| 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 |
| Acadia Realty Trust | COM | 004239109 | 20,556 | 1,957,698 | SH | | DFND | 1 | 1,440,364 | 0 | 517,334 |
| AES Corporation | COM | 00130H105 | 14,189 | 783,512 | SH | | DFND | 1 | 783,512 | 0 | 0 |
| Agree Realty Corp | COM | 008492100 | 3,201 | 50,300 | SH | | SOLE | | 0 | 0 | 50,300 |
| Alexandria Real Estate Equitie | COM | 015271109 | 137,021 | 856,379 | SH | | DFND | 1 | 615,542 | 0 | 240,837 |
| Alliant Energy Corporation | COM | 018802108 | 18,034 | 349,166 | SH | | DFND | 1 | 349,166 | 0 | 0 |
| Ameren Corp. | COM | 023608102 | 23,092 | 292,005 | SH | | DFND | 1 | 292,005 | 0 | 0 |
| American Campus Communities | COM | 024835100 | 44,166 | 1,264,771 | SH | | DFND | 1 | 965,036 | 0 | 299,735 |
| American Electric Power Co. In | COM | 025537101 | 32,351 | 395,830 | SH | | DFND | 1 | 395,830 | 0 | 0 |
| American Homes 4 Rent | COM | 02665T306 | 37,786 | 1,326,758 | SH | | SOLE | | 958,951 | 0 | 367,807 |
| American Tower Corp. | COM | 03027X100 | 110,108 | 455,501 | SH | | DFND | 1 | 437,661 | 0 | 17,840 |
| Apartment Investment and Manag | COM | 03748R754 | 54,822 | 1,625,810 | SH | | DFND | 1 | 1,355,914 | 0 | 269,896 |
| Atmos Energy Corp. | COM | 049560105 | 7,659 | 80,126 | SH | | DFND | 1 | 80,126 | 0 | 0 |
| AvalonBay Communities Inc. | COM | 053484101 | 71,585 | 479,340 | SH | | DFND | 1 | 253,496 | 0 | 225,844 |
| Boston Properties Inc. | COM | 101121101 | 14,021 | 174,606 | SH | | SOLE | | 1,148 | 0 | 173,458 |
| Brandywine Realty Trust SBI | COM | 105368203 | 33,623 | 3,251,699 | SH | | DFND | 1 | 2,384,519 | 0 | 867,180 |
| Brixmor Property Group | COM | 11120U105 | 48,767 | 4,171,684 | SH | | DFND | 1 | 2,857,949 | 0 | 1,313,735 |
| Camden Property Trust | COM | 133131102 | 77,605 | 872,166 | SH | | DFND | 1 | 606,403 | 0 | 265,763 |
| Cheniere Energy Inc. | COM | 16411R208 | 17,462 | 377,391 | SH | | DFND | 1 | 377,391 | 0 | 0 |
| CMS Energy Corporation | COM | 125896100 | 12,902 | 210,099 | SH | | DFND | 1 | 210,099 | 0 | 0 |
| Columbia Property Trust, Inc. | COM | 198287203 | 31,302 | 2,869,140 | SH | | DFND | 1 | 2,176,490 | 0 | 692,650 |
| Coresite Realty Corp | COM | 21870Q105 | 2,080 | 17,500 | SH | | SOLE | | 17,500 | 0 | 0 |
| Corporate Office Properties Tr | COM | 22002T108 | 3,481 | 146,755 | SH | | SOLE | | 0 | 0 | 146,755 |
| Cousins Properties Inc. | COM | 222795502 | 43,615 | 1,525,519 | SH | | DFND | 1 | 1,054,177 | 0 | 471,342 |
| Crown Castle International Cor | COM | 22822V101 | 114,589 | 688,224 | SH | | DFND | 1 | 640,437 | 0 | 47,787 |
| CubeSmart | COM | 229663109 | 134,705 | 4,169,153 | SH | | DFND | 1 | 3,212,291 | 0 | 956,862 |
| CyrusOne Inc. | COM | 23283R100 | 118,620 | 1,693,840 | SH | | DFND | 1 | 1,267,700 | 0 | 426,140 |
| DCP Midstream LP | COM | 23311P100 | 393 | 35,200 | SH | | SOLE | | 35,200 | 0 | 0 |
| Diamondrock Hospitality | COM | 252784301 | 75 | 14,800 | SH | | SOLE | | 14,800 | 0 | 0 |
| Digital Realty Trust Inc. | COM | 253868103 | 41,396 | 282,064 | SH | | SOLE | | 12,200 | 0 | 269,864 |
| Douglas Emmett Inc. | COM | 25960P109 | 2,108 | 83,977 | SH | | SOLE | | 0 | 0 | 83,977 |
| Duke Realty Corporation | COM | 264411505 | 119,811 | 3,246,911 | SH | | DFND | 1 | 2,412,247 | 0 | 834,664 |
| Enbridge Inc | COM | 29250N105 | 469 | 16,057 | SH | | SOLE | | 16,057 | 0 | 0 |
| Energy Transfer LP | COM | 29273V100 | 1,431 | 264,077 | SH | | SOLE | | 264,077 | 0 | 0 |
| Enterprise Products Partners L | COM | 293792107 | 1,551 | 98,239 | SH | | SOLE | | 98,239 | 0 | 0 |
| Equinix Inc | COM | 29444U700 | 113,968 | 149,932 | SH | | DFND | 1 | 125,477 | 0 | 24,455 |
| Equitrans Midstream Corp | COM | 294600101 | 406 | 48,000 | SH | | SOLE | | 48,000 | 0 | 0 |
| Equity Lifestyle Properties | COM | 29472R108 | 10,278 | 167,665 | SH | | SOLE | | 0 | 0 | 167,665 |
| Equity Residential | COM | 29476L107 | 122,136 | 2,379,425 | SH | | DFND | 1 | 1,666,475 | 0 | 712,950 |
| Essential Utilities | COM | 29670G102 | 20,708 | 514,487 | SH | | DFND | 1 | 514,487 | 0 | 0 |
| Essex Property Trust Inc. | COM | 297178105 | 12,744 | 63,469 | SH | | SOLE | | 0 | 0 | 63,469 |
| Exelon Corp. | COM | 30161N101 | 14,502 | 405,530 | SH | | DFND | 1 | 405,530 | 0 | 0 |
| Extra Space Storage Inc. | COM | 30225T102 | 29,799 | 278,525 | SH | | DFND | 1 | 101,578 | 0 | 176,947 |
| Federal Realty Investment Trus | COM | 313747206 | 22,833 | 310,909 | SH | | SOLE | | 227,394 | 0 | 83,515 |
| First Industrial Realty Trust | COM | 32054K103 | 2,304 | 57,900 | SH | | SOLE | | 0 | 0 | 57,900 |
| FirstEnergy Corp. | COM | 337932107 | 17,352 | 604,378 | SH | | DFND | 1 | 604,378 | 0 | 0 |
| Front Yard Residential Corp | COM | 35904G107 | 9,411 | 1,076,815 | SH | | DFND | 1 | 866,873 | 0 | 209,942 |
| HealthCare Realty Trust | COM | 421946104 | 3,867 | 128,400 | SH | | SOLE | | 0 | 0 | 128,400 |
| Healthcare Trust of America In | COM | 42225P501 | 110,885 | 4,264,795 | SH | | DFND | 1 | 3,258,869 | 0 | 1,005,926 |
| Healthpeak Properties Inc. | COM | 42250P103 | 47,298 | 1,742,094 | SH | | DFND | 1 | 980,121 | 0 | 761,973 |
| Hess Midstream LP | COM | 428103105 | 187 | 12,400 | SH | | SOLE | | 12,400 | 0 | 0 |
| Highwoods Properties Inc. | COM | 431284108 | 37,433 | 1,115,062 | SH | | DFND | 1 | 856,432 | 0 | 258,630 |
| Host Hotels & Resorts Inc. | COM | 44107P104 | 36,125 | 3,348,053 | SH | | DFND | 1 | 2,408,715 | 0 | 939,338 |
| Hudson Pacific Properties | COM | 444097109 | 46,517 | 2,121,143 | SH | | DFND | 1 | 1,657,722 | 0 | 463,421 |
| Invitation Homes Inc | COM | 46187W107 | 185,696 | 6,634,382 | SH | | DFND | 1 | 4,999,070 | 0 | 1,635,312 |
| Iron Mountain Incorporated | COM | 46284V101 | 4,723 | 176,312 | SH | | SOLE | | 0 | 0 | 176,312 |
| JBG Smith Properties | COM | 46590V100 | 2,764 | 103,359 | SH | | SOLE | | 0 | 0 | 103,359 |
| Kansas City Southern | COM | 485170302 | 10,168 | 56,228 | SH | | DFND | 1 | 56,228 | 0 | 0 |
| Kilroy Realty Corp. | COM | 49427F108 | 5,835 | 112,300 | SH | | SOLE | | 0 | 0 | 112,300 |
| Kimco Realty Corp. | COM | 49446R109 | 4,574 | 406,200 | SH | | SOLE | | 0 | 0 | 406,200 |
| Kinder Morgan Inc. | COM | 49456B101 | 14,618 | 1,185,591 | SH | | DFND | 1 | 1,185,591 | 0 | 0 |
| Life Storage Inc | COM | 53223X107 | 117,834 | 1,119,348 | SH | | DFND | 1 | 858,150 | 0 | 261,198 |
| Magellan Midstream Partners L. | COM | 559080106 | 1,468 | 42,913 | SH | | SOLE | | 42,913 | 0 | 0 |
| Marriott International Inc. | COM | 571903202 | 4,356 | 47,056 | SH | | DFND | 1 | 32,369 | 0 | 14,687 |
| Medical Properties Trust | COM | 58463J304 | 5,686 | 322,531 | SH | | SOLE | | 147,931 | 0 | 174,600 |
| MGM Growth Properties LLC | COM | 55303A105 | 74,508 | 2,662,886 | SH | | DFND | 1 | 2,158,852 | 0 | 504,034 |
| Mid-America Apt. Comm. | COM | 59522J103 | 44,026 | 379,698 | SH | | DFND | 1 | 188,214 | 0 | 191,484 |
| MPLX LP | COM | 55336V100 | 1,073 | 68,170 | SH | | SOLE | | 68,170 | 0 | 0 |
| National Retail Properties Inc | COM | 637417106 | 7,410 | 214,715 | SH | | SOLE | | 0 | 0 | 214,715 |
| Netstreit Corp | COM | 64119V303 | 4,884 | 267,443 | SH | | DFND | 1 | 185,265 | 0 | 82,178 |
| Nextera Energy Inc | COM | 65339F101 | 28,261 | 101,821 | SH | | DFND | 1 | 101,821 | 0 | 0 |
| NiSource Inc. | COM | 65473P105 | 10,994 | 499,719 | SH | | DFND | 1 | 499,719 | 0 | 0 |
| Norfolk Southern Corp | COM | 655844108 | 17,557 | 82,047 | SH | | DFND | 1 | 82,047 | 0 | 0 |
| NuSTAR Energy L.P. | COM | 67058H102 | 703 | 66,200 | SH | | SOLE | | 66,200 | 0 | 0 |
| ONEOK Inc. | COM | 682680103 | 309 | 11,900 | SH | | SOLE | | 11,900 | 0 | 0 |
| Paramount Group Inc | COM | 69924R108 | 1,135 | 160,300 | SH | | SOLE | | 0 | 0 | 160,300 |
| Pembina Pipeline Corp | COM | 706327103 | 338 | 15,926 | SH | | DFND | 1 | 15,926 | 0 | 0 |
| Phillips 66 Partners LP | COM | 718549207 | 472 | 20,500 | SH | | SOLE | | 20,500 | 0 | 0 |
| Physicians Realty Trust | COM | 71943U104 | 9,548 | 533,103 | SH | | SOLE | | 342,903 | 0 | 190,200 |
| Piedmont Office Realty Trust I | COM | 720190206 | 46,691 | 3,440,729 | SH | | DFND | 1 | 2,586,509 | 0 | 854,220 |
| Plains All American Pipeline, | COM | 726503105 | 1,253 | 209,587 | SH | | SOLE | | 209,587 | 0 | 0 |
| ProLogis Inc. | COM | 74340W103 | 374,671 | 3,723,623 | SH | | DFND | 1 | 2,547,849 | 0 | 1,175,774 |
| PS Business Parks Inc. | COM | 69360J107 | 7,717 | 63,051 | SH | | SOLE | | 44,051 | 0 | 19,000 |
| Public Service Enterprise Grou | COM | 744573106 | 12,065 | 219,719 | SH | | DFND | 1 | 219,719 | 0 | 0 |
| Public Storage | COM | 74460D109 | 36,050 | 161,864 | SH | | SOLE | | 0 | 0 | 161,864 |
| QTS Realty Trust Inc | COM | 74736A103 | 51,012 | 809,462 | SH | | DFND | 1 | 556,196 | 0 | 253,266 |
| Realty Income Corp | COM | 756109104 | 20,339 | 334,799 | SH | | SOLE | | 7,099 | 0 | 327,700 |
| Regency Centers Corporation | COM | 758849103 | 40,835 | 1,074,037 | SH | | DFND | 1 | 615,973 | 0 | 458,064 |
| Retail Properties of America, | COM | 76131V202 | 25,488 | 4,387,000 | SH | | DFND | 1 | 3,136,396 | 0 | 1,250,604 |
| Rexford Industrial Realty, Inc | COM | 76169C100 | 5,340 | 116,705 | SH | | SOLE | | 0 | 0 | 116,705 |
| Sempra Energy | COM | 816851109 | 9,405 | 79,465 | SH | | DFND | 1 | 79,465 | 0 | 0 |
| Simon Property Group Inc. | COM | 828806109 | 152,016 | 2,350,280 | SH | | DFND | 1 | 1,667,768 | 0 | 682,512 |
| Site Centers Corp | COM | 82981J109 | 10,484 | 1,456,070 | SH | | SOLE | | 1,190,985 | 0 | 265,085 |
| SL Green Realty Corp. | COM | 78440X101 | 3,307 | 71,317 | SH | | SOLE | | 0 | 0 | 71,317 |
| Spirit Realty Capital Inc. | COM | 84860W300 | 91,112 | 2,699,628 | SH | | DFND | 1 | 1,997,917 | 0 | 701,711 |
| STAG Industrial, Inc. | COM | 85254J102 | 34,217 | 1,122,233 | SH | | DFND | 1 | 781,953 | 0 | 340,280 |
| STORE Capital Corp | COM | 862121100 | 62,371 | 2,273,823 | SH | | SOLE | | 1,573,513 | 0 | 700,310 |
| Sun Communities Inc. | COM | 866674104 | 12,794 | 90,990 | SH | | SOLE | | 0 | 0 | 90,990 |
| Sunstone Hotel Investors Inc. | COM | 867892101 | 7,894 | 994,165 | SH | | DFND | 1 | 719,090 | 0 | 275,075 |
| Targa Resources Corp. | COM | 87612G101 | 644 | 45,900 | SH | | SOLE | | 45,900 | 0 | 0 |
| TC Energy Corp | COM | 87807B107 | 824 | 19,610 | SH | | DFND | 1 | 19,610 | 0 | 0 |
| TC Pipelines L.P. | COM | 87233Q108 | 642 | 25,100 | SH | | SOLE | | 25,100 | 0 | 0 |
| Terreno Realty Corp | COM | 88146M101 | 3,275 | 59,800 | SH | | SOLE | | 0 | 0 | 59,800 |
| UDR Inc. | COM | 902653104 | 9,164 | 281,008 | SH | | SOLE | | 0 | 0 | 281,008 |
| Union Pacific Corp | COM | 907818108 | 23,534 | 119,539 | SH | | DFND | 1 | 119,539 | 0 | 0 |
| Ventas Inc. | COM | 92276F100 | 128,696 | 3,067,115 | SH | | DFND | 1 | 2,188,459 | 0 | 878,656 |
| VEREIT Inc | COM | 92339V100 | 145,987 | 22,459,467 | SH | | DFND | 1 | 16,834,928 | 0 | 5,624,539 |
| Vici Properties Inc. | COM | 925652109 | 100,356 | 4,294,202 | SH | | DFND | 1 | 3,365,346 | 0 | 928,856 |
| Vornado Realty Trust | COM | 929042109 | 1,985 | 58,896 | SH | | SOLE | | 0 | 0 | 58,896 |
| Weingarten Realty Investors | COM | 948741103 | 1,945 | 114,700 | SH | | SOLE | | 0 | 0 | 114,700 |
| Welltower Inc. | COM | 95040Q104 | 130,645 | 2,371,479 | SH | | DFND | 1 | 1,421,628 | 0 | 949,851 |
| Williams Cos. | COM | 969457100 | 844 | 42,940 | SH | | SOLE | | 42,940 | 0 | 0 |
| WP Carey Inc. | COM | 92936U109 | 10,849 | 166,500 | SH | | SOLE | | 0 | 0 | 166,500 |
