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	1,972	73,008	SH		SOLE		0	0	73,008
ABBVIE INC.	COM	00287y109	4,692	43,500	SH		SOLE		0	0	43,500
ABBOTT LABORATORIES	COM	002824100	1,028	8,700	SH		SOLE		0	0	8,700
AEGON NV - NY REG SHRS	COM	007924103	187	36,691	SH		SOLE		0	0	36,691
AGILENT TECHNOLOGIES, INC.(SPU	COM	00846U101	263	1,669	SH		SOLE		0	0	1,669
ALLEGHANY CORP	COM	017175100	995	1,594	SH		SOLE		0	0	1,594
ALLSTATE CORP	COM	020002101	255	2,000	SH		SOLE		0	0	2,000
ALPHABET INC. CL C	COM	02079K107	7,649	2,870	SH		SOLE		0	0	2,870
ALTRIA GROUP INC.	COM	02209S103	4,703	103,326	SH		SOLE		0	0	103,326
AMAZON.COM, INC.	COM	023135106	1,373	418	SH		SOLE		0	0	418
AMERICAN ELECTRIC POWER	COM	025537101	812	10,000	SH		SOLE		0	0	10,000
ANHEUSER-BUSCH INBEV SA/NV - S	COM	03524A108	285	5,050	SH		SOLE		0	0	5,050
AON PLC	COM	037389103	3,320	11,618	SH		SOLE		0	0	11,618
APPLE INC.	COM	037833100	42,399	299,640	SH		SOLE		0	0	299,640
ARCHER-DANIELS-MIDLAND CORP	COM	039483102	610	10,172	SH		SOLE		0	0	10,172
ASTRAZENECA PLC-SPONS ADR	COM	046353108	480	8,000	SH		SOLE		0	0	8,000
AVALONBAY COMMUNITIES, INC REI	COM	053484101	1,108	5,000	SH		SOLE		0	0	5,000
BP PLC SPONS ADR	COM	055622104	318	11,642	SH		SOLE		0	0	11,642
BANK OF HAWAII CORPORATION	COM	062540109	5,053	61,500	SH		SOLE		0	0	61,500
BAXTER INT'L INC.	COM	071813109	411	5,106	SH		SOLE		0	0	5,106
BERKSHIRE HATHAWAY INC. CL A	COM	084670108	7,405	18	SH		SOLE		0	0	18
BERKSHIRE HATHAWAY INC. CL B	COM	084670702	5,600	20,518	SH		SOLE		0	0	20,518
BLACK KNIGHT INC. (FNF GROUP S	COM	09215C105	231	3,206	SH		SOLE		0	0	3,206
BLACKSTONE INC. (THE)	COM	09260d107	1,280	11,000	SH		SOLE		0	0	11,000
BOSTON PROPERTIES INC. REIT	COM	101121101	650	6,000	SH		SOLE		0	0	6,000
BRISTOL-MYERS SQUIBB CO	COM	110122108	3,546	59,924	SH		SOLE		0	0	59,924
BRITISH AMERICAN TOBACCO PLC -	COM	110448107	2,183	61,863	SH		SOLE		0	0	61,863
CARRIER GLOBAL CORP (UNITED TE	COM	14448c104	745	14,400	SH		SOLE		0	0	14,400
CATERPILLAR INC.	COM	149123101	1,305	6,800	SH		SOLE		0	0	6,800
CHEVRON CORP	COM	166764100	11,700	115,326	SH		SOLE		0	0	115,326
CHUBB LIMITED (FRMLY ACE LIMIT	COM	H1467J104	2,586	14,906	SH		SOLE		0	0	14,906
CIGNA CORP (ACQUIRED EXPRESS S	COM	125523100	1,187	5,932	SH		SOLE		0	0	5,932
CLOROX COMPANY (THE)	COM	189054109	1,656	10,000	SH		SOLE		0	0	10,000
COCA-COLA CO	COM	191216100	9,181	174,980	SH		SOLE		0	0	174,980
COCA-COLA EUROPACIFIC PARTNERS	COM	g25839104	719	13,000	SH		SOLE		0	0	13,000
CONOCOPHILLIPS	COM	20825c104	1,471	21,700	SH		SOLE		0	0	21,700
CONSTELLATION BRANDS, INC.	COM	21036P108	2,291	10,875	SH		SOLE		0	0	10,875
CORPORATE OFFICE PROPERTY TRUS	COM	22002T108	246	9,100	SH		SOLE		0	0	9,100
CREDIT SUISSE GROUP AG - SPON	COM	225401108	99	10,000	SH		SOLE		0	0	10,000
CROWN CASTLE INTERNATIONAL COR	COM	22822v101	832	4,800	SH		SOLE		0	0	4,800
CUE HELATH INC.	COM	229790100	236	20,000	SH		SOLE		0	0	20,000
DARDEN RESTAURANTS INC.	COM	237194105	454	3,000	SH		SOLE		0	0	3,000
DIAGEO PLC ADR	COM	25243Q205	8,693	45,040	SH		SOLE		0	0	45,040
DIGITAL REALTY TRUST, INC. REI	COM	253868103	2,008	13,900	SH		SOLE		0	0	13,900
DISNEY WALT CO	COM	254687106	8,210	48,529	SH		SOLE		0	0	48,529
EDWARDS LIFESCIENCES CORP.	COM	28176E108	455	4,020	SH		SOLE		0	0	4,020
EMERSON ELECTRIC CO	COM	291011104	672	7,130	SH		SOLE		0	0	7,130
ENTERPRISE PRODUCTS PARTNERS,	COM	293792107	3,386	156,460	SH		SOLE		0	0	156,460
EXPEDIA INC.(IAC/INTERACTIVECO	COM	30212p303	803	4,900	SH		SOLE		0	0	4,900
FACEBOOK, INC.	COM	30303M102	4,516	13,305	SH		SOLE		0	0	13,305
FIDELITY NATIONAL FINANCIAL, I	COM	31620r303	474	10,458	SH		SOLE		0	0	10,458
FIDELITY NATIONAL INFORMATION	COM	31620m106	653	5,364	SH		SOLE		0	0	5,364
FORD MOTOR COMPANY	COM	345370860	345	24,390	SH		SOLE		0	0	24,390
GENERAL MILLS, INC.	COM	370334104	3,350	56,000	SH		SOLE		0	0	56,000
GENERAL MOTORS COMPANY	COM	37045v100	5,948	112,840	SH		SOLE		0	0	112,840
HOME DEPOT	COM	437076102	6,417	19,550	SH		SOLE		0	0	19,550
HOWARD HUGHES CORP (THE)(SPINO	COM	44267d107	360	4,100	SH		SOLE		0	0	4,100
IAC/INTERACTIVECORP	COM	44891n208	642	4,925	SH		SOLE		0	0	4,925
INTEL CORP	COM	458140100	2,877	54,000	SH		SOLE		0	0	54,000
INTERNATIONAL BUSINESS MACHINE	COM	459200101	3,514	25,292	SH		SOLE		0	0	25,292
IRON MOUNTAIN INC. REIT	COM	46284v101	5,718	131,600	SH		SOLE		0	0	131,600
JPMORGAN CHASE & CO.	COM	46625H100	11,169	68,231	SH		SOLE		0	0	68,231
JOHNSON & JOHNSON	COM	478160104	6,248	38,690	SH		SOLE		0	0	38,690
KKR & CO. INC.	COM	48251w104	1,096	18,000	SH		SOLE		0	0	18,000
KIMBERLY-CLARK	COM	494368103	1,960	14,800	SH		SOLE		0	0	14,800
KINDER MORGAN, INC.	COM	49456B101	3,369	201,370	SH		SOLE		0	0	201,370
LOEWS CORP	COM	540424108	4,202	77,917	SH		SOLE		0	0	77,917
MARKER THERAPEUTICS, INC.	COM	57055L107	472	279,000	SH		SOLE		0	0	279,000
MATCH GROUP, INC.	COM	57667l107	1,668	10,623	SH		SOLE		0	0	10,623
MCDONALD'S CORP	COM	580135101	1,688	7,000	SH		SOLE		0	0	7,000
MERCK & CO., INC.	COM	58933Y105	10,108	134,570	SH		SOLE		0	0	134,570
METLIFE INC.	COM	59156r108	247	4,000	SH		SOLE		0	0	4,000
MICROSOFT CORPORATION	COM	594918104	4,440	15,750	SH		SOLE		0	0	15,750
MONDELEZ INTL INC.(FMRLY KRAFT	COM	609207105	2,655	45,638	SH		SOLE		0	0	45,638
MORGAN STANLEY	COM	617446448	1,109	11,400	SH		SOLE		0	0	11,400
NIKE, INC. CL B	COM	654106103	10,939	75,325	SH		SOLE		0	0	75,325
NESTLE SA - SPON ADR	COM	641069406	2,044	17,000	SH		SOLE		0	0	17,000
NOVARTIS AG - ADR	COM	66987v109	879	10,750	SH		SOLE		0	0	10,750
ORACLE CORP	COM	68389X105	261	3,000	SH		SOLE		0	0	3,000
ORGANON & CO. (MERCK SPIN OFF)	COM	68622v106	441	13,453	SH		SOLE		0	0	13,453
OTIS WORLDWIDE CORP (UNITED TE	COM	68902v107	592	7,200	SH		SOLE		0	0	7,200
PEPSICO	COM	713448108	6,319	42,009	SH		SOLE		0	0	42,009
PFIZER, INC.	COM	717081103	6,089	141,575	SH		SOLE		0	0	141,575
PHILIP MORRIS INTERNATIONAL-AL	COM	718172109	10,655	112,406	SH		SOLE		0	0	112,406
PHILLIPS 66	COM	718546104	882	12,600	SH		SOLE		0	0	12,600
PROCTER & GAMBLE CO	COM	742718109	10,462	74,834	SH		SOLE		0	0	74,834
PUBLIC STORAGE - REIT	COM	74460D109	709	2,388	SH		SOLE		0	0	2,388
RALPH LAUREN CORP (FMLY POLO R	COM	751212101	333	3,000	SH		SOLE		0	0	3,000
RAYTHEON TECHNOLGIES CORP - NC	COM	75513e101	1,496	17,400	SH		SOLE		0	0	17,400
REXFORD INDUSTRIAL REALTY, INC	COM	76169c100	1,192	21,000	SH		SOLE		0	0	21,000
RIO TINTO PLC SPONSORED ADR	COM	767204100	668	10,000	SH		SOLE		0	0	10,000
ROCHE HOLDING LTD ADR	COM	771195104	4,081	89,750	SH		SOLE		0	0	89,750
SEMPRA ENERGY	COM	816851109	1,834	14,500	SH		SOLE		0	0	14,500
SWIRE PACIFIC LTD SPONS ADR RP	COM	870794302	237	40,000	SH		SOLE		0	0	40,000
SYSCO CORP	COM	871829107	785	10,000	SH		SOLE		0	0	10,000
TAIWAN SEMICONDUCTOR MFG CO LT	COM	874039100	559	5,006	SH		SOLE		0	0	5,006
TANGER FACTORY OUTLET REIT	COM	875465106	3,931	241,150	SH		SOLE		0	0	241,150
TARGET CORP-FRMLY DAYTON HUDSO	COM	87612E106	11,718	51,220	SH		SOLE		0	0	51,220
TEXAS INSTRUMENTS INC.	COM	882508104	1,922	10,000	SH		SOLE		0	0	10,000
TOTALENERGIES SE ADR (FRMRLY T	COM	89151E109	1,922	40,095	SH		SOLE		0	0	40,095
TRAVELERS COMPANIES, INC.	COM	89417e109	503	3,311	SH		SOLE		0	0	3,311
U.S. BANCORP (FORMERLY FIRST B	COM	902973106	868	14,610	SH		SOLE		0	0	14,610
UNION PACIFIC CORPORATION	COM	907818108	1,470	7,500	SH		SOLE		0	0	7,500
UNITED PARCEL SERVICE, INC. CL	COM	911312106	929	5,100	SH		SOLE		0	0	5,100
VERIZON COMMUNICATIONS INC.	COM	92343V104	5,257	97,342	SH		SOLE		0	0	97,342
VIATRIS INC. (PFIZER SPINOFF)	COM	92556v106	233	17,164	SH		SOLE		0	0	17,164
VIMEO INC.	COM	92719v100	235	7,989	SH		SOLE		0	0	7,989
VODAFONE GROUP PLC SPONS ADR	COM	92857t107	505	32,662	SH		SOLE		0	0	32,662
WALMART INC.	COM	931142103	3,735	26,800	SH		SOLE		0	0	26,800
YUM BRANDS INC. (FORMERLY TRIC	COM	895953107	744	6,080	SH		SOLE		0	0	6,080
YUM CHINA HOLDINGS, INC.	COM	98850p109	340	5,853	SH		SOLE		0	0	5,853
ZIMMER BIOMET HOLDINGS(FRMLY Z	COM	98956P102	985	6,728	SH		SOLE		0	0	6,728
ZOETIS INC.	COM	98978v103	6,581	33,900	SH		SOLE		0	0	33,900
BANK OF AMERICA 5 PERP CALL 9	PREFERRED	06055h202	3,775	141,115	SH		SOLE		0	0	141,115
BROOKFIELD PRPTY PTNRS LP 6.5	PREFERRED	G16249149	2,525	100,000	SH		SOLE		0	0	100,000
ENERGY TRANSFER LP 7.375 PFD	PREFERRED	29273v407	652	26,000	SH		SOLE		0	0	26,000
JPMORGAN CHASE 6.00 CALLABLE	PREFERRED	48128b648	832	30,000	SH		SOLE		0	0	30,000
PRUDENTIAL FINANCIAL INC 5.625	PREFERRED	744320805	1,994	74,000	SH		SOLE		0	0	74,000
PUBLIC STORAGE 5.15 SER F CAL	PREFERRED	74460W685	1,026	40,000	SH		SOLE		0	0	40,000