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

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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
AVALONBAY COMMUNITIES INC Comm O53484101 524,197 4,433,705 SH   DFND 1 0 4,433,705 0
BAZAARVOICE INC Comm O73271108 1,256 158,542 SH   DFND   158,542 0 0
EQUITY RESIDENTIAL Comm 29476L107 407,977 7,865,371 SH   DFND 1 0 7,865,371 0
FAIRPOINT COMMUNICATIONS INC Comm 305560302 17,962 1,588,195 SH   DFND   1,588,195 0 0
KALOBIOS PHARMACEUTICALS INC Comm 48344T100 2,906 657,442 SH   DFND   667,442 0 0
BERKSHIRE HATHAWAY (See Footnote) CLASS A Comm O84670108 712 4 SH   DFND   4 0 0
UBS AG (See Footnote) SHS NEW H89231338 2 117 SH   DFND   117 0 0
UNITED PARCEL SVC INC (See Footnote) CLASS B Comm 911312106 371 3,533 SH   DFND   3,533 0 0
SYNOVUS FINL CORP (See Footnote) Comm 87161C105 193 53,479 SH   DFND   53,497 0 0
HOUGHTON MIFFLIN HARCOURT CO Comm 44157R109 63,023 3,715,955 SH   DFND   3,715,955 0 0