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 979 25,500 SH   SOLE 0 25,500 0 0
ABBVIE INC COM 00287Y109 2,881 46,000 SH   SOLE 0 46,000 0 0
ADOBE SYS INC COM 00724F101 2,118 20,570 SH   SOLE 0 20,570 0 0
AGNC INVT CORP COM 00123Q104 907 50,000 SH   SOLE 0 50,000 0 0
ALEXANDRIA REAL ESTATE COM 015271109 1,334 12,000 SH   SOLE 0 12,000 0 0
ALLERGAN PLC COM G0177J108 1,050 5,000 SH   SOLE 0 5,000 0 0
ALPS ETF TR ALERIAN MLP 00162Q866 4,284 340,000 SH   SOLE 0 340,000 0 0
AMERICAN ASSETS TRUST INC COM 024013104 35,523 824,572 SH   SOLE 0 824,572 0 0
AMERICAN CAMPUS COMMUNITIES COM 024835100 597 12,000 SH   SOLE 0 12,000 0 0
AMERICAN ELEC PWR INC COM 025537101 3,148 50,000 SH   SOLE 0 50,000 0 0
AMERICAN INTL GROUP INC COM 026874784 1,306 20,000 SH   SOLE 0 20,000 0 0
AMERIPRISE FINL INC COM 03076C106 2,734 24,640 SH   SOLE 0 24,640 0 0
AMGEN COM 031162100 2,237 15,300 SH   SOLE 0 15,300 0 0
ANNALY CAP MGMT INC COM 035710409 997 100,000 SH   SOLE 0 100,000 0 0
APOLLO ED GROUP INC COM 037604105 347 35,000 SH   SOLE 0 35,000 0 0
APPLE INC COM 037833100 6,081 52,500 SH   SOLE 0 52,500 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 938 20,540 SH   SOLE 0 20,540 0 0
AT&T INC COM 00206R102 1,701 40,000 SH   SOLE 0 40,000 0 0
AVALONBAY CMNTYS INC COM 053484101 921 5,200 SH   SOLE 0 5,200 0 0
AXALTA COATING SYS LTD COM GO750C108 272 10,000 SH   SOLE 0 10,000 0 0
BAKER HUGHES INC COM 057224107 5,893 90,700 SH   SOLE 0 90,700 0 0
BANCO SANTANDER SA ADR 05964H105 1,230 237,530 SH   SOLE 0 237,530 0 0
BANK AMER CORP COM 060505104 3,443 155,770 SH   SOLE 0 155,770 0 0
BANK MONTREAL QUE COM 063671101 1,798 25,000 SH   SOLE 0 25,000 0 0
BANK NS HALIFAX COM 064149107 2,227 40,000 SH   SOLE 0 40,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 678 14,300 SH   SOLE 0 14,300 0 0
BAXTER INTL INC COM 071813109 3,171 71,515 SH   SOLE 0 71,515 0 0
BECTON DICKINSON & CO USD1 COM 075887109 828 5,000 SH   SOLE 0 5,000 0 0
BP PLC SPONSORED ADR 055622104 8,646 231,298 SH   SOLE 0 231,298 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 2,922 50,000 SH   SOLE 0 50,000 0 0
BUCKEYE PARTNERS LP COM 118230101 728 11,000 SH   SOLE 0 11,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 3,141 36,000 SH   SOLE 0 36,000 0 0
CARDINAL HEALTH INC COM 14149Y108 1,459 20,277 SH   SOLE 0 20,277 0 0
CARNIVAL CORP PAIRED CTF 143658300 1,822 35,000 SH   SOLE 0 35,000 0 0
CHEVRON CORP NEW COM 166764100 7,435 63,170 SH   SOLE 0 63,170 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 1,270 40,000 SH   SOLE 0 40,000 0 0
CITIGROUP INC COM 172967424 2,496 42,000 SH   SOLE 0 42,000 0 0
COCA-COLA CO COM 191216100 2,322 56,000 SH   SOLE 0 56,000 0 0
CONNS INC COM 208242107 380 30,000 SH   SOLE 0 30,000 0 0
CORESITE REALTY CORP COM 21870Q105 2,381 30,000 SH   SOLE 0 30,000 0 0
CORNING INC COM 219350105 485 20,000 SH   SOLE 0 20,000 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 601 42,000 SH   SOLE 0 42,000 0 0
CYRUSONE INC COM 23283R100 3,042 68,000 SH   SOLE 0 68,000 0 0
DEERE & CO COM 244199105 1,185 11,500 SH   SOLE 0 11,500 0 0
DELL TECNOLOGIES COM CL V 24703L103 490 8,917 SH   SOLE 0 8,917 0 0
DENBURY RES INC COM NEW 247916208 65 17,600 SH   SOLE 0 17,600 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 1,810 100,000 SH   SOLE 0 100,000 0 0
DIGITAL RLTY TRUST INC COM 253868103 408 4,150 SH   SOLE 0 4,150 0 0
DOW CHEMICAL CO COM 260543103 6,077 106,210 SH   SOLE 0 106,210 0 0
DUKE ENERGY CORP NEW COM 26441C204 1,294 16,666 SH   SOLE 0 16,666 0 0
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 561 22,000 SH   SOLE 0 22,000 0 0
ENCANA CORP COM 292505104 352 30,000 SH   SOLE 0 30,000 0 0
ENDO INTL PLC SHS G30401106 329 20,000 SH   SOLE 0 20,000 0 0
EOG RES INC COM 26875P101 283 2,800 SH   SOLE 0 2,800 0 0
EQT CORP COM 26884L109 1,997 30,540 SH   SOLE 0 30,540 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,416 22,000 SH   SOLE 0 22,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 1,376 20,000 SH   SOLE 0 20,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 3,862 50,000 SH   SOLE 0 50,000 0 0
EXXON MOBIL CORP COM 30231G102 4,513 50,000 SH   SOLE 0 50,000 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 1,421 10,000 SH   SOLE 0 10,000 0 0
FORD MTR CO DEL COM 345370860 3,075 253,530 SH   SOLE 0 253,530 0 0
GAMESTOP CORP NEW COM 36467W109 3,071 121,560 SH   SOLE 0 121,560 0 0
GENERAL ELECTRIC CO COM 369604103 12,640 400,000 SH   SOLE 0 400,000 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 2,123 85,000 SH   SOLE 0 85,000 0 0
GENERAL MOTORS CO COM 37045V100 7,466 214,300 SH   SOLE 0 214,300 0 0
GILEAD SCIENCES INC COM 375558103 358 5,000 SH   SOLE 0 5,000 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 1,155 30,000 SH   SOLE 0 30,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 8,706 36,360 SH   SOLE 0 36,360 0 0
HALLIBURTON CO COM 406216101 3,585 66,270 SH   SOLE 0 66,270 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 1,912 40,119 SH   SOLE 0 40,119 0 0
HEWLETT PACKARD ENTERPRISE C COM 42824C109 2,939 127,000 SH   SOLE 0 127,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 1,904 70,000 SH   SOLE 0 70,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 848 45,000 SH   SOLE 0 45,000 0 0
HP INC COM 40434L105 1,885 127,000 SH   SOLE 0 127,000 0 0
HSBC HOLDINGS PLC SPON ADR NEW 404280406 3,096 77,053 SH   SOLE 0 77,053 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,328 8,000 SH   SOLE 0 8,000 0 0
ISHARES MSCI MEX CAP ETF 464286822 4,397 100,000 SH   SOLE 0 100,000 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 20,716 675,000 SH   SOLE 0 675,000 0 0
JOHNSON & JOHNSON COM 478160104 5,184 45,000 SH   SOLE 0 45,000 0 0
JPMORGAN CHASE & CO COM 46625H100 15,479 179,385 SH   SOLE 0 179,385 0 0
KINDER MORGAN INC DEL COM 49456B101 2,899 140,000 SH   SOLE 0 140,000 0 0
KROGER CO COM 501044101 1,208 35,000 SH   SOLE 0 35,000 0 0
LAS VEGAS SANDS CORP COM 517834107 1,068 20,000 SH   SOLE 0 20,000 0 0
LENNAR CORP COM 526057104 1,829 42,610 SH   SOLE 0 42,610 0 0
M & T BK CORP COM 5526IF104 802 5,130 SH   SOLE 0 5,130 0 0
MACERICH CO COM 554382101 708 10,000 SH   SOLE 0 10,000 0 0
MACYS INC COM 55616P104 1,218 34,000 SH   SOLE 0 34,000 0 0
MEDTRONIC PLC SHS G5960L103 7,380 103,602 SH   SOLE 0 103,602 0 0
MERCK & CO INC COM 58933Y105 4,715 80,100 SH   SOLE 0 80,100 0 0
METLIFE INC COM 59156R108 3,465 64,304 SH   SOLE 0 64,304 0 0
MICROSOFT CORP COM 594918104 8,793 141,505 SH   SOLE 0 141,505 0 0
MORGAN STANLEY COM 617446448 1,690 40,000 SH   SOLE 0 40,000 0 0
MOSAIC CO NEW COM 61945C103 1,027 35,000 SH   SOLE 0 35,000 0 0
NORDSTROM INC COM 655664100 1,342 28,000 SH   SOLE 0 28,000 0 0
NOVARTIS AG SPONSORED ADR 66987V109 6,835 93,840 SH   SOLE 0 93,840 0 0
OASIS PETE INC NEW NOTE 2.625% 9/1 674215AJ7 487 350,000 SH   SOLE 0 350,000 0 0
ORACLE CORP COM 68389X105 2,522 65,600 SH   SOLE 0 65,600 0 0
OSHKOSH CORP COM 688239201 1,936 29,970 SH   SOLE 0 29,970 0 0
PAYPAL HLDGS INC COM 70450Y103 3,972 100,625 SH   SOLE 0 100,625 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 744 25,000 SH   SOLE 0 25,000 0 0
PEPSICO INC COM 713445108 3,955 37,800 SH   SOLE 0 37,800 0 0
PFIZER INC COM 717081103 3,735 115,000 SH   SOLE 0 115,000 0 0
PHILIP MORRIS INTL INC COM 718172109 457 5,000 SH   SOLE 0 5,000 0 0
PHILLIPS 66 COM 718546104 887 10,260 SH   SOLE 0 10,260 0 0
PINNACLE WEST CAP CORP COM 723484101 3,902 50,000 SH   SOLE 0 50,000 0 0
PIONEER NAT RES CO COM 723787107 3,724 20,680 SH   SOLE 0 20,680 0 0
PPG INDS INC COM 693506107 3,841 40,530 SH   SOLE 0 40,530 0 0
PPL CORP COM 69351T106 2,384 70,000 SH   SOLE 0 70,000 0 0
PRUDENTIAL FINL INC COM 744320102 3,794 36,459 SH   SOLE 0 36,459 0 0
PUBLIC STORAGE COM 74460D109 2,235 10,000 SH   SOLE 0 10,000 0 0
QUALCOMM INC COM 747525103 2,282 35,000 SH   SOLE 0 35,000 0 0
QUEST DIAGNOSTICS INC COM 74834L100 1,379 15,000 SH   SOLE 0 15,000 0 0
ROYAL BANK OF CDA MONTREAL QUE COM 780087102 3,047 45,000 SH   SOLE 0 45,000 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 4,404 80,985 SH   SOLE 0 80,985 0 0
SANOFI SPONSORED ADR 80105N105 1,820 45,000 SH   SOLE 0 45,000 0 0
SCHLUMBERGER LTD COM 806857108 5,274 62,822 SH   SOLE 0 62,822 0 0
SHIRE PLC SPONSORED ADR 82481R106 3,282 19,264 SH   SOLE 0 19,264 0 0
SIMON PPTY GROUP INC NEW COM 828806109 4,033 22,700 SH   SOLE 0 22,700 0 0
STRYKER CORP COM 863667101 1,510 12,600 SH   SOLE 0 12,600 0 0
SUNTRUST BKS INC COM 867914103 823 15,000 SH   SOLE 0 15,000 0 0
SYNCHRONY FINL COM 87165B103 725 20,000 SH   SOLE 0 20,000 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 1,968 55,000 SH   SOLE 0 55,000 0 0
TAUBMAN CTRS INC COM 876664103 4,297 58,125 SH   SOLE 0 58,125 0 0
TELEFONICA SA SPONSORED ADR 879382208 507 55,056 SH   SOLE 0 55,056 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 585 16,139 SH   SOLE 0 16,139 0 0
TIME WARNER INC COM 887317303 4,678 48,465 SH   SOLE 0 48,465 0 0
TORONTO DOMINION BK ONT COM 891160509 3,454 70,000 SH   SOLE 0 70,000 0 0
TOWN SPORTS INTL HLDGS INC COM 89214A102 101 40,409 SH   SOLE 0 40,409 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 2,344 20,000 SH   SOLE 0 20,000 0 0
UNILEVER PLC SPON ADR NEW 904767704 6,919 170,000 SH   SOLE 0 170,000 0 0
UNION PAC CORP COM 907818108 1,555 15,000 SH   SOLE 0 15,000 0 0
URBAN EDGE PPTYS COM 91704F104 2,889 105,000 SH   SOLE 0 105,000 0 0
VENTAS INC COM 92276F100 1,250 20,000 SH   SOLE 0 20,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 7,473 140,000 SH   SOLE 0 140,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 5,765 69,660 SH   SOLE 0 69,660 0 0
WELLS FARGO & CO NEW COM 949746101 50,150 910,000 SH   SOLE 0 910,000 0 0
WELLTOWER INC COM 95040Q104 669 10,000 SH   SOLE 0 10,000 0 0
WESTPAC BKG CORP NOTE 4.322%11/2 961214DF7 326 325,000 SH   SOLE 0 325,000 0 0
WEYERHAEUSER CO COM 962166104 1,505 50,000 SH   SOLE 0 50,000 0 0
WHITING PETE CORP NEW NOTE 1.250% 4/0 966387AL6 132 150,000 SH   SOLE 0 150,000 0 0
WHITING PETE CORP NEW COM 966387102 1,247 103,769 SH   SOLE 0 103,769 0 0
WHOLE FOOD MKT INC COM 966837106 1,184 38,500 SH   SOLE 0 38,500 0 0
WILLIAMS SONOMA INC COM 969904101 3,290 67,980 SH   SOLE 0 67,980 0 0
WYNN RESORTS LTD COM 983134107 260 3,000 SH   SOLE 0 3,000 0 0