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
SEADRILL LTD SHS G7945E105 173 50,000 SH   SOLE   50,000 0 0
AGNICO EAGLE MINES LTD COM 008474108 1,202 45,900 SH   SOLE   45,900 0 0
AGRIUM INC COM 008916108 2,925 32,500 SH   SOLE   32,500 0 0
BCE INC COM NEW 05534B760 7,299 187,000 SH   SOLE   187,000 0 0
BANK OF MONTREAL COM 063671101 9,142 161,000 SH   SOLE   161,000 0 0
BANK OF NOVA SCOTIA COM 064149107 11,107 268,000 SH   SOLE   268,000 0 0
BARRICK GOLD CORP COM 067901108 1,321 180,000 SH   SOLE   180,000 0 0
BLACKBERRY LTD COM 09228F103 928 99,500 SH   SOLE   99,500 0 0
BROOKFIELD ASSET MANAGE CL A LTD VT SH 112585104 6,488 202,500 SH   SOLE   202,500 0 0
CAMECO CORP. COM 13321L108 1,157 95,000 SH   SOLE   95,000 0 0
CAN IMPERIAL BK OF COMMERCE COM 136069101 5,318 80,000 SH   SOLE   80,000 0 0
CANADIAN NATL RAILWAY CO COM 136375102 11,644 205,900 SH   SOLE   205,900 0 0
CANADIAN NATURAL RESOURCES COM 136385101 5,216 239,000 SH   SOLE   239,000 0 0
CANADIAN PACIFIC RAILWAY LTD COM 13645T100 3,113 24,500 SH   SOLE   24,500 0 0
CENOVUS ENERGY INC COM 15135U109 2,551 204,000 SH   SOLE   204,000 0 0
CRESCENT POINT ENERGY COM 22576C101 1,093 95,500 SH   SOLE   95,500 0 0
ELDORADO GOLD CORP. COM 284902103 447 150,000 SH   SOLE   150,000 0 0
ENBRIDGE INC COM 29250N105 6,188 189,000 SH   SOLE   189,000 0 0
FRANCO NEVADA CORP COM 351858105 1,506 33,000 SH   SOLE   33,000 0 0
GILDAN ACTIVEWEAR INC COM 375916103 3,325 116,000 SH   SOLE   116,000 0 0
GOLDCORP INC COM 380956409 2,179 190,000 SH   SOLE   190,000 0 0
CGI GROUP INC CL A SUB VTG 39945C109 2,638 65,000 SH   SOLE   65,000 0 0
IMPERIAL OIL LTD COM NEW 453038408 1,807 56,000 SH   SOLE   56,000 0 0
KINROSS GOLD CORP COM NO PAR 496902404 442 240,000 SH   SOLE   240,000 0 0
MAGNA INTERNATIONAL INC COM 559222401 4,693 113,500 SH   SOLE   113,500 0 0
MANULIFE FINANCIAL CORP. COM 56501R106 1,128 74,000 SH   SOLE   74,000 0 0
PEMBINA PIPELINE CORP COM 706327103 883 41,000 SH   SOLE   41,000 0 0
POTASH CORP OF SASKATCHEWAN COM 73755L107 1,956 113,000 SH   SOLE   113,000 0 0
RESTAURANT BRANDS INTL INC COM 76131D103 1,777 48,000 SH   SOLE   48,000 0 0
ROGERS COMMUNICATIONS INC CL B 775109200 2,886 83,000 SH   SOLE   83,000 0 0
ROYAL BANK OF CANADA COM 780087102 18,712 344,500 SH   SOLE   344,500 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 1,559 90,000 SH   SOLE   90,000 0 0
SILVER WHEATON CORP COM 828336107 1,179 96,000 SH   SOLE   96,000 0 0
SUN LIFE FINANCIAL INC. COM 866796105 728 23,000 SH   SOLE   23,000 0 0
SUNCOR ENERGY INC COM 867224107 9,863 384,000 SH   SOLE   384,000 0 0
TECK RESOURCES LTD CL B 878742204 54 14,000 SH   SOLE   14,000 0 0
TELUS CORP COM 87971M103 2,828 101,000 SH   SOLE   101,000 0 0
THOMSON REUTERS CORP COM 884903105 2,996 78,000 SH   SOLE   78,000 0 0
TORONTO-DOMINION BANK COM NEW 891160509 18,226 461,200 SH   SOLE   461,200 0 0
TRANSCANADA CORP COM 89353D107 4,062 125,000 SH   SOLE   125,000 0 0
VALEANT PHARMACEUTICALS INTE COM 91911K102 7,692 74,000 SH   SOLE   74,000 0 0
YAMANA GOLD INC COM 98462Y100 339 180,000 SH   SOLE   180,000 0 0
LOGITECH INTL S A SHS H50430232 241 16,000 SH   SOLE   16,000 0 0
TRANSOCEAN LTD REG SHS H8817H100 5,354 437,752 SH   SOLE   437,752 0 0
TE CONNECTIVITY LTD REG SHS H84989104 3,733 56,851 SH   SOLE   56,851 0 0
UBS AG SHS NEW H42097107 26,105 1,323,069 SH   SOLE   1,323,069 0 0
DEUTSCHE BANK AG-REGISTERED NAMEN AKT D18190898 151,627 6,150,306 SH   SOLE   6,150,306 0 0
ENSCO PLC CL. A DL -,10 SHS CLASS A G3157S106 6,584 436,297 SH   SOLE   436,297 0 0
INGERSOLL-RAND PLC SHS G47791101 274 4,900 SH   SOLE   4,900 0 0
PERRIGO CO PLC SHS G97822103 5,890 40,425 SH   SOLE   40,425 0 0
MEDTRONIC PLC SHS G5960L103 3,602 46,188 SH   SOLE   46,188 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 7,768 75,506 SH   SOLE   75,506 0 0
QIAGEN N.V. REG SHS N72482107 6,361 231,600 SH   SOLE   231,600 0 0
CNH INDUSTRIAL NV SHS N20944109 1,503 218,054 SH   SOLE   218,054 0 0
FIAT CHRYSLER AUTOMOBILES SHS N31738102 6,985 495,414 SH   SOLE   495,414 0 0
MYLAN N.V. EO -,01 SHS EURO N59465109 15,005 272,617 SH   SOLE   272,617 0 0
THE ADT CORPORATION COM 00101J106 6,268 183,701 SH   SOLE   183,701 0 0
AT&T INC COM 00206R102 40,079 1,151,688 SH   SOLE   1,151,688 0 0
AU OPTRONICS CORP. ADR/10 SPONSORED ADR 002255107 116 40,000 SH   SOLE   40,000 0 0
ABBOTT LABORATORIES COM 002824100 621 13,600 SH   SOLE   13,600 0 0
ABBVIE INC COM 00287Y109 1,138 19,000 SH   SOLE   19,000 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 105 2,500 SH   SOLE   2,500 0 0
AIR PROD. CHEM. DL 1 COM 009158106 331 2,500 SH   SOLE   2,500 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 3,245 39,500 SH   SOLE   39,500 0 0
ALPHABET INC CAP STK CL C 02079K107 12,128 15,623 SH   SOLE   15,623 0 0
ALPHABET INC CAP STK CL A 02079K305 17,169 21,576 SH   SOLE   21,576 0 0
ALTRIA GROUP INC COM 02209S103 19,342 328,331 SH   SOLE   328,331 0 0
AMAZON.COM INC. DL-,01 COM 023135106 12,942 18,646 SH   SOLE   18,646 0 0
AMBEV SA SPONSORED ADR 02319V103 1,247 275,000 SH   SOLE   275,000 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 10,106 234,957 SH   SOLE   234,957 0 0
AMERISOURCEBERGEN CORP COM 03073E105 12,736 120,836 SH   SOLE   120,836 0 0
AMGEN INC COM 031162100 1,148 7,000 SH   SOLE   7,000 0 0
APPLE INC COM 037833100 46,439 431,229 SH   SOLE   431,229 0 0
AUTODESK INC. COM 052769106 439 7,000 SH   SOLE   7,000 0 0
AUTONATION INC COM 05329W102 4,061 67,130 SH   SOLE   67,130 0 0
AVALONBAY CMNTYS INC COM 053484101 11,817 63,720 SH   SOLE   63,720 0 0
AVERY DENNISON CORP COM 053611109 4,747 74,691 SH   SOLE   74,691 0 0
BAIDU INC SPON ADR REP A 056752108 2,150 11,100 SH   SOLE   11,100 0 0
BAKER HUGHES INC COM 057224107 340 7,400 SH   SOLE   7,400 0 0
BANK OF AMERICA CORP COM 060505104 22,717 1,326,258 SH   SOLE   1,326,258 0 0
BANK NEW YORK MELLON CORP COM 064058100 24,978 600,888 SH   SOLE   600,888 0 0
BAXALTA INC. DL -,01 COM 07177M103 20,336 520,904 SH   SOLE   520,904 0 0
BAXTER INTERNATIONAL INC COM 071813109 20,430 535,534 SH   SOLE   535,534 0 0
BECTON DICKINSON & CO COM 075887109 3,459 22,212 SH   SOLE   22,212 0 0
BIOGEN IDEC INC. COM 09062X103 14,720 47,675 SH   SOLE   47,675 0 0
BLACKROCK INC COM 09247X101 4,504 13,108 SH   SOLE   13,108 0 0
BOEING CO COM 097023105 20,863 142,042 SH   SOLE   142,042 0 0
BOSTON PROPERTIES INC COM 101121101 5,220 40,600 SH   SOLE   40,600 0 0
BRF SA SPONSORED ADR 10552T107 1,682 120,000 SH   SOLE   120,000 0 0
BRISTOL MYERS SQUIBB CO DBCV 110122108 7,800 111,467 SH   SOLE   111,467 0 0
C.H. Robinson Worldwide Inc. Reg Shs (new) DL -,10 COM NEW 12541W209 5,012 80,133 SH   SOLE   80,133 0 0
CA INC COM 12673P105 7,745 265,067 SH   SOLE   265,067 0 0
CAMPBELL SOUP CO COM 134429109 17,957 336,598 SH   SOLE   336,598 0 0
CAPITAL ONE FINL CORP COM 14040H105 19,988 271,249 SH   SOLE   271,249 0 0
CARDINAL HEALTH INC COM 14149Y108 16,256 179,326 SH   SOLE   179,326 0 0
CATERPILLAR INC COM 149123101 166 2,400 SH   SOLE   2,400 0 0
CHEVRON CORP NEW COM 166764100 14,407 159,281 SH   SOLE   159,281 0 0
CISCO SYSTEMS INC COM 17275R102 1,022 37,000 SH   SOLE   37,000 0 0
CITIGROUP INC COM NEW 172967424 7,044 133,896 SH   SOLE   133,896 0 0
Citrix Systems Inc. DL-,001 COM 177376100 12,342 159,607 SH   SOLE   159,607 0 0
CLOROX CO DEL COM 189054109 10,186 79,270 SH   SOLE   79,270 0 0
COCA-COLA CO/THE COM 191216100 9,123 208,815 SH   SOLE   208,815 0 0
COCA-COLA ENTERPR. DL 1 COM 19122T109 100 2,000 SH   SOLE   2,000 0 0
COLGATE-PALMOLIVE CO COM 194162103 379 5,600 SH   SOLE   5,600 0 0
COMCAST CORP NEW CL A 20030N101 17,601 308,133 SH   SOLE   308,133 0 0
CIA EN.GER.ADR PFD NV 1 SPONS ADR 204409601 327 211,593 SH   SOLE   211,593 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 280 60,000 SH   SOLE   60,000 0 0
CONSTELLATION BRANDS INC CL A 21036P108 9,657 66,851 SH   SOLE   66,851 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 534 11,400 SH   SOLE   11,400 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 5,791 112,881 SH   SOLE   112,881 0 0
DIAMOND OFFSHORE DRILLING COM 25271C102 4,832 231,749 SH   SOLE   231,749 0 0
DISNEY WALT CO COM 254687106 10,916 102,242 SH   SOLE   102,242 0 0
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 4,623 173,520 SH   SOLE   173,520 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 5,263 209,534 SH   SOLE   209,534 0 0
DOUGLAS EMMETT DL -,01 COM 25960P109 5,235 165,660 SH   SOLE   165,660 0 0
DOVER CORP COM 260003108 10,612 171,223 SH   SOLE   171,223 0 0
DOW CHEM CO COM 260543103 4,540 87,715 SH   SOLE   87,715 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 14,452 152,283 SH   SOLE   152,283 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 20,722 286,137 SH   SOLE   286,137 0 0
EOG RES INC COM 26875P101 3,367 47,622 SH   SOLE   47,622 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 4,372 146,233 SH   SOLE   146,233 0 0
EBAY INC COM 278642103 28,600 1,025,832 SH   SOLE   1,025,832 0 0
ECOPETROL SA SPONSORED ADS 279158109 14 2,000 SH   SOLE   2,000 0 0
EL. ARTS INC. DL-,01 COM 285512109 9,054 128,939 SH   SOLE   128,939 0 0
EQUIFAX INC. DL 1,25 COM 294429105 3,219 28,506 SH   SOLE   28,506 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,679 69,500 SH   SOLE   69,500 0 0
ESSEX PPTY TR INC COM 297178105 5,404 22,250 SH   SOLE   22,250 0 0
EXELON CORP. COM 30161N101 15,497 558,647 SH   SOLE   558,647 0 0
EXXON MOBIL CORP. O.N. COM 30231G102 29,157 371,717 SH   SOLE   371,717 0 0
FACEBOOK INC CL A 30303M102 26,978 252,860 SH   SOLE   252,860 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 568 23,482 SH   SOLE   23,482 0 0
GAP INC. COM 364760108 253 10,000 SH   SOLE   10,000 0 0
Genl Dynamics Corp. Dl 1 COM 369550108 16,247 116,105 SH   SOLE   116,105 0 0
Genl El. Co. Dl -,06 COM 369604103 12,578 403,413 SH   SOLE   403,413 0 0
GENERAL MTRS CO COM 37045V100 18,759 544,379 SH   SOLE   544,379 0 0
GILEAD SCIENCES INC COM 375558103 23,035 224,977 SH   SOLE   224,977 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 6,376 191,364 SH   SOLE   191,364 0 0
HP INC COM 40434L105 204 17,200 SH   SOLE   17,200 0 0
HALLIBURTON CO COM 406216101 239 7,000 SH   SOLE   7,000 0 0
HANESBRANDS INC COM 410345102 5,893 202,087 SH   SOLE   202,087 0 0
HERSHEY CO/THE COM 427866108 63 700 SH   SOLE   700 0 0
HEWLETT-PACKARD CO COM 428236103 15,038 979,724 SH   SOLE   979,724 0 0
HOME DEPOT INC COM 437076102 21,074 157,879 SH   SOLE   157,879 0 0
HORMEL FOODS CORP COM 440452100 16,754 210,003 SH   SOLE   210,003 0 0
HOST HOTELS & RESORTS INC COM 44107P104 14,005 890,354 SH   SOLE   890,354 0 0
HUMANA INC COM 444859102 606 3,400 SH   SOLE   3,400 0 0
INTEL CORP COM 458140100 25,760 734,177 SH   SOLE   734,177 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 11,065 42,813 SH   SOLE   42,813 0 0
INTL BUSINESS MACHINES CORP COM 459200101 210 1,500 SH   SOLE   1,500 0 0
INTERPUBL.GR. COS. DL-,10 COM 460690100 8,160 345,486 SH   SOLE   345,486 0 0
ITAU UNIBANCO HLDNG SPON ADR REP PFD 465562106 278 42,325 SH   SOLE   42,325 0 0
JPMORGAN CHASE & CO COM 46625H100 3,665 54,818 SH   SOLE   54,818 0 0
JD COM INC SPON ADR CL A 47215P106 436 13,600 SH   SOLE   13,600 0 0
JOHNSON & JOHNSON COM 478160104 45,761 439,256 SH   SOLE   439,256 0 0
JOHNSON CONTROLS INC COM 478366107 391 9,700 SH   SOLE   9,700 0 0
JUNIPER NETWORKS INC COM 48203R104 2,795 100,217 SH   SOLE   100,217 0 0
KILROY REALTY CORP.DL-,01 COM 49427F108 4,720 74,000 SH   SOLE   74,000 0 0
KIMBERLY-CLARK DL 1,25 COM 494368103 15,052 116,041 SH   SOLE   116,041 0 0
KOHLS CORP COM 500255104 11,604 239,414 SH   SOLE   239,414 0 0
KROGER CO COM 501044101 10,567 248,977 SH   SOLE   248,977 0 0
LEGG MASON INC COM 524901105 2,828 71,619 SH   SOLE   71,619 0 0
LILLY ELI & CO COM 532457108 10,270 118,166 SH   SOLE   118,166 0 0
LOWES COS INC COM 548661107 4,161 53,943 SH   SOLE   53,943 0 0
MARATHON PETE CORP COM 56585A102 12,129 229,456 SH   SOLE   229,456 0 0
MCDONALD'S CORP COM 580135101 30,856 257,541 SH   SOLE   257,541 0 0
MCKESSON CORP COM 58155Q103 12,911 64,627 SH   SOLE   64,627 0 0
MELCO CROWN ENTMT LTD ADR 585464100 813 48,000 SH   SOLE   48,000 0 0
MERCK & CO. INC. COM 58933Y105 7,862 146,902 SH   SOLE   146,902 0 0
MICROSOFT CORP COM 594918104 29,301 517,200 SH   SOLE   517,200 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 596 96,999 SH   SOLE   96,999 0 0
MONDELEZ INTERNATIONAL INC CL A 609207105 572 12,500 SH   SOLE   12,500 0 0
NASDAQ INC COM 631103108 3,713 62,355 SH   SOLE   62,355 0 0
NATIONAL RETAIL PPTYS COM 637417106 5,726 143,000 SH   SOLE   143,000 0 0
NETAPP INC COM 64110D104 4,880 181,419 SH   SOLE   181,419 0 0
NEWFIELD EXPLORATION CO COM 651290108 1,996 62,307 SH   SOLE   62,307 0 0
NEWMONT MINING CORP COM 651639106 13,398 756,559 SH   SOLE   756,559 0 0
NIKE INC. B CL B 654106103 10,062 158,588 SH   SOLE   158,588 0 0
NUCOR CORP COM 670346105 3,250 80,516 SH   SOLE   80,516 0 0
NVIDIA CORP COM 67066G104 13,311 395,806 SH   SOLE   395,806 0 0
O REILLY AUTOMOTIVE INC COM 67103H107 21,918 84,921 SH   SOLE   84,921 0 0
OMNICOM GRP INC. DL-,15 COM 681919106 8,454 109,647 SH   SOLE   109,647 0 0
OWENS CORNING COM 690742101 118 2,500 SH   SOLE   2,500 0 0
PPG INDS INC COM 693506107 3,166 31,562 SH   SOLE   31,562 0 0
PARAMOUNT GROUP INC COM 69924R108 5,143 284,600 SH   SOLE   284,600 0 0
PAYPAL HDGS INC.DL-,0001 COM 70450Y103 5,638 153,244 SH   SOLE   153,244 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 5,459 332,079 SH   SOLE   332,079 0 0
PEPSICO INC COM 713448108 507 5,000 SH   SOLE   5,000 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 157 47,000 SH   SOLE   47,000 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 1,154 270,000 SH   SOLE   270,000 0 0
PFIZER INC COM 717081103 28,215 858,390 SH   SOLE   858,390 0 0
PITNEY BOWES INC COM 724479100 3,538 169,224 SH   SOLE   169,224 0 0
PRAXAIR INC. DL-,01 COM 74005P104 642 6,200 SH   SOLE   6,200 0 0
PRICE T ROWE GROUP INC COM 74144T108 9,077 125,219 SH   SOLE   125,219 0 0
PROLOGIS INC COM 74340W103 5,690 131,600 SH   SOLE   131,600 0 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 11,442 292,647 SH   SOLE   292,647 0 0
PUBLIC STORAGE DL-,10 COM 74460D109 22,424 89,372 SH   SOLE   89,372 0 0
PULTE GROUP INC. DL -,01 COM 745867101 7,792 432,389 SH   SOLE   432,389 0 0
QUANTA SVCS INC COM 74762E102 4,463 216,222 SH   SOLE   216,222 0 0
QUEST DIAGNOSTICS INC COM 74834L100 144 2,000 SH   SOLE   2,000 0 0
RALPH LAUREN CORP CL A 751212101 2,875 25,589 SH   SOLE   25,589 0 0
RAYTHEON CO COM NEW 755111507 5,644 44,847 SH   SOLE   44,847 0 0
REGIONS FINL CORP NEW COM 7591EP100 5,315 548,552 SH   SOLE   548,552 0 0
REYNOLDS AMERICAN INC. COM 761713106 23,464 501,683 SH   SOLE   501,683 0 0
ROPER INDUSTRIES INC COM 776696106 21,743 113,532 SH   SOLE   113,532 0 0
ROSS STORES INC COM 778296103 10,540 192,505 SH   SOLE   192,505 0 0
SL GREEN REALTY DL-,01 COM 78440X101 11,919 104,911 SH   SOLE   104,911 0 0
SALESFORCE COM INC COM 79466L302 13,028 163,530 SH   SOLE   163,530 0 0
SCANA CORP NEW COM 80589M102 5,964 96,741 SH   SOLE   96,741 0 0
SEALED AIR CORP. DL-,10 COM 81211K100 7,101 157,662 SH   SOLE   157,662 0 0
SEMPRA ENERGY COM 816851109 4,036 42,441 SH   SOLE   42,441 0 0
SIMON PPTY GROUP INC COM 828806109 10,403 53,246 SH   SOLE   53,246 0 0
SOUTHERN CO COM 842587107 13,161 278,312 SH   SOLE   278,312 0 0
Southw. Airl. Co. Dl 1 COM 844741108 14,213 325,606 SH   SOLE   325,606 0 0
STAPLES INC COM 855030102 149 15,500 SH   SOLE   15,500 0 0
SUNTRUST BKS INC COM 867914103 11,639 267,191 SH   SOLE   267,191 0 0
SYMANTEC CORP COM 871503108 405 19,000 SH   SOLE   19,000 0 0
SYNCHRONY FINL COM 87165B103 3,049 99,858 SH   SOLE   99,858 0 0
TARGET CORP COM 87612E106 148 2,000 SH   SOLE   2,000 0 0
TAUBMAN CTRS INC COM 876664103 5,432 70,400 SH   SOLE   70,400 0 0
TESORO CORP COM 881609101 1,866 17,842 SH   SOLE   17,842 0 0
TEXAS INSTRS INC COM 882508104 15,419 273,440 SH   SOLE   273,440 0 0
3M CO COM 88579Y101 229 1,500 SH   SOLE   1,500 0 0
TOTAL SYSTEM SERV. DL-,10 COM 891906109 5,856 116,438 SH   SOLE   116,438 0 0
TYSON FOODS INC CL A 902494103 6,170 114,425 SH   SOLE   114,425 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 924 60,000 SH   SOLE   60,000 0 0
UTD MICROELECTR.ADR NEW/5 SPON ADR NEW 910873405 149 80,000 SH   SOLE   80,000 0 0
UNITED PARCEL SERVICE CL B 911312106 555 5,700 SH   SOLE   5,700 0 0
UNITED RENTALS INC COM 911363109 4,936 67,671 SH   SOLE   67,671 0 0
UNITED TECHNOLOGIES CORP COM 913017109 7,541 77,766 SH   SOLE   77,766 0 0
UNITEDHEALTH GROUP INC COM 91324P102 989 8,300 SH   SOLE   8,300 0 0
VALERO ENERGY CORP NEW COM 91913Y100 5,425 75,193 SH   SOLE   75,193 0 0
VERISIGN INC COM 92343E102 11,654 131,489 SH   SOLE   131,489 0 0
VERISK ANALYTICS INC COM 92345Y106 4,941 63,612 SH   SOLE   63,612 0 0
VIACOM INC NEW CL B 92553P201 2,623 63,838 SH   SOLE   63,838 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 8,111 110,945 SH   SOLE   110,945 0 0
ZOETIS INC CL A 98978V103 3,293 68,061 SH   SOLE   68,061 0 0
MICHAEL KORS HLDGS LTD SHS G60754101 2,972 73,884 SH   SOLE   73,884 0 0