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 5,493 160,000 SH   SOLE   160,000 0 0
AIR PRODS + CHEMS INC COM 009158106 17,223 135,000 SH   SOLE   135,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 8,583 250,000 SH   SOLE   250,000 0 0
AMGEN INC COM 031162100 18,673 135,000 SH   SOLE   135,000 0 0
APACHE CORP COM 037411105 7,832 200,000 SH   SOLE   200,000 0 0
AUTODESK INC COM 052769106 9,711 220,000 SH   SOLE   220,000 0 0
AVALONBAY CMNTYS INC COM 053484101 34,964 200,000 SH   SOLE   200,000 0 0
BAKER HUGHES INC COM 057224107 8,326 160,000 SH   SOLE   160,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 47,430 1,500,000 SH   SOLE   1,500,000 0 0
BOSTON PPTYS INC COM 101121101 23,680 200,000 SH   SOLE   200,000 0 0
BP PLC SPONSORED ADR 055622104 6,112 200,000 SH   SOLE   200,000 0 0
CAMECO CORP COM 13321L108 6,085 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 9,725 500,000 SH   SOLE   500,000 0 0
CBS CORP CLASS A CL A NEW 124857103 11,225 250,000 SH   SOLE   250,000 0 0
CELGENE CORP COM 151020104 15,144 140,000 SH   SOLE   140,000 0 0
CHEMTURA CORP COM 163893209 6,440 225,000 SH   SOLE   225,000 0 0
CHEVRON CORP COM NEW 166764100 21,692 275,000 SH   SOLE   275,000 0 0
CONOCOPHILLIPS COM 20825C104 13,189 275,000 SH   SOLE   275,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 4,206 200,000 SH   SOLE   200,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 19,228 133,000 SH   SOLE   133,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 7,418 200,000 SH   SOLE   200,000 0 0
DIGITAL RLTY TR INC COM 253868103 32,660 500,000 SH   SOLE   500,000 0 0
DISNEY WALT CO COM 254687106 21,462 210,000 SH   SOLE   210,000 0 0
DUKE RLTY CORP COM NEW 264411505 13,335 700,000 SH   SOLE   700,000 0 0
EQUITY ONE INC COM 294752100 17,038 700,000 SH   SOLE   700,000 0 0
ESSEX PPTY TR INC COM 297178105 44,684 200,000 SH   SOLE   200,000 0 0
EXXON MOBIL CORP COM 30231G102 14,870 200,000 SH   SOLE   200,000 0 0
FACEBOOK INC CL A 30303M102 111,026 1,235,000 SH   SOLE   1,235,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 27,290 200,000 SH   SOLE   200,000 0 0
FEDEX CORP COM 31428X106 19,437 135,000 SH   SOLE   135,000 0 0
FLUOR CORP NEW COM NEW 343412102 6,776 160,000 SH   SOLE   160,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 44,380 4,580,000 SH   SOLE   4,580,000 0 0
GILEAD SCIENCES INC COM 375558103 13,747 140,000 SH   SOLE   140,000 0 0
HALCON RES CORP COM NEW 40537Q209 795 1,500,000 SH   SOLE   1,500,000 0 0
HARLEY DAVIDSON INC COM 412822108 8,784 160,000 SH   SOLE   160,000 0 0
HOLLYFRONTIER CORP COM 436106108 25,885 530,000 SH   SOLE   530,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 13,170 160,000 SH   SOLE   160,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 13,158 1,700,000 SH   SOLE   1,700,000 0 0
IPG PHOTONICS CORP COM 44980X109 12,155 160,000 SH   SOLE   160,000 0 0
JANUS CAP GROUP INC COM 47102X105 55,624 4,090,000 SH   SOLE   4,090,000 0 0
JUNIPER NETWORKS INC COM 48203R104 5,656 220,000 SH   SOLE   220,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 12,269 135,000 SH   SOLE   135,000 0 0
KIMCO RLTY CORP COM 49446R109 12,215 500,000 SH   SOLE   500,000 0 0
LOCKHEED MARTIN CORP COM 539830109 27,572 133,000 SH   SOLE   133,000 0 0
MORGAN STANLEY COM NEW 617446448 16,695 530,000 SH   SOLE   530,000 0 0
MOSAIC CO COM 61945C103 6,844 220,000 SH   SOLE   220,000 0 0
NUCOR CORP COM 670346105 6,947 185,000 SH   SOLE   185,000 0 0
OUTFRONT MEDIA INC COM 69007J106 10,400 500,000 SH   SOLE   500,000 0 0
PARKER DRILLING CO COM 701081101 6,838 2,600,000 SH   SOLE   2,600,000 0 0
PARKER HANNIFIN CORP COM 701094104 15,568 160,000 SH   SOLE   160,000 0 0
PEABODY ENERGY CORP COM 704549104 4,416 3,200,000 SH   SOLE   3,200,000 0 0
PHILLIPS 66 COM 718546104 11,526 150,000 SH   SOLE   150,000 0 0
PROLOGIS INC COM 74340W103 58,350 1,500,000 SH   SOLE   1,500,000 0 0
QUALCOMM INC COM 747525103 7,522 140,000 SH   SOLE   140,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 33,820 1,000,000 SH   SOLE   1,000,000 0 0
RYDER SYS INC COM 783549108 8,144 110,000 SH   SOLE   110,000 0 0
RYLAND GROUP INC COM 783764103 11,024 270,000 SH   SOLE   270,000 0 0
SANMINA CORP COM 801056102 15,493 725,000 SH   SOLE   725,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 17,993 630,000 SH   SOLE   630,000 0 0
SOUTH32 LTD ADR 84473L105 2,856 600,000 SH   SOLE   600,000 0 0
STATE STREET CORPORATION COM 857477103 21,171 315,000 SH   SOLE   315,000 0 0
SYMANTEC CORP COM 871503108 4,283 220,000 SH   SOLE   220,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 21,038 150,000 SH   SOLE   150,000 0 0
UDR INC COM 902653104 17,240 500,000 SH   SOLE   500,000 0 0
UNDER ARMOUR INC CL A 904311107 10,646 110,000 SH   SOLE   110,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 9,370 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,570 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 4,200 1,000,000 SH   SOLE   1,000,000 0 0
VIACOM INC NEW CL A 92553P102 11,510 260,000 SH   SOLE   260,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 18,084 200,000 SH   SOLE   200,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 17,451 700,000 SH   SOLE   700,000 0 0
WEYERHAEUSER CO COM 962166104 13,670 500,000 SH   SOLE   500,000 0 0
WILLIAMS SONOMA INC COM 969904101 12,598 165,000 SH   SOLE   165,000 0 0
WYNN RESORTS LTD COM 983134107 10,890 205,000 SH   SOLE   205,000 0 0