BSHI Boss Holdings Inc (PK)

CUSIP NO. 10011B101 13G


1 Name of Reporting Person / IRS Identification Number:
 Piper Jaffray Companies / 30-0168701

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2 Check the Appropriate Box if a Member of a Group (a) [ ]
 (b) [ ]

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3 SEC Use Only

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4 Citizenship or Place of Organization
 Delaware

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 Number of
 5 Sole Voting Power
 Shares 138,150 Shares
 -----------------------------------------------
 Beneficially
 6 Shared Voting Power
 Owned By 0 Shares
 -----------------------------------------------
 Each
 7 Sole Dispositive Power
 Reporting 138,150 Shares
 -----------------------------------------------
 Person
 8 Shared Dispositive Power
 With 0 Shares
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
 138,150 Shares (See Exhibit A)

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10 Check if the Aggregate Amount in Row (9) Excludes Certain
 Shares [ ]

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11 Percent of Class Represented by Amount in Row (9)
 6.50%

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12 Type of Reporting Person
 HC

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Item 1 (a) Name of Issuer: Boss Holdings, Inc.
Item 1 (b) Name of Issuer's Principal Executive Offices:
 221 West First Street, Ste. 330
 Kewanee, IL 61443

Item 2 (a) Person Filing: Piper Jaffray Companies
Item 2 (b) Address: 800 Nicollet Mall Suite 800
 Minneapolis, MN 55402

Item 2 (c) Citizenship: Piper Jaffray Companies is a
 Delaware Corporation

Item 2 (d) Title of Class of Securities: Common Stock
Item 2 (e) CUSIP Number: 10011B101

Item 3 This statement is filed pursuant to Rule 13d-1(b) or
 13d-2(b) and the person filing, Piper Jaffray Companies,
 is a parent holding company in accordance with Section
 240.13d-1(b)(ii)(G). (Note: See Item 7).

Item 4 Ownership

 (a) Amount Beneficially Owned:
 Advisory Research, Inc. 138,150 Shares

 (b) Percent of Class 6.50%

 (c) Number of shares as to which reporting person has:
 (i) Sole Voting Power 138,150 Shares
 (ii) Shared Voting Power 0 Shares
 (iii) Sole Dispositive Power 138,150 Shares
 (iv) Shared Dispositive Power 0 Shares

Item 5 Ownership of Five Percent or Less of a Class:
 If this statement is being filed to report the fact
 that as of the date hereof the reporting person has
 ceased to be the beneficial owner of more than five
 percent of the class of securities, check the
 following [ ]

Item 6 Ownership of More than Five Percent on Behalf of Another
 Person: The clients referenced in Exhibit A have the
 right to receive or the power to direct the receipt of
 dividends from, or the proceeds from the sale of the
 securities held in their respective accounts. No client's
 interest is known to exceed 5% of the class of securities.

Item 7 Identification and Classification of the Subsidiary
 Which Acquired the Security being Reported on by the
 Parent Holding Company:

 See attached Exhibit A.

Item 8 Identification and Classification if Members of
 the Group: Not Applicable

Item 9 Notice of Dissolution of Group: Not Applicable

Item 10 Certification

 By signing below I certify that, to the best of my
 knowledge and belief, the securities referred to
 above were acquired and are held in the ordinary
 course of business and were not acquired and are
 not held for the purpose of or with the effect of
 changing or influencing the control of the issuer
 of such securities and were not acquired and are
 not held in connection with or as a participant
 in any transaction having such purposes or effect.

 SIGNATURE

After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.

 2/10/2011
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 Date

 Piper Jaffray Companies

 By /s/ Brien M. O'Brien
 ----------------------------------
 Signature

 Brien M. O'Brien
 Head of Asset Management
 ----------------------------------
 Name/Title


 Advisory Research, Inc.

 By /s/ Brien M. O'Brien
 ----------------------------------
 Signature

 Brien M. O'Brien
 Chief Executive Officer
 ----------------------------------
 Name/Title



 JOINT FILING AGREEMENT

The undersigned persons, on February 10, 2011, agree and consent
to the joint filing on their behalf of this Schedule 13G
in connection with their beneficial ownership of the Common
Stock of Boss Holdings, Inc. at December 31, 2010.


 Piper Jaffray Companies

 By /s/ Brien M. O'Brien
 ----------------------------------
 Signature

 Brien M. O'Brien
 Head of Asset Management
 ----------------------------------
 Name/Title


 Advisory Research, Inc.

 By /s/ Brien M. O'Brien
 ----------------------------------
 Signature

 Brien M. O'Brien
 Chief Executive Officer
 ----------------------------------
 Name/Title



 EXHIBIT A

Pursuant to the instructions in Item 7 of Schedule 13G, Advisory
Research, Inc. ("ARI"), 180 N. Stetson, Chicago, IL 60601, a
wholly-owned subsidiary of Piper Jaffray Companies and an
investment adviser registered under Section 203 of the
Investment Advisers Act of 1940, is the beneficial owner of
138,150 shares or 6.50% of the Common Stock outstanding
of Boss Holdings, Inc. ("the Company") as a result of
acting as investment adviser to various clients.

Piper Jaffray Companies may be deemed to be the beneficial owner
of these 138,150 shares through control of ARI. However, Piper
Jaffray Companies disclaims beneficial ownership of such shares.
In addition, the filing of this Schedule 13G shall not be construed
as an admission that the reporting person or any of its affiliates
is the beneficial owner of any securities covered by this Schedule
13G for any other purposes than Section 13(d) of the Securities
Exchange Act of 1934.