Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXON MOBIL CORPORATION	162,856	$12.11M	5.4%	$53.69	-8.6%	COM	30231G102
CVX	CHEVRON CORP	118,196	$9.323M	4.1%	$70.83	-24.0%	COM	166764100
AAPL	APPLE INC	83,535	$9.214M	4.1%	$17.88	+47.0%	COM	037833100
PM	PHILIP MORRIS INTERNATIONAL-AL	115,706	$9.179M	4.1%	$49.85	-1.9%	COM	718172109
IBM	INTERNATIONAL BUSINESS MACHINE	51,192	$7.421M	3.3%	$118.94	-19.8%	COM	459200101
—	EQUITY COMMONWEALTH REIT(FRMLY	256,900	$6.998M	3.1%	$26.32	—	COM	294628102
MRK	MERCK & CO.	139,770	$6.903M	3.1%	$35.76	+7.4%	COM	58933Y105
KO	COCA-COLA CO	159,242	$6.389M	2.8%	$27.85	+3.5%	COM	191216100
KMI	KINDER MORGAN INC	223,238	$6.179M	2.7%	$22.24	-12.1%	COM	49456B101
MO	ALTRIA GROUP INC	103,806	$5.647M	2.5%	$16.28	+65.9%	COM	02209S103
PG	PROCTER & GAMBLE CO	75,464	$5.429M	2.4%	$55.13	+2.2%	COM	742718109
—	ROYAL DUTCH SHELL PLC - ADR A	113,270	$5.368M	2.4%	$62.23	—	COM	780259206
DEO	DIAGEO PLC ADR	46,740	$5.038M	2.2%	$113.73	—	COM	25243Q205
BMY	BRISTOL-MYERS SQUIBB CO	80,844	$4.786M	2.1%	$28.67	+55.4%	COM	110122108
M	MACY'S INC. (FORMERLY FEDERATE	87,756	$4.504M	2.0%	$46.44	+35.1%	COM	55616P104
JPM	JPMORGAN CHASE & CO.	72,474	$4.419M	2.0%	$38.23	+29.8%	COM	46625H100
PEP	PEPSICO	43,709	$4.122M	1.8%	$56.00	+24.1%	COM	713448108
PFE	PFIZER, INC.	127,808	$4.014M	1.8%	$16.46	+25.2%	COM	717081103
—	GENERAL MOTORS CO	131,500	$3.948M	1.8%	$35.64	—	COM	37045v100
BRK/A	BERKSHIRE HATHAWAY INC CL A	19	$3.71M	1.6%	$165023.42	+24.8%	COM	084670108
JNJ	JOHNSON & JOHNSON	38,310	$3.576M	1.6%	$59.66	+21.5%	COM	478160104
—	TOTAL SA SPON ADR	69,295	$3.098M	1.4%	$48.70	—	COM	89151E109
L	LOEWS CORP	81,477	$2.945M	1.3%	$42.08	-15.4%	COM	540424108
RHHBY	ROCHE HOLDINGS LTD ADR	88,650	$2.921M	1.3%	$49.80	—	COM	771195104
—	RBC SER C-1 5.5% CALL'17@25(FR	112,840	$2.792M	1.2%	$24.74	—	PREFERRED	78013g402
HD	HOME DEPOT	23,600	$2.726M	1.2%	$56.05	+61.4%	COM	437076102
—	REYNOLDS AMERICAN INC	60,450	$2.676M	1.2%	$59.47	—	COM	761713106
—	BERKSHIRE HATHAWAY CL B	20,014	$2.61M	1.2%	$111.92	—	COM	084670207
NKE	NIKE INC., CL B	20,000	$2.459M	1.1%	$26.53	+86.9%	COM	654106103
TGT	TARGET CORP-FRMLY DAYTON HUDSO	30,620	$2.409M	1.1%	$47.95	+22.3%	COM	87612E106
—	TWENTY-FIRST CENTURY FOX, INC.	85,342	$2.303M	1.0%	$32.58	—	COM	90130A101
—	EXPRESS SCRIPTS HOLDING CO	24,460	$1.98M	0.9%	$61.73	—	COM	302182100
CAT	CATERPILLAR INC	30,200	$1.974M	0.9%	$61.55	-4.0%	COM	149123101
—	AT&T INC	59,438	$1.936M	0.9%	$35.40	—	COM	78387G103
MDLZ	MONDELEZ INTL INC (FMRLY KRAFT	46,053	$1.928M	0.9%	$23.16	+47.0%	COM	609207105
WMT	WAL-MART STORES	26,800	$1.738M	0.8%	$19.98	-5.4%	COM	931142103
—	NEW YORK COMMUNITY BANCORP, IN	93,850	$1.695M	0.8%	$14.00	—	COM	649445103
DIS	DISNEY WALT CO	16,520	$1.688M	0.8%	$56.11	+77.7%	COM	254687106
INTC	INTEL CORP	56,000	$1.688M	0.8%	$17.18	+31.7%	COM	458140100
—	ZOETIS INC.	40,592	$1.672M	0.7%	$30.88	—	COM	98978v103
KMB	KIMBERLY-CLARK	15,300	$1.668M	0.7%	$63.81	+21.3%	COM	494368103
KHC	THE KRAFT HEINZ CO	21,424	$1.512M	0.7%	$47.82	0.0%	COM	500754106
VZ	VERIZON	31,718	$1.38M	0.6%	$26.98	+0.1%	COM	92343V104
—	ACE LIMITED	12,700	$1.313M	0.6%	$103.39	—	COM	H0023R105
—	COCA COLA ENTERPRISES	27,000	$1.305M	0.6%	$44.20	—	COM	19122T109
—	UNITED TECHNOLOGIES CORP	14,400	$1.281M	0.6%	$92.92	—	COM	913017109
—	PUBLIC STORAGE SER W 5.2% CALL	53,000	$1.258M	0.6%	$23.44	—	PREFERRED	74460w875
UNP	UNION PACIFIC CORPORATION	13,700	$1.211M	0.5%	$72.17	0.0%	COM	907818108
QCOM	QUALCOMM	22,500	$1.209M	0.5%	$45.06	-2.0%	COM	747525103
EPD	ENTERPRISE PRODUCTS PARTNERS L	48,380	$1.205M	0.5%	$50.88	—	COM	293792107
—	FREEPORT-MCMORAN INC(FRMLY FM	123,730	$1.199M	0.5%	$23.33	—	COM	35671d857
AAL	AMERICAN AIRLINES GROUP INC.	30,800	$1.196M	0.5%	$43.35	-9.8%	COM	02376R102
—	GENERAL GROWTH PROPERTIES - RE	44,846	$1.165M	0.5%	$19.87	—	COM	370021107
GIS	GENERAL MILLS INC	20,500	$1.151M	0.5%	$31.98	+25.0%	COM	370334104
—	HOME PROPERTIES INC - REIT	15,000	$1.121M	0.5%	$65.40	—	COM	437306103
—	NOVARTIS AG - ADR	12,150	$1.117M	0.5%	$89.06	—	COM	66987v109
SWRAY	SINGAPORE AIRLINES	127,911	$1.094M	0.5%	$9.19	—	COM	870794302
F	FORD MOTOR COMPANY	79,585	$1.08M	0.5%	$8.44	-3.4%	COM	345370860
—	AON PLC	11,618	$1.029M	0.5%	$64.38	—	COM	037389103
PSA	PUBLIC STORAGE - REIT	4,688	$992K	0.4%	$97.16	+39.2%	COM	74460D109
SRE	SEMPRA ENERGY	10,000	$967K	0.4%	$35.44	0.0%	COM	816851109
BOH	BANK OF HAWAII CORPORATION	15,000	$952K	0.4%	$31.53	+41.6%	COM	062540109
—	CONOCOPHILLIPS	19,700	$945K	0.4%	$60.51	—	COM	20825c104
—	GE CAPITAL CORP 4.875% CALLABL	36,000	$915K	0.4%	$23.69	—	PREFERRED	369622410
BAC	BANK OF AMERICA (NEW)	58,217	$907K	0.4%	$10.13	+32.7%	COM	060505104
GILD	GILEAD SCIENCES, INC	9,000	$884K	0.4%	$77.50	0.0%	COM	375558103
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$874K	0.4%	$87.72	+36.2%	COM	053484101
BA	BOEING CO	6,550	$858K	0.4%	$80.37	+53.4%	COM	097023105
SKT	TANGER FACTORY OUTLET REIT	25,200	$831K	0.4%	$33.45	—	COM	875465106
NSRGY	NESTLE ADR	11,000	$828K	0.4%	$65.82	—	COM	641069406
—	BANCO SANTANDER SA ADR	150,221	$793K	0.4%	$6.49	—	COM	05964h105
PSX	PHILLIPS 66	9,850	$757K	0.3%	$40.44	+33.6%	COM	718546104
—	ALLEGHANY CORP	1,594	$746K	0.3%	$383.31	—	COM	017175100
BXP	BOSTON PROPERTIES INC. REIT	6,000	$710K	0.3%	$64.00	+22.5%	COM	101121101
—	ABBVIE INC.	12,200	$664K	0.3%	$46.09	—	COM	00287y109
—	TIFFANY & CO	8,300	$641K	0.3%	$72.89	—	COM	886547108
ZBH	ZIMMER BIOMET HOLDINGS(FRMLY Z	6,728	$632K	0.3%	$67.30	+36.7%	COM	98956P102
MSFT	MICROSOFT CORP	13,800	$611K	0.3%	$26.70	+45.8%	COM	594918104
—	U.S. BANCORP (FORMERLY FIRST B	14,789	$606K	0.3%	$36.18	—	COM	902973106
—	EXPEDIA INC (IAC/INTERACTIVECO	5,050	$594K	0.3%	$60.20	—	COM	30212p105
CSCO	CISCO SYSTEMS INC	21,900	$575K	0.3%	$15.24	+28.5%	COM	17275R102
AEP	AMERICAN ELECTRIC POWER	10,000	$569K	0.3%	$30.44	+26.3%	COM	025537101
TEVA	TEVA PHARMACEUTICALS ADR	10,000	$565K	0.3%	$39.20	—	COM	881624209
—	YUM BRANDS INC (FORMERLY TRICO	7,040	$563K	0.3%	$69.32	—	COM	895953107
UPS	UNITED PARCEL SERVICE, INC. CL	5,100	$503K	0.2%	$67.80	0.0%	COM	911312106
—	JPMORGAN CHASE 6.125% CALLABLE	20,000	$502K	0.2%	$24.90	—	PREFERRED	48127r461
TXN	TEXAS INSTRUMENTS INC.	10,000	$495K	0.2%	$25.31	+45.1%	COM	882508104
HSBC	HSBC HOLDINGS PLC LTD ADR	13,067	$495K	0.2%	$51.90	—	COM	404280406
—	HOWARD HUGHES CORP (THE)(SPINO	4,296	$493K	0.2%	$112.20	—	COM	44267d107
—	CHUBB CORP	4,000	$491K	0.2%	$84.75	—	COM	171232101
—	GLAXOSMITHKLINE PLC ADR	12,600	$484K	0.2%	$41.67	—	COM	37733W105
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$422K	0.2%	$23.37	+43.5%	COM	039483102
—	CK HUTCHISON HOLDINGS(FRM CHEU	30,000	$390K	0.2%	$13.43	—	COM	166744201
SYY	SYSCO CORP	10,000	$390K	0.2%	$24.40	+19.1%	COM	871829107
—	PROSHARES ULTRASHORT 20+ YEAR	9,000	$390K	0.2%	$41.89	—	COM	74347b201
BP	BP PLC SPONS ADR	12,642	$386K	0.2%	$41.55	—	COM	055622104
—	FNF GROUP (FIDELITY NATL FINCL	10,458	$371K	0.2%	$27.73	—	COM	31620r303
META	FACEBOOK INC	4,100	$369K	0.2%	$91.13	0.0%	COM	30303M102
—	FIDELITY NATIONAL INFORMATION	5,364	$360K	0.2%	$42.88	—	COM	31620m106
RIO	RIO TINTO PLC SPONSORED ADR	10,500	$355K	0.2%	$41.05	—	COM	767204100
—	RALPH LAUREN CORP (FMLY POLO R	3,000	$354K	0.2%	$173.67	—	COM	731572103
ABT	ABBOTT LABORATORIES	8,700	$350K	0.2%	$28.85	+34.5%	COM	002824100
—	TRAVELERS COMPANIES, INC	3,311	$330K	0.1%	$80.04	—	COM	89417e109
—	IAC/INTERACTIVECORP	5,050	$330K	0.1%	$65.35	—	COM	44919p508
TRIP	TRIPADVISOR INC.	5,050	$318K	0.1%	$50.93	+32.1%	COM	896945201
EMR	EMERSON ELECTRIC CO	7,130	$315K	0.1%	$40.02	-6.7%	COM	291011104
—	REXFORD INDUSTRIAL REALTY, INC	21,000	$290K	0.1%	$13.81	—	COM	76169c100
DAL	DELTA AIR LINES INC	6,000	$269K	0.1%	$38.40	+3.0%	COM	247361702
AZN	ASTRAZENECA PLC-SPONS ADR	8,000	$255K	0.1%	$41.94	—	COM	046353108
—	THE BLACKSTONE GROUP LP	7,400	$234K	0.1%	$31.62	—	COM	09253u108
—	BLACKROCK CAPITAL INVESTMENT C	25,000	$222K	0.1%	$9.16	—	COM	092533108
—	BROOKFIELD DTLA FD OFFICE TR P	10,000	$217K	0.1%	$26.50	—	PREFERRED	112714209
DRI	DARDEN RESTAURANTS INC	3,000	$206K	0.1%	$40.97	+15.2%	COM	237194105
—	KKR & CO. LP	12,000	$201K	0.1%	$16.75	—	COM	48248m102
—	APOLLO INVESTMENT CORPORATION	35,000	$192K	0.1%	$7.09	—	COM	03761U106