0001140361-13-017408.txt : 20130425 0001140361-13-017408.hdr.sgml : 20130425 20130425145558 ACCESSION NUMBER: 0001140361-13-017408 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130425 DATE AS OF CHANGE: 20130425 EFFECTIVENESS DATE: 20130425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HENNESSY ADVISORS INC CENTRAL INDEX KEY: 0001145255 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 680176227 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-06715 FILM NUMBER: 13782481 BUSINESS ADDRESS: STREET 1: 7250 REDWOOD BLVD. STREET 2: SUITE 200 CITY: NOVATO STATE: CA ZIP: 94945 BUSINESS PHONE: 415-899-1555 MAIL ADDRESS: STREET 1: 7250 REDWOOD BLVD. STREET 2: SUITE 200 CITY: NOVATO STATE: CA ZIP: 94945 13F-HR 1 form13fhr.txt NONE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 3/31/2013 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: Hennessy Advisors, Inc. Address: 7250 Redwood Boulevard, Suite 200 Novato, CA 94945 Form 13F File Number: 028-06715 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this submission. Persons Signing this Report on Behalf of Reporting Manager: Name: Teresa M. Nilsen Title: Executive Vice President and Chief Financial Officer Phone: (415) 899-1555 Signature, Place, and Date of Signing: /s/ Teresa M. Nilsen Novato, CA 4/25/2013 --------------------------------- --------------------------------- ---------- [Signature] [City, State] [Date] Report Type (Check only one): [X] 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).) [ ] 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: Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 319 Form 13F Information Table Value Total: $ 2,023,219 -------------- (In Thousands) List of Other Included Managers: Provide a numbered list of the name(s) and 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. NONE

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 ------------------------------ --------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- ADVANCE AUTO PARTS INC COM 00751Y106 1,934 23,400 SH SOLE 23,400 0 0 AGL RES INC COM 001204106 23,783 566,934 SH SOLE 566,934 0 0 ALEXION PHARMACEUTICALS INC COM 015351109 238 2,580 SH SOLE 2,580 0 0 ALLIANT ENERGY CORP COM 018802108 2,785 55,492 SH SOLE 55,492 0 0 ALTRIA GROUP INC COM 02209S103 2,672 77,700 SH SOLE 77,700 0 0 AMEREN CORP COM 023608102 3,183 90,890 SH SOLE 90,890 0 0 AMERICAN CAP LTD COM 02503Y103 2,627 180,000 SH SOLE 180,000 0 0 AMERICAN EXPRESS CO COM 025816109 2,361 35,000 SH SOLE 35,000 0 0 AMERICAN INTL GROUP INC COM NEW 026874784 9,585 246,900 SH SOLE 246,900 0 0 AMERICAN WOODMARK CORP COM 030506109 6,554 192,600 SH SOLE 192,600 0 0 APOGEE ENTERPRISES INC COM 037598109 7,262 250,837 SH SOLE 250,837 0 0 APPLE INC COM 037833100 1,672 3,778 SH SOLE 3,778 0 0 ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 1,982 152,100 SH SOLE 152,100 0 0 ASSOCIATED BANC CORP COM 045487105 1,975 130,000 SH SOLE 130,000 0 0 ASTORIA FINL CORP COM 046265104 4,831 490,000 SH SOLE 490,000 0 0 AT&T INC COM 00206R102 8,430 229,750 SH SOLE 229,750 0 0 ATMOS ENERGY CORP COM 049560105 21,659 507,362 SH SOLE 507,362 0 0 AUTOMATIC DATA PROCESSING INC COM 053015103 2,848 43,800 SH SOLE 43,800 0 0 AUTOZONE INC COM 053332102 1,904 4,800 SH SOLE 4,800 0 0 AVERY DENNISON CORP COM 053611109 6,805 158,000 SH SOLE 158,000 0 0 AVIS BUDGET GROUP COM 053774105 7,180 258,000 SH SOLE 258,000 0 0 AVISTA CORP COM 05379B107 1,917 69,972 SH SOLE 69,972 0 0 AXIALL CORP COM 05463D100 15,758 253,500 SH SOLE 253,500 0 0 BANCO SANTANDER SA ADR 05964H105 2,188 321,300 SH SOLE 321,300 0 0 BANCORP INC DEL COM 05969A105 1,228 88,700 SH SOLE 88,700 0 0 BANK OF AMERICA CORPORATION COM 060505104 3,715 305,000 SH SOLE 305,000 0 0 BANKUNITED INC COM 06652K103 5,380 210,000 SH SOLE 210,000 0 0 BANNER CORP COM NEW 06652V208 4,456 140,000 SH SOLE 140,000 0 0 BAXTER INTL INC COM 071813109 1,894 26,075 SH SOLE 26,075 0 0 BEACON ROOFING SUPPLY INC COM 073685109 13,523 349,800 SH SOLE 349,800 0 0 BED BATH & BEYOND INC COM 075896100 1,894 29,400 SH SOLE 29,400 0 0 BERKSHIRE HATHAWAY INC CL A 084670108 4,688 30 SH SOLE 30 0 0 BLACK HILLS CORP COM 092113109 2,074 47,100 SH SOLE 47,100 0 0 BLACKSTONE GROUP L P COM UNIT LTD 09253U108 3,165 160,000 SH SOLE 160,000 0 0 BOEING CO COM 097023105 1,975 23,000 SH SOLE 23,000 0 0 BP PLC SPONSORED ADR 055622104 2,516 59,400 SH SOLE 59,400 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 2,966 72,000 SH SOLE 72,000 0 0 BROOKDALE SR LIVING INC COM 112463104 6,128 219,800 SH SOLE 219,800 0 0 BROOKLINE BANCORP INC DEL COM 11373M107 1,919 210,000 SH SOLE 210,000 0 0 BRUNSWICK CORP COM 117043109 5,848 170,900 SH SOLE 170,900 0 0 CABELAS INC COM 126804301 7,920 130,300 SH SOLE 130,300 0 0 CALUMET SPECIALTY PRODS PTNRS UT LTD PARTNER 131476103 13,425 360,400 SH SOLE 360,400 0 0 CAMPBELL SOUP CO COM 134429109 2,168 47,800 SH SOLE 47,800 0 0 CAPITAL ONE FINL CORP COM 14040H105 3,077 56,000 SH SOLE 56,000 0 0 CAPITALSOURCE INC COM 14055X102 6,205 645,000 SH SOLE 645,000 0 0 CARDINAL HEALTH INC COM 14149Y108 1,698 40,800 SH SOLE 40,800 0 0 CARLISLE COS INC COM 142339100 6,298 92,900 SH SOLE 92,900 0 0 CATAMARAN CORP COM 148887102 6,420 121,065 SH SOLE 121,065 0 0 CATERPILLAR INC DEL COM 149123101 1,687 19,400 SH SOLE 19,400 0 0 CELADON GROUP INC COM 150838100 6,241 299,200 SH SOLE 299,200 0 0 CENTERPOINT ENERGY INC COM 15189T107 20,773 866,998 SH SOLE 866,998 0 0 CENTURYLINK INC COM 156700106 2,269 64,600 SH SOLE 64,600 0 0 CERNER CORP COM 156782104 235 2,485 SH SOLE 2,485 0 0 CF INDS HLDGS INC COM 125269100 1,618 8,500 SH SOLE 8,500 0 0 CH ENERGY GROUP INC COM 12541M102 1,228 18,780 SH SOLE 18,780 0 0 CHEMTURA CORP COM NEW 163893209 7,237 334,900 SH SOLE 334,900 0 0 CHENIERE ENERGY INC COM NEW 16411R208 33,395 1,192,692 SH SOLE 1,192,692 0 0 CHESAPEAKE UTILS CORP COM 165303108 2,093 42,679 SH SOLE 42,679 0 0 CHEVRON CORP NEW COM 166764100 8,739 73,550 SH SOLE 73,550 0 0 CHICOS FAS INC COM 168615102 5,211 310,200 SH SOLE 310,200 0 0

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------ --------------- --------- -------- ------------------ ---------- -------- --------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------ --------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- CIGNA CORPORATION COM 125509109 6,362 102,000 SH SOLE 102,000 0 0 CISCO SYS INC COM 17275R102 236 11,305 SH SOLE 11,305 0 0 CIT GROUP INC COM NEW 125581801 2,522 58,000 SH SOLE 58,000 0 0 CITIGROUP INC COM NEW 172967424 3,760 85,000 SH SOLE 85,000 0 0 CMS ENERGY CORP COM 125896100 13,611 487,148 SH SOLE 487,148 0 0 COGNIZANT TECHNOLOGY SOLUTIONS CL A 192446102 232 3,022 SH SOLE 3,022 0 0 COMERICA INC COM 200340107 899 25,000 SH SOLE 25,000 0 0 CONAGRA FOODS INC COM 205887102 2,879 80,400 SH SOLE 80,400 0 0 CONOCOPHILLIPS COM 20825C104 4,495 74,800 SH SOLE 74,800 0 0 CONSOLIDATED EDISON INC COM 209115104 17,189 281,646 SH SOLE 281,646 0 0 COOPER TIRE & RUBR CO COM 216831107 6,310 245,900 SH SOLE 245,900 0 0 CORNING NAT GAS CORP COM 219381100 200 12,935 SH SOLE 12,935 0 0 COWEN GROUP INC NEW CL A 223622101 1,410 500,000 SH SOLE 500,000 0 0 CUMMINS INC COM 231021106 1,876 16,200 SH SOLE 16,200 0 0 DEERE & CO COM 244199105 1,720 20,000 SH SOLE 20,000 0 0 DELTA AIR LINES INC DEL COM NEW 247361702 9,772 591,900 SH SOLE 591,900 0 0 DELTA NAT GAS INC COM 247748106 848 38,812 SH SOLE 38,812 0 0 DILLARDS INC CL A 254067101 5,412 68,900 SH SOLE 68,900 0 0 DINEEQUITY INC COM 254423106 5,737 83,400 SH SOLE 83,400 0 0 DIRECTV COM 25490A309 1,942 34,300 SH SOLE 34,300 0 0 DISCOVER FINL SVCS COM 254709108 3,363 75,000 SH SOLE 75,000 0 0 DOLLAR TREE INC COM 256746108 2,136 44,100 SH SOLE 44,100 0 0 DOMINION RES INC VA NEW COM 25746U109 38,498 661,704 SH SOLE 661,704 0 0 DOW CHEM CO COM 260543103 2,595 81,500 SH SOLE 81,500 0 0 DR PEPPER SNAPPLE GROUP INC COM 26138E109 1,808 38,500 SH SOLE 38,500 0 0 DREW INDS INC COM NEW 26168L205 5,933 163,400 SH SOLE 163,400 0 0 DTE ENERGY CO COM 233331107 13,447 196,765 SH SOLE 196,765 0 0 DU PONT E I DE NEMOURS & CO COM 263534109 8,207 166,950 SH SOLE 166,950 0 0 DUKE ENERGY CORP COM NEW 26441C204 6,449 88,837 SH SOLE 88,837 0 0 DXP ENTERPRISES INC NEW COM NEW 233377407 7,672 102,700 SH SOLE 102,700 0 0 EBAY INC COM 278642103 239 4,400 SH SOLE 4,400 0 0 EMCOR GROUP INC COM 29084Q100 6,927 163,400 SH SOLE 163,400 0 0 EMPIRE DIST ELEC CO COM 291641108 392 17,500 SH SOLE 17,500 0 0 ENBRIDGE INC COM 29250N105 43,952 944,401 SH SOLE 944,401 0 0 ENCORE CAP GROUP INC COM 292554102 5,418 180,000 SH SOLE 180,000 0 0 ENERGEN CORP COM 29265N108 4,844 93,129 SH SOLE 93,129 0 0 ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 43,221 739,080 SH SOLE 739,080 0 0 ENTERGY CORP NEW COM 29364G103 531 8,400 SH SOLE 8,400 0 0 EQT CORP COM 26884L109 5,787 85,410 SH SOLE 85,410 0 0 EVERBANK FINL CORP COM 29977G102 4,158 270,000 SH SOLE 270,000 0 0 EXELON CORP COM 30161N101 9,599 278,381 SH SOLE 278,381 0 0 EXTERRAN HLDGS INC COM 30225X103 7,800 288,900 SH SOLE 288,900 0 0 EXXON MOBIL CORP COM 30231G102 1,739 19,300 SH SOLE 19,300 0 0 FAMILY DLR STORES INC COM 307000109 1,535 26,000 SH SOLE 26,000 0 0 FIDELITY NATIONAL FINANCIAL CL A 31620R105 6,053 239,900 SH SOLE 239,900 0 0 FIFTH & PAC COS INC COM 316645100 6,891 365,000 SH SOLE 365,000 0 0 FIFTH THIRD BANCORP COM 316773100 1,549 95,000 SH SOLE 95,000 0 0 FIRST AMERN FINL CORP COM 31847R102 6,418 251,000 SH SOLE 251,000 0 0 FIRST BANCORP P R COM NEW 318672706 7,165 1,150,000 SH SOLE 1,150,000 0 0 FIRST CONN BANCORP INC MD COM 319850103 2,794 189,700 SH SOLE 189,700 0 0 FIRST HORIZON NATL CORP COM 320517105 2,884 270,000 SH SOLE 270,000 0 0 FIRST NIAGARA FINL GP INC COM 33582V108 2,658 300,000 SH SOLE 300,000 0 0 FLAGSTAR BANCORP INC COM PAR .001 337930705 6,991 501,900 SH SOLE 501,900 0 0 FLUOR CORP NEW COM 343412102 1,990 30,000 SH SOLE 30,000 0 0 FLUSHING FINL CORP COM 343873105 5,082 300,000 SH SOLE 300,000 0 0 FOOT LOCKER INC COM 344849104 1,798 52,500 SH SOLE 52,500 0 0 FORD MTR CO DEL COM PAR $0.01 345370860 2,684 204,100 SH SOLE 204,100 0 0 FORESTAR GROUP INC COM 346233109 3,279 150,000 SH SOLE 150,000 0 0 FREEPORT-MCMORAN COP & GLD COM 35671D857 4,207 127,100 SH SOLE 127,100 0 0 FULTON FINL CORP PA COM 360271100 5,090 435,000 SH SOLE 435,000 0 0

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------ --------------- --------- -------- ------------------ ---------- -------- --------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------ --------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- GAP INC DEL COM 364760108 1,926 54,400 SH SOLE 54,400 0 0 GAS NAT INC COM 367204104 319 31,256 SH SOLE 31,256 0 0 GENERAL DYNAMICS CORP COM 369550108 4,618 65,500 SH SOLE 65,500 0 0 GENERAL ELECTRIC CO COM 369604103 6,452 279,050 SH SOLE 279,050 0 0 GENERAL MLS INC COM 370334104 3,111 63,100 SH SOLE 63,100 0 0 GENESIS ENERGY L P UNIT LTD PARTN 371927104 6,678 138,500 SH SOLE 138,500 0 0 GENWORTH FINL INC COM CL A 37247D106 4,000 400,000 SH SOLE 400,000 0 0 GEO GROUP INC COM 36159R103 9,134 242,793 SH SOLE 242,793 0 0 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 2,730 58,200 SH SOLE 58,200 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 3,237 22,000 SH SOLE 22,000 0 0 GOOGLE INC CL A 38259P508 228 287 SH SOLE 287 0 0 GRACE W R & CO DEL NEW COM 38388F108 6,968 89,900 SH SOLE 89,900 0 0 GRAMERCY CAP CORP COM 384871109 1,682 322,800 SH SOLE 322,800 0 0 GREEN DOT CORP CL A 39304D102 1,838 110,000 SH SOLE 110,000 0 0 GREENHILL & CO INC COM 395259104 251 4,700 SH SOLE 4,700 0 0 HALLIBURTON CO COM 406216101 2,065 51,100 SH SOLE 51,100 0 0 HCA HOLDINGS INC COM 40412C101 2,255 55,500 SH SOLE 55,500 0 0 HEARTLAND PMT SYS INC COM 42235N108 3,956 120,000 SH SOLE 120,000 0 0 HELMERICH & PAYNE INC COM 423452101 1,918 31,600 SH SOLE 31,600 0 0 HERTZ GLOBAL HOLDINGS INC COM 42805T105 7,039 316,200 SH SOLE 316,200 0 0 HEWLETT PACKARD CO COM 428236103 1,763 73,950 SH SOLE 73,950 0 0 HINGHAM INSTN SVGS MASS COM 433323102 6,552 94,000 SH SOLE 94,000 0 0 HOLLYFRONTIER CORP COM 436106108 9,302 180,800 SH SOLE 180,800 0 0 HOME DEPOT INC COM 437076102 6,497 93,100 SH SOLE 93,100 0 0 HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 6,882 295,000 SH SOLE 295,000 0 0 HOMESTREET INC COM 43785V102 6,032 270,000 SH SOLE 270,000 0 0 HSBC HLDGS PLC SPON ADR NEW 404280406 2,496 46,800 SH SOLE 46,800 0 0 HUNTINGTON BANCSHARES INC COM 446150104 2,439 330,000 SH SOLE 330,000 0 0 HUNTSMAN CORP COM 447011107 6,436 346,200 SH SOLE 346,200 0 0 INDEPENDENT BANK CORP MASS COM 453836108 1,630 50,000 SH SOLE 50,000 0 0 INNERWORKINGS INC COM 45773Y105 7,192 475,065 SH SOLE 475,065 0 0 INNOSPEC INC COM 45768S105 6,779 153,100 SH SOLE 153,100 0 0 INTEGRYS ENERGY GROUP INC COM 45822P105 13,163 226,321 SH SOLE 226,321 0 0 INTEL CORP COM 458140100 9,592 439,000 SH SOLE 439,000 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 1,898 8,900 SH SOLE 8,900 0 0 INTL PAPER CO COM 460146103 2,921 62,700 SH SOLE 62,700 0 0 INTUITIVE SURGICAL INC COM NEW 46120E602 237 482 SH SOLE 482 0 0 INVESTORS BANCORP INC COM 46146P102 1,033 55,000 SH SOLE 55,000 0 0 JARDEN CORP COM 471109108 14,241 332,350 SH SOLE 332,350 0 0 JMP GROUP INC COM 46629U107 233 33,656 SH SOLE 33,656 0 0 JOHNSON & JOHNSON COM 478160104 9,307 114,150 SH SOLE 114,150 0 0 JOY GLOBAL INC COM 481165108 1,684 28,300 SH SOLE 28,300 0 0 JPMORGAN CHASE & CO. COM 46625H100 5,968 125,750 SH SOLE 125,750 0 0 KB HOME COM 48666K109 15,378 706,400 SH SOLE 706,400 0 0 KELLOGG CO COM 487836108 2,919 45,300 SH SOLE 45,300 0 0 KEYCORP NEW COM 493267108 3,785 380,000 SH SOLE 380,000 0 0 KIMBERLY CLARK CORP COM 494368103 2,890 29,500 SH SOLE 29,500 0 0 KINDER MORGAN INC DEL COM 49456B101 44,620 1,153,576 SH SOLE 1,153,576 0 0 KKR FINL HLDGS LLC COM 48248A306 6,310 570,000 SH SOLE 570,000 0 0 KLA-TENCOR CORP COM 482480100 1,936 36,700 SH SOLE 36,700 0 0 KOHLS CORP COM 500255104 1,799 39,000 SH SOLE 39,000 0 0 KRAFT FOODS GROUP INC COM 50076Q106 3,246 62,984 SH SOLE 62,984 0 0 KROGER CO COM 501044101 2,154 65,000 SH SOLE 65,000 0 0 LACLEDE GROUP INC COM 505597104 4,755 111,349 SH SOLE 111,349 0 0 LADENBURG THALMAN FIN SVCS COM 50575Q102 415 250,000 SH SOLE 250,000 0 0 LENNOX INTL INC COM 526107107 6,711 105,700 SH SOLE 105,700 0 0 LILLY ELI & CO COM 532457108 4,799 84,500 SH SOLE 84,500 0 0 LITHIA MTRS INC CL A 536797103 6,908 145,500 SH SOLE 145,500 0 0 LOCKHEED MARTIN CORP COM 539830109 4,778 49,500 SH SOLE 49,500 0 0 LOWES COS INC COM 548661107 6,010 158,500 SH SOLE 158,500 0 0

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------ --------------- --------- -------- ------------------ ---------- -------- --------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------ --------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- MARATHON OIL CORP COM 565849106 1,912 56,700 SH SOLE 56,700 0 0 MARATHON PETE CORP COM 56585A102 2,482 27,700 SH SOLE 27,700 0 0 MASCO CORP COM 574599106 7,466 368,700 SH SOLE 368,700 0 0 MASTERCARD INC CL A 57636Q104 1,082 2,000 SH SOLE 2,000 0 0 MBIA INC COM 55262C100 7,703 750,000 SH SOLE 750,000 0 0 MCDONALDS CORP COM 580135101 6,176 61,950 SH SOLE 61,950 0 0 MDU RES GROUP INC COM 552690109 9,478 379,285 SH SOLE 379,285 0 0 MERCK & CO INC NEW COM 58933Y105 8,773 198,350 SH SOLE 198,350 0 0 MERITAGE HOMES CORP COM 59001A102 7,287 155,500 SH SOLE 155,500 0 0 METLIFE INC COM 59156R108 760 20,000 SH SOLE 20,000 0 0 MGE ENERGY INC COM 55277P104 1,165 21,017 SH SOLE 21,017 0 0 MGIC INVT CORP WIS COM 552848103 7,103 1,435,000 SH SOLE 1,435,000 0 0 MICROSOFT CORP COM 594918104 4,049 141,525 SH SOLE 141,525 0 0 MOHAWK INDS INC COM 608190104 14,253 126,000 SH SOLE 126,000 0 0 MONDELEZ INTL INC CL A 609207105 549 17,950 SH SOLE 17,950 0 0 MONEYGRAM INTL INC COM NEW 60935Y208 1,629 90,000 SH SOLE 90,000 0 0 MORGAN STANLEY COM NEW 617446448 3,297 150,000 SH SOLE 150,000 0 0 MWI VETERINARY SUPPLY INC COM 55402X105 6,600 49,900 SH SOLE 49,900 0 0 NATIONAL FUEL GAS CO N J COM 636180101 18,534 302,098 SH SOLE 302,098 0 0 NATIONAL GRID PLC SPON ADR NEW 636274300 44,498 767,079 SH SOLE 767,079 0 0 NATIONSTAR MTG HLDGS INC COM 63861C109 7,565 205,000 SH SOLE 205,000 0 0 NETSPEND HLDGS INC COM 64118V106 5,879 370,000 SH SOLE 370,000 0 0 NEW JERSEY RES COM 646025106 8,169 182,142 SH SOLE 182,142 0 0 NEWMONT MINING CORP COM 651639106 2,547 60,800 SH SOLE 60,800 0 0 NISOURCE INC COM 65473P105 30,685 1,045,831 SH SOLE 1,045,831 0 0 NORDSTROM INC COM 655664100 1,812 32,800 SH SOLE 32,800 0 0 NORFOLK SOUTHERN CORP COM 655844108 2,944 38,200 SH SOLE 38,200 0 0 NORTHEAST UTILS COM 664397106 5,475 125,975 SH SOLE 125,975 0 0 NORTHSTAR RLTY FIN CORP COM 66704R100 6,778 715,000 SH SOLE 715,000 0 0 NORTHWEST BANCSHARES INC MD COM 667340103 952 75,000 SH SOLE 75,000 0 0 NORTHWEST NAT GAS CO COM 667655104 6,104 139,297 SH SOLE 139,297 0 0 NORTHWESTERN CORP COM NEW 668074305 2,607 65,398 SH SOLE 65,398 0 0 NUCOR CORP COM 670346105 2,612 56,600 SH SOLE 56,600 0 0 NV ENERGY INC COM 67073Y106 750 37,450 SH SOLE 37,450 0 0 OCEANFIRST FINL CORP COM 675234108 3,317 230,000 SH SOLE 230,000 0 0 OCWEN FINL CORP COM NEW 675746309 6,446 170,000 SH SOLE 170,000 0 0 ONEOK INC NEW COM 682680103 37,275 781,941 SH SOLE 781,941 0 0 OPPENHEIMER HLDGS INC CL A NON VOTING 683797104 2,278 117,006 SH SOLE 117,006 0 0 ORACLE CORP COM 68389X105 232 7,160 SH SOLE 7,160 0 0 PACCAR INC COM 693718108 1,972 39,000 SH SOLE 39,000 0 0 PAPA JOHNS INTL INC COM 698813102 7,183 116,200 SH SOLE 116,200 0 0 PAREXEL INTL CORP COM 699462107 7,673 194,200 SH SOLE 194,200 0 0 PARKER HANNIFIN CORP COM 701094104 1,887 20,600 SH SOLE 20,600 0 0 PENNYMAC MTG INVT TR COM 70931T103 6,473 250,000 SH SOLE 250,000 0 0 PEPCO HOLDINGS INC COM 713291102 989 46,204 SH SOLE 46,204 0 0 PEPSICO INC COM 713448108 2,895 36,600 SH SOLE 36,600 0 0 PFIZER INC COM 717081103 9,605 332,800 SH SOLE 332,800 0 0 PG&E CORP COM 69331C108 27,996 628,709 SH SOLE 628,709 0 0 PHH CORP COM NEW 693320202 6,808 310,000 SH SOLE 310,000 0 0 PHILIP MORRIS INTL INC COM 718172109 2,800 30,200 SH SOLE 30,200 0 0 PIEDMONT NAT GAS INC COM 720186105 14,635 445,099 SH SOLE 445,099 0 0 PIER 1 IMPORTS INC COM 720279108 13,020 566,100 SH SOLE 566,100 0 0 PIPER JAFFRAY COS COM 724078100 1,372 40,000 SH SOLE 40,000 0 0 PNC FINL SVCS GROUP INC COM 693475105 3,325 50,000 SH SOLE 50,000 0 0 POPULAR INC COM NEW 733174700 7,869 285,000 SH SOLE 285,000 0 0 PORTFOLIO RECOVERY ASSOCS COM 73640Q105 2,158 17,000 SH SOLE 17,000 0 0 PPL CORP COM 69351T106 2,262 72,235 SH SOLE 72,235 0 0 PRICELINE COM INC COM NEW 741503403 228 331 SH SOLE 331 0 0 PRIVATEBANCORP INC COM 742962103 2,080 110,000 SH SOLE 110,000 0 0 PROCTER & GAMBLE CO COM 742718109 7,483 97,100 SH SOLE 97,100 0 0

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------ --------------- --------- -------- ------------------ ---------- -------- --------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------ --------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- PUBLIC SVC ENTERPRISE GROUP COM 744573106 17,244 502,143 SH SOLE 502,143 0 0 PVH CORP COM 693656100 11,172 104,600 SH SOLE 104,600 0 0 QUALCOMM INC COM 747525103 244 3,645 SH SOLE 3,645 0 0 QUESTAR CORP COM 748356102 20,053 824,215 SH SOLE 824,215 0 0 RADIAN GROUP INC COM 750236101 4,284 400,000 SH SOLE 400,000 0 0 RAIT FINANCIAL TRUST COM NEW 749227609 6,854 860,000 SH SOLE 860,000 0 0 RAYTHEON CO COM NEW 755111507 4,721 80,300 SH SOLE 80,300 0 0 REGIONS FINL CORP NEW COM 7591EP100 2,867 350,000 SH SOLE 350,000 0 0 RGC RES INC COM 74955L103 506 27,303 SH SOLE 27,303 0 0 ROCKVILLE FINL INC NEW COM 774188106 2,981 230,000 SH SOLE 230,000 0 0 ROCKWELL COLLINS INC COM 774341101 1,913 30,300 SH SOLE 30,300 0 0 ROYAL DUTCH SHELL PLC SPONSORED ADR 780259107 2,439 36,500 SH SOLE 36,500 0 0 SALESFORCE COM INC COM 79466L302 233 1,305 SH SOLE 1,305 0 0 SCANA CORP NEW COM 80589M102 6,335 123,823 SH SOLE 123,823 0 0 SCHULMAN A INC COM 808194104 6,170 195,500 SH SOLE 195,500 0 0 SEMPRA ENERGY COM 816851109 43,108 539,255 SH SOLE 539,255 0 0 SERVICE CORP INTL COM 817565104 6,699 400,400 SH SOLE 400,400 0 0 SMITH A O COM 831865209 7,144 97,100 SH SOLE 97,100 0 0 SNAP ON INC COM 833034101 6,211 75,100 SH SOLE 75,100 0 0 SOUTH JERSEY INDS INC COM 838518108 7,532 135,485 SH SOLE 135,485 0 0 SOUTHWEST GAS CORP COM 844895102 12,706 267,723 SH SOLE 267,723 0 0 SPECTRA ENERGY CORP COM 847560109 45,083 1,466,122 SH SOLE 1,466,122 0 0 STANDARD PAC CORP NEW COM 85375C101 7,404 857,000 SH SOLE 857,000 0 0 STEELCASE INC CL A 858155203 6,796 461,400 SH SOLE 461,400 0 0 STEPAN CO COM 858586100 6,392 101,300 SH SOLE 101,300 0 0 STERLING FINL CORP WASH COM NEW 859319303 5,965 275,000 SH SOLE 275,000 0 0 STEWART INFORMATION SVCS CORP COM 860372101 6,123 240,400 SH SOLE 240,400 0 0 SUNTRUST BKS INC COM 867914103 2,593 90,000 SH SOLE 90,000 0 0 SUSQUEHANNA BANCSHARES INC COM 869099101 2,735 220,000 SH SOLE 220,000 0 0 SWS GROUP INC COM 78503N107 1,065 176,000 SH SOLE 176,000 0 0 SYNOVUS FINL CORP COM 87161C105 6,094 2,200,000 SH SOLE 2,200,000 0 0 SYSCO CORP COM 871829107 2,912 82,800 SH SOLE 82,800 0 0 TARGA RES CORP COM 87612G101 6,864 101,000 SH SOLE 101,000 0 0 TCF FINL CORP COM 872275102 2,917 195,000 SH SOLE 195,000 0 0 TEAM INC COM 878155100 5,725 139,400 SH SOLE 139,400 0 0 TECO ENERGY INC COM 872375100 2,867 160,890 SH SOLE 160,890 0 0 TEREX CORP NEW COM 880779103 6,168 179,200 SH SOLE 179,200 0 0 TERRITORIAL BANCORP INC COM 88145X108 2,616 110,000 SH SOLE 110,000 0 0 THOR INDS INC COM 885160101 4,996 135,800 SH SOLE 135,800 0 0 3M CO COM 88579Y101 1,967 18,500 SH SOLE 18,500 0 0 TIME WARNER CABLE INC COM 88732J207 2,824 29,400 SH SOLE 29,400 0 0 TORO CO COM 891092108 6,321 137,300 SH SOLE 137,300 0 0 TOTAL S A SPONSORED ADR 89151E109 2,322 48,400 SH SOLE 48,400 0 0 TRANSCANADA CORP COM 89353D107 43,466 907,618 SH SOLE 907,618 0 0 TRIMAS CORP COM NEW 896215209 6,416 197,600 SH SOLE 197,600 0 0 U S AIRWAYS GROUP INC COM 90341W108 7,540 444,300 SH SOLE 444,300 0 0 U S G CORP COM NEW 903293405 11,374 430,200 SH SOLE 430,200 0 0 UGI CORP NEW COM 902681105 8,013 208,735 SH SOLE 208,735 0 0 UIL HLDG CORP COM 902748102 4,802 121,304 SH SOLE 121,304 0 0 UNIFIRST CORP MASS COM 904708104 6,715 74,200 SH SOLE 74,200 0 0 UNILEVER N V N Y SHS NEW 904784709 2,673 65,200 SH SOLE 65,200 0 0 UNILEVER PLC SPON ADR NEW 904767704 2,741 64,900 SH SOLE 64,900 0 0 UNION PAC CORP COM 907818108 1,951 13,700 SH SOLE 13,700 0 0 UNITED FINANCIAL BANCORP INC COM 91030T109 3,044 200,294 SH SOLE 200,294 0 0 UNITED PARCEL SERVICE INC CL B 911312106 2,852 33,200 SH SOLE 33,200 0 0 UNITEDHEALTH GROUP INC COM 91324P102 1,802 31,500 SH SOLE 31,500 0 0 UNITIL CORP COM 913259107 1,149 40,834 SH SOLE 40,834 0 0 UNS ENERGY CORP COM 903119105 777 15,880 SH SOLE 15,880 0 0 US BANCORP DEL COM NEW 902973304 1,866 55,000 SH SOLE 55,000 0 0 VALMONT INDS INC COM 920253101 13,116 83,400 SH SOLE 83,400 0 0

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------ --------------- --------- -------- ------------------ ---------- -------- --------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------ --------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- VECTREN CORP COM 92240G101 6,762 190,916 SH SOLE 190,916 0 0 VERIZON COMMUNICATIONS INC COM 92343V104 9,412 191,500 SH SOLE 191,500 0 0 VIACOM INC NEW CL B 92553P201 1,976 32,100 SH SOLE 32,100 0 0 VISA INC CL A 92826C839 1,698 10,000 SH SOLE 10,000 0 0 WALTER INVT MGMT CORP COM 93317W102 5,588 150,000 SH SOLE 150,000 0 0 WASHINGTON FED INC COM 938824109 3,413 195,000 SH SOLE 195,000 0 0 WASTE MGMT INC DEL COM 94106L109 2,870 73,200 SH SOLE 73,200 0 0 WELLS FARGO & CO NEW COM 949746101 5,386 145,600 SH SOLE 145,600 0 0 WESTERN DIGITAL CORP COM 958102105 2,448 48,685 SH SOLE 48,685 0 0 WESTERN UN CO COM 959802109 1,943 129,200 SH SOLE 129,200 0 0 WGL HLDGS INC COM 92924F106 11,694 265,165 SH SOLE 265,165 0 0 WHIRLPOOL CORP COM 963320106 7,037 59,400 SH SOLE 59,400 0 0 WILLIAMS COS INC DEL COM 969457100 44,678 1,192,692 SH SOLE 1,192,692 0 0 WINTRUST FINANCIAL CORP COM 97650W108 3,334 90,000 SH SOLE 90,000 0 0 WISCONSIN ENERGY CORP COM 976657106 5,981 139,460 SH SOLE 139,460 0 0 WORTHINGTON INDS INC COM 981811102 6,732 217,300 SH SOLE 217,300 0 0 WSFS FINL CORP COM 929328102 3,157 64,900 SH SOLE 64,900 0 0 XCEL ENERGY INC COM 98389B100 9,483 319,291 SH SOLE 319,291 0 0 ZIONS BANCORPORATION COM 989701107 500 20,000 SH SOLE 20,000 0 0