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
AES Corporation COM 00130H105 7,407 511,206 SH   DFND 1 511,206 0 0
Agree Realty Corp COM 008492100 2,760 42,000 SH   SOLE   0 0 42,000
Alexandria Real Estate Equities Inc. COM 015271109 141,478 871,975 SH   DFND 1 623,151 0 248,824
Alliant Energy Corporation COM 018802108 8,623 180,257 SH   DFND 1 180,257 0 0
Ameren Corp. COM 023608102 16,796 238,712 SH   DFND 1 238,712 0 0
American Assets Trust Inc. COM 024013104 1,271 45,666 SH   SOLE   0 0 45,666
American Campus Communities COM 024835100 17,521 501,186 SH   DFND 1 306,918 0 194,268
American Electric Power Co. In COM 025537101 26,062 327,244 SH   DFND 1 327,244 0 0
American Homes 4 Rent COM 02665T306 6,788 252,339 SH   SOLE   0 0 252,339
American Tower Corp. COM 03027X100 105,219 406,975 SH   DFND 1 385,361 0 21,614
Apartment Investment and Manag COM 03748R754 31,077 825,637 SH   DFND 1 662,590 0 163,047
Atmos Energy Corp. COM 049560105 14,909 149,716 SH   DFND 1 149,716 0 0
AvalonBay Communities Inc. COM 053484101 148,348 959,314 SH   DFND 1 644,356 0 314,958
Boston Properties Inc. COM 101121101 82,826 916,422 SH   DFND 1 631,841 0 284,581
Brandywine Realty Trust SBI COM 105368203 27,456 2,521,251 SH   DFND 1 1,854,219 0 667,032
Brixmor Property Group COM 11120U105 47,994 3,743,719 SH   DFND 1 2,379,221 0 1,364,498
Camden Property Trust COM 133131102 72,546 795,282 SH   DFND 1 551,233 0 244,049
Cheniere Energy Inc. COM 16411R208 20,401 422,203 SH   DFND 1 422,203 0 0
CMS Energy Corporation COM 125896100 9,467 162,048 SH   DFND 1 162,048 0 0
Columbia Property Trust, Inc. COM 198287203 32,486 2,472,329 SH   DFND 1 1,886,296 0 586,033
Coresite Realty Corp COM 21870Q105 1,005 8,300 SH   SOLE   8,300 0 0
Corporate Office Properties Tr COM 22002T108 2,693 106,255 SH   SOLE   0 0 106,255
Cousins Properties Inc. COM 222795502 41,501 1,391,242 SH   DFND 1 963,735 0 427,507
Crestwood Equity Partners LP COM 226344208 309 23,581 SH   SOLE   23,581 0 0
Crown Castle International Cor COM 22822V101 166,734 996,320 SH   DFND 1 853,478 0 142,842
CubeSmart COM 229663109 105,921 3,924,451 SH   DFND 1 3,033,396 0 891,055
CyrusOne Inc. COM 23283R100 90,259 1,240,673 SH   DFND 1 900,413 0 340,260
Digital Realty Trust Inc. COM 253868103 38,478 270,764 SH   SOLE   0 0 270,764
Douglas Emmett Inc. COM 25960P109 4,822 157,277 SH   SOLE   0 0 157,277
Duke Realty Corporation COM 264411505 118,360 3,344,450 SH   DFND 1 2,418,965 0 925,485
Edison International COM 281020107 16,110 296,624 SH   DFND 1 296,624 0 0
Enbridge Inc COM 29250N105 826 27,145 SH   SOLE   27,145 0 0
Energy Transfer LP COM 29273V100 1,677 235,477 SH   SOLE   235,477 0 0
Enterprise Products Partners L COM 293792107 1,923 105,839 SH   SOLE   105,839 0 0
Equinix Inc COM 29444U700 150,090 213,712 SH   DFND 1 173,023 0 40,689
Equity Lifestyle Properties COM 29472R108 10,238 163,865 SH   SOLE   0 0 163,865
Equity Residential COM 29476L107 184,468 3,136,141 SH   DFND 1 2,300,756 0 835,385
Essential Utilities COM 29670G102 16,376 387,692 SH   DFND 1 387,692 0 0
Essex Property Trust Inc. COM 297178105 14,038 61,255 SH   SOLE   0 0 61,255
Exelon Corp. COM 30161N101 16,891 465,447 SH   DFND 1 465,447 0 0
Extra Space Storage Inc. COM 30225T102 28,449 307,989 SH   DFND 1 107,940 0 200,049
Federal Realty Investment Trus COM 313747206 25,595 300,373 SH   SOLE   233,150 0 67,223
First Industrial Realty Trust COM 32054K103 2,107 54,800 SH   SOLE   0 0 54,800
FirstEnergy Corp. COM 337932107 21,904 564,838 SH   DFND 1 564,838 0 0
HealthCare Realty Trust COM 421946104 3,693 126,100 SH   SOLE   0 0 126,100
Healthcare Trust of America In COM 42225P501 105,762 3,988,023 SH   DFND 1 3,031,070 0 956,953
Healthpeak Properties Inc. COM 42250P103 149,484 5,423,953 SH   DFND 1 3,802,124 0 1,621,829
Hess Midstream LP COM 428103105 267 14,600 SH   SOLE   14,600 0 0
Highwoods Properties Inc. COM 431284108 36,372 974,332 SH   DFND 1 674,238 0 300,094
Holly Energy Partners L.P. COM 435763107 203 13,900 SH   SOLE   13,900 0 0
Host Hotels & Resorts Inc. COM 44107P104 42,896 3,975,534 SH   DFND 1 3,025,426 0 950,108
Hudson Pacific Properties COM 444097109 68,473 2,721,499 SH   DFND 1 2,056,578 0 664,921
Invitation Homes Inc COM 46187W107 186,524 6,775,316 SH   DFND 1 5,150,762 0 1,624,554
Iron Mountain Incorporated COM 46284V101 3,711 142,177 SH   SOLE   0 0 142,177
JBG Smith Properties COM 46590V100 3,056 103,359 SH   SOLE   0 0 103,359
Kilroy Realty Corp. COM 49427F108 6,592 112,300 SH   SOLE   0 0 112,300
Kimco Realty Corp. COM 49446R109 4,796 373,500 SH   SOLE   0 0 373,500
Kinder Morgan Inc. COM 49456B101 13,478 888,470 SH   DFND 1 888,470 0 0
Life Storage Inc COM 53223X107 101,016 1,063,887 SH   DFND 1 815,938 0 247,949
Magellan Midstream Partners L. COM 559080106 1,930 44,713 SH   SOLE   44,713 0 0
Medical Properties Trust COM 58463J304 18,918 1,006,266 SH   SOLE   745,499 0 260,767
MGM Growth Properties LLC COM 55303A105 67,877 2,494,560 SH   DFND 1 2,026,966 0 467,594
Mid-America Apt. Comm. COM 59522J103 44,186 385,331 SH   DFND 1 168,476 0 216,855
MPLX LP COM 55336V100 886 51,270 SH   SOLE   51,270 0 0
National Retail Properties Inc COM 637417106 5,780 162,915 SH   SOLE   0 0 162,915
Nextera Energy Inc COM 65339F101 22,990 95,722 SH   DFND 1 95,722 0 0
NiSource Inc. COM 65473P105 6,176 271,576 SH   DFND 1 271,576 0 0
Norfolk Southern Corp COM 655844108 14,003 79,758 SH   DFND 1 79,758 0 0
NuSTAR Energy L.P. COM 67058H102 938 65,700 SH   SOLE   65,700 0 0
ONEOK Inc. COM 682680103 924 27,800 SH   SOLE   27,800 0 0
Paramount Group Inc COM 69924R108 1,236 160,300 SH   SOLE   0 0 160,300
Pembina Pipeline Corp COM 706327103 486 19,426 SH   DFND 1 19,426 0 0
Phillips 66 Partners LP COM 718549207 1,233 34,200 SH   SOLE   34,200 0 0
Physicians Realty Trust COM 71943U104 15,344 875,796 SH   SOLE   685,596 0 190,200
Piedmont Office Realty Trust I COM 720190206 49,518 2,981,194 SH   DFND 1 2,263,711 0 717,483
Plains All American Pipeline, COM 726503105 1,536 173,787 SH   SOLE   173,787 0 0
ProLogis Inc. COM 74340W103 361,171 3,869,831 SH   DFND 1 2,657,081 0 1,212,750
PS Business Parks Inc. COM 69360J107 6,580 49,700 SH   SOLE   30,700 0 19,000
Public Storage COM 74460D109 27,787 144,805 SH   SOLE   0 0 144,805
QTS Realty Trust Inc COM 74736A103 60,567 945,027 SH   DFND 1 706,171 0 238,856
Realty Income Corp COM 756109104 19,189 322,500 SH   SOLE   0 0 322,500
Regency Centers Corporation COM 758849103 22,316 486,287 SH   DFND 1 161,008 0 325,279
Retail Properties of America, COM 76131V202 25,636 3,502,193 SH   DFND 1 2,713,084 0 789,109
Rexford Industrial Realty, Inc COM 76169C100 4,346 104,905 SH   SOLE   0 0 104,905
Sempra Energy COM 816851109 10,670 91,017 SH   DFND 1 91,017 0 0
Simon Property Group Inc. COM 828806109 122,118 1,785,873 SH   DFND 1 1,205,778 0 580,095
Site Centers Corp COM 82981J109 11,954 1,475,818 SH   SOLE   1,202,040 0 273,778
SL Green Realty Corp. COM 78440X101 3,575 72,526 SH   SOLE   0 0 72,526
Spirit Realty Capital Inc. COM 84860W300 79,100 2,269,082 SH   DFND 1 1,601,409 0 667,673
STAG Industrial, Inc. COM 85254J102 33,861 1,154,869 SH   DFND 1 805,930 0 348,939
STORE Capital Corp COM 862121100 73,439 3,084,391 SH   DFND 1 2,220,244 0 864,147
Sun Communities Inc. COM 866674104 14,727 108,539 SH   SOLE   13,734 0 94,805
Sunstone Hotel Investors Inc. COM 867892101 7,817 959,177 SH   DFND 1 693,835 0 265,342
Targa Resources Corp. COM 87612G101 833 41,500 SH   SOLE   41,500 0 0
TC Energy Corp COM 87807B107 1,210 28,235 SH   DFND 1 28,235 0 0
TC Pipelines L.P. COM 87233Q108 795 25,600 SH   SOLE   25,600 0 0
Terreno Realty Corp COM 88146M101 3,285 62,400 SH   SOLE   0 0 62,400
UDR Inc. COM 902653104 8,717 233,208 SH   SOLE   0 0 233,208
Union Pacific Corp COM 907818108 13,974 82,651 SH   DFND 1 82,651 0 0
Urban Edge Properties COM 91704F104 11,370 957,848 SH   DFND 1 684,905 0 272,943
Ventas Inc. COM 92276F100 61,909 1,690,581 SH   DFND 1 1,087,331 0 603,250
VEREIT Inc COM 92339V100 141,462 22,000,342 SH   DFND 1 16,842,406 0 5,157,936
Vici Properties Inc. COM 925652109 84,655 4,192,897 SH   DFND 1 3,261,556 0 931,341
Vornado Realty Trust COM 929042109 3,580 93,696 SH   SOLE   0 0 93,696
Weingarten Realty Investors COM 948741103 2,171 114,700 SH   SOLE   0 0 114,700
Welltower Inc. COM 95040Q104 82,342 1,591,157 SH   DFND 1 828,566 0 762,591
Williams Cos. COM 969457100 1,256 66,040 SH   SOLE   66,040 0 0
WP Carey Inc. COM 92936U109 10,959 162,000 SH   SOLE   0 0 162,000