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   1,894 34,600 SH   SOLE   34,600 0 0
AT&T Corp. (New) COM 00206R102   2,261 64,310 SH   SOLE   63,726 0 584
AbbVie, Inc. COM 00287Y109   2,002 37,910 SH   SOLE   37,910 0 0
Abbott Laboratories COM 002824100   1,442 37,610 SH   SOLE   37,610 0 0
Annaly Mortgage Management, In COM 035710409   595 59,683 SH   SOLE   59,683 0 0
Apple Computer COM 037833100   391 697 SH   SOLE   697 0 0
Avista (formerly Washington Wa COM 05379B107   214 7,600 SH   SOLE   7,600 0 0
BRE Properties COM 05564E106   2,197 40,166 SH   SOLE   39,566 0 600
Bristol-Myers Squibb COM 110122108   3,017 56,767 SH   SOLE   56,067 0 700
Bunge Ltd. COM G16962105   1,871 22,784 SH   SOLE   22,784 0 0
CSX Corp. COM 126408103   3,399 118,150 SH   SOLE   118,150 0 0
Chevron Corporation (fmly. Che COM 166764100   4,080 32,662 SH   SOLE   32,362 0 300
Chubb Corporation COM 171232101   1,256 13,000 SH   SOLE   13,000 0 0
Clorox Co. COM 189054109   3,617 38,990 SH   SOLE   38,990 0 0
ConocoPhillips COM 20825C104   1,612 22,820 SH   SOLE   22,820 0 0
Consolidated Edison, Inc. COM 209115104   232 4,200 SH   SOLE   4,200 0 0
Copart Inc. COM 217204106   1,521 41,500 SH   SOLE   41,500 0 0
Cypress Semiconductor COM 232806109   105 10,000 SH   SOLE   10,000 0 0
DNP Select Income Fund (fmly. COM 23325p104   1,120 118,912 SH   SOLE   118,912 0 0
Du Pont COM 263534109   2,569 39,547 SH   SOLE   39,547 0 0
Duke Energy COM 264399106   321 4,646 SH   SOLE   4,646 0 0
Duke-Weeks Realty Corp. COM 264411505   226 15,000 SH   SOLE   14,200 0 800
Edison International (formerly COM 281020107   236 5,102 SH   SOLE   5,102 0 0
Elements Rogers International COM 870297801   397 48,600 SH   SOLE   48,600 0 0
ExxonMobil COM 30231g102   476 4,700 SH   SOLE   4,700 0 0
Frontier Communications COM 35906a108   235 50,460 SH   SOLE   50,460 0 0
General Electric COM 369604103   1,020 36,390 SH   SOLE   36,390 0 0
HCP, Inc. COM 40414L109   1,155 31,800 SH   SOLE   31,800 0 0
Hawaiian Electric COM 419870100   1,939 74,400 SH   SOLE   74,400 0 0
Healthcare Realty Trust COM 421946104   202 9,500 SH   SOLE   9,500 0 0
Healthcare Services Group, Inc COM 421906108   218 7,700 SH   SOLE   7,700 0 0
Intel Corp. COM 458140100   2,821 108,700 SH   SOLE   108,700 0 0
International Business Machine COM 459200101   1,210 6,450 SH   SOLE   6,450 0 0
Johnson & Johnson COM 478160104   2,042 22,300 SH   SOLE   22,300 0 0
Kimberly-Clark COM 494368103   1,953 18,700 SH   SOLE   18,700 0 0
Leggett & Platt, Inc. COM 524660107   696 22,500 SH   SOLE   22,500 0 0
Lilly, Eli COM 532457108   1,735 34,010 SH   SOLE   34,010 0 0
Lockheed Martin Corp. COM 539830109   579 3,893 SH   SOLE   3,893 0 0
Merck & Co. COM 589331107   4,193 83,785 SH   SOLE   82,785 0 1,000
Microchip Technology, Inc. COM 595017104   2,401 53,650 SH   SOLE   53,650 0 0
Microsoft COM 594918104   2,065 55,201 SH   SOLE   54,401 0 800
Mosaic Company (The) COM 61945C103   293 6,200 SH   SOLE   6,200 0 0
Oracle Corp. COM 68389X105   1,121 29,300 SH   SOLE   29,300 0 0
PG&E Corporation COM 69331C108   696 17,279 SH   SOLE   17,279 0 0
PPG Industries COM 693506107   424 2,238 SH   SOLE   2,238 0 0
Pepco Holdings, Inc. COM 737679100   921 48,150 SH   SOLE   48,150 0 0
Pepsico Inc. COM 713448108   1,731 20,867 SH   SOLE   20,567 0 300
Pfizer Inc. COM 717081103   1,198 39,100 SH   SOLE   39,100 0 0
Phillips 66 COM 718546104   749 9,710 SH   SOLE   9,710 0 0
Pitney Bowes, Inc. COM 724479100   240 10,300 SH   SOLE   10,300 0 0
Plum Creek Timber Company, Inc COM 729251108   1,854 39,867 SH   SOLE   39,367 0 500
Procter & Gamble COM 742718109   15,298 187,910 SH   SOLE   187,610 0 300
Public Storage COM 74460D109   1,637 10,874 SH   SOLE   10,674 0 200
Rayonier Inc. COM 754907103   1,347 31,987 SH   SOLE   31,537 0 450
Realty Income Corp. COM 756109104   243 6,500 SH   SOLE   6,500 0 0
Safeguard Scientifics COM 786449108   208 10,354 SH   SOLE   10,354 0 0
Sanofi-Aventis SA COM 80105N105   1,662 30,984 SH   SOLE   30,984 0 0
Senior Housing Properties COM 81721M109   854 38,400 SH   SOLE   38,400 0 0
Southern Company COM 842587107   1,735 42,200 SH   SOLE   42,200 0 0
Statoil ASA COM 85771p102   1,050 43,500 SH   SOLE   43,500 0 0
Telefonica de Espana S.A. ADR COM 879382208   251 15,364 SH   SOLE   15,364 0 0
Total S.A. ADR COM 89151E109   1,722 28,100 SH   SOLE   28,100 0 0
TransCanada PL COM 89353D107   2,485 54,434 SH   SOLE   54,134 0 300
Unilever PLC COM 904767704   1,641 39,830 SH   SOLE   39,830 0 0
Union Pacific Corp. COM 907818108   254 1,510 SH   SOLE   1,510 0 0
United Technologies COM 913017109   1,755 15,421 SH   SOLE   15,421 0 0
UnitedHealth Group Inc. COM 910581107   2,056 27,300 SH   SOLE   27,300 0 0
Ventas, Inc. COM 92276F100   1,300 22,700 SH   SOLE   22,700 0 0
Verizon Corporation COM 92343V104   1,413 28,763 SH   SOLE   28,763 0 0
ASA (Bermuda) Limited COM G3156P103   1,835 149,700 SH   SOLE   148,200 0 1,500
AngloGold Ashanti Ltd. COM 035128206   455 38,800 SH   SOLE   38,800 0 0
BHP Billiton Ltd. COM 088606108   280 4,100 SH   SOLE   4,100 0 0
Barrick Gold Corporation COM 067901108   567 32,175 SH   SOLE   32,175 0 0
Central Fund of Canada Ltd. COM 153501101   3,797 286,547 SH   SOLE   286,547 0 0
Freeport McMoRan Copper & Gold COM 35671D857   1,278 33,868 SH   SOLE   33,868 0 0
Goldcorp, Inc. COM 380956409   2,948 136,053 SH   SOLE   134,553 0 1,500
Hecla Mining COM 422704106   321 104,196 SH   SOLE   104,196 0 0
IAMGOLD Corporation COM 450913108   453 136,150 SH   SOLE   136,150 0 0
Kinross Gold Corporation COM 496902404   650 148,450 SH   SOLE   148,450 0 0
Market Vectors Junior Gold Min COM 57060U589   219 7,050 SH   SOLE   7,050 0 0
Newmont Mining COM 651639106   2,453 106,518 SH   SOLE   105,518 0 1,000
Pan American Silver Corp. COM 697900108   1,071 91,500 SH   SOLE   91,500 0 0
Silver Wheaton Corp. COM 828336107   2,315 114,650 SH   SOLE   114,650 0 0
Sprott Physical Gold Trust ETF COM 85207H104   2,563 257,352 SH   SOLE   256,852 0 500
Sprott Physical Silver Trust E COM 852075107   328 43,350 SH   SOLE   43,350 0 0
Yamana Gold, Inc. COM 98462Y100   1,809 209,900 SH   SOLE   209,900 0 0