Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR Dow Jones Industrial	44,206	$7.809B	3.7%	$168152.42	—	COM	78467x109
—	Magellan Midstream Partners	88,617	$6.097B	2.9%	$54940.09	—	COM	559080106
—	Alaska Communications	4,105,000	$3.848B	1.8%	$941.25	—	CONV BOND	01167pae1
—	Rice Midstream Partners	230,833	$3.437B	1.6%	$16473.83	—	COM	762819100
WMB	Williams Companies	210,543	$3.383B	1.6%	$19.80	-50.0%	COM	969457100
OKE	ONEOK	110,216	$3.291B	1.6%	$21.15	-36.4%	COM	682680103
—	RAIT Financial	3,282,000	$3.282B	1.6%	$1215.67	—	CONV BOND	749227aa2
GEL	Genesis Energy LP	99,277	$3.156B	1.5%	$51672.32	—	COM	371927104
—	Shell Midstream Partners	84,608	$3.097B	1.5%	$39467.40	—	COM	822634101
—	Banc of California	172,059	$3.011B	1.4%	$12859.73	—	COM	05990k106
—	QCR Holdings	124,725	$2.975B	1.4%	$16036.23	—	COM	74727a104
—	VTTI Energy Partners	160,152	$2.963B	1.4%	$24757.28	—	COM	y9384m101
—	Kinder Morgan	164,895	$2.945B	1.4%	$39260.44	—	COM	49456b101
—	MPLX	96,946	$2.878B	1.4%	$39562.66	—	COM	55336v100
—	Holly Energy Partners	83,191	$2.814B	1.3%	$37178.39	—	COM	435763107
EPD	Enterprise Products Partners	113,857	$2.803B	1.3%	$33133.94	—	COM	293792107
—	EnLink Midstream Partners LP	226,536	$2.734B	1.3%	$29255.63	—	COM	29336u107
NGL	NGL Energy Partners	356,970	$2.684B	1.3%	$33405.04	—	COM	62913M107
—	3M	15,361	$2.56B	1.2%	$116410.43	—	COM	88579y101
—	Broadsoft Inc	2,175,000	$2.451B	1.2%	$1016.39	—	CONV BOND	11133BAB8
—	Goldman Sachs	15,137	$2.376B	1.1%	$163236.95	—	COM	38141g104
—	EZCorp Inc	3,780,000	$2.372B	1.1%	$712.17	—	CONV BOND	302301AB2
IBM	IBM	15,217	$2.305B	1.1%	$117.36	-28.4%	COM	459200101
—	AK Steel Corporation	2,435,000	$2.234B	1.1%	$1104.10	—	CONV BOND	001546ap5
—	Prospect Capital	2,239,000	$2.194B	1.0%	$1026.36	—	CONV BOND	74348TAK8
—	KB HOME	2,350,000	$2.16B	1.0%	$1003.62	—	CONV BOND	48666KAS8
HD	Home Depot	15,929	$2.125B	1.0%	$57.74	+70.4%	COM	437076102
—	Titan Machinery	2,706,000	$2.111B	1.0%	$855.95	—	CONV BOND	88830RAB7
—	Newmont Mining	2,015,000	$2.087B	1.0%	$995.66	—	CONV BOND	651639AJ5
—	Bunge Ltd.	24,327	$2.086B	1.0%	$101898.09	—	CONV PREF	g16962204
MCD	McDonald's	16,300	$2.049B	1.0%	$71.62	+31.2%	COM	580135101
—	Alliance Holdings GP	139,571	$2.041B	1.0%	$56404.75	—	COM	01861g100
BA	Boeing	16,027	$2.034B	1.0%	$86.89	+28.7%	COM	097023105
—	Tesoro Logistics	44,491	$2.031B	1.0%	$45123.72	—	COM	88160T107
—	Targa Resources Corp	66,865	$1.997B	1.0%	$45534.59	—	COM	87612g101
—	UnitedHealth Group Inc	15,399	$1.985B	0.9%	$69896.05	—	COM	91324p102
—	Iridium Communications	21,065	$1.95B	0.9%	$67435.05	—	CONV PREF	46269c508
JNJ	Johnson & Johnson	17,925	$1.939B	0.9%	$67.93	+16.0%	COM	478160104
—	Greenbriar Co.	1,692,000	$1.806B	0.9%	$1067.14	—	CONV BOND	393657AH4
AAPL	Apple	16,537	$1.802B	0.9%	$26.84	-16.0%	COM	037833100
MBWM	Mercantile Bank	79,746	$1.788B	0.9%	$13.04	+19.1%	COM	587376104
—	Summit Financial	114,365	$1.769B	0.8%	$11259.59	—	COM	86606g101
—	Travelers	15,124	$1.765B	0.8%	$82914.17	—	COM	89417e109
CVX	Chevron Corporation	17,881	$1.706B	0.8%	$72.26	-20.5%	COM	166764100
SFST	Southern First Bancshares	69,689	$1.701B	0.8%	$12.67	+84.1%	COM	842873101
—	Quidel Corp	1,880,000	$1.679B	0.8%	$997.75	—	CONV BOND	74838JAA9
—	Atlas Air Worldwide	1,925,000	$1.638B	0.8%	$807.27	—	CONV BOND	049164BH8
—	Aircastle LTD	73,546	$1.636B	0.8%	$16107.22	—	COM	g0129k104
—	Blucora Inc	2,110,000	$1.587B	0.8%	$944.67	—	CONV BOND	095229AB6
DIS	Walt Disney	15,608	$1.55B	0.7%	$61.58	+44.5%	COM	254687106
—	Exxon Mobil	18,499	$1.546B	0.7%	$91246.90	—	COM	30231g102
—	Hercules Offshore	635,024	$1.524B	0.7%	$2400.00	—	COM	427093307
—	United Technologies Corp.	15,142	$1.516B	0.7%	$95947.12	—	COM	913017109
—	SB Financial Group	146,170	$1.507B	0.7%	$8020.17	—	COM	78408d105
PG	Procter & Gamble	17,048	$1.403B	0.7%	$55.78	+10.5%	COM	742718109
—	Jefferies Group	1,387,000	$1.361B	0.7%	$1077.32	—	CONV BOND	472319ag7
MMLP	Martin Midstream LP	66,141	$1.328B	0.6%	$43099.80	—	COM	573331105
—	Navistar Intl Corp	2,160,000	$1.294B	0.6%	$934.77	—	CONV BOND	63934eaq1
—	General Cable Corp.	2,335,000	$1.276B	0.6%	$1087.13	—	CONV BOND	369300al2
—	Plains GP Holdings	146,702	$1.275B	0.6%	$28195.61	—	COM	72651a108
—	Royal Gold	1,300,000	$1.256B	0.6%	$966.12	—	CONV BOND	780287AA6
—	Wintrust Financial	1,007	$1.179B	0.6%	$1171250.20	—	CONV PREF	97650w306
—	Teekay LNG Partners	92,151	$1.168B	0.6%	$43562.55	—	COM	y8564m105
AAL	American Airlines Group	28,270	$1.159B	0.6%	$32.34	+19.1%	COM	02376R102
—	Superior Industries	52,504	$1.159B	0.6%	$17606.16	—	COM	868168105
—	JPMorgan	19,442	$1.151B	0.6%	$54066.50	—	COM	46625h100
—	Visa	15,052	$1.151B	0.6%	$209028.31	—	COM	92826c839
CAT	Caterpillar	15,021	$1.15B	0.6%	$64.97	-18.3%	COM	149123101
—	Cenveo Corp	1,767,000	$1.113B	0.5%	$630.00	—	CONV BOND	15671BAG6
WMT	Wal-Mart	15,698	$1.075B	0.5%	$20.02	-8.5%	COM	931142103
—	General Electric Company	33,527	$1.066B	0.5%	$23429.61	—	COM	369604103
—	Alaska Communications	593,315	$1.056B	0.5%	$2366.71	—	COM	01167p101
—	Apollo Education Group	126,430	$1.039B	0.5%	$8215.00	—	COM	037604105
—	du Pont	16,278	$1.031B	0.5%	$56844.73	—	COM	263534109
—	Eastern Virginia Bankshares	152,962	$1.023B	0.5%	$5544.77	—	COM	277196101
—	Rofin-Sinar Technologies	31,700	$1.021B	0.5%	$24793.49	—	COM	775043102
—	Masonite International	15,347	$1.005B	0.5%	$50125.18	—	COM	575385109
—	Rose Rock Midstream	84,675	$1.005B	0.5%	$33459.54	—	COM	777149105
—	Kimball Electronics	89,625	$1.001B	0.5%	$11930.00	—	COM	49428j109
—	Verizon	18,358	$993M	0.5%	$49973.32	—	COM	92343v104
ONB	Old National Bancorp	80,689	$984M	0.5%	$13.44	-12.2%	COM	680033107
MSFT	Microsoft	17,772	$982M	0.5%	$27.82	+65.6%	COM	594918104
—	Premier Financial	61,868	$975M	0.5%	$13217.83	—	COM	74050m105
FCCO	First Community Corp	65,905	$950M	0.5%	$8.74	+22.1%	COM	319835104
—	Archrock Partners LP	84,897	$941M	0.5%	$16169.42	—	COM	03957u100
AXP	American Express Company	15,093	$927M	0.4%	$63.34	-20.3%	COM	025816109
NKE	Nike	15,007	$922M	0.4%	$32.82	+62.1%	COM	654106103
—	First Bancshares	58,166	$909M	0.4%	$14226.53	—	COM	318916103
OLN	Olin	52,235	$907M	0.4%	$16.84	-30.8%	COM	680665205
—	Merck	17,020	$901M	0.4%	$49416.61	—	COM	58933y105
—	Iridium Communications	113,799	$896M	0.4%	$7528.61	—	COM	46269c102
—	Iridium Communications	3,000	$884M	0.4%	$308000.00	—	CONV PREF	46269c409
LOCO	El Pollo Loco Holdings	65,510	$874M	0.4%	$12.58	0.0%	COM	268603107
HVT	Haverty Furniture	41,270	$873M	0.4%	$21.65	-9.4%	COM	419596101
—	Barnes & Noble	70,274	$869M	0.4%	$12028.76	—	COM	067774109
—	MutualFirst Financial	33,928	$855M	0.4%	$15366.12	—	COM	62845b104
—	Invensense Inc.	925,000	$850M	0.4%	$918.75	—	CONV BOND	46123DAB2
—	Teekay Inc	97,517	$844M	0.4%	$45777.65	—	COM	y8564w103
—	MDC Holdings	33,122	$830M	0.4%	$29603.08	—	COM	552676108
—	Codorus Bancorp	39,960	$808M	0.4%	$19322.57	—	COM	192025104
UBOH	United Bancshares	42,698	$794M	0.4%	$14237.62	—	COM	909458101
—	HF Financial	42,776	$770M	0.4%	$13356.99	—	COM	404172108
KO	Coca-Cola	16,468	$764M	0.4%	$27.92	+14.0%	COM	191216100
PEBK	Peoples Bancorp of NC	40,941	$762M	0.4%	$14.22	+19.7%	COM	710577107
IBCP	Independent Bank	52,056	$757M	0.4%	$4.96	+107.9%	COM	453838609
—	Baylake Corp.	46,957	$750M	0.4%	$11427.28	—	COM	072788102
—	Communications Sales & Leasing	33,120	$737M	0.4%	$23708.35	—	COM	20341j104
—	Southeastern Bank Financial	21,541	$716M	0.3%	$22633.48	—	COM	841584105
—	Spartan Motors	168,790	$667M	0.3%	$5649.10	—	COM	846819100
—	EnLink Midstream LLC	58,701	$660M	0.3%	$32093.19	—	COM	29336t100
—	Arcbest Corp	30,442	$657M	0.3%	$40837.73	—	COM	03937c105
—	RAIT Financial	765,000	$637M	0.3%	$951.63	—	CONV BOND	749227AB0
RAIL	FreightCar America	40,229	$627M	0.3%	$21.45	-19.5%	COM	357023100
—	McDermott International	151,788	$621M	0.3%	$7057.84	—	COM	580037109
PFE	Pfizer	20,889	$619M	0.3%	$16.71	+11.8%	COM	717081103
—	Yadkin Financial	26,068	$617M	0.3%	$14797.41	—	COM	984305102
—	Peoples Financial	66,973	$605M	0.3%	$11781.64	—	COM	71103b102
—	AmeriServ Financial	197,840	$592M	0.3%	$2893.69	—	COM	03074a102
—	Rent-A-Center	36,845	$584M	0.3%	$26183.82	—	COM	76009n100
INTC	Intel Corporation	17,408	$563M	0.3%	$18.47	+32.1%	COM	458140100
CIVB	Civista Bancshares	52,972	$546M	0.3%	$8.11	+4.8%	COM	178867107
BAC	Bank of America	39,804	$538M	0.3%	$10.95	-0.8%	COM	060505104
—	HMN Financial	47,760	$538M	0.3%	$7289.68	—	COM	40424g108
—	Two River Bancorp	55,556	$528M	0.3%	$9852.24	—	COM	90207c105
—	Astoria Financial	33,190	$526M	0.3%	$11743.63	—	COM	046265104
TSBK	Timberland	38,735	$490M	0.2%	$6.42	+43.0%	COM	887098101
FRME	First Merchants Corp	20,569	$485M	0.2%	$11.95	+43.0%	COM	320817109
—	Cisco Systems	16,009	$456M	0.2%	$24390.70	—	COM	17275r102
—	SPDR S&P 600 Small Cap Value	4,586	$447M	0.2%	$107266.53	—	COM	78464a300
—	MainSource Financial	21,040	$444M	0.2%	$14221.96	—	COM	56062y102
—	First South Bancorp	53,380	$440M	0.2%	$8448.77	—	COM	33646W100
IYF	iShares DJ US Financial Sector	4,774	$404M	0.2%	$81759.95	—	COM	464287788
—	United Community Banks	21,410	$395M	0.2%	$12814.59	—	COM	90984p303
CFG	Citizens Financial Group	18,460	$387M	0.2%	$16.09	-8.7%	COM	174610105
—	SunTrust Banks	10,367	$374M	0.2%	$33296.88	—	COM	867914103
ZION	Zions Bancorp	15,416	$373M	0.2%	$26.53	-13.3%	COM	989701107
UIS	Unisys Corp	47,925	$369M	0.2%	$20.23	-53.0%	COM	909214306
—	PetroQuest Energy	73,537	$368M	0.2%	$32401.73	—	CONV PREF	716748207
—	Cenveo Corp.	860,000	$355M	0.2%	$1010.73	—	CONV BOND	15671BAJ0
—	Freddie Mac	147,300	$339M	0.2%	$3950.00	—	PREF STK	313400640
—	Navios Maritime Holdings	293,200	$331M	0.2%	$2435.19	—	COM	y62196103
—	Navios Maritime Partners	261,252	$324M	0.2%	$14178.12	—	COM	y62267102
MOFG	MidWest One Financial	10,629	$292M	0.1%	$24.50	+11.2%	COM	598511103
—	HopFed Bancorp	24,909	$285M	0.1%	$10965.46	—	COM	439734104
—	Central Valley Community	24,952	$278M	0.1%	$11423.23	—	COM	155685100
—	Horsehead Holding Corp.	2,380,000	$265M	0.1%	$646.37	—	CONV BOND	440694AB3
EEM	iShares MSCI Emerging Markets	7,615	$261M	0.1%	$43229.94	—	COM	464287234
C	Citigroup	6,217	$260M	0.1%	$34.19	-8.6%	COM	172967424
PAA	Plains All American Pipeline	12,256	$257M	0.1%	$55710.78	—	COM	726503105
—	Hawaiian Holdings	5,249	$248M	0.1%	$6275.29	—	COM	419879101
FBNC	First Bancorp	12,608	$238M	0.1%	$11.04	+39.3%	COM	318910106
—	Xerium Technologies	43,218	$226M	0.1%	$10529.56	—	COM	98416j118
FCF	First Commonwealth Financial	24,798	$220M	0.1%	$4.97	+25.0%	COM	319829107
—	A T & T	5,029	$197M	0.1%	$35247.94	—	COM	00206r102
FITB	Fifth Third Bancorp	11,275	$188M	0.1%	$11.71	-0.9%	COM	316773100
—	Windstream Holdings	22,499	$173M	0.1%	$6372.73	—	COM	97382a101
—	RAIT Financial	54,300	$171M	0.1%	$4480.85	—	COM	749227609
TIP	iShares Barclays TIPS Bond	1,400	$161M	0.1%	$112114.95	—	COM	464287176
BBT	Berkshire Hills Bancorp	5,944	$160M	0.1%	$18.37	+8.5%	COM	084680107
—	1st Constitution Bancorp	10,760	$136M	0.1%	$9894.17	—	COM	31986n102
—	Energy Transfer Partners LP	4,186	$135M	0.1%	$51820.04	—	COM	29273R109
FNB	F.N.B. Corporation	8,444	$110M	0.1%	$7.90	+7.5%	COM	302520101
—	Genco Shipping	167,673	$107M	0.1%	$6886.53	—	COM	y2685t115
—	Energy Transfer Equity	13,124	$93.57M	0.0%	$38641.83	—	COM	29273v100
F	Ford Motor	5,691	$76.83M	0.0%	$9.18	-18.9%	COM	345370860
—	Transmontaigne Partners	1,625	$59.56M	0.0%	$42165.18	—	COM	89376v100
HON	Honeywell	500	$56.02M	0.0%	$76.33	0.0%	COM	438516106
—	Citigroup Inc	547,183	$54.72M	0.0%	$634.04	—	COM	172967226
—	DCB Financial	7,827	$53.3M	0.0%	$5299.99	—	COM	233075100
—	BB&T Corporation	1,443	$48.01M	0.0%	$34446.21	—	COM	054937107
—	Bank of America	215,625	$43.13M	0.0%	$573.40	—	COM	060505153
—	Alliance Resource LP	3,300	$38.45M	0.0%	$58640.00	—	COM	01877r108
—	Teekay Tankers Ltd.	10,000	$36.7M	0.0%	$6900.00	—	COM	y8565n102
—	Bank of America	29	$33M	0.0%	$1109103.50	—	CONV PREF	060505682
—	WPX Energy	4,630	$32.36M	0.0%	$6989.42	—	COM	98212b103
—	ONEOK Partners	906	$28.45M	0.0%	$43496.49	—	COM	68268N103
—	Energy XXI	4,500	$28.13M	0.0%	$254049.17	—	CONV PREF	29274u309
—	Teekay Offshore Partners	4,757	$26.97M	0.0%	$32508.02	—	COM	y8565j101
—	Valeant Pharmaceuticals	991	$26.07M	0.0%	$101683.80	—	COM	91911K102
—	Cenveo	56,350	$25.48M	0.0%	$2937.94	—	COM	15670s105
—	BNC Bancorp	1,200	$25.34M	0.0%	$11499.93	—	COM	05566t101
—	LGI Homes	1,000	$24.21M	0.0%	$24210.00	—	COM	50187t106
—	Zions Bancorp	10,000	$23.7M	0.0%	$2370.00	—	COM	989701115
—	Williams Partners	1,146	$23.44M	0.0%	$49491.04	—	COM	96950f104
—	QEP Resources	1,620	$22.86M	0.0%	$29788.70	—	COM	74733v100
—	EOG Resources	305	$22.14M	0.0%	$72763.98	—	COM	26875p101
—	A E S	375	$18.94M	0.0%	$50496.97	—	CONV PREF	00808n202
—	Umpqua Holdings	1,100	$17.45M	0.0%	$15010.00	—	COM	904214103
AGM	Federal Agricultural Mortgage	400	$15.09M	0.0%	$23.58	0.0%	COM	313148306
IP	International Paper	365	$14.98M	0.0%	$22.81	0.0%	COM	460146103
—	SUPERVALU	2,600	$14.98M	0.0%	$6231.04	—	COM	868536103
—	Capital Bank Financial	473	$14.59M	0.0%	$19019.03	—	COM	139794101
—	Sandridge Energy	9,240	$13.86M	0.0%	$95508.01	—	CONV PREF	80007p604
COFS	Choiceone Financial	576	$13.59M	0.0%	$9.50	+54.2%	COM	170386106
EZPW	EZCORP	4,160	$12.36M	0.0%	$5.56	-43.8%	COM	302301106
—	Southwest Bancorp	700	$10.54M	0.0%	$13200.00	—	COM	844767103
—	Southwestern Energy	1,205	$9.724M	0.0%	$22913.25	—	COM	845467109
—	SM Energy Company	505	$9.464M	0.0%	$18740.59	—	COM	792228108
—	Energy XXI	13,600	$8.471M	0.0%	$19634.13	—	COM	g10082140
—	Banner Corp	200	$8.42M	0.0%	$33835.00	—	COM	06652v208
—	Sunoco Logistics Partners	320	$8.022M	0.0%	$25700.00	—	COM	86764l108
—	DR Horton	250	$7.558M	0.0%	$28832.00	—	COM	23331a109
—	PetroQuest Energy	10,000	$6.059M	0.0%	$605.90	—	COM	716748108
TOL	Toll Brothers	200	$5.902M	0.0%	$36.06	-22.5%	COM	889478103
—	SunPower Corporation	236	$5.272M	0.0%	$22338.98	—	COM	867652406
—	SandRidge Energy	90,209	$5.052M	0.0%	$437.89	—	COM	80007p307
—	Emerge Energy Services LP	850	$4.225M	0.0%	$4970.59	—	COM	29102H108
—	Meritage Homes	100	$3.646M	0.0%	$41880.00	—	COM	59001a102
—	JP Morgan Chase	200	$3.54M	0.0%	$19330.00	—	COM	46634e114
—	Alliance One International	200	$3.512M	0.0%	$17560.00	—	COM	018772103
—	Boardwalk Pipeline Partners	200	$2.948M	0.0%	$12980.00	—	COM	096627104
—	First Niagara Financial	180	$1.742M	0.0%	$9959.81	—	COM	33582v108
—	Whiting Petroleum	150	$1.197M	0.0%	$7980.00	—	COM	966387102
—	Park Sterling	164	$1.094M	0.0%	$6670.73	—	COM	70086y105
—	Kinder Morgan	7,140	$261K	0.0%	$3020.16	—	COM	49456b119
—	Doral Financial	1,500	$105K	0.0%	$70.00	—	PREF STK	25811p209
—	Genco Shipping	2,155	$75,000	0.0%	$410.21	—	COM	y2685t123
TISDZ	Treasure Island Royalty Trust	15,000	$53,000	0.0%	$3.53	—	COM	894626209
—	Doral Financial	1,000	$12,000	0.0%	$12.00	—	PREF STK	25811p407