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 24,186 249,909 SH   SOLE   249,909 0 0
AGREE REALTY CORPORATION COM 008492100 13,433 460,507 SH   DFND 1 460,507 0 0
AIR TRANSPORT SVC GR COM 00922R105 5,593 533,222 SH   SOLE   533,222 0 0
AIRCASTLE LIMITED COM G0129K104 19,838 875,122 SH   SOLE   875,122 0 0
ALEXANDRIA REAL ESTATE EQUITIES INC COM 015271109 53,466 611,319 SH   DFND 1 611,319 0 0
ALLIANCE FIBER OPTIC COM 018680306 6,427 346,493 SH   SOLE   346,493 0 0
ALPS EQ HIGH VOLATILITY PUT WRITE ETF 00162Q734 15,412 666,643 SH   SOLE   666,643 0 0
AMER CAMPUS COMMUNITIES, INC. COM 024835100 25,935 688,114 SH   DFND 1 688,114 0 0
AMER SCIENCE & ENGNR COM 029429107 4,210 96,105 SH   SOLE   96,105 0 0
AMERICAN HOME 4 RENT PREFERRED CLASS A 02665T306 15,728 980,608 SH   SOLE   980,608 0 0
APARTMENT INVESTMENT AND MANAGEMENT COMPANY COM 03748R101 33,782 914,758 SH   DFND 1 914,758 0 0
ARTISAN ASSET MGNT COM 04316A108 14,786 318,280 SH   SOLE   318,280 0 0
ATRION COM 049904105 5,349 13,636 SH   SOLE   13,636 0 0
AVALONBAY COMMUNITIES INC COM 053484101 39,102 244,586 SH   DFND 1 244,586 0 0
BERKSHIRE HILLS BANC COM 084680107 4,515 158,549 SH   SOLE   158,549 0 0
BIOMED REALTY TRUST INC COM 09063H107 25,137 1,299,741 SH   DFND 1 1,299,741 0 0
BLACKSTONE GROUP LP MLP 09253U108 10,906 266,837 SH   SOLE   266,837 0 0
BOSTON PROPERTIES, INC. COM 101121101 46,151 381,287 SH   DFND 1 381,287 0 0
BRIXMOR PROPERTY GROUP INC COM 11120U105 40,565 1,753,783 SH   DFND 1 1,753,783 0 0
CEDAR FAIR MLP 150185106 9,694 177,903 SH   SOLE   177,903 0 0
CEVA COM 157210105 4,515 232,397 SH   SOLE   232,397 0 0
CISCO SYSTEMS COM 17275R102 20,550 748,375 SH   SOLE   748,375 0 0
COACH COM 189754104 15,351 443,560 SH   SOLE   443,560 0 0
CONSOLIDATED WATER COM G23773107 4,901 389,043 SH   SOLE   389,043 0 0
CORE MOLDING TECLGS COM 218683100 5,166 226,198 SH   SOLE   226,198 0 0
CROWN CASTLE INTERNATIONAL CORP COM 22822V101 36,841 458,792 SH   DFND 1 458,792 0 0
CTS COM 126501105 2,867 148,829 SH   SOLE   148,829 0 0
CUMMINS COM 231021106 17,862 136,156 SH   SOLE   136,156 0 0
DATALINK COM 237934104 3,417 382,228 SH   SOLE   382,228 0 0
DIGITAL REALTY TRUST, INC. COM 253868103 52,297 784,301 SH   DFND 1 784,301 0 0
DUPONT COM 263534109 15,965 249,665 SH   SOLE   249,665 0 0
EASTGROUP PROPERTIES INC COM 277276101 30,058 534,555 SH   DFND 1 534,555 0 0
EATON COM G29183103 18,653 276,393 SH   SOLE   276,393 0 0
EATON V TX-MG GBL BY CLOSED END FUND 27829C105 16,085 1,361,980 SH   SOLE   1,361,980 0 0
EDUCATION REALTY TRUST, INC. COM 28140H203 23,940 763,393 SH   DFND 1 763,393 0 0
EMERGE ENGY SEICS LP MLP 29102H108 4,819 133,484 SH   SOLE   133,484 0 0
ENERGY TRANSER PARTNERS MLP 29273R109 6,960 133,342 SH   SOLE   133,342 0 0
ENNIS COM 293389102 3,925 211,168 SH   SOLE   211,168 0 0
ENTERPRISE PRODUCTS MLP 293792107 7,975 266,809 SH   SOLE   266,809 0 0
EPLUS COM 294268107 4,698 61,299 SH   SOLE   61,299 0 0
EPR PROPERTIES COM 26884U109 63,892 1,165,978 SH   DFND 1 1,165,978 0 0
EQUITY LIFESTYLE PROPERTIES, INC. COM 29472R108 24,073 457,836 SH   DFND 1 457,836 0 0
ESSEX PROPERTY TRUST INC COM 297178105 42,161 198,405 SH   DFND 1 198,405 0 0
ETRACS ALRIN MLP IDX ETN 90267B682 46,943 1,876,250 SH   SOLE   1,876,250 0 0
EXAR COM 300645108 3,376 345,239 SH   SOLE   345,239 0 0
FARMLAND PARTNERS COM 31154R109 5,593 470,042 SH   SOLE   470,042 0 0
FEDERAL REALTY INVESTMENT TRUST COM 313747206 48,944 382,106 SH   DFND 1 382,106 0 0
FIRST INDUSTRIAL REALTY TRUST, INC. COM 32054K103 27,132 1,448,585 SH   DFND 1 1,448,585 0 0
GANNETT COM 36473H104 5,216 372,882 SH   SOLE   372,882 0 0
GENERAL ELECTRIC COM 369604103 18,811 707,997 SH   SOLE   707,997 0 0
GENUINE PARTS COM 372460105 18,652 208,348 SH   SOLE   208,348 0 0
GORMAN-RUPP COM 383082104 3,620 128,936 SH   SOLE   128,936 0 0
GRAMERCY PROPTY TRUST INC COM 38489R605 28,595 1,223,577 SH   DFND 1 1,223,577 0 0
HCP, INC. COM 40414L109 22,344 612,668 SH   DFND 1 612,668 0 0
HEALTH CARE REIT, INC. COM 42217K106 40,033 609,980 SH   DFND 1 609,980 0 0
HOME DEPOT COM 437076102 23,130 208,139 SH   SOLE   208,139 0 0
HONEYWELL INT'L COM 438516106 21,233 208,233 SH   SOLE   208,233 0 0
HOSPITALITY PROPERTY COM 44106M102 18,021 625,299 SH   SOLE   625,299 0 0
HOST HOTELS AND RESORTS INC COM 44107P104 51,471 2,595,613 SH   DFND 1 2,595,613 0 0
INTEGRAT SILICON SOL COM 45812P107 8,766 395,959 SH   SOLE   395,959 0 0
INTER PARFUMS COM 458334109 4,434 130,684 SH   SOLE   130,684 0 0
IRON MOUNTAIN INC COM 46284V101 48,319 1,558,695 SH   DFND 1 1,558,695 0 0
ISHARES U.S. PFD STK ETF 464288687 28,306 722,660 SH   SOLE   722,660 0 0
KINDER MORGAN HOLDCO COM 49456B101 15,402 401,210 SH   SOLE   401,210 0 0
KITE REALTY GROUP TRUST COM 49803T300 26,201 1,070,740 SH   DFND 1 1,070,740 0 0
KRATON PRFM POLYMERS COM 50077C106 7,078 296,412 SH   SOLE   296,412 0 0
LEMAITRE VASCULAR COM 525558201 5,715 473,925 SH   SOLE   473,925 0 0
LTC PROPERTIES INC COM 502175102 25,403 610,649 SH   DFND 1 610,649 0 0
MAGICJACK VOCALTEC COM M6787E101 1,586 213,529 SH   SOLE   213,529 0 0
MARKWEST ENERGY PRTN MLP 570759100 5,016 88,969 SH   SOLE   88,969 0 0
MATERION COM 576690101 5,268 149,449 SH   SOLE   149,449 0 0
MDU RESOURCES CORP COM 552690109 20,313 1,040,106 SH   SOLE   1,040,106 0 0
MERCK & CO. COM 58933Y105 20,479 359,734 SH   SOLE   359,734 0 0
MFS GOV'T MARKETS CLOSED END FUND 552939100 14,611 2,705,814 SH   SOLE   2,705,814 0 0
NATIONAL RETAIL PROPERTIES, INC. COM 637417106 29,393 839,560 SH   DFND 1 839,560 0 0
NEOGENOMICS COM 64049M209 5,146 951,205 SH   SOLE   951,205 0 0
OHA INVESTMENT COM 67091U102 3,620 636,295 SH   SOLE   636,295 0 0
OMEGA HEALTHCARE INV COM 681936100 18,077 526,582 SH   SOLE   526,582 0 0
ORCHIDS PAPER PRODUC COM 68572N104 3,559 147,881 SH   SOLE   147,881 0 0
OUTFRONT MEDIA INC COM 69007J107 50,947 2,018,517 SH   DFND 1 2,018,517 0 0
PARK CITY GROUP COM 700215304 5,390 435,046 SH   SOLE   435,046 0 0
PAYCHEX COM 704326107 16,841 359,265 SH   SOLE   359,265 0 0
PEBBLEBROOK HOTEL TRUST COM 70509V100 26,201 611,031 SH   DFND 1 611,031 0 0
PETMED EXPRESS COM 716382106 6,346 367,463 SH   SOLE   367,463 0 0
PFIZER COM 717081103 27,901 832,123 SH   SOLE   832,123 0 0
PHYSICIANS REALTY COM 71943U104 2,298 149,637 SH   SOLE   149,637 0 0
PLAINS ALL AMER PIPE MLP 726503105 5,805 133,235 SH   SOLE   133,235 0 0
POTASH CORP SASKATCH COM 73755L107 18,021 581,835 SH   SOLE   581,835 0 0
POWERSHARES SENIR LN ETF 73936Q769 17,835 749,679 SH   SOLE   749,679 0 0
PSYCHEMEDICS COM 744375205 5,410 364,831 SH   SOLE   364,831 0 0
PUBLIC STORAGE COM 74460D109 47,880 259,695 SH   DFND 1 259,695 0 0
RR MEDIA COM M8183P102 3,864 513,910 SH   SOLE   513,910 0 0
SCHULMAN (A.) COM 808194104 5,186 118,634 SH   SOLE   118,634 0 0
SIMON PROPERTY GROUP INC COM 828806109 105,602 610,346 SH   DFND 1 610,346 0 0
SOTHERLY HOTELS COM 83600C103 3,681 520,727 SH   SOLE   520,727 0 0
STANDARD MOTOR PROD COM 853666105 5,430 154,635 SH   SOLE   154,635 0 0
SYMANTEC COM 871503108 15,491 666,315 SH   SOLE   666,315 0 0
TARGA RESOURCES PTNS MLP 87611X105 5,721 148,200 SH   SOLE   148,200 0 0
TEGNA COM 87901J105 22,604 704,878 SH   SOLE   704,878 0 0
TERRA NITROGEN MLP 881005201 4,312 35,606 SH   SOLE   35,606 0 0
TERRENO REALTY COM 88146M101 27,132 1,377,259 SH   DFND 1 1,377,259 0 0
THE GEO GROUP INC COM 36162J106 18,221 533,402 SH   DFND 1 533,402 0 0
TORTOISE ENERGY INFR CLOSED END FUND 89147L100 45,570 1,234,639 SH   SOLE   1,234,639 0 0
TRAVELCENTERS OF AME COM 894174101 4,495 302,703 SH   SOLE   302,703 0 0
TREX COM 89531P105 5,573 112,749 SH   SOLE   112,749 0 0
TRINITY BIOTECH ADR ADR 896438306 4,576 253,405 SH   SOLE   253,405 0 0
UNIFI COM 904677200 5,573 166,363 SH   SOLE   166,363 0 0
VASCULAR SOLUTIONS COM 92231M109 7,627 219,686 SH   SOLE   219,686 0 0
VENTAS, INC. COM 92276F100 28,462 458,399 SH   DFND 1 458,399 0 0
VORNADO REALTY TRUST COM 929042109 36,309 382,482 SH   DFND 1 382,482 0 0
WATERSTONE FINANCIAL COM 94188P101 4,332 328,214 SH   SOLE   328,214 0 0
WEINGARTEN REALTY INVESTORS COM 948741103 29,925 915,418 SH   DFND 1 915,418 0 0
WEYERHAEUSER CO COM 962166104 50,540 1,604,444 SH   DFND 1 1,604,444 0 0
XCERRA COM 98400J108 2,603 343,926 SH   SOLE   343,926 0 0
YUME COM 98872B104 3,681 679,251 SH   SOLE   679,251 0 0