Fund Holdings

As of June 30, 2017

Security% of Net Assets
Alphabet, Inc.8.8%
Union Pacific Corp.6.5%
Bank of America Corp.6.4%
Wells Fargo & Company6.2%
JPMorgan Chase & Co.5.5%
American Express Co.5.4%
Mastercard, Inc.5.1%
Carter's, Inc.4.8%
Berkshire Hathaway Inc.4.6%
Ross Stores, Inc.4.3%
PPG Industries, Inc.4.3%
Visa Inc.4.2%
AutoZone, Inc.4.2%
Continental Building Products, Inc.3.8%
HD Supply Holdings, Inc.3.4%
Discovery Communications, Inc.3.4%
MEDNAX, Inc.2.3%
Armanino Foods of Distinction, Inc.2.1%
Verisk Analytics, Inc.1.4%
Cash*13.2%

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