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 270 6,500 SH   OTR 1,2,3 0 6,500 0
ALEXANDRIA REAL ESTATE EQ IN PFD CONV SER D 015271505 279 8,000 SH   DFND 1,2,3 8,000 0 0
ALEXANDRIA REAL ESTATE EQ IN PFD CONV SER D 015271505 58 1,650 SH   OTR 1,2,3 0 1,650 0
ALPHABET INC CAP STK CL C 02079K107 831 1,002 SH   OTR 1,2,3 0 1,002 0
AMAZON COM INC COM 023135106 266 300 SH   OTR 1,2,3 0 300 0
AMERICA FIRST MULTIFAMILY IN BEN UNIT CTF 02364V107 252 45,000 SH   DFND 1,2,3 45,000 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 205 4,300 SH   DFND 1,2,3 4,300 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 209 4,400 SH   OTR 1,2,3 0 4,400 0
APARTMENT INVT & MGMT CO CL A 03748R101 2,198 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 258 40,523 SH   DFND 1,2,3 40,523 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 38 6,000 SH   OTR 1,2,3 0 6,000 0
BP PLC SPONSORED ADR 055622104 1,912 55,400 SH   DFND 1,2,3 55,400 0 0
BP PLC SPONSORED ADR 055622104 677 19,600 SH   OTR 1,2,3 0 19,600 0
BANK AMER CORP COM 060505104 142 6,000 SH   DFND 1,2,3 6,000 0 0
BANK AMER CORP COM 060505104 754 31,953 SH   OTR 1,2,3 0 31,953 0
BANK AMER CORP 7.25%CNV PFD L 060505682 717 600 SH   DFND 1,2,3 600 0 0
BANK AMER CORP 7.25%CNV PFD L 060505682 1,239 1,037 SH   OTR 1,2,3 0 1,037 0
BLACKROCK MUNICIPL INC QLTY COM 092479104 441 31,622 SH   DFND 1,2,3 31,622 0 0
BLACKROCK MUNICIPL INC QLTY COM 092479104 70 5,000 SH   OTR 1,2,3 0 5,000 0
BLACKROCK MUNIHLDGS FD II IN COM 09253P109 29 1,887 SH   DFND 1,2,3 1,887 0 0
BLACKROCK MUNIHLDGS FD II IN COM 09253P109 256 16,500 SH   OTR 1,2,3 0 16,500 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 143 4,800 SH   DFND 1,2,3 4,800 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 199 6,700 SH   OTR 1,2,3 0 6,700 0
BLACKROCK MUNI INTER DR FD I COM 09253X102 201 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 570 43,217 SH   DFND 1,2,3 43,217 0 0
BLACKROCK MUNIHOLDNGS QLTY I COM 09254A101 103 7,815 SH   OTR 1,2,3 0 7,815 0
BLACKROCK MUNIHLDNGS QLTY II COM 09254C107 154 11,597 SH   DFND 1,2,3 11,597 0 0
BLACKROCK MUNIYIELD QLTY FD COM 09254E103 441 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 616 10,300 SH   DFND 1,2,3 10,300 0 0
CITIGROUP INC COM NEW 172967424 120 2,000 SH   OTR 1,2,3 0 2,000 0
COLONY NORTHSTAR INC CL A COM 19625W104 793 61,459 SH   DFND 1,2,3 61,459 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 165 12,774 SH   OTR 1,2,3 0 12,774 0
CROWN CASTLE INTL CORP NEW COM 22822V101 47 500 SH   DFND 1,2,3 500 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 224 2,370 SH   OTR 1,2,3 0 2,370 0
CYRUSONE INC COM 23283R100 355 6,900 SH   DFND 1,2,3 6,900 0 0
CYRUSONE INC COM 23283R100 453 8,800 SH   OTR 1,2,3 0 8,800 0
DDR CORP COM 23317H102 673 53,750 SH   DFND 1,2,3 53,750 0 0
DDR CORP COM 23317H102 128 10,244 SH   OTR 1,2,3 0 10,244 0
DREYFUS STRATEGIC MUNS INC COM 261932107 404 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 117 13,157 SH   DFND 1,2,3 13,157 0 0
EATON VANCE MUN BD FD COM 27827X101 986 78,565 SH   DFND 1,2,3 78,565 0 0
EATON VANCE MUN BD FD COM 27827X101 133 10,600 SH   OTR 1,2,3 0 10,600 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 37 1,000 SH   DFND 1,2,3 1,000 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 1,724 47,200 SH   OTR 1,2,3 0 47,200 0
ENTERPRISE PRODS PARTNERS L COM 293792107 221 8,000 SH   DFND 1,2,3 8,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,030 37,300 SH   OTR 1,2,3 0 37,300 0
EQUITY COMWLTH COM SH BEN INT 294628102 158 5,072 SH   DFND 1,2,3 5,072 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 111 3,550 SH   OTR 1,2,3 0 3,550 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,375 22,100 SH   DFND 1,2,3 22,100 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 384 6,164 SH   OTR 1,2,3 0 6,164 0
EXXON MOBIL CORP COM 30231G102 353 4,300 SH   DFND 1,2,3 4,300 0 0
EXXON MOBIL CORP COM 30231G102 435 5,300 SH   OTR 1,2,3 0 5,300 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 253 9,500 SH   DFND 1,2,3 9,500 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 120 4,500 SH   OTR 1,2,3 0 4,500 0
FIRST POTOMAC RLTY TR COM 33610F109 660 64,173 SH   DFND 1,2,3 64,173 0 0
FIRST POTOMAC RLTY TR COM 33610F109 531 51,700 SH   OTR 1,2,3 0 51,700 0
FLUOR CORP NEW COM 343412102 16 300 SH   OTR 1,2,3 0 300 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 34 16,005 SH   DFND 1,2,3 16,005 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 26 12,000 SH   OTR 1,2,3 0 12,000 0
GENERAL ELECTRIC CO COM 369604103 1,758 59,000 SH   DFND 1,2,3 59,000 0 0
GENERAL ELECTRIC CO COM 369604103 354 11,886 SH   OTR 1,2,3 0 11,886 0
GILEAD SCIENCES INC COM 375558103 808 11,900 SH   DFND 1,2,3 11,900 0 0
GILEAD SCIENCES INC COM 375558103 469 6,900 SH   OTR 1,2,3 0 6,900 0
GLOBAL MED REIT INC COM NEW 37954A204 356 39,254 SH   DFND 1,2,3 39,254 0 0
GLOBAL MED REIT INC COM NEW 37954A204 204 22,500 SH   OTR 1,2,3 0 22,500 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,378 6,000 SH   DFND 1,2,3 6,000 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 244 13,006 SH   DFND 1,2,3 13,006 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 225 12,000 SH   OTR 1,2,3 0 12,000 0
HUGOTON RTY TR TEX UNIT BEN INT 444717102 21 11,010 SH   DFND 1,2,3 11,010 0 0
HUGOTON RTY TR TEX UNIT BEN INT 444717102 7 3,500 SH   OTR 1,2,3 0 3,500 0
INDEPENDENCE RLTY TR INC COM 45378A106 54 5,804 SH   DFND 1,2,3 5,804 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 47 5,050 SH   OTR 1,2,3 0 5,050 0
INTEL CORP COM 458140100 144 4,000 SH   DFND 1,2,3 4,000 0 0
INTEL CORP COM 458140100 144 4,000 SH   OTR 1,2,3 0 4,000 0
INVESCO VALUE MUN INCOME TR COM 46132P108 1,800 123,403 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 104 17,500 SH   OTR 1,2,3 0 17,500 0
JPMORGAN CHASE & CO COM 46625H100 6,570 74,800 SH   DFND 1,2,3 74,800 0 0
JPMORGAN CHASE & CO COM 46625H100 154 1,750 SH   OTR 1,2,3 0 1,750 0
KITE RLTY GROUP TR COM NEW 49803T300 846 39,332 SH   OTR 1,2,3 0 39,332 0
LTC PPTYS INC COM 502175102 293 6,108 SH   DFND 1,2,3 6,108 0 0
LTC PPTYS INC COM 502175102 72 1,500 SH   OTR 1,2,3 0 1,500 0
LEXINGTON REALTY TRUST COM 529043101 90 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 101 2,000 SH   DFND 1,2,3 2,000 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 101 2,000 SH   OTR 1,2,3 0 2,000 0
MPLX LP COM UNIT REP LTD 55336V100 711 19,700 SH   DFND 1,2,3 19,700 0 0
MPLX LP COM UNIT REP LTD 55336V100 372 10,300 SH   OTR 1,2,3 0 10,300 0
MARATHON PETE CORP COM 56585A102 1,607 31,800 SH   DFND 1,2,3 31,800 0 0
MARATHON PETE CORP COM 56585A102 819 16,200 SH   OTR 1,2,3 0 16,200 0
MEDICAL PPTYS TRUST INC COM 58463J304 1,897 147,200 SH   DFND 1,2,3 147,200 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 1,511 117,200 SH   OTR 1,2,3 0 117,200 0
MFS INTERMEDIATE HIGH INC FD SH BEN INT 59318T109 39 14,500 SH   OTR 1,2,3 0 14,500 0
MICROSOFT CORP COM 594918104 263 4,000 SH   OTR 1,2,3 0 4,000 0
MORGAN STANLEY COM NEW 617446448 942 22,000 SH   DFND 1,2,3 22,000 0 0
NETFLIX INC COM 64110L106 310 2,100 SH   OTR 1,2,3 0 2,100 0
NUVEEN AMT FREE QLTY MUN INC COM 670657105 1,912 143,142 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 909 66,398 SH   DFND 1,2,3 66,398 0 0
NUVEEN QUALITY MUNCP INCOME COM 67066V101 273 19,942 SH   OTR 1,2,3 0 19,942 0
NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101 488 33,939 SH   DFND 1,2,3 33,939 0 0
NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT 67070X101 348 24,170 SH   OTR 1,2,3 0 24,170 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106 3,592 245,698 SH   DFND 1,2,3 245,698 0 0
NUVEEN AMT FREE MUN CR INC F COM 67071L106 393 26,885 SH   OTR 1,2,3 0 26,885 0
OMEGA HEALTHCARE INVS INC COM 681936100 468 14,200 SH   DFND 1,2,3 14,200 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 584 17,700 SH   OTR 1,2,3 0 17,700 0
ONE LIBERTY PPTYS INC COM 682406103 1,153 49,375 SH   DFND 1,2,3 49,375 0 0
ONE LIBERTY PPTYS INC COM 682406103 65 2,799 SH   OTR 1,2,3 0 2,799 0
PALO ALTO NETWORKS INC COM 697435105 248 2,200 SH   DFND 1,2,3 2,200 0 0
PALO ALTO NETWORKS INC COM 697435105 225 2,000 SH   OTR 1,2,3 0 2,000 0
PHILLIPS 66 PARTNERS LP COM UNIT REP INT 718549207 308 6,000 SH   DFND 1,2,3 6,000 0 0
PHILLIPS 66 PARTNERS LP COM UNIT REP INT 718549207 205 4,000 SH   OTR 1,2,3 0 4,000 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 89 2,800 SH   DFND 1,2,3 2,800 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 1,435 45,400 SH   OTR 1,2,3 0 45,400 0
POTASH CORP SASK INC COM 73755L107 777 45,500 SH   DFND 1,2,3 45,500 0 0
POTASH CORP SASK INC COM 73755L107 85 5,000 SH   OTR 1,2,3 0 5,000 0
PROLOGIS INC COM 74340W103 637 12,276 SH   DFND 1,2,3 12,276 0 0
PROLOGIS INC COM 74340W103 46 892 SH   OTR 1,2,3 0 892 0
PUTNAM MANAGED MUN INCOM TR COM 746823103 654 90,112 SH   DFND 1,2,3 90,112 0 0
PUTNAM MANAGED MUN INCOM TR COM 746823103 80 11,000 SH   OTR 1,2,3 0 11,000 0
PUTNAM MUN OPPORTUNITIES TR SH BEN INT 746922103 545 45,366 SH   DFND 1,2,3 45,366 0 0
PUTNAM MUN OPPORTUNITIES TR SH BEN INT 746922103 138 11,500 SH   OTR 1,2,3 0 11,500 0
QTS RLTY TR INC COM CL A 74736A103 258 5,300 SH   DFND 1,2,3 5,300 0 0
QTS RLTY TR INC COM CL A 74736A103 229 4,700 SH   OTR 1,2,3 0 4,700 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 136 2,500 SH   DFND 1,2,3 2,500 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 108 2,000 SH   OTR 1,2,3 0 2,000 0
RETAIL PPTYS AMER INC CL A 76131V202 47,760 3,312,043 SH   DFND 1,2,3 3,312,043 0 0
RETAIL PPTYS AMER INC CL A 76131V202 95,224 6,603,558 SH   OTR 1,2,3 0 6,603,558 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 2,236 42,400 SH   DFND 1,2,3 42,400 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 991 18,800 SH   OTR 1,2,3 0 18,800 0
SABINE ROYALTY TR UNIT BEN INT 785688102 230 6,450 SH   OTR 1,2,3 0 6,450 0
SEMGROUP CORP CL A 81663A105 4 122 SH   DFND 1,2,3 122 0 0
SEMGROUP CORP CL A 81663A105 1,351 37,533 SH   OTR 1,2,3 0 37,533 0
SPIRIT RLTY CAP INC NEW COM 84860W102 132 13,000 SH   DFND 1,2,3 13,000 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 46 4,503 SH   OTR 1,2,3 0 4,503 0
STARBUCKS CORP COM 855244109 204 3,500 SH   OTR 1,2,3 0 3,500 0
STMICROELECTRONICS N V NY REGISTRY 861012102 294 19,000 SH   DFND 1,2,3 19,000 0 0
STMICROELECTRONICS N V NY REGISTRY 861012102 16 1,000 SH   OTR 1,2,3 0 1,000 0
SUMMIT MIDSTREAM PARTNERS LP COM UNIT LTD 866142102 369 15,383 SH   OTR 1,2,3 0 15,383 0
TCP CAP CORP COM 87238Q103 165 9,500 SH   DFND 1,2,3 9,500 0 0
TCP CAP CORP COM 87238Q103 9 500 SH   OTR 1,2,3 0 500 0
TESLA INC COM 88160R101 417 1,500 SH   OTR 1,2,3 0 1,500 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 1,007 15,613 SH   DFND 1,2,3 15,613 0 0
VENTAS INC COM 92276F100 130 2,000 SH   DFND 1,2,3 2,000 0 0
VENTAS INC COM 92276F100 111 1,700 SH   OTR 1,2,3 0 1,700 0
VEREIT INC COM 92339V100 11,457 1,349,468 SH   DFND 1,2,3 1,349,468 0 0
VEREIT INC COM 92339V100 3,316 390,635 SH   OTR 1,2,3 0 390,635 0
VERIZON COMMUNICATIONS INC COM 92343V104 341 7,000 SH   DFND 1,2,3 7,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 512 10,500 SH   OTR 1,2,3 0 10,500 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 301 3,625 SH   OTR 1,2,3 0 3,625 0
WELLS FARGO & CO NEW COM 949746101 1,419 25,500 SH   DFND 1,2,3 25,500 0 0
WELLS FARGO & CO NEW COM 949746101 250 4,500 SH   OTR 1,2,3 0 4,500 0
WESTERN DIGITAL CORP COM 958102105 1,032 12,500 SH   DFND 1,2,3 12,500 0 0
WESTERN DIGITAL CORP COM 958102105 1,503 18,216 SH   OTR 1,2,3 0 18,216 0
XENIA HOTELS & RESORTS INC COM 984017103 17 1,000 SH   DFND 1,2,3 1,000 0 0
XENIA HOTELS & RESORTS INC COM 984017103 993 58,178 SH   OTR 1,2,3 0 58,178 0