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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
EXXON MOBIL CORP COM 30231G102   45,223,000 410,000 SH   SOLE   410,000 0 0
AMERICAN ASSETS TR INC COM 024013104   39,096,404 1,475,336 SH   SOLE   1,475,336 0 0
CHEVRON CORP NEW COM 166764100   32,308,200 180,000 SH   SOLE   180,000 0 0
APPLE INC COM 037833100   27,285,300 210,000 SH   SOLE   210,000 0 0
BANK AMERICA CORP COM 060505104   25,403,040 767,000 SH   SOLE   767,000 0 0
JPMORGAN CHASE & CO COM 46625H100   23,816,160 177,600 SH   SOLE   177,600 0 0
WELLS FARGO CO NEW COM 949746101   22,915,950 555,000 SH   SOLE   555,000 0 0
MICROSOFT CORP COM 594918104   21,499,863 89,650 SH   SOLE   89,650 0 0
GOLDMAN SACHS GROUP INC COM 38141G104   18,542,520 54,000 SH   SOLE   54,000 0 0
TRUIST FINL CORP COM 89832Q109   15,232,620 354,000 SH   SOLE   354,000 0 0
MERCK & CO INC COM 58933Y105   13,868,750 125,000 SH   SOLE   125,000 0 0
PHILLIPS 66 COM 718546104   13,301,424 127,800 SH   SOLE   127,800 0 0
ESSEX PPTY TR INC COM 297178105   12,609,240 59,500 SH   SOLE   59,500 0 0
SHELL PLC SPON ADS 780259305   12,585,950 221,000 SH   SOLE   221,000 0 0
CATERPILLAR INC COM 149123101   10,780,200 45,000 SH   SOLE   45,000 0 0
TORONTO DOMINION BK ONT COM NEW 891160509   10,037,800 155,000 SH   SOLE   155,000 0 0
ABBVIE INC COM 00287Y109   9,744,113 60,294 SH   SOLE   60,294 0 0
ROYAL BK CDA SUSTAINABL COM 780087102   9,731,070 103,500 SH   SOLE   103,500 0 0
COCA COLA CO COM 191216100   9,545,317 150,060 SH   SOLE   150,060 0 0
TOTALENERGIES SE SPONSORED ADS 89151E109   9,312,000 150,000 SH   SOLE   150,000 0 0
CAPITAL ONE FINL CORP COM 14040H105   9,249,520 99,500 SH   SOLE   99,500 0 0
AMGEN INC COM 031162100   9,242,302 35,190 SH   SOLE   35,190 0 0
KROGER CO COM 501044101   9,190,167 206,150 SH   SOLE   206,150 0 0
US BANCORP DEL COM NEW 902973304   9,158,100 210,000 SH   SOLE   210,000 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108   9,137,650 127,000 SH   SOLE   127,000 0 0
JOHNSON & JOHNSON COM 478160104   8,832,500 50,000 SH   SOLE   50,000 0 0
PFIZER INC COM 717081103   8,710,800 170,000 SH   SOLE   170,000 0 0
BANK MONTREAL QUE COM 063671101   8,697,600 96,000 SH   SOLE   96,000 0 0
DEERE & CO COM 244199105   8,575,200 20,000 SH   SOLE   20,000 0 0
UNILEVER PLC SPON ADR NEW 904767704   8,559,500 170,000 SH   SOLE   170,000 0 0
NOVARTIS AG SPONSORED ADR 66987V109   8,492,299 93,610 SH   SOLE   93,610 0 0
CONOCOPHILLIPS COM 20825C104   8,260,000 70,000 SH   SOLE   70,000 0 0
NORTHROP GRUMMAN CORP COM 666807102   8,184,150 15,000 SH   SOLE   15,000 0 0
PRUDENTIAL FINL INC COM 744320102   8,002,452 80,459 SH   SOLE   80,459 0 0
MORGAN STANLEY COM NEW 617446448   7,821,840 92,000 SH   SOLE   92,000 0 0
LENNAR CORP CL A 526057104   7,816,485 86,370 SH   SOLE   86,370 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101   7,748,950 55,000 SH   SOLE   55,000 0 0
WALMART INC COM 931142103   7,656,660 54,000 SH   SOLE   54,000 0 0
METLIFE INC COM 59156R108   7,476,110 103,304 SH   SOLE   103,304 0 0
CVS HEALTH CORP COM 126650100   7,455,200 80,000 SH   SOLE   80,000 0 0
PEPSICO INC COM 713448108   7,190,268 39,800 SH   SOLE   39,800 0 0
SEMPRA COM 816851109   7,108,840 46,000 SH   SOLE   46,000 0 0
SCHWAB CHARLES CORP COM 808513105   6,800,177 81,674 SH   SOLE   81,674 0 0
STATE STR CORP COM 857477103   6,593,450 85,000 SH   SOLE   85,000 0 0
EDISON INTL COM 281020107   6,362,000 100,000 SH   SOLE   100,000 0 0
PINNACLE WEST CAP CORP COM 723484101   6,311,320 83,000 SH   SOLE   83,000 0 0
FEDEX CORP COM 31428X106   6,062,000 35,000 SH   SOLE   35,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   5,900,000 100,000 SH   SOLE   100,000 0 0
AMERICAN ELEC PWR CO INC COM 025537101   5,697,000 60,000 SH   SOLE   60,000 0 0
PPG INDS INC COM 693506107   5,689,735 45,250 SH   SOLE   45,250 0 0
MICROCHIP TECHNOLOGY INC. COM 595017104   5,620,000 80,000 SH   SOLE   80,000 0 0
MEDTRONIC PLC SHS G5960L103   5,567,239 71,632 SH   SOLE   71,632 0 0
VERIZON COMMUNICATIONS INC COM 92343V104   5,516,000 140,000 SH   SOLE   140,000 0 0
CHUBB LIMITED COM h1467j104   5,515,000 25,000 SH   SOLE   25,000 0 0
CITIGROUP INC COM NEW 172967424   5,264,772 116,400 SH   SOLE   116,400 0 0
BANK NEW YORK MELLON CORP COM 064058100   5,234,800 115,000 SH   SOLE   115,000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406   5,201,165 166,918 SH   SOLE   166,918 0 0
XCEL ENERGY INC COM 98389B100   4,907,700 70,000 SH   SOLE   70,000 0 0
BANK NOVA SCOTIA HALIFAX COM 064149107   4,898,000 100,000 SH   SOLE   100,000 0 0
WEC ENERGY GROUP INC COM 92939U106   4,688,000 50,000 SH   SOLE   50,000 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   4,469,400 60,000 SH   SOLE   60,000 0 0
GENERAL ELECTRIC CO COM NEW 369604301   4,398,975 52,500 SH   SOLE   52,500 0 0
LILLY ELI & CO COM 532457108   4,390,080 12,000 SH   SOLE   12,000 0 0
ALPHABET INC CAP STK CL A 02079K305   4,323,270 49,000 SH   SOLE   49,000 0 0
EXELON CORP COM 30161N101   4,323,000 100,000 SH   SOLE   100,000 0 0
NEXTERA ENERGY INC COM 65339F101   4,180,000 50,000 SH   SOLE   50,000 0 0
PARAMOUNT GLOBAL CLASS B COM 92556H206   4,098,464 242,800 SH   SOLE   242,800 0 0
TOYOTA MOTOR CORP ADS 892331307   4,097,400 30,000 SH   SOLE   30,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108   4,093,909 109,580 SH   SOLE   109,580 0 0
MONDELEZ INTL INC CL A 609207105   4,066,317 61,010 SH   SOLE   61,010 0 0
DUPONT DE NEMOURS INC COM 26614N102   3,702,108 53,943 SH   SOLE   53,943 0 0
AMERIPRISE FINL INC COM 03076c106   3,502,913 11,250 SH   SOLE   11,250 0 0
DOW INC COM 260557103   3,479,127 69,044 SH   SOLE   69,044 0 0
JEFFERIES FINL GROUP INC COM 47233W109   3,428,000 100,000 SH   SOLE   100,000 0 0
ALCOA CORP COM 013872106   3,410,250 75,000 SH   SOLE   75,000 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204   3,364,271 32,666 SH   SOLE   32,666 0 0
ABBOTT LABS COM 002824100   3,348,595 30,500 SH   SOLE   30,500 0 0
CIGNA CORP NEW COM 125523100   3,326,654 10,040 SH   SOLE   10,040 0 0
AMERICAN INTL GROUP INC COM NEW 026874784   3,162,000 50,000 SH   SOLE   50,000 0 0
UNION PAC CORP COM 907818108   3,106,050 15,000 SH   SOLE   15,000 0 0
RAYTHEON TECHNOLOGIES CORP COM 75513E101   3,027,600 30,000 SH   SOLE   30,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   2,948,232 23,332 SH   SOLE   23,332 0 0
BAXTER INTL INC COM 071813109   2,947,544 57,829 SH   SOLE   57,829 0 0
FIRSTENERGY CORP COM 337932107   2,935,800 70,000 SH   SOLE   70,000 0 0
HAWAIIAN ELEC INDUSTRIES COM 419870100   2,929,500 70,000 SH   SOLE   70,000 0 0
CONSTELLATION ENERGY CORP COM 21037T109   2,873,638 33,333 SH   SOLE   33,333 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   2,862,566 30,830 SH   SOLE   30,830 0 0
ALLY FINL INC COM 02005N100   2,811,750 115,000 SH   SOLE   115,000 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102   2,780,900 10,000 SH   SOLE   10,000 0 0
PROCTER AND GAMBLE CO COM 742718109   2,576,520 17,000 SH   SOLE   17,000 0 0
UNITED RENTALS INC COM 911363109   2,487,940 7,000 SH   SOLE   7,000 0 0
SANOFI SPONSORED ADR 80105N105   2,421,500 50,000 SH   SOLE   50,000 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369y886   2,397,000 34,000 SH   SOLE   34,000 0 0
CHESAPEAKE ENERGY CORP COM 165167735   2,359,250 25,000 SH   SOLE   25,000 0 0
STRYKER CORPORATION COM 863667101   2,200,410 9,000 SH   SOLE   9,000 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104   2,170,000 70,000 SH   SOLE   70,000 0 0
COTERRA ENERGY INC COM 127097103   2,162,160 88,000 SH   SOLE   88,000 0 0
HCA HEALTHCARE INC COM 40412C101   2,159,640 9,000 SH   SOLE   9,000 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   2,114,160 24,000 SH   SOLE   24,000 0 0
ALBERTSONS COS INC COMMON STOCK 013091103   2,074,000 100,000 SH   SOLE   100,000 0 0
PPL CORP COM 69351T106   2,045,400 70,000 SH   SOLE   70,000 0 0
KRAFT HEINZ CO COM 500754106   2,035,500 50,000 SH   SOLE   50,000 0 0
PHILIP MORRIS INTL INC COM 718172109   2,024,200 20,000 SH   SOLE   20,000 0 0
GILEAD SCIENCES INC COM 375558103   1,974,550 23,000 SH   SOLE   23,000 0 0
ADVANCED MICRO DEVICES INC COM 007903107   1,943,100 30,000 SH   SOLE   30,000 0 0
WESTERN DIGITAL CORP. COM 958102105   1,893,000 60,000 SH   SOLE   60,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409   1,883,840 8,000 SH   SOLE   8,000 0 0
QUEST DIAGNOSTICS INC COM 74834L100   1,877,280 12,000 SH   SOLE   12,000 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103   1,833,300 10,000 SH   SOLE   10,000 0 0
KINDER MORGAN INC DEL COM 49456B101   1,808,000 100,000 SH   SOLE   100,000 0 0
CARDINAL HEALTH INC COM 14149Y108   1,789,303 23,277 SH   SOLE   23,277 0 0
SOUTHERN CO COM 842587107   1,785,250 25,000 SH   SOLE   25,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106   1,738,400 10,000 SH   SOLE   10,000 0 0
PERRIGO CO PLC SHS G97822103   1,704,500 50,000 SH   SOLE   50,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432   1,692,520 17,000 SH   SOLE   17,000 0 0
NRG ENERGY INC COM NEW 629377508   1,691,106 53,146 SH   SOLE   53,146 0 0
JOHNSON CTLS INTL PLC SHS g51502105   1,676,800 26,200 SH   SOLE   26,200 0 0
VIATRIS INC COM 92556V106   1,669,500 150,000 SH   SOLE   150,000 0 0
WYNN RESORTS LTD COM 983134107   1,649,400 20,000 SH   SOLE   20,000 0 0
GSK PLC SPONSORED ADR 37733W204   1,405,600 40,000 SH   SOLE   40,000 0 0
COMCAST CORP NEW CL A 20030N101   1,398,800 40,000 SH   SOLE   40,000 0 0
BECTON DICKINSON & CO COM 075887109   1,398,650 5,500 SH   SOLE   5,500 0 0
ALCON AG ORD SHS H01301128   1,283,393 18,722 SH   SOLE   18,722 0 0
CANADIAN IMPERIAL BK COMM TO COM 136069101   1,213,500 30,000 SH   SOLE   30,000 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100   1,187,000 100,000 SH   SOLE   100,000 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105   1,115,170 7,000 SH   SOLE   7,000 0 0
BRIGHTHOUSE FINL INC COM 10922N103   1,025,400 20,000 SH   SOLE   20,000 0 0
GOODYEAR TIRE & RUBR CO COM 382550101   1,015,000 100,000 SH   SOLE   100,000 0 0
ADOBE SYSTEMS INCORPORATED COM 00724f101   1,009,590 3,000 SH   SOLE   3,000 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205   889,200 57,000 SH   SOLE   57,000 0 0
GENERAL MLS INC COM 370334104   838,500 10,000 SH   SOLE   10,000 0 0
DOCUSIGN INC COM 256163106   831,300 15,000 SH   SOLE   15,000 0 0
CORTEVA INC COM 22052l104   802,112 13,646 SH   SOLE   13,646 0 0
HALEON PLC SPON ADS 405552100   800,000 100,000 SH   SOLE   100,000 0 0
HILTON GRAND VACATIONS INC COM 43283x105   770,800 20,000 SH   SOLE   20,000 0 0
PROLOGIS INC. COM 74340W103   754,784 6,696 SH   SOLE   6,696 0 0
PHYSICIANS RLTY TR COM 71943U104   723,500 50,000 SH   SOLE   50,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104   722,250 45,000 SH   SOLE   45,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   695,025 2,250 SH   SOLE   2,250 0 0
WELLTOWER INC COM 95040Q104   655,500 10,000 SH   SOLE   10,000 0 0
REXFORD INDL RLTY INC COM 76169C100   642,512 11,759 SH   SOLE   11,759 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   633,082 4,346 SH   SOLE   4,346 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603   613,165 56,048 SH   SOLE   56,048 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104   568,800 60,000 SH   SOLE   60,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100   546,175 2,578 SH   SOLE   2,578 0 0
EQUINIX INC COM 29444U700   536,470 819 SH   SOLE   819 0 0
FTAI AVIATION LTD SHS G3730V105   524,779 30,653 SH   SOLE   30,653 0 0
HUDSON PAC PPTYS INC COM 444097109   481,509 49,487 SH   SOLE   49,487 0 0
PEBBLEBROOK HOTEL TR COM 70509V100   468,650 35,000 SH   SOLE   35,000 0 0
CROWN CASTLE INC COM 22822V101   465,788 3,434 SH   SOLE   3,434 0 0
SNOWFLAKE INC CL A 833445109   430,620 3,000 SH   SOLE   3,000 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101   414,826 4,093 SH   SOLE   4,093 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100   377,562 9,076 SH   SOLE   9,076 0 0
INVITATION HOMES INC COM 46187W107   375,806 12,679 SH   SOLE   12,679 0 0
LIFE STORAGE INC COM 53223X107   371,641 3,773 SH   SOLE   3,773 0 0
MGM RESORTS INTERNATIONAL COM 552953101   367,086 10,948 SH   SOLE   10,948 0 0
RIGETTI COMPUTING INC COMMON STOCK 76655K103   364,600 500,000 SH   SOLE   500,000 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106   342,923 9,494 SH   SOLE   9,494 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104   326,001 1,163 SH   SOLE   1,163 0 0
BLOCK INC CL A 852234103   314,200 5,000 SH   SOLE   5,000 0 0
SUN CMNTYS INC COM 866674104   312,026 2,182 SH   SOLE   2,182 0 0
AIRBNB INC COM CL A 009066101   301,046 3,521 SH   SOLE   3,521 0 0
VNET GROUP INC SPONSORED ADS A 90138A103   283,500 50,000 SH   SOLE   50,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306   270,627 8,979 SH   SOLE   8,979 0 0
DIGITAL RLTY TR INC COM 253868103   268,222 2,675 SH   SOLE   2,675 0 0
CHICAGO RIVET & MACH CO COM 168088102   264,570 9,241 SH   SOLE   9,241 0 0
INTEL CORP COM 458140100   264,300 10,000 SH   SOLE   10,000 0 0
VICI PPTYS INC COM 925652109   245,689 7,583 SH   SOLE   7,583 0 0
EXTRA SPACE STORAGE INC COM 30225T102   236,960 1,610 SH   SOLE   1,610 0 0
WEWORK INC CL A 96209A104   225,675 157,815 SH   SOLE   157,815 0 0
TERRENO RLTY CORP COM 88146M101   224,580 3,949 SH   SOLE   3,949 0 0
AVALONBAY CMNTYS INC COM 053484101   200,123 1,239 SH   SOLE   1,239 0 0
FTAI INFRASTRUCTURE INC COMMON STOCK 35953C106   105,932 35,909 SH   SOLE   35,909 0 0