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 1,272 31,100 SH   DFND   31,100 0 0
ABBVIE INC COM 00287Y109 1,755 31,100 SH   DFND   31,100 0 0
ACE LTD SHS H0023R105 249 2,400 SH   DFND   2,400 0 0
ALTRIA GROUP INC COM 02209S103 1,785 42,550 SH   DFND   42,550 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 4,884 61,600 SH   DFND   61,600 0 0
BANK OF AMERICA CORPORATION COM 060505104 3,485 226,740 SH   DFND   226,740 0 0
BOEING CO COM 097023105 3,447 27,090 SH   DFND   27,090 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 537 12,900 SH   DFND   12,900 0 0
CBL & ASSOC PPTYS INC COM 124830100 843 44,349 SH   DFND   44,349 0 0
CHEVRON CORP NEW COM 166764100 1,253 9,600 SH   DFND   9,600 0 0
CISCO SYS INC COM 17275R102 1,046 42,100 SH   DFND   42,100 0 0
CITIGROUP INC COM NEW 172967424 1,050 22,303 SH   DFND   22,303 0 0
COCA COLA CO COM 191216100 1,938 45,760 SH   DFND   45,760 0 0
COLGATE PALMOLIVE CO COM 194162103 438 6,430 SH   DFND   6,430 0 0
COMCAST CORP NEW CL A 20030N101 295 5,499 SH   DFND   5,499 0 0
CONOCOPHILLIPS COM 20825C104 652 7,600 SH   DFND   7,600 0 0
E M C CORP MASS COM 268648102 2,028 77,000 SH   DFND   77,000 0 0
EBAY INC COM 278642103 3,074 61,400 SH   DFND   61,400 0 0
EMERSON ELEC CO COM 291011104 305 4,600 SH   DFND   4,600 0 0
ENBRIDGE ENERGY MANAGEMENT L SHS UNITS LLI 29250X103 2,034 57,708 SH   DFND   57,708 0 0
EOG RES INC COM 26875P101 210 1,800 SH   DFND   1,800 0 0
EXXON MOBIL CORP COM 30231G102 2,411 23,944 SH   DFND   23,944 0 0
GENERAL ELECTRIC CO COM 369604103 3,116 118,552 SH   DFND   118,552 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,127 12,705 SH   DFND   12,705 0 0
HALLIBURTON CO COM 406216101 1,889 26,600 SH   DFND   26,600 0 0
HCP INC COM 40414L109 805 19,444 SH   DFND   19,444 0 0
HOME DEPOT INC COM 437076102 1,449 17,900 SH   DFND   17,900 0 0
INTEL CORP COM 458140100 371 12,000 SH   DFND   12,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 5,718 31,545 SH   DFND   31,545 0 0
ISTAR FINL INC COM 45031U101 1,318 88,000 SH   DFND   88,000 0 0
JOHNSON & JOHNSON COM 478160104 426 4,070 SH   DFND   4,070 0 0
JPMORGAN CHASE & CO COM 46625H100 2,648 45,964 SH   DFND   45,964 0 0
KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 1,554 18,900 SH   DFND   18,900 0 0
KINDER MORGAN INC DEL COM 49456B101 490 13,500 SH   DFND   13,500 0 0
KINDER MORGAN MANAGEMENT LLC SHS 49455U100 4,353 55,150 SH   DFND   55,150 0 0
LILLY ELI & CO COM 532457108 404 6,502 SH   DFND   6,502 0 0
LINEAR TECHNOLOGY CORP COM 535678106 4,286 91,060 SH   DFND   91,060 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 6,342 75,466 SH   DFND   75,466 0 0
MERCK & CO INC NEW COM 58933Y105 590 10,196 SH   DFND   10,196 0 0
MICROSOFT CORP COM 594918104 3,928 94,200 SH   DFND   94,200 0 0
MONDELEZ INTL INC CL A 609207105 277 7,369 SH   DFND   7,369 0 0
PEPSICO INC COM 713448108 285 3,190 SH   DFND   3,190 0 0
PFIZER INC COM 717081103 2,173 73,200 SH   DFND   73,200 0 0
PHILIP MORRIS INTL INC COM 718172109 1,041 12,350 SH   DFND   12,350 0 0
PHILLIPS 66 COM 718546104 306 3,800 SH   DFND   3,800 0 0
PRAXAIR INC COM 74005P104 213 1,600 SH   DFND   1,600 0 0
QUALCOMM INC COM 747525103 2,265 28,600 SH   DFND   28,600 0 0
SCHLUMBERGER LTD COM 806857108 967 8,200 SH   DFND   8,200 0 0
TARGET CORP COM 87612E106 301 5,200 SH   DFND   5,200 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,689 32,216 SH   DFND   32,216 0 0
TIME WARNER INC COM NEW 887317303 211 3,000 SH   DFND   3,000 0 0
TRANSOCEAN LTD REG SHS H8817H100 596 13,243 SH   DFND   13,243 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 301 6,150 SH   DFND   6,150 0 0
VISA INC COM CL A 92826C839 8,058 38,240 SH   DFND   38,240 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,200 11,246 SH   DFND   11,246 0 0
WAL-MART STORES INC COM 931142103 2,417 32,200 SH   DFND   32,200 0 0
WILLIAMS COS INC DEL COM 969457100 5,693 97,800 SH   DFND   97,800 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 1,905 25,160 SH   DFND   25,160 0 0