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 20,798 365,000 SH   SOLE   365,000 0 0
AIR PRODS + CHEMS INC COM 009158106 27,338 210,000 SH   SOLE   210,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 28,776 800,000 SH   SOLE   800,000 0 0
AMGEN INC COM 031162100 36,520 260,000 SH   SOLE   260,000 0 0
APACHE CORP COM 037411105 28,161 300,000 SH   SOLE   300,000 0 0
AUTODESK INC COM 052769106 28,927 525,000 SH   SOLE   525,000 0 0
AVALONBAY CMNTYS INC COM 053484101 35,242 250,000 SH   SOLE   250,000 0 0
BAKER HUGHES INC COM 057224107 27,325 420,000 SH   SOLE   420,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 117,760 2,000,000 SH   SOLE   2,000,000 0 0
BOSTON PPTYS INC COM 101121101 46,304 400,000 SH   SOLE   400,000 0 0
BP PLC SPONSORED ADR 055622104 17,580 400,000 SH   SOLE   400,000 0 0
CAMECO CORP COM 13321L108 26,490 1,500,000 SH   SOLE   1,500,000 0 0
CANADIAN NAT RES LTD COM 136385101 23,304 600,000 SH   SOLE   600,000 0 0
CBS CORP CLASS A CL A NEW 124857103 21,448 400,000 SH   SOLE   400,000 0 0
CBS OUTDOOR AMERS INC COM 14987J106 5,988 200,000 SH   SOLE   200,000 0 0
CELGENE CORP COM 151020104 40,755 430,000 SH   SOLE   430,000 0 0
CHEMTURA CORP COM 163893209 19,597 840,000 SH   SOLE   840,000 0 0
CHEVRON CORP COM NEW 166764100 35,796 300,000 SH   SOLE   300,000 0 0
CONOCOPHILLIPS COM 20825C104 22,956 300,000 SH   SOLE   300,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 15,432 600,000 SH   SOLE   600,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 32,458 259,000 SH   SOLE   259,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 20,454 300,000 SH   SOLE   300,000 0 0
DIGITAL RLTY TR INC COM 253868103 37,428 600,000 SH   SOLE   600,000 0 0
DISNEY WALT CO COM 254687106 32,496 365,000 SH   SOLE   365,000 0 0
DUKE RLTY CORP COM NEW 264411505 25,770 1,500,000 SH   SOLE   1,500,000 0 0
EQUITY ONE INC COM 294752100 27,038 1,250,000 SH   SOLE   1,250,000 0 0
ESSEX PPTY TR INC COM 297178105 35,750 200,000 SH   SOLE   200,000 0 0
EXXON MOBIL CORP COM 30231G102 28,215 300,000 SH   SOLE   300,000 0 0
FACEBOOK INC CL A 30303M102 201,394 2,548,000 SH   SOLE   2,548,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 35,538 300,000 SH   SOLE   300,000 0 0
FEDEX CORP COM 31428X106 41,977 260,000 SH   SOLE   260,000 0 0
FLUOR CORP NEW COM NEW 343412102 17,699 265,000 SH   SOLE   265,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 164,556 5,040,000 SH   SOLE   5,040,000 0 0
GILEAD SCIENCES INC COM 375558103 45,241 425,000 SH   SOLE   425,000 0 0
HALCON RES CORP COM NEW 40537Q209 5,940 1,500,000 SH   SOLE   1,500,000 0 0
HARLEY DAVIDSON INC COM 412822108 15,423 265,000 SH   SOLE   265,000 0 0
HOLLYFRONTIER CORP COM 436106108 36,254 830,000 SH   SOLE   830,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 26,339 312,000 SH   SOLE   312,000 0 0
IPG PHOTONICS CORP COM 44980X109 18,020 262,000 SH   SOLE   262,000 0 0
JANUS CAP GROUP INC COM 47102X105 59,469 4,090,000 SH   SOLE   4,090,000 0 0
JUNIPER NETWORKS INC COM 48203R104 23,036 1,040,000 SH   SOLE   1,040,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 31,512 260,000 SH   SOLE   260,000 0 0
KIMCO RLTY CORP COM 49446R109 17,528 800,000 SH   SOLE   800,000 0 0
LOCKHEED MARTIN CORP COM 539830109 38,018 208,000 SH   SOLE   208,000 0 0
MATTEL INC COM 577081102 12,873 420,000 SH   SOLE   420,000 0 0
MORGAN STANLEY COM NEW 617446448 35,607 1,030,000 SH   SOLE   1,030,000 0 0
MOSAIC CO COM 61945C103 16,432 370,000 SH   SOLE   370,000 0 0
NUCOR CORP COM 670346105 20,084 370,000 SH   SOLE   370,000 0 0
PARKER DRILLING CO COM 701081101 15,314 3,100,000 SH   SOLE   3,100,000 0 0
PARKER HANNIFIN CORP COM 701094104 29,679 260,000 SH   SOLE   260,000 0 0
PEABODY ENERGY CORP COM 704549104 44,568 3,600,000 SH   SOLE   3,600,000 0 0
PHILLIPS 66 COM 718546104 28,459 350,000 SH   SOLE   350,000 0 0
PROLOGIS INC COM 74340W103 56,550 1,500,000 SH   SOLE   1,500,000 0 0
QUALCOMM INC COM 747525103 27,291 365,000 SH   SOLE   365,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 73,770 1,500,000 SH   SOLE   1,500,000 0 0
RYLAND GROUP INC COM 783764103 17,451 525,000 SH   SOLE   525,000 0 0
SANMINA CORP COM 801056102 32,333 1,550,000 SH   SOLE   1,550,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 45,261 1,540,000 SH   SOLE   1,540,000 0 0
STATE STREET CORPORATION COM 857477103 37,909 515,000 SH   SOLE   515,000 0 0
SYMANTEC CORP COM 871503108 24,685 1,050,000 SH   SOLE   1,050,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 48,110 250,000 SH   SOLE   250,000 0 0
UDR INC COM 902653104 21,800 800,000 SH   SOLE   800,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 10,150 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,438 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 27,525 2,500,000 SH   SOLE   2,500,000 0 0
VIACOM INC NEW CL A 92553P102 39,984 400,000 SH   SOLE   400,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 30,456 1,200,000 SH   SOLE   1,200,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 31,860 1,000,000 SH   SOLE   1,000,000 0 0
WEYERHAEUSER CO COM 962166104 31,574 410,000 SH   SOLE   410,000 0 0
WILLIAMS SONOMA INC COM 969904101 31,288 470,000 SH   SOLE   470,000 0 0
WYNN RESORTS LTD COM 983134107 57,995 310,000 SH   SOLE   310,000 0 0