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 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AIR PRODS & CHEMS INCCOM009158106869,5289,495,771SH SOLE 9,495,77100
AIR PRODS & CHEMS INCCOM00915810654,936599,937SH OTR10599,9370
BEAM INCCOM073730103463,8307,349,541SH OTR107,349,5410
BEAM INCCOM073730103850,02913,469,004SH SOLE 13,469,00400
BURGER KING WORLDWIDE INCCOM121220107264,25613,544,637SH OTR1013,544,6370
BURGER KING WORLDWIDE INCCOM121220107484,38424,827,483SH SOLE 24,827,48300
CANADIAN PAC RY LTDCOM13645T1001,034,0928,519,460SH OTR108,519,4600
CANADIAN PAC RY LTDCOM13645T1001,898,43515,640,428SH SOLE 15,640,42800
GENERAL GROWTH PPTYS INC NEWCOM370023103881,17544,347,017SH SOLE 44,347,01700
GENERAL GROWTH PPTYS INC NEWCOM370023103465,79523,442,140SH OTR1023,442,1400
HOWARD HUGHES CORPCOM44267D107202,6901,808,280SH SOLE 1,808,28000
HOWARD HUGHES CORPCOM44267D107197,2491,759,737SH OTR101,759,7370
MATSON INCCOM57686G1051,76770,683SH OTR1070,6830
MATSON INCCOM57686G1053,306132,230SH SOLE 132,23000
PENNEY J C INCCOM708160106235,57113,792,205SH OTR1013,792,2050
PENNEY J C INCCOM708160106431,84325,283,566SH SOLE 25,283,56600
PROCTER & GAMBLE COCOM7427181091,260,65716,374,300SHCallSOLE 16,374,30000
PROCTER & GAMBLE COCOM742718109237,4753,084,485SH OTR103,084,4850
PROCTER & GAMBLE COCOM742718109450,8265,855,648SH SOLE 5,855,64800
PROCTER & GAMBLE COCOM742718109664,0938,625,700SHCallOTR108,625,7000