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 8,059 179,000 SH   DFND   179,000 0 0
ACCENTURE IRELAND CLASS SHS CLASS A G1151C101 61,561 689,300 SH   DFND   689,300 0 0
AFLAC COM COM 001055102 12,398 202,950 SH   DFND   202,950 0 0
AT&T COM COM 00206R102 7,225 215,100 SH   DFND   215,100 0 0
CATERPILLAR DEL COM 149123101 23,551 257,300 SH   DFND   257,300 0 0
CISCO INC COM 17275R102 58,890 2,117,200 SH   DFND   2,117,200 0 0
COMCAST NEW A CL A 20030N101 24,799 427,500 SH   DFND   427,500 0 0
CVS CORP COM 126650100 84,382 876,150 SH   DFND   876,150 0 0
DANAHER DEL COM 235851102 28,906 337,250 SH   DFND   337,250 0 0
DTE CO COM 233331107 6,886 79,728 SH   DFND   79,728 0 0
EXXON CORP COM 30231G102 8,089 87,500 SH   DFND   87,500 0 0
FIRST BK FRANCISCO COM COM 33616C100 25,836 495,700 SH   DFND   495,700 0 0
GOLDMAN GROUP COM COM 38141G104 28,431 146,680 SH   DFND   146,680 0 0
JOHNSON JOHNSON COM 478160104 59,777 571,650 SH   DFND   571,650 0 0
JPMORGAN & COM COM 46625H100 47,792 763,700 SH   DFND   763,700 0 0
LAS SANDS COM COM 517834107 50,111 861,600 SH   DFND   861,600 0 0
MCDONALDS COM COM 580135101 15,929 170,000 SH   DFND   170,000 0 0
MERCK CO NEW COM 58933Y105 13,647 240,300 SH   DFND   240,300 0 0
MICROSOFT COM COM 594918104 44,030 947,900 SH   DFND   947,900 0 0
PHILIP INTL COM COM 718172109 48,518 595,679 SH   DFND   595,679 0 0
PUBLIC ENTERPRISE COM COM 744573106 6,526 157,600 SH   DFND   157,600 0 0
REPUBLIC INC COM 760759100 46,750 1,161,500 SH   DFND   1,161,500 0 0
ROGERS INC B CL B 775109200 7,866 201,700 SH   DFND   201,700 0 0
ROSS INC COM 778296103 20,172 214,000 SH   DFND   214,000 0 0
ROYAL CDA QUE COM 780087102 8,563 123,600 SH   DFND   123,600 0 0
TAIWAN MFG SPONSORED SPONSORED ADR 874039100 4,812 215,000 SH   DFND   215,000 0 0
TD HLDG COM COM 87236Y108 21,719 607,008 SH   DFND   607,008 0 0
UNITED SERVICE CL CL B 911312106 7,671 69,000 SH   DFND   69,000 0 0
UNITEDHEALTH INC COM 91324P102 58,713 580,800 SH   DFND   580,800 0 0
VISA COM A CL A 92826C839 44,900 171,243 SH   DFND   171,243 0 0
YPF ANONIMA ADR D SPON ADR CL D 984245100 16,839 636,150 SH   DFND   518,600 0 117,550