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 28,799 515,000 SH   SOLE   515,000 0 0
AIR PRODS + CHEMS INC COM 009158106 24,998 210,000 SH   SOLE   210,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 39,325 924,000 SH   SOLE   924,000 0 0
AMGEN INC COM 031162100 38,235 310,000 SH   SOLE   310,000 0 0
APACHE CORP COM 037411105 33,180 400,000 SH   SOLE   400,000 0 0
AUTODESK INC COM 052769106 30,737 625,000 SH   SOLE   625,000 0 0
AVALONBAY CMNTYS INC COM 053484101 39,396 300,000 SH   SOLE   300,000 0 0
BP PLC SPONSORED ADR 055622104 38,480 800,000 SH   SOLE   800,000 0 0
BRE PPTYS INC CL A 05564E106 37,668 600,000 SH   SOLE   600,000 0 0
BAKER HUGHES INC COM 057224107 34,135 525,000 SH   SOLE   525,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 35,996 1,020,000 SH   SOLE   1,020,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 135,540 2,000,000 SH   SOLE   2,000,000 0 0
BOSTON PPTYS INC COM 101121101 45,812 400,000 SH   SOLE   400,000 0 0
CBS CORP CLASS A CL A NEW 124857103 36,144 584,000 SH   SOLE   584,000 0 0
CAMECO CORP COM 13321L108 51,525 2,250,000 SH   SOLE   2,250,000 0 0
CANADIAN NAT RES LTD COM 136385101 23,022 600,000 SH   SOLE   600,000 0 0
CELGENE CORP COM 151020104 36,994 265,000 SH   SOLE   265,000 0 0
CHEMTURA CORP COM 163893209 26,302 1,040,000 SH   SOLE   1,040,000 0 0
CHEVRON CORP COM NEW 166764100 59,455 500,000 SH   SOLE   500,000 0 0
CONOCOPHILLIPS COM 20825C104 35,175 500,000 SH   SOLE   500,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 31,968 1,200,000 SH   SOLE   1,200,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 29,037 260,000 SH   SOLE   260,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 33,465 500,000 SH   SOLE   500,000 0 0
DIGITAL RLTY TR INC COM 253868103 37,156 700,000 SH   SOLE   700,000 0 0
DISNEY WALT CO COM 254687106 41,236 515,000 SH   SOLE   515,000 0 0
DUKE RLTY CORP COM NEW 264411505 33,760 2,000,000 SH   SOLE   2,000,000 0 0
EQUITY ONE INC COM 294752100 33,510 1,500,000 SH   SOLE   1,500,000 0 0
EXXON MOBIL CORP COM 30231G102 48,840 500,000 SH   SOLE   500,000 0 0
FACEBOOK INC CL A 30303M102 153,491 2,548,000 SH   SOLE   2,548,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 40,152 350,000 SH   SOLE   350,000 0 0
FEDEX CORP COM 31428X106 34,466 260,000 SH   SOLE   260,000 0 0
FLUOR CORP NEW COM NEW 343412102 24,485 315,000 SH   SOLE   315,000 0 0
FREEPORT MCMORAN COPPER + GOLD CL B 35671D857 166,673 5,040,000 SH   SOLE   5,040,000 0 0
GILEAD SCIENCES INC COM 375558103 37,201 525,000 SH   SOLE   525,000 0 0
HALCON RES CORP COM NEW 40537Q209 6,495 1,500,000 SH   SOLE   1,500,000 0 0
HARLEY DAVIDSON INC COM 412822108 30,974 465,000 SH   SOLE   465,000 0 0
HOLLYFRONTIER CORP COM 436106108 44,249 930,000 SH   SOLE   930,000 0 0
IPG PHOTONICS CORP COM 44980X109 29,498 415,000 SH   SOLE   415,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 33,752 415,000 SH   SOLE   415,000 0 0
JANUS CAP GROUP INC COM 47102X105 44,567 4,100,000 SH   SOLE   4,100,000 0 0
JUNIPER NETWORKS INC COM 48203R104 33,488 1,300,000 SH   SOLE   1,300,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 26,536 260,000 SH   SOLE   260,000 0 0
KIMCO RLTY CORP COM 49446R109 32,820 1,500,000 SH   SOLE   1,500,000 0 0
LOCKHEED MARTIN CORP COM 539830109 42,116 258,000 SH   SOLE   258,000 0 0
MATSON INC COM 57686G105 19,752 800,000 SH   SOLE   800,000 0 0
MATTEL INC COM 577081102 20,857 520,000 SH   SOLE   520,000 0 0
MORGAN STANLEY COM NEW 617446448 32,261 1,035,000 SH   SOLE   1,035,000 0 0
MOSAIC CO COM 61945C103 26,250 525,000 SH   SOLE   525,000 0 0
NUCOR CORP COM 670346105 26,281 520,000 SH   SOLE   520,000 0 0
PARKER DRILLING CO COM 701081101 21,979 3,100,000 SH   SOLE   3,100,000 0 0
PARKER HANNIFIN CORP COM 701094104 31,125 260,000 SH   SOLE   260,000 0 0
PEABODY ENERGY CORP COM 704549104 58,661 3,590,000 SH   SOLE   3,590,000 0 0
PHILLIPS 66 COM 718546104 30,824 400,000 SH   SOLE   400,000 0 0
PROLOGIS INC COM 74340W103 61,245 1,500,000 SH   SOLE   1,500,000 0 0
QUALCOMM INC COM 747525103 40,613 515,000 SH   SOLE   515,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 83,745 1,500,000 SH   SOLE   1,500,000 0 0
RYLAND GROUP INC COM 783764103 21,163 530,000 SH   SOLE   530,000 0 0
SANMINA CORP COM 801056102 35,947 2,060,000 SH   SOLE   2,060,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 42,361 1,550,000 SH   SOLE   1,550,000 0 0
STATE STREET CORPORATION COM 857477103 35,818 515,000 SH   SOLE   515,000 0 0
SYMANTEC CORP COM 871503108 30,953 1,550,000 SH   SOLE   1,550,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 32,375 250,000 SH   SOLE   250,000 0 0
UDR INC COM 902653104 38,745 1,500,000 SH   SOLE   1,500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,544 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 10,330 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 34,575 2,500,000 SH   SOLE   2,500,000 0 0
VIACOM INC NEW CL A 92553P102 34,957 410,000 SH   SOLE   410,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 39,424 400,000 SH   SOLE   400,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 35,820 1,500,000 SH   SOLE   1,500,000 0 0
WEYERHAEUSER CO COM 962166104 41,090 1,400,000 SH   SOLE   1,400,000 0 0
WILLIAMS SONOMA INC COM 969904101 34,653 520,000 SH   SOLE   520,000 0 0
WYNN RESORTS LTD COM 983134107 79,530 358,000 SH   SOLE   358,000 0 0