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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Acadia Realty Trust COM 004239109   7,735,655 539,070 SH   DFND 2 306,527 0 232,543
AES Corporation COM 00130H105   45,731,343 3,008,641 SH   DFND 1,2 2,488,854 0 519,787
Alerian MLP ETF COM 00162Q452   7,354,785 174,284 SH   SOLE   174,284 0 0
Alexandria Real Estate Equitie COM 015271109   108,054,046 1,079,461 SH   DFND 1,2 784,952 0 294,509
ALLETE, Inc. COM 018522300   36,206,755 685,734 SH   DFND 1,2 683,120 0 2,614
Alliant Energy Corporation COM 018802108   8,531,512 176,089 SH   DFND 2 39,994 0 136,095
Ameren Corp. COM 023608102   68,210,463 911,539 SH   DFND 1 756,524 0 155,015
American Electric Power Co. In COM 025537101   14,856,477 197,507 SH   DFND 1 164,542 0 32,965
American Homes 4 Rent COM 02665T306   6,382,267 189,441 SH   SOLE   0 0 189,441
American Tower Corp. COM 03027X100   176,810,391 1,075,162 SH   DFND 1,2 912,114 0 163,048
American Water Works Co. COM 030420103   421,889 3,407 SH   SOLE   0 0 3,407
Americold Realty Trust COM 03064D108   2,312,589 76,047 SH   SOLE   0 0 76,047
Apartment Income REIT Co COM 03750L109   69,697,504 2,270,277 SH   DFND 1,2 1,759,796 0 510,481
Atmos Energy Corp. COM 049560105   521,070 4,919 SH   DFND 2 4,919 0 0
AvalonBay Communities Inc. COM 053484101   83,966,949 488,919 SH   DFND 1,2 327,220 0 161,699
Boston Properties Inc. COM 101121101   5,129,317 86,236 SH   SOLE   0 0 86,236
Brandywine Realty Trust SBI COM 105368203   1,097,409 241,720 SH   SOLE   157,784 0 83,936
Brixmor Property Group COM 11120U105   59,035,128 2,840,959 SH   DFND 1,2 2,122,382 0 718,577
Broadstone Net Lease Inc COM 11135E203   23,466,658 1,641,025 SH   DFND 1 1,420,941 0 220,084
Brookfield Infrastructure Part COM G16252101   14,698,853 499,961 SH   DFND 1 499,961 0 0
Camden Property Trust COM 133131102   66,468,554 702,776 SH   DFND 1 509,522 0 193,254
Cheniere Energy Inc. COM 16411R208   66,167,754 398,697 SH   DFND 1 395,874 0 2,823
Clearway Energy Inc. Class C COM 18539C204   12,561,761 593,656 SH   DFND 1 593,656 0 0
CMS Energy Corporation COM 125896100   57,418,761 1,081,129 SH   DFND 1,2 859,488 0 221,641
Constellation Energy Corp COM 21037T109   21,890,174 200,680 SH   DFND 1 165,872 0 34,808
COPT Defense Properties COM 22002T108   1,318,013 55,309 SH   SOLE   0 0 55,309
Cousins Properties Inc. COM 222795502   2,428,002 119,195 SH   SOLE   0 0 119,195
Crown Castle Inc COM 22822V101   104,665,351 1,137,296 SH   DFND 1,2 1,061,209 0 76,087
CSX Corporation COM 126408103   79,591,947 2,588,356 SH   DFND 1,2 2,110,102 0 478,254
CubeSmart COM 229663109   121,034,343 3,174,255 SH   DFND 1,2 2,510,879 0 663,376
Digital Realty Trust Inc. COM 253868103   22,962,093 189,738 SH   DFND 2 24,749 0 164,989
Dominion Energy Inc. COM 25746U109   16,505,297 369,494 SH   DFND 1 369,494 0 0
DTE Energy Co. COM 233331107   867,608 8,739 SH   DFND 2 8,739 0 0
ELME Communities COM 939653101   1,019,385 74,735 SH   SOLE   66,060 0 8,675
Empire State Realty Trust Inc. COM 292104106   14,506,524 1,804,294 SH   DFND 1 1,218,878 0 585,416
Enbridge Inc COM 29250N105   1,325,277 39,930 SH   DFND 1,2 39,930 0 0
Enlink Midstream LLC COM 29336T100   352,132 28,816 SH   DFND 2 28,816 0 0
Enterprise Products Partners L COM 293792107   17,555,118 641,400 SH   DFND 1 641,400 0 0
EPR Properties COM 26884U109   37,887,512 912,073 SH   DFND 1 663,482 0 248,591
Equinix Inc COM 29444U700   212,999,712 293,283 SH   DFND 1,2 234,752 0 58,531
Equity Lifestyle Properties COM 29472R108   5,583,162 87,634 SH   SOLE   0 0 87,634
Equity Residential COM 29476L107   10,809,626 184,119 SH   SOLE   0 0 184,119
Essential Properties Realty COM 29670E107   28,145,389 1,301,220 SH   SOLE   1,062,106 0 239,114
Essential Utilities COM 29670G102   3,091,725 90,059 SH   DFND 2 11,504 0 78,555
Essex Property Trust Inc. COM 297178105   112,638,242 531,087 SH   DFND 1,2 404,687 0 126,400
Eversource Energy COM 30040W108   7,868,044 135,306 SH   DFND 2 34,126 0 101,180
Exelon Corp. COM 30161N101   7,043,640 186,389 SH   SOLE   25,277 0 161,112
Extra Space Storage Inc. COM 30225T102   19,666,781 161,760 SH   SOLE   0 0 161,760
Federal Realty Investment Trus COM 313745101   5,642,352 62,257 SH   SOLE   0 0 62,257
FirstEnergy Corp. COM 337932107   10,682,549 312,538 SH   DFND 1 242,536 0 70,002
Four Corners Property Trust COM 35086T109   26,750,866 1,205,537 SH   DFND 1,2 865,961 0 339,576
Healthcare Realty Trust Inc COM 42226K105   10,179,287 666,620 SH   SOLE   666,620 0 0
Healthpeak Properties Inc. COM 42250P103   69,809,292 3,802,249 SH   DFND 1 2,351,035 0 1,451,214
Highwoods Properties Inc. COM 431284108   18,564,870 900,770 SH   DFND 1 564,707 0 336,063
Hilton Worldwide Holdings Inc. COM 43300A203   27,429,926 182,647 SH   DFND 1 156,143 0 26,504
Host Hotels & Resorts Inc. COM 44107P104   26,609,429 1,655,845 SH   DFND 2 1,372,174 0 283,671
Hudson Pacific Properties COM 444097109   3,023,296 454,631 SH   SOLE   454,631 0 0
Hyatt Hotels Corp. - Cl A COM 448579102   8,181,102 77,122 SH   DFND 2 77,122 0 0
Independence Realty Trust Inc COM 45378A106   5,885,481 418,300 SH   SOLE   418,300 0 0
Inventrust Properties Corp COM 46124J201   790,849 33,215 SH   SOLE   0 0 33,215
Invitation Homes Inc COM 46187W107   192,767,766 6,082,921 SH   DFND 1,2 4,697,282 0 1,385,639
JBG Smith Properties COM 46590V100   674,125 46,620 SH   SOLE   0 0 46,620
Kilroy Realty Corp. COM 49427F108   28,908,293 914,530 SH   DFND 1,2 619,486 0 295,044
Kimco Realty Corp. COM 49446R109   5,277,088 300,005 SH   SOLE   0 0 300,005
Kinder Morgan Inc. COM 49456B101   20,172,223 1,216,660 SH   DFND 1 1,207,824 0 8,836
Kite Realty Group Trust COM 49803T300   20,605,247 961,963 SH   DFND 1,2 609,176 0 352,787
LXP Industrial Trust COM 529043101   1,260,347 141,612 SH   SOLE   0 0 141,612
Macerich Co. COM 554382101   30,949,673 2,836,817 SH   DFND 1,2 2,062,670 0 774,147
Marriott International Inc. COM 571903202   12,919,103 65,726 SH   SOLE   56,870 0 8,856
Medical Properties Trust COM 58463J304   4,633,045 850,100 SH   DFND 1 850,100 0 0
Mid-America Apt. Comm. COM 59522J103   11,295,856 87,803 SH   SOLE   0 0 87,803
National Storage Affiliates Tr COM 637870106   10,031,998 316,068 SH   SOLE   316,068 0 0
NexPoint Residential Trust, In COM 65341D102   3,992,605 124,071 SH   SOLE   124,071 0 0
Nextera Energy Inc COM 65339F101   117,638,312 2,053,383 SH   DFND 1,2 1,683,450 0 369,933
NextEra Energy Partners LP COM 65341B106   26,201,964 882,221 SH   DFND 1 788,713 0 93,508
NiSource Inc. COM 65473P105   37,579,545 1,522,672 SH   DFND 1,2 1,234,171 0 288,501
NNN REIT Inc. COM 637417106   11,341,808 320,934 SH   SOLE   272,470 0 48,464
OGE Energy Corp. COM 670837103   54,250,008 1,627,663 SH   DFND 1 1,620,844 0 6,819
ONEOK Inc. COM 682680103   12,355,276 194,786 SH   DFND 1,2 194,786 0 0
Paramount Group Inc COM 69924R108   361,755 78,302 SH   SOLE   0 0 78,302
Park Hotels & Resorts Inc COM 700517105   43,091,824 3,497,713 SH   DFND 1,2 2,782,765 0 714,948
Pebblebrook Hotel Trust COM 70509V100   898,938 66,147 SH   SOLE   66,147 0 0
Pembina Pipeline Corp COM 706327103   674,126 22,426 SH   DFND 1,2 22,426 0 0
PG&E Corp. COM 69331C108   44,920,001 2,784,873 SH   DFND 1 2,267,151 0 517,722
Piedmont Office Realty Trust I COM 720190206   7,183,810 1,278,258 SH   SOLE   1,218,005 0 60,253
Plains GP Holdings COM 72651A207   445,444 27,633 SH   DFND 2 27,633 0 0
PPL Corp. COM 69351T106   64,597,091 2,741,812 SH   DFND 1,2 2,724,498 0 17,314
ProLogis Inc. COM 74340W103   261,830,253 2,333,395 SH   DFND 1 1,571,829 0 761,566
Public Service Enterprise Grou COM 744573106   34,881,562 612,925 SH   DFND 1 546,135 0 66,790
Public Storage COM 74460D109   282,522,427 1,072,110 SH   DFND 1,2 818,010 0 254,100
Realty Income Corp COM 756109104   34,622,203 693,276 SH   DFND 1 184,989 0 508,287
Regency Centers Corporation COM 758849103   16,327,692 274,692 SH   DFND 1 110,720 0 163,972
Retail Opportunity Investments COM 76131N101   31,457,530 2,540,996 SH   DFND 1,2 2,165,133 0 375,863
Rexford Industrial Realty, Inc COM 76169C100   137,436,345 2,784,931 SH   DFND 1,2 2,224,719 0 560,212
RLJ Lodging Trust COM 74965L101   1,519,026 155,161 SH   DFND 2 155,161 0 0
Ryman Hospitality Properties COM 78377T107   21,186,848 254,405 SH   DFND 1,2 191,149 0 63,256
SBA Communications Corp. COM 78410G104   77,302,651 386,185 SH   DFND 1 307,437 0 78,748
Sempra Energy COM 816851109   80,079,814 1,177,125 SH   DFND 1 966,339 0 210,786
Simon Property Group Inc. COM 828806109   249,011,743 2,305,024 SH   DFND 1,2 1,723,413 0 581,611
Site Centers Corp COM 82981J109   14,975,093 1,214,525 SH   DFND 2 605,575 0 608,950
Southern Co. COM 842587107   70,239,127 1,085,277 SH   DFND 1 884,405 0 200,872
Spirit Realty Capital Inc. COM 84860W300   80,823,495 2,410,483 SH   DFND 1,2 1,781,186 0 629,297
STAG Industrial, Inc. COM 85254J102   3,088,507 89,496 SH   SOLE   0 0 89,496
Sun Communities Inc. COM 866674104   66,243,418 559,772 SH   DFND 1 454,724 0 105,048
Sunstone Hotel Investors Inc. COM 867892101   47,405,987 5,070,159 SH   DFND 1,2 4,183,683 0 886,476
Tanger Factory Outlet Centers COM 875465106   11,996,532 530,820 SH   SOLE   374,667 0 156,153
Targa Resources Corp. COM 87612G101   67,499,700 787,444 SH   DFND 1,2 781,939 0 5,505
Tricon Residential Inc COM 89612W102   22,059,348 2,980,993 SH   DFND 1,2 2,571,151 0 409,842
Union Pacific Corp COM 907818108   47,068,260 231,146 SH   DFND 1 191,393 0 39,753
Uniti Group Inc COM 91325V108   6,489,056 1,374,800 SH   DFND 1 1,374,800 0 0
Ventas Inc. COM 92276F100   37,822,376 897,754 SH   SOLE   582,041 0 315,713
Veris Residential Inc COM 554489104   5,859,629 355,129 SH   DFND 1 243,356 0 111,773
Vici Properties Inc. COM 925652109   20,689,169 710,968 SH   DFND 1 295,283 0 415,685
Vornado Realty Trust COM 929042109   9,860,765 434,778 SH   SOLE   367,003 0 67,775
WEC Energy Group Inc. COM 92939U106   94,064,035 1,167,772 SH   DFND 1,2 943,829 0 223,943
Welltower Inc. COM 95040Q104   259,217,572 3,164,277 SH   DFND 1,2 2,242,170 0 922,107
Weyerhaeuser Co. COM 962166104   4,561,656 148,782 SH   DFND 1 148,782 0 0
Williams Cos. COM 969457100   1,347,971 40,011 SH   SOLE   40,011 0 0
WP Carey Inc. COM 92936U109   8,309,716 153,656 SH   SOLE   0 0 153,656
Xcel Energy Inc. COM 98389B100   46,604,088 814,472 SH   DFND 1,2 622,152 0 192,320
AES Corporation UNIT 00130H204   20,209,300 331,300 SH   DFND 1 331,300 0 0
Nextera Energy Inc UNIT 65339F713   26,363,727 696,900 SH   DFND 1 696,900 0 0