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

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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 234,583 5,407,641 SH   SOLE 0 5,407,641 0 0
APACHE CORP COMMON STOCK 037411105 1,188 18,600 SH   SOLE 0 18,600 0 0
BAKER HUGHES COMMON STOCK 057224107 464 9,200 SH   SOLE 0 9,200 0 0
BANK MONTREAL QUE COMMON STOCK 063671101 1,311 20,000 SH   SOLE 0 20,000 0 0
BANK NS HALIFAX COMMON STOCK 064149107 530 10,000 SH   SOLE 0 10,000 0 0
ROYAL BK CDA MONTREAL QUE COMMON STOCK 780087102 725 11,700 SH   SOLE 0 11,700 0 0
TORONTO DOMINION BK ONT COMMON STOCK 891160509 444 10,000 SH   SOLE 0 10,000 0 0
UNITED CONTL HLDGS INC COMMON STOCK 910047109 525 10,000 SH   SOLE 0 10,000 0 0
WELLS FARGO & CO COMMON STOCK 949746101 77,577 1,751,961 SH   SOLE 0 1,751,961 0 0