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 1,100 23,086 SH   SOLE   23,086 0 0
Acadia Realty Trust Common 004239109 17,557 484,457 SH   SOLE   247,587 0 236,870
Aetna Inc. Common 00817Y108 173,673 1,504,313 SH   SOLE   1,457,153 0 47,160
Air Products & Chemicals, Inc. Common 009158106 274 1,825 SH   SOLE   0 0 1,825
Alexander & Baldwin, Inc. Common 014491104 3,056 79,534 SH   SOLE   79,534 0 0
Alexandria Real Estate Equities, Inc. Common 015271109 10,356 95,206 SH   SOLE   42,822 0 52,384
Alphabet Inc., Class A Common 02079K305 702,933 874,230 SH   SOLE   856,662 0 17,568
Alphabet Inc., Class C Common 02079K107 1,030,874 1,326,242 SH   SOLE   1,306,402 0 19,840
Amazon.Com, Inc. Common 023135106 1,700,896 2,031,382 SH   SOLE   1,994,898 0 36,484
American Campus Communities, Inc. Common 024835100 18,416 362,021 SH   SOLE   163,777 0 198,244
American Express Co. Common 025816109 822,859 12,849,137 SH   SOLE   12,661,770 0 187,367
American Homes 4 Rent, Class A Common 02665T306 12,108 559,522 SH   SOLE   196,592 0 362,930
American International Group. Inc. Common 026874784 19,631 330,830 SH   SOLE   330,830 0 0
Angie's List, Inc. Common 034754101 31,776 3,206,460 SH   SOLE   2,887,210 0 319,250
Apache Corporation Common 037411105 1,256,736 19,676,467 SH   SOLE   19,282,571 0 393,896
Apartment Investment & Management Common 03748R101 9,844 214,423 SH   SOLE   83,553 0 130,870
Applied Materials, Inc. Common 038222105 14,318 474,880 SH   SOLE   474,880 0 0
Avalonbay Communities, Inc. Common 053484101 19,913 111,971 SH   SOLE   49,891 0 62,080
Axalta Coating Systems Ltd. Common G0750C108 322 11,400 SH   SOLE   11,400 0 0
Baidu, Inc. Class A, ADR ADR 056752108 12,588 69,137 SH   SOLE   69,137 0 0
Bank of New York Mellon Corp. Common 064058100 857,657 21,505,937 SH   SOLE   21,179,344 0 326,593
Berkshire Hathaway Inc., Class A Common 084670108 1,001,963 4,634 SH   SOLE   4,630 0 4
Berkshire Hathaway Inc., Class B Common 084670702 256,133 1,772,913 SH   SOLE   1,636,421 0 136,492
Boston Properties, Inc. Common 101121101 38,329 281,230 SH   SOLE   116,980 0 164,250
Brookfield Asset Management Inc., Class A Foreign 112585104 23,328 663,115 SH   SOLE   663,115 0 0
Brookfield Business Partners, L.P. Partnership G16234109 352 13,307 SH   SOLE   13,307 0 0
Cabot Oil & Gas Corp. Common 127097103 407,621 15,799,261 SH   SOLE   15,414,122 0 385,139
Camden Property Trust Common 133131102 11,929 142,447 SH   SOLE   56,647 0 85,800
Capital One Financial Corp. Common 14040H105 270,373 3,764,073 SH   SOLE   3,721,262 0 42,811
CarMax, Inc. Common 143130102 518,826 9,724,947 SH   SOLE   9,594,263 0 130,684
CatchMark Timber Trust Inc., Class A Common 14912Y202 26,964 2,306,600 SH   SOLE   762,370 0 1,544,230
Cedar Realty Trust, Inc. Common 150602209 11,214 1,557,569 SH   SOLE   708,089 0 849,480
Charles Schwab Corp. Common 808513105 509,763 16,147,073 SH   SOLE   15,845,380 0 301,693
Chubb Ltd. Common H1467J104 227,138 1,807,706 SH   SOLE   1,779,375 0 28,331
Citizens Financial Group, Inc. Common 174610105 249,858 10,111,602 SH   SOLE   9,976,395 0 135,207
CommerceHub, Inc., Series A Common 20084V108 1,826 115,541 SH   SOLE   115,459 0 82
CommerceHub, Inc., Series C Common 20084V306 3,677 231,088 SH   SOLE   230,923 0 165
CorEnergy Infrastructure Trust, Inc. Series A Preferred 21870U304 3,373 136,266 SH   SOLE   136,266 0 0
Costco Wholesale Corp. Common 22160K105 299,105 1,961,214 SH   SOLE   1,898,586 0 62,628
Cousins Properties, Inc. Common 222795106 13,051 1,250,050 SH   SOLE   558,190 0 691,860
Crown Castle International Corp. Common 22822V101 13,397 142,204 SH   SOLE   61,034 0 81,170
Ctrip.com International, Ltd. ADR ADR 22943F100 2,643 56,751 SH   SOLE   56,751 0 0
CyrusOne, Inc. Common 23283R100 11,980 251,841 SH   SOLE   106,533 0 145,308
DCT Industrial Trust, Inc. Common 233153204 17,420 358,800 SH   SOLE   134,193 0 224,607
DDR Corporation Common 23317H102 10,210 585,787 SH   SOLE   272,597 0 313,190
Delphi Automotive Plc Common G27823106 273,395 3,833,351 SH   SOLE   3,716,007 0 117,344
Disney Walt Holdings Common 254687106 244 2,629 SH   SOLE   0 0 2,629
DuPont Fabros Technology, Inc. Common 26613Q106 11,888 288,183 SH   SOLE   111,803 0 176,380
Eastgroup Properties, Inc. Common 277276101 13,799 187,587 SH   SOLE   81,427 0 106,160
Eaton Corporation Plc Common G29183103 38,210 581,490 SH   SOLE   506,420 0 75,070
Ecolab, Inc. Common 278865100 229,032 1,881,626 SH   SOLE   1,853,024 0 28,602
Education Realty Trust, Inc. Common 28140H203 7,471 173,183 SH   SOLE   53,100 0 120,083
Encana Corporation Foreign 292505104 785,569 75,030,451 SH   SOLE   73,484,706 0 1,545,745
EQT Corporation Common 26884L109 218,913 3,014,494 SH   SOLE   2,969,846 0 44,648
EQT Midstream Partners L.P. Partnership 26885B100 9,851 129,292 SH   SOLE   129,292 0 0
Equity Residential Common 29476L107 17,041 264,899 SH   SOLE   97,454 0 167,445
Essex Property Trust, Inc. Common 297178105 18,196 81,708 SH   SOLE   30,927 0 50,781
Everest Re Group, Ltd. Common G3223R108 37,569 197,762 SH   SOLE   197,762 0 0
Express Scripts Holding Co. Common 30219G108 327,179 4,638,868 SH   SOLE   4,558,364 0 80,504
Extra Space Storage, Inc. Common 30225T102 8,626 108,628 SH   SOLE   43,868 0 64,760
Facebook, Inc. Common 30303M102 310,446 2,420,251 SH   SOLE   2,373,674 0 46,577
Fang Holdings Ltd ADR 30711Y102 78,896 17,571,453 SH   SOLE   17,195,345 0 376,108
Federal Realty Investment Trust Common 313747206 9,588 62,290 SH   SOLE   24,930 0 37,360
First Industrial Realty Trust, Inc. Common 32054K103 16,653 590,122 SH   SOLE   274,672 0 315,450
Forest City Realty Trust, Inc., Class A Common 345605109 15,618 675,229 SH   SOLE   293,879 0 381,350
General Growth Properties, Inc. Common 370023103 16,437 595,554 SH   SOLE   250,434 0 345,120
Goldman Sachs Group, Inc. Common 38141G104 40,584 251,652 SH   SOLE   251,652 0 0
Grupo Televisa S.A.B. ADR ADR 40049J206 4,114 160,155 SH   SOLE   160,155 0 0
Hewlett Packard Enterprise Company Common 42824C109 474 20,830 SH   SOLE   20,830 0 0
Highwoods Properties, Inc. Common 431284108 16,190 310,630 SH   SOLE   107,320 0 203,310
Host Hotels & Resorts, Inc. Common 44107P104 6,787 435,914 SH   SOLE   183,244 0 252,670
HP, Inc. Common 40434L105 368 23,700 SH   SOLE   23,700 0 0
ICICI Bank Limited ADR ADR 45104G104 4,865 651,295 SH   SOLE   651,295 0 0
Intel Corp. Common 458140100 543 14,380 SH   SOLE   14,380 0 0
InterXion Holding NV Foreign N47279109 6,701 184,999 SH   SOLE   184,999 0 0
JD.com, Inc ADR ADR 47215P106 54,213 2,077,921 SH   SOLE   1,995,193 0 82,728
Johnson Controls International Plc Common G51502105 678,876 14,590,065 SH   SOLE   14,319,202 0 270,863
JPMorgan Chase & Co. Common 46625H100 1,128,919 16,953,276 SH   SOLE   16,684,094 0 269,182
Jumei International ADR ADR 48138L107 532 90,960 SH   SOLE   90,960 0 0
KBR, Inc. Common 48242W106 1,593 105,300 SH   SOLE   105,300 0 0
Kite Realty Group Trust Common 49803T300 20,627 744,103 SH   SOLE   304,641 0 439,462
Lam Research Corp. Common 512807108 412 4,355 SH   SOLE   4,355 0 0
LendingClub Corp. Common 52603A109 4,172 675,118 SH   SOLE   619,467 0 55,651
Liberty Global PLC, Series C Common G5480U120 420,324 12,721,681 SH   SOLE   12,430,700 0 290,981
Liberty Global PLC, LiLAC Class C Common G5480U153 57,835 2,061,844 SH   SOLE   2,027,598 0 34,246
Liberty Ventures Series A Common 53071M880 46,067 1,155,431 SH   SOLE   1,154,606 0 825
Liberty Interactive Corp., QVC Group, Series A Common 53071M104 52,435 2,620,438 SH   SOLE   2,572,385 0 48,053
Liberty TripAdvisor Holdings, Inc., Series A Common 531465102 14,366 657,484 SH   SOLE   657,034 0 450
Loews Corp. Common 540424108 223,416 5,429,312 SH   SOLE   5,342,440 0 86,872
Markel Corp. Common 570535104 259,861 279,791 SH   SOLE   275,286 0 4,505
Marsh & McLennan Co. Common 571748102 33,792 502,480 SH   SOLE   502,480 0 0
Micron Technology, Inc. Common 595112103 570 32,055 SH   SOLE   32,055 0 0
Microsoft Corp. Common 594918104 256,004 4,444,519 SH   SOLE   4,337,686 0 106,833
Monsanto Co. Common 61166W101 637,485 6,237,627 SH   SOLE   6,124,710 0 112,917
Moody's Corp. Common 615369105 158,719 1,465,821 SH   SOLE   1,445,622 0 20,199
New Oriental Education & Technology ADR ADR 647581107 17,125 369,393 SH   SOLE   369,393 0 0
Noah Holdings Ltd. ADS ADR 65487X102 26,826 1,027,407 SH   SOLE   1,027,407 0 0
Occidental Petroleum Corp. Common 674599105 606,763 8,320,935 SH   SOLE   8,156,666 0 164,269
Oracle Corporation Common 68389X105 177,553 4,520,191 SH   SOLE   4,458,817 0 61,374
PACCAR, Inc. Common 693718108 10,121 172,177 SH   SOLE   136,557 0 35,620
PNC Financial Services Group, Inc. Common 693475105 23,665 262,680 SH   SOLE   262,680 0 0
Post Properties, Inc. Common 737464107 21,066 318,555 SH   SOLE   124,455 0 194,100
PPG Industries, Inc. Common 693506107 4,413 42,700 SH   SOLE   42,700 0 0
Praxair, Inc. Common 74005P104 382,455 3,165,236 SH   SOLE   3,118,052 0 47,184
Public Storage Common 74460D109 22,782 102,096 SH   SOLE   43,036 0 59,060
Quest Diagnostics Inc. Common 74834L100 20,302 239,896 SH   SOLE   214,552 0 25,344
Quotient Technology, Inc. Common 749119103 28,667 2,153,784 SH   SOLE   1,906,417 0 247,367
Ramco-Gershenson Properties Trust Common 751452202 17,783 948,941 SH   SOLE   352,831 0 596,110
Retail Opportunity Investments Corp. Common 76131N101 18,667 850,063 SH   SOLE   362,153 0 487,910
Rexford Industrial Realty, Inc. Common 76169C100 1,809 79,027 SH   SOLE   33,497 0 45,530
S&P Global, Inc. Common 78409V104 22,183 175,280 SH   SOLE   175,280 0 0
SAP AG ADR ADR 803054204 11,919 130,389 SH   SOLE   116,595 0 13,794
Simon Property Group, Inc. Common 828806109 51,689 249,695 SH   SOLE   105,515 0 144,180
State Street Corp. Common 857477103 28,179 404,700 SH   SOLE   404,700 0 0
TAL Education Group, Class A, ADR ADR 874080104 18,071 255,103 SH   SOLE   255,103 0 0
Terreno Realty Corp. Common 88146M101 22,181 806,277 SH   SOLE   330,654 0 475,623
Texas Instruments, Inc. Common 882508104 625,056 8,906,473 SH   SOLE   8,699,845 0 206,628
The Priceline Group, Inc. Common 741503403 214,395 145,699 SH   SOLE   142,976 0 2,723
US Bancorp Common 902973304 95,679 2,230,805 SH   SOLE   2,225,686 0 5,119
United Technologies Corp. Common 913017109 904,129 8,898,906 SH   SOLE   8,727,806 0 171,100
UnitedHealth Group, Inc. Common 91324P102 455,116 3,250,827 SH   SOLE   3,178,031 0 72,796
Valeant Pharmaceuticals International Common 91911K102 180,816 7,365,210 SH   SOLE   7,200,346 0 164,864
Ventas, Inc. Common 92276F100 2,924 41,402 SH   SOLE   41,402 0 0
Vipshop Holdings Ltd. ADS ADR 92763W103 39,366 2,683,442 SH   SOLE   2,611,032 0 72,410
Visa, Inc., Class A Common 92826C839 373,076 4,511,202 SH   SOLE   4,449,452 0 61,750
Vornado Realty Trust Common 929042109 10,710 105,816 SH   SOLE   44,390 0 61,426
Wells Fargo & Co. Common 949746101 1,159,842 26,193,351 SH   SOLE   25,728,436 0 464,915
Welltower, Inc. Common 95040Q104 15,262 204,113 SH   SOLE   83,673 0 120,440
Wesco Aircraft Holdings, Inc. Common 950814103 64,190 4,779,618 SH   SOLE   4,566,036 0 213,582
Wesco International, Inc. Common 95082P105 30,409 494,534 SH   SOLE   445,257 0 49,277
Xilinx, Inc. Common 983919101 430 7,920 SH   SOLE   7,920 0 0
YY, Inc. ADR ADR 98426T106 12,265 230,192 SH   SOLE   230,192 0 0