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	2,414	59,438	SH		SOLE		0	0	59,438
ABBVIE INC.	COM	00287y109	769	12,200	SH		SOLE		0	0	12,200
ABBOTT LABORATORIES	COM	002824100	368	8,700	SH		SOLE		0	0	8,700
ALLEGHANY CORP	COM	017175100	837	1,594	SH		SOLE		0	0	1,594
ALPHABET INC CL C	COM	02079K107	622	800	SH		SOLE		0	0	800
ALTRIA GROUP INC	COM	02209S103	6,538	103,406	SH		SOLE		0	0	103,406
AMERICAN AIRLINES GROUP INC.	COM	02376R102	1,128	30,800	SH		SOLE		0	0	30,800
AMERICAN ELECTRIC POWER	COM	025537101	642	10,000	SH		SOLE		0	0	10,000
ANHEUSER-BUSCH INBEV NV SPN AD	COM	03524A108	775	5,900	SH		SOLE		0	0	5,900
AON PLC	COM	037389103	1,307	11,618	SH		SOLE		0	0	11,618
APOLLO INVESTMENT CORPORATION	COM	03761U106	290	50,000	SH		SOLE		0	0	50,000
APPLE INC	COM	037833100	9,455	83,635	SH		SOLE		0	0	83,635
ARCHER-DANIELS-MIDLAND CORP	COM	039483102	429	10,172	SH		SOLE		0	0	10,172
ASTRAZENECA PLC-SPONS ADR	COM	046353108	263	8,000	SH		SOLE		0	0	8,000
AVALONBAY COMMUNITIES, INC REI	COM	053484101	889	5,000	SH		SOLE		0	0	5,000
BP PLC SPONS ADR	COM	055622104	444	12,642	SH		SOLE		0	0	12,642
BANCO SANTANDER SA ADR	COM	05964h105	472	106,987	SH		SOLE		0	0	106,987
BANK OF AMERICA (NEW)	COM	060505104	892	57,017	SH		SOLE		0	0	57,017
BANK OF HAWAII CORPORATION	COM	062540109	1,089	15,000	SH		SOLE		0	0	15,000
BAXTER INT'L INC	COM	071813109	243	5,106	SH		SOLE		0	0	5,106
BERKSHIRE HATHAWAY CL B	COM	084670207	2,891	20,014	SH		SOLE		0	0	20,014
BERKSHIRE HATHAWAY INC CL A	COM	084670108	3,892	18	SH		SOLE		0	0	18
BLACKROCK CAPITAL INVESTMENT C	COM	092533108	228	27,500	SH		SOLE		0	0	27,500
BLACKSTONE GROUP LP (THE)	COM	09253u108	291	11,400	SH		SOLE		0	0	11,400
BOEING CO	COM	097023105	902	6,850	SH		SOLE		0	0	6,850
BOSTON PROPERTIES INC. REIT	COM	101121101	818	6,000	SH		SOLE		0	0	6,000
BRISTOL-MYERS SQUIBB CO	COM	110122108	3,231	59,924	SH		SOLE		0	0	59,924
CK HUTCHISON HOLDINGS(FRM CHEU	COM	166744201	382	30,000	SH		SOLE		0	0	30,000
CHEVRON CORP	COM	166764100	12,288	119,396	SH		SOLE		0	0	119,396
CHUBB LIMITED (FRMLY ACE LIMIT	COM	H1467J104	1,898	15,106	SH		SOLE		0	0	15,106
CISCO SYSTEMS INC	COM	17275R102	688	21,700	SH		SOLE		0	0	21,700
COCA-COLA CO	COM	191216100	6,623	156,490	SH		SOLE		0	0	156,490
COCA-COLA EUROPEAN PARTNERS PL	COM	19122T109	1,077	27,000	SH		SOLE		0	0	27,000
CONOCOPHILLIPS	COM	20825c104	856	19,700	SH		SOLE		0	0	19,700
CONSTELLATION BRANDS, INC.	COM	21036P108	333	2,000	SH		SOLE		0	0	2,000
CORPORATE OFFICE PROPERTY TRUS	COM	22002T108	258	9,100	SH		SOLE		0	0	9,100
DELTA AIR LINES INC	COM	247361702	236	6,000	SH		SOLE		0	0	6,000
DEUTSCHE BANK AG	COM	D18190898	209	16,000	SH		SOLE		0	0	16,000
DIAGEO PLC ADR	COM	25243Q205	5,424	46,740	SH		SOLE		0	0	46,740
DISNEY WALT CO	COM	254687106	1,627	17,520	SH		SOLE		0	0	17,520
EDWARDS LIFESCIENCES CORP.	COM	28176E108	207	1,716	SH		SOLE		0	0	1,716
EMERSON ELECTRIC CO	COM	291011104	389	7,130	SH		SOLE		0	0	7,130
ENTERPRISE PRODUCTS PARTNERS L	COM	293792107	1,323	47,880	SH		SOLE		0	0	47,880
EXPEDIA INC (IAC/INTERACTIVECO	COM	30212p105	584	5,000	SH		SOLE		0	0	5,000
EXPRESS SCRIPTS HOLDING CO	COM	302182100	1,725	24,460	SH		SOLE		0	0	24,460
EXXON MOBIL CORPORATION	COM	30231G102	14,240	163,156	SH		SOLE		0	0	163,156
FNF GROUP (FIDELITY NATL FINCL	COM	31620r303	386	10,458	SH		SOLE		0	0	10,458
FACEBOOK INC	COM	30303M102	1,308	10,200	SH		SOLE		0	0	10,200
FIDELITY NATIONAL INFORMATION	COM	31620m106	413	5,364	SH		SOLE		0	0	5,364
FORD MOTOR COMPANY	COM	345370860	961	79,585	SH		SOLE		0	0	79,585
GENERAL GROWTH PROPERTIES - RE	COM	370021107	1,238	44,846	SH		SOLE		0	0	44,846
GENERAL MILLS INC	COM	370334104	1,310	20,500	SH		SOLE		0	0	20,500
GENERAL MOTORS CO	COM	37045v100	4,514	142,080	SH		SOLE		0	0	142,080
GILEAD SCIENCES, INC	COM	375558103	854	10,800	SH		SOLE		0	0	10,800
HSBC HOLDINGS PLC LTD ADR	COM	404280406	481	12,780	SH		SOLE		0	0	12,780
HOME DEPOT	COM	437076102	3,037	23,600	SH		SOLE		0	0	23,600
HOWARD HUGHES CORP (THE)(SPINO	COM	44267d107	492	4,296	SH		SOLE		0	0	4,296
IAC/INTERACTIVECORP	COM	44919p508	312	5,000	SH		SOLE		0	0	5,000
INTEL CORP	COM	458140100	2,133	56,500	SH		SOLE		0	0	56,500
INTERNATIONAL BUSINESS MACHINE	COM	459200101	8,132	51,192	SH		SOLE		0	0	51,192
JPMORGAN CHASE & CO.	COM	46625H100	5,423	81,434	SH		SOLE		0	0	81,434
JOHNSON & JOHNSON	COM	478160104	4,431	37,510	SH		SOLE		0	0	37,510
KKR & CO. LP	COM	48248m102	257	18,000	SH		SOLE		0	0	18,000
KIMBERLY-CLARK	COM	494368103	1,842	14,600	SH		SOLE		0	0	14,600
KRAFT HEINZ CO (THE)	COM	500754106	2,113	23,609	SH		SOLE		0	0	23,609
LOEWS CORP	COM	540424108	3,270	79,477	SH		SOLE		0	0	79,477
MACY'S INC. (FORMERLY FEDERATE	COM	55616P104	3,196	86,256	SH		SOLE		0	0	86,256
MERCK & CO.	COM	58933Y105	8,723	139,770	SH		SOLE		0	0	139,770
MICROSOFT CORP	COM	594918104	812	14,100	SH		SOLE		0	0	14,100
MONDELEZ INTL INC (FMRLY KRAFT	COM	609207105	2,022	46,053	SH		SOLE		0	0	46,053
NESTLE ADR	COM	641069406	1,138	14,400	SH		SOLE		0	0	14,400
NEW YORK COMMUNITY BANCORP, IN	COM	649445103	1,364	95,850	SH		SOLE		0	0	95,850
NIKE INC., CL B	COM	654106103	2,106	40,000	SH		SOLE		0	0	40,000
NOVARTIS AG - ADR	COM	66987v109	1,366	17,300	SH		SOLE		0	0	17,300
PEPSICO	COM	713448108	4,743	43,609	SH		SOLE		0	0	43,609
PFIZER, INC.	COM	717081103	4,303	127,050	SH		SOLE		0	0	127,050
PHILIP MORRIS INTERNATIONAL-AL	COM	718172109	11,220	115,406	SH		SOLE		0	0	115,406
PHILLIPS 66	COM	718546104	793	9,850	SH		SOLE		0	0	9,850
PROSHARES ULTRASHORT 20+ YEAR	COM	74347b201	284	9,000	SH		SOLE		0	0	9,000
PROCTER & GAMBLE CO	COM	742718109	6,773	75,464	SH		SOLE		0	0	75,464
PUBLIC STORAGE - REIT	COM	74460D109	533	2,388	SH		SOLE		0	0	2,388
QUALCOMM INC.	COM	747525103	2,240	32,700	SH		SOLE		0	0	32,700
RALPH LAUREN CORP (FMLY POLO R	COM	731572103	303	3,000	SH		SOLE		0	0	3,000
REXFORD INDUSTRIAL REALTY, INC	COM	76169c100	481	21,000	SH		SOLE		0	0	21,000
REYNOLDS AMERICAN INC	COM	761713106	2,850	60,450	SH		SOLE		0	0	60,450
RIO TINTO PLC SPONSORED ADR	COM	767204100	351	10,500	SH		SOLE		0	0	10,500
ROCHE HOLDINGS LTD ADR	COM	771195104	2,745	88,650	SH		SOLE		0	0	88,650
ROYAL DUTCH SHELL PLC - ADR A	COM	780259206	5,977	119,370	SH		SOLE		0	0	119,370
SEMPRA ENERGY	COM	816851109	1,072	10,000	SH		SOLE		0	0	10,000
SIMON PROPERTY GROUP, INC. REI	COM	828806109	538	2,600	SH		SOLE		0	0	2,600
SINGAPORE AIRLINES	COM	870794302	669	87,911	SH		SOLE		0	0	87,911
SWIRE PACIFIC LTD SPONS ADR RP	COM	870794302	440	40,000	SH		SOLE		0	0	40,000
SYSCO CORP	COM	871829107	490	10,000	SH		SOLE		0	0	10,000
TANGER FACTORY OUTLET REIT	COM	875465106	982	25,200	SH		SOLE		0	0	25,200
TARGET CORP-FRMLY DAYTON HUDSO	COM	87612E106	2,124	30,920	SH		SOLE		0	0	30,920
TEVA PHARMACEUTICALS ADR	COM	881624209	460	10,000	SH		SOLE		0	0	10,000
TEXAS INSTRUMENTS INC.	COM	882508104	702	10,000	SH		SOLE		0	0	10,000
TIFFANY & CO	COM	886547108	603	8,300	SH		SOLE		0	0	8,300
TOTAL SA SPON ADR	COM	89151E109	2,475	51,895	SH		SOLE		0	0	51,895
TRAVELERS COMPANIES, INC	COM	89417e109	379	3,311	SH		SOLE		0	0	3,311
TRIPADVISOR INC.	COM	896945201	316	5,000	SH		SOLE		0	0	5,000
TWENTY-FIRST CENTURY FOX, INC.	COM	90130A101	2,067	85,342	SH		SOLE		0	0	85,342
U.S. BANCORP (FORMERLY FIRST B	COM	902973106	634	14,789	SH		SOLE		0	0	14,789
UNION PACIFIC CORPORATION	COM	907818108	751	7,700	SH		SOLE		0	0	7,700
UNITED PARCEL SERVICE, INC. CL	COM	911312106	558	5,100	SH		SOLE		0	0	5,100
UNITED TECHNOLOGIES CORP	COM	913017109	1,463	14,400	SH		SOLE		0	0	14,400
VERIZON	COM	92343V104	1,649	31,718	SH		SOLE		0	0	31,718
WAL-MART STORES	COM	931142103	1,933	26,800	SH		SOLE		0	0	26,800
WELLS FARGO & CO.	COM	949746101	235	5,300	SH		SOLE		0	0	5,300
YUM BRANDS INC (FORMERLY TRICO	COM	895953107	639	7,040	SH		SOLE		0	0	7,040
ZIMMER BIOMET HOLDINGS(FRMLY Z	COM	98956P102	875	6,728	SH		SOLE		0	0	6,728
ZOETIS INC.	COM	98978v103	1,843	35,440	SH		SOLE		0	0	35,440
BANK OF AMERICA 6.20% PERP CAL	PREFERRED	060505286	527	20,000	SH		SOLE		0	0	20,000
BANK OF AMERICA CORP 6.000% CA	PREFERRED	060505260	1,313	50,000	SH		SOLE		0	0	50,000
BROOKFIELD DTLA FD OFFICE TR P	PREFERRED	112714209	208	10,000	SH		SOLE		0	0	10,000
GE (FORMERLY GE CAP) 4.875% CA	PREFERRED	369622410	944	36,000	SH		SOLE		0	0	36,000
JPMORGAN CHASE 6.125% CALLABLE	PREFERRED	48127r461	542	20,000	SH		SOLE		0	0	20,000
PUBLIC STORAGE SER W 5.2% CALL	PREFERRED	74460w875	1,333	52,000	SH		SOLE		0	0	52,000
RBC SER C-1 5.5% CALL'17@25(FR	PREFERRED	78013g402	2,924	112,040	SH		SOLE		0	0	112,040