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
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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 10,849 265,000 SH   SOLE   265,000 0 0
AIR PRODS + CHEMS INC COM 009158106 19,471 135,000 SH   SOLE   135,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 23,556 600,000 SH   SOLE   600,000 0 0
AMGEN INC COM 031162100 33,451 210,000 SH   SOLE   210,000 0 0
APACHE CORP COM 037411105 12,534 200,000 SH   SOLE   200,000 0 0
AUTODESK INC COM 052769106 28,529 475,000 SH   SOLE   475,000 0 0
AVALONBAY CMNTYS INC COM 053484101 40,848 250,000 SH   SOLE   250,000 0 0
BAKER HUGHES INC COM 057224107 12,335 220,000 SH   SOLE   220,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 78,078 1,650,000 SH   SOLE   1,650,000 0 0
BOSTON PPTYS INC COM 101121101 38,607 300,000 SH   SOLE   300,000 0 0
BP PLC SPONSORED ADR 055622104 7,624 200,000 SH   SOLE   200,000 0 0
CAMECO CORP COM 13321L108 9,846 600,000 SH   SOLE   600,000 0 0
CANADIAN NAT RES LTD COM 136385101 15,440 500,000 SH   SOLE   500,000 0 0
CBS CORP CLASS A CL A NEW 124857103 16,908 300,000 SH   SOLE   300,000 0 0
CELGENE CORP COM 151020104 31,321 280,000 SH   SOLE   280,000 0 0
CHEMTURA CORP COM 163893209 10,881 440,000 SH   SOLE   440,000 0 0
CHEVRON CORP COM NEW 166764100 33,654 300,000 SH   SOLE   300,000 0 0
CONOCOPHILLIPS COM 20825C104 20,718 300,000 SH   SOLE   300,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 11,348 400,000 SH   SOLE   400,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 22,538 159,000 SH   SOLE   159,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 15,302 250,000 SH   SOLE   250,000 0 0
DIGITAL RLTY TR INC COM 253868103 39,780 600,000 SH   SOLE   600,000 0 0
DISNEY WALT CO COM 254687106 20,251 215,000 SH   SOLE   215,000 0 0
DUKE RLTY CORP COM NEW 264411505 20,200 1,000,000 SH   SOLE   1,000,000 0 0
EQUITY ONE INC COM 294752100 25,360 1,000,000 SH   SOLE   1,000,000 0 0
ESSEX PPTY TR INC COM 297178105 41,320 200,000 SH   SOLE   200,000 0 0
EXXON MOBIL CORP COM 30231G102 23,112 250,000 SH   SOLE   250,000 0 0
FACEBOOK INC CL A 30303M102 144,181 1,848,000 SH   SOLE   1,848,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 40,038 300,000 SH   SOLE   300,000 0 0
FEDEX CORP COM 31428X106 36,469 210,000 SH   SOLE   210,000 0 0
FLUOR CORP NEW COM NEW 343412102 13,035 215,000 SH   SOLE   215,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 109,558 4,690,000 SH   SOLE   4,690,000 0 0
GILEAD SCIENCES INC COM 375558103 25,921 275,000 SH   SOLE   275,000 0 0
HALCON RES CORP COM NEW 40537Q209 2,670 1,500,000 SH   SOLE   1,500,000 0 0
HARLEY DAVIDSON INC COM 412822108 14,171 215,000 SH   SOLE   215,000 0 0
HOLLYFRONTIER CORP COM 436106108 23,612 630,000 SH   SOLE   630,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 20,076 212,000 SH   SOLE   212,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 2,451 300,000 SH   SOLE   300,000 0 0
IPG PHOTONICS CORP COM 44980X109 15,733 210,000 SH   SOLE   210,000 0 0
JANUS CAP GROUP INC COM 47102X105 65,972 4,090,000 SH   SOLE   4,090,000 0 0
JUNIPER NETWORKS INC COM 48203R104 12,053 540,000 SH   SOLE   540,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 25,626 210,000 SH   SOLE   210,000 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103 6,163 182,500 SH   SOLE   182,500 0 0
KIMCO RLTY CORP COM 49446R109 12,570 500,000 SH   SOLE   500,000 0 0
LOCKHEED MARTIN CORP COM 539830109 25,612 133,000 SH   SOLE   133,000 0 0
MATTEL INC COM 577081102 8,355 270,000 SH   SOLE   270,000 0 0
MORGAN STANLEY COM NEW 617446448 32,204 830,000 SH   SOLE   830,000 0 0
MOSAIC CO COM 61945C103 10,043 220,000 SH   SOLE   220,000 0 0
NUCOR CORP COM 670346105 13,244 270,000 SH   SOLE   270,000 0 0
OUTFRONT MEDIA INC COM 69007J106 9,031 336,491 SH   SOLE   336,491 0 0
PARKER DRILLING CO COM 701081101 7,982 2,600,000 SH   SOLE   2,600,000 0 0
PARKER HANNIFIN CORP COM 701094104 20,632 160,000 SH   SOLE   160,000 0 0
PEABODY ENERGY CORP COM 704549104 23,994 3,100,000 SH   SOLE   3,100,000 0 0
PHILLIPS 66 COM 718546104 14,340 200,000 SH   SOLE   200,000 0 0
PROLOGIS INC COM 74340W103 64,545 1,500,000 SH   SOLE   1,500,000 0 0
QUALCOMM INC COM 747525103 15,981 215,000 SH   SOLE   215,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 52,969 1,150,000 SH   SOLE   1,150,000 0 0
RYLAND GROUP INC COM 783764103 16,195 420,000 SH   SOLE   420,000 0 0
SANMINA CORP COM 801056102 24,707 1,050,000 SH   SOLE   1,050,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 31,398 1,040,000 SH   SOLE   1,040,000 0 0
STATE STREET CORPORATION COM 857477103 40,428 515,000 SH   SOLE   515,000 0 0
SYMANTEC CORP COM 871503108 14,110 550,000 SH   SOLE   550,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 28,320 240,000 SH   SOLE   240,000 0 0
UDR INC COM 902653104 15,410 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 10,940 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,710 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 8,180 1,000,000 SH   SOLE   1,000,000 0 0
VIACOM INC NEW CL A 92553P102 23,405 310,000 SH   SOLE   310,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 35,313 300,000 SH   SOLE   300,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 27,660 1,000,000 SH   SOLE   1,000,000 0 0
WEYERHAEUSER CO COM 962166104 28,712 800,000 SH   SOLE   800,000 0 0
WILLIAMS SONOMA INC COM 969904101 20,434 270,000 SH   SOLE   270,000 0 0
WYNN RESORTS LTD COM 983134107 38,678 260,000 SH   SOLE   260,000 0 0