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 1,293 31,100 SH   DFND   31,100 0 0
ABBVIE INC COM 00287Y109 1,796 31,100 SH   DFND   31,100 0 0
ACE LTD SHS H0023R105 252 2,400 SH   DFND   2,400 0 0
ALTRIA GROUP INC COM 02209S103 1,955 42,550 SH   DFND   42,550 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 5,118 61,600 SH   DFND   61,600 0 0
BANK AMER CORP COM 060505104 3,866 226,740 SH   DFND   226,740 0 0
BOEING CO COM 097023105 3,489 27,390 SH   DFND   27,390 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 537 12,900 SH   DFND   12,900 0 0
CBL & ASSOC PPTYS INC COM 124830100 795 44,394 SH   DFND   44,394 0 0
CHEVRON CORP NEW COM 166764100 1,128 9,450 SH   DFND   9,450 0 0
CISCO SYS INC COM 17275R102 1,060 42,100 SH   DFND   42,100 0 0
CITIGROUP INC COM NEW 172967424 1,156 22,303 SH   DFND   22,303 0 0
COCA COLA CO COM 191216100 1,927 45,160 SH   DFND   45,160 0 0
COLGATE PALMOLIVE CO COM 194162103 419 6,430 SH   DFND   6,430 0 0
COMCAST CORP NEW CL A 20030N101 296 5,499 SH   DFND   5,499 0 0
CONOCOPHILLIPS COM 20825C104 582 7,600 SH   DFND   7,600 0 0
E M C CORP MASS COM 268648102 2,253 77,000 SH   DFND   77,000 0 0
EBAY INC COM 278642103 3,477 61,400 SH   DFND   61,400 0 0
EMERSON ELEC CO COM 291011104 288 4,600 SH   DFND   4,600 0 0
ENBRIDGE ENERGY MANAGEMENT L SHS UNITS LLI 29250X103 2,182 58,632 SH   DFND   58,632 0 0
EXXON MOBIL CORP COM 30231G102 2,252 23,944 SH   DFND   23,944 0 0
GENERAL ELECTRIC CO COM 369604103 3,037 118,552 SH   DFND   118,552 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,332 12,705 SH   DFND   12,705 0 0
HALLIBURTON CO COM 406216101 1,619 25,100 SH   DFND   25,100 0 0
HCP INC COM 40414L109 772 19,444 SH   DFND   19,444 0 0
HOME DEPOT INC COM 437076102 1,642 17,900 SH   DFND   17,900 0 0
INTEL CORP COM 458140100 418 12,000 SH   DFND   12,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 5,988 31,545 SH   DFND   31,545 0 0
ISTAR FINL INC COM 45031U101 1,188 88,000 SH   DFND   88,000 0 0
JOHNSON & JOHNSON COM 478160104 434 4,070 SH   DFND   4,070 0 0
JPMORGAN CHASE & CO COM 46625H100 2,697 44,764 SH   DFND   44,764 0 0
KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 1,763 18,900 SH   DFND   18,900 0 0
KINDER MORGAN INC DEL COM 49456B101 518 13,500 SH   DFND   13,500 0 0
KINDER MORGAN MANAGEMENT LLC SHS 49455U100 5,282 56,104 SH   DFND   56,104 0 0
LILLY ELI & CO COM 532457108 422 6,502 SH   DFND   6,502 0 0
LINEAR TECHNOLOGY CORP COM 535678106 4,042 91,060 SH   DFND   91,060 0 0
LOWES COS INC COM 548661107 212 4,000 SH   DFND   4,000 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 6,271 74,496 SH   DFND   74,496 0 0
MERCK & CO INC NEW COM 58933Y105 604 10,196 SH   DFND   10,196 0 0
MICROSOFT CORP COM 594918104 4,367 94,200 SH   DFND   94,200 0 0
MONDELEZ INTL INC CL A 609207105 252 7,369 SH   DFND   7,369 0 0
PEPSICO INC COM 713448108 297 3,190 SH   DFND   3,190 0 0
PFIZER INC COM 717081103 2,165 73,200 SH   DFND   73,200 0 0
PHILIP MORRIS INTL INC COM 718172109 1,030 12,350 SH   DFND   12,350 0 0
PHILLIPS 66 COM 718546104 309 3,800 SH   DFND   3,800 0 0
PRAXAIR INC COM 74005P104 206 1,600 SH   DFND   1,600 0 0
QUALCOMM INC COM 747525103 2,206 29,500 SH   DFND   29,500 0 0
SCHLUMBERGER LTD COM 806857108 834 8,200 SH   DFND   8,200 0 0
TARGET CORP COM 87612E106 326 5,200 SH   DFND   5,200 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,712 31,860 SH   DFND   31,860 0 0
TIME WARNER INC COM NEW 887317303 226 3,000 SH   DFND   3,000 0 0
TRANSOCEAN LTD REG SHS H8817H100 423 13,243 SH   DFND   13,243 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 307 6,150 SH   DFND   6,150 0 0
VISA INC COM CL A 92826C839 8,159 38,240 SH   DFND   38,240 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,124 11,246 SH   DFND   11,246 0 0
WAL-MART STORES INC COM 931142103 2,462 32,200 SH   DFND   32,200 0 0
WILLIAMS COS INC DEL COM 969457100 5,402 97,600 SH   DFND   97,600 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 2,045 25,160 SH   DFND   25,160 0 0