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	2,355	82,608	SH		SOLE		0	0	82,608
ABBVIE INC.	COM	00287y109	3,346	38,200	SH		SOLE		0	0	38,200
ABBOTT LABORATORIES	COM	002824100	947	8,700	SH		SOLE		0	0	8,700
AEGON NV - NY REG SHRS	COM	007924103	92	36,000	SH		SOLE		0	0	36,000
ALLEGHANY CORP	COM	017175100	830	1,594	SH		SOLE		0	0	1,594
ALPHABET INC. CL C	COM	02079K107	4,188	2,850	SH		SOLE		0	0	2,850
ALTRIA GROUP INC.	COM	02209S103	3,929	101,676	SH		SOLE		0	0	101,676
AMAZON.COM, INC.	COM	023135106	1,168	371	SH		SOLE		0	0	371
AMERICAN ELECTRIC POWER	COM	025537101	817	10,000	SH		SOLE		0	0	10,000
ANHEUSER-BUSCH INBEV SA/NV - S	COM	03524A108	291	5,400	SH		SOLE		0	0	5,400
AON PLC	COM	037389103	2,397	11,618	SH		SOLE		0	0	11,618
APPLE INC.	COM	037833100	35,088	302,980	SH		SOLE		0	0	302,980
ARCHER-DANIELS-MIDLAND CORP	COM	039483102	473	10,172	SH		SOLE		0	0	10,172
ASTRAZENECA PLC-SPONS ADR	COM	046353108	438	8,000	SH		SOLE		0	0	8,000
AVALONBAY COMMUNITIES, INC REI	COM	053484101	747	5,000	SH		SOLE		0	0	5,000
BP PLC SPONS ADR	COM	055622104	221	12,642	SH		SOLE		0	0	12,642
BANK OF AMERICA (NEW)	COM	060505104	1,364	56,633	SH		SOLE		0	0	56,633
BANK OF HAWAII CORPORATION	COM	062540109	1,111	22,000	SH		SOLE		0	0	22,000
BAXTER INT'L INC.	COM	071813109	411	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	084670702	4,369	20,518	SH		SOLE		0	0	20,518
BLACK KNIGHT INC. (FNF GROUP S	COM	09215C105	279	3,206	SH		SOLE		0	0	3,206
BLACKSTONE GROUP INC. (THE)	COM	09260d107	574	11,000	SH		SOLE		0	0	11,000
BOEING COMPANY	COM	097023105	3,512	21,250	SH		SOLE		0	0	21,250
BOSTON PROPERTIES INC. REIT	COM	101121101	482	6,000	SH		SOLE		0	0	6,000
BRISTOL-MYERS SQUIBB CO	COM	110122108	4,095	67,924	SH		SOLE		0	0	67,924
BRITISH AMERICAN TOBACCO PLC -	COM	110448107	830	22,963	SH		SOLE		0	0	22,963
BROOKFIELD PPTY PTNRS LP(ACQUI	COM	G16249107	1,018	84,643	SH		SOLE		0	0	84,643
CARRIER GLOBAL CORP (UNITED TE	COM	14448c104	440	14,400	SH		SOLE		0	0	14,400
CATERPILLAR INC.	COM	149123101	1,030	6,905	SH		SOLE		0	0	6,905
CHEVRON CORP	COM	166764100	8,679	120,536	SH		SOLE		0	0	120,536
CHUBB LIMITED (FRMLY ACE LIMIT	COM	H1467J104	1,754	15,106	SH		SOLE		0	0	15,106
CHURCH & DWIGHT	COM	171340102	225	2,400	SH		SOLE		0	0	2,400
CIGNA CORP (ACQUIRED EXPRESS S	COM	125523100	1,005	5,932	SH		SOLE		0	0	5,932
COCA-COLA CO	COM	191216100	8,804	178,330	SH		SOLE		0	0	178,330
COCA-COLA EUROPEAN PARTNERS PL	COM	g25839104	505	13,000	SH		SOLE		0	0	13,000
CONOCOPHILLIPS	COM	20825c104	631	19,200	SH		SOLE		0	0	19,200
CONSTELLATION BRANDS, INC.	COM	21036P108	2,104	11,100	SH		SOLE		0	0	11,100
CORPORATE OFFICE PROPERTY TRUS	COM	22002T108	216	9,100	SH		SOLE		0	0	9,100
CREDIT SUISSE GROUP AG - SPON	COM	225401108	100	10,000	SH		SOLE		0	0	10,000
DARDEN RESTAURANTS INC.	COM	237194105	302	3,000	SH		SOLE		0	0	3,000
DIAGEO PLC ADR	COM	25243Q205	6,228	45,240	SH		SOLE		0	0	45,240
DISNEY WALT CO	COM	254687106	6,047	48,733	SH		SOLE		0	0	48,733
EDWARDS LIFESCIENCES CORP.	COM	28176E108	321	4,020	SH		SOLE		0	0	4,020
EMERSON ELECTRIC CO	COM	291011104	468	7,130	SH		SOLE		0	0	7,130
ENTERPRISE PRODUCTS PARTNERS,	COM	293792107	2,813	178,160	SH		SOLE		0	0	178,160
EXPEDIA INC.(IAC/INTERACTIVECO	COM	30212p303	449	4,900	SH		SOLE		0	0	4,900
FNF GROUP (FIDELITY NATL FINCL	COM	31620r303	327	10,458	SH		SOLE		0	0	10,458
FACEBOOK, INC.	COM	30303M102	3,570	13,630	SH		SOLE		0	0	13,630
FIDELITY NATIONAL INFORMATION	COM	31620m106	790	5,364	SH		SOLE		0	0	5,364
FORD MOTOR COMPANY	COM	345370860	162	24,390	SH		SOLE		0	0	24,390
GENERAL MILLS, INC.	COM	370334104	3,362	54,500	SH		SOLE		0	0	54,500
GENERAL MOTORS COMPANY	COM	37045v100	3,403	115,010	SH		SOLE		0	0	115,010
HOME DEPOT	COM	437076102	5,429	19,550	SH		SOLE		0	0	19,550
HOWARD HUGHES CORP (THE)(SPINO	COM	44267d107	236	4,100	SH		SOLE		0	0	4,100
IAC/INTERACTIVECORP	COM	44891n109	590	4,925	SH		SOLE		0	0	4,925
INTEL CORP	COM	458140100	2,822	54,500	SH		SOLE		0	0	54,500
INTERNATIONAL BUSINESS MACHINE	COM	459200101	3,099	25,467	SH		SOLE		0	0	25,467
IRON MOUNTAIN INC. REIT	COM	46284v101	2,518	94,000	SH		SOLE		0	0	94,000
JPMORGAN CHASE & CO.	COM	46625H100	7,291	75,731	SH		SOLE		0	0	75,731
JOHNSON & JOHNSON	COM	478160104	5,525	37,110	SH		SOLE		0	0	37,110
KKR & CO. INC.	COM	48251w104	618	18,000	SH		SOLE		0	0	18,000
KIMBERLY-CLARK	COM	494368103	2,185	14,800	SH		SOLE		0	0	14,800
KINDER MORGAN, INC.	COM	49456B101	3,287	266,570	SH		SOLE		0	0	266,570
LOEWS CORP	COM	540424108	2,708	77,917	SH		SOLE		0	0	77,917
MATCH GROUP, INC.	COM	57667l107	1,175	10,623	SH		SOLE		0	0	10,623
MCDONALD'S CORP	COM	580135101	1,536	7,000	SH		SOLE		0	0	7,000
MERCK & CO., INC.	COM	58933Y105	11,171	134,670	SH		SOLE		0	0	134,670
MICROSOFT CORPORATION	COM	594918104	3,323	15,800	SH		SOLE		0	0	15,800
MONDELEZ INTL INC.(FMRLY KRAFT	COM	609207105	2,622	45,638	SH		SOLE		0	0	45,638
MORGAN STANLEY	COM	617446448	551	11,400	SH		SOLE		0	0	11,400
NIKE, INC. CL B	COM	654106103	9,648	76,850	SH		SOLE		0	0	76,850
NESTLE SA - SPON ADR	COM	641069406	1,598	13,400	SH		SOLE		0	0	13,400
NOVARTIS AG - ADR	COM	66987v109	700	8,050	SH		SOLE		0	0	8,050
OTIS WORLDWIDE CORP (UNITED TE	COM	68902v107	449	7,200	SH		SOLE		0	0	7,200
PEPSICO	COM	713448108	5,822	42,009	SH		SOLE		0	0	42,009
PFIZER, INC.	COM	717081103	5,196	141,575	SH		SOLE		0	0	141,575
PHILIP MORRIS INTERNATIONAL-AL	COM	718172109	8,519	113,606	SH		SOLE		0	0	113,606
PHILLIPS 66	COM	718546104	757	14,600	SH		SOLE		0	0	14,600
PROCTER & GAMBLE CO	COM	742718109	10,165	73,134	SH		SOLE		0	0	73,134
PUBLIC STORAGE - REIT	COM	74460D109	532	2,388	SH		SOLE		0	0	2,388
RALPH LAUREN CORP (FMLY POLO R	COM	751212101	204	3,000	SH		SOLE		0	0	3,000
RAYTHEON TECHNOLGIES CORP - NC	COM	75513e101	829	14,400	SH		SOLE		0	0	14,400
REXFORD INDUSTRIAL REALTY, INC	COM	76169c100	961	21,000	SH		SOLE		0	0	21,000
RIO TINTO PLC SPONSORED ADR	COM	767204100	604	10,000	SH		SOLE		0	0	10,000
ROCHE HOLDING LTD ADR	COM	771195104	3,607	84,250	SH		SOLE		0	0	84,250
SEMPRA ENERGY	COM	816851109	1,184	10,000	SH		SOLE		0	0	10,000
SINGAPORE AIRLINES	COM	870794302	211	83,431	SH		SOLE		0	0	83,431
SWIRE PACIFIC LTD SPONS ADR RP	COM	870794302	194	40,000	SH		SOLE		0	0	40,000
SYSCO CORP	COM	871829107	622	10,000	SH		SOLE		0	0	10,000
TAIWAN SEMICONDUCTOR MFG CO LT	COM	874039100	406	5,006	SH		SOLE		0	0	5,006
TANGER FACTORY OUTLET REIT	COM	875465106	1,322	219,200	SH		SOLE		0	0	219,200
TARGET CORP-FRMLY DAYTON HUDSO	COM	87612E106	8,213	52,170	SH		SOLE		0	0	52,170
TEXAS INSTRUMENTS INC.	COM	882508104	1,428	10,000	SH		SOLE		0	0	10,000
TOTAL SA SPON ADR	COM	89151E109	1,190	34,695	SH		SOLE		0	0	34,695
TRAVELERS COMPANIES, INC.	COM	89417e109	358	3,311	SH		SOLE		0	0	3,311
U.S. BANCORP (FORMERLY FIRST B	COM	902973106	524	14,610	SH		SOLE		0	0	14,610
UNION PACIFIC CORPORATION	COM	907818108	1,516	7,700	SH		SOLE		0	0	7,700
UNITED PARCEL SERVICE, INC. CL	COM	911312106	850	5,100	SH		SOLE		0	0	5,100
VERIZON COMMUNICATIONS INC.	COM	92343V104	1,879	31,592	SH		SOLE		0	0	31,592
WALMART INC.	COM	931142103	3,750	26,800	SH		SOLE		0	0	26,800
YUM BRANDS INC. (FORMERLY TRIC	COM	895953107	555	6,080	SH		SOLE		0	0	6,080
YUM CHINA HOLDINGS, INC.	COM	98850p109	310	5,853	SH		SOLE		0	0	5,853
ZIMMER BIOMET HOLDINGS(FRMLY Z	COM	98956P102	916	6,728	SH		SOLE		0	0	6,728
ZOETIS INC.	COM	98978v103	5,623	34,005	SH		SOLE		0	0	34,005
BANK OF AMERICA 5 PERP CALL 9	PREFERRED	06055h202	3,740	142,515	SH		SOLE		0	0	142,515
BANK OF AMERICA 6.20 PERP CAL	PREFERRED	060505286	506	20,000	SH		SOLE		0	0	20,000
BANK OF AMERICA CORP 6.000 CA	PREFERRED	060505260	1,294	50,000	SH		SOLE		0	0	50,000
BROOKFIELD PRPTY PTNRS LP 6.5	PREFERRED	G16249149	2,138	106,000	SH		SOLE		0	0	106,000
ENERGY TRANSFER OPER LP 7.375	PREFERRED	29278n301	676	40,000	SH		SOLE		0	0	40,000
JPMORGAN CHASE 6.00 CALLABLE	PREFERRED	48128b648	823	30,000	SH		SOLE		0	0	30,000
PRUDENTIAL FINANCIAL INC 5.625	PREFERRED	744320805	2,136	78,000	SH		SOLE		0	0	78,000
PUBLIC STORAGE 5.15 SER F CAL	PREFERRED	74460W685	1,118	42,000	SH		SOLE		0	0	42,000