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
Estimated average burden
hours per response: 23.8
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
ABBOTT LABS COM NPV COM 002824100 1,067 25,500 SH   SOLE 0 25,500 0 0
ABBVIE INC COM 00287Y109 2,628 46,000 SH   SOLE 0 46,000 0 0
ADOBE SYS INC COM 00724F101 1,515 16,150 SH   SOLE 0 16,150 0 0
AERCAP HOLDINGS NV SHS N00985106 1,416 36,520 SH   SOLE 0 36,520 0 0
ALEXANDRIA REAL ESTATE COM 015271109 1,091 12,000 SH   SOLE 0 12,000 0 0
ALPS ETF TR ALERIAN MLP 00162Q866 2,834 260,000 SH   SOLE 0 260,000 0 0
ANNALY CAP MGMT INC COM 035710409 1,392 135,650 SH   SOLE 0 135,650 0 0
AMERICAN ASSETS TRUST INC COM 024013104 31,719 794,572 SH   SOLE 0 794,572 0 0
AMERICAN CAMPUS COMMUNITIES COM 024835100 565 12,000 SH   SOLE 0 12,000 0 0
AMERICAN ELEC PWR INC COM 025537101 3,320 50,000 SH   SOLE 0 50,000 0 0
AMERICAN INTL GROUP INC COM 026874784 4,112 76,070 SH   SOLE 0 76,070 0 0
APOLLO ED GROUP INC COM 037604105 288 35,000 SH   SOLE 0 35,000 0 0
APPLE INC COM 037833100 5,722 52,500 SH   SOLE 0 52,500 0 0
AT&T INC COM 00206R102 1,567 40,000 SH   SOLE 0 40,000 0 0
AVALONBAY CMNTYS INC COM 053484101 989 5,200 SH   SOLE 0 5,200 0 0
BAKER HUGHES INC COM 057224107 2,411 55,000 SH   SOLE 0 55,000 0 0
BANCO SANTANDER SA ADR 05964H105 588 134,831 SH   SOLE 0 134,831 0 0
BANK AMER CORP COM 060505104 2,994 221,430 SH   SOLE 0 221,430 0 0
BANK MONTREAL QUE COM 063671101 1,517 25,000 SH   SOLE 0 25,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 527 14,300 SH   SOLE 0 14,300 0 0
BANK NS HALIFAX COM 064149107 1,954 40,000 SH   SOLE 0 40,000 0 0
BAXALTA INC COM 07177M103 2,711 67,100 SH   SOLE 0 67,100 0 0
BAXTER INTL INC COM 071813109 3,048 74,200 SH   SOLE 0 74,200 0 0
BECTON DICKINSON & CO USD1 COM 075887109 759 5,000 SH   SOLE 0 5,000 0 0
BP PLC SPONSORED ADR 055622104 6,606 218,892 SH   SOLE 0 218,892 0 0
BRISTOL-MYERS SQUIBB CO COM STK USD0.10 COM 110122108 3,194 50,000 SH   SOLE 0 50,000 0 0
BUCKEYE PARTNERS LP COM 118230101 747 11,000 SH   SOLE 0 11,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,456 21,000 SH   SOLE 0 21,000 0 0
CARDINAL HEALTH INC COM 14149Y108 1,662 20,277 SH   SOLE 0 20,277 0 0
CARNIVAL CORP PAIRED CTF 143658300 792 15,000 SH   SOLE 0 15,000 0 0
CHEVRON CORP NEW COM 166764100 6,026 63,170 SH   SOLE 0 63,170 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 1,098 30,000 SH   SOLE 0 30,000 0 0
CITIGROUP INC COM 172967424 1,754 42,000 SH   SOLE 0 42,000 0 0
COCA-COLA CO COM 191216100 2,598 56,000 SH   SOLE 0 56,000 0 0
CORESITE REALTY CORP COM 21870Q105 2,100 30,000 SH   SOLE 0 30,000 0 0
CORNING INC COM 219350105 418 20,000 SH   SOLE 0 20,000 0 0
CYRUSONE INC COM 23283R100 3,104 68,000 SH   SOLE 0 68,000 0 0
DEERE & CO COM 244199105 885 11,500 SH   SOLE 0 11,500 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 2,246 132,577 SH   SOLE 0 132,577 0 0
DIGITAL RLTY TRUST INC COM 253868103 367 4,150 SH   SOLE 0 4,150 0 0
DOW CHEMICAL CO COM 260543103 3,869 76,065 SH   SOLE 0 76,065 0 0
DUKE ENERGY CORP NEW COM 26441C204 1,345 16,666 SH   SOLE 0 16,666 0 0
EMC CORP - MASS COM 268648102 3,118 117,000 SH   SOLE 0 117,000 0 0
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 403 22,000 SH   SOLE 0 22,000 0 0
ENCANA CORP COM 292505104 183 30,000 SH   SOLE 0 30,000 0 0
EOG RES INC COM 26875P101 203 2,800 SH   SOLE 0 2,800 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 900 12,000 SH   SOLE 0 12,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 1,374 20,000 SH   SOLE 0 20,000 0 0
EXXON MOBIL CORP COM 30231G102 4,180 50,000 SH   SOLE 0 50,000 0 0
FORD MTR CO DEL COM 345370860 3,424 253,660 SH   SOLE 0 253,660 0 0
GAMESTOP CORP NEW COM 36467W109 1,111 35,010 SH   SOLE 0 35,010 0 0
GENERAL ELECTRIC CO COM 369604103 12,716 400,000 SH   SOLE 0 400,000 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 2,230 75,000 SH   SOLE 0 75,000 0 0
GENERAL MOTORS CO COM 37045V100 6,745 214,600 SH   SOLE 0 214,600 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 406 10,000 SH   SOLE 0 10,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 3,454 22,000 SH   SOLE 0 22,000 0 0
HALLIBURTON CO COM 406216101 2,920 81,750 SH   SOLE 0 81,750 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 1,849 40,119 SH   SOLE 0 40,119 0 0
HEWLETT PACKARD ENTERPRISE C COM 42824C109 2,252 127,000 SH   SOLE 0 127,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 752 45,000 SH   SOLE 0 45,000 0 0
HP INC COM 40434L105 1,565 127,000 SH   SOLE 0 127,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 1,685 16,450 SH   SOLE 0 16,450 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,212 8,000 SH   SOLE 0 8,000 0 0
ISHARES TRUST IBOXX INV CP ETF 464287242 1,188 10,000 SH   SOLE 0 10,000 0 0
ITC HOLDINGS CORP COM 465685105 1,837 42,170 SH   SOLE 0 42,170 0 0
JOHNSON & JOHNSON COM 478160104 5,015 46,350 SH   SOLE 0 46,350 0 0
JPMORGAN CHASE & CO COM 46625H100 10,838 183,010 SH   SOLE 0 183,010 0 0
LAS VEGAS SANDS CORP COM 517834107 1,034 20,000 SH   SOLE 0 20,000 0 0
MACERICH CO COM 554382101 780 9,842 SH   SOLE 0 9,842 0 0
MACYS INC COM 5561P104 1,058 24,000 SH   SOLE 0 24,000 0 0
MEDTRONIC PLC SHS G5960L103 7,769 103,582 SH   SOLE 0 103,582 0 0
MERCK & CO INC(NEW) COM STK USD0.50 COM 58933Y105 4,238 80,100 SH   SOLE 0 80,100 0 0
METLIFE INC COM 59156R108 1,947 44,304 SH   SOLE 0 44,304 0 0
MICROSOFT CORP COM 594918104 7,937 143,710 SH   SOLE 0 143,710 0 0
MORGAN STANLEY COM 617446448 750 30,000 SH   SOLE 0 30,000 0 0
MOSAIC CO NEW COM 61945C103 599 22,200 SH   SOLE 0 22,200 0 0
NEWMONT MINING CORP COM 651639106 1,595 60,000 SH   SOLE 0 60,000 0 0
NORDSTROM INC COM 655664100 1,030 18,000 SH   SOLE 0 18,000 0 0
NOVARTIS AG SPONSORED ADR 66987V109 3,749 51,760 SH   SOLE 0 51,760 0 0
ORACLE CORP COM 68389X105 2,684 65,600 SH   SOLE 0 65,600 0 0
OSHKOSH CORP COM 688239201 3,095 75,730 SH   SOLE 0 75,730 0 0
PAYPAL HLDGS INC COM 70450Y103 3,678 95,295 SH   SOLE 0 95,295 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 727 25,000 SH   SOLE 0 25,000 0 0
PEPSICO INC CAP STK USD0.0166 COM 713445108 3,874 37,800 SH   SOLE 0 37,800 0 0
PFIZER INC COM 717081103 3,409 115,000 SH   SOLE 0 115,000 0 0
PHILIP MORRIS INTL INC COM 718172109 491 5,000 SH   SOLE 0 5,000 0 0
PINNACLE WEST CAP CORP COM 723484101 3,754 50,000 SH   SOLE 0 50,000 0 0
PIONEER NAT RES CO COM 723787907 4,505 32,010 SH   SOLE 0 32,010 0 0
PPL CORP COM 69351T106 2,665 70,000 SH   SOLE 0 70,000 0 0
PRUDENTIAL FINL INC COM 744320102 1,878 26,000 SH   SOLE 0 26,000 0 0
QUALCOMM INC COM 747525103 1,790 35,000 SH   SOLE 0 35,000 0 0
QUEST DIAGNOSTICS INC COM 74834L100 1,072 15,000 SH   SOLE 0 15,000 0 0
REDWOOD TR INC COM 758075402 131 10,000 SH   SOLE 0 10,000 0 0
ROYAL BANK OF CDA MONTREAL QUE COM 780087102 2,590 45,000 SH   SOLE 0 45,000 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 3,709 76,551 SH   SOLE 0 76,551 0 0
SANOFI SPONSORED ADR 80105N105 1,807 45,000 SH   SOLE 0 45,000 0 0
SCHLUMBERGER LTD COM 806857108 4,633 62,822 SH   SOLE 0 62,822 0 0
SIMON PPTY GROUP INC NEW COM 828806109 4,715 22,700 SH   SOLE 0 22,700 0 0
SPDR S&P500 ETF TR TR UNIT 78462F103 4,110 20,000 SH   SOLE 0 20,000 0 0
STRYKER CORP COM 863667101 1,352 12,600 SH   SOLE 0 12,600 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 2,001 55,000 SH   SOLE 0 55,000 0 0
TAUBMAN CTRS INC COM 876664103 4,140 58,125 SH   SOLE 0 58,125 0 0
TE CONNECTIVITY LTD REG SHS H84989104 1,875 30,280 SH   SOLE 0 30,280 0 0
TELEFONICA SA SPONSORED ADR 879382208 589 52,939 SH   SOLE 0 52,939 0 0
TIME WARNER INC COM 887317303 3,154 43,475 SH   SOLE 0 43,475 0 0
TORONTO DOMINION BK ONT COM 891160509 3,019 70,000 SH   SOLE 0 70,000 0 0
TOWN SPORTS INTL HLDGS INC COM 89214A102 116 40,409 SH   SOLE 0 40,409 0 0
UNILEVER PLC SPON ADR NEW 904767704 6,777 150,000 SH   SOLE 0 150,000 0 0
UNION PAC CORP COM 907818108 1,193 15,000 SH   SOLE 0 15,000 0 0
URBAN EDGE PPTYS REIT USD 0.01 COM 91704F104 2,713 105,000 SH   SOLE 0 105,000 0 0
VENTAS INC COM 92276F100 1,259 20,000 SH   SOLE 0 20,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 7,571 140,000 SH   SOLE 0 140,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 5,866 69,630 SH   SOLE 0 69,630 0 0
WELLS FARGO & CO NEW COM 949746101 43,331 896,000 SH   SOLE 0 896,000 0 0
WELLTOWER INC COM 95040Q104 693 10,000 SH   SOLE 0 10,000 0 0
WEYERHAEUSER CO COM 962166104 1,549 50,000 SH   SOLE 0 50,000 0 0
WHOLE FOOD MKT INC COM 966837106 1,244 40,000 SH   SOLE 0 40,000 0 0
WILLIAMS SONOMA INC COM 969904101 1,846 33,730 SH   SOLE 0 33,730 0 0
WYNN RESORTS LTD COM 983134107 1,429 15,300 SH   SOLE 0 15,300 0 0