Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC.	299,640	$42.4M	11.9%	$83.83	+71.7%	COM	037833100
TGT	TARGET CORP-FRMLY DAYTON HUDSO	51,220	$11.72M	3.3%	$52.52	+318.7%	COM	87612E106
CVX	CHEVRON CORP	115,326	$11.7M	3.3%	$70.02	+19.0%	COM	166764100
JPM	JPMORGAN CHASE & CO.	68,231	$11.17M	3.1%	$38.96	+260.1%	COM	46625H100
NKE	NIKE, INC. CL B	75,325	$10.94M	3.1%	$45.26	+237.0%	COM	654106103
PM	PHILIP MORRIS INTERNATIONAL-AL	112,406	$10.65M	3.0%	$49.85	+62.6%	COM	718172109
PG	PROCTER & GAMBLE CO	74,834	$10.46M	2.9%	$56.77	+124.2%	COM	742718109
MRK	MERCK & CO., INC.	134,570	$10.11M	2.8%	$35.76	+85.0%	COM	58933Y105
KO	COCA-COLA CO	174,980	$9.181M	2.6%	$29.07	+67.9%	COM	191216100
DEO	DIAGEO PLC ADR	45,040	$8.693M	2.4%	$113.73	—	COM	25243Q205
DIS	DISNEY WALT CO	48,529	$8.21M	2.3%	$90.95	+91.5%	COM	254687106
GOOG	ALPHABET INC. CL C	2,870	$7.649M	2.1%	$52.85	+158.9%	COM	02079K107
BRK/A	BERKSHIRE HATHAWAY INC. CL A	18	$7.405M	2.1%	$165023.42	+156.1%	COM	084670108
—	ZOETIS INC.	33,900	$6.581M	1.8%	$30.88	—	COM	98978v103
HD	HOME DEPOT	19,550	$6.417M	1.8%	$56.05	+425.5%	COM	437076102
PEP	PEPSICO	42,009	$6.319M	1.8%	$56.00	+141.1%	COM	713448108
JNJ	JOHNSON & JOHNSON	38,690	$6.248M	1.7%	$63.36	+137.2%	COM	478160104
PFE	PFIZER, INC.	141,575	$6.089M	1.7%	$17.77	+100.7%	COM	717081103
—	GENERAL MOTORS COMPANY	112,840	$5.948M	1.7%	$33.71	—	COM	37045v100
—	IRON MOUNTAIN INC. REIT	131,600	$5.718M	1.6%	$31.99	—	COM	46284v101
BRK/B	BERKSHIRE HATHAWAY INC. CL B	20,518	$5.6M	1.6%	$206.19	+36.2%	COM	084670702
VZ	VERIZON COMMUNICATIONS INC.	97,342	$5.257M	1.5%	$37.67	+12.3%	COM	92343V104
BOH	BANK OF HAWAII CORPORATION	61,500	$5.053M	1.4%	$49.28	+38.3%	COM	062540109
MO	ALTRIA GROUP INC.	103,326	$4.703M	1.3%	$22.36	+52.0%	COM	02209S103
—	ABBVIE INC.	43,500	$4.692M	1.3%	$71.60	—	COM	00287y109
META	FACEBOOK, INC.	13,305	$4.516M	1.3%	$135.53	+163.9%	COM	30303M102
MSFT	MICROSOFT CORPORATION	15,750	$4.44M	1.2%	$44.88	+525.5%	COM	594918104
L	LOEWS CORP	77,917	$4.202M	1.2%	$42.08	+27.1%	COM	540424108
RHHBY	ROCHE HOLDING LTD ADR	89,750	$4.081M	1.1%	$49.53	—	COM	771195104
SKT	TANGER FACTORY OUTLET REIT	241,150	$3.931M	1.1%	$10.85	—	COM	875465106
—	BANK OF AMERICA 5 PERP CALL 9	141,115	$3.775M	1.1%	$25.06	—	PREFERRED	06055h202
WMT	WALMART INC.	26,800	$3.735M	1.0%	$19.98	+127.5%	COM	931142103
BMY	BRISTOL-MYERS SQUIBB CO	59,924	$3.546M	1.0%	$31.01	+76.8%	COM	110122108
IBM	INTERNATIONAL BUSINESS MACHINE	25,292	$3.514M	1.0%	$117.65	-4.7%	COM	459200101
EPD	ENTERPRISE PRODUCTS PARTNERS,	156,460	$3.386M	0.9%	$23.47	—	COM	293792107
KMI	KINDER MORGAN, INC.	201,370	$3.369M	0.9%	$10.91	+21.5%	COM	49456B101
GIS	GENERAL MILLS, INC.	56,000	$3.35M	0.9%	$34.14	+49.3%	COM	370334104
—	AON PLC	11,618	$3.32M	0.9%	$64.38	—	COM	037389103
INTC	INTEL CORP	54,000	$2.877M	0.8%	$17.18	+190.0%	COM	458140100
MDLZ	MONDELEZ INTL INC.(FMRLY KRAFT	45,638	$2.655M	0.7%	$23.16	+139.4%	COM	609207105
CB	CHUBB LIMITED (FRMLY ACE LIMIT	14,906	$2.586M	0.7%	$94.35	+74.9%	COM	H1467J104
BPY 6.5 PERP A-1	BROOKFIELD PRPTY PTNRS LP 6.5	100,000	$2.525M	0.7%	$24.83	—	PREFERRED	G16249149
STZ	CONSTELLATION BRANDS, INC.	10,875	$2.291M	0.6%	$155.04	+30.8%	COM	21036P108
BTI	BRITISH AMERICAN TOBACCO PLC -	61,863	$2.183M	0.6%	$38.31	—	COM	110448107
NSRGY	NESTLE SA - SPON ADR	17,000	$2.044M	0.6%	$79.48	—	COM	641069406
DLR	DIGITAL REALTY TRUST, INC. REI	13,900	$2.008M	0.6%	$119.89	+12.0%	COM	253868103
—	PRUDENTIAL FINANCIAL INC 5.625	74,000	$1.994M	0.6%	$24.87	—	PREFERRED	744320805
T	AT&T INC.	73,008	$1.972M	0.6%	$15.44	+4.1%	COM	00206R102
KMB	KIMBERLY-CLARK	14,800	$1.96M	0.5%	$64.11	+80.2%	COM	494368103
TXN	TEXAS INSTRUMENTS INC.	10,000	$1.922M	0.5%	$25.31	+563.7%	COM	882508104
—	TOTALENERGIES SE ADR (FRMRLY T	40,095	$1.922M	0.5%	$48.40	—	COM	89151E109
SRE	SEMPRA ENERGY	14,500	$1.834M	0.5%	$42.21	+35.7%	COM	816851109
MCD	MCDONALD'S CORP	7,000	$1.688M	0.5%	$171.84	+25.6%	COM	580135101
—	MATCH GROUP, INC.	10,623	$1.668M	0.5%	$110.61	—	COM	57667l107
CLX	CLOROX COMPANY (THE)	10,000	$1.656M	0.5%	$149.37	0.0%	COM	189054109
—	RAYTHEON TECHNOLGIES CORP - NC	17,400	$1.496M	0.4%	$65.80	—	COM	75513e101
—	CONOCOPHILLIPS	21,700	$1.471M	0.4%	$64.70	—	COM	20825c104
UNP	UNION PACIFIC CORPORATION	7,500	$1.47M	0.4%	$72.17	+170.5%	COM	907818108
AMZN	AMAZON.COM, INC.	418	$1.373M	0.4%	$93.44	+84.6%	COM	023135106
CAT	CATERPILLAR INC.	6,800	$1.305M	0.4%	$111.53	+72.2%	COM	149123101
—	BLACKSTONE INC. (THE)	11,000	$1.28M	0.4%	$44.45	—	COM	09260d107
—	REXFORD INDUSTRIAL REALTY, INC	21,000	$1.192M	0.3%	$13.81	—	COM	76169c100
CI	CIGNA CORP (ACQUIRED EXPRESS S	5,932	$1.187M	0.3%	$190.77	+5.3%	COM	125523100
MS	MORGAN STANLEY	11,400	$1.109M	0.3%	$39.15	+119.0%	COM	617446448
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$1.108M	0.3%	$87.72	+119.8%	COM	053484101
—	KKR & CO. INC.	18,000	$1.096M	0.3%	$27.28	—	COM	48251w104
ABT	ABBOTT LABORATORIES	8,700	$1.028M	0.3%	$28.85	+293.4%	COM	002824100
—	PUBLIC STORAGE 5.15 SER F CAL	40,000	$1.026M	0.3%	$24.97	—	PREFERRED	74460W685
—	ALLEGHANY CORP	1,594	$995K	0.3%	$383.31	—	COM	017175100
ZBH	ZIMMER BIOMET HOLDINGS(FRMLY Z	6,728	$985K	0.3%	$67.30	+110.4%	COM	98956P102
UPS	UNITED PARCEL SERVICE, INC. CL	5,100	$929K	0.3%	$67.80	+140.0%	COM	911312106
PSX	PHILLIPS 66	12,600	$882K	0.2%	$51.48	+18.9%	COM	718546104
—	NOVARTIS AG - ADR	10,750	$879K	0.2%	$81.77	—	COM	66987v109
—	U.S. BANCORP (FORMERLY FIRST B	14,610	$868K	0.2%	$36.18	—	COM	902973106
—	JPMORGAN CHASE 6.00 CALLABLE	30,000	$832K	0.2%	$26.13	—	PREFERRED	48128b648
—	CROWN CASTLE INTERNATIONAL COR	4,800	$832K	0.2%	$172.08	—	COM	22822v101
AEP	AMERICAN ELECTRIC POWER	10,000	$812K	0.2%	$30.44	+144.2%	COM	025537101
—	EXPEDIA INC.(IAC/INTERACTIVECO	4,900	$803K	0.2%	$134.34	—	COM	30212p303
SYY	SYSCO CORP	10,000	$785K	0.2%	$24.40	+177.7%	COM	871829107
—	CARRIER GLOBAL CORP (UNITED TE	14,400	$745K	0.2%	$22.22	—	COM	14448c104
—	YUM BRANDS INC. (FORMERLY TRIC	6,080	$744K	0.2%	$69.32	—	COM	895953107
—	COCA-COLA EUROPACIFIC PARTNERS	13,000	$719K	0.2%	$45.85	—	COM	g25839104
PSA	PUBLIC STORAGE - REIT	2,388	$709K	0.2%	$97.16	+164.8%	COM	74460D109
EMR	EMERSON ELECTRIC CO	7,130	$672K	0.2%	$40.02	+127.9%	COM	291011104
RIO	RIO TINTO PLC SPONSORED ADR	10,000	$668K	0.2%	$41.05	—	COM	767204100
—	FIDELITY NATIONAL INFORMATION	5,364	$653K	0.2%	$42.88	—	COM	31620m106
—	ENERGY TRANSFER LP 7.375 PFD	26,000	$652K	0.2%	$25.27	—	PREFERRED	29273v407
BXP	BOSTON PROPERTIES INC. REIT	6,000	$650K	0.2%	$64.00	+41.1%	COM	101121101
—	IAC/INTERACTIVECORP	4,925	$642K	0.2%	$154.11	—	COM	44891n208
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$610K	0.2%	$23.37	+126.7%	COM	039483102
—	OTIS WORLDWIDE CORP (UNITED TE	7,200	$592K	0.2%	$56.81	—	COM	68902v107
TSM	TAIWAN SEMICONDUCTOR MFG CO LT	5,006	$559K	0.2%	$46.54	—	COM	874039100
—	VODAFONE GROUP PLC SPONS ADR	32,662	$505K	0.1%	$17.24	—	COM	92857t107
—	TRAVELERS COMPANIES, INC.	3,311	$503K	0.1%	$80.04	—	COM	89417e109
AZN	ASTRAZENECA PLC-SPONS ADR	8,000	$480K	0.1%	$41.94	—	COM	046353108
—	FIDELITY NATIONAL FINANCIAL, I	10,458	$474K	0.1%	$27.73	—	COM	31620r303
—	MARKER THERAPEUTICS, INC.	279,000	$472K	0.1%	$2.79	—	COM	57055L107
EW	EDWARDS LIFESCIENCES CORP.	4,020	$455K	0.1%	$63.68	+79.2%	COM	28176E108
DRI	DARDEN RESTAURANTS INC.	3,000	$454K	0.1%	$60.40	+111.2%	COM	237194105
—	ORGANON & CO. (MERCK SPIN OFF)	13,453	$441K	0.1%	$30.23	—	COM	68622v106
BAX	BAXTER INT'L INC.	5,106	$411K	0.1%	$32.47	+120.4%	COM	071813109
—	HOWARD HUGHES CORP (THE)(SPINO	4,100	$360K	0.1%	$112.20	—	COM	44267d107
F	FORD MOTOR COMPANY	24,390	$345K	0.1%	$8.12	+27.0%	COM	345370860
—	YUM CHINA HOLDINGS, INC.	5,853	$340K	0.1%	$39.49	—	COM	98850p109
RL	RALPH LAUREN CORP (FMLY POLO R	3,000	$333K	0.1%	$87.38	+20.3%	COM	751212101
BP	BP PLC SPONS ADR	11,642	$318K	0.1%	$40.99	—	COM	055622104
BUD	ANHEUSER-BUSCH INBEV SA/NV - S	5,050	$285K	0.1%	$129.90	—	COM	03524A108
A	AGILENT TECHNOLOGIES, INC.(SPU	1,669	$263K	0.1%	$119.66	+31.3%	COM	00846U101
ORCL	ORACLE CORP	3,000	$261K	0.1%	$60.61	+37.5%	COM	68389X105
ALL	ALLSTATE CORP	2,000	$255K	0.1%	$86.64	+37.0%	COM	020002101
—	METLIFE INC.	4,000	$247K	0.1%	$60.75	—	COM	59156r108
CDP	CORPORATE OFFICE PROPERTY TRUS	9,100	$246K	0.1%	$27.25	—	COM	22002T108
SWRAY	SWIRE PACIFIC LTD SPONS ADR RP	40,000	$237K	0.1%	$9.19	—	COM	870794302
HLTHQ	CUE HELATH INC.	20,000	$236K	0.1%	$11.80	—	COM	229790100
—	VIMEO INC.	7,989	$235K	0.1%	$48.94	—	COM	92719v100
—	VIATRIS INC. (PFIZER SPINOFF)	17,164	$233K	0.1%	$18.75	—	COM	92556v106
—	BLACK KNIGHT INC. (FNF GROUP S	3,206	$231K	0.1%	$72.68	—	COM	09215C105
—	AEGON NV - NY REG SHRS	36,691	$187K	0.1%	$2.55	—	COM	007924103
—	CREDIT SUISSE GROUP AG - SPON	10,000	$99,000	0.0%	$11.60	—	COM	225401108