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 23,838 415,000 SH   SOLE   415,000 0 0
AIR PRODS + CHEMS INC COM 009158106 27,010 210,000 SH   SOLE   210,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 37,305 900,000 SH   SOLE   900,000 0 0
AMGEN INC COM 031162100 36,695 310,000 SH   SOLE   310,000 0 0
APACHE CORP COM 037411105 35,217 350,000 SH   SOLE   350,000 0 0
AUTODESK INC COM 052769106 35,237 625,000 SH   SOLE   625,000 0 0
AVALONBAY CMNTYS INC COM 053484101 42,657 300,000 SH   SOLE   300,000 0 0
BAKER HUGHES INC COM 057224107 38,714 520,000 SH   SOLE   520,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 136,900 2,000,000 SH   SOLE   2,000,000 0 0
BOSTON PPTYS INC COM 101121101 47,272 400,000 SH   SOLE   400,000 0 0
BP PLC SPONSORED ADR 055622104 26,375 500,000 SH   SOLE   500,000 0 0
CAMECO CORP COM 13321L108 29,415 1,500,000 SH   SOLE   1,500,000 0 0
CANADIAN NAT RES LTD COM 136385101 27,546 600,000 SH   SOLE   600,000 0 0
CBS CORP CLASS A CL A NEW 124857103 31,050 500,000 SH   SOLE   500,000 0 0
CELGENE CORP COM 151020104 45,516 530,000 SH   SOLE   530,000 0 0
CHEMTURA CORP COM 163893209 27,175 1,040,000 SH   SOLE   1,040,000 0 0
CHEVRON CORP COM NEW 166764100 45,692 350,000 SH   SOLE   350,000 0 0
CONOCOPHILLIPS COM 20825C104 30,005 350,000 SH   SOLE   350,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 19,467 700,000 SH   SOLE   700,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 29,826 259,000 SH   SOLE   259,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 27,790 350,000 SH   SOLE   350,000 0 0
DIGITAL RLTY TR INC COM 253868103 40,824 700,000 SH   SOLE   700,000 0 0
DISNEY WALT CO COM 254687106 39,869 465,000 SH   SOLE   465,000 0 0
DUKE RLTY CORP COM NEW 264411505 27,240 1,500,000 SH   SOLE   1,500,000 0 0
EQUITY ONE INC COM 294752100 35,385 1,500,000 SH   SOLE   1,500,000 0 0
ESSEX PPTY TR INC COM 297178105 36,982 200,000 SH   SOLE   200,000 0 0
EXXON MOBIL CORP COM 30231G102 35,238 350,000 SH   SOLE   350,000 0 0
FACEBOOK INC CL A 30303M102 171,455 2,548,000 SH   SOLE   2,548,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 36,276 300,000 SH   SOLE   300,000 0 0
FEDEX CORP COM 31428X106 39,359 260,000 SH   SOLE   260,000 0 0
FLUOR CORP NEW COM NEW 343412102 20,378 265,000 SH   SOLE   265,000 0 0
FREEPORT MCMORAN COPPER + GOLD CL B 35671D857 183,960 5,040,000 SH   SOLE   5,040,000 0 0
GILEAD SCIENCES INC COM 375558103 43,528 525,000 SH   SOLE   525,000 0 0
HALCON RES CORP COM NEW 40537Q209 10,935 1,500,000 SH   SOLE   1,500,000 0 0
HARLEY DAVIDSON INC COM 412822108 22,003 315,000 SH   SOLE   315,000 0 0
HOLLYFRONTIER CORP COM 436106108 40,632 930,000 SH   SOLE   930,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 31,697 362,000 SH   SOLE   362,000 0 0
IPG PHOTONICS CORP COM 44980X109 21,466 312,000 SH   SOLE   312,000 0 0
JANUS CAP GROUP INC COM 47102X105 51,043 4,090,000 SH   SOLE   4,090,000 0 0
JUNIPER NETWORKS INC COM 48203R104 25,522 1,040,000 SH   SOLE   1,040,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 27,953 260,000 SH   SOLE   260,000 0 0
KIMCO RLTY CORP COM 49446R109 20,682 900,000 SH   SOLE   900,000 0 0
LOCKHEED MARTIN CORP COM 539830109 33,432 208,000 SH   SOLE   208,000 0 0
MATTEL INC COM 577081102 20,264 520,000 SH   SOLE   520,000 0 0
MORGAN STANLEY COM NEW 617446448 33,300 1,030,000 SH   SOLE   1,030,000 0 0
MOSAIC CO COM 61945C103 23,241 470,000 SH   SOLE   470,000 0 0
NUCOR CORP COM 670346105 23,147 470,000 SH   SOLE   470,000 0 0
PARKER DRILLING CO COM 701081101 20,212 3,100,000 SH   SOLE   3,100,000 0 0
PARKER HANNIFIN CORP COM 701094104 32,564 259,000 SH   SOLE   259,000 0 0
PEABODY ENERGY CORP COM 704549104 58,860 3,600,000 SH   SOLE   3,600,000 0 0
PHILLIPS 66 COM 718546104 32,172 400,000 SH   SOLE   400,000 0 0
PROLOGIS INC COM 74340W103 61,635 1,500,000 SH   SOLE   1,500,000 0 0
QUALCOMM INC COM 747525103 32,868 415,000 SH   SOLE   415,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 81,420 1,500,000 SH   SOLE   1,500,000 0 0
RYLAND GROUP INC COM 783764103 20,706 525,000 SH   SOLE   525,000 0 0
SANMINA CORP COM 801056102 44,421 1,950,000 SH   SOLE   1,950,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 41,472 1,540,000 SH   SOLE   1,540,000 0 0
STATE STREET CORPORATION COM 857477103 34,639 515,000 SH   SOLE   515,000 0 0
SYMANTEC CORP COM 871503108 26,335 1,150,000 SH   SOLE   1,150,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 40,028 250,000 SH   SOLE   250,000 0 0
UDR INC COM 902653104 31,493 1,100,000 SH   SOLE   1,100,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 10,440 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,583 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 33,075 2,500,000 SH   SOLE   2,500,000 0 0
VIACOM INC NEW CL A 92553P102 35,568 410,000 SH   SOLE   410,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 42,692 400,000 SH   SOLE   400,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 38,970 1,500,000 SH   SOLE   1,500,000 0 0
WEYERHAEUSER CO COM 962166104 33,090 1,000,000 SH   SOLE   1,000,000 0 0
WILLIAMS SONOMA INC COM 969904101 37,326 520,000 SH   SOLE   520,000 0 0
WYNN RESORTS LTD COM 983134107 64,344 310,000 SH   SOLE   310,000 0 0