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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
EXXON MOBIL CORP COM 30231G102   44,960,600 410,000 SH   SOLE   410,000 0 0
APPLE INC COM 037833100   34,629,000 210,000 SH   SOLE   210,000 0 0
CHEVRON CORP NEW COM 166764100   29,368,800 180,000 SH   SOLE   180,000 0 0
AMERICAN ASSETS TR INC COM 024013104   27,426,496 1,475,336 SH   SOLE   1,475,336 0 0
MICROSOFT CORP COM 594918104   25,846,095 89,650 SH   SOLE   89,650 0 0
JPMORGAN CHASE & CO COM 46625H100   23,143,056 177,600 SH   SOLE   177,600 0 0
BANK AMERICA CORP COM 060505104   21,936,200 767,000 SH   SOLE   767,000 0 0
WELLS FARGO CO NEW COM 949746101   20,745,900 555,000 SH   SOLE   555,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104   17,663,940 54,000 SH   SOLE   54,000 0 0
MERCK & CO INC COM 58933Y105   13,298,750 125,000 SH   SOLE   125,000 0 0
PHILLIPS 66 COM 718546104   12,956,364 127,800 SH   SOLE   127,800 0 0
SHELL PLC SPON ADS 780259305   12,716,340 221,000 SH   SOLE   221,000 0 0
ESSEX PPTY TR INC COM 297178105   12,443,830 59,500 SH   SOLE   59,500 0 0
TRUIST FINL CORP COM 89832Q109   12,071,400 354,000 SH   SOLE   354,000 0 0
CATERPILLAR INC COM 149123101   10,297,800 45,000 SH   SOLE   45,000 0 0
KROGER CO COM 501044101   10,177,626 206,150 SH   SOLE   206,150 0 0
ROYAL BK CDA SUSTAINABL COM 780087102   9,892,530 103,500 SH   SOLE   103,500 0 0
ABBVIE INC COM 00287Y109   9,609,055 60,294 SH   SOLE   60,294 0 0
CAPITAL ONE FINL CORP COM 14040H105   9,567,920 99,500 SH   SOLE   99,500 0 0
COCA COLA CO COM 191216100   9,308,222 150,060 SH   SOLE   150,060 0 0
TORONTO DOMINION BK ONT COM NEW 891160509   9,284,500 155,000 SH   SOLE   155,000 0 0
LENNAR CORP CL A 526057104   9,078,351 86,370 SH   SOLE   86,370 0 0
PFIZER INC COM 717081103   8,976,000 220,000 SH   SOLE   220,000 0 0
TOTALENERGIES SE SPONSORED ADS 89151E109   8,857,500 150,000 SH   SOLE   150,000 0 0
UNILEVER PLC SPON ADR NEW 904767704   8,828,100 170,000 SH   SOLE   170,000 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108   8,802,370 127,000 SH   SOLE   127,000 0 0
NOVARTIS AG SPONSORED ADR 66987V109   8,612,120 93,610 SH   SOLE   93,610 0 0
BANK MONTREAL QUE COM 063671101   8,554,560 96,000 SH   SOLE   96,000 0 0
AMGEN INC COM 031162100   8,507,183 35,190 SH   SOLE   35,190 0 0
DEERE & CO COM 244199105   8,257,600 20,000 SH   SOLE   20,000 0 0
MORGAN STANLEY COM NEW 617446448   8,077,600 92,000 SH   SOLE   92,000 0 0
FEDEX CORP COM 31428X106   7,997,150 35,000 SH   SOLE   35,000 0 0
WALMART INC COM 931142103   7,962,300 54,000 SH   SOLE   54,000 0 0
JOHNSON & JOHNSON COM 478160104   7,750,000 50,000 SH   SOLE   50,000 0 0
US BANCORP DEL COM NEW 902973304   7,570,500 210,000 SH   SOLE   210,000 0 0
PEPSICO INC COM 713448108   7,255,540 39,800 SH   SOLE   39,800 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101   7,209,950 55,000 SH   SOLE   55,000 0 0
EDISON INTL COM 281020107   7,059,000 100,000 SH   SOLE   100,000 0 0
SEMPRA COM 816851109   6,953,360 46,000 SH   SOLE   46,000 0 0
CONOCOPHILLIPS COM 20825C104   6,944,700 70,000 SH   SOLE   70,000 0 0
NORTHROP GRUMMAN CORP COM 666807102   6,925,800 15,000 SH   SOLE   15,000 0 0
MICROCHIP TECHNOLOGY INC. COM 595017104   6,702,400 80,000 SH   SOLE   80,000 0 0
PRUDENTIAL FINL INC COM 744320102   6,657,178 80,459 SH   SOLE   80,459 0 0
PINNACLE WEST CAP CORP COM 723484101   6,576,920 83,000 SH   SOLE   83,000 0 0
STATE STR CORP COM 857477103   6,433,650 85,000 SH   SOLE   85,000 0 0
PPG INDS INC COM 693506107   6,044,495 45,250 SH   SOLE   45,250 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   6,000,000 100,000 SH   SOLE   100,000 0 0
METLIFE INC COM 59156R108   5,985,434 103,304 SH   SOLE   103,304 0 0
CVS HEALTH CORP COM 126650100   5,944,800 80,000 SH   SOLE   80,000 0 0
MEDTRONIC PLC SHS G5960L103   5,774,972 71,632 SH   SOLE   71,632 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406   5,696,911 166,918 SH   SOLE   166,918 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   5,581,200 60,000 SH   SOLE   60,000 0 0
BIOGEN INC COM 09062X103   5,560,600 20,000 SH   SOLE   20,000 0 0
AMERICAN ELEC PWR CO INC COM 025537101   5,459,400 60,000 SH   SOLE   60,000 0 0
CITIGROUP INC COM NEW 172967424   5,457,996 116,400 SH   SOLE   116,400 0 0
VERIZON COMMUNICATIONS INC COM 92343V104   5,444,600 140,000 SH   SOLE   140,000 0 0
PARAMOUNT GLOBAL CLASS B COM 92556H206   5,416,868 242,800 SH   SOLE   242,800 0 0
BANK NEW YORK MELLON CORP COM 064058100   5,225,600 115,000 SH   SOLE   115,000 0 0
PNC FINL SVCS GROUP INC COM 693475105   5,084,000 40,000 SH   SOLE   40,000 0 0
ALPHABET INC CAP STK CL A 02079K305   5,082,770 49,000 SH   SOLE   49,000 0 0
BANK NOVA SCOTIA HALIFAX COM 064149107   5,036,000 100,000 SH   SOLE   100,000 0 0
GENERAL ELECTRIC CO COM NEW 369604301   5,019,000 52,500 SH   SOLE   52,500 0 0
CHUBB LIMITED COM h1467j104   4,854,500 25,000 SH   SOLE   25,000 0 0
WEC ENERGY GROUP INC COM 92939U106   4,739,500 50,000 SH   SOLE   50,000 0 0
XCEL ENERGY INC COM 98389B100   4,720,800 70,000 SH   SOLE   70,000 0 0
QUEST DIAGNOSTICS INC COM 74834L100   4,527,360 32,000 SH   SOLE   32,000 0 0
SANOFI SPONSORED ADR 80105N105   4,353,600 80,000 SH   SOLE   80,000 0 0
SCHWAB CHARLES CORP COM 808513105   4,278,084 81,674 SH   SOLE   81,674 0 0
MONDELEZ INTL INC CL A 609207105   4,253,617 61,010 SH   SOLE   61,010 0 0
TOYOTA MOTOR CORP ADS 892331307   4,250,700 30,000 SH   SOLE   30,000 0 0
EXELON CORP COM 30161N101   4,189,000 100,000 SH   SOLE   100,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409   4,129,560 18,000 SH   SOLE   18,000 0 0
LILLY ELI & CO COM 532457108   4,121,040 12,000 SH   SOLE   12,000 0 0
DUPONT DE NEMOURS INC COM 26614N102   3,871,489 53,943 SH   SOLE   53,943 0 0
NEXTERA ENERGY INC COM 65339F101   3,854,000 50,000 SH   SOLE   50,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108   3,789,276 109,580 SH   SOLE   109,580 0 0
DOW INC COM 260557103   3,784,992 69,044 SH   SOLE   69,044 0 0
PERRIGO CO PLC SHS G97822103   3,587,000 100,000 SH   SOLE   100,000 0 0
AMERIPRISE FINL INC COM 03076c106   3,448,125 11,250 SH   SOLE   11,250 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   3,286,779 23,332 SH   SOLE   23,332 0 0
ALCOA CORP COM 013872106   3,192,000 75,000 SH   SOLE   75,000 0 0
JEFFERIES FINL GROUP INC COM 47233W109   3,174,000 100,000 SH   SOLE   100,000 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204   3,151,289 32,666 SH   SOLE   32,666 0 0
ABBOTT LABS COM 002824100   3,088,430 30,500 SH   SOLE   30,500 0 0
UNION PAC CORP COM 907818108   3,018,900 15,000 SH   SOLE   15,000 0 0
ADVANCED MICRO DEVICES INC COM 007903107   2,940,300 30,000 SH   SOLE   30,000 0 0
RAYTHEON TECHNOLOGIES CORP COM 75513E101   2,937,900 30,000 SH   SOLE   30,000 0 0
ALLY FINL INC COM 02005N100   2,931,350 115,000 SH   SOLE   115,000 0 0
WYNN RESORTS LTD COM 983134107   2,923,537 26,124 SH   SOLE   26,124 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100   2,815,726 225,800 SH   SOLE   225,800 0 0
FIRSTENERGY CORP COM 337932107   2,804,200 70,000 SH   SOLE   70,000 0 0
UNITED RENTALS INC COM 911363109   2,770,320 7,000 SH   SOLE   7,000 0 0
HAWAIIAN ELEC INDUSTRIES COM 419870100   2,688,000 70,000 SH   SOLE   70,000 0 0
CONSTELLATION ENERGY CORP COM 21037T109   2,616,641 33,333 SH   SOLE   33,333 0 0
STRYKER CORPORATION COM 863667101   2,569,230 9,000 SH   SOLE   9,000 0 0
THE CIGNA GROUP COM 125523100   2,565,521 10,040 SH   SOLE   10,040 0 0
PROCTER AND GAMBLE CO COM 742718109   2,527,730 17,000 SH   SOLE   17,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784   2,518,000 50,000 SH   SOLE   50,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   2,455,918 30,830 SH   SOLE   30,830 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   2,452,320 24,000 SH   SOLE   24,000 0 0
HCA HEALTHCARE INC COM 40412C101   2,373,120 9,000 SH   SOLE   9,000 0 0
BAXTER INTL INC COM 071813109   2,345,544 57,829 SH   SOLE   57,829 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369y886   2,301,460 34,000 SH   SOLE   34,000 0 0
WESTERN DIGITAL CORP. COM 958102105   2,260,200 60,000 SH   SOLE   60,000 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102   2,239,600 10,000 SH   SOLE   10,000 0 0
KINDER MORGAN INC DEL COM 49456B101   2,188,750 125,000 SH   SOLE   125,000 0 0
VIATRIS INC COM 92556V106   2,164,500 225,000 SH   SOLE   225,000 0 0
COTERRA ENERGY INC COM 127097103   2,159,520 88,000 SH   SOLE   88,000 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104   2,109,100 70,000 SH   SOLE   70,000 0 0
ALBERTSONS COS INC COMMON STOCK 013091103   2,078,000 100,000 SH   SOLE   100,000 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103   1,948,500 10,000 SH   SOLE   10,000 0 0
PPL CORP COM 69351T106   1,945,300 70,000 SH   SOLE   70,000 0 0
PHILIP MORRIS INTL INC COM 718172109   1,945,000 20,000 SH   SOLE   20,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106   1,939,900 10,000 SH   SOLE   10,000 0 0
KRAFT HEINZ CO COM 500754106   1,933,500 50,000 SH   SOLE   50,000 0 0
GILEAD SCIENCES INC COM 375558103   1,908,310 23,000 SH   SOLE   23,000 0 0
CHESAPEAKE ENERGY CORP COM 165167735   1,901,000 25,000 SH   SOLE   25,000 0 0
NRG ENERGY INC COM NEW 629377508   1,822,376 53,146 SH   SOLE   53,146 0 0
CARDINAL HEALTH INC COM 14149Y108   1,757,414 23,277 SH   SOLE   23,277 0 0
SOUTHERN CO COM 842587107   1,739,500 25,000 SH   SOLE   25,000 0 0
JOHNSON CTLS INTL PLC SHS g51502105   1,577,764 26,200 SH   SOLE   26,200 0 0
VITESSE ENERGY INC COMMON STOCK 92852X103   1,522,685 80,015 SH   SOLE   80,015 0 0
COMCAST CORP NEW CL A 20030N101   1,516,400 40,000 SH   SOLE   40,000 0 0
GE HEALTHCARE TECHNOLOGIES I COMMON STOCK 36266G107   1,435,525 17,500 SH   SOLE   17,500 0 0
GSK PLC SPONSORED ADR 37733W204   1,423,200 40,000 SH   SOLE   40,000 0 0
BECTON DICKINSON & CO COM 075887109   1,361,470 5,500 SH   SOLE   5,500 0 0
ALCON AG ORD SHS H01301128   1,320,650 18,722 SH   SOLE   18,722 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107   1,295,000 50,000 SH   SOLE   50,000 0 0
CANADIAN IMPERIAL BK COMM TO COM 136069101   1,272,600 30,000 SH   SOLE   30,000 0 0
ADOBE SYSTEMS INCORPORATED COM 00724f101   1,156,110 3,000 SH   SOLE   3,000 0 0
GOODYEAR TIRE & RUBR CO COM 382550101   1,102,000 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC. COM 74340W103   1,045,385 8,379 SH   SOLE   8,379 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105   1,024,310 7,000 SH   SOLE   7,000 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205   939,360 57,000 SH   SOLE   57,000 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104   906,000 60,000 SH   SOLE   60,000 0 0
HILTON GRAND VACATIONS INC COM 43283x105   888,600 20,000 SH   SOLE   20,000 0 0
BRIGHTHOUSE FINL INC COM 10922N103   882,200 20,000 SH   SOLE   20,000 0 0
GENERAL MLS INC COM 370334104   854,600 10,000 SH   SOLE   10,000 0 0
CORTEVA INC COM 22052l104   822,990 13,646 SH   SOLE   13,646 0 0
HALEON PLC SPON ADS 405552100   814,000 100,000 SH   SOLE   100,000 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603   788,810 65,789 SH   SOLE   65,789 0 0
PHYSICIANS RLTY TR COM 71943U104   746,500 50,000 SH   SOLE   50,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104   742,050 45,000 SH   SOLE   45,000 0 0
WELLTOWER INC COM 95040Q104   716,900 10,000 SH   SOLE   10,000 0 0
REXFORD INDL RLTY INC COM 76169C100   701,424 11,759 SH   SOLE   11,759 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   694,733 2,250 SH   SOLE   2,250 0 0
AMERICAN TOWER CORP NEW COM 03027X100   661,244 3,236 SH   SOLE   3,236 0 0
FTAI AVIATION LTD SHS G3730V105   629,044 22,498 SH   SOLE   22,498 0 0
EQUINIX INC COM 29444U700   590,532 819 SH   SOLE   819 0 0
MGM RESORTS INTERNATIONAL COM 552953101   572,840 12,896 SH   SOLE   12,896 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   545,814 4,346 SH   SOLE   4,346 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100   533,640 10,933 SH   SOLE   10,933 0 0
CROWN CASTLE INC COM 22822V101   521,039 3,893 SH   SOLE   3,893 0 0
PEBBLEBROOK HOTEL TR COM 70509V100   491,400 35,000 SH   SOLE   35,000 0 0
SNOWFLAKE INC CL A 833445109   462,870 3,000 SH   SOLE   3,000 0 0
AIRBNB INC COM CL A 009066101   438,012 3,521 SH   SOLE   3,521 0 0
VICI PPTYS INC COM 925652109   434,140 13,309 SH   SOLE   13,309 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106   396,659 9,494 SH   SOLE   9,494 0 0
RIGETTI COMPUTING INC COMMON STOCK 76655K103   361,700 500,000 SH   SOLE   500,000 0 0
BLOCK INC CL A 852234103   343,250 5,000 SH   SOLE   5,000 0 0
HUDSON PAC PPTYS INC COM 444097109   329,089 49,487 SH   SOLE   49,487 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104   303,624 1,163 SH   SOLE   1,163 0 0
AMERICAN HOMES 4 RENT CL A 02665T306   282,390 8,979 SH   SOLE   8,979 0 0
INVITATION HOMES INC COM 46187W107   275,605 8,825 SH   SOLE   8,825 0 0
CHICAGO RIVET & MACH CO COM 168088102   274,643 9,241 SH   SOLE   9,241 0 0
SUN CMNTYS INC COM 866674104   273,448 1,941 SH   SOLE   1,941 0 0
FTAI INFRASTRUCTURE INC COMMON STOCK 35953C106   273,426 91,142 SH   SOLE   91,142 0 0
EXTRA SPACE STORAGE INC COM 30225T102   262,317 1,610 SH   SOLE   1,610 0 0
TERRENO RLTY CORP COM 88146M101   255,105 3,949 SH   SOLE   3,949 0 0
ISHARES TR 20 YR TR BD ETF 464287432   212,740 2,000 SH   SOLE   2,000 0 0
WEWORK INC CL A 96209A104   179,365 230,754 SH   SOLE   230,754 0 0
CADIZ INC COM NEW 127537207   165,034 40,850 SH   SOLE   40,850 0 0
VNET GROUP INC SPONSORED ADS A 90138A103   162,000 50,000 SH   SOLE   50,000 0 0