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 7,158 107,000 SH   SOLE   107,000 0 0
AIR PRODS & CHEMS INC COM 009158106 17,016 107,000 SH   SOLE   107,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 2,313 100,000 SH   SOLE   100,000 0 0
AMGEN INC COM 031162100 18,241 107,000 SH   SOLE   107,000 0 0
APACHE CORP COM 037411105 7,696 200,000 SH   SOLE   200,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 4,875 125,000 SH   SOLE   125,000 0 0
AUTODESK INC COM 052769106 13,437 107,000 SH   SOLE   107,000 0 0
AVALONBAY CMNTYS INC COM 053484101 16,446 100,000 SH   SOLE   100,000 0 0
BAKER HUGHES A GE CO CL A 05722G100 2,971 107,000 SH   SOLE   107,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 22,215 500,000 SH   SOLE   500,000 0 0
BOSTON PPTYS INC COM 101121101 12,322 100,000 SH   SOLE   100,000 0 0
BP PLC SPONSORED ADR 055622104 8,108 200,000 SH   SOLE   200,000 0 0
CAMECO CORP COM 13321L108 4,545 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 15,735 500,000 SH   SOLE   500,000 0 0
CBS CORP CLASS A CL A NEW 124857103 5,168 100,000 SH   SOLE   100,000 0 0
CELGENE CORP COM 151020104 9,545 107,000 SH   SOLE   107,000 0 0
CHEVRON CORP COM NEW 166764100 22,808 200,000 SH   SOLE   200,000 0 0
CONOCOPHILLIPS COM 20825C104 11,858 200,000 SH   SOLE   200,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 20,162 107,000 SH   SOLE   107,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 6,358 200,000 SH   SOLE   200,000 0 0
DIGITAL RLTY TR INC COM 253868103 21,076 200,000 SH   SOLE   200,000 0 0
DISNEY WALT CO COM 254687106 10,546 105,000 SH   SOLE   105,000 0 0
DUKE RLTY CORP COM NEW 264411505 5,296 200,000 SH   SOLE   200,000 0 0
ESSEX PPTY TR INC COM 297178105 24,068 100,000 SH   SOLE   100,000 0 0
EXXON MOBIL CORP COM 30231G102 14,922 200,000 SH   SOLE   200,000 0 0
FACEBOOK INC CL A 30303M102 57,844 362,000 SH   SOLE   362,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 11,611 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 25,692 107,000 SH   SOLE   107,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 12,502 135,000 SH   SOLE   135,000 0 0
FLUOR CORP NEW COM NEW 343412102 6,123 107,000 SH   SOLE   107,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 6,307 750,000 SH   SOLE   750,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 71,598 4,075,000 SH   SOLE   4,075,000 0 0
GILEAD SCIENCES INC COM 375558103 8,067 107,000 SH   SOLE   107,000 0 0
HIGHWOODS PPTYS INC COM 431284108 6,573 150,000 SH   SOLE   150,000 0 0
HOLLYFRONTIER CORP COM 436106108 10,749 220,000 SH   SOLE   220,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 16,763 107,000 SH   SOLE   107,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 12,975 2,500,000 SH   SOLE   2,500,000 0 0
IPG PHOTONICS CORP COM 44980X109 24,505 105,000 SH   SOLE   105,000 0 0
JBG SMITH PPTYS COM 46590V100 3,371 100,000 SH   SOLE   100,000 0 0
JUNIPER NETWORKS INC COM 48203R104 2,603 107,000 SH   SOLE   107,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 11,754 107,000 SH   SOLE   107,000 0 0
KEYCORP NEW COM 493267108 8,798 450,000 SH   SOLE   450,000 0 0
KIMCO RLTY CORP COM 49446R109 2,160 150,000 SH   SOLE   150,000 0 0
LENNAR CORP CL A 526057104 7,733 131,195 SH   SOLE   131,195 0 0
LOCKHEED MARTIN CORP COM 539830109 36,159 107,000 SH   SOLE   107,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 3,693 100,000 SH   SOLE   100,000 0 0
MORGAN STANLEY COM NEW 617446448 11,601 215,000 SH   SOLE   215,000 0 0
MOSAIC CO COM 61945C103 2,598 107,000 SH   SOLE   107,000 0 0
MURPHY OIL CORP COM 626717102 5,168 200,000 SH   SOLE   200,000 0 0
NEWFIELD EXPL CO COM 651290108 7,692 315,000 SH   SOLE   315,000 0 0
NUCOR CORP COM 670346105 6,537 107,000 SH   SOLE   107,000 0 0
OUTFRONT MEDIA INC COM 69007J106 9,370 500,000 SH   SOLE   500,000 0 0
PARKER HANNIFIN CORP COM 701094104 18,300 107,000 SH   SOLE   107,000 0 0
PHILLIPS 66 COM 718546104 9,592 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC COM 74340W103 12,598 200,000 SH   SOLE   200,000 0 0
REGENCY CTRS CORP COM 758849103 8,847 150,000 SH   SOLE   150,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 10,306 200,000 SH   SOLE   200,000 0 0
RYDER SYS INC COM 783549108 15,068 207,000 SH   SOLE   207,000 0 0
SANMINA CORP COM 801056102 5,492 210,000 SH   SOLE   210,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 16,188 310,000 SH   SOLE   310,000 0 0
SOUTH32 LTD ADR 84473L105 4,976 400,000 SH   SOLE   400,000 0 0
STATE STREET CORPORATION COM 857477103 10,671 107,000 SH   SOLE   107,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 50,542 100,000 SH   SOLE   100,000 0 0
TWILIO INC CL A 90138F102 10,309 270,000 SH   SOLE   270,000 0 0
UDR INC COM 902653104 5,343 150,000 SH   SOLE   150,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,392 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 9,650 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 3,816 300,000 SH   SOLE   300,000 0 0
VERSUM MATLS INC COM 92532W103 3,951 105,000 SH   SOLE   105,000 0 0
VIACOM INC NEW CL A 92553P102 4,237 107,000 SH   SOLE   107,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 6,730 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 4,095 150,000 SH   SOLE   150,000 0 0
WEYERHAEUSER CO COM 962166104 5,250 150,000 SH   SOLE   150,000 0 0
WILLIAMS SONOMA INC COM 969904101 5,645 107,000 SH   SOLE   107,000 0 0
WYNN RESORTS LTD COM 983134107 19,148 105,000 SH   SOLE   105,000 0 0
GULFMARK OFFSHORE INC COM 402629505 550 18,952 SH   SOLE   18,952 0 0