Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	NGL Energy LP	524,770	$15.84B	5.0%	$30190.00	—	CMN STK	62913m107
WMB	Williams Co	469,876	$15.26B	4.8%	$18.03	0.0%	CMN STK	969457100
—	ONEOK LP	252,837	$12.52B	3.9%	$49519.92	—	CMN STK	68268n103
—	Magellan LP	172,372	$9.394B	2.9%	$54500.00	—	CMN STK	559080106
—	Eagle Rock LP	1,167,545	$9.189B	2.9%	$7870.00	—	CMN STK	26985r104
—	DCP Mid LP	165,297	$8.943B	2.8%	$54100.00	—	CMN STK	23311p100
—	Navios LP	618,213	$8.933B	2.8%	$14450.00	—	CMN STK	y62267102
—	MarkWest LP	121,821	$8.144B	2.6%	$66850.10	—	CMN STK	570759100
—	PVR Partners	273,312	$7.461B	2.3%	$27300.00	—	CMN STK	693665101
—	Alliance GP	114,973	$7.33B	2.3%	$63749.99	—	CMN STK	01861g100
—	Enrgy Trans Eq	113,007	$6.76B	2.1%	$59819.75	—	CMN STK	29273v100
—	Teekay LNG	151,469	$6.619B	2.1%	$43700.00	—	CMN STK	y8564m105
—	Rose Rock LP	175,921	$6.442B	2.0%	$36620.00	—	CMN STK	777149105
—	Atlas Pipe LP	167,915	$6.413B	2.0%	$38190.00	—	CMN STK	049392103
GEL	Genesis LP	120,359	$6.238B	2.0%	$51829.99	—	CMN STK	371927104
—	Transmontaigne	133,373	$5.59B	1.8%	$41910.00	—	CMN STK	89376v100
—	Crosstex LP	265,071	$5.466B	1.7%	$20620.00	—	CMN STK	22765u102
—	El Paso LP	120,670	$5.27B	1.7%	$43669.99	—	CMN STK	283702108
—	RAIT Fin	3,907,000	$4.74B	1.5%	$1213.12	—	CONV BOND	749227aa2
MMLP	Martin Mid LP	103,853	$4.579B	1.4%	$44089.99	—	CMN STK	573331105
—	SPDR DJIA	29,430	$4.372B	1.4%	$148551.17	—	CMN STK	78467x109
—	Tesoro LP	71,930	$4.349B	1.4%	$60459.99	—	CMN STK	88160T107
—	Sunpower	3,970,000	$4.198B	1.3%	$1057.50	—	CONV BOND	867652ac3
—	Sandridge	40,575	$3.885B	1.2%	$95749.99	—	CONV PREF	80007p604
—	HollyLP	96,400	$3.667B	1.2%	$38040.00	—	CMN STK	435763107
—	Teekay Off LP	112,307	$3.647B	1.1%	$32470.00	—	CMN STK	y8565j101
—	Williams LP	66,151	$3.413B	1.1%	$51599.66	—	CMN STK	96950f104
—	Trinity Ind	2,875,000	$3.355B	1.1%	$1167.10	—	CONV BOND	896522af6
—	WPX Energy	172,684	$3.271B	1.0%	$18940.01	—	CMN STK	98212b103
—	Exterran LP	97,856	$2.954B	0.9%	$30189.99	—	CMN STK	30225n105
IBM	IBM	14,636	$2.797B	0.9%	$118.94	0.0%	CMN STK	459200101
—	Dendreon	3,460,000	$2.595B	0.8%	$750.00	—	CONV BOND	24823qac1
—	Knight Cap	2,530,000	$2.531B	0.8%	$1000.30	—	CONV BOND	499005ae6
—	Bunge	24,795	$2.496B	0.8%	$100649.97	—	CONV PREF	g16962204
—	Gen Cable	2,245,000	$2.475B	0.8%	$1102.32	—	CONV BOND	369300al2
—	Aircastle	151,851	$2.428B	0.8%	$15990.00	—	CMN STK	g0129k104
EPD	Enterprise LP	38,835	$2.414B	0.8%	$62149.68	—	CMN STK	293792107
—	Petroquest	70,740	$2.402B	0.8%	$33960.00	—	CONV PREF	716748207
—	Alliant Tech	1,975,000	$2.275B	0.7%	$1151.95	—	CONV BOND	018804AK0
—	Crosstex Inc.	112,931	$2.232B	0.7%	$19760.01	—	CMN STK	22765y104
—	Auxilium	2,195,000	$2.125B	0.7%	$968.00	—	CONV BOND	05334DAA5
—	Stillwater	2,126,000	$2.124B	0.7%	$999.12	—	CONV BOND	86074qaf9
CVX	Chevron	17,719	$2.097B	0.7%	$71.30	0.0%	CMN STK	166764100
—	Jefferies	1,872,000	$2.073B	0.7%	$1107.20	—	CONV BOND	472319ag7
—	Exxon	21,219	$1.917B	0.6%	$90349.97	—	CMN STK	30231g102
—	Omnicare	32,166	$1.903B	0.6%	$59149.97	—	CONV PREF	68214q200
—	Access Mid LP	36,885	$1.759B	0.6%	$47699.99	—	CMN STK	00434l109
BAC	Bk of Amer	136,231	$1.752B	0.5%	$10.03	0.0%	CMN STK	060505104
—	Janus Cap	1,660,000	$1.733B	0.5%	$1043.69	—	CONV BOND	47102xag0
PAA	Plains LP	30,786	$1.718B	0.5%	$55809.98	—	CMN STK	726503105
MCD	McDonald's	17,089	$1.692B	0.5%	$71.80	0.0%	CMN STK	580135101
—	3M Co	14,925	$1.632B	0.5%	$109352.70	—	CMN STK	88579y101
—	Cooper Tire	48,921	$1.623B	0.5%	$33169.68	—	CMN STK	216831107
JNJ	JJNJ	18,669	$1.603B	0.5%	$59.66	0.0%	CMN STK	478160104
BA	Boeing	15,258	$1.563B	0.5%	$80.37	0.0%	CMN STK	097023105
—	Susquehanna	119,517	$1.536B	0.5%	$12849.97	—	CMN STK	869099101
—	Oxford Res LP	568,250	$1.517B	0.5%	$2670.00	—	CMN STK	691807101
—	Coeur D'Alene	1,466,000	$1.455B	0.5%	$992.40	—	CONV BOND	192108ar9
—	United Tech	14,811	$1.377B	0.4%	$92939.98	—	CMN STK	913017109
—	Hawaiian Hldgs	1,250,000	$1.366B	0.4%	$1092.50	—	CONV BOND	419879ad3
PG	P & G	17,590	$1.354B	0.4%	$55.00	0.0%	CMN STK	742718109
—	Archer Daniels	1,298,000	$1.31B	0.4%	$1008.90	—	CONV BOND	039483AW2
OLN	Olin	54,483	$1.303B	0.4%	$16.80	0.0%	CMN STK	680665205
—	Hawaiian Hldgs	211,165	$1.29B	0.4%	$6110.00	—	CMN STK	419879101
—	QCR Hold	82,889	$1.281B	0.4%	$15449.93	—	CMN STK	74727a104
—	Enrgy Trans Pt LP	25,308	$1.279B	0.4%	$50539.99	—	CMN STK	29273R109
HD	Home Depot	16,063	$1.244B	0.4%	$56.05	0.0%	CMN STK	437076102
WMT	Wal-Mart	16,589	$1.236B	0.4%	$19.98	0.0%	CMN STK	931142103
—	Sonic	84,425	$1.228B	0.4%	$14549.99	—	CMN STK	835451105
CAT	Caterpillar	14,495	$1.196B	0.4%	$61.55	0.0%	CMN STK	149123101
—	Kinder Morgan LP	13,713	$1.171B	0.4%	$85399.98	—	CMN STK	494550106
—	McMoran Exp	1,000,000	$1.166B	0.4%	$1166.25	—	CONV BOND	582411AJ3
—	Travelers	14,578	$1.165B	0.4%	$79919.95	—	CMN STK	89417e109
KALU	Kaiser Alum	18,796	$1.164B	0.4%	$43.17	0.0%	CMN STK	483007704
—	Banc of Cal	85,343	$1.159B	0.4%	$13579.99	—	CMN STK	05990k106
—	JPMorgan	20,600	$1.087B	0.3%	$52790.00	—	CMN STK	46625h100
—	Ark Best	47,001	$1.079B	0.3%	$22949.92	—	CMN STK	040790107
AXP	Am Exp Co	14,374	$1.075B	0.3%	$59.62	0.0%	CMN STK	025816109
—	Genco Ship	3,690,000	$955M	0.3%	$258.75	—	CONV BOND	36869maa3
—	Verizon	18,564	$935M	0.3%	$50339.96	—	CMN STK	92343v104
DIS	Walt Disney	14,743	$931M	0.3%	$56.11	0.0%	CMN STK	254687106
—	Bristol-Meyers	803,000	$930M	0.3%	$1158.33	—	CONV BOND	110122an8
—	UnitedHealth	14,201	$930M	0.3%	$65479.96	—	CMN STK	91324p102
—	Spartan Motors	150,686	$922M	0.3%	$6120.00	—	CMN STK	846819100
—	OM Group	29,797	$921M	0.3%	$30919.99	—	CMN STK	670872100
DAKT	Daktronics	84,693	$869M	0.3%	$7.99	0.0%	CMN STK	234264109
—	Merck	18,619	$865M	0.3%	$46449.97	—	CMN STK	58933y105
—	Targa Res	17,000	$858M	0.3%	$50450.00	—	CMN STK	87611x105
UIS	Unisys	38,475	$849M	0.3%	$19.99	0.0%	CMN STK	909214306
—	Iridium Comm	108,646	$843M	0.3%	$7759.99	—	CMN STK	46269c102
—	OmniVision	44,995	$839M	0.3%	$18649.98	—	CMN STK	682128103
UAL	UAL	26,628	$833M	0.3%	$31.81	0.0%	CMN STK	910047109
—	Superior Ind	47,089	$810M	0.3%	$17209.88	—	CMN STK	868168105
—	du Pont	15,275	$802M	0.3%	$52499.97	—	CMN STK	263534109
—	USEC	3,814,000	$801M	0.3%	$210.00	—	CONV BOND	90333eac2
—	GE	33,858	$785M	0.2%	$23190.15	—	CMN STK	369604103
—	A T & T	21,021	$744M	0.2%	$35399.98	—	CMN STK	00206r102
KO	Coca-Cola	18,281	$733M	0.2%	$27.85	0.0%	CMN STK	191216100
—	SUPERVALU	115,614	$719M	0.2%	$6220.00	—	CMN STK	868536103
—	C & J Energy	36,865	$714M	0.2%	$19370.00	—	CMN STK	12467b304
MSFT	Microsoft	19,513	$674M	0.2%	$26.70	0.0%	CMN STK	594918104
PFE	Pfizer	23,535	$659M	0.2%	$16.46	0.0%	CMN STK	717081103
—	Enbridge LP	20,200	$616M	0.2%	$30490.00	—	CMN STK	29250r106
—	Untd Comm Fin	129,753	$603M	0.2%	$4650.00	—	CMN STK	909839102
—	Freddie Mac	146,300	$578M	0.2%	$3950.00	—	PREF STK	313400640
—	Rofin-Sinar	22,725	$567M	0.2%	$24939.98	—	CMN STK	775043102
—	Kinder Mrgn LLC	6,615	$553M	0.2%	$83584.43	—	CMN STK	49455u100
—	Primus Tele	46,122	$551M	0.2%	$11939.99	—	CMN STK	741929301
RAIL	FreightCar	32,283	$548M	0.2%	$18.91	0.0%	CMN STK	357023100
—	Firstbank Corp	37,350	$501M	0.2%	$13409.99	—	CMN STK	33761g104
—	Western Gas LP	7,600	$493M	0.2%	$64890.00	—	CMN STK	958254104
—	Est Virg Bank	98,400	$492M	0.2%	$5000.00	—	CMN STK	277196101
—	Premier Fin	38,023	$458M	0.1%	$12039.98	—	CMN STK	74050m105
INTC	Intel	18,580	$450M	0.1%	$17.18	0.0%	CMN STK	458140100
—	Intervest Banc	65,775	$439M	0.1%	$6680.00	—	CMN STK	460927106
—	SB Financial	56,370	$430M	0.1%	$7619.99	—	CMN STK	78408d105
—	Holly Corp	10,000	$428M	0.1%	$42780.00	—	CMN STK	436106108
—	BNC Banc	36,689	$419M	0.1%	$11419.99	—	CMN STK	05566t101
—	HP	16,282	$404M	0.1%	$24799.96	—	CMN STK	428236103
—	First Niagara	39,120	$394M	0.1%	$10069.99	—	CMN STK	33582v108
—	MutualFirst	27,870	$393M	0.1%	$14109.98	—	CMN STK	62845b104
—	Yadkin Fin	26,029	$365M	0.1%	$14040.11	—	CMN STK	984305102
ZION	Zions	12,561	$363M	0.1%	$26.15	0.0%	CMN STK	989701107
—	Cisco	14,847	$361M	0.1%	$24334.95	—	CMN STK	17275r102
—	AmeriServ	131,831	$361M	0.1%	$2739.99	—	CMN STK	03074a102
—	SPDR 600	4,002	$356M	0.1%	$88870.06	—	CMN STK	78464a300
IYF	DJ US Financial	4,774	$341M	0.1%	$71529.95	—	CMN STK	464287788
—	NewBridge	56,644	$339M	0.1%	$5989.99	—	CMN STK	65080t102
FRME	Fst Merchants	19,320	$331M	0.1%	$11.60	0.0%	CMN STK	320817109
—	Fst M & F	20,119	$318M	0.1%	$15809.98	—	CMN STK	320744105
IBCP	Ind Bank Corp	48,995	$308M	0.1%	$4.79	0.0%	CMN STK	453838609
—	HMN Financial	42,760	$304M	0.1%	$7109.99	—	CMN STK	40424g108
EEM	MSCI Emerg Mkt	7,615	$293M	0.1%	$38499.93	—	CMN STK	464287234
UBOH	United Bancs	21,698	$263M	0.1%	$12109.96	—	CMN STK	909458101
—	Pac Premier Banc	20,940	$256M	0.1%	$12219.96	—	CMN STK	69478x105
—	Codorus Banc	14,605	$254M	0.1%	$17400.00	—	CMN STK	192025104
—	MainSource	18,820	$253M	0.1%	$13429.97	—	CMN STK	56062y102
—	Jefferson Banc	44,704	$253M	0.1%	$5649.99	—	CMN STK	472375104
—	Xerium Tech	24,421	$249M	0.1%	$10179.89	—	CMN STK	98416j118
—	Utd Comm Bank	19,960	$248M	0.1%	$12419.99	—	CMN STK	90984p303
—	Astoria Fin	22,685	$245M	0.1%	$10779.99	—	CMN STK	046265104
—	SunTrust	7,490	$236M	0.1%	$31569.96	—	CMN STK	867914103
—	CenterState	26,225	$228M	0.1%	$8680.00	—	CMN STK	15201p109
—	Utd Bancorp	38,887	$220M	0.1%	$5669.99	—	CMN STK	90944l103
SFST	Sthn First Banc	19,925	$219M	0.1%	$10.90	0.0%	CMN STK	842873101
—	HopFed Banc	19,932	$215M	0.1%	$10799.72	—	CMN STK	439734104
—	SWS Group	38,085	$208M	0.1%	$5449.99	—	CMN STK	78503n107
TIP	iShares TIPS	1,827	$205M	0.1%	$111988.51	—	CMN STK	464287176
MOFG	MidWest One	8,379	$202M	0.1%	$23.69	0.0%	CMN STK	598511103
WSBC	WesBanco	7,576	$200M	0.1%	$24.67	0.0%	CMN STK	950810101
OKE	ONEOK	4,400	$182M	0.1%	$19.74	0.0%	CMN STK	682680103
—	HF Financial	13,727	$179M	0.1%	$13009.98	—	CMN STK	404172108
—	Alliance Res LP	2,375	$168M	0.1%	$70629.90	—	CMN STK	01877r108
FCF	Ft Commnwlth	21,318	$157M	0.0%	$4.74	0.0%	CMN STK	319829107
FBNC	First Banc	10,640	$150M	0.0%	$10.64	0.0%	CMN STK	318910106
—	Park Sterling	24,645	$146M	0.0%	$5909.96	—	CMN STK	70086y105
BBT	Berkshire Hills	4,677	$130M	0.0%	$18.22	0.0%	CMN STK	084680107
—	Alcoa	13,111	$103M	0.0%	$7820.00	—	CMN STK	013817101
FITB	Fifth Third	5,665	$102M	0.0%	$11.47	0.0%	CMN STK	316773100
—	BCSB Banc	4,340	$102M	0.0%	$23409.91	—	CMN STK	055367106
—	MPLX LP	2,465	$90.74M	0.0%	$36809.73	—	CMN STK	55336v100
—	PrivateBancorp	4,133	$87.72M	0.0%	$21224.78	—	CMN STK	742962103
—	1st Const Ban	9,174	$87.15M	0.0%	$9500.00	—	CMN STK	31986n102
—	Amer Pac	2,000	$56.7M	0.0%	$28350.00	—	CMN STK	028740108
—	RAIT Fin	7,450	$56.02M	0.0%	$7520.00	—	CMN STK	749227104
—	Altria	1,518	$53.12M	0.0%	$34992.09	—	CMN STK	02209s103
—	Primus Tele	9,417	$45.44M	0.0%	$4825.00	—	WRNT	741929129
—	DCB Fin	7,827	$41.48M	0.0%	$5299.99	—	CMN STK	233075100
—	Star Gas LP	7,200	$35.21M	0.0%	$4890.00	—	CMN STK	85512c105
—	A E S	660	$33.33M	0.0%	$50496.97	—	CONV PREF	00808n202
—	Capital Prod LP	3,500	$32.48M	0.0%	$9280.00	—	CMN STK	mhy110821
—	Bk of Amer	29	$32.16M	0.0%	$1109103.50	—	CONV PREF	060505682
—	Doral Fin	1,500	$25.5M	0.0%	$17000.00	—	PREF STK	25811p209
—	CVR Part LP	1,000	$22.73M	0.0%	$22730.00	—	CMN STK	126633106
—	Teekay Tankers	8,000	$21.04M	0.0%	$2630.00	—	CMN STK	y8565n102
—	Kinder Mrgn Inc	455	$17.36M	0.0%	$38149.45	—	CMN STK	49455p101
—	Doral Fin	20,000	$16.6M	0.0%	$830.00	—	CMN STK	25811p886
—	Umpqua	1,100	$16.51M	0.0%	$15010.00	—	CMN STK	904214103
—	Primus Tele	9,417	$12.71M	0.0%	$1349.90	—	WRNT	741929137
AGM	Fed Ag Mtge	400	$11.55M	0.0%	$20.93	0.0%	CMN STK	313148306
WEBC	Webco Ind	100	$11.2M	0.0%	$116.60	0.0%	CMN STK	947621207
—	ZaZa Energy	9,300	$11.16M	0.0%	$1200.00	—	CMN STK	98919t100
—	Kinder Morgan	2,115	$10.83M	0.0%	$5119.62	—	WRNT	49456b119
—	SW Bancorp	800	$10.56M	0.0%	$13200.00	—	CMN STK	844767103
COFS	Choiceone Fin	576	$9.705M	0.0%	$9.50	0.0%	CMN STK	170386106
—	Doral Fin	1,000	$9.7M	0.0%	$9700.00	—	PREF STK	25811p407
—	Capital Bk Fin	473	$8.996M	0.0%	$19019.03	—	CMN STK	139794101
—	Banner	200	$6.767M	0.0%	$33835.00	—	CMN STK	06652v208
CATY	Cathay Gen	320	$6.512M	0.0%	$14.04	0.0%	CMN STK	149150104
—	Alliance One	1,000	$3.8M	0.0%	$3800.00	—	CMN STK	018772103
—	Xerium Tech	5,828	$3.496M	0.0%	$599.86	—	WRNT	98416j126
—	East Virg Bank	41,100	$2.055M	0.0%	$50.00	—	WRNT	277196994
—	Cenveo	835	$1.778M	0.0%	$2129.34	—	CMN STK	15670s105
—	Primus Tele	9,417	$941K	0.0%	$99.93	—	WRNT	741929145