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
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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
ALEXANDERS INC COM 014752109 1,017 2,383 SH   DFND   2,383 0 0
COLONY STARWOOD HOMES COM 19625X102 586 20,350 SH   DFND   20,350 0 0
DDR CORP COM 23317H102 1,847 120,949 SH   DFND   120,949 0 0
EDUCATION RLTY TR INC COM NEW 28140H203 537 12,700 SH   DFND   12,700 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,948 45,798 SH   DFND   45,798 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 255 10,200 SH   DFND   10,200 0 0
SL GREEN RLTY CORP COM 78440X101 5,165 48,028 SH   DFND   48,028 0 0
TAUBMAN CTRS INC COM 876664103 1,765 23,875 SH   DFND   23,875 0 0
TIER REIT INC COM NEW 88650V208 1,217 69,965 SH   DFND   69,965 0 0