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 |