The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AT&T INC. COM 00206R102 2,172 75,508 SH   SOLE   0 0 75,508
ABBVIE INC. COM 00287y109 4,093 38,200 SH   SOLE   0 0 38,200
ABBOTT LABORATORIES COM 002824100 953 8,700 SH   SOLE   0 0 8,700
AEGON NV - NY REG SHRS COM 007924103 142 36,000 SH   SOLE   0 0 36,000
ALLEGHANY CORP COM 017175100 962 1,594 SH   SOLE   0 0 1,594
ALLSTATE CORP COM 020002101 220 2,000 SH   SOLE   0 0 2,000
ALPHABET INC. CL C COM 02079K107 4,993 2,850 SH   SOLE   0 0 2,850
ALTRIA GROUP INC. COM 02209S103 4,066 99,176 SH   SOLE   0 0 99,176
AMAZON.COM, INC. COM 023135106 1,208 371 SH   SOLE   0 0 371
AMERICAN ELECTRIC POWER COM 025537101 833 10,000 SH   SOLE   0 0 10,000
ANHEUSER-BUSCH INBEV SA/NV - S COM 03524A108 378 5,400 SH   SOLE   0 0 5,400
AON PLC COM 037389103 2,455 11,618 SH   SOLE   0 0 11,618
APPLE INC. COM 037833100 40,197 302,940 SH   SOLE   0 0 302,940
ARCHER-DANIELS-MIDLAND CORP COM 039483102 513 10,172 SH   SOLE   0 0 10,172
ASTRAZENECA PLC-SPONS ADR COM 046353108 400 8,000 SH   SOLE   0 0 8,000
AVALONBAY COMMUNITIES, INC REI COM 053484101 802 5,000 SH   SOLE   0 0 5,000
BP PLC SPONS ADR COM 055622104 239 11,642 SH   SOLE   0 0 11,642
BANK OF AMERICA (NEW) COM 060505104 1,717 56,633 SH   SOLE   0 0 56,633
BANK OF HAWAII CORPORATION COM 062540109 4,275 55,800 SH   SOLE   0 0 55,800
BAXTER INT'L INC. COM 071813109 410 5,106 SH   SOLE   0 0 5,106
BERKSHIRE HATHAWAY INC. CL A COM 084670108 6,261 18 SH   SOLE   0 0 18
BERKSHIRE HATHAWAY INC. CL B COM 084670702 4,758 20,518 SH   SOLE   0 0 20,518
BLACK KNIGHT INC. (FNF GROUP S COM 09215C105 283 3,206 SH   SOLE   0 0 3,206
BLACKSTONE GROUP INC. (THE) COM 09260d107 713 11,000 SH   SOLE   0 0 11,000
BOSTON PROPERTIES INC. REIT COM 101121101 567 6,000 SH   SOLE   0 0 6,000
BRISTOL-MYERS SQUIBB CO COM 110122108 3,717 59,924 SH   SOLE   0 0 59,924
BRITISH AMERICAN TOBACCO PLC - COM 110448107 786 20,963 SH   SOLE   0 0 20,963
BROOKFIELD PPTY PTNRS LP(ACQUI COM G16249107 632 43,643 SH   SOLE   0 0 43,643
CARRIER GLOBAL CORP (UNITED TE COM 14448c104 543 14,400 SH   SOLE   0 0 14,400
CATERPILLAR INC. COM 149123101 1,257 6,905 SH   SOLE   0 0 6,905
CHEVRON CORP COM 166764100 9,757 115,536 SH   SOLE   0 0 115,536
CHUBB LIMITED (FRMLY ACE LIMIT COM H1467J104 2,325 15,106 SH   SOLE   0 0 15,106
CHURCH & DWIGHT COM 171340102 209 2,400 SH   SOLE   0 0 2,400
CIGNA CORP (ACQUIRED EXPRESS S COM 125523100 1,235 5,932 SH   SOLE   0 0 5,932
COCA-COLA CO COM 191216100 9,780 178,330 SH   SOLE   0 0 178,330
COCA-COLA EUROPEAN PARTNERS PL COM g25839104 648 13,000 SH   SOLE   0 0 13,000
CONOCOPHILLIPS COM 20825c104 368 9,200 SH   SOLE   0 0 9,200
CONSTELLATION BRANDS, INC. COM 21036P108 2,431 11,100 SH   SOLE   0 0 11,100
CORPORATE OFFICE PROPERTY TRUS COM 22002T108 237 9,100 SH   SOLE   0 0 9,100
CREDIT SUISSE GROUP AG - SPON COM 225401108 128 10,000 SH   SOLE   0 0 10,000
DARDEN RESTAURANTS INC. COM 237194105 357 3,000 SH   SOLE   0 0 3,000
DIAGEO PLC ADR COM 25243Q205 7,185 45,240 SH   SOLE   0 0 45,240
DISNEY WALT CO COM 254687106 8,820 48,679 SH   SOLE   0 0 48,679
EDWARDS LIFESCIENCES CORP. COM 28176E108 367 4,020 SH   SOLE   0 0 4,020
EMERSON ELECTRIC CO COM 291011104 573 7,130 SH   SOLE   0 0 7,130
ENTERPRISE PRODUCTS PARTNERS, COM 293792107 3,098 158,160 SH   SOLE   0 0 158,160
EXPEDIA INC.(IAC/INTERACTIVECO COM 30212p303 649 4,900 SH   SOLE   0 0 4,900
FNF GROUP (FIDELITY NATL FINCL COM 31620r303 409 10,458 SH   SOLE   0 0 10,458
FACEBOOK, INC. COM 30303M102 3,723 13,630 SH   SOLE   0 0 13,630
FIDELITY NATIONAL INFORMATION COM 31620m106 759 5,364 SH   SOLE   0 0 5,364
FORD MOTOR COMPANY COM 345370860 214 24,390 SH   SOLE   0 0 24,390
GENERAL MILLS, INC. COM 370334104 3,205 54,500 SH   SOLE   0 0 54,500
GENERAL MOTORS COMPANY COM 37045v100 4,789 115,010 SH   SOLE   0 0 115,010
HOME DEPOT COM 437076102 5,193 19,550 SH   SOLE   0 0 19,550
HOWARD HUGHES CORP (THE)(SPINO COM 44267d107 324 4,100 SH   SOLE   0 0 4,100
IAC/INTERACTIVECORP COM 44891n109 933 4,925 SH   SOLE   0 0 4,925
INTEL CORP COM 458140100 2,715 54,500 SH   SOLE   0 0 54,500
INTERNATIONAL BUSINESS MACHINE COM 459200101 3,206 25,467 SH   SOLE   0 0 25,467
IRON MOUNTAIN INC. REIT COM 46284v101 1,760 59,700 SH   SOLE   0 0 59,700
JPMORGAN CHASE & CO. COM 46625H100 9,623 75,731 SH   SOLE   0 0 75,731
JOHNSON & JOHNSON COM 478160104 5,840 37,110 SH   SOLE   0 0 37,110
KKR & CO. INC. COM 48251w104 729 18,000 SH   SOLE   0 0 18,000
KIMBERLY-CLARK COM 494368103 1,995 14,800 SH   SOLE   0 0 14,800
KINDER MORGAN, INC. COM 49456B101 2,371 173,470 SH   SOLE   0 0 173,470
LOEWS CORP COM 540424108 3,508 77,917 SH   SOLE   0 0 77,917
MATCH GROUP, INC. COM 57667l107 1,606 10,623 SH   SOLE   0 0 10,623
MCDONALD'S CORP COM 580135101 1,502 7,000 SH   SOLE   0 0 7,000
MERCK & CO., INC. COM 58933Y105 11,016 134,670 SH   SOLE   0 0 134,670
MICROSOFT CORPORATION COM 594918104 3,514 15,800 SH   SOLE   0 0 15,800
MONDELEZ INTL INC.(FMRLY KRAFT COM 609207105 2,668 45,638 SH   SOLE   0 0 45,638
MORGAN STANLEY COM 617446448 781 11,400 SH   SOLE   0 0 11,400
NIKE, INC. CL B COM 654106103 10,872 76,850 SH   SOLE   0 0 76,850
NESTLE SA - SPON ADR COM 641069406 1,579 13,400 SH   SOLE   0 0 13,400
NOVARTIS AG - ADR COM 66987v109 760 8,050 SH   SOLE   0 0 8,050
OTIS WORLDWIDE CORP (UNITED TE COM 68902v107 486 7,200 SH   SOLE   0 0 7,200
PEPSICO COM 713448108 6,230 42,009 SH   SOLE   0 0 42,009
PFIZER, INC. COM 717081103 5,211 141,575 SH   SOLE   0 0 141,575
PHILIP MORRIS INTERNATIONAL-AL COM 718172109 9,323 112,606 SH   SOLE   0 0 112,606
PHILLIPS 66 COM 718546104 671 9,600 SH   SOLE   0 0 9,600
PROCTER & GAMBLE CO COM 742718109 10,176 73,134 SH   SOLE   0 0 73,134
PUBLIC STORAGE - REIT COM 74460D109 551 2,388 SH   SOLE   0 0 2,388
RALPH LAUREN CORP (FMLY POLO R COM 751212101 311 3,000 SH   SOLE   0 0 3,000
RAYTHEON TECHNOLGIES CORP - NC COM 75513e101 1,030 14,400 SH   SOLE   0 0 14,400
REXFORD INDUSTRIAL REALTY, INC COM 76169c100 1,031 21,000 SH   SOLE   0 0 21,000
RIO TINTO PLC SPONSORED ADR COM 767204100 752 10,000 SH   SOLE   0 0 10,000
ROCHE HOLDING LTD ADR COM 771195104 3,694 84,250 SH   SOLE   0 0 84,250
SEMPRA ENERGY COM 816851109 1,274 10,000 SH   SOLE   0 0 10,000
SINGAPORE AIRLINES COM 870794302 157 49,832 SH   SOLE   0 0 49,832
STARBUCKS CORP COM 855244109 214 2,000 SH   SOLE   0 0 2,000
SWIRE PACIFIC LTD SPONS ADR RP COM 870794302 222 40,000 SH   SOLE   0 0 40,000
SYSCO CORP COM 871829107 743 10,000 SH   SOLE   0 0 10,000
TAIWAN SEMICONDUCTOR MFG CO LT COM 874039100 546 5,006 SH   SOLE   0 0 5,006
TANGER FACTORY OUTLET REIT COM 875465106 1,231 123,600 SH   SOLE   0 0 123,600
TARGET CORP-FRMLY DAYTON HUDSO COM 87612E106 9,210 52,170 SH   SOLE   0 0 52,170
TEXAS INSTRUMENTS INC. COM 882508104 1,641 10,000 SH   SOLE   0 0 10,000
TOTAL SA SPON ADR COM 89151E109 1,177 28,095 SH   SOLE   0 0 28,095
TRAVELERS COMPANIES, INC. COM 89417e109 465 3,311 SH   SOLE   0 0 3,311
U.S. BANCORP (FORMERLY FIRST B COM 902973106 681 14,610 SH   SOLE   0 0 14,610
UNION PACIFIC CORPORATION COM 907818108 1,603 7,700 SH   SOLE   0 0 7,700
UNITED PARCEL SERVICE, INC. CL COM 911312106 859 5,100 SH   SOLE   0 0 5,100
VERIZON COMMUNICATIONS INC. COM 92343V104 1,856 31,592 SH   SOLE   0 0 31,592
VIATRIS INC. (PFIZER SPINOFF) COM 92556v106 329 17,544 SH   SOLE   0 0 17,544
WALMART INC. COM 931142103 3,863 26,800 SH   SOLE   0 0 26,800
YUM BRANDS INC. (FORMERLY TRIC COM 895953107 660 6,080 SH   SOLE   0 0 6,080
YUM CHINA HOLDINGS, INC. COM 98850p109 334 5,853 SH   SOLE   0 0 5,853
ZIMMER BIOMET HOLDINGS(FRMLY Z COM 98956P102 1,037 6,728 SH   SOLE   0 0 6,728
ZOETIS INC. COM 98978v103 5,628 34,005 SH   SOLE   0 0 34,005
BANK OF AMERICA 5 PERP CALL 9 PREFERRED 06055h202 3,888 142,515 SH   SOLE   0 0 142,515
BANK OF AMERICA 6.20 PERP CAL PREFERRED 060505286 500 20,000 SH   SOLE   0 0 20,000
BANK OF AMERICA CORP 6.000 CA PREFERRED 060505260 1,267 50,000 SH   SOLE   0 0 50,000
BROOKFIELD PRPTY PTNRS LP 6.5 PREFERRED G16249149 2,341 100,000 SH   SOLE   0 0 100,000
ENERGY TRANSFER OPER LP 7.375 PREFERRED 29278n301 537 26,000 SH   SOLE   0 0 26,000
JPMORGAN CHASE 6.00 CALLABLE PREFERRED 48128b648 854 30,000 SH   SOLE   0 0 30,000
PRUDENTIAL FINANCIAL INC 5.625 PREFERRED 744320805 2,225 78,000 SH   SOLE   0 0 78,000
PUBLIC STORAGE 5.15 SER F CAL PREFERRED 74460W685 1,122 42,000 SH   SOLE   0 0 42,000