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 100,623 4,789,278 SH   DFND 1 4,730,256 0 59,022
Agree Realty Corp COM 008492100 5,388 74,700 SH   SOLE   0 0 74,700
Alexandria Real Estate Equitie COM 015271109 135,621 935,127 SH   DFND 1 652,708 0 282,419
Alliant Energy Corporation COM 018802108 5,539 94,500 SH   SOLE   94,500 0 0
Ameren Corp. COM 023608102 103,508 1,145,509 SH   DFND 1 1,131,409 0 14,100
American Electric Power Co. In COM 025537101 163,062 1,699,628 SH   DFND 1 1,679,650 0 19,978
American Homes 4 Rent COM 02665T306 12,902 364,039 SH   SOLE   0 0 364,039
American Tower Corp. COM 03027X100 117,669 460,383 SH   DFND 1 455,933 0 4,450
Apartment Income REIT Co COM 03750L109 72,343 1,739,024 SH   DFND 1 1,266,139 0 472,885
AvalonBay Communities Inc. COM 053484101 120,396 619,798 SH   DFND 1 353,289 0 266,509
Boston Properties Inc. COM 101121101 13,688 153,830 SH   SOLE   0 0 153,830
Brandywine Realty Trust SBI COM 105368203 6,682 693,200 SH   SOLE   0 0 693,200
Brixmor Property Group COM 11120U105 6,889 340,859 SH   SOLE   0 0 340,859
Brookfield Infrastructure Part COM G16252101 4,655 121,798 SH   SOLE   121,798 0 0
Camden Property Trust COM 133131102 79,841 593,703 SH   DFND 1 445,936 0 147,767
Cheniere Energy Inc. COM 16411R208 112,948 849,043 SH   DFND 1 836,143 0 12,900
Clearway Energy Inc. Class C COM 18539C204 18,141 520,700 SH   DFND 1 520,700 0 0
CMS Energy Corporation COM 125896100 87,598 1,297,748 SH   DFND 1 1,281,548 0 16,200
Constellation Energy Corp COM 21037T109 30,925 540,089 SH   DFND 1 533,270 0 6,819
Corporate Office Properties Tr COM 22002T108 4,168 159,155 SH   SOLE   0 0 159,155
Cousins Properties Inc. COM 222795502 4,121 141,000 SH   SOLE   0 0 141,000
Crestwood Equity Partners LP COM 226344208 513 21,300 SH   SOLE   21,300 0 0
Crown Castle Inc COM 22822V101 230,130 1,366,732 SH   DFND 1 1,316,879 0 49,853
CubeSmart COM 229663109 168,602 3,946,670 SH   DFND 1 3,101,231 0 845,439
DCP Midstream LP COM 23311P100 683 23,100 SH   SOLE   23,100 0 0
Diamondrock Hospitality COM 252784301 12,882 1,569,077 SH   DFND 1 1,271,918 0 297,159
Digital Realty Trust Inc. COM 253868103 63,963 492,664 SH   SOLE   197,400 0 295,264
Dominion Energy Inc. COM 25746U109 116,976 1,465,679 SH   DFND 1 1,453,279 0 12,400
Duke Realty Corporation COM 264411505 46,693 849,744 SH   SOLE   181,362 0 668,382
Edison International COM 281020107 44,628 705,700 SH   DFND 1 705,700 0 0
Empire State Realty Trust Inc. COM 292104106 188 26,700 SH   SOLE   26,700 0 0
Enbridge Inc COM 29250N105 387 9,157 SH   DFND 1 9,157 0 0
Energy Transfer LP COM 29273V100 1,465 146,777 SH   SOLE   146,777 0 0
Enterprise Products Partners L COM 293792107 1,534 62,939 SH   SOLE   62,939 0 0
EPR Properties COM 26884U109 11,949 254,613 SH   SOLE   220,118 0 34,495
Equinix Inc COM 29444U700 349,794 532,395 SH   DFND 1 448,784 0 83,611
Equity Lifestyle Properties COM 29472R108 12,915 183,265 SH   SOLE   6,700 0 176,565
Equity Residential COM 29476L107 30,452 421,662 SH   SOLE   0 0 421,662
Essential Utilities COM 29670G102 33,731 735,683 SH   DFND 1 727,083 0 8,600
Essex Property Trust Inc. COM 297178105 111,614 426,806 SH   DFND 1 291,626 0 135,180
Exelon Corp. COM 30161N101 44,674 985,736 SH   DFND 1 973,385 0 12,351
Extra Space Storage Inc. COM 30225T102 189,272 1,112,581 SH   DFND 1 758,351 0 354,230
Federal Realty Investment Trus COM 313745101 6,939 72,478 SH   SOLE   0 0 72,478
First Industrial Realty Trust COM 32054K103 20,668 435,306 SH   DFND 1 355,921 0 79,385
FirstEnergy Corp. COM 337932107 68,991 1,797,109 SH   DFND 1 1,783,009 0 14,100
Four Corners Property Trust COM 35086T109 23,615 888,117 SH   DFND 1 594,804 0 293,313
Gaming and Leisure Properties COM 36467J108 19,922 434,400 SH   SOLE   434,400 0 0
Getty Realty Corp. COM 374297109 12,800 483,007 SH   SOLE   345,800 0 137,207
HealthCare Realty Trust COM 421946104 14,879 547,012 SH   DFND 1 389,597 0 157,415
Healthpeak Properties Inc. COM 42250P103 17,997 694,581 SH   SOLE   0 0 694,581
Hess Midstream LP COM 428103105 343 12,239 SH   SOLE   12,239 0 0
Highwoods Properties Inc. COM 431284108 4,939 144,458 SH   SOLE   4,061 0 140,397
Host Hotels & Resorts Inc. COM 44107P104 28,274 1,803,187 SH   SOLE   1,676,729 0 126,458
Hudson Pacific Properties COM 444097109 33,444 2,253,621 SH   DFND 1 1,751,539 0 502,082
Hyatt Hotels Corp. - Cl A COM 448579102 323 4,376 SH   SOLE   4,376 0 0
Independence Realty Trust Inc COM 45378A106 35,007 1,688,721 SH   DFND 1 1,248,885 0 439,836
Invitation Homes Inc COM 46187W107 168,920 4,747,603 SH   DFND 1 3,317,394 0 1,430,209
Iron Mountain Incorporated COM 46284V101 26,439 543,000 SH   DFND 1 543,000 0 0
JBG Smith Properties COM 46590V100 2,911 123,146 SH   SOLE   0 0 123,146
Kilroy Realty Corp. COM 49427F108 6,028 115,200 SH   SOLE   0 0 115,200
Kimco Realty Corp. COM 49446R109 14,736 745,355 SH   SOLE   0 0 745,355
Kinder Morgan Inc. COM 49456B101 10,529 628,200 SH   DFND 1 628,200 0 0
Life Storage Inc COM 53223X107 104,961 940,001 SH   DFND 1 617,134 0 322,867
Magellan Midstream Partners L. COM 559080106 1,160 24,288 SH   SOLE   24,288 0 0
Medical Properties Trust COM 58463J304 7,123 466,500 SH   DFND 1 466,500 0 0
Mid-America Apt. Comm. COM 59522J103 25,746 147,400 SH   SOLE   0 0 147,400
MPLX LP COM 55336V100 1,541 52,870 SH   SOLE   52,870 0 0
National Retail Properties Inc COM 637417106 13,638 317,153 SH   SOLE   271,562 0 45,591
National Storage Affiliates Tr COM 637870106 25,996 519,200 SH   SOLE   461,200 0 58,000
NexPoint Residential Trust, In COM 65341D102 20,710 331,300 SH   DFND 1 274,623 0 56,677
Nextera Energy Inc COM 65339F101 167,705 2,165,057 SH   DFND 1 2,137,757 0 27,300
NextEra Energy Partners LP COM 65341B106 3,343 45,077 SH   DFND 1 45,077 0 0
NiSource Inc. COM 65473P105 39,903 1,353,091 SH   DFND 1 1,336,791 0 16,300
Norfolk Southern Corp COM 655844108 21,842 96,098 SH   DFND 1 94,892 0 1,206
NuSTAR Energy L.P. COM 67058H102 616 44,000 SH   SOLE   44,000 0 0
OGE Energy Corp. COM 670837103 73,741 1,912,362 SH   DFND 1 1,899,862 0 12,500
ONEOK Inc. COM 682680103 93,337 1,681,752 SH   DFND 1 1,675,952 0 5,800
Outfront Media Inc. COM 69007J106 1,208 71,276 SH   SOLE   71,276 0 0
Paramount Group Inc COM 69924R108 13,500 1,867,188 SH   DFND 1 1,211,910 0 655,278
Park Hotels & Resorts Inc COM 700517105 51,509 3,795,812 SH   DFND 1 3,031,335 0 764,477
Pebblebrook Hotel Trust COM 70509V100 25,519 1,540,073 SH   SOLE   1,389,787 0 150,286
Pembina Pipeline Corp COM 706327103 358 10,140 SH   DFND 1 10,140 0 0
Piedmont Office Realty Trust I COM 720190206 46,743 3,562,718 SH   DFND 1 2,770,757 0 791,961
Plains All American Pipeline, COM 726503105 1,144 116,487 SH   SOLE   116,487 0 0
PPL Corp. COM 69351T106 24,014 885,161 SH   DFND 1 871,261 0 13,900
ProLogis Inc. COM 74340W103 448,040 3,808,246 SH   DFND 1 2,468,817 0 1,339,429
Public Service Enterprise Grou COM 744573106 67,097 1,060,324 SH   DFND 1 1,047,424 0 12,900
Public Storage COM 74460D109 49,952 159,761 SH   SOLE   4,490 0 155,271
Realty Income Corp COM 756109104 247,372 3,623,965 SH   DFND 1 2,250,348 0 1,373,617
Regency Centers Corporation COM 758849103 11,325 190,938 SH   SOLE   0 0 190,938
Retail Opportunity Investments COM 76131N101 26,143 1,656,727 SH   DFND 1 1,253,211 0 403,516
Rexford Industrial Realty, Inc COM 76169C100 85,271 1,480,656 SH   DFND 1 1,205,754 0 274,902
Sempra Energy COM 816851109 63,640 423,504 SH   DFND 1 418,404 0 5,100
Simon Property Group Inc. COM 828806109 234,762 2,473,264 SH   DFND 1 1,678,872 0 794,392
Site Centers Corp COM 82981J109 3,420 253,900 SH   SOLE   0 0 253,900
South Jersey Industries Inc COM 838518108 11,918 349,100 SH   DFND 1 349,100 0 0
Southern Co. COM 842587107 13,335 187,000 SH   DFND 1 187,000 0 0
Southwest Gas Holdings Inc. COM 844895102 23,717 272,357 SH   DFND 1 268,257 0 4,100
Spirit Realty Capital Inc. COM 84860W300 68,969 1,825,541 SH   DFND 1 1,289,605 0 535,936
STAG Industrial, Inc. COM 85254J102 61,942 2,005,908 SH   DFND 1 1,443,115 0 562,793
STORE Capital Corp COM 862121100 59,475 2,280,467 SH   DFND 1 1,343,388 0 937,079
Sun Communities Inc. COM 866674104 141,621 888,687 SH   DFND 1 649,945 0 238,742
Sunstone Hotel Investors Inc. COM 867892101 52,869 5,329,509 SH   DFND 1 4,272,200 0 1,057,309
Targa Resources Corp. COM 87612G101 46,029 771,390 SH   DFND 1 759,390 0 12,000
TC Energy Corp COM 87807B107 266 5,130 SH   SOLE   5,130 0 0
Tricon Residential Inc COM 89612W102 29,916 2,950,320 SH   DFND 1 2,524,674 0 425,646
UDR Inc. COM 902653104 32,026 695,608 SH   SOLE   316,300 0 379,308
Union Pacific Corp COM 907818108 80,271 376,363 SH   DFND 1 371,790 0 4,573
Uniti Group Inc COM 91325V108 12,951 1,374,800 SH   DFND 1 1,374,800 0 0
Ventas Inc. COM 92276F100 71,508 1,390,390 SH   DFND 1 616,848 0 773,542
Vici Properties Inc. COM 925652109 24,230 813,367 SH   DFND 1 305,010 0 508,357
WEC Energy Group Inc. COM 92939U106 115,751 1,150,154 SH   DFND 1 1,135,954 0 14,200
Welltower Inc. COM 95040Q104 134,583 1,634,286 SH   DFND 1 879,867 0 754,419
Western Midstream Partners LP COM 958669103 579 23,800 SH   SOLE   23,800 0 0
Williams Cos. COM 969457100 92,637 2,968,176 SH   DFND 1 2,948,276 0 19,900
WP Carey Inc. COM 92936U109 15,719 189,700 SH   SOLE   0 0 189,700
Xcel Energy Inc. COM 98389B100 7,111 100,500 SH   SOLE   100,500 0 0
Xenia Hotels & Resorts Inc COM 984017103 15,619 1,074,959 SH   DFND 1 795,673 0 279,286
AES Corporation UNIT 00130H204 31,502 364,900 SH   DFND 1 364,900 0 0
American Electric Power Co. Inc UNIT 02557T307 4,294 79,107 SH   DFND 1 79,107 0 0
Southern Co. UNIT 842587602 29,696 560,514 SH   DFND 1 560,514 0 0