| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING | 3,530 | 1,059 | 0 | 2,471 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ABBVIE NOTE | 24,950 | 24,732 |
| APPLE INC. NOTE | 10,195 | 9,857 |
| APPLIED MATERIALS INC. SR NOTE | 20,041 | 19,090 |
| BANK AMER CORP MEDIUM TERM NOTE | 20,017 | 19,978 |
| BECTON DICKINSON & CO NOTE | 20,248 | 19,914 |
| BLACKROCK INC. NOTE | 10,108 | 10,013 |
| GOLDMAN SACHS GROUP INC SR NOTE | 20,169 | 20,004 |
| ORACLE CORP NOTE | 10,649 | 10,127 |
| SMUCKER JM COMPANY NEW NOTE | 10,216 | 10,041 |
| SYSCO CORP NOTE | 20,235 | 19,737 |
| VERIZON COMMNS INC NOTE | 10,128 | 10,087 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 3M COMPANY | 9,885 | 16,196 |
| ACCENTURE | 9,568 | 13,396 |
| ADIDAS AG SPONS ADR | 3,742 | 3,339 |
| ADOBE SYSTEMS, INC. | 5,566 | 14,027 |
| AIA GROUP LTD SPON ADR | 9,348 | 16,933 |
| AIR LIQUIDE ADR | 7,931 | 9,251 |
| ALFA LAVAL AB SWEDEN ADR | 3,320 | 4,515 |
| ALIBABA GROUP HOLDING | 7,467 | 5,346 |
| ALLIANZ SE SPONSORED ADR REPSTG 1/10 SH | 9,785 | 12,144 |
| ALPHABET INC. | 9,372 | 14,564 |
| ALTRIA GROUP INC | 14,228 | 16,546 |
| AMAZON.COM INC | 2,938 | 9,012 |
| AMBEV S A | 4,041 | 3,277 |
| AMERICAN TOWER CORP NEW* | 10,619 | 17,401 |
| AMERICAN TOWER CORP NEW* | 22,344 | 45,559 |
| AMERICAN WOODMARK CORP | 25,132 | 16,982 |
| ANHEUSER BUSCH INBEV SA/NV | 9,653 | 5,199 |
| ANHEUSER BUSCH INBEV SA/NV | 28,985 | 19,282 |
| APPLE INC. | 5,944 | 7,098 |
| ASPEN PHARMACARE | 4,725 | 1,997 |
| ATLAS COPCO AB SPON ADR REPSTG COM SER A | 3,984 | 3,709 |
| AUTODESK INC. | 25,557 | 28,294 |
| BAIDU INC SPONSORED ADR REPS | 10,775 | 10,626 |
| BANCO BILBAO VIZCAYA ARGENTARIA S A SPO | 10,189 | 7,237 |
| BANK OF AMERICA CORP | 17,806 | 16,410 |
| BAYER AG | 15,322 | 10,085 |
| BAYERISCHE MOTOREN WERKE A G ADR | 5,114 | 4,315 |
| BECTON DICKINSON & CO | 6,896 | 7,210 |
| BERKSHIRE HATHAWAY | 11,941 | 16,130 |
| BLACK KNIGHT INC. | 15,583 | 20,547 |
| BOEING COMPANY | 8,292 | 22,253 |
| BRISTOL MYERS SQUIBB COMPANY | 27,444 | 27,809 |
| BROOKFIELD ASSET MANAGEMENT INC | 13,600 | 14,573 |
| BROOKFIELD ASSET MANAGEMENT INC | 36,016 | 32,789 |
| BROADCOM INC. | 7,842 | 7,628 |
| BROOKFIELD ASSET MANAGEMENT INC | 28,924 | 40,536 |
| CANADIAN NATIONAL RAILWAY COMPANY | 6,123 | 8,893 |
| CAPITAL ONE FINANCIAL CORP | 12,806 | 10,961 |
| CAPITAL ONE FINANCIAL CORP | 23,305 | 25,549 |
| CAPITAL ONE FINANCIAL CORP | 23,371 | 25,549 |
| CARMAX INC | 10,200 | 9,723 |
| CARMAX INC | 24,157 | 31,365 |
| CARNIVAL CORP PAIRED CTF | 19,700 | 18,734 |
| CBOE GLOBAL MARKETS INC. | 14,337 | 12,522 |
| CHECKPOINT SOFTWARE | 8,590 | 10,573 |
| CHEVRON CORP | 6,737 | 7,615 |
| CHEVRON CORP | 9,687 | 14,687 |
| CISCO SYSTEMS INC | 18,564 | 30,548 |
| CITIGROUP INC NEW | 11,503 | 10,152 |
| CITIGROUP INC NEW | 21,783 | 24,989 |
| CME GROUP INC. | 5,006 | 9,406 |
| COMCAST CORP CL A NEW | 18,601 | 17,366 |
| CROWN CASTLE INTL CORP | 18,176 | 19,119 |
| CVS HEALTH CORP | 32,792 | 28,043 |
| CVS HEALTH CORP | 7,345 | 5,897 |
| DANAHER CORP | 9,082 | 13,921 |
| DASSAULT SYSTEMES S A SPONSORED ADR | 4,549 | 7,980 |
| DBS GROUP HLDGS LTD SPONS ADR | 8,307 | 10,528 |
| DELTA AIRLINES INC. NEW | 24,670 | 23,453 |
| DIAGEO PLC NEW SPONSORED ADR | 19,077 | 23,964 |
| DISH NETWORK | 46,009 | 23,097 |
| DOLLAR TREE INC. | 18,969 | 23,483 |
| DOMINION ENERGY INC. | 27,620 | 30,228 |
| DXS TECHNOLOGY CO | 19,067 | 11,432 |
| EATON CORP PLC | 20,521 | 21,903 |
| ECOLAB INC. | 7,868 | 9,578 |
| ENBRIDGE INC. | 15,802 | 17,933 |
| EQUITY LIFESTYLE PROPERTIES INC | 6,732 | 18,455 |
| ELECTRONIC ARTS INC. | 7,491 | 4,656 |
| EOG RESOURCES INC. | 6,894 | 5,669 |
| EXXON MOBIL CORP | 11,737 | 11,592 |
| FACEBOOK INC. | 6,385 | 6,555 |
| FAIRFAX FINANCIAL HOLDING PLC SUB VO | 23,182 | 22,444 |
| FAIRFAX FINANCIAL HOLDING PLC SUB VO | 23,750 | 22,004 |
| FANUC CORP ADR | 7,691 | 7,786 |
| FEDEX CORP | 9,370 | 8,712 |
| FIDELITY NATIONAL FINANCIAL INC NEW | 19,162 | 30,654 |
| FIDELITY NATIONAL FINANCIAL INC NEW | 14,063 | 19,336 |
| FOMENTO ECON MEX | 3,571 | 3,614 |
| FRESENIUS MEDICAL CARE AG & CO KGAA | 6,522 | 5,992 |
| FUCHS PETROLUB SE ADR | 3,354 | 2,660 |
| GENERAL DYNAMICS CORP COMMON | 5,365 | 6,288 |
| GENERAL DYNAMICS CORP COMMON | 17,859 | 16,801 |
| GENESEE & WYO INC. | 13,318 | 14,434 |
| GRIFOLS A SPON ADR | 3,334 | 3,488 |
| GRUPO TELEVISA SA DE CV | 4,089 | 3,968 |
| HOME DEPOT | 7,047 | 6,873 |
| HDFC BANK LTD | 3,928 | 4,662 |
| HONEYWELL INTL INC. | 6,620 | 6,342 |
| HSBC HOLDINGS PLC | 4,765 | 4,687 |
| ICICI BANK LIMITED SPONSORED ADR | 3,769 | 5,515 |
| INFINEON TECHNOLOGIES AG SPONSORED | 6,352 | 5,096 |
| INTUIT INC | 7,553 | 23,228 |
| ISHARES FLOATING RATE BOND | 50,300 | 49,856 |
| ISHARES INTERMEDIATE GOVERN | 60,869 | 59,521 |
| ISHARES HOME CONSTRUCTION | 5,791 | 6,158 |
| ITAU UNIBANCO HOLDING SA SPONSORED ADR | 4,577 | 7,486 |
| JGC CORP ADR | 7,849 | 2,943 |
| JOHNSON & JOHNSON | 9,790 | 12,647 |
| JOHNSON & JOHNSON | 18,077 | 36,779 |
| JPMORGAN CHASE & COMPANY | 6,263 | 8,786 |
| JPMORGAN CHASE & COMPANY | 12,583 | 34,655 |
| KOMATSU LTD | 3,677 | 2,908 |
| KUBOTA CORP ADR | 3,779 | 3,593 |
| L OREAL COMPANY ADR | 6,950 | 9,360 |
| LAMAR ADVERTISING *COMPANY NEW CL A | 20,955 | 26,288 |
| LAS VEGAS SANDS CORP | 19,323 | 17,072 |
| LIBERTY BROADBAND CORP | 6,233 | 7,203 |
| LIBERTY BROADBAND CORP | 19,174 | 23,050 |
| LINDE PLC | 6,641 | 6,554 |
| LIVE NATION ENTERTAINMENT INC. | 15,004 | 32,013 |
| LONZA GROUP | 6,929 | 6,653 |
| LVMH MOET HENNESSY LOUISVUITTON ADR | 3,765 | 6,431 |
| MARATHON PETROLEUM CORP | 6,455 | 8,556 |
| MARATHON PETROLEUM CORP | 15,873 | 18,883 |
| MARKEL CORP | 17,173 | 34,256 |
| MARKEL CORP | 14,028 | 16,609 |
| MARKEL CORP | 22,058 | 35,294 |
| MARTIN MARIETTA MATERIALS INC. | 8,325 | 6,703 |
| MARTIN MARIETTA MATERIALS INC. | 34,655 | 29,734 |
| MASTERCARD INC. | 5,623 | 10,376 |
| MEDTRONIC PLC | 18,680 | 21,648 |
| MERCADOLIBRE INC. | 16,615 | 16,692 |
| MERCK & COMPANY INC NEW | 7,687 | 9,933 |
| MERCK & COMPANY INC NEW | 21,578 | 34,002 |
| MICROSOFT | 14,745 | 34,026 |
| MICROSOFT | 7,465 | 7,618 |
| MONDELEZ INTERNATIONAL | 6,405 | 6,205 |
| MONDELEZ INTERNATIONAL | 18,470 | 18,214 |
| MONOTARO CO LTD OSAKA ADR | 1,725 | 7,379 |
| MONSTER BEVERAGE CORP | 7,508 | 7,137 |
| NASPERS LTD | 5,079 | 8,407 |
| NESTLE S A SPNSD ADR REPSTING REG SHS | 9,509 | 10,120 |
| NESTLE S A SPNSD ADR REPSTING REG SHS | 11,436 | 13,763 |
| NIKE INC. | 4,731 | 6,673 |
| NOVOZYMES A/S SPON ADR | 4,058 | 3,491 |
| OCCIDENTAL PETROLEUM CORP | 29,169 | 24,245 |
| O REILLY AUTOMOTIVE INC. | 11,977 | 20,660 |
| PARK24 COMPANY LTD | 4,095 | 3,264 |
| PEPSICO INC | 6,325 | 7,181 |
| PEPSICO INC | 16,295 | 20,991 |
| PHILIP MORRIS INTL INC | 24,811 | 19,427 |
| PIMCO ENCHANCED SHORT MATURITY | 10,185 | 10,095 |
| PPG INDUSTRIES INC. | 21,981 | 24,024 |
| ROCHE HOLDING LIMITED SPONSORED ADR | 11,449 | 11,375 |
| ROYAL DUTCH SHELL PLC | 9,770 | 12,587 |
| ROYAL DUTCH SHELL PLC | 33,595 | 35,484 |
| SAP SE SPONS ADR | 7,964 | 10,851 |
| SASOL LTD SPONS ADR | 4,829 | 3,661 |
| SCHLUMBERGER LTD | 8,684 | 3,788 |
| SHERWIN WILLIAMS CO | 8,812 | 9,837 |
| SHERWIN WILLIAMS CO | 23,828 | 32,264 |
| SONOVA HOLDINGS AG ADR | 3,255 | 4,753 |
| SOUTHWEST AIRLINES COMPANY | 6,931 | 7,437 |
| STARBUCKS | 5,713 | 6,762 |
| SYMRISE AG ADR | 3,759 | 5,094 |
| SYSMEX CORP ADR | 2,597 | 3,700 |
| TAIWAN SEMICONDUCTOR MANUFACTURING COMP | 6,715 | 15,170 |
| TE CONNECTIVITY LTD | 22,761 | 20,344 |
| TEMENOS AG SPON ADR | 5,513 | 4,487 |
| TENARIS S A SPONSORED ADR | 2,332 | 1,855 |
| UNILEVER PLC SPONSORED ADR NEW | 5,801 | 7,054 |
| UNION PACIFIC GROUP | 7,738 | 11,058 |
| UNITED PARCEL SERVICE | 18,931 | 17,360 |
| VANGUARD INTERMEDIATE TERM CORP | 22,839 | 21,544 |
| VERIZON COMMUNICATIONS INC | 17,864 | 19,677 |
| VISA INC. | 8,784 | 15,965 |
| VULCAN MATERIALS COMPANY | 6,891 | 5,434 |
| W P CAREY INC | 21,754 | 23,196 |
| WABCO HOLDINGS INC | 37,073 | 36,818 |
| WATSCO INC A | 12,711 | 16,697 |
| WATSCO INC A | 19,222 | 27,550 |
| WEIBO CORP | 8,677 | 5,551 |
| XYLEM INC. | 12,483 | 16,346 |
| YANDEX N V | 3,248 | 3,337 |
| ZOETIS INC. CL A | 13,520 | 22,240 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INSURANCE | 1,878 | 0 | 0 | 1,878 |
| REGISTRATION | 25 | 0 | 0 | 25 |
| PO BOX | 112 | 0 | 0 | 112 |
| OFFICE EXPENSES | 1,720 | 0 | 0 | 1,720 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT MANAGEMENT FEES | 28,641 | 28,641 | 0 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| REAL ESTATE TAXES | 1,177 | 0 | 0 | 0 |
| US TREASURY | 3,267 | 0 | 0 | 0 |
| FOREIGN INCOME | 1,876 | 1,876 | 0 | 0 |