Ar Asset Management 13F-HR Quarterly holdings report by institutional manager

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
Expires:	Oct 31, 2018
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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	78387G103	2,328	59,438	SH		SOLE		0	0	59,438
ABBVIE INC.	COM	00287y109	697	12,200	SH		SOLE		0	0	12,200
ABBOTT LABORATORIES	COM	002824100	364	8,700	SH		SOLE		0	0	8,700
ALLEGHANY CORP	COM	017175100	791	1,594	SH		SOLE		0	0	1,594
ALTRIA GROUP INC	COM	02209S103	6,504	103,806	SH		SOLE		0	0	103,806
AMERICAN AIRLINES GROUP INC.	COM	02376R102	1,263	30,800	SH		SOLE		0	0	30,800
AMERICAN ELECTRIC POWER	COM	025537101	664	10,000	SH		SOLE		0	0	10,000
AON PLC	COM	037389103	1,214	11,618	SH		SOLE		0	0	11,618
APOLLO INVESTMENT CORPORATION	COM	03761U106	278	50,000	SH		SOLE		0	0	50,000
APPLE INC	COM	037833100	9,192	84,335	SH		SOLE		0	0	84,335
ARCHER-DANIELS-MIDLAND CORP	COM	039483102	369	10,172	SH		SOLE		0	0	10,172
ASTRAZENECA PLC-SPONS ADR	COM	046353108	225	8,000	SH		SOLE		0	0	8,000
AVALONBAY COMMUNITIES, INC REI	COM	053484101	951	5,000	SH		SOLE		0	0	5,000
BP PLC SPONS ADR	COM	055622104	382	12,642	SH		SOLE		0	0	12,642
BANCO SANTANDER SA ADR	COM	05964h105	466	106,987	SH		SOLE		0	0	106,987
BANK OF AMERICA (NEW)	COM	060505104	784	58,017	SH		SOLE		0	0	58,017
BANK OF HAWAII CORPORATION	COM	062540109	1,024	15,000	SH		SOLE		0	0	15,000
BAXALTA INC (BAXTER INT'L SPIN	COM	07177m103	206	5,106	SH		SOLE		0	0	5,106
BAXTER INT'L INC	COM	071813109	210	5,106	SH		SOLE		0	0	5,106
BERKSHIRE HATHAWAY CL B	COM	084670207	2,840	20,014	SH		SOLE		0	0	20,014
BERKSHIRE HATHAWAY INC CL A	COM	084670108	4,056	19	SH		SOLE		0	0	19
BLACKROCK CAPITAL INVESTMENT C	COM	092533108	259	27,500	SH		SOLE		0	0	27,500
BOEING CO	COM	097023105	870	6,850	SH		SOLE		0	0	6,850
BOSTON PROPERTIES INC. REIT	COM	101121101	762	6,000	SH		SOLE		0	0	6,000
BRISTOL-MYERS SQUIBB CO	COM	110122108	4,908	76,824	SH		SOLE		0	0	76,824
CK HUTCHISON HOLDINGS(FRM CHEU	COM	166744201	391	30,000	SH		SOLE		0	0	30,000
CHEVRON CORP	COM	166764100	11,419	119,696	SH		SOLE		0	0	119,696
CHUBB LIMITED (FRMLY ACE LIMIT	COM	H1467J104	1,800	15,106	SH		SOLE		0	0	15,106
CISCO SYSTEMS INC	COM	17275R102	618	21,700	SH		SOLE		0	0	21,700
COCA COLA ENTERPRISES	COM	19122T109	1,370	27,000	SH		SOLE		0	0	27,000
COCA-COLA CO	COM	191216100	7,292	157,190	SH		SOLE		0	0	157,190
CONOCOPHILLIPS	COM	20825c104	793	19,700	SH		SOLE		0	0	19,700
CONSTELLATION BRANDS, INC.	COM	21036P108	302	2,000	SH		SOLE		0	0	2,000
CORPORATE OFFICE PROPERTY TRUS	COM	22002T108	239	9,100	SH		SOLE		0	0	9,100
DELTA AIR LINES INC	COM	247361702	292	6,000	SH		SOLE		0	0	6,000
DIAGEO PLC ADR	COM	25243Q205	5,042	46,740	SH		SOLE		0	0	46,740
DISNEY WALT CO	COM	254687106	1,740	17,520	SH		SOLE		0	0	17,520
EMERSON ELECTRIC CO	COM	291011104	388	7,130	SH		SOLE		0	0	7,130
ENTERPRISE PRODUCTS PARTNERS L	COM	293792107	1,191	48,380	SH		SOLE		0	0	48,380
EQUITY COMMONWEALTH REIT(FRMLY	COM	294628102	7,221	255,900	SH		SOLE		0	0	255,900
EXPEDIA INC (IAC/INTERACTIVECO	COM	30212p105	539	5,000	SH		SOLE		0	0	5,000
EXPRESS SCRIPTS HOLDING CO	COM	302182100	1,680	24,460	SH		SOLE		0	0	24,460
EXXON MOBIL CORPORATION	COM	30231G102	13,605	162,756	SH		SOLE		0	0	162,756
FNF GROUP (FIDELITY NATL FINCL	COM	31620r303	355	10,458	SH		SOLE		0	0	10,458
FACEBOOK INC	COM	30303M102	513	4,500	SH		SOLE		0	0	4,500
FIDELITY NATIONAL INFORMATION	COM	31620m106	340	5,364	SH		SOLE		0	0	5,364
FORD MOTOR COMPANY	COM	345370860	1,074	79,585	SH		SOLE		0	0	79,585
GENERAL GROWTH PROPERTIES - RE	COM	370021107	1,333	44,846	SH		SOLE		0	0	44,846
GENERAL MILLS INC	COM	370334104	1,299	20,500	SH		SOLE		0	0	20,500
GENERAL MOTORS CO	COM	37045v100	4,149	132,000	SH		SOLE		0	0	132,000
GILEAD SCIENCES, INC	COM	375558103	992	10,800	SH		SOLE		0	0	10,800
HSBC HOLDINGS PLC LTD ADR	COM	404280406	407	13,067	SH		SOLE		0	0	13,067
HOME DEPOT	COM	437076102	3,149	23,600	SH		SOLE		0	0	23,600
HOWARD HUGHES CORP (THE)(SPINO	COM	44267d107	455	4,296	SH		SOLE		0	0	4,296
IAC/INTERACTIVECORP	COM	44919p508	235	5,000	SH		SOLE		0	0	5,000
INTEL CORP	COM	458140100	1,812	56,000	SH		SOLE		0	0	56,000
INTERNATIONAL BUSINESS MACHINE	COM	459200101	7,602	50,192	SH		SOLE		0	0	50,192
JPMORGAN CHASE & CO.	COM	46625H100	4,823	81,434	SH		SOLE		0	0	81,434
JOHNSON & JOHNSON	COM	478160104	4,167	38,510	SH		SOLE		0	0	38,510
KKR & CO. LP	COM	48248m102	264	18,000	SH		SOLE		0	0	18,000
KIMBERLY-CLARK	COM	494368103	1,964	14,600	SH		SOLE		0	0	14,600
LOEWS CORP	COM	540424108	3,117	81,477	SH		SOLE		0	0	81,477
MACY'S INC. (FORMERLY FEDERATE	COM	55616P104	3,869	87,756	SH		SOLE		0	0	87,756
MERCK & CO.	COM	58933Y105	7,395	139,770	SH		SOLE		0	0	139,770
MICROSOFT CORP	COM	594918104	762	13,800	SH		SOLE		0	0	13,800
MONDELEZ INTL INC (FMRLY KRAFT	COM	609207105	1,848	46,053	SH		SOLE		0	0	46,053
NESTLE ADR	COM	641069406	821	11,000	SH		SOLE		0	0	11,000
NEW YORK COMMUNITY BANCORP, IN	COM	649445103	1,524	95,850	SH		SOLE		0	0	95,850
NIKE INC., CL B	COM	654106103	2,459	40,000	SH		SOLE		0	0	40,000
NOVARTIS AG - ADR	COM	66987v109	1,253	17,300	SH		SOLE		0	0	17,300
PEPSICO	COM	713448108	4,469	43,609	SH		SOLE		0	0	43,609
PFIZER, INC.	COM	717081103	3,766	127,050	SH		SOLE		0	0	127,050
PHILIP MORRIS INTERNATIONAL-AL	COM	718172109	11,352	115,706	SH		SOLE		0	0	115,706
PHILLIPS 66	COM	718546104	853	9,850	SH		SOLE		0	0	9,850
PROSHARES ULTRASHORT 20+ YEAR	COM	74347b201	332	9,000	SH		SOLE		0	0	9,000
PROCTER & GAMBLE CO	COM	742718109	6,211	75,464	SH		SOLE		0	0	75,464
PUBLIC STORAGE - REIT	COM	74460D109	659	2,388	SH		SOLE		0	0	2,388
QUALCOMM INC.	COM	747525103	1,672	32,700	SH		SOLE		0	0	32,700
RALPH LAUREN CORP (FMLY POLO R	COM	731572103	289	3,000	SH		SOLE		0	0	3,000
REXFORD INDUSTRIAL REALTY, INC	COM	76169c100	381	21,000	SH		SOLE		0	0	21,000
REYNOLDS AMERICAN INC	COM	761713106	3,041	60,450	SH		SOLE		0	0	60,450
RIO TINTO PLC SPONSORED ADR	COM	767204100	297	10,500	SH		SOLE		0	0	10,500
ROCHE HOLDINGS LTD ADR	COM	771195104	2,715	88,650	SH		SOLE		0	0	88,650
ROYAL DUTCH SHELL PLC - ADR A	COM	780259206	5,691	117,470	SH		SOLE		0	0	117,470
SPDR DOW JONES INDUSTRIAL AVER	COM	78467x109	283	1,600	SH		SOLE		0	0	1,600
SPDR S&P 500 ETF TRUST	COM	78462f103	267	1,300	SH		SOLE		0	0	1,300
SEMPRA ENERGY	COM	816851109	1,041	10,000	SH		SOLE		0	0	10,000
SIMON PROPERTY GROUP, INC. REI	COM	828806109	540	2,600	SH		SOLE		0	0	2,600
SINGAPORE AIRLINES	COM	870794302	729	87,911	SH		SOLE		0	0	87,911
SWIRE PACIFIC LTD SPONS ADR RP	COM	870794302	432	40,000	SH		SOLE		0	0	40,000
SYSCO CORP	COM	871829107	467	10,000	SH		SOLE		0	0	10,000
TANGER FACTORY OUTLET REIT	COM	875465106	917	25,200	SH		SOLE		0	0	25,200
TARGET CORP-FRMLY DAYTON HUDSO	COM	87612E106	2,544	30,920	SH		SOLE		0	0	30,920
TERRA TECH CORP	COM	88102j100	2	10,000	SH		SOLE		0	0	10,000
TEVA PHARMACEUTICALS ADR	COM	881624209	535	10,000	SH		SOLE		0	0	10,000
TEXAS INSTRUMENTS INC.	COM	882508104	574	10,000	SH		SOLE		0	0	10,000
THE BLACKSTONE GROUP LP	COM	09253u108	320	11,400	SH		SOLE		0	0	11,400
THE KRAFT HEINZ CO	COM	500754106	1,855	23,609	SH		SOLE		0	0	23,609
TIFFANY & CO	COM	886547108	609	8,300	SH		SOLE		0	0	8,300
TOTAL SA SPON ADR	COM	89151E109	2,357	51,895	SH		SOLE		0	0	51,895
TRAVELERS COMPANIES, INC	COM	89417e109	386	3,311	SH		SOLE		0	0	3,311
TRIPADVISOR INC.	COM	896945201	333	5,000	SH		SOLE		0	0	5,000
TWENTY-FIRST CENTURY FOX, INC.	COM	90130A101	2,379	85,342	SH		SOLE		0	0	85,342
U.S. BANCORP (FORMERLY FIRST B	COM	902973106	600	14,789	SH		SOLE		0	0	14,789
UNION PACIFIC CORPORATION	COM	907818108	613	7,700	SH		SOLE		0	0	7,700
UNITED PARCEL SERVICE, INC. CL	COM	911312106	538	5,100	SH		SOLE		0	0	5,100
UNITED TECHNOLOGIES CORP	COM	913017109	1,441	14,400	SH		SOLE		0	0	14,400
VERIZON	COM	92343V104	1,715	31,718	SH		SOLE		0	0	31,718
WAL-MART STORES	COM	931142103	1,836	26,800	SH		SOLE		0	0	26,800
YUM BRANDS INC (FORMERLY TRICO	COM	895953107	576	7,040	SH		SOLE		0	0	7,040
ZIMMER BIOMET HOLDINGS(FRMLY Z	COM	98956P102	717	6,728	SH		SOLE		0	0	6,728
ZOETIS INC.	COM	98978v103	1,785	40,257	SH		SOLE		0	0	40,257
BANK OF AMERICA 6.20% PERP CAL	PREFERRED	060505286	521	20,000	SH		SOLE		0	0	20,000
BROOKFIELD DTLA FD OFFICE TR P	PREFERRED	112714209	193	10,000	SH		SOLE		0	0	10,000
GE CAPITAL CORP 4.875% CALLABL	PREFERRED	369622410	951	36,000	SH		SOLE		0	0	36,000
JPMORGAN CHASE 6.125% CALLABLE	PREFERRED	48127r461	524	20,000	SH		SOLE		0	0	20,000
PUBLIC STORAGE SER W 5.2% CALL	PREFERRED	74460w875	1,330	52,000	SH		SOLE		0	0	52,000
RBC SER C-1 5.5% CALL'17@25(FR	PREFERRED	78013g402	2,872	112,040	SH		SOLE		0	0	112,040