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
AMBAC FINL GROUP INC COM 023139884 233 12,823 SH   DFND   12,823 0 0
AMERICAN INTL GROUP INC COM 026874784 1,050 21,582 SH   DFND   21,582 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 1,965 161,087 SH   DFND   161,087 0 0
APPLE INC COM 037833100 268 563 SH   DFND   563 0 0
APPLIED MICRO CIRCUITS CORP COM 03822W406 1,178 91,352 SH   DFND 1 91,352 0 0
ARBOR RLTY TR INC COM 038923108 714 105,293 SH   DFND   105,293 0 0
ARCTIC CAT INC COM 039670104 654 11,464 SH   DFND 1 11,464 0 0
ARROW ELECTRS INC COM 042735100 1,315 27,094 SH   DFND 1 27,094 0 0
ARUBA NETWORKS INC COM 043176106 259 15,544 SH   DFND 1 15,544 0 0
ASBURY AUTOMOTIVE GROUP INC COM 043436104 959 18,023 SH   DFND 1 18,023 0 0
ASCENT CAP GROUP INC NOTE 4.000% 7/1 043632AA6 820 780,000 PRN   DFND 2 780,000 0 0
ASIA ENTN & RESOURCES LTD SHS G0539K108 1,832 469,837 SH   DFND   469,837 0 0
ASSURED GUARANTY LTD COM G0585R106 594 31,696 SH   DFND   31,696 0 0
BARRETT BILL CORP NOTE 5.000% 3/1 06846NAA2 500 500,000 PRN   DFND 2 500,000 0 0
BGC PARTNERS INC CL A 05541T101 500 88,465 SH   DFND   88,465 0 0
BRIDGEPOINT ED INC COM 10807M105 531 29,411 SH   DFND 1 29,411 0 0
BRUNSWICK CORP COM 117043109 1,275 31,955 SH   DFND 1 31,955 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 937 86,738 SH   DFND   86,738 0 0
CARROLS RESTAURANT GROUP INC COM 14574X104 901 147,722 SH   DFND   147,722 0 0
CEDAR FAIR L P DEPOSITRY UNIT 150185106 1,511 34,660 SH   DFND   34,660 0 0
CENTRAL GARDEN & PET CO CL A NON-VTG 153527205 598 87,361 SH   DFND   87,361 0 0
CF INDS HLDGS INC COM 125269100 1,391 6,600 SH   DFND   6,600 0 0
CHESAPEAKE ENERGY CORP COM 165167107 803 31,035 SH   DFND   31,035 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 609 1,420 SH   DFND 1 1,420 0 0
CIT GROUP INC COM 125581801 1,033 21,182 SH   DFND   21,182 0 0
CITIGROUP INC COM 172967424 1,703 35,102 SH   DFND   35,102 0 0
CLEAN HARBORS INC COM 184496107 1,350 23,022 SH   DFND 1 23,022 0 0
CLEAR CHANNEL OUTDOOR HLDGS CL A 18451C109 132 16,130 SH   DFND   16,130 0 0
COBALT INTL ENERGY INC NOTE 2.625%12/0 19075FAA4 1,280 1,210,000 PRN   DFND 2 1,210,000 0 0
COMMAND SEC CORP COM 20050L100 106 73,248 SH   DFND   73,248 0 0
COMPUTER SCIENCES CORP COM 205363104 1,571 30,359 SH   DFND   30,359 0 0
COMPUWARE CORP COM 205638109 152 13,600 SH   DFND   13,600 0 0
COMVERSE INC COM 20585P105 2,049 64,131 SH   DFND   64,131 0 0
CONNS INC COM 208242107 640 12,796 SH   DFND 1 12,796 0 0
CORNING INC COM 219350105 3,427 234,863 SH   DFND   234,863 0 0
COUSINS PPTYS INC COM 222795106 2,033 197,605 SH   DFND   197,605 0 0
CYNOSURE INC CL A 232577205 866 37,948 SH   DFND 1 37,948 0 0
DCT INDUSTRIAL TRUST INC COM 233153105 2,179 303,021 SH   DFND   303,021 0 0
DELTA AIR LINES INC COM 247361702 664 28,147 SH   DFND   28,147 0 0
DOMTAR CORP COM 257559203 477 6,001 SH   DFND   6,001 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 1,444 56,046 SH   DFND   56,046 0 0
E TRADE FINANCIAL CORP COM 269246401 794 48,100 SH   DFND   48,100 0 0
EDUCATION RLTY TR INC COM 28140H104 1,814 199,286 SH   DFND   199,286 0 0
ELECTRO RENT CORP COM 285218103 482 26,595 SH   DFND   26,595 0 0
ELLIE MAE INC COM 28849P100 229 7,149 SH   DFND   7,149 0 0
ENCORE CAP GROUP INC NOTE 3.000%11/2 292554AC6 935 600,000 PRN   DFND 2 600,000 0 0
ENDOCYTE INC COM 29269A102 169 12,701 SH   DFND   12,701 0 0
ENGILITY HLDGS INC COM 29285W104 1,463 46,100 SH   DFND   46,100 0 0
EQUINIX INC COM 29444U502 480 2,613 SH   DFND   2,613 0 0
EXACT SCIENCES CORP COM 30063P105 249 21,068 SH   DFND 1 21,068 0 0
EXAR CORP COM 300645108 294 21,961 SH   DFND   21,961 0 0
EXTREME NETWORKS INC COM 30226D106 114 21,850 SH   DFND   21,850 0 0
FAIRPOINT COMMUNICATIONS INC COM 305560302 406 42,501 SH   DFND   42,501 0 0
FELCOR LODGING TR INC COM 31430F101 2,266 367,826 SH   DFND   367,826 0 0
FIRST BANCORP P R COM 318672706 594 104,591 SH   DFND   104,591 0 0
FORESTAR GROUP INC COM 346233109 1,772 82,282 SH   DFND   82,282 0 0
FORWARD AIR CORP COM 349853101 436 10,797 SH   DFND 1 10,797 0 0
FOSTER WHEELER AG COM H27178104 913 34,656 SH   DFND 1 34,656 0 0
GENERAL CABLE CORP NOTE 4.500%11/1 369300AL2 1,129 1,000,000 PRN   DFND 2 1,000,000 0 0
GEO GROUP INC COM 36159R103 251 7,543 SH   DFND   7,543 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 1,340 137,392 SH   DFND   137,392 0 0
GLOBAL CASH ACCESS HLDGS INC COM 378967103 942 120,606 SH   DFND   120,606 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 482 21,448 SH   DFND   21,448 0 0
GOOGLE INC CL A 38259P508 560 639 SH   DFND   639 0 0
GRAY TELEVISION INC COM 389375106 1,295 164,916 SH   DFND   164,916 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 559 75,344 SH   DFND 1 75,344 0 0
GREENBRIER COS INC COM 393657101 985 39,832 SH   DFND 1 39,832 0 0
HACKETT GROUP INC COM 404609109 73 10,230 SH   DFND   10,230 0 0
HANESBRANDS INC COM 410345102 1,937 31,084 SH   DFND   31,084 0 0
HARLEY DAVIDSON INC COM 412822108 1,691 26,328 SH   DFND 1 26,328 0 0
HESS CORP COM 42809H107 409 5,283 SH   DFND   5,283 0 0
HOWARD HUGHES CORP COM 44267D107 2,648 23,562 SH   DFND   23,562 0 0
HUNTSMAN CORP COM 447011107 950 46,085 SH   DFND   46,085 0 0
HURON CONSULTING GROUP INC COM 447462102 1,136 21,586 SH   DFND 1 21,586 0 0
II VI INC COM 902104108 1,057 56,151 SH   DFND 1 56,151 0 0
INDEPENDENT BK GROUP INC COM 45384B106 1,917 53,240 SH   DFND   53,240 0 0
INFINERA CORPORATION COM 45667G103 133 11,739 SH   DFND   11,739 0 0
INFOBLOX INC COM 45672H104 406 9,718 SH   DFND   9,718 0 0
INSULET CORP NOTE 3.750% 6/1 45784PAC5 1,504 1,040,000 PRN   DFND 2 1,040,000 0 0
INTEGRATED DEVICE TECHNOLOGY COM 458118106 366 38,833 SH   DFND   38,833 0 0
INTELSAT S A COM L5140P101 459 19,107 SH   DFND   19,107 0 0
ISHARES RUSSELL 2000 SHS 464287655 7 31,100 SH Put DFND   31,100 0 0
JOURNAL COMMUNICATIONS INC CL A 481130102 366 42,778 SH   DFND   42,778 0 0
KAR AUCTION SVCS INC COM 48238T109 1,387 49,181 SH   DFND 1 49,181 0 0
KORN FERRY INTL COM 500643200 636 29,704 SH   DFND 1 29,704 0 0
LA Z BOY INC COM 505336107 675 29,702 SH   DFND 1 29,702 0 0
LENNOX INTL INC COM 526107107 981 13,036 SH   DFND 1 13,036 0 0
LIBBEY INC COM 529898108 1,364 57,340 SH   DFND   57,340 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 652 9,621 SH   DFND   9,621 0 0
LYONDELLBASELL INDUSTRIES CL A N53745100 1,350 18,439 SH   DFND   18,439 0 0
MACQUARIE INFRASTR CO LLC MEMBERSHIP INT 55608B105 905 16,895 SH   DFND   16,895 0 0
MARTIN MARIETTA MATLS INC COM 573284106 1,111 11,321 SH   DFND 1 11,321 0 0
MBIA INC COM 55262C100 912 89,196 SH   DFND   89,196 0 0
MGC DIAGNOSTICS CORP COM 552768103 198 18,100 SH   DFND   18,100 0 0
MICRON TECHNOLOGY INC COM 595112103 1,851 105,973 SH   DFND   105,973 0 0
MICROSOFT CORP COM 594918104 1,175 35,263 SH   DFND   35,263 0 0
MOHAWK INDS INC COM 608190104 707 5,425 SH   DFND 1 5,425 0 0
MONOTYPE IMAGING HOLDINGS IN COM 61022P100 1,953 68,138 SH   DFND   68,138 0 0
MOODYS CORP COM 615369105 1,506 21,415 SH   DFND   21,415 0 0
MURPHY USA INC COM 626755102 1,079 26,710 SH   DFND   26,710 0 0
NEWCASTLE INVT CORP COM 65105M108 1,089 193,804 SH   DFND   193,804 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 2,213 238,474 SH   DFND   238,474 0 0
NVIDIA CORP COM 67066G104 712 45,741 SH   DFND 1 45,741 0 0
OCWEN FINL CORP COM 675746309 1,056 18,936 SH   DFND   18,936 0 0
OMNIAMERICAN BANCORP INC COM 68216R107 3,246 132,712 SH   DFND   132,712 0 0
ORBCOMM INC COM 68555P100 274 52,056 SH   DFND   52,056 0 0
OWENS CORNING COM 690742101 1,401 36,875 SH   DFND   36,875 0 0
PERFORMANT FINL CORP COM 71377E105 919 84,200 SH   DFND   84,200 0 0
PINNACLE ENTMT INC COM 723456109 485 19,352 SH   DFND   19,352 0 0
PINNACLE FOODS INC COM 72348P104 730 27,562 SH   DFND   27,562 0 0
PLANTRONICS INC COM 727493108 337 7,316 SH   DFND 1 7,316 0 0
PLX TECHNOLOGY INC COM 693417107 201 33,435 SH   DFND   33,435 0 0
PROVIDENT NEW YORK BANCORP COM 744028101 1,664 152,791 SH   DFND   152,791 0 0
QUALCOMM INC COM 747525103 473 7,021 SH   DFND   7,021 0 0
QUALYS INC COM 74758T303 311 14,538 SH   DFND   14,538 0 0
QUANEX BUILDING PRODUCTS COR COM 747619104 1,127 59,850 SH   DFND   59,850 0 0
QUANTA SVCS INC COM 74762E102 1,222 44,413 SH   DFND 1 44,413 0 0
ROCKWOOD HLDGS INC COM 774415103 352 5,256 SH   DFND   5,256 0 0
ROGERS CORP COM 775133101 1,081 18,179 SH   DFND 1 18,179 0 0
RYDER SYS INC COM 783549108 700 11,719 SH   DFND 1 11,719 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 1,114 48,432 SH   DFND   48,432 0 0
SAFEWAY INC COM 786514208 1,040 32,504 SH   DFND   32,504 0 0
SAVIENT PHARMACEUTICALS INC NOTE 4.750% 2/0 80517QAA8 96 500,000 PRN   DFND 2 500,000 0 0
SCRIPPS NETWORKS INTERACT INC CL A 811065101 394 5,045 SH   DFND   5,045 0 0
SEACHANGE INTL INC COM 811699107 390 34,000 SH   DFND   34,000 0 0
SERVICESOURCE INTL LLC COM 81763U100 217 18,000 SH   DFND   18,000 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 253 7,558 SH   DFND   7,558 0 0
SIRIUS XM RADIO INC COM 82967N108 447 115,428 SH   DFND   115,428 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 1,270 51,116 SH   DFND 1 51,116 0 0
SMITH A O COM 831865209 1,418 31,364 SH   DFND 1 31,364 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 304 2,368 SH   DFND   2,368 0 0
SPLUNK INC COM 848637104 395 6,584 SH   DFND   6,584 0 0
SUMMIT HOTEL PPTYS COM 866082100 2,302 250,480 SH   DFND 1 250,480 0 0
SWIFT TRANSN CO CL A 87074U101 1,393 69,014 SH   DFND   69,014 0 0
TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 206 11,370 SH   DFND   11,370 0 0
TAMINCO CORP COM 87509U106 608 29,933 SH   DFND   29,933 0 0
TEMPUR SEALY INTL INC COM 88023U101 1,333 30,320 SH   DFND   30,320 0 0
TESLA MTRS INC NOTE 1.500% 6/0 88160RAA9 2,544 1,510,000 PRN   DFND 2 1,510,000 0 0
THOR INDS INC COM 885160101 683 11,774 SH   DFND 1 11,774 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 2,260 31,686 SH   DFND   31,686 0 0
UBIQUITI NETWORKS INC COM 90347A100 262 7,813 SH   DFND   7,813 0 0
UNITED CONTL HLDGS INC COM 910047109 596 19,420 SH   DFND   19,420 0 0
UNITED RENTALS INC COM 911363109 968 16,608 SH   DFND 1 16,608 0 0
VECTOR GROUP LTD COM 92240MAY4 938 787,000 PRN   DFND 2 787,000 0 0
VERISIGN INC COM 92343E102 2,659 52,256 SH   DFND   52,256 0 0
VISTEON CORP COM 92839U206 556 7,350 SH   DFND   7,350 0 0
VULCAN MATLS CO COM 929160109 560 10,812 SH   DFND 1 10,812 0 0
WAGEWORKS INC COM 930427109 416 8,237 SH   DFND   8,237 0 0
WALTER INVT MGMT CORP NOTE 4.500%11/0 93317WAA0 993 948,000 PRN   DFND   948,000 0 0
WASTE MGMT INC COM 94106L109 1,396 33,845 SH   DFND   33,845 0 0
WATSCO INC COM 942622200 966 10,244 SH   DFND 1 10,244 0 0
WCI CMNTYS INC COM 92923C807 1,172 67,879 SH   DFND   67,879 0 0
WERNER ENTERPRISES INC COM 950755108 670 28,713 SH   DFND 1 28,713 0 0
WILLBROS GROUP INC COM 969203108 419 45,658 SH   DFND 1 45,658 0 0
WINNEBAGO INDS INC COM 974637100 1,675 64,526 SH   DFND 1 64,526 0 0
WRIGHT MED GROUP INC NOTE 2.000% 8/1 98235TAC1 1,051 860,000 PRN   DFND 2 860,000 0 0
XERIUM TECHNOLOGIES INC COM 98416J118 184 15,915 SH   DFND   15,915 0 0
YAHOO INC COM 984332106 532 16,038 SH   DFND   16,038 0 0