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 Common 45008479 19,065 168,281 SH   SOLE   168,281 0 0
Agree Realty Corporation COM 8492100 20,211 418,972 SH   DFND 1 418,972 0 0
Air Transport Services Group COM 00922R105 7,664 591,361 SH   SOLE   591,361 0 0
Aircastle LTD Common G0129K104 12,612 644,780 SH   SOLE   644,780 0 0
Alexandria Real Estate Equities Inc. COM 15271109 66,476 642,155 SH   DFND 1 642,155 0 0
Amer Campus Communities, Inc. COM 24835100 35,528 671,978 SH   DFND 1 671,978 0 0
American Homes 4 Rent Prfd A Preferred Class A 02665T405 14,254 532,874 SH   SOLE   532,874 0 0
American Tower COM 03027X100 65,529 576,785 SH   DFND 1 576,785 0 0
Apartment Investment and Management Company COM 03748R101 36,949 836,698 SH   DFND 1 836,698 0 0
Atrion Corp. COM 49904105 5,732 13,396 SH   SOLE   13,396 0 0
Avalonbay Communities Inc. COM 53484101 41,370 229,335 SH   DFND 1 229,335 0 0
BlackBox COM 91826107 5,841 446,587 SH   SOLE   446,587 0 0
Boston Properties, Inc. COM 101121101 48,791 369,910 SH   DFND 1 369,910 0 0
Brixmor Property Group Inc. COM 11120U105 49,265 1,861,859 SH   DFND 1 1,861,859 0 0
Cedar Fair LP MLP 150185106 5,072 87,723 SH   SOLE   87,723 0 0
Ceva Inc COM 157210105 6,654 244,898 SH   SOLE   244,898 0 0
Cisco Systems Common 17275R102 16,073 560,224 SH   SOLE   560,224 0 0
Comtech Telecommunications COM 205826209 2,855 222,336 SH   SOLE   222,336 0 0
Consolidated Water Co. Ltd. COM G23773107 5,819 445,590 SH   SOLE   445,590 0 0
Crown Castle International Corp. COM 22822V101 64,423 635,149 SH   DFND 1 635,149 0 0
Cube Smart COM 229663109 51,633 1,672,063 SH   DFND 1 1,672,063 0 0
Cummins Engine Common 231021106 11,967 106,427 SH   SOLE   106,427 0 0
Digital Realty Trust Inc Common 253868103 18,361 168,461 SH   SOLE   168,461 0 0
Digital Realty Trust, Inc. COM 253868103 62,528 573,708 SH   DFND 1 573,708 0 0
Dominion Resources Common 25746U109 13,081 167,858 SH   SOLE   167,858 0 0
Douglas Dynamics COM 25960R105 5,732 222,758 SH   SOLE   222,758 0 0
Dynamic Materials COM 267888105 7,422 690,463 SH   SOLE   690,463 0 0
Eastgroup Properties Inc. COM 277276101 41,054 595,676 SH   DFND 1 595,676 0 0
Eaton Corporation Common 278058102 10,031 167,937 SH   SOLE   167,937 0 0
Eaton Vance Tax-Managed Global Buy-Write Opp Fd Closed End Fund 27829C105 10,500 1,010,601 SH   SOLE   1,010,601 0 0
Education Realty Trust, Inc. COM 28140H203 35,054 759,727 SH   DFND 1 759,727 0 0
Energy Transfer Partners LP MLP 29273R109 5,561 146,073 SH   SOLE   146,073 0 0
Enterprise Products Partners LP MLP 293792107 5,704 194,928 SH   SOLE   194,928 0 0
Entertainment Properties Trust Common 26884U109 22,643 280,649 SH   SOLE   280,649 0 0
ePlus, Inc. COM 294268107 5,468 66,855 SH   SOLE   66,855 0 0
EPR Properties COM 26884U109 61,265 759,360 SH   DFND 1 759,360 0 0
EQT Midstream Partners LP MLP 26885B100 5,480 68,238 SH   SOLE   68,238 0 0
ETRACS Alerian MLP Index ETN 90267B682 49,011 2,454,241 SH   SOLE   2,454,241 0 0
Farmland Partners COM 31154R109 6,808 601,378 SH   SOLE   601,378 0 0
Federal Realty Investment Trust COM 313747206 59,370 358,625 SH   DFND 1 358,625 0 0
First Industrial Realty Trust, Inc. COM 32054K103 39,159 1,407,592 SH   DFND 1 1,407,592 0 0
Fly Leasing COM 34407D109 3,755 378,163 SH   SOLE   378,163 0 0
FreightCar America COM 357023100 2,987 212,567 SH   SOLE   212,567 0 0
General Electric Company Common 369604103 16,777 532,934 SH   SOLE   532,934 0 0
Genesis Energy LP MLP 371927104 4,848 126,350 SH   SOLE   126,350 0 0
Gramercy Propty Trust Inc. COM 38489R605 31,422 3,408,037 SH   DFND 1 3,408,037 0 0
Health Care Reit, Inc. COM 42217K106 49,265 646,774 SH   DFND 1 646,774 0 0
Holly Energy Partners LP MLP 435763107 5,052 145,794 SH   SOLE   145,794 0 0
Home Depot Common 437076102 21,470 168,138 SH   SOLE   168,138 0 0
Honeywell International Inc. Common 438516106 19,592 168,436 SH   SOLE   168,436 0 0
Hospitality Properties Trust Common 44106M102 15,369 533,643 SH   SOLE   533,643 0 0
Hospitality Property COM 44106M102 46,581 1,617,378 SH   DFND 1 1,617,378 0 0
Host Hotels and Resorts Inc. COM 44107P104 41,844 2,581,339 SH   DFND 1 2,581,339 0 0
Iron Mountain Common 462846106 17,891 449,192 SH   SOLE   449,192 0 0
Iron Mountain Inc. COM 46284V101 50,686 1,272,556 SH   DFND 1 1,272,556 0 0
IShares S&P U.S.Preferred Stock Index ETF 464288687 22,349 560,277 SH   SOLE   560,277 0 0
Kite Realty Group Trust COM 49803T300 29,212 1,042,151 SH   DFND 1 1,042,151 0 0
Kraton Performance Polymers Inc. COM 50077C106 9,333 334,157 SH   SOLE   334,157 0 0
LTC Properties Inc. COM 502175102 33,475 647,106 SH   DFND 1 647,106 0 0
Magellan Midstream Partners LP MLP 559080106 2,668 35,111 SH   SOLE   35,111 0 0
MagicJack COM 10102529 1,471 233,914 SH   SOLE   233,914 0 0
Materion Corporation COM 576690101 4,150 167,627 SH   SOLE   167,627 0 0
Merck & Co, Inc Common 58933Y105 12,905 224,010 SH   SOLE   224,010 0 0
MFS Government Market Income Trust Closed End Fund 552939100 10,911 2,016,776 SH   SOLE   2,016,776 0 0
MGP Ingredients COM 55303J106 10,651 278,593 SH   SOLE   278,593 0 0
Mistras Group COM 60649T107 5,863 245,636 SH   SOLE   245,636 0 0
Monarch Casino COM 609027107 4,897 222,898 SH   SOLE   222,898 0 0
MPLX MLP 55336V100 5,235 155,667 SH   SOLE   155,667 0 0
National Retail Proerties, Inc. COM 637417106 14,527 280,874 SH   DFND 1 280,874 0 0
Neogenomics Inc. COM 64049M209 6,983 868,567 SH   SOLE   868,567 0 0
Northstar Realty COM 66704R704 25,264 2,210,324 SH   DFND 1 2,210,324 0 0
OHA Investment COM 67091U102 1,383 713,134 SH   SOLE   713,134 0 0
Oil Drill Corp of America COM 677864100 6,149 178,071 SH   SOLE   178,071 0 0
Omega Healthcare Investors Common 681936100 15,252 449,237 SH   SOLE   449,237 0 0
Orchids Paper Products Co. COM 68572N104 5,951 167,308 SH   SOLE   167,308 0 0
Outfront Media Inc Common 69007J106 13,550 560,631 SH   SOLE   560,631 0 0
Outfront Media Inc. COM 69007J106 30,001 1,241,249 SH   DFND 1 1,241,249 0 0
Park City Group Inc. COM 700215304 4,194 467,599 SH   SOLE   467,599 0 0
Paychex Common 704326107 13,374 224,781 SH   SOLE   224,781 0 0
PetMed Express, Inc. COM 716382106 7,730 412,043 SH   SOLE   412,043 0 0
Pfizer Inc Common 717081103 20,707 588,099 SH   SOLE   588,099 0 0
Plains All American Pipeline LP MLP 726503105 5,093 185,249 SH   SOLE   185,249 0 0
Powershares Senior Bank Loan ETF 73936Q769 12,905 561,828 SH   SOLE   561,828 0 0
Psychemedics Corp. COM 744375205 6,127 445,913 SH   SOLE   445,913 0 0
RR Media Ltd COM 27570798 7,862 601,506 SH   SOLE   601,506 0 0
Saga Communications COM 786598300 4,853 122,741 SH   SOLE   122,741 0 0
Simon Property Group Inc Common 828806109 14,606 67,341 SH   SOLE   67,341 0 0
Simon Property Group Inc. COM 828806109 138,005 636,259 SH   DFND 1 636,259 0 0
Sotherly Hotels COM 83600C103 3,909 693,064 SH   SOLE   693,064 0 0
Spectra Energy Partners LP MLP 84756N109 5,052 107,074 SH   SOLE   107,074 0 0
Strattec COM 863111100 3,184 78,102 SH   SOLE   78,102 0 0
Symantec Corporation Common 871503108 10,969 534,052 SH   SOLE   534,052 0 0
TEGNA Inc Common 87901J105 12,319 531,662 SH   SOLE   531,662 0 0
Terreno Realty COM 88146M101 33,159 1,281,755 SH   DFND 1 1,281,755 0 0
The Geo Group Inc. COM 36162J106 20,527 600,556 SH   DFND 1 600,556 0 0
Tortoise Energy Infrastructure Closed End Fund 89147L100 28,641 930,504 SH   SOLE   930,504 0 0
Trex Company Inc. COM 89531P105 6,017 133,950 SH   SOLE   133,950 0 0
Unifi Inc. COM 904677200 5,161 189,519 SH   SOLE   189,519 0 0
Vascular Solutions Inc COM 92231M109 5,117 122,820 SH   SOLE   122,820 0 0
Ventas, Inc. COM 92276F100 30,948 424,999 SH   DFND 1 424,999 0 0
Vornado Realty Trust COM 929042109 36,633 365,889 SH   DFND 1 365,889 0 0
Waterstone Financial COM 941888109 5,468 356,689 SH   SOLE   356,689 0 0
Weingarten Realty Investors COM 948741103 35,212 862,609 SH   DFND 1 862,609 0 0
Western Refining Logistics MLP 95931Q205 5,357 204,556 SH   SOLE   204,556 0 0
Weyerhaeuser Co. COM 962166104 54,002 1,813,967 SH   DFND 1 1,813,967 0 0
WP Glimcher Common 92939N105 14,430 1,289,576 SH   SOLE   1,289,576 0 0