Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXON MOBIL CORPORATION	162,156	$16.41M	7.0%	$53.69	+4.2%	COM	30231G102
CVX	CHEVRON CORP	106,388	$13.29M	5.6%	$71.30	+1.7%	COM	166764100
IBM	INTERNATIONAL BUSINESS MACHINE	55,492	$10.41M	4.4%	$118.94	-10.5%	COM	459200101
PM	PHILIP MORRIS INTERNATIONAL-AL	118,706	$10.34M	4.4%	$49.85	-4.0%	COM	718172109
—	MERCK & CO.	161,370	$8.077M	3.4%	$46.45	—	COM	589331107
—	KINDER MORGAN ENERGY PARTNERS	93,830	$7.568M	3.2%	$85.09	—	COM	494550106
KO	COCA-COLA CO	179,542	$7.417M	3.1%	$27.85	-3.3%	COM	191216100
—	COMMONWEALTH REIT (FRMLY HRPT	298,991	$6.969M	3.0%	$23.12	—	COM	203233101
AAPL	APPLE INC	11,800	$6.62M	2.8%	$13.16	+24.4%	COM	037833100
—	GENERAL ELECTRIC	228,910	$6.416M	2.7%	$23.19	—	COM	369604103
—	ROYAL DUTCH SHELL PLC - ADR A	87,870	$6.262M	2.7%	$63.80	—	COM	780259206
M	MACY'S INC. (FORMERLY FEDERATE	110,282	$5.889M	2.5%	$46.44	+4.4%	COM	55616P104
PG	PROCTER & GAMBLE CO	68,559	$5.581M	2.4%	$55.00	+5.5%	COM	742718109
—	LORILLARD, INC.	103,966	$5.269M	2.2%	$43.68	—	COM	544147101
DEO	DIAGEO PLC ADR	39,085	$5.176M	2.2%	$114.95	—	COM	25243Q205
BMY	BRISTOL-MYERS SQUIBB CO	82,844	$4.403M	1.9%	$28.67	+19.2%	COM	110122108
—	TOTAL SA SPON ADR	70,395	$4.313M	1.8%	$48.70	—	COM	89151E109
MO	ALTRIA GROUP INC	104,806	$4.024M	1.7%	$16.28	+5.3%	COM	02209S103
L	LOEWS CORP	83,129	$4.01M	1.7%	$42.08	+7.0%	COM	540424108
PFE	PFIZER, INC.	128,642	$3.94M	1.7%	$16.46	+7.1%	COM	717081103
PEP	PEPSICO	43,809	$3.634M	1.5%	$56.00	+3.1%	COM	713448108
JNJ	JOHNSON & JOHNSON	39,110	$3.582M	1.5%	$59.66	+10.2%	COM	478160104
BRK/A	BERKSHIRE HATHAWAY INC CL A	19	$3.38M	1.4%	$165023.42	+5.1%	COM	084670108
JPM	JPMORGAN CHASE & CO.	55,534	$3.248M	1.4%	$36.24	+9.4%	COM	46625H100
RHHBY	ROCHE HOLDINGS LTD ADR	44,575	$3.129M	1.3%	$61.87	—	COM	771195104
—	TWENTY-FIRST CENTURY FOX, INC.	86,842	$3.054M	1.3%	$32.58	—	COM	90130A101
CAT	CATERPILLAR INC	30,500	$2.77M	1.2%	$61.55	+1.8%	COM	149123101
—	BERKSHIRE HATHAWAY CL B	20,014	$2.373M	1.0%	$111.92	—	COM	084670207
—	CITY NATL CORP SER C 5.5% CL 1	114,840	$2.252M	1.0%	$23.52	—	PREFERRED	17800x202
WMT	WALMART STORES	26,800	$2.109M	0.9%	$19.98	+1.8%	COM	931142103
—	AT&T INC	59,038	$2.076M	0.9%	$35.40	—	COM	78387G103
TGT	TARGET CORP-FRMLY DAYTON HUDSO	30,720	$1.944M	0.8%	$47.95	-7.0%	COM	87612E106
HD	HOME DEPOT	23,600	$1.943M	0.8%	$56.05	+4.8%	COM	437076102
—	COCA COLA ENTERPRISES	40,000	$1.765M	0.7%	$35.15	—	COM	191219104
—	FREEPORT-MCMORAN COPPER & GOLD	46,680	$1.762M	0.7%	$27.61	—	COM	35671d857
—	EXPRESS SCRIPTS HOLDING CO	24,460	$1.718M	0.7%	$61.73	—	COM	302182100
KMB	KIMBERLY-CLARK	16,040	$1.676M	0.7%	$63.06	+5.2%	COM	494368103
QCOM	QUALCOMM	22,500	$1.671M	0.7%	$45.06	+11.8%	COM	747525103
—	UNITED TECHNOLOGIES CORP	14,400	$1.639M	0.7%	$92.92	—	COM	913017109
MDLZ	MONDELEZ INTL INC (FMRLY KRAFT	46,053	$1.626M	0.7%	$23.16	+10.2%	COM	609207105
—	NEW YORK COMMUNITY BANCORP, IN	95,350	$1.607M	0.7%	$14.00	—	COM	649445103
EPD	ENTERPRISE PRODUCTS PARTNERS L	23,790	$1.577M	0.7%	$62.17	—	COM	293792107
NKE	NIKE INC., CL B	20,000	$1.573M	0.7%	$26.53	+23.9%	COM	654106103
INTC	INTEL CORP	56,000	$1.453M	0.6%	$17.18	+4.4%	COM	458140100
—	CONOCOPHILLIPS	19,700	$1.392M	0.6%	$60.51	—	COM	20825c104
—	BANCO SANTANDER SA ADR	152,297	$1.381M	0.6%	$6.47	—	COM	05964h105
BAC	BANK OF AMERICA (NEW)	87,663	$1.365M	0.6%	$10.03	+16.5%	COM	060505104
—	ZOETIS INC.	40,854	$1.336M	0.6%	$30.88	—	COM	98978v103
DIS	DISNEY WALT CO	16,520	$1.262M	0.5%	$56.11	+9.9%	COM	254687106
VZ	VERIZON	25,236	$1.24M	0.5%	$27.04	-1.6%	COM	92343V104
SWRAY	SINGAPORE AIRLINES	127,911	$1.186M	0.5%	$9.19	—	COM	870794302
GIS	GENERAL MILLS INC	20,500	$1.023M	0.4%	$31.98	+2.8%	COM	370334104
—	PUBLIC STORAGE SER W 5.2% CALL	53,000	$999K	0.4%	$23.25	—	PREFERRED	74460w875
—	AON PLC	11,618	$975K	0.4%	$64.38	—	COM	037389103
—	GENERAL GROWTH PROPERTIES - RE	47,477	$953K	0.4%	$19.87	—	COM	370021107
—	PALL CORP	10,851	$926K	0.4%	$66.45	—	COM	696429307
BA	BOEING CO	6,550	$894K	0.4%	$80.37	+38.0%	COM	097023105
BOH	BANK OF HAWAII CORPORATION	15,000	$887K	0.4%	$31.53	+19.1%	COM	062540109
EOG	EOG RESOURCES INC	5,000	$839K	0.4%	$46.52	+34.0%	COM	26875P101
—	KRAFT FOODS GROUP INC (MONDELE	15,347	$827K	0.4%	$55.84	—	COM	50076q106
HSBC	HSBC HOLDINGS PLC LTD ADR	14,949	$824K	0.3%	$51.91	—	COM	404280406
NSRGY	NESTLE ADR	11,000	$809K	0.3%	$65.82	—	COM	641069406
SKT	TANGER FACTORY OUTLET REIT	25,200	$807K	0.3%	$33.45	—	COM	875465106
—	HOME PROPERTIES INC - REIT	15,000	$804K	0.3%	$65.40	—	COM	437306103
—	TIFFANY & CO	8,300	$770K	0.3%	$72.89	—	COM	886547108
PSX	PHILLIPS 66	9,850	$760K	0.3%	$40.44	+7.4%	COM	718546104
—	GE CAPITAL CORP 4.875% CALLABL	36,000	$730K	0.3%	$23.69	—	PREFERRED	369622410
PSA	PUBLIC STORAGE - REIT	4,688	$706K	0.3%	$97.16	+3.1%	COM	74460D109
ZBH	ZIMMER HOLDINGS INC	7,122	$664K	0.3%	$67.30	+16.3%	COM	98956P102
—	ALLEGHANY CORP	1,594	$638K	0.3%	$383.31	—	COM	017175100
BP	BP PLC SPONS ADR	12,642	$615K	0.3%	$41.77	—	COM	055622104
BXP	BOSTON PROPERTIES INC. REIT	6,000	$602K	0.3%	$64.00	-3.4%	COM	101121101
—	U.S. BANCORP (FORMERLY FIRST B	14,789	$597K	0.3%	$36.18	—	COM	902973106
RIO	RIO TINTO PLC SPONSORED ADR	10,500	$593K	0.3%	$41.05	—	COM	767204100
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$591K	0.3%	$87.72	-6.3%	COM	053484101
—	YUM BRANDS INC (FORMERLY TRICO	7,040	$532K	0.2%	$69.32	—	COM	895953107
—	RALPH LAUREN CORP (FMLY POLO R	3,000	$530K	0.2%	$173.67	—	COM	731572103
MSFT	MICROSOFT CORP	13,800	$516K	0.2%	$26.70	+12.4%	COM	594918104
—	HOWARD HUGHES CORP (THE)(SPINO	4,296	$516K	0.2%	$112.20	—	COM	44267d107
EMR	EMERSON ELECTRIC CO	7,130	$500K	0.2%	$40.02	+20.4%	COM	291011104
CSCO	CISCO SYSTEMS INC	21,900	$491K	0.2%	$15.24	-0.2%	COM	17275R102
—	FORD MOTOR CP DE NEW	31,585	$487K	0.2%	$15.48	—	COM	345370100
—	CHEUNG KONG HOLDING	30,000	$474K	0.2%	$13.43	—	COM	166744201
AEP	AMERICAN ELECTRIC POWER	10,000	$467K	0.2%	$30.44	-1.8%	COM	025537101
—	ABBVIE INC.	8,700	$459K	0.2%	$41.38	—	COM	00287y109
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$441K	0.2%	$23.37	+22.4%	COM	039483102
TXN	TEXAS INSTRUMENTS INC.	10,000	$439K	0.2%	$25.31	+18.8%	COM	882508104
TRIP	TRIPADVISOR INC.	5,050	$418K	0.2%	$50.93	+42.8%	COM	896945201
TEVA	TEVA PHARMACEUTICALS ADR	10,000	$401K	0.2%	$39.20	—	COM	881624209
NWSA	NEWS CORPORATION - CLASS A	21,709	$391K	0.2%	$14.03	+8.0%	COM	65249B109
—	CHUBB CORP	4,000	$387K	0.2%	$84.75	—	COM	171232101
BAX	BAXTER INT'L INC	5,406	$376K	0.2%	$30.42	-3.9%	COM	071813109
SYY	SYSCO CORP	10,000	$361K	0.2%	$24.40	-0.1%	COM	871829107
KMI	KINDER MORGAN INC	10,000	$360K	0.2%	$20.66	-7.8%	COM	49456B101
—	EXPEDIA INC (IAC/INTERACTIVECO	5,050	$352K	0.1%	$60.20	—	COM	30212p105
—	IAC/INTERACTIVECORP	5,050	$347K	0.1%	$47.52	—	COM	44919p300
—	FIDELITY NATIONAL FINANCIAL, I	10,458	$339K	0.1%	$23.81	—	COM	31620r105
ABT	ABBOTT LABORATORIES	8,700	$333K	0.1%	$28.85	+1.3%	COM	002824100
—	GENERAL MOTORS CO	7,700	$315K	0.1%	$33.25	—	COM	37045v100
—	TRAVELERS COMPANIES, INC	3,311	$300K	0.1%	$80.04	—	COM	89417e109
—	FIDELITY NATIONAL INFORMATION	5,364	$288K	0.1%	$42.88	—	COM	31620m106
—	BROOKFIELD DTLA FD OFFICE TR P	10,000	$265K	0.1%	$26.50	—	PREFERRED	112714209
AZN	ASTRAZENECA PLC-SPONS ADR	4,000	$237K	0.1%	$52.00	—	COM	046353108
EBAY	EBAY INC.	4,000	$219K	0.1%	$20.18	-2.4%	COM	278642103
CDP	CORPORATE OFFICE PROPERTY TRUS	9,100	$216K	0.1%	$25.49	—	COM	22002T108
—	METLIFE INC	4,000	$216K	0.1%	$54.00	—	COM	59156r108
—	REPSOL YPF SA RIGHTS	10,000	$7,000	0.0%	$0.70	—	RIGHT	e8492d112