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
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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 6,263 133,000 SH   SOLE   133,000 0 0
AIR PRODS + CHEMS INC COM 009158106 16,086 107,000 SH   SOLE   107,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 5,763 150,000 SH   SOLE   150,000 0 0
AMGEN INC COM 031162100 18,015 108,000 SH   SOLE   108,000 0 0
APACHE CORP COM 037411105 12,774 200,000 SH   SOLE   200,000 0 0
AUTODESK INC COM 052769106 11,428 158,000 SH   SOLE   158,000 0 0
AVALONBAY CMNTYS INC COM 053484101 22,230 125,000 SH   SOLE   125,000 0 0
BAKER HUGHES INC COM 057224107 6,813 135,000 SH   SOLE   135,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 34,650 1,000,000 SH   SOLE   1,000,000 0 0
BOSTON PPTYS INC COM 101121101 17,036 125,000 SH   SOLE   125,000 0 0
BP PLC SPONSORED ADR 055622104 7,032 200,000 SH   SOLE   200,000 0 0
CALATLANTIC GROUP INC COM 128195104 4,448 133,000 SH   SOLE   133,000 0 0
CAMECO CORP COM 13321L108 4,280 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 16,020 500,000 SH   SOLE   500,000 0 0
CBS CORP CLASS A CL A NEW 124857103 10,982 200,000 SH   SOLE   200,000 0 0
CELGENE CORP COM 151020104 11,289 108,000 SH   SOLE   108,000 0 0
CHEMTURA CORP COM 163893209 4,429 135,000 SH   SOLE   135,000 0 0
CHEVRON CORP COM NEW 166764100 20,584 200,000 SH   SOLE   200,000 0 0
CONOCOPHILLIPS COM 20825C104 8,694 200,000 SH   SOLE   200,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 5,670 200,000 SH   SOLE   200,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 16,471 108,000 SH   SOLE   108,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 8,822 200,000 SH   SOLE   200,000 0 0
DIGITAL RLTY TR INC COM 253868103 38,848 400,000 SH   SOLE   400,000 0 0
DISNEY WALT CO COM 254687106 12,165 131,000 SH   SOLE   131,000 0 0
DUKE RLTY CORP COM NEW 264411505 10,932 400,000 SH   SOLE   400,000 0 0
EQUITY ONE INC COM 294752100 12,244 400,000 SH   SOLE   400,000 0 0
ESSEX PPTY TR INC COM 297178105 27,838 125,000 SH   SOLE   125,000 0 0
EXXON MOBIL CORP COM 30231G102 17,456 200,000 SH   SOLE   200,000 0 0
FACEBOOK INC CL A 30303M102 111,595 870,000 SH   SOLE   870,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 19,241 125,000 SH   SOLE   125,000 0 0
FEDEX CORP COM 31428X106 18,691 107,000 SH   SOLE   107,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 12,492 162,000 SH   SOLE   162,000 0 0
FLUOR CORP NEW COM NEW 343412102 6,826 133,000 SH   SOLE   133,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 44,200 4,070,000 SH   SOLE   4,070,000 0 0
GILEAD SCIENCES INC COM 375558103 8,545 108,000 SH   SOLE   108,000 0 0
HALCON RES CORP COM NEW 40537Q506 83 8,835 SH   SOLE   8,835 0 0
HARLEY DAVIDSON INC COM 412822108 6,837 130,000 SH   SOLE   130,000 0 0
HOLLYFRONTIER CORP COM 436106108 9,800 400,000 SH   SOLE   400,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 15,939 133,000 SH   SOLE   133,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 14,280 2,400,000 SH   SOLE   2,400,000 0 0
IPG PHOTONICS CORP COM 44980X109 10,706 130,000 SH   SOLE   130,000 0 0
JANUS CAP GROUP INC COM 47102X105 49,735 3,550,000 SH   SOLE   3,550,000 0 0
JUNIPER NETWORKS INC COM 48203R104 3,850 160,000 SH   SOLE   160,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 10,079 108,000 SH   SOLE   108,000 0 0
KEYCORP NEW COM 493267108 5,355 440,000 SH   SOLE   440,000 0 0
KIMCO RLTY CORP COM 49446R109 11,580 400,000 SH   SOLE   400,000 0 0
LOCKHEED MARTIN CORP COM 539830109 25,650 107,000 SH   SOLE   107,000 0 0
MORGAN STANLEY COM NEW 617446448 16,671 520,000 SH   SOLE   520,000 0 0
MOSAIC CO COM 61945C103 3,302 135,000 SH   SOLE   135,000 0 0
NEWFIELD EXPL CO COM 651290108 9,344 215,000 SH   SOLE   215,000 0 0
NUCOR CORP COM 670346105 6,676 135,000 SH   SOLE   135,000 0 0
OUTFRONT MEDIA INC COM 69007J106 11,825 500,000 SH   SOLE   500,000 0 0
PARKER DRILLING CO COM 701081101 5,642 2,600,000 SH   SOLE   2,600,000 0 0
PARKER HANNIFIN CORP COM 701094104 16,695 133,000 SH   SOLE   133,000 0 0
PHILLIPS 66 COM 718546104 8,055 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC COM 74340W103 48,186 900,000 SH   SOLE   900,000 0 0
QUALCOMM INC COM 747525103 7,398 108,000 SH   SOLE   108,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 20,040 600,000 SH   SOLE   600,000 0 0
RYDER SYS INC COM 783549108 14,179 215,000 SH   SOLE   215,000 0 0
SANMINA CORP COM 801056102 13,096 460,000 SH   SOLE   460,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 16,259 515,000 SH   SOLE   515,000 0 0
SOUTH32 LTD ADR 84473L105 5,598 600,000 SH   SOLE   600,000 0 0
STATE STREET CORPORATION COM 857477103 14,622 210,000 SH   SOLE   210,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 32,914 140,000 SH   SOLE   140,000 0 0
UDR INC COM 902653104 14,396 400,000 SH   SOLE   400,000 0 0
UNDER ARMOUR INC CL A 904311107 5,222 135,000 SH   SOLE   135,000 0 0
UNDER ARMOUR INC CL C 904311206 4,571 135,000 SH   SOLE   135,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 11,110 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,620 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 4,125 750,000 SH   SOLE   750,000 0 0
VIACOM INC NEW CL A 92553P102 6,851 160,000 SH   SOLE   160,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 12,651 125,000 SH   SOLE   125,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 15,560 500,000 SH   SOLE   500,000 0 0
WEYERHAEUSER CO COM 962166104 12,776 400,000 SH   SOLE   400,000 0 0
WILLIAMS SONOMA INC COM 969904101 8,275 162,000 SH   SOLE   162,000 0 0
WYNN RESORTS LTD COM 983134107 15,100 155,000 SH   SOLE   155,000 0 0