Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WMB	Williams Companies	226,313	$8.34B	3.6%	$19.80	+38.5%	COM	969457100
—	SPDR DJIA	46,888	$7.625B	3.3%	$168152.42	—	COM	78467x109
NGL	NGL Energy Partners	370,299	$7.395B	3.2%	$33816.91	—	COM	62913M107
—	Magellan Midstream LP	99,524	$5.982B	2.6%	$54940.09	—	COM	559080106
—	Kinder Morgan	171,610	$4.75B	2.0%	$39260.44	—	COM	49456b101
—	Alaska Communications	4,410,000	$4.416B	1.9%	$941.25	—	CONV BOND	01167pae1
—	Alliance Holding GP	128,582	$3.981B	1.7%	$59819.18	—	COM	01861g100
—	MarkWest Energy	90,445	$3.881B	1.7%	$67562.96	—	COM	570759100
OKE	ONEOK Inc	119,687	$3.854B	1.7%	$21.15	-9.6%	COM	682680103
GEL	Genesis Energy	99,391	$3.811B	1.6%	$51672.32	—	COM	371927104
—	EnLink Partners LP	239,026	$3.767B	1.6%	$29255.63	—	COM	29336u107
—	Rice Midstream Partners	251,018	$3.344B	1.4%	$16473.83	—	COM	762819100
—	VTTI Energy Partners	168,135	$3.29B	1.4%	$24757.28	—	COM	y9384m101
—	RAIT Financial	3,315,000	$3.164B	1.4%	$1215.67	—	CONV BOND	749227aa2
—	Teekay Inc	105,290	$3.121B	1.3%	$46150.06	—	COM	y8564w103
EPD	Enterprise Products	123,567	$3.077B	1.3%	$33133.94	—	COM	293792107
—	QCR Holdings	125,914	$2.754B	1.2%	$16036.23	—	COM	74727a104
—	Plains GP Holdings	153,822	$2.692B	1.2%	$28195.61	—	COM	72651a108
—	Goldman Sachs	15,413	$2.678B	1.2%	$163236.95	—	COM	38141g104
—	Shell Midstream Partners	89,969	$2.648B	1.1%	$39467.40	—	COM	822634101
—	EZCorp Inc	3,660,000	$2.612B	1.1%	$713.75	—	CONV BOND	302301AB2
—	Bunge	25,475	$2.5B	1.1%	$101898.09	—	CONV PREF	g16962204
—	Targa Resources	85,771	$2.491B	1.1%	$41493.99	—	COM	87611x105
—	Teekay LNG Partners	102,721	$2.457B	1.1%	$43562.55	—	COM	y8564m105
—	Broadsoft Inc	2,300,000	$2.358B	1.0%	$1016.39	—	CONV BOND	11133BAB8
—	Holly Energy Partners	79,061	$2.295B	1.0%	$37351.07	—	COM	435763107
—	KB HOME	2,460,000	$2.284B	1.0%	$1003.62	—	CONV BOND	48666KAS8
—	Prospect Capital Corp	2,279,000	$2.279B	1.0%	$1026.36	—	CONV BOND	74348TAK8
IBM	IBM	15,580	$2.259B	1.0%	$117.36	-18.8%	COM	459200101
—	Rose Rock Midstream	91,958	$2.238B	1.0%	$33459.54	—	COM	777149105
—	3M Co.	15,731	$2.23B	1.0%	$116410.43	—	COM	88579y101
—	Titan Machinery	2,876,000	$2.209B	1.0%	$855.95	—	CONV BOND	88830RAB7
—	Tesoro Logistics	48,980	$2.204B	0.9%	$45123.72	—	COM	88160T107
BA	Boeing	16,253	$2.128B	0.9%	$86.89	+41.9%	COM	097023105
—	Navios Maritime Partners	286,438	$2.088B	0.9%	$14178.12	—	COM	y62267102
—	Blucora Inc	2,185,000	$2.071B	0.9%	$944.67	—	CONV BOND	095229AB6
—	Banc of California	167,962	$2.061B	0.9%	$12743.17	—	COM	05990k106
—	Newmont Mining	2,050,000	$2.041B	0.9%	$995.66	—	CONV BOND	651639AJ5
AAPL	Apple	17,638	$1.945B	0.8%	$26.84	-2.1%	COM	037833100
NKE	Nike	15,367	$1.89B	0.8%	$32.82	+51.1%	COM	654106103
HD	Home Depot	16,205	$1.872B	0.8%	$57.74	+56.7%	COM	437076102
—	AK Steel Corporation	2,590,000	$1.828B	0.8%	$1104.10	—	CONV BOND	001546ap5
—	UnitedHealth Group	15,705	$1.822B	0.8%	$69896.05	—	COM	91324p102
—	Quidel Corp	1,945,000	$1.803B	0.8%	$997.75	—	CONV BOND	74838JAA9
—	Navistar Intl	2,455,000	$1.797B	0.8%	$934.77	—	CONV BOND	63934eaq1
JNJ	Johnson & Johnson	18,402	$1.718B	0.7%	$67.93	+6.7%	COM	478160104
—	Cenveo Corp	1,827,000	$1.69B	0.7%	$910.00	—	CONV BOND	15671BAG6
MBWM	Mercantile Bank	81,117	$1.686B	0.7%	$13.04	+6.5%	COM	587376104
MCD	McDonald's	16,709	$1.646B	0.7%	$71.62	+5.2%	COM	580135101
DIS	Disney	15,997	$1.635B	0.7%	$61.58	+61.9%	COM	254687106
—	Horsehead Holding	2,465,000	$1.593B	0.7%	$646.37	—	CONV BOND	440694AB3
MMLP	Martin Midstream LP	64,452	$1.573B	0.7%	$43871.37	—	COM	573331105
—	Travelers	15,514	$1.544B	0.7%	$82914.17	—	COM	89417e109
—	Exxon Mobil	20,674	$1.537B	0.7%	$91246.90	—	COM	30231g102
—	Aircastle LTD	74,496	$1.535B	0.7%	$16107.22	—	COM	g0129k104
—	Jefferies Group	1,422,000	$1.455B	0.6%	$1077.32	—	CONV BOND	472319ag7
CVX	Chevron	18,361	$1.448B	0.6%	$72.26	-25.5%	COM	166764100
SFST	Southern First Bancshares	70,105	$1.436B	0.6%	$12.67	+57.3%	COM	842873101
—	General Cable Corp	2,420,000	$1.435B	0.6%	$1087.13	—	CONV BOND	369300al2
—	SB Financial	138,403	$1.421B	0.6%	$7900.51	—	COM	78408d105
—	Atlas Air Worldwide Holdings	1,730,000	$1.391B	0.6%	$804.14	—	CONV BOND	049164BH8
—	United Technologies	15,518	$1.381B	0.6%	$95947.12	—	COM	913017109
—	Iridium Communications	20,535	$1.368B	0.6%	$66639.98	—	CONV PREF	46269c508
—	Archrock Partners	81,331	$1.336B	0.6%	$16430.00	—	COM	03957u100
—	PetroQuest	77,857	$1.324B	0.6%	$32401.73	—	CONV PREF	716748207
KALU	Kaiser Aluminum	16,425	$1.318B	0.6%	$43.76	+36.9%	COM	483007704
—	Alaska Communications	587,700	$1.287B	0.6%	$2379.47	—	COM	01167p101
PG	Procter & Gamble	17,431	$1.254B	0.5%	$55.78	+1.0%	COM	742718109
—	JPMorgan	19,718	$1.202B	0.5%	$54066.50	—	COM	46625h100
—	Summit Financial	98,393	$1.158B	0.5%	$10781.68	—	COM	86606g101
AXP	American Express	15,369	$1.139B	0.5%	$63.34	+4.6%	COM	025816109
—	Kimball Electronics	94,380	$1.126B	0.5%	$11930.00	—	COM	49428j109
ONB	Old National Bancorp	79,067	$1.101B	0.5%	$13.50	+5.0%	COM	680033107
AAL	American Airlines Group	28,270	$1.098B	0.5%	$32.34	+21.0%	COM	02376R102
—	Visa	15,337	$1.068B	0.5%	$209028.31	—	COM	92826c839
—	Superior Industries	55,539	$1.037B	0.4%	$17606.16	—	COM	868168105
WMT	Wal-Mart	15,998	$1.037B	0.4%	$20.02	-5.5%	COM	931142103
HVT	Haverty Furniture	44,115	$1.036B	0.4%	$21.65	+6.1%	COM	419596101
—	EnLink Midstream LLC	56,097	$1.025B	0.4%	$33044.79	—	COM	29336t100
CAT	Caterpillar Inc	15,412	$1.007B	0.4%	$64.97	-9.0%	COM	149123101
—	Eastern Virginia Banks	146,936	$992M	0.4%	$5496.54	—	COM	277196101
—	First Bancshares	55,736	$974M	0.4%	$14163.50	—	COM	318916103
—	Masonite Int	15,747	$954M	0.4%	$50125.18	—	COM	575385109
—	Merck	19,296	$953M	0.4%	$49416.61	—	COM	58933y105
OLN	Olin Corp	53,832	$905M	0.4%	$16.84	-7.7%	COM	680665205
—	Rofin-Sinar Technologies	34,255	$888M	0.4%	$24793.49	—	COM	775043102
DAKT	Daktronics	100,631	$872M	0.4%	$8.37	+3.6%	COM	234264109
—	Rent-A-Center	35,925	$871M	0.4%	$26637.63	—	COM	76009n100
—	General Electric	33,787	$852M	0.4%	$23429.61	—	COM	369604103
—	MDC Holdings	32,372	$847M	0.4%	$29761.34	—	COM	552676108
—	Premier Financial Bancorp	58,916	$839M	0.4%	$13090.49	—	COM	74050m105
—	Targa Resources Corp	16,236	$836M	0.4%	$95788.95	—	COM	87612g101
—	Spartan Motors	199,699	$825M	0.4%	$5649.10	—	COM	846819100
—	Verizon Communications	18,805	$818M	0.4%	$49973.32	—	COM	92343v104
—	Cenveo Corp	890,000	$807M	0.3%	$1010.73	—	CONV BOND	15671BAJ0
MSFT	Microsoft	18,178	$805M	0.3%	$27.82	+39.9%	COM	594918104
—	du Pont	16,554	$798M	0.3%	$56844.73	—	COM	263534109
—	Arcbest Corp	30,207	$778M	0.3%	$41058.37	—	COM	03937c105
FCCO	First Community	62,105	$769M	0.3%	$8.62	+9.1%	COM	319835104
IBCP	Independent Bank	52,054	$768M	0.3%	$4.96	+98.7%	COM	453838609
—	Barnes & Noble	63,007	$763M	0.3%	$12110.00	—	COM	067774109
—	MutualFirst Financial	32,077	$751M	0.3%	$14733.70	—	COM	62845b104
RAIL	FreightCar America	43,729	$750M	0.3%	$21.45	-6.4%	COM	357023100
—	Codorus Bancorp Inc	36,045	$732M	0.3%	$19219.24	—	COM	192025104
PFE	Pfizer	22,665	$712M	0.3%	$16.71	+23.3%	COM	717081103
—	Genco Shipping	178,559	$698M	0.3%	$7121.60	—	COM	y2685t115
PEBK	Peoples Bancorp of NC	38,741	$678M	0.3%	$14.06	+19.8%	COM	710577107
KO	Coca-Cola	16,858	$676M	0.3%	$27.92	+3.2%	COM	191216100
—	Iridium Communications	109,380	$673M	0.3%	$7474.42	—	COM	46269c102
—	McDermott	155,093	$667M	0.3%	$7089.86	—	COM	580037109
—	Southeastern Bank Financial	20,211	$657M	0.3%	$21906.79	—	COM	841584105
—	HF Financial	40,351	$655M	0.3%	$13068.79	—	COM	404172108
—	RAIT Financial	775,000	$642M	0.3%	$951.63	—	CONV BOND	749227AB0
—	Baylake Corp	45,175	$639M	0.3%	$11248.19	—	COM	072788102
—	Navios Maritime Holdings	256,200	$638M	0.3%	$2545.11	—	COM	y62196103
—	AmeriServ Financial	188,152	$610M	0.3%	$2888.57	—	COM	03074a102
—	Emerge Energy	88,424	$599M	0.3%	$79448.38	—	COM	29102H108
—	Freddie Mac	147,300	$592M	0.3%	$3950.00	—	PREF STK	313400640
—	NewBridge Bancorp	68,753	$586M	0.3%	$6330.10	—	COM	65080t102
—	Communications Sales & Leasing	32,720	$586M	0.3%	$24048.84	—	COM	20341j104
INTC	Intel	18,768	$566M	0.2%	$18.47	+22.5%	COM	458140100
—	HMN Financial	47,760	$550M	0.2%	$7289.68	—	COM	40424g108
UIS	Unisys	46,045	$548M	0.2%	$21.21	-27.5%	COM	909214306
—	Astoria Financial	33,190	$534M	0.2%	$11743.63	—	COM	046265104
PAA	Plains All American Pipeline	17,573	$534M	0.2%	$55710.78	—	COM	726503105
—	Yadkin Financial	24,261	$521M	0.2%	$14040.11	—	COM	984305102
FRME	First Merchants	19,320	$507M	0.2%	$11.62	+65.1%	COM	320817109
UBOH	United Bancshares	31,986	$502M	0.2%	$12803.97	—	COM	909458101
—	Peoples Financial	51,238	$497M	0.2%	$12627.40	—	COM	71103b102
—	SPDR S&P 600 Small Cap	5,063	$478M	0.2%	$107437.15	—	COM	78464a300
—	Xerium Technologies	35,700	$463M	0.2%	$11513.21	—	COM	98416j118
—	United Community Banks	21,410	$438M	0.2%	$12814.59	—	COM	90984p303
—	Cisco Systems	16,135	$424M	0.2%	$24390.70	—	COM	17275r102
TSBK	Timberland Bancorp	38,855	$423M	0.2%	$6.42	+19.1%	COM	887098101
BAC	Bank of America	26,604	$414M	0.2%	$10.99	+22.3%	COM	060505104
—	MainSource Financial	20,038	$408M	0.2%	$13878.91	—	COM	56062y102
IYF	iShares DJ US Financial	4,774	$402M	0.2%	$81759.95	—	COM	464287788
ZION	Zions Bancorp	14,416	$397M	0.2%	$26.77	+10.7%	COM	989701107
CFG	Citizens Financial Group	16,547	$395M	0.2%	$16.26	+8.0%	COM	174610105
—	Centrus Energy Corp	1,280,415	$384M	0.2%	$691.75	—	CONV BOND	15643uaa2
—	SunTrust Banks	9,501	$363M	0.2%	$33043.35	—	COM	867914103
—	QEP Resources	26,620	$334M	0.1%	$29788.70	—	COM	74733v100
CIVB	Civista Bancshares	32,772	$332M	0.1%	$7.94	0.0%	COM	178867107
—	Western Gas Partners	6,600	$309M	0.1%	$73050.00	—	COM	958254104
—	HopFed Bancorp	24,908	$298M	0.1%	$10965.46	—	COM	439734104
—	Energy Transfer Equity	13,312	$277M	0.1%	$38641.83	—	COM	29273v100
MOFG	MidWest One Financial	8,699	$255M	0.1%	$23.89	+29.5%	COM	598511103
—	Energy Transfer Partners	6,086	$250M	0.1%	$51820.04	—	COM	29273R109
EEM	MSCI Emerging Markets Index	7,615	$250M	0.1%	$43229.94	—	COM	464287234
—	RAIT Financial Trust	48,800	$242M	0.1%	$4960.00	—	COM	749227609
—	Citigroup	487,183	$224M	0.1%	$699.81	—	COM	172967226
—	Sandridge Energy	36,710	$217M	0.1%	$95508.01	—	CONV PREF	80007p604
—	A T & T	6,583	$214M	0.1%	$35266.53	—	COM	00206r102
FBNC	First Bancorp	12,607	$214M	0.1%	$11.04	+25.4%	COM	318910106
FCF	First Commonwealth	22,878	$208M	0.1%	$4.86	+33.7%	COM	319829107
—	Hawaiian Holdings	7,987	$197M	0.1%	$6275.29	—	COM	419879101
—	C & J Energy Services	52,362	$184M	0.1%	$10295.65	—	COM	g3164q101
TIP	iShares TIPS Bond	1,634	$181M	0.1%	$112114.95	—	COM	464287176
BBT	Berkshire Hills Bancorp	5,944	$164M	0.1%	$18.37	+13.4%	COM	084680107
—	Atlas Energy Group	72,621	$162M	0.1%	$6009.99	—	COM	04929q102
—	Windstream Holdings	23,204	$142M	0.1%	$6372.73	—	COM	97382a101
—	OM Group	3,918	$129M	0.1%	$30526.47	—	COM	670872100
FITB	Fifth Third Bancorp	6,475	$122M	0.1%	$11.79	+19.9%	COM	316773100
—	1st Constitution Bancorp.	9,905	$115M	0.0%	$9655.42	—	COM	31986n102
FNB	F.N.B. Corporation	8,444	$109M	0.0%	$7.90	+13.0%	COM	302520101
—	Central Valley Community	8,830	$107M	0.0%	$11969.52	—	COM	155685100
—	Cenveo	56,350	$106M	0.0%	$2937.94	—	COM	15670s105
—	Alliance Resource LP	4,750	$106M	0.0%	$58640.00	—	COM	01877r108
C	Citigroup	1,937	$96.09M	0.0%	$40.71	+0.1%	COM	172967424
—	SandRidge Energy	281,999	$76.14M	0.0%	$437.89	—	COM	80007p307
F	Ford	5,610	$76.13M	0.0%	$9.21	-11.5%	COM	345370860
—	Teekay Tankers	10,000	$69M	0.0%	$6900.00	—	COM	y8565n102
—	Teekay Offshore Partners	4,757	$68.45M	0.0%	$32508.02	—	COM	y8565j101
—	Energy XXI	4,500	$67.5M	0.0%	$254049.17	—	CONV PREF	29274u309
—	Kinder Morgan	67,140	$61.77M	0.0%	$3020.16	—	COM	49456b119
—	Bank of America	215,625	$60.38M	0.0%	$573.40	—	COM	060505153
—	DCB Financial	7,827	$52.64M	0.0%	$5299.99	—	COM	233075100
—	BB&T Corporation	1,443	$51.37M	0.0%	$34446.21	—	COM	054937107
—	Transmontaigne Partners	1,625	$44.2M	0.0%	$42165.18	—	COM	89376v100
SCHO	Schwab Short-Term U.S. Treasury	693	$35.23M	0.0%	$50834.06	—	COM	808524862
—	Williams Partners	1,060	$33.84M	0.0%	$51847.18	—	COM	96950f104
—	Gulf Coast Royalty	108,500	$31.46M	0.0%	$2180.00	—	COM	40222t104
—	Bank of America	29	$31.23M	0.0%	$1109103.50	—	CONV PREF	060505682
—	WPX Energy	4,630	$30.65M	0.0%	$10929.16	—	COM	98212b103
—	MPLX LP	725	$27.7M	0.0%	$71380.46	—	COM	55336v100
—	BNC Bancorp	1,200	$26.68M	0.0%	$11499.93	—	COM	05566t101
—	Cal Dive International	4,550,000	$22.75M	0.0%	$357.98	—	CONV BOND	12802TAB7
—	Capital Product Partners	3,500	$21.56M	0.0%	$7810.00	—	COM	mhy110821
—	A E S	410	$20.34M	0.0%	$50496.97	—	CONV PREF	00808n202
EZPW	EZCORP Inc	3,160	$19.5M	0.0%	$6.33	0.0%	COM	302301106
—	SUPERVALU	2,600	$18.67M	0.0%	$6231.04	—	COM	868536103
—	EOG Resources	255	$18.56M	0.0%	$72800.00	—	COM	26875p101
—	Umpqua Holdings	1,100	$17.93M	0.0%	$15010.00	—	COM	904214103
—	Pacific Premier Bancorp	800	$16.26M	0.0%	$12330.70	—	COM	69478x105
—	SM Energy	505	$16.18M	0.0%	$46120.79	—	COM	792228108
—	Southwestern Energy	1,205	$15.29M	0.0%	$22913.25	—	COM	845467109
—	ONEOK Partners	500	$14.63M	0.0%	$53319.20	—	COM	68268N103
—	Capital Bank Financial	473	$14.3M	0.0%	$19019.03	—	COM	139794101
—	Energy XXI	13,600	$14.28M	0.0%	$19908.02	—	COM	g10082140
IP	International Paper	365	$13.79M	0.0%	$30.67	-11.5%	COM	460146103
COFS	Choiceone Financial	576	$13.25M	0.0%	$9.50	+48.7%	COM	170386106
—	Southwest Bancorp	700	$11.49M	0.0%	$13200.00	—	COM	844767103
—	First Savings Financial Group	320	$10.88M	0.0%	$34000.00	—	COM	33621e109
AGM	Federal Agricultural Mortgage	400	$10.37M	0.0%	$20.93	-9.4%	COM	313148306
—	Banner Corp	200	$9.568M	0.0%	$33835.00	—	COM	06652v208
—	CVR Partners	1,000	$9.35M	0.0%	$9350.00	—	COM	126633106
—	DR Horton	250	$7.34M	0.0%	$28832.00	—	COM	23331a109
—	AK Steel	3,000	$7.23M	0.0%	$2410.00	—	COM	001547108
TOL	Toll Brothers	200	$6.848M	0.0%	$36.06	+5.0%	COM	889478103
—	Ariad Pharmaceuticals	1,000	$5.84M	0.0%	$5840.00	—	COM	04033a100
—	SunPower	236	$4.729M	0.0%	$32259.33	—	COM	867652406
—	First Republic Bank	68	$4.268M	0.0%	$62764.71	—	COM	33616c100
—	Alliance One	200	$4.076M	0.0%	$3360.00	—	COM	018772103
—	JP Morgan	200	$3.982M	0.0%	$19330.00	—	COM	46634e114
—	Meritage Homes	100	$3.652M	0.0%	$41880.00	—	COM	59001a102
—	Centrus Energy	938	$2.861M	0.0%	$5085.18	—	COM	15643u104
—	Whiting Petroleum	150	$2.291M	0.0%	$30900.00	—	COM	966387102
—	First Niagara Financial	180	$1.838M	0.0%	$9959.81	—	COM	33582v108
—	Park Sterling Corp	164	$1.115M	0.0%	$7201.22	—	COM	70086y105
—	Genco Shipping	2,155	$884K	0.0%	$410.21	—	COM	y2685t123
—	American Int. Group	8	$182K	0.0%	$22750.00	—	COM	026874156
—	Doral Financial	1,500	$180K	0.0%	$120.00	—	PREF STK	25811p209
—	Doral Financial	1,000	$80,000	0.0%	$80.00	—	PREF STK	25811p407