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 1,078 25,500 SH   SOLE 0 25,500 0 0
ABBVIE INC COM 00287Y109 2,901 46,000 SH   SOLE 0 46,000 0 0
ADOBE SYS INC COM 00724F101 2,222 20,470 SH   SOLE 0 20,470 0 0
ALEXANDRIA REAL ESTATE COM 015271109 1,305 12,000 SH   SOLE 0 12,000 0 0
ALPS ETF TR ALERIAN MLP 00162Q866 4,315 340,000 SH   SOLE 0 340,000 0 0
AMERICAN ASSETS TRUST INC COM 024013104 35,770 824,572 SH   SOLE 0 824,572 0 0
AMERICAN CAMPUS COMMUNITIES COM 024835100 610 12,000 SH   SOLE 0 12,000 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 977 50,000 SH   SOLE 0 50,000 0 0
AMERICAN ELEC PWR INC COM 025537101 3,211 50,000 SH   SOLE 0 50,000 0 0
AMERICAN INTL GROUP INC COM 026874784 4,509 75,990 SH   SOLE 0 75,990 0 0
AMERIPRISE FINL INC COM 03076C106 1,740 17,440 SH   SOLE 0 17,440 0 0
AMGEN COM 031162100 1,693 10,150 SH   SOLE 0 10,150 0 0
ANNALY CAP MGMT INC COM 035710409 2,460 234,280 SH   SOLE 0 234,280 0 0
APOLLO ED GROUP INC COM 037604105 278 35,000 SH   SOLE 0 35,000 0 0
APPLE INC COM 037833100 5,935 52,500 SH   SOLE 0 52,500 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 422 10,000 SH   SOLE 0 10,000 0 0
AT&T INC COM 00206R102 1,624 40,000 SH   SOLE 0 40,000 0 0
AVALONBAY CMNTYS INC COM 053484101 925 5,200 SH   SOLE 0 5,200 0 0
BAKER HUGHES INC COM 057224107 4,573 90,600 SH   SOLE 0 90,600 0 0
BANCO BILBAO VIZCAYA ARGENTA ADR 05946K101 238 40,000 SH   SOLE 0 40,000 0 0
BANCO SANTANDER SA ADR 05964H105 1,036 234,831 SH   SOLE 0 234,831 0 0
BANK AMER CORP COM 060505104 5,127 327,610 SH   SOLE 0 327,610 0 0
BANK MONTREAL QUE COM 063671101 1,639 25,000 SH   SOLE 0 25,000 0 0
BANK NS HALIFAX COM 064149107 2,120 40,000 SH   SOLE 0 40,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 570 14,300 SH   SOLE 0 14,300 0 0
BAXTER INTL INC COM 071813109 3,404 71,515 SH   SOLE 0 71,515 0 0
BECTON DICKINSON & CO USD1 COM 075887109 899 5,000 SH   SOLE 0 5,000 0 0
BP PLC SPONSORED ADR 055622104 7,987 227,171 SH   SOLE 0 227,171 0 0
BRISTOL-MYERS SQUIBB CO COM STK USD0.10 COM 110122108 2,696 50,000 SH   SOLE 0 50,000 0 0
BUCKEYE PARTNERS LP COM 118230101 788 11,000 SH   SOLE 0 11,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 2,586 36,000 SH   SOLE 0 36,000 0 0
CARDINAL HEALTH INC COM 14149Y108 1,576 20,277 SH   SOLE 0 20,277 0 0
CARNIVAL CORP PAIRED CTF 143658300 1,709 35,000 SH   SOLE 0 35,000 0 0
CHEVRON CORP NEW COM 166764100 6,501 63,170 SH   SOLE 0 63,170 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 1,121 40,000 SH   SOLE 0 40,000 0 0
CITIGROUP INC COM 172967424 1,984 42,000 SH   SOLE 0 42,000 0 0
COCA-COLA CO COM 191216100 2,370 56,000 SH   SOLE 0 56,000 0 0
CONNS INC COM 208242107 310 30,000 SH   SOLE 0 30,000 0 0
CORESITE REALTY CORP COM 21870Q105 2,221 30,000 SH   SOLE 0 30,000 0 0
CORNING INC COM 219350105 473 20,000 SH   SOLE 0 20,000 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 552 42,000 SH   SOLE 0 42,000 0 0
CYRUSONE INC COM 23283R100 3,235 68,000 SH   SOLE 0 68,000 0 0
DEERE & CO COM 244199105 982 11,500 SH   SOLE 0 11,500 0 0
DELL TECNOLOGIES COM CL V 24703L103 623 13,041 SH   SOLE 0 13,041 0 0
DENBURY RES INC COM NEW 247916208 57 17,600 SH   SOLE 0 17,600 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 1,309 100,000 SH   SOLE 0 100,000 0 0
DIGITAL RLTY TRUST INC COM 253868103 403 4,150 SH   SOLE 0 4,150 0 0
DOW CHEMICAL CO COM 260543103 5,500 106,110 SH   SOLE 0 106,110 0 0
DUKE ENERGY CORP NEW COM 26441C204 1,334 16,666 SH   SOLE 0 16,666 0 0
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 559 22,000 SH   SOLE 0 22,000 0 0
ENCANA CORP COM 292505104 314 30,000 SH   SOLE 0 30,000 0 0
EOG RES INC COM 26875P101 271 2,800 SH   SOLE 0 2,800 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,415 22,000 SH   SOLE 0 22,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 1,411 20,000 SH   SOLE 0 20,000 0 0
EXXON MOBIL CORP COM 30231G102 4,364 50,000 SH   SOLE 0 50,000 0 0
FORD MTR CO DEL COM 345370860 3,060 253,530 SH   SOLE 0 253,530 0 0
GAMESTOP CORP NEW COM 36467W109 1,791 64,910 SH   SOLE 0 64,910 0 0
GENERAL ELECTRIC CO COM 369604103 11,848 400,000 SH   SOLE 0 400,000 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 2,070 75,000 SH   SOLE 0 75,000 0 0
GENERAL MOTORS CO COM 37045V100 6,808 214,300 SH   SOLE 0 214,300 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 863 20,000 SH   SOLE 0 20,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 7,486 46,420 SH   SOLE 0 46,420 0 0
HALLIBURTON CO COM 406216101 2,974 66,270 SH   SOLE 0 66,270 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 1,718 40,119 SH   SOLE 0 40,119 0 0
HEWLETT PACKARD ENTERPRISE C COM 42824C109 2,889 127,000 SH   SOLE 0 127,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 1,605 70,000 SH   SOLE 0 70,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 701 45,000 SH   SOLE 0 45,000 0 0
HP INC COM 40434L105 1,972 127,000 SH   SOLE 0 127,000 0 0
HSBC HOLDINGS PLC SPON ADR NEW 404280406 2,821 75,000 SH   SOLE 0 75,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 1,230 10,260 SH   SOLE 0 10,260 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,271 8,000 SH   SOLE 0 8,000 0 0
ISHARES TRUST MSCI UTD KNGDM 46434V548 21,384 1,350,000 SH   SOLE 0 1,350,000 0 0
JOHNSON & JOHNSON COM 478160104 5,316 45,000 SH   SOLE 0 45,000 0 0
JPMORGAN CHASE & CO COM 46625H100 12,855 193,040 SH   SOLE 0 193,040 0 0
KINDER MORGAN INC DEL COM 49456B101 3,238 140,000 SH   SOLE 0 140,000 0 0
KROGER CO COM 501044101 594 20,000 SH   SOLE 0 20,000 0 0
LAS VEGAS SANDS CORP COM 517834107 1,151 20,000 SH   SOLE 0 20,000 0 0
LENNAR CORP COM 526057104 1,520 35,900 SH   SOLE 0 35,900 0 0
M & T BK CORP COM 5526IF104 596 5,130 SH   SOLE 0 5,130 0 0
MACERICH CO COM 554382101 796 9,842 SH   SOLE 0 9,842 0 0
MACYS INC COM 55616P104 1,260 34,000 SH   SOLE 0 34,000 0 0
MEDTRONIC PLC SHS G5960L103 8,951 103,602 SH   SOLE 0 103,602 0 0
MERCK & CO INC(NEW) COM STK USD0.50 COM 58933Y105 4,999 80,100 SH   SOLE 0 80,100 0 0
METLIFE INC COM 59156R108 2,857 64,304 SH   SOLE 0 64,304 0 0
MICROSOFT CORP COM 594918104 8,446 146,640 SH   SOLE 0 146,640 0 0
MORGAN STANLEY COM 617446448 1,282 40,000 SH   SOLE 0 40,000 0 0
MOSAIC CO NEW COM 61945C103 856 35,000 SH   SOLE 0 35,000 0 0
NORDSTROM INC COM 655664100 2,231 43,000 SH   SOLE 0 43,000 0 0
NOVARTIS AG SPONSORED ADR 66987V109 4,087 51,760 SH   SOLE 0 51,760 0 0
OASIS PETE INC NEW NOTE 2.625% 9/1 674215AJ7 395 350,000 SH   SOLE 0 350,000 0 0
ORACLE CORP COM 68389X105 2,577 65,600 SH   SOLE 0 65,600 0 0
OSHKOSH CORP COM 688239201 3,978 71,040 SH   SOLE 0 71,040 0 0
PAYPAL HLDGS INC COM 70450Y103 4,123 100,625 SH   SOLE 0 100,625 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 1,463 55,000 SH   SOLE 0 55,000 0 0
PEPSICO INC CAP STK USD0.0166 COM 713445108 4,112 37,800 SH   SOLE 0 37,800 0 0
PFIZER INC COM 717081103 3,895 115,000 SH   SOLE 0 115,000 0 0
PHILIP MORRIS INTL INC COM 718172109 486 5,000 SH   SOLE 0 5,000 0 0
PHILLIPS 66 COM 718546104 826 10,260 SH   SOLE 0 10,260 0 0
PINNACLE WEST CAP CORP COM 723484101 3,800 50,000 SH   SOLE 0 50,000 0 0
PIONEER NAT RES CO COM 723787107 3,839 20,680 SH   SOLE 0 20,680 0 0
PPL CORP COM 69351T106 2,420 70,000 SH   SOLE 0 70,000 0 0
PRUDENTIAL FINL INC COM 744320102 2,977 36,459 SH   SOLE 0 36,459 0 0
QUALCOMM INC COM 747525103 2,398 35,000 SH   SOLE 0 35,000 0 0
QUEST DIAGNOSTICS INC COM 74834L100 1,269 15,000 SH   SOLE 0 15,000 0 0
REDWOOD TR INC COM 758075402 289 20,440 SH   SOLE 0 20,440 0 0
ROYAL BANK OF CDA MONTREAL QUE COM 780087102 2,788 45,000 SH   SOLE 0 45,000 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 3,906 78,016 SH   SOLE 0 78,016 0 0
SANOFI SPONSORED ADR 80105N105 1,719 45,000 SH   SOLE 0 45,000 0 0
SCHLUMBERGER LTD COM 806857108 4,940 62,822 SH   SOLE 0 62,822 0 0
SHIRE PLC SPONSORED ADR 82481R106 3,956 20,404 SH   SOLE 0 20,404 0 0
SIMON PPTY GROUP INC NEW COM 828806109 4,699 22,700 SH   SOLE 0 22,700 0 0
SPDR S&P500 ETF TR TR UNIT 78462F103 1,190 5,500 SH   SOLE 0 5,500 0 0
STRYKER CORP COM 863667101 1,467 12,600 SH   SOLE 0 12,600 0 0
SUNTRUST BKS INC COM 867914103 657 15,000 SH   SOLE 0 15,000 0 0
SYNCHRONY FINL COM 87165B103 560 20,000 SH   SOLE 0 20,000 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 2,143 55,000 SH   SOLE 0 55,000 0 0
TAUBMAN CTRS INC COM 876664103 4,325 58,125 SH   SOLE 0 58,125 0 0
TELEFONICA SA SPONSORED ADR 879382208 534 52,939 SH   SOLE 0 52,939 0 0
TIME WARNER INC COM 887317303 3,858 48,465 SH   SOLE 0 48,465 0 0
TORONTO DOMINION BK ONT COM 891160509 3,108 70,000 SH   SOLE 0 70,000 0 0
TOWN SPORTS INTL HLDGS INC COM 89214A102 125 40,409 SH   SOLE 0 40,409 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 2,321 20,000 SH   SOLE 0 20,000 0 0
UNILEVER PLC SPON ADR NEW 904767704 7,110 150,000 SH   SOLE 0 150,000 0 0
UNION PAC CORP COM 907818108 1,463 15,000 SH   SOLE 0 15,000 0 0
URBAN EDGE PPTYS REIT USD 0.01 COM 91704F104 2,955 105,000 SH   SOLE 0 105,000 0 0
VENTAS INC COM 92276F100 1,413 20,000 SH   SOLE 0 20,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 7,277 140,000 SH   SOLE 0 140,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 5,616 69,660 SH   SOLE 0 69,660 0 0
WELLS FARGO & CO NEW COM 949746101 40,295 910,000 SH   SOLE 0 910,000 0 0
WELLTOWER INC COM 95040Q104 748 10,000 SH   SOLE 0 10,000 0 0
WEYERHAEUSER CO COM 962166104 1,597 50,000 SH   SOLE 0 50,000 0 0
WHITING PETE CORP NEW NOTE 1.250% 4/0 966387AL6 124 150,000 SH   SOLE 0 150,000 0 0
WHITING PETE CORP NEW COM 966387102 317 36,220 SH   SOLE 0 36,220 0 0
WHITING PETE CORP NEW 6.250% 4/0 966387AX0 863 850,000 SH   SOLE 0 850,000 0 0
WHOLE FOOD MKT INC COM 966837106 1,134 40,000 SH   SOLE 0 40,000 0 0
WILLIAMS SONOMA INC COM 969904101 2,706 52,980 SH   SOLE 0 52,980 0 0
WYNN RESORTS LTD COM 983134107 779 8,000 SH   SOLE 0 8,000 0 0