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 3,146 83,138 SH   SOLE   0 0 83,138
ABBVIE INC. COM 00287y109 924 12,200 SH   SOLE   0 0 12,200
ABBOTT LABORATORIES COM 002824100 728 8,700 SH   SOLE   0 0 8,700
ALLEGHANY CORP COM 017175100 1,272 1,594 SH   SOLE   0 0 1,594
ALLSTATE CORP COM 020002101 217 2,000 SH   SOLE   0 0 2,000
ALPHABET INC. CL C COM 02079K107 3,364 2,760 SH   SOLE   0 0 2,760
ALTRIA GROUP INC. COM 02209S103 4,139 101,206 SH   SOLE   0 0 101,206
AMAZON.COM, INC. COM 023135106 653 376 SH   SOLE   0 0 376
AMERICAN AIRLINES GROUP INC. COM 02376R102 457 16,935 SH   SOLE   0 0 16,935
AMERICAN ELECTRIC POWER COM 025537101 937 10,000 SH   SOLE   0 0 10,000
ANHEUSER-BUSCH INBEV SA/NV COM 03524A108 495 5,200 SH   SOLE   0 0 5,200
AON PLC COM 037389103 2,249 11,618 SH   SOLE   0 0 11,618
APPLE INC. COM 037833100 17,380 77,600 SH   SOLE   0 0 77,600
ARCHER-DANIELS-MIDLAND CORP COM 039483102 418 10,172 SH   SOLE   0 0 10,172
ASTRAZENECA PLC-SPONS ADR COM 046353108 357 8,000 SH   SOLE   0 0 8,000
AVALONBAY COMMUNITIES, INC REIT COM 053484101 1,077 5,000 SH   SOLE   0 0 5,000
BP PLC SPONS ADR COM 055622104 480 12,642 SH   SOLE   0 0 12,642
BANCO SANTANDER SA ADR COM 05964h105 250 62,308 SH   SOLE   0 0 62,308
BANK OF AMERICA (NEW) COM 060505104 1,652 56,633 SH   SOLE   0 0 56,633
BANK OF HAWAII CORPORATION COM 062540109 1,289 15,000 SH   SOLE   0 0 15,000
BAXTER INT'L INC. COM 071813109 447 5,106 SH   SOLE   0 0 5,106
BERKSHIRE HATHAWAY INC. CL A COM 084670108 5,613 18 SH   SOLE   0 0 18
BERKSHIRE HATHAWAY INC. CL B COM 084670702 4,164 20,018 SH   SOLE   0 0 20,018
BLACKSTONE GROUP INC. (THE) COM 09260d107 537 11,000 SH   SOLE   0 0 11,000
BOEING COMPANY COM 097023105 5,108 13,425 SH   SOLE   0 0 13,425
BOSTON PROPERTIES INC. REIT COM 101121101 778 6,000 SH   SOLE   0 0 6,000
BRISTOL-MYERS SQUIBB CO COM 110122108 3,039 59,924 SH   SOLE   0 0 59,924
BRITISH AMERICAN TOBACCO PLC COM 110448107 500 13,563 SH   SOLE   0 0 13,563
BROOKFIELD PPTY PTNRS LP(ACQUI COM G16249107 1,023 50,395 SH   SOLE   0 0 50,395
CK HUTCHISON HOLDINGS(FRM CHEU COM 166744201 262 30,000 SH   SOLE   0 0 30,000
CATERPILLAR INC. COM 149123101 861 6,815 SH   SOLE   0 0 6,815
CHEVRON CORP COM 166764100 13,899 117,194 SH   SOLE   0 0 117,194
CHUBB LIMITED (FRMLY ACE LIMIT COM H1467J104 2,439 15,106 SH   SOLE   0 0 15,106
CIGNA CORP (ACQUIRED EXPRESS S COM 125523100 901 5,936 SH   SOLE   0 0 5,936
COCA-COLA CO COM 191216100 9,354 171,815 SH   SOLE   0 0 171,815
COCA-COLA EUROPEAN PARTNERS PLC COM g25839104 721 13,000 SH   SOLE   0 0 13,000
CONOCOPHILLIPS COM 20825c104 1,094 19,200 SH   SOLE   0 0 19,200
CONSTELLATION BRANDS, INC. COM 21036P108 2,114 10,200 SH   SOLE   0 0 10,200
CORPORATE OFFICE PROPERTY TRUS COM 22002T108 271 9,100 SH   SOLE   0 0 9,100
CREDIT SUISSE GROUP AG - SPON COM 225401108 122 10,000 SH   SOLE   0 0 10,000
DARDEN RESTAURANTS INC. COM 237194105 355 3,000 SH   SOLE   0 0 3,000
DELTA AIR LINES INC. COM 247361702 346 6,000 SH   SOLE   0 0 6,000
DIAGEO PLC ADR COM 25243Q205 7,414 45,340 SH   SOLE   0 0 45,340
DISNEY WALT CO COM 254687106 5,940 45,583 SH   SOLE   0 0 45,583
EDWARDS LIFESCIENCES CORP. COM 28176E108 295 1,340 SH   SOLE   0 0 1,340
EMERSON ELECTRIC CO COM 291011104 477 7,130 SH   SOLE   0 0 7,130
ENTERPRISE PRODUCTS PARTNERS L COM 293792107 1,139 39,840 SH   SOLE   0 0 39,840
EXPEDIA INC.(IAC/INTERACTIVECO COM 30212p303 665 4,950 SH   SOLE   0 0 4,950
EXXON MOBIL CORPORATION COM 30231G102 11,422 161,756 SH   SOLE   0 0 161,756
FNF GROUP (FIDELITY NATL FINCL COM 31620r303 464 10,458 SH   SOLE   0 0 10,458
FACEBOOK INC. COM 30303M102 2,389 13,415 SH   SOLE   0 0 13,415
FIDELITY NATIONAL INFORMATION COM 31620m106 712 5,364 SH   SOLE   0 0 5,364
FORD MOTOR COMPANY COM 345370860 223 24,390 SH   SOLE   0 0 24,390
GENERAL MILLS, INC. COM 370334104 3,004 54,500 SH   SOLE   0 0 54,500
GENERAL MOTORS COMPANY COM 37045v100 4,333 115,610 SH   SOLE   0 0 115,610
HOME DEPOT COM 437076102 4,536 19,550 SH   SOLE   0 0 19,550
HOWARD HUGHES CORP (THE)(SPINO COM 44267d107 531 4,100 SH   SOLE   0 0 4,100
IAC/INTERACTIVECORP COM 44919p508 1,074 4,925 SH   SOLE   0 0 4,925
INTEL CORP COM 458140100 2,808 54,500 SH   SOLE   0 0 54,500
INTERNATIONAL BUSINESS MACHINE COM 459200101 3,682 25,321 SH   SOLE   0 0 25,321
JPMORGAN CHASE & CO. COM 46625H100 9,537 81,034 SH   SOLE   0 0 81,034
JOHNSON & JOHNSON COM 478160104 4,801 37,110 SH   SOLE   0 0 37,110
KKR & CO. INC. COM 48251w104 483 18,000 SH   SOLE   0 0 18,000
KIMBERLY-CLARK COM 494368103 2,102 14,800 SH   SOLE   0 0 14,800
KINDER MORGAN, INC. COM 49456B101 1,524 73,950 SH   SOLE   0 0 73,950
LOEWS CORP COM 540424108 4,011 77,917 SH   SOLE   0 0 77,917
MERCK & CO., INC. COM 58933Y105 11,320 134,470 SH   SOLE   0 0 134,470
MICROSOFT CORPORATION COM 594918104 1,919 13,800 SH   SOLE   0 0 13,800
MONDELEZ INTL INC.(FMRLY KRAFT COM 609207105 2,525 45,638 SH   SOLE   0 0 45,638
NIKE, INC. CL B COM 654106103 7,265 77,350 SH   SOLE   0 0 77,350
NESTLE SA - SPON ADR COM 641069406 1,453 13,400 SH   SOLE   0 0 13,400
NOVARTIS AG - ADR COM 66987v109 708 8,150 SH   SOLE   0 0 8,150
PEPSICO COM 713448108 5,814 42,409 SH   SOLE   0 0 42,409
PFIZER, INC. COM 717081103 4,418 122,955 SH   SOLE   0 0 122,955
PHILIP MORRIS INTERNATIONAL-AL COM 718172109 8,641 113,806 SH   SOLE   0 0 113,806
PHILLIPS 66 COM 718546104 983 9,600 SH   SOLE   0 0 9,600
PROCTER & GAMBLE CO COM 742718109 9,134 73,434 SH   SOLE   0 0 73,434
PUBLIC STORAGE - REIT COM 74460D109 586 2,388 SH   SOLE   0 0 2,388
RALPH LAUREN CORP (FMLY POLO R COM 751212101 286 3,000 SH   SOLE   0 0 3,000
REXFORD INDUSTRIAL REALTY, INC COM 76169c100 924 21,000 SH   SOLE   0 0 21,000
RIO TINTO PLC SPONSORED ADR COM 767204100 521 10,000 SH   SOLE   0 0 10,000
ROCHE HOLDINGS LTD ADR COM 771195104 3,107 85,250 SH   SOLE   0 0 85,250
ROYAL DUTCH SHELL PLC - ADR A COM 780259206 7,013 119,170 SH   SOLE   0 0 119,170
SEMPRA ENERGY COM 816851109 1,476 10,000 SH   SOLE   0 0 10,000
SIMON PROPERTY GROUP, INC. REI COM 828806109 2,386 15,330 SH   SOLE   0 0 15,330
SINGAPORE AIRLINES COM 870794302 556 83,431 SH   SOLE   0 0 83,431
SWIRE PACIFIC LTD SPONS ADR RP COM 870794302 370 40,000 SH   SOLE   0 0 40,000
SYSCO CORP COM 871829107 794 10,000 SH   SOLE   0 0 10,000
TAIWAN SEMICONDUCTOR MFG CO LT COM 874039100 233 5,006 SH   SOLE   0 0 5,006
TANGER FACTORY OUTLET REIT COM 875465106 2,557 165,200 SH   SOLE   0 0 165,200
TARGET CORP-FRMLY DAYTON HUDSO COM 87612E106 5,620 52,570 SH   SOLE   0 0 52,570
TEXAS INSTRUMENTS INC. COM 882508104 1,292 10,000 SH   SOLE   0 0 10,000
TIFFANY & CO COM 886547108 741 8,000 SH   SOLE   0 0 8,000
TOTAL SA SPON ADR COM 89151E109 1,809 34,795 SH   SOLE   0 0 34,795
TRAVELERS COMPANIES, INC. COM 89417e109 492 3,311 SH   SOLE   0 0 3,311
U.S. BANCORP (FORMERLY FIRST B COM 902973106 809 14,610 SH   SOLE   0 0 14,610
UNION PACIFIC CORPORATION COM 907818108 1,247 7,700 SH   SOLE   0 0 7,700
UNITED PARCEL SERVICE, INC. CL COM 911312106 611 5,100 SH   SOLE   0 0 5,100
UNITED TECHNOLOGIES CORP COM 913017109 1,966 14,400 SH   SOLE   0 0 14,400
VERIZON COMMUNICATIONS INC. COM 92343V104 1,907 31,592 SH   SOLE   0 0 31,592
WALMART INC. COM 931142103 3,181 26,800 SH   SOLE   0 0 26,800
WELLS FARGO & CO. COM 949746101 267 5,300 SH   SOLE   0 0 5,300
YUM BRANDS INC. (FORMERLY TRIC COM 895953107 737 6,500 SH   SOLE   0 0 6,500
YUM CHINA HOLDINGS, INC. COM 98850p109 290 6,387 SH   SOLE   0 0 6,387
ZIMMER BIOMET HOLDINGS(FRMLY Z COM 98956P102 924 6,728 SH   SOLE   0 0 6,728
ZOETIS INC. COM 98978v103 4,246 34,076 SH   SOLE   0 0 34,076
BANK OF AMERICA 5 PERP CALL 9 PREFERRED 06055h202 2,682 104,515 SH   SOLE   0 0 104,515
BANK OF AMERICA 6.20 PERP CAL PREFERRED 060505286 517 20,000 SH   SOLE   0 0 20,000
BANK OF AMERICA CORP 6.000 CA PREFERRED 060505260 1,293 50,000 SH   SOLE   0 0 50,000
BROOKFIELD DTLA FD OFFICE TR P PREFERRED 112714209 200 10,000 SH   SOLE   0 0 10,000
BROOKFIELD PRPTY PTNRS LP 6.5 PREFERRED G16249149 2,780 106,000 SH   SOLE   0 0 106,000
ENERGY TRANSFER OPER LP 7.375 PREFERRED 29278n301 982 40,000 SH   SOLE   0 0 40,000
JPMORGAN CHASE 6.125 CALLABLE PREFERRED 48127r461 512 20,000 SH   SOLE   0 0 20,000
PRUDENTIAL FINANCIAL INC 5.625 PREFERRED 744320805 2,224 80,000 SH   SOLE   0 0 80,000
PUBLIC STORAGE 5.15 SER F CAL PREFERRED 74460W685 1,090 42,000 SH   SOLE   0 0 42,000
PUBLIC STORAGE SER W 5.2 CALL PREFERRED 74460w875 953 38,000 SH   SOLE   0 0 38,000