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 6,059 133,000 SH   SOLE   133,000 0 0
AIR PRODS CHEMS INC COM 009158106 15,389 107,000 SH   SOLE   107,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 4,487 100,000 SH   SOLE   100,000 0 0
AMGEN INC COM 031162100 15,644 107,000 SH   SOLE   107,000 0 0
APACHE CORP COM 037411105 12,694 200,000 SH   SOLE   200,000 0 0
AUTODESK INC COM 052769106 9,843 133,000 SH   SOLE   133,000 0 0
AVALONBAY CMNTYS INC COM 053484101 17,715 100,000 SH   SOLE   100,000 0 0
BAKER HUGHES INC COM 057224107 7,017 108,000 SH   SOLE   108,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 35,780 1,000,000 SH   SOLE   1,000,000 0 0
BOSTON PPTYS INC COM 101121101 12,578 100,000 SH   SOLE   100,000 0 0
BP PLC SPONSORED ADR 055622104 7,476 200,000 SH   SOLE   200,000 0 0
CALATLANTIC GROUP INC COM 128195104 3,673 108,000 SH   SOLE   108,000 0 0
CAMECO CORP COM 13321L108 5,235 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 15,940 500,000 SH   SOLE   500,000 0 0
CBS CORP CLASS A CL A NEW 124857103 12,930 200,000 SH   SOLE   200,000 0 0
CELGENE CORP COM 151020104 12,385 107,000 SH   SOLE   107,000 0 0
CHEVRON CORP COM NEW 166764100 23,540 200,000 SH   SOLE   200,000 0 0
CONOCOPHILLIPS COM 20825C104 10,028 200,000 SH   SOLE   200,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 3,902 125,000 SH   SOLE   125,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 17,132 107,000 SH   SOLE   107,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 9,134 200,000 SH   SOLE   200,000 0 0
DIGITAL RLTY TR INC COM 253868103 29,478 300,000 SH   SOLE   300,000 0 0
DISNEY WALT CO COM 254687106 13,549 130,000 SH   SOLE   130,000 0 0
DUKE RLTY CORP COM NEW 264411505 7,304 275,000 SH   SOLE   275,000 0 0
EQUITY ONE INC COM 294752100 8,440 275,000 SH   SOLE   275,000 0 0
ESSEX PPTY TR INC COM 297178105 23,250 100,000 SH   SOLE   100,000 0 0
EXXON MOBIL CORP COM 30231G102 18,052 200,000 SH   SOLE   200,000 0 0
FACEBOOK INC CL A 30303M102 94,111 818,000 SH   SOLE   818,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 14,211 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 19,923 107,000 SH   SOLE   107,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 14,927 162,000 SH   SOLE   162,000 0 0
FLUOR CORP NEW COM NEW 343412102 5,672 108,000 SH   SOLE   108,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 53,683 4,070,000 SH   SOLE   4,070,000 0 0
GILEAD SCIENCES INC COM 375558103 7,662 107,000 SH   SOLE   107,000 0 0
HALCON RES CORP COM PAR NEW 40537Q605 83 8,835 SH   SOLE   8,835 0 0
HARLEY DAVIDSON INC COM 412822108 7,584 130,000 SH   SOLE   130,000 0 0
HOLLYFRONTIER CORP COM 436106108 12,285 375,000 SH   SOLE   375,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 13,103 107,000 SH   SOLE   107,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 17,468 2,450,000 SH   SOLE   2,450,000 0 0
IPG PHOTONICS CORP COM 44980X109 12,832 130,000 SH   SOLE   130,000 0 0
JANUS CAP GROUP INC COM 47102X105 33,838 2,550,000 SH   SOLE   2,550,000 0 0
JUNIPER NETWORKS INC COM 48203R104 3,109 110,000 SH   SOLE   110,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 9,164 108,000 SH   SOLE   108,000 0 0
KEYCORP NEW COM 493267108 8,039 440,000 SH   SOLE   440,000 0 0
KIMCO RLTY CORP COM 49446R109 6,290 250,000 SH   SOLE   250,000 0 0
LOCKHEED MARTIN CORP COM 539830109 26,744 107,000 SH   SOLE   107,000 0 0
MORGAN STANLEY COM NEW 617446448 17,660 418,000 SH   SOLE   418,000 0 0
MOSAIC CO COM 61945C103 3,226 110,000 SH   SOLE   110,000 0 0
NEWFIELD EXPL CO COM 651290108 8,707 215,000 SH   SOLE   215,000 0 0
NUCOR CORP COM 670346105 8,035 135,000 SH   SOLE   135,000 0 0
OUTFRONT MEDIA INC COM 69007J106 12,435 500,000 SH   SOLE   500,000 0 0
PARKER DRILLING CO COM 701081101 6,760 2,600,000 SH   SOLE   2,600,000 0 0
PARKER HANNIFIN CORP COM 701094104 14,980 107,000 SH   SOLE   107,000 0 0
PHILLIPS 66 COM 718546104 8,641 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC COM 74340W103 39,593 750,000 SH   SOLE   750,000 0 0
QUALCOMM INC COM 747525103 7,042 108,000 SH   SOLE   108,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 19,230 500,000 SH   SOLE   500,000 0 0
RYDER SYS INC COM 783549108 16,005 215,000 SH   SOLE   215,000 0 0
SANMINA CORP COM 801056102 13,194 360,000 SH   SOLE   360,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 16,262 412,000 SH   SOLE   412,000 0 0
SOUTH32 LTD ADR 84473L105 5,940 600,000 SH   SOLE   600,000 0 0
STATE STREET CORPORATION COM 857477103 8,394 108,000 SH   SOLE   108,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 37,096 125,000 SH   SOLE   125,000 0 0
UDR INC COM 902653104 10,032 275,000 SH   SOLE   275,000 0 0
UNDER ARMOUR INC CL A 904311107 3,922 135,000 SH   SOLE   135,000 0 0
UNDER ARMOUR INC CL C 904311206 3,398 135,000 SH   SOLE   135,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 12,055 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,920 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 4,572 600,000 SH   SOLE   600,000 0 0
VERSUM MATLS INC COM 92532W103 1,502 53,500 SH   SOLE   53,500 0 0
VIACOM INC NEW CL A 92553P102 6,160 160,000 SH   SOLE   160,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 13,046 125,000 SH   SOLE   125,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 9,807 300,000 SH   SOLE   300,000 0 0
WEYERHAEUSER CO COM 962166104 7,523 250,000 SH   SOLE   250,000 0 0
WILLIAMS SONOMA INC COM 969904101 6,533 135,000 SH   SOLE   135,000 0 0
WYNN RESORTS LTD COM 983134107 13,409 155,000 SH   SOLE   155,000 0 0