0000902584-12-000004.txt : 20120515 0000902584-12-000004.hdr.sgml : 20120515 20120515155045 ACCESSION NUMBER: 0000902584-12-000004 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120515 DATE AS OF CHANGE: 20120515 EFFECTIVENESS DATE: 20120515 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: 12844334 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 ari1q12hr.txt 13F-HR ari1q12hr UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Quarter Ended: March 31, 2012 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 028-11097 028-11405 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 Chicago, IL May 15, 2012 ------------------------------------ ----------- ----------------- Signature / Title City, State 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: 2 Form 13F Information Table Entry Total: 311 Form 13F Information Table Total Value ('000): 7932890 List of Other Managers: Guggenheim Funds Investment Advisors LLC Nuveen Investments Inc. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F FORM 13F HOLDINGS REPORT Report for the Quarter Ended: March 31, 2012 ADVISORY RESEARCH, INC. FORM 13F INFOMRATION TABLE NAME OF ISSUER TITLE CUSIP VALUE SH/P PUT INV OTR VOTE AUTHTY OF CL AMT('000) CALD SC MGR SOLE SHRD NONE COMMONWEALTH REIT 6.5% PFD 203233408 3279 153500 SOLE 153500 ACCENTURE PLC CL A G1151C101 2590 40158 SOLE 40158 ASSISTED LIVING CL A 04544X300 44307 2667466 SOLE 2667466 AVALON HLDGS CORP CL A 05343P109 2104 375703 SOLE 375703 CHEVIOT FINANCIAL CL A 16677X105 1644 194542 SOLE 194542 COMCAST CORP CL A 20030N101 18915 630288 SOLE 630288 DELTIC TIMBER CORP CL A 247850100 66976 1058247 SOLE 1058247 DISCOVER FINANCIAL CL A 254709108 94846 2844819 SOLE 2844819 FIFTH THIRD BANC CL A 316773209 571 4000 SOLE 4000 FUELCELL ENERGY CL A 35952H106 50 32000 SOLE 32000 GATX CORP CL A 361448103 67136 1665901 SOLE 1665901 HARRIS CORP CL A 413875105 6903 153125 SOLE 153125 HYATT HOTELS CORP CL A 448579102 67675 1584156 SOLE 1584156 INTL SPEEDWAY CL A 460335201 36016 1297882 SOLE 1297882 MARINEMAX INC CL A 567908108 531 64517 SOLE 64517 MATERION CORP CL A 576690101 26227 912875 SOLE 912875 MCRAE INDS INC CL A 582757209 1998 130161 SOLE 130161 MOLEX INC CL A 608554200 109032 4649562 SOLE 4649562 ONEBEACON INS. CL A G67742109 41312 2680847 SOLE 2680847 RANGE RES CORP CL A 75281A109 65714 1130276 SOLE 1130276 SCHEID VINEYARDS CL A 806403200 349 33210 SOLE 33210 SCHNITZER STL INDS CL A 806882106 61727 1547232 SOLE 1547232 SENECA FOODS CORP CL A 817070501 12219 463903 SOLE 463903 SL GREEN RLTY CORP CL A 78440X101 118844 1532487 SOLE 1532487 SM ENERGY CO CL A 78454L100 8846 125000 SOLE 125000 SPIRIT AEROSYSTEMS CL A 848574109 147904 6046774 SOLE 6046774 UNITED TECHN CL A 913017109 17924 216110 SOLE 216110 UNITEDHEALTH GROUP CL A 91324P102 20480 347480 SOLE 347480 WHITE RIVER CAPITALCL A 96445P105 982 43904 SOLE 43904 BERKSHIRE HATHAWAY CL B 084670702 17365 213983 SOLE 213983 CAPITOL FEDERAL CL B 14057J101 822 69192 SOLE 69192 3M COMPANY COM 88579Y101 822 9212 SOLE 9212 A T & T INC COM 00206R102 3351 107286 SOLE 107286 A V HOMES INC COM 00234P102 850 69753 SOLE 69753 AGREE REALTY CORP COM 008492100 544 24080 SOLE 24080 ALAMO GROUP INC COM 011311107 1464 48700 SOLE 48700 ALCOA INC COM 013817101 475 47365 SOLE 47365 ALLIANCE HOLDINGS COM 01861G100 16079 369210 SOLE 352110 17100 ALLIANCE HOLDINGS COM 01861G100 11684 268300 DEFINED02 03 268300 ALLIANCE RESOURCE COM 01877r108 2263 37655 SOLE 37655 ALLIANCE RESOURCE COM 01877r108 12086 201096 DEFINED02 03 201096 ALTRIA GROUP INC COM 02209S103 2213 71686 SOLE 71686 AMERCO INC COM 023586100 37172 352310 SOLE 352310 AMERICAN EXPRESS COM 025816109 20569 355488 SOLE 355488 AMERICAN MIDSTREAM COM 02752p100 8139 371650 DEFINED02 03 371650 AMERICAN RAILCAR COM 02916P103 48399 2058647 SOLE 2058647 AMERICAN SAFETY COM G02995101 2218 117654 SOLE 117654 ANALOGIC CORP COM 032657207 56947 843153 SOLE 843153 ANDERSONS INC COM 034164103 237 4860 SOLE 4860 ANNALY MTG MGMT COM 035710409 9350 591000 SOLE 591000 APPLE INC COM 037833100 1139 1899 SOLE 1899 APPROACH RESOURCES COM 03834A103 2358 63824 SOLE 63824 ARCH COAL COM 039380100 614 57360 SOLE 57360 ARMSTRONG WORLD COM 04247X102 268 5500 SOLE 5500 ASTRAZENECA PLC COM 046353108 932 20940 SOLE 20940 ATLAS AIR WORLDWIDECOM 049164205 119253 2423352 SOLE 2423352 AVNET INC COM 053807103 155829 4282200 SOLE 4282200 BANCO LATINOAMER COM P16994132 8773 415568 SOLE 415568 BANCO SANTANDER COM 05967A107 134 14658 SOLE 14658 BANK OF AMERICA COM 060505682 2511 2565 SOLE 2565 BBCN BANCORP INC COM 073295107 2224 199786 SOLE 199786 BECTON DICKINSON COM 075887109 14358 184907 SOLE 184907 BERKLEY W R CORP COM 084423102 48855 1352579 SOLE 1352579 BERKSHIRE HATHAWAY COM 084670108 9021 74 SOLE 74 BEXIL CORP COM 088577101 2911 88200 SOLE 88200 BOSS HLDGS INC COM 10011B200 1120 138150 SOLE 138150 BOSWELL J G CO COM 101205102 1111 1481 SOLE 1481 BREITBURN ENERGY COM 106776107 7317 382700 DEFINED03 382700 BUCKEYE PARTNERS COM 118230101 9505 155360 SOLE 155360 BUCKEYE PARTNERS COM 118230101 18951 309763 DEFINED03 309763 CABOT CORP COM 127055101 67778 1588051 SOLE 1588051 CABOT OIL & GAS COM 127097103 3541 113589 SOLE 113589 CAPITAL SOUTHWEST COM 140501107 2396 25338 SOLE 25338 CAPITALSOURCE INC COM 14055X102 24831 3762291 SOLE 3762291 CAPSTEAD MTG CORP COM 14067E506 2019 154000 SOLE 154000 CARRIZO OIL & GAS COM 144577103 50445 1785022 SOLE 1785022 CASEYS GEN STORES COM 147528103 99754 1798660 SOLE 1798660 CATERPILLAR INC COM 149123101 21173 198774 SOLE 198774 CENTERPOINT ENERGY COM 15189T107 2912 147659 SOLE 147659 CENTURYLINK INC. COM 156700106 1258 32550 SOLE 32550 CHESAPEAKE MIDSTRM COM 16524k108 1346 45300 DEFINED03 45300 CHEVRON CORP COM 166764100 25480 237668 SOLE 237668 CHICAGO RIVET COM 168088102 1302 65700 SOLE 65700 CHICOS FAS INC COM 168615102 57818 3829001 SOLE 3829001 CHINA YUCHAI INTL COM G21082105 2120 133596 SOLE 133596 CHUBB CORP COM 171232101 1907 27596 SOLE 27596 CINCINNATI FINL COM 172062101 1732 50189 SOLE 50189 CIT GROUP INC COM 125581801 74220 1799701 SOLE 1799701 COAST DISTRIBUTION COM 190345108 25 10425 SOLE 10425 COLGATE PALMOLIVE COM 194162103 656 6711 SOLE 6711 COMERICA INC COM 200340107 48785 1507577 SOLE 1507577 COMMONWEALTH REIT COM 203233101 49417 2653948 SOLE 2653948 COMMUNICATIONS SYS COM 203900105 2738 208522 SOLE 208522 CONOCOPHILLIPS COM 20825c104 5067 66665 SOLE 66665 COPANO ENERGY LLC COM 217202100 26970 755456 SOLE 730381 25075 COPANO ENERGY LLC COM 217202100 53897 1509732 DEFINED02 03 1509732 CORE MARK HOLDING COM 218681104 61871 1511269 SOLE 1511269 CREDO PETE CORP COM 225439207 343 33599 SOLE 33599 CRESTWOOD MIDSTREAMCOM 226372100 10664 374061 DEFINED02 03 374061 CVB FINL CORP COM 126600105 1237 105330 SOLE 105330 DCP MIDSTREAM COM 23311p100 62364 1360479 SOLE 1320374 40105 DCP MIDSTREAM COM 23311p100 90805 1980907 DEFINED02 03 1980907 DENBURY RESOURCES COM 247916208 131833 7231651 SOLE 7231651 EASTERN INS HLDGS COM 276534104 6644 455082 SOLE 455082 EL PASO COM 28336l109 5403 182850 SOLE 182850 EL PASO PIPELINE COM 283702108 47900 1372878 SOLE 1329078 43800 EL PASO PIPELINE COM 283702108 42290 1212104 DEFINED02 03 1212104 EMERSON ELEC COM 291011104 20155 386268 SOLE 386268 ENBRIDGE ENERGY COM 29250x103 16668 523498 SOLE 482021 41477 ENBRIDGE ENERGY COM 29250x103 15715 493573 DEFINED02 03 493573 ENBRIDGE ENERGY COM 29250R106 54962 1774677 SOLE 1759677 15000 ENBRIDGE ENERGY COM 29250R106 85630 2764932 DEFINED02 03 2764932 ENCORE WIRE CORP COM 292562105 102364 3443106 SOLE 3443106 ENDEAVOUR INTL COM 29257MAD2 2456 2500000 SOLE 2500000 ENERGY TRANSFER COM 29273V100 69220 1717612 SOLE 1680862 36750 ENERGY TRANSFER COM 29273V100 144931 3596307 DEFINED02 03 3596307 ENERGY TRANSFER COM 29273r109 1109 23635 SOLE 23635 ENERGY TRANSFER COM 29273r109 15445 329237 DEFINED02 329237 ENSTAR GROUP LTD COM G3075P101 73671 744229 SOLE 744229 ENTERPRISE PRODUCT COM 293792107 76154 1508897 SOLE 1470547 38350 ENTERPRISE PRODUCT COM 293792107 116024 2298879 DEFINED02 03 2298879 EOG RESOURCES INC COM 26875P101 12258 110332 SOLE 110332 EQT CORPORATION COM 26884l109 2603 54000 SOLE 54000 EQUITY RESIDENTIAL COM 29476L107 226 3607 SOLE 3607 ESPEY MFG & ELECTR COM 296650104 3403 137483 SOLE 137483 EV ENERGY PARTNERS COM 26926V107 58790 830268 SOLE 821718 8550 EV ENERGY PARTNERS COM 26926V107 47579 683702 DEFINED02 03 683702 EVOLUTION PETROLEUMCOM 30049A107 15739 1692366 SOLE 1692366 EXTERRAN PARTNERS COM 30225N105 2300 106575 SOLE 106575 EXTERRAN PARTNERS COM 30225N105 18236 845046 DEFINED02 03 845046 EXXON MOBIL CORP COM 30231G102 343 3950 SOLE 3950 FAMILY DLR STORES COM 307000109 75526 1193519 SOLE 1193519 FIFTH THIRD BANC COM 316773100 43767 3116211 SOLE 3116211 FIRSTCITY FINANCIALCOM 33761X107 1049 119997 SOLE 119997 FOOT LOCKER INC COM 344849104 184115 5929638 SOLE 5929638 FOSTER L B CO COM 350060109 767 26890 SOLE 26890 GENERAL DYNAMICS COM 369550108 669 9113 SOLE 9113 GENESIS ENERGY LP COM 371927104 38726 1259781 SOLE 1219381 40400 GENESIS ENERGY LP COM 371927104 52456 1706434 DEFINED02 03 1706434 GLAXOSMITHKLINE COM 37733W105 1331 29640 SOLE 29640 GOODRICH PETE CORP COM 382410405 2344 123241 SOLE 123241 GOVERNMENT PPTYS COM 38376A103 1283 53220 SOLE 53220 GREENE CNTY BANC COM 394357107 855 47626 SOLE 47626 HALLWOOD GROUP COM 406364406 347 28564 SOLE 28564 HASBRO INC COM 418056107 1045 28445 SOLE 28445 HATTERAS FINL CORP COM 41902R103 3249 116460 SOLE 116460 HEALTHCARE SERVICE COM 421906108 64163 3016602 SOLE 3016602 HERITAGE FINANCIAL COM 42726X102 4387 371170 SOLE 371170 HEWLETT PACKARD COM 428236103 10639 446446 SOLE 446446 HOLLY ENERGY COM 435763107 17 275 SOLE 275 HOLLY ENERGY COM 435763107 16812 275420 DEFINED02 03 275420 HOME FEDERAL BANC COM 43710G105 4272 421724 SOLE 421724 I B M COM 459200101 1355 6493 SOLE 6493 INERGY LP COM 456615103 24415 1491470 SOLE 1453345 38125 INERGY LP COM 456615103 48684 2973991 DEFINED02 03 2973991 INERGY MIDSTREAM COM 45671u106 6270 299870 SOLE 299870 INERGY MIDSTREAM COM 45671u106 28957 1384830 DEFINED02 03 1384830 INVESTORS BANCORP COM 46146P102 96095 6397775 SOLE 6397775 J.P. MORGAN CHASE COM 46625H100 31048 675245 SOLE 675245 JEFFERIES GROUP COM 472319102 5428 288090 SOLE 288090 JOHNSON & JOHNSON COM 478160104 24604 373014 SOLE 373014 K12 INC COM COM 48273U102 236 10000 SOLE 10000 KAISER ALUMINUM COM 483007704 128905 2727563 SOLE 2727563 KEYCORP COM 493267108 41630 4897597 SOLE 4897597 KINDER MORGAN EGY COM 494550106 8146 98440 SOLE 98440 KINDER MORGAN MGMT COM 49455U100 77983 1044931 SOLE 1017574 27357 KINDER MORGAN MGMT COM 49455U100 121205 1624073 DEFINED02 03 1624073 LEE ENTERPRISES COM 523768109 411 320900 SOLE 320900 LEUCADIA NATIONAL COM 527288104 128242 4913471 SOLE 4913471 LIMONEIRA CO COM 532746104 1436 85050 SOLE 85050 LRR ENERGY, L.P. COM 50214a104 4108 200000 DEFINED02 03 200000 MAGELLAN MIDSTREAM COM 559080106 41330 571331 SOLE 556331 15000 MAGELLAN MIDSTREAM COM 559080106 45189 624674 DEFINED02 03 624674 MAGELLAN PETE COM 559091301 1975 1543224 SOLE 1543224 MARCUS CORP COM 566330106 28872 2300554 SOLE 2300554 MARKWEST ENERGY COM 570759100 968 16565 SOLE 16565 MARKWEST ENERGY COM 570759100 33786 578025 DEFINED02 03 578025 MCCORMICK & CO COM 579780206 1956 35936 SOLE 35936 MCDONALDS CORP COM 580135101 16267 165825 SOLE 165825 MEDTRONIC INC COM 585055106 15717 401038 SOLE 401038 MENS WEARHOUSE COM 587118100 117707 3036025 SOLE 3036025 MERCK & COMPANY COM 58933Y105 19104 497513 SOLE 497513 MEREDITH CORP COM 589433101 1155 35570 SOLE 35570 MERIDIAN INTERSTAT COM 58964Q104 5009 381469 SOLE 381469 MICROSOFT CORP COM 594918104 27382 848909 SOLE 848909 MID-AMER APT CMNTY COM 59522J103 268 4000 SOLE 4000 MOTORCAR PTS COM 620071100 875 90958 SOLE 90958 MOTOROLA SOLUTIONS COM 620076307 14612 287466 SOLE 287466 NATIONAL FUEL GAS COM 636180101 940 19540 SOLE 19540 NATURAL RESOURCE COM 63900p103 6349 264645 DEFINED02 03 264645 NAVIGATORS GROUP COM 638904102 23236 491875 SOLE 491875 NEW ULM TELECOM COM 649060100 898 143640 SOLE 143640 NEWFIELD EXPL CO COM 651290108 4170 120251 SOLE 120251 NGL ENERGY COM 62913m107 11460 556050 DEFINED02 03 556050 NICHOLAS FINANCIAL COM 65373J209 923 70000 SOLE 70000 NISOURCE COM 65473p105 2890 118705 SOLE 118705 NORTHERN TR CORP COM 665859104 571 12044 SOLE 12044 NORTHROP GRUMMAN COM 666807102 15276 250097 SOLE 250097 NUSTAR GP HOLDINGS COM 67059L102 1136 32800 SOLE 32800 NUSTAR GP HOLDINGS COM 67059L102 25415 734100 DEFINED02 03 734100 OILTANKING PARTNER COM 678049107 974 31725 SOLE 31725 OLYMPIC STEEL INC COM 68162K106 23856 994014 SOLE 994014 ONEOK INC. COM 682680103 5289 64770 SOLE 64770 ONEOK PARTNERS LP COM 68268N103 447 8170 SOLE 8170 ONEOK PARTNERS LP COM 68268N103 30513 558131 DEFINED02 03 558131 ORAMED PHARM INC COM 68403P104 3 10000 SOLE 10000 ORIENTAL FINL COM 68618W100 20436 1688903 SOLE 1688903 ORITANI FINL CORP COM 68633D103 10191 694240 SOLE 694240 OXFORD RESOURCE COM 691807101 1265 148835 SOLE 148835 OXFORD RESOURCE COM 691807101 9134 1074615 DEFINED02 03 1074615 PACIFIC PREMIER COM 69478X105 738 92297 SOLE 92297 PENNEY J C INC COM 708160106 77564 2189217 SOLE 2189217 PEPSICO INC COM 713448108 20786 313278 SOLE 313278 PIMCO CORPORATE COM 72201B101 10087 542035 SOLE 542035 PIMCO CORPORATE COM 72200U100 10376 646899 SOLE 646899 PIONEER NATURAL COM 723787107 117346 1051585 SOLE 1051585 PIONEER SOUTHWEST COM 72388b106 14479 541891 SOLE 524716 17175 PIONEER SOUTHWEST COM 72388b106 12087 452349 DEFINED02 03 452349 PIPER JAFFRAY COM 724078100 2998 112620 SOLE 112620 PLAINS ALL AMERICANCOM 726503105 103340 1317277 SOLE 1290702 26575 PLAINS ALL AMERICANCOM 726503105 132605 1690315 DEFINED02 03 1690315 PLAINS EXPLORATION COM 726505100 5118 120000 SOLE 120000 PLUM CREEK TIMBER COM 729251108 105657 2542270 SOLE 2542270 PROCTER & GAMBLE COM 742718109 2126 31635 SOLE 31635 RAYMOND JAMES COM 754730109 108517 2970639 SOLE 2970639 RAYTHEON CO COM 755111507 16443 311531 SOLE 311531 REGENCY AFFILIATES COM 758847404 629 114215 SOLE 114215 REGENCY ENERGY COM 75885y107 36870 1499393 SOLE 1469443 29950 REGENCY ENERGY COM 75885y107 69232 2815451 DEFINED02 03 2815451 RESOLUTE ENERGY COM 76116A108 56683 4980941 SOLE 4980941 REX ENERGY CORP COM 761565100 107 10000 SOLE 10000 RICHARDSON ELECTRS COM 763165107 5507 459723 SOLE 459723 ROUSE PPTYS INC COM 779287101 677 50000 SOLE 50000 RUBY TUESDAY INC COM 781182100 555 60740 SOLE 60740 SEACOR HOLDINGS COM 811904101 39255 409850 SOLE 409850 SHENANDOAH TELECOM COM 82312B106 2834 254215 SOLE 254215 SHOE CARNIVAL INC COM 824889109 2408 74748 SOLE 74748 SMUCKER J M CO COM 832696405 19541 240175 SOLE 240175 SOUTHERN CO COM 842587107 1307 29079 SOLE 29079 SOUTHWESTERN ENERGYCOM 845467109 1759 57490 SOLE 57490 SPECTRA ENERGY COM 847560109 2844 90150 SOLE 90150 SPECTRA ENERGY COM 84756N109 935 29250 SOLE 29250 SPECTRA ENERGY COM 84756N109 14536 454951 DEFINED03 454951 SPRINT NEXTEL CORP COM 852061100 39 13840 SOLE 13840 ST JUDE MED INC COM 790849103 16888 381144 SOLE 381144 STAGE STORES INC COM 85254C305 36276 2233715 SOLE 2233715 STANCORP FINL COM 852891100 35815 874827 SOLE 874827 STAPLES INC COM 855030102 9860 609017 SOLE 609017 STIFEL FINANCIAL COM 860630102 244 6450 SOLE 6450 SUBURBAN PROPANE COM 864482104 34 790 SOLE 790 SUBURBAN PROPANE COM 864482104 12053 280300 DEFINED02 280300 SUN BANCORP INC COM 86663B102 1770 501463 SOLE 501463 SUNOCO COM 86764p109 3665 96080 SOLE 96080 SUNOCO LOGISTICS COM 86764L108 48 1275 SOLE 1275 SUNOCO LOGISTICS COM 86764L108 8595 227310 DEFINED03 227310 SUPERIOR UNIFORM COM 868358102 4071 346483 SOLE 346483 SYMETRA FINL CORP COM 87151Q106 56715 4918870 SOLE 4918870 SYNNEX CORP COM 87162W100 1309 34315 SOLE 34315 SYSCO CORP COM 871829107 18180 608841 SOLE 608841 SYSTEMAX INC COM COM 871851101 1431 84887 SOLE 84887 TANDY BRANDS COM 875378101 311 178751 SOLE 178751 TARGA RESOURCES COM 87611x105 14664 353605 SOLE 353605 TARGA RESOURCES COM 87611x105 53132 1281215 DEFINED02 03 1281215 TARGET CORP COM 87612E106 18963 325434 SOLE 325434 TC PIPELINES, LP COM 87233q108 39376 875792 SOLE 852617 23175 TC PIPELINES, LP COM 87233q108 53281 1185069 DEFINED02 03 1185069 TECH DATA CORP COM 878237106 125436 2311764 SOLE 2311764 TEEKAY LNG COM Y8564M105 3893 99420 SOLE 99420 TEEKAY LNG COM Y8564M105 15242 389233 DEFINED03 389233 TEEKAY OFFSHORE COM y8565J101 12805 442932 SOLE 442932 TEEKAY OFFSHORE COM y8565J101 52546 1817588 DEFINED02 03 1817588 TERRITORIAL BANC COM 88145X108 2873 138050 SOLE 138050 TESORO LOGISTICS COM 88160T107 487 13930 SOLE 13930 TESSCO TECH. COM 872386107 4794 188240 SOLE 188240 TEXAS INDS INC COM 882491103 228 6500 SOLE 6500 THIRD CENTY BANC COM 884120106 102 72797 SOLE 72797 TRANSCANADA CORP COM 89353d107 3669 85335 SOLE 85335 TRANSMONTAIGNE COM 89376V100 684 19680 SOLE 19680 TRANSMONTAIGNE COM 89376V100 17406 500761 DEFINED02 03 500761 TRINITY INDS INC COM 896522109 135280 4105605 SOLE 4105605 UNILEVER PLC COM 904767704 17720 536167 SOLE 536167 UNITED FINANCIAL COM 91030T109 2687 169847 SOLE 169847 UNITED FIRE GROUP COM 910340108 7163 400364 SOLE 400364 UNIVERSAL AMERICAN COM 91338E101 31461 2918485 SOLE 2918485 VAIL RESORTS INC COM 91879Q109 119828 2770585 SOLE 2770585 VERIZON COMM COM 92343V104 4377 114493 SOLE 114493 VIEWPOINT FINL COM 92672A101 4885 317605 SOLE 317605 VODAFONE GROUP COM 92857W209 16295 588898 SOLE 588898 VULCAN INTL CORP COM 929136109 1685 50738 SOLE 50738 WAL MART STORES COM 931142103 26158 427425 SOLE 427425 WARWICK VALLEY COM 936750108 3724 250758 SOLE 250758 WELLS FARGO & CO COM 949746101 754 22092 SOLE 22092 WESTERN GAS PARTN. COM 958254104 40021 867190 SOLE 845165 22025 WESTERN GAS PARTN. COM 958254104 51537 1116720 DEFINED02 03 1116720 WESTERN UNION CO COM 959802109 9379 532905 SOLE 532905 WESTFIELD FINANCIALCOM 96008P104 1549 195830 SOLE 195830 WHITE MOUNTAINS COM G9618E107 85116 169649 SOLE 169649 WILLIAMS COMPANIES COM 969457100 3831 124330 SOLE 124330 WILLIAMS PARTNERS COM 96950F104 57258 1011804 SOLE 983579 28225 WILLIAMS PARTNERS COM 96950F104 70525 1246252 DEFINED02 03 1246252 WINDSTREAM CORP COM 97381W104 1228 104932 SOLE 104932 WPX ENERGY, INC. COM 98212b103 493 27359 SOLE 27359 WELLS FARGO COM SHS 94987D101 1161 76690 SOLE 76690 RYDEX ETF TRUST RUSS2000 78355W585 272 8295 SOLE 8295 MFS CHARTER INCOME SH BEN 552727109 1268 132515 SOLE 132515 MFS INTERMARKET SH BEN 59318R103 251 29986 SOLE 29986 MFS MULTIMARKET SH BEN 552737108 1412 202240 SOLE 202240 BLACKROCK CORE SH BEN 09249E101 1428 103685 SOLE 103685 ISHARES TR US PFD US PFD 464288687 2034 52090 SOLE 52090 HARTFORD FINL SVCS W EXP 416515120 200 15000 SOLE 15000 JPMORGAN CHASE W EXP 46634E114 308 23000 SOLE 23000 7932890 311