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 743 26,526 SH   SOLE   26,526 0 0
Acadia Realty Trust Common 004239109 16,249 497,226 SH   SOLE   263,196 0 234,030
Adient PLC Common G0084W101 439,249 7,495,716 SH   SOLE   7,356,440 0 139,276
Aetna Inc. Common 00817Y108 488,252 3,937,198 SH   SOLE   3,862,211 0 74,987
Air Products & Chemicals, Inc. Common 009158106 264 1,836 SH   SOLE   0 0 1,836
Alexandria Real Estate Equities, Inc. Common 015271109 10,805 97,227 SH   SOLE   45,473 0 51,754
Alibaba Group Holding Ltd. ADR ADR 01609W102 32,150 366,132 SH   SOLE   366,132 0 0
Alphabet Inc., Class A Common 02079K305 653,488 824,643 SH   SOLE   808,991 0 15,652
Alphabet Inc., Class C Common 02079K107 993,621 1,287,375 SH   SOLE   1,268,579 0 18,796
Amazon.com, Inc. Common 023135106 1,433,692 1,911,921 SH   SOLE   1,879,627 0 32,294
American Campus Communities, Inc. Common 024835100 18,398 369,657 SH   SOLE   173,783 0 195,874
American Express Co. Common 025816109 893,728 12,064,358 SH   SOLE   11,907,110 0 157,248
American Homes 4 Rent, Class A Common 02665T306 11,918 568,049 SH   SOLE   209,459 0 358,590
American International Group. Inc. Common 026874784 21,519 329,490 SH   SOLE   329,490 0 0
Angie's List, Inc. Common 034754101 26,992 3,279,686 SH   SOLE   2,978,952 0 300,734
Apache Corporation Common 037411105 1,242,473 19,575,752 SH   SOLE   19,217,515 0 358,237
Apartment Investment & Management Common 03748R101 9,908 217,992 SH   SOLE   88,692 0 129,300
Applied Materials, Inc. Common 038222105 25,533 791,219 SH   SOLE   727,669 0 63,550
AvalonBay Communities, Inc. Common 053484101 20,248 114,301 SH   SOLE   52,961 0 61,340
Axalta Coating Systems Ltd. Common G0750C108 106,188 3,903,956 SH   SOLE   3,901,577 0 2,379
Baidu, Inc. Class A, ADR ADR 056752108 12,865 78,247 SH   SOLE   78,247 0 0
Bank of New York Mellon Corp. Common 064058100 1,005,887 21,230,205 SH   SOLE   20,949,628 0 280,577
Berkshire Hathaway Inc., Class A Common 084670108 1,058,265 4,335 SH   SOLE   4,331 0 4
Berkshire Hathaway Inc., Class B Common 084670702 279,887 1,717,308 SH   SOLE   1,601,211 0 116,097
Boston Properties, Inc. Common 101121101 9,335 74,220 SH   SOLE   32,330 0 41,890
Brookfield Asset Management Inc., Class A ADR 112585104 21,817 660,925 SH   SOLE   660,925 0 0
Brookfield Business Partners, L.P. Partnership G16234109 320 13,307 SH   SOLE   13,307 0 0
Cabot Oil & Gas Corp. Common 127097103 362,410 15,514,128 SH   SOLE   15,103,358 0 410,770
Camden Property Trust Common 133131102 11,886 141,381 SH   SOLE   56,611 0 84,770
Capital One Financial Corp. Common 14040H105 320,207 3,670,420 SH   SOLE   3,632,623 0 37,797
CarMax, Inc. Common 143130102 412,016 6,398,758 SH   SOLE   6,292,826 0 105,932
CatchMark Timber Trust Inc., Class A Common 14912Y202 26,302 2,335,874 SH   SOLE   810,124 0 1,525,750
Cedar Realty Trust, Inc. Common 150602209 9,125 1,397,410 SH   SOLE   636,210 0 761,200
Charles Schwab Corp. Common 808513105 31,896 808,108 SH   SOLE   808,108 0 0
Chubb Ltd. Common H1467J104 209,427 1,585,123 SH   SOLE   1,566,701 0 18,422
CommerceHub, Inc., Series A Common 20084V108 1,596 106,331 SH   SOLE   106,249 0 82
CommerceHub, Inc., Series C Common 20084V306 3,201 212,958 SH   SOLE   212,793 0 165
CorEnergy Infrastructure Trust, Inc. Series A Preferred Stock 21870U304 1,002 40,708 SH   SOLE   40,708 0 0
Costco Wholesale Corp. Common 22160K105 295,450 1,845,293 SH   SOLE   1,792,253 0 53,040
Cousins Properties, Inc. Common 222795106 10,587 1,244,053 SH   SOLE   560,473 0 683,580
Crown Castle International Corp. Common 22822V101 12,292 141,659 SH   SOLE   61,459 0 80,200
Ctrip.com International, Ltd. ADR ADR 22943F100 3,096 77,401 SH   SOLE   77,401 0 0
CubeSmart Common 229663109 9,836 367,440 SH   SOLE   159,810 0 207,630
CyrusOne, Inc. Common 23283R100 14,722 329,126 SH   SOLE   138,248 0 190,878
DCT Industrial Trust, Inc. Common 233153204 10,397 217,153 SH   SOLE   107,306 0 109,847
DDR Corporation Common 23317H102 6,071 397,586 SH   SOLE   201,466 0 196,120
Delphi Automotive PLC Common G27823106 257,611 3,824,957 SH   SOLE   3,716,118 0 108,839
Disney Walt Holdings Common 254687106 274 2,629 SH   SOLE   0 0 2,629
DuPont Fabros Technology, Inc. Common 26613Q106 12,589 286,560 SH   SOLE   112,290 0 174,270
EastGroup Properties, Inc. Common 277276101 7,175 97,175 SH   SOLE   42,375 0 54,800
Eaton Corporation Plc Common G29183103 37,504 559,017 SH   SOLE   486,482 0 72,535
Ecolab, Inc. Common 278865100 204,624 1,745,644 SH   SOLE   1,721,913 0 23,731
Encana Corporation ADR 292505104 834,531 71,084,413 SH   SOLE   69,689,433 0 1,394,980
EQT Corporation Common 26884L109 194,386 2,972,258 SH   SOLE   2,933,646 0 38,612
EQT Midstream Partners L.P. Partnership 26885B100 10,149 132,352 SH   SOLE   132,352 0 0
Equity Residential Common 29476L107 20,442 317,619 SH   SOLE   124,384 0 193,235
Essex Property Trust, Inc. Common 297178105 19,305 83,032 SH   SOLE   32,861 0 50,171
Everest Re Group, Ltd. Common G3223R108 42,796 197,762 SH   SOLE   197,762 0 0
Express Scripts Holding Co. Common 30219G108 296,847 4,315,258 SH   SOLE   4,245,450 0 69,808
Extra Space Storage, Inc. Common 30225T102 8,549 110,682 SH   SOLE   46,702 0 63,980
Facebook, Inc. Common 30303M102 381,879 3,319,241 SH   SOLE   3,256,719 0 62,522
Fang Holdings Ltd ADR 30711Y102 57,162 17,427,557 SH   SOLE   17,099,496 0 328,061
Federal Realty Investment Trust Common 313747206 12,083 85,025 SH   SOLE   35,905 0 49,120
First Industrial Realty Trust, Inc. Common 32054K103 13,589 484,459 SH   SOLE   172,789 0 311,670
Forest City Realty Trust, Inc., Class A Common 345605109 5,928 284,460 SH   SOLE   123,050 0 161,410
General Growth Properties, Inc. Common 370023103 9,166 366,937 SH   SOLE   161,367 0 205,570
Goldman Sachs Group, Inc. Common 38141G104 60,078 250,902 SH   SOLE   250,902 0 0
Grupo Televisa S.A.B., ADR ADR 40049J206 21,501 1,029,261 SH   SOLE   1,029,261 0 0
Hewlett Packard Enterprise Company Common 42824C109 482 20,830 SH   SOLE   20,830 0 0
Highwoods Properties, Inc. Common 431284108 10,834 212,388 SH   SOLE   81,118 0 131,270
Host Hotels & Resorts, Inc. Common 44107P104 10,100 536,085 SH   SOLE   226,595 0 309,490
HP, Inc. Common 40434L105 309 20,830 SH   SOLE   20,830 0 0
ICICI Bank Limited ADR ADR 45104G104 4,878 651,295 SH   SOLE   651,295 0 0
Intel Corp. Common 458140100 522 14,380 SH   SOLE   14,380 0 0
InterXion Holding NV Common N47279109 6,901 196,792 SH   SOLE   196,792 0 0
iShares Russell 1000 Index Fund ETF 464287622 230 1,848 SH   SOLE   1,848 0 0
iShares Russell 3000 Index Fund ETF 464287689 386 2,903 SH   SOLE   2,693 0 210
iShares S&P 500 Value Index Fund ETF 464287408 6,016 59,339 SH   SOLE   59,078 0 261
JD.com, Inc ADR ADR 47215P106 56,508 2,221,236 SH   SOLE   2,142,209 0 79,027
Johnson Controls International PLC Common G51502105 614,009 14,906,750 SH   SOLE   14,633,956 0 272,794
JPMorgan Chase & Co. Common 46625H100 1,450,620 16,810,992 SH   SOLE   16,574,658 0 236,334
Jumei International ADR ADR 48138L107 489 97,620 SH   SOLE   97,620 0 0
Kite Realty Group Trust Common 49803T300 9,480 403,746 SH   SOLE   169,059 0 234,687
Lam Research Corp. Common 512807108 460 4,355 SH   SOLE   4,355 0 0
LendingClub Corp. Common 52603A109 3,588 683,402 SH   SOLE   635,169 0 48,233
Liberty Expedia Holdings, Inc. Common 53046P109 16,890 425,760 SH   SOLE   425,430 0 330
Liberty Global PLC, LiLAC Class C Common G5480U153 40,333 1,905,195 SH   SOLE   1,878,325 0 26,870
Liberty Global PLC, Series C Common G5480U120 352,635 11,873,221 SH   SOLE   11,636,292 0 236,929
Liberty Interactive Corp., QVC Group, Series A Common 53071M104 48,308 2,417,807 SH   SOLE   2,379,723 0 38,084
Liberty TripAdvisor Holdings, Inc., Series A Common 531465102 9,123 606,184 SH   SOLE   605,734 0 450
Liberty Ventures Series A Common 53071M856 23,547 638,645 SH   SOLE   638,150 0 495
Life Storage, Inc. Common 53223X107 11,194 131,297 SH   SOLE   56,947 0 74,350
Loews Corp. Common 540424108 259,427 5,539,761 SH   SOLE   5,466,072 0 73,689
Markel Corp. Common 570535104 245,848 271,805 SH   SOLE   267,480 0 4,325
Marsh & McLennan Co. Common 571748102 33,880 501,260 SH   SOLE   501,260 0 0
Micron Technology, Inc. Common 595112103 703 32,055 SH   SOLE   32,055 0 0
Microsoft Corp. Common 594918104 254,824 4,100,805 SH   SOLE   4,022,382 0 78,423
Mid-America Apartment Communities, Inc Common 59522J103 22,019 224,868 SH   SOLE   88,707 0 136,161
Monsanto Co. Common 61166W101 616,853 5,863,069 SH   SOLE   5,766,435 0 96,634
Moody's Corp. Common 615369105 18,884 200,319 SH   SOLE   200,319 0 0
New Oriental Education & Technology ADR ADR 647581107 17,798 422,753 SH   SOLE   422,753 0 0
Noah Holdings Ltd. ADS ADR 65487X102 25,470 1,161,444 SH   SOLE   1,161,444 0 0
Novartis AG ADR ADR 66987V109 18,769 257,670 SH   SOLE   257,670 0 0
Occidental Petroleum Corp. Common 674599105 546,823 7,676,858 SH   SOLE   7,535,174 0 141,684
Oracle Corporation Common 68389X105 164,586 4,280,533 SH   SOLE   4,229,753 0 50,780
PACCAR, Inc. Common 693718108 204 3,185 SH   SOLE   93 0 3,092
PNC Financial Services Group, Inc. Common 693475105 30,622 261,820 SH   SOLE   261,820 0 0
PPG Industries, Inc. Common 693506107 5,456 57,580 SH   SOLE   57,580 0 0
Praxair, Inc. Common 74005P104 346,593 2,957,530 SH   SOLE   2,918,065 0 39,465
Prologis, Inc. Common 74340W103 19,518 369,727 SH   SOLE   161,307 0 208,420
Public Storage Common 74460D109 23,247 104,014 SH   SOLE   45,664 0 58,350
Quest Diagnostics Inc. Common 74834L100 18,720 203,698 SH   SOLE   179,363 0 24,335
Quotient Technology, Inc. Common 749119103 19,838 1,845,427 SH   SOLE   1,692,949 0 152,478
Ramco-Gershenson Properties Trust Common 751452202 3,867 233,205 SH   SOLE   125,075 0 108,130
Regency Centers Corporation Common 758849103 5,920 85,860 SH   SOLE   36,860 0 49,000
Retail Opportunity Investments Corp. Common 76131N101 13,663 646,620 SH   SOLE   277,440 0 369,180
Rexford Industrial Realty, Inc. Common 76169C100 2,458 106,002 SH   SOLE   45,082 0 60,920
S&P Global, Inc. Common 78409V104 18,780 174,630 SH   SOLE   174,630 0 0
SAP AG ADR ADR 803054204 11,733 135,753 SH   SOLE   122,091 0 13,662
Simon Property Group, Inc. Common 828806109 32,230 181,405 SH   SOLE   84,295 0 97,110
SL Green Realty Corp. Common 78440X101 9,595 89,217 SH   SOLE   38,827 0 50,390
State Street Corp. Common 857477103 31,350 403,370 SH   SOLE   403,370 0 0
TAL Education Group, Class A, ADR ADR 874080104 17,884 254,945 SH   SOLE   254,945 0 0
Terreno Realty Corp. Common 88146M101 23,388 820,937 SH   SOLE   351,004 0 469,933
Texas Instruments, Inc. Common 882508104 446,540 6,119,506 SH   SOLE   6,001,175 0 118,331
The Priceline Group, Inc. Common 741503403 187,019 127,566 SH   SOLE   125,367 0 2,199
United Technologies Corp. Common 913017109 920,531 8,397,470 SH   SOLE   8,244,816 0 152,654
UnitedHealth Group, Inc. Common 91324P102 486,392 3,039,188 SH   SOLE   2,974,520 0 64,668
US Bancorp Common 902973304 114,705 2,232,919 SH   SOLE   2,227,766 0 5,153
Valeant Pharmaceuticals International ADR 91911K102 101,644 7,000,303 SH   SOLE   6,862,797 0 137,506
Ventas, Inc. Common 92276F100 5,655 90,455 SH   SOLE   62,695 0 27,760
Vipshop Holdings Ltd. ADS ADR 92763W103 37,097 3,369,423 SH   SOLE   3,302,485 0 66,938
Visa, Inc., Class A Common 92826C839 331,353 4,247,022 SH   SOLE   4,194,717 0 52,305
Vornado Realty Trust Common 929042109 11,243 107,723 SH   SOLE   47,037 0 60,686
Wells Fargo & Co. Common 949746101 1,456,320 26,425,695 SH   SOLE   25,978,065 0 447,630
Welltower, Inc. Common 95040Q104 16,853 251,794 SH   SOLE   107,754 0 144,040
Wesco Aircraft Holdings, Inc. Common 950814103 22,778 1,523,627 SH   SOLE   1,523,047 0 580
WESCO International, Inc. Common 95082P105 13,505 202,932 SH   SOLE   178,003 0 24,929
Weyerhaeuser Co. Common 962166104 6,226 206,920 SH   SOLE   88,920 0 118,000
Xilinx, Inc. Common 983919101 478 7,920 SH   SOLE   7,920 0 0
YY, Inc. ADR ADR 98426T106 10,087 255,882 SH   SOLE   255,882 0 0
ZTO Express Cayman, Inc. ADR ADR 98980A105 36,063 2,987,800 SH   SOLE   2,885,196 0 102,604