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
AT&T INC COM 00206R102 404 9,500 SH   OTR 1,2,3 0 9,500 0
ALEXANDRIA REAL ESTATE EQ IN PFD CONV SER D 015271505 274 8,000 SH   DFND 1,2,3 8,000 0 0
ALEXANDRIA REAL ESTATE EQ IN PFD CONV SER D 015271505 57 1,650 SH   OTR 1,2,3 0 1,650 0
ALPHABET INC CAP STK CL C 02079K107 773 1,002 SH   OTR 1,2,3 0 1,002 0
AMAZON COM INC COM 023135106 225 300 SH   OTR 1,2,3 0 300 0
AMERICA FIRST MULTIFAMILY IN BEN UNIT CTF 02364V107 243 45,000 SH   DFND 1,2,3 45,000 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 214 4,300 SH   DFND 1,2,3 4,300 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 219 4,400 SH   OTR 1,2,3 0 4,400 0
APARTMENT INVT & MGMT CO CL A 03748R101 2,253 49,560 SH   DFND 1,2,3 49,560 0 0
APPLE INC COM 037833100 237 2,050 SH   OTR 1,2,3 0 2,050 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 314 40,523 SH   DFND 1,2,3 40,523 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 47 6,000 SH   OTR 1,2,3 0 6,000 0
BP PLC SPONSORED ADR 055622104 2,071 55,400 SH   DFND 1,2,3 55,400 0 0
BP PLC SPONSORED ADR 055622104 733 19,600 SH   OTR 1,2,3 0 19,600 0
BANK AMER CORP COM 060505104 133 6,000 SH   DFND 1,2,3 6,000 0 0
BANK AMER CORP COM 060505104 706 31,953 SH   OTR 1,2,3 0 31,953 0
BANK AMER CORP 7.25%CNV PFD L 060505682 700 600 SH   DFND 1,2,3 600 0 0
BANK AMER CORP 7.25%CNV PFD L 060505682 1,210 1,037 SH   OTR 1,2,3 0 1,037 0
BLACKROCK MUNICIPL INC QLTY COM 092479104 439 31,622 SH   DFND 1,2,3 31,622 0 0
BLACKROCK MUNICIPL INC QLTY COM 092479104 69 5,000 SH   OTR 1,2,3 0 5,000 0
BLACKROCK MUNIHLDGS FD II IN COM 09253P109 28 1,887 SH   DFND 1,2,3 1,887 0 0
BLACKROCK MUNIHLDGS FD II IN COM 09253P109 242 16,500 SH   OTR 1,2,3 0 16,500 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 130 4,800 SH   DFND 1,2,3 4,800 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 181 6,700 SH   OTR 1,2,3 0 6,700 0
BLACKROCK MUNI INTER DR FD I COM 09253X102 200 14,500 SH   DFND 1,2,3 14,500 0 0
BLACKROCK MUNI INTER DR FD I COM 09253X102 80 5,800 SH   OTR 1,2,3 0 5,800 0
BLACKROCK MUNIHOLDNGS QLTY I COM 09254A101 587 43,217 SH   DFND 1,2,3 43,217 0 0
BLACKROCK MUNIHOLDNGS QLTY I COM 09254A101 106 7,815 SH   OTR 1,2,3 0 7,815 0
BLACKROCK MUNIHLDNGS QLTY II COM 09254C107 156 11,597 SH   DFND 1,2,3 11,597 0 0
BLACKROCK MUNIYIELD QLTY FD COM 09254E103 432 31,665 SH   DFND 1,2,3 31,665 0 0
BLACKROCK MUNIYIELD QLTY FD COM 09254E103 20 1,500 SH   OTR 1,2,3 0 1,500 0
CITIGROUP INC COM NEW 172967424 612 10,300 SH   DFND 1,2,3 10,300 0 0
CITIGROUP INC COM NEW 172967424 119 2,000 SH   OTR 1,2,3 0 2,000 0
CYRUSONE INC COM 23283R100 309 6,900 SH   DFND 1,2,3 6,900 0 0
CYRUSONE INC COM 23283R100 394 8,800 SH   OTR 1,2,3 0 8,800 0
DDR CORP COM 23317H102 821 53,750 SH   DFND 1,2,3 53,750 0 0
DDR CORP COM 23317H102 156 10,244 SH   OTR 1,2,3 0 10,244 0
DREYFUS STRATEGIC MUNS INC COM 261932107 394 46,922 SH   DFND 1,2,3 46,922 0 0
DREYFUS STRATEGIC MUNS INC COM 261932107 9 1,100 SH   OTR 1,2,3 0 1,100 0
DREYFUS MUN INCOME INC COM 26201R102 114 13,157 SH   DFND 1,2,3 13,157 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 220 5,000 SH   DFND 1,2,3 5,000 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 176 4,000 SH   OTR 1,2,3 0 4,000 0
EATON VANCE MUN BD FD COM 27827X101 975 78,565 SH   DFND 1,2,3 78,565 0 0
EATON VANCE MUN BD FD COM 27827X101 82 6,600 SH   OTR 1,2,3 0 6,600 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 36 1,000 SH   DFND 1,2,3 1,000 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 1,690 47,200 SH   OTR 1,2,3 0 47,200 0
ENTERPRISE PRODS PARTNERS L COM 293792107 216 8,000 SH   DFND 1,2,3 8,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,009 37,300 SH   OTR 1,2,3 0 37,300 0
EQUITY COMWLTH COM SH BEN INT 294628102 153 5,072 SH   DFND 1,2,3 5,072 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 107 3,550 SH   OTR 1,2,3 0 3,550 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,390 21,600 SH   DFND 1,2,3 21,600 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 236 3,664 SH   OTR 1,2,3 0 3,664 0
EXXON MOBIL CORP COM 30231G102 271 3,000 SH   DFND 1,2,3 3,000 0 0
EXXON MOBIL CORP COM 30231G102 325 3,600 SH   OTR 1,2,3 0 3,600 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 266 9,500 SH   DFND 1,2,3 9,500 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 126 4,500 SH   OTR 1,2,3 0 4,500 0
FIRST POTOMAC RLTY TR COM 33610F109 704 64,173 SH   DFND 1,2,3 64,173 0 0
FIRST POTOMAC RLTY TR COM 33610F109 567 51,700 SH   OTR 1,2,3 0 51,700 0
GENERAL ELECTRIC CO COM 369604103 1,864 59,000 SH   DFND 1,2,3 59,000 0 0
GENERAL ELECTRIC CO COM 369604103 374 11,824 SH   OTR 1,2,3 0 11,824 0
GILEAD SCIENCES INC COM 375558103 781 10,900 SH   DFND 1,2,3 10,900 0 0
GILEAD SCIENCES INC COM 375558103 294 4,100 SH   OTR 1,2,3 0 4,100 0
GLOBAL MED REIT INC COM NEW 37954A204 279 31,254 SH   DFND 1,2,3 31,254 0 0
GLOBAL MED REIT INC COM NEW 37954A204 183 20,500 SH   OTR 1,2,3 0 20,500 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,437 6,000 SH   DFND 1,2,3 6,000 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 280 13,006 SH   DFND 1,2,3 13,006 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 258 12,000 SH   OTR 1,2,3 0 12,000 0
HUGOTON RTY TR TEX UNIT BEN INT 444717102 24 11,010 SH   DFND 1,2,3 11,010 0 0
HUGOTON RTY TR TEX UNIT BEN INT 444717102 11 5,000 SH   OTR 1,2,3 0 5,000 0
INDEPENDENCE RLTY TR INC COM 45378A106 52 5,804 SH   DFND 1,2,3 5,804 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 45 5,050 SH   OTR 1,2,3 0 5,050 0
INTEL CORP COM 458140100 145 4,000 SH   DFND 1,2,3 4,000 0 0
INTEL CORP COM 458140100 145 4,000 SH   OTR 1,2,3 0 4,000 0
INVESCO VALUE MUN INCOME TR COM 46132P108 1,805 123,403 SH   DFND 1,2,3 123,403 0 0
INVESCO VALUE MUN INCOME TR COM 46132P108 4 284 SH   OTR 1,2,3 0 284 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 125 17,500 SH   OTR 1,2,3 0 17,500 0
JPMORGAN CHASE & CO COM 46625H100 6,454 74,800 SH   DFND 1,2,3 74,800 0 0
JPMORGAN CHASE & CO COM 46625H100 151 1,750 SH   OTR 1,2,3 0 1,750 0
KITE RLTY GROUP TR COM NEW 49803T300 924 39,332 SH   OTR 1,2,3 0 39,332 0
LTC PPTYS INC COM 502175102 287 6,108 SH   DFND 1,2,3 6,108 0 0
LTC PPTYS INC COM 502175102 70 1,500 SH   OTR 1,2,3 0 1,500 0
LEXINGTON REALTY TRUST COM 529043101 97 9,000 SH   DFND 1,2,3 9,000 0 0
LEXINGTON REALTY TRUST COM 529043101 18 1,650 SH   OTR 1,2,3 0 1,650 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 100 2,000 SH   DFND 1,2,3 2,000 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 100 2,000 SH   OTR 1,2,3 0 2,000 0
MPLX LP COM UNIT REP LTD 55336V100 474 13,700 SH   DFND 1,2,3 13,700 0 0
MPLX LP COM UNIT REP LTD 55336V100 218 6,300 SH   OTR 1,2,3 0 6,300 0
MARATHON PETE CORP COM 56585A102 1,601 31,800 SH   DFND 1,2,3 31,800 0 0
MARATHON PETE CORP COM 56585A102 816 16,200 SH   OTR 1,2,3 0 16,200 0
MEDICAL PPTYS TRUST INC COM 58463J304 1,811 147,200 SH   DFND 1,2,3 147,200 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 1,442 117,200 SH   OTR 1,2,3 0 117,200 0
MFS INTERMEDIATE HIGH INC FD SH BEN INT 59318T109 37 14,500 SH   OTR 1,2,3 0 14,500 0
MICROSOFT CORP COM 594918104 249 4,000 SH   OTR 1,2,3 0 4,000 0
MORGAN STANLEY COM NEW 617446448 930 22,000 SH   DFND 1,2,3 22,000 0 0
NETFLIX INC COM 64110L106 260 2,100 SH   OTR 1,2,3 0 2,100 0
NORTHSTAR RLTY FIN CORP COM 66704R803 261 17,247 SH   DFND 1,2,3 17,247 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 148 9,800 SH   OTR 1,2,3 0 9,800 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 634 42,495 SH   DFND 1,2,3 42,495 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 30 2,000 SH   OTR 1,2,3 0 2,000 0
NUVEEN AMT FREE QLTY MUN INC COM 670657105 1,910 143,142 SH   DFND 1,2,3 143,142 0 0
NUVEEN AMT FREE QLTY MUN INC COM 670657105 96 7,190 SH   OTR 1,2,3 0 7,190 0
NUVEEN QUALITY MUNCP INCOME COM 67066V101 927 66,398 SH   DFND 1,2,3 66,398 0 0
NUVEEN QUALITY MUNCP INCOME COM 67066V101 278 19,942 SH   OTR 1,2,3 0 19,942 0
NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101 480 33,939 SH   DFND 1,2,3 33,939 0 0
NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101 342 24,170 SH   OTR 1,2,3 0 24,170 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106 3,553 245,698 SH   DFND 1,2,3 245,698 0 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106 389 26,885 SH   OTR 1,2,3 0 26,885 0
OMEGA HEALTHCARE INVS INC COM 681936100 344 11,000 SH   DFND 1,2,3 11,000 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 366 11,700 SH   OTR 1,2,3 0 11,700 0
ONE LIBERTY PPTYS INC COM 682406103 1,240 49,375 SH   DFND 1,2,3 49,375 0 0
ONE LIBERTY PPTYS INC COM 682406103 70 2,799 SH   OTR 1,2,3 0 2,799 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 1,395 43,200 SH   OTR 1,2,3 0 43,200 0
POTASH CORP SASK INC COM 73755L107 823 45,500 SH   DFND 1,2,3 45,500 0 0
POTASH CORP SASK INC COM 73755L107 90 5,000 SH   OTR 1,2,3 0 5,000 0
PROLOGIS INC COM 74340W103 648 12,276 SH   DFND 1,2,3 12,276 0 0
PROLOGIS INC COM 74340W103 47 892 SH   OTR 1,2,3 0 892 0
PROSHARES TR II ULSHT BLOOMB OIL 74347W668 2,627 41,500 SH   DFND 1,2,3 41,500 0 0
PROSHARES TR II ULSHT BLOOMB OIL 74347W668 222 3,500 SH   OTR 1,2,3 0 3,500 0
PUTNAM MANAGED MUN INCOM TR COM 746823103 637 90,112 SH   DFND 1,2,3 90,112 0 0
PUTNAM MANAGED MUN INCOM TR COM 746823103 78 11,000 SH   OTR 1,2,3 0 11,000 0
PUTNAM MUN OPPORTUNITIES TR SH BEN INT 746922103 542 45,366 SH   DFND 1,2,3 45,366 0 0
PUTNAM MUN OPPORTUNITIES TR SH BEN INT 746922103 137 11,500 SH   OTR 1,2,3 0 11,500 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 192 11,584 SH   DFND 1,2,3 11,584 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 65 3,900 SH   OTR 1,2,3 0 3,900 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 153 2,500 SH   DFND 1,2,3 2,500 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 123 2,000 SH   OTR 1,2,3 0 2,000 0
RETAIL PPTYS AMER INC CL A 76131V202 51,287 3,345,543 SH   DFND 1,2,3 3,345,543 0 0
RETAIL PPTYS AMER INC CL A 76131V202 101,316 6,609,028 SH   OTR 1,2,3 0 6,609,028 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 2,293 42,400 SH   DFND 1,2,3 42,400 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 964 18,800 SH   OTR 1,2,3 0 18,800 0
SABINE ROYALTY TR UNIT BEN INT 785688102 227 6,450 SH   OTR 1,2,3 0 6,450 0
SEMGROUP CORP CL A 81663A105 5 122 SH   DFND 1,2,3 122 0 0
SEMGROUP CORP CL A 81663A105 1,567 37,533 SH   OTR 1,2,3 0 37,533 0
SPIRIT RLTY CAP INC NEW COM 84860W102 141 13,000 SH   DFND 1,2,3 13,000 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 49 4,503 SH   OTR 1,2,3 0 4,503 0
STMICROELECTRONICS N V NY REGISTRY 861012102 216 19,000 SH   DFND 1,2,3 19,000 0 0
STMICROELECTRONICS N V NY REGISTRY 861012102 11 1,000 SH   OTR 1,2,3 0 1,000 0
SUMMIT MIDSTREAM PARTNERS LP COM UNIT LTD 866142102 387 15,383 SH   OTR 1,2,3 0 15,383 0
TCP CAP CORP COM 87238Q103 161 9,500 SH   DFND 1,2,3 9,500 0 0
TCP CAP CORP COM 87238Q103 8 500 SH   OTR 1,2,3 0 500 0
TESLA MTRS INC COM 88160R101 321 1,500 SH   OTR 1,2,3 0 1,500 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 1,024 15,613 SH   DFND 1,2,3 15,613 0 0
VEREIT INC COM 92339V100 11,359 1,342,668 SH   DFND 1,2,3 1,342,668 0 0
VEREIT INC COM 92339V100 3,161 373,635 SH   OTR 1,2,3 0 373,635 0
VERIZON COMMUNICATIONS INC COM 92343V104 374 7,000 SH   DFND 1,2,3 7,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 560 10,500 SH   OTR 1,2,3 0 10,500 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 300 3,625 SH   OTR 1,2,3 0 3,625 0
WELLS FARGO & CO NEW COM 949746101 1,405 25,500 SH   DFND 1,2,3 25,500 0 0
WELLS FARGO & CO NEW COM 949746101 248 4,500 SH   OTR 1,2,3 0 4,500 0
WESTERN DIGITAL CORP COM 958102105 849 12,500 SH   DFND 1,2,3 12,500 0 0
WESTERN DIGITAL CORP COM 958102105 1,238 18,216 SH   OTR 1,2,3 0 18,216 0
XENIA HOTELS & RESORTS INC COM 984017103 19 1,000 SH   DFND 1,2,3 1,000 0 0
XENIA HOTELS & RESORTS INC COM 984017103 1,240 63,868 SH   OTR 1,2,3 0 63,868 0