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 6,979 132,000 SH   SOLE   132,000 0 0
AIR PRODS & CHEMS INC COM 009158106 14,476 107,000 SH   SOLE   107,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 4,452 100,000 SH   SOLE   100,000 0 0
AMGEN INC COM 031162100 17,555 107,000 SH   SOLE   107,000 0 0
APACHE CORP COM 037411105 10,278 200,000 SH   SOLE   200,000 0 0
AUTODESK INC COM 052769106 11,500 133,000 SH   SOLE   133,000 0 0
AVALONBAY CMNTYS INC COM 053484101 18,360 100,000 SH   SOLE   100,000 0 0
BAKER HUGHES INC COM 057224107 6,461 108,000 SH   SOLE   108,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 32,688 900,000 SH   SOLE   900,000 0 0
BOSTON PPTYS INC COM 101121101 13,241 100,000 SH   SOLE   100,000 0 0
BP PLC SPONSORED ADR 055622104 6,904 200,000 SH   SOLE   200,000 0 0
CALATLANTIC GROUP INC COM 128195104 4,045 108,000 SH   SOLE   108,000 0 0
CAMECO CORP COM 13321L108 5,535 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 16,395 500,000 SH   SOLE   500,000 0 0
CBS CORP CLASS A CL A NEW 124857103 14,078 200,000 SH   SOLE   200,000 0 0
CELGENE CORP COM 151020104 13,314 107,000 SH   SOLE   107,000 0 0
CHEVRON CORP COM NEW 166764100 21,474 200,000 SH   SOLE   200,000 0 0
CONOCOPHILLIPS COM 20825C104 9,974 200,000 SH   SOLE   200,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 3,310 100,000 SH   SOLE   100,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 17,943 107,000 SH   SOLE   107,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 8,344 200,000 SH   SOLE   200,000 0 0
DIGITAL RLTY TR INC COM 253868103 31,917 300,000 SH   SOLE   300,000 0 0
DISNEY WALT CO COM 254687106 11,906 105,000 SH   SOLE   105,000 0 0
DUKE RLTY CORP COM NEW 264411505 6,567 250,000 SH   SOLE   250,000 0 0
ESSEX PPTY TR INC COM 297178105 23,153 100,000 SH   SOLE   100,000 0 0
EXXON MOBIL CORP COM 30231G102 16,402 200,000 SH   SOLE   200,000 0 0
FACEBOOK INC CL A 30303M102 116,197 818,000 SH   SOLE   818,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 13,350 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 20,881 107,000 SH   SOLE   107,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 15,197 162,000 SH   SOLE   162,000 0 0
FLUOR CORP NEW COM NEW 343412102 5,683 108,000 SH   SOLE   108,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 54,442 4,075,000 SH   SOLE   4,075,000 0 0
GILEAD SCIENCES INC COM 375558103 7,267 107,000 SH   SOLE   107,000 0 0
HARLEY DAVIDSON INC COM 412822108 7,865 130,000 SH   SOLE   130,000 0 0
HOLLYFRONTIER CORP COM 436106108 9,211 325,000 SH   SOLE   325,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 14,174 107,000 SH   SOLE   107,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 14,825 2,500,000 SH   SOLE   2,500,000 0 0
IPG PHOTONICS CORP COM 44980X109 12,673 105,000 SH   SOLE   105,000 0 0
JANUS CAP GROUP INC COM 47102X105 27,060 2,050,000 SH   SOLE   2,050,000 0 0
JUNIPER NETWORKS INC COM 48203R104 3,006 108,000 SH   SOLE   108,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 9,262 108,000 SH   SOLE   108,000 0 0
KEYCORP NEW COM 493267108 8,001 450,000 SH   SOLE   450,000 0 0
KIMCO RLTY CORP COM 49446R109 4,418 200,000 SH   SOLE   200,000 0 0
LOCKHEED MARTIN CORP COM 539830109 28,633 107,000 SH   SOLE   107,000 0 0
MORGAN STANLEY COM NEW 617446448 17,907 418,000 SH   SOLE   418,000 0 0
MOSAIC CO COM 61945C103 3,151 108,000 SH   SOLE   108,000 0 0
NEWFIELD EXPL CO COM 651290108 11,627 315,000 SH   SOLE   315,000 0 0
NUCOR CORP COM 670346105 8,062 135,000 SH   SOLE   135,000 0 0
OUTFRONT MEDIA INC COM 69007J106 13,275 500,000 SH   SOLE   500,000 0 0
PARKER DRILLING CO COM 701081101 4,550 2,600,000 SH   SOLE   2,600,000 0 0
PARKER HANNIFIN CORP COM 701094104 17,154 107,000 SH   SOLE   107,000 0 0
PHILLIPS 66 COM 718546104 7,922 100,000 SH   SOLE   100,000 0 0
PROLOGIS INC COM 74340W103 36,316 700,000 SH   SOLE   700,000 0 0
QUALCOMM INC COM 747525103 6,193 108,000 SH   SOLE   108,000 0 0
REGENCY CTRS CORP COM 758849103 5,975 90,000 SH   SOLE   90,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 16,272 400,000 SH   SOLE   400,000 0 0
RYDER SYS INC COM 783549108 16,220 215,000 SH   SOLE   215,000 0 0
SANMINA CORP COM 801056102 12,586 310,000 SH   SOLE   310,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 16,732 410,000 SH   SOLE   410,000 0 0
SOUTH32 LTD ADR 84473L105 6,288 600,000 SH   SOLE   600,000 0 0
STATE STREET CORPORATION COM 857477103 8,598 108,000 SH   SOLE   108,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 34,969 125,000 SH   SOLE   125,000 0 0
UDR INC COM 902653104 7,252 200,000 SH   SOLE   200,000 0 0
UNDER ARMOUR INC CL A 904311107 2,670 135,000 SH   SOLE   135,000 0 0
UNDER ARMOUR INC CL C 904311206 2,471 135,000 SH   SOLE   135,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 10,280 500,000 SH   SOLE   500,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,436 200,000 SH   SOLE   200,000 0 0
VALE SA ADR 91912E105 4,750 500,000 SH   SOLE   500,000 0 0
VERSUM MATLS INC COM 92532W103 1,683 55,000 SH   SOLE   55,000 0 0
VIACOM INC NEW CL A 92553P102 7,800 160,000 SH   SOLE   160,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 10,031 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 6,256 200,000 SH   SOLE   200,000 0 0
WEYERHAEUSER CO COM 962166104 6,796 200,000 SH   SOLE   200,000 0 0
WILLIAMS SONOMA INC COM 969904101 7,239 135,000 SH   SOLE   135,000 0 0
WYNN RESORTS LTD COM 983134107 17,765 155,000 SH   SOLE   155,000 0 0