Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXON MOBIL CORPORATION	162,156	$13.95M	6.2%	$53.69	+0.9%	COM	30231G102
CVX	CHEVRON CORP	106,388	$12.93M	5.7%	$71.30	+2.5%	COM	166764100
IBM	INTERNATIONAL BUSINESS MACHINE	57,492	$10.65M	4.7%	$118.94	-6.2%	COM	459200101
PM	PHILIP MORRIS INTERNATIONAL-AL	118,706	$10.28M	4.6%	$49.85	-5.0%	COM	718172109
—	MERCK & CO.	162,370	$7.73M	3.4%	$46.45	—	COM	589331107
—	KINDER MORGAN ENERGY PARTNERS	87,850	$7.013M	3.1%	$85.40	—	COM	494550106
KO	COCA-COLA CO	179,842	$6.812M	3.0%	$27.85	-3.9%	COM	191216100
—	COMMONWEALTH REIT (FRMLY HRPT	304,091	$6.663M	3.0%	$23.12	—	COM	203233101
—	ROYAL DUTCH SHELL PLC - ADR A	88,270	$5.798M	2.6%	$63.80	—	COM	780259206
AAPL	APPLE INC	11,800	$5.626M	2.5%	$13.16	+8.5%	COM	037833100
—	GENERAL ELECTRIC	228,910	$5.469M	2.4%	$23.19	—	COM	369604103
PG	PROCTER & GAMBLE CO	68,559	$5.182M	2.3%	$55.00	+2.2%	COM	742718109
DEO	DIAGEO PLC ADR	39,085	$4.967M	2.2%	$114.95	—	COM	25243Q205
M	MACY'S INC. (FORMERLY FEDERATE	110,282	$4.772M	2.1%	$46.44	+0.6%	COM	55616P104
—	LORILLARD, INC.	103,966	$4.656M	2.1%	$43.68	—	COM	544147101
—	TOTAL SA SPON ADR	70,395	$4.077M	1.8%	$48.70	—	COM	89151E109
L	LOEWS CORP	83,129	$3.885M	1.7%	$42.08	+2.8%	COM	540424108
BMY	BRISTOL-MYERS SQUIBB CO	82,844	$3.834M	1.7%	$28.67	+1.9%	COM	110122108
PFE	PFIZER, INC.	128,642	$3.695M	1.6%	$16.46	-0.6%	COM	717081103
MO	ALTRIA GROUP INC	104,806	$3.6M	1.6%	$16.28	-0.7%	COM	02209S103
PEP	PEPSICO	43,809	$3.483M	1.5%	$56.00	+1.4%	COM	713448108
—	GM SER B 4.75% CONVERT UNTIL 1	68,800	$3.45M	1.5%	$48.15	—	PREFERRED	37045v209
JNJ	JOHNSON & JOHNSON	39,110	$3.39M	1.5%	$59.66	+6.5%	COM	478160104
BRK/A	BERKSHIRE HATHAWAY INC CL A	19	$3.238M	1.4%	$165023.42	+4.8%	COM	084670108
—	CITY NATL CORP SER C 5.5% CL 1	158,840	$3.175M	1.4%	$23.52	—	PREFERRED	17800x202
RHHBY	ROCHE HOLDINGS LTD ADR	44,575	$3.01M	1.3%	$61.87	—	COM	771195104
—	TWENTY-FIRST CENTURY FOX, INC.	86,842	$2.91M	1.3%	$32.58	—	COM	90130A101
JPM	JPMORGAN CHASE & CO.	55,534	$2.871M	1.3%	$36.24	+6.3%	COM	46625H100
CAT	CATERPILLAR INC	30,500	$2.544M	1.1%	$61.55	+0.1%	COM	149123101
—	BERKSHIRE HATHAWAY CL B	20,014	$2.272M	1.0%	$111.92	—	COM	084670207
—	AT&T INC	59,038	$1.997M	0.9%	$35.40	—	COM	78387G103
WMT	WALMART STORES	26,800	$1.982M	0.9%	$19.98	-1.0%	COM	931142103
TGT	TARGET CORP-FRMLY DAYTON HUDSO	30,720	$1.965M	0.9%	$47.95	-1.6%	COM	87612E106
HD	HOME DEPOT	23,600	$1.79M	0.8%	$56.05	+3.2%	COM	437076102
—	PUBLIC STORAGE SER W 5.2% CALL	80,200	$1.618M	0.7%	$23.25	—	PREFERRED	74460w875
—	COCA COLA ENTERPRISES	40,000	$1.608M	0.7%	$35.15	—	COM	191219104
—	UNITED TECHNOLOGIES CORP	14,400	$1.553M	0.7%	$92.92	—	COM	913017109
—	FREEPORT-MCMORAN COPPER & GOLD	46,680	$1.544M	0.7%	$27.61	—	COM	35671d857
QCOM	QUALCOMM	22,500	$1.515M	0.7%	$45.06	+3.3%	COM	747525103
—	EXPRESS SCRIPTS HOLDING CO	24,460	$1.512M	0.7%	$61.73	—	COM	302182100
KMB	KIMBERLY-CLARK	16,040	$1.511M	0.7%	$63.06	-3.1%	COM	494368103
NKE	NIKE INC., CL B	20,000	$1.453M	0.6%	$26.53	+5.3%	COM	654106103
EPD	ENTERPRISE PRODUCTS PARTNERS L	23,790	$1.452M	0.6%	$62.17	—	COM	293792107
MDLZ	MONDELEZ INTL INC (FMRLY KRAFT	46,053	$1.447M	0.6%	$23.16	+2.4%	COM	609207105
—	NEW YORK COMMUNITY BANCORP, IN	95,350	$1.441M	0.6%	$14.00	—	COM	649445103
—	CONOCOPHILLIPS	19,700	$1.369M	0.6%	$60.51	—	COM	20825c104
INTC	INTEL CORP	56,000	$1.284M	0.6%	$17.18	-1.6%	COM	458140100
BAC	BANK OF AMERICA (NEW)	92,256	$1.273M	0.6%	$10.03	+12.0%	COM	060505104
—	ZOETIS INC.	40,854	$1.271M	0.6%	$30.88	—	COM	98978v103
—	BANCO SANTANDER SA ADR	152,297	$1.244M	0.6%	$6.47	—	COM	05964h105
—	GE CAPITAL CORP 4.875% CALLABL	55,000	$1.209M	0.5%	$23.69	—	PREFERRED	369622410
SWRAY	SINGAPORE AIRLINES	127,911	$1.208M	0.5%	$9.19	—	COM	870794302
VZ	VERIZON	25,236	$1.178M	0.5%	$27.04	-3.4%	COM	92343V104
DIS	DISNEY WALT CO	16,520	$1.065M	0.5%	$56.11	+1.5%	COM	254687106
GIS	GENERAL MILLS INC	20,500	$982K	0.4%	$31.98	+2.9%	COM	370334104
—	GENERAL GROWTH PROPERTIES - RE	47,477	$916K	0.4%	$19.87	—	COM	370021107
—	HOME PROPERTIES INC - REIT	15,000	$866K	0.4%	$65.40	—	COM	437306103
—	AON PLC	11,618	$865K	0.4%	$64.38	—	COM	037389103
EOG	EOG RESOURCES INC	5,000	$846K	0.4%	$46.52	+21.2%	COM	26875P101
—	PALL CORP	10,851	$836K	0.4%	$66.45	—	COM	696429307
SKT	TANGER FACTORY OUTLET REIT	25,200	$823K	0.4%	$33.45	—	COM	875465106
BOH	BANK OF HAWAII CORPORATION	15,000	$817K	0.4%	$31.53	+10.8%	COM	062540109
HSBC	HSBC HOLDINGS PLC LTD ADR	14,949	$811K	0.4%	$51.91	—	COM	404280406
—	KRAFT FOODS GROUP INC (MONDELE	15,347	$805K	0.4%	$55.84	—	COM	50076q106
BA	BOEING CO	6,600	$775K	0.3%	$80.37	+13.9%	COM	097023105
NSRGY	NESTLE ADR	11,000	$766K	0.3%	$65.82	—	COM	641069406
PSA	PUBLIC STORAGE - REIT	4,688	$753K	0.3%	$97.16	+1.3%	COM	74460D109
—	ALLEGHANY CORP	1,594	$653K	0.3%	$383.31	—	COM	017175100
BXP	BOSTON PROPERTIES INC. REIT	6,000	$641K	0.3%	$64.00	-1.9%	COM	101121101
—	TIFFANY & CO	8,300	$636K	0.3%	$72.89	—	COM	886547108
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$635K	0.3%	$87.72	-0.5%	COM	053484101
ZBH	ZIMMER HOLDINGS INC	7,122	$585K	0.3%	$67.30	+5.6%	COM	98956P102
PSX	PHILLIPS 66	9,850	$570K	0.3%	$40.44	-7.3%	COM	718546104
—	GENERAL GROWTH PROP 6.375% CAL	25,000	$547K	0.2%	$23.16	—	PREFERRED	370023202
—	U.S. BANCORP (FORMERLY FIRST B	14,789	$541K	0.2%	$36.18	—	COM	902973106
—	FORD MOTOR CP DE NEW	31,585	$533K	0.2%	$15.48	—	COM	345370100
BP	BP PLC SPONS ADR	12,642	$531K	0.2%	$41.77	—	COM	055622104
CSCO	CISCO SYSTEMS INC	22,200	$520K	0.2%	$15.24	+11.1%	COM	17275R102
RIO	RIO TINTO PLC SPONSORED ADR	10,500	$512K	0.2%	$41.05	—	COM	767204100
—	YUM BRANDS INC (FORMERLY TRICO	7,040	$503K	0.2%	$69.32	—	COM	895953107
—	RALPH LAUREN CORP (FMLY POLO R	3,000	$494K	0.2%	$173.67	—	COM	731572103
—	HOWARD HUGHES CORP (THE)(SPINO	4,296	$483K	0.2%	$112.20	—	COM	44267d107
EMR	EMERSON ELECTRIC CO	7,130	$461K	0.2%	$40.02	+9.5%	COM	291011104
MSFT	MICROSOFT CORP	13,800	$459K	0.2%	$26.70	+1.1%	COM	594918104
—	CHEUNG KONG HOLDING	30,000	$457K	0.2%	$13.43	—	COM	166744201
—	APOLLO INVESTMENT CORP 6.875%	20,000	$434K	0.2%	$24.65	—	PREFERRED	03761u403
AEP	AMERICAN ELECTRIC POWER	10,000	$433K	0.2%	$30.44	-6.4%	COM	025537101
TXN	TEXAS INSTRUMENTS INC.	10,000	$403K	0.2%	$25.31	+9.5%	COM	882508104
—	ABBVIE INC.	8,700	$389K	0.2%	$41.38	—	COM	00287y109
TRIP	TRIPADVISOR INC.	5,050	$383K	0.2%	$50.93	+23.7%	COM	896945201
TEVA	TEVA PHARMACEUTICALS ADR	10,000	$378K	0.2%	$39.20	—	COM	881624209
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$375K	0.2%	$23.37	+9.7%	COM	039483102
—	CHUBB CORP	4,000	$357K	0.2%	$84.75	—	COM	171232101
KMI	KINDER MORGAN INC	10,000	$356K	0.2%	$20.66	-2.4%	COM	49456B101
BAX	BAXTER INT'L INC	5,406	$355K	0.2%	$30.42	+2.1%	COM	071813109
NWSA	NEWS CORPORATION - CLASS A	21,709	$349K	0.2%	$14.03	0.0%	COM	65249B109
SYY	SYSCO CORP	10,000	$318K	0.1%	$24.40	-1.7%	COM	871829107
ABT	ABBOTT LABORATORIES	8,700	$289K	0.1%	$28.85	-4.0%	COM	002824100
—	TRAVELERS COMPANIES, INC	3,311	$281K	0.1%	$80.04	—	COM	89417e109
—	FIDELITY NATIONAL FINANCIAL, I	10,458	$278K	0.1%	$23.81	—	COM	31620r105
—	GENERAL MOTORS CO	7,700	$277K	0.1%	$33.25	—	COM	37045v100
—	IAC/INTERACTIVECORP	5,050	$276K	0.1%	$47.52	—	COM	44919p300
—	EXPEDIA INC (IAC/INTERACTIVECO	5,050	$262K	0.1%	$60.20	—	COM	30212p105
—	MPG OFFICE TR 7.625% CALLABLE	10,000	$258K	0.1%	$25.40	—	PREFERRED	559775200
—	FIDELITY NATIONAL INFORMATION	5,364	$249K	0.1%	$42.88	—	COM	31620m106
EBAY	EBAY INC.	4,000	$223K	0.1%	$20.18	-1.1%	COM	278642103
CDP	CORPORATE OFFICE PROPERTY TRUS	9,100	$210K	0.1%	$25.49	—	COM	22002T108
AZN	ASTRAZENECA PLC-SPONS ADR	4,000	$208K	0.1%	$52.00	—	COM	046353108
—	GE CAPITAL CORP 4.7% CALLABLE	10,000	$204K	0.1%	$22.90	—	PREFERRED	369622394
—	FIRST REPUBLIC BANK 5.5% CALLA	10,000	$198K	0.1%	$23.00	—	PREFERRED	33616c886