Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC.	77,905	$15.42M	5.6%	$18.48	+152.3%	COM	037833100
CVX	CHEVRON CORP	117,294	$14.6M	5.3%	$69.82	+29.2%	COM	166764100
XOM	EXXON MOBIL CORPORATION	161,756	$12.39M	4.5%	$53.75	+5.8%	COM	30231G102
MRK	MERCK & CO., INC.	134,470	$11.28M	4.1%	$35.76	+73.8%	COM	58933Y105
JPM	JPMORGAN CHASE & CO.	81,034	$9.06M	3.3%	$38.96	+136.2%	COM	46625H100
PM	PHILIP MORRIS INTERNATIONAL-AL	113,806	$8.937M	3.2%	$49.85	+16.9%	COM	718172109
KO	COCA-COLA CO	173,015	$8.81M	3.2%	$28.23	+41.4%	COM	191216100
PG	PROCTER & GAMBLE CO	74,134	$8.129M	2.9%	$55.13	+64.1%	COM	742718109
DEO	DIAGEO PLC ADR	45,840	$7.899M	2.9%	$113.73	—	COM	25243Q205
—	ROYAL DUTCH SHELL PLC - ADR A	120,270	$7.826M	2.8%	$60.31	—	COM	780259206
NKE	NIKE, INC. CL B	77,850	$6.536M	2.4%	$45.26	+70.3%	COM	654106103
DIS	DISNEY WALT CO	45,583	$6.365M	2.3%	$88.70	+44.3%	COM	254687106
BRK/A	BERKSHIRE HATHAWAY INC. CL A	18	$5.73M	2.1%	$165023.42	+88.4%	COM	084670108
PEP	PEPSICO	42,409	$5.561M	2.0%	$56.00	+87.1%	COM	713448108
PFE	PFIZER, INC.	124,472	$5.392M	2.0%	$16.46	+77.6%	COM	717081103
JNJ	JOHNSON & JOHNSON	37,110	$5.169M	1.9%	$59.66	+92.4%	COM	478160104
BA	BOEING COMPANY	13,525	$4.923M	1.8%	$206.13	+73.3%	COM	097023105
TGT	TARGET CORP-FRMLY DAYTON HUDSO	53,270	$4.614M	1.7%	$52.52	+28.9%	COM	87612E106
—	GENERAL MOTORS COMPANY	115,610	$4.454M	1.6%	$35.64	—	COM	37045v100
HD	HOME DEPOT	20,550	$4.274M	1.5%	$56.05	+202.5%	COM	437076102
—	BERKSHIRE HATHAWAY INC. CL B	20,018	$4.267M	1.5%	$111.92	—	COM	084670207
L	LOEWS CORP	77,917	$4.26M	1.5%	$42.08	+18.5%	COM	540424108
—	ZOETIS INC.	34,076	$3.867M	1.4%	$30.88	—	COM	98978v103
IBM	INTERNATIONAL BUSINESS MACHINE	25,321	$3.492M	1.3%	$117.65	-16.2%	COM	459200101
GOOG	ALPHABET INC. CL C	2,800	$3.027M	1.1%	$51.09	+12.1%	COM	02079K107
RHHBY	ROCHE HOLDINGS LTD ADR	85,250	$2.992M	1.1%	$49.80	—	COM	771195104
WMT	WALMART INC.	26,800	$2.961M	1.1%	$19.98	+56.6%	COM	931142103
GIS	GENERAL MILLS, INC.	54,500	$2.862M	1.0%	$33.68	+22.4%	COM	370334104
T	AT&T INC.	83,138	$2.786M	1.0%	$15.44	-2.4%	COM	00206R102
SKT	TANGER FACTORY OUTLET REIT	168,200	$2.727M	1.0%	$18.80	—	COM	875465106
BMY	BRISTOL-MYERS SQUIBB CO	59,924	$2.718M	1.0%	$28.67	+26.0%	COM	110122108
BPY 6.5 PERP A-1	BROOKFIELD PRPTY PTNRS LP 6.5	106,000	$2.672M	1.0%	$24.83	—	PREFERRED	G16249149
INTC	INTEL CORP	54,500	$2.609M	0.9%	$17.18	+150.9%	COM	458140100
META	FACEBOOK INC.	13,415	$2.589M	0.9%	$134.59	+34.8%	COM	30303M102
SPG	SIMON PROPERTY GROUP, INC. REI	15,700	$2.508M	0.9%	$104.77	+13.7%	COM	828806109
MDLZ	MONDELEZ INTL INC.(FMRLY KRAFT	45,638	$2.46M	0.9%	$23.16	+90.5%	COM	609207105
MO	ALTRIA GROUP INC.	51,206	$2.425M	0.9%	$16.28	+90.0%	COM	02209S103
—	AON PLC	11,618	$2.242M	0.8%	$64.38	—	COM	037389103
CB	CHUBB LIMITED (FRMLY ACE LIMIT	15,106	$2.225M	0.8%	$94.35	+37.1%	COM	H1467J104
—	PRUDENTIAL FINANCIAL INC 5.625	80,000	$2.12M	0.8%	$24.87	—	PREFERRED	744320805
STZ	CONSTELLATION BRANDS, INC.	10,200	$2.009M	0.7%	$154.55	+13.4%	COM	21036P108
KMB	KIMBERLY-CLARK	14,800	$1.973M	0.7%	$64.11	+59.4%	COM	494368103
—	TOTAL SA SPON ADR	34,995	$1.952M	0.7%	$48.70	—	COM	89151E109
—	UNITED TECHNOLOGIES CORP	14,400	$1.875M	0.7%	$92.92	—	COM	913017109
MSFT	MICROSOFT CORPORATION	13,800	$1.849M	0.7%	$27.11	+340.8%	COM	594918104
VZ	VERIZON COMMUNICATIONS INC.	31,592	$1.805M	0.7%	$28.13	+42.3%	COM	92343V104
BAC	BANK OF AMERICA (NEW)	56,633	$1.642M	0.6%	$10.13	+141.8%	COM	060505104
KMI	KINDER MORGAN, INC.	76,950	$1.607M	0.6%	$12.10	+12.9%	COM	49456B101
NSRGY	NESTLE SA - SPON ADR	13,400	$1.386M	0.5%	$68.53	—	COM	641069406
SRE	SEMPRA ENERGY	10,000	$1.374M	0.5%	$35.44	+49.2%	COM	816851109
—	BANK OF AMERICA CORP 6.000 CA	50,000	$1.329M	0.5%	$26.04	—	PREFERRED	060505260
UNP	UNION PACIFIC CORPORATION	7,700	$1.302M	0.5%	$72.17	+104.8%	COM	907818108
BOH	BANK OF HAWAII CORPORATION	15,000	$1.244M	0.5%	$31.53	+94.2%	COM	062540109
—	CONOCOPHILLIPS	19,200	$1.171M	0.4%	$60.51	—	COM	20825c104
EPD	ENTERPRISE PRODUCTS PARTNERS L	39,840	$1.15M	0.4%	$50.88	—	COM	293792107
TXN	TEXAS INSTRUMENTS INC.	10,000	$1.148M	0.4%	$25.31	+266.5%	COM	882508104
—	ALLEGHANY CORP	1,594	$1.086M	0.4%	$383.31	—	COM	017175100
SWRAY	SINGAPORE AIRLINES	123,431	$1.072M	0.4%	$9.19	—	COM	870794302
—	IAC/INTERACTIVECORP	4,925	$1.071M	0.4%	$65.35	—	COM	44919p508
—	PUBLIC STORAGE 5.15 SER F CAL	42,000	$1.049M	0.4%	$24.97	—	PREFERRED	74460W685
FOXA	FOX CORP CL A	27,818	$1.019M	0.4%	$35.41	-5.2%	COM	35137L105
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$1.016M	0.4%	$87.72	+83.3%	COM	053484101
—	BROOKFIELD PPTY PTNRS LP(ACQUI	51,195	$969K	0.4%	$20.69	—	COM	G16249107
—	ENERGY TRANSFER OPER LP 7.375	40,000	$947K	0.3%	$25.00	—	PREFERRED	29278n301
—	PUBLIC STORAGE SER W 5.2 CALL	38,000	$944K	0.3%	$23.56	—	PREFERRED	74460w875
CI	CIGNA CORP (ACQUIRED EXPRESS S	5,940	$936K	0.3%	$190.77	-24.9%	COM	125523100
CAT	CATERPILLAR INC.	6,815	$929K	0.3%	$111.50	+2.9%	COM	149123101
PSX	PHILLIPS 66	9,600	$898K	0.3%	$40.44	+69.4%	COM	718546104
—	ABBVIE INC.	12,200	$887K	0.3%	$46.09	—	COM	00287y109
AEP	AMERICAN ELECTRIC POWER	10,000	$880K	0.3%	$30.44	+124.1%	COM	025537101
—	REXFORD INDUSTRIAL REALTY, INC	21,000	$848K	0.3%	$13.81	—	COM	76169c100
ZBH	ZIMMER BIOMET HOLDINGS(FRMLY Z	6,728	$792K	0.3%	$67.30	+64.8%	COM	98956P102
BXP	BOSTON PROPERTIES INC. REIT	6,000	$774K	0.3%	$64.00	+52.4%	COM	101121101
—	U.S. BANCORP (FORMERLY FIRST B	14,610	$766K	0.3%	$36.18	—	COM	902973106
—	TIFFANY & CO	8,000	$749K	0.3%	$72.89	—	COM	886547108
—	NOVARTIS AG - ADR	8,150	$744K	0.3%	$81.77	—	COM	66987v109
—	COCA-COLA EUROPEAN PARTNERS PL	13,000	$735K	0.3%	$45.85	—	COM	g25839104
ABT	ABBOTT LABORATORIES	8,700	$732K	0.3%	$28.85	+143.4%	COM	002824100
—	YUM BRANDS INC. (FORMERLY TRIC	6,500	$719K	0.3%	$69.32	—	COM	895953107
AMZN	AMAZON.COM, INC.	376	$712K	0.3%	$83.14	+12.0%	COM	023135106
KHC	KRAFT HEINZ CO (THE)	22,909	$711K	0.3%	$47.86	-52.3%	COM	500754106
SYY	SYSCO CORP	10,000	$707K	0.3%	$24.40	+144.0%	COM	871829107
—	EXPEDIA INC.(IAC/INTERACTIVECO	4,950	$658K	0.2%	$60.20	—	COM	30212p105
—	FIDELITY NATIONAL INFORMATION	5,364	$658K	0.2%	$42.88	—	COM	31620m106
RIO	RIO TINTO PLC SPONSORED ADR	10,000	$623K	0.2%	$41.05	—	COM	767204100
PSA	PUBLIC STORAGE - REIT	2,388	$569K	0.2%	$97.16	+78.9%	COM	74460D109
AAL	AMERICAN AIRLINES GROUP INC.	16,935	$552K	0.2%	$43.35	-26.4%	COM	02376R102
BP	BP PLC SPONS ADR	12,642	$527K	0.2%	$40.99	—	COM	055622104
UPS	UNITED PARCEL SERVICE, INC. CL	5,100	$527K	0.2%	$67.80	+18.2%	COM	911312106
—	BANK OF AMERICA 6.20 PERP CAL	20,000	$525K	0.2%	$26.05	—	PREFERRED	060505286
—	JPMORGAN CHASE 6.125 CALLABLE	20,000	$515K	0.2%	$24.90	—	PREFERRED	48127r461
—	HOWARD HUGHES CORP (THE)(SPINO	4,100	$508K	0.2%	$112.20	—	COM	44267d107
—	TRAVELERS COMPANIES, INC.	3,311	$495K	0.2%	$80.04	—	COM	89417e109
—	BLACKSTONE GROUP INC. (THE)	11,000	$489K	0.2%	$44.45	—	COM	09260d107
EMR	EMERSON ELECTRIC CO	7,130	$476K	0.2%	$40.02	+43.6%	COM	291011104
BTI	BRITISH AMERICAN TOBACCO PLC -	13,563	$473K	0.2%	$41.71	—	COM	110448107
BUD	ANHEUSER-BUSCH INBEV SA/NV - S	5,200	$460K	0.2%	$131.74	—	COM	03524A108
—	KKR & CO. INC.	18,000	$455K	0.2%	$27.28	—	COM	48251w104
—	FNF GROUP (FIDELITY NATL FINCL	10,458	$421K	0.2%	$27.73	—	COM	31620r303
BAX	BAXTER INT'L INC.	5,106	$418K	0.2%	$32.47	+110.9%	COM	071813109
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$415K	0.2%	$23.37	+45.9%	COM	039483102
DRI	DARDEN RESTAURANTS INC.	3,000	$365K	0.1%	$53.91	+83.6%	COM	237194105
DAL	DELTA AIR LINES INC.	6,000	$341K	0.1%	$38.40	+38.8%	COM	247361702
—	RALPH LAUREN CORP (FMLY POLO R	3,000	$341K	0.1%	$173.67	—	COM	731572103
AZN	ASTRAZENECA PLC-SPONS ADR	8,000	$330K	0.1%	$41.94	—	COM	046353108
—	YUM CHINA HOLDINGS, INC.	6,387	$295K	0.1%	$39.49	—	COM	98850p109
—	CK HUTCHISON HOLDINGS(FRM CHEU	30,000	$294K	0.1%	$13.43	—	COM	166744201
—	BANCO SANTANDER SA ADR	62,308	$285K	0.1%	$6.49	—	COM	05964h105
WFC	WELLS FARGO & CO.	5,300	$251K	0.1%	$36.83	+6.1%	COM	949746101
F	FORD MOTOR COMPANY	24,390	$250K	0.1%	$8.12	-12.6%	COM	345370860
EW	EDWARDS LIFESCIENCES CORP.	1,340	$248K	0.1%	$48.91	+23.6%	COM	28176E108
CDP	CORPORATE OFFICE PROPERTY TRUS	9,100	$240K	0.1%	$27.25	—	COM	22002T108
ALL	ALLSTATE CORP	2,000	$203K	0.1%	$83.49	0.0%	COM	020002101
—	BROOKFIELD DTLA FD OFFICE TR P	10,000	$202K	0.1%	$26.50	—	PREFERRED	112714209
—	CREDIT SUISSE GROUP AG - SPON	10,000	$120K	0.0%	$11.60	—	COM	225401108