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

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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 7,829 132,000 SH   SOLE   132,000 0 0
AIR PRODS & CHEMS INC COM 009158106 15,307 107,000 SH   SOLE   107,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 4,138 100,000 SH   SOLE   100,000 0 0
AMGEN INC COM 031162100 18,429 107,000 SH   SOLE   107,000 0 0
APACHE CORP COM 037411105 9,586 200,000 SH   SOLE   200,000 0 0
AUTODESK INC COM 052769106 13,409 133,000 SH   SOLE   133,000 0 0
AVALONBAY CMNTYS INC COM 053484101 19,217 100,000 SH   SOLE   100,000 0 0
BAKER HUGHES INC COM 057224107 5,887 108,000 SH   SOLE   108,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 32,031 900,000 SH   SOLE   900,000 0 0
BOSTON PPTYS INC COM 101121101 12,302 100,000 SH   SOLE   100,000 0 0
BP PLC SPONSORED ADR 055622104 6,930 200,000 SH   SOLE   200,000 0 0
CALATLANTIC GROUP INC COM 128195104 3,818 108,000 SH   SOLE   108,000 0 0
CAMECO CORP COM 13321L108 4,550 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 14,420 500,000 SH   SOLE   500,000 0 0
CBS CORP CLASS A CL A NEW 124857103 12,962 200,000 SH   SOLE   200,000 0 0
CELGENE CORP COM 151020104 13,896 107,000 SH   SOLE   107,000 0 0
CHEVRON CORP COM NEW 166764100 20,866 200,000 SH   SOLE   200,000 0 0
CONOCOPHILLIPS COM 20825C104 8,792 200,000 SH   SOLE   200,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 3,503 100,000 SH   SOLE   100,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 17,112 107,000 SH   SOLE   107,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 6,394 200,000 SH   SOLE   200,000 0 0
DIGITAL RLTY TR INC COM 253868103 33,885 300,000 SH   SOLE   300,000 0 0
DISNEY WALT CO COM 254687106 11,156 105,000 SH   SOLE   105,000 0 0
DUKE RLTY CORP COM NEW 264411505 6,987 250,000 SH   SOLE   250,000 0 0
ESSEX PPTY TR INC COM 297178105 25,727 100,000 SH   SOLE   100,000 0 0
EXXON MOBIL CORP COM 30231G102 16,146 200,000 SH   SOLE   200,000 0 0
FACEBOOK INC CL A 30303M102 123,049 815,000 SH   SOLE   815,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 12,639 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 23,254 107,000 SH   SOLE   107,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 16,016 160,000 SH   SOLE   160,000 0 0
FLUOR CORP NEW COM NEW 343412102 4,944 108,000 SH   SOLE   108,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 48,941 4,075,000 SH   SOLE   4,075,000 0 0
GILEAD SCIENCES INC COM 375558103 7,573 107,000 SH   SOLE   107,000 0 0
HARLEY DAVIDSON INC COM 412822108 7,023 130,000 SH   SOLE   130,000 0 0
HOLLYFRONTIER CORP COM 436106108 8,928 325,000 SH   SOLE   325,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 15,328 107,000 SH   SOLE   107,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 15,525 2,500,000 SH   SOLE   2,500,000 0 0
IPG PHOTONICS CORP COM 44980X109 15,235 105,000 SH   SOLE   105,000 0 0
JUNIPER NETWORKS INC COM 48203R104 3,011 108,000 SH   SOLE   108,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 11,198 107,000 SH   SOLE   107,000 0 0
KEYCORP NEW COM 493267108 8,433 450,000 SH   SOLE   450,000 0 0
KIMCO RLTY CORP COM 49446R109 3,670 200,000 SH   SOLE   200,000 0 0
LOCKHEED MARTIN CORP COM 539830109 29,704 107,000 SH   SOLE   107,000 0 0
MORGAN STANLEY COM NEW 617446448 18,492 415,000 SH   SOLE   415,000 0 0
MOSAIC CO COM 61945C103 2,466 108,000 SH   SOLE   108,000 0 0
MURPHY OIL CORP COM 626717102 2,563 100,000 SH   SOLE   100,000 0 0
NEWFIELD EXPL CO COM 651290108 8,965 315,000 SH   SOLE   315,000 0 0
NUCOR CORP COM 670346105 7,697 133,000 SH   SOLE   133,000 0 0
OUTFRONT MEDIA INC COM 69007J106 11,560 500,000 SH   SOLE   500,000 0 0
PARKER DRILLING CO COM 701081101 3,510 2,600,000 SH   SOLE   2,600,000 0 0
PARKER HANNIFIN CORP COM 701094104 17,101 107,000 SH   SOLE   107,000 0 0
PHILLIPS 66 COM 718546104 8,269 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC COM 74340W103 41,048 700,000 SH   SOLE   700,000 0 0
QUALCOMM INC COM 747525103 5,964 108,000 SH   SOLE   108,000 0 0
REGENCY CTRS CORP COM 758849103 7,830 125,000 SH   SOLE   125,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 16,924 400,000 SH   SOLE   400,000 0 0
RYDER SYS INC COM 783549108 15,260 212,000 SH   SOLE   212,000 0 0
SANMINA CORP COM 801056102 11,811 310,000 SH   SOLE   310,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 17,614 410,000 SH   SOLE   410,000 0 0
SOUTH32 LTD ADR 84473L105 6,174 600,000 SH   SOLE   600,000 0 0
STATE STREET CORPORATION COM 857477103 9,601 107,000 SH   SOLE   107,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 36,722 125,000 SH   SOLE   125,000 0 0
TWILIO INC CL A 90138F102 7,860 270,000 SH   SOLE   270,000 0 0
UDR INC COM 902653104 7,794 200,000 SH   SOLE   200,000 0 0
UNDER ARMOUR INC CL A 904311107 2,938 135,000 SH   SOLE   135,000 0 0
UNDER ARMOUR INC CL C 904311206 2,722 135,000 SH   SOLE   135,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 9,900 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,450 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 4,375 500,000 SH   SOLE   500,000 0 0
VERSUM MATLS INC COM 92532W103 3,412 105,000 SH   SOLE   105,000 0 0
VIACOM INC NEW CL A 92553P102 6,088 160,000 SH   SOLE   160,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 9,390 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 6,380 200,000 SH   SOLE   200,000 0 0
WEYERHAEUSER CO COM 962166104 6,700 200,000 SH   SOLE   200,000 0 0
WILLIAMS SONOMA INC COM 969904101 6,450 133,000 SH   SOLE   133,000 0 0
WYNN RESORTS LTD COM 983134107 20,789 155,000 SH   SOLE   155,000 0 0
PEABODY ENERGY CORP NEW COM 704551100 295 12,066 SH   SOLE   12,066 0 0