Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC.	302,940	$40.2M	13.0%	$83.83	+39.6%	COM	037833100
MRK	MERCK & CO., INC.	134,670	$11.02M	3.6%	$35.76	+81.3%	COM	58933Y105
NKE	NIKE, INC. CL B	76,850	$10.87M	3.5%	$45.26	+172.2%	COM	654106103
PG	PROCTER & GAMBLE CO	73,134	$10.18M	3.3%	$55.13	+123.4%	COM	742718109
KO	COCA-COLA CO	178,330	$9.78M	3.2%	$29.07	+52.3%	COM	191216100
CVX	CHEVRON CORP	115,536	$9.757M	3.1%	$70.02	-7.1%	COM	166764100
JPM	JPMORGAN CHASE & CO.	75,731	$9.623M	3.1%	$38.96	+151.9%	COM	46625H100
PM	PHILIP MORRIS INTERNATIONAL-AL	112,606	$9.323M	3.0%	$49.85	+21.1%	COM	718172109
TGT	TARGET CORP-FRMLY DAYTON HUDSO	52,170	$9.21M	3.0%	$52.52	+175.8%	COM	87612E106
DIS	DISNEY WALT CO	48,679	$8.82M	2.8%	$90.95	+54.2%	COM	254687106
DEO	DIAGEO PLC ADR	45,240	$7.185M	2.3%	$113.73	—	COM	25243Q205
BRK/A	BERKSHIRE HATHAWAY INC. CL A	18	$6.261M	2.0%	$165023.42	+100.4%	COM	084670108
PEP	PEPSICO	42,009	$6.23M	2.0%	$56.00	+116.5%	COM	713448108
JNJ	JOHNSON & JOHNSON	37,110	$5.84M	1.9%	$59.66	+113.8%	COM	478160104
—	ZOETIS INC.	34,005	$5.628M	1.8%	$30.88	—	COM	98978v103
PFE	PFIZER, INC.	141,575	$5.211M	1.7%	$17.77	+61.1%	COM	717081103
HD	HOME DEPOT	19,550	$5.193M	1.7%	$56.05	+332.6%	COM	437076102
GOOG	ALPHABET INC. CL C	2,850	$4.993M	1.6%	$51.82	+61.6%	COM	02079K107
—	GENERAL MOTORS COMPANY	115,010	$4.789M	1.5%	$33.71	—	COM	37045v100
BRK/B	BERKSHIRE HATHAWAY INC. CL B	20,518	$4.758M	1.5%	$206.19	+6.8%	COM	084670702
BOH	BANK OF HAWAII CORPORATION	55,800	$4.275M	1.4%	$47.36	+16.1%	COM	062540109
—	ABBVIE INC.	38,200	$4.093M	1.3%	$66.57	—	COM	00287y109
MO	ALTRIA GROUP INC.	99,176	$4.066M	1.3%	$21.87	+22.1%	COM	02209S103
—	BANK OF AMERICA 5 PERP CALL 9	142,515	$3.888M	1.3%	$25.06	—	PREFERRED	06055h202
WMT	WALMART INC.	26,800	$3.863M	1.2%	$19.98	+126.4%	COM	931142103
META	FACEBOOK, INC.	13,630	$3.723M	1.2%	$135.53	+100.9%	COM	30303M102
BMY	BRISTOL-MYERS SQUIBB CO	59,924	$3.717M	1.2%	$31.01	+61.3%	COM	110122108
RHHBY	ROCHE HOLDING LTD ADR	84,250	$3.694M	1.2%	$49.80	—	COM	771195104
MSFT	MICROSOFT CORPORATION	15,800	$3.514M	1.1%	$44.88	+359.1%	COM	594918104
L	LOEWS CORP	77,917	$3.508M	1.1%	$42.08	-6.3%	COM	540424108
IBM	INTERNATIONAL BUSINESS MACHINE	25,467	$3.206M	1.0%	$117.65	-20.6%	COM	459200101
GIS	GENERAL MILLS, INC.	54,500	$3.205M	1.0%	$33.68	+51.0%	COM	370334104
EPD	ENTERPRISE PRODUCTS PARTNERS,	158,160	$3.098M	1.0%	$23.47	—	COM	293792107
INTC	INTEL CORP	54,500	$2.715M	0.9%	$17.18	+156.3%	COM	458140100
MDLZ	MONDELEZ INTL INC.(FMRLY KRAFT	45,638	$2.668M	0.9%	$23.16	+116.5%	COM	609207105
—	AON PLC	11,618	$2.455M	0.8%	$64.38	—	COM	037389103
STZ	CONSTELLATION BRANDS, INC.	11,100	$2.431M	0.8%	$155.04	+16.6%	COM	21036P108
KMI	KINDER MORGAN, INC.	173,470	$2.371M	0.8%	$10.80	-8.0%	COM	49456B101
BPY 6.5 PERP A-1	BROOKFIELD PRPTY PTNRS LP 6.5	100,000	$2.341M	0.8%	$24.83	—	PREFERRED	G16249149
CB	CHUBB LIMITED (FRMLY ACE LIMIT	15,106	$2.325M	0.7%	$94.35	+37.9%	COM	H1467J104
—	PRUDENTIAL FINANCIAL INC 5.625	78,000	$2.225M	0.7%	$24.87	—	PREFERRED	744320805
T	AT&T INC.	75,508	$2.172M	0.7%	$15.44	-0.4%	COM	00206R102
KMB	KIMBERLY-CLARK	14,800	$1.995M	0.6%	$64.11	+80.9%	COM	494368103
VZ	VERIZON COMMUNICATIONS INC.	31,592	$1.856M	0.6%	$28.13	+56.4%	COM	92343V104
—	IRON MOUNTAIN INC. REIT	59,700	$1.76M	0.6%	$25.62	—	COM	46284v101
BAC	BANK OF AMERICA (NEW)	56,633	$1.717M	0.6%	$10.13	+133.5%	COM	060505104
TXN	TEXAS INSTRUMENTS INC.	10,000	$1.641M	0.5%	$25.31	+431.8%	COM	882508104
—	MATCH GROUP, INC.	10,623	$1.606M	0.5%	$110.61	—	COM	57667l107
UNP	UNION PACIFIC CORPORATION	7,700	$1.603M	0.5%	$72.17	+146.7%	COM	907818108
NSRGY	NESTLE SA - SPON ADR	13,400	$1.579M	0.5%	$68.53	—	COM	641069406
MCD	MCDONALD'S CORP	7,000	$1.502M	0.5%	$171.84	+12.5%	COM	580135101
SRE	SEMPRA ENERGY	10,000	$1.274M	0.4%	$35.44	+53.7%	COM	816851109
—	BANK OF AMERICA CORP 6.000 CA	50,000	$1.267M	0.4%	$26.04	—	PREFERRED	060505260
CAT	CATERPILLAR INC.	6,905	$1.257M	0.4%	$111.53	+38.1%	COM	149123101
CI	CIGNA CORP (ACQUIRED EXPRESS S	5,932	$1.235M	0.4%	$190.77	-5.9%	COM	125523100
SKT	TANGER FACTORY OUTLET REIT	123,600	$1.231M	0.4%	$6.66	—	COM	875465106
AMZN	AMAZON.COM, INC.	371	$1.208M	0.4%	$83.42	+91.3%	COM	023135106
—	TOTAL SA SPON ADR	28,095	$1.177M	0.4%	$48.70	—	COM	89151E109
—	PUBLIC STORAGE 5.15 SER F CAL	42,000	$1.122M	0.4%	$24.97	—	PREFERRED	74460W685
ZBH	ZIMMER BIOMET HOLDINGS(FRMLY Z	6,728	$1.037M	0.3%	$67.30	+101.1%	COM	98956P102
—	REXFORD INDUSTRIAL REALTY, INC	21,000	$1.031M	0.3%	$13.81	—	COM	76169c100
—	RAYTHEON TECHNOLGIES CORP - NC	14,400	$1.03M	0.3%	$61.60	—	COM	75513e101
—	ALLEGHANY CORP	1,594	$962K	0.3%	$383.31	—	COM	017175100
ABT	ABBOTT LABORATORIES	8,700	$953K	0.3%	$28.85	+244.1%	COM	002824100
—	IAC/INTERACTIVECORP	4,925	$933K	0.3%	$119.80	—	COM	44891n109
UPS	UNITED PARCEL SERVICE, INC. CL	5,100	$859K	0.3%	$67.80	+101.9%	COM	911312106
—	JPMORGAN CHASE 6.00 CALLABLE	30,000	$854K	0.3%	$26.13	—	PREFERRED	48128b648
AEP	AMERICAN ELECTRIC POWER	10,000	$833K	0.3%	$30.44	+136.5%	COM	025537101
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$802K	0.3%	$87.72	+51.7%	COM	053484101
BTI	BRITISH AMERICAN TOBACCO PLC -	20,963	$786K	0.3%	$39.43	—	COM	110448107
MS	MORGAN STANLEY	11,400	$781K	0.3%	$39.15	+24.7%	COM	617446448
—	NOVARTIS AG - ADR	8,050	$760K	0.2%	$81.77	—	COM	66987v109
—	FIDELITY NATIONAL INFORMATION	5,364	$759K	0.2%	$42.88	—	COM	31620m106
RIO	RIO TINTO PLC SPONSORED ADR	10,000	$752K	0.2%	$41.05	—	COM	767204100
SYY	SYSCO CORP	10,000	$743K	0.2%	$24.40	+145.9%	COM	871829107
—	KKR & CO. INC.	18,000	$729K	0.2%	$27.28	—	COM	48251w104
—	BLACKSTONE GROUP INC. (THE)	11,000	$713K	0.2%	$44.45	—	COM	09260d107
—	U.S. BANCORP (FORMERLY FIRST B	14,610	$681K	0.2%	$36.18	—	COM	902973106
PSX	PHILLIPS 66	9,600	$671K	0.2%	$48.44	-1.0%	COM	718546104
—	YUM BRANDS INC. (FORMERLY TRIC	6,080	$660K	0.2%	$69.32	—	COM	895953107
—	EXPEDIA INC.(IAC/INTERACTIVECO	4,900	$649K	0.2%	$134.34	—	COM	30212p303
—	COCA-COLA EUROPEAN PARTNERS PL	13,000	$648K	0.2%	$45.85	—	COM	g25839104
—	BROOKFIELD PPTY PTNRS LP(ACQUI	43,643	$632K	0.2%	$15.50	—	COM	G16249107
EMR	EMERSON ELECTRIC CO	7,130	$573K	0.2%	$40.02	+67.0%	COM	291011104
BXP	BOSTON PROPERTIES INC. REIT	6,000	$567K	0.2%	$64.00	+7.2%	COM	101121101
PSA	PUBLIC STORAGE - REIT	2,388	$551K	0.2%	$97.16	+89.0%	COM	74460D109
TSM	TAIWAN SEMICONDUCTOR MFG CO LT	5,006	$546K	0.2%	$46.54	—	COM	874039100
—	CARRIER GLOBAL CORP (UNITED TE	14,400	$543K	0.2%	$22.22	—	COM	14448c104
—	ENERGY TRANSFER OPER LP 7.375	26,000	$537K	0.2%	$25.00	—	PREFERRED	29278n301
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$513K	0.2%	$23.37	+83.3%	COM	039483102
—	BANK OF AMERICA 6.20 PERP CAL	20,000	$500K	0.2%	$26.05	—	PREFERRED	060505286
—	OTIS WORLDWIDE CORP (UNITED TE	7,200	$486K	0.2%	$56.81	—	COM	68902v107
—	TRAVELERS COMPANIES, INC.	3,311	$465K	0.1%	$80.04	—	COM	89417e109
BAX	BAXTER INT'L INC.	5,106	$410K	0.1%	$32.47	+118.7%	COM	071813109
—	FNF GROUP (FIDELITY NATL FINCL	10,458	$409K	0.1%	$27.73	—	COM	31620r303
AZN	ASTRAZENECA PLC-SPONS ADR	8,000	$400K	0.1%	$41.94	—	COM	046353108
SWRAY	SINGAPORE AIRLINES	89,832	$379K	0.1%	$9.19	—	COM	870794302
BUD	ANHEUSER-BUSCH INBEV SA/NV - S	5,400	$378K	0.1%	$129.90	—	COM	03524A108
—	CONOCOPHILLIPS	9,200	$368K	0.1%	$60.51	—	COM	20825c104
EW	EDWARDS LIFESCIENCES CORP.	4,020	$367K	0.1%	$63.68	+30.3%	COM	28176E108
DRI	DARDEN RESTAURANTS INC.	3,000	$357K	0.1%	$60.40	+51.4%	COM	237194105
—	YUM CHINA HOLDINGS, INC.	5,853	$334K	0.1%	$39.49	—	COM	98850p109
—	VIATRIS INC. (PFIZER SPINOFF)	17,544	$329K	0.1%	$18.75	—	COM	92556v106
—	HOWARD HUGHES CORP (THE)(SPINO	4,100	$324K	0.1%	$112.20	—	COM	44267d107
RL	RALPH LAUREN CORP (FMLY POLO R	3,000	$311K	0.1%	$87.38	-13.2%	COM	751212101
—	BLACK KNIGHT INC. (FNF GROUP S	3,206	$283K	0.1%	$72.68	—	COM	09215C105
BP	BP PLC SPONS ADR	11,642	$239K	0.1%	$40.99	—	COM	055622104
CDP	CORPORATE OFFICE PROPERTY TRUS	9,100	$237K	0.1%	$27.25	—	COM	22002T108
ALL	ALLSTATE CORP	2,000	$220K	0.1%	$86.64	0.0%	COM	020002101
F	FORD MOTOR COMPANY	24,390	$214K	0.1%	$8.12	-21.8%	COM	345370860
SBUX	STARBUCKS CORP	2,000	$214K	0.1%	$85.15	0.0%	COM	855244109
CHD	CHURCH & DWIGHT	2,400	$209K	0.1%	$85.22	-2.2%	COM	171340102
—	AEGON NV - NY REG SHRS	36,000	$142K	0.0%	$2.50	—	COM	007924103
—	CREDIT SUISSE GROUP AG - SPON	10,000	$128K	0.0%	$11.60	—	COM	225401108