Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NGL	NGL Energy LP	799,832	$34.66B	8.5%	$33816.91	—	COM	62913M107
WMB	Williams Co	384,601	$22.39B	5.5%	$18.19	+32.9%	COM	969457100
—	Magellan Midstream	174,927	$14.7B	3.6%	$54608.12	—	COM	559080106
—	ONEOK LP	230,050	$13.48B	3.3%	$53319.20	—	COM	68268N103
—	Rose Rock LP	226,967	$12.4B	3.0%	$35305.45	—	COM	777149105
—	MarkWest Energy LP	152,529	$10.92B	2.7%	$67140.13	—	COM	570759100
—	Alliance Holdings	166,080	$10.76B	2.6%	$63818.17	—	COM	01861g100
OKE	ONEOK Inc	157,559	$10.73B	2.6%	$21.15	+47.8%	COM	682680103
—	EnLink Partners LP	290,816	$9.14B	2.2%	$30468.60	—	COM	29336u107
—	QEP Resources	264,185	$9.114B	2.2%	$29737.16	—	COM	74733v100
—	Transmontaigne LP	192,934	$8.441B	2.1%	$42165.18	—	COM	89376v100
—	Atlas Pipeline LP	243,035	$8.36B	2.0%	$36773.49	—	COM	049392103
—	DCP Midstream	143,907	$8.203B	2.0%	$53741.75	—	COM	23311p100
GEL	Genesis LP	117,090	$6.562B	1.6%	$51829.99	—	COM	371927104
—	Energy Transfer Equity	99,034	$6.422B	1.6%	$47372.13	—	COM	29273v100
—	Teekay LNG	127,184	$5.868B	1.4%	$43700.00	—	COM	y8564m105
—	Navios Partners	295,736	$5.749B	1.4%	$14450.00	—	COM	y62267102
—	Eagle Rock Energy LP	1,144,121	$5.698B	1.4%	$7813.67	—	COM	26985r104
—	QEP Midstream LP	202,805	$5.222B	1.3%	$23288.31	—	COM	74735r115
—	RAIT Financial	3,862,000	$5.206B	1.3%	$1215.67	—	CONV BOND	749227aa2
—	Emerge Energy LP	46,280	$4.896B	1.2%	$105800.00	—	COM	29102H108
—	Kinder Morgan Inc	132,238	$4.795B	1.2%	$35224.30	—	COM	49456b101
—	El Paso Pipeline	131,560	$4.766B	1.2%	$42660.05	—	COM	283702108
—	Sandridge Energy	41,421	$4.681B	1.1%	$96710.56	—	CONV PREF	80007p604
—	SPDR DJIA	26,737	$4.489B	1.1%	$165427.64	—	COM	78467x109
MMLP	Martin Midstream LP	103,717	$4.271B	1.0%	$44089.99	—	COM	573331105
—	Holly Energy LP	117,956	$4.057B	1.0%	$37397.45	—	COM	435763107
EPD	Enterprise LP	48,616	$3.806B	0.9%	$63708.76	—	COM	293792107
—	Genco Shipping	3,670,000	$3.67B	0.9%	$269.81	—	CONV BOND	36869maa3
—	PetroQuest	75,178	$3.432B	0.8%	$34134.51	—	CONV PREF	716748207
—	Bunge Ltd	30,893	$3.211B	0.8%	$101793.33	—	CONV PREF	g16962204
—	Titan Machinery	3,362,000	$2.955B	0.7%	$855.95	—	CONV BOND	88830RAB7
—	General Cable	2,925,000	$2.915B	0.7%	$1087.13	—	CONV BOND	369300al2
—	Aircastle	160,660	$2.855B	0.7%	$16107.22	—	COM	g0129k104
—	Alliant Techsystems	1,585,000	$2.828B	0.7%	$1151.95	—	CONV BOND	018804AK0
—	KB HOME	2,745,000	$2.756B	0.7%	$1004.17	—	CONV BOND	48666KAS8
—	Hawaiian Holdings	198,970	$2.728B	0.7%	$6275.29	—	COM	419879101
—	Visa	12,905	$2.719B	0.7%	$210710.03	—	COM	92826c839
—	Exterran LP	96,058	$2.717B	0.7%	$30189.99	—	COM	30225n105
—	EnLink LLC	64,326	$2.68B	0.7%	$33940.06	—	COM	29336t100
—	Omnicare	31,141	$2.542B	0.6%	$59985.09	—	CONV PREF	68214q200
—	Broadsoft	2,500,000	$2.54B	0.6%	$1015.86	—	CONV BOND	11133BAB8
IBM	IBM	13,670	$2.478B	0.6%	$118.44	-5.2%	COM	459200101
—	Dendreon	3,440,000	$2.408B	0.6%	$749.62	—	CONV BOND	24823qac1
—	Auxilium Pharm	2,185,000	$2.371B	0.6%	$980.11	—	CONV BOND	05334DAA5
CVX	Chevron	17,988	$2.348B	0.6%	$71.22	+6.6%	COM	166764100
—	Hawaiian Holdings	1,250,000	$2.251B	0.6%	$1092.50	—	CONV BOND	419879ad3
—	Exxon Mobil	21,551	$2.17B	0.5%	$91110.45	—	COM	30231g102
—	Goldman Sachs	12,950	$2.168B	0.5%	$158515.61	—	COM	38141g104
—	Stillwater Mining	2,126,000	$2.13B	0.5%	$999.13	—	CONV BOND	86074qaf9
—	QCR Holdings	123,036	$2.122B	0.5%	$15942.58	—	COM	74727a104
—	Jefferies Group	1,872,000	$1.999B	0.5%	$1077.32	—	CONV BOND	472319ag7
—	3M Co.	13,729	$1.967B	0.5%	$110635.35	—	COM	88579y101
PAA	Plains LP	31,986	$1.921B	0.5%	$55710.78	—	COM	726503105
MBWM	Mercantile Bank	82,336	$1.884B	0.5%	$13.00	0.0%	COM	587376104
BA	Boeing	14,227	$1.81B	0.4%	$81.86	+37.5%	COM	097023105
JNJ	Johnson & Johnson	17,300	$1.81B	0.4%	$66.63	+9.8%	COM	478160104
—	Banc of Cal	162,488	$1.771B	0.4%	$12764.14	—	COM	05990k106
MCD	McDonald's	16,119	$1.624B	0.4%	$71.68	+4.3%	COM	580135101
—	United Technologies	13,672	$1.578B	0.4%	$94166.63	—	COM	913017109
—	United Bancorp	126,118	$1.573B	0.4%	$6610.81	—	COM	90944l103
OLN	Olin	55,737	$1.5B	0.4%	$16.88	+15.9%	COM	680665205
KALU	Kaiser Aluminum	20,516	$1.495B	0.4%	$43.76	+13.3%	COM	483007704
—	Coeur D'Alene	1,466,000	$1.481B	0.4%	$993.16	—	CONV BOND	192108ar9
CAT	Caterpillar	13,447	$1.461B	0.4%	$61.96	+25.9%	COM	149123101
—	C & J Energy	41,545	$1.403B	0.3%	$20531.05	—	COM	12467b304
—	Enbridge Partners LP	37,700	$1.392B	0.3%	$36930.00	—	COM	29250r106
—	Freddie Mac	147,300	$1.37B	0.3%	$3950.00	—	PREF STK	313400640
—	Travelers	13,629	$1.282B	0.3%	$80186.95	—	COM	89417e109
AXP	American Express	13,343	$1.266B	0.3%	$60.42	+26.4%	COM	025816109
PG	Procter & Gamble	16,028	$1.26B	0.3%	$55.07	+5.8%	COM	742718109
—	Targa Res	17,500	$1.259B	0.3%	$50616.00	—	COM	87611x105
—	Kinder Morgan LP	15,108	$1.242B	0.3%	$84972.30	—	COM	494550106
—	Access Midstream	19,335	$1.229B	0.3%	$47699.99	—	COM	00434l109
—	SB Financial	146,780	$1.229B	0.3%	$7815.42	—	COM	78408d105
—	Williams LP	22,550	$1.224B	0.3%	$51847.18	—	COM	96950f104
AAL	American Airlines	28,270	$1.214B	0.3%	$32.34	+13.7%	COM	02376R102
HD	Home Depot	14,842	$1.202B	0.3%	$56.24	+6.9%	COM	437076102
—	OM Group	36,862	$1.195B	0.3%	$31416.67	—	COM	670872100
DIS	Walt Disney	13,929	$1.194B	0.3%	$56.99	+28.9%	COM	254687106
WMT	Wal-Mart	15,764	$1.183B	0.3%	$19.98	+2.8%	COM	931142103
—	Cenveo Corp	1,000,000	$1.172B	0.3%	$1010.73	—	CONV BOND	15671BAJ0
—	Energy XXI	4,162	$1.142B	0.3%	$269126.30	—	CONV PREF	29274u309
UIS	Unisys	45,825	$1.134B	0.3%	$21.43	+17.9%	COM	909214306
—	UnitedHealth	13,350	$1.091B	0.3%	$66348.41	—	COM	91324p102
—	JPMorgan	18,740	$1.08B	0.3%	$53061.41	—	COM	46625h100
—	Merck	18,576	$1.075B	0.3%	$47890.96	—	COM	58933y105
—	Superior Ind	52,094	$1.074B	0.3%	$17518.47	—	COM	868168105
—	OmniVision Tech	47,240	$1.038B	0.3%	$18573.33	—	COM	682128103
SFST	Southern First	74,565	$1.004B	0.2%	$12.67	+6.8%	COM	842873101
—	Rent-A-Center	34,875	$1B	0.2%	$26620.88	—	COM	76009n100
—	MDC Holdings	32,995	$999M	0.2%	$29846.28	—	COM	552676108
NKE	Nike	12,855	$997M	0.2%	$32.14	0.0%	COM	654106103
—	Arcbest Corp	22,906	$997M	0.2%	$43510.35	—	COM	03937c105
DAKT	Daktronics	82,868	$988M	0.2%	$8.08	+30.1%	COM	234264109
—	Masonite Int	17,364	$977M	0.2%	$49838.69	—	COM	575385109
—	USEC	3,789,000	$970M	0.2%	$213.58	—	CONV BOND	90333eac2
—	Energy Transfer LP	16,651	$965M	0.2%	$51768.65	—	COM	29273R109
—	McDermott Int	119,055	$963M	0.2%	$8090.00	—	COM	580037109
—	Verizon Comm	19,281	$943M	0.2%	$49969.96	—	COM	92343v104
—	SUPERVALU	113,574	$934M	0.2%	$6231.04	—	COM	868536103
—	Du Pont	14,026	$918M	0.2%	$53200.20	—	COM	263534109
—	Eastern Virginia	141,075	$903M	0.2%	$5438.46	—	COM	277196101
—	Iridium Comm	105,294	$891M	0.2%	$7753.99	—	COM	46269c102
—	Sonic	38,815	$857M	0.2%	$14666.45	—	COM	835451105
—	Premier Fin	53,220	$856M	0.2%	$12870.25	—	COM	74050m105
—	General Electric	32,411	$852M	0.2%	$23235.60	—	COM	369604103
—	Spartan Motors	186,680	$848M	0.2%	$5775.35	—	COM	846819100
RAIL	FreightCar	31,683	$793M	0.2%	$18.98	+32.9%	COM	357023100
—	A T & T	22,073	$781M	0.2%	$35368.49	—	COM	00206r102
MSFT	Microsoft	18,172	$758M	0.2%	$26.88	+26.3%	COM	594918104
—	Codorus Bancorp	34,448	$728M	0.2%	$19145.62	—	COM	192025104
—	First Bancshares	51,001	$724M	0.2%	$14136.42	—	COM	318916103
—	Summit Financial	67,332	$716M	0.2%	$10397.75	—	COM	86606g101
IBCP	Independent Bank	54,855	$706M	0.2%	$4.96	+78.0%	COM	453838609
—	AmeriServ	199,016	$693M	0.2%	$2888.57	—	COM	03074a102
—	Teekay Offshore	19,093	$689M	0.2%	$32508.02	—	COM	y8565j101
KO	Coca-Cola	15,961	$676M	0.2%	$27.80	+1.1%	COM	191216100
PFE	Pfizer	22,682	$673M	0.2%	$16.62	+5.6%	COM	717081103
—	MutualFirst	33,460	$638M	0.2%	$14733.70	—	COM	62845b104
—	BNC Bancorp	35,719	$610M	0.1%	$11499.93	—	COM	05566t101
—	RAIT Financial	625,000	$609M	0.1%	$988.48	—	CONV BOND	749227AB0
—	Baylake Corp.	48,530	$608M	0.1%	$11225.63	—	COM	072788102
—	NewBridge	75,014	$605M	0.1%	$6330.10	—	COM	65080t102
PEBK	Peoples Banc	37,420	$599M	0.1%	$14.00	+7.2%	COM	710577107
—	HF Financial	40,996	$569M	0.1%	$13068.79	—	COM	404172108
—	Intervest Bancshares	73,555	$569M	0.1%	$6777.80	—	COM	460927106
—	Kinder Morgan LLC	6,997	$552M	0.1%	$83112.35	—	COM	49455u100
—	Rofin-Sinar Tech	22,825	$549M	0.1%	$24918.08	—	COM	775043102
INTC	Intel	17,447	$539M	0.1%	$17.25	+19.9%	COM	458140100
—	HMN Financial	48,220	$530M	0.1%	$7193.43	—	COM	40424g108
—	Peoples Fin	38,494	$514M	0.1%	$13204.06	—	COM	71103b102
—	First Niagara	56,395	$493M	0.1%	$9959.81	—	COM	33582v108
—	Oxford LP	574,874	$483M	0.1%	$2670.00	—	COM	691807101
—	Yadkin Financial	25,037	$472M	0.1%	$14040.11	—	COM	984305102
—	Southeastern Bank	20,126	$465M	0.1%	$21751.08	—	COM	841584105
ZION	Zions	15,691	$462M	0.1%	$26.77	+9.8%	COM	989701107
—	Astoria Financial	34,300	$461M	0.1%	$11735.15	—	COM	046265104
TSBK	Timberland Bancorp	39,790	$419M	0.1%	$6.35	+18.5%	COM	887098101
FRME	First Merchants	19,745	$417M	0.1%	$11.62	+30.1%	COM	320817109
UBOH	United Bancshares	30,736	$412M	0.1%	$12621.02	—	COM	909458101
IYF	DJ US Financial	4,774	$397M	0.1%	$81759.95	—	COM	464287788
FCCO	First Community	36,695	$391M	0.1%	$8.14	+0.3%	COM	319835104
—	SPDR S&P 600	3,446	$380M	0.1%	$110243.76	—	COM	78464a300
—	SunTrust Banks	9,305	$373M	0.1%	$32475.90	—	COM	867914103
—	Cisco	14,930	$371M	0.1%	$24226.23	—	COM	17275r102
—	MainSource Fin	21,480	$371M	0.1%	$13878.91	—	COM	56062y102
—	United Community Banks	21,200	$347M	0.1%	$12651.68	—	COM	90984p303
—	CenterState	30,620	$343M	0.1%	$9025.84	—	COM	15201p109
—	Xerium Tech	24,198	$338M	0.1%	$10179.89	—	COM	98416j118
EEM	MSCI Emerging Mkts	7,615	$329M	0.1%	$43229.94	—	COM	464287234
—	Gulf Coast Ultra Deep	108,500	$318M	0.1%	$2180.00	—	COM	40222t104
—	HopFed Bancorp	26,522	$308M	0.1%	$10965.46	—	COM	439734104
BAC	Bank of America	19,604	$301M	0.1%	$10.03	+22.1%	COM	060505104
—	Pacific Premier	20,940	$295M	0.1%	$12330.70	—	COM	69478x105
FBNC	First Bancorp	13,200	$242M	0.1%	$11.04	+30.2%	COM	318910106
—	Energy XXI	10,200	$241M	0.1%	$25449.90	—	COM	g10082140
—	WPX Energy	9,913	$237M	0.1%	$23909.21	—	COM	98212b103
MOFG	MidWest One	9,534	$229M	0.1%	$23.89	+1.3%	COM	598511103
—	Alliance Resource LP	4,750	$222M	0.1%	$58640.00	—	COM	01877r108
FCF	First Commonwealth	23,563	$217M	0.1%	$4.86	+23.2%	COM	319829107
—	Cenveo	57,185	$212M	0.1%	$2937.94	—	COM	15670s105
TIP	iShares TIPS	1,773	$205M	0.1%	$112114.95	—	COM	464287176
—	MPLX LP	2,320	$150M	0.0%	$48990.09	—	COM	55336v100
BBT	Berkshire Hills	5,719	$133M	0.0%	$18.20	-8.0%	COM	084680107
—	RAIT Financial	14,400	$119M	0.0%	$7820.94	—	COM	749227104
FITB	Fifth Third	5,325	$114M	0.0%	$11.47	+24.5%	COM	316773100
FNB	F.N.B. Corp	8,444	$108M	0.0%	$7.90	+2.0%	COM	302520101
—	1st Constitution	9,204	$93.33M	0.0%	$9525.05	—	COM	31986n102
—	Hewlett-Packard	1,855	$62.48M	0.0%	$24799.96	—	COM	428236103
—	DCB Financial	7,827	$58.7M	0.0%	$5299.99	—	COM	233075100
—	BB&T Corp	900	$35.49M	0.0%	$33750.00	—	COM	054937107
—	Bank of America	29	$34.01M	0.0%	$1109103.50	—	CONV PREF	060505682
—	A E S	560	$29.03M	0.0%	$50496.97	—	CONV PREF	00808n202
—	Cooper Tire	925	$27.74M	0.0%	$24288.65	—	COM	216831107
—	Susquehanna Banc	2,150	$22.7M	0.0%	$12849.97	—	COM	869099101
—	Umpqua Holdings	1,100	$19.71M	0.0%	$15010.00	—	COM	904214103
—	CVR Partners	1,000	$18.69M	0.0%	$22730.00	—	COM	126633106
IP	International Paper	365	$18.42M	0.0%	$27.24	-0.7%	COM	460146103
—	Prospect Capital	1,560	$16.57M	0.0%	$10625.00	—	COM	74348t102
—	Southwest Banc	800	$13.65M	0.0%	$13200.00	—	COM	844767103
AGM	Federal Ag Mortgage	400	$12.43M	0.0%	$20.93	+9.6%	COM	313148306
—	Doral Financial Corp.	1,500	$11.25M	0.0%	$17000.00	—	PREF STK	25811p209
—	Capital Bank	473	$11.17M	0.0%	$19019.03	—	COM	139794101
COFS	Choiceone Financial	576	$10.63M	0.0%	$9.50	+14.1%	COM	170386106
—	Navios Holdings	1,000	$10.12M	0.0%	$10120.00	—	COM	y62196103
WEBC	Webco Ind	100	$10.1M	0.0%	$105.11	0.0%	COM	947621207
—	SunPower	236	$9.671M	0.0%	$32259.33	—	COM	867652406
—	Trinity Ind	5,000	$9.283M	0.0%	$1167.10	—	CONV BOND	896522af6
—	Kinder Morgan	3,325	$9.244M	0.0%	$1760.00	—	COM	49456b119
—	Doral Financial	2,000	$8.64M	0.0%	$6500.00	—	COM	25811p886
—	Banner Corp.	200	$7.937M	0.0%	$33835.00	—	COM	06652v208
—	Alliance One Int	2,000	$5M	0.0%	$3360.00	—	COM	018772103
—	Meritage Homes	100	$4.221M	0.0%	$41880.00	—	COM	59001a102
—	JP Morgan	200	$3.866M	0.0%	$19330.00	—	COM	46634e114
—	Boardwalk LP	200	$3.7M	0.0%	$18500.00	—	COM	096627104
TISDZ	Treasure Island Trust	15,000	$3.69M	0.0%	$246.00	—	COM	894626209
—	DR Horton	150	$3.687M	0.0%	$21653.33	—	COM	23331a109
—	Doral Financial	1,000	$3.46M	0.0%	$9700.00	—	PREF STK	25811p407
—	Alcoa	229	$3.41M	0.0%	$7820.00	—	COM	013817101
—	Park Sterling	164	$1.081M	0.0%	$6652.44	—	COM	70086y105