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| | | 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 |