| 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 | 70,345 | 2,894,851 | SH | | DFND | 1 | 2,894,851 | 0 | 0 |
| Agree Realty Corp | COM | 008492100 | 4,852 | 68,000 | SH | | SOLE | | 0 | 0 | 68,000 |
| Alexander & Baldwin Inc. | COM | 014491104 | 12,934 | 515,498 | SH | | DFND | 1 | 401,466 | 0 | 114,032 |
| Alexandria Real Estate Equitie | COM | 015271109 | 112,332 | 503,820 | SH | | DFND | 1 | 299,900 | 0 | 203,920 |
| Alliant Energy Corporation | COM | 018802108 | 24,175 | 393,278 | SH | | DFND | 1 | 393,278 | 0 | 0 |
| Ameren Corp. | COM | 023608102 | 67,132 | 754,211 | SH | | DFND | 1 | 754,211 | 0 | 0 |
| American Campus Communities | COM | 024835100 | 93,972 | 1,640,286 | SH | | DFND | 1 | 1,165,964 | 0 | 474,322 |
| American Electric Power Co. In | COM | 025537101 | 109,575 | 1,231,590 | SH | | DFND | 1 | 1,231,590 | 0 | 0 |
| American Homes 4 Rent | COM | 02665T306 | 13,067 | 299,639 | SH | | SOLE | | 0 | 0 | 299,639 |
| American Tower Corp. | COM | 03027X100 | 231,436 | 791,235 | SH | | DFND | 1 | 748,944 | 0 | 42,291 |
| Apartment Income REIT Co | COM | 03750L109 | 73,811 | 1,350,113 | SH | | DFND | 1 | 892,126 | 0 | 457,987 |
| AvalonBay Communities Inc. | COM | 053484101 | 151,643 | 600,352 | SH | | DFND | 1 | 304,551 | 0 | 295,801 |
| Boston Properties Inc. | COM | 101121101 | 20,620 | 179,027 | SH | | SOLE | | 0 | 0 | 179,027 |
| Brandywine Realty Trust SBI | COM | 105368203 | 7,213 | 537,500 | SH | | SOLE | | 0 | 0 | 537,500 |
| Brixmor Property Group | COM | 11120U105 | 9,306 | 366,227 | SH | | SOLE | | 30,719 | 0 | 335,508 |
| Brookfield Infrastructure Part | COM | G16252101 | 4,894 | 80,488 | SH | | SOLE | | 80,488 | 0 | 0 |
| Camden Property Trust | COM | 133131102 | 227,708 | 1,274,392 | SH | | DFND | 1 | 940,237 | 0 | 334,155 |
| Cheniere Energy Inc. | COM | 16411R208 | 63,589 | 626,982 | SH | | DFND | 1 | 626,982 | 0 | 0 |
| CMS Energy Corporation | COM | 125896100 | 58,202 | 894,728 | SH | | DFND | 1 | 894,728 | 0 | 0 |
| Corporate Office Properties Tr | COM | 22002T108 | 10,901 | 389,755 | SH | | SOLE | | 0 | 0 | 389,755 |
| Cousins Properties Inc. | COM | 222795502 | 5,502 | 136,600 | SH | | SOLE | | 0 | 0 | 136,600 |
| Crestwood Equity Partners LP | COM | 226344208 | 527 | 19,100 | SH | | SOLE | | 19,100 | 0 | 0 |
| Crown Castle International Cor | COM | 22822V101 | 307,095 | 1,471,183 | SH | | DFND | 1 | 1,356,127 | 0 | 115,056 |
| CubeSmart | COM | 229663109 | 222,884 | 3,916,425 | SH | | DFND | 1 | 2,999,871 | 0 | 916,554 |
| CyrusOne Inc. | COM | 23283R100 | 3,895 | 43,410 | SH | | SOLE | | 0 | 0 | 43,410 |
| DCP Midstream LP | COM | 23311P100 | 734 | 26,700 | SH | | SOLE | | 26,700 | 0 | 0 |
| Diamondrock Hospitality | COM | 252784301 | 15,805 | 1,644,679 | SH | | DFND | 1 | 1,289,148 | 0 | 355,531 |
| Digital Realty Trust Inc. | COM | 253868103 | 186,895 | 1,056,679 | SH | | DFND | 1 | 616,964 | 0 | 439,715 |
| Dominion Energy Inc. | COM | 25746U109 | 63,309 | 805,863 | SH | | DFND | 1 | 805,863 | 0 | 0 |
| Duke Realty Corporation | COM | 264411505 | 194,500 | 2,963,130 | SH | | DFND | 1 | 1,937,825 | 0 | 1,025,305 |
| Edison International | COM | 281020107 | 48,164 | 705,700 | SH | | DFND | 1 | 705,700 | 0 | 0 |
| Enbridge Inc | COM | 29250N105 | 412 | 10,532 | SH | | DFND | 1 | 10,532 | 0 | 0 |
| Energy Transfer LP | COM | 29273V100 | 1,524 | 185,177 | SH | | SOLE | | 185,177 | 0 | 0 |
| Enterprise Products Partners L | COM | 293792107 | 1,571 | 71,539 | SH | | SOLE | | 71,539 | 0 | 0 |
| Equinix Inc | COM | 29444U700 | 78,788 | 93,148 | SH | | DFND | 1 | 73,093 | 0 | 20,055 |
| Equity Lifestyle Properties | COM | 29472R108 | 15,285 | 174,365 | SH | | SOLE | | 3,800 | 0 | 170,565 |
| Equity Residential | COM | 29476L107 | 38,476 | 425,152 | SH | | SOLE | | 1,048 | 0 | 424,104 |
| Essex Property Trust Inc. | COM | 297178105 | 125,171 | 355,367 | SH | | DFND | 1 | 206,952 | 0 | 148,415 |
| Exelon Corp. | COM | 30161N101 | 59,474 | 1,029,670 | SH | | DFND | 1 | 1,029,670 | 0 | 0 |
| Extra Space Storage Inc. | COM | 30225T102 | 337,267 | 1,487,527 | SH | | DFND | 1 | 1,013,069 | 0 | 474,458 |
| FirstEnergy Corp. | COM | 337932107 | 88,241 | 2,121,676 | SH | | DFND | 1 | 2,121,676 | 0 | 0 |
| Four Corners Property Trust | COM | 35086T109 | 21,434 | 728,799 | SH | | DFND | 1 | 492,241 | 0 | 236,558 |
| Getty Realty Corp. | COM | 374297109 | 10,530 | 328,125 | SH | | SOLE | | 265,994 | 0 | 62,131 |
| HealthCare Realty Trust | COM | 421946104 | 19,582 | 618,911 | SH | | DFND | 1 | 298,088 | 0 | 320,823 |
| Healthcare Trust of America In | COM | 42225P501 | 100,643 | 3,014,168 | SH | | DFND | 1 | 2,202,999 | 0 | 811,169 |
| Healthpeak Properties Inc. | COM | 42250P103 | 21,402 | 593,009 | SH | | SOLE | | 0 | 0 | 593,009 |
| Hess Midstream LP | COM | 428103105 | 338 | 12,239 | SH | | SOLE | | 12,239 | 0 | 0 |
| Host Hotels & Resorts Inc. | COM | 44107P104 | 75,614 | 4,348,153 | SH | | SOLE | | 3,911,747 | 0 | 436,406 |
| Hudson Pacific Properties | COM | 444097109 | 51,283 | 2,075,380 | SH | | DFND | 1 | 1,497,245 | 0 | 578,135 |
| Hyatt Hotels Corp. - Cl A | COM | 448579102 | 1,485 | 15,480 | SH | | SOLE | | 15,480 | 0 | 0 |
| Invitation Homes Inc | COM | 46187W107 | 206,172 | 4,547,254 | SH | | DFND | 1 | 3,193,440 | 0 | 1,353,814 |
| Iron Mountain Incorporated | COM | 46284V101 | 28,049 | 536,000 | SH | | DFND | 1 | 536,000 | 0 | 0 |
| JBG Smith Properties | COM | 46590V100 | 2,969 | 103,411 | SH | | SOLE | | 0 | 0 | 103,411 |
| Kilroy Realty Corp. | COM | 49427F108 | 6,925 | 104,200 | SH | | SOLE | | 0 | 0 | 104,200 |
| Kimco Realty Corp. | COM | 49446R109 | 14,606 | 592,555 | SH | | SOLE | | 0 | 0 | 592,555 |
| Kinder Morgan Inc. | COM | 49456B101 | 15,335 | 966,900 | SH | | DFND | 1 | 966,900 | 0 | 0 |
| Life Storage Inc | COM | 53223X107 | 104,884 | 684,708 | SH | | DFND | 1 | 416,527 | 0 | 268,181 |
| LXP Industrial Trust | COM | 529043101 | 26,984 | 1,727,541 | SH | | DFND | 1 | 1,054,889 | 0 | 672,652 |
| Magellan Midstream Partners L. | COM | 559080106 | 1,360 | 29,288 | SH | | SOLE | | 29,288 | 0 | 0 |
| Medical Properties Trust | COM | 58463J304 | 7,916 | 335,000 | SH | | DFND | 1 | 335,000 | 0 | 0 |
| Mid-America Apt. Comm. | COM | 59522J103 | 72,883 | 317,657 | SH | | SOLE | | 167,819 | 0 | 149,838 |
| MPLX LP | COM | 55336V100 | 1,647 | 55,670 | SH | | SOLE | | 55,670 | 0 | 0 |
| National Retail Properties Inc | COM | 637417106 | 69,033 | 1,436,099 | SH | | DFND | 1 | 1,091,230 | 0 | 344,869 |
| NexPoint Residential Trust, In | COM | 65341D102 | 8,294 | 98,940 | SH | | DFND | 1 | 72,599 | 0 | 26,341 |
| Nextera Energy Inc | COM | 65339F101 | 106,382 | 1,139,482 | SH | | DFND | 1 | 1,139,482 | 0 | 0 |
| NiSource Inc. | COM | 65473P105 | 22,085 | 799,878 | SH | | DFND | 1 | 799,878 | 0 | 0 |
| Norfolk Southern Corp | COM | 655844108 | 35,202 | 118,243 | SH | | DFND | 1 | 118,243 | 0 | 0 |
| NuSTAR Energy L.P. | COM | 67058H102 | 653 | 41,100 | SH | | SOLE | | 41,100 | 0 | 0 |
| OGE Energy Corp. | COM | 670837103 | 33,621 | 876,000 | SH | | DFND | 1 | 876,000 | 0 | 0 |
| ONEOK Inc. | COM | 682680103 | 52,875 | 899,850 | SH | | DFND | 1 | 899,850 | 0 | 0 |
| Outfront Media Inc. | COM | 69007J106 | 1,962 | 73,162 | SH | | SOLE | | 73,162 | 0 | 0 |
| Paramount Group Inc | COM | 69924R108 | 6,320 | 757,808 | SH | | DFND | 1 | 500,540 | 0 | 257,268 |
| Park Hotels & Resorts Inc | COM | 700517105 | 24,124 | 1,277,729 | SH | | DFND | 1 | 658,861 | 0 | 618,868 |
| Pebblebrook Hotel Trust | COM | 70509V100 | 31,646 | 1,414,665 | SH | | SOLE | | 1,331,856 | 0 | 82,809 |
| Pembina Pipeline Corp | COM | 706327103 | 347 | 11,440 | SH | | DFND | 1 | 11,440 | 0 | 0 |
| Physicians Realty Trust | COM | 71943U104 | 13,443 | 713,903 | SH | | SOLE | | 534,303 | 0 | 179,600 |
| Piedmont Office Realty Trust I | COM | 720190206 | 53,185 | 2,893,638 | SH | | DFND | 1 | 2,202,763 | 0 | 690,875 |
| Plains All American Pipeline, | COM | 726503105 | 1,091 | 116,787 | SH | | SOLE | | 116,787 | 0 | 0 |
| ProLogis Inc. | COM | 74340W103 | 550,701 | 3,270,970 | SH | | DFND | 1 | 2,003,840 | 0 | 1,267,130 |
| PS Business Parks Inc. | COM | 69360J107 | 3,670 | 19,925 | SH | | SOLE | | 19,925 | 0 | 0 |
| Public Service Enterprise Grou | COM | 744573106 | 60,210 | 902,299 | SH | | DFND | 1 | 902,299 | 0 | 0 |
| Public Storage | COM | 74460D109 | 55,088 | 147,075 | SH | | SOLE | | 0 | 0 | 147,075 |
| Realty Income Corp | COM | 756109104 | 236,930 | 3,309,538 | SH | | DFND | 1 | 2,095,155 | 0 | 1,214,383 |
| Regency Centers Corporation | COM | 758849103 | 98,630 | 1,308,957 | SH | | DFND | 1 | 863,456 | 0 | 445,501 |
| Retail Opportunity Investments | COM | 76131N101 | 20,129 | 1,026,990 | SH | | DFND | 1 | 594,983 | 0 | 432,007 |
| Rexford Industrial Realty, Inc | COM | 76169C100 | 46,673 | 575,431 | SH | | DFND | 1 | 420,315 | 0 | 155,116 |
| Simon Property Group Inc. | COM | 828806109 | 428,597 | 2,682,585 | SH | | DFND | 1 | 1,803,512 | 0 | 879,073 |
| Site Centers Corp | COM | 82981J109 | 3,508 | 221,600 | SH | | SOLE | | 0 | 0 | 221,600 |
| South Jersey Industries Inc | COM | 838518108 | 9,118 | 349,100 | SH | | DFND | 1 | 349,100 | 0 | 0 |
| Southern Co. | COM | 842587107 | 13,647 | 199,000 | SH | | DFND | 1 | 199,000 | 0 | 0 |
| Spirit Realty Capital Inc. | COM | 84860W300 | 80,015 | 1,660,410 | SH | | DFND | 1 | 1,191,404 | 0 | 469,006 |
| STAG Industrial, Inc. | COM | 85254J102 | 27,356 | 570,389 | SH | | DFND | 1 | 299,755 | 0 | 270,634 |
| STORE Capital Corp | COM | 862121100 | 8,860 | 257,552 | SH | | SOLE | | 0 | 0 | 257,552 |
| Sun Communities Inc. | COM | 866674104 | 243,752 | 1,160,890 | SH | | DFND | 1 | 869,419 | 0 | 291,471 |
| Sunstone Hotel Investors Inc. | COM | 867892101 | 60,663 | 5,171,611 | SH | | DFND | 1 | 3,999,493 | 0 | 1,172,118 |
| Targa Resources Corp. | COM | 87612G101 | 1,363 | 26,100 | SH | | SOLE | | 26,100 | 0 | 0 |
| TC Energy Corp | COM | 87807B107 | 327 | 7,030 | SH | | DFND | 1 | 7,030 | 0 | 0 |
| UDR Inc. | COM | 902653104 | 11,962 | 199,408 | SH | | SOLE | | 5,800 | 0 | 193,608 |
| Union Pacific Corp | COM | 907818108 | 101,556 | 403,111 | SH | | DFND | 1 | 403,111 | 0 | 0 |
| Uniti Group Inc | COM | 91325V108 | 15,341 | 1,095,000 | SH | | DFND | 1 | 1,095,000 | 0 | 0 |
| Ventas Inc. | COM | 92276F100 | 76,409 | 1,494,707 | SH | | DFND | 1 | 658,336 | 0 | 836,371 |
| Washington REIT | COM | 939653101 | 1,879 | 72,700 | SH | | SOLE | | 0 | 0 | 72,700 |
| WEC Energy Group Inc. | COM | 92939U106 | 60,743 | 625,761 | SH | | DFND | 1 | 625,761 | 0 | 0 |
| Welltower Inc. | COM | 95040Q104 | 96,610 | 1,126,384 | SH | | DFND | 1 | 516,684 | 0 | 609,700 |
| Weyerhaeuser Co. | COM | 962166104 | 28,110 | 682,620 | SH | | DFND | 1 | 682,620 | 0 | 0 |
| Williams Cos. | COM | 969457100 | 95,979 | 3,685,830 | SH | | DFND | 1 | 3,685,830 | 0 | 0 |
| WP Carey Inc. | COM | 92936U109 | 14,720 | 179,400 | SH | | SOLE | | 0 | 0 | 179,400 |
| Xenia Hotels & Resorts Inc | COM | 984017103 | 24,538 | 1,354,951 | SH | | DFND | 1 | 987,088 | 0 | 367,863 |
| AES Corporation | UNIT | 00130H204 | 30,826 | 321,100 | SH | | DFND | 1 | 321,100 | 0 | 0 |
| American Electric Power Co. Inc | UNIT | 02557T307 | 4,161 | 79,107 | SH | | DFND | 1 | 79,107 | 0 | 0 |
| Dominion Energy Inc | UNIT | 25746U133 | 37,971 | 377,300 | SH | | DFND | 1 | 377,300 | 0 | 0 |
| Southern Co. | UNIT | 842587602 | 30,128 | 560,514 | SH | | DFND | 1 | 560,514 | 0 | 0 |
