13F-HR 1 ari3q06hr.txt ARI 3Q06 13F REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F FORM 13F HOLDINGS REPORT Report for the Quarter Ended: September 30, 2006 ADVISORY RESEARCH, INC. FORM 13F INFOMRATION TABLE NAME OF ISSUER TITLE CUSIP VALUE SH/P INV VOTE OF CLASS (K) AMT DSC AUTH 3M COMPANY COM 88579Y101 373 5006 SOLE SOLE ACMAT CORP CL A COM 004616207 508 23100 SOLE SOLE AFFORDABLE RESI PFD 008273203 1472 62100 SOLE SOLE ALASKA PAC BANC COM 011757101 884 40663 SOLE SOLE ALBANY MOLECULA COM 012423109 2445 261230 SOLE SOLE ALICO INC COM 016230104 7347 125571 SOLE SOLE AMERICAN RLTY COM 029174109 741 90600 SOLE SOLE AMERIGAS PARTN COM 030975106 809 26200 SOLE SOLE AMERIPRISE FIN COM 03076C106 63817 1360698 SOLE SOLE AMERIPRISE FINC COM 03076C106 549 11705 NONE NONE ANALOGIC CORP COM 032657207 29323 571370 SOLE SOLE ANDERSONS INC COM 034164103 28501 834584 SOLE SOLE ANHEUSER BUSCHN COM 035229103 19285 405905 SOLE SOLE APACHE CORP COM COM 037411105 7196 113855 SOLE SOLE APARTMENT INVT COM 03748R101 1728 31760 SOLE SOLE APARTMENT INVT PFD 03748R408 1464 55200 SOLE SOLE APPLE COMPUTER COM 037833100 411 5341 SOLE SOLE AQUILA INC COM 03840P102 80949 18694891SOLE SOLE AQUILA INC COM 03840P102 280 64665 NONE NONE ARCHON CORP COM 03957P101 488 14824 SOLE SOLE ARES CAP CORP COM 04010L103 751 43100 SOLE SOLE ASHLAND INC COM 044209104 59608 934595 SOLE SOLE ASHLAND INC COM 044209104 532 8345 NONE NONE ATLANTIC AMERN COM 048209100 838 344719 SOLE SOLE AVALON HLDGS CO COM 05343P109 2611 474700 SOLE SOLE AVALONBAY CMNTY PFD 053484705 2636 96250 SOLE SOLE AVATAR HOLDINGS COM 053494100 85436 1446589 SOLE SOLE BAIRNCO CORP CO COM 057097107 3466 288850 SOLE SOLE BANDAG INC COM 059815308 19882 572130 SOLE SOLE BANDAG INC COM 059815100 1654 40300 SOLE SOLE BANK MUTUAL COM 063750103 50303 4147010 SOLE SOLE BANK MUTUAL CO COM 063750103 212 17495 NONE NONE BCSB BANKCORP COM 054948104 352 28000 SOLE SOLE BEAR STEARNS C PFD 07384T206 2593 101200 SOLE SOLE BEAR STEARNS C COM 073902108 22895 163418 SOLE SOLE BELL INDUSTRIE COM 078107109 1348 450900 SOLE SOLE BERKSHIRE HATH COM 084670108 479 5 SOLE SOLE BERKSHIRE HATH COM 084670207 295 93 SOLE SOLE BEXIL CORP COM 088577101 2322 88900 SOLE SOLE BFC FINANCIAL COM 055384200 5019 865357 SOLE SOLE BLAIR CORP COM 092828102 2461 95370 SOLE SOLE BOB EVANS FARM COM 096761101 75693 2499763 SOLE SOLE BOOKS-A-MILLIO COM 098570104 660 37000 SOLE SOLE BOSS HLDGS INC COM 10011B101 843 138150 SOLE SOLE BOSWELL J G CO COM 101205102 1279 1781 SOLE SOLE BPI ENERGY HOL COM 055934103 5910 7986400 SOLE SOLE BRE PPTYS INC PFD 05564E403 2572 100450 SOLE SOLE BROOKLINE BANC COM 11373M107 75156 5465907 SOLE SOLE BROOKLINE BANC COM 11373M107 325 23660 NONE NONE CAGLES INC CL A COM 127703106 2623 323800 SOLE SOLE CALIFORNIA COAM COM 129915203 1967 95668 SOLE SOLE CANETIC RES TR COM 137513107 1368 80720 SOLE SOLE CAPITAL TRUST COM 14052H506 755 18533 SOLE SOLE CAPITOL FEDERA COM 14057C106 63169 1776396 SOLE SOLE CAPITOL FEDERAN COM 14057C106 398 11180 NONE NONE CARRIZO OIL & COM 144577103 56854 2204517 SOLE SOLE CBS CORP CL B COM 124857202 20700 734825 SOLE SOLE CENTERPLATE INC COM 15200E204 917 56100 SOLE SOLE CENTERPOINT EN COM 15189T107 124882 8720818 SOLE SOLE CENTERPOINT EN COM 15189T107 418 29165 NONE NONE CF INDUSTRIES COM 125269100 40148 2351967 SOLE SOLE CF INDUSTRIES COM 125269100 136 7945 NONE NONE CHEVIOT FINL C COM 166774109 2838 227005 SOLE SOLE CHEVY CHASE PF PFD 16678M207 799 14900 SOLE SOLE CHICAGO RIVET COM 168088102 1269 54000 SOLE SOLE CIMAREX ENERGY COM 171798101 2009 57100 SOLE SOLE CIT GROUP INC COM 125581108 55985 1151247 SOLE SOLE CIT GROUP INC COM 125581108 420 8640 NONE NONE CITIGROUP INC COM 172967101 19835 399335 SOLE SOLE CITIZENS COMMUN COM 17453B101 1781 126841 SOLE SOLE CITIZENS FIRST COM 17461R106 2704 106210 SOLE SOLE CLEVELAND ELEC PFD 186127205 2576 101500 SOLE SOLE CNX GAS CORP COM 12618H309 95052 4102375 SOLE SOLE CNX GAS CORP COM 12618H309 296 12775 NONE NONE COACHMEN INDS COM 189873102 2553 236150 SOLE SOLE COAST DISTR SYS COM 190345108 1852 189000 SOLE SOLE COLONIAL PPTYS PFD 195872403 2589 99600 SOLE SOLE COMMONWEALTH TE COM 203349105 76732 1861060 SOLE SOLE COMMUNICATIONS COM 203900105 1816 194400 SOLE SOLE COMMUNITY BK SH COM 203599105 659 29810 SOLE SOLE COMPTON PETE COM 204940100 4619 462157 SOLE SOLE COMSTOCK RES IN COM 205768203 4629 170500 SOLE SOLE CONOCOPHILLIPS COM 20825C104 19572 328783 SOLE SOLE CONSOLIDATED COM 209034107 1725 92200 SOLE SOLE CONSOLIDATED COM 210226106 3914 61000 SOLE SOLE CORTS TR II FTS PFD 22082K209 1595 84600 SOLE SOLE COST-U-LESS INC COM 221492101 1754 202505 SOLE SOLE COWEN GROUP INC COM 223621103 508 32116 SOLE SOLE CPAC INC COM COM 126145101 2779 417824 SOLE SOLE CROSS A T CO CL COM 227478104 2319 364550 SOLE SOLE DEFINED STRATEG COM 24476Y100 741 37700 SOLE SOLE DELTA PETE CORP COM 247907207 1056 46907 SOLE SOLE DELTIC TIMBER COM 247850100 37983 796958 SOLE SOLE DENBURY RESOURC COM 247916208 94186 3259022 SOLE SOLE DENBURY RESOURC COM 247916208 238 8225 NONE NONE DEVELOPERS DIV PFD 251591871 2594 102000 SOLE SOLE DEVON ENERGY COM 25179M103 275 4361 SOLE SOLE DISCOVERY HOLDI COM 25468Y107 56756 3925061 SOLE SOLE DISCOVERY HOLDI COM 25468Y107 463 32000 NONE NONE DONEGAL GROUP I COM 257701201 546 27000 SOLE SOLE DORMAN PRODUCTS COM 258278100 1105 109400 SOLE SOLE DOUBLE EAGLE PE COM 258570209 6779 358676 SOLE SOLE DUKE ENERGY COR COM 26441C105 246 8144 SOLE SOLE DWS GLOBAL COMM COM 23338Y100 416 27100 SOLE SOLE EDWARDS A G INC COM 281760108 74283 1394203 SOLE SOLE EDWARDS A G INC COM 281760108 266 5000 NONE NONE ELRON ELECTR IN COM 290160100 917 89074 SOLE SOLE EMBARQ CORP COM 29078E105 35646 736943 SOLE SOLE EMBARQ CORP COM 29078E105 411 8505 NONE NONE EMERSON ELEC CO COM 291011104 317 3783 SOLE SOLE EMPIRE DIST ELE PFD 291642205 2604 101400 SOLE SOLE ENCANA CORP COM COM 292505104 1896 40600 SOLE SOLE ENCORE ACQUISIT COM 29255W100 39899 1639255 SOLE SOLE ENTERRA ENERGY TR UNIT 29381P102 1369 143300 SOLE SOLE ENTERTAINMENT PFD 29380T204 804 31400 SOLE SOLE EQUITY INNS IN PFD 294703301 1454 55700 SOLE SOLE EQUITY OFFICE PFD 294741871 2585 101700 SOLE SOLE EQUITY RESIDEN COM 29476L107 693 12305 SOLE SOLE EQUITY RESIDEN PFD 29476L883 734 14506 SOLE SOLE ESPEY MFG & EL COM 296650104 3734 219640 SOLE SOLE EXELON CORP COM 30161N101 234 3872 SOLE SOLE EXXON MOBIL COR COM 30231G102 384 5716 SOLE SOLE FAIRPOINT COMMU COM 305560104 1684 96800 SOLE SOLE FEDERAL RLTY IN PFD 313747503 2555 100400 SOLE SOLE FIRST AVIATION COM 31865W108 499 143826 SOLE SOLE FIRST FED NORTH COM 32021X105 1018 108877 SOLE SOLE FIRST INDUSTRIA PFD 32054K608 1300 50400 SOLE SOLE FIRST PACTRUST COM 33589V101 2414 84962 SOLE SOLE FIRSTFED FINANC COM 337907109 74779 1318388 SOLE SOLE FORTUNE BRANDS COM 349631101 16672 221970 SOLE SOLE FOSTER L B CO COM 350060109 402 25000 SOLE SOLE FPL GROUP INC COM 302571104 258 5733 SOLE SOLE GASCO ENERGY IN COM 367220100 30444 11275391SOLE SOLE GAYLORD ENTERTA COM 367905106 18872 430375 SOLE SOLE GAYLORD ENTERTA COM 367905106 268 6120 NONE NONE GENERAL ELECTRI COM 369604103 11446 324244 SOLE SOLE GENERAL MLS INC COM 370334104 347 6136 SOLE SOLE GENERAL MTRS CO PFD 370442741 458 18500 SOLE SOLE GENERAL MTRS CO PFD 370442121 1635 86300 SOLE SOLE GENESIS HEALTHC COM 37184D101 151387 3178388 SOLE SOLE GENESIS HEALTHC COM 37184D101 568 11925 NONE NONE GENWORTH FINANC COM 37247D106 47381 1353351 SOLE SOLE GENWORTH FINANC COM 37247D106 369 10530 NONE NONE GLACIER WTR TR PFD 376398202 463 20956 SOLE SOLE GOTTSCHALKS INC COM 383485109 511 56850 SOLE SOLE GREENE CNTY BAN COM 394357107 667 47626 SOLE SOLE GRIFFIN LD & NU COM 398231100 2355 76778 SOLE SOLE GTSI CORP COM 36238K103 613 72800 SOLE SOLE GYRODYNE CO AME COM 403820103 630 13163 SOLE SOLE HALLWOOD GROUP COM 406364406 11374 121001 SOLE SOLE HANCOCK JOHN FI COM 41014X105 448 23931 SOLE SOLE HANCOCK JOHN PF COM 41013X106 1615 65900 SOLE SOLE HANCOCK JOHN PF COM 41021P103 1587 73500 SOLE SOLE HANOVER FOODS C COM 41078W100 1162 12564 SOLE SOLE HARVEST ENERGY TR UNIT 41752X101 1495 55130 SOLE SOLE HEALTH CARE REI PFD 42217K304 2621 101800 SOLE SOLE HEALTHCARE SERV COM 421906108 63370 2518667 SOLE SOLE HECTOR COMMUNIC COM 422730101 1898 52700 SOLE SOLE HEWLETT PACKARD COM 428236103 22654 617452 SOLE SOLE HF FINL CORP CO COM 404172108 1545 95608 SOLE SOLE HILFIGER TOMMY PFD 430908202 965 44900 SOLE SOLE HILLMAN GROUP PFD 43162L206 850 29300 SOLE SOLE HILTON HOTELS PFD 432848307 2668 103900 SOLE SOLE HINES HORTICUL COM 433245107 1295 880824 SOLE SOLE HOME PPTYS INC PFD 437306509 2559 100300 SOLE SOLE HOSPITALITY PP PFD 44106M409 1444 55900 SOLE SOLE HRPT PPTYS TR PFD 40426W309 1494 57700 SOLE SOLE HUDSON CITY BA COM 443683107 64206 4845749 SOLE SOLE HUDSON CITY BA COM 443683107 397 29965 NONE NONE HUGOTON RTY TR COM 444717102 672 25500 SOLE SOLE I B M COM 459200101 354 4315 SOLE SOLE IAC INTERACTIVE COM 44919P300 18774 652788 SOLE SOLE ILLINOIS TOOL W COM 452308109 18877 420424 SOLE SOLE IMPERIAL OIL LT COM 453038408 1560 46500 SOLE SOLE ING CLARION RLS COM 449788108 1658 89100 SOLE SOLE INGERSOLL-RAND COM G4776G101 22297 587082 SOLE SOLE INTRAWEST CORP COM 460915200 117594 3404584 SOLE SOLE INVESTORS BANCO COM 46146P102 92447 6134485 SOLE SOLE INVESTORS BANCO COM 46146P102 346 22950 NONE NONE IOWA TELECOMMUN COM 462594201 1573 79500 SOLE SOLE ISHARES TR MSCIEAFE464287465 1262 18630 SOLE SOLE ISHARES TR RUSL3000464287663 1022 10170 SOLE SOLE ISHARES TR RUSLMC 464287473 682 5010 SOLE SOLE ISHARES TR RUSL2000464287630 927 12570 SOLE SOLE ISHARES TR S&P500 464287200 4713 35240 SOLE SOLE J ALEXANDER COR COM 466096104 4912 564550 SOLE SOLE J.P. MORGAN CHA COM 46625H100 507 10804 SOLE SOLE HANCOCK JOHN PF SHBENINT464287176 1608 65300 SOLE SOLE KB HOME COM 48666K109 324 7392 SOLE SOLE K-FED BANCORP COM 48246S101 2191 136926 SOLE SOLE KOREA FD COM COM 500634100 536 14330 SOLE SOLE LAIDLAW INTERN COM 50730R102 58932 2156319 SOLE SOLE LANDAMERICA FI COM 514936103 106126 1613103 SOLE SOLE LANDAMERICA FI COM 514936103 388 5895 NONE NONE LASALLE HOTEL PFD 517942207 1460 57000 SOLE SOLE LEHMAN BROTHER COM 524908100 22017 298092 SOLE SOLE LEUCADIA NATIO COM 527288104 111952 4277860 SOLE SOLE LEUCADIA NATIO COM 527288104 535 20450 NONE NONE LEVITT CORP COM 52742P108 39947 3396872 SOLE SOLE LIBERTY MEDIA COM 53071M302 20711 247830 SOLE SOLE LIMONEIRA CO COM 532746104 1598 8855 SOLE SOLE LINCOLN BANC COM 532879103 1430 77300 SOLE SOLE LONGS DRUG S COM 543162101 140243 3048109 SOLE SOLE LONGS DRUG S COM 543162101 415 9025 NONE NONE LOWES COMPAN COM 548661107 18939 674960 SOLE SOLE LSB CORP COM COM 50215P100 833 49000 SOLE SOLE LYDALL INC COM 550819106 554 62200 SOLE SOLE M D C HOLD COM 552676108 28535 614325 SOLE SOLE M D C HOLD COM 552676108 271 5825 NONE NONE MAF BANCORP INC COM 55261R108 103983 2518361 SOLE SOLE MAF BANCORP INC COM 55261R108 365 8845 NONE NONE MAIR HLDGS COM 560635104 372 65216 SOLE SOLE MALAYSIA F COM 560905101 303 52200 SOLE SOLE MARCUS CORP COM 566330106 53044 2309261 SOLE SOLE MARQUETTE COM 571599109 688 500 SOLE SOLE MARSHALL & ILSL COM 571834100 270 5597 SOLE SOLE MAUI LD & PINEA COM 577345101 2352 79285 SOLE SOLE MAYS J W INC COM 578473100 300 16689 SOLE SOLE MBNA CAP E PFD PFD 55270B201 2527 96800 SOLE SOLE MCRAE INDS INC COM 582757209 1594 130161 SOLE SOLE MEADOWBROOK INS COM 58319P108 917 81400 SOLE SOLE MERCK & CO INC COM 589331107 21965 524221 SOLE SOLE MERRILL LYNCH PFD 59021C203 2556 99400 SOLE SOLE MEXICO FD INC COM 592835102 765 22150 SOLE SOLE MGIC INVT CORP COM 552848103 17394 290045 SOLE SOLE MIDLAND CO COM 597486109 27012 623547 SOLE SOLE MILLS CORP PFD PFD 601148208 681 31800 SOLE SOLE MONARCH CEM CO COM 609031109 672 22936 SOLE SOLE MOTORCAR PTS & COM 620071100 4217 312340 SOLE SOLE NATIONAL PATEN COM 637132101 2866 1813668 SOLE SOLE NATIONAL RETAI PFD 637417205 2619 102300 SOLE SOLE NATIONWIDE HLT PFD 638620203 2354 23300 SOLE SOLE NEW ULM TELECO COM 649060100 2008 133867 SOLE SOLE NGAS RES INC COM 62912T103 455 59000 SOLE SOLE NORTHERN TR COR COM 665859104 808 13828 SOLE SOLE NUVEEN PFD & CO COM 67073B106 1617 117500 SOLE SOLE NUVEEN PFD & CO COM 67073D102 1594 116400 SOLE SOLE NUVEEN QUALITY COM 67071S101 1612 112500 SOLE SOLE NUVEEN QUALITY COM 67072C105 1594 108800 SOLE SOLE NUVEEN REAL EST COM 67071B108 1700 64300 SOLE SOLE O I CORP COM 670841105 2069 206857 SOLE SOLE ODYSSEY RE HLD PFD 67612W306 1451 56800 SOLE SOLE OIL DRI CORP A COM 677864100 5185 340500 SOLE SOLE OLD REPUBLIC I COM 680223104 55057 2485627 SOLE SOLE OLD REPUBLIC I COM 680223104 473 21375 NONE NONE ORACLE SYS COR COM 68389X105 331 18656 SOLE SOLE PARADISE INC COM 699058103 228 15125 SOLE SOLE PARK BANCORP COM 700164106 1217 36098 SOLE SOLE PATHFINDER BA COM 70320A103 272 19200 SOLE SOLE PATRICK INDS COM 703343103 1697 136387 SOLE SOLE PATRIOT TRANSN COM 70337B102 6226 82401 SOLE SOLE PAULSON CAP CO COM 703797100 404 70068 SOLE SOLE PENN VIRGINIA COM 707882106 1174 18514 SOLE SOLE PENNEY J C INC COM 708160106 45189 660751 SOLE SOLE PENNEY J C INC COM 708160106 293 4280 NONE NONE PEP BOYS MANNY COM 713278109 54761 4261540 SOLE SOLE PETROLEUM & RES COM 716549100 609 18650 SOLE SOLE PFIZER INC COM 717081103 22260 784904 SOLE SOLE PINNACLE GAS RE COM 723464202 6325 575000 SOLE SOLE PIONEER NATURAL COM 723787107 48751 1246192 SOLE SOLE PIONEER NATURAL COM 723787107 358 9145 NONE NONE PLAINS ALL AMER COM 726503105 50511 1094488 SOLE SOLE PLAINS EXPLORAT COM 726505100 112656 2625391 SOLE SOLE PLAINS EXPLORAT COM 726505100 408 9515 NONE NONE PLUM CREEK TIMB COM 729251108 34982 1027680 SOLE SOLE PLUM CREEK TIMB COM 729251108 387 11360 NONE NONE POST PPTYS INC PFD 737464206 1703 29800 SOLE SOLE PFD & CORP INC COM 74039B105 1504 73500 SOLE SOLE PFD INCM STRAT COM 74038E100 1518 75900 SOLE SOLE PREFERRED PLUS PFD 740434618 1023 52200 SOLE SOLE PRICESMART INC COM 741511109 11963 792220 SOLE SOLE PROGRESS ENERGY COM 743263105 222 4898 SOLE SOLE PROVIDENCE & W COM 743737108 1166 58000 SOLE SOLE PSB BANCORP IN COM 693604100 941 59021 SOLE SOLE QUICKSILVER RE COM 74837R104 82494 2586029 SOLE SOLE QUICKSILVER RE COM 74837R104 330 10350 NONE NONE RAILAMERICA IN COM 750753105 3276 300000 SOLE SOLE REAL ESTATE INC COM 755881109 838 40090 SOLE SOLE RED LION HOTELS PFD 75670L104 1477 56700 SOLE SOLE REGENCY AFFILIA COM 758847305 702 114215 SOLE SOLE REX STORE CORP COM 761624105 8856 628100 SOLE SOLE RMR REAL ESTAT SHBNINT 74963F106 1701 106260 SOLE SOLE ROBERTS REALTY COM 769900101 1457 179900 SOLE SOLE ROCK OF AGES CO COM 772632105 688 151151 SOLE SOLE ROME BANCORP IN COM 77587P103 2131 165870 SOLE SOLE RYDEX ETF TRUST COM 78355W106 4737 106640 SOLE SOLE S & K FAMOUS BR COM 783774102 1588 117004 SOLE SOLE SADLIER WILLIAM COM 786327106 750 20000 SOLE SOLE SALOMON BROS IN COM 79550V109 895 56046 SOLE SOLE SALOMON BROTHER COM 794916106 509 36000 SOLE SOLE SAN JUAN BASIN COM 798241105 682 19300 SOLE SOLE SANFILIPPO JOHN COM 800422107 446 43768 SOLE SOLE SCHEID VINEYARD COM 806403200 2312 64210 SOLE SOLE SERVICE BANCORP COM 81756X103 616 18800 SOLE SOLE SHENANDOAH TELE COM 82312B106 3880 89250 SOLE SOLE SHERWIN WILLIAM COM 824348106 344 6175 SOLE SOLE SIMON PPTY GRO PFD 828806604 2493 99700 SOLE SOLE SLM CORPORATIO COM 78442P106 19287 371056 SOLE SOLE SOLECTRON CORP COM 834182107 8308 2548540 SOLE SOLE SOUTHWESTERN EN COM 845467109 2136 71510 SOLE SOLE SOVEREIGN CAP T PFD 84604E202 1460 57600 SOLE SOLE STIFEL FINANCIA COM 860630102 1641 51697 SOLE SOLE STIFEL FINL CAP PFD 860629203 1603 62800 SOLE SOLE STRATEGIC DIST COM 862701307 2101 173740 SOLE SOLE SUNCOR ENERGY COM 867229106 3098 43000 SOLE SOLE SUPERIOR UNIFOR COM 868358102 3442 278100 SOLE SOLE SUPREME INDS IN COM 868607102 2309 348862 SOLE SOLE SYNERGY FINANCI COM 87162V102 2472 153568 SOLE SOLE SYSTEMAX INC CO COM 871851101 763 47600 SOLE SOLE TAIWAN GREATER COM 874037104 306 53700 SOLE SOLE TANDY BRANDS A COM 875378101 7107 668574 SOLE SOLE TARO PHARMACEU SHS A M8737E108 332 24949 SOLE SOLE TECH DATA CORP COM 878237106 96398 2638877 SOLE SOLE TECH DATA CORP COM 878237106 397 10855 NONE NONE TECHE HLDG CO COM 878330109 944 17400 SOLE SOLE TELEPHONE & DA PFD 879433878 2639 105500 SOLE SOLE THIRD CENTY BA COM 884120106 1615 153088 SOLE SOLE THORNBURG MTG COM 885218107 721 28300 SOLE SOLE TIME WARNER IN COM 887317105 23354 1281057 SOLE SOLE TORCHMARK CAP PFD 89102Q201 2528 101100 SOLE SOLE TRIARC COMPANI COM 895927101 77009 4641891 SOLE SOLE TRIARC COMPANI COM 895927309 38214 2527349 SOLE SOLE TRIARC COMPANI COM 895927309 389 25705 NONE NONE TRIBUNE CO COM 896047107 150 4571 SOLE SOLE TRIBUNE CO COM 896047107 51287 1567437 NONE NONE UMB FINANCIAL C COM 902788108 106267 2905852 SOLE SOLE UMB FINANCIAL C COM 902788108 424 11600 NONE NONE UNITED DOMINION PFD 910197300 2611 101600 SOLE SOLE UNITED STATES C PFD 911684207 2664 99800 SOLE SOLE UNITED STATES L COM 911922102 3746 122029 SOLE SOLE UNITED STATES S PFD 91263P204 901 34000 SOLE SOLE UNITED TECHNOLO COM 913017109 21724 342917 SOLE SOLE VIACOM INC NEW COM 92553P201 298 8021 SOLE SOLE VILLAGE SUPER M COM 927107409 1709 25551 SOLE SOLE VNB CAP TR I TO PFD 92856Q203 2576 102400 SOLE SOLE VULCAN INTL COR COM 929136109 3462 60738 SOLE SOLE WARWICK VALLEY COM 936750108 5326 264972 SOLE SOLE WELLSFORD REAL COM 950240200 717 97300 SOLE SOLE WENDYS INTERNAT COM 950590109 57862 863612 SOLE SOLE WENDYS INTERNAT COM 950590109 488 7280 NONE NONE WESTFIELD FINL COM 96008D101 1303 41000 SOLE SOLE WEYERHAEUSER CO COM 962166104 4097 66583 SOLE SOLE WHITE MTNS INS COM G9618E107 2401 4831 SOLE SOLE WINDSTREAM CORP COM 97381W104 1772 134375 SOLE SOLE ZAPATA CORP NEV COM 989070602 2495 370251 SOLE SOLE ZIONS CAP TR B PFD 989703202 2616 101650 SOLE SOLE 4518374 203991334