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 464 25,000 SH   OTR 1,2,3,4 0 25,000 0
AG MTG INVT TR INC COM 001228105 93 5,000 SH   DFND 1,2,3 5,000 0 0
ANNALY CAP MGMT INC NOTE 4.000% 2/1 035710409 1,578 146,000 SH   OTR 1,2,3,4 0 146,000 0
ANNALY CAP MGMT INC NOTE 4.000% 2/1 035710409 65 6,000 SH   DFND 1,2,3 6,000 0 0
ANNALY CAP MGMT INC NOTE 4.000% 2/1 035710409 11 1,000 SH   OTR 1,2,3 0 1,000 0
APPLE INC COM 037833100 193 1,750 SH   OTR 1,2,3 0 1,750 0
APPLE INC COM 037833100 386 3,500 SH   DFND 1,2,3 3,500 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 366 34,923 SH   DFND 1,2,3 34,923 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 338 5,000 SH   DFND 1,2,3 5,000 0 0
BANK AMER CORP COM 060505104 1,742 97,353 SH   OTR 1,2,3 0 97,353 0
BANK AMER CORP 7.25%CNV PFD L 060505682 5,670 4,870 SH   OTR 1,2,3,4 0 4,870 0
BANK AMER CORP 7.25%CNV PFD L 060505682 3,243 2,785 SH   DFND 1,2,3 2,785 0 0
BANK AMER CORP 7.25%CNV PFD L 060505682 1,586 1,362 SH   OTR 1,2,3 0 1,362 0
BLACKROCK MUNICIPL INC QLTY COM 092479104 577 40,070 SH   DFND 1,2,3 40,070 0 0
BLACKROCK MUNICIPL INC QLTY COM 092479104 72 5,000 SH   OTR 1,2,3 0 5,000 0
BOARDWALK PIPELINE PRTNRS UT LTD PARTNER 096627104 178 10,000 SH   DFND 1,2,3 10,000 0 0
BOARDWALK PIPELINE PRTNRS UT LTD PARTNER 096627104 53 3,000 SH   OTR 1,2,3 0 3,000 0
BROOKDALE SR LIVING INC COM 112463104 348 9,500 SH   DFND 1,2,3 9,500 0 0
CALIFORNIA WTR SVC GROUP COM 130788102 39 1,600 SH   OTR 1,2,3 0 1,600 0
CARMAX INC COM 143130102 35 520 SH   OTR 1,2,3 0 520 0
CATAMARAN CORP COM 148887102 207 4,000 SH   OTR 1,2,3 0 4,000 0
CEDAR REALTY TRUST INC COM NEW 150602209 45,032 6,135,088 SH   OTR 1,2,3,4 0 6,135,088 0
CEDAR REALTY TRUST INC COM NEW 150602209 7 1,000 SH   DFND 1,2,3 1,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 631 42,412 SH   OTR 1,2,3,4 0 42,412 0
DREYFUS STRATEGIC MUNS INC COM 261932107 440 53,676 SH   DFND 1,2,3 53,676 0 0
DREYFUS STRATEGIC MUNS INC COM 261932107 9 1,100 SH   OTR 1,2,3 0 1,100 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,089 30,145 SH   DFND 1,2,3 30,145 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 704 19,500 SH   OTR 1,2,3 0 19,500 0
EQUITY COMWLTH COM SH BEN INT 294628102 1,189 46,322 SH   OTR 1,2,3,4 0 46,322 0
EQUITY COMWLTH COM SH BEN INT 294628102 130 5,072 SH   DFND 1,2,3 5,072 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 430 16,738 SH   OTR 1,2,3 0 16,738 0
GENERAL ELECTRIC CO COM 369604103 436 17,245 SH   OTR 1,2,3 0 17,245 0
GENERAL ELECTRIC CO COM 369604103 3,791 150,000 SH   DFND 1,2,3 150,000 0 0
GETTY RLTY CORP NEW COM 374297109 1,283 70,470 SH   OTR 1,2,3,4 0 70,470 0
HEALTHCARE RLTY TR COM 421946104 3,920 143,500 SH   OTR 1,2,3,4 0 143,500 0
HEALTHCARE RLTY TR COM 421946104 82 3,000 SH   OTR 1,2,3 0 3,000 0
HEALTHCARE RLTY TR COM 421946104 27 1,000 SH   DFND 1,2,3 1,000 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 5,646 803,199 SH   OTR 1,2,3,4 0 803,199 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 908 129,224 SH   DFND 1,2,3 129,224 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 337 48,000 SH   OTR 1,2,3 0 48,000 0
HUGOTON RTY TR TEX UNIT BEN INT 444717102 191 22,610 SH   DFND 1,2,3 22,610 0 0
HUGOTON RTY TR TEX UNIT BEN INT 444717102 186 22,000 SH   OTR 1,2,3 0 22,000 0
HYATT HOTELS CORP COM CL A 448579102 42 700 SH   OTR 1,2,3 0 700 0
INLAND REAL ESTATE CORP COM NEW 457461200 46,091 4,209,224 SH   DFND 1,2,3 4,209,224 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 4,226 385,950 SH   OTR 1,2,3 0 385,950 0
INLAND REAL ESTATE CORP COM NEW 457461200 100 9,091 SH   OTR 1,2,3 0 9,091 0
INLAND REAL ESTATE CORP COM NEW 457461200 78,970 7,212,118 SH   OTR 1,2,3 0 7,212,118 0
INLAND REAL ESTATE CORP COM NEW 457461200 1,501 137,110 SH   OTR 1,2,3 0 137,110 0
INTEL CORP COM 458140100 218 6,000 SH   OTR 1,2,3 0 6,000 0
INTEL CORP COM 458140100 145 4,000 SH   DFND 1,2,3 4,000 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 5,937 726,726 SH   OTR 1,2,3,4 0 726,726 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 131 16,000 SH   DFND 1,2,3 16,000 0 0
LTC PPTYS INC COM 502175102 4,493 104,067 SH   OTR 1,2,3,4 0 104,067 0
LTC PPTYS INC COM 502175102 259 6,000 SH   OTR 1,2,3 0 6,000 0
LTC PPTYS INC COM 502175102 264 6,108 SH   DFND 1,2,3 6,108 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 96 2,000 SH   DFND 1,2,3 2,000 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 144 3,000 SH   OTR 1,2,3 0 3,000 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 418 41,300 SH   DFND 1,2,3 41,300 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 76 7,500 SH   OTR 1,2,3 0 7,500 0
LINN ENERGY LLC PUT 536020950 101 10,000 SH Put DFND 1,2,3 10,000 0 0
MANAGED HIGH YIELD PLUS FD I COM 561911108 21 12,200 SH   OTR 1,2,3 0 12,200 0
MEDTRONIC INC COM 585055106 65 900 SH   OTR 1,2,3 0 900 0
MESA ROYALTY TRUST COM 590660106 290 11,300 SH   DFND 1,2,3 11,300 0 0
MORGAN STANLEY COM NEW 617446448 854 22,000 SH   DFND 1,2,3 22,000 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 1,091 27,717 SH   OTR 1,2,3,4 0 27,717 0
NATIONAL RETAIL PPTYS INC COM 637417106 537 13,633 SH   DFND 1,2,3 13,633 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 480 12,200 SH   OTR 1,2,3 0 12,200 0
NUVEEN AMT-FREE MUN INCOME F COM 670657105 78 5,667 SH   OTR 1,2,3 0 5,667 0
NUVEEN AMT-FREE MUN INCOME F COM 670657105 2,037 147,431 SH   DFND 1,2,3 147,431 0 0
NUVEEN SELECT QUALITY MUN FD COM 670973106 12 825 SH   OTR 1,2,3 0 825 0
NUVEEN SELECT QUALITY MUN FD COM 670973106 683 48,933 SH   DFND 1,2,3 48,933 0 0
NUVEEN MUN OPPORTUNITY FD IN COM 670984103 1,403 95,666 SH   DFND 1,2,3 95,666 0 0
NUVEEN MUN OPPORTUNITY FD IN COM 670984103 103 7,000 SH   OTR 1,2,3 0 7,000 0
OMEGA HEALTHCARE INVS INC COM 681936100 4,538 116,153 SH   OTR 1,2,3,4 0 116,153 0
OMEGA HEALTHCARE INVS INC COM 681936100 430 11,000 SH   DFND 1,2,3 11,000 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 578 14,800 SH   OTR 1,2,3 0 14,800 0
ONE LIBERTY PPTYS INC COM 682406103 4,205 177,656 SH   OTR 1,2,3,4 0 177,656 0
ONE LIBERTY PPTYS INC COM 682406103 66 2,799 SH   OTR 1,2,3 0 2,799 0
ONE LIBERTY PPTYS INC COM 682406103 1,169 49,375 SH   DFND 1,2,3 49,375 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102503 78 3,000 SH   DFND 1,2,3 3,000 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102503 181 7,000 SH   OTR 1,2,3 0 7,000 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 1,250 24,355 SH   DFND 1,2,3 24,355 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 744 14,500 SH   OTR 1,2,3 0 14,500 0
PUTNAM MANAGED MUN INCOM TR COM 746823103 798 110,112 SH   DFND 1,2,3 110,112 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 556 46,366 SH   DFND 1,2,3 46,366 0 0
PUTNAM MUN OPPORTUNITIES TR SH BEN INT 746922103 138 11,500 SH   OTR 1,2,3 0 11,500 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 664 35,440 SH   DFND 1,2,3 35,440 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 84 4,500 SH   OTR 1,2,3 0 4,500 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 1,340 20,026 SH   OTR 1,2,3,4 0 20,026 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 167 2,500 SH   DFND 1,2,3 2,500 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 643 9,606 SH   OTR 1,2,3 0 9,606 0
REALTY INCOME CORP COM 756109104 2,242 47,000 SH   OTR 1,2,3,4 0 47,000 0
REALTY INCOME CORP COM 756109104 95 2,000 SH   DFND 1,2,3 2,000 0 0
REALTY INCOME CORP COM 756109104 167 3,500 SH   OTR 1,2,3 0 3,500 0
ROSE ROCK MIDSTREAM L P COM U REP LTD 777149105 909 20,000 SH   DFND 1,2,3 20,000 0 0
ROSE ROCK MIDSTREAM L P COM U REP LTD 777149105 673 14,800 SH   OTR 1,2,3 0 14,800 0
ROYAL BK CDA MONTREAL QUE COM 780087102 35 500 SH   OTR 1,2,3 0 500 0
SABINE ROYALTY TR UNIT BEN INT 785688102 231 6,450 SH   OTR 1,2,3 0 6,450 0
SUMMIT MIDSTREAM PARTNERS LP COM UNIT LTD 866142102 272 7,159 SH   DFND 1,2,3 7,159 0 0
SUMMIT MIDSTREAM PARTNERS LP COM UNIT LTD 866142102 399 10,500 SH   OTR 1,2,3 0 10,500 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 267 3,500 SH   OTR 1,2,3 0 3,500 0
WELLS FARGO & CO NEW COM 949746101 1,096 20,000 SH   DFND 1,2,3 20,000 0 0
WELLS FARGO & CO NEW PERP PFD CONV CL A CPN-7.5% FREQ-QRTLY PERP MATY PERP PFD CNV A 949746804 1,215 1,000 SH   OTR 1,2,3,4 0 1,000 0
WELLS FARGO & CO NEW PERP PFD CONV CL A CPN-7.5% FREQ-QRTLY PERP MATY PERP PFD CNV A 949746804 61 50 SH   OTR 1,2,3 0 50 0
WELLS FARGO & CO NEW PERP PFD CONV CL A CPN-7.5% FREQ-QRTLY PERP MATY PERP PFD CNV A 949746804 668 550 SH   DFND 1,2,3 550 0 0
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 511 7,000 SH   DFND 1,2,3 7,000 0 0
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 219 3,000 SH   OTR 1,2,3 0 3,000 0
YUM BRANDS INC COM 988498101 51 700 SH   OTR 1,2,3 0 700 0
BLACKROCK MUNIYIELD QLTY FD COM 09254E103 446 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
NUVEEN INVT QUALITY MUN FD I COM 67062E103 15 1,000 SH   DFND 1,2,3 1,000 0 0
BARCLAYS PLC ADR 06738E204 356 23,700 SH   OTR 1,2,3 0 23,700 0
BARCLAYS PLC ADR 06738E204 600 40,000 SH   DFND 1,2,3 40,000 0 0
AT&T INC COM 00206R102 319 9,500 SH   OTR 1,2,3 0 9,500 0
AMERICA FIRST MULTIFAMILY IN BEN UNIT CTF 02364V107 237 45,000 SH   DFND 1,2,3 45,000 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 218 10,000 SH   DFND 1,2,3 10,000 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 109 5,000 SH   OTR 1,2,3 0 5,000 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 4,608 509,200 SH   OTR 1,2,3 0 509,200 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 16,087 1,777,564 SH   DFND 1,2,3 1,777,564 0 0
AMERICAN RLTY CAP PPTYS INC CALL 02917T904 18 2,000 SH Call OTR 1,2,3 0 2,000 0
American RLTY CAP PPTYS INC. CALL 02917T904 761 84,100 SH Call DFND 1,2,3 84,100 0 0
AMERICAN RLTY CAP PPTYS INC PUT 02917T954 18 2,000 SH Put OTR 1,2,3 0 2,000 0
AMERICAN RLTY CAP PPTYS INC PUT 02917T954 12,460 1,376,800 SH Put DFND 1,2,3 1,376,800 0 0
AMERICAN RLTY CAP PPTYS INC PUT 02917T954 272 30,000 SH Put OTR 1,2,3 0 30,000 0
AMREIT INC NEW CL B 03216B208 2,863 107,893 SH   OTR 1,2,3,4 0 107,893 0
APARTMENT INVT & MGMT CO CL A 03748R101 1,804 48,560 SH   DFND 1,2,3 48,560 0 0
ATLAS ENERGY LP COM UNITS LP 04930A104 374 12,000 SH   DFND 1,2,3 12,000 0 0
ATLAS RESOURCE PARTNERS LP COM UNT LTD PR 04941A101 171 16,000 SH   DFND 1,2,3 16,000 0 0
ATLAS RESOURCE PARTNERS LP COM UNT LTD PR 04941A101 96 9,000 SH   OTR 1,2,3 0 9,000 0
ROCK MUNIHLDGS FD II IN COM 09253P109 155 9,887 SH   DFND 1,2,3 9,887 0 0
ROCK MUNIHLDGS FD II IN COM 09253P109 259 16,500 SH   OTR 1,2,3 0 16,500 0
BLACKROCK MUNI INTER DR FD I COM 09253X102 223 15,500 SH   DFND 1,2,3 15,500 0 0
BLACKROCK MUNI INTER DR FD I COM 09253X102 84 5,800 SH   OTR 1,2,3 0 5,800 0
BLACKROCK MUNIHOLDNGS QLTY I COM 09254A101 715 53,677 SH   DFND 1,2,3 53,677 0 0
BLACKROCK MUNIHOLDNGS QLTY I COM 09254A101 104 7,815 SH   OTR 1,2,3 0 7,815 0
BLACKROCK MUNIHLDNGS QLTY II COM 09254C107 163 12,097 SH   DFND 1,2,3 12,097 0 0
BLACKSTONE MTG TR INC COM CL 09257W100 404 13,850 SH   OTR 1,2,3,4 0 13,850 0
BLACKSTONE MTG TR INC COM CL 09257W100 87 3,000 SH   DFND 1,2,3 3,000 0 0
BLACKSTONE MTG TR INC COM CL 09257W100 58 2,000 SH   OTR 1,2,3 0 2,000 0
CYS INVTS INC COM 12673A108 87 10,000 SH   OTR 1,2,3,4 0 10,000 0
CAMPUS CREST CMNTYS INC COM 13466Y105 73 10,000 SH   OTR 1,2,3 0 10,000 0
CAMPUS CREST CMNTYS INC COM 13466Y105 146 20,000 SH   DFND 1,2,3 20,000 0 0
CAMPUS CREST CMNTYS INC PUT 13466Y955 219 30,000 SH Put DFND 1,2,3 30,000 0 0
CORENERGY INFRASTRUCTURE TR COM 21870U205 344 53,086 SH   DFND 1,2,3 53,086 0 0
CORENERGY INFRASTRUCTURE TR COM 21870U205 126 19,606 SH   OTR 1,2,3 0 19,606 0
CORENERGY INFRASTRUCTURE TR CALL 21870U905 27 4,100 SH Call DFND 1,2,3 4,100 0 0
CORENERGY INFRASTRUCTURE TR PUT 21870U955 27 4,100 SH Put DFND 1,2,3 4,100 0 0
DDR CORP COM 23317H102 188 10,244 SH   OTR 1,2,3 0 10,244 0
DDR CORP COM 23317H102 1,170 63,750 SH   DFND 1,2,3 63,750 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 26 700 SH   OTR 1,2,3 0 700 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 400 10,900 SH   DFND 1,2,3 10,900 0 0
DREYFUS MUN INCOME INC COM 26201R102 127 13,157 SH   DFND 1,2,3 13,157 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q205 524 20,569 SH   OTR 1,2,3,4 0 20,569 0
DYNEX CAP INC COM NEW 26817Q803 169 7,000 SH   DFND 1,2,3 7,000 0 0
DYNEX CAP INC COM NEW 26817Q803 73 3,000 SH   OTR 1,2,3 0 3,000 0
EPR PPTYS COM SH 26884U208 234 10,000 SH   OTR 1,2,3,4 0 10,000 0
EATON VANCE MUN BD FD COM 27827X101 64 5,000 SH   OTR 1,2,3 0 5,000 0
EATON VANCE MUN BD FD COM 27827X101 1,002 78,065 SH   DFND 1,2,3 78,065 0 0
ENBRIDGE ENERGY PARTNERS L P COM 29250R106 499 12,500 SH   DFND 1,2,3 12,500 0 0
ENBRIDGE ENERGY PARTNERS L P COM 29250R106 104 2,600 SH   OTR 1,2,3 0 2,600 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 1,612 24,800 SH   DFND 1,2,3 24,800 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 540 8,300 SH   OTR 1,2,3 0 8,300 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 718 10,000 SH   OTR 1,2,3,4 0 10,000 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 48 664 SH   OTR 1,2,3 0 664 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 682 9,500 SH   DFND 1,2,3 9,500 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 41 2,000 SH   OTR 1,2,3,4 0 2,000 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 93 4,500 SH   OTR 1,2,3 0 4,500 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 195 9,500 SH   DFND 1,2,3 9,500 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 3,932 320,425 SH   OTR 1,2,3,4 0 320,425 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,163 6,000 SH   DFND 1,2,3 6,000 0 0
GOOGLE INC CL C 38259P706 526 1,000 SH   OTR 1,2,3 0 1,000 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 671 29,140 SH   OTR 1,2,3,4 0 29,140 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 81 3,500 SH   DFND 1,2,3 3,500 0 0
HCP INC COM 40414L109 660 15,000 SH   OTR 1,2,3,4 0 15,000 0
HEALTH CARE REIT INC COM 42217K106 8,611 113,800 SH   OTR 1,2,3,4 0 113,800 0
HEALTH CARE REIT INC COM 42217K106 568 7,500 SH   DFND 1,2,3 7,500 0 0
INVESCO VALUE MUN INCOME TR COM 46132P108 5 284 SH   OTR 1,2,3 0 284 0
INVESCO VALUE MUN INCOME TR COM 46132P108 2,085 127,199 SH   DFND 1,2,3 127,199 0 0
JPMORGAN CHASE & CO COM 46625H100 4,681 74,800 SH   DFND 1,2,3 74,800 0 0
JPMORGAN CHASE & CO COM 46625H100 560 8,950 SH   OTR 1,2,3 0 8,950 0
KIMCO RLTY CORP COM 49446R109 176 7,000 SH   DFND 1,2,3 7,000 0 0
KIMCO RLTY CORP COM 49446R109 50 2,000 SH   OTR 1,2,3 0 2,000 0
KINDER MORGAN INC DEL COM 49456B101 508 12,000 SH   DFND 1,2,3 12,000 0 0
KINDER MORGAN INC DEL COM 49456B101 338 8,000 SH   OTR 1,2,3 0 8,000 0
KITE RLTY GROUP TR COM NEW 49803T300 1,567 54,522 SH   OTR 1,2,3 0 54,522 0
KITE RLTY GROUP TR COM NEW 49803T300 2,090 72,715 SH   DFND 1,2,3 72,715 0 0
KITE RLTY GROUP TR PUT 49803T950 425 14,800 SH Put DFND 1,2,3 14,800 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 14,803 1,074,231 SH   OTR 1,2,3,4 0 1,074,231 0
MEDICAL PPTYS TRUST INC COM 58463J304 3,898 282,900 SH   DFND 1,2,3 282,900 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 3,852 279,500 SH   OTR 1,2,3 0 279,500 0
MFS INTERMEDIATE HIGH INC FUND SH BEN INT 59318T109 39 14,500 SH   OTR 1,2,3 0 14,500 0
NGL ENERGY PARTNERS LP COM UNIT REPST 62913M107 261 9,327 SH   DFND 1,2,3 9,327 0 0
NGL ENERGY PARTNERS LP COM UNIT REPST 62913M107 126 4,500 SH   OTR 1,2,3 0 4,500 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 448 25,500 SH   OTR 1,2,3,4 0 25,500 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 606 34,495 SH   DFND 1,2,3 34,495 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 57 3,233 SH   OTR 1,2,3 0 3,233 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 576 25,500 SH   OTR 1,2,3,4 0 25,500 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 779 34,495 SH   DFND 1,2,3 34,495 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 73 3,233 SH   OTR 1,2,3 0 3,233 0
NUVEEN MUN ADVANTAGE FD INC COM 67062H106 19 1,414 SH   DFND 1,2,3 1,414 0 0
NUVEEN MUN ADVANTAGE FD INC COM 67062H106 145 10,603 SH   OTR 1,2,3 0 10,603 0
NUVEEN QUALITY MUN FD INC COM 67062N103 312 23,653 SH   OTR 1,2,3 0 23,653 0
NUVEEN QUALITY MUN FD INC COM 67062N103 2,525 191,598 SH   DFND 1,2,3 191,598 0 0
NUVEEN DIVID ADVANTAGE MUN F COM 67066V101 274 19,101 SH   OTR 1,2,3 0 19,101 0
NUVEEN DIVID ADVANTAGE MUN F COM 67066V101 80 5,597 SH   DFND 1,2,3 5,597 0 0
NUVEEN DIVID ADV MUN FD 3 COM SH BEN INT 67070X101 193 13,971 SH   OTR 1,2,3 0 13,971 0
NUVEEN DIVID ADV MUN FD 3 COM SH BEN INT 67070X101 349 25,344 SH   DFND 1,2,3 25,344 0 0
POTASH CORP SASK INC COM 73755L107 530 15,000 SH   DFND 1,2,3 15,000 0 0
POTASH CORP SASK INC COM 73755L107 177 5,000 SH   OTR 1,2,3 0 5,000 0
PROLOGIS INC COM 74340W103 38 892 SH   OTR 1,2,3 0 892 0
PROLOGIS INC COM 74340W103 528 12,276 SH   DFND 1,2,3 12,276 0 0
PROSHARES TR II CALL 74347W909 1,454 19,000 SH Call DFND 1,2,3 19,000 0 0
RCS CAP CORP COM CL A 74937W102 428 35,000 SH   DFND 1,2,3 35,000 0 0
RCS CAP CORP CALL 74937W902 327 26,700 SH Call DFND 1,2,3 26,700 0 0
RCS CAP CORP PUT 74937W952 2,002 163,600 SH Put DFND 1,2,3 163,600 0 0
REGENCY ENERGY PARTNERS L P COM UNITS L P 75885Y107 336 14,000 SH   DFND 1,2,3 14,000 0 0
REGENCY ENERGY PARTNERS L P COM UNITS L P 75885Y107 144 6,000 SH   OTR 1,2,3 0 6,000 0
RETAIL PPTYS AMER INC CL A 76131V202 113,494 6,800,122 SH   OTR 1,2,3 0 6,800,122 0
RETAIL PPTYS AMER INC CL A 76131V202 62,916 3,769,684 SH   DFND 1,2,3 3,769,684 0 0
SPDR S&P 500 ETF TR PUT 78462F953 62 300 SH Put DFND 1,2,3 300 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 466 15,334 SH   OTR 1,2,3,4 0 15,334 0
SPIRIT RLTY CAP INC NEW COM 84860W102 178 15,000 SH   DFND 1,2,3 15,000 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 327 27,503 SH   OTR 1,2,3 0 27,503 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 3,015 227,900 SH   DFND 1,2,3 227,900 0 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 9,500 0 0
TESORO LOGISTICS LP COM UNIT LP 88160T107 383 6,500 SH   DFND 1,2,3 6,500 0 0
TESORO LOGISTICS LP COM UNIT LP 88160T107 206 3,500 SH   OTR 1,2,3 0 3,500 0
TETRA TECHNOLOGIES INC DEL COM 88162F105 67 10,000 SH   DFND 1,2,3 10,000 0 0
WESTERN ASSET MTG CAP CORP COM 95790D105 161 10,970 SH   DFND 1,2,3 10,970 0 0
WILLIAMS PARTNERS L P COM UNIT L P 96950F104 336 7,500 SH   DFND 1,2,3 7,500 0 0
WILLIAMS PARTNERS L P COM UNIT L P 96950F104 179 4,000 SH   OTR 1,2,3 0 4,000 0
WINDSTREAM HLDGS INC COM 97382A101 49 6,000 SH   OTR 1,2,3 0 6,000 0
WINDSTREAM HLDGS INC COM 97382A101 33 4,000 SH   DFND 1,2,3 4,000 0 0