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
ADVANCE AUTO PARTS INC COM 00751Y106 2,255 11,900 SH   DFND 1,2 0 11,900 0
AETNA INC NEW COM 00817Y108 18,324 167,479 SH   DFND 1,2 0 167,479 0
AGNICO EAGLE MINES LTD COM 008474108 872 34,453 SH   DFND 1,2 0 34,453 0
ALERE INC COM 01449J105 7,843 162,884 SH   DFND 1,2 0 162,884 0
ALLERGAN PLC SHS G0177J108 2,718 10,000 SH   DFND 1,2 0 10,000 0
ALLY FINL INC COM 02005N100 1,342 65,826 SH   DFND 1,2 0 65,826 0
AMEDISYS INC COM 023436108 946 24,915 SH   DFND 1,2 0 24,915 0
AMERICAN ASSETS TR INC COM 024013104 1,482 36,273 SH   DFND 1,2 0 36,273 0
ASSOCIATED BANC CORP COM 045487105 9,350 520,303 SH   DFND 1,2 0 520,303 0
ASTORIA FINL CORP COM 046265104 8,269 513,593 SH   DFND 1,2 0 513,593 0
BANK AMER CORP COM 060505104 407 26,153 SH   DFND 1,2 0 26,153 0
BLACK KNIGHT FINL SVCS INC CL A 09214X100 103 3,157 SH   DFND 1,2 0 3,157 0
BLOCK H & R INC COM 093671105 4,525 125,000 SH   DFND 1,2 0 125,000 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 3,178 271,596 SH   DFND 1,2 0 271,596 0
BOSTON SCIENTIFIC CORP COM 101137107 22,613 1,378,016 SH   DFND 1,2 0 1,378,016 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 2,059 167,101 SH   DFND 1,2 0 167,101 0
CAPITAL SR LIVING CORP COM 140475104 1,297 64,702 SH   DFND 1,2 0 64,702 0
CARE CAP PPTYS INC COM 141624106 516 15,663 SH   DFND 1,2 0 15,663 0
CARETRUST REIT INC COM 14174T107 121 10,630 SH   DFND 1,2 0 10,630 0
CENTRAL PAC FINL CORP COM NEW 154760409 1,475 70,350 SH   DFND 1,2 0 70,350 0
CEPHEID COM 15670R107 9,335 206,520 SH   DFND 1,2 0 206,520 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 2,307 88,514 SH   DFND 1,2 0 88,514 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 452 627 SH   DFND 1,2 0 627 0
CITIGROUP INC COM NEW 172967424 1,116 22,496 SH   DFND 1,2 0 22,496 0
CITIZENS FINL GROUP INC COM 174610105 9,929 416,146 SH   DFND 1,2 0 416,146 0
COMERICA INC COM 200340107 77 1,878 SH   DFND 1,2 0 1,878 0
CROWN CASTLE INTL CORP NEW COM 22822V101 1,093 13,862 SH   DFND 1,2 0 13,862 0
CUBESMART COM 229663109 2,378 87,378 SH   DFND 1,2 0 87,378 0
D R HORTON INC COM 23331A109 3,668 124,917 SH   DFND 1,2 0 124,917 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 553 16,425 SH   DFND 1,2 0 16,425 0
DEL FRISCOS RESTAURANT GROUP COM 245077102 544 39,200 SH   DFND 1,2 0 39,200 0
DIME CMNTY BANCSHARES COM 253922108 90 5,348 SH   DFND 1,2 0 5,348 0
DISCOVER FINL SVCS COM 254709108 4,498 86,514 SH   DFND 1,2 0 86,514 0
DOLLAR GEN CORP NEW COM 256677105 190 2,621 SH   DFND 1,2 0 2,621 0
DOMINOS PIZZA INC COM 25754A201 571 5,288 SH   DFND 1,2 0 5,288 0
DOUGLAS EMMETT INC COM 25960P109 1,337 46,561 SH   DFND 1,2 0 46,561 0
E TRADE FINANCIAL CORP COM NEW 269246401 30 1,157 SH   DFND 1,2 0 1,157 0
EASTGROUP PPTY INC COM 277276101 5,412 99,883 SH   DFND 1,2 0 99,883 0
EDWARDS LIFESCIENCES CORP COM 28176E108 17,716 124,611 SH   DFND 1,2 0 124,611 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,188 29,126 SH   DFND 1,2 0 29,126 0
ESSEX PPTY TR INC COM 297178105 1,727 7,729 SH   DFND 1,2 0 7,729 0
FIRST HORIZON NATL CORP COM 320517105 2,892 203,940 SH   DFND 1,2 0 203,940 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 863 41,184 SH   DFND 1,2 0 41,184 0
FIRST NIAGARA FINL GP INC COM 33582V108 11,744 1,150,246 SH   DFND 1,2 0 1,150,246 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 4,065 197,731 SH   DFND 1,2 0 197,731 0
FNB CORP PA COM 302520101 3,465 267,604 SH   DFND 1,2 0 267,604 0
FOAMIX PHARMACEUTICALS LTD SHS M46135105 440 60,000 SH   DFND 1,2 0 60,000 0
FULTON FINL CORP PA COM 360271100 4,277 353,438 SH   DFND 1,2 0 353,438 0
GALLAGHER ARTHUR J & CO COM 363576109 662 16,041 SH   DFND 1,2 0 16,041 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 53 2,038 SH   DFND 1,2 0 2,038 0
GENOMIC HEALTH INC COM 37244C101 8,872 419,274 SH   DFND 1,2 0 419,274 0
HANCOCK HLDG CO COM 410120109 154 5,692 SH   DFND 1,2 0 5,692 0
HEALTHCARE RLTY TR COM 421946104 1,684 67,753 SH   DFND 1,2 0 67,753 0
HOLOGIC INC COM 436440101 13,645 348,705 SH   DFND 1,2 0 348,705 0
HOME PROPERTIES INC COM 437306103 867 11,600 SH   DFND 1,2 0 11,600 0
HOULIHAN LOKEY INC CL A 441593100 1,660 76,138 SH   DFND 1,2 0 76,138 0
HYATT HOTELS CORP COM CL A 448579102 498 10,568 SH   DFND 1,2 0 10,568 0
KB HOME COM 48666K109 1,800 132,814 SH   DFND 1,2 0 132,814 0
KEYCORP NEW COM 493267108 10,308 792,285 SH   DFND 1,2 0 792,285 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 28,920 266,619 SH   DFND 1,2 0 266,619 0
LEGG MASON INC COM 524901105 3,869 92,971 SH   DFND 1,2 0 92,971 0
LENNAR CORP CL A 526057104 1,658 34,450 SH   DFND 1,2 0 34,450 0
LIBERTY PPTY TR SH BEN INT 531172104 242 7,667 SH   DFND 1,2 0 7,667 0
LOWES COS INC COM 548661107 5,314 77,109 SH   DFND 1,2 0 77,109 0
M D C HLDGS INC COM 552676108 234 8,934 SH   DFND 1,2 0 8,934 0
M/I HOMES INC COM 55305B101 838 35,524 SH   DFND 1,2 0 35,524 0
MCDONALDS CORP COM 580135101 5,755 58,413 SH   DFND 1,2 0 58,413 0
MERITAGE HOMES CORP COM 59001A102 573 15,700 SH   DFND 1,2 0 15,700 0
MGM RESORTS INTERNATIONAL COM 552953101 2,603 141,083 SH   DFND 1,2 0 141,083 0
MID-AMER APT CMNTYS INC COM 59522J103 1,658 20,253 SH   DFND 1,2 0 20,253 0
MOLINA HEALTHCARE INC COM 60855R100 615 8,938 SH   DFND 1,2 0 8,938 0
MORGAN STANLEY COM NEW 617446448 2,199 69,820 SH   DFND 1,2 0 69,820 0
NATIONAL HEALTH INVS INC COM 63633D104 5,265 91,575 SH   DFND 1,2 0 91,575 0
NATIONAL RETAIL PPTYS INC COM 637417106 492 13,567 SH   DFND 1,2 0 13,567 0
NUVASIVE INC COM 670704105 12,740 264,212 SH   DFND 1,2 0 264,212 0
NXSTAGE MEDICAL INC COM 67072V103 4,416 280,000 SH Call DFND 1,2 0 0 280,000
OM ASSET MGMT PLC SHS G67506108 790 51,260 SH   DFND 1,2 0 51,260 0
PACIRA PHARMACEUTICALS INC COM 695127100 21 501 SH   DFND 1,2 0 501 0
PANERA BREAD CO CL A 69840W108 3,033 15,681 SH   DFND 1,2 0 15,681 0
PARKWAY PPTYS INC COM 70159Q104 2,676 172,003 SH   DFND 1,2 0 172,003 0
POPULAR INC COM NEW 733174700 7,661 253,434 SH   DFND 1,2 0 253,434 0
POTLATCH CORP NEW COM 737630103 805 27,960 SH   DFND 1,2 0 27,960 0
PROSPERITY BANCSHARES INC COM 743606105 6,286 128,008 SH   DFND 1,2 0 128,008 0
PUBLIC STORAGE COM 74460D109 2,186 10,329 SH   DFND 1,2 0 10,329 0
QTS RLTY TR INC COM CL A 74736A103 416 9,522 SH   DFND 1,2 0 9,522 0
QUINTILES TRANSNATIO HLDGS I COM 74876Y101 3,479 50,000 SH   DFND 1,2 0 50,000 0
RCS CAP CORP COM CL A 74937W102 279 345,030 SH   DFND 1,2 0 345,030 0
REALOGY HLDGS CORP COM 75605Y106 1,097 29,144 SH   DFND 1,2 0 29,144 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 2,222 134,345 SH   DFND 1,2 0 134,345 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 1,309 14,696 SH   DFND 1,2 0 14,696 0
SELECT MED HLDGS CORP COM 81619Q105 15,236 1,412,059 SH   DFND 1,2 0 1,412,059 0
SHIRE PLC SPONSORED ADR 82481R106 9,676 47,148 SH   DFND 1,2 0 47,148 0
SIMON PPTY GROUP INC NEW COM 828806109 789 4,292 SH   DFND 1,2 0 4,292 0
SONIC CORP COM 835451105 2,591 112,900 SH   DFND 1,2 0 112,900 0
SOVRAN SELF STORAGE INC COM 84610H108 1,299 13,776 SH   DFND 1,2 0 13,776 0
SPDR GOLD TRUST GOLD SHS 78463V107 2,137 20,000 SH   DFND 1,2 0 20,000 0
SPIRIT RLTY CAP INC NEW COM 84860W102 9,631 1,053,768 SH   DFND 1,2 0 1,053,768 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 3,403 51,186 SH   DFND 1,2 0 51,186 0
STERLING BANCORP DEL COM 85917A100 2,929 196,998 SH   DFND 1,2 0 196,998 0
STIFEL FINL CORP COM 860630102 2,429 57,699 SH   DFND 1,2 0 57,699 0
SVB FINL GROUP COM 78486Q101 5,464 47,291 SH   DFND 1,2 0 47,291 0
SYNOVUS FINL CORP COM NEW 87161C501 1,889 63,805 SH   DFND 1,2 0 63,805 0
TCF FINL CORP COM 872275102 8,842 583,273 SH   DFND 1,2 0 583,273 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 977 17,302 SH   DFND 1,2 0 17,302 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 3,075 58,653 SH   DFND 1,2 0 58,653 0
TEXAS ROADHOUSE INC COM 882681109 618 16,603 SH   DFND 1,2 0 16,603 0
THERMO FISHER SCIENTIFIC INC COM 883556102 501 4,100 SH   DFND 1,2 0 4,100 0
UMPQUA HLDGS CORP COM 904214103 10,381 636,843 SH   DFND 1,2 0 636,843 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 3,355 164,143 SH   DFND 1,2 0 164,143 0
UNIVERSAL HLTH SVCS INC CL B 913903100 8,033 64,362 SH   DFND 1,2 0 64,362 0
VERTEX PHARMACEUTICALS INC COM 92532F100 1,833 17,601 SH   DFND 1,2 0 17,601 0
VISA INC COM CL A 92826C839 2,403 34,500 SH   DFND 1,2 0 34,500 0
VITAMIN SHOPPE INC COM 92849E101 1,077 33,000 SH   DFND 1,2 0 33,000 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 9,746 117,282 SH   DFND 1,2 0 117,282 0
WELLS FARGO & CO NEW COM 949746101 4,445 86,562 SH   DFND 1,2 0 86,562 0
WELLTOWER INC COM 95040Q104 488 7,206 SH   DFND 1,2 0 7,206 0
WESTERN ALLIANCE BANCORP COM 957638109 5,461 177,821 SH   DFND 1,2 0 177,821 0
WYNN RESORTS LTD COM 983134107 542 10,195 SH   DFND 1,2 0 10,195 0
ZIONS BANCORPORATION COM 989701107 4,011 145,626 SH   DFND 1,2 0 145,626 0
ZOETIS INC CL A 98978V103 7,614 184,888 SH   DFND 1,2 0 184,888 0