| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| CITIGROUP - BOND 7/29/19 | 99,825 | 99,704 |
| EXPRESS SCRIPTS BOND 2/25/21 | 99,952 | 99,231 |
| GENERAL MILLS BOND 4/16/21 | 99,793 | 99,543 |
| GENERAL MOTORS BOND 1/15/20 | 100,126 | 100,191 |
| GOLDMAN SACHS BOND 10/23/19 | 99,730 | 99,498 |
| JP MORGAN CHASE BOND 6/23/20 | 99,387 | 99,280 |
| MCKESSON CORP BOND 3/15/19 | 99,822 | 99,779 |
| MORGAN STANLEY BOND 2/1/19 | 100,062 | 99,908 |
| PACIFIC GAS & ELECTRIC BOND 10/1/20 | 100,167 | 99,776 |
| WELLS FARGO BOND 1/22/21 | 99,512 | 99,329 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ABIOMED, INC. | 4,844 | 80,478 |
| ACXIOM CORPORATION | ||
| ALBEMARLE CORPORATION | 51,701 | 85,063 |
| ALIGN TECHNOLOGY, INC. | 24,045 | 161,206 |
| ALPHABET INC A | 9,498 | 49,089 |
| ALPHABET INC C | 42,762 | 97,381 |
| AMERICAN EXPRESS CO. | ||
| AMERICAN TOWER CORPORATION | 50,846 | 96,356 |
| AMGEN, INC. | 60,093 | 78,620 |
| AMTRUST FINANCIAL SERVICES, INC. | 72,427 | 62,785 |
| ANHEUSER BUSCH COMPANIES, INC. | 107,035 | 101,720 |
| ANNALY CAPITAL MANAGEMENT | 91,398 | 92,192 |
| APOLLO COMMERCIAL REAL ESTATE | 100,265 | 104,995 |
| APPLE, INC. | 35,511 | 114,174 |
| AVALONBAY COMMUNITIES INC. | 10,331 | 92,846 |
| BECTON DICKINSON CO. | 37,853 | 130,192 |
| BERKSHIRE HATHAWAY CLASS B | 49,962 | 158,296 |
| BOEING COMPANY | ||
| BOOKING HOLDINGS INC | 75,652 | 91,292 |
| BOSTON PROPERTIES | 69,541 | 100,424 |
| BROWN FORMAN CORP B | ||
| BWX TECHNOLOGIES INC. | 20,926 | 69,969 |
| CANADIAN NATIONAL RAILWAY COMPANY | 27,016 | 92,716 |
| CARRIZO OIL & GAS INC | 22,750 | 25,249 |
| COLGATE-PALMOLIVE | 43,822 | 67,010 |
| COSTCO WHOLESALE CORPORATION | 85,904 | 109,355 |
| CRANE CO | 54,004 | 59,504 |
| DIAGEO, P.L.C. ADR | ||
| DIGITAL REALTY TRUST, INC. | 47,473 | 103,207 |
| DISCOVERY COMMUNICATIONS INC | 57,222 | 73,650 |
| DUKE REALTY CORPORATION | 40,319 | 99,008 |
| ECOLABS, INC. | 68,426 | 87,938 |
| EQUITY RESIDENTIAL | 63,868 | 114,503 |
| FASTENAL COMPANY | 40,754 | 56,930 |
| FIRST REPUBLIC BANK | 79,927 | 86,997 |
| FIVE BELOW INC. | 23,277 | 65,874 |
| FMC CORP | 32,205 | 60,939 |
| GENESEE & WYOMING INC. A | 81,259 | 110,596 |
| HARRIS CORPORATION | 30,895 | 122,723 |
| HEALTHCARE SERVICES GROUP | ||
| HEINEKEN NV ADR | 64,573 | 112,622 |
| HEXCEL CORPORATION | ||
| ILLINOIS TOOL WORKS INC | 67,092 | 64,499 |
| INTERSECT ENT INC | ||
| ISHARES EMERGING MARKET INDEX FUND | 173,549 | 191,777 |
| ISHARES RUSSELL 2000 INDEX FUND | 152,116 | 199,044 |
| ISHARES RUSSELL 2000 SMALL CAP | 198,798 | 410,020 |
| ISHARES S&P 500 INDEX FUND | 432,094 | 977,895 |
| IVY INTERNATIONAL CORE EQUITY FUND | 321,713 | 372,588 |
| JBG SMITH PROPERTIES | ||
| K2M GROUP HOLDINGS | 59,000 | 90,708 |
| KIMCO REALTY CORPORATION | 85,997 | 79,278 |
| KINSALE CAPITAL GROUP INC. | 64,057 | 160,500 |
| KITE REALITY GROUP TRUST | 120,449 | 79,289 |
| KORNIT DIGITAL LTD | 64,367 | 67,431 |
| LIVE NATION ENTERTAINMENT INC. | 63,267 | 151,191 |
| LKQ CORP | ||
| MARKEL CORPORATION | 69,592 | 211,770 |
| MARTIN MARIETTA MATERIALS, INC | 49,516 | 49,855 |
| MASTERCARD, INC. | 13,231 | 95,040 |
| MEDICAL PROPERTIES TRUST, INC. | 67,388 | 100,870 |
| MEDNAX, INC. | 17,680 | 17,416 |
| METTLER-TOLEDO INTERNATIONAL INC | 44,528 | 44,438 |
| MICROSOFT CORPORATION | 40,893 | 84,864 |
| MKS INSTRUMENTS INC | 66,824 | 64,124 |
| MSCI, INC. | 30,987 | 160,706 |
| NESTLE, SA | 58,058 | 81,510 |
| NEWMARKET CORPORATION | 18,414 | 58,959 |
| NIKE INC. | 52,453 | 76,910 |
| NOVARTIS AG ADR | ||
| ON SEMICONDUCTOR CORP | 90,919 | 196,576 |
| PATTERSON-UTI ENERGY INC | 80,270 | 74,596 |
| PAYLOCITY HOLDING CORP | 77,828 | 131,022 |
| PAYPAL HOLDINGS INC | 58,630 | 73,926 |
| PRA GROUP INC. | ||
| PRAXAIR, INC. | ||
| PRICELINE GROUP INC | ||
| PRIMERICA INC | 46,952 | 64,862 |
| PRIMO WATER CORP | 61,763 | 66,760 |
| PROLOGIS | 45,554 | 106,633 |
| QUATERRA RESOURCES, INC. | 15,867 | 1,825 |
| RBC BEARINGS INC | 28,403 | 32,565 |
| REXFORD INDUSTRIAL REALTY INC | 70,384 | 94,984 |
| RIBBON COMMUNICATIONS INC | 62,526 | 57,917 |
| ROCHE HOLDING AG | 78,687 | 76,675 |
| SL GREEN REALTY CORP | 105,700 | 108,266 |
| SMART SAND INC. | ||
| STARBUCKS CORP | 109,473 | 104,780 |
| STEWART INFORMATION SERVICES CORP | 24,088 | 30,808 |
| SUN COMMUNITIES, INC. | 51,976 | 146,507 |
| TELEFEX, INC. | 35,454 | 94,903 |
| TINTRI INC | ||
| TJX COMPANIES INC | 46,675 | 58,356 |
| TRACTOR SUPPLY COMPANY | ||
| TRANSDIGM GROUP, INC | ||
| TRIMBLE NAVIGATION LTD. | 60,975 | 97,922 |
| TWENTY FIRST CENTURY FOX | ||
| UNITED TECHNOLOGIES CORP | 61,833 | 67,870 |
| US SILICA HOLDINGS INC | 39,139 | 32,891 |
| VANGUARD FTSE EX US INDEX ETF | 162,300 | 260,033 |
| VANGUARD MID-CAP ETF | 174,910 | 351,545 |
| VENTAS, INC. | 97,429 | 107,122 |
| VORNADO REALTY TRUST | 103,691 | 108,959 |
| W. P. CAREY & COMPANY, LLC | 60,661 | 91,532 |
| WALT DISNEY CO | ||
| WALT DISNEY CO | 127,728 | 141,950 |
| WHITING PETROLEUM CORP | 69,948 | 79,291 |
| WILLIAMS SONOMA, INC. | 87,450 | 101,831 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| BRAZIL TEAK INVESTORS, LLC. | AT COST | 191,579 | 191,579 |
| LONGLEAF PARTNERS FUND | AT COST | 1,161,555 | 1,232,274 |
| LONGLEAF PARTNERS SMALLCAP FUND | AT COST | 1,389,371 | 1,439,494 |
| MERIT ENERGY | AT COST | 431,661 | 431,661 |
| VENTRIA | AT COST | 137,000 | 137,000 |
| MERIT ENERGY PARTNERS I, LP | AT COST | 812,631 | 812,631 |
| CD - CITIZENS BANK 8/31/17 | AT COST | ||
| CD - COMPASS BANK 8/31/17 | AT COST | ||
| CD - BERKSHIRE BANK | AT COST | 200,000 | 200,030 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| EXPENSES | ||||
| BANK FEES | 460 | 460 | ||
| INVESTMENT EXPENSES | 48,337 | 48,337 | ||
| OTHER BOARD COSTS | 2,810 | 2,810 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| MERIT ENERGY PARTNERSHIP | 21,290 | 21,290 | |
| MERIT ENERGY PARTNERS I, LP | 92,243 | 92,243 | |
| BRAZIL TEAK INVESTORS | -792 | -792 |
| Description | Amount |
|---|---|
| PRIOR PERIOD ADJUSTMENT | 44,799 |
| Borrower's Name | Relationship to Insider | Original Amount of Loan | Balance Due | Date of Note | Maturity Date | Repayment Terms | Interest Rate | Security Provided by Borrower | Purpose of Loan | Description of Lender Consideration | Consideration FMV |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WILLOWBANK LOAN | NONE | 39,275 | 39,275 | 2017-05 | 2022-05 | SEMI-ANNUAL INT W/ BALLOON | 3.90 % | PROPERTY AT 14487 NIAGARA PKWY QUEE | CONTINUING OPERATIONS | CASH |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 5,805 | 2,903 | 2,902 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL TAX PAID | 27,061 | |||
| FOREIGN TAXES PAID | 2,855 | 2,855 |