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 | 7,735,655 | 539,070 | SH | | DFND | 2 | 306,527 | 0 | 232,543 |
AES Corporation | COM | 00130H105 | 45,731,343 | 3,008,641 | SH | | DFND | 1,2 | 2,488,854 | 0 | 519,787 |
Alerian MLP ETF | COM | 00162Q452 | 7,354,785 | 174,284 | SH | | SOLE | | 174,284 | 0 | 0 |
Alexandria Real Estate Equitie | COM | 015271109 | 108,054,046 | 1,079,461 | SH | | DFND | 1,2 | 784,952 | 0 | 294,509 |
ALLETE, Inc. | COM | 018522300 | 36,206,755 | 685,734 | SH | | DFND | 1,2 | 683,120 | 0 | 2,614 |
Alliant Energy Corporation | COM | 018802108 | 8,531,512 | 176,089 | SH | | DFND | 2 | 39,994 | 0 | 136,095 |
Ameren Corp. | COM | 023608102 | 68,210,463 | 911,539 | SH | | DFND | 1 | 756,524 | 0 | 155,015 |
American Electric Power Co. In | COM | 025537101 | 14,856,477 | 197,507 | SH | | DFND | 1 | 164,542 | 0 | 32,965 |
American Homes 4 Rent | COM | 02665T306 | 6,382,267 | 189,441 | SH | | SOLE | | 0 | 0 | 189,441 |
American Tower Corp. | COM | 03027X100 | 176,810,391 | 1,075,162 | SH | | DFND | 1,2 | 912,114 | 0 | 163,048 |
American Water Works Co. | COM | 030420103 | 421,889 | 3,407 | SH | | SOLE | | 0 | 0 | 3,407 |
Americold Realty Trust | COM | 03064D108 | 2,312,589 | 76,047 | SH | | SOLE | | 0 | 0 | 76,047 |
Apartment Income REIT Co | COM | 03750L109 | 69,697,504 | 2,270,277 | SH | | DFND | 1,2 | 1,759,796 | 0 | 510,481 |
Atmos Energy Corp. | COM | 049560105 | 521,070 | 4,919 | SH | | DFND | 2 | 4,919 | 0 | 0 |
AvalonBay Communities Inc. | COM | 053484101 | 83,966,949 | 488,919 | SH | | DFND | 1,2 | 327,220 | 0 | 161,699 |
Boston Properties Inc. | COM | 101121101 | 5,129,317 | 86,236 | SH | | SOLE | | 0 | 0 | 86,236 |
Brandywine Realty Trust SBI | COM | 105368203 | 1,097,409 | 241,720 | SH | | SOLE | | 157,784 | 0 | 83,936 |
Brixmor Property Group | COM | 11120U105 | 59,035,128 | 2,840,959 | SH | | DFND | 1,2 | 2,122,382 | 0 | 718,577 |
Broadstone Net Lease Inc | COM | 11135E203 | 23,466,658 | 1,641,025 | SH | | DFND | 1 | 1,420,941 | 0 | 220,084 |
Brookfield Infrastructure Part | COM | G16252101 | 14,698,853 | 499,961 | SH | | DFND | 1 | 499,961 | 0 | 0 |
Camden Property Trust | COM | 133131102 | 66,468,554 | 702,776 | SH | | DFND | 1 | 509,522 | 0 | 193,254 |
Cheniere Energy Inc. | COM | 16411R208 | 66,167,754 | 398,697 | SH | | DFND | 1 | 395,874 | 0 | 2,823 |
Clearway Energy Inc. Class C | COM | 18539C204 | 12,561,761 | 593,656 | SH | | DFND | 1 | 593,656 | 0 | 0 |
CMS Energy Corporation | COM | 125896100 | 57,418,761 | 1,081,129 | SH | | DFND | 1,2 | 859,488 | 0 | 221,641 |
Constellation Energy Corp | COM | 21037T109 | 21,890,174 | 200,680 | SH | | DFND | 1 | 165,872 | 0 | 34,808 |
COPT Defense Properties | COM | 22002T108 | 1,318,013 | 55,309 | SH | | SOLE | | 0 | 0 | 55,309 |
Cousins Properties Inc. | COM | 222795502 | 2,428,002 | 119,195 | SH | | SOLE | | 0 | 0 | 119,195 |
Crown Castle Inc | COM | 22822V101 | 104,665,351 | 1,137,296 | SH | | DFND | 1,2 | 1,061,209 | 0 | 76,087 |
CSX Corporation | COM | 126408103 | 79,591,947 | 2,588,356 | SH | | DFND | 1,2 | 2,110,102 | 0 | 478,254 |
CubeSmart | COM | 229663109 | 121,034,343 | 3,174,255 | SH | | DFND | 1,2 | 2,510,879 | 0 | 663,376 |
Digital Realty Trust Inc. | COM | 253868103 | 22,962,093 | 189,738 | SH | | DFND | 2 | 24,749 | 0 | 164,989 |
Dominion Energy Inc. | COM | 25746U109 | 16,505,297 | 369,494 | SH | | DFND | 1 | 369,494 | 0 | 0 |
DTE Energy Co. | COM | 233331107 | 867,608 | 8,739 | SH | | DFND | 2 | 8,739 | 0 | 0 |
ELME Communities | COM | 939653101 | 1,019,385 | 74,735 | SH | | SOLE | | 66,060 | 0 | 8,675 |
Empire State Realty Trust Inc. | COM | 292104106 | 14,506,524 | 1,804,294 | SH | | DFND | 1 | 1,218,878 | 0 | 585,416 |
Enbridge Inc | COM | 29250N105 | 1,325,277 | 39,930 | SH | | DFND | 1,2 | 39,930 | 0 | 0 |
Enlink Midstream LLC | COM | 29336T100 | 352,132 | 28,816 | SH | | DFND | 2 | 28,816 | 0 | 0 |
Enterprise Products Partners L | COM | 293792107 | 17,555,118 | 641,400 | SH | | DFND | 1 | 641,400 | 0 | 0 |
EPR Properties | COM | 26884U109 | 37,887,512 | 912,073 | SH | | DFND | 1 | 663,482 | 0 | 248,591 |
Equinix Inc | COM | 29444U700 | 212,999,712 | 293,283 | SH | | DFND | 1,2 | 234,752 | 0 | 58,531 |
Equity Lifestyle Properties | COM | 29472R108 | 5,583,162 | 87,634 | SH | | SOLE | | 0 | 0 | 87,634 |
Equity Residential | COM | 29476L107 | 10,809,626 | 184,119 | SH | | SOLE | | 0 | 0 | 184,119 |
Essential Properties Realty | COM | 29670E107 | 28,145,389 | 1,301,220 | SH | | SOLE | | 1,062,106 | 0 | 239,114 |
Essential Utilities | COM | 29670G102 | 3,091,725 | 90,059 | SH | | DFND | 2 | 11,504 | 0 | 78,555 |
Essex Property Trust Inc. | COM | 297178105 | 112,638,242 | 531,087 | SH | | DFND | 1,2 | 404,687 | 0 | 126,400 |
Eversource Energy | COM | 30040W108 | 7,868,044 | 135,306 | SH | | DFND | 2 | 34,126 | 0 | 101,180 |
Exelon Corp. | COM | 30161N101 | 7,043,640 | 186,389 | SH | | SOLE | | 25,277 | 0 | 161,112 |
Extra Space Storage Inc. | COM | 30225T102 | 19,666,781 | 161,760 | SH | | SOLE | | 0 | 0 | 161,760 |
Federal Realty Investment Trus | COM | 313745101 | 5,642,352 | 62,257 | SH | | SOLE | | 0 | 0 | 62,257 |
FirstEnergy Corp. | COM | 337932107 | 10,682,549 | 312,538 | SH | | DFND | 1 | 242,536 | 0 | 70,002 |
Four Corners Property Trust | COM | 35086T109 | 26,750,866 | 1,205,537 | SH | | DFND | 1,2 | 865,961 | 0 | 339,576 |
Healthcare Realty Trust Inc | COM | 42226K105 | 10,179,287 | 666,620 | SH | | SOLE | | 666,620 | 0 | 0 |
Healthpeak Properties Inc. | COM | 42250P103 | 69,809,292 | 3,802,249 | SH | | DFND | 1 | 2,351,035 | 0 | 1,451,214 |
Highwoods Properties Inc. | COM | 431284108 | 18,564,870 | 900,770 | SH | | DFND | 1 | 564,707 | 0 | 336,063 |
Hilton Worldwide Holdings Inc. | COM | 43300A203 | 27,429,926 | 182,647 | SH | | DFND | 1 | 156,143 | 0 | 26,504 |
Host Hotels & Resorts Inc. | COM | 44107P104 | 26,609,429 | 1,655,845 | SH | | DFND | 2 | 1,372,174 | 0 | 283,671 |
Hudson Pacific Properties | COM | 444097109 | 3,023,296 | 454,631 | SH | | SOLE | | 454,631 | 0 | 0 |
Hyatt Hotels Corp. - Cl A | COM | 448579102 | 8,181,102 | 77,122 | SH | | DFND | 2 | 77,122 | 0 | 0 |
Independence Realty Trust Inc | COM | 45378A106 | 5,885,481 | 418,300 | SH | | SOLE | | 418,300 | 0 | 0 |
Inventrust Properties Corp | COM | 46124J201 | 790,849 | 33,215 | SH | | SOLE | | 0 | 0 | 33,215 |
Invitation Homes Inc | COM | 46187W107 | 192,767,766 | 6,082,921 | SH | | DFND | 1,2 | 4,697,282 | 0 | 1,385,639 |
JBG Smith Properties | COM | 46590V100 | 674,125 | 46,620 | SH | | SOLE | | 0 | 0 | 46,620 |
Kilroy Realty Corp. | COM | 49427F108 | 28,908,293 | 914,530 | SH | | DFND | 1,2 | 619,486 | 0 | 295,044 |
Kimco Realty Corp. | COM | 49446R109 | 5,277,088 | 300,005 | SH | | SOLE | | 0 | 0 | 300,005 |
Kinder Morgan Inc. | COM | 49456B101 | 20,172,223 | 1,216,660 | SH | | DFND | 1 | 1,207,824 | 0 | 8,836 |
Kite Realty Group Trust | COM | 49803T300 | 20,605,247 | 961,963 | SH | | DFND | 1,2 | 609,176 | 0 | 352,787 |
LXP Industrial Trust | COM | 529043101 | 1,260,347 | 141,612 | SH | | SOLE | | 0 | 0 | 141,612 |
Macerich Co. | COM | 554382101 | 30,949,673 | 2,836,817 | SH | | DFND | 1,2 | 2,062,670 | 0 | 774,147 |
Marriott International Inc. | COM | 571903202 | 12,919,103 | 65,726 | SH | | SOLE | | 56,870 | 0 | 8,856 |
Medical Properties Trust | COM | 58463J304 | 4,633,045 | 850,100 | SH | | DFND | 1 | 850,100 | 0 | 0 |
Mid-America Apt. Comm. | COM | 59522J103 | 11,295,856 | 87,803 | SH | | SOLE | | 0 | 0 | 87,803 |
National Storage Affiliates Tr | COM | 637870106 | 10,031,998 | 316,068 | SH | | SOLE | | 316,068 | 0 | 0 |
NexPoint Residential Trust, In | COM | 65341D102 | 3,992,605 | 124,071 | SH | | SOLE | | 124,071 | 0 | 0 |
Nextera Energy Inc | COM | 65339F101 | 117,638,312 | 2,053,383 | SH | | DFND | 1,2 | 1,683,450 | 0 | 369,933 |
NextEra Energy Partners LP | COM | 65341B106 | 26,201,964 | 882,221 | SH | | DFND | 1 | 788,713 | 0 | 93,508 |
NiSource Inc. | COM | 65473P105 | 37,579,545 | 1,522,672 | SH | | DFND | 1,2 | 1,234,171 | 0 | 288,501 |
NNN REIT Inc. | COM | 637417106 | 11,341,808 | 320,934 | SH | | SOLE | | 272,470 | 0 | 48,464 |
OGE Energy Corp. | COM | 670837103 | 54,250,008 | 1,627,663 | SH | | DFND | 1 | 1,620,844 | 0 | 6,819 |
ONEOK Inc. | COM | 682680103 | 12,355,276 | 194,786 | SH | | DFND | 1,2 | 194,786 | 0 | 0 |
Paramount Group Inc | COM | 69924R108 | 361,755 | 78,302 | SH | | SOLE | | 0 | 0 | 78,302 |
Park Hotels & Resorts Inc | COM | 700517105 | 43,091,824 | 3,497,713 | SH | | DFND | 1,2 | 2,782,765 | 0 | 714,948 |
Pebblebrook Hotel Trust | COM | 70509V100 | 898,938 | 66,147 | SH | | SOLE | | 66,147 | 0 | 0 |
Pembina Pipeline Corp | COM | 706327103 | 674,126 | 22,426 | SH | | DFND | 1,2 | 22,426 | 0 | 0 |
PG&E Corp. | COM | 69331C108 | 44,920,001 | 2,784,873 | SH | | DFND | 1 | 2,267,151 | 0 | 517,722 |
Piedmont Office Realty Trust I | COM | 720190206 | 7,183,810 | 1,278,258 | SH | | SOLE | | 1,218,005 | 0 | 60,253 |
Plains GP Holdings | COM | 72651A207 | 445,444 | 27,633 | SH | | DFND | 2 | 27,633 | 0 | 0 |
PPL Corp. | COM | 69351T106 | 64,597,091 | 2,741,812 | SH | | DFND | 1,2 | 2,724,498 | 0 | 17,314 |
ProLogis Inc. | COM | 74340W103 | 261,830,253 | 2,333,395 | SH | | DFND | 1 | 1,571,829 | 0 | 761,566 |
Public Service Enterprise Grou | COM | 744573106 | 34,881,562 | 612,925 | SH | | DFND | 1 | 546,135 | 0 | 66,790 |
Public Storage | COM | 74460D109 | 282,522,427 | 1,072,110 | SH | | DFND | 1,2 | 818,010 | 0 | 254,100 |
Realty Income Corp | COM | 756109104 | 34,622,203 | 693,276 | SH | | DFND | 1 | 184,989 | 0 | 508,287 |
Regency Centers Corporation | COM | 758849103 | 16,327,692 | 274,692 | SH | | DFND | 1 | 110,720 | 0 | 163,972 |
Retail Opportunity Investments | COM | 76131N101 | 31,457,530 | 2,540,996 | SH | | DFND | 1,2 | 2,165,133 | 0 | 375,863 |
Rexford Industrial Realty, Inc | COM | 76169C100 | 137,436,345 | 2,784,931 | SH | | DFND | 1,2 | 2,224,719 | 0 | 560,212 |
RLJ Lodging Trust | COM | 74965L101 | 1,519,026 | 155,161 | SH | | DFND | 2 | 155,161 | 0 | 0 |
Ryman Hospitality Properties | COM | 78377T107 | 21,186,848 | 254,405 | SH | | DFND | 1,2 | 191,149 | 0 | 63,256 |
SBA Communications Corp. | COM | 78410G104 | 77,302,651 | 386,185 | SH | | DFND | 1 | 307,437 | 0 | 78,748 |
Sempra Energy | COM | 816851109 | 80,079,814 | 1,177,125 | SH | | DFND | 1 | 966,339 | 0 | 210,786 |
Simon Property Group Inc. | COM | 828806109 | 249,011,743 | 2,305,024 | SH | | DFND | 1,2 | 1,723,413 | 0 | 581,611 |
Site Centers Corp | COM | 82981J109 | 14,975,093 | 1,214,525 | SH | | DFND | 2 | 605,575 | 0 | 608,950 |
Southern Co. | COM | 842587107 | 70,239,127 | 1,085,277 | SH | | DFND | 1 | 884,405 | 0 | 200,872 |
Spirit Realty Capital Inc. | COM | 84860W300 | 80,823,495 | 2,410,483 | SH | | DFND | 1,2 | 1,781,186 | 0 | 629,297 |
STAG Industrial, Inc. | COM | 85254J102 | 3,088,507 | 89,496 | SH | | SOLE | | 0 | 0 | 89,496 |
Sun Communities Inc. | COM | 866674104 | 66,243,418 | 559,772 | SH | | DFND | 1 | 454,724 | 0 | 105,048 |
Sunstone Hotel Investors Inc. | COM | 867892101 | 47,405,987 | 5,070,159 | SH | | DFND | 1,2 | 4,183,683 | 0 | 886,476 |
Tanger Factory Outlet Centers | COM | 875465106 | 11,996,532 | 530,820 | SH | | SOLE | | 374,667 | 0 | 156,153 |
Targa Resources Corp. | COM | 87612G101 | 67,499,700 | 787,444 | SH | | DFND | 1,2 | 781,939 | 0 | 5,505 |
Tricon Residential Inc | COM | 89612W102 | 22,059,348 | 2,980,993 | SH | | DFND | 1,2 | 2,571,151 | 0 | 409,842 |
Union Pacific Corp | COM | 907818108 | 47,068,260 | 231,146 | SH | | DFND | 1 | 191,393 | 0 | 39,753 |
Uniti Group Inc | COM | 91325V108 | 6,489,056 | 1,374,800 | SH | | DFND | 1 | 1,374,800 | 0 | 0 |
Ventas Inc. | COM | 92276F100 | 37,822,376 | 897,754 | SH | | SOLE | | 582,041 | 0 | 315,713 |
Veris Residential Inc | COM | 554489104 | 5,859,629 | 355,129 | SH | | DFND | 1 | 243,356 | 0 | 111,773 |
Vici Properties Inc. | COM | 925652109 | 20,689,169 | 710,968 | SH | | DFND | 1 | 295,283 | 0 | 415,685 |
Vornado Realty Trust | COM | 929042109 | 9,860,765 | 434,778 | SH | | SOLE | | 367,003 | 0 | 67,775 |
WEC Energy Group Inc. | COM | 92939U106 | 94,064,035 | 1,167,772 | SH | | DFND | 1,2 | 943,829 | 0 | 223,943 |
Welltower Inc. | COM | 95040Q104 | 259,217,572 | 3,164,277 | SH | | DFND | 1,2 | 2,242,170 | 0 | 922,107 |
Weyerhaeuser Co. | COM | 962166104 | 4,561,656 | 148,782 | SH | | DFND | 1 | 148,782 | 0 | 0 |
Williams Cos. | COM | 969457100 | 1,347,971 | 40,011 | SH | | SOLE | | 40,011 | 0 | 0 |
WP Carey Inc. | COM | 92936U109 | 8,309,716 | 153,656 | SH | | SOLE | | 0 | 0 | 153,656 |
Xcel Energy Inc. | COM | 98389B100 | 46,604,088 | 814,472 | SH | | DFND | 1,2 | 622,152 | 0 | 192,320 |
AES Corporation | UNIT | 00130H204 | 20,209,300 | 331,300 | SH | | DFND | 1 | 331,300 | 0 | 0 |
Nextera Energy Inc | UNIT | 65339F713 | 26,363,727 | 696,900 | SH | | DFND | 1 | 696,900 | 0 | 0 |