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
3M CO COM 88579Y101 10,498 96,000 SH   DFND 1 96,000 0 0
ABBOTT LABORATORIES COM 2824100 9,418 270,000 SH   DFND 1 270,000 0 0
ABBVIE INC COM 00287Y109 10,754 260,000 SH   DFND 1 260,000 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 3,207 75,000 SH   DFND 1 75,000 0 0
ALTRIA GROUP INC COM 02209S103 13,467 385,000 SH   DFND 1 385,000 0 0
AMAZON.COM INC COM 23135106 10,275 37,000 SH   DFND 1 37,000 0 0
AMERICA MOVIL ADR SERIES ADR 02364W204 13,002 600,000 SH   DFND 1 600,000 0 0
AMERICA MOVIL ADR SERIES ADR 02364W105 4,401 202,448 SH   DFND 1 202,448 0 0
AMERICAN EXPRESS CO COM 25816109 19,790 265,000 SH   DFND 1 265,000 0 0
AMERICAN INTERNATIONAL GR COM 26874784 11,406 255,000 SH   DFND 1 255,000 0 0
AMERIPRISE FINANCIAL INC COM 03076C106 4,044 50,000 SH   DFND 1 50,000 0 0
AMERISOURCEBERGEN CORP COM 03073E105 10,046 180,000 SH   DFND 1 180,000 0 0
AMGEN INC COM 31162100 14,792 150,000 SH   DFND 1 150,000 0 0
ANADARKO PETROLEUM CORP COM 32511107 4,296 50,000 SH   DFND 1 50,000 0 0
ANALOG DEVICES INC COM 32654105 5,405 120,000 SH   DFND 1 120,000 0 0
APPLE INC COM 37833100 31,690 80,000 SH   DFND 1 80,000 0 0
APPLIED MATERIALS INC COM 38222105 6,705 450,000 SH   DFND 1 450,000 0 0
AT+T INC COM 00206R102 21,228 600,000 SH   DFND 1 600,000 0 0
AUTOMATIC DATA PROCESSING COM 53015103 11,014 160,000 SH   DFND 1 160,000 0 0
BAIDU INC SPON ADR ADR 56752108 4,725 50,000 SH   DFND 1 50,000 0 0
BAKER HUGHES INC COM 57224107 10,146 220,000 SH   DFND 1 220,000 0 0
BANCO BRADESCO ADR ADR 59460303 1,817 139,755 SH   DFND 1 139,755 0 0
BANK OF AMERICA CORP COM 60505104 13,814 1,075,000 SH   DFND 1 1,075,000 0 0
BANK OF NEW YORK MELLON COM 64058100 13,174 470,000 SH   DFND 1 470,000 0 0
BERKSHIRE HATHAWAY INC COM 84670702 27,960 250,000 SH   DFND 1 250,000 0 0
BOEING CO/THE COM 97023105 8,185 80,000 SH   DFND 1 80,000 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 8,044 180,000 SH   DFND 1 180,000 0 0
CARDINAL HEALTH INC COM 14149Y108 14,169 300,000 SH   DFND 1 300,000 0 0
CARNIVAL CORP COM 143658300 8,573 250,000 SH   DFND 1 250,000 0 0
CEMEX SAB SPONS ADR PART ADR 151290889 3,469 328,236 SH   DFND 1 328,236 0 0
CHEVRON CORP COM 166764100 29,550 250,000 SH   DFND 1 250,000 0 0
CIA SIDERURGICA NACL SP ADR 20440W105 181 65,400 SH   DFND 1 65,400 0 0
CISCO SYSTEMS INC COM 17275R102 12,884 530,000 SH   DFND 1 530,000 0 0
CITIGROUP INC COM 172967424 22,297 465,000 SH   DFND 1 465,000 0 0
CME GROUP INC COM 12572Q105 3,038 40,000 SH   SOLE   40,000 0 0
COCA COLA CO/THE COM 191216100 15,246 380,000 SH   DFND 1 380,000 0 0
COMCAST CORP CLASS A COM 20030N101 11,048 265,000 SH   DFND 1 265,000 0 0
COMPANHIA DE BEBIDAS PRF ADR 20441W203 2,426 65,000 SH   DFND 1 65,000 0 0
CONOCOPHILLIPS COM 20825C104 15,118 250,000 SH   DFND 1 250,000 0 0
CORNING INC COM 219350105 8,538 600,000 SH   DFND 1 600,000 0 0
COSTCO WHOLESALE CORP COM 22160K105 5,307 48,000 SH   DFND 1 48,000 0 0
COVIDIEN PLC COM G2554F113 10,995 175,000 SH   DFND 1 175,000 0 0
CSX CORP COM 126408103 10,427 450,000 SH   DFND 1 450,000 0 0
CVS CAREMARK CORP COM 126650100 8,574 150,000 SH   DFND 1 150,000 0 0
DOW CHEMICAL CO/THE COM 260543103 4,856 151,000 SH   DFND 1 151,000 0 0
DU PONT (E.I.) DE NEMOURS COM 263534109 11,548 220,000 SH   DFND 1 220,000 0 0
DUKE ENERGY CORP COM 26441C204 12,148 180,000 SH   DFND 1 180,000 0 0
EBAY INC COM 278642103 4,149 80,000 SH   DFND 1 80,000 0 0
ELI LILLY + CO COM 532457108 8,593 175,000 SH   DFND 1 175,000 0 0
EMBRAER SA ADR ADR 29082A107 369 10,000 SH   DFND 1 10,000 0 0
EMC CORP/MA COM 268648102 12,991 550,000 SH   DFND 1 550,000 0 0
EMERSON ELECTRIC CO COM 291011104 11,988 220,000 SH   DFND 1 220,000 0 0
EXPRESS SCRIPTS HOLDING COM 30219G108 5,552 90,000 SH   DFND 1 90,000 0 0
EXXON MOBIL CORP COM 30231G102 44,066 490,000 SH   DFND 1 490,000 0 0
FEDEX CORP COM 31428X106 8,383 85,000 SH   DFND 1 85,000 0 0
FOMENTO ECONOMICO MEX SP ADR 344419106 11,487 111,300 SH   DFND 1 111,300 0 0
FORD MOTOR CO COM 345370860 18,926 1,225,000 SH   DFND 1 1,225,000 0 0
FREEPORT MCMORAN COPPER COM 35671D857 1,380 50,000 SH   DFND 1 50,000 0 0
GENERAL ELECTRIC CO COM 369604103 33,626 1,450,000 SH   DFND 1 1,450,000 0 0
GILEAD SCIENCES INC COM 375558103 8,706 170,000 SH   DFND 1 170,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 6,048 40,000 SH   DFND 1 40,000 0 0
GOOGLE INC CL A COM 38259P508 25,509 29,000 SH   DFND 1 29,000 0 0
GRUPO TELEVISA SA SPON ADR 40049J206 3,849 155,000 SH   DFND 1 155,000 0 0
HALLIBURTON CO COM 406216101 14,602 350,000 SH   DFND 1 350,000 0 0
HARTFORD FINANCIAL SVCS COM 416515104 7,723 250,000 SH   DFND 1 250,000 0 0
HEWLETT PACKARD CO COM 428236103 4,956 200,000 SH   DFND 1 200,000 0 0
HILLSHIRE BRANDS CO COM 432589109 1,984 60,000 SH   DFND 1 60,000 0 0
HOME DEPOT INC COM 437076102 19,268 250,000 SH   DFND 1 250,000 0 0
HONEYWELL INTERNATIONAL COM 438516106 15,065 190,000 SH   DFND 1 190,000 0 0
INTEL CORP COM 458140100 23,009 950,000 SH   DFND 1 950,000 0 0
INTL BUSINESS MACHINES COM 459200101 24,251 127,000 SH   DFND 1 127,000 0 0
ITAU UNIBANCO HLDNG PREF ADR 465562106 976 75,625 SH   DFND 1 75,625 0 0
JOHNSON + JOHNSON COM 478160104 35,203 410,000 SH   DFND 1 410,000 0 0
JPMORGAN CHASE + CO COM 46625H100 21,108 400,000 SH   DFND 1 400,000 0 0
KELLOGG CO COM 487836108 11,567 180,000 SH   DFND 1 180,000 0 0
KEYCORP COM 493267108 8,824 800,000 SH   DFND 1 800,000 0 0
KINDER MORGAN INC COM 49456B119 962 192,000 SH   DFND 1 192,000 0 0
LAREDO PETROLEUM HLDGS COM 516806106 257 12,500 SH   SOLE   12,500 0 0
MARRIOTT INTERNATIONAL CL COM 571903202 2,422 60,000 SH   DFND 1 60,000 0 0
MASTERCARD INC CLASS A COM 57636Q104 6,849 12,000 SH   DFND 1 12,000 0 0
MCDONALD S CORP COM 580135101 24,740 250,000 SH   DFND 1 250,000 0 0
MEDTRONIC INC COM 585055106 5,148 100,000 SH   DFND 1 100,000 0 0
MELCO CROWN ENTERTAINME ADR 585464100 13,416 600,000 SH   DFND 1 600,000 0 0
MERCK + CO. INC. COM 58933Y105 23,225 500,000 SH   DFND 1 500,000 0 0
METLIFE INC COM 59156R108 8,237 180,000 SH   DFND 1 180,000 0 0
MICRON TECHNOLOGY INC COM 595112103 11,464 800,000 SH   DFND 1 800,000 0 0
MICROSOFT CORP COM 594918104 28,315 820,000 SH   DFND 1 820,000 0 0
MILLENNIAL MEDIA INC USD COM 60040N105 121 13,858 SH   SOLE   13,858 0 0
MONSANTO CO COM 61166W101 9,871 100,000 SH   DFND 1 100,000 0 0
MORGAN STANLEY COM 617446448 4,640 190,000 SH   DFND 1 190,000 0 0
MOSAIC CO/THE COM 61945C103 5,380 100,000 SH   DFND 1 100,000 0 0
NABORS INDUSTRIES LTD COM G6359F103 8,798 575,000 SH   DFND 1 575,000 0 0
NASDAQ OMX GROUP/THE COM 631103108 6,228 190,000 SH   DFND 1 190,000 0 0
NATIONAL OILWELL VARCO COM 637071101 4,822 70,000 SH   DFND 1 70,000 0 0
NEW ORIENTAL EDUCATIO SP ADR 647581107 6,376 288,000 SH   DFND 1 288,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 8,351 115,000 SH   DFND 1 115,000 0 0
NORTHERN TRUST CORP COM 665859104 11,865 205,000 SH   DFND 1 205,000 0 0
OCCIDENTAL PETROLEUM CORP COM 674599105 7,320 82,000 SH   DFND 1 82,000 0 0
OI SA ADR ADR 670851203 494 276,066 SH   DFND 1 276,066 0 0
OI SA ADR ADR 670851104 52 26,930 SH   DFND 1 26,930 0 0
ORACLE CORP COM 68389X105 12,280 400,000 SH   DFND 1 400,000 0 0
PEABODY ENERGY CORP COM 704549104 1,903 130,000 SH   DFND 1 130,000 0 0
PEPSICO INC COM 713448108 12,269 150,000 SH   DFND 1 150,000 0 0
PETROLEO BRASILEIRO S.A. ADR 71654V408 1,206 90,000 SH   DFND 1 90,000 0 0
PETROLEO BRASILEIRO SPON ADR 71654V101 2,196 150,127 SH   DFND 1 150,127 0 0
PFIZER INC W/D COM 717081103 33,099 1,180,000 SH   DFND 1 1,180,000 0 0
PHILIP MORRIS INTERNATION COM 718172109 15,581 180,000 SH   DFND 1 180,000 0 0
PLUM CREEK TIMBER CO COM 729251108 12,134 260,000 SH   DFND 1 260,000 0 0
PNC FINANCIAL SERVICES GR COM 693475105 14,945 205,000 SH   DFND 1 205,000 0 0
PPL CORPORATION COM 69351T106 9,072 300,000 SH   DFND 1 300,000 0 0
PRAXAIR INC COM 74005P104 10,362 90,000 SH   DFND 1 90,000 0 0
PRICELINE.COM INC COM 741503403 4,130 5,000 SH   DFND 1 5,000 0 0
PRINCIPAL FINANCIAL GROUP COM 74251V102 13,094 350,000 SH   DFND 1 350,000 0 0
PROCTER + GAMBLE CO/THE COM 742718109 28,486 370,000 SH   DFND 1 370,000 0 0
PUBLIC SERVICE ENTERPRISE COM 744573106 8,505 260,000 SH   DFND 1 260,000 0 0
QUALCOMM INC COM 747525103 10,384 170,000 SH   DFND 1 170,000 0 0
RAYONIER INC COM 754907103 11,078 200,000 SH   DFND 1 200,000 0 0
SCHLUMBERGER LTD COM 806857108 9,309 130,000 SH   DFND 1 130,000 0 0
SEAGATE TECHNOLOGY COM G7945M107 4,482 100,000 SH   DFND 1 100,000 0 0
SEALED AIR CORP COM 81211K100 8,256 345,000 SH   DFND 1 345,000 0 0
SINA CORP COM G81477104 4,735 85,000 SH   DFND 1 85,000 0 0
SOUTHERN CO/THE COM 842587107 13,236 300,000 SH   DFND 1 300,000 0 0
STANLEY BLACK + DECKER IN COM 854502101 7,732 100,000 SH   DFND 1 100,000 0 0
STARBUCKS CORP COM 855244109 17,682 270,000 SH   DFND 1 270,000 0 0
STARWOOD HOTELS + RESORTS COM 85590A401 10,110 160,000 SH   DFND 1 160,000 0 0
STATE STREET CORP COM 857477103 7,825 120,000 SH   DFND 1 120,000 0 0
SYSCO CORP COM 871829107 9,394 275,000 SH   DFND 1 275,000 0 0
TESARO INC USD0.0001 COM 881569107 434 13,253 SH   SOLE   13,253 0 0
TEXAS INSTRUMENTS INC COM 882508104 4,353 125,000 SH   DFND 1 125,000 0 0
TIME WARNER INC COM 887317303 7,518 130,000 SH   DFND 1 130,000 0 0
UNION PACIFIC CORP COM 907818108 14,961 97,000 SH   DFND 1 97,000 0 0
UNITED PARCEL SERVICE CL COM 911312106 20,753 240,000 SH   DFND 1 240,000 0 0
UNITED TECHNOLOGIES CORP COM 913017109 19,515 210,000 SH   DFND 1 210,000 0 0
UNITEDHEALTH GROUP INC COM 91324P102 18,334 280,000 SH   DFND 1 280,000 0 0
UNUM GROUP COM 91529Y106 3,670 125,000 SH   DFND 1 125,000 0 0
US BANCORP COM 902973304 21,684 600,000 SH   DFND 1 600,000 0 0
VALE SA SP ADR ADR 91912E105 2,938 223,407 SH   DFND 1 223,407 0 0
VERIZON COMMUNICATIONS IN COM 92343V104 14,599 290,000 SH   DFND 1 290,000 0 0
VIACOM INC CLASS B COM 92553P201 10,203 150,000 SH   DFND 1 150,000 0 0
VISA INC CLASS A SHARES COM 92826C839 20,081 110,000 SH   DFND 1 110,000 0 0
WAL MART STORES INC COM 931142103 21,602 290,000 SH   DFND 1 290,000 0 0
WALGREEN CO COM 931422109 3,974 90,000 SH   DFND 1 90,000 0 0
WALT DISNEY CO/THE COM 254687106 12,636 200,000 SH   DFND 1 200,000 0 0
WELLPOINT INC COM 94973V107 12,273 150,000 SH   DFND 1 150,000 0 0
WELLS FARGO + CO COM 949746101 19,805 480,000 SH   DFND 1 480,000 0 0
WEYERHAEUSER CO COM 962166104 9,110 320,000 SH   DFND 1 320,000 0 0
WISCONSIN ENERGY CORP COM 976657106 9,425 230,000 SH   DFND 1 230,000 0 0
YAHOO INC COM 984332106 2,510 100,000 SH   DFND 1 100,000 0 0