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 5,380 135,000 SH   SOLE   135,000 0 0
AIR PRODS + CHEMS INC COM 009158106 15,846 110,000 SH   SOLE   110,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 5,502 150,000 SH   SOLE   150,000 0 0
AMGEN INC COM 031162100 16,492 110,000 SH   SOLE   110,000 0 0
APACHE CORP COM 037411105 9,762 200,000 SH   SOLE   200,000 0 0
AUTODESK INC COM 052769106 9,330 160,000 SH   SOLE   160,000 0 0
AVALONBAY CMNTYS INC COM 053484101 23,775 125,000 SH   SOLE   125,000 0 0
BAKER HUGHES INC COM 057224107 4,821 110,000 SH   SOLE   110,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 25,900 1,000,000 SH   SOLE   1,000,000 0 0
BOSTON PPTYS INC COM 101121101 15,885 125,000 SH   SOLE   125,000 0 0
BP PLC SPONSORED ADR 055622104 6,036 200,000 SH   SOLE   200,000 0 0
CALATLANTIC GROUP INC COM 128195104 3,676 110,000 SH   SOLE   110,000 0 0
CAMECO CORP COM 13321L108 6,420 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 13,500 500,000 SH   SOLE   500,000 0 0
CBS CORP CLASS A CL A NEW 124857103 11,681 200,000 SH   SOLE   200,000 0 0
CELGENE CORP COM 151020104 11,010 110,000 SH   SOLE   110,000 0 0
CHEMTURA CORP COM 163893209 2,904 110,000 SH   SOLE   110,000 0 0
CHEVRON CORP COM NEW 166764100 19,080 200,000 SH   SOLE   200,000 0 0
CONOCOPHILLIPS COM 20825C104 8,054 200,000 SH   SOLE   200,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 5,248 200,000 SH   SOLE   200,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 17,019 108,000 SH   SOLE   108,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 5,488 200,000 SH   SOLE   200,000 0 0
DIGITAL RLTY TR INC COM 253868103 39,821 450,000 SH   SOLE   450,000 0 0
DISNEY WALT CO COM 254687106 13,407 135,000 SH   SOLE   135,000 0 0
DUKE RLTY CORP COM NEW 264411505 10,143 450,000 SH   SOLE   450,000 0 0
EQUITY ONE INC COM 294752100 12,897 450,000 SH   SOLE   450,000 0 0
ESSEX PPTY TR INC COM 297178105 29,232 125,000 SH   SOLE   125,000 0 0
EXXON MOBIL CORP COM 30231G102 16,718 200,000 SH   SOLE   200,000 0 0
FACEBOOK INC CL A 30303M102 99,837 875,000 SH   SOLE   875,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 19,506 125,000 SH   SOLE   125,000 0 0
FEDEX CORP COM 31428X106 17,899 110,000 SH   SOLE   110,000 0 0
FLUOR CORP NEW COM NEW 343412102 5,907 110,000 SH   SOLE   110,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 42,084 4,070,000 SH   SOLE   4,070,000 0 0
GILEAD SCIENCES INC COM 375558103 10,105 110,000 SH   SOLE   110,000 0 0
HALCON RES CORP COM NEW 40537Q506 288 300,000 SH   SOLE   300,000 0 0
HARLEY DAVIDSON INC COM 412822108 6,673 130,000 SH   SOLE   130,000 0 0
HOLLYFRONTIER CORP COM 436106108 11,479 325,000 SH   SOLE   325,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 13,829 135,000 SH   SOLE   135,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 14,520 2,000,000 SH   SOLE   2,000,000 0 0
IPG PHOTONICS CORP COM 44980X109 12,490 130,000 SH   SOLE   130,000 0 0
JANUS CAP GROUP INC COM 47102X105 51,937 3,550,000 SH   SOLE   3,550,000 0 0
JUNIPER NETWORKS INC COM 48203R104 2,806 110,000 SH   SOLE   110,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 9,400 110,000 SH   SOLE   110,000 0 0
KIMCO RLTY CORP COM 49446R109 11,512 400,000 SH   SOLE   400,000 0 0
LOCKHEED MARTIN CORP COM 539830109 23,922 108,000 SH   SOLE   108,000 0 0
MORGAN STANLEY COM NEW 617446448 13,130 525,000 SH   SOLE   525,000 0 0
MOSAIC CO COM 61945C103 2,970 110,000 SH   SOLE   110,000 0 0
NEWFIELD EXPL CO COM 651290108 7,149 215,000 SH   SOLE   215,000 0 0
NUCOR CORP COM 670346105 5,203 110,000 SH   SOLE   110,000 0 0
OUTFRONT MEDIA INC COM 69007J106 10,550 500,000 SH   SOLE   500,000 0 0
PARKER DRILLING CO COM 701081101 5,512 2,600,000 SH   SOLE   2,600,000 0 0
PARKER HANNIFIN CORP COM 701094104 14,996 135,000 SH   SOLE   135,000 0 0
PEABODY ENERGY CORP COM 704549203 236 101,700 SH   SOLE   101,700 0 0
PHILLIPS 66 COM 718546104 8,659 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC COM 74340W103 44,180 1,000,000 SH   SOLE   1,000,000 0 0
QUALCOMM INC COM 747525103 5,625 110,000 SH   SOLE   110,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 16,962 600,000 SH   SOLE   600,000 0 0
RYDER SYS INC COM 783549108 13,928 215,000 SH   SOLE   215,000 0 0
SANMINA CORP COM 801056102 10,872 465,000 SH   SOLE   465,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 14,430 515,000 SH   SOLE   515,000 0 0
SOUTH32 LTD ADR 84473L105 3,288 600,000 SH   SOLE   600,000 0 0
STATE STREET CORPORATION COM 857477103 12,289 210,000 SH   SOLE   210,000 0 0
SYMANTEC CORP COM 871503108 2,941 160,000 SH   SOLE   160,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 21,826 150,000 SH   SOLE   150,000 0 0
UDR INC COM 902653104 17,338 450,000 SH   SOLE   450,000 0 0
UNDER ARMOUR INC CL A 904311107 9,331 110,000 SH   SOLE   110,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 10,475 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,688 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 2,526 600,000 SH   SOLE   600,000 0 0
VIACOM INC NEW CL A 92553P102 7,248 160,000 SH   SOLE   160,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 11,804 125,000 SH   SOLE   125,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 14,605 500,000 SH   SOLE   500,000 0 0
WEYERHAEUSER CO COM 962166104 13,941 450,000 SH   SOLE   450,000 0 0
WILLIAMS SONOMA INC COM 969904101 6,295 115,000 SH   SOLE   115,000 0 0
WYNN RESORTS LTD COM 983134107 12,146 130,000 SH   SOLE   130,000 0 0