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 8,295 215,000 SH   SOLE   215,000 0 0
AIR PRODS + CHEMS INC COM 009158106 18,472 135,000 SH   SOLE   135,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 10,835 275,000 SH   SOLE   275,000 0 0
AMGEN INC COM 031162100 24,563 160,000 SH   SOLE   160,000 0 0
APACHE CORP COM 037411105 11,526 200,000 SH   SOLE   200,000 0 0
AUTODESK INC COM 052769106 11,267 225,000 SH   SOLE   225,000 0 0
AVALONBAY CMNTYS INC COM 053484101 31,974 200,000 SH   SOLE   200,000 0 0
BAKER HUGHES INC COM 057224107 11,723 190,000 SH   SOLE   190,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 61,065 1,500,000 SH   SOLE   1,500,000 0 0
BOSTON PPTYS INC COM 101121101 24,208 200,000 SH   SOLE   200,000 0 0
BP PLC SPONSORED ADR 055622104 7,992 200,000 SH   SOLE   200,000 0 0
CAMECO CORP COM 13321L108 7,140 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 13,580 500,000 SH   SOLE   500,000 0 0
CBS CORP CLASS A CL A NEW 124857103 14,350 250,000 SH   SOLE   250,000 0 0
CELGENE CORP COM 151020104 25,462 220,000 SH   SOLE   220,000 0 0
CHEMTURA CORP COM 163893209 11,041 390,000 SH   SOLE   390,000 0 0
CHEVRON CORP COM NEW 166764100 26,529 275,000 SH   SOLE   275,000 0 0
CONOCOPHILLIPS COM 20825C104 16,888 275,000 SH   SOLE   275,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 5,296 225,000 SH   SOLE   225,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 17,963 133,000 SH   SOLE   133,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 11,898 200,000 SH   SOLE   200,000 0 0
DIGITAL RLTY TR INC COM 253868103 33,340 500,000 SH   SOLE   500,000 0 0
DISNEY WALT CO COM 254687106 23,969 210,000 SH   SOLE   210,000 0 0
DUKE RLTY CORP COM NEW 264411505 13,927 750,000 SH   SOLE   750,000 0 0
EQUITY ONE INC COM 294752100 17,505 750,000 SH   SOLE   750,000 0 0
ESSEX PPTY TR INC COM 297178105 42,500 200,000 SH   SOLE   200,000 0 0
EXXON MOBIL CORP COM 30231G102 16,640 200,000 SH   SOLE   200,000 0 0
FACEBOOK INC CL A 30303M102 110,637 1,290,000 SH   SOLE   1,290,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 25,618 200,000 SH   SOLE   200,000 0 0
FEDEX CORP COM 31428X106 23,004 135,000 SH   SOLE   135,000 0 0
FLUOR CORP NEW COM NEW 343412102 8,747 165,000 SH   SOLE   165,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 84,721 4,550,000 SH   SOLE   4,550,000 0 0
GILEAD SCIENCES INC COM 375558103 25,758 220,000 SH   SOLE   220,000 0 0
HALCON RES CORP COM NEW 40537Q209 1,740 1,500,000 SH   SOLE   1,500,000 0 0
HARLEY DAVIDSON INC COM 412822108 12,115 215,000 SH   SOLE   215,000 0 0
HOLLYFRONTIER CORP COM 436106108 22,626 530,000 SH   SOLE   530,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 16,981 185,000 SH   SOLE   185,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 10,710 1,500,000 SH   SOLE   1,500,000 0 0
IPG PHOTONICS CORP COM 44980X109 15,757 185,000 SH   SOLE   185,000 0 0
JANUS CAP GROUP INC COM 47102X105 70,021 4,090,000 SH   SOLE   4,090,000 0 0
JUNIPER NETWORKS INC COM 48203R104 11,427 440,000 SH   SOLE   440,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 12,312 135,000 SH   SOLE   135,000 0 0
KIMCO RLTY CORP COM 49446R109 11,270 500,000 SH   SOLE   500,000 0 0
LOCKHEED MARTIN CORP COM 539830109 24,725 133,000 SH   SOLE   133,000 0 0
MORGAN STANLEY COM NEW 617446448 28,317 730,000 SH   SOLE   730,000 0 0
MOSAIC CO COM 61945C103 10,307 220,000 SH   SOLE   220,000 0 0
NUCOR CORP COM 670346105 10,577 240,000 SH   SOLE   240,000 0 0
OUTFRONT MEDIA INC COM 69007J106 12,620 500,000 SH   SOLE   500,000 0 0
PARKER DRILLING CO COM 701081101 8,632 2,600,000 SH   SOLE   2,600,000 0 0
PARKER HANNIFIN CORP COM 701094104 18,613 160,000 SH   SOLE   160,000 0 0
PEABODY ENERGY CORP COM 704549104 6,844 3,125,000 SH   SOLE   3,125,000 0 0
PHILLIPS 66 COM 718546104 14,098 175,000 SH   SOLE   175,000 0 0
PROLOGIS INC COM 74340W103 55,650 1,500,000 SH   SOLE   1,500,000 0 0
QUALCOMM INC COM 747525103 10,334 165,000 SH   SOLE   165,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 41,210 1,000,000 SH   SOLE   1,000,000 0 0
RYLAND GROUP INC COM 783764103 14,838 320,000 SH   SOLE   320,000 0 0
SANMINA CORP COM 801056102 15,725 780,000 SH   SOLE   780,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 25,630 785,000 SH   SOLE   785,000 0 0
SOUTH32 LTD ADR 84473L105 4,026 600,000 SH   SOLE   600,000 0 0
STATE STREET CORPORATION COM 857477103 31,955 415,000 SH   SOLE   415,000 0 0
SYMANTEC CORP COM 871503108 6,394 275,000 SH   SOLE   275,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 22,573 150,000 SH   SOLE   150,000 0 0
UDR INC COM 902653104 16,015 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 9,340 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,420 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 5,890 1,000,000 SH   SOLE   1,000,000 0 0
VIACOM INC NEW CL A 92553P102 16,866 260,000 SH   SOLE   260,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 23,732 250,000 SH   SOLE   250,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 18,165 700,000 SH   SOLE   700,000 0 0
WEYERHAEUSER CO COM 962166104 17,325 550,000 SH   SOLE   550,000 0 0
WILLIAMS SONOMA INC COM 969904101 17,688 215,000 SH   SOLE   215,000 0 0
WYNN RESORTS LTD COM 983134107 25,654 260,000 SH   SOLE   260,000 0 0