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	3,504	109,138	SH		SOLE		0	0	109,138
ABBVIE INC.	COM	00287y109	1,130	12,200	SH		SOLE		0	0	12,200
ABBOTT LABORATORIES	COM	002824100	531	8,700	SH		SOLE		0	0	8,700
ALLEGHANY CORP	COM	017175100	917	1,594	SH		SOLE		0	0	1,594
ALPHABET INC. CL C	COM	02079K107	893	800	SH		SOLE		0	0	800
ALTRIA GROUP INC.	COM	02209S103	2,908	51,206	SH		SOLE		0	0	51,206
AMERICAN AIRLINES GROUP INC.	COM	02376R102	1,150	30,300	SH		SOLE		0	0	30,300
AMERICAN ELECTRIC POWER	COM	025537101	692	10,000	SH		SOLE		0	0	10,000
ANHEUSER-BUSCH INBEV NV SPN AD	COM	03524A108	524	5,200	SH		SOLE		0	0	5,200
AON PLC	COM	037389103	1,594	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	14,534	78,515	SH		SOLE		0	0	78,515
ARCHER-DANIELS-MIDLAND CORP	COM	039483102	466	10,172	SH		SOLE		0	0	10,172
ASTRAZENECA PLC-SPONS ADR	COM	046353108	281	8,000	SH		SOLE		0	0	8,000
AVALONBAY COMMUNITIES, INC REI	COM	053484101	859	5,000	SH		SOLE		0	0	5,000
BP PLC SPONS ADR	COM	055622104	577	12,642	SH		SOLE		0	0	12,642
BANCO SANTANDER SA ADR	COM	05964h105	427	79,997	SH		SOLE		0	0	79,997
BANK OF AMERICA (NEW)	COM	060505104	1,607	57,017	SH		SOLE		0	0	57,017
BANK OF HAWAII CORPORATION	COM	062540109	1,251	15,000	SH		SOLE		0	0	15,000
BAXTER INT'L INC.	COM	071813109	377	5,106	SH		SOLE		0	0	5,106
BERKSHIRE HATHAWAY INC. CL A	COM	084670108	5,077	18	SH		SOLE		0	0	18
BERKSHIRE HATHAWAY INC. CL B	COM	084670207	3,736	20,014	SH		SOLE		0	0	20,014
BLACKROCK CAPITAL INVESTMENT C	COM	092533108	160	27,500	SH		SOLE		0	0	27,500
BLACKSTONE GROUP LP (THE)	COM	09253u108	354	11,000	SH		SOLE		0	0	11,000
BOEING COMPANY	COM	097023105	3,330	9,925	SH		SOLE		0	0	9,925
BOSTON PROPERTIES INC. REIT	COM	101121101	753	6,000	SH		SOLE		0	0	6,000
BRISTOL-MYERS SQUIBB CO	COM	110122108	3,316	59,924	SH		SOLE		0	0	59,924
BRITISH AMERICAN TOBACCO SPON	COM	110448107	704	13,963	SH		SOLE		0	0	13,963
CK HUTCHISON HOLDINGS(FRM CHEU	COM	166744201	317	30,000	SH		SOLE		0	0	30,000
CHEVRON CORP	COM	166764100	14,872	117,628	SH		SOLE		0	0	117,628
CHUBB LIMITED (FRMLY ACE LIMIT	COM	H1467J104	1,919	15,106	SH		SOLE		0	0	15,106
COCA-COLA CO	COM	191216100	7,588	173,015	SH		SOLE		0	0	173,015
COCA-COLA EUROPEAN PARTNERS PL	COM	19122T109	1,097	27,000	SH		SOLE		0	0	27,000
CONOCOPHILLIPS	COM	20825c104	1,337	19,200	SH		SOLE		0	0	19,200
CONSTELLATION BRANDS, INC.	COM	21036P108	438	2,000	SH		SOLE		0	0	2,000
CORPORATE OFFICE PROPERTY TRUS	COM	22002T108	264	9,100	SH		SOLE		0	0	9,100
DARDEN RESTAURANTS INC.	COM	237194105	321	3,000	SH		SOLE		0	0	3,000
DELTA AIR LINES INC.	COM	247361702	297	6,000	SH		SOLE		0	0	6,000
DIAGEO PLC ADR	COM	25243Q205	6,601	45,840	SH		SOLE		0	0	45,840
DISNEY WALT CO	COM	254687106	1,836	17,520	SH		SOLE		0	0	17,520
EMERSON ELECTRIC CO	COM	291011104	493	7,130	SH		SOLE		0	0	7,130
ENTERPRISE PRODUCTS PARTNERS L	COM	293792107	1,102	39,840	SH		SOLE		0	0	39,840
EXPEDIA INC.(IAC/INTERACTIVECO	COM	30212p105	601	5,000	SH		SOLE		0	0	5,000
EXPRESS SCRIPTS HOLDING CO	COM	302182100	1,887	24,441	SH		SOLE		0	0	24,441
EXXON MOBIL CORPORATION	COM	30231G102	13,382	161,756	SH		SOLE		0	0	161,756
FNF GROUP (FIDELITY NATL FINCL	COM	31620r303	393	10,458	SH		SOLE		0	0	10,458
FACEBOOK INC.	COM	30303M102	2,371	12,200	SH		SOLE		0	0	12,200
FIDELITY NATIONAL INFORMATION	COM	31620m106	569	5,364	SH		SOLE		0	0	5,364
FORD MOTOR COMPANY	COM	345370860	881	79,585	SH		SOLE		0	0	79,585
GGP INC. REIT-FORMERLY GENERAL	COM	36174x101	3,021	147,894	SH		SOLE		0	0	147,894
GENERAL MILLS, INC.	COM	370334104	2,235	50,500	SH		SOLE		0	0	50,500
GENERAL MOTORS CO	COM	37045v100	5,570	141,380	SH		SOLE		0	0	141,380
GILEAD SCIENCES, INC.	COM	375558103	496	7,000	SH		SOLE		0	0	7,000
HSBC HOLDINGS PLC LTD ADR	COM	404280406	598	12,680	SH		SOLE		0	0	12,680
HOME DEPOT	COM	437076102	4,400	22,550	SH		SOLE		0	0	22,550
HOWARD HUGHES CORP (THE)(SPINO	COM	44267d107	543	4,100	SH		SOLE		0	0	4,100
IAC/INTERACTIVECORP	COM	44919p508	762	5,000	SH		SOLE		0	0	5,000
INTEL CORP	COM	458140100	2,709	54,500	SH		SOLE		0	0	54,500
INTERNATIONAL BUSINESS MACHINE	COM	459200101	7,277	52,092	SH		SOLE		0	0	52,092
JPMORGAN CHASE & CO.	COM	46625H100	8,454	81,134	SH		SOLE		0	0	81,134
JOHNSON & JOHNSON	COM	478160104	4,539	37,410	SH		SOLE		0	0	37,410
KKR & CO. LP	COM	48248m102	447	18,000	SH		SOLE		0	0	18,000
KIMBERLY-CLARK	COM	494368103	1,559	14,800	SH		SOLE		0	0	14,800
KINDER MORGAN, INC.	COM	49456B101	2,756	155,950	SH		SOLE		0	0	155,950
KRAFT HEINZ CO (THE)	COM	500754106	1,483	23,609	SH		SOLE		0	0	23,609
LOEWS CORP	COM	540424108	3,837	79,477	SH		SOLE		0	0	79,477
MERCK & CO.	COM	58933Y105	8,162	134,470	SH		SOLE		0	0	134,470
MICROSOFT CORPORATION	COM	594918104	1,361	13,800	SH		SOLE		0	0	13,800
MONDELEZ INTL INC.(FMRLY KRAFT	COM	609207105	1,871	45,638	SH		SOLE		0	0	45,638
NIKE, INC. CL B	COM	654106103	6,601	82,850	SH		SOLE		0	0	82,850
NESTLE ADR	COM	641069406	1,038	13,400	SH		SOLE		0	0	13,400
NEW YORK COMMUNITY BANCORP, IN	COM	649445103	1,036	93,850	SH		SOLE		0	0	93,850
NOVARTIS AG - ADR	COM	66987v109	616	8,150	SH		SOLE		0	0	8,150
PEPSICO	COM	713448108	4,617	42,409	SH		SOLE		0	0	42,409
PFIZER, INC.	COM	717081103	4,516	124,472	SH		SOLE		0	0	124,472
PHILIP MORRIS INTERNATIONAL-AL	COM	718172109	9,189	113,806	SH		SOLE		0	0	113,806
PHILLIPS 66	COM	718546104	1,078	9,600	SH		SOLE		0	0	9,600
PROCTER & GAMBLE CO	COM	742718109	5,809	74,414	SH		SOLE		0	0	74,414
PUBLIC STORAGE - REIT	COM	74460D109	542	2,388	SH		SOLE		0	0	2,388
RALPH LAUREN CORP (FMLY POLO R	COM	731572103	377	3,000	SH		SOLE		0	0	3,000
REXFORD INDUSTRIAL REALTY, INC	COM	76169c100	659	21,000	SH		SOLE		0	0	21,000
RIO TINTO PLC SPONSORED ADR	COM	767204100	555	10,000	SH		SOLE		0	0	10,000
ROCHE HOLDINGS LTD ADR	COM	771195104	2,355	85,250	SH		SOLE		0	0	85,250
ROYAL DUTCH SHELL PLC - ADR A	COM	780259206	8,285	119,670	SH		SOLE		0	0	119,670
SEMPRA ENERGY	COM	816851109	1,161	10,000	SH		SOLE		0	0	10,000
SIMON PROPERTY GROUP, INC. REI	COM	828806109	2,672	15,700	SH		SOLE		0	0	15,700
SINGAPORE AIRLINES	COM	870794302	636	83,431	SH		SOLE		0	0	83,431
SWIRE PACIFIC LTD SPONS ADR RP	COM	870794302	426	40,000	SH		SOLE		0	0	40,000
SYSCO CORP	COM	871829107	683	10,000	SH		SOLE		0	0	10,000
TANGER FACTORY OUTLET REIT	COM	875465106	592	25,200	SH		SOLE		0	0	25,200
TARGET CORP-FRMLY DAYTON HUDSO	COM	87612E106	4,112	54,020	SH		SOLE		0	0	54,020
TEXAS INSTRUMENTS INC.	COM	882508104	1,102	10,000	SH		SOLE		0	0	10,000
TIFFANY & CO	COM	886547108	1,053	8,000	SH		SOLE		0	0	8,000
TOTAL SA SPON ADR	COM	89151E109	2,119	34,995	SH		SOLE		0	0	34,995
TRAVELERS COMPANIES, INC.	COM	89417e109	405	3,311	SH		SOLE		0	0	3,311
TWENTY-FIRST CENTURY FOX, INC.	COM	90130A101	4,241	85,342	SH		SOLE		0	0	85,342
U.S. BANCORP (FORMERLY FIRST B	COM	902973106	740	14,789	SH		SOLE		0	0	14,789
UNION PACIFIC CORPORATION	COM	907818108	1,091	7,700	SH		SOLE		0	0	7,700
UNITED PARCEL SERVICE, INC. CL	COM	911312106	542	5,100	SH		SOLE		0	0	5,100
UNITED TECHNOLOGIES CORP	COM	913017109	1,800	14,400	SH		SOLE		0	0	14,400
VERIZON COMMUNICATIONS INC.	COM	92343V104	1,589	31,592	SH		SOLE		0	0	31,592
WALMART INC.	COM	931142103	2,295	26,800	SH		SOLE		0	0	26,800
WELLS FARGO & CO.	COM	949746101	294	5,300	SH		SOLE		0	0	5,300
YUM BRANDS INC (FORMERLY TRICO	COM	895953107	513	6,560	SH		SOLE		0	0	6,560
YUM CHINA HOLDINGS, INC.	COM	98850p109	252	6,560	SH		SOLE		0	0	6,560
ZIMMER BIOMET HOLDINGS(FRMLY Z	COM	98956P102	750	6,728	SH		SOLE		0	0	6,728
ZOETIS INC.	COM	98978v103	2,903	34,076	SH		SOLE		0	0	34,076
BANK OF AMERICA 6.20 PERP CAL	PREFERRED	060505286	526	20,000	SH		SOLE		0	0	20,000
BANK OF AMERICA CORP 6.000 CA	PREFERRED	060505260	1,304	50,000	SH		SOLE		0	0	50,000
BROOKFIELD DTLA FD OFFICE TR P	PREFERRED	112714209	233	10,000	SH		SOLE		0	0	10,000
ENERGY TRANSFER PTRS LP 7.375	PREFERRED	29278n301	1,000	40,000	SH		SOLE		0	0	40,000
JPMORGAN CHASE 6.125 CALLABLE	PREFERRED	48127r461	524	20,000	SH		SOLE		0	0	20,000
PUBLIC STORAGE 5.15 CALLABLE	PREFERRED	74460W685	1,044	42,000	SH		SOLE		0	0	42,000
PUBLIC STORAGE SER W 5.2 CALL	PREFERRED	74460w875	946	38,000	SH		SOLE		0	0	38,000