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 5,644 135,000 SH   SOLE   135,000 0 0
AIR PRODS + CHEMS INC COM 009158106 14,312 110,000 SH   SOLE   110,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 5,297 150,000 SH   SOLE   150,000 0 0
AMGEN INC COM 031162100 17,856 110,000 SH   SOLE   110,000 0 0
APACHE CORP COM 037411105 8,894 200,000 SH   SOLE   200,000 0 0
AUTODESK INC COM 052769106 10,358 170,000 SH   SOLE   170,000 0 0
AVALONBAY CMNTYS INC COM 053484101 23,016 125,000 SH   SOLE   125,000 0 0
BAKER HUGHES INC COM 057224107 5,077 110,000 SH   SOLE   110,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 25,760 1,000,000 SH   SOLE   1,000,000 0 0
BOSTON PPTYS INC COM 101121101 15,943 125,000 SH   SOLE   125,000 0 0
BP PLC SPONSORED ADR 055622104 6,252 200,000 SH   SOLE   200,000 0 0
CALATLANTIC GROUP INC COM 128195104 4,550 120,000 SH   SOLE   120,000 0 0
CAMECO CORP COM 13321L108 6,165 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 10,915 500,000 SH   SOLE   500,000 0 0
CBS CORP CLASS A CL A NEW 124857103 11,727 225,000 SH   SOLE   225,000 0 0
CELGENE CORP COM 151020104 13,293 111,000 SH   SOLE   111,000 0 0
CHEMTURA CORP COM 163893209 3,000 110,000 SH   SOLE   110,000 0 0
CHEVRON CORP COM NEW 166764100 17,992 200,000 SH   SOLE   200,000 0 0
CONOCOPHILLIPS COM 20825C104 9,338 200,000 SH   SOLE   200,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 4,366 200,000 SH   SOLE   200,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 17,442 108,000 SH   SOLE   108,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 6,400 200,000 SH   SOLE   200,000 0 0
DIGITAL RLTY TR INC COM 253868103 34,029 450,000 SH   SOLE   450,000 0 0
DISNEY WALT CO COM 254687106 14,186 135,000 SH   SOLE   135,000 0 0
DUKE RLTY CORP COM NEW 264411505 9,459 450,000 SH   SOLE   450,000 0 0
EQUITY ONE INC COM 294752100 12,218 450,000 SH   SOLE   450,000 0 0
ESSEX PPTY TR INC COM 297178105 29,926 125,000 SH   SOLE   125,000 0 0
EXXON MOBIL CORP COM 30231G102 15,590 200,000 SH   SOLE   200,000 0 0
FACEBOOK INC CL A 30303M102 91,891 878,000 SH   SOLE   878,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 18,263 125,000 SH   SOLE   125,000 0 0
FEDEX CORP COM 31428X106 16,389 110,000 SH   SOLE   110,000 0 0
FLUOR CORP NEW COM NEW 343412102 5,194 110,000 SH   SOLE   110,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 27,554 4,070,000 SH   SOLE   4,070,000 0 0
GILEAD SCIENCES INC COM 375558103 11,232 111,000 SH   SOLE   111,000 0 0
HALCON RES CORP COM NEW 40537Q506 378 300,000 SH   SOLE   300,000 0 0
HARLEY DAVIDSON INC COM 412822108 6,128 135,000 SH   SOLE   135,000 0 0
HOLLYFRONTIER CORP COM 436106108 12,964 325,000 SH   SOLE   325,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 12,512 135,000 SH   SOLE   135,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 11,815 1,700,000 SH   SOLE   1,700,000 0 0
IPG PHOTONICS CORP COM 44980X109 11,591 130,000 SH   SOLE   130,000 0 0
JANUS CAP GROUP INC COM 47102X105 50,160 3,560,000 SH   SOLE   3,560,000 0 0
JUNIPER NETWORKS INC COM 48203R104 3,174 115,000 SH   SOLE   115,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 8,214 110,000 SH   SOLE   110,000 0 0
KIMCO RLTY CORP COM 49446R109 11,907 450,000 SH   SOLE   450,000 0 0
LOCKHEED MARTIN CORP COM 539830109 23,452 108,000 SH   SOLE   108,000 0 0
MORGAN STANLEY COM NEW 617446448 16,859 530,000 SH   SOLE   530,000 0 0
MOSAIC CO COM 61945C103 3,035 110,000 SH   SOLE   110,000 0 0
NUCOR CORP COM 670346105 4,433 110,000 SH   SOLE   110,000 0 0
OUTFRONT MEDIA INC COM 69007J106 10,915 500,000 SH   SOLE   500,000 0 0
PARKER DRILLING CO COM 701081101 4,732 2,600,000 SH   SOLE   2,600,000 0 0
PARKER HANNIFIN CORP COM 701094104 13,092 135,000 SH   SOLE   135,000 0 0
PEABODY ENERGY CORP COM 704549203 806 105,000 SH   SOLE   105,000 0 0
PHILLIPS 66 COM 718546104 8,180 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC COM 74340W103 42,920 1,000,000 SH   SOLE   1,000,000 0 0
QUALCOMM INC COM 747525103 5,748 115,000 SH   SOLE   115,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 17,472 600,000 SH   SOLE   600,000 0 0
RYDER SYS INC COM 783549108 6,251 110,000 SH   SOLE   110,000 0 0
SANMINA CORP COM 801056102 9,776 475,000 SH   SOLE   475,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 17,288 525,000 SH   SOLE   525,000 0 0
SOUTH32 LTD ADR 84473L105 2,289 600,000 SH   SOLE   600,000 0 0
STATE STREET CORPORATION COM 857477103 14,068 212,000 SH   SOLE   212,000 0 0
SYMANTEC CORP COM 871503108 3,570 170,000 SH   SOLE   170,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 19,638 150,000 SH   SOLE   150,000 0 0
UDR INC COM 902653104 16,907 450,000 SH   SOLE   450,000 0 0
UNDER ARMOUR INC CL A 904311107 8,867 110,000 SH   SOLE   110,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 9,620 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,560 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 1,974 600,000 SH   SOLE   600,000 0 0
VIACOM INC NEW CL A 92553P102 7,039 160,000 SH   SOLE   160,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 12,495 125,000 SH   SOLE   125,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 13,530 500,000 SH   SOLE   500,000 0 0
WEYERHAEUSER CO COM 962166104 13,491 450,000 SH   SOLE   450,000 0 0
WILLIAMS SONOMA INC COM 969904101 6,717 115,000 SH   SOLE   115,000 0 0
WYNN RESORTS LTD COM 983134107 8,995 130,000 SH   SOLE   130,000 0 0