Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXON MOBIL CORPORATION	162,156	$15.25M	6.2%	$53.69	+14.6%	COM	30231G102
CVX	CHEVRON CORP	103,176	$12.31M	5.0%	$71.30	+10.1%	COM	166764100
PM	PHILIP MORRIS INTERNATIONAL-AL	116,906	$9.75M	4.0%	$49.85	-3.9%	COM	718172109
IBM	INTERNATIONAL BUSINESS MACHINE	51,192	$9.718M	3.9%	$118.94	-3.9%	COM	459200101
—	KINDER MORGAN ENERGY PARTNERS	93,830	$8.752M	3.6%	$85.09	—	COM	494550106
AAPL	APPLE INC	83,685	$8.431M	3.4%	$17.88	+21.0%	COM	037833100
MRK	MERCK & CO.	139,870	$8.291M	3.4%	$35.76	+10.1%	COM	58933Y105
—	EQUITY COMMONWEALTH REIT(FRMLY	298,716	$7.68M	3.1%	$26.32	—	COM	294628102
KO	COCA-COLA CO	179,142	$7.642M	3.1%	$27.85	+3.6%	COM	191216100
—	ROYAL DUTCH SHELL PLC - ADR A	87,470	$6.659M	2.7%	$63.80	—	COM	780259206
—	LORILLARD, INC.	103,966	$6.229M	2.5%	$43.68	—	COM	544147101
PG	PROCTER & GAMBLE CO	68,559	$5.741M	2.3%	$55.00	+8.6%	COM	742718109
—	GENERAL ELECTRIC	217,410	$5.57M	2.3%	$23.19	—	COM	369604103
M	MACY'S INC. (FORMERLY FEDERATE	93,756	$5.455M	2.2%	$46.44	+27.7%	COM	55616P104
MO	ALTRIA GROUP INC	104,606	$4.806M	2.0%	$16.28	+27.0%	COM	02209S103
—	TOTAL SA SPON ADR	70,295	$4.531M	1.8%	$48.70	—	COM	89151E109
DEO	DIAGEO PLC ADR	39,085	$4.51M	1.8%	$114.95	—	COM	25243Q205
BMY	BRISTOL-MYERS SQUIBB CO	82,844	$4.24M	1.7%	$28.67	+19.4%	COM	110122108
JNJ	JOHNSON & JOHNSON	38,310	$4.083M	1.7%	$59.66	+26.7%	COM	478160104
—	GENERAL MOTORS CO	127,450	$4.071M	1.7%	$35.01	—	COM	37045v100
PEP	PEPSICO	43,709	$4.069M	1.7%	$56.00	+15.9%	COM	713448108
BRK/A	BERKSHIRE HATHAWAY INC CL A	19	$3.931M	1.6%	$165023.42	+21.1%	COM	084670108
PFE	PFIZER, INC.	128,566	$3.802M	1.5%	$16.46	+6.0%	COM	717081103
L	LOEWS CORP	83,129	$3.463M	1.4%	$42.08	-3.3%	COM	540424108
JPM	JPMORGAN CHASE & CO.	55,434	$3.339M	1.4%	$36.24	+19.0%	COM	46625H100
RHHBY	ROCHE HOLDINGS LTD ADR	89,150	$3.298M	1.3%	$49.80	—	COM	771195104
CAT	CATERPILLAR INC	30,500	$3.02M	1.2%	$61.55	+28.8%	COM	149123101
—	TWENTY-FIRST CENTURY FOX, INC.	85,342	$2.926M	1.2%	$32.58	—	COM	90130A101
—	BERKSHIRE HATHAWAY CL B	20,014	$2.765M	1.1%	$111.92	—	COM	084670207
—	CITY NATL CORP SER C 5.5% CL 1	114,840	$2.541M	1.0%	$23.52	—	PREFERRED	17800x202
HD	HOME DEPOT	23,600	$2.165M	0.9%	$56.05	+17.3%	COM	437076102
—	AT&T INC	59,438	$2.095M	0.9%	$35.40	—	COM	78387G103
WMT	WAL-MART STORES	26,800	$2.049M	0.8%	$19.98	+1.6%	COM	931142103
INTC	INTEL CORP	56,000	$1.95M	0.8%	$17.18	+49.9%	COM	458140100
TGT	TARGET CORP-FRMLY DAYTON HUDSO	30,720	$1.926M	0.8%	$47.95	-9.8%	COM	87612E106
EPD	ENTERPRISE PRODUCTS PARTNERS L	47,580	$1.917M	0.8%	$51.23	—	COM	293792107
KMB	KIMBERLY-CLARK	17,740	$1.908M	0.8%	$63.81	+11.0%	COM	494368103
NKE	NIKE INC., CL B	20,000	$1.784M	0.7%	$26.53	+29.6%	COM	654106103
—	COCA COLA ENTERPRISES	40,000	$1.774M	0.7%	$35.15	—	COM	191219104
—	EXPRESS SCRIPTS HOLDING CO	24,460	$1.728M	0.7%	$61.73	—	COM	302182100
QCOM	QUALCOMM	22,500	$1.682M	0.7%	$45.06	+23.0%	COM	747525103
VZ	VERIZON	31,718	$1.586M	0.6%	$26.98	+3.0%	COM	92343V104
MDLZ	MONDELEZ INTL INC (FMRLY KRAFT	46,053	$1.578M	0.6%	$23.16	+22.3%	COM	609207105
BAC	BANK OF AMERICA (NEW)	91,754	$1.564M	0.6%	$10.13	+24.1%	COM	060505104
—	FREEPORT-MCMORAN INC(FRMLY FM	46,680	$1.524M	0.6%	$27.61	—	COM	35671d857
—	UNITED TECHNOLOGIES CORP	14,400	$1.521M	0.6%	$92.92	—	COM	913017109
—	ZOETIS INC.	40,831	$1.509M	0.6%	$30.88	—	COM	98978v103
—	CONOCOPHILLIPS	19,700	$1.507M	0.6%	$60.51	—	COM	20825c104
—	NEW YORK COMMUNITY BANCORP, IN	94,850	$1.505M	0.6%	$14.00	—	COM	649445103
DIS	DISNEY WALT CO	16,520	$1.471M	0.6%	$56.11	+41.3%	COM	254687106
—	BANCO SANTANDER SA ADR	152,297	$1.447M	0.6%	$6.47	—	COM	05964h105
—	KRAFT FOODS GROUP INC (MONDELE	21,424	$1.208M	0.5%	$55.99	—	COM	50076q106
SWRAY	SINGAPORE AIRLINES	127,911	$1.198M	0.5%	$9.19	—	COM	870794302
—	PUBLIC STORAGE SER W 5.2% CALL	53,000	$1.197M	0.5%	$23.25	—	PREFERRED	74460w875
—	GENERAL GROWTH PROPERTIES - RE	44,846	$1.056M	0.4%	$19.87	—	COM	370021107
GIS	GENERAL MILLS INC	20,500	$1.034M	0.4%	$31.98	+10.9%	COM	370334104
—	AON PLC	11,618	$1.019M	0.4%	$64.38	—	COM	037389103
—	PALL CORP	10,851	$908K	0.4%	$66.45	—	COM	696429307
—	HOME PROPERTIES INC - REIT	15,000	$874K	0.4%	$65.40	—	COM	437306103
—	GE CAPITAL CORP 4.875% CALLABL	36,000	$865K	0.4%	$23.69	—	PREFERRED	369622410
BOH	BANK OF HAWAII CORPORATION	15,000	$852K	0.3%	$31.53	+22.6%	COM	062540109
BA	BOEING CO	6,550	$834K	0.3%	$80.37	+35.9%	COM	097023105
SKT	TANGER FACTORY OUTLET REIT	25,200	$825K	0.3%	$33.45	—	COM	875465106
NSRGY	NESTLE ADR	11,000	$810K	0.3%	$65.82	—	COM	641069406
PSX	PHILLIPS 66	9,850	$801K	0.3%	$40.44	+36.3%	COM	718546104
—	TIFFANY & CO	8,300	$799K	0.3%	$72.89	—	COM	886547108
PSA	PUBLIC STORAGE - REIT	4,688	$777K	0.3%	$97.16	+13.7%	COM	74460D109
HSBC	HSBC HOLDINGS PLC LTD ADR	15,149	$771K	0.3%	$51.90	—	COM	404280406
ZBH	ZIMMER HOLDINGS INC	7,122	$716K	0.3%	$67.30	+33.1%	COM	98956P102
—	ABBVIE INC.	12,200	$705K	0.3%	$46.09	—	COM	00287y109
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$705K	0.3%	$87.72	+15.8%	COM	053484101
BXP	BOSTON PROPERTIES INC. REIT	6,000	$695K	0.3%	$64.00	+16.0%	COM	101121101
—	ALLEGHANY CORP	1,594	$667K	0.3%	$383.31	—	COM	017175100
—	HOWARD HUGHES CORP (THE)(SPINO	4,296	$644K	0.3%	$112.20	—	COM	44267d107
MSFT	MICROSOFT CORP	13,800	$640K	0.3%	$26.70	+41.0%	COM	594918104
—	U.S. BANCORP (FORMERLY FIRST B	14,789	$619K	0.3%	$36.18	—	COM	902973106
BP	BP PLC SPONS ADR	12,642	$556K	0.2%	$41.77	—	COM	055622104
CSCO	CISCO SYSTEMS INC	21,900	$551K	0.2%	$15.24	+16.2%	COM	17275R102
TEVA	TEVA PHARMACEUTICALS ADR	10,000	$537K	0.2%	$39.20	—	COM	881624209
AEP	AMERICAN ELECTRIC POWER	10,000	$522K	0.2%	$30.44	+16.0%	COM	025537101
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$520K	0.2%	$23.37	+50.9%	COM	039483102
RIO	RIO TINTO PLC SPONSORED ADR	10,500	$516K	0.2%	$41.05	—	COM	767204100
—	YUM BRANDS INC (FORMERLY TRICO	7,040	$507K	0.2%	$69.32	—	COM	895953107
—	RALPH LAUREN CORP (FMLY POLO R	3,000	$494K	0.2%	$173.67	—	COM	731572103
—	CHEUNG KONG HOLDING	30,000	$492K	0.2%	$13.43	—	COM	166744201
—	NOVARTIS AG - ADR	5,100	$480K	0.2%	$85.10	—	COM	66987v109
TXN	TEXAS INSTRUMENTS INC.	10,000	$477K	0.2%	$25.31	+38.8%	COM	882508104
—	FORD MOTOR CP DE NEW	31,585	$467K	0.2%	$15.48	—	COM	345370100
TRIP	TRIPADVISOR INC.	5,050	$462K	0.2%	$50.93	+72.9%	COM	896945201
EMR	EMERSON ELECTRIC CO	7,130	$446K	0.2%	$40.02	+19.4%	COM	291011104
—	EXPEDIA INC (IAC/INTERACTIVECO	5,050	$442K	0.2%	$60.20	—	COM	30212p105
KMI	KINDER MORGAN INC	10,000	$383K	0.2%	$20.66	+3.7%	COM	49456B101
SYY	SYSCO CORP	10,000	$379K	0.2%	$24.40	+13.0%	COM	871829107
BAX	BAXTER INT'L INC	5,106	$366K	0.1%	$30.42	+9.9%	COM	071813109
—	CHUBB CORP	4,000	$364K	0.1%	$84.75	—	COM	171232101
ABT	ABBOTT LABORATORIES	8,700	$362K	0.1%	$28.85	+18.3%	COM	002824100
NWSA	NEWS CORPORATION - CLASS A	21,709	$355K	0.1%	$14.03	+10.1%	COM	65249B109
—	IAC/INTERACTIVECORP	5,050	$333K	0.1%	$47.52	—	COM	44919p300
—	TRAVELERS COMPANIES, INC	3,311	$311K	0.1%	$80.04	—	COM	89417e109
—	FIDELITY NATIONAL INFORMATION	5,364	$302K	0.1%	$42.88	—	COM	31620m106
—	FNF GROUP (FIDELITY NATL FINCL	10,458	$290K	0.1%	$27.73	—	COM	31620r303
AZN	ASTRAZENECA PLC-SPONS ADR	4,000	$286K	0.1%	$52.00	—	COM	046353108
—	BROOKFIELD DTLA FD OFFICE TR P	10,000	$278K	0.1%	$26.50	—	PREFERRED	112714209
CDP	CORPORATE OFFICE PROPERTY TRUS	9,100	$234K	0.1%	$25.49	—	COM	22002T108
—	METLIFE INC	4,000	$215K	0.1%	$54.00	—	COM	59156r108
SLB	SCHLUMBERGER, LTD.	2,000	$203K	0.1%	$74.85	+6.2%	COM	806857108