Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ROST	Ross Stores, Inc.	1,900,678	$92.13M	4.9%	$36.76	+25.4%	COM	778296103
MKL	Markel Corporation	103,899	$83.31M	4.5%	$523.59	+61.6%	COM	570535104
CDW	CDW Corporation	1,893,801	$77.38M	4.2%	$23.06	+45.5%	COM	12514G108
BRO	Brown & Brown, Inc.	2,092,842	$64.81M	3.5%	$13.97	+6.7%	COM	115236101
MD	MEDNAX, Inc.	841,530	$64.62M	3.5%	$49.20	+64.0%	COM	58502B106
IEX	IDEX Corporation	863,378	$61.56M	3.3%	$45.08	+43.1%	COM	45167R104
—	Brookfield Asset Management In	1,921,019	$60.4M	3.2%	$35.66	—	COM	112585104
WTM	White Mountains Insurance Grou	79,879	$59.69M	3.2%	$583.58	+23.3%	COM	G9618E107
SYK	Stryker Corporation	578,316	$54.42M	2.9%	$56.92	+54.4%	COM	863667101
AZO	AutoZone, Inc.	69,355	$50.2M	2.7%	$433.47	+63.4%	COM	053332102
EOG	EOG Resources, Inc.	664,248	$48.36M	2.6%	$60.79	-6.0%	COM	26875P101
KMX	CarMax, Inc.	745,743	$44.24M	2.4%	$45.40	+38.0%	COM	143130102
ITW	Illinois Tool Works Inc.	518,112	$42.65M	2.3%	$50.04	+36.6%	COM	452308109
—	Xilinx, Inc.	1,004,834	$42.6M	2.3%	$40.60	—	COM	983919101
BRK/A	Berkshire Hathaway Inc. A	206	$40.22M	2.2%	$165023.42	+24.8%	COM	084670108
—	South State Corporation	495,420	$38.08M	2.0%	$61.00	—	COM	840441109
WAT	Waters Corporation	316,014	$37.36M	2.0%	$95.76	+32.1%	COM	941848103
MTB	M&T Bank Corporation	298,767	$36.44M	2.0%	$78.31	+19.1%	COM	55261F104
YUM	YUM! Brands, Inc.	450,327	$36M	1.9%	$38.97	+27.9%	COM	988498101
BEN	Franklin Resources, Inc.	961,916	$35.84M	1.9%	$28.88	-8.3%	COM	354613101
DCI	Donaldson Company, Inc.	1,217,597	$34.19M	1.8%	$29.57	-8.5%	COM	257651109
—	Starwood Hotels & Resorts Worl	485,175	$32.25M	1.7%	$70.19	—	COM	85590a401
—	Bank of the Ozarks, Inc.	694,288	$30.38M	1.6%	$38.87	—	COM	063904106
—	Interpublic Group of Companies	1,582,165	$30.27M	1.6%	$9.16	+48.4%	COM	460690100
—	Knight Transportation, Inc.	1,206,899	$28.97M	1.6%	$16.82	—	COM	499064103
MCHP	Microchip Technology Incorpora	666,310	$28.71M	1.5%	$14.52	+20.6%	COM	595017104
—	FLIR Systems, Inc.	1,025,010	$28.69M	1.5%	$27.52	—	COM	302445101
MGRC	McGrath RentCorp	1,053,930	$28.13M	1.5%	$31.99	-16.7%	COM	580589109
—	Forward Air Corporation	643,483	$26.7M	1.4%	$38.28	—	COM	349853101
MHK	Mohawk Industries, Inc.	142,554	$25.91M	1.4%	$112.71	+75.7%	COM	608190104
GGG	Graco Inc.	377,964	$25.34M	1.4%	$17.31	+15.8%	COM	384109104
—	T Rowe Price Group, Inc.	350,065	$24.33M	1.3%	$77.56	—	COM	74144t108
—	Aqua America, Inc.	886,181	$23.46M	1.3%	$29.99	—	COM	03836W103
—	Patterson Companies, Inc.	541,000	$23.4M	1.3%	$37.60	—	COM	703395103
L	Loews Corporation	609,020	$22.01M	1.2%	$41.91	-15.1%	COM	540424108
—	Pinnacle Financial Partners, I	372,129	$18.39M	1.0%	$25.71	—	COM	72346Q104
BRK/B	Berkshire Hathaway Inc. B	141,007	$18.39M	1.0%	$110.92	+23.5%	COM	084670702
FLO	Flowers Foods, Inc.	674,625	$16.69M	0.9%	$13.27	+14.5%	COM	343498101
—	DSW Inc.	647,744	$16.39M	0.9%	$26.32	—	COM	23334l102
DLR	Digital Realty Trust, Inc.	241,060	$15.75M	0.8%	$36.73	+22.5%	COM	253868103
—	Biglari Holdings Inc.	41,124	$15.04M	0.8%	$397.07	—	COM	08986r101
—	Fossil Group, Inc.	265,225	$14.82M	0.8%	$68.14	—	COM	34988v106
AJG	Arthur J. Gallagher & Co.	325,887	$13.45M	0.7%	$33.90	+11.0%	COM	363576109
—	US Ecology, Inc.	282,479	$12.33M	0.7%	$33.90	—	COM	91732j102
—	Forest City Enterprises, Inc.	603,700	$12.15M	0.7%	$19.08	—	COM	345550107
WLY	John Wiley & Sons, Inc.	225,350	$11.27M	0.6%	$27.09	+40.0%	COM	968223206
—	Fabrinet	534,356	$9.795M	0.5%	$15.85	—	COM	g3323l100
—	Keysight Technologies Inc.	300,001	$9.252M	0.5%	$31.19	—	COM	49338l103
RSG	Republic Services, Inc.	212,676	$8.762M	0.5%	$33.36	+2.9%	COM	760759100
—	OneBeacon Insurance Group, Ltd	613,317	$8.611M	0.5%	$14.39	—	COM	G67742109
MAT	Mattel, Inc.	391,762	$8.251M	0.4%	$39.68	-41.0%	COM	577081102
—	Questar Corporation	410,316	$7.964M	0.4%	$22.74	—	COM	748356102
ACIW	ACI Worldwide, Inc.	361,926	$7.644M	0.4%	$18.73	+20.3%	COM	004498101
—	Macquarie Infrastructure Compa	92,886	$6.935M	0.4%	$81.92	—	COM	55608b105
—	First NBC Bank Holding Company	177,975	$6.236M	0.3%	$28.49	—	COM	32115d106
—	Infinity Property and Casualty	76,885	$6.192M	0.3%	$66.55	—	COM	45665q103
—	FRP Holdings, Inc.	202,572	$6.106M	0.3%	$37.97	—	COM	30292l107
—	National Commerce Corporation	252,600	$6.057M	0.3%	$25.35	—	COM	63546l102
EPM	Evolution Petroleum Corporatio	1,059,937	$5.883M	0.3%	$4.64	-36.0%	COM	30049A107
—	Mistras Group, Inc.	443,150	$5.694M	0.3%	$18.97	—	COM	60649t107
—	Hallmark Financial Services, I	492,772	$5.662M	0.3%	$8.63	—	COM	40624q203
—	Ferro Corporation	516,300	$5.653M	0.3%	$13.64	—	COM	315405100
—	Joy Global, Inc.	376,451	$5.62M	0.3%	$14.93	—	COM	481165108
—	Landauer, Inc.	136,256	$5.04M	0.3%	$38.97	—	COM	51476K103
—	Airgas, Inc.	55,715	$4.977M	0.3%	$90.51	—	COM	009363102
BANX	StoneCastle Financial Corp.	292,401	$4.918M	0.3%	$8.05	-18.9%	COM	861780104
CNXN	PC Connection, Inc.	235,575	$4.883M	0.3%	$18.81	+2.9%	COM	69318J100
—	Stonegate Bank	143,400	$4.562M	0.2%	$30.41	—	COM	861811107
—	Meridian Bioscience, Inc.	264,900	$4.53M	0.2%	$18.15	—	COM	589584101
—	Echo Global Logistics, Inc.	214,800	$4.21M	0.2%	$19.57	—	COM	27875t101
MDU	MDU Resources Group, Inc.	235,803	$4.056M	0.2%	$4.95	0.0%	COM	552690109
WHG	Westwood Holdings Group, Inc.	67,496	$3.668M	0.2%	$45.18	+26.4%	COM	961765104
—	Houston Wire & Cable Company	564,212	$3.577M	0.2%	$11.34	—	COM	44244K109
—	Diamond Hill Investment Group,	18,832	$3.504M	0.2%	$149.78	—	COM	25264r207
HOMB	Home BancShares, Inc.	85,488	$3.462M	0.2%	$11.01	+76.4%	COM	436893200
—	Tupperware Brands Corporation	68,650	$3.397M	0.2%	$76.31	—	COM	899896104
—	National Instruments	122,000	$3.39M	0.2%	$27.94	—	COM	636518102
—	Consolidated-Tomoka Land Co.	65,665	$3.27M	0.2%	$48.73	—	COM	210226106
JBTM	JBT Corporation	83,500	$3.194M	0.2%	$19.54	+77.7%	COM	477839104
—	Altera Corporation	61,000	$3.055M	0.2%	$32.87	—	COM	021441100
—	Destination Maternity Corporat	274,894	$2.535M	0.1%	$22.75	—	COM	25065d100
—	Allergan PLC	8,415	$2.287M	0.1%	$303.51	—	COM	g0177j108
—	Southwestern Energy Company	178,000	$2.259M	0.1%	$36.53	—	COM	845467109
MKC	McCormick & Company	27,250	$2.239M	0.1%	$28.19	+18.3%	COM	579780206
—	AMERISAFE, Inc.	41,100	$2.044M	0.1%	$32.38	—	COM	03071h100
—	Winthrop Realty Trust	138,382	$1.987M	0.1%	$11.85	—	COM	976391300
—	American Eagle Outfitters, Inc	117,697	$1.84M	0.1%	$11.56	—	COM	02553e106
—	Sigma-Aldrich Corporation	11,000	$1.528M	0.1%	$80.42	—	COM	826552101
XOM	Exxon Mobil Corporation	19,099	$1.42M	0.1%	$53.91	-9.0%	COM	30231G102
—	HCC Insurance Holdings, Inc.	17,341	$1.343M	0.1%	$76.84	—	COM	404132102
—	Patriot Transportation Holding	53,613	$1.289M	0.1%	$24.97	—	COM	70338w105
IBM	International Business Machine	7,480	$1.084M	0.1%	$113.87	-16.3%	COM	459200101
NBTB	NBT Bancorp Inc	19,746	$532K	0.0%	$23.29	+13.7%	COM	628778102
UNP	Union Pacific Corp	5,754	$509K	0.0%	$66.04	+9.3%	COM	907818108
—	General Electric Company	18,190	$459K	0.0%	$25.03	—	COM	369604103
—	Newlink Genetics Corp	12,321	$442K	0.0%	$19.72	—	COM	651511107
—	Glenville Bank Hldg Co	4,006	$357K	0.0%	$83.35	—	COM	37908p109
CNMD	Conmed Corp	7,087	$338K	0.0%	$27.74	+76.1%	COM	207410101
—	Clarcor Inc	6,424	$306K	0.0%	$52.15	—	COM	179895107
USB	US Bancorp	7,331	$301K	0.0%	$22.41	+33.0%	COM	902973304
PFE	Pfizer Incorporated	9,364	$294K	0.0%	$16.54	+24.6%	COM	717081103
CVX	Chevron Corporation	3,603	$284K	0.0%	$71.11	-24.3%	COM	166764100
AMGN	Amgen Incorporated	1,914	$265K	0.0%	$76.98	+51.0%	COM	031162100
—	A T & T Inc New	7,383	$241K	0.0%	$35.30	—	COM	00206r102
AAPL	Apple Inc	2,072	$229K	0.0%	$27.05	-2.8%	COM	037833100
PG	Procter & Gamble	3,168	$228K	0.0%	$58.80	-4.2%	COM	742718109
SJM	Smuckers, Jm	1,853	$211K	0.0%	$79.42	+2.9%	COM	832696405
PEG	Pub Svc Ent Group Inc	4,901	$207K	0.0%	$28.40	0.0%	COM	744573106
—	Vanguard Health Care Index Fun	1,671	$205K	0.0%	$122.68	—	ETF	92204a504
—	Trustco Bank Corp	20,533	$120K	0.0%	$5.45	—	COM	898349105
—	Denbury Resources, Inc.	10,707	$26,000	0.0%	$2.43	—	COM	247916208