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

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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 21,690 502,327 SH   SOLE 0 0 502,327
ISHARES INC CORE MSCI EMKT 46434g103 14,852 307,304 SH   SOLE 307,304 0 0
ISHARES TR MSCI EAFE ETF 464287465 1,712 26,685 SH   SOLE 26,685 0 0
MATSON INC COM 57686g105 5,254 124,625 SH   SOLE 0 0 124,625
SPDR S&P 500 ETF TR TR UNIT 78462f103 7,785 37,714 SH   SOLE 35,491 0 2,223
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 61,735 1,510,525 SH   SOLE 1,505,171 0 5,354
VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF 922042742 2,527 41,032 SH   SOLE 41,032 0 0
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 6,512 163,500 SH   SOLE 149,013 0 14,487