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 35,172 615,000 SH   SOLE   615,000 0 0
AIR PRODS + CHEMS INC COM 009158106 34,652 310,000 SH   SOLE   310,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 41,730 1,000,000 SH   SOLE   1,000,000 0 0
AMGEN INC COM 031162100 41,097 360,000 SH   SOLE   360,000 0 0
APACHE CORP COM 037411105 60,158 700,000 SH   SOLE   700,000 0 0
AUTODESK INC COM 052769106 41,522 825,000 SH   SOLE   825,000 0 0
AVALONBAY CMNTYS INC COM 053484101 47,292 400,000 SH   SOLE   400,000 0 0
BAKER HUGHES INC COM 057224107 28,735 520,000 SH   SOLE   520,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 35,639 1,020,000 SH   SOLE   1,020,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 136,400 2,000,000 SH   SOLE   2,000,000 0 0
BOSTON PPTYS INC COM 101121101 50,185 500,000 SH   SOLE   500,000 0 0
BP PLC SPONSORED ADR 055622104 58,332 1,200,000 SH   SOLE   1,200,000 0 0
BRE PPTYS INC CL A 05564E106 32,826 600,000 SH   SOLE   600,000 0 0
CAMECO CORP COM 13321L108 51,925 2,500,000 SH   SOLE   2,500,000 0 0
CANADIAN NAT RES LTD COM 136385101 20,304 600,000 SH   SOLE   600,000 0 0
CBS CORP CLASS A CL A NEW 124857103 44,548 700,000 SH   SOLE   700,000 0 0
CELGENE CORP COM 151020104 44,267 262,000 SH   SOLE   262,000 0 0
CHEMTURA CORP COM 163893209 37,413 1,340,000 SH   SOLE   1,340,000 0 0
CHEVRON CORP COM NEW 166764100 62,455 500,000 SH   SOLE   500,000 0 0
CONOCOPHILLIPS COM 20825C104 49,455 700,000 SH   SOLE   700,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 35,535 1,500,000 SH   SOLE   1,500,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 30,823 259,000 SH   SOLE   259,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 49,496 800,000 SH   SOLE   800,000 0 0
DIGITAL RLTY TR INC COM 253868103 44,208 900,000 SH   SOLE   900,000 0 0
DISNEY WALT CO COM 254687106 39,346 515,000 SH   SOLE   515,000 0 0
DUKE RLTY CORP COM NEW 264411505 45,120 3,000,000 SH   SOLE   3,000,000 0 0
EPL OIL & GAS INC COM 26883D108 15,675 550,000 SH   SOLE   550,000 0 0
EQUITY ONE INC COM 294752100 33,660 1,500,000 SH   SOLE   1,500,000 0 0
EXXON MOBIL CORP COM 30231G102 60,720 600,000 SH   SOLE   600,000 0 0
FACEBOOK INC CL A 30303M102 139,274 2,548,000 SH   SOLE   2,548,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 45,634 450,000 SH   SOLE   450,000 0 0
FEDEX CORP COM 31428X106 37,380 260,000 SH   SOLE   260,000 0 0
FLUOR CORP NEW COM NEW 343412102 41,349 515,000 SH   SOLE   515,000 0 0
FREEPORT MCMORAN COPPER + GOLD CL B 35671D857 189,832 5,030,000 SH   SOLE   5,030,000 0 0
GILEAD SCIENCES INC COM 375558103 39,228 522,000 SH   SOLE   522,000 0 0
HALCON RES CORP COM NEW 40537Q209 5,790 1,500,000 SH   SOLE   1,500,000 0 0
HARLEY DAVIDSON INC COM 412822108 42,583 615,000 SH   SOLE   615,000 0 0
HOLLYFRONTIER CORP COM 436106108 46,212 930,000 SH   SOLE   930,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 43,301 515,000 SH   SOLE   515,000 0 0
IPG PHOTONICS CORP COM 44980X109 32,208 415,000 SH   SOLE   415,000 0 0
JANUS CAP GROUP INC COM 47102X105 50,717 4,100,000 SH   SOLE   4,100,000 0 0
JUNIPER NETWORKS INC COM 48203R104 46,268 2,050,000 SH   SOLE   2,050,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 32,196 260,000 SH   SOLE   260,000 0 0
KIMCO RLTY CORP COM 49446R109 29,625 1,500,000 SH   SOLE   1,500,000 0 0
LOCKHEED MARTIN CORP COM 539830109 45,639 307,000 SH   SOLE   307,000 0 0
MATSON INC COM 57686G105 26,110 1,000,000 SH   SOLE   1,000,000 0 0
MATTEL INC COM 577081102 39,016 820,000 SH   SOLE   820,000 0 0
MORGAN STANLEY COM NEW 617446448 44,845 1,430,000 SH   SOLE   1,430,000 0 0
MOSAIC CO COM 61945C103 34,271 725,000 SH   SOLE   725,000 0 0
NUCOR CORP COM 670346105 33,096 620,000 SH   SOLE   620,000 0 0
PARKER DRILLING CO COM 701081101 25,203 3,100,000 SH   SOLE   3,100,000 0 0
PARKER HANNIFIN CORP COM 701094104 46,310 360,000 SH   SOLE   360,000 0 0
PEABODY ENERGY CORP COM 704549104 69,722 3,570,000 SH   SOLE   3,570,000 0 0
PHILLIPS 66 COM 718546104 30,852 400,000 SH   SOLE   400,000 0 0
PROLOGIS INC COM 74340W103 55,425 1,500,000 SH   SOLE   1,500,000 0 0
QUALCOMM INC COM 747525103 38,239 515,000 SH   SOLE   515,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 84,645 1,500,000 SH   SOLE   1,500,000 0 0
RYLAND GROUP INC COM 783764103 40,371 930,000 SH   SOLE   930,000 0 0
SANMINA CORP COM 801056102 42,752 2,560,000 SH   SOLE   2,560,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 40,300 1,550,000 SH   SOLE   1,550,000 0 0
STATE STREET CORPORATION COM 857477103 45,135 615,000 SH   SOLE   615,000 0 0
SYMANTEC CORP COM 871503108 36,549 1,550,000 SH   SOLE   1,550,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 24,743 250,000 SH   SOLE   250,000 0 0
UDR INC COM 902653104 46,700 2,000,000 SH   SOLE   2,000,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,170 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 9,225 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 38,125 2,500,000 SH   SOLE   2,500,000 0 0
VIACOM INC NEW CL A 92553P102 53,540 610,000 SH   SOLE   610,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 44,395 500,000 SH   SOLE   500,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 46,720 2,000,000 SH   SOLE   2,000,000 0 0
WEYERHAEUSER CO COM 962166104 56,826 1,800,000 SH   SOLE   1,800,000 0 0
WILLIAMS SONOMA INC COM 969904101 36,134 620,000 SH   SOLE   620,000 0 0
WYNN RESORTS LTD COM 983134107 98,659 508,000 SH   SOLE   508,000 0 0