AR ASSET MANAGEMENT INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IRM	IRON MOUNTAIN INC. REIT	130,600	$13	2.6%	$83.24	0.0%	COM	46284V101
ABBV	ABBVIE INC.	45,226	$10	1.9%	$222.57	0.0%	COM	00287Y109
GM	GENERAL MOTORS COMPANY	113,540	$8	1.6%	$82.25	0.0%	COM	37045V100
ET	ENERGY TRANSFER LP	321,920	$6	1.2%	$0.02	—	COM	29273V100
ZTS	ZOETIS INC.	37,864	$4	0.9%	$125.98	0.0%	COM	98978V103
RTX	RTX CORP (FRMLY RAYTHEON TECH	17,400	$3	0.6%	$196.61	0.0%	COM	75513E101
EQR	EQUITY RESIDENTIAL REIT	54,100	$3	0.6%	$62.03	0.0%	COM	29476L107
COP	CONOCOPHILLIPS	21,700	$3	0.6%	$102.65	0.0%	COM	20825C104
REXR	REXFORD INDUSTRIAL REALTY, INC	77,050	$3	0.5%	$0.03	—	COM	76169C100
KKR	KKR & CO. INC.	18,000	$2	0.3%	$114.76	0.0%	COM	48251W104
NVS	NOVARTIS AG - ADR	10,750	$2	0.3%	$0.15	—	COM	66987V109
V	VISA INC.	4,185	$1	0.2%	$329.17	0.0%	COM	92826C839
BX	BLACKSTONE INC. (THE)	11,000	$1	0.2%	$140.88	0.0%	COM	09260D107
ONON	ON HOLDING AG	35,000	$1	0.2%	$46.33	0.0%	COM	H5919C104
ENB	ENBRIDGE INC.	20,000	$1	0.2%	$48.57	0.0%	COM	29250N105
—	JPMORGAN CHASE 6.00 CALLABLE	43,000	$1	0.2%	$0.02	—	PREFERRED	48128B648
ISRG	INTUITIVE SURGICAL, INC.	2,250	$1	0.2%	$520.97	0.0%	COM	46120E602
—	AMERICAN TOWER CORP-CL A REIT	6,000	$1	0.2%	$0.17	—	COM	029912201
TRV	TRAVELERS COMPANIES, INC.	3,264	$1	0.2%	$288.51	0.0%	COM	89417E109
CARR	CARRIER GLOBAL CORP (RTX SPINO	14,300	$1	0.2%	$59.66	0.0%	COM	14448C104
AZN	ASTRAZENECA PLC	4,000	$1	0.2%	$190.39	0.0%	COM	G0593M107
ARES	ARES MANAGEMENT CORP. CL A	6,500	$1	0.1%	$148.60	0.0%	COM	03990B101
NVO	NOVO-NORDISK A/S ADR	15,862	$1	0.1%	$0.04	—	COM	670100205
APD	AIR PRODUCTS & CHEMICALS, INC.	1,964	$1	0.1%	$271.49	0.0%	COM	009158106
OTIS	OTIS WORLDWIDE CORP (RTX SPINO	7,150	$1	0.1%	$89.52	0.0%	COM	68902V107
—	LINDE PLC (ACQUIRED PRAXAIR)	1,020	$1	0.1%	$0.50	—	COM	G5494J103
VOD	VODAFONE GROUP PLC SPONS ADR	32,564	$0	0.1%	$0.02	—	COM	92857W308
FNF	FIDELITY NATIONAL FINANCIAL, I	10,458	$0	0.1%	$54.54	0.0%	COM	31620R303
SPGI	S&P GLOBAL INC.(FRMRLY MCGRAW	1,133	$0	0.1%	$485.25	0.0%	COM	78409V104
—	BLACKROCK, INC.	478	$0	0.1%	$0.96	—	COM	09247X101
ADP	AUTOMATIC DATA PROCESSING, INC	1,511	$0	0.1%	$240.81	0.0%	COM	053015103
MET	METLIFE INC.	4,000	$0	0.1%	$77.44	0.0%	COM	59156R108
YUMC	YUM CHINA HOLDINGS, INC.	5,600	$0	0.1%	$51.54	0.0%	COM	98850P109
AEG	AEGON LTD - NY REG SHRS	36,691	$0	0.1%	$0.01	—	COM	0076CA104
FIS	FIDELITY NATIONAL INFORMATION	5,364	$0	0.0%	$56.34	0.0%	COM	31620M106

Increased Positions (19)

CVX CHEVRON CORP 4.8%

Value ($000) $25 (+43.2%) Shares 119,618 (+5.5%) Est. Cost $75.35 Unrealized +128.1%

TSM TAIWAN SEMICONDUCTOR MFG CO LT 0.9%

Value ($000) $5 (+59.4%) Shares 14,511 (+43.4%) Est. Cost $16.22 Unrealized —

JNJ JOHNSON & JOHNSON 1.6%

Value ($000) $8 (+27.1%) Shares 32,917 (+7.6%) Est. Cost $80.44 Unrealized +183.3%

PM PHILIP MORRIS INTERNATIONAL-AL 3.8%

Value ($000) $20 (+9.4%) Shares 118,326 (+6.1%) Est. Cost $57.09 Unrealized +208.1%

KO COCA-COLA CO 2.6%

Value ($000) $13 (+12.8%) Shares 176,595 (+3.7%) Est. Cost $30.71 Unrealized +143.4%

EPD ENTERPRISE PRODUCTS PARTNERS, 1.4%

Value ($000) $7 (+26.8%) Shares 190,278 (+7.5%) Est. Cost $19.36 Unrealized —

XOM EXXON MOBIL CORPORATION 0.6%

Value ($000) $3 (+94.3%) Shares 16,945 (+37.8%) Est. Cost $94.96 Unrealized +46.1%

WMT WALMART INC. 2.0%

Value ($000) $10 (+14.3%) Shares 82,265 (+2.4%) Est. Cost $45.89 Unrealized +166.0%

CB CHUBB LIMITED (FRMLY ACE LIMIT 1.1%

Value ($000) $6 (+21.1%) Shares 17,285 (+16.0%) Est. Cost $124.89 Unrealized +153.2%

TXN TEXAS INSTRUMENTS INC. 0.5%

Value ($000) $3 (+56.3%) Shares 13,965 (+39.6%) Est. Cost $76.69 Unrealized +169.0%

— ASML HOLDING ADR 0.5%

Value ($000) $3 (+55.0%) Shares 2,039 (+25.6%) Est. Cost $0.94 Unrealized —

MCD MCDONALD'S CORP 0.6%

Value ($000) $3 (+42.9%) Shares 9,832 (+40.5%) Est. Cost $213.72 Unrealized +48.4%

PG PROCTER & GAMBLE CO 2.2%

Value ($000) $12 (+7.4%) Shares 80,269 (+6.5%) Est. Cost $62.58 Unrealized +142.5%

BRK/B BERKSHIRE HATHAWAY INC. CL B 2.1%

Value ($000) $11 (+6.1%) Shares 22,722 (+11.3%) Est. Cost $235.32 Unrealized +109.7%

AAPL APPLE INC. 13.2%

Value ($000) $68 (+0.7%) Shares 268,802 (+7.9%) Est. Cost $96.92 Unrealized +171.2%

MSFT MICROSOFT CORPORATION 2.4%

Value ($000) $12 (+3.8%) Shares 33,098 (+35.7%) Est. Cost $227.17 Unrealized +91.3%

NVDA NVIDIA CORPORATION 2.8%

Value ($000) $14 (-1.5%) Shares 82,430 (+5.4%) Est. Cost $98.68 Unrealized +89.1%

AMZN AMAZON.COM, INC. 1.5%

Value ($000) $8 (-1.3%) Shares 37,655 (+9.4%) Est. Cost $143.11 Unrealized +58.5%

ABT ABBOTT LABORATORIES 0.2%

Value ($000) $1 (+3.3%) Shares 10,966 (+26.0%) Est. Cost $46.73 Unrealized +147.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVX	CHEVRON CORP	119,618 (+5.5%)	$25 (+43.2%)	4.8%	$75.35	+128.1%	COM	166764100
TSM	TAIWAN SEMICONDUCTOR MFG CO LT	14,511 (+43.4%)	$5 (+59.4%)	0.9%	$16.22	—	COM	874039100
JNJ	JOHNSON & JOHNSON	32,917 (+7.6%)	$8 (+27.1%)	1.6%	$80.44	+183.3%	COM	478160104
PM	PHILIP MORRIS INTERNATIONAL-AL	118,326 (+6.1%)	$20 (+9.4%)	3.8%	$57.09	+208.1%	COM	718172109
KO	COCA-COLA CO	176,595 (+3.7%)	$13 (+12.8%)	2.6%	$30.71	+143.4%	COM	191216100
EPD	ENTERPRISE PRODUCTS PARTNERS,	190,278 (+7.5%)	$7 (+26.8%)	1.4%	$19.36	—	COM	293792107
XOM	EXXON MOBIL CORPORATION	16,945 (+37.8%)	$3 (+94.3%)	0.6%	$94.96	+46.1%	COM	30231G102
WMT	WALMART INC.	82,265 (+2.4%)	$10 (+14.3%)	2.0%	$45.89	+166.0%	COM	931142103
CB	CHUBB LIMITED (FRMLY ACE LIMIT	17,285 (+16.0%)	$6 (+21.1%)	1.1%	$124.89	+153.2%	COM	H1467J104
TXN	TEXAS INSTRUMENTS INC.	13,965 (+39.6%)	$3 (+56.3%)	0.5%	$76.69	+169.0%	COM	882508104
—	ASML HOLDING ADR	2,039 (+25.6%)	$3 (+55.0%)	0.5%	$0.94	—	COM	086233517
MCD	MCDONALD'S CORP	9,832 (+40.5%)	$3 (+42.9%)	0.6%	$213.72	+48.4%	COM	580135101
PG	PROCTER & GAMBLE CO	80,269 (+6.5%)	$12 (+7.4%)	2.2%	$62.58	+142.5%	COM	742718109
BRK/B	BERKSHIRE HATHAWAY INC. CL B	22,722 (+11.3%)	$11 (+6.1%)	2.1%	$235.32	+109.7%	COM	084670702
AAPL	APPLE INC.	268,802 (+7.9%)	$68 (+0.7%)	13.2%	$96.92	+171.2%	COM	037833100
MSFT	MICROSOFT CORPORATION	33,098 (+35.7%)	$12 (+3.8%)	2.4%	$227.17	+91.3%	COM	594918104
NVDA	NVIDIA CORPORATION	82,430 (+5.4%)	$14 (-1.5%)	2.8%	$98.68	+89.1%	COM	67066G104
AMZN	AMAZON.COM, INC.	37,655 (+9.4%)	$8 (-1.3%)	1.5%	$143.11	+58.5%	COM	023135106
ABT	ABBOTT LABORATORIES	10,966 (+26.0%)	$1 (+3.3%)	0.2%	$46.73	+147.0%	COM	002824100

Exited Positions (31)

— IRON MOUNTAIN INC. REIT 2.1%

Value ($000) $11 Shares 130,600 Est. Cost $0.10 Unrealized —

— ABBVIE INC. 1.9%

Value ($000) $10 Shares 42,960 Est. Cost $0.19 Unrealized —

— GENERAL MOTORS COMPANY 1.8%

Value ($000) $9 Shares 113,540 Est. Cost $0.05 Unrealized —

— ENERGY TRANSFER LP 1.0%

Value ($000) $5 Shares 314,420 Est. Cost $0.02 Unrealized —

— ZOETIS INC. 0.9%

Value ($000) $5 Shares 37,864 Est. Cost $0.15 Unrealized —

— EQUITY RESIDENTIAL REIT 0.7%

Value ($000) $3 Shares 54,500 Est. Cost $0.07 Unrealized —

— RTX CORP (FRMLY RAYTHEON TECH 0.6%

Value ($000) $3 Shares 17,400 Est. Cost $0.15 Unrealized —

— KKR & CO. INC. 0.4%

Value ($000) $2 Shares 18,000 Est. Cost $0.13 Unrealized —

— REXFORD INDUSTRIAL REALTY, INC 0.4%

Value ($000) $2 Shares 57,050 Est. Cost $0.04 Unrealized —

— CONOCOPHILLIPS 0.4%

Value ($000) $2 Shares 21,700 Est. Cost $0.09 Unrealized —

UNP UNION PACIFIC CORPORATION 0.3%

Value ($000) $2 Shares 7,500 Est. Cost $72.17 Unrealized +237.2%

— BLACKSTONE INC. (THE) 0.3%

Value ($000) $2 Shares 11,000 Est. Cost $0.15 Unrealized —

— ON HOLDING AG 0.3%

Value ($000) $2 Shares 35,000 Est. Cost $0.05 Unrealized —

— NOVARTIS AG - ADR 0.3%

Value ($000) $1 Shares 10,750 Est. Cost $0.12 Unrealized —

— VISA INC. 0.3%

Value ($000) $1 Shares 4,185 Est. Cost $0.35 Unrealized —

— INTUITIVE SURGICAL, INC. 0.2%

Value ($000) $1 Shares 2,250 Est. Cost $0.54 Unrealized —

DIS DISNEY WALT CO 0.2%

Value ($000) $1 Shares 10,000 Est. Cost $109.53 Unrealized -0.1%

— JPMORGAN CHASE 6.00 CALLABLE 0.2%

Value ($000) $1 Shares 43,000 Est. Cost $0.03 Unrealized —

— ENBRIDGE INC. 0.2%

Value ($000) $1 Shares 20,000 Est. Cost $0.05 Unrealized —

— TRAVELERS COMPANIES, INC. 0.2%

Value ($000) $1 Shares 3,264 Est. Cost $0.27 Unrealized —

UBER UBER TECHNOLOGIES INC. 0.2%

Value ($000) $1 Shares 11,000 Est. Cost $72.04 Unrealized +9.3%

— CARRIER GLOBAL CORP (RTX SPINO 0.1%

Value ($000) $1 Shares 14,300 Est. Cost $0.07 Unrealized —

AZN ASTRAZENECA PLC-SPONS ADR 0.1%

Value ($000) $1 Shares 8,000 Est. Cost $41.94 Unrealized —

— OTIS WORLDWIDE CORP (RTX SPINO 0.1%

Value ($000) $1 Shares 7,150 Est. Cost $0.10 Unrealized —

— FIDELITY NATIONAL FINANCIAL, I 0.1%

Value ($000) $1 Shares 10,458 Est. Cost $0.06 Unrealized —

— VODAFONE GROUP PLC SPONS ADR 0.1%

Value ($000) $0 Shares 32,564 Est. Cost $0.01 Unrealized —

— FIDELITY NATIONAL INFORMATION 0.1%

Value ($000) $0 Shares 5,364 Est. Cost $0.08 Unrealized —

— METLIFE INC. 0.1%

Value ($000) $0 Shares 4,000 Est. Cost $0.08 Unrealized —

— AEGON LTD - NY REG SHRS 0.1%

Value ($000) $0 Shares 36,691 Est. Cost $0.01 Unrealized —

— YUM CHINA HOLDINGS, INC. 0.1%

Value ($000) $0 Shares 5,600 Est. Cost $0.04 Unrealized —

CAH CARDINAL HEALTH INC. 0.0%

Value ($000) $0 Shares 1,002 Est. Cost $187.72 Unrealized +14.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	IRON MOUNTAIN INC. REIT	130,600	$11	2.1%	$0.10	—	—	46284v101
—	ABBVIE INC.	42,960	$10	1.9%	$0.19	—	—	00287y109
—	GENERAL MOTORS COMPANY	113,540	$9	1.8%	$0.05	—	—	37045v100
—	ENERGY TRANSFER LP	314,420	$5	1.0%	$0.02	—	—	29273v100
—	ZOETIS INC.	37,864	$5	0.9%	$0.15	—	—	98978v103
—	EQUITY RESIDENTIAL REIT	54,500	$3	0.7%	$0.07	—	—	29476l107
—	RTX CORP (FRMLY RAYTHEON TECH	17,400	$3	0.6%	$0.15	—	—	75513e101
—	KKR & CO. INC.	18,000	$2	0.4%	$0.13	—	—	48251w104
—	REXFORD INDUSTRIAL REALTY, INC	57,050	$2	0.4%	$0.04	—	—	76169c100
—	CONOCOPHILLIPS	21,700	$2	0.4%	$0.09	—	—	20825c104
UNP	UNION PACIFIC CORPORATION	7,500	$2	0.3%	$72.17	+237.2%	—	907818108
—	BLACKSTONE INC. (THE)	11,000	$2	0.3%	$0.15	—	—	09260d107
—	ON HOLDING AG	35,000	$2	0.3%	$0.05	—	—	h5919c104
—	NOVARTIS AG - ADR	10,750	$1	0.3%	$0.12	—	—	66987v109
—	VISA INC.	4,185	$1	0.3%	$0.35	—	—	92826c839
—	INTUITIVE SURGICAL, INC.	2,250	$1	0.2%	$0.54	—	—	46120e602
DIS	DISNEY WALT CO	10,000	$1	0.2%	$109.53	-0.1%	—	254687106
—	JPMORGAN CHASE 6.00 CALLABLE	43,000	$1	0.2%	$0.03	—	—	48128b648
—	ENBRIDGE INC.	20,000	$1	0.2%	$0.05	—	—	29250n105
—	TRAVELERS COMPANIES, INC.	3,264	$1	0.2%	$0.27	—	—	89417e109
UBER	UBER TECHNOLOGIES INC.	11,000	$1	0.2%	$72.04	+9.3%	—	90353T100
—	CARRIER GLOBAL CORP (RTX SPINO	14,300	$1	0.1%	$0.07	—	—	14448c104
AZN	ASTRAZENECA PLC-SPONS ADR	8,000	$1	0.1%	$41.94	—	—	046353108
—	OTIS WORLDWIDE CORP (RTX SPINO	7,150	$1	0.1%	$0.10	—	—	68902v107
—	FIDELITY NATIONAL FINANCIAL, I	10,458	$1	0.1%	$0.06	—	—	31620r303
—	VODAFONE GROUP PLC SPONS ADR	32,564	$0	0.1%	$0.01	—	—	92857w308
—	FIDELITY NATIONAL INFORMATION	5,364	$0	0.1%	$0.08	—	—	31620m106
—	METLIFE INC.	4,000	$0	0.1%	$0.08	—	—	59156r108
—	AEGON LTD - NY REG SHRS	36,691	$0	0.1%	$0.01	—	—	0076ca104
—	YUM CHINA HOLDINGS, INC.	5,600	$0	0.1%	$0.04	—	—	98850p109
CAH	CARDINAL HEALTH INC.	1,002	$0	0.0%	$187.72	+14.7%	—	14149Y108

Decreased Positions (5)

JPM JPMORGAN CHASE & CO. 3.3%

Value ($000) $17 (-10.3%) Shares 58,772 (-1.8%) Est. Cost $38.96 Unrealized +699.3%

NKE NIKE, INC. CL B 0.9%

Value ($000) $5 (-18.0%) Shares 89,670 (-1.1%) Est. Cost $49.62 Unrealized +28.9%

BOH BANK OF HAWAII CORPORATION 1.0%

Value ($000) $5 (+7.1%) Shares 71,760 (-1.4%) Est. Cost $47.98 Unrealized +55.4%

CAT CATERPILLAR INC. 0.8%

Value ($000) $4 (+8.9%) Shares 5,900 (-11.9%) Est. Cost $111.53 Unrealized +513.7%

VICI VICI PROPERTIES INC. (REIT) 0.5%

Value ($000) $3 (-6.2%) Shares 98,350 (-3.4%) Est. Cost $22.83 Unrealized +23.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JPM	JPMORGAN CHASE & CO.	58,772 (-1.8%)	$17 (-10.3%)	3.3%	$38.96	+699.3%	COM	46625H100
NKE	NIKE, INC. CL B	89,670 (-1.1%)	$5 (-18.0%)	0.9%	$49.62	+28.9%	COM	654106103
BOH	BANK OF HAWAII CORPORATION	71,760 (-1.4%)	$5 (+7.1%)	1.0%	$47.98	+55.4%	COM	062540109
CAT	CATERPILLAR INC.	5,900 (-11.9%)	$4 (+8.9%)	0.8%	$111.53	+513.7%	COM	149123101
VICI	VICI PROPERTIES INC. (REIT)	98,350 (-3.4%)	$3 (-6.2%)	0.5%	$22.83	+23.3%	COM	925652109

Unchanged Positions (60)

MRK MERCK & CO., INC. 3.6%

Value ($000) $19 Shares 155,220 Est. Cost $43.21 Unrealized +164.5%

GOOG ALPHABET INC. CL C 3.6%

Value ($000) $19 Shares 65,090 Est. Cost $107.21 Unrealized +201.9%

IBM INTERNATIONAL BUSINESS MACHINE 1.5%

Value ($000) $8 Shares 31,452 Est. Cost $117.45 Unrealized +141.7%

KMI KINDER MORGAN, INC. 1.6%

Value ($000) $8 Shares 245,570 Est. Cost $11.69 Unrealized +154.3%

VZ VERIZON COMMUNICATIONS INC. 1.0%

Value ($000) $5 Shares 100,259 Est. Cost $34.86 Unrealized +25.7%

MO ALTRIA GROUP INC. 1.3%

Value ($000) $7 Shares 104,401 Est. Cost $22.84 Unrealized +176.0%

PSX PHILLIPS 66 0.4%

Value ($000) $2 Shares 12,600 Est. Cost $51.48 Unrealized +185.8%

BRK/A BERKSHIRE HATHAWAY INC. CL A 2.5%

Value ($000) $13 Shares 18 Est. Cost $165023.42 Unrealized +348.7%

DLR DIGITAL REALTY TRUST, INC. REI 0.8%

Value ($000) $4 Shares 22,840 Est. Cost $95.33 Unrealized +62.6%

GIS GENERAL MILLS, INC. 0.4%

Value ($000) $2 Shares 56,000 Est. Cost $34.14 Unrealized +33.2%

PFE PFIZER, INC. 0.9%

Value ($000) $4 Shares 158,661 Est. Cost $19.32 Unrealized +35.5%

BMY BRISTOL-MYERS SQUIBB CO 0.9%

Value ($000) $5 Shares 74,774 Est. Cost $34.26 Unrealized +67.6%

PEP PEPSICO 1.3%

Value ($000) $7 Shares 42,209 Est. Cost $56.00 Unrealized +176.3%

LVMUY LVMH MOET HENNESSY LOUIS VUITT 0.2%

Value ($000) $1 Shares 8,500 Est. Cost $0.12 Unrealized —

— AON PLC 0.7%

Value ($000) $4 Shares 11,618 Est. Cost $64.38 Unrealized —

HD HOME DEPOT 1.2%

Value ($000) $6 Shares 19,250 Est. Cost $56.05 Unrealized +572.6%

AMAT APPLIED MATERIALS INC 0.2%

Value ($000) $1 Shares 3,075 Est. Cost $105.93 Unrealized +208.3%

SRE SEMPRA ENERGY 0.5%

Value ($000) $3 Shares 29,000 Est. Cost $54.41 Unrealized +64.5%

RHHBY ROCHE HOLDING LTD ADR 1.0%

Value ($000) $5 Shares 107,700 Est. Cost $40.63 Unrealized —

STZ CONSTELLATION BRANDS, INC. 0.4%

Value ($000) $2 Shares 15,200 Est. Cost $158.34 Unrealized -1.5%

BPY 6.5 PERP A-1 BROOKFIELD PRPTY PTNRS LP 6.5 0.3%

Value ($000) $2 Shares 98,000 Est. Cost $24.83 Unrealized —

MDLZ MONDELEZ INTL INC.(FMRLY KRAFT 0.5%

Value ($000) $3 Shares 45,500 Est. Cost $23.16 Unrealized +151.2%

F FORD MOTOR COMPANY 0.2%

Value ($000) $1 Shares 107,890 Est. Cost $9.26 Unrealized +48.4%

AEP AMERICAN ELECTRIC POWER 0.3%

Value ($000) $1 Shares 10,000 Est. Cost $30.44 Unrealized +295.9%

LLY ELI LILLY & CO. 0.2%

Value ($000) $1 Shares 1,000 Est. Cost $742.24 Unrealized +41.1%

ADM ARCHER-DANIELS-MIDLAND CORP 0.1%

Value ($000) $1 Shares 10,172 Est. Cost $23.37 Unrealized +180.9%

MS MORGAN STANLEY 0.4%

Value ($000) $2 Shares 11,400 Est. Cost $39.15 Unrealized +359.0%

SKT TANGER INC. REIT 1.6%

Value ($000) $8 Shares 237,050 Est. Cost $10.85 Unrealized —

ORCL ORACLE CORP 0.1%

Value ($000) $0 Shares 3,000 Est. Cost $73.20 Unrealized +131.7%

BP BP PLC SPONS ADR 0.1%

Value ($000) $1 Shares 11,642 Est. Cost $40.99 Unrealized —

RIO RIO TINTO PLC SPONSORED ADR 0.2%

Value ($000) $1 Shares 10,000 Est. Cost $41.05 Unrealized —

SWRAY SWIRE PACIFIC LTD SPONS ADR RP 0.1%

Value ($000) $0 Shares 40,000 Est. Cost $9.19 Unrealized —

BTI BRITISH AMERICAN TOBACCO PLC - 0.7%

Value ($000) $4 Shares 61,464 Est. Cost $12.50 Unrealized —

L LOEWS CORP 1.6%

Value ($000) $8 Shares 77,917 Est. Cost $42.08 Unrealized +153.0%

TOST TOAST, INC. 0.1%

Value ($000) $0 Shares 11,800 Est. Cost $19.72 Unrealized +57.2%

— PRUDENTIAL FINANCIAL INC 5.625 0.3%

Value ($000) $2 Shares 73,000 Est. Cost $24.87 Unrealized —

BXP BXP INC. (FRMLY BOSTON PROPERT 0.1%

Value ($000) $0 Shares 6,000 Est. Cost $64.00 Unrealized +6.0%

AVB AVALONBAY COMMUNITIES, INC REI 0.2%

Value ($000) $1 Shares 5,000 Est. Cost $87.72 Unrealized +105.7%

COST COSTCO WHOLESALE CORP 0.1%

Value ($000) $1 Shares 600 Est. Cost $905.73 Unrealized +6.4%

CL COLGATE-PALMOLIVE COMPANY 0.2%

Value ($000) $1 Shares 12,000 Est. Cost $93.07 Unrealized -4.6%

AVGO BROADCOM INC. 0.1%

Value ($000) $1 Shares 1,800 Est. Cost $357.00 Unrealized -6.4%

KMB KIMBERLY-CLARK 0.3%

Value ($000) $1 Shares 13,520 Est. Cost $64.11 Unrealized +60.8%

EW EDWARDS LIFESCIENCES CORP. 0.2%

Value ($000) $1 Shares 11,620 Est. Cost $73.24 Unrealized +11.9%

CI CIGNA CORP (ACQUIRED EXPRESS S 0.3%

Value ($000) $2 Shares 5,932 Est. Cost $190.77 Unrealized +47.1%

— PUBLIC STORAGE 5.15 SER F CAL 0.2%

Value ($000) $1 Shares 40,000 Est. Cost $24.97 Unrealized —

FRT FEDERAL REALTY INVESTMENT TRUS 0.1%

Value ($000) $1 Shares 7,000 Est. Cost $99.29 Unrealized -0.3%

DRI DARDEN RESTAURANTS INC. 0.1%

Value ($000) $1 Shares 3,000 Est. Cost $60.40 Unrealized +243.4%

RL RALPH LAUREN CORP (FMLY POLO R 0.2%

Value ($000) $1 Shares 3,000 Est. Cost $87.38 Unrealized +315.5%

PSA PUBLIC STORAGE - REIT 0.1%

Value ($000) $1 Shares 2,388 Est. Cost $97.16 Unrealized +166.0%

— YUM BRANDS INC. (FORMERLY TRIC 0.2%

Value ($000) $1 Shares 5,960 Est. Cost $69.32 Unrealized —

CDP COPT DEFENSE PROP REIT(FRM COR 0.1%

Value ($000) $0 Shares 9,100 Est. Cost $27.25 Unrealized —

SYY SYSCO CORP 0.1%

Value ($000) $1 Shares 10,000 Est. Cost $24.40 Unrealized +237.0%

CHD CHURCH & DWIGHT 0.0%

Value ($000) $0 Shares 2,400 Est. Cost $80.68 Unrealized +17.5%

— U.S. BANCORP (FORMERLY FIRST B 0.1%

Value ($000) $1 Shares 14,610 Est. Cost $36.18 Unrealized —

EMR EMERSON ELECTRIC CO 0.2%

Value ($000) $1 Shares 7,130 Est. Cost $40.02 Unrealized +271.0%

C CITIGROUP INC. 0.1%

Value ($000) $0 Shares 2,576 Est. Cost $71.20 Unrealized +63.2%

NSRGY NESTLE SA - SPON ADR 0.3%

Value ($000) $2 Shares 17,000 Est. Cost $79.48 Unrealized —

UPS UNITED PARCEL SERVICE, INC. CL 0.1%

Value ($000) $1 Shares 5,100 Est. Cost $67.80 Unrealized +62.0%

ZBH ZIMMER BIOMET HOLDINGS(FRMLY Z 0.1%

Value ($000) $1 Shares 6,700 Est. Cost $67.30 Unrealized +36.2%

ALL ALLSTATE CORP 0.1%

Value ($000) $0 Shares 2,000 Est. Cost $86.64 Unrealized +134.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MRK	MERCK & CO., INC.	155,220	$19	3.6%	$43.21	+164.5%	COM	58933Y105
GOOG	ALPHABET INC. CL C	65,090	$19	3.6%	$107.21	+201.9%	COM	02079K107
IBM	INTERNATIONAL BUSINESS MACHINE	31,452	$8	1.5%	$117.45	+141.7%	COM	459200101
KMI	KINDER MORGAN, INC.	245,570	$8	1.6%	$11.69	+154.3%	COM	49456B101
VZ	VERIZON COMMUNICATIONS INC.	100,259	$5	1.0%	$34.86	+25.7%	COM	92343V104
MO	ALTRIA GROUP INC.	104,401	$7	1.3%	$22.84	+176.0%	COM	02209S103
PSX	PHILLIPS 66	12,600	$2	0.4%	$51.48	+185.8%	COM	718546104
BRK/A	BERKSHIRE HATHAWAY INC. CL A	18	$13	2.5%	$165023.42	+348.7%	COM	084670108
DLR	DIGITAL REALTY TRUST, INC. REI	22,840	$4	0.8%	$95.33	+62.6%	COM	253868103
GIS	GENERAL MILLS, INC.	56,000	$2	0.4%	$34.14	+33.2%	COM	370334104
PFE	PFIZER, INC.	158,661	$4	0.9%	$19.32	+35.5%	COM	717081103
BMY	BRISTOL-MYERS SQUIBB CO	74,774	$5	0.9%	$34.26	+67.6%	COM	110122108
PEP	PEPSICO	42,209	$7	1.3%	$56.00	+176.3%	COM	713448108
LVMUY	LVMH MOET HENNESSY LOUIS VUITT	8,500	$1	0.2%	$0.12	—	COM	502441306
—	AON PLC	11,618	$4	0.7%	$64.38	—	COM	037389103
HD	HOME DEPOT	19,250	$6	1.2%	$56.05	+572.6%	COM	437076102
AMAT	APPLIED MATERIALS INC	3,075	$1	0.2%	$105.93	+208.3%	COM	038222105
SRE	SEMPRA ENERGY	29,000	$3	0.5%	$54.41	+64.5%	COM	816851109
RHHBY	ROCHE HOLDING LTD ADR	107,700	$5	1.0%	$40.63	—	COM	771195104
STZ	CONSTELLATION BRANDS, INC.	15,200	$2	0.4%	$158.34	-1.5%	COM	21036P108
BPY 6.5 PERP A-1	BROOKFIELD PRPTY PTNRS LP 6.5	98,000	$2	0.3%	$24.83	—	PREFERRED	G16249149
MDLZ	MONDELEZ INTL INC.(FMRLY KRAFT	45,500	$3	0.5%	$23.16	+151.2%	COM	609207105
F	FORD MOTOR COMPANY	107,890	$1	0.2%	$9.26	+48.4%	COM	345370860
AEP	AMERICAN ELECTRIC POWER	10,000	$1	0.3%	$30.44	+295.9%	COM	025537101
LLY	ELI LILLY & CO.	1,000	$1	0.2%	$742.24	+41.1%	COM	532457108
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$1	0.1%	$23.37	+180.9%	COM	039483102
MS	MORGAN STANLEY	11,400	$2	0.4%	$39.15	+359.0%	COM	617446448
SKT	TANGER INC. REIT	237,050	$8	1.6%	$10.85	—	COM	875465106
ORCL	ORACLE CORP	3,000	$0	0.1%	$73.20	+131.7%	COM	68389X105
BP	BP PLC SPONS ADR	11,642	$1	0.1%	$40.99	—	COM	055622104
RIO	RIO TINTO PLC SPONSORED ADR	10,000	$1	0.2%	$41.05	—	COM	767204100
SWRAY	SWIRE PACIFIC LTD SPONS ADR RP	40,000	$0	0.1%	$9.19	—	COM	870794302
BTI	BRITISH AMERICAN TOBACCO PLC -	61,464	$4	0.7%	$12.50	—	COM	110448107
L	LOEWS CORP	77,917	$8	1.6%	$42.08	+153.0%	COM	540424108
TOST	TOAST, INC.	11,800	$0	0.1%	$19.72	+57.2%	COM	888787108
—	PRUDENTIAL FINANCIAL INC 5.625	73,000	$2	0.3%	$24.87	—	PREFERRED	744320805
BXP	BXP INC. (FRMLY BOSTON PROPERT	6,000	$0	0.1%	$64.00	+6.0%	COM	101121101
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$1	0.2%	$87.72	+105.7%	COM	053484101
COST	COSTCO WHOLESALE CORP	600	$1	0.1%	$905.73	+6.4%	COM	22160K105
CL	COLGATE-PALMOLIVE COMPANY	12,000	$1	0.2%	$93.07	-4.6%	COM	194162103
AVGO	BROADCOM INC.	1,800	$1	0.1%	$357.00	-6.4%	COM	11135F101
KMB	KIMBERLY-CLARK	13,520	$1	0.3%	$64.11	+60.8%	COM	494368103
EW	EDWARDS LIFESCIENCES CORP.	11,620	$1	0.2%	$73.24	+11.9%	COM	28176E108
CI	CIGNA CORP (ACQUIRED EXPRESS S	5,932	$2	0.3%	$190.77	+47.1%	COM	125523100
—	PUBLIC STORAGE 5.15 SER F CAL	40,000	$1	0.2%	$24.97	—	PREFERRED	74460W685
FRT	FEDERAL REALTY INVESTMENT TRUS	7,000	$1	0.1%	$99.29	-0.3%	COM	313745101
DRI	DARDEN RESTAURANTS INC.	3,000	$1	0.1%	$60.40	+243.4%	COM	237194105
RL	RALPH LAUREN CORP (FMLY POLO R	3,000	$1	0.2%	$87.38	+315.5%	COM	751212101
PSA	PUBLIC STORAGE - REIT	2,388	$1	0.1%	$97.16	+166.0%	COM	74460D109
—	YUM BRANDS INC. (FORMERLY TRIC	5,960	$1	0.2%	$69.32	—	COM	895953107
CDP	COPT DEFENSE PROP REIT(FRM COR	9,100	$0	0.1%	$27.25	—	COM	22002T108
SYY	SYSCO CORP	10,000	$1	0.1%	$24.40	+237.0%	COM	871829107
CHD	CHURCH & DWIGHT	2,400	$0	0.0%	$80.68	+17.5%	COM	171340102
—	U.S. BANCORP (FORMERLY FIRST B	14,610	$1	0.1%	$36.18	—	COM	902973106
EMR	EMERSON ELECTRIC CO	7,130	$1	0.2%	$40.02	+271.0%	COM	291011104
C	CITIGROUP INC.	2,576	$0	0.1%	$71.20	+63.2%	COM	172967424
NSRGY	NESTLE SA - SPON ADR	17,000	$2	0.3%	$79.48	—	COM	641069406
UPS	UNITED PARCEL SERVICE, INC. CL	5,100	$1	0.1%	$67.80	+62.0%	COM	911312106
ZBH	ZIMMER BIOMET HOLDINGS(FRMLY Z	6,700	$1	0.1%	$67.30	+36.2%	COM	98956P102
ALL	ALLSTATE CORP	2,000	$0	0.1%	$86.64	+134.2%	COM	020002101