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 9,155 240,531 SH   DFND 1,2 0 240,531 0
ACCURAY INC COM 004397105 11,069 1,466,131 SH   DFND 1,2 0 1,466,131 0
ACTAVIS PLC SHS G0083B108 5,581 21,681 SH   DFND 1,2 0 21,681 0
ADVANCE AUTO PARTS INC COM 00751Y106 1,378 8,654 SH   DFND 1,2 0 8,654 0
AFFILIATED MANAGERS GROUP COM 008252108 2,126 10,015 SH   DFND 1,2 0 10,015 0
ALBANY MOLECULAR RESH INC COM 012423109 1,302 80,000 SH   DFND 1,2 0 80,000 0
AMEDISYS INC COM 023436108 7,481 254,899 SH   DFND 1,2 0 254,899 0
AMERICAN ASSETS TR INC COM 024013104 1,674 42,056 SH   DFND 1,2 0 42,056 0
ANADARKO PETE CORP COM 032511107 2,151 26,073 SH   DFND 1,2 0 26,073 0
ASSOCIATED BANC CORP COM 045487105 321 17,220 SH   DFND 1,2 0 17,220 0
ASTORIA FINL CORP COM 046265104 5,046 377,725 SH   DFND 1,2 0 377,725 0
AVALONBAY CMNTYS INC COM 053484101 3,168 19,390 SH   DFND 1,2 0 19,390 0
BANKUNITED INC COM 06652K103 170 5,878 SH   DFND 1,2 0 5,878 0
BLOOMIN BRANDS INC COM 094235108 4,817 194,564 SH   DFND 1,2 0 194,564 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 5,573 348,725 SH   DFND 1,2 0 348,725 0
BRIXMOR PPTY GROUP INC COM 11120U105 1,444 58,113 SH   DFND 1,2 0 58,113 0
CAMERON INTERNATIONAL CORP COM 13342B105 2,422 48,488 SH   DFND 1,2 0 48,488 0
CAPITAL ONE FINL CORP COM 14040H105 3,863 46,794 SH   DFND 1,2 0 46,794 0
CAPITAL SR LIVING CORP COM 140475104 731 29,327 SH   DFND 1,2 0 29,327 0
CARETRUST REIT INC COM 14174T107 705 57,144 SH   DFND 1,2 0 57,144 0
CATAMARAN CORP COM 148887102 17,816 344,268 SH   DFND 1,2 0 344,268 0
CATHAY GEN BANCORP COM 149150104 2,276 88,931 SH   DFND 1,2 0 88,931 0
CBRE GROUP INC CL A 12504L109 3,151 92,001 SH   DFND 1,2 0 92,001 0
CEPHEID COM 15670R107 5,795 107,030 SH   DFND 1,2 0 107,030 0
CHAMBERS STR PPTYS COM 157842105 3,078 381,882 SH   DFND 1,2 0 381,882 0
CHARLES RIV LABS INTL INC COM 159864107 9 140 SH   DFND 1,2 0 140 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 645 17,339 SH   DFND 1,2 0 17,339 0
CITIGROUP INC COM NEW 172967424 10,926 201,919 SH   DFND 1,2 0 201,919 0
CONNECTURE INC COM 20786J106 406 45,100 SH   DFND 1,2 0 45,100 0
COOPER COS INC COM NEW 216648402 7,958 49,095 SH   DFND 1,2 0 49,095 0
CORESITE RLTY CORP COM 21870Q105 1,126 28,831 SH   DFND 1,2 0 28,831 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 2,965 104,509 SH   DFND 1,2 0 104,509 0
CROWN CASTLE INTL CORP NEW COM 22822V101 1,803 22,904 SH   DFND 1,2 0 22,904 0
CVS HEALTH CORP COM 126650100 787 8,172 SH   DFND 1,2 0 8,172 0
D R HORTON INC COM 23331A109 3,869 152,998 SH   DFND 1,2 0 152,998 0
DAVITA HEALTHCARE PARTNERS I COM 23918K108 3,175 41,926 SH   DFND 1,2 0 41,926 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 1,167 32,738 SH   DFND 1,2 0 32,738 0
DDR CORP COM 23317H102 2,104 114,574 SH   DFND 1,2 0 114,574 0
DUKE REALTY CORP COM NEW 264411505 482 23,842 SH   DFND 1,2 0 23,842 0
E TRADE FINANCIAL CORP COM NEW 269246401 2,158 88,977 SH   DFND 1,2 0 88,977 0
EAST WEST BANCORP INC COM 27579R104 2,196 56,721 SH   DFND 1,2 0 56,721 0
EPR PPTYS COM SH BEN INT 26884U109 173 3,000 SH   DFND 1,2 0 3,000 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 546 10,600 SH   DFND 1,2 0 10,600 0
EQUITY ONE COM 294752100 1,659 65,411 SH   DFND 1,2 0 65,411 0
FIFTH THIRD BANCORP COM 316773100 7,517 368,938 SH   DFND 1,2 0 368,938 0
FIRST BANCORP P R COM NEW 318672706 1,267 215,777 SH   DFND 1,2 0 215,777 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 2,157 104,935 SH   DFND 1,2 0 104,935 0
FIRST NIAGARA FINL GP INC COM 33582V108 15,034 1,783,413 SH   DFND 1,2 0 1,783,413 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 4,863 309,173 SH   DFND 1,2 0 309,173 0
FMC TECHNOLOGIES INC COM 30249U101 1,215 25,945 SH   DFND 1,2 0 25,945 0
FOREST CITY ENTERPRISES INC CL A 345550107 1,746 81,988 SH   DFND 1,2 0 81,988 0
FULTON FINL CORP PA COM 360271100 4,742 383,683 SH   DFND 1,2 0 383,683 0
GALLAGHER ARTHUR J & CO COM 363576109 258 5,485 SH   DFND 1,2 0 5,485 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 2,062 73,305 SH   DFND 1,2 0 73,305 0
GREAT WESTN BANCORP INC COM 391416104 1,160 50,910 SH   DFND 1,2 0 50,910 0
GULFPORT ENERGY CORP COM NEW 402635304 2,412 57,792 SH   DFND 1,2 0 57,792 0
HANCOCK HLDG CO COM 410120109 15,170 494,148 SH   DFND 1,2 0 494,148 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 1,388 197,503 SH   DFND 1,2 0 197,503 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 2,474 99,217 SH   DFND 1,2 0 99,217 0
HILL ROM HLDGS INC COM 431475102 3,692 80,925 SH   DFND 1,2 0 80,925 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 4,971 190,535 SH   DFND 1,2 0 190,535 0
HOLOGIC INC COM 436440101 13,370 500,000 SH   DFND 1,2 0 500,000 0
HUDSON CITY BANCORP COM 443683107 8,905 879,913 SH   DFND 1,2 0 879,913 0
HUMANA INC COM 444859102 6,881 47,908 SH   DFND 1,2 0 47,908 0
HYATT HOTELS CORP COM CL A 448579102 260 4,312 SH   DFND 1,2 0 4,312 0
IDEXX LABS INC COM 45168D104 6,048 40,789 SH   DFND 1,2 0 40,789 0
ILLUMINA INC COM 452327109 17,698 95,885 SH   DFND 1,2 0 95,885 0
INSULET CORP COM 45784P101 8,244 178,991 SH   DFND 1,2 0 178,991 0
INVESCO LTD SHS G491BT108 2,859 72,349 SH   DFND 1,2 0 72,349 0
ISHARES TR RUSSELL 2000 ETF 464287655 23,924 200,000 SH Put DFND 1,2 0 0 200,000
JACK IN THE BOX INC COM 466367109 1,130 14,135 SH   DFND 1,2 0 14,135 0
KEYCORP NEW COM 493267108 15,376 1,106,204 SH   DFND 1,2 0 1,106,204 0
KILROY RLTY CORP COM 49427F108 391 5,664 SH   DFND 1,2 0 5,664 0
KOHLS CORP COM 500255104 775 12,700 SH   DFND 1,2 0 12,700 0
M D C HLDGS INC COM 552676108 1,948 73,577 SH   DFND 1,2 0 73,577 0
M/I HOMES INC COM 55305B101 2,374 103,417 SH   DFND 1,2 0 103,417 0
MCDONALDS CORP COM 580135101 10,115 107,949 SH   DFND 1,2 0 107,949 0
MCKESSON CORP COM 58155Q103 18,980 91,434 SH   DFND 1,2 0 91,434 0
MERITAGE HOMES CORP COM 59001A102 5,404 150,162 SH   DFND 1,2 0 150,162 0
MOELIS & CO CL A 60786M105 2,463 70,521 SH   DFND 1,2 0 70,521 0
MOLINA HEALTHCARE INC COM 60855R100 16,594 310,000 SH   DFND 1,2 0 310,000 0
NATIONAL HEALTH INVS INC COM 63633D104 2,268 32,422 SH   DFND 1,2 0 32,422 0
NISOURCE INC COM 65473P105 1,516 35,747 SH   DFND 1,2 0 35,747 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 1,880 40,202 SH   DFND 1,2 0 40,202 0
OCEANEERING INTL INC COM 675232102 2,097 35,661 SH   DFND 1,2 0 35,661 0
OM ASSET MGMT PLC SHS G67506108 1,275 78,487 SH   DFND 1,2 0 78,487 0
PANERA BREAD CO CL A 69840W108 596 3,410 SH   DFND 1,2 0 3,410 0
PAPA JOHNS INTL INC COM 698813102 33 600 SH   DFND 1,2 0 600 0
PARKWAY PPTYS INC COM 70159Q104 1,636 88,964 SH   DFND 1,2 0 88,964 0
PIONEER NAT RES CO COM 723787107 1,506 10,118 SH   DFND 1,2 0 10,118 0
POST PPTYS INC COM 737464107 3,233 55,004 SH   DFND 1,2 0 55,004 0
PROSPERITY BANCSHARES INC COM 743606105 7,423 134,086 SH   DFND 1,2 0 134,086 0
QUEST DIAGNOSTICS INC COM 74834L100 15,132 225,655 SH   DFND 1,2 0 225,655 0
RCS CAP CORP COM CL A 74937W102 2,939 240,102 SH   DFND 1,2 0 240,102 0
REGIONS FINL CORP NEW COM 7591EP100 2,935 277,909 SH   DFND 1,2 0 277,909 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 470 27,965 SH   DFND 1,2 0 27,965 0
RETAIL PPTYS AMER INC CL A 76131V202 5,893 353,079 SH   DFND 1,2 0 353,079 0
REXFORD INDL RLTY INC COM 76169C100 1,506 95,887 SH   DFND 1,2 0 95,887 0
SABRA HEALTH CARE REIT INC COM 78573L106 2,338 76,998 SH   DFND 1,2 0 76,998 0
SELECT MED HLDGS CORP COM 81619Q105 5,482 380,717 SH   DFND 1,2 0 380,717 0
SL GREEN RLTY CORP COM 78440X101 1,258 10,566 SH   DFND 1,2 0 10,566 0
SOVRAN SELF STORAGE INC COM 84610H108 2,746 31,480 SH   DFND 1,2 0 31,480 0
SPIRIT RLTY CAP INC NEW COM 84860W102 7,973 670,560 SH   DFND 1,2 0 670,560 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 8,598 106,056 SH   DFND 1,2 0 106,056 0
STERLING BANCORP DEL COM 85917A100 3,721 258,788 SH   DFND 1,2 0 258,788 0
STIFEL FINL CORP COM 860630102 1,372 26,884 SH   DFND 1,2 0 26,884 0
SUMMIT HOTEL PPTYS COM 866082100 3,570 286,993 SH   DFND 1,2 0 286,993 0
SUPERIOR ENERGY SVCS INC COM 868157108 160 7,965 SH   DFND 1,2 0 7,965 0
SVB FINL GROUP COM 78486Q101 2,968 25,569 SH   DFND 1,2 0 25,569 0
SYNCHRONY FINL COM 87165B103 66 2,232 SH   DFND 1,2 0 2,232 0
SYNOVUS FINL CORP COM NEW 87161C501 5,153 190,213 SH   DFND 1,2 0 190,213 0
TALMER BANCORP INC COM 87482X101 254 18,115 SH   DFND 1,2 0 18,115 0
TCF FINL CORP COM 872275102 5,982 376,487 SH   DFND 1,2 0 376,487 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 4,313 75,000 SH   DFND 1,2 0 75,000 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 1,905 35,065 SH   DFND 1,2 0 35,065 0
THORATEC CORP COM NEW 885175307 14,799 455,900 SH   DFND 1,2 0 455,900 0
TJX COS INC NEW COM 872540109 5,745 83,775 SH   DFND 1,2 0 83,775 0
TOLL BROTHERS INC COM 889478103 86 2,500 SH   DFND 1,2 0 2,500 0
TRANSOCEAN PARTNERS LLC COM UNIT RP LT Y8977Y100 1,274 87,143 SH   DFND 1,2 0 87,143 0
UMPQUA HLDGS CORP COM 904214103 14,370 844,814 SH   DFND 1,2 0 844,814 0
UNIVERSAL HLTH SVCS INC CL B 913903100 21,983 197,580 SH   DFND 1,2 0 197,580 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 10,733 75,000 SH   DFND 1,2 0 75,000 0
WHOLE FOODS MKT INC COM 966837106 987 19,576 SH   DFND 1,2 0 19,576 0
WINTRUST FINL CORP COM 97650W108 2,282 48,798 SH   DFND 1,2 0 48,798 0
ZIONS BANCORPORATION COM 989701107 10,245 359,342 SH   DFND 1,2 0 359,342 0
ZOETIS INC CL A 98978V103 8,623 200,390 SH   DFND 1,2 0 200,390 0