Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXON MOBIL CORPORATION	162,156	$14.99M	6.0%	$53.69	+8.0%	COM	30231G102
CVX	CHEVRON CORP	113,696	$12.75M	5.1%	$71.23	-1.0%	COM	166764100
PM	PHILIP MORRIS INTERNATIONAL-AL	116,906	$9.522M	3.8%	$49.85	-1.3%	COM	718172109
AAPL	APPLE INC	83,685	$9.237M	3.7%	$17.88	+34.7%	COM	037833100
KMI	KINDER MORGAN INC	213,405	$9.029M	3.6%	$22.37	+0.4%	COM	49456B101
IBM	INTERNATIONAL BUSINESS MACHINE	51,192	$8.213M	3.3%	$118.94	-15.5%	COM	459200101
MRK	MERCK & CO.	139,770	$7.938M	3.2%	$35.76	+10.0%	COM	58933Y105
KO	COCA-COLA CO	177,642	$7.5M	3.0%	$27.85	+7.9%	COM	191216100
—	EQUITY COMMONWEALTH REIT(FRMLY	287,150	$7.371M	3.0%	$26.32	—	COM	294628102
—	LORILLARD, INC.	103,966	$6.544M	2.6%	$43.68	—	COM	544147101
PG	PROCTER & GAMBLE CO	68,559	$6.245M	2.5%	$55.00	+17.5%	COM	742718109
M	MACY'S INC. (FORMERLY FEDERATE	93,756	$6.164M	2.5%	$46.44	+30.3%	COM	55616P104
—	ROYAL DUTCH SHELL PLC - ADR A	87,470	$5.856M	2.4%	$63.80	—	COM	780259206
MO	ALTRIA GROUP INC	104,606	$5.154M	2.1%	$16.28	+46.0%	COM	02209S103
BMY	BRISTOL-MYERS SQUIBB CO	80,844	$4.772M	1.9%	$28.67	+35.7%	COM	110122108
—	GENERAL ELECTRIC	187,710	$4.743M	1.9%	$23.19	—	COM	369604103
DEO	DIAGEO PLC ADR	39,085	$4.459M	1.8%	$114.95	—	COM	25243Q205
BRK/A	BERKSHIRE HATHAWAY INC CL A	19	$4.294M	1.7%	$165023.42	+31.2%	COM	084670108
PEP	PEPSICO	43,709	$4.133M	1.7%	$56.00	+22.5%	COM	713448108
JNJ	JOHNSON & JOHNSON	38,310	$4.006M	1.6%	$59.66	+29.6%	COM	478160104
PFE	PFIZER, INC.	128,566	$4.005M	1.6%	$16.46	+9.2%	COM	717081103
—	TOTAL SA SPON ADR	70,295	$3.599M	1.5%	$48.70	—	COM	89151E109
L	LOEWS CORP	83,129	$3.493M	1.4%	$42.08	-5.7%	COM	540424108
JPM	JPMORGAN CHASE & CO.	55,434	$3.469M	1.4%	$36.24	+23.3%	COM	46625H100
—	GENERAL MOTORS CO	98,050	$3.423M	1.4%	$35.01	—	COM	37045v100
—	TWENTY-FIRST CENTURY FOX, INC.	85,342	$3.278M	1.3%	$32.58	—	COM	90130A101
RHHBY	ROCHE HOLDINGS LTD ADR	89,150	$3.03M	1.2%	$49.80	—	COM	771195104
—	BERKSHIRE HATHAWAY CL B	20,014	$3.005M	1.2%	$111.92	—	COM	084670207
CAT	CATERPILLAR INC	30,500	$2.792M	1.1%	$61.55	+19.2%	COM	149123101
—	CITY NATL CORP SER C 5.5% CL 1	114,840	$2.679M	1.1%	$23.52	—	PREFERRED	17800x202
HD	HOME DEPOT	23,600	$2.477M	1.0%	$56.05	+33.5%	COM	437076102
TGT	TARGET CORP-FRMLY DAYTON HUDSO	30,720	$2.332M	0.9%	$47.95	+1.3%	COM	87612E106
WMT	WAL-MART STORES	26,800	$2.302M	0.9%	$19.98	+9.2%	COM	931142103
—	EXPRESS SCRIPTS HOLDING CO	24,460	$2.071M	0.8%	$61.73	—	COM	302182100
KMB	KIMBERLY-CLARK	17,740	$2.05M	0.8%	$63.81	+19.2%	COM	494368103
INTC	INTEL CORP	56,000	$2.032M	0.8%	$17.18	+55.0%	COM	458140100
—	AT&T INC	59,438	$1.997M	0.8%	$35.40	—	COM	78387G103
NKE	NIKE INC., CL B	20,000	$1.923M	0.8%	$26.53	+53.6%	COM	654106103
—	FREEPORT-MCMORAN INC(FRMLY FM	77,730	$1.816M	0.7%	$25.92	—	COM	35671d857
—	COCA COLA ENTERPRISES	40,000	$1.769M	0.7%	$35.15	—	COM	191219104
—	ZOETIS INC.	40,831	$1.757M	0.7%	$30.88	—	COM	98978v103
EPD	ENTERPRISE PRODUCTS PARTNERS L	47,580	$1.719M	0.7%	$51.23	—	COM	293792107
MDLZ	MONDELEZ INTL INC (FMRLY KRAFT	46,053	$1.673M	0.7%	$23.16	+22.7%	COM	609207105
QCOM	QUALCOMM	22,500	$1.672M	0.7%	$45.06	+18.4%	COM	747525103
—	UNITED TECHNOLOGIES CORP	14,400	$1.656M	0.7%	$92.92	—	COM	913017109
BAC	BANK OF AMERICA (NEW)	87,768	$1.57M	0.6%	$10.13	+33.8%	COM	060505104
DIS	DISNEY WALT CO	16,520	$1.556M	0.6%	$56.11	+44.9%	COM	254687106
—	NEW YORK COMMUNITY BANCORP, IN	94,850	$1.518M	0.6%	$14.00	—	COM	649445103
VZ	VERIZON	31,718	$1.484M	0.6%	$26.98	+2.5%	COM	92343V104
—	CONOCOPHILLIPS	19,700	$1.36M	0.5%	$60.51	—	COM	20825c104
—	KRAFT FOODS GROUP INC (MONDELE	21,424	$1.342M	0.5%	$55.99	—	COM	50076q106
SWRAY	SINGAPORE AIRLINES	127,911	$1.278M	0.5%	$9.19	—	COM	870794302
—	GENERAL GROWTH PROPERTIES - RE	44,846	$1.262M	0.5%	$19.87	—	COM	370021107
—	BANCO SANTANDER SA ADR	147,279	$1.227M	0.5%	$6.47	—	COM	05964h105
—	AON PLC	11,618	$1.102M	0.4%	$64.38	—	COM	037389103
—	PALL CORP	10,851	$1.098M	0.4%	$66.45	—	COM	696429307
GIS	GENERAL MILLS INC	20,500	$1.093M	0.4%	$31.98	+10.2%	COM	370334104
—	PUBLIC STORAGE SER W 5.2% CALL	43,000	$987K	0.4%	$23.25	—	PREFERRED	74460w875
—	HOME PROPERTIES INC - REIT	15,000	$984K	0.4%	$65.40	—	COM	437306103
SKT	TANGER FACTORY OUTLET REIT	25,200	$931K	0.4%	$33.45	—	COM	875465106
—	GE CAPITAL CORP 4.875% CALLABL	36,000	$893K	0.4%	$23.69	—	PREFERRED	369622410
BOH	BANK OF HAWAII CORPORATION	15,000	$890K	0.4%	$31.53	+23.0%	COM	062540109
—	TIFFANY & CO	8,300	$887K	0.4%	$72.89	—	COM	886547108
PSA	PUBLIC STORAGE - REIT	4,688	$867K	0.3%	$97.16	+20.7%	COM	74460D109
BA	BOEING CO	6,550	$851K	0.3%	$80.37	+37.7%	COM	097023105
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$817K	0.3%	$87.72	+23.4%	COM	053484101
ZBH	ZIMMER HOLDINGS INC	7,122	$808K	0.3%	$67.30	+42.9%	COM	98956P102
NSRGY	NESTLE ADR	11,000	$802K	0.3%	$65.82	—	COM	641069406
—	ABBVIE INC.	12,200	$798K	0.3%	$46.09	—	COM	00287y109
BXP	BOSTON PROPERTIES INC. REIT	6,000	$772K	0.3%	$64.00	+23.8%	COM	101121101
—	ALLEGHANY CORP	1,594	$739K	0.3%	$383.31	—	COM	017175100
F	FORD MOTOR COMPANY	46,585	$722K	0.3%	$8.16	0.0%	COM	345370860
PSX	PHILLIPS 66	9,850	$706K	0.3%	$40.44	+21.6%	COM	718546104
—	U.S. BANCORP (FORMERLY FIRST B	14,789	$665K	0.3%	$36.18	—	COM	902973106
MSFT	MICROSOFT CORP	13,800	$641K	0.3%	$26.70	+49.3%	COM	594918104
HSBC	HSBC HOLDINGS PLC LTD ADR	13,279	$627K	0.3%	$51.90	—	COM	404280406
CSCO	CISCO SYSTEMS INC	21,900	$609K	0.2%	$15.24	+20.1%	COM	17275R102
AEP	AMERICAN ELECTRIC POWER	10,000	$607K	0.2%	$30.44	+26.7%	COM	025537101
TEVA	TEVA PHARMACEUTICALS ADR	10,000	$575K	0.2%	$39.20	—	COM	881624209
—	HOWARD HUGHES CORP (THE)(SPINO	4,296	$560K	0.2%	$112.20	—	COM	44267d107
—	RALPH LAUREN CORP (FMLY POLO R	3,000	$555K	0.2%	$173.67	—	COM	731572103
TXN	TEXAS INSTRUMENTS INC.	10,000	$535K	0.2%	$25.31	+47.6%	COM	882508104
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$529K	0.2%	$23.37	+54.1%	COM	039483102
—	YUM BRANDS INC (FORMERLY TRICO	7,040	$513K	0.2%	$69.32	—	COM	895953107
—	CHEUNG KONG HOLDING	30,000	$502K	0.2%	$13.43	—	COM	166744201
RIO	RIO TINTO PLC SPONSORED ADR	10,500	$484K	0.2%	$41.05	—	COM	767204100
—	NOVARTIS AG - ADR	5,100	$473K	0.2%	$85.10	—	COM	66987v109
BP	BP PLC SPONS ADR	11,642	$444K	0.2%	$41.77	—	COM	055622104
EMR	EMERSON ELECTRIC CO	7,130	$440K	0.2%	$40.02	+16.0%	COM	291011104
—	EXPEDIA INC (IAC/INTERACTIVECO	5,050	$431K	0.2%	$60.20	—	COM	30212p105
—	CHUBB CORP	4,000	$414K	0.2%	$84.75	—	COM	171232101
SYY	SYSCO CORP	10,000	$397K	0.2%	$24.40	+18.2%	COM	871829107
ABT	ABBOTT LABORATORIES	8,700	$392K	0.2%	$28.85	+22.4%	COM	002824100
TRIP	TRIPADVISOR INC.	5,050	$377K	0.2%	$50.93	+36.3%	COM	896945201
BAX	BAXTER INT'L INC	5,106	$374K	0.2%	$30.42	+6.2%	COM	071813109
—	FNF GROUP (FIDELITY NATL FINCL	10,458	$360K	0.1%	$27.73	—	COM	31620r303
—	TRAVELERS COMPANIES, INC	3,311	$350K	0.1%	$80.04	—	COM	89417e109
NWSA	NEWS CORPORATION - CLASS A	21,709	$341K	0.1%	$14.03	-3.9%	COM	65249B109
—	FIDELITY NATIONAL INFORMATION	5,364	$334K	0.1%	$42.88	—	COM	31620m106
—	IAC/INTERACTIVECORP	5,050	$307K	0.1%	$47.52	—	COM	44919p300
AZN	ASTRAZENECA PLC-SPONS ADR	4,000	$282K	0.1%	$52.00	—	COM	046353108
CDP	CORPORATE OFFICE PROPERTY TRUS	9,100	$258K	0.1%	$25.49	—	COM	22002T108
—	BROOKFIELD DTLA FD OFFICE TR P	10,000	$258K	0.1%	$26.50	—	PREFERRED	112714209
—	METLIFE INC	4,000	$216K	0.1%	$54.00	—	COM	59156r108
—	REPSOL YPF SA RIGHTS	10,000	$6,000	0.0%	$0.60	—	RIGHT	e8492d112