Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC.	302,790	$36.99M	11.1%	$83.83	+49.2%	COM	037833100
CVX	CHEVRON CORP	115,536	$12.11M	3.6%	$70.02	+13.6%	COM	166764100
JPM	JPMORGAN CHASE & CO.	71,231	$10.84M	3.2%	$38.96	+226.6%	COM	46625H100
MRK	MERCK & CO., INC.	134,670	$10.38M	3.1%	$35.76	+76.4%	COM	58933Y105
TGT	TARGET CORP-FRMLY DAYTON HUDSO	52,170	$10.33M	3.1%	$52.52	+210.7%	COM	87612E106
NKE	NIKE, INC. CL B	76,850	$10.21M	3.1%	$45.26	+186.3%	COM	654106103
PM	PHILIP MORRIS INTERNATIONAL-AL	112,406	$9.975M	3.0%	$49.85	+34.0%	COM	718172109
PG	PROCTER & GAMBLE CO	73,134	$9.905M	3.0%	$55.13	+109.8%	COM	742718109
KO	COCA-COLA CO	178,330	$9.4M	2.8%	$29.07	+49.3%	COM	191216100
DIS	DISNEY WALT CO	48,679	$8.982M	2.7%	$90.95	+98.1%	COM	254687106
DEO	DIAGEO PLC ADR	45,240	$7.429M	2.2%	$113.73	—	COM	25243Q205
BRK/A	BERKSHIRE HATHAWAY INC. CL A	18	$6.943M	2.1%	$165023.42	+122.2%	COM	084670108
—	GENERAL MOTORS COMPANY	115,010	$6.608M	2.0%	$33.71	—	COM	37045v100
JNJ	JOHNSON & JOHNSON	37,110	$6.099M	1.8%	$59.66	+136.0%	COM	478160104
HD	HOME DEPOT	19,550	$5.968M	1.8%	$56.05	+336.1%	COM	437076102
PEP	PEPSICO	42,009	$5.942M	1.8%	$56.00	+110.6%	COM	713448108
GOOG	ALPHABET INC. CL C	2,840	$5.875M	1.8%	$51.82	+90.0%	COM	02079K107
—	ZOETIS INC.	34,005	$5.355M	1.6%	$30.88	—	COM	98978v103
BRK/B	BERKSHIRE HATHAWAY INC. CL B	20,518	$5.242M	1.6%	$206.19	+17.8%	COM	084670702
PFE	PFIZER, INC.	141,575	$5.129M	1.5%	$17.77	+57.8%	COM	717081103
MO	ALTRIA GROUP INC.	99,176	$5.074M	1.5%	$21.87	+39.0%	COM	02209S103
BOH	BANK OF HAWAII CORPORATION	55,800	$4.994M	1.5%	$47.36	+49.0%	COM	062540109
VZ	VERIZON COMMUNICATIONS INC.	85,342	$4.963M	1.5%	$37.02	+14.1%	COM	92343V104
—	IRON MOUNTAIN INC. REIT	128,600	$4.759M	1.4%	$31.72	—	COM	46284v101
—	ABBVIE INC.	38,200	$4.134M	1.2%	$66.57	—	COM	00287y109
L	LOEWS CORP	77,917	$3.996M	1.2%	$42.08	+13.7%	COM	540424108
META	FACEBOOK, INC.	13,540	$3.988M	1.2%	$135.53	+97.3%	COM	30303M102
BMY	BRISTOL-MYERS SQUIBB CO	59,924	$3.783M	1.1%	$31.01	+64.5%	COM	110122108
—	BANK OF AMERICA 5 PERP CALL 9	142,515	$3.772M	1.1%	$25.06	—	PREFERRED	06055h202
MSFT	MICROSOFT CORPORATION	15,750	$3.713M	1.1%	$44.88	+396.6%	COM	594918104
SKT	TANGER FACTORY OUTLET REIT	244,600	$3.701M	1.1%	$10.85	—	COM	875465106
WMT	WALMART INC.	26,800	$3.64M	1.1%	$19.98	+116.7%	COM	931142103
INTC	INTEL CORP	54,500	$3.488M	1.0%	$17.18	+214.9%	COM	458140100
EPD	ENTERPRISE PRODUCTS PARTNERS,	158,160	$3.483M	1.0%	$23.47	—	COM	293792107
KMI	KINDER MORGAN, INC.	205,520	$3.422M	1.0%	$10.91	+5.9%	COM	49456B101
RHHBY	ROCHE HOLDING LTD ADR	84,250	$3.417M	1.0%	$49.80	—	COM	771195104
IBM	INTERNATIONAL BUSINESS MACHINE	25,292	$3.37M	1.0%	$117.65	-16.6%	COM	459200101
GIS	GENERAL MILLS, INC.	54,500	$3.342M	1.0%	$33.68	+45.4%	COM	370334104
—	AON PLC	11,618	$2.673M	0.8%	$64.38	—	COM	037389103
MDLZ	MONDELEZ INTL INC.(FMRLY KRAFT	45,638	$2.671M	0.8%	$23.16	+115.0%	COM	609207105
BPY 6.5 PERP A-1	BROOKFIELD PRPTY PTNRS LP 6.5	100,000	$2.59M	0.8%	$24.83	—	PREFERRED	G16249149
STZ	CONSTELLATION BRANDS, INC.	11,100	$2.531M	0.8%	$155.04	+34.2%	COM	21036P108
CB	CHUBB LIMITED (FRMLY ACE LIMIT	15,106	$2.386M	0.7%	$94.35	+59.3%	COM	H1467J104
T	AT&T INC.	75,508	$2.286M	0.7%	$15.44	+4.5%	COM	00206R102
—	PRUDENTIAL FINANCIAL INC 5.625	78,000	$2.145M	0.6%	$24.87	—	PREFERRED	744320805
KMB	KIMBERLY-CLARK	14,800	$2.058M	0.6%	$64.11	+72.9%	COM	494368103
BTI	BRITISH AMERICAN TOBACCO PLC -	49,863	$1.932M	0.6%	$39.03	—	COM	110448107
TXN	TEXAS INSTRUMENTS INC.	10,000	$1.89M	0.6%	$25.31	+498.0%	COM	882508104
UNP	UNION PACIFIC CORPORATION	7,700	$1.697M	0.5%	$72.17	+160.6%	COM	907818108
CAT	CATERPILLAR INC.	6,905	$1.601M	0.5%	$111.53	+69.6%	COM	149123101
MCD	MCDONALD'S CORP	7,000	$1.569M	0.5%	$171.84	+11.3%	COM	580135101
DLR	DIGITAL REALTY TRUST INC REIT	10,900	$1.535M	0.5%	$116.48	0.0%	COM	253868103
NSRGY	NESTLE SA - SPON ADR	13,400	$1.494M	0.4%	$68.53	—	COM	641069406
—	MATCH GROUP, INC.	10,623	$1.459M	0.4%	$110.61	—	COM	57667l107
CI	CIGNA CORP (ACQUIRED EXPRESS S	5,932	$1.434M	0.4%	$190.77	+7.0%	COM	125523100
—	TOTAL SA SPON ADR	30,095	$1.401M	0.4%	$48.55	—	COM	89151E109
SRE	SEMPRA ENERGY	10,000	$1.326M	0.4%	$35.44	+49.8%	COM	816851109
—	BANK OF AMERICA CORP 6 CALLED	50,000	$1.25M	0.4%	$26.04	—	PREFERRED	060505260
AMZN	AMAZON.COM, INC.	371	$1.148M	0.3%	$83.42	+90.0%	COM	023135106
—	RAYTHEON TECHNOLGIES CORP - NC	14,400	$1.113M	0.3%	$61.60	—	COM	75513e101
—	PUBLIC STORAGE 5.15 SER F CAL	42,000	$1.092M	0.3%	$24.97	—	PREFERRED	74460W685
ZBH	ZIMMER BIOMET HOLDINGS(FRMLY Z	6,728	$1.077M	0.3%	$67.30	+121.0%	COM	98956P102
—	IAC/INTERACTIVECORP	4,925	$1.065M	0.3%	$119.80	—	COM	44891n109
—	REXFORD INDUSTRIAL REALTY, INC	21,000	$1.058M	0.3%	$13.81	—	COM	76169c100
ABT	ABBOTT LABORATORIES	8,700	$1.043M	0.3%	$28.85	+276.6%	COM	002824100
—	ALLEGHANY CORP	1,594	$998K	0.3%	$383.31	—	COM	017175100
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$923K	0.3%	$87.72	+68.5%	COM	053484101
MS	MORGAN STANLEY	11,400	$885K	0.3%	$39.15	+67.5%	COM	617446448
—	KKR & CO. INC.	18,000	$879K	0.3%	$27.28	—	COM	48251w104
UPS	UNITED PARCEL SERVICE, INC. CL	5,100	$867K	0.3%	$67.80	+94.7%	COM	911312106
AEP	AMERICAN ELECTRIC POWER	10,000	$847K	0.3%	$30.44	+121.7%	COM	025537101
—	EXPEDIA INC.(IAC/INTERACTIVECO	4,900	$843K	0.3%	$134.34	—	COM	30212p303
—	CROWN CASTLE INTERNATIONAL COR	4,800	$826K	0.2%	$172.08	—	COM	22822v101
—	JPMORGAN CHASE 6.00 CALLABLE	30,000	$824K	0.2%	$26.13	—	PREFERRED	48128b648
—	BLACKSTONE GROUP INC. (THE)	11,000	$820K	0.2%	$44.45	—	COM	09260d107
—	U.S. BANCORP (FORMERLY FIRST B	14,610	$808K	0.2%	$36.18	—	COM	902973106
SYY	SYSCO CORP	10,000	$787K	0.2%	$24.40	+178.9%	COM	871829107
PSX	PHILLIPS 66	9,600	$783K	0.2%	$48.44	+34.0%	COM	718546104
RIO	RIO TINTO PLC SPONSORED ADR	10,000	$776K	0.2%	$41.05	—	COM	767204100
—	BROOKFIELD PPTY PTNRS LP(ACQUI	43,643	$776K	0.2%	$15.50	—	COM	G16249107
—	FIDELITY NATIONAL INFORMATION	5,364	$754K	0.2%	$42.88	—	COM	31620m106
—	NOVARTIS AG - ADR	8,050	$688K	0.2%	$81.77	—	COM	66987v109
—	COCA-COLA EUROPEAN PARTNERS PL	13,000	$678K	0.2%	$45.85	—	COM	g25839104
—	YUM BRANDS INC. (FORMERLY TRIC	6,080	$658K	0.2%	$69.32	—	COM	895953107
EMR	EMERSON ELECTRIC CO	7,130	$643K	0.2%	$40.02	+94.4%	COM	291011104
BXP	BOSTON PROPERTIES INC. REIT	6,000	$608K	0.2%	$64.00	+18.2%	COM	101121101
—	CARRIER GLOBAL CORP (UNITED TE	14,400	$608K	0.2%	$22.22	—	COM	14448c104
—	ENERGY TRANSFER LP 7.375 PFD	26,000	$606K	0.2%	$25.00	—	PREFERRED	29278n301
TSM	TAIWAN SEMICONDUCTOR MFG CO LT	5,006	$592K	0.2%	$46.54	—	COM	874039100
PSA	PUBLIC STORAGE - REIT	2,388	$589K	0.2%	$97.16	+93.7%	COM	74460D109
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$580K	0.2%	$23.37	+105.2%	COM	039483102
—	TRAVELERS COMPANIES, INC.	3,311	$498K	0.1%	$80.04	—	COM	89417e109
SWRAY	SINGAPORE AIRLINES	87,592	$495K	0.1%	$9.19	—	COM	870794302
—	OTIS WORLDWIDE CORP (UNITED TE	7,200	$493K	0.1%	$56.81	—	COM	68902v107
—	CONOCOPHILLIPS	9,200	$487K	0.1%	$60.51	—	COM	20825c104
BAX	BAXTER INT'L INC.	5,106	$431K	0.1%	$32.47	+120.0%	COM	071813109
DRI	DARDEN RESTAURANTS INC.	3,000	$426K	0.1%	$60.40	+86.6%	COM	237194105
—	FNF GROUP (FIDELITY NATL FINCL	10,458	$425K	0.1%	$27.73	—	COM	31620r303
AZN	ASTRAZENECA PLC-SPONS ADR	8,000	$398K	0.1%	$41.94	—	COM	046353108
—	HOWARD HUGHES CORP (THE)(SPINO	4,100	$390K	0.1%	$112.20	—	COM	44267d107
RL	RALPH LAUREN CORP (FMLY POLO R	3,000	$369K	0.1%	$87.38	+18.0%	COM	751212101
—	VODAFONE GROUP PLC SPONS ADR	19,662	$362K	0.1%	$18.41	—	COM	92857t107
—	YUM CHINA HOLDINGS, INC.	5,853	$347K	0.1%	$39.49	—	COM	98850p109
BUD	ANHEUSER-BUSCH INBEV SA/NV - S	5,400	$339K	0.1%	$129.90	—	COM	03524A108
EW	EDWARDS LIFESCIENCES CORP.	4,020	$336K	0.1%	$63.68	+32.8%	COM	28176E108
F	FORD MOTOR COMPANY	24,390	$299K	0.1%	$8.12	+6.9%	COM	345370860
BP	BP PLC SPONS ADR	11,642	$283K	0.1%	$40.99	—	COM	055622104
—	VIATRIS INC. (PFIZER SPINOFF)	17,544	$245K	0.1%	$18.75	—	COM	92556v106
—	METLIFE INC.	4,000	$243K	0.1%	$60.75	—	COM	59156r108
CDP	CORPORATE OFFICE PROPERTY TRUS	9,100	$240K	0.1%	$27.25	—	COM	22002T108
—	BLACK KNIGHT INC. (FNF GROUP S	3,206	$237K	0.1%	$72.68	—	COM	09215C105
ALL	ALLSTATE CORP	2,000	$230K	0.1%	$86.64	+12.8%	COM	020002101
SBUX	STARBUCKS CORP	2,000	$219K	0.1%	$85.15	+10.4%	COM	855244109
A	AGILENT TECHNOLOGIES, INC.(SPU	1,669	$212K	0.1%	$119.66	0.0%	COM	00846U101
ORCL	ORACLE CORP	3,000	$211K	0.1%	$60.61	0.0%	COM	68389X105
CHD	CHURCH & DWIGHT	2,400	$210K	0.1%	$85.22	-7.6%	COM	171340102
—	AEGON NV - NY REG SHRS	36,000	$170K	0.1%	$2.50	—	COM	007924103
—	CREDIT SUISSE GROUP AG - SPON	10,000	$106K	0.0%	$11.60	—	COM	225401108