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
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Acadia Realty Trust COM 004239109   13,675,394 803,962 SH   DFND 2 562,379 0 241,583
AES Corporation COM 00130H105   88,282,766 4,923,746 SH   DFND 1,2 4,219,395 0 704,351
Agree Realty Corp COM 008492100   13,651,166 238,991 SH   DFND 1 167,300 0 71,691
Alerian MLP ETF COM 00162Q452   6,885,212 145,074 SH   SOLE   145,074 0 0
Alexandria Real Estate Equitie COM 015271109   116,834,356 906,325 SH   DFND 1,2 734,968 0 171,357
ALLETE, Inc. COM 018522300   33,540,224 562,378 SH   DFND 1,2 560,275 0 2,103
Alliant Energy Corporation COM 018802108   3,326,198 65,996 SH   SOLE   0 0 65,996
American Homes 4 Rent COM 02665T306   32,777,343 891,173 SH   DFND 2 300,017 0 591,156
American Tower Corp. COM 03027X100   142,774,385 722,579 SH   DFND 1,2 587,445 0 135,134
American Water Works Co. COM 030420103   405,371 3,317 SH   SOLE   0 0 3,317
Apartment Income REIT Co COM 03750L109   79,702,518 2,454,651 SH   DFND 1,2 1,723,266 0 731,385
Atmos Energy Corp. COM 049560105   45,408,459 382,001 SH   DFND 1,2 378,451 0 3,550
AvalonBay Communities Inc. COM 053484101   117,198,768 631,595 SH   DFND 1 400,046 0 231,549
Boston Properties Inc. COM 101121101   7,152,033 109,509 SH   SOLE   0 0 109,509
Brixmor Property Group COM 11120U105   70,008,099 2,985,420 SH   DFND 1,2 2,526,760 0 458,660
Broadstone Net Lease Inc COM 11135E203   39,514,522 2,521,667 SH   DFND 1,2 2,113,322 0 408,345
Brookfield Infrastructure Part COM G16252101   18,133,353 581,011 SH   DFND 1 581,011 0 0
California Water Service Group COM 130788102   8,237,418 177,225 SH   DFND 1 175,426 0 1,799
Camden Property Trust COM 133131102   36,161,705 367,497 SH   DFND 1 216,464 0 151,033
Centerspace COM 15202L107   1,589,235 27,813 SH   SOLE   0 0 27,813
Cheniere Energy Inc. COM 16411R208   13,220,928 81,975 SH   DFND 1 81,256 0 719
Chesapeake Utilities Corporati COM 165303108   534,032 4,977 SH   DFND 2 4,977 0 0
Clearway Energy Inc. Class C COM 18539C204   13,683,771 593,656 SH   DFND 1 593,656 0 0
CMS Energy Corporation COM 125896100   44,692,631 740,680 SH   DFND 1,2 548,587 0 192,093
Constellation Energy Corp COM 21037T109   28,872,461 156,194 SH   DFND 1 125,815 0 30,379
Cousins Properties Inc. COM 222795502   9,639,824 400,991 SH   DFND 1 191,301 0 209,690
Crown Castle Inc COM 22822V101   87,034,275 822,397 SH   DFND 1,2 822,397 0 0
CSX Corporation COM 126408103   98,551,003 2,658,511 SH   DFND 1,2 2,094,061 0 564,450
CubeSmart COM 229663109   122,169,065 2,701,660 SH   DFND 1,2 2,002,751 0 698,909
Digital Realty Trust Inc. COM 253868103   13,683,944 95,001 SH   DFND 2 16,645 0 78,356
Dominion Energy Inc. COM 25746U109   18,175,410 369,494 SH   DFND 1 369,494 0 0
DTE Energy Co. COM 233331107   851,815 7,596 SH   DFND 2 7,596 0 0
Duke Energy Corp. COM 26441C204   35,860,165 370,801 SH   DFND 1 286,530 0 84,271
ELME Communities COM 939653101   6,743,948 484,479 SH   SOLE   112,865 0 371,614
Empire State Realty Trust Inc. COM 292104106   15,955,287 1,575,053 SH   DFND 1 1,162,211 0 412,842
Enbridge Inc COM 29250N105   1,186,849 32,804 SH   DFND 1,2 32,804 0 0
Equinix Inc COM 29444U700   313,392,657 379,718 SH   DFND 1,2 322,453 0 57,265
Equity Residential COM 29476L107   4,443,701 70,412 SH   SOLE   0 0 70,412
Essential Utilities COM 29670G102   9,600,618 259,126 SH   DFND 2 47,347 0 211,779
Essex Property Trust Inc. COM 297178105   45,575,298 186,166 SH   SOLE   124,933 0 61,233
Eversource Energy COM 30040W108   35,488,557 593,752 SH   DFND 1,2 473,748 0 120,004
Extra Space Storage Inc. COM 30225T102   67,074,630 456,290 SH   SOLE   197,140 0 259,150
Federal Realty Investment Trus COM 313745101   18,162,859 177,858 SH   SOLE   0 0 177,858
Four Corners Property Trust COM 35086T109   28,969,372 1,183,873 SH   DFND 1,2 881,267 0 302,606
Healthcare Realty Trust Inc COM 42226K105   9,432,673 666,620 SH   SOLE   666,620 0 0
Healthpeak Properties Inc. COM 42250P103   97,519,144 5,201,021 SH   DFND 1,2 3,693,747 0 1,507,274
Highwoods Properties Inc. COM 431284108   41,675,733 1,591,892 SH   DFND 1,2 1,277,718 0 314,174
Hilton Worldwide Holdings Inc. COM 43300A203   32,284,469 151,350 SH   DFND 1 131,543 0 19,807
Host Hotels & Resorts Inc. COM 44107P104   56,032,357 2,709,495 SH   DFND 1,2 1,685,435 0 1,024,060
Hudson Pacific Properties COM 444097109   2,932,370 454,631 SH   SOLE   454,631 0 0
Hyatt Hotels Corp. - Cl A COM 448579102   456,034 2,857 SH   DFND 2 2,857 0 0
Independence Realty Trust Inc COM 45378A106   6,747,179 418,300 SH   SOLE   418,300 0 0
Invitation Homes Inc COM 46187W107   125,216,689 3,516,335 SH   DFND 1 2,432,778 0 1,083,557
Kilroy Realty Corp. COM 49427F108   29,104,182 798,907 SH   DFND 1,2 485,211 0 313,696
Kimco Realty Corp. COM 49446R109   3,212,040 163,796 SH   SOLE   163,796 0 0
Kinder Morgan Inc. COM 49456B101   15,712,483 856,733 SH   DFND 1,2 848,447 0 8,286
Kite Realty Group Trust COM 49803T300   9,782,059 451,202 SH   SOLE   451,202 0 0
Macerich Co. COM 554382101   48,066,410 2,789,693 SH   DFND 1,2 2,191,816 0 597,877
Marriott International Inc. COM 571903202   10,366,409 41,086 SH   SOLE   35,983 0 5,103
Medical Properties Trust COM 58463J304   3,995,470 850,100 SH   DFND 1 850,100 0 0
Mid-America Apt. Comm. COM 59522J103   4,474,246 34,004 SH   SOLE   0 0 34,004
National Storage Affiliates Tr COM 637870106   12,377,223 316,068 SH   SOLE   316,068 0 0
Netstreit Corp COM 64119V303   7,376,455 401,549 SH   DFND 1 228,925 0 172,624
Nextera Energy Inc COM 65339F101   125,520,390 1,964,018 SH   DFND 1,2 1,563,672 0 400,346
NextEra Energy Partners LP COM 65341B106   34,297,667 1,140,215 SH   DFND 1 1,009,379 0 130,836
NiSource Inc. COM 65473P105   32,786,117 1,185,326 SH   DFND 1 857,593 0 327,733
NNN REIT Inc. COM 637417106   12,872,220 301,175 SH   SOLE   255,003 0 46,172
Norfolk Southern Corp COM 655844108   28,827,836 113,108 SH   DFND 1 89,788 0 23,320
OGE Energy Corp. COM 670837103   46,569,076 1,357,699 SH   DFND 1,2 1,351,883 0 5,816
ONEOK Inc. COM 682680103   1,321,121 16,479 SH   SOLE   16,479 0 0
Park Hotels & Resorts Inc COM 700517105   58,719,369 3,357,311 SH   DFND 1,2 2,723,018 0 634,293
Pembina Pipeline Corp COM 706327103   570,741 16,150 SH   DFND 1,2 16,150 0 0
PG&E Corp. COM 69331C108   52,969,243 3,160,456 SH   DFND 1,2 2,490,570 0 669,886
Piedmont Office Realty Trust I COM 720190206   9,709,196 1,381,109 SH   SOLE   1,381,109 0 0
Pinnacle West Capital Corporat COM 723484101   20,289,494 271,504 SH   DFND 1 269,850 0 1,654
Plains GP Holdings COM 72651A207   10,746,239 588,835 SH   DFND 1,2 583,369 0 5,466
Portland General Electric Comp COM 736508847   30,332,106 722,193 SH   DFND 1,2 588,740 0 133,453
PPL Corp. COM 69351T106   60,021,016 2,180,204 SH   DFND 1,2 2,163,339 0 16,865
ProLogis Inc. COM 74340W103   210,505,188 1,616,535 SH   DFND 1 868,348 0 748,187
Public Service Enterprise Grou COM 744573106   21,483,126 321,700 SH   DFND 1 321,700 0 0
Public Storage COM 74460D109   270,141,290 931,329 SH   DFND 1,2 720,118 0 211,211
Realty Income Corp COM 756109104   319,764,217 5,910,614 SH   DFND 1,2 4,361,236 0 1,549,378
Regency Centers Corporation COM 758849103   37,071,743 612,149 SH   SOLE   259,324 0 352,825
Retail Opportunity Investments COM 76131N101   28,973,303 2,260,008 SH   DFND 1 1,679,599 0 580,409
Rexford Industrial Realty, Inc COM 76169C100   179,086,913 3,560,376 SH   DFND 1,2 2,522,086 0 1,038,290
Ryman Hospitality Properties COM 78377T107   17,212,942 148,888 SH   SOLE   128,624 0 20,264
SBA Communications Corp. COM 78410G104   95,987,048 442,949 SH   DFND 1 380,671 0 62,278
Sempra Energy COM 816851109   73,090,832 1,017,553 SH   DFND 1,2 803,786 0 213,767
Simon Property Group Inc. COM 828806109   289,017,782 1,846,877 SH   DFND 1,2 1,465,866 0 381,011
Southern Co. COM 842587107   43,995,631 613,265 SH   DFND 1 450,027 0 163,238
Spire Inc COM 84857L101   8,425,303 137,287 SH   DFND 1 137,287 0 0
STAG Industrial, Inc. COM 85254J102   6,328,185 164,625 SH   SOLE   0 0 164,625
Sun Communities Inc. COM 866674104   128,461,321 999,077 SH   DFND 1,2 843,234 0 155,843
Sunstone Hotel Investors Inc. COM 867892101   31,628,721 2,839,203 SH   DFND 1,2 2,675,785 0 163,418
Tanger Inc. COM 875465106   9,824,661 332,701 SH   DFND 2 182,580 0 150,121
Targa Resources Corp. COM 87612G101   69,234,234 618,218 SH   DFND 1,2 612,333 0 5,885
UDR Inc. COM 902653104   1,759,729 47,039 SH   DFND 2 47,039 0 0
Union Pacific Corp COM 907818108   24,928,940 101,366 SH   DFND 1 75,820 0 25,546
Uniti Group Inc COM 91325V108   8,111,320 1,374,800 SH   DFND 1 1,374,800 0 0
Ventas Inc. COM 92276F100   49,327,816 1,132,931 SH   SOLE   805,453 0 327,478
Veris Residential Inc COM 554489104   12,593,378 827,967 SH   DFND 1 657,777 0 170,190
Vici Properties Inc. COM 925652109   93,485,489 3,138,150 SH   DFND 1 2,362,517 0 775,633
Vornado Realty Trust COM 929042109   5,123,793 178,095 SH   SOLE   168,414 0 9,681
WEC Energy Group Inc. COM 92939U106   84,876,194 1,033,563 SH   DFND 1,2 809,493 0 224,070
Welltower Inc. COM 95040Q104   264,272,801 2,828,262 SH   DFND 1,2 1,927,560 0 900,702
Weyerhaeuser Co. COM 962166104   5,118,252 142,530 SH   DFND 1 142,530 0 0
Williams Cos. COM 969457100   1,356,234 34,802 SH   SOLE   34,802 0 0
Xcel Energy Inc. COM 98389B100   28,361,080 527,648 SH   DFND 1,2 414,240 0 113,408
Nextera Energy Inc UNIT 65339F713   32,000,460 822,000 SH   DFND 1 822,000 0 0