# EDGAR Filing Document

**Accession Number:** 0001389256
**File Stem:** 0001389256-25-000012
**Filing Date:** 2025-8
**Character Count:** 17836
**Document Hash:** 2afccd64e3ff160aeee371b4765a3916
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001389256-25-000012.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001389256-25-000012

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**EFFECTIVENESS DATE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** American Assets Investment Management, LLC
- **CENTRAL INDEX KEY:** 0001389256

**ORGANIZATION NAME:**
- **EIN:** 810567059
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12131
- **FILM NUMBER:** 251185063

**BUSINESS ADDRESS:**
- **STREET 1:** 3430 CARMEL MOUNTAIN ROAD
- **STREET 2:** SUITE 150
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121
- **BUSINESS PHONE:** 858-345-1463

**MAIL ADDRESS:**
- **STREET 1:** 3430 CARMEL MOUNTAIN ROAD
- **STREET 2:** SUITE 150
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** American Assets Investment Management LLC<br>**Address:** 3430 CARMEL MOUNTAIN ROAD<br>SUITE 150<br>SAN DIEGO, CA 92121

**Form 13F File Number:** 028-12131

**CRD Number (if applicable):** 000131660

**SEC File Number (if applicable):** 801-65209

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Ernest Rady<br>**Title:** Chief Executive Officer<br>**Phone:** 858-350-2600

**Signature, Place, and Date of Signing:**

Ernest Rady  San Diego, CA  08-05-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 143

**Form 13F Information Table Value Total:** $1244166823

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBOTT LABS | COM | 002824100 |  | 4148305 | 30500 | SH |  | SOLE |  | 0 | 0 | 30500 |
| ABBVIE INC | COM | 00287Y109 |  | 11191772 | 60294 | SH |  | SOLE |  | 0 | 0 | 60294 |
| ADOBE INC | COM | 00724f101 |  | 1160640 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 4257000 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 2151000 | 100000 | SH |  | SOLE |  | 0 | 0 | 100000 |
| ALCOA CORP | COM | 013872106 |  | 2213250 | 75000 | SH |  | SOLE |  | 0 | 0 | 75000 |
| ALCON AG | ORD SHS | H01301128 |  | 1652778 | 18722 | SH |  | SOLE |  | 5100 | 0 | 13622 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 2721840 | 24000 | SH |  | SOLE |  | 0 | 0 | 24000 |
| ALLY FINL INC | COM | 02005N100 |  | 4479250 | 115000 | SH |  | SOLE |  | 0 | 0 | 115000 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 8635270 | 49000 | SH |  | SOLE |  | 9000 | 0 | 40000 |
| AMERICAN ASSETS TR INC | COM | 024013104 |  | 29137886 | 1475336 | SH |  | SOLE |  | 0 | 0 | 1475336 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 6225600 | 60000 | SH |  | SOLE |  | 0 | 0 | 60000 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 4279500 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| AMERIPRISE FINL INC | COM | 03076c106 |  | 6004463 | 11250 | SH |  | SOLE |  | 11000 | 0 | 250 |
| AMGEN INC | COM | 031162100 |  | 9825400 | 35190 | SH |  | SOLE |  | 9900 | 0 | 25290 |
| APPLE INC | COM | 037833100 |  | 43085700 | 210000 | SH |  | SOLE |  | 0 | 0 | 210000 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 1627207 | 30830 | SH |  | SOLE |  | 30000 | 0 | 830 |
| BANK AMERICA CORP | COM | 060505104 |  | 53421914 | 1128950 | SH |  | SOLE |  | 105000 | 0 | 1023950 |
| BANK MONTREAL QUE | COM | 063671101 |  | 10620480 | 96000 | SH |  | SOLE |  | 0 | 0 | 96000 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 10477650 | 115000 | SH |  | SOLE |  | 0 | 0 | 115000 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 5527000 | 100000 | SH |  | SOLE |  | 0 | 0 | 100000 |
| BAXTER INTL INC | COM | 071813109 |  | 1751062 | 57829 | SH |  | SOLE |  | 0 | 0 | 57829 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 947375 | 5500 | SH |  | SOLE |  | 0 | 0 | 5500 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1092983 | 2250 | SH |  | SOLE |  | 0 | 0 | 2250 |
| BLOCK INC | CL A | 852234103 |  | 339650 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 1075400 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 5878830 | 127000 | SH |  | SOLE |  | 0 | 0 | 127000 |
| CANADIAN IMPERIAL BK COMM | COM | 136069101 |  | 2124900 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 21169620 | 99500 | SH |  | SOLE |  | 20000 | 0 | 79500 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 3910536 | 23277 | SH |  | SOLE |  | 0 | 0 | 23277 |
| CATERPILLAR INC | COM | 149123101 |  | 17469450 | 45000 | SH |  | SOLE |  | 0 | 0 | 45000 |
| CELSIUS HLDGS INC | COM NEW | 15118V207 |  | 947000 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| CHEVRON CORP NEW | COM | 166764100 |  | 25774200 | 180000 | SH |  | SOLE |  | 10000 | 0 | 170000 |
| CHUBB LIMITED | COM | h1467j104 |  | 7243000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 13312768 | 156400 | SH |  | SOLE |  | 0 | 0 | 156400 |
| COCA COLA CO | COM | 191216100 |  | 10616745 | 150060 | SH |  | SOLE |  | 70000 | 0 | 80060 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 2141400 | 60000 | SH |  | SOLE |  | 0 | 0 | 60000 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 6281800 | 70000 | SH |  | SOLE |  | 0 | 0 | 70000 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 10758559 | 33333 | SH |  | SOLE |  | 0 | 0 | 33333 |
| CORTEVA INC | COM | 22052l104 |  | 1017037 | 13646 | SH |  | SOLE |  | 13243 | 0 | 403 |
| COTERRA ENERGY INC | COM | 127097103 |  | 1218240 | 48000 | SH |  | SOLE |  | 48000 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 10169800 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| DOW INC | COM | 260557103 |  | 1828286 | 69044 | SH |  | SOLE |  | 13243 | 0 | 55801 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 3854588 | 32666 | SH |  | SOLE |  | 0 | 0 | 32666 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 3699950 | 53943 | SH |  | SOLE |  | 13243 | 0 | 40700 |
| EDISON INTL | COM | 281020107 |  | 5160000 | 100000 | SH |  | SOLE |  | 0 | 0 | 100000 |
| ELI LILLY  CO | COM | 532457108 |  | 9354360 | 12000 | SH |  | SOLE |  | 0 | 0 | 12000 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 4093754 | 225800 | SH |  | SOLE |  | 0 | 0 | 225800 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 1550500 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 |  | 6749000 | 100000 | SH |  | SOLE |  | 0 | 0 | 100000 |
| ESSEX PPTY TR INC | COM | 297178105 |  | 16862300 | 59500 | SH |  | SOLE |  | 0 | 0 | 59500 |
| EXELON CORP | COM | 30161N101 |  | 4342000 | 100000 | SH |  | SOLE |  | 0 | 0 | 100000 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 44198000 | 410000 | SH |  | SOLE |  | 0 | 0 | 410000 |
| FEDEX CORP | COM | 31428X106 |  | 7955850 | 35000 | SH |  | SOLE |  | 0 | 0 | 35000 |
| FIRSTENERGY CORP | COM | 337932107 |  | 2818200 | 70000 | SH |  | SOLE |  | 0 | 0 | 70000 |
| GE AEROSPACE | COM NEW | 369604301 |  | 13512975 | 52500 | SH |  | SOLE |  | 0 | 0 | 52500 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 1296225 | 17500 | SH |  | SOLE |  | 0 | 0 | 17500 |
| GE VERNOVA INC | COM | 36828A101 |  | 6945094 | 13125 | SH |  | SOLE |  | 0 | 0 | 13125 |
| GENERAL MLS INC | COM | 370334104 |  | 518100 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 2550010 | 23000 | SH |  | SOLE |  | 0 | 0 | 23000 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 38218500 | 54000 | SH |  | SOLE |  | 0 | 0 | 54000 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 1536000 | 40000 | SH |  | SOLE |  | 0 | 0 | 40000 |
| HALEON PLC | SPON ADS | 405552100 |  | 1037000 | 100000 | SH |  | SOLE |  | 0 | 0 | 100000 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 3447900 | 9000 | SH |  | SOLE |  | 0 | 0 | 9000 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 6214244 | 23332 | SH |  | SOLE |  | 0 | 0 | 23332 |
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 |  | 10146945 | 166918 | SH |  | SOLE |  | 0 | 0 | 166918 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 16212900 | 55000 | SH |  | SOLE |  | 0 | 0 | 55000 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 3452640 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 1255000 | 14500 | SH |  | SOLE |  | 0 | 0 | 14500 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 742840 | 7000 | SH |  | SOLE |  | 0 | 0 | 7000 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 5469000 | 100000 | SH |  | SOLE |  | 0 | 0 | 100000 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 7637500 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| JOHNSON CTLS INTL PLC | SHS | g51502105 |  | 2767244 | 26200 | SH |  | SOLE |  | 25000 | 0 | 1200 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 51488016 | 177600 | SH |  | SOLE |  | 0 | 0 | 177600 |
| KENVUE INC | COM | 49177J102 |  | 2093000 | 100000 | SH |  | SOLE |  | 0 | 0 | 100000 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 3675000 | 125000 | SH |  | SOLE |  | 0 | 0 | 125000 |
| KROGER CO | COM | 501044101 |  | 14787140 | 206150 | SH |  | SOLE |  | 98200 | 0 | 107950 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 4725180 | 18000 | SH |  | SOLE |  | 0 | 0 | 18000 |
| LENNAR CORP | CL A | 526057104 |  | 9553386 | 86370 | SH |  | SOLE |  | 45000 | 0 | 41370 |
| MADISON SQUARE GRDN SPRT COR | CL A | 55825T103 |  | 2089500 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 550520 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| MCDONALDS CORP | COM | 580135101 |  | 1255400 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 6244162 | 71632 | SH |  | SOLE |  | 23780 | 0 | 47852 |
| MERCK  CO INC | COM | 58933Y105 |  | 9895000 | 125000 | SH |  | SOLE |  | 0 | 0 | 125000 |
| METLIFE INC | COM | 59156R108 |  | 8307708 | 103304 | SH |  | SOLE |  | 0 | 0 | 103304 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 5629600 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 44592807 | 89650 | SH |  | SOLE |  | 10850 | 0 | 78800 |
| MILLROSE PPTYS INC | COM CL A | 601137102 |  | 1244832 | 43663 | SH |  | SOLE |  | 22965 | 0 | 20698 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 4114514 | 61010 | SH |  | SOLE |  | 35000 | 0 | 26010 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 12959120 | 92000 | SH |  | SOLE |  | 0 | 0 | 92000 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 3471000 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| NORTHERN TR CORP | COM | 665859104 |  | 7607400 | 60000 | SH |  | SOLE |  | 0 | 0 | 60000 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 7499700 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 11327747 | 93610 | SH |  | SOLE |  | 25500 | 0 | 68110 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 8534185 | 53146 | SH |  | SOLE |  | 0 | 0 | 53146 |
| PEPSICO INC | COM | 713448108 |  | 5255192 | 39800 | SH |  | SOLE |  | 0 | 0 | 39800 |
| PFIZER INC | COM | 717081103 |  | 2327040 | 96000 | SH |  | SOLE |  | 0 | 0 | 96000 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 3642600 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| PHILLIPS 66 | COM | 718546104 |  | 15604440 | 130800 | SH |  | SOLE |  | 26400 | 0 | 104400 |
| PINNACLE WEST CAP CORP | COM | 723484101 |  | 7426010 | 83000 | SH |  | SOLE |  | 0 | 0 | 83000 |
| PITNEY BOWES INC | COM | 724479100 |  | 1339000 | 130000 | SH |  | SOLE |  | 0 | 0 | 130000 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 11185200 | 60000 | SH |  | SOLE |  | 0 | 0 | 60000 |
| PPG INDS INC | COM | 693506107 |  | 5147188 | 45250 | SH |  | SOLE |  | 10000 | 0 | 35250 |
| PPL CORP | COM | 69351T106 |  | 2372300 | 70000 | SH |  | SOLE |  | 0 | 0 | 70000 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 2708440 | 17000 | SH |  | SOLE |  | 0 | 0 | 17000 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 8644515 | 80459 | SH |  | SOLE |  | 10000 | 0 | 70459 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 5748160 | 32000 | SH |  | SOLE |  | 0 | 0 | 32000 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 1575000 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| RIGETTI COMPUTING INC | COMMON STOCK | 76655K103 |  | 44429327 | 3746149 | SH |  | SOLE |  | 0 | 0 | 3746149 |
| ROYAL BK CDA | COM | 780087102 |  | 13615425 | 103500 | SH |  | SOLE |  | 0 | 0 | 103500 |
| RTX CORPORATION | COM | 75513E101 |  | 4380600 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| SANDISK CORP | COM | 80004C200 |  | 907000 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| SANOFI | SPONSORED ADR | 80105N105 |  | 3864800 | 80000 | SH |  | SOLE |  | 0 | 0 | 80000 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 7908136 | 86674 | SH |  | SOLE |  | 0 | 0 | 86674 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369y886 |  | 2776440 | 34000 | SH |  | SOLE |  | 30000 | 0 | 4000 |
| SEMPRA | COM | 816851109 |  | 6970840 | 92000 | SH |  | SOLE |  | 0 | 0 | 92000 |
| SHELL PLC | SPON ADS | 780259305 |  | 20137260 | 286000 | SH |  | SOLE |  | 21000 | 0 | 265000 |
| SNOWFLAKE INC | CL A | 833445109 |  | 671310 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 2295750 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| STATE STR CORP | COM | 857477103 |  | 9038900 | 85000 | SH |  | SOLE |  | 0 | 0 | 85000 |
| STRYKER CORPORATION | COM | 863667101 |  | 3560670 | 9000 | SH |  | SOLE |  | 0 | 0 | 9000 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 13589400 | 60000 | SH |  | SOLE |  | 0 | 0 | 60000 |
| THE CIGNA GROUP | COM | 125523100 |  | 3319023 | 10040 | SH |  | SOLE |  | 0 | 0 | 10040 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 12119250 | 165000 | SH |  | SOLE |  | 0 | 0 | 165000 |
| TOTALENERGIES SE | SPONSORED ADS | 89151E109 |  | 9208500 | 150000 | SH |  | SOLE |  | 0 | 0 | 150000 |
| TOYOTA MOTOR CORP | ADS | 892331307 |  | 5167800 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 16508160 | 384000 | SH |  | SOLE |  | 0 | 0 | 384000 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 10398900 | 170000 | SH |  | SOLE |  | 0 | 0 | 170000 |
| UNION PAC CORP | COM | 907818108 |  | 3451200 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 1514100 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| UNITED RENTALS INC | COM | 911363109 |  | 5273800 | 7000 | SH |  | SOLE |  | 0 | 0 | 7000 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 2873500 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| US BANCORP DEL | COM NEW | 902973304 |  | 12217500 | 270000 | SH |  | SOLE |  | 0 | 0 | 270000 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 13569657 | 230855 | SH |  | SOLE |  | 0 | 0 | 230855 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 6057800 | 140000 | SH |  | SOLE |  | 0 | 0 | 140000 |
| WALMART INC | COM | 931142103 |  | 15840360 | 162000 | SH |  | SOLE |  | 40500 | 0 | 121500 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 5210000 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 75344848 | 940400 | SH |  | SOLE |  | 15000 | 0 | 925400 |
| WELLTOWER INC | COM | 95040Q104 |  | 1537300 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 3839400 | 60000 | SH |  | SOLE |  | 0 | 0 | 60000 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 1798300 | 70000 | SH |  | SOLE |  | 0 | 0 | 70000 |
| WYNN RESORTS LTD | COM | 983134107 |  | 1873400 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| XCEL ENERGY INC | COM | 98389B100 |  | 4767000 | 70000 | SH |  | SOLE |  | 0 | 0 | 70000 |

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