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
AES Corporation COM 00130H105 101,799 3,956,434 SH   DFND 1 3,956,434 0 0
Agree Realty Corp COM 008492100 5,043 76,000 SH   SOLE   7,000 0 69,000
Alexandria Real Estate Equitie COM 015271109 106,266 528,029 SH   DFND 1 319,036 0 208,993
Alliant Energy Corporation COM 018802108 8,432 134,954 SH   DFND 1 134,954 0 0
Ameren Corp. COM 023608102 90,874 969,216 SH   DFND 1 969,216 0 0
American Campus Communities COM 024835100 107,468 1,920,092 SH   DFND 1 1,412,724 0 507,368
American Electric Power Co. In COM 025537101 147,200 1,475,398 SH   DFND 1 1,475,398 0 0
American Homes 4 Rent COM 02665T306 15,561 388,739 SH   SOLE   0 0 388,739
American Tower Corp. COM 03027X100 112,218 446,694 SH   DFND 1 446,694 0 0
Apartment Income REIT Co COM 03750L109 77,888 1,456,939 SH   DFND 1 1,037,674 0 419,265
AvalonBay Communities Inc. COM 053484101 168,462 678,272 SH   DFND 1 409,712 0 268,560
Boston Properties Inc. COM 101121101 21,937 170,317 SH   SOLE   0 0 170,317
Brandywine Realty Trust SBI COM 105368203 9,802 693,200 SH   SOLE   0 0 693,200
Brixmor Property Group COM 11120U105 9,909 383,939 SH   SOLE   53,690 0 330,249
Brookfield Infrastructure Part COM G16252101 4,880 73,688 SH   SOLE   73,688 0 0
Camden Property Trust COM 133131102 143,032 860,602 SH   DFND 1 640,798 0 219,804
Cheniere Energy Inc. COM 16411R208 92,708 668,648 SH   DFND 1 668,648 0 0
CMS Energy Corporation COM 125896100 77,787 1,112,191 SH   DFND 1 1,112,191 0 0
Corporate Office Properties Tr COM 22002T108 7,542 264,255 SH   SOLE   0 0 264,255
Cousins Properties Inc. COM 222795502 5,447 135,200 SH   SOLE   0 0 135,200
Crestwood Equity Partners LP COM 226344208 622 20,800 SH   SOLE   20,800 0 0
Crown Castle International Cor COM 22822V101 339,095 1,836,918 SH   DFND 1 1,709,370 0 127,548
CSX Corporation COM 126408103 6,161 164,500 SH   SOLE   164,500 0 0
CubeSmart COM 229663109 205,900 3,957,335 SH   DFND 1 3,093,929 0 863,406
DCP Midstream LP COM 23311P100 906 27,000 SH   SOLE   27,000 0 0
Diamondrock Hospitality COM 252784301 15,784 1,562,792 SH   DFND 1 1,234,677 0 328,115
Digital Realty Trust Inc. COM 253868103 61,749 435,464 SH   SOLE   158,800 0 276,664
Dominion Energy Inc. COM 25746U109 87,472 1,029,441 SH   DFND 1 1,029,441 0 0
Duke Realty Corporation COM 264411505 98,823 1,702,088 SH   SOLE   944,054 0 758,034
Edison International COM 281020107 49,470 705,700 SH   DFND 1 705,700 0 0
Enbridge Inc COM 29250N105 504 10,932 SH   DFND 1 10,932 0 0
Energy Transfer LP COM 29273V100 1,896 169,477 SH   SOLE   169,477 0 0
Enterprise Products Partners L COM 293792107 1,908 73,939 SH   SOLE   73,939 0 0
Equinix Inc COM 29444U700 193,811 261,334 SH   DFND 1 203,347 0 57,987
Equity Lifestyle Properties COM 29472R108 13,695 179,065 SH   SOLE   5,900 0 173,165
Equity Residential COM 29476L107 37,799 420,357 SH   SOLE   0 0 420,357
Essex Property Trust Inc. COM 297178105 151,659 438,981 SH   DFND 1 302,059 0 136,922
Exelon Corp. COM 30161N101 48,541 1,019,120 SH   DFND 1 1,019,120 0 0
Extra Space Storage Inc. COM 30225T102 253,265 1,231,836 SH   DFND 1 864,965 0 366,871
FirstEnergy Corp. COM 337932107 95,154 2,074,879 SH   DFND 1 2,074,879 0 0
Four Corners Property Trust COM 35086T109 24,324 899,557 SH   DFND 1 607,504 0 292,053
Gaming and Leisure Properties COM 36467J108 17,727 377,735 SH   DFND 1 139,806 0 237,929
Getty Realty Corp. COM 374297109 12,236 427,525 SH   SOLE   329,159 0 98,366
HealthCare Realty Trust COM 421946104 12,158 442,428 SH   DFND 1 256,105 0 186,323
Healthcare Trust of America In COM 42225P501 95,969 3,062,200 SH   DFND 1 2,308,788 0 753,412
Healthpeak Properties Inc. COM 42250P103 20,846 607,211 SH   SOLE   0 0 607,211
Hess Midstream LP COM 428103105 367 12,239 SH   SOLE   12,239 0 0
Highwoods Properties Inc. COM 431284108 29,364 641,977 SH   DFND 1 331,723 0 310,254
Host Hotels & Resorts Inc. COM 44107P104 34,641 1,782,851 SH   SOLE   1,656,271 0 126,580
Hudson Pacific Properties COM 444097109 47,168 1,699,734 SH   DFND 1 1,286,829 0 412,905
Hyatt Hotels Corp. - Cl A COM 448579102 1,009 10,569 SH   SOLE   10,569 0 0
Independence Realty Trust Inc COM 45378A106 16,726 632,610 SH   DFND 1 332,158 0 300,452
Invitation Homes Inc COM 46187W107 177,475 4,416,993 SH   DFND 1 3,106,793 0 1,310,200
Iron Mountain Incorporated COM 46284V101 30,808 556,000 SH   DFND 1 556,000 0 0
JBG Smith Properties COM 46590V100 2,962 101,378 SH   SOLE   0 0 101,378
Kilroy Realty Corp. COM 49427F108 7,887 103,200 SH   SOLE   0 0 103,200
Kimco Realty Corp. COM 49446R109 18,185 736,255 SH   SOLE   0 0 736,255
Kinder Morgan Inc. COM 49456B101 14,638 774,100 SH   DFND 1 774,100 0 0
Life Storage Inc COM 53223X107 134,591 958,420 SH   DFND 1 622,867 0 335,553
LXP Industrial Trust COM 529043101 23,260 1,481,533 SH   DFND 1 879,093 0 602,440
Magellan Midstream Partners L. COM 559080106 1,437 29,288 SH   SOLE   29,288 0 0
Medical Properties Trust COM 58463J304 8,308 393,000 SH   DFND 1 393,000 0 0
Mid-America Apt. Comm. COM 59522J103 25,700 122,700 SH   SOLE   0 0 122,700
MPLX LP COM 55336V100 1,904 57,370 SH   SOLE   57,370 0 0
National Retail Properties Inc COM 637417106 61,021 1,357,831 SH   DFND 1 1,085,955 0 271,876
National Storage Affiliates Tr COM 637870106 14,140 225,300 SH   SOLE   225,300 0 0
NexPoint Residential Trust, In COM 65341D102 10,892 120,606 SH   DFND 1 93,176 0 27,430
Nextera Energy Inc COM 65339F101 134,039 1,582,324 SH   DFND 1 1,582,324 0 0
NiSource Inc. COM 65473P105 35,799 1,125,739 SH   DFND 1 1,125,739 0 0
Norfolk Southern Corp COM 655844108 68,354 239,653 SH   DFND 1 239,653 0 0
NuSTAR Energy L.P. COM 67058H102 681 47,200 SH   SOLE   47,200 0 0
OGE Energy Corp. COM 670837103 64,527 1,582,326 SH   DFND 1 1,582,326 0 0
ONEOK Inc. COM 682680103 84,896 1,201,987 SH   DFND 1 1,201,987 0 0
Outfront Media Inc. COM 69007J106 2,040 71,745 SH   SOLE   71,745 0 0
Paramount Group Inc COM 69924R108 8,258 756,877 SH   DFND 1 472,375 0 284,502
Park Hotels & Resorts Inc COM 700517105 55,527 2,843,147 SH   DFND 1 2,217,508 0 625,639
Pebblebrook Hotel Trust COM 70509V100 29,306 1,197,136 SH   SOLE   1,068,717 0 128,419
Pembina Pipeline Corp COM 706327103 400 10,640 SH   DFND 1 10,640 0 0
Physicians Realty Trust COM 71943U104 14,585 831,503 SH   SOLE   651,903 0 179,600
Piedmont Office Realty Trust I COM 720190206 60,775 3,529,327 SH   DFND 1 2,735,303 0 794,024
Plains All American Pipeline, COM 726503105 1,320 122,687 SH   SOLE   122,687 0 0
ProLogis Inc. COM 74340W103 531,384 3,290,708 SH   DFND 1 2,050,321 0 1,240,387
PS Business Parks Inc. COM 69360J107 4,559 27,126 SH   SOLE   27,126 0 0
Public Service Enterprise Grou COM 744573106 61,766 882,369 SH   DFND 1 882,369 0 0
Public Storage COM 74460D109 58,888 150,887 SH   SOLE   2,782 0 148,105
Realty Income Corp COM 756109104 272,956 3,938,758 SH   DFND 1 2,518,417 0 1,420,341
Regency Centers Corporation COM 758849103 127,928 1,793,221 SH   DFND 1 1,245,307 0 547,914
Retail Opportunity Investments COM 76131N101 34,359 1,772,018 SH   DFND 1 1,314,148 0 457,870
Rexford Industrial Realty, Inc COM 76169C100 99,551 1,334,644 SH   DFND 1 1,120,721 0 213,923
Sempra Energy COM 816851109 59,004 350,962 SH   DFND 1 350,962 0 0
Simon Property Group Inc. COM 828806109 320,080 2,432,956 SH   DFND 1 1,624,817 0 808,139
Site Centers Corp COM 82981J109 3,703 221,600 SH   SOLE   0 0 221,600
South Jersey Industries Inc COM 838518108 12,061 349,100 SH   DFND 1 349,100 0 0
Southern Co. COM 842587107 13,124 181,000 SH   DFND 1 181,000 0 0
Spirit Realty Capital Inc. COM 84860W300 83,225 1,808,460 SH   DFND 1 1,280,148 0 528,312
STAG Industrial, Inc. COM 85254J102 20,411 493,605 SH   DFND 1 203,315 0 290,290
STORE Capital Corp COM 862121100 10,905 373,070 SH   SOLE   16,725 0 356,345
Sun Communities Inc. COM 866674104 194,779 1,111,182 SH   DFND 1 836,076 0 275,106
Sunstone Hotel Investors Inc. COM 867892101 65,553 5,564,731 SH   DFND 1 4,463,065 0 1,101,666
Targa Resources Corp. COM 87612G101 38,371 508,429 SH   DFND 1 508,429 0 0
TC Energy Corp COM 87807B107 351 6,230 SH   SOLE   6,230 0 0
UDR Inc. COM 902653104 17,458 304,308 SH   SOLE   0 0 304,308
Union Pacific Corp COM 907818108 140,211 513,198 SH   DFND 1 513,198 0 0
Uniti Group Inc COM 91325V108 17,047 1,238,900 SH   DFND 1 1,238,900 0 0
Ventas Inc. COM 92276F100 84,357 1,365,879 SH   DFND 1 605,005 0 760,874
WEC Energy Group Inc. COM 92939U106 95,293 954,744 SH   DFND 1 954,744 0 0
Welltower Inc. COM 95040Q104 157,419 1,637,390 SH   DFND 1 879,741 0 757,649
Weyerhaeuser Co. COM 962166104 21,705 572,700 SH   DFND 1 572,700 0 0
Williams Cos. COM 969457100 119,257 3,569,513 SH   DFND 1 3,569,513 0 0
WP Carey Inc. COM 92936U109 14,794 183,000 SH   SOLE   0 0 183,000
Xenia Hotels & Resorts Inc COM 984017103 22,640 1,173,678 SH   DFND 1 873,252 0 300,426
AES Corporation UNIT 00130H204 32,677 330,300 SH   DFND 1 330,300 0 0
American Electric Power Co. Inc UNIT 02557T307 4,420 79,107 SH   DFND 1 79,107 0 0
Dominion Energy Inc UNIT 25746U133 38,315 377,300 SH   DFND 1 377,300 0 0
Southern Co. UNIT 842587602 30,610 560,514 SH   DFND 1 560,514 0 0