0000902584-15-000001.txt : 20150213 0000902584-15-000001.hdr.sgml : 20150213 20150213160527 ACCESSION NUMBER: 0000902584-15-000001 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20141231 FILED AS OF DATE: 20150213 DATE AS OF CHANGE: 20150213 EFFECTIVENESS DATE: 20150213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORY RESEARCH INC CENTRAL INDEX KEY: 0000902584 IRS NUMBER: 132831881 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-05637 FILM NUMBER: 15614308 BUSINESS ADDRESS: STREET 1: 180 N. STETSON STREET STREET 2: STE 5500 CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 3125651414 MAIL ADDRESS: STREET 1: 180 N. STETSON STREET STREET 2: SUITE 5780 CITY: CHICAGO STATE: IL ZIP: 60601 13F-HR 1 primary_doc.xml 13F-HR LIVE false true false 0000902584 XXXXXXXX 12-31-2014 12-31-2014 ADVISORY RESEARCH INC

180 N. STETSON STREET SUITE 5780 CHICAGO IL 60601

13F HOLDINGS REPORT 028-05637 N Susan L. Steiner 314-446-6750 Susan L. Steiner Clayton MO 02-13-2015 1 384 9608658 false 1 0001280782 028-11097 GUGGENHEIM FUNDS INVESTMENT ADVISORS, LLC INFORMATION TABLE 2 arifourthqtr2014.xml 3M Co COM 88579Y101 1170 7118 SH SOLE 4284 0 2834 A G L Resources Inc COM 001204106 866 15891 SH SOLE 0 0 15891 A T & T Inc New COM 00206R102 1640 48835 SH SOLE 3200 0 45635 Accenture Plc COM G1151C101 1091 12214 SH SOLE 8320 0 3894 Access Midstream Partners LP UNIT 00434L109 34877 643483 SH SOLE 596617 0 46866 Access Midstream Partners LP UNIT 00434L109 29609 546290 SH DFND 01 546290 0 0 Addus Homecare Corp. COM 006739106 821 33845 SH SOLE 33845 0 0 Adecoagro S A COM L00849106 274 34147 SH SOLE 34147 0 0 Alexander & Baldwin Holdings I COM 014491104 112132 2856141 SH SOLE 2558237 0 297904 Allegheny Technologies COM 01741R102 56098 1613401 SH SOLE 1552870 0 60531 Alliance Holdings GP LP COM UNITS LP 01861G100 13041 213825 SH SOLE 213825 0 0 Alliance Holdings GP LP COM UNITS LP 01861G100 13261 217425 SH DFND 01 217425 0 0 Alliance Resource Partners UT LTD PART 01877R108 10345 240311 SH SOLE 240311 0 0 Alliance Resource Partners UT LTD PART 01877R108 9543 221680 SH DFND 01 221680 0 0 Alliancebernstein Hldg Unit Lt UNIT LTD PARTN 01881G106 838 32460 SH SOLE 0 0 32460 Allied Wrld Assur Com Hldg A s COM H01531104 129166 3406288 SH SOLE 3277434 0 128854 Allison Transmission Holding COM 01973R101 52277 1542091 SH SOLE 1496936 0 45155 Ally Financial COM 02005N100 67241 2846796 SH SOLE 2746804 0 99992 Altria Group Inc COM 02209S103 2489 50514 SH SOLE 9830 0 40684 Amerco Inc COM 023586100 57874 203596 SH SOLE 197224 0 6372 American Capital Ltd COM 02503Y103 60938 4170986 SH SOLE 4046355 0 124631 American Express COM 025816109 20893 224562 SH SOLE 210057 0 14505 American International Group I COM 026874784 19101 341031 SH SOLE 323318 0 17713 American Midstream Partners LP UNIT LTD PARTN 02752P100 8928 452973 SH SOLE 452973 0 0 Amerigas Partners LP UNIT LTD PARTN 030975106 8945 186670 SH SOLE 186670 0 0 Analogic COM 032657207 23065 272605 SH SOLE 175054 0 97551 Antero Midstream Partners LP UNIT LTD PARTN 03673L103 17896 650775 SH SOLE 640180 0 10595 Antero Midstream Partners LP UNIT LTD PARTN 03673L103 8066 293295 SH DFND 01 293295 0 0 Antero Resources Corp COM 03674X106 936 23075 SH SOLE 16275 0 6800 Apollo Investment Coroporation COM 03761U106 1529 206112 SH SOLE 206112 0 0 Apple Inc COM 037833100 1504 13629 SH SOLE 11935 0 1694 Arc Document Solutions COM 00191G103 4019 393212 SH SOLE 393212 0 0 ARC Logistics Partners LP COM UT REP LPN 03879N101 6396 374902 SH SOLE 374902 0 0 Arcelormittal NY REGISTRY SH 03938L104 195 17655 SH SOLE 17655 0 0 Ares Capital Corp COM 04010L103 2239 143480 SH SOLE 143480 0 0 Atlantic Tele-Network Inc. COM 049079205 14364 212518 SH SOLE 138008 0 74510 Atlas Energy L.P. COM UNITS LP 04930A104 623 20000 SH SOLE 20000 0 0 Atlas Pipeline Partners, L.P. UNIT L P INT 049392103 82271 3018023 SH SOLE 2905218 0 112805 Atlas Pipeline Partners, L.P. UNIT L P INT 049392103 8343 306062 SH DFND 01 306062 0 0 Avalon Hldgs Corp Cl A COM 05343P109 984 375703 SH SOLE 375703 0 0 Banco Latinoamercano De Comeri COM P16994132 5717 189949 SH SOLE 134807 0 55142 Bankunited Inc Com COM 06652K103 20122 694597 SH SOLE 428646 0 265951 BCE COM 05534B760 618 13485 SH SOLE 11245 0 2240 Bed Bath & Beyond COM 075896100 28037 368084 SH SOLE 348476 0 19608 Berkshire Hathaway Cl A COM 084670108 1356 6 SH SOLE 6 0 0 Berkshire Hathaway Cl. B COM 084670702 29359 195528 SH SOLE 182176 0 13352 Bexil Corp COM 088577101 917 77063 SH SOLE 77063 0 0 Biglari Hldgs Inc Com COM 08986R101 39891 99851 SH SOLE 77356 0 22495 Bill Barrett Corp COM 06846N104 503 44160 SH SOLE 31410 0 12750 Biloxi Marsh Lds Corp Com COM 090203100 1186 40196 SH SOLE 40196 0 0 Biogen Idec Inc. COM 09062X103 239 703 SH SOLE 460 0 243 Blue Hills Bancorp Inc. COM 095573101 1184 87160 SH SOLE 87160 0 0 Boise Cascade Co COM 09739D100 9608 258621 SH SOLE 152694 0 105927 Brookdale Senior Living COM 112463104 61822 1685909 SH SOLE 1634506 0 51403 Brookfield Residential Propert COM 11283W104 1653 68707 SH SOLE 49057 0 19650 Buckeye Partners L.P. COM 118230101 224027 2960966 SH SOLE 2865971 0 94995 Buckeye Partners L.P. COM 118230101 96094 1270081 SH DFND 01 1270081 0 0 CAI International Inc COM 12477X106 1694 73030 SH SOLE 73030 0 0 Capital Bank Financial Corp. C COM 139794101 14066 524852 SH SOLE 311610 0 213242 Capital One Financial COM 14040H105 9384 113681 SH SOLE 108661 0 5020 Capital Southwest Corp COM 140501107 34766 917076 SH SOLE 637380 0 279696 Capitala Finance Corp. COM 14054R106 1659 92839 SH SOLE 92839 0 0 Carrizo Oil And Gas Inc COM 144577103 75226 1808322 SH SOLE 1619214 0 189108 CDW Corp COM 12514G108 57842 1644649 SH SOLE 1586519 0 58130 Cerus Corporation COM 157085101 281 45000 SH SOLE 45000 0 0 Chevron Corp COM 166764100 22723 202559 SH SOLE 190865 0 11694 Chicago Rivet & Machine Co COM 168088102 869 28255 SH SOLE 28255 0 0 China Cord Blood Corp Shs COM G21107100 718 158881 SH SOLE 158881 0 0 China Yuchai Intl LTD Com COM G21082105 313 16484 SH SOLE 16484 0 0 Chipmos Technologies COM G2110R114 389 16673 SH SOLE 16673 0 0 Chubb Corporation COM 171232101 1192 11521 SH SOLE 7962 0 3559 CIT Group COM 125581801 73250 1531461 SH SOLE 1480981 0 50480 Clayton Williams Energy Inc COM 969490101 6107 95721 SH SOLE 95721 0 0 Clifton Bancorp Inc COM 186873105 889 65406 SH SOLE 65406 0 0 CNO Financial Group COM 12621E103 68936 4003247 SH SOLE 3884405 0 118842 Coeur D Alene Mines COM 192108504 138 27100 SH SOLE 27100 0 0 Colgate Palmolive COM 194162103 996 14393 SH SOLE 9684 0 4709 Comcast Corp - Class A COM 20030N101 15721 271005 SH SOLE 255919 0 15086 Comerica Incorporated COM 200340107 55245 1179451 SH SOLE 1137556 0 41895 Communications Sys Inc COM 203900105 771 73418 SH SOLE 73418 0 0 Comstock Resources COM 205768203 332 48800 SH SOLE 48800 0 0 CONE Midstream Partners LP COM UNIT REPST 206812109 8628 357705 SH SOLE 352900 0 4805 CONE Midstream Partners LP COM UNIT REPST 206812109 3210 133095 SH DFND 01 133095 0 0 ConocoPhillips COM 20825C104 1083 15686 SH SOLE 7780 0 7906 Cons Tomoka Land Co-Florida COM 210226106 2225 39874 SH SOLE 39874 0 0 Continental Building Product COM 211171103 759 42800 SH SOLE 42800 0 0 Convergys COM 212485106 13340 654878 SH SOLE 625987 0 28891 Core Mark Holding Co Inc COM 218681104 41365 667931 SH SOLE 507202 0 160729 Cracker Barrel Old Country Sto COM 22410J106 625 4443 SH SOLE 3670 0 773 Crestwood Equity Partners LP COM 226344109 53951 6660558 SH SOLE 6331460 0 329098 Crestwood Equity Partners LP COM 226344109 29204 3605467 SH DFND 01 3605467 0 0 Crestwood Midstream Partners L COM 226378107 43659 2876116 SH SOLE 2876116 0 0 Crestwood Midstream Partners L COM 226378107 32716 2155217 SH DFND 01 2155217 0 0 Crown Castle Intl COM 22822V101 1464 18604 SH SOLE 17700 0 904 CSI Compressco LP COM 12637A103 1238 94262 SH SOLE 94262 0 0 CST Brands Inc Com COM 12646R105 137477 3152427 SH SOLE 2852780 0 299647 CSX COM 126408103 14589 402675 SH SOLE 372415 0 30260 DCP Midstream Partners LP COM 23311P100 205714 4528148 SH SOLE 4375443 0 152705 DCP Midstream Partners LP COM 23311P100 57033 1255404 SH DFND 01 1255404 0 0 Delek Logistics Partners LP COM 24664T103 44340 1250084 SH SOLE 1220264 0 29820 Delek Logistics Partners LP COM 24664T103 14092 397285 SH DFND 01 397285 0 0 Delek US Holdings Inc COM 246647101 58627 2149086 SH SOLE 1949082 0 200004 Deltic Timber Corp COM 247850100 10479 153199 SH SOLE 90758 0 62441 Denbury Res Inc New COM 247916208 560 68883 SH SOLE 59649 0 9234 Destination Xl Group Inc COM 25065K104 17784 3257203 SH SOLE 2101701 0 1155502 Discover Financial Svcs COM 254709108 37278 569219 SH SOLE 550847 0 18372 Duke Energy Corp New COM 26441C204 824 9867 SH SOLE 0 0 9867 Eaton Corp Plc F COM G29183103 788 11592 SH SOLE 9665 0 1927 Eclipse Resources Corp COM 27890G100 917 130447 SH SOLE 130447 0 0 Emerson Electric COM 291011104 13799 223535 SH SOLE 206743 0 16792 Enable Midstream Partners LP COM UNIT RP IN 292480100 47468 2448075 SH SOLE 2404615 0 43460 Enable Midstream Partners LP COM UNIT RP IN 292480100 14996 773365 SH DFND 01 773365 0 0 Enbridge Energy Management LLC SHS UNITS LLI 29250X103 103999 2681066 SH SOLE 2670281 0 10785 Enbridge Energy Management LLC SHS UNITS LLI 29250X103 14001 360951 SH DFND 01 360951 0 0 Enbridge Energy Partners LP COM 29250R106 39704 995076 SH SOLE 872276 0 122800 Enbridge Energy Partners LP COM 29250R106 20148 504954 SH DFND 01 504954 0 0 Encore Cap Group Inc Com COM 292554102 21568 485770 SH SOLE 316799 0 168971 Encore Wire Corp COM 292562105 71922 1926658 SH SOLE 1711616 0 215042 Energy Transfer Equity L.P. COM 29273V100 388578 6772016 SH SOLE 6609114 0 162902 Energy Transfer Equity L.P. COM 29273V100 163122 2842830 SH DFND 01 2842830 0 0 Energy Transfer Partners, L.P. COM 29273R109 4066 62551 SH SOLE 33214 0 29337 Energy Transfer Partners, L.P. COM 29273R109 14900 229237 SH DFND 01 229237 0 0 EnLink Midstream Partners LP COM UNIT REP LTD 29336U107 25703 886005 SH SOLE 886005 0 0 EnLink Midstream Partners LP COM UNIT REP LTD 29336U107 13784 475135 SH DFND 01 475135 0 0 Enservco Corp. COM 29358Y102 349 216600 SH SOLE 216600 0 0 Enstar Group Ga COM G3075P101 30003 196239 SH SOLE 151783 0 44456 Enterprise Products Partners L COM 293792107 237933 6587280 SH SOLE 6326076 0 261204 Enterprise Products Partners L COM 293792107 102648 2841850 SH DFND 01 2841850 0 0 EQT Corporation COM 26884L109 27524 363592 SH SOLE 362780 0 812 EQT Midstream Partners LP COM 26885B100 98361 1117744 SH SOLE 1086179 0 31565 Espey Mfg & Electrs Corp Com COM 296650104 1238 52006 SH SOLE 52006 0 0 ETRACS Alerian MLP Index ETN COM 90267B682 11714 403930 SH SOLE 403930 0 0 EV Energy Partners LP COM 26926V107 32533 1688262 SH SOLE 1648957 0 39305 EV Energy Partners LP COM 26926V107 19182 995459 SH DFND 01 995459 0 0 Evolution Petroleum Corp COM 30049A107 2678 360427 SH SOLE 360427 0 0 Exco Resources Inc COM 269279402 36 16500 SH SOLE 16500 0 0 Exterran Partners LP COM 30225N105 19468 900468 SH SOLE 900468 0 0 Exterran Partners LP COM 30225N105 9147 423095 SH DFND 01 423095 0 0 Exxon Mobil Corporation COM 30231G102 383 4145 SH SOLE 732 0 3413 Ferro COM 315405100 886 68400 SH SOLE 68400 0 0 Fidelity National Financial COM 31620R303 103281 2998003 SH SOLE 2896875 0 101128 Fifth Third Bancorp COM 316773100 359 17596 SH SOLE 0 0 17596 Forestar Real Estate Group Ico COM 346233109 1804 117175 SH SOLE 117175 0 0 Frontier Communications COM 35906A108 71 10576 SH SOLE 0 0 10576 FSI Corporation COM 302635107 3110 313190 SH SOLE 313190 0 0 GATX Corp COM 361448103 1561 27135 SH SOLE 19295 0 7840 General Mills COM 370334104 236 4426 SH SOLE 0 0 4426 Genesis Energy LP COM 371927104 104752 2469403 SH SOLE 2404453 0 64950 Genesis Energy LP COM 371927104 28497 671775 SH DFND 01 671775 0 0 Gilead Sciences COM 375558103 30598 324609 SH SOLE 310277 0 14332 Glatfelter Ph Co. COM 377316104 1233 48210 SH SOLE 33070 0 15140 Global Partners LP COM 37946R109 3725 112915 SH SOLE 111815 0 1100 Golar LNG Partners LP COM Y2745C102 15801 507265 SH SOLE 507265 0 0 Golar LNG Partners LP COM Y2745C102 10509 337360 SH DFND 01 337360 0 0 Golub Cap Bdc Inc Com COM 38173M102 515 28750 SH SOLE 28750 0 0 Grainger W.W. COM 384802104 29855 117127 SH SOLE 110414 0 6713 Gramercy Property Trust Inc. COM 38489R100 2786 403820 SH SOLE 403820 0 0 Greene Cnty Bancorp Inc COM 394357107 957 31782 SH SOLE 31782 0 0 Gulfport Energy Corporation COM 402635304 145314 3481405 SH SOLE 3160187 0 321218 H & R Block Inc. COM 093671105 103811 3082272 SH SOLE 2965995 0 116277 H. B. Fuller COM 359694106 20417 458510 SH SOLE 439588 0 18922 Hasbro COM 418056107 3230 58743 SH SOLE 57473 0 1270 Hawaiian Telcom Holdco COM 420031106 3713 134675 SH SOLE 134539 0 136 Hercules Technology Growth Cap COM 427096508 1351 90760 SH SOLE 90760 0 0 HHGregg Inc COM 42833L108 6469 854570 SH SOLE 480472 0 374098 Holly Energy Partners LP COM 435763107 9781 327000 SH SOLE 327000 0 0 Horsehead Hldg Corp Com COM 440694305 3893 245945 SH SOLE 220055 0 25890 Hyatt Hotels Corporation COM 448579102 74893 1243862 SH SOLE 1205332 0 38530 Independence Holdings Co COM 453440307 2673 191643 SH SOLE 191643 0 0 Innophos Holdings Inc. COM 45774N108 25493 436151 SH SOLE 279810 0 156341 Innospec Inc COM 45768S105 1685 39450 SH SOLE 39450 0 0 Intl Business Machines COM 459200101 511 3182 SH SOLE 1585 0 1597 Intrepid Potash Inc. COM 46121Y102 75236 5420445 SH SOLE 4868510 0 551935 Investors Bancorp Inc. COM 46146L101 69157 6160945 SH SOLE 5465963 0 694982 iShares Russell 2000 Value COM 464287630 2252 22147 SH SOLE 16184 0 5963 iShares Russell 3000 Value Ind COM 464287663 211 1543 SH SOLE 1543 0 0 iStar Finl Inc Com COM 45031U101 24903 1824425 SH SOLE 1762195 0 62230 JM Smucker COM 832696405 27689 274206 SH SOLE 258773 0 15433 Johnson & Johnson COM 478160104 15356 146844 SH SOLE 135660 0 11184 JP Energy Partners LP UNT REPST LTD 46643C109 6602 539820 SH SOLE 539820 0 0 JP Energy Partners LP UNT REPST LTD 46643C109 6523 533345 SH DFND 01 533345 0 0 JP Morgan/Chase COM 46625H100 26016 415729 SH SOLE 380951 0 34778 JPMorgan Alerian MLP Index ETN COM 46625H365 887 19305 SH SOLE 17525 0 1780 K12 Inc. COM 48273U102 119 10000 SH SOLE 0 0 10000 KCG Holdings Inc. Cl A COM 48244B100 1993 171110 SH SOLE 120650 0 50460 Kennedy-Wilson Hldgs Inc Com COM 489398107 25898 1023654 SH SOLE 623476 0 400178 Kinder Morgan Inc. COM 49456B101 311963 7373268 SH SOLE 7186912 0 186356 Kinder Morgan Inc. COM 49456B101 122036 2884327 SH DFND 01 2884327 0 0 KNOT Offshore Partners LP COM Y48125101 2821 126840 SH SOLE 126840 0 0 KNOT Offshore Partners LP COM Y48125101 646 29035 SH DFND 01 29035 0 0 Kraft Foods Group COM 50076Q106 935 14915 SH SOLE 8165 0 6750 Kulicke & Soffa Industries COM 501242101 249 17204 SH SOLE 17204 0 0 Leucadia Natl Corp COM 527288104 2848 127040 SH SOLE 89144 0 37896 Libbey COM 529898108 767 24400 SH SOLE 24400 0 0 Loews COM 540424108 31411 747529 SH SOLE 711500 0 36029 LSB Industries Inc Com COM 502160104 56200 1787530 SH SOLE 1738034 0 49496 Lydall Inc. COM 550819106 15599 475297 SH SOLE 313072 0 162225 Madison Square Garden CO-A COM 55826P100 1489 19790 SH SOLE 13950 0 5840 Magellan Midstream Partners L. COM 559080106 168176 2034547 SH SOLE 1973067 0 61480 Magellan Midstream Partners L. COM 559080106 98989 1197547 SH DFND 01 1197547 0 0 Main Street Capital Corp Com COM 56035L104 1301 44500 SH SOLE 44500 0 0 MarkWest Energy Partners L.P. COM 570759100 55866 831465 SH SOLE 809224 0 22241 MarkWest Energy Partners L.P. COM 570759100 37917 564325 SH DFND 01 564325 0 0 Marlin Midstream Partners LP COM 57118V100 1762 96900 SH SOLE 96900 0 0 Martin Marietta Materials COM 573284106 333 3022 SH SOLE 1900 0 1122 Masonite International Corp COM 575385109 3183 51791 SH SOLE 30441 0 21350 Matson Inc. COM 57686G105 12076 349836 SH SOLE 209239 0 140597 McDermott Intl. COM 580037109 103 35400 SH SOLE 35400 0 0 McDonalds Corp COM 580135101 643 6857 SH SOLE 3103 0 3754 McRae Inds Inc Cl A COM 582757209 2751 87885 SH SOLE 87885 0 0 MDC Holdings COM 552676108 56039 2117060 SH SOLE 1906713 0 210347 Medallion Finl Corp Com COM 583928106 3824 382035 SH SOLE 382035 0 0 Medtronic PLC COM G5960L103 21767 301484 SH SOLE 282471 0 19013 Merck & Co Inc New COM 58933Y105 359 6330 SH SOLE 410 0 5920 Microsoft COM 594918104 23223 499947 SH SOLE 469790 0 30157 Mondelez Int'l Inc COM 609207105 18144 499482 SH SOLE 474460 0 25022 Monroe Cap Corp Com COM 610335101 1243 85946 SH SOLE 85946 0 0 Motorola Solutions Inc Com Ne COM 620076307 14406 214751 SH SOLE 204359 0 10392 MPLX LP COM 55336V100 494 6720 SH SOLE 5370 0 1350 National Bank Hldgs Corp COM 633707104 6177 318224 SH SOLE 190903 0 127321 National Fuel Gas COM 636180101 1119 16090 SH SOLE 11180 0 4910 Navigators Group Inc COM 638904102 25598 349035 SH SOLE 226023 0 123012 Navios Maritime Midstream Part COM Y62134104 9165 754350 SH SOLE 754350 0 0 Navios Maritime Midstream Part COM Y62134104 7875 648120 SH DFND 01 648120 0 0 New Mtn Fin Corp Com COM 647551100 1037 69426 SH SOLE 69426 0 0 New Ulm Telecom Inc Cap Stk COM 649060100 230 31444 SH SOLE 31444 0 0 News Corp Ltd COM 65249B109 161 10287 SH SOLE 5460 0 4827 Nextera Energy Inc COM 65339F101 331 3117 SH SOLE 0 0 3117 Nextera Energy Partners LP COM 65341B106 6418 190175 SH SOLE 190175 0 0 Ngl Energy Partners LP COM 62913M107 15927 569020 SH SOLE 569020 0 0 Nisource COM 65473P105 21260 501167 SH SOLE 499375 0 1792 Northern Trust COM 665859104 430 6379 SH SOLE 0 0 6379 Northfield Bancorp Inc Del Com COM 66611T108 41323 2792061 SH SOLE 2142037 0 650024 NRG Yield Inc. COM 62942X108 9539 202360 SH SOLE 202360 0 0 Nustar Energy LP COM 67058H102 25154 435565 SH SOLE 435565 0 0 NuStar GP Holdings LLC COM 67059L102 688 20000 SH SOLE 20000 0 0 Oaktree Capital Group COM 674001201 1004 19370 SH SOLE 10210 0 9160 Oiltanking Partners LP COM 678049107 11954 256640 SH SOLE 255040 0 1600 Oiltanking Partners LP COM 678049107 9597 206042 SH DFND 01 206042 0 0 Omega Protein Corp COM 68210P107 2213 209375 SH SOLE 173965 0 35410 ONEOK Inc. COM 682680103 22855 459026 SH SOLE 457655 0 1371 Oneok Partners LP COM 68268N103 7949 200588 SH SOLE 165390 0 35198 Oneok Partners LP COM 68268N103 19934 503000 SH DFND 01 503000 0 0 Opus Bank COM 684000102 1315 46350 SH SOLE 32200 0 14150 Oshkosh Corp. COM 688239201 126662 2603530 SH SOLE 2377058 0 226472 Owens Corning Inc. COM 690742101 33013 921904 SH SOLE 828823 0 93081 Oxford Resource Partners LP COM 691807101 710 709615 SH SOLE 709615 0 0 Oxford Resource Partners LP COM 691807101 365 365000 SH DFND 01 365000 0 0 Pacific Premier Bancorp COM 69478X105 722 41688 SH SOLE 41688 0 0 Pattern Energy Group Inc COM 70338P100 5430 220200 SH SOLE 220200 0 0 PBF Logistics LP COM 69318Q104 10043 470414 SH SOLE 447835 0 22579 PBF Logistics LP COM 69318Q104 1646 77085 SH DFND 01 77085 0 0 PDC Energy Inc Com COM 69327R101 4436 107498 SH SOLE 101498 0 6000 Penn Virginia Corp COM 707882106 2839 425000 SH SOLE 425000 0 0 Pennantpark Invt Corp Com COM 708062104 1182 124059 SH SOLE 124059 0 0 Pepsico COM 713448108 18917 200055 SH SOLE 187277 0 12778 Phillips 66 COM 718546104 695 9694 SH SOLE 8670 0 1024 Phillips 66 Partners L.P. COM 718549207 29252 424375 SH SOLE 408410 0 15965 Pioneer Natural Resources COM 723787107 68737 461787 SH SOLE 445966 0 15821 Plains All American Pipeline L COM 726503105 140323 2734267 SH SOLE 2552589 0 181678 Plains All American Pipeline L COM 726503105 78873 1536892 SH DFND 01 1536892 0 0 Plains GP Holdings LP COM 72651A108 123108 4793913 SH SOLE 4722948 0 70965 Powell Inds COM 739128106 1119 22800 SH SOLE 22800 0 0 PowerShares High Yield Equity COM 73935X302 232 17180 SH SOLE 0 0 17180 Procter & Gamble COM 742718109 1260 13837 SH SOLE 9056 0 4781 Providence Service Corporation COM 743815102 270 7400 SH SOLE 7400 0 0 QEP Midstream Partners LP COM 74735R115 2565 152745 SH SOLE 152745 0 0 Qep Resources Inc COM 74733V100 545 26943 SH SOLE 23350 0 3593 Range Resources COM 75281A109 962 18000 SH SOLE 10565 0 7435 Rayonier Advanced Materials COM 75508B104 48491 2174477 SH SOLE 2109121 0 65356 Raytheon COM 755111507 19416 179493 SH SOLE 170662 0 8831 Regency Affiliates Inc Com Par COM 758847404 1171 114215 SH SOLE 114215 0 0 Regency Energy Partners COM 75885Y107 567 23640 SH SOLE 0 0 23640 Rex Energy Corporation Com COM 761565100 313 61290 SH SOLE 43790 0 17500 Rice Energy Inc. COM 762760106 780 37200 SH SOLE 27200 0 10000 Rock-Tenn Co. Cl A COM 772739207 36015 590604 SH SOLE 572654 0 17950 Rose Rock Midstream L.P. COM 777149105 9442 207740 SH SOLE 207740 0 0 Rose Rock Midstream L.P. COM 777149105 8219 180830 SH DFND 01 180830 0 0 Ross Stores COM 778296103 19585 207774 SH SOLE 196450 0 11324 Ryman Hospitality Pptys Inc Co COM 78377T107 58323 1105854 SH SOLE 1071744 0 34110 Sanchez Energy Corp COM 79970Y105 1626 175000 SH SOLE 175000 0 0 Scheid Vineyards Inc Cl A COM 806403200 784 25870 SH SOLE 25870 0 0 Seacor Holdings COM 811904101 59659 808273 SH SOLE 784279 0 23994 Seadrill Partners LLC COM Y7545W109 2581 159000 SH SOLE 159000 0 0 Service Corp International COM 817565104 1777 78300 SH SOLE 78300 0 0 Shell Midstream Partners, L.P. COM 822634101 7484 182620 SH SOLE 178910 0 3710 Shell Midstream Partners, L.P. COM 822634101 2544 62080 SH DFND 01 62080 0 0 Silver Bay Rlty Tr Corp COM 82735Q102 14723 889090 SH SOLE 511600 0 377490 SM Energy Company COM 78454L100 5826 151000 SH SOLE 151000 0 0 Solar Cap LTD Com COM 83413U100 2506 139135 SH SOLE 139135 0 0 Southcross Energy Partners L.P COM 84130C100 26341 1656692 SH SOLE 1626357 0 30335 Southcross Energy Partners L.P COM 84130C100 12214 768160 SH DFND 01 768160 0 0 Southwestern Energy Co. COM 845467109 877 32148 SH SOLE 20860 0 11288 Spectra Energy Corp. COM 847560109 26159 720621 SH SOLE 718640 0 1981 State Bank Finl Corp COM 856190103 2285 114369 SH SOLE 114119 0 250 Stoneridge Inc. COM 86183P102 2061 160240 SH SOLE 160240 0 0 Suburban Propane Partners L.P. COM 864482104 1081 25000 SH SOLE 25000 0 0 Summit Midstream Partners LP COM 866142102 8026 211200 SH SOLE 211200 0 0 Sunoco Logistics Partners LP COM 86764L108 1940 46425 SH SOLE 3600 0 42825 Sunoco LP COM 86765K109 45130 906780 SH SOLE 762911 0 143869 Superior Uniform Group COM 868358102 2660 90568 SH SOLE 89848 0 720 Symetra Financial Inc COM 87151Q106 27008 1171697 SH SOLE 724060 0 447637 Symphony International Holding COM G54812105 516 637488 SH SOLE 637488 0 0 Tallgrass Energy Partners LP COM 874697105 32638 730164 SH SOLE 710100 0 20064 Tallgrass Energy Partners LP COM 874697105 8469 189460 SH DFND 01 189460 0 0 Targa Resources Corp. COM 87612G101 41955 395615 SH SOLE 395615 0 0 Targa Resources Partners LP COM 87611X105 6160 128665 SH SOLE 111723 0 16942 Targa Resources Partners LP COM 87611X105 10415 217530 SH DFND 01 217530 0 0 TC Pipelines LP COM 87233Q108 171389 2406477 SH SOLE 2320602 0 85875 TC Pipelines LP COM 87233Q108 44636 626740 SH DFND 01 626740 0 0 Tcp Cap Corp Com COM 87238Q103 791 47140 SH SOLE 47140 0 0 TE Connectivity Ltd. COM H84989104 24154 381882 SH SOLE 364768 0 17114 Team Inc. COM 878155100 623 15400 SH SOLE 15400 0 0 Tech Data COM 878237106 111093 1756970 SH SOLE 1585921 0 171049 Tecumseh Prods Co COM 878895309 62 20041 SH SOLE 20041 0 0 Teekay Corporation COM Y8564W103 11286 221780 SH SOLE 221780 0 0 Teekay Lng Partners LP COM Y8564M105 5796 134784 SH SOLE 134784 0 0 Teekay Offshore Partners L.P. COM Y8565J101 80355 2999429 SH SOLE 2908749 0 90680 Teekay Offshore Partners L.P. COM Y8565J101 20187 753510 SH DFND 01 753510 0 0 Teletech Holdings Inc. COM 879939106 36453 1539408 SH SOLE 1182076 0 357332 Tesco Corp Com COM 88157K101 21366 1666643 SH SOLE 1220985 0 445658 Tesoro Logistics LP COM 88160T107 124927 2122812 SH SOLE 2070797 0 52015 Tesoro Logistics LP COM 88160T107 35812 608530 SH DFND 01 608530 0 0 Tetra Technologies Inc. COM 88162F105 1143 171090 SH SOLE 171090 0 0 The Blackstone Group LP COM 09253U108 981 29010 SH SOLE 14190 0 14820 The Finish Line COM 317923100 7775 319820 SH SOLE 194710 0 125110 The Southern Company COM 842587107 383 7794 SH SOLE 0 0 7794 The Williams Companies COM 969457100 144338 3211801 SH SOLE 3157487 0 54314 Towers Watson & Co- Cl a COM 891894107 48610 429530 SH SOLE 416676 0 12854 TPG Specialty Lending Inc. COM 87265K102 1204 71570 SH SOLE 71570 0 0 Trade Street Residential Inc COM 89255N203 2392 311000 SH SOLE 311000 0 0 Transmontaigne Partners L.P. COM 89376V100 3702 117488 SH SOLE 117488 0 0 Transocean Partners LLC COM Y8977Y100 168 11505 SH SOLE 11505 0 0 Travelcenters Of America COM 894174101 3506 277804 SH SOLE 251835 0 25969 Triangle Cap Corp Com COM 895848109 1881 92683 SH SOLE 92683 0 0 Tribune Media Company Class A COM 896047503 137883 2306889 SH SOLE 2226619 0 80270 TriplePoint Venture Growth COM 89677Y100 1425 95960 SH SOLE 95960 0 0 Tropicana Entertainment COM 89708X105 3468 205835 SH SOLE 183115 0 22720 Union Pacific COM 907818108 25966 217966 SH SOLE 204242 0 13724 United Health Group COM 91324P102 21292 210622 SH SOLE 196138 0 14484 United Technologies COM 913017109 720 6263 SH SOLE 5583 0 680 US Bancorp COM 902973304 14748 328089 SH SOLE 310220 0 17869 US Concrete Inc. COM 90333L201 3693 129800 SH SOLE 129800 0 0 US Silica Holdilngs Inc. COM 90346E103 756 29446 SH SOLE 29446 0 0 USD Partners LP COM 903318103 12493 881637 SH SOLE 868932 0 12705 USD Partners LP COM 903318103 3686 260135 SH DFND 01 260135 0 0 Valero Energy Partners LP COM 91914J102 1761 40720 SH SOLE 40720 0 0 Valero Energy Partners LP COM 91914J102 1832 42350 SH DFND 01 42350 0 0 Ventas Inc. COM 92276F100 1078 15035 SH SOLE 6810 0 8225 Verizon Communications COM 92343V104 2073 44307 SH SOLE 14850 0 29457 Viad Corp New COM 92552R406 1592 59706 SH SOLE 43714 0 15992 Visteon Corporation COM 92839U206 40439 378431 SH SOLE 362514 0 15917 Voya Financial Inc. COM 929089100 51448 1213977 SH SOLE 1176997 0 36980 VTTI Energy Partners LP COM Y9384M101 8885 358400 SH SOLE 358400 0 0 VTTI Energy Partners LP COM Y9384M101 7471 301365 SH DFND 01 301365 0 0 Vulcan Intl Corp COM 929136109 1282 32432 SH SOLE 32432 0 0 Wal-Mart Stores COM 931142103 1359 15823 SH SOLE 11986 0 3837 Western Gas Equity Partners LP COM 95825R103 140449 2331884 SH SOLE 2248430 0 83454 Western Gas Equity Partners LP COM 95825R103 33898 562810 SH DFND 01 562810 0 0 Western Gas Partners LP COM 958254104 61328 839539 SH SOLE 813944 0 25595 Western Gas Partners LP COM 958254104 26904 368290 SH DFND 01 368290 0 0 White Mountains Insurance Grou COM G9618E107 79902 126806 SH SOLE 123099 0 3707 Williams Partners L.P. COM 96950F104 98242 2195351 SH SOLE 2133041 0 62310 Williams Partners L.P. COM 96950F104 84755 1893970 SH DFND 01 1893970 0 0 Winthrop Realty Tr New Reit COM 976391300 1513 97075 SH SOLE 96185 0 890 World Point Terminals LP COM 98159G107 12762 634307 SH SOLE 634307 0 0 World Point Terminals LP COM 98159G107 3381 168065 SH DFND 01 168065 0 0 Wpx Energy Inc. COM 98212B103 639 54970 SH SOLE 37470 0 17500 Bank Of America Corporation 7.25%CNV PFD L 060505682 669 575 SH SOLE 350 0 225 Equity Commonwealth CUM PFD S D 6.5% 294628201 745 31000 SH SOLE 0 0 31000 AdvisorShares Peritus High Yie PERITUS HG YLD 00768Y503 550 13369 SH SOLE 4100 0 9269 Claymore Exchange Trd Fd Tr Gu GUGG SPINOFF ETF 18383M605 272 6079 SH SOLE 6079 0 0 Rydex ETF Trust GUG S&P500 EQ WT 78355W106 1760 21986 SH SOLE 9436 0 12550 Ishares Tr RUS MDCP VAL ETF 464287473 248 3356 SH SOLE 0 0 3356 Ishares Tr U.S. PFD STK ETF 464288687 934 23683 SH SOLE 6955 0 16728 Ishares Tr SELECT DIVID ETF 464287168 3343 42100 SH SOLE 0 0 42100 Pimco Corp & Inc Oppty Fund COM 72201B101 1687 106102 SH SOLE 13100 0 93002 Pimco Corp & Income Strategy F COM 72200U100 4459 295079 SH SOLE 79470 0 215609 Pimco Etf Tr 0-5 High Yield 0-5 HIGH YIELD 72201R783 1568 15548 SH SOLE 3090 0 12458 SPDR S&P 500 ETF Trust TR UNIT 78462F103 1810 8804 SH SOLE 7600 0 1204 Wisdomtree Largecap Div Largec LARGECAP DIVID 97717W307 417 5620 SH SOLE 5620 0 0 Diageo PLC - SPONS ADR SPON ADR NEW 25243Q205 568 4979 SH SOLE 2749 0 2230 GlaxoSmithKline PLC Sponsored SPONSORED ADR 37733W105 605 14165 SH SOLE 9635 0 4530 Royal Dutch Shell Plc Spon Adr SPON ADR B 780259107 1134 16305 SH SOLE 6275 0 10030