The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBOTT COM COM 002824100 8,196 200,400 SH   DFND   200,400 0 0
ACCENTURE IRELAND CLASS SHS CLASS A G1151C101 44,963 556,200 SH   DFND   556,200 0 0
AFLAC COM COM 001055102 14,321 230,050 SH   DFND   230,050 0 0
AT&T COM COM 00206R102 7,556 213,700 SH   DFND   213,700 0 0
CATERPILLAR DEL COM 149123101 24,549 225,900 SH   DFND   225,900 0 0
CISCO INC COM 17275R102 50,376 2,027,200 SH   DFND   2,027,200 0 0
COMCAST NEW A CL A 20030N101 22,760 424,000 SH   DFND   424,000 0 0
CVS CORPORATION COM 126650100 104,308 1,383,950 SH   DFND   1,383,950 0 0
DANAHER DEL COM 235851102 39,621 503,250 SH   DFND   503,250 0 0
DTE CO COM 233331107 7,727 99,228 SH   DFND   99,228 0 0
EXXON CORP COM 30231G102 8,185 81,300 SH   DFND   81,300 0 0
FIRST BK FRANCISCO COM COM 33616C100 27,006 491,100 SH   DFND   491,100 0 0
GOLDMAN GROUP COM COM 38141G104 31,392 187,480 SH   DFND   187,480 0 0
JOHNSON JOHNSON COM 478160104 57,431 548,950 SH   DFND   548,950 0 0
JPMORGAN & COM COM 46625H100 49,438 858,000 SH   DFND   858,000 0 0
MCDONALDS COM COM 580135101 20,843 206,900 SH   DFND   206,900 0 0
MERCK CO NEW COM 58933Y105 15,093 260,900 SH   DFND   260,900 0 0
MICROSOFT COM COM 594918104 72,975 1,750,000 SH   DFND   1,750,000 0 0
PHILIP INTL COM COM 718172109 88,390 1,048,389 SH   DFND   1,048,389 0 0
PUBLIC ENTERPRISE COM COM 744573106 7,815 191,600 SH   DFND   191,600 0 0
REPUBLIC INC COM 760759100 54,969 1,447,700 SH   DFND   1,447,700 0 0
ROGERS INC B CL B 775109200 7,136 177,000 SH   DFND   177,000 0 0
ROSS INC COM 778296103 16,243 245,626 SH   DFND   245,626 0 0
ROYAL CDA QUE COM 780087102 8,816 123,100 SH   DFND   123,100 0 0
TAIWAN MFG SPONSORED SPONSORED ADR 874039100 4,278 200,000 SH   DFND   200,000 0 0
TD HLDG COM COM 87236Y108 18,944 604,267 SH   DFND   604,267 0 0
TJX INC COM COM 872540109 12,225 230,000 SH   DFND   230,000 0 0
UNITEDHEALTH INC COM 91324P102 48,486 593,100 SH   DFND   593,100 0 0
VISA COM A CL A 92826C839 31,553 149,748 SH   DFND   149,748 0 0
YPF ANONIMA ADR D SPON ADR CL D 984245100 13,026 398,600 SH   DFND   321,100 0 77,500