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 165,914 1,492,975 SH   SOLE   622,475 0 870,500
American Campus Communities COM 024835100 158,316 3,180,961 SH   SOLE   1,528,061 0 1,652,900
American Electric Power Co. In COM 025537101 1,190 18,900 SH   SOLE   18,900 0 0
American Homes 4 Rent COM 02665T306 64,123 3,056,379 SH   SOLE   1,106,279 0 1,950,100
American Tower Corp. COM 03027X100 1,564 14,800 SH   SOLE   14,800 0 0
American Water Works Co. COM 030420103 666 9,200 SH   SOLE   9,200 0 0
Apartment Investment and Manag COM 03748R101 7,199 158,400 SH   SOLE   158,400 0 0
Atmos Energy Corp. COM 049560105 415 5,600 SH   SOLE   5,600 0 0
AvalonBay Communities Inc. COM 053484101 399,594 2,255,682 SH   SOLE   1,024,765 0 1,230,917
Boston Properties Inc. COM 101121101 197,982 1,574,031 SH   SOLE   708,038 0 865,993
Brixmor Property Group COM 11120U105 19,231 787,525 SH   SOLE   473,622 0 313,903
Buckeye Partners L.P. COM 118230101 3,457 52,255 SH   SOLE   52,255 0 0
Corporate Office Properties Tr COM 22002T108 26,999 864,794 SH   SOLE   321,494 0 543,300
Crown Castle International Cor COM 22822V101 110,422 1,272,586 SH   SOLE   792,086 0 480,500
CubeSmart COM 229663109 140,694 5,255,655 SH   SOLE   2,409,227 0 2,846,428
DCP Midstream LP COM 23311P100 2,647 68,977 SH   SOLE   68,977 0 0
DCT Industrial Trust COM 233153204 184,669 3,856,922 SH   SOLE   2,371,537 0 1,485,385
DDR Corp. COM 23317H102 250,724 16,419,366 SH   SOLE   8,782,166 0 7,637,200
Diamondrock Hospitality COM 252784301 17,800 1,543,800 SH   SOLE   1,490,700 0 53,100
Digital Realty Trust Inc. COM 253868103 374,810 3,814,472 SH   SOLE   1,801,899 0 2,012,573
DTE Energy Co. COM 233331107 1,537 15,600 SH   SOLE   15,600 0 0
Duke Realty Corporation COM 264411505 73,307 2,760,040 SH   SOLE   956,008 0 1,804,032
Edison International COM 281020107 655 9,100 SH   SOLE   9,100 0 0
Enable Midstream Partners LP COM 292480100 2,024 128,700 SH   SOLE   128,700 0 0
Enbridge Energy Management L.L COM 29250X103 734 28,327 SH   SOLE   28,327 0 0
Enbridge Energy Partners L.P. COM 29250R106 8,749 343,374 SH   SOLE   343,374 0 0
Energy Transfer Partners L.P. COM 29273R109 12,598 351,803 SH   SOLE   351,803 0 0
EnLink Midstream Partners LP COM 29336U107 6,360 345,295 SH   SOLE   345,295 0 0
Enterprise Products Partners L COM 293792107 13,715 507,223 SH   SOLE   507,223 0 0
EQT Midstream Partners, L.P. COM 26885B100 4,321 56,355 SH   SOLE   56,355 0 0
Equinix Inc COM 29444U700 69,175 193,546 SH   SOLE   36,471 0 157,075
Equity Residential COM 29476L107 550,193 8,548,673 SH   SOLE   5,061,124 0 3,487,549
Eversource Energy COM 30040W108 459 8,310 SH   SOLE   8,310 0 0
Forest City Realty Trust - A COM 345605109 11,101 532,655 SH   SOLE   92,455 0 440,200
Gaming and Leisure Properties COM 36467J108 182,594 5,963,239 SH   SOLE   3,014,039 0 2,949,200
GGP Inc. COM 36174X101 494,434 19,793,169 SH   SOLE   10,480,810 0 9,312,359
HCP Inc. COM 40414L109 139,870 4,706,270 SH   SOLE   2,038,990 0 2,667,280
HealthCare Realty Trust COM 421946104 138,884 4,580,595 SH   SOLE   2,095,101 0 2,485,494
Healthcare Trust of America In COM 42225P501 150,249 5,161,420 SH   SOLE   2,704,926 0 2,456,494
Highwoods Properties Inc. COM 431284108 90,356 1,771,336 SH   SOLE   897,199 0 874,137
Hilton Worldwide Holdings Inc. COM 43300A203 19,920 732,347 SH   SOLE   121,147 0 611,200
Host Hotels & Resorts Inc. COM 44107P104 293,510 15,579,080 SH   SOLE   7,337,327 0 8,241,753
Hudson Pacific Properties COM 444097109 37,993 1,092,391 SH   SOLE   587,791 0 504,600
Kilroy Realty Corp. COM 49427F108 205,183 2,802,275 SH   SOLE   1,375,375 0 1,426,900
Kimco Realty Corp. COM 49446R109 395,939 15,736,838 SH   SOLE   9,539,257 0 6,197,581
Kinder Morgan Inc. COM 49456B101 7,855 379,304 SH   SOLE   379,304 0 0
Liberty Property Trust COM 531172104 131,061 3,317,991 SH   SOLE   1,660,591 0 1,657,400
Macerich Co. COM 554382101 25,164 355,221 SH   SOLE   303,500 0 51,721
Magellan Midstream Partners L. COM 559080106 9,414 124,474 SH   SOLE   124,474 0 0
MGM Growth Properties LLC COM 55303A105 17,020 672,451 SH   SOLE   127,018 0 545,433
Mid-America Apt. Comm. COM 59522J103 44,009 449,437 SH   SOLE   86,137 0 363,300
Monogram Residential Trust, In COM 60979P105 10,661 985,300 SH   SOLE   985,300 0 0
MPLX LP COM 55336V100 7,784 224,829 SH   SOLE   224,829 0 0
Nextera Energy Inc COM 65339F101 1,824 15,270 SH   SOLE   15,270 0 0
NextEra Energy Partners LP COM 65341B106 453 17,749 SH   SOLE   17,749 0 0
Norfolk Southern Corp COM 655844108 2,075 19,200 SH   SOLE   19,200 0 0
NRG Yield, Inc. Class A COM 62942X306 596 38,800 SH   SOLE   38,800 0 0
ONEOK Partners L.P. COM 68268N103 6,185 143,800 SH   SOLE   143,800 0 0
Paramount Group Inc COM 69924R108 95,137 5,949,761 SH   SOLE   2,829,061 0 3,120,700
Pattern Energy Group Inc. COM 70338P100 630 33,200 SH   SOLE   33,200 0 0
Pennsylvania Real Estate COM 709102107 14,909 786,357 SH   SOLE   160,457 0 625,900
PG&E Corp. COM 69331C108 1,762 29,000 SH   SOLE   29,000 0 0
Phillips 66 Partners LP COM 718549207 5,258 108,102 SH   SOLE   108,102 0 0
Plains All American Pipeline, COM 726503105 12,240 379,050 SH   SOLE   379,050 0 0
Plains GP Holdings COM 72651A207 679 19,578 SH   SOLE   19,578 0 0
ProLogis Inc. COM 74340W103 505,784 9,581,059 SH   SOLE   4,979,376 0 4,601,683
Public Storage COM 74460D109 437,797 1,958,822 SH   SOLE   960,077 0 998,745
QTS Realty Trust Inc COM 74736A103 153,218 3,085,957 SH   SOLE   1,617,413 0 1,468,544
Ramco Gershenson Properties Tr COM 751452202 26,792 1,615,921 SH   SOLE   299,483 0 1,316,438
Regency Centers Corporation COM 758849103 293,153 4,251,676 SH   SOLE   2,468,340 0 1,783,336
Sempra Energy COM 816851109 1,137 11,300 SH   SOLE   11,300 0 0
Shell Midstream Partners LP COM 822634101 1,524 52,380 SH   SOLE   52,380 0 0
Simon Property Group Inc. COM 828806109 1,000,125 5,629,116 SH   SOLE   3,196,001 0 2,433,115
SL Green Realty Corp. COM 78440X101 473,521 4,402,802 SH   SOLE   2,827,812 0 1,574,990
Spirit Realty Capital Inc. COM 84860W102 199,529 18,372,796 SH   SOLE   8,867,337 0 9,505,459
STORE Capital Corp COM 862121100 45,324 1,834,223 SH   SOLE   301,723 0 1,532,500
Suburban Propane Partners L.P. COM 864482104 2,100 69,850 SH   SOLE   69,850 0 0
Sun Communities Inc. COM 866674104 327,010 4,268,499 SH   SOLE   2,382,508 0 1,885,991
Sunoco Logistics Partners L.P. COM 86764L108 2,574 107,159 SH   SOLE   107,159 0 0
Sunstone Hotel Investors Inc. COM 867892101 105,378 6,910,025 SH   SOLE   3,288,163 0 3,621,862
Tallgrass Energy Partners LP COM 874697105 6,134 129,274 SH   SOLE   129,274 0 0
Targa Resources Corp. COM 87612G101 2,675 47,710 SH   SOLE   47,710 0 0
Tesoro Logistics LP COM 88160T107 9,079 178,694 SH   SOLE   178,694 0 0
UDR Inc. COM 902653104 275,997 7,565,694 SH   SOLE   3,619,104 0 3,946,590
Valero Energy Partners LP COM 91914J102 2,939 66,393 SH   SOLE   66,393 0 0
Ventas Inc. COM 92276F100 5,927 94,800 SH   SOLE   0 0 94,800
VEREIT Inc COM 92339V100 327,044 38,657,627 SH   SOLE   21,476,671 0 17,180,956
Vornado Realty Trust COM 929042109 631,631 6,051,846 SH   SOLE   3,649,898 0 2,401,948
Weingarten Realty Investors COM 948741103 104,699 2,925,366 SH   SOLE   1,655,422 0 1,269,944
Welltower Inc. COM 95040Q104 427,228 6,383,202 SH   SOLE   2,983,271 0 3,399,931
Western Gas Partners LP COM 958254104 7,347 125,037 SH   SOLE   125,037 0 0
Williams Cos. COM 969457100 5,038 161,775 SH   SOLE   161,775 0 0
Williams Partners LP COM 96949L105 9,542 250,911 SH   SOLE   250,911 0 0
Xcel Energy Inc. COM 98389B100 1,168 28,700 SH   SOLE   28,700 0 0