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 6,825 80,000 SH   SOLE   80,000 0 0
AIR PRODS & CHEMS INC COM 009158106 18,564 79,000 SH   SOLE   79,000 0 0
ALBEMARLE CORP COM 012653101 4,017 55,000 SH   SOLE   55,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 2,096 100,000 SH   SOLE   100,000 0 0
AMGEN INC COM 031162100 19,045 79,000 SH   SOLE   79,000 0 0
APACHE CORP COM 037411105 3,838 150,000 SH   SOLE   150,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 2,882 175,000 SH   SOLE   175,000 0 0
AUTODESK INC COM 052769106 14,677 80,000 SH   SOLE   80,000 0 0
AVALONBAY CMNTYS INC COM 053484101 15,728 75,000 SH   SOLE   75,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 10,942 200,000 SH   SOLE   200,000 0 0
BOSTON PPTYS INC COM 101121101 10,340 75,000 SH   SOLE   75,000 0 0
BP PLC SPONSORED ADR 055622104 5,661 150,000 SH   SOLE   150,000 0 0
BROADCOM INC COM 11135F101 8,849 28,000 SH   SOLE   28,000 0 0
CAMECO CORP COM 13321L108 4,450 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 6,470 200,000 SH   SOLE   200,000 0 0
CHEVRON CORP COM NEW 166764100 12,051 100,000 SH   SOLE   100,000 0 0
CONOCOPHILLIPS COM 20825C104 6,503 100,000 SH   SOLE   100,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 24,983 85,000 SH   SOLE   85,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 3,895 150,000 SH   SOLE   150,000 0 0
DIGITAL RLTY TR INC COM 253868103 14,967 125,000 SH   SOLE   125,000 0 0
DISNEY WALT CO COM 254687106 11,570 80,000 SH   SOLE   80,000 0 0
DUKE RLTY CORP COM NEW 264411505 4,334 125,000 SH   SOLE   125,000 0 0
ENCANA CORP COM 292505104 3,517 750,000 SH   SOLE   750,000 0 0
ESSEX PPTY TR INC COM 297178105 22,564 75,000 SH   SOLE   75,000 0 0
EXXON MOBIL CORP COM 30231G102 6,978 100,000 SH   SOLE   100,000 0 0
FACEBOOK INC CL A 30303M102 52,749 257,000 SH   SOLE   257,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 9,655 75,000 SH   SOLE   75,000 0 0
FEDEX CORP COM 31428X106 12,097 80,000 SH   SOLE   80,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 11,510 98,000 SH   SOLE   98,000 0 0
FLUOR CORP NEW COM NEW 343412102 2,020 107,000 SH   SOLE   107,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 6,420 750,000 SH   SOLE   750,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 53,464 4,075,000 SH   SOLE   4,075,000 0 0
GILEAD SCIENCES INC COM 375558103 5,198 80,000 SH   SOLE   80,000 0 0
HIGHWOODS PPTYS INC COM 431284108 6,114 125,000 SH   SOLE   125,000 0 0
HOLLYFRONTIER CORP COM 436106108 5,832 115,000 SH   SOLE   115,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 14,370 80,000 SH   SOLE   80,000 0 0
INTEL CORP COM 458140100 6,583 110,000 SH   SOLE   110,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730509 18,125 250,000 SH   SOLE   250,000 0 0
IPG PHOTONICS CORP COM 44980X109 11,594 80,000 SH   SOLE   80,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 12,253 80,000 SH   SOLE   80,000 0 0
KEYCORP NEW COM 493267108 8,906 440,000 SH   SOLE   440,000 0 0
KIMCO RLTY CORP COM 49446R109 3,106 150,000 SH   SOLE   150,000 0 0
LENNAR CORP CL A 526057104 5,914 106,000 SH   SOLE   106,000 0 0
LOCKHEED MARTIN CORP COM 539830109 32,708 84,000 SH   SOLE   84,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 4,284 100,000 SH   SOLE   100,000 0 0
MORGAN STANLEY COM NEW 617446448 10,889 213,000 SH   SOLE   213,000 0 0
MURPHY OIL CORP COM 626717102 5,360 200,000 SH   SOLE   200,000 0 0
NUCOR CORP COM 670346105 6,022 107,000 SH   SOLE   107,000 0 0
NUTRIEN LTD COM 67077M108 2,635 55,000 SH   SOLE   55,000 0 0
NVIDIA CORP COM 67066G104 6,588 28,000 SH   SOLE   28,000 0 0
OUTFRONT MEDIA INC COM 69007J106 12,069 450,000 SH   SOLE   450,000 0 0
PARKER HANNIFIN CORP COM 701094104 16,466 80,000 SH   SOLE   80,000 0 0
PHILLIPS 66 COM 718546104 11,141 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC COM 74340W103 11,142 125,000 SH   SOLE   125,000 0 0
REGENCY CTRS CORP COM 758849103 7,886 125,000 SH   SOLE   125,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 5,936 100,000 SH   SOLE   100,000 0 0
RYDER SYS INC COM 783549108 4,345 80,000 SH   SOLE   80,000 0 0
SAILPOINT TECHNLGIES HLDGS I COM 78781P105 5,900 250,000 SH   SOLE   250,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 9,988 210,000 SH   SOLE   210,000 0 0
SOUTH32 LTD ADR 84473L105 3,276 350,000 SH   SOLE   350,000 0 0
STATE STREET CORPORATION COM 857477103 8,305 105,000 SH   SOLE   105,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 60,545 77,500 SH   SOLE   77,500 0 0
TWILIO INC CL A 90138F102 26,536 270,000 SH   SOLE   270,000 0 0
UDR INC COM 902653104 5,838 125,000 SH   SOLE   125,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 12,420 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,974 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 3,960 300,000 SH   SOLE   300,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 4,987 75,000 SH   SOLE   75,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 2,918 100,000 SH   SOLE   100,000 0 0
WEYERHAEUSER CO COM 962166104 3,020 100,000 SH   SOLE   100,000 0 0
WILLIAMS SONOMA INC COM 969904101 6,242 85,000 SH   SOLE   85,000 0 0
WYNN RESORTS LTD COM 983134107 11,110 80,000 SH   SOLE   80,000 0 0
NEW YORK CMNTY CAP TR V UNIT 11/01/2051 64944P307 203 4,000 SH   SOLE   4,000 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 861 30,000 SH   SOLE   4,000 0 0