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 245 6,500 SH   OTR 1,2,3 0 6,500 0
ALEXANDRIA REAL ESTATE EQ IN PFD CONV SER D 015271505 289 8,000 SH   DFND 1,2,3 8,000 0 0
ALEXANDRIA REAL ESTATE EQ IN PFD CONV SER D 015271505 60 1,650 SH   OTR 1,2,3 0 1,650 0
ALPHABET INC CAP STK CL C 02079K107 911 1,002 SH   OTR 1,2,3 0 1,002 0
AMAZON COM INC COM 023135106 290 300 SH   OTR 1,2,3 0 300 0
AMERICA FIRST MULTIFAMILY IN BEN UNIT CTF 02364V107 268 45,000 SH   DFND 1,2,3 45,000 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 203 4,300 SH   DFND 1,2,3 4,300 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 208 4,400 SH   OTR 1,2,3 0 4,400 0
APARTMENT INVT & MGMT CO CL A 03748R101 2,130 49,560 SH   DFND 1,2,3 49,560 0 0
APPLE INC COM 037833100 295 2,050 SH   OTR 1,2,3 0 2,050 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 246 40,523 SH   DFND 1,2,3 40,523 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 36 6,000 SH   OTR 1,2,3 0 6,000 0
BP PLC SPONSORED ADR 055622104 1,920 55,400 SH   DFND 1,2,3 55,400 0 0
BP PLC SPONSORED ADR 055622104 679 19,600 SH   OTR 1,2,3 0 19,600 0
BANK AMER CORP COM 060505104 146 6,000 SH   DFND 1,2,3 6,000 0 0
BANK AMER CORP COM 060505104 775 31,953 SH   OTR 1,2,3 0 31,953 0
BANK AMER CORP 7.25%CNV PFD L 060505682 757 600 SH   DFND 1,2,3 600 0 0
BANK AMER CORP 7.25%CNV PFD L 060505682 1,309 1,037 SH   OTR 1,2,3 0 1,037 0
BLACKROCK MUNICIPL INC QLTY COM 092479104 458 31,622 SH   DFND 1,2,3 31,622 0 0
BLACKROCK MUNICIPL INC QLTY COM 092479104 72 5,000 SH   OTR 1,2,3 0 5,000 0
BLACKROCK MUNIHLDGS FD II IN COM 09253P109 30 1,887 SH   DFND 1,2,3 1,887 0 0
BLACKROCK MUNIHLDGS FD II IN COM 09253P109 261 16,500 SH   OTR 1,2,3 0 16,500 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 160 4,800 SH   DFND 1,2,3 4,800 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 223 6,700 SH   OTR 1,2,3 0 6,700 0
BLACKROCK MUNI INTER DR FD I COM 09253X102 204 14,500 SH   DFND 1,2,3 14,500 0 0
BLACKROCK MUNI INTER DR FD I COM 09253X102 81 5,800 SH   OTR 1,2,3 0 5,800 0
BLACKROCK MUNIHOLDNGS QLTY I COM 09254A101 581 43,217 SH   DFND 1,2,3 43,217 0 0
BLACKROCK MUNIHOLDNGS QLTY I COM 09254A101 105 7,815 SH   OTR 1,2,3 0 7,815 0
BLACKROCK MUNIHLDNGS QLTY II COM 09254C107 158 11,597 SH   DFND 1,2,3 11,597 0 0
BLACKROCK MUNIYIELD QLTY FD COM 09254E103 452 31,665 SH   DFND 1,2,3 31,665 0 0
BLACKROCK MUNIYIELD QLTY FD COM 09254E103 21 1,500 SH   OTR 1,2,3 0 1,500 0
CITIGROUP INC COM NEW 172967424 689 10,300 SH   DFND 1,2,3 10,300 0 0
CITIGROUP INC COM NEW 172967424 134 2,000 SH   OTR 1,2,3 0 2,000 0
COLONY NORTHSTAR INC CL A COM 19625W104 866 61,459 SH   DFND 1,2,3 61,459 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 180 12,774 SH   OTR 1,2,3 0 12,774 0
CONOCOPHILLIPS COM 20825C104 251 5,700 SH   DFND 1,2,3 5,700 0 0
CONOCOPHILLIPS COM 20825C104 211 4,800 SH   OTR 1,2,3 0 4,800 0
CROWN CASTLE INTL CORP NEW COM 22822V101 50 500 SH   DFND 1,2,3 500 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 237 2,370 SH   OTR 1,2,3 0 2,370 0
CYRUSONE INC COM 23283R100 385 6,900 SH   DFND 1,2,3 6,900 0 0
CYRUSONE INC COM 23283R100 485 8,700 SH   OTR 1,2,3 0 8,700 0
DDR CORP COM 23317H102 488 53,750 SH   DFND 1,2,3 53,750 0 0
DDR CORP COM 23317H102 93 10,244 SH   OTR 1,2,3 0 10,244 0
DREYFUS STRATEGIC MUNS INC COM 261932107 418 46,922 SH   DFND 1,2,3 46,922 0 0
DREYFUS STRATEGIC MUNS INC COM 261932107 10 1,100 SH   OTR 1,2,3 0 1,100 0
DREYFUS MUN INCOME INC COM 26201R102 119 13,157 SH   DFND 1,2,3 13,157 0 0
EQT MIDSTREAM PARTNERS LP UNIT LTD PARTN 26885B100 388 5,200 SH   DFND 1,2,3 5,200 0 0
EQT MIDSTREAM PARTNERS LP UNIT LTD PARTN 26885B100 530 7,100 SH   OTR 1,2,3 0 7,100 0
EATON VANCE MUN BD FD COM 27827X101 997 78,565 SH   DFND 1,2,3 78,565 0 0
EATON VANCE MUN BD FD COM 27827X101 135 10,600 SH   OTR 1,2,3 0 10,600 0
ENERGY TRANSFER PARTNERS LP UNIT LTD PRT INT 29278N103 51 2,500 SH   DFND 1,2,3 2,500 0 0
ENERGY TRANSFER PARTNERS LP UNIT LTD PRT INT 29278N103 1,525 74,806 SH   OTR 1,2,3 0 74,806 0
ENTERPRISE PRODS PARTNERS L COM 293792107 217 8,000 SH   DFND 1,2,3 8,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,010 37,300 SH   OTR 1,2,3 0 37,300 0
EQUITY COMWLTH COM SH BEN INT 294628102 160 5,072 SH   DFND 1,2,3 5,072 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 112 3,550 SH   OTR 1,2,3 0 3,550 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,455 22,100 SH   DFND 1,2,3 22,100 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 406 6,164 SH   OTR 1,2,3 0 6,164 0
EXXON MOBIL CORP COM 30231G102 347 4,300 SH   DFND 1,2,3 4,300 0 0
EXXON MOBIL CORP COM 30231G102 428 5,300 SH   OTR 1,2,3 0 5,300 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 272 9,500 SH   DFND 1,2,3 9,500 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 129 4,500 SH   OTR 1,2,3 0 4,500 0
FIRST POTOMAC RLTY TR COM 33610F109 713 64,173 SH   DFND 1,2,3 64,173 0 0
FIRST POTOMAC RLTY TR COM 33610F109 574 51,700 SH   OTR 1,2,3 0 51,700 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 19 16,005 SH   DFND 1,2,3 16,005 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 14 12,000 SH   OTR 1,2,3 0 12,000 0
GENERAL ELECTRIC CO COM 369604103 1,594 59,000 SH   DFND 1,2,3 59,000 0 0
GENERAL ELECTRIC CO COM 369604103 323 11,950 SH   OTR 1,2,3 0 11,950 0
GILEAD SCIENCES INC COM 375558103 842 11,900 SH   DFND 1,2,3 11,900 0 0
GILEAD SCIENCES INC COM 375558103 485 6,850 SH   OTR 1,2,3 0 6,850 0
GLOBAL MED REIT INC COM NEW 37954A204 351 39,254 SH   DFND 1,2,3 39,254 0 0
GLOBAL MED REIT INC COM NEW 37954A204 201 22,500 SH   OTR 1,2,3 0 22,500 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,331 6,000 SH   DFND 1,2,3 6,000 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 241 13,006 SH   DFND 1,2,3 13,006 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 222 12,000 SH   OTR 1,2,3 0 12,000 0
HUGOTON RTY TR TEX UNIT BEN INT 444717102 20 11,010 SH   DFND 1,2,3 11,010 0 0
HUGOTON RTY TR TEX UNIT BEN INT 444717102 6 3,500 SH   OTR 1,2,3 0 3,500 0
INDEPENDENCE RLTY TR INC COM 45378A106 57 5,804 SH   DFND 1,2,3 5,804 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 50 5,050 SH   OTR 1,2,3 0 5,050 0
INTEL CORP COM 458140100 135 4,000 SH   DFND 1,2,3 4,000 0 0
INTEL CORP COM 458140100 135 4,000 SH   OTR 1,2,3 0 4,000 0
INVESCO VALUE MUN INCOME TR COM 46132P108 1,872 123,403 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 109 17,500 SH   OTR 1,2,3 0 17,500 0
IRON MTN INC NEW COM 46284V101 357 10,400 SH   DFND 1,2,3 10,400 0 0
IRON MTN INC NEW COM 46284V101 354 10,300 SH   OTR 1,2,3 0 10,300 0
JPMORGAN CHASE & CO COM 46625H100 6,837 74,800 SH   DFND 1,2,3 74,800 0 0
JPMORGAN CHASE & CO COM 46625H100 160 1,750 SH   OTR 1,2,3 0 1,750 0
KITE RLTY GROUP TR COM NEW 49803T300 745 39,332 SH   OTR 1,2,3 0 39,332 0
KROGER CO COM 501044101 350 15,000 SH   DFND 1,2,3 15,000 0 0
KROGER CO COM 501044101 350 15,000 SH   OTR 1,2,3 0 15,000 0
LTC PPTYS INC COM 502175102 314 6,108 SH   DFND 1,2,3 6,108 0 0
LTC PPTYS INC COM 502175102 77 1,500 SH   OTR 1,2,3 0 1,500 0
LEXINGTON REALTY TRUST COM 529043101 89 9,000 SH   DFND 1,2,3 9,000 0 0
LEXINGTON REALTY TRUST COM 529043101 16 1,650 SH   OTR 1,2,3 0 1,650 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 102 2,000 SH   DFND 1,2,3 2,000 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 102 2,000 SH   OTR 1,2,3 0 2,000 0
MPLX LP COM UNIT REP LTD 55336V100 848 25,400 SH   DFND 1,2,3 25,400 0 0
MPLX LP COM UNIT REP LTD 55336V100 488 14,600 SH   OTR 1,2,3 0 14,600 0
MARATHON PETE CORP COM 56585A102 1,664 31,800 SH   DFND 1,2,3 31,800 0 0
MARATHON PETE CORP COM 56585A102 848 16,200 SH   OTR 1,2,3 0 16,200 0
MEDICAL PPTYS TRUST INC COM 58463J304 2,097 162,900 SH   DFND 1,2,3 162,900 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 1,757 136,500 SH   OTR 1,2,3 0 136,500 0
MFS INTERMEDIATE HIGH INC FD SH BEN INT 59318T109 41 14,500 SH   OTR 1,2,3 0 14,500 0
MICROSOFT CORP COM 594918104 276 4,000 SH   OTR 1,2,3 0 4,000 0
MICRON TECHNOLOGY INC COM 595112103 9 300 SH   OTR 1,2,3 0 300 0
MORGAN STANLEY COM NEW 617446448 980 22,000 SH   DFND 1,2,3 22,000 0 0
NETFLIX INC COM 64110L106 314 2,100 SH   OTR 1,2,3 0 2,100 0
NUVEEN AMT FREE QLTY MUN INC COM 670657105 1,960 143,142 SH   DFND 1,2,3 143,142 0 0
NUVEEN AMT FREE QLTY MUN INC COM 670657105 98 7,190 SH   OTR 1,2,3 0 7,190 0
NUVEEN QUALITY MUNCP INCOME COM 67066V101 932 66,398 SH   DFND 1,2,3 66,398 0 0
NUVEEN QUALITY MUNCP INCOME COM 67066V101 280 19,942 SH   OTR 1,2,3 0 19,942 0
NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101 506 33,939 SH   DFND 1,2,3 33,939 0 0
NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101 361 24,170 SH   OTR 1,2,3 0 24,170 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106 3,722 245,698 SH   DFND 1,2,3 245,698 0 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106 407 26,885 SH   OTR 1,2,3 0 26,885 0
OMEGA HEALTHCARE INVS INC COM 681936100 469 14,200 SH   DFND 1,2,3 14,200 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 581 17,600 SH   OTR 1,2,3 0 17,600 0
ONE LIBERTY PPTYS INC COM 682406103 1,157 49,375 SH   DFND 1,2,3 49,375 0 0
ONE LIBERTY PPTYS INC COM 682406103 66 2,799 SH   OTR 1,2,3 0 2,799 0
PALO ALTO NETWORKS INC COM 697435105 294 2,200 SH   DFND 1,2,3 2,200 0 0
PALO ALTO NETWORKS INC COM 697435105 268 2,000 SH   OTR 1,2,3 0 2,000 0
PHILLIPS 66 PARTNERS LP COM UNIT REP INT 718549207 297 6,000 SH   DFND 1,2,3 6,000 0 0
PHILLIPS 66 PARTNERS LP COM UNIT REP INT 718549207 198 4,000 SH   OTR 1,2,3 0 4,000 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 113 4,300 SH   DFND 1,2,3 4,300 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 1,285 48,900 SH   OTR 1,2,3 0 48,900 0
POTASH CORP SASK INC COM 73755L107 742 45,500 SH   DFND 1,2,3 45,500 0 0
POTASH CORP SASK INC COM 73755L107 82 5,000 SH   OTR 1,2,3 0 5,000 0
PROLOGIS INC COM 74340W103 720 12,276 SH   DFND 1,2,3 12,276 0 0
PROLOGIS INC COM 74340W103 52 892 SH   OTR 1,2,3 0 892 0
PUTNAM MANAGED MUN INCOM TR COM 746823103 677 90,112 SH   DFND 1,2,3 90,112 0 0
PUTNAM MANAGED MUN INCOM TR COM 746823103 83 11,000 SH   OTR 1,2,3 0 11,000 0
PUTNAM MUN OPPORTUNITIES TR SH BEN INT 746922103 567 45,366 SH   DFND 1,2,3 45,366 0 0
PUTNAM MUN OPPORTUNITIES TR SH BEN INT 746922103 144 11,500 SH   OTR 1,2,3 0 11,500 0
QTS RLTY TR INC COM CL A 74736A103 277 5,300 SH   DFND 1,2,3 5,300 0 0
QTS RLTY TR INC COM CL A 74736A103 246 4,700 SH   OTR 1,2,3 0 4,700 0
RSP PERMIAN INC COM 74978Q105 258 8,000 SH   DFND 1,2,3 8,000 0 0
RSP PERMIAN INC COM 74978Q105 65 2,000 SH   OTR 1,2,3 0 2,000 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 132 2,500 SH   DFND 1,2,3 2,500 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 105 2,000 SH   OTR 1,2,3 0 2,000 0
RETAIL PPTYS AMER INC CL A 76131V202 40,151 3,288,343 SH   DFND 1,2,3 3,288,343 0 0
RETAIL PPTYS AMER INC CL A 76131V202 80,582 6,599,633 SH   OTR 1,2,3 0 6,599,633 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 2,255 42,400 SH   DFND 1,2,3 42,400 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 1,000 18,800 SH   OTR 1,2,3 0 18,800 0
SABINE ROYALTY TR UNIT BEN INT 785688102 250 6,450 SH   OTR 1,2,3 0 6,450 0
SANOFI SPONSORED ADR 80105N105 86 1,800 SH   DFND 1,2,3 1,800 0 0
SANOFI SPONSORED ADR 80105N105 153 3,201 SH   OTR 1,2,3 0 3,201 0
SEMGROUP CORP CL A 81663A105 3 122 SH   DFND 1,2,3 122 0 0
SEMGROUP CORP CL A 81663A105 1,013 37,533 SH   OTR 1,2,3 0 37,533 0
SPIRIT RLTY CAP INC NEW COM 84860W102 259 35,000 SH   DFND 1,2,3 35,000 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 241 32,503 SH   OTR 1,2,3 0 32,503 0
STARBUCKS CORP COM 855244109 204 3,500 SH   OTR 1,2,3 0 3,500 0
STMICROELECTRONICS N V NY REGISTRY 861012102 273 19,000 SH   DFND 1,2,3 19,000 0 0
STMICROELECTRONICS N V NY REGISTRY 861012102 14 1,000 SH   OTR 1,2,3 0 1,000 0
SUMMIT MIDSTREAM PARTNERS LP COM UNIT LTD 866142102 348 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
TANGER FACTORY OUTLET CTRS I COM 875465106 148 5,700 SH   DFND 1,2,3 5,700 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 169 6,500 SH   OTR 1,2,3 0 6,500 0
TESLA INC COM 88160R101 542 1,500 SH   OTR 1,2,3 0 1,500 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 1,242 15,613 SH   DFND 1,2,3 15,613 0 0
VENTAS INC COM 92276F100 139 2,000 SH   DFND 1,2,3 2,000 0 0
VENTAS INC COM 92276F100 118 1,700 SH   OTR 1,2,3 0 1,700 0
VEREIT INC COM 92339V100 11,762 1,444,968 SH   DFND 1,2,3 1,444,968 0 0
VEREIT INC COM 92339V100 3,741 459,635 SH   OTR 1,2,3 0 459,635 0
VERIZON COMMUNICATIONS INC COM 92343V104 960 21,500 SH   DFND 1,2,3 21,500 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 759 17,000 SH   OTR 1,2,3 0 17,000 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 284 3,625 SH   OTR 1,2,3 0 3,625 0
WELLS FARGO CO NEW COM 949746101 1,413 25,500 SH   DFND 1,2,3 25,500 0 0
WELLS FARGO CO NEW COM 949746101 249 4,500 SH   OTR 1,2,3 0 4,500 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 1,137 58,678 SH   OTR 1,2,3 0 58,678 0