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
ABBVIE INC.	COM	00287y109	5,838	43,500	SH		SOLE		0	0	43,500
ABBOTT LABORATORIES	COM	002824100	842	8,700	SH		SOLE		0	0	8,700
AEGON NV - NY REG SHRS	COM	007924103	145	36,691	SH		SOLE		0	0	36,691
ALLEGHANY CORP	COM	017175100	1,338	1,594	SH		SOLE		0	0	1,594
ALLSTATE CORP	COM	020002101	249	2,000	SH		SOLE		0	0	2,000
ALPHABET INC. CL C	COM	02079K107	5,871	61,060	SH		SOLE		0	0	61,060
ALTRIA GROUP INC.	COM	02209S103	4,184	103,626	SH		SOLE		0	0	103,626
AMAZON.COM, INC.	COM	023135106	1,028	9,100	SH		SOLE		0	0	9,100
AMERICAN ELECTRIC POWER	COM	025537101	865	10,000	SH		SOLE		0	0	10,000
AON PLC	COM	037389103	3,112	11,618	SH		SOLE		0	0	11,618
APPLE INC.	COM	037833100	41,288	298,753	SH		SOLE		0	0	298,753
APPLIED MATERIALS INC	COM	038222105	1,374	16,775	SH		SOLE		0	0	16,775
ARCHER-DANIELS-MIDLAND CORP	COM	039483102	818	10,172	SH		SOLE		0	0	10,172
ASTRAZENECA PLC-SPONS ADR	COM	046353108	439	8,000	SH		SOLE		0	0	8,000
AVALONBAY COMMUNITIES, INC REIT	COM	053484101	921	5,000	SH		SOLE		0	0	5,000
BP PLC SPONS ADR	COM	055622104	332	11,642	SH		SOLE		0	0	11,642
BANK OF HAWAII CORPORATION	COM	062540109	4,681	61,500	SH		SOLE		0	0	61,500
BAXTER INT'L INC.	COM	071813109	248	4,606	SH		SOLE		0	0	4,606
BERKSHIRE HATHAWAY INC. CL A	COM	084670108	7,316	18	SH		SOLE		0	0	18
BERKSHIRE HATHAWAY INC. CL B	COM	084670702	5,479	20,518	SH		SOLE		0	0	20,518
BLACK KNIGHT INC. (FNF GROUP S	COM	09215C105	208	3,206	SH		SOLE		0	0	3,206
BLACKSTONE INC. (THE)	COM	09260d107	921	11,000	SH		SOLE		0	0	11,000
BOSTON PROPERTIES INC. REIT	COM	101121101	450	6,000	SH		SOLE		0	0	6,000
BRISTOL-MYERS SQUIBB CO	COM	110122108	4,281	60,224	SH		SOLE		0	0	60,224
BRITISH AMERICAN TOBACCO PLC -	COM	110448107	2,196	61,864	SH		SOLE		0	0	61,864
CARRIER GLOBAL CORP (UNITED TE	COM	14448c104	512	14,400	SH		SOLE		0	0	14,400
CATERPILLAR INC.	COM	149123101	1,099	6,700	SH		SOLE		0	0	6,700
CHEVRON CORP	COM	166764100	16,556	115,236	SH		SOLE		0	0	115,236
CHUBB LIMITED (FRMLY ACE LIMIT	COM	H1467J104	2,711	14,906	SH		SOLE		0	0	14,906
CIGNA CORP (ACQUIRED EXPRESS S	COM	125523100	1,646	5,932	SH		SOLE		0	0	5,932
COCA-COLA CO	COM	191216100	9,634	171,980	SH		SOLE		0	0	171,980
COCA-COLA EUROPACIFIC PARTNERS	COM	g25839104	554	13,000	SH		SOLE		0	0	13,000
CONOCOPHILLIPS	COM	20825c104	2,221	21,700	SH		SOLE		0	0	21,700
CONSTELLATION BRANDS, INC.	COM	21036P108	2,498	10,875	SH		SOLE		0	0	10,875
CORPORATE OFFICE PROPERTY TRUS	COM	22002T108	211	9,100	SH		SOLE		0	0	9,100
CREDIT SUISSE GROUP AG - SPON	COM	225401108	39	10,000	SH		SOLE		0	0	10,000
CROWN CASTLE INTERNATIONAL COR	COM	22822v101	694	4,800	SH		SOLE		0	0	4,800
DARDEN RESTAURANTS INC.	COM	237194105	379	3,000	SH		SOLE		0	0	3,000
DIAGEO PLC ADR	COM	25243Q205	7,648	45,040	SH		SOLE		0	0	45,040
DIGITAL REALTY TRUST, INC. REI	COM	253868103	2,265	22,840	SH		SOLE		0	0	22,840
DISNEY WALT CO	COM	254687106	5,086	53,915	SH		SOLE		0	0	53,915
EDWARDS LIFESCIENCES CORP.	COM	28176E108	316	3,820	SH		SOLE		0	0	3,820
EMERSON ELECTRIC CO	COM	291011104	522	7,130	SH		SOLE		0	0	7,130
ENTERPRISE PRODUCTS PARTNERS,	COM	293792107	3,744	157,460	SH		SOLE		0	0	157,460
EXPEDIA INC.(IAC/INTERACTIVECO	COM	30212p303	459	4,900	SH		SOLE		0	0	4,900
EXXON MOBIL CORPORATION	COM	30231G102	1,022	11,700	SH		SOLE		0	0	11,700
FIDELITY NATIONAL FINANCIAL, I	COM	31620r303	379	10,458	SH		SOLE		0	0	10,458
FIDELITY NATIONAL INFORMATION	COM	31620m106	405	5,364	SH		SOLE		0	0	5,364
FORD MOTOR COMPANY	COM	345370860	273	24,390	SH		SOLE		0	0	24,390
GENERAL MILLS, INC.	COM	370334104	4,290	56,000	SH		SOLE		0	0	56,000
GENERAL MOTORS COMPANY	COM	37045v100	3,621	112,840	SH		SOLE		0	0	112,840
HOME DEPOT	COM	437076102	5,395	19,550	SH		SOLE		0	0	19,550
HOWARD HUGHES CORP (THE)(SPINO	COM	44267d107	227	4,100	SH		SOLE		0	0	4,100
IAC INC.	COM	44891n208	273	4,925	SH		SOLE		0	0	4,925
INTEL CORP	COM	458140100	1,397	54,200	SH		SOLE		0	0	54,200
INTERNATIONAL BUSINESS MACHINE	COM	459200101	3,737	31,452	SH		SOLE		0	0	31,452
IRON MOUNTAIN INC. REIT	COM	46284v101	5,786	131,600	SH		SOLE		0	0	131,600
JPMORGAN CHASE & CO.	COM	46625H100	7,057	67,531	SH		SOLE		0	0	67,531
JOHNSON & JOHNSON	COM	478160104	6,689	40,945	SH		SOLE		0	0	40,945
KKR & CO. INC.	COM	48251w104	774	18,000	SH		SOLE		0	0	18,000
KIMBERLY-CLARK	COM	494368103	1,654	14,700	SH		SOLE		0	0	14,700
KINDER MORGAN, INC.	COM	49456B101	4,080	245,220	SH		SOLE		0	0	245,220
LOEWS CORP	COM	540424108	3,883	77,917	SH		SOLE		0	0	77,917
MARKER THERAPEUTICS, INC.	COM	57055L107	103	279,000	SH		SOLE		0	0	279,000
MCDONALD'S CORP	COM	580135101	1,615	7,000	SH		SOLE		0	0	7,000
MERCK & CO., INC.	COM	58933Y105	11,589	134,570	SH		SOLE		0	0	134,570
METLIFE INC.	COM	59156r108	243	4,000	SH		SOLE		0	0	4,000
META PLATFORMS INC. (FRMLY FAC	COM	30303M102	1,790	13,195	SH		SOLE		0	0	13,195
MICROSOFT CORPORATION	COM	594918104	5,567	23,904	SH		SOLE		0	0	23,904
MONDELEZ INTL INC.(FMRLY KRAFT	COM	609207105	2,502	45,638	SH		SOLE		0	0	45,638
MORGAN STANLEY	COM	617446448	901	11,400	SH		SOLE		0	0	11,400
NIKE, INC. CL B	COM	654106103	6,531	78,570	SH		SOLE		0	0	78,570
NESTLE SA - SPON ADR	COM	641069406	1,829	17,000	SH		SOLE		0	0	17,000
NOVARTIS AG - ADR	COM	66987v109	817	10,750	SH		SOLE		0	0	10,750
NVIDIA CORPORATION	COM	67066G104	1,002	8,255	SH		SOLE		0	0	8,255
ORGANON & CO. (MERCK SPIN OFF)	COM	68622v106	2,573	109,955	SH		SOLE		0	0	109,955
OTIS WORLDWIDE CORP (UNITED TE	COM	68902v107	459	7,200	SH		SOLE		0	0	7,200
PEPSICO	COM	713448108	6,858	42,009	SH		SOLE		0	0	42,009
PFIZER, INC.	COM	717081103	6,195	141,575	SH		SOLE		0	0	141,575
PHILIP MORRIS INTERNATIONAL-AL	COM	718172109	9,339	112,506	SH		SOLE		0	0	112,506
PHILLIPS 66	COM	718546104	1,017	12,600	SH		SOLE		0	0	12,600
PROCTER & GAMBLE CO	COM	742718109	9,483	75,109	SH		SOLE		0	0	75,109
PROMETHEUS BIOSCIENCES, INC.	COM	74349u108	3,012	51,047	SH		SOLE		0	0	51,047
PUBLIC STORAGE - REIT	COM	74460D109	699	2,388	SH		SOLE		0	0	2,388
RALPH LAUREN CORP (FMLY POLO R	COM	751212101	255	3,000	SH		SOLE		0	0	3,000
RAYTHEON TECHNOLGIES CORP - NC	COM	75513e101	1,424	17,400	SH		SOLE		0	0	17,400
REXFORD INDUSTRIAL REALTY, INC	COM	76169c100	1,092	21,000	SH		SOLE		0	0	21,000
RIO TINTO PLC SPONSORED ADR	COM	767204100	551	10,000	SH		SOLE		0	0	10,000
ROCHE HOLDING LTD ADR	COM	771195104	4,387	108,000	SH		SOLE		0	0	108,000
SEMPRA ENERGY	COM	816851109	2,174	14,500	SH		SOLE		0	0	14,500
SWIRE PACIFIC LTD SPONS ADR RP	COM	870794302	300	40,000	SH		SOLE		0	0	40,000
SYSCO CORP	COM	871829107	707	10,000	SH		SOLE		0	0	10,000
TAIWAN SEMICONDUCTOR MFG CO LT	COM	874039100	343	5,006	SH		SOLE		0	0	5,006
TANGER FACTORY OUTLET REIT	COM	875465106	3,258	238,150	SH		SOLE		0	0	238,150
TARGET CORP-FRMLY DAYTON HUDSO	COM	87612E106	8,273	55,755	SH		SOLE		0	0	55,755
TEXAS INSTRUMENTS INC.	COM	882508104	1,548	10,000	SH		SOLE		0	0	10,000
TOAST, INC.	COM	888787108	197	11,800	SH		SOLE		0	0	11,800
TOTALENERGIES SE ADR (FRMRLY T	COM	89151E109	1,898	40,795	SH		SOLE		0	0	40,795
TRAVELERS COMPANIES, INC.	COM	89417e109	507	3,311	SH		SOLE		0	0	3,311
U.S. BANCORP (FORMERLY FIRST B	COM	902973106	589	14,610	SH		SOLE		0	0	14,610
UNION PACIFIC CORPORATION	COM	907818108	1,461	7,500	SH		SOLE		0	0	7,500
UNITED PARCEL SERVICE, INC. CL	COM	911312106	824	5,100	SH		SOLE		0	0	5,100
VICI PROPERTIES INC. (REIT)	COM	925652109	2,989	100,150	SH		SOLE		0	0	100,150
VERIZON COMMUNICATIONS INC.	COM	92343V104	3,695	97,325	SH		SOLE		0	0	97,325
VODAFONE GROUP PLC SPONS ADR	COM	92857t107	370	32,662	SH		SOLE		0	0	32,662
WALMART INC.	COM	931142103	3,476	26,800	SH		SOLE		0	0	26,800
YUM BRANDS INC. (FORMERLY TRIC	COM	895953107	647	6,080	SH		SOLE		0	0	6,080
YUM CHINA HOLDINGS, INC.	COM	98850p109	277	5,853	SH		SOLE		0	0	5,853
ZIMMER BIOMET HOLDINGS(FRMLY Z	COM	98956P102	700	6,700	SH		SOLE		0	0	6,700
ZOETIS INC.	COM	98978v103	5,027	33,900	SH		SOLE		0	0	33,900
BANK OF AMERICA 5 PERP CALL 9	PREFERRED	06055h202	2,889	141,115	SH		SOLE		0	0	141,115
BROOKFIELD PRPTY PTNRS LP 6.5 PFD	PREFERRED	G16249149	1,897	100,000	SH		SOLE		0	0	100,000
ENERGY TRANSFER LP 7.375 PFD	PREFERRED	29273v407	568	26,000	SH		SOLE		0	0	26,000
JPMORGAN CHASE 6.00 CALLABLE	PREFERRED	48128b648	749	30,000	SH		SOLE		0	0	30,000
PRUDENTIAL FINANCIAL INC 5.625	PREFERRED	744320805	1,812	74,000	SH		SOLE		0	0	74,000
PUBLIC STORAGE 5.15 SER F CAL	PREFERRED	74460W685	873	40,000	SH		SOLE		0	0	40,000