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
Expires:	Oct 31, 2018
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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
ABBVIE INC.	COM	00287y109	7,052	43,500	SH		SOLE		0	0	43,500
ABBOTT LABORATORIES	COM	002824100	1,030	8,700	SH		SOLE		0	0	8,700
AEGON NV - NY REG SHRS	COM	007924103	194	36,691	SH		SOLE		0	0	36,691
AGILENT TECHNOLOGIES, INC.(SPU	COM	00846U101	221	1,669	SH		SOLE		0	0	1,669
ALLEGHANY CORP	COM	017175100	1,350	1,594	SH		SOLE		0	0	1,594
ALLSTATE CORP	COM	020002101	277	2,000	SH		SOLE		0	0	2,000
ALPHABET INC. CL C	COM	02079K107	8,016	2,870	SH		SOLE		0	0	2,870
ALTRIA GROUP INC.	COM	02209S103	5,399	103,326	SH		SOLE		0	0	103,326
AMAZON.COM, INC.	COM	023135106	1,503	461	SH		SOLE		0	0	461
AMERICAN ELECTRIC POWER	COM	025537101	998	10,000	SH		SOLE		0	0	10,000
ANHEUSER-BUSCH INBEV SA/NV - S	COM	03524A108	303	5,050	SH		SOLE		0	0	5,050
AON PLC	COM	037389103	3,783	11,618	SH		SOLE		0	0	11,618
APPLE INC.	COM	037833100	52,151	298,673	SH		SOLE		0	0	298,673
ARCHER-DANIELS-MIDLAND CORP	COM	039483102	918	10,172	SH		SOLE		0	0	10,172
ASTRAZENECA PLC-SPONS ADR	COM	046353108	531	8,000	SH		SOLE		0	0	8,000
AVALONBAY COMMUNITIES, INC REI	COM	053484101	1,242	5,000	SH		SOLE		0	0	5,000
BP PLC SPONS ADR	COM	055622104	342	11,642	SH		SOLE		0	0	11,642
BANK OF HAWAII CORPORATION	COM	062540109	5,161	61,500	SH		SOLE		0	0	61,500
BAXTER INT'L INC.	COM	071813109	357	4,606	SH		SOLE		0	0	4,606
BERKSHIRE HATHAWAY INC. CL A	COM	084670108	9,521	18	SH		SOLE		0	0	18
BERKSHIRE HATHAWAY INC. CL B	COM	084670702	7,241	20,518	SH		SOLE		0	0	20,518
BLACKSTONE INC. (THE)	COM	09260d107	1,396	11,000	SH		SOLE		0	0	11,000
BOSTON PROPERTIES INC. REIT	COM	101121101	773	6,000	SH		SOLE		0	0	6,000
BRISTOL-MYERS SQUIBB CO	COM	110122108	4,376	59,924	SH		SOLE		0	0	59,924
BRITISH AMERICAN TOBACCO PLC -	COM	110448107	2,608	61,864	SH		SOLE		0	0	61,864
CARRIER GLOBAL CORP (UNITED TE	COM	14448c104	661	14,400	SH		SOLE		0	0	14,400
CATERPILLAR INC.	COM	149123101	1,515	6,800	SH		SOLE		0	0	6,800
CHEVRON CORP	COM	166764100	18,779	115,326	SH		SOLE		0	0	115,326
CHUBB LIMITED (FRMLY ACE LIMIT	COM	H1467J104	3,188	14,906	SH		SOLE		0	0	14,906
CHURCH & DWIGHT	COM	171340102	239	2,400	SH		SOLE		0	0	2,400
CIGNA CORP (ACQUIRED EXPRESS S	COM	125523100	1,421	5,932	SH		SOLE		0	0	5,932
CLOROX COMPANY (THE)	COM	189054109	1,390	10,000	SH		SOLE		0	0	10,000
COCA-COLA CO	COM	191216100	10,849	174,980	SH		SOLE		0	0	174,980
COCA-COLA EUROPACIFIC PARTNERS	COM	g25839104	632	13,000	SH		SOLE		0	0	13,000
CONOCOPHILLIPS	COM	20825c104	2,170	21,700	SH		SOLE		0	0	21,700
CONSTELLATION BRANDS, INC.	COM	21036P108	2,505	10,875	SH		SOLE		0	0	10,875
CORPORATE OFFICE PROPERTY TRUS	COM	22002T108	260	9,100	SH		SOLE		0	0	9,100
CREDIT SUISSE GROUP AG - SPON	COM	225401108	79	10,000	SH		SOLE		0	0	10,000
CROWN CASTLE INTERNATIONAL COR	COM	22822v101	886	4,800	SH		SOLE		0	0	4,800
DARDEN RESTAURANTS INC.	COM	237194105	399	3,000	SH		SOLE		0	0	3,000
DIAGEO PLC ADR	COM	25243Q205	9,149	45,040	SH		SOLE		0	0	45,040
DIGITAL REALTY TRUST, INC. REI	COM	253868103	1,971	13,900	SH		SOLE		0	0	13,900
DISNEY WALT CO	COM	254687106	7,018	51,165	SH		SOLE		0	0	51,165
EDWARDS LIFESCIENCES CORP.	COM	28176E108	450	3,820	SH		SOLE		0	0	3,820
EMERSON ELECTRIC CO	COM	291011104	699	7,130	SH		SOLE		0	0	7,130
ENTERPRISE PRODUCTS PARTNERS,	COM	293792107	4,038	156,460	SH		SOLE		0	0	156,460
EXPEDIA INC.(IAC/INTERACTIVECO	COM	30212p303	959	4,900	SH		SOLE		0	0	4,900
EXXON MOBIL CORPORATION	COM	30231G102	347	4,200	SH		SOLE		0	0	4,200
FIDELITY NATIONAL FINANCIAL, I	COM	31620r303	511	10,458	SH		SOLE		0	0	10,458
FIDELITY NATIONAL INFORMATION	COM	31620m106	539	5,364	SH		SOLE		0	0	5,364
FORD MOTOR COMPANY	COM	345370860	412	24,390	SH		SOLE		0	0	24,390
GENERAL MILLS, INC.	COM	370334104	3,792	56,000	SH		SOLE		0	0	56,000
GENERAL MOTORS COMPANY	COM	37045v100	4,936	112,840	SH		SOLE		0	0	112,840
HOME DEPOT	COM	437076102	5,852	19,550	SH		SOLE		0	0	19,550
HOWARD HUGHES CORP (THE)(SPINO	COM	44267d107	425	4,100	SH		SOLE		0	0	4,100
IAC/INTERACTIVECORP	COM	44891n208	494	4,925	SH		SOLE		0	0	4,925
INTEL CORP	COM	458140100	2,676	54,000	SH		SOLE		0	0	54,000
INTERNATIONAL BUSINESS MACHINE	COM	459200101	3,288	25,292	SH		SOLE		0	0	25,292
IRON MOUNTAIN INC. REIT	COM	46284v101	7,292	131,600	SH		SOLE		0	0	131,600
JPMORGAN CHASE & CO.	COM	46625H100	9,206	67,531	SH		SOLE		0	0	67,531
JOHNSON & JOHNSON	COM	478160104	6,857	38,690	SH		SOLE		0	0	38,690
KKR & CO. INC.	COM	48251w104	1,052	18,000	SH		SOLE		0	0	18,000
KIMBERLY-CLARK	COM	494368103	1,810	14,700	SH		SOLE		0	0	14,700
KINDER MORGAN, INC.	COM	49456B101	3,794	200,620	SH		SOLE		0	0	200,620
LOEWS CORP	COM	540424108	5,051	77,917	SH		SOLE		0	0	77,917
MARKER THERAPEUTICS, INC.	COM	57055L107	123	279,000	SH		SOLE		0	0	279,000
MCDONALD'S CORP	COM	580135101	1,731	7,000	SH		SOLE		0	0	7,000
MERCK & CO., INC.	COM	58933Y105	11,041	134,570	SH		SOLE		0	0	134,570
METLIFE INC.	COM	59156r108	281	4,000	SH		SOLE		0	0	4,000
META PLATFORMS INC. (FRMLY FAC	COM	30303M102	2,960	13,310	SH		SOLE		0	0	13,310
MICROSOFT CORPORATION	COM	594918104	7,321	23,744	SH		SOLE		0	0	23,744
MONDELEZ INTL INC.(FMRLY KRAFT	COM	609207105	2,865	45,638	SH		SOLE		0	0	45,638
MORGAN STANLEY	COM	617446448	996	11,400	SH		SOLE		0	0	11,400
NIKE, INC. CL B	COM	654106103	10,136	75,325	SH		SOLE		0	0	75,325
NESTLE SA - SPON ADR	COM	641069406	2,212	17,000	SH		SOLE		0	0	17,000
NOVARTIS AG - ADR	COM	66987v109	943	10,750	SH		SOLE		0	0	10,750
ORACLE CORP	COM	68389X105	248	3,000	SH		SOLE		0	0	3,000
ORGANON & CO. (MERCK SPIN OFF)	COM	68622v106	3,516	100,655	SH		SOLE		0	0	100,655
OTIS WORLDWIDE CORP (UNITED TE	COM	68902v107	554	7,200	SH		SOLE		0	0	7,200
PEPSICO	COM	713448108	7,031	42,009	SH		SOLE		0	0	42,009
PFIZER, INC.	COM	717081103	7,329	141,575	SH		SOLE		0	0	141,575
PHILIP MORRIS INTERNATIONAL-AL	COM	718172109	10,559	112,406	SH		SOLE		0	0	112,406
PHILLIPS 66	COM	718546104	1,089	12,600	SH		SOLE		0	0	12,600
PROCTER & GAMBLE CO	COM	742718109	11,435	74,834	SH		SOLE		0	0	74,834
PROMETHEUS BIOSCIENCES, INC.	COM	74349u108	1,052	27,857	SH		SOLE		0	0	27,857
PUBLIC STORAGE - REIT	COM	74460D109	932	2,388	SH		SOLE		0	0	2,388
RALPH LAUREN CORP (FMLY POLO R	COM	751212101	340	3,000	SH		SOLE		0	0	3,000
RAYTHEON TECHNOLGIES CORP - NC	COM	75513e101	1,724	17,400	SH		SOLE		0	0	17,400
REXFORD INDUSTRIAL REALTY, INC	COM	76169c100	1,566	21,000	SH		SOLE		0	0	21,000
RIO TINTO PLC SPONSORED ADR	COM	767204100	804	10,000	SH		SOLE		0	0	10,000
ROCHE HOLDING LTD ADR	COM	771195104	4,435	89,750	SH		SOLE		0	0	89,750
SEMPRA ENERGY	COM	816851109	2,438	14,500	SH		SOLE		0	0	14,500
SWIRE PACIFIC LTD SPONS ADR RP	COM	870794302	243	40,000	SH		SOLE		0	0	40,000
SYSCO CORP	COM	871829107	817	10,000	SH		SOLE		0	0	10,000
TAIWAN SEMICONDUCTOR MFG CO LT	COM	874039100	522	5,006	SH		SOLE		0	0	5,006
TANGER FACTORY OUTLET REIT	COM	875465106	4,145	241,150	SH		SOLE		0	0	241,150
TARGET CORP-FRMLY DAYTON HUDSO	COM	87612E106	10,871	51,225	SH		SOLE		0	0	51,225
TEXAS INSTRUMENTS INC.	COM	882508104	1,835	10,000	SH		SOLE		0	0	10,000
TOAST, INC.	COM	888787108	256	11,800	SH		SOLE		0	0	11,800
TOTALENERGIES SE ADR (FRMRLY T	COM	89151E109	2,026	40,095	SH		SOLE		0	0	40,095
TRAVELERS COMPANIES, INC.	COM	89417e109	605	3,311	SH		SOLE		0	0	3,311
U.S. BANCORP (FORMERLY FIRST B	COM	902973106	777	14,610	SH		SOLE		0	0	14,610
UNION PACIFIC CORPORATION	COM	907818108	2,049	7,500	SH		SOLE		0	0	7,500
UNITED PARCEL SERVICE, INC. CL	COM	911312106	1,094	5,100	SH		SOLE		0	0	5,100
VICI PROPERTIES INC. (REIT)	COM	925652109	2,850	100,150	SH		SOLE		0	0	100,150
VERIZON COMMUNICATIONS INC.	COM	92343V104	4,959	97,342	SH		SOLE		0	0	97,342
VODAFONE GROUP PLC SPONS ADR	COM	92857t107	543	32,662	SH		SOLE		0	0	32,662
WALMART INC.	COM	931142103	3,991	26,800	SH		SOLE		0	0	26,800
YUM BRANDS INC. (FORMERLY TRIC	COM	895953107	721	6,080	SH		SOLE		0	0	6,080
YUM CHINA HOLDINGS, INC.	COM	98850p109	243	5,853	SH		SOLE		0	0	5,853
ZIMMER BIOMET HOLDINGS(FRMLY Z	COM	98956P102	857	6,700	SH		SOLE		0	0	6,700
ZOETIS INC.	COM	98978v103	6,393	33,900	SH		SOLE		0	0	33,900
BANK OF AMERICA 5 PERP CALL 9	PREFERRED	06055h202	3,412	141,115	SH		SOLE		0	0	141,115
BROOKFIELD PRPTY PTNRS LP 6.5	PREFERRED	G16249149	2,128	100,000	SH		SOLE		0	0	100,000
ENERGY TRANSFER LP 7.375 PFD	PREFERRED	29273v407	620	26,000	SH		SOLE		0	0	26,000
JPMORGAN CHASE 6.00 CALLABLE	PREFERRED	48128b648	790	30,000	SH		SOLE		0	0	30,000
PRUDENTIAL FINANCIAL INC 5.625	PREFERRED	744320805	1,937	74,000	SH		SOLE		0	0	74,000
PUBLIC STORAGE 5.15 SER F CAL	PREFERRED	74460W685	1,010	40,000	SH		SOLE		0	0	40,000