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
AGILENT TECHNOLOGIES INC COM 00846U101 7,166 107,000 SH   SOLE   107,000 0 0
AIR PRODS & CHEMS INC COM 009158106 17,557 107,000 SH   SOLE   107,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 2,774 100,000 SH   SOLE   100,000 0 0
AMGEN INC COM 031162100 18,607 107,000 SH   SOLE   107,000 0 0
APACHE CORP COM 037411105 8,444 200,000 SH   SOLE   200,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 453 25,000 SH   SOLE   25,000 0 0
AUTODESK INC COM 052769106 11,322 108,000 SH   SOLE   108,000 0 0
AVALONBAY CMNTYS INC COM 053484101 17,841 100,000 SH   SOLE   100,000 0 0
BAKER HUGHES A GE CO CL A 05722G100 3,385 107,000 SH   SOLE   107,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 32,193 700,000 SH   SOLE   700,000 0 0
BOSTON PPTYS INC COM 101121101 13,003 100,000 SH   SOLE   100,000 0 0
BP PLC SPONSORED ADR 055622104 8,406 200,000 SH   SOLE   200,000 0 0
CALATLANTIC GROUP INC COM 128195104 6,034 107,000 SH   SOLE   107,000 0 0
CAMECO CORP COM 13321L108 4,615 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 17,860 500,000 SH   SOLE   500,000 0 0
CBS CORP CLASS A CL A NEW 124857103 5,934 100,000 SH   SOLE   100,000 0 0
CELGENE CORP COM 151020104 11,167 107,000 SH   SOLE   107,000 0 0
CHEVRON CORP COM NEW 166764100 25,038 200,000 SH   SOLE   200,000 0 0
CONOCOPHILLIPS COM 20825C104 10,978 200,000 SH   SOLE   200,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 2,920 100,000 SH   SOLE   100,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 19,915 107,000 SH   SOLE   107,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 8,280 200,000 SH   SOLE   200,000 0 0
DIGITAL RLTY TR INC COM 253868103 28,475 250,000 SH   SOLE   250,000 0 0
DISNEY WALT CO COM 254687106 11,289 105,000 SH   SOLE   105,000 0 0
DUKE RLTY CORP COM NEW 264411505 5,442 200,000 SH   SOLE   200,000 0 0
ESSEX PPTY TR INC COM 297178105 24,137 100,000 SH   SOLE   100,000 0 0
EXXON MOBIL CORP COM 30231G102 16,728 200,000 SH   SOLE   200,000 0 0
FACEBOOK INC CL A 30303M102 90,348 512,000 SH   SOLE   512,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 13,281 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 26,701 107,000 SH   SOLE   107,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 13,862 160,000 SH   SOLE   160,000 0 0
FLUOR CORP NEW COM NEW 343412102 5,527 107,000 SH   SOLE   107,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 77,262 4,075,000 SH   SOLE   4,075,000 0 0
GILEAD SCIENCES INC COM 375558103 7,665 107,000 SH   SOLE   107,000 0 0
HOLLYFRONTIER CORP COM 436106108 14,085 275,000 SH   SOLE   275,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 17,853 107,000 SH   SOLE   107,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 14,200 2,500,000 SH   SOLE   2,500,000 0 0
IPG PHOTONICS CORP COM 44980X109 22,484 105,000 SH   SOLE   105,000 0 0
JBG SMITH PPTYS COM 46590V100 1,736 50,000 SH   SOLE   50,000 0 0
JUNIPER NETWORKS INC COM 48203R104 3,049 107,000 SH   SOLE   107,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 11,259 107,000 SH   SOLE   107,000 0 0
KEYCORP NEW COM 493267108 9,076 450,000 SH   SOLE   450,000 0 0
KIMCO RLTY CORP COM 49446R109 2,722 150,000 SH   SOLE   150,000 0 0
LOCKHEED MARTIN CORP COM 539830109 34,352 107,000 SH   SOLE   107,000 0 0
MORGAN STANLEY COM NEW 617446448 13,905 265,000 SH   SOLE   265,000 0 0
MOSAIC CO COM 61945C103 2,746 107,000 SH   SOLE   107,000 0 0
MURPHY OIL CORP COM 626717102 6,210 200,000 SH   SOLE   200,000 0 0
NEWFIELD EXPL CO COM 651290108 9,932 315,000 SH   SOLE   315,000 0 0
NUCOR CORP COM 670346105 6,803 107,000 SH   SOLE   107,000 0 0
OUTFRONT MEDIA INC COM 69007J106 11,600 500,000 SH   SOLE   500,000 0 0
PARKER HANNIFIN CORP COM 701094104 21,355 107,000 SH   SOLE   107,000 0 0
PHILLIPS 66 COM 718546104 10,115 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC COM 74340W103 22,578 350,000 SH   SOLE   350,000 0 0
REGENCY CTRS CORP COM 758849103 10,377 150,000 SH   SOLE   150,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 13,232 250,000 SH   SOLE   250,000 0 0
RYDER SYS INC COM 783549108 17,423 207,000 SH   SOLE   207,000 0 0
SANMINA CORP COM 801056102 6,930 210,000 SH   SOLE   210,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 15,925 310,000 SH   SOLE   310,000 0 0
SOUTH32 LTD ADR 84473L105 8,115 600,000 SH   SOLE   600,000 0 0
STATE STREET CORPORATION COM 857477103 10,444 107,000 SH   SOLE   107,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 44,663 100,000 SH   SOLE   100,000 0 0
TWILIO INC CL A 90138F102 6,372 270,000 SH   SOLE   270,000 0 0
UDR INC COM 902653104 5,778 150,000 SH   SOLE   150,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 10,870 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,390 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 6,115 500,000 SH   SOLE   500,000 0 0
VERSUM MATLS INC COM 92532W103 3,974 105,000 SH   SOLE   105,000 0 0
VIACOM INC NEW CL A 92553P102 3,734 107,000 SH   SOLE   107,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 7,818 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 4,668 150,000 SH   SOLE   150,000 0 0
WEYERHAEUSER CO COM 962166104 5,289 150,000 SH   SOLE   150,000 0 0
WILLIAMS SONOMA INC COM 969904101 5,532 107,000 SH   SOLE   107,000 0 0
WYNN RESORTS LTD COM 983134107 17,702 105,000 SH   SOLE   105,000 0 0
GULFMARK OFFSHORE INC COM 402629505 455 15,963 SH   SOLE   15,963 0 0