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 00206R102 2,786 83,138 SH   SOLE   0 0 83,138
ABBVIE INC. COM 00287y109 887 12,200 SH   SOLE   0 0 12,200
ABBOTT LABORATORIES COM 002824100 732 8,700 SH   SOLE   0 0 8,700
ALLEGHANY CORP COM 017175100 1,086 1,594 SH   SOLE   0 0 1,594
ALLSTATE CORP COM 020002101 203 2,000 SH   SOLE   0 0 2,000
ALPHABET INC. CL C COM 02079K107 3,027 2,800 SH   SOLE   0 0 2,800
ALTRIA GROUP INC. COM 02209S103 2,425 51,206 SH   SOLE   0 0 51,206
AMAZON.COM, INC. COM 023135106 712 376 SH   SOLE   0 0 376
AMERICAN AIRLINES GROUP INC. COM 02376R102 552 16,935 SH   SOLE   0 0 16,935
AMERICAN ELECTRIC POWER COM 025537101 880 10,000 SH   SOLE   0 0 10,000
ANHEUSER-BUSCH INBEV SA/NV - S COM 03524A108 460 5,200 SH   SOLE   0 0 5,200
AON PLC COM 037389103 2,242 11,618 SH   SOLE   0 0 11,618
APPLE INC. COM 037833100 15,419 77,905 SH   SOLE   0 0 77,905
ARCHER-DANIELS-MIDLAND CORP COM 039483102 415 10,172 SH   SOLE   0 0 10,172
ASTRAZENECA PLC-SPONS ADR COM 046353108 330 8,000 SH   SOLE   0 0 8,000
AVALONBAY COMMUNITIES, INC REI COM 053484101 1,016 5,000 SH   SOLE   0 0 5,000
BP PLC SPONS ADR COM 055622104 527 12,642 SH   SOLE   0 0 12,642
BANCO SANTANDER SA ADR COM 05964h105 285 62,308 SH   SOLE   0 0 62,308
BANK OF AMERICA (NEW) COM 060505104 1,642 56,633 SH   SOLE   0 0 56,633
BANK OF HAWAII CORPORATION COM 062540109 1,244 15,000 SH   SOLE   0 0 15,000
BAXTER INT'L INC. COM 071813109 418 5,106 SH   SOLE   0 0 5,106
BERKSHIRE HATHAWAY INC. CL A COM 084670108 5,730 18 SH   SOLE   0 0 18
BERKSHIRE HATHAWAY INC. CL B COM 084670207 4,267 20,018 SH   SOLE   0 0 20,018
BLACKSTONE GROUP INC. (THE) COM 09260d107 489 11,000 SH   SOLE   0 0 11,000
BOEING COMPANY COM 097023105 4,923 13,525 SH   SOLE   0 0 13,525
BOSTON PROPERTIES INC. REIT COM 101121101 774 6,000 SH   SOLE   0 0 6,000
BRISTOL-MYERS SQUIBB CO COM 110122108 2,718 59,924 SH   SOLE   0 0 59,924
BRITISH AMERICAN TOBACCO PLC - COM 110448107 473 13,563 SH   SOLE   0 0 13,563
BROOKFIELD PPTY PTNRS LP(ACQUI COM G16249107 969 51,195 SH   SOLE   0 0 51,195
CK HUTCHISON HOLDINGS(FRM CHEU COM 166744201 294 30,000 SH   SOLE   0 0 30,000
CATERPILLAR INC. COM 149123101 929 6,815 SH   SOLE   0 0 6,815
CHEVRON CORP COM 166764100 14,596 117,294 SH   SOLE   0 0 117,294
CHUBB LIMITED (FRMLY ACE LIMIT COM H1467J104 2,225 15,106 SH   SOLE   0 0 15,106
CIGNA CORP (ACQUIRED EXPRESS S COM 125523100 936 5,940 SH   SOLE   0 0 5,940
COCA-COLA CO COM 191216100 8,810 173,015 SH   SOLE   0 0 173,015
COCA-COLA EUROPEAN PARTNERS PL COM g25839104 735 13,000 SH   SOLE   0 0 13,000
CONOCOPHILLIPS COM 20825c104 1,171 19,200 SH   SOLE   0 0 19,200
CONSTELLATION BRANDS, INC. COM 21036P108 2,009 10,200 SH   SOLE   0 0 10,200
CORPORATE OFFICE PROPERTY TRUS COM 22002T108 240 9,100 SH   SOLE   0 0 9,100
CREDIT SUISSE GROUP AG - SPON COM 225401108 120 10,000 SH   SOLE   0 0 10,000
DARDEN RESTAURANTS INC. COM 237194105 365 3,000 SH   SOLE   0 0 3,000
DELTA AIR LINES INC. COM 247361702 341 6,000 SH   SOLE   0 0 6,000
DIAGEO PLC ADR COM 25243Q205 7,899 45,840 SH   SOLE   0 0 45,840
DISNEY WALT CO COM 254687106 6,365 45,583 SH   SOLE   0 0 45,583
EDWARDS LIFESCIENCES CORP. COM 28176E108 248 1,340 SH   SOLE   0 0 1,340
EMERSON ELECTRIC CO COM 291011104 476 7,130 SH   SOLE   0 0 7,130
ENTERPRISE PRODUCTS PARTNERS L COM 293792107 1,150 39,840 SH   SOLE   0 0 39,840
EXPEDIA INC.(IAC/INTERACTIVECO COM 30212p105 658 4,950 SH   SOLE   0 0 4,950
EXXON MOBIL CORPORATION COM 30231G102 12,395 161,756 SH   SOLE   0 0 161,756
FNF GROUP (FIDELITY NATL FINCL COM 31620r303 421 10,458 SH   SOLE   0 0 10,458
FACEBOOK INC. COM 30303M102 2,589 13,415 SH   SOLE   0 0 13,415
FIDELITY NATIONAL INFORMATION COM 31620m106 658 5,364 SH   SOLE   0 0 5,364
FORD MOTOR COMPANY COM 345370860 250 24,390 SH   SOLE   0 0 24,390
FOX CORP CL A COM 35137L105 1,019 27,818 SH   SOLE   0 0 27,818
GENERAL MILLS, INC. COM 370334104 2,862 54,500 SH   SOLE   0 0 54,500
GENERAL MOTORS COMPANY COM 37045v100 4,454 115,610 SH   SOLE   0 0 115,610
HOME DEPOT COM 437076102 4,274 20,550 SH   SOLE   0 0 20,550
HOWARD HUGHES CORP (THE)(SPINO COM 44267d107 508 4,100 SH   SOLE   0 0 4,100
IAC/INTERACTIVECORP COM 44919p508 1,071 4,925 SH   SOLE   0 0 4,925
INTEL CORP COM 458140100 2,609 54,500 SH   SOLE   0 0 54,500
INTERNATIONAL BUSINESS MACHINE COM 459200101 3,492 25,321 SH   SOLE   0 0 25,321
JPMORGAN CHASE & CO. COM 46625H100 9,060 81,034 SH   SOLE   0 0 81,034
JOHNSON & JOHNSON COM 478160104 5,169 37,110 SH   SOLE   0 0 37,110
KKR & CO. INC. COM 48251w104 455 18,000 SH   SOLE   0 0 18,000
KIMBERLY-CLARK COM 494368103 1,973 14,800 SH   SOLE   0 0 14,800
KINDER MORGAN, INC. COM 49456B101 1,607 76,950 SH   SOLE   0 0 76,950
KRAFT HEINZ CO (THE) COM 500754106 711 22,909 SH   SOLE   0 0 22,909
LOEWS CORP COM 540424108 4,260 77,917 SH   SOLE   0 0 77,917
MERCK & CO., INC. COM 58933Y105 11,275 134,470 SH   SOLE   0 0 134,470
MICROSOFT CORPORATION COM 594918104 1,849 13,800 SH   SOLE   0 0 13,800
MONDELEZ INTL INC.(FMRLY KRAFT COM 609207105 2,460 45,638 SH   SOLE   0 0 45,638
NIKE, INC. CL B COM 654106103 6,536 77,850 SH   SOLE   0 0 77,850
NESTLE SA - SPON ADR COM 641069406 1,386 13,400 SH   SOLE   0 0 13,400
NOVARTIS AG - ADR COM 66987v109 744 8,150 SH   SOLE   0 0 8,150
PEPSICO COM 713448108 5,561 42,409 SH   SOLE   0 0 42,409
PFIZER, INC. COM 717081103 5,392 124,472 SH   SOLE   0 0 124,472
PHILIP MORRIS INTERNATIONAL-AL COM 718172109 8,937 113,806 SH   SOLE   0 0 113,806
PHILLIPS 66 COM 718546104 898 9,600 SH   SOLE   0 0 9,600
PROCTER & GAMBLE CO COM 742718109 8,129 74,134 SH   SOLE   0 0 74,134
PUBLIC STORAGE - REIT COM 74460D109 569 2,388 SH   SOLE   0 0 2,388
RALPH LAUREN CORP (FMLY POLO R COM 731572103 341 3,000 SH   SOLE   0 0 3,000
REXFORD INDUSTRIAL REALTY, INC COM 76169c100 848 21,000 SH   SOLE   0 0 21,000
RIO TINTO PLC SPONSORED ADR COM 767204100 623 10,000 SH   SOLE   0 0 10,000
ROCHE HOLDINGS LTD ADR COM 771195104 2,992 85,250 SH   SOLE   0 0 85,250
ROYAL DUTCH SHELL PLC - ADR A COM 780259206 7,826 120,270 SH   SOLE   0 0 120,270
SEMPRA ENERGY COM 816851109 1,374 10,000 SH   SOLE   0 0 10,000
SIMON PROPERTY GROUP, INC. REI COM 828806109 2,508 15,700 SH   SOLE   0 0 15,700
SINGAPORE AIRLINES COM 870794302 582 83,431 SH   SOLE   0 0 83,431
SWIRE PACIFIC LTD SPONS ADR RP COM 870794302 490 40,000 SH   SOLE   0 0 40,000
SYSCO CORP COM 871829107 707 10,000 SH   SOLE   0 0 10,000
TANGER FACTORY OUTLET REIT COM 875465106 2,727 168,200 SH   SOLE   0 0 168,200
TARGET CORP-FRMLY DAYTON HUDSO COM 87612E106 4,614 53,270 SH   SOLE   0 0 53,270
TEXAS INSTRUMENTS INC. COM 882508104 1,148 10,000 SH   SOLE   0 0 10,000
TIFFANY & CO COM 886547108 749 8,000 SH   SOLE   0 0 8,000
TOTAL SA SPON ADR COM 89151E109 1,952 34,995 SH   SOLE   0 0 34,995
TRAVELERS COMPANIES, INC. COM 89417e109 495 3,311 SH   SOLE   0 0 3,311
U.S. BANCORP (FORMERLY FIRST B COM 902973106 766 14,610 SH   SOLE   0 0 14,610
UNION PACIFIC CORPORATION COM 907818108 1,302 7,700 SH   SOLE   0 0 7,700
UNITED PARCEL SERVICE, INC. CL COM 911312106 527 5,100 SH   SOLE   0 0 5,100
UNITED TECHNOLOGIES CORP COM 913017109 1,875 14,400 SH   SOLE   0 0 14,400
VERIZON COMMUNICATIONS INC. COM 92343V104 1,805 31,592 SH   SOLE   0 0 31,592
WALMART INC. COM 931142103 2,961 26,800 SH   SOLE   0 0 26,800
WELLS FARGO & CO. COM 949746101 251 5,300 SH   SOLE   0 0 5,300
YUM BRANDS INC. (FORMERLY TRIC COM 895953107 719 6,500 SH   SOLE   0 0 6,500
YUM CHINA HOLDINGS, INC. COM 98850p109 295 6,387 SH   SOLE   0 0 6,387
ZIMMER BIOMET HOLDINGS(FRMLY Z COM 98956P102 792 6,728 SH   SOLE   0 0 6,728
ZOETIS INC. COM 98978v103 3,867 34,076 SH   SOLE   0 0 34,076
BANK OF AMERICA 6.20 PERP CAL PREFERRED 060505286 525 20,000 SH   SOLE   0 0 20,000
BANK OF AMERICA CORP 6.000 CA PREFERRED 060505260 1,329 50,000 SH   SOLE   0 0 50,000
BROOKFIELD DTLA FD OFFICE TR P PREFERRED 112714209 202 10,000 SH   SOLE   0 0 10,000
BROOKFIELD PRPTY PTNRS LP 6.5 PREFERRED G16249149 2,672 106,000 SH   SOLE   0 0 106,000
ENERGY TRANSFER OPER LP 7.375 PREFERRED 29278n301 947 40,000 SH   SOLE   0 0 40,000
JPMORGAN CHASE 6.125 CALLABLE PREFERRED 48127r461 515 20,000 SH   SOLE   0 0 20,000
PRUDENTIAL FINANCIAL INC 5.625 PREFERRED 744320805 2,120 80,000 SH   SOLE   0 0 80,000
PUBLIC STORAGE 5.15 SER F CAL PREFERRED 74460W685 1,049 42,000 SH   SOLE   0 0 42,000
PUBLIC STORAGE SER W 5.2 CALL PREFERRED 74460w875 944 38,000 SH   SOLE   0 0 38,000