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 7,548 107,000 SH   SOLE   107,000 0 0
AIR PRODS & CHEMS INC COM 009158106 17,707 106,000 SH   SOLE   106,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 2,269 100,000 SH   SOLE   100,000 0 0
AMGEN INC COM 031162100 21,973 106,000 SH   SOLE   106,000 0 0
APACHE CORP COM 037411105 7,150 150,000 SH   SOLE   150,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 5,169 125,000 SH   SOLE   125,000 0 0
AUTODESK INC COM 052769106 16,704 107,000 SH   SOLE   107,000 0 0
AVALONBAY CMNTYS INC COM 053484101 18,115 100,000 SH   SOLE   100,000 0 0
BAKER HUGHES A GE CO CL A 05722G100 3,620 107,000 SH   SOLE   107,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 12,460 250,000 SH   SOLE   250,000 0 0
BOSTON PPTYS INC COM 101121101 12,309 100,000 SH   SOLE   100,000 0 0
BP PLC SPONSORED ADR 055622104 6,915 150,000 SH   SOLE   150,000 0 0
CAMECO CORP COM 13321L108 5,700 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 8,165 250,000 SH   SOLE   250,000 0 0
CBS CORP CLASS A CL A NEW 124857103 5,805 100,000 SH   SOLE   100,000 0 0
CELGENE CORP COM 151020104 9,575 107,000 SH   SOLE   107,000 0 0
CHEVRON CORP COM NEW 166764100 18,342 150,000 SH   SOLE   150,000 0 0
CONOCOPHILLIPS COM 20825C104 11,610 150,000 SH   SOLE   150,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 24,662 105,000 SH   SOLE   105,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 5,991 150,000 SH   SOLE   150,000 0 0
DIGITAL RLTY TR INC COM 253868103 16,872 150,000 SH   SOLE   150,000 0 0
DISNEY WALT CO COM 254687106 12,279 105,000 SH   SOLE   105,000 0 0
DUKE RLTY CORP COM NEW 264411505 4,255 150,000 SH   SOLE   150,000 0 0
ESSEX PPTY TR INC COM 297178105 24,671 100,000 SH   SOLE   100,000 0 0
EXXON MOBIL CORP COM 30231G102 12,753 150,000 SH   SOLE   150,000 0 0
FACEBOOK INC CL A 30303M102 42,431 258,000 SH   SOLE   258,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 12,647 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 25,283 105,000 SH   SOLE   105,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 10,560 110,000 SH   SOLE   110,000 0 0
FLUOR CORP NEW COM NEW 343412102 6,217 107,000 SH   SOLE   107,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 5,992 750,000 SH   SOLE   750,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 56,724 4,075,000 SH   SOLE   4,075,000 0 0
GILEAD SCIENCES INC COM 375558103 8,261 107,000 SH   SOLE   107,000 0 0
HIGHWOODS PPTYS INC COM 431284108 7,089 150,000 SH   SOLE   150,000 0 0
HOLLYFRONTIER CORP COM 436106108 11,883 170,000 SH   SOLE   170,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 15,100 107,000 SH   SOLE   107,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 14,950 2,500,000 SH   SOLE   2,500,000 0 0
IPG PHOTONICS CORP COM 44980X109 16,387 105,000 SH   SOLE   105,000 0 0
JBG SMITH PPTYS COM 46590V100 3,683 100,000 SH   SOLE   100,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 12,008 106,000 SH   SOLE   106,000 0 0
KEYCORP NEW COM 493267108 8,950 450,000 SH   SOLE   450,000 0 0
KIMCO RLTY CORP COM 49446R109 2,511 150,000 SH   SOLE   150,000 0 0
LENNAR CORP CL A 526057104 4,949 106,000 SH   SOLE   106,000 0 0
LOCKHEED MARTIN CORP COM 539830109 36,326 105,000 SH   SOLE   105,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 4,613 100,000 SH   SOLE   100,000 0 0
MORGAN STANLEY COM NEW 617446448 10,013 215,000 SH   SOLE   215,000 0 0
MOSAIC CO COM 61945C103 3,475 107,000 SH   SOLE   107,000 0 0
MURPHY OIL CORP COM 626717102 6,668 200,000 SH   SOLE   200,000 0 0
NEWFIELD EXPL CO COM 651290108 7,640 265,000 SH   SOLE   265,000 0 0
NUCOR CORP COM 670346105 6,789 107,000 SH   SOLE   107,000 0 0
OUTFRONT MEDIA INC COM 69007J106 9,975 500,000 SH   SOLE   500,000 0 0
PARKER HANNIFIN CORP COM 701094104 19,681 107,000 SH   SOLE   107,000 0 0
PHILLIPS 66 COM 718546104 11,272 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC COM 74340W103 10,168 150,000 SH   SOLE   150,000 0 0
REGENCY CTRS CORP COM 758849103 9,700 150,000 SH   SOLE   150,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 7,653 150,000 SH   SOLE   150,000 0 0
RYDER SYS INC COM 783549108 9,645 132,000 SH   SOLE   132,000 0 0
SAILPOINT TECHNLGIES HLDGS I COM 78781P105 9,356 275,000 SH   SOLE   275,000 0 0
SANMINA CORP COM 801056102 5,796 210,000 SH   SOLE   210,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 10,322 210,000 SH   SOLE   210,000 0 0
SOUTH32 LTD ADR 84473L105 5,604 400,000 SH   SOLE   400,000 0 0
STATE STREET CORPORATION COM 857477103 8,964 107,000 SH   SOLE   107,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 69,005 80,000 SH   SOLE   80,000 0 0
TWILIO INC CL A 90138F102 23,296 270,000 SH   SOLE   270,000 0 0
UDR INC COM 902653104 6,065 150,000 SH   SOLE   150,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,444 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 10,645 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 4,452 300,000 SH   SOLE   300,000 0 0
VERSUM MATLS INC COM 92532W103 3,781 105,000 SH   SOLE   105,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 7,300 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 4,598 150,000 SH   SOLE   150,000 0 0
WEYERHAEUSER CO COM 962166104 4,841 150,000 SH   SOLE   150,000 0 0
WILLIAMS SONOMA INC COM 969904101 7,032 107,000 SH   SOLE   107,000 0 0
WYNN RESORTS LTD COM 983134107 13,341 105,000 SH   SOLE   105,000 0 0