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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

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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
ALEXANDER & BALDWIN INC NEW COM 014491104 19,816 502,956 SH   SOLE 0 0 502,956
ISHARES INC CORE MSCI EMKT 46434g103 16,866 351,078 SH   SOLE 351,078 0 0
ISHARES TR MSCI EAFE ETF 464287465 1,694 26,685 SH   SOLE 26,685 0 0
MATSON INC COM 57686g105 5,531 131,572 SH   SOLE 0 0 131,572
SPDR S&P 500 ETF TR TR UNIT 78462f103 7,920 38,477 SH   SOLE 36,254 0 2,223
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 65,859 1,611,041 SH   SOLE 1,605,687 0 5,354
VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF 922042742 2,524 41,032 SH   SOLE 41,032 0 0
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 6,684 168,585 SH   SOLE 154,098 0 14,487