-----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, E7lX/9EhdFsMxNme0xqH+wqEarHvhUVNbyB8Ul8DPZfg/ZsUINjnjLEKVNFeZN3+ a3SgoX613xSuatll2EutjA== 0001010521-10-000424.txt : 20101112 0001010521-10-000424.hdr.sgml : 20101111 20101112104338 ACCESSION NUMBER: 0001010521-10-000424 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20100930 FILED AS OF DATE: 20101112 DATE AS OF CHANGE: 20101112 EFFECTIVENESS DATE: 20101112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MFC GLOBAL INVESTMENT MANAGEMENT (U.S.), LLC CENTRAL INDEX KEY: 0001034182 IRS NUMBER: 043168979 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-03673 FILM NUMBER: 101183877 BUSINESS ADDRESS: STREET 1: 101 HUNTINGTON AVE CITY: BOSTON STATE: MA ZIP: 02199 BUSINESS PHONE: 617-375-1500 MAIL ADDRESS: STREET 1: 101 HUNTINGTON AVENUE CITY: BOSTON STATE: MA ZIP: 02199 FORMER COMPANY: FORMER CONFORMED NAME: SOVEREIGN ASSET MANAGEMENT CORP/MA DATE OF NAME CHANGE: 19990329 13F-HR 1 mfcglobalus13f.txt MFC GLOBAL INVESTMENT MANAGEMENT (U.S.), LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2010 _ 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: MFC Global Investment Management (U.S), LLC Address: 101 Huntington Avenue Boston, MA 02199
13F File Number: 28-03673 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 reporting manager: Name: Barry Evans Title: President Phone: (617) 375-1500 Signature, Place, and Date of Signing: /s/ Barry Evans Boston, MA November 10, 2010 - -------------------------------------- ---------- ----------------- Signature Place 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: None
FORM 13F SUMMARY PAGE Report Summary: Number of other included managers: 3 Form 13F information table entry total: 705 Form 13F information table value total: $11,688,347 (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 1 28-11519 Manulife Financial Corporation 2 28-03983 John Hancock Life Insurance Company [U.S.A.] 3 28-04428 The Manufacturers Life Insurance Company
INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE 100,000THS FIRST HORI COM DCA517101 0 45,924 X 1, 2 45,924 0 0 3M Co COM 88579Y101 40,612 468,361 X 1, 2 436,040 100 32,221 A.C. Moore Arts & Crafts Inc COM 00086T103 2,771 1,226,076 X 1, 2 1,226,076 0 0 AAR Corp COM 000361105 6 315 X 1, 2 315 0 0 ABB Ltd.-Spon ADR ADR 000375204 25,480 1,206,461 X 1, 2 1,206,461 0 0 Abbott Laboratories COM 002824100 86,527 1,656,338 X 1, 2 1,593,946 175 62,217 Access Integrated Technologies Wrrnt WTS JHFAIXWPP 0 75,000 X 1, 2 75,000 0 0 ACE Ltd. COM H0023R105 41,884 719,047 X 1, 2 719,047 0 0 Aegon NV PFD 007924301 24,570 1,050,900 X 1, 2 1,050,900 0 0 Aegon NV PFD 007924400 7,882 338,000 X 1, 2 338,000 0 0 Aetna Inc-New COM 00817Y108 2,283 72,214 X 1, 2 72,214 0 0 Aflac Inc. COM 001055102 19,927 385,367 X 1, 2 359,415 100 25,852 Agnico-Eagle Mines Ltd COM 008474108 330 4,650 X 1, 2 4,650 0 0 Air France-KLM ADR 009119108 2,674 174,118 X 1, 2 174,118 0 0 Alabama Power Co PFD 010392561 4,882 193,200 X 1, 2 193,200 0 0 Alabama Power Co. PFD 010392595 29,477 1,172,500 X 1, 2 1,172,500 0 0 Alaska Communications Systems Grp COM 01167P101 558 55,000 X 1, 2 55,000 0 0 Alexandria Real Est Equities COM 015271109 214 3,050 X 1, 2 3,050 0 0 Alexion Pharmaceuticals Inc COM 015351109 597 9,269 X 1, 2 9,269 0 0 Align Technology Inc. COM 016255101 7,557 385,945 X 1, 2 385,945 0 0 ALLEGHENY TECHNOLOGIES INC COM 01741R102 791 17,037 X 1, 2 17,037 0 0 Alliant Energy Corp. COM 018802108 16,267 447,520 X 1, 2 447,520 0 0 Alpha Natural Resources Inc COM 02076X102 647 15,723 X 1, 2 15,723 0 0 Amerco Inc. PFD 023586209 8,988 350,000 X 1, 2 350,000 0 0 Ameren Corp COM 023608102 18,034 635,000 X 1, 2 635,000 0 0 AmerenUE PFD 906548300 827 12,262 X 1, 2 12,262 0 0 American Electric Power Co Inc COM 025537101 29,527 815,000 X 1, 2 815,000 0 0 American Express Co COM 025816109 6,514 154,996 X 1, 2 154,996 0 0 AMERICAN FINANCIAL GROUP PFD 025932302 20,494 822,400 X 1, 2 822,400 0 0 American International Group Inc COM 026874784 4 100 X 1, 2 100 0 0 American Pacific Corp. COM 028740108 1,856 419,850 X 1, 2 419,850 0 0 American Public Education COM 02913V103 2,263 68,871 X 1, 2 68,871 0 0 American Tower Corp COM 029912201 854 16,664 X 1, 2 16,664 0 0 American Water Works Co Inc COM 030420103 59,567 2,559,832 X 1, 2 2,559,832 0 0 Ameriprise Financial Inc COM 03076C106 4,064 85,860 X 1, 2 85,860 0 0 AmerisourceBergen Corp COM 03073E105 699 22,797 X 1, 2 22,797 0 0 Amgen Inc COM 031162100 89,276 1,619,956 X 1, 2 1,619,956 0 0
Page 1 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE Amphenol Corp COM 032095101 1,105 22,565 X 1, 2 22,565 0 0 ANALOG DEVICES INC COM 032654105 19,811 631,333 X 1, 2 576,113 250 54,970 ANNALY CAPITAL MANAGEMENT IN COM 035710409 26 1,487 X 1, 2 1,487 0 0 APACHE CORP PFD 037411808 28,269 487,400 X 1, 2 487,400 0 0 Apartment Investment & Mgmnt Co PFD 03748R838 1,403 55,000 X 1, 2 55,000 0 0 App China Group COM 002023992 0 37,717 X 1, 2 37,717 0 0 Apple Inc COM 037833100 108,090 380,935 X 1, 2 380,935 0 0 Applied Extrusion Tech - Class A COM 038196200 545 51,082 X 1, 2 51,082 0 0 Archer-Daniels-Midland Co. COM 039483102 88,732 2,779,830 X 1, 2 2,731,004 225 48,601 ARTHROCARE CORP COM 043136100 3,231 118,870 X 1, 2 118,870 0 0 ASSOCIATED ESTATES REALTY CP COM 045604105 221 15,800 X 1, 2 15,800 0 0 Assured Guaranty Ltd COM G0585R106 10,443 610,350 X 1, 2 610,350 0 0 AT&T INC COM 00206R102 47,717 1,668,419 X 1, 2 1,597,548 210 70,661 AT&T Inc. PFD 00211G208 1,140 42,000 X 1, 2 42,000 0 0 ATA Holdings WARRANTS WTS 642014112 0 11,942 X 1, 2 11,942 0 0 ATLAS AIR WORLDWIDE HOLDINGS COM 049164205 4,066 80,827 X 1, 2 80,827 0 0 ATMEL CORP COM 049513104 80 10,085 X 1, 2 10,085 0 0 Atmos Energy Corp COM 049560105 26,179 895,000 X 1, 2 895,000 0 0 Atwood Oceanics Inc COM 050095108 4,872 160,000 X 1, 2 160,000 0 0 Autoliv Inc COM 052800109 10 150 X 1, 2 150 0 0 AUTOMATIC DATA PROCES COM 053015103 860 20,470 X 1, 2 5,960 0 14,510 AVALON RARE METALS INC UNITS COM JHAVLUNIT 9,954 2,400,000 X 1, 2 2,400,000 0 0 AVON PRODUCTS INC COM 054303102 36,075 1,123,489 X 1, 2 1,049,467 325 73,697 BAC Capital Trust II PFD 055188205 2,936 117,000 X 1, 2 117,000 0 0 BAKER HUGHES INC. COM 057224107 27,084 635,785 X 1, 2 635,785 0 0 Bally Technologies Inc COM 05874B107 10,763 307,954 X 1, 2 307,954 0 0 Baltimore Gas & Electric PFD 059165688 1,990 20,250 X 1, 2 20,250 0 0 Baltimore Gas & Electric PFD 059165761 21,367 213,870 X 1, 2 213,870 0 0 Bank of Amercia Corp PFD 060505831 32,450 1,465,000 X 1, 2 1,465,000 0 0 Bank of America Corp COM 060505104 195,431 14,907,031 X 1, 2 14,894,382 0 12,649 Bank of America Corp PFD 060505559 33,538 1,277,649 X 1, 2 1,277,649 0 0 Bank of America Corp PFD 060505575 11,950 500,000 X 1, 2 500,000 0 0 Bank of America Corp PFD 060505617 30,111 1,299,000 X 1, 2 1,299,000 0 0 Bank of America Corp PFD 060505682 31,457 32,017 X 1, 2 32,017 0 0 BANK OF AMERICA CORP PFD 060505740 17,217 715,000 X 1, 2 715,000 0 0 Bank of America Corp PFD 060505765 12,509 480,000 X 1, 2 480,000 0 0 BANK OF HAWAII COM 062540109 6 136 X 1, 2 136 0 0
Page 2 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE Bank of Marin Bancorp/CA COM 063425102 1,859 57,668 X 1, 2 57,668 0 0 BAR HARBOR BANKSHARES COM 066849100 2,078 75,000 X 1, 2 75,000 0 0 Barclays Bank PLC PFD 06739H776 20,896 839,190 X 1, 2 839,190 0 0 Barclays PLC PFD 06739H362 40,555 1,564,000 X 1, 2 1,564,000 0 0 Barrick Gold Corp COM 067901108 95,499 2,063,057 X 1, 2 2,063,057 0 0 Baxter International Inc COM 071813109 512 10,733 X 1, 2 10,733 0 0 BB&T Corp COM 054937107 53,270 2,212,201 X 1, 2 2,203,923 0 8,278 Becton Dickinson & Co COM 075887109 30,823 415,967 X 1, 2 390,554 115 25,298 Bemis Co Inc COM 081437105 10 305 X 1, 2 305 0 0 Berkshire Hathaway Inc-Cl A COM 084670108 4,607 37 X 1, 2 37 0 0 BERKSHIRE HATHAWAY INC-CL B COM 084670702 56,949 688,788 X 1, 2 688,788 0 0 Berkshire Hills Bancorp COM 084680107 14,124 744,937 X 1, 2 744,937 0 0 Best Buy Co Inc COM 086516101 46,735 1,144,616 X 1, 2 1,144,616 0 0 BGE Capital Trust II PFD 05541Q206 65,314 2,588,738 X 1, 2 2,588,738 0 0 BGI Canada LTD Universe Bnd Indx Fnd COM 05699A920 86,757 3,555,965 X 1, 2 3,555,965 0 0 BioMarin Pharmaceutical Inc COM 09061G101 3,193 142,844 X 1, 2 142,844 0 0 Black Hills Corp COM 092113109 20,436 655,000 X 1, 2 655,000 0 0 Blackrock Inc/New York COM 09247X101 1,643 9,651 X 1, 2 9,651 0 0 BLACKSTONE GROUP LP/THE COM 09253U108 2,169 170,927 X 1, 2 170,927 0 0 Boise Inc. WTS 09746Y113 30 70,816 X 1, 2 70,816 0 0 BOND STREET HOLDINGS LLC-A COM 09788X1PP 20,500 1,025,000 X 1, 2 1,025,000 0 0 Boston Private Financial Holdings Inc COM 101119105 3,487 533,210 X 1, 2 533,210 0 0 Boston Properties Inc COM 101121101 351 4,221 X 1, 2 4,221 0 0 BP PLC ADR 055622104 12,186 296,000 X 1, 2 296,000 0 0 Brandywine Realty Trust COM 105368203 1,259 102,808 X 1, 2 102,808 0 0 Brazil Ethanol Inc.-Unit PFD 10575X200 10 1,043,559 X 1, 2 1,043,559 0 0 Bridge Capital Holdings COM 108030107 1,317 150,564 X 1, 2 150,564 0 0 Brigham Exploration Co COM 109178103 7,929 422,879 X 1, 2 422,879 0 0 Broadcom Corp COM 111320107 389 11,000 X 1, 2 11,000 0 0 Broadridge Financial Solutions COM 11133T103 16,944 740,870 X 1, 2 740,870 0 0 Bryn Mawr Bank Corp. COM 117665109 7,988 463,894 X 1, 2 463,894 0 0 BUCKEYE TECH INC COM 118255108 5,390 366,408 X 1, 2 366,408 0 0 Cablevision Systems - Cl A COM 12686C109 412 15,745 X 1, 2 15,745 0 0 Cabot Oil & Gas Corporation COM 127097103 955 31,717 X 1, 2 31,717 0 0 Camden National Corp. COM 133034108 1,274 36,776 X 1, 2 36,776 0 0 Cardinal Health Inc COM 14149Y108 1,319 39,932 X 1, 2 39,932 0 0 Carefusion Corp. COM 14170T101 529 21,308 X 1, 2 21,308 0 0
Page 3 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE CARLISLE COS INC COM 142339100 48 1,600 X 1, 2 1,600 0 0 Carmax Inc COM 143130102 5,541 198,879 X 1, 2 198,879 0 0 Carolina Power & Light Co PFD 144141405 10,725 122,875 X 1, 2 122,875 0 0 Carrol Restaurant Group Inc COM 14574X104 4,336 818,200 X 1, 2 818,200 0 0 Caterpillar Inc COM 149123101 46,619 592,513 X 1, 2 557,456 160 34,897 CBS Corp PFD 124857400 11,883 469,700 X 1, 2 469,700 0 0 CBS Corporation 7.25 Senior Note PFD 124857301 12,457 495,500 X 1, 2 495,500 0 0 Cenovous Energy Inc COM 15135U109 422 14,682 X 1, 2 14,682 0 0 Centerstate Banks Of Florida COM 15201P109 8,151 950,000 X 1, 2 950,000 0 0 CEPHALON INC COM 156708109 34,223 548,100 X 1, 2 548,100 0 0 CH Energy Group Inc COM 12541M102 46,677 1,057,000 X 1, 2 1,057,000 0 0 Charles Schwab Corp COM 808513105 104,709 7,533,026 X 1, 2 7,403,341 505 129,180 CHARTER COMMUNIATIONS-CW14 WTS 16117M123 30 7,605 X 1, 2 7,605 0 0 CHARTER COMMUNICATIONS-CW14 WTS 16117M131 684 124,322 X 1, 2 124,322 0 0 Chevron Corporation COM 166764100 13,513 166,724 X 1, 2 153,097 0 13,627 Chinacast Education Corp COM 16946T109 6,797 960,000 X 1, 2 960,000 0 0 Chubb Corp COM 171232101 27,873 489,080 X 1, 2 457,857 140 31,083 CHUNGHWA TELECOM LTD-ADR-WI ADR 17133Q106 945 42,164 X 1, 2 42,164 0 0 Church & Dwight Inc COM 171340102 480 7,388 X 1, 2 7,388 0 0 Cisco Systems Inc COM 17275R102 13,123 599,223 X 1, 2 563,944 0 35,279 Citadel Broadcstng Corp-A/B Warr, Co COM 17285TXAB 12,918 580,575 X 1, 2 580,575 0 0 CITADEL BROADCASTING CORP-B COM 17285T304 2,229 103,674 X 1, 2 103,674 0 0 Citigroup Cap VIII 6.95% PFD 17306R204 44,586 1,837,100 X 1, 2 1,837,100 0 0 Citigroup Capital VII PFD 17306N203 5,828 235,000 X 1, 2 235,000 0 0 Citigroup Capital X PFD 173064205 17,235 741,300 X 1, 2 741,300 0 0 CITIGROUP CAPITAL XII PFD 17315D204 17,827 675,000 X 1, 2 675,000 0 0 CITIGROUP CAPITAL XIII PFD 173080201 14,000 560,000 X 1, 2 560,000 0 0 Citigroup Inc COM 172967101 890 228,285 X 1, 2 228,285 0 0 Citigroup Inc PFD 7.5% PFD 172967416 13,012 109,795 X 1, 2 109,795 0 0 City Holding Co COM 177835105 4,371 142,521 X 1, 2 142,521 0 0 CLIFFS NATURAL RESOUR COM 18683K101 401 6,268 X 1, 2 6,268 0 0 COCA-COLA COMPANY COM 191216100 205 3,505 X 1, 2 2,195 0 1,310 COLGATE-PALMOLIVE COM 194162103 18,518 240,936 X 1, 2 233,103 0 7,833 COLLECTIVE BRAND INC COM 19421W100 26,238 1,625,674 X 1, 2 1,625,674 0 0 Comcast Corp PFD 20030N309 13,279 507,430 X 1, 2 507,430 0 0 Comcast Corp PFD 20030N408 48,433 1,853,556 X 1, 2 1,853,556 0 0 Comcast Corp PFD 20030N507 6,446 248,500 X 1, 2 248,500 0 0
Page 4 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE Comcast Corp Special CL A COM 20030N200 8,475 498,253 X 1, 2 498,253 0 0 Comerica Inc COM 200340107 20,270 545,630 X 1, 2 545,630 0 0 COMERICA IN-CW18 WTS 200340115 4,401 345,439 X 1, 2 345,439 0 0 Commerce Bancshares Inc COM 200525103 15,558 413,895 X 1, 2 413,895 0 0 Conceptus Inc COM 206016107 3,976 289,168 X 1, 2 289,168 0 0 Concur Technologies Inc COM 206708109 8,213 166,122 X 1, 2 166,122 0 0 CONOCOPHILLIPS COM 20825C104 517 9,001 X 1, 2 3,343 0 5,658 CONS EDISON CO OF NY PFD 209111301 2,528 28,170 X 1, 2 28,170 0 0 Consol Energy Inc COM 20854P109 38,689 1,046,791 X 1, 2 1,046,791 0 0 Consolidated Edison Co of New York PFD 209111707 1,989 21,100 X 1, 2 21,100 0 0 Consolidated Edison Inc COM 209115104 19,409 402,500 X 1, 2 402,500 0 0 Constellation Energy Grp PFD 210387205 27,692 1,024,500 X 1, 2 1,024,500 0 0 Continental Airlines Financial Trust I PFD 210796306 57,229 1,606,418 X 1, 2 1,606,418 0 0 Copa Holdings SA-Class A COM P31076105 8,765 162,593 X 1, 2 162,593 0 0 CORESITE REALTY CORP COM 21870Q105 1,639 100,000 X 1, 2 100,000 0 0 Corning Inc COM 219350105 24,536 1,342,209 X 1, 2 1,342,209 0 0 Corporate Backed Trust Certificates PFD 21988G296 1,109 45,400 X 1, 2 45,400 0 0 Corporate Office Properties Trust S COM 22002T108 175 4,700 X 1, 2 4,700 0 0 COVENTRY HEALTH CARE INC COM 222862104 2,964 137,658 X 1, 2 137,658 0 0 Covidien PLC COM G2554F105 555 13,802 X 1, 2 13,802 0 0 CREDIT SUISSE GROUP - ADR ADR 225401108 1,959 46,035 X 1, 2 46,035 0 0 Credit Suisse/Guernsey PFD 225448208 37,078 1,355,200 X 1, 2 1,355,200 0 0 Cullen/Frost Bankers Inc COM 229899109 76,045 1,411,635 X 1, 2 1,363,814 210 47,611 CUMMINS INC COM 231021106 483 5,331 X 1, 2 5,331 0 0 CVB Financial Corp COM 126600105 5,715 761,045 X 1, 2 761,045 0 0 CVS Caremark Corp COM 126650100 64,815 2,059,578 X 1, 2 2,059,578 0 0 CYPRESS SEMICONDUCTOR CORP COM 232806109 8,564 680,770 X 1, 2 680,770 0 0 DANAHER CORP COM 235851102 19,132 471,126 X 1, 2 428,743 180 42,203 DARDEN RESTAURANTS IN COM 237194105 332 7,759 X 1, 2 6,159 0 1,600 DB Capital Funding VIII PFD 25153U204 7,566 313,300 X 1, 2 313,300 0 0 DB Capital Funding X PFD 25154D102 11,675 456,600 X 1, 2 456,600 0 0 DB Cont Cap Trst II PFD 25153X208 33,728 1,373,275 X 1, 2 1,373,275 0 0 DB CONT CAP TRUST III PFD 25154A108 68,693 2,584,393 X 1, 2 2,584,393 0 0 DEERE AND CO. COM 244199105 27,407 392,764 X 1, 2 392,764 0 0 Dell Inc COM 24702R101 98,401 7,592,651 X 1, 2 7,592,651 0 0 Delta Air Lines Inc. COM 247361702 103,835 8,920,545 X 1, 2 8,920,545 0 0 Delta Petroleum Corp COM 247907207 1,578 2,006,109 X 1, 2 2,006,109 0 0
Page 5 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE Denbury Resources Inc COM 247916208 150,608 9,478,163 X 1, 2 9,478,163 0 0 Dentsply International Inc COM 249030107 26,712 835,532 X 1, 2 774,014 210 61,308 Deutsche Telekom ADR 251566105 113 8,253 X 1, 2 8,253 0 0 Devry Inc COM 251893103 821 16,679 X 1, 2 16,679 0 0 DEX ONE CORP COM 25212W100 2,483 202,166 X 1, 2 202,166 0 0 DIAGEO PLC ADR SPONSO COM 25243Q205 497 7,195 X 1, 2 3,265 0 3,930 DIAMONDROCK HOSPITALITY CO COM 252784301 201 21,200 X 1, 2 21,200 0 0 DICE HOLDINGS INC COM 253017107 3,006 354,475 X 1, 2 354,475 0 0 Digital Realty Trust Inc COM 253868103 2,048 33,193 X 1, 2 33,193 0 0 Dime Community Bancshares COM 253922108 5,603 404,535 X 1, 2 404,535 0 0 Discover Financial Services COM 254709108 9,790 586,907 X 1, 2 586,907 0 0 DNB Financial Corp. COM 233237106 561 78,515 X 1, 2 78,515 0 0 Dominion Resources Inc PFD 25746U604 18,368 631,000 X 1, 2 631,000 0 0 Dominion Resources Inc/Va COM 25746U109 26,851 615,000 X 1, 2 615,000 0 0 Domino's Pizza Inc COM 25754A201 18,217 1,378,000 X 1, 2 1,378,000 0 0 Doral Common Stock - Private Deal COM JHDRLCOMM 3,810 2,294,946 X 1, 2 2,294,946 0 0 Douglas Emmett Inc COM 25960P109 169 9,650 X 1, 2 9,650 0 0 DSW Inc-Class A COM 23334L102 5,759 200,655 X 1, 2 200,655 0 0 DTE Energy Co COM 233331107 44,552 970,000 X 1, 2 970,000 0 0 DTE Energy Trust I PFD 23333Q201 16,470 633,200 X 1, 2 633,200 0 0 DTE Energy Trust II PFD 23334U201 1,533 59,400 X 1, 2 59,400 0 0 Du Pont (E.I.) de Nemours & Co COM 263534109 526 11,795 X 1, 2 5,420 0 6,375 Duke Energy Corp COM 26441C105 19,835 1,120,000 X 1, 2 1,120,000 0 0 Duke Realty Corp PFD 264411745 8,072 338,180 X 1, 2 338,180 0 0 Duke Realty Corp PFD 264411760 8,826 371,600 X 1, 2 371,600 0 0 Duke Realty Corp PFD 264411778 27,789 1,154,025 X 1, 2 1,154,025 0 0 Duke Realty Corp COM 264411505 232 20,000 X 1, 2 20,000 0 0 DUPONT FABROS TECHNOLOGY COM 26613Q106 189 7,500 X 1, 2 7,500 0 0 Duquesne Light 6.5% PFD 266228824 54,104 1,119,000 X 1, 2 1,119,000 0 0 EAST WEST BANCORP INC COM 27579R1PP 60 3,697 X 1, 2 3,697 0 0 Eastern Virginia Bankshares COM 277196101 256 69,998 X 1, 2 69,998 0 0 Eaton Corp COM 278058102 7 80 X 1, 2 80 0 0 Eaton Vance Corp COM 278265103 315 10,862 X 1, 2 10,862 0 0 eBay Inc. COM 278642103 54,563 2,236,186 X 1, 2 2,236,186 0 0 ECB Bancorp COM 268253101 375 27,504 X 1, 2 27,504 0 0 Ecolab Inc. COM 278865100 76,841 1,514,408 X 1, 2 1,514,408 0 0 eHealth Inc. COM 28238P109 162 12,572 X 1, 2 12,572 0 0
Page 6 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE Eli Lilly & Co COM 532457108 862 23,597 X 1, 2 23,597 0 0 EMC Corp/Massachusetts COM 268648102 17,192 846,477 X 1, 2 846,477 0 0 Emerson Electric Co. COM 291011104 40,451 768,152 X 1, 2 704,132 190 63,830 Encana Corp COM 292505104 323 10,687 X 1, 2 10,687 0 0 Energy Transfer Partners LP COM 29273R109 7 155 X 1, 2 155 0 0 Enernoc Inc COM 292764107 4,156 132,306 X 1, 2 132,306 0 0 ENSCO PLC-SPON ADR ADR 29358Q109 418 9,338 X 1, 2 9,338 0 0 Entergy Arkansa Inc PFD 29364D787 11,069 460,000 X 1, 2 460,000 0 0 Entergy Arkansas Inc PFD 29364D308 753 9,388 X 1, 2 9,388 0 0 Entergy Corp COM 29364G103 17,985 235,000 X 1, 2 235,000 0 0 Entergy Corp PFD 29365T203 4,706 159,586 X 1, 2 159,586 0 0 ENTERGY LOUISIANA LLC PFD 29364W306 16,954 625,600 X 1, 2 625,600 0 0 ENTERGY MISSISSIPPI - PREFERRD PFD 29364N843 8,890 329,000 X 1, 2 329,000 0 0 Entergy Mississippi Inc PFD 29364N405 702 8,190 X 1, 2 8,190 0 0 Entergy Mississippi Inc PFD 29364N850 21,613 864,500 X 1, 2 864,500 0 0 Enterprise Products Partners COM 293792107 11 265 X 1, 2 265 0 0 EOG Resources Inc COM 26875P101 29,201 314,091 X 1, 2 294,424 85 19,582 EQT Corp. COM 26884L109 35,371 980,882 X 1, 2 980,882 0 0 Essex Property Trust Inc. COM 297178105 224 2,050 X 1, 2 2,050 0 0 EURAND NV COM N31010106 3,993 405,742 X 1, 2 405,742 0 0 EVANS BANCORP INC COM 29911Q208 1,700 129,300 X 1, 2 129,300 0 0 Evercore Partners Inc-CL A COM 29977A105 7,954 278,003 X 1, 2 278,003 0 0 EXCEL TRUST INC COM 30068C109 169 15,000 X 1, 2 15,000 0 0 Expedia Inc COM 30212P105 387 13,713 X 1, 2 13,713 0 0 Express Scripts Inc. COM 302182100 1,168 23,993 X 1, 2 23,993 0 0 Exxon Mobil Corp COM 30231G102 54,959 889,442 X 1, 2 818,158 195 71,089 FDR Management LLC Private Common COM JHFFDREP2 0 9,827 X 1, 2 9,827 0 0 FDR Management LLC Private Common COM JHFFDREPP 0 213 X 1, 2 213 0 0 Federal Mogul Corp. CL A-W/I COM 313549404 653 34,549 X 1, 2 34,549 0 0 FedEx Corporation COM 31428X106 2 25 X 1, 2 25 0 0 FELCOR LODGING (REIT) COM 31430F101 115 25,000 X 1, 2 25,000 0 0 Fifth Third Bancorp COM 316773100 13,351 1,109,846 X 1, 2 1,109,846 0 0 Fifth Third Cap Trust VI PFD 31678V206 5 215 X 1, 2 215 0 0 Financial Select Sector SPDR Fund COM 81369Y605 2 105 X 1, 2 105 0 0 First American Financial Holdings Inc COM JHFFAMFPP 603 300,000 X 1, 2 300,000 0 0 First Bancorp Inc/ME COM 31866P102 2,026 146,499 X 1, 2 146,499 0 0 FIRST ENERGY COM 337932107 19,127 496,300 X 1, 2 496,300 0 0
Page 7 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE FIRST MICHIGAN BNK PRVT PLCMNT COM JHFFMBPP1 17,420 3,350,000 X 1, 2 3,350,000 0 0 FIRST NIAGARA FINL GR COM 33582V108 136 11,699 X 1, 2 2,568 0 9,131 FIRST SOUTHERN BANCORP INC COM 33644N1PP 2,084 219,375 X 1, 2 219,375 0 0 FIRST STHRN BNCRP INC/PRF CLASS PFD 33644N5PP 169 375 X 1, 2 375 0 0 First United Bancorp Inc/North COM 33740N105 3,582 557,036 X 1, 2 557,036 0 0 Fleet Capital Trust VIII PFD 33889X203 20,316 812,000 X 1, 2 812,000 0 0 Flow Intl Corp COM 343468104 4,570 1,737,485 X 1, 2 1,737,485 0 0 Flowserve Corp COM 34354P105 1,013 9,257 X 1, 2 9,257 0 0 Flushing Financial Corp COM 343873105 8,345 721,929 X 1, 2 721,929 0 0 FMC Corp COM 302491303 505 7,389 X 1, 2 7,389 0 0 FNB Corp COM 302520101 26,016 3,039,206 X 1, 2 3,039,206 0 0 Fontainebleau Class A Units PFD JHFFONUNI 5 450,450 X 1, 2 450,450 0 0 Ford Motor Co COM 345370860 32 2,580 X 1, 2 2,580 0 0 FORD MOTOR CO CAP TR II PFD 345395206 5,989 125,000 X 1, 2 125,000 0 0 FOREST LABORATORIES INC COM 345838106 633 20,469 X 1, 2 20,469 0 0 FOREST OIL CORP COM 346091705 7,708 259,513 X 1, 2 259,513 0 0 FPC Capital I PFD 302552203 51,799 2,029,750 X 1, 2 2,029,750 0 0 FPL Group Capital Inc. PFD 302570502 554 20,000 X 1, 2 20,000 0 0 FPL Group Capital Trust I PFD 30257V207 26,091 1,028,000 X 1, 2 1,028,000 0 0 Franklin Resources Inc COM 354613101 79,780 746,302 X 1, 2 727,462 85 18,755 Freeport-McMoran Copper & Gold Inc. COM 35671D857 19,796 231,826 X 1, 2 231,826 0 0 FRONTIER COMMUNICATIONS CORP COM 35906A108 1,839 225,036 X 1, 2 225,036 0 0 FTI Consulting Inc COM 302941109 5,761 166,074 X 1, 2 166,074 0 0 Fushi Copperweld Inc COM 36113E107 3,358 386,472 X 1, 2 386,472 0 0 Gamestop Corp COM 36467W109 543 27,551 X 1, 2 27,551 0 0 General Dynamics Corp COM 369550108 5,150 82,000 X 1, 2 82,000 0 0 General Electric Capital Corp PFD 369622451 4,006 154,000 X 1, 2 154,000 0 0 General Electric Capital Corp PFD 369622469 2,962 113,000 X 1, 2 113,000 0 0 General Electric Capital Corp PFD 369622527 908 35,000 X 1, 2 35,000 0 0 General Electric Co COM 369604103 26,356 1,621,909 X 1, 2 1,540,445 0 81,464 GENERAL GROWTH PPTYS INC COM 370021107 936 60,000 X 1, 2 60,000 0 0 Georgia Power Capital Trust VII PFD 37333T205 8,789 345,600 X 1, 2 345,600 0 0 Gilead Sciences Inc COM 375558103 863 24,231 X 1, 2 24,231 0 0 Glacier Bancorp Inc COM 37637Q105 9,380 642,445 X 1, 2 642,445 0 0 Glasstech Class B COM 377265707 0 4,430 X 1, 2 4,430 0 0 Glasstech Inc PFD 377265863 143 143 X 1, 2 143 0 0 Glasstech Inc Cl C COM 377265806 0 10 X 1, 2 10 0 0
Page 8 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE Glasstech Inc Preferred Series C PFD 377265889 0 11 X 1, 2 11 0 0 Glasstech Inc Series B PFD 377265871 977 4,475 X 1, 2 4,475 0 0 GlaxoSmithKline plc ADR 37733W105 7 165 X 1, 2 165 0 0 Global Aviation Holdings Inc COM 37990V204 972 870 X 1, 2 870 0 0 Goldcorp Inc COM 380956409 298 6,837 X 1, 2 6,837 0 0 Goldman Sachs Group Inc COM 38141G104 34,458 238,332 X 1, 2 238,332 0 0 Goldman Sachs Group Inc PFD 38144X500 10,387 413,500 X 1, 2 413,500 0 0 Google Inc Class A COM 38259P508 134,170 255,178 X 1, 2 255,178 0 0 Government Properties Income COM 38376A103 168 6,309 X 1, 2 6,309 0 0 GRAHAM CORP COM 384556106 4,156 267,755 X 1, 2 267,755 0 0 GRAHAM PACKAGING CO INC COM 384701108 12,452 1,053,461 X 1, 2 1,053,461 0 0 Granite Broadcasting Corp. COM 387241805 0 11,688 X 1, 2 11,688 0 0 Granite Broadcasting-CW12 WTS 387241110 0 29,220 X 1, 2 29,220 0 0 Great Plains Energy Inc COM 391164100 756 40,000 X 1, 2 40,000 0 0 GREEKTOWN SUPERHOLDNGS COM COM 392485108 4,669 42,224 X 1, 2 42,224 0 0 GREEKTOWN SUPERHOLDNGS PFD PFD 392485207 68,466 619,156 X 1, 2 619,156 0 0 GREEKTOWN SUPRHLDNGS WRRNT WTS 392485116 22,394 202,511 X 1, 2 202,511 0 0 Greenhill & Co Inc COM 395259104 493 6,215 X 1, 2 6,215 0 0 Hancock Holding Co COM 410120109 20,986 697,914 X 1, 2 697,914 0 0 Hansen Natural Corp COM 411310105 812 17,424 X 1, 2 17,424 0 0 HARRIS & HARRIS GROUP INC COM 413833104 1,174 274,873 X 1, 2 274,873 0 0 HARTFORD FINL SVCS GRP PFD 416515708 5,930 250,000 X 1, 2 250,000 0 0 Hasbro Inc COM 418056107 933 20,959 X 1, 2 20,959 0 0 HCP Inc. COM 40414L109 306 8,517 X 1, 2 8,517 0 0 Heco Capital Trust III PFD 404156200 24,283 968,600 X 1, 2 968,600 0 0 HELMERICH & PAYNE COM 423452101 22,501 556,130 X 1, 2 519,768 170 36,192 Heritage Financial Corp COM 42722X106 5,851 417,940 X 1, 2 417,940 0 0 Heritage Oaks Bancorp. COM 42724R107 5,677 1,715,145 X 1, 2 1,715,145 0 0 HERSHA HOSPITALITY TRUST COM 427825104 150 29,000 X 1, 2 29,000 0 0 Hewlett-Packard Co COM 428236103 101,657 2,416,368 X 1, 2 2,401,703 0 14,665 HEXCEL CORP COM 428291108 2,026 113,908 X 1, 2 113,908 0 0 Hingham Institution for Savings COM 433323102 3,104 80,000 X 1, 2 80,000 0 0 Hologic Inc COM 436440101 13,055 815,412 X 1, 2 815,412 0 0 HOMBURG CANADA REIT 144A COM 436870117 17,225 1,527,064 X 1, 2 1,527,064 0 0 Honeywell International Inc COM 438516106 44,514 1,013,071 X 1, 2 1,013,071 0 0 HSBC Finance Corporation PFD 40429C201 32,613 1,287,018 X 1, 2 1,287,018 0 0 HSBC Finance Corporation PFD 40429C300 5,189 206,400 X 1, 2 206,400 0 0
Page 9 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE HSBC Finance Corporation PFD 40429C607 21,266 895,800 X 1, 2 895,800 0 0 HSBC Holdings Plc PFD 404280604 10,751 440,600 X 1, 2 440,600 0 0 HSBC Holdings PLC PFD 404280703 1,371 50,000 X 1, 2 50,000 0 0 HSBC HOLDINGS PLC PFD PFD 404280802 10,412 385,900 X 1, 2 385,900 0 0 HSBC USA Inc. PFD 40428H201 24,126 499,700 X 1, 2 499,700 0 0 Hudson City Bancorp Inc COM 443683107 3 255 X 1, 2 255 0 0 Huntington Bancshares Inc COM 446150104 1,917 338,062 X 1, 2 338,062 0 0 Huntsman Corp COM 447011107 6 550 X 1, 2 550 0 0 IAMGOLD Corp. COM 450913108 5,411 305,531 X 1, 2 305,531 0 0 IBERIABANK Corporation COM 450828108 8,034 160,742 X 1, 2 160,742 0 0 ICONIX BRAND GROUP INC COM 451055107 14,130 807,443 X 1, 2 807,443 0 0 ILLINOIS TOOL WORKS INC COM 452308109 70,004 1,488,803 X 1, 2 1,430,685 205 57,913 Imax Corp COM 45245E109 6,638 393,707 X 1, 2 393,707 0 0 IMPAX LABORATORIES INC COM 45256B101 4,098 206,973 X 1, 2 206,973 0 0 Independent Bank Corp. -Mass COM 453836108 19,318 857,830 X 1, 2 857,830 0 0 ING Groep NV PFD 456837301 20,847 865,000 X 1, 2 865,000 0 0 ING Groep NV PFD 456837400 2,457 109,100 X 1, 2 109,100 0 0 ING Groep NV PFD 456837509 1,381 61,500 X 1, 2 61,500 0 0 ING Group NV PFD 456837202 54,293 2,269,770 X 1, 2 2,269,770 0 0 Inspire Pharmaceuticals Inc. COM 457733103 4,774 802,392 X 1, 2 802,392 0 0 Integrys Energy Group Inc COM 45822P105 42,689 820,000 X 1, 2 820,000 0 0 Intel Corp COM 458140100 33,690 1,753,906 X 1, 2 1,620,606 465 132,835 International Business Machines Corp COM 459200101 55,409 413,068 X 1, 2 379,998 100 32,970 Interstate Power & Light Co PFD 461070864 15,258 570,400 X 1, 2 570,400 0 0 Interstate Power & Light Co PFD 461070872 59,377 2,012,790 X 1, 2 2,012,790 0 0 INVESCO MORTGAGE CAPITAL COM 46131B100 10,609 493,000 X 1, 2 493,000 0 0 Irobot Corp COM 462726100 4,726 254,507 X 1, 2 254,507 0 0 IRON MOUNTAIN INC COM 462846106 40,468 1,811,451 X 1, 2 1,811,451 0 0 iShare MSCI United Kingdom Indx Fnd COM 464286699 1,750 106,997 X 1, 2 106,997 0 0 iShares DJ US Real Estate COM 464287739 7 140 X 1, 2 140 0 0 IShares MSCI EMU COM 464286608 4,657 134,480 X 1, 2 134,480 0 0 IShares MSCI Germany Index COM 464286806 821 37,311 X 1, 2 37,311 0 0 iShares MSCI Japan Index Fund COM 464286848 2,657 268,659 X 1, 2 268,659 0 0 Isis Pharmaceuticals Inc COM 464330109 1,958 233,118 X 1, 2 233,118 0 0 iStar Financial Inc PFD 45031U507 4,343 428,300 X 1, 2 428,300 0 0 iStar Financial Inc PFD 45031U606 6,013 603,765 X 1, 2 603,765 0 0 iStar Financial Inc PFD 45031U705 2,875 290,366 X 1, 2 290,366 0 0
Page 10 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE iStar Financial Inc PFD 45031U804 2,649 272,510 X 1, 2 272,510 0 0 Janus Capital Group Inc COM 47102X105 3,824 349,213 X 1, 2 349,213 0 0 Joe's Jean Inc. COM 47777N101 5,995 2,841,210 X 1, 2 2,841,210 0 0 JOHN HANCOCK INVT TR COM 47803P302 413 28,500 X 1, 2 28,500 0 0 Johnson & Johnson COM 478160104 28,158 454,460 X 1, 2 410,320 85 44,055 JP Morgan Chase Cap X PFD 46623D200 12,360 487,000 X 1, 2 487,000 0 0 JP MORGAN CHASE CAP XI PFD 46626V207 1,154 46,500 X 1, 2 46,500 0 0 JPM CHASE CAPITAL XXIX PFD 48125E207 36,466 1,435,650 X 1, 2 1,435,650 0 0 JPMorgan Chase & Co COM 46625H100 117,931 3,097,735 X 1, 2 3,090,300 0 7,435 JPMorgan Chase & Co PFD 46625H621 15,114 535,000 X 1, 2 535,000 0 0 JPMORGAN CHASE & CO - WARR WTS 46634E114 5,479 469,500 X 1, 2 469,500 0 0 Kaiser Group Holdings Inc COM 483059101 2,254 81,949 X 1, 2 81,949 0 0 KAPSTONE PAPER AND PACKAGING COM 48562P103 5,741 472,937 X 1, 2 472,937 0 0 Katanga Mining Warrants WTS KATWTS850 4 80,000 X 1, 2 80,000 0 0 KBW Inc COM 482423100 2,200 85,953 X 1, 2 85,953 0 0 Keycorp COM 493267108 26,320 3,306,567 X 1, 2 3,306,567 0 0 Kimco Realty Corp PFD 49446R869 4,882 200,000 X 1, 2 200,000 0 0 Kimco Realty Corp COM 49446R109 2,041 129,600 X 1, 2 129,600 0 0 KINDER MORGAN MANAGEMNT LLC COM 49455U100 5 80 X 1, 2 80 0 0 Kinross Gold Corp COM 496902404 760 40,449 X 1, 2 40,449 0 0 KKR Financial Holdings LLC COM 48248A306 18 2,010 X 1, 2 2,010 0 0 Knight Capital Group Inc COM 499005106 1,136 91,653 X 1, 2 91,653 0 0 Knot Inc (The) COM 499184109 6,558 718,278 X 1, 2 718,278 0 0 KODIAK OIL & GAS CORP COM 50015Q100 6,122 1,805,911 X 1, 2 1,805,911 0 0 KRAFT FOODS INC - A COM 50075N104 2 60 X 1, 2 60 0 0 KROGER CO COM 501044101 34,920 1,612,211 X 1, 2 1,612,211 0 0 Laboratory Corp of America Holdings COM 50540R409 17,472 222,768 X 1, 2 222,768 0 0 Lakeland Financial Corp COM 511656100 6,956 372,802 X 1, 2 372,802 0 0 Lazard Ltd COM G54050102 87,668 2,499,075 X 1, 2 2,499,075 0 0 LEAP WIRELESS INTL INC COM 521863308 2,572 208,275 X 1, 2 208,275 0 0 LEAR CORP - W/I COM 521865204 48,385 613,012 X 1, 2 613,012 0 0 Leggett & Platt Inc. COM 524660107 9 385 X 1, 2 385 0 0 Lehman Brother Holding Cap Trust V PFD 52520E200 2 46,600 X 1, 2 46,600 0 0 Lehman Brothers Holding Cp Trust III PFD 52519Y209 48 1,135,400 X 1, 2 1,135,400 0 0 Lehman Brothers Holdings Inc PFD 524908704 13 638,560 X 1, 2 638,560 0 0 Lehman Brothers Holdings Inc PFD 524908720 2 219,300 X 1, 2 219,300 0 0 Lehman Brothers Holdings Inc PFD 524908886 19 761,201 X 1, 2 761,201 0 0
Page 11 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE LENNAR CORP COM 526057104 5,167 335,931 X 1, 2 335,931 0 0 Liberty Media Corp - Capital COM 53071M302 2 34 X 1, 2 34 0 0 Lincoln National Capital VI PFD 53404M201 11,535 460,100 X 1, 2 460,100 0 0 Linear Technology Corp. COM 535678106 11,800 384,000 X 1, 2 384,000 0 0 Live Nation Entertainment Inc COM 538034109 3,423 346,458 X 1, 2 346,458 0 0 LLX LOGISTICA SA - SPON ADR ADR 502024102 282 51,860 X 1, 2 51,860 0 0 LOUISIANA PAC CORP COM 546347105 2,316 306,000 X 1, 2 306,000 0 0 Lowe's Companies COM 548661107 5,996 269,000 X 1, 2 269,000 0 0 LSB Industries Inc. COM 502160104 6,357 342,305 X 1, 2 342,305 0 0 Lubrizol Corp COM 549271104 565 5,328 X 1, 2 5,328 0 0 LYONDELLBASELL INDU-CL A COM N53745100 3,279 137,189 X 1, 2 137,189 0 0 LYONDELLBASELL INDU-CL B COM N53745118 2,999 125,736 X 1, 2 125,736 0 0 M&T Bank Corporation COM 55261F104 21,971 268,567 X 1, 2 268,567 0 0 Macerich Co/The COM 554382101 284 6,601 X 1, 2 6,601 0 0 Mack-Cali Realty Corp. COM 554489104 173 5,300 X 1, 2 5,300 0 0 Macquarie Infrastructure Co LLC COM 55608B105 279 18,000 X 1, 2 18,000 0 0 Maiden Holdings Ltd. COM G5753U112 7,003 920,249 X 1, 2 920,249 0 0 Manitoba Telecom Services Inc COM 563486109 26 910 X 1, 2 910 0 0 Marriott International Inc/DE COM 571903202 5,747 160,391 X 1, 2 160,391 0 0 Marvell Technology Group Ltd COM G5876H105 434 24,809 X 1, 2 24,809 0 0 MASTERCARD INC - CLASS A COM 57636Q104 4,956 22,126 X 1, 2 22,126 0 0 MATTEL INC COM 577081102 6 235 X 1, 2 235 0 0 Maxim Integrated Products COM 57772K101 3 180 X 1, 2 180 0 0 MB Financial Inc COM 55264U108 16,224 1,000,243 X 1, 2 1,000,243 0 0 MBIA Inc COM 55262C100 188 18,750 X 1, 2 18,750 0 0 McDonald's Corp COM 580135101 58,545 785,732 X 1, 2 751,141 155 34,436 MCGRAW-HILL COMPANIES COM 580645109 475 14,375 X 1, 2 4,235 0 10,140 McKesson Corp COM 58155Q103 31,703 513,153 X 1, 2 513,153 0 0 MDC HOLDINGS INC COM 552676108 14,354 494,466 X 1, 2 494,466 0 0 MDC Partners Inc COM 552697104 10,710 801,010 X 1, 2 801,010 0 0 Medco Health Solutions Inc COM 58405U102 1,201 23,071 X 1, 2 23,071 0 0 MEDICAL PROPERTIES TRUST INC COM 58463J304 172 17,000 X 1, 2 17,000 0 0 MEDNAX INC COM 58502B106 9,405 176,452 X 1, 2 176,452 0 0 Medtronic Inc. COM 585055106 2,080 61,954 X 1, 2 51,689 0 10,265 Merck & Co Inc COM 58933Y105 8,251 224,140 X 1, 2 223,565 0 575 Merrill Lynch Preferred Cap Trust III PFD 59021F206 29,004 1,183,817 X 1, 2 1,183,817 0 0 Merrill Lynch Preferred Capital Trust PFD 59021K205 26,005 1,050,700 X 1, 2 1,050,700 0 0
Page 12 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE Metlife Inc COM 59156R108 70,401 1,830,970 X 1, 2 1,824,645 0 6,325 Metlife Inc 6.5% Ser B PFD 59156R603 113,306 4,596,608 X 1, 2 4,596,608 0 0 Microchip Technology Inc COM 595017104 599 19,060 X 1, 2 5,325 0 13,735 Microsoft Corp COM 594918104 280,676 11,460,861 X 1, 2 11,309,876 485 150,500 Minefinders Corp. COM 602900102 1,962 200,000 X 1, 2 200,000 0 0 ML Preferred Capital Trust IV PFD 59021G204 20,409 831,652 X 1, 2 831,652 0 0 MOLYCORP INC COM 608753109 12,993 459,274 X 1, 2 459,274 0 0 Monotype Imaging Holdings Inc. COM 61022P100 5,821 636,174 X 1, 2 636,174 0 0 Monsanto Co COM 61166W101 41,481 865,440 X 1, 2 865,440 0 0 MONSTER WORLDWIDE INC COM 611742107 325 25,065 X 1, 2 25,065 0 0 Morgan Stanley COM 617446448 31,001 1,256,109 X 1, 2 1,256,109 0 0 MORGAN STANLEY CAP TR VI PFD 617461207 984 39,300 X 1, 2 39,300 0 0 MORGAN STANLEY CAP TRUST PFD 61750K208 2,887 116,600 X 1, 2 116,600 0 0 Morgan Stanley Capital Trust III PFD 617460209 20,016 828,800 X 1, 2 828,800 0 0 Morgan Stanley Capital Trust IV PFD 617462205 31,821 1,320,360 X 1, 2 1,320,360 0 0 Morgan Stanley Capital Trust V PFD 617466206 22,093 927,100 X 1, 2 927,100 0 0 Msci Inc-Cl A COM 55354G100 12,782 384,880 X 1, 2 384,880 0 0 Muzak Holdings LLC COM JHFMUZCOM 0 323,174 X 1, 2 323,174 0 0 Muzak Holdings LLC - Preferred PFD JHFMUZPFD 639 28,384 X 1, 2 28,384 0 0 Mylan Laboratories COM 628530107 705 37,487 X 1, 2 37,487 0 0 NATIONAL GRID PLS-SP ADR ADR 636274300 8,975 210,000 X 1, 2 210,000 0 0 NAVISTAR INT CORP COM 63934E108 573 13,131 X 1, 2 13,131 0 0 Netlogic Microsystems Inc COM 64118B100 6,807 246,804 X 1, 2 246,804 0 0 NetSuite Inc. COM 64118Q107 4,114 174,561 X 1, 2 174,561 0 0 New York Cmnty Bancorp Inc COM 649445103 10 615 X 1, 2 615 0 0 Newmont Mining Corp COM 651639106 4,124 65,666 X 1, 2 65,666 0 0 News Corporation Inc - Class B COM 65248E203 57,390 3,810,753 X 1, 2 3,810,753 0 0 Nexen Inc PFD 65334H508 152,435 6,020,339 X 1, 2 6,020,339 0 0 NEXTERA ENERGY INC CO COM 65339F101 203 3,725 X 1, 2 825 0 2,900 Nike Inc COM 654106103 58,722 732,737 X 1, 2 732,737 0 0 NiSource Inc. COM 65473P105 22,281 1,280,500 X 1, 2 1,280,500 0 0 Northeast Community Bancorp COM 664112109 3,780 634,262 X 1, 2 634,262 0 0 Northeast Utilities COM 664397106 10,276 347,500 X 1, 2 347,500 0 0 Northrim Bancorp Inc COM 666762109 1,282 77,232 X 1, 2 77,232 0 0 Northwest Airlines Corp PFD 667990683 14 143,381 X 1, 2 143,381 0 0 Northwest Natural Gas Co COM 667655104 6,287 132,500 X 1, 2 132,500 0 0 Novabay Pharmaceuticals Inc. COM 66987P102 990 559,526 X 1, 2 559,526 0 0
Page 13 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE NSTAR COM 67019E107 46,099 1,171,500 X 1, 2 1,171,500 0 0 Nstar Electric Co. PFD 67021C305 9,771 130,286 X 1, 2 130,286 0 0 Nucor Corp COM 670346105 28,351 742,171 X 1, 2 698,689 195 43,287 NuVasive Inc COM 670704105 4,783 136,115 X 1, 2 136,115 0 0 Occidental Petroleum Corp COM 674599105 31,982 408,453 X 1, 2 388,620 85 19,748 Ocean Spray Cranberries Inc PFD 675022404 56,547 725,250 X 1, 2 725,250 0 0 OGE Energy Corp. COM 670837103 40,468 1,015,000 X 1, 2 1,015,000 0 0 OGX PETROLEO E-SPON ADR ADR 670849108 268 20,367 X 1, 2 20,367 0 0 OLD REPUBLIC INTERNATIONAL COM 680223104 4,637 334,826 X 1, 2 334,826 0 0 OMNICARE INC COM 681904108 884 37,020 X 1, 2 37,020 0 0 Oneok Inc COM 682680103 25,203 559,577 X 1, 2 559,577 0 0 ORACLE SYS CORP COM 68389X105 698 25,988 X 1, 2 8,529 0 17,459 Owens-Illinois Inc COM 690768403 42,546 1,516,244 X 1, 2 1,516,244 0 0 Pacific Continental Corp. COM 69412V108 6,540 722,699 X 1, 2 722,699 0 0 Pacific Enterprises PFD 694232505 3,803 45,000 X 1, 2 45,000 0 0 PACKAGING CORP OF AMERICA COM 695156109 1,023 44,164 X 1, 2 44,164 0 0 Pactiv Corporation COM 695257105 1,649 50,000 X 1, 2 50,000 0 0 PALL CORP COM 696429307 380 9,125 X 1, 2 9,125 0 0 PAR PHARMACEUTICAL COS INC COM 69888P106 5,020 172,636 X 1, 2 172,636 0 0 PARKWAY PROPERTIES (REITS) COM 70159Q104 166 11,216 X 1, 2 11,216 0 0 PartnerRe Ltd COM G6852T105 2,967 37,008 X 1, 2 37,008 0 0 Paychex Inc COM 704326107 4,130 150,230 X 1, 2 150,230 0 0 PENN REAL ESTATE INVEST TST COM 709102107 172 14,500 X 1, 2 14,500 0 0 PENN VIRGINIA CORP COM 707882106 7,138 445,000 X 1, 2 445,000 0 0 People's United Financial Inc COM 712704105 4,769 364,316 X 1, 2 364,316 0 0 Pepsico Inc COM 713448108 53,796 809,694 X 1, 2 746,537 195 62,962 Petroleo Brasileiro SA-ADR ADR 71654V408 370 10,199 X 1, 2 10,199 0 0 Pfizer Inc COM 717081103 75,510 4,397,761 X 1, 2 4,397,761 0 0 Philip Morris Internat-W/I COM 718172109 12,773 228,015 X 1, 2 219,040 0 8,975 PHILLIPS-VAN HEUSEN COM 718592108 718 11,928 X 1, 2 11,928 0 0 Phoenix Companies Inc PFD 71902E208 15,518 829,849 X 1, 2 829,849 0 0 Pico Holdings Inc COM 693366205 12,840 430,002 X 1, 2 430,002 0 0 Pinnacle Airlines Corp COM 723443107 4,146 763,483 X 1, 2 763,483 0 0 PINNACLE BANKSHARES C COM 72345E102 174 22,338 X 1, 2 22,338 0 0 Pinnacle West Capital Corp. COM 723484101 8,873 215,000 X 1, 2 215,000 0 0 Plains Exploration & Product Company COM 726505100 39,457 1,479,466 X 1, 2 1,479,466 0 0 PLC Capital Trust IV PFD 69340N202 24,376 975,035 X 1, 2 975,035 0 0
Page 14 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE PLC Capital Trust V PFD 69340Y208 10,607 441,950 X 1, 2 441,950 0 0 Pliant Corp PFD 729136507 0 1,972 X 1, 2 1,972 0 0 PNC Financial Services Group Inc COM 693475105 60,437 1,164,260 X 1, 2 1,163,730 0 530 PNM Resources Inc COM 69349H107 6,356 558,000 X 1, 2 558,000 0 0 Powershares QQQ COM 73935A104 1,746 35,570 X 1, 2 35,570 0 0 PPG Industries Inc COM 693506107 7 90 X 1, 2 90 0 0 PPL Corporation COM 69351T106 18,160 666,913 X 1, 2 666,913 0 0 PPL CORPORATION PFD 69351T601 571 10,000 X 1, 2 10,000 0 0 PPL CORPORATION 7.00 PFD 69352J883 68,204 2,597,256 X 1, 2 2,597,256 0 0 PPL Electric Utilities Corp PFD 69351U863 42,814 1,719,000 X 1, 2 1,719,000 0 0 Praxair Inc COM 74005P104 24,775 274,487 X 1, 2 252,176 70 22,241 PRECISION CASTPARTS CORP COM 740189105 873 6,853 X 1, 2 6,853 0 0 Principal Financial Group Inc. PFD 74251V300 3,984 160,000 X 1, 2 160,000 0 0 Procter & Gamble Co COM 742718109 102,534 1,709,750 X 1, 2 1,662,109 195 47,446 Progress Energy Inc COM 743263105 46,923 1,056,340 X 1, 2 1,056,340 0 0 Progress Energy Inc COM 743263AA3 51 337,750 X 1, 2 337,750 0 0 Progressive Corp COM 743315103 4,858 232,793 X 1, 2 232,793 0 0 Prologis Trust COM 743410102 369 31,283 X 1, 2 31,283 0 0 ProShares UltraDOW 30 COM 74347R305 15 315 X 1, 2 315 0 0 Prosperity Bancshares Inc COM 743606105 13,415 413,150 X 1, 2 413,150 0 0 Prudential Financial Inc COM 744320102 52,819 974,877 X 1, 2 974,877 0 0 Prudential Plc PFD B02FFZ2 4,422 176,100 X 1, 2 176,100 0 0 Prudential Plc 6.5 PFD G7293H189 9,573 382,138 X 1, 2 382,138 0 0 Public Service Enterprise Group COM 744573106 15,878 480,000 X 1, 2 480,000 0 0 Public Storage Inc PFD 74460D497 872 35,000 X 1, 2 35,000 0 0 Public Storage Inc PFD 74460D554 749 30,000 X 1, 2 30,000 0 0 Public Storage Inc PFD 74460D570 1,994 80,000 X 1, 2 80,000 0 0 Pulte Group Inc COM 745867101 43,678 4,986,112 X 1, 2 4,986,112 0 0 Qiagen NV COM N72482107 702 39,549 X 1, 2 39,549 0 0 QUAD GRAPHICS INC COM 747301109 2,226 47,641 X 1, 2 47,641 0 0 Qualcomm Inc COM 747525103 148,478 3,290,588 X 1, 2 3,235,476 225 54,887 QUANTEX BUILDING PRODUCTS COM 747619104 3,743 216,729 X 1, 2 216,729 0 0 Questar Corp. COM 748356102 13,723 782,812 X 1, 2 738,394 180 44,238 RALCORP HOLDINGS INC COM 751028101 16,910 289,164 X 1, 2 289,164 0 0 Range Resources Corp COM 75281A109 501 13,127 X 1, 2 13,127 0 0 RBS Capital Fund Trst VI PFD 74928M204 5,035 340,000 X 1, 2 340,000 0 0 RBS Capital Fund Trst VII PFD 74928P207 19,411 1,348,000 X 1, 2 1,348,000 0 0
Page 15 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE RBS Capital Fund Trust V PFD 74928K208 25,261 1,760,366 X 1, 2 1,760,366 0 0 RED HAT INC COM 756577102 627 15,298 X 1, 2 15,298 0 0 Renaissancere Holdings Limited PFD G7498P309 7,095 302,300 X 1, 2 302,300 0 0 Repsol International Capital Limited PFD G7513K103 11,514 455,100 X 1, 2 455,100 0 0 Republic Services Inc. COM 760759100 91,020 2,985,250 X 1, 2 2,985,250 0 0 RETAILS VENTURES INC. COM 76128Y102 12,697 1,180,000 X 1, 2 1,180,000 0 0 Rex Energy Corp. COM 761565100 32,106 2,508,312 X 1, 2 2,508,312 0 0 Rosetta Stone Inc. COM 777780107 7,101 334,308 X 1, 2 334,308 0 0 Royal Bank of Scotland Group Plc PFD 780097788 55,257 2,873,500 X 1, 2 2,873,500 0 0 Royal Dutch Shell PLC-ADR ADR 780259206 37,803 626,912 X 1, 2 582,243 180 44,489 Royal Gold Inc. COM 780287108 3,514 70,500 X 1, 2 70,500 0 0 RSC HOLDINGS INC COM 74972L102 4,602 616,832 X 1, 2 616,832 0 0 RTI Biologics Inc. COM 74975N105 3,933 1,495,260 X 1, 2 1,495,260 0 0 S&P500 USD Opal COM 004286774 6,136 10,000 X 1, 2 10,000 0 0 S&T Bancorp Inc COM 783859101 2,091 120,060 X 1, 2 120,060 0 0 SANDISK COM 80004C101 674 18,393 X 1, 2 18,393 0 0 SANTANDER FIN PFD SA UNI PFD E8683R144 38,082 1,346,600 X 1, 2 1,346,600 0 0 SANTANDER HOLDINGS USA PFD 80282K205 30,855 1,194,544 X 1, 2 1,194,544 0 0 SCANA CORP 7.7% 1/30/2065 PFD 80589M201 55,990 1,968,720 X 1, 2 1,968,720 0 0 SCHLUMBERGER COM 806857108 232 3,767 X 1, 2 742 0 3,025 SCHWEITZER-MAUDUIT INTL INC COM 808541106 8,357 143,322 X 1, 2 143,322 0 0 SEAHAWK DRILLING INC COM 81201R107 5,720 676,106 X 1, 2 676,106 0 0 SEI Investments COM 784117103 718 35,298 X 1, 2 35,298 0 0 Sempra Energy PFD 694232307 3,519 42,400 X 1, 2 42,400 0 0 Sempra Energy PFD 694232604 4,560 51,815 X 1, 2 51,815 0 0 Sharps Compliance Corp COM 820017101 1,250 247,479 X 1, 2 247,479 0 0 Signature Bank COM 82669G104 12,181 313,608 X 1, 2 313,608 0 0 Silver Slipper Warrants WTS JHFSSLIWW 0 1,928 X 1, 2 1,928 0 0 Silver Standard Resources Inc COM 82823L106 19,207 961,328 X 1, 2 961,328 0 0 Silver Wheaton Corp. COM 828336107 200 7,490 X 1, 2 7,490 0 0 Simon Property Group Inc COM 828806109 6,906 74,461 X 1, 2 74,461 0 0 Sirius XM Radio Inc. COM 82967N108 187,386156,154,933 X 1, 2 156,154,933 0 0 Skechers USA Inc-CL A COM 830566105 2,717 115,646 X 1, 2 115,646 0 0 SL Green Realty Corp COM 78440X101 198 3,122 X 1, 2 3,122 0 0 SLM Corp PFD 78442P205 29,681 742,390 X 1, 2 742,390 0 0 SLM Corp PFD 78442P304 8,395 432,740 X 1, 2 432,740 0 0 SMURFIT-STONE CONTAINER CORP COM 83272A104 19,206 1,045,496 X 1, 2 1,045,496 0 0
Page 16 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE Sonosite Inc COM 83568G104 4,195 125,174 X 1, 2 125,174 0 0 Southcoast Financial Corp COM 84129R100 819 202,633 X 1, 2 202,633 0 0 Southern Cal Ed PFD 842400749 38,424 384,000 X 1, 2 384,000 0 0 Southern Cal Edison PFD 842400731 17,685 180,000 X 1, 2 180,000 0 0 Southern Co/The COM 842587107 19,248 516,867 X 1, 2 516,867 0 0 Southwestern Energy Co COM 845467109 61,602 1,842,159 X 1, 2 1,842,159 0 0 Sovereign Capital Trust V PFD 84604V204 16,163 632,600 X 1, 2 632,600 0 0 Spectra Energy Corp-W/I COM 847560109 30,104 1,335,000 X 1, 2 1,335,000 0 0 Sprint Nextel Corporation COM 852061100 8 1,725 X 1, 2 1,725 0 0 Stantec Inc COM 85472N109 702 26,563 X 1, 2 26,563 0 0 Star Tribune COM 85519Y100 926 54,473 X 1, 2 54,473 0 0 Star Tribune WTS 85519Y118 0 25,918 X 1, 2 25,918 0 0 State Street Corp COM 857477103 61,257 1,626,591 X 1, 2 1,613,566 0 13,025 STEELCASE INC-CL A COM 858155203 4,480 537,757 X 1, 2 537,757 0 0 STRATEGIC HOTELS & RESORTS I COM 86272T106 153 36,000 X 1, 2 36,000 0 0 Stryker Corp. COM 863667101 580 11,597 X 1, 2 11,597 0 0 Suncor Energy Inc COM 867224107 149,815 4,602,598 X 1, 2 4,602,598 0 0 Suntrust Banks Inc COM 867914103 25,219 976,345 X 1, 2 976,345 0 0 SVB Financial Group COM 78486Q101 32,677 772,145 X 1, 2 772,145 0 0 SY Bancorp Inc COM 785060104 2,184 88,010 X 1, 2 88,010 0 0 SYSCO CORP COM 871829107 305 10,700 X 1, 2 1,910 0 8,790 T Rowe Price Group Inc COM 74144T108 26,742 534,141 X 1, 2 501,722 125 32,294 TAL INTERNATIONAL GROUP INC COM 874083108 3 120 X 1, 2 120 0 0 Target Corp COM 87612E106 42,071 787,249 X 1, 2 732,604 210 54,435 TCF Financial Corp. COM 872275102 46,742 2,887,099 X 1, 2 2,887,099 0 0 TECHTARGET COM 87874R100 4,198 799,531 X 1, 2 799,531 0 0 Teco Energy Inc. COM 872375100 16,589 957,800 X 1, 2 957,800 0 0 Telephone & Data Systems PFD 879433852 16,700 668,000 X 1, 2 668,000 0 0 Telephone & Data Systems Inc PFD 879433878 70,380 2,799,530 X 1, 2 2,799,530 0 0 Telvent GIT SA COM E90215109 4,395 194,294 X 1, 2 194,294 0 0 Tempur Pedic Intl Inc COM 88023U101 6,138 198,000 X 1, 2 198,000 0 0 Tenneco Inc COM 880349105 26 894 X 1, 2 894 0 0 TERADYNE INC COM 880770102 4,957 445,000 X 1, 2 445,000 0 0 TEVA PHARMACEUTICAL I COM 881624209 945 17,922 X 1, 2 5,974 0 11,948 TEXAS INSTRUMENTS INC COM 882508104 26,720 984,519 X 1, 2 911,002 280 73,237 TEXTRON INC COM 883203101 48,765 2,371,820 X 1, 2 2,371,820 0 0 The Brink's Company COM 109696104 2,001 87,000 X 1, 2 87,000 0 0
Page 17 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE THE ST JOE COMPANY COM 790148100 3,624 145,700 X 1, 2 145,700 0 0 Thomas Properties Group COM 884453101 161 45,000 X 1, 2 45,000 0 0 Thoratec Corp COM 885175307 4,280 115,751 X 1, 2 115,751 0 0 TIFFANY & CO COM 886547108 2,960 63,000 X 1, 2 63,000 0 0 Time Warner Cable COM 88732J207 2,142 39,667 X 1, 2 39,667 0 0 TJX Companies Inc. COM 872540109 31,017 694,988 X 1, 2 653,867 170 40,951 Toronto-Dominion Bank COM 891160509 10 140 X 1, 2 140 0 0 Total SA ADR 89151E109 12,031 233,163 X 1, 2 226,488 0 6,675 TREX COMPANY INC COM 89531P105 2,619 137,353 X 1, 2 137,353 0 0 Trico Bancshares COM 896095106 8,918 580,252 X 1, 2 580,252 0 0 TRUMP ENT COM COM 89816T202 18,866 775,440 X 1, 2 775,440 0 0 TUPPERWARE CORP COM 899896104 4,599 100,505 X 1, 2 100,505 0 0 TYCO INTERNATIONAL LTD COM H89128104 34,477 938,658 X 1, 2 938,658 0 0 U.S. Bancorp COM 902973304 72,003 3,330,371 X 1, 2 3,330,371 0 0 UAL Corporation COM 902549807 3,571 151,125 X 1, 2 151,125 0 0 UDR INC COM 902653104 169 8,000 X 1, 2 8,000 0 0 UIL HOLDINGS CORP COM 902748102 10,811 383,900 X 1, 2 383,900 0 0 Ultimate Software Group Inc COM 90385D107 5,113 132,336 X 1, 2 132,336 0 0 Ultra Petroleum Corp. COM 903914109 428 10,188 X 1, 2 10,188 0 0 Union Pacific Corp COM 907818108 709 8,665 X 1, 2 8,665 0 0 United Technologies Corp COM 913017109 43,211 606,647 X 1, 2 559,285 135 47,227 United Therapeutics Corp COM 91307C102 4,017 71,725 X 1, 2 71,725 0 0 Univest Corp. Of PA COM 915271100 1,042 59,679 X 1, 2 59,679 0 0 US Airways Group Inc COM 90341W108 7,833 846,784 X 1, 2 846,784 0 0 US Cellular PFD 911684306 75,579 2,999,169 X 1, 2 2,999,169 0 0 USA Mobility Inc COM 90341G103 1,871 116,728 X 1, 2 116,728 0 0 USB Capital PFD 91731L207 3,160 122,700 X 1, 2 122,700 0 0 USB Capital VIII PFD 903307205 25,567 1,017,800 X 1, 2 1,017,800 0 0 USB CAPITAL XI PFD 903300200 11,331 450,000 X 1, 2 450,000 0 0 Usg Corp COM 903293405 4,726 358,284 X 1, 2 358,284 0 0 VALLEY NATIONAL BANCORP-CW18 WTS 919794131 204 96,277 X 1, 2 96,277 0 0 Varian Medical Systems Inc. COM 92220P105 652 10,770 X 1, 2 10,770 0 0 Vectren Corporation COM 92240G101 26,129 1,010,000 X 1, 2 1,010,000 0 0 VERISK ANALYTICS INC-CLASS A COM 92345Y106 53,886 1,923,829 X 1, 2 1,923,829 0 0 Verizon Communications Inc COM 92343V104 31,694 972,500 X 1, 2 972,500 0 0 Vertis Holdings Inc. COM 92535B106 0 256,836 X 1, 2 256,836 0 0 VF Corporation COM 918204108 28,785 355,283 X 1, 2 334,718 85 20,480
Page 18 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE VIACOM PFD 92553P300 85,141 3,245,945 X 1, 2 3,245,945 0 0 Viacom Inc-Class A COM 92553P102 1,952 48,700 X 1, 2 48,700 0 0 VIEWPOINT FINANCIAL GROUP COM 92672A101 4,625 500,000 X 1, 2 500,000 0 0 Virgin Media Inc-CW11 WTS 92769L119 1 28,043 X 1, 2 28,043 0 0 Virginia Electric & Power Co PFD 927804625 4,563 45,500 X 1, 2 45,500 0 0 VISA INC - CLASS A SHARES COM 92826C839 9,231 124,310 X 1, 2 124,310 0 0 VistaPrint Ltd COM N93540107 36,473 943,673 X 1, 2 943,673 0 0 Vornado Realty Trust COM 929042109 3,278 38,328 X 1, 2 38,328 0 0 Wachovia Corp PFD 92977V206 31,150 1,205,500 X 1, 2 1,205,500 0 0 WAL MART STORES INC COM 931142103 727 13,590 X 1, 2 4,139 0 9,451 Walgreen Co. COM 931422109 62,582 1,868,113 X 1, 2 1,868,113 0 0 Warren Resources Inc COM 93564A100 40,904 10,303,312 X 1, 2 10,303,312 0 0 WASHINGTON BANKING CO COM 937303105 4,851 350,000 X 1, 2 350,000 0 0 Washington Post Cl B COM 939640108 9,459 23,682 X 1, 2 23,682 0 0 Weatherford International Ltd. COM H27013103 245 14,329 X 1, 2 14,329 0 0 WELLCARE HEALTH PLANS INC COM 94946T106 1,572 54,273 X 1, 2 54,273 0 0 Wells Fargo & Co COM 949746101 82,378 3,278,103 X 1, 2 3,258,719 0 19,384 Wells Fargo & Company PFD 949746804 25,648 25,495 X 1, 2 25,495 0 0 Wells Fargo & Company PFD 949746879 88,738 3,246,900 X 1, 2 3,246,900 0 0 Wells Fargo Capital Trust IV PFD 94976Y207 7,954 315,900 X 1, 2 315,900 0 0 Wendy's/Arby's Group Inc COM 950587105 6 1,285 X 1, 2 1,285 0 0 Westamerica Bancorporation COM 957090103 13,469 247,192 X 1, 2 247,192 0 0 Westar Energy Inc PFD 95709T704 18,478 691,300 X 1, 2 691,300 0 0 WHITING PETROLEUM CORP COM 966387102 586 6,138 X 1, 2 6,138 0 0 Williams Cos Inc COM 969457100 264 13,794 X 1, 2 13,794 0 0 WMS Industries Inc. COM 929297109 7,240 190,189 X 1, 2 190,189 0 0 WSFS Financial Corp COM 929328102 8,331 222,099 X 1, 2 222,099 0 0 Xanadoo Co PFD 98387T301 11,397 345,350 X 1, 2 345,350 0 0 Xcel Energy Inc COM 98389B100 37,556 1,635,000 X 1, 2 1,635,000 0 0 Xcel Energy Inc PFD 98389B308 695 8,610 X 1, 2 8,610 0 0 Xcel Energy Inc PFD 98389B506 2,594 33,691 X 1, 2 33,691 0 0 Xcel Energy Inc PFD 98389B605 753 9,410 X 1, 2 9,410 0 0 Xcel Energy Inc PFD 98389B704 4,638 53,900 X 1, 2 53,900 0 0 Xcel Energy Inc PFD 98389B886 21,249 771,000 X 1, 2 771,000 0 0 XINYUAN REAL ESTATE CO L-ADR ADR 98417P105 443 180,000 X 1, 2 180,000 0 0 Yum Brands Inc COM 988498101 428 9,290 X 1, 2 9,290 0 0 ZIONS BANCORP PFD 989701503 2,834 111,487 X 1, 2 111,487 0 0
Page 19 of 20 INVST DISCRTION NAME OF ISSUER TITLE OF CUSIP VALUE SHRS OR SLE SHRD OTHR OTHER VOTING ATHRTY CLASS (x$1000) PRN AMT (A) (B) (C) MGR SOLE SHRD NONE ZIONS BANCORP PFD 989701875 2,921 108,050 X 1, 2 108,050 0 0 Zions Bancorporation COM 989701107 22,500 1,053,393 X 1, 2 1,053,393 0 0 --- ---------- Number of Securities 705 11,688,347
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