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 1,400 31,100 SH   DFND   31,100 0 0
ABBVIE INC COM 00287Y109 2,035 31,100 SH   DFND   31,100 0 0
ACE LTD SHS H0023R105 276 2,400 SH   DFND   2,400 0 0
ALTRIA GROUP INC COM 02209S103 2,062 41,850 SH   DFND   41,850 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 5,136 61,600 SH   DFND   61,600 0 0
BANK AMER CORP COM 060505104 4,056 226,740 SH   DFND   226,740 0 0
BOEING CO COM 097023105 3,560 27,390 SH   DFND   27,390 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 596 12,900 SH   DFND   12,900 0 0
CBL & ASSOC PPTYS INC COM 124830100 861 44,349 SH   DFND   44,349 0 0
CDK GLOBAL INC COM 12508E101 809 19,859 SH   DFND   19,859 0 0
CHEVRON CORP NEW COM 166764100 1,060 9,450 SH   DFND   9,450 0 0
CISCO SYS INC COM 17275R102 1,171 42,100 SH   DFND   42,100 0 0
CITIGROUP INC COM NEW 172967424 1,207 22,303 SH   DFND   22,303 0 0
COCA COLA CO COM 191216100 1,932 45,760 SH   DFND   45,760 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 226 4,300 SH   DFND   4,300 0 0
COLGATE PALMOLIVE CO COM 194162103 445 6,430 SH   DFND   6,430 0 0
COMCAST CORP NEW CL A 20030N101 319 5,499 SH   DFND   5,499 0 0
CONOCOPHILLIPS COM 20825C104 525 7,600 SH   DFND   7,600 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 504 6,400 SH   DFND   6,400 0 0
E M C CORP MASS COM 268648102 2,290 77,000 SH   DFND   77,000 0 0
EBAY INC COM 278642103 3,446 61,400 SH   DFND   61,400 0 0
EMERSON ELEC CO COM 291011104 284 4,600 SH   DFND   4,600 0 0
ENBRIDGE ENERGY MANAGEMENT L SHS UNITS LLI 29250X103 2,310 59,539 SH   DFND   59,539 0 0
GENERAL ELECTRIC CO COM 369604103 2,996 118,552 SH   DFND   118,552 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,463 12,705 SH   DFND   12,705 0 0
HALLIBURTON CO COM 406216101 1,038 26,400 SH   DFND   26,400 0 0
HCP INC COM 40414L109 856 19,444 SH   DFND   19,444 0 0
HOME DEPOT INC COM 437076102 1,774 16,900 SH   DFND   16,900 0 0
ILLINOIS TOOL WKS INC COM 452308109 208 2,198 SH   DFND   2,198 0 0
INTEL CORP COM 458140100 435 12,000 SH   DFND   12,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 5,061 31,545 SH   DFND   31,545 0 0
ISTAR FINL INC COM 45031U101 771 56,500 SH   DFND   56,500 0 0
JOHNSON & JOHNSON COM 478160104 426 4,070 SH   DFND   4,070 0 0
JPMORGAN CHASE & CO COM 46625H100 2,876 45,964 SH   DFND   45,964 0 0
KINDER MORGAN INC DEL COM 49456B101 8,548 202,032 SH   DFND   202,032 0 0
LILLY ELI & CO COM 532457108 428 6,200 SH   DFND   6,200 0 0
LINEAR TECHNOLOGY CORP COM 535678106 4,043 88,660 SH   DFND   88,660 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 5,656 68,427 SH   DFND   68,427 0 0
MERCK & CO INC NEW COM 58933Y105 579 10,196 SH   DFND   10,196 0 0
MICROSOFT CORP COM 594918104 4,376 94,200 SH   DFND   94,200 0 0
MONDELEZ INTL INC CL A 609207105 268 7,369 SH   DFND   7,369 0 0
PEPSICO INC COM 713448108 245 2,590 SH   DFND   2,590 0 0
PFIZER INC COM 717081103 2,261 72,600 SH   DFND   72,600 0 0
PHILIP MORRIS INTL INC COM 718172109 1,006 12,350 SH   DFND   12,350 0 0
PRAXAIR INC COM 74005P104 207 1,600 SH   DFND   1,600 0 0
QUALCOMM INC COM 747525103 3,233 43,500 SH   DFND   43,500 0 0
TARGET CORP COM 87612E106 395 5,200 SH   DFND   5,200 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,853 32,216 SH   DFND   32,216 0 0
TIME WARNER INC COM NEW 887317303 256 3,000 SH   DFND   3,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 288 6,150 SH   DFND   6,150 0 0
VISA INC COM CL A 92826C839 9,607 36,640 SH   DFND   36,640 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,324 11,246 SH   DFND   11,246 0 0
WAL-MART STORES INC COM 931142103 2,765 32,200 SH   DFND   32,200 0 0
WILLIAMS COS INC DEL COM 969457100 4,534 100,900 SH   DFND   100,900 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 2,158 25,160 SH   DFND   25,160 0 0