Cbre Clarion Securities 13F-HR Quarterly holdings report by institutional manager

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

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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
Acadia Realty Trust	COM	004239109	19,229	875,657	SH		DFND	1	621,049	0	254,608
AES Corporation	COM	00130H105	33,961	1,302,690	SH		DFND	1	1,302,690	0	0
Agree Realty Corp	COM	008492100	4,554	64,600	SH		SOLE		0	0	64,600
Alexandria Real Estate Equitie	COM	015271109	105,817	581,603	SH		DFND	1	385,268	0	196,335
Alliant Energy Corporation	COM	018802108	40,113	719,395	SH		DFND	1	719,395	0	0
Ameren Corp.	COM	023608102	43,961	549,238	SH		DFND	1	549,238	0	0
American Campus Communities	COM	024835100	6,026	128,973	SH		SOLE		0	0	128,973
American Electric Power Co. In	COM	025537101	66,968	791,677	SH		DFND	1	791,677	0	0
American Homes 4 Rent	COM	02665T306	2,383	61,339	SH		SOLE		0	0	61,339
American Tower Corp.	COM	03027X100	303,537	1,123,629	SH		DFND	1	1,067,355	0	56,274
Apartment Income REIT Co	COM	03750L109	92,037	1,940,479	SH		DFND	1	1,404,753	0	535,726
Apple Hospitality REIT Inc	COM	03784Y200	16,859	1,104,800	SH		DFND	1	603,941	0	500,859
AvalonBay Communities Inc.	COM	053484101	35,054	167,972	SH		SOLE		0	0	167,972
Boston Properties Inc.	COM	101121101	17,387	151,731	SH		SOLE		0	0	151,731
Brandywine Realty Trust SBI	COM	105368203	26,864	1,959,451	SH		SOLE		975,008	0	984,443
Brixmor Property Group	COM	11120U105	84,408	3,687,545	SH		DFND	1	2,593,171	0	1,094,374
Camden Property Trust	COM	133131102	168,174	1,267,612	SH		DFND	1	958,806	0	308,806
Cheniere Energy Inc.	COM	16411R208	34,218	394,493	SH		DFND	1	394,493	0	0
CMS Energy Corporation	COM	125896100	33,677	570,023	SH		DFND	1	570,023	0	0
Columbia Property Trust, Inc.	COM	198287203	23,005	1,322,863	SH		DFND	1	1,016,241	0	306,622
Corporate Office Properties Tr	COM	22002T108	6,518	232,855	SH		SOLE		0	0	232,855
Cousins Properties Inc.	COM	222795502	4,822	131,100	SH		SOLE		0	0	131,100
Crestwood Equity Partners LP	COM	226344208	492	16,400	SH		SOLE		16,400	0	0
Crown Castle International Cor	COM	22822V101	172,043	881,821	SH		DFND	1	789,338	0	92,483
CubeSmart	COM	229663109	168,482	3,637,343	SH		DFND	1	2,735,368	0	901,975
CyrusOne Inc.	COM	23283R100	52,246	730,511	SH		DFND	1	431,212	0	299,299
DCP Midstream LP	COM	23311P100	878	28,600	SH		SOLE		28,600	0	0
Diamondrock Hospitality	COM	252784301	1,070	110,314	SH		SOLE		110,314	0	0
Digital Realty Trust Inc.	COM	253868103	45,072	299,564	SH		SOLE		14,900	0	284,664
Dominion Energy Inc.	COM	25746U109	33,570	456,304	SH		DFND	1	456,304	0	0
Duke Realty Corporation	COM	264411505	226,961	4,793,264	SH		DFND	1	3,511,716	0	1,281,548
Eastgroup Properties	COM	277276101	740	4,500	SH		SOLE		4,500	0	0
Enbridge Inc	COM	29250N105	548	13,680	SH		SOLE		13,680	0	0
Energy Transfer LP	COM	29273V100	1,920	180,577	SH		SOLE		180,577	0	0
Enterprise Products Partners L	COM	293792107	1,801	74,639	SH		SOLE		74,639	0	0
Equinix Inc	COM	29444U700	70,061	87,293	SH		DFND	1	67,528	0	19,765
Equity Lifestyle Properties	COM	29472R108	12,095	162,765	SH		SOLE		0	0	162,765
Equity Residential	COM	29476L107	28,039	364,146	SH		SOLE		0	0	364,146
Essential Utilities	COM	29670G102	14,435	315,854	SH		DFND	1	315,854	0	0
Essex Property Trust Inc.	COM	297178105	71,161	237,196	SH		DFND	1	106,225	0	130,971
Exelon Corp.	COM	30161N101	40,174	906,665	SH		DFND	1	906,665	0	0
Extra Space Storage Inc.	COM	30225T102	264,737	1,616,025	SH		DFND	1	1,137,113	0	478,912
Federal Realty Investment Trus	COM	313747206	10,341	88,258	SH		SOLE		0	0	88,258
FirstEnergy Corp.	COM	337932107	30,928	831,169	SH		DFND	1	831,169	0	0
Four Corners Property Trust	COM	35086T109	18,798	680,841	SH		DFND	1	465,361	0	215,480
Getty Realty Corp.	COM	374297109	10,412	334,260	SH		SOLE		274,012	0	60,248
HealthCare Realty Trust	COM	421946104	1,839	60,900	SH		SOLE		0	0	60,900
Healthcare Trust of America In	COM	42225P501	89,129	3,338,158	SH		DFND	1	2,466,746	0	871,412
Healthpeak Properties Inc.	COM	42250P103	18,993	570,520	SH		SOLE		0	0	570,520
Hess Midstream LP	COM	428103105	359	14,226	SH		SOLE		14,226	0	0
Highwoods Properties Inc.	COM	431284108	39,330	870,718	SH		DFND	1	623,124	0	247,594
Host Hotels & Resorts Inc.	COM	44107P104	41,960	2,455,264	SH		SOLE		2,335,772	0	119,492
Hudson Pacific Properties	COM	444097109	71,865	2,583,200	SH		DFND	1	1,950,084	0	633,116
Invitation Homes Inc	COM	46187W107	137,503	3,687,409	SH		DFND	1	2,589,592	0	1,097,817
JBG Smith Properties	COM	46590V100	3,168	100,543	SH		SOLE		0	0	100,543
Kansas City Southern	COM	485170302	32,341	114,130	SH		DFND	1	114,130	0	0
Kilroy Realty Corp.	COM	49427F108	7,848	112,700	SH		SOLE		0	0	112,700
Kimco Realty Corp.	COM	49446R109	7,819	375,000	SH		SOLE		0	0	375,000
Kinder Morgan Inc.	COM	49456B101	1,154	63,300	SH		SOLE		63,300	0	0
Lexington Realty Trust	COM	529043101	3,026	253,200	SH		SOLE		0	0	253,200
Life Storage Inc	COM	53223X107	60,055	559,436	SH		DFND	1	350,090	0	209,346
Magellan Midstream Partners L.	COM	559080106	1,530	31,288	SH		SOLE		31,288	0	0
MGM Growth Properties LLC	COM	55303A105	86,603	2,364,909	SH		DFND	1	1,794,550	0	570,359
Mid-America Apt. Comm.	COM	59522J103	159,645	947,900	SH		DFND	1	666,923	0	280,977
MPLX LP	COM	55336V100	1,823	61,570	SH		SOLE		61,570	0	0
National Retail Properties Inc	COM	637417106	27,306	582,457	SH		SOLE		462,638	0	119,819
National Storage Affiliates Tr	COM	637870106	3,382	66,900	SH		SOLE		0	0	66,900
Netstreit Corp	COM	64119V303	13,253	574,714	SH		DFND	1	368,395	0	206,319
Nextera Energy Inc	COM	65339F101	62,856	857,756	SH		DFND	1	857,756	0	0
NiSource Inc.	COM	65473P105	31,587	1,289,253	SH		DFND	1	1,289,253	0	0
NuSTAR Energy L.P.	COM	67058H102	740	41,000	SH		SOLE		41,000	0	0
ONEOK Inc.	COM	682680103	1,288	23,150	SH		SOLE		23,150	0	0
Outfront Media Inc.	COM	69007J106	1,662	69,156	SH		SOLE		69,156	0	0
Paramount Group Inc	COM	69924R108	905	89,900	SH		SOLE		0	0	89,900
Park Hotels & Resorts Inc	COM	700517105	17,754	861,417	SH		DFND	1	527,282	0	334,135
Pebblebrook Hotel Trust	COM	70509V100	23,949	1,016,957	SH		SOLE		927,263	0	89,694
Pembina Pipeline Corp	COM	706327103	585	18,420	SH		DFND	1	18,420	0	0
Phillips 66 Partners LP	COM	718549207	533	13,500	SH		SOLE		13,500	0	0
Physicians Realty Trust	COM	71943U104	15,079	816,403	SH		SOLE		615,903	0	200,500
Piedmont Office Realty Trust I	COM	720190206	68,523	3,709,945	SH		DFND	1	2,508,485	0	1,201,460
Plains All American Pipeline,	COM	726503105	1,451	127,687	SH		SOLE		127,687	0	0
ProLogis Inc.	COM	74340W103	478,796	4,005,654	SH		DFND	1	2,670,739	0	1,334,915
PS Business Parks Inc.	COM	69360J107	8,492	57,350	SH		SOLE		44,450	0	12,900
Public Service Enterprise Grou	COM	744573106	40,888	684,428	SH		DFND	1	684,428	0	0
Public Storage	COM	74460D109	41,039	136,484	SH		SOLE		955	0	135,529
QTS Realty Trust Inc	COM	74736A103	10,950	141,659	SH		SOLE		40,019	0	101,640
Realty Income Corp	COM	756109104	23,806	356,700	SH		SOLE		0	0	356,700
Regency Centers Corporation	COM	758849103	55,656	868,674	SH		DFND	1	478,646	0	390,028
Retail Opportunity Investments	COM	76131N101	8,811	498,924	SH		SOLE		498,924	0	0
Simon Property Group Inc.	COM	828806109	366,054	2,805,442	SH		DFND	1	1,966,959	0	838,483
Site Centers Corp	COM	82981J109	49,125	3,261,935	SH		DFND	1	2,303,775	0	958,160
Spirit Realty Capital Inc.	COM	84860W300	83,119	1,737,428	SH		DFND	1	1,320,163	0	417,265
STAG Industrial, Inc.	COM	85254J102	35,641	952,194	SH		DFND	1	647,138	0	305,056
STORE Capital Corp	COM	862121100	9,151	265,179	SH		SOLE		0	0	265,179
Sun Communities Inc.	COM	866674104	32,644	190,453	SH		SOLE		75,917	0	114,536
Sunstone Hotel Investors Inc.	COM	867892101	54,830	4,414,614	SH		DFND	1	3,733,076	0	681,538
Targa Resources Corp.	COM	87612G101	1,360	30,600	SH		SOLE		30,600	0	0
TC Energy Corp	COM	87807B107	850	17,167	SH		DFND	1	17,167	0	0
UDR Inc.	COM	902653104	101,429	2,070,816	SH		DFND	1	1,250,478	0	820,338
Union Pacific Corp	COM	907818108	61,901	281,456	SH		DFND	1	281,456	0	0
Urban Edge Properties	COM	91704F104	1,102	57,710	SH		SOLE		57,710	0	0
Ventas Inc.	COM	92276F100	141,582	2,479,551	SH		DFND	1	1,576,154	0	903,397
VEREIT Inc	COM	92339V308	106,712	2,323,355	SH		DFND	1	1,475,107	0	848,248
Weingarten Realty Investors	COM	948741103	3,589	111,900	SH		SOLE		0	0	111,900
Welltower Inc.	COM	95040Q104	105,618	1,270,971	SH		DFND	1	614,137	0	656,834
Weyerhaeuser Co.	COM	962166104	26,676	775,028	SH		DFND	1	585,746	0	189,282
Williams Cos.	COM	969457100	1,222	46,040	SH		SOLE		46,040	0	0
WP Carey Inc.	COM	92936U109	12,462	167,000	SH		SOLE		0	0	167,000
Xenia Hotels & Resorts Inc	COM	984017103	17,945	958,092	SH		DFND	1	740,155	0	217,937