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 2,243 59,438 SH   SOLE   0 0 59,438
ABBVIE INC. COM 00287y109 885 12,200 SH   SOLE   0 0 12,200
ABBOTT LABORATORIES COM 002824100 423 8,700 SH   SOLE   0 0 8,700
ALLEGHANY CORP COM 017175100 948 1,594 SH   SOLE   0 0 1,594
ALPHABET INC CL C COM 02079K107 727 800 SH   SOLE   0 0 800
ALTRIA GROUP INC COM 02209S103 7,701 103,406 SH   SOLE   0 0 103,406
AMERICAN AIRLINES GROUP INC. COM 02376R102 1,525 30,300 SH   SOLE   0 0 30,300
AMERICAN ELECTRIC POWER COM 025537101 695 10,000 SH   SOLE   0 0 10,000
ANHEUSER-BUSCH INBEV NV SPN AD COM 03524A108 574 5,200 SH   SOLE   0 0 5,200
AON PLC COM 037389103 1,545 11,618 SH   SOLE   0 0 11,618
APOLLO INVESTMENT CORPORATION COM 03761U106 320 50,000 SH   SOLE   0 0 50,000
APPLE INC. COM 037833100 11,757 81,635 SH   SOLE   0 0 81,635
ARCHER-DANIELS-MIDLAND CORP COM 039483102 421 10,172 SH   SOLE   0 0 10,172
ASTRAZENECA PLC-SPONS ADR COM 046353108 273 8,000 SH   SOLE   0 0 8,000
AVALONBAY COMMUNITIES, INC REIT COM 053484101 961 5,000 SH   SOLE   0 0 5,000
BP PLC SPONS ADR COM 055622104 438 12,642 SH   SOLE   0 0 12,642
BANCO SANTANDER SA ADR COM 05964h105 571 85,410 SH   SOLE   0 0 85,410
BANK OF AMERICA (NEW) COM 060505104 1,383 57,017 SH   SOLE   0 0 57,017
BANK OF HAWAII CORPORATION COM 062540109 1,245 15,000 SH   SOLE   0 0 15,000
BAXTER INT'L INC COM 071813109 309 5,106 SH   SOLE   0 0 5,106
BERKSHIRE HATHAWAY CL B COM 084670207 3,390 20,014 SH   SOLE   0 0 20,014
BERKSHIRE HATHAWAY INC CL A COM 084670108 4,585 18 SH   SOLE   0 0 18
BLACKROCK CAPITAL INVESTMENT C COM 092533108 206 27,500 SH   SOLE   0 0 27,500
BLACKSTONE GROUP LP (THE) COM 09253u108 367 11,000 SH   SOLE   0 0 11,000
BOEING CO COM 097023105 1,355 6,850 SH   SOLE   0 0 6,850
BOSTON PROPERTIES INC. REIT COM 101121101 738 6,000 SH   SOLE   0 0 6,000
BRISTOL-MYERS SQUIBB CO COM 110122108 3,339 59,924 SH   SOLE   0 0 59,924
CK HUTCHISON HOLDINGS(FRM CHEU COM 166744201 376 30,000 SH   SOLE   0 0 30,000
CHEVRON CORP COM 166764100 12,457 119,396 SH   SOLE   0 0 119,396
CHUBB LIMITED (FRMLY ACE LIMITED COM H1467J104 2,196 15,106 SH   SOLE   0 0 15,106
COCA-COLA CO COM 191216100 7,908 176,315 SH   SOLE   0 0 176,315
COCA-COLA EUROPEAN PARTNERS PL COM 19122T109 1,098 27,000 SH   SOLE   0 0 27,000
CONOCOPHILLIPS COM 20825c104 866 19,700 SH   SOLE   0 0 19,700
CONSTELLATION BRANDS, INC. COM 21036P108 387 2,000 SH   SOLE   0 0 2,000
CORPORATE OFFICE PROPERTY TRUS COM 22002T108 319 9,100 SH   SOLE   0 0 9,100
DARDEN RESTAURANTS INC COM 237194105 271 3,000 SH   SOLE   0 0 3,000
DELTA AIR LINES INC COM 247361702 322 6,000 SH   SOLE   0 0 6,000
DEUTSCHE BANK AG COM D18190898 213 12,000 SH   SOLE   0 0 12,000
DIAGEO PLC ADR COM 25243Q205 5,601 46,740 SH   SOLE   0 0 46,740
DISNEY WALT CO COM 254687106 1,862 17,520 SH   SOLE   0 0 17,520
EMERSON ELECTRIC CO COM 291011104 425 7,130 SH   SOLE   0 0 7,130
ENTERPRISE PRODUCTS PARTNERS L COM 293792107 1,079 39,840 SH   SOLE   0 0 39,840
EXPEDIA INC (IAC/INTERACTIVECO COM 30212p105 745 5,000 SH   SOLE   0 0 5,000
EXPRESS SCRIPTS HOLDING CO COM 302182100 1,562 24,460 SH   SOLE   0 0 24,460
EXXON MOBIL CORPORATION COM 30231G102 13,131 162,656 SH   SOLE   0 0 162,656
FNF GROUP (FIDELITY NATL FINCL COM 31620r303 469 10,458 SH   SOLE   0 0 10,458
FACEBOOK INC COM 30303M102 1,540 10,200 SH   SOLE   0 0 10,200
FIDELITY NATIONAL INFORMATION COM 31620m106 458 5,364 SH   SOLE   0 0 5,364
FORD MOTOR COMPANY COM 345370860 891 79,585 SH   SOLE   0 0 79,585
GGP INC REIT - FMRLY GENERAL G COM 36174x101 1,057 44,846 SH   SOLE   0 0 44,846
GENERAL MILLS INC COM 370334104 1,136 20,500 SH   SOLE   0 0 20,500
GENERAL MOTORS CO COM 37045v100 4,945 141,580 SH   SOLE   0 0 141,580
GILEAD SCIENCES, INC COM 375558103 495 7,000 SH   SOLE   0 0 7,000
HSBC HOLDINGS PLC LTD ADR COM 404280406 593 12,780 SH   SOLE   0 0 12,780
HOME DEPOT COM 437076102 3,613 23,550 SH   SOLE   0 0 23,550
HOWARD HUGHES CORP (THE)(SPINO COM 44267d107 528 4,296 SH   SOLE   0 0 4,296
IAC/INTERACTIVECORP COM 44919p508 516 5,000 SH   SOLE   0 0 5,000
INTEL CORP COM 458140100 1,873 55,500 SH   SOLE   0 0 55,500
INTERNATIONAL BUSINESS MACHINE COM 459200101 7,721 50,192 SH   SOLE   0 0 50,192
JPMORGAN CHASE & CO. COM 46625H100 7,443 81,434 SH   SOLE   0 0 81,434
JOHNSON & JOHNSON COM 478160104 4,962 37,510 SH   SOLE   0 0 37,510
KKR & CO. LP COM 48248m102 335 18,000 SH   SOLE   0 0 18,000
KIMBERLY-CLARK COM 494368103 1,885 14,600 SH   SOLE   0 0 14,600
KINDER MORGAN, INC. COM 49456B101 2,775 144,850 SH   SOLE   0 0 144,850
KRAFT HEINZ CO (THE) COM 500754106 2,022 23,609 SH   SOLE   0 0 23,609
LOEWS CORP COM 540424108 3,720 79,477 SH   SOLE   0 0 79,477
MERCK & CO. COM 58933Y105 8,740 136,370 SH   SOLE   0 0 136,370
METLIFE INC COM 59156r108 220 4,000 SH   SOLE   0 0 4,000
MICROSOFT CORP COM 594918104 951 13,800 SH   SOLE   0 0 13,800
MONDELEZ INTL INC (FMRLY KRAFT COM 609207105 1,989 46,053 SH   SOLE   0 0 46,053
NIKE, INC. CL B COM 654106103 4,012 68,000 SH   SOLE   0 0 68,000
NESTLE ADR COM 641069406 1,168 13,400 SH   SOLE   0 0 13,400
NEW YORK COMMUNITY BANCORP, IN COM 649445103 1,259 95,850 SH   SOLE   0 0 95,850
NOVARTIS AG - ADR COM 66987v109 680 8,150 SH   SOLE   0 0 8,150
PEPSICO COM 713448108 5,036 43,609 SH   SOLE   0 0 43,609
PFIZER, INC. COM 717081103 4,217 125,533 SH   SOLE   0 0 125,533
PHILIP MORRIS INTERNATIONAL-AL COM 718172109 13,554 115,406 SH   SOLE   0 0 115,406
PHILLIPS 66 COM 718546104 814 9,850 SH   SOLE   0 0 9,850
PROSHARES ULTRASHORT 20 YEAR COM 74347b201 323 9,000 SH   SOLE   0 0 9,000
PROCTER & GAMBLE CO COM 742718109 6,572 75,414 SH   SOLE   0 0 75,414
PUBLIC STORAGE - REIT COM 74460D109 498 2,388 SH   SOLE   0 0 2,388
QUALCOMM INC. COM 747525103 1,806 32,700 SH   SOLE   0 0 32,700
RALPH LAUREN CORP (FMLY POLO R COM 731572103 221 3,000 SH   SOLE   0 0 3,000
REXFORD INDUSTRIAL REALTY, INC COM 76169c100 576 21,000 SH   SOLE   0 0 21,000
REYNOLDS AMERICAN INC COM 761713106 3,932 60,450 SH   SOLE   0 0 60,450
RIO TINTO PLC SPONSORED ADR COM 767204100 423 10,000 SH   SOLE   0 0 10,000
ROCHE HOLDINGS LTD ADR COM 771195104 2,819 88,650 SH   SOLE   0 0 88,650
ROYAL DUTCH SHELL PLC - ADR A COM 780259206 6,418 120,670 SH   SOLE   0 0 120,670
SEMPRA ENERGY COM 816851109 1,128 10,000 SH   SOLE   0 0 10,000
SIMON PROPERTY GROUP, INC. REI COM 828806109 356 2,200 SH   SOLE   0 0 2,200
SINGAPORE AIRLINES COM 870794302 639 87,911 SH   SOLE   0 0 87,911
SWIRE PACIFIC LTD SPONS ADR RP COM 870794302 394 40,000 SH   SOLE   0 0 40,000
SYSCO CORP COM 871829107 503 10,000 SH   SOLE   0 0 10,000
TANGER FACTORY OUTLET REIT COM 875465106 655 25,200 SH   SOLE   0 0 25,200
TARGET CORP-FRMLY DAYTON HUDSO COM 87612E106 1,617 30,920 SH   SOLE   0 0 30,920
TEXAS INSTRUMENTS INC. COM 882508104 769 10,000 SH   SOLE   0 0 10,000
TIFFANY & CO COM 886547108 751 8,000 SH   SOLE   0 0 8,000
TOTAL SA SPON ADR COM 89151E109 1,805 36,395 SH   SOLE   0 0 36,395
TRAVELERS COMPANIES, INC COM 89417e109 419 3,311 SH   SOLE   0 0 3,311
TWENTY-FIRST CENTURY FOX, INC. COM 90130A101 2,419 85,342 SH   SOLE   0 0 85,342
U.S. BANCORP (FORMERLY FIRST B COM 902973106 768 14,789 SH   SOLE   0 0 14,789
UNION PACIFIC CORPORATION COM 907818108 839 7,700 SH   SOLE   0 0 7,700
UNITED PARCEL SERVICE, INC. CL COM 911312106 564 5,100 SH   SOLE   0 0 5,100
UNITED TECHNOLOGIES CORP COM 913017109 1,758 14,400 SH   SOLE   0 0 14,400
VERIZON COM 92343V104 1,417 31,718 SH   SOLE   0 0 31,718
WAL-MART STORES COM 931142103 2,028 26,800 SH   SOLE   0 0 26,800
WELLS FARGO & CO. COM 949746101 294 5,300 SH   SOLE   0 0 5,300
YUM BRANDS INC (FORMERLY TRICO COM 895953107 519 7,040 SH   SOLE   0 0 7,040
YUM CHINA HOLDINGS, INC. COM 98850p109 278 7,040 SH   SOLE   0 0 7,040
ZIMMER BIOMET HOLDINGS(FRMLY Z COM 98956P102 864 6,728 SH   SOLE   0 0 6,728
ZOETIS INC. COM 98978v103 2,144 34,362 SH   SOLE   0 0 34,362
BANK OF AMERICA 6.20 PERP CAL PREFERRED 060505286 536 20,000 SH   SOLE   0 0 20,000
BANK OF AMERICA CORP 6.000 CA PREFERRED 060505260 1,335 50,000 SH   SOLE   0 0 50,000
BROOKFIELD DTLA FD OFFICE TR P PREFERRED 112714209 255 10,000 SH   SOLE   0 0 10,000
GE (FORMERLY GE CAP) 4.875 CA PREFERRED 369622410 666 26,000 SH   SOLE   0 0 26,000
JPMORGAN CHASE 6.125 CALLABLE PREFERRED 48127r461 539 20,000 SH   SOLE   0 0 20,000
PUBLIC STORAGE 5.15 CALLABLE PREFERRED 74460W685 1,052 42,000 SH   SOLE   0 0 42,000
PUBLIC STORAGE SER W 5.2 CALL PREFERRED 74460w875 1,056 42,000 SH   SOLE   0 0 42,000
RBC SER C-1 5.5 CALL'17@25(FR PREFERRED 78013g402 2,868 112,040 SH   SOLE   0 0 112,040