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 002824100 2,929 40,500 SH   SOLE   40,500 0 0
ABBVIE INC COM 00287Y109 4,241 46,000 SH   SOLE   46,000 0 0
ACADIA HEALTHCARE COMPANY IN COM 00404A109 643 25,000 SH   SOLE   25,000 0 0
ADOBE INC COM 00724F101 1,396 6,170 SH   SOLE   6,170 0 0
AGNC INVT CORP COM 00123Q104 877 50,000 SH   SOLE   50,000 0 0
AIR LEASE CORP CL A 00912X302 363 12,000 SH   SOLE   12,000 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,383 12,000 SH   SOLE   12,000 0 0
ALEXION PHARMACEUTICALS INC COM 015351109 341 3,500 SH   SOLE   3,500 0 0
ALIGN TECHNOLOGY INC COM 016255101 314 1,500 SH   SOLE   1,500 0 0
ALLERGAN PLC SHS G0177J108 1,203 9,000 SH   SOLE   9,000 0 0
ALPHABET INC CAP STK CL A 02079K305 2,090 2,000 SH   SOLE   2,000 0 0
ALPS ETF TR ALERIAN MLP 00162Q866 2,968 340,000 SH   SOLE   340,000 0 0
AMAZON COM INC COM 023135106 751 500 SH   SOLE   500 0 0
AMERICAN ASSETS TR INC COM 024013104 58,461 1,455,336 SH   SOLE   1,455,336 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 497 12,000 SH   SOLE   12,000 0 0
AMERICAN ELEC PWR INC COM 025537101 3,737 50,000 SH   SOLE   50,000 0 0
AMERIPRISE FINL INC COM 03076c106 2,149 20,590 SH   SOLE   20,590 0 0
AMGEN INC COM 031162100 1,984 10,190 SH   SOLE   10,190 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 1,974 30,000 SH   SOLE   30,000 0 0
ANNALY CAP MGMT INC COM 035710409 982 100,000 SH   SOLE   100,000 0 0
ANSYS INC COM 03662q105 2,501 17,500 SH   SOLE   17,500 0 0
ANTERO RES CORP COM 03674X106 272 29,000 SH   SOLE   29,000 0 0
APPLE INC COM 037833100 8,281 52,500 SH   SOLE   52,500 0 0
APPLIED MATLS INC COM 038222105 327 10,000 SH   SOLE   10,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 1,263 30,830 SH   SOLE   30,830 0 0
ARCONIC INC COM 03965L100 211 12,500 SH   SOLE   12,500 0 0
AT&T INC COM 00206R102 2,468 86,466 SH   SOLE   86,466 0 0
AVALONBAY CMNTYS INC COM 053484101 2,646 15,200 SH   SOLE   15,200 0 0
AXALTA COATING SYS LTD COM g0750c108 234 10,000 SH   SOLE   10,000 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946k101 946 178,763 SH   SOLE   178,763 0 0
BANCO SANTANDER SA ADR 05964H105 1,488 332,233 SH   SOLE   332,233 0 0
BANK AMER CORP COM 060505104 5,842 237,100 SH   SOLE   237,100 0 0
BANK MONTREAL QUE COM 063671101 4,575 70,000 SH   SOLE   70,000 0 0
BANK N S HALIFAX COM 064149107 1,745 35,000 SH   SOLE   35,000 0 0
BAXTER INTL INC COM 071813109 4,707 71,515 SH   SOLE   71,515 0 0
BCE INC COM NEW 05534B760 791 20,000 SH   SOLE   20,000 0 0
BECTON DICKINSON & CO COM 075887109 1,127 5,000 SH   SOLE   5,000 0 0
BIOGEN INC COM 09062X103 2,407 8,000 SH   SOLE   8,000 0 0
BP PLC SPONSORED ADR 055622104 9,923 261,670 SH   SOLE   261,670 0 0
BRIGHTHOUSE FINL INC COM 10922N103 610 20,000 SH   SOLE   20,000 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 1,559 30,000 SH   SOLE   30,000 0 0
BROOKFIELD PROPERTY REIT INC CL A 11282X103 1,587 98,600 SH   SOLE   98,600 0 0
CAESARS ENTMT CORP COM 127686103 204 30,000 SH   SOLE   30,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 5,947 78,670 SH   SOLE   78,670 0 0
CARDINAL HEALTH INC COM 14149Y108 1,038 23,277 SH   SOLE   23,277 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 1,726 35,000 SH   SOLE   35,000 0 0
CARRIZO OIL & GAS INC COM 144577103 423 37,500 SH   SOLE   37,500 0 0
CATERPILLAR INC DEL COM 149123101 3,812 30,000 SH   SOLE   30,000 0 0
CBS CORP NEW CL B 124857202 533 12,200 SH   SOLE   12,200 0 0
CELGENE CORP COM 151020104 1,154 18,000 SH   SOLE   18,000 0 0
CHEVRON CORP NEW COM 166764100 9,538 87,670 SH   SOLE   87,670 0 0
CIGNA CORP NEW COM 125523100 925 4,868 SH   SOLE   4,868 0 0
CITIGROUP INC COM NEW 172967424 3,457 66,400 SH   SOLE   66,400 0 0
COCA COLA CO COM 191216100 6,395 135,060 SH   SOLE   135,060 0 0
COMCAST CORP NEW CL A 20030N101 953 28,000 SH   SOLE   28,000 0 0
CONCHO RES INC COM 20605P101 460 4,480 SH   SOLE   4,480 0 0
CONNS INC COM 208242107 312 16,530 SH   SOLE   16,530 0 0
CORESITE RLTY CORP COM 21870Q105 2,617 30,000 SH   SOLE   30,000 0 0
CORNING INC COM 219350105 604 20,000 SH   SOLE   20,000 0 0
CVS HEALTH CORP COM 126650100 1,638 25,000 SH   SOLE   25,000 0 0
CYRUSONE INC COM 23283R100 3,754 71,000 SH   SOLE   71,000 0 0
DELL TECHNOLOGIES INC CL C 24703L202 787 16,107 SH   SOLE   16,107 0 0
DENTSPLY SIRONA INC COM 24906P109 316 8,500 SH   SOLE   8,500 0 0
DIGITAL RLTY TR INC COM 253868103 442 4,150 SH   SOLE   4,150 0 0
DOWDUPONT INC COM 26078J100 5,684 106,290 SH   SOLE   106,290 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 1,438 16,666 SH   SOLE   16,666 0 0
DXC TECHNOLOGY CO COM 23355L106 580 10,909 SH   SOLE   10,909 0 0
EDISON INTL COM 281020107 1,703 30,000 SH   SOLE   30,000 0 0
ELECTRONIC ARTS INC COM 285512109 237 3,000 SH   SOLE   3,000 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 1,982 150,000 SH   SOLE   150,000 0 0
EOG RES INC COM 26875P101 1,116 12,800 SH   SOLE   12,800 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,650 25,000 SH   SOLE   25,000 0 0
ESSEX PPTY TR INC COM 297178105 2,207 9,000 SH   SOLE   9,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 4,524 50,000 SH   SOLE   50,000 0 0
EXXON MOBIL CORP COM 30231G102 1,364 20,000 SH   SOLE   20,000 0 0
FACEBOOK INC CL A 30303M102 1,009 7,700 SH   SOLE   7,700 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 4,143 35,100 SH   SOLE   35,100 0 0
GAMESTOP CORP NEW CL A 36467w109 1,675 132,700 SH   SOLE   132,700 0 0
GENERAL MLS INC COM 370334104 389 10,000 SH   SOLE   10,000 0 0
GENERAL MTRS CO COM 37045V100 6,466 193,300 SH   SOLE   193,300 0 0
GILEAD SCIENCES INC COM 375558103 2,627 42,000 SH   SOLE   42,000 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 1,337 35,000 SH   SOLE   35,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 8,102 48,500 SH   SOLE   48,500 0 0
GULFPORT ENERGY CORP COM NEW 402635304 255 39,000 SH   SOLE   39,000 0 0
HALLIBURTON CO COM 406216101 1,324 49,800 SH   SOLE   49,800 0 0
HCA HEALTHCARE INC COM 40412C101 1,618 13,000 SH   SOLE   13,000 0 0
HEWLETT PACKARD ENTERPRISE C COM 42824C109 1,678 127,000 SH   SOLE   127,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 1,675 23,332 SH   SOLE   23,332 0 0
HOST HOTELS & RESORTS INC COM 44107P104 750 45,000 SH   SOLE   45,000 0 0
HP INC COM 40434L105 2,598 127,000 SH   SOLE   127,000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 3,541 86,124 SH   SOLE   86,124 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 2,387 21,000 SH   SOLE   21,000 0 0
ISHARES INC CORE MSCI EMKT 46434G103 7,073 150,000 SH   SOLE   150,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 2,678 20,000 SH   SOLE   20,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 4,253 35,000 SH   SOLE   35,000 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 8,805 300,000 SH   SOLE   300,000 0 0
JOHNSON & JOHNSON COM 478160104 5,807 45,000 SH   SOLE   45,000 0 0
JOHNSON CTLS INTL PLC SHS g51502105 1,222 41,200 SH   SOLE   41,200 0 0
JPMORGAN CHASE & CO COM 46625H100 15,580 159,600 SH   SOLE   159,600 0 0
KINDER MORGAN INC DEL COM 49456B101 3,582 232,900 SH   SOLE   232,900 0 0
KROGER CO COM 501044101 5,669 206,150 SH   SOLE   206,150 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 1,011 8,000 SH   SOLE   8,000 0 0
LAS VEGAS SANDS CORP COM 517834107 2,082 40,000 SH   SOLE   40,000 0 0
LENNAR CORP CL A 526057104 2,207 56,370 SH   SOLE   56,370 0 0
LILLY ELI & CO COM 532457108 1,157 10,000 SH   SOLE   10,000 0 0
MACERICH CO COM 554382101 1,298 30,000 SH   SOLE   30,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 1,462 40,000 SH   SOLE   40,000 0 0
MEDTRONIC PLC SHS G5960L103 7,371 81,032 SH   SOLE   81,032 0 0
MERCK & CO INC COM 58933Y105 5,349 70,000 SH   SOLE   70,000 0 0
METLIFE INC COM 59156R108 2,640 64,304 SH   SOLE   64,304 0 0
MICRO FOCUS INTERNATIONAL PL SPON ADR NEW 594837304 277 16,067 SH   SOLE   16,067 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 3,528 49,060 SH   SOLE   49,060 0 0
MICRON TECHNOLOGY INC COM 595112103 412 13,000 SH   SOLE   13,000 0 0
MICROSOFT CORP COM 594918104 12,605 124,100 SH   SOLE   124,100 0 0
MONDELEZ INTL INC CL A 609207105 2,442 61,010 SH   SOLE   61,010 0 0
MORGAN STANLEY COM NEW 617446448 2,637 66,500 SH   SOLE   66,500 0 0
NOBLE ENERGY INC COM 655044105 938 50,000 SH   SOLE   50,000 0 0
NORDSTROM INC COM 655664100 3,403 73,000 SH   SOLE   73,000 0 0
NOVARTIS A G SPONSORED ADR 66987V109 9,320 108,610 SH   SOLE   108,610 0 0
NUVASIVE INC COM 670704105 1,036 20,900 SH   SOLE   20,900 0 0
OASIS PETE INC NEW COM 674215108 387 70,000 SH   SOLE   70,000 0 0
ORACLE CORP COM 68389X105 3,278 72,600 SH   SOLE   72,600 0 0
OSHKOSH CORP COM 688239201 920 15,000 SH   SOLE   15,000 0 0
PARK HOTELS RESORTS INC COM 700517105 402 15,467 SH   SOLE   15,467 0 0
PARSLEY ENERGY INC CL A 701877102 352 22,000 SH   SOLE   22,000 0 0
PAYPAL HLDGS INC COM 70450Y103 6,138 72,990 SH   SOLE   72,990 0 0
PDC ENERGY INC COM 69327R101 298 10,000 SH   SOLE   10,000 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 708 25,000 SH   SOLE   25,000 0 0
PEPSICO INC COM 713448108 4,397 39,800 SH   SOLE   39,800 0 0
PFIZER INC COM 717081103 2,488 57,000 SH   SOLE   57,000 0 0
PHILIP MORRIS INTL INC COM 718172109 868 13,000 SH   SOLE   13,000 0 0
PHILLIPS 66 COM 718546104 1,232 14,300 SH   SOLE   14,300 0 0
PHYSICIANS RLTY TR COM 71943U104 802 50,000 SH   SOLE   50,000 0 0
PINNACLE WEST CAP CORP COM 723484101 4,260 50,000 SH   SOLE   50,000 0 0
PIONEER NAT RES CO COM 723787107 4,866 37,000 SH   SOLE   37,000 0 0
PPG INDS INC COM 693506107 5,683 55,590 SH   SOLE   55,590 0 0
PPL CORP COM 69351T106 1,983 70,000 SH   SOLE   70,000 0 0
PROCTER AND GAMBLE CO COM 742718109 1,563 17,000 SH   SOLE   17,000 0 0
PRUDENTIAL FINL INC COM 744320102 3,789 46,459 SH   SOLE   46,459 0 0
PUBLIC STORAGE COM 74460D109 2,024 10,000 SH   SOLE   10,000 0 0
QEP RES INC COM 74733V100 315 56,000 SH   SOLE   56,000 0 0
QUALCOMM INC COM 747525103 1,394 24,500 SH   SOLE   24,500 0 0
QUEST DIAGNOSTICS INC COM 74834L100 1,249 15,000 SH   SOLE   15,000 0 0
RANGE RES CORP COM 75281A109 287 30,000 SH   SOLE   30,000 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 4,933 72,000 SH   SOLE   72,000 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 7,866 135,000 SH   SOLE   135,000 0 0
SANOFI SPONSORED ADR 80105N105 1,953 45,000 SH   SOLE   45,000 0 0
SCHLUMBERGER LTD COM 806857108 4,071 112,822 SH   SOLE   112,822 0 0
SEMPRA ENERGY COM 816851109 541 5,000 SH   SOLE   5,000 0 0
SHELL MIDSTREAM PARTNERS L P UNIT LTD INT 822634101 947 57,723 SH   SOLE   57,723 0 0
SHIRE PLC SPONSORED ADR 82481R106 2,611 15,000 SH   SOLE   15,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 6,736 40,100 SH   SOLE   40,100 0 0
STATE STR CORP COM 857477103 2,838 45,000 SH   SOLE   45,000 0 0
STRYKER CORP COM 863667101 1,975 12,600 SH   SOLE   12,600 0 0
SUNTRUST BKS INC COM 867914103 757 15,000 SH   SOLE   15,000 0 0
SWITCH INC CL A 87105L104 350 50,000 SH   SOLE   50,000 0 0
TELADOC HEALTH INC COM 87918A105 248 5,000 SH   SOLE   5,000 0 0
TELEFONICA S A SPONSORED ADR 879382208 466 55,056 SH   SOLE   55,056 0 0
TOLL BROTHERS INC COM 889478103 659 20,000 SH   SOLE   20,000 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 4,674 94,000 SH   SOLE   94,000 0 0
TOWN SPORTS INTL HLDGS INC COM 89214a102 259 40,409 SH   SOLE   40,409 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 2,322 20,000 SH   SOLE   20,000 0 0
TRANSOCEAN LTD REG SHS H8817H100 1,735 250,000 SH   SOLE   250,000 0 0
UNILEVER PLC SPON ADR NEW 904767704 8,883 170,000 SH   SOLE   170,000 0 0
UNION PAC CORP COM 907818108 2,073 15,000 SH   SOLE   15,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 975 10,000 SH   SOLE   10,000 0 0
UNITED RENTALS INC COM 911363109 205 2,000 SH   SOLE   2,000 0 0
UNIVERSAL DISPLAY CORP COM 91347P105 327 3,500 SH   SOLE   3,500 0 0
URBAN EDGE PPTYS COM 91704F104 332 20,000 SH   SOLE   20,000 0 0
VANECK VECTORS ETF TR JR GOLD MINERS E 92189F791 242 8,000 SH   SOLE   8,000 0 0
VANECK VECTORS ETF TR JP MORGAN MKTS 92189H300 4,950 150,000 SH   SOLE   150,000 0 0
VENTAS INC COM 92276F100 1,172 20,000 SH   SOLE   20,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 7,871 140,000 SH   SOLE   140,000 0 0
VIACOM INC NEW CL B 92553P201 643 25,000 SH   SOLE   25,000 0 0
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 386 20,000 SH   SOLE   20,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 5,960 87,230 SH   SOLE   87,230 0 0
WELLS FARGO CO NEW COM 949746101 45,158 980,000 SH   SOLE   980,000 0 0
WELLTOWER INC COM 95040Q104 694 10,000 SH   SOLE   10,000 0 0
WEYERHAEUSER CO COM 962166104 1,093 50,000 SH   SOLE   50,000 0 0
WILLIAMS SONOMA INC COM 969904101 4,883 96,780 SH   SOLE   96,780 0 0
WPX ENERGY INC COM 98212B103 624 55,000 SH   SOLE   55,000 0 0
WYNN RESORTS LTD COM 983134107 791 8,000 SH   SOLE   8,000 0 0