| 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 | 6,026 | 295,224 | SH | | SOLE | | 254,196 | 0 | 41,028 |
| AES Corporation | COM | 00130H105 | 51,518 | 2,256,578 | SH | | DFND | 1 | 2,256,578 | 0 | 0 |
| Agree Realty Corp | COM | 008492100 | 4,278 | 64,600 | SH | | SOLE | | 0 | 0 | 64,600 |
| Alexander & Baldwin Inc. | COM | 014491104 | 8,532 | 363,986 | SH | | DFND | 1 | 281,725 | 0 | 82,261 |
| Alexandria Real Estate Equitie | COM | 015271109 | 82,330 | 430,891 | SH | | DFND | 1 | 256,623 | 0 | 174,268 |
| Alliant Energy Corporation | COM | 018802108 | 20,308 | 362,765 | SH | | DFND | 1 | 362,765 | 0 | 0 |
| Ameren Corp. | COM | 023608102 | 54,909 | 677,884 | SH | | DFND | 1 | 677,884 | 0 | 0 |
| American Campus Communities | COM | 024835100 | 6,300 | 130,025 | SH | | SOLE | | 0 | 0 | 130,025 |
| American Electric Power Co. In | COM | 025537101 | 82,951 | 1,021,812 | SH | | DFND | 1 | 1,021,812 | 0 | 0 |
| American Homes 4 Rent | COM | 02665T306 | 9,989 | 262,039 | SH | | SOLE | | 0 | 0 | 262,039 |
| American Tower Corp. | COM | 03027X100 | 287,086 | 1,081,671 | SH | | DFND | 1 | 1,009,185 | 0 | 72,486 |
| Apartment Income REIT Co | COM | 03750L109 | 63,288 | 1,296,613 | SH | | DFND | 1 | 857,167 | 0 | 439,446 |
| Apple Hospitality REIT Inc | COM | 03784Y200 | 14,736 | 936,799 | SH | | DFND | 1 | 489,897 | 0 | 446,902 |
| AvalonBay Communities Inc. | COM | 053484101 | 37,229 | 167,972 | SH | | SOLE | | 0 | 0 | 167,972 |
| Boston Properties Inc. | COM | 101121101 | 18,701 | 172,600 | SH | | SOLE | | 0 | 0 | 172,600 |
| Brandywine Realty Trust SBI | COM | 105368203 | 12,463 | 928,661 | SH | | SOLE | | 377,261 | 0 | 551,400 |
| Brixmor Property Group | COM | 11120U105 | 10,875 | 491,871 | SH | | SOLE | | 56,044 | 0 | 435,827 |
| Camden Property Trust | COM | 133131102 | 179,639 | 1,218,141 | SH | | DFND | 1 | 911,105 | 0 | 307,036 |
| Cheniere Energy Inc. | COM | 16411R208 | 51,356 | 525,809 | SH | | DFND | 1 | 525,809 | 0 | 0 |
| CMS Energy Corporation | COM | 125896100 | 49,743 | 832,796 | SH | | DFND | 1 | 832,796 | 0 | 0 |
| Corporate Office Properties Tr | COM | 22002T108 | 8,980 | 332,855 | SH | | SOLE | | 0 | 0 | 332,855 |
| Cousins Properties Inc. | COM | 222795502 | 4,889 | 131,100 | SH | | SOLE | | 0 | 0 | 131,100 |
| Crestwood Equity Partners LP | COM | 226344208 | 457 | 16,100 | SH | | SOLE | | 16,100 | 0 | 0 |
| Crown Castle International Cor | COM | 22822V101 | 162,499 | 937,567 | SH | | DFND | 1 | 862,299 | 0 | 75,268 |
| CubeSmart | COM | 229663109 | 179,047 | 3,695,491 | SH | | DFND | 1 | 2,797,926 | 0 | 897,565 |
| CyrusOne Inc. | COM | 23283R100 | 68,091 | 879,616 | SH | | DFND | 1 | 546,956 | 0 | 332,660 |
| DCP Midstream LP | COM | 23311P100 | 790 | 28,000 | SH | | SOLE | | 28,000 | 0 | 0 |
| Diamondrock Hospitality | COM | 252784301 | 1,025 | 108,513 | SH | | SOLE | | 108,513 | 0 | 0 |
| Digital Realty Trust Inc. | COM | 253868103 | 60,238 | 417,014 | SH | | SOLE | | 92,930 | 0 | 324,084 |
| Dominion Energy Inc. | COM | 25746U109 | 50,584 | 692,736 | SH | | DFND | 1 | 692,736 | 0 | 0 |
| Duke Realty Corporation | COM | 264411505 | 240,187 | 5,017,488 | SH | | DFND | 1 | 3,653,963 | 0 | 1,363,525 |
| Eastgroup Properties | COM | 277276101 | 900 | 5,400 | SH | | SOLE | | 5,400 | 0 | 0 |
| Enbridge Inc | COM | 29250N105 | 415 | 10,432 | SH | | SOLE | | 10,432 | 0 | 0 |
| Energy Transfer LP | COM | 29273V100 | 1,683 | 175,677 | SH | | SOLE | | 175,677 | 0 | 0 |
| Enterprise Products Partners L | COM | 293792107 | 1,576 | 72,839 | SH | | SOLE | | 72,839 | 0 | 0 |
| Equinix Inc | COM | 29444U700 | 106,482 | 134,765 | SH | | DFND | 1 | 112,737 | 0 | 22,028 |
| Equity Lifestyle Properties | COM | 29472R108 | 13,601 | 174,153 | SH | | SOLE | | 9,188 | 0 | 164,965 |
| Equity Residential | COM | 29476L107 | 34,052 | 420,813 | SH | | SOLE | | 0 | 0 | 420,813 |
| Essex Property Trust Inc. | COM | 297178105 | 110,261 | 344,847 | SH | | DFND | 1 | 196,080 | 0 | 148,767 |
| Exelon Corp. | COM | 30161N101 | 60,424 | 1,249,986 | SH | | DFND | 1 | 1,249,986 | 0 | 0 |
| Extra Space Storage Inc. | COM | 30225T102 | 274,779 | 1,635,685 | SH | | DFND | 1 | 1,144,377 | 0 | 491,308 |
| Federal Realty Investment Trus | COM | 313747206 | 12,318 | 104,402 | SH | | SOLE | | 10,481 | 0 | 93,921 |
| FirstEnergy Corp. | COM | 337932107 | 39,630 | 1,112,566 | SH | | DFND | 1 | 1,112,566 | 0 | 0 |
| Four Corners Property Trust | COM | 35086T109 | 20,238 | 753,460 | SH | | DFND | 1 | 503,344 | 0 | 250,116 |
| Getty Realty Corp. | COM | 374297109 | 10,336 | 352,643 | SH | | SOLE | | 292,303 | 0 | 60,340 |
| HealthCare Realty Trust | COM | 421946104 | 1,814 | 60,900 | SH | | SOLE | | 0 | 0 | 60,900 |
| Healthcare Trust of America In | COM | 42225P501 | 91,721 | 3,092,400 | SH | | DFND | 1 | 2,286,201 | 0 | 806,199 |
| Healthpeak Properties Inc. | COM | 42250P103 | 19,101 | 570,520 | SH | | SOLE | | 0 | 0 | 570,520 |
| Hess Midstream LP | COM | 428103105 | 345 | 12,239 | SH | | SOLE | | 12,239 | 0 | 0 |
| Highwoods Properties Inc. | COM | 431284108 | 2,011 | 45,843 | SH | | SOLE | | 0 | 0 | 45,843 |
| Host Hotels & Resorts Inc. | COM | 44107P104 | 62,828 | 3,847,411 | SH | | SOLE | | 3,604,273 | 0 | 243,138 |
| Hudson Pacific Properties | COM | 444097109 | 54,325 | 2,067,948 | SH | | DFND | 1 | 1,495,922 | 0 | 572,026 |
| Invitation Homes Inc | COM | 46187W107 | 190,350 | 4,966,090 | SH | | DFND | 1 | 3,586,943 | 0 | 1,379,147 |
| JBG Smith Properties | COM | 46590V100 | 3,024 | 102,138 | SH | | SOLE | | 0 | 0 | 102,138 |
| Kansas City Southern | COM | 485170302 | 18,508 | 68,386 | SH | | DFND | 1 | 68,386 | 0 | 0 |
| Kilroy Realty Corp. | COM | 49427F108 | 6,687 | 101,000 | SH | | SOLE | | 0 | 0 | 101,000 |
| Kimco Realty Corp. | COM | 49446R109 | 11,524 | 555,355 | SH | | SOLE | | 0 | 0 | 555,355 |
| Kinder Morgan Inc. | COM | 49456B101 | 706 | 42,200 | SH | | SOLE | | 42,200 | 0 | 0 |
| Lexington Realty Trust | COM | 529043101 | 4,973 | 390,037 | SH | | SOLE | | 13,237 | 0 | 376,800 |
| Life Storage Inc | COM | 53223X107 | 69,842 | 608,695 | SH | | DFND | 1 | 368,926 | 0 | 239,769 |
| Magellan Midstream Partners L. | COM | 559080106 | 1,298 | 28,488 | SH | | SOLE | | 28,488 | 0 | 0 |
| MGM Growth Properties LLC | COM | 55303A105 | 18,934 | 494,372 | SH | | DFND | 1 | 309,608 | 0 | 184,764 |
| Mid-America Apt. Comm. | COM | 59522J103 | 58,748 | 314,579 | SH | | SOLE | | 179,661 | 0 | 134,918 |
| MPLX LP | COM | 55336V100 | 1,642 | 57,670 | SH | | SOLE | | 57,670 | 0 | 0 |
| National Retail Properties Inc | COM | 637417106 | 76,353 | 1,767,842 | SH | | DFND | 1 | 1,392,447 | 0 | 375,395 |
| NexPoint Residential Trust, In | COM | 65341D102 | 13,130 | 212,182 | SH | | DFND | 1 | 161,133 | 0 | 51,049 |
| Nextera Energy Inc | COM | 65339F101 | 85,159 | 1,084,551 | SH | | DFND | 1 | 1,084,551 | 0 | 0 |
| NiSource Inc. | COM | 65473P105 | 34,164 | 1,409,975 | SH | | DFND | 1 | 1,409,975 | 0 | 0 |
| NuSTAR Energy L.P. | COM | 67058H102 | 645 | 41,000 | SH | | SOLE | | 41,000 | 0 | 0 |
| ONEOK Inc. | COM | 682680103 | 1,366 | 23,550 | SH | | SOLE | | 23,550 | 0 | 0 |
| Outfront Media Inc. | COM | 69007J106 | 2,139 | 84,894 | SH | | SOLE | | 84,894 | 0 | 0 |
| Paramount Group Inc | COM | 69924R108 | 12,886 | 1,433,407 | SH | | DFND | 1 | 1,095,581 | 0 | 337,826 |
| Park Hotels & Resorts Inc | COM | 700517105 | 19,705 | 1,029,535 | SH | | DFND | 1 | 633,944 | 0 | 395,591 |
| Pebblebrook Hotel Trust | COM | 70509V100 | 22,031 | 983,090 | SH | | SOLE | | 899,076 | 0 | 84,014 |
| Pembina Pipeline Corp | COM | 706327103 | 344 | 10,840 | SH | | DFND | 1 | 10,840 | 0 | 0 |
| Phillips 66 Partners LP | COM | 718549207 | 430 | 12,000 | SH | | SOLE | | 12,000 | 0 | 0 |
| Physicians Realty Trust | COM | 71943U104 | 13,826 | 784,703 | SH | | SOLE | | 605,103 | 0 | 179,600 |
| Piedmont Office Realty Trust I | COM | 720190206 | 52,673 | 3,021,974 | SH | | DFND | 1 | 2,278,814 | 0 | 743,160 |
| Plains All American Pipeline, | COM | 726503105 | 1,180 | 115,987 | SH | | SOLE | | 115,987 | 0 | 0 |
| ProLogis Inc. | COM | 74340W103 | 474,393 | 3,782,132 | SH | | DFND | 1 | 2,446,426 | 0 | 1,335,706 |
| PS Business Parks Inc. | COM | 69360J107 | 6,204 | 39,580 | SH | | SOLE | | 26,680 | 0 | 12,900 |
| Public Service Enterprise Grou | COM | 744573106 | 51,961 | 853,225 | SH | | DFND | 1 | 853,225 | 0 | 0 |
| Public Storage | COM | 74460D109 | 43,160 | 145,271 | SH | | SOLE | | 1,069 | 0 | 144,202 |
| Realty Income Corp | COM | 756109104 | 42,399 | 653,700 | SH | | SOLE | | 271,200 | 0 | 382,500 |
| Regency Centers Corporation | COM | 758849103 | 119,728 | 1,778,226 | SH | | DFND | 1 | 1,188,124 | 0 | 590,102 |
| Retail Opportunity Investments | COM | 76131N101 | 7,667 | 440,108 | SH | | SOLE | | 440,108 | 0 | 0 |
| Rexford Industrial Realty, Inc | COM | 76169C100 | 31,468 | 554,506 | SH | | DFND | 1 | 412,557 | 0 | 141,949 |
| Simon Property Group Inc. | COM | 828806109 | 367,728 | 2,829,326 | SH | | DFND | 1 | 1,965,415 | 0 | 863,911 |
| Site Centers Corp | COM | 82981J109 | 42,998 | 2,784,814 | SH | | DFND | 1 | 2,007,100 | 0 | 777,714 |
| Spirit Realty Capital Inc. | COM | 84860W300 | 76,608 | 1,663,946 | SH | | DFND | 1 | 1,210,977 | 0 | 452,969 |
| STAG Industrial, Inc. | COM | 85254J102 | 29,164 | 743,021 | SH | | DFND | 1 | 428,735 | 0 | 314,286 |
| STORE Capital Corp | COM | 862121100 | 8,249 | 257,552 | SH | | SOLE | | 0 | 0 | 257,552 |
| Sun Communities Inc. | COM | 866674104 | 161,769 | 873,954 | SH | | DFND | 1 | 646,102 | 0 | 227,852 |
| Sunstone Hotel Investors Inc. | COM | 867892101 | 59,259 | 4,963,072 | SH | | DFND | 1 | 3,883,809 | 0 | 1,079,263 |
| Targa Resources Corp. | COM | 87612G101 | 1,373 | 27,900 | SH | | SOLE | | 27,900 | 0 | 0 |
| TC Energy Corp | COM | 87807B107 | 587 | 12,205 | SH | | DFND | 1 | 12,205 | 0 | 0 |
| UDR Inc. | COM | 902653104 | 71,911 | 1,357,319 | SH | | DFND | 1 | 731,806 | 0 | 625,513 |
| Union Pacific Corp | COM | 907818108 | 71,035 | 362,403 | SH | | DFND | 1 | 362,403 | 0 | 0 |
| Urban Edge Properties | COM | 91704F104 | 718 | 39,194 | SH | | SOLE | | 39,194 | 0 | 0 |
| Ventas Inc. | COM | 92276F100 | 141,036 | 2,554,534 | SH | | DFND | 1 | 1,563,075 | 0 | 991,459 |
| VEREIT Inc | COM | 92339V308 | 124,911 | 2,761,681 | SH | | DFND | 1 | 1,797,783 | 0 | 963,898 |
| Washington REIT | COM | 939653101 | 1,960 | 79,200 | SH | | SOLE | | 0 | 0 | 79,200 |
| WEC Energy Group Inc. | COM | 92939U106 | 34,195 | 387,704 | SH | | DFND | 1 | 387,704 | 0 | 0 |
| Welltower Inc. | COM | 95040Q104 | 120,257 | 1,459,434 | SH | | DFND | 1 | 825,779 | 0 | 633,655 |
| Weyerhaeuser Co. | COM | 962166104 | 44,285 | 1,245,004 | SH | | DFND | 1 | 1,018,633 | 0 | 226,371 |
| Williams Cos. | COM | 969457100 | 24,916 | 960,523 | SH | | DFND | 1 | 960,523 | 0 | 0 |
| WP Carey Inc. | COM | 92936U109 | 12,614 | 172,700 | SH | | SOLE | | 0 | 0 | 172,700 |
| Xenia Hotels & Resorts Inc | COM | 984017103 | 19,973 | 1,125,893 | SH | | DFND | 1 | 842,941 | 0 | 282,952 |
