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

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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
AIR PRODS & CHEMS INC COM 009158106 869,528 9,495,771 SH   SOLE   9,495,771 0 0
AIR PRODS & CHEMS INC COM 009158106 54,936 599,937 SH   OTR 1 0 599,937 0
BEAM INC COM 073730103 463,830 7,349,541 SH   OTR 1 0 7,349,541 0
BEAM INC COM 073730103 850,029 13,469,004 SH   SOLE   13,469,004 0 0
BURGER KING WORLDWIDE INC COM 121220107 264,256 13,544,637 SH   OTR 1 0 13,544,637 0
BURGER KING WORLDWIDE INC COM 121220107 484,384 24,827,483 SH   SOLE   24,827,483 0 0
CANADIAN PAC RY LTD COM 13645T100 1,034,092 8,519,460 SH   OTR 1 0 8,519,460 0
CANADIAN PAC RY LTD COM 13645T100 1,898,435 15,640,428 SH   SOLE   15,640,428 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 881,175 44,347,017 SH   SOLE   44,347,017 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 465,795 23,442,140 SH   OTR 1 0 23,442,140 0
HOWARD HUGHES CORP COM 44267D107 202,690 1,808,280 SH   SOLE   1,808,280 0 0
HOWARD HUGHES CORP COM 44267D107 197,249 1,759,737 SH   OTR 1 0 1,759,737 0
MATSON INC COM 57686G105 1,767 70,683 SH   OTR 1 0 70,683 0
MATSON INC COM 57686G105 3,306 132,230 SH   SOLE   132,230 0 0
PENNEY J C INC COM 708160106 235,571 13,792,205 SH   OTR 1 0 13,792,205 0
PENNEY J C INC COM 708160106 431,843 25,283,566 SH   SOLE   25,283,566 0 0
PROCTER & GAMBLE CO COM 742718109 1,260,657 16,374,300 SH Call SOLE   16,374,300 0 0
PROCTER & GAMBLE CO COM 742718109 237,475 3,084,485 SH   OTR 1 0 3,084,485 0
PROCTER & GAMBLE CO COM 742718109 450,826 5,855,648 SH   SOLE   5,855,648 0 0
PROCTER & GAMBLE CO COM 742718109 664,093 8,625,700 SH Call OTR 1 0 8,625,700 0