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 3,196 40,500 SH   SOLE   40,500 0 0
ABBVIE INC COM 00287Y109 3,505 46,000 SH   SOLE   46,000 0 0
ADOBE INC COM 00724f101 1,964 6,170 SH   SOLE   6,170 0 0
AGNC INVT CORP COM 00123Q104 529 50,000 SH   SOLE   50,000 0 0
AIR LEASE CORP CL A 00912X302 376 17,000 SH   SOLE   17,000 0 0
ALCON INC ORD SHS H01301128 1,104 21,722 SH   SOLE   21,722 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,645 12,000 SH   SOLE   12,000 0 0
ALEXION PHARMACEUTICALS INC COM 015351109 449 5,000 SH   SOLE   5,000 0 0
ALLERGAN PLC SHS G0177J108 1,594 9,000 SH   SOLE   9,000 0 0
ALPHABET INC CAP STK CL A 02079K305 2,324 2,000 SH   SOLE   2,000 0 0
AMAZON COM INC COM 023135106 975 500 SH   SOLE   500 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 536 44,000 SH   SOLE   44,000 0 0
AMERICAN ASSETS TR INC COM 024013104 36,383 1,455,336 SH   SOLE   1,455,336 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 333 12,000 SH   SOLE   12,000 0 0
AMERICAN ELEC PWR CO INC COM 025537101 3,999 50,000 SH   SOLE   50,000 0 0
AMERIPRISE FINL INC COM 03076c106 2,110 20,590 SH   SOLE   20,590 0 0
AMGEN INC COM 031162100 2,066 10,190 SH   SOLE   10,190 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 1,324 30,000 SH   SOLE   30,000 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 507 100,000 SH   SOLE   100,000 0 0
ANSYS INC COM 03662q105 4,068 17,500 SH   SOLE   17,500 0 0
APPLE INC COM 037833100 13,350 52,500 SH   SOLE   52,500 0 0
APPLIED MATLS INC COM 038222105 458 10,000 SH   SOLE   10,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 1,085 30,830 SH   SOLE   30,830 0 0
ARCONIC INC COM 03965L100 201 12,500 SH   SOLE   12,500 0 0
AT&T INC COM 00206R102 2,520 86,466 SH   SOLE   86,466 0 0
AVALONBAY CMNTYS INC COM 053484101 2,237 15,200 SH   SOLE   15,200 0 0
AXALTA COATING SYS LTD COM g0750c108 173 10,000 SH   SOLE   10,000 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946k101 547 178,763 SH   SOLE   178,763 0 0
BANCO SANTANDER SA ADR 05964H105 1,360 578,733 SH   SOLE   578,733 0 0
BANK MONTREAL COM 063671101 3,518 70,000 SH   SOLE   70,000 0 0
BANK NOVA SCOTIA B C COM 064149107 1,827 45,000 SH   SOLE   45,000 0 0
BAXTER INTL INC COM 071813109 5,806 71,515 SH   SOLE   71,515 0 0
BCE INC COM NEW 05534B760 817 20,000 SH   SOLE   20,000 0 0
BECTON DICKINSON & CO COM 075887109 1,723 7,500 SH   SOLE   7,500 0 0
BIOGEN INC COM 09062X103 2,531 8,000 SH   SOLE   8,000 0 0
BK OF AMERICA CORP COM 060505104 8,855 417,100 SH   SOLE   417,100 0 0
BP PLC SPONSORED ADR 055622104 8,623 353,529 SH   SOLE   353,529 0 0
BRIGHTHOUSE FINL INC COM 10922N103 483 20,000 SH   SOLE   20,000 0 0
BRISTOL-MYERS SQUIBB CO RIGHT 99/99/9999 110122157 110 29,000 SH   SOLE   29,000 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 4,403 79,000 SH   SOLE   79,000 0 0
BROOKFIELD PROPERTY PARTRS L UNIT LTD PARTN G16249107 427 53,000 SH   SOLE   53,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 3,967 78,670 SH   SOLE   78,670 0 0
CARDINAL HEALTH INC COM 14149Y108 1,116 23,277 SH   SOLE   23,277 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 527 40,000 SH   SOLE   40,000 0 0
CATERPILLAR INC DEL COM 149123101 4,642 40,000 SH   SOLE   40,000 0 0
CHEMOURS CO COM 163851108 222 25,000 SH   SOLE   25,000 0 0
CHEVRON CORP NEW COM 166764100 6,884 95,000 SH   SOLE   95,000 0 0
CIGNA CORP NEW COM 125523100 863 4,868 SH   SOLE   4,868 0 0
CITIGROUP INC COM NEW 172967424 2,797 66,400 SH   SOLE   66,400 0 0
COCA COLA CO COM 191216100 5,976 135,060 SH   SOLE   135,060 0 0
COMCAST CORP NEW CL A 20030N101 1,135 33,000 SH   SOLE   33,000 0 0
CONNS INC COM 208242107 69 16,530 SH   SOLE   16,530 0 0
CONOCOPHILLIPS COM 20825C104 539 17,500 SH   SOLE   17,500 0 0
CORESITE RLTY CORP COM 21870Q105 3,477 30,000 SH   SOLE   30,000 0 0
CORNING INC COM 219350105 411 20,000 SH   SOLE   20,000 0 0
CORTEVA INC COM 22052L104 911 38,762 SH   SOLE   38,762 0 0
CVS HEALTH CORP COM 126650100 2,077 35,000 SH   SOLE   35,000 0 0
CYRUSONE INC COM 23283R100 4,384 71,000 SH   SOLE   71,000 0 0
DELL TECHNOLOGIES INC CL C 24703L202 637 16,107 SH   SOLE   16,107 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,056 37,000 SH   SOLE   37,000 0 0
DIAMONDBACK ENERGY INC COM 25278X109 314 12,000 SH   SOLE   12,000 0 0
DIGITAL RLTY TR INC COM 253868103 576 4,150 SH   SOLE   4,150 0 0
DOW INC COM 260557103 1,276 43,647 SH   SOLE   43,647 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 1,348 16,666 SH   SOLE   16,666 0 0
DUPONT DE NEMOURS INC COM 26614N102 1,488 43,646 SH   SOLE   43,646 0 0
DXC TECHNOLOGY CO COM 23355L106 142 10,909 SH   SOLE   10,909 0 0
EDISON INTL COM 281020107 1,644 30,000 SH   SOLE   30,000 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 2,272 494,000 SH   SOLE   494,000 0 0
EOG RES INC COM 26875P101 999 27,800 SH   SOLE   27,800 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,543 25,000 SH   SOLE   25,000 0 0
ESSEX PPTY TR INC COM 297178105 1,982 9,000 SH   SOLE   9,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 4,788 50,000 SH   SOLE   50,000 0 0
EXXON MOBIL CORP COM 30231G102 759 20,000 SH   SOLE   20,000 0 0
FACEBOOK INC CL A 30303M102 1,284 7,700 SH   SOLE   7,700 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 1,127 15,100 SH   SOLE   15,100 0 0
FEDEX CORP COM 31428X106 2,425 20,000 SH   SOLE   20,000 0 0
GENERAL MLS INC COM 370334104 528 10,000 SH   SOLE   10,000 0 0
GENERAL MTRS CO COM 37045V100 3,186 153,300 SH   SOLE   153,300 0 0
GILEAD SCIENCES INC COM 375558103 3,813 51,000 SH   SOLE   51,000 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 1,326 35,000 SH   SOLE   35,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 7,807 50,500 SH   SOLE   50,500 0 0
HALLIBURTON CO COM 406216101 137 20,000 SH   SOLE   20,000 0 0
HCA HEALTHCARE INC COM 40412C101 1,168 13,000 SH   SOLE   13,000 0 0
HEWLETT PACKARD ENTERPRISE C COM 42824C109 1,233 127,000 SH   SOLE   127,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 1,592 23,332 SH   SOLE   23,332 0 0
HOST HOTELS & RESORTS INC COM 44107P104 497 45,000 SH   SOLE   45,000 0 0
HP INC COM 40434L105 2,205 127,000 SH   SOLE   127,000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 3,975 141,918 SH   SOLE   141,918 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 2,551 23,000 SH   SOLE   23,000 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 4,776 200,000 SH   SOLE   200,000 0 0
JOHNSON & JOHNSON COM 478160104 5,901 45,000 SH   SOLE   45,000 0 0
JOHNSON CTLS INTL PLC SHS g51502105 1,111 41,200 SH   SOLE   41,200 0 0
JPMORGAN CHASE & CO COM 46625H100 14,639 162,600 SH   SOLE   162,600 0 0
KINDER MORGAN INC DEL COM 49456B101 3,242 232,900 SH   SOLE   232,900 0 0
KRAFT HEINZ CO COM 500754106 1,237 50,000 SH   SOLE   50,000 0 0
KROGER CO COM 501044101 6,209 206,150 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 1,699 40,000 SH   SOLE   40,000 0 0
LENNAR CORP CL A 526057104 2,153 56,370 SH   SOLE   56,370 0 0
LILLY ELI & CO COM 532457108 1,387 10,000 SH   SOLE   10,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 1,010 40,000 SH   SOLE   40,000 0 0
MEDTRONIC PLC SHS G5960L103 7,307 81,032 SH   SOLE   81,032 0 0
MERCK & CO. INC COM 58933Y105 5,386 70,000 SH   SOLE   70,000 0 0
METLIFE INC COM 59156R108 1,966 64,304 SH   SOLE   64,304 0 0
MICRO FOCUS INTL PLC SPON ADR NEW 594837403 67 13,329 SH   SOLE   13,329 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 1,970 29,060 SH   SOLE   29,060 0 0
MICRON TECHNOLOGY INC COM 595112103 210 5,000 SH   SOLE   5,000 0 0
MICROSOFT CORP COM 594918104 19,572 124,100 SH   SOLE   124,100 0 0
MONDELEZ INTL INC CL A 609207105 3,055 61,010 SH   SOLE   61,010 0 0
MORGAN STANLEY COM NEW 617446448 2,363 69,500 SH   SOLE   69,500 0 0
MYLAN NV SHS EURO N59465109 2,237 150,000 SH   SOLE   150,000 0 0
NOBLE ENERGY INC COM 655044105 465 77,000 SH   SOLE   77,000 0 0
NORDSTROM INC COM 655664100 1,120 73,000 SH   SOLE   73,000 0 0
NOVARTIS A G SPONSORED ADR 66987V109 8,955 108,610 SH   SOLE   108,610 0 0
ORACLE CORP COM 68389X105 3,509 72,600 SH   SOLE   72,600 0 0
OSHKOSH CORP COM 688239201 965 15,000 SH   SOLE   15,000 0 0
PARK HOTELS RESORTS INC COM 700517105 122 15,467 SH   SOLE   15,467 0 0
PAYPAL HLDGS INC COM 70450Y103 6,988 72,990 SH   SOLE   72,990 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 653 60,000 SH   SOLE   60,000 0 0
PEPSICO INC COM 713448108 4,780 39,800 SH   SOLE   39,800 0 0
PFIZER INC COM 717081103 4,178 128,000 SH   SOLE   128,000 0 0
PHILIP MORRIS INTL INC COM 718172109 1,459 20,000 SH   SOLE   20,000 0 0
PHILLIPS 66 COM 718546104 767 14,300 SH   SOLE   14,300 0 0
PHYSICIANS RLTY TR COM 71943U104 697 50,000 SH   SOLE   50,000 0 0
PINNACLE WEST CAP CORP COM 723484101 3,790 50,000 SH   SOLE   50,000 0 0
PIONEER NAT RES CO COM 723787107 2,385 34,000 SH   SOLE   34,000 0 0
PPG INDS INC COM 693506107 4,647 55,590 SH   SOLE   55,590 0 0
PPL CORP COM 69351T106 1,728 70,000 SH   SOLE   70,000 0 0
PROCTER & GAMBLE CO COM 742718109 1,870 17,000 SH   SOLE   17,000 0 0
PRUDENTIAL FINL INC COM 744320102 2,422 46,459 SH   SOLE   46,459 0 0
PUBLIC STORAGE COM 74460D109 1,986 10,000 SH   SOLE   10,000 0 0
QUALCOMM INC COM 747525103 1,657 24,500 SH   SOLE   24,500 0 0
QUEST DIAGNOSTICS INC COM 74834L100 1,205 15,000 SH   SOLE   15,000 0 0
ROYAL BK CDA COM 780087102 4,432 72,000 SH   SOLE   72,000 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 5,757 165,000 SH   SOLE   165,000 0 0
SANOFI SPONSORED ADR 80105N105 1,967 45,000 SH   SOLE   45,000 0 0
SCHLUMBERGER LTD COM 806857108 1,686 125,000 SH   SOLE   125,000 0 0
SCHWAB CHARLES CORP COM 808513105 672 20,000 SH   SOLE   20,000 0 0
SEMPRA ENERGY COM 816851109 565 5,000 SH   SOLE   5,000 0 0
SHELL MIDSTREAM PARTNERS L P UNIT LTD INT 822634101 1,248 125,000 SH   SOLE   125,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,245 22,700 SH   SOLE   22,700 0 0
SQUARE INC CL A 852234103 1,571 30,000 SH   SOLE   30,000 0 0
STATE STR CORP COM 857477103 2,397 45,000 SH   SOLE   45,000 0 0
STRYKER CORP COM 863667101 2,098 12,600 SH   SOLE   12,600 0 0
SWITCH INC CL A 87105L104 938 65,000 SH   SOLE   65,000 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205 1,146 75,510 SH   SOLE   75,510 0 0
TD AMERITRADE HLDG CORP COM 87236Y108 693 20,000 SH   SOLE   20,000 0 0
TELEFONICA S A SPONSORED ADR 879382208 252 55,056 SH   SOLE   55,056 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 3,985 94,000 SH   SOLE   94,000 0 0
TOWN SPORTS INTL HLDGS INC COM 89214a102 20 40,409 SH   SOLE   40,409 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 2,399 20,000 SH   SOLE   20,000 0 0
TRANSOCEAN LTD REG SHS h8817h100 116 100,000 SH   SOLE   100,000 0 0
TRUIST FINL CORP COM 89832Q109 599 19,425 SH   SOLE   19,425 0 0
TWITTER INC COM 90184l102 1,105 45,000 SH   SOLE   45,000 0 0
UNILEVER PLC SPON ADR NEW 904767704 8,597 170,000 SH   SOLE   170,000 0 0
UNION PAC CORP COM 907818108 2,116 15,000 SH   SOLE   15,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 934 10,000 SH   SOLE   10,000 0 0
UNITED RENTALS INC COM 911363109 206 2,000 SH   SOLE   2,000 0 0
VENTAS INC COM 92276F100 536 20,000 SH   SOLE   20,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 7,522 140,000 SH   SOLE   140,000 0 0
VIACOMCBS INC CL B 92556H206 855 61,000 SH   SOLE   61,000 0 0
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 275 20,000 SH   SOLE   20,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 4,448 97,230 SH   SOLE   97,230 0 0
WELLS FARGO CO NEW COM 949746101 28,844 1,005,000 SH   SOLE   1,005,000 0 0
WELLTOWER INC COM 95040Q104 458 10,000 SH   SOLE   10,000 0 0
WESTERN MIDSTREAM PARTNERS L COM UNIT LP INT 958669103 324 100,000 SH   SOLE   100,000 0 0
WESTPAC BKG CORP SPONSORED ADR 961214301 1,025 100,000 SH   SOLE   100,000 0 0
WEYERHAEUSER CO COM 962166104 1,187 70,000 SH   SOLE   70,000 0 0
WILLIAMS SONOMA INC COM 969904101 4,115 96,780 SH   SOLE   96,780 0 0
WYNN RESORTS LTD COM 983134107 482 8,000 SH   SOLE   8,000 0 0