Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXON MOBIL CORPORATION	162,156	$15.84M	6.6%	$53.69	+8.2%	COM	30231G102
CVX	CHEVRON CORP	106,064	$12.61M	5.3%	$71.30	-1.3%	COM	166764100
IBM	INTERNATIONAL BUSINESS MACHINE	51,492	$9.912M	4.2%	$118.94	-8.2%	COM	459200101
PM	PHILIP MORRIS INTERNATIONAL-AL	118,706	$9.718M	4.1%	$49.85	-10.2%	COM	718172109
MRK	MERCK & CO.	146,370	$8.309M	3.5%	$35.76	0.0%	COM	58933Y105
—	COMMONWEALTH REIT (FRMLY HRPT	298,841	$7.86M	3.3%	$23.12	—	COM	203233101
KO	COCA-COLA CO	179,742	$6.949M	2.9%	$27.85	-4.7%	COM	191216100
—	KINDER MORGAN ENERGY PARTNERS	93,830	$6.939M	2.9%	$85.09	—	COM	494550106
M	MACY'S INC. (FORMERLY FEDERATE	110,282	$6.539M	2.7%	$46.44	+19.7%	COM	55616P104
—	ROYAL DUTCH SHELL PLC - ADR A	87,870	$6.42M	2.7%	$63.80	—	COM	780259206
AAPL	APPLE INC	11,955	$6.417M	2.7%	$13.20	+25.6%	COM	037833100
—	GENERAL ELECTRIC	228,910	$5.926M	2.5%	$23.19	—	COM	369604103
—	LORILLARD, INC.	103,966	$5.622M	2.4%	$43.68	—	COM	544147101
PG	PROCTER & GAMBLE CO	68,559	$5.526M	2.3%	$55.00	+2.7%	COM	742718109
DEO	DIAGEO PLC ADR	39,085	$4.87M	2.0%	$114.95	—	COM	25243Q205
—	TOTAL SA SPON ADR	70,395	$4.618M	1.9%	$48.70	—	COM	89151E109
BMY	BRISTOL-MYERS SQUIBB CO	82,844	$4.304M	1.8%	$28.67	+25.3%	COM	110122108
PFE	PFIZER, INC.	128,642	$4.132M	1.7%	$16.46	+10.6%	COM	717081103
MO	ALTRIA GROUP INC	104,806	$3.923M	1.6%	$16.28	+5.2%	COM	02209S103
JNJ	JOHNSON & JOHNSON	39,110	$3.842M	1.6%	$59.66	+11.7%	COM	478160104
L	LOEWS CORP	83,129	$3.662M	1.5%	$42.08	+0.3%	COM	540424108
PEP	PEPSICO	43,809	$3.658M	1.5%	$56.00	+1.5%	COM	713448108
BRK/A	BERKSHIRE HATHAWAY INC CL A	19	$3.56M	1.5%	$165023.42	+6.4%	COM	084670108
JPM	JPMORGAN CHASE & CO.	55,534	$3.371M	1.4%	$36.24	+16.1%	COM	46625H100
RHHBY	ROCHE HOLDINGS LTD ADR	89,150	$3.363M	1.4%	$49.80	—	COM	771195104
CAT	CATERPILLAR INC	30,500	$3.031M	1.3%	$61.55	+13.2%	COM	149123101
—	TWENTY-FIRST CENTURY FOX, INC.	86,842	$2.776M	1.2%	$32.58	—	COM	90130A101
—	CITY NATL CORP SER C 5.5% CL 1	114,840	$2.526M	1.1%	$23.52	—	PREFERRED	17800x202
—	GENERAL MOTORS CO	73,325	$2.524M	1.1%	$34.30	—	COM	37045v100
—	BERKSHIRE HATHAWAY CL B	20,014	$2.501M	1.0%	$111.92	—	COM	084670207
—	AT&T INC	59,238	$2.077M	0.9%	$35.40	—	COM	78387G103
WMT	WAL-MART STORES	26,800	$2.048M	0.9%	$19.98	-0.4%	COM	931142103
—	COCA COLA ENTERPRISES	40,000	$1.91M	0.8%	$35.15	—	COM	191219104
HD	HOME DEPOT	23,600	$1.867M	0.8%	$56.05	+7.5%	COM	437076102
TGT	TARGET CORP-FRMLY DAYTON HUDSO	30,720	$1.859M	0.8%	$47.95	-13.2%	COM	87612E106
—	EXPRESS SCRIPTS HOLDING CO	24,460	$1.837M	0.8%	$61.73	—	COM	302182100
QCOM	QUALCOMM	22,500	$1.774M	0.7%	$45.06	+19.9%	COM	747525103
KMB	KIMBERLY-CLARK	16,040	$1.768M	0.7%	$63.06	+10.0%	COM	494368103
—	UNITED TECHNOLOGIES CORP	14,400	$1.682M	0.7%	$92.92	—	COM	913017109
EPD	ENTERPRISE PRODUCTS PARTNERS L	23,790	$1.65M	0.7%	$62.17	—	COM	293792107
MDLZ	MONDELEZ INTL INC (FMRLY KRAFT	46,053	$1.591M	0.7%	$23.16	+13.8%	COM	609207105
—	FREEPORT-MCMORAN COPPER & GOLD	46,680	$1.544M	0.6%	$27.61	—	COM	35671d857
—	NEW YORK COMMUNITY BANCORP, IN	95,350	$1.532M	0.6%	$14.00	—	COM	649445103
BAC	BANK OF AMERICA (NEW)	87,663	$1.508M	0.6%	$10.03	+32.2%	COM	060505104
NKE	NIKE INC., CL B	20,000	$1.477M	0.6%	$26.53	+22.7%	COM	654106103
—	BANCO SANTANDER SA ADR	152,297	$1.459M	0.6%	$6.47	—	COM	05964h105
INTC	INTEL CORP	56,000	$1.446M	0.6%	$17.18	+8.7%	COM	458140100
—	CONOCOPHILLIPS	19,700	$1.386M	0.6%	$60.51	—	COM	20825c104
DIS	DISNEY WALT CO	16,520	$1.323M	0.6%	$56.11	+24.2%	COM	254687106
VZ	VERIZON	25,575	$1.217M	0.5%	$27.02	-4.2%	COM	92343V104
SWRAY	SINGAPORE AIRLINES	127,911	$1.206M	0.5%	$9.19	—	COM	870794302
—	ZOETIS INC.	40,854	$1.182M	0.5%	$30.88	—	COM	98978v103
—	PUBLIC STORAGE SER W 5.2% CALL	53,000	$1.114M	0.5%	$23.25	—	PREFERRED	74460w875
GIS	GENERAL MILLS INC	20,500	$1.062M	0.4%	$31.98	+3.1%	COM	370334104
—	GENERAL GROWTH PROPERTIES - RE	44,846	$987K	0.4%	$19.87	—	COM	370021107
EOG	EOG RESOURCES INC	5,000	$981K	0.4%	$46.52	+39.3%	COM	26875P101
—	AON PLC	11,618	$979K	0.4%	$64.38	—	COM	037389103
—	PALL CORP	10,851	$971K	0.4%	$66.45	—	COM	696429307
BOH	BANK OF HAWAII CORPORATION	15,000	$909K	0.4%	$31.53	+21.5%	COM	062540109
—	HOME PROPERTIES INC - REIT	15,000	$902K	0.4%	$65.40	—	COM	437306103
SKT	TANGER FACTORY OUTLET REIT	25,200	$882K	0.4%	$33.45	—	COM	875465106
—	KRAFT FOODS GROUP INC (MONDELE	15,347	$861K	0.4%	$55.84	—	COM	50076q106
—	GE CAPITAL CORP 4.875% CALLABL	36,000	$841K	0.4%	$23.69	—	PREFERRED	369622410
NSRGY	NESTLE ADR	11,000	$827K	0.3%	$65.82	—	COM	641069406
BA	BOEING CO	6,550	$822K	0.3%	$80.37	+39.0%	COM	097023105
PSA	PUBLIC STORAGE - REIT	4,688	$790K	0.3%	$97.16	+5.3%	COM	74460D109
HSBC	HSBC HOLDINGS PLC LTD ADR	15,149	$770K	0.3%	$51.90	—	COM	404280406
PSX	PHILLIPS 66	9,850	$759K	0.3%	$40.44	+23.2%	COM	718546104
—	TIFFANY & CO	8,300	$715K	0.3%	$72.89	—	COM	886547108
BXP	BOSTON PROPERTIES INC. REIT	6,000	$687K	0.3%	$64.00	+4.6%	COM	101121101
ZBH	ZIMMER HOLDINGS INC	7,122	$674K	0.3%	$67.30	+24.2%	COM	98956P102
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$657K	0.3%	$87.72	-3.3%	COM	053484101
—	ALLEGHANY CORP	1,594	$649K	0.3%	$383.31	—	COM	017175100
—	U.S. BANCORP (FORMERLY FIRST B	14,789	$634K	0.3%	$36.18	—	COM	902973106
—	HOWARD HUGHES CORP (THE)(SPINO	4,296	$613K	0.3%	$112.20	—	COM	44267d107
BP	BP PLC SPONS ADR	12,642	$608K	0.3%	$41.77	—	COM	055622104
RIO	RIO TINTO PLC SPONSORED ADR	10,500	$586K	0.2%	$41.05	—	COM	767204100
MSFT	MICROSOFT CORP	13,800	$566K	0.2%	$26.70	+17.1%	COM	594918104
—	YUM BRANDS INC (FORMERLY TRICO	7,040	$531K	0.2%	$69.32	—	COM	895953107
TEVA	TEVA PHARMACEUTICALS ADR	10,000	$528K	0.2%	$39.20	—	COM	881624209
AEP	AMERICAN ELECTRIC POWER	10,000	$507K	0.2%	$30.44	+4.6%	COM	025537101
—	CHEUNG KONG HOLDING	30,000	$498K	0.2%	$13.43	—	COM	166744201
—	FORD MOTOR CP DE NEW	31,585	$493K	0.2%	$15.48	—	COM	345370100
CSCO	CISCO SYSTEMS INC	21,900	$491K	0.2%	$15.24	+0.4%	COM	17275R102
—	RALPH LAUREN CORP (FMLY POLO R	3,000	$483K	0.2%	$173.67	—	COM	731572103
EMR	EMERSON ELECTRIC CO	7,130	$476K	0.2%	$40.02	+19.4%	COM	291011104
TXN	TEXAS INSTRUMENTS INC.	10,000	$472K	0.2%	$25.31	+26.2%	COM	882508104
TRIP	TRIPADVISOR INC.	5,050	$457K	0.2%	$50.93	+59.2%	COM	896945201
—	ABBVIE INC.	8,700	$447K	0.2%	$41.38	—	COM	00287y109
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$441K	0.2%	$23.37	+25.5%	COM	039483102
—	NOVARTIS AG - ADR	5,100	$434K	0.2%	$85.10	—	COM	66987v109
BAX	BAXTER INT'L INC	5,406	$398K	0.2%	$30.42	-0.3%	COM	071813109
NWSA	NEWS CORPORATION - CLASS A	21,709	$374K	0.2%	$14.03	+8.3%	COM	65249B109
—	EXPEDIA INC (IAC/INTERACTIVECO	5,050	$366K	0.2%	$60.20	—	COM	30212p105
—	IAC/INTERACTIVECORP	5,050	$361K	0.2%	$47.52	—	COM	44919p300
SYY	SYSCO CORP	10,000	$361K	0.2%	$24.40	+7.0%	COM	871829107
—	CHUBB CORP	4,000	$357K	0.1%	$84.75	—	COM	171232101
ABT	ABBOTT LABORATORIES	8,700	$335K	0.1%	$28.85	+6.5%	COM	002824100
—	FIDELITY NATIONAL FINANCIAL, I	10,458	$329K	0.1%	$23.81	—	COM	31620r105
KMI	KINDER MORGAN INC	10,000	$325K	0.1%	$20.66	-10.8%	COM	49456B101
—	FIDELITY NATIONAL INFORMATION	5,364	$287K	0.1%	$42.88	—	COM	31620m106
—	TRAVELERS COMPANIES, INC	3,311	$282K	0.1%	$80.04	—	COM	89417e109
—	BROOKFIELD DTLA FD OFFICE TR P	10,000	$271K	0.1%	$26.50	—	PREFERRED	112714209
AZN	ASTRAZENECA PLC-SPONS ADR	4,000	$260K	0.1%	$52.00	—	COM	046353108
CDP	CORPORATE OFFICE PROPERTY TRUS	9,100	$242K	0.1%	$25.49	—	COM	22002T108
EBAY	EBAY INC.	4,000	$221K	0.1%	$20.18	+2.4%	COM	278642103
—	METLIFE INC	4,000	$211K	0.1%	$54.00	—	COM	59156r108