The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Laboratory Corporation of America Hldgs Equity 50540r409 39,482 237,688 SH   SOLE   0 0 237,688
Lamar Advertising Co. Equity 512815101 22,241 333,150 SH   SOLE   0 0 333,150
Equity Lifestyle Properties Inc. Equity 29472r108 22,044 351,413 SH   SOLE   0 0 351,413
Apple Inc. Equity 037833100 18,092 49,595 SH   SOLE   0 0 49,595
The Chubb Group Equity 171232101 17,975 141,305 SH   SOLE   0 0 141,305
Sun Communities UserDef 866674104 17,892 131,301 SH   SOLE   0 0 131,301
Casey's General Stores, Inc. Equity 147528103 16,906 113,069 SH   SOLE   0 0 113,069
Johnson & Johnson Equity 478160104 14,286 101,585 SH   SOLE   0 0 101,585
First Horizon Natl Equity 320517105 14,275 1,416,118 SH   SOLE   0 0 1,416,118
Kansas City Southern Equity 485170302 13,871 92,725 SH   SOLE   0 0 92,725
Berkshire Hathaway, Inc. - Class B Equity 084670702 12,408 69,509 SH   SOLE   0 0 69,509
Potlatch Corp. Equity 737630103 10,479 275,535 SH   SOLE   0 0 275,535
F5 Networks Inc. Equity 315616102 9,687 69,450 SH   SOLE   0 0 69,450
Schlumberger Ltd. Equity 806857108 9,477 512,850 SH   SOLE   0 0 512,850
Schwab (Charles) Corp. Equity 808513105 9,397 278,500 SH   SOLE   0 0 278,500
Weyerhaeuser Co. Equity 962166104 9,149 407,350 SH   SOLE   0 0 407,350
Citizens Financial Group Equity 174610105 8,782 347,929 SH   SOLE   0 0 347,929
Check Point Software Technologies Equity m22465104 7,990 74,375 SH   SOLE   0 0 74,375
Home Bancshares Equity 436893200 7,286 473,750 SH   SOLE   0 0 473,750
Cerner Corp. Equity 156782104 6,004 87,585 SH   SOLE   0 0 87,585
Axis Capital Hldg Lt Equity G0692U109 5,558 136,040 SH   SOLE   0 0 136,040
Cedar Fair -L.P. Equity 150185106 4,607 167,510 SH   SOLE   0 0 167,510
Korn Ferry Equity 500643200 3,956 128,720 SH   SOLE   0 0 128,720
Pinnacle Finl Partners Inc Equity 72346Q104 3,832 91,248 SH   SOLE   0 0 91,248
Kroger Co. Equity 501044101 3,720 109,900 SH   SOLE   0 0 109,900
CCB Financial Corp. Equity 124875105 3,459 238,200 SH   SOLE   0 0 238,200
First Community Corp Equity 319835104 3,294 217,450 SH   SOLE   0 0 217,450
Cohen & Steers Inc Equity 19247A100 3,095 45,475 SH   SOLE   0 0 45,475
Ball Corp. Equity 058498106 2,780 40,000 SH   SOLE   0 0 40,000
1/100 Berkshire Htwy Cla Equity 084990175 2,673 2,673 PRN   SOLE   0 0 2,673
Omnicell, Inc. Equity 68213n109 2,023 28,650 SH   SOLE   0 0 28,650
Thermo Fisher Scientific Inc Equity 883556102 1,812 5,000 SH   SOLE   0 0 5,000
Stryker Corp. Equity 863667101 1,766 9,800 SH   SOLE   0 0 9,800
Costco Wholesale Corporation Equity 22160k105 1,213 4,000 SH   SOLE   0 0 4,000
iSHARES S&P 500 Index Equity 464287200 1,146 3,700 SH   SOLE   0 0 3,700
Kaisar Aluminum Corp Equity 483007704 1,104 15,000 SH   SOLE   0 0 15,000
Henry Schein Inc. Equity 806407102 1,098 18,800 SH   SOLE   0 0 18,800
Google Inc. Equity 38259p508 990 700 SH   SOLE   0 0 700
CSX Corp. Equity 126408103 837 12,000 SH   SOLE   0 0 12,000
Alphabet Inc Equity 02079K305 753 531 SH   SOLE   0 0 531
Sunstone Hotel Invts UserDef 867892101 729 89,500 SH   SOLE   0 0 89,500
Dentsply International Inc. Equity 249030107 551 12,500 SH   SOLE   0 0 12,500
Calavo Growers, Inc. Equity 128246105 545 8,669 SH   SOLE   0 0 8,669
Microsoft Corp. Equity 594918104 537 2,640 SH   SOLE   0 0 2,640
Irish Continental Group PLC Equity G49406179 515 129,550 SH   SOLE   0 0 129,550
Donaldson Company Inc. Equity 257651109 496 10,660 SH   SOLE   0 0 10,660
Walgreens Boots Allianc Equity 931427108 492 11,600 SH   SOLE   0 0 11,600
Hormel Foods Corp. Equity 440452100 483 10,000 SH   SOLE   0 0 10,000
Analog Devices, Inc. Equity 032654105 436 3,555 SH   SOLE   0 0 3,555
Canadian Tire Ltd Equity 136681202 433 5,000 SH   SOLE   0 0 5,000
Evans Bancorp Inc Equity 29911Q208 358 15,000 SH   SOLE   0 0 15,000
Fifth Third Bancorp. Equity 316773100 352 18,000 SH   SOLE   0 0 18,000
Universal Health Realty Income Trust Equity 913903100 314 3,950 SH   SOLE   0 0 3,950
Holly Energy Partner Lp UserDef 435763107 292 20,000 SH   SOLE   0 0 20,000
iShares Silver Trust Equity 46428q109 260 15,300 SH   SOLE   0 0 15,300
Procter & Gamble Co. Equity 742718109 251 2,101 SH   SOLE   0 0 2,101
Cadence Bancorp Equity 12739A100 248 28,000 SH   SOLE   0 0 28,000
Alibaba Group Holding Equity 01609W102 237 1,100 SH   SOLE   0 0 1,100
Royce Micro-Cap Tr Inc Com Equity 780915104 226 31,351 SH   SOLE   0 0 31,351
Wolverine World Wide, Inc. Equity 978097103 225 9,395 SH   SOLE   0 0 9,395
Landmark Infrastruct Lp UserDef 51508J108 202 20,409 SH   SOLE   0 0 20,409
PowerShares Water Resource Portfolio Equity 73935X575 202 5,550 SH   SOLE   0 0 5,550
SPDR Gold Trust Equity 78463v107 201 1,200 SH   SOLE   0 0 1,200
Vertu Motors Plc Ord Equity G9337V109 195 645,000 SH   SOLE   0 0 645,000
Nanophase Technologies Corp Equity 630079101 186 392,416 SH   SOLE   0 0 392,416
Aberdeen Emrg Mkts Equity 00301W105 150 24,762 SH   SOLE   0 0 24,762
Rolls-Royce Hldgs Equity 775781206 40 11,200 SH   SOLE   0 0 11,200
Tradeshow Marketing Co. Equity 892652108 0 27,900 SH   SOLE   0 0 27,900
RMR Real Estate Fd Fractional Shares Equity HGK70B105 0 174,077 SH   SOLE   0 0 174,077
UFood Restaurant Group Inc. Equity 903508109 0 11,000 SH   SOLE   0 0 11,000