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
AEGEAN MARINE PETROLEUM NETW SHS Y0017S102 44,494 3,751,584 SH   DFND 1 3,751,584 0 0
AIR TRANSPORT SERVICES GRP I COM 00922R105 1,731 231,127 SH   DFND 1 231,127 0 0
ALLOT COMMUNICATIONS LTD SHS M0854Q105 3,501 276,760 SH   DFND 1 276,760 0 0
APPLE INC COM 037833100 22,084 46,322 SH   DFND 1 46,322 0 0
ARCTIC CAT INC COM 039670104 25,713 450,716 SH   DFND 1 450,716 0 0
ARKANSAS BEST CORP DEL COM 040790107 19,812 771,811 SH   DFND 1 771,811 0 0
ATTUNITY LTD SHS NEW M15332121 4,482 505,354 SH   DFND 1 505,354 0 0
AUDIOCODES LTD ORD M15342104 19,201 2,742,981 SH   DFND 1 2,742,981 0 0
AXCELIS TECHNOLOGIES INC COM 054540109 1,521 720,904 SH   DFND 1 720,904 0 0
BALTIC TRADING LIMITED COM Y0553W103 2,806 573,864 SH   DFND 1 573,864 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946K101 467 41,746 SH   DFND 1 41,746 0 0
BANCO SANTANDER SA ADR 05964H105 4,820 590,000 SH   DFND 1 590,000 0 0
BIOLINERX LTD SPONSORED ADR 09071M106 1,514 691,154 SH   DFND 1 691,154 0 0
CEVA INC COM 157210105 37,537 2,176,047 SH   DFND 1 2,176,047 0 0
CITI TRENDS INC COM 17306X102 442 25,300 SH   DFND 1 25,300 0 0
CLICKSOFTWARE TECHNOLOGIES L ORD M25082104 609 100,000 SH   DFND 1 100,000 0 0
COMMTOUCH SOFTWARE LTD SHS NEW M25596202 137 50,787 SH   DFND 1 50,787 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 4,923 563,898 SH   DFND 1 563,898 0 0
DEPOMED INC COM 249908104 35,449 4,745,526 SH   DFND 1 4,745,526 0 0
DIANA CONTAINERSHIPS INC COM Y2069P101 756 199,560 SH   DFND 1 199,560 0 0
DIGITAL GENERATION INC COM 25400B108 1,878 145,225 SH   DFND 1 145,225 0 0
DIGITAL RIV INC COM 25388B104 2,780 155,584 SH   DFND 1 155,584 0 0
DORAL FINL CORP COM PAR 0.01 25811P852 9,680 507,327 SH   DFND 1 507,327 0 0
DSP GROUP INC COM 23332B106 10,606 1,504,356 SH   DFND 1 1,504,356 0 0
ERA GROUP INC COM 26885G109 20,839 766,699 SH   DFND 1 766,699 0 0
EZCHIP SEMICONDUCTOR LIMITED ORD M4146Y108 1,711 69,421 SH   DFND 1 69,421 0 0
FORMFACTOR INC COM 346375108 84 12,304 SH   DFND 1 12,304 0 0
GAIN CAP HLDGS INC COM 36268W100 38,778 3,080,038 SH   DFND 1 3,080,038 0 0
GENWORTH FINL INC COM CL A 37247D106 645 50,400 SH   DFND 1 50,400 0 0
HOWARD HUGHES CORP COM 44267D107 82,529 734,441 SH   DFND 1 734,441 0 0
IMMERSION CORP COM 452521107 55,419 4,198,394 SH   DFND 1 4,198,394 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 1,065 56,249 SH   DFND 1 56,249 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 4,217 472,779 SH   DFND 1 472,779 0 0
MAZOR ROBOTICS LTD SPONSORED ADS 57886P103 2,200 130,165 SH   DFND 1 130,165 0 0
MINDSPEED TECHNOLOGIES INC COM NEW 602682205 1,583 520,878 SH   DFND 1 520,878 0 0
MOSYS INC COM 619718109 637 171,297 SH   DFND 1 171,297 0 0
NEOPHOTONICS CORP COM 64051T100 3,375 456,686 SH   DFND 1 456,686 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 2,333 352,357 SH   DFND 1 352,357 0 0
NEWCASTLE INVT CORP COM 65105M108 5,133 913,367 SH   DFND 1 913,367 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 39,693 4,277,271 SH   DFND 1 4,277,271 0 0
NOVA MEASURING INSTRUMENTS L COM M7516K103 7,954 896,728 SH   DFND 1 896,728 0 0
NUTRI SYS INC NEW COM 67069D108 24,815 1,725,660 SH   DFND 1 1,725,660 0 0
ORBOTECH LTD ORD M75253100 13,906 1,159,765 SH   DFND 1 1,159,765 0 0
ORMAT TECHNOLOGIES INC COM 686688102 1,552 57,972 SH   DFND 1 57,972 0 0
PC-TEL INC COM 69325Q105 1,965 222,065 SH   DFND 1 222,065 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 16,076 855,558 SH   DFND 1 855,558 0 0
PENNYMAC MTG INVT TR COM 70931T103 17,261 761,049 SH   DFND 1 761,049 0 0
RADIAN GROUP INC COM 750236101 41,951 3,011,532 SH   DFND 1 3,011,532 0 0
RADISYS CORP COM 750459109 258 80,461 SH   DFND 1 80,461 0 0
RADWARE LTD ORD M81873107 53,039 3,802,091 SH   DFND 1 3,802,091 0 0
RAIT FINANCIAL TRUST NOTE 7.000% 4/0 749227AA2 27,789 23,500,000 PRN   DFND 1 23,500,000 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 15,056 2,126,494 SH   DFND 1 2,126,494 0 0
RESOURCE AMERICA INC CL A 761195205 4,131 514,463 SH   DFND 1 514,463 0 0
ROSETTA STONE INC COM 777780107 325 20,000 SH   DFND 1 20,000 0 0
SANDISK CORP COM 80004C101 15,037 252,673 SH   DFND 1 252,673 0 0
SCORPIO TANKERS INC SHS Y7542C106 5,802 594,454 SH   DFND 1 594,454 0 0
SENOMYX INC COM 81724Q107 17,914 5,074,882 SH   DFND 1 5,074,882 0 0
STEALTHGAS INC SHS Y81669106 1,179 129,045 SH   DFND 1 129,045 0 0
SUNEDISON INC COM 86732Y109 6,069 761,500 SH   DFND 1 761,500 0 0
SYNERON MEDICAL LTD ORD SHS M87245102 25,759 2,988,261 SH   DFND 1 2,988,261 0 0
TERADYNE INC COM 880770102 2,040 123,500 SH   DFND 1 123,500 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 2,931 77,583 SH   DFND 1 77,583 0 0
TOP IMAGE SYSTEMS LTD ORD M87896102 1,136 345,250 SH   DFND 1 345,250 0 0
TWO HBRS INVT CORP COM 90187B101 17,951 1,848,675 SH   DFND 1 1,848,675 0 0
VERA BRADLEY INC COM 92335C106 13,032 634,617 SH   DFND 1 634,617 0 0
VICOR CORP COM 925815102 8,678 1,060,843 SH   DFND 1 1,060,843 0 0
VITESSE SEMICONDUCTOR CORP COM NEW 928497304 16,322 5,368,971 SH   DFND 1 5,368,971 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 16,218 805,672 SH   DFND 1 805,672 0 0