Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ROST	Ross Stores Inc.	1,114,784	$72.25M	4.7%	$28.26	0.0%	COM	778296103
BRO	Brown & Brown Inc.	2,045,024	$65.93M	4.3%	$13.98	0.0%	COM	115236101
IEX	Idex Corporation	1,176,275	$63.3M	4.1%	$45.08	0.0%	COM	45167R104
MKL	Markel Corp	112,781	$59.43M	3.9%	$523.59	0.0%	COM	570535104
MD	Mednax Inc.	615,830	$56.4M	3.7%	$44.76	0.0%	COM	58502B106
WTM	White Mtns Insurance	86,579	$49.78M	3.2%	$583.58	0.0%	COM	G9618E107
EOG	EOG Resources Inc.	362,233	$47.7M	3.1%	$46.52	0.0%	COM	26875P101
—	Brookfield Asset Management	1,300,738	$46.85M	3.0%	$36.02	—	COM	112585104
BRK/A	Berkshire Hathaway A	270	$45.52M	3.0%	$165023.42	0.0%	COM	084670108
ZBRA	Zebra Technologies A	1,035,236	$44.97M	2.9%	$45.53	0.0%	COM	989207105
SYK	Stryker Corp	664,908	$43.01M	2.8%	$56.92	0.0%	COM	863667101
KMX	Carmax	868,227	$40.08M	2.6%	$45.40	0.0%	COM	143130102
DCI	Donaldson Co., Inc.	1,079,157	$38.48M	2.5%	$29.49	0.0%	COM	257651109
BEN	Franklin Resources	277,721	$37.78M	2.5%	$30.23	0.0%	COM	354613101
ITW	Illinois Tool Works	538,006	$37.21M	2.4%	$49.85	0.0%	COM	452308109
WAT	Waters Corp.	371,290	$37.15M	2.4%	$95.76	0.0%	COM	941848103
—	Bed Bath and Beyond	495,228	$35.14M	2.3%	$70.95	—	COM	075896100
YUM	Yum Brands	475,987	$33.01M	2.1%	$38.97	0.0%	COM	988498101
MGRC	McGrath Rentcorp	897,096	$30.64M	2.0%	$31.67	0.0%	COM	580589109
L	Loews Corp	676,345	$30.03M	1.9%	$42.08	0.0%	COM	540424108
—	Xilinx Inc	740,004	$29.31M	1.9%	$39.61	—	COM	983919101
—	Patterson Companies Inc.	725,721	$27.29M	1.8%	$37.60	—	COM	703395103
—	SCBT Financial Corporation	525,800	$26.5M	1.7%	$50.39	—	COM	78401V102
—	Forward Air	677,251	$25.93M	1.7%	$38.28	—	COM	349853101
—	Interpublic Group of Companies	1,691,075	$24.61M	1.6%	$9.16	0.0%	COM	460690100
—	Knight Transportation Inc.	1,436,005	$24.15M	1.6%	$16.82	—	COM	499064103
—	FLIR Systems, Inc.	843,978	$22.76M	1.5%	$26.97	—	COM	302445101
—	Aqua America Inc	725,333	$22.7M	1.5%	$31.29	—	COM	03836W103
GGG	Graco	354,421	$22.4M	1.5%	$16.98	0.0%	COM	384109104
MTB	M & T Bank Corp	199,915	$22.34M	1.5%	$72.91	0.0%	COM	55261F104
AZO	Autozone Inc	52,705	$22.33M	1.4%	$407.86	0.0%	COM	053332102
HOMB	Home Bancshares, Inc.	826,700	$21.47M	1.4%	$10.30	0.0%	COM	436893200
—	TCF Financial	1,410,831	$20.01M	1.3%	$14.18	—	COM	872275102
MCHP	Microchip Technology Inc.	483,300	$18M	1.2%	$13.83	0.0%	COM	595017104
—	VCA Antech, Inc.	662,200	$17.28M	1.1%	$26.09	—	COM	918194101
MHK	Mohawk Industries	151,799	$17.08M	1.1%	$112.71	0.0%	COM	608190104
—	Protective Life Corp.	432,100	$16.6M	1.1%	$38.41	—	COM	743674103
BRK/B	Berkshire Hathaway B	143,409	$16.05M	1.0%	$110.02	0.0%	COM	084670702
—	Bank of the Ozarks, Inc.	348,535	$15.1M	1.0%	$43.33	—	COM	063904106
—	OneBeacon	1,002,343	$14.51M	0.9%	$14.48	—	COM	G67742109
AJG	Arthur J Gallagher & Co.	299,055	$13.07M	0.8%	$33.49	0.0%	COM	363576109
MAT	Mattel Inc.	273,709	$12.4M	0.8%	$44.76	0.0%	COM	577081102
—	Pinnacle Financial Partners	465,575	$11.97M	0.8%	$25.71	—	COM	72346Q104
—	US Ecology, Inc.	411,469	$11.29M	0.7%	$27.44	—	COM	91732j102
—	Questar Corp	470,250	$11.21M	0.7%	$23.85	—	COM	748356102
HTLD	Heartland Express	744,319	$10.33M	0.7%	$13.77	0.0%	COM	422347104
—	Winthrop Realty Trust	839,593	$10.1M	0.7%	$12.03	—	COM	976391300
—	Biglari Holdings Inc.	24,110	$9.895M	0.6%	$410.41	—	COM	08986r101
DLR	Digital Realty Trust Inc.	157,850	$9.629M	0.6%	$39.68	0.0%	COM	253868103
WLY	John Wiley & Sons	225,350	$9.034M	0.6%	$27.09	0.0%	COM	968223206
—	Sigma Aldrich Corp.	110,000	$8.846M	0.6%	$80.42	—	COM	826552101
—	Southwestern Energy Co	237,000	$8.658M	0.6%	$36.53	—	COM	845467109
EPM	Evolution Petroleum Corporatio	505,646	$5.517M	0.4%	$5.20	0.0%	COM	30049A107
FLO	Flowers Foods	231,750	$5.11M	0.3%	$13.91	0.0%	COM	343498101
—	Fabrinet	265,500	$3.717M	0.2%	$14.00	—	COM	g3323l100
—	National Instruments	122,000	$3.409M	0.2%	$27.94	—	COM	636518102
—	Tupperware Brands Corp.	40,000	$3.108M	0.2%	$77.70	—	COM	899896104
—	Rue 21	63,950	$2.661M	0.2%	$41.61	—	COM	781295100
WHG	Westwood Holdings Group, Inc.	58,496	$2.511M	0.2%	$43.23	0.0%	COM	961765104
—	Amerisafe, Inc.	73,600	$2.383M	0.2%	$32.38	—	COM	03071h100
JBTM	John Bean Technologies Corpora	101,500	$2.133M	0.1%	$19.54	0.0%	COM	477839104
MKC	McCormick & Co.	30,250	$2.128M	0.1%	$28.19	0.0%	COM	579780206
—	Altera Corp	61,000	$2.012M	0.1%	$32.98	—	COM	021441100
CRMT	America's Car-Mart Inc.	45,523	$1.968M	0.1%	$45.33	0.0%	COM	03062T105
—	Destination Maternity	79,251	$1.95M	0.1%	$24.61	—	COM	25065d100
—	Houston Wire & Cable Company	139,950	$1.937M	0.1%	$13.84	—	COM	44244K109
—	Patriot Transportation Holding	64,052	$1.924M	0.1%	$30.04	—	COM	70337B102
CASS	Cass Information Systems Inc.	41,486	$1.913M	0.1%	$24.93	0.0%	COM	14808P109
—	Rofin-Sinar Technologies, Inc.	70,650	$1.762M	0.1%	$24.94	—	COM	775043102
WU	Western Union	100,000	$1.711M	0.1%	$17.11	—	COM	959802109
—	U.S. Physical Therapy Inc.	58,345	$1.613M	0.1%	$27.65	—	COM	90337l108
XOM	Exxon Mobil Corporation	16,814	$1.519M	0.1%	$53.69	0.0%	COM	30231G102
—	Ca Technologies	50,000	$1.431M	0.1%	$28.62	—	COM	12673P105
—	Dr. Pepper Snapple Group Inc.	30,800	$1.415M	0.1%	$45.94	—	COM	26138E109
GRMN	Garmin	34,600	$1.251M	0.1%	$23.52	0.0%	COM	H2906T109
—	Actavis, Inc.	8,400	$1.06M	0.1%	$126.19	—	COM	00507k103
EFSC	Enterprise Financial Services	62,425	$996K	0.1%	$12.10	0.0%	COM	293712105
HTH	Hilltop Holdings	59,825	$981K	0.1%	$14.87	0.0%	COM	432748101
—	Landauer Inc	20,000	$966K	0.1%	$48.30	—	COM	51476K103
CAC	Camden National Corp	25,635	$909K	0.1%	$15.06	0.0%	COM	133034108
—	Inventure Foods, Inc.	107,092	$895K	0.1%	$8.36	—	COM	461212102
—	SY Bancorp Inc	35,835	$879K	0.1%	$24.53	—	COM	785060104
—	Gordmans Stores, Inc.	59,500	$810K	0.1%	$13.61	—	COM	38269P100
—	Washington Banking Co.	51,375	$730K	0.0%	$14.21	—	COM	937303105
BMRC	Bank Of Marin Bancorp	16,325	$653K	0.0%	$13.79	0.0%	COM	063425102
—	Cambridge Bancorp	17,390	$643K	0.0%	$36.98	—	COM	132152109
IBM	International Business Machine	2,860	$547K	0.0%	$118.94	0.0%	COM	459200101
—	Metro Bancorp Inc	25,475	$510K	0.0%	$20.02	—	COM	59161r101
AMBZ	American Business Bank	18,084	$502K	0.0%	$22.86	0.0%	COM	02475L105
—	Sterling Bancorp	42,225	$491K	0.0%	$11.63	—	COM	859158107
UNP	Union Pacific Corp	2,837	$438K	0.0%	$57.06	0.0%	COM	907818108
LFGP	Ledyard Financial Group	10,950	$417K	0.0%	$12.31	0.0%	COM	523338101
—	Pacific Continental Bank	35,151	$415K	0.0%	$11.81	—	COM	69412v108
—	MTS Systems	7,051	$399K	0.0%	$56.59	—	COM	553777103
—	Merchants Bancshares Inc	12,000	$355K	0.0%	$29.58	—	COM	588448100
DIMC	Dimeco Inc	8,445	$344K	0.0%	$16.97	0.0%	COM	25432W104
—	Clarcor Inc	6,424	$335K	0.0%	$52.15	—	COM	179895107
—	Hudson Valley Holding Corp	18,375	$312K	0.0%	$16.98	—	COM	444172100
—	A T & T Inc New	8,565	$303K	0.0%	$35.38	—	COM	00206r102
CVX	Chevron Corporation	2,443	$289K	0.0%	$71.30	0.0%	COM	166764100
—	General Electric Company	12,292	$285K	0.0%	$23.19	—	COM	369604103
—	Stonegate Bank	15,900	$283K	0.0%	$17.80	—	COM	861811107
PFE	Pfizer Incorporated	9,744	$273K	0.0%	$16.46	0.0%	COM	717081103
USB	US Bancorp	7,331	$265K	0.0%	$22.41	0.0%	COM	902973304
—	Meredith Corp	5,300	$253K	0.0%	$47.74	—	COM	589433101
—	Newlink Genetics Corp	12,321	$243K	0.0%	$19.72	—	COM	651511107
—	Glenville Bank Hldg Co	2,756	$225K	0.0%	$81.64	—	COM	37908p109
CNMD	Conmed Corp	7,087	$221K	0.0%	$27.74	0.0%	COM	207410101
CZFS	Citizens Financial Services	4,127	$202K	0.0%	$30.19	0.0%	COM	174615104
—	Trustco Bank Corp	20,533	$112K	0.0%	$5.45	—	COM	898349105