Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Williams Clayton Energy Inc	39,105	$3.341M	3.8%	$48.06	—	cs	969490101
—	NVR Inc	1,739	$2.852M	3.3%	$1129.95	—	cs	62944t105
—	Synovus Finl Corp	79,160	$2.575M	2.9%	$23.64	—	cs	87161c501
WAL	Western Alliance Bancorp	62,680	$2.353M	2.7%	$20.53	+50.3%	cs	957638109
—	Newstar Financial Inc	241,958	$2.349M	2.7%	$10.67	—	cs	65251f105
—	Bancorp Inc	351,805	$2.259M	2.6%	$7.42	—	cs	05969a105
—	United Community Banks Blairsv	106,250	$2.233M	2.5%	$16.46	—	cs	90984p303
WFC	Wells Fargo & Co	49,383	$2.187M	2.5%	$37.41	-1.6%	cs	949746101
HON	Honeywell Intl Inc	18,676	$2.177M	2.5%	$67.24	+28.0%	cs	438516106
—	Eaton Corp PLC	31,794	$2.089M	2.4%	$63.36	—	cs	g29183103
CVX	Chevron Corp	19,656	$2.023M	2.3%	$78.51	-12.8%	cs	166764100
—	Exxon Mobil Corp	21,780	$1.901M	2.2%	$94.06	—	cs	30231g102
—	Nabors Industries Ltd	147,272	$1.791M	2.0%	$13.61	—	cs	g6359f103
PCAR	Paccar Inc	30,233	$1.777M	2.0%	$26.98	-1.1%	cs	693718108
GIS	General Mills Inc	26,740	$1.708M	1.9%	$35.46	+41.0%	cs	370334104
LEN	Lennar Corp Cl A	39,390	$1.668M	1.9%	$33.61	+20.2%	cs	526057104
LLY	Eli Lilly & Co	20,088	$1.612M	1.8%	$54.19	+26.6%	cs	532457108
—	McDermott Intl Inc	320,243	$1.604M	1.8%	$4.20	—	cs	580037109
—	Ensco PLC Class A	183,269	$1.558M	1.8%	$14.86	—	cs	g3157s106
—	Weatherford Intl PLC	276,086	$1.552M	1.8%	$9.31	—	cs	g48833100
—	Cambridge Bancorp	30,366	$1.52M	1.7%	$46.80	—	cs	132152109
—	Lyon William Homes Cl A	76,929	$1.427M	1.6%	$18.46	—	cs	552074700
BRK/B	Berkshire Hathaway Inc Cl B	9,721	$1.404M	1.6%	$133.21	+9.8%	cs	084670702
—	NOBLE CORP PLC SHS USD	218,431	$1.385M	1.6%	$10.45	—	cs	g65431101
—	AK Steel Holding Corp	274,070	$1.324M	1.5%	$4.39	—	cs	001547108
NUE	Nucor Corp	26,388	$1.305M	1.5%	$39.97	+3.1%	cs	670346105
—	MB Financial Inc	32,737	$1.245M	1.4%	$27.68	—	cs	55264u108
—	Chubb Limited	9,871	$1.24M	1.4%	$119.10	—	cs	h1467j104
—	Merck & Co Inc	18,991	$1.185M	1.4%	$59.13	—	cs	58933y105
—	General Electric Co	39,335	$1.165M	1.3%	$27.21	—	cs	369604103
—	United States Steel Corp	57,771	$1.09M	1.2%	$34.12	—	cs	912909108
ZION	Zions Bancorporation	32,785	$1.017M	1.2%	$29.03	-2.1%	cs	989701107
—	JPMorgan Chase & Co	15,175	$1.011M	1.2%	$60.26	—	cs	46625h100
—	Allergan PLC	3,795	$874K	1.0%	$303.40	—	cs	g0177j108
—	Cimarex Energy Co	6,500	$873K	1.0%	$124.44	—	cs	171798101
—	Banner Corp	19,725	$863K	1.0%	$38.49	—	cs	06652v208
CL	Colgate Palmolive Co	11,325	$840K	1.0%	$50.68	+17.2%	cs	194162103
BF/A	Brown Forman Corp Cl A	16,500	$821K	0.9%	$24.13	+7.7%	cs	115637100
PEP	PepsiCo Inc	7,415	$807K	0.9%	$64.88	+25.0%	cs	713448108
DIS	Disney Walt Co Disney	8,438	$784K	0.9%	$80.38	+10.6%	cs	254687106
—	CoBiz Financial Inc	57,400	$764K	0.9%	$11.18	—	cs	190897108
—	EQT Corp	10,003	$726K	0.8%	$72.46	—	cs	26884l109
—	Central Securities Corp	34,000	$722K	0.8%	$22.98	—	cs	155123102
BMY	Bristol-Myers Squibb Co	13,304	$717K	0.8%	$34.21	+34.9%	cs	110122108
—	Abbvie Inc	11,333	$715K	0.8%	$59.31	—	cs	00287y109
—	EOG Resources Inc	7,259	$702K	0.8%	$78.11	—	cs	26875p101
PAA	Plains All American Pipeline L	21,745	$683K	0.8%	$40.86	—	ml	726503105
VMC	Vulcan Materials Co	6,000	$682K	0.8%	$57.55	+88.8%	cs	929160109
BF/B	Brown Forman Corp Cl B	14,308	$679K	0.8%	$31.46	+4.1%	cs	115637209
CVS	CVS Health Corporation	7,558	$673K	0.8%	$72.23	-1.9%	cs	126650100
PFE	Pfizer Inc	19,544	$662K	0.8%	$18.97	+17.3%	cs	717081103
—	Enbridge Energy Partners LP	25,234	$642K	0.7%	$36.23	—	ml	29250r106
—	Royal Dutch Shell PLC Sp ADR A	12,220	$612K	0.7%	$76.13	—	ad	780259206
DE	Deere & Co	6,995	$597K	0.7%	$69.38	+1.4%	cs	244199105
PG	Procter & Gamble Co	6,285	$564K	0.6%	$59.73	+13.0%	cs	742718109
AAPL	Apple Inc	4,924	$557K	0.6%	$22.56	+7.4%	cs	037833100
—	Energy Transfer Partners LP	14,689	$543K	0.6%	$59.96	—	ml	29273r109
—	Golar LNG Partners LP Lpi	27,600	$542K	0.6%	$22.28	—	ml	y2745c102
MMLP	Martin Midstream Partners LP	26,130	$524K	0.6%	$31.53	—	ml	573331105
AXP	American Express Co	7,775	$498K	0.6%	$73.56	-23.4%	cs	025816109
—	3M Co	2,670	$471K	0.5%	$141.81	—	cs	88579y101
JNJ	Johnson & Johnson	3,832	$453K	0.5%	$75.56	+23.9%	cs	478160104
—	Travelers Companies Inc	3,900	$447K	0.5%	$93.89	—	cs	89417e109
CAT	Caterpillar Inc	5,000	$444K	0.5%	$79.29	-16.7%	cs	149123101
—	Eaton Vance Corp Non Vtg	10,565	$413K	0.5%	$37.75	—	cs	278265103
KO	Coca-Cola Co	9,752	$413K	0.5%	$28.86	+12.8%	cs	191216100
—	Tekla Healthcare Invs	17,000	$405K	0.5%	$31.47	—	mf	87911j103
—	PacWest Bancorp Del	9,391	$403K	0.5%	$41.21	—	cs	695263103
EPD	Enterprise Products Partners L	14,205	$392K	0.4%	$38.94	—	ml	293792107
—	ConocoPhillips	8,600	$374K	0.4%	$73.28	—	cs	20825c104
EMR	Emerson Electric Co	6,729	$367K	0.4%	$47.77	-11.5%	cs	291011104
—	Kinder Morgan Inc	15,813	$366K	0.4%	$31.01	—	cs	49456b101
HD	Home Depot Inc	2,730	$351K	0.4%	$65.73	+61.8%	cs	437076102
—	Onemain Holdings Inc	11,114	$344K	0.4%	$23.91	—	cs	68268w103
—	Frp Holdings Inc	10,800	$336K	0.4%	$39.17	—	cs	30292l107
BOH	Bank Hawaii Corp	4,609	$335K	0.4%	$38.66	+28.3%	cs	062540109
—	Meta Financial Group Inc	5,430	$329K	0.4%	$51.04	—	cs	59100u108
—	Southwestern Energy Co	23,043	$319K	0.4%	$8.81	—	cs	845467109
—	Regional Mgmt Corp	14,637	$317K	0.4%	$14.68	—	cs	75902k106
BAC	Bank of America Corporation	19,115	$299K	0.3%	$12.57	-4.0%	cs	060505104
BA	Boeing Co	2,242	$295K	0.3%	$109.36	+10.4%	cs	097023105
HSY	Hershey Co	2,950	$282K	0.3%	$70.60	+19.9%	cs	427866108
CINF	Cincinnati Financial Corp	3,450	$260K	0.3%	$44.81	+31.3%	cs	172062101
MGM	MGM Resorts International	9,850	$256K	0.3%	$23.51	-2.5%	cs	552953101
ABT	Abbott Laboratories	5,982	$253K	0.3%	$34.11	+5.9%	cs	002824100
NBTB	NBT Bancorp Inc	7,600	$250K	0.3%	$23.68	+30.8%	cs	628778102
—	Visa Inc Cl A	3,000	$248K	0.3%	$114.51	—	cs	92826c839
SBCF	Seacoast Banking Corp FL	13,710	$221K	0.3%	$10.55	+55.5%	cs	811707801
—	Adobe Systems Inc	2,000	$217K	0.2%	$108.50	—	cs	00724f101
HAL	Halliburton Co	4,680	$210K	0.2%	$36.37	0.0%	cs	406216101
—	Royal Dutch Shell PLC Sp ADR B	3,959	$209K	0.2%	$77.41	—	ad	780259107
TRN	Trinity Industries Inc	8,410	$203K	0.2%	$12.13	0.0%	cs	896522109
—	Meritage Homes Corp	5,800	$201K	0.2%	$35.46	—	cs	59001a102
BK	Bank of New York Mellon Corp	5,025	$200K	0.2%	$31.29	0.0%	cs	064058100
—	Annaly Cap Mgmt Inc	13,090	$137K	0.2%	$10.69	—	re	035710409
—	Quantum Corp DSSG	29,100	$21,000	0.0%	$1.16	—	cs	747906204