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 2,527 35,310 SH   DFND 1,2 0 35,310 0
ADVANCE AUTO PARTS INC COM 00751Y106 2,138 14,282 SH   DFND 1,2 0 14,282 0
AETNA INC NEW COM 00817Y108 15,616 146,589 SH   DFND 1,2 0 146,589 0
ALERE INC COM 01449J105 9,780 200,000 SH   DFND 1,2 0 200,000 0
AMEDISYS INC COM 023436108 10,244 382,513 SH   DFND 1,2 0 382,513 0
AMERICAN ASSETS TR INC COM 024013104 4,982 115,106 SH   DFND 1,2 0 115,106 0
ANADARKO PETE CORP COM 032511107 4,848 58,542 SH   DFND 1,2 0 58,542 0
ASSOCIATED BANC CORP COM 045487105 7,516 404,064 SH   DFND 1,2 0 404,064 0
ASTORIA FINL CORP COM 046265104 6,065 468,359 SH   DFND 1,2 0 468,359 0
AVALONBAY CMNTYS INC COM 053484101 6,740 38,682 SH   DFND 1,2 0 38,682 0
BANK AMER CORP COM 060505104 994 64,557 SH   DFND 1,2 0 64,557 0
BLOOMIN BRANDS INC COM 094235108 185 7,600 SH   DFND 1,2 0 7,600 0
BONANZA CREEK ENERGY INC COM 097793103 1,994 80,860 SH   DFND 1,2 0 80,860 0
BOSTON PROPERTIES INC COM 101121101 2,005 14,274 SH   DFND 1,2 0 14,274 0
BRIXMOR PPTY GROUP INC COM 11120U105 4,631 174,440 SH   DFND 1,2 0 174,440 0
BROOKDALE SR LIVING INC COM 112463104 168 4,452 SH   DFND 1,2 0 4,452 0
CAMERON INTERNATIONAL CORP COM 13342B105 8,519 188,801 SH   DFND 1,2 0 188,801 0
CAPITAL SR LIVING CORP COM 140475104 990 38,172 SH   DFND 1,2 0 38,172 0
CATHAY GEN BANCORP COM 149150104 476 16,731 SH   DFND 1,2 0 16,731 0
CBRE GROUP INC CL A 12504L109 3,812 98,484 SH   DFND 1,2 0 98,484 0
CERNER CORP COM 156782104 3,131 42,736 SH   DFND 1,2 0 42,736 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 1,324 39,148 SH   DFND 1,2 0 39,148 0
CITIGROUP INC COM NEW 172967424 7,608 147,678 SH   DFND 1,2 0 147,678 0
CITIZENS FINL GROUP INC COM 174610105 8,708 360,894 SH   DFND 1,2 0 360,894 0
CORESITE RLTY CORP COM 21870Q105 494 10,156 SH   DFND 1,2 0 10,156 0
CROWN CASTLE INTL CORP NEW COM 22822V101 1,671 20,250 SH   DFND 1,2 0 20,250 0
CUBESMART COM 229663109 4,133 171,140 SH   DFND 1,2 0 171,140 0
D R HORTON INC COM 23331A109 6,143 215,700 SH   DFND 1,2 0 215,700 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 585 16,868 SH   DFND 1,2 0 16,868 0
DEPOMED INC COM 249908104 7,844 350,000 SH   DFND 1,2 0 350,000 0
DEVON ENERGY CORP NEW COM 25179M103 5,773 95,717 SH   DFND 1,2 0 95,717 0
DISCOVER FINL SVCS COM 254709108 8,336 147,940 SH   DFND 1,2 0 147,940 0
DOLLAR GEN CORP NEW COM 256677105 2,073 27,500 SH   DFND 1,2 0 27,500 0
DOUGLAS EMMETT INC COM 25960P109 172 5,760 SH   DFND 1,2 0 5,760 0
DUKE REALTY CORP COM NEW 264411505 147 6,744 SH   DFND 1,2 0 6,744 0
E TRADE FINANCIAL CORP COM NEW 269246401 378 13,235 SH   DFND 1,2 0 13,235 0
ECLIPSE RES CORP COM 27890G100 50 8,933 SH   DFND 1,2 0 8,933 0
EDWARDS LIFESCIENCES CORP COM 28176E108 12,433 87,274 SH   DFND 1,2 0 87,274 0
EQT CORP COM 26884L109 16,258 196,189 SH   DFND 1,2 0 196,189 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 816 14,855 SH   DFND 1,2 0 14,855 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 43,385 500,000 SH Call DFND 1,2 0 0 500,000
EXXON MOBIL CORP COM 30231G102 5,333 62,743 SH   DFND 1,2 0 62,743 0
FIRST BANCORP P R COM NEW 318672706 797 128,487 SH   DFND 1,2 0 128,487 0
FIRST HORIZON NATL CORP COM 320517105 3,248 227,318 SH   DFND 1,2 0 227,318 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 2,406 112,290 SH   DFND 1,2 0 112,290 0
FIRST NIAGARA FINL GP INC COM 33582V108 7,278 823,281 SH   DFND 1,2 0 823,281 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 4,642 319,933 SH   DFND 1,2 0 319,933 0
FOREST CITY ENTERPRISES INC CL A 345550107 205 8,051 SH   DFND 1,2 0 8,051 0
FULTON FINL CORP PA COM 360271100 2,100 170,186 SH   DFND 1,2 0 170,186 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 3,071 103,910 SH   DFND 1,2 0 103,910 0
GENWORTH FINL INC COM CL A 37247D106 731 99,966 SH   DFND 1,2 0 99,966 0
HALLIBURTON CO COM 406216101 8,414 191,743 SH   DFND 1,2 0 191,743 0
HALYARD HEALTH INC COM 40650V100 9,840 200,000 SH   DFND 1,2 0 200,000 0
HANCOCK HLDG CO COM 410120109 7,289 244,109 SH   DFND 1,2 0 244,109 0
HCA HOLDINGS INC COM 40412C101 4,214 56,020 SH   DFND 1,2 0 56,020 0
HEALTHCARE RLTY TR COM 421946104 1,024 36,846 SH   DFND 1,2 0 36,846 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 832 128,603 SH   DFND 1,2 0 128,603 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 2,272 104,778 SH   DFND 1,2 0 104,778 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 2,431 82,071 SH   DFND 1,2 0 82,071 0
HOLOGIC INC COM 436440101 15,500 469,333 SH   DFND 1,2 0 469,333 0
HUDSON CITY BANCORP COM 443683107 9,823 937,279 SH   DFND 1,2 0 937,279 0
HUMANA INC COM 444859102 13,869 77,908 SH   DFND 1,2 0 77,908 0
HYATT HOTELS CORP COM CL A 448579102 681 11,501 SH   DFND 1,2 0 11,501 0
IDEXX LABS INC COM 45168D104 1,594 10,318 SH   DFND 1,2 0 10,318 0
ILLUMINA INC COM 452327109 12,536 67,529 SH   DFND 1,2 0 67,529 0
INSULET CORP COM 45784P101 20,980 629,100 SH   DFND 1,2 0 629,100 0
INVESCO LTD SHS G491BT108 5,074 127,838 SH   DFND 1,2 0 127,838 0
JACK IN THE BOX INC COM 466367109 882 9,192 SH   DFND 1,2 0 9,192 0
KEYCORP NEW COM 493267108 4,832 341,275 SH   DFND 1,2 0 341,275 0
KOHLS CORP COM 500255104 994 12,700 SH   DFND 1,2 0 12,700 0
LOWES COS INC COM 548661107 2,004 26,942 SH   DFND 1,2 0 26,942 0
M/I HOMES INC COM 55305B101 597 25,061 SH   DFND 1,2 0 25,061 0
MCDONALDS CORP COM 580135101 6,954 71,371 SH   DFND 1,2 0 71,371 0
MCKESSON CORP COM 58155Q103 18,911 83,602 SH   DFND 1,2 0 83,602 0
MERITAGE HOMES CORP COM 59001A102 6,853 140,884 SH   DFND 1,2 0 140,884 0
MGIC INVT CORP WIS COM 552848103 963 100,000 SH   DFND 1,2 0 100,000 0
MOELIS & CO CL A 60786M105 80 2,664 SH   DFND 1,2 0 2,664 0
MOLINA HEALTHCARE INC COM 60855R100 16,292 242,121 SH   DFND 1,2 0 242,121 0
NABORS INDUSTRIES LTD SHS G6359F103 2,252 164,973 SH   DFND 1,2 0 164,973 0
NATIONAL HEALTH INVS INC COM 63633D104 4,670 65,760 SH   DFND 1,2 0 65,760 0
NATIONAL RETAIL PPTYS INC COM 637417106 21 504 SH   DFND 1,2 0 504 0
NEWFIELD EXPL CO COM 651290108 7,439 212,006 SH   DFND 1,2 0 212,006 0
NISOURCE INC COM 65473P105 4,851 109,843 SH   DFND 1,2 0 109,843 0
NOBLE ENERGY INC COM 655044105 13,596 278,027 SH   DFND 1,2 0 278,027 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 310 5,748 SH   DFND 1,2 0 5,748 0
NVR INC COM 62944T105 4,638 3,491 SH   DFND 1,2 0 3,491 0
OCEANEERING INTL INC COM 675232102 7,743 143,584 SH   DFND 1,2 0 143,584 0
OCWEN FINL CORP COM NEW 675746309 1,444 175,000 SH   DFND 1,2 0 175,000 0
PANERA BREAD CO CL A 69840W108 2,243 14,022 SH   DFND 1,2 0 14,022 0
PAPA JOHNS INTL INC COM 698813102 223 3,608 SH   DFND 1,2 0 3,608 0
PARKWAY PPTYS INC COM 70159Q104 4,568 263,293 SH   DFND 1,2 0 263,293 0
PARSLEY ENERGY INC CL A 701877102 4,093 256,116 SH   DFND 1,2 0 256,116 0
PINNACLE FOODS INC DEL COM 72348P104 402 9,855 SH   DFND 1,2 0 9,855 0
PIONEER NAT RES CO COM 723787107 5,303 32,431 SH   DFND 1,2 0 32,431 0
PREMIER INC CL A 74051N102 1,503 40,000 SH   DFND 1,2 0 40,000 0
PROSPERITY BANCSHARES INC COM 743606105 1,932 36,814 SH   DFND 1,2 0 36,814 0
RCS CAP CORP COM CL A 74937W102 3,169 297,802 SH   DFND 1,2 0 297,802 0
REGIONS FINL CORP NEW COM 7591EP100 4,918 520,422 SH   DFND 1,2 0 520,422 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 1,691 92,414 SH   DFND 1,2 0 92,414 0
REXFORD INDL RLTY INC COM 76169C100 2,198 139,002 SH   DFND 1,2 0 139,002 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 2,803 46,991 SH   DFND 1,2 0 46,991 0
SCHWAB CHARLES CORP NEW COM 808513105 5,795 190,362 SH   DFND 1,2 0 190,362 0
SELECT MED HLDGS CORP COM 81619Q105 9,459 637,853 SH   DFND 1,2 0 637,853 0
SHIRE PLC SPONSORED ADR 82481R106 24,384 101,900 SH   DFND 1,2 0 101,900 0
SIMON PPTY GROUP INC NEW COM 828806109 199 1,019 SH   DFND 1,2 0 1,019 0
SL GREEN RLTY CORP COM 78440X101 1,780 13,864 SH   DFND 1,2 0 13,864 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 20,643 100,000 SH Put DFND 1,2 0 0 100,000
SPIRIT RLTY CAP INC NEW COM 84860W102 7,037 582,517 SH   DFND 1,2 0 582,517 0
STANDARD PAC CORP NEW COM 85375C101 3,279 364,363 SH   DFND 1,2 0 364,363 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 4,458 53,390 SH   DFND 1,2 0 53,390 0
STERLING BANCORP DEL COM 85917A100 5,145 383,671 SH   DFND 1,2 0 383,671 0
STIFEL FINL CORP COM 860630102 645 11,564 SH   DFND 1,2 0 11,564 0
SUMMIT HOTEL PPTYS COM 866082100 2,616 185,893 SH   DFND 1,2 0 185,893 0
SUN CMNTYS INC COM 866674104 521 7,804 SH   DFND 1,2 0 7,804 0
SVB FINL GROUP COM 78486Q101 2,990 23,534 SH   DFND 1,2 0 23,534 0
SYNOVUS FINL CORP COM NEW 87161C501 2,818 100,622 SH   DFND 1,2 0 100,622 0
TALMER BANCORP INC COM 87482X101 177 11,574 SH   DFND 1,2 0 11,574 0
TCF FINL CORP COM 872275102 6,453 410,509 SH   DFND 1,2 0 410,509 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 5,155 105,958 SH   DFND 1,2 0 105,958 0
THERMO FISHER SCIENTIFIC INC COM 883556102 21,384 159,177 SH   DFND 1,2 0 159,177 0
THORATEC CORP COM NEW 885175307 14,490 345,900 SH   DFND 1,2 0 345,900 0
TYSON FOODS INC CL A 902494103 3,830 100,000 SH Call DFND 1,2 0 0 100,000
U S SILICA HLDGS INC COM 90346E103 3,376 94,796 SH   DFND 1,2 0 94,796 0
UMPQUA HLDGS CORP COM 904214103 8,269 481,334 SH   DFND 1,2 0 481,334 0
UNIVERSAL HLTH SVCS INC CL B 913903100 23,257 197,580 SH   DFND 1,2 0 197,580 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 12,910 65,000 SH   DFND 1,2 0 65,000 0
VENTAS INC COM 92276F100 1,427 19,540 SH   DFND 1,2 0 19,540 0
VERTEX PHARMACEUTICALS INC COM 92532F100 8,848 75,000 SH   DFND 1,2 0 75,000 0
W P CAREY INC COM 92936U109 1,003 14,751 SH   DFND 1,2 0 14,751 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 9,537 112,620 SH   DFND 1,2 0 112,620 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 16,936 200,000 SH Call DFND 1,2 0 0 200,000
WATERS CORP COM 941848103 18,317 147,337 SH   DFND 1,2 0 147,337 0
WEATHERFORD INTL PLC ORD SHS G48833100 588 47,824 SH   DFND 1,2 0 47,824 0
WESTERN ALLIANCE BANCORP COM 957638109 1,020 34,414 SH   DFND 1,2 0 34,414 0
WINTRUST FINL CORP COM 97650W108 2,809 58,918 SH   DFND 1,2 0 58,918 0
WUXI PHARMATECH CAYMAN INC SPONS ADR SHS 929352102 15,114 389,735 SH   DFND 1,2 0 389,735 0
WYNN RESORTS LTD COM 983134107 1,473 11,700 SH   DFND 1,2 0 11,700 0
YUM BRANDS INC COM 988498101 392 4,977 SH   DFND 1,2 0 4,977 0
ZIONS BANCORPORATION COM 989701107 12,360 457,773 SH   DFND 1,2 0 457,773 0
ZOETIS INC CL A 98978V103 14,912 322,144 SH   DFND 1,2 0 322,144 0