American Assets Investment Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UL	UNILEVER PLC	151,111	$9,883	0.7%	$65.40	—	SPON ADR NEW	904767803
TTE	TOTALENERGIES SE	150,000	$8,339	0.6%	$63.23	0.0%	ACT	F92124100
ORCL	ORACLE CORP	20,000	$3,898	0.3%	$238.05	0.0%	COM	68389X105
Q	QNITY ELECTRONICS INC	26,970	$2,202	0.2%	$84.91	0.0%	COMMON STOCK	74743L100
NLY	ANNALY CAPITAL MANAGEMENT IN	80,000	$2,042	0.1%	$25.52	—	COM NEW	035710839
AGNC	AGNC INVT CORP	80,000	$2,003	0.1%	$25.04	—	COM	00123Q104
SLG	SL GREEN RLTY CORP	40,000	$1,835	0.1%	$45.87	—	COM	78440X887
A	AGILENT TECHNOLOGIES INC	6,500	$884	0.1%	$143.72	0.0%	COM	00846U101
MICC	MAGNUM ICE CREAM CO NV	34,000	$539	0.0%	$15.68	0.0%	ORD SHS	N5505D105
SPG	SIMON PPTY GROUP INC NEW	7,500	$398	0.0%	$179.99	0.0%	COM	828806109

Increased Positions (11)

SHEL SHELL PLC 3.3%

Value ($000) $47,835 (+133.8%) Shares 651,000 (+127.6%) Est. Cost $67.03 Unrealized —

BAC BANK AMERICA CORP 5.4%

Value ($000) $78,297 (+34.4%) Shares 15,224,325 (+1248.5%) Est. Cost $50.76 Unrealized +3.8%

GOOGL ALPHABET INC 1.3%

Value ($000) $18,467 (+55.0%) Shares 59,000 (+20.4%) Est. Cost $166.32 Unrealized +71.7%

GS GOLDMAN SACHS GROUP INC 3.3%

Value ($000) $48,336 (+12.4%) Shares 99,000 (+83.3%) Est. Cost $452.49 Unrealized +79.8%

JPM JPMORGAN CHASE & CO. 4.2%

Value ($000) $60,788 (+8.5%) Shares 2,259,400 (+1172.2%) Est. Cost $288.61 Unrealized +7.3%

TFC TRUIST FINL CORP 1.5%

Value ($000) $21,904 (+24.8%) Shares 3,384,000 (+781.3%) Est. Cost $44.21 Unrealized +3.6%

C CITIGROUP INC 1.3%

Value ($000) $18,852 (+18.8%) Shares 176,400 (+12.8%) Est. Cost $52.70 Unrealized +96.6%

MS MORGAN STANLEY 1.2%

Value ($000) $17,341 (+18.6%) Shares 132,000 (+43.5%) Est. Cost $71.39 Unrealized +133.2%

KVUE KENVUE INC 0.2%

Value ($000) $3,450 (+112.6%) Shares 200,000 (+100.0%) Est. Cost $18.65 Unrealized -12.8%

CMCSA COMCAST CORP NEW 0.2%

Value ($000) $2,989 (+58.6%) Shares 100,000 (+66.7%) Est. Cost $31.41 Unrealized -9.2%

— SELECT SECTOR SPDR TR 0.2%

Value ($000) $2,903 (-2.1%) Shares 68,000 (+100.0%) Est. Cost $52.96 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SHEL	SHELL PLC	651,000 (+127.6%)	$47,835 (+133.8%)	3.3%	$67.03	—	SPON ADS	780259305
BAC	BANK AMERICA CORP	15,224,325 (+1248.5%)	$78,297 (+34.4%)	5.4%	$50.76	+3.8%	COM	060505104
GOOGL	ALPHABET INC	59,000 (+20.4%)	$18,467 (+55.0%)	1.3%	$166.32	+71.7%	CAP STK CL A	02079K305
GS	GOLDMAN SACHS GROUP INC	99,000 (+83.3%)	$48,336 (+12.4%)	3.3%	$452.49	+79.8%	COM	38141G104
JPM	JPMORGAN CHASE & CO.	2,259,400 (+1172.2%)	$60,788 (+8.5%)	4.2%	$288.61	+7.3%	COM	46625H100
TFC	TRUIST FINL CORP	3,384,000 (+781.3%)	$21,904 (+24.8%)	1.5%	$44.21	+3.6%	COM	89832Q109
C	CITIGROUP INC	176,400 (+12.8%)	$18,852 (+18.8%)	1.3%	$52.70	+96.6%	COM NEW	172967424
MS	MORGAN STANLEY	132,000 (+43.5%)	$17,341 (+18.6%)	1.2%	$71.39	+133.2%	COM NEW	617446448
KVUE	KENVUE INC	200,000 (+100.0%)	$3,450 (+112.6%)	0.2%	$18.65	-12.8%	COM	49177J102
CMCSA	COMCAST CORP NEW	100,000 (+66.7%)	$2,989 (+58.6%)	0.2%	$31.41	-9.2%	CL A	20030N101
—	SELECT SECTOR SPDR TR	68,000 (+100.0%)	$2,903 (-2.1%)	0.2%	$52.96	—	STATE STREET UTI	81369y886

Exited Positions (7)

VGSH VANGUARD SCOTTSDALE FDS 0.9%

Value ($000) $13,586 Shares 230,855 Est. Cost $58.69 Unrealized —

— UNILEVER PLC 0.7%

Value ($000) $10,078 Shares 170,000 Est. Cost $40.51 Unrealized —

— TOTALENERGIES SE 0.6%

Value ($000) $8,954 Shares 150,000 Est. Cost $62.08 Unrealized —

ACI ALBERTSONS COS INC 0.1%

Value ($000) $1,751 Shares 100,000 Est. Cost $10.05 Unrealized +75.4%

DOW DOW INC 0.1%

Value ($000) $1,583 Shares 69,044 Est. Cost $35.66 Unrealized -36.1%

UBER UBER TECHNOLOGIES INC 0.1%

Value ($000) $1,470 Shares 15,000 Est. Cost $93.52 Unrealized -3.7%

TLT ISHARES TR 0.1%

Value ($000) $1,072 Shares 12,000 Est. Cost $88.21 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VGSH	VANGUARD SCOTTSDALE FDS	230,855	$13,586	0.9%	$58.69	—	—	92206C102
—	UNILEVER PLC	170,000	$10,078	0.7%	$40.51	—	—	904767704
—	TOTALENERGIES SE	150,000	$8,954	0.6%	$62.08	—	—	89151E109
ACI	ALBERTSONS COS INC	100,000	$1,751	0.1%	$10.05	+75.4%	—	013091103
DOW	DOW INC	69,044	$1,583	0.1%	$35.66	-36.1%	—	260557103
UBER	UBER TECHNOLOGIES INC	15,000	$1,470	0.1%	$93.52	-3.7%	—	90353T100
TLT	ISHARES TR	12,000	$1,072	0.1%	$88.21	—	—	464287432

Decreased Positions (2)

RGTI RIGETTI COMPUTING INC 2.5%

Value ($000) $36,322 (-48.5%) Shares 1,639,800 (-30.7%) Est. Cost $2.02 Unrealized +1512.4%

DD DUPONT DE NEMOURS INC 0.1%

Value ($000) $1,608 (-61.7%) Shares 40,000 (-25.8%) Est. Cost $28.53 Unrealized +31.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RGTI	RIGETTI COMPUTING INC	1,639,800 (-30.7%)	$36,322 (-48.5%)	2.5%	$2.02	+1512.4%	COMMON STOCK	76655K103
DD	DUPONT DE NEMOURS INC	40,000 (-25.8%)	$1,608 (-61.7%)	0.1%	$28.53	+31.0%	COM	26614N102

Unchanged Positions (122)

WFC WELLS FARGO CO NEW 6.0%

Value ($000) $87,645 Shares 940,400 Est. Cost $46.32 Unrealized +87.0%

CAT CATERPILLAR INC 1.8%

Value ($000) $25,779 Shares 45,000 Est. Cost $110.82 Unrealized +401.3%

LLY ELI LILLY & CO 0.9%

Value ($000) $12,896 Shares 12,000 Est. Cost $118.09 Unrealized +709.2%

AAPL APPLE INC 3.9%

Value ($000) $57,091 Shares 210,000 Est. Cost $83.94 Unrealized +219.7%

WDC WESTERN DIGITAL CORP 0.7%

Value ($000) $10,336 Shares 60,000 Est. Cost $33.07 Unrealized +358.2%

XOM EXXON MOBIL CORP 3.4%

Value ($000) $49,339 Shares 410,000 Est. Cost $44.00 Unrealized +162.5%

MSFT MICROSOFT CORP 3.0%

Value ($000) $43,357 Shares 89,650 Est. Cost $31.85 Unrealized +1471.7%

COF CAPITAL ONE FINL CORP 1.7%

Value ($000) $24,115 Shares 99,500 Est. Cost $131.88 Unrealized +68.5%

MRK MERCK & CO INC 0.9%

Value ($000) $13,158 Shares 125,000 Est. Cost $49.95 Unrealized +86.7%

SNDK SANDISK CORP 0.3%

Value ($000) $4,748 Shares 20,000 Est. Cost $49.67 Unrealized +303.2%

RY ROYAL BK CDA 1.2%

Value ($000) $17,646 Shares 103,500 Est. Cost $66.39 Unrealized +131.3%

TD TORONTO DOMINION BK ONT 1.1%

Value ($000) $15,543 Shares 165,000 Est. Cost $47.27 Unrealized +78.6%

AAT AMERICAN ASSETS TR INC 1.9%

Value ($000) $27,966 Shares 1,477,340 Est. Cost $36.81 Unrealized —

LEN LENNAR CORP 0.6%

Value ($000) $8,879 Shares 86,370 Est. Cost $64.55 Unrealized +87.0%

FDX FEDEX CORP 0.7%

Value ($000) $10,110 Shares 35,000 Est. Cost $180.17 Unrealized +45.2%

AMGN AMGEN INC 0.8%

Value ($000) $11,518 Shares 35,190 Est. Cost $171.94 Unrealized +83.8%

AMD ADVANCED MICRO DEVICES INC 0.4%

Value ($000) $6,425 Shares 30,000 Est. Cost $85.15 Unrealized +163.8%

AA ALCOA CORP 0.3%

Value ($000) $3,986 Shares 75,000 Est. Cost $44.87 Unrealized -8.9%

TSM TAIWAN SEMICONDUCTOR MFG LTD 1.3%

Value ($000) $18,233 Shares 60,000 Est. Cost $74.49 Unrealized —

USB US BANCORP DEL 1.0%

Value ($000) $14,407 Shares 270,000 Est. Cost $29.34 Unrealized +66.1%

WMT WALMART INC 1.2%

Value ($000) $18,050 Shares 162,000 Est. Cost $52.42 Unrealized +104.5%

HSBC HSBC HLDGS PLC 0.9%

Value ($000) $13,131 Shares 166,918 Est. Cost $33.32 Unrealized —

JNJ JOHNSON & JOHNSON 0.8%

Value ($000) $11,796 Shares 57,000 Est. Cost $93.56 Unrealized +110.6%

CAH CARDINAL HEALTH INC 0.3%

Value ($000) $4,783 Shares 23,277 Est. Cost $34.22 Unrealized +448.5%

BMY BRISTOL-MYERS SQUIBB CO 0.5%

Value ($000) $6,850 Shares 127,000 Est. Cost $44.30 Unrealized +7.3%

STT STATE STR CORP 0.8%

Value ($000) $10,966 Shares 85,000 Est. Cost $57.18 Unrealized +108.0%

URI UNITED RENTALS INC 0.4%

Value ($000) $5,665 Shares 7,000 Est. Cost $121.09 Unrealized +616.1%

KR KROGER CO 0.9%

Value ($000) $12,880 Shares 206,150 Est. Cost $22.84 Unrealized +185.5%

PSX PHILLIPS 66 1.2%

Value ($000) $16,878 Shares 130,800 Est. Cost $52.24 Unrealized +156.5%

BNS BANK NOVA SCOTIA HALIFAX 0.5%

Value ($000) $7,369 Shares 100,000 Est. Cost $32.58 Unrealized +108.7%

NVS NOVARTIS AG 0.9%

Value ($000) $12,906 Shares 93,610 Est. Cost $96.73 Unrealized —

BK BANK NEW YORK MELLON CORP 0.9%

Value ($000) $13,350 Shares 115,000 Est. Cost $31.11 Unrealized +255.2%

CEG CONSTELLATION ENERGY CORP 0.8%

Value ($000) $11,776 Shares 33,333 Est. Cost $47.25 Unrealized +668.7%

IBM INTERNATIONAL BUSINESS MACHS 1.1%

Value ($000) $16,292 Shares 55,000 Est. Cost $97.40 Unrealized +206.8%

BABA ALIBABA GROUP HLDG LTD 0.2%

Value ($000) $3,518 Shares 24,000 Est. Cost $98.54 Unrealized —

— CHUBB LIMITED 0.5%

Value ($000) $7,803 Shares 25,000 Est. Cost $122.41 Unrealized —

PRU PRUDENTIAL FINL INC 0.6%

Value ($000) $9,082 Shares 80,459 Est. Cost $46.36 Unrealized +129.7%

ALLY ALLY FINL INC 0.4%

Value ($000) $5,208 Shares 115,000 Est. Cost $21.12 Unrealized +93.2%

TM TOYOTA MOTOR CORP 0.4%

Value ($000) $6,422 Shares 30,000 Est. Cost $119.24 Unrealized —

UTHR UNITED THERAPEUTICS CORP DEL 0.3%

Value ($000) $4,873 Shares 10,000 Est. Cost $131.23 Unrealized +254.9%

LH LABCORP HOLDINGS INC 0.3%

Value ($000) $4,516 Shares 18,000 Est. Cost $199.50 Unrealized +32.9%

HLT HILTON WORLDWIDE HLDGS INC 0.5%

Value ($000) $6,702 Shares 23,332 Est. Cost $55.58 Unrealized +389.7%

REGN REGENERON PHARMACEUTICALS 0.2%

Value ($000) $2,316 Shares 3,000 Est. Cost $684.44 Unrealized -0.8%

NOC NORTHROP GRUMMAN CORP 0.6%

Value ($000) $8,553 Shares 15,000 Est. Cost $278.19 Unrealized +108.1%

DGX QUEST DIAGNOSTICS INC 0.4%

Value ($000) $5,553 Shares 32,000 Est. Cost $102.00 Unrealized +78.5%

KO COCA COLA CO 0.7%

Value ($000) $10,491 Shares 150,060 Est. Cost $31.62 Unrealized +119.4%

MDLZ MONDELEZ INTL INC 0.2%

Value ($000) $3,284 Shares 61,010 Est. Cost $35.88 Unrealized +59.0%

CVX CHEVRON CORP NEW 1.9%

Value ($000) $27,434 Shares 180,000 Est. Cost $80.27 Unrealized +88.6%

GEV GE VERNOVA INC 0.6%

Value ($000) $8,578 Shares 13,125 Est. Cost $158.10 Unrealized +285.2%

RTX RTX CORPORATION 0.4%

Value ($000) $5,502 Shares 30,000 Est. Cost $58.43 Unrealized +196.6%

XEL XCEL ENERGY INC 0.4%

Value ($000) $5,170 Shares 70,000 Est. Cost $56.85 Unrealized +37.7%

EIX EDISON INTL 0.4%

Value ($000) $6,002 Shares 100,000 Est. Cost $47.23 Unrealized +21.4%

PNC PNC FINL SVCS GROUP INC 0.9%

Value ($000) $12,524 Shares 60,000 Est. Cost $128.11 Unrealized +50.5%

WEC WEC ENERGY GROUP INC 0.4%

Value ($000) $5,273 Shares 50,000 Est. Cost $79.41 Unrealized +38.9%

VZ VERIZON COMMUNICATIONS INC 0.4%

Value ($000) $5,702 Shares 140,000 Est. Cost $26.52 Unrealized +52.6%

SCHW SCHWAB CHARLES CORP 0.6%

Value ($000) $8,660 Shares 86,674 Est. Cost $38.16 Unrealized +148.3%

GE GE AEROSPACE 1.1%

Value ($000) $16,172 Shares 52,500 Est. Cost $58.75 Unrealized +412.0%

RIVN RIVIAN AUTOMOTIVE INC 0.1%

Value ($000) $1,478 Shares 75,000 Est. Cost $13.40 Unrealized +18.5%

HCA HCA HEALTHCARE INC 0.3%

Value ($000) $4,202 Shares 9,000 Est. Cost $77.51 Unrealized +498.3%

ESS ESSEX PPTY TR INC 1.1%

Value ($000) $15,570 Shares 59,500 Est. Cost $198.37 Unrealized +29.2%

MET METLIFE INC 0.6%

Value ($000) $8,155 Shares 103,304 Est. Cost $28.52 Unrealized +176.8%

AIG AMERICAN INTL GROUP INC 0.3%

Value ($000) $4,278 Shares 50,000 Est. Cost $48.65 Unrealized +63.8%

JEF JEFFERIES FINL GROUP INC 0.4%

Value ($000) $6,197 Shares 100,000 Est. Cost $29.93 Unrealized +89.4%

CM CANADIAN IMPERIAL BANK OF CO 0.2%

Value ($000) $2,718 Shares 30,000 Est. Cost $41.55 Unrealized +106.5%

MSGS MADISON SQUARE GRDN SPRT COR 0.2%

Value ($000) $2,587 Shares 10,000 Est. Cost $181.50 Unrealized +25.4%

GILD GILEAD SCIENCES INC 0.2%

Value ($000) $2,823 Shares 23,000 Est. Cost $54.49 Unrealized +121.9%

JAZZ JAZZ PHARMACEUTICALS PLC 0.1%

Value ($000) $1,190 Shares 7,000 Est. Cost $145.12 Unrealized +5.6%

ABT ABBOTT LABS 0.3%

Value ($000) $3,821 Shares 30,500 Est. Cost $31.84 Unrealized +299.8%

— JOHNSON CTLS INTL PLC 0.2%

Value ($000) $3,137 Shares 26,200 Est. Cost $29.66 Unrealized —

NEE NEXTERA ENERGY INC 0.3%

Value ($000) $4,014 Shares 50,000 Est. Cost $75.70 Unrealized +9.0%

GSK GSK PLC 0.1%

Value ($000) $1,962 Shares 40,000 Est. Cost $29.43 Unrealized —

UPS UNITED PARCEL SERVICE INC 0.1%

Value ($000) $1,488 Shares 15,000 Est. Cost $94.90 Unrealized -2.3%

BHF BRIGHTHOUSE FINL INC 0.1%

Value ($000) $1,296 Shares 20,000 Est. Cost $45.15 Unrealized +30.1%

DUK DUKE ENERGY CORP NEW 0.3%

Value ($000) $3,829 Shares 32,666 Est. Cost $60.31 Unrealized +101.6%

BAX BAXTER INTL INC 0.1%

Value ($000) $1,105 Shares 57,829 Est. Cost $31.12 Unrealized -35.7%

SO SOUTHERN CO 0.2%

Value ($000) $2,180 Shares 25,000 Est. Cost $54.69 Unrealized +66.2%

ABBV ABBVIE INC 1.0%

Value ($000) $13,777 Shares 60,294 Est. Cost $50.44 Unrealized +351.1%

PG PROCTER AND GAMBLE CO 0.2%

Value ($000) $2,436 Shares 17,000 Est. Cost $61.80 Unrealized +138.1%

EQR EQUITY RESIDENTIAL 0.4%

Value ($000) $6,304 Shares 100,000 Est. Cost $49.07 Unrealized +23.6%

AEP AMERICAN ELEC PWR CO INC 0.5%

Value ($000) $6,919 Shares 60,000 Est. Cost $36.67 Unrealized +221.0%

DE DEERE & CO 0.6%

Value ($000) $9,311 Shares 20,000 Est. Cost $326.53 Unrealized +43.2%

SYK STRYKER CORPORATION 0.2%

Value ($000) $3,163 Shares 9,000 Est. Cost $56.92 Unrealized +538.6%

MRP MILLROSE PPTYS INC 0.1%

Value ($000) $1,304 Shares 43,663 Est. Cost $26.51 Unrealized —

WYNN WYNN RESORTS LTD 0.2%

Value ($000) $2,407 Shares 20,000 Est. Cost $86.83 Unrealized +42.3%

SRE SEMPRA 0.6%

Value ($000) $8,123 Shares 92,000 Est. Cost $59.55 Unrealized +52.0%

ET ENERGY TRANSFER L P 0.3%

Value ($000) $3,723 Shares 225,800 Est. Cost $12.20 Unrealized —

PPL PPL CORP 0.2%

Value ($000) $2,451 Shares 70,000 Est. Cost $16.36 Unrealized +119.0%

NRG NRG ENERGY INC 0.6%

Value ($000) $8,463 Shares 53,146 Est. Cost $34.95 Unrealized +372.9%

EXC EXELON CORP 0.3%

Value ($000) $4,359 Shares 100,000 Est. Cost $32.52 Unrealized +39.8%

CI THE CIGNA GROUP 0.2%

Value ($000) $2,763 Shares 10,040 Est. Cost $204.97 Unrealized +36.2%

CTRA COTERRA ENERGY INC 0.1%

Value ($000) $1,263 Shares 48,000 Est. Cost $15.23 Unrealized +64.8%

PEP PEPSICO INC 0.4%

Value ($000) $5,712 Shares 39,800 Est. Cost $81.91 Unrealized +78.1%

GEHC GE HEALTHCARE TECHNOLOGIES I 0.1%

Value ($000) $1,435 Shares 17,499 Est. Cost $71.08 Unrealized +9.6%

PPG PPG INDS INC 0.3%

Value ($000) $4,636 Shares 45,250 Est. Cost $83.29 Unrealized +20.2%

NTRS NORTHERN TR CORP 0.6%

Value ($000) $8,195 Shares 60,000 Est. Cost $70.18 Unrealized +86.3%

HLN HALEON PLC 0.1%

Value ($000) $1,011 Shares 100,000 Est. Cost $6.09 Unrealized —

PBI PITNEY BOWES INC 0.1%

Value ($000) $1,374 Shares 130,000 Est. Cost $7.43 Unrealized +39.6%

KMI KINDER MORGAN INC DEL 0.2%

Value ($000) $3,436 Shares 125,000 Est. Cost $11.00 Unrealized +144.7%

SNY SANOFI SA 0.3%

Value ($000) $3,877 Shares 80,000 Est. Cost $50.82 Unrealized —

ALC ALCON AG 0.1%

Value ($000) $1,475 Shares 18,722 Est. Cost $79.67 Unrealized -3.4%

PNW PINNACLE WEST CAP CORP 0.5%

Value ($000) $7,362 Shares 83,000 Est. Cost $46.48 Unrealized +92.0%

WY WEYERHAEUSER CO MTN BE 0.1%

Value ($000) $1,658 Shares 70,000 Est. Cost $19.14 Unrealized +20.1%

UNP UNION PAC CORP 0.2%

Value ($000) $3,470 Shares 15,000 Est. Cost $68.29 Unrealized +232.8%

WELL WELLTOWER INC 0.1%

Value ($000) $1,856 Shares 10,000 Est. Cost $44.80 Unrealized +316.2%

FE FIRSTENERGY CORP 0.2%

Value ($000) $3,134 Shares 70,000 Est. Cost $31.77 Unrealized +43.9%

ADM ARCHER DANIELS MIDLAND CO 0.1%

Value ($000) $1,772 Shares 30,830 Est. Cost $33.26 Unrealized +78.8%

COP CONOCOPHILLIPS 0.5%

Value ($000) $6,553 Shares 70,000 Est. Cost $62.64 Unrealized +43.7%

IWM ISHARES TR 0.3%

Value ($000) $3,939 Shares 16,000 Est. Cost $220.89 Unrealized —

MDT MEDTRONIC PLC 0.5%

Value ($000) $6,881 Shares 71,632 Est. Cost $80.66 Unrealized +20.4%

PFE PFIZER INC 0.2%

Value ($000) $2,390 Shares 96,000 Est. Cost $31.04 Unrealized -19.4%

BMO BANK MONTREAL QUE 0.9%

Value ($000) $12,460 Shares 96,000 Est. Cost $48.61 Unrealized +160.5%

MCHP MICROCHIP TECHNOLOGY INC. 0.4%

Value ($000) $5,098 Shares 80,000 Est. Cost $57.44 Unrealized +6.8%

EPD ENTERPRISE PRODS PARTNERS L 0.1%

Value ($000) $1,603 Shares 50,000 Est. Cost $25.90 Unrealized —

GIS GENERAL MLS INC 0.0%

Value ($000) $465 Shares 10,000 Est. Cost $34.96 Unrealized +35.7%

BDX BECTON DICKINSON & CO 0.1%

Value ($000) $1,067 Shares 5,500 Est. Cost $146.88 Unrealized +29.1%

PM PHILIP MORRIS INTL INC 0.2%

Value ($000) $3,208 Shares 20,000 Est. Cost $54.40 Unrealized +182.3%

XYZ BLOCK INC 0.0%

Value ($000) $325 Shares 5,000 Est. Cost $72.47 Unrealized -4.8%

SNOW SNOWFLAKE INC 0.0%

Value ($000) $658 Shares 3,000 Est. Cost $232.63 Unrealized +4.9%

— AMERIPRISE FINL INC 0.4%

Value ($000) $5,516 Shares 11,250 Est. Cost $104.37 Unrealized —

— ADOBE INC 0.1%

Value ($000) $1,050 Shares 3,000 Est. Cost $266.45 Unrealized —

— CORTEVA INC 0.1%

Value ($000) $915 Shares 13,646 Est. Cost $26.82 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value ($000) $1,131 Shares 2,250 Est. Cost $204.56 Unrealized +143.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WFC	WELLS FARGO CO NEW	940,400	$87,645	6.0%	$46.32	+87.0%	COM	949746101
CAT	CATERPILLAR INC	45,000	$25,779	1.8%	$110.82	+401.3%	COM	149123101
LLY	ELI LILLY & CO	12,000	$12,896	0.9%	$118.09	+709.2%	COM	532457108
AAPL	APPLE INC	210,000	$57,091	3.9%	$83.94	+219.7%	COM	037833100
WDC	WESTERN DIGITAL CORP	60,000	$10,336	0.7%	$33.07	+358.2%	COM	958102105
XOM	EXXON MOBIL CORP	410,000	$49,339	3.4%	$44.00	+162.5%	COM	30231G102
MSFT	MICROSOFT CORP	89,650	$43,357	3.0%	$31.85	+1471.7%	COM	594918104
COF	CAPITAL ONE FINL CORP	99,500	$24,115	1.7%	$131.88	+68.5%	COM	14040H105
MRK	MERCK & CO INC	125,000	$13,158	0.9%	$49.95	+86.7%	COM	58933Y105
SNDK	SANDISK CORP	20,000	$4,748	0.3%	$49.67	+303.2%	COM	80004C200
RY	ROYAL BK CDA	103,500	$17,646	1.2%	$66.39	+131.3%	COM	780087102
TD	TORONTO DOMINION BK ONT	165,000	$15,543	1.1%	$47.27	+78.6%	COM NEW	891160509
AAT	AMERICAN ASSETS TR INC	1,477,340	$27,966	1.9%	$36.81	—	COM	024013104
LEN	LENNAR CORP	86,370	$8,879	0.6%	$64.55	+87.0%	CL A	526057104
FDX	FEDEX CORP	35,000	$10,110	0.7%	$180.17	+45.2%	COM	31428X106
AMGN	AMGEN INC	35,190	$11,518	0.8%	$171.94	+83.8%	COM	031162100
AMD	ADVANCED MICRO DEVICES INC	30,000	$6,425	0.4%	$85.15	+163.8%	COM	007903107
AA	ALCOA CORP	75,000	$3,986	0.3%	$44.87	-8.9%	COM	013872106
TSM	TAIWAN SEMICONDUCTOR MFG LTD	60,000	$18,233	1.3%	$74.49	—	SPONSORED ADS	874039100
USB	US BANCORP DEL	270,000	$14,407	1.0%	$29.34	+66.1%	COM NEW	902973304
WMT	WALMART INC	162,000	$18,050	1.2%	$52.42	+104.5%	COM	931142103
HSBC	HSBC HLDGS PLC	166,918	$13,131	0.9%	$33.32	—	SPON ADR NEW	404280406
JNJ	JOHNSON & JOHNSON	57,000	$11,796	0.8%	$93.56	+110.6%	COM	478160104
CAH	CARDINAL HEALTH INC	23,277	$4,783	0.3%	$34.22	+448.5%	COM	14149Y108
BMY	BRISTOL-MYERS SQUIBB CO	127,000	$6,850	0.5%	$44.30	+7.3%	COM	110122108
STT	STATE STR CORP	85,000	$10,966	0.8%	$57.18	+108.0%	COM	857477103
URI	UNITED RENTALS INC	7,000	$5,665	0.4%	$121.09	+616.1%	COM	911363109
KR	KROGER CO	206,150	$12,880	0.9%	$22.84	+185.5%	COM	501044101
PSX	PHILLIPS 66	130,800	$16,878	1.2%	$52.24	+156.5%	COM	718546104
BNS	BANK NOVA SCOTIA HALIFAX	100,000	$7,369	0.5%	$32.58	+108.7%	COM	064149107
NVS	NOVARTIS AG	93,610	$12,906	0.9%	$96.73	—	SPONSORED ADR	66987V109
BK	BANK NEW YORK MELLON CORP	115,000	$13,350	0.9%	$31.11	+255.2%	COM	064058100
CEG	CONSTELLATION ENERGY CORP	33,333	$11,776	0.8%	$47.25	+668.7%	COM	21037T109
IBM	INTERNATIONAL BUSINESS MACHS	55,000	$16,292	1.1%	$97.40	+206.8%	COM	459200101
BABA	ALIBABA GROUP HLDG LTD	24,000	$3,518	0.2%	$98.54	—	SPONSORED ADS	01609W102
—	CHUBB LIMITED	25,000	$7,803	0.5%	$122.41	—	COM	h1467j104
PRU	PRUDENTIAL FINL INC	80,459	$9,082	0.6%	$46.36	+129.7%	COM	744320102
ALLY	ALLY FINL INC	115,000	$5,208	0.4%	$21.12	+93.2%	COM	02005N100
TM	TOYOTA MOTOR CORP	30,000	$6,422	0.4%	$119.24	—	ADS	892331307
UTHR	UNITED THERAPEUTICS CORP DEL	10,000	$4,873	0.3%	$131.23	+254.9%	COM	91307C102
LH	LABCORP HOLDINGS INC	18,000	$4,516	0.3%	$199.50	+32.9%	COM SHS	504922105
HLT	HILTON WORLDWIDE HLDGS INC	23,332	$6,702	0.5%	$55.58	+389.7%	COM	43300A203
REGN	REGENERON PHARMACEUTICALS	3,000	$2,316	0.2%	$684.44	-0.8%	COM	75886F107
NOC	NORTHROP GRUMMAN CORP	15,000	$8,553	0.6%	$278.19	+108.1%	COM	666807102
DGX	QUEST DIAGNOSTICS INC	32,000	$5,553	0.4%	$102.00	+78.5%	COM	74834L100
KO	COCA COLA CO	150,060	$10,491	0.7%	$31.62	+119.4%	COM	191216100
MDLZ	MONDELEZ INTL INC	61,010	$3,284	0.2%	$35.88	+59.0%	CL A	609207105
CVX	CHEVRON CORP NEW	180,000	$27,434	1.9%	$80.27	+88.6%	COM	166764100
GEV	GE VERNOVA INC	13,125	$8,578	0.6%	$158.10	+285.2%	COM	36828A101
RTX	RTX CORPORATION	30,000	$5,502	0.4%	$58.43	+196.6%	COM	75513E101
XEL	XCEL ENERGY INC	70,000	$5,170	0.4%	$56.85	+37.7%	COM	98389B100
EIX	EDISON INTL	100,000	$6,002	0.4%	$47.23	+21.4%	COM	281020107
PNC	PNC FINL SVCS GROUP INC	60,000	$12,524	0.9%	$128.11	+50.5%	COM	693475105
WEC	WEC ENERGY GROUP INC	50,000	$5,273	0.4%	$79.41	+38.9%	COM	92939U106
VZ	VERIZON COMMUNICATIONS INC	140,000	$5,702	0.4%	$26.52	+52.6%	COM	92343V104
SCHW	SCHWAB CHARLES CORP	86,674	$8,660	0.6%	$38.16	+148.3%	COM	808513105
GE	GE AEROSPACE	52,500	$16,172	1.1%	$58.75	+412.0%	COM NEW	369604301
RIVN	RIVIAN AUTOMOTIVE INC	75,000	$1,478	0.1%	$13.40	+18.5%	COM CL A	76954A103
HCA	HCA HEALTHCARE INC	9,000	$4,202	0.3%	$77.51	+498.3%	COM	40412C101
ESS	ESSEX PPTY TR INC	59,500	$15,570	1.1%	$198.37	+29.2%	COM	297178105
MET	METLIFE INC	103,304	$8,155	0.6%	$28.52	+176.8%	COM	59156R108
AIG	AMERICAN INTL GROUP INC	50,000	$4,278	0.3%	$48.65	+63.8%	COM NEW	026874784
JEF	JEFFERIES FINL GROUP INC	100,000	$6,197	0.4%	$29.93	+89.4%	COM	47233W109
CM	CANADIAN IMPERIAL BANK OF CO	30,000	$2,718	0.2%	$41.55	+106.5%	COM	136069101
MSGS	MADISON SQUARE GRDN SPRT COR	10,000	$2,587	0.2%	$181.50	+25.4%	CL A	55825T103
GILD	GILEAD SCIENCES INC	23,000	$2,823	0.2%	$54.49	+121.9%	COM	375558103
JAZZ	JAZZ PHARMACEUTICALS PLC	7,000	$1,190	0.1%	$145.12	+5.6%	SHS USD	G50871105
ABT	ABBOTT LABS	30,500	$3,821	0.3%	$31.84	+299.8%	COM	002824100
—	JOHNSON CTLS INTL PLC	26,200	$3,137	0.2%	$29.66	—	SHS	g51502105
NEE	NEXTERA ENERGY INC	50,000	$4,014	0.3%	$75.70	+9.0%	COM	65339F101
GSK	GSK PLC	40,000	$1,962	0.1%	$29.43	—	SPONSORED ADR	37733W204
UPS	UNITED PARCEL SERVICE INC	15,000	$1,488	0.1%	$94.90	-2.3%	CL B	911312106
BHF	BRIGHTHOUSE FINL INC	20,000	$1,296	0.1%	$45.15	+30.1%	COM	10922N103
DUK	DUKE ENERGY CORP NEW	32,666	$3,829	0.3%	$60.31	+101.6%	COM NEW	26441C204
BAX	BAXTER INTL INC	57,829	$1,105	0.1%	$31.12	-35.7%	COM	071813109
SO	SOUTHERN CO	25,000	$2,180	0.2%	$54.69	+66.2%	COM	842587107
ABBV	ABBVIE INC	60,294	$13,777	1.0%	$50.44	+351.1%	COM	00287Y109
PG	PROCTER AND GAMBLE CO	17,000	$2,436	0.2%	$61.80	+138.1%	COM	742718109
EQR	EQUITY RESIDENTIAL	100,000	$6,304	0.4%	$49.07	+23.6%	SH BEN INT	29476L107
AEP	AMERICAN ELEC PWR CO INC	60,000	$6,919	0.5%	$36.67	+221.0%	COM	025537101
DE	DEERE & CO	20,000	$9,311	0.6%	$326.53	+43.2%	COM	244199105
SYK	STRYKER CORPORATION	9,000	$3,163	0.2%	$56.92	+538.6%	COM	863667101
MRP	MILLROSE PPTYS INC	43,663	$1,304	0.1%	$26.51	—	COM CL A	601137102
WYNN	WYNN RESORTS LTD	20,000	$2,407	0.2%	$86.83	+42.3%	COM	983134107
SRE	SEMPRA	92,000	$8,123	0.6%	$59.55	+52.0%	COM	816851109
ET	ENERGY TRANSFER L P	225,800	$3,723	0.3%	$12.20	—	COM UT LTD PTN	29273V100
PPL	PPL CORP	70,000	$2,451	0.2%	$16.36	+119.0%	COM	69351T106
NRG	NRG ENERGY INC	53,146	$8,463	0.6%	$34.95	+372.9%	COM NEW	629377508
EXC	EXELON CORP	100,000	$4,359	0.3%	$32.52	+39.8%	COM	30161N101
CI	THE CIGNA GROUP	10,040	$2,763	0.2%	$204.97	+36.2%	COM	125523100
CTRA	COTERRA ENERGY INC	48,000	$1,263	0.1%	$15.23	+64.8%	COM	127097103
PEP	PEPSICO INC	39,800	$5,712	0.4%	$81.91	+78.1%	COM	713448108
GEHC	GE HEALTHCARE TECHNOLOGIES I	17,499	$1,435	0.1%	$71.08	+9.6%	COMMON STOCK	36266G107
PPG	PPG INDS INC	45,250	$4,636	0.3%	$83.29	+20.2%	COM	693506107
NTRS	NORTHERN TR CORP	60,000	$8,195	0.6%	$70.18	+86.3%	COM	665859104
HLN	HALEON PLC	100,000	$1,011	0.1%	$6.09	—	SPON ADS	405552100
PBI	PITNEY BOWES INC	130,000	$1,374	0.1%	$7.43	+39.6%	COM	724479100
KMI	KINDER MORGAN INC DEL	125,000	$3,436	0.2%	$11.00	+144.7%	COM	49456B101
SNY	SANOFI SA	80,000	$3,877	0.3%	$50.82	—	SPONSORED ADR	80105N105
ALC	ALCON AG	18,722	$1,475	0.1%	$79.67	-3.4%	ORD SHS	H01301128
PNW	PINNACLE WEST CAP CORP	83,000	$7,362	0.5%	$46.48	+92.0%	COM	723484101
WY	WEYERHAEUSER CO MTN BE	70,000	$1,658	0.1%	$19.14	+20.1%	COM NEW	962166104
UNP	UNION PAC CORP	15,000	$3,470	0.2%	$68.29	+232.8%	COM	907818108
WELL	WELLTOWER INC	10,000	$1,856	0.1%	$44.80	+316.2%	COM	95040Q104
FE	FIRSTENERGY CORP	70,000	$3,134	0.2%	$31.77	+43.9%	COM	337932107
ADM	ARCHER DANIELS MIDLAND CO	30,830	$1,772	0.1%	$33.26	+78.8%	COM	039483102
COP	CONOCOPHILLIPS	70,000	$6,553	0.5%	$62.64	+43.7%	COM	20825C104
IWM	ISHARES TR	16,000	$3,939	0.3%	$220.89	—	RUSSELL 2000 ETF	464287655
MDT	MEDTRONIC PLC	71,632	$6,881	0.5%	$80.66	+20.4%	SHS	G5960L103
PFE	PFIZER INC	96,000	$2,390	0.2%	$31.04	-19.4%	COM	717081103
BMO	BANK MONTREAL QUE	96,000	$12,460	0.9%	$48.61	+160.5%	COM	063671101
MCHP	MICROCHIP TECHNOLOGY INC.	80,000	$5,098	0.4%	$57.44	+6.8%	COM	595017104
EPD	ENTERPRISE PRODS PARTNERS L	50,000	$1,603	0.1%	$25.90	—	COM	293792107
GIS	GENERAL MLS INC	10,000	$465	0.0%	$34.96	+35.7%	COM	370334104
BDX	BECTON DICKINSON & CO	5,500	$1,067	0.1%	$146.88	+29.1%	COM	075887109
PM	PHILIP MORRIS INTL INC	20,000	$3,208	0.2%	$54.40	+182.3%	COM	718172109
XYZ	BLOCK INC	5,000	$325	0.0%	$72.47	-4.8%	CL A	852234103
SNOW	SNOWFLAKE INC	3,000	$658	0.0%	$232.63	+4.9%	COM SHS	833445109
—	AMERIPRISE FINL INC	11,250	$5,516	0.4%	$104.37	—	COM	03076c106
—	ADOBE INC	3,000	$1,050	0.1%	$266.45	—	COM	00724f101
—	CORTEVA INC	13,646	$915	0.1%	$26.82	—	COM	22052l104
BRK/B	BERKSHIRE HATHAWAY INC DEL	2,250	$1,131	0.1%	$204.56	+143.2%	CL B NEW	084670702