Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC.	76,645	$27.96M	10.6%	$18.48	+306.4%	COM	037833100
CVX	CHEVRON CORP	120,944	$10.79M	4.1%	$70.02	-0.3%	COM	166764100
MRK	MERCK & CO., INC.	134,670	$10.41M	3.9%	$35.76	+75.8%	COM	58933Y105
PG	PROCTER & GAMBLE CO	73,434	$8.781M	3.3%	$55.13	+84.1%	COM	742718109
KO	COCA-COLA CO	180,430	$8.062M	3.1%	$29.07	+33.2%	COM	191216100
PM	PHILIP MORRIS INTERNATIONAL-AL	113,806	$7.973M	3.0%	$49.85	+9.9%	COM	718172109
NKE	NIKE, INC. CL B	77,350	$7.584M	2.9%	$45.26	+88.8%	COM	654106103
JPM	JPMORGAN CHASE & CO.	78,534	$7.387M	2.8%	$38.96	+109.8%	COM	46625H100
TGT	TARGET CORP-FRMLY DAYTON HUDSO	52,570	$6.305M	2.4%	$52.52	+86.9%	COM	87612E106
DEO	DIAGEO PLC ADR	45,340	$6.093M	2.3%	$113.73	—	COM	25243Q205
PEP	PEPSICO	42,409	$5.609M	2.1%	$56.00	+97.8%	COM	713448108
DIS	DISNEY WALT CO	48,733	$5.434M	2.1%	$90.95	+18.6%	COM	254687106
JNJ	JOHNSON & JOHNSON	37,110	$5.219M	2.0%	$59.66	+108.2%	COM	478160104
HD	HOME DEPOT	19,550	$4.897M	1.9%	$56.05	+256.3%	COM	437076102
BRK/A	BERKSHIRE HATHAWAY INC. CL A	18	$4.811M	1.8%	$165023.42	+66.1%	COM	084670108
—	ZOETIS INC.	34,076	$4.67M	1.8%	$30.88	—	COM	98978v103
PFE	PFIZER, INC.	141,955	$4.642M	1.8%	$17.77	+46.3%	COM	717081103
GOOG	ALPHABET INC. CL C	2,890	$4.085M	1.5%	$51.82	+29.3%	COM	02079K107
MO	ALTRIA GROUP INC.	101,826	$3.997M	1.5%	$21.87	+14.1%	COM	02209S103
BMY	BRISTOL-MYERS SQUIBB CO	67,924	$3.994M	1.5%	$31.01	+54.5%	COM	110122108
BA	BOEING COMPANY	21,575	$3.955M	1.5%	$231.33	-33.6%	COM	097023105
—	ABBVIE INC.	38,200	$3.75M	1.4%	$66.57	—	COM	00287y109
RHHBY	ROCHE HOLDINGS LTD ADR	85,250	$3.698M	1.4%	$49.80	—	COM	771195104
BRK/B	BERKSHIRE HATHAWAY INC. CL B	20,518	$3.663M	1.4%	$206.19	-11.4%	COM	084670702
—	BANK OF AMERICA 5 PERP CALL 9	144,515	$3.65M	1.4%	$25.06	—	PREFERRED	06055h202
GIS	GENERAL MILLS, INC.	54,500	$3.36M	1.3%	$33.68	+48.2%	COM	370334104
INTC	INTEL CORP	54,500	$3.261M	1.2%	$17.18	+209.7%	COM	458140100
MSFT	MICROSOFT CORPORATION	16,000	$3.256M	1.2%	$44.88	+285.6%	COM	594918104
WMT	WALMART INC.	26,800	$3.21M	1.2%	$19.98	+90.5%	COM	931142103
META	FACEBOOK INC.	13,630	$3.095M	1.2%	$135.53	+53.0%	COM	30303M102
IBM	INTERNATIONAL BUSINESS MACHINE	25,417	$3.07M	1.2%	$117.65	-22.3%	COM	459200101
—	GENERAL MOTORS COMPANY	115,410	$2.92M	1.1%	$33.71	—	COM	37045v100
L	LOEWS CORP	77,917	$2.672M	1.0%	$42.08	-21.7%	COM	540424108
T	AT&T INC.	83,138	$2.513M	1.0%	$15.44	+0.3%	COM	00206R102
MDLZ	MONDELEZ INTL INC.(FMRLY KRAFT	45,638	$2.333M	0.9%	$23.16	+92.4%	COM	609207105
—	AON PLC	11,618	$2.238M	0.8%	$64.38	—	COM	037389103
—	PRUDENTIAL FINANCIAL INC 5.625	80,000	$2.112M	0.8%	$24.87	—	PREFERRED	744320805
KMB	KIMBERLY-CLARK	14,800	$2.092M	0.8%	$64.11	+75.8%	COM	494368103
STZ	CONSTELLATION BRANDS, INC.	11,200	$1.959M	0.7%	$155.04	-2.0%	COM	21036P108
BPY 6.5 PERP A-1	BROOKFIELD PRPTY PTNRS LP 6.5	106,000	$1.938M	0.7%	$24.83	—	PREFERRED	G16249149
CB	CHUBB LIMITED (FRMLY ACE LIMIT	15,106	$1.913M	0.7%	$94.35	+12.6%	COM	H1467J104
KMI	KINDER MORGAN, INC.	118,950	$1.804M	0.7%	$11.63	-6.7%	COM	49456B101
VZ	VERIZON COMMUNICATIONS INC.	31,592	$1.742M	0.7%	$28.13	+44.9%	COM	92343V104
—	IAC/INTERACTIVECORP	4,925	$1.593M	0.6%	$65.35	—	COM	44919p508
SKT	TANGER FACTORY OUTLET REIT	222,200	$1.584M	0.6%	$6.66	—	COM	875465106
OXY	OCCIDENTAL PETROLEUM CORP	84,300	$1.543M	0.6%	$30.07	-50.7%	COM	674599105
NSRGY	NESTLE SA - SPON ADR	13,400	$1.48M	0.6%	$68.53	—	COM	641069406
BAC	BANK OF AMERICA (NEW)	56,633	$1.345M	0.5%	$10.13	+103.0%	COM	060505104
—	TOTAL SA SPON ADR	34,695	$1.334M	0.5%	$48.70	—	COM	89151E109
UNP	UNION PACIFIC CORPORATION	7,700	$1.302M	0.5%	$72.17	+96.0%	COM	907818108
—	BANK OF AMERICA CORP 6.000 CA	50,000	$1.292M	0.5%	$26.04	—	PREFERRED	060505260
MCD	MCDONALD'S CORP	7,000	$1.291M	0.5%	$171.84	-6.3%	COM	580135101
TXN	TEXAS INSTRUMENTS INC.	10,000	$1.27M	0.5%	$25.31	+293.2%	COM	882508104
SPG	SIMON PROPERTY GROUP, INC. REI	17,830	$1.219M	0.5%	$102.15	-55.4%	COM	828806109
SRE	SEMPRA ENERGY	10,000	$1.172M	0.4%	$35.44	+44.1%	COM	816851109
CI	CIGNA CORP (ACQUIRED EXPRESS S	5,936	$1.114M	0.4%	$190.77	-9.0%	COM	125523100
EPD	ENTERPRISE PRODUCTS PARTNERS L	59,840	$1.087M	0.4%	$38.65	—	COM	293792107
—	PUBLIC STORAGE 5.15 SER F CAL	42,000	$1.072M	0.4%	$24.97	—	PREFERRED	74460W685
AMZN	AMAZON.COM, INC.	386	$1.065M	0.4%	$83.42	+44.8%	COM	023135106
PSX	PHILLIPS 66	14,600	$1.05M	0.4%	$48.44	+16.1%	COM	718546104
—	TIFFANY & CO	8,000	$976K	0.4%	$72.89	—	COM	886547108
—	IRON MOUNTAIN INC. REIT	37,000	$966K	0.4%	$23.81	—	COM	46284v101
—	PUBLIC STORAGE SER W 5.2 CALL	38,000	$952K	0.4%	$23.56	—	PREFERRED	74460w875
BOH	BANK OF HAWAII CORPORATION	15,000	$921K	0.3%	$31.53	+54.2%	COM	062540109
—	RAYTHEON TECHNOLGIES CORP - NC	14,400	$887K	0.3%	$61.60	—	COM	75513e101
CAT	CATERPILLAR INC.	6,905	$873K	0.3%	$111.53	-4.8%	COM	149123101
—	REXFORD INDUSTRIAL REALTY, INC	21,000	$870K	0.3%	$13.81	—	COM	76169c100
—	BROOKFIELD PPTY PTNRS LP(ACQUI	85,019	$841K	0.3%	$15.50	—	COM	G16249107
—	JPMORGAN CHASE 6.00 CALLABLE	30,000	$822K	0.3%	$26.13	—	PREFERRED	48128b648
—	CONOCOPHILLIPS	19,200	$807K	0.3%	$60.51	—	COM	20825c104
ZBH	ZIMMER BIOMET HOLDINGS(FRMLY Z	6,728	$803K	0.3%	$67.30	+63.5%	COM	98956P102
AEP	AMERICAN ELECTRIC POWER	10,000	$796K	0.3%	$30.44	+118.8%	COM	025537101
ABT	ABBOTT LABORATORIES	8,700	$795K	0.3%	$28.85	+184.1%	COM	002824100
—	ALLEGHANY CORP	1,594	$780K	0.3%	$383.31	—	COM	017175100
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$773K	0.3%	$87.72	+47.8%	COM	053484101
—	ENERGY TRANSFER OPER LP 7.375	40,000	$768K	0.3%	$25.00	—	PREFERRED	29278n301
—	FIDELITY NATIONAL INFORMATION	5,364	$719K	0.3%	$42.88	—	COM	31620m106
—	NOVARTIS AG - ADR	8,150	$712K	0.3%	$81.77	—	COM	66987v109
—	BLACKSTONE GROUP INC. (THE)	11,000	$623K	0.2%	$44.45	—	COM	09260d107
UPS	UNITED PARCEL SERVICE, INC. CL	5,100	$567K	0.2%	$67.80	+17.6%	COM	911312106
RIO	RIO TINTO PLC SPONSORED ADR	10,000	$562K	0.2%	$41.05	—	COM	767204100
—	YUM BRANDS INC. (FORMERLY TRIC	6,440	$560K	0.2%	$69.32	—	COM	895953107
—	KKR & CO. INC.	18,000	$556K	0.2%	$27.28	—	COM	48251w104
MS	MORGAN STANLEY	11,400	$551K	0.2%	$39.15	-10.1%	COM	617446448
SYY	SYSCO CORP	10,000	$547K	0.2%	$24.40	+85.1%	COM	871829107
BXP	BOSTON PROPERTIES INC. REIT	6,000	$542K	0.2%	$64.00	+6.4%	COM	101121101
—	U.S. BANCORP (FORMERLY FIRST B	14,610	$538K	0.2%	$36.18	—	COM	902973106
BTI	BRITISH AMERICAN TOBACCO PLC -	13,563	$527K	0.2%	$41.71	—	COM	110448107
—	BANK OF AMERICA 6.20 PERP CAL	20,000	$512K	0.2%	$26.05	—	PREFERRED	060505286
—	COCA-COLA EUROPEAN PARTNERS PL	13,000	$491K	0.2%	$45.85	—	COM	g25839104
PSA	PUBLIC STORAGE - REIT	2,388	$458K	0.2%	$97.16	+56.0%	COM	74460D109
EMR	EMERSON ELECTRIC CO	7,130	$442K	0.2%	$40.02	+25.6%	COM	291011104
BAX	BAXTER INT'L INC.	5,106	$440K	0.2%	$32.47	+139.2%	COM	071813109
SWRAY	SINGAPORE AIRLINES	123,431	$436K	0.2%	$9.19	—	COM	870794302
AZN	ASTRAZENECA PLC-SPONS ADR	8,000	$423K	0.2%	$41.94	—	COM	046353108
—	OTIS WORLDWIDE CORP (UNITED TE	7,200	$409K	0.2%	$56.81	—	COM	68902v107
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$406K	0.2%	$23.37	+36.6%	COM	039483102
—	EXPEDIA INC.(IAC/INTERACTIVECO	4,900	$403K	0.2%	$134.34	—	COM	30212p303
—	TRAVELERS COMPANIES, INC.	3,311	$378K	0.1%	$80.04	—	COM	89417e109
—	FNF GROUP (FIDELITY NATL FINCL	10,458	$321K	0.1%	$27.73	—	COM	31620r303
—	CARRIER GLOBAL CORP (UNITED TE	14,400	$320K	0.1%	$22.22	—	COM	14448c104
—	YUM CHINA HOLDINGS, INC.	6,213	$299K	0.1%	$39.49	—	COM	98850p109
BP	BP PLC SPONS ADR	12,642	$295K	0.1%	$40.99	—	COM	055622104
TSM	TAIWAN SEMICONDUCTOR MFG CO LT	5,006	$284K	0.1%	$46.54	—	COM	874039100
EW	EDWARDS LIFESCIENCES CORP.	4,020	$278K	0.1%	$63.68	+11.6%	COM	28176E108
BUD	ANHEUSER-BUSCH INBEV SA/NV - S	5,400	$266K	0.1%	$129.90	—	COM	03524A108
—	BLACK KNIGHT INC. (FNF GROUP S	3,206	$233K	0.1%	$72.68	—	COM	09215C105
CDP	CORPORATE OFFICE PROPERTY TRUS	9,100	$231K	0.1%	$27.25	—	COM	22002T108
DRI	DARDEN RESTAURANTS INC.	3,000	$227K	0.1%	$60.40	0.0%	COM	237194105
RL	RALPH LAUREN CORP (FMLY POLO R	3,000	$218K	0.1%	$87.38	-24.0%	COM	751212101
—	HOWARD HUGHES CORP (THE)(SPINO	4,100	$213K	0.1%	$112.20	—	COM	44267d107
F	FORD MOTOR COMPANY	24,390	$148K	0.1%	$8.12	-48.3%	COM	345370860
—	AEGON NV - NY REG SHRS	36,000	$106K	0.0%	$2.50	—	COM	007924103
—	CREDIT SUISSE GROUP AG - SPON	10,000	$103K	0.0%	$11.60	—	COM	225401108