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
Alexandria Real Estate Equitie COM 015271109 134,717 1,301,362 SH   SOLE   505,062 0 796,300
American Electric Power Co. In COM 025537101 1,206 17,200 SH   SOLE   17,200 0 0
American Tower Corp. COM 03027X100 2,681 23,600 SH   SOLE   23,600 0 0
AvalonBay Communities Inc. COM 053484101 498,679 2,764,447 SH   SOLE   1,245,331 0 1,519,116
Avangrid Inc COM 05351W103 244 5,300 SH   SOLE   5,300 0 0
Boardwalk Pipeline Partners L. COM 096627104 7,830 448,730 SH   SOLE   448,730 0 0
Boston Properties Inc. COM 101121101 100,086 758,800 SH   SOLE   298,717 0 460,083
Buckeye Partners L.P. COM 118230101 8,299 118,005 SH   SOLE   118,005 0 0
Cone Midstream Partners LP COM 206812109 3,785 218,265 SH   SOLE   218,265 0 0
Crestwood Equity Partners LP COM 226344208 3,148 156,160 SH   SOLE   156,160 0 0
Crown Castle International Cor COM 22822V101 21,233 209,335 SH   SOLE   209,335 0 0
CubeSmart COM 229663109 200,237 6,484,347 SH   SOLE   3,398,419 0 3,085,928
DCP Midstream Partners L.P. COM 23311P100 5,538 160,575 SH   SOLE   160,575 0 0
DCT Industrial Trust COM 233153204 208,370 4,337,419 SH   SOLE   2,514,284 0 1,823,135
DDR Corp. COM 23317H102 276,462 15,240,451 SH   SOLE   7,543,551 0 7,696,900
Delek Logistics Partners COM 24664T103 3,630 135,915 SH   SOLE   135,915 0 0
Digital Realty Trust Inc. COM 253868103 406,604 3,730,655 SH   SOLE   1,588,610 0 2,142,045
Dominion Resources Inc. (Virgi COM 25746U109 1,083 13,898 SH   SOLE   13,898 0 0
DTE Energy Co. COM 233331107 2,050 20,684 SH   SOLE   20,684 0 0
Duke Realty Corporation COM 264411505 53,492 2,006,462 SH   SOLE   542,362 0 1,464,100
Edison International COM 281020107 1,158 14,909 SH   SOLE   14,909 0 0
Enbridge Energy Partners L.P. COM 29250R106 8,730 376,300 SH   SOLE   376,300 0 0
Energy Transfer Partners L.P. COM 29273R109 16,429 431,557 SH   SOLE   431,557 0 0
EnLink Midstream Partners LP COM 29336U107 1,054 63,400 SH   SOLE   63,400 0 0
Enterprise Products Partners L COM 293792107 19,023 650,130 SH   SOLE   650,130 0 0
EQT Midstream Partners, L.P. COM 26885B100 9,945 123,853 SH   SOLE   123,853 0 0
Equinix Inc COM 29444U700 72,047 185,817 SH   SOLE   35,293 0 150,524
Equity Residential COM 29476L107 869,071 12,617,182 SH   SOLE   7,406,633 0 5,210,549
Essex Property Trust Inc. COM 297178105 67,149 294,395 SH   SOLE   96,839 0 197,556
Eversource Energy COM 30040W108 1,208 20,172 SH   SOLE   20,172 0 0
Exelon Corp. COM 30161N101 378 10,398 SH   SOLE   10,398 0 0
Gaming and Leisure Properties COM 36467J108 231,961 6,727,412 SH   SOLE   3,575,512 0 3,151,900
General Growth Properties COM 370023103 598,076 20,056,188 SH   SOLE   9,845,104 0 10,211,084
Genesis Energy L.P. COM 371927104 3,768 98,205 SH   SOLE   98,205 0 0
HealthCare Realty Trust COM 421946104 217,140 6,205,773 SH   SOLE   3,229,379 0 2,976,394
Healthcare Trust of America In COM 42225P501 158,832 4,911,306 SH   SOLE   2,148,835 0 2,762,471
Highwoods Properties Inc. COM 431284108 136,543 2,586,033 SH   SOLE   1,185,896 0 1,400,137
Host Hotels & Resorts Inc. COM 44107P104 219,526 13,542,632 SH   SOLE   6,159,590 0 7,383,042
ITC Holdings Corp. COM 465685105 749 16,000 SH   SOLE   16,000 0 0
Kilroy Realty Corp. COM 49427F108 304,008 4,586,036 SH   SOLE   2,351,936 0 2,234,100
Kimco Realty Corp. COM 49446R109 536,419 17,094,282 SH   SOLE   9,739,521 0 7,354,761
Kinder Morgan Inc. COM 49456B101 4,556 243,400 SH   SOLE   243,400 0 0
Liberty Property Trust COM 531172104 172,827 4,351,127 SH   SOLE   2,726,527 0 1,624,600
Macerich Co. COM 554382101 121,524 1,423,165 SH   SOLE   1,248,586 0 174,579
Magellan Midstream Partners L. COM 559080106 16,077 211,543 SH   SOLE   211,543 0 0
MGM Growth Properties LLC COM 55303A105 87,844 3,292,506 SH   SOLE   1,674,131 0 1,618,375
Monogram Residential Trust, In COM 60979P105 13,057 1,278,800 SH   SOLE   1,278,800 0 0
MPLX LP COM 55336V100 14,284 424,738 SH   SOLE   424,738 0 0
Nextera Energy Inc COM 65339F101 2,136 16,380 SH   SOLE   16,380 0 0
NextEra Energy Partners LP COM 65341B106 431 14,180 SH   SOLE   14,180 0 0
NiSource Inc. COM 65473P105 475 17,919 SH   SOLE   17,919 0 0
Norfolk Southern Corp COM 655844108 843 9,900 SH   SOLE   9,900 0 0
NRG Yield, Inc. Class A COM 62942X306 1,023 67,200 SH   SOLE   67,200 0 0
Paramount Group Inc COM 69924R108 104,490 6,555,184 SH   SOLE   3,310,884 0 3,244,300
Pattern Energy Group Inc. COM 70338P100 625 27,200 SH   SOLE   27,200 0 0
Pebblebrook Hotel Trust COM 70509V100 121,513 4,629,078 SH   SOLE   2,569,031 0 2,060,047
Pennsylvania Real Estate COM 709102107 27,206 1,268,349 SH   SOLE   501,449 0 766,900
PG&E Corp. COM 69331C108 2,212 34,600 SH   SOLE   34,600 0 0
Phillips 66 Partners LP COM 718549207 4,897 87,652 SH   SOLE   87,652 0 0
Post Properties Inc. COM 737464107 36,786 602,561 SH   SOLE   581,361 0 21,200
ProLogis Inc. COM 74340W103 496,918 10,132,912 SH   SOLE   4,995,846 0 5,137,066
Public Storage COM 74460D109 516,657 2,021,429 SH   SOLE   936,356 0 1,085,073
QTS Realty Trust Inc COM 74736A103 158,202 2,826,037 SH   SOLE   1,491,240 0 1,334,797
Ramco Gershenson Properties Tr COM 751452202 31,841 1,623,690 SH   SOLE   382,652 0 1,241,038
Regency Centers Corporation COM 758849103 259,963 3,104,778 SH   SOLE   1,656,242 0 1,448,536
Semgroup Corp. COM 81663A105 3,446 105,848 SH   SOLE   105,848 0 0
Sempra Energy COM 816851109 2,395 21,005 SH   SOLE   21,005 0 0
Senior Housing Properties Trus COM 81721M109 130,020 6,241,955 SH   SOLE   3,846,555 0 2,395,400
Shell Midstream Partners LP COM 822634101 7,202 213,140 SH   SOLE   213,140 0 0
Simon Property Group Inc. COM 828806109 1,237,138 5,703,724 SH   SOLE   2,986,472 0 2,717,252
SL Green Realty Corp. COM 78440X101 597,183 5,608,928 SH   SOLE   3,432,558 0 2,176,370
Sovran Storage COM 84610H108 56,559 539,064 SH   SOLE   217,632 0 321,432
Spectra Energy Partners L.P. COM 84756N109 3,729 79,042 SH   SOLE   79,042 0 0
Spirit Realty Capital Inc. COM 84860W102 440,277 34,477,440 SH   SOLE   20,097,343 0 14,380,097
STORE Capital Corp COM 862121100 68,468 2,324,887 SH   SOLE   653,587 0 1,671,300
Sun Communities Inc. COM 866674104 243,147 3,172,591 SH   SOLE   1,636,600 0 1,535,991
Sunoco Logistics Partners L.P. COM 86764L108 8,895 309,375 SH   SOLE   309,375 0 0
Sunstone Hotel Investors Inc. COM 867892101 141,818 11,749,607 SH   SOLE   6,116,152 0 5,633,455
Tallgrass Energy Partners LP COM 874697105 8,071 175,383 SH   SOLE   175,383 0 0
Targa Resources Corp. COM 87612G101 6,401 151,900 SH   SOLE   151,900 0 0
Taubman Centers Inc. COM 876664103 1,297 17,486 SH   SOLE   0 0 17,486
Tesoro Logistics LP COM 88160T107 10,078 203,470 SH   SOLE   203,470 0 0
UDR Inc. COM 902653104 327,670 8,875,146 SH   SOLE   4,137,382 0 4,737,764
Valero Energy Partners LP COM 91914J102 3,802 80,868 SH   SOLE   80,868 0 0
Ventas Inc. COM 92276F100 93,138 1,279,016 SH   SOLE   620,116 0 658,900
VEREIT Inc COM 92339V100 357,475 35,253,903 SH   SOLE   19,084,524 0 16,169,379
Vornado Realty Trust COM 929042109 541,359 5,407,105 SH   SOLE   3,028,900 0 2,378,205
Weingarten Realty Investors COM 948741103 89,693 2,197,284 SH   SOLE   1,318,640 0 878,644
Welltower Inc. COM 95040Q104 744,308 9,771,667 SH   SOLE   4,812,430 0 4,959,237
Westar Energy, Inc. COM 95709T100 567 10,100 SH   SOLE   10,100 0 0
Williams Cos. COM 969457100 995 46,000 SH   SOLE   46,000 0 0
Williams Partners LP COM 96949L105 15,725 453,952 SH   SOLE   453,952 0 0
Xcel Energy Inc. COM 98389B100 1,146 25,600 SH   SOLE   25,600 0 0