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
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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 75,020 3,319,461 SH   DFND 1 2,785,089 0 534,372
Alexandria Real Estate Equitie COM 015271109 144,732 1,032,401 SH   DFND 1 745,269 0 287,132
Alliant Energy Corporation COM 018802108 7,198 135,828 SH   SOLE   23,528 0 112,300
Ameren Corp. COM 023608102 100,406 1,246,502 SH   DFND 1 1,057,276 0 189,226
American Electric Power Co. In COM 025537101 147,224 1,702,996 SH   DFND 1 1,442,599 0 260,397
American Homes 4 Rent COM 02665T306 7,036 214,461 SH   SOLE   0 0 214,461
American Tower Corp. COM 03027X100 137,096 638,547 SH   DFND 1 550,711 0 87,836
American Water Works Co. COM 030420103 521 4,000 SH   SOLE   0 0 4,000
Apartment Income REIT Co COM 03750L109 59,461 1,539,637 SH   DFND 1 1,143,691 0 395,946
AvalonBay Communities Inc. COM 053484101 97,548 529,605 SH   DFND 1 342,645 0 186,960
Boston Properties Inc. COM 101121101 7,095 94,641 SH   SOLE   0 0 94,641
Brandywine Realty Trust SBI COM 105368203 3,011 446,052 SH   SOLE   0 0 446,052
Brixmor Property Group COM 11120U105 3,969 214,912 SH   SOLE   0 0 214,912
Broadstone Net Lease Inc COM 11135E203 179 11,518 SH   SOLE   11,518 0 0
Camden Property Trust COM 133131102 85,205 713,312 SH   DFND 1 571,345 0 141,967
Cheniere Energy Inc. COM 16411R208 102,593 618,363 SH   DFND 1 614,924 0 3,439
Clearway Energy Inc. Class C COM 18539C204 12,558 394,300 SH   DFND 1 394,300 0 0
CMS Energy Corporation COM 125896100 62,475 1,072,711 SH   DFND 1 924,269 0 148,442
Constellation Energy Corp COM 21037T109 31,484 378,464 SH   DFND 1 322,489 0 55,975
Corporate Office Properties Tr COM 22002T108 1,556 66,976 SH   SOLE   0 0 66,976
Cousins Properties Inc. COM 222795502 2,014 86,243 SH   SOLE   0 0 86,243
Crestwood Equity Partners LP COM 226344208 592 21,300 SH   SOLE   21,300 0 0
Crown Castle Inc COM 22822V101 177,485 1,227,842 SH   DFND 1 1,125,395 0 102,447
CubeSmart COM 229663109 146,624 3,660,098 SH   DFND 1 2,890,163 0 769,935
DCP Midstream LP COM 23311P100 669 17,800 SH   SOLE   17,800 0 0
Diamondrock Hospitality COM 252784301 11,871 1,580,668 SH   DFND 1 1,294,461 0 286,207
Digital Realty Trust Inc. COM 253868103 128,170 1,292,297 SH   DFND 1 811,851 0 480,446
Dominion Energy Inc. COM 25746U109 104,072 1,505,894 SH   DFND 1 1,297,594 0 208,300
Duke Realty Corporation COM 264411505 19,857 411,965 SH   SOLE   0 0 411,965
Edison International COM 281020107 33,303 588,600 SH   DFND 1 588,600 0 0
Empire State Realty Trust Inc. COM 292104106 98 15,000 SH   SOLE   0 0 15,000
Enbridge Inc COM 29250N105 340 9,157 SH   DFND 1 9,157 0 0
Energy Transfer LP COM 29273V100 1,554 140,877 SH   SOLE   140,877 0 0
Enterprise Products Partners L COM 293792107 1,497 62,939 SH   SOLE   62,939 0 0
Equinix Inc COM 29444U700 327,788 576,239 SH   DFND 1 481,236 0 95,003
Equity Lifestyle Properties COM 29472R108 6,964 110,815 SH   SOLE   3,600 0 107,215
Equity Residential COM 29476L107 14,952 222,433 SH   SOLE   0 0 222,433
Essential Utilities COM 29670G102 31,038 750,068 SH   DFND 1 602,768 0 147,300
Essex Property Trust Inc. COM 297178105 116,344 480,303 SH   DFND 1 354,137 0 126,166
Extra Space Storage Inc. COM 30225T102 139,356 806,877 SH   DFND 1 547,967 0 258,910
Federal Realty Investment Trus COM 313745101 4,429 49,151 SH   SOLE   0 0 49,151
First Industrial Realty Trust COM 32054K103 23,114 515,815 SH   DFND 1 399,767 0 116,048
FirstEnergy Corp. COM 337932107 68,441 1,849,757 SH   DFND 1 1,633,221 0 216,536
Four Corners Property Trust COM 35086T109 20,915 864,634 SH   DFND 1 564,226 0 300,408
Gaming and Leisure Properties COM 36467J108 12,108 273,686 SH   SOLE   236,486 0 37,200
Getty Realty Corp. COM 374297109 21,555 801,602 SH   DFND 1 517,484 0 284,118
Healthcare Realty Trust Inc COM 42226K105 59,691 2,862,886 SH   DFND 1 2,090,187 0 772,699
Healthpeak Properties Inc. COM 42250P103 11,941 520,997 SH   SOLE   0 0 520,997
Hess Midstream LP COM 428103105 302 11,839 SH   SOLE   11,839 0 0
Highwoods Properties Inc. COM 431284108 1,682 62,385 SH   SOLE   0 0 62,385
Host Hotels & Resorts Inc. COM 44107P104 14,077 886,450 SH   SOLE   764,624 0 121,826
Hudson Pacific Properties COM 444097109 33,570 3,065,712 SH   DFND 1 2,277,712 0 788,000
Hyatt Hotels Corp. - Cl A COM 448579102 415 5,132 SH   SOLE   5,132 0 0
Independence Realty Trust Inc COM 45378A106 28,623 1,710,858 SH   DFND 1 1,254,909 0 455,949
Invitation Homes Inc COM 46187W107 158,430 4,691,440 SH   DFND 1 3,526,178 0 1,165,262
Iron Mountain Incorporated COM 46284V101 17,791 404,621 SH   DFND 1 404,621 0 0
JBG Smith Properties COM 46590V100 1,290 69,438 SH   SOLE   0 0 69,438
Kilroy Realty Corp. COM 49427F108 2,959 70,273 SH   SOLE   0 0 70,273
Kimco Realty Corp. COM 49446R109 9,870 536,102 SH   SOLE   0 0 536,102
Kinder Morgan Inc. COM 49456B101 10,430 626,800 SH   DFND 1 626,800 0 0
Kite Realty Group Trust COM 49803T300 18,993 1,102,984 SH   DFND 1 597,711 0 505,273
Life Storage Inc COM 53223X107 115,398 1,041,876 SH   DFND 1 751,209 0 290,667
Macerich Co. COM 554382101 143 18,052 SH   SOLE   0 0 18,052
Magellan Midstream Partners L. COM 559080106 1,230 25,888 SH   SOLE   25,888 0 0
Medical Properties Trust COM 58463J304 6,553 552,500 SH   DFND 1 552,500 0 0
Mid-America Apt. Comm. COM 59522J103 15,333 98,881 SH   SOLE   0 0 98,881
MPLX LP COM 55336V100 1,551 51,670 SH   SOLE   51,670 0 0
National Retail Properties Inc COM 637417106 10,611 266,211 SH   SOLE   231,247 0 34,964
National Storage Affiliates Tr COM 637870106 20,076 482,828 SH   SOLE   428,000 0 54,828
Netstreit Corp COM 64119V303 15,534 872,208 SH   DFND 1 600,825 0 271,383
NexPoint Residential Trust, In COM 65341D102 14,315 309,786 SH   DFND 1 262,725 0 47,061
Nextera Energy Inc COM 65339F101 168,700 2,151,511 SH   DFND 1 1,805,235 0 346,276
NextEra Energy Partners LP COM 65341B106 4,300 59,472 SH   SOLE   9,996 0 49,476
NiSource Inc. COM 65473P105 36,340 1,442,631 SH   DFND 1 1,150,603 0 292,028
NuSTAR Energy L.P. COM 67058H102 558 41,300 SH   SOLE   41,300 0 0
OGE Energy Corp. COM 670837103 61,879 1,697,175 SH   DFND 1 1,692,575 0 4,600
ONEOK Inc. COM 682680103 59,359 1,158,448 SH   DFND 1 1,157,024 0 1,424
Outfront Media Inc. COM 69007J106 1,187 78,158 SH   SOLE   78,158 0 0
Paramount Group Inc COM 69924R108 1,599 256,609 SH   SOLE   14,537 0 242,072
Park Hotels & Resorts Inc COM 700517105 41,750 3,707,856 SH   DFND 1 2,949,689 0 758,167
Pebblebrook Hotel Trust COM 70509V100 29,216 2,013,495 SH   DFND 1 1,733,305 0 280,190
Pembina Pipeline Corp COM 706327103 308 10,140 SH   DFND 1 10,140 0 0
Piedmont Office Realty Trust I COM 720190206 39,060 3,698,865 SH   DFND 1 2,907,572 0 791,293
Plains All American Pipeline, COM 726503105 1,188 112,887 SH   SOLE   112,887 0 0
PPL Corp. COM 69351T106 42,371 1,671,424 SH   DFND 1 1,661,986 0 9,438
ProLogis Inc. COM 74340W103 387,310 3,812,105 SH   DFND 1 2,743,617 0 1,068,488
Public Service Enterprise Grou COM 744573106 89,694 1,595,126 SH   DFND 1 1,319,226 0 275,900
Public Storage COM 74460D109 28,613 97,719 SH   SOLE   2,346 0 95,373
Realty Income Corp COM 756109104 63,120 1,084,535 SH   DFND 1 439,448 0 645,087
Regency Centers Corporation COM 758849103 6,474 120,221 SH   SOLE   0 0 120,221
Retail Opportunity Investments COM 76131N101 22,514 1,636,191 SH   DFND 1 1,223,071 0 413,120
Rexford Industrial Realty, Inc COM 76169C100 68,759 1,322,279 SH   DFND 1 1,085,529 0 236,750
Sempra Energy COM 816851109 100,355 669,298 SH   DFND 1 533,719 0 135,579
Simon Property Group Inc. COM 828806109 186,320 2,075,990 SH   DFND 1 1,427,928 0 648,062
Site Centers Corp COM 82981J109 1,462 136,517 SH   SOLE   0 0 136,517
South Jersey Industries Inc COM 838518108 8,626 258,100 SH   DFND 1 258,100 0 0
Southwest Gas Holdings Inc. COM 844895102 22,793 326,782 SH   DFND 1 324,982 0 1,800
Spirit Realty Capital Inc. COM 84860W300 80,577 2,228,359 SH   DFND 1 1,545,858 0 682,501
STAG Industrial, Inc. COM 85254J102 74,026 2,603,783 SH   DFND 1 1,947,560 0 656,223
STORE Capital Corp COM 862121100 5,692 181,671 SH   SOLE   155,544 0 26,127
Sun Communities Inc. COM 866674104 107,002 790,678 SH   DFND 1 615,571 0 175,107
Sunstone Hotel Investors Inc. COM 867892101 44,619 4,736,588 SH   DFND 1 3,738,040 0 998,548
Targa Resources Corp. COM 87612G101 56,727 940,116 SH   DFND 1 934,816 0 5,300
TC Energy Corp COM 87807B107 207 5,130 SH   SOLE   5,130 0 0
Tricon Residential Inc COM 89612W102 26,566 3,071,188 SH   DFND 1 2,616,015 0 455,173
UDR Inc. COM 902653104 24,377 584,437 SH   SOLE   308,092 0 276,345
Union Pacific Corp COM 907818108 49,739 255,305 SH   DFND 1 204,302 0 51,003
Uniti Group Inc COM 91325V108 9,555 1,374,800 SH   DFND 1 1,374,800 0 0
Urban Edge Properties COM 91704F104 14,791 1,108,739 SH   DFND 1 641,449 0 467,290
Ventas Inc. COM 92276F100 47,074 1,171,863 SH   DFND 1 515,362 0 656,501
Vici Properties Inc. COM 925652109 10,218 342,299 SH   SOLE   89,791 0 252,508
Vornado Realty Trust COM 929042109 387 16,700 SH   SOLE   0 0 16,700
WEC Energy Group Inc. COM 92939U106 111,783 1,249,946 SH   DFND 1 1,026,740 0 223,206
Welltower Inc. COM 95040Q104 53,721 835,215 SH   SOLE   476,151 0 359,064
Western Midstream Partners LP COM 958669103 609 24,200 SH   SOLE   24,200 0 0
Williams Cos. COM 969457100 85,848 2,998,537 SH   DFND 1 2,990,837 0 7,700
WP Carey Inc. COM 92936U109 12,040 172,497 SH   SOLE   0 0 172,497
Xcel Energy Inc. COM 98389B100 73,284 1,145,068 SH   DFND 1 917,156 0 227,912
Xenia Hotels & Resorts Inc COM 984017103 21,565 1,563,799 SH   DFND 1 1,231,323 0 332,476
AES Corporation UNIT 00130H204 32,246 364,900 SH   DFND 1 364,900 0 0
American Electric Power Co. Inc UNIT 02557T307 3,916 79,107 SH   DFND 1 79,107 0 0