13F-HR 1 horizonthirteenfdecnine.txt HORIZONTHIRTEENFDECNINE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Quarter ended: December 31, 2009 Not an amendment. Institutional Investment Manager Filing this Report: Name: Horizon Asset Management, Inc. Address: 470 Park Avenue South 4th Floor South New York, N.Y. 10016 13F File Number: 28-6986 The institutional investment manager filing this report; and person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all 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: Andrew M. Fishman Title: General Counsel Phone: 646-495-7347 Signature, Place, and Date of Signing: Andrew M. Fishman New York, New York February 9, 2010 Report Type: 13F HOLDINGS REPORT List of Other Managers Reporting for this Manager: none I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. Report Summary: Number of Other Included Managers: none Form 13F Information Table Entry Total: 405 Form Information Table Value Total: $4,082,012,000 VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MGRS SOLE SHARED NONE ABBOTT LABS COM 002824100 1172 21703 SH SOLE 21703 0 0 ABERDEEN ASIA-PACIFIC INCOME ETF/CEF 003009107 76 12215 SH SOLE 12215 0 0 ADELPHIA CONTINGENT VALUE VEHI COM 00685R409 167 5218654 SH DEFINED 4921837 296817 0 ADELPHIA RECOVERY TRUST CVV AC COM 00685R789 0 1268051 SH DEFINED 145963 1122088 0 ADELPHIA RECOVERY TRUST CVV AC COM 00685R813 0 2200000 SH DEFINED 0 2200000 0 ADELPHIA RECOVERY TRUST CVV SE COM 00685R706 0 1624103 SH DEFINED 369967 1254136 0 ADVANCED MICRO DEVICES 6.000% CONV BOND 007903AL1 2125 2361000 PRN SOLE 2361000 0 0 AFFILIATED MANAGERS GROUP 3.95 CONV BOND 008252AL2 1466 1486000 PRN SOLE 1486000 0 0 ALLEGHANY CORP DEL COM 017175100 1235 4475 SH SOLE 4475 0 0 ALLEGHENY ENERGY INC COM COM 017361106 83736 3566284 SH DEFINED 3458155 83129 25000 ALLIANCE NATL MUN INCOME FD ETF/CEF 01864U106 263 19639 SH SOLE 19639 0 0 ALLIANCE NEW YORK MUN INC FD ETF/CEF 018714105 182 13911 SH SOLE 13911 0 0 ALLIANCE WORLD DLR GVT FD II ETF/CEF 01879R106 882 66344 SH SOLE 66344 0 0 ALPINE GLOBAL PREMIER PPTYS SB ETF/CEF 02083A103 162 25932 SH SOLE 25932 0 0 ALTRIA GROUP INC COM 02209S103 643 32765 SH SOLE 32765 0 0 AMERICAN CAPITAL LTDCOM COM 02503Y103 61 25084 SH DEFINED 22662 2422 0 AMERICAN INCOME FD INC ETF/CEF 02672T109 86 11512 SH SOLE 11512 0 0 AMERICAN INTERNATIONAL GROUP I COM 026874784 278 9259 SH SOLE 9259 0 0 AMERICAN MUN INCOME PORTFOLI ETF/CEF 027649102 433 31013 SH DEFINED 29713 1300 0 AMERICAN RAILCAR INDS INC COM 02916P103 130 11784 SH DEFINED 5784 6000 0 AMERICAN REAL ESTATE FLOAT 4.0 CONV BOND 029169AA7 16061 19350000 PRN DEFINED 14350000 5000000 0 AMERICAN SELECT PORTFOLIO INC ETF/CEF 029570108 122 10768 SH DEFINED 10368 400 0 AMERICAN STRATEGIC INCM PTFL ETF/CEF 030098107 217 19172 SH SOLE 19172 0 0 AMERN INTL GRP LGTM JAN 25 OPTION PUT 02687A9ME 53 108 SH PUT SOLE 108 0 0 ANADARKO PETE CORP COM 032511107 260 4166 SH SOLE 4166 0 0 ANALOG DEVICES INC COM 032654105 426 13500 SH SOLE 13500 0 0 ANGLO AMERN PLC ADR NEW COM 03485P201 178212 8141551 SH DEFINED 7992071 149480 0 APPLIED MATLS INC COM 038222105 169 12100 SH SOLE 12100 0 0 APPOLO INVT CORP SHS BEN INT COM 03761U106 394 41340 SH DEFINED 40140 1200 0 ARTIO GLOBAL INVS INC COM CL A COM 04315B107 1312 51452 SH DEFINED 36052 15400 0 ASSURED GUARANTY LTD COM G0585R106 474 21800 SH SOLE 0 0 21800 BANK AMER CORP COM 060505104 434 28827 SH SOLE 28827 0 0 BANK OF AMERICA CORPORATION 7. PREF COM 060505682 264 300 SH SOLE 300 0 0 BANK OF NEW YORK MELLON CORP COM 064058100 6593 235726 SH DEFINED 221626 14100 0 BAXTER INTL INC COM 071813109 206 3509 SH SOLE 3509 0 0 BERKSHIRE HATHAWAY HLDG CO CL COM 084670207 153220 46628 SH DEFINED 45455 1025 148 BERKSHIRE HATHAWAY INC DEL COM 084670108 496 5 SH DEFINED 3 2 0 BHP BILLITON LTD SPONSORED ADR COM 088606108 24782 323610 SH DEFINED 317940 5670 0 BLACKROCK CREDIT ALLOCATION IN ETF/CEF 09255H105 1129 120330 SH DEFINED 102830 17500 0 BLACKROCK CREDIT ALLOCATION IN ETF/CEF 09255J101 2668 318437 SH DEFINED 316437 2000 0 BLACKROCK DEBT STRAT FD INC ETF/CEF 09255R103 130 36004 SH SOLE 36004 0 0 BLACKROCK FL INS MUN INC TR CO ETF/CEF 09250G102 233 17374 SH SOLE 17374 0 0 BLACKROCK FL RATE OME STRA I S ETF/CEF 09255Y108 2673 194705 SH DEFINED 192105 2600 0 BLACKROCK FLA MUN INCOME TR SH ETF/CEF 09248H105 275 21468 SH SOLE 21468 0 0 BLACKROCK FLOAT RATE OME STR ETF/CEF 09255X100 2164 152060 SH SOLE 152060 0 0 BLACKROCK FLOATING RATE INCOME ETF/CEF 091941104 5313 380859 SH DEFINED 378459 2400 0 BLACKROCK INC COM 09247X101 2078 8948 SH DEFINED 6448 2500 0 BLACKROCK MUNIHOLDINGS N Y I ETF/CEF 09255C106 494 37168 SH SOLE 37168 0 0 BLACKROCK MUNIYIELD MICH INSCO ETF/CEF 09254W103 127 10660 SH SOLE 10660 0 0 BLACKROCK MUNIYIELD QUALITY ETF/CEF 09254F100 173 12490 SH SOLE 12490 0 0 BLACKROCK MUNIYIELD QUALITY ETF/CEF 09254G108 368 31278 SH SOLE 31278 0 0 BLACKROCK NY INS MUN INC TR ETF/CEF 09249U105 537 40044 SH SOLE 40044 0 0 BLACKROCK NY MUNICIPAL BOND ETF/CEF 09249P106 188 12292 SH SOLE 12292 0 0 BLACKROCK REAL ASSET EQUITY ETF/CEF 09254B109 444 35072 SH SOLE 35072 0 0 BLACKROCK SR HIGH INCOME FD ETF/CEF 09255T109 379 108420 SH SOLE 108420 0 0 BLACKSTONE GROUP L PCOM UNIT R LP INT UNIT 09253U108 11431 871300 SH DEFINED 665911 205389 0 BOEING CO COM 097023105 581 10730 SH SOLE 10730 0 0 BOMBARDIER INC 6.25% PFD SER 4 CONV PREF 097751705 1342 61752 SH DEFINED 58052 3700 0 BOSTON PROPERTIES LP 2.875% 02 CONV BOND 10112RAK0 3328 3392000 PRN DEFINED 1392000 2000000 0 BOSTON SCIENTIFIC CORP COM 101137107 202 22439 SH SOLE 22439 0 0 BOWLES FLUIDICS CORP NEW COM 102590304 6737 7323 SH SOLE 7323 0 0 BP PLC SPONS ADR COM 055622104 2928 50511 SH SOLE 50511 0 0 BRISTOL MYERS SQUIBBCO COM 110122108 1017 40274 SH SOLE 40274 0 0 BROADRIDGE FINL SOLUTIONS INC COM 11133T103 3409 151129 SH DEFINED 140929 10200 0 BROOKFIELD ASSET MGMT INC VTG COM 112585104 197488 8903874 SH DEFINED 8647092 210696 46086 BUCKEYE GP HOLDINGS LP UNITS L COM 118167105 1821 63596 SH SOLE 63596 0 0 BURLINGTON NORTHERN SANTA FE C COM 12189T104 49795 504917 SH SOLE 498517 0 6400 CABLEVISION SYS CORP CL A SHS COM 12686C109 2262 87591 SH SOLE 87591 0 0 CACI INTL CONV 2.125% 05/01/20 CONV BOND 127190AD8 4118 3871000 PRN SOLE 3871000 0 0 CACI INTL INC CL A COM 127190304 5856 119887 SH DEFINED 118487 1400 0 CADBURY PLC SPONS ADR COM 12721E102 1172 22810 SH SOLE 22810 0 0 CALPINE CORP COM NEW COM 131347304 18807 1709741 SH DEFINED 1611537 66195 32009 CAMECO CORP COM 13321L108 833 25909 SH SOLE 25909 0 0 CANADIAN NAT RES LTD COM 136385101 16209 225282 SH DEFINED 223382 1900 0 CARBO CERAMICS INC COM 140781105 348 5100 SH SOLE 5100 0 0 CARNIVAL CORP PAIREDCTF 1 COM COM 143658300 104304 3291391 SH DEFINED 3215851 75540 0 CATERPILLAR INC COM 149123101 1143 20050 SH SOLE 20050 0 0 CATHAY GENERAL BANCORP COM 149150104 200 26442 SH SOLE 26442 0 0 CENOVUS ENERGY INC COM COM 15135U109 63094 2503746 SH DEFINED 2439289 54202 10255 CENTER FINL CORP CALIF COM 15146E102 390 84708 SH SOLE 84708 0 0 CENTERPOINT ENERGY INC COM 15189T107 15921 1097215 SH DEFINED 1033215 4000 60000 CHESAPEAKE ENERGY CORP 2.500% CONV BOND 165167BZ9 1407 1572000 PRN SOLE 1572000 0 0 CHEUNG KONG HLDGS LTD ADR COM 166744201 845 65300 SH SOLE 65300 0 0 CHEVRON CORP COM 166764100 1379 17917 SH SOLE 17917 0 0 CHINA EASTERN AIRLINES CORP SP COM 16937R104 1556 44298 SH SOLE 44298 0 0 CHINA LIFE INS CO LTD SPONS AD COM 16939P106 101959 1390030 SH DEFINED 1347874 32681 9475 CHINA SOUTHN AIRLS LTD SPON AD COM 169409109 1048 67991 SH SOLE 67991 0 0 CHINA UNICOM HONG KONG LTD ADR COM 16945R104 78140 5960359 SH DEFINED 5781096 159145 20118 CINCINNATI FINL CORP COM 172062101 268 10223 SH SOLE 10223 0 0 CLAYMORE ETF TRUST 2 CLAY/ALPH ETF/CEF 18383Q861 8844 487159 SH SOLE 487159 0 0 CME GROUP INC COM COM 12572Q105 145737 433794 SH DEFINED 412184 18742 2868 CMS ENERGY CORP COM 125896100 1799 114889 SH SOLE 114889 0 0 CNOOC LTD SPONSORED ADR ISIN COM 126132109 96893 623307 SH DEFINED 609464 13843 0 COEUR D'ALENE 3.250% 03/15/202 CONV BOND 192108AR9 891 1000000 PRN DEFINED 0 1000000 0 COHEN & STEERS INC COM COM 19247A100 9146 400440 SH DEFINED 340440 47000 13000 COHEN & STEERS QUALITY RLTY CO ETF/CEF 19247L106 565 93105 SH SOLE 93105 0 0 COHEN & STEERS WRLDWD RLT INC ETF/CEF 19248J100 1560 248018 SH SOLE 248018 0 0 COLGATE PALMOLIVE CO COM 194162103 231 2810 SH SOLE 2810 0 0 COMDISCO HLDG CO INC COM 200334100 992 99196 SH DEFINED 28396 70800 0 COMDISCO HLDG CO INC CONTINGEN WAR/RIGHT 200334118 1142 9136150 SH DEFINED 5391275 3744875 0 COMMERCIAL METALS CO COM 201723103 537 34328 SH SOLE 34328 0 0 CONOCOPHILLIPS COM 20825C104 287 5616 SH SOLE 5616 0 0 CSX CORP COM 126408103 342 7058 SH SOLE 7058 0 0 CUBIC CORP COM 229669106 420 11268 SH SOLE 11268 0 0 DANAHER CORP COM 235851102 205 2725 SH SOLE 2725 0 0 DEAN FOODS CO NEW COM 242370104 1680 93121 SH DEFINED 90021 3100 0 DELUXE CORP COM 248019101 649 43900 SH SOLE 43900 0 0 DIRECTV COM CL A COM 25490A101 1197 35884 SH DEFINED 28884 7000 0 DISCOVER FINL SVCS INC COM 254709108 339 23057 SH SOLE 23057 0 0 DISCOVERY COMMUNICATNS NEW SER COM 25470F104 206 6701 SH DEFINED 1 6700 0 DISNEY WALT CO DISNEY COM COM 254687106 75766 2349322 SH DEFINED 2287916 50208 11198 DR PEPPER SNAPPLE GROUP INC COM 26138E109 488 17229 SH SOLE 17229 0 0 DREAMWORKS ANIMATION SKG INCCL COM 26153C103 3281 82116 SH SOLE 82116 0 0 DREYFUS MUN INCOME INC ETF/CEF 26201R102 364 42897 SH SOLE 42897 0 0 DREYFUS STRATEGIC MUNS INC ETF/CEF 261932107 94 11618 SH SOLE 11618 0 0 DWS MUN INCOME TR ETF/CEF 23338M106 1434 121702 SH SOLE 121702 0 0 DYNEGY INC CL A COM COM 26817G102 4057 2241287 SH DEFINED 1735476 505811 0 EAST WEST BANCORP INC COM 27579R104 598 37831 SH DEFINED 32631 5200 0 EATON VANCE CORP NON VTG COM 278265103 1862 61240 SH DEFINED 54840 6400 0 EATON VANCE CR OPPORTUNIT FD ETF/CEF 278271101 155 16554 SH DEFINED 14454 2100 0 EATON VANCE FLTING RATE INC ETF/CEF 278279104 719 50803 SH SOLE 50803 0 0 EATON VANCE INS CA MUN BD FD ETF/CEF 27828A100 212 18545 SH SOLE 18545 0 0 EATON VANCE LTD DUR INCOME F ETF/CEF 27828H105 5929 397944 SH SOLE 397944 0 0 EATON VANCE MUNI INCOME TRUSSH ETF/CEF 27826U108 807 69955 SH SOLE 69955 0 0 EATON VANCE SR FLTNG RTE TR ETF/CEF 27828Q105 2182 149660 SH DEFINED 147660 2000 0 EATON VANCE SR INCOME TR SH BE ETF/CEF 27826S103 1336 213489 SH DEFINED 208689 4800 0 EL PASO CORP COM COM 28336L109 63940 6504562 SH DEFINED 6310890 102645 91027 ELAN PLC ADR COM 284131208 104 16000 SH SOLE 16000 0 0 EMERSON ELEC CO COM 291011104 1361 31947 SH SOLE 31947 0 0 ENCANA CORP COM SHS ISIN COM 292505104 81038 2501944 SH DEFINED 2437487 54202 10255 ENTERPRISE PRODS PARTNERS L COM 293792107 929 29567 SH SOLE 29567 0 0 ENVIRONMENTAL ENERGY SVCS INC COM 29406Q101 0 45000 SH SOLE 45000 0 0 ESCROW CVPR ADELPHIAC CUSIP #0 CONV PREF 006ESC974 0 11000 SH DEFINED 0 11000 0 ESSEX PORTFOLIO 3.625% 11/01/2 CONV BOND 29717PAB3 1774 1763000 PRN DEFINED 0 1763000 0 EXXON MOBIL CORP COM 30231G102 17438 255727 SH SOLE 255727 0 0 FANNIE MAE COM COM 313586109 2435 2063894 SH DEFINED 1930859 56740 76295 FEDERAL HOME LN MTG CORP PFD P PREF COM 313400673 10 10000 SH DEFINED 1400 8600 0 FEDL NATL MTG ASSN JAN 30 OPTION CALL 1 600 SH CALL DEFINED 0 600 0 FIDELITY NATL INFORMATION SVC COM 31620M106 515 21988 SH DEFINED 19588 2400 0 FIDELITY NATL TITLE GROUP INCL COM 31620R105 579 43034 SH SOLE 43034 0 0 FINOVA GROUP INC COM 317928109 0 136600 SH SOLE 136600 0 0 FIRST INDUSTRIAL REALTY TRUST COM 32054K103 95 18200 SH SOLE 18200 0 0 FIRST TR ABERDEEN GLBL OPP FCO ETF/CEF 337319107 1132 70595 SH DEFINED 68495 2100 0 FIRST TR FOUR CRNRS SR FLT RCO ETF/CEF 33733Q107 1508 124846 SH SOLE 124846 0 0 FLOWERS FOODS INC COM COM 343498101 693 29170 SH SOLE 29170 0 0 FOREST CITY ENT 3.625% 10/15/1 CONV BOND 345550AH0 3247 3400000 PRN DEFINED 0 3400000 0 FOREST CITY ENT 3.625% 10/15/2 CONV BOND 345550AK3 4717 4735000 PRN SOLE 4735000 0 0 FOREST CITY ENTERPRISES INC CL COM 345550107 15704 1333073 SH DEFINED 1145306 170300 17467 FREDDIE MAC COM 313400301 1510 1027389 SH DEFINED 826889 135800 64700 FRMO CORP COM 30262F106 560 319974 SH SOLE 319974 0 0 FTI CONSULTING INC COM 302941109 1478 31334 SH SOLE 31334 0 0 GAZPROM O A O SPON ADR REG S R COM 368287207 79324 3251004 SH DEFINED 3181023 69981 0 GENCORP INC COM 368682100 970 138642 SH SOLE 138642 0 0 GENERAL ELECTRIC CO COM 369604103 1463 96700 SH SOLE 96700 0 0 GENUINE PARTS CO COM 372460105 304 8000 SH SOLE 8000 0 0 GENWORTH FINL INC CL A COM 37247D106 1405 123784 SH SOLE 123784 0 0 GENZYME CORP COM FORMERLY COM COM 372917104 48787 995450 SH DEFINED 969188 21325 4937 GLAXOSMITHKLINE PLC ADR SPONSO COM 37733W105 6534 154661 SH SOLE 154661 0 0 GREAT PLAINS ENERGY INC COM 391164100 544 28059 SH SOLE 28059 0 0 GREENHILL & CO INC COM 395259104 1555 19384 SH DEFINED 15384 4000 0 GREENLIGHT CAPITAL RE LTD CLAS COM G4095J109 11581 490926 SH DEFINED 428626 62300 0 GRUPO TELEVISA SA DE CV SP ADR COM 40049J206 97927 4717087 SH DEFINED 4588682 108405 20000 HABER INC COM 404450108 26 376195 SH SOLE 376195 0 0 HARRIS CORP DEL COM 413875105 1385 29131 SH SOLE 29131 0 0 HARRY WINSTON DIAMOND CORP COM COM 41587B100 1799 189127 SH SOLE 189127 0 0 HARVEST ENERGY TRUST 7.250% 09 CONV BOND 41752XAH4 484 500000 PRN DEFINED 0 500000 0 HARVEST ENERGY TRUST 7.500% 05 CONV BOND 41752XAK7 3031 3100000 PRN DEFINED 0 3100000 0 HDFC BANK LTD ADR REPS 3.000% COM 40415F101 318 2447 SH SOLE 2447 0 0 HEINZ H J CO COM 423074103 1048 24505 SH SOLE 24505 0 0 HELIOS ADVANTAGE INCOME FUND ETF/CEF 42327W206 575 87251 SH DEFINED 80051 7200 0 HELIOS HIGH INCOME FUND ETF/CEF 42327X204 540 80060 SH DEFINED 78860 1200 0 HELIOS MULTI SECTOR HIGN INCOM ETF/CEF 42327Y202 272 59158 SH DEFINED 56158 3000 0 HELIOS STRATEGIC INCOME FUND ETF/CEF 42328A203 663 126756 SH SOLE 126756 0 0 HONEYWELL INTL INC COM 438516106 564 14400 SH SOLE 14400 0 0 HUANENG PWR INTL INCSPONSORED COM 443304100 51926 2318127 SH DEFINED 2277304 28823 12000 HUTCHISON TELECOMM INTL LTD SP COM 44841T107 527 175197 SH DEFINED 125197 50000 0 HUTCHISON TELECOMMUNICATIONSAD COM 44841V102 306 123438 SH SOLE 123438 0 0 ICAHN ENTERPRISES LPDEP UNIT LP INT UNIT 451100101 36989 925890 SH DEFINED 609744 301146 15000 ICICI BK LTD ADR ISIN#US45104G COM 45104G104 79317 2103350 SH DEFINED 2054393 40769 8188 IDEARC INC COM 451663108 6 1709329 SH DEFINED 1708229 1100 0 IMPERIAL OIL LTD COM COM 453038408 144468 3736875 SH DEFINED 3656325 80550 0 ING CLARION GLB RE EST INCM ETF/CEF 44982G104 211 33080 SH SOLE 33080 0 0 ING PRIME RATE TR SH BEN INT ETF/CEF 44977W106 3849 737446 SH SOLE 737446 0 0 INTERCONTINENTAL EXCH ANGE INC COM 45865V100 39651 353079 SH DEFINED 327653 25426 0 INTERPUBLIC GROUP 4.250% 03/15 CONV BOND 460690BA7 1385 1394000 PRN SOLE 1394000 0 0 INTERPUBLIC GROUP COS INC PFD5 PREF COM 460690803 3334 4468 SH SOLE 4468 0 0 INTL FLAVORS & FRAGRANCES COM 459506101 217 5275 SH SOLE 5275 0 0 ISHARES TR FTSE XNHUA IDX ETF/CEF 464287184 1953 46216 SH SOLE 46216 0 0 ISHARES TR HIGH YLD CORP ETF/CEF 464288513 4092 46581 SH SOLE 46581 0 0 ISHARES TR S&P LTN AM 40 ETF/CEF 464287390 222 4650 SH SOLE 4650 0 0 ISHARES TR US TIPS BD FD ETF/CEF 464287176 16472 158539 SH SOLE 158539 0 0 JANUS CAP GROUP INC COM 47102X105 2340 174000 SH DEFINED 172000 2000 0 JARDEN CORP COM 471109108 9497 307241 SH DEFINED 264341 42900 0 JARDINE STRATEGIC HLDGS LTD AD COM 471122200 1995 56687 SH DEFINED 51887 4800 0 JEFFERIES GROUP INC NEW COM 472319102 8636 363916 SH DEFINED 242316 121600 0 JOHNSON & JOHNSON COM 478160104 3028 47006 SH SOLE 47006 0 0 KIMBERLY CLARK CORP COM 494368103 409 6420 SH SOLE 6420 0 0 KINDER MORGAN EGY PTNS L P UT COM 494550106 244 4000 SH SOLE 4000 0 0 KOREA ELEC PWR CO SPONSORED AD COM 500631106 176 12085 SH SOLE 12085 0 0 KRAFT FOODS INC CL A COM 50075N104 3464 127449 SH SOLE 127449 0 0 L 3 COMMUNICATIONS CORP CONV 3 CONV BOND 502413AW7 4200 4000000 PRN DEFINED 0 4000000 0 L3 COMM HLDGS LG-TM JAN 25 OPTION PUT 96P99Q345 14 943 SH PUT DEFINED 0 943 0 LABRANCHE & CO INC COM 505447102 5542 1951333 SH DEFINED 1792533 113800 45000 LAS VEGAS SANDS CORP COM 517834107 3448 230763 SH DEFINED 131863 98900 0 LAZARD LTD SHS A COM G54050102 3462 91181 SH DEFINED 86381 4800 0 LEAR CORP COM NEW COM 521865204 2464 36426 SH SOLE 36426 0 0 LEAR CORPORATION WTS EXP 11/09 WAR/RIGHT 521865113 853 13496 SH SOLE 13496 0 0 LEGG MASON INC COM 524901105 89685 2973637 SH DEFINED 2851017 109132 13488 LENDER PROCESSING SVCS INC COM 52602E102 62166 1528931 SH DEFINED 1477416 51515 0 LESCARDEN INC COM 526867106 3 138314 SH SOLE 138314 0 0 LESCARDEN INC PFD CONV CONV PREF 526867205 0 28900 SH SOLE 28900 0 0 LEUCADIA NATIONAL CORP COM 527288104 124649 5239569 SH DEFINED 5008355 217879 13335 LEUCADIA NATL CORP SR NT CONV CONV BOND 527288AX2 13425 11164000 PRN DEFINED 10914000 250000 0 LIBERTY GLOBAL INC SER A COM 530555101 1580 72181 SH DEFINED 66181 6000 0 LIBERTY GLOBAL INC SER C COM 530555309 342 15643 SH SOLE 15643 0 0 LIBERTY MEDIA 3.125% 03/30/23 CONV BOND 530718AF2 3024 3005000 PRN SOLE 3005000 0 0 LIBERTY MEDIA CORP NEW LIB STA COM 53071M708 738 15982 SH DEFINED 15282 700 0 LICT CORPORATION COM 50187G104 241 83 SH DEFINED 81 2 0 LILLY, ELI AND COMPANY COM 532457108 1019 28538 SH SOLE 28538 0 0" LMP CORPORATE LN FD INC ETF/CEF 50208B100 1756 174941 SH DEFINED 137141 37800 0 LOEWS CORP COM 540424108 4126 113511 SH DEFINED 105511 8000 0 M & T BK CORP COM 55261F104 11482 171649 SH SOLE 171649 0 0 MARATHON OIL CORP COM 565849106 728 23308 SH SOLE 23308 0 0 MARKEL CORP COM 570535104 4769 14025 SH SOLE 14025 0 0 MARKET VECTORS ETF TR GAMING E ETF/CEF 57060U829 96816 4128617 SH DEFINED 4043512 85105 0 MARKET VECTORS ETF TR GOLD MIN ETF/CEF 57060U100 302 6534 SH SOLE 6534 0 0 MARKET VECTORS ETF TR HG YLD M ETF/CEF 57060U878 398 13119 SH SOLE 13119 0 0 MARKET VECTORS ETF TR MKTVEC S ETF/CEF 57060U803 2685 155042 SH SOLE 155042 0 0 MARKET VECTORS ETF TR PRE-RF M ETF/CEF 57060U738 592 23716 SH SOLE 23716 0 0 MARSH & MCLENNAN COS INC COM 571748102 866 39218 SH SOLE 39218 0 0 MASTERCARD INC CL A COM COM 57636Q104 109919 429406 SH DEFINED 418239 9830 1337 MBIA CAP CLAYMORE MNG DUR INCO ETF/CEF 55266X100 422 31992 SH DEFINED 30792 1200 0 MBIA INC COM 55262C100 150 37750 SH DEFINED 35050 2700 0 MBIA INC LG-TM JAN 5 OPTION PUT 44J99T023 103 517 SH PUT SOLE 517 0 0 MBIA INC LG-TM JAN 7.500 OPTION CALL 44C99T038 16 204 SH CALL SOLE 204 0 0 MCDONALDS CORP COM 580135101 615 9853 SH SOLE 9853 0 0 MEAD JOHNSON NUTRITION CO CL A COM 582839106 829 18960 SH SOLE 18960 0 0 MEDALLION FINL CORP COM 583928106 1149 140589 SH SOLE 140589 0 0 MEDCO HEALTH SOLUTIONS INC COM 58405U102 410 6418 SH SOLE 6418 0 0 MELCO CROWN ENTMNT LTD ADR COM 585464100 735 218806 SH DEFINED 218802 4 0 MERCK & COMPANY COM 58933Y105 1935 52946 SH SOLE 52946 0 0 MF GLOBAL LTD 9.000% 06/20/38 CONV BOND 55276YAB2 1382 1238000 PRN SOLE 1238000 0 0 MFS CALIF INSD MUN FD ETF/CEF 59318C106 278 25087 SH SOLE 25087 0 0 MFS HIGH INCOME MUN TR SH BEN ETF/CEF 59318D104 142 29302 SH DEFINED 21202 8100 0 MFS HIGH YIELD MUN TR SH BEN I ETF/CEF 59318E102 91 20620 SH DEFINED 14620 6000 0 MFS MUN INCOME TR SH BEN INT ETF/CEF 552738106 114 16751 SH DEFINED 12051 4700 0 MGM MIRAGE COM 552953101 1017 111520 SH DEFINED 16820 94700 0 MICROSOFT COM 594918104 215 7070 SH SOLE 7070 0 0 MIDDLESEX WATER CO COM 596680108 294 16700 SH SOLE 16700 0 0 MIRANT CORP NEW COM COM 60467R100 5841 382522 SH DEFINED 296212 86310 0 MONTPELIER RE HOLDINGS LTD SHS COM G62185106 443 25571 SH SOLE 25571 0 0 MORGAN STANLEY MUN INC OPP II ETF/CEF 61745P445 111 16129 SH SOLE 16129 0 0 MORGAN STANLEY MUN PREM INCOM ETF/CEF 61745P429 268 33684 SH SOLE 33684 0 0 MORGAN STANLEY QULTY MUN SECS ETF/CEF 61745P585 300 22725 SH SOLE 22725 0 0 MSCI INC CL A COM 55354G100 3036 95464 SH DEFINED 71264 24200 0 NARA BANCORP INC COM 63080P105 1701 150027 SH SOLE 150027 0 0 NASDAQ OMX GROUP INCCOM COM 631103108 100098 5050347 SH DEFINED 4835022 168078 47247 NASDAQ - 2.50% 08/15/13 CONVER CONV BOND 631103AA6 9650 10293000 PRN DEFINED 3093000 7200000 0 NATIONAL ENERGY GROUP INC NEW COM 635812209 115 29038 SH SOLE 29038 0 0 NATIONWIDE HEALTH PPTYS INC COM 638620104 229 6520 SH SOLE 6520 0 0 NEUBERGER BERMAN INTER MUNI CO ETF/CEF 64124P101 141 10527 SH SOLE 10527 0 0 NEUBERGER BERMAN NY INT MUN CO ETF/CEF 64124K102 170 12957 SH SOLE 12957 0 0 NORFOLK SOUTHN CORP COM 655844108 485 9244 SH SOLE 9244 0 0 NORTHERN TR CORP COM 665859104 603 11500 SH DEFINED 3300 8200 0 NOVARTIS AG SPONSORED ADR COM 66987V109 694 12750 SH SOLE 12750 0 0 NRG ENERGY INC COM NEW COM 629377508 18185 770204 SH DEFINED 658447 111757 0 NUVEEN CA DIV ADV MUNI FD 3 SH ETF/CEF 67070Y109 403 32470 SH SOLE 32470 0 0 NUVEEN DIV ADV MUNI FD 3 SH BE ETF/CEF 67070X101 618 45960 SH SOLE 45960 0 0 NUVEEN DIV ADVANTAGE MUN FD ETF/CEF 67070F100 468 32552 SH SOLE 32552 0 0 NUVEEN DIVID ADVANTAGE MUN F ETF/CEF 67066V101 2946 218254 SH SOLE 218254 0 0 NUVEEN FLOATING RATE INCOME ETF/CEF 67072T108 207 19983 SH DEFINED 19583 400 0 NUVEEN FLTNG RTE INCM OPP FDCO ETF/CEF 6706EN100 1215 112878 SH DEFINED 112478 400 0 NUVEEN INSD DIVID ADVANTAGE MT ETF/CEF 67071L502 102 10000 SH SOLE 10000 0 0 NUVEEN INSD NY PREM INCOME F ETF/CEF 67101R107 594 44366 SH SOLE 44366 0 0 NUVEEN INSD PREM INCOME MUN ETF/CEF 6706D8104 403 32712 SH SOLE 32712 0 0 NUVEEN INVT QUALITY MUN FD I ETF/CEF 67062E103 568 42675 SH SOLE 42675 0 0 NUVEEN MULT CURR ST GV INCM CO ETF/CEF 67090N109 1943 126097 SH SOLE 126097 0 0 NUVEEN MUN ADVANTAGE FD INC ETF/CEF 67062H106 761 53412 SH SOLE 53412 0 0 NUVEEN MUN MKT OPPORTUNITY F ETF/CEF 67062W103 3208 240278 SH SOLE 240278 0 0 NUVEEN NY DIV ADVANTG MUN FD ETF/CEF 67070A101 287 22252 SH SOLE 22252 0 0 NUVEEN NY DIVID ADVNTG MUN F ETF/CEF 67066X107 851 65754 SH SOLE 65754 0 0 NUVEEN NY PERFORM PLUS MUN F ETF/CEF 67062R104 1067 76837 SH SOLE 76837 0 0 NUVEEN NY SELECT QUALITY MUN ETF/CEF 670976109 531 39187 SH SOLE 39187 0 0 NUVEEN PERFORM PLUS MUN FD ETF/CEF 67062P108 12995 924247 SH SOLE 924247 0 0 NUVEEN PREM INCOME MUN FD ETF/CEF 67062T100 1103 83911 SH SOLE 83911 0 0 NUVEEN PREM INCOME MUN FD 2 ETF/CEF 67063W102 1554 116580 SH SOLE 116580 0 0 NUVEEN PREM INCOME MUN FD 4.00 ETF/CEF 6706K4105 2109 173549 SH SOLE 173549 0 0 NUVEEN PREMIER MUN INCOME FD ETF/CEF 670988104 756 58344 SH SOLE 58344 0 0 NUVEEN QUALITY INCOME MUN FD ETF/CEF 670977107 748 54856 SH SOLE 54856 0 0 NUVEEN QUALITY PFD INCOME FD ETF/CEF 67071S101 209 31798 SH DEFINED 26898 4900 0 NUVEEN REAL ESTATE INCOME FD ETF/CEF 67071B108 190 23524 SH SOLE 23524 0 0 NUVEEN SELECT QUALITY MUN FD ETF/CEF 670973106 301 21419 SH SOLE 21419 0 0 NUVEEN SR INCOME FD ETF/CEF 67067Y104 6367 895445 SH DEFINED 863145 32300 0 NV ENERGY INC COM SHS ISIN COM 67073Y106 11893 960695 SH SOLE 889767 0 70928 NYSE EURONEXT COM COM 629491101 99042 3914716 SH DEFINED 3797789 88770 28157 OIL STATE INTERNATIONAL INC CO COM 678026105 5875 149523 SH DEFINED 123723 25800 0 OSHKOSH TRUCK CORP COM 688239201 2102 56766 SH SOLE 56766 0 0 OVERSEAS SHIPHOLDING GROUP I COM 690368105 264 6000 SH SOLE 6000 0 0 PALL CORP COM 696429307 1826 50441 SH SOLE 50441 0 0 PCM FUND INC ETF/CEF 69323T101 537 67315 SH DEFINED 43415 23900 0 PEABODY ENERGY CORP 4.750% 12/ CONV BOND 704549AG9 1550 1535000 PRN SOLE 1535000 0 0 PENN VA GP HLDGS L P UNIT R LI COM 70788P105 1336 80077 SH SOLE 80077 0 0 PENN VIRGINIA CONV 4.50% 11/15 CONV BOND 707882AA4 1534 1619000 PRN SOLE 1619000 0 0 PENN WEST ENERGY TR TR UNIT IS COM 707885109 16169 918676 SH DEFINED 812801 105875 0 PENSKE AUTO GROUP 3.500% 04/01 CONV BOND 909440AH2 1308 1297000 PRN SOLE 1297000 0 0 PENSKE AUTOMOTIVE GRP INC COM COM 70959W103 585 38544 SH SOLE 38544 0 0 PEPSICO INC COM 713448108 1514 24909 SH SOLE 24909 0 0 PETROCHINA CO LTD SPONS ADR IS COM 71646E100 6131 51536 SH SOLE 51536 0 0 PFIZER INC COM 717081103 6440 354038 SH SOLE 354038 0 0 PHILIP MORRIS INTL INC COM COM 718172109 146919 3048747 SH DEFINED 2972016 64392 12339 PICO HLDGS INC NEW COM 693366205 7832 239295 SH DEFINED 221195 18100 0 PIMCO CALIF MUN INCOME FD II ETF/CEF 72201C109 108 11931 SH SOLE 11931 0 0 PIMCO CORPORATE OPP FD COM ETF/CEF 72201B101 240 16700 SH DEFINED 11100 5600 0 PIMCO FLOATING RATE INCOME F ETF/CEF 72201H108 3033 268665 SH DEFINED 220365 48300 0 PIMCO FLOATING RATE STRTGY F ETF/CEF 72201J104 10012 1013408 SH DEFINED 913408 100000 0 PIMCO INCOME OPPORTUNITY FD ETF/CEF 72202B100 3235 144611 SH DEFINED 95211 49400 0 PIMCO NY MUNICIPAL INCOME FD ETF/CEF 72200T103 281 26699 SH SOLE 26699 0 0 PIONEER FLOATING RATE TR ETF/CEF 72369J102 295 25611 SH DEFINED 25011 600 0 PIONEER MUN HIGH INCOME TR SHS ETF/CEF 723763108 175 12657 SH SOLE 12657 0 0 POTASH CORP SASK INC COM 73755L107 3832 35317 SH SOLE 35317 0 0 POWERSHARES GLOBAL ETF TRUSTWK ETF/CEF 73936T433 236 9453 SH SOLE 9453 0 0 POWERSHS QQQ TR L-T JAN 40 OPTION PUT 83G99V029 93 240 SH PUT DEFINED 0 240 0 PRESTIGE BRANDS HLDGS INC COM COM 74112D101 1930 245517 SH DEFINED 159417 86100 0 PRICE T ROWE GROUP INC COM 74144T108 825 15500 SH DEFINED 3500 12000 0 PROCTER & GAMBLE COMPANY COM 742718109 344 5677 SH SOLE 5677 0 0 PROGRESSIVE CORP OF OHIO COM 743315103 12593 700001 SH SOLE 700001 0 0 PROSHARES TR ULTRA FINL PRO ETF/CEF 74347R743 257 45650 SH SOLE 45650 0 0 PUTMAN HIGH INCOME SEC FUND SH ETF/CEF 746779107 79 10983 SH SOLE 10983 0 0 PUTNAM PREMIER INCOME TR SH BE ETF/CEF 746853100 80 13100 SH DEFINED 11000 2100 0 PZENA INVESTMENT MGMT INC CLAS COM 74731Q103 98 12000 SH DEFINED 0 12000 0 QUANTA SVCS INC COM COM 74762E102 5619 269612 SH DEFINED 219621 49991 0 QUEST DIAGNOSTICS INC COM 74834L100 767 12700 SH SOLE 12700 0 0 R H DONNELLEY CORP COM NEW COM 74955W307 4 1071956 SH DEFINED 941556 130400 0 RAYTHEON CO NEW COM 755111507 520 10100 SH SOLE 10100 0 0 REYNOLDS AMERN INC COM 761713106 595 11232 SH SOLE 11232 0 0 RIO TINTO PLC SPONSORED ADR IS COM 767204100 14865 69014 SH DEFINED 67404 1610 0 RITCHIE BROS AUCTIONEERS COM 767744105 2023 90182 SH DEFINED 89982 200 0 RMR ASIA PAC REAL EST FD NEW C ETF/CEF 76970B101 1522 90140 SH SOLE 90140 0 0 RMR ASIA REAL ESTATE FD - FRAC ETF/CEF HGK70B105 0 103403 SH SOLE 103403 0 0 ROCKWELL INTL CORP NEW COM 773903109 906 19286 SH SOLE 19286 0 0 ROYAL CARIBBEAN CRUISES LTD COM V7780T103 1246 49296 SH SOLE 49296 0 0 ROYAL CARIBBEAN L-T JAN 5 OPTION PUT 6VM99T118 10 670 SH PUT DEFINED 0 670 0 ROYAL DUTCH SHELL PLC SPONSORE COM 780259206 1867 31059 SH SOLE 31059 0 0 ROYAL GOLD INC COM COM 780287108 3231 68619 SH DEFINED 54819 11200 2600 RRI ENERGY INC COM COM 74971X107 86522 15126181 SH DEFINED 14687183 267627 171371 RYLAND GROUP INC COM 783764103 201 10190 SH SOLE 10190 0 0 SAKS INC 2.000% 03/15/24 CONV BOND 79377WAL2 3315 4012000 PRN SOLE 4012000 0 0 SBA COMMUNICATIONS CORP 1.875% CONV BOND 78388JAN6 1576 1536000 PRN SOLE 1536000 0 0 SCHLUMBERGER COM 806857108 914 14038 SH SOLE 14038 0 0 SCRIPPS E W CO OHIO CL A COM 811054402 5861 842108 SH SOLE 842108 0 0 SCRIPPS NETWORKS INTERACT INCL COM 811065101 5320 128197 SH SOLE 128197 0 0 SEARS HLDGS CORP COM COM 812350106 17137 205357 SH DEFINED 178804 26553 0 SIGMA ALDRICH CORP COM 826552101 3659 72382 SH SOLE 72382 0 0 SILVER WHEATON CORP COM ISIN COM 828336107 10663 709893 SH DEFINED 609793 100100 0 SONOCO PRODUCTS COM 835495102 774 26450 SH SOLE 26450 0 0 SOTHEBYS DE COM COM 835898107 8118 361118 SH DEFINED 254981 106137 0 SOTHEBYS SR NT CONV 3.125% 06/ CONV BOND 835898AC1 7875 8108000 PRN SOLE 8108000 0 0 SOUTHERN PAC PETE NL SPONS ADR COM 843581505 18 24345 SH SOLE 24345 0 0 SOUTHERN UN CO NEW COM 844030106 1169 51478 SH SOLE 51478 0 0 SPDR SERIES TRUST BRCLYS YLD E ETF/CEF 78464A417 4293 110626 SH SOLE 110626 0 0 STANDARD & POORS DEPOSITARY RE ETF/CEF 78462F103 25328 227281 SH SOLE 227281 0 0 STAR STRUCK LTD COM 855188108 17 85000 SH SOLE 85000 0 0 STATE STR CORP COM 857477103 2814 64623 SH DEFINED 59823 4800 0 STRYKER CORP COM 863667101 277 5500 SH SOLE 5500 0 0 STUDENT LOAN CORP COM 863902102 2244 48194 SH SOLE 48194 0 0 SUNCOR ENERGY INC NEW COM ISIN COM 867224107 36554 1035233 SH SOLE 1035233 0 0 SWIRE PAC LTD SPON ADR A COM 870794302 1787 147436 SH DEFINED 134536 12900 0 TCW CONV SECS FD INC ETF/CEF 872340104 89 20368 SH SOLE 20368 0 0 TELEFLEX INC COM 879369106 531 9851 SH SOLE 9851 0 0 TELEFONICA S A SPONSORED ADR COM 879382208 532 6366 SH SOLE 6366 0 0 TELEPHONE & DATA SYS INC COM 879433100 803 23684 SH SOLE 23684 0 0 TEMPLETON EMERG MKTS INCOME ETF/CEF 880192109 973 67542 SH SOLE 67542 0 0 TEXAS PACIFIC LAND TRUST SUB S COM 882610108 9882 328846 SH DEFINED 287280 41566 0 THE SAINT JOE CO COM COM 790148100 8180 283134 SH DEFINED 237995 45139 0 TIME WARNER CABLE INC COM COM 88732J207 12730 307570 SH DEFINED 302935 1033 3602 TIME WARNER INC COM NEW COM 887317303 109059 3742599 SH DEFINED 3633030 95218 14351 TSINGTAO BREWERY LTD SPON ADR COM 898529102 326 5885 SH SOLE 5885 0 0 U S GLOBAL INVS INC CL A COM 902952100 7225 586894 SH DEFINED 404494 151700 30700 UNION PACIFIC CORP COM COM 907818108 1002 15683 SH SOLE 15683 0 0 VALMONT INDS INC COM 920253101 524 6675 SH SOLE 6675 0 0 VAN KAMPEN SENIOR INCOME TR ETF/CEF 920961109 2032 481487 SH DEFINED 478687 2800 0 VAN KAMPEN TR INVT GRADE N Y ETF/CEF 920931102 740 51922 SH SOLE 51922 0 0 VEECO INSTRS INC DEL COM 922417100 476 14400 SH SOLE 14400 0 0 VERIZON COMMUNICATIONS COM 92343V104 559 16883 SH SOLE 16883 0 0 VORNADO RLTY TR SBI COM 929042109 55055 787172 SH DEFINED 768922 15511 2739 WARNER MUSIC GROUP CORP COM 934550104 6774 1196890 SH DEFINED 766890 430000 0 WASHINGTON MUT INC COM 939322103 3 20000 SH SOLE 20000 0 0 WASHINGTON POST CO CL B COM 939640108 12378 28157 SH SOLE 28157 0 0 WASHINGTON REIT 3.875% 09/15/2 CONV BOND 939653AK7 5527 5640000 PRN DEFINED 2540000 3100000 0 WD-40 CO COM 929236107 479 14800 SH SOLE 14800 0 0 WELLS FARGO & CO NEW COM 949746101 7336 271802 SH SOLE 271802 0 0 WELLS FARGO & CO NEW PERP PFD CONV PREF 949746804 3019 3289 SH SOLE 3289 0 0 WENDYS ARBYS GROUP INC COM 950587105 87 18454 SH SOLE 18454 0 0 WESCO FINL CORP COM 950817106 515 1502 SH DEFINED 762 740 0 WESTERN ASSET HIGH INCM FD I ETF/CEF 95766H106 297 32118 SH DEFINED 30018 2100 0 WESTERN ASSET HIGH INCM OPP ETF/CEF 95766K109 454 75928 SH DEFINED 70628 5300 0 WESTERN ASSETT MGD HI INCM FCO ETF/CEF 95766L107 100 17200 SH SOLE 17200 0 0 WESTERN UN CO COM 959802109 3831 203250 SH DEFINED 202750 500 0 WHITE MOUNTAINS INSURANCE GROU COM G9618E107 1423 4278 SH SOLE 4278 0 0 WILEY JOHN & SONS INC CL A COM 968223206 1443 34466 SH SOLE 34466 0 0 WILLIAMS COS INC COM 969457100 8689 412211 SH SOLE 412211 0 0 WILMINGTON TRUST CORP COM COM 971807102 416 33700 SH DEFINED 12000 21700 0 WILSHIRE BANCORP INC COM 97186T108 1305 159357 SH DEFINED 150157 9200 0 WISDOMTREE INVTS INC COM 97717P104 2198 1188270 SH DEFINED 127476 1060794 0 WYNN RESORTS LTD COM 983134107 12011 206273 SH DEFINED 181653 21400 3220