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