UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 6/30/2012
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 8/14/2012
--------------------------------- --------------------------------- ---------
[Signature] [City, State] [Date]
Report Type (Check only one):
[X] 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).)
[ ] 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: 2
Form 13F Information Table Entry Total: 395
Form 13F Information Table Value Total: $ 29,545,278
--------------
(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.
---- -------------------- ----------------------------------------------------
02 028-14984 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 56,744 880,163 SH SOLE 1,2 793,763 0 86,400
Acadia Realty Trust COM 004239109 77,573 3,346,547 SH SOLE 1 903,289 0 2,443,258
Accenture Plc COM G1151C101 204 3,400 SH SOLE 1 0 0 3,400
Advent Claymore Convertible COM 007639107 523 81,600 SH SOLE 1 81,600 0 0
Sec & Inc Fund
Advent Claymore Convertible COM 00764C109 627 40,900 SH SOLE 1 40,900 0 0
Sec & Inc Fund
Aflac Inc. COM 001055102 9,975 234,200 SH SOLE 1,2 164,200 0 70,000
AGIC Convertible & Income COM 001191105 9,750 1,186,080 SH SOLE 1 1,186,080 0 0
FD II
AGIC Convertible & Income COM 001190107 11,374 1,273,733 SH SOLE 1 1,273,733 0 0
Fund
Alexander's Inc. COM 014752109 67,064 155,562 SH SOLE 1 140,546 0 15,016
Alexandria Real Estate COM 015271109 351,117 4,828,337 SH SOLE 1,2 2,448,438 0 2,379,899
Equities
AllianceBernstein Global COM 01879R106 4,143 276,400 SH SOLE 1 276,400 0 0
High Income Fund
AllianceBernstein Income COM 01881E101 3,490 419,518 SH SOLE 1 419,518 0 0
Fund
Alpine Global Premier COM 02083A103 2,254 356,611 SH SOLE 1 356,611 0 0
Properties Fund
American Assets Trust Inc COM 024013104 134,133 5,531,265 SH SOLE 1,2 4,011,892 0 1,519,373
American Campus Communities COM 024835100 150,202 3,339,307 SH SOLE 1,2 2,921,707 0 417,600
American Express Co. COM 025816109 48,035 825,200 SH SOLE 1,2 751,700 0 73,500
American Tower Corp COM 03027X100 344,219 4,923,748 SH SOLE 1,2 4,633,666 0 290,082
American Water Works Co. COM 030420103 21,757 634,675 SH SOLE 1 634,675 0 0
Inc.
Amgen Inc. COM 031162100 18,377 251,600 SH SOLE 1,2 219,900 0 31,700
Annaly Capital Management In COM 035710409 6,752 402,400 SH SOLE 1,2 344,000 0 58,400
Apache Corp. COM 037411105 50,009 568,990 SH SOLE 1,2 510,290 0 58,700
Apartment Investment & COM 03748R101 432,677 16,007,293 SH SOLE 1,2 11,858,682 0 4,148,611
Management Co.
Apple Inc. COM 037833100 63,227 108,265 SH SOLE 1,2 83,485 0 24,780
Ashford Hospitality Pr.E PFD 044103505 13,562 516,641 SH SOLE 1 435,000 0 81,641
Associated Estates Realty COM 045604105 70,526 4,717,483 SH SOLE 1 1,824,494 0 2,892,989
Corp.
AT&T Inc. COM 00206R102 72,742 2,039,877 SH SOLE 1,2 1,905,377 0 134,500
Atlas Pipeline Partners LP COM 049392103 16 519 SH SOLE 1 519 0 0
Atmos Energy Corp. COM 049560105 3,719 106,031 SH SOLE 1 106,031 0 0
Avago Technologies L COM Y0486S104 3,393 94,500 SH SOLE 1,2 43,800 0 50,700
Avalonbay Communities Inc COM 053484101 734,149 5,189,069 SH SOLE 1,2 2,691,143 0 2,497,926
Baker Hughes Inc. COM 057224107 195 4,735 SH SOLE 1 4,735 0 0
Bank Of New York Mellon COM 064058100 27,176 1,238,100 SH SOLE 1,2 1,148,000 0 90,100
Corp.
Bankunited Inc COM 06652K103 2,137 90,648 SH SOLE 1 90,648 0 0
Banner Corporation COM 06652V208 1,861 84,954 SH SOLE 1 84,954 0 0
Barclays Bank 7.75% (BCS C) PFD 06739H511 16,760 667,200 SH SOLE 1 659,831 0 7,369
Barclays Bank 8.125% (BCS D) PFD 06739H362 35 1,391 SH SOLE 1 200 0 1191
Becton Dickinson & Co. COM 075887109 4,507 60,300 SH SOLE 1,2 10,600 0 49,700
BHP Billiton Ltd - Spon Adr ADR 088606108 438 6,700 SH SOLE 1 6,700 0 0
BioMed Realty Trust Inc. COM 09063H107 54,811 2,934,228 SH SOLE 1 32,457 0 2,901,771
Blackrock Build Amer Bd COM 09248X100 732 31,800 SH SOLE 1 31,800 0 0
Blackrock Corporate High COM 09255N102 530 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 343 83,300 SH SOLE 1 83,300 0 0
Fund
Blackrock Inc. COM 09247X101 16,132 94,992 SH SOLE 1,2 83,264 0 11,728
Blackrock Limited Duration COM 09249W101 1,729 97,500 SH SOLE 1 97,500 0 0
Income Trust
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 Mun Income Trust COM 09249N101 2,032 125,500 SH SOLE 1 125,500 0 0
II
Blackrock Muniholdings COM 09254A101 369 24,900 SH SOLE 1 24,900 0 0
Quality
Blackrock Munivest Fund COM 09253R105 1,252 114,685 SH SOLE 1 114,685 0 0
Blackrock Muniyield Fund COM 09253W104 548 34,088 SH SOLE 1 34,088 0 0
Blackrock Muniyield Qual Ii COM 09254G108 629 44,743 SH SOLE 1 44,743 0 0
Blackrock Real Asset Equity COM 09254B109 2,583 253,200 SH SOLE 1 253,200 0 0
Boardwalk Pipeline Partners COM 096627104 34 1,225 SH SOLE 1 1,225 0 0
LP
Boston Properties Inc. COM 101121101 960,191 8,860,307 SH SOLE 1,2 4,151,840 0 4,708,467
Brandywine Realty Trust COM 105368203 5,171 419,041 SH SOLE 1 227,540 0 191,501
BRE Properties Inc. COM 05564E106 61,057 1,220,644 SH SOLE 1 0 0 1,220,644
Breitburn Energy Partners LP COM 106776107 17 1,000 SH SOLE 1 1,000 0 0
Bristol-Myers Squibb Co. COM 110122108 162 4,500 SH SOLE 1 0 0 4,500
Brookdale Senior Living Inc. COM 112463104 107,277 6,047,161 SH SOLE 1 5,406,887 0 640,274
Brookfield Asset Management COM 112585104 7,752 234,422 SH SOLE 1 0 0 234,422
Inc
Brookfield Properties Corp. COM 112900105 411,427 23,618,069 SH SOLE 1,2 20,221,932 0 3,396,137
Buckeye Partners LP COM 118230101 11,099 212,740 SH SOLE 1 212,740 0 0
Calamos Convertible & High COM 12811P108 1,886 150,030 SH SOLE 1 150,030 0 0
Income Fund
Calumet Specialty Products COM 131476103 24 1,000 SH SOLE 1 1,000 0 0
Partners LP
Camden Property Trust COM 133131102 64,458 952,539 SH SOLE 1 0 0 952,539
Campus Crest Communities COM 13466Y105 8,695 836,873 SH SOLE 1 787,974 0 48,899
Canadian Natl Railway COM 136375102 1,267 15,000 SH SOLE 1 15,000 0 0
Canadian Natural Resources COM 136385101 100 3,741 SH SOLE 1 3,741 0 0
Ltd
Carnival Corp. COM 143658300 7,540 220,013 SH SOLE 1,2 174,613 0 45,400
Caterpillar Inc. COM 149123101 2,445 28,800 SH SOLE 1 27,800 0 1,000
CBL & Associates Properties COM 124830100 30,206 1,545,836 SH SOLE 1,2 1,216,256 0 329,580
CBRE Clarion Global Real COM 12504G100 3,214 405,812 SH SOLE 1 405,812 0 0
Estate Income Fund
CBRE Group Inc COM 12504L109 3,075 187,971 SH SOLE 1 187,971 0 0
CenterPoint Energy Inc. COM 15189T107 22,854 1,105,639 SH SOLE 1 1,105,639 0 0
Central Fund Canada Cl A COM 153501101 5,842 295,186 SH SOLE 1 295,186 0 0
Central GoldTrust COM 153546106 544 9,000 SH SOLE 1 9,000 0 0
Chevron Corp. COM 166764100 103,056 976,830 SH SOLE 1,2 873,730 0 103,100
China Mobile Ltd. Sponsored ADR 16941M109 24,826 454,100 SH SOLE 1 450,100 0 4,000
ADR
Chubb Corp COM 171232101 52,088 715,300 SH SOLE 1,2 666,100 0 49,200
Cia De Saneamento Basico ADR ADR 20441A102 14,742 194,336 SH SOLE 1 194,336 0 0
Cisco Systems Inc. COM 17275R102 23,087 1,344,600 SH SOLE 1,2 1,161,400 0 183,200
Citigroup Inc. COM 172967424 40,000 1,459,328 SH SOLE 1,2 1,314,328 0 145,000
Clearbridge Energy Mlp COM 184692101 782 35,420 SH SOLE 1 35,420 0 0
Clough Global Equity Fund COM 18914C100 3,091 255,700 SH SOLE 1 255,700 0 0
Clough Global Opportunities COM 18914E106 8,366 778,200 SH SOLE 1 778,200 0 0
Fund
Colonial Properties Trust COM 195872106 179,390 8,102,533 SH SOLE 1,2 6,891,650 0 1,210,883
Colony Finl Inc COM 19624R106 2,135 123,382 SH SOLE 1 123,382 0 0
Comerica Inc. COM 200340107 32,156 1,047,100 SH SOLE 1,2 980,400 0 66,700
Commonwealth REIT Pfd. D PFD 203233408 53,519 2,438,197 SH SOLE 1 516,156 0 1,922,041
Commonwealth REIT Pr. E PFD 203233606 50,073 1,845,000 SH SOLE 1 0 0 1,845,000
Consumer Discretionary Selt COM 81369Y407 4,579 104,600 SH SOLE 1 104,600 0 0
Copano Energy LLC COM 217202100 72 2,575 SH SOLE 1 2,575 0 0
Coresite Realty Corp COM 21870Q105 968 37,500 SH SOLE 1 37,500 0 0
Corporate Office Properties COM 22002T108 214,905 9,141,018 SH SOLE 1,2 6,733,107 0 2,407,911
Costco Wholesale Corp. COM 22160K105 41,582 437,700 SH SOLE 1,2 351,700 0 86,000
Cousins Properties Inc. COM 222795106 2,863 369,424 SH SOLE 1 369,424 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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Covidien PLC COM G2554F113 55,585 1,038,965 SH SOLE 1,2 905,965 0 133,000
Crown Castle International COM 228227104 105,796 1,803,543 SH SOLE 1 1,803,543 0 0
Corp.
CubeSmart COM 229663109 156,645 13,422,878 SH SOLE 1,2 7,148,679 0 6,274,199
CVS Caremark Corp. COM 126650100 66,394 1,420,800 SH SOLE 1,2 1,240,700 0 180,100
DCP Midstream Partners LP COM 23311P100 32 760 SH SOLE 1 760 0 0
DCT Industrial Trust Inc. COM 233153105 13,946 2,213,691 SH SOLE 1,2 2,185,900 0 27,791
DDR Corp. COM 23317H102 105,133 7,181,220 SH SOLE 1 0 0 7,181,220
Devon Energy Corp. COM 25179M103 54,182 934,341 SH SOLE 1,2 849,741 0 84,600
Diamondrock Hospitality Co. COM 252784301 128,708 12,618,463 SH SOLE 1 0 0 12,618,463
Digital Realty Trust Inc. COM 253868103 548,399 7,305,163 SH SOLE 1,2 4,417,781 0 2,887,382
Douglas Emmett Inc. COM 25960P109 67,219 2,909,919 SH SOLE 1 6,704 0 2,903,215
Dow Chemical COM 260543103 16,345 518,900 SH SOLE 1,2 460,600 0 58,300
Duke Realty Corp. COM 264411505 73,339 5,009,500 SH SOLE 1 0 0 5,009,500
Dupont Fabros Technology COM 26613Q106 271,232 9,496,926 SH SOLE 1,2 4,731,362 0 4,765,564
Inc.
Eaton Corp COM 278058102 13,506 340,800 SH SOLE 1,2 276,200 0 64,600
Eaton Vance Floating Rate COM 278279104 10,414 674,065 SH SOLE 1 674,065 0 0
Income Trust
Eaton Vance Limited COM 27828H105 9,950 610,437 SH SOLE 1 610,437 0 0
Duration Fund
Eaton Vance Senior Income Tr COM 27826S103 5,570 793,487 SH SOLE 1 793,487 0 0
Eaton Vance Sr Fltg Rate COM 27828Q105 5,799 379,026 SH SOLE 1 379,026 0 0
Trust
Eaton Vance T/A Global COM 27828S101 6,634 498,800 SH SOLE 1 498,800 0 0
Dividend Income
Eaton Vance T/M Buy-Wr In COM 27828X100 2,493 185,500 SH SOLE 1 185,500 0 0
Eaton Vance T/M Buy-Write COM 27828Y108 13,118 1,055,356 SH SOLE 1 1,055,356 0 0
Opportunity
Eaton Vance Tax Adv Global COM 27828U106 4,045 224,500 SH SOLE 1 224,500 0 0
Dividend O
Eaton Vance Tax Man Global COM 27829C105 5,003 477,365 SH SOLE 1 477,365 0 0
Br
Eaton Vance Tax-Adv Dvd. COM 27828G107 9,135 571,651 SH SOLE 1 571,651 0 0
Inc. Fund
Eaton Vance Tax-Managed COM 27828N102 13,474 1,485,517 SH SOLE 1 1,485,517 0 0
Dividend
Eaton Vance Tax-Managed COM 27829F108 11,534 1,389,662 SH SOLE 1 1,389,662 0 0
Global
Edison International COM 281020107 36,134 782,131 SH SOLE 1 782,131 0 0
Education Realty Trust Inc. COM 28140H104 162,880 14,700,325 SH SOLE 1,2 10,664,721 0 4,035,604
El Paso Pipeline Partners LP COM 283702108 64 1,905 SH SOLE 1 1,905 0 0
Eldorado Gold Corp COM 284902103 317 25,811 SH SOLE 1 25,811 0 0
Emerson Electric Co COM 291011104 44,703 959,700 SH SOLE 1,2 842,500 0 117,200
Enbridge Energy Partners LP COM 29250R106 8,236 267,667 SH SOLE 1 267,667 0 0
Enbridge Inc COM 29250N105 70,766 1,774,272 SH SOLE 1 1,774,272 0 0
Encana Corp COM 292505104 229 11,000 SH SOLE 1 11,000 0 0
Energy Select Sector Spdr COM 81369Y506 3,365 50,700 SH SOLE 1 50,700 0 0
Energy Transfer Equity Lp COM 29273V100 92 2,250 SH SOLE 1 2,250 0 0
Energy Transfer Partners LP COM 29273R109 55 1,250 SH SOLE 1 1,250 0 0
Ensco PLC ADR 29358Q109 1,362 29,000 SH SOLE 1 29,000 0 0
Enterprise Products Partners COM 293792107 44,993 878,092 SH SOLE 1 878,092 0 0
Entertainment Properties 9% PFD 29380T600 7,656 280,446 SH SOLE 1 211,000 0 69,446
CV (EPR E)
Entertainment Property PFD 29380T402 8,127 430,000 SH SOLE 1 0 0 430,000
5.75% CV (EPR C)
Equity Lifestyle Properties COM 29472R108 231,059 3,350,137 SH SOLE 1,2 1,831,641 0 1,518,496
Equity Residential COM 29476L107 1,482,679 23,776,126 SH SOLE 1,2 12,431,184 0 11,344,942
Essex Property Trust Inc. COM 297178105 258,325 1,678,307 SH SOLE 1,2 1,081,249 0 597,058
EV Energy Partner LP COM 26926V107 73 1,455 SH SOLE 1 1,455 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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Exelon Corp. COM 30161N101 35,972 956,200 SH SOLE 1 956,200 0 0
Extra Space Storage Inc. COM 30225T102 201,486 6,584,523 SH SOLE 1,2 3,946,126 0 2,638,397
Exxon Mobil Corp. COM 30231G102 94,275 1,101,726 SH SOLE 1,2 971,826 0 129,900
Federal Realty Investment COM 313747206 325,655 3,128,590 SH SOLE 1,2 941,942 0 2,186,648
Trust
Financial Select Sector SPDR COM 81369Y605 1,446 98,900 SH SOLE 1 98,900 0 0
First Industrial Realty COM 32054K103 97,172 7,699,862 SH SOLE 1,2 3,645,436 0 4,054,426
Trust
First Potomac Realty Trust COM 33610F109 1,374 116,753 SH SOLE 1 116,753 0 0
First Trust Aberdeen Global COM 337319107 3,968 232,200 SH SOLE 1 232,200 0 0
Fund
First Trust Energy Income COM 33738G104 6,058 198,480 SH SOLE 1 198,480 0 0
and Growth Fund
First Trust Strategic High COM 337353304 1,642 96,400 SH SOLE 1 96,400 0 0
Income Fund II
First Trust/Four Crns Sr F 2 COM 33733U108 323 22,000 SH SOLE 1 22,000 0 0
Firstenergy Corp. COM 337932107 18,896 384,133 SH SOLE 1 384,133 0 0
Flah & Crum/Claymore COM 338478100 8,438 451,472 SH SOLE 1 451,472 0 0
Preferred S I
Flah & Crum/Claymore Total COM 338479108 5,334 274,500 SH SOLE 1 274,500 0 0
Return Fund
Ford Motor Co COM 345370860 714 74,500 SH SOLE 1 74,500 0 0
Forest City Enterprises Cl A COM 345550107 470 32,200 SH SOLE 1,2 32,200 0 0
Franklin Resources Inc. COM 354613101 18,669 168,203 SH SOLE 1,2 152,503 0 15,700
Franklin Templeton Ltd COM 35472T101 2,015 143,400 SH SOLE 1 143,400 0 0
Duration Inc Fund
Freeport-Mcmoran Copper COM 35671D857 2,773 81,400 SH SOLE 1,2 32,300 0 49,100
Gabelli Dividend & Income COM 36242H104 9,490 611,869 SH SOLE 1 611,869 0 0
Trust
Gabelli Equity Trust COM 362397101 8,841 1,643,300 SH SOLE 1 1,643,300 0 0
Gabelli Gold Nat Res & COM 36465A109 519 38,698 SH SOLE 1 38,698 0 0
Income
GasLog Ltd. COM G37585109 19,625 1,933,496 SH SOLE 1 1,933,496 0 0
General Dynamics Corp. COM 369550108 25,930 393,119 SH SOLE 1 393,119 0 0
General Electric Co. COM 369604103 58,071 2,786,530 SH SOLE 1,2 2,550,030 0 236,500
General Growth Properties COM 370023103 949,066 52,463,568 SH SOLE 1,2 32,115,188 0 20,348,380
Genesis Energy LP COM 371927104 33 1,150 SH SOLE 1 1,150 0 0
Glimcher Realty Trust COM 379302102 24,691 2,415,986 SH SOLE 1 2,415,986 0 0
Golar LNG Partners LP COM Y2745C102 13,877 428,317 SH SOLE 1 428,317 0 0
Goldcorp Inc COM 380956409 353 9,397 SH SOLE 1 9,397 0 0
Goldman Sachs Group Inc. COM 38141G104 25,710 268,200 SH SOLE 1,2 250,900 0 17,300
Google Inc. Cl A COM 38259P508 9,745 16,800 SH SOLE 1,2 6,800 0 10,000
Grupo Aeroportuario ADR 400506101 2,631 66,681 SH SOLE 1 66,681 0 0
Harris Corp. COM 413875105 2,310 55,200 SH SOLE 1,2 10,200 0 45,000
HCC Insurance Holdings Inc. COM 404132102 21,054 670,500 SH SOLE 1 667,100 0 3,400
HCP Inc COM 40414L109 997,195 22,586,534 SH SOLE 1,2 11,204,116 0 11,382,418
Health Care REIT Inc. COM 42217K106 114,655 1,966,633 SH SOLE 1,2 779,709 0 1,186,924
Healthcare Realty Trust Inc. COM 421946104 47,788 2,004,515 SH SOLE 1 1,872,915 0 131,600
Hersha Hospitality Trust COM 427825104 167,027 31,633,960 SH SOLE 1,2 23,712,645 0 7,921,315
Home Properties Inc. COM 437306103 79,878 1,301,798 SH SOLE 1 186,000 0 1,115,798
Hospitality Properties Trust COM 44106M102 3 131 SH SOLE 1 0 0 131
Host Hotels & Resorts Inc. COM 44107P104 811,036 51,266,517 SH SOLE 1,2 19,813,278 0 31,453,239
Hudson Pacific Prop COM 444097109 106,488 6,116,472 SH SOLE 1,2 5,367,621 0 748,851
Huntington Bancshares 8.5% PFD 446150401 10,651 9,294 SH SOLE 1 9,294 0 0
CV (HBANP)
Hyatt Hotels Corp CL A COM 448579102 281,613 7,578,391 SH SOLE 1,2 6,569,919 0 1,008,472
I Shares Gold Trust COM 464285105 3,625 233,000 SH SOLE 1 233,000 0 0
Imperial Oil Ltd COM 453038408 87 2,082 SH SOLE 1 2,082 0 0
Inergy LP COM 456615103 48 2,575 SH SOLE 1 2,575 0 0
Ing Infrastructure Indl COM 45685U100 3,916 237,200 SH SOLE 1 237,200 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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
ING Prime Rate Trust COM 44977W106 2,940 509,615 SH SOLE 1 509,615 0 0
Intel Corp. COM 458140100 3,536 132,700 SH SOLE 1,2 26,500 0 106,200
International Business COM 459200101 7,849 40,133 SH SOLE 1,2 17,033 0 23,100
Machines Corp.
Intrepid Potash Inc COM 46121Y102 214 9,416 SH SOLE 1 9,416 0 0
Invesco Municipal Premium COM 46133E102 742 80,900 SH SOLE 1 80,900 0 0
Inc
Ishares Silver Trust COM 46428Q109 1,634 61,300 SH SOLE 1 61,300 0 0
ITC Holdings Corp. COM 465685105 12,895 187,123 SH SOLE 1 187,123 0 0
John Hancock T/A Dividend COM 41013V100 2,958 161,290 SH SOLE 1 161,290 0 0
Income Fund
Johnson & Johnson COM 478160104 48,835 722,836 SH SOLE 1,2 659,436 0 63,400
Johnson Controls Inc. COM 478366107 20,311 733,000 SH SOLE 1,2 610,500 0 122,500
JP Morgan Chase & Co COM 46625H100 91,776 2,568,594 SH SOLE 1,2 2,310,294 0 258,300
Kayne Anderson Energy Total COM 48660P104 6,542 247,624 SH SOLE 1 247,624 0 0
Return
Kayne Anderson COM 48661E108 3,059 114,700 SH SOLE 1 114,700 0 0
MidstreamEnergy
Kayne Anderson MLP COM 486606106 2,240 72,800 SH SOLE 1 72,800 0 0
Investment
KB Home COM 48666K109 238 24,311 SH SOLE 1 24,311 0 0
Keycorp 7.75% CV (KEY G) PFD 493267405 4,735 42,470 SH SOLE 1 42,270 0 200
Kilroy Realty Corp. COM 49427F108 256,245 5,293,215 SH SOLE 1,2 2,447,746 0 2,845,469
Kimco Realty Corp. COM 49446R109 234,970 12,347,351 SH SOLE 1,2 1,201,103 0 11,146,248
Kinder Morgan Energy Prtnrs COM 494550106 26,047 331,477 SH SOLE 1 331,477 0 0
Kinder Morgan Holdco LLC COM 49456B101 14,691 455,950 SH SOLE 1 455,950 0 0
Kinder Morgan Manage COM 49455U100 327 4,450 SH SOLE 1 4,450 0 0
Kinross Gold Corp COM 496902404 176 21,632 SH SOLE 1 21,632 0 0
L-3 Communications Holdings COM 502424104 25,622 346,200 SH SOLE 1,2 273,500 0 72,700
Lasalle Hotel Properties COM 517942108 43,366 1,488,180 SH SOLE 1 0 0 1,488,180
Lexington Corp Pr C CV PFD 529043309 10,152 228,449 SH SOLE 1 211,636 0 16,813
Lexington Realty Trust COM 529043101 1,750 206,563 SH SOLE 1 206,563 0 0
Liberty All-Star Equity Fund COM 530158104 3,700 820,486 SH SOLE 1 820,486 0 0
Liberty Property Trust COM 531172104 323,669 8,785,806 SH SOLE 1,2 4,021,147 0 4,764,659
Linn Energy Llc-Units COM 536020100 82 2,160 SH SOLE 1 2,160 0 0
Lockheed Martin Corp. COM 539830109 17,085 196,200 SH SOLE 1 196,200 0 0
Mack-Cali Realty Corp. COM 554489104 110,277 3,793,510 SH SOLE 1 165,956 0 3,627,554
Macquarie/Ft Gl Int/Ut Dv In COM 55607W100 1,520 103,172 SH SOLE 1 103,172 0 0
Magellan Midstream Partners COM 559080106 90 1,280 SH SOLE 1 1,280 0 0
Marathon Petroleum Corp. COM 56585A102 32,288 718,800 SH SOLE 1,2 622,400 0 96,400
Market Vectors Gold Miners COM 57060U100 3,080 68,800 SH SOLE 1 68,800 0 0
Market Vectors Oil Service COM 57060U191 4,156 116,600 SH SOLE 1 116,600 0 0
ETF
MarkWest Energy Partners LP COM 570759100 62,015 1,257,649 SH SOLE 1 1,257,649 0 0
McDonald's Corp. COM 580135101 56,697 640,427 SH SOLE 1,2 556,727 0 83,700
Mckesson Corp. COM 58155Q103 263 2,800 SH SOLE 1 0 0 2,800
Medical Properties Trust COM 58463J304 1,203 125,094 SH SOLE 1 125,094 0 0
Inc.
Merck & Co Inc COM 58933Y105 59,143 1,416,600 SH SOLE 1,2 1,276,000 0 140,600
MFS Multimarket Income Trust COM 552737108 2,038 287,100 SH SOLE 1 287,100 0 0
Microsoft Corp. COM 594918104 20,393 666,651 SH SOLE 1,2 505,851 0 160,800
Mid-America Apartment COM 59522J103 225,298 3,301,554 SH SOLE 1,2 2,748,283 0 553,271
Communities
Mission West Properties COM 605203108 507 58,784 SH SOLE 1 58,784 0 0
MLP & Strategic Equity Fund COM 55312N106 1,784 103,435 SH SOLE 1 103,435 0 0
Monsanto Co COM 61166W101 105 1,274 SH SOLE 1 1,274 0 0
Morgan Stanley Emerging COM 617477104 1,773 112,900 SH SOLE 1 112,900 0 0
Markets
Mosaic Company COM 61945C103 745 13,600 SH SOLE 1 13,600 0 0
Murphy Oil Corp COM 626717102 247 4,903 SH SOLE 1 4,903 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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
NATL WESTMINSTER 7.76% (NW PFD 638539882 32,253 1,446,380 SH SOLE 1 1,441,259 0 5,121
C)
Natural Resource Partners LP COM 63900P103 25 1,150 SH SOLE 1 1,150 0 0
New America High Income Fund COM 641876800 6,656 649,352 SH SOLE 1 649,352 0 0
Newmont Mining Corp COM 651639106 3,294 67,900 SH SOLE 1,2 29,100 0 38,800
News Corp Ltd COM 65248E104 8,847 396,900 SH SOLE 1 339,600 0 57,300
Nexen Inc COM 65334H102 215 12,724 SH SOLE 1 12,724 0 0
NextEra Energy Inc COM 65339F101 111,196 1,615,981 SH SOLE 1,2 1,526,581 0 89,400
NFJ Dividend Interest & COM 65337H109 3,831 228,200 SH SOLE 1 228,200 0 0
Preferred Strategy
Nike Inc. Cl B COM 654106103 12,210 139,100 SH SOLE 1,2 120,900 0 18,200
Nordstrom Inc. COM 655664100 24,489 492,840 SH SOLE 1,2 422,140 0 70,700
Norfolk Southern Corp. COM 655844108 33,108 461,300 SH SOLE 1,2 400,200 0 61,100
Northrop Grumman Corp. COM 666807102 4,019 63,000 SH SOLE 1 63,000 0 0
NuStar Energy LP COM 67058H102 70 1,300 SH SOLE 1 1,300 0 0
Nuveen Diversified Dividend COM 6706EP105 2,780 245,389 SH SOLE 1 245,389 0 0
And Income Fund
Nuveen Dividend Advantage COM 67066V101 1,979 130,700 SH SOLE 1 130,700 0 0
Muni Fd
Nuveen Dividend Advantage COM 67070F100 2,060 133,922 SH SOLE 1 133,922 0 0
Municipal Fund 2
Nuveen Equity Premium COM 6706EM102 1,836 154,300 SH SOLE 1 154,300 0 0
Opportunity Fund
Nuveen Floating rate Income COM 67072T108 3,615 311,900 SH SOLE 1 311,900 0 0
Nuveen Floating Rate Income COM 6706EN100 2,641 222,500 SH SOLE 1 222,500 0 0
Opportunity Fund
Nuveen Global Value Opp Fund COM 6706EH103 1,537 108,000 SH SOLE 1 108,000 0 0
Nuveen Ins T/F Adv Municipal COM 670657105 1,308 88,000 SH SOLE 1 88,000 0 0
Nuveen Inv Quality Muni Fd COM 67062E103 1,115 69,100 SH SOLE 1 69,100 0 0
Nuveen Mtg Opportunity COM 670735109 1,711 70,314 SH SOLE 1 70,314 0 0
Nuveen Mtg Oppty Term F COM 67074R100 1,980 81,500 SH SOLE 1 81,500 0 0
Nuveen Multi-Strategy COM 67073D102 13,627 1,502,480 SH SOLE 1 1,502,480 0 0
Income & Growth 2
Nuveen Performance Plus Muni COM 67062P108 2,004 124,500 SH SOLE 1 124,500 0 0
Nuveen Preferred Income COM 67073B106 12,463 1,380,200 SH SOLE 1 1,380,200 0 0
Opportunities Fund
Nuveen Premium Inc Muni Fd 2 COM 67063W102 2,385 154,500 SH SOLE 1 154,500 0 0
Nuveen Real Estate Income COM 67071B108 2,967 273,239 SH SOLE 1 273,239 0 0
Fund
Nuveen Tax-Adv Tot Ret Strat COM 67090H102 1,551 153,900 SH SOLE 1 153,900 0 0
Occidental Petroleum Corp. COM 674599105 63,999 746,167 SH SOLE 1,2 663,367 0 82,800
Oiltanking Partners LP COM 678049107 13,107 418,084 SH SOLE 1 418,084 0 0
ONEOK Partners LP COM 68268N103 163 3,035 SH SOLE 1 3,035 0 0
Oracle Corp. COM 68389X105 67,966 2,288,401 SH SOLE 1,2 1,962,501 0 325,900
Orient Express Hotels Ltd. COM G67743107 113,345 13,541,838 SH SOLE 1,2 11,462,435 0 2,079,403
A
P G & E Corp. COM 69331C108 67,540 1,491,935 SH SOLE 1,2 1,435,535 0 56,400
Paa Natural Gas Storage Lp COM 693139107 17 935 SH SOLE 1 935 0 0
Parkway Properties Inc. COM 70159Q104 3,182 278,113 SH SOLE 1 278,113 0 0
Patterson Companies COM 703395103 16,239 471,100 SH SOLE 1,2 411,300 0 59,800
Pebblebrook Hotel Trust COM 70509V100 12,026 515,907 SH SOLE 1 391,900 0 124,007
Pembina Pipeline Corp COM 706327103 920 36,030 SH SOLE 1 36,030 0 0
Penn Virginia Resource COM 707884102 59 2,400 SH SOLE 1 2,400 0 0
Partners LP
Pepsico Inc. COM 713448108 34,400 486,838 SH SOLE 1,2 410,138 0 76,700
Petroleo Brasileiro SA ADR 71654V101 235 12,929 SH SOLE 1 12,929 0 0
Petsmart Inc COM 716768106 23,318 342,000 SH SOLE 1,2 286,100 0 55,900
Pfizer Inc. COM 717081103 58,525 2,544,584 SH SOLE 1,2 2,384,184 0 160,400
Philip Morris International COM 718172109 52,870 605,889 SH SOLE 1,2 502,589 0 103,300
Piedmont Office Realty Tru-A COM 720190206 87,155 5,064,214 SH SOLE 1,2 4,583,539 0 480,675
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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
PIMCO Corporate Opportunity COM 72201B101 5,939 317,082 SH SOLE 1 317,082 0 0
PIMCO Income Opportunity COM 72202B100 14,756 548,965 SH SOLE 1 548,965 0 0
Fund
PIMCO Income Strategy Fund COM 72201J104 5,142 490,200 SH SOLE 1 490,200 0 0
II
Pioneer Diversified High COM 723653101 1,758 87,240 SH SOLE 1 87,240 0 0
Income
Pioneer Floating Rate Trust COM 72369J102 5,656 447,123 SH SOLE 1 447,123 0 0
Plains All American COM 726503105 143 1,775 SH SOLE 1 1,775 0 0
Pipeline LP
PNC Financial Services Group COM 693475105 275 4,500 SH SOLE 1 4,500 0 0
Potash Corp of Saskatchewan COM 73755L107 5,867 134,400 SH SOLE 1 53,500 0 80,900
Potash Corp of Saskatchewan COM 73755L107 24,187 553,598 SH SOLE 1 548,398 0 5,200
- US
PPL Corp. COM 69351T106 39,834 1,432,374 SH SOLE 1 1,432,374 0 0
Procter & Gamble Co. COM 742718109 34,237 558,976 SH SOLE 1,2 483,476 0 75,500
ProLogis Inc. COM 74340W103 1,387,197 41,745,319 SH SOLE 1,2 25,283,225 0 16,462,094
Prudential Finl Inc COM 744320102 40,410 834,400 SH SOLE 1,2 754,100 0 80,300
PS Business Parks Inc. COM 69360J107 40,985 605,215 SH SOLE 1,2 535,783 0 69,432
Public Storage COM 74460D109 1,154,354 7,993,591 SH SOLE 1,2 4,739,771 0 3,253,820
Putnam Premier Income Trust COM 746853100 4,208 786,553 SH SOLE 1 786,553 0 0
Qualcomm Inc. COM 747525103 58,230 1,045,800 SH SOLE 1,2 876,200 0 169,600
Questar Corp. COM 748356102 20,952 1,004,427 SH SOLE 1 1,004,427 0 0
Ramco-Gershenson 7.25% CV PFD 751452608 1,750 35,000 SH SOLE 1 15,000 0 20,000
Pr.D (RPT D)
Ramco-Gershenson Properties COM 751452202 30,588 2,433,417 SH SOLE 1 2,310,649 0 122,768
Rayonier Inc. COM 754907103 16,399 365,233 SH SOLE 1 326,633 0 38,600
Regency Centers Corp. COM 758849103 510,657 10,734,857 SH SOLE 1,2 6,038,644 0 4,696,213
Regency Energy Partners Lp COM 75885Y107 97 4,075 SH SOLE 1 4,075 0 0
Republic Services Inc. COM 760759100 50 1,900 SH SOLE 1 0 0 1,900
Retail Properties of America COM 76131V202 52,072 5,357,224 SH SOLE 1,2 4,906,728 0 450,496
RLJ Lodging Trust COM 74965L101 30,773 1,697,371 SH SOLE 1 498,657 0 1,198,714
Rogers Communications Inc COM 775109200 7,752 214,100 SH SOLE 1 89,100 0 125,000
Rose Rock Midstream LP COM 777149105 7,908 321,350 SH SOLE 1 321,350 0 0
Ross Stores Inc COM 778296103 36,058 577,200 SH SOLE 1,2 507,800 0 69,400
Rouse Properties Inc COM 779287101 67 4,917 SH SOLE 1 4,917 0 0
Royal Bank of Canada COM 780087102 97 1,900 SH SOLE 1 0 0 1,900
Royal Bank of Scotland PFD 780097770 6,935 402,013 SH SOLE 1 399,065 0 2,948
6.35% (RBS N)
Royal Bank of Scotland 6.6% PFD 780097739 11,644 656,722 SH SOLE 1 656,722 0 0
(RBS S)
Royal Bank Scotland 6.4% PFD 780097796 9,693 553,265 SH SOLE 1 549,643 0 3,622
(RBS M)
Royce Value Trust COM 780910105 6,591 529,000 SH SOLE 1 529,000 0 0
SBA Communications Corp. Cl COM 78388J106 52,774 925,050 SH SOLE 1 925,050 0 0
A
Schlumberger Ltd. COM 806857108 45,880 706,821 SH SOLE 1,2 645,321 0 61,500
Select Income Reit COM 81618T100 2,296 96,616 SH SOLE 1,2 45,702 0 50,914
Sempra Energy COM 816851109 63,651 924,092 SH SOLE 1 918,992 0 5,100
Senior Housing Properties COM 81721M109 142,304 6,375,625 SH SOLE 1 0 0 6,375,625
Trust
Siemens AG-Spons ADR ADR 826197501 13,309 158,312 SH SOLE 1 157,010 0 1,302
Simon Property Group Inc. COM 828806109 3,418,201 21,959,407 SH SOLE 1,2 11,705,076 0 10,254,331
SL Green Realty Corp. COM 78440X101 561,049 6,992,140 SH SOLE 1,2 3,685,286 0 3,306,854
Southern Co COM 842587107 69,563 1,502,441 SH SOLE 1 1,502,441 0 0
Southwestern Energy COM 845467109 243 7,625 SH SOLE 1 7,625 0 0
Sovran Self Storage Inc. COM 84610H108 63,699 1,271,697 SH SOLE 1,2 658,038 0 613,659
SPDR Trust Series 1 COM 78462F103 3,747 27,500 SH SOLE 1 27,500 0 0
Special Opportunities Fund, COM 84741T104 15 1,000 SH SOLE 1 1,000 0 0
Inc.
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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Special Opportunities Fund RIGHT 84741T112 0 100 SH SOLE 1 100 0 0
Inc. Rights
Spectra Energy Corp. COM 847560109 3,911 134,570 SH SOLE 1 134,570 0 0
Sprott Physical Gold Tr COM 85207H104 5,668 411,000 SH SOLE 1 411,000 0 0
Sprott Physical Silver Trust COM 85207K107 2,222 191,900 SH SOLE 1 191,900 0 0
Starwood Hotels & Resorts COM 85590A401 132,597 2,499,950 SH SOLE 1 2,317,549 0 182,401
Stone Harbor Emerging Market COM 86164T107 1,865 80,600 SH SOLE 1 80,600 0 0
Strategic Hotels & Resorts I COM 86272T106 46,321 7,170,469 SH SOLE 1,2 5,744,061 0 1,426,408
Stratus Properties Inc. COM 863167201 848 94,216 SH SOLE 1 94,216 0 0
Suburban Propane Partners LP COM 864482104 37 900 SH SOLE 1 900 0 0
Suncor Energy Inc COM 867224107 520 18,004 SH SOLE 1 9,904 0 8,100
Sunoco Logistics Partners LP COM 86764L108 52 1,425 SH SOLE 1 1,425 0 0
Sunstone Hotel Pr. D PFD 867892507 20,927 824,045 SH SOLE 1 384,620 0 439,425
Supervalu Inc. COM 868536103 1,419 273,899 SH SOLE 1,2 273,899 0 0
Symantec Corp COM 871503108 33,138 2,268,200 SH SOLE 1,2 1,949,700 0 318,500
Syngenta AG -ADR ADR 87160A100 1,122 16,400 SH SOLE 1 16,400 0 0
Talisman Energy Inc COM 87425E103 115 10,059 SH SOLE 1 10,059 0 0
Tanger Factory Outlet Center COM 875465106 141,163 4,404,457 SH SOLE 1,2 3,877,297 0 527,160
Targa Resources Corp COM 87612G101 3,302 77,330 SH SOLE 1 77,330 0 0
Targa Resources Partners LP COM 87611X105 80 2,231 SH SOLE 1 2,231 0 0
Taubman Centers Inc. COM 876664103 257,455 3,336,639 SH SOLE 1,2 2,732,279 0 604,360
TC Pipelines LP COM 87233Q108 41 955 SH SOLE 1 955 0 0
Templeton Global Income Fund COM 880198106 3,216 347,676 SH SOLE 1 347,676 0 0
Tesoro Logistics LP COM 88160T107 14,615 431,110 SH SOLE 1 431,110 0 0
Teva ADR 881624209 17,830 452,084 SH SOLE 1 448,184 0 3,900
Pharmaceutical-Sponsored
ADR
The Macerich Co. COM 554382101 285,481 4,834,565 SH SOLE 1,2 2,451,710 0 2,382,855
The St. Joe Co. COM 790148100 1,476 93,369 SH SOLE 1 93,369 0 0
The Walt Disney Co. COM 254687106 80,680 1,663,500 SH SOLE 1,2 1,459,400 0 204,100
Tiffany & Co New COM 886547108 13,238 250,000 SH SOLE 1,2 213,500 0 36,500
Tim Hortons Inc COM 88706M103 17,405 330,600 SH SOLE 1,2 256,700 0 73,900
Tim Hortons Inc. COM 88706M103 190 3,600 SH SOLE 1 3,600 0 0
Time Warner Cable In COM 88732J207 30,911 376,500 SH SOLE 1,2 310,800 0 65,700
Toronto-Dominion Bank COM 891160509 3,986 51,000 SH SOLE 1,2 24,100 0 26,900
Toronto-Dominion Bank COM 891160509 7,979 102,000 SH SOLE 1 101,300 0 700
Tortoise MLP Fund, Inc COM 89148B101 4,508 180,300 SH SOLE 1 180,300 0 0
UDR Inc. COM 902653104 337,136 13,047,057 SH SOLE 1,2 5,435,099 0 7,611,958
Ultra Pete Corp COM 903914109 206 8,927 SH SOLE 1 8,927 0 0
United Parcel Service Cl B COM 911312106 37,337 474,060 SH SOLE 1,2 383,960 0 90,100
United Technologies Corp. COM 913017109 7,649 101,273 SH SOLE 1,2 44,073 0 57,200
Unitedhealth Group Inc. COM 91324P102 76,319 1,304,604 SH SOLE 1,2 1,150,004 0 154,600
US Bancorp COM 902973304 66,902 2,080,272 SH SOLE 1,2 1,913,272 0 167,000
Ventas Inc. COM 92276F100 858,016 13,593,408 SH SOLE 1,2 7,406,414 0 6,186,994
Verizon Communications Inc. COM 92343V104 18,056 406,300 SH SOLE 1 406,300 0 0
Visa Inc.-Class A Shares COM 92826C839 67,502 546,000 SH SOLE 1,2 470,700 0 75,300
Vodafone Group PLC ADR ADR 92857W209 5,378 190,856 SH SOLE 1 190,856 0 0
Vornado Realty Trust COM 929042109 1,533,590 18,261,377 SH SOLE 1,2 10,611,203 0 7,650,174
Wal-Mart Stores Inc. COM 931142103 3,068 44,000 SH SOLE 1,2 9,200 0 34,800
Weingarten Realty Investors COM 948741103 220,711 8,379,328 SH SOLE 1,2 4,752,702 0 3,626,626
Wells Fargo & Co. COM 949746101 70,017 2,093,803 SH SOLE 1,2 1,881,403 0 212,400
Wells Fargo Advantage Global COM 94987C103 560 71,100 SH SOLE 1 71,100 0 0
Wells Fargo Advantage COM 94987B105 7,477 743,200 SH SOLE 1 743,200 0 0
Income Opportunities Fund
Wells Fargo Co 7.5% (WFC L) PFD 949746804 50,963 45,300 SH SOLE 1 45,300 0 0
Western Asset Global Cp COM 95790C107 2,399 125,006 SH SOLE 1 125,006 0 0
Western Asset Global High In COM 95766B109 5,723 430,000 SH SOLE 1 430,000 0 0
Western Gas Partners LP COM 958254104 67 1,525 SH SOLE 1 1,525 0 0
Weyerhaeuser Co COM 962166104 995 44,500 SH SOLE 1 44,500 0 0
Williams Cos Inc. COM 969457100 47,208 1,638,040 SH SOLE 1 1,638,040 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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Williams Partners LP COM 96950F104 92 1,770 SH SOLE 1 1,770 0 0
Wisconsin Energy Corp. COM 976657106 88,843 2,245,208 SH SOLE 1,2 2,045,608 0 199,600
WW Grainger Inc COM 384802104 5,890 30,800 SH SOLE 1,2 5,500 0 25,300