UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 3/31/2012
Check here if Amendment []; Amendment Number:
-------
This Amendment (Check only one.): [] is a restatement.
[] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Cohen & Steers,Inc.
Address: 280 Park Avenue
10th Floor
New York, NY 10017
Form 13F File Number: 028-11197
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this submission.
Persons Signing this Report on Behalf of Reporting Manager:
Name: Lisa Phelan
Title: Senior Vice President and Chief Compliance Officer
Phone: (212) 832-3232
Signature, Place, and Date of Signing:
/s/ Lisa Phelan New York, NY 5/15/2012
--------------------------------- --------------------------------- ---------
[Signature] [City, State] [Date]
Report Type (Check only one):
[ ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
[X] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
13F File Number Name
028-01190 FRANK RUSSELL COMPANY
--------------- --------------------------------------------------------------
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 424
Form 13F Information Table Value Total: $ 29,674,138
--------------
(In Thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
No. Form 13F File Number Name
01 028-02405 Cohen & Steers Capital Management, Inc.
02 Cohen & Steers Europe S.A.
FORM 13F INFORMATION TABLE
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 MANAGERS SOLE SHARED NONE
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Abbott Laboratories COM 002824100 62,832 1,025,163 SH SOLE 1,2 849,663 0 175,500
Acadia Realty Trust COM 004239109 87,514 3,882,599 SH SOLE 1 1,363,189 0 2,519,410
Accenture Plc COM G1151C101 219 3,400 SH SOLE 1 0 0 3,400
Advent Claymore Convertible COM 00764C109 667 40,900 SH SOLE 1 40,900 0 0
Sec & Inc Fund
Advent Claymore Convertible COM 007639107 596 86,600 SH SOLE 1 86,600 0 0
Sec & Inc Fund
Aflac Inc. COM 001055102 2,635 57,300 SH SOLE 1,2 10,100 0 47,200
AGIC Convertible & Income COM 001191105 10,446 1,192,480 SH SOLE 1 1,192,480 0 0
FD II
AGIC Convertible & Income COM 001190107 11,602 1,221,233 SH SOLE 1 1,221,233 0 0
Fund
Alexander's Inc. COM 014752109 48,075 122,055 SH SOLE 1 109,918 0 12,137
Alexandria Real Estate COM 015271109 415,049 5,675,492 SH SOLE 1,2 3,192,523 0 2,482,969
Equities
Alliance National Muni Inc. COM 01864U106 538 36,300 SH SOLE 1 36,300 0 0
AllianceBernstein Global COM 01879R106 4,830 321,600 SH SOLE 1 321,600 0 0
High Income Fund
AllianceBernstein Income COM 01881E101 9,184 1,121,400 SH SOLE 1 1,121,400 0 0
Fund
Alpine Global Dynamic Divide COM 02082E106 30 5,000 SH SOLE 1 5,000 0 0
Alpine Global Premier COM 02083A103 10,542 1,621,869 SH SOLE 1 1,621,869 0 0
Properties Fund
Alpine Total Dynamic COM 021060108 199 42,000 SH SOLE 1 42,000 0 0
Dividend Fund
American Assets Trust Inc COM 024013104 125,844 5,519,479 SH SOLE 1,2 4,086,048 0 1,433,431
American Campus Communities COM 024835100 124,687 2,788,172 SH SOLE 1,2 2,413,830 0 374,342
American Electric Power COM 025537101 23,360 605,500 SH SOLE 1 605,500 0 0
American Express Co. COM 025816109 55,540 959,900 SH SOLE 1,2 803,800 0 156,100
American Tower Corp COM 03027X100 165,377 2,624,201 SH SOLE 1 2,624,201 0 0
American Water Works Co. COM 030420103 21,601 634,762 SH SOLE 1 634,762 0 0
Inc.
Amgen Inc. COM 031162100 20,207 297,200 SH SOLE 1,2 241,800 0 55,400
Annaly Capital Management In COM 035710409 9,383 593,132 SH SOLE 1,2 494,632 0 98,500
Apache Corp. COM 037411105 48,756 485,422 SH SOLE 1,2 391,322 0 94,100
Apartment Investment & COM 03748R101 359,280 13,603,921 SH SOLE 1,2 9,705,799 0 3,898,122
Management Co.
Apple Inc. COM 037833100 57,690 96,235 SH SOLE 1,2 66,285 0 29,950
Ashford Hospitality Pr.E PFD 044103505 13,123 516,641 SH SOLE 1 435,000 0 81,641
Associated Estates Realty COM 045604105 80,301 4,914,371 SH SOLE 1 1,873,682 0 3,040,689
Corp.
AT&T Inc. COM 00206R102 80,576 2,580,077 SH SOLE 1,2 2,268,577 0 311,500
Atlas Pipeline Partners LP COM 049392103 18 519 SH SOLE 1 519 0 0
Avago Technologies L COM Y0486S104 3,683 94,500 SH SOLE 1,2 43,800 0 50,700
Avalonbay Communities Inc COM 053484101 707,990 5,008,774 SH SOLE 1,2 2,129,505 0 2,879,269
Baker Hughes Inc. COM 057224107 267 6,372 SH SOLE 1 6,372 0 0
Bank Of America Corp. COM 060505104 23,430 2,448,300 SH SOLE 1,2 2,106,100 0 342,200
Bank Of New York Mellon COM 064058100 34,701 1,438,100 SH SOLE 1,2 1,212,500 0 225,600
Corp.
Bankunited Inc COM 06652K103 1,307 52,280 SH SOLE 1 52,280 0 0
Banner Corporation COM 06652V208 1,591 72,205 SH SOLE 1 72,205 0 0
Barclays Bank 7.10% (BCS A) PFD 06739H776 1,856 74,997 SH SOLE 1 71,049 0 3,948
Barclays Bank 7.75% (BCS C) PFD 06739H511 17,314 687,063 SH SOLE 1 680,631 0 6,432
Barclays Bank PLC 6.625% PFD 06739F390 108 4,493 SH SOLE 1 3,626 0 867
(BCS)
Becton Dickinson & Co. COM 075887109 4,682 60,300 SH SOLE 1,2 10,600 0 49,700
BHP Billiton Ltd - Spon Adr ADR 088606108 601 8,300 SH SOLE 1 8,300 0 0
BioMed Realty Trust Inc. COM 09063H107 135,909 7,160,654 SH SOLE 1,2 3,704,325 0 3,456,329
Blackrock Build Amer Bd COM 09248X100 774 36,100 SH SOLE 1 36,100 0 0
Blackrock Corporate High COM 09255M104 33 4,400 SH SOLE 1 4,400 0 0
Yield Fund 3
FORM 13F INFORMATION TABLE
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 MANAGERS SOLE SHARED NONE
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Blackrock Corporate High COM 09255N102 522 41,600 SH SOLE 1 41,600 0 0
Yield Fund 5
Blackrock Corporate High COM 09255P107 882 70,976 SH SOLE 1 70,976 0 0
Yield Fund 6
Blackrock Debt Strategies COM 09255R103 412 99,500 SH SOLE 1 99,500 0 0
Fund
Blackrock Enh Cap And Inc COM 09256A109 90 6,700 SH SOLE 1 6,700 0 0
BlackRock Enhanced Dividend COM 09251A104 75 10,000 SH SOLE 1 10,000 0 0
Achievers Trust
Blackrock Inc. COM 09247X101 205 1,000 SH SOLE 1 0 0 1,000
BlackRock Income Trust Inc COM 09247F100 38 5,100 SH SOLE 1 5,100 0 0
Blackrock International COM 092524107 140 17,800 SH SOLE 1 17,800 0 0
Growth
Blackrock Limited Duration COM 09249W101 1,864 105,100 SH SOLE 1 105,100 0 0
Income Trust
Blackrock Mun Income Trust COM 09249N101 2,720 175,500 SH SOLE 1 175,500 0 0
II
Blackrock Muniholdings COM 09254A101 776 55,000 SH SOLE 1 55,000 0 0
Quality
Blackrock Munivest Fund COM 09253R105 2,303 220,985 SH SOLE 1 220,985 0 0
Blackrock Muniyield Fund COM 09253W104 1,707 111,600 SH SOLE 1 111,600 0 0
Blackrock Muniyield Insured COM 09254E103 2,320 163,300 SH SOLE 1 163,300 0 0
Blackrock Muniyield Qual Ii COM 09254G108 1,196 88,200 SH SOLE 1 88,200 0 0
Blackrock Pfd Incm Strategie COM 09255H105 49 4,700 SH SOLE 1 4,700 0 0
Blackrock Preferred And Equi COM 092508100 71 5,400 SH SOLE 1 5,400 0 0
Blackrock Real Asset Equity COM 09254B109 3,141 260,700 SH SOLE 1 260,700 0 0
BlackRock Senior High COM 09255T109 37 8,900 SH SOLE 1 8,900 0 0
Income Fund Inc
Boardwalk Pipeline Partners COM 096627104 32 1,225 SH SOLE 1 1,225 0 0
LP
Boston Properties Inc. COM 101121101 814,263 7,755,626 SH SOLE 1,2 3,526,264 0 4,229,362
Brandywine Realty Trust COM 105368203 977 85,100 SH SOLE 1 85,100 0 0
BRE Properties Inc. COM 05564E106 104,905 2,075,281 SH SOLE 1 285,806 0 1,789,475
Breitburn Energy Partners LP COM 106776107 19 1,000 SH SOLE 1 1,000 0 0
Bristol-Myers Squibb Co. COM 110122108 165 4,900 SH SOLE 1 0 0 4,900
Brookdale Senior Living Inc. COM 112463104 3,517 187,876 SH SOLE 1 127,805 0 60,071
Brookfield Asset Management COM 112585104 7,381 234,422 SH SOLE 1 0 0 234,422
Inc
Brookfield Properties Corp. COM 112900105 289,565 16,593,958 SH SOLE 1,2 14,232,153 0 2,361,805
Buckeye Partners LP COM 118230101 13,015 212,740 SH SOLE 1 212,740 0 0
Calamos Convertible & High COM 12811P108 1,914 150,030 SH SOLE 1 150,030 0 0
Income Fund
Calumet Specialty Products COM 131476103 26 1,000 SH SOLE 1 1,000 0 0
Partners LP
Camden Property Trust COM 133131102 64,555 981,826 SH SOLE 1 29,287 0 952,539
Campus Crest Communities COM 13466Y105 35,477 3,042,639 SH SOLE 1 2,788,531 0 254,108
Canadian Natl Railway COM 136375102 1,190 15,000 SH SOLE 1 15,000 0 0
Canadian Natural Resources COM 136385101 261 7,893 SH SOLE 1 7,893 0 0
Ltd
Carnival Corp. COM 143658300 8,437 263,013 SH SOLE 1,2 195,813 0 67,200
Caterpillar Inc. COM 149123101 3,046 28,600 SH SOLE 1 27,600 0 1,000
CBL & Associates Properties COM 124830100 3,084 163,022 SH SOLE 1 163,022 0 0
CBRE Clarion Global Real COM 12504G100 3,639 452,612 SH SOLE 1 452,612 0 0
Estate Income Fund
CBRE Group Inc COM 12504L109 1,058 52,987 SH SOLE 1 52,987 0 0
CenterPoint Energy Inc. COM 15189T107 21,812 1,106,086 SH SOLE 1 1,106,086 0 0
Central Fund Canada Cl A COM 153501101 6,476 295,186 SH SOLE 1 295,186 0 0
Central GoldTrust COM 153546106 246 3,860 SH SOLE 1 3,860 0 0
Chevron Corp. COM 166764100 122,589 1,143,130 SH SOLE 1,2 927,830 0 215,300
China Mobile Ltd. Sponsored ADR 16941M109 30,002 544,700 SH SOLE 1 479,500 0 65,200
ADR
FORM 13F INFORMATION TABLE
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 MANAGERS SOLE SHARED NONE
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Chubb Corp COM 171232101 57,500 832,000 SH SOLE 1,2 711,800 0 120,200
Cia De Saneamento Basico ADR ADR 20441A102 19,968 260,609 SH SOLE 1 260,609 0 0
Cisco Systems Inc. COM 17275R102 12,815 605,900 SH SOLE 1,2 391,100 0 214,800
Citigroup Inc. COM 172967424 52,201 1,428,214 SH SOLE 1 1,186,914 0 241,300
Clearbridge Energy Mlp COM 184692101 1,124 47,620 SH SOLE 1 47,620 0 0
Clough Global Equity Fund COM 18914C100 3,352 255,700 SH SOLE 1 255,700 0 0
Clough Global Opportunities COM 18914E106 8,687 738,100 SH SOLE 1 738,100 0 0
Fund
Cogdell Spencer Pr.A PFD 19238U206 13,232 522,488 SH SOLE 1 295,000 0 227,488
Colonial Properties Trust COM 195872106 158,928 7,313,754 SH SOLE 1,2 6,323,743 0 990,011
Colony Finl Inc COM 19624R106 2,326 142,008 SH SOLE 1 142,008 0 0
Comerica Inc. COM 200340107 38,211 1,180,800 SH SOLE 1,2 1,013,700 0 167,100
Commonwealth REIT Pfd. D PFD 203233408 52,804 2,472,098 SH SOLE 1 516,156 0 1,955,942
Commonwealth REIT Pr. E PFD 203233606 46,402 1,845,000 SH SOLE 1 0 0 1,845,000
Consumer Discretionary Selt COM 81369Y407 2,517 55,800 SH SOLE 1 55,800 0 0
Copano Energy LLC COM 217202100 76 2,125 SH SOLE 1 2,125 0 0
Corporate Office Properties COM 22002T108 161,248 6,947,351 SH SOLE 1 4,980,792 0 1,966,559
Costco Wholesale Corp. COM 22160K105 44,020 484,800 SH SOLE 1,2 375,100 0 109,700
Covidien PLC COM G2554F113 65,220 1,192,765 SH SOLE 1,2 956,165 0 236,600
Crown Castle International COM 228227104 93,744 1,757,488 SH SOLE 1 1,757,488 0 0
Corp.
CubeSmart COM 229663109 206,267 17,333,372 SH SOLE 1,2 9,408,906 0 7,924,466
CVS Caremark Corp. COM 126650100 73,759 1,646,400 SH SOLE 1,2 1,330,400 0 316,000
DCP Midstream Partners LP COM 23311P100 35 760 SH SOLE 1 760 0 0
DCT Industrial Trust Inc. COM 233153105 1,296 219,691 SH SOLE 1,2 191,900 0 27,791
DDR Corp. COM 23317H102 110,820 7,590,439 SH SOLE 1 348,973 0 7,241,466
Devon Energy Corp. COM 25179M103 56,829 799,054 SH SOLE 1,2 648,654 0 150,400
Diamondrock Hospitality Co. COM 252784301 129,181 12,554,002 SH SOLE 1 42,747 0 12,511,255
Digital Realty Trust Inc. COM 253868103 453,935 6,136,748 SH SOLE 1 3,571,046 0 2,565,702
Douglas Emmett Inc. COM 25960P109 109,628 4,806,137 SH SOLE 1,2 1,690,962 0 3,115,175
Dow 30 Enhanced Premium & In COM 260537105 45 4,000 SH SOLE 1 4,000 0 0
Dow Chemical COM 260543103 20,673 596,800 SH SOLE 1,2 491,600 0 105,200
Dreyfus High Yield COM 26200S101 43 9,200 SH SOLE 1 9,200 0 0
Strategies Fund
Duke Realty Corp. COM 264411505 71,836 5,009,500 SH SOLE 1 0 0 5,009,500
Dupont Fabros Technology COM 26613Q106 249,877 10,219,908 SH SOLE 1,2 5,249,332 0 4,970,576
Inc.
Eastgroup Properties Inc. COM 277276101 1,208 24,049 SH SOLE 1 24,049 0 0
Eaton Corp COM 278058102 19,498 391,300 SH SOLE 1,2 293,500 0 97,800
Eaton Vance Enh Eqt Inc Ii COM 278277108 81 7,400 SH SOLE 1 7,400 0 0
Eaton Vance Enhanced Eq Incm COM 278274105 75 6,800 SH SOLE 1 6,800 0 0
Eaton Vance Floating Rate COM 278279104 13,313 819,746 SH SOLE 1 819,746 0 0
Income Trust
Eaton Vance Insured Muni Bnd COM 27827X101 1,378 106,000 SH SOLE 1 106,000 0 0
Eaton Vance Limited COM 27828H105 11,009 685,937 SH SOLE 1 685,937 0 0
Duration Fund
Eaton Vance Senior Income Tr COM 27826S103 5,039 698,887 SH SOLE 1 698,887 0 0
Eaton Vance Sr Fltg Rate COM 27828Q105 5,401 354,426 SH SOLE 1 354,426 0 0
Trust
Eaton Vance T/A Global COM 27828S101 7,361 508,700 SH SOLE 1 508,700 0 0
Dividend Income
Eaton Vance T/M Buy-Wr In COM 27828X100 2,541 185,500 SH SOLE 1 185,500 0 0
Eaton Vance T/M Buy-Write COM 27828Y108 13,769 1,064,056 SH SOLE 1 1,064,056 0 0
Opportunity
Eaton Vance Tax Adv Global COM 27828U106 4,396 224,500 SH SOLE 1 224,500 0 0
Dividend O
Eaton Vance Tax Man Global COM 27829C105 5,438 492,565 SH SOLE 1 492,565 0 0
Br
Eaton Vance Tax-Adv Dvd. COM 27828G107 9,696 579,551 SH SOLE 1 579,551 0 0
Inc. Fund
FORM 13F INFORMATION TABLE
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 MANAGERS SOLE SHARED NONE
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Eaton Vance Tax-Managed COM 27828N102 12,382 1,299,317 SH SOLE 1 1,299,317 0 0
Dividend
Eaton Vance Tax-Managed COM 27829F108 11,982 1,344,762 SH SOLE 1 1,344,762 0 0
Global
Edison International COM 281020107 33,319 783,796 SH SOLE 1 783,796 0 0
Education Realty Trust Inc. COM 28140H104 160,224 14,780,839 SH SOLE 1,2 11,025,678 0 3,755,161
El Paso Corp. COM 28336L109 18 600 SH SOLE 1 600 0 0
El Paso Pipeline Partners LP COM 283702108 66 1,905 SH SOLE 1 1,905 0 0
Eldorado Gold Corp COM 284902103 297 21,650 SH SOLE 1 21,650 0 0
Emerson Electric Co COM 291011104 45,840 878,500 SH SOLE 1,2 697,300 0 181,200
Enbridge Energy Partners LP COM 29250R106 8,290 267,667 SH SOLE 1 267,667 0 0
Enbridge Inc COM 29250N105 70,192 1,810,883 SH SOLE 1 1,810,883 0 0
Encana Corp COM 292505104 216 11,000 SH SOLE 1 11,000 0 0
Energy Select Sector Spdr COM 81369Y506 4,031 56,200 SH SOLE 1 56,200 0 0
Energy Transfer Equity Lp COM 29273V100 91 2,250 SH SOLE 1 2,250 0 0
Energy Transfer Partners LP COM 29273R109 59 1,250 SH SOLE 1 1,250 0 0
Ensco PLC-Spon ADR ADR 29358Q109 1,535 29,000 SH SOLE 1 29,000 0 0
Enterprise Products Partners COM 293792107 44,383 879,389 SH SOLE 1 879,389 0 0
Entertainment Properties 9% PFD 29380T600 8,535 306,446 SH SOLE 1 211,000 0 95,446
CV (EPR E)
Entertainment Property PFD 29380T402 8,966 430,000 SH SOLE 1 0 0 430,000
5.75% CV (EPR C)
Equity Lifestyle Properties COM 29472R108 284,099 4,073,687 SH SOLE 1,2 2,471,080 0 1,602,607
Equity Residential COM 29476L107 1,467,557 23,435,923 SH SOLE 1,2 11,903,009 0 11,532,914
Essex Property Trust Inc. COM 297178105 160,965 1,062,402 SH SOLE 1,2 530,911 0 531,491
EV Energy Partner LP COM 26926V107 70 1,010 SH SOLE 1 1,010 0 0
Extra Space Storage Inc. COM 30225T102 251,164 8,724,004 SH SOLE 1,2 5,751,718 0 2,972,286
Exxon Mobil Corp. COM 30231G102 109,497 1,262,503 SH SOLE 1,2 1,020,203 0 242,300
Federal Realty Investment COM 313747206 344,360 3,557,804 SH SOLE 1,2 1,227,585 0 2,330,219
Trust
First Industrial Realty COM 32054K103 96,375 7,803,605 SH SOLE 1,2 3,954,128 0 3,849,477
Trust
First Trust Aberdeen Global COM 337319107 4,447 254,700 SH SOLE 1 254,700 0 0
Fund
First Trust Strategic High COM 337353304 1,425 82,300 SH SOLE 1 82,300 0 0
Income Fund II
First Trust/Four Crns Sr F 2 COM 33733U108 329 22,000 SH SOLE 1 22,000 0 0
Firstenergy Corp. COM 337932107 23,278 510,600 SH SOLE 1 510,600 0 0
Flah & Crum/Claymore COM 338478100 8,169 452,572 SH SOLE 1 452,572 0 0
Preferred S I
Flah & Crum/Claymore Total COM 338479108 5,218 274,500 SH SOLE 1 274,500 0 0
Return Fund
Ford Motor Co COM 345370860 931 74,500 SH SOLE 1 74,500 0 0
Franklin Resources Inc. COM 354613101 35,709 287,903 SH SOLE 1,2 246,403 0 41,500
Franklin Templeton Ltd COM 35472T101 2,009 143,400 SH SOLE 1 143,400 0 0
Duration Inc Fund
Freeport-Mcmoran Copper COM 35671D857 3,096 81,400 SH SOLE 1,2 32,300 0 49,100
Gabelli Dividend & Income COM 36242H104 8,645 527,769 SH SOLE 1 527,769 0 0
Trust
Gabelli Equity Trust COM 362397101 11,511 2,001,900 SH SOLE 1 2,001,900 0 0
Gabelli Gold Nat Res & COM 36465A109 1,669 103,298 SH SOLE 1 103,298 0 0
Income
General Dynamics Corp. COM 369550108 31,680 431,719 SH SOLE 1 388,419 0 43,300
General Electric Co. COM 369604103 74,631 3,718,530 SH SOLE 1,2 3,148,430 0 570,100
General Growth Properties COM 370023103 834,300 49,105,356 SH SOLE 1,2 28,931,181 0 20,174,175
Genesis Energy LP COM 371927104 35 1,150 SH SOLE 1 1,150 0 0
Golar LNG Partners LP COM Y2745C102 15,916 428,768 SH SOLE 1 428,768 0 0
Goldman Sachs Group Inc. COM 38141G104 37,808 304,000 SH SOLE 1,2 260,100 0 43,900
Google Inc. Cl A COM 38259P508 11,671 18,200 SH SOLE 1,2 6,800 0 11,400
Grupo Aeroportuario ADR 400506101 4,609 126,680 SH SOLE 1 126,680 0 0
FORM 13F INFORMATION TABLE
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 MANAGERS SOLE SHARED NONE
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Guggenheim Strategic Opp COM 40167F101 712 34,660 SH SOLE 1 34,660 0 0
Fund
Harris Corp. COM 413875105 2,488 55,200 SH SOLE 1,2 10,200 0 45,000
HCC Insurance Holdings Inc. COM 404132102 24,422 783,500 SH SOLE 1 698,600 0 84,900
HCP Inc COM 40414L109 784,187 19,872,954 SH SOLE 1,2 8,536,914 0 11,336,040
Health Care REIT Inc. COM 42217K106 256,146 4,660,596 SH SOLE 1 1,526,147 0 3,134,449
Healthcare Realty Trust Inc. COM 421946104 11,014 500,633 SH SOLE 1 470,445 0 30,188
Hersha Hospitality Trust COM 427825104 155,167 28,418,896 SH SOLE 1,2 21,311,103 0 7,107,793
Home Properties Inc. COM 437306103 66,342 1,087,398 SH SOLE 1 0 0 1,087,398
Hospitality Properties Trust COM 44106M102 66,309 2,505,044 SH SOLE 1 561,171 0 1,943,873
Host Hotels & Resorts Inc. COM 44107P104 792,689 48,275,814 SH SOLE 1,2 23,188,229 0 25,087,585
HSBC Holdings PLC 6.20% PFD 404280604 44 1,770 SH SOLE 1 300 0 1470
(HBC A)
Hudson Pacific Prop COM 444097109 74,293 4,910,285 SH SOLE 1,2 4,456,580 0 453,705
Huntington Bancshares 8.5% PFD 446150401 13,125 11,320 SH SOLE 1 11,320 0 0
CV (HBANP)
Hyatt Hotels Corp CL A COM 448579102 256,345 6,000,585 SH SOLE 1,2 5,261,923 0 738,662
I Shares Gold Trust COM 464285105 3,742 230,000 SH SOLE 1 230,000 0 0
Imperial Oil Ltd COM 453038408 94 2,082 SH SOLE 1 2,082 0 0
Inergy LP COM 456615103 42 2,575 SH SOLE 1 2,575 0 0
Ing Infrastructure Indl COM 45685U100 4,383 237,200 SH SOLE 1 237,200 0 0
ING Prime Rate Trust COM 44977W106 2,844 498,915 SH SOLE 1 498,915 0 0
Intel Corp. COM 458140100 3,651 129,900 SH SOLE 1,2 26,500 0 103,400
International Business COM 459200101 7,664 36,733 SH SOLE 1,2 17,033 0 19,700
Machines Corp.
Intrepid Potash Inc COM 46121Y102 169 6,950 SH SOLE 1 6,950 0 0
Invesco Van Kampen Select COM 46132G108 1,152 89,847 SH SOLE 1 89,847 0 0
Sector
Ishares Silver Trust COM 46428Q109 1,923 61,300 SH SOLE 1 61,300 0 0
ITC Holdings Corp. COM 465685105 12,276 159,558 SH SOLE 1 159,558 0 0
John Hancock Patriot COM 41013T105 59 4,400 SH SOLE 1 4,400 0 0
Premium Dividend Fund II
John Hancock Preferred COM 41013X106 628 28,723 SH SOLE 1 28,723 0 0
Income II
John Hancock Preferred COM 41021P103 410 23,049 SH SOLE 1 23,049 0 0
Income III
John Hancock T/A Dividend COM 41013V100 2,373 133,890 SH SOLE 1 133,890 0 0
Income Fund
Johnson & Johnson COM 478160104 55,336 838,936 SH SOLE 1,2 704,036 0 134,900
Johnson Controls Inc. COM 478366107 26,910 828,500 SH SOLE 1,2 638,500 0 190,000
JP Morgan Chase & Co COM 46625H100 130,808 2,844,894 SH SOLE 1,2 2,373,094 0 471,800
Kayne Anderson Energy Total COM 48660P104 6,805 247,624 SH SOLE 1 247,624 0 0
Return
Kayne Anderson COM 48661E108 3,147 114,700 SH SOLE 1 114,700 0 0
MidstreamEnergy
Kayne Anderson MLP COM 486606106 2,719 87,300 SH SOLE 1 87,300 0 0
Investment
Keycorp 7.75% CV (KEY G) PFD 493267405 4,784 42,470 SH SOLE 1 42,270 0 200
Kilroy Realty Corp. COM 49427F108 358,421 7,689,798 SH SOLE 1,2 4,592,638 0 3,097,160
Kimco Realty Corp. COM 49446R109 349,236 18,132,710 SH SOLE 1,2 6,323,680 0 11,809,030
Kinder Morgan Energy Prtnrs COM 494550106 27,430 331,477 SH SOLE 1 331,477 0 0
Kinder Morgan Manage COM 49455U100 327 4,380 SH SOLE 1 4,380 0 0
L-3 Communications Holdings COM 502424104 19,356 273,500 SH SOLE 1,2 180,800 0 92,700
Lexington Corp Pr C CV PFD 529043309 9,890 228,449 SH SOLE 1 211,636 0 16,813
Liberty All-Star Equity Fund COM 530158104 4,995 1,013,086 SH SOLE 1 1,013,086 0 0
Liberty Property Trust COM 531172104 324,608 9,087,573 SH SOLE 1,2 4,155,542 0 4,932,031
Linn Energy Llc-Units COM 536020100 82 2,160 SH SOLE 1 2,160 0 0
LMP Capital And Income Fund COM 50208A102 54 4,000 SH SOLE 1 4,000 0 0
Lockheed Martin Corp. COM 539830109 20,129 224,000 SH SOLE 1 197,500 0 26,500
Mack-Cali Realty Corp. COM 554489104 141,440 4,907,690 SH SOLE 1 1,052,516 0 3,855,174
FORM 13F INFORMATION TABLE
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 MANAGERS SOLE SHARED NONE
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Macquarie/Ft Gl Int/Ut Dv In COM 55607W100 2,118 132,352 SH SOLE 1 132,352 0 0
Magellan Midstream Partners COM 559080106 93 1,280 SH SOLE 1 1,280 0 0
Marathon Petroleum Corp. COM 56585A102 35,254 813,050 SH SOLE 1,2 647,150 0 165,900
Market Vectors Gold Miners COM 57060U100 2,022 40,800 SH SOLE 1 40,800 0 0
Market Vectors Oil Service COM 57060U191 3,611 88,900 SH SOLE 1 88,900 0 0
ETF
MarkWest Energy Partners LP COM 570759100 74,381 1,272,563 SH SOLE 1 1,272,563 0 0
McDonald's Corp. COM 580135101 72,077 734,727 SH SOLE 1,2 591,327 0 143,400
Mckesson Corp. COM 58155Q103 246 2,800 SH SOLE 1 0 0 2,800
Merck & Co Inc COM 58933Y105 63,894 1,663,900 SH SOLE 1,2 1,370,800 0 293,100
MFS Intermediate Inc Trust COM 55273C107 56 8,700 SH SOLE 1 8,700 0 0
MFS Multimarket Income Trust COM 552737108 2,062 295,400 SH SOLE 1 295,400 0 0
Microsoft Corp. COM 594918104 22,828 707,851 SH SOLE 1,2 531,851 0 176,000
Mid-America Apartment COM 59522J103 149,796 2,234,762 SH SOLE 1,2 1,867,490 0 367,272
Communities
Morgan Stanley Emerging COM 617477104 1,747 107,600 SH SOLE 1 107,600 0 0
Markets
Mosaic Company COM 61945C103 481 8,700 SH SOLE 1 8,700 0 0
Murphy Oil Corp COM 626717102 324 5,750 SH SOLE 1 5,750 0 0
NATL WESTMINSTER 7.76% (NW PFD 638539882 37,298 1,598,047 SH SOLE 1 1,593,211 0 4,836
C)
Natural Resource Partners LP COM 63900P103 45 1,870 SH SOLE 1 1,870 0 0
Neuberger Berman Real Estate COM 64190A103 33 7,700 SH SOLE 1 7,700 0 0
New America High Income Fund COM 641876800 9,252 899,091 SH SOLE 1 899,091 0 0
Newmont Mining Corp COM 651639106 17,868 348,500 SH SOLE 1,2 235,500 0 113,000
News Corp Ltd COM 65248E104 9,113 462,800 SH SOLE 1,2 365,100 0 97,700
Nexen Inc COM 65334H102 270 14,750 SH SOLE 1 14,750 0 0
NextEra Energy Inc COM 65339F101 106,748 1,747,678 SH SOLE 1,2 1,581,478 0 166,200
NFJ Dividend Interest & COM 65337H109 4,253 238,000 SH SOLE 1 238,000 0 0
Preferred Strategy
Nike Inc. Cl B COM 654106103 17,643 162,700 SH SOLE 1,2 129,300 0 33,400
Nordstrom Inc. COM 655664100 31,144 558,940 SH SOLE 1,2 443,040 0 115,900
Norfolk Southern Corp. COM 655844108 30,545 464,000 SH SOLE 1,2 363,200 0 100,800
Northrop Grumman Corp. COM 666807102 3,848 63,000 SH SOLE 1 63,000 0 0
Northwest Natural Gas Co. COM 667655104 1,322 29,125 SH SOLE 1 29,125 0 0
NuStar Energy LP COM 67058H102 77 1,300 SH SOLE 1 1,300 0 0
Nuveen Diversified Dividend COM 6706EP105 3,033 258,551 SH SOLE 1 258,551 0 0
And Income Fund
Nuveen Dividend Advantage COM 67066V101 1,906 130,700 SH SOLE 1 130,700 0 0
Muni Fd
Nuveen Equity Premium Income COM 6706ER101 54 4,500 SH SOLE 1 4,500 0 0
Nuveen Equity Premium COM 6706EM102 1,577 129,500 SH SOLE 1 129,500 0 0
Opportunity Fund
Nuveen Floating rate Income COM 67072T108 3,807 319,400 SH SOLE 1 319,400 0 0
Nuveen Floating Rate Income COM 6706EN100 2,732 226,700 SH SOLE 1 226,700 0 0
Opportunity Fund
Nuveen Global Value Opp Fund COM 6706EH103 1,360 83,400 SH SOLE 1 83,400 0 0
Nuveen Inv Quality Muni Fd COM 67062E103 2,263 144,800 SH SOLE 1 144,800 0 0
Nuveen Mtg Opportunity COM 670735109 1,588 67,914 SH SOLE 1 67,914 0 0
Nuveen Mtg Oppty Term F COM 67074R100 1,842 78,500 SH SOLE 1 78,500 0 0
Nuveen Multi-Currency Short- COM 67090N109 66 5,000 SH SOLE 1 5,000 0 0
Nuveen Multi-Strategy COM 67073D102 5,088 566,600 SH SOLE 1 566,600 0 0
Income & Growth 2
Nuveen Performance Plus Muni COM 67062P108 1,536 99,000 SH SOLE 1 99,000 0 0
Nuveen Preferred Income COM 67073B106 5,681 639,700 SH SOLE 1 639,700 0 0
Opportunities Fund
Nuveen Premium Inc Muni Fd 2 COM 67063W102 3,224 214,900 SH SOLE 1 214,900 0 0
Nuveen Quality Preferred Inc COM 67071S101 51 6,300 SH SOLE 1 6,300 0 0
Nuveen Quality Preferred COM 67072C105 101 11,700 SH SOLE 1 11,700 0 0
Income Fund II
FORM 13F INFORMATION TABLE
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 MANAGERS SOLE SHARED NONE
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Nuveen Real Estate Income COM 67071B108 3,473 307,639 SH SOLE 1 307,639 0 0
Fund
Nuveen Senior Income Fund COM 67067Y104 29 4,000 SH SOLE 1 4,000 0 0
Nuveen Tax-Adv Tot Ret Strat COM 67090H102 1,710 153,900 SH SOLE 1 153,900 0 0
Occidental Petroleum Corp. COM 674599105 64,706 679,467 SH SOLE 1,2 538,867 0 140,600
Oiltanking Partners LP COM 678049107 12,817 417,225 SH SOLE 1 417,225 0 0
ONEOK Partners LP COM 68268N103 166 3,035 SH SOLE 1 3,035 0 0
Oracle Corp. COM 68389X105 83,704 2,870,501 SH SOLE 1,2 2,280,701 0 589,800
Orient Express Hotels Ltd. COM G67743107 83,437 8,180,107 SH SOLE 1,2 6,949,052 0 1,231,055
A
P G & E Corp. COM 69331C108 71,798 1,653,958 SH SOLE 1,2 1,543,458 0 110,500
Paa Natural Gas Storage Lp COM 693139107 18 935 SH SOLE 1 935 0 0
Parkway Properties Inc. COM 70159Q104 1,723 164,420 SH SOLE 1 164,420 0 0
Patterson Companies COM 703395103 26,917 805,900 SH SOLE 1,2 670,300 0 135,600
Pebblebrook Hotel Trust COM 70509V100 10,958 485,307 SH SOLE 1 361,300 0 124,007
Penn Virginia Resource COM 707884102 52 2,400 SH SOLE 1 2,400 0 0
Partners LP
Pepsico Inc. COM 713448108 29,561 445,538 SH SOLE 1,2 336,138 0 109,400
Petroleo Brasileiro SA ADR 71654V101 296 11,569 SH SOLE 1 11,569 0 0
Petsmart Inc COM 716768106 21,017 367,300 SH SOLE 1,2 298,400 0 68,900
Pfizer Inc. COM 717081103 67,823 2,993,084 SH SOLE 1,2 2,551,284 0 441,800
Philip Morris International COM 718172109 61,344 692,289 SH SOLE 1,2 533,289 0 159,000
Piedmont Office Realty Tru-A COM 720190206 131,825 7,426,735 SH SOLE 1 6,701,317 0 725,418
PIMCO Corporate Income Fund COM 72200U100 71 4,400 SH SOLE 1 4,400 0 0
PIMCO Corporate Opportunity COM 72201B101 5,447 292,695 SH SOLE 1 292,695 0 0
PIMCO High Income Fund COM 722014107 214 16,700 SH SOLE 1 16,700 0 0
PIMCO Income Opportunity COM 72202B100 14,571 552,965 SH SOLE 1 552,965 0 0
Fund
PIMCO Income Strategy Fund COM 72201J104 2,494 245,437 SH SOLE 1 245,437 0 0
II
Pimco Municipal Income Fund COM 72200W106 0 0 SH SOLE 1 0 0 0
II
PIMCO Strategic Global COM 72200X104 55 5,000 SH SOLE 1 5,000 0 0
Government Fund Inc
Pioneer Diversified High COM 723653101 1,079 52,600 SH SOLE 1 52,600 0 0
Income
Pioneer Floating Rate Trust COM 72369J102 5,508 425,002 SH SOLE 1 425,002 0 0
Pioneer High Income Trust COM 72369H106 67 4,000 SH SOLE 1 4,000 0 0
Plains All American COM 726503105 139 1,775 SH SOLE 1 1,775 0 0
Pipeline LP
PNC Financial Services Group COM 693475105 290 4,500 SH SOLE 1 4,500 0 0
Post Properties Inc. COM 737464107 77,108 1,645,488 SH SOLE 1 1,483,082 0 162,406
Potash Corp of Saskatchewan COM 73755L107 6,124 134,400 SH SOLE 1,2 53,500 0 80,900
Potash Corp of Saskatchewan COM 73755L107 29,571 647,199 SH SOLE 1,2 573,999 0 73,200
- US
PPL Corp. COM 69351T106 40,601 1,436,707 SH SOLE 1 1,436,707 0 0
Procter & Gamble Co. COM 742718109 65,992 981,876 SH SOLE 1,2 823,576 0 158,300
ProLogis Inc. COM 74340W103 1,224,108 33,984,119 SH SOLE 1,2 20,403,292 0 13,580,827
Prudential Finl Inc COM 744320102 81,976 1,293,200 SH SOLE 1,2 1,094,200 0 199,000
PS Business Parks Inc. COM 69360J107 6,823 104,108 SH SOLE 1,2 57,956 0 46,152
Public Storage COM 74460D109 1,146,451 8,297,395 SH SOLE 1,2 4,891,525 0 3,405,870
Putnam Master Intermediate COM 746909100 38 7,300 SH SOLE 1 7,300 0 0
Income Trust
Putnam Premier Income Trust COM 746853100 7,335 1,331,253 SH SOLE 1 1,331,253 0 0
Pyxis Credit Strategies Fund COM 74734W107 30 4,800 SH SOLE 1 4,800 0 0
Qualcomm Inc. COM 747525103 98,670 1,450,600 SH SOLE 1,2 1,159,700 0 290,900
Questar Corp. COM 748356102 19,418 1,008,196 SH SOLE 1 1,008,196 0 0
Ramco-Gershenson 7.25% CV PFD 751452608 3,588 73,005 SH SOLE 1 53,005 0 20,000
Pr.D (RPT D)
FORM 13F INFORMATION TABLE
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 MANAGERS SOLE SHARED NONE
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Ramco-Gershenson Properties COM 751452202 15,119 1,237,214 SH SOLE 1,2 1,156,472 0 80,742
Rayonier Inc. COM 754907103 1,047 23,744 SH SOLE 1 23,744 0 0
Regency Centers Corp. COM 758849103 543,147 12,211,037 SH SOLE 1,2 7,265,331 0 4,945,706
Regency Energy Partners Lp COM 75885Y107 100 4,075 SH SOLE 1 4,075 0 0
Regions Financial Corp. COM 7591EP100 659 100,000 SH SOLE 1 100,000 0 0
RLJ Lodging Trust COM 74965L101 35,206 1,889,758 SH SOLE 1 728,716 0 1,161,042
Rogers Communications Inc COM 775109200 8,483 214,100 SH SOLE 1 89,100 0 125,000
Rose Rock Midstream LP COM 777149105 7,620 319,620 SH SOLE 1 319,620 0 0
Ross Stores Inc COM 778296103 42,895 738,300 SH SOLE 1,2 611,200 0 127,100
Rouse Properties Inc COM 779287101 67 4,917 SH SOLE 1 4,917 0 0
Royal Bank of Canada COM 780087102 133 2,300 SH SOLE 1 0 0 2,300
Royal Bank of Scotland PFD 780097770 2,687 166,257 SH SOLE 1 165,557 0 700
6.35% (RBS N)
Royal Bank of Scotland 6.6% PFD 780097739 3,948 236,406 SH SOLE 1 236,406 0 0
(RBS S)
Royal Bank of Scotland Pr.H PFD 780097879 2,635 119,000 SH SOLE 1 119,000 0 0
Royal Bank Scotland 6.4% PFD 780097796 2,641 160,615 SH SOLE 1 159,692 0 923
(RBS M)
Royal Gold Inc COM 780287108 131 2,007 SH SOLE 1 2,007 0 0
Royce Value Trust COM 780910105 6,297 453,700 SH SOLE 1 453,700 0 0
SBA Communications Corp. Cl COM 78388J106 3,929 77,323 SH SOLE 1 77,323 0 0
A
Schlumberger Ltd. COM 806857108 39,248 561,242 SH SOLE 1,2 454,642 0 106,600
Select Income Reit COM 81618T100 10,413 461,168 SH SOLE 1,2 359,866 0 101,302
Sempra Energy COM 816851109 57,348 956,441 SH SOLE 1 912,441 0 44,000
Senior Housing Properties COM 81721M109 218,619 9,914,692 SH SOLE 1,2 2,680,956 0 7,233,736
Trust
Siemens AG-Spons ADR ADR 826197501 14,330 142,111 SH SOLE 1 126,748 0 15,363
Simon Property Group Inc. COM 828806109 3,468,271 23,807,463 SH SOLE 1,2 13,155,697 0 10,651,766
SL Green Realty Corp. COM 78440X101 704,783 9,088,110 SH SOLE 1,2 5,807,511 0 3,280,599
Southern Co COM 842587107 66,750 1,485,638 SH SOLE 1 1,485,638 0 0
Southwestern Energy COM 845467109 209 6,825 SH SOLE 1 6,825 0 0
Sovran Self Storage Inc. COM 84610H108 67,050 1,345,583 SH SOLE 1,2 650,677 0 694,906
SPDR Trust Series 1 COM 78462F103 3,870 27,500 SH SOLE 1 27,500 0 0
Special Opportunities F COM 84741T104 16 1,000 SH SOLE 1 1,000 0 0
Spectra Energy Corp. COM 847560109 4,763 150,970 SH SOLE 1 150,970 0 0
Sprott Physical Gold Tr COM 85207H104 5,496 380,600 SH SOLE 1 380,600 0 0
Sprott Physical Silver Trust COM 85207K107 2,616 191,900 SH SOLE 1 191,900 0 0
Starwood Hotels & Resorts COM 85590A401 125,398 2,222,972 SH SOLE 1,2 2,036,896 0 186,076
Stone Harbor Emerging Market COM 86164T107 1,775 72,200 SH SOLE 1 72,200 0 0
Strategic Hotels & Resorts I COM 86272T106 951 144,600 SH SOLE 1 144,600 0 0
Stratus Properties Inc. COM 863167201 841 90,025 SH SOLE 1 90,025 0 0
Suburban Propane Partners LP COM 864482104 39 900 SH SOLE 1 900 0 0
Suncor Energy Inc COM 867224107 577 17,684 SH SOLE 1 8,584 0 9,100
Sunoco Logistics Partners LP COM 86764L108 54 1,425 SH SOLE 1 1,425 0 0
Sunstone Hotel Pr. D PFD 867892507 19,507 791,045 SH SOLE 1 351,620 0 439,425
Supervalu Inc. COM 868536103 3,344 585,606 SH SOLE 1 585,606 0 0
Symantec Corp COM 871503108 57,323 3,065,400 SH SOLE 1,2 2,484,900 0 580,500
Syngenta AG -ADR ADR 87160A100 1,494 21,700 SH SOLE 1 21,700 0 0
Talisman Energy Inc COM 87425E103 93 7,450 SH SOLE 1 7,450 0 0
Tanger Factory Outlet Center COM 875465106 180,063 6,056,603 SH SOLE 1,2 5,326,592 0 730,011
Targa Resources Corp COM 87612G101 4,073 89,625 SH SOLE 1 89,625 0 0
Targa Resources Partners Lp COM 87611X105 93 2,231 SH SOLE 1 2,231 0 0
Taubman Centers Inc. COM 876664103 362,475 4,968,820 SH SOLE 1,2 4,020,088 0 948,732
TC Pipelines LP COM 87233Q108 43 955 SH SOLE 1 955 0 0
Templeton Global Income Fund COM 880198106 2,845 294,848 SH SOLE 1 294,848 0 0
Tesoro Logistics LP COM 88160T107 15,047 430,288 SH SOLE 1 430,288 0 0
Teva ADR 881624209 24,012 532,884 SH SOLE 1 475,084 0 57,800
Pharmaceutical-Sponsored
ADR
FORM 13F INFORMATION TABLE
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 MANAGERS SOLE SHARED NONE
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
The Macerich Co. COM 554382101 314,078 5,438,572 SH SOLE 1,2 3,012,501 0 2,426,071
The Walt Disney Co. COM 254687106 85,397 1,950,600 SH SOLE 1,2 1,578,100 0 372,500
Tiffany & Co New COM 886547108 19,633 284,000 SH SOLE 1,2 223,900 0 60,100
Tim Hortons Inc COM 88706M103 20,779 389,200 SH SOLE 1,2 284,400 0 104,800
Tim Hortons Inc. COM 88706M103 214 4,000 SH SOLE 1 4,000 0 0
Time Warner Cable In COM 88732J207 34,760 426,500 SH SOLE 1,2 327,100 0 99,400
Toronto-Dominion Bank COM 891160509 5,616 66,300 SH SOLE 1,2 38,900 0 27,400
Toronto-Dominion Bank COM 891160509 16,455 193,700 SH SOLE 1 171,800 0 21,900
Tortoise MLP Fund, Inc COM 89148B101 5,741 224,100 SH SOLE 1 224,100 0 0
TransCanada Corp COM 89353D107 59,676 1,392,562 SH SOLE 1 1,389,762 0 2,800
UDR Inc. COM 902653104 482,431 18,061,814 SH SOLE 1,2 8,835,451 0 9,226,363
Ultra Pete Corp COM 903914109 225 9,959 SH SOLE 1 9,959 0 0
United Parcel Service Cl B COM 911312106 45,620 565,160 SH SOLE 1,2 435,360 0 129,800
United Technologies Corp. COM 913017109 9,909 119,473 SH SOLE 1,2 61,473 0 58,000
Unitedhealth Group Inc. COM 91324P102 99,556 1,689,104 SH SOLE 1,2 1,371,204 0 317,900
US Bancorp COM 902973304 75,933 2,396,872 SH SOLE 1,2 2,017,772 0 379,100
Van Kampen Dynamic Credit Op COM 46132R104 102 8,700 SH SOLE 1 8,700 0 0
Van Kampen Senior Income COM 46131H107 77 15,600 SH SOLE 1 15,600 0 0
Trust
Ventas Inc. COM 92276F100 1,011,456 17,713,770 SH SOLE 1,2 9,926,242 0 7,787,528
Verizon Communications Inc. COM 92343V104 15,533 406,300 SH SOLE 1 406,300 0 0
Visa Inc.-Class A Shares COM 92826C839 73,526 623,100 SH SOLE 1,2 500,400 0 122,700
Vodafone Group PLC ADR ADR 92857W209 5,408 195,456 SH SOLE 1 195,456 0 0
Vornado Realty Trust COM 929042109 1,289,630 15,316,266 SH SOLE 1,2 8,283,360 0 7,032,906
Wa/Clay US Infl-Lkd COM 95766R104 69 5,400 SH SOLE 1 5,400 0 0
Opportunity & Income Fund
Wal-Mart Stores Inc. COM 931142103 2,693 44,000 SH SOLE 1,2 9,200 0 34,800
Weingarten Realty Investors COM 948741103 266,108 10,068,401 SH SOLE 1,2 6,144,478 0 3,923,923
Wells Fargo & Co. COM 949746101 80,956 2,371,303 SH SOLE 1,2 1,973,503 0 397,800
Wells Fargo Advantage Global COM 94987C103 711 83,400 SH SOLE 1 83,400 0 0
Wells Fargo Advantage COM 94987B105 5,839 570,200 SH SOLE 1 570,200 0 0
Income Opportunities Fund
Wells Fargo Advantage COM 94987D101 73 4,800 SH SOLE 1 4,800 0 0
Multi-sector
Wells Fargo Co 7.5% (WFC L) PFD 949746804 45,226 40,500 SH SOLE 1 40,500 0 0
Western Asset Global Cp COM 95790C107 3,357 174,111 SH SOLE 1 174,111 0 0
Western Asset Global High In COM 95766B109 5,972 450,700 SH SOLE 1 450,700 0 0
Western Asset High Income COM 95766J102 3,948 395,166 SH SOLE 1 395,166 0 0
Fund II
Western Asset High Income COM 95766K109 301 48,900 SH SOLE 1 48,900 0 0
Opportunity Fund
Western Asset Managed High Y COM 95766L107 31 5,000 SH SOLE 1 5,000 0 0
Western Gas Partners LP COM 958254104 70 1,525 SH SOLE 1 1,525 0 0
Williams Cos Inc. COM 969457100 52,127 1,691,870 SH SOLE 1 1,691,870 0 0
Williams Partners LP COM 96950F104 100 1,770 SH SOLE 1 1,770 0 0
Wisconsin Energy Corp. COM 976657106 87,525 2,487,921 SH SOLE 1,2 2,141,021 0 346,900
WW Grainger Inc COM 384802104 6,618 30,810 SH SOLE 1,2 5,500 0 25,310
Xcel Energy Inc. COM 98389B100 19,871 750,715 SH SOLE 1 750,715 0 0