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	3,146	83,138	SH		SOLE		0	0	83,138
ABBVIE INC.	COM	00287y109	924	12,200	SH		SOLE		0	0	12,200
ABBOTT LABORATORIES	COM	002824100	728	8,700	SH		SOLE		0	0	8,700
ALLEGHANY CORP	COM	017175100	1,272	1,594	SH		SOLE		0	0	1,594
ALLSTATE CORP	COM	020002101	217	2,000	SH		SOLE		0	0	2,000
ALPHABET INC. CL C	COM	02079K107	3,364	2,760	SH		SOLE		0	0	2,760
ALTRIA GROUP INC.	COM	02209S103	4,139	101,206	SH		SOLE		0	0	101,206
AMAZON.COM, INC.	COM	023135106	653	376	SH		SOLE		0	0	376
AMERICAN AIRLINES GROUP INC.	COM	02376R102	457	16,935	SH		SOLE		0	0	16,935
AMERICAN ELECTRIC POWER	COM	025537101	937	10,000	SH		SOLE		0	0	10,000
ANHEUSER-BUSCH INBEV SA/NV	COM	03524A108	495	5,200	SH		SOLE		0	0	5,200
AON PLC	COM	037389103	2,249	11,618	SH		SOLE		0	0	11,618
APPLE INC.	COM	037833100	17,380	77,600	SH		SOLE		0	0	77,600
ARCHER-DANIELS-MIDLAND CORP	COM	039483102	418	10,172	SH		SOLE		0	0	10,172
ASTRAZENECA PLC-SPONS ADR	COM	046353108	357	8,000	SH		SOLE		0	0	8,000
AVALONBAY COMMUNITIES, INC REIT	COM	053484101	1,077	5,000	SH		SOLE		0	0	5,000
BP PLC SPONS ADR	COM	055622104	480	12,642	SH		SOLE		0	0	12,642
BANCO SANTANDER SA ADR	COM	05964h105	250	62,308	SH		SOLE		0	0	62,308
BANK OF AMERICA (NEW)	COM	060505104	1,652	56,633	SH		SOLE		0	0	56,633
BANK OF HAWAII CORPORATION	COM	062540109	1,289	15,000	SH		SOLE		0	0	15,000
BAXTER INT'L INC.	COM	071813109	447	5,106	SH		SOLE		0	0	5,106
BERKSHIRE HATHAWAY INC. CL A	COM	084670108	5,613	18	SH		SOLE		0	0	18
BERKSHIRE HATHAWAY INC. CL B	COM	084670702	4,164	20,018	SH		SOLE		0	0	20,018
BLACKSTONE GROUP INC. (THE)	COM	09260d107	537	11,000	SH		SOLE		0	0	11,000
BOEING COMPANY	COM	097023105	5,108	13,425	SH		SOLE		0	0	13,425
BOSTON PROPERTIES INC. REIT	COM	101121101	778	6,000	SH		SOLE		0	0	6,000
BRISTOL-MYERS SQUIBB CO	COM	110122108	3,039	59,924	SH		SOLE		0	0	59,924
BRITISH AMERICAN TOBACCO PLC	COM	110448107	500	13,563	SH		SOLE		0	0	13,563
BROOKFIELD PPTY PTNRS LP(ACQUI	COM	G16249107	1,023	50,395	SH		SOLE		0	0	50,395
CK HUTCHISON HOLDINGS(FRM CHEU	COM	166744201	262	30,000	SH		SOLE		0	0	30,000
CATERPILLAR INC.	COM	149123101	861	6,815	SH		SOLE		0	0	6,815
CHEVRON CORP	COM	166764100	13,899	117,194	SH		SOLE		0	0	117,194
CHUBB LIMITED (FRMLY ACE LIMIT	COM	H1467J104	2,439	15,106	SH		SOLE		0	0	15,106
CIGNA CORP (ACQUIRED EXPRESS S	COM	125523100	901	5,936	SH		SOLE		0	0	5,936
COCA-COLA CO	COM	191216100	9,354	171,815	SH		SOLE		0	0	171,815
COCA-COLA EUROPEAN PARTNERS PLC	COM	g25839104	721	13,000	SH		SOLE		0	0	13,000
CONOCOPHILLIPS	COM	20825c104	1,094	19,200	SH		SOLE		0	0	19,200
CONSTELLATION BRANDS, INC.	COM	21036P108	2,114	10,200	SH		SOLE		0	0	10,200
CORPORATE OFFICE PROPERTY TRUS	COM	22002T108	271	9,100	SH		SOLE		0	0	9,100
CREDIT SUISSE GROUP AG - SPON	COM	225401108	122	10,000	SH		SOLE		0	0	10,000
DARDEN RESTAURANTS INC.	COM	237194105	355	3,000	SH		SOLE		0	0	3,000
DELTA AIR LINES INC.	COM	247361702	346	6,000	SH		SOLE		0	0	6,000
DIAGEO PLC ADR	COM	25243Q205	7,414	45,340	SH		SOLE		0	0	45,340
DISNEY WALT CO	COM	254687106	5,940	45,583	SH		SOLE		0	0	45,583
EDWARDS LIFESCIENCES CORP.	COM	28176E108	295	1,340	SH		SOLE		0	0	1,340
EMERSON ELECTRIC CO	COM	291011104	477	7,130	SH		SOLE		0	0	7,130
ENTERPRISE PRODUCTS PARTNERS L	COM	293792107	1,139	39,840	SH		SOLE		0	0	39,840
EXPEDIA INC.(IAC/INTERACTIVECO	COM	30212p303	665	4,950	SH		SOLE		0	0	4,950
EXXON MOBIL CORPORATION	COM	30231G102	11,422	161,756	SH		SOLE		0	0	161,756
FNF GROUP (FIDELITY NATL FINCL	COM	31620r303	464	10,458	SH		SOLE		0	0	10,458
FACEBOOK INC.	COM	30303M102	2,389	13,415	SH		SOLE		0	0	13,415
FIDELITY NATIONAL INFORMATION	COM	31620m106	712	5,364	SH		SOLE		0	0	5,364
FORD MOTOR COMPANY	COM	345370860	223	24,390	SH		SOLE		0	0	24,390
GENERAL MILLS, INC.	COM	370334104	3,004	54,500	SH		SOLE		0	0	54,500
GENERAL MOTORS COMPANY	COM	37045v100	4,333	115,610	SH		SOLE		0	0	115,610
HOME DEPOT	COM	437076102	4,536	19,550	SH		SOLE		0	0	19,550
HOWARD HUGHES CORP (THE)(SPINO	COM	44267d107	531	4,100	SH		SOLE		0	0	4,100
IAC/INTERACTIVECORP	COM	44919p508	1,074	4,925	SH		SOLE		0	0	4,925
INTEL CORP	COM	458140100	2,808	54,500	SH		SOLE		0	0	54,500
INTERNATIONAL BUSINESS MACHINE	COM	459200101	3,682	25,321	SH		SOLE		0	0	25,321
JPMORGAN CHASE & CO.	COM	46625H100	9,537	81,034	SH		SOLE		0	0	81,034
JOHNSON & JOHNSON	COM	478160104	4,801	37,110	SH		SOLE		0	0	37,110
KKR & CO. INC.	COM	48251w104	483	18,000	SH		SOLE		0	0	18,000
KIMBERLY-CLARK	COM	494368103	2,102	14,800	SH		SOLE		0	0	14,800
KINDER MORGAN, INC.	COM	49456B101	1,524	73,950	SH		SOLE		0	0	73,950
LOEWS CORP	COM	540424108	4,011	77,917	SH		SOLE		0	0	77,917
MERCK & CO., INC.	COM	58933Y105	11,320	134,470	SH		SOLE		0	0	134,470
MICROSOFT CORPORATION	COM	594918104	1,919	13,800	SH		SOLE		0	0	13,800
MONDELEZ INTL INC.(FMRLY KRAFT	COM	609207105	2,525	45,638	SH		SOLE		0	0	45,638
NIKE, INC. CL B	COM	654106103	7,265	77,350	SH		SOLE		0	0	77,350
NESTLE SA - SPON ADR	COM	641069406	1,453	13,400	SH		SOLE		0	0	13,400
NOVARTIS AG - ADR	COM	66987v109	708	8,150	SH		SOLE		0	0	8,150
PEPSICO	COM	713448108	5,814	42,409	SH		SOLE		0	0	42,409
PFIZER, INC.	COM	717081103	4,418	122,955	SH		SOLE		0	0	122,955
PHILIP MORRIS INTERNATIONAL-AL	COM	718172109	8,641	113,806	SH		SOLE		0	0	113,806
PHILLIPS 66	COM	718546104	983	9,600	SH		SOLE		0	0	9,600
PROCTER & GAMBLE CO	COM	742718109	9,134	73,434	SH		SOLE		0	0	73,434
PUBLIC STORAGE - REIT	COM	74460D109	586	2,388	SH		SOLE		0	0	2,388
RALPH LAUREN CORP (FMLY POLO R	COM	751212101	286	3,000	SH		SOLE		0	0	3,000
REXFORD INDUSTRIAL REALTY, INC	COM	76169c100	924	21,000	SH		SOLE		0	0	21,000
RIO TINTO PLC SPONSORED ADR	COM	767204100	521	10,000	SH		SOLE		0	0	10,000
ROCHE HOLDINGS LTD ADR	COM	771195104	3,107	85,250	SH		SOLE		0	0	85,250
ROYAL DUTCH SHELL PLC - ADR A	COM	780259206	7,013	119,170	SH		SOLE		0	0	119,170
SEMPRA ENERGY	COM	816851109	1,476	10,000	SH		SOLE		0	0	10,000
SIMON PROPERTY GROUP, INC. REI	COM	828806109	2,386	15,330	SH		SOLE		0	0	15,330
SINGAPORE AIRLINES	COM	870794302	556	83,431	SH		SOLE		0	0	83,431
SWIRE PACIFIC LTD SPONS ADR RP	COM	870794302	370	40,000	SH		SOLE		0	0	40,000
SYSCO CORP	COM	871829107	794	10,000	SH		SOLE		0	0	10,000
TAIWAN SEMICONDUCTOR MFG CO LT	COM	874039100	233	5,006	SH		SOLE		0	0	5,006
TANGER FACTORY OUTLET REIT	COM	875465106	2,557	165,200	SH		SOLE		0	0	165,200
TARGET CORP-FRMLY DAYTON HUDSO	COM	87612E106	5,620	52,570	SH		SOLE		0	0	52,570
TEXAS INSTRUMENTS INC.	COM	882508104	1,292	10,000	SH		SOLE		0	0	10,000
TIFFANY & CO	COM	886547108	741	8,000	SH		SOLE		0	0	8,000
TOTAL SA SPON ADR	COM	89151E109	1,809	34,795	SH		SOLE		0	0	34,795
TRAVELERS COMPANIES, INC.	COM	89417e109	492	3,311	SH		SOLE		0	0	3,311
U.S. BANCORP (FORMERLY FIRST B	COM	902973106	809	14,610	SH		SOLE		0	0	14,610
UNION PACIFIC CORPORATION	COM	907818108	1,247	7,700	SH		SOLE		0	0	7,700
UNITED PARCEL SERVICE, INC. CL	COM	911312106	611	5,100	SH		SOLE		0	0	5,100
UNITED TECHNOLOGIES CORP	COM	913017109	1,966	14,400	SH		SOLE		0	0	14,400
VERIZON COMMUNICATIONS INC.	COM	92343V104	1,907	31,592	SH		SOLE		0	0	31,592
WALMART INC.	COM	931142103	3,181	26,800	SH		SOLE		0	0	26,800
WELLS FARGO & CO.	COM	949746101	267	5,300	SH		SOLE		0	0	5,300
YUM BRANDS INC. (FORMERLY TRIC	COM	895953107	737	6,500	SH		SOLE		0	0	6,500
YUM CHINA HOLDINGS, INC.	COM	98850p109	290	6,387	SH		SOLE		0	0	6,387
ZIMMER BIOMET HOLDINGS(FRMLY Z	COM	98956P102	924	6,728	SH		SOLE		0	0	6,728
ZOETIS INC.	COM	98978v103	4,246	34,076	SH		SOLE		0	0	34,076
BANK OF AMERICA 5 PERP CALL 9	PREFERRED	06055h202	2,682	104,515	SH		SOLE		0	0	104,515
BANK OF AMERICA 6.20 PERP CAL	PREFERRED	060505286	517	20,000	SH		SOLE		0	0	20,000
BANK OF AMERICA CORP 6.000 CA	PREFERRED	060505260	1,293	50,000	SH		SOLE		0	0	50,000
BROOKFIELD DTLA FD OFFICE TR P	PREFERRED	112714209	200	10,000	SH		SOLE		0	0	10,000
BROOKFIELD PRPTY PTNRS LP 6.5	PREFERRED	G16249149	2,780	106,000	SH		SOLE		0	0	106,000
ENERGY TRANSFER OPER LP 7.375	PREFERRED	29278n301	982	40,000	SH		SOLE		0	0	40,000
JPMORGAN CHASE 6.125 CALLABLE	PREFERRED	48127r461	512	20,000	SH		SOLE		0	0	20,000
PRUDENTIAL FINANCIAL INC 5.625	PREFERRED	744320805	2,224	80,000	SH		SOLE		0	0	80,000
PUBLIC STORAGE 5.15 SER F CAL	PREFERRED	74460W685	1,090	42,000	SH		SOLE		0	0	42,000
PUBLIC STORAGE SER W 5.2 CALL	PREFERRED	74460w875	953	38,000	SH		SOLE		0	0	38,000