Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
WFC	Wells Fargo & Co	60,949	$3.341M	3.3%	$54.82 *	$37.41	+7.6%	cs	949746101
—	Exxon Mobil Corp	34,279	$3.169M	3.2%	$92.45	$94.06	—	cs	30231g102
—	Quantum Corp DSSG	1,551,174	$2.73M	2.7%	$1.76	$1.16	—	cs	747906204
—	Newstar Financial Inc	197,050	$2.522M	2.5%	$12.80	$11.24	—	cs	65251f105
CVX	Chevron Corp	21,793	$2.445M	2.4%	$112.19 *	$78.51	-10.9%	cs	166764100
—	NVR Inc	1,916	$2.444M	2.4%	$1275.57	$1129.95	—	cs	62944t105
—	Synovus Finl Corp	87,369	$2.367M	2.4%	$27.09	$23.64	—	cs	87161c501
—	Bancorp Inc	211,430	$2.302M	2.3%	$10.89	$8.63	—	cs	05969a105
—	Eaton Corp PLC	33,400	$2.27M	2.3%	$67.96	$63.49	—	cs	g29183103
PCAR	Paccar Inc	32,720	$2.225M	2.2%	$68.00 *	$27.07	+11.0%	cs	693718108
—	United Community Banks Blairsv	117,100	$2.218M	2.2%	$18.94	$16.46	—	cs	90984p303
—	Johnson Controls Inc	45,238	$2.187M	2.2%	$48.34	$44.10	—	cs	478366107
WAL	Western Alliance Bancorp	77,255	$2.148M	2.1%	$27.80 *	$20.53	+17.5%	cs	957638109
EMR	Emerson Electric Co	33,498	$2.068M	2.1%	$61.74 *	$47.77	-3.9%	cs	291011104
HON	Honeywell Intl Inc	20,559	$2.054M	2.1%	$99.91 *	$67.14	+6.4%	cs	438516106
—	CoBiz Financial Inc	151,900	$1.994M	2.0%	$13.13	$11.18	—	cs	190897108
NUE	Nucor Corp	39,807	$1.953M	1.9%	$49.06 *	$40.02	-5.7%	cs	670346105
LEN	Lennar Corp Cl A	43,430	$1.946M	1.9%	$44.81 *	$33.61	+15.0%	cs	526057104
—	Chubb Corp	17,971	$1.859M	1.9%	$103.44	$91.11	—	cs	171232101
BAC	Bank of America Corporation	99,973	$1.789M	1.8%	$17.89 *	$12.57	+12.9%	cs	060505104
ZION	Zions Bancorporation	58,442	$1.666M	1.7%	$28.51	$29.03	-1.8%	cs	989701107
BRK/B	Berkshire Hathaway Inc Cl B	10,325	$1.55M	1.5%	$150.12	$133.21	+12.7%	cs	084670702
GIS	General Mills Inc	28,190	$1.503M	1.5%	$53.32 *	$35.46	+2.6%	cs	370334104
TOL	Toll Brothers Inc	41,680	$1.428M	1.4%	$34.26	$34.26	+0.0%	cs	889478103
—	SuperValue Inc	134,800	$1.308M	1.3%	$9.70	$9.23	—	cs	868536103
—	United States Steel Corp	48,665	$1.301M	1.3%	$26.73	$39.17	—	cs	912909108
—	Actavis PLC	4,565	$1.175M	1.2%	$257.39	$241.24	—	cs	g0083b108
LLY	Eli Lilly & Co	17,017	$1.174M	1.2%	$68.99 *	$51.38	+10.2%	cs	532457108
—	Merck & Co Inc	19,473	$1.106M	1.1%	$56.80	$59.29	—	cs	58933y105
—	Cambridge Bancorp	23,541	$1.095M	1.1%	$46.51	$46.52	—	cs	132152109
—	MB Financial Inc	32,737	$1.076M	1.1%	$32.87	$27.68	—	cs	55264u108
—	Royal Dutch Shell PLC Sp ADR A	15,800	$1.058M	1.1%	$66.96	$76.13	—	cs	780259206
—	JPMorgan Chase & Co	16,425	$1.028M	1.0%	$62.59	$60.26	—	cs	46625h100
DE	Deere & Co	11,420	$1.01M	1.0%	$88.44 *	$69.38	+4.9%	cs	244199105
—	Williams Clayton Energy Inc	14,795	$944K	0.9%	$63.81	$96.46	—	cs	969490101
—	Banner Corp	21,950	$944K	0.9%	$43.01	$38.49	—	cs	06652v208
KO	Coca-Cola Co	21,742	$918K	0.9%	$42.22 *	$28.86	+3.4%	cs	191216100
—	Enbridge Energy Partners LP	22,910	$914K	0.9%	$39.90	$38.85	—	cs	29250r106
—	Arm Holdings PLC Sp ADR	19,615	$908K	0.9%	$46.29	$43.68	—	cs	042068106
DIS	Disney Walt Co Disney	9,425	$888K	0.9%	$94.22 *	$79.33	+8.1%	cs	254687106
BMY	Bristol-Myers Squibb Co	14,885	$879K	0.9%	$59.05 *	$34.21	+19.8%	cs	110122108
—	Eaton Vance Corp Non Vtg	20,510	$839K	0.8%	$40.91	$37.75	—	cs	278265103
—	Energy Transfer Partners LP	12,835	$834K	0.8%	$64.98	$64.00	—	cs	29273r109
CL	Colgate Palmolive Co	11,725	$811K	0.8%	$69.17 *	$50.68	+5.6%	cs	194162103
—	General Electric Co	31,431	$794K	0.8%	$25.26	$25.60	—	cs	369604103
—	Central Securities Corp	35,900	$789K	0.8%	$21.98	$22.98	—	cs	155123102
—	Lyon William Homes Cl A	37,664	$763K	0.8%	$20.26	$21.63	—	cs	552074700
—	McDermott Intl Inc	261,310	$760K	0.8%	$2.91	$4.32	—	cs	580037109
—	Magnum Hunter Resources Corp	235,080	$738K	0.7%	$3.14	$5.31	—	cs	55973b102
BF/A	Brown Forman Corp Cl A	8,400	$737K	0.7%	$87.74 *	$22.29	-3.0%	cs	115637100
—	Kinder Morgan Inc	17,266	$731K	0.7%	$42.34	$42.34	—	cs	49456b101
PEP	PepsiCo Inc	7,415	$701K	0.7%	$94.54 *	$64.88	+4.8%	cs	713448108
—	ConocoPhillips	10,095	$697K	0.7%	$69.04	$76.47	—	cs	20825c104
—	Cimarex Energy Co	6,415	$680K	0.7%	$106.00	$126.58	—	cs	171798101
PG	Procter & Gamble Co	7,333	$668K	0.7%	$91.10 *	$59.73	+12.2%	cs	742718109
—	Nabors Industries Ltd	50,995	$662K	0.7%	$12.98	$20.83	—	cs	g6359f103
—	Weatherford Intl PLC	57,350	$657K	0.7%	$11.46	$18.67	—	cs	g48833100
AXP	American Express Co	7,000	$651K	0.6%	$93.00 *	$76.50	+3.7%	cs	025816109
BF/B	Brown Forman Corp Cl B	7,154	$628K	0.6%	$87.78 *	$30.17	-3.8%	cs	115637209
—	AK Steel Holding Corp	103,080	$612K	0.6%	$5.94	$5.94	—	cs	001547108
—	PacWest Bancorp Del	12,181	$554K	0.6%	$45.48	$41.21	—	cs	695263103
—	Regional Mgmt Corp	34,521	$546K	0.5%	$15.82	$15.82	—	cs	75902k106
—	Tekla Healthcare Invs	17,000	$535K	0.5%	$31.47	$31.47	—	cs	87911j103
USB	US Bancorp Del	11,775	$529K	0.5%	$44.93 *	$28.42	+7.6%	cs	902973304
PAA	Plains All American Pipeline L	9,775	$502K	0.5%	$51.36	$58.82	—	cs	726503105
—	Abbvie Inc	7,662	$501K	0.5%	$65.39	$57.80	—	cs	00287y109
MMLP	Martin Midstream Partners LP	18,350	$493K	0.5%	$26.87	$35.85	—	cs	573331105
CAT	Caterpillar Inc	5,350	$490K	0.5%	$91.59 *	$79.29	-12.9%	cs	149123101
—	Ensco PLC Class A	16,336	$489K	0.5%	$29.93	$36.10	—	cs	g3157s106
—	3M Co	2,870	$472K	0.5%	$164.46	$141.81	—	cs	88579y101
—	Travelers Companies Inc	4,350	$460K	0.5%	$105.75	$93.89	—	cs	89417e109
EPD	Enterprise Products Partners L	12,520	$452K	0.5%	$36.10	$40.34	—	cs	293792107
—	Frp Holdings Inc	10,800	$423K	0.4%	$39.17	$39.17	—	cs	30292l107
—	Royal Dutch Shell PLC Sp ADR B	6,000	$417K	0.4%	$69.50	$79.07	—	cs	780259107
MGM	MGM Resorts International	19,450	$416K	0.4%	$21.39 *	$23.51	-14.1%	cs	552953101
—	Regions Financial Corp	39,240	$414K	0.4%	$10.55	$10.04	—	cs	7591ep100
TXT	Textron Inc	9,800	$413K	0.4%	$42.14	$36.92	+12.2%	cs	883203101
JNJ	Johnson & Johnson	3,944	$412K	0.4%	$104.46 *	$75.58	+1.9%	cs	478160104
VMC	Vulcan Materials Co	6,000	$394K	0.4%	$65.67 *	$57.55	+4.4%	cs	929160109
AAPL	Apple Inc	3,395	$375K	0.4%	$110.46 *	$21.63	+13.2%	cs	037833100
—	Meritage Homes Corp	10,350	$372K	0.4%	$35.94	$35.46	—	cs	59001a102
—	Golar LNG Partners LP Lpi	10,955	$341K	0.3%	$31.13	$34.06	—	cs	y2745c102
BOH	Bank Hawaii Corp	5,705	$338K	0.3%	$59.25 *	$38.66	+3.7%	cs	062540109
BA	Boeing Co	2,545	$331K	0.3%	$130.06 *	$109.30	+4.0%	cs	097023105
—	Ocwen Financial Corp	21,785	$329K	0.3%	$15.10	$26.20	—	cs	675746309
HSY	Hershey Co	3,100	$322K	0.3%	$103.87 *	$70.60	+13.2%	cs	427866108
—	Total SA Sp ADR	5,920	$303K	0.3%	$51.18	$64.39	—	cs	89151e109
HD	Home Depot Inc	2,880	$302K	0.3%	$104.86 *	$65.73	+23.4%	cs	437076102
PFE	Pfizer Inc	9,157	$285K	0.3%	$31.12 *	$17.45	+6.5%	cs	717081103
—	Annaly Cap Mgmt Inc	25,770	$279K	0.3%	$10.83	$10.68	—	cs	035710409
FITB	Fifth Third Bancorp	13,550	$276K	0.3%	$20.37 *	$13.93	+0.5%	cs	316773100
—	Ultra Petroleum Corp	20,843	$274K	0.3%	$13.15	$23.24	—	cs	903914109
ABT	Abbott Laboratories	5,982	$269K	0.3%	$44.97 *	$34.11	+7.0%	cs	002824100
—	Magellan Midstream Partners LP	3,225	$267K	0.3%	$82.79	$84.03	—	cs	559080106
TEX	Terex Corp	9,200	$256K	0.3%	$27.83	$36.56	-23.7%	cs	880779103
—	National Oilwell Varco Inc	3,611	$237K	0.2%	$65.63	$76.16	—	cs	637071101
—	Visa Inc Cl A	900	$236K	0.2%	$262.22	$262.22	—	cs	92826c839
TRN	Trinity Industries Inc	8,200	$230K	0.2%	$28.05 *	$23.59	-39.0%	cs	896522109
STT	State Street Corp	2,924	$230K	0.2%	$78.66 *	$52.07	+11.1%	cs	857477103
NBTB	NBT Bancorp Inc	8,600	$226K	0.2%	$26.28	$23.68	+11.0%	cs	628778102
—	United Technologies Corp	1,875	$216K	0.2%	$115.20	$115.20	—	cs	913017109
SBCF	Seacoast Banking Corp FL	14,770	$203K	0.2%	$13.74	$10.55	+30.4%	cs	811707801
—	NOBLE CORP PLC SHS USD	12,235	$203K	0.2%	$16.59	$16.59	—	cs	g65431101
DHR	Danaher Corp	2,363	$203K	0.2%	$85.91 *	$32.92	+6.3%	cs	235851102
UNP	Union Pacific Corp	1,680	$200K	0.2%	$119.05 *	$89.46	+4.0%	cs	907818108
—	Energy XXI (Bermuda) Ltd USD U	59,267	$193K	0.2%	$3.26	$11.35	—	cs	g10082140
—	Capstead Mtg Corp	15,000	$184K	0.2%	$12.27	$12.25	—	cs	14067e506
—	Chimera Inv Corp	18,000	$57,000	0.1%	$3.17	$3.06	—	cs	16934q109
—	Tecumseh Prods Co	17,965	$56,000	0.1%	$3.12	$4.30	—	cs	878895309