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 1,562 14,350 SH   DFND   0 0 14,350
ABBVIE INC COM 00287Y109 5,356 61,150 SH   DFND   0 0 61,150
ALTRIA GROUP INC COM 02209S103 1,278 33,081 SH   DFND   0 0 33,081
ANALOG DEVICES INC COM 032654105 1,951 16,715 SH   DFND   0 0 16,715
APPLE INC. COM 037833100 214 1,848 SH   DFND   0 0 1,848
AUTOMATIC DATA PROCESSING IN COM 053015103 6,689 47,950 SH   DFND   0 0 47,950
BK OF AMERICA CORP COM 060505104 4,504 186,961 SH   DFND   0 0 186,961
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 1,703 12,900 SH   DFND   0 0 12,900
CBL & ASSOC PPTYS INC COM 124830100 8 50,864 SH   DFND   0 0 50,864
CDK GLOBAL INC COM 12508E101 269 6,163 SH   DFND   0 0 6,163
CHEVRON CORP NEW COM 166764100 342 4,750 SH   DFND   0 0 4,750
CISCO SYS INC COM 17275R102 1,658 42,100 SH   DFND   0 0 42,100
CITIGROUP INC COM NEW 172967424 808 18,744 SH   DFND   0 0 18,744
COCA COLA CO COM 191216100 1,861 37,690 SH   DFND   0 0 37,690
COLGATE PALMOLIVE CO COM 194162103 257 3,332 SH   DFND   0 0 3,332
COMCAST CORP NEW CL A 20030N101 509 10,998 SH   DFND   0 0 10,998
CROWN CASTLE INTL CORP NEW COM 22822V101 433 2,600 SH   DFND   0 0 2,600
EBAY INC. COM 278642103 2,918 56,000 SH   DFND   0 0 56,000
FEDEX CORP COM 31428X106 3,616 14,375 SH   DFND   0 0 14,375
GENERAL ELECTRIC CO COM 369604103 63 10,183 SH   DFND   0 0 10,183
GOLDMAN SACHS GROUP INC COM 38141G104 2,635 13,109 SH   DFND   0 0 13,109
HOME DEPOT, INC COM 437076102 3,777 13,600 SH   DFND   0 0 13,600
ILLINOIS TOOL WKS INC COM 452308109 425 2,198 SH   DFND   0 0 2,198
INTEL CORP COM 458140100 207 4,000 SH   DFND   0 0 4,000
INTERNATIONAL BUSINESS MACHS COM 459200101 1,932 15,882 SH   DFND   0 0 15,882
ISTAR INC COM 45031U101 650 55,000 SH   DFND   0 0 55,000
JPMORGAN CHASE & CO COM 46625H100 3,648 37,890 SH   DFND   0 0 37,890
KINDER MORGAN INC DEL COM 49456B101 4,142 335,942 SH   DFND   0 0 335,942
LILLY ELI & CO COM 532457108 918 6,200 SH   DFND   0 0 6,200
LINDE PLC SHS G5494J103 381 1,600 SH   DFND   0 0 1,600
LOWES COS INC COM 548661107 332 2,000 SH   DFND   0 0 2,000
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 1,112 32,506 SH   DFND   0 0 32,506
MICROSOFT CORP COM 594918104 13,850 65,850 SH   DFND   0 0 65,850
MONDELEZ INTL INC CL A 609207105 400 6,954 SH   DFND   0 0 6,954
MYLAN NV SHS EURO N59465109 546 36,800 SH   DFND   0 0 36,800
PAYPAL HLDGS INC COM 70450Y103 8,210 41,670 SH   DFND   0 0 41,670
PFIZER INC COM 717081103 2,562 69,800 SH   DFND   0 0 69,800
PHILIP MORRIS INTL INC COM 718172109 1,151 15,350 SH   DFND   0 0 15,350
PROCTER AND GAMBLE CO COM 742718109 241 1,736 SH   DFND   0 0 1,736
QUALCOMM INC COM 747525103 7,308 62,100 SH   DFND   0 0 62,100
SPDR INDEX SHS FDS EURO STOXX 50 78463X202 200 5,500 SH   DFND   0 0 5,500
VISA INC COM CL A 92826C839 15,156 75,792 SH   DFND   0 0 75,792
VORNADO RLTY TR SH BEN INT 929042109 256 7,598 SH   DFND   0 0 7,598
WALMART INC COM 931142103 3,876 27,700 SH   DFND   0 0 27,700
WILLIAMS COS INC COM 969457100 4,466 227,300 SH   DFND   0 0 227,300
WYNDHAM DESTINATIONS INC COM 98310W108 1,003 32,600 SH   DFND   0 0 32,600
WYNDHAM HOTELS & RESORTS INC COM 98311A105 1,687 33,400 SH   DFND   0 0 33,400