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 LABS COM 002824100 1,192 31,100 SH   DFND   31,100 0 0
ABBVIE INC COM 00287Y109 1,642 31,100 SH   DFND   31,100 0 0
ACE LTD SHS H0023R105 248 2,400 SH   DFND   2,400 0 0
ALTRIA GROUP INC COM 02209S103 1,633 42,550 SH   DFND   42,550 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 4,977 61,600 SH   DFND   61,600 0 0
BANK OF AMERICA CORPORATION COM 060505104 3,530 226,740 SH   DFND   226,740 0 0
BOEING CO COM 097023105 3,698 27,090 SH   DFND   27,090 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 510 12,900 SH   DFND   12,900 0 0
CBL & ASSOC PPTYS INC COM 124830100 797 44,349 SH   DFND   44,349 0 0
CHEVRON CORP NEW COM 166764100 1,199 9,600 SH   DFND   9,600 0 0
CISCO SYS INC COM 17275R102 944 42,100 SH   DFND   42,100 0 0
CITIGROUP INC COM NEW 172967424 1,175 22,542 SH   DFND   22,542 0 0
COCA COLA CO COM 191216100 1,890 45,760 SH   DFND   45,760 0 0
COLGATE PALMOLIVE CO COM 194162103 419 6,430 SH   DFND   6,430 0 0
COMCAST CORP NEW CL A 20030N101 286 5,499 SH   DFND   5,499 0 0
CONOCOPHILLIPS COM 20825C104 537 7,600 SH   DFND   7,600 0 0
E M C CORP MASS COM 268648102 1,937 77,000 SH   DFND   77,000 0 0
EBAY INC COM 278642103 3,369 61,400 SH   DFND   61,400 0 0
EMERSON ELEC CO COM 291011104 421 6,000 SH   DFND   6,000 0 0
ENBRIDGE ENERGY MANAGEMENT L SHS UNITS LLI 29250X103 1,594 55,576 SH   DFND   55,576 0 0
EOG RES INC COM 26875P101 237 1,410 SH   DFND   1,410 0 0
EXXON MOBIL CORP COM 30231G102 2,423 23,944 SH   DFND   23,944 0 0
GENERAL ELECTRIC CO COM 369604103 3,519 125,552 SH   DFND   125,552 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,252 12,705 SH   DFND   12,705 0 0
HALLIBURTON CO COM 406216101 1,401 27,600 SH   DFND   27,600 0 0
HCP INC COM 40414L109 706 19,444 SH   DFND   19,444 0 0
HOME DEPOT INC COM 437076102 1,474 17,900 SH   DFND   17,900 0 0
INTEL CORP COM 458140100 311 12,000 SH   DFND   12,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 5,917 31,545 SH   DFND   31,545 0 0
ISTAR FINL INC COM 45031U101 1,284 90,000 SH   DFND   90,000 0 0
JOHNSON & JOHNSON COM 478160104 373 4,070 SH   DFND   4,070 0 0
JPMORGAN CHASE & CO COM 46625H100 2,688 45,964 SH   DFND   45,964 0 0
KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 1,524 18,900 SH   DFND   18,900 0 0
KINDER MORGAN INC DEL COM 49456B101 454 12,600 SH   DFND   12,600 0 0
KINDER MORGAN MANAGEMENT LLC SHS 49455U100 4,025 53,200 SH   DFND   53,200 0 0
LILLY ELI & CO COM 532457108 332 6,502 SH   DFND   6,502 0 0
LINEAR TECHNOLOGY CORP COM 535678106 4,239 93,060 SH   DFND   93,060 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 4,798 75,836 SH   DFND   75,836 0 0
MERCK & CO INC NEW COM 58933Y105 510 10,196 SH   DFND   10,196 0 0
MICROSOFT CORP COM 594918104 3,524 94,200 SH   DFND   94,200 0 0
MONDELEZ INTL INC CL A 609207105 260 7,369 SH   DFND   7,369 0 0
PEPSICO INC COM 713448108 265 3,190 SH   DFND   3,190 0 0
PFIZER INC COM 717081103 2,242 73,200 SH   DFND   73,200 0 0
PHILIP MORRIS INTL INC COM 718172109 1,076 12,350 SH   DFND   12,350 0 0
PHILLIPS 66 COM 718546104 293 3,800 SH   DFND   3,800 0 0
PRAXAIR INC COM 74005P104 208 1,600 SH   DFND   1,600 0 0
QUALCOMM INC COM 747525103 1,693 22,800 SH   DFND   22,800 0 0
SCHLUMBERGER LTD COM 806857108 739 8,200 SH   DFND   8,200 0 0
TARGET CORP COM 87612E106 329 5,200 SH   DFND   5,200 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,291 32,216 SH   DFND   32,216 0 0
TIME WARNER INC COM NEW 887317303 209 3,000 SH   DFND   3,000 0 0
TRANSOCEAN LTD REG SHS H8817H100 654 13,243 SH   DFND   13,243 0 0
VISA INC COM CL A 92826C839 8,573 38,500 SH   DFND   38,500 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 656 16,677 SH   DFND   16,677 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,009 11,360 SH   DFND   11,360 0 0
WAL-MART STORES INC COM 931142103 2,534 32,200 SH   DFND   32,200 0 0
WILLIAMS COS INC DEL COM 969457100 3,772 97,800 SH   DFND   97,800 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 1,854 25,160 SH   DFND   25,160 0 0