Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CDW Corporation	1,857,347	$129M	4.9%	$62.53	—	COM	12514g108
ROST	Ross Stores, Inc.	1,510,101	$121M	4.6%	$37.08	+74.0%	COM	778296103
MKL	Markel Corporation	85,355	$97.23M	3.7%	$523.59	+108.8%	COM	570535104
—	IDEX Corporation	711,489	$93.89M	3.6%	$113.01	—	COM	45167r104
—	Brookfield Asset Management In	2,013,929	$87.69M	3.3%	$35.64	—	COM	112585104
SYK	Stryker Corporation	531,771	$82.34M	3.1%	$56.92	+145.2%	COM	863667101
MCHP	Microchip Technology Incorpora	908,795	$79.86M	3.0%	$15.59	+149.5%	COM	595017104
—	EOG Resources, Inc.	700,087	$75.55M	2.9%	$90.52	—	COM	26875p101
BRO	Brown & Brown, Inc.	1,438,792	$74.04M	2.8%	$13.97	+68.6%	COM	115236101
AZO	AutoZone, Inc.	99,924	$71.08M	2.7%	$493.65	+29.5%	COM	053332102
—	Interpublic Group of Companies	3,366,559	$67.87M	2.6%	$12.53	+15.1%	COM	460690100
—	M&T Bank Corporation	355,400	$60.77M	2.3%	$161.95	—	COM	55261f104
BRK/A	Berkshire Hathaway Inc. A	201	$59.82M	2.3%	$165023.42	+72.6%	COM	084670108
ITW	Illinois Tool Works Inc.	357,583	$59.66M	2.3%	$50.04	+161.5%	COM	452308109
DCI	Donaldson Company, Inc.	1,185,503	$58.03M	2.2%	$29.31	+42.7%	COM	257651109
WAT	Waters Corporation	297,825	$57.54M	2.2%	$99.40	+94.3%	COM	941848103
KMX	CarMax, Inc.	895,867	$57.45M	2.2%	$46.33	+54.0%	COM	143130102
APD	Air Products & Chemicals, Inc.	330,882	$54.29M	2.1%	$111.84	+16.5%	COM	009158106
—	FLIR Systems, Inc.	1,137,780	$53.04M	2.0%	$27.96	—	COM	302445101
MAR	Marriott Intl Inc New Cl A	380,685	$51.67M	2.0%	$64.65	+77.4%	COM	571903202
—	South State Corporation	551,245	$48.04M	1.8%	$61.77	—	COM	840441109
BEN	Franklin Resources, Inc.	1,089,273	$47.2M	1.8%	$27.92	-0.9%	COM	354613101
GGG	Graco Inc.	971,481	$43.93M	1.7%	$31.91	+22.4%	COM	384109104
—	Xilinx, Inc.	621,643	$41.91M	1.6%	$40.60	—	COM	983919101
—	T Rowe Price Group, Inc.	392,325	$41.17M	1.6%	$75.54	—	COM	74144t108
MHK	Mohawk Industries, Inc.	141,284	$38.98M	1.5%	$112.71	+138.0%	COM	608190104
SNA	Snap On Inc.	220,331	$38.4M	1.5%	$128.42	+2.4%	COM	833034101
—	Forest City Realty Trust, Inc.	1,565,822	$37.74M	1.4%	$21.06	—	COM	345605109
—	MEDNAX, Inc.	700,253	$37.42M	1.4%	$60.37	—	COM	58502b106
AJG	Arthur J. Gallagher & Co.	561,197	$35.51M	1.3%	$36.47	+55.8%	COM	363576109
—	Forward Air Corporation	600,971	$34.52M	1.3%	$38.28	—	COM	349853101
—	Patterson Companies, Inc.	951,175	$34.37M	1.3%	$40.38	—	COM	703395103
—	White Mountains Insurance Grou	39,680	$33.78M	1.3%	$868.64	—	COM	g9618e107
FLO	Flowers Foods, Inc.	1,588,331	$30.67M	1.2%	$12.73	+9.2%	COM	343498101
LSTR	Landstar System, Inc.	285,151	$29.68M	1.1%	$92.91	—	COM	515098101
BRK/B	Berkshire Hathaway Inc. B	142,904	$28.33M	1.1%	$110.92	+71.2%	COM	084670702
DG	Dollar General Corporation	303,669	$28.24M	1.1%	$65.28	+18.6%	COM	256677105
L	Loews Corporation	551,432	$27.59M	1.0%	$41.82	+14.0%	COM	540424108
—	Aqua America, Inc.	636,688	$24.98M	0.9%	$33.30	—	COM	03836w103
—	Sonic Corp.	861,167	$23.66M	0.9%	$25.49	—	COM	835451105
—	US Ecology, Inc.	428,331	$21.84M	0.8%	$36.79	—	COM	91732j102
—	Pinnacle Financial Partners, I	311,761	$20.67M	0.8%	$62.80	—	COM	72346q104
YUM	YUM! Brands, Inc.	245,600	$20.04M	0.8%	$38.97	+75.1%	COM	988498101
—	Black Knight	450,302	$19.88M	0.8%	$44.15	—	COM	09215c105
—	Ingersoll-Rand, PLC	219,989	$19.62M	0.7%	$69.86	—	COM	g47791101
—	Penske Automotive Group Inc.	324,654	$15.54M	0.6%	$38.84	—	COM	70959w103
RHI	Robert Half Intl. Inc.	266,266	$14.79M	0.6%	$38.35	+38.7%	COM	770323103
MNRO	Monro Inc.	254,995	$14.52M	0.6%	$48.46	+7.4%	COM	610236101
CHH	Choice Hotels International, I	183,750	$14.26M	0.5%	$45.87	+48.5%	COM	169905106
—	Macquarie Infrastructure Compa	215,303	$13.82M	0.5%	$76.82	—	COM	55608b105
DLR	Digital Realty Trust, Inc.	113,848	$12.97M	0.5%	$37.40	+136.8%	COM	253868103
—	Thermon Group Holdings, Inc.	540,085	$12.78M	0.5%	$18.27	—	COM	88362t103
EXLS	Exlservice Holdings Inc.	185,050	$11.17M	0.4%	$9.51	+28.4%	COM	302081104
—	Hostess Brands Inc.	749,163	$11.1M	0.4%	$15.44	—	COM	44109j106
SCSC	Scansource, Inc.	309,525	$11.08M	0.4%	$35.75	+9.3%	COM	806037107
—	National Commerce Corporation	257,450	$10.36M	0.4%	$25.47	—	COM	63546l102
—	Angiodynamics, Inc.	594,490	$9.886M	0.4%	$17.25	—	COM	03475v101
—	Diamond Hill Investment Group,	44,747	$9.247M	0.4%	$171.97	—	COM	25264r207
RSG	Republic Services, Inc.	134,944	$9.124M	0.3%	$33.36	+69.9%	COM	760759100
CBZ	CBIZ, Inc.	576,825	$8.912M	0.3%	$13.63	+15.4%	COM	124805102
—	Consolidated-Tomoka Land Co.	138,404	$8.789M	0.3%	$48.45	—	COM	210226106
—	PC Connection, Inc.	321,345	$8.422M	0.3%	$26.47	—	COM	69318j100
—	Mistras Group, Inc.	346,125	$8.124M	0.3%	$18.97	—	COM	60649t107
—	Multi-Color Corp	108,239	$8.102M	0.3%	$54.67	—	COM	625383104
LNN	Lindsay Corp.	88,385	$7.796M	0.3%	$63.32	+30.5%	COM	535555106
CSV	Carriage Services Inc.	287,955	$7.403M	0.3%	$23.71	-3.9%	COM	143905107
—	Versum Materials Inc.	194,656	$7.368M	0.3%	$28.33	—	COM	92532w103
FELE	Franklin Electric Co., Inc.	159,920	$7.34M	0.3%	$26.92	+54.0%	COM	353514102
—	Hallmark Financial Services, I	667,963	$6.967M	0.3%	$9.38	—	COM	40624q203
WHG	Westwood Holdings Group, Inc.	104,761	$6.936M	0.3%	$48.83	+35.9%	COM	961765104
MDU	MDU Resources Group, Inc.	256,853	$6.904M	0.3%	$4.96	+62.0%	COM	552690109
—	FRP Holdings, Inc.	154,797	$6.85M	0.3%	$37.73	—	COM	30292l107
—	Keysight Technologies Inc.	147,491	$6.136M	0.2%	$29.82	—	COM	49338l103
—	Evolution Petroleum Corporatio	822,750	$5.636M	0.2%	$8.10	—	COM	30049a107
—	National Instruments	122,000	$5.079M	0.2%	$27.94	—	COM	636518102
BANX	StoneCastle Financial Corp.	238,045	$4.792M	0.2%	$8.05	+18.5%	COM	861780104
BOC	Boston Omaha Corporation	145,340	$4.708M	0.2%	$20.64	0.0%	COM	101044105
CWST	Casella Waste System Inc.	195,677	$4.504M	0.2%	$14.78	+33.2%	COM	147448104
SYBT	Stock Yards Bancorp, Inc.	106,844	$4.028M	0.2%	$26.28	+46.0%	COM	861025104
HOMB	Home BancShares, Inc.	168,884	$3.927M	0.1%	$16.29	+43.4%	COM	436893200
MKC	McCormick & Company	36,885	$3.759M	0.1%	$40.94	+4.3%	COM	579780206
—	Exxon Mobil Corporation	26,510	$2.217M	0.1%	$81.97	—	COM	30231g102
—	Spdr S&P 500 ETF Trust	8,104	$2.163M	0.1%	$216.28	—	ETF	78462f103
—	Enstar Group Ltd	8,595	$1.725M	0.1%	$198.60	—	COM	g3075p101
IBM	International Business Machine	9,822	$1.507M	0.1%	$109.80	-7.0%	COM	459200101
NBTB	NBT Bancorp Inc	37,632	$1.385M	0.1%	$31.44	+20.0%	COM	628778102
—	Allergan PLC	8,420	$1.377M	0.1%	$303.51	—	COM	g0177j108
—	Chemical Financial Corp	15,675	$838K	0.0%	$52.25	—	COM	163731102
AAPL	Apple Inc	4,621	$782K	0.0%	$35.63	+9.7%	COM	037833100
—	General Electric Company	43,066	$752K	0.0%	$24.90	—	COM	369604103
MSFT	Microsoft Corp	7,161	$613K	0.0%	$64.94	+15.9%	COM	594918104
PG	Procter & Gamble	5,452	$501K	0.0%	$65.50	+10.9%	COM	742718109
—	Nestle Sa Ord F	5,800	$499K	0.0%	$83.79	—	COM	h57312649
CBU	Community Bank System	8,098	$435K	0.0%	$43.20	-0.6%	COM	203607106
PFE	Pfizer Incorporated	11,713	$424K	0.0%	$17.89	+33.1%	COM	717081103
—	Merck & Co Inc New	7,460	$420K	0.0%	$63.99	—	COM	58933y105
USB	US Bancorp	7,374	$395K	0.0%	$22.80	+71.2%	COM	902973304
—	AT&T Inc New	9,803	$381K	0.0%	$36.28	—	COM	00206r102
CNMD	Conmed Corp	7,087	$361K	0.0%	$27.74	+74.0%	COM	207410101
—	DowDupont Inc.	5,002	$356K	0.0%	$69.19	—	COM	26078j100
—	Glenville Bank Hldg Co	4,006	$330K	0.0%	$83.35	—	COM	37908p109
LQD	Ishares Iboxx Investop Iboxx $	2,378	$289K	0.0%	$121.35	—	ETF	464287242
CVX	Chevron Corporation	2,297	$288K	0.0%	$76.20	+9.6%	COM	166764100
—	Energen Corp.	4,941	$284K	0.0%	$54.64	—	COM	29265n108
ADP	Auto Data Processing	2,420	$284K	0.0%	$78.88	+21.9%	COM	053015103
AMGN	Amgen Incorporated	1,564	$272K	0.0%	$129.16	+7.0%	COM	031162100
CAT	Caterpillar Inc	1,695	$267K	0.0%	$96.02	+21.1%	COM	149123101
—	Verizon Communications	4,957	$262K	0.0%	$49.43	—	COM	92343v104
INTC	Intel Corp	5,647	$261K	0.0%	$29.67	+23.2%	COM	458140100
PEG	Pub Svc Ent Group Inc	4,901	$252K	0.0%	$30.16	+26.7%	COM	744573106
—	Eaton Corp PLC	3,188	$252K	0.0%	$76.73	—	COM	g29183103
UNP	Union Pacific Corp	1,649	$221K	0.0%	$66.04	+52.6%	COM	907818108
BP	Bp Plc Adr F Sponsored Adr 1 A	5,198	$218K	0.0%	$41.94	—	COM	055622104
JNJ	Johnson & Johnson	1,551	$217K	0.0%	$110.98	0.0%	COM	478160104
—	United Technologies Corp	1,669	$213K	0.0%	$127.62	—	COM	913017109
CMI	Cummins Inc	1,200	$212K	0.0%	$129.94	+6.4%	COM	231021106
UPS	United Parcel Service B Class	1,702	$203K	0.0%	$82.86	+4.1%	COM	911312106
—	Newlink Genetics Corp	12,321	$100K	0.0%	$19.72	—	COM	651511107
—	Klondex Mines LTD	10,400	$27,000	0.0%	$3.64	—	COM	498696103