Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ROST	Ross Stores Inc.	1,134,866	$85.77M	4.8%	$28.33	+9.9%	COM	778296103
MKL	Markel Corp	113,274	$72.06M	4.0%	$523.59	+23.2%	COM	570535104
BRO	Brown & Brown Inc.	2,106,216	$67.72M	3.8%	$13.97	+1.7%	COM	115236101
MD	Mednax Inc.	1,171,406	$64.22M	3.6%	$49.20	+15.3%	COM	58502B106
IEX	Idex Corporation	875,236	$63.34M	3.5%	$45.08	+47.5%	COM	45167R104
EOG	EOG Resources Inc.	619,888	$61.38M	3.4%	$60.93	+30.2%	COM	26875P101
—	Brookfield Asset Management	1,294,118	$58.18M	3.2%	$36.02	—	COM	112585104
WTM	White Mtns Insurance	87,144	$54.91M	3.0%	$583.58	+6.9%	COM	G9618E107
CDW	CDW Corp.	1,739,731	$54.02M	3.0%	$22.38	+24.3%	COM	12514G108
SYK	Stryker Corp	651,422	$52.6M	2.9%	$56.92	+26.4%	COM	863667101
DCI	Donaldson Co., Inc.	1,108,672	$45.05M	2.5%	$29.53	+14.1%	COM	257651109
BEN	Franklin Resources	817,203	$44.63M	2.5%	$29.22	+15.0%	COM	354613101
ITW	Illinois Tool Works	517,548	$43.69M	2.4%	$49.85	+32.8%	COM	452308109
BRK/A	Berkshire Hathaway A	206	$42.62M	2.4%	$165023.42	+21.1%	COM	084670108
KMX	Carmax	850,064	$39.48M	2.2%	$45.40	+12.8%	COM	143130102
—	Knight Transportation Inc.	1,403,140	$38.43M	2.1%	$16.82	—	COM	499064103
WAT	Waters Corp.	376,191	$37.29M	2.1%	$95.76	+7.7%	COM	941848103
MGRC	McGrath Rentcorp	1,049,296	$35.89M	2.0%	$32.13	+13.7%	COM	580589109
AZO	Autozone Inc	69,823	$35.59M	2.0%	$433.47	+21.5%	COM	053332102
—	Starwood Hotels Resorts	422,770	$35.18M	2.0%	$70.71	—	COM	85590a401
YUM	Yum Brands	453,057	$32.61M	1.8%	$38.97	+10.1%	COM	988498101
MCHP	Microchip Technology Inc.	675,410	$31.9M	1.8%	$14.52	+30.0%	COM	595017104
—	FLIR Systems, Inc.	1,006,964	$31.56M	1.7%	$27.51	—	COM	302445101
—	Bed Bath and Beyond	458,632	$30.19M	1.7%	$70.95	—	COM	075896100
—	Protective Life Corp.	432,100	$29.99M	1.7%	$38.41	—	COM	743674103
—	Forward Air	661,316	$29.65M	1.6%	$38.28	—	COM	349853101
—	Interpublic Group of Companies	1,615,725	$29.6M	1.6%	$9.16	+41.0%	COM	460690100
—	Xilinx Inc	698,734	$29.59M	1.6%	$39.81	—	COM	983919101
L	Loews Corp	692,956	$28.87M	1.6%	$42.08	-3.3%	COM	540424108
—	South State Corporation	499,110	$27.91M	1.5%	$61.00	—	COM	840441109
MTB	M & T Bank Corp	225,705	$27.83M	1.5%	$73.94	+21.4%	COM	55261F104
GGG	Graco	342,108	$24.97M	1.4%	$16.98	+27.6%	COM	384109104
—	American Eagle Outfitters	1,669,972	$24.25M	1.3%	$11.56	—	COM	02553e106
—	Patterson Companies Inc.	541,000	$22.41M	1.2%	$37.60	—	COM	703395103
—	Bank of the Ozarks, Inc.	706,500	$22.27M	1.2%	$38.87	—	COM	063904106
—	Aqua America Inc	909,253	$21.39M	1.2%	$29.99	—	COM	03836W103
MHK	Mohawk Industries	144,364	$19.46M	1.1%	$112.71	+22.0%	COM	608190104
BRK/B	Berkshire Hathaway B	140,333	$19.39M	1.1%	$110.02	+21.1%	COM	084670702
DLR	Digital Realty Trust Inc.	289,300	$18.05M	1.0%	$36.33	+14.6%	COM	253868103
—	T Rowe Price Group, Inc.	188,025	$14.74M	0.8%	$82.39	—	COM	74144t108
—	Biglari Holdings Inc.	43,305	$14.71M	0.8%	$397.64	—	COM	08986r101
—	Pinnacle Financial Partners	397,525	$14.35M	0.8%	$25.71	—	COM	72346Q104
AJG	Arthur J Gallagher & Co.	299,690	$13.59M	0.8%	$33.49	+10.5%	COM	363576109
MAT	Mattel Inc.	420,109	$12.88M	0.7%	$42.31	-16.4%	COM	577081102
WLY	John Wiley & Sons	225,350	$12.64M	0.7%	$27.09	+57.3%	COM	968223206
—	Forest City Enterprises Class	638,700	$12.49M	0.7%	$19.08	—	COM	345550107
FLO	Flowers Foods	604,650	$11.1M	0.6%	$13.25	-4.0%	COM	343498101
—	Questar Corp	382,325	$8.522M	0.5%	$23.80	—	COM	748356102
—	US Ecology, Inc.	161,769	$7.564M	0.4%	$27.44	—	COM	91732j102
—	Physicians Realty Trust	496,700	$6.815M	0.4%	$12.52	—	COM	71943u104
—	Fabrinet	452,231	$6.603M	0.4%	$15.32	—	COM	g3323l100
ACIW	ACI Worldwide, Inc.	346,126	$6.493M	0.4%	$18.71	+0.2%	COM	004498101
—	Southwestern Energy Co	178,000	$6.221M	0.3%	$36.53	—	COM	845467109
EPM	Evolution Petroleum Corporatio	677,671	$6.221M	0.3%	$5.26	+1.2%	COM	30049A107
—	Winthrop Realty Trust	408,415	$6.155M	0.3%	$11.85	—	COM	976391300
—	Patriot Transportation Holding	172,677	$5.857M	0.3%	$33.50	—	COM	70337B102
—	DSW, Inc.	190,522	$5.737M	0.3%	$28.75	—	COM	23334l102
—	First NBC Bank Holding Company	160,475	$5.256M	0.3%	$28.00	—	COM	32115d106
—	Echo Global Logistics, Inc.	210,775	$4.964M	0.3%	$19.56	—	COM	27875t101
—	Infinity Property & Casualty C	77,285	$4.947M	0.3%	$66.55	—	COM	45665q103
—	Hallmark Financial Services, I	460,325	$4.746M	0.3%	$8.44	—	COM	40624q203
—	Tupperware Brands Corp.	66,000	$4.557M	0.3%	$76.52	—	COM	899896104
—	Landauer Inc	136,256	$4.498M	0.2%	$38.97	—	COM	51476K103
CNXN	PC Connection, Inc.	193,075	$4.145M	0.2%	$18.69	+0.3%	COM	69318J100
—	Destination Maternity	264,975	$4.091M	0.2%	$23.48	—	COM	25065d100
—	OneBeacon	253,580	$3.908M	0.2%	$14.48	—	COM	G67742109
—	Mistras Group, Inc.	187,500	$3.825M	0.2%	$22.14	—	COM	60649t107
—	National Instruments	122,000	$3.773M	0.2%	$27.94	—	COM	636518102
WHG	Westwood Holdings Group, Inc.	63,596	$3.605M	0.2%	$44.47	+30.0%	COM	961765104
—	Hudson Valley Holding Corp	192,750	$3.498M	0.2%	$18.62	—	COM	444172100
—	Sigma Aldrich Corp.	25,000	$3.4M	0.2%	$80.42	—	COM	826552101
—	Rosetta Stone	416,025	$3.349M	0.2%	$14.87	—	COM	777780107
—	Houston Wire & Cable Company	247,512	$2.965M	0.2%	$13.44	—	COM	44244K109
—	Altera Corp	81,000	$2.898M	0.2%	$32.87	—	COM	021441100
—	Amerisafe, Inc.	66,100	$2.585M	0.1%	$32.38	—	COM	03071h100
JBTM	John Bean Technologies Corpora	91,000	$2.56M	0.1%	$19.54	+39.4%	COM	477839104
—	Consolidated Tomoka Land Co.	51,955	$2.549M	0.1%	$45.90	—	COM	210226106
HOMB	Home Bancshares, Inc.	76,503	$2.25M	0.1%	$10.30	+48.4%	COM	436893200
—	U.S. Physical Therapy Inc.	61,045	$2.16M	0.1%	$27.95	—	COM	90337l108
BANX	Stonecastle Financial Corp.	81,901	$2.06M	0.1%	$8.70	+4.4%	COM	861780104
—	Actavis, PLC	8,400	$2.027M	0.1%	$167.98	—	COM	g0083b108
XOM	Exxon Mobil Corporation	20,185	$1.898M	0.1%	$53.91	+14.1%	COM	30231G102
MKC	McCormick & Co.	27,250	$1.823M	0.1%	$28.19	-1.8%	COM	579780206
WU	Western Union	101,936	$1.635M	0.1%	$17.11	—	COM	959802109
IBM	International Business Machine	7,490	$1.422M	0.1%	$114.11	+0.2%	COM	459200101
UNP	Union Pacific Corp	5,754	$624K	0.0%	$66.04	+21.6%	COM	907818108
—	General Electric Company	22,517	$577K	0.0%	$25.02	—	COM	369604103
CVX	Chevron Corporation	3,663	$437K	0.0%	$71.11	+10.4%	COM	166764100
—	Clarcor Inc	6,424	$405K	0.0%	$52.15	—	COM	179895107
—	A T & T Inc New	8,865	$312K	0.0%	$35.37	—	COM	00206r102
—	MTS Systems	4,550	$311K	0.0%	$61.82	—	COM	553777103
USB	US Bancorp	7,331	$307K	0.0%	$22.41	+26.8%	COM	902973304
PFE	Pfizer Incorporated	10,099	$299K	0.0%	$16.54	+5.5%	COM	717081103
NBTB	NBT Bancorp Inc	13,095	$295K	0.0%	$22.35	+5.9%	COM	628778102
AMGN	Amgen Incorporated	1,914	$269K	0.0%	$76.98	+22.8%	COM	031162100
—	Newlink Genetics Corp	12,321	$264K	0.0%	$19.72	—	COM	651511107
CNMD	Conmed Corp	7,087	$261K	0.0%	$27.74	+25.2%	COM	207410101
SYBT	Stock Yards Bancorp, Inc.	8,626	$260K	0.0%	$19.48	+2.1%	COM	861025104
—	Glenville Bank Hldg Co	2,756	$234K	0.0%	$81.64	—	COM	37908p109
PG	Procter & Gamble	2,608	$218K	0.0%	$58.01	+3.0%	COM	742718109
KEY	Keycorp New	11,181	$149K	0.0%	$8.87	-0.5%	COM	493267108
—	Trustco Bank Corp	20,533	$132K	0.0%	$5.45	—	COM	898349105
—	Cascade Bancorp	10,000	$51,000	0.0%	$5.20	—	COM	147154207
—	NBNK Investments, PLC	41,000	$30,000	0.0%	$0.78	—	COM	G64292108