Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CDW Corporation	1,865,927	$151M	5.7%	$62.63	—	COM	12514g108
ROST	Ross Stores, Inc.	1,513,380	$128M	4.8%	$37.65	+100.3%	COM	778296103
—	IDEX Corporation	707,125	$96.51M	3.6%	$113.01	—	COM	45167r104
MKL	Markel Corporation	84,065	$91.16M	3.4%	$523.59	+115.7%	COM	570535104
—	EOG Resources, Inc.	695,682	$86.56M	3.3%	$90.52	—	COM	26875p101
SYK	Stryker Corporation	497,296	$83.97M	3.2%	$56.92	+171.9%	COM	863667101
MCHP	Microchip Technology Incorpora	907,913	$82.58M	3.1%	$15.59	+157.8%	COM	595017104
—	Brookfield Asset Management In	2,023,262	$82.02M	3.1%	$35.64	—	COM	112585104
—	Interpublic Group of Companies	3,380,364	$79.24M	3.0%	$12.53	+38.2%	COM	460690100
BRO	Brown & Brown, Inc.	2,810,938	$77.95M	2.9%	$19.23	+33.6%	COM	115236101
KMX	CarMax, Inc.	939,732	$68.48M	2.6%	$47.23	+41.4%	COM	143130102
AZO	AutoZone, Inc.	99,735	$66.92M	2.5%	$493.65	+30.7%	COM	053332102
—	M&T Bank Corporation	358,215	$60.95M	2.3%	$161.95	—	COM	55261f104
—	FLIR Systems, Inc.	1,110,207	$57.7M	2.2%	$27.96	—	COM	302445101
APD	Air Products & Chemicals, Inc.	365,117	$56.86M	2.1%	$113.99	+18.9%	COM	009158106
BRK/A	Berkshire Hathaway Inc. A	201	$56.69M	2.1%	$165023.42	+77.5%	COM	084670108
—	Forest City Realty Trust, Inc.	2,463,497	$56.19M	2.1%	$20.81	—	COM	345605109
WAT	Waters Corporation	288,695	$55.89M	2.1%	$99.40	+98.2%	COM	941848103
DCI	Donaldson Company, Inc.	1,169,753	$52.78M	2.0%	$29.31	+39.2%	COM	257651109
—	South State Corporation	570,817	$49.23M	1.9%	$62.59	—	COM	840441109
ITW	Illinois Tool Works Inc.	353,608	$48.99M	1.8%	$50.04	+145.1%	COM	452308109
—	T Rowe Price Group, Inc.	391,550	$45.45M	1.7%	$75.54	—	COM	74144t108
GGG	Graco Inc.	949,581	$42.94M	1.6%	$31.91	+30.4%	COM	384109104
MHK	Mohawk Industries, Inc.	198,856	$42.61M	1.6%	$146.14	+49.8%	COM	608190104
SNA	Snap On Inc.	260,721	$41.9M	1.6%	$129.03	-3.6%	COM	833034101
HSIC	Henry Schein, Inc.	551,737	$40.08M	1.5%	$55.40	+1.7%	COM	806407102
—	Xilinx, Inc.	602,483	$39.32M	1.5%	$40.60	—	COM	983919101
AJG	Arthur J. Gallagher & Co.	555,264	$36.25M	1.4%	$36.76	+65.9%	COM	363576109
MAR	Marriott Intl Inc New Cl A	283,579	$35.9M	1.4%	$64.65	+97.5%	COM	571903202
DG	Dollar General Corporation	357,424	$35.24M	1.3%	$68.56	+27.1%	COM	256677105
—	Forward Air Corporation	590,513	$34.89M	1.3%	$38.28	—	COM	349853101
LSTR	Landstar System, Inc.	284,566	$31.07M	1.2%	$92.91	—	COM	515098101
—	MEDNAX, Inc.	683,499	$29.58M	1.1%	$60.37	—	COM	58502b106
—	Sonic Corp.	845,537	$29.1M	1.1%	$25.48	—	COM	835451105
—	US Ecology, Inc.	456,852	$29.1M	1.1%	$37.80	—	COM	91732j102
—	Ingersoll-Rand, PLC	305,660	$27.43M	1.0%	$74.41	—	COM	g47791101
BRK/B	Berkshire Hathaway Inc. B	142,079	$26.52M	1.0%	$110.92	+75.7%	COM	084670702
—	Black Knight	484,942	$25.97M	1.0%	$44.35	—	COM	09215c105
—	White Mountains Insurance Grou	26,897	$24.39M	0.9%	$868.64	—	COM	g9618e107
—	Aqua America, Inc.	687,870	$24.2M	0.9%	$33.45	—	COM	03836w103
—	Pinnacle Financial Partners, I	355,536	$21.81M	0.8%	$62.97	—	COM	72346q104
YUM	YUM! Brands, Inc.	245,600	$19.21M	0.7%	$38.97	+86.2%	COM	988498101
—	Penske Automotive Group Inc.	394,476	$18.48M	0.7%	$40.10	—	COM	70959w103
RHI	Robert Half Intl. Inc.	265,416	$17.28M	0.7%	$38.35	+65.3%	COM	770323103
MNRO	Monro Inc.	278,725	$16.19M	0.6%	$49.04	+15.1%	COM	610236101
DLR	Digital Realty Trust, Inc.	135,313	$15.1M	0.6%	$44.20	+83.9%	COM	253868103
CHH	Choice Hotels International, I	179,270	$13.55M	0.5%	$45.87	+64.0%	COM	169905106
BEN	Franklin Resources, Inc.	400,331	$12.83M	0.5%	$27.92	-15.7%	COM	354613101
SCSC	Scansource, Inc.	315,245	$12.7M	0.5%	$35.59	+5.9%	COM	806037107
—	Angiodynamics, Inc.	567,270	$12.62M	0.5%	$17.25	—	COM	03475v101
CBZ	CBIZ, Inc.	540,635	$12.44M	0.5%	$13.75	+47.0%	COM	124805102
—	Thermon Group Holdings, Inc.	540,925	$12.37M	0.5%	$18.27	—	COM	88362t103
—	Diamond Hill Investment Group,	61,626	$11.98M	0.5%	$178.52	—	COM	25264r207
—	National Commerce Corporation	257,715	$11.93M	0.5%	$25.47	—	COM	63546l102
—	Hostess Brands Inc.	854,713	$11.62M	0.4%	$15.29	—	COM	44109j106
—	Natus Medical Inc.	326,350	$11.26M	0.4%	$34.50	—	COM	639050103
AVY	Avery Dennison Corp	110,020	$11.23M	0.4%	$92.28	0.0%	COM	053611109
—	PC Connection, Inc.	335,800	$11.15M	0.4%	$26.40	—	COM	69318j100
RSG	Republic Services, Inc.	159,144	$10.88M	0.4%	$37.49	+59.7%	COM	760759100
EXLS	Exlservice Holdings Inc.	185,065	$10.48M	0.4%	$9.51	+19.9%	COM	302081104
—	Multi-Color Corp	159,825	$10.33M	0.4%	$58.22	—	COM	625383104
—	FRP Holdings, Inc.	154,002	$9.972M	0.4%	$37.73	—	COM	30292l107
—	Versum Materials Inc.	245,037	$9.103M	0.3%	$30.21	—	COM	92532w103
MTDR	Matador Resources Company	297,300	$8.934M	0.3%	$30.30	-0.5%	COM	576485205
CSV	Carriage Services Inc.	359,290	$8.821M	0.3%	$23.75	-1.6%	COM	143905107
MKC	McCormick & Company	72,919	$8.465M	0.3%	$43.11	+5.4%	COM	579780206
CIGI	Colliers International Group I	99,445	$7.528M	0.3%	$71.21	0.0%	COM	194693107
MDU	MDU Resources Group, Inc.	256,253	$7.349M	0.3%	$4.96	+71.2%	COM	552690109
FELE	Franklin Electric Co., Inc.	159,920	$7.212M	0.3%	$26.92	+53.0%	COM	353514102
—	Hallmark Financial Services, I	679,638	$6.783M	0.3%	$9.37	—	COM	40624q203
—	Consolidated-Tomoka Land Co.	105,542	$6.492M	0.2%	$48.45	—	COM	210226106
—	National Instruments	122,000	$5.122M	0.2%	$27.94	—	COM	636518102
CWST	Casella Waste System Inc.	195,677	$5.011M	0.2%	$14.78	+66.9%	COM	147448104
SYBT	Stock Yards Bancorp, Inc.	106,244	$4.053M	0.2%	$26.28	+45.9%	COM	861025104
HOMB	Home BancShares, Inc.	168,884	$3.81M	0.1%	$16.29	+41.9%	COM	436893200
BANX	StoneCastle Financial Corp.	163,851	$3.751M	0.1%	$8.05	+31.9%	COM	861780104
BOC	Boston Omaha Corporation	175,040	$3.688M	0.1%	$21.11	+10.8%	COM	101044105
—	Exxon Mobil Corporation	26,504	$2.193M	0.1%	$81.85	—	COM	30231g102
—	Patterson Companies, Inc.	92,441	$2.096M	0.1%	$40.38	—	COM	703395103
—	Enstar Group Ltd	8,595	$1.782M	0.1%	$198.60	—	COM	g3075p101
NBTB	NBT Bancorp Inc	37,632	$1.436M	0.1%	$31.44	+20.0%	COM	628778102
—	Allergan PLC	8,425	$1.405M	0.1%	$303.51	—	COM	g0177j108
IBM	International Business Machine	9,241	$1.291M	0.0%	$109.80	-9.0%	COM	459200101
WINA	Winmark Corporation	7,257	$1.077M	0.0%	$132.25	+3.7%	COM	974250102
VUG	Vanguard Growth	6,581	$986K	0.0%	$149.83	—	ETF	922908736
XLY	Select Sector Spdr Tr Sbi Cons	8,636	$944K	0.0%	$109.31	—	ETF	81369Y407
—	Chemical Financial Corp	15,675	$873K	0.0%	$52.25	—	COM	163731102
XBI	Spdr Series Trust S&P Biotech	9,050	$861K	0.0%	$95.14	—	COM	78464A870
AAPL	Apple Inc	4,195	$777K	0.0%	$35.75	+19.6%	COM	037833100
—	Powershares Dynamic Large Cap	17,000	$765K	0.0%	$45.00	—	ETF	73935x609
—	Spdr S&P Regional Banking Etf	12,500	$763K	0.0%	$61.04	—	ETF	78464a698
MSFT	Microsoft Corp	6,413	$632K	0.0%	$64.94	+38.2%	COM	594918104
—	General Electric Company	42,093	$573K	0.0%	$24.37	—	COM	369604103
CNMD	Conmed Corp	7,087	$519K	0.0%	$27.74	+128.8%	COM	207410101
CBU	Community Bank System	8,098	$478K	0.0%	$43.20	+8.1%	COM	203607106
—	Merck & Co Inc New	7,433	$451K	0.0%	$63.99	—	COM	58933y105
—	Nestle Sa Ord F	5,800	$450K	0.0%	$83.79	—	COM	h57312649
—	Spdr S&P 500 ETF Trust	1,612	$437K	0.0%	$216.28	—	ETF	78462f103
PFE	Pfizer Incorporated	11,350	$412K	0.0%	$17.89	+35.9%	COM	717081103
PG	Procter & Gamble	4,782	$373K	0.0%	$65.30	-5.4%	COM	742718109
USB	US Bancorp	7,331	$367K	0.0%	$22.80	+63.4%	COM	902973304
—	Energen Corp.	4,941	$360K	0.0%	$54.64	—	COM	29265n108
—	Glenville Bank Hldg Co	4,006	$339K	0.0%	$83.35	—	COM	37908p109
ADP	Auto Data Processing	2,420	$325K	0.0%	$78.88	+36.6%	COM	053015103
AMGN	Amgen Incorporated	1,737	$321K	0.0%	$130.27	+7.7%	COM	031162100
—	AT&T Inc New	9,088	$292K	0.0%	$36.28	—	COM	00206r102
LQD	Ishares Iboxx Investop Iboxx $	2,398	$275K	0.0%	$121.35	—	ETF	464287242
CVX	Chevron Corporation	2,140	$271K	0.0%	$76.20	+17.0%	COM	166764100
PEG	Pub Svc Ent Group Inc	4,901	$265K	0.0%	$30.16	+31.6%	COM	744573106
INTC	Intel Corp	5,300	$263K	0.0%	$29.67	+51.8%	COM	458140100
BP	Bp Plc Adr F Sponsored Adr 1 A	5,448	$249K	0.0%	$41.88	—	COM	055622104
—	Eaton Corp PLC	3,188	$238K	0.0%	$76.73	—	COM	g29183103
UNP	Union Pacific Corp	1,669	$236K	0.0%	$66.60	+76.8%	COM	907818108
—	Verizon Communications	4,657	$234K	0.0%	$49.43	—	COM	92343v104
CAT	Caterpillar Inc	1,695	$230K	0.0%	$96.02	+31.8%	COM	149123101
—	Newlink Genetics Corp	12,321	$59,000	0.0%	$19.72	—	COM	651511107