0001284812-12-000103.txt : 20120214
0001284812-12-000103.hdr.sgml : 20120214
20120214130530
ACCESSION NUMBER: 0001284812-12-000103
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20111231
FILED AS OF DATE: 20120214
DATE AS OF CHANGE: 20120214
EFFECTIVENESS DATE: 20120214
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: COHEN & STEERS INC
CENTRAL INDEX KEY: 0001284812
STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282]
IRS NUMBER: 141904657
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 13F-HR
SEC ACT: 1934 Act
SEC FILE NUMBER: 028-11197
FILM NUMBER: 12606888
BUSINESS ADDRESS:
STREET 1: 280 PARK AVENUE 10TH FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10017
BUSINESS PHONE: 212 832 3232
MAIL ADDRESS:
STREET 1: 280 PARK AVENUE
STREET 2: 10TH FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10017
13F-HR
1
body13f-123011.txt
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 2011
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 Capital Management, Inc.
Address: 280 Park Avenue
10th Floor
New York, NY 10017
Form 13F File Number: 28-2405
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 form.
This report is not an admission that Cohen & Steers, Inc. or its subsidiaries
are the beneficial owners of any securities covered by this report, and
Cohen & Steers, Inc. and its subsidiaries expressly disclaim beneficial
ownership of all shares reported herein pursuant to Rule 13d-4.
Person 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 Dating of Signing:
/s/ Lisa Phelan New York, NY February 14, 2012
----------------- --------------- ------------------
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:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
028-01190 FRANK RUSSELL COMPANY
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 1
Form 13F Information Table Entry Total: 449
Form 13F Information Table Value Total: 26,616,847 (thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 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 Cohen & Steers Europe SA
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 64,668 1,150,063 SH SOLE 888,063 - 262,000
Acadia Realty Trust COM 004239109 83,237 4,132,895 SH SOLE 1,603,585 - 2,529,310
Accenture Plc COM G1151C101 149 2,800 SH SOLE - - 2,800
Advent Claymore Convertible COM 00764C109 657 44,600 SH SOLE 44,600 - -
Sec & Inc
Advent Claymore Global COM 007639107 547 86,900 SH SOLE 86,900 - -
Convertible
Aflac Inc. COM 001055102 2,769 64,000 SH SOLE - - 64,000
AGIC Convertible & Income COM 001191105 9,003 1,145,480 SH SOLE 1,145,480 - -
FD II
AGIC Convertible & Income COM 001190107 9,714 1,149,633 SH SOLE 1,149,633 - -
Fund
Alexander's Inc. COM 014752109 42,636 115,223 SH SOLE 105,692 - 9,531
Alexandria Real Estate COM 015271109 375,937 5,450,730 SH SOLE 2,918,795 - 2,531,935
Equities
Alliance National Muni Inc. COM 01864U106 1,140 77,100 SH SOLE 77,100 - -
AllianceBernstein Global COM 01879R106 5,166 364,600 SH SOLE 364,600 - -
High Income
AllianceBernstein Income COM 01881E101 10,955 1,357,500 SH SOLE 1,357,500 - -
Fund
Alpine Global Dynamic Divide COM 02082E106 12 2,400 SH SOLE 2,400 - -
Alpine Global Premier COM 02083A103 8,839 1,667,669 SH SOLE 1,667,669 - -
Properties Fund
Alpine Total Dynamic COM 021060108 87 19,800 SH SOLE 19,800 - -
Dividend Fund
American Assets Trust Inc COM 024013104 100,525 4,901,257 SH SOLE 3,547,804 - 1,353,453
American Campus Communities COM 024835100 4,159 99,111 SH SOLE 35,127 - 63,984
American Electric Power COM 025537101 44,510 1,077,459 SH SOLE 1,077,459 - -
American Express Co. COM 025816109 49,547 1,050,400 SH SOLE 823,900 - 226,500
American Strategic Income COM 030099105 22 2,700 SH SOLE 2,700 - -
Portfolio II
American Water Works Co. COM 030420103 20,064 629,753 SH SOLE 629,753 - -
Inc.
Amgen Inc. COM 031162100 21,209 330,300 SH SOLE 252,500 - 77,800
Annaly Capital Management In COM 035710409 7,814 489,600 SH SOLE 362,200 - 127,400
Apache Corp. COM 037411105 48,526 535,722 SH SOLE 399,711 - 136,011
Apartment Investment & COM 03748R101 309,663 13,516,490 SH SOLE 9,636,591 - 3,879,899
Management Co.
Apple Inc. COM 037833100 39,868 98,440 SH SOLE 53,440 - 45,000
Archer-Daniels-Midland Co. COM 039483102 23,792 831,879 SH SOLE 575,679 - 256,200
Ashford Hospitality Pr.E PFD 044103505 12,580 516,641 SH SOLE 435,000 - 81,641
Associated Estates Realty COM 045604105 68,174 4,274,247 SH SOLE 1,333,301 - 2,940,946
Corp.
AT&T Inc. COM 00206R102 88,430 2,924,277 SH SOLE 2,367,977 - 556,300
Atlas Pipeline Partners LP COM 049392103 19 519 SH SOLE 519 - -
Avago Technologies L COM Y0486S104 11,033 382,300 SH SOLE 272,300 - 110,000
Avalonbay Communities Inc COM 053484101 756,154 5,789,845 SH SOLE 2,786,907 - 3,002,938
Bank Of America Corp. COM 060505104 14,715 2,646,600 SH SOLE 2,163,000 - 483,600
Bank Of New York Mellon COM 064058100 30,645 1,539,200 SH SOLE 1,238,900 - 300,300
Corp.
Bankunited Inc COM 06652K103 1,347 61,239 SH SOLE 61,239 - -
Banner Corporation COM 06652V208 1,481 86,360 SH SOLE 86,360 - -
Barclays Bank 7.10% (BCS A) PFD 06739H776 3,627 183,442 SH SOLE 180,750 - 2,692
Barclays Bank 7.75% (BCS C) PFD 06739H511 11,482 544,692 SH SOLE 539,924 - 4,768
Becton Dickinson & Co. COM 075887109 6,568 87,900 SH SOLE 10,600 - 77,300
BHP Billiton Ltd - Spon Adr ADR 088606108 572 8,100 SH SOLE 8,100 - -
BioMed Realty Trust Inc. COM 09063H107 247,095 13,666,763 SH SOLE 8,800,985 - 4,865,778
Blackrock Build Amer Bd COM 09248X100 724 33,900 SH SOLE 33,900 - -
Blackrock Corporate High COM 09255M104 1,269 179,200 SH SOLE 179,200 - -
Yield Fund 3
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
---------------------------- -------------- --------- --------- ------------------- ---------- -------- ----------------------------
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Blackrock Corporate High COM 09255N102 2,453 209,800 SH SOLE 209,800 - -
Yield Fund 5
Blackrock Corporate High COM 09255P107 1,861 163,531 SH SOLE 163,531 - -
Yield Fund 6
Blackrock Debt Strategies COM 09255R103 323 83,300 SH SOLE 83,300 - -
Fund
BlackRock EcoSolutions COM 092546100 10 1,300 SH SOLE 1,300 - -
Investment Trust
Blackrock Enh Cap And Inc COM 09256A109 80 6,500 SH SOLE 6,500 - -
BlackRock Enhanced Dividend COM 09251A104 66 9,400 SH SOLE 9,400 - -
Achievers
Blackrock Global Enrg & Res COM 09250U101 64 2,600 SH SOLE 2,600 - -
Blackrock International COM 092524107 74 10,300 SH SOLE 10,300 - -
Growth
Blackrock Limited Duration COM 09249W101 1,456 91,200 SH SOLE 91,200 - -
Income Trust
Blackrock Mun Income Trust COM 09249N101 2,815 185,100 SH SOLE 185,100 - -
II
Blackrock Muniholdings COM 09254A101 777 55,000 SH SOLE 55,000 - -
Quality
Blackrock Munivest Fund COM 09253R105 1,847 177,100 SH SOLE 177,100 - -
Blackrock Muniyield Fund COM 09253W104 1,690 114,300 SH SOLE 114,300 - -
Blackrock Muniyield Insured COM 09254E103 2,709 191,600 SH SOLE 191,600 - -
Blackrock Muniyield Qual II COM 09254G108 1,208 88,200 SH SOLE 88,200 - -
Blackrock Real Asset Equity COM 09254B109 2,788 261,300 SH SOLE 261,300 - -
Boardwalk Pipeline Partners COM 096627104 34 1,225 SH SOLE 1,225 - -
LP
Boston Properties Inc. COM 101121101 988,140 9,921,086 SH SOLE 4,832,613 - 5,088,473
BRE Properties Inc. COM 05564E106 275,323 5,454,094 SH SOLE 2,993,430 - 2,460,664
Breitburn Energy Partners LP COM 106776107 19 1,000 SH SOLE 1,000 - -
Bristol-Myers Squibb Co. COM 110122108 211 6,000 SH SOLE - - 6,000
Brookdale Senior Living Inc. COM 112463104 4,064 233,709 SH SOLE 172,075 - 61,634
Brookfield Asset Management COM 112585104 6,455 234,422 SH SOLE - - 234,422
Inc
Brookfield Properties Corp. COM 112900105 181,961 11,634,357 SH SOLE 10,017,064 - 1,617,293
Buckeye Partners LP COM 118230101 13,611 212,740 SH SOLE 212,740 - -
Calamos Convertible & High COM 12811P108 586 50,730 SH SOLE 50,730 - -
Income Fund
Calumet Specialty Products COM 131476103 20 1,000 SH SOLE 1,000 - -
Partners LP
Camden Property Trust COM 133131102 59,286 952,539 SH SOLE - - 952,539
Campus Crest Communities COM 13466Y105 33,051 3,285,424 SH SOLE 3,108,912 - 176,512
Canadian Natl Railway COM 136375102 1,401 17,800 SH SOLE 15,000 - 2,800
Carnival Corp. COM 143658300 8,585 263,013 SH SOLE 195,813 - 67,200
Caterpillar Inc. COM 149123101 2,537 28,000 SH SOLE 27,000 - 1,000
CBL & Associates Properties COM 124830100 64,142 4,085,463 SH SOLE 3,638,273 - 447,190
CBRE Clarion Global Real COM 12504G100 3,096 452,612 SH SOLE 452,612 - -
Estate Income
CBRE Group Inc COM 12504L109 1,966 129,171 SH SOLE 129,171 - -
CenterPoint Energy Inc. COM 15189T107 22,248 1,107,411 SH SOLE 1,107,411 - -
Central Fund Canada Cl A COM 153501101 5,429 276,986 SH SOLE 276,986 - -
Central GoldTrust COM 153546106 1,515 25,600 SH SOLE 25,600 - -
Chesapeake Midstream Partner COM 16524K108 25 875 SH SOLE 875 - -
Chevron Corp. COM 166764100 130,822 1,229,530 SH SOLE 943,230 - 286,300
China Mobile Ltd. Sponsored ADR 16941M109 26,839 553,500 SH SOLE 487,100 - 66,400
ADR
Chubb Corp COM 171232101 63,918 923,400 SH SOLE 740,800 - 182,600
Citigroup Inc. COM 172967424 38,402 1,459,586 SH SOLE 1,131,582 - 328,004
Clearbridge Energy Mlp COM 184692101 1,069 47,620 SH SOLE 47,620 - -
Clough Global Equity Fund COM 18914C100 3,076 255,700 SH SOLE 255,700 - -
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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Clough Global Opportunities COM 18914E106 7,802 738,100 SH SOLE 738,100 - -
Fund
Cogdell Spencer Inc. COM 19238U107 5,543 1,304,251 SH SOLE 1,124,463 - 179,788
Colonial Properties Trust COM 195872106 127,153 6,095,525 SH SOLE 5,322,827 - 772,698
Comerica Inc. COM 200340107 33,099 1,282,900 SH SOLE 1,046,900 - 236,000
Commonwealth REIT Pfd. D PFD 203233408 50,956 2,511,402 SH SOLE 516,156 - 1,995,246
Commonwealth REIT Pr. E PFD 203233606 47,633 1,945,000 SH SOLE - - 1,945,000
Consumer Discretionary Selt COM 81369Y407 2,696 69,100 SH SOLE 69,100 - -
Copano Energy LLC COM 217202100 73 2,125 SH SOLE 2,125 - -
Corning Inc. COM 219350105 3,266 251,600 SH SOLE 33,300 - 218,300
Corporate Office Properties COM 22002T108 30,614 1,440,000 SH SOLE - - 1,440,000
Corrections Corp. Of America COM 22025Y407 1,164 57,119 SH SOLE 57,119 - -
Costco Wholesale Corp. COM 22160K105 46,809 561,800 SH SOLE 377,700 - 184,100
Covidien PLC COM G2554F113 60,334 1,340,465 SH SOLE 981,665 - 358,800
Crown Castle International COM 228227104 78,197 1,745,478 SH SOLE 1,745,478 - -
Corp.
CubeSmart COM 229663109 182,711 17,172,044 SH SOLE 9,133,537 - 8,038,507
Cushing Mlp Total Return Fun COM 231631102 1,549 174,100 SH SOLE 174,100 - -
CVS Caremark Corp. COM 126650100 74,762 1,833,300 SH SOLE 1,366,000 - 467,300
DCP Midstream Partners LP COM 23311P100 36 760 SH SOLE 760 - -
DCT Industrial Trust Inc. COM 233153105 138,617 27,073,574 SH SOLE 24,015,001 - 3,058,573
DDR Corp. COM 23317H102 201,086 16,523,109 SH SOLE 6,441,768 - 10,081,341
Delaware Enhanced Global COM 246060107 23 2,100 SH SOLE 2,100 - -
Dividend
Devon Energy Corp. COM 25179M103 35,394 570,873 SH SOLE 432,373 - 138,500
Diamondrock Hospitality Co. COM 252784301 104,981 10,890,167 SH SOLE - - 10,890,167
Digital Realty Trust Inc. COM 253868103 365,939 5,488,816 SH SOLE 2,934,573 - 2,554,243
Douglas Emmett Inc. COM 25960P109 204,931 11,235,263 SH SOLE 6,044,726 - 5,190,537
Dow 30 Enhanced Premium & In COM 260537105 37 3,600 SH SOLE 3,600 - -
Dow 30 Prem & Dvd Incm F Inc COM 260582101 22 1,700 SH SOLE 1,700 - -
Dow Chemical COM 260543103 21,176 736,300 SH SOLE 511,800 - 224,500
Dreyfus High Yield COM 26200S101 - - SH SOLE - - -
Strategies Fund
Duff & Phelps Utility & COM 26432K108 25 2,100 SH SOLE 2,100 - -
Corporate Bond
Duke Realty Corp. COM 264411505 60,364 5,009,500 SH SOLE - - 5,009,500
Dupont Fabros Technology COM 26613Q106 209,904 8,666,572 SH SOLE 3,884,789 - 4,781,783
Inc.
DWS Dreman Value Income Edge COM 23339M204 30 2,200 SH SOLE 2,200 - -
DWS High Income Trust COM 23337C208 13 1,300 SH SOLE 1,300 - -
DWS Multi-Market Income COM 23338L108 20 2,000 SH SOLE 2,000 - -
Trust
Eaton Corp COM 278058102 20,107 461,900 SH SOLE 323,500 - 138,400
Eaton Vance Enh Eqt Inc Ii COM 278277108 88 8,600 SH SOLE 8,600 - -
Eaton Vance Enhanced Eq Incm COM 278274105 73 7,200 SH SOLE 7,200 - -
Eaton Vance Floating Rate COM 278279104 8,913 626,346 SH SOLE 626,346 - -
Income Trust
Eaton Vance Insured Muni Bnd COM 27827X101 2,854 225,100 SH SOLE 225,100 - -
Eaton Vance Limited COM 27828H105 10,255 673,337 SH SOLE 673,337 - -
Duration Fund
Eaton Vance Senior Income Tr COM 27826S103 4,564 698,887 SH SOLE 698,887 - -
Eaton Vance Short Duration COM 27828V104 26 1,600 SH SOLE 1,600 - -
Dividend
Eaton Vance Sr Fltg Rate COM 27828Q105 4,385 304,926 SH SOLE 304,926 - -
Trust
Eaton Vance T/A Global COM 27828S101 5,810 475,100 SH SOLE 475,100 - -
Dividend Income
Eaton Vance T/M Buy-Wr In COM 27828X100 1,877 146,200 SH SOLE 146,200 - -
Eaton Vance T/M Buy-Write COM 27828Y108 10,627 906,756 SH SOLE 906,756 - -
Opportunity
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
---------------------------- -------------- --------- --------- ------------------- ---------- -------- ----------------------------
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Eaton Vance Tax Adv Global COM 27828U106 3,864 227,300 SH SOLE 227,300 - -
Dividend O
Eaton Vance Tax Man Global COM 27829C105 5,093 495,465 SH SOLE 495,465 - -
Br
Eaton Vance Tax-Adv Dvd. COM 27828G107 11,019 754,751 SH SOLE 754,751 - -
Inc. Fund
Eaton Vance Tax-Managed COM 27828N102 6,653 750,017 SH SOLE 750,017 - -
Dividend
Eaton Vance Tax-Managed COM 27829F108 9,175 1,112,162 SH SOLE 1,112,162 - -
Global
Edison International COM 281020107 25,631 619,116 SH SOLE 619,116 - -
Education Realty Trust Inc. COM 28140H104 142,650 13,944,243 SH SOLE 10,237,840 - 3,706,403
El Paso Corp. COM 28336L109 44 1,650 SH SOLE 1,650 - -
El Paso Pipeline Partners LP COM 283702108 84 2,430 SH SOLE 2,430 - -
Emerson Electric Co COM 291011104 42,965 922,200 SH SOLE 677,800 - 244,400
Enbridge Energy Partners LP COM 29250R106 8,884 267,667 SH SOLE 267,667 - -
Enbridge Inc COM 29250N105 67,420 1,802,318 SH SOLE 1,802,318 - -
Energy Income & Growth Fund COM 292697109 6,604 233,780 SH SOLE 233,780 - -
Energy Select Sector Spdr COM 81369Y506 5,613 81,200 SH SOLE 81,200 - -
Energy Transfer Equity Lp COM 29273V100 91 2,250 SH SOLE 2,250 - -
Energy Transfer Partners LP COM 29273R109 57 1,250 SH SOLE 1,250 - -
Ensco PLC-Spon ADR ADR 29358Q109 1,126 24,000 SH SOLE 24,000 - -
Enterprise Products Partners COM 293792107 40,721 877,989 SH SOLE 877,989 - -
Entertainment Properties 9% PFD 29380T600 8,191 306,446 SH SOLE 211,000 - 95,446
CV (EPR E)
Entertainment Properties COM 29380T105 62,426 1,428,185 SH SOLE 1,349,861 - 78,324
Trust
Entertainment Property PFD 29380T402 8,265 430,000 SH SOLE - - 430,000
5.75% CV (EPR C)
Equity Lifestyle Properties COM 29472R108 294,732 4,419,439 SH SOLE 2,476,604 - 1,942,835
Equity One Inc. COM 294752100 919 54,100 SH SOLE 54,100 - -
Equity Residential COM 29476L107 1,457,748 25,561,075 SH SOLE 13,582,367 - 11,978,708
Essex Property Trust Inc. COM 297178105 133,818 952,374 SH SOLE 421,716 - 530,658
EV Energy Partner LP COM 26926V107 58 885 SH SOLE 885 - -
Exelon Corp. COM 30161N101 45,144 1,040,896 SH SOLE 1,040,896 - -
Extra Space Storage Inc. COM 30225T102 185,912 7,672,811 SH SOLE 5,234,919 - 2,437,892
Exxon Mobil Corp. COM 30231G102 115,354 1,360,947 SH SOLE 1,025,747 - 335,200
Federal Realty Investment COM 313747206 364,782 4,019,636 SH SOLE 1,706,457 - 2,313,179
Trust
Federated Enhanc Treas COM 314162108 33 2,300 SH SOLE 2,300 - -
Financial Select Sector SPDR COM 81369Y605 1,022 78,600 SH SOLE 78,600 - -
First Industrial Realty COM 32054K103 90,481 8,844,667 SH SOLE 4,624,058 - 4,220,609
Trust
First Trust Aberdeen Global COM 337319107 3,636 230,700 SH SOLE 230,700 - -
Fund
First Trust Enhanced Equity COM 337318109 27 2,500 SH SOLE 2,500 - -
Inc.
First Trust/Four Crns Sr F 2 COM 33733U108 290 22,000 SH SOLE 22,000 - -
Firstenergy Corp. COM 337932107 22,455 506,877 SH SOLE 506,877 - -
Flah & Crum/Claymore COM 338478100 7,596 435,072 SH SOLE 435,072 - -
Preferred S I
Flah & Crum/Claymore Total COM 338479108 5,242 280,300 SH SOLE 280,300 - -
Return Fund
Ford Motor Co COM 345370860 872 81,000 SH SOLE 81,000 - -
Forest City Enterprises Cl A COM 345550107 25,054 2,119,604 SH SOLE 1,740,752 - 378,852
Franklin Resources Inc. COM 354613101 37,685 392,303 SH SOLE 306,703 - 85,600
Franklin Templeton Ltd COM 35472T101 1,715 130,500 SH SOLE 130,500 - -
Duration Inc Fund
Freeport-Mcmoran Copper COM 35671D857 3,377 91,800 SH SOLE 29,400 - 62,400
Gabelli Dividend & Income COM 36242H104 6,840 443,569 SH SOLE 443,569 - -
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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Gabelli Equity Trust COM 362397101 12,564 2,517,800 SH SOLE 2,517,800 - -
General Dynamics Corp. COM 369550108 29,547 444,919 SH SOLE 398,919 - 46,000
General Electric Co. COM 369604103 68,075 3,800,930 SH SOLE 3,115,630 - 685,300
General Growth Properties COM 370023103 492,143 32,765,864 SH SOLE 15,618,803 - 17,147,061
Global High Income Fund Inc COM 37933G108 29 2,400 SH SOLE 2,400 - -
Golar LNG Partners LP COM Y2745C102 13,319 434,563 SH SOLE 434,563 - -
Goldman Sachs Group Inc. COM 38141G104 29,761 329,100 SH SOLE 267,200 - 61,900
Google Inc. Cl A COM 38259P508 17,633 27,300 SH SOLE 6,400 - 20,900
Grupo Aeroportuario ADR 400506101 2,079 61,590 SH SOLE 61,590 - -
Guggenheim Enhanced Equity COM 40167B100 13 1,600 SH SOLE 1,600 - -
Inc
Guggenheim Strategic Opp COM 40167F101 936 45,450 SH SOLE 45,450 - -
Fund
H & Q Healthcare Investors COM 404052102 20 1,400 SH SOLE 1,400 - -
H & Q Life Sciences Invstrs COM 404053100 14 1,200 SH SOLE 1,200 - -
Halliburton Co COM 406216101 27,360 792,800 SH SOLE 589,300 - 203,500
Harris Corp. COM 413875105 3,575 99,200 SH SOLE 10,200 - 89,000
HCC Insurance Holdings Inc. COM 404132102 22,319 811,600 SH SOLE 723,100 - 88,500
Health Care Property Inc. COM 40414L109 1,103,366 26,632,064 SH SOLE 13,413,323 - 13,218,741
Health Care REIT Inc. COM 42217K106 347,990 6,381,620 SH SOLE 2,990,928 - 3,390,692
Healthcare Realty Trust Inc. COM 421946104 18,932 1,018,400 SH SOLE 960,900 - 57,500
Helios Total Return Fund Inc COM 42327V109 15 2,700 SH SOLE 2,700 - -
Hersha Hospitality Trust COM 427825104 120,064 24,603,202 SH SOLE 18,068,838 - 6,534,364
Highland Credit Strategies F COM 43005Q107 53 8,600 SH SOLE 8,600 - -
Highwoods Properties Inc. COM 431284108 70,640 2,380,872 SH SOLE 2,188,132 - 192,740
Home Properties Inc. COM 437306103 109,442 1,901,032 SH SOLE 70,479 - 1,830,553
Hospitality Properties Trust COM 44106M102 57,566 2,505,044 SH SOLE 561,171 - 1,943,873
Host Hotels & Resorts Inc. COM 44107P104 654,069 44,283,626 SH SOLE 21,037,973 - 23,245,653
HSBC Holdings PLC 6.20% PFD 404280604 31 1,316 SH SOLE 300 - 1,016
(HBC A)
Hudson Pacific Prop COM 444097109 66,955 4,728,468 SH SOLE 4,292,770 - 435,698
Huntington Bancshares 8.5% PFD 446150401 12,282 11,320 SH SOLE 11,320 - -
CV (HBANP)
Hyatt Hotels Corp CL A COM 448579102 140,065 3,721,164 SH SOLE 3,272,285 - 448,879
Inergy LP COM 456615103 43 1,775 SH SOLE 1,775 - -
Ing Infrastructure Indl COM 45685U100 3,651 237,200 SH SOLE 237,200 - -
ING Prime Rate Trust COM 44977W106 1,340 262,715 SH SOLE 262,715 - -
Intel Corp. COM 458140100 3,514 144,900 SH SOLE 20,800 - 124,100
International Business COM 459200101 13,815 75,133 SH SOLE 20,533 - 54,600
Machines Corp.
Invesco Van Kampen COM 46132C107 1,549 107,000 SH SOLE 107,000 - -
Municipal Opportunity
Invesco Van Kampen Select COM 46132G108 463 36,450 SH SOLE 36,450 - -
Sector
Ishares Silver Trust COM 46428Q109 1,274 47,300 SH SOLE 47,300 - -
John Hancock Bank and COM 409735206 37 2,700 SH SOLE 2,700 - -
Thrift Opportunity
John Hancock Preferred COM 41013W108 247 11,519 SH SOLE 11,519 - -
Income Fund
John Hancock Preferred COM 41013X106 1,453 69,623 SH SOLE 69,623 - -
Income II
John Hancock Preferred COM 41021P103 1,803 105,605 SH SOLE 105,605 - -
Income III
John Hancock T/A Dividend COM 41013V100 2,103 121,290 SH SOLE 121,290 - -
Income Fund
John Hancock Tax-Advantaged COM 41013P749 19 1,500 SH SOLE 1,500 - -
Global
Johnson & Johnson COM 478160104 60,788 926,936 SH SOLE 730,436 - 196,500
Johnson Controls Inc. COM 478366107 27,215 870,600 SH SOLE 651,700 - 218,900
JP Morgan Chase & Co COM 46625H100 101,529 3,053,494 SH SOLE 2,396,794 - 656,700
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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Kayne Anderson Energy Total COM 48660P104 6,267 247,624 SH SOLE 247,624 - -
Return
Kayne Anderson COM 48661E108 2,861 114,700 SH SOLE 114,700 - -
MidstreamEnergy
Kayne Anderson MLP COM 486606106 2,651 87,300 SH SOLE 87,300 - -
Investment
Keycorp 7.75% CV (KEY G) PFD 493267405 4,414 41,785 SH SOLE 41,585 - 200
Kilroy Realty Corp. COM 49427F108 276,956 7,274,911 SH SOLE 3,951,530 - 3,323,381
Kimco Realty Corp. COM 49446R109 410,309 25,265,342 SH SOLE 10,938,293 - 14,327,049
Kinder Morgan Energy Prtnrs COM 494550106 28,136 331,212 SH SOLE 331,212 - -
Kinder Morgan Manage COM 49455U100 360 4,582 SH SOLE 4,582 - -
L-3 Communications Holdings COM 502424104 20,744 311,100 SH SOLE 174,300 - 136,800
Lazard Global Total Return COM 52106W103 16 1,200 SH SOLE 1,200 - -
and Income
Lexington Corp Pr C CV PFD 529043309 9,593 228,449 SH SOLE 211,636 - 16,813
Lexington Realty Trust COM 529043101 8,849 1,181,503 SH SOLE 1,046,694 - 134,809
Liberty All-Star Equity Fund COM 530158104 4,348 1,030,286 SH SOLE 1,030,286 - -
Liberty All-Star Growth Fd COM 529900102 9 2,300 SH SOLE 2,300 - -
Liberty Property Trust COM 531172104 367,970 11,916,133 SH SOLE 6,058,249 - 5,857,884
Linn Energy Llc-Units COM 536020100 82 2,160 SH SOLE 2,160 - -
Lockheed Martin Corp. COM 539830109 18,558 229,400 SH SOLE 202,700 - 26,700
LTC Properties Inc. COM 502175102 4,669 151,300 SH SOLE 109,500 - 41,800
Mack-Cali Realty Corp. COM 554489104 124,410 4,661,310 SH SOLE 807,209 - 3,854,101
Macquarie/Ft Gl Int/Ut Dv In COM 55607W100 2,411 169,700 SH SOLE 169,700 - -
Magellan Midstream Partners COM 559080106 88 1,280 SH SOLE 1,280 - -
Managed High Yield Plus COM 561911108 9 4,300 SH SOLE 4,300 - -
Fund Inc
Marathon Petroleum Corp. COM 56585A102 34,911 1,048,700 SH SOLE 790,950 - 257,750
Market Vectors Gold Miners COM 57060U100 2,098 40,800 SH SOLE 40,800 - -
MarkWest Energy Partners LP COM 570759100 70,052 1,272,293 SH SOLE 1,272,293 - -
McDonald's Corp. COM 580135101 92,688 923,827 SH SOLE 676,027 - 247,800
Mckesson Corp. COM 58155Q103 280 3,600 SH SOLE - - 3,600
MDC Holdings Inc COM 552676108 819 46,450 SH SOLE 46,450 - -
Merck & Co Inc COM 58933Y105 69,523 1,844,100 SH SOLE 1,438,400 - 405,700
MFS Charter Income Trust COM 552727109 42 4,600 SH SOLE 4,600 - -
MFS Government Markets COM 552939100 19 2,700 SH SOLE 2,700 - -
Income Trust
MFS Intermediate Inc Trust COM 55273C107 57 9,100 SH SOLE 9,100 - -
MFS Multimarket Income Trust COM 552737108 1,771 263,500 SH SOLE 263,500 - -
Microsoft Corp. COM 594918104 21,447 826,151 SH SOLE 547,051 - 279,100
Mid-America Apartment COM 59522J103 1,301 20,800 SH SOLE 20,800 - -
Communities
Morgan Stanley Emerging COM 617477104 1,265 89,400 SH SOLE 89,400 - -
Markets
Mosaic Company COM 61945C103 308 6,100 SH SOLE 6,100 - -
NASDAQ Premium Income & COM 63110R105 25 1,900 SH SOLE 1,900 - -
Growth
National Retail Properties COM 637417106 45,436 1,722,376 SH SOLE 1,686,113 - 36,263
NATL WESTMINSTER 7.76% (NW PFD 638539882 26,280 1,567,095 SH SOLE 1,563,642 - 3,453
C)
Natural Resource Partners LP COM 63900P103 51 1,870 SH SOLE 1,870 - -
Neuberger Berman High Yield COM 64128C106 29 2,100 SH SOLE 2,100 - -
Strategies
Neuberger Berman Real Estate COM 64190A103 33 8,800 SH SOLE 8,800 - -
New America High Income Fund COM 641876800 9,310 911,891 SH SOLE 911,891 - -
Newmont Mining Corp COM 651639106 21,430 357,100 SH SOLE 232,500 - 124,600
NextEra Energy Inc COM 65339F101 112,400 1,846,253 SH SOLE 1,601,953 - 244,300
NFJ Dividend Interest & COM 65337H109 3,656 228,200 SH SOLE 228,200 - -
Preferred Strategy
Nike Inc. Cl B COM 654106103 17,684 183,500 SH SOLE 133,600 - 49,900
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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
NiSource Inc. COM 65473P105 67 2,800 SH SOLE 2,800 - -
Nordstrom Inc. COM 655664100 39,019 784,940 SH SOLE 579,540 - 205,400
Norfolk Southern Corp. COM 655844108 36,108 495,587 SH SOLE 369,600 - 125,987
Northrop Grumman Corp. COM 666807102 3,860 66,000 SH SOLE 63,000 - 3,000
Northwest Natural Gas Co. COM 667655104 1,436 29,955 SH SOLE 29,955 - -
NuStar Energy LP COM 67058H102 74 1,300 SH SOLE 1,300 - -
Nuveen Core Equity Alpha COM 67090X107 20 1,600 SH SOLE 1,600 - -
Fund
Nuveen Diversified Dividend COM 6706EP105 2,671 260,351 SH SOLE 260,351 - -
And Income
Nuveen Equity Prem & Growth COM 6706EW100 24 2,000 SH SOLE 2,000 - -
Nuveen Equity Premium COM 6706ET107 37 3,200 SH SOLE 3,200 - -
Advantag
Nuveen Equity Premium Income COM 6706ER101 65 5,800 SH SOLE 5,800 - -
Nuveen Equity Premium COM 6706EM102 1,502 131,500 SH SOLE 131,500 - -
Opportunity Fund
Nuveen Floating rate Income COM 67072T108 3,463 318,900 SH SOLE 318,900 - -
Nuveen Floating Rate Income COM 6706EN100 2,222 201,300 SH SOLE 201,300 - -
Opportunity
Nuveen Global Value Opp Fund COM 6706EH103 35 2,100 SH SOLE 2,100 - -
Nuveen Inv Quality Muni Fd COM 67062E103 1,528 97,900 SH SOLE 97,900 - -
Nuveen Mtg Opportunity COM 670735109 912 44,800 SH SOLE 44,800 - -
Nuveen Mtg Oppty Term F COM 67074R100 1,155 56,600 SH SOLE 56,600 - -
Nuveen Multi-Currency Short- COM 67090N109 68 5,600 SH SOLE 5,600 - -
Nuveen Multi-Strategy COM 67073D102 128 15,900 SH SOLE 15,900 - -
Income & Growth 2
Nuveen Multi-Strategy COM 67073B106 89 11,100 SH SOLE 11,100 - -
Income and Growth
Nuveen Performance Plus Muni COM 67062P108 1,143 74,800 SH SOLE 74,800 - -
Nuveen Premium Inc Muni Fd 2 COM 67063W102 2,117 141,900 SH SOLE 141,900 - -
Nuveen Quality Preferred Inc COM 67071S101 41 5,400 SH SOLE 5,400 - -
Nuveen Quality Preferred COM 67072C105 81 10,400 SH SOLE 10,400 - -
Income Fund II
Nuveen Real Estate Income COM 67071B108 3,235 309,839 SH SOLE 309,839 - -
Fund
Nuveen Senior Income Fund COM 67067Y104 26 4,000 SH SOLE 4,000 - -
Nuveen Tax-Adv Tot Ret Strat COM 67090H102 1,491 156,000 SH SOLE 156,000 - -
Nuveen Tax-Advantaged COM 67073G105 20 1,600 SH SOLE 1,600 - -
Dividend Growth
Occidental Petroleum Corp. COM 674599105 68,960 735,967 SH SOLE 543,767 - 192,200
Oiltanking Partners LP COM 678049107 13,400 479,933 SH SOLE 479,933 - -
ONEOK Partners LP COM 68268N103 167 2,900 SH SOLE 2,900 - -
Oracle Corp. COM 68389X105 82,926 3,233,001 SH SOLE 2,350,701 - 882,300
Orient Express Hotels Ltd. COM G67743107 34,395 4,604,381 SH SOLE 4,042,482 - 561,899
A
P G & E Corp. COM 69331C108 79,585 1,930,741 SH SOLE 1,716,441 - 214,300
Paa Natural Gas Storage Lp COM 693139107 18 935 SH SOLE 935 - -
Parkway Properties Inc. COM 70159Q104 886 89,880 SH SOLE 89,880 - -
Patterson Companies COM 703395103 30,775 1,042,500 SH SOLE 742,100 - 300,400
Pebblebrook Hotel Trust COM 70509V100 30,988 1,615,646 SH SOLE 1,455,045 - 160,601
Penn Virginia Resource COM 707884102 61 2,400 SH SOLE 2,400 - -
Partners LP
Pepsico Inc. COM 713448108 32,269 486,338 SH SOLE 335,938 - 150,400
Petsmart Inc COM 716768106 20,726 404,100 SH SOLE 308,000 - 96,100
Pfizer Inc. COM 717081103 69,371 3,205,684 SH SOLE 2,634,884 - 570,800
Philip Morris International COM 718172109 58,161 741,089 SH SOLE 512,989 - 228,100
Piedmont Office Realty Tru-A COM 720190206 58,525 3,434,559 SH SOLE 3,160,803 - 273,756
PIMCO Corporate Income Fund COM 72200U100 59 3,700 SH SOLE 3,700 - -
PIMCO Corporate Opportunity COM 72201B101 7,026 404,467 SH SOLE 404,467 - -
PIMCO Global Stocksplus & In COM 722011103 26 1,400 SH SOLE 1,400 - -
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 High Income Fund COM 722014107 - - SH SOLE - - -
PIMCO Income Opportunity COM 72202B100 13,722 544,947 SH SOLE 544,947 - -
Fund
PIMCO Income Strategy Fund COM 72201H108 44 4,200 SH SOLE 4,200 - -
PIMCO Income Strategy Fund COM 72201J104 3,848 420,537 SH SOLE 420,537 - -
II
Pimco Municipal Income Fund COM 72200W106 1,116 99,300 SH SOLE 99,300 - -
II
PIMCO Strategic Global COM 72200X104 46 4,100 SH SOLE 4,100 - -
Government Fund
Pioneer Diversified High COM 723653101 784 40,800 SH SOLE 40,800 - -
Income
Pioneer Floating Rate Trust COM 72369J102 3,276 262,700 SH SOLE 262,700 - -
Plains All American COM 726503105 138 1,875 SH SOLE 1,875 - -
Pipeline LP
PNC Financial Services Group COM 693475105 260 4,500 SH SOLE 4,500 - -
Post Properties Inc. COM 737464107 174,692 3,995,704 SH SOLE 2,637,917 - 1,357,787
Potash Corp of Saskatchewan COM 73755L107 4,752 114,900 SH SOLE 47,500 - 67,400
Potash Corp of Saskatchewan COM 73755L107 21,160 512,600 SH SOLE 452,900 - 59,700
- US
PPL Corp. COM 69351T106 41,924 1,425,007 SH SOLE 1,425,007 - -
Procter & Gamble Co. COM 742718109 72,732 1,090,276 SH SOLE 855,376 - 234,900
ProLogis Inc. COM 74340W103 721,207 25,225,846 SH SOLE 13,253,758 - 11,972,088
Prudential Finl Inc COM 744320102 70,348 1,403,600 SH SOLE 1,122,800 - 280,800
PS Business Parks Inc. COM 69360J107 4,397 79,325 SH SOLE 34,473 - 44,852
Public Service Enterprise COM 744573106 20,376 617,270 SH SOLE 617,270 - -
Group
Public Storage COM 74460D109 924,445 6,875,243 SH SOLE 3,579,693 - 3,295,550
Putnam High Income COM 746779107 14 1,800 SH SOLE 1,800 - -
Securities Fund
Putnam Master Intermediate COM 746909100 44 8,600 SH SOLE 8,600 - -
Income Trust
Putnam Premier Income Trust COM 746853100 9,484 1,827,353 SH SOLE 1,827,353 - -
Qualcomm Inc. COM 747525103 80,518 1,472,000 SH SOLE 1,094,300 - 377,700
Questar Corp. COM 748356102 20,990 1,056,883 SH SOLE 1,056,883 - -
Ramco-Gershenson 7.25% CV PFD 751452608 12,230 288,513 SH SOLE 239,198 - 49,315
Pr.D
Ramco-Gershenson Properties COM 751452202 13,181 1,340,942 SH SOLE 1,221,121 - 119,821
Rayonier Inc. COM 754907103 5,310 118,979 SH SOLE 118,979 - -
Reaves Utility Income Fund COM 756158101 55 2,100 SH SOLE 2,100 - -
Regency Centers Corp. COM 758849103 459,097 12,203,536 SH SOLE 6,637,225 - 5,566,311
Regency Energy Partners Lp COM 75885Y107 101 4,075 SH SOLE 4,075 - -
Rentech Nitrogen Partners LP COM 760113100 9,400 574,894 SH SOLE 574,894 - -
RLJ Lodging Trust COM 74965L101 67,616 4,017,617 SH SOLE 2,696,080 - 1,321,537
Rogers Communications Inc COM 775109200 11,125 288,600 SH SOLE 86,500 - 202,100
Rose Rock Midstream LP COM 777149105 6,578 319,620 SH SOLE 319,620 - -
Ross Stores Inc COM 778296103 41,437 871,800 SH SOLE 638,800 - 233,000
Royal Bank of Canada COM 780087102 117 2,300 SH SOLE - - 2,300
Royce Value Trust COM 780910105 4,605 375,300 SH SOLE 375,300 - -
Sabesp Cia Saneame ADR 20441A102 13,632 244,954 SH SOLE 244,954 - -
SBA Communications Corp. Cl COM 78388J106 1,752 40,773 SH SOLE 40,773 - -
A
Schlumberger Ltd. COM 806857108 19,188 280,898 SH SOLE 204,098 - 76,800
Sempra Energy COM 816851109 52,787 959,766 SH SOLE 915,666 - 44,100
Senior Housing Properties COM 81721M109 298,548 13,304,290 SH SOLE 5,550,493 - 7,753,797
Trust
Simon Property Group Inc. COM 828806109 2,925,438 22,688,367 SH SOLE 12,166,155 - 10,522,212
SL Green Realty Corp. COM 78440X101 483,920 7,261,698 SH SOLE 4,090,760 - 3,170,938
Southern Co COM 842587107 74,794 1,615,778 SH SOLE 1,615,778 - -
Sovran Self Storage Inc. COM 84610H108 49,959 1,170,822 SH SOLE 367,462 - 803,360
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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Spdr Gold Trust COM 78463V107 1,459 9,600 SH SOLE 9,600 - -
SPDR Trust Series 1 COM 78462F103 4,970 39,600 SH SOLE 39,600 - -
Special Opportunities F COM 84741T104 14 1,000 SH SOLE 1,000 - -
Spectra Energy Corp. COM 847560109 3,349 108,920 SH SOLE 108,920 - -
Sprott Physical Gold Tr COM 85207H104 1,657 120,100 SH SOLE 120,100 - -
Starwood Hotels & Resorts COM 85590A401 29,197 608,649 SH SOLE 608,649 - -
Starwood Property Trust Inc COM 85571B105 1,959 105,833 SH SOLE 105,833 - -
Strategic Global Income COM 862719101 19 1,900 SH SOLE 1,900 - -
Fund Inc
Stratus Properties Inc. COM 863167201 1,199 152,111 SH SOLE 152,111 - -
Suburban Propane Partners LP COM 864482104 43 900 SH SOLE 900 - -
Sunamerica Focused Alpha Gr COM 867037103 75 4,105 SH SOLE 4,105 - -
SunAmerica Focused Alpha COM 867038101 36 2,200 SH SOLE 2,200 - -
Large-Cap
Suncor Energy Inc COM 867224107 274 9,500 SH SOLE - - 9,500
Sunoco Logistics Partners LP COM 86764L108 56 1,425 SH SOLE 1,425 - -
Sunstone Hotel Pr. D PFD 867892507 19,792 873,840 SH SOLE 470,720 - 403,120
Symantec Corp COM 871503108 51,877 3,314,800 SH SOLE 2,500,800 - 814,000
Syngenta AG -ADR ADR 87160A100 1,279 21,700 SH SOLE 21,700 - -
Tanger Factory Outlet Center COM 875465106 91,827 3,131,899 SH SOLE 2,767,406 - 364,493
Targa Resources Corp COM 87612G101 56 1,375 SH SOLE 1,375 - -
Targa Resources Partners Lp COM 87611X105 83 2,231 SH SOLE 2,231 - -
Target Corp. COM 87612E106 2,719 53,083 SH SOLE 53,083 - -
Taubman Centers Inc. COM 876664103 250,094 4,027,277 SH SOLE 3,176,420 - 850,857
TC Pipelines LP COM 87233Q108 45 955 SH SOLE 955 - -
Templeton Emerg Mkts Inc Fd COM 880192109 70 4,500 SH SOLE 4,500 - -
Templeton Global Income Fund COM 880198106 4,970 525,948 SH SOLE 525,948 - -
Tesoro Logistics LP COM 88160T107 14,385 437,246 SH SOLE 437,246 - -
Teva ADR 881624209 21,753 538,984 SH SOLE 480,384 - 58,600
Pharmaceutical-Sponsored
ADR
Texas Instruments Inc. COM 882508104 242 8,300 SH SOLE 8,300 - -
The Macerich Co. COM 554382101 219,713 4,342,149 SH SOLE 1,501,998 - 2,840,151
The Walt Disney Co. COM 254687106 80,501 2,146,700 SH SOLE 1,618,700 - 528,000
Tiffany & Co New COM 886547108 10,681 161,200 SH SOLE 109,400 - 51,800
Tim Hortons Inc COM 88706M103 21,799 449,700 SH SOLE 290,800 - 158,900
Tim Hortons Inc. COM 88706M103 194 4,000 SH SOLE 4,000 - -
Time Warner Cable In COM 88732J207 29,166 458,800 SH SOLE 335,600 - 123,200
Toronto-Dominion Bank COM 891160509 7,282 97,200 SH SOLE 40,400 - 56,800
Toronto-Dominion Bank COM 891160509 15,164 202,700 SH SOLE 180,800 - 21,900
Tortoise MLP Fund, Inc COM 89148B101 5,775 224,100 SH SOLE 224,100 - -
TransCanada Corp COM 89353D107 62,255 1,423,572 SH SOLE 1,420,772 - 2,800
TS&W/Claymore T/A Balanced COM 87280R108 21 1,800 SH SOLE 1,800 - -
UDR Inc. COM 902653104 458,622 18,271,782 SH SOLE 7,397,467 - 10,874,315
United Parcel Service Cl B COM 911312106 46,151 630,560 SH SOLE 434,560 - 196,000
United Technologies Corp. COM 913017109 10,896 149,073 SH SOLE 66,973 - 82,100
Unitedhealth Group Inc. COM 91324P102 92,354 1,822,304 SH SOLE 1,397,604 - 424,700
Urstadt Biddle Properties COM 917286205 7,343 406,126 SH SOLE 406,126 - -
Cl A
US Bancorp COM 902973304 69,115 2,555,072 SH SOLE 2,033,772 - 521,300
Van Kampen Bond Fund COM 46132L107 27 1,300 SH SOLE 1,300 - -
Van Kampen Dynamic Credit Op COM 46132R104 125 11,800 SH SOLE 11,800 - -
Van Kampen Senior Income COM 46131H107 105 24,500 SH SOLE 24,500 - -
Trust
Ventas Inc. COM 92276F100 683,249 12,393,408 SH SOLE 5,042,087 - 7,351,321
Verizon Communications Inc. COM 92343V104 16,301 406,300 SH SOLE 406,300 - -
Visa Inc.-Class A Shares COM 92826C839 85,752 844,600 SH SOLE 618,600 - 226,000
Vodafone Group PLC ADR ADR 92857W209 5,479 195,456 SH SOLE 195,456 - -
Vornado Realty Trust COM 929042109 847,993 11,032,958 SH SOLE 4,785,882 - 6,247,076
Wa/Clay US Infl-Lkd COM 95766R104 55 4,400 SH SOLE 4,400 - -
Opportunity & Income 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
---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ----------
Wal-Mart Stores Inc. COM 931142103 3,610 60,400 SH SOLE 9,200 - 51,200
Weingarten Realty Investors COM 948741103 216,428 9,918,791 SH SOLE 6,138,270 - 3,780,521
Wells Fargo & Co. COM 949746101 62,999 2,285,903 SH SOLE 1,856,803 - 429,100
Wells Fargo Advantage Global COM 94987C103 604 79,600 SH SOLE 79,600 - -
Wells Fargo Advantage COM 94987B105 5,412 531,600 SH SOLE 531,600 - -
Income Oppty
Wells Fargo Advantage COM 94987D101 59 4,000 SH SOLE 4,000 - -
Multi-sector
Wells Fargo Advantage COM 94987E109 563 50,400 SH SOLE 50,400 - -
Utilities and High
Wells Fargo Co 7.5% (WFC L) PFD 949746804 33,814 31,765 SH SOLE 31,765 - -
Western Asset Emerging Marke COM 95766A101 57 3,000 SH SOLE 3,000 - -
Western Asset Global Cp COM 95790C107 2,891 160,611 SH SOLE 160,611 - -
Western Asset Global High In COM 95766B109 5,501 436,600 SH SOLE 436,600 - -
Western Asset High Income COM 95766J102 7,683 796,952 SH SOLE 796,952 - -
Fund II
Western Asset High Income COM 95766K109 2,737 443,600 SH SOLE 443,600 - -
Opportunity
Western Asset Premier Bond COM 957664105 1,002 62,800 SH SOLE 62,800 - -
Western Asset Worldwide COM 957668106 491 35,631 SH SOLE 35,631 - -
Income
Western Asset/Claymore COM 95766Q106 28 2,200 SH SOLE 2,200 - -
Inflation-Linked
Western Gas Partners LP COM 958254104 63 1,525 SH SOLE 1,525 - -
Weyerhaeuser Co COM 962166104 2,595 138,983 SH SOLE 138,983 - -
Williams Cos Inc. COM 969457100 55,110 1,668,985 SH SOLE 1,668,985 - -
Williams Partners LP COM 96950F104 106 1,770 SH SOLE 1,770 - -
Wisconsin Energy Corp. COM 976657106 84,456 2,415,791 SH SOLE 1,958,591 - 457,200
WW Grainger Inc COM 384802104 6,086 32,510 SH SOLE - - 32,510
Xcel Energy Inc. COM 98389B100 17,369 628,397 SH SOLE 628,397 - -