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 7,218 107,000 SH   SOLE   107,000 0 0
AIR PRODS & CHEMS INC COM 009158106 16,965 106,000 SH   SOLE   106,000 0 0
ALBEMARLE CORP COM 012653101 4,239 55,000 SH   SOLE   55,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 1,838 100,000 SH   SOLE   100,000 0 0
AMGEN INC COM 031162100 20,635 106,000 SH   SOLE   106,000 0 0
APACHE CORP COM 037411105 3,937 150,000 SH   SOLE   150,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 4,342 125,000 SH   SOLE   125,000 0 0
AUTODESK INC COM 052769106 13,761 107,000 SH   SOLE   107,000 0 0
AVALONBAY CMNTYS INC COM 053484101 17,405 100,000 SH   SOLE   100,000 0 0
BAKER HUGHES A GE CO CL A 05722G100 2,301 107,000 SH   SOLE   107,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 10,865 225,000 SH   SOLE   225,000 0 0
BOSTON PPTYS INC COM 101121101 11,255 100,000 SH   SOLE   100,000 0 0
BP PLC SPONSORED ADR 055622104 5,688 150,000 SH   SOLE   150,000 0 0
CAMECO CORP COM 13321L108 5,675 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 4,826 200,000 SH   SOLE   200,000 0 0
CBS CORP CLASS A CL A NEW 124857103 4,385 100,000 SH   SOLE   100,000 0 0
CELGENE CORP COM 151020104 6,858 107,000 SH   SOLE   107,000 0 0
CHEVRON CORP COM NEW 166764100 16,318 150,000 SH   SOLE   150,000 0 0
CONOCOPHILLIPS COM 20825C104 9,352 150,000 SH   SOLE   150,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 21,390 105,000 SH   SOLE   105,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 3,381 150,000 SH   SOLE   150,000 0 0
DIGITAL RLTY TR INC COM 253868103 15,983 150,000 SH   SOLE   150,000 0 0
DISNEY WALT CO COM 254687106 11,513 105,000 SH   SOLE   105,000 0 0
DUKE RLTY CORP COM NEW 264411505 3,885 150,000 SH   SOLE   150,000 0 0
ESSEX PPTY TR INC COM 297178105 24,521 100,000 SH   SOLE   100,000 0 0
EXXON MOBIL CORP COM 30231G102 10,229 150,000 SH   SOLE   150,000 0 0
FACEBOOK INC CL A 30303M102 33,821 258,000 SH   SOLE   258,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 11,804 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 16,940 105,000 SH   SOLE   105,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 9,559 110,000 SH   SOLE   110,000 0 0
FLUOR CORP NEW COM NEW 343412102 3,445 107,000 SH   SOLE   107,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 4,673 750,000 SH   SOLE   750,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 42,013 4,075,000 SH   SOLE   4,075,000 0 0
GILEAD SCIENCES INC COM 375558103 6,693 107,000 SH   SOLE   107,000 0 0
HIGHWOODS PPTYS INC COM 431284108 5,804 150,000 SH   SOLE   150,000 0 0
HOLLYFRONTIER CORP COM 436106108 7,412 145,000 SH   SOLE   145,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 13,556 107,000 SH   SOLE   107,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730509 12,268 250,000 SH   SOLE   250,000 0 0
IPG PHOTONICS CORP COM 44980X109 11,895 105,000 SH   SOLE   105,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 10,022 105,000 SH   SOLE   105,000 0 0
KEYCORP NEW COM 493267108 6,651 450,000 SH   SOLE   450,000 0 0
KIMCO RLTY CORP COM 49446R109 2,198 150,000 SH   SOLE   150,000 0 0
LENNAR CORP CL A 526057104 4,150 106,000 SH   SOLE   106,000 0 0
LOCKHEED MARTIN CORP COM 539830109 27,493 105,000 SH   SOLE   105,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 3,656 100,000 SH   SOLE   100,000 0 0
MORGAN STANLEY COM NEW 617446448 8,525 215,000 SH   SOLE   215,000 0 0
MURPHY OIL CORP COM 626717102 4,678 200,000 SH   SOLE   200,000 0 0
NEWFIELD EXPL CO COM 651290108 3,885 265,000 SH   SOLE   265,000 0 0
NUCOR CORP COM 670346105 5,544 107,000 SH   SOLE   107,000 0 0
NUTRIEN LTD COM 67077M108 2,585 55,000 SH   SOLE   55,000 0 0
OUTFRONT MEDIA INC COM 69007J106 9,060 500,000 SH   SOLE   500,000 0 0
PARKER HANNIFIN CORP COM 701094104 15,958 107,000 SH   SOLE   107,000 0 0
PHILLIPS 66 COM 718546104 8,615 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC COM 74340W103 8,808 150,000 SH   SOLE   150,000 0 0
REGENCY CTRS CORP COM 758849103 8,802 150,000 SH   SOLE   150,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 6,060 125,000 SH   SOLE   125,000 0 0
RYDER SYS INC COM 783549108 6,259 130,000 SH   SOLE   130,000 0 0
SAILPOINT TECHNLGIES HLDGS I COM 78781P105 6,460 275,000 SH   SOLE   275,000 0 0
SANMINA CORP COM 801056102 5,053 210,000 SH   SOLE   210,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 8,721 210,000 SH   SOLE   210,000 0 0
SOUTH32 LTD ADR 84473L105 4,497 382,700 SH   SOLE   382,700 0 0
STATE STREET CORPORATION COM 857477103 6,685 106,000 SH   SOLE   106,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 43,330 80,000 SH   SOLE   80,000 0 0
TWILIO INC CL A 90138F102 24,111 270,000 SH   SOLE   270,000 0 0
UDR INC COM 902653104 5,943 150,000 SH   SOLE   150,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,020 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 9,610 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 3,957 300,000 SH   SOLE   300,000 0 0
VERSUM MATLS INC COM 92532W103 2,911 105,000 SH   SOLE   105,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 6,203 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 2,875 125,000 SH   SOLE   125,000 0 0
WEYERHAEUSER CO COM 962166104 2,186 100,000 SH   SOLE   100,000 0 0
WILLIAMS SONOMA INC COM 969904101 5,398 107,000 SH   SOLE   107,000 0 0
WYNN RESORTS LTD COM 983134107 10,386 105,000 SH   SOLE   105,000 0 0