<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>ADT Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00101J10</cusip>
			<value>1398</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35072</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>35072</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AFLAC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00105510</cusip>
			<value>4321</value>
			<shrsOrPrnAmt>
				<sshPrnamt>74353</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>74353</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AGL RESOURCES INC.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00120410</cusip>
			<value>804</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18757</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>18757</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00130H10</cusip>
			<value>1181</value>
			<shrsOrPrnAmt>
				<sshPrnamt>98472</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>98472</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AT&amp;T INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00206R10</cusip>
			<value>30913</value>
			<shrsOrPrnAmt>
				<sshPrnamt>873243</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>873243</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ABBOTT LABORATORIE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00282410</cusip>
			<value>8711</value>
			<shrsOrPrnAmt>
				<sshPrnamt>249742</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>249742</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ABBVIE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00287Y10</cusip>
			<value>10390</value>
			<shrsOrPrnAmt>
				<sshPrnamt>251342</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>251342</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ABERCROMBIE &amp; FITC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00289620</cusip>
			<value>572</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12632</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>12632</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ACTAVIS, INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00507K10</cusip>
			<value>2565</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20322</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>20322</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ADOBE SYS INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00724F10</cusip>
			<value>3614</value>
			<shrsOrPrnAmt>
				<sshPrnamt>79318</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>79318</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ADVANCED MICRO DEV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00790310</cusip>
			<value>409</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100212</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>100212</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AETNA INC NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00817Y10</cusip>
			<value>3844</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>60500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AGILENT TECHNOLOGI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00846U10</cusip>
			<value>2360</value>
			<shrsOrPrnAmt>
				<sshPrnamt>55193</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>55193</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AIR PRODUCTS &amp; CHE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00915810</cusip>
			<value>3026</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33050</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>33050</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AIRGAS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00936310</cusip>
			<value>1036</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10849</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>10849</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AKAMAI TECHNOLOGIE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00971T10</cusip>
			<value>1202</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28248</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>28248</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALCOA, INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>01381710</cusip>
			<value>1330</value>
			<shrsOrPrnAmt>
				<sshPrnamt>170079</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>170079</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALEXION PHARM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>01535110</cusip>
			<value>2859</value>
			<shrsOrPrnAmt>
				<sshPrnamt>31000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>31000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALLEGHENY TECHNOLO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>01741R10</cusip>
			<value>468</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17803</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>17803</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALLERGAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>01849010</cusip>
			<value>4124</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48952</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>48952</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALLSTATE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02000210</cusip>
			<value>3652</value>
			<shrsOrPrnAmt>
				<sshPrnamt>75884</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>75884</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALTERA CORP.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02144110</cusip>
			<value>1677</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50837</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>50837</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALTRIA GROUP INC F</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02209S10</cusip>
			<value>11183</value>
			<shrsOrPrnAmt>
				<sshPrnamt>319595</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>319595</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMAZON COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02313510</cusip>
			<value>16069</value>
			<shrsOrPrnAmt>
				<sshPrnamt>57865</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>57865</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMEREN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02360810</cusip>
			<value>1328</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38546</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>38546</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN ELEC PWR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02553710</cusip>
			<value>3459</value>
			<shrsOrPrnAmt>
				<sshPrnamt>77238</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>77238</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN EXPRESS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02581610</cusip>
			<value>11424</value>
			<shrsOrPrnAmt>
				<sshPrnamt>152813</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>152813</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN INTL GROU</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02687478</cusip>
			<value>10496</value>
			<shrsOrPrnAmt>
				<sshPrnamt>234805</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>234805</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN TOWER REI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03027X10</cusip>
			<value>4600</value>
			<shrsOrPrnAmt>
				<sshPrnamt>62868</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>62868</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERISOURCEBERGEN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03073E10</cusip>
			<value>2046</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36641</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>36641</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERIPRISE FINL IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03076C10</cusip>
			<value>2615</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32331</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>32331</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMGEN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03116210</cusip>
			<value>11745</value>
			<shrsOrPrnAmt>
				<sshPrnamt>119045</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>119045</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMPHENOL CORP-CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03209510</cusip>
			<value>1977</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25370</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>25370</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANADARKO PETE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03251110</cusip>
			<value>6839</value>
			<shrsOrPrnAmt>
				<sshPrnamt>79588</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>79588</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANALOG DEVICES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03265410</cusip>
			<value>2192</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48642</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>48642</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APACHE CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03741110</cusip>
			<value>5223</value>
			<shrsOrPrnAmt>
				<sshPrnamt>62299</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>62299</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APT INV MNGMT STK</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03748R10</cusip>
			<value>698</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23235</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23235</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APOLLO GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03760410</cusip>
			<value>293</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16549</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>16549</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APPLE COMPUTER</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03783310</cusip>
			<value>59150</value>
			<shrsOrPrnAmt>
				<sshPrnamt>149338</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>149338</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APPLIED MATLS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03822210</cusip>
			<value>2845</value>
			<shrsOrPrnAmt>
				<sshPrnamt>190786</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>190786</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ARCHER DANIELS MID</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03948310</cusip>
			<value>3550</value>
			<shrsOrPrnAmt>
				<sshPrnamt>104703</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>104703</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ASSURANT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>04621X10</cusip>
			<value>637</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12511</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>12511</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AUTODESK INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05276910</cusip>
			<value>1214</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35757</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>35757</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AUTOMATIC DATA PRO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05301510</cusip>
			<value>5312</value>
			<shrsOrPrnAmt>
				<sshPrnamt>77143</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>77143</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AUTONATION STK</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05329W10</cusip>
			<value>279</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6419</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>6419</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AUTOZONE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05333210</cusip>
			<value>2461</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5809</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>5809</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AVALONBAY COMMUNIT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05348410</cusip>
			<value>2553</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18927</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>18927</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AVERY DENNISON COR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05361110</cusip>
			<value>679</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15875</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>15875</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AVON PRODS INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05430310</cusip>
			<value>1446</value>
			<shrsOrPrnAmt>
				<sshPrnamt>68771</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>68771</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BB &amp; T CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05493710</cusip>
			<value>3770</value>
			<shrsOrPrnAmt>
				<sshPrnamt>111266</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>111266</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BMC SOFTWARE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05592110</cusip>
			<value>945</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20938</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>20938</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BAKER HUGHES INC C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05722410</cusip>
			<value>3243</value>
			<shrsOrPrnAmt>
				<sshPrnamt>70292</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>70292</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BALL CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05849810</cusip>
			<value>987</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23764</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23764</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BANK OF AMERICA CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>06050510</cusip>
			<value>22126</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1720554</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>1720554</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BANK NEW YORK MELL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>06405810</cusip>
			<value>5191</value>
			<shrsOrPrnAmt>
				<sshPrnamt>185060</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>185060</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BARD C R INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>06738310</cusip>
			<value>1312</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12074</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>12074</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BAXTER INTERNATION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>07181310</cusip>
			<value>6016</value>
			<shrsOrPrnAmt>
				<sshPrnamt>86852</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>86852</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BEAM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>07373010</cusip>
			<value>1608</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25487</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>25487</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BECTON DICKINSON &amp;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>07588710</cusip>
			<value>3051</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30869</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>30869</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BED BATH &amp; BEYOND</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>07589610</cusip>
			<value>2547</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35917</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>35917</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BEMIS INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>08143710</cusip>
			<value>642</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>16400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Berkshire Hathaway</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>08467070</cusip>
			<value>32458</value>
			<shrsOrPrnAmt>
				<sshPrnamt>290007</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>290007</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BEST BUY INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>08651610</cusip>
			<value>1157</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42321</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>42321</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BIOGEN IDEC, INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09062X10</cusip>
			<value>8086</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37574</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>37574</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BLACKROCK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09247X10</cusip>
			<value>5147</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20039</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>20039</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BLOCK H &amp; R INC CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09367110</cusip>
			<value>1197</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43140</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>43140</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BOEING CO COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09702310</cusip>
			<value>11083</value>
			<shrsOrPrnAmt>
				<sshPrnamt>108195</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>108195</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BORGWARNER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09972410</cusip>
			<value>1585</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>18400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BOSTON PROPERTIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>10112110</cusip>
			<value>2544</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24123</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>24123</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BOSTON SCIENTIFIC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>10113710</cusip>
			<value>2001</value>
			<shrsOrPrnAmt>
				<sshPrnamt>215862</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>215862</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BRISTOL-MYERS SQUI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>11012210</cusip>
			<value>11637</value>
			<shrsOrPrnAmt>
				<sshPrnamt>260404</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>260404</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BROADCOM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>11132010</cusip>
			<value>2809</value>
			<shrsOrPrnAmt>
				<sshPrnamt>83201</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>83201</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BROWN FORMAN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>11563720</cusip>
			<value>1627</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24090</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>24090</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>CBS Corp New Cl B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12485720</cusip>
			<value>4548</value>
			<shrsOrPrnAmt>
				<sshPrnamt>93066</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>93066</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CBRE Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12504L10</cusip>
			<value>1131</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48399</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>48399</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CF INDUSTRIES HOLD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12526910</cusip>
			<value>1620</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9446</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>9446</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>C H  ROBINSON WORL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12541W20</cusip>
			<value>1443</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25629</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>25629</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CIGNA CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12550910</cusip>
			<value>3299</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45503</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>45503</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CME GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12572Q10</cusip>
			<value>3710</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48835</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>48835</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CMS ENERGY CORP CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12589610</cusip>
			<value>1144</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42110</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>42110</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CSX CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12640810</cusip>
			<value>3765</value>
			<shrsOrPrnAmt>
				<sshPrnamt>162356</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>162356</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CVS/CAREMARK CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12665010</cusip>
			<value>11195</value>
			<shrsOrPrnAmt>
				<sshPrnamt>195787</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>195787</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CA INC, COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12673P10</cusip>
			<value>1515</value>
			<shrsOrPrnAmt>
				<sshPrnamt>52927</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>52927</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CABLEVISION SY-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12686C10</cusip>
			<value>574</value>
			<shrsOrPrnAmt>
				<sshPrnamt>34109</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>34109</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CABOT OIL &amp; GAS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12709710</cusip>
			<value>2375</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33446</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>33446</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAMERON INTERNATIO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>13342B10</cusip>
			<value>2411</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39419</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>39419</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAMPBELL SOUP CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>13442910</cusip>
			<value>1277</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28512</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>28512</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAPITAL ONE FINL C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14040H10</cusip>
			<value>5817</value>
			<shrsOrPrnAmt>
				<sshPrnamt>92617</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>92617</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CARDINAL HEALTH IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14149Y10</cusip>
			<value>2556</value>
			<shrsOrPrnAmt>
				<sshPrnamt>54154</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>54154</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAREFUSION CORP CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14170T10</cusip>
			<value>1303</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35352</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>35352</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CARMAX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14313010</cusip>
			<value>1677</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36330</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>36330</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CARNIVAL CRUISE LI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14365830</cusip>
			<value>2423</value>
			<shrsOrPrnAmt>
				<sshPrnamt>70667</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>70667</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CATERPILLAR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14912310</cusip>
			<value>8596</value>
			<shrsOrPrnAmt>
				<sshPrnamt>104202</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>104202</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CELGENE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15102010</cusip>
			<value>7782</value>
			<shrsOrPrnAmt>
				<sshPrnamt>66565</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>66565</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CENTERPOINT ENERGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15189T10</cusip>
			<value>1597</value>
			<shrsOrPrnAmt>
				<sshPrnamt>67997</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>67997</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CENTURYLINK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15670010</cusip>
			<value>3518</value>
			<shrsOrPrnAmt>
				<sshPrnamt>99520</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>99520</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cerner Corp</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15678210</cusip>
			<value>2238</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23288</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23288</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHESAPEAKE ENERGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>16516710</cusip>
			<value>1688</value>
			<shrsOrPrnAmt>
				<sshPrnamt>82845</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>82845</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHEVRON CORP NEW F</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>16676410</cusip>
			<value>36562</value>
			<shrsOrPrnAmt>
				<sshPrnamt>308956</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>308956</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHIPOTLE MEXICAN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>16965610</cusip>
			<value>1781</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4888</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>4888</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHUBB CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17123210</cusip>
			<value>3512</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41488</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>41488</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CINCINNATI FINL CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17206210</cusip>
			<value>1071</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23337</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23337</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CISCO SYSTEMS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17275R10</cusip>
			<value>20611</value>
			<shrsOrPrnAmt>
				<sshPrnamt>847824</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>847824</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CINTAS CORP OHIO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17290810</cusip>
			<value>758</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16634</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>16634</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CITIGROUP, INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17296742</cusip>
			<value>23180</value>
			<shrsOrPrnAmt>
				<sshPrnamt>483226</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>483226</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CITRIX SYSTEMS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17737610</cusip>
			<value>1785</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29595</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>29595</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CLIFFS NATURAL R</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>18683K10</cusip>
			<value>407</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25067</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>25067</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CLOROX CO COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>18905410</cusip>
			<value>1736</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20875</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>20875</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COACH STK</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>18975410</cusip>
			<value>2552</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44698</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>44698</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COCA COLA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>19121610</cusip>
			<value>24446</value>
			<shrsOrPrnAmt>
				<sshPrnamt>609470</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>609470</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COCA COLA ENTERPRI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>19122T10</cusip>
			<value>1467</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41734</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>41734</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COGNIZANT TECH SOL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>19244610</cusip>
			<value>3001</value>
			<shrsOrPrnAmt>
				<sshPrnamt>47939</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>47939</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COLGATE PALMOLIVE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>19416210</cusip>
			<value>8011</value>
			<shrsOrPrnAmt>
				<sshPrnamt>139830</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>139830</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COMCAST CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20030N10</cusip>
			<value>17578</value>
			<shrsOrPrnAmt>
				<sshPrnamt>419733</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>419733</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COMERICA INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20034010</cusip>
			<value>1187</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29814</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>29814</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COMPUTER SCIENCES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20536310</cusip>
			<value>1067</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24387</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>24387</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONAGRA INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20588710</cusip>
			<value>2300</value>
			<shrsOrPrnAmt>
				<sshPrnamt>65847</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>65847</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20825C10</cusip>
			<value>11746</value>
			<shrsOrPrnAmt>
				<sshPrnamt>194156</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>194156</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONSOL ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20854P10</cusip>
			<value>984</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36318</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>36318</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONSOLIDATED EDISO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20911510</cusip>
			<value>2714</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46552</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>46552</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONSTELLATION ORDI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>21036P10</cusip>
			<value>1265</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24271</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>24271</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CORNING INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>21935010</cusip>
			<value>3332</value>
			<shrsOrPrnAmt>
				<sshPrnamt>234156</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>234156</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COSTCO WHSL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22160K10</cusip>
			<value>7659</value>
			<shrsOrPrnAmt>
				<sshPrnamt>69265</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>69265</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CROWN CASTLE INT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22822710</cusip>
			<value>3373</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>46600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CUMMINS ENGINE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23102110</cusip>
			<value>3048</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28104</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>28104</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>D R HORTON ORDINAR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23331A10</cusip>
			<value>946</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44432</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>44432</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DTE ENERGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23333110</cusip>
			<value>1839</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27446</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>27446</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DANAHER CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23585110</cusip>
			<value>5834</value>
			<shrsOrPrnAmt>
				<sshPrnamt>92159</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>92159</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DARDEN RESTAURANTS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23719410</cusip>
			<value>1036</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20526</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>20526</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DAVITA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23918K10</cusip>
			<value>1624</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13443</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>13443</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DEERE &amp; CO COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>24419910</cusip>
			<value>5034</value>
			<shrsOrPrnAmt>
				<sshPrnamt>61952</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>61952</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DELL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>24702R10</cusip>
			<value>3100</value>
			<shrsOrPrnAmt>
				<sshPrnamt>232198</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>232198</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DENBURY RESOURCE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>24791620</cusip>
			<value>1029</value>
			<shrsOrPrnAmt>
				<sshPrnamt>59424</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>59424</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DENTSPLY INTERNATI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>24903010</cusip>
			<value>932</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22749</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>22749</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DEVON ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25179M10</cusip>
			<value>3115</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60035</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>60035</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DIAMOND OFFSHORE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25271C10</cusip>
			<value>762</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11083</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>11083</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DISNEY (WALT) CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25468710</cusip>
			<value>18132</value>
			<shrsOrPrnAmt>
				<sshPrnamt>287120</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>287120</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DISCOVER FINANCIAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25470910</cusip>
			<value>3752</value>
			<shrsOrPrnAmt>
				<sshPrnamt>78761</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>78761</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DISCOVERY COMM-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25470F10</cusip>
			<value>3011</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>39000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DIRECT TV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25490A30</cusip>
			<value>5618</value>
			<shrsOrPrnAmt>
				<sshPrnamt>91169</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>91169</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOLLAR GENERAL C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25667710</cusip>
			<value>2426</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>48100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOLLAR TREE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25674610</cusip>
			<value>1835</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>36100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOMINION RES INC V</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25746U10</cusip>
			<value>5209</value>
			<shrsOrPrnAmt>
				<sshPrnamt>91672</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>91672</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOVER CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26000310</cusip>
			<value>2154</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27733</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>27733</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOW CHEM CO COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26054310</cusip>
			<value>6161</value>
			<shrsOrPrnAmt>
				<sshPrnamt>191516</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>191516</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>DR PEPPER SNAPPLE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26138E10</cusip>
			<value>1485</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32331</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>32331</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DUPONT (EI) DE NEM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26353410</cusip>
			<value>7801</value>
			<shrsOrPrnAmt>
				<sshPrnamt>148581</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>148581</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DUKE ENERGY CORP,</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26441C20</cusip>
			<value>7561</value>
			<shrsOrPrnAmt>
				<sshPrnamt>112010</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>112010</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DUN &amp; BRADSTREET</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26483E10</cusip>
			<value>634</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6503</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>6503</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DYNEGY, INC. WARRA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26817R11</cusip>
			<value>1</value>
			<shrsOrPrnAmt>
				<sshPrnamt>460</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>460</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EMC CORP MASS COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26864810</cusip>
			<value>7903</value>
			<shrsOrPrnAmt>
				<sshPrnamt>334598</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>334598</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EOG RES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26875P10</cusip>
			<value>5689</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43204</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>43204</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EQT CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26884L10</cusip>
			<value>1899</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23927</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23927</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>E TRADE FIN STK</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26924640</cusip>
			<value>539</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42604</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>42604</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EASTMAN CHEM CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>27743210</cusip>
			<value>1711</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24436</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>24436</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EBAY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>27864210</cusip>
			<value>9597</value>
			<shrsOrPrnAmt>
				<sshPrnamt>185548</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>185548</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ECOLAB INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>27886510</cusip>
			<value>3593</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42180</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>42180</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EDISON INTL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>28102010</cusip>
			<value>2495</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51802</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>51802</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EDWARDS LIFE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>28176E10</cusip>
			<value>1222</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18180</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>18180</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ELECTRONIC ARTS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>28551210</cusip>
			<value>1097</value>
			<shrsOrPrnAmt>
				<sshPrnamt>47763</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>47763</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EMERSON ELECTRIC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29101110</cusip>
			<value>6261</value>
			<shrsOrPrnAmt>
				<sshPrnamt>114800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>114800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ENTERGY CORP NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29364G10</cusip>
			<value>1972</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28299</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>28299</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EQUIFAX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29442910</cusip>
			<value>1129</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19155</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>19155</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EQUITY RESIDENTIAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29476L10</cusip>
			<value>2960</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50988</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>50988</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXELON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30161N10</cusip>
			<value>4198</value>
			<shrsOrPrnAmt>
				<sshPrnamt>135959</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>135959</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Expedia Inc</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30212P30</cusip>
			<value>892</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14828</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>14828</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Expeditors Intl Wa</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30213010</cusip>
			<value>1247</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>32800</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>EXPRESS SCRIPTS HO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30219G10</cusip>
			<value>8028</value>
			<shrsOrPrnAmt>
				<sshPrnamt>130140</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>130140</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30231G10</cusip>
			<value>64373</value>
			<shrsOrPrnAmt>
				<sshPrnamt>712480</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>712480</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FLIR SYSTEMS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30244510</cusip>
			<value>622</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23067</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23067</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FMC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30249130</cusip>
			<value>1339</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21932</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>21932</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FMC TECHNOLOGIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30249U10</cusip>
			<value>2106</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37823</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>37823</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FAMILY DOLLAR STOR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30700010</cusip>
			<value>955</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15320</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>15320</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FASTENAL CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31190010</cusip>
			<value>1969</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42938</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>42938</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FEDEX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31428X10</cusip>
			<value>4588</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46536</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>46536</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>F5 NETWORKS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31561610</cusip>
			<value>862</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12536</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>12536</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FIDELITY NATIONAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31620M10</cusip>
			<value>1999</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46664</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>46664</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FIFTH THIRD BANCOR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31677310</cusip>
			<value>2513</value>
			<shrsOrPrnAmt>
				<sshPrnamt>139230</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>139230</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FIRST HORIZON NATL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>32051710</cusip>
			<value>434</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38742</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>38742</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FIRST SOLAR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>33643310</cusip>
			<value>447</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9986</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>9986</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FISERV INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>33773810</cusip>
			<value>1860</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21279</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>21279</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FIRSTENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>33793210</cusip>
			<value>2485</value>
			<shrsOrPrnAmt>
				<sshPrnamt>66540</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>66540</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FLUOR CORP (NEW)</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34341210</cusip>
			<value>1531</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25821</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>25821</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FLOWSERVE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34354P10</cusip>
			<value>1248</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FORD MOTOR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34537086</cusip>
			<value>9649</value>
			<shrsOrPrnAmt>
				<sshPrnamt>623705</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>623705</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FOREST LABS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34583810</cusip>
			<value>1527</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37253</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>37253</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FOSSIL GROUP, INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34988V10</cusip>
			<value>878</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>8500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FRANKLIN RESOURCES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35461310</cusip>
			<value>2991</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21991</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>21991</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FREEPORT-MCMORAN C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35671D85</cusip>
			<value>4556</value>
			<shrsOrPrnAmt>
				<sshPrnamt>165030</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>165030</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FRONTIER COMMUNICA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35906A10</cusip>
			<value>643</value>
			<shrsOrPrnAmt>
				<sshPrnamt>158721</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>158721</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GAMESTOP CORP-CLAS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>36467W10</cusip>
			<value>809</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19244</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>19244</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GANNETT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>36473010</cusip>
			<value>893</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36496</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>36496</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GAP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>36476010</cusip>
			<value>1973</value>
			<shrsOrPrnAmt>
				<sshPrnamt>47279</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>47279</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL DYNAMICS C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>36955010</cusip>
			<value>4137</value>
			<shrsOrPrnAmt>
				<sshPrnamt>52814</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>52814</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL ELECTRIC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>36960410</cusip>
			<value>38345</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1653507</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>1653507</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL MILLS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37033410</cusip>
			<value>4989</value>
			<shrsOrPrnAmt>
				<sshPrnamt>102812</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>102812</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL MOTORS C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37045V10</cusip>
			<value>4050</value>
			<shrsOrPrnAmt>
				<sshPrnamt>121600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>121600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENUINE PARTS CO C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37246010</cusip>
			<value>1922</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24621</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>24621</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENWORTH FINL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37247D10</cusip>
			<value>894</value>
			<shrsOrPrnAmt>
				<sshPrnamt>78355</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>78355</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GILEAD SCIENCES IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37555810</cusip>
			<value>12397</value>
			<shrsOrPrnAmt>
				<sshPrnamt>242076</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>242076</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GOLDMAN SACHS GROU</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38141G10</cusip>
			<value>10518</value>
			<shrsOrPrnAmt>
				<sshPrnamt>69539</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>69539</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GOODYEAR TIRE &amp; RU</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38255010</cusip>
			<value>597</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39030</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>39030</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GOOGLE INC-CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38259P50</cusip>
			<value>37399</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42481</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>42481</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GRAINGER W W INC C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38480210</cusip>
			<value>2396</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>9500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HCP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>40414L10</cusip>
			<value>3275</value>
			<shrsOrPrnAmt>
				<sshPrnamt>72077</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>72077</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>40621610</cusip>
			<value>6182</value>
			<shrsOrPrnAmt>
				<sshPrnamt>148171</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>148171</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HARLEY DAVIDSON IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>41282210</cusip>
			<value>1970</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35929</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>35929</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HARMAN INTERNATION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>41308610</cusip>
			<value>585</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10786</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>10786</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Harris Corp</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>41387510</cusip>
			<value>884</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17956</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>17956</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HARTFORD FINL SVCS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>41651510</cusip>
			<value>2146</value>
			<shrsOrPrnAmt>
				<sshPrnamt>69391</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>69391</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HASBRO INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>41805610</cusip>
			<value>819</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18259</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>18259</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HEALTH CARE REIT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42217K10</cusip>
			<value>2996</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44698</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>44698</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HELMERICH &amp; PAYN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42345210</cusip>
			<value>1056</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16912</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>16912</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>THE HERSHEY COMPAN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42786610</cusip>
			<value>2132</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23878</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23878</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HESS CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42809H10</cusip>
			<value>3139</value>
			<shrsOrPrnAmt>
				<sshPrnamt>47203</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>47203</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HEWLETT PACKARD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42823610</cusip>
			<value>7702</value>
			<shrsOrPrnAmt>
				<sshPrnamt>310558</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>310558</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HOME DEPOT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>43707610</cusip>
			<value>18418</value>
			<shrsOrPrnAmt>
				<sshPrnamt>237742</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>237742</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HONEYWELL INT&apos;L IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>43851610</cusip>
			<value>9889</value>
			<shrsOrPrnAmt>
				<sshPrnamt>124636</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>124636</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HORMEL FOODS CRP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>44045210</cusip>
			<value>826</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21398</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>21398</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HOSPIRA INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>44106010</cusip>
			<value>1008</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26312</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>26312</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HOST HOTELS &amp; RESO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>44107P10</cusip>
			<value>1950</value>
			<shrsOrPrnAmt>
				<sshPrnamt>115583</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>115583</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HUDSON CITY BANCOR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>44368310</cusip>
			<value>692</value>
			<shrsOrPrnAmt>
				<sshPrnamt>75584</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>75584</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HUMANA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>44485910</cusip>
			<value>2125</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25182</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>25182</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HUNTINGTON BANCSHA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>44615010</cusip>
			<value>1055</value>
			<shrsOrPrnAmt>
				<sshPrnamt>133876</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>133876</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ILLINOIS TOOL WKS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45230810</cusip>
			<value>4569</value>
			<shrsOrPrnAmt>
				<sshPrnamt>66050</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>66050</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTEL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45814010</cusip>
			<value>19048</value>
			<shrsOrPrnAmt>
				<sshPrnamt>786470</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>786470</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTEGRYS ENERGY GR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45822P10</cusip>
			<value>733</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12516</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>12516</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Intercontinentalex</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45865V10</cusip>
			<value>2045</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11505</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>11505</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTL BUSINESS MACH</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45920010</cusip>
			<value>31829</value>
			<shrsOrPrnAmt>
				<sshPrnamt>166547</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>166547</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTERNATIONAL FLAV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45950610</cusip>
			<value>972</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12927</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>12927</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTERNATIONAL GAME</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45990210</cusip>
			<value>702</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42022</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>42022</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTL PAPER</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46014610</cusip>
			<value>3108</value>
			<shrsOrPrnAmt>
				<sshPrnamt>70152</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>70152</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTERPUBLIC GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46069010</cusip>
			<value>958</value>
			<shrsOrPrnAmt>
				<sshPrnamt>65816</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>65816</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTUIT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46120210</cusip>
			<value>2705</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44328</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>44328</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTUITIVE SURGICAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46120E60</cusip>
			<value>3236</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6388</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>6388</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>IRON MOUNTAIN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46284610</cusip>
			<value>708</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26592</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>26592</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JDS UNIPHASE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46612J50</cusip>
			<value>557</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38760</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>38760</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JP MORGAN CHASE &amp;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46625H10</cusip>
			<value>32131</value>
			<shrsOrPrnAmt>
				<sshPrnamt>608650</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>608650</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JABIL CIRCUIT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46631310</cusip>
			<value>595</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29203</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>29203</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JACOBS ENGINEERING</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46981410</cusip>
			<value>1143</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20737</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>20737</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>47816010</cusip>
			<value>38168</value>
			<shrsOrPrnAmt>
				<sshPrnamt>444543</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>444543</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JOHNSON CTLS INC C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>47836610</cusip>
			<value>3896</value>
			<shrsOrPrnAmt>
				<sshPrnamt>108859</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>108859</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JOY GLOBAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>48116510</cusip>
			<value>821</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16927</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>16927</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JUNIPER NETWORKS I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>48203R10</cusip>
			<value>1584</value>
			<shrsOrPrnAmt>
				<sshPrnamt>82030</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>82030</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KLA-TENCOR CORPORA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>48248010</cusip>
			<value>1470</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26380</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>26380</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KANSAS CITY SOUT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>48517030</cusip>
			<value>1854</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>17500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KELLOGG CO COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>48783610</cusip>
			<value>2549</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39690</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>39690</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KEYCORP NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49326710</cusip>
			<value>1622</value>
			<shrsOrPrnAmt>
				<sshPrnamt>146887</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>146887</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KIMBERLY CLARK</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49436810</cusip>
			<value>5983</value>
			<shrsOrPrnAmt>
				<sshPrnamt>61593</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>61593</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KIMCO REALTY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49446R10</cusip>
			<value>1389</value>
			<shrsOrPrnAmt>
				<sshPrnamt>64818</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>64818</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KINDER MORGAN Inc</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49456B10</cusip>
			<value>3831</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100430</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>100430</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KOHLS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50025510</cusip>
			<value>1700</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33651</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>33651</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Kraft Foods Group,</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50076Q10</cusip>
			<value>5264</value>
			<shrsOrPrnAmt>
				<sshPrnamt>94225</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>94225</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KROGER CO COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50104410</cusip>
			<value>2846</value>
			<shrsOrPrnAmt>
				<sshPrnamt>82405</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>82405</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>L BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50179710</cusip>
			<value>1874</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38056</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>38056</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LSI LOGIC CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50216110</cusip>
			<value>624</value>
			<shrsOrPrnAmt>
				<sshPrnamt>87390</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>87390</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>L-3 COMMUNICATIONS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50242410</cusip>
			<value>1228</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14319</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>14319</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LAB CRP OF AMER ST</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50540R40</cusip>
			<value>1479</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14779</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>14779</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LAM RESEARCH CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>51280710</cusip>
			<value>1144</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25793</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>25793</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ESTEE LAUDER ORDIN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>51843910</cusip>
			<value>2504</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38074</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>38074</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LEGGETT &amp; PLATT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>52466010</cusip>
			<value>728</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23401</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23401</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LEGG MASON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>52490110</cusip>
			<value>565</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18214</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>18214</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LENNAR CORP-CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>52605710</cusip>
			<value>945</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26210</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>26210</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LEUCADIA NATIONAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>52728810</cusip>
			<value>1224</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46689</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>46689</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LIFE TECHNOLOGIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>53217V10</cusip>
			<value>2024</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27344</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>27344</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LILLY ELI &amp; CO COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>53245710</cusip>
			<value>7795</value>
			<shrsOrPrnAmt>
				<sshPrnamt>158694</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>158694</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LINCOLN NATL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>53418710</cusip>
			<value>1576</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43213</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>43213</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LINEAR TECHNOLOGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>53567810</cusip>
			<value>1363</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37003</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>37003</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LOCKHEED MARTIN CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>53983010</cusip>
			<value>4614</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42543</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>42543</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LOEWS CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>54042410</cusip>
			<value>2186</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49245</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>49245</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LORILLARD INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>54414710</cusip>
			<value>2636</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60344</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>60344</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LOWES COS INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>54866110</cusip>
			<value>7218</value>
			<shrsOrPrnAmt>
				<sshPrnamt>176477</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>176477</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>M&amp;T BANK STK</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55261F10</cusip>
			<value>2176</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19475</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>19475</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MACERICH CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55438210</cusip>
			<value>1329</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>21800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MACYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55616P10</cusip>
			<value>3019</value>
			<shrsOrPrnAmt>
				<sshPrnamt>62894</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>62894</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARATHON OIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>56584910</cusip>
			<value>3893</value>
			<shrsOrPrnAmt>
				<sshPrnamt>112571</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>112571</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARATHON PETROLEUM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>56585A10</cusip>
			<value>3747</value>
			<shrsOrPrnAmt>
				<sshPrnamt>52735</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>52735</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARSH &amp; MCLENNAN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57174810</cusip>
			<value>3483</value>
			<shrsOrPrnAmt>
				<sshPrnamt>87241</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>87241</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARRIOTT INTL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57190320</cusip>
			<value>1564</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38738</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>38738</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MASCO CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57459910</cusip>
			<value>1105</value>
			<shrsOrPrnAmt>
				<sshPrnamt>56671</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>56671</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MASTERCARD INC-CLA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57636Q10</cusip>
			<value>9658</value>
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				<sshPrnamt>16811</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>16811</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MATTEL INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57708110</cusip>
			<value>2481</value>
			<shrsOrPrnAmt>
				<sshPrnamt>54748</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>54748</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MCCORMICK STK</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57978020</cusip>
			<value>1482</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21066</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>21066</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MCDONALD&apos;S</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58013510</cusip>
			<value>15787</value>
			<shrsOrPrnAmt>
				<sshPrnamt>159469</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>159469</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MCGRAW HILL COMPAN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58064510</cusip>
			<value>2374</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44626</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>44626</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MCKESSON HBOC INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58155Q10</cusip>
			<value>4235</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36991</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>36991</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MEAD JOHNSON-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58283910</cusip>
			<value>2549</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32177</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>32177</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MEADWESTVACO CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58333410</cusip>
			<value>953</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27938</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>27938</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MEDTRONIC INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58505510</cusip>
			<value>8278</value>
			<shrsOrPrnAmt>
				<sshPrnamt>160833</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>160833</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MERCK &amp; CO INC NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58933Y10</cusip>
			<value>22326</value>
			<shrsOrPrnAmt>
				<sshPrnamt>480636</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>480636</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>METLIFE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59156R10</cusip>
			<value>7957</value>
			<shrsOrPrnAmt>
				<sshPrnamt>173887</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>173887</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MICROSOFT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59491810</cusip>
			<value>41393</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1198747</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>1198747</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MICROCHIP TECHNOLO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59501710</cusip>
			<value>1158</value>
			<shrsOrPrnAmt>
				<sshPrnamt>31100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>31100</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MICRON TECHNOLOGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59511210</cusip>
			<value>2329</value>
			<shrsOrPrnAmt>
				<sshPrnamt>162525</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>162525</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MOLEX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>60855410</cusip>
			<value>645</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21988</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>21988</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MOLSON COORS BREWI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>60871R20</cusip>
			<value>1186</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24782</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>24782</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>Mondelez Internati</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>60920710</cusip>
			<value>8068</value>
			<shrsOrPrnAmt>
				<sshPrnamt>282776</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>282776</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MONSANTO CO NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61166W10</cusip>
			<value>8414</value>
			<shrsOrPrnAmt>
				<sshPrnamt>85166</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>85166</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MONSTER BEVERAGE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61174010</cusip>
			<value>1392</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>22900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MOODYS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61536910</cusip>
			<value>1879</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30842</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>30842</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MORGAN STANLEY DEA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61744644</cusip>
			<value>5333</value>
			<shrsOrPrnAmt>
				<sshPrnamt>218295</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>218295</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MOSAIC CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61945C10</cusip>
			<value>2368</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>44000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>MOTOROLA SOLUTIONS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>62007630</cusip>
			<value>2536</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43934</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>43934</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>MURPHY OIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>62671710</cusip>
			<value>1756</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28835</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>28835</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MYLAN LABS STK</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>62853010</cusip>
			<value>1950</value>
			<shrsOrPrnAmt>
				<sshPrnamt>62849</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>62849</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>NRG ENERGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>62937750</cusip>
			<value>1371</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51362</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>51362</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>NYSE EURONEXT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>62949110</cusip>
			<value>1599</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38627</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>38627</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>NASDAQ OMX GROUP/T</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>63110310</cusip>
			<value>614</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18728</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>18728</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>NATIONAL OILWELL V</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>63707110</cusip>
			<value>4675</value>
			<shrsOrPrnAmt>
				<sshPrnamt>67859</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>67859</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>NETAPP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>64110D10</cusip>
			<value>2167</value>
			<shrsOrPrnAmt>
				<sshPrnamt>57351</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>57351</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>NETFLIX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>64110L10</cusip>
			<value>1879</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8903</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>8903</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>NEWELL RUBBERMAID</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65122910</cusip>
			<value>1197</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45590</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>45590</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>NEWFIELD EXPLORA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65129010</cusip>
			<value>536</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22427</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>22427</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>NEWMONT MNG CORP C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65163910</cusip>
			<value>2365</value>
			<shrsOrPrnAmt>
				<sshPrnamt>78980</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>78980</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>NEWS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65249B10</cusip>
			<value>529</value>
			<shrsOrPrnAmt>
				<sshPrnamt>0</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>79502</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>NextEra Energy Inc</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65339F10</cusip>
			<value>5488</value>
			<shrsOrPrnAmt>
				<sshPrnamt>67358</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>67358</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NIKE INC CL B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65410610</cusip>
			<value>7347</value>
			<shrsOrPrnAmt>
				<sshPrnamt>115374</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>115374</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NISOURCE, INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65473P10</cusip>
			<value>1418</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>49500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Noble Energy Inc</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65504410</cusip>
			<value>3430</value>
			<shrsOrPrnAmt>
				<sshPrnamt>57134</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>57134</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NORDSTROM INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65566410</cusip>
			<value>1426</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23791</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23791</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NORFOLK SOUTHN COR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65584410</cusip>
			<value>3634</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50026</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>50026</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NORTHEAST UTILS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>66439710</cusip>
			<value>2100</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49966</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>49966</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NORTHERN TR CORP C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>66585910</cusip>
			<value>2004</value>
			<shrsOrPrnAmt>
				<sshPrnamt>34611</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>34611</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NORTHROP COM NPV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>66680710</cusip>
			<value>3119</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37672</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>37672</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NUCOR CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67034610</cusip>
			<value>2188</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50509</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>50509</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NVIDIA CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67066G10</cusip>
			<value>1289</value>
			<shrsOrPrnAmt>
				<sshPrnamt>91882</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>91882</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>O REILLY AUTOMOTIV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67103H10</cusip>
			<value>1998</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17740</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>17740</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OCCIDENTAL PETE CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67459910</cusip>
			<value>11432</value>
			<shrsOrPrnAmt>
				<sshPrnamt>128113</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>128113</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OMNICOM GROUP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>68191910</cusip>
			<value>2611</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41534</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>41534</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ONEOK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>68268010</cusip>
			<value>1345</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32560</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>32560</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ORACLE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>68389X10</cusip>
			<value>18038</value>
			<shrsOrPrnAmt>
				<sshPrnamt>587190</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>587190</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ORCHARD SUPP.HRDWR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>68569150</cusip>
			<value>0</value>
			<shrsOrPrnAmt>
				<sshPrnamt>316</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>316</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OWENS-ILLINOIS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69076840</cusip>
			<value>724</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26049</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>26049</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>P G &amp; E CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69331C10</cusip>
			<value>3188</value>
			<shrsOrPrnAmt>
				<sshPrnamt>69724</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>69724</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PNC BANK CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69347510</cusip>
			<value>6129</value>
			<shrsOrPrnAmt>
				<sshPrnamt>84049</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>84049</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PPG INDS INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69350610</cusip>
			<value>3321</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22684</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>22684</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PPL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69351T10</cusip>
			<value>2806</value>
			<shrsOrPrnAmt>
				<sshPrnamt>92723</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>92723</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PVH CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69365610</cusip>
			<value>1551</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>12400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PACCAR INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69371810</cusip>
			<value>3016</value>
			<shrsOrPrnAmt>
				<sshPrnamt>56203</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>56203</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PALL CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69642930</cusip>
			<value>1174</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17676</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>17676</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PARKER HANNIFIN CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70109410</cusip>
			<value>2262</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23710</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23710</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PATTERSON COS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70339510</cusip>
			<value>521</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13855</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>13855</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PAYCHEX INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70432610</cusip>
			<value>1881</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51498</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>51498</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PEABODY ENERGY COR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70454910</cusip>
			<value>628</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42915</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>42915</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PENNEY (J.C.)</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70816010</cusip>
			<value>404</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23631</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23631</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PEOPLE S UNITED FI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71270410</cusip>
			<value>803</value>
			<shrsOrPrnAmt>
				<sshPrnamt>53888</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>53888</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PEPCO HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71329110</cusip>
			<value>766</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38017</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>38017</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PEPSICO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71344810</cusip>
			<value>20062</value>
			<shrsOrPrnAmt>
				<sshPrnamt>245285</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>245285</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PERKINELMER, INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71404610</cusip>
			<value>589</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18116</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>18116</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PERRIGO CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71429010</cusip>
			<value>1694</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>14000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PETSMART INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71676810</cusip>
			<value>1146</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>17100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PFIZER</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71708110</cusip>
			<value>24286</value>
			<shrsOrPrnAmt>
				<sshPrnamt>867050</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>867050</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PHILIP MORRIS INT&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71817210</cusip>
			<value>22700</value>
			<shrsOrPrnAmt>
				<sshPrnamt>262061</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>262061</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71854610</cusip>
			<value>5822</value>
			<shrsOrPrnAmt>
				<sshPrnamt>98828</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>98828</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PINNACLE WEST CAPI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>72348410</cusip>
			<value>969</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17460</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>17460</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pioneer Natural Re</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>72378710</cusip>
			<value>3049</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21067</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>21067</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PITNEY-BOWES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>72447910</cusip>
			<value>488</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33246</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>33246</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PLUM CREEK TIMBER</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>72925110</cusip>
			<value>1203</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25767</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>25767</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRAXAIR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74005P10</cusip>
			<value>5422</value>
			<shrsOrPrnAmt>
				<sshPrnamt>47086</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>47086</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRECISION CASTPART</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74018910</cusip>
			<value>5268</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23308</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23308</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>T. ROWE PRICE GROU</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74144T10</cusip>
			<value>3013</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41187</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>41187</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRICELINE.COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74150340</cusip>
			<value>6822</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8248</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>8248</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRINCIPAL FINANCIA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74251V10</cusip>
			<value>1644</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43904</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>43904</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PROCTER &amp; GAMBLE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74271810</cusip>
			<value>33446</value>
			<shrsOrPrnAmt>
				<sshPrnamt>434418</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>434418</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PROGRESS ENERGY(CN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>743263AA</cusip>
			<value>4</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>12500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PROGRESSIVE CORP O</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74331510</cusip>
			<value>2246</value>
			<shrsOrPrnAmt>
				<sshPrnamt>88375</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>88375</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PROLOGIS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74340W10</cusip>
			<value>2881</value>
			<shrsOrPrnAmt>
				<sshPrnamt>76370</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>76370</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRUDENTIAL FINANCI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74432010</cusip>
			<value>5399</value>
			<shrsOrPrnAmt>
				<sshPrnamt>73931</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>73931</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PUBLIC SVC ENTERPR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74457310</cusip>
			<value>2629</value>
			<shrsOrPrnAmt>
				<sshPrnamt>80499</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>80499</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PUBLIC STORAGE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74460D10</cusip>
			<value>3521</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22965</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>22965</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PULTE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74586710</cusip>
			<value>1026</value>
			<shrsOrPrnAmt>
				<sshPrnamt>54088</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>54088</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QEP Resources Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74733V10</cusip>
			<value>790</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28432</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>28432</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QUALCOMM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74752510</cusip>
			<value>16687</value>
			<shrsOrPrnAmt>
				<sshPrnamt>273207</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>273207</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QUANTA SERVICES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74762E10</cusip>
			<value>897</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33882</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>33882</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QUEST DIAGNOSTICS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74834L10</cusip>
			<value>1525</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25153</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>25153</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RALPH LAUREN COR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75121210</cusip>
			<value>1688</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9714</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>9714</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Range Resources Co</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75281A10</cusip>
			<value>2001</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25879</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>25879</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RAYTHEON CO NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75511150</cusip>
			<value>3421</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51743</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>51743</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RED HAT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75657710</cusip>
			<value>1470</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30748</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>30748</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>REGENERON PHARM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75886F10</cusip>
			<value>2721</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>12100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>REGIONS FINL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>7591EP10</cusip>
			<value>2142</value>
			<shrsOrPrnAmt>
				<sshPrnamt>224713</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>224713</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>REPUBLIC SERVICES,</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>76075910</cusip>
			<value>1603</value>
			<shrsOrPrnAmt>
				<sshPrnamt>47245</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>47245</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>REYNOLDS AMERN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>76171310</cusip>
			<value>2473</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51128</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>51128</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROBERT HALF INTL I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>77032310</cusip>
			<value>738</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22203</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>22203</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROCKWELL AUTOMATIO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>77390310</cusip>
			<value>1848</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22226</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>22226</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROCKWELL COLLINS I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>77434110</cusip>
			<value>1374</value>
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				<sshPrnamt>21668</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>21668</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>ROPER INDS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>77669610</cusip>
			<value>1955</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15741</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>15741</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>ROSS STORES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>77829610</cusip>
			<value>2289</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35320</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>35320</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>RYDER SYS INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78354910</cusip>
			<value>517</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8510</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>8510</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>SAIC INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78390X10</cusip>
			<value>629</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45142</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>45142</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>SLM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78442P10</cusip>
			<value>1649</value>
			<shrsOrPrnAmt>
				<sshPrnamt>72116</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>72116</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>SAFEWAY INC.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78651420</cusip>
			<value>902</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38135</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>38135</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>ST JUDE MED INC CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>79084910</cusip>
			<value>2051</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44944</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>44944</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>SALESFORCE.COM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>79466L30</cusip>
			<value>3273</value>
			<shrsOrPrnAmt>
				<sshPrnamt>85736</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>85736</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>SANDISK CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>80004C10</cusip>
			<value>2350</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38459</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>38459</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>SCANA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>80589M10</cusip>
			<value>1071</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21808</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>21808</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>SCHLUMBERGER</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>80685710</cusip>
			<value>15133</value>
			<shrsOrPrnAmt>
				<sshPrnamt>211180</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>211180</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>SCHWAB CHARLES COR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>80851310</cusip>
			<value>3710</value>
			<shrsOrPrnAmt>
				<sshPrnamt>174737</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>174737</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>SCRIPPS NETWORKS I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81106510</cusip>
			<value>917</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13733</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>13733</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>SEALED AIR CORP NE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81211K10</cusip>
			<value>741</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30960</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>30960</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>SEMPRA ENERGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81685110</cusip>
			<value>2939</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35941</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>35941</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SHERWIN WILLIAMS C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>82434810</cusip>
			<value>2405</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13621</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>13621</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SIGMA ALDRICH CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>82655210</cusip>
			<value>1543</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19198</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>19198</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>SIGMA FIN.INC.(fr.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>8265Q0TX</cusip>
			<value>0</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>10000000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>SIMON PPTY GROUP I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>82880610</cusip>
			<value>7872</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49845</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>49845</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JM SMUCKER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>83269640</cusip>
			<value>1756</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17022</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>17022</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>SNAP ON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>83303410</cusip>
			<value>826</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9246</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>9246</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SOUTHERN CO COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>84258710</cusip>
			<value>6096</value>
			<shrsOrPrnAmt>
				<sshPrnamt>138137</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>138137</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SOUTHWEST AIRLS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>84474110</cusip>
			<value>1493</value>
			<shrsOrPrnAmt>
				<sshPrnamt>115804</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>115804</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>SOUTHWESTERN ENERG</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>84546710</cusip>
			<value>2040</value>
			<shrsOrPrnAmt>
				<sshPrnamt>55848</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>55848</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>SPECTRA ENERGY COR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>84756010</cusip>
			<value>3661</value>
			<shrsOrPrnAmt>
				<sshPrnamt>106228</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>106228</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>SPRINT NEXTEL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85206110</cusip>
			<value>3361</value>
			<shrsOrPrnAmt>
				<sshPrnamt>478774</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>478774</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>STANLEY BLACK &amp; DE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85450210</cusip>
			<value>1967</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25443</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>25443</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STAPLES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85503010</cusip>
			<value>1699</value>
			<shrsOrPrnAmt>
				<sshPrnamt>107139</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>107139</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>STARBUCKS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85524410</cusip>
			<value>7801</value>
			<shrsOrPrnAmt>
				<sshPrnamt>119124</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>119124</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>STARWOOD HOTELS &amp;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85590A40</cusip>
			<value>1946</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30792</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>30792</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>STATE STREET CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85747710</cusip>
			<value>4736</value>
			<shrsOrPrnAmt>
				<sshPrnamt>72628</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>72628</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STERICYCLE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85891210</cusip>
			<value>1512</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13690</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>13690</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STRYKER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>86366710</cusip>
			<value>2973</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45959</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>45959</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SUNTRUST BKS INC C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>86791410</cusip>
			<value>2706</value>
			<shrsOrPrnAmt>
				<sshPrnamt>85726</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>85726</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SYMANTEC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87150310</cusip>
			<value>2463</value>
			<shrsOrPrnAmt>
				<sshPrnamt>109597</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>109597</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SYSCO CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87182910</cusip>
			<value>3182</value>
			<shrsOrPrnAmt>
				<sshPrnamt>93144</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>93144</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TECO ENERGY INC CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87237510</cusip>
			<value>579</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33679</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>33679</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TJX COS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87254010</cusip>
			<value>5806</value>
			<shrsOrPrnAmt>
				<sshPrnamt>115990</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>115990</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TARGET CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87612E10</cusip>
			<value>7128</value>
			<shrsOrPrnAmt>
				<sshPrnamt>103516</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>103516</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TENET HEALTHCARE C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88033G40</cusip>
			<value>765</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16590</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>16590</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TERADATA CORP DEL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88076W10</cusip>
			<value>1326</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26398</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>26398</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TERADYNE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88077010</cusip>
			<value>547</value>
			<shrsOrPrnAmt>
				<sshPrnamt>31108</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>31108</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Tesoro Corp</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88160910</cusip>
			<value>1145</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21892</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>21892</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TEXAS INSTRS INC C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88250810</cusip>
			<value>6127</value>
			<shrsOrPrnAmt>
				<sshPrnamt>175704</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>175704</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TEXTRON INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88320310</cusip>
			<value>1126</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43207</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>43207</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>THERMO ELECTRON CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88355610</cusip>
			<value>4812</value>
			<shrsOrPrnAmt>
				<sshPrnamt>56862</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>56862</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>3M CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88579Y10</cusip>
			<value>11038</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100944</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>100944</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TIFFANY &amp; CO.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88654710</cusip>
			<value>1378</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18914</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>18914</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TIME WARNER INC NE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88731730</cusip>
			<value>8592</value>
			<shrsOrPrnAmt>
				<sshPrnamt>148603</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>148603</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TIME WARNER CABLE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88732J20</cusip>
			<value>5284</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46976</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>46976</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TORCHMARK CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89102710</cusip>
			<value>970</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14889</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>14889</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TOTAL SYS SVCS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89190610</cusip>
			<value>626</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25589</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>25589</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TRAVELERS COS, INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89417E10</cusip>
			<value>4805</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60128</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>60128</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TRIPADVISOR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89694520</cusip>
			<value>1067</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17528</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>17528</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TWENTY-FIRST CENTU</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90130A10</cusip>
			<value>4079</value>
			<shrsOrPrnAmt>
				<sshPrnamt>318006</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>318006</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TYSON FOODS INC-CL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90249410</cusip>
			<value>1159</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45115</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>45115</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>US BANCORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90297330</cusip>
			<value>10710</value>
			<shrsOrPrnAmt>
				<sshPrnamt>296261</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>296261</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNION PACIFIC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90781810</cusip>
			<value>11520</value>
			<shrsOrPrnAmt>
				<sshPrnamt>74669</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>74669</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNITED PARCEL SERV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91131210</cusip>
			<value>9834</value>
			<shrsOrPrnAmt>
				<sshPrnamt>113712</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>113712</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNITED STATES STEE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91290910</cusip>
			<value>418</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23867</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23867</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNITED TECHNOLOGIE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91301710</cusip>
			<value>12466</value>
			<shrsOrPrnAmt>
				<sshPrnamt>134126</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>134126</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNITEDHEALTH GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91324P10</cusip>
			<value>10671</value>
			<shrsOrPrnAmt>
				<sshPrnamt>162970</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>162970</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNUMPROVIDENT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91529Y10</cusip>
			<value>1259</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42862</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>42862</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>URBAN OUTFITTER</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91704710</cusip>
			<value>700</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17392</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>17392</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>V F CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91820410</cusip>
			<value>2711</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14044</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>14044</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VALERO ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91913Y10</cusip>
			<value>3057</value>
			<shrsOrPrnAmt>
				<sshPrnamt>87916</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>87916</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VARIAN MEDICAL SYS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92220P10</cusip>
			<value>1173</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17397</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>17397</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VENTAS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92276F10</cusip>
			<value>3221</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46376</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>46376</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VERISIGN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343E10</cusip>
			<value>1084</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24283</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>24283</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VERIZON COMMUNICAT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343V10</cusip>
			<value>22878</value>
			<shrsOrPrnAmt>
				<sshPrnamt>454471</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>454471</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>VIACOM, INC NEW CL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92553P20</cusip>
			<value>4930</value>
			<shrsOrPrnAmt>
				<sshPrnamt>72441</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>72441</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>VISA INC-CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92826C83</cusip>
			<value>14985</value>
			<shrsOrPrnAmt>
				<sshPrnamt>81996</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>81996</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>VORNADO REALTY TRU</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92904210</cusip>
			<value>2230</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26922</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>26922</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>VULCAN MATLS CO CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92916010</cusip>
			<value>998</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20619</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>20619</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WAL-MART</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>93114210</cusip>
			<value>19814</value>
			<shrsOrPrnAmt>
				<sshPrnamt>265993</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>265993</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WALGREEN CO COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>93142210</cusip>
			<value>6043</value>
			<shrsOrPrnAmt>
				<sshPrnamt>136715</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>136715</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>Washington Post  -</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>93964010</cusip>
			<value>353</value>
			<shrsOrPrnAmt>
				<sshPrnamt>730</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>730</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WASTE MGMT INC DEL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94106L10</cusip>
			<value>2804</value>
			<shrsOrPrnAmt>
				<sshPrnamt>69516</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>69516</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WATERS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94184810</cusip>
			<value>1370</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13690</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>13690</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WELLPOINT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94973V10</cusip>
			<value>3961</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48396</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>48396</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WELLS FARGO &amp; CO N</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94974610</cusip>
			<value>32169</value>
			<shrsOrPrnAmt>
				<sshPrnamt>779466</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>779466</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WESTERN DIGITAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>95810210</cusip>
			<value>2136</value>
			<shrsOrPrnAmt>
				<sshPrnamt>34401</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>34401</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WESTERN UN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>95980210</cusip>
			<value>1547</value>
			<shrsOrPrnAmt>
				<sshPrnamt>90440</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>90440</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WEYERHAEUSER CO CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>96216610</cusip>
			<value>2471</value>
			<shrsOrPrnAmt>
				<sshPrnamt>86742</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>86742</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WHIRLPOOL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>96332010</cusip>
			<value>1423</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12444</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>12444</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WHOLE FOODS MKT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>96683710</cusip>
			<value>2823</value>
			<shrsOrPrnAmt>
				<sshPrnamt>54840</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>54840</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WILLIAMS COS COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>96945710</cusip>
			<value>3517</value>
			<shrsOrPrnAmt>
				<sshPrnamt>108328</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>108328</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WINDSTREAM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>97381W10</cusip>
			<value>724</value>
			<shrsOrPrnAmt>
				<sshPrnamt>93895</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>93895</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WISCONSIN ENERGY C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>97665710</cusip>
			<value>1492</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36410</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>36410</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WPX ENERGY INC.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98212B10</cusip>
			<value>625</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32976</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>32976</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WYNDHAM WORLDWIDE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98310W10</cusip>
			<value>1246</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21771</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>21771</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WYNN RESORTS LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98313410</cusip>
			<value>1625</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12694</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>12694</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>XCEL ENERGY, INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98389B10</cusip>
			<value>2200</value>
			<shrsOrPrnAmt>
				<sshPrnamt>77628</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>77628</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>XILINX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98391910</cusip>
			<value>1646</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41545</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>41545</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>XEROX</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98412110</cusip>
			<value>1765</value>
			<shrsOrPrnAmt>
				<sshPrnamt>194562</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>194562</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>XYLEM Inc</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98419M10</cusip>
			<value>796</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29555</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>29555</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>YAHOO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98433210</cusip>
			<value>3870</value>
			<shrsOrPrnAmt>
				<sshPrnamt>154121</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>154121</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>YUM BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98849810</cusip>
			<value>4970</value>
			<shrsOrPrnAmt>
				<sshPrnamt>71672</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>71672</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ZIMMER HLDGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98956P10</cusip>
			<value>2021</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26972</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>26972</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ZIONS BANCORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98970110</cusip>
			<value>847</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29322</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>29322</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ZOETIS, INC.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98978V10</cusip>
			<value>8441</value>
			<shrsOrPrnAmt>
				<sshPrnamt>0</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>273276</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FRACTIONAL 1ST HOR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>DCA51710</cusip>
			<value>0</value>
			<shrsOrPrnAmt>
				<sshPrnamt>455</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>455</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FRACTIONAL MARRIOT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>FHB90320</cusip>
			<value>0</value>
			<shrsOrPrnAmt>
				<sshPrnamt>0</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>72830</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AON PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0408V10</cusip>
			<value>3191</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49595</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>49595</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ACCENTURE PLC-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G1151C10</cusip>
			<value>7376</value>
			<shrsOrPrnAmt>
				<sshPrnamt>102500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>102500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COVIDIEN PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G2554F11</cusip>
			<value>4717</value>
			<shrsOrPrnAmt>
				<sshPrnamt>75059</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>75059</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DELPHI AUTOMOTIV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G2782310</cusip>
			<value>2362</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>46600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EATON CORP COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G2918310</cusip>
			<value>4930</value>
			<shrsOrPrnAmt>
				<sshPrnamt>74910</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>74910</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ENSCO PLC-CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G3157S10</cusip>
			<value>2150</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>37000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INGERSOLL-RAND</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G4779110</cusip>
			<value>2432</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43798</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>43798</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Invesco Ltd</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G491BT10</cusip>
			<value>2230</value>
			<shrsOrPrnAmt>
				<sshPrnamt>70114</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>70114</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NABORS INDUSTRIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G6359F10</cusip>
			<value>708</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46234</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>46234</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROWAN COS PLC Clas</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G7665A10</cusip>
			<value>672</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19714</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>19714</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SEAGATE TECHNOLO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G7945M10</cusip>
			<value>2277</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>50800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>XL Group PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G9829010</cusip>
			<value>1422</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46898</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>46898</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ACE LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H0023R10</cusip>
			<value>4830</value>
			<shrsOrPrnAmt>
				<sshPrnamt>53978</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>53978</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GARMIN LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H2906T10</cusip>
			<value>629</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>17400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NOBLE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H5833N10</cusip>
			<value>1511</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40205</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>40205</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PENTAIR LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H6169Q10</cusip>
			<value>1893</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32814</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>32814</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TE CONNECTIVITY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H8498910</cusip>
			<value>3042</value>
			<shrsOrPrnAmt>
				<sshPrnamt>66800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>66800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TYCO INTL LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H8912810</cusip>
			<value>2443</value>
			<shrsOrPrnAmt>
				<sshPrnamt>74145</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>74145</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TRAVELCENTERS AMER</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>JKE17410</cusip>
			<value>875</value>
			<shrsOrPrnAmt>
				<sshPrnamt>80000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>80000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LYONDELLBASELL-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N5374510</cusip>
			<value>4002</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>60400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ACADIA REALTY TRUS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00423910</cusip>
			<value>472</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>19100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALEXANDER&apos;S INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>01475210</cusip>
			<value>275</value>
			<shrsOrPrnAmt>
				<sshPrnamt>936</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>936</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALEXANDRIA R E EQU</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>01527110</cusip>
			<value>1503</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22869</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>22869</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN ASSETS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02401310</cusip>
			<value>376</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>12200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMER CMPS COMM ORD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02483510</cusip>
			<value>1523</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37459</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>37459</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN RESIDEN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02927E30</cusip>
			<value>84</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>4900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APARTMENT INVT &amp; M</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03748R10</cusip>
			<value>1567</value>
			<shrsOrPrnAmt>
				<sshPrnamt>52148</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>52148</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ashford Hospitalit</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>04410310</cusip>
			<value>321</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28015</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>28015</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ASSOCIATED ESTATES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>04560410</cusip>
			<value>328</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20426</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>20426</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AVALONBAY COMMUNIT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05348410</cusip>
			<value>6161</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45669</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>45669</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BRE PROPERTIES  -C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05564E10</cusip>
			<value>1375</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27489</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>27489</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BIOMED REALTY TRUS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09063H10</cusip>
			<value>1348</value>
			<shrsOrPrnAmt>
				<sshPrnamt>66651</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>66651</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BOSTON PROPERTIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>10112110</cusip>
			<value>5644</value>
			<shrsOrPrnAmt>
				<sshPrnamt>53512</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>53512</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BRANDYWINE REALTY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>10536820</cusip>
			<value>746</value>
			<shrsOrPrnAmt>
				<sshPrnamt>55201</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>55201</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CBL &amp; ASSOCIATES P</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12483010</cusip>
			<value>1175</value>
			<shrsOrPrnAmt>
				<sshPrnamt>54877</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>54877</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAMDEN PROPERTY TR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>13313110</cusip>
			<value>2091</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30245</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>30245</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAMPUS CREST COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>13466Y10</cusip>
			<value>252</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21844</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>21844</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CEDAR REALTY TRUST</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15060220</cusip>
			<value>116</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22342</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>22342</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHATHAM LODGING</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>16208T10</cusip>
			<value>101</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>5900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHESAPEAKE LODGI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>16524010</cusip>
			<value>295</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>14200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COLONIAL PROPERTIE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>19587210</cusip>
			<value>762</value>
			<shrsOrPrnAmt>
				<sshPrnamt>31584</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>31584</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CommonWealth REIT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20323310</cusip>
			<value>941</value>
			<shrsOrPrnAmt>
				<sshPrnamt>0</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>40711</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CORESITE REALTY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>21870Q10</cusip>
			<value>243</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7630</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>7630</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CORP OFFICE PPTYS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22002T10</cusip>
			<value>672</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26367</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>26367</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COUSINS PROPERTIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22279510</cusip>
			<value>410</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40571</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>40571</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CubeSmart</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22966310</cusip>
			<value>764</value>
			<shrsOrPrnAmt>
				<sshPrnamt>47805</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>47805</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DCT INDUSTRIAL TRU</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23315310</cusip>
			<value>718</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100453</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>100453</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DDR Corp</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23317H10</cusip>
			<value>1728</value>
			<shrsOrPrnAmt>
				<sshPrnamt>103789</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>103789</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DIAMONDROCK HOSPIT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25278430</cusip>
			<value>651</value>
			<shrsOrPrnAmt>
				<sshPrnamt>69878</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>69878</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DIGITAL REALTY TRU</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25386810</cusip>
			<value>2728</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44725</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>44725</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOUGLAS EMMETT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25960P10</cusip>
			<value>1169</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46853</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>46853</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DUKE REALTY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26441150</cusip>
			<value>1794</value>
			<shrsOrPrnAmt>
				<sshPrnamt>115042</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>115042</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DUPONT FABROS TECH</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26613Q10</cusip>
			<value>569</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23545</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23545</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EASTGROUP PROPERTI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>27727610</cusip>
			<value>603</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10716</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>10716</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EDUCATION REALTY T</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>28140H10</cusip>
			<value>417</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40763</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>40763</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EQUITY LIFESTYLE P</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29472R10</cusip>
			<value>1171</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14906</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>14906</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EQUITY ONE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29475210</cusip>
			<value>518</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22912</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>22912</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EQUITY RESIDENTIAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29476L10</cusip>
			<value>7378</value>
			<shrsOrPrnAmt>
				<sshPrnamt>127070</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>127070</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ESSEX PROPERTY TRU</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29717810</cusip>
			<value>2156</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13564</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>13564</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXCEL TRUST INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30068C10</cusip>
			<value>200</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>15600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXTRA SPACE STORAG</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30225T10</cusip>
			<value>1659</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39557</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>39557</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FEDERAL REALTY INV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31374720</cusip>
			<value>2407</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23219</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23219</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FELCOR LODGING TR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31430F10</cusip>
			<value>241</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40796</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>40796</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FIRST INDL REALTY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>32054K10</cusip>
			<value>548</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36106</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>36106</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>First Potomac Real</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>33610F10</cusip>
			<value>269</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20618</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>20618</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FRANKLIN STREET</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35471R10</cusip>
			<value>435</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32961</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>32961</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL GROWTH PPT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37002310</cusip>
			<value>2983</value>
			<shrsOrPrnAmt>
				<sshPrnamt>150123</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>150123</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GLIMCHER REALTY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37930210</cusip>
			<value>560</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51250</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>51250</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GOVERNMENT PROPERT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38376A10</cusip>
			<value>405</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16057</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>16057</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HCP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>40414L10</cusip>
			<value>7285</value>
			<shrsOrPrnAmt>
				<sshPrnamt>160323</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>160323</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HEALTHCARE REALTY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42194610</cusip>
			<value>810</value>
			<shrsOrPrnAmt>
				<sshPrnamt>31763</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>31763</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HEALTH CARE REIT I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42217K10</cusip>
			<value>6653</value>
			<shrsOrPrnAmt>
				<sshPrnamt>99258</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>99258</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HEALTHCARE TRUST</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42225P10</cusip>
			<value>645</value>
			<shrsOrPrnAmt>
				<sshPrnamt>57400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>57400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HERSHA HOSPITALITY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42782510</cusip>
			<value>369</value>
			<shrsOrPrnAmt>
				<sshPrnamt>65385</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>65385</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HIGHWOODS PROPERTI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>43128410</cusip>
			<value>994</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27913</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>27913</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HOME PROPERTIES IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>43730610</cusip>
			<value>1203</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18397</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>18397</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HOSPITALITY PROPER</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>44106M10</cusip>
			<value>1294</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49252</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>49252</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HOST MARRIOTT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>44107P10</cusip>
			<value>4435</value>
			<shrsOrPrnAmt>
				<sshPrnamt>262895</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>262895</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HUDSON PACIFIC P</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>44409710</cusip>
			<value>362</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17033</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>17033</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INLAND REAL ESTATE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45746120</cusip>
			<value>364</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35613</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>35613</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INVESTORS REAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46173010</cusip>
			<value>288</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33473</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>33473</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KILROY REALTY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49427F10</cusip>
			<value>1405</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26506</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>26506</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KIMCO REALTY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49446R10</cusip>
			<value>2938</value>
			<shrsOrPrnAmt>
				<sshPrnamt>137080</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>137080</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KITE REALTY GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49803T10</cusip>
			<value>197</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32646</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>32646</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LASALLE HOTEL PROP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>51794210</cusip>
			<value>845</value>
			<shrsOrPrnAmt>
				<sshPrnamt>34192</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>34192</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LIBERTY PROPERTY T</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>53117210</cusip>
			<value>1580</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42744</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>42744</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MACERICH CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55438210</cusip>
			<value>2997</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49162</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>49162</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MACK CALI REALTY C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55448910</cusip>
			<value>771</value>
			<shrsOrPrnAmt>
				<sshPrnamt>31463</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>31463</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MID-AMERICA APT CM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59522J10</cusip>
			<value>1024</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15112</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>15112</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MONMOUTH REIT-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>60972010</cusip>
			<value>139</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14040</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>14040</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NATIONAL HEALTH IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>63633D10</cusip>
			<value>491</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8202</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>8202</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PS BUSINESS PARKS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69360J10</cusip>
			<value>480</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6648</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>6648</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PARKWAY PROPERTIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70159Q10</cusip>
			<value>402</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23957</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23957</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PEBBLEBROOK HOTE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70509V10</cusip>
			<value>567</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21937</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>21937</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PENNSYLVANIA RE IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70910210</cusip>
			<value>450</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23824</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23824</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PIEDMONT OFFIC-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>72019020</cusip>
			<value>1072</value>
			<shrsOrPrnAmt>
				<sshPrnamt>59945</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>59945</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>POST PROPERTIES IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>73746410</cusip>
			<value>965</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19489</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>19489</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PROLOGIS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74340W10</cusip>
			<value>6631</value>
			<shrsOrPrnAmt>
				<sshPrnamt>175795</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>175795</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PUBLIC STORAGE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74460D10</cusip>
			<value>7815</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50971</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>50971</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RLJ LODGING TRUS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74965L10</cusip>
			<value>906</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40275</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>40275</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RAMCO GERSHENSN ST</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75145220</cusip>
			<value>326</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20998</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>20998</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>REGENCY CENTERS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75884910</cusip>
			<value>1641</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32295</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>32295</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RETAIL OPPORTUNI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>76131N10</cusip>
			<value>246</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>17700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RETAIL PROPERTIE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>76131V20</cusip>
			<value>294</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>20600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROUSE PROPERTIES I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>77928710</cusip>
			<value>208</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10607</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>10607</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RYMAN HOSPITALIT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78377T10</cusip>
			<value>616</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>15800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SL GREEN REALTY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78440X10</cusip>
			<value>2879</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32649</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>32649</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SABRA HEALTH CAR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78573L10</cusip>
			<value>347</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>13300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SAUL CENTERS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>80439510</cusip>
			<value>197</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4427</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>4427</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SENIOR HOUSING PRO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81721M10</cusip>
			<value>1743</value>
			<shrsOrPrnAmt>
				<sshPrnamt>67231</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>67231</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SIMON PROPERTY GRO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>82880610</cusip>
			<value>17280</value>
			<shrsOrPrnAmt>
				<sshPrnamt>109422</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>109422</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SOVRAN SELF STORAG</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>84610H10</cusip>
			<value>705</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10881</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>10881</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STRATEGIC HOTELS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>86272T10</cusip>
			<value>544</value>
			<shrsOrPrnAmt>
				<sshPrnamt>61362</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>61362</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SUMMIT HOTEL PRO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>86608210</cusip>
			<value>221</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23393</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23393</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SUN COMMUNITIES IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>86667410</cusip>
			<value>608</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12226</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>12226</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SUNSTONE HOTEL INV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>86789210</cusip>
			<value>686</value>
			<shrsOrPrnAmt>
				<sshPrnamt>56752</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>56752</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TANGER FACTORY OUT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87546510</cusip>
			<value>1047</value>
			<shrsOrPrnAmt>
				<sshPrnamt>31282</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>31282</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TAUBMAN CENTERS IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87666410</cusip>
			<value>1597</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21246</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>21246</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TERRENO REALTY C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88146M10</cusip>
			<value>113</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>6100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UDR, INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90265310</cusip>
			<value>2282</value>
			<shrsOrPrnAmt>
				<sshPrnamt>89514</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>89514</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNIVERSAL HEALTH R</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91359E10</cusip>
			<value>186</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4301</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>4301</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>URSTADT BIDDLE-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91728620</cusip>
			<value>234</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11616</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>11616</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VENTAS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92276F10</cusip>
			<value>7182</value>
			<shrsOrPrnAmt>
				<sshPrnamt>103403</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>103403</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VORNADO REALTY TRU</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92904210</cusip>
			<value>5462</value>
			<shrsOrPrnAmt>
				<sshPrnamt>65929</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>65929</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WASHINGTON REIT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>93965310</cusip>
			<value>641</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23822</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>23822</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WEINGARTEN REALTY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94874110</cusip>
			<value>1338</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43492</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>43492</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COMMONWEALTHREIT F</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>CAD23310</cusip>
			<value>0</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>N/A</otherManager>
			<votingAuthority>
				<Sole>50000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
</informationTable>
