Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NGL	NGL Energy LP	622,087	$21.46B	6.2%	$31226.77	—	COM	62913M107
WMB	Williams Co	437,237	$16.86B	4.9%	$18.03	+2.0%	COM	969457100
—	ONEOK LP	267,405	$14.08B	4.1%	$53010.00	—	COM	68268N103
—	Magellan LP	174,397	$11.03B	3.2%	$54608.12	—	COM	559080106
—	Rose Rock LP	283,951	$10.99B	3.2%	$35305.45	—	COM	777149105
OKE	ONEOK	154,135	$9.584B	2.8%	$20.98	+16.2%	COM	682680103
—	MarkWest LP	144,320	$9.544B	2.8%	$66727.89	—	COM	570759100
—	DCP Mid LP	180,262	$9.076B	2.6%	$53741.75	—	COM	23311p100
—	Crosstex LP	278,246	$7.68B	2.2%	$20904.10	—	COM	22765u102
—	Atlas Pipe LP	211,260	$7.405B	2.2%	$37671.16	—	COM	049392103
—	Alliance GP LP	123,132	$7.219B	2.1%	$63399.75	—	COM	01861g100
—	Transmontaigne	168,045	$7.142B	2.1%	$42012.96	—	COM	89376v100
—	Navios LP	366,706	$7.011B	2.0%	$14450.00	—	COM	y62267102
—	Eagle Rock LP	1,120,875	$6.669B	1.9%	$7870.00	—	COM	26985r104
GEL	Genesis LP	116,948	$6.148B	1.8%	$51829.99	—	COM	371927104
—	Tesoro Logistics	111,840	$5.854B	1.7%	$57431.69	—	COM	88160T107
—	Teekay LNG	126,956	$5.422B	1.6%	$43700.00	—	COM	y8564m105
—	RAIT Fin	3,792,000	$5.304B	1.5%	$1213.12	—	CONV BOND	749227aa2
—	Williams LP	88,850	$4.519B	1.3%	$51847.18	—	COM	96950f104
MMLP	Martin Mid LP	104,813	$4.486B	1.3%	$44089.99	—	COM	573331105
—	El Paso LP	123,925	$4.461B	1.3%	$43528.88	—	COM	283702108
—	SPDR DJIA	26,268	$4.347B	1.3%	$165469.36	—	COM	78467x109
—	QEP Mid LP	186,355	$4.327B	1.3%	$23220.00	—	COM	74735r115
—	Sandridge	39,090	$4.208B	1.2%	$96075.73	—	CONV PREF	80007p604
—	Crosstex Inc	110,478	$3.995B	1.2%	$19760.01	—	COM	22765y104
—	Kinder Morgan Inc	106,687	$3.841B	1.1%	$35762.15	—	COM	49456b101
—	Trinity Ind	2,760,000	$3.645B	1.1%	$1167.10	—	CONV BOND	896522af6
EPD	Enterprise LP	48,390	$3.208B	0.9%	$62951.57	—	COM	293792107
—	Holly Energy LP	97,550	$3.154B	0.9%	$38040.00	—	COM	435763107
—	Exterran LP	99,043	$2.994B	0.9%	$30189.99	—	COM	30225n105
—	Aircastle	150,418	$2.882B	0.8%	$15990.00	—	COM	g0129k104
—	Visa	12,519	$2.788B	0.8%	$191099.94	—	COM	92826c839
—	Tower Group Int	3,256,000	$2.757B	0.8%	$846.88	—	CONV BOND	891777AC8
—	General Cable	2,555,000	$2.754B	0.8%	$1099.31	—	CONV BOND	369300al2
—	Bunge	24,100	$2.592B	0.8%	$100649.97	—	CONV PREF	g16962204
—	Petroquest	73,220	$2.563B	0.7%	$33998.06	—	CONV PREF	716748207
—	Alliant Tech	1,585,000	$2.539B	0.7%	$1151.95	—	CONV BOND	018804AK0
IBM	IBM	13,224	$2.48B	0.7%	$118.94	-10.5%	COM	459200101
—	Auxilium	2,110,000	$2.337B	0.7%	$968.00	—	CONV BOND	05334DAA5
—	KB HOME	2,320,000	$2.328B	0.7%	$1003.49	—	CONV BOND	48666KAS8
—	Goldman Sachs	12,514	$2.218B	0.6%	$158209.97	—	COM	38141g104
—	Omnicare	29,316	$2.176B	0.6%	$59149.97	—	CONV PREF	68214q200
—	Dendreon	3,370,000	$2.144B	0.6%	$750.00	—	CONV BOND	24823qac1
CVX	Chevron	16,762	$2.094B	0.6%	$71.30	+1.7%	COM	166764100
—	Stillwater	2,056,000	$2.061B	0.6%	$999.12	—	CONV BOND	86074qaf9
—	Exxon	19,584	$1.982B	0.6%	$90349.97	—	COM	30231g102
—	Access Mid LP	33,385	$1.889B	0.5%	$47699.99	—	COM	00434l109
—	Hawaiian Hldng	195,965	$1.887B	0.5%	$6110.00	—	COM	419879101
BA	Boeing	13,821	$1.886B	0.5%	$80.37	+38.0%	COM	097023105
—	3M	13,440	$1.885B	0.5%	$109352.70	—	COM	88579y101
—	Genco	3,595,000	$1.869B	0.5%	$258.75	—	CONV BOND	36869maa3
—	QCR Holdings	100,783	$1.716B	0.5%	$15664.02	—	COM	74727a104
—	Hawaiian Hldng	1,250,000	$1.692B	0.5%	$1092.50	—	CONV BOND	419879ad3
PAA	Plains All Am LP	31,486	$1.63B	0.5%	$55720.16	—	COM	726503105
OLN	Olin	53,809	$1.552B	0.5%	$16.80	+3.0%	COM	680665205
—	Prospect Cap	1,479,000	$1.552B	0.5%	$1049.20	—	CONV BOND	74348TAK8
—	Ark Best	45,436	$1.53B	0.4%	$22949.92	—	COM	040790107
—	United Tech	13,253	$1.508B	0.4%	$92939.98	—	COM	913017109
—	Firstbank Corp	77,777	$1.504B	0.4%	$16558.49	—	COM	33761g104
MCD	McDonald's	15,213	$1.476B	0.4%	$71.80	-2.5%	COM	580135101
—	Banc of Cal	104,988	$1.408B	0.4%	$13555.78	—	COM	05990k106
—	Coeur D'Alene	1,391,000	$1.406B	0.4%	$992.40	—	CONV BOND	192108ar9
KALU	Kaiser Alum	19,247	$1.352B	0.4%	$43.42	+9.3%	COM	483007704
UIS	Unisys	39,850	$1.338B	0.4%	$20.21	+37.1%	COM	909214306
PG	Procter & Gamble	15,792	$1.286B	0.4%	$55.00	+5.5%	COM	742718109
DAKT	Daktronics	80,826	$1.267B	0.4%	$7.99	+33.0%	COM	234264109
—	USEC	3,719,000	$1.237B	0.4%	$210.00	—	CONV BOND	90333eac2
—	Kinder Morgan LP	15,073	$1.216B	0.4%	$84972.30	—	COM	494550106
—	Enbridge LP	40,200	$1.201B	0.3%	$29870.00	—	COM	29250r106
—	Travelers	13,193	$1.194B	0.3%	$79919.95	—	COM	89417e109
HD	Home Depot	14,436	$1.189B	0.3%	$56.05	+4.8%	COM	437076102
CAT	Caterpillar	13,058	$1.186B	0.3%	$61.55	+1.8%	COM	149123101
AXP	Am Exp Co	12,937	$1.174B	0.3%	$59.62	+16.2%	COM	025816109
WMT	Wal-Mart	14,351	$1.129B	0.3%	$19.98	+1.8%	COM	931142103
—	Cenveo	990,000	$1.091B	0.3%	$1010.60	—	CONV BOND	15671BAJ0
—	JPMorgan	18,374	$1.075B	0.3%	$52790.00	—	COM	46625h100
—	Freddie Mac Pr	147,300	$1.046B	0.3%	$3950.00	—	PREF STK	313400640
—	OM Group	28,679	$1.044B	0.3%	$30919.99	—	COM	670872100
—	SB Financial	131,005	$1.032B	0.3%	$7749.52	—	COM	78408d105
DIS	Walt Disney	13,293	$1.016B	0.3%	$56.11	+9.9%	COM	254687106
—	Superior Ind	47,374	$977M	0.3%	$17209.88	—	COM	868168105
NKE	Nike	12,419	$977M	0.3%	$27.95	+17.6%	COM	654106103
UAL	United Continental	25,723	$973M	0.3%	$31.81	+10.1%	COM	910047109
—	UnitedHealth	12,914	$972M	0.3%	$65479.96	—	COM	91324p102
—	Spartan Motors	143,654	$962M	0.3%	$6120.00	—	COM	846819100
—	East Virg Bksh	131,105	$918M	0.3%	$5364.50	—	COM	277196101
—	Masonite Int	15,269	$916M	0.3%	$48929.98	—	COM	575385109
—	GE	32,346	$907M	0.3%	$23190.15	—	COM	369604103
—	MDC Holdings	27,950	$901M	0.3%	$30009.98	—	COM	552676108
—	Targa Resources	17,000	$889M	0.3%	$50450.00	—	COM	87611x105
—	United Banc	122,918	$889M	0.3%	$6462.70	—	COM	90944l103
—	du Pont	13,637	$886M	0.3%	$52499.97	—	COM	263534109
—	C & J Energy	36,900	$852M	0.2%	$19370.00	—	COM	12467b304
RAIL	FreightCar	31,358	$835M	0.2%	$18.91	+23.7%	COM	357023100
—	Verizon	16,949	$833M	0.2%	$50339.96	—	COM	92343v104
—	Merck	16,495	$826M	0.2%	$46449.97	—	COM	58933y105
—	SUPERVALU	111,994	$816M	0.2%	$6220.00	—	COM	868536103
—	OmniVision	47,125	$811M	0.2%	$18584.44	—	COM	682128103
—	Sonic	38,365	$775M	0.2%	$14549.99	—	COM	835451105
—	A T & T	20,189	$710M	0.2%	$35399.98	—	COM	00206r102
—	Oxford LP	573,775	$706M	0.2%	$2670.00	—	COM	691807101
MSFT	Microsoft	17,886	$669M	0.2%	$26.70	+12.4%	COM	594918104
IBCP	Independent Bk	54,855	$658M	0.2%	$4.96	+47.5%	COM	453838609
PFE	Pfizer	21,316	$653M	0.2%	$16.46	+7.1%	COM	717081103
—	Iridium	103,102	$644M	0.2%	$7759.99	—	COM	46269c102
KO	Coca-Cola	15,588	$644M	0.2%	$27.85	-3.3%	COM	191216100
—	BNC Banc	37,209	$638M	0.2%	$11499.93	—	COM	05566t101
—	Premier Fin	45,010	$637M	0.2%	$12308.66	—	COM	74050m105
—	Teekay Offshore	19,225	$636M	0.2%	$32470.00	—	COM	y8565j101
SFST	Southern First	45,730	$607M	0.2%	$12.14	+9.0%	COM	842873101
—	Rofin-Sinar Tech	22,315	$603M	0.2%	$24939.98	—	COM	775043102
—	Energy Transfer LP	10,294	$589M	0.2%	$50539.99	—	COM	29273R109
—	AmeriServ	186,541	$565M	0.2%	$2824.27	—	COM	03074a102
—	Baylake Corp	42,725	$556M	0.2%	$11035.86	—	COM	072788102
—	Intervest Banc	71,825	$539M	0.2%	$6761.61	—	COM	460927106
—	MutualFirst	30,665	$525M	0.2%	$14341.51	—	COM	62845b104
—	Kinder Morgan LLC	6,837	$517M	0.2%	$83316.60	—	COM	49455u100
—	Jefferson Banc	79,487	$510M	0.1%	$5962.97	—	COM	472375104
—	HMN Financial	48,220	$510M	0.1%	$7193.43	—	COM	40424g108
—	Utd Community Fin	140,663	$502M	0.1%	$4573.79	—	COM	909839102
—	NewBridge	64,934	$482M	0.1%	$6168.03	—	COM	65080t102
—	First Niagara	44,265	$470M	0.1%	$10132.24	—	COM	33582v108
—	First Bancsh	32,281	$453M	0.1%	$14018.77	—	COM	318916103
FRME	First Merchants	19,745	$449M	0.1%	$11.62	+24.8%	COM	320817109
INTC	Intel	16,876	$438M	0.1%	$17.18	+4.4%	COM	458140100
ZION	Zions Banc	14,371	$431M	0.1%	$26.48	+8.7%	COM	989701107
—	Yadkin Fin	25,037	$427M	0.1%	$14040.11	—	COM	984305102
—	Energy Trans Eq	5,210	$426M	0.1%	$59819.75	—	COM	29273v100
UBOH	United Bancsh	29,531	$423M	0.1%	$12489.87	—	COM	909458101
—	HF Financial	32,122	$416M	0.1%	$12973.17	—	COM	404172108
—	Codorus Banc	20,783	$406M	0.1%	$17880.04	—	COM	192025104
—	AMR	35,472	$404M	0.1%	$4110.00	—	COM	001765106
—	Xerium Tech	24,342	$401M	0.1%	$10179.89	—	COM	98416j118
—	Astoria Fin	28,125	$389M	0.1%	$11304.44	—	COM	046265104
—	RAIT Fin	375,000	$372M	0.1%	$992.44	—	CONV BOND	749227AB0
—	Utd Community Bks	20,530	$364M	0.1%	$12530.33	—	COM	90984p303
TSBK	Timberland Banc	37,880	$364M	0.1%	$6.30	+0.2%	COM	887098101
BAC	Bk of Amer	22,704	$354M	0.1%	$10.03	+16.5%	COM	060505104
—	MainSource Fin	19,270	$347M	0.1%	$13502.02	—	COM	56062y102
—	SunTrust	9,130	$336M	0.1%	$32335.71	—	COM	867914103
—	Cisco	14,444	$324M	0.1%	$24334.95	—	COM	17275r102
—	Pacific Premier	20,055	$316M	0.1%	$12219.96	—	COM	69478x105
—	HopFed Banc	24,437	$278M	0.1%	$10905.36	—	COM	439734104
—	CenterState Bks	26,100	$265M	0.1%	$8680.00	—	COM	15201p109
—	Gulf Coast Tr	108,000	$225M	0.1%	$2180.00	—	COM	40222t104
MOFG	MidWest One	8,014	$218M	0.1%	$23.69	+11.2%	COM	598511103
FBNC	First Bancorp	12,475	$207M	0.1%	$10.86	+12.1%	COM	318910106
—	WPX Energy	9,913	$202M	0.1%	$19583.50	—	COM	98212b103
—	Cenveo	57,185	$197M	0.1%	$2937.94	—	COM	15670s105
—	Peoples Fin	15,000	$196M	0.1%	$13050.00	—	COM	71103b102
—	Alliance Res LP	2,375	$183M	0.1%	$70629.90	—	COM	01877r108
FCF	Fst Commonwealth	20,618	$182M	0.1%	$4.74	+22.1%	COM	319829107
BBT	Berkshire Hills	5,279	$144M	0.0%	$18.21	-0.2%	COM	084680107
—	Sunpower	100,000	$119M	0.0%	$1057.50	—	CONV BOND	867652ac3
—	RAIT Fin	12,900	$116M	0.0%	$7751.67	—	COM	749227104
FITB	Fifth Third Banc	5,325	$112M	0.0%	$11.47	+14.0%	COM	316773100
—	PrivateBancorp	3,743	$108M	0.0%	$21224.78	—	COM	742962103
—	BCSB Banc	4,060	$106M	0.0%	$23409.91	—	COM	055367106
—	1st Const Bcp	8,844	$95.52M	0.0%	$9500.00	—	COM	31986n102
—	PVR LP	3,454	$92.67M	0.0%	$27300.00	—	COM	693665101
—	Energy XXI	3,400	$92M	0.0%	$29144.41	—	COM	g10082140
AAL	Amer Air Gr	2,528	$63.83M	0.0%	$21.78	0.0%	COM	02376R102
—	Hewlett-Packard	1,855	$51.9M	0.0%	$24799.96	—	COM	428236103
BMY	Bristol-Myers	926	$49.21M	0.0%	$34.16	0.0%	COM	110122108
—	DCB Finan	7,827	$48.14M	0.0%	$5299.99	—	COM	233075100
—	Cap Product LP	3,500	$36.65M	0.0%	$10470.00	—	COM	mhy110821
—	BB&T Corp	900	$33.59M	0.0%	$33750.00	—	COM	054937107
—	Teekay Tankers	8,000	$31.44M	0.0%	$3930.00	—	COM	y8565n102
—	Bk of Amer	29	$30.77M	0.0%	$1109103.50	—	CONV PREF	060505682
—	A E S	560	$28.1M	0.0%	$50496.97	—	CONV PREF	00808n202
—	Susquehanna Banc	2,150	$27.61M	0.0%	$12849.97	—	COM	869099101
—	Crestwood Eq LP	1,685	$23.3M	0.0%	$13830.27	—	COM	226344109
—	Doral Fin	1,500	$23.25M	0.0%	$17000.00	—	PREF STK	25811p209
—	Umpqua Hold	1,100	$21.05M	0.0%	$15010.00	—	COM	904214103
—	Summit Finan	2,000	$19.82M	0.0%	$9910.00	—	COM	86606g101
—	Crestwood Mid LP	728	$18.12M	0.0%	$24890.11	—	COM	226378107
—	SandRidge	2,840	$17.24M	0.0%	$6070.07	—	COM	80007p307
PEBK	Peoples Banc	1,164	$16.51M	0.0%	$12.09	0.0%	COM	710577107
—	CVR Partners	1,000	$16.46M	0.0%	$22730.00	—	COM	126633106
AGM	Fed Ag Mtge	400	$13.7M	0.0%	$20.93	+14.7%	COM	313148306
—	Southwest Banc	800	$12.74M	0.0%	$13200.00	—	COM	844767103
—	Navios Holdings	1,000	$11.16M	0.0%	$11160.00	—	COM	y62196103
—	Cap Bk Fin	473	$10.76M	0.0%	$19019.03	—	COM	139794101
COFS	Choiceone Fin	576	$9.844M	0.0%	$9.50	+4.2%	COM	170386106
—	Banner Corp	200	$8.977M	0.0%	$33835.00	—	COM	06652v208
—	Doral Fin	1,000	$7.39M	0.0%	$9700.00	—	PREF STK	25811p407
TISDZ	Treasure Island	15,000	$4.05M	0.0%	$270.00	—	COM	894626209
—	Alliance One	1,000	$3.05M	0.0%	$3800.00	—	COM	018772103
—	Xerium Tech	5,648	$2.824M	0.0%	$599.86	—	COM	98416j126
MTRX	Matrix	100	$2.443M	0.0%	$21.34	0.0%	COM	576853105
—	Alcoa	229	$2.434M	0.0%	$7820.00	—	COM	013817101
—	Primus Tele	9,417	$753K	0.0%	$1349.90	—	COM	741929137
—	Primus Tele	9,417	$471K	0.0%	$99.93	—	COM	741929145