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	3,665	109,138	SH		SOLE		0	0	109,138
ABBVIE INC.	COM	00287y109	1,154	12,200	SH		SOLE		0	0	12,200
ABBOTT LABORATORIES	COM	002824100	638	8,700	SH		SOLE		0	0	8,700
ALLEGHANY CORP	COM	017175100	1,040	1,594	SH		SOLE		0	0	1,594
ALPHABET INC. CL C	COM	02079K107	955	800	SH		SOLE		0	0	800
ALTRIA GROUP INC.	COM	02209S103	3,088	51,206	SH		SOLE		0	0	51,206
AMERICAN AIRLINES GROUP INC.	COM	02376R102	1,252	30,300	SH		SOLE		0	0	30,300
AMERICAN ELECTRIC POWER	COM	025537101	709	10,000	SH		SOLE		0	0	10,000
ANHEUSER-BUSCH INBEV NV SPN AD	COM	03524A108	455	5,200	SH		SOLE		0	0	5,200
AON PLC	COM	037389103	1,787	11,618	SH		SOLE		0	0	11,618
APOLLO INVESTMENT CORPORATION	COM	03761U106	272	50,000	SH		SOLE		0	0	50,000
APPLE INC.	COM	037833100	17,701	78,415	SH		SOLE		0	0	78,415
ARCHER-DANIELS-MIDLAND CORP	COM	039483102	511	10,172	SH		SOLE		0	0	10,172
ASTRAZENECA PLC-SPONS ADR	COM	046353108	317	8,000	SH		SOLE		0	0	8,000
AVALONBAY COMMUNITIES, INC REI	COM	053484101	906	5,000	SH		SOLE		0	0	5,000
BP PLC SPONS ADR	COM	055622104	583	12,642	SH		SOLE		0	0	12,642
BANCO SANTANDER SA ADR	COM	05964h105	400	79,997	SH		SOLE		0	0	79,997
BANK OF AMERICA (NEW)	COM	060505104	1,664	56,493	SH		SOLE		0	0	56,493
BANK OF HAWAII CORPORATION	COM	062540109	1,184	15,000	SH		SOLE		0	0	15,000
BAXTER INT'L INC.	COM	071813109	394	5,106	SH		SOLE		0	0	5,106
BERKSHIRE HATHAWAY INC. CL A	COM	084670108	5,760	18	SH		SOLE		0	0	18
BERKSHIRE HATHAWAY INC. CL B	COM	084670207	4,285	20,014	SH		SOLE		0	0	20,014
BLACKROCK CAPITAL INVESTMENT C	COM	092533108	162	27,500	SH		SOLE		0	0	27,500
BLACKSTONE GROUP LP (THE)	COM	09253u108	419	11,000	SH		SOLE		0	0	11,000
BOEING COMPANY	COM	097023105	3,691	9,925	SH		SOLE		0	0	9,925
BOSTON PROPERTIES INC. REIT	COM	101121101	739	6,000	SH		SOLE		0	0	6,000
BRISTOL-MYERS SQUIBB CO	COM	110122108	3,720	59,924	SH		SOLE		0	0	59,924
BRITISH AMERICAN TOBACCO SPON	COM	110448107	642	13,763	SH		SOLE		0	0	13,763
BROOKFIELD PPTY PTNRS LP(ACQUI	COM	G16249107	1,162	55,601	SH		SOLE		0	0	55,601
CK HUTCHISON HOLDINGS(FRM CHEU	COM	166744201	343	30,000	SH		SOLE		0	0	30,000
CHEVRON CORP	COM	166764100	14,384	117,628	SH		SOLE		0	0	117,628
CHUBB LIMITED (FRMLY ACE LIMIT	COM	H1467J104	2,019	15,106	SH		SOLE		0	0	15,106
COCA-COLA CO	COM	191216100	7,992	173,015	SH		SOLE		0	0	173,015
COCA-COLA EUROPEAN PARTNERS PL	COM	19122T109	1,228	27,000	SH		SOLE		0	0	27,000
CONOCOPHILLIPS	COM	20825c104	1,486	19,200	SH		SOLE		0	0	19,200
CONSTELLATION BRANDS, INC.	COM	21036P108	431	2,000	SH		SOLE		0	0	2,000
CORPORATE OFFICE PROPERTY TRUS	COM	22002T108	271	9,100	SH		SOLE		0	0	9,100
DARDEN RESTAURANTS INC.	COM	237194105	334	3,000	SH		SOLE		0	0	3,000
DELTA AIR LINES INC.	COM	247361702	347	6,000	SH		SOLE		0	0	6,000
DIAGEO PLC ADR	COM	25243Q205	6,494	45,840	SH		SOLE		0	0	45,840
DISNEY WALT CO	COM	254687106	2,049	17,520	SH		SOLE		0	0	17,520
EDWARDS LIFESCIENCES CORP.	COM	28176E108	233	1,340	SH		SOLE		0	0	1,340
EMERSON ELECTRIC CO	COM	291011104	546	7,130	SH		SOLE		0	0	7,130
ENTERPRISE PRODUCTS PARTNERS LP	COM	293792107	1,145	39,840	SH		SOLE		0	0	39,840
EXPEDIA INC.(IAC/INTERACTIVECO	COM	30212p105	646	4,950	SH		SOLE		0	0	4,950
EXPRESS SCRIPTS HOLDING CO	COM	302182100	2,322	24,441	SH		SOLE		0	0	24,441
EXXON MOBIL CORPORATION	COM	30231G102	13,752	161,756	SH		SOLE		0	0	161,756
FNF GROUP (FIDELITY NATL FINCL	COM	31620r303	412	10,458	SH		SOLE		0	0	10,458
FACEBOOK INC.	COM	30303M102	2,798	17,015	SH		SOLE		0	0	17,015
FIDELITY NATIONAL INFORMATION	COM	31620m106	585	5,364	SH		SOLE		0	0	5,364
FORD MOTOR COMPANY	COM	345370860	736	79,585	SH		SOLE		0	0	79,585
GENERAL MILLS, INC.	COM	370334104	2,167	50,500	SH		SOLE		0	0	50,500
GENERAL MOTORS CO	COM	37045v100	4,760	141,380	SH		SOLE		0	0	141,380
HOME DEPOT	COM	437076102	4,671	22,550	SH		SOLE		0	0	22,550
HOWARD HUGHES CORP (THE)(SPINO	COM	44267d107	509	4,100	SH		SOLE		0	0	4,100
IAC/INTERACTIVECORP	COM	44919p508	1,067	4,925	SH		SOLE		0	0	4,925
INTEL CORP	COM	458140100	2,577	54,500	SH		SOLE		0	0	54,500
INTERNATIONAL BUSINESS MACHINE	COM	459200101	7,877	52,092	SH		SOLE		0	0	52,092
JPMORGAN CHASE & CO.	COM	46625H100	9,155	81,134	SH		SOLE		0	0	81,134
JOHNSON & JOHNSON	COM	478160104	5,169	37,410	SH		SOLE		0	0	37,410
KKR & CO. INC.	COM	48251w104	491	18,000	SH		SOLE		0	0	18,000
KIMBERLY-CLARK	COM	494368103	1,682	14,800	SH		SOLE		0	0	14,800
KINDER MORGAN, INC.	COM	49456B101	2,756	155,450	SH		SOLE		0	0	155,450
KRAFT HEINZ CO (THE)	COM	500754106	1,301	23,609	SH		SOLE		0	0	23,609
LOEWS CORP	COM	540424108	3,992	79,477	SH		SOLE		0	0	79,477
MERCK & CO.	COM	58933Y105	9,539	134,470	SH		SOLE		0	0	134,470
MICROSOFT CORPORATION	COM	594918104	1,578	13,800	SH		SOLE		0	0	13,800
MONDELEZ INTL INC.(FMRLY KRAFT	COM	609207105	1,961	45,638	SH		SOLE		0	0	45,638
NIKE, INC. CL B	COM	654106103	7,019	82,850	SH		SOLE		0	0	82,850
NESTLE ADR	COM	641069406	1,115	13,400	SH		SOLE		0	0	13,400
NEW YORK COMMUNITY BANCORP, IN	COM	649445103	973	93,850	SH		SOLE		0	0	93,850
NOVARTIS AG - ADR	COM	66987v109	702	8,150	SH		SOLE		0	0	8,150
PEPSICO	COM	713448108	4,741	42,409	SH		SOLE		0	0	42,409
PFIZER, INC.	COM	717081103	5,485	124,472	SH		SOLE		0	0	124,472
PHILIP MORRIS INTERNATIONAL-AL	COM	718172109	9,280	113,806	SH		SOLE		0	0	113,806
PHILLIPS 66	COM	718546104	1,082	9,600	SH		SOLE		0	0	9,600
PROCTER & GAMBLE CO	COM	742718109	6,193	74,414	SH		SOLE		0	0	74,414
PUBLIC STORAGE - REIT	COM	74460D109	481	2,388	SH		SOLE		0	0	2,388
RALPH LAUREN CORP (FMLY POLO R	COM	731572103	413	3,000	SH		SOLE		0	0	3,000
REXFORD INDUSTRIAL REALTY, INC	COM	76169c100	671	21,000	SH		SOLE		0	0	21,000
RIO TINTO PLC SPONSORED ADR	COM	767204100	510	10,000	SH		SOLE		0	0	10,000
ROCHE HOLDINGS LTD ADR	COM	771195104	2,571	85,250	SH		SOLE		0	0	85,250
ROYAL DUTCH SHELL PLC - ADR A	COM	780259206	8,154	119,670	SH		SOLE		0	0	119,670
SEMPRA ENERGY	COM	816851109	1,137	10,000	SH		SOLE		0	0	10,000
SIMON PROPERTY GROUP, INC. REI	COM	828806109	2,775	15,700	SH		SOLE		0	0	15,700
SINGAPORE AIRLINES	COM	870794302	598	83,431	SH		SOLE		0	0	83,431
SWIRE PACIFIC LTD SPONS ADR RP	COM	870794302	439	40,000	SH		SOLE		0	0	40,000
SYSCO CORP	COM	871829107	732	10,000	SH		SOLE		0	0	10,000
TAIWAN SEMICONDUCTOR MFG CO LT	COM	874039100	221	5,006	SH		SOLE		0	0	5,006
TANGER FACTORY OUTLET REIT	COM	875465106	577	25,200	SH		SOLE		0	0	25,200
TARGET CORP-FRMLY DAYTON HUDSO	COM	87612E106	4,765	54,020	SH		SOLE		0	0	54,020
TEXAS INSTRUMENTS INC.	COM	882508104	1,073	10,000	SH		SOLE		0	0	10,000
TIFFANY & CO	COM	886547108	1,032	8,000	SH		SOLE		0	0	8,000
TOTAL SA SPON ADR	COM	89151E109	2,253	34,995	SH		SOLE		0	0	34,995
TRAVELERS COMPANIES, INC.	COM	89417e109	429	3,311	SH		SOLE		0	0	3,311
TWENTY-FIRST CENTURY FOX, INC.	COM	90130A101	3,908	84,342	SH		SOLE		0	0	84,342
U.S. BANCORP (FORMERLY FIRST B	COM	902973106	772	14,610	SH		SOLE		0	0	14,610
UNION PACIFIC CORPORATION	COM	907818108	1,254	7,700	SH		SOLE		0	0	7,700
UNITED PARCEL SERVICE, INC. CL	COM	911312106	595	5,100	SH		SOLE		0	0	5,100
UNITED TECHNOLOGIES CORP	COM	913017109	2,013	14,400	SH		SOLE		0	0	14,400
VERIZON COMMUNICATIONS INC.	COM	92343V104	1,687	31,592	SH		SOLE		0	0	31,592
WALMART INC.	COM	931142103	2,517	26,800	SH		SOLE		0	0	26,800
WELLS FARGO & CO.	COM	949746101	279	5,300	SH		SOLE		0	0	5,300
YUM BRANDS INC (FORMERLY TRICO	COM	895953107	591	6,500	SH		SOLE		0	0	6,500
YUM CHINA HOLDINGS, INC.	COM	98850p109	224	6,387	SH		SOLE		0	0	6,387
ZIMMER BIOMET HOLDINGS(FRMLY Z	COM	98956P102	885	6,728	SH		SOLE		0	0	6,728
ZOETIS INC.	COM	98978v103	3,120	34,076	SH		SOLE		0	0	34,076
BANK OF AMERICA 6.20 PERP CAL	PFD	060505286	518	20,000	SH		SOLE		0	0	20,000
BANK OF AMERICA CORP 6.000 CA	PFD	060505260	1,293	50,000	SH		SOLE		0	0	50,000
BROOKFIELD DTLA FD OFFICE TR P	PFD	112714209	235	10,000	SH		SOLE		0	0	10,000
ENERGY TRANSFER PTRS LP 7.375	PFD	29278n301	1,018	40,000	SH		SOLE		0	0	40,000
JPMORGAN CHASE 6.125 CALLABLE	PFD	48127r461	516	20,000	SH		SOLE		0	0	20,000
PRUDENTIAL FINANCIAL INC 5.625	PFD	744320805	1,982	80,000	SH		SOLE		0	0	80,000
PUBLIC STORAGE 5.15 CALLABLE	PFD	74460W685	1,000	42,000	SH		SOLE		0	0	42,000
PUBLIC STORAGE SER W 5.2 CALL	PFD	74460w875	904	38,000	SH		SOLE		0	0	38,000