UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 9/30/2012
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 11/14/2012
--------------------------------- --------------------------------- ----------
[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: 2
Form 13F Information Table Entry Total: 405
Form 13F Information Table Value Total: $ 29,540,744
--------------
(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 45,175 658,916 SH SOLE 1,2 570,416 0 88,500
Acadia Realty Trust COM 004239109 84,277 3,395,524 SH SOLE 1 912,766 0 2,482,758
Accenture Plc COM G1151C101 147 2,100 SH SOLE 1 0 0 2,100
Advent Claymore Convertible COM 00764C109 674 40,900 SH SOLE 1 40,900 0 0
Sec & Inc Fund
Aflac Inc. COM 001055102 18,771 392,036 SH SOLE 1,2 321,036 0 71,000
Agco Corp COM 001084102 308 6,484 SH SOLE 1 6,484 0 0
AGIC Convertible & Income COM 001191105 10,647 1,229,480 SH SOLE 1 1,229,480 0 0
FD II
AGIC Convertible & Income COM 001190107 13,742 1,455,700 SH SOLE 1 1,455,700 0 0
Fund
Alexander's Inc. COM 014752109 64,871 151,749 SH SOLE 1,2 136,733 0 15,016
Alexandria Real Estate COM 015271109 393,048 5,346,135 SH SOLE 1,2 3,054,499 0 2,291,636
Equities
Allegheny Technologies COM 01741R102 13,675 428,698 SH SOLE 1,2 366,960 0 61,738
AllianceBernstein Global COM 01879R106 4,389 276,400 SH SOLE 1 276,400 0 0
High Income Fund
AllianceBernstein Income COM 01881E101 3,778 437,318 SH SOLE 1 437,318 0 0
Fund
Alpine Global Premier COM 02083A103 3,157 431,311 SH SOLE 1,2 431,311 0 0
Properties Fund
American Assets Trust Inc COM 024013104 133,481 4,982,493 SH SOLE 1,2 3,574,166 0 1,408,327
American Campus Communities COM 024835100 139,017 3,168,115 SH SOLE 1,2 2,908,896 0 259,219
American Express Co. COM 025816109 48,310 849,622 SH SOLE 1,2 759,722 0 89,900
American Tower Corp COM 03027X100 161,877 2,267,498 SH SOLE 1 2,171,717 0 95,781
American Water Works Co. COM 030420103 22,834 616,140 SH SOLE 1 616,140 0 0
Inc.
Amgen Inc. COM 031162100 4,359 51,700 SH SOLE 1,2 22,000 0 29,700
Anadarko Petroleum Corp. COM 032511107 476 6,803 SH SOLE 1 6,803 0 0
Apache Corp. COM 037411105 56,171 649,596 SH SOLE 1,2 589,996 0 59,600
Apartment Investment & COM 03748R101 409,774 15,766,597 SH SOLE 1,2 11,840,524 0 3,926,073
Management Co.
Apple Inc. COM 037833100 68,819 103,136 SH SOLE 1,2 79,991 0 23,145
Ashford Hospitality Pr.E PFD 044103505 13,882 516,641 SH SOLE 1 435,000 0 81,641
Associated Estates Realty COM 045604105 69,265 4,568,930 SH SOLE 1 1,675,941 0 2,892,989
Corp.
AT&T Inc. COM 00206R102 78,807 2,090,363 SH SOLE 1,2 1,917,963 0 172,400
Atlas Pipeline Partners LP COM 049392103 15 449 SH SOLE 1 449 0 0
Atmos Energy Corp. COM 049560105 14,432 403,246 SH SOLE 1 403,246 0 0
Avago Technologies L COM Y0486S104 1,942 55,700 SH SOLE 1,2 36,200 0 19,500
Avalonbay Communities Inc COM 053484101 735,977 5,411,995 SH SOLE 1,2 2,589,671 0 2,822,324
Baker Hughes Inc. COM 057224107 260 5,748 SH SOLE 1 5,748 0 0
Bank of America 7.25% CV PFD 060505682 23,937 21,961 SH SOLE 1 21,961 0 0
(BAC L)
Bank Of New York Mellon COM 064058100 23,394 1,034,223 SH SOLE 1,2 948,523 0 85,700
Corp.
Bankunited Inc COM 06652K103 1,029 41,804 SH SOLE 1 41,804 0 0
Banner Corporation COM 06652V208 660 24,339 SH SOLE 1 24,339 0 0
Barclays Bank 7.75% (BCS C) PFD 06739H511 11,585 452,350 SH SOLE 1 448,711 0 3,639
Barclays Bank 8.125% (BCS D) PFD 06739H362 43 1,657 SH SOLE 1 200 0 1,457
Becton Dickinson & Co. COM 075887109 4,698 59,800 SH SOLE 1,2 10,600 0 49,200
BioMed Realty Trust Inc. COM 09063H107 54,321 2,901,771 SH SOLE 1 0 0 2,901,771
Blackrock Build Amer Bd COM 09248X100 659 28,100 SH SOLE 1 28,100 0 0
Blackrock Corporate High COM 09255N102 552 41,600 SH SOLE 1 41,600 0 0
Yield Fund 5
Blackrock Corporate High COM 09255P107 933 70,976 SH SOLE 1 70,976 0 0
Yield Fund 6
Blackrock Debt Strategies COM 09255R103 376 83,300 SH SOLE 1 83,300 0 0
Fund
Blackrock Health Sciences COM 09250W107 796 27,900 SH SOLE 1 27,900 0 0
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 Inc. COM 09247X101 23,923 134,175 SH SOLE 1,2 122,147 0 12,028
Blackrock Limited Duration COM 09249W101 1,814 97,500 SH SOLE 1 97,500 0 0
Income Trust
Blackrock Real Asset Equity COM 09254B109 3,104 288,200 SH SOLE 1 288,200 0 0
Boardwalk Pipeline Partners COM 096627104 29 1,055 SH SOLE 1 1,055 0 0
LP
Boston Properties Inc. COM 101121101 911,966 8,244,875 SH SOLE 1,2 3,904,234 0 4,340,641
BRE Properties Inc. COM 05564E106 95,691 2,040,762 SH SOLE 1,2 535,766 0 1,504,996
Breitburn Energy Partners LP COM 106776107 17 860 SH SOLE 1 860 0 0
Bristol-Myers Squibb Co. COM 110122108 125 3,700 SH SOLE 1 0 0 3,700
Brookdale Senior Living Inc. COM 112463104 73,232 3,153,813 SH SOLE 1 2,841,791 0 312,022
Brookfield Asset Management COM 112585104 8,086 234,422 SH SOLE 1 0 0 234,422
Inc
Brookfield Properties Corp. COM 112900105 375,528 22,676,818 SH SOLE 1,2 19,436,961 0 3,239,857
Buckeye Partners LP COM 118230101 54 1,120 SH SOLE 1 1,120 0 0
Calamos Convertible & High COM 12811P108 1,899 150,030 SH SOLE 1 150,030 0 0
Income Fund
Calumet Specialty Products COM 131476103 28 860 SH SOLE 1 860 0 0
Partners LP
Camden Property Trust COM 133131102 83,672 1,297,439 SH SOLE 1 0 0 1,297,439
Campus Crest Communities COM 13466Y105 165 15,291 SH SOLE 1 15,291 0 0
Canadian Natl Railway COM 136375102 1,220 13,800 SH SOLE 1 13,800 0 0
Canadian Natural Resources COM 136385101 115 3,741 SH SOLE 1 3,741 0 0
Ltd
Carnival Corp. COM 143658300 8,125 222,968 SH SOLE 1,2 176,868 0 46,100
Caterpillar Inc. COM 149123101 2,435 28,300 SH SOLE 1 27,300 0 1,000
CBL & Associates Properties COM 124830100 7,973 373,600 SH SOLE 1 373,600 0 0
CBRE Clarion Global Real COM 12504G100 3,600 405,812 SH SOLE 1 405,812 0 0
Estate Income Fund
CBRE Group Inc COM 12504L109 79 4,275 SH SOLE 1 4,275 0 0
CenterPoint Energy Inc. COM 15189T107 23,262 1,092,124 SH SOLE 1 1,092,124 0 0
Central Fund Canada Cl A COM 153501101 7,028 295,186 SH SOLE 1 295,186 0 0
Central GoldTrust COM 153546106 557 8,170 SH SOLE 1 8,170 0 0
Chesapeake Lodging Trust COM 165240102 47,776 2,404,443 SH SOLE 1 2,212,391 0 192,052
Chevron Corp. COM 166764100 114,729 984,294 SH SOLE 1,2 882,294 0 102,000
China Mobile Ltd. Sponsored ADR 16941M109 24,535 443,196 SH SOLE 1 440,596 0 2,600
ADR
Chubb Corp COM 171232101 53,073 695,763 SH SOLE 1,2 652,363 0 43,400
Cia De Saneamento Basico ADR ADR 20441A102 22,540 277,551 SH SOLE 1 277,551 0 0
Cisco Systems Inc. COM 17275R102 62,054 3,250,582 SH SOLE 1,2 2,968,682 0 281,900
Citigroup Inc. COM 172967424 50,764 1,551,470 SH SOLE 1,2 1,409,770 0 141,700
Clough Global Equity Fund COM 18914C100 3,304 255,700 SH SOLE 1 255,700 0 0
Clough Global Opportunities COM 18914E106 9,555 816,700 SH SOLE 1,2 816,700 0 0
Fund
Colonial Properties Trust COM 195872106 199,619 9,483,100 SH SOLE 1,2 8,119,578 0 1,363,522
Colony Finl Inc COM 19624R106 2,065 105,995 SH SOLE 1 105,995 0 0
Comerica Inc. COM 200340107 32,706 1,053,341 SH SOLE 1,2 957,141 0 96,200
Commonwealth REIT COM 203233101 2,473 169,856 SH SOLE 1 169,856 0 0
Commonwealth REIT Pfd. D PFD 203233408 57,283 2,438,593 SH SOLE 1 517,056 0 1,921,537
Commonwealth REIT Pr. E PFD 203233606 48,081 1,845,000 SH SOLE 1 0 0 1,845,000
Consol Energy Inc COM 20854P109 223 7,415 SH SOLE 1,2 7,415 0 0
Consumer Discretionary Selt COM 81369Y407 4,892 104,600 SH SOLE 1 104,600 0 0
Copano Energy LLC COM 217202100 37 1,135 SH SOLE 1 1,135 0 0
Coresite Realty Corp COM 21870Q105 986 36,600 SH SOLE 1 36,600 0 0
Corporate Office Properties COM 22002T108 224,488 9,365,394 SH SOLE 1,2 6,779,218 0 2,586,176
Costco Wholesale Corp. COM 22160K105 36,160 361,145 SH SOLE 1,2 292,045 0 69,100
Covidien PLC COM G2554F113 61,816 1,040,316 SH SOLE 1,2 925,116 0 115,200
Crown Castle International COM 228227104 113,236 1,766,558 SH SOLE 1 1,766,558 0 0
Corp.
CubeSmart COM 229663109 202,047 15,699,080 SH SOLE 1,2 8,724,089 0 6,974,991
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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
CVS Caremark Corp. COM 126650100 72,104 1,489,147 SH SOLE 1,2 1,310,647 0 178,500
DCP Midstream Partners LP COM 23311P100 31 660 SH SOLE 1 660 0 0
DCT Industrial Trust Inc. COM 233153105 93,267 14,415,322 SH SOLE 1,2 13,081,983 0 1,333,339
DDR Corp. COM 23317H102 400,620 26,082,021 SH SOLE 1,2 14,798,095 0 11,283,926
Devon Energy Corp. COM 25179M103 66,314 1,096,098 SH SOLE 1,2 1,004,998 0 91,100
Diamondrock Hospitality Co. COM 252784301 117,172 12,167,365 SH SOLE 1 127,910 0 12,039,455
Digital Realty Trust Inc. COM 253868103 421,206 6,030,151 SH SOLE 1,2 3,554,276 0 2,475,875
DNP Select Income Fund COM 23325P104 2,574 261,091 SH SOLE 1 261,091 0 0
Douglas Emmett Inc. COM 25960P109 159,890 6,930,647 SH SOLE 1,2 3,581,717 0 3,348,930
Dow Chemical COM 260543103 1,156 39,900 SH SOLE 1 36,800 0 3,100
DR Horton Inc. COM 23331A109 15,637 757,613 SH SOLE 1,2 708,176 0 49,437
Duke Energy Corp. COM 26441C204 29,659 457,700 SH SOLE 1 457,700 0 0
Duke Realty Corp. COM 264411505 61,862 4,208,300 SH SOLE 1 0 0 4,208,300
Dupont Fabros Technology COM 26613Q106 156,943 6,215,566 SH SOLE 1,2 2,607,879 0 3,607,687
Inc.
Eaton Corp COM 278058102 2,240 47,400 SH SOLE 1 26,700 0 20,700
Eaton Vance Floating Rate COM 278279104 10,496 627,765 SH SOLE 1 627,765 0 0
Income Trust
Eaton Vance Limited COM 27828H105 7,051 415,237 SH SOLE 1 415,237 0 0
Duration Fund
Eaton Vance Senior Income Tr COM 27826S103 6,031 793,487 SH SOLE 1 793,487 0 0
Eaton Vance Sr Fltg Rate COM 27828Q105 6,292 379,026 SH SOLE 1 379,026 0 0
Trust
Eaton Vance T/A Global COM 27828S101 6,968 498,800 SH SOLE 1 498,800 0 0
Dividend Income
Eaton Vance T/M Buy-Write COM 27828Y108 14,926 1,147,272 SH SOLE 1 1,147,272 0 0
Opportunity
Eaton Vance Tax Adv Global COM 27828U106 4,441 224,500 SH SOLE 1 224,500 0 0
Dividend O
Eaton Vance Tax Man Global COM 27829C105 5,299 477,365 SH SOLE 1 477,365 0 0
Br
Eaton Vance Tax-Adv Dvd. COM 27828G107 10,424 609,251 SH SOLE 1 609,251 0 0
Inc. Fund
Eaton Vance Tax-Managed COM 27828N102 14,383 1,512,417 SH SOLE 1 1,512,417 0 0
Dividend
Eaton Vance Tax-Managed COM 27829F108 13,392 1,520,062 SH SOLE 1 1,520,062 0 0
Global
Ecolab Inc. COM 278865100 15,973 246,457 SH SOLE 1,2 216,387 0 30,070
Edison International COM 281020107 35,626 779,731 SH SOLE 1 779,731 0 0
Education Realty Trust Inc. COM 28140H104 108,037 9,911,667 SH SOLE 1,2 6,979,662 0 2,932,005
El Paso Pipeline Partners LP COM 283702108 61 1,645 SH SOLE 1 1,645 0 0
Eldorado Gold Corp COM 284902103 441 28,915 SH SOLE 1 28,915 0 0
Emerson Electric Co COM 291011104 43,070 892,271 SH SOLE 1,2 775,371 0 116,900
Enbridge Energy Partners LP COM 29250R106 5,365 182,247 SH SOLE 1 182,247 0 0
Enbridge Inc COM 29250N105 67,776 1,736,667 SH SOLE 1 1,736,667 0 0
Encana Corp COM 292505104 195 8,892 SH SOLE 1 8,892 0 0
Energy Select Sector Spdr COM 81369Y506 3,725 50,700 SH SOLE 1 50,700 0 0
Energy Transfer Equity Lp COM 29273V100 88 1,940 SH SOLE 1 1,940 0 0
Energy Transfer Partners LP COM 29273R109 46 1,080 SH SOLE 1 1,080 0 0
Enterprise Products Partners COM 293792107 46,893 874,862 SH SOLE 1 874,862 0 0
Entertainment Properties 9% PFD 29380T600 8,652 297,216 SH SOLE 1 211,000 0 86,216
CV (EPR E)
Entertainment Property PFD 29380T402 8,987 430,000 SH SOLE 1 0 0 430,000
5.75% CV (EPR C)
EQT Midstream Partners LP COM 26885B100 16,577 575,580 SH SOLE 1 575,580 0 0
Equity Lifestyle Properties COM 29472R108 66,681 978,882 SH SOLE 1,2 459,027 0 519,855
Equity One Inc. COM 294752100 2,233 106,047 SH SOLE 1 106,047 0 0
Equity Residential COM 29476L107 1,401,578 24,362,559 SH SOLE 1,2 12,521,555 0 11,841,004
Essex Property Trust Inc. COM 297178105 327,531 2,209,467 SH SOLE 1,2 1,443,440 0 766,027
EV Energy Partner LP COM 26926V107 78 1,255 SH SOLE 1 1,255 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 33,965 954,600 SH SOLE 1 954,600 0 0
Extra Space Storage Inc. COM 30225T102 207,122 6,229,239 SH SOLE 1,2 3,599,294 0 2,629,945
Exxon Mobil Corp. COM 30231G102 100,637 1,100,457 SH SOLE 1,2 983,057 0 117,400
Federal Realty Investment COM 313747206 410,091 3,894,505 SH SOLE 1,2 1,730,356 0 2,164,149
Trust
Financial Select Sector SPDR COM 81369Y605 1,543 98,900 SH SOLE 1 98,900 0 0
First Industrial Realty COM 32054K103 54,638 4,158,144 SH SOLE 1 612,461 0 3,545,683
Trust
First Trust Aberdeen Global COM 337319107 3,927 210,800 SH SOLE 1 210,800 0 0
Fund
First Trust Energy Income COM 33738G104 6,074 202,280 SH SOLE 1 202,280 0 0
and Growth Fund
First Trust Strategic High COM 337353304 1,923 107,800 SH SOLE 1 107,800 0 0
Income Fund II
First Trust/Four Crns Sr F 2 COM 33733U108 347 22,000 SH SOLE 1 22,000 0 0
Firstenergy Corp. COM 337932107 16,860 382,308 SH SOLE 1 382,308 0 0
Flah & Crum/Claymore COM 338478100 9,025 451,472 SH SOLE 1 451,472 0 0
Preferred S I
Flah & Crum/Claymore Total COM 338479108 5,857 281,600 SH SOLE 1 281,600 0 0
Return Fund
Ford Motor Co COM 345370860 735 74,500 SH SOLE 1 74,500 0 0
Forest City Enterprises Cl A COM 345550107 86,745 5,472,866 SH SOLE 1,2 4,628,872 0 843,994
Franco-Nevada Corp COM 351858105 500 8,498 SH SOLE 1 8,498 0 0
Franklin Resources Inc. COM 354613101 19,501 155,924 SH SOLE 1,2 148,224 0 7,700
Franklin Templeton Ltd COM 35472T101 1,922 130,200 SH SOLE 1 130,200 0 0
Duration Inc Fund
Freeport-Mcmoran Copper COM 35671D857 17,031 430,300 SH SOLE 1,2 378,600 0 51,700
Gabelli Dividend & Income COM 36242H104 10,371 611,869 SH SOLE 1 611,869 0 0
Trust
Gabelli Equity Trust COM 362397101 9,252 1,643,300 SH SOLE 1 1,643,300 0 0
GasLog Ltd. COM G37585109 20,192 1,743,663 SH SOLE 1 1,743,663 0 0
General Dynamics Corp. COM 369550108 36,156 546,829 SH SOLE 1 546,829 0 0
General Electric Co. COM 369604103 51,654 2,274,496 SH SOLE 1,2 2,041,496 0 233,000
General Growth Properties COM 370023103 799,827 41,058,870 SH SOLE 1,2 24,526,816 0 16,532,054
Genesis Energy LP COM 371927104 33 990 SH SOLE 1 990 0 0
Glimcher Realty Trust COM 379302102 37,493 3,547,090 SH SOLE 1 3,433,890 0 113,200
Golar LNG Partners LP COM Y2745C102 13,663 426,447 SH SOLE 1 426,447 0 0
Goldcorp Inc COM 380956409 674 14,710 SH SOLE 1 14,710 0 0
Goldman Sachs Group Inc. COM 38141G104 30,800 270,936 SH SOLE 1,2 253,836 0 17,100
Google Inc. Cl A COM 38259P508 8,375 11,100 SH SOLE 1,2 4,300 0 6,800
Grupo Aeroportuario ADR 400506101 3,152 72,799 SH SOLE 1 72,799 0 0
Harris Corp. COM 413875105 3,826 74,700 SH SOLE 1,2 10,200 0 64,500
HCC Insurance Holdings Inc. COM 404132102 22,922 676,375 SH SOLE 1 672,975 0 3,400
HCP Inc COM 40414L109 904,307 20,330,646 SH SOLE 1,2 11,649,334 0 8,681,312
Health Care REIT Inc. COM 42217K106 247,347 4,283,071 SH SOLE 1,2 3,240,709 0 1,042,362
Healthcare Realty Trust Inc. COM 421946104 75,067 3,256,715 SH SOLE 1,2 3,066,515 0 190,200
Hersha Hospitality Trust COM 427825104 142,267 29,034,119 SH SOLE 1,2 21,649,841 0 7,384,278
Highwoods Properties Inc. COM 431284108 19,278 591,000 SH SOLE 1 591,000 0 0
Home Depot Inc. COM 437076102 1,944 32,200 SH SOLE 1,2 0 0 32,200
Home Properties Inc. COM 437306103 153,444 2,504,392 SH SOLE 1,2 1,179,086 0 1,325,306
Host Hotels & Resorts Inc. COM 44107P104 921,611 57,421,259 SH SOLE 1,2 22,886,582 0 34,534,677
Hudson Pacific Prop COM 444097109 108,678 5,874,489 SH SOLE 1,2 5,167,188 0 707,301
Huntington Bancshares 8.5% PFD 446150401 11,850 9,294 SH SOLE 1,2 9,294 0 0
CV (HBANP)
Hyatt Hotels Corp CL A COM 448579102 267,176 6,654,441 SH SOLE 1,2 5,744,592 0 909,849
I Shares Gold Trust COM 464285105 5,209 301,616 SH SOLE 1 301,616 0 0
Imperial Oil Ltd COM 453038408 96 2,082 SH SOLE 1 2,082 0 0
Inergy LP COM 456615103 42 2,215 SH SOLE 1 2,215 0 0
Ing Infrastructure Indl COM 45685U100 4,142 237,200 SH SOLE 1 237,200 0 0
ING Prime Rate Trust COM 44977W106 3,413 551,315 SH SOLE 1 551,315 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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Intel Corp. COM 458140100 3,427 151,100 SH SOLE 1,2 26,500 0 124,600
International Business COM 459200101 10,815 52,133 SH SOLE 1,2 20,833 0 31,300
Machines Corp.
Invesco Insured Municipal COM 46132W103 510 32,200 SH SOLE 1 32,200 0 0
Trust
Invesco Municipal Premium COM 46133E102 1,677 172,041 SH SOLE 1 172,041 0 0
Inc
Invesco Quality Municipal COM 46133J101 986 60,700 SH SOLE 1 60,700 0 0
Securities
Invesco Value Municipal Secu COM 46132T100 313 20,704 SH SOLE 1 20,704 0 0
Invesco Van Kampen COM 46132H106 375 26,663 SH SOLE 1 26,663 0 0
California Value Muni
Income Tr
Ishares Silver Trust COM 46428Q109 2,052 61,300 SH SOLE 1 61,300 0 0
ITC Holdings Corp. COM 465685105 14,140 187,088 SH SOLE 1 187,088 0 0
John Hancock T/A Dividend COM 41013V100 3,665 189,090 SH SOLE 1 189,090 0 0
Income Fund
Johnson & Johnson COM 478160104 48,761 707,600 SH SOLE 1,2 649,000 0 58,600
Johnson Controls Inc. COM 478366107 20,951 764,627 SH SOLE 1,2 617,927 0 146,700
JP Morgan Chase & Co COM 46625H100 103,745 2,562,869 SH SOLE 1,2 2,309,469 0 253,400
Kayne Anderson Energy Total COM 48660P104 6,842 247,624 SH SOLE 1 247,624 0 0
Return
Kayne Anderson COM 48661E108 2,942 100,300 SH SOLE 1 100,300 0 0
MidstreamEnergy
Kayne Anderson MLP COM 486606106 2,274 72,800 SH SOLE 1 72,800 0 0
Investment
Keycorp 7.75% CV (KEY G) PFD 493267405 5,756 46,515 SH SOLE 1 46,515 0 0
Kilroy Realty Corp. COM 49427F108 241,887 5,401,685 SH SOLE 1,2 2,867,428 0 2,534,257
Kimco Realty Corp. COM 49446R109 462,354 22,809,744 SH SOLE 1,2 9,964,042 0 12,845,702
Kinder Morgan Energy Prtnrs COM 494550106 22,281 270,069 SH SOLE 1 270,069 0 0
Kinder Morgan Holdco LLC COM 49456B101 16,667 469,240 SH SOLE 1 469,240 0 0
Kinder Morgan Manage COM 49455U100 297 3,889 SH SOLE 1 3,889 0 0
L-3 Communications Holdings COM 502424104 24,947 347,881 SH SOLE 1 275,981 0 71,900
Lasalle Hotel Properties COM 517942108 51,538 1,930,980 SH SOLE 1 0 0 1,930,980
Lennar Corp-Cl A COM 526057104 620 17,830 SH SOLE 1 17,830 0 0
Lexington Corp Pr C CV PFD 529043309 11,203 228,449 SH SOLE 1,2 211,636 0 16,813
Liberty All-Star Equity Fund COM 530158104 3,963 820,486 SH SOLE 1 820,486 0 0
Liberty Property Trust COM 531172104 167,540 4,623,076 SH SOLE 1,2 1,211,836 0 3,411,240
Linn Energy Llc-Units COM 536020100 93 2,265 SH SOLE 1 2,265 0 0
Lockheed Martin Corp. COM 539830109 13,092 140,202 SH SOLE 1 140,202 0 0
LTC Properties Inc. COM 502175102 468 14,700 SH SOLE 1 14,700 0 0
Mack-Cali Realty Corp. COM 554489104 93,171 3,502,670 SH SOLE 1 189,336 0 3,313,334
Macquarie/Ft Gl Int/Ut Dv In COM 55607W100 1,445 91,360 SH SOLE 1 91,360 0 0
Magellan Midstream Partners COM 559080106 96 1,100 SH SOLE 1 1,100 0 0
Marathon Petroleum Corp. COM 56585A102 45,013 824,566 SH SOLE 1,2 727,866 0 96,700
Market Vectors Gold Miners COM 57060U100 3,695 68,800 SH SOLE 1 68,800 0 0
Market Vectors Oil Service COM 57060U191 5,130 127,600 SH SOLE 1 127,600 0 0
ETF
MarkWest Energy Partners LP COM 570759100 65,505 1,203,689 SH SOLE 1 1,203,689 0 0
McDonald's Corp. COM 580135101 57,747 629,399 SH SOLE 1,2 546,099 0 83,300
Mckesson Corp. COM 58155Q103 189 2,200 SH SOLE 1 0 0 2,200
Merck & Co Inc COM 58933Y105 64,389 1,427,690 SH SOLE 1,2 1,285,990 0 141,700
MFS Multimarket Income Trust COM 552737108 2,099 287,100 SH SOLE 1 287,100 0 0
Microsoft Corp. COM 594918104 22,948 770,575 SH SOLE 1,2 540,575 0 230,000
Mid-America Apartment COM 59522J103 232,160 3,554,745 SH SOLE 1,2 2,943,553 0 611,192
Communities
Mission West Properties COM 605203108 820 94,208 SH SOLE 1 94,208 0 0
Monsanto Co COM 61166W101 2,811 30,881 SH SOLE 1,2 9,981 0 20,900
Morgan Stanley Emerging COM 617477104 2,671 162,200 SH SOLE 1 162,200 0 0
Markets
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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Mosaic Company COM 61945C103 671 11,647 SH SOLE 1 11,647 0 0
Murphy Oil Corp COM 626717102 263 4,903 SH SOLE 1 4,903 0 0
National Retail Properties COM 637417106 955 31,300 SH SOLE 1 31,300 0 0
National-Oilwell Inc COM 637071101 13,503 168,550 SH SOLE 1 167,250 0 1,300
NATL WESTMINSTER 7.76% (NW PFD 638539882 36,053 1,439,247 SH SOLE 1,2 1,437,047 0 2,200
C)
Natural Resource Partners LP COM 63900P103 21 990 SH SOLE 1 990 0 0
New America High Income Fund COM 641876800 4,811 437,741 SH SOLE 1 437,741 0 0
Newmont Mining Corp COM 651639106 18,097 323,100 SH SOLE 1,2 283,500 0 39,600
News Corp Ltd COM 65248E104 18,435 751,545 SH SOLE 1 614,245 0 137,300
Nexen Inc COM 65334H102 322 12,724 SH SOLE 1 12,724 0 0
NextEra Energy Inc COM 65339F101 114,003 1,620,971 SH SOLE 1,2 1,531,171 0 89,800
NFJ Dividend Interest & COM 65337H109 3,838 228,200 SH SOLE 1 228,200 0 0
Preferred Strategy
Nike Inc. Cl B COM 654106103 95 1,000 SH SOLE 1 0 0 1,000
Nordstrom Inc. COM 655664100 27,405 496,639 SH SOLE 1,2 425,939 0 70,700
Norfolk Southern Corp. COM 655844108 31,071 488,300 SH SOLE 1,2 410,200 0 78,100
Northrop Grumman Corp. COM 666807102 2,830 42,600 SH SOLE 1 42,600 0 0
NuStar Energy LP COM 67058H102 62 1,220 SH SOLE 1 1,220 0 0
Nuveen Diversified Currency COM 67090N109 834 63,203 SH SOLE 1 63,203 0 0
Opportunities Fund
Nuveen Diversified Dividend COM 6706EP105 1,359 110,942 SH SOLE 1 110,942 0 0
And Income Fund
Nuveen Dividend Advantage COM 67066V101 2,466 156,300 SH SOLE 1 156,300 0 0
Muni Fd
Nuveen Dividend Advantage COM 67070F100 1,739 109,622 SH SOLE 1 109,622 0 0
Municipal Fund 2
Nuveen Energy MLP Total COM 67074U103 6,308 334,639 SH SOLE 1 334,639 0 0
Return
Nuveen Equity Premium COM 6706EM102 1,947 154,300 SH SOLE 1 154,300 0 0
Opportunity Fund
Nuveen Floating rate Income COM 67072T108 3,899 311,900 SH SOLE 1 311,900 0 0
Nuveen Floating Rate Income COM 6706EN100 2,790 222,500 SH SOLE 1 222,500 0 0
Opportunity Fund
Nuveen Global Government Enh COM 67073C104 722 49,439 SH SOLE 1 49,439 0 0
Nuveen Global Value Opp Fund COM 6706EH103 1,620 108,000 SH SOLE 1 108,000 0 0
Nuveen Ins T/F Adv Municipal COM 670657105 2,028 127,939 SH SOLE 1 127,939 0 0
Nuveen Mtg Opportunity COM 670735109 1,442 51,514 SH SOLE 1 51,514 0 0
Nuveen Mtg Oppty Term F COM 67074R100 1,587 56,500 SH SOLE 1 56,500 0 0
Nuveen Multi-Strategy COM 67073D102 19,930 2,050,447 SH SOLE 1 2,050,447 0 0
Income & Growth 2
Nuveen Muni Advantage Fund COM 67062H106 494 31,500 SH SOLE 1 31,500 0 0
Nuveen Performance Plus Muni COM 67062P108 2,104 124,500 SH SOLE 1 124,500 0 0
Nuveen Preferred Income COM 67073B106 14,721 1,492,964 SH SOLE 1 1,492,964 0 0
Opportunities Fund
Nuveen Premium Inc Muni Fd 2 COM 67063W102 2,044 130,700 SH SOLE 1 130,700 0 0
Nuveen Real Estate Income COM 67071B108 3,654 313,939 SH SOLE 1 313,939 0 0
Fund
Nuveen Short Duration Credit COM 67074X107 1,163 58,005 SH SOLE 1 58,005 0 0
Nuveen Tax-Adv Tot Ret Strat COM 67090H102 1,696 153,900 SH SOLE 1 153,900 0 0
Occidental Petroleum Corp. COM 674599105 65,280 758,542 SH SOLE 1,2 676,242 0 82,300
Oiltanking Partners LP COM 678049107 17,493 457,937 SH SOLE 1 457,937 0 0
ONEOK Partners LP COM 68268N103 156 2,615 SH SOLE 1 2,615 0 0
Oracle Corp. COM 68389X105 71,876 2,282,497 SH SOLE 1,2 1,962,097 0 320,400
Orient Express Hotels Ltd. COM G67743107 119,821 13,463,058 SH SOLE 1,2 11,332,690 0 2,130,368
A
P G & E Corp. COM 69331C108 41,002 960,920 SH SOLE 1 960,920 0 0
Paa Natural Gas Storage Lp COM 693139107 16 805 SH SOLE 1 805 0 0
Parker Hannifin Corp COM 701094104 24,466 292,730 SH SOLE 1,2 266,930 0 25,800
Patterson Companies COM 703395103 267 7,800 SH SOLE 1 7,800 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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Pebblebrook Hotel Trust COM 70509V100 22,336 954,928 SH SOLE 1 861,021 0 93,907
Pembina Pipeline Corp COM 706327103 1,011 36,030 SH SOLE 1 36,030 0 0
Penn Real Estate Investment COM 709102107 2,660 167,749 SH SOLE 1 167,749 0 0
Trust
Pepsico Inc. COM 713448108 35,438 500,750 SH SOLE 1,2 417,550 0 83,200
Petroleo Brasileiro SA ADR 71654V101 285 12,929 SH SOLE 1 12,929 0 0
Petsmart Inc COM 716768106 23,484 340,444 SH SOLE 1,2 285,244 0 55,200
Pfizer Inc. COM 717081103 62,798 2,527,094 SH SOLE 1,2 2,365,094 0 162,000
Philip Morris International COM 718172109 55,356 615,482 SH SOLE 1,2 503,682 0 111,800
PIMCO Corporate Opportunity COM 72201B101 7,166 356,535 SH SOLE 1 356,535 0 0
Pimco Dynamic Income Fund COM 72201Y101 1,555 55,100 SH SOLE 1 55,100 0 0
PIMCO Income Opportunity COM 72202B100 16,668 551,365 SH SOLE 1 551,365 0 0
Fund
PIMCO Income Strategy Fund COM 72201J104 6,844 599,300 SH SOLE 1 599,300 0 0
II
Pioneer Diversified High COM 723653101 5,280 245,461 SH SOLE 1 245,461 0 0
Income
Pioneer Floating Rate Trust COM 72369J102 6,291 447,123 SH SOLE 1 447,123 0 0
Plains All American COM 726503105 135 1,525 SH SOLE 1 1,525 0 0
Pipeline LP
PNC Financial Services Group COM 693475105 265 4,200 SH SOLE 1 4,200 0 0
Potash Corp of Saskatchewan COM 73755L107 7,126 164,100 SH SOLE 1 69,300 0 94,800
Potash Corp of Saskatchewan COM 73755L107 23,951 551,601 SH SOLE 1 547,201 0 4,400
- US
PPL Corp. COM 69351T106 41,054 1,413,204 SH SOLE 1 1,413,204 0 0
Procter & Gamble Co. COM 742718109 37,178 536,021 SH SOLE 1,2 475,921 0 60,100
ProLogis Inc. COM 74340W103 1,436,777 41,015,602 SH SOLE 1,2 22,273,782 0 18,741,820
Prudential Finl Inc COM 744320102 45,230 829,758 SH SOLE 1,2 751,058 0 78,700
PRV Partners LP COM 693665101 53 2,070 SH SOLE 1 2,070 0 0
PS Business Parks Inc. COM 69360J107 30,526 456,846 SH SOLE 1,2 395,607 0 61,239
Public Storage COM 74460D109 956,393 6,872,121 SH SOLE 1,2 3,891,715 0 2,980,406
Putnam Premier Income Trust COM 746853100 3,722 649,553 SH SOLE 1 649,553 0 0
Qualcomm Inc. COM 747525103 56,526 904,565 SH SOLE 1,2 743,665 0 160,900
Questar Corp. COM 748356102 9,796 481,827 SH SOLE 1 481,827 0 0
Ramco-Gershenson 7.25% CV PFD 751452608 1,790 35,000 SH SOLE 1 15,000 0 20,000
Pr.D (RPT D)
Ramco-Gershenson Properties COM 751452202 21,562 1,720,856 SH SOLE 1 1,678,165 0 42,691
Rayonier Inc. COM 754907103 17,337 353,749 SH SOLE 1 315,149 0 38,600
Regency Centers Corp. COM 758849103 601,886 12,351,452 SH SOLE 1,2 7,443,829 0 4,907,623
Regency Energy Partners Lp COM 75885Y107 82 3,505 SH SOLE 1 3,505 0 0
Republic Services Inc. COM 760759100 187 6,800 SH SOLE 1 0 0 6,800
Retail Properties of America COM 76131V202 62,206 5,495,202 SH SOLE 1,2 5,015,637 0 479,565
RLJ Lodging Trust COM 74965L101 49,861 2,636,773 SH SOLE 1,2 724,201 0 1,912,572
Rogers Communications Inc COM 775109200 7,693 190,200 SH SOLE 1 89,100 0 101,100
Rose Rock Midstream LP COM 777149105 10,203 317,954 SH SOLE 1 317,954 0 0
Ross Stores Inc COM 778296103 27,006 418,042 SH SOLE 1,2 360,742 0 57,300
Royal Bank of Canada COM 780087102 109 1,900 SH SOLE 1 0 0 1,900
Royal Bank of Scotland PFD 780097770 10,456 509,567 SH SOLE 1 506,850 0 2,717
6.35% (RBS N)
Royal Bank of Scotland 6.6% PFD 780097739 15,149 735,047 SH SOLE 1 733,022 0 2,025
(RBS S)
Royal Bank Scotland 6.4% PFD 780097796 12,083 591,996 SH SOLE 1 589,140 0 2,856
(RBS M)
Royce Value Trust COM 780910105 6,914 529,000 SH SOLE 1 529,000 0 0
SBA Communications Corp. Cl COM 78388J106 61,112 971,570 SH SOLE 1 971,570 0 0
A
Schlumberger Ltd. COM 806857108 60,039 830,068 SH SOLE 1,2 756,068 0 74,000
Semgroup Corp COM 81663A105 1,262 34,250 SH SOLE 1 34,250 0 0
Sempra Energy COM 816851109 68,514 1,062,399 SH SOLE 1,2 1,041,499 0 20,900
Senior Housing Properties COM 81721M109 30,345 1,393,231 SH SOLE 1 0 0 1,393,231
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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Siemens AG-Spons ADR ADR 826197501 20,738 207,068 SH SOLE 1 205,538 0 1,530
Simon Property Group Inc. COM 828806109 3,284,101 21,632,971 SH SOLE 1,2 11,780,289 0 9,852,682
SL Green Realty Corp. COM 78440X101 537,341 6,710,892 SH SOLE 1,2 3,625,983 0 3,084,909
Southern Co COM 842587107 48,285 1,047,626 SH SOLE 1 1,047,626 0 0
Southwestern Energy COM 845467109 317 9,121 SH SOLE 1 9,121 0 0
Sovran Self Storage Inc. COM 84610H108 139,509 2,411,570 SH SOLE 1,2 1,776,356 0 635,214
SPDR Trust Series 1 COM 78462F103 3,958 27,500 SH SOLE 1 27,500 0 0
Spectra Energy Corp. COM 847560109 4,192 142,770 SH SOLE 1 142,770 0 0
Sprott Physical Gold Tr COM 85207H104 6,673 439,026 SH SOLE 1 439,026 0 0
Sprott Physical Silver Trust COM 85207K107 2,712 191,900 SH SOLE 1 191,900 0 0
STAG Industrial COM 85254J102 15,507 953,707 SH SOLE 1 839,084 0 114,623
Starbucks Corp COM 855244109 1,863 36,700 SH SOLE 1 0 0 36,700
Starwood Hotels & Resorts COM 85590A401 122,387 2,111,578 SH SOLE 1 1,965,063 0 146,515
Stillwater Mng Co COM 86074Q102 237 20,129 SH SOLE 1 20,129 0 0
Stone Harbor Emerging Market COM 86164T107 2,013 83,300 SH SOLE 1 83,300 0 0
Strategic Hotels & Resorts I COM 86272T106 75,750 12,604,041 SH SOLE 1,2 10,555,653 0 2,048,388
Stratus Properties Inc. COM 863167201 941 101,199 SH SOLE 1 101,199 0 0
Suburban Propane Partners LP COM 864482104 42 1,019 SH SOLE 1 1,019 0 0
Suncor Energy Inc COM 867224107 542 16,504 SH SOLE 1 10,904 0 5,600
Sunoco Logistics Partners LP COM 86764L108 57 1,225 SH SOLE 1 1,225 0 0
Sunstone Hotel Pr. D PFD 867892507 21,236 824,045 SH SOLE 1 384,620 0 439,425
Symantec Corp COM 871503108 50,976 2,831,994 SH SOLE 1,2 2,512,594 0 319,400
Syngenta AG -ADR ADR 87160A100 891 11,900 SH SOLE 1 11,900 0 0
Talisman Energy Inc COM 87425E103 287 21,486 SH SOLE 1 21,486 0 0
Tanger Factory Outlet Center COM 875465106 108,995 3,371,323 SH SOLE 1,2 3,039,868 0 331,455
Targa Resources Corp COM 87612G101 2,670 53,040 SH SOLE 1 53,040 0 0
Targa Resources Partners Lp COM 87611X105 77 1,791 SH SOLE 1 1,791 0 0
Taubman Centers Inc. COM 876664103 34,812 453,699 SH SOLE 1 308,349 0 145,350
TC Pipelines LP COM 87233Q108 37 825 SH SOLE 1 825 0 0
Teck Resources Ltd COM 878742204 422 14,327 SH SOLE 1 14,327 0 0
Templeton Global Income Fund COM 880198106 4,143 432,876 SH SOLE 1 432,876 0 0
Tesoro Logistics LP COM 88160T107 16,264 375,621 SH SOLE 1 375,621 0 0
Teva ADR 881624209 18,907 456,576 SH SOLE 1 453,176 0 3,400
Pharmaceutical-Sponsored
ADR
The Macerich Co. COM 554382101 142,706 2,493,555 SH SOLE 1,2 591,925 0 1,901,630
The St. Joe Co. COM 790148100 1,637 83,969 SH SOLE 1 83,969 0 0
The Stanley Works COM 854502101 17,988 235,910 SH SOLE 1,2 206,410 0 29,500
Tiffany & Co New COM 886547108 18,257 295,035 SH SOLE 1,2 232,235 0 62,800
Tim Hortons Inc COM 88706M103 395 7,600 SH SOLE 1 5,700 0 1,900
Time Warner Cable In COM 88732J207 37,904 398,742 SH SOLE 1,2 351,342 0 47,400
Toronto-Dominion Bank COM 891160509 100 1,200 SH SOLE 1 0 0 1,200
Toronto-Dominion Bank COM 891160509 2,317 27,800 SH SOLE 1 27,800 0 0
Tortoise MLP Fund, Inc COM 89148B101 3,470 136,900 SH SOLE 1 136,900 0 0
UDR Inc. COM 902653104 407,206 16,406,365 SH SOLE 1,2 8,392,492 0 8,013,873
Ultra Pete Corp COM 903914109 269 12,225 SH SOLE 1 12,225 0 0
United Parcel Service Cl B COM 911312106 35,768 499,758 SH SOLE 1,2 392,358 0 107,400
United Technologies Corp. COM 913017109 8,351 106,673 SH SOLE 1,2 44,073 0 62,600
Unitedhealth Group Inc. COM 91324P102 73,040 1,318,165 SH SOLE 1,2 1,168,365 0 149,800
US Bancorp COM 902973304 71,715 2,090,802 SH SOLE 1,2 1,928,102 0 162,700
Ventas Inc. COM 92276F100 863,254 13,867,536 SH SOLE 1,2 8,439,343 0 5,428,193
Verizon Communications Inc. COM 92343V104 18,515 406,300 SH SOLE 1 406,300 0 0
Visa Inc.-Class A Shares COM 92826C839 62,760 467,384 SH SOLE 1,2 404,884 0 62,500
Vodafone Group PLC ADR ADR 92857W209 1,647 57,800 SH SOLE 1 57,800 0 0
Vornado Realty Trust COM 929042109 1,532,379 18,906,587 SH SOLE 1,2 10,443,998 0 8,462,589
Wal-Mart Stores Inc. COM 931142103 5,985 81,100 SH SOLE 1,2 16,000 0 65,100
Walt Disney Co. COM 254687106 83,607 1,599,209 SH SOLE 1,2 1,438,209 0 161,000
Weingarten Realty Investors COM 948741103 285,848 10,168,903 SH SOLE 1,2 6,261,418 0 3,907,485
Wells Fargo & Co. COM 949746101 80,956 2,344,508 SH SOLE 1,2 2,107,108 0 237,400
Wells Fargo Advantage COM 94987B105 7,738 728,600 SH SOLE 1 728,600 0 0
Income Opportunities 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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Wells Fargo Advantage COM 94987D101 1,962 120,300 SH SOLE 1 120,300 0 0
Multi-sector
Wells Fargo Co 7.5% (WFC L) PFD 949746804 56,081 45,300 SH SOLE 1 45,300 0 0
Westar Energy Inc. COM 95709T100 193 6,500 SH SOLE 1 0 0 6,500
Western Asset Global Cp COM 95790C107 1,535 75,006 SH SOLE 1 75,006 0 0
Western Asset Global High In COM 95766B109 5,913 430,000 SH SOLE 1 430,000 0 0
Western Gas Partners LP COM 958254104 66 1,315 SH SOLE 1 1,315 0 0
Weyerhaeuser Co COM 962166104 46,844 1,792,050 SH SOLE 1,2 1,629,450 0 162,600
Williams Cos Inc. COM 969457100 57,438 1,642,480 SH SOLE 1 1,642,480 0 0
Williams Partners LP COM 96950F104 83 1,520 SH SOLE 1 1,520 0 0
Wisconsin Energy Corp. COM 976657106 78,939 2,095,533 SH SOLE 1,2 1,965,520 0 130,013
WW Grainger Inc COM 384802104 5,459 26,200 SH SOLE 1,2 5,500 0 20,700
Yamana Gold Inc COM 98462Y100 201 10,520 SH SOLE 1 10,520 0 0