Cbre Clarion Securities 13F-HR Quarterly holdings report by institutional manager

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

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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	166,571	1,832,673	SH		SOLE		1,539,573	0	293,100
Alexandria Real Estate Equitie	COM	015271109	89,827	988,300	SH		DFND	1,2	0	0	988,300
American Electric Power Co. In	COM	025537101	1,189	17,900	SH		SOLE		17,900	0	0
American Tower Corp.	COM	03027X100	2,037	19,900	SH		SOLE		19,900	0	0
AvalonBay Communities Inc.	COM	053484101	318,998	1,677,169	SH		SOLE		1,226,943	0	450,226
AvalonBay Communities Inc.	COM	053484101	214,487	1,127,694	SH		DFND	1,2	0	0	1,127,694
Avangrid Inc	COM	05351W103	277	6,900	SH		SOLE		6,900	0	0
Boardwalk Pipeline Partners L.	COM	096627104	8,392	569,330	SH		SOLE		569,330	0	0
Boston Properties Inc.	COM	101121101	130,587	1,027,591	SH		SOLE		704,526	0	323,065
Boston Properties Inc.	COM	101121101	98,532	775,358	SH		DFND	1,2	0	0	775,358
Brandywine Realty Trust SBI	COM	105368203	490	34,900	SH		SOLE		34,900	0	0
Buckeye Partners L.P.	COM	118230101	2,729	40,170	SH		SOLE		40,170	0	0
Columbia Pipeline Partners LP	COM	198281107	2,241	153,484	SH		SOLE		153,484	0	0
Cone Midstream Partners LP	COM	206812109	4,511	360,607	SH		SOLE		360,607	0	0
Crestwood Equity Partners LP	COM	226344208	2,917	249,960	SH		SOLE		249,960	0	0
Crown Castle International Cor	COM	22822V101	3,005	34,735	SH		SOLE		34,735	0	0
CubeSmart	COM	229663109	113,547	3,409,818	SH		SOLE		2,734,158	0	675,660
CubeSmart	COM	229663109	77,285	2,320,868	SH		DFND	1,2	0	0	2,320,868
DCT Industrial Trust	COM	233153204	165,229	4,186,169	SH		SOLE		3,618,459	0	567,710
DCT Industrial Trust	COM	233153204	67,925	1,720,950	SH		DFND	1,2	0	0	1,720,950
DDR Corp.	COM	23317H102	193,330	10,867,319	SH		SOLE		8,060,319	0	2,807,000
DDR Corp.	COM	23317H102	98,823	5,555,000	SH		DFND	1,2	0	0	5,555,000
Delek Logistics Partners	COM	24664T103	3,959	126,088	SH		SOLE		126,088	0	0
Diamondrock Hospitality	COM	252784301	6,359	628,316	SH		SOLE		534,816	0	93,500
Diamondrock Hospitality	COM	252784301	13,673	1,351,100	SH		DFND	1,2	0	0	1,351,100
Digital Realty Trust Inc.	COM	253868103	195,704	2,211,593	SH		SOLE		1,678,358	0	533,235
Digital Realty Trust Inc.	COM	253868103	130,178	1,471,110	SH		DFND	1,2	0	0	1,471,110
Dominion Midstream	COM	257454108	238	7,050	SH		SOLE		7,050	0	0
Dominion Resources Inc. (Virgi	COM	25746U109	1,074	14,298	SH		SOLE		14,298	0	0
Douglas Emmett Inc.	COM	25960P109	37,197	1,235,372	SH		SOLE		1,009,372	0	226,000
Douglas Emmett Inc.	COM	25960P109	21,083	700,200	SH		DFND	1,2	0	0	700,200
DTE Energy Co.	COM	233331107	2,047	22,584	SH		SOLE		22,584	0	0
Duke Energy Corp.	COM	26441C204	662	8,200	SH		SOLE		8,200	0	0
Duke Realty Corporation	COM	264411505	23,269	1,032,364	SH		SOLE		596,764	0	435,600
Duke Realty Corporation	COM	264411505	29,147	1,293,100	SH		DFND	1,2	0	0	1,293,100
Edison International	COM	281020107	1,453	20,209	SH		SOLE		20,209	0	0
Energy Transfer Partners L.P.	COM	29273R109	19,028	588,386	SH		SOLE		588,386	0	0
Enterprise Products Partners L	COM	293792107	17,173	697,530	SH		SOLE		697,530	0	0
EQT Midstream Partners, L.P.	COM	26885B100	9,037	121,415	SH		SOLE		121,415	0	0
Equinix Inc	COM	29444U700	14,647	44,288	SH		SOLE		35,132	0	9,156
Equinix Inc	COM	29444U700	45,156	136,543	SH		DFND	1,2	0	0	136,543
Equity Residential	COM	29476L107	680,477	9,069,400	SH		SOLE		7,509,061	0	1,560,339
Equity Residential	COM	29476L107	297,592	3,966,310	SH		DFND	1,2	0	0	3,966,310
Essex Property Trust Inc.	COM	297178105	187,245	800,674	SH		SOLE		540,276	0	260,398
Essex Property Trust Inc.	COM	297178105	90,190	385,657	SH		DFND	1,2	0	0	385,657
Eversource Energy	COM	30040W108	984	16,872	SH		SOLE		16,872	0	0
Exelon Corp.	COM	30161N101	570	15,898	SH		SOLE		15,898	0	0
First Industrial Realty Trust	COM	32054K103	14,331	630,200	SH		SOLE		630,200	0	0
Gaming and Leisure Properties	COM	36467J108	20,723	670,200	SH		SOLE		645,900	0	24,300
Gaming and Leisure Properties	COM	36467J108	17,927	579,800	SH		DFND	1,2	0	0	579,800
General Growth Properties	COM	370023103	355,577	11,960,218	SH		SOLE		8,942,378	0	3,017,840
General Growth Properties	COM	370023103	217,182	7,305,126	SH		DFND	1,2	0	0	7,305,126
Genesis Energy L.P.	COM	371927104	5,417	170,405	SH		SOLE		170,405	0	0
HealthCare Realty Trust	COM	421946104	141,264	4,573,142	SH		SOLE		3,453,568	0	1,119,574
HealthCare Realty Trust	COM	421946104	61,986	2,006,665	SH		DFND	1,2	0	0	2,006,665
Healthcare Trust of America In	COM	42225P501	62,681	2,130,561	SH		SOLE		1,564,611	0	565,950
Healthcare Trust of America In	COM	42225P501	58,080	1,974,170	SH		DFND	1,2	0	0	1,974,170
Highwoods Properties Inc.	COM	431284108	82,904	1,734,019	SH		SOLE		1,173,529	0	560,490
Highwoods Properties Inc.	COM	431284108	50,236	1,050,747	SH		DFND	1,2	0	0	1,050,747
Host Hotels & Resorts Inc.	COM	44107P104	159,283	9,537,972	SH		SOLE		7,632,022	0	1,905,950
Host Hotels & Resorts Inc.	COM	44107P104	124,873	7,477,379	SH		DFND	1,2	0	0	7,477,379
ITC Holdings Corp.	COM	465685105	1,063	24,400	SH		SOLE		24,400	0	0
Kilroy Realty Corp.	COM	49427F108	187,762	3,034,784	SH		SOLE		2,301,684	0	733,100
Kilroy Realty Corp.	COM	49427F108	101,349	1,638,100	SH		DFND	1,2	0	0	1,638,100
Kimco Realty Corp.	COM	49446R109	371,876	12,921,303	SH		SOLE		10,753,515	0	2,167,788
Kimco Realty Corp.	COM	49446R109	178,658	6,207,731	SH		DFND	1,2	0	0	6,207,731
Kite Realty Group Trust	COM	49803T300	31,760	1,146,161	SH		SOLE		924,361	0	221,800
Kite Realty Group Trust	COM	49803T300	20,503	739,900	SH		DFND	1,2	0	0	739,900
LaSalle Hotel Properties	COM	517942108	19,451	768,499	SH		SOLE		724,899	0	43,600
Liberty Property Trust	COM	531172104	121,006	3,616,446	SH		SOLE		2,812,846	0	803,600
Macerich Co.	COM	554382101	96,210	1,214,165	SH		SOLE		1,034,486	0	179,679
Magellan Midstream Partners L.	COM	559080106	16,041	233,155	SH		SOLE		233,155	0	0
Monogram Residential Trust, In	COM	60979P105	12,609	1,278,800	SH		SOLE		1,278,800	0	0
MPLX LP	COM	55336V100	12,261	412,963	SH		SOLE		412,963	0	0
Nextera Energy Inc	COM	65339F101	1,986	16,780	SH		SOLE		16,780	0	0
NextEra Energy Partners LP	COM	65341B106	2,773	101,980	SH		SOLE		101,980	0	0
NiSource Inc.	COM	65473P105	839	35,619	SH		SOLE		35,619	0	0
Norfolk Southern Corp	COM	655844108	1,648	19,800	SH		SOLE		19,800	0	0
NRG Yield, Inc. Class A	COM	62942X306	658	48,500	SH		SOLE		48,500	0	0
Paramount Group Inc	COM	69924R108	114,723	7,192,664	SH		SOLE		6,202,964	0	989,700
Paramount Group Inc	COM	69924R108	52,884	3,315,600	SH		DFND	1,2	0	0	3,315,600
Pattern Energy Group Inc.	COM	70338P100	214	11,200	SH		SOLE		11,200	0	0
Pebblebrook Hotel Trust	COM	70509V100	103,362	3,555,639	SH		SOLE		3,059,894	0	495,745
Pebblebrook Hotel Trust	COM	70509V100	59,704	2,053,802	SH		DFND	1,2	0	0	2,053,802
Pennsylvania Real Estate	COM	709102107	52,411	2,398,673	SH		SOLE		2,115,273	0	283,400
Pennsylvania Real Estate	COM	709102107	16,761	767,100	SH		DFND	1,2	0	0	767,100
PG&E Corp.	COM	69331C108	1,481	24,800	SH		SOLE		24,800	0	0
Plains All American Pipeline,	COM	726503105	7,137	340,349	SH		SOLE		340,349	0	0
Post Properties Inc.	COM	737464107	126,321	2,114,514	SH		SOLE		1,838,907	0	275,607
Post Properties Inc.	COM	737464107	48,001	803,500	SH		DFND	1,2	0	0	803,500
ProLogis Inc.	COM	74340W103	310,827	7,035,461	SH		SOLE		5,428,520	0	1,606,941
ProLogis Inc.	COM	74340W103	188,656	4,270,165	SH		DFND	1,2	0	0	4,270,165
Public Storage	COM	74460D109	358,809	1,300,834	SH		SOLE		995,837	0	304,997
Public Storage	COM	74460D109	266,875	967,534	SH		DFND	1,2	0	0	967,534
QTS Realty Trust Inc	COM	74736A103	58,823	1,241,524	SH		SOLE		1,058,620	0	182,904
QTS Realty Trust Inc	COM	74736A103	29,322	618,869	SH		DFND	1,2	0	0	618,869
Ramco Gershenson Properties Tr	COM	751452202	11,865	658,063	SH		SOLE		394,463	0	263,600
Ramco Gershenson Properties Tr	COM	751452202	18,395	1,020,238	SH		DFND	1,2	0	0	1,020,238
Regency Centers Corporation	COM	758849103	148,780	1,987,718	SH		SOLE		1,628,082	0	359,636
Regency Centers Corporation	COM	758849103	86,452	1,155,000	SH		DFND	1,2	0	0	1,155,000
Rose Rock Midstream LP	COM	777149105	1,059	89,242	SH		SOLE		89,242	0	0
Semgroup Corp.	COM	81663A105	2,756	123,048	SH		SOLE		123,048	0	0
Sempra Energy	COM	816851109	1,738	16,705	SH		SOLE		16,705	0	0
Senior Housing Properties Trus	COM	81721M109	17,380	971,500	SH		SOLE		964,500	0	7,000
Shell Midstream Partners LP	COM	822634101	6,847	187,015	SH		SOLE		187,015	0	0
Simon Property Group Inc.	COM	828806109	819,841	3,947,430	SH		SOLE		2,982,948	0	964,482
Simon Property Group Inc.	COM	828806109	463,361	2,231,021	SH		DFND	1,2	0	0	2,231,021
SL Green Realty Corp.	COM	78440X101	344,867	3,559,746	SH		SOLE		3,016,230	0	543,516
SL Green Realty Corp.	COM	78440X101	140,701	1,452,314	SH		DFND	1,2	0	0	1,452,314
Spectra Energy Partners L.P.	COM	84756N109	5,533	114,992	SH		SOLE		114,992	0	0
Spirit Realty Capital Inc.	COM	84860W102	230,061	20,449,826	SH		SOLE		15,926,487	0	4,523,339
Spirit Realty Capital Inc.	COM	84860W102	105,894	9,412,858	SH		DFND	1,2	0	0	9,412,858
Sun Communities Inc.	COM	866674104	119,935	1,674,825	SH		SOLE		1,389,315	0	285,510
Sun Communities Inc.	COM	866674104	74,946	1,046,591	SH		DFND	1,2	0	0	1,046,591
Sunoco Logistics Partners L.P.	COM	86764L108	12,541	500,254	SH		SOLE		500,254	0	0
Sunstone Hotel Investors Inc.	COM	867892101	116,528	8,323,462	SH		SOLE		7,391,758	0	931,704
Sunstone Hotel Investors Inc.	COM	867892101	71,830	5,130,707	SH		DFND	1,2	0	0	5,130,707
Sunstone Hotels 8.00% Series D	CV 8% CUM PFD-D	867892507	696	27,800	SH		SOLE		27,800	0	0
Tallgrass Energy Partners LP	COM	874697105	7,585	197,933	SH		SOLE		197,933	0	0
Tanger Factory Outlet Centers	COM	875465106	3,202	88,000	SH		SOLE		0	0	88,000
Targa Resources Corp.	COM	87612G101	4,076	136,500	SH		SOLE		136,500	0	0
Taubman Centers Inc.	COM	876664103	3,154	44,286	SH		SOLE		0	0	44,286
Tesoro Logistics LP	COM	88160T107	9,434	206,609	SH		SOLE		206,609	0	0
UDR Inc.	COM	902653104	309,347	8,028,741	SH		SOLE		5,488,609	0	2,540,132
UDR Inc.	COM	902653104	122,396	3,176,637	SH		DFND	1,2	0	0	3,176,637
Valero Energy Partners LP	COM	91914J102	3,500	73,902	SH		SOLE		73,902	0	0
Ventas Inc.	COM	92276F100	19,007	301,893	SH		SOLE		197,493	0	104,400
Ventas Inc.	COM	92276F100	6,063	96,300	SH		DFND	1,2	0	0	96,300
VEREIT Inc	COM	92339V100	207,545	23,398,641	SH		SOLE		19,076,312	0	4,322,329
VEREIT Inc	COM	92339V100	96,962	10,931,404	SH		DFND	1,2	0	0	10,931,404
Vornado Realty Trust	COM	929042109	344,029	3,643,212	SH		SOLE		2,955,739	0	687,473
Vornado Realty Trust	COM	929042109	156,078	1,652,850	SH		DFND	1,2	0	0	1,652,850
VTTI Energy Partners LP	COM	Y9384M101	2,636	142,492	SH		SOLE		142,492	0	0
Weingarten Realty Investors	COM	948741103	39,715	1,058,516	SH		SOLE		922,116	0	136,400
Weingarten Realty Investors	COM	948741103	11,928	317,900	SH		DFND	1,2	0	0	317,900
Welltower Inc.	COM	95040Q104	449,199	6,478,209	SH		SOLE		5,006,872	0	1,471,337
Welltower Inc.	COM	95040Q104	240,797	3,472,700	SH		DFND	1,2	0	0	3,472,700
Westar Energy, Inc.	COM	95709T100	729	14,700	SH		SOLE		14,700	0	0
Western Refining Logistics, LP	COM	95931Q205	4,173	178,733	SH		SOLE		178,733	0	0
Williams Cos.	COM	969457100	760	47,300	SH		SOLE		47,300	0	0
Williams Partners LP	COM	96949L105	13,226	646,752	SH		SOLE		646,752	0	0