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 3,217 40,500 SH   SOLE   40,500 0 0
ABBVIE INC COM 00287Y109 3,678 46,000 SH   SOLE   46,000 0 0
ACADIA HEALTHCARE COMPANY IN COM 00404A109 736 25,000 SH   SOLE   25,000 0 0
ADOBE INC COM 00724f101 1,644 6,170 SH   SOLE   6,170 0 0
AGNC INVT CORP COM 00123Q104 904 50,000 SH   SOLE   50,000 0 0
AIR LEASE CORP CL A 00912X302 578 17,000 SH   SOLE   17,000 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,719 12,000 SH   SOLE   12,000 0 0
ALEXION PHARMACEUTICALS INC COM 015351109 466 3,500 SH   SOLE   3,500 0 0
ALLERGAN PLC SHS G0177J108 1,322 9,000 SH   SOLE   9,000 0 0
ALPHABET INC CAP STK CL A 02079K305 2,345 2,000 SH   SOLE   2,000 0 0
ALPS ETF TR ALERIAN MLP 00162Q866 3,397 340,000 SH   SOLE   340,000 0 0
AMAZON COM INC COM 023135106 887 500 SH   SOLE   500 0 0
AMERICAN ASSETS TR INC COM 024013104 67,353 1,455,336 SH   SOLE   1,455,336 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 577 12,000 SH   SOLE   12,000 0 0
AMERICAN ELEC PWR CO INC COM 025537101 4,190 50,000 SH   SOLE   50,000 0 0
AMERIPRISE FINL INC COM 03076c106 2,638 20,590 SH   SOLE   20,590 0 0
AMGEN INC COM 031162100 1,936 10,190 SH   SOLE   10,190 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 2,481 30,000 SH   SOLE   30,000 0 0
ANNALY CAP MGMT INC COM 035710409 1,006 100,000 SH   SOLE   100,000 0 0
ANSYS INC COM 03662q105 3,197 17,500 SH   SOLE   17,500 0 0
ANTERO RES CORP COM 03674X106 251 29,000 SH   SOLE   29,000 0 0
APPLE INC COM 037833100 9,908 52,500 SH   SOLE   52,500 0 0
APPLIED MATLS INC COM 038222105 385 10,000 SH   SOLE   10,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 1,330 30,830 SH   SOLE   30,830 0 0
ARCONIC INC COM 03965L100 239 12,500 SH   SOLE   12,500 0 0
AT&T INC COM 00206R102 2,681 86,466 SH   SOLE   86,466 0 0
AVALONBAY CMNTYS INC COM 053484101 3,054 15,200 SH   SOLE   15,200 0 0
AXALTA COATING SYS LTD COM g0750c108 252 10,000 SH   SOLE   10,000 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946k101 1,024 178,763 SH   SOLE   178,763 0 0
BANCO SANTANDER SA ADR 05964H105 1,532 332,233 SH   SOLE   332,233 0 0
BANK AMER CORP COM 060505104 5,947 217,100 SH   SOLE   217,100 0 0
BANK MONTREAL QUE COM 063671101 5,244 70,000 SH   SOLE   70,000 0 0
BANK N S HALIFAX COM 064149107 1,857 35,000 SH   SOLE   35,000 0 0
BAXTER INTL INC COM 071813109 5,699 71,515 SH   SOLE   71,515 0 0
BCE INC COM NEW 05534B760 884 20,000 SH   SOLE   20,000 0 0
BECTON DICKINSON & CO COM 075887109 1,235 5,000 SH   SOLE   5,000 0 0
BIOGEN INC COM 09062X103 1,863 8,000 SH   SOLE   8,000 0 0
BP PLC SPONSORED ADR 055622104 11,417 261,670 SH   SOLE   261,670 0 0
BRIGHTHOUSE FINL INC COM 10922N103 711 20,000 SH   SOLE   20,000 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 2,392 50,000 SH   SOLE   50,000 0 0
BROOKFIELD PROPERTY REIT INC CL A 11282X103 2,591 125,100 SH   SOLE   125,100 0 0
CAESARS ENTMT CORP COM 127686103 261 30,000 SH   SOLE   30,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 6,386 78,670 SH   SOLE   78,670 0 0
CARDINAL HEALTH INC COM 14149Y108 1,115 23,277 SH   SOLE   23,277 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 1,762 35,000 SH   SOLE   35,000 0 0
CARRIZO OIL & GAS INC COM 144577103 472 37,500 SH   SOLE   37,500 0 0
CATERPILLAR INC DEL COM 149123101 3,971 30,000 SH   SOLE   30,000 0 0
CBS CORP NEW CL B 124857202 577 12,200 SH   SOLE   12,200 0 0
CELGENE CORP COM 151020104 2,536 29,000 SH   SOLE   29,000 0 0
CHEVRON CORP NEW COM 166764100 10,785 87,670 SH   SOLE   87,670 0 0
CIGNA CORP NEW COM 125523100 777 4,868 SH   SOLE   4,868 0 0
CITIGROUP INC COM NEW 172967424 4,115 66,400 SH   SOLE   66,400 0 0
COCA COLA CO COM 191216100 6,311 135,060 SH   SOLE   135,060 0 0
COMCAST CORP NEW CL A 20030N101 1,132 28,000 SH   SOLE   28,000 0 0
CONCHO RES INC COM 20605P101 499 4,480 SH   SOLE   4,480 0 0
CONNS INC COM 208242107 378 16,530 SH   SOLE   16,530 0 0
CORESITE RLTY CORP COM 21870Q105 3,216 30,000 SH   SOLE   30,000 0 0
CORNING INC COM 219350105 658 20,000 SH   SOLE   20,000 0 0
CVS HEALTH CORP COM 126650100 1,868 35,000 SH   SOLE   35,000 0 0
CYRUSONE INC COM 23283R100 3,703 71,000 SH   SOLE   71,000 0 0
DELL TECHNOLOGIES INC CL C 24703L202 917 16,107 SH   SOLE   16,107 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,761 35,000 SH   SOLE   35,000 0 0
DIGITAL RLTY TR INC COM 253868103 497 4,150 SH   SOLE   4,150 0 0
DOWDUPONT INC COM 26078J100 6,155 116,290 SH   SOLE   116,290 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 1,490 16,666 SH   SOLE   16,666 0 0
DXC TECHNOLOGY CO COM 23355L106 702 10,909 SH   SOLE   10,909 0 0
EDISON INTL COM 281020107 1,865 30,000 SH   SOLE   30,000 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 2,283 150,000 SH   SOLE   150,000 0 0
EOG RES INC COM 26875P101 1,219 12,800 SH   SOLE   12,800 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,891 25,000 SH   SOLE   25,000 0 0
ESSEX PPTY TR INC COM 297178105 2,612 9,000 SH   SOLE   9,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 5,138 50,000 SH   SOLE   50,000 0 0
EXXON MOBIL CORP COM 30231G102 1,615 20,000 SH   SOLE   20,000 0 0
FACEBOOK INC CL A 30303M102 1,275 7,700 SH   SOLE   7,700 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 4,870 35,100 SH   SOLE   35,100 0 0
GAMESTOP CORP NEW CL A 36467w109 1,348 132,700 SH   SOLE   132,700 0 0
GENERAL MLS INC COM 370334104 515 10,000 SH   SOLE   10,000 0 0
GENERAL MTRS CO COM 37045V100 5,681 153,300 SH   SOLE   153,300 0 0
GILEAD SCIENCES INC COM 375558103 3,057 48,000 SH   SOLE   48,000 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 1,465 35,000 SH   SOLE   35,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 9,655 50,500 SH   SOLE   50,500 0 0
GULFPORT ENERGY CORP COM NEW 402635304 314 39,000 SH   SOLE   39,000 0 0
HALLIBURTON CO COM 406216101 2,040 69,800 SH   SOLE   69,800 0 0
HCA HEALTHCARE INC COM 40412C101 1,673 13,000 SH   SOLE   13,000 0 0
HEWLETT PACKARD ENTERPRISE C COM 42824C109 1,938 127,000 SH   SOLE   127,000 0 0
HILTON GRAND VACATIONS INC COM 43283X105 215 7,000 SH   SOLE   7,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 1,941 23,332 SH   SOLE   23,332 0 0
HOST HOTELS & RESORTS INC COM 44107P104 854 45,000 SH   SOLE   45,000 0 0
HP INC COM 40434L105 2,413 127,000 SH   SOLE   127,000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 3,489 86,124 SH   SOLE   86,124 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 2,938 21,000 SH   SOLE   21,000 0 0
ISHARES INC CORE MSCI EMKT 46434G103 7,682 150,000 SH   SOLE   150,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 2,529 20,000 SH   SOLE   20,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 3,052 20,000 SH   SOLE   20,000 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 9,882 300,000 SH   SOLE   300,000 0 0
JOHNSON & JOHNSON COM 478160104 6,250 45,000 SH   SOLE   45,000 0 0
JOHNSON CTLS INTL PLC SHS g51502105 1,522 41,200 SH   SOLE   41,200 0 0
JPMORGAN CHASE & CO COM 46625H100 16,375 162,600 SH   SOLE   162,600 0 0
KINDER MORGAN INC DEL COM 49456B101 4,646 232,900 SH   SOLE   232,900 0 0
KRAFT HEINZ CO COM 500754106 1,645 50,000 SH   SOLE   50,000 0 0
KROGER CO COM 501044101 5,054 206,150 SH   SOLE   206,150 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 1,205 8,000 SH   SOLE   8,000 0 0
LAS VEGAS SANDS CORP COM 517834107 2,413 40,000 SH   SOLE   40,000 0 0
LENNAR CORP CL A 526057104 2,774 56,370 SH   SOLE   56,370 0 0
LILLY ELI & CO COM 532457108 1,290 10,000 SH   SOLE   10,000 0 0
MACERICH CO COM 554382101 1,302 30,000 SH   SOLE   30,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 1,646 40,000 SH   SOLE   40,000 0 0
MEDTRONIC PLC SHS G5960L103 7,317 81,032 SH   SOLE   81,032 0 0
MERCK & CO INC COM 58933Y105 5,784 70,000 SH   SOLE   70,000 0 0
METLIFE INC COM 59156R108 2,731 64,304 SH   SOLE   64,304 0 0
MICRO FOCUS INTERNATIONAL PL SPON ADR NEW 594837304 417 16,067 SH   SOLE   16,067 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 2,387 29,060 SH   SOLE   29,060 0 0
MICROSOFT CORP COM 594918104 14,537 124,100 SH   SOLE   124,100 0 0
MONDELEZ INTL INC CL A 609207105 3,031 61,010 SH   SOLE   61,010 0 0
MORGAN STANLEY COM NEW 617446448 2,914 69,500 SH   SOLE   69,500 0 0
NOBLE ENERGY INC COM 655044105 1,245 50,000 SH   SOLE   50,000 0 0
NORDSTROM INC COM 655664100 3,237 73,000 SH   SOLE   73,000 0 0
NOVARTIS A G SPONSORED ADR 66987V109 10,400 108,610 SH   SOLE   108,610 0 0
OASIS PETE INC NEW COM 674215108 421 70,000 SH   SOLE   70,000 0 0
ORACLE CORP COM 68389X105 3,862 72,600 SH   SOLE   72,600 0 0
OSHKOSH CORP COM 688239201 1,106 15,000 SH   SOLE   15,000 0 0
PARK HOTELS RESORTS INC COM 700517105 482 15,467 SH   SOLE   15,467 0 0
PARSLEY ENERGY INC CL A 701877102 418 22,000 SH   SOLE   22,000 0 0
PAYPAL HLDGS INC COM 70450Y103 7,580 72,990 SH   SOLE   72,990 0 0
PDC ENERGY INC COM 69327R101 415 10,000 SH   SOLE   10,000 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 780 25,000 SH   SOLE   25,000 0 0
PEPSICO INC COM 713448108 4,849 39,800 SH   SOLE   39,800 0 0
PFIZER INC COM 717081103 2,411 57,000 SH   SOLE   57,000 0 0
PHILIP MORRIS INTL INC COM 718172109 1,746 20,000 SH   SOLE   20,000 0 0
PHILLIPS 66 COM 718546104 1,361 14,300 SH   SOLE   14,300 0 0
PHYSICIANS RLTY TR COM 71943U104 954 50,000 SH   SOLE   50,000 0 0
PINNACLE WEST CAP CORP COM 723484101 4,754 50,000 SH   SOLE   50,000 0 0
PIONEER NAT RES CO COM 723787107 5,658 37,000 SH   SOLE   37,000 0 0
PPG INDS INC COM 693506107 6,234 55,590 SH   SOLE   55,590 0 0
PPL CORP COM 69351T106 2,211 70,000 SH   SOLE   70,000 0 0
PROCTER AND GAMBLE CO COM 742718109 1,760 17,000 SH   SOLE   17,000 0 0
PRUDENTIAL FINL INC COM 744320102 4,260 46,459 SH   SOLE   46,459 0 0
PUBLIC STORAGE COM 74460D109 2,190 10,000 SH   SOLE   10,000 0 0
QEP RES INC COM 74733V100 432 56,000 SH   SOLE   56,000 0 0
QUALCOMM INC COM 747525103 1,385 24,500 SH   SOLE   24,500 0 0
QUEST DIAGNOSTICS INC COM 74834L100 1,336 15,000 SH   SOLE   15,000 0 0
RANGE RES CORP COM 75281A109 336 30,000 SH   SOLE   30,000 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 5,455 72,000 SH   SOLE   72,000 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 8,456 135,000 SH   SOLE   135,000 0 0
SANOFI SPONSORED ADR 80105N105 1,992 45,000 SH   SOLE   45,000 0 0
SCHLUMBERGER LTD COM 806857108 4,921 112,822 SH   SOLE   112,822 0 0
SEMPRA ENERGY COM 816851109 622 5,000 SH   SOLE   5,000 0 0
SHELL MIDSTREAM PARTNERS L P UNIT LTD INT 822634101 1,161 57,723 SH   SOLE   57,723 0 0
SIMON PPTY GROUP INC NEW COM 828806109 7,353 40,100 SH   SOLE   40,100 0 0
SQUARE INC CL A 852234103 2,248 30,000 SH   SOLE   30,000 0 0
STATE STR CORP COM 857477103 2,982 45,000 SH   SOLE   45,000 0 0
STRYKER CORP COM 863667101 2,471 12,600 SH   SOLE   12,600 0 0
SUNTRUST BKS INC COM 867914103 885 15,000 SH   SOLE   15,000 0 0
SWITCH INC CL A 87105L104 666 65,000 SH   SOLE   65,000 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205 1,559 75,510 SH   SOLE   75,510 0 0
TELEFONICA S A SPONSORED ADR 879382208 457 55,056 SH   SOLE   55,056 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 5,111 94,000 SH   SOLE   94,000 0 0
TOWN SPORTS INTL HLDGS INC COM 89214a102 192 40,409 SH   SOLE   40,409 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 2,381 20,000 SH   SOLE   20,000 0 0
TRANSOCEAN LTD REG SHS H8817H100 1,753 200,000 SH   SOLE   200,000 0 0
TWITTER INC COM 90184l102 1,480 45,000 SH   SOLE   45,000 0 0
UNILEVER PLC SPON ADR NEW 904767704 9,816 170,000 SH   SOLE   170,000 0 0
UNION PACIFIC CORP COM 907818108 2,478 15,000 SH   SOLE   15,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 1,103 10,000 SH   SOLE   10,000 0 0
UNITED RENTALS INC COM 911363109 225 2,000 SH   SOLE   2,000 0 0
URBAN EDGE PPTYS COM 91704F104 382 20,000 SH   SOLE   20,000 0 0
VANECK VECTORS ETF TR JP MORGAN MKTS 92189H300 5,013 150,000 SH   SOLE   150,000 0 0
VENTAS INC COM 92276F100 1,305 20,000 SH   SOLE   20,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 8,271 140,000 SH   SOLE   140,000 0 0
VIACOM INC NEW CL B 92553P201 686 25,000 SH   SOLE   25,000 0 0
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 363 20,000 SH   SOLE   20,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 6,108 97,230 SH   SOLE   97,230 0 0
WELLS FARGO CO NEW COM 949746101 49,335 1,005,000 SH   SOLE   1,005,000 0 0
WELLTOWER INC COM 95040Q104 786 10,000 SH   SOLE   10,000 0 0
WEYERHAEUSER CO COM 962166104 1,730 65,000 SH   SOLE   65,000 0 0
WILLIAMS SONOMA INC COM 969904101 5,468 96,780 SH   SOLE   96,780 0 0
WPX ENERGY INC COM 98212B103 719 55,000 SH   SOLE   55,000 0 0
WYNN RESORTS LTD COM 983134107 941 8,000 SH   SOLE   8,000 0 0