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 11,011 265,000 SH   SOLE   265,000 0 0
AIR PRODS + CHEMS INC COM 009158106 20,423 135,000 SH   SOLE   135,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 23,749 550,000 SH   SOLE   550,000 0 0
AMGEN INC COM 031162100 29,572 185,000 SH   SOLE   185,000 0 0
APACHE CORP COM 037411105 12,066 200,000 SH   SOLE   200,000 0 0
AUTODESK INC COM 052769106 21,990 375,000 SH   SOLE   375,000 0 0
AVALONBAY CMNTYS INC COM 053484101 34,850 200,000 SH   SOLE   200,000 0 0
BAKER HUGHES INC COM 057224107 13,988 220,000 SH   SOLE   220,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 69,705 1,500,000 SH   SOLE   1,500,000 0 0
BOSTON PPTYS INC COM 101121101 35,120 250,000 SH   SOLE   250,000 0 0
BP PLC SPONSORED ADR 055622104 7,822 200,000 SH   SOLE   200,000 0 0
CAMECO CORP COM 13321L108 6,965 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 15,355 500,000 SH   SOLE   500,000 0 0
CBS CORP CLASS A CL A NEW 124857103 18,489 300,000 SH   SOLE   300,000 0 0
CELGENE CORP COM 151020104 28,820 250,000 SH   SOLE   250,000 0 0
CHEMTURA CORP COM 163893209 12,008 440,000 SH   SOLE   440,000 0 0
CHEVRON CORP COM NEW 166764100 31,494 300,000 SH   SOLE   300,000 0 0
CONOCOPHILLIPS COM 20825C104 18,678 300,000 SH   SOLE   300,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 10,283 350,000 SH   SOLE   350,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 20,300 134,000 SH   SOLE   134,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 15,078 250,000 SH   SOLE   250,000 0 0
DIGITAL RLTY TR INC COM 253868103 36,278 550,000 SH   SOLE   550,000 0 0
DISNEY WALT CO COM 254687106 22,551 215,000 SH   SOLE   215,000 0 0
DUKE RLTY CORP COM NEW 264411505 20,681 950,000 SH   SOLE   950,000 0 0
EQUITY ONE INC COM 294752100 25,356 950,000 SH   SOLE   950,000 0 0
ESSEX PPTY TR INC COM 297178105 45,980 200,000 SH   SOLE   200,000 0 0
EXXON MOBIL CORP COM 30231G102 21,250 250,000 SH   SOLE   250,000 0 0
FACEBOOK INC CL A 30303M102 126,611 1,540,000 SH   SOLE   1,540,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 36,803 250,000 SH   SOLE   250,000 0 0
FEDEX CORP COM 31428X106 30,608 185,000 SH   SOLE   185,000 0 0
FLUOR CORP NEW COM NEW 343412102 10,860 190,000 SH   SOLE   190,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 86,223 4,550,000 SH   SOLE   4,550,000 0 0
GILEAD SCIENCES INC COM 375558103 24,533 250,000 SH   SOLE   250,000 0 0
HALCON RES CORP COM NEW 40537Q209 2,310 1,500,000 SH   SOLE   1,500,000 0 0
HARLEY DAVIDSON INC COM 412822108 13,059 215,000 SH   SOLE   215,000 0 0
HOLLYFRONTIER CORP COM 436106108 25,370 630,000 SH   SOLE   630,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 20,399 210,000 SH   SOLE   210,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 11,250 1,500,000 SH   SOLE   1,500,000 0 0
IPG PHOTONICS CORP COM 44980X109 19,467 210,000 SH   SOLE   210,000 0 0
JANUS CAP GROUP INC COM 47102X105 70,307 4,090,000 SH   SOLE   4,090,000 0 0
JUNIPER NETWORKS INC COM 48203R104 12,193 540,000 SH   SOLE   540,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 18,885 185,000 SH   SOLE   185,000 0 0
KIMCO RLTY CORP COM 49446R109 13,425 500,000 SH   SOLE   500,000 0 0
LOCKHEED MARTIN CORP COM 539830109 26,994 133,000 SH   SOLE   133,000 0 0
MATTEL INC COM 577081102 6,055 265,000 SH   SOLE   265,000 0 0
MORGAN STANLEY COM NEW 617446448 26,054 730,000 SH   SOLE   730,000 0 0
MOSAIC CO COM 61945C103 10,133 220,000 SH   SOLE   220,000 0 0
NUCOR CORP COM 670346105 12,595 265,000 SH   SOLE   265,000 0 0
OUTFRONT MEDIA INC COM 69007J106 14,960 500,000 SH   SOLE   500,000 0 0
PARKER DRILLING CO COM 701081101 9,074 2,600,000 SH   SOLE   2,600,000 0 0
PARKER HANNIFIN CORP COM 701094104 19,005 160,000 SH   SOLE   160,000 0 0
PEABODY ENERGY CORP COM 704549104 15,375 3,125,000 SH   SOLE   3,125,000 0 0
PHILLIPS 66 COM 718546104 15,720 200,000 SH   SOLE   200,000 0 0
PROLOGIS INC COM 74340W103 65,340 1,500,000 SH   SOLE   1,500,000 0 0
QUALCOMM INC COM 747525103 14,908 215,000 SH   SOLE   215,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 41,400 1,000,000 SH   SOLE   1,000,000 0 0
RYLAND GROUP INC COM 783764103 19,252 395,000 SH   SOLE   395,000 0 0
SANMINA CORP COM 801056102 25,158 1,040,000 SH   SOLE   1,040,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 28,614 940,000 SH   SOLE   940,000 0 0
STATE STREET CORPORATION COM 857477103 34,191 465,000 SH   SOLE   465,000 0 0
SYMANTEC CORP COM 871503108 10,281 440,000 SH   SOLE   440,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 28,970 200,000 SH   SOLE   200,000 0 0
UDR INC COM 902653104 17,015 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 11,530 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,762 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 5,650 1,000,000 SH   SOLE   1,000,000 0 0
VIACOM INC NEW CL A 92553P102 21,294 310,000 SH   SOLE   310,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 28,000 250,000 SH   SOLE   250,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 26,248 950,000 SH   SOLE   950,000 0 0
WEYERHAEUSER CO COM 962166104 24,862 750,000 SH   SOLE   750,000 0 0
WILLIAMS SONOMA INC COM 969904101 17,536 220,000 SH   SOLE   220,000 0 0
WYNN RESORTS LTD COM 983134107 32,729 260,000 SH   SOLE   260,000 0 0