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 Laboratories COM 002824100 5,750 150,000 SH   DFND 1 150,000 0 0
Accenture Plc COM G1151C101 5,755 70,000 SH   DFND 2 70,000 0 0
Aetna Inc COM 00817Y108 1,029 15,000 SH   DFND 2 15,000 0 0
Airgas Inc COM 009363102 2,908 26,000 SH   DFND 2 26,000 0 0
Allergan Inc/united States COM 018490102 9,997 90,000 SH   DFND 2 90,000 0 0
Allstate Corp/the COM 020002101 5,181 95,000 SH   DFND 2 95,000 0 0
Altera Corp COM 021441100 3,090 95,000 SH   DFND 1 95,000 0 0
Amazon.com Inc COM 023135106 5,184 13,000 SH   DFND 1 13,000 0 0
American Capital Agency Corp COM 02503X105 4,533 235,000 SH   DFND 1 235,000 0 0
American International Group Inc COM 026874784 3,574 70,000 SH   DFND 2 70,000 0 0
American Tower Corp COM 03027X100 7,982 100,000 SH   DFND 2 100,000 0 0
Amphenol Corp COM 032095101 3,121 35,000 SH   DFND 2 35,000 0 0
Apache Corp COM 037411105 19,766 230,000 SH   DFND 1 230,000 0 0
Apple Inc COM 037833100 25,811 46,000 SH   DFND 1 46,000 0 0
At&t Inc COM 00206R102 13,009 370,000 SH   DFND 2 370,000 0 0
Baker Hughes Inc COM 057224107 1,658 30,000 SH   DFND 1 30,000 0 0
Baxter International Inc COM 071813109 5,564 80,000 SH   DFND 2 80,000 0 0
Berkshire Hathaway Inc COM 084670702 5,335 45,000 SH   DFND 1 45,000 0 0
Broadcom Corp COM 111320107 6,671 225,000 SH   DFND 2 225,000 0 0
Cameron International Corp COM 13342B105 2,977 50,000 SH   DFND 1 50,000 0 0
Caterpillar Inc COM 149123101 5,449 60,000 SH   DFND 2 60,000 0 0
Ch Robinson Worldwide Inc COM 12541W209 9,159 157,000 SH   DFND 1 157,000 0 0
Chevron Corp COM 166764100 11,866 95,000 SH   DFND 2 95,000 0 0
Cisco Systems Inc COM 17275R102 17,174 765,000 SH   DFND 1,2 765,000 0 0
Citigroup Inc COM 172967424 13,288 255,000 SH   DFND 2 255,000 0 0
Citrix Systems Inc COM 177376100 3,795 60,000 SH   DFND 1 60,000 0 0
Coach Inc COM 189754104 6,736 120,000 SH   DFND 1 120,000 0 0
Coca-cola Co/the COM 191216100 20,862 505,000 SH   DFND 1,2 505,000 0 0
Comcast Corp COM 20030N101 10,393 200,000 SH   DFND 2 200,000 0 0
Conagra Foods Inc COM 205887102 3,876 115,000 SH   DFND 1 115,000 0 0
Danaher Corp COM 235851102 5,018 65,000 SH   DFND 2 65,000 0 0
Darden Restaurants Inc COM 237194105 5,981 110,000 SH   DFND 1 110,000 0 0
Dick's Sporting Goods Inc COM 253393102 5,810 100,000 SH   DFND 1 100,000 0 0
Dollar Tree Inc COM 256746108 1,128 20,000 SH   DFND 1 20,000 0 0
Dr Horton Inc COM 23331A109 1,339 60,000 SH   DFND 1 60,000 0 0
Eaton Corp Plc COM G29183103 5,709 75,000 SH   DFND 2 75,000 0 0
Ebay Inc COM 278642103 7,959 145,000 SH   DFND 1 145,000 0 0
Edwards Lifesciences Corp COM 28176E108 658 10,000 SH   DFND 1 10,000 0 0
Eli Lilly & Co COM 532457108 5,100 100,000 SH   DFND 1 100,000 0 0
Emc Corp/ma COM 268648102 9,557 380,000 SH   DFND 1 380,000 0 0
Eog Resources Inc COM 26875P101 2,685 16,000 SH   DFND 1 16,000 0 0
Estee Lauder Cos Inc/the COM 518439104 4,143 55,000 SH   DFND 2 55,000 0 0
Expeditors International Of Washington Inc COM 302130109 4,868 110,000 SH   DFND 1 110,000 0 0
Express Scripts Holding Co COM 30219G108 8,429 120,000 SH   DFND 1 120,000 0 0
Exxon Mobil Corp COM 30231G102 18,216 180,000 SH   DFND 2 180,000 0 0
Facebook Inc COM 30303M102 3,553 65,000 SH   DFND 1 65,000 0 0
Family Dollar Stores Inc COM 307000109 3,249 50,000 SH   DFND 2 50,000 0 0
Fastenal Co COM 311900104 7,364 155,000 SH   DFND 2 155,000 0 0
Ford Motor Co COM 345370860 1,543 100,000 SH   DFND 1 100,000 0 0
Franklin Resources Inc COM 354613101 9,525 165,000 SH   DFND 2 165,000 0 0
Freeport-mcmoran Copper & Gold Inc COM 35671D857 13,964 370,000 SH   DFND 1,2 370,000 0 0
General Electric Co COM 369604103 7,848 280,000 SH   DFND 2 280,000 0 0
Gilead Sciences Inc COM 375558103 6,388 85,000 SH   DFND 2 85,000 0 0
Goldman Sachs Group Inc/the COM 38141G104 7,977 45,000 SH   DFND 2 45,000 0 0
Google Inc COM 38259P508 13,449 12,000 SH   DFND 1 12,000 0 0
Halliburton Co COM 406216101 1,523 30,000 SH   DFND 1 30,000 0 0
Home Depot Inc/the COM 437076102 8,234 100,000 SH   DFND 1 100,000 0 0
Honeywell International Inc COM 438516106 6,396 70,000 SH   DFND 1 70,000 0 0
Intel Corp COM 458140100 14,927 575,000 SH   DFND 1 575,000 0 0
International Business Machines Corp COM 459200101 15,943 85,000 SH   DFND 2 85,000 0 0
Invesco Ltd COM 46127U104 8,554 235,000 SH   DFND 1,2 235,000 0 0
Iron Mountain Inc COM 462846106 5,311 175,000 SH   DFND 1 175,000 0 0
Ishares Msci Brazil Capped Etf ETF 464286400 4,021 90,000 SH   DFND 1 90,000 0 0
Ishares Msci Chile Capped Etf ETF 464286640 1,093 23,000 SH   DFND 1 23,000 0 0
Ishares Msci Emerging Markets Etf ETF 464287234 57,851 1,385,000 SH   DFND 1 1,385,000 0 0
Ishares Msci Taiwan Etf ETF 464286731 4,831 335,000 SH   DFND 1 335,000 0 0
Johnson & Johnson COM 478160104 13,281 145,000 SH   DFND 2 145,000 0 0
Jpmorgan Chase & Co COM 46625H100 21,053 360,000 SH   DFND 1,2 360,000 0 0
Kinder Morgan Inc/de COM 49456B101 3,780 105,000 SH   DFND 1 105,000 0 0
Kraft Foods Group Inc COM 50076Q106 12,941 240,000 SH   DFND 1,2 240,000 0 0
Lennar Corp COM 526057104 1,385 35,000 SH   DFND 1 35,000 0 0
Lowe's Cos Inc COM 548661107 1,982 40,000 SH   DFND 2 40,000 0 0
Macy's Inc COM 55616P104 5,073 95,000 SH   DFND 2 95,000 0 0
Market Vectors Russia Etf ETF 57060U506 2,887 100,000 SH   DFND 1 100,000 0 0
Marriott International Inc/de COM 571903202 6,170 125,000 SH   DFND 2 125,000 0 0
Mcdonald's Corp COM 580135101 7,762 80,000 SH   DFND 2 80,000 0 0
Merck & Co Inc COM 58933Y105 16,767 335,000 SH   DFND 2 335,000 0 0
Metlife Inc COM 59156R108 8,358 155,000 SH   DFND 1 155,000 0 0
Microsoft Corp COM 594918104 10,293 275,000 SH   DFND 2 275,000 0 0
Monsanto Co COM 61166W101 6,410 55,000 SH   DFND 2 55,000 0 0
Morgan Stanley COM 617446448 2,979 95,000 SH   DFND 2 95,000 0 0
National Oilwell Varco Inc COM 637071101 3,579 45,000 SH   DFND 2 45,000 0 0
Newmont Mining Corp COM 651639106 10,248 445,000 SH   DFND 1,2 445,000 0 0
Noble Corp COM H5833N103 2,998 80,000 SH   DFND 1 80,000 0 0
Nordstrom Inc COM 655664100 5,253 85,000 SH   DFND 2 85,000 0 0
Occidental Petroleum Corp COM 674599105 6,372 67,000 SH   DFND 1 67,000 0 0
Oracle Corp COM 68389X105 13,200 345,000 SH   DFND 1 345,000 0 0
Pepsico Inc COM 713448108 15,759 190,000 SH   DFND 2 190,000 0 0
Petroleo Brasileiro Sa ADR 71654V408 827 60,000 SH   DFND 1 60,000 0 0
PFIZER INC COM 717081103 17,306 565,000 SH   DFND 1,2 565,000 0 0
Philip Morris International Inc COM 718172109 23,961 275,000 SH   DFND 1,2 275,000 0 0
Pnc Financial Services Group Inc/the COM 693475105 2,715 35,000 SH   DFND 1 35,000 0 0
Praxair Inc COM 74005P104 4,887 37,582 SH   DFND 1 37,582 0 0
Precision Castparts Corp COM 740189105 5,386 20,000 SH   DFND 2 20,000 0 0
Procter & Gamble Co/the COM 742718109 10,583 130,000 SH   DFND 2 130,000 0 0
Qualcomm Inc COM 747525103 5,198 70,000 SH   DFND 2 70,000 0 0
Ralph Lauren Corp COM 751212101 2,649 15,000 SH   DFND 1 15,000 0 0
Royal Dutch Shell Plc ADR 780259206 5,345 75,000 SH   DFND 1 75,000 0 0
Schlumberger Ltd COM 806857108 9,011 100,000 SH   DFND 1 100,000 0 0
Starbucks Corp COM 855244109 1,960 25,000 SH   DFND 2 25,000 0 0
T Rowe Price Group Inc COM 74144T108 5,445 65,000 SH   DFND 1,2 65,000 0 0
Target Corp COM 87612E106 5,062 80,000 SH   DFND 2 80,000 0 0
Teva Pharmaceutical Industries Ltd ADR 881624209 12,425 310,000 SH   DFND 1 310,000 0 0
Thermo Fisher Scientific Inc COM 883556102 6,124 55,000 SH   DFND 2 55,000 0 0
Twenty-first Century Fox Inc COM 90130A101 2,814 80,000 SH   DFND 1 80,000 0 0
Twitter Inc COM 90184L102 637 10,000 SH   DFND 1 10,000 0 0
Union Pacific Corp COM 907818108 2,856 17,000 SH   DFND 1 17,000 0 0
United Technologies Corp COM 913017109 7,966 70,000 SH   DFND 1 70,000 0 0
Unitedhealth Group Inc COM 91324P102 3,012 40,000 SH   DFND 1 40,000 0 0
Urban Outfitters Inc COM 917047102 2,597 70,000 SH   DFND 1 70,000 0 0
Us Bancorp/mn COM 902973304 5,454 135,000 SH   DFND 1 135,000 0 0
Utilities Select Sector Spdr Fund ETF 81369Y886 19,934 525,000 SH   DFND 2 525,000 0 0
Vale Sa ADR 91912E105 1,144 75,000 SH   DFND 1 75,000 0 0
Verizon Communications Inc COM 92343V104 20,639 420,000 SH   DFND 1,2 420,000 0 0
Visa Inc COM 92826C839 3,340 15,000 SH   DFND 1 15,000 0 0
Walgreen Co COM 931422109 1,436 25,000 SH   DFND 2 25,000 0 0
Wal-mart Stores Inc COM 931142103 5,115 65,000 SH   DFND 2 65,000 0 0
Walt Disney Co/the COM 254687106 5,348 70,000 SH   DFND 2 70,000 0 0
Wells Fargo & Co COM 949746101 13,620 300,000 SH   DFND 2 300,000 0 0
Whole Foods Market Inc COM 966837106 2,602 45,000 SH   DFND 1 45,000 0 0
Williams Cos Inc/the COM 969457100 10,221 265,000 SH   DFND 1 265,000 0 0
Ww Grainger Inc COM 384802104 2,043 8,000 SH   DFND 2 8,000 0 0