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 1,098 27,950 SH   DFND   27,950 0 0
ABBVIE INC COM 00287Y109 3,302 53,350 SH   DFND   53,350 0 0
ALTRIA GROUP INC COM 02209S103 2,654 38,498 SH   DFND   38,498 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 5,163 56,200 SH   DFND   56,200 0 0
BANK AMER CORP COM 060505104 2,962 223,238 SH   DFND   223,238 0 0
BOEING CO COM 097023105 3,284 25,290 SH   DFND   25,290 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 841 12,900 SH   DFND   12,900 0 0
CBL & ASSOC PPTYS INC COM 124830100 403 43,349 SH   DFND   43,349 0 0
CDK GLOBAL INC CMN COM 12508E101 991 17,861 SH   DFND   17,861 0 0
CHEVRON CORP NEW COM 166764100 801 7,650 SH   DFND   7,650 0 0
CHUBB LIMITED COM H1467J104 313 2,400 SH   DFND   2,400 0 0
CISCO SYS INC COM 17275R102 1,207 42,100 SH   DFND   42,100 0 0
CITIGROUP INC COM NEW 172967424 839 19,803 SH   DFND   19,803 0 0
COCA COLA CO COM 191216100 1,896 41,840 SH   DFND   41,840 0 0
COLGATE PALMOLIVE CO COM 194162103 434 5,932 SH   DFND   5,932 0 0
COMCAST CORP NEW CL A 20030N101 358 5,499 SH   DFND   5,499 0 0
CONOCOPHILLIPS COM 20825C104 331 7,600 SH   DFND   7,600 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 598 5,900 SH   DFND   5,900 0 0
EBAY INC COM 278642103 1,320 56,400 SH   DFND   56,400 0 0
LILLY ELI & CO COM 532457108 488 6,200 SH   DFND   6,200 0 0
E M C CORP MASS COM 268648102 2,081 76,600 SH   DFND   76,600 0 0
ENBRIDGE ENERGY MANAGEMENT L SHS UNITS LLI 29250X103 1,469 63,844 SH   DFND   63,844 0 0
FEDEX CORP COM 31428X106 971 6,400 SH   DFND   6,400 0 0
GENERAL ELECTRIC CO COM 369604103 3,585 113,883 SH   DFND   113,883 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,820 12,255 SH   DFND   12,255 0 0
HCP INC COM 40414L109 656 18,544 SH   DFND   18,544 0 0
ILLINOIS TOOL WKS INC COM 452308109 228 2,198 SH   DFND   2,198 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 4,772 31,444 SH   DFND   31,444 0 0
ISTAR INC COM 45031U101 527 55,000 SH   DFND   55,000 0 0
JOHNSON & JOHNSON COM 478160104 396 3,270 SH   DFND   3,270 0 0
JPMORGAN CHASE & CO COM 46625H100 2,756 44,364 SH   DFND   44,364 0 0
KINDER MORGAN INC DEL COM 49456B101 5,426 289,892 SH   DFND   289,892 0 0
LINEAR TECHNOLOGY CORP COM 535678106 3,939 84,660 SH   DFND   84,660 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 4,313 56,754 SH   DFND   56,754 0 0
MERCK & CO INC COM 58933Y105 564 9,796 SH   DFND   9,796 0 0
MICROSOFT CORP COM 594918104 4,666 91,200 SH   DFND   91,200 0 0
MONDELEZ INTL INC CL A 609207105 335 7,369 SH   DFND   7,369 0 0
PAYPAL HLDGS INC COM 70450Y103 2,059 56,400 SH   DFND   56,400 0 0
PEPSICO INC COM 713448108 220 2,086 SH   DFND   2,086 0 0
PFIZER INC COM 717081103 2,531 71,900 SH   DFND   71,900 0 0
PHILIP MORRIS INTL INC COM 718172109 1,235 12,150 SH   DFND   12,150 0 0
PHILLIPS 66 COM 718546104 206 2,600 SH   DFND   2,600 0 0
QUALCOMM INC COM 747525103 1,513 28,250 SH   DFND   28,250 0 0
TARGET CORP COM 87612E106 363 5,200 SH   DFND   5,200 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 982 19,560 SH   DFND   19,560 0 0
HOME DEPOT INC COM 437076102 2,011 15,750 SH   DFND   15,750 0 0
WILLIAMS COS INC DEL COM 969457100 4,248 196,400 SH   DFND   196,400 0 0
TIME WARNER INC COM NEW 887317303 220 3,000 SH   DFND   3,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 265 4,752 SH   DFND   4,752 0 0
VISA INC COM CL A 92826C839 7,988 107,700 SH   DFND   107,700 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,046 10,449 SH   DFND   10,449 0 0
WAL-MART STORES INC COM 931142103 2,249 30,800 SH   DFND   30,800 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 2,314 32,500 SH   DFND   32,500 0 0