-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PzW6vdu9+I84s+lANu4GOXMCJLqc/pYHoJPKq08aoe4xO/HZ8APG6/FJydGegwhM u6ge5ydNoYxjiZ1feLRgfg== 0000902584-09-000124.txt : 20090213 0000902584-09-000124.hdr.sgml : 20090213 20090213154314 ACCESSION NUMBER: 0000902584-09-000124 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20081231 FILED AS OF DATE: 20090213 DATE AS OF CHANGE: 20090213 EFFECTIVENESS DATE: 20090213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORY RESEARCH INC CENTRAL INDEX KEY: 0000902584 IRS NUMBER: 132831881 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-05637 FILM NUMBER: 09603031 BUSINESS ADDRESS: STREET 1: 180 N. STETSON STREET STREET 2: STE 5500 CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 3125651414 MAIL ADDRESS: STREET 1: 180 N. STETSON STREET STREET 2: SUITE 5780 CITY: CHICAGO STATE: IL ZIP: 60601 13F-HR 1 ari4q08hr.txt 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Quarter Ended: December 31, 2008 Check here if Amendment: [ ] # ____ This Amendment [ ] is a restatement. [ ] adds new holdings entries Institutional Investment Manager Filing this Report: Name: Advisory Research, Inc. Address: 180 North Stetson, Suite 5500 Chicago, IL 60601 13F File Number: 028-05637 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. Person signing this report on behalf of the Reporting Manager: Name: Brien M. O'Brien Title: Chairman & CEO Phone: 312-565-1414 Signature, Place and Date of Signing: /s/ Brien M. O'Brien, Chairman & CEO February 13, 2009 - ------------------------------- ----------------------- Signature / Title Date Report Type: [X] 13F HOLDINGS REPORT. Securities with an aggregate market value of $200,000 and above are reported in this report. [ ] 13F NOTICE [ ] 13F COMBINATION REPORT FORM 13F SUMMARY PAGE ADVISORY RESEARCH INC. Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 289 Form 13F Information Table Total Value ('000): 3516069 List of Other Managers: NONE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F FORM 13F HOLDINGS REPORT Report for the Quarter Ended: December 31, 2008 ADVISORY RESEARCH, INC. FORM 13F INFOMRATION TABLE NAME OF ISSUER TITLECUSIP VALUE SH/P PUT/INV OTRVOT AUTH OF CL AMT ('000) CALLDSC MGR SOLE SHARE NONE 3M COMPANY COM 88579Y101 459 7982 SOLE 7982 A D C TELECOMMUN COM 000886309 64163 11729929 SOLE 11729929 A D C TELECOMMUN COM 000886309 189 34605 OTHER 34605 A T & T INC COM 00206R102 15744 552418 SOLE 552418 ADVANCED MICRO COM 007903107 61 28350 SOLE 28350 ALBANY MOLECULAR COM 012423109 34530 3545153 SOLE 3545153 ALCOA INC COM 013817101 11868 1053960 SOLE 1053960 ALLEGHENY TECHNOL COM 01741R102 24678 966647 SOLE 966647 ALLEGHENY TECHNOL COM 01741R102 100 9820 OTHER 9820 AMERCO INC COM 023586100 11120 322025 SOLE 322025 AMERCO INC COM 023586100 79 2280 OTHER 2280 AMERICAN CAPITAL COM 02503Y103 51 15857 SOLE 15857 AMERICAN INTL GRP COM 026874107 52 32909 SOLE 32909 AMERICAN PHYSIC COM 028882108 3348 155657 SOLE 155657 AMERICAN RAILCAR COM 02916P103 31484 2989896 SOLE 2989896 AMERIGAS PARTNERS UNIT 030975106 501 17800 SOLE 17800 AMERIPRISE FINL COM 03076C106 39808 1704091 SOLE 1704091 AMERIPRISE FINL COM 03076C106 241 10300 OTHER 10300 AMERON INC COM 030710107 21073 334923 SOLE 334923 AMERON INC COM 030710107 150 3135 OTHER 3135 ANALOGIC CORP COM 032657207 21810 799470 SOLE 799470 ANDERSONS INC COM 034164103 42788 2596368 SOLE 2596368 ANDERSONS INC COM 034164103 117 7070 OTHER 7070 APACHE CORP COM 037411105 325 4357 SOLE 4357 APARTMENT INVEST CLA 03748R101 337 29144 SOLE 29144 APPLE INC COM 037833100 321 3765 SOLE 3765 ASSISTED LIVING CLA 04544X102 35986 8671251 SOLE 8671251 ASSISTED LIVING CLA 04544X102 248 59820 OTHER 59820 ATLANTIC AMERICAN COM 048209100 164 221396 SOLE 221396 ATLAS ENERGY RES COM 049303100 741 58000 SOLE 58000 AVALON HOLDINGS CLA 05343P109 555 375703 SOLE 375703 AVATAR HOLDINGS COM 053494100 5631 212346 SOLE 212346 AVNET INC COM 053807103 74026 4065117 SOLE 4065117 AVNET INC COM 053807103 227 12455 OTHER 12455 BARNWELL INDS COM 068221100 699 157155 SOLE 157155 BENEFICIAL MUTUAL COM 08173R104 6323 562073 SOLE 562073 BERKSHIRE HATHAW CLA 084670108 483 5 SOLE 5 BERKSHIRE HATHAW CLB 084670207 13868 4315 SOLE 4315 BEXIL CORP COM 088577101 2337 88200 SOLE 88200 BOB EVANS FARMS COM 096761101 44607 2183430 SOLE 2183430 BOSS HLDGS INC COM 10011B101 760 138150 SOLE 138150 BOSTON SCIENTIFIC COM 101137107 82 10597 SOLE 10597 BOSWELL J G CO COM 101205102 759 1781 SOLE 1781 BP AMOCO PLC ADR COM 055622104 234 5000 SOLE 5000 BURLINGTON NRTHRN COM 12189T104 12639 166938 SOLE 166938 CAGLES INC CL A CLA 127703106 567 316649 SOLE 316649 CAPITOL FEDERAL COM 14057C106 113587 2490938 SOLE 2490938 CAPITOL FEDERAL COM 14057C106 622 13630 OTHER 13630 CARRIZO OIL & GAS COM 144577103 2383 148040 SOLE 148040 CARRIZO OIL & GAS NOTE 144577AA1 450 1000000 SOLE 1000000 CATERPILLAR INC COM 149123101 10078 225603 SOLE 225603 CATHAY GENERAL COM 149150104 10196 429307 SOLE 429307 CATHAY GENERAL COM 149150104 140 5915 OTHER 5915 CB RICHARD ELLIS CLA 12497T101 62 14299 SOLE 14299 CBS CORP CL B CLB 124857202 165 20196 SOLE 20196 CENTER FINL CORP COM 15146E102 526 85311 SOLE 85311 CENTERPOINT ENERG COM 15189T107 126164 9997158 SOLE 9997158 CENTERPOINT ENERG COM 15189T107 424 33665 OTHER 33665 CHEVIOT FINANCIAL COM 166774109 1464 227005 SOLE 227005 CHEVRON CORP COM 166764100 19726 266674 SOLE 266674 CHICAGO RIVET COM 168088102 788 65700 SOLE 65700 CIT GROUP INC COM 125581108 95 20941 SOLE 20941 CNX GAS CORP COM 12618H309 103145 3778217 SOLE 3778217 CNX GAS CORP COM 12618H309 372 13620 OTHER 13620 COACHMEN INDS COM 189873102 914 496837 SOLE 496837 COAST DISTRIBUT COM 190345108 67 64956 SOLE 64956 COMCAST CORP CLA 20030N101 11319 670566 SOLE 670566 COMMERCIAL METALS COM 201723103 40623 3422341 SOLE 3422341 COMMERCIAL METLAS COM 201723103 127 18585 OTHER 18585 COMMUNICATNS SYS COM 203900105 2179 279422 SOLE 279422 COMPUWARE CORP COM 205638109 69 10265 SOLE 10265 COMSTOCK RESOURCE COM 205768203 41152 870936 SOLE 870936 COMSTOCK RESOURCE COM 205768203 180 3800 OTHER 3800 CONOCOPHILLIPS COM 20825C104 14928 288184 SOLE 288184 CONSOLIDATED COMM COM 209034107 874 73600 SOLE 73600 CONSTELLATION EN COM 21038E101 286 103000 SOLE 103000 CONTANGO OIL& GAS COM 21075N204 7937 140978 SOLE 140978 CONVERGYS CORP COM 212485106 66 10362 SOLE 10362 COWEN GROUP COM 223621103 1502 236214 SOLE 236214 DELTIC TIMBER COM 247850100 60769 1328291 SOLE 1328291 DENBURY RESOURCES COM 247916208 42892 3927819 SOLE 3927819 DENBURY RESOURCES COM 247916208 134 13715 OTHER 13715 DEVELOPERS DIVERS COM 251591103 67 13672 SOLE 13672 DISCOVERY COMMUN SERA 25470F104 17055 1204443 SOLE 1204443 DISCOVERY COMMUN SERA 25470F104 116 8199 OTHER 8199 DISCOVERY COMMUN SERC 25470F302 723 53969 SOLE 53969 DISCOVERY COMMUN SERC 25470F302 109 8136 OTHER 8136 DOUBLE EAGLE PET COM 258570209 325 46358 SOLE 46358 DYNEGY INC CL A CLA 26817G102 56 28228 SOLE 28228 E TRADE FINANCIAL COM 269246104 57 49239 SOLE 49239 EAST WEST BANCORP COM 27579R104 45281 2835351 SOLE 2835351 EASTERN INS HLDG COM 276534104 2094 260739 SOLE 260739 EATON CORP COM 278058102 12887 259244 SOLE 259244 EDISON INTL COM 281020107 1371 42686 SOLE 42686 EL PASO ELEC CO COM 283677854 37456 2070513 SOLE 2070513 ELBIT MEDICAL COM M37605108 530 61589 SOLE 61589 EMBARQ CORP COM 29078E105 66609 1852306 SOLE 1852306 EMBARQ CORP COM 29078E105 368 13250 OTHER 13250 ENCORE ACQUISIT COM 29255W100 255 10000 SOLE 10000 ENCORE WIRE COM 292562105 81563 4301863 SOLE 4301863 ENCORE WIRE COM 292562105 380 20025 OTHER 20025 EQUITY RESIDENTL COM 29476L107 408 13666 SOLE 13666 ESPEY MFG & ELECT COM 296650104 4605 246127 SOLE 246127 EXELON CORP COM 30161N101 14540 261468 SOLE 261468 EXXON MOBIL COM 30231G102 496 6211 SOLE 6211 FAIRPOINT COMMUN COM 305560104 258 78780 SOLE 78780 FIRST FED NRTHERN COM 32021X105 78 62177 SOLE 62177 FIRSTCITY FINL COM 33761X107 239 119997 SOLE 119997 FORD MOTOR CO COM 345370860 56 24620 SOLE 24620 FORTUNE BRANDS COM 349631101 11973 290036 SOLE 290036 FOSTER L B CO COM 350060109 16280 520455 SOLE 520455 FPL GROUP INC COM 302571104 292 5802 SOLE 5802 FRONTIER COMMUNIC COM 35906A108 476 54427 SOLE 54427 FROZEN FOOD EXPRS COM 359360104 442 77833 SOLE 77833 GENERAL ELECTRIC COM 369604103 13008 802964 SOLE 802964 GENERAL MILLS COM 370334104 276 4536 SOLE 4536 GENERAL MOTORS COM 370442105 40 12426 SOLE 12426 GENWORTH FINL CLA 37247D106 129 45478 SOLE 45478 GOODYEAR TIRE COM 382550101 62 10411 SOLE 10411 GRANITE CONSTRUCT COM 387328107 110183 2508145 SOLE 2508145 GRANITE CONSTRUCT COM 387328107 452 10285 OTHER 10285 GREAT PLAINS ENER COM 391164100 59288 3067145 SOLE 3067145 GREAT PLAINS ENER COM 391164100 194 16850 OTHER 16850 GREENE CNTY BANC COM 394357107 501 47626 SOLE 47626 HALLWOOD GROUP COM 406364406 7518 227804 SOLE 227804 HARDINGE BROS COM 412324303 410 101535 SOLE 101535 HEALTHCARE SERVIC COM 421906108 39345 2469877 SOLE 2469877 HEWLETT PACKARD COM 428236103 13215 364139 SOLE 364139 HF FINL CORP COM 404172108 1226 95608 SOLE 95608 HOME FEDERAL BAN COM 43710G105 7733 721380 SOLE 721380 HUDSON CITY BANC COM 443683107 64053 4013374 SOLE 4013374 HUDSON CITY BANC COM 443683107 546 34790 OTHER 34790 HUGOTON RTY TR COM 444717102 403 25100 SOLE 25100 I B M COM 459200101 278 3306 SOLE 3306 IL TOOL WORKS COM 452308109 13945 397856 SOLE 397856 INTERPUBLIC GROUP COM 460690100 58 14716 SOLE 14716 INVESTORS BANCORP COM 46146P102 119196 8875323 SOLE 8875323 INVESTORS BANCORP COM 46146P102 424 31840 OTHER 31840 IOWA TELECOMMUNIC COM 462594201 404 28300 SOLE 28300 ISHARES TR RUSL 3 COM 464287663 1287 19907 SOLE 19907 ISHARES TR RUSSL COM 464287473 10956 385231 SOLE 385231 ISHARES TR RUSSL COM 464287630 11681 237559 SOLE 237559 ISHARES TR RUSSL COM 464287630 900 18302 OTHER 18302 J ALEXANDER CORP COM 466096104 1272 532815 SOLE 532815 J.P. MORGAN CHASE COM 46625H100 20193 640451 SOLE 640451 JABIL CIRCUIT INC COM 466313103 69 10201 SOLE 10201 JDS UNIPHASE COM 46612J507 93 25482 SOLE 25482 JEFFERIES GROUP COM 472319102 102767 7309210 SOLE 7309210 JEFFERIES GROUP COM 472319102 319 22670 OTHER 22670 JOHNSON & JOHNSON COM 478160104 20218 337932 SOLE 337932 JONES APPAREL GRP COM 480074103 74 12643 SOLE 12643 KAISER ALUMINUM COM 483007704 17493 776764 SOLE 776764 KAISER ALUMINUM COM 483007704 75 3345 OTHER 3345 KEARNY FINL CORP COM 487169104 1985 155049 SOLE 155049 KINDER MORGAN EGY COM 494550106 961 21000 SOLE 21000 KROGER CO COM 501044101 7145 270540 SOLE 270540 LAUDER ESTEE COS CLA 518439104 383 12373 SOLE 12373 LEUCADIA NATL COM 527288104 93756 4735167 SOLE 4735167 LEUCADIA NATL COM 527288104 315 15910 OTHER 15910 LIBERTY MEDIA SERA 53071M500 15084 862952 SOLE 862952 LIMONEIRA CO COM 532746104 1366 10505 SOLE 10505 LINCOLN BANCORP COM 532879103 1618 106986 SOLE 106986 LOWES COMPANIES COM 548661107 8148 378606 SOLE 378606 LSB CORP COM 50215P100 358 49000 SOLE 49000 LSI LOGIC CORP COM 502161102 82 24995 SOLE 24995 MARCUS CORP COM 566330106 36704 2261487 SOLE 2261487 MARQUETTE NATL COM 571599109 300 500 SOLE 500 MAUI LD & PINEAPP COM 577345101 590 43965 SOLE 43965 MBIA INC COM 55262C100 46 11271 SOLE 11271 MCRAE INDS INC CLA 582757209 1952 130161 SOLE 130161 MENS WEARHOUSE COM 587118100 42183 3115450 SOLE 3115450 MENS WEARHOUSE COM 587118100 160 11815 OTHER 11815 MERCK & CO INC COM 589331107 18796 618300 SOLE 618300 MICRON TECHNOLOGY COM 595112103 68 25783 SOLE 25783 MICROSOFT CORP COM 594918104 12628 649596 SOLE 649596 MODINE MANUFACTUR COM 607828100 8562 1758043 SOLE 1758043 MORGANS HOTEL GRP COM 61748W108 12317 2643139 SOLE 2643139 MOTORCAR PTS&ACC COM 620071100 1801 461913 SOLE 461913 MOTOROLA INC COM 620076109 67 15159 SOLE 15159 NATIONAL CITY COM 635405103 60 33261 SOLE 33261 NATIONAL PATENT COM 637132101 66 50415 SOLE 50415 NEW ULM TELECOMM COM 649060100 1142 143640 SOLE 143640 NORTHERN TRUST COM 665859104 664 12727 SOLE 12727 NOVELL INC COM 670006105 56 14299 SOLE 14299 OFFICE DEPOT INC COM 676220106 101 33757 SOLE 33757 ONEBEACON INSURAN CLA G67742109 35930 3441614 SOLE 3441614 ONEOK INC COM 682680103 45023 1546126 SOLE 1546126 ONEOK INC COM 682680103 363 12475 OTHER 12475 ORACLE SYS CORP COM 68389X105 254 14343 SOLE 14343 ORAMED PHARM COM 68403P104 4 10000 SOLE 10000 OVERSEAS SHIPHLD COM 690368105 76683 1821024 SOLE 1821024 OVERSEAS SHIPHLD COM 690368105 255 6055 OTHER 6055 PACIFIC PREMIER COM 69478X105 251 62778 SOLE 62778 PANHANDLE OIL&GAS CLA 698477106 2179 121072 SOLE 121072 PARK BANCORP COM 700164106 162 36098 SOLE 36098 PENNEY J C INC COM 708160106 1781 90420 SOLE 90420 PEP BOYS MANNY COM 713278109 4154 1005915 SOLE 1005915 PIONEER NATURAL COM 723787107 6610 408504 SOLE 408504 PIONEER NATURAL NOTE 723787AH0 711 1000000 SOLE 1000000 PIPER JAFFRAY COM 724078100 46015 1157308 SOLE 1157308 PLAINS ALL AMERN COM 726503105 43226 1246052 SOLE 1246052 PLUM CREEK TIMBER COM 729251108 61665 1775043 SOLE 1775043 PLUM CREEK TIMBER COM 729251108 421 12115 OTHER 12115 PNM RES INC COM 69349H107 710 70400 SOLE 70400 PRICESMART INC COM 741511109 10758 520707 SOLE 520707 PROCTER & GAMBLE COM 742718109 496 8021 SOLE 8021 PROLOGIS SH BEN COM 743410102 513 36966 SOLE 36966 QUEST ENERGY PRTN COM 74836B209 895 410774 SOLE 410774 QUEST RESOURCE COM 748349305 1271 2889400 SOLE 2889400 QUICKSILVER 1.875 DBCV 74837RAB0 623 1000000 SOLE 1000000 QUICKSILVER RES COM 74837R104 15886 2852023 SOLE 2852023 QUICKSILVER RES COM 74837R104 55 9920 OTHER 9920 QWEST COMMUNICAT COM 749121109 76 20879 SOLE 20879 REGENCY AFFILIATE COM 758847305 257 114215 SOLE 114215 ROCK OF AGES COM 772632105 453 226354 SOLE 226354 ROME BANCORP COM 77587P103 1443 165870 SOLE 165870 S & K FAMOUS BRND COM 783774102 14 117004 SOLE 117004 SAN JUAN BASIN RT COM 798241105 505 16300 SOLE 16300 SANFILIPPO JOHN B COM 800422107 721 133720 SOLE 133720 SARA LEE CORP COM 803111103 11019 1125547 SOLE 1125547 SCHEID VINEYARDS CLA 806403200 1523 66210 SOLE 66210 SCHERING PLOUGH COM 806605101 1628 95605 SOLE 95605 SCHNITZER STL IND CLA 806882106 50263 1335010 SOLE 1335010 SCHNITZER STL IND CLA 806882106 166 4420 OTHER 4420 SHENANDOAH TELEC COM 82312B106 7964 283926 SOLE 283926 SHERWIN WILLIAMS COM 824348106 228 3816 SOLE 3816 SHOE CARNIVAL COM 824889109 3743 391940 SOLE 391940 SL GREEN RLTY COM 78440X101 16081 620870 SOLE 620870 SL GREEN RLTY COM 78440X101 106 4074 OTHER 4074 SLM CORP COM 78442P106 10721 1204572 SOLE 1204572 SOTHEBYS COM 835898107 24318 2735390 SOLE 2735390 SOTHEBYS COM 835898107 109 14035 OTHER 14035 SOVEREIGN BANCORP COM 845905108 79 26492 SOLE 26492 SPDR TR UNIT SER COM 78462F103 347 3849 SOLE 3849 SPECTRA ENERGY COM 847560109 7011 445419 SOLE 445419 SPRINT NEXTEL COM 852061100 43 23728 SOLE 23728 STATE STR CORP COM 857477103 259 6573 SOLE 6573 STIFEL FINANCIAL COM 860630102 707 15411 SOLE 15411 SUN MICROSYSTEM COM 866810203 80 20923 SOLE 20923 SUPERIOR UNIFORM COM 868358102 2745 361603 SOLE 361603 SUPREME INDS CLA 868607102 84 93632 SOLE 93632 TANDY BRANDS ACC COM 875378101 904 703998 SOLE 703998 TECHE HLDG CO COM 878330109 409 16358 SOLE 16358 TELLABS INC COM 879664100 65 15780 SOLE 15780 TENET HEALTHCARE COM 88033G100 62 53679 SOLE 53679 TERADYNE INC COM 880770102 77 18242 SOLE 18242 TESSCO TECHNOLOG COM 872386107 1577 181005 SOLE 181005 TFS FINANCIAL COM 87240R107 29554 2291015 SOLE 2291015 TFS FINANCIAL COM 87240R107 110 8550 OTHER 8550 THIRD CENTY BANC COM 884120106 717 103088 SOLE 103088 TRINITY INDS INC COM 896522109 34160 2167500 SOLE 2167500 TRINITY INDS INC COM 896522109 175 11115 OTHER 11115 TUESDAY MORNING COM 899035505 522 320452 SOLE 320452 UCBH HOLDINGS COM 90262T308 73323 10657481 SOLE 10657481 UCBH HOLDINGS COM 90262T308 317 46050 OTHER 46050 UMB FINANCIAL COM 902788108 122885 2500710 SOLE 2500710 UMB FINANCIAL COM 902788108 632 12870 OTHER 12870 UNITED FINANCIAL COM 91030T109 4927 325445 SOLE 325445 UNITED FIRE & CAS COM 910331107 50859 1636931 SOLE 1636931 UNITED TECHNOLOG COM 913017109 13481 251513 SOLE 251513 UNITEDHEALTH GRP COM 91324P102 4274 160675 SOLE 160675 UNIVERSAL SEC COM 913821302 90 27351 SOLE 27351 USEC INC 3.000% NOTE 90333EAC2 843 2000000 SOLE 2000000 VAIL RESORTS INC COM 91879Q109 62724 2358042 SOLE 2358042 VAIL RESORTS INC COM 91879Q109 160 6025 OTHER 6025 VALERO ENERGY COM 91913Y100 13471 622497 SOLE 622497 VARIAN MED SYS COM 92220P105 408 11633 SOLE 11633 VULCAN INTL CORP COM 929136109 2184 50738 SOLE 50738 WACHOVIA GROUP COM 929903102 66 11929 SOLE 11929 WALGREEN CO COM 931422109 11449 464103 SOLE 464103 WARWICK VALLEY COM 936750108 2520 275758 SOLE 275758 WELLS FARGO & CO COM 949746101 422 14311 SOLE 14311 WENDYS/ARBYS COM 950587105 32679 6615235 SOLE 6615235 WENDYS/ARBYS COM 950587105 112 22677 OTHER 22677 WESTFIELD FINL COM 96008P104 7090 686980 SOLE 686980 WEYERHAEUSER CO COM 962166104 11485 375190 SOLE 375190 WHITE MOUNTAINS COM G9618E107 49545 185485 SOLE 185485 WHITE MOUNTAINS COM G9618E107 287 1075 OTHER 1075 WINDSTREAM CORP COM 97381W104 727 78983 SOLE 78983 WINN DIXIE STORES COM 974280307 109304 6789056 SOLE 6789056 WINN DIXIE STORES COM 974280307 260 24640 OTHER 24640 WYNDHAM WORLDWIDE COM 98310W108 88 13503 SOLE 13503 XL CAPITAL LTD CL COM G98255105 48 12994 SOLE 12994 ADVANTAGE ENERGY COM 00762L101 257 50273 SOLE 50273 HARVEST ENERGY COM 41752X101 268 25530 SOLE 25530 PENGROWTH ENERGY COM 706902509 307 32800 SOLE 32800 PENN WEST ENERGY COM 707885109 425 31300 SOLE 31300 EQUITY RESIDENTL PFD 29476L883 288 8725 SOLE 8725 ROBERTS REALTY COM 769900101 16 21156 SOLE 21156 3516069 289 -----END PRIVACY-ENHANCED MESSAGE-----