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 6,130 80,000 SH   SOLE   80,000 0 0
AIR PRODS & CHEMS INC COM 009158106 17,749 80,000 SH   SOLE   80,000 0 0
ALBEMARLE CORP COM 012653101 3,824 55,000 SH   SOLE   55,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 2,451 100,000 SH   SOLE   100,000 0 0
AMGEN INC COM 031162100 15,481 80,000 SH   SOLE   80,000 0 0
APACHE CORP COM 037411105 3,840 150,000 SH   SOLE   150,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 2,471 175,000 SH   SOLE   175,000 0 0
AUTODESK INC COM 052769106 14,031 95,000 SH   SOLE   95,000 0 0
AVALONBAY CMNTYS INC COM 053484101 16,150 75,000 SH   SOLE   75,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 9,876 200,000 SH   SOLE   200,000 0 0
BOSTON PPTYS INC COM 101121101 9,725 75,000 SH   SOLE   75,000 0 0
BP PLC SPONSORED ADR 055622104 5,699 150,000 SH   SOLE   150,000 0 0
BROADCOM INC COM 11135F101 7,730 28,000 SH   SOLE   28,000 0 0
CAMECO CORP COM 13321L108 4,750 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 5,326 200,000 SH   SOLE   200,000 0 0
CHEVRON CORP COM NEW 166764100 11,860 100,000 SH   SOLE   100,000 0 0
CONOCOPHILLIPS COM 20825C104 5,698 100,000 SH   SOLE   100,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 24,489 85,000 SH   SOLE   85,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 3,609 150,000 SH   SOLE   150,000 0 0
DIGITAL RLTY TR INC COM 253868103 16,226 125,000 SH   SOLE   125,000 0 0
DISNEY WALT CO COM 254687106 10,426 80,000 SH   SOLE   80,000 0 0
DUKE RLTY CORP COM NEW 264411505 4,246 125,000 SH   SOLE   125,000 0 0
ENCANA CORP COM 292505104 3,450 750,000 SH   SOLE   750,000 0 0
ESSEX PPTY TR INC COM 297178105 24,499 75,000 SH   SOLE   75,000 0 0
EXXON MOBIL CORP COM 30231G102 7,061 100,000 SH   SOLE   100,000 0 0
FACEBOOK INC CL A 30303M102 45,945 258,000 SH   SOLE   258,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 10,211 75,000 SH   SOLE   75,000 0 0
FEDEX CORP COM 31428X106 12,373 85,000 SH   SOLE   85,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 9,670 100,000 SH   SOLE   100,000 0 0
FLUOR CORP NEW COM NEW 343412102 2,047 107,000 SH   SOLE   107,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 6,345 750,000 SH   SOLE   750,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 38,998 4,075,000 SH   SOLE   4,075,000 0 0
GILEAD SCIENCES INC COM 375558103 5,387 85,000 SH   SOLE   85,000 0 0
HIGHWOODS PPTYS INC COM 431284108 5,618 125,000 SH   SOLE   125,000 0 0
HOLLYFRONTIER CORP COM 436106108 6,330 118,000 SH   SOLE   118,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 13,302 85,000 SH   SOLE   85,000 0 0
INTEL CORP COM 458140100 5,668 110,000 SH   SOLE   110,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730509 18,667 250,000 SH   SOLE   250,000 0 0
IPG PHOTONICS CORP COM 44980X109 11,526 85,000 SH   SOLE   85,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 10,641 80,000 SH   SOLE   80,000 0 0
KEYCORP NEW COM 493267108 8,028 450,000 SH   SOLE   450,000 0 0
KIMCO RLTY CORP COM 49446R109 3,132 150,000 SH   SOLE   150,000 0 0
LENNAR CORP CL A 526057104 5,920 106,000 SH   SOLE   106,000 0 0
LOCKHEED MARTIN CORP COM 539830109 32,765 84,000 SH   SOLE   84,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 3,947 100,000 SH   SOLE   100,000 0 0
MORGAN STANLEY COM NEW 617446448 9,174 215,000 SH   SOLE   215,000 0 0
MURPHY OIL CORP COM 626717102 4,422 200,000 SH   SOLE   200,000 0 0
NUCOR CORP COM 670346105 5,447 107,000 SH   SOLE   107,000 0 0
NUTRIEN LTD COM 67077M108 2,743 55,000 SH   SOLE   55,000 0 0
NVIDIA CORP COM 67066G104 4,874 28,000 SH   SOLE   28,000 0 0
OUTFRONT MEDIA INC COM 69007J106 12,501 450,000 SH   SOLE   450,000 0 0
PARKER HANNIFIN CORP COM 701094104 14,449 80,000 SH   SOLE   80,000 0 0
PHILLIPS 66 COM 718546104 10,240 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC COM 74340W103 10,652 125,000 SH   SOLE   125,000 0 0
REGENCY CTRS CORP COM 758849103 8,686 125,000 SH   SOLE   125,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 5,209 100,000 SH   SOLE   100,000 0 0
RYDER SYS INC COM 783549108 4,142 80,000 SH   SOLE   80,000 0 0
SAILPOINT TECHNLGIES HLDGS I COM 78781P105 4,672 250,000 SH   SOLE   250,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 8,784 210,000 SH   SOLE   210,000 0 0
SOUTH32 LTD ADR 84473L105 3,084 350,000 SH   SOLE   350,000 0 0
STATE STREET CORPORATION COM 857477103 6,215 105,000 SH   SOLE   105,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 50,342 77,500 SH   SOLE   77,500 0 0
TWILIO INC CL A 90138F102 29,689 270,000 SH   SOLE   270,000 0 0
UDR INC COM 902653104 6,060 125,000 SH   SOLE   125,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 3,770 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 11,850 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 3,450 300,000 SH   SOLE   300,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 4,775 75,000 SH   SOLE   75,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 2,736 100,000 SH   SOLE   100,000 0 0
WEYERHAEUSER CO COM 962166104 2,770 100,000 SH   SOLE   100,000 0 0
WILLIAMS SONOMA INC COM 969904101 5,778 85,000 SH   SOLE   85,000 0 0
WYNN RESORTS LTD COM 983134107 10,328 95,000 SH   SOLE   95,000 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 810 30,000 SH   SOLE   30,000 0 0