Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXON MOBIL CORPORATION	163,056	$13.86M	5.6%	$53.69	+3.5%	COM	30231G102
CVX	CHEVRON CORP	116,096	$12.19M	4.9%	$71.14	-5.9%	COM	166764100
AAPL	APPLE INC	83,335	$10.37M	4.2%	$17.88	+50.2%	COM	037833100
KMI	KINDER MORGAN INC	212,738	$8.948M	3.6%	$22.37	+6.7%	COM	49456B101
PM	PHILIP MORRIS INTERNATIONAL-AL	115,706	$8.716M	3.5%	$49.85	-5.6%	COM	718172109
IBM	INTERNATIONAL BUSINESS MACHINE	51,192	$8.216M	3.3%	$118.94	-18.9%	COM	459200101
MRK	MERCK & CO.	139,770	$8.034M	3.2%	$35.76	+12.7%	COM	58933Y105
—	EQUITY COMMONWEALTH REIT(FRMLY	275,850	$7.324M	2.9%	$26.32	—	COM	294628102
KO	COCA-COLA CO	176,242	$7.147M	2.9%	$27.85	+6.3%	COM	191216100
—	LORILLARD, INC.	103,966	$6.794M	2.7%	$43.68	—	COM	544147101
M	MACY'S INC. (FORMERLY FEDERATE	93,756	$6.086M	2.4%	$46.44	+38.6%	COM	55616P104
PG	PROCTER & GAMBLE CO	67,659	$5.544M	2.2%	$55.00	+15.6%	COM	742718109
BMY	BRISTOL-MYERS SQUIBB CO	80,844	$5.214M	2.1%	$28.67	+51.6%	COM	110122108
MO	ALTRIA GROUP INC	103,906	$5.197M	2.1%	$16.28	+60.9%	COM	02209S103
—	ROYAL DUTCH SHELL PLC - ADR A	86,970	$5.188M	2.1%	$63.80	—	COM	780259206
—	GENERAL ELECTRIC	200,510	$4.975M	2.0%	$23.29	—	COM	369604103
—	GENERAL MOTORS CO	131,500	$4.931M	2.0%	$35.64	—	COM	37045v100
PFE	PFIZER, INC.	127,808	$4.446M	1.8%	$16.46	+22.1%	COM	717081103
JPM	JPMORGAN CHASE & CO.	71,074	$4.306M	1.7%	$38.01	+16.5%	COM	46625H100
DEO	DIAGEO PLC ADR	38,785	$4.288M	1.7%	$114.95	—	COM	25243Q205
PEP	PEPSICO	43,709	$4.179M	1.7%	$56.00	+24.5%	COM	713448108
BRK/A	BERKSHIRE HATHAWAY INC CL A	19	$4.133M	1.7%	$165023.42	+33.9%	COM	084670108
JNJ	JOHNSON & JOHNSON	38,310	$3.854M	1.5%	$59.66	+25.9%	COM	478160104
—	TOTAL SA SPON ADR	69,295	$3.441M	1.4%	$48.70	—	COM	89151E109
L	LOEWS CORP	83,129	$3.394M	1.4%	$42.08	-8.7%	COM	540424108
RHHBY	ROCHE HOLDINGS LTD ADR	88,150	$3.031M	1.2%	$49.80	—	COM	771195104
—	TWENTY-FIRST CENTURY FOX, INC.	85,342	$2.888M	1.2%	$32.58	—	COM	90130A101
—	BERKSHIRE HATHAWAY CL B	20,014	$2.888M	1.2%	$111.92	—	COM	084670207
—	CITY NATL CORP SER C 5.5% CL 1	112,840	$2.797M	1.1%	$23.52	—	PREFERRED	17800x202
HD	HOME DEPOT	23,600	$2.681M	1.1%	$56.05	+52.2%	COM	437076102
TGT	TARGET CORP-FRMLY DAYTON HUDSO	30,620	$2.513M	1.0%	$47.95	+16.8%	COM	87612E106
CAT	CATERPILLAR INC	30,400	$2.433M	1.0%	$61.55	+2.6%	COM	149123101
—	FREEPORT-MCMORAN INC(FRMLY FM	123,730	$2.345M	0.9%	$23.33	—	COM	35671d857
WMT	WAL-MART STORES	26,800	$2.204M	0.9%	$19.98	+15.3%	COM	931142103
—	EXPRESS SCRIPTS HOLDING CO	24,460	$2.122M	0.9%	$61.73	—	COM	302182100
NKE	NIKE INC., CL B	20,000	$2.007M	0.8%	$26.53	+57.1%	COM	654106103
—	AT&T INC	59,438	$1.941M	0.8%	$35.40	—	COM	78387G103
KMB	KIMBERLY-CLARK	17,740	$1.9M	0.8%	$63.81	+19.6%	COM	494368103
—	ZOETIS INC.	40,592	$1.879M	0.8%	$30.88	—	COM	98978v103
—	KRAFT FOODS GROUP INC (MONDELE	21,424	$1.866M	0.7%	$55.99	—	COM	50076q106
—	COCA COLA ENTERPRISES	40,000	$1.768M	0.7%	$44.20	—	COM	19122T109
INTC	INTEL CORP	56,000	$1.751M	0.7%	$17.18	+51.4%	COM	458140100
DIS	DISNEY WALT CO	16,520	$1.733M	0.7%	$56.11	+63.7%	COM	254687106
—	UNITED TECHNOLOGIES CORP	14,400	$1.688M	0.7%	$92.92	—	COM	913017109
MDLZ	MONDELEZ INTL INC (FMRLY KRAFT	46,053	$1.662M	0.7%	$23.16	+22.3%	COM	609207105
—	NEW YORK COMMUNITY BANCORP, IN	93,850	$1.57M	0.6%	$14.00	—	COM	649445103
EPD	ENTERPRISE PRODUCTS PARTNERS L	47,580	$1.567M	0.6%	$51.23	—	COM	293792107
QCOM	QUALCOMM	22,500	$1.56M	0.6%	$45.06	+14.6%	COM	747525103
VZ	VERIZON	31,718	$1.542M	0.6%	$26.98	+2.4%	COM	92343V104
—	GENERAL GROWTH PROPERTIES - RE	44,846	$1.325M	0.5%	$19.87	—	COM	370021107
SWRAY	SINGAPORE AIRLINES	127,911	$1.321M	0.5%	$9.19	—	COM	870794302
F	FORD MOTOR COMPANY	79,585	$1.285M	0.5%	$8.44	+4.6%	COM	345370860
—	PUBLIC STORAGE SER W 5.2% CALL	53,000	$1.284M	0.5%	$23.44	—	PREFERRED	74460w875
—	CONOCOPHILLIPS	19,700	$1.227M	0.5%	$60.51	—	COM	20825c104
GIS	GENERAL MILLS INC	20,500	$1.16M	0.5%	$31.98	+14.6%	COM	370334104
—	BANCO SANTANDER SA ADR	150,221	$1.119M	0.4%	$6.49	—	COM	05964h105
—	AON PLC	11,618	$1.117M	0.4%	$64.38	—	COM	037389103
—	PALL CORP	10,851	$1.089M	0.4%	$66.45	—	COM	696429307
—	HOME PROPERTIES INC - REIT	15,000	$1.039M	0.4%	$65.40	—	COM	437306103
BA	BOEING CO	6,550	$983K	0.4%	$80.37	+59.0%	COM	097023105
PSA	PUBLIC STORAGE - REIT	4,688	$924K	0.4%	$97.16	+33.1%	COM	74460D109
—	GE CAPITAL CORP 4.875% CALLABL	36,000	$920K	0.4%	$23.69	—	PREFERRED	369622410
BOH	BANK OF HAWAII CORPORATION	15,000	$918K	0.4%	$31.53	+27.1%	COM	062540109
BAC	BANK OF AMERICA (NEW)	58,217	$896K	0.4%	$10.13	+25.9%	COM	060505104
SKT	TANGER FACTORY OUTLET REIT	25,200	$886K	0.4%	$33.45	—	COM	875465106
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$871K	0.3%	$87.72	+36.9%	COM	053484101
BXP	BOSTON PROPERTIES INC. REIT	6,000	$843K	0.3%	$64.00	+41.6%	COM	101121101
ZBH	ZIMMER HOLDINGS INC	7,122	$837K	0.3%	$67.30	+55.1%	COM	98956P102
NSRGY	NESTLE ADR	11,000	$827K	0.3%	$65.82	—	COM	641069406
—	ALLEGHANY CORP	1,594	$776K	0.3%	$383.31	—	COM	017175100
PSX	PHILLIPS 66	9,850	$774K	0.3%	$40.44	+21.8%	COM	718546104
—	TIFFANY & CO	8,300	$730K	0.3%	$72.89	—	COM	886547108
—	ABBVIE INC.	12,200	$714K	0.3%	$46.09	—	COM	00287y109
—	HOWARD HUGHES CORP (THE)(SPINO	4,296	$666K	0.3%	$112.20	—	COM	44267d107
—	U.S. BANCORP (FORMERLY FIRST B	14,789	$646K	0.3%	$36.18	—	COM	902973106
TEVA	TEVA PHARMACEUTICALS ADR	10,000	$623K	0.2%	$39.20	—	COM	881624209
—	CK HUTCHISON HOLDINGS(FRM CHEU	30,000	$606K	0.2%	$13.43	—	COM	166744201
CSCO	CISCO SYSTEMS INC	21,900	$603K	0.2%	$15.24	+31.9%	COM	17275R102
TXN	TEXAS INSTRUMENTS INC.	10,000	$572K	0.2%	$25.31	+64.9%	COM	882508104
HSBC	HSBC HOLDINGS PLC LTD ADR	13,279	$566K	0.2%	$51.90	—	COM	404280406
AEP	AMERICAN ELECTRIC POWER	10,000	$563K	0.2%	$30.44	+32.5%	COM	025537101
MSFT	MICROSOFT CORP	13,800	$561K	0.2%	$26.70	+39.5%	COM	594918104
—	YUM BRANDS INC (FORMERLY TRICO	7,040	$554K	0.2%	$69.32	—	COM	895953107
—	NOVARTIS AG - ADR	5,100	$503K	0.2%	$85.10	—	COM	66987v109
BP	BP PLC SPONS ADR	12,642	$494K	0.2%	$41.55	—	COM	055622104
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$482K	0.2%	$23.37	+48.0%	COM	039483102
—	EXPEDIA INC (IAC/INTERACTIVECO	5,050	$475K	0.2%	$60.20	—	COM	30212p105
RIO	RIO TINTO PLC SPONSORED ADR	10,500	$435K	0.2%	$41.05	—	COM	767204100
TRIP	TRIPADVISOR INC.	5,050	$420K	0.2%	$50.93	+37.2%	COM	896945201
—	CHUBB CORP	4,000	$404K	0.2%	$84.75	—	COM	171232101
EMR	EMERSON ELECTRIC CO	7,130	$404K	0.2%	$40.02	+8.4%	COM	291011104
ABT	ABBOTT LABORATORIES	8,700	$403K	0.2%	$28.85	+29.7%	COM	002824100
—	RALPH LAUREN CORP (FMLY POLO R	3,000	$395K	0.2%	$173.67	—	COM	731572103
—	FNF GROUP (FIDELITY NATL FINCL	10,458	$384K	0.2%	$27.73	—	COM	31620r303
SYY	SYSCO CORP	10,000	$377K	0.2%	$24.40	+21.1%	COM	871829107
—	PROSHARES ULTRASHORT 20+ YEAR	9,000	$377K	0.2%	$41.89	—	COM	74347b201
—	FIDELITY NATIONAL INFORMATION	5,364	$365K	0.1%	$42.88	—	COM	31620m106
—	TRAVELERS COMPANIES, INC	3,311	$358K	0.1%	$80.04	—	COM	89417e109
BAX	BAXTER INT'L INC	5,106	$350K	0.1%	$30.42	+4.0%	COM	071813109
NWSA	NEWS CORPORATION - CLASS A	21,709	$348K	0.1%	$14.03	+1.3%	COM	65249B109
—	IAC/INTERACTIVECORP	5,050	$341K	0.1%	$47.52	—	COM	44919p300
AZN	ASTRAZENECA PLC-SPONS ADR	4,000	$274K	0.1%	$52.00	—	COM	046353108
CDP	CORPORATE OFFICE PROPERTY TRUS	9,100	$267K	0.1%	$25.49	—	COM	22002T108
—	BROOKFIELD DTLA FD OFFICE TR P	10,000	$249K	0.1%	$26.50	—	PREFERRED	112714209
DRI	DARDEN RESTAURANTS INC	3,000	$208K	0.1%	$40.97	0.0%	COM	237194105
—	METLIFE INC	4,000	$202K	0.1%	$54.00	—	COM	59156r108
—	TELEFONICA SA RIGHTS	14,314	$2,000	0.0%	$0.14	—	RIGHT	e90681110