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 6,921 166,400 SH   DFND   166,400 0 0
ACCENTURE IRELAND CLASS SHS CLASS A G1151C101 53,460 657,400 SH   DFND   657,400 0 0
AFLAC COM COM 001055102 13,092 224,750 SH   DFND   224,750 0 0
AT&T COM COM 00206R102 7,228 205,100 SH   DFND   205,100 0 0
CATERPILLAR DEL COM 149123101 21,589 218,000 SH   DFND   218,000 0 0
CISCO INC COM 17275R102 50,876 2,021,300 SH   DFND   2,021,300 0 0
COMCAST NEW A CL A 20030N101 27,008 502,200 SH   DFND   502,200 0 0
CVS CORP COM 126650100 81,679 1,026,250 SH   DFND   1,026,250 0 0
DANAHER DEL COM 235851102 24,074 316,850 SH   DFND   316,850 0 0
DTE CO COM 233331107 6,788 89,228 SH   DFND   89,228 0 0
EXXON CORP COM 30231G102 6,518 69,300 SH   DFND   69,300 0 0
FIRST BK FRANCISCO COM COM 33616C100 23,614 478,200 SH   DFND   478,200 0 0
GOLDMAN GROUP COM COM 38141G104 33,222 180,980 SH   DFND   180,980 0 0
JOHNSON JOHNSON COM 478160104 56,519 530,250 SH   DFND   530,250 0 0
JPMORGAN & COM COM 46625H100 49,620 823,700 SH   DFND   823,700 0 0
LAS SANDS COM COM 517834107 5,910 95,000 SH   DFND   95,000 0 0
MCDONALDS COM COM 580135101 17,739 187,100 SH   DFND   187,100 0 0
MERCK CO NEW COM 58933Y105 15,774 266,100 SH   DFND   266,100 0 0
MICROSOFT COM COM 594918104 44,626 962,600 SH   DFND   962,600 0 0
PHILIP INTL COM COM 718172109 60,601 726,631 SH   DFND   726,631 0 0
PUBLIC ENTERPRISE COM COM 744573106 6,763 181,600 SH   DFND   181,600 0 0
REPUBLIC INC COM 760759100 53,348 1,367,200 SH   DFND   1,367,200 0 0
ROGERS INC B CL B 775109200 7,003 186,700 SH   DFND   186,700 0 0
ROSS INC COM 778296103 18,564 245,626 SH   DFND   245,626 0 0
ROYAL CDA QUE COM 780087102 7,743 108,100 SH   DFND   108,100 0 0
TAIWAN MFG SPONSORED SPONSORED ADR 874039100 4,339 215,000 SH   DFND   215,000 0 0
TD HLDG COM COM 87236Y108 19,596 587,245 SH   DFND   587,245 0 0
UNITEDHEALTH INC COM 91324P102 48,395 561,100 SH   DFND   561,100 0 0
VISA COM A CL A 92826C839 30,660 143,696 SH   DFND   143,696 0 0
YPF ANONIMA ADR D SPON ADR CL D 984245100 23,618 638,500 SH   DFND   522,100 0 116,400