Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXON MOBIL CORPORATION	163,156	$14.24M	6.2%	$53.69	+9.0%	COM	30231G102
CVX	CHEVRON CORP	119,396	$12.29M	5.3%	$69.82	-1.9%	COM	166764100
PM	PHILIP MORRIS INTERNATIONAL-AL	115,406	$11.22M	4.8%	$49.85	+24.9%	COM	718172109
AAPL	APPLE INC	83,635	$9.455M	4.1%	$17.88	+35.5%	COM	037833100
MRK	MERCK & CO.	139,770	$8.723M	3.8%	$35.76	+22.3%	COM	58933Y105
IBM	INTERNATIONAL BUSINESS MACHINE	51,192	$8.132M	3.5%	$118.47	-14.1%	COM	459200101
PG	PROCTER & GAMBLE CO	75,464	$6.773M	2.9%	$55.13	+22.5%	COM	742718109
KO	COCA-COLA CO	156,490	$6.623M	2.9%	$27.85	+16.9%	COM	191216100
MO	ALTRIA GROUP INC	103,406	$6.538M	2.8%	$16.28	+113.5%	COM	02209S103
—	ROYAL DUTCH SHELL PLC - ADR A	119,370	$5.977M	2.6%	$60.48	—	COM	780259206
DEO	DIAGEO PLC ADR	46,740	$5.424M	2.3%	$113.73	—	COM	25243Q205
JPM	JPMORGAN CHASE & CO.	81,434	$5.423M	2.3%	$38.96	+30.5%	COM	46625H100
PEP	PEPSICO	43,609	$4.743M	2.0%	$56.00	+44.8%	COM	713448108
—	GENERAL MOTORS CO	142,080	$4.514M	2.0%	$35.16	—	COM	37045v100
JNJ	JOHNSON & JOHNSON	37,510	$4.431M	1.9%	$59.66	+56.9%	COM	478160104
PFE	PFIZER, INC.	127,050	$4.303M	1.9%	$16.46	+35.2%	COM	717081103
BRK/A	BERKSHIRE HATHAWAY INC CL A	18	$3.892M	1.7%	$165023.42	+32.9%	COM	084670108
L	LOEWS CORP	79,477	$3.27M	1.4%	$42.08	-6.5%	COM	540424108
BMY	BRISTOL-MYERS SQUIBB CO	59,924	$3.231M	1.4%	$28.67	+61.0%	COM	110122108
M	MACY'S INC. (FORMERLY FEDERATE	86,256	$3.196M	1.4%	$46.44	-22.0%	COM	55616P104
HD	HOME DEPOT	23,600	$3.037M	1.3%	$56.05	+89.7%	COM	437076102
—	RBC SER C-1 5.5% CALL'17@25(FR	112,040	$2.924M	1.3%	$24.74	—	PREFERRED	78013g402
—	BERKSHIRE HATHAWAY CL B	20,014	$2.891M	1.2%	$111.92	—	COM	084670207
—	REYNOLDS AMERICAN INC	60,450	$2.85M	1.2%	$59.47	—	COM	761713106
RHHBY	ROCHE HOLDINGS LTD ADR	88,650	$2.745M	1.2%	$49.80	—	COM	771195104
—	TOTAL SA SPON ADR	51,895	$2.475M	1.1%	$48.70	—	COM	89151E109
—	AT&T INC	59,438	$2.414M	1.0%	$35.40	—	COM	78387G103
QCOM	QUALCOMM INC.	32,700	$2.24M	1.0%	$42.52	+10.3%	COM	747525103
INTC	INTEL CORP	56,500	$2.133M	0.9%	$17.18	+66.6%	COM	458140100
TGT	TARGET CORP-FRMLY DAYTON HUDSO	30,920	$2.124M	0.9%	$47.95	+13.3%	COM	87612E106
KHC	KRAFT HEINZ CO (THE)	23,609	$2.113M	0.9%	$47.86	+21.2%	COM	500754106
NKE	NIKE INC., CL B	40,000	$2.106M	0.9%	$41.60	+20.2%	COM	654106103
—	TWENTY-FIRST CENTURY FOX, INC.	85,342	$2.067M	0.9%	$32.58	—	COM	90130A101
MDLZ	MONDELEZ INTL INC (FMRLY KRAFT	46,053	$2.022M	0.9%	$23.16	+52.1%	COM	609207105
WMT	WAL-MART STORES	26,800	$1.933M	0.8%	$19.98	+3.1%	COM	931142103
CB	CHUBB LIMITED (FRMLY ACE LIMIT	15,106	$1.898M	0.8%	$94.35	+13.7%	COM	H1467J104
—	ZOETIS INC.	35,440	$1.843M	0.8%	$30.88	—	COM	98978v103
KMB	KIMBERLY-CLARK	14,600	$1.842M	0.8%	$63.81	+46.5%	COM	494368103
—	EXPRESS SCRIPTS HOLDING CO	24,460	$1.725M	0.7%	$61.73	—	COM	302182100
VZ	VERIZON	31,718	$1.649M	0.7%	$26.98	+21.9%	COM	92343V104
DIS	DISNEY WALT CO	17,520	$1.627M	0.7%	$57.99	+53.3%	COM	254687106
—	UNITED TECHNOLOGIES CORP	14,400	$1.463M	0.6%	$92.92	—	COM	913017109
—	NOVARTIS AG - ADR	17,300	$1.366M	0.6%	$79.40	—	COM	66987v109
—	NEW YORK COMMUNITY BANCORP, IN	95,850	$1.364M	0.6%	$14.04	—	COM	649445103
—	PUBLIC STORAGE SER W 5.2% CALL	52,000	$1.333M	0.6%	$23.44	—	PREFERRED	74460w875
EPD	ENTERPRISE PRODUCTS PARTNERS L	47,880	$1.323M	0.6%	$50.88	—	COM	293792107
—	BANK OF AMERICA CORP 6.000% CA	50,000	$1.313M	0.6%	$26.04	—	PREFERRED	060505260
GIS	GENERAL MILLS INC	20,500	$1.31M	0.6%	$31.98	+56.4%	COM	370334104
META	FACEBOOK INC	10,200	$1.308M	0.6%	$104.68	+17.8%	COM	30303M102
—	AON PLC	11,618	$1.307M	0.6%	$64.38	—	COM	037389103
—	GENERAL GROWTH PROPERTIES - RE	44,846	$1.238M	0.5%	$19.87	—	COM	370021107
NSRGY	NESTLE ADR	14,400	$1.138M	0.5%	$68.53	—	COM	641069406
AAL	AMERICAN AIRLINES GROUP INC.	30,800	$1.128M	0.5%	$43.35	-21.5%	COM	02376R102
SWRAY	SINGAPORE AIRLINES	127,911	$1.109M	0.5%	$9.19	—	COM	870794302
BOH	BANK OF HAWAII CORPORATION	15,000	$1.089M	0.5%	$31.53	+57.3%	COM	062540109
—	COCA-COLA EUROPEAN PARTNERS PL	27,000	$1.077M	0.5%	$44.20	—	COM	19122T109
SRE	SEMPRA ENERGY	10,000	$1.072M	0.5%	$35.44	+13.8%	COM	816851109
SKT	TANGER FACTORY OUTLET REIT	25,200	$982K	0.4%	$33.45	—	COM	875465106
F	FORD MOTOR COMPANY	79,585	$961K	0.4%	$8.44	-8.9%	COM	345370860
—	GE (FORMERLY GE CAP) 4.875% CA	36,000	$944K	0.4%	$23.69	—	PREFERRED	369622410
BA	BOEING CO	6,850	$902K	0.4%	$81.75	+47.7%	COM	097023105
BAC	BANK OF AMERICA (NEW)	57,017	$892K	0.4%	$10.13	+19.1%	COM	060505104
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$889K	0.4%	$87.72	+49.0%	COM	053484101
ZBH	ZIMMER BIOMET HOLDINGS(FRMLY Z	6,728	$875K	0.4%	$67.30	+70.0%	COM	98956P102
—	CONOCOPHILLIPS	19,700	$856K	0.4%	$60.51	—	COM	20825c104
GILD	GILEAD SCIENCES, INC	10,800	$854K	0.4%	$75.16	-23.1%	COM	375558103
—	ALLEGHANY CORP	1,594	$837K	0.4%	$383.31	—	COM	017175100
BXP	BOSTON PROPERTIES INC. REIT	6,000	$818K	0.4%	$64.00	+46.6%	COM	101121101
MSFT	MICROSOFT CORP	14,100	$812K	0.4%	$27.11	+85.5%	COM	594918104
PSX	PHILLIPS 66	9,850	$793K	0.3%	$40.44	+34.6%	COM	718546104
BUD	ANHEUSER-BUSCH INBEV NV SPN AD	5,900	$775K	0.3%	$131.74	—	COM	03524A108
—	ABBVIE INC.	12,200	$769K	0.3%	$46.09	—	COM	00287y109
UNP	UNION PACIFIC CORPORATION	7,700	$751K	0.3%	$72.17	+5.2%	COM	907818108
TXN	TEXAS INSTRUMENTS INC.	10,000	$702K	0.3%	$25.31	+108.1%	COM	882508104
CSCO	CISCO SYSTEMS INC	21,700	$688K	0.3%	$15.24	+51.4%	COM	17275R102
AEP	AMERICAN ELECTRIC POWER	10,000	$642K	0.3%	$30.44	+58.7%	COM	025537101
—	YUM BRANDS INC (FORMERLY TRICO	7,040	$639K	0.3%	$69.32	—	COM	895953107
—	U.S. BANCORP (FORMERLY FIRST B	14,789	$634K	0.3%	$36.18	—	COM	902973106
GOOG	ALPHABET INC CL C	800	$622K	0.3%	$35.65	+5.7%	COM	02079K107
—	TIFFANY & CO	8,300	$603K	0.3%	$72.89	—	COM	886547108
—	EXPEDIA INC (IAC/INTERACTIVECO	5,000	$584K	0.3%	$60.20	—	COM	30212p105
UPS	UNITED PARCEL SERVICE, INC. CL	5,100	$558K	0.2%	$67.80	+13.9%	COM	911312106
—	JPMORGAN CHASE 6.125% CALLABLE	20,000	$542K	0.2%	$24.90	—	PREFERRED	48127r461
SPG	SIMON PROPERTY GROUP, INC. REI	2,600	$538K	0.2%	$115.91	+14.7%	COM	828806109
PSA	PUBLIC STORAGE - REIT	2,388	$533K	0.2%	$97.16	+64.4%	COM	74460D109
—	BANK OF AMERICA 6.20% PERP CAL	20,000	$527K	0.2%	$26.05	—	PREFERRED	060505286
—	HOWARD HUGHES CORP (THE)(SPINO	4,296	$492K	0.2%	$112.20	—	COM	44267d107
SYY	SYSCO CORP	10,000	$490K	0.2%	$24.40	+64.9%	COM	871829107
HSBC	HSBC HOLDINGS PLC LTD ADR	12,780	$481K	0.2%	$51.90	—	COM	404280406
—	REXFORD INDUSTRIAL REALTY, INC	21,000	$481K	0.2%	$13.81	—	COM	76169c100
—	BANCO SANTANDER SA ADR	106,987	$472K	0.2%	$6.49	—	COM	05964h105
TEVA	TEVA PHARMACEUTICALS ADR	10,000	$460K	0.2%	$39.20	—	COM	881624209
BP	BP PLC SPONS ADR	12,642	$444K	0.2%	$41.55	—	COM	055622104
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$429K	0.2%	$23.37	+40.2%	COM	039483102
—	FIDELITY NATIONAL INFORMATION	5,364	$413K	0.2%	$42.88	—	COM	31620m106
EMR	EMERSON ELECTRIC CO	7,130	$389K	0.2%	$40.02	+5.7%	COM	291011104
—	FNF GROUP (FIDELITY NATL FINCL	10,458	$386K	0.2%	$27.73	—	COM	31620r303
—	CK HUTCHISON HOLDINGS(FRM CHEU	30,000	$382K	0.2%	$13.43	—	COM	166744201
—	TRAVELERS COMPANIES, INC	3,311	$379K	0.2%	$80.04	—	COM	89417e109
ABT	ABBOTT LABORATORIES	8,700	$368K	0.2%	$28.85	+25.3%	COM	002824100
RIO	RIO TINTO PLC SPONSORED ADR	10,500	$351K	0.2%	$41.05	—	COM	767204100
STZ	CONSTELLATION BRANDS, INC.	2,000	$333K	0.1%	$124.77	+14.7%	COM	21036P108
TRIP	TRIPADVISOR INC.	5,000	$316K	0.1%	$50.93	+12.3%	COM	896945201
—	IAC/INTERACTIVECORP	5,000	$312K	0.1%	$65.35	—	COM	44919p508
—	RALPH LAUREN CORP (FMLY POLO R	3,000	$303K	0.1%	$173.67	—	COM	731572103
—	BLACKSTONE GROUP LP (THE)	11,400	$291K	0.1%	$28.07	—	COM	09253u108
—	APOLLO INVESTMENT CORPORATION	50,000	$290K	0.1%	$5.56	—	COM	03761U106
—	PROSHARES ULTRASHORT 20+ YEAR	9,000	$284K	0.1%	$41.89	—	COM	74347b201
AZN	ASTRAZENECA PLC-SPONS ADR	8,000	$263K	0.1%	$41.94	—	COM	046353108
CDP	CORPORATE OFFICE PROPERTY TRUS	9,100	$258K	0.1%	$26.26	—	COM	22002T108
—	KKR & CO. LP	18,000	$257K	0.1%	$14.67	—	COM	48248m102
BAX	BAXTER INT'L INC	5,106	$243K	0.1%	$32.47	+24.5%	COM	071813109
DAL	DELTA AIR LINES INC	6,000	$236K	0.1%	$38.40	-12.0%	COM	247361702
WFC	WELLS FARGO & CO.	5,300	$235K	0.1%	$36.83	0.0%	COM	949746101
—	BLACKROCK CAPITAL INVESTMENT C	27,500	$228K	0.1%	$9.18	—	COM	092533108
DB	DEUTSCHE BANK AG	16,000	$209K	0.1%	$10.58	0.0%	COM	D18190898
—	BROOKFIELD DTLA FD OFFICE TR P	10,000	$208K	0.1%	$26.50	—	PREFERRED	112714209
EW	EDWARDS LIFESCIENCES CORP.	1,716	$207K	0.1%	$37.66	0.0%	COM	28176E108