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
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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 947 20,636 SH   SOLE   20,636 0 0
Acadia Realty Trust Common 004239109 17,208 484,458 SH   SOLE   247,588 0 236,870
Activision Blizzard, Inc. Common 00507V109 278,503 7,027,568 SH   SOLE   7,027,568 0 0
Advanced Auto Parts, Inc. Common 00751Y106 111,983 692,836 SH   SOLE   674,053 0 18,783
AES Trust III,6.75%,10/15/29 Preferred 00808N202 7,550 145,027 SH   SOLE   145,027 0 0
Air Products & Chemicals, Inc. Common 009158106 258 1,815 SH   SOLE   0 0 1,815
Alexander & Baldwin, Inc. Common 014491104 8,260 228,568 SH   SOLE   228,568 0 0
Alexandria Real Estate Equities, Inc. Common 015271109 9,855 95,203 SH   SOLE   42,819 0 52,384
Alphabet Inc., Class A Common 02079K305 641,208 911,416 SH   SOLE   893,304 0 18,112
Alphabet Inc., Class C Common 02079K107 946,889 1,368,140 SH   SOLE   1,347,757 0 20,383
Amazon.Com, Inc. Common 023135106 1,599,704 2,235,410 SH   SOLE   2,195,077 0 40,333
American Campus Communities, Inc. Common 024835100 22,665 428,689 SH   SOLE   191,985 0 236,704
American Express Co. Common 025816109 825,842 13,591,870 SH   SOLE   13,398,356 0 193,514
American Homes 4 Rent, Class A Common 02665T306 11,459 559,506 SH   SOLE   196,576 0 362,930
American International Group. Inc. Common 026874784 17,559 331,990 SH   SOLE   331,990 0 0
Angie's List, Inc. Common 034754101 20,342 3,124,747 SH   SOLE   2,798,386 0 326,361
Apache Corporation Common 037411105 980,429 17,611,450 SH   SOLE   17,265,210 0 346,240
Apartment Investment & Management Common 03748R101 9,469 214,417 SH   SOLE   83,547 0 130,870
Applied Materials, Inc. Common 038222105 11,333 472,800 SH   SOLE   472,800 0 0
Avalonbay Communities, Inc. Common 053484101 20,198 111,970 SH   SOLE   49,890 0 62,080
Baidu, Inc. Class A, ADR ADR 056752108 10,321 62,494 SH   SOLE   62,494 0 0
Bank of New York Mellon Corp. Common 064058100 768,867 19,790,665 SH   SOLE   19,530,375 0 260,290
Berkshire Hathaway Inc., Class A Common 084670108 1,018,264 4,693 SH   SOLE   4,689 0 4
Berkshire Hathaway Inc., Class B Common 084670702 265,185 1,831,518 SH   SOLE   1,685,434 0 146,084
Boston Properties, Inc. Common 101121101 37,094 281,228 SH   SOLE   116,978 0 164,250
Brookfield Asset Management Inc., Class A Foreign 112585104 22,006 665,425 SH   SOLE   665,425 0 0
Brookfield Business Partners, L.P. Partnership G16234109 254 13,307 SH   SOLE   13,307 0 0
Cable One, Inc. Common 12685J105 16,424 32,116 SH   SOLE   27,872 0 4,244
Cabot Oil & Gas Corp. Common 127097103 391,351 15,204,019 SH   SOLE   14,916,951 0 287,068
Camden Property Trust Common 133131102 12,595 142,447 SH   SOLE   56,647 0 85,800
Capital One Financial Corp. Common 14040H105 240,529 3,787,264 SH   SOLE   3,743,966 0 43,298
CarMax, Inc. Common 143130102 552,940 11,277,585 SH   SOLE   11,141,451 0 136,134
CatchMark Timber Trust Inc., Class A Common 14912Y202 26,648 2,180,660 SH   SOLE   636,430 0 1,544,230
Cedar Realty Trust, Inc. Common 150602209 11,573 1,557,559 SH   SOLE   708,079 0 849,480
Charles Schwab Corp. Common 808513105 393,439 15,544,811 SH   SOLE   15,303,383 0 241,428
Chubb Ltd. Common H1467J104 299,642 2,292,421 SH   SOLE   2,262,457 0 29,964
Citizens Financial Group, Inc. Common 174610105 215,277 10,774,605 SH   SOLE   10,635,107 0 139,498
CorEnergy Infrastructure Trust, Inc. Series A Preferred 21870U304 4,291 182,690 SH   SOLE   182,690 0 0
Costco Wholesale Corp. Common 22160K105 331,823 2,112,981 SH   SOLE   2,036,814 0 76,167
Cousins Properties, Inc. Common 222795106 13,001 1,250,057 SH   SOLE   558,197 0 691,860
Crown Castle International Corp. Common 22822V101 14,424 142,202 SH   SOLE   61,032 0 81,170
Ctrip.com International, Ltd. ADR ADR 22943F100 1,641 39,821 SH   SOLE   39,821 0 0
CyrusOne, Inc. Common 23283R100 19,133 343,750 SH   SOLE   170,542 0 173,208
DCT Industrial Trust, Inc. Common 233153204 17,236 358,793 SH   SOLE   134,186 0 224,607
DDR Corporation Common 23317H102 10,626 585,768 SH   SOLE   272,578 0 313,190
Disney Walt Holdings Common 254687106 255 2,609 SH   SOLE   0 0 2,609
DuPont Fabros Technology, Inc. Common 26613Q106 13,700 288,179 SH   SOLE   111,799 0 176,380
Eastgroup Properties, Inc. Common 277276101 21,460 311,377 SH   SOLE   121,967 0 189,410
Eaton Corporation Plc Common G29183103 33,738 564,838 SH   SOLE   489,483 0 75,355
Ecolab, Inc. Common 278865100 235,875 1,988,824 SH   SOLE   1,958,145 0 30,679
Education Realty Trust, Inc. Common 28140H203 18,117 392,658 SH   SOLE   137,305 0 255,353
Encana Corporation Foreign 292505104 571,510 73,364,585 SH   SOLE   72,050,213 0 1,314,372
EQT Corporation Common 26884L109 189,106 2,442,286 SH   SOLE   2,362,384 0 79,902
EQT Midstream Partners L.P. Partnership 26885B100 6,340 78,960 SH   SOLE   78,960 0 0
Equity Residential Common 29476L107 16,279 236,335 SH   SOLE   97,450 0 138,885
Essex Property Trust, Inc. Common 297178105 18,637 81,707 SH   SOLE   30,926 0 50,781
Everest Re Group, Ltd. Common G3223R108 36,218 198,272 SH   SOLE   198,272 0 0
Express Scripts Holding Co. Common 30219G108 375,643 4,955,717 SH   SOLE   4,873,779 0 81,938
Extra Space Storage, Inc. Common 30225T102 10,052 108,627 SH   SOLE   43,867 0 64,760
Facebook, Inc. Common 30303M102 297,042 2,599,249 SH   SOLE   2,541,341 0 57,908
Federal Realty Investment Trust Common 313747206 10,312 62,289 SH   SOLE   24,929 0 37,360
FireEye Inc. - A, 1.00%, 6/1/35 Bond 31816QAB7 1,814 2,000,000 PRN   SOLE   2,000,000 0 0
FireEye Inc. - B, 1.625%, 6/1/35 Bond 31816QAD3 3,528 4,000,000 PRN   SOLE   4,000,000 0 0
First Industrial Realty Trust, Inc. Common 32054K103 19,811 712,102 SH   SOLE   326,132 0 385,970
Forest City Realty Trust, Inc., Class A Common 345605109 15,064 675,220 SH   SOLE   293,870 0 381,350
General Growth Properties, Inc. Common 370023103 17,759 595,550 SH   SOLE   250,430 0 345,120
Goldman Sachs Group, Inc. Common 38141G104 37,438 251,972 SH   SOLE   251,972 0 0
Grupo Televisa S.A.B. ADR ADR 40049J206 12,642 485,488 SH   SOLE   485,488 0 0
Hewlett Packard Enterprise Company Common 42824C109 381 20,830 SH   SOLE   20,830 0 0
Highwoods Properties, Inc. Common 431284108 16,401 310,627 SH   SOLE   107,317 0 203,310
Host Hotels & Resorts, Inc. Common 44107P104 7,066 435,910 SH   SOLE   183,240 0 252,670
HP, Inc. Common 40434L105 91,932 7,325,252 SH   SOLE   7,200,408 0 124,844
ICICI Bank Limited ADR ADR 45104G104 4,676 651,295 SH   SOLE   651,295 0 0
Intel Corp 3.25% 8/1/39 Bond 458140AF7 18,778 11,551,000 PRN   SOLE   11,551,000 0 0
Intel Corp. Common 458140100 472 14,380 SH   SOLE   14,380 0 0
InterXion Holding NV Foreign N47279109 6,823 184,995 SH   SOLE   184,995 0 0
JD.com, Inc ADR ADR 47215P106 40,624 1,913,518 SH   SOLE   1,828,500 0 85,018
Johnson Controls, Inc. Common 478366107 417,623 9,435,681 SH   SOLE   9,240,346 0 195,335
JPMorgan Chase & Co. Common 46625H100 1,104,617 17,776,261 SH   SOLE   17,499,080 0 277,181
Jumei International ADR ADR 48138L107 361 87,500 SH   SOLE   87,500 0 0
KBR, Inc. Common 48242W106 1,394 105,300 SH   SOLE   105,300 0 0
Kite Realty Group Trust Common 49803T300 20,857 744,096 SH   SOLE   304,634 0 439,462
Lam Research Corp. Common 512807108 366 4,355 SH   SOLE   4,355 0 0
LendingClub Corp. Common 52603A109 2,845 661,716 SH   SOLE   603,939 0 57,777
Liberty Global PLC, Series C Common G5480U120 381,127 13,302,873 SH   SOLE   13,005,844 0 297,029
Liberty Global PLC, LiLAC Class C Common G5480U153 70,825 2,179,899 SH   SOLE   2,143,708 0 36,191
Liberty Ventures Series A Common 53071M880 62,796 1,693,997 SH   SOLE   1,627,205 0 66,792
Liberty Interactive Corp., QVC Group, Series A Common 53071M104 70,710 2,787,141 SH   SOLE   2,737,277 0 49,864
Liberty TripAdvisor Holdings, Inc., Series A Common 531465102 15,155 692,656 SH   SOLE   692,206 0 450
Loews Corp. Common 540424108 240,434 5,851,408 SH   SOLE   5,752,996 0 98,412
Markel Corp. Common 570535104 274,211 287,801 SH   SOLE   283,222 0 4,579
Marsh & McLennan Co. Common 571748102 34,489 503,780 SH   SOLE   503,780 0 0
Micron Technology, Inc. Common 595112103 441 32,055 SH   SOLE   32,055 0 0
Microsoft Corp. Common 594918104 239,043 4,671,550 SH   SOLE   4,559,584 0 111,966
Monsanto Co. Common 61166W101 661,965 6,401,359 SH   SOLE   6,284,227 0 117,132
Moody's Corp. Common 615369105 143,866 1,535,222 SH   SOLE   1,513,886 0 21,336
New Oriental Education & Technology ADR ADR 647581107 13,515 322,708 SH   SOLE   322,708 0 0
Newell Brands, Inc. Common 651229106 398 8,193 SH   SOLE   8,193 0 0
Noah Holdings Ltd. ADS ADR 65487X102 20,622 855,339 SH   SOLE   855,339 0 0
NXP Semiconductors NV, 1% 12/1/19 Bond 62952QAB6 7,608 7,000,000 PRN   SOLE   7,000,000 0 0
Occidental Petroleum Corp. Common 674599105 634,897 8,402,549 SH   SOLE   8,235,718 0 166,831
Oracle Corporation Common 68389X105 194,908 4,761,973 SH   SOLE   4,697,153 0 64,820
PACCAR, Inc. Common 693718108 185,834 3,582,693 SH   SOLE   3,483,553 0 99,140
PNC Financial Services Group, Inc. Common 693475105 21,454 263,600 SH   SOLE   263,600 0 0
Post Properties, Inc. Common 737464107 19,448 318,552 SH   SOLE   124,452 0 194,100
Praxair, Inc. Common 74005P104 375,417 3,340,309 SH   SOLE   3,291,147 0 49,162
Public Storage Common 74460D109 22,550 88,227 SH   SOLE   37,157 0 51,070
Quest Diagnostics Inc. Common 74834L100 266,984 3,279,494 SH   SOLE   3,214,835 0 64,659
Quotient Technology, Inc. Common 749119103 66,701 4,973,966 SH   SOLE   4,516,468 0 457,498
Ramco-Gershenson Properties Trust Common 751452202 18,608 948,920 SH   SOLE   352,810 0 596,110
Retail Opportunity Investments Corp. Common 76131N101 18,421 850,058 SH   SOLE   362,148 0 487,910
Rexford Industrial Realty, Inc. Common 76169C100 1,667 79,032 SH   SOLE   33,502 0 45,530
RTI International Metals, 1.625%, 10/15/2019 Bond 74973WAB3 8,215 7,750,000 PRN   SOLE   7,750,000 0 0
S&P Global, Inc. Common 78409V104 18,851 175,750 SH   SOLE   175,750 0 0
Salesforce.com, Inc., 0.25%, 04/01/2018 Bond 79466LAD6 10,335 8,000,000 PRN   SOLE   8,000,000 0 0
SAP AG ADR ADR 803054204 9,384 125,091 SH   SOLE   111,443 0 13,648
Simon Property Group, Inc. Common 828806109 50,755 234,004 SH   SOLE   98,774 0 135,230
Soufun Holdings Ltd., Class A ADR ADR 836034108 87,132 17,322,562 SH   SOLE   16,936,946 0 385,616
State Street Corp. Common 857477103 21,899 406,140 SH   SOLE   406,140 0 0
TAL Education Group, Class A, ADR ADR 874080104 13,853 223,225 SH   SOLE   223,225 0 0
Terreno Realty Corp. Common 88146M101 27,770 1,073,426 SH   SOLE   442,503 0 630,923
Texas Instruments, Inc. Common 882508104 567,090 9,051,716 SH   SOLE   8,840,404 0 211,312
The Priceline Group, Inc. Common 741503403 203,601 163,088 SH   SOLE   160,101 0 2,987
Tyco International PLC Common G91442106 314,362 7,379,394 SH   SOLE   7,262,000 0 117,394
United Parcel Service, Inc., Class B Common 911312106 271 2,512 SH   SOLE   0 0 2,512
United Technologies Corp. Common 913017109 953,797 9,300,803 SH   SOLE   9,126,867 0 173,936
UnitedHealth Group, Inc. Common 91324P102 492,028 3,484,617 SH   SOLE   3,401,320 0 83,297
US Bancorp Common 902973304 90,001 2,231,625 SH   SOLE   2,226,536 0 5,089
Valeant Pharmaceuticals International Common 91911K102 147,118 7,304,762 SH   SOLE   7,137,376 0 167,386
Vipshop Holdings Ltd. ADS ADR 92763W103 27,635 2,474,050 SH   SOLE   2,400,154 0 73,896
Visa, Inc., Class A Common 92826C839 369,244 4,978,347 SH   SOLE   4,881,144 0 97,203
Vornado Realty Trust Common 929042109 7,125 71,160 SH   SOLE   29,724 0 41,436
Wells Fargo & Co. Common 949746101 1,146,690 24,227,545 SH   SOLE   23,877,754 0 349,791
Welltower, Inc. Common 95040Q104 15,547 204,112 SH   SOLE   83,672 0 120,440
Wesco Aircraft Holdings, Inc. Common 950814103 64,554 4,810,253 SH   SOLE   4,562,344 0 247,909
Wesco International, Inc. Common 95082P105 24,641 478,557 SH   SOLE   429,087 0 49,470
Xilinx, Inc. Common 983919101 365 7,920 SH   SOLE   7,920 0 0
YY, Inc. ADR ADR 98426T106 40,699 1,201,635 SH   SOLE   1,140,801 0 60,834