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
ACCESS MIDSTREAM PARTNERS LP UNIT 00434L109 34,517 723,630 SH   DFND 1 557,730 0 165,900
ALTRIA GROUP INC COM 02209S103 318 9,100 SH   DFND 1 9,100 0 0
AMERICAN REALTY CAPITAL PPTYS INC COM 02917T104 12,651 829,000 SH   DFND 1 451,800 0 377,200
AMERICAN TOWER CORP COM 03027X100 128,569 1,757,120 SH   DFND 1 1,545,520 0 211,600
AMERICAN WTR WKS CO INC NEW COM 030420103 37,152 901,100 SH   DFND 1 787,800 0 113,300
AMERISOURCEBERGEN CORP COM 03073E105 1,069 19,150 SH   DFND 1 19,150 0 0
AMTRUST FINANCIAL SERVICES I COM 032359309 885 24,800 SH   DFND 1 24,800 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 9,648 600,000 SH   DFND 1 316,800 0 283,200
AT&T INC COM 00206R102 2,960 82,940 SH   DFND 1 82,940 0 0
ATLAS PIPELINE PARTNERS LP UNIT L P INT 049392103 10,800 282,800 SH   DFND 1 216,800 0 66,000
AV HOMES INC COM 00234P102 9,405 530,440 SH   DFND 1 274,020 0 256,420
AVALONBAY COMMUNITIES INC COM 053484101 59,617 441,900 SH   DFND 1 280,600 0 161,300
B & G FOODS INC NEW COM 05508R106 681 20,000 SH   DFND 1 20,000 0 0
BANK MONTREAL QUE COM 063671101 319 5,500 SH   DFND 0 5,500 0 0
BANK N S HALIFAX COM 064149107 348 6,500 SH   DFND 0 6,500 0 0
BANK OF AMERICA CORPORATION COM 060505104 78,055 5,642,680 SH   DFND 1 5,642,680 0 0
BANK OF AMERICA CORPORATION *W EXP 10/26/201 060505153 346 450,000 SH   DFND 1 450,000 0 0
BASIC ENERGY SVCS INC NEW COM 06985P100 3,022 249,940 SH   DFND 1 249,940 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 29,583 1,688,530 SH   DFND 1 984,100 0 704,430
BRANDYWINE REALTY TRUST SH BEN INT NEW 105368203 24,749 1,830,550 SH   DFND 1 1,345,880 0 484,670
BRE PROPERTIES INC CL A 05564E106 49,175 983,100 SH   DFND 1 664,400 0 318,700
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 1,144 21,880 SH   DFND 1 21,880 0 0
BROOKDALE SENIOR LIVING INC COM 112463104 81,763 3,092,400 SH   DFND 1 1,936,170 0 1,156,230
BROOKDALE SR LIVING INC COM 112463104 1,639 62,000 SH   DFND 0 0 0 62,000
BROOKFIELD CDA OFFICE PPTYS TR UNIT 112823109 264,209 10,564,120 SH   DFND 2 0 10,564,120 0
BROOKFIELD INFRAST PARTNERS LP INT UNIT G16252101 1,787 48,930 SH   DFND 0 0 48,930 0
BROOKFIELD OFFICE PPTYS INC COM 112900105 4,159,368 249,362,560 SH   DFND 2 0 99,999,999 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 917,545 45,199,270 SH   DFND 0 0 45,199,270 0
BROOKFIELD RENEWABLE ENRGY P PARTNERSHIP UNIT G16258108 1,116,753 40,026,990 SH   DFND 0 0 40,026,990 0
BROOKFIELD RESIDENTIAL PPTYS COM 11283W104 1,797,738 81,493,110 SH   DFND 0 0 81,493,110 0
CAMDEN PROPERTY TRUST SH BEN INT 133131102 13,330 192,800 SH   DFND 1 105,400 0 87,400
CANADIAN NAT RES LTD COM 136385101 170 6,000 SH   DFND 0 6,000 0 0
CARTER INC COM 146229109 570 7,700 SH   DFND 1 7,700 0 0
CDN IMPERIAL BK OF COMMERCE COM 136069101 284 4,000 SH   DFND 0 4,000 0 0
CEDAR FAIR L P DEPOSITRY UNIT 150185106 1,569 37,330 SH   DFND 1 37,330 0 0
CENTERPOINT ENERGY INC COM 15189T107 4,696 199,900 SH   DFND 1 199,900 0 0
CENTURYLINK INC COM 156700106 1,711 47,760 SH   DFND 1 47,760 0 0
CHAMBERS STREET PPTYS COM 157842105 1,814 181,410 SH   DFND 1 95,700 0 85,710
CHEVRON CORP NEW COM 166764100 947 8,000 SH   DFND 1 8,000 0 0
CHICAGO BRIDGE & IRON CO N V NY REGISTRY SH 167250109 2,476 41,500 SH   DFND 1 41,500 0 0
CITIGROUP INC COM NEW 172967424 61,999 1,292,450 SH   DFND 0 0 1,292,450 0
COCA COLA CO COM 191216100 7,039 175,500 SH   DFND 1 175,500 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 276 4,400 SH   DFND 1 4,400 0 0
CONSOLIDATED-TOMOKA LD CO COM 210226106 9,539 249,970 SH   DFND 1 140,380 0 109,600
COOPER COS INC COM NEW 216648402 845 7,100 SH   DFND 1 7,100 0 0
CORENERGY INFRASTRUCTURE TRUST COM 21870U205 3,132 450,000 SH   DFND 1 450,000 0 0
CROWN CASTLE INTERNATIONAL COR COM 228227104 100,901 1,393,850 SH   DFND 1 1,238,950 0 154,900
DDR CORP COM 23317H102 6,147 369,170 SH   DFND 1 0 0 369,170
DIAGEO P L C SPON ADR NEW 25243Q205 569 4,950 SH   DFND 1 4,950 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 30,635 3,286,970 SH   DFND 1 2,254,320 0 1,032,640
DIANA SHIPPING INC COM Y2066G104 502 50,000 SH   DFND 0 0 0 50,000
DIGITAL REALTY TRUST INC COM 253868103 35,745 585,980 SH   DFND 1 373,800 0 212,180
DISCOVERY COMMUNICATIONS NEW COM SER C 25470F302 1,095 15,700 SH   DFND 1 15,700 0 0
DOUGLAS EMMETT INC COM 25960P109 47,784 1,915,180 SH   DFND 1 1,234,580 0 680,600
DUNKIN BRANDS GROUP INC COM 265504100 664 15,500 SH   DFND 1 15,500 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 48,956 2,027,150 SH   DFND 1 1,288,100 0 739,050
EMERGE ENERGY SERVICES LP COM REP PARTN 29102H108 3,020 144,200 SH   DFND 1 144,200 0 0
EMERITUS CORP COM 291005106 12,812 552,700 SH   DFND 1 301,900 0 250,800
ENBRIDGE ENERGY MANAGEMENT LLC SHS UNITS LLI 29250X103 5,563 183,730 SH   DFND 1 183,730 0 0
ENBRIDGE INC COM 29250N105 467 11,100 SH   DFND 0 11,100 0 0
ENERGY TRANSFER EQUITY LP COM UT LTD PARTN 29273V100 34,465 576,140 SH   DFND 1 455,740 0 120,400
ENERGY TRANSFER PRTNERS LP UNIT LTD PARTN 29273R109 6,171 122,100 SH   DFND 1 122,100 0 0
ENTERPRISE PRODS PARTNERS LP COM 293792107 38,741 623,340 SH   DFND 1 480,040 0 143,300
EPR PPTYS PFD C CNV 5.75% 26884U208 7,663 333,900 SH   DFND 1 333,900 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 6,653 207,900 SH   DFND 1 207,900 0 0
EQT MIDSTREAM PARTNERS LP UNIT LTD PARTN 26885B100 18,793 384,700 SH   DFND 1 313,700 0 71,000
EQUITY LIFESTYLE PPTYS IN COM 29472R108 25,059 318,860 SH   DFND 1 216,460 0 102,400
EQUITY RESIDENTIAL SH BEN INT 29476L107 168,775 2,906,900 SH   DFND 1 1,840,300 0 1,066,600
ESSEX PPTY TR INC COM 297178105 40,938 257,600 SH   DFND 1 177,400 0 80,200
EV ENERGY PARTNERS LP COM UNITS 26926V107 9,012 241,150 SH   DFND 1 200,350 0 40,800
EXTERRAN PARTNERS LP COM UNITS 30225N105 9,730 322,300 SH   DFND 1 322,300 0 0
FAMILY DLR STRORES INC COM 307000109 667 10,700 SH   DFND 1 10,700 0 0
FISERV INC COM 337738108 953 10,900 SH   DFND 1 10,900 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 4,035 984,590 SH   DFND 1 984,590 0 0
GENERAL ELECTRIC CO COM 369604103 2,321 100,100 SH   DFND 1 100,100 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 4,047,869 203,717,630 SH   DFND 2 0 99,999,999 0
GENERAL MLS INC COM 370334104 6,294 129,700 SH   DFND 1 129,700 0 0
GENERAL MTRS CO COM 37045V100 21,557 647,160 SH   DFND 1 647,160 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 1,043 43,450 SH   DFND 1 43,450 0 0
GENERAL MTRS CO *W EXP 07/10/202 37045V126 710 43,450 SH   DFND 1 43,450 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 981 60,000 SH   DFND 0 0 0 60,000
GRAINGER W W INC COM 384802104 915 3,630 SH   DFND 1 3,630 0 0
HALLIBURTON CO COM 406216101 10,826 259,500 SH   DFND 0 0 259,500 0
HCP INC COM 40414L109 827 18,200 SH   DFND 1 18,200 0 0
HIGHWOODS PPTYS INC COM 431284108 52,820 1,483,300 SH   DFND 1 973,400 0 509,900
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 5,154 215,000 SH   DFND 1 215,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 59,276 3,513,700 SH   DFND 1 2,070,000 0 1,443,700
HUNTSMAN CORP COM 447011107 3,646 135,480 SH   DFND 1 135,480 0 0
INERGY LP UNIT LTD PTNR 456615103 21,593 1,347,860 SH   DFND 1 1,076,360 0 271,500
IRON MTN INC COM 462846106 107,392 4,035,190 SH   DFND 1 2,545,720 0 1,489,470
ISHARES TR CORE S&P500 ETF 464287200 2,511 15,610 SH   DFND 1 15,610 0 0
ISHARES TR MSCI EMERG ETF 464287234 6,605 171,550 SH   DFND 1 171,550 0 0
ISHARES TR S&P500 GRW 464287309 1,013 12,060 SH   DFND 1 12,060 0 0
ISHARES TR S&P 500 VALUE 464287408 690 9,100 SH   DFND 1 9,100 0 0
ISHARES TR MSCI EAFE INDEX 464287465 7,828 136,620 SH   DFND 1 136,620 0 0
ISHARES TR RUSSELL MIDCAP 464287499 19,875 153,010 SH   DFND 1 153,010 0 0
ISHARES TR CORE S&P MCO ETF 464287507 3,169 27,430 SH   DFND 1 27,430 0 0
ISHARES TR RUSSELL 1000 464287622 1,671 18,580 SH   DFND 1 18,580 0 0
ISHARES TR RUSSELL 2000 464287655 10,320 106,390 SH   DFND 1 106,390 0 0
ISHARES TR S&P SMLCP VALU 464287879 1,791 19,170 SH   DFND 1 19,170 0 0
ISHARES TR S&P SMLCP GROW 464287887 1,859 19,200 SH   DFND 1 19,200 0 0
ISHARES TR MSCI VAL IDX 464288877 227 4,700 SH   DFND 1 4,700 0 0
ISHARES TR MSCI GRW IDX 464288885 249 4,040 SH   DFND 1 4,040 0 0
ISHARES TR HGH DIV EQT FD 46429B663 299 4,510 SH   DFND 1 4,510 0 0
ISTAR FINANCIAL INC COM 45031U101 5,185 459,230 SH   DFND 1 251,200 0 208,030
JOHNSON & JOHNSON COM 478160104 6,582 76,660 SH   DFND 1 76,660 0 0
JPMORGAN & CO COM 46625H100 38,563 730,500 SH   DFND 1 730,500 0 0
JPMORGAN & CO *W EXP 10/28/201 46634E114 1,560 100,000 SH   DFND 1 100,000 0 0
JUST ENERGY GROUP INC COM 48213W101 199 33,370 SH   DFND 0 33,370 0 0
KBR INC COM 48242W106 975 30,000 SH   DFND 1 30,000 0 0
KELLOGG CO COM 487836108 6,302 98,120 SH   DFND 1 98,120 0 0
KINDER MORGAN INC DEL COM 49456B101 2,205 57,800 SH   DFND 1 57,800 0 0
KINDER MORGAN MANAGEMENT LLC SHS 49455U100 11,248 134,560 SH   DFND 1 134,560 0 0
LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 527 22,900 SH   DFND 1 22,900 0 0
LIBERTY PROPERTY TRUST SH BEN INT 531172104 62,110 1,680,470 SH   DFND 1 998,400 0 682,070
LOCKHEED MARTIN CORP COM 539830109 1,020 9,400 SH   DFND 1 9,400 0 0
LOWES COS INC COM 548661107 1,690 41,500 SH   DFND 0 0 0 41,500
MARKWEST ENERGY PARTNERS LP UNIT LTD PARTN 570759100 27,291 408,240 SH   DFND 1 312,340 0 95,900
MASTERCARD INC CL A 57636Q104 715 1,250 SH   DFND 1 1,250 0 0
MCDONALDS CORP COM 580135101 8,749 88,380 SH   DFND 1 88,380 0 0
MERCK & CO INC NEW COM 58933Y105 2,053 44,200 SH   DFND 1 44,200 0 0
MGM RESORTS INTERNATIONAL COM 552953101 18,351 1,241,600 SH   DFND 1 662,500 0 579,100
MICROSOFT CORP COM 594918104 8,830 255,700 SH   DFND 1 255,700 0 0
MID-AMERICA APT CMNTYS INC COM 59522J103 12,754 188,200 SH   DFND 1 102,900 0 85,300
MONDELEZ INTL INC CL A 609207105 6,184 216,750 SH   DFND 1 216,750 0 0
MOTOROLA SOLUTIONS INC COM NEW 620076307 1,022 17,700 SH   DFND 1 17,700 0 0
MPLX LP COM UNT REP LTD 55336V100 16,879 458,550 SH   DFND 1 374,750 0 83,800
NATIONAL GRID PLC SPON ADR NEW 636274300 8,784 155,000 SH   DFND 1 155,000 0 0
NEWS CORP CL A 65248E104 302 19,800 SH   DFND 1 19,800 0 0
NIKE INC CL B 654106103 255 4,000 SH   DFND 1 4,000 0 0
NISOURCE INC COM 65473P105 55,052 1,922,200 SH   DFND 1 1,703,100 0 219,100
NORTH AMERIN ENERGY PARTNERS COM 656844107 2,985 705,700 SH   DFND 1 705,700 0 0
NORTHEAST UTILS COM 664397106 64,707 1,539,920 SH   DFND 1 1,395,320 0 144,600
NUSTAR ENERGY LP UNIT COM 67058H102 6,542 143,300 SH   DFND 1 143,300 0 0
NUSTAR GP HOLDINGS LLC UNIT RESTG LLC 67059L102 2,178 81,500 SH   DFND 1 81,500 0 0
OCWEN FINL CORP COM NEW 675746309 2,061 50,000 SH   DFND 1 50,000 0 0
ONEOK INC COM 682680103 65,583 1,587,580 SH   DFND 1 1,369,480 0 218,100
ORACLE CORP COM 68389X105 356 11,600 SH   DFND 1 11,600 0 0
PAA NAT GAS STORAGE LP COM UNIT LTD 693139107 3,667 174,300 SH   DFND 1 174,300 0 0
PARKWAY PPTYS INC COM 70159Q104 6,111 364,600 SH   DFND 1 198,700 0 165,900
PATTERSON UTI ENERGY INC COM 703481101 774 40,000 SH   DFND 1 40,000 0 0
PEMBINA PIPELINE CORP COM 706327103 45,908 1,500,030 SH   DFND 1 1,350,230 0 149,800
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 25,482 1,349,700 SH   DFND 1 797,500 0 552,200
PEPSICO INC COM 713448108 573 7,000 SH   DFND 1 7,000 0 0
PHILIP MORRIS INTL INC COM 718172109 7,822 90,300 SH   DFND 1 90,300 0 0
PRAXAIR INC COM 74005P104 386 3,350 SH   DFND 1 3,350 0 0
PROCTER & GAMBLE CO COM 742718109 6,254 81,230 SH   DFND 1 81,230 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 24,631 341,290 SH   DFND 1 229,990 0 111,300
PUBLIC STORAGE COM 74460D109 94,245 614,650 SH   DFND 1 329,380 0 285,270
QEP RESOURCES INC. COM 74733V100 942 33,900 SH   DFND 1 33,900 0 0
RAYONIER INC COM 754907103 26,894 485,530 SH   DFND 1 307,030 0 178,500
ROUSE PPTYS INC COM 779287101 358,369 18,265,480 SH   DFND 2 0 18,265,480 0
ROYAL BK CDA MONTREAL QUE COM 780087102 924 16,000 SH   DFND 0 16,000 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 8,804 130,900 SH   DFND 1 130,900 0 0
SALLY BEAUTY HLDGS INC COM 79546E104 1,144 36,800 SH   DFND 1 36,800 0 0
SBA COMMUNICATIONS CORP COM 78388J106 69,972 944,040 SH   DFND 1 847,740 0 96,300
SEMGROUP CORP CL A 81663A105 50,241 932,800 SH   DFND 1 816,900 0 115,900
SEMPRA ENERGY COM 816851109 100,147 1,224,890 SH   DFND 1 1,080,190 0 144,700
SIMON PPTY GROUP INC COM 828806109 138,030 874,050 SH   DFND 1 595,200 0 278,850
SL GREEN REALTY CORP COM 78440X101 104,642 1,186,550 SH   DFND 1 745,300 0 441,250
SOUTHERN CO COM 842587107 2,407 54,550 SH   DFND 1 54,550 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 25,858 161,190 SH   DFND 1 161,190 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 5,394 33,340 SH   DFND 1 33,340 0 0
SPECTRA ENERGY CORP COM 847560109 134,583 3,905,490 SH   DFND 1 3,446,790 0 458,700
STANDARD PACIFIC CORP COM 85375C101 11,048 1,326,300 SH   DFND 1 719,400 0 606,900
STARWOOD HOTELS & RESORTS WORL COM 85590A401 41,143 651,100 SH   DFND 1 417,500 0 233,600
STRATEGIC HOTELS & RESORTS INC COM 86272T106 12,741 1,438,050 SH   DFND 1 785,500 0 652,550
SUMMIT MIDSTREAM PARTNERS LP COM UNIT LTD 866142102 2,312 67,700 SH   DFND 1 67,700 0 0
SUN LIFE FINL INC COM 866796105 5,953 191,100 SH   DFND 1 191,100 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 3,300 127,200 SH   DFND 1 127,200 0 0
TARGA RESOURCES CORP COM 87612G101 30,795 478,700 SH   DFND 1 421,200 0 57,500
TECK RESOURCES LTD CL B 878742204 1,167 54,600 SH   DFND 1 54,600 0 0
TEEKAY CORP COM Y8564W103 40,736 1,002,610 SH   DFND 1 884,310 0 118,300
TESORO LOGISTICS LP COM UNIT LP 88160T107 5,363 88,700 SH   DFND 1 67,300 0 21,400
THE WILLIAMS COMPANIES, INC. COM 969457100 102,284 3,150,100 SH   DFND 1 2,775,400 0 374,700
TORONTO DOMINION BK ONT COM NEW 891160509 426 5,300 SH   DFND 0 5,300 0 0
TRANSCANADA CORP COM 89353D107 137,498 3,194,080 SH   DFND 1 2,828,080 0 366,000
TRANSCANADA CORP COM 89353D107 86 2,000 SH   DFND 0 2,000 0 0
TRI POINTE HOMES LLC COM 87265H109 10,068 607,220 SH   DFND 1 317,900 0 289,320
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 11,062 166,500 SH   DFND 1 166,500 0 0
UDR INC COM 902653104 31,447 1,233,700 SH   DFND 1 816,500 0 417,200
UNION PACIFIC CORP COM 907818108 72,234 468,200 SH   DFND 1 410,700 0 57,500
VENTAS INC COM 92276F100 37,224 535,900 SH   DFND 1 362,400 0 173,500
VERIZON COMMUNICATIONS INC COM 92343V104 378 7,500 SH   DFND 1 7,500 0 0
WAL-MART STORES INC COM 931142103 223 3,000 SH   DFND 1 3,000 0 0
WEYERHAEUSER CO COM 962166104 31,048 1,089,800 SH   DFND 1 608,400 0 481,400
WILLIAMS PARTNERS LP COM UNIT L P 96950F104 1,930 37,400 SH   DFND 1 37,400 0 0
WINDSTREAM CORP COM 97381W104 423 54,900 SH   DFND 1 54,900 0 0
WYNN RESORTS LTD COM 983134107 6,488 50,700 SH   DFND 1 50,700 0 0
YUM BRANDS INC COM 988498101 1,019 14,700 SH   DFND 1 14,700 0 0
ZILLOW INC CL A 98954A107 794 14,100 SH   DFND 1 14,100 0 0