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 43,817 1,475,336 SH   SOLE   1,475,336 0 0
EXXON MOBIL CORP COM 30231G102 35,112 410,000 SH   SOLE   410,000 0 0
APPLE INC COM 037833100 28,711 210,000 SH   SOLE   210,000 0 0
CHEVRON CORP NEW COM 166764100 26,060 180,000 SH   SOLE   180,000 0 0
BK OF AMERICA CORP COM 060505104 23,877 767,000 SH   SOLE   767,000 0 0
MICROSOFT CORP COM 594918104 23,025 89,650 SH   SOLE   89,650 0 0
WELLS FARGO CO NEW COM 949746101 21,739 555,000 SH   SOLE   555,000 0 0
JPMORGAN CHASE & CO COM 46625H100 20,000 177,600 SH   SOLE   177,600 0 0
TRUIST FINL CORP COM 89832Q109 16,790 354,000 SH   SOLE   354,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 16,039 54,000 SH   SOLE   54,000 0 0
MERCK & CO INC COM 58933Y105 11,396 125,000 SH   SOLE   125,000 0 0
PHILLIPS 66 COM 718546104 10,478 127,800 SH   SOLE   127,800 0 0
ESSEX PPTY TR INC COM 297178105 10,330 39,500 SH   SOLE   39,500 0 0
ROYAL BK CDA COM 780087102 10,021 103,500 SH   SOLE   103,500 0 0
CAPITAL ONE FINL CORP COM 14040H105 9,950 95,500 SH   SOLE   95,500 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 9,837 150,000 SH   SOLE   150,000 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 9,779 127,000 SH   SOLE   127,000 0 0
KROGER CO COM 501044101 9,757 206,150 SH   SOLE   206,150 0 0
US BANCORP DEL COM NEW 902973304 9,664 210,000 SH   SOLE   210,000 0 0
COCA COLA CO COM 191216100 9,440 150,060 SH   SOLE   150,060 0 0
ABBVIE INC COM 00287Y109 9,235 60,294 SH   SOLE   60,294 0 0
BANK MONTREAL QUE COM 063671101 9,232 96,000 SH   SOLE   96,000 0 0
SHELL PLC SPON ADS 780259305 8,942 171,000 SH   SOLE   171,000 0 0
JOHNSON & JOHNSON COM 478160104 8,876 50,000 SH   SOLE   50,000 0 0
AMGEN INC COM 031162100 8,562 35,190 SH   SOLE   35,190 0 0
CATERPILLAR INC COM 149123101 8,044 45,000 SH   SOLE   45,000 0 0
NOVARTIS AG SPONSORED ADR 66987V109 7,913 93,610 SH   SOLE   93,610 0 0
PFIZER INC COM 717081103 7,865 150,000 SH   SOLE   150,000 0 0
INTEL CORP COM 458140100 7,856 210,000 SH   SOLE   210,000 0 0
UNILEVER PLC SPON ADR NEW 904767704 7,791 170,000 SH   SOLE   170,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 7,765 55,000 SH   SOLE   55,000 0 0
PRUDENTIAL FINL INC COM 744320102 7,698 80,459 SH   SOLE   80,459 0 0
CVS HEALTH CORP COM 126650100 7,413 80,000 SH   SOLE   80,000 0 0
NORTHROP GRUMMAN CORP COM 666807102 7,179 15,000 SH   SOLE   15,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 7,105 140,000 SH   SOLE   140,000 0 0
MORGAN STANLEY COM NEW 617446448 6,998 92,000 SH   SOLE   92,000 0 0
SEMPRA COM 816851109 6,912 46,000 SH   SOLE   46,000 0 0
FEDEX CORP COM 31428X106 6,801 30,000 SH   SOLE   30,000 0 0
PEPSICO INC COM 713448108 6,633 39,800 SH   SOLE   39,800 0 0
WALMART INC COM 931142103 6,565 54,000 SH   SOLE   54,000 0 0
METLIFE INC COM 59156R108 6,486 103,304 SH   SOLE   103,304 0 0
MEDTRONIC PLC SHS G5960L103 6,429 71,632 SH   SOLE   71,632 0 0
EDISON INTL COM 281020107 6,324 100,000 SH   SOLE   100,000 0 0
CONOCOPHILLIPS COM 20825C104 6,287 70,000 SH   SOLE   70,000 0 0
LENNAR CORP CL A 526057104 6,095 86,370 SH   SOLE   86,370 0 0
PINNACLE WEST CAP CORP COM 723484101 6,069 83,000 SH   SOLE   83,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,778 80,000 SH   SOLE   80,000 0 0
AMERICAN ELEC PWR CO INC COM 025537101 5,756 60,000 SH   SOLE   60,000 0 0
BANK NOVA SCOTIA B C COM 064149107 5,625 95,000 SH   SOLE   95,000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 5,453 166,918 SH   SOLE   166,918 0 0
CITIGROUP INC COM NEW 172967424 5,353 116,400 SH   SOLE   116,400 0 0
ALPHABET INC CAP STK CL A 02079K305 5,339 2,450 SH   SOLE   2,450 0 0
STATE STR CORP COM 857477103 5,240 85,000 SH   SOLE   85,000 0 0
PPG INDS INC COM 693506107 5,174 45,250 SH   SOLE   45,250 0 0
SCHWAB CHARLES CORP COM 808513105 5,160 81,674 SH   SOLE   81,674 0 0
WEC ENERGY GROUP INC COM 92939U106 5,032 50,000 SH   SOLE   50,000 0 0
XCEL ENERGY INC COM 98389B100 4,953 70,000 SH   SOLE   70,000 0 0
CHUBB LIMITED COM h1467j104 4,915 25,000 SH   SOLE   25,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 4,797 115,000 SH   SOLE   115,000 0 0
ALLSTATE CORP COM 020002101 4,689 37,000 SH   SOLE   37,000 0 0
TOYOTA MOTOR CORP ADS 892331307 4,625 30,000 SH   SOLE   30,000 0 0
EXELON CORP COM 30161N101 4,532 100,000 SH   SOLE   100,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 4,153 109,580 SH   SOLE   109,580 0 0
LILLY ELI & CO COM 532457108 3,891 12,000 SH   SOLE   12,000 0 0
NEXTERA ENERGY INC COM 65339F101 3,873 50,000 SH   SOLE   50,000 0 0
MONDELEZ INTL INC CL A 609207105 3,788 61,010 SH   SOLE   61,010 0 0
BAXTER INTL INC COM 071813109 3,714 57,829 SH   SOLE   57,829 0 0
ALLY FINL INC COM 02005N100 3,686 110,000 SH   SOLE   110,000 0 0
PERRIGO CO PLC SHS G97822103 3,651 90,000 SH   SOLE   90,000 0 0
PARAMOUNT GLOBAL CLASS B COM 92556H206 3,524 142,800 SH   SOLE   142,800 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 3,502 32,666 SH   SOLE   32,666 0 0
ABBOTT LABS COM 002824100 3,314 30,500 SH   SOLE   30,500 0 0
UNION PAC CORP COM 907818108 3,199 15,000 SH   SOLE   15,000 0 0
GENERAL ELECTRIC CO COM NEW 369604301 3,024 47,500 SH   SOLE   47,500 0 0
BOSTON PROPERTIES INC COM 101121101 2,936 33,000 SH   SOLE   33,000 0 0
RAYTHEON TECHNOLOGIES CORP COM 75513E101 2,883 30,000 SH   SOLE   30,000 0 0
HAWAIIAN ELEC INDUSTRIES COM 419870100 2,863 70,000 SH   SOLE   70,000 0 0
DOW INC COM 260557103 2,789 54,044 SH   SOLE   54,044 0 0
JEFFERIES FINL GROUP INC COM 47233W109 2,762 100,000 SH   SOLE   100,000 0 0
WESTERN DIGITAL CORP. COM 958102105 2,690 60,000 SH   SOLE   60,000 0 0
FIRSTENERGY CORP COM 337932107 2,687 70,000 SH   SOLE   70,000 0 0
AMERIPRISE FINL INC COM 03076c106 2,674 11,250 SH   SOLE   11,250 0 0
ALBERTSONS COS INC COMMON STOCK 013091103 2,672 100,000 SH   SOLE   100,000 0 0
CIGNA CORP NEW COM 125523100 2,646 10,040 SH   SOLE   10,040 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 2,600 23,332 SH   SOLE   23,332 0 0
NIKE INC CL B 654106103 2,555 25,000 SH   SOLE   25,000 0 0
PROCTER AND GAMBLE CO COM 742718109 2,444 17,000 SH   SOLE   17,000 0 0
DUPONT DE NEMOURS INC COM 26614N102 2,442 43,943 SH   SOLE   43,943 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 2,392 30,830 SH   SOLE   30,830 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369y886 2,384 34,000 SH   SOLE   34,000 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 2,356 10,000 SH   SOLE   10,000 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 2,318 70,000 SH   SOLE   70,000 0 0
COTERRA ENERGY INC COM 127097103 2,270 88,000 SH   SOLE   88,000 0 0
BAIDU INC SPON ADR REP A 056752108 2,231 15,000 SH   SOLE   15,000 0 0
SNOWFLAKE INC CL A 833445109 2,225 16,000 SH   SOLE   16,000 0 0
GSK PLC SPONSORED ADR 37733W105 2,177 50,000 SH   SOLE   50,000 0 0
NRG ENERGY INC COM NEW 629377508 2,029 53,146 SH   SOLE   53,146 0 0
CHESAPEAKE ENERGY CORP COM 165167735 2,028 25,000 SH   SOLE   25,000 0 0
SANOFI SPONSORED ADR 80105N105 2,001 40,000 SH   SOLE   40,000 0 0
PHILIP MORRIS INTL INC COM 718172109 1,975 20,000 SH   SOLE   20,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 1,953 17,000 SH   SOLE   17,000 0 0
CONSTELLATION ENERGY CORP COM 21037T109 1,909 33,333 SH   SOLE   33,333 0 0
KRAFT HEINZ CO COM 500754106 1,907 50,000 SH   SOLE   50,000 0 0
PPL CORP COM 69351T106 1,899 70,000 SH   SOLE   70,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 1,875 8,000 SH   SOLE   8,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 1,825 10,000 SH   SOLE   10,000 0 0
MICROCHIP TECHNOLOGY INC. COM 595017104 1,800 31,000 SH   SOLE   31,000 0 0
STRYKER CORPORATION COM 863667101 1,790 9,000 SH   SOLE   9,000 0 0
SOUTHERN CO COM 842587107 1,783 25,000 SH   SOLE   25,000 0 0
UNITED RENTALS INC COM 911363109 1,700 7,000 SH   SOLE   7,000 0 0
KINDER MORGAN INC DEL COM 49456B101 1,676 100,000 SH   SOLE   100,000 0 0
QUEST DIAGNOSTICS INC COM 74834L100 1,596 12,000 SH   SOLE   12,000 0 0
VIATRIS INC COM 92556V106 1,571 150,000 SH   SOLE   150,000 0 0
COMCAST CORP NEW CL A 20030N101 1,570 40,000 SH   SOLE   40,000 0 0
HCA HEALTHCARE INC COM 40412C101 1,513 9,000 SH   SOLE   9,000 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103 1,510 10,000 SH   SOLE   10,000 0 0
HILTON GRAND VACATIONS INC COM 43283X105 1,429 40,000 SH   SOLE   40,000 0 0
GILEAD SCIENCES INC COM 375558103 1,422 23,000 SH   SOLE   23,000 0 0
BECTON DICKINSON & CO COM 075887109 1,356 5,500 SH   SOLE   5,500 0 0
ALCON AG ORD SHS H01301128 1,308 18,722 SH   SOLE   18,722 0 0
JOHNSON CTLS INTL PLC SHS g51502105 1,254 26,200 SH   SOLE   26,200 0 0
CARDINAL HEALTH INC COM 14149Y108 1,217 23,277 SH   SOLE   23,277 0 0
WYNN RESORTS LTD COM 983134107 1,140 20,000 SH   SOLE   20,000 0 0
ADOBE SYSTEMS INCORPORATED COM 00724f101 1,098 3,000 SH   SOLE   3,000 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 1,092 7,000 SH   SOLE   7,000 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 1,071 100,000 SH   SOLE   100,000 0 0
DIGITALBRIDGE GROUP INC CL A COM 25401T108 936 191,804 SH   SOLE   191,804 0 0
PHYSICIANS RLTY TR COM 71943U104 873 50,000 SH   SOLE   50,000 0 0
DOCUSIGN INC COM 256163106 861 15,000 SH   SOLE   15,000 0 0
SWITCH INC CL A 87105L104 835 24,930 SH   SOLE   24,930 0 0
WELLTOWER INC COM 95040Q104 824 10,000 SH   SOLE   10,000 0 0
BRIGHTHOUSE FINL INC COM 10922N103 820 20,000 SH   SOLE   20,000 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104 805 60,000 SH   SOLE   60,000 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205 800 57,000 SH   SOLE   57,000 0 0
GENERAL MLS INC COM 370334104 755 10,000 SH   SOLE   10,000 0 0
HUDSON PAC PPTYS INC COM 444097109 742 50,000 SH   SOLE   50,000 0 0
CORTEVA INC COM 22052l104 739 13,646 SH   SOLE   13,646 0 0
HOST HOTELS & RESORTS INC COM 44107P104 706 45,000 SH   SOLE   45,000 0 0
FORTRESS TRANS INFRST INVS L CL A COM SHS 34960P101 694 35,909 SH   SOLE   35,909 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 614 2,250 SH   SOLE   2,250 0 0
WEWORK INC CL A 96209A104 585 116,495 SH   SOLE   116,495 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 580 35,000 SH   SOLE   35,000 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 578 3,434 SH   SOLE   3,434 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 568 5,000 SH   SOLE   5,000 0 0
INVITATION HOMES INC COM 46187W107 512 14,379 SH   SOLE   14,379 0 0
AMERICAN TOWER CORP NEW COM 03027X100 505 1,975 SH   SOLE   1,975 0 0
DRIVE SHACK INC COM 262077100 505 368,371 SH   SOLE   368,371 0 0
CHINDATA GROUP HLDGS LTD ADS 16955F107 482 62,123 SH   SOLE   62,123 0 0
VNET GROUP INC SPONSORED ADS A 90138A103 455 75,276 SH   SOLE   75,276 0 0
EXTRA SPACE STORAGE INC COM 30225T102 444 2,609 SH   SOLE   2,609 0 0
EQUINIX INC COM 29444U700 421 641 SH   SOLE   641 0 0
PROLOGIS INC. COM 74340W103 411 3,497 SH   SOLE   3,497 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 373 7,448 SH   SOLE   7,448 0 0
MID-AMER APT CMNTYS INC COM 59522J103 369 2,115 SH   SOLE   2,115 0 0
LIFE STORAGE INC COM 53223X107 366 3,275 SH   SOLE   3,275 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 365 10,313 SH   SOLE   10,313 0 0
CAMDEN PPTY TR SH BEN INT 133131102 360 2,680 SH   SOLE   2,680 0 0
MGM RESORTS INTERNATIONAL COM 552953101 359 12,401 SH   SOLE   12,401 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 326 2,245 SH   SOLE   2,245 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 311 2,833 SH   SOLE   2,833 0 0
BLOCK INC CL A 852234103 307 5,000 SH   SOLE   5,000 0 0
REXFORD INDL RLTY INC COM 76169C100 307 5,331 SH   SOLE   5,331 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100 293 7,648 SH   SOLE   7,648 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 286 4,065 SH   SOLE   4,065 0 0
CHICAGO RIVET & MACH CO COM 168088102 278 9,746 SH   SOLE   9,746 0 0
SUN CMNTYS INC COM 866674104 278 1,745 SH   SOLE   1,745 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 260 813 SH   SOLE   813 0 0
AVALONBAY CMNTYS INC COM 053484101 241 1,239 SH   SOLE   1,239 0 0
TERRENO RLTY CORP COM 88146M101 211 3,779 SH   SOLE   3,779 0 0
KYNDRYL HLDGS INC COMMON STOCK 50155Q100 108 11,000 SH   SOLE   11,000 0 0