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
AG MTG INVT TR INC COM 001228105 94 5,000 SH   DFND 1,2,3 5,000 0 0
AG MTG INVT TR INC COM 001228105 470 25,000 SH   OTR 1,2,3,4 0 25,000 0
AMERICA FIRST TAX EX IVS L P BEN UNIT CTF 02364V107 304 45,000 SH   DFND 1,2,3 45,000 0 0
AMERICAN RLTY CAP PPTYS INC PUT 02917T954 1,831 120,000 SH   DFND 1,2,3 120,000 0 0
AMREIT INC NEW CL B 03216B208 2,087 107,893 SH   OTR 1,2,3,4 0 107,893 0
ANNALY CAP MGMT INC COM 035710409 75 6,000 SH   DFND 1,2,3 6,000 0 0
ANNALY CAP MGMT INC COM 035710409 157 12,500 SH   OTR 1,2,3 0 12,500 0
ANNALY CAP MGMT INC COM 035710409 1,835 146,000 SH   OTR 1,2,3,4 0 146,000 0
APARTMENT INVT & MGMT CO CL A 03748R101 1,899 63,200 SH   DFND 1,2,3 63,200 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 400 34,923 SH   DFND 1,2,3 34,923 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 214 8,000 SH   OTR 1,2,3 0 8,000 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 724 27,000 SH   OTR 1,2,3,4 0 27,000 0
ATLAS PIPELINE PARTNERS LP UNIT L P INT 049392103 134 3,500 SH   DFND 1,2,3 3,500 0 0
ATLAS PIPELINE PARTNERS LP UNIT L P INT 049392103 325 8,500 SH   OTR 1,2,3 0 8,500 0
BANK OF AMERICA CORPORATION COM 060505104 386 30,000 SH   DFND 1,2,3 30,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 1,827 142,100 SH   OTR 1,2,3 0 1,827 0
BANK OF AMERICA CORPORATION 7.25%CNV PFD L 060505682 1,732 1,562 SH   OTR 1,2,3 0 1,562 0
BANK OF AMERICA CORPORATION 7.25%CNV PFD L 060505682 3,089 2,785 SH   DFND 1,2,3 3,089 0 0
BANK OF AMERICA CORPORATION 7.25%CNV PFD L 060505682 5,401 4,870 SH   OTR 1,2,3,4 0 4,870 0
BANK OF AMERICA CORPORATION CALL 060505904 322 25,000 SH   DFND 1,2,3 25,000 0 0
BARCLAYS PLC ADR 06738E204 406 23,700 SH   OTR 1,2,3 0 23,700 0
BARCLAYS PLC ADR 06738E204 685 40,000 SH   DFND 1,2,3 40,000 0 0
BB&T CORP DP SHS RP PF G 054937800 92 4,000 SH   OTR 1,2,3 0 4,000 0
BB&T CORP DP SHS RP PF G 054937800 137 6,000 SH   DFND 1,2,3 6,000 0 0
BLACKROCK HIGH INCOME SHS SHS BEN INT 09250E107 45 21,000 SH   OTR 1,2,3 0 21,000 0
BLACKROCK MUNI INTER DR FD I COM 09253X102 85 5,800 SH   OTR 1,2,3 0 5,800 0
BLACKROCK MUNI INTER DR FD I COM 09253X102 227 15,500 SH   DFND 1,2,3 15,500 0 0
BLACKROCK MUNICIPL INC QLTY COM 092479104 398 28,070 SH   DFND 1,2,3 28,070 0 0
BLACKROCK MUNIHLDGS FD II IN COM 09253P109 148 9,887 SH   DFND 1,2,3 9,887 0 0
BLACKROCK MUNIHLDGS FD II IN COM 09253P109 247 16,500 SH   OTR 1,2,3 0 16,500 0
BLACKROCK MUNIHLDNGS QLTY II COM 09254C107 167 12,097 SH   DFND 1,2,3 12,097 0 0
BLACKROCK MUNIHOLDNGS QLTY I COM 09254A101 23 1,815 SH Put OTR 1,2,3 0 1,815 0
BLACKROCK MUNIHOLDNGS QLTY I COM 09254A101 534 41,677 SH   DFND 1,2,3 41,677 0 0
BLACKROCK MUNIYIELD QLTY FD COM 09254E103 21 1,500 SH Put OTR 1,2,3 0 1,500 0
BLACKROCK MUNIYIELD QLTY FD COM 09254E103 456 32,665 SH   DFND 1,2,3 32,665 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 37 1,500 SH   OTR 1,2,3 0 1,500 0
BLACKSTONE MTG TR INC COM CL A 09257W100 74 3,000 SH   DFND 1,2,3 3,000 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 342 13,850 SH   OTR 1,2,3,4 0 13,850 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 60 2,000 SH   OTR 1,2,3 0 2,000 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 362 12,000 SH   DFND 1,2,3 362 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 529 5,500 SH   DFND 1,2,3 5,500 0 0
BROOKDALE SR LIVING INC COM 112463104 251 9,500 SH   DFND 1,2,3 9,500 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 5 1,000 SH   DFND 1,2,3 1,000 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 31,780 6,135,088 SH   OTR 1,2,3,4 0 6,135,088 0
CITIGROUP INC COM NEW 172967424 621 12,950 SH   DFND 1,2,3 12,950 0 0
CITIGROUP INC COM NEW 172967424 216 4,500 SH   OTR 1,2,3 0 4,500 0
COMMONWEALTH REIT 6.50% PFD CUM CO 203233408 1,144 49,641 SH   OTR 1,2,3 0 49,641 0
COMMONWEALTH REIT 6.50% PFD CUM CO 203233408 115 5,000 SH   DFND 1,2,3 5,000 0 0
COMMONWEALTH REIT 6.50% PFD CUM CO 203233408 1,052 45,660 SH   OTR 1,2,3,4 0 45,660 0
CROSS TIMBERS RTY TR TR UNIT 22757R109 108 4,000 SH   DFND 1,2,3 4,000 0 0
CROSS TIMBERS RTY TR TR UNIT 22757R109 227 8,390 SH   OTR 1,2,3 0 8,390 0
CYS INVTS INC COM 12673A108 92 10,000 SH   OTR 1,2,3,4 0 10,000 0
DDR CORP COM 23317H102 1,061 63,750 SH   DFND 1,2,3 63,750 0 0
DDR CORP COM 23317H102 180 10,795 SH   OTR 1,2,3 0 180 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 798 11,600 SH   DFND 1,2,3 11,600 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 83 1,200 SH   OTR 1,2,3 0 83 0
DIAMONDROCK HOSPITALITY CO COM 252784301 395 42,412 SH   OTR 1,2,3,4 0 42,412 0
DREYFUS MUN INCOME INC COM 26201R102 123 13,157 SH   DFND 1,2,3 13,157 0 0
DREYFUS STRATEGIC MUNS INC COM 261932107 462 53,676 SH   DFND 1,2,3 53,676 0 0
DREYFUS STRATEGIC MUNS INC COM 261932107 56 6,500 SH   OTR 1,2,3 0 6,500 0
EATON VANCE MUN BD FD COM 27827X101 935 78,065 SH   DFND 1,2,3 78,065 0 0
EATON VANCE MUN BD FD COM 27827X101 60 5,000 SH   OTR 1,2,3 0 60 0
ENBRIDGE ENERGY PARTNERS L P COM 29250R106 381 12,500 SH   DFND 1,2,3 381 0 0
ENBRIDGE ENERGY PARTNERS L P COM 29250R106 79 2,600 SH   OTR 1,2,3 0 2,600 0
ENERGY TRANSFER PRTNRS L P CALL 29273R909 126 2,500 SH   DFND 1,2,3 2,500 0 0
ENERGY TRANSFER PRTNRS L P PUT 29273R959 126 2,500 SH   DFND 1,2,3 2,500 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 374 7,400 SH   OTR 1,2,3 0 7,400 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 1,380 27,300 SH Call DFND 1,2,3 1,380 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 230 10,000 SH   OTR 1,2,3,4 0 10,000 0
EPR PPTYS PFD C CNV 5.75% 26884U208 459 20,000 SH   OTR 1,2,3 0 20,000 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 581 10,000 SH   OTR 1,2,3,4 0 10,000 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 552 9,500 SH   DFND 1,2,3 9,500 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 39 664 SH   OTR 1,2,3 0 39 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 144 9,500 SH Put DFND 1,2,3 9,500 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 68 4,500 SH   OTR 1,2,3 0 4,500 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 30 2,000 SH Put OTR 1,2,3,4 0 2,000 0
FRANKLIN STREET PPTYS CORP COM 35471R106 12,166 921,700 SH   OTR 1,2,3,4 0 921,700 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 55 2,000 SH   DFND 1,2,3 2,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 166 6,000 SH Call OTR 1,2,3 0 6,000 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 32 8,005 SH   DFND 1,2,3 8,005 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 8 2,040 SH   OTR 1,2,3 0 2,040 0
FRONTLINE LTD SHS G3682E127 22 12,700 SH   DFND 1,2,3 12,700 0 0
GENERAL ELECTRIC CO COM 369604103 3,479 15,000 SH   DFND 1,2,3 15,000 0 0
GENERAL ELECTRIC CO COM 369604103 392 16,902 SH   OTR 1,2,3 0 392 0
GETTY RLTY CORP NEW COM 374297109 351 17,000 SH   OTR 1,2,3 0 17,000 0
GETTY RLTY CORP NEW COM 374297109 1,455 70,470 SH   OTR 1,2,3,4 0 70,470 0
GOLDMAN SACHS GROUP INC COM 38141G104 908 6,000 SH   DFND 1,2,3 6,000 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 88 3,500 SH   DFND 1,2,3 3,500 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 263 10,443 SH   OTR 1,2,3 0 10,443 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 5,516 218,697 SH   OTR 1,2,3,4 0 218,697 0
HCP INC COM 40414L109 682 15,000 SH   OTR 1,2,3,4 0 15,000 0
HEALTH CARE REIT INC COM 42217K106 1,106 16,500 SH   DFND 1,2,3 16,500 0 0
HEALTH CARE REIT INC COM 42217K106 13,728 204,800 SH   OTR 1,2,3,4 0 204,800 0
HEALTHCARE RLTY TR COM 421946104 26 1,000 SH Put DFND 1,2,3 26 0 0
HEALTHCARE RLTY TR COM 421946104 77 3,000 SH   OTR 1,2,3 0 3,000 0
HEALTHCARE RLTY TR COM 421946104 3,659 143,500 SH   OTR 1,2,3,4 0 143,500 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 1,059 187,700 SH   DFND 1,2,3 187,700 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 271 48,000 SH   OTR 1,2,3 0 48,000 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 10,069 1,785,211 SH   OTR 1,2,3,4 0 1,785,211 0
HUGOTON RTY TR TEX UNIT BEN INT 444717102 218 25,250 SH   OTR 1,2,3 0 218 0
HUGOTON RTY TR TEX UNIT BEN INT 444717102 229 26,610 SH   DFND 1,2,3 26,610 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 2,366 231,503 SH   DFND 1 231,503 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 1,401 137,110 SH   DFND 1,2 137,110 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 37,515 3,670,787 SH   DFND 1,2,3 3,670,787 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 1,247 122,100 SH   OTR 1,2,3 0 122,100 0
INLAND REAL ESTATE CORP COM NEW 457461201 2,431 237,878 SH   OTR 1,2,3 0 237,878 0
INLAND REAL ESTATE CORP COM NEW 457461200 9,196 899,820 SH   OTR 1,2,3,4 0 899,820 0
INLAND REAL ESTATE CORP COM NEW 457461200 73,708 7,212,118 SH   DFND 1,2,5 7,212,118 0 0
INTEL CORP COM 458140100 97 4,000 SH   DFND 1,2,3 4,000 0 0
INTEL CORP COM 458140100 145 6,000 SH   OTR 1,2,3 0 6,000 0
INVESCO VALUE MUN INCOME TR COM 46132P108 4 284 SH   OTR 1,2,3 0 4 0
INVESCO VALUE MUN INCOME TR COM 46132P108 1,813 127,199 SH   DFND 1,2,3 127,199 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 10,848 1,261,390 SH Call OTR 1,2,3,4 0 1,261,390 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 138 16,000 SH   DFND 1,2,3 16,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 505 58,666 SH   OTR 1,2,3 0 58,666 0
JPMORGAN CHASE & CO COM 46625H100 472 8,950 SH   OTR 1,2,3 0 8,950 0
JPMORGAN CHASE & CO COM 46625H100 5,777 109,431 SH   DFND 1,2,3 109,431 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 209 6,300 SH   DFND 1,2,3 6,300 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 213 6,415 SH   OTR 1,2,3 0 213 0
LTC PPTYS INC COM 502175102 239 6,108 SH   DFND 1,2,3 6,108 0 0
LTC PPTYS INC COM 502175102 12,817 328,216 SH   OTR 1,2,3,4 0 328,216 0
LTC PPTYS INC COM 502175102 234 6,000 SH   OTR 1,2,3 0 6,000 0
MARINE PETE TR UNIT BEN INT 568423107 125 7,446 SH   DFND 1,2,3 7,446 0 0
MARINE PETE TR UNIT BEN INT 568423107 150 8,897 SH   OTR 1,2,3 0 8,897 0
MEDICAL PPTYS TRUST INC COM 58463J304 8,042 561,610 SH   OTR 1,2,3 0 561,610 0
MEDICAL PPTYS TRUST INC COM 58463J304 48,461 3,384,143 SH   OTR 1,2,3,4 0 3,384,143 0
MEDICAL PPTYS TRUST INC COM 58463J304 3,793 264,900 SH   DFND 1,2,3 264,900 0 0
MEDICAL PPTYS TRUST INC PUT 58463J954 44 3,100 SH   DFND 1,2,3 3,100 0 0
MESA RTY TR UNIT BEN INT 590660106 75 3,295 SH   OTR 1,2,3 0 3,295 0
MESA RTY TR UNIT BEN INT 590660106 321 14,100 SH   DFND 1,2,3 14,100 0 0
MFS INTERMEDIATE HIGH INC FD SH BEN INT 59318T109 75 26,225 SH   OTR 1,2,3 0 26,225 0
MORGAN STANLEY COM NEW 617446448 537 22,000 SH   DFND 1,2,3 22,000 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 469 13,633 SH   DFND 1,2,3 13,633 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 1,369 39,800 SH   OTR 1,2,3 0 39,800 0
NATIONAL RETAIL PPTYS INC COM 637417106 19,860 577,336 SH   OTR 1,2,3,4 0 577,336 0
NEW RESIDENTIAL INVT CORP COM 64828T102 171 25,430 SH   OTR 1,2,3,4 0 25,430 0
NEWCASTLE INVT CORP COM 65105M108 133 25,430 SH   OTR 1,2,3,4 0 25,430 0
NORTHSTAR RLTY FIN CORP COM 66704R100 778 85,491 SH   DFND 1,2,3 85,491 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 59 6,466 SH   OTR 1,2,3 0 6,466 0
NORTHSTAR RLTY FIN CORP COM 66704R100 464 51,000 SH   OTR 1,2,3,4 0 51,000 0
NUVEEN AMT-FREE MUN INCOME F COM 670657105 34 2,667 SH   OTR 1,2,3 0 34 0
NUVEEN AMT-FREE MUN INCOME F COM 670657105 1,744 135,431 SH   DFND 1,2,3 135,431 0 0
NUVEEN DIV ADV MUNI FD 3 COM SH BEN INT 67070X101 427 32,200 SH   DFND 1,2,3 32,200 0 0
NUVEEN DIV ADV MUNI FD 3 COM SH BEN INT 67070X101 235 17,750 SH   OTR 1,2,3 0 17,750 0
NUVEEN DIVID ADVANTAGE MUN F COM 67066V101 77 5,597 SH   DFND 1,2,3 5,597 0 0
NUVEEN DIVID ADVANTAGE MUN F COM 67066V101 263 19,101 SH   OTR 1,2,3 0 19,101 0
NUVEEN MUN ADVANTAGE FD INC COM 67062H106 27 2,000 SH   DFND 1,2,3 2,000 0 0
NUVEEN MUN ADVANTAGE FD INC COM 67062H106 201 15,000 SH   OTR 1,2,3 0 15,000 0
NUVEEN MUN OPPORTUNITY FD IN COM 670984103 98 7,000 SH   OTR 1,2,3 0 7,000 0
NUVEEN MUN OPPORTUNITY FD IN COM 670984103 1,339 95,666 SH   DFND 1,2,3 95,666 0 0
NUVEEN QUALITY MUN FD INC COM 67062N103 2,296 176,598 SH   DFND 1,2,3 176,598 0 0
NUVEEN QUALITY MUN FD INC COM 67062N103 190 14,653 SH   OTR 1,2,3 0 190 0
NUVEEN SELECT QUALITY MUN FD COM 670973106 665 48,933 SH   DFND 1,2,3 48,933 0 0
NUVEEN SELECT QUALITY MUN FD COM 670973106 11 825 SH   OTR 1,2,3 0 11 0
OMEGA HEALTHCARE INVS INC COM 681936100 341 11,000 SH   DFND 1,2,3 341 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 459 14,800 SH   OTR 1,2,3 0 14,800 0
OMEGA HEALTHCARE INVS INC COM 681936100 5,154 166,153 SH   OTR 1,2,3,4 0 166,153 0
ONE LIBERTY PPTYS INC COM 682406103 1,128 51,375 SH   DFND 1,2,3 51,375 0 0
ONE LIBERTY PPTYS INC COM 682406103 422 19,215 SH   OTR 1,2,3 0 19,215 0
ONE LIBERTY PPTYS INC COM 682406103 6,434 292,991 SH   OTR 1,2,3,4 0 292,991 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 179 10,000 SH   DFND 1,2,3 10,000 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 583 32,600 SH   OTR 1,2,3,4 0 32,600 0
PROLOGIS INC COM 74340W103 463 12,276 SH   DFND 1,2,3 12,276 0 0
PROLOGIS INC COM 74340W103 34 892 SH   OTR 1,2,3 0 892 0
PUTNAM MANAGED MUN INCOM TR COM 746823103 786 110,112 SH   DFND 1,2,3 110,112 0 0
PUTNAM MANAGED MUN INCOM TR COM 746823103 64 9,000 SH   OTR 1,2,3 0 9,000 0
PUTNAM MUN OPPORTUNITIES TR SH BEN INT 746922103 534 46,366 SH   DFND 1,2,3 46,366 0 0
PUTNAM MUN OPPORTUNITIES TR SH BEN INT 746922103 132 11,500 SH   OTR 1,2,3 0 11,500 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 550 35,440 SH   DFND 1,2,3 35,440 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 169 10,900 SH   OTR 1,2,3 0 10,900 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 10,432 671,763 SH   OTR 1,2,3,4 0 671,763 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 147 2,500 SH   DFND 1,2,3 147 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 2,941 50,006 SH   OTR 1,2,3 0 50,006 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 4,098 69,664 SH   OTR 1,2,3,4 0 69,664 0
REALTY INCOME CORP COM 756109104 84 2,000 SH   DFND 1,2,3 2,000 0 0
REALTY INCOME CORP COM 756109104 147 3,500 SH   OTR 1,2,3 0 3,500 0
REALTY INCOME CORP COM 756109104 1,970 47,000 SH   OTR 1,2,3,4 0 47,000 0
REGENCY ENERGY PARTNERS L P COM UNITS L P 75885Y107 378 14,000 SH   DFND 1,2,3 14,000 0 0
REGENCY ENERGY PARTNERS L P COM UNITS L P 75885Y107 162 6,000 SH   OTR 1,2,3 0 6,000 0
RETAIL PPTYS AMER INC CL A 76131V202 21,458 1,502,632 SH   DFND 1,2,3 1,502,632 0 0
RETAIL PPTYS AMER INC PUT 76131V952 554 38,800 SH   DFND 1,2,3 38,800 0 0
RETAIL PPTYS AMER INC CL A 76131V202 51,603 3,613,688 SH   OTR 1,2,3 0 3,613,688 0
RETAIL PPTYS AMER INC PUT 76131V952 714 50,000 SH   DFND 1,2,3 50,000 0 0
SABINE ROYALTY TR UNIT BEN INT 785688102 333 6,450 SH   OTR 1,2,3 0 6,450 0
SABRA HEALTH CARE REIT INC VOM 78573L106 609 23,334 SH   OTR 1,2,3,4 0 23,334 0
SEARS HLDGS CORP CALL 812350906 421 10,000 SH   DFND 1,2,3 10,000 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 156 6,000 SH   DFND 1,2,3 6,000 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 1,245 48,000 SH   OTR 1,2,3 0 48,000 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 6,553 252,738 SH   OTR 1,2,3,4 0 252,738 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 2,019 227,900 SH   DFND 1,2,3 27,000 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 886 100,000 SH   OTR 1,2,3,4 0 100,000 0
SUMMIT HOTEL PPTYS PFD SER C 7.125% 866082407 170 7,000 SH   DFND 1,2,3 170 0 0
SUMMIT HOTEL PPTYS PFD SER C 7.125% 866082407 267 11,000 SH   OTR 1,2,3 0 11,000 0
SUNSTONE HOTEL INVS INC NEW CV 8% CUM PFD-D 867892507 499 19,000 SH   OTR 1,2,3,4 0 19,000 0
SUNSTONE HOTEL INVS INC NEW CV 8% CUM PFD-D 867892507 79 3,000 SH   DFND 1,2,3 3,000 0 0
SUNSTONE HOTEL INVS INC NEW CV 8% CUM PFD-D 867892507 79 3,000 SH   OTR 1,2,3 0 3,000 0
TCP CAP CORP COM 87238Q103 8 500 SH   OTR 1,2,3 0 500 0
TCP CAP CORP COM 87238Q103 159 9,500 SH   DFND 1,2,3 159 0 0
TEEKAY TANKERS LTD CL A Y8565N102 39 15,000 SH   DFND 1,2,3 15,000 0 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 673 15,613 SH   DFND 1,2,3 15,613 0 0
UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 312 7,242 SH   OTR 1,2,3,4 0 7,242 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 67 2,500 SH   DFND 1,2,3 2,500 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 256 9,500 SH   OTR 1,2,3 0 9,500 0
WELLS FARGO & CO NEW COM 949746101 2,022 49,000 SH   DFND 1,2,3 49,000 0 0
WELLS FARGO & CO NEW COM 949746101 310 7,500 SH   OTR 1,2,3,4 0 7,500 0
WELLS FARGO & CO NEW PERP PFD CNV A 949746804 657 550 SH   DFND 1,2,3 550 0 0
WELLS FARGO & CO NEW PERP PFD CNV A 949746804 60 50 SH   OTR 1,2,3 0 50 0
WELLS FARGO & CO NEW PERP PFD CNV A 949746804 1,194 1,000 SH   OTR 1,2,3,4 0 1,000 0
WESTERN ASSET MTG CAP CORP COM 95790D105 175 10,000 SH   DFND 1,2,3 10,000 0 0
WESTERN ASSET MTG CAP CORP COM 95790D105 442 25,300 SH   OTR 1,2,3 0 25,300 0
WILLIAMS PARTNERS L P COM UNIT L P 96950F104 387 7,500 SH   DFND 1,2,3 387 0 0
WILLIAMS PARTNERS L P COM UNIT L P 96950F104 335 6,500 SH   OTR 1,2,3 0 6,500 0
WINDSTREAM CORP COM 97381W104 31 4,000 SH   DFND 1,2,3 4,000 0 0
WINDSTREAM CORP COM 97381W104 46 6,000 SH   OTR 1,2,3 0 6,000 0