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 1,073 22,796 SH   SOLE   22,796 0 0
Acadia Realty Trust Common 004239109 21,418 712,278 SH   SOLE   303,008 0 409,270
Ace Limited Common H0023R105 286,381 2,769,640 SH   SOLE   2,735,390 0 34,250
Advanced Auto Parts, Inc. Common 00751Y106 145,361 766,953 SH   SOLE   758,843 0 8,110
AES Trust III,6.75%,10/15/29 Preferred 00808N202 7,196 145,027 SH   SOLE   0 0 0
Agilent Technologies, Inc. Common 00846U101 2,369 69,007 SH   SOLE   61,502 0 7,505
Air Products & Chemicals, Inc. Common 009158106 227 1,783 SH   SOLE   0 0 1,783
Alexander & Baldwin, Inc. Common 014491104 7,642 222,616 SH   SOLE   222,616 0 0
Alexandria Real Estate Equities, Inc. Common 015271109 8,048 95,055 SH   SOLE   42,671 0 52,384
Allegheny Technologies, Inc. Common 01741R102 7,889 556,319 SH   SOLE   556,319 0 0
Allergan PLC Common G0177J108 571 2,100 SH   SOLE   2,100 0 0
Altera Corp. Common 021441100 1,943 38,800 SH   SOLE   38,800 0 0
Amazon.Com, Inc. Common 023135106 1,600,326 3,126,309 SH   SOLE   3,074,944 0 51,365
American Campus Communities Inc. Common 024835100 17,005 469,222 SH   SOLE   177,448 0 291,774
American Express Co. Common 025816109 1,298,751 17,519,908 SH   SOLE   17,272,227 0 247,681
American Homes 4 Rent, Class A Common 02665T306 8,996 559,469 SH   SOLE   196,539 0 362,930
American International Group Inc. Common 026874784 24,089 423,960 SH   SOLE   423,960 0 0
American Residential Properties, Inc. Common 02927E303 16,908 979,046 SH   SOLE   416,446 0 562,600
American Tower Corp. Common 03027X100 7,850 89,225 SH   SOLE   44,735 0 44,490
Angie's List Inc. Common 034754101 17,666 3,505,110 SH   SOLE   3,152,208 0 352,902
Apartment Investment & Management Common 03748R101 7,675 207,320 SH   SOLE   83,240 0 124,080
Apple Inc. Common 037833100 363 3,290 SH   SOLE   3,290 0 0
Applied Materials, Inc. Common 038222105 5,124 348,818 SH   SOLE   308,764 0 40,054
Avalonbay Communities, Inc. Common 053484101 13,745 78,626 SH   SOLE   35,936 0 42,690
Baidu, Inc. Class A, ADR ADR 056752108 7,667 55,797 SH   SOLE   55,797 0 0
Bank of America Corp. Common 060505104 11,279 723,936 SH   SOLE   723,936 0 0
Bank of New York Mellon Corp. Common 064058100 1,003,198 25,624,463 SH   SOLE   25,198,481 0 425,982
Berkshire Hathaway Inc., Class A Common 084670108 918,995 4,707 SH   SOLE   4,703 0 4
Berkshire Hathaway Inc., Class B Common 084670702 149,192 1,144,110 SH   SOLE   1,040,042 0 104,068
Biomed Realty Trust, Inc. Common 09063H107 9,316 466,250 SH   SOLE   193,950 0 272,300
Boardwalk Pipeline Partners Partnership 096627104 260 22,090 SH   SOLE   22,090 0 0
Boston Properties, Inc. Common 101121101 28,223 238,372 SH   SOLE   98,502 0 139,870
Brandywine Realty Trust Common 105368203 6,902 560,230 SH   SOLE   219,480 0 340,750
Brixmor Property Group, Inc. Common 11120U105 10,450 445,074 SH   SOLE   193,644 0 251,430
Brookdale Senior Living, Inc. Common 112463104 3,847 167,543 SH   SOLE   167,543 0 0
Brookfield Asset Management Inc., Class A Foreign 112585104 21,701 690,245 SH   SOLE   690,245 0 0
Cable One, Inc. Common 12685J105 12,261 29,234 SH   SOLE   25,805 0 3,429
Cabot Oil & Gas Corp. Common 127097103 618,976 28,315,463 SH   SOLE   27,903,164 0 412,299
Canadian Natural Resources Ltd. Foreign 136385101 769 39,557 SH   SOLE   39,557 0 0
Capital One Financial Corp. Common 14040H105 264,218 3,643,385 SH   SOLE   3,602,875 0 40,510
CarMax, Inc. Common 143130102 564,375 9,514,068 SH   SOLE   9,406,428 0 107,640
CatchMark Timber Trust Inc., Class A Common 14912Y202 15,326 1,490,811 SH   SOLE   498,351 0 992,460
CBL & Associates Properties, Inc Common 124830100 4,654 338,460 SH   SOLE   89,860 0 248,600
Cedar Realty Trust Inc. Common 150602209 11,582 1,865,120 SH   SOLE   788,060 0 1,077,060
Cemex SA ADR ADR 151290889 165 23,540 SH   SOLE   23,540 0 0
Charles Schwab Corp. Common 808513105 366,465 12,831,395 SH   SOLE   12,645,037 0 186,358
Chubb Corp. Common 171232101 19,077 155,539 SH   SOLE   153,770 0 1,769
Citigroup Inc. Common 172967424 11,340 228,581 SH   SOLE   228,581 0 0
Citizens Financial Group Inc. Common 174610105 296,451 12,424,582 SH   SOLE   12,280,154 0 144,428
Colgate-Palmolive Co. Common 194162103 11,551 182,023 SH   SOLE   160,070 0 21,953
Costco Wholesale Corp. Common 22160K105 434,718 3,006,971 SH   SOLE   2,938,601 0 68,370
Coupons.com, Inc. Common 22265J102 47,724 5,302,613 SH   SOLE   4,803,643 0 498,970
Cousins Properties, Inc. Common 222795106 10,259 1,112,677 SH   SOLE   315,247 0 797,430
Crown Castle International Corp. Common 22822V101 8,786 111,393 SH   SOLE   46,263 0 65,130
Ctrip.com International, Ltd. ADR ADR 22943F100 6,866 108,675 SH   SOLE   108,675 0 0
CyrusOne Inc. Common 23283R100 26,866 822,582 SH   SOLE   279,294 0 543,288
DCT Industrial Trust Inc. Common 233153204 24,942 740,987 SH   SOLE   281,620 0 459,367
DDR Corporation Common 23317H102 8,745 568,604 SH   SOLE   271,654 0 296,950
DENTSPLY International, Inc. Common 249030107 2,807 55,500 SH   SOLE   55,500 0 0
Devon Energy Corp. Common 25179M103 8,392 226,271 SH   SOLE   226,271 0 0
Diageo PLC - ADR ADR 25243Q205 76,196 706,893 SH   SOLE   649,938 0 56,955
DiamondRock Hospitality Co. Common 252784301 5,836 528,171 SH   SOLE   211,611 0 316,560
Disney Walt Holdings Common 254687106 268 2,619 SH   SOLE   28 0 2,591
DuPont Fabros Technology Inc. Common 26613Q106 4,757 183,810 SH   SOLE   48,610 0 135,200
Eastgroup Properties, Inc. Common 277276101 5,929 109,439 SH   SOLE   38,299 0 71,140
Ecolab Inc. Common 278865100 300,294 2,736,911 SH   SOLE   2,696,916 0 39,995
Education Realty Trust, Inc. Common 28140H203 12,865 390,440 SH   SOLE   133,147 0 257,293
Encana Corporation Foreign 292505104 445,909 69,240,590 SH   SOLE   68,063,121 0 1,177,469
EOG Resources, Inc. Common 26875P101 165,266 2,270,140 SH   SOLE   2,212,138 0 58,002
Equity Residential Common 29476L107 9,392 125,032 SH   SOLE   73,682 0 51,350
Essex Property Trust, Inc. Common 297178105 12,212 54,659 SH   SOLE   20,638 0 34,021
Everest Re Group, Ltd. Common G3223R108 35,736 206,162 SH   SOLE   206,162 0 0
Express Scripts Holding Co. Common 30219G108 741,992 9,164,920 SH   SOLE   9,032,231 0 132,689
Extended Stay America, Inc. Common 30224P200 2,364 140,859 SH   SOLE   140,859 0 0
Fairchild Semiconductor International Common 303726103 6,745 480,407 SH   SOLE   480,407 0 0
Federal Realty Investment Trust Common 313747206 12,758 93,500 SH   SOLE   38,630 0 54,870
First Industrial Realty Trust, Inc. Common 32054K103 15,526 741,089 SH   SOLE   293,649 0 447,440
Forest City Ent FCE 5% 10/15/16 Bond 345550AM9 1,802 1,120,000 PRN   SOLE   0 0 0
Forest City Enterprises Inc. Class A Common 345550107 2,436 121,035 SH   SOLE   121,035 0 0
Franklin Resources Inc Common 354613101 261 7,000 SH   SOLE   7,000 0 0
Freeport-McMoRan Copper & Gold, Inc. Common 35671D857 4,342 448,084 SH   SOLE   448,084 0 0
General Electric Co. Common 369604103 10,168 403,170 SH   SOLE   403,170 0 0
Goldman Sachs Group Inc. Common 38141G104 24,271 139,682 SH   SOLE   139,682 0 0
Google Inc. Class A Common 38259P508 697,821 1,093,130 SH   SOLE   1,070,745 0 22,385
Google Inc. Class C Common 38259P706 902,804 1,483,850 SH   SOLE   1,460,301 0 23,549
Grubhub Inc Common 400110102 9,861 405,148 SH   SOLE   365,356 0 39,792
Grupo Televisa S.A.B. ADR ADR 40049J206 12,439 478,058 SH   SOLE   478,058 0 0
Hewlett Packard Co. Common 428236103 7,182 280,425 SH   SOLE   246,410 0 34,015
Highwoods Properties Inc. Common 431284108 10,212 263,541 SH   SOLE   90,401 0 173,140
Hunter Douglas N.V. Foreign 5291810NL 70,363 1,653,982 SH   SOLE   1,653,982 0 0
Hyatt Hotels Corp. Class A Common 448579102 3,134 66,545 SH   SOLE   66,545 0 0
ICICI Bank Limited ADR ADR 45104G104 5,622 670,875 SH   SOLE   670,875 0 0
IDEXX Laboratories, Inc. Common 45168D104 46,300 623,573 SH   SOLE   572,409 0 51,164
Intel Corp 3.25% 8/1/39 Bond 458140AF7 17,428 11,551,000 PRN   SOLE   0 0 0
Intel Corp. Common 458140100 5,299 175,822 SH   SOLE   155,566 0 20,256
International Business Machines Common 459200101 2,864 19,759 SH   SOLE   16,183 0 3,576
InterXion Holding NV Foreign N47279109 2,640 97,501 SH   SOLE   97,501 0 0
iShares S&P 500 Value Index Fund ETF 464287408 3,396 40,419 SH   SOLE   40,220 0 199
Jarden Corp. Common 471109108 807 16,500 SH   SOLE   16,500 0 0
JD.com Inc ADR ADR 47215P106 38,099 1,461,990 SH   SOLE   1,369,717 0 92,273
Johnson Controls, Inc. Common 478366107 271,232 6,557,837 SH   SOLE   6,545,021 0 12,816
JPMorgan Chase & Co. Common 46625H100 1,083,101 17,764,488 SH   SOLE   17,522,708 0 241,780
Jumei International ADR ADR 48138L107 958 97,080 SH   SOLE   97,080 0 0
KBR, Inc. Common 48242W106 1,754 105,300 SH   SOLE   105,300 0 0
Keysight Technologies, Inc. Common 49338L103 435 14,117 SH   SOLE   14,117 0 0
Kite Realty Group Trust Common 49803T300 20,893 877,482 SH   SOLE   333,400 0 544,082
Kohls Corp. Common 500255104 12,058 260,370 SH   SOLE   260,370 0 0
Laboratory Corporation of America Hldg Common 50540R409 220,894 2,036,449 SH   SOLE   1,981,476 0 54,973
Las Vegas Sands Corp. Common 517834107 449,076 11,827,123 SH   SOLE   11,603,590 0 223,533
LendingClub Corp. Common 52603A109 9,526 720,041 SH   SOLE   660,104 0 59,937
Liberty Global Plc Series C Common G5480U120 706,085 17,213,200 SH   SOLE   16,850,547 0 362,653
Liberty Interactive Corp QVC Group, Class A Common 53071M104 96,204 3,667,703 SH   SOLE   3,604,659 0 63,044
Liberty Global PLC LiLAC Class C Common G5480U153 30,404 887,980 SH   SOLE   870,540 0 17,440
Liberty Property Trust Common 531172104 17,927 568,937 SH   SOLE   174,947 0 393,990
Liberty TripAdvisor Holdings Inc., Class A Common 531465102 20,864 941,078 SH   SOLE   940,628 0 450
Liberty Ventures Series A Common 53071M880 77,815 1,928,496 SH   SOLE   1,890,957 0 37,539
Loews Corp. Common 540424108 265,907 7,357,689 SH   SOLE   7,231,830 0 125,859
Lowes Cos Inc. Common 548661107 12,096 175,514 SH   SOLE   151,907 0 23,607
Macerich Co. Common 554382101 14,577 189,751 SH   SOLE   69,011 0 120,740
Markel Corp. Common 570535104 274,853 342,769 SH   SOLE   337,820 0 4,949
Marsh & McLennan Co. Common 571748102 26,824 513,670 SH   SOLE   513,670 0 0
Masco Corp. Common 574599106 9,453 375,420 SH   SOLE   375,420 0 0
Mastercard, Inc. Common 57636Q104 1,379 15,300 SH   SOLE   15,300 0 0
McGraw Hill Financial, Inc. Common 580645109 15,479 178,950 SH   SOLE   178,950 0 0
Microsoft Corp. Common 594918104 274,511 6,202,237 SH   SOLE   6,065,050 0 137,187
Monsanto Co. Common 61166W101 629,207 7,372,938 SH   SOLE   7,278,759 0 94,179
Moody's Corp. Common 615369105 193,937 1,974,918 SH   SOLE   1,949,137 0 25,781
Nabors Industries Ltd. Common G6359F103 8,149 862,322 SH   SOLE   862,322 0 0
National Health Investors, Inc. Common 63633D104 5,135 89,315 SH   SOLE   47,715 0 41,600
Nike Inc Common 654106103 13,715 111,528 SH   SOLE   97,380 0 14,148
Noah Holdings Ltd. ADS ADR 65487X102 10,563 449,684 SH   SOLE   449,684 0 0
Occidental Petroleum Corp. Common 674599105 361,293 5,461,730 SH   SOLE   5,385,764 0 75,966
Oracle Corporation Common 68389X105 238,876 6,613,412 SH   SOLE   6,495,463 0 117,949
PACCAR Inc. Common 693718108 234,497 4,494,867 SH   SOLE   4,416,913 0 77,954
Party City Holdings, Inc. Common 702149105 13,403 839,236 SH   SOLE   733,937 0 105,299
Post Properties Inc. Common 737464107 17,875 306,648 SH   SOLE   108,158 0 198,490
Praxair, Inc. Common 74005P104 451,622 4,433,749 SH   SOLE   4,366,658 0 67,091
Precision Castparts Corp. Common 740189105 303 1,320 SH   SOLE   1,320 0 0
Progressive Corp. Common 743315103 225 7,350 SH   SOLE   7,350 0 0
Prologis, Inc. Common 74340W103 14,991 385,360 SH   SOLE   155,550 0 229,810
Qihoo 360 Technology Co. ADR ADR 74734M109 158,145 3,306,399 SH   SOLE   3,266,687 0 39,712
Qihoo 360 Technology Co., 2.5%, 9/15/2018 Bond 74734MAB5 5,771 6,000,000 PRN   SOLE   0 0 0
Quanta Services, Inc. Common 74762E102 11,160 460,970 SH   SOLE   460,970 0 0
Quest Diagnostics Inc. Common 74834L100 258,407 4,203,791 SH   SOLE   4,127,529 0 76,262
Ramco-Gershenson Properties Trust Common 751452202 10,917 727,295 SH   SOLE   266,535 0 460,760
Republic Services, Inc. Common 760759100 685 16,630 SH   SOLE   16,630 0 0
Retail Opportunity Investments Corp. Common 76131N101 10,615 641,764 SH   SOLE   264,634 0 377,130
Rexford Industrial Realty, Inc. Common 76169C100 871 63,175 SH   SOLE   26,705 0 36,470
Rockwell Automation Inc. Common 773903109 47,240 465,561 SH   SOLE   442,868 0 22,693
RTI International Metals, 1.625%, 10/15/2019 Bond 74973WAB3 8,147 7,750,000 PRN   SOLE   0 0 0
Salesforce.com Inc Common 79466L302 8,461 121,862 SH   SOLE   106,476 0 15,386
Salesforce.com Inc., 0.25%, 04/01/2018 Bond 79466LAD6 9,800 8,000,000 PRN   SOLE   0 0 0
SAP AG ADR ADR 803054204 7,424 114,590 SH   SOLE   97,348 0 17,242
Simon Property Group Inc. Common 828806109 24,999 136,069 SH   SOLE   58,119 0 77,950
Soufun Holdings Ltd Class A ADR ADR 836034108 124,322 18,836,617 SH   SOLE   18,437,602 0 399,015
Starwood Hotels & Resorts Worldwide, Inc. Common 85590A401 2,196 33,031 SH   SOLE   33,031 0 0
Terreno Realty Corp. Common 88146M101 19,002 967,502 SH   SOLE   335,989 0 631,513
Texas Instruments, Inc. Common 882508104 495,695 10,009,992 SH   SOLE   9,788,614 0 221,378
Textron Inc. Common 883203101 9,829 261,133 SH   SOLE   211,429 0 49,704
The Priceline Group Inc. Common 741503403 360,343 291,337 SH   SOLE   284,171 0 7,166
The Sherwin Williams Co. Common 824348106 6,645 29,829 SH   SOLE   26,282 0 3,547
Tiffany & Co. Common 886547108 386 5,000 SH   SOLE   5,000 0 0
Time Warner Cable Inc. Common 88732J207 22,865 127,476 SH   SOLE   112,171 0 15,305
TJX Companies Inc. Common 872540109 6,632 92,854 SH   SOLE   81,335 0 11,519
TopBuild Corp. Common 89055F103 1,529 49,379 SH   SOLE   49,379 0 0
Transdigm Group Inc. Common 893641100 19,607 92,306 SH   SOLE   84,964 0 7,342
Transocean Ltd. Common H8817H100 5,457 422,356 SH   SOLE   422,356 0 0
Twenty-First Century Fox Inc Class A Common 90130A101 6,328 234,546 SH   SOLE   234,546 0 0
Tyson Foods Inc 4.75 07/15/17 Preferred 902494301 19,223 375,000 SH   SOLE   0 0 0
UDR, Inc. Common 902653104 9,107 264,117 SH   SOLE   104,677 0 159,440
Ultra Petroleum Corp Common 903914109 131,768 20,620,936 SH   SOLE   20,049,885 0 571,051
United Parcel Service, Inc., Class B Common 911312106 242 2,456 SH   SOLE   0 0 2,456
United Rentals, Inc. Common 911363109 8,636 143,806 SH   SOLE   143,806 0 0
United Technologies Corp. Common 913017109 787,350 8,847,629 SH   SOLE   8,724,145 0 123,484
UnitedHealth Group Inc. Common 91324P102 659,681 5,686,417 SH   SOLE   5,553,698 0 132,719
Univar, Inc. Common 91336L107 10,652 586,885 SH   SOLE   539,188 0 47,697
Universal Health Services, Inc. Common 913903100 10,249 82,120 SH   SOLE   82,120 0 0
US Bancorp Common 902973304 31,025 756,519 SH   SOLE   751,526 0 4,993
US Steel Corp. Conv. Bond 2.75% 4/1/19 Bond 912909AH1 15,355 15,500,000 PRN   SOLE   0 0 0
Valeant Pharmaceuticals International Common 91911K102 269,197 1,509,122 SH   SOLE   1,493,188 0 15,934
Ventas, Inc. Common 92276F100 17,846 318,341 SH   SOLE   131,831 0 186,510
Vipshop Holdings Ltd. ADS ADR 92763W103 21,498 1,279,655 SH   SOLE   1,190,185 0 89,470
Visa Inc. Class A Common 92826C839 449,034 6,446,076 SH   SOLE   6,326,871 0 119,205
Vornado Realty Trust Common 929042109 20,708 229,016 SH   SOLE   95,810 0 133,206
W.R. Berkley Corp. Common 084423102 276 5,080 SH   SOLE   5,080 0 0
Waste Connections Inc. Common 941053100 11,497 236,660 SH   SOLE   236,660 0 0
Wells Fargo & Co. Common 949746101 1,540,352 29,997,125 SH   SOLE   29,578,484 0 418,641
Wells Fargo & Co. Warrants Warrant 949746119 3,927 217,100 SH   SOLE   0 0 0
Welltower Inc. Common 95040Q104 13,214 195,128 SH   SOLE   80,138 0 114,990
Wesco Aircraft Holdings, Inc. Common 950814103 80,652 6,610,849 SH   SOLE   6,361,349 0 249,500
Wesco International, Inc. Common 95082P105 13,798 296,919 SH   SOLE   273,225 0 23,694
Whole Foods Market Inc. Common 966837106 9,012 284,724 SH   SOLE   284,724 0 0
WW Grainger, Inc. Common 384802104 249 1,160 SH   SOLE   1,160 0 0
Youku Tudou Inc. ADR ADR 98742U100 16,479 934,723 SH   SOLE   821,427 0 113,296
YY Inc. ADR ADR 98426T106 20,075 368,080 SH   SOLE   348,279 0 19,801