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 TR INC COM 024013104 37,946 1,475,336 SH   SOLE   1,475,336 0 0
EXXON MOBIL CORP COM 30231G102 35,797 410,000 SH   SOLE   410,000 0 0
APPLE INC COM 037833100 29,022 210,000 SH   SOLE   210,000 0 0
CHEVRON CORP NEW COM 166764100 25,861 180,000 SH   SOLE   180,000 0 0
BK OF AMERICA CORP COM 060505104 23,163 767,000 SH   SOLE   767,000 0 0
WELLS FARGO CO NEW COM 949746101 22,322 555,000 SH   SOLE   555,000 0 0
MICROSOFT CORP COM 594918104 20,879 89,650 SH   SOLE   89,650 0 0
JPMORGAN CHASE & CO COM 46625H100 18,559 177,600 SH   SOLE   177,600 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 15,825 54,000 SH   SOLE   54,000 0 0
TRUIST FINL CORP COM 89832Q109 15,413 354,000 SH   SOLE   354,000 0 0
ESSEX PPTY TR INC COM 297178105 11,990 49,500 SH   SOLE   49,500 0 0
MERCK & CO INC COM 58933Y105 10,765 125,000 SH   SOLE   125,000 0 0
PHILLIPS 66 COM 718546104 10,316 127,800 SH   SOLE   127,800 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 9,506 155,000 SH   SOLE   155,000 0 0
ROYAL BK CDA COM 780087102 9,319 103,500 SH   SOLE   103,500 0 0
CAPITAL ONE FINL CORP COM 14040H105 9,171 99,500 SH   SOLE   99,500 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 9,028 127,000 SH   SOLE   127,000 0 0
KROGER CO COM 501044101 9,019 206,150 SH   SOLE   206,150 0 0
SHELL PLC SPON ADS 780259305 8,509 171,000 SH   SOLE   171,000 0 0
US BANCORP DEL COM NEW 902973304 8,467 210,000 SH   SOLE   210,000 0 0
BANK MONTREAL QUE COM 063671101 8,413 96,000 SH   SOLE   96,000 0 0
COCA COLA CO COM 191216100 8,406 150,060 SH   SOLE   150,060 0 0
JOHNSON & JOHNSON COM 478160104 8,168 50,000 SH   SOLE   50,000 0 0
ABBVIE INC COM 00287Y109 8,092 60,294 SH   SOLE   60,294 0 0
AMGEN INC COM 031162100 7,932 35,190 SH   SOLE   35,190 0 0
CVS HEALTH CORP COM 126650100 7,630 80,000 SH   SOLE   80,000 0 0
UNILEVER PLC SPON ADR NEW 904767704 7,453 170,000 SH   SOLE   170,000 0 0
PFIZER INC COM 717081103 7,439 170,000 SH   SOLE   170,000 0 0
CATERPILLAR INC COM 149123101 7,384 45,000 SH   SOLE   45,000 0 0
MORGAN STANLEY COM NEW 617446448 7,269 92,000 SH   SOLE   92,000 0 0
CONOCOPHILLIPS COM 20825C104 7,164 70,000 SH   SOLE   70,000 0 0
NOVARTIS AG SPONSORED ADR 66987V109 7,115 93,610 SH   SOLE   93,610 0 0
NORTHROP GRUMMAN CORP COM 666807102 7,055 15,000 SH   SOLE   15,000 0 0
WALMART INC COM 931142103 7,004 54,000 SH   SOLE   54,000 0 0
PRUDENTIAL FINL INC COM 744320102 6,902 80,459 SH   SOLE   80,459 0 0
SEMPRA COM 816851109 6,897 46,000 SH   SOLE   46,000 0 0
DEERE & CO COM 244199105 6,678 20,000 SH   SOLE   20,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 6,535 55,000 SH   SOLE   55,000 0 0
PEPSICO INC COM 713448108 6,498 39,800 SH   SOLE   39,800 0 0
LENNAR CORP CL A 526057104 6,439 86,370 SH   SOLE   86,370 0 0
METLIFE INC COM 59156R108 6,279 103,304 SH   SOLE   103,304 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 6,050 90,000 SH   SOLE   90,000 0 0
FEDEX CORP COM 31428X106 5,939 40,000 SH   SOLE   40,000 0 0
SCHWAB CHARLES CORP COM 808513105 5,870 81,674 SH   SOLE   81,674 0 0
MEDTRONIC PLC SHS G5960L103 5,784 71,632 SH   SOLE   71,632 0 0
EDISON INTL COM 281020107 5,658 100,000 SH   SOLE   100,000 0 0
INTEL CORP COM 458140100 5,412 210,000 SH   SOLE   210,000 0 0
PINNACLE WEST CAP CORP COM 723484101 5,354 83,000 SH   SOLE   83,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 5,316 140,000 SH   SOLE   140,000 0 0
AMERICAN ELEC PWR CO INC COM 025537101 5,187 60,000 SH   SOLE   60,000 0 0
STATE STR CORP COM 857477103 5,169 85,000 SH   SOLE   85,000 0 0
PPG INDS INC COM 693506107 5,009 45,250 SH   SOLE   45,250 0 0
MICROCHIP TECHNOLOGY INC. COM 595017104 4,882 80,000 SH   SOLE   80,000 0 0
CITIGROUP INC COM NEW 172967424 4,850 116,400 SH   SOLE   116,400 0 0
BANK NOVA SCOTIA HALIFAX COM 064149107 4,757 100,000 SH   SOLE   100,000 0 0
ALPHABET INC CAP STK CL A 02079K305 4,687 49,000 SH   SOLE   49,000 0 0
ALLSTATE CORP COM 020002101 4,608 37,000 SH   SOLE   37,000 0 0
CHUBB LIMITED COM h1467j104 4,547 25,000 SH   SOLE   25,000 0 0
XCEL ENERGY INC COM 98389B100 4,480 70,000 SH   SOLE   70,000 0 0
WEC ENERGY GROUP INC COM 92939U106 4,472 50,000 SH   SOLE   50,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 4,430 115,000 SH   SOLE   115,000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 4,352 166,918 SH   SOLE   166,918 0 0
NEXTERA ENERGY INC COM 65339F101 3,921 50,000 SH   SOLE   50,000 0 0
TOYOTA MOTOR CORP ADS 892331307 3,909 30,000 SH   SOLE   30,000 0 0
LILLY ELI & CO COM 532457108 3,880 12,000 SH   SOLE   12,000 0 0
EXELON CORP COM 30161N101 3,746 100,000 SH   SOLE   100,000 0 0
GENERAL ELECTRIC CO COM NEW 369604301 3,560 57,500 SH   SOLE   57,500 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 3,441 109,580 SH   SOLE   109,580 0 0
MONDELEZ INTL INC CL A 609207105 3,345 61,010 SH   SOLE   61,010 0 0
ALLY FINL INC COM 02005N100 3,200 115,000 SH   SOLE   115,000 0 0
BAXTER INTL INC COM 071813109 3,115 57,829 SH   SOLE   57,829 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 3,039 32,666 SH   SOLE   32,666 0 0
DOW INC COM 260557103 3,033 69,044 SH   SOLE   69,044 0 0
ABBOTT LABS COM 002824100 2,951 30,500 SH   SOLE   30,500 0 0
JEFFERIES FINL GROUP INC COM 47233W109 2,950 100,000 SH   SOLE   100,000 0 0
UNION PAC CORP COM 907818108 2,922 15,000 SH   SOLE   15,000 0 0
AMERIPRISE FINL INC COM 03076c106 2,834 11,250 SH   SOLE   11,250 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 2,814 23,332 SH   SOLE   23,332 0 0
CIGNA CORP NEW COM 125523100 2,786 10,040 SH   SOLE   10,040 0 0
CONSTELLATION ENERGY CORP COM 21037T109 2,773 33,333 SH   SOLE   33,333 0 0
DUPONT DE NEMOURS INC COM 26614N102 2,719 53,943 SH   SOLE   53,943 0 0
PARAMOUNT GLOBAL CLASS B COM 92556H206 2,719 142,800 SH   SOLE   142,800 0 0
SNOWFLAKE INC CL A 833445109 2,719 16,000 SH   SOLE   16,000 0 0
FIRSTENERGY CORP COM 337932107 2,590 70,000 SH   SOLE   70,000 0 0
ALCOA CORP COM 013872106 2,525 75,000 SH   SOLE   75,000 0 0
ALBERTSONS COS INC COMMON STOCK 013091103 2,486 100,000 SH   SOLE   100,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 2,480 30,830 SH   SOLE   30,830 0 0
RAYTHEON TECHNOLOGIES CORP COM 75513E101 2,456 30,000 SH   SOLE   30,000 0 0
HAWAIIAN ELEC INDUSTRIES COM 419870100 2,426 70,000 SH   SOLE   70,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 2,374 50,000 SH   SOLE   50,000 0 0
CHESAPEAKE ENERGY CORP COM 165167735 2,355 25,000 SH   SOLE   25,000 0 0
COTERRA ENERGY INC COM 127097103 2,299 88,000 SH   SOLE   88,000 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369y886 2,227 34,000 SH   SOLE   34,000 0 0
PROCTER AND GAMBLE CO COM 742718109 2,146 17,000 SH   SOLE   17,000 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 2,094 10,000 SH   SOLE   10,000 0 0
NRG ENERGY INC COM NEW 629377508 2,034 53,146 SH   SOLE   53,146 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 1,999 70,000 SH   SOLE   70,000 0 0
WESTERN DIGITAL CORP. COM 958102105 1,953 60,000 SH   SOLE   60,000 0 0
ADVANCED MICRO DEVICES INC COM 007903107 1,901 30,000 SH   SOLE   30,000 0 0
SANOFI SPONSORED ADR 80105N105 1,901 50,000 SH   SOLE   50,000 0 0
UNITED RENTALS INC COM 911363109 1,891 7,000 SH   SOLE   7,000 0 0
STRYKER CORPORATION COM 863667101 1,823 9,000 SH   SOLE   9,000 0 0
PERRIGO CO PLC SHS G97822103 1,783 50,000 SH   SOLE   50,000 0 0
PPL CORP COM 69351T106 1,775 70,000 SH   SOLE   70,000 0 0
BAIDU INC SPON ADR REP A 056752108 1,762 15,000 SH   SOLE   15,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 1,742 17,000 SH   SOLE   17,000 0 0
SOUTHERN CO COM 842587107 1,700 25,000 SH   SOLE   25,000 0 0
KRAFT HEINZ CO COM 500754106 1,668 50,000 SH   SOLE   50,000 0 0
KINDER MORGAN INC DEL COM 49456B101 1,664 100,000 SH   SOLE   100,000 0 0
PHILIP MORRIS INTL INC COM 718172109 1,660 20,000 SH   SOLE   20,000 0 0
HCA HEALTHCARE INC COM 40412C101 1,654 9,000 SH   SOLE   9,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 1,638 8,000 SH   SOLE   8,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 1,615 10,000 SH   SOLE   10,000 0 0
CARDINAL HEALTH INC COM 14149Y108 1,552 23,277 SH   SOLE   23,277 0 0
QUEST DIAGNOSTICS INC COM 74834L100 1,472 12,000 SH   SOLE   12,000 0 0
GILEAD SCIENCES INC COM 375558103 1,419 23,000 SH   SOLE   23,000 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103 1,367 10,000 SH   SOLE   10,000 0 0
CANADIAN IMPERIAL BK COMM TO COM 136069101 1,313 30,000 SH   SOLE   30,000 0 0
JOHNSON CTLS INTL PLC SHS g51502105 1,290 26,200 SH   SOLE   26,200 0 0
VIATRIS INC COM 92556V106 1,278 150,000 SH   SOLE   150,000 0 0
WYNN RESORTS LTD COM 983134107 1,261 20,000 SH   SOLE   20,000 0 0
BECTON DICKINSON & CO COM 075887109 1,226 5,500 SH   SOLE   5,500 0 0
GSK PLC SPONSORED ADR 37733W204 1,177 40,000 SH   SOLE   40,000 0 0
COMCAST CORP NEW CL A 20030N101 1,173 40,000 SH   SOLE   40,000 0 0
ALCON AG ORD SHS H01301128 1,089 18,722 SH   SOLE   18,722 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 1,009 100,000 SH   SOLE   100,000 0 0
RIGETTI COMPUTING INC COMMON STOCK 76655K103 940 500,000 SH   SOLE   500,000 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 933 7,000 SH   SOLE   7,000 0 0
BRIGHTHOUSE FINL INC COM 10922N103 868 20,000 SH   SOLE   20,000 0 0
ADOBE SYSTEMS INCORPORATED COM 00724f101 826 3,000 SH   SOLE   3,000 0 0
DOCUSIGN INC COM 256163106 802 15,000 SH   SOLE   15,000 0 0
CORTEVA INC COM 22052l104 780 13,646 SH   SOLE   13,646 0 0
GENERAL MLS INC COM 370334104 766 10,000 SH   SOLE   10,000 0 0
PHYSICIANS RLTY TR COM 71943U104 752 50,000 SH   SOLE   50,000 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205 739 57,000 SH   SOLE   57,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 715 45,000 SH   SOLE   45,000 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104 690 60,000 SH   SOLE   60,000 0 0
HILTON GRAND VACATIONS INC COM 43283x105 658 20,000 SH   SOLE   20,000 0 0
WELLTOWER INC COM 95040Q104 643 10,000 SH   SOLE   10,000 0 0
HALEON PLC SPON ADS 405552100 609 100,000 SH   SOLE   100,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 601 2,250 SH   SOLE   2,250 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603 600 47,951 SH   SOLE   47,951 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 574 4,093 SH   SOLE   4,093 0 0
PROLOGIS INC. COM 74340W103 560 5,508 SH   SOLE   5,508 0 0
REXFORD INDL RLTY INC COM 76169C100 550 10,582 SH   SOLE   10,582 0 0
HUDSON PAC PPTYS INC COM 444097109 542 49,487 SH   SOLE   49,487 0 0
FORTRESS TRANS INFRST INVS L CL A COM SHS 34960P101 538 35,909 SH   SOLE   35,909 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 508 35,000 SH   SOLE   35,000 0 0
CHINDATA GROUP HLDGS LTD ADS 16955F107 502 62,123 SH   SOLE   62,123 0 0
CROWN CASTLE INC COM 22822V101 496 3,434 SH   SOLE   3,434 0 0
EQUINIX INC COM 29444U700 437 769 SH   SOLE   769 0 0
INVITATION HOMES INC COM 46187W107 428 12,679 SH   SOLE   12,679 0 0
AMERICAN TOWER CORP NEW COM 03027X100 424 1,975 SH   SOLE   1,975 0 0
LIFE STORAGE INC COM 53223X107 418 3,773 SH   SOLE   3,773 0 0
WEWORK INC CL A 96209A104 418 157,815 SH   SOLE   157,815 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 400 5,000 SH   SOLE   5,000 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 395 9,494 SH   SOLE   9,494 0 0
AIRBNB INC COM CL A 009066101 370 3,521 SH   SOLE   3,521 0 0
MGM RESORTS INTERNATIONAL COM 552953101 369 12,401 SH   SOLE   12,401 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 362 4,093 SH   SOLE   4,093 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100 342 10,592 SH   SOLE   10,592 0 0
SUN CMNTYS INC COM 866674104 295 2,182 SH   SOLE   2,182 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 278 8,479 SH   SOLE   8,479 0 0
EXTRA SPACE STORAGE INC COM 30225T102 278 1,610 SH   SOLE   1,610 0 0
BLOCK INC CL A 852234103 275 5,000 SH   SOLE   5,000 0 0
VNET GROUP INC SPONSORED ADS A 90138A103 275 50,000 SH   SOLE   50,000 0 0
CHICAGO RIVET & MACH CO COM 168088102 238 9,241 SH   SOLE   9,241 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 231 813 SH   SOLE   813 0 0
AVALONBAY CMNTYS INC COM 053484101 228 1,239 SH   SOLE   1,239 0 0
DRIVE SHACK INC COM 262077100 228 368,371 SH   SOLE   368,371 0 0
DIGITAL RLTY TR INC COM 253868103 215 2,169 SH   SOLE   2,169 0 0
CAMDEN PPTY TR SH BEN INT 133131102 214 1,791 SH   SOLE   1,791 0 0
MID-AMER APT CMNTYS INC COM 59522J103 214 1,382 SH   SOLE   1,382 0 0
TERRENO RLTY CORP COM 88146M101 200 3,779 SH   SOLE   3,779 0 0
FTAI INFRASTRUCTURE INC COMMON STOCK 35953C106 86 35,909 SH   SOLE   35,909 0 0