Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CDW Corporation	1,871,977	$124M	5.0%	$62.53	—	COM	12514g108
—	IDEX Corporation	830,270	$101M	4.1%	$113.01	—	COM	45167r104
ROST	Ross Stores, Inc.	1,515,392	$97.85M	3.9%	$37.08	+42.7%	COM	778296103
MKL	Markel Corporation	85,719	$91.55M	3.7%	$523.59	+97.5%	COM	570535104
—	Brookfield Asset Management In	2,021,142	$83.47M	3.4%	$35.64	—	COM	112585104
MCHP	Microchip Technology Incorpora	918,316	$82.45M	3.3%	$15.59	+130.3%	COM	595017104
SYK	Stryker Corporation	535,576	$76.06M	3.1%	$56.92	+129.8%	COM	863667101
BRO	Brown & Brown, Inc.	1,441,067	$69.44M	2.8%	$13.97	+50.1%	COM	115236101
—	EOG Resources, Inc.	700,547	$67.77M	2.7%	$90.52	—	COM	26875p101
KMX	CarMax, Inc.	877,752	$66.54M	2.7%	$45.81	+45.5%	COM	143130102
ITW	Illinois Tool Works Inc.	433,458	$64.13M	2.6%	$50.04	+131.9%	COM	452308109
AZO	AutoZone, Inc.	99,951	$59.48M	2.4%	$493.65	+7.9%	COM	053332102
—	M&T Bank Corporation	357,440	$57.56M	2.3%	$161.95	—	COM	55261f104
BRK/A	Berkshire Hathaway Inc. A	202	$55.5M	2.2%	$165023.42	+60.8%	COM	084670108
DCI	Donaldson Company, Inc.	1,195,216	$54.91M	2.2%	$29.31	+38.1%	COM	257651109
—	Interpublic Group of Companies	2,583,819	$53.72M	2.2%	$11.96	+30.4%	COM	460690100
WAT	Waters Corporation	298,880	$53.66M	2.2%	$99.40	+82.4%	COM	941848103
APD	Air Products & Chemicals, Inc.	328,720	$49.71M	2.0%	$111.84	+6.5%	COM	009158106
—	South State Corporation	548,511	$49.39M	2.0%	$61.77	—	COM	840441109
BEN	Franklin Resources, Inc.	1,099,573	$48.94M	2.0%	$27.92	-0.2%	COM	354613101
—	Xilinx, Inc.	642,572	$45.51M	1.8%	$40.60	—	COM	983919101
—	FLIR Systems, Inc.	1,139,010	$44.32M	1.8%	$27.96	—	COM	302445101
MAR	Marriott Intl Inc New Cl A	386,440	$42.61M	1.7%	$64.65	+48.5%	COM	571903202
GGG	Graco Inc.	324,909	$40.19M	1.6%	$17.71	+93.4%	COM	384109104
—	Forest City Realty Trust, Inc.	1,563,252	$39.88M	1.6%	$21.06	—	COM	345605109
—	Patterson Companies, Inc.	996,970	$38.53M	1.5%	$40.38	—	COM	703395103
—	Keysight Technologies Inc.	859,765	$35.82M	1.4%	$29.82	—	COM	49338l103
—	T Rowe Price Group, Inc.	394,218	$35.74M	1.4%	$75.54	—	COM	74144t108
MHK	Mohawk Industries, Inc.	141,559	$35.04M	1.4%	$112.71	+120.9%	COM	608190104
—	Forward Air Corporation	605,148	$34.63M	1.4%	$38.28	—	COM	349853101
AJG	Arthur J. Gallagher & Co.	561,527	$34.56M	1.4%	$36.47	+42.6%	COM	363576109
—	White Mountains Insurance Grou	39,987	$34.27M	1.4%	$868.64	—	COM	g9618e107
—	MEDNAX, Inc.	716,505	$30.9M	1.2%	$60.37	—	COM	58502b106
FLO	Flowers Foods, Inc.	1,596,781	$30.04M	1.2%	$12.73	+0.1%	COM	343498101
LSTR	Landstar System, Inc.	286,316	$28.53M	1.1%	$92.91	—	COM	515098101
L	Loews Corporation	566,720	$27.12M	1.1%	$41.82	+9.6%	COM	540424108
BRK/B	Berkshire Hathaway Inc. B	142,609	$26.14M	1.1%	$110.92	+59.3%	COM	084670702
DG	Dollar General Corporation	303,404	$24.59M	1.0%	$65.28	+3.0%	COM	256677105
—	US Ecology, Inc.	405,967	$21.84M	0.9%	$36.00	—	COM	91732j102
—	Sonic Corp.	855,840	$21.78M	0.9%	$25.49	—	COM	835451105
—	Aqua America, Inc.	641,513	$21.29M	0.9%	$33.30	—	COM	03836w103
—	Pinnacle Financial Partners, I	312,453	$20.92M	0.8%	$62.80	—	COM	72346q104
—	Ingersoll-Rand, PLC	219,844	$19.6M	0.8%	$69.86	—	COM	g47791101
YUM	YUM! Brands, Inc.	245,600	$18.08M	0.7%	$38.97	+66.1%	COM	988498101
—	Penske Automotive Group Inc.	323,254	$15.38M	0.6%	$38.84	—	COM	70959w103
—	Macquarie Infrastructure Compa	212,148	$15.31M	0.6%	$77.01	—	COM	55608b105
MNRO	Monro Inc.	252,845	$14.17M	0.6%	$48.46	-3.1%	COM	610236101
DLR	Digital Realty Trust, Inc.	113,718	$13.46M	0.5%	$37.40	+130.7%	COM	253868103
RHI	Robert Half Intl. Inc.	266,516	$13.42M	0.5%	$38.35	+20.5%	COM	770323103
SCSC	Scansource, Inc.	305,070	$13.32M	0.5%	$35.70	+10.2%	COM	806037107
CHH	Choice Hotels International, I	183,075	$11.7M	0.5%	$45.87	+26.6%	COM	169905106
—	National Commerce Corporation	256,310	$10.97M	0.4%	$25.47	—	COM	63546l102
EXLS	Exlservice Holdings Inc.	184,285	$10.75M	0.4%	$9.51	+17.9%	COM	302081104
SNA	Snap On Inc.	68,534	$10.21M	0.4%	$121.59	0.0%	COM	833034101
—	Angiodynamics, Inc.	590,775	$10.1M	0.4%	$17.25	—	COM	03475v101
—	Thermon Group Holdings, Inc.	537,915	$9.677M	0.4%	$18.27	—	COM	88362t103
—	Diamond Hill Investment Group,	44,452	$9.439M	0.4%	$171.97	—	COM	25264r207
CBZ	CBIZ, Inc.	560,615	$9.11M	0.4%	$13.57	+11.1%	COM	124805102
RSG	Republic Services, Inc.	136,172	$8.996M	0.4%	$33.36	+70.4%	COM	760759100
—	PC Connection, Inc.	318,975	$8.992M	0.4%	$26.47	—	COM	69318j100
—	Multi-Color Corp	107,189	$8.784M	0.4%	$54.67	—	COM	625383104
—	Hostess Brands Inc.	625,445	$8.544M	0.3%	$15.57	—	COM	44109j106
—	Consolidated-Tomoka Land Co.	138,404	$8.314M	0.3%	$48.45	—	COM	210226106
LNN	Lindsay Corp.	88,435	$8.127M	0.3%	$63.32	+27.5%	COM	535555106
WHG	Westwood Holdings Group, Inc.	115,096	$7.743M	0.3%	$48.83	+22.4%	COM	961765104
—	Hallmark Financial Services, I	660,193	$7.665M	0.3%	$9.37	—	COM	40624q203
—	Versum Materials Inc.	193,888	$7.527M	0.3%	$28.33	—	COM	92532w103
CSV	Carriage Services Inc.	285,930	$7.32M	0.3%	$23.71	-6.1%	COM	143905107
FELE	Franklin Electric Co., Inc.	159,920	$7.172M	0.3%	$26.92	+38.2%	COM	353514102
—	Mistras Group, Inc.	346,125	$7.096M	0.3%	$18.97	—	COM	60649t107
—	FRP Holdings, Inc.	154,797	$7.005M	0.3%	$37.73	—	COM	30292l107
MDU	MDU Resources Group, Inc.	257,353	$6.678M	0.3%	$4.96	+56.7%	COM	552690109
—	Evolution Petroleum Corporatio	830,200	$5.977M	0.2%	$8.10	—	COM	30049a107
—	National Instruments	122,000	$5.145M	0.2%	$27.94	—	COM	636518102
BANX	StoneCastle Financial Corp.	242,371	$5.002M	0.2%	$8.05	+15.8%	COM	861780104
HOMB	Home BancShares, Inc.	169,869	$4.284M	0.2%	$16.29	+47.4%	COM	436893200
SYBT	Stock Yards Bancorp, Inc.	106,437	$4.045M	0.2%	$26.28	+36.7%	COM	861025104
MKC	McCormick & Company	36,805	$3.778M	0.2%	$40.94	+0.4%	COM	579780206
CWST	Casella Waste System Inc.	195,677	$3.679M	0.1%	$14.78	+15.2%	COM	147448104
—	Exxon Mobil Corporation	26,584	$2.179M	0.1%	$81.97	—	COM	30231g102
—	Spdr S&P 500 ETF Trust	8,104	$2.036M	0.1%	$216.28	—	ETF	78462f103
—	Enstar Group Ltd	8,595	$1.911M	0.1%	$198.60	—	COM	g3075p101
—	Allergan PLC	8,420	$1.726M	0.1%	$303.51	—	COM	g0177j108
IBM	International Business Machine	9,820	$1.425M	0.1%	$109.80	-11.8%	COM	459200101
NBTB	NBT Bancorp Inc	37,632	$1.382M	0.1%	$31.44	+11.1%	COM	628778102
—	General Electric Company	46,058	$1.114M	0.0%	$24.90	—	COM	369604103
—	Chemical Financial Corp	15,675	$819K	0.0%	$52.25	—	COM	163731102
AAPL	Apple Inc	4,966	$765K	0.0%	$35.63	+1.5%	COM	037833100
MSFT	Microsoft Corp	7,635	$569K	0.0%	$64.94	+2.7%	COM	594918104
PG	Procter & Gamble	5,686	$517K	0.0%	$65.50	+11.5%	COM	742718109
—	Merck & Co Inc New	7,783	$498K	0.0%	$63.99	—	COM	58933y105
—	Nestle Sa Ord F	5,800	$486K	0.0%	$83.79	—	COM	h57312649
CBU	Community Bank System	8,098	$447K	0.0%	$43.20	-2.8%	COM	203607106
PFE	Pfizer Incorporated	11,995	$428K	0.0%	$17.89	+24.4%	COM	717081103
USB	US Bancorp	7,331	$393K	0.0%	$22.80	+65.6%	COM	902973304
UNP	Union Pacific Corp	3,369	$391K	0.0%	$66.04	+34.9%	COM	907818108
CNMD	Conmed Corp	7,087	$372K	0.0%	$27.74	+67.1%	COM	207410101
—	AT&T Inc New	9,478	$371K	0.0%	$36.19	—	COM	00206r102
—	DowDupont Inc.	4,972	$344K	0.0%	$69.19	—	COM	26078j100
—	Glenville Bank Hldg Co	4,006	$326K	0.0%	$83.35	—	COM	37908p109
AMGN	Amgen Incorporated	1,564	$292K	0.0%	$129.16	+6.5%	COM	031162100
LQD	Ishares Iboxx Investop Iboxx $	2,365	$287K	0.0%	$121.35	—	ETF	464287242
KEY	Keycorp New	14,501	$273K	0.0%	$12.47	0.0%	COM	493267108
—	Energen Corp.	4,941	$270K	0.0%	$54.64	—	COM	29265n108
CVX	Chevron Corporation	2,296	$270K	0.0%	$76.20	0.0%	COM	166764100
ADP	Auto Data Processing	2,420	$265K	0.0%	$78.88	+13.6%	COM	053015103
—	Verizon Communications	4,957	$245K	0.0%	$49.43	—	COM	92343v104
—	Eaton Corp PLC	3,155	$242K	0.0%	$76.70	—	COM	g29183103
PEG	Pub Svc Ent Group Inc	4,901	$227K	0.0%	$30.16	+12.9%	COM	744573106
INTC	Intel Corp	5,584	$213K	0.0%	$29.59	0.0%	COM	458140100
CAT	Caterpillar Inc	1,695	$211K	0.0%	$96.02	0.0%	COM	149123101
UPS	United Parcel Service B Class	1,702	$204K	0.0%	$82.86	0.0%	COM	911312106
CMI	Cummins Inc	1,200	$202K	0.0%	$129.94	0.0%	COM	231021106
—	Newlink Genetics Corp	12,321	$125K	0.0%	$19.72	—	COM	651511107
—	Klondex Mines LTD	25,000	$91,000	0.0%	$3.64	—	COM	498696103
—	Inventure Foods, Inc.	16,495	$77,000	0.0%	$4.40	—	COM	461212102