Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ELAN PLC	5,296,563	$82.52M	5.9%	$14.16	—	ADR	284131208
—	LIFE TECHNOLOGIES CORP	1,057,270	$79.12M	5.7%	$74.04	—	COM	53217V109
—	ONYX PHARMACEUTICALS INC	550,000	$68.58M	4.9%	$124.70	—	COM	683399109
—	ONYX PHARMACEUTICALS INC	500,000	$62.35M	4.5%	$124.70	—	Call	683399109
—	DISH NETWORK CORP	1,243,935	$55.99M	4.0%	$42.52	—	CL A	25470M109
—	VODAFONE GROUP PLC NEW	1,505,776	$52.97M	3.8%	$35.15	—	SPONS ADR NEW	92857W209
SPY	SPDR S&P 500 ETF TR	311,300	$52.3M	3.8%	—	—	Put	78462F103
—	LENDER PROCESSING SVCS INC	1,472,926	$49M	3.5%	$32.55	—	COM	52602E102
—	SBA COMMUNICATIONS CORP	543,087	$43.7M	3.1%	$78.65	—	COM	78388J106
MSFT	MICROSOFT CORP	1,260,100	$41.94M	3.0%	$27.00	0.0%	Call	594918104
—	COOPER TIRE & RUBR CO	1,357,722	$41.82M	3.0%	$32.37	—	COM	216831107
—	REALOGY HLDGS CORP	865,540	$37.24M	2.7%	$48.04	—	COM	75605Y106
—	DELL INC	2,580,420	$35.48M	2.6%	$13.32	—	COM	24702R101
—	TIME WARNER CABLE INC	315,200	$35.18M	2.5%	—	—	Call	88732J207
—	LIBERTY MEDIA CORP DELAWARE	226,492	$33.33M	2.4%	$126.76	—	CL A	531229102
—	VODAFONE GROUP PLC NEW	938,300	$33.01M	2.4%	$35.15	—	Call	92857W209
MSFT	MICROSOFT CORP	924,449	$30.77M	2.2%	$27.00	0.0%	COM	594918104
—	NYSE EURONEXT	677,716	$28.45M	2.0%	$41.40	—	COM	629491101
—	CROWN CASTLE INTL CORP	387,510	$28.3M	2.0%	$72.51	—	COM	228227104
—	COLE REAL ESTATE INVTS INC	2,269,734	$27.83M	2.0%	$12.26	—	COM	19329V105
TKR	TIMKEN CO	447,900	$27.05M	1.9%	$42.84	0.0%	COM	887389104
VC	VISTEON CORP	350,789	$26.53M	1.9%	$34.83	+15.0%	COM NEW	92839U206
—	WMS INDS INC	1,001,933	$26M	1.9%	$25.53	—	COM	929297109
VZ	VERIZON COMMUNICATIONS INC	506,900	$23.66M	1.7%	—	—	Put	92343V104
—	BERRY PETE CO	461,292	$19.9M	1.4%	$42.60	—	CL A	085789105
—	EQUINIX INC	106,000	$19.47M	1.4%	$184.17	—	COM NEW	29444U502
AIG	AMERICAN INTL GROUP INC	399,890	$19.45M	1.4%	$32.51	+10.8%	COM NEW	026874784
—	HEALTH MGMT ASSOC INC NEW	1,508,583	$19.31M	1.4%	$12.80	—	CL A	421933102
—	ASIAINFO-LINKAGE INC	1,670,522	$19.28M	1.4%	$11.54	—	COM	04518A104
—	TW TELECOM INC	638,100	$19.06M	1.4%	$28.33	—	COM	87311L104
—	DISH NETWORK CORP	400,000	$18M	1.3%	$42.52	—	Put	25470M109
—	ENERNOC INC	1,192,410	$17.86M	1.3%	$13.32	—	COM	292764107
—	LEAP WIRELESS INTL INC	1,002,715	$15.84M	1.1%	$15.80	—	COM NEW	521863308
MAA	MID-AMER APT CMNTYS INC	206,267	$12.89M	0.9%	$43.01	-3.6%	COM	59522J103
—	NAVISTAR INTL CORP NEW	332,600	$12.13M	0.9%	—	—	Put	63934E108
—	RUE21 INC	299,353	$12.07M	0.9%	$40.76	—	COM	781295100
—	NABORS INDUSTRIES LTD	650,000	$10.44M	0.8%	$16.06	—	SHS	G6359F103
—	DISH NETWORK CORP	211,800	$9.533M	0.7%	$42.52	—	Call	25470M109
—	BELO CORP	682,403	$9.349M	0.7%	$13.74	—	COM SER A	080555105
ELS	EQUITY LIFESTYLE PPTYS INC	269,190	$9.198M	0.7%	$51.43	—	COM	29472R108
—	SAKS INC	524,642	$8.363M	0.6%	$15.94	—	COM	79377W108
—	ROYAL BK SCOTLAND GROUP PLC	396,854	$7.87M	0.6%	$19.83	—	SP ADR L RP PF	780097788
ARE	ALEXANDRIA REAL ESTATE EQ IN	111,300	$7.107M	0.5%	$43.65	-3.0%	COM	015271109
—	ONYX PHARMACEUTICALS INC	50,000	$6.235M	0.4%	$124.70	—	Put	683399109
—	TAUBMAN CTRS INC	78,000	$5.25M	0.4%	$73.34	—	COM	876664103
LEN/B	LENNAR CORP	168,000	$4.813M	0.3%	$25.59	-12.3%	CL B	526057302
CNK	CINEMARK HOLDINGS INC	135,946	$4.315M	0.3%	$23.38	+2.5%	COM	17243V102
—	CAPLEASE INC	503,064	$4.271M	0.3%	$8.44	—	COM	140288101
—	INTERXION HOLDING NV	190,231	$4.231M	0.3%	$22.24	—	SHS	N47279109
NVR	NVR INC	4,500	$4.136M	0.3%	$993.91	-9.0%	COM	62944T105
SONY	SONY CORP	190,788	$4.106M	0.3%	$21.21	—	ADR NEW	835699307
VTR	VENTAS INC	64,408	$3.961M	0.3%	$45.03	-4.8%	COM	92276F100
—	LEAP WIRELESS INTL INC	250,000	$3.95M	0.3%	$15.80	—	Call	521863308
—	HCP INC	95,689	$3.918M	0.3%	$40.95	—	COM	40414L109
—	ENERNOC INC	250,000	$3.746M	0.3%	$13.32	—	Put	292764107
—	STARWOOD HOTELS&RESORTS WRLD	55,000	$3.655M	0.3%	$66.45	—	COM	85590A401
MCS	MARCUS CORP	240,549	$3.495M	0.3%	$12.79	+2.5%	COM	566330106
—	ELAN PLC	221,600	$3.453M	0.2%	$14.16	—	Call	284131208
AKR	ACADIA RLTY TR	130,000	$3.208M	0.2%	$24.68	—	COM SH BEN INT	004239109
AAP	ADVANCE AUTO PARTS INC	38,000	$3.142M	0.2%	$71.28	0.0%	COM	00751Y106
—	COOPER TIRE & RUBR CO	100,000	$3.08M	0.2%	$32.37	—	Call	216831107
ESS	ESSEX PPTY TR INC	17,010	$2.512M	0.2%	$105.01	-0.7%	COM	297178105
—	EPR PPTYS	80,921	$2.387M	0.2%	$31.99	—	CONV PFD 9% SR E	26884U307
—	FOREST LABS INC	52,487	$2.246M	0.2%	$41.13	—	COM	345838106
MAR	MARRIOTT INTL INC NEW	49,000	$2.061M	0.1%	$36.58	0.0%	CL A	571903202
—	RUE21 INC	50,000	$2.017M	0.1%	$40.76	—	Call	781295100
CPRT	COPART INC	50,860	$1.617M	0.1%	$4.24	-4.1%	COM	217204106
SKT	TANGER FACTORY OUTLET CTRS I	46,000	$1.502M	0.1%	$33.46	—	COM	875465106
DHI	D R HORTON INC	77,000	$1.496M	0.1%	$17.39	0.0%	COM	23331A109
—	M D C HLDGS INC	49,357	$1.481M	0.1%	$30.01	—	COM	552676108
—	ROYAL BK SCOTLAND GROUP PLC	69,845	$1.457M	0.1%	$20.86	—	ADR PREF SER N	780097770
—	ROYAL BK SCOTLAND GROUP PLC	69,033	$1.448M	0.1%	$20.98	—	SP ADR PREF M	780097796
AMT	AMERICAN TOWER CORP NEW	15,000	$1.112M	0.1%	$59.51	-8.9%	COM	03027X100
—	SELECT INCOME REIT	43,009	$1.11M	0.1%	$28.05	—	COM SH BEN INT	81618T100
—	CORRECTIONS CORP AMER NEW	30,247	$1.045M	0.1%	$34.55	—	COM NEW	22025Y407
—	SAVIENT PHARMACEUTICALS INC	5,000,000	$869K	0.1%	$0.20	—	NOTE 4.750% 2/0	80517QAA8
—	ASIAINFO-LINKAGE INC	21,100	$243K	0.0%	$11.54	—	Call	04518A104
—	NATIONAL BK GREECE S A	16,200	$198K	0.0%	$12.04	—	ADR PRF SER A	633643507
—	ROYAL BK SCOTLAND GROUP PLC	5,443	$117K	0.0%	$21.50	—	SP ADR PREF S	780097739