| 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 | 101,799 | 3,956,434 | SH | | DFND | 1 | 3,956,434 | 0 | 0 |
| Agree Realty Corp | COM | 008492100 | 5,043 | 76,000 | SH | | SOLE | | 7,000 | 0 | 69,000 |
| Alexandria Real Estate Equitie | COM | 015271109 | 106,266 | 528,029 | SH | | DFND | 1 | 319,036 | 0 | 208,993 |
| Alliant Energy Corporation | COM | 018802108 | 8,432 | 134,954 | SH | | DFND | 1 | 134,954 | 0 | 0 |
| Ameren Corp. | COM | 023608102 | 90,874 | 969,216 | SH | | DFND | 1 | 969,216 | 0 | 0 |
| American Campus Communities | COM | 024835100 | 107,468 | 1,920,092 | SH | | DFND | 1 | 1,412,724 | 0 | 507,368 |
| American Electric Power Co. In | COM | 025537101 | 147,200 | 1,475,398 | SH | | DFND | 1 | 1,475,398 | 0 | 0 |
| American Homes 4 Rent | COM | 02665T306 | 15,561 | 388,739 | SH | | SOLE | | 0 | 0 | 388,739 |
| American Tower Corp. | COM | 03027X100 | 112,218 | 446,694 | SH | | DFND | 1 | 446,694 | 0 | 0 |
| Apartment Income REIT Co | COM | 03750L109 | 77,888 | 1,456,939 | SH | | DFND | 1 | 1,037,674 | 0 | 419,265 |
| AvalonBay Communities Inc. | COM | 053484101 | 168,462 | 678,272 | SH | | DFND | 1 | 409,712 | 0 | 268,560 |
| Boston Properties Inc. | COM | 101121101 | 21,937 | 170,317 | SH | | SOLE | | 0 | 0 | 170,317 |
| Brandywine Realty Trust SBI | COM | 105368203 | 9,802 | 693,200 | SH | | SOLE | | 0 | 0 | 693,200 |
| Brixmor Property Group | COM | 11120U105 | 9,909 | 383,939 | SH | | SOLE | | 53,690 | 0 | 330,249 |
| Brookfield Infrastructure Part | COM | G16252101 | 4,880 | 73,688 | SH | | SOLE | | 73,688 | 0 | 0 |
| Camden Property Trust | COM | 133131102 | 143,032 | 860,602 | SH | | DFND | 1 | 640,798 | 0 | 219,804 |
| Cheniere Energy Inc. | COM | 16411R208 | 92,708 | 668,648 | SH | | DFND | 1 | 668,648 | 0 | 0 |
| CMS Energy Corporation | COM | 125896100 | 77,787 | 1,112,191 | SH | | DFND | 1 | 1,112,191 | 0 | 0 |
| Corporate Office Properties Tr | COM | 22002T108 | 7,542 | 264,255 | SH | | SOLE | | 0 | 0 | 264,255 |
| Cousins Properties Inc. | COM | 222795502 | 5,447 | 135,200 | SH | | SOLE | | 0 | 0 | 135,200 |
| Crestwood Equity Partners LP | COM | 226344208 | 622 | 20,800 | SH | | SOLE | | 20,800 | 0 | 0 |
| Crown Castle International Cor | COM | 22822V101 | 339,095 | 1,836,918 | SH | | DFND | 1 | 1,709,370 | 0 | 127,548 |
| CSX Corporation | COM | 126408103 | 6,161 | 164,500 | SH | | SOLE | | 164,500 | 0 | 0 |
| CubeSmart | COM | 229663109 | 205,900 | 3,957,335 | SH | | DFND | 1 | 3,093,929 | 0 | 863,406 |
| DCP Midstream LP | COM | 23311P100 | 906 | 27,000 | SH | | SOLE | | 27,000 | 0 | 0 |
| Diamondrock Hospitality | COM | 252784301 | 15,784 | 1,562,792 | SH | | DFND | 1 | 1,234,677 | 0 | 328,115 |
| Digital Realty Trust Inc. | COM | 253868103 | 61,749 | 435,464 | SH | | SOLE | | 158,800 | 0 | 276,664 |
| Dominion Energy Inc. | COM | 25746U109 | 87,472 | 1,029,441 | SH | | DFND | 1 | 1,029,441 | 0 | 0 |
| Duke Realty Corporation | COM | 264411505 | 98,823 | 1,702,088 | SH | | SOLE | | 944,054 | 0 | 758,034 |
| Edison International | COM | 281020107 | 49,470 | 705,700 | SH | | DFND | 1 | 705,700 | 0 | 0 |
| Enbridge Inc | COM | 29250N105 | 504 | 10,932 | SH | | DFND | 1 | 10,932 | 0 | 0 |
| Energy Transfer LP | COM | 29273V100 | 1,896 | 169,477 | SH | | SOLE | | 169,477 | 0 | 0 |
| Enterprise Products Partners L | COM | 293792107 | 1,908 | 73,939 | SH | | SOLE | | 73,939 | 0 | 0 |
| Equinix Inc | COM | 29444U700 | 193,811 | 261,334 | SH | | DFND | 1 | 203,347 | 0 | 57,987 |
| Equity Lifestyle Properties | COM | 29472R108 | 13,695 | 179,065 | SH | | SOLE | | 5,900 | 0 | 173,165 |
| Equity Residential | COM | 29476L107 | 37,799 | 420,357 | SH | | SOLE | | 0 | 0 | 420,357 |
| Essex Property Trust Inc. | COM | 297178105 | 151,659 | 438,981 | SH | | DFND | 1 | 302,059 | 0 | 136,922 |
| Exelon Corp. | COM | 30161N101 | 48,541 | 1,019,120 | SH | | DFND | 1 | 1,019,120 | 0 | 0 |
| Extra Space Storage Inc. | COM | 30225T102 | 253,265 | 1,231,836 | SH | | DFND | 1 | 864,965 | 0 | 366,871 |
| FirstEnergy Corp. | COM | 337932107 | 95,154 | 2,074,879 | SH | | DFND | 1 | 2,074,879 | 0 | 0 |
| Four Corners Property Trust | COM | 35086T109 | 24,324 | 899,557 | SH | | DFND | 1 | 607,504 | 0 | 292,053 |
| Gaming and Leisure Properties | COM | 36467J108 | 17,727 | 377,735 | SH | | DFND | 1 | 139,806 | 0 | 237,929 |
| Getty Realty Corp. | COM | 374297109 | 12,236 | 427,525 | SH | | SOLE | | 329,159 | 0 | 98,366 |
| HealthCare Realty Trust | COM | 421946104 | 12,158 | 442,428 | SH | | DFND | 1 | 256,105 | 0 | 186,323 |
| Healthcare Trust of America In | COM | 42225P501 | 95,969 | 3,062,200 | SH | | DFND | 1 | 2,308,788 | 0 | 753,412 |
| Healthpeak Properties Inc. | COM | 42250P103 | 20,846 | 607,211 | SH | | SOLE | | 0 | 0 | 607,211 |
| Hess Midstream LP | COM | 428103105 | 367 | 12,239 | SH | | SOLE | | 12,239 | 0 | 0 |
| Highwoods Properties Inc. | COM | 431284108 | 29,364 | 641,977 | SH | | DFND | 1 | 331,723 | 0 | 310,254 |
| Host Hotels & Resorts Inc. | COM | 44107P104 | 34,641 | 1,782,851 | SH | | SOLE | | 1,656,271 | 0 | 126,580 |
| Hudson Pacific Properties | COM | 444097109 | 47,168 | 1,699,734 | SH | | DFND | 1 | 1,286,829 | 0 | 412,905 |
| Hyatt Hotels Corp. - Cl A | COM | 448579102 | 1,009 | 10,569 | SH | | SOLE | | 10,569 | 0 | 0 |
| Independence Realty Trust Inc | COM | 45378A106 | 16,726 | 632,610 | SH | | DFND | 1 | 332,158 | 0 | 300,452 |
| Invitation Homes Inc | COM | 46187W107 | 177,475 | 4,416,993 | SH | | DFND | 1 | 3,106,793 | 0 | 1,310,200 |
| Iron Mountain Incorporated | COM | 46284V101 | 30,808 | 556,000 | SH | | DFND | 1 | 556,000 | 0 | 0 |
| JBG Smith Properties | COM | 46590V100 | 2,962 | 101,378 | SH | | SOLE | | 0 | 0 | 101,378 |
| Kilroy Realty Corp. | COM | 49427F108 | 7,887 | 103,200 | SH | | SOLE | | 0 | 0 | 103,200 |
| Kimco Realty Corp. | COM | 49446R109 | 18,185 | 736,255 | SH | | SOLE | | 0 | 0 | 736,255 |
| Kinder Morgan Inc. | COM | 49456B101 | 14,638 | 774,100 | SH | | DFND | 1 | 774,100 | 0 | 0 |
| Life Storage Inc | COM | 53223X107 | 134,591 | 958,420 | SH | | DFND | 1 | 622,867 | 0 | 335,553 |
| LXP Industrial Trust | COM | 529043101 | 23,260 | 1,481,533 | SH | | DFND | 1 | 879,093 | 0 | 602,440 |
| Magellan Midstream Partners L. | COM | 559080106 | 1,437 | 29,288 | SH | | SOLE | | 29,288 | 0 | 0 |
| Medical Properties Trust | COM | 58463J304 | 8,308 | 393,000 | SH | | DFND | 1 | 393,000 | 0 | 0 |
| Mid-America Apt. Comm. | COM | 59522J103 | 25,700 | 122,700 | SH | | SOLE | | 0 | 0 | 122,700 |
| MPLX LP | COM | 55336V100 | 1,904 | 57,370 | SH | | SOLE | | 57,370 | 0 | 0 |
| National Retail Properties Inc | COM | 637417106 | 61,021 | 1,357,831 | SH | | DFND | 1 | 1,085,955 | 0 | 271,876 |
| National Storage Affiliates Tr | COM | 637870106 | 14,140 | 225,300 | SH | | SOLE | | 225,300 | 0 | 0 |
| NexPoint Residential Trust, In | COM | 65341D102 | 10,892 | 120,606 | SH | | DFND | 1 | 93,176 | 0 | 27,430 |
| Nextera Energy Inc | COM | 65339F101 | 134,039 | 1,582,324 | SH | | DFND | 1 | 1,582,324 | 0 | 0 |
| NiSource Inc. | COM | 65473P105 | 35,799 | 1,125,739 | SH | | DFND | 1 | 1,125,739 | 0 | 0 |
| Norfolk Southern Corp | COM | 655844108 | 68,354 | 239,653 | SH | | DFND | 1 | 239,653 | 0 | 0 |
| NuSTAR Energy L.P. | COM | 67058H102 | 681 | 47,200 | SH | | SOLE | | 47,200 | 0 | 0 |
| OGE Energy Corp. | COM | 670837103 | 64,527 | 1,582,326 | SH | | DFND | 1 | 1,582,326 | 0 | 0 |
| ONEOK Inc. | COM | 682680103 | 84,896 | 1,201,987 | SH | | DFND | 1 | 1,201,987 | 0 | 0 |
| Outfront Media Inc. | COM | 69007J106 | 2,040 | 71,745 | SH | | SOLE | | 71,745 | 0 | 0 |
| Paramount Group Inc | COM | 69924R108 | 8,258 | 756,877 | SH | | DFND | 1 | 472,375 | 0 | 284,502 |
| Park Hotels & Resorts Inc | COM | 700517105 | 55,527 | 2,843,147 | SH | | DFND | 1 | 2,217,508 | 0 | 625,639 |
| Pebblebrook Hotel Trust | COM | 70509V100 | 29,306 | 1,197,136 | SH | | SOLE | | 1,068,717 | 0 | 128,419 |
| Pembina Pipeline Corp | COM | 706327103 | 400 | 10,640 | SH | | DFND | 1 | 10,640 | 0 | 0 |
| Physicians Realty Trust | COM | 71943U104 | 14,585 | 831,503 | SH | | SOLE | | 651,903 | 0 | 179,600 |
| Piedmont Office Realty Trust I | COM | 720190206 | 60,775 | 3,529,327 | SH | | DFND | 1 | 2,735,303 | 0 | 794,024 |
| Plains All American Pipeline, | COM | 726503105 | 1,320 | 122,687 | SH | | SOLE | | 122,687 | 0 | 0 |
| ProLogis Inc. | COM | 74340W103 | 531,384 | 3,290,708 | SH | | DFND | 1 | 2,050,321 | 0 | 1,240,387 |
| PS Business Parks Inc. | COM | 69360J107 | 4,559 | 27,126 | SH | | SOLE | | 27,126 | 0 | 0 |
| Public Service Enterprise Grou | COM | 744573106 | 61,766 | 882,369 | SH | | DFND | 1 | 882,369 | 0 | 0 |
| Public Storage | COM | 74460D109 | 58,888 | 150,887 | SH | | SOLE | | 2,782 | 0 | 148,105 |
| Realty Income Corp | COM | 756109104 | 272,956 | 3,938,758 | SH | | DFND | 1 | 2,518,417 | 0 | 1,420,341 |
| Regency Centers Corporation | COM | 758849103 | 127,928 | 1,793,221 | SH | | DFND | 1 | 1,245,307 | 0 | 547,914 |
| Retail Opportunity Investments | COM | 76131N101 | 34,359 | 1,772,018 | SH | | DFND | 1 | 1,314,148 | 0 | 457,870 |
| Rexford Industrial Realty, Inc | COM | 76169C100 | 99,551 | 1,334,644 | SH | | DFND | 1 | 1,120,721 | 0 | 213,923 |
| Sempra Energy | COM | 816851109 | 59,004 | 350,962 | SH | | DFND | 1 | 350,962 | 0 | 0 |
| Simon Property Group Inc. | COM | 828806109 | 320,080 | 2,432,956 | SH | | DFND | 1 | 1,624,817 | 0 | 808,139 |
| Site Centers Corp | COM | 82981J109 | 3,703 | 221,600 | SH | | SOLE | | 0 | 0 | 221,600 |
| South Jersey Industries Inc | COM | 838518108 | 12,061 | 349,100 | SH | | DFND | 1 | 349,100 | 0 | 0 |
| Southern Co. | COM | 842587107 | 13,124 | 181,000 | SH | | DFND | 1 | 181,000 | 0 | 0 |
| Spirit Realty Capital Inc. | COM | 84860W300 | 83,225 | 1,808,460 | SH | | DFND | 1 | 1,280,148 | 0 | 528,312 |
| STAG Industrial, Inc. | COM | 85254J102 | 20,411 | 493,605 | SH | | DFND | 1 | 203,315 | 0 | 290,290 |
| STORE Capital Corp | COM | 862121100 | 10,905 | 373,070 | SH | | SOLE | | 16,725 | 0 | 356,345 |
| Sun Communities Inc. | COM | 866674104 | 194,779 | 1,111,182 | SH | | DFND | 1 | 836,076 | 0 | 275,106 |
| Sunstone Hotel Investors Inc. | COM | 867892101 | 65,553 | 5,564,731 | SH | | DFND | 1 | 4,463,065 | 0 | 1,101,666 |
| Targa Resources Corp. | COM | 87612G101 | 38,371 | 508,429 | SH | | DFND | 1 | 508,429 | 0 | 0 |
| TC Energy Corp | COM | 87807B107 | 351 | 6,230 | SH | | SOLE | | 6,230 | 0 | 0 |
| UDR Inc. | COM | 902653104 | 17,458 | 304,308 | SH | | SOLE | | 0 | 0 | 304,308 |
| Union Pacific Corp | COM | 907818108 | 140,211 | 513,198 | SH | | DFND | 1 | 513,198 | 0 | 0 |
| Uniti Group Inc | COM | 91325V108 | 17,047 | 1,238,900 | SH | | DFND | 1 | 1,238,900 | 0 | 0 |
| Ventas Inc. | COM | 92276F100 | 84,357 | 1,365,879 | SH | | DFND | 1 | 605,005 | 0 | 760,874 |
| WEC Energy Group Inc. | COM | 92939U106 | 95,293 | 954,744 | SH | | DFND | 1 | 954,744 | 0 | 0 |
| Welltower Inc. | COM | 95040Q104 | 157,419 | 1,637,390 | SH | | DFND | 1 | 879,741 | 0 | 757,649 |
| Weyerhaeuser Co. | COM | 962166104 | 21,705 | 572,700 | SH | | DFND | 1 | 572,700 | 0 | 0 |
| Williams Cos. | COM | 969457100 | 119,257 | 3,569,513 | SH | | DFND | 1 | 3,569,513 | 0 | 0 |
| WP Carey Inc. | COM | 92936U109 | 14,794 | 183,000 | SH | | SOLE | | 0 | 0 | 183,000 |
| Xenia Hotels & Resorts Inc | COM | 984017103 | 22,640 | 1,173,678 | SH | | DFND | 1 | 873,252 | 0 | 300,426 |
| AES Corporation | UNIT | 00130H204 | 32,677 | 330,300 | SH | | DFND | 1 | 330,300 | 0 | 0 |
| American Electric Power Co. Inc | UNIT | 02557T307 | 4,420 | 79,107 | SH | | DFND | 1 | 79,107 | 0 | 0 |
| Dominion Energy Inc | UNIT | 25746U133 | 38,315 | 377,300 | SH | | DFND | 1 | 377,300 | 0 | 0 |
| Southern Co. | UNIT | 842587602 | 30,610 | 560,514 | SH | | DFND | 1 | 560,514 | 0 | 0 |
