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
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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 2,857 110,180 SH   DFND 1 0 0 110,180
Agree Realty Corp COM 008492100 6,379 90,910 SH   DFND 1 6,320 0 84,590
Alexandria Real Estate Equities COM 015271109 44,527 275,573 SH   DFND 1 127,423 0 148,150
ALLIANT ENERGY CORP COM 018802108 65 1,190 SH   DFND 1 1,190 0 0
AMEREN CORPORATION COM 023608102 88 1,150 SH   DFND 1 1,150 0 0
American Assets Trust COM 024013104 2,789 60,770 SH   DFND 1 0 0 60,770
American Campus Communities COM 024835100 8,322 176,946 SH   DFND 1 346 0 176,600
AMERICAN ELECTRIC POWER COM 025537101 134 1,420 SH   DFND 1 1,420 0 0
American Finance Trust Inc COM 02607T109 12 928 SH   DFND 1 928 0 0
American Homes 4 Rent COM 02665T306 111,061 4,237,340 SH   DFND 1 2,498,340 0 1,739,000
American Tower Corp COM 03027X100 43,256 188,219 SH   DFND 1 114,369 0 73,850
Americold Realty Trust COM 03064D108 95,390 2,720,759 SH   DFND 1 1,883,399 0 837,360
Apartment Investment and Management Co COM 03748R754 105,361 2,039,894 SH   DFND 1 1,178,944 0 860,950
AQUA AMERICA INC COM 03836W103 36 775 SH   DFND 1 775 0 0
Armada Hoffler Properties COM 04208T108 1,200 65,400 SH   DFND 1 0 0 65,400
Avalon Bay Communities COM 053484101 181,187 864,030 SH   DFND 1 471,824 0 392,206
Boston Properties COM 101121101 166,331 1,206,522 SH   DFND 1 681,807 0 524,715
Brandywine Realty Trust COM 105368203 41,483 2,633,850 SH   DFND 1 1,710,220 0 923,630
Brixmor Property Group Inc COM 11120U105 69,919 3,235,513 SH   DFND 1 1,997,443 0 1,238,070
CSX CORP COM 126408103 49 680 SH   DFND 1 680 0 0
Camden Property Trust COM 133131102 15,690 147,877 SH   DFND 1 28,697 0 119,180
CareTrust REIT Inc COM 14174T107 62,831 3,045,624 SH   DFND 1 2,162,614 0 883,010
CENTERPOINT ENERGY COM 15189T107 17 610 SH   DFND 1 610 0 0
Columbia Property Trust COM 198287203 88,173 4,216,770 SH   DFND 1 2,542,200 0 1,674,570
Community Healthcare Trust Inc COM 20369C106 1,050 24,500 SH   DFND 1 0 0 24,500
Coresite Realty Corp COM 21870Q105 2,194 19,570 SH   DFND 1 19,570 0 0
Corporate Office Properties Trust COM 22002T108 6,572 223,700 SH   DFND 1 81,500 0 142,200
Cousins Properties Inc COM 222795502 44,386 1,077,327 SH   DFND 1 660,527 0 416,800
Crown Castle Intl Corp COM 22822V101 24,979 175,720 SH   DFND 1 116,500 0 59,220
Cubesmart COM 229663109 7,811 248,116 SH   DFND 1 16 0 248,100
CyrusOne COM 23283R100 105,597 1,613,899 SH   DFND 1 1,072,709 0 541,190
DiamondRock Hospitality Co COM 252784301 27,752 2,504,680 SH   DFND 1 1,699,780 0 804,900
Digital Realty Trust Inc COM 253868103 164,635 1,374,940 SH   DFND 1 753,480 0 621,460
DOMINION ENERGY INC COM 25746U109 138 1,670 SH   DFND 1 1,670 0 0
Douglas Emmett Inc COM 25960P109 10,541 240,120 SH   DFND 1 0 0 240,120
Duke Realty Investments Inc COM 264411505 22,649 653,270 SH   DFND 1 179,570 0 473,700
DUKE ENERGY CORP COM 26441C204 51 560 SH   DFND 1 560 0 0
EastGroup Properties Inc COM 277276101 6,395 48,200 SH   DFND 1 0 0 48,200
EDISON INTERNATIONAL COM 281020107 63 840 SH   DFND 1 840 0 0
Empire State Realty Trust COM 292104106 79,945 5,726,700 SH   DFND 1 3,649,951 0 2,076,749
ENTERGY CORP COM 29364G103 87 730 SH   DFND 1 730 0 0
ENTERPRISE PRODUCTS PARTNERS COM 293792107 35 1,240 SH   DFND 1 1,240 0 0
Equinix Inc COM 29444U700 317,421 543,809 SH   DFND 1 408,201 0 135,608
Equity Lifestyle Properties COM 29472R108 18,099 257,130 SH   DFND 1 0 0 257,130
Equity Residential Properties Trust COM 29476L107 294,346 3,637,499 SH   DFND 1 2,170,839 0 1,466,660
Essex Property Trust Inc COM 297178105 38,943 129,440 SH   DFND 1 24,120 0 105,320
Extra Space Storage Inc COM 30225T102 177,208 1,677,790 SH   DFND 1 894,770 0 783,020
Federal Realty Investment Trust COM 313747206 34,034 264,382 SH   DFND 1 90,784 0 173,598
First Industrial Realty Trust COM 32054K103 6,721 161,906 SH   DFND 1 406 0 161,500
FIRSTENERGY CORP COM 337932107 99 2,030 SH   DFND 1 2,030 0 0
The Geo Group Inc COM 36162J106 22 1,296 SH   DFND 1 1,296 0 0
GDS Holdings Ltd - ADR ADR 36165L108 3,190 61,855 SH   DFND 1 61,855 0 0
Global Net Lease Inc COM 379378201 20 1,003 SH   DFND 1 1,003 0 0
Healthcare Realty Trust COM 421946104 5,640 169,000 SH   DFND 1 0 0 169,000
Healthcare Trust of America COM 42225P501 53,848 1,778,343 SH   DFND 1 1,187,673 0 590,670
Healthpeak Properties Inc COM 42250P103 311,163 9,027,056 SH   DFND 1 5,468,206 0 3,558,850
Hersha Hospitality Trust COM 427825500 6 426 SH   DFND 1 426 0 0
Highwoods Properties Inc COM 431284108 6,397 130,800 SH   DFND 1 0 0 130,800
Host Hotels & Resorts Inc COM 44107P104 202,688 10,926,557 SH   DFND 1 7,448,647 0 3,477,910
Hudson Pacific Properties COM 444097109 67,195 1,784,730 SH   DFND 1 1,065,828 0 718,902
Independence Realty Trust Inc COM 45378A106 19 1,355 SH   DFND 1 1,355 0 0
Industrial Logistics Properties Trust COM 456237106 25,347 1,130,547 SH   DFND 1 806,809 0 323,738
Invitation Homes Inc COM 46187W107 176,261 5,881,262 SH   DFND 1 3,504,346 0 2,376,916
Iron Mountain Inc COM 46284V101 105,237 3,302,080 SH   DFND 1 2,285,900 0 1,016,180
JBG Smith Properties COM 46590V100 167,170 4,190,769 SH   DFND 1 2,695,969 0 1,494,800
Kilroy Realty Corporation COM 49427F108 159,732 1,903,833 SH   DFND 1 1,176,191 0 727,642
Kimco Realty Corp COM 49446R109 10,338 499,200 SH   DFND 1 0 0 499,200
Kite Realty Group Trust COM 49803T300 2,138 109,496 SH   DFND 1 96 0 109,400
Liberty Property Trust COM 531172104 87,162 1,451,490 SH   DFND 1 899,290 0 552,200
Life Storage Inc COM 53223X107 57,725 533,106 SH   DFND 1 323,210 0 209,896
Macerich Company COM 554382101 3,680 136,687 SH   DFND 1 65,057 0 71,630
Mack Cali Realty Corporation COM 554489104 957 41,385 SH   DFND 1 41,385 0 0
MACQUARIE INFRASTRUCTURE CORPORATION COM 55608B105 31 730 SH   DFND 1 730 0 0
Marriott International COM 571903202 2,817 18,600 SH   DFND 1 0 0 18,600
Medical Properties Trust Inc COM 58463J304 58,903 2,790,273 SH   DFND 1 1,613,600 0 1,176,673
Mid-America Apartment Communities Inc COM 59522J103 131,223 995,168 SH   DFND 1 574,078 0 421,090
National Retail Properties COM 637417106 59,150 1,103,129 SH   DFND 1 691,758 0 411,371
National Storage Affiliates Trust COM 637870106 2,569 76,415 SH   DFND 1 615 0 75,800
NEXTERA ENERGY INC COM 65339F101 2,494 10,300 SH   DFND 1 10,300 0 0
Office Properties Income Trust COM 67623C109 18 551 SH   DFND 1 551 0 0
Omega Healthcare Investors Inc COM 681936100 67,223 1,587,313 SH   DFND 1 1,063,653 0 523,660
ONE GAS INC COM 68235P108 36 390 SH   DFND 1 390 0 0
ONEOK INC COM 682680103 86 1,130 SH   DFND 1 1,130 0 0
P G & E CORP COM 69331C108 9 810 SH   DFND 1 810 0 0
PPL CORPORATION COM 69351T106 43 1,200 SH   DFND 1 1,200 0 0
PS Business Parks Inc/CA COM 69360J107 4,254 25,800 SH   DFND 1 0 0 25,800
Paramount Group Inc COM 69924R108 3,490 250,746 SH   DFND 1 1,546 0 249,200
Park Hotels & Resorts Inc COM 700517105 77,231 2,985,355 SH   DFND 1 2,030,265 0 955,090
Piedmont Office Realty Trust Inc COM 720190206 3,617 162,650 SH   DFND 1 0 0 162,650
Preferred Apartment Communities - A COM 74039L103 717 53,800 SH   DFND 1 0 0 53,800
Prologis Trust COM 74340W103 551,355 6,185,273 SH   DFND 1 3,628,153 0 2,557,120
PUBLIC SERVICE ENTERPRISE GP COM 744573106 24 400 SH   DFND 1 400 0 0
Public Storage Inc COM 74460D109 161,954 760,490 SH   DFND 1 442,458 0 318,032
QTS Realty Trust COM 74736A103 5,882 108,389 SH   DFND 1 34,589 0 73,800
RPT Realty COM 74971D101 9 590 SH   DFND 1 590 0 0
Rayonier Inc COM 754907103 2,216 67,650 SH   DFND 1 0 0 67,650
Realty Income Corp COM 756109104 271,205 3,683,352 SH   DFND 1 2,271,592 0 1,411,760
Regency Centers Corp COM 758849103 72,341 1,146,625 SH   DFND 1 665,066 0 481,559
Retail Opportunity Investments Corp COM 76131N101 68,095 3,855,899 SH   DFND 1 2,710,444 0 1,145,455
Retail Properties of America COM 76131V202 85,675 6,393,634 SH   DFND 1 3,781,744 0 2,611,890
Rexford Industrial Realty COM 76169C100 65,483 1,433,834 SH   DFND 1 991,179 0 442,655
SBA Communications Corp COM 78410G104 78,886 327,342 SH   DFND 1 234,202 0 93,140
SL Green Realty Corp COM 78440X101 24,929 271,325 SH   DFND 1 100,125 0 171,200
Sabra Health Care REIT Inc COM 78573L106 1,749 81,981 SH   DFND 1 81,981 0 0
SEMPRA ENERGY COM 816851109 55 360 SH   DFND 1 360 0 0
Senior Housing Properties Trust COM 81721M109 35,024 4,149,735 SH   DFND 1 2,587,315 0 1,562,420
Service Properties Trust COM 81761L102 23 929 SH   DFND 1 929 0 0
Simon Property Group Inc COM 828806109 255,422 1,714,700 SH   DFND 1 886,211 0 828,489
SITE Centers Corp COM 82981J109 2,682 191,324 SH   DFND 1 1,424 0 189,900
SOUTHERN CO/THE COM 842587107 152 2,380 SH   DFND 1 2,380 0 0
Spirit Realty Capital COM 84860W300 6,157 125,200 SH   DFND 1 0 0 125,200
STAG Industrial COM 85254J102 5,518 174,801 SH   DFND 1 701 0 174,100
Store Capital Corp COM 862121100 59,782 1,605,316 SH   DFND 1 1,021,886 0 583,430
Sun Communities Inc COM 866674104 203,576 1,356,272 SH   DFND 1 836,902 0 519,370
Taubman Centers Inc COM 876664103 47,193 1,517,955 SH   DFND 1 922,617 0 595,338
Terreno Realty Corp COM 88146M101 8,768 161,950 SH   DFND 1 41,250 0 120,700
UDR Inc COM 902653104 185,005 3,961,569 SH   DFND 1 2,282,954 0 1,678,615
UNION PACIFIC CORP COM 907818108 107 590 SH   DFND 1 590 0 0
Urban Edge Properties COM 91704F104 7,279 379,521 SH   DFND 1 0 0 379,521
Ventas Inc COM 92276F100 241,059 4,174,900 SH   DFND 1 2,433,450 0 1,741,450
VEREIT Inc COM 92339V100 108,330 11,723,976 SH   DFND 1 7,171,856 0 4,552,120
VICI Properties Inc COM 925652109 74,030 2,897,460 SH   DFND 1 1,979,100 0 918,360
Vornado Realty Trust COM 929042109 14,837 223,120 SH   DFND 1 220 0 222,900
WP Carey Inc COM 92936U109 10,459 130,676 SH   DFND 1 6 0 130,670
Washington REIT COM 939653101 2,982 102,200 SH   DFND 1 0 0 102,200
Weingarten Realty Investment Trust COM 948741103 4,880 156,200 SH   DFND 1 0 0 156,200
Welltower Inc COM 95040Q104 56,247 687,788 SH   DFND 1 109,498 0 578,290
Weyerhauser Co COM 962166104 3,350 110,930 SH   DFND 1 0 0 110,930
WILLIAMS COS INC COM 969457100 79 3,320 SH   DFND 1 3,320 0 0
XCEL Energy Inc COM 98389B100 98 1,540 SH   DFND 1 1,540 0 0
AGNC Investment Corp COM 00123Q104 18,801 1,063,400 SH   DFND 2 1,063,400 0 0
Alexandria Real Estate Equities COM 015271109 8,032 49,710 SH   DFND 2 49,710 0 0
American Homes 4 Rent COM 02665T306 7,319 279,238 SH   DFND 2 279,238 0 0
American Tower Corp COM 03027X100 4,387 19,090 SH   DFND 2 19,090 0 0
Americold Realty Trust COM 03064D108 5,723 163,230 SH   DFND 2 163,230 0 0
Annaly Capital Management COM 035710409 18,595 1,974,030 SH   DFND 2 1,974,030 0 0
Apartment Investment and Management Co COM 03748R754 5,965 115,480 SH   DFND 2 115,480 0 0
Apollo Commercial Real Estate Finance COM 03762U105 2,212 120,930 SH   DFND 2 120,930 0 0
Arbor Realty Trust Inc COM 038923108 12,624 879,730 SH   DFND 2 879,730 0 0
Ares Commercial Real Estate COM 04013V108 5,210 328,900 SH   DFND 2 328,900 0 0
Avalon Bay Communities COM 053484101 10,560 50,360 SH   DFND 2 50,360 0 0
Blackstone Mortgage Trust Inc - Class A COM 09257W100 22,284 598,720 SH   DFND 2 598,720 0 0
Boston Properties COM 101121101 7,090 51,430 SH   DFND 2 51,430 0 0
Brandywine Realty Trust COM 105368203 3,239 205,650 SH   DFND 2 205,650 0 0
Brixmor Property Group Inc COM 11120U105 4,293 198,680 SH   DFND 2 198,680 0 0
CareTrust REIT Inc COM 14174T107 4,652 225,502 SH   DFND 2 225,502 0 0
Columbia Property Trust COM 198287203 4,837 231,340 SH   DFND 2 231,340 0 0
Cousins Properties Inc COM 222795502 4,439 107,740 SH   DFND 2 107,740 0 0
CyrusOne COM 23283R100 6,493 99,230 SH   DFND 2 99,230 0 0
DiamondRock Hospitality Co COM 252784301 4,009 361,780 SH   DFND 2 361,780 0 0
Digital Realty Trust Inc COM 253868103 8,463 70,680 SH   DFND 2 70,680 0 0
Empire State Realty Trust COM 292104106 5,079 363,790 SH   DFND 2 363,790 0 0
Equinix Inc COM 29444U700 26,150 44,800 SH   DFND 2 44,800 0 0
Equity Residential Properties Trust COM 29476L107 16,818 207,830 SH   DFND 2 207,830 0 0
Extra Space Storage Inc COM 30225T102 11,773 111,470 SH   DFND 2 111,470 0 0
Healthcare Trust of America COM 42225P501 5,825 192,370 SH   DFND 2 192,370 0 0
Healthpeak Properties Inc COM 42250P103 18,516 537,170 SH   DFND 2 537,170 0 0
Host Hotels & Resorts Inc COM 44107P104 12,840 692,210 SH   DFND 2 692,210 0 0
Hudson Pacific Properties COM 444097109 4,360 115,816 SH   DFND 2 115,816 0 0
iStar Inc COM 45031U101 2,002 137,980 SH   DFND 2 137,980 0 0
Invitation Homes Inc COM 46187W107 11,087 369,950 SH   DFND 2 369,950 0 0
Iron Mountain Inc COM 46284V101 5,071 159,120 SH   DFND 2 159,120 0 0
iShares MBS ETF COM 464288588 112,155 1,037,900 SH   DFND 2 1,037,900 0 0
JBG Smith Properties COM 46590V100 10,194 255,550 SH   DFND 2 255,550 0 0
KKR Real Estate Finance Trust Inc COM 48251K100 3,718 182,070 SH   DFND 2 182,070 0 0
Kilroy Realty Corporation COM 49427F108 9,576 114,130 SH   DFND 2 114,130 0 0
Ladder Capital Corp REIT COM 505743104 22,067 1,223,250 SH   DFND 2 1,223,250 0 0
Liberty Property Trust COM 531172104 5,842 97,290 SH   DFND 2 97,290 0 0
Life Storage Inc COM 53223X107 4,574 42,240 SH   DFND 2 42,240 0 0
Medical Properties Trust Inc COM 58463J304 6,406 303,436 SH   DFND 2 303,436 0 0
Mid-America Apartment Communities Inc COM 59522J103 9,698 73,546 SH   DFND 2 73,546 0 0
New Residential Investment Corp COM 64828T201 5,882 365,110 SH   DFND 2 365,110 0 0
Omega Healthcare Investors Inc COM 681936100 6,068 143,280 SH   DFND 2 143,280 0 0
Park Hotels & Resorts Inc COM 700517105 6,666 257,654 SH   DFND 2 257,654 0 0
Prologis Trust COM 74340W103 31,235 350,400 SH   DFND 2 350,400 0 0
Public Storage Inc COM 74460D109 4,063 19,080 SH   DFND 2 19,080 0 0
Realty Income Corp COM 756109104 18,799 255,320 SH   DFND 2 255,320 0 0
Redwood Trust COM 758075402 2,992 180,900 SH   DFND 2 180,900 0 0
Regency Centers Corp COM 758849103 6,045 95,820 SH   DFND 2 95,820 0 0
Retail Opportunity Investments Corp COM 76131N101 5,342 302,500 SH   DFND 2 302,500 0 0
Retail Properties of America COM 76131V202 5,552 414,320 SH   DFND 2 414,320 0 0
Rexford Industrial Realty COM 76169C100 5,296 115,958 SH   DFND 2 115,958 0 0
SBA Communications Corp COM 78410G104 6,060 25,147 SH   DFND 2 25,147 0 0
Simon Property Group Inc COM 828806109 13,929 93,510 SH   DFND 2 93,510 0 0
Starwood Property Trust COM 85571B105 22,456 903,280 SH   DFND 2 903,280 0 0
Store Capital Corp COM 862121100 7,329 196,810 SH   DFND 2 196,810 0 0
Sun Communities Inc COM 866674104 13,191 87,880 SH   DFND 2 87,880 0 0
TPG RE Finance Trust Inc COM 87266M107 5,919 292,030 SH   DFND 2 292,030 0 0
Taubman Centers Inc COM 876664103 1,362 43,820 SH   DFND 2 43,820 0 0
Two Harbors Investment Corp COM 90187B408 3,304 225,990 SH   DFND 2 225,990 0 0
UDR Inc COM 902653104 13,820 295,940 SH   DFND 2 295,940 0 0
Vanguard Mortgage-Backed Securities ETF COM 92206C771 112,300 2,112,100 SH   DFND 2 2,112,100 0 0
Ventas Inc COM 92276F100 12,737 220,600 SH   DFND 2 220,600 0 0
VEREIT Inc COM 92339V100 8,004 866,210 SH   DFND 2 866,210 0 0
VICI Properties Inc COM 925652109 7,917 309,870 SH   DFND 2 309,870 0 0