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 6,869 107,000 SH   SOLE   107,000 0 0
AIR PRODS & CHEMS INC COM 009158106 16,181 107,000 SH   SOLE   107,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 4,633 100,000 SH   SOLE   100,000 0 0
AMGEN INC COM 031162100 19,950 107,000 SH   SOLE   107,000 0 0
APACHE CORP COM 037411105 9,160 200,000 SH   SOLE   200,000 0 0
AUTODESK INC COM 052769106 12,124 108,000 SH   SOLE   108,000 0 0
AVALONBAY CMNTYS INC COM 053484101 17,842 100,000 SH   SOLE   100,000 0 0
BAKER HUGHES A GE CO CL A 05722G100 3,955 108,000 SH   SOLE   108,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 32,424 800,000 SH   SOLE   800,000 0 0
BOSTON PPTYS INC COM 101121101 12,288 100,000 SH   SOLE   100,000 0 0
BP PLC SPONSORED ADR 055622104 7,686 200,000 SH   SOLE   200,000 0 0
CALATLANTIC GROUP INC COM 128195104 3,919 107,000 SH   SOLE   107,000 0 0
CAMECO CORP COM 13321L108 4,835 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 16,745 500,000 SH   SOLE   500,000 0 0
CBS CORP CLASS A CL A NEW 124857103 7,301 125,000 SH   SOLE   125,000 0 0
CELGENE CORP COM 151020104 15,603 107,000 SH   SOLE   107,000 0 0
CHEVRON CORP COM NEW 166764100 23,500 200,000 SH   SOLE   200,000 0 0
CONOCOPHILLIPS COM 20825C104 10,010 200,000 SH   SOLE   200,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 3,283 100,000 SH   SOLE   100,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 17,579 107,000 SH   SOLE   107,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 7,342 200,000 SH   SOLE   200,000 0 0
DIGITAL RLTY TR INC COM 253868103 35,499 300,000 SH   SOLE   300,000 0 0
DISNEY WALT CO COM 254687106 10,350 105,000 SH   SOLE   105,000 0 0
DUKE RLTY CORP COM NEW 264411505 7,205 250,000 SH   SOLE   250,000 0 0
ESSEX PPTY TR INC COM 297178105 25,403 100,000 SH   SOLE   100,000 0 0
EXXON MOBIL CORP COM 30231G102 16,396 200,000 SH   SOLE   200,000 0 0
FACEBOOK INC CL A 30303M102 122,001 714,000 SH   SOLE   714,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 12,421 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 24,137 107,000 SH   SOLE   107,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 16,714 160,000 SH   SOLE   160,000 0 0
FLUOR CORP NEW COM NEW 343412102 4,505 107,000 SH   SOLE   107,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 57,213 4,075,000 SH   SOLE   4,075,000 0 0
GILEAD SCIENCES INC COM 375558103 8,669 107,000 SH   SOLE   107,000 0 0
HOLLYFRONTIER CORP COM 436106108 9,892 275,000 SH   SOLE   275,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 15,832 107,000 SH   SOLE   107,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 15,275 2,500,000 SH   SOLE   2,500,000 0 0
IPG PHOTONICS CORP COM 44980X109 19,431 105,000 SH   SOLE   105,000 0 0
JBG SMITH PPTYS COM 46590V100 1,710 50,000 SH   SOLE   50,000 0 0
JUNIPER NETWORKS INC COM 48203R104 2,978 107,000 SH   SOLE   107,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 11,629 107,000 SH   SOLE   107,000 0 0
KEYCORP NEW COM 493267108 8,469 450,000 SH   SOLE   450,000 0 0
KIMCO RLTY CORP COM 49446R109 3,910 200,000 SH   SOLE   200,000 0 0
LOCKHEED MARTIN CORP COM 539830109 33,201 107,000 SH   SOLE   107,000 0 0
MORGAN STANLEY COM NEW 617446448 12,765 265,000 SH   SOLE   265,000 0 0
MOSAIC CO COM 61945C103 2,310 107,000 SH   SOLE   107,000 0 0
MURPHY OIL CORP COM 626717102 5,312 200,000 SH   SOLE   200,000 0 0
NEWFIELD EXPL CO COM 651290108 9,346 315,000 SH   SOLE   315,000 0 0
NUCOR CORP COM 670346105 5,996 107,000 SH   SOLE   107,000 0 0
OUTFRONT MEDIA INC COM 69007J106 12,590 500,000 SH   SOLE   500,000 0 0
PARKER DRILLING CO COM 701081101 2,860 2,600,000 SH   SOLE   2,600,000 0 0
PARKER HANNIFIN CORP COM 701094104 18,727 107,000 SH   SOLE   107,000 0 0
PHILLIPS 66 COM 718546104 9,161 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC COM 74340W103 31,730 500,000 SH   SOLE   500,000 0 0
QUALCOMM INC COM 747525103 5,599 108,000 SH   SOLE   108,000 0 0
REGENCY CTRS CORP COM 758849103 9,306 150,000 SH   SOLE   150,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 14,157 300,000 SH   SOLE   300,000 0 0
RYDER SYS INC COM 783549108 17,586 208,000 SH   SOLE   208,000 0 0
SANMINA CORP COM 801056102 7,802 210,000 SH   SOLE   210,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 13,559 310,000 SH   SOLE   310,000 0 0
SOUTH32 LTD ADR 84473L105 7,734 600,000 SH   SOLE   600,000 0 0
STATE STREET CORPORATION COM 857477103 10,223 107,000 SH   SOLE   107,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 44,451 110,000 SH   SOLE   110,000 0 0
TWILIO INC CL A 90138F102 8,059 270,000 SH   SOLE   270,000 0 0
UDR INC COM 902653104 7,606 200,000 SH   SOLE   200,000 0 0
UNDER ARMOUR INC CL A 904311107 2,225 135,000 SH   SOLE   135,000 0 0
UNDER ARMOUR INC CL C 904311206 2,028 135,000 SH   SOLE   135,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 10,850 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,574 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 5,035 500,000 SH   SOLE   500,000 0 0
VERSUM MATLS INC COM 92532W103 4,076 105,000 SH   SOLE   105,000 0 0
VIACOM INC NEW CL A 92553P102 4,881 133,000 SH   SOLE   133,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 7,688 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 6,552 200,000 SH   SOLE   200,000 0 0
WEYERHAEUSER CO COM 962166104 6,806 200,000 SH   SOLE   200,000 0 0
WILLIAMS SONOMA INC COM 969904101 5,335 107,000 SH   SOLE   107,000 0 0
WYNN RESORTS LTD COM 983134107 15,637 105,000 SH   SOLE   105,000 0 0
PEABODY ENERGY CORP NEW COM 704551100 350 12,066 SH   SOLE   12,066 0 0