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 7,583 64,000 SH   SOLE   64,000 0 0
AIR PRODS & CHEMS INC COM 009158106 17,213 63,000 SH   SOLE   63,000 0 0
ALBEMARLE CORP COM 012653101 9,589 65,000 SH   SOLE   65,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 2,148 125,000 SH   SOLE   125,000 0 0
AMGEN INC COM 031162100 14,485 63,000 SH   SOLE   63,000 0 0
APACHE CORP COM 037411105 5,676 400,000 SH   SOLE   400,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 5,398 275,000 SH   SOLE   275,000 0 0
AUTODESK INC COM 052769106 19,542 64,000 SH   SOLE   64,000 0 0
AVALONBAY CMNTYS INC COM 053484101 16,043 100,000 SH   SOLE   100,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 22,869 350,000 SH   SOLE   350,000 0 0
BOSTON PPTYS INC COM 101121101 7,090 75,000 SH   SOLE   75,000 0 0
BP PLC SPONSORED ADR 055622104 7,182 350,000 SH   SOLE   350,000 0 0
BROADCOM INC COM 11135F101 14,449 33,000 SH   SOLE   33,000 0 0
CAMECO CORP COM 13321L108 6,700 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 8,418 350,000 SH   SOLE   350,000 0 0
CENTERSPACE COM 15202L107 17,660 250,000 SH   SOLE   250,000 0 0
CHEVRON CORP COM NEW 166764100 29,558 350,000 SH   SOLE   350,000 0 0
CONOCOPHILLIPS COM 20825C104 13,997 350,000 SH   SOLE   350,000 0 0
CORTEXYME INC COM 22053A107 6,251 225,000 SH   SOLE   225,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 23,737 63,000 SH   SOLE   63,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 7,905 500,000 SH   SOLE   500,000 0 0
DIGITAL RLTY TR INC COM 253868103 17,439 125,000 SH   SOLE   125,000 0 0
DISNEY WALT CO COM 254687106 11,777 65,000 SH   SOLE   65,000 0 0
DUKE RLTY CORP COM NEW 264411505 4,996 125,000 SH   SOLE   125,000 0 0
ESSEX PPTY TR INC COM 297178105 23,742 100,000 SH   SOLE   100,000 0 0
EXXON MOBIL CORP COM 30231G102 14,427 350,000 SH   SOLE   350,000 0 0
FACEBOOK INC CL A 30303M102 55,998 205,000 SH   SOLE   205,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 8,512 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 16,356 63,000 SH   SOLE   63,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 9,697 66,000 SH   SOLE   66,000 0 0
FLUOR CORP NEW COM NEW 343412102 1,709 107,000 SH   SOLE   107,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 3,933 900,000 SH   SOLE   900,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 106,682 4,100,000 SH   SOLE   4,100,000 0 0
HIGHWOODS PPTYS INC COM 431284108 6,935 175,000 SH   SOLE   175,000 0 0
HOLLYFRONTIER CORP COM 436106108 4,265 165,000 SH   SOLE   165,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 13,048 64,000 SH   SOLE   64,000 0 0
INTEL CORP COM 458140100 5,480 110,000 SH   SOLE   110,000 0 0
IPG PHOTONICS CORP COM 44980X109 14,323 64,000 SH   SOLE   64,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 12,860 63,000 SH   SOLE   63,000 0 0
KEYCORP NEW COM 493267108 7,220 440,000 SH   SOLE   440,000 0 0
KIMCO RLTY CORP COM 49446R109 3,753 250,000 SH   SOLE   250,000 0 0
LENNAR CORP CL A 526057104 8,080 106,000 SH   SOLE   106,000 0 0
LOCKHEED MARTIN CORP COM 539830109 22,719 64,000 SH   SOLE   64,000 0 0
MORGAN STANLEY COM NEW 617446448 10,965 160,000 SH   SOLE   160,000 0 0
MURPHY OIL CORP COM 626717102 6,050 500,000 SH   SOLE   500,000 0 0
NUCOR CORP COM 670346105 5,638 106,000 SH   SOLE   106,000 0 0
NUTRIEN LTD COM 67077M108 7,465 155,000 SH   SOLE   155,000 0 0
NVIDIA CORP COM 67066G104 17,233 33,000 SH   SOLE   33,000 0 0
OCCIDENTAL PETE CORP COM 674599105 4,327 250,000 SH   SOLE   250,000 0 0
OCCIDENTAL PETROLEUM CORP WARRANT EXP 08/03/2027 674599162 681 100,000 SH   SOLE   100,000 0 0
OUTFRONT MEDIA INC COM 69007J106 9,780 500,000 SH   SOLE   500,000 0 0
OVINTIV INC COM 69047Q102 5,888 410,000 SH   SOLE   410,000 0 0
PALANTIR TECHNOLOGIES INC CL A 69608A108 5,181 220,000 SH   SOLE   220,000 0 0
PARKER HANNIFIN CORP COM 701094104 17,434 64,000 SH   SOLE   64,000 0 0
PHILLIPS 66 COM 718546104 4,196 60,000 SH   SOLE   60,000 0 0
PROLOGIS INC COM 74340W103 17,440 175,000 SH   SOLE   175,000 0 0
REGENCY CTRS CORP COM 758849103 7,978 175,000 SH   SOLE   175,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 18,805 250,000 SH   SOLE   250,000 0 0
RYDER SYS INC COM 783549108 4,632 75,000 SH   SOLE   75,000 0 0
SAILPOINT TECHNLGIES HLDGS I COM 78781P105 13,310 250,000 SH   SOLE   250,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 8,486 160,000 SH   SOLE   160,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 8,528 100,000 SH   SOLE   100,000 0 0
SOUTH32 LTD ADR 84473L105 4,284 450,000 SH   SOLE   450,000 0 0
STATE STREET CORPORATION COM 857477103 4,731 65,000 SH   SOLE   65,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 58,160 80,000 SH   SOLE   80,000 0 0
TWILIO INC CL A 90138F102 72,777 215,000 SH   SOLE   215,000 0 0
UDR INC COM 902653104 4,804 125,000 SH   SOLE   125,000 0 0
UMH PPTYS INC COM 903002103 3,702 250,000 SH   SOLE   250,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 2,398 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 7,065 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 8,380 500,000 SH   SOLE   500,000 0 0
VISA INC COM CL A 92826C839 6,999 32,000 SH   SOLE   32,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 3,734 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 2,704 125,000 SH   SOLE   125,000 0 0
WEYERHAEUSER CO COM 962166104 5,029 150,000 SH   SOLE   150,000 0 0
WILLIAMS SONOMA INC COM 969904101 6,620 65,000 SH   SOLE   65,000 0 0
WYNN RESORTS LTD COM 983134107 7,334 65,000 SH   SOLE   65,000 0 0
EL PASO ENERGY CAP TR I PFD CV TR SECS 283678209 427 8,250 SH   SOLE   8,250 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 457 18,000 SH   SOLE   18,000 0 0