Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NGL	NGL Energy LP	556,349	$17.16B	5.4%	$30840.00	—	COM	62913M107
WMB	Williams Cos	469,917	$17.09B	5.4%	$18.03	-1.7%	COM	969457100
—	ONEOK LP	266,251	$14.11B	4.5%	$53010.00	—	COM	68268N103
—	Magellan LP	172,247	$9.72B	3.1%	$54500.00	—	COM	559080106
—	Navios LP	618,852	$9.06B	2.9%	$14450.00	—	COM	y62267102
—	DCP Midstream	177,557	$8.817B	2.8%	$53793.42	—	COM	23311p100
—	MarkWest Energy	119,827	$8.655B	2.7%	$66850.10	—	COM	570759100
—	Rose Rock LP	264,509	$8.451B	2.7%	$35055.94	—	COM	777149105
—	Eagle Rock LP	1,173,725	$8.333B	2.6%	$7870.00	—	COM	26985r104
OKE	ONEOK	152,275	$8.119B	2.6%	$20.94	+0.2%	COM	682680103
—	Alliance Hold GP	114,709	$6.869B	2.2%	$63749.99	—	COM	01861g100
—	Atlas Pipe LP	174,980	$6.789B	2.2%	$38214.63	—	COM	049392103
—	PVR Partners	274,634	$6.35B	2.0%	$27300.00	—	COM	693665101
GEL	Genesis LP	120,599	$6.038B	1.9%	$51829.99	—	COM	371927104
—	Teekay LNG	126,391	$5.575B	1.8%	$43700.00	—	COM	y8564m105
—	Transmontaigne	135,155	$5.505B	1.7%	$41894.44	—	COM	89376v100
—	Crosstex LP	266,921	$5.312B	1.7%	$20620.00	—	COM	22765u102
—	El Paso Partners	121,645	$5.136B	1.6%	$43669.99	—	COM	283702108
MMLP	Martin Mid LP	104,488	$4.905B	1.6%	$44089.99	—	COM	573331105
—	RAIT Finan	3,897,000	$4.602B	1.5%	$1213.12	—	CONV BOND	749227aa2
—	Williams LP	85,350	$4.513B	1.4%	$51887.66	—	COM	96950f104
—	Tesoro Logistics	70,130	$4.068B	1.3%	$60459.99	—	COM	88160T107
—	Sandridge	38,020	$3.84B	1.2%	$95749.99	—	CONV PREF	80007p604
—	Trinity Ind	2,875,000	$3.5B	1.1%	$1167.10	—	CONV BOND	896522af6
—	Holly Partners	97,175	$3.214B	1.0%	$38040.00	—	COM	435763107
—	Exterran LP	98,593	$2.867B	0.9%	$30189.99	—	COM	30225n105
—	Aircastle	150,420	$2.619B	0.8%	$15990.00	—	COM	g0129k104
—	Bunge	24,770	$2.608B	0.8%	$100649.97	—	CONV PREF	g16962204
IBM	IBM	14,013	$2.595B	0.8%	$118.94	-6.2%	COM	459200101
—	General Cable	2,240,000	$2.527B	0.8%	$1102.32	—	CONV BOND	369300al2
—	Petroquest	70,540	$2.469B	0.8%	$33960.00	—	CONV PREF	716748207
—	Visa	12,878	$2.461B	0.8%	$191099.94	—	COM	92826c839
—	KB Home	2,400,000	$2.438B	0.8%	$1015.63	—	CONV BOND	48666kas8
—	Alliant Tech	1,850,000	$2.427B	0.8%	$1151.95	—	CONV BOND	018804AK0
EPD	Enterprise LP	39,040	$2.383B	0.8%	$62149.68	—	COM	293792107
—	Crosstex Inc	109,927	$2.296B	0.7%	$19760.01	—	COM	22765y104
—	Auxilium Pharm	2,195,000	$2.273B	0.7%	$968.00	—	CONV BOND	05334DAA5
—	Dendreon	3,460,000	$2.18B	0.7%	$750.00	—	CONV BOND	24823qac1
—	Omnicare	31,341	$2.14B	0.7%	$59149.97	—	CONV PREF	68214q200
—	Stillwater Min	2,126,000	$2.123B	0.7%	$999.12	—	CONV BOND	86074qaf9
—	Kinder Morgan INC	58,994	$2.098B	0.7%	$35569.99	—	COM	49456b101
CVX	Chevron Corp	17,079	$2.075B	0.7%	$71.30	+2.5%	COM	166764100
—	Goldman Sachs	12,973	$2.052B	0.7%	$158209.97	—	COM	38141g104
—	Jefferies	1,872,000	$1.975B	0.6%	$1107.20	—	CONV BOND	472319ag7
—	Exxon	20,579	$1.771B	0.6%	$90349.97	—	COM	30231g102
BA	Boeing	14,610	$1.717B	0.5%	$80.37	+13.9%	COM	097023105
BAC	Bk of Amer	123,679	$1.707B	0.5%	$10.03	+12.0%	COM	060505104
—	3M	14,287	$1.706B	0.5%	$109352.70	—	COM	88579y101
—	Janus Cap	1,660,000	$1.684B	0.5%	$1043.69	—	CONV BOND	47102xag0
—	Genco Ship	3,685,000	$1.664B	0.5%	$258.75	—	CONV BOND	36869maa3
PAA	Plains LP	30,786	$1.621B	0.5%	$55809.98	—	COM	726503105
—	Access Mid LP	33,385	$1.613B	0.5%	$47699.99	—	COM	00434l109
MCD	McDonalds	16,595	$1.597B	0.5%	$71.80	-1.7%	COM	580135101
JNJ	JNJ	17,929	$1.554B	0.5%	$59.66	+6.5%	COM	478160104
—	Untd Technologies	14,071	$1.517B	0.5%	$92939.98	—	COM	913017109
—	Hawaiian Hldg	203,705	$1.516B	0.5%	$6110.00	—	COM	419879101
—	Firstbank Corp	76,941	$1.498B	0.5%	$16528.27	—	COM	33761g104
—	Coeur D'Alene	1,466,000	$1.478B	0.5%	$992.40	—	CONV BOND	192108ar9
—	Hawaiian Hldg	1,250,000	$1.464B	0.5%	$1092.50	—	CONV BOND	419879ad3
—	QCR Holdings	88,774	$1.411B	0.4%	$15479.10	—	COM	74727a104
KALU	Kaiser Alum	18,134	$1.292B	0.4%	$43.17	+8.2%	COM	483007704
PG	P&G	16,827	$1.272B	0.4%	$55.00	+2.2%	COM	742718109
OLN	Olin	54,186	$1.25B	0.4%	$16.80	-2.7%	COM	680665205
—	Banc of CAL	87,243	$1.207B	0.4%	$13585.43	—	COM	05990k106
—	Arkansas Best	46,776	$1.201B	0.4%	$22949.92	—	COM	040790107
—	Travelers	14,128	$1.198B	0.4%	$79919.95	—	COM	89417e109
WMT	Wal-Mart	15,909	$1.177B	0.4%	$19.98	-1.0%	COM	931142103
HD	Home Depot	15,254	$1.157B	0.4%	$56.05	+3.2%	COM	437076102
CAT	Caterpillar	13,847	$1.155B	0.4%	$61.55	+0.1%	COM	149123101
—	Oxford Res LP	571,175	$1.114B	0.4%	$2670.00	—	COM	691807101
—	Kinder Morgan LP	13,713	$1.095B	0.3%	$85399.98	—	COM	494550106
AXP	Am Express Co	13,726	$1.037B	0.3%	$59.62	+6.1%	COM	025816109
—	JPMorgan	19,648	$1.016B	0.3%	$52790.00	—	COM	46625h100
—	Cenveo	1,000,000	$1.011B	0.3%	$1010.60	—	CONV BOND	15671BAJ0
—	OM Group	29,682	$1.003B	0.3%	$30919.99	—	COM	670872100
UIS	Unisys	39,110	$985M	0.3%	$20.07	+25.0%	COM	909214306
—	UnitedHealth	13,732	$983M	0.3%	$65479.96	—	COM	91324p102
—	Bristol-Meyers	803,000	$952M	0.3%	$1158.33	—	CONV BOND	110122an8
—	SUPERVALU	114,879	$945M	0.3%	$6220.00	—	COM	868536103
DAKT	Daktronics	84,471	$945M	0.3%	$7.99	+9.5%	COM	234264109
NKE	Nike	12,878	$935M	0.3%	$27.95	0.0%	COM	654106103
—	USEC	3,814,000	$934M	0.3%	$210.00	—	CONV BOND	90333eac2
—	MDC Holdings	30,955	$929M	0.3%	$30009.98	—	COM	552676108
—	Spartan Motors	150,405	$913M	0.3%	$6120.00	—	COM	846819100
DIS	Disney	14,111	$910M	0.3%	$56.11	+1.5%	COM	254687106
—	Targa Res	17,000	$875M	0.3%	$50450.00	—	COM	87611x105
—	du Pont	14,572	$853M	0.3%	$52499.97	—	COM	263534109
—	Merck	17,841	$849M	0.3%	$46449.97	—	COM	58933y105
—	Superior Ind	47,174	$841M	0.3%	$17209.88	—	COM	868168105
—	Verizon	17,911	$836M	0.3%	$50339.96	—	COM	92343v104
UAL	Untd Continental	26,086	$801M	0.3%	$31.81	+1.2%	COM	910047109
—	GE	33,123	$791M	0.3%	$23190.15	—	COM	369604103
—	Masonite Int	15,524	$760M	0.2%	$48929.98	—	COM	575385109
—	C & J Energy	36,900	$741M	0.2%	$19370.00	—	COM	12467b304
—	Iridium	106,073	$730M	0.2%	$7759.99	—	COM	46269c102
—	Sonic	40,915	$726M	0.2%	$14549.99	—	COM	835451105
—	Eastern Virginia Bks	117,980	$720M	0.2%	$5182.56	—	COM	277196101
—	Utd Bancorp	104,868	$705M	0.2%	$6330.63	—	COM	90944l103
—	A T & T	20,372	$689M	0.2%	$35399.98	—	COM	00206r102
—	OmniVision	44,995	$689M	0.2%	$18649.98	—	COM	682128103
—	Freddie Mac	147,300	$683M	0.2%	$3950.00	—	PREF STK	313400640
RAIL	FreightCar	32,213	$666M	0.2%	$18.91	-2.2%	COM	357023100
KO	Coca-Cola	17,503	$663M	0.2%	$27.85	-3.9%	COM	191216100
PFE	Pfizer	22,557	$648M	0.2%	$16.46	-0.6%	COM	717081103
—	Teekay Offshore	19,225	$641M	0.2%	$32470.00	—	COM	y8565j101
MSFT	Microsoft	18,921	$630M	0.2%	$26.70	+1.1%	COM	594918104
—	Energy Trans Part	11,816	$615M	0.2%	$50539.99	—	COM	29273R109
—	SB Financial Gr	78,520	$610M	0.2%	$7662.31	—	COM	78408d105
—	Rofin-Sinar	22,725	$550M	0.2%	$24939.98	—	COM	775043102
—	Intervest Banc	67,775	$537M	0.2%	$6716.89	—	COM	460927106
IBCP	Indpendt Bank	52,590	$526M	0.2%	$4.86	+18.6%	COM	453838609
—	Untd Community Fin	130,738	$509M	0.2%	$4650.00	—	COM	909839102
—	Kinder Morgan LLC	6,718	$504M	0.2%	$83452.27	—	COM	49455u100
—	BNC Banc	36,689	$489M	0.2%	$11419.99	—	COM	05566t101
—	Western Gas LP	7,600	$457M	0.1%	$64890.00	—	COM	958254104
—	Premier Fin	39,038	$450M	0.1%	$12026.98	—	COM	74050m105
—	MutualFirst	28,615	$439M	0.1%	$14141.74	—	COM	62845b104
—	Yadkin Fin	25,037	$431M	0.1%	$14040.11	—	COM	984305102
—	NewBridge	59,129	$431M	0.1%	$6044.63	—	COM	65080t102
—	AmeriServ	132,331	$417M	0.1%	$2739.99	—	COM	03074a102
—	Fst Niagara	39,255	$407M	0.1%	$10069.99	—	COM	33582v108
INTC	Intel	17,461	$400M	0.1%	$17.18	-1.6%	COM	458140100
—	HMN Financial	47,810	$378M	0.1%	$7193.43	—	COM	40424g108
—	Baylake Corp	35,030	$371M	0.1%	$10600.00	—	COM	072788102
SFST	Sothn Fst Bancs	27,520	$363M	0.1%	$11.42	+12.0%	COM	842873101
—	Renasant	13,090	$356M	0.1%	$27169.98	—	COM	75970e107
—	Energy Trans Eq	5,391	$355M	0.1%	$59819.75	—	COM	29273v100
IYF	DJ US Financial	4,774	$350M	0.1%	$71529.95	—	COM	464287788
ZION	Zions	12,561	$344M	0.1%	$26.15	+11.6%	COM	989701107
FRME	Fst Merchants	19,565	$339M	0.1%	$11.62	+11.5%	COM	320817109
—	Cisco	14,422	$338M	0.1%	$24334.95	—	COM	17275r102
UBOH	Utd Bancsh	25,553	$326M	0.1%	$12206.52	—	COM	909458101
EEM	MSCI Emerging Mkts	7,615	$310M	0.1%	$38499.93	—	COM	464287234
—	Utd Community Bks	20,105	$301M	0.1%	$12419.99	—	COM	90984p303
—	Codorus Banc	16,685	$300M	0.1%	$17474.80	—	COM	192025104
—	Astoria Fin	24,010	$299M	0.1%	$10871.59	—	COM	046265104
—	MainSource Fin	19,060	$290M	0.1%	$13452.13	—	COM	56062y102
—	Xerium Tech	24,319	$282M	0.1%	$10179.89	—	COM	98416j118
—	Jefferson Bancs	47,777	$277M	0.1%	$5659.64	—	COM	472375104
—	Pacific Premier	20,055	$269M	0.1%	$12219.96	—	COM	69478x105
—	SunTrust	7,855	$255M	0.1%	$31609.46	—	COM	867914103
—	CenterState Bks	26,100	$253M	0.1%	$8680.00	—	COM	15201p109
—	Gulf Coast Rylty	108,000	$235M	0.1%	$2180.00	—	COM	40222t104
—	HopFed Banc	20,062	$224M	0.1%	$10799.72	—	COM	439734104
WSBC	WesBanco	7,176	$213M	0.1%	$24.67	+18.4%	COM	950810101
MOFG	MidWest One	8,014	$206M	0.1%	$23.69	+8.3%	COM	598511103
—	HF Financial	14,447	$185M	0.1%	$13001.51	—	COM	404172108
—	Alliance Resource LP	2,375	$176M	0.1%	$70629.90	—	COM	01877r108
—	Cenveo	56,835	$168M	0.1%	$2937.94	—	COM	15670s105
—	Park Sterling	25,410	$163M	0.1%	$5925.01	—	COM	70086y105
FCF	Fst Commonwealth	20,618	$156M	0.0%	$4.74	+7.0%	COM	319829107
—	AMR Corp	38,000	$156M	0.0%	$4110.00	—	COM	001765106
FBNC	First Banc	10,740	$155M	0.0%	$10.64	+11.1%	COM	318910106
—	Sunpower	100,000	$114M	0.0%	$1057.50	—	CONV BOND	867652ac3
BBT	Berkshire Hills Banc	4,494	$113M	0.0%	$18.22	+0.0%	COM	084680107
—	WPX Energy	5,481	$106M	0.0%	$18940.01	—	COM	98212b103
—	BCSB Banc	4,060	$99.06M	0.0%	$23409.91	—	COM	055367106
FITB	Fifth Third	5,325	$96.12M	0.0%	$11.47	+8.7%	COM	316773100
—	1st Const Banc	9,174	$93.67M	0.0%	$9500.00	—	COM	31986n102
—	PrivateBanc	3,743	$80.1M	0.0%	$21224.78	—	COM	742962103
—	RAIT Fin	10,050	$71.15M	0.0%	$7406.17	—	COM	749227104
—	Energy XXI	2,250	$67.97M	0.0%	$30209.78	—	COM	g10082140
—	Fst Financial Hldg	11,755	$64.84M	0.0%	$5515.95	—	COM	32023e105
—	HP	2,156	$45.25M	0.0%	$24799.96	—	COM	428236103
—	DCB Financial	7,827	$41.48M	0.0%	$5299.99	—	COM	233075100
—	A E S	660	$33.26M	0.0%	$50496.97	—	CONV PREF	00808n202
—	Bk of Amer	29	$31.36M	0.0%	$1109103.50	—	CONV PREF	060505682
—	BB&T Corp	900	$30.38M	0.0%	$33750.00	—	COM	054937107
—	Susquehanna	2,198	$27.54M	0.0%	$12849.97	—	COM	869099101
TSBK	Timberland Banc	2,796	$25.16M	0.0%	$6.11	0.0%	COM	887098101
—	Doral Fin	1,500	$22.88M	0.0%	$17000.00	—	PREF STK	25811p209
—	SWS Group	3,900	$21.76M	0.0%	$5449.99	—	COM	78503n107
—	Doral Fin	1,000	$19.08M	0.0%	$830.00	—	COM	25811p886
—	Umpqua	1,100	$17.84M	0.0%	$15010.00	—	COM	904214103
—	CVR Partners	1,000	$17.7M	0.0%	$22730.00	—	COM	126633106
—	Star Gas LP	3,200	$15.74M	0.0%	$4890.00	—	COM	85512c105
AGM	Fed Ag Mtge	400	$13.35M	0.0%	$20.93	+7.5%	COM	313148306
—	Southwest Banc	800	$11.85M	0.0%	$13200.00	—	COM	844767103
—	Capital Bank	473	$10.38M	0.0%	$19019.03	—	COM	139794101
COFS	Choiceone Fin	576	$9.838M	0.0%	$9.50	+3.3%	COM	170386106
—	Doral Fin	1,000	$8.5M	0.0%	$9700.00	—	PREF STK	25811p407
—	Banner Corp	200	$7.642M	0.0%	$33835.00	—	COM	06652v208
—	Primus Tele	9,417	$7.345M	0.0%	$1349.90	—	COM	741929137
—	Alcoa	559	$4.539M	0.0%	$7820.00	—	COM	013817101
—	Alliance One Int	1,000	$2.91M	0.0%	$3800.00	—	COM	018772103
—	Fst Bancsh	200	$2.764M	0.0%	$13820.00	—	COM	318916103
—	Xerium Tech	5,762	$1.555M	0.0%	$599.86	—	COM	98416j126
—	Primus Tele	9,417	$612K	0.0%	$99.93	—	COM	741929145