Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	JOHNSON&JOHNSON	215,252	$20.09M	6.8%	$86.62	—	com	47816010
—	PHILIP MORRIS IN	182,278	$14.46M	4.9%	$86.00	—	com	71817210
—	ALTRIA GROUP INC	245,290	$13.34M	4.5%	$35.02	—	com	02209S10
—	MONDELEZ INTER-A	281,888	$11.8M	4.0%	$29.56	—	com	60920710
—	MCDONALDS CORP	112,527	$11.09M	3.7%	$96.70	—	com	58013510
—	PEPSICO INC	115,185	$10.86M	3.7%	$82.01	—	com	71344810
—	EXXON MOBIL CORP	137,814	$10.25M	3.5%	$87.56	—	com	30231G10
—	OXFORD INDS INC	133,681	$9.876M	3.3%	$62.40	—	com	69149730
—	DIAGEO PLC-ADR	89,676	$9.666M	3.3%	$116.73	—	com	25243Q20
—	LOCKHEED MARTIN	43,110	$8.937M	3.0%	$108.46	—	com	53983010
—	APPLE INC	78,674	$8.678M	2.9%	$135.56	—	com	03783310
—	HEINEKEN HLDG	120,148	$8.492M	2.9%	$69.25	—	com	022350277
—	LABORATORY CP	75,406	$8.179M	2.8%	$98.90	—	com	50540R40
—	REDWOOD TRUST	583,333	$8.073M	2.7%	$17.15	—	com	75807540
—	NATL OILWELL VAR	205,385	$7.733M	2.6%	$55.03	—	com	63707110
—	WALT DISNEY CO	74,891	$7.654M	2.6%	$63.15	—	com	25468710
—	IBM	52,790	$7.653M	2.6%	$174.81	—	com	45920010
—	JPMORGAN CHASE	125,429	$7.647M	2.6%	$54.44	—	com	46625H10
—	BERKSHIRE HATH-B	56,483	$7.365M	2.5%	$115.04	—	com	08467070
—	ORITANI FINANCIA	463,362	$7.238M	2.4%	$15.43	—	com	68633D10
—	TWENTY-FIRST - B	264,376	$7.157M	2.4%	$29.90	—	com	90130A20
—	ABBOTT LABS	168,284	$6.768M	2.3%	$35.83	—	com	00282410
—	EQUITY ONE INC	255,217	$6.212M	2.1%	$22.79	—	com	29475210
—	COMPASS DIVERSIF	377,884	$6.091M	2.1%	$17.52	—	com	20451Q10
—	KINDER MORGAN IN	210,143	$5.817M	2.0%	$37.70	—	com	49456B10
—	WESTAMERICA BANC	123,476	$5.487M	1.9%	$45.31	—	com	95709010
—	BROWN-FORMAN -B	56,284	$5.454M	1.8%	$67.54	—	com	11563720
—	NISOURCE INC	269,450	$4.998M	1.7%	$18.55	—	com	65473P10
—	NOW INC	298,061	$4.411M	1.5%	$22.31	—	com	67011P10
—	DOMINION RES/VA	61,788	$4.349M	1.5%	$59.02	—	com	25746U10
—	GRACO INC	59,615	$3.996M	1.4%	$63.20	—	com	38410910
—	BANK NY MELLON	99,124	$3.881M	1.3%	$28.59	—	com	06405810
—	INNOSPEC INC	71,236	$3.313M	1.1%	$42.70	—	com	45768S10
—	LIBERTY INTER-A	124,217	$3.258M	1.1%	$23.01	—	com	53071M10
—	FRANKLIN RES INC	81,867	$3.05M	1.0%	$62.19	—	com	35461310
—	TRAVELERS COS IN	27,911	$2.778M	0.9%	$79.92	—	com	89417E10
—	DUKE ENERGY CORP	32,655	$2.349M	0.8%	$67.49	—	com	26441C20
—	ABBVIE INC	41,506	$2.258M	0.8%	$41.34	—	com	00287Y10
—	SCRIPPS NET-CL A	34,706	$1.707M	0.6%	$66.60	—	com	81106510
—	PHILLIPS 66	21,705	$1.668M	0.6%	$76.06	—	com	71854610
—	GENERAL ELECTRIC	64,836	$1.635M	0.6%	$23.19	—	com	36960410
—	CATERPILLAR INC	19,998	$1.307M	0.4%	$82.48	—	com	14912310
—	CHEVRON CORP	15,796	$1.246M	0.4%	$118.53	—	com	16676410
—	BERKSHIRE HATH-A	5	$976K	0.3%	$168600.00	—	com	08467010
—	COCA-COLA CO/THE	22,245	$892K	0.3%	$40.10	—	com	19121610
—	ECOLAB INC	6,615	$726K	0.2%	$104.48	—	com	27886510
—	VISA INC-CLASS A	10,252	$714K	0.2%	$114.64	—	com	92826C83
—	TWENTY-FIRST C-A	20,679	$558K	0.2%	$38.40	—	com	90130A10
—	PRICELINE GROUP	434	$537K	0.2%	$1140.55	—	com	74150340
—	ALPHABET INC-A	615	$393K	0.1%	$639.02	—	com	02079K30
—	ALPHABET INC-C	616	$375K	0.1%	$608.77	—	com	02079K10
—	STARBUCKS CORP	6,228	$354K	0.1%	$67.92	—	com	85524410
—	MASTERCARD INC-A	3,667	$330K	0.1%	$86.19	—	com	57636Q10
—	AON PLC	3,682	$326K	0.1%	$96.14	—	com	077204849
—	AT&T INC	9,270	$302K	0.1%	$35.30	—	com	00206R10
—	CANADIAN PACIFIC	2,030	$291K	0.1%	$192.62	—	com	13645T10
—	SENSATA TECHNOLO	6,195	$275K	0.1%	$57.47	—	com	049581602
—	DUNKIN' BRANDS G	5,325	$261K	0.1%	$42.89	—	com	26550410
—	CONS EDISON INC	3,000	$201K	0.1%	$67.00	—	com	20911510