Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC.	77,745	$19.77M	8.1%	$18.48	+284.6%	COM	037833100
MRK	MERCK & CO., INC.	134,670	$10.36M	4.3%	$35.76	+82.0%	COM	58933Y105
CVX	CHEVRON CORP	120,944	$8.764M	3.6%	$70.02	+8.5%	COM	166764100
PM	PHILIP MORRIS INTERNATIONAL-AL	113,806	$8.303M	3.4%	$49.85	+21.9%	COM	718172109
PG	PROCTER & GAMBLE CO	73,434	$8.078M	3.3%	$55.13	+88.3%	COM	742718109
KO	COCA-COLA CO	180,430	$7.984M	3.3%	$29.07	+54.8%	COM	191216100
JPM	JPMORGAN CHASE & CO.	79,034	$7.115M	2.9%	$38.96	+165.9%	COM	46625H100
NKE	NIKE, INC. CL B	77,350	$6.4M	2.6%	$45.26	+89.8%	COM	654106103
XOM	EXXON MOBIL CORPORATION	162,946	$6.187M	2.5%	$53.45	-21.3%	COM	30231G102
DEO	DIAGEO PLC ADR	45,340	$5.764M	2.4%	$113.73	—	COM	25243Q205
PEP	PEPSICO	42,409	$5.093M	2.1%	$56.00	+101.4%	COM	713448108
BRK/A	BERKSHIRE HATHAWAY INC. CL A	18	$4.896M	2.0%	$165023.42	+93.1%	COM	084670108
TGT	TARGET CORP-FRMLY DAYTON HUDSO	52,570	$4.887M	2.0%	$52.52	+80.8%	COM	87612E106
JNJ	JOHNSON & JOHNSON	37,110	$4.866M	2.0%	$59.66	+101.4%	COM	478160104
—	ROYAL DUTCH SHELL PLC - ADR A	135,930	$4.743M	2.0%	$56.26	—	COM	780259206
DIS	DISNEY WALT CO	48,733	$4.708M	1.9%	$90.95	+35.8%	COM	254687106
PFE	PFIZER, INC.	142,955	$4.666M	1.9%	$17.77	+45.3%	COM	717081103
—	ZOETIS INC.	34,076	$4.01M	1.7%	$30.88	—	COM	98978v103
MO	ALTRIA GROUP INC.	101,826	$3.938M	1.6%	$21.87	+26.0%	COM	02209S103
BMY	BRISTOL-MYERS SQUIBB CO	67,924	$3.786M	1.6%	$31.01	+56.6%	COM	110122108
BRK/B	BERKSHIRE HATHAWAY INC. CL B	20,518	$3.751M	1.5%	$206.19	+3.1%	COM	084670702
HD	HOME DEPOT	19,550	$3.65M	1.5%	$56.05	+239.2%	COM	437076102
RHHBY	ROCHE HOLDINGS LTD ADR	85,250	$3.459M	1.4%	$49.80	—	COM	771195104
—	BANK OF AMERICA 5 PERP CALL 9	144,515	$3.393M	1.4%	$25.06	—	PREFERRED	06055h202
GOOG	ALPHABET INC. CL C	2,890	$3.361M	1.4%	$51.82	+30.0%	COM	02079K107
BA	BOEING COMPANY	21,575	$3.218M	1.3%	$231.33	+17.9%	COM	097023105
WMT	WALMART INC.	26,800	$3.045M	1.3%	$19.98	+77.0%	COM	931142103
INTC	INTEL CORP	54,500	$2.95M	1.2%	$17.18	+204.7%	COM	458140100
—	ABBVIE INC.	38,200	$2.91M	1.2%	$66.57	—	COM	00287y109
GIS	GENERAL MILLS, INC.	54,500	$2.876M	1.2%	$33.68	+28.6%	COM	370334104
IBM	INTERNATIONAL BUSINESS MACHINE	25,396	$2.817M	1.2%	$117.65	-16.5%	COM	459200101
L	LOEWS CORP	77,917	$2.714M	1.1%	$42.08	+9.3%	COM	540424108
MSFT	MICROSOFT CORPORATION	16,000	$2.523M	1.0%	$44.88	+248.3%	COM	594918104
T	AT&T INC.	83,138	$2.423M	1.0%	$15.44	+17.6%	COM	00206R102
—	GENERAL MOTORS COMPANY	115,610	$2.402M	1.0%	$33.71	—	COM	37045v100
MDLZ	MONDELEZ INTL INC.(FMRLY KRAFT	45,638	$2.286M	0.9%	$23.16	+101.7%	COM	609207105
META	FACEBOOK INC.	13,630	$2.273M	0.9%	$135.53	+43.5%	COM	30303M102
—	PRUDENTIAL FINANCIAL INC 5.625	80,000	$2.01M	0.8%	$24.87	—	PREFERRED	744320805
—	AON PLC	11,618	$1.917M	0.8%	$64.38	—	COM	037389103
KMB	KIMBERLY-CLARK	14,800	$1.892M	0.8%	$64.11	+74.8%	COM	494368103
BPY 6.5 PERP A-1	BROOKFIELD PRPTY PTNRS LP 6.5	106,000	$1.816M	0.7%	$24.83	—	PREFERRED	G16249149
VZ	VERIZON COMMUNICATIONS INC.	31,592	$1.697M	0.7%	$28.13	+45.8%	COM	92343V104
CB	CHUBB LIMITED (FRMLY ACE LIMIT	15,106	$1.687M	0.7%	$94.35	+38.2%	COM	H1467J104
STZ	CONSTELLATION BRANDS, INC.	11,200	$1.606M	0.7%	$155.04	+3.3%	COM	21036P108
NSRGY	NESTLE SA - SPON ADR	13,400	$1.38M	0.6%	$68.53	—	COM	641069406
—	UNITED TECHNOLOGIES CORP	14,400	$1.358M	0.6%	$92.92	—	COM	913017109
—	TOTAL SA SPON ADR	34,695	$1.292M	0.5%	$48.70	—	COM	89151E109
—	BANK OF AMERICA CORP 6 CA	50,000	$1.252M	0.5%	$26.04	—	PREFERRED	060505260
DAL	DELTA AIR LINES INC.	43,700	$1.247M	0.5%	$46.70	+2.8%	COM	247361702
BAC	BANK OF AMERICA (NEW)	56,633	$1.202M	0.5%	$10.13	+155.8%	COM	060505104
MCD	MCDONALD'S CORP	7,000	$1.157M	0.5%	$171.84	0.0%	COM	580135101
SRE	SEMPRA ENERGY	10,000	$1.13M	0.5%	$35.44	+64.8%	COM	816851109
UNP	UNION PACIFIC CORPORATION	7,700	$1.086M	0.4%	$72.17	+100.9%	COM	907818108
SKT	TANGER FACTORY OUTLET REIT	212,200	$1.061M	0.4%	$6.64	—	COM	875465106
CI	CIGNA CORP (ACQUIRED EXPRESS S	5,936	$1.052M	0.4%	$190.77	-7.0%	COM	125523100
—	TIFFANY & CO	8,000	$1.036M	0.4%	$72.89	—	COM	886547108
KMI	KINDER MORGAN, INC.	73,950	$1.029M	0.4%	$12.10	+10.4%	COM	49456B101
—	PUBLIC STORAGE 5.15 SER F CAL	42,000	$1.021M	0.4%	$24.97	—	PREFERRED	74460W685
TXN	TEXAS INSTRUMENTS INC.	10,000	$999K	0.4%	$25.31	+301.6%	COM	882508104
SPG	SIMON PROPERTY GROUP, INC. REI	17,830	$978K	0.4%	$102.15	-15.7%	COM	828806109
OXY	OCCIDENTAL PETROLEUM CORP	84,300	$976K	0.4%	$30.07	0.0%	COM	674599105
—	PUBLIC STORAGE SER W 5.2 CALL	38,000	$902K	0.4%	$23.56	—	PREFERRED	74460w875
—	IAC/INTERACTIVECORP	4,925	$883K	0.4%	$65.35	—	COM	44919p508
—	IRON MOUNTAIN INC. REIT	37,000	$881K	0.4%	$23.81	—	COM	46284v101
—	ALLEGHANY CORP	1,594	$880K	0.4%	$383.31	—	COM	017175100
—	REXFORD INDUSTRIAL REALTY, INC	21,000	$861K	0.4%	$13.81	—	COM	76169c100
EPD	ENTERPRISE PRODUCTS PARTNERS L	59,840	$856K	0.4%	$38.65	—	COM	293792107
BOH	BANK OF HAWAII CORPORATION	15,000	$829K	0.3%	$31.53	+98.5%	COM	062540109
CAT	CATERPILLAR INC.	6,905	$801K	0.3%	$111.53	+1.7%	COM	149123101
AEP	AMERICAN ELECTRIC POWER	10,000	$800K	0.3%	$30.44	+151.4%	COM	025537101
—	JPMORGAN CHASE 6.00 CALLABLE	30,000	$784K	0.3%	$26.13	—	PREFERRED	48128b648
PSX	PHILLIPS 66	14,600	$783K	0.3%	$48.44	+31.7%	COM	718546104
AMZN	AMAZON.COM, INC.	384	$749K	0.3%	$83.42	+16.0%	COM	023135106
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$736K	0.3%	$87.72	+86.3%	COM	053484101
ABT	ABBOTT LABORATORIES	8,700	$687K	0.3%	$28.85	+161.1%	COM	002824100
—	BROOKFIELD PPTY PTNRS LP(ACQUI	85,207	$687K	0.3%	$15.50	—	COM	G16249107
ZBH	ZIMMER BIOMET HOLDINGS(FRMLY Z	6,728	$680K	0.3%	$67.30	+85.5%	COM	98956P102
—	NOVARTIS AG - ADR	8,150	$672K	0.3%	$81.77	—	COM	66987v109
—	FIDELITY NATIONAL INFORMATION	5,364	$652K	0.3%	$42.88	—	COM	31620m106
SWRAY	SINGAPORE AIRLINES	123,431	$595K	0.2%	$9.19	—	COM	870794302
—	CONOCOPHILLIPS	19,200	$591K	0.2%	$60.51	—	COM	20825c104
BXP	BOSTON PROPERTIES INC. REIT	6,000	$553K	0.2%	$64.00	+49.3%	COM	101121101
—	ENERGY TRANSFER OPER LP 7.375	40,000	$504K	0.2%	$25.00	—	PREFERRED	29278n301
—	U.S. BANCORP (FORMERLY FIRST B	14,610	$503K	0.2%	$36.18	—	COM	902973106
—	BANK OF AMERICA 6.2 PERP CAL	20,000	$503K	0.2%	$26.05	—	PREFERRED	060505286
—	BLACKSTONE GROUP INC. (THE)	11,000	$501K	0.2%	$44.45	—	COM	09260d107
—	COCA-COLA EUROPEAN PARTNERS PL	13,000	$488K	0.2%	$45.85	—	COM	g25839104
UPS	UNITED PARCEL SERVICE, INC. CL	5,100	$476K	0.2%	$67.80	+20.8%	COM	911312106
PSA	PUBLIC STORAGE - REIT	2,388	$474K	0.2%	$97.16	+71.5%	COM	74460D109
BTI	BRITISH AMERICAN TOBACCO PLC -	13,563	$464K	0.2%	$41.71	—	COM	110448107
SYY	SYSCO CORP	10,000	$456K	0.2%	$24.40	+141.1%	COM	871829107
RIO	RIO TINTO PLC SPONSORED ADR	10,000	$456K	0.2%	$41.05	—	COM	767204100
—	YUM BRANDS INC. (FORMERLY TRIC	6,440	$441K	0.2%	$69.32	—	COM	895953107
—	KKR & CO. INC.	18,000	$422K	0.2%	$27.28	—	COM	48251w104
BAX	BAXTER INT'L INC.	5,106	$415K	0.2%	$32.47	+136.3%	COM	071813109
MS	MORGAN STANLEY	11,400	$388K	0.2%	$39.15	0.0%	COM	617446448
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$358K	0.1%	$23.37	+47.8%	COM	039483102
AZN	ASTRAZENECA PLC-SPONS ADR	8,000	$357K	0.1%	$41.94	—	COM	046353108
EMR	EMERSON ELECTRIC CO	7,130	$340K	0.1%	$40.02	+44.3%	COM	291011104
—	TRAVELERS COMPANIES, INC.	3,311	$329K	0.1%	$80.04	—	COM	89417e109
BP	BP PLC SPONS ADR	12,642	$308K	0.1%	$40.99	—	COM	055622104
—	EXPEDIA INC.(IAC/INTERACTIVECO	4,950	$279K	0.1%	$134.34	—	COM	30212p303
—	YUM CHINA HOLDINGS, INC.	6,213	$265K	0.1%	$39.49	—	COM	98850p109
—	FNF GROUP (FIDELITY NATL FINCL	10,458	$260K	0.1%	$27.73	—	COM	31620r303
EW	EDWARDS LIFESCIENCES CORP.	1,340	$253K	0.1%	$48.91	+47.4%	COM	28176E108
TSM	TAIWAN SEMICONDUCTOR MFG CO LT	5,006	$239K	0.1%	$46.54	—	COM	874039100
BUD	ANHEUSER-BUSCH INBEV SA/NV - S	5,400	$238K	0.1%	$129.90	—	COM	03524A108
—	HOWARD HUGHES CORP (THE)(SPINO	4,100	$207K	0.1%	$112.20	—	COM	44267d107
CDP	CORPORATE OFFICE PROPERTY TRUS	9,100	$201K	0.1%	$27.25	—	COM	22002T108
RL	RALPH LAUREN CORP (FMLY POLO R	3,000	$200K	0.1%	$87.38	+7.6%	COM	751212101
F	FORD MOTOR COMPANY	24,390	$118K	0.0%	$8.12	-30.4%	COM	345370860
—	AEGON NV - NY REG SHRS	36,000	$90,000	0.0%	$2.50	—	COM	007924103
—	CREDIT SUISSE GROUP AG - SPON	10,000	$81,000	0.0%	$11.60	—	COM	225401108