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
ACCENTURE COM G1151C101 22,797 232,149 SH   SOLE   232,149 0 0
AGREE REALTY CORPORATION COM 008492100 13,574 454,754 SH   DFND 1 454,754 0 0
AIR TRANSPORT SVC GR COM 00922R105 4,717 551,747 SH   SOLE   551,747 0 0
AIRCASTLE LIMITED COM G0129K104 16,651 807,906 SH   SOLE   807,906 0 0
ALEXANDRIA REAL ESTATE EQUITIES INC COM 015271109 56,314 665,095 SH   DFND 1 665,095 0 0
ALLIANCE FIBER OPTIC COM 018680306 6,071 355,267 SH   SOLE   355,267 0 0
ALPS EQ HIGH VOLATILITY PUT WRITE ETF 00162Q734 13,214 630,145 SH   SOLE   630,145 0 0
AMER CAMPUS COMMUNITIES, INC. COM 024835100 26,208 723,179 SH   DFND 1 723,179 0 0
AMER SCIENCE & ENGNR COM 029429107 2,995 84,173 SH   SOLE   84,173 0 0
AMERICAN HOME 4 RENT Preferred Class A 02665T306 14,307 575,723 SH   SOLE   575,723 0 0
AMERICAN TOWER COM 03027X100 54,029 614,103 SH   DFND 1 614,103 0 0
APARTMENT INVESTMENT AND MANAGEMENT COMPANY COM 03748R101 31,987 864,052 SH   DFND 1 864,052 0 0
ARTISAN ASSET MGNT COM 04316A108 10,087 286,636 SH   SOLE   286,636 0 0
ATRION COM 049904105 4,908 13,090 SH   SOLE   13,090 0 0
AVALONBAY COMMUNITIES INC COM 053484101 40,858 233,712 SH   DFND 1 233,712 0 0
BERKSHIRE HILLS BANC COM 084680107 4,642 168,279 SH   SOLE   168,279 0 0
BIO MED REALTY TRUST COM 081437105 17,882 895,450 SH   SOLE   895,450 0 0
BIOMED REALTY TRUST INC COM 09063H107 25,939 1,298,258 SH   DFND 1 1,298,258 0 0
BLACKSTONE GROUP LP MLP 09253U108 7,885 249,048 SH   SOLE   249,048 0 0
BOSTON PROPERTIES, INC. COM 101121101 46,502 392,757 SH   DFND 1 392,757 0 0
BRIXMOR PROPERTY GROUP INC COM 11120U105 41,530 1,768,722 SH   DFND 1 1,768,722 0 0
CEDAR FAIR MLP 150185106 8,741 166,029 SH   SOLE   166,029 0 0
CEVA COM 157210105 4,340 233,747 SH   SOLE   233,747 0 0
CISCO SYSTEMS COM 17275R102 18,278 696,410 SH   SOLE   696,410 0 0
COACH COM 189754104 12,127 419,322 SH   SOLE   419,322 0 0
CONSOLIDATED WATER COM G23773107 4,881 420,796 SH   SOLE   420,796 0 0
CORE MOLDING TECLGS COM 218683100 4,628 252,496 SH   SOLE   252,496 0 0
CROWN CASTLE INTERNATIONAL CORP COM 22822V101 52,282 662,883 SH   DFND 1 662,883 0 0
CTS COM 126501105 2,942 158,991 SH   SOLE   158,991 0 0
CUBE SMART COM 229663109 41,395 1,521,323 SH   DFND 1 1,521,323 0 0
CUMMINS COM 231021106 13,475 124,125 SH   SOLE   124,125 0 0
DATALINK COM 237934104 2,344 392,656 SH   SOLE   392,656 0 0
DIGITAL REALTY REIT COM 253868103 15,161 232,136 SH   SOLE   232,136 0 0
DIGITAL REALTY TRUST, INC. COM 253868103 38,035 582,290 SH   DFND 1 582,290 0 0
EASTGROUP PROPERTIES INC COM 277276101 32,525 600,310 SH   DFND 1 600,310 0 0
EATON COM G29183103 12,998 253,473 SH   SOLE   253,473 0 0
EATON V TX-MG GBL BY CLOSED END FUND 27829C105 13,370 1,248,383 SH   SOLE   1,248,383 0 0
EDUCATION REALTY TRUST, INC. COM 28140H203 26,074 791,308 SH   DFND 1 791,308 0 0
EMERGE ENGY SEICS LP MLP 29102H108 884 130,432 SH   SOLE   130,432 0 0
ENERGY TRANSER PARTNERS MLP 29273R109 5,355 130,472 SH   SOLE   130,472 0 0
ENNIS COM 293389102 3,732 215,024 SH   SOLE   215,024 0 0
ENTERPRISE PRODUCTS MLP 293792107 6,202 249,071 SH   SOLE   249,071 0 0
EPLUS COM 294268107 4,435 56,093 SH   SOLE   56,093 0 0
EPR PROPERTIES COM 26884U109 19,911 386,093 SH   SOLE   386,093 0 0
EPR PROPERTIES COM 26884U109 40,589 787,062 SH   DFND 1 787,062 0 0
ETRACS ALRIN MLP IDX ETN 90267B682 33,367 1,746,969 SH   SOLE   1,746,969 0 0
EXAR COM 300645108 2,000 336,730 SH   SOLE   336,730 0 0
FARMLAND PARTNERS COM 31154R109 5,722 560,988 SH   SOLE   560,988 0 0
FEDERAL REALTY INVESTMENT TRUST COM 313747206 53,760 393,990 SH   DFND 1 393,990 0 0
FIRST INDUSTRIAL REALTY TRUST, INC. COM 32054K103 29,030 1,385,699 SH   DFND 1 1,385,699 0 0
GANNETT COM 36473H104 4,887 331,768 SH   SOLE   331,768 0 0
GENERAL ELECTRIC COM 369604103 16,728 663,266 SH   SOLE   663,266 0 0
GORMAN-RUPP COM 383082104 3,144 130,876 SH   SOLE   130,876 0 0
GRAMERCY PROPTY TRUST INC COM 38489R605 24,864 1,197,111 SH   DFND 1 1,197,111 0 0
HCP, INC. COM 40414L109 24,730 663,882 SH   DFND 1 663,882 0 0
HEALTH CARE REIT, INC. COM 42217K106 44,486 656,917 SH   DFND 1 656,917 0 0
HOME DEPOT COM 437076102 22,981 198,991 SH   SOLE   198,991 0 0
HONEYWELL INT'L COM 438516106 18,840 199,000 SH   SOLE   199,000 0 0
HOSPITALITY PROPERTY COM 44106M102 14,726 575,677 SH   SOLE   575,677 0 0
HOSPITALITY PROPERTY COM 44106M102 41,530 1,623,518 SH   DFND 1 1,623,518 0 0
HOST HOTELS AND RESORTS INC COM 44107P104 41,664 2,635,294 SH   DFND 1 2,635,294 0 0
INTEGRAT SILICON SOL COM 45812P107 8,242 383,385 SH   SOLE   383,385 0 0
INTER PARFUMS COM 458334109 3,246 130,869 SH   SOLE   130,869 0 0
IRON MOUNTAIN COM 46284V101 16,098 518,780 SH   SOLE   518,780 0 0
IRON MOUNTAIN INC COM 46284V101 40,723 1,312,805 SH   DFND 1 1,312,805 0 0
ISHARES U.S. PFD STK ETF 464288687 26,065 675,163 SH   SOLE   675,163 0 0
KINDER MORGAN HOLDCO COM 49456B101 10,685 386,046 SH   SOLE   386,046 0 0
KITE REALTY GROUP TRUST COM 49803T300 25,133 1,055,556 SH   DFND 1 1,055,556 0 0
KRATON PRFM POLYMERS COM 50077C106 5,520 308,555 SH   SOLE   308,555 0 0
LEMAITRE VASCULAR COM 525558201 4,216 345,934 SH   SOLE   345,934 0 0
LTC PROPERTIES INC COM 502175102 28,090 658,299 SH   DFND 1 658,299 0 0
MAGICJACK VOCALTEC COM M6787E101 1,911 214,960 SH   SOLE   214,960 0 0
MARKWEST ENERGY PRTN MLP 570759100 3,563 83,048 SH   SOLE   83,048 0 0
MATERION COM 576690101 4,772 158,962 SH   SOLE   158,962 0 0
MERCK & CO. COM 58933Y105 15,784 319,764 SH   SOLE   319,764 0 0
MFS GOV'T MARKETS CLOSED END FUND 552939100 13,409 2,496,989 SH   SOLE   2,496,989 0 0
NATIONAL RETAIL PROPERTIES, INC. COM 637417106 28,358 781,869 SH   DFND 1 781,869 0 0
NEOGENOMICS COM 64049M209 5,250 916,352 SH   SOLE   916,352 0 0
NORTHSTAR REALTY COM 66704R704 40,992 3,319,190 SH   DFND 1 3,319,190 0 0
OHA INVESTMENT COM 67091U102 2,848 673,356 SH   SOLE   673,356 0 0
OMEGA HEALTHCARE INV COM 681936100 17,068 485,589 SH   SOLE   485,589 0 0
ORCHIDS PAPER PRODUC COM 68572N104 4,160 158,919 SH   SOLE   158,919 0 0
OUTFRONT MEDIA COM 69007J106 14,040 675,121 SH   SOLE   675,121 0 0
OUTFRONT MEDIA INC COM 69007J106 28,224 1,356,923 SH   DFND 1 1,356,923 0 0
PARK CITY GROUP COM 700215304 4,662 439,475 SH   SOLE   439,475 0 0
PAYCHEX COM 704326107 15,232 319,781 SH   SOLE   319,781 0 0
PETMED EXPRESS COM 716382106 6,171 383,330 SH   SOLE   383,330 0 0
PFIZER COM 717081103 23,958 762,756 SH   SOLE   762,756 0 0
PHYSICIANS REALTY COM 71943U104 2,396 158,895 SH   SOLE   158,895 0 0
PLAINS ALL AMER PIPE MLP 726503105 3,602 118,608 SH   SOLE   118,608 0 0
POTASH CORP SASKATCH COM 73755L107 10,905 530,528 SH   SOLE   530,528 0 0
POWERSHARES SENIR LN ETF 73936Q769 16,054 696,471 SH   SOLE   696,471 0 0
PSYCHEMEDICS COM 744375205 4,135 411,446 SH   SOLE   411,446 0 0
RR MEDIA COM M8183P102 4,600 561,092 SH   SOLE   561,092 0 0
SIMON PROPERTY GROUP INC COM 828806109 123,245 670,830 SH   DFND 1 670,830 0 0
SOTHERLY HOTELS COM 83600C103 5,878 168,296 SH   SOLE   168,296 0 0
STANDARD MOTOR PROD COM 853666105 4,324 635,929 SH   SOLE   635,929 0 0
SYMANTEC COM 871503108 12,264 630,181 SH   SOLE   630,181 0 0
TARGA RESOURCES PTNS MLP 87611X105 4,125 142,301 SH   SOLE   142,301 0 0
TEGNA COM 87901J105 14,852 663,319 SH   SOLE   663,319 0 0
TERRA NITROGEN MLP 881005201 3,572 33,208 SH   SOLE   33,208 0 0
TERRENO REALTY COM 88146M101 25,133 1,279,674 SH   DFND 1 1,279,674 0 0
THE GEO GROUP INC COM 36162J106 18,010 605,568 SH   DFND 1 605,568 0 0
TORTOISE ENERGY INFR CLOSED END FUND 89147L100 30,476 1,129,140 SH   SOLE   1,129,140 0 0
TRAVELCENTERS OF AME COM 894174101 3,286 317,883 SH   SOLE   317,883 0 0
TREX COM 89531P105 4,051 121,551 SH   SOLE   121,551 0 0
TRINITY BIOTECH ADR ADR 896438306 2,995 261,863 SH   SOLE   261,863 0 0
UNIFI COM 904677200 5,299 177,668 SH   SOLE   177,668 0 0
VASCULAR SOLUTIONS COM 92231M109 3,636 112,198 SH   SOLE   112,198 0 0
VENTAS, INC. COM 92276F100 25,805 460,307 SH   DFND 1 460,307 0 0
VORNADO REALTY TRUST COM 929042109 35,750 395,382 SH   DFND 1 395,382 0 0
WATERSTONE FINANCIAL COM 94188P101 4,537 336,591 SH   SOLE   336,591 0 0
WEINGARTEN REALTY INVESTORS COM 948741103 28,090 848,372 SH   DFND 1 848,372 0 0
WEYERHAEUSER CO COM 962166104 43,142 1,577,996 SH   DFND 1 1,577,996 0 0
XCERRA COM 98400J108 2,113 336,468 SH   SOLE   336,468 0 0
YUME COM 98872B104 2,016 654,727 SH   SOLE   654,727 0 0