Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PM	PHILIP MORRIS INTERNATIONAL-AL	115,406	$13.55M	5.5%	$49.85	+49.0%	COM	718172109
XOM	EXXON MOBIL CORPORATION	162,656	$13.13M	5.3%	$53.69	+3.3%	COM	30231G102
CVX	CHEVRON CORP	119,396	$12.46M	5.1%	$69.82	+4.8%	COM	166764100
AAPL	APPLE INC.	81,635	$11.76M	4.8%	$17.88	+91.9%	COM	037833100
MRK	MERCK & CO.	136,370	$8.74M	3.6%	$35.76	+30.2%	COM	58933Y105
KO	COCA-COLA CO	176,315	$7.908M	3.2%	$28.23	+19.3%	COM	191216100
IBM	INTERNATIONAL BUSINESS MACHINE	50,192	$7.721M	3.1%	$118.47	-12.4%	COM	459200101
MO	ALTRIA GROUP INC	103,406	$7.701M	3.1%	$16.28	+141.4%	COM	02209S103
JPM	JPMORGAN CHASE & CO.	81,434	$7.443M	3.0%	$38.96	+75.9%	COM	46625H100
PG	PROCTER & GAMBLE CO	75,414	$6.572M	2.7%	$55.13	+27.2%	COM	742718109
—	ROYAL DUTCH SHELL PLC - ADR A	120,670	$6.418M	2.6%	$60.31	—	COM	780259206
DEO	DIAGEO PLC ADR	46,740	$5.601M	2.3%	$113.73	—	COM	25243Q205
PEP	PEPSICO	43,609	$5.036M	2.0%	$56.00	+57.5%	COM	713448108
JNJ	JOHNSON & JOHNSON	37,510	$4.962M	2.0%	$59.66	+68.3%	COM	478160104
—	GENERAL MOTORS CO	141,580	$4.945M	2.0%	$35.16	—	COM	37045v100
BRK/A	BERKSHIRE HATHAWAY INC CL A	18	$4.585M	1.9%	$165023.42	+51.3%	COM	084670108
PFE	PFIZER, INC.	125,533	$4.217M	1.7%	$16.46	+31.2%	COM	717081103
NKE	NIKE, INC. CL B	68,000	$4.012M	1.6%	$44.14	+9.3%	COM	654106103
—	REYNOLDS AMERICAN INC	60,450	$3.932M	1.6%	$59.47	—	COM	761713106
L	LOEWS CORP	79,477	$3.72M	1.5%	$42.08	+7.1%	COM	540424108
HD	HOME DEPOT	23,550	$3.613M	1.5%	$56.05	+122.1%	COM	437076102
—	BERKSHIRE HATHAWAY CL B	20,014	$3.39M	1.4%	$111.92	—	COM	084670207
BMY	BRISTOL-MYERS SQUIBB CO	59,924	$3.339M	1.4%	$28.67	+39.2%	COM	110122108
—	RBC SER C-1 5.5 CALL'17@25(FR	112,040	$2.868M	1.2%	$24.74	—	PREFERRED	78013g402
RHHBY	ROCHE HOLDINGS LTD ADR	88,650	$2.819M	1.1%	$49.80	—	COM	771195104
KMI	KINDER MORGAN, INC.	144,850	$2.775M	1.1%	$12.47	0.0%	COM	49456B101
—	TWENTY-FIRST CENTURY FOX, INC.	85,342	$2.419M	1.0%	$32.58	—	COM	90130A101
—	AT&T INC	59,438	$2.243M	0.9%	$35.40	—	COM	78387G103
CB	CHUBB LIMITED (FRMLY ACE LIMITED	15,106	$2.196M	0.9%	$94.35	+28.1%	COM	H1467J104
—	ZOETIS INC.	34,362	$2.144M	0.9%	$30.88	—	COM	98978v103
WMT	WAL-MART STORES	26,800	$2.028M	0.8%	$19.98	+10.2%	COM	931142103
KHC	KRAFT HEINZ CO (THE)	23,609	$2.022M	0.8%	$47.86	+26.9%	COM	500754106
MDLZ	MONDELEZ INTL INC (FMRLY KRAFT	46,053	$1.989M	0.8%	$23.16	+58.4%	COM	609207105
KMB	KIMBERLY-CLARK	14,600	$1.885M	0.8%	$63.81	+50.8%	COM	494368103
INTC	INTEL CORP	55,500	$1.873M	0.8%	$17.18	+72.1%	COM	458140100
DIS	DISNEY WALT CO	17,520	$1.862M	0.8%	$57.99	+76.7%	COM	254687106
QCOM	QUALCOMM INC.	32,700	$1.806M	0.7%	$42.52	+4.1%	COM	747525103
—	TOTAL SA SPON ADR	36,395	$1.805M	0.7%	$48.70	—	COM	89151E109
—	UNITED TECHNOLOGIES CORP	14,400	$1.758M	0.7%	$92.92	—	COM	913017109
TGT	TARGET CORP-FRMLY DAYTON HUDSO	30,920	$1.617M	0.7%	$47.95	-11.2%	COM	87612E106
—	EXPRESS SCRIPTS HOLDING CO	24,460	$1.562M	0.6%	$61.73	—	COM	302182100
—	AON PLC	11,618	$1.545M	0.6%	$64.38	—	COM	037389103
META	FACEBOOK INC	10,200	$1.54M	0.6%	$104.68	+41.0%	COM	30303M102
AAL	AMERICAN AIRLINES GROUP INC.	30,300	$1.525M	0.6%	$43.35	+4.0%	COM	02376R102
VZ	VERIZON	31,718	$1.417M	0.6%	$26.98	+9.5%	COM	92343V104
BAC	BANK OF AMERICA (NEW)	57,017	$1.383M	0.6%	$10.13	+88.5%	COM	060505104
BA	BOEING CO	6,850	$1.355M	0.6%	$81.75	+113.9%	COM	097023105
—	BANK OF AMERICA CORP 6.000 CA	50,000	$1.335M	0.5%	$26.04	—	PREFERRED	060505260
—	NEW YORK COMMUNITY BANCORP, IN	95,850	$1.259M	0.5%	$14.04	—	COM	649445103
BOH	BANK OF HAWAII CORPORATION	15,000	$1.245M	0.5%	$31.53	+84.2%	COM	062540109
NSRGY	NESTLE ADR	13,400	$1.168M	0.5%	$68.53	—	COM	641069406
GIS	GENERAL MILLS INC	20,500	$1.136M	0.5%	$31.98	+31.3%	COM	370334104
SRE	SEMPRA ENERGY	10,000	$1.128M	0.5%	$35.44	+20.8%	COM	816851109
—	COCA-COLA EUROPEAN PARTNERS PL	27,000	$1.098M	0.4%	$44.20	—	COM	19122T109
EPD	ENTERPRISE PRODUCTS PARTNERS L	39,840	$1.079M	0.4%	$50.88	—	COM	293792107
—	GGP INC REIT - FMRLY GENERAL G	44,846	$1.057M	0.4%	$24.97	—	COM	36174x101
—	PUBLIC STORAGE SER W 5.2 CALL	42,000	$1.056M	0.4%	$23.44	—	PREFERRED	74460w875
—	PUBLIC STORAGE 5.15 CALLABLE	42,000	$1.052M	0.4%	$25.05	—	PREFERRED	74460W685
SWRAY	SINGAPORE AIRLINES	127,911	$1.033M	0.4%	$9.19	—	COM	870794302
AVB	AVALONBAY COMMUNITIES, INC REIT	5,000	$961K	0.4%	$87.72	+62.0%	COM	053484101
MSFT	MICROSOFT CORP	13,800	$951K	0.4%	$27.11	+129.9%	COM	594918104
—	ALLEGHANY CORP	1,594	$948K	0.4%	$383.31	—	COM	017175100
F	FORD MOTOR COMPANY	79,585	$891K	0.4%	$8.12	-12.7%	COM	345370860
—	ABBVIE INC.	12,200	$885K	0.4%	$46.09	—	COM	00287y109
—	CONOCOPHILLIPS	19,700	$866K	0.4%	$60.51	—	COM	20825c104
ZBH	ZIMMER BIOMET HOLDINGS(FRMLY Z	6,728	$864K	0.4%	$67.30	+64.2%	COM	98956P102
UNP	UNION PACIFIC CORPORATION	7,700	$839K	0.3%	$72.17	+24.9%	COM	907818108
PSX	PHILLIPS 66	9,850	$814K	0.3%	$40.44	+39.2%	COM	718546104
TXN	TEXAS INSTRUMENTS INC.	10,000	$769K	0.3%	$25.31	+149.5%	COM	882508104
—	U.S. BANCORP (FORMERLY FIRST B	14,789	$768K	0.3%	$36.18	—	COM	902973106
—	TIFFANY & CO	8,000	$751K	0.3%	$72.89	—	COM	886547108
—	EXPEDIA INC (IAC/INTERACTIVECO	5,000	$745K	0.3%	$60.20	—	COM	30212p105
BXP	BOSTON PROPERTIES INC. REIT	6,000	$738K	0.3%	$64.00	+35.8%	COM	101121101
GOOG	ALPHABET INC CL C	800	$727K	0.3%	$35.65	+27.5%	COM	02079K107
AEP	AMERICAN ELECTRIC POWER	10,000	$695K	0.3%	$30.44	+68.5%	COM	025537101
—	NOVARTIS AG - ADR	8,150	$680K	0.3%	$79.40	—	COM	66987v109
—	GE (FORMERLY GE CAP) 4.875 CA	26,000	$666K	0.3%	$23.69	—	PREFERRED	369622410
SKT	TANGER FACTORY OUTLET REIT	25,200	$655K	0.3%	$33.45	—	COM	875465106
HSBC	HSBC HOLDINGS PLC LTD ADR	12,780	$593K	0.2%	$51.90	—	COM	404280406
—	REXFORD INDUSTRIAL REALTY, INC	21,000	$576K	0.2%	$13.81	—	COM	76169c100
BUD	ANHEUSER-BUSCH INBEV NV SPN AD	5,200	$574K	0.2%	$131.74	—	COM	03524A108
—	BANCO SANTANDER SA ADR	85,410	$571K	0.2%	$6.49	—	COM	05964h105
UPS	UNITED PARCEL SERVICE, INC. CL	5,100	$564K	0.2%	$67.80	+14.0%	COM	911312106
—	JPMORGAN CHASE 6.125 CALLABLE	20,000	$539K	0.2%	$24.90	—	PREFERRED	48127r461
—	BANK OF AMERICA 6.20 PERP CAL	20,000	$536K	0.2%	$26.05	—	PREFERRED	060505286
—	HOWARD HUGHES CORP (THE)(SPINO	4,296	$528K	0.2%	$112.20	—	COM	44267d107
—	YUM BRANDS INC (FORMERLY TRICO	7,040	$519K	0.2%	$69.32	—	COM	895953107
—	IAC/INTERACTIVECORP	5,000	$516K	0.2%	$65.35	—	COM	44919p508
SYY	SYSCO CORP	10,000	$503K	0.2%	$24.40	+74.7%	COM	871829107
PSA	PUBLIC STORAGE - REIT	2,388	$498K	0.2%	$97.16	+55.5%	COM	74460D109
GILD	GILEAD SCIENCES, INC	7,000	$495K	0.2%	$75.16	-35.7%	COM	375558103
—	FNF GROUP (FIDELITY NATL FINCL	10,458	$469K	0.2%	$27.73	—	COM	31620r303
—	FIDELITY NATIONAL INFORMATION	5,364	$458K	0.2%	$42.88	—	COM	31620m106
BP	BP PLC SPONS ADR	12,642	$438K	0.2%	$40.99	—	COM	055622104
EMR	EMERSON ELECTRIC CO	7,130	$425K	0.2%	$40.02	+20.0%	COM	291011104
RIO	RIO TINTO PLC SPONSORED ADR	10,000	$423K	0.2%	$41.05	—	COM	767204100
ABT	ABBOTT LABORATORIES	8,700	$423K	0.2%	$28.85	+34.9%	COM	002824100
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$421K	0.2%	$23.37	+42.3%	COM	039483102
—	TRAVELERS COMPANIES, INC	3,311	$419K	0.2%	$80.04	—	COM	89417e109
STZ	CONSTELLATION BRANDS, INC.	2,000	$387K	0.2%	$124.77	+24.8%	COM	21036P108
—	CK HUTCHISON HOLDINGS(FRM CHEU	30,000	$376K	0.2%	$13.43	—	COM	166744201
—	BLACKSTONE GROUP LP (THE)	11,000	$367K	0.1%	$28.07	—	COM	09253u108
SPG	SIMON PROPERTY GROUP, INC. REI	2,200	$356K	0.1%	$115.91	-11.4%	COM	828806109
—	KKR & CO. LP	18,000	$335K	0.1%	$14.67	—	COM	48248m102
—	PROSHARES ULTRASHORT 20 YEAR	9,000	$323K	0.1%	$41.89	—	COM	74347b201
DAL	DELTA AIR LINES INC	6,000	$322K	0.1%	$38.40	+15.4%	COM	247361702
—	APOLLO INVESTMENT CORPORATION	50,000	$320K	0.1%	$5.56	—	COM	03761U106
CDP	CORPORATE OFFICE PROPERTY TRUS	9,100	$319K	0.1%	$26.26	—	COM	22002T108
BAX	BAXTER INT'L INC	5,106	$309K	0.1%	$32.47	+51.2%	COM	071813109
WFC	WELLS FARGO & CO.	5,300	$294K	0.1%	$36.83	+14.5%	COM	949746101
—	YUM CHINA HOLDINGS, INC.	7,040	$278K	0.1%	$39.49	—	COM	98850p109
AZN	ASTRAZENECA PLC-SPONS ADR	8,000	$273K	0.1%	$41.94	—	COM	046353108
DRI	DARDEN RESTAURANTS INC	3,000	$271K	0.1%	$53.91	+27.6%	COM	237194105
—	BROOKFIELD DTLA FD OFFICE TR P	10,000	$255K	0.1%	$26.50	—	PREFERRED	112714209
—	RALPH LAUREN CORP (FMLY POLO R	3,000	$221K	0.1%	$173.67	—	COM	731572103
—	METLIFE INC	4,000	$220K	0.1%	$54.00	—	COM	59156r108
DB	DEUTSCHE BANK AG	12,000	$213K	0.1%	$10.58	+45.0%	COM	D18190898
—	BLACKROCK CAPITAL INVESTMENT C	27,500	$206K	0.1%	$7.56	—	COM	092533108