Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NGL	NGL Energy LP	634,263	$24.97B	6.5%	$33816.91	—	COM	62913M107
WMB	Williams Companies	416,735	$23.07B	6.0%	$19.12	+58.1%	COM	969457100
—	Magellan Midstream LP	176,913	$14.89B	3.8%	$54940.09	—	COM	559080106
—	MarkWest Energy LP	159,496	$12.25B	3.2%	$67562.96	—	COM	570759100
—	Alliance GP	163,455	$11.15B	2.9%	$63818.17	—	COM	01861g100
—	ONEOK LP	184,180	$10.31B	2.7%	$53319.20	—	COM	68268N103
OKE	ONEOK	154,353	$10.12B	2.6%	$21.15	+57.9%	COM	682680103
—	EnLink LP	298,066	$9.076B	2.3%	$30468.15	—	COM	29336u107
—	Atlas Pipeline LP	241,785	$8.815B	2.3%	$36773.49	—	COM	049392103
—	QEP Resources	277,920	$8.554B	2.2%	$29788.70	—	COM	74733v100
—	DCP MidstreamLP LP	141,297	$7.694B	2.0%	$53741.75	—	COM	23311p100
—	SPDR DJIA	43,106	$7.331B	1.9%	$167190.03	—	COM	78467x109
—	Transmontaigne LP	173,080	$7.138B	1.8%	$42165.18	—	COM	89376v100
—	Rose Rock Midstream	114,923	$6.798B	1.8%	$35305.45	—	COM	777149105
GEL	Genesis Energy	120,131	$6.324B	1.6%	$51850.50	—	COM	371927104
—	Teekay LNG	128,729	$5.607B	1.4%	$43698.32	—	COM	y8564m105
—	Emerge Energy LP	46,685	$5.383B	1.4%	$105800.00	—	COM	29102H108
—	Navios LP	291,861	$5.204B	1.3%	$14450.00	—	COM	y62267102
—	QEP Midstream LP	208,905	$4.949B	1.3%	$23300.04	—	COM	74735r115
—	El Paso Pipeline	122,090	$4.903B	1.3%	$42660.05	—	COM	283702108
—	RAIT Financial	3,472,000	$4.342B	1.1%	$1215.67	—	CONV BOND	749227aa2
—	Holly Energy LP	111,816	$4.07B	1.1%	$37397.45	—	COM	435763107
—	Eagle Rock LP	1,141,406	$4.063B	1.1%	$7813.67	—	COM	26985r104
MMLP	Martin Midstream LP	104,862	$3.91B	1.0%	$44015.74	—	COM	573331105
—	Sandridge Energy	39,800	$3.861B	1.0%	$96710.56	—	CONV PREF	80007p604
EPD	Enterprise Products LP	94,588	$3.812B	1.0%	$52331.47	—	COM	293792107
—	Kinder Morgan Inc	97,379	$3.734B	1.0%	$35224.30	—	COM	49456b101
—	Alaska Comm	4,325,000	$3.479B	0.9%	$804.47	—	CONV BOND	01167PAE1
—	Visa	15,797	$3.371B	0.9%	$211197.00	—	COM	92826c839
IBM	IBM	16,431	$3.119B	0.8%	$117.75	-2.9%	COM	459200101
—	Bunge Ltd	27,052	$2.942B	0.8%	$101793.33	—	CONV PREF	g16962204
—	Goldman Sachs	15,957	$2.929B	0.8%	$163236.95	—	COM	38141g104
—	Exterran Partners	98,338	$2.884B	0.7%	$30170.06	—	COM	30225n105
—	PetroQuest	66,457	$2.858B	0.7%	$34134.51	—	CONV PREF	716748207
—	EnLink LLC	62,880	$2.599B	0.7%	$33940.06	—	COM	29336t100
—	Aircastle	158,799	$2.598B	0.7%	$16107.22	—	COM	g0129k104
—	Hawaiian Holdings	191,000	$2.569B	0.7%	$6275.29	—	COM	419879101
—	Auxilium Pharm	1,915,000	$2.542B	0.7%	$980.11	—	CONV BOND	05334DAA5
CVX	Chevron Corp	20,980	$2.503B	0.6%	$72.26	+8.6%	COM	166764100
—	Prospect Capital	2,374,000	$2.437B	0.6%	$1026.36	—	CONV BOND	74348TAK8
—	3M	16,597	$2.351B	0.6%	$115999.23	—	COM	88579y101
—	Genco Shipping	2,335,000	$2.335B	0.6%	$269.81	—	CONV BOND	36869maa3
—	KB HOME	2,410,000	$2.317B	0.6%	$1004.17	—	CONV BOND	48666KAS8
—	Exxon Mobil	24,432	$2.298B	0.6%	$91457.08	—	COM	30231g102
—	Titan Machinery	2,977,000	$2.281B	0.6%	$855.95	—	CONV BOND	88830RAB7
—	Broadsoft	2,300,000	$2.245B	0.6%	$1015.86	—	CONV BOND	11133BAB8
—	Hawaiian Holdings	1,250,000	$2.223B	0.6%	$1092.50	—	CONV BOND	419879ad3
—	Omnicare	28,916	$2.214B	0.6%	$59985.09	—	CONV PREF	68214q200
BA	Boeing	17,023	$2.168B	0.6%	$86.36	+26.5%	COM	097023105
—	Dendreon	3,140,000	$2.151B	0.6%	$749.62	—	CONV BOND	24823qac1
—	QCR Holdings	121,586	$2.147B	0.6%	$15942.58	—	COM	74727a104
JNJ	Johnson & Johnson	20,062	$2.138B	0.6%	$67.86	+11.4%	COM	478160104
—	Banc of California	163,673	$1.904B	0.5%	$12764.14	—	COM	05990k106
—	General Cable	2,685,000	$1.867B	0.5%	$1087.13	—	CONV BOND	369300al2
PAA	Plains All American LP	31,579	$1.859B	0.5%	$55710.78	—	COM	726503105
—	Stillwater Mining	1,851,000	$1.834B	0.5%	$999.13	—	CONV BOND	86074qaf9
MCD	McDonald's	18,985	$1.8B	0.5%	$71.62	-0.5%	COM	580135101
—	United Technologies	16,388	$1.731B	0.4%	$96061.49	—	COM	913017109
—	Jefferies	1,557,000	$1.656B	0.4%	$1077.32	—	CONV BOND	472319ag7
CAT	Caterpillar	16,393	$1.623B	0.4%	$65.07	+21.8%	COM	149123101
HD	Home Depot	17,613	$1.616B	0.4%	$57.74	+13.8%	COM	437076102
PG	Procter & Gamble	18,888	$1.582B	0.4%	$55.77	+7.1%	COM	742718109
—	Travelers	16,615	$1.561B	0.4%	$82658.61	—	COM	89417e109
MBWM	Mercantile Bank	81,084	$1.545B	0.4%	$13.00	+0.5%	COM	587376104
DIS	Walt Disney	16,879	$1.503B	0.4%	$60.89	+30.3%	COM	254687106
—	Kinder Morgan LP	15,348	$1.432B	0.4%	$85102.22	—	COM	494550106
AXP	American Express	16,239	$1.422B	0.4%	$63.29	+20.9%	COM	025816109
NKE	Nike	15,862	$1.415B	0.4%	$32.56	+5.6%	COM	654106103
—	UnitedHealth Group	16,246	$1.401B	0.4%	$69896.05	—	COM	91324p102
KALU	Kaiser Aluminum	18,377	$1.401B	0.4%	$43.76	+24.4%	COM	483007704
WMT	Wal-Mart	18,205	$1.392B	0.4%	$20.02	+1.4%	COM	931142103
RAIL	FreightCar America	41,278	$1.375B	0.4%	$21.11	+33.4%	COM	357023100
—	Coeur D'Alene	1,336,000	$1.345B	0.3%	$993.16	—	CONV BOND	192108ar9
—	Cal Dive	2,050,000	$1.335B	0.3%	$651.25	—	CONV BOND	12802TAB7
—	SB Financial	144,990	$1.312B	0.3%	$7815.42	—	COM	78408d105
—	C & J Energy	42,865	$1.31B	0.3%	$20839.57	—	COM	12467b304
—	JPMorgan	21,501	$1.295B	0.3%	$53983.23	—	COM	46625h100
—	Merck	21,450	$1.272B	0.3%	$49416.93	—	COM	58933y105
—	Targa Resources	17,500	$1.266B	0.3%	$50616.00	—	COM	87611x105
OLN	Olin	49,975	$1.262B	0.3%	$16.88	+12.5%	COM	680665205
—	Access Midstream LP	19,335	$1.23B	0.3%	$47699.99	—	COM	00434l109
—	Du Pont	17,092	$1.227B	0.3%	$56529.50	—	COM	263534109
—	Freddie Mac	147,300	$1.214B	0.3%	$3950.00	—	PREF STK	313400640
—	Williams Partners	22,050	$1.17B	0.3%	$51847.18	—	COM	96950f104
DAKT	Daktronics	94,368	$1.16B	0.3%	$8.31	+19.7%	COM	234264109
—	Verizon	23,165	$1.158B	0.3%	$49973.32	—	COM	92343v104
—	OM Group	44,032	$1.143B	0.3%	$30526.47	—	COM	670872100
ONB	Old National Banc	87,410	$1.134B	0.3%	$13.50	0.0%	COM	680033107
—	Rent-A-Center	35,730	$1.084B	0.3%	$26710.11	—	COM	76009n100
—	Arcbest	28,841	$1.076B	0.3%	$42232.42	—	COM	03937c105
UIS	Unisys	44,855	$1.05B	0.3%	$21.43	+7.3%	COM	909214306
SFST	Southern First	74,245	$1.035B	0.3%	$12.67	+9.8%	COM	842873101
AAL	American Airlines	28,270	$1.003B	0.3%	$32.34	+14.9%	COM	02376R102
—	Genco Shipping	49,855	$997M	0.3%	$20000.00	—	COM	y2685T115
—	Energy Transfer Partners	15,041	$962M	0.2%	$51768.65	—	COM	29273R109
—	Masonite	17,184	$952M	0.2%	$49838.69	—	COM	575385109
—	Sonic	42,400	$948M	0.2%	$15316.95	—	COM	835451105
—	Cenveo Corp. - Convert.	905,000	$940M	0.2%	$1010.73	—	CONV BOND	15671BAJ0
—	Superior Industries	52,784	$925M	0.2%	$17518.62	—	COM	868168105
—	Atlas Energy LP	21,010	$924M	0.2%	$44000.00	—	COM	04930a104
—	SUPERVALU	103,259	$923M	0.2%	$6231.04	—	COM	868536103
—	Centrus Energy	1,297,647	$908M	0.2%	$700.00	—	CONV BOND	15643uaa2
MSFT	Microsoft	19,553	$906M	0.2%	$27.64	+36.3%	COM	594918104
—	Spartan Motors	192,136	$897M	0.2%	$5743.96	—	COM	846819100
—	General Electric	34,915	$895M	0.2%	$23406.60	—	COM	369604103
—	Eastern Virginia Bks	141,479	$880M	0.2%	$5438.46	—	COM	277196101
—	A T & T	24,743	$872M	0.2%	$35354.62	—	COM	00206r102
—	Iridium Comm	95,356	$844M	0.2%	$7753.99	—	COM	46269c102
—	MDC Holdings	32,275	$817M	0.2%	$29846.28	—	COM	552676108
—	Energy XXI	4,200	$815M	0.2%	$269126.30	—	CONV PREF	29274u309
—	Premier Financial	53,490	$783M	0.2%	$12870.25	—	COM	74050m105
KO	Coca-Cola	18,098	$772M	0.2%	$27.92	+3.3%	COM	191216100
—	First Bancshares	51,861	$749M	0.2%	$14141.63	—	COM	318916103
PFE	Pfizer	25,328	$749M	0.2%	$16.71	+4.4%	COM	717081103
—	MutualFirst	33,250	$748M	0.2%	$14733.70	—	COM	62845b104
—	Codorus Banc	34,486	$705M	0.2%	$19145.62	—	COM	192025104
INTC	Intel	20,223	$704M	0.2%	$18.42	+39.8%	COM	458140100
—	Summit Financial	67,392	$691M	0.2%	$10397.75	—	COM	86606g101
—	Rofin-Sinar Tech	29,840	$688M	0.2%	$24481.27	—	COM	775043102
—	McDermott Int	119,483	$683M	0.2%	$8090.00	—	COM	580037109
—	Intervest Banc	70,155	$671M	0.2%	$6777.80	—	COM	460927106
—	Kinder Morgan LLC	6,969	$656M	0.2%	$83112.35	—	COM	49455u100
—	AmeriServ Fin	198,221	$654M	0.2%	$2888.57	—	COM	03074a102
IBCP	Independent Bank	54,255	$647M	0.2%	$4.96	+71.4%	COM	453838609
PEBK	Peoples Bancorp	37,806	$641M	0.2%	$14.01	+7.6%	COM	710577107
—	HMN Financial	48,220	$637M	0.2%	$7193.43	—	COM	40424g108
—	Teekay Offshore	18,893	$635M	0.2%	$32508.02	—	COM	y8565j101
—	Energy Transfer Equity	9,840	$607M	0.2%	$47372.13	—	COM	29273v100
—	Baylake	50,291	$597M	0.2%	$11248.19	—	COM	072788102
—	NewBridge	74,418	$565M	0.1%	$6330.10	—	COM	65080t102
—	BNC Bancorp	35,439	$555M	0.1%	$11499.93	—	COM	05566t101
—	HF Financial	40,706	$547M	0.1%	$13068.79	—	COM	404172108
—	Peoples Financial	40,815	$540M	0.1%	$13206.10	—	COM	71103b102
—	RAIT Financial	575,000	$537M	0.1%	$988.48	—	CONV BOND	749227AB0
—	SPDR S&P 600	5,014	$513M	0.1%	$107765.03	—	COM	78464a300
—	Southeastern Bank	20,366	$497M	0.1%	$21782.29	—	COM	841584105
—	Centrus Energy	46,156	$471M	0.1%	$10210.07	—	COM	15643u104
—	First Niagara	56,145	$468M	0.1%	$9959.81	—	COM	33582v108
UBOH	United Bancshares	30,629	$459M	0.1%	$12621.02	—	COM	909458101
—	Oxford ResourceLP	573,299	$457M	0.1%	$2670.00	—	COM	691807101
—	Yadkin Financial	24,761	$450M	0.1%	$14040.11	—	COM	984305102
ZION	Zions Bancorp	15,451	$449M	0.1%	$26.77	+8.4%	COM	989701107
—	Cisco	17,465	$440M	0.1%	$24363.22	—	COM	17275r102
—	Xerium Technologies	30,035	$439M	0.1%	$11040.88	—	COM	98416j118
—	Astoria Fin	34,750	$431M	0.1%	$11743.63	—	COM	046265104
TSBK	Timberland Banc	39,725	$419M	0.1%	$6.35	+17.7%	COM	887098101
IYF	iShares DJ US Fin	4,774	$400M	0.1%	$81759.95	—	COM	464287788
FRME	First Merchants	19,745	$399M	0.1%	$11.62	+28.1%	COM	320817109
FCCO	First Community	36,695	$390M	0.1%	$8.14	-0.4%	COM	319835104
—	MainSource Financial	21,481	$371M	0.1%	$13878.91	—	COM	56062y102
—	SPDR S&P MidCap	1,454	$363M	0.1%	$249319.81	—	COM	78467y107
—	SunTrust Banks	9,305	$354M	0.1%	$32475.90	—	COM	867914103
—	United Community Banks	21,200	$349M	0.1%	$12651.68	—	COM	90984p303
BAC	Bank of America	19,729	$336M	0.1%	$10.03	+25.4%	COM	060505104
—	CenterState	32,150	$333M	0.1%	$9088.85	—	COM	15201p109
EEM	iShares MSCI Emerging Markets	7,615	$316M	0.1%	$43229.94	—	COM	464287234
—	HopFed Bancorp	25,892	$298M	0.1%	$10965.46	—	COM	439734104
—	Pacific Premier	20,940	$294M	0.1%	$12330.70	—	COM	69478x105
—	WPX Energy	9,913	$238M	0.1%	$23909.21	—	COM	98212b103
MOFG	MidWest One	9,534	$219M	0.1%	$23.89	-0.6%	COM	598511103
—	Gulf Coast Ultra Deep	108,500	$217M	0.1%	$2180.00	—	COM	40222t104
FBNC	First Bancorp	13,200	$211M	0.1%	$11.04	+23.2%	COM	318910106
—	Alliance Partners LP	4,750	$203M	0.1%	$58640.00	—	COM	01877r108
FCF	First Commonwealth Fin	23,563	$198M	0.1%	$4.86	+25.3%	COM	319829107
TIP	iSharesTIPS Bond	1,748	$196M	0.1%	$112114.95	—	COM	464287176
—	Cenveo	57,185	$141M	0.0%	$2937.94	—	COM	15670s105
BBT	Berkshire Hills Banc	5,859	$138M	0.0%	$18.17	-5.3%	COM	084680107
—	Kinder Morgan	33,325	$121M	0.0%	$3452.42	—	COM	49456b119
—	Energy XXI	10,200	$116M	0.0%	$25449.90	—	COM	g10082140
—	Regency Energy LP	3,523	$115M	0.0%	$32619.93	—	COM	75885y107
—	RAIT Financial	14,800	$110M	0.0%	$7810.37	—	COM	749227104
FITB	Fifth Third Banc	5,325	$107M	0.0%	$11.47	+21.4%	COM	316773100
FNB	F.N.B. Corp	8,444	$101M	0.0%	$7.90	+1.3%	COM	302520101
—	1st Constitution	9,204	$94.34M	0.0%	$9525.05	—	COM	31986n102
F	Ford	5,562	$82.26M	0.0%	$9.38	0.0%	COM	345370860
—	DCB Financial	7,827	$58.23M	0.0%	$5299.99	—	COM	233075100
—	Teekay Tankers	10,000	$37.3M	0.0%	$3730.00	—	COM	y8565n102
—	Capital ProductLP	3,500	$34.93M	0.0%	$9980.00	—	COM	mhy110821
—	BB&T Corp	900	$33.49M	0.0%	$33750.00	—	COM	054937107
—	Bank of America	29	$33.25M	0.0%	$1109103.50	—	CONV PREF	060505682
LUV	Southwest Air	752	$25.39M	0.0%	$26.90	0.0%	COM	844741108
—	Susquehanna Banc	2,150	$21.5M	0.0%	$12849.97	—	COM	869099101
—	A E S	410	$21.05M	0.0%	$50496.97	—	CONV PREF	00808n202
—	Umpqua Holdings	1,100	$18.12M	0.0%	$15010.00	—	COM	904214103
—	Pioneer Energy Serv	1,050	$14.72M	0.0%	$14020.00	—	COM	723664108
—	Doral Financial	1,500	$14.25M	0.0%	$17000.00	—	PREF STK	25811p209
—	CVR Partners LP	1,000	$13.73M	0.0%	$22730.00	—	COM	126633106
—	Doral Financial	2,000	$13.28M	0.0%	$6500.00	—	COM	25811p886
—	Southwest Bancorp	800	$13.12M	0.0%	$13200.00	—	COM	844767103
AGM	Federal Agricultural Mtge	400	$12.86M	0.0%	$20.93	+5.7%	COM	313148306
COFS	Choiceone Financial	576	$11.81M	0.0%	$9.50	+27.6%	COM	170386106
—	Capital Bank Fin	473	$11.29M	0.0%	$19019.03	—	COM	139794101
—	SandRidge Energy	2,240	$9.61M	0.0%	$4290.18	—	COM	80007p307
—	Citigroup	9,500	$9.025M	0.0%	$950.00	—	COM	172967226
—	SunPower Corp	236	$7.996M	0.0%	$32259.33	—	COM	867652406
—	Banner	200	$7.705M	0.0%	$33835.00	—	COM	06652v208
—	Navios Holdings	1,000	$6M	0.0%	$10120.00	—	COM	y62196103
—	Doral Financial	1,000	$5.11M	0.0%	$9700.00	—	PREF STK	25811p407
—	JP Morgan	200	$4.022M	0.0%	$19330.00	—	COM	46634e114
—	Alliance One Int	2,000	$3.94M	0.0%	$3360.00	—	COM	018772103
—	Boardwalk Pipeline	200	$3.74M	0.0%	$18500.00	—	COM	096627104
—	Meritage Homes	100	$3.55M	0.0%	$41880.00	—	COM	59001a102
TOL	Toll Brothers	100	$3.116M	0.0%	$34.26	0.0%	COM	889478103
—	DR Horton	150	$3.078M	0.0%	$21653.33	—	COM	23331a109
—	Harvest Natural Res	700	$2.569M	0.0%	$3670.00	—	COM	41754v103
TISDZ	Treasure Island	15,000	$2.175M	0.0%	$246.00	—	COM	894626209