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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ARM Holdings plc COM 042068106   1,664 32,650 SH   SOLE   32,650 0 0
AT&T Corp. (New) COM 00206R102   2,012 57,379 SH   SOLE   56,795 0 584
AbbVie, Inc. COM 00287Y109   1,923 37,410 SH   SOLE   37,410 0 0
Abbott Laboratories COM 002824100   1,429 37,110 SH   SOLE   37,110 0 0
Annaly Mortgage Management, In COM 035710409   587 53,483 SH   SOLE   53,483 0 0
Apple Computer COM 037833100   374 697 SH   SOLE   697 0 0
Avista (formerly Washington Wa COM 05379B107   230 7,500 SH   SOLE   7,500 0 0
BRE Properties COM 05564E106   2,305 36,716 SH   SOLE   36,116 0 600
Bristol-Myers Squibb COM 110122108   2,791 53,717 SH   SOLE   53,017 0 700
Bunge Ltd. COM G16962105   1,565 19,684 SH   SOLE   19,684 0 0
CSX Corp. COM 126408103   3,258 112,450 SH   SOLE   112,450 0 0
Chevron Corporation (fmly. Che COM 166764100   3,218 27,062 SH   SOLE   26,762 0 300
Chubb Corporation COM 171232101   1,161 13,000 SH   SOLE   13,000 0 0
Clorox Co. COM 189054109   3,172 36,040 SH   SOLE   36,040 0 0
ConocoPhillips COM 20825C104   1,472 20,920 SH   SOLE   20,920 0 0
Copart Inc. COM 217204106   1,295 35,600 SH   SOLE   35,600 0 0
DNP Select Income Fund (fmly. COM 23325p104   1,067 108,922 SH   SOLE   108,922 0 0
Du Pont COM 263534109   2,335 34,797 SH   SOLE   34,797 0 0
Duke Energy COM 264399106   314 4,414 SH   SOLE   4,414 0 0
Duke-Weeks Realty Corp. COM 264411505   253 15,000 SH   SOLE   14,200 0 800
Edison International (formerly COM 281020107   277 4,900 SH   SOLE   4,900 0 0
Elements Rogers International COM 870297801   389 45,500 SH   SOLE   45,500 0 0
ExxonMobil COM 30231g102   420 4,300 SH   SOLE   4,300 0 0
Frontier Communications COM 35906a108   258 45,140 SH   SOLE   45,140 0 0
General Electric COM 369604103   864 33,390 SH   SOLE   33,390 0 0
HCP, Inc. COM 40414L109   1,224 31,550 SH   SOLE   31,550 0 0
Hawaiian Electric COM 419870100   1,777 69,900 SH   SOLE   69,900 0 0
Healthcare Services Group, Inc COM 421906108   202 6,950 SH   SOLE   6,950 0 0
Intel Corp. COM 458140100   2,638 102,200 SH   SOLE   102,200 0 0
International Business Machine COM 459200101   1,097 5,700 SH   SOLE   5,700 0 0
Johnson & Johnson COM 478160104   2,033 20,700 SH   SOLE   20,700 0 0
Kimberly-Clark COM 494368103   1,896 17,200 SH   SOLE   17,200 0 0
Leggett & Platt, Inc. COM 524660107   669 20,500 SH   SOLE   20,500 0 0
Lilly, Eli COM 532457108   1,840 31,260 SH   SOLE   31,260 0 0
Lockheed Martin Corp. COM 539830109   635 3,893 SH   SOLE   3,893 0 0
Merck & Co. COM 589331107   4,419 77,835 SH   SOLE   76,835 0 1,000
Microchip Technology, Inc. COM 595017104   2,347 49,150 SH   SOLE   49,150 0 0
Microsoft COM 594918104   2,113 51,551 SH   SOLE   50,751 0 800
Mosaic Company (The) COM 61945C103   220 4,400 SH   SOLE   4,400 0 0
Oracle Corp. COM 68389X105   1,199 29,300 SH   SOLE   29,300 0 0
PG&E Corporation COM 69331C108   613 14,179 SH   SOLE   14,179 0 0
PPG Industries COM 693506107   290 1,497 SH   SOLE   1,497 0 0
Pepco Holdings, Inc. COM 737679100   921 44,950 SH   SOLE   44,950 0 0
Pepsico Inc. COM 713448108   1,667 19,967 SH   SOLE   19,667 0 300
Pfizer Inc. COM 717081103   1,152 35,850 SH   SOLE   35,850 0 0
Phillips 66 COM 718546104   675 8,760 SH   SOLE   8,760 0 0
Pitney Bowes, Inc. COM 724479100   268 10,300 SH   SOLE   10,300 0 0
Plum Creek Timber Company, Inc COM 729251108   1,495 35,567 SH   SOLE   35,067 0 500
Procter & Gamble COM 742718109   15,343 190,360 SH   SOLE   190,060 0 300
Public Storage COM 74460D109   1,723 10,224 SH   SOLE   10,024 0 200
Rayonier Inc. COM 754907103   1,350 29,412 SH   SOLE   28,962 0 450
Realty Income Corp. COM 756109104   266 6,500 SH   SOLE   6,500 0 0
Safeguard Scientifics COM 786449108   203 9,154 SH   SOLE   9,154 0 0
Sanofi-Aventis SA COM 80105N105   1,434 27,434 SH   SOLE   27,434 0 0
Senior Housing Properties COM 81721M109   837 37,250 SH   SOLE   37,250 0 0
Southern Company COM 842587107   1,689 38,450 SH   SOLE   38,450 0 0
Statoil ASA COM 85771p102   1,136 40,250 SH   SOLE   40,250 0 0
Telefonica de Espana S.A. ADR COM 879382208   216 13,662 SH   SOLE   13,662 0 0
Total S.A. ADR COM 89151E109   1,745 26,600 SH   SOLE   26,600 0 0
TransCanada PL COM 89353D107   2,264 49,734 SH   SOLE   49,434 0 300
Unilever PLC COM 904767704   1,623 37,930 SH   SOLE   37,930 0 0
United Technologies COM 913017109   1,662 14,221 SH   SOLE   14,221 0 0
UnitedHealth Group Inc. COM 910581107   2,119 25,850 SH   SOLE   25,850 0 0
Ventas, Inc. COM 92276F100   1,257 20,750 SH   SOLE   20,750 0 0
Verizon Corporation COM 92343V104   1,340 28,177 SH   SOLE   28,177 0 0
ASA (Bermuda) Limited COM G3156P103   1,865 139,100 SH   SOLE   137,600 0 1,500
AngloGold Ashanti Ltd. COM 035128206   618 36,200 SH   SOLE   36,200 0 0
BHP Billiton Ltd. COM 088606108   278 4,100 SH   SOLE   4,100 0 0
Barrick Gold Corporation COM 067901108   529 29,675 SH   SOLE   29,675 0 0
Central Fund of Canada Ltd. COM 153501101   3,556 258,447 SH   SOLE   258,447 0 0
Freeport McMoRan Copper & Gold COM 35671D857   961 29,068 SH   SOLE   29,068 0 0
Goldcorp, Inc. COM 380956409   3,233 132,053 SH   SOLE   130,553 0 1,500
Hecla Mining COM 422704106   298 97,196 SH   SOLE   97,196 0 0
IAMGOLD Corporation COM 450913108   460 130,550 SH   SOLE   130,550 0 0
Kinross Gold Corporation COM 496902404   579 139,750 SH   SOLE   139,750 0 0
Market Vectors Junior Gold Min COM 57060U589   247 6,825 SH   SOLE   6,825 0 0
Newmont Mining COM 651639106   2,307 98,418 SH   SOLE   97,418 0 1,000
Pan American Silver Corp. COM 697900108   1,100 85,500 SH   SOLE   85,500 0 0
Silver Wheaton Corp. COM 828336107   2,319 102,150 SH   SOLE   102,150 0 0
Sprott Physical Gold Trust ETF COM 85207H104   2,527 236,852 SH   SOLE   236,352 0 500
Sprott Physical Silver Trust E COM 852075107   332 42,350 SH   SOLE   42,350 0 0
Yamana Gold, Inc. COM 98462Y100   1,760 200,400 SH   SOLE   200,400 0 0