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
AMERICAN ASSETS TRUST COMMON STOCK 024013104 228,100 5,374,641 SH   SOLE 0 5,374,641 0 0
APACHE CORP COMMON STOCK 037411105 1,035 18,600 SH   SOLE 0 18,600 0 0
BAKER HUGHES COMMON STOCK 057224107 415 9,200 SH   SOLE 0 9,200 0 0
BANK AMER CORP COMMON STOCK 060505104 269 20,300 SH   SOLE 0 20,300 0 0
BANK MONTREAL QUE COMMON STOCK 063671101 1,268 20,000 SH   SOLE 0 20,000 0 0
BANK NS HALIFAX COMMON STOCK 064149107 490 10,000 SH   SOLE 0 10,000 0 0
CBL & ASSOC PPTYS INC COMMON STOCK 124830100 93 10,000 SH   SOLE 0 10,000 0 0
ROYAL BK CDA MONTREAL QUE COMMON STOCK 780087102 691 11,700 SH   SOLE 0 11,700 0 0
TORONTO DOMINION BK ONT COMMON STOCK 891160509 429 10,000 SH   SOLE 0 10,000 0 0
UNITED CONTL HLDGS INC COMMON STOCK 910047109 410 10,000 SH   SOLE 0 10,000 0 0
WELLS FARGO & CO COMMON STOCK 949746101 82,920 1,751,961 SH   SOLE 0 1,751,961 0 0