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 3,518 40,500 SH   SOLE   40,500 0 0
ABBVIE INC COM 00287Y109 4,073 46,000 SH   SOLE   46,000 0 0
ADOBE INC COM 00724f101 2,035 6,170 SH   SOLE   6,170 0 0
AGNC INVT CORP COM 00123Q104 884 50,000 SH   SOLE   50,000 0 0
AIR LEASE CORP CL A 00912X302 808 17,000 SH   SOLE   17,000 0 0
ALCON INC ORD SHS H01301128 1,229 21,722 SH   SOLE   21,722 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,939 12,000 SH   SOLE   12,000 0 0
ALEXION PHARMACEUTICALS INC COM 015351109 379 3,500 SH   SOLE   3,500 0 0
ALLERGAN PLC SHS G0177J108 1,721 9,000 SH   SOLE   9,000 0 0
ALPHABET INC CAP STK CL A 02079K305 2,679 2,000 SH   SOLE   2,000 0 0
AMAZON COM INC COM 023135106 924 500 SH   SOLE   500 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 1,262 44,000 SH   SOLE   44,000 0 0
AMERICAN ASSETS TR INC COM 024013104 66,800 1,455,336 SH   SOLE   1,455,336 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 564 12,000 SH   SOLE   12,000 0 0
AMERICAN ELEC PWR CO INC COM 025537101 4,726 50,000 SH   SOLE   50,000 0 0
AMERIPRISE FINL INC COM 03076c106 3,430 20,590 SH   SOLE   20,590 0 0
AMGEN INC COM 031162100 2,457 10,190 SH   SOLE   10,190 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 2,461 30,000 SH   SOLE   30,000 0 0
ANNALY CAP MGMT INC COM 035710409 942 100,000 SH   SOLE   100,000 0 0
ANSYS INC COM 03662q105 4,505 17,500 SH   SOLE   17,500 0 0
APPLE INC COM 037833100 15,417 52,500 SH   SOLE   52,500 0 0
APPLIED MATLS INC COM 038222105 610 10,000 SH   SOLE   10,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 1,429 30,830 SH   SOLE   30,830 0 0
ARCONIC INC COM 03965L100 385 12,500 SH   SOLE   12,500 0 0
AT&T INC COM 00206R102 3,379 86,466 SH   SOLE   86,466 0 0
AVALONBAY CMNTYS INC COM 053484101 3,187 15,200 SH   SOLE   15,200 0 0
AXALTA COATING SYS LTD COM G0750C108 304 10,000 SH   SOLE   10,000 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946k101 997 178,763 SH   SOLE   178,763 0 0
BANCO SANTANDER SA ADR 05964H105 326 78,733 SH   SOLE   78,733 0 0
BANK AMER CORP COM 060505104 11,520 327,100 SH   SOLE   327,100 0 0
BANK MONTREAL QUE COM 063671101 5,425 70,000 SH   SOLE   70,000 0 0
BANK N S HALIFAX COM 064149107 3,107 55,000 SH   SOLE   55,000 0 0
BAXTER INTL INC COM 071813109 5,980 71,515 SH   SOLE   71,515 0 0
BCE INC COM NEW 05534B760 927 20,000 SH   SOLE   20,000 0 0
BECTON DICKINSON & CO COM 075887109 1,360 5,000 SH   SOLE   5,000 0 0
BIOGEN INC COM 09062X103 2,374 8,000 SH   SOLE   8,000 0 0
BP PLC SPONSORED ADR 055622104 13,342 353,529 SH   SOLE   353,529 0 0
BRIGHTHOUSE FINL INC COM 10922N103 785 20,000 SH   SOLE   20,000 0 0
BRISTOL MYERS SQUIBB CO RIGHT 99/99/9999 110122157 87 29,000 SH   SOLE   29,000 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 5,071 79,000 SH   SOLE   79,000 0 0
BROOKFIELD PROPERTY REIT INC CL A 11282X103 943 51,150 SH   SOLE   51,150 0 0
CAPITAL ONE FINL CORP COM 14040H105 8,096 78,670 SH   SOLE   78,670 0 0
CARDINAL HEALTH INC COM 14149Y108 1,177 23,277 SH   SOLE   23,277 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 1,881 37,000 SH   SOLE   37,000 0 0
CATERPILLAR INC DEL COM 149123101 5,907 40,000 SH   SOLE   40,000 0 0
CHEMOURS CO COM 163851108 452 25,000 SH   SOLE   25,000 0 0
CHEVRON CORP NEW COM 166764100 11,448 95,000 SH   SOLE   95,000 0 0
CIGNA CORP NEW COM 125523100 995 4,868 SH   SOLE   4,868 0 0
CITIGROUP INC COM NEW 172967424 5,305 66,400 SH   SOLE   66,400 0 0
COCA COLA CO COM 191216100 7,476 135,060 SH   SOLE   135,060 0 0
COMCAST CORP NEW CL A 20030N101 1,484 33,000 SH   SOLE   33,000 0 0
CONNS INC COM 208242107 205 16,530 SH   SOLE   16,530 0 0
CONOCOPHILLIPS COM 20825C104 1,138 17,500 SH   SOLE   17,500 0 0
CORESITE RLTY CORP COM 21870Q105 3,364 30,000 SH   SOLE   30,000 0 0
CORNING INC COM 219350105 582 20,000 SH   SOLE   20,000 0 0
CORTEVA INC COM 22052L104 1,146 38,762 SH   SOLE   38,762 0 0
CVS HEALTH CORP COM 126650100 2,600 35,000 SH   SOLE   35,000 0 0
CYRUSONE INC COM 23283R100 4,646 71,000 SH   SOLE   71,000 0 0
DELL TECHNOLOGIES INC CL C 24703L202 828 16,107 SH   SOLE   16,107 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 2,164 37,000 SH   SOLE   37,000 0 0
DIAMONDBACK ENERGY INC COM 25278X109 1,114 12,000 SH   SOLE   12,000 0 0
DIGITAL RLTY TR INC COM 253868103 497 4,150 SH   SOLE   4,150 0 0
DOW INC COM 260557103 2,121 38,762 SH   SOLE   38,762 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 1,520 16,666 SH   SOLE   16,666 0 0
DUPONT DE NEMOURS INC COM 26614N102 2,488 38,761 SH   SOLE   38,761 0 0
DXC TECHNOLOGY CO COM 23355L106 410 10,909 SH   SOLE   10,909 0 0
EDISON INTL COM 281020107 2,262 30,000 SH   SOLE   30,000 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 6,338 494,000 SH   SOLE   494,000 0 0
EOG RES INC COM 26875P101 1,256 15,000 SH   SOLE   15,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,023 25,000 SH   SOLE   25,000 0 0
ESSEX PPTY TR INC COM 297178105 2,708 9,000 SH   SOLE   9,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 5,281 50,000 SH   SOLE   50,000 0 0
EXXON MOBIL CORP COM 30231G102 1,396 20,000 SH   SOLE   20,000 0 0
FACEBOOK INC CL A 30303M102 1,580 7,700 SH   SOLE   7,700 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 1,944 15,100 SH   SOLE   15,100 0 0
FEDEX CORP COM 31428X106 3,024 20,000 SH   SOLE   20,000 0 0
GENERAL MLS INC COM 370334104 536 10,000 SH   SOLE   10,000 0 0
GENERAL MTRS CO COM 37045V100 5,611 153,300 SH   SOLE   153,300 0 0
GILEAD SCIENCES INC COM 375558103 390 6,000 SH   SOLE   6,000 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 1,645 35,000 SH   SOLE   35,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 11,611 50,500 SH   SOLE   50,500 0 0
HALLIBURTON CO COM 406216101 489 20,000 SH   SOLE   20,000 0 0
HCA HEALTHCARE INC COM 40412C101 1,922 13,000 SH   SOLE   13,000 0 0
HEWLETT PACKARD ENTERPRISE C COM 42824C109 2,014 127,000 SH   SOLE   127,000 0 0
HILTON GRAND VACATIONS INC COM 43283X105 241 7,000 SH   SOLE   7,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 2,588 23,332 SH   SOLE   23,332 0 0
HOST HOTELS & RESORTS INC COM 44107P104 835 45,000 SH   SOLE   45,000 0 0
HP INC COM 40434L105 2,610 127,000 SH   SOLE   127,000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 6,056 154,918 SH   SOLE   154,918 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 402 3,000 SH   SOLE   3,000 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 10,230 300,000 SH   SOLE   300,000 0 0
JOHNSON & JOHNSON COM 478160104 6,564 45,000 SH   SOLE   45,000 0 0
JOHNSON CTLS INTL PLC SHS g51502105 1,677 41,200 SH   SOLE   41,200 0 0
JPMORGAN CHASE & CO COM 46625H100 22,666 162,600 SH   SOLE   162,600 0 0
KINDER MORGAN INC DEL COM 49456B101 4,930 232,900 SH   SOLE   232,900 0 0
KOHLS CORP COM 500255104 408 8,000 SH   SOLE   8,000 0 0
KRAFT HEINZ CO COM 500754106 1,607 50,000 SH   SOLE   50,000 0 0
KROGER CO COM 501044101 5,976 206,150 SH   SOLE   206,150 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 1,353 8,000 SH   SOLE   8,000 0 0
LAS VEGAS SANDS CORP COM 517834107 2,762 40,000 SH   SOLE   40,000 0 0
LENNAR CORP CL A 526057104 3,145 56,370 SH   SOLE   56,370 0 0
LILLY ELI & CO COM 532457108 1,314 10,000 SH   SOLE   10,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 1,714 40,000 SH   SOLE   40,000 0 0
MEDTRONIC PLC SHS G5960L103 9,193 81,032 SH   SOLE   81,032 0 0
MERCK & CO INC COM 58933Y105 6,367 70,000 SH   SOLE   70,000 0 0
METLIFE INC COM 59156R108 3,278 64,304 SH   SOLE   64,304 0 0
MICRO FOCUS INTERNATIONAL PL SPON ADR NEW 594837403 187 13,329 SH   SOLE   13,329 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 3,043 29,060 SH   SOLE   29,060 0 0
MICRON TECHNOLOGY INC COM 595112103 269 5,000 SH   SOLE   5,000 0 0
MICROSOFT CORP COM 594918104 19,571 124,100 SH   SOLE   124,100 0 0
MONDELEZ INTL INC CL A 609207105 3,360 61,010 SH   SOLE   61,010 0 0
MORGAN STANLEY COM NEW 617446448 3,553 69,500 SH   SOLE   69,500 0 0
MYLAN N V SHS EURO N59465109 2,010 100,000 SH   SOLE   100,000 0 0
NOBLE ENERGY INC COM 655044105 1,913 77,000 SH   SOLE   77,000 0 0
NORDSTROM INC COM 655664100 2,579 63,000 SH   SOLE   63,000 0 0
NOVARTIS A G SPONSORED ADR 66987V109 10,284 108,610 SH   SOLE   108,610 0 0
ORACLE CORP COM 68389X105 3,846 72,600 SH   SOLE   72,600 0 0
OSHKOSH CORP COM 688239201 1,420 15,000 SH   SOLE   15,000 0 0
PARK HOTELS RESORTS INC COM 700517105 400 15,467 SH   SOLE   15,467 0 0
PAYPAL HLDGS INC COM 70450Y103 7,895 72,990 SH   SOLE   72,990 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 1,072 40,000 SH   SOLE   40,000 0 0
PEPSICO INC COM 713448108 5,439 39,800 SH   SOLE   39,800 0 0
PFIZER INC COM 717081103 5,015 128,000 SH   SOLE   128,000 0 0
PHILIP MORRIS INTL INC COM 718172109 1,702 20,000 SH   SOLE   20,000 0 0
PHILLIPS 66 COM 718546104 1,593 14,300 SH   SOLE   14,300 0 0
PHYSICIANS RLTY TR COM 71943U104 947 50,000 SH   SOLE   50,000 0 0
PINNACLE WEST CAP CORP COM 723484101 4,497 50,000 SH   SOLE   50,000 0 0
PIONEER NAT RES CO COM 723787107 3,633 24,000 SH   SOLE   24,000 0 0
PPG INDS INC COM 693506107 7,421 55,590 SH   SOLE   55,590 0 0
PPL CORP COM 69351T106 2,512 70,000 SH   SOLE   70,000 0 0
PROCTER & GAMBLE CO COM 742718109 2,123 17,000 SH   SOLE   17,000 0 0
PRUDENTIAL FINL INC COM 744320102 4,355 46,459 SH   SOLE   46,459 0 0
PUBLIC STORAGE COM 74460D109 2,130 10,000 SH   SOLE   10,000 0 0
QUALCOMM INC COM 747525103 2,162 24,500 SH   SOLE   24,500 0 0
QUEST DIAGNOSTICS INC COM 74834L100 1,602 15,000 SH   SOLE   15,000 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 5,702 72,000 SH   SOLE   72,000 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 9,732 165,000 SH   SOLE   165,000 0 0
SANOFI SPONSORED ADR 80105N105 2,259 45,000 SH   SOLE   45,000 0 0
SCHLUMBERGER LTD COM 806857108 5,025 125,000 SH   SOLE   125,000 0 0
SEMPRA ENERGY COM 816851109 757 5,000 SH   SOLE   5,000 0 0
SHELL MIDSTREAM PARTNERS L P UNIT LTD INT 822634101 1,617 80,000 SH   SOLE   80,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 3,381 22,700 SH   SOLE   22,700 0 0
SQUARE INC CL A 852234103 1,877 30,000 SH   SOLE   30,000 0 0
STATE STR CORP COM 857477103 3,560 45,000 SH   SOLE   45,000 0 0
STRYKER CORP COM 863667101 2,645 12,600 SH   SOLE   12,600 0 0
SWITCH INC CL A 87105L104 963 65,000 SH   SOLE   65,000 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205 1,490 75,510 SH   SOLE   75,510 0 0
TAUBMAN CTRS INC COM 876664103 4,897 157,500 SH   SOLE   157,500 0 0
TD AMERITRADE HLDG CORP COM 87236Y108 994 20,000 SH   SOLE   20,000 0 0
TELEFONICA S A SPONSORED ADR 879382208 384 55,056 SH   SOLE   55,056 0 0
THE CHARLES SCHWAB CORPORATI COM 808513105 951 20,000 SH   SOLE   20,000 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 5,276 94,000 SH   SOLE   94,000 0 0
TOWN SPORTS INTL HLDGS INC COM 89214a102 69 40,409 SH   SOLE   40,409 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 2,811 20,000 SH   SOLE   20,000 0 0
TRANSOCEAN LTD REG SHS h8817h100 688 100,000 SH   SOLE   100,000 0 0
TRUIST FINL CORP COM 89832Q109 1,094 19,425 SH   SOLE   19,425 0 0
TWITTER INC COM 90184l102 1,442 45,000 SH   SOLE   45,000 0 0
UNILEVER PLC SPON ADR NEW 904767704 9,719 170,000 SH   SOLE   170,000 0 0
UNION PACIFIC CORP COM 907818108 2,712 15,000 SH   SOLE   15,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 1,171 10,000 SH   SOLE   10,000 0 0
UNITED RENTALS INC COM 911363109 334 2,000 SH   SOLE   2,000 0 0
VENTAS INC COM 92276F100 1,155 20,000 SH   SOLE   20,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 8,596 140,000 SH   SOLE   140,000 0 0
VIACOMCBS INC CL B 92556H206 1,977 47,106 SH   SOLE   47,106 0 0
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 387 20,000 SH   SOLE   20,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 5,733 97,230 SH   SOLE   97,230 0 0
WELLS FARGO CO NEW COM 949746101 54,069 1,005,000 SH   SOLE   1,005,000 0 0
WELLTOWER INC COM 95040Q104 818 10,000 SH   SOLE   10,000 0 0
WESTERN MIDSTREAM PARTNERS L COM UNIT LP INT 958669103 1,969 100,000 SH   SOLE   100,000 0 0
WESTPAC BKG CORP SPONSORED ADR 961214301 1,698 100,000 SH   SOLE   100,000 0 0
WEYERHAEUSER CO COM 962166104 2,114 70,000 SH   SOLE   70,000 0 0
WILLIAMS SONOMA INC COM 969904101 7,108 96,780 SH   SOLE   96,780 0 0
WYNN RESORTS LTD COM 983134107 1,111 8,000 SH   SOLE   8,000 0 0