Fund Holdings

As of September 30, 2017

Security% of Net Assets
Alphabet, Inc.8.8%
Union Pacific Corp.6.5%
Bank of America Corp.6.4%
Wells Fargo & Company5.9%
Mastercard, Inc.5.6%
American Express Co.5.5%
JPMorgan Chase & Co.5.4%
Ross Stores, Inc.5.1%
Carter’s, Inc.5.1%
AutoZone, Inc.4.9%
Berkshire Hathaway, Inc.4.7%
Visa, Inc.4.5%
Continental Building Products, Inc.4.2%
PPG Industries, Inc.4.0%
HD Supply Holdings, Inc.3.8%
Canadian Pacific Railway Limited3.7%
Discovery Communications, Inc.2.6%
Armanino Foods of Distinction, Inc.2.0%
MEDNAX, Inc.1.6%
Verisk Analytics, Inc.1.3%
Cash*8.4%

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