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   2,098 43,600 SH   SOLE   43,600 0 0
AT&T Corp. (New) COM 00206R102   2,290 67,715 SH   SOLE   67,131 0 584
AbbVie, Inc. COM 00287Y109   1,839 41,110 SH   SOLE   41,110 0 0
Abbott Laboratories COM 002824100   1,358 40,910 SH   SOLE   40,910 0 0
Annaly Mortgage Management, In COM 035710409   1,001 86,400 SH   SOLE   86,400 0 0
Apple Computer COM 037833100   356 747 SH   SOLE   747 0 0
Avista (formerly Washington Wa COM 05379B107   201 7,600 SH   SOLE   7,600 0 0
BRE Properties COM 05564E106   2,226 43,847 SH   SOLE   43,247 0 600
Bristol-Myers Squibb COM 110122108   2,874 62,092 SH   SOLE   61,392 0 700
Bunge Ltd. COM G16962105   1,874 24,684 SH   SOLE   24,684 0 0
CSX Corp. COM 126408103   3,523 136,850 SH   SOLE   136,850 0 0
Chevron Corporation (fmly. Che COM 166764100   4,333 35,662 SH   SOLE   35,362 0 300
Chubb Corporation COM 171232101   1,250 14,000 SH   SOLE   14,000 0 0
Clorox Co. COM 189054109   3,619 44,290 SH   SOLE   44,290 0 0
ConocoPhillips COM 20825C104   1,743 25,070 SH   SOLE   25,070 0 0
Consolidated Edison, Inc. COM 209115104   232 4,200 SH   SOLE   4,200 0 0
Copart Inc. COM 217204106   1,488 46,800 SH   SOLE   46,800 0 0
Cypress Semiconductor COM 232806109   107 11,500 SH   SOLE   11,500 0 0
DNP Select Income Fund (fmly. COM 23325p104   1,225 127,484 SH   SOLE   127,484 0 0
Du Pont COM 263534109   2,625 44,830 SH   SOLE   44,830 0 0
Duke Energy COM 264399106   357 5,344 SH   SOLE   5,344 0 0
Duke-Weeks Realty Corp. COM 264411505   232 15,000 SH   SOLE   14,200 0 800
Edison International (formerly COM 281020107   258 5,602 SH   SOLE   5,602 0 0
Elements Rogers International COM 870297801   468 56,600 SH   SOLE   56,600 0 0
ExxonMobil COM 30231g102   490 5,700 SH   SOLE   5,700 0 0
Frontier Communications COM 35906a108   275 65,715 SH   SOLE   65,715 0 0
General Electric COM 369604103   1,009 42,240 SH   SOLE   42,240 0 0
HCP, Inc. COM 40414L109   1,462 35,700 SH   SOLE   35,700 0 0
Hawaiian Electric COM 419870100   2,154 85,800 SH   SOLE   85,800 0 0
Healthcare Realty Trust COM 421946104   220 9,500 SH   SOLE   9,500 0 0
Healthcare Services Group, Inc COM 421906108   213 8,250 SH   SOLE   8,250 0 0
Intel Corp. COM 458140100   2,877 125,525 SH   SOLE   125,525 0 0
International Business Machine COM 459200101   1,412 7,626 SH   SOLE   7,626 0 0
Johnson & Johnson COM 478160104   2,120 24,450 SH   SOLE   24,450 0 0
Kimberly-Clark COM 494368103   1,974 20,950 SH   SOLE   20,950 0 0
Leggett & Platt, Inc. COM 524660107   823 27,300 SH   SOLE   27,300 0 0
Lilly, Eli COM 532457108   1,845 36,660 SH   SOLE   36,660 0 0
Lockheed Martin Corp. COM 539830109   497 3,893 SH   SOLE   3,893 0 0
Merck & Co. COM 589331107   4,669 98,060 SH   SOLE   97,060 0 1,000
Microchip Technology, Inc. COM 595017104   2,524 62,650 SH   SOLE   62,650 0 0
Microsoft COM 594918104   2,223 66,783 SH   SOLE   65,983 0 800
Mosaic Company (The) COM 61945C103   331 7,700 SH   SOLE   7,700 0 0
Oracle Corp. COM 68389X105   1,081 32,600 SH   SOLE   32,600 0 0
PG&E Corporation COM 69331C108   797 19,479 SH   SOLE   19,479 0 0
PPG Industries COM 693506107   460 2,751 SH   SOLE   2,751 0 0
Pepco Holdings, Inc. COM 737679100   1,053 57,050 SH   SOLE   57,050 0 0
Pepsico Inc. COM 713448108   1,842 23,167 SH   SOLE   22,867 0 300
Pfizer Inc. COM 717081103   1,379 48,011 SH   SOLE   48,011 0 0
Phillips 66 COM 718546104   611 10,560 SH   SOLE   10,560 0 0
Pitney Bowes, Inc. COM 724479100   187 10,300 SH   SOLE   10,300 0 0
Plum Creek Timber Company, Inc COM 729251108   2,040 43,567 SH   SOLE   43,067 0 500
Procter & Gamble COM 742718109   14,790 195,658 SH   SOLE   195,358 0 300
Rayonier Inc. COM 754907103   1,928 34,637 SH   SOLE   34,187 0 450
Realty Income Corp. COM 756109104   290 7,300 SH   SOLE   7,300 0 0
Safeguard Scientifics COM 786449108   170 10,851 SH   SOLE   10,851 0 0
Sanofi-Aventis SA COM 80105N105   1,799 35,534 SH   SOLE   35,534 0 0
Southern Company COM 842587107   1,995 48,450 SH   SOLE   48,450 0 0
Statoil ASA COM 85771p102   1,145 50,500 SH   SOLE   50,500 0 0
Telefonica de Espana S.A. ADR COM 879382208   283 18,264 SH   SOLE   18,264 0 0
Total S.A. ADR COM 89151E109   1,906 32,900 SH   SOLE   32,900 0 0
TransCanada PL COM 89353D107   2,594 59,034 SH   SOLE   58,734 0 300
Unilever PLC COM 904767704   1,863 48,280 SH   SOLE   48,280 0 0
Union Pacific Corp. COM 907818108   343 2,210 SH   SOLE   2,210 0 0
United Technologies COM 913017109   1,868 17,321 SH   SOLE   17,321 0 0
UnitedHealth Group Inc. COM 910581107   2,256 31,500 SH   SOLE   31,500 0 0
Verizon Corporation COM 92343V104   1,545 33,111 SH   SOLE   33,111 0 0
ASA (Bermuda) Limited COM G3156P103   2,164 163,300 SH   SOLE   161,800 0 1,500
AngloGold Ashanti Ltd. COM 035128206   584 44,000 SH   SOLE   44,000 0 0
BHP Billiton Ltd. COM 088606108   372 5,600 SH   SOLE   5,600 0 0
Barrick Gold Corporation COM 067901108   706 37,925 SH   SOLE   37,925 0 0
Central Fund of Canada Ltd. COM 153501101   4,606 313,328 SH   SOLE   313,328 0 0
Freeport McMoRan Copper & Gold COM 35671D857   1,269 38,368 SH   SOLE   38,368 0 0
Goldcorp, Inc. COM 380956409   3,855 148,218 SH   SOLE   146,718 0 1,500
Hecla Mining COM 422704106   356 113,450 SH   SOLE   113,450 0 0
IAMGOLD Corporation COM 450913108   750 157,850 SH   SOLE   157,850 0 0
Kinross Gold Corporation COM 496902404   879 174,150 SH   SOLE   174,150 0 0
Market Vectors Junior Gold Min COM 57060U589   461 11,325 SH   SOLE   11,325 0 0
Newmont Mining COM 651639106   3,309 117,768 SH   SOLE   116,768 0 1,000
Pan American Silver Corp. COM 697900108   1,093 103,625 SH   SOLE   103,625 0 0
Silver Wheaton Corp. COM 828336107   3,080 124,350 SH   SOLE   124,350 0 0
Sprott Physical Gold Trust ETF COM 85207H104   3,250 294,777 SH   SOLE   294,277 0 500
Sprott Physical Silver Trust E COM 852075107   307 35,150 SH   SOLE   35,150 0 0
Yamana Gold, Inc. COM 98462Y100   2,481 238,575 SH   SOLE   238,575 0 0
iShares Comex Gold Trust COM 464285105   137 10,659 SH   SOLE   10,659 0 0