Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	IRON MOUNTAIN INC. REIT	130,600	$16.5M	3.0%	$126.31	$126.31	—	COM	46284v101
—	ABBVIE INC.	45,226	$11.38M	2.1%	$251.65	$251.65	—	COM	00287y109
—	GENERAL MOTORS COMPANY	113,540	$8.752M	1.6%	$77.08	$77.08	—	COM	37045v100
—	ENERGY TRANSFER LP	321,520	$6.147M	1.1%	$19.12	$19.12	—	COM	29273v100
—	EQUITY RESIDENTIAL REIT	54,100	$3.675M	0.7%	$67.93	$67.93	—	COM	29476l107
—	RTX CORP (FRMLY RAYTHEON TECH	17,400	$3.301M	0.6%	$189.71	$189.71	—	COM	75513e101
—	ZOETIS INC.	37,864	$2.721M	0.5%	$71.86	$71.86	—	COM	98978v103
—	REXFORD INDUSTRIAL REALTY, INC	77,050	$2.581M	0.5%	$33.50	$33.50	—	COM	76169c100
—	CONOCOPHILLIPS	21,700	$2.256M	0.4%	$103.96	$103.96	—	COM	20825c104
—	NOVARTIS AG - ADR	10,750	$1.685M	0.3%	$156.74	$156.74	—	COM	66987v109
—	KKR & CO. INC.	18,000	$1.652M	0.3%	$91.78	$91.78	—	COM	48251w104
—	VISA INC.	4,185	$1.436M	0.3%	$343.13	$343.13	—	COM	92826c839
—	BLACKSTONE INC. (THE)	11,000	$1.294M	0.2%	$117.64	$117.64	—	COM	09260d107
—	ON HOLDING AG	35,000	$1.24M	0.2%	$35.43	$35.43	—	COM	h5919c104
MDT	MEDTRONIC PLC	14,000	$1.095M	0.2%	$78.21	$78.21	—	COM	G5960L103
—	JPMORGAN CHASE 6.00 CALLABLE	43,000	$1.087M	0.2%	$25.28	$25.28	—	PREFERRED	48128b648
—	ENBRIDGE INC.	20,000	$1.084M	0.2%	$54.20	$54.20	—	COM	29250n105
—	TRAVELERS COMPANIES, INC.	3,264	$1.078M	0.2%	$330.27	$330.27	—	COM	89417e109
—	CARRIER GLOBAL CORP (RTX SPINO	14,300	$1.049M	0.2%	$73.36	$73.36	—	COM	14448c104
—	NETFLIX INC.	13,000	$928K	0.2%	$71.38	$71.38	—	COM	64110l106
—	INTUITIVE SURGICAL, INC.	2,250	$895K	0.2%	$397.78	$397.78	—	COM	46120e602
CHYM	CHIME FINANCIAL INC. CL A	30,000	$614K	0.1%	$20.47	$20.47	—	COM	16935C109
MU	MICRON TECHNOLOGY INC.	505	$583K	0.1%	$1154.46	$1154.46	—	COM	595112103
—	OTIS WORLDWIDE CORP (RTX SPINO	7,150	$512K	0.1%	$71.61	$71.61	—	COM	68902v107
—	FIDELITY NATIONAL FINANCIAL, I	10,458	$493K	0.1%	$47.14	$47.14	—	COM	31620r303
—	S&P GLOBAL INC.(FRMRLY MCGRAW	1,133	$461K	0.1%	$406.88	$406.88	—	COM	78409v104
—	BLACKROCK, INC.	478	$460K	0.1%	$962.34	$962.34	—	COM	09247x101
—	VODAFONE GROUP PLC SPONS ADR	32,564	$431K	0.1%	$13.24	$13.24	—	COM	92857w308
TEAM	ATLASSIAN CORP. CL A	5,000	$389K	0.1%	$77.80	$77.80	—	COM	049468101
—	METLIFE INC.	4,000	$338K	0.1%	$84.50	$84.50	—	COM	59156r108
—	AEGON LTD - NY REG SHRS	36,691	$310K	0.1%	$8.45	$8.45	—	COM	0076ca104
—	YUM CHINA HOLDINGS, INC.	5,600	$229K	0.0%	$40.89	$40.89	—	COM	98850p109
—	FIDELITY NATIONAL INFORMATION	5,364	$209K	0.0%	$38.96	$38.96	—	COM	31620m106

Increased Positions (4)

GIS GENERAL MILLS, INC. 0.7%

Value $3.644M (+74.9%) Shares 104,700 (+87.0%) Share Price $34.80 Est. Cost/Share $34.45 Unrealized @ Report Date —

UPS UNITED PARCEL SERVICE, INC. CL 0.2%

Value $1.258M (+150.6%) Shares 11,700 (+129.4%) Share Price $107.52 Est. Cost/Share $90.21 Unrealized @ Report Date —

AVGO BROADCOM INC. 0.2%

Value $1.247M (+123.9%) Shares 3,300 (+83.3%) Share Price $377.88 Est. Cost/Share $366.49 Unrealized @ Report Date —

ARES ARES MANAGEMENT CORP. CL A 0.2%

Value $835K (+17.8%) Shares 7,500 (+15.4%) Share Price $111.33 Est. Cost/Share $143.63 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GIS	GENERAL MILLS, INC.	104,700 (+87.0%)	$3.644M (+74.9%)	0.7%	$34.80	$34.45	—	COM	370334104
UPS	UNITED PARCEL SERVICE, INC. CL	11,700 (+129.4%)	$1.258M (+150.6%)	0.2%	$107.52	$90.21	—	COM	911312106
AVGO	BROADCOM INC.	3,300 (+83.3%)	$1.247M (+123.9%)	0.2%	$377.88	$366.49	—	COM	11135F101
ARES	ARES MANAGEMENT CORP. CL A	7,500 (+15.4%)	$835K (+17.8%)	0.2%	$111.33	$143.63	—	COM	03990B101

Exited Positions (30)

IRM IRON MOUNTAIN INC. REIT 2.4%

Value $13.34M Shares 130,600 Share Price $102.14 Est. Cost/Share $83.24 Unrealized @ Report Date —

ABBV ABBVIE INC. 1.8%

Value $9.836M Shares 45,226 Share Price $217.49 Est. Cost/Share $222.57 Unrealized @ Report Date —

GM GENERAL MOTORS COMPANY 1.5%

Value $8.459M Shares 113,540 Share Price $74.50 Est. Cost/Share $82.25 Unrealized @ Report Date —

ET ENERGY TRANSFER LP 1.1%

Value $6.213M Shares 321,920 Share Price $19.30 Est. Cost/Share $19.30 Unrealized @ Report Date —

NKE NIKE, INC. CL B 0.9%

Value $4.736M Shares 89,670 Share Price $52.82 Est. Cost/Share $49.62 Unrealized @ Report Date —

ZTS ZOETIS INC. 0.8%

Value $4.476M Shares 37,864 Share Price $118.21 Est. Cost/Share $125.98 Unrealized @ Report Date —

RTX RTX CORP (FRMLY RAYTHEON TECH 0.6%

Value $3.356M Shares 17,400 Share Price $192.87 Est. Cost/Share $196.61 Unrealized @ Report Date —

EQR EQUITY RESIDENTIAL REIT 0.6%

Value $3.2M Shares 54,100 Share Price $59.15 Est. Cost/Share $62.03 Unrealized @ Report Date —

COP CONOCOPHILLIPS 0.5%

Value $2.864M Shares 21,700 Share Price $131.98 Est. Cost/Share $102.65 Unrealized @ Report Date —

REXR REXFORD INDUSTRIAL REALTY, INC 0.5%

Value $2.522M Shares 77,050 Share Price $32.73 Est. Cost/Share $32.73 Unrealized @ Report Date —

KKR KKR & CO. INC. 0.3%

Value $1.665M Shares 18,000 Share Price $92.50 Est. Cost/Share $114.76 Unrealized @ Report Date —

NVS NOVARTIS AG - ADR 0.3%

Value $1.642M Shares 10,750 Share Price $152.74 Est. Cost/Share $152.74 Unrealized @ Report Date —

BX BLACKSTONE INC. (THE) 0.2%

Value $1.265M Shares 11,000 Share Price $115.00 Est. Cost/Share $140.88 Unrealized @ Report Date —

V VISA INC. 0.2%

Value $1.265M Shares 4,185 Share Price $302.27 Est. Cost/Share $329.17 Unrealized @ Report Date —

ONON ON HOLDING AG 0.2%

Value $1.191M Shares 35,000 Share Price $34.03 Est. Cost/Share $46.33 Unrealized @ Report Date —

ENB ENBRIDGE INC. 0.2%

Value $1.083M Shares 20,000 Share Price $54.15 Est. Cost/Share $48.57 Unrealized @ Report Date —

— JPMORGAN CHASE 6.00 CALLABLE 0.2%

Value $1.067M Shares 43,000 Share Price $24.81 Est. Cost/Share $24.81 Unrealized @ Report Date —

ISRG INTUITIVE SURGICAL, INC. 0.2%

Value $1.037M Shares 2,250 Share Price $460.89 Est. Cost/Share $520.97 Unrealized @ Report Date —

TRV TRAVELERS COMPANIES, INC. 0.2%

Value $952K Shares 3,264 Share Price $291.67 Est. Cost/Share $288.51 Unrealized @ Report Date —

CARR CARRIER GLOBAL CORP (RTX SPINO 0.1%

Value $805K Shares 14,300 Share Price $56.29 Est. Cost/Share $59.66 Unrealized @ Report Date —

NVO NOVO-NORDISK A/S ADR 0.1%

Value $583K Shares 15,862 Share Price $36.75 Est. Cost/Share $36.75 Unrealized @ Report Date —

OTIS OTIS WORLDWIDE CORP (RTX SPINO 0.1%

Value $551K Shares 7,150 Share Price $77.06 Est. Cost/Share $89.52 Unrealized @ Report Date —

VOD VODAFONE GROUP PLC SPONS ADR 0.1%

Value $489K Shares 32,564 Share Price $15.02 Est. Cost/Share $15.02 Unrealized @ Report Date —

FNF FIDELITY NATIONAL FINANCIAL, I 0.1%

Value $485K Shares 10,458 Share Price $46.38 Est. Cost/Share $54.54 Unrealized @ Report Date —

SPGI S&P GLOBAL INC.(FRMRLY MCGRAW 0.1%

Value $482K Shares 1,133 Share Price $425.42 Est. Cost/Share $485.25 Unrealized @ Report Date —

— BLACKROCK, INC. 0.1%

Value $460K Shares 478 Share Price $962.34 Est. Cost/Share $962.34 Unrealized @ Report Date —

MET METLIFE INC. 0.1%

Value $283K Shares 4,000 Share Price $70.75 Est. Cost/Share $77.44 Unrealized @ Report Date —

YUMC YUM CHINA HOLDINGS, INC. 0.0%

Value $273K Shares 5,600 Share Price $48.75 Est. Cost/Share $51.54 Unrealized @ Report Date —

AEG AEGON LTD - NY REG SHRS 0.0%

Value $266K Shares 36,691 Share Price $7.25 Est. Cost/Share $7.25 Unrealized @ Report Date —

FIS FIDELITY NATIONAL INFORMATION 0.0%

Value $252K Shares 5,364 Share Price $46.98 Est. Cost/Share $56.34 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
IRM	IRON MOUNTAIN INC. REIT	130,600	$13.34M	2.4%	$102.14	$83.24	—	—	46284V101
ABBV	ABBVIE INC.	45,226	$9.836M	1.8%	$217.49	$222.57	—	—	00287Y109
GM	GENERAL MOTORS COMPANY	113,540	$8.459M	1.5%	$74.50	$82.25	—	—	37045V100
ET	ENERGY TRANSFER LP	321,920	$6.213M	1.1%	$19.30	$19.30	—	—	29273V100
NKE	NIKE, INC. CL B	89,670	$4.736M	0.9%	$52.82	$49.62	—	—	654106103
ZTS	ZOETIS INC.	37,864	$4.476M	0.8%	$118.21	$125.98	—	—	98978V103
RTX	RTX CORP (FRMLY RAYTHEON TECH	17,400	$3.356M	0.6%	$192.87	$196.61	—	—	75513E101
EQR	EQUITY RESIDENTIAL REIT	54,100	$3.2M	0.6%	$59.15	$62.03	—	—	29476L107
COP	CONOCOPHILLIPS	21,700	$2.864M	0.5%	$131.98	$102.65	—	—	20825C104
REXR	REXFORD INDUSTRIAL REALTY, INC	77,050	$2.522M	0.5%	$32.73	$32.73	—	—	76169C100
KKR	KKR & CO. INC.	18,000	$1.665M	0.3%	$92.50	$114.76	—	—	48251W104
NVS	NOVARTIS AG - ADR	10,750	$1.642M	0.3%	$152.74	$152.74	—	—	66987V109
BX	BLACKSTONE INC. (THE)	11,000	$1.265M	0.2%	$115.00	$140.88	—	—	09260D107
V	VISA INC.	4,185	$1.265M	0.2%	$302.27	$329.17	—	—	92826C839
ONON	ON HOLDING AG	35,000	$1.191M	0.2%	$34.03	$46.33	—	—	H5919C104
ENB	ENBRIDGE INC.	20,000	$1.083M	0.2%	$54.15	$48.57	—	—	29250N105
—	JPMORGAN CHASE 6.00 CALLABLE	43,000	$1.067M	0.2%	$24.81	$24.81	—	—	48128B648
ISRG	INTUITIVE SURGICAL, INC.	2,250	$1.037M	0.2%	$460.89	$520.97	—	—	46120E602
TRV	TRAVELERS COMPANIES, INC.	3,264	$952K	0.2%	$291.67	$288.51	—	—	89417E109
CARR	CARRIER GLOBAL CORP (RTX SPINO	14,300	$805K	0.1%	$56.29	$59.66	—	—	14448C104
NVO	NOVO-NORDISK A/S ADR	15,862	$583K	0.1%	$36.75	$36.75	—	—	670100205
OTIS	OTIS WORLDWIDE CORP (RTX SPINO	7,150	$551K	0.1%	$77.06	$89.52	—	—	68902V107
VOD	VODAFONE GROUP PLC SPONS ADR	32,564	$489K	0.1%	$15.02	$15.02	—	—	92857W308
FNF	FIDELITY NATIONAL FINANCIAL, I	10,458	$485K	0.1%	$46.38	$54.54	—	—	31620R303
SPGI	S&P GLOBAL INC.(FRMRLY MCGRAW	1,133	$482K	0.1%	$425.42	$485.25	—	—	78409V104
—	BLACKROCK, INC.	478	$460K	0.1%	$962.34	$962.34	—	—	09247X101
MET	METLIFE INC.	4,000	$283K	0.1%	$70.75	$77.44	—	—	59156R108
YUMC	YUM CHINA HOLDINGS, INC.	5,600	$273K	0.0%	$48.75	$51.54	—	—	98850P109
AEG	AEGON LTD - NY REG SHRS	36,691	$266K	0.0%	$7.25	$7.25	—	—	0076CA104
FIS	FIDELITY NATIONAL INFORMATION	5,364	$252K	0.0%	$46.98	$56.34	—	—	31620M106

Decreased Positions (5)

CVX CHEVRON CORP 3.5%

Value $19.17M (-22.6%) Shares 115,632 (-3.3%) Share Price $165.76 Est. Cost/Share $75.35 Unrealized @ Report Date —

AAPL APPLE INC. 13.4%

Value $73.34M (+7.5%) Shares 253,472 (-5.7%) Share Price $289.36 Est. Cost/Share $96.92 Unrealized @ Report Date —

L LOEWS CORP 1.6%

Value $8.585M (+3.2%) Shares 75,835 (-2.7%) Share Price $113.21 Est. Cost/Share $42.08 Unrealized @ Report Date —

BRK/A BERKSHIRE HATHAWAY INC. CL A 2.3%

Value $12.73M (-1.5%) Shares 17 (-5.6%) Share Price $748823.53 Est. Cost/Share $165023.42 Unrealized @ Report Date —

VICI VICI PROPERTIES INC. (REIT) 0.5%

Value $2.532M (-5.8%) Shares 95,350 (-3.1%) Share Price $26.55 Est. Cost/Share $22.83 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
CVX	CHEVRON CORP	115,632 (-3.3%)	$19.17M (-22.6%)	3.5%	$165.76	$75.35	—	COM	166764100
AAPL	APPLE INC.	253,472 (-5.7%)	$73.34M (+7.5%)	13.4%	$289.36	$96.92	—	COM	037833100
L	LOEWS CORP	75,835 (-2.7%)	$8.585M (+3.2%)	1.6%	$113.21	$42.08	—	COM	540424108
BRK/A	BERKSHIRE HATHAWAY INC. CL A	17 (-5.6%)	$12.73M (-1.5%)	2.3%	$748823.53	$165023.42	—	COM	084670108
VICI	VICI PROPERTIES INC. (REIT)	95,350 (-3.1%)	$2.532M (-5.8%)	0.5%	$26.55	$22.83	—	COM	925652109

Unchanged Positions (80)

GOOG ALPHABET INC. CL C 4.2%

Value $22.93M Shares 64,900 Share Price $353.33 Est. Cost/Share $107.21 Unrealized @ Report Date —

NVDA NVIDIA CORPORATION 3.0%

Value $16.58M Shares 82,845 Share Price $200.08 Est. Cost/Share $98.68 Unrealized @ Report Date —

CAT CATERPILLAR INC. 1.2%

Value $6.283M Shares 5,900 Share Price $1064.92 Est. Cost/Share $111.53 Unrealized @ Report Date —

TSM TAIWAN SEMICONDUCTOR MFG CO LT 1.3%

Value $6.93M Shares 14,511 Share Price $477.57 Est. Cost/Share $179.46 Unrealized @ Report Date —

JPM JPMORGAN CHASE & CO. 3.5%

Value $19.24M Shares 58,772 Share Price $327.33 Est. Cost/Share $38.96 Unrealized @ Report Date —

PM PHILIP MORRIS INTERNATIONAL-AL 3.9%

Value $21.48M Shares 118,751 Share Price $180.91 Est. Cost/Share $57.09 Unrealized @ Report Date —

TXN TEXAS INSTRUMENTS INC. 0.8%

Value $4.163M Shares 13,965 Share Price $298.10 Est. Cost/Share $76.69 Unrealized @ Report Date —

— ASML HOLDING ADR 0.7%

Value $4.056M Shares 2,039 Share Price $1989.21 Est. Cost/Share $941.78 Unrealized @ Report Date —

SKT TANGER INC. REIT 1.7%

Value $9.356M Shares 237,050 Share Price $39.47 Est. Cost/Share $10.85 Unrealized @ Report Date —

IBM INTERNATIONAL BUSINESS MACHINE 1.6%

Value $8.845M Shares 31,452 Share Price $281.22 Est. Cost/Share $117.45 Unrealized @ Report Date —

AMAT APPLIED MATERIALS INC 0.4%

Value $2.223M Shares 3,075 Share Price $722.93 Est. Cost/Share $105.93 Unrealized @ Report Date —

MRK MERCK & CO., INC. 3.6%

Value $19.8M Shares 154,124 Share Price $128.50 Est. Cost/Share $43.21 Unrealized @ Report Date —

AMZN AMAZON.COM, INC. 1.6%

Value $8.975M Shares 37,655 Share Price $238.35 Est. Cost/Share $143.11 Unrealized @ Report Date —

WMT WALMART INC. 1.7%

Value $9.317M Shares 82,265 Share Price $113.26 Est. Cost/Share $45.89 Unrealized @ Report Date —

PEP PEPSICO 1.0%

Value $5.715M Shares 42,209 Share Price $135.40 Est. Cost/Share $56.00 Unrealized @ Report Date —

KO COCA-COLA CO 2.6%

Value $14.25M Shares 175,295 Share Price $81.27 Est. Cost/Share $30.71 Unrealized @ Report Date —

VZ VERIZON COMMUNICATIONS INC. 0.8%

Value $4.245M Shares 100,259 Share Price $42.34 Est. Cost/Share $34.86 Unrealized @ Report Date —

PFE PFIZER, INC. 0.7%

Value $3.821M Shares 158,661 Share Price $24.08 Est. Cost/Share $19.32 Unrealized @ Report Date —

MO ALTRIA GROUP INC. 1.4%

Value $7.512M Shares 104,401 Share Price $71.95 Est. Cost/Share $22.84 Unrealized @ Report Date —

XOM EXXONMOBIL HOLDINGS CORP 0.4%

Value $2.317M Shares 16,945 Share Price $136.74 Est. Cost/Share $94.96 Unrealized @ Report Date —

BOH BANK OF HAWAII CORPORATION 1.1%

Value $5.84M Shares 71,660 Share Price $81.50 Est. Cost/Share $47.98 Unrealized @ Report Date —

MS MORGAN STANLEY 0.4%

Value $2.383M Shares 11,400 Share Price $209.04 Est. Cost/Share $39.15 Unrealized @ Report Date —

BRK/B BERKSHIRE HATHAWAY INC. CL B 2.1%

Value $11.37M Shares 22,722 Share Price $500.40 Est. Cost/Share $235.32 Unrealized @ Report Date —

HD HOME DEPOT 1.2%

Value $6.789M Shares 19,250 Share Price $352.68 Est. Cost/Share $56.05 Unrealized @ Report Date —

MCD MCDONALD'S CORP 0.5%

Value $2.658M Shares 9,832 Share Price $270.34 Est. Cost/Share $213.72 Unrealized @ Report Date —

KMI KINDER MORGAN, INC. 1.4%

Value $7.851M Shares 245,570 Share Price $31.97 Est. Cost/Share $11.69 Unrealized @ Report Date —

JNJ JOHNSON & JOHNSON 1.5%

Value $8.36M Shares 32,917 Share Price $253.97 Est. Cost/Share $80.44 Unrealized @ Report Date —

LLY ELI LILLY & CO. 0.2%

Value $1.199M Shares 1,000 Share Price $1199.00 Est. Cost/Share $742.24 Unrealized @ Report Date —

CB CHUBB LIMITED (FRMLY ACE LIMIT 1.1%

Value $5.89M Shares 17,285 Share Price $340.76 Est. Cost/Share $124.89 Unrealized @ Report Date —

F FORD MOTOR COMPANY 0.3%

Value $1.5M Shares 107,890 Share Price $13.90 Est. Cost/Share $9.26 Unrealized @ Report Date —

BMY BRISTOL-MYERS SQUIBB CO 0.8%

Value $4.308M Shares 74,774 Share Price $57.61 Est. Cost/Share $34.26 Unrealized @ Report Date —

EPD ENTERPRISE PRODUCTS PARTNERS, 1.3%

Value $6.995M Shares 190,278 Share Price $36.76 Est. Cost/Share $25.60 Unrealized @ Report Date —

BTI BRITISH AMERICAN TOBACCO PLC - 0.7%

Value $3.796M Shares 61,464 Share Price $61.76 Est. Cost/Share $33.75 Unrealized @ Report Date —

KMB KIMBERLY-CLARK 0.3%

Value $1.484M Shares 13,520 Share Price $109.76 Est. Cost/Share $64.11 Unrealized @ Report Date —

STZ CONSTELLATION BRANDS, INC. 0.4%

Value $2.1M Shares 15,100 Share Price $139.07 Est. Cost/Share $158.34 Unrealized @ Report Date —

PG PROCTER & GAMBLE CO 2.2%

Value $11.77M Shares 80,269 Share Price $146.64 Est. Cost/Share $62.58 Unrealized @ Report Date —

RL RALPH LAUREN CORP (FMLY POLO R 0.2%

Value $1.204M Shares 3,000 Share Price $401.33 Est. Cost/Share $87.38 Unrealized @ Report Date —

PSX PHILLIPS 66 0.4%

Value $2.13M Shares 12,600 Share Price $169.05 Est. Cost/Share $51.48 Unrealized @ Report Date —

RHHBY ROCHE HOLDING LTD ADR 1.0%

Value $5.51M Shares 107,300 Share Price $51.35 Est. Cost/Share $45.65 Unrealized @ Report Date —

ABT ABBOTT LABORATORIES 0.2%

Value $995K Shares 10,966 Share Price $90.73 Est. Cost/Share $46.73 Unrealized @ Report Date —

SRE SEMPRA ENERGY 0.5%

Value $2.689M Shares 29,000 Share Price $92.72 Est. Cost/Share $54.41 Unrealized @ Report Date —

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

Value $1.486M Shares 98,000 Share Price $15.16 Est. Cost/Share $24.83 Unrealized @ Report Date —

AVB AVALONBAY COMMUNITIES, INC REI 0.2%

Value $943K Shares 5,000 Share Price $188.60 Est. Cost/Share $87.72 Unrealized @ Report Date —

SYY SYSCO CORP 0.2%

Value $836K Shares 10,000 Share Price $83.60 Est. Cost/Share $24.40 Unrealized @ Report Date —

— U.S. BANCORP (FORMERLY FIRST B 0.2%

Value $882K Shares 14,610 Share Price $60.37 Est. Cost/Share $36.18 Unrealized @ Report Date —

FRT FEDERAL REALTY INVESTMENT TRUS 0.2%

Value $864K Shares 7,000 Share Price $123.43 Est. Cost/Share $99.29 Unrealized @ Report Date —

EW EDWARDS LIFESCIENCES CORP. 0.2%

Value $1.051M Shares 11,620 Share Price $90.45 Est. Cost/Share $73.24 Unrealized @ Report Date —

BP BP PLC SPONS ADR 0.1%

Value $430K Shares 11,642 Share Price $36.94 Est. Cost/Share $40.99 Unrealized @ Report Date —

PSA PUBLIC STORAGE - REIT 0.1%

Value $760K Shares 2,388 Share Price $318.26 Est. Cost/Share $97.16 Unrealized @ Report Date —

— AON PLC 0.7%

Value $3.854M Shares 11,618 Share Price $331.73 Est. Cost/Share $64.38 Unrealized @ Report Date —

MSFT MICROSOFT CORPORATION 2.3%

Value $12.35M Shares 33,098 Share Price $373.01 Est. Cost/Share $227.17 Unrealized @ Report Date —

EMR EMERSON ELECTRIC CO 0.2%

Value $1.021M Shares 7,130 Share Price $143.20 Est. Cost/Share $40.02 Unrealized @ Report Date —

BXP BXP INC. (FRMLY BOSTON PROPERT 0.1%

Value $398K Shares 6,000 Share Price $66.33 Est. Cost/Share $64.00 Unrealized @ Report Date —

CL COLGATE-PALMOLIVE COMPANY 0.2%

Value $1.1M Shares 12,000 Share Price $91.67 Est. Cost/Share $93.07 Unrealized @ Report Date —

C CITIGROUP INC. 0.1%

Value $361K Shares 2,576 Share Price $140.14 Est. Cost/Share $71.20 Unrealized @ Report Date —

NSRGY NESTLE SA - SPON ADR 0.3%

Value $1.746M Shares 17,000 Share Price $102.71 Est. Cost/Share $79.48 Unrealized @ Report Date —

ALL ALLSTATE CORP 0.1%

Value $476K Shares 2,000 Share Price $238.00 Est. Cost/Share $86.64 Unrealized @ Report Date —

AEP AMERICAN ELECTRIC POWER 0.3%

Value $1.368M Shares 10,000 Share Price $136.80 Est. Cost/Share $30.44 Unrealized @ Report Date —

— AMERICAN TOWER CORP-CL A REIT 0.2%

Value $981K Shares 6,000 Share Price $163.50 Est. Cost/Share $172.50 Unrealized @ Report Date —

CDP COPT DEFENSE PROP REIT(FRM COR 0.1%

Value $331K Shares 9,100 Share Price $36.37 Est. Cost/Share $27.25 Unrealized @ Report Date —

CI CIGNA CORP (ACQUIRED EXPRESS S 0.3%

Value $1.635M Shares 5,932 Share Price $275.62 Est. Cost/Share $190.77 Unrealized @ Report Date —

— PRUDENTIAL FINANCIAL INC 5.625 0.3%

Value $1.605M Shares 73,000 Share Price $21.99 Est. Cost/Share $24.87 Unrealized @ Report Date —

ADM ARCHER-DANIELS-MIDLAND CORP 0.1%

Value $777K Shares 10,172 Share Price $76.39 Est. Cost/Share $23.37 Unrealized @ Report Date —

COST COSTCO WHOLESALE CORP 0.1%

Value $561K Shares 600 Share Price $935.00 Est. Cost/Share $905.73 Unrealized @ Report Date —

ADP AUTOMATIC DATA PROCESSING, INC 0.1%

Value $338K Shares 1,511 Share Price $223.69 Est. Cost/Share $240.81 Unrealized @ Report Date —

AZN ASTRAZENECA PLC 0.1%

Value $758K Shares 4,000 Share Price $189.50 Est. Cost/Share $190.39 Unrealized @ Report Date —

DRI DARDEN RESTAURANTS INC. 0.1%

Value $618K Shares 3,000 Share Price $206.00 Est. Cost/Share $60.40 Unrealized @ Report Date —

ZBH ZIMMER BIOMET HOLDINGS(FRMLY Z 0.1%

Value $577K Shares 6,700 Share Price $86.12 Est. Cost/Share $67.30 Unrealized @ Report Date —

— YUM BRANDS INC. (FORMERLY TRIC 0.2%

Value $953K Shares 5,960 Share Price $159.90 Est. Cost/Share $69.32 Unrealized @ Report Date —

— LINDE PLC (ACQUIRED PRAXAIR) 0.1%

Value $529K Shares 1,020 Share Price $518.63 Est. Cost/Share $496.08 Unrealized @ Report Date —

SWRAY SWIRE PACIFIC LTD SPONS ADR RP 0.1%

Value $419K Shares 40,000 Share Price $10.47 Est. Cost/Share $9.19 Unrealized @ Report Date —

RIO RIO TINTO PLC SPONSORED ADR 0.2%

Value $949K Shares 10,000 Share Price $94.90 Est. Cost/Share $41.05 Unrealized @ Report Date —

TOST TOAST, INC. 0.1%

Value $328K Shares 11,800 Share Price $27.80 Est. Cost/Share $19.72 Unrealized @ Report Date —

DLR DIGITAL REALTY TRUST, INC. REI 0.8%

Value $4.102M Shares 22,840 Share Price $179.60 Est. Cost/Share $95.33 Unrealized @ Report Date —

LVMUY LVMH MOET HENNESSY LOUIS VUITT 0.2%

Value $940K Shares 8,500 Share Price $110.59 Est. Cost/Share $122.35 Unrealized @ Report Date —

— PUBLIC STORAGE 5.15 SER F CAL 0.1%

Value $795K Shares 40,000 Share Price $19.88 Est. Cost/Share $24.97 Unrealized @ Report Date —

MDLZ MONDELEZ INTL INC.(FMRLY KRAFT 0.5%

Value $2.632M Shares 45,500 Share Price $57.85 Est. Cost/Share $23.16 Unrealized @ Report Date —

CHD CHURCH & DWIGHT 0.0%

Value $233K Shares 2,400 Share Price $97.08 Est. Cost/Share $80.68 Unrealized @ Report Date —

APD AIR PRODUCTS & CHEMICALS, INC. 0.1%

Value $576K Shares 1,964 Share Price $293.28 Est. Cost/Share $271.49 Unrealized @ Report Date —

ORCL ORACLE CORP 0.1%

Value $440K Shares 3,000 Share Price $146.67 Est. Cost/Share $73.20 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GOOG	ALPHABET INC. CL C	64,900	$22.93M	4.2%	$353.33	$107.21	—	COM	02079K107
NVDA	NVIDIA CORPORATION	82,845	$16.58M	3.0%	$200.08	$98.68	—	COM	67066G104
CAT	CATERPILLAR INC.	5,900	$6.283M	1.2%	$1064.92	$111.53	—	COM	149123101
TSM	TAIWAN SEMICONDUCTOR MFG CO LT	14,511	$6.93M	1.3%	$477.57	$179.46	—	COM	874039100
JPM	JPMORGAN CHASE & CO.	58,772	$19.24M	3.5%	$327.33	$38.96	—	COM	46625H100
PM	PHILIP MORRIS INTERNATIONAL-AL	118,751	$21.48M	3.9%	$180.91	$57.09	—	COM	718172109
TXN	TEXAS INSTRUMENTS INC.	13,965	$4.163M	0.8%	$298.10	$76.69	—	COM	882508104
—	ASML HOLDING ADR	2,039	$4.056M	0.7%	$1989.21	$941.78	—	COM	086233517
SKT	TANGER INC. REIT	237,050	$9.356M	1.7%	$39.47	$10.85	—	COM	875465106
IBM	INTERNATIONAL BUSINESS MACHINE	31,452	$8.845M	1.6%	$281.22	$117.45	—	COM	459200101
AMAT	APPLIED MATERIALS INC	3,075	$2.223M	0.4%	$722.93	$105.93	—	COM	038222105
MRK	MERCK & CO., INC.	154,124	$19.8M	3.6%	$128.50	$43.21	—	COM	58933Y105
AMZN	AMAZON.COM, INC.	37,655	$8.975M	1.6%	$238.35	$143.11	—	COM	023135106
WMT	WALMART INC.	82,265	$9.317M	1.7%	$113.26	$45.89	—	COM	931142103
PEP	PEPSICO	42,209	$5.715M	1.0%	$135.40	$56.00	—	COM	713448108
KO	COCA-COLA CO	175,295	$14.25M	2.6%	$81.27	$30.71	—	COM	191216100
VZ	VERIZON COMMUNICATIONS INC.	100,259	$4.245M	0.8%	$42.34	$34.86	—	COM	92343V104
PFE	PFIZER, INC.	158,661	$3.821M	0.7%	$24.08	$19.32	—	COM	717081103
MO	ALTRIA GROUP INC.	104,401	$7.512M	1.4%	$71.95	$22.84	—	COM	02209S103
XOM	EXXONMOBIL HOLDINGS CORP	16,945	$2.317M	0.4%	$136.74	$94.96	—	COM	30231G102
BOH	BANK OF HAWAII CORPORATION	71,660	$5.84M	1.1%	$81.50	$47.98	—	COM	062540109
MS	MORGAN STANLEY	11,400	$2.383M	0.4%	$209.04	$39.15	—	COM	617446448
BRK/B	BERKSHIRE HATHAWAY INC. CL B	22,722	$11.37M	2.1%	$500.40	$235.32	—	COM	084670702
HD	HOME DEPOT	19,250	$6.789M	1.2%	$352.68	$56.05	—	COM	437076102
MCD	MCDONALD'S CORP	9,832	$2.658M	0.5%	$270.34	$213.72	—	COM	580135101
KMI	KINDER MORGAN, INC.	245,570	$7.851M	1.4%	$31.97	$11.69	—	COM	49456B101
JNJ	JOHNSON & JOHNSON	32,917	$8.36M	1.5%	$253.97	$80.44	—	COM	478160104
LLY	ELI LILLY & CO.	1,000	$1.199M	0.2%	$1199.00	$742.24	—	COM	532457108
CB	CHUBB LIMITED (FRMLY ACE LIMIT	17,285	$5.89M	1.1%	$340.76	$124.89	—	COM	H1467J104
F	FORD MOTOR COMPANY	107,890	$1.5M	0.3%	$13.90	$9.26	—	COM	345370860
BMY	BRISTOL-MYERS SQUIBB CO	74,774	$4.308M	0.8%	$57.61	$34.26	—	COM	110122108
EPD	ENTERPRISE PRODUCTS PARTNERS,	190,278	$6.995M	1.3%	$36.76	$25.60	—	COM	293792107
BTI	BRITISH AMERICAN TOBACCO PLC -	61,464	$3.796M	0.7%	$61.76	$33.75	—	COM	110448107
KMB	KIMBERLY-CLARK	13,520	$1.484M	0.3%	$109.76	$64.11	—	COM	494368103
STZ	CONSTELLATION BRANDS, INC.	15,100	$2.1M	0.4%	$139.07	$158.34	—	COM	21036P108
PG	PROCTER & GAMBLE CO	80,269	$11.77M	2.2%	$146.64	$62.58	—	COM	742718109
RL	RALPH LAUREN CORP (FMLY POLO R	3,000	$1.204M	0.2%	$401.33	$87.38	—	COM	751212101
PSX	PHILLIPS 66	12,600	$2.13M	0.4%	$169.05	$51.48	—	COM	718546104
RHHBY	ROCHE HOLDING LTD ADR	107,300	$5.51M	1.0%	$51.35	$45.65	—	COM	771195104
ABT	ABBOTT LABORATORIES	10,966	$995K	0.2%	$90.73	$46.73	—	COM	002824100
SRE	SEMPRA ENERGY	29,000	$2.689M	0.5%	$92.72	$54.41	—	COM	816851109
BPY 6.5 PERP A-1	BROOKFIELD PRPTY PTNRS LP 6.5	98,000	$1.486M	0.3%	$15.16	$24.83	—	PREFERRED	G16249149
AVB	AVALONBAY COMMUNITIES, INC REI	5,000	$943K	0.2%	$188.60	$87.72	—	COM	053484101
SYY	SYSCO CORP	10,000	$836K	0.2%	$83.60	$24.40	—	COM	871829107
—	U.S. BANCORP (FORMERLY FIRST B	14,610	$882K	0.2%	$60.37	$36.18	—	COM	902973106
FRT	FEDERAL REALTY INVESTMENT TRUS	7,000	$864K	0.2%	$123.43	$99.29	—	COM	313745101
EW	EDWARDS LIFESCIENCES CORP.	11,620	$1.051M	0.2%	$90.45	$73.24	—	COM	28176E108
BP	BP PLC SPONS ADR	11,642	$430K	0.1%	$36.94	$40.99	—	COM	055622104
PSA	PUBLIC STORAGE - REIT	2,388	$760K	0.1%	$318.26	$97.16	—	COM	74460D109
—	AON PLC	11,618	$3.854M	0.7%	$331.73	$64.38	—	COM	037389103
MSFT	MICROSOFT CORPORATION	33,098	$12.35M	2.3%	$373.01	$227.17	—	COM	594918104
EMR	EMERSON ELECTRIC CO	7,130	$1.021M	0.2%	$143.20	$40.02	—	COM	291011104
BXP	BXP INC. (FRMLY BOSTON PROPERT	6,000	$398K	0.1%	$66.33	$64.00	—	COM	101121101
CL	COLGATE-PALMOLIVE COMPANY	12,000	$1.1M	0.2%	$91.67	$93.07	—	COM	194162103
C	CITIGROUP INC.	2,576	$361K	0.1%	$140.14	$71.20	—	COM	172967424
NSRGY	NESTLE SA - SPON ADR	17,000	$1.746M	0.3%	$102.71	$79.48	—	COM	641069406
ALL	ALLSTATE CORP	2,000	$476K	0.1%	$238.00	$86.64	—	COM	020002101
AEP	AMERICAN ELECTRIC POWER	10,000	$1.368M	0.3%	$136.80	$30.44	—	COM	025537101
—	AMERICAN TOWER CORP-CL A REIT	6,000	$981K	0.2%	$163.50	$172.50	—	COM	029912201
CDP	COPT DEFENSE PROP REIT(FRM COR	9,100	$331K	0.1%	$36.37	$27.25	—	COM	22002T108
CI	CIGNA CORP (ACQUIRED EXPRESS S	5,932	$1.635M	0.3%	$275.62	$190.77	—	COM	125523100
—	PRUDENTIAL FINANCIAL INC 5.625	73,000	$1.605M	0.3%	$21.99	$24.87	—	PREFERRED	744320805
ADM	ARCHER-DANIELS-MIDLAND CORP	10,172	$777K	0.1%	$76.39	$23.37	—	COM	039483102
COST	COSTCO WHOLESALE CORP	600	$561K	0.1%	$935.00	$905.73	—	COM	22160K105
ADP	AUTOMATIC DATA PROCESSING, INC	1,511	$338K	0.1%	$223.69	$240.81	—	COM	053015103
AZN	ASTRAZENECA PLC	4,000	$758K	0.1%	$189.50	$190.39	—	COM	G0593M107
DRI	DARDEN RESTAURANTS INC.	3,000	$618K	0.1%	$206.00	$60.40	—	COM	237194105
ZBH	ZIMMER BIOMET HOLDINGS(FRMLY Z	6,700	$577K	0.1%	$86.12	$67.30	—	COM	98956P102
—	YUM BRANDS INC. (FORMERLY TRIC	5,960	$953K	0.2%	$159.90	$69.32	—	COM	895953107
—	LINDE PLC (ACQUIRED PRAXAIR)	1,020	$529K	0.1%	$518.63	$496.08	—	COM	G5494J103
SWRAY	SWIRE PACIFIC LTD SPONS ADR RP	40,000	$419K	0.1%	$10.47	$9.19	—	COM	870794302
RIO	RIO TINTO PLC SPONSORED ADR	10,000	$949K	0.2%	$94.90	$41.05	—	COM	767204100
TOST	TOAST, INC.	11,800	$328K	0.1%	$27.80	$19.72	—	COM	888787108
DLR	DIGITAL REALTY TRUST, INC. REI	22,840	$4.102M	0.8%	$179.60	$95.33	—	COM	253868103
LVMUY	LVMH MOET HENNESSY LOUIS VUITT	8,500	$940K	0.2%	$110.59	$122.35	—	COM	502441306
—	PUBLIC STORAGE 5.15 SER F CAL	40,000	$795K	0.1%	$19.88	$24.97	—	PREFERRED	74460W685
MDLZ	MONDELEZ INTL INC.(FMRLY KRAFT	45,500	$2.632M	0.5%	$57.85	$23.16	—	COM	609207105
CHD	CHURCH & DWIGHT	2,400	$233K	0.0%	$97.08	$80.68	—	COM	171340102
APD	AIR PRODUCTS & CHEMICALS, INC.	1,964	$576K	0.1%	$293.28	$271.49	—	COM	009158106
ORCL	ORACLE CORP	3,000	$440K	0.1%	$146.67	$73.20	—	COM	68389X105