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
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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 41,769 815,000 SH   SOLE   815,000 0 0
AIR PRODS + CHEMS INC COM 009158106 54,351 510,000 SH   SOLE   510,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 36,020 1,000,000 SH   SOLE   1,000,000 0 0
AMGEN INC COM 031162100 45,895 410,000 SH   SOLE   410,000 0 0
APACHE CORP COM 037411105 68,112 800,000 SH   SOLE   800,000 0 0
AUTODESK INC COM 052769106 62,578 1,520,000 SH   SOLE   1,520,000 0 0
AVALONBAY CMNTYS INC COM 053484101 63,545 500,000 SH   SOLE   500,000 0 0
BP PLC SPONSORED ADR 055622104 45,172 920,000 SH   SOLE   920,000 0 0
BRE PPTYS INC CL A 05564E106 45,889 1,520,000 SH   SOLE   1,520,000 0 0
BAKER HUGHES INC COM 057224107 133,000 2,000,000 SH   SOLE   2,000,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 64,140 600,000 SH   SOLE   600,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 63,045 1,500,000 SH   SOLE   1,500,000 0 0
BOSTON PPTYS INC COM 101121101 50,760 1,000,000 SH   SOLE   1,000,000 0 0
CBS CORP CLASS A CL A NEW 124857103 59,631 3,300,000 SH   SOLE   3,300,000 0 0
CAMECO CORP COM 13321L108 18,864 600,000 SH   SOLE   600,000 0 0
CANADIAN NAT RES LTD COM 136385101 38,731 700,000 SH   SOLE   700,000 0 0
CELGENE CORP COM 151020104 63,419 412,000 SH   SOLE   412,000 0 0
CHEMTURA CORP COM 163893209 44,486 1,935,000 SH   SOLE   1,935,000 0 0
CHEVRON CORP COM NEW 166764100 60,750 500,000 SH   SOLE   500,000 0 0
CONOCOPHILLIPS COM 20825C104 62,559 900,000 SH   SOLE   900,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 46,200 2,000,000 SH   SOLE   2,000,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 47,084 409,000 SH   SOLE   409,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 57,760 1,000,000 SH   SOLE   1,000,000 0 0
DIGITAL RLTY TR INC COM 253868103 53,100 1,000,000 SH   SOLE   1,000,000 0 0
DISNEY WALT CO COM 254687106 39,661 615,000 SH   SOLE   615,000 0 0
DUKE RLTY CORP COM NEW 264411505 46,320 3,000,000 SH   SOLE   3,000,000 0 0
EPL OIL & GAS INC COM 26883D108 18,555 500,000 SH   SOLE   500,000 0 0
EQUITY ONE INC COM 294752100 43,720 2,000,000 SH   SOLE   2,000,000 0 0
EXXON MOBIL CORP COM 30231G102 60,228 700,000 SH   SOLE   700,000 0 0
FACEBOOK INC CL A 30303M102 127,735 2,542,500 SH   SOLE   2,542,500 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 60,870 600,000 SH   SOLE   600,000 0 0
FEDEX CORP COM 31428X106 46,785 410,000 SH   SOLE   410,000 0 0
FLUOR CORP NEW COM NEW 343412102 43,640 615,000 SH   SOLE   615,000 0 0
FREEPORT MCMORAN COPPER + GOLD CL B 35671D857 176,316 5,330,000 SH   SOLE   5,330,000 0 0
GILEAD SCIENCES INC COM 375558103 51,654 822,000 SH   SOLE   822,000 0 0
HALCON RES CORP COM NEW 40537Q209 6,645 1,500,000 SH   SOLE   1,500,000 0 0
HARLEY DAVIDSON INC COM 412822108 45,932 715,000 SH   SOLE   715,000 0 0
HOLLYFRONTIER CORP COM 436106108 51,795 1,230,000 SH   SOLE   1,230,000 0 0
IPG PHOTONICS CORP COM 44980X109 46,906 615,000 SH   SOLE   615,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 23,369 415,000 SH   SOLE   415,000 0 0
JANUS CAP GROUP INC COM 47102X105 34,891 4,100,000 SH   SOLE   4,100,000 0 0
JUNIPER NETWORKS INC COM 48203R104 50,643 2,550,000 SH   SOLE   2,550,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 44,838 410,000 SH   SOLE   410,000 0 0
KIMCO RLTY CORP COM 49446R109 40,360 2,000,000 SH   SOLE   2,000,000 0 0
LOCKHEED MARTIN CORP COM 539830109 51,785 406,000 SH   SOLE   406,000 0 0
MATSON INC COM 57686G105 28,074 1,070,300 SH   SOLE   1,070,300 0 0
MATTEL INC COM 577081102 34,325 820,000 SH   SOLE   820,000 0 0
MORGAN STANLEY COM NEW 617446448 41,234 1,530,000 SH   SOLE   1,530,000 0 0
MOSAIC CO COM 61945C103 35,492 825,000 SH   SOLE   825,000 0 0
NUCOR CORP COM 670346105 40,196 820,000 SH   SOLE   820,000 0 0
PARKER DRILLING CO COM 701081101 17,670 3,100,000 SH   SOLE   3,100,000 0 0
PARKER HANNIFIN CORP COM 701094104 44,575 410,000 SH   SOLE   410,000 0 0
PEABODY ENERGY CORP COM 704549104 61,582 3,570,000 SH   SOLE   3,570,000 0 0
PHILLIPS 66 COM 718546104 34,692 600,000 SH   SOLE   600,000 0 0
PROLOGIS INC COM 74340W103 75,240 2,000,000 SH   SOLE   2,000,000 0 0
QUALCOMM INC COM 747525103 41,426 615,000 SH   SOLE   615,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 78,016 1,600,000 SH   SOLE   1,600,000 0 0
RYLAND GROUP INC COM 783764103 41,554 1,025,000 SH   SOLE   1,025,000 0 0
SANMINA CORP COM 801056102 44,600 2,550,000 SH   SOLE   2,550,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 43,126 2,040,000 SH   SOLE   2,040,000 0 0
STATE STREET CORPORATION COM 857477103 47,011 715,000 SH   SOLE   715,000 0 0
SYMANTEC CORP COM 871503108 38,115 1,540,000 SH   SOLE   1,540,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 21,133 250,000 SH   SOLE   250,000 0 0
UDR INC COM 902653104 47,400 2,000,000 SH   SOLE   2,000,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 9,940 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,440 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 43,708 2,800,000 SH   SOLE   2,800,000 0 0
VIACOM INC NEW CL A 92553P102 57,494 686,000 SH   SOLE   686,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 67,248 800,000 SH   SOLE   800,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 50,540 2,000,000 SH   SOLE   2,000,000 0 0
WEYERHAEUSER CO COM 962166104 60,123 2,100,000 SH   SOLE   2,100,000 0 0
WILLIAMS SONOMA INC COM 969904101 46,084 820,000 SH   SOLE   820,000 0 0
WYNN RESORTS LTD COM 983134107 80,269 508,000 SH   SOLE   508,000 0 0