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
ABIOMED INC COM 003654100 11,560 459,819 SH   DFND 1,2 0 459,819 0
ACCURAY INC COM 004397105 12,754 1,449,325 SH   DFND 1,2 0 1,449,325 0
AFFILIATED MANAGERS GROUP COM 008252108 4,159 20,250 SH   DFND 1,2 0 20,250 0
AFLAC INC COM 001055102 6,791 109,093 SH   DFND 1,2 0 109,093 0
ALBANY MOLECULAR RESH INC COM 012423109 13,258 658,934 SH   DFND 1,2 0 658,934 0
ANADARKO PETE CORP COM 032511107 23,802 217,425 SH   DFND 1,2 0 217,425 0
APARTMENT INVT & MGMT CO CL A 03748R101 1,807 56,000 SH   DFND 1,2 0 56,000 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 1,135 20,018 SH   DFND 1,2 0 20,018 0
ATHLON ENERGY INC COM 047477104 6,201 130,000 SH   DFND 1,2 0 130,000 0
ATWOOD OCEANICS INC COM 050095108 13,815 263,240 SH   DFND 1,2 0 263,240 0
AVALONBAY CMNTYS INC COM 053484101 4,405 30,982 SH   DFND 1,2 0 30,982 0
AVIV REIT INC MD COM 05381L101 1,409 50,032 SH   DFND 1,2 0 50,032 0
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 1,458 32,933 SH   DFND 1,2 0 32,933 0
BAKER HUGHES INC COM 057224107 22,238 298,693 SH   DFND 1,2 0 298,693 0
BANK HAWAII CORP COM 062540109 4,765 81,184 SH   DFND 1,2 0 81,184 0
BANK OF AMERICA CORPORATION COM 060505104 4,578 297,825 SH   DFND 1,2 0 297,825 0
BANKUNITED INC COM 06652K103 207 6,190 SH   DFND 1,2 0 6,190 0
BARD C R INC COM 067383109 14,301 100,000 SH Put DFND 1,2 0 0 100,000
BLOOMIN BRANDS INC COM 094235108 4,796 213,800 SH   DFND 1,2 0 213,800 0
BONANZA CREEK ENERGY INC COM 097793103 5,733 100,243 SH   DFND 1,2 0 100,243 0
BOSTON PROPERTIES INC COM 101121101 12 98 SH   DFND 1,2 0 98 0
BRUKER CORP COM 116794108 20,630 850,000 SH   DFND 1,2 0 850,000 0
CAMDEN PPTY TR SH BEN INT 133131102 14 200 SH   DFND 1,2 0 200 0
CAPITAL ONE FINL CORP COM 14040H105 999 12,096 SH   DFND 1,2 0 12,096 0
CARBO CERAMICS INC COM 140781105 24,267 157,455 SH   DFND 1,2 0 157,455 0
CATAMARAN CORP COM 148887102 2,131 48,254 SH   DFND 1,2 0 48,254 0
CBRE GROUP INC CL A 12504L109 1,251 39,041 SH   DFND 1,2 0 39,041 0
CELGENE CORP COM 151020104 17,176 200,000 SH   DFND 1,2 0 200,000 0
CHEMICAL FINL CORP COM 163731102 1,123 40,000 SH   DFND 1,2 0 40,000 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 511 16,893 SH   DFND 1,2 0 16,893 0
CHEVRON CORP NEW COM 166764100 2,783 21,320 SH   DFND 1,2 0 21,320 0
CIMAREX ENERGY CO COM 171798101 15,063 105,000 SH   DFND 1,2 0 105,000 0
CITIGROUP INC COM NEW 172967424 1,762 37,407 SH   DFND 1,2 0 37,407 0
CITY NATL CORP COM 178566105 3,087 40,745 SH   DFND 1,2 0 40,745 0
CME GROUP INC COM 12572Q105 1,271 17,919 SH   DFND 1,2 0 17,919 0
CVS CAREMARK CORPORATION COM 126650100 1,831 24,300 SH   DFND 1,2 0 24,300 0
D R HORTON INC COM 23331A109 4,916 200,000 SH   DFND 1,2 0 200,000 0
D R HORTON INC COM 23331A109 4,916 200,000 SH Call DFND 1,2 0 0 200,000
DAVITA HEALTHCARE PARTNERS I COM 23918K108 18,315 253,250 SH   DFND 1,2 0 253,250 0
DCT INDUSTRIAL TRUST INC COM 233153105 2,305 280,700 SH   DFND 1,2 0 280,700 0
DDR CORP COM 23317H102 1,519 86,143 SH   DFND 1,2 0 86,143 0
DEL FRISCOS RESTAURANT GROUP COM 245077102 310 11,232 SH   DFND 1,2 0 11,232 0
DEVON ENERGY CORP NEW COM 25179M103 29,616 373,000 SH   DFND 1,2 0 373,000 0
DRIL-QUIP INC COM 262037104 7,301 66,830 SH   DFND 1,2 0 66,830 0
DUKE REALTY CORP COM NEW 264411505 960 52,839 SH   DFND 1,2 0 52,839 0
E TRADE FINANCIAL CORP COM NEW 269246401 561 26,373 SH   DFND 1,2 0 26,373 0
EHEALTH INC COM 28238P109 15,283 402,512 SH   DFND 1,2 0 402,512 0
ENERGEN CORP COM 29265N108 5,010 56,370 SH   DFND 1,2 0 56,370 0
EOG RES INC COM 26875P101 29,070 248,758 SH   DFND 1,2 0 248,758 0
EPR PPTYS COM SH BEN INT 26884U109 1,069 19,139 SH   DFND 1,2 0 19,139 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 1,051 23,800 SH   DFND 1,2 0 23,800 0
EQUITY ONE COM 294752100 2,891 122,564 SH   DFND 1,2 0 122,564 0
FAMILY DLR STORES INC COM 307000109 1,192 18,018 SH   DFND 1,2 0 18,018 0
FIFTH THIRD BANCORP COM 316773100 8,076 378,257 SH   DFND 1,2 0 378,257 0
FIRST HORIZON NATL CORP COM 320517105 4,007 337,829 SH   DFND 1,2 0 337,829 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 212 11,235 SH   DFND 1,2 0 11,235 0
FIRST NIAGARA FINL GP INC COM 33582V108 2,952 337,812 SH   DFND 1,2 0 337,812 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 3,600 198,891 SH   DFND 1,2 0 198,891 0
FOREST CITY ENTERPRISES INC CL A 345550107 782 39,349 SH   DFND 1,2 0 39,349 0
FRESH MKT INC COM 35804H106 963 28,767 SH   DFND 1,2 0 28,767 0
GALLAGHER ARTHUR J & CO COM 363576109 6,748 144,800 SH   DFND 1,2 0 144,800 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 1,118 47,450 SH   DFND 1,2 0 47,450 0
GENERAL MTRS CO COM 37045V100 27,225 750,000 SH Call DFND 1,2 0 0 750,000
GULFPORT ENERGY CORP COM NEW 402635304 9,517 151,546 SH   DFND 1,2 0 151,546 0
HALLIBURTON CO COM 406216101 16,775 236,229 SH   DFND 1,2 0 236,229 0
HANCOCK HLDG CO COM 410120109 2,562 72,535 SH   DFND 1,2 0 72,535 0
HCA HOLDINGS INC COM 40412C101 19,984 354,453 SH   DFND 1,2 0 354,453 0
HEALTH CARE REIT INC COM 42217K106 1,062 16,950 SH   DFND 1,2 0 16,950 0
HEALTHCARE RLTY TR COM 421946104 1,629 64,069 SH   DFND 1,2 0 64,069 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 1,247 185,768 SH   DFND 1,2 0 185,768 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 2,991 106,700 SH   DFND 1,2 0 106,700 0
HIGHWOODS PPTYS INC COM 431284108 1,646 39,236 SH   DFND 1,2 0 39,236 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 4,342 186,343 SH   DFND 1,2 0 186,343 0
HOME PROPERTIES INC COM 437306103 1,222 19,111 SH   DFND 1,2 0 19,111 0
HUDSON PAC PPTYS INC COM 444097109 647 25,530 SH   DFND 1,2 0 25,530 0
HUNTINGTON BANCSHARES INC COM 446150104 6,165 646,220 SH   DFND 1,2 0 646,220 0
ICON PLC SHS G4705A100 7,777 165,087 SH   DFND 1,2 0 165,087 0
ILLUMINA INC COM 452327109 15,502 86,825 SH   DFND 1,2 0 86,825 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 557 35,000 SH   DFND 1,2 0 35,000 0
INVESCO LTD SHS G491BT108 52 1,385 SH   DFND 1,2 0 1,385 0
JACK IN THE BOX INC COM 466367109 1,223 20,435 SH   DFND 1,2 0 20,435 0
KILROY RLTY CORP COM 49427F108 2,415 38,783 SH   DFND 1,2 0 38,783 0
KINDRED HEALTHCARE INC COM 494580103 12,152 526,047 SH   DFND 1,2 0 526,047 0
KOHLS CORP COM 500255104 225 4,271 SH   DFND 1,2 0 4,271 0
LIBERTY PPTY TR SH BEN INT 531172104 1,497 39,458 SH   DFND 1,2 0 39,458 0
LOWES COS INC COM 548661107 1,365 28,450 SH   DFND 1,2 0 28,450 0
LTC PPTYS INC COM 502175102 504 12,900 SH   DFND 1,2 0 12,900 0
M/I HOMES INC COM 55305B101 2,527 104,131 SH   DFND 1,2 0 104,131 0
MAGNUM HUNTER RES CORP DEL COM 55973B102 5,625 686,034 SH   DFND 1,2 0 686,034 0
MCDONALDS CORP COM 580135101 682 6,774 SH   DFND 1,2 0 6,774 0
MEMORIAL RESOURCE DEV CORP COM 58605Q109 3,532 144,985 SH   DFND 1,2 0 144,985 0
MERITAGE HOMES CORP COM 59001A102 3,033 71,846 SH   DFND 1,2 0 71,846 0
MGIC INVT CORP WIS COM 552848103 10,137 1,097,100 SH   DFND 1,2 0 1,097,100 0
MOLINA HEALTHCARE INC COM 60855R100 15,639 350,422 SH   DFND 1,2 0 350,422 0
NOBLE ENERGY INC COM 655044105 13,110 169,251 SH   DFND 1,2 0 169,251 0
OASIS PETE INC NEW COM 674215108 4,891 87,518 SH   DFND 1,2 0 87,518 0
PACIFIC DRILLING SA LUXEMBOU REG SHS L7257P106 4,503 450,275 SH   DFND 1,2 0 450,275 0
PANERA BREAD CO CL A 69840W108 3,363 22,445 SH   DFND 1,2 0 22,445 0
PATTERSON UTI ENERGY INC COM 703481101 6,846 195,939 SH   DFND 1,2 0 195,939 0
PNC FINL SVCS GROUP INC COM 693475105 5,227 58,700 SH   DFND 1,2 0 58,700 0
POST PPTYS INC COM 737464107 21 400 SH   DFND 1,2 0 400 0
PRICE T ROWE GROUP INC COM 74144T108 2,401 28,439 SH   DFND 1,2 0 28,439 0
PROGRESSIVE CORP OHIO COM 743315103 9,249 364,706 SH   DFND 1,2 0 364,706 0
PROLOGIS INC COM 74340W103 245 5,961 SH   DFND 1,2 0 5,961 0
PROSPERITY BANCSHARES INC COM 743606105 1,868 29,839 SH   DFND 1,2 0 29,839 0
QEP RES INC COM 74733V100 3,395 98,418 SH   DFND 1,2 0 98,418 0
RADIAN GROUP INC COM 750236101 2,407 162,525 SH   DFND 1,2 0 162,525 0
RADIAN GROUP INC COM 750236101 5,924 400,000 SH Put DFND 1,2 0 0 400,000
RCS CAP CORP COM CL A 74937W102 3,011 141,823 SH   DFND 1,2 0 141,823 0
REGIONS FINL CORP NEW COM 7591EP100 4,785 450,591 SH   DFND 1,2 0 450,591 0
RETAIL PPTYS AMER INC CL A 76131V202 3,937 255,952 SH   DFND 1,2 0 255,952 0
RITE AID CORP COM 767754104 17,925 2,500,000 SH   DFND 1,2 0 2,500,000 0
RPC INC COM 749660106 8,940 380,600 SH   DFND 1,2 0 380,600 0
SABRA HEALTH CARE REIT INC COM 78573L106 1,810 63,040 SH   DFND 1,2 0 63,040 0
SELECT INCOME REIT COM SH BEN INT 81618T100 3,129 105,551 SH   DFND 1,2 0 105,551 0
SELECT MED HLDGS CORP COM 81619Q105 7,875 504,820 SH   DFND 1,2 0 504,820 0
SIMON PPTY GROUP INC NEW COM 828806109 2,596 15,610 SH   DFND 1,2 0 15,610 0
SOUTHWESTERN ENERGY CO COM 845467109 21,484 472,278 SH   DFND 1,2 0 472,278 0
SOVRAN SELF STORAGE INC COM 84610H108 2,133 27,611 SH   DFND 1,2 0 27,611 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 78,288 400,000 SH Put DFND 1,2 0 0 400,000
SPDR SERIES TRUST S&P RETAIL ETF 78464A714 26,040 300,000 SH Call DFND 1,2 0 0 300,000
SPIRIT RLTY CAP INC NEW COM 84860W102 4,449 391,604 SH   DFND 1,2 0 391,604 0
STANDARD PAC CORP NEW COM 85375C101 765 89,000 SH   DFND 1,2 0 89,000 0
STARBUCKS CORP COM 855244109 1,996 25,800 SH   DFND 1,2 0 25,800 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 6,932 85,773 SH   DFND 1,2 0 85,773 0
STATE STR CORP COM 857477103 12,151 180,659 SH   DFND 1,2 0 180,659 0
SUMMIT HOTEL PPTYS COM 866082100 3,621 341,593 SH   DFND 1,2 0 341,593 0
SUN CMNTYS INC COM 866674104 1,247 25,026 SH   DFND 1,2 0 25,026 0
SUPERIOR ENERGY SVCS INC COM 868157108 3,889 107,597 SH   DFND 1,2 0 107,597 0
SYNOVUS FINL CORP COM NEW 87161C501 2,167 88,880 SH   DFND 1,2 0 88,880 0
TALMER BANCORP INC COM 87482X101 604 43,831 SH   DFND 1,2 0 43,831 0
TARGET CORP COM 87612E106 186 3,201 SH   DFND 1,2 0 3,201 0
TCF FINL CORP COM 872275102 4,706 287,472 SH   DFND 1,2 0 287,472 0
TD AMERITRADE HLDG CORP COM 87236Y108 16,443 524,484 SH   DFND 1,2 0 524,484 0
TEXAS ROADHOUSE INC COM 882681109 1,209 46,505 SH   DFND 1,2 0 46,505 0
TYSON FOODS INC CL A 902494103 3,754 100,000 SH   DFND 1,2 0 100,000 0
UNIVERSAL HLTH SVCS INC CL B 913903100 29,179 304,708 SH   DFND 1,2 0 304,708 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 3,995 31,678 SH   DFND 1,2 0 31,678 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 126 3,291 SH   DFND 1,2 0 3,291 0
VENTAS INC COM 92276F100 2,867 44,733 SH   DFND 1,2 0 44,733 0
VITAMIN SHOPPE INC COM 92849E101 655 15,219 SH   DFND 1,2 0 15,219 0
WALGREEN CO COM 931422109 14,049 189,517 SH   DFND 1,2 0 189,517 0
WASHINGTON PRIME GROUP INC COM 939647103 74 3,950 SH   DFND 1,2 0 3,950 0
WEBSTER FINL CORP CONN COM 947890109 4,732 150,025 SH   DFND 1,2 0 150,025 0
WESTERN ALLIANCE BANCORP COM 957638109 2,444 102,701 SH   DFND 1,2 0 102,701 0
WPX ENERGY INC COM 98212B103 4,665 195,091 SH   DFND 1,2 0 195,091 0
WRIGHT MED GROUP INC COM 98235T107 12,466 396,993 SH   DFND 1,2 0 396,993 0
XL GROUP PLC SHS G98290102 1,002 30,600 SH   DFND 1,2 0 30,600 0
ZIMMER HLDGS INC COM 98956P102 26,216 252,417 SH   DFND 1,2 0 252,417 0
ZIONS BANCORPORATION COM 989701107 4,911 166,628 SH   DFND 1,2 0 166,628 0