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
SCHLUMBERGER LTD COM 806857108 15,445 199,748 SH   SOLE   199,748 0 0
AGNICO EAGLE MINES LTD COM 008474108 3,601 65,000 SH   SOLE   65,000 0 0
AGRIUM INC COM 008916108 2,369 26,000 SH   SOLE   26,000 0 0
BCE INC COM NEW 05534B760 7,451 160,000 SH   SOLE   160,000 0 0
BANK OF MONTREAL COM 063671101 8,541 130,000 SH   SOLE   130,000 0 0
BANK OF NOVA SCOTIA COM 064149107 12,250 227,000 SH   SOLE   227,000 0 0
BARRICK GOLD CORP COM 067901108 3,873 215,000 SH   SOLE   215,000 0 0
BLACKBERRY LTD COM 09228F103 678 85,000 SH   SOLE   85,000 0 0
BROOKFIELD ASSET MANAGE CL A LTD VT SH 112585104 5,676 160,000 SH   SOLE   160,000 0 0
CAE INC COM 124765108 1,142 80,000 SH   SOLE   80,000 0 0
CAN IMPERIAL BK OF COMMERCE COM 136069101 5,791 75,000 SH   SOLE   75,000 0 0
CANADIAN NATL RAILWAY CO COM 136375102 10,561 162,900 SH   SOLE   162,900 0 0
CANADIAN NATURAL RESOURCES COM 136385101 7,727 240,000 SH   SOLE   240,000 0 0
CANADIAN PACIFIC RAILWAY LTD COM 13645T100 4,085 27,000 SH   SOLE   27,000 0 0
CENOVUS ENERGY INC COM 15135U109 2,586 180,000 SH   SOLE   180,000 0 0
CRESCENT POINT ENERGY COM 22576C101 1,266 95,000 SH   SOLE   95,000 0 0
ELDORADO GOLD CORP NEW COM 284902103 525 130,000 SH   SOLE   130,000 0 0
ENCANA CORP COM 292505104 1,523 150,000 SH   SOLE   150,000 0 0
ENBRIDGE INC COM 29250N105 7,563 171,500 SH   SOLE   171,500 0 0
FRANCO NEVADA CORP COM 351858105 2,348 33,000 SH   SOLE   33,000 0 0
GILDAN ACTIVEWEAR INC COM 375916103 1,117 40,000 SH   SOLE   40,000 0 0
GOLDCORP INC COM 380956409 1,671 100,000 SH   SOLE   100,000 0 0
CGI GROUP INC CL A SUB VTG 39945C109 2,636 55,000 SH   SOLE   55,000 0 0
KINROSS GOLD CORP COM NO PAR 496902404 984 230,000 SH   SOLE   230,000 0 0
MAGNA INTERNATIONAL INC COM 559222401 2,768 74,000 SH   SOLE   74,000 0 0
PEMBINA PIPELINE CORP COM 706327103 2,312 75,000 SH   SOLE   75,000 0 0
POTASH CORP OF SASKATCHEWAN COM 73755L107 815 50,000 SH   SOLE   50,000 0 0
RESTAURANT BRANDS INTL INC COM 76131D103 1,771 40,000 SH   SOLE   40,000 0 0
ROGERS COMMUNICATIONS INC CL B 775109200 2,998 70,000 SH   SOLE   70,000 0 0
ROYAL BANK OF CANADA COM 780087102 17,626 284,000 SH   SOLE   284,000 0 0
SILVER WHEATON CORP COM 828336107 2,279 82,000 SH   SOLE   82,000 0 0
SUNCOR ENERGY INC COM 867224107 8,624 310,000 SH   SOLE   310,000 0 0
TECK RESOURCES LTD CL B 878742204 1,691 90,000 SH   SOLE   90,000 0 0
TELUS CORP COM 87971M103 2,811 85,000 SH   SOLE   85,000 0 0
THOMSON REUTERS CORP COM 884903105 2,218 54,000 SH   SOLE   54,000 0 0
TORONTO-DOMINION BANK COM NEW 891160509 16,618 373,200 SH   SOLE   373,200 0 0
TRANSCANADA CORP COM 89353D107 8,370 175,000 SH   SOLE   175,000 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 1,385 55,000 SH   SOLE   55,000 0 0
WASTE CONNECTIONS INC COM 94106B101 753 10,000 SH   SOLE   10,000 0 0
YAMANA GOLD INC COM 98462Y100 805 180,000 SH   SOLE   180,000 0 0
LOGITECH INTL S A SHS H50430232 9,467 420,745 SH   SOLE   420,745 0 0
TRANSOCEAN LTD REG SHS H8817H100 4,353 409,222 SH   SOLE   409,222 0 0
UBS AG SHS NEW H42097107 28,810 2,137,277 SH   SOLE   2,137,277 0 0
GARMIN LTD SHS H2906T109 2,137 44,346 SH   SOLE   44,346 0 0
DEUTSCHE BANK AG-REGISTERED NAMEN AKT D18190898 70,473 5,766,397 SH   SOLE   5,766,397 0 0
COCA COLA EUROPEAN PARTNERS SHS G25839104 78 2,000 SH   SOLE   2,000 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 16,120 426,246 SH   SOLE   426,246 0 0
INGERSOLL-RAND PLC SHS G47791101 329 4,900 SH   SOLE   4,900 0 0
MALLINCKRODT PUB LTD CO SHS G5785G107 3,788 54,860 SH   SOLE   54,860 0 0
ALLEGION PUB LTD CO ORD SHS G0176J109 3,638 53,251 SH   SOLE   53,251 0 0
MEDTRONIC PLC SHS G5960L103 12,404 145,136 SH   SOLE   145,136 0 0
ALLERGAN PLC SHS G0177J108 4,400 19,050 SH   SOLE   19,050 0 0
QIAGEN N.V. REG SHS N72482107 4,768 177,000 SH   SOLE   177,000 0 0
CNH INDUSTRIAL NV SHS N20944109 3,331 465,646 SH   SOLE   465,646 0 0
FIAT CHRYSLER AUTOMOBILES SHS N31738102 241 38,694 SH   SOLE   38,694 0 0
AT&T INC COM 00206R102 8,318 204,067 SH   SOLE   204,067 0 0
AU OPTRONICS CORP. ADR/10 SPONSORED ADR 002255107 145 40,000 SH   SOLE   40,000 0 0
ABBOTT LABORATORIES COM 002824100 564 13,600 SH   SOLE   13,600 0 0
ABBVIE INC COM 00287Y109 32,297 513,737 SH   SOLE   513,737 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 3,838 82,626 SH   SOLE   82,626 0 0
ALCOA INC COM 013817101 17,487 1,754,414 SH   SOLE   1,754,414 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 8,820 83,500 SH   SOLE   83,500 0 0
ALPHABET INC CAP STK CL C 02079K107 24,306 31,339 SH   SOLE   31,339 0 0
ALPHABET INC CAP STK CL A 02079K305 15,325 19,079 SH   SOLE   19,079 0 0
ALTRIA GROUP INC COM 02209S103 24,014 381,976 SH   SOLE   381,976 0 0
AMAZON.COM INC. DL-,01 COM 023135106 5,268 6,350 SH   SOLE   6,350 0 0
AMBEV SA SPONSORED ADR 02319V103 1,928 319,444 SH   SOLE   319,444 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 7,299 203,602 SH   SOLE   203,602 0 0
AMERICAN ELECTRIC POWER COM 025537101 8,378 129,794 SH   SOLE   129,794 0 0
AMGEN INC COM 031162100 15,227 91,964 SH   SOLE   91,964 0 0
APPLE INC COM 037833100 42,913 382,244 SH   SOLE   382,244 0 0
AUTODESK INC. COM 052769106 107 1,500 SH   SOLE   1,500 0 0
AVALONBAY CMNTYS INC COM 053484101 6,216 34,625 SH   SOLE   34,625 0 0
AVERY DENNISON CORP COM 053611109 11,608 150,536 SH   SOLE   150,536 0 0
BAIDU INC SPON ADR REP A 056752108 4,158 22,800 SH   SOLE   22,800 0 0
BAKER HUGHES INC COM 057224107 201 4,000 SH   SOLE   4,000 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 1,685 186,420 SH   SOLE   186,420 0 0
BANCO SANTANDER SA ADR 05964H105 337 50,044 SH   SOLE   50,044 0 0
BANK OF AMERICA CORP COM 060505104 7,715 508,501 SH   SOLE   508,501 0 0
BANK NEW YORK MELLON CORP COM 064058100 391 10,000 SH   SOLE   10,000 0 0
BAXTER INTERNATIONAL INC COM 071813109 25,343 539,731 SH   SOLE   539,731 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 10,879 75,706 SH   SOLE   75,706 0 0
BEST BUY CO INC COM 086516101 15,928 425,451 SH   SOLE   425,451 0 0
BIOGEN IDEC INC. COM 09062X103 857 2,800 SH   SOLE   2,800 0 0
BORGWARNER INC COM 099724106 3,988 116,181 SH   SOLE   116,181 0 0
BOSTON PROPERTIES INC COM 101121101 21,590 158,267 SH   SOLE   158,267 0 0
BRF SA SPONSORED ADR 10552T107 1,392 82,966 SH   SOLE   82,966 0 0
CME GROUP INC COM 12572Q105 19,098 182,237 SH   SOLE   182,237 0 0
CPFL ENERGIA S A SPONSORED ADR 126153105 730 49,161 SH   SOLE   49,161 0 0
CSX CORP COM 126408103 5,445 181,427 SH   SOLE   181,427 0 0
CA INC COM 12673P105 296 9,000 SH   SOLE   9,000 0 0
CAMPBELL SOUP CO COM 134429109 381 7,000 SH   SOLE   7,000 0 0
CATERPILLAR INC COM 149123101 210 2,400 SH   SOLE   2,400 0 0
CENTERPOINT ENERGY INC COM 15189T107 3,803 161,157 SH   SOLE   161,157 0 0
CENTURYLINK INC COM 156700106 9,005 326,961 SH   SOLE   326,961 0 0
CHEVRON CORP NEW COM 166764100 9,213 90,905 SH   SOLE   90,905 0 0
CISCO SYSTEMS INC COM 17275R102 25,457 810,373 SH   SOLE   810,373 0 0
CINTAS CORP COM 172908105 4,005 35,936 SH   SOLE   35,936 0 0
CITIGROUP INC COM NEW 172967424 9,120 198,982 SH   SOLE   198,982 0 0
CITIZENS FINL GROUP INC COM 174610105 7,791 323,685 SH   SOLE   323,685 0 0
CITRIX SYS INC COM 177376100 3,676 43,250 SH   SOLE   43,250 0 0
CLOROX CO DEL COM 189054109 12,689 101,712 SH   SOLE   101,712 0 0
COLGATE-PALMOLIVE CO COM 194162103 33,649 458,779 SH   SOLE   458,779 0 0
COMCAST CORP NEW CL A 20030N101 12,510 188,683 SH   SOLE   188,683 0 0
CIA EN.GER.ADR PFD NV 1 SPONS ADR 204409601 731 275,601 SH   SOLE   275,601 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 546 33,331 SH   SOLE   33,331 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 428 155,445 SH   SOLE   155,445 0 0
CIA SANEAMENTO BASICO DE SPONSORED ADR 20441A102 564 60,221 SH   SOLE   60,221 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 345 32,550 SH   SOLE   32,550 0 0
CONSOLIDATED EDISON INC COM 209115104 3,533 46,132 SH   SOLE   46,132 0 0
CORNING INC COM 219350105 4,084 173,487 SH   SOLE   173,487 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 1,503 32,100 SH   SOLE   32,100 0 0
DTE ENERGY CO COM 233331107 21,932 235,527 SH   SOLE   235,527 0 0
DAVITA HEALTHCARE PARTNERS COM 23918K108 131 2,000 SH   SOLE   2,000 0 0
DIAMOND OFFSHORE DRILLING COM 25271C102 3,530 197,947 SH   SOLE   197,947 0 0
DIGITAL RLTY TR INC COM 253868103 4,072 41,516 SH   SOLE   41,516 0 0
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 4,122 153,642 SH   SOLE   153,642 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 5,810 222,537 SH   SOLE   222,537 0 0
DOLLAR GEN CORP NEW COM 256677105 10,115 145,802 SH   SOLE   145,802 0 0
DOLLAR TREE INC COM 256746108 12,656 163,472 SH   SOLE   163,472 0 0
DOUGLAS EMMETT DL -,01 COM 25960P109 7,390 201,660 SH   SOLE   201,660 0 0
DOW CHEM CO COM 260543103 595 11,500 SH   SOLE   11,500 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 3,318 41,286 SH   SOLE   41,286 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 4,372 153,703 SH   SOLE   153,703 0 0
EBAY INC COM 278642103 15,662 484,539 SH   SOLE   484,539 0 0
ECOPETROL SA SPONSORED ADS 279158109 17 2,000 SH   SOLE   2,000 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108 12,889 107,996 SH   SOLE   107,996 0 0
EMBRAER S A SP ADR REP 4 COM 29082A107 448 25,711 SH   SOLE   25,711 0 0
EQUIFAX INC. DL 1,25 COM 294429105 5,016 37,590 SH   SOLE   37,590 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 4,481 69,500 SH   SOLE   69,500 0 0
ESSEX PPTY TR INC COM 297178105 8,869 39,280 SH   SOLE   39,280 0 0
EXELON CORP. COM 30161N101 16,650 499,782 SH   SOLE   499,782 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 11,511 164,695 SH   SOLE   164,695 0 0
EXXON MOBIL CORP. O.N. COM 30231G102 11,874 137,235 SH   SOLE   137,235 0 0
FACEBOOK INC CL A 30303M102 34,886 272,149 SH   SOLE   272,149 0 0
FIBRIA CELULOSE S A SP ADR REP COM 31573A109 327 46,594 SH   SOLE   46,594 0 0
FIFTH THIRD BANCORP COM 316773100 4,114 203,102 SH   SOLE   203,102 0 0
58 COM INC SPON ADR REP A 31680Q104 133 2,800 SH   SOLE   2,800 0 0
FIRST SOLAR INC COM 336433107 4,441 113,549 SH   SOLE   113,549 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 3,531 60,927 SH   SOLE   60,927 0 0
GAP INC. COM 364760108 3,593 165,472 SH   SOLE   165,472 0 0
Genl Dynamics Corp. Dl 1 COM 369550108 23,329 149,805 SH   SOLE   149,805 0 0
Genl El. Co. Dl -,06 COM 369604103 15,395 520,956 SH   SOLE   520,956 0 0
GENERAL MLS INC COM 370334104 21,351 335,136 SH   SOLE   335,136 0 0
GENERAL MTRS CO COM 37045V100 4,239 134,555 SH   SOLE   134,555 0 0
GERDAU S A SPON ADR REP PFD 373737105 542 198,367 SH   SOLE   198,367 0 0
GILEAD SCIENCES INC COM 375558103 4,725 60,634 SH   SOLE   60,634 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 3,861 24,273 SH   SOLE   24,273 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 4,270 134,457 SH   SOLE   134,457 0 0
HCP INC COM 40414L109 9,159 237,470 SH   SOLE   237,470 0 0
HP INC COM 40434L105 25,162 1,633,714 SH   SOLE   1,633,714 0 0
HALLIBURTON CO COM 406216101 309 7,000 SH   SOLE   7,000 0 0
HELMERICH & PAYNE INC COM 423452101 4,740 72,573 SH   SOLE   72,573 0 0
HERSHEY CO/THE COM 427866108 303 3,200 SH   SOLE   3,200 0 0
HEWLETT-PACKARD CO COM 428236103 4,597 200,591 SH   SOLE   200,591 0 0
HOLOGIC INC COM 436440101 6,371 166,921 SH   SOLE   166,921 0 0
HOME DEPOT INC COM 437076102 7,289 56,933 SH   SOLE   56,933 0 0
HONEYWELL INTL INC COM 438516106 7,385 63,513 SH   SOLE   63,513 0 0
HUMANA INC COM 444859102 598 3,400 SH   SOLE   3,400 0 0
ILLINOIS TOOL WKS INC COM 452308109 17,908 150,320 SH   SOLE   150,320 0 0
INTEL CORP COM 458140100 38,537 1,031,841 SH   SOLE   1,031,841 0 0
INTL BUSINESS MACHINES CORP COM 459200101 14,794 93,500 SH   SOLE   93,500 0 0
INTL PAPER CO COM 460146103 3,985 84,149 SH   SOLE   84,149 0 0
ITAU UNIBANCO HLDNG SPON ADR REP PFD 465562106 2,386 218,147 SH   SOLE   218,147 0 0
JPMORGAN CHASE & CO COM 46625H100 10,888 165,717 SH   SOLE   165,717 0 0
JACOBS ENGR GROUP INC DEL COM 469814107 3,745 72,027 SH   SOLE   72,027 0 0
JD COM INC SPON ADR CL A 47215P106 1,326 51,000 SH   SOLE   51,000 0 0
JOHNSON & JOHNSON COM 478160104 55,995 477,126 SH   SOLE   477,126 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 3,719 40,109 SH   SOLE   40,109 0 0
KILROY REALTY CORP.DL-,01 COM 49427F108 8,646 126,000 SH   SOLE   126,000 0 0
KIMCO RLTY CORP COM 49446R109 3,522 120,089 SH   SOLE   120,089 0 0
KINDER MORGAN INC DEL COM 49456B101 5,039 221,217 SH   SOLE   221,217 0 0
KOHLS CORP COM 500255104 3,970 92,687 SH   SOLE   92,687 0 0
LEUCADIA NATL CORP NATL DL 1 COM 527288104 3,959 211,110 SH   SOLE   211,110 0 0
LILLY ELI & CO COM 532457108 10,515 131,767 SH   SOLE   131,767 0 0
MACYS INC COM 55616P104 3,881 107,588 SH   SOLE   107,588 0 0
MARATHON OIL CORP COM 565849106 5,246 329,718 SH   SOLE   329,718 0 0
MASCO CORP COM 574599106 2,262 66,044 SH   SOLE   66,044 0 0
MASTERCARD INC CL A 57636Q104 25,980 258,030 SH   SOLE   258,030 0 0
MCKESSON CORP COM 58155Q103 8,558 52,010 SH   SOLE   52,010 0 0
MELCO CROWN ENTMT LTD ADR 585464100 1,283 80,000 SH   SOLE   80,000 0 0
MERCK & CO. INC. COM 58933Y105 4,580 73,930 SH   SOLE   73,930 0 0
MICROSOFT CORP COM 594918104 39,498 687,603 SH   SOLE   687,603 0 0
MICRON TECHNOLOGY INC COM 595112103 6,361 362,388 SH   SOLE   362,388 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 750 97,000 SH   SOLE   97,000 0 0
MONDELEZ INTERNATIONAL INC CL A 609207105 4,237 98,151 SH   SOLE   98,151 0 0
MORGAN STANLEY COM NEW 617446448 15,681 504,798 SH   SOLE   504,798 0 0
MURPHY OIL CORP COM 626717102 4,977 163,957 SH   SOLE   163,957 0 0
NATIONAL OILWELL VARCO INC COM 637071101 5,128 139,022 SH   SOLE   139,022 0 0
NATIONAL RETAIL PPTYS COM 637417106 1,469 28,600 SH   SOLE   28,600 0 0
NAVIENT CORP COM 63938C108 3,888 271,470 SH   SOLE   271,470 0 0
NETEASE INC SPONSORED ADR 64110W102 1,308 5,400 SH   SOLE   5,400 0 0
NEW ORIENTAL ED & TECH GRP SPON ADR 647581107 648 13,800 SH   SOLE   13,800 0 0
NEWMONT MINING CORP COM 651639106 5,992 153,319 SH   SOLE   153,319 0 0
NEWS CORP NEW CL A 65249B109 4,131 297,214 SH   SOLE   297,214 0 0
NEWS CORP NEW CL B 65249B208 4,056 286,821 SH   SOLE   286,821 0 0
NOBLE ENERGY INC COM 655044105 12,478 350,737 SH   SOLE   350,737 0 0
ONEOK PARTNERS LP UNIT LTD PARTN 68268N103 5,119 100,410 SH   SOLE   100,410 0 0
OWENS CORNING COM 690742101 133 2,500 SH   SOLE   2,500 0 0
PACCAR INC COM 693718108 3,787 65,370 SH   SOLE   65,370 0 0
PARAMOUNT GROUP INC COM 69924R108 9,727 587,635 SH   SOLE   587,635 0 0
PEPSICO INC COM 713448108 19,146 177,535 SH   SOLE   177,535 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 387 47,000 SH   SOLE   47,000 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 1,903 205,170 SH   SOLE   205,170 0 0
PFIZER INC COM 717081103 6,219 186,515 SH   SOLE   186,515 0 0
PHILIP MORRIS INTL INC COM 718172109 3,292 33,643 SH   SOLE   33,643 0 0
PINNACLE WEST CAP CORP COM 723484101 6,101 79,424 SH   SOLE   79,424 0 0
PITNEY BOWES INC COM 724479100 3,592 199,631 SH   SOLE   199,631 0 0
PRAXAIR INC. DL-,01 COM 74005P104 737 6,200 SH   SOLE   6,200 0 0
PROCTER & GAMBLE CO/THE COM 742718109 15,752 352,804 SH   SOLE   352,804 0 0
PROLOGIS INC COM 74340W103 21,019 390,467 SH   SOLE   390,467 0 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 16,771 397,971 SH   SOLE   397,971 0 0
PULTE GROUP INC COM 745867101 6,465 326,093 SH   SOLE   326,093 0 0
QUALCOMM INC COM 747525103 4,331 64,166 SH   SOLE   64,166 0 0
QUEST DIAGNOSTICS INC COM 74834L100 3,899 46,637 SH   SOLE   46,637 0 0
REPUBLIC SVCS INC COM 760759100 3,919 78,202 SH   SOLE   78,202 0 0
ROPER INDUSTRIES INC COM 776696106 12,701 70,000 SH   SOLE   70,000 0 0
S&P GLOBAL INC COM 78409V104 19,241 153,785 SH   SOLE   153,785 0 0
SL GREEN REALTY DL-,01 COM 78440X101 5,778 53,500 SH   SOLE   53,500 0 0
SIMON PPTY GROUP INC COM 828806109 8,602 41,408 SH   SOLE   41,408 0 0
SMUCKER J M CO COM NEW 832696405 2,951 21,880 SH   SOLE   21,880 0 0
Southw. Airl. Co. Dl 1 COM 844741108 4,075 308,460 SH   SOLE   308,460 0 0
STANLEY BLACK & DECKER INC COM 854502101 12,219 100,305 SH   SOLE   100,305 0 0
STAPLES INC COM 855030102 4,747 568,765 SH   SOLE   568,765 0 0
STATE STR CORP COM 857477103 8,716 126,972 SH   SOLE   126,972 0 0
SUNTRUST BKS INC COM 867914103 13,774 318,979 SH   SOLE   318,979 0 0
SYMANTEC CORP COM 871503108 75 3,000 SH   SOLE   3,000 0 0
SYSCO CORP COM 871829107 3,652 74,433 SH   SOLE   74,433 0 0
TAUBMAN CTRS INC COM 876664103 8,405 112,200 SH   SOLE   112,200 0 0
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 843 58,046 SH   SOLE   58,046 0 0
TEXAS INSTRS INC COM 882508104 2,414 34,542 SH   SOLE   34,542 0 0
3M CO COM 88579Y101 263 1,500 SH   SOLE   1,500 0 0
TIM TIM PARTICIPACOES S A PFD ADR/5 ON SPONSORED ADR 88706P205 438 35,812 SH   SOLE   35,812 0 0
TIME WARNER INC COM NEW 887317303 24,398 310,133 SH   SOLE   310,133 0 0
TYSON FOODS INC CL A 902494103 15,362 205,139 SH   SOLE   205,139 0 0
ULTA SALON COSMETCS & FRAG I COM 90384S303 5,691 23,981 SH   SOLE   23,981 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 966 44,545 SH   SOLE   44,545 0 0
UNITED CONTL HLDGS INC COM 910047109 8,941 174,698 SH   SOLE   174,698 0 0
UTD MICROELECTR.ADR NEW/5 SPON ADR NEW 910873405 148 80,000 SH   SOLE   80,000 0 0
UNITED PARCEL SERVICE CL B 911312106 13,651 126,053 SH   SOLE   126,053 0 0
UNITED RENTALS INC COM 911363109 7,547 98,787 SH   SOLE   98,787 0 0
UNITED TECHNOLOGIES CORP COM 913017109 6,187 61,174 SH   SOLE   61,174 0 0
UNITEDHEALTH GROUP INC COM 91324P102 15,899 114,856 SH   SOLE   114,856 0 0
VALE S A ADR 91912E105 1,343 242,610 SH   SOLE   242,610 0 0
VARIAN MED SYS INC COM 92220P105 2,508 25,431 SH   SOLE   25,431 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 26,157 501,483 SH   SOLE   501,483 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 288 19,400 SH   SOLE   19,400 0 0
VISA INC-CLASS A SHARES COM CL A 92826C839 8,942 109,069 SH   SOLE   109,069 0 0
WAL-MART STORES INC COM 931142103 40,198 567,903 SH   SOLE   567,903 0 0
WASTE MGMT INC DEL COM 94106L109 7,238 114,315 SH   SOLE   114,315 0 0
WATERS CORP COM 941848103 12,017 76,808 SH   SOLE   76,808 0 0
WELLS FARGO & CO NEW COM 949746101 11,300 254,473 SH   SOLE   254,473 0 0
WEYERHAEUSER CO COM 962166104 255 8,000 SH   SOLE   8,000 0 0
WHOLE FOODS MKT INC COM 966837106 196 7,000 SH   SOLE   7,000 0 0
XEROX CORP COM 984121103 3,813 374,259 SH   SOLE   374,259 0 0
ZIONS BANCORPORATION COM 989701107 8,974 293,816 SH   SOLE   293,816 0 0
MICHAEL KORS HLDGS LTD SHS G60754101 7,866 167,700 SH   SOLE   167,700 0 0