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
58.com, Inc. ADR ADR 31680Q104 1,148 20,636 SH   SOLE   20,636 0 0
Acadia Realty Trust Common 004239109 25,778 733,787 SH   SOLE   352,007 0 381,780
Advanced Auto Parts, Inc. Common 00751Y106 115,526 720,509 SH   SOLE   701,211 0 19,298
AES Trust III,6.75%,10/15/29 Preferred 00808N202 7,325 145,027 SH   SOLE   145,027 0 0
Agilent Technologies, Inc. Common 00846U101 2,885 72,389 SH   SOLE   64,219 0 8,170
Air Products & Chemicals, Inc. Common 009158106 260 1,804 SH   SOLE   0 0 1,804
Alexander & Baldwin, Inc. Common 014491104 13,353 364,044 SH   SOLE   364,044 0 0
Alexandria Real Estate Equities, Inc. Common 015271109 8,630 94,951 SH   SOLE   42,567 0 52,384
Allegheny Technologies, Inc. Common 01741R102 13,448 825,049 SH   SOLE   825,049 0 0
Alphabet Inc., Class A Common 02079K305 706,109 925,559 SH   SOLE   907,675 0 17,884
Alphabet Inc., Class C Common 02079K107 1,026,627 1,378,116 SH   SOLE   1,358,008 0 20,108
Amazon.Com, Inc. Common 023135106 1,580,287 2,662,030 SH   SOLE   2,619,809 0 42,221
American Campus Communities, Inc. Common 024835100 22,663 481,264 SH   SOLE   185,480 0 295,784
American Express Co. Common 025816109 869,865 14,167,186 SH   SOLE   13,969,340 0 197,846
American Homes 4 Rent, Class A Common 02665T306 8,888 559,017 SH   SOLE   196,087 0 362,930
American International Group. Inc. Common 026874784 17,944 331,990 SH   SOLE   331,990 0 0
Angie's List, Inc. Common 034754101 25,770 3,193,318 SH   SOLE   2,859,245 0 334,073
Apache Corporation Common 037411105 838,272 17,174,195 SH   SOLE   16,879,093 0 295,102
Apartment Investment & Management Common 03748R101 8,946 213,912 SH   SOLE   83,042 0 130,870
Applied Materials, Inc. Common 038222105 7,169 338,470 SH   SOLE   298,089 0 40,381
Avalonbay Communities, Inc. Common 053484101 19,042 100,117 SH   SOLE   48,167 0 51,950
Baidu, Inc. Class A, ADR ADR 056752108 27,528 144,214 SH   SOLE   144,214 0 0
Bank of America Corp. Common 060505104 9,804 725,136 SH   SOLE   725,136 0 0
Bank of New York Mellon Corp. Common 064058100 762,421 20,701,094 SH   SOLE   20,327,145 0 373,949
Banner Corporation Common 06652V208 21,988 529,640 SH   SOLE   529,640 0 0
Berkshire Hathaway Inc., Class A Common 084670108 1,038,648 4,866 SH   SOLE   4,862 0 4
Berkshire Hathaway Inc., Class B Common 084670702 235,293 1,658,395 SH   SOLE   1,515,142 0 143,253
Boardwalk Pipeline Partners Partnership 096627104 326 22,090 SH   SOLE   22,090 0 0
Boston Properties, Inc. Common 101121101 35,685 280,810 SH   SOLE   116,560 0 164,250
Brookfield Asset Management Inc., Class A Foreign 112585104 23,150 665,425 SH   SOLE   665,425 0 0
Cable One, Inc. Common 12685J105 14,226 32,545 SH   SOLE   28,232 0 4,313
Cabot Oil & Gas Corp. Common 127097103 392,237 17,271,559 SH   SOLE   16,982,673 0 288,886
California Resources Corp. Common 13057Q107 14 13,426 SH   SOLE   12,950 0 476
Camden Property Trust Common 133131102 11,812 140,472 SH   SOLE   54,672 0 85,800
Capital One Financial Corp. Common 14040H105 257,695 3,718,000 SH   SOLE   3,675,450 0 42,550
CarMax, Inc. Common 143130102 568,027 11,115,985 SH   SOLE   11,015,279 0 100,706
CatchMark Timber Trust Inc., Class A Common 14912Y202 23,430 2,163,460 SH   SOLE   634,630 0 1,528,830
Cedar Realty Trust, Inc. Common 150602209 10,857 1,501,675 SH   SOLE   683,435 0 818,240
Charles Schwab Corp. Common 808513105 384,304 13,715,337 SH   SOLE   13,480,806 0 234,531
Chubb Ltd. Common H1467J104 277,107 2,325,696 SH   SOLE   2,294,693 0 31,003
Citigroup, Inc. Common 172967424 9,559 228,967 SH   SOLE   228,967 0 0
Citizens Financial Group, Inc. Common 174610105 229,784 10,968,201 SH   SOLE   10,826,063 0 142,138
Colgate-Palmolive Co. Common 194162103 8,342 118,075 SH   SOLE   103,258 0 14,817
CorEnergy Infrastructure Trust, Inc. Common 21870U502 7,074 351,756 SH   SOLE   85,756 0 266,000
CorEnergy Infrastructure Trust, Inc. Series A Preferred 21870U304 3,836 182,690 SH   SOLE   182,690 0 0
Costco Wholesale Corp. Common 22160K105 366,978 2,328,833 SH   SOLE   2,244,936 0 83,897
Cousins Properties, Inc. Common 222795106 22,066 2,125,848 SH   SOLE   908,088 0 1,217,760
Crown Castle International Corp. Common 22822V101 12,299 142,185 SH   SOLE   61,015 0 81,170
Ctrip.com International, Ltd. ADR ADR 22943F100 1,762 39,821 SH   SOLE   39,821 0 0
CyrusOne, Inc. Common 23283R100 26,956 590,500 SH   SOLE   226,402 0 364,098
DCT Industrial Trust, Inc. Common 233153204 15,915 403,225 SH   SOLE   134,138 0 269,087
DDR Corporation Common 23317H102 10,392 584,165 SH   SOLE   270,975 0 313,190
Devon Energy Corp. Common 25179M103 9,204 335,430 SH   SOLE   335,430 0 0
Disney Walt Holdings Common 254687106 259 2,609 SH   SOLE   0 0 2,609
DuPont Fabros Technology, Inc. Common 26613Q106 11,679 288,158 SH   SOLE   111,778 0 176,380
Eastgroup Properties, Inc. Common 277276101 24,383 403,897 SH   SOLE   164,227 0 239,670
Eaton Corporation Plc Common G29183103 21,225 339,281 SH   SOLE   296,672 0 42,609
Ecolab, Inc. Common 278865100 231,309 2,074,147 SH   SOLE   2,042,537 0 31,610
Education Realty Trust, Inc. Common 28140H203 17,237 414,360 SH   SOLE   137,277 0 277,083
Encana Corporation Foreign 292505104 451,105 74,073,062 SH   SOLE   72,768,536 0 1,304,526
Equity Residential Common 29476L107 15,645 208,520 SH   SOLE   97,185 0 111,335
Essex Property Trust, Inc. Common 297178105 15,192 64,964 SH   SOLE   24,063 0 40,901
Everest Re Group, Ltd. Common G3223R108 39,244 198,772 SH   SOLE   198,772 0 0
Express Scripts Holding Co. Common 30219G108 353,271 5,142,979 SH   SOLE   5,058,489 0 84,490
Extra Space Storage, Inc. Common 30225T102 10,152 108,620 SH   SOLE   43,860 0 64,760
Facebook, Inc. Common 30303M102 288,464 2,528,165 SH   SOLE   2,474,684 0 53,481
Federal Realty Investment Trust Common 313747206 9,720 62,286 SH   SOLE   24,926 0 37,360
FireEye, Inc. Common 31816Q101 3,320 184,560 SH   SOLE   184,560 0 0
First Industrial Realty Trust, Inc. Common 32054K103 17,678 777,377 SH   SOLE   314,797 0 462,580
Forest City Realty Trust, Inc., Class A Common 345605109 14,222 674,333 SH   SOLE   292,983 0 381,350
Freeport-McMoRan Copper & Gold, Inc. Common 35671D857 5,384 520,684 SH   SOLE   520,684 0 0
General Electric Co. Common 369604103 12,841 403,930 SH   SOLE   403,930 0 0
Goldman Sachs Group, Inc. Common 38141G104 39,639 252,507 SH   SOLE   252,507 0 0
Grupo Televisa S.A.B. ADR ADR 40049J206 13,368 486,818 SH   SOLE   486,818 0 0
Hewlett Packard Enterprise Company Common 42824C109 5,050 284,802 SH   SOLE   250,497 0 34,305
Highwoods Properties, Inc. Common 431284108 14,835 310,289 SH   SOLE   106,979 0 203,310
HP, Inc. Common 40434L105 81,536 6,618,192 SH   SOLE   6,553,188 0 65,004
ICICI Bank Limited ADR ADR 45104G104 4,732 660,875 SH   SOLE   660,875 0 0
Intel Corp 3.25% 8/1/39 Bond 458140AF7 18,373 11,551,000 PRN   SOLE   11,551,000 0 0
Intel Corp. Common 458140100 5,669 175,249 SH   SOLE   154,767 0 20,482
International Business Machines Common 459200101 3,054 20,168 SH   SOLE   16,493 0 3,675
InterXion Holding NV Foreign N47279109 3,656 105,724 SH   SOLE   105,724 0 0
iShares S&P 500 Value Index Fund ETF 464287408 1,950 21,686 SH   SOLE   21,686 0 0
Jarden Corp. Common 471109108 853 14,465 SH   SOLE   14,465 0 0
JD.com, Inc ADR ADR 47215P106 36,764 1,387,310 SH   SOLE   1,300,229 0 87,081
Johnson Controls, Inc. Common 478366107 356,581 9,150,143 SH   SOLE   8,971,892 0 178,251
JPMorgan Chase & Co. Common 46625H100 1,044,820 17,643,028 SH   SOLE   17,390,263 0 252,765
Jumei International ADR ADR 48138L107 570 87,500 SH   SOLE   87,500 0 0
KBR, Inc. Common 48242W106 1,630 105,300 SH   SOLE   105,300 0 0
Keysight Technologies, Inc. Common 49338L103 392 14,117 SH   SOLE   14,117 0 0
Kite Realty Group Trust Common 49803T300 23,636 852,976 SH   SOLE   343,814 0 509,162
Kohls Corp. Common 500255104 10,735 230,320 SH   SOLE   230,320 0 0
Laboratory Corporation of America Hldg Common 50540R409 199,316 1,701,662 SH   SOLE   1,646,880 0 54,782
Lam Research Corp. Common 512807108 225 2,730 SH   SOLE   2,730 0 0
Las Vegas Sands Corp. Common 517834107 338,468 6,549,295 SH   SOLE   6,392,834 0 156,461
LendingClub Corp. Common 52603A109 5,552 668,892 SH   SOLE   609,991 0 58,901
Liberty Global PLC, Series C Common G5480U120 520,574 13,859,787 SH   SOLE   13,557,169 0 302,618
Liberty Global PLC, LiLAC Class C Common G5480U153 25,175 664,593 SH   SOLE   662,109 0 2,484
Liberty Ventures Series A Common 53071M880 66,627 1,703,142 SH   SOLE   1,649,348 0 53,794
Liberty Interactive Corp., QVC Group, Series A Common 53071M104 73,500 2,910,883 SH   SOLE   2,858,820 0 52,063
Liberty TripAdvisor Holdings, Inc., Series A Common 531465102 15,972 720,739 SH   SOLE   720,289 0 450
Loews Corp. Common 540424108 232,707 6,082,255 SH   SOLE   5,979,524 0 102,731
Markel Corp. Common 570535104 294,264 330,052 SH   SOLE   325,393 0 4,659
Marsh & McLennan Co. Common 571748102 30,702 505,050 SH   SOLE   505,050 0 0
Masco Corp. Common 574599106 10,010 318,280 SH   SOLE   318,280 0 0
McGraw Hill Financial, Inc. Common 580645109 17,507 176,870 SH   SOLE   176,870 0 0
Micron Technology, Inc. Common 595112103 202 19,300 SH   SOLE   19,300 0 0
Microsoft Corp. Common 594918104 264,248 4,784,499 SH   SOLE   4,669,250 0 115,249
Monsanto Co. Common 61166W101 705,712 8,043,218 SH   SOLE   7,912,871 0 130,347
Moody's Corp. Common 615369105 153,925 1,594,083 SH   SOLE   1,572,074 0 22,009
Nabors Industries Ltd. Common G6359F103 9,817 1,067,082 SH   SOLE   1,067,082 0 0
Nike, Inc., Class B Common 654106103 12,816 208,494 SH   SOLE   181,254 0 27,240
Noah Holdings Ltd. ADS ADR 65487X102 21,289 855,673 SH   SOLE   855,673 0 0
NXP Semiconductors NV Foreign N6596X109 1,664 20,520 SH   SOLE   20,520 0 0
NXP Semiconductors NV, 1% 12/1/19 Bond 62952QAB6 7,744 7,000,000 PRN   SOLE   7,000,000 0 0
Occidental Petroleum Corp. Common 674599105 395,941 5,786,068 SH   SOLE   5,683,963 0 102,105
Oracle Corporation Common 68389X105 207,039 5,060,848 SH   SOLE   4,970,775 0 90,073
PACCAR, Inc. Common 693718108 214,536 3,922,762 SH   SOLE   3,797,251 0 125,511
Party City Holdings, Inc. Common 702149105 13,688 910,090 SH   SOLE   802,117 0 107,973
PNC Financial Services Group, Inc. Common 693475105 22,294 263,613 SH   SOLE   263,613 0 0
Post Properties, Inc. Common 737464107 20,964 350,921 SH   SOLE   124,081 0 226,840
Praxair, Inc. Common 74005P104 392,760 3,431,720 SH   SOLE   3,380,827 0 50,893
Quanta Services, Inc. Common 74762E102 12,040 533,670 SH   SOLE   533,670 0 0
Quest Diagnostics Inc. Common 74834L100 236,840 3,314,772 SH   SOLE   3,248,125 0 66,647
Quotient Technology, Inc. Common 749119103 61,147 5,768,609 SH   SOLE   5,246,521 0 522,088
Ramco-Gershenson Properties Trust Common 751452202 16,691 925,735 SH   SOLE   351,545 0 574,190
Retail Opportunity Investments Corp. Common 76131N101 16,489 819,531 SH   SOLE   349,561 0 469,970
Rexford Industrial Realty, Inc. Common 76169C100 1,385 76,254 SH   SOLE   32,394 0 43,860
Rockwell Automation, Inc. Common 773903109 13,987 122,959 SH   SOLE   122,959 0 0
RTI International Metals, 1.625%, 10/15/2019 Bond 74973WAB3 8,108 7,750,000 PRN   SOLE   7,750,000 0 0
Salesforce.com, Inc., 0.25%, 04/01/2018 Bond 79466LAD6 9,900 8,000,000 PRN   SOLE   8,000,000 0 0
SAP AG ADR ADR 803054204 9,383 116,679 SH   SOLE   99,449 0 17,230
Simon Property Group, Inc. Common 828806109 37,267 179,437 SH   SOLE   82,297 0 97,140
Soufun Holdings Ltd., Class A ADR ADR 836034108 106,606 17,797,252 SH   SOLE   17,406,605 0 390,647
State Street Corp. Common 857477103 23,768 406,155 SH   SOLE   406,155 0 0
Terreno Realty Corp. Common 88146M101 25,989 1,108,266 SH   SOLE   427,213 0 681,053
Texas Instruments, Inc. Common 882508104 425,208 7,405,233 SH   SOLE   7,217,864 0 187,369
The Priceline Group, Inc. Common 741503403 272,110 211,108 SH   SOLE   207,865 0 3,243
The Sherwin Williams Co. Common 824348106 7,371 25,892 SH   SOLE   22,542 0 3,350
Time Warner Cable, Inc. Common 88732J207 20,731 101,315 SH   SOLE   87,910 0 13,405
TopBuild Corp. Common 89055F103 1,469 49,379 SH   SOLE   49,379 0 0
Twenty-First Century Fox, Inc., Class A Common 90130A101 6,549 234,896 SH   SOLE   234,896 0 0
Tyco International PLC Common G91442106 265,300 7,226,906 SH   SOLE   7,148,622 0 78,284
Tyson Foods, Inc., 4.75 07/15/17 Preferred 902494301 11,543 155,000 SH   SOLE   155,000 0 0
United Parcel Service, Inc., Class B Common 911312106 263 2,493 SH   SOLE   0 0 2,493
United Rentals, Inc. Common 911363109 9,139 146,956 SH   SOLE   146,956 0 0
United Technologies Corp. Common 913017109 888,779 8,878,907 SH   SOLE   8,722,503 0 156,404
UnitedHealth Group, Inc. Common 91324P102 491,197 3,810,683 SH   SOLE   3,702,379 0 108,304
Universal Health Services, Inc. Common 913903100 12,179 97,650 SH   SOLE   97,650 0 0
US Bancorp Common 902973304 43,713 1,076,949 SH   SOLE   1,071,891 0 5,058
Valeant Pharmaceuticals International Common 91911K102 190,421 7,240,337 SH   SOLE   7,095,576 0 144,761
Vipshop Holdings Ltd. ADS ADR 92763W103 25,638 1,990,504 SH   SOLE   1,914,544 0 75,960
Visa, Inc., Class A Common 92826C839 394,990 5,164,623 SH   SOLE   5,063,511 0 101,112
Vornado Realty Trust Common 929042109 6,719 71,157 SH   SOLE   29,721 0 41,436
Waste Connections, Inc. Common 941053100 10,325 159,850 SH   SOLE   159,850 0 0
Wells Fargo & Co. Common 949746101 1,157,425 23,933,513 SH   SOLE   23,601,757 0 331,756
Welltower, Inc. Common 95040Q104 14,134 203,829 SH   SOLE   83,389 0 120,440
Wesco Aircraft Holdings, Inc. Common 950814103 87,035 6,048,330 SH   SOLE   5,792,510 0 255,820
Wesco International, Inc. Common 95082P105 26,303 481,128 SH   SOLE   431,306 0 49,822
Whole Foods Market Inc. Common 966837106 8,318 267,364 SH   SOLE   267,364 0 0
Xilinx, Inc. Common 983919101 217 4,580 SH   SOLE   4,580 0 0
YY, Inc. ADR ADR 98426T106 21,387 347,251 SH   SOLE   327,964 0 19,287