Fund Holdings

As of March 31, 2017

Security% of Net Assets
Alphabet, Inc.7.7%
Union Pacific Corp.6.3%
Wells Fargo & Company6.3%
Bank of America Corp.6.3%
AutoZone, Inc.5.3%
MEDNAX, Inc.5.2%
JPMorgan Chase & Co.5.2%
American Express Co.5.1%
Ross Stores, Inc.4.9%
Mastercard, Inc.4.7%
Carter's, Inc.4.7%
HD Supply Holdings, Inc.4.6%
Berkshire Hathaway Inc.4.5%
Valspar Corp.4.0%
Continental Building Products, Inc.4.0%
Discovery Communications, Inc.3.8%
PPG Industries, Inc.3.7%
Visa Inc.3.6%
Armanino Foods of Distinction, Inc.2.1%
Verisk Analytics, Inc.1.3%
Cash*6.7%

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