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 134,161 1,233,438 SH   SOLE   484,438 0 749,000
American Electric Power Co. In COM 025537101 1,445 22,500 SH   SOLE   22,500 0 0
American Homes 4 Rent COM 02665T306 70,602 3,262,569 SH   SOLE   1,434,569 0 1,828,000
American Tower Corp. COM 03027X100 2,618 23,100 SH   SOLE   23,100 0 0
AvalonBay Communities Inc. COM 053484101 429,788 2,416,709 SH   SOLE   1,080,986 0 1,335,723
Boardwalk Pipeline Partners L. COM 096627104 2,686 156,509 SH   SOLE   156,509 0 0
Boston Properties Inc. COM 101121101 172,293 1,264,164 SH   SOLE   589,171 0 674,993
Brixmor Property Group COM 11120U105 154,157 5,547,195 SH   SOLE   2,877,992 0 2,669,203
Buckeye Partners L.P. COM 118230101 8,782 122,648 SH   SOLE   122,648 0 0
Cone Midstream Partners LP COM 206812109 3,007 166,155 SH   SOLE   166,155 0 0
Crown Castle International Cor COM 22822V101 56,181 596,335 SH   SOLE   596,335 0 0
CubeSmart COM 229663109 171,922 6,306,738 SH   SOLE   3,369,610 0 2,937,128
DCP Midstream Partners L.P. COM 23311P100 3,775 106,836 SH   SOLE   106,836 0 0
DCT Industrial Trust COM 233153204 180,580 3,719,472 SH   SOLE   1,960,412 0 1,759,060
DDR Corp. COM 23317H102 276,430 15,859,425 SH   SOLE   8,137,925 0 7,721,500
Digital Realty Trust Inc. COM 253868103 376,868 3,880,441 SH   SOLE   1,710,196 0 2,170,245
DTE Energy Co. COM 233331107 1,947 20,784 SH   SOLE   20,784 0 0
Duke Realty Corporation COM 264411505 124,298 4,548,039 SH   SOLE   1,688,439 0 2,859,600
Edison International COM 281020107 897 12,409 SH   SOLE   12,409 0 0
Enbridge Energy Management L.L COM 29250X103 911 35,809 SH   SOLE   35,809 0 0
Enbridge Energy Partners L.P. COM 29250R106 9,738 382,924 SH   SOLE   382,924 0 0
Energy Transfer Partners L.P. COM 29273R109 13,773 372,232 SH   SOLE   372,232 0 0
EnLink Midstream Partners LP COM 29336U107 5,686 321,070 SH   SOLE   321,070 0 0
Enterprise Products Partners L COM 293792107 16,786 607,545 SH   SOLE   607,545 0 0
EQT Midstream Partners, L.P. COM 26885B100 7,835 102,830 SH   SOLE   102,830 0 0
Equinix Inc COM 29444U700 73,330 203,554 SH   SOLE   38,979 0 164,575
Equity Residential COM 29476L107 626,087 9,732,429 SH   SOLE   5,829,680 0 3,902,749
Essex Property Trust Inc. COM 297178105 32,043 143,882 SH   SOLE   33,052 0 110,830
Eversource Energy COM 30040W108 605 11,172 SH   SOLE   11,172 0 0
Gaming and Leisure Properties COM 36467J108 215,758 6,450,176 SH   SOLE   3,290,276 0 3,159,900
General Growth Properties COM 370023103 504,488 18,278,566 SH   SOLE   9,089,793 0 9,188,773
HCP Inc. COM 40414L109 158,199 4,168,622 SH   SOLE   1,509,042 0 2,659,580
HealthCare Realty Trust COM 421946104 199,356 5,853,096 SH   SOLE   2,928,302 0 2,924,794
Healthcare Trust of America In COM 42225P501 158,570 4,861,123 SH   SOLE   2,359,563 0 2,501,560
Highwoods Properties Inc. COM 431284108 121,122 2,323,907 SH   SOLE   1,016,970 0 1,306,937
Host Hotels & Resorts Inc. COM 44107P104 190,203 12,215,987 SH   SOLE   5,558,182 0 6,657,805
ITC Holdings Corp. COM 465685105 325 7,000 SH   SOLE   7,000 0 0
Kilroy Realty Corp. COM 49427F108 260,936 3,762,602 SH   SOLE   1,880,202 0 1,882,400
Kimco Realty Corp. COM 49446R109 478,849 16,540,561 SH   SOLE   9,576,560 0 6,964,001
Kinder Morgan Inc. COM 49456B101 7,389 319,454 SH   SOLE   319,454 0 0
Liberty Property Trust COM 531172104 176,761 4,380,703 SH   SOLE   2,678,503 0 1,702,200
Life Storage Inc COM 53223X107 38,461 432,434 SH   SOLE   158,602 0 273,832
Macerich Co. COM 554382101 18,137 224,279 SH   SOLE   146,100 0 78,179
Magellan Midstream Partners L. COM 559080106 11,810 166,949 SH   SOLE   166,949 0 0
MGM Growth Properties LLC COM 55303A105 82,518 3,165,264 SH   SOLE   1,583,888 0 1,581,376
Monogram Residential Trust, In COM 60979P105 13,411 1,260,400 SH   SOLE   1,260,400 0 0
MPLX LP COM 55336V100 9,197 271,613 SH   SOLE   271,613 0 0
Nextera Energy Inc COM 65339F101 2,199 17,980 SH   SOLE   17,980 0 0
NextEra Energy Partners LP COM 65341B106 531 18,980 SH   SOLE   18,980 0 0
Norfolk Southern Corp COM 655844108 2,029 20,900 SH   SOLE   20,900 0 0
NRG Yield, Inc. Class A COM 62942X306 1,226 75,100 SH   SOLE   75,100 0 0
Paramount Group Inc COM 69924R108 104,430 6,371,582 SH   SOLE   3,174,682 0 3,196,900
Pattern Energy Group Inc. COM 70338P100 785 34,900 SH   SOLE   34,900 0 0
Pebblebrook Hotel Trust COM 70509V100 81,597 3,067,561 SH   SOLE   1,352,514 0 1,715,047
Pennsylvania Real Estate COM 709102107 18,329 795,893 SH   SOLE   163,593 0 632,300
PG&E Corp. COM 69331C108 2,349 38,400 SH   SOLE   38,400 0 0
Phillips 66 Partners LP COM 718549207 4,735 97,427 SH   SOLE   97,427 0 0
Plains All American Pipeline, COM 726503105 12,197 388,300 SH   SOLE   388,300 0 0
ProLogis Inc. COM 74340W103 562,626 10,508,510 SH   SOLE   5,411,595 0 5,096,915
Public Storage COM 74460D109 402,615 1,804,317 SH   SOLE   809,174 0 995,143
QTS Realty Trust Inc COM 74736A103 154,284 2,919,279 SH   SOLE   1,563,035 0 1,356,244
Ramco Gershenson Properties Tr COM 751452202 29,539 1,576,248 SH   SOLE   347,710 0 1,228,538
Regency Centers Corporation COM 758849103 259,185 3,344,753 SH   SOLE   1,781,917 0 1,562,836
Semgroup Corp. COM 81663A105 2,433 68,808 SH   SOLE   68,808 0 0
Sempra Energy COM 816851109 3,002 28,005 SH   SOLE   28,005 0 0
Senior Housing Properties Trus COM 81721M109 81,388 3,583,797 SH   SOLE   2,218,497 0 1,365,300
Shell Midstream Partners LP COM 822634101 5,965 185,940 SH   SOLE   185,940 0 0
Simon Property Group Inc. COM 828806109 1,098,193 5,305,026 SH   SOLE   2,752,200 0 2,552,826
SL Green Realty Corp. COM 78440X101 537,495 4,972,202 SH   SOLE   3,075,912 0 1,896,290
Spirit Realty Capital Inc. COM 84860W102 356,485 26,743,028 SH   SOLE   14,075,331 0 12,667,697
STORE Capital Corp COM 862121100 65,768 2,231,688 SH   SOLE   589,388 0 1,642,300
Sun Communities Inc. COM 866674104 332,057 4,231,109 SH   SOLE   2,367,618 0 1,863,491
Sunoco Logistics Partners L.P. COM 86764L108 3,501 123,215 SH   SOLE   123,215 0 0
Sunstone Hotel Investors Inc. COM 867892101 116,186 9,084,130 SH   SOLE   4,554,889 0 4,529,241
Tallgrass Energy Partners LP COM 874697105 6,959 144,374 SH   SOLE   144,374 0 0
Targa Resources Corp. COM 87612G101 3,942 80,275 SH   SOLE   80,275 0 0
Tesoro Logistics LP COM 88160T107 9,265 191,269 SH   SOLE   191,269 0 0
UDR Inc. COM 902653104 307,231 8,536,566 SH   SOLE   4,082,245 0 4,454,321
Valero Energy Partners LP COM 91914J102 3,352 76,718 SH   SOLE   76,718 0 0
Ventas Inc. COM 92276F100 85,020 1,203,734 SH   SOLE   596,034 0 607,700
VEREIT Inc COM 92339V100 464,194 44,763,145 SH   SOLE   24,754,966 0 20,008,179
Vornado Realty Trust COM 929042109 586,196 5,791,877 SH   SOLE   3,296,683 0 2,495,194
Washington Prime Group Inc COM 93964W108 8,961 723,803 SH   SOLE   186,083 0 537,720
Weingarten Realty Investors COM 948741103 104,558 2,682,350 SH   SOLE   1,570,706 0 1,111,644
Welltower Inc. COM 95040Q104 687,766 9,198,417 SH   SOLE   4,456,030 0 4,742,387
Westar Energy, Inc. COM 95709T100 732 12,900 SH   SOLE   12,900 0 0
Western Gas Partners LP COM 958254104 8,025 145,770 SH   SOLE   145,770 0 0
Williams Cos. COM 969457100 5,101 166,000 SH   SOLE   166,000 0 0
Williams Partners LP COM 96949L105 10,627 285,761 SH   SOLE   285,761 0 0
Xcel Energy Inc. COM 98389B100 1,452 35,300 SH   SOLE   35,300 0 0