<DOCUMENT> <TYPE>13F-NT <SEQUENCE>1 <FILENAME>a35586ame13fvnt.txt <DESCRIPTION>FORM 13F - NOTICE <TEXT> <PAGE> UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2007 Check here if Amendment [ ]; Amendment Number: _____ This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: American Assets Investment Management, LLC Address: 11455 El Camino Real Suite 363 San Diego, CA 92130 Form 13F File Number: 028-12131 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Ernest S. Rady Title: Chief Investment Officer Phone: 858-350-2600 Signature, Place, and Date of Signing: /s/ Ernest S. Rady San Diego, CA 11/9/2007 ---------------------------------- ----------------------- ---------------- [Signature] [City, State] [Date] Report Type (Check only one.): [ ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s). [X] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: Form 13-F File Number Name 028-11688 Insurance Company of the West <PAGE> Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 51 Form 13F Information Table Value Total: $134,983 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 13-F File Number Name 1 028-11688 Insurance Company of the West <PAGE> Form 13-F Information Table as of September 30, 2007 <TABLE> <CAPTION> VOTING AUTHORITY TITLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER ----------------------- NAME OF ISSUER OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE -------------- -------- --------- -------- --------- --- ---- ------- -------- --------- ------ ---- <S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> ALTRIA GROUP INC com 02209s103 7,509 108,000 SH sole 108,000 AMERICAN INTERNATIONAL GROUP INC com 026874107 5,074 75,000 SH sole 75,000 ANARDARKO PETROLEUM CORP com 032511107 1,881 35,000 SH sole 35,000 BANK OF AMERICA CORP com 060505104 4,725 94,000 SH sole 94,000 BEAR STEARNS COMPANIES INC adr 073902108 3,684 30,000 SH sole 30,000 BP P L C SPONSORED ADR (FRM BP AMOCO PLC) com 055622104 6,588 95,000 SH sole 95,000 CAPITAL ONE FINANCIAL CORP com 14040h105 5,314 80,000 SH sole 80,000 CARDINAL HEALTH INC com 14149y108 938 15,000 SH sole 15,000 CATERPILLAR INC com 149123101 1,961 25,000 SH sole 25,000 CHESAPEAKE ENERGY CORP com 165167107 1,763 50,000 SH sole 50,000 CHEVRON CORPORATION com 166764100 6,925 74,000 SH sole 74,000 CHUBB CORP com 171232101 2,897 54,000 SH sole 54,000 CINCINNATI FINANCIAL CORP com 172062101 1,083 25,000 SH sole 25,000 CIT GROUP INC NEW com 125581108 1,005 25,000 SH 25,000 CITIGROUP INC com 172967101 1,867 40,000 SH sole 40,000 COCA COLA CO com 191216100 3,736 65,000 SH sole 65,000 COLGATE PALMOLIVE CO com 194162103 713 10,000 SH sole 10,000 COMCAST CORP NEW CL A com 20030n101 2,720 112,500 SH sole 112,500 CONOCOPHILLIPS com 20825c104 6,319 72,000 SH sole 72,000 D R HORTON com 23331a109 512 40,000 SH sole 40,000 DISCOVER FINANCIAL SERVICES com 254709108 520 25,000 SH sole 25,000 ELI LILLY & CO com 532457108 1,993 35,000 SH sole 35,000 EXXON MOBIL CORP com 30231g102 2,314 25,000 SH sole 25,000 FANNIE MAE (FEDERAL NATL MTG ASSN) com 313586109 2,432 40,000 SH sole 40,000 FIDELITY NATIONAL FINANCIAL INC com 316326107 427 24,454 SH sole 24,454 FIDELITY NATIONAL INFORMATION SERVICES com 31620m106 477 10,748 SH sole 10,748 FREDDIE MAC-VOTING COMMON (FORMERLY FEDERA com 313400301 2,951 50,000 SH sole 50,000 </TABLE> <PAGE> <TABLE> <S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> GENERAL ELECTRIC CO com 369604103 4,968 120,000 SH sole 120,000 GENERAL MILLS INC com 370334104 2,901 50,000 SH sole 50,000 GLAXOSMITHKLINE PLC SPONSORED ADR (FRM GLAX com 37733w105 2,128 40,000 SH sole 40,000 HARTFORD FINANCIAL SERVICES GROUP INC com 416515104 3,239 35,000 SH sole 35,000 HOME DEPOT INC com 437076102 1,460 45,000 SH sole 45,000 INDYMAC BANCORP INC com 456607100 1,228 52,000 SH sole 52,000 JOHNSON & JOHNSON com 478160104 3,942 60,000 SH sole 60,000 JPMORGAN CHASE & CO FORMERLY J P MORGAN CH com 46625h100 2,749 60,000 SH sole 60,000 KRAFT FOODS INC CL A com 50075n104 2,460 71,278 SH sole 71,278 KROGER CO com 501044101 570 20,000 SH sole 20,000 MARSH & MCLENNAN COMPANIES INC com 571748102 1,913 75,000 SH sole 75,000 MCDONALDS CORP com 580135101 1,907 35,000 SH sole 35,000 MICROSOFT com 594918104 2,062 70,000 SH sole 70,000 MORGAN STANLEY com 617446448 3,150 50,000 SH sole 50,000 OVERSEAS SHIPHOLDING GROUP INC com 690368105 4,994 65,000 SH sole 65,000 PFF BANCORP com 6933w104 311 20,300 SH sole 20,300 PFIZER INC com 717081103 2,077 85,000 SH sole 85,000 REDWOOD TRUST INC. com 758075402 837 25,200 SH sole 25,200 ROYAL DUTCH SHELL PLC SPONSORED ADR REPSTG adr 780259206 2,876 35,000 SH sole 35,000 UNUMPROVIDENT CORP com 91529y106 4,160 170,000 SH sole 170,000 USG com 903293405 939 25,000 SH sole 25,000 VIACOM INC NEW CLASS B com 92553p201 1,169 30,000 SH sole 30,000 WAL-MART STORES INC com 931142103 3,056 70,000 SH sole 70,000 WYETH COM com 983024100 1,559 35,000 SH sole 35,000 --- ------- --------- --------- TOTAL 51 134,983 2,678,480 2,678,480 === ======= ========= ========= </TABLE> </TEXT> </DOCUMENT>