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 6,430 80,000 SH   SOLE   80,000 0 0
AIR PRODS & CHEMS INC COM 009158106 16,232 85,000 SH   SOLE   85,000 0 0
ALBEMARLE CORP COM 012653101 4,509 55,000 SH   SOLE   55,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 2,544 100,000 SH   SOLE   100,000 0 0
AMGEN INC COM 031162100 16,148 85,000 SH   SOLE   85,000 0 0
APACHE CORP COM 037411105 5,199 150,000 SH   SOLE   150,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 6,956 175,000 SH   SOLE   175,000 0 0
AUTODESK INC COM 052769106 14,803 95,000 SH   SOLE   95,000 0 0
AVALONBAY CMNTYS INC COM 053484101 15,055 75,000 SH   SOLE   75,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 10,934 200,000 SH   SOLE   200,000 0 0
BOSTON PPTYS INC COM 101121101 10,041 75,000 SH   SOLE   75,000 0 0
BP PLC SPONSORED ADR 055622104 6,558 150,000 SH   SOLE   150,000 0 0
BROADCOM INC COM 11135F101 8,420 28,000 SH   SOLE   28,000 0 0
CAMECO CORP COM 13321L108 5,895 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 5,500 200,000 SH   SOLE   200,000 0 0
CHEVRON CORP COM NEW 166764100 12,318 100,000 SH   SOLE   100,000 0 0
CONOCOPHILLIPS COM 20825C104 6,674 100,000 SH   SOLE   100,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 20,582 85,000 SH   SOLE   85,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 4,734 150,000 SH   SOLE   150,000 0 0
DIGITAL RLTY TR INC COM 253868103 14,875 125,000 SH   SOLE   125,000 0 0
DISNEY WALT CO COM 254687106 8,882 80,000 SH   SOLE   80,000 0 0
DUKE RLTY CORP COM NEW 264411505 3,822 125,000 SH   SOLE   125,000 0 0
ENCANA CORP COM 292505104 5,430 750,000 SH   SOLE   750,000 0 0
ESSEX PPTY TR INC COM 297178105 21,693 75,000 SH   SOLE   75,000 0 0
EXXON MOBIL CORP COM 30231G102 8,080 100,000 SH   SOLE   100,000 0 0
FACEBOOK INC CL A 30303M102 43,006 258,000 SH   SOLE   258,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 10,339 75,000 SH   SOLE   75,000 0 0
FEDEX CORP COM 31428X106 15,420 85,000 SH   SOLE   85,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 10,046 100,000 SH   SOLE   100,000 0 0
FLUOR CORP NEW COM NEW 343412102 3,938 107,000 SH   SOLE   107,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 5,392 750,000 SH   SOLE   750,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 52,527 4,075,000 SH   SOLE   4,075,000 0 0
GILEAD SCIENCES INC COM 375558103 5,656 87,000 SH   SOLE   87,000 0 0
HIGHWOODS PPTYS INC COM 431284108 5,847 125,000 SH   SOLE   125,000 0 0
HOLLYFRONTIER CORP COM 436106108 5,912 120,000 SH   SOLE   120,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 12,200 85,000 SH   SOLE   85,000 0 0
INTEL CORP COM 458140100 5,907 110,000 SH   SOLE   110,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730509 14,977 250,000 SH   SOLE   250,000 0 0
IPG PHOTONICS CORP COM 44980X109 12,901 85,000 SH   SOLE   85,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 9,858 85,000 SH   SOLE   85,000 0 0
KEYCORP NEW COM 493267108 7,088 450,000 SH   SOLE   450,000 0 0
KIMCO RLTY CORP COM 49446R109 2,775 150,000 SH   SOLE   150,000 0 0
LENNAR CORP CL A 526057104 5,204 106,000 SH   SOLE   106,000 0 0
LOCKHEED MARTIN CORP COM 539830109 25,514 85,000 SH   SOLE   85,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 4,122 100,000 SH   SOLE   100,000 0 0
MORGAN STANLEY COM NEW 617446448 9,073 215,000 SH   SOLE   215,000 0 0
MURPHY OIL CORP COM 626717102 5,860 200,000 SH   SOLE   200,000 0 0
NUCOR CORP COM 670346105 6,243 107,000 SH   SOLE   107,000 0 0
NUTRIEN LTD COM 67077M108 2,902 55,000 SH   SOLE   55,000 0 0
NVIDIA CORP COM 67066G104 5,028 28,000 SH   SOLE   28,000 0 0
OUTFRONT MEDIA INC COM 69007J106 10,530 450,000 SH   SOLE   450,000 0 0
PARKER HANNIFIN CORP COM 701094104 14,588 85,000 SH   SOLE   85,000 0 0
PHILLIPS 66 COM 718546104 9,517 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC COM 74340W103 8,994 125,000 SH   SOLE   125,000 0 0
REGENCY CTRS CORP COM 758849103 8,436 125,000 SH   SOLE   125,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 5,885 100,000 SH   SOLE   100,000 0 0
RYDER SYS INC COM 783549108 5,269 85,000 SH   SOLE   85,000 0 0
SAILPOINT TECHNLGIES HLDGS I COM 78781P105 7,898 275,000 SH   SOLE   275,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 8,980 210,000 SH   SOLE   210,000 0 0
SOUTH32 LTD ADR 84473L105 4,580 350,000 SH   SOLE   350,000 0 0
STATE STREET CORPORATION COM 857477103 6,976 106,000 SH   SOLE   106,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 59,958 77,500 SH   SOLE   77,500 0 0
TWILIO INC CL A 90138F102 34,879 270,000 SH   SOLE   270,000 0 0
UDR INC COM 902653104 5,682 125,000 SH   SOLE   125,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,340 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 10,320 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 3,918 300,000 SH   SOLE   300,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 5,058 75,000 SH   SOLE   75,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 2,838 100,000 SH   SOLE   100,000 0 0
WEYERHAEUSER CO COM 962166104 2,634 100,000 SH   SOLE   100,000 0 0
WILLIAMS SONOMA INC COM 969904101 4,783 85,000 SH   SOLE   85,000 0 0
WYNN RESORTS LTD COM 983134107 11,335 95,000 SH   SOLE   95,000 0 0