Fund Holdings

As of December 31, 2017

Security% of Net Assets
Alphabet, Inc.8.5%
Union Pacific Corp.6.7%
Bank of America Corp.6.6%
Wells Fargo & Company5.7%
Ross Stores, Inc.5.7%
American Express Co.5.4%
JPMorgan Chase & Co.5.4%
Mastercard, Inc.5.4%
Carter’s, Inc.5.4%
AutoZone, Inc.5.2%
Berkshire Hathaway, Inc.4.5%
Visa, Inc.4.3%
Continental Building Products, Inc.4.0%
PPG Industries, Inc.3.8%
HD Supply Holdings, Inc.3.8%
Canadian Pacific Railway Limited3.6%
TJX Companies Inc.3.0%
Discovery Communications, Inc.2.4%
Armanino Foods of Distinction, Inc.2.0%
MEDNAX, Inc.1.7%
Verisk Analytics, Inc.1.3%
Cash*5.6%

*Cash represents cash equivalents less liabilities in excess of other assets.