SH   SOLE   4,250 0 0
GOOGLE INC CLASS A Common Stock 38259P508 399 740 SH   SOLE   740 0 0
GOOGLE INC CLASS C Common Stock 38259P706 385 740 SH   SOLE   740 0 0
HALLIBURTON COMPANY Common Stock 406216101 1,132 26,300 SH   SOLE   26,300 0 0
HOME DEPOT Common Stock 437076102 1,494 13,450 SH   SOLE   13,450 0 0
HONEYWELL INTL Common Stock 438516106 5,386 52,825 SH   SOLE   52,825 0 0
HOWARD HUGHES CORP Common Stock 44267D107 3,917 27,290 SH   SOLE   27,290 0 0
IBM CORPORATION Common Stock 459200101 4,244 26,096 SH   SOLE   26,096 0 0
INTEL CORP. Common Stock 458140100 939 30,900 SH   SOLE   30,900 0 0
JP MORGAN CHASE & CO. Common Stock 46625H100 4,467 65,930 SH   SOLE   65,930 0 0
JACOBS ENGINEERING GROUP Common Stock 469814107 406 10,000 SH   SOLE   10,000 0 0
JOHNSON & JOHNSON Common Stock 478160104 9,611 98,622 SH   SOLE   98,622 0 0
KIMBERLY CLARK Common Stock 494368103 1,006 9,500 SH   SOLE   9,500 0 0
KNOWLES CORPORATION Common Stock 49926D109 210 11,650 SH   SOLE   11,650 0 0
KRAFT FOODS INC Common Stock 50075N104 613 7,200 SH   SOLE   7,200 0 0
KYTHERA BIOPHARMACEUTICALS, INC. Common Stock 501570105 1,589 21,100 SH   SOLE   21,100 0 0
L-3 COMMUNICATIONS Common Stock 502424104 895 7,900 SH   SOLE   7,900 0 0
LILLY (ELI) & CO. Common Stock 532457108 1,085 13,000 SH   SOLE   13,000 0 0
LOWES COMPANIES Common Stock 548661107 870 13,000 SH   SOLE   13,000 0 0
MC DONALD'S CORPORATION Common Stock 580135101 2,262 23,800 SH   SOLE   23,800 0 0
MICROSOFT CORPORATION Common Stock 594918104 2,782 63,020 SH   SOLE   63,020 0 0
MORGAN STANLEY Common Stock 617446448 694 17,900 SH   SOLE   17,900 0 0
NIKE INC. Common Stock 654106103 3,780 35,000 SH   SOLE   35,000 0 0
NORFOLK SOUTHERN CORP. Common Stock 655844108 1,694 19,400 SH   SOLE   19,400 0 0
NOVARTIS ADR Common Stock 66987V109 2,202 22,400 SH   SOLE   22,400 0 0
OAKTREE CAPITAL GROUP, LLC Common Stock 674001201 739 13,900 SH   SOLE   13,900 0 0
ORACLE CORPORATION Common Stock 68389X105 2,482 61,600 SH   SOLE   61,600 0 0
PEPSICO Common Stock 713448108 2,258 24,200 SH   SOLE   24,200 0 0
PFIZER Common Stock 717081103 955 28,500 SH   SOLE   28,500 0 0
PHILIP MORRIS INTERNATIONAL Common Stock 718172109 1,106 13,800 SH   SOLE   13,800 0 0
PLATFORM SPECIALTY PRODUCTS Common Stock 72766Q105 1,493 58,375 SH   SOLE   58,375 0 0
PRECISION CASTPARTS Common Stock 740189105 1,678 8,400 SH   SOLE   8,400 0 0
PROCTER & GAMBLE Common Stock 742718109 7,425 94,910 SH   SOLE   94,910 0 0
QUALCOMM Common Stock 747525103 2,880 46,000 SH   SOLE   46,000 0 0
SCHLUMBERGER LIMITED Common Stock 806857108 3,766 43,700 SH   SOLE   43,700 0 0
STRYKER CORPORATION Common Stock 863667101 286 3,000 SH   SOLE   3,000 0 0
UNION PACIFIC CORP. Common Stock 907818108 1,554 16,300 SH   SOLE   16,300 0 0
UNITED PARCEL SERVICE Common Stock 911312106 3,382 34,900 SH   SOLE   34,900 0 0
VERIZON COMMUNICATIONS Common Stock 92343V104 1,471 31,573 SH   SOLE   31,573 0 0
VODAFONE GROUP PLC ADR Common Stock 92857W209 1,130 31,020 SH   SOLE   31,020 0 0
WATERS CORP Common Stock 941848103 7,458 58,100 SH   SOLE   58,100 0 0
WATTS WATER TECHNOLOGIES Common Stock 942749102 1,840 35,500 SH   SOLE   35,500 0 0
WELLS FARGO Common Stock 30226D106 1,450 25,800 SH   SOLE   25,800 0 0