Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXON MOBIL CORPORATION	162,456	$14.68M	6.6%	$53.69	0.0%	COM	30231G102
CVX	CHEVRON CORP	106,388	$12.59M	5.6%	$71.30	0.0%	COM	166764100
IBM	INTERNATIONAL BUSINESS MACHINE	57,492	$10.99M	4.9%	$118.94	0.0%	COM	459200101
PM	PHILIP MORRIS INTERNATIONAL-AL	119,206	$10.33M	4.6%	$49.85	0.0%	COM	718172109
—	MERCK & CO.	162,370	$7.542M	3.4%	$46.45	—	COM	589331107
—	KINDER MORGAN ENERGY PARTNERS	87,850	$7.502M	3.4%	$85.40	—	COM	494550106
KO	COCA-COLA CO	179,842	$7.213M	3.2%	$27.85	0.0%	COM	191216100
—	COMMONWEALTH REIT (FRMLY HRPT	304,091	$7.031M	3.1%	$23.12	—	COM	203233101
—	ROYAL DUTCH SHELL PLC - ADR A	88,270	$5.632M	2.5%	$63.80	—	COM	780259206
—	GENERAL ELECTRIC	228,910	$5.308M	2.4%	$23.19	—	COM	369604103
M	MACY'S INC. (FORMERLY FEDERATE	110,282	$5.294M	2.4%	$46.44	0.0%	COM	55616P104
PG	PROCTER & GAMBLE CO	68,559	$5.278M	2.4%	$55.00	0.0%	COM	742718109
AAPL	APPLE INC	11,800	$4.679M	2.1%	$13.16	0.0%	COM	037833100
—	LORILLARD, INC.	103,966	$4.541M	2.0%	$43.68	—	COM	544147101
DEO	DIAGEO PLC ADR	39,085	$4.493M	2.0%	$114.95	—	COM	25243Q205
—	CITY NATL CORP SER C	158,840	$3.736M	1.7%	$23.52	—	PREFERRED	17800x202
BMY	BRISTOL-MYERS SQUIBB CO	82,844	$3.702M	1.7%	$28.67	0.0%	COM	110122108
L	LOEWS CORP	83,129	$3.691M	1.7%	$42.08	0.0%	COM	540424108
MO	ALTRIA GROUP INC	104,806	$3.667M	1.6%	$16.28	0.0%	COM	02209S103
PFE	PFIZER, INC.	128,642	$3.603M	1.6%	$16.46	0.0%	COM	717081103
PEP	PEPSICO	43,809	$3.583M	1.6%	$56.00	0.0%	COM	713448108
—	TOTAL SA SPON ADR	70,395	$3.428M	1.5%	$48.70	—	COM	89151E109
JNJ	JOHNSON & JOHNSON	39,110	$3.358M	1.5%	$59.66	0.0%	COM	478160104
—	GM SER B	68,800	$3.313M	1.5%	$48.15	—	PREFERRED	37045v209
BRK/A	BERKSHIRE HATHAWAY INC CL A	19	$3.203M	1.4%	$165023.42	0.0%	COM	084670108
JPM	JPMORGAN CHASE & CO.	55,534	$2.932M	1.3%	$36.24	0.0%	COM	46625H100
—	TWENTY-FIRST CENTURY FOX, INC.	86,842	$2.829M	1.3%	$32.58	—	COM	90130A101
RHHBY	ROCHE HOLDINGS LTD ADR	44,575	$2.758M	1.2%	$61.87	—	COM	771195104
CAT	CATERPILLAR INC	30,500	$2.516M	1.1%	$61.55	0.0%	COM	149123101
—	BERKSHIRE HATHAWAY CL B	20,014	$2.24M	1.0%	$111.92	—	COM	084670207
TGT	TARGET CORP-FRMLY DAYTON HUDSO	30,720	$2.115M	0.9%	$47.95	0.0%	COM	87612E106
—	AT&T INC	59,038	$2.09M	0.9%	$35.40	—	COM	78387G103
WMT	WALMART STORES	26,800	$1.996M	0.9%	$19.98	0.0%	COM	931142103
—	PUBLIC STORAGE SER W	80,200	$1.865M	0.8%	$23.25	—	PREFERRED	74460w875
HD	HOME DEPOT	23,600	$1.828M	0.8%	$56.05	0.0%	COM	437076102
KMB	KIMBERLY-CLARK	16,040	$1.558M	0.7%	$63.06	0.0%	COM	494368103
—	EXPRESS SCRIPTS HOLDING CO	24,460	$1.51M	0.7%	$61.73	—	COM	302182100
EPD	ENTERPRISE PRODUCTS PARTNERS L	23,790	$1.479M	0.7%	$62.17	—	COM	293792107
—	COCA COLA ENTERPRISES	40,000	$1.406M	0.6%	$35.15	—	COM	191219104
QCOM	QUALCOMM	22,500	$1.375M	0.6%	$45.06	0.0%	COM	747525103
INTC	INTEL CORP	56,000	$1.357M	0.6%	$17.18	0.0%	COM	458140100
—	UNITED TECHNOLOGIES CORP	14,400	$1.338M	0.6%	$92.92	—	COM	913017109
—	NEW YORK COMMUNITY BANCORP, IN	95,350	$1.335M	0.6%	$14.00	—	COM	649445103
MDLZ	MONDELEZ INTL INC (FMRLY KRAFT	46,053	$1.314M	0.6%	$23.16	0.0%	COM	609207105
—	GE CAPITAL CORP	55,000	$1.303M	0.6%	$23.69	—	PREFERRED	369622410
—	FREEPORT-MCMORAN COPPER & GOLD	46,680	$1.289M	0.6%	$27.61	—	COM	35671d857
NKE	NIKE INC., CL B	20,000	$1.274M	0.6%	$26.53	0.0%	COM	654106103
VZ	VERIZON	25,236	$1.27M	0.6%	$27.04	0.0%	COM	92343V104
—	ZOETIS INC.	40,864	$1.262M	0.6%	$30.88	—	COM	98978v103
—	CONOCOPHILLIPS	19,700	$1.192M	0.5%	$60.51	—	COM	20825c104
BAC	BANK OF AMERICA (NEW)	92,256	$1.186M	0.5%	$10.03	0.0%	COM	060505104
SWRAY	SINGAPORE AIRLINES	127,911	$1.176M	0.5%	$9.19	—	COM	870794302
DIS	DISNEY WALT CO	16,520	$1.043M	0.5%	$56.11	0.0%	COM	254687106
GIS	GENERAL MILLS INC	20,500	$995K	0.4%	$31.98	0.0%	COM	370334104
—	GENERAL GROWTH PROPERTIES - RE	49,977	$993K	0.4%	$19.87	—	COM	370021107
—	BANCO SANTANDER SA ADR	152,297	$985K	0.4%	$6.47	—	COM	05964h105
—	HOME PROPERTIES INC - REIT	15,000	$981K	0.4%	$65.40	—	COM	437306103
—	KRAFT FOODS GROUP INC (MONDELE	15,347	$857K	0.4%	$55.84	—	COM	50076q106
SKT	TANGER FACTORY OUTLET REIT	25,200	$843K	0.4%	$33.45	—	COM	875465106
HSBC	HSBC HOLDINGS PLC LTD ADR	14,949	$776K	0.3%	$51.91	—	COM	404280406
BOH	BANK OF HAWAII CORPORATION	15,000	$755K	0.3%	$31.53	0.0%	COM	062540109
—	AON PLC	11,618	$748K	0.3%	$64.38	—	COM	037389103
NSRGY	NESTLE ADR	11,000	$724K	0.3%	$65.82	—	COM	641069406
—	PALL CORP	10,851	$721K	0.3%	$66.45	—	COM	696429307
PSA	PUBLIC STORAGE - REIT	4,688	$719K	0.3%	$97.16	0.0%	COM	74460D109
BA	BOEING CO	6,600	$676K	0.3%	$80.37	0.0%	COM	097023105
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$675K	0.3%	$87.72	0.0%	COM	053484101
EOG	EOG RESOURCES INC	5,000	$658K	0.3%	$46.52	0.0%	COM	26875P101
BXP	BOSTON PROPERTIES INC. REIT	6,000	$633K	0.3%	$64.00	0.0%	COM	101121101
—	ALLEGHANY CORP	1,594	$611K	0.3%	$383.31	—	COM	017175100
—	TIFFANY & CO	8,300	$605K	0.3%	$72.89	—	COM	886547108
PSX	PHILLIPS 66	9,850	$580K	0.3%	$40.44	0.0%	COM	718546104
—	GENERAL GROWTH PROP	25,000	$579K	0.3%	$23.16	—	PREFERRED	370023202
CSCO	CISCO SYSTEMS INC	22,200	$540K	0.2%	$15.24	0.0%	COM	17275R102
—	U.S. BANCORP (FORMERLY FIRST B	14,789	$535K	0.2%	$36.18	—	COM	902973106
ZBH	ZIMMER HOLDINGS INC	7,122	$534K	0.2%	$67.30	0.0%	COM	98956P102
BP	BP PLC SPONS ADR	12,642	$528K	0.2%	$41.77	—	COM	055622104
—	RALPH LAUREN CORP (FMLY POLO R	3,000	$521K	0.2%	$173.67	—	COM	731572103
—	APOLLO INVESTMENT CORP	20,000	$493K	0.2%	$24.65	—	PREFERRED	03761u403
—	FORD MOTOR CP DE NEW	31,585	$489K	0.2%	$15.48	—	COM	345370100
—	YUM BRANDS INC (FORMERLY TRICO	7,040	$488K	0.2%	$69.32	—	COM	895953107
—	HOWARD HUGHES CORP (THE)(SPINO	4,296	$482K	0.2%	$112.20	—	COM	44267d107
MSFT	MICROSOFT CORP	13,800	$477K	0.2%	$26.70	0.0%	COM	594918104
AEP	AMERICAN ELECTRIC POWER	10,000	$448K	0.2%	$30.44	0.0%	COM	025537101
RIO	RIO TINTO PLC SPONSORED ADR	10,500	$431K	0.2%	$41.05	—	COM	767204100
—	CHEUNG KONG HOLDING	30,000	$403K	0.2%	$13.43	—	COM	166744201
TEVA	TEVA PHARMACEUTICALS ADR	10,000	$392K	0.2%	$39.20	—	COM	881624209
EMR	EMERSON ELECTRIC CO	7,130	$389K	0.2%	$40.02	0.0%	COM	291011104
KMI	KINDER MORGAN INC	10,000	$381K	0.2%	$20.66	0.0%	COM	49456B101
BAX	BAXTER INT'L INC	5,406	$374K	0.2%	$30.42	0.0%	COM	071813109
—	ABBVIE INC.	8,700	$360K	0.2%	$41.38	—	COM	00287y109
TXN	TEXAS INSTRUMENTS INC.	10,000	$348K	0.2%	$25.31	0.0%	COM	882508104
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$345K	0.2%	$23.37	0.0%	COM	039483102
SYY	SYSCO CORP	10,000	$342K	0.2%	$24.40	0.0%	COM	871829107
—	CHUBB CORP	4,000	$339K	0.2%	$84.75	—	COM	171232101
TRIP	TRIPADVISOR INC.	5,050	$307K	0.1%	$50.93	0.0%	COM	896945201
—	EXPEDIA INC (IAC/INTERACTIVECO	5,050	$304K	0.1%	$60.20	—	COM	30212p105
ABT	ABBOTT LABORATORIES	8,700	$303K	0.1%	$28.85	0.0%	COM	002824100
—	TRAVELERS COMPANIES, INC	3,311	$265K	0.1%	$80.04	—	COM	89417e109
—	GENERAL MOTORS CO	7,700	$256K	0.1%	$33.25	—	COM	37045v100
—	MPG OFFICE TR	10,000	$254K	0.1%	$25.40	—	PREFERRED	559775200
—	FIDELITY NATIONAL FINANCIAL, I	10,458	$249K	0.1%	$23.81	—	COM	31620r105
—	IAC/INTERACTIVECORP	5,050	$240K	0.1%	$47.52	—	COM	44919p300
CDP	CORPORATE OFFICE PROPERTY TRUS	9,100	$232K	0.1%	$25.49	—	COM	22002T108
—	FIRST REPUBLIC BANK	10,000	$230K	0.1%	$23.00	—	PREFERRED	33616c886
—	FIDELITY NATIONAL INFORMATION	5,364	$230K	0.1%	$42.88	—	COM	31620m106
—	GE CAPITAL CORP	10,000	$229K	0.1%	$22.90	—	PREFERRED	369622394
EBAY	EBAY INC.	4,000	$207K	0.1%	$20.18	0.0%	COM	278642103