The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AT&T INC COM 78387G103 2,045 59,438 SH   SOLE   0 0 59,438
ABBVIE INC. COM 00287y109 723 12,200 SH   SOLE   0 0 12,200
ABBOTT LABORATORIES COM 002824100 391 8,700 SH   SOLE   0 0 8,700
ALLEGHANY CORP COM 017175100 762 1,594 SH   SOLE   0 0 1,594
ALTRIA GROUP INC COM 02209S103 6,043 103,806 SH   SOLE   0 0 103,806
AMERICAN AIRLINES GROUP INC. COM 02376R102 1,304 30,800 SH   SOLE   0 0 30,800
AMERICAN ELECTRIC POWER COM 025537101 583 10,000 SH   SOLE   0 0 10,000
AON PLC COM 037389103 1,071 11,618 SH   SOLE   0 0 11,618
APPLE INC COM 037833100 8,793 83,535 SH   SOLE   0 0 83,535
ARCHER-DANIELS-MIDLAND CORP COM 039483102 373 10,172 SH   SOLE   0 0 10,172
ASTRAZENECA PLC-SPONS ADR COM 046353108 272 8,000 SH   SOLE   0 0 8,000
AVALONBAY COMMUNITIES, INC REI COM 053484101 921 5,000 SH   SOLE   0 0 5,000
BP PLC SPONS ADR COM 055622104 395 12,642 SH   SOLE   0 0 12,642
BANCO SANTANDER SA ADR COM 05964h105 521 106,987 SH   SOLE   0 0 106,987
BANK OF AMERICA (NEW) COM 060505104 976 58,017 SH   SOLE   0 0 58,017
BANK OF HAWAII CORPORATION COM 062540109 944 15,000 SH   SOLE   0 0 15,000
BERKSHIRE HATHAWAY CL B COM 084670207 2,643 20,014 SH   SOLE   0 0 20,014
BERKSHIRE HATHAWAY INC CL A COM 084670108 3,758 19 SH   SOLE   0 0 19
BLACKROCK CAPITAL INVESTMENT C COM 092533108 235 25,000 SH   SOLE   0 0 25,000
BOEING CO COM 097023105 947 6,550 SH   SOLE   0 0 6,550
BOSTON PROPERTIES INC. REIT COM 101121101 765 6,000 SH   SOLE   0 0 6,000
BRISTOL-MYERS SQUIBB CO COM 110122108 5,388 78,324 SH   SOLE   0 0 78,324
CK HUTCHISON HOLDINGS(FRM CHEU COM 166744201 403 30,000 SH   SOLE   0 0 30,000
CHEVRON CORP COM 166764100 9,958 110,696 SH   SOLE   0 0 110,696
CHUBB CORP COM 171232101 531 4,000 SH   SOLE   0 0 4,000
CHUBB LIMITED (FRMLY ACE LIMIT COM H1467J104 1,484 12,700 SH   SOLE   0 0 12,700
CISCO SYSTEMS INC COM 17275R102 595 21,900 SH   SOLE   0 0 21,900
COCA COLA ENTERPRISES COM 19122T109 1,329 27,000 SH   SOLE   0 0 27,000
COCA-COLA CO COM 191216100 6,824 158,842 SH   SOLE   0 0 158,842
CONOCOPHILLIPS COM 20825c104 920 19,700 SH   SOLE   0 0 19,700
DELTA AIR LINES INC COM 247361702 304 6,000 SH   SOLE   0 0 6,000
DIAGEO PLC ADR COM 25243Q205 5,098 46,740 SH   SOLE   0 0 46,740
DISNEY WALT CO COM 254687106 1,736 16,520 SH   SOLE   0 0 16,520
EMERSON ELECTRIC CO COM 291011104 341 7,130 SH   SOLE   0 0 7,130
ENTERPRISE PRODUCTS PARTNERS L COM 293792107 1,238 48,380 SH   SOLE   0 0 48,380
EQUITY COMMONWEALTH REIT(FRMLY COM 294628102 7,096 255,900 SH   SOLE   0 0 255,900
EXPEDIA INC (IAC/INTERACTIVECO COM 30212p105 622 5,000 SH   SOLE   0 0 5,000
EXPRESS SCRIPTS HOLDING CO COM 302182100 2,138 24,460 SH   SOLE   0 0 24,460
EXXON MOBIL CORPORATION COM 30231G102 12,679 162,656 SH   SOLE   0 0 162,656
FNF GROUP (FIDELITY NATL FINCL COM 31620r303 363 10,458 SH   SOLE   0 0 10,458
FACEBOOK INC COM 30303M102 429 4,100 SH   SOLE   0 0 4,100
FIDELITY NATIONAL INFORMATION COM 31620m106 325 5,364 SH   SOLE   0 0 5,364
FORD MOTOR COMPANY COM 345370860 1,121 79,585 SH   SOLE   0 0 79,585
GENERAL GROWTH PROPERTIES - RE COM 370021107 1,220 44,846 SH   SOLE   0 0 44,846
GENERAL MILLS INC COM 370334104 1,182 20,500 SH   SOLE   0 0 20,500
GENERAL MOTORS CO COM 37045v100 4,472 131,500 SH   SOLE   0 0 131,500
GILEAD SCIENCES, INC COM 375558103 911 9,000 SH   SOLE   0 0 9,000
HSBC HOLDINGS PLC LTD ADR COM 404280406 516 13,067 SH   SOLE   0 0 13,067
HOME DEPOT COM 437076102 3,121 23,600 SH   SOLE   0 0 23,600
HOWARD HUGHES CORP (THE)(SPINO COM 44267d107 486 4,296 SH   SOLE   0 0 4,296
IAC/INTERACTIVECORP COM 44919p508 300 5,000 SH   SOLE   0 0 5,000
INTEL CORP COM 458140100 1,929 56,000 SH   SOLE   0 0 56,000
INTERNATIONAL BUSINESS MACHINE COM 459200101 7,045 51,192 SH   SOLE   0 0 51,192
JPMORGAN CHASE & CO. COM 46625H100 4,785 72,474 SH   SOLE   0 0 72,474
JOHNSON & JOHNSON COM 478160104 3,935 38,310 SH   SOLE   0 0 38,310
KIMBERLY-CLARK COM 494368103 1,948 15,300 SH   SOLE   0 0 15,300
KINDER MORGAN INC COM 49456B101 1,284 86,045 SH   SOLE   0 0 86,045
LOEWS CORP COM 540424108 3,129 81,477 SH   SOLE   0 0 81,477
MACY'S INC. (FORMERLY FEDERATE COM 55616P104 3,070 87,756 SH   SOLE   0 0 87,756
MERCK & CO. COM 58933Y105 7,383 139,770 SH   SOLE   0 0 139,770
MICROSOFT CORP COM 594918104 766 13,800 SH   SOLE   0 0 13,800
MONDELEZ INTL INC (FMRLY KRAFT COM 609207105 2,065 46,053 SH   SOLE   0 0 46,053
NESTLE ADR COM 641069406 819 11,000 SH   SOLE   0 0 11,000
NEW YORK COMMUNITY BANCORP, IN COM 649445103 1,532 93,850 SH   SOLE   0 0 93,850
NIKE INC., CL B COM 654106103 2,500 40,000 SH   SOLE   0 0 40,000
NOVARTIS AG - ADR COM 66987v109 624 7,250 SH   SOLE   0 0 7,250
PEPSICO COM 713448108 4,367 43,709 SH   SOLE   0 0 43,709
PFIZER, INC. COM 717081103 4,101 127,050 SH   SOLE   0 0 127,050
PHILIP MORRIS INTERNATIONAL-AL COM 718172109 10,172 115,706 SH   SOLE   0 0 115,706
PHILLIPS 66 COM 718546104 806 9,850 SH   SOLE   0 0 9,850
PROSHARES ULTRASHORT 20+ YEAR COM 74347b201 397 9,000 SH   SOLE   0 0 9,000
PROCTER & GAMBLE CO COM 742718109 5,993 75,464 SH   SOLE   0 0 75,464
PUBLIC STORAGE - REIT COM 74460D109 1,161 4,688 SH   SOLE   0 0 4,688
QUALCOMM COM 747525103 1,125 22,500 SH   SOLE   0 0 22,500
RALPH LAUREN CORP (FMLY POLO R COM 731572103 334 3,000 SH   SOLE   0 0 3,000
REXFORD INDUSTRIAL REALTY, INC COM 76169c100 344 21,000 SH   SOLE   0 0 21,000
REYNOLDS AMERICAN INC COM 761713106 2,790 60,450 SH   SOLE   0 0 60,450
RIO TINTO PLC SPONSORED ADR COM 767204100 306 10,500 SH   SOLE   0 0 10,500
ROCHE HOLDINGS LTD ADR COM 771195104 3,056 88,650 SH   SOLE   0 0 88,650
ROYAL DUTCH SHELL PLC - ADR A COM 780259206 4,784 104,470 SH   SOLE   0 0 104,470
SEMPRA ENERGY COM 816851109 940 10,000 SH   SOLE   0 0 10,000
SINGAPORE AIRLINES COM 870794302 681 87,911 SH   SOLE   0 0 87,911
SWIRE PACIFIC LTD SPONS ADR RP COM 870794302 453 40,000 SH   SOLE   0 0 40,000
SYSCO CORP COM 871829107 410 10,000 SH   SOLE   0 0 10,000
TANGER FACTORY OUTLET REIT COM 875465106 824 25,200 SH   SOLE   0 0 25,200
TARGET CORP-FRMLY DAYTON HUDSO COM 87612E106 2,223 30,620 SH   SOLE   0 0 30,620
TEVA PHARMACEUTICALS ADR COM 881624209 656 10,000 SH   SOLE   0 0 10,000
TEXAS INSTRUMENTS INC. COM 882508104 548 10,000 SH   SOLE   0 0 10,000
THE KRAFT HEINZ CO COM 500754106 1,550 21,309 SH   SOLE   0 0 21,309
TIFFANY & CO COM 886547108 633 8,300 SH   SOLE   0 0 8,300
TOTAL SA SPON ADR COM 89151E109 2,333 51,895 SH   SOLE   0 0 51,895
TRAVELERS COMPANIES, INC COM 89417e109 374 3,311 SH   SOLE   0 0 3,311
TRIPADVISOR INC. COM 896945201 426 5,000 SH   SOLE   0 0 5,000
TWENTY-FIRST CENTURY FOX, INC. COM 90130A101 2,318 85,342 SH   SOLE   0 0 85,342
U.S. BANCORP (FORMERLY FIRST B COM 902973106 631 14,789 SH   SOLE   0 0 14,789
UNION PACIFIC CORPORATION COM 907818108 602 7,700 SH   SOLE   0 0 7,700
UNITED PARCEL SERVICE, INC. CL COM 911312106 491 5,100 SH   SOLE   0 0 5,100
UNITED TECHNOLOGIES CORP COM 913017109 1,383 14,400 SH   SOLE   0 0 14,400
VERIZON COM 92343V104 1,466 31,718 SH   SOLE   0 0 31,718
WAL-MART STORES COM 931142103 1,643 26,800 SH   SOLE   0 0 26,800
YUM BRANDS INC (FORMERLY TRICO COM 895953107 514 7,040 SH   SOLE   0 0 7,040
ZIMMER BIOMET HOLDINGS(FRMLY Z COM 98956P102 690 6,728 SH   SOLE   0 0 6,728
ZOETIS INC. COM 98978v103 1,929 40,257 SH   SOLE   0 0 40,257
BROOKFIELD DTLA FD OFFICE TR P PREFERRED 112714209 192 10,000 SH   SOLE   0 0 10,000
GE CAPITAL CORP 4.875% CALLABL PREFERRED 369622410 924 36,000 SH   SOLE   0 0 36,000
JPMORGAN CHASE 6.125% CALLABLE PREFERRED 48127r461 522 20,000 SH   SOLE   0 0 20,000
PUBLIC STORAGE SER W 5.2% CALL PREFERRED 74460w875 1,299 52,000 SH   SOLE   0 0 52,000
RBC SER C-1 5.5% CALL'17@25 PREFERRED 78013g402 2,844 112,040 SH   SOLE   0 0 112,040