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 6,617 107,000 SH   SOLE   107,000 0 0
AIR PRODS & CHEMS INC COM 009158106 16,507 106,000 SH   SOLE   106,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 2,350 100,000 SH   SOLE   100,000 0 0
AMGEN INC COM 031162100 19,751 107,000 SH   SOLE   107,000 0 0
APACHE CORP COM 037411105 9,350 200,000 SH   SOLE   200,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 4,594 125,000 SH   SOLE   125,000 0 0
AUTODESK INC COM 052769106 14,027 107,000 SH   SOLE   107,000 0 0
AVALONBAY CMNTYS INC COM 053484101 17,189 100,000 SH   SOLE   100,000 0 0
BAKER HUGHES A GE CO CL A 05722G100 3,534 107,000 SH   SOLE   107,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 20,004 400,000 SH   SOLE   400,000 0 0
BOSTON PPTYS INC COM 101121101 12,542 100,000 SH   SOLE   100,000 0 0
BP PLC SPONSORED ADR 055622104 9,132 200,000 SH   SOLE   200,000 0 0
CAMECO CORP COM 13321L108 5,625 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 14,428 400,000 SH   SOLE   400,000 0 0
CBS CORP CLASS A CL A NEW 124857103 5,664 100,000 SH   SOLE   100,000 0 0
CELGENE CORP COM 151020104 8,498 107,000 SH   SOLE   107,000 0 0
CHEVRON CORP COM NEW 166764100 22,125 175,000 SH   SOLE   175,000 0 0
CONOCOPHILLIPS COM 20825C104 12,183 175,000 SH   SOLE   175,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 21,943 105,000 SH   SOLE   105,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 8,792 200,000 SH   SOLE   200,000 0 0
DIGITAL RLTY TR INC COM 253868103 22,316 200,000 SH   SOLE   200,000 0 0
DISNEY WALT CO COM 254687106 11,005 105,000 SH   SOLE   105,000 0 0
DUKE RLTY CORP COM NEW 264411505 5,806 200,000 SH   SOLE   200,000 0 0
ESSEX PPTY TR INC COM 297178105 23,907 100,000 SH   SOLE   100,000 0 0
EXXON MOBIL CORP COM 30231G102 14,478 175,000 SH   SOLE   175,000 0 0
FACEBOOK INC CL A 30303M102 60,045 309,000 SH   SOLE   309,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 12,655 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 23,841 105,000 SH   SOLE   105,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 13,067 135,000 SH   SOLE   135,000 0 0
FLUOR CORP NEW COM NEW 343412102 5,219 107,000 SH   SOLE   107,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 6,420 750,000 SH   SOLE   750,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 70,334 4,075,000 SH   SOLE   4,075,000 0 0
GILEAD SCIENCES INC COM 375558103 7,580 107,000 SH   SOLE   107,000 0 0
GULFMARK OFFSHORE INC COM 402629505 301 9,000 SH   SOLE   9,000 0 0
HIGHWOODS PPTYS INC COM 431284108 7,609 150,000 SH   SOLE   150,000 0 0
HOLLYFRONTIER CORP COM 436106108 15,055 220,000 SH   SOLE   220,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 14,824 107,000 SH   SOLE   107,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 13,825 2,500,000 SH   SOLE   2,500,000 0 0
IPG PHOTONICS CORP COM 44980X109 23,166 105,000 SH   SOLE   105,000 0 0
JBG SMITH PPTYS COM 46590V100 3,647 100,000 SH   SOLE   100,000 0 0
JUNIPER NETWORKS INC COM 48203R104 2,934 107,000 SH   SOLE   107,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 11,232 106,000 SH   SOLE   106,000 0 0
KEYCORP NEW COM 493267108 8,793 450,000 SH   SOLE   450,000 0 0
KIMCO RLTY CORP COM 49446R109 2,548 150,000 SH   SOLE   150,000 0 0
LENNAR CORP CL A 526057104 6,877 131,000 SH   SOLE   131,000 0 0
LOCKHEED MARTIN CORP COM 539830109 31,316 106,000 SH   SOLE   106,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 4,220 100,000 SH   SOLE   100,000 0 0
MORGAN STANLEY COM NEW 617446448 10,191 215,000 SH   SOLE   215,000 0 0
MOSAIC CO COM 61945C103 3,001 107,000 SH   SOLE   107,000 0 0
MURPHY OIL CORP COM 626717102 6,754 200,000 SH   SOLE   200,000 0 0
NEWFIELD EXPL CO COM 651290108 9,529 315,000 SH   SOLE   315,000 0 0
NUCOR CORP COM 670346105 6,688 107,000 SH   SOLE   107,000 0 0
OUTFRONT MEDIA INC COM 69007J106 9,725 500,000 SH   SOLE   500,000 0 0
PARKER HANNIFIN CORP COM 701094104 16,676 107,000 SH   SOLE   107,000 0 0
PHILLIPS 66 COM 718546104 11,231 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC COM 74340W103 13,138 200,000 SH   SOLE   200,000 0 0
REGENCY CTRS CORP COM 758849103 9,312 150,000 SH   SOLE   150,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 11,096 200,000 SH   SOLE   200,000 0 0
RYDER SYS INC COM 783549108 14,875 207,000 SH   SOLE   207,000 0 0
SAILPOINT TECHNLGIES HLDGS I COM 78781P105 6,749 275,000 SH   SOLE   275,000 0 0
SANMINA CORP COM 801056102 6,153 210,000 SH   SOLE   210,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 15,841 310,000 SH   SOLE   310,000 0 0
SOUTH32 LTD ADR 84473L105 5,326 400,000 SH   SOLE   400,000 0 0
STATE STREET CORPORATION COM 857477103 9,961 107,000 SH   SOLE   107,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 66,058 95,000 SH   SOLE   95,000 0 0
TWILIO INC CL A 90138F102 15,125 270,000 SH   SOLE   270,000 0 0
UDR INC COM 902653104 5,631 150,000 SH   SOLE   150,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,654 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 11,315 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 3,846 300,000 SH   SOLE   300,000 0 0
VERSUM MATLS INC COM 92532W103 3,901 105,000 SH   SOLE   105,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 7,392 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 4,550 150,000 SH   SOLE   150,000 0 0
WEYERHAEUSER CO COM 962166104 5,469 150,000 SH   SOLE   150,000 0 0
WILLIAMS SONOMA INC COM 969904101 6,568 107,000 SH   SOLE   107,000 0 0
WYNN RESORTS LTD COM 983134107 17,571 105,000 SH   SOLE   105,000 0 0