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
ABBVIE INC. COM 00287y109 5,890 43,500 SH   SOLE   0 0 43,500
ABBOTT LABORATORIES COM 002824100 1,224 8,700 SH   SOLE   0 0 8,700
AEGON NV - NY REG SHRS COM 007924103 181 36,691 SH   SOLE   0 0 36,691
AGILENT TECHNOLOGIES, INC.(SPU COM 00846U101 266 1,669 SH   SOLE   0 0 1,669
ALLEGHANY CORP COM 017175100 1,064 1,594 SH   SOLE   0 0 1,594
ALLSTATE CORP COM 020002101 235 2,000 SH   SOLE   0 0 2,000
ALPHABET INC. CL C COM 02079K107 8,305 2,870 SH   SOLE   0 0 2,870
ALTRIA GROUP INC. COM 02209S103 4,897 103,326 SH   SOLE   0 0 103,326
AMAZON.COM, INC. COM 023135106 1,397 419 SH   SOLE   0 0 419
AMERICAN ELECTRIC POWER COM 025537101 890 10,000 SH   SOLE   0 0 10,000
ANHEUSER-BUSCH INBEV SA/NV - S COM 03524A108 306 5,050 SH   SOLE   0 0 5,050
AON PLC COM 037389103 3,492 11,618 SH   SOLE   0 0 11,618
APPLE INC. COM 037833100 53,035 298,673 SH   SOLE   0 0 298,673
ARCHER-DANIELS-MIDLAND CORP COM 039483102 688 10,172 SH   SOLE   0 0 10,172
ASTRAZENECA PLC-SPONS ADR COM 046353108 466 8,000 SH   SOLE   0 0 8,000
AVALONBAY COMMUNITIES, INC REI COM 053484101 1,263 5,000 SH   SOLE   0 0 5,000
BP PLC SPONS ADR COM 055622104 310 11,642 SH   SOLE   0 0 11,642
BANK OF HAWAII CORPORATION COM 062540109 5,151 61,500 SH   SOLE   0 0 61,500
BAXTER INT'L INC. COM 071813109 395 4,606 SH   SOLE   0 0 4,606
BERKSHIRE HATHAWAY INC. CL A COM 084670108 8,112 18 SH   SOLE   0 0 18
BERKSHIRE HATHAWAY INC. CL B COM 084670702 6,135 20,518 SH   SOLE   0 0 20,518
BLACK KNIGHT INC. (FNF GROUP S COM 09215C105 266 3,206 SH   SOLE   0 0 3,206
BLACKSTONE INC. (THE) COM 09260d107 1,423 11,000 SH   SOLE   0 0 11,000
BOSTON PROPERTIES INC. REIT COM 101121101 691 6,000 SH   SOLE   0 0 6,000
BRISTOL-MYERS SQUIBB CO COM 110122108 3,736 59,924 SH   SOLE   0 0 59,924
BRITISH AMERICAN TOBACCO PLC - COM 110448107 2,256 60,300 SH   SOLE   0 0 60,300
CARRIER GLOBAL CORP (UNITED TE COM 14448c104 781 14,400 SH   SOLE   0 0 14,400
CATERPILLAR INC. COM 149123101 1,406 6,800 SH   SOLE   0 0 6,800
CHEVRON CORP COM 166764100 13,534 115,326 SH   SOLE   0 0 115,326
CHUBB LIMITED (FRMLY ACE LIMIT COM H1467J104 2,881 14,906 SH   SOLE   0 0 14,906
CHURCH & DWIGHT COM 171340102 246 2,400 SH   SOLE   0 0 2,400
CIGNA CORP (ACQUIRED EXPRESS S COM 125523100 1,362 5,932 SH   SOLE   0 0 5,932
CLOROX COMPANY (THE) COM 189054109 1,744 10,000 SH   SOLE   0 0 10,000
COCA-COLA CO COM 191216100 10,361 174,980 SH   SOLE   0 0 174,980
COCA-COLA EUROPACIFIC PARTNERS COM g25839104 727 13,000 SH   SOLE   0 0 13,000
CONOCOPHILLIPS COM 20825c104 1,566 21,700 SH   SOLE   0 0 21,700
CONSTELLATION BRANDS, INC. COM 21036P108 2,729 10,875 SH   SOLE   0 0 10,875
CORPORATE OFFICE PROPERTY TRUS COM 22002T108 255 9,100 SH   SOLE   0 0 9,100
CROWN CASTLE INTERNATIONAL COR COM 22822v101 1,002 4,800 SH   SOLE   0 0 4,800
CUE HEALTH INC. COM 229790100 268 20,000 SH   SOLE   0 0 20,000
DARDEN RESTAURANTS INC. COM 237194105 452 3,000 SH   SOLE   0 0 3,000
DIAGEO PLC ADR COM 25243Q205 9,915 45,040 SH   SOLE   0 0 45,040
DIGITAL REALTY TRUST, INC. REI COM 253868103 2,458 13,900 SH   SOLE   0 0 13,900
DISNEY WALT CO COM 254687106 7,507 48,465 SH   SOLE   0 0 48,465
EDWARDS LIFESCIENCES CORP. COM 28176E108 495 3,820 SH   SOLE   0 0 3,820
EMERSON ELECTRIC CO COM 291011104 663 7,130 SH   SOLE   0 0 7,130
ENTERPRISE PRODUCTS PARTNERS, COM 293792107 3,436 156,460 SH   SOLE   0 0 156,460
EXPEDIA INC.(IAC/INTERACTIVECO COM 30212p303 886 4,900 SH   SOLE   0 0 4,900
FIDELITY NATIONAL FINANCIAL, I COM 31620r303 546 10,458 SH   SOLE   0 0 10,458
FIDELITY NATIONAL INFORMATION COM 31620m106 585 5,364 SH   SOLE   0 0 5,364
FORD MOTOR COMPANY COM 345370860 507 24,390 SH   SOLE   0 0 24,390
GENERAL MILLS, INC. COM 370334104 3,773 56,000 SH   SOLE   0 0 56,000
GENERAL MOTORS COMPANY COM 37045v100 6,616 112,840 SH   SOLE   0 0 112,840
HOME DEPOT COM 437076102 8,113 19,550 SH   SOLE   0 0 19,550
HOWARD HUGHES CORP (THE)(SPINO COM 44267d107 417 4,100 SH   SOLE   0 0 4,100
IAC/INTERACTIVECORP COM 44891n208 644 4,925 SH   SOLE   0 0 4,925
INTEL CORP COM 458140100 2,781 54,000 SH   SOLE   0 0 54,000
INTERNATIONAL BUSINESS MACHINE COM 459200101 3,381 25,292 SH   SOLE   0 0 25,292
IRON MOUNTAIN INC. REIT COM 46284v101 6,887 131,600 SH   SOLE   0 0 131,600
JPMORGAN CHASE & CO. COM 46625H100 10,773 68,031 SH   SOLE   0 0 68,031
JOHNSON & JOHNSON COM 478160104 6,619 38,690 SH   SOLE   0 0 38,690
KKR & CO. INC. COM 48251w104 1,341 18,000 SH   SOLE   0 0 18,000
KIMBERLY-CLARK COM 494368103 2,115 14,800 SH   SOLE   0 0 14,800
KINDER MORGAN, INC. COM 49456B101 3,071 193,620 SH   SOLE   0 0 193,620
LOEWS CORP COM 540424108 4,500 77,917 SH   SOLE   0 0 77,917
MARKER THERAPEUTICS, INC. COM 57055L107 68 71,500 SH   SOLE   0 0 71,500
MATCH GROUP, INC. COM 57667l107 1,405 10,623 SH   SOLE   0 0 10,623
MCDONALD'S CORP COM 580135101 1,876 7,000 SH   SOLE   0 0 7,000
MERCK & CO., INC. COM 58933Y105 10,313 134,570 SH   SOLE   0 0 134,570
METLIFE INC. COM 59156r108 250 4,000 SH   SOLE   0 0 4,000
META PLATFORMS INC. (FRMLY FAC COM 30303M102 4,477 13,310 SH   SOLE   0 0 13,310
MICROSOFT CORPORATION COM 594918104 5,297 15,750 SH   SOLE   0 0 15,750
MONDELEZ INTL INC.(FMRLY KRAFT COM 609207105 3,026 45,638 SH   SOLE   0 0 45,638
MORGAN STANLEY COM 617446448 1,119 11,400 SH   SOLE   0 0 11,400
NIKE, INC. CL B COM 654106103 12,554 75,325 SH   SOLE   0 0 75,325
NESTLE SA - SPON ADR COM 641069406 2,386 17,000 SH   SOLE   0 0 17,000
NOVARTIS AG - ADR COM 66987v109 940 10,750 SH   SOLE   0 0 10,750
ORACLE CORP COM 68389X105 262 3,000 SH   SOLE   0 0 3,000
ORGANON & CO. (MERCK SPIN OFF) COM 68622v106 3,065 100,655 SH   SOLE   0 0 100,655
OTIS WORLDWIDE CORP (UNITED TE COM 68902v107 627 7,200 SH   SOLE   0 0 7,200
PEPSICO COM 713448108 7,297 42,009 SH   SOLE   0 0 42,009
PFIZER, INC. COM 717081103 8,360 141,575 SH   SOLE   0 0 141,575
PHILIP MORRIS INTERNATIONAL-AL COM 718172109 10,679 112,406 SH   SOLE   0 0 112,406
PHILLIPS 66 COM 718546104 913 12,600 SH   SOLE   0 0 12,600
PROCTER & GAMBLE CO COM 742718109 12,241 74,834 SH   SOLE   0 0 74,834
PROMETHEUS BIOSCIENCES, INC. COM 74349u108 1,101 27,857 SH   SOLE   0 0 27,857
PUBLIC STORAGE - REIT COM 74460D109 894 2,388 SH   SOLE   0 0 2,388
RALPH LAUREN CORP (FMLY POLO R COM 751212101 357 3,000 SH   SOLE   0 0 3,000
RAYTHEON TECHNOLGIES CORP - NC COM 75513e101 1,497 17,400 SH   SOLE   0 0 17,400
REXFORD INDUSTRIAL REALTY, INC COM 76169c100 1,703 21,000 SH   SOLE   0 0 21,000
RIO TINTO PLC SPONSORED ADR COM 767204100 669 10,000 SH   SOLE   0 0 10,000
ROCHE HOLDING LTD ADR COM 771195104 4,639 89,750 SH   SOLE   0 0 89,750
SEMPRA ENERGY COM 816851109 1,918 14,500 SH   SOLE   0 0 14,500
SWIRE PACIFIC LTD SPONS ADR RP COM 870794302 228 40,000 SH   SOLE   0 0 40,000
SYSCO CORP COM 871829107 786 10,000 SH   SOLE   0 0 10,000
TAIWAN SEMICONDUCTOR MFG CO LT COM 874039100 602 5,006 SH   SOLE   0 0 5,006
TANGER FACTORY OUTLET REIT COM 875465106 4,649 241,150 SH   SOLE   0 0 241,150
TARGET CORP-FRMLY DAYTON HUDSO COM 87612E106 11,854 51,220 SH   SOLE   0 0 51,220
TEXAS INSTRUMENTS INC. COM 882508104 1,885 10,000 SH   SOLE   0 0 10,000
TOTALENERGIES SE ADR (FRMRLY T COM 89151E109 1,983 40,095 SH   SOLE   0 0 40,095
TRAVELERS COMPANIES, INC. COM 89417e109 518 3,311 SH   SOLE   0 0 3,311
U.S. BANCORP (FORMERLY FIRST B COM 902973106 821 14,610 SH   SOLE   0 0 14,610
UNION PACIFIC CORPORATION COM 907818108 1,889 7,500 SH   SOLE   0 0 7,500
UNITED PARCEL SERVICE, INC. CL COM 911312106 1,093 5,100 SH   SOLE   0 0 5,100
VERIZON COMMUNICATIONS INC. COM 92343V104 3,338 64,242 SH   SOLE   0 0 64,242
WALMART INC. COM 931142103 3,878 26,800 SH   SOLE   0 0 26,800
YUM BRANDS INC. (FORMERLY TRIC COM 895953107 844 6,080 SH   SOLE   0 0 6,080
YUM CHINA HOLDINGS, INC. COM 98850p109 292 5,853 SH   SOLE   0 0 5,853
ZIMMER BIOMET HOLDINGS(FRMLY Z COM 98956P102 851 6,700 SH   SOLE   0 0 6,700
ZOETIS INC. COM 98978v103 8,273 33,900 SH   SOLE   0 0 33,900
BANK OF AMERICA 5 PERP CALL 9 PFD 06055h202 3,751 141,115 SH   SOLE   0 0 141,115
BROOKFIELD PRPTY PTNRS LP 6.5 PFD G16249149 2,544 100,000 SH   SOLE   0 0 100,000
ENERGY TRANSFER LP 7.375 PFD PFD 29273v407 645 26,000 SH   SOLE   0 0 26,000
JPMORGAN CHASE 6.00 CALLABLE PFD 48128b648 818 30,000 SH   SOLE   0 0 30,000
PRUDENTIAL FINANCIAL INC 5.625 PFD 744320805 2,010 74,000 SH   SOLE   0 0 74,000
PUBLIC STORAGE 5.15 SER F CAL PFD 74460W685 1,027 40,000 SH   SOLE   0 0 40,000