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	2,607	83,138	SH		SOLE		0	0	83,138
ABBVIE INC.	COM	00287y109	983	12,200	SH		SOLE		0	0	12,200
ABBOTT LABORATORIES	COM	002824100	695	8,700	SH		SOLE		0	0	8,700
ALLEGHANY CORP	COM	017175100	976	1,594	SH		SOLE		0	0	1,594
ALPHABET INC. CL C	COM	02079K107	939	800	SH		SOLE		0	0	800
ALTRIA GROUP INC.	COM	02209S103	2,941	51,206	SH		SOLE		0	0	51,206
AMAZON.COM, INC.	COM	023135106	670	376	SH		SOLE		0	0	376
AMERICAN AIRLINES GROUP INC.	COM	02376R102	534	16,800	SH		SOLE		0	0	16,800
AMERICAN ELECTRIC POWER	COM	025537101	837	10,000	SH		SOLE		0	0	10,000
ANHEUSER-BUSCH INBEV SA/NV - S	COM	03524A108	437	5,200	SH		SOLE		0	0	5,200
AON PLC	COM	037389103	1,983	11,618	SH		SOLE		0	0	11,618
APPLE INC.	COM	037833100	14,969	78,805	SH		SOLE		0	0	78,805
ARCHER-DANIELS-MIDLAND CORP	COM	039483102	439	10,172	SH		SOLE		0	0	10,172
ASTRAZENECA PLC-SPONS ADR	COM	046353108	323	8,000	SH		SOLE		0	0	8,000
AVALONBAY COMMUNITIES, INC REI	COM	053484101	1,004	5,000	SH		SOLE		0	0	5,000
BP PLC SPONS ADR	COM	055622104	553	12,642	SH		SOLE		0	0	12,642
BANCO SANTANDER SA ADR	COM	05964h105	293	63,337	SH		SOLE		0	0	63,337
BANK OF AMERICA (NEW)	COM	060505104	1,563	56,633	SH		SOLE		0	0	56,633
BANK OF HAWAII CORPORATION	COM	062540109	1,183	15,000	SH		SOLE		0	0	15,000
BAXTER INT'L INC.	COM	071813109	415	5,106	SH		SOLE		0	0	5,106
BERKSHIRE HATHAWAY INC. CL A	COM	084670108	5,422	18	SH		SOLE		0	0	18
BERKSHIRE HATHAWAY INC. CL B	COM	084670207	4,021	20,018	SH		SOLE		0	0	20,018
BLACKSTONE GROUP LP (THE)	COM	09253u108	385	11,000	SH		SOLE		0	0	11,000
BOEING COMPANY	COM	097023105	5,159	13,525	SH		SOLE		0	0	13,525
BOSTON PROPERTIES INC. REIT	COM	101121101	803	6,000	SH		SOLE		0	0	6,000
BRISTOL-MYERS SQUIBB CO	COM	110122108	2,859	59,924	SH		SOLE		0	0	59,924
BRITISH AMERICAN TOBACCO PLC -	COM	110448107	574	13,763	SH		SOLE		0	0	13,763
BROOKFIELD PPTY PTNRS LP(ACQUI	COM	G16249107	1,053	51,195	SH		SOLE		0	0	51,195
CK HUTCHISON HOLDINGS(FRM CHEU	COM	166744201	315	30,000	SH		SOLE		0	0	30,000
CATERPILLAR INC.	COM	149123101	921	6,800	SH		SOLE		0	0	6,800
CHEVRON CORP	COM	166764100	14,436	117,194	SH		SOLE		0	0	117,194
CHUBB LIMITED (FRMLY ACE LIMIT	COM	H1467J104	2,116	15,106	SH		SOLE		0	0	15,106
CIGNA CORP (ACQUIRED EXPRESS S	COM	125523100	955	5,940	SH		SOLE		0	0	5,940
COCA-COLA CO	COM	191216100	8,107	173,015	SH		SOLE		0	0	173,015
COCA-COLA EUROPEAN PARTNERS PL	COM	g25839104	673	13,000	SH		SOLE		0	0	13,000
CONOCOPHILLIPS	COM	20825c104	1,281	19,200	SH		SOLE		0	0	19,200
CONSTELLATION BRANDS, INC.	COM	21036P108	1,780	10,150	SH		SOLE		0	0	10,150
CORPORATE OFFICE PROPERTY TRUS	COM	22002T108	248	9,100	SH		SOLE		0	0	9,100
CREDIT SUISSE GROUP AG - SPON	COM	225401108	116	10,000	SH		SOLE		0	0	10,000
DARDEN RESTAURANTS INC.	COM	237194105	364	3,000	SH		SOLE		0	0	3,000
DELTA AIR LINES INC.	COM	247361702	310	6,000	SH		SOLE		0	0	6,000
DIAGEO PLC ADR	COM	25243Q205	7,500	45,840	SH		SOLE		0	0	45,840
DISNEY WALT CO	COM	254687106	5,061	45,583	SH		SOLE		0	0	45,583
EDWARDS LIFESCIENCES CORP.	COM	28176E108	256	1,340	SH		SOLE		0	0	1,340
EMERSON ELECTRIC CO	COM	291011104	488	7,130	SH		SOLE		0	0	7,130
ENTERPRISE PRODUCTS PARTNERS L	COM	293792107	1,159	39,840	SH		SOLE		0	0	39,840
EXPEDIA INC.(IAC/INTERACTIVECO	COM	30212p105	589	4,950	SH		SOLE		0	0	4,950
EXXON MOBIL CORPORATION	COM	30231G102	13,070	161,756	SH		SOLE		0	0	161,756
FNF GROUP (FIDELITY NATL FINCL	COM	31620r303	382	10,458	SH		SOLE		0	0	10,458
FACEBOOK INC.	COM	30303M102	2,236	13,415	SH		SOLE		0	0	13,415
FIDELITY NATIONAL INFORMATION	COM	31620m106	607	5,364	SH		SOLE		0	0	5,364
FORD MOTOR COMPANY	COM	345370860	214	24,390	SH		SOLE		0	0	24,390
FOX CORP CL A	COM	35137L105	1,032	28,108	SH		SOLE		0	0	28,108
GENERAL MILLS, INC.	COM	370334104	2,820	54,500	SH		SOLE		0	0	54,500
GENERAL MOTORS COMPANY	COM	37045v100	5,245	141,380	SH		SOLE		0	0	141,380
HOME DEPOT	COM	437076102	4,135	21,550	SH		SOLE		0	0	21,550
HOWARD HUGHES CORP (THE)(SPINO	COM	44267d107	451	4,100	SH		SOLE		0	0	4,100
IAC/INTERACTIVECORP	COM	44919p508	1,035	4,925	SH		SOLE		0	0	4,925
INTEL CORP	COM	458140100	2,927	54,500	SH		SOLE		0	0	54,500
INTERNATIONAL BUSINESS MACHINE	COM	459200101	3,569	25,292	SH		SOLE		0	0	25,292
JPMORGAN CHASE & CO.	COM	46625H100	8,213	81,134	SH		SOLE		0	0	81,134
JOHNSON & JOHNSON	COM	478160104	5,188	37,110	SH		SOLE		0	0	37,110
KKR & CO. INC.	COM	48251w104	423	18,000	SH		SOLE		0	0	18,000
KIMBERLY-CLARK	COM	494368103	1,834	14,800	SH		SOLE		0	0	14,800
KINDER MORGAN, INC.	COM	49456B101	1,550	77,450	SH		SOLE		0	0	77,450
KRAFT HEINZ CO (THE)	COM	500754106	748	22,909	SH		SOLE		0	0	22,909
LOEWS CORP	COM	540424108	3,735	77,917	SH		SOLE		0	0	77,917
MERCK & CO., INC.	COM	58933Y105	11,184	134,470	SH		SOLE		0	0	134,470
MICROSOFT CORPORATION	COM	594918104	1,628	13,800	SH		SOLE		0	0	13,800
MONDELEZ INTL INC.(FMRLY KRAFT	COM	609207105	2,278	45,638	SH		SOLE		0	0	45,638
NIKE, INC. CL B	COM	654106103	6,977	82,850	SH		SOLE		0	0	82,850
NESTLE SA - SPON ADR	COM	641069406	1,277	13,400	SH		SOLE		0	0	13,400
NEW YORK COMMUNITY BANCORP, IN	COM	649445103	547	47,300	SH		SOLE		0	0	47,300
NOVARTIS AG - ADR	COM	66987v109	784	8,150	SH		SOLE		0	0	8,150
PEPSICO	COM	713448108	5,197	42,409	SH		SOLE		0	0	42,409
PFIZER, INC.	COM	717081103	5,286	124,472	SH		SOLE		0	0	124,472
PHILIP MORRIS INTERNATIONAL-AL	COM	718172109	10,059	113,806	SH		SOLE		0	0	113,806
PHILLIPS 66	COM	718546104	914	9,600	SH		SOLE		0	0	9,600
PROCTER & GAMBLE CO	COM	742718109	7,743	74,414	SH		SOLE		0	0	74,414
PUBLIC STORAGE - REIT	COM	74460D109	520	2,388	SH		SOLE		0	0	2,388
RALPH LAUREN CORP (FMLY POLO R	COM	731572103	389	3,000	SH		SOLE		0	0	3,000
REXFORD INDUSTRIAL REALTY, INC	COM	76169c100	752	21,000	SH		SOLE		0	0	21,000
RIO TINTO PLC SPONSORED ADR	COM	767204100	588	10,000	SH		SOLE		0	0	10,000
ROCHE HOLDINGS LTD ADR	COM	771195104	2,932	85,250	SH		SOLE		0	0	85,250
ROYAL DUTCH SHELL PLC - ADR A	COM	780259206	7,528	120,270	SH		SOLE		0	0	120,270
SEMPRA ENERGY	COM	816851109	1,259	10,000	SH		SOLE		0	0	10,000
SIMON PROPERTY GROUP, INC. REI	COM	828806109	2,861	15,700	SH		SOLE		0	0	15,700
SINGAPORE AIRLINES	COM	870794302	600	83,431	SH		SOLE		0	0	83,431
SWIRE PACIFIC LTD SPONS ADR RP	COM	870794302	515	40,000	SH		SOLE		0	0	40,000
SYSCO CORP	COM	871829107	668	10,000	SH		SOLE		0	0	10,000
TAIWAN SEMICONDUCTOR MFG CO LT	COM	874039100	205	5,006	SH		SOLE		0	0	5,006
TANGER FACTORY OUTLET REIT	COM	875465106	529	25,200	SH		SOLE		0	0	25,200
TARGET CORP-FRMLY DAYTON HUDSO	COM	87612E106	4,275	53,270	SH		SOLE		0	0	53,270
TEXAS INSTRUMENTS INC.	COM	882508104	1,061	10,000	SH		SOLE		0	0	10,000
TIFFANY & CO	COM	886547108	844	8,000	SH		SOLE		0	0	8,000
TOTAL SA SPON ADR	COM	89151E109	1,947	34,995	SH		SOLE		0	0	34,995
TRAVELERS COMPANIES, INC.	COM	89417e109	454	3,311	SH		SOLE		0	0	3,311
U.S. BANCORP (FORMERLY FIRST B	COM	902973106	704	14,610	SH		SOLE		0	0	14,610
UNION PACIFIC CORPORATION	COM	907818108	1,287	7,700	SH		SOLE		0	0	7,700
UNITED PARCEL SERVICE, INC. CL	COM	911312106	570	5,100	SH		SOLE		0	0	5,100
UNITED TECHNOLOGIES CORP	COM	913017109	1,856	14,400	SH		SOLE		0	0	14,400
VERIZON COMMUNICATIONS INC.	COM	92343V104	1,868	31,592	SH		SOLE		0	0	31,592
WALMART INC.	COM	931142103	2,614	26,800	SH		SOLE		0	0	26,800
WELLS FARGO & CO.	COM	949746101	256	5,300	SH		SOLE		0	0	5,300
YUM BRANDS INC. (FORMERLY TRIC	COM	895953107	649	6,500	SH		SOLE		0	0	6,500
YUM CHINA HOLDINGS, INC.	COM	98850p109	287	6,387	SH		SOLE		0	0	6,387
ZIMMER BIOMET HOLDINGS(FRMLY Z	COM	98956P102	859	6,728	SH		SOLE		0	0	6,728
ZOETIS INC.	COM	98978v103	3,430	34,076	SH		SOLE		0	0	34,076
BANK OF AMERICA 6.20 PERP CAL	PREFERRED	060505286	518	20,000	SH		SOLE		0	0	20,000
BANK OF AMERICA CORP 6.000 CA	PREFERRED	060505260	1,296	50,000	SH		SOLE		0	0	50,000
BROOKFIELD DTLA FD OFFICE TR P	PREFERRED	112714209	215	10,000	SH		SOLE		0	0	10,000
BROOKFIELD PRPTY PTNRS LP 6.5	PREFERRED	G16249149	2,632	106,000	SH		SOLE		0	0	106,000
ENERGY TRANSFER OPER LP 7.375	PREFERRED	29278n301	985	40,000	SH		SOLE		0	0	40,000
JPMORGAN CHASE 6.125 CALLABLE	PREFERRED	48127r461	520	20,000	SH		SOLE		0	0	20,000
PRUDENTIAL FINANCIAL INC 5.625	PREFERRED	744320805	2,056	80,000	SH		SOLE		0	0	80,000
PUBLIC STORAGE 5.15 SER F CAL	PREFERRED	74460W685	1,041	42,000	SH		SOLE		0	0	42,000
PUBLIC STORAGE SER W 5.2 CALL	PREFERRED	74460w875	933	38,000	SH		SOLE		0	0	38,000