UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 12/31/2012
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 2/14/2013
--------------------------------- --------------------------------- ----------
[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: 387
Form 13F Information Table Value Total: $ 29,760,933
--------------
(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 38,646 590,016 SH SOLE 1,2 525,416 0 64,600
Acadia Realty Trust COM 004239109 89,593 3,572,297 SH SOLE 1 1,111,439 0 2,460,858
Accenture Plc COM G1151C101 140 2,100 SH SOLE 1 0 0 2,100
Access Midstream Partners LP COM 00434L109 15,267 455,200 SH SOLE 1 455,200 0 0
Advent Claymore Convertible COM 00764C109 659 40,900 SH SOLE 1 40,900 0 0
Sec & Inc Fund
Aflac Inc. COM 001055102 20,825 392,036 SH SOLE 1,2 321,036 0 71,000
Agco Corp COM 001084102 318 6,484 SH SOLE 1 6,484 0 0
AGIC Convertible & Income COM 001191105 11,816 1,490,080 SH SOLE 1 1,490,080 0 0
FD II
AGIC Convertible & Income COM 001190107 14,715 1,693,300 SH SOLE 1 1,693,300 0 0
Fund
Alexander's Inc. COM 014752109 49,008 148,149 SH SOLE 1,2 135,333 0 12,816
Alexandria Real Estate COM 015271109 247,224 3,566,418 SH SOLE 1,2 1,506,037 0 2,060,381
Equities
Allegheny Technologi COM 01741R102 17,824 587,098 SH SOLE 1,2 520,860 0 66,238
AllianceBernstein Global COM 01879R106 6,345 405,400 SH SOLE 1 405,400 0 0
High Income Fund
AllianceBernstein Income COM 01881E101 3,133 386,818 SH SOLE 1 386,818 0 0
Fund
Alpine Global Premier COM 02083A103 3,140 431,311 SH SOLE 1 431,311 0 0
Properties Fund
American Assets Trust Inc COM 024013104 140,785 5,040,639 SH SOLE 1,2 3,827,257 0 1,213,382
American Campus Communities COM 024835100 20,413 442,518 SH SOLE 1,2 438,212 0 4,306
American Express Co. COM 025816109 47,710 830,022 SH SOLE 1,2 740,122 0 89,900
American International Group COM 026874784 17,505 495,900 SH SOLE 1,2 438,700 0 57,200
American Tower Corp COM 03027X100 194,489 2,517,001 SH SOLE 1,2 2,376,480 0 140,521
American Water Works Co. COM 030420103 23,362 629,195 SH SOLE 1 629,195 0 0
Inc.
Ameriprise Finl Inc COM 03076C106 16,284 260,000 SH SOLE 1,2 226,700 0 33,300
Amgen Inc. COM 031162100 4,394 50,900 SH SOLE 1,2 22,000 0 28,900
Anadarko Petroleum Corp. COM 032511107 619 8,335 SH SOLE 1 8,335 0 0
Apache Corp. COM 037411105 52,559 669,546 SH SOLE 1,2 604,296 0 65,250
Apartment Investment & COM 03748R101 416,649 15,397,241 SH SOLE 1,2 11,718,532 0 3,678,709
Management Co.
Apollo Coml Real Est Fi COM 03762U105 1,311 80,748 SH SOLE 1 80,748 0 0
Apple Inc. COM 037833100 63,335 118,821 SH SOLE 1,2 93,951 0 24,870
Ashford Hospitality Pr.E PFD 044103505 13,846 516,641 SH SOLE 1 435,000 0 81,641
Associated Estates Realty COM 045604105 50,641 3,141,532 SH SOLE 1 409,543 0 2,731,989
Corp.
AT&T Inc. COM 00206R102 65,679 1,948,363 SH SOLE 1,2 1,777,063 0 171,300
Atlas Pipeline Partners LP COM 049392103 14 449 SH SOLE 1 449 0 0
Atmos Energy Corp. COM 049560105 15,055 428,662 SH SOLE 1 428,662 0 0
Avago Technologies L COM Y0486S104 1,555 49,100 SH SOLE 1,2 29,600 0 19,500
Avalonbay Communities Inc COM 053484101 536,947 3,960,075 SH SOLE 1,2 1,512,474 0 2,447,601
Baker Hughes Inc. COM 057224107 156 3,821 SH SOLE 1 3,821 0 0
Bank of America 7.25% CV PFD 060505682 29,125 25,661 SH SOLE 1 25,661 0 0
(BAC L)
Bank Of New York Mellon COM 064058100 26,276 1,022,423 SH SOLE 1,2 935,523 0 86,900
Corp.
Bankunited Inc COM 06652K103 771 31,528 SH SOLE 1 31,528 0 0
Barclays Bank 7.75% (BCS C) PFD 06739H511 10,856 431,125 SH SOLE 1 425,095 0 6,030
Barclays Bank 8.125% (BCS D) PFD 06739H362 68 2,683 SH SOLE 1 200 0 2,483
Becton Dickinson & Co. COM 075887109 4,676 59,800 SH SOLE 1,2 10,600 0 49,200
BioMed Realty Trust Inc. COM 09063H107 132,708 6,865,388 SH SOLE 1,2 2,813,817 0 4,051,571
Blackrock Build Amer Bd COM 09248X100 528 23,100 SH SOLE 1 23,100 0 0
Blackrock Corporate High COM 09255N102 334 26,600 SH SOLE 1 26,600 0 0
Yield Fund 5
Blackrock Corporate High COM 09255P107 570 45,976 SH SOLE 1 45,976 0 0
Yield Fund 6
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 Debt Strategies COM 09255R103 358 83,300 SH SOLE 1 83,300 0 0
Fund
Blackrock Health Sciences COM 09250W107 1,177 42,000 SH SOLE 1 42,000 0 0
Trust
Blackrock Inc. COM 09247X101 28,882 139,720 SH SOLE 1,2 127,947 0 11,773
Blackrock Limited Duration COM 09249W101 1,574 86,600 SH SOLE 1 86,600 0 0
Income Trust
Blackrock Real Asset Equity COM 09254B109 3,280 319,700 SH SOLE 1 319,700 0 0
Boardwalk Pipeline Partners COM 096627104 15 605 SH SOLE 1 605 0 0
LP
Boston Properties Inc. COM 101121101 754,975 7,135,195 SH SOLE 1,2 3,131,829 0 4,003,366
BRE Properties Inc. COM 05564E106 76,262 1,500,339 SH SOLE 1,2 227,278 0 1,273,061
Breitburn Energy Partners LP COM 106776107 16 860 SH SOLE 1 860 0 0
Bristol-Myers Squibb Co. COM 110122108 121 3,700 SH SOLE 1 0 0 3,700
Brookfield Asset Management COM 112585104 7,459 203,805 SH SOLE 1 0 0 203,805
Inc
Brookfield Properties Corp. COM 112900105 206,844 12,160,132 SH SOLE 1,2 9,783,429 0 2,376,703
Buckeye Partners LP COM 118230101 51 1,120 SH SOLE 1 1,120 0 0
Calamos Convertible & High COM 12811P108 1,823 150,030 SH SOLE 1 150,030 0 0
Income Fund
Calumet Specialty Products COM 131476103 19 610 SH SOLE 1 610 0 0
Partners LP
Camden Property Trust COM 133131102 66,648 977,106 SH SOLE 1 24,898 0 952,208
Canadian Natl Railway COM 136375102 1,252 13,800 SH SOLE 1 13,800 0 0
Capital Bank Financial-CL COM 139794101 402 23,535 SH SOLE 1 23,535 0 0
Caterpillar Inc. COM 149123101 1,326 14,800 SH SOLE 1 14,800 0 0
CBL & Associates Properties COM 124830100 12,928 609,543 SH SOLE 1 609,543 0 0
CBRE Clarion Global Real COM 12504G100 3,595 405,812 SH SOLE 1 405,812 0 0
Estate Income Fund
CenterPoint Energy Inc. COM 15189T107 21,624 1,123,328 SH SOLE 1 1,123,328 0 0
Central Fund Canada Cl A COM 153501101 6,208 295,186 SH SOLE 1 295,186 0 0
Central GoldTrust COM 153546106 408 6,500 SH SOLE 1 6,500 0 0
Chesapeake Lodging Trust COM 165240102 38,814 1,858,914 SH SOLE 1 1,688,623 0 170,291
Chevron Corp. COM 166764100 107,736 996,267 SH SOLE 1,2 881,567 0 114,700
China Mobile Ltd. Sponsored ADR 16941M109 22,795 388,196 SH SOLE 1,2 385,596 0 2,600
ADR
Chubb Corp COM 171232101 47,502 630,663 SH SOLE 1,2 587,463 0 43,200
Cia De Saneamento Basico ADR ADR 20441A102 22,444 268,564 SH SOLE 1 268,564 0 0
Cisco Systems Inc. COM 17275R102 68,374 3,479,582 SH SOLE 1,2 3,042,082 0 437,500
Citigroup Inc. COM 172967424 61,384 1,551,670 SH SOLE 1,2 1,409,970 0 141,700
Clough Global Opportunities COM 18914E106 5,073 432,100 SH SOLE 1 432,100 0 0
Fund
Colonial Properties Trust COM 195872106 213,166 9,975,020 SH SOLE 1,2 8,608,319 0 1,366,701
Colony Finl Inc COM 19624R106 25,182 1,291,405 SH SOLE 1 1,291,405 0 0
Comerica Inc. COM 200340107 31,837 1,049,341 SH SOLE 1,2 953,141 0 96,200
Commonwealth REIT COM 203233101 31,271 1,974,166 SH SOLE 1,2 1,292,299 0 681,867
Commonwealth REIT Pfd. D PFD 203233408 53,428 2,314,918 SH SOLE 1 517,056 0 1,797,862
Commonwealth REIT Pr. E PFD 203233606 45,850 1,818,000 SH SOLE 1 0 0 1,818,000
Consol Energy Inc COM 20854P109 381 11,871 SH SOLE 1 11,871 0 0
Consumer Discretionary Selt COM 81369Y407 1,902 40,100 SH SOLE 1 40,100 0 0
Copano Energy LLC COM 217202100 60 1,885 SH SOLE 1 1,885 0 0
Corenergy Infrastructure COM 21870U205 5,771 957,067 SH SOLE 1 957,067 0 0
Trust, Inc.
Coresite Realty Corp COM 21870Q105 1,034 37,400 SH SOLE 1 37,400 0 0
Corporate Office Properties COM 22002T108 247,467 9,906,603 SH SOLE 1,2 7,234,307 0 2,672,296
Costco Wholesale Corp. COM 22160K105 17,714 179,345 SH SOLE 1,2 140,545 0 38,800
Covidien PLC COM G2554F113 61,373 1,062,916 SH SOLE 1,2 948,116 0 114,800
Crown Castle International COM 228227104 128,442 1,779,958 SH SOLE 1 1,779,958 0 0
Corp.
CubeSmart COM 229663109 241,830 16,597,779 SH SOLE 1,2 9,686,822 0 6,910,957
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 66,609 1,377,647 SH SOLE 1,2 1,198,447 0 179,200
DCP Midstream Partners LP COM 23311P100 28 660 SH SOLE 1 660 0 0
DCT Industrial Trust Inc. COM 233153105 173,887 26,793,020 SH SOLE 1,2 23,120,513 0 3,672,507
DDR Corp. COM 23317H102 450,238 28,750,854 SH SOLE 1,2 15,529,434 0 13,221,420
Devon Energy Corp. COM 25179M103 60,153 1,155,893 SH SOLE 1,2 1,060,393 0 95,500
Diamondrock Hospitality Co. COM 252784301 109,338 12,148,654 SH SOLE 1 80,947 0 12,067,707
Digital Realty Trust Inc. COM 253868103 400,650 5,901,454 SH SOLE 1,2 3,555,454 0 2,346,000
DNP Select Income Fund COM 23325P104 3,915 413,416 SH SOLE 1 413,416 0 0
Douglas Emmett Inc. COM 25960P109 301,455 12,937,984 SH SOLE 1,2 8,526,166 0 4,411,818
Dow Chemical COM 260543103 1,290 39,900 SH SOLE 1 36,800 0 3,100
DR Horton Inc. COM 23331A109 26,271 1,328,151 SH SOLE 1,2 1,130,076 0 198,075
Duke Energy Corp. COM 26441C204 95,803 1,501,621 SH SOLE 1 1,501,621 0 0
Duke Realty Corp. COM 264411505 63,101 4,549,464 SH SOLE 1 341,164 0 4,208,300
Dupont Fabros Technology COM 26613Q106 172,069 7,122,061 SH SOLE 1,2 3,299,046 0 3,823,015
Inc.
Eaton Vance Floating Rate COM 278279104 9,279 544,565 SH SOLE 1 544,565 0 0
Income Trust
Eaton Vance Limited COM 27828H105 4,404 264,337 SH SOLE 1 264,337 0 0
Duration Fund
Eaton Vance Senior Income Tr COM 27826S103 5,058 670,787 SH SOLE 1 670,787 0 0
Eaton Vance Sr Fltg Rate COM 27828Q105 5,954 372,826 SH SOLE 1 372,826 0 0
Trust
Eaton Vance T/A Global COM 27828S101 6,774 498,800 SH SOLE 1 498,800 0 0
Dividend Income
Eaton Vance T/M Buy-Write COM 27828Y108 14,341 1,147,272 SH SOLE 1 1,147,272 0 0
Opportunity
Eaton Vance Tax Adv Global COM 27828U106 4,510 224,500 SH SOLE 1 224,500 0 0
Dividend O
Eaton Vance Tax Man Global COM 27829C105 5,103 477,365 SH SOLE 1 477,365 0 0
Br
Eaton Vance Tax-Adv Dvd. COM 27828G107 10,412 631,051 SH SOLE 1 631,051 0 0
Inc. Fund
Eaton Vance Tax-Managed COM 27828N102 14,171 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 16,800 233,657 SH SOLE 1,2 203,587 0 30,070
Education Realty Trust Inc. COM 28140H104 147,716 13,883,042 SH SOLE 1,2 10,543,307 0 3,339,735
El Paso Pipeline Partners LP COM 283702108 61 1,645 SH SOLE 1 1,645 0 0
Eldorado Gold Corp COM 284902103 86 6,673 SH SOLE 1 6,673 0 0
Emerson Electric Co COM 291011104 42,080 794,571 SH SOLE 1,2 712,871 0 81,700
Enbridge Energy Partners LP COM 29250R106 59 2,111 SH SOLE 1 2,111 0 0
Enbridge Inc COM 29250N105 83,990 1,943,957 SH SOLE 1 1,943,957 0 0
Energy Select Sector Spdr COM 81369Y506 3,443 48,200 SH SOLE 1 48,200 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 41,052 819,732 SH SOLE 1 819,732 0 0
Entertainment Property PFD 26884U208 8,157 371,600 SH SOLE 1 0 0 371,600
5.75% CV (EPR C)
EPR Properties 9% E PFD 26884U307 9,554 322,216 SH SOLE 1 211,000 0 111,216
EQT Midstream Partners LP COM 26885B100 17,417 559,125 SH SOLE 1 559,125 0 0
Equity Lifestyle Properties COM 29472R108 54,799 814,376 SH SOLE 1,2 292,252 0 522,124
Equity Residential COM 29476L107 1,253,044 22,111,244 SH SOLE 1,2 11,034,303 0 11,076,941
Essex Property Trust Inc. COM 297178105 322,625 2,199,967 SH SOLE 1,2 1,442,040 0 757,927
EV Energy Partner LP COM 26926V107 59 1,040 SH SOLE 1 1,040 0 0
Exelon Corp. COM 30161N101 30,294 1,018,622 SH SOLE 1 1,018,622 0 0
Extra Space Storage Inc. COM 30225T102 269,616 7,409,062 SH SOLE 1,2 4,153,736 0 3,255,326
Exxon Mobil Corp. COM 30231G102 95,622 1,104,819 SH SOLE 1,2 976,319 0 128,500
Federal Realty Investment COM 313747206 411,053 3,951,671 SH SOLE 1,2 1,865,673 0 2,085,998
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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Financial Select Sector SPDR COM 81369Y605 968 59,000 SH SOLE 1 59,000 0 0
First Industrial Realty COM 32054K103 100,670 7,149,830 SH SOLE 1,2 2,234,485 0 4,915,345
Trust
First Potomac Realty Trust COM 33610F109 5,337 431,783 SH SOLE 1,2 366,753 0 65,030
First Trust Aberdeen Global COM 337319107 3,761 210,700 SH SOLE 1 210,700 0 0
Fund
First Trust Energy Income COM 33738G104 6,954 226,880 SH SOLE 1 226,880 0 0
and Growth Fund
First Trust Strategic High COM 337353304 1,881 113,300 SH SOLE 1 113,300 0 0
Income Fund II
First Trust/Four Crns Sr F 2 COM 33733U108 334 22,000 SH SOLE 1 22,000 0 0
Firstenergy Corp. COM 337932107 17,548 420,216 SH SOLE 1 420,216 0 0
Flah & Crum/Claymore COM 338478100 7,690 393,332 SH SOLE 1 393,332 0 0
Preferred S I
Flah & Crum/Claymore Total COM 338479108 5,470 271,600 SH SOLE 1 271,600 0 0
Return Fund
Ford Motor Co COM 345370860 37,378 2,886,300 SH SOLE 1,2 2,530,500 0 355,800
Forest City Enterprises Cl A COM 345550107 140,813 8,719,101 SH SOLE 1,2 7,286,522 0 1,432,579
Franco-Nevada Corp COM 351858105 485 8,498 SH SOLE 1 8,498 0 0
Franklin Templeton Ltd COM 35472T101 1,210 84,200 SH SOLE 1 84,200 0 0
Duration Inc Fund
Freeport-Mcmoran Copper COM 35671D857 23,872 698,003 SH SOLE 1,2 614,303 0 83,700
Gabelli Dividend & Income COM 36242H104 10,138 626,569 SH SOLE 1 626,569 0 0
Trust
Gabelli Equity Trust COM 362397101 9,170 1,643,300 SH SOLE 1 1,643,300 0 0
GasLog Ltd. COM G37585109 22,460 1,806,946 SH SOLE 1 1,806,946 0 0
General Dynamics Corp. COM 369550108 43,358 625,929 SH SOLE 1 624,529 0 1,400
General Electric Co. COM 369604103 45,324 2,159,296 SH SOLE 1,2 1,900,996 0 258,300
General Growth Properties COM 370023103 590,950 29,770,765 SH SOLE 1,2 15,528,796 0 14,241,969
Genesis Energy LP COM 371927104 59 1,640 SH SOLE 1 1,640 0 0
Glimcher Realty Trust COM 379302102 136,115 12,273,633 SH SOLE 1,2 11,370,922 0 902,711
Golar LNG Partners LP COM Y2745C102 12,787 428,387 SH SOLE 1 428,387 0 0
Goldman Sachs Group Inc. COM 38141G104 31,780 249,136 SH SOLE 1,2 232,136 0 17,000
Google Inc. Cl A COM 38259P508 5,249 7,400 SH SOLE 1,2 3,200 0 4,200
Grupo Aeroportuario ADR 400506101 6,152 107,606 SH SOLE 1 107,606 0 0
Guggenheim Strategic Opp COM 40167F101 1,554 72,300 SH SOLE 1 72,300 0 0
Fund
Harris Corp. COM 413875105 2,668 54,500 SH SOLE 1,2 10,200 0 44,300
HCC Insurance Holdings Inc. COM 404132102 20,926 562,375 SH SOLE 1 558,975 0 3,400
HCP Inc COM 40414L109 1,077,097 23,840,122 SH SOLE 1,2 12,770,920 0 11,069,202
Health Care REIT Inc. COM 42217K106 224,341 3,660,324 SH SOLE 1,2 2,660,580 0 999,744
Healthcare Realty Trust Inc. COM 421946104 55,907 2,328,486 SH SOLE 1,2 2,216,672 0 111,814
Hersha Hospitality Trust COM 427825104 157,174 31,434,835 SH SOLE 1,2 23,571,083 0 7,863,752
Highwoods Properties Inc. COM 431284108 230,295 6,884,767 SH SOLE 1,2 5,515,200 0 1,369,567
Home Depot Inc. COM 437076102 2,913 47,100 SH SOLE 1,2 0 0 47,100
Home Properties Inc. COM 437306103 224,900 3,668,249 SH SOLE 1,2 1,753,486 0 1,914,763
Host Hotels & Resorts Inc. COM 44107P104 766,473 48,913,397 SH SOLE 1,2 16,381,894 0 32,531,503
HSBC Holdings PLC 6.20% PFD 404280604 30 1,184 SH SOLE 1 100 0 1,084
(HBC A)
Hudson Pacific Prop COM 444097109 134,204 6,372,472 SH SOLE 1,2 5,608,091 0 764,381
Huntington Bancshares 8.5% PFD 446150401 42,182 34,294 SH SOLE 1 34,294 0 0
CV (HBANP)
Hyatt Hotels Corp CL A COM 448579102 220,054 5,705,316 SH SOLE 1,2 4,883,791 0 821,525
I Shares Gold Trust COM 464285105 5,021 308,603 SH SOLE 1 308,603 0 0
Inergy LP COM 456615103 40 2,215 SH SOLE 1 2,215 0 0
ING Infrastructure Indl COM 45685U100 2,239 136,600 SH SOLE 1 136,600 0 0
ING Prime Rate Trust COM 44977W106 3,424 551,315 SH SOLE 1 551,315 0 0
Intel Corp. COM 458140100 2,044 99,100 SH SOLE 1,2 26,500 0 72,600
International Business COM 459200101 9,699 50,633 SH SOLE 1,2 19,533 0 31,100
Machines Corp.
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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Ishares Silver Trust COM 46428Q109 1,799 61,300 SH SOLE 1 61,300 0 0
John Hancock Investors Trust COM 410142103 785 34,800 SH SOLE 1 34,800 0 0
John Hancock T/A Dividend COM 41013V100 3,029 167,890 SH SOLE 1 167,890 0 0
Income Fund
Johnson & Johnson COM 478160104 45,200 644,800 SH SOLE 1,2 586,400 0 58,400
JP Morgan Chase & Co COM 46625H100 105,520 2,399,809 SH SOLE 1,2 2,166,409 0 233,400
Kayne Anderson Energy Total COM 48660P104 6,089 247,624 SH SOLE 1 247,624 0 0
Return
Kayne Anderson COM 48661E108 2,888 100,300 SH SOLE 1 100,300 0 0
MidstreamEnergy
Kayne Anderson MLP COM 486606106 2,145 72,800 SH SOLE 1 72,800 0 0
Investment
Keycorp 7.75% CV (KEY G) PFD 493267405 5,701 45,515 SH SOLE 1 45,515 0 0
Kilroy Realty Corp. COM 49427F108 72,852 1,537,927 SH SOLE 1,2 259,302 0 1,278,625
Kimco Realty Corp. COM 49446R109 571,630 29,587,452 SH SOLE 1,2 14,989,244 0 14,598,208
Kinder Morgan Energy Prtnrs COM 494550106 54 675 SH SOLE 1 675 0 0
Kinder Morgan Holdco LLC COM 49456B101 5,535 156,668 SH SOLE 1 156,668 0 0
Kinder Morgan Manage COM 49455U100 298 3,952 SH SOLE 1 3,952 0 0
L-3 Communications Holdings COM 502424104 27,137 354,181 SH SOLE 1,2 275,981 0 78,200
Las Vegas Sands Corp. COM 517834107 345 7,483 SH SOLE 1 7,483 0 0
Lasalle Hotel Properties COM 517942108 49,028 1,930,980 SH SOLE 1 0 0 1,930,980
Legg Mason BW Global Income COM 52469B100 590 29,100 SH SOLE 1 29,100 0 0
Lexington Corp Pr C CV PFD 529043309 10,788 226,349 SH SOLE 1 209,536 0 16,813
Liberty Property Trust COM 531172104 195,772 5,473,066 SH SOLE 1,2 2,933,970 0 2,539,096
Linn Energy Llc-Units COM 536020100 80 2,265 SH SOLE 1 2,265 0 0
Mack-Cali Realty Corp. COM 554489104 205,710 7,878,602 SH SOLE 1,2 3,746,189 0 4,132,413
Magellan Midstream Partners COM 559080106 95 2,200 SH SOLE 1 2,200 0 0
Marathon Oil Corp. COM 565849106 202 6,591 SH SOLE 1 6,591 0 0
Marathon Petroleum Corp. COM 56585A102 48,665 772,466 SH SOLE 1,2 676,666 0 95,800
Market Vectors Gold Miners COM 57060U100 3,192 68,800 SH SOLE 1 68,800 0 0
Market Vectors Oil Service COM 57060U191 4,936 127,600 SH SOLE 1 127,600 0 0
ETF
MarkWest Energy Partners LP COM 570759100 44,375 869,929 SH SOLE 1 869,929 0 0
McDonald's Corp. COM 580135101 34,796 394,471 SH SOLE 1,2 334,571 0 59,900
Mckesson Corp. COM 58155Q103 204 2,100 SH SOLE 1 0 0 2,100
Merck & Co Inc COM 58933Y105 54,732 1,336,890 SH SOLE 1,2 1,196,090 0 140,800
MFS Multimarket Income Trust COM 552737108 1,355 186,100 SH SOLE 1 186,100 0 0
Microsoft Corp. COM 594918104 22,404 838,175 SH SOLE 1,2 547,675 0 290,500
Mid-America Apartment COM 59522J103 269,285 4,158,841 SH SOLE 1,2 3,412,105 0 746,736
Communities
Monsanto Co COM 61166W101 5,337 56,390 SH SOLE 1,2 15,690 0 40,700
Mosaic Company COM 61945C103 538 9,500 SH SOLE 1 9,500 0 0
MPLX LP COM 55336V100 12,613 404,400 SH SOLE 1 404,400 0 0
National Retail Properties COM 637417106 1,420 45,500 SH SOLE 1 45,500 0 0
National-Oilwell Inc COM 637071101 20,262 296,450 SH SOLE 1,2 266,650 0 29,800
NATL WESTMINSTER 7.76% (NW PFD 638539882 33,434 1,349,223 SH SOLE 1 1,345,673 0 3,550
C)
Natural Resource Partners LP COM 63900P103 18 990 SH SOLE 1 990 0 0
New America High Income Fund COM 641876800 6,641 635,478 SH SOLE 1 635,478 0 0
Newmont Mining Corp COM 651639106 15,028 323,600 SH SOLE 1,2 283,500 0 40,100
News Corp Ltd COM 65248E104 19,659 769,745 SH SOLE 1,2 614,245 0 155,500
NextEra Energy Inc COM 65339F101 122,969 1,777,262 SH SOLE 1,2 1,687,562 0 89,700
NFJ Dividend Interest & COM 65337H109 2,044 131,000 SH SOLE 1 131,000 0 0
Preferred Strategy
Noble Energy Inc COM 655044105 324 3,180 SH SOLE 1 3,180 0 0
Nordstrom Inc. COM 655664100 26,641 497,959 SH SOLE 1,2 426,359 0 71,600
Norfolk Southern Corp. COM 655844108 42,871 693,250 SH SOLE 1,2 607,350 0 85,900
NuStar Energy LP COM 67058H102 52 1,220 SH SOLE 1 1,220 0 0
Nuveen Diversified Currency COM 67090N109 2,987 232,100 SH SOLE 1 232,100 0 0
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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Nuveen Energy MLP Total COM 67074U103 4,994 282,139 SH SOLE 1 282,139 0 0
Return
Nuveen Equity Premium COM 6706EM102 1,500 124,300 SH SOLE 1 124,300 0 0
Opportunity Fund
Nuveen Floating rate Income COM 67072T108 3,802 311,900 SH SOLE 1 311,900 0 0
Nuveen Floating Rate Income COM 6706EN100 2,726 222,500 SH SOLE 1 222,500 0 0
Opportunity Fund
Nuveen Global Government Enh COM 67073C104 2,076 148,100 SH SOLE 1 148,100 0 0
Nuveen Global Value Opp Fund COM 6706EH103 1,610 108,000 SH SOLE 1 108,000 0 0
Nuveen Ins T/F Adv Municipal COM 670657105 1,252 84,339 SH SOLE 1 84,339 0 0
Nuveen Mtg Opportunity COM 670735109 798 29,300 SH SOLE 1 29,300 0 0
Nuveen Mtg Oppty Term F COM 67074R100 853 31,400 SH SOLE 1 31,400 0 0
Nuveen Multi-Strategy COM 67073D102 20,397 2,113,647 SH SOLE 1 2,113,647 0 0
Income & Growth 2
Nuveen Preferred & Income COM 67075A106 1,176 47,900 SH SOLE 1 47,900 0 0
Term Fund
Nuveen Preferred Income COM 67073B106 14,326 1,475,364 SH SOLE 1 1,475,364 0 0
Opportunities Fund
Nuveen Real Estate Income COM 67071B108 3,589 342,439 SH SOLE 1 342,439 0 0
Fund
Nuveen Short Duration Credit COM 67074X107 3,036 152,205 SH SOLE 1 152,205 0 0
Nuveen Tax-Adv Tot Ret Strat COM 67090H102 1,617 153,900 SH SOLE 1 153,900 0 0
Occidental Petroleum Corp. COM 674599105 58,617 765,138 SH SOLE 1,2 682,638 0 82,500
Oiltanking Partners LP COM 678049107 15,978 422,037 SH SOLE 1 422,037 0 0
ONEOK Partners LP COM 68268N103 141 2,615 SH SOLE 1 2,615 0 0
Oracle Corp. COM 68389X105 86,721 2,602,672 SH SOLE 1,2 2,220,972 0 381,700
Orient Express Hotels Ltd. COM G67743107 131,650 11,261,756 SH SOLE 1,2 9,545,061 0 1,716,695
A
P G & E Corp. COM 69331C108 49,224 1,225,080 SH SOLE 1 1,225,080 0 0
Paa Natural Gas Storage Lp COM 693139107 15 805 SH SOLE 1 805 0 0
Parker Hannifin Corp COM 701094104 27,445 322,660 SH SOLE 1,2 274,060 0 48,600
Parkway Properties Inc. COM 70159Q104 14,402 1,029,477 SH SOLE 1 869,777 0 159,700
Pebblebrook Hotel Trust COM 70509V100 28,538 1,235,400 SH SOLE 1 1,125,321 0 110,079
Penn Real Estate Investment COM 709102107 742 42,065 SH SOLE 1 42,065 0 0
Trust
Pepsico Inc. COM 713448108 34,266 500,750 SH SOLE 1,2 417,550 0 83,200
Petroleo Brasileiro SA ADR 71654V101 306 15,847 SH SOLE 1 15,847 0 0
Petsmart Inc COM 716768106 18,735 274,144 SH SOLE 1,2 230,444 0 43,700
Pfizer Inc. COM 717081103 57,877 2,307,694 SH SOLE 1,2 2,145,694 0 162,000
Philip Morris International COM 718172109 52,156 623,582 SH SOLE 1,2 503,782 0 119,800
PIMCO Corporate Opportunity COM 72201B101 8,849 455,897 SH SOLE 1 455,897 0 0
Pimco Dynamic Income Fund COM 72201Y101 11,245 384,585 SH SOLE 1 384,585 0 0
PIMCO High Income Fund COM 722014107 13,337 1,272,655 SH SOLE 1 1,272,655 0 0
PIMCO Income Opportunity COM 72202B100 17,596 604,045 SH SOLE 1 604,045 0 0
Fund
PIMCO Income Strategy Fund COM 72201J104 6,622 599,300 SH SOLE 1 599,300 0 0
II
Pioneer Diversified High COM 723653101 6,630 330,161 SH SOLE 1 330,161 0 0
Income
Pioneer Floating Rate Trust COM 72369J102 5,933 447,123 SH SOLE 1 447,123 0 0
Pioneer High Income Trust COM 72369H106 1,683 105,730 SH SOLE 1 105,730 0 0
Plains All American COM 726503105 138 3,050 SH SOLE 1 3,050 0 0
Pipeline LP
Plum Creek Timber Co. COM 729251108 4,415 99,500 SH SOLE 1 99,500 0 0
PNC Financial Services Group COM 693475105 245 4,200 SH SOLE 1 4,200 0 0
Potash Corp of Saskatchewan COM 73755L107 6,700 164,800 SH SOLE 1 69,300 0 95,500
Potash Corp of Saskatchewan COM 73755L107 22,445 551,601 SH SOLE 1 547,201 0 4,400
- US
PPL Corp. COM 69351T106 36,168 1,263,301 SH SOLE 1 1,263,301 0 0
Proassurance Corp COM 74267C106 15,391 364,800 SH SOLE 1,2 318,800 0 46,000
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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Procter & Gamble Co. COM 742718109 32,188 474,121 SH SOLE 1,2 414,221 0 59,900
ProLogis Inc. COM 74340W103 1,238,475 33,940,119 SH SOLE 1,2 18,434,920 0 15,505,199
Prudential Finl Inc COM 744320102 42,016 787,848 SH SOLE 1,2 709,148 0 78,700
PRV Partners LP COM 693665101 54 2,070 SH SOLE 1 2,070 0 0
PS Business Parks Inc. COM 69360J107 14,971 230,401 SH SOLE 1 230,401 0 0
Public Storage COM 74460D109 909,976 6,277,428 SH SOLE 1,2 3,364,962 0 2,912,466
Putnam Premier Income Trust COM 746853100 3,547 649,553 SH SOLE 1 649,553 0 0
Qualcomm Inc. COM 747525103 38,667 623,465 SH SOLE 1,2 495,465 0 128,000
Questar Corp. COM 748356102 10,034 507,814 SH SOLE 1 507,814 0 0
Ramco-Gershenson 7.25% CV PFD 751452608 539 10,000 SH SOLE 1 10,000 0 0
Pr.D (RPT D)
Ramco-Gershenson Properties COM 751452202 26,282 1,974,583 SH SOLE 1 1,854,015 0 120,568
Regency Centers Corp. COM 758849103 532,966 11,310,813 SH SOLE 1,2 6,742,829 0 4,567,984
Regency Energy Partners Lp COM 75885Y107 76 3,505 SH SOLE 1 3,505 0 0
Republic Services Inc. COM 760759100 199 6,800 SH SOLE 1 0 0 6,800
Retail Properties of America COM 76131V202 2,344 195,845 SH SOLE 1 195,845 0 0
RLJ Lodging Trust COM 74965L101 36,302 1,874,146 SH SOLE 1 37,200 0 1,836,946
Rogers Communications Inc COM 775109200 6,504 143,400 SH SOLE 1 66,500 0 76,900
Rose Rock Midstream LP COM 777149105 8,577 272,560 SH SOLE 1 272,560 0 0
Ross Stores Inc COM 778296103 32,839 606,442 SH SOLE 1,2 534,542 0 71,900
Royal Bank of Canada COM 780087102 114 1,900 SH SOLE 1 0 0 1,900
Royal Bank of Scotland PFD 780097770 11,492 510,289 SH SOLE 1 506,750 0 3,539
6.35% (RBS N)
Royal Bank of Scotland 6.6% PFD 780097739 21,593 938,837 SH SOLE 1 933,222 0 5,615
(RBS S)
Royal Bank Scotland 6.4% PFD 780097796 13,410 593,620 SH SOLE 1 589,140 0 4,480
(RBS M)
Royce Value Trust COM 780910105 7,099 529,000 SH SOLE 1 529,000 0 0
SBA Communications Corp. Cl COM 78388J106 70,215 988,664 SH SOLE 1 988,664 0 0
A
Schlumberger Ltd. COM 806857108 56,483 815,168 SH SOLE 1,2 741,368 0 73,800
Semgroup Corp COM 81663A105 2,513 64,307 SH SOLE 1 64,307 0 0
Sempra Energy COM 816851109 80,068 1,128,672 SH SOLE 1,2 1,093,872 0 34,800
Senior Housing Properties COM 81721M109 216,965 9,177,877 SH SOLE 1,2 4,567,817 0 4,610,060
Trust
Siemens AG-Spons ADR ADR 826197501 20,536 187,592 SH SOLE 1 186,062 0 1,530
Simon Property Group Inc. COM 828806109 3,448,208 21,811,676 SH SOLE 1,2 11,528,442 0 10,283,234
SL Green Realty Corp. COM 78440X101 532,723 6,950,069 SH SOLE 1,2 3,863,644 0 3,086,425
Southern Co COM 842587107 42,502 992,809 SH SOLE 1 992,809 0 0
Southwestern Energy COM 845467109 305 9,121 SH SOLE 1 9,121 0 0
Sovran Self Storage Inc. COM 84610H108 147,764 2,379,457 SH SOLE 1,2 1,902,146 0 477,311
SPDR Trust Series 1 COM 78462F103 385 2,700 SH SOLE 1 2,700 0 0
Spectra Energy Corp. COM 847560109 7,981 291,474 SH SOLE 1 291,474 0 0
Sprott Physical Gold Tr COM 85207H104 6,627 466,365 SH SOLE 1 466,365 0 0
Sprott Physical Silver Trust COM 85207K107 2,310 191,900 SH SOLE 1 191,900 0 0
STAG Industrial COM 85254J102 14,020 780,207 SH SOLE 1 682,784 0 97,423
Stanley Black & Decker Inc COM 854502101 25,328 342,410 SH SOLE 1,2 298,910 0 43,500
Starbucks Corp COM 855244109 1,968 36,700 SH SOLE 1 0 0 36,700
Starwood Hotels & Resorts COM 85590A401 133,182 2,321,866 SH SOLE 1 2,170,254 0 151,612
Starwood Property Trust Inc COM 85571B105 2,784 121,243 SH SOLE 1 121,243 0 0
Stone Harbor Emerging Market COM 86164T107 1,866 75,100 SH SOLE 1 75,100 0 0
Strategic Hotels & Resorts I COM 86272T106 109,896 17,171,219 SH SOLE 1,2 14,735,342 0 2,435,877
Stratus Properties Inc. COM 863167201 794 91,742 SH SOLE 1 91,742 0 0
Suburban Propane Partners LP COM 864482104 40 1,019 SH SOLE 1 1,019 0 0
Suncor Energy Inc COM 867224107 824 25,083 SH SOLE 1 19,483 0 5,600
Sunoco Logistics Partners LP COM 86764L108 55 1,100 SH SOLE 1 1,100 0 0
Sunstone Hotel Pr. D PFD 867892507 21,021 824,045 SH SOLE 1 384,620 0 439,425
Symantec Corp COM 871503108 49,365 2,624,394 SH SOLE 1,2 2,304,994 0 319,400
Syngenta AG -ADR ADR 87160A100 1,366 16,900 SH SOLE 1 16,900 0 0
Talisman Energy Inc COM 87425E103 151 13,352 SH SOLE 1 13,352 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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Tanger Factory Outlet Center COM 875465106 94,800 2,771,928 SH SOLE 1,2 2,449,685 0 322,243
Targa Resources Corp COM 87612G101 4,086 77,320 SH SOLE 1 77,320 0 0
Targa Resources Partners Lp COM 87611X105 67 1,791 SH SOLE 1 1,791 0 0
Taubman Centers Inc. COM 876664103 119,475 1,517,715 SH SOLE 1,2 1,213,632 0 304,083
TC Pipelines LP COM 87233Q108 33 825 SH SOLE 1 825 0 0
Templeton Global Income Fund COM 880198106 5,150 545,499 SH SOLE 1 545,499 0 0
Tesoro Logistics LP COM 88160T107 14,811 338,161 SH SOLE 1 338,161 0 0
The Macerich Co. COM 554382101 195,524 3,353,763 SH SOLE 1 378,865 0 2,974,898
Thermo Fisher Scientific COM 883556102 15,652 245,400 SH SOLE 1,2 212,800 0 32,600
Inc.
Tiffany & Co New COM 886547108 16,917 295,035 SH SOLE 1,2 232,235 0 62,800
Time Warner Cable In COM 88732J207 37,971 390,692 SH SOLE 1,2 343,592 0 47,100
Timken Co COM 887389104 11,120 232,500 SH SOLE 1,2 204,900 0 27,600
Toronto-Dominion Bank COM 891160509 101 1,200 SH SOLE 1 0 0 1,200
Toronto-Dominion Bank COM 891160509 1,408 16,700 SH SOLE 1 16,700 0 0
UDR Inc. COM 902653104 443,940 18,668,628 SH SOLE 1,2 10,034,330 0 8,634,298
Ultra Pete Corp COM 903914109 160 8,843 SH SOLE 1 8,843 0 0
UMH Properties 8.25% PFD 903002202 4,913 189,750 SH SOLE 1 79,750 0 110,000
(UMH.PRA)
United Parcel Service Cl B COM 911312106 36,899 500,458 SH SOLE 1,2 392,458 0 108,000
United Technologies Corp. COM 913017109 9,380 114,373 SH SOLE 1,2 44,073 0 70,300
Unitedhealth Group Inc. COM 91324P102 68,438 1,261,761 SH SOLE 1,2 1,112,361 0 149,400
US Bancorp COM 902973304 61,082 1,912,402 SH SOLE 1,2 1,749,402 0 163,000
Valero Energy Corp. COM 91913Y100 344 10,083 SH SOLE 1 10,083 0 0
Ventas Inc. COM 92276F100 1,133,575 17,515,066 SH SOLE 1,2 10,050,000 0 7,465,066
Verizon Communications Inc. COM 92343V104 17,581 406,300 SH SOLE 1 406,300 0 0
Visa Inc.-Class A Shares COM 92826C839 59,185 390,454 SH SOLE 1,2 335,354 0 55,100
Vodafone Group PLC ADR ADR 92857W209 2,194 87,100 SH SOLE 1 87,100 0 0
Vornado Realty Trust COM 929042109 1,405,104 17,546,250 SH SOLE 1,2 9,341,039 0 8,205,211
Wal-Mart Stores Inc. COM 931142103 7,089 103,900 SH SOLE 1,2 18,500 0 85,400
Walt Disney Co. COM 254687106 74,808 1,502,469 SH SOLE 1,2 1,341,469 0 161,000
Washington Real Estate COM 939653101 61,227 2,341,393 SH SOLE 1,2 1,770,079 0 571,314
Investment
Weingarten Realty Investors COM 948741103 274,853 10,267,200 SH SOLE 1,2 4,953,180 0 5,314,020
Wells Fargo & Co. COM 949746101 86,206 2,522,108 SH SOLE 1,2 2,284,108 0 238,000
Wells Fargo Advantage COM 94987B105 7,337 728,600 SH SOLE 1 728,600 0 0
Income Opportunities Fund
Wells Fargo Advantage COM 94987D101 3,166 195,800 SH SOLE 1 195,800 0 0
Multi-sector
Wells Fargo Co 7.5% (WFC L) PFD 949746804 55,003 44,900 SH SOLE 1 44,900 0 0
Westar Energy Inc. COM 95709T100 186 6,500 SH SOLE 1 0 0 6,500
Western Asset Global Cp COM 95790C107 1,787 86,106 SH SOLE 1 86,106 0 0
Western Asset Global High In COM 95766B109 4,714 342,100 SH SOLE 1 342,100 0 0
Western Asset High Income COM 95766J102 1,909 197,589 SH SOLE 1 197,589 0 0
Fund II
Western Asset Premier Bond COM 957664105 683 43,961 SH SOLE 1 43,961 0 0
Western Gas Partners LP COM 958254104 42 880 SH SOLE 1 880 0 0
Weyerhaeuser Co COM 962166104 26,575 955,249 SH SOLE 1,2 878,249 0 77,000
Williams Cos Inc. COM 969457100 59,328 1,812,110 SH SOLE 1 1,812,110 0 0
Williams Partners LP COM 96950F104 74 1,520 SH SOLE 1 1,520 0 0
Wisconsin Energy Corp. COM 976657106 70,982 1,926,243 SH SOLE 1,2 1,818,951 0 107,292
WW Grainger Inc COM 384802104 5,302 26,200 SH SOLE 1,2 5,500 0 20,700
Yamana Gold Inc COM 98462Y100 318 18,487 SH SOLE 1 18,487 0 0