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
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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	00206R102	4,243	109,138	SH		SOLE		0	0	109,138
ABBVIE INC.	COM	00287y109	1,180	12,200	SH		SOLE		0	0	12,200
ABBOTT LABORATORIES	COM	002824100	497	8,700	SH		SOLE		0	0	8,700
ALLEGHANY CORP	COM	017175100	950	1,594	SH		SOLE		0	0	1,594
ALLSTATE CORP	COM	020002101	209	2,000	SH		SOLE		0	0	2,000
ALPHABET INC. CL C	COM	02079K107	837	800	SH		SOLE		0	0	800
ALTRIA GROUP INC.	COM	02209S103	7,384	103,406	SH		SOLE		0	0	103,406
AMERICAN AIRLINES GROUP INC.	COM	02376R102	1,577	30,300	SH		SOLE		0	0	30,300
AMERICAN ELECTRIC POWER	COM	025537101	736	10,000	SH		SOLE		0	0	10,000
ANHEUSER-BUSCH INBEV NV SPN ADR	COM	03524A108	580	5,200	SH		SOLE		0	0	5,200
AON PLC	COM	037389103	1,557	11,618	SH		SOLE		0	0	11,618
APOLLO INVESTMENT CORPORATION	COM	03761U106	283	50,000	SH		SOLE		0	0	50,000
APPLE INC.	COM	037833100	13,697	80,935	SH		SOLE		0	0	80,935
ARCHER-DANIELS-MIDLAND CORP	COM	039483102	408	10,172	SH		SOLE		0	0	10,172
ASTRAZENECA PLC-SPONS ADR	COM	046353108	278	8,000	SH		SOLE		0	0	8,000
AVALONBAY COMMUNITIES, INC REI	COM	053484101	892	5,000	SH		SOLE		0	0	5,000
BP PLC SPONS ADR	COM	055622104	531	12,642	SH		SOLE		0	0	12,642
BANCO SANTANDER SA ADR	COM	05964h105	523	79,997	SH		SOLE		0	0	79,997
BANK OF AMERICA (NEW)	COM	060505104	1,683	57,017	SH		SOLE		0	0	57,017
BANK OF HAWAII CORPORATION	COM	062540109	1,285	15,000	SH		SOLE		0	0	15,000
BAXTER INT'L INC.	COM	071813109	330	5,106	SH		SOLE		0	0	5,106
BERKSHIRE HATHAWAY INC. CL A	COM	084670108	5,357	18	SH		SOLE		0	0	18
BERKSHIRE HATHAWAY INC. CL B	COM	084670207	3,967	20,014	SH		SOLE		0	0	20,014
BLACKROCK CAPITAL INVESTMENT C	COM	092533108	171	27,500	SH		SOLE		0	0	27,500
BLACKSTONE GROUP LP (THE)	COM	09253u108	352	11,000	SH		SOLE		0	0	11,000
BOEING CO	COM	097023105	2,013	6,825	SH		SOLE		0	0	6,825
BOSTON PROPERTIES INC. REIT	COM	101121101	780	6,000	SH		SOLE		0	0	6,000
BRISTOL-MYERS SQUIBB CO	COM	110122108	3,672	59,924	SH		SOLE		0	0	59,924
CK HUTCHISON HOLDINGS(FRM CHEU	COM	166744201	377	30,000	SH		SOLE		0	0	30,000
CHEVRON CORP	COM	166764100	14,904	119,048	SH		SOLE		0	0	119,048
CHUBB LIMITED (FRMLY ACE LIMIT	COM	H1467J104	2,207	15,106	SH		SOLE		0	0	15,106
CITIGROUP INC.	COM	172967424	204	2,746	SH		SOLE		0	0	2,746
COCA-COLA CO	COM	191216100	8,011	174,615	SH		SOLE		0	0	174,615
COCA-COLA EUROPEAN PARTNERS PL	COM	19122T109	1,076	27,000	SH		SOLE		0	0	27,000
CONOCOPHILLIPS	COM	20825c104	1,081	19,700	SH		SOLE		0	0	19,700
CONSTELLATION BRANDS, INC.	COM	21036P108	457	2,000	SH		SOLE		0	0	2,000
CORPORATE OFFICE PROPERTY TRUS	COM	22002T108	266	9,100	SH		SOLE		0	0	9,100
DARDEN RESTAURANTS INC.	COM	237194105	288	3,000	SH		SOLE		0	0	3,000
DELTA AIR LINES INC.	COM	247361702	336	6,000	SH		SOLE		0	0	6,000
DIAGEO PLC ADR	COM	25243Q205	6,811	46,640	SH		SOLE		0	0	46,640
DISNEY WALT CO	COM	254687106	1,884	17,520	SH		SOLE		0	0	17,520
EMERSON ELECTRIC CO	COM	291011104	497	7,130	SH		SOLE		0	0	7,130
ENTERPRISE PRODUCTS PARTNERS L	COM	293792107	1,056	39,840	SH		SOLE		0	0	39,840
EXPEDIA INC.(IAC/INTERACTIVECO	COM	30212p105	599	5,000	SH		SOLE		0	0	5,000
EXPRESS SCRIPTS HOLDING CO	COM	302182100	1,824	24,441	SH		SOLE		0	0	24,441
EXXON MOBIL CORPORATION	COM	30231G102	13,588	162,456	SH		SOLE		0	0	162,456
FNF GROUP (FIDELITY NATL FINCL	COM	31620r303	410	10,458	SH		SOLE		0	0	10,458
FACEBOOK INC.	COM	30303M102	1,800	10,200	SH		SOLE		0	0	10,200
FIDELITY NATIONAL INFORMATION	COM	31620m106	505	5,364	SH		SOLE		0	0	5,364
FORD MOTOR COMPANY	COM	345370860	994	79,585	SH		SOLE		0	0	79,585
GGP INC. REIT - FMRLY GENERAL	COM	36174x101	3,496	149,446	SH		SOLE		0	0	149,446
GENERAL MILLS INC.	COM	370334104	1,215	20,500	SH		SOLE		0	0	20,500
GENERAL MOTORS CO	COM	37045v100	5,803	141,580	SH		SOLE		0	0	141,580
GILEAD SCIENCES, INC.	COM	375558103	501	7,000	SH		SOLE		0	0	7,000
HSBC HOLDINGS PLC LTD ADR	COM	404280406	655	12,680	SH		SOLE		0	0	12,680
HOME DEPOT	COM	437076102	4,407	23,250	SH		SOLE		0	0	23,250
HOWARD HUGHES CORP (THE)(SPINO	COM	44267d107	564	4,296	SH		SOLE		0	0	4,296
IAC/INTERACTIVECORP	COM	44919p508	611	5,000	SH		SOLE		0	0	5,000
INTEL CORP	COM	458140100	2,548	55,200	SH		SOLE		0	0	55,200
INTERNATIONAL BUSINESS MACHINE	COM	459200101	8,007	52,192	SH		SOLE		0	0	52,192
JPMORGAN CHASE & CO.	COM	46625H100	8,698	81,334	SH		SOLE		0	0	81,334
JOHNSON & JOHNSON	COM	478160104	5,241	37,510	SH		SOLE		0	0	37,510
KKR & CO. LP	COM	48248m102	379	18,000	SH		SOLE		0	0	18,000
KIMBERLY-CLARK	COM	494368103	1,762	14,600	SH		SOLE		0	0	14,600
KINDER MORGAN, INC.	COM	49456B101	2,075	114,850	SH		SOLE		0	0	114,850
KRAFT HEINZ CO (THE)	COM	500754106	1,836	23,609	SH		SOLE		0	0	23,609
LOEWS CORP	COM	540424108	3,976	79,477	SH		SOLE		0	0	79,477
MERCK & CO.	COM	58933Y105	7,651	135,970	SH		SOLE		0	0	135,970
METLIFE INC.	COM	59156r108	202	4,000	SH		SOLE		0	0	4,000
MICROSOFT CORPORATION	COM	594918104	1,180	13,800	SH		SOLE		0	0	13,800
MONDELEZ INTL INC.(FMRLY KRAFT	COM	609207105	1,968	45,984	SH		SOLE		0	0	45,984
NIKE, INC. CL B	COM	654106103	5,182	82,850	SH		SOLE		0	0	82,850
NESTLE ADR	COM	641069406	1,152	13,400	SH		SOLE		0	0	13,400
NEW YORK COMMUNITY BANCORP, IN	COM	649445103	1,248	95,850	SH		SOLE		0	0	95,850
NOVARTIS AG - ADR	COM	66987v109	684	8,150	SH		SOLE		0	0	8,150
PEPSICO	COM	713448108	5,230	43,609	SH		SOLE		0	0	43,609
PFIZER, INC.	COM	717081103	4,536	125,230	SH		SOLE		0	0	125,230
PHILIP MORRIS INTERNATIONAL-AL	COM	718172109	12,182	115,306	SH		SOLE		0	0	115,306
PHILLIPS 66	COM	718546104	996	9,850	SH		SOLE		0	0	9,850
PROCTER & GAMBLE CO	COM	742718109	6,911	75,214	SH		SOLE		0	0	75,214
PUBLIC STORAGE - REIT	COM	74460D109	499	2,388	SH		SOLE		0	0	2,388
RALPH LAUREN CORP (FMLY POLO R	COM	731572103	311	3,000	SH		SOLE		0	0	3,000
REXFORD INDUSTRIAL REALTY, INC	COM	76169c100	612	21,000	SH		SOLE		0	0	21,000
RIO TINTO PLC SPONSORED ADR	COM	767204100	529	10,000	SH		SOLE		0	0	10,000
ROCHE HOLDINGS LTD ADR	COM	771195104	2,800	88,650	SH		SOLE		0	0	88,650
ROYAL DUTCH SHELL PLC - ADR A	COM	780259206	8,050	120,670	SH		SOLE		0	0	120,670
SEMPRA ENERGY	COM	816851109	1,069	10,000	SH		SOLE		0	0	10,000
SIMON PROPERTY GROUP, INC. REI	COM	828806109	206	1,200	SH		SOLE		0	0	1,200
SINGAPORE AIRLINES	COM	870794302	696	87,911	SH		SOLE		0	0	87,911
SWIRE PACIFIC LTD SPONS ADR RP	COM	870794302	367	40,000	SH		SOLE		0	0	40,000
SYSCO CORP	COM	871829107	607	10,000	SH		SOLE		0	0	10,000
TANGER FACTORY OUTLET REIT	COM	875465106	668	25,200	SH		SOLE		0	0	25,200
TARGET CORP-FRMLY DAYTON HUDSO	COM	87612E106	1,991	30,520	SH		SOLE		0	0	30,520
TEXAS INSTRUMENTS INC.	COM	882508104	1,044	10,000	SH		SOLE		0	0	10,000
TIFFANY & CO	COM	886547108	832	8,000	SH		SOLE		0	0	8,000
TOTAL SA SPON ADR	COM	89151E109	2,001	36,195	SH		SOLE		0	0	36,195
TRAVELERS COMPANIES, INC	COM	89417e109	449	3,311	SH		SOLE		0	0	3,311
TWENTY-FIRST CENTURY FOX, INC.	COM	90130A101	2,947	85,342	SH		SOLE		0	0	85,342
U.S. BANCORP (FORMERLY FIRST B	COM	902973106	792	14,789	SH		SOLE		0	0	14,789
UNION PACIFIC CORPORATION	COM	907818108	1,033	7,700	SH		SOLE		0	0	7,700
UNITED PARCEL SERVICE, INC. CL	COM	911312106	608	5,100	SH		SOLE		0	0	5,100
UNITED TECHNOLOGIES CORP	COM	913017109	1,837	14,400	SH		SOLE		0	0	14,400
VERIZON	COM	92343V104	1,355	25,592	SH		SOLE		0	0	25,592
WALMART INC.	COM	931142103	2,646	26,800	SH		SOLE		0	0	26,800
WELLS FARGO & CO.	COM	949746101	322	5,300	SH		SOLE		0	0	5,300
YUM BRANDS INC (FORMERLY TRICO	COM	895953107	575	7,040	SH		SOLE		0	0	7,040
YUM CHINA HOLDINGS, INC.	COM	98850p109	282	7,040	SH		SOLE		0	0	7,040
ZIMMER BIOMET HOLDINGS(FRMLY Z	COM	98956P102	812	6,728	SH		SOLE		0	0	6,728
ZOETIS INC.	COM	98978v103	2,472	34,315	SH		SOLE		0	0	34,315
BANK OF AMERICA 6.20 PERP CAL	PREFERRED	060505286	549	20,000	SH		SOLE		0	0	20,000
BANK OF AMERICA CORP 6.000 CA	PREFERRED	060505260	1,359	50,000	SH		SOLE		0	0	50,000
BROOKFIELD DTLA FD OFFICE TR P	PREFERRED	112714209	288	10,000	SH		SOLE		0	0	10,000
GE (FORMERLY GE CAP)4.875 CAL	PREFERRED	369622410	551	22,000	SH		SOLE		0	0	22,000
JPMORGAN CHASE 6.125 CALLABLE	PREFERRED	48127r461	533	20,000	SH		SOLE		0	0	20,000
PUBLIC STORAGE 5.15 CALLABLE	PREFERRED	74460W685	1,051	42,000	SH		SOLE		0	0	42,000
PUBLIC STORAGE SER W 5.2 CALL	PREFERRED	74460w875	950	38,000	SH		SOLE		0	0	38,000