Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WMB	Williams Companies	268,924	$13.6B	4.9%	$19.12	+30.5%	COM	969457100
NGL	NGL Energy LP	401,357	$10.53B	3.8%	$33816.91	—	COM	62913M107
—	Magellan Midstream LP	117,259	$8.995B	3.3%	$54940.09	—	COM	559080106
—	SPDR DJIA	44,362	$7.878B	2.9%	$168503.33	—	COM	78467x109
—	Kinder Morgan	177,827	$7.479B	2.7%	$39278.46	—	COM	49456b101
—	Alliance Holdings GP	128,085	$6.621B	2.4%	$63818.17	—	COM	01861g100
—	MarkWest Energy LP	93,522	$6.182B	2.2%	$67562.96	—	COM	570759100
OKE	ONEOK	127,095	$6.131B	2.2%	$21.15	+10.1%	COM	682680103
—	EnLink Midstream LP	217,726	$5.387B	2.0%	$30468.15	—	COM	29336u107
GEL	Genesis Energy	100,242	$4.711B	1.7%	$51850.50	—	COM	371927104
—	Alaska Comm	4,410,000	$4.303B	1.6%	$941.25	—	CONV BOND	01167pae1
—	Emerge Energy Services	90,600	$4.297B	1.6%	$79448.38	—	COM	29102H108
—	Plains GP Holdings	150,208	$4.261B	1.5%	$28370.00	—	COM	72651a108
—	RAIT Financial	3,325,000	$3.936B	1.4%	$1215.67	—	CONV BOND	749227aa2
—	Teekay LNG Partners	103,774	$3.876B	1.4%	$43698.32	—	COM	y8564m105
—	Rose Rock LP	76,028	$3.611B	1.3%	$35305.45	—	COM	777149105
—	Teekay Inc	73,990	$3.446B	1.2%	$47555.86	—	COM	y8564w103
—	Shell Midstream LP	86,509	$3.374B	1.2%	$39000.00	—	COM	822634101
—	Aircastle	150,164	$3.373B	1.2%	$16107.22	—	COM	g0129k104
—	Targa Resources LP	73,819	$3.053B	1.1%	$43554.26	—	COM	87611x105
—	Navios Maritime LP	272,718	$3.038B	1.1%	$14450.00	—	COM	y62267102
—	Goldman Sachs	15,513	$2.916B	1.1%	$163236.95	—	COM	38141g104
—	Bunge	25,967	$2.714B	1.0%	$101898.09	—	CONV PREF	g16962204
—	AK Steel	2,390,000	$2.657B	1.0%	$1111.73	—	CONV BOND	001546ap5
—	Omnicare	27,377	$2.605B	0.9%	$59985.09	—	CONV PREF	68214q200
—	3M Co	15,774	$2.602B	0.9%	$115999.23	—	COM	88579y101
—	QEP Midstream LP	164,113	$2.573B	0.9%	$23300.04	—	COM	74735r115
IBM	IBM	15,631	$2.509B	0.9%	$117.75	-18.1%	COM	459200101
—	Broadsoft Inc	2,340,000	$2.487B	0.9%	$1016.39	—	CONV BOND	11133BAB8
—	Holly Energy LP	78,896	$2.48B	0.9%	$37397.45	—	COM	435763107
BA	Boeing	16,298	$2.446B	0.9%	$86.36	+48.0%	COM	097023105
—	KB HOME	2,505,000	$2.389B	0.9%	$1003.62	—	CONV BOND	48666KAS8
—	Prospect Capital	2,324,000	$2.362B	0.9%	$1026.36	—	CONV BOND	74348TAK8
MMLP	Martin Midstream LP	65,732	$2.33B	0.8%	$44015.74	—	COM	573331105
—	Dendreon	3,050,000	$2.259B	0.8%	$749.62	—	CONV BOND	24823qac1
—	QCR Holdings	123,850	$2.211B	0.8%	$15970.89	—	COM	74727a104
AAPL	Apple	17,243	$2.146B	0.8%	$26.84	0.0%	COM	037833100
—	DCP Midstream Partners	57,203	$2.114B	0.8%	$53741.75	—	COM	23311p100
—	Exterran Partners	82,656	$2.06B	0.7%	$30170.06	—	COM	30225n105
CVX	Chevron Corp	19,291	$2.025B	0.7%	$72.26	-7.4%	COM	166764100
—	Titan Machinery	2,902,000	$2.006B	0.7%	$855.95	—	CONV BOND	88830RAB7
—	Banc of California	162,080	$1.995B	0.7%	$12759.01	—	COM	05990k106
—	Navistar Intl	2,235,000	$1.995B	0.7%	$943.04	—	CONV BOND	63934eaq1
—	General Cable	2,480,000	$1.969B	0.7%	$1087.13	—	CONV BOND	369300al2
—	Genco Shipping	2,070,000	$1.954B	0.7%	$269.81	—	CONV BOND	36869maa3
HD	Home Depot	16,350	$1.858B	0.7%	$57.74	+47.8%	COM	437076102
JNJ	Johnson & Johnson	18,444	$1.855B	0.7%	$67.86	+10.7%	COM	478160104
—	UnitedHealth Group	15,650	$1.851B	0.7%	$69896.05	—	COM	91324p102
—	Cenveo Corp	1,847,000	$1.847B	0.7%	$910.00	—	CONV BOND	15671BAG6
—	United Technologies	15,563	$1.824B	0.7%	$96061.49	—	COM	913017109
—	Exxon Mobil	20,716	$1.761B	0.6%	$91457.08	—	COM	30231g102
—	EnLink Midstream LLC	53,265	$1.733B	0.6%	$33940.06	—	COM	29336t100
—	Travelers Co	15,575	$1.684B	0.6%	$82658.61	—	COM	89417e109
MCD	McDonald's	17,251	$1.681B	0.6%	$71.62	+0.7%	COM	580135101
OLN	Olin Corp	52,443	$1.68B	0.6%	$16.92	+14.9%	COM	680665205
DIS	Walt Disney	16,006	$1.679B	0.6%	$60.89	+50.9%	COM	254687106
—	Targa Resources Corp	17,091	$1.637B	0.6%	$95788.95	—	COM	87612g101
—	Blucora Inc	1,740,000	$1.623B	0.6%	$932.90	—	CONV BOND	095229AB6
NKE	Nike Inc.	15,428	$1.548B	0.6%	$32.56	+28.0%	COM	654106103
MBWM	Mercantile Bank	77,435	$1.514B	0.5%	$13.00	-0.2%	COM	587376104
AAL	American Airlines Gr	28,270	$1.492B	0.5%	$32.34	+48.9%	COM	02376R102
—	Sandridge Energy	36,310	$1.461B	0.5%	$96710.56	—	CONV PREF	80007p604
—	Jefferies Group	1,422,000	$1.444B	0.5%	$1077.32	—	CONV BOND	472319ag7
PG	Procter & Gamble	17,469	$1.431B	0.5%	$55.77	+14.0%	COM	742718109
—	SB Financial	133,892	$1.413B	0.5%	$7815.42	—	COM	78408d105
—	PetroQuest	62,562	$1.405B	0.5%	$33915.65	—	CONV PREF	716748207
WMT	Wal-Mart Stores	17,055	$1.403B	0.5%	$20.02	+15.1%	COM	931142103
KALU	Kaiser Aluminum	17,616	$1.354B	0.5%	$43.76	+19.3%	COM	483007704
EPD	Enterprise Products LP	37,688	$1.241B	0.5%	$51896.47	—	COM	293792107
—	OM Group	41,239	$1.238B	0.4%	$30526.47	—	COM	670872100
CAT	Caterpillar Inc.	15,473	$1.238B	0.4%	$65.07	-3.0%	COM	149123101
RAIL	FreightCar America	39,209	$1.232B	0.4%	$21.11	+31.4%	COM	357023100
AXP	American Express	15,514	$1.212B	0.4%	$63.29	+12.2%	COM	025816109
—	Stillwater Mining	1,726,000	$1.208B	0.4%	$999.13	—	CONV BOND	86074qaf9
—	JPMorgan Chase	19,844	$1.202B	0.4%	$53983.23	—	COM	46625h100
SFST	Southern First Banc	70,105	$1.192B	0.4%	$12.67	+35.4%	COM	842873101
—	Du Pont	16,615	$1.187B	0.4%	$56969.22	—	COM	263534109
ONB	Old National Bancorp	79,064	$1.122B	0.4%	$13.50	+3.4%	COM	680033107
—	Merck	19,357	$1.113B	0.4%	$49416.93	—	COM	58933y105
DAKT	Daktronics	99,233	$1.073B	0.4%	$8.36	+15.0%	COM	234264109
—	Summit Financial	89,400	$1.068B	0.4%	$10740.40	—	COM	86606g101
—	Masonite Int	15,522	$1.044B	0.4%	$49838.69	—	COM	575385109
HVT	Haverty Furniture Co	41,815	$1.04B	0.4%	$21.60	+12.2%	COM	419596101
—	Arcbest	27,137	$1.028B	0.4%	$42232.42	—	COM	03937c105
UIS	Unisys	43,865	$1.018B	0.4%	$21.46	+13.5%	COM	909214306
—	Superior Industries	53,374	$1.01B	0.4%	$17568.08	—	COM	868168105
—	Visa	15,398	$1.007B	0.4%	$211197.00	—	COM	92826c839
PAA	Plains All American LP	20,623	$1.006B	0.4%	$55710.78	—	COM	726503105
—	Verizon	20,366	$990M	0.4%	$49973.32	—	COM	92343v104
—	Rice Midstream LP	69,301	$978M	0.4%	$14110.00	—	COM	762819100
—	Genco Shipping	111,238	$968M	0.4%	$16441.09	—	COM	y2685T115
—	Spartan Motors	192,374	$933M	0.3%	$5702.89	—	COM	846819100
—	MDC Holdings	31,967	$911M	0.3%	$29846.28	—	COM	552676108
—	Rent-A-Center	33,100	$908M	0.3%	$26710.11	—	COM	76009n100
—	First Bancshares	55,431	$901M	0.3%	$14163.50	—	COM	318916103
—	Iridium Communications	91,380	$887M	0.3%	$7753.99	—	COM	46269c102
—	Eastern Virginia Banks	141,624	$887M	0.3%	$5449.53	—	COM	277196101
—	Premier Financial	57,714	$879M	0.3%	$13066.57	—	COM	74050m105
—	General Electric	33,843	$840M	0.3%	$23429.61	—	COM	369604103
—	Cenveo Corp	895,000	$838M	0.3%	$1010.73	—	CONV BOND	15671BAJ0
—	Rofin-Sinar Tech	33,670	$816M	0.3%	$24774.95	—	COM	775043102
PFE	Pfizer	22,880	$796M	0.3%	$16.71	+20.3%	COM	717081103
MSFT	Microsoft Corporation	18,193	$740M	0.3%	$27.64	+34.7%	COM	594918104
—	MutualFirst Financial	32,076	$739M	0.3%	$14733.70	—	COM	62845b104
—	Codorus Bancorp	35,544	$722M	0.3%	$19203.87	—	COM	192025104
—	RAIT Financial	845,000	$720M	0.3%	$951.63	—	CONV BOND	749227AB0
PEBK	Peoples Bancorp	38,641	$714M	0.3%	$14.06	+18.1%	COM	710577107
KO	Coca-Cola Company	16,919	$686M	0.2%	$27.92	+6.1%	COM	191216100
IBCP	Independent Bank	52,052	$668M	0.2%	$4.96	+77.5%	COM	453838609
—	BNC Bancorp	34,494	$624M	0.2%	$11499.93	—	COM	05566t101
—	NewBridge Bancorp	68,753	$613M	0.2%	$6330.10	—	COM	65080t102
—	Energy Transfer Partners	10,734	$598M	0.2%	$51768.65	—	COM	29273R109
—	HF Financial	40,231	$594M	0.2%	$13068.79	—	COM	404172108
INTC	Intel	18,829	$589M	0.2%	$18.42	+41.2%	COM	458140100
—	Freddie Mac	147,300	$576M	0.2%	$3950.00	—	PREF STK	313400640
—	Baylake Corp	45,173	$572M	0.2%	$11248.19	—	COM	072788102
—	HMN Financial	46,760	$566M	0.2%	$7193.43	—	COM	40424g108
—	QEP Resources	27,120	$565M	0.2%	$29788.70	—	COM	74733v100
—	Southeastern Bank Fin	20,146	$564M	0.2%	$21906.79	—	COM	841584105
—	AmeriServ	188,149	$561M	0.2%	$2888.57	—	COM	03074a102
—	SPDR S&P 600	5,162	$553M	0.2%	$107704.30	—	COM	78464a300
—	McDermott Int	138,413	$532M	0.2%	$7398.83	—	COM	580037109
—	Centrus Energy	1,263,487	$505M	0.2%	$697.00	—	CONV BOND	15643uaa2
—	Yadkin Financial	24,461	$497M	0.2%	$14040.11	—	COM	984305102
—	Atlas Energy Group	82,548	$496M	0.2%	$6009.99	—	COM	04929q102
—	Peoples Financial	48,258	$492M	0.2%	$12793.75	—	COM	71103b102
—	C & J Energy Services	44,217	$492M	0.2%	$11130.00	—	COM	g3164q101
UBOH	United Bancshares	31,025	$471M	0.2%	$12714.71	—	COM	909458101
—	Cal Dive Int	4,550,000	$455M	0.2%	$357.98	—	CONV BOND	12802TAB7
FRME	First Merchants	19,320	$455M	0.2%	$11.62	+44.2%	COM	320817109
—	Xerium Technologies	27,700	$449M	0.2%	$11040.88	—	COM	98416j118
—	Cisco Systems	16,196	$446M	0.2%	$24363.22	—	COM	17275r102
FCCO	First Community	37,855	$441M	0.2%	$8.15	+7.1%	COM	319835104
—	Western Gas LP	6,600	$435M	0.2%	$73050.00	—	COM	958254104
—	Astoria Financial	33,190	$430M	0.2%	$11743.63	—	COM	046265104
IYF	iShares Financial	4,774	$425M	0.2%	$81759.95	—	COM	464287788
—	Hawaiian Holdings	150,000	$425M	0.2%	$1092.50	—	CONV BOND	419879ad3
—	Energy Transfer Equity	6,656	$422M	0.2%	$56473.64	—	COM	29273v100
—	United Community Banks	21,410	$404M	0.1%	$12814.59	—	COM	90984p303
—	SPDR S&P 400	1,454	$403M	0.1%	$277240.03	—	COM	78467y107
TSBK	Timberland Bancorp	37,350	$402M	0.1%	$6.37	+19.5%	COM	887098101
—	MainSource Financial	20,037	$394M	0.1%	$13878.91	—	COM	56062y102
—	SunTrust Banks	9,501	$390M	0.1%	$33043.35	—	COM	867914103
ZION	Zions Bancorp	14,416	$389M	0.1%	$26.77	-2.2%	COM	989701107
CFG	Citizens Financial	15,970	$385M	0.1%	$16.22	+3.1%	COM	174610105
—	CenterState Banks	29,725	$354M	0.1%	$9088.85	—	COM	15201p109
—	Transmontaigne LP	10,371	$335M	0.1%	$42165.18	—	COM	89376v100
—	HopFed Bancorp	24,907	$321M	0.1%	$10965.46	—	COM	439734104
BAC	Bank of America	20,604	$317M	0.1%	$10.29	+24.0%	COM	060505104
—	Pacific Premier Bancorp	19,400	$314M	0.1%	$12330.70	—	COM	69478x105
—	RAIT Financial	44,800	$307M	0.1%	$7716.37	—	COM	749227104
EEM	iShares MSCI Emerging	7,615	$306M	0.1%	$43229.94	—	COM	464287234
—	Citigroup Inc	375,183	$274M	0.1%	$735.57	—	COM	172967226
—	Apollo Investment	255,000	$262M	0.1%	$1025.58	—	CONV BOND	03761UAE6
—	Hawaiian Holdings	11,587	$255M	0.1%	$6275.29	—	COM	419879101
MOFG	MidWest One Financial	8,699	$251M	0.1%	$23.89	+19.4%	COM	598511103
—	Centrus Energy Corp	43,920	$224M	0.1%	$5110.00	—	COM	15643u104
FBNC	First Bancorp	12,606	$221M	0.1%	$11.04	+26.8%	COM	318910106
—	A T & T	6,439	$210M	0.1%	$35354.62	—	COM	00206r102
FCF	First Commonwealth Financial	22,878	$206M	0.1%	$4.86	+23.6%	COM	319829107
—	Unit Corp	7,035	$197M	0.1%	$27979.96	—	COM	909218109
—	Energy XXI	4,500	$193M	0.1%	$254049.17	—	CONV PREF	29274u309
TIP	iShares TIPS	1,634	$186M	0.1%	$112114.95	—	COM	464287176
—	Alliance Resource LP	4,750	$159M	0.1%	$58640.00	—	COM	01877r108
BBT	Berkshire Hills Bancorp	5,544	$154M	0.1%	$18.19	+4.5%	COM	084680107
—	Kinder Morgan	33,300	$137M	0.0%	$3452.42	—	COM	49456b119
—	American Airlines Group Inc	11,453	$130M	0.0%	$11389.94	—	COM	001765106
FITB	Fifth Third Bancorp	6,475	$122M	0.0%	$11.79	+9.9%	COM	316773100
—	Cenveo	56,350	$121M	0.0%	$2937.94	—	COM	15670s105
—	1st Constitution Banc	9,896	$113M	0.0%	$9655.42	—	COM	31986n102
FNB	F.N.B. Corporation	8,444	$111M	0.0%	$7.90	+6.2%	COM	302520101
—	Teekay Offshore LP	4,893	$103M	0.0%	$32508.02	—	COM	y8565j101
—	Bank of America	185,625	$96.53M	0.0%	$603.09	—	COM	060505153
—	Regency Energy LP	3,523	$80.57M	0.0%	$32619.93	—	COM	75885y107
F	Ford Motor	4,801	$77.48M	0.0%	$9.38	-5.9%	COM	345370860
—	Gulf Coast Royalty Trust	108,500	$77.25M	0.0%	$2180.00	—	COM	40222t104
—	Williams Partners	1,309	$64.43M	0.0%	$51847.18	—	COM	96950f104
—	Teekay Tankers	10,000	$57.4M	0.0%	$3730.00	—	COM	y8565n102
—	DCB Financial	7,827	$56.75M	0.0%	$5299.99	—	COM	233075100
HON	Honeywell	500	$52.16M	0.0%	$72.99	0.0%	COM	438516106
—	WPX Energy	4,630	$50.6M	0.0%	$10929.16	—	COM	98212b103
—	Energy XXI	13,600	$49.5M	0.0%	$19908.02	—	COM	g10082140
—	ONEOK LP	1,200	$49.01M	0.0%	$53319.20	—	COM	68268N103
—	SandRidge Energy	27,000	$48.06M	0.0%	$2023.45	—	COM	80007p307
—	BB&T Corp	900	$35.09M	0.0%	$33750.00	—	COM	054937107
—	Bank of America	29	$33.55M	0.0%	$1109103.50	—	CONV PREF	060505682
—	SUPERVALU	2,600	$30.24M	0.0%	$6231.04	—	COM	868536103
—	Susquehanna Banc	2,150	$29.48M	0.0%	$12849.97	—	COM	869099101
—	Southcross Energy LP	2,042	$28.59M	0.0%	$14000.00	—	COM	84130c100
—	Eagle Rock Energy Partners	12,077	$28.14M	0.0%	$7813.67	—	COM	26985r104
—	A E S	410	$20.93M	0.0%	$50496.97	—	CONV PREF	00808n202
IP	International Paper	365	$20.25M	0.0%	$30.67	+6.8%	COM	460146103
—	Umpqua Holdings	1,100	$18.9M	0.0%	$15010.00	—	COM	904214103
COFS	Choiceone Financial	576	$13.64M	0.0%	$9.50	+48.7%	COM	170386106
—	CVR Partners	1,000	$13.15M	0.0%	$22730.00	—	COM	126633106
—	Alaska Comm	7,800	$13.1M	0.0%	$1680.00	—	COM	01167p101
—	Capital Bank Fin	473	$13.06M	0.0%	$19019.03	—	COM	139794101
—	Anadarko Petroleum	155	$12.84M	0.0%	$82812.91	—	COM	032511107
—	Southwest Bancorp	700	$12.45M	0.0%	$13200.00	—	COM	844767103
—	EOG Resources	130	$11.92M	0.0%	$91692.30	—	COM	26875p101
AGM	Federal Agricultural Mortgage	400	$11.28M	0.0%	$20.93	+0.7%	COM	313148306
—	Southwestern Energy	480	$11.13M	0.0%	$23189.58	—	COM	845467109
—	Central Valley Comm Banc	1,000	$10.98M	0.0%	$10979.00	—	COM	155685100
—	Whiting Petroleum	350	$10.81M	0.0%	$30900.00	—	COM	966387102
—	Apache Corp	175	$10.56M	0.0%	$60331.43	—	COM	037411105
—	Banner Corp	200	$9.193M	0.0%	$33835.00	—	COM	06652v208
—	SunPower Corp	236	$7.389M	0.0%	$32259.33	—	COM	867652406
WEBC	Webco Industries	100	$5.95M	0.0%	$65.47	0.0%	COM	947621207
—	Pioneer Energy Services	1,050	$5.691M	0.0%	$5420.00	—	COM	723664108
—	Navios Maritime	1,200	$5.016M	0.0%	$9130.00	—	COM	y62196103
—	Meritage Homes	100	$4.864M	0.0%	$41880.00	—	COM	59001a102
—	JP Morgan Chase	200	$4.402M	0.0%	$19330.00	—	COM	46634e114
—	DR Horton	150	$4.272M	0.0%	$28480.00	—	COM	23331a109
TOL	Toll Brothers	100	$3.934M	0.0%	$34.26	+6.7%	COM	889478103
—	Alliance One Int	2,000	$2.2M	0.0%	$3360.00	—	COM	018772103
—	First Niagara Financial	180	$1.591M	0.0%	$9959.81	—	COM	33582v108
—	Cal Dive Int	40,000	$1.104M	0.0%	$70.00	—	COM	12802t101
TISDZ	Treasure Island Trust	15,000	$480K	0.0%	$246.00	—	COM	894626209
—	Doral Financial	1,500	$450K	0.0%	$17000.00	—	PREF STK	25811p209
—	Doral Financial	2,000	$160K	0.0%	$6500.00	—	COM	25811p886
—	Doral Financial	1,000	$140K	0.0%	$9700.00	—	PREF STK	25811p407
—	Genco Shipping	155	$105K	0.0%	$1709.68	—	COM	y2685t123