| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ALPHABET, INC. CL C (GOOGLE, INC.) | 42,877 | 71,457 |
| AMAZON.COM, INC. | 48,426 | 75,098 |
| AMERICAN TOWER CORP-CLASS A | 15,071 | 57,739 |
| ANSYS, INC. | 13,115 | 57,462 |
| BANK OF AMERICA CORP | 10,432 | 22,472 |
| BIO-TECHNE CORP | 29,972 | 42,692 |
| BLACKBAUD INC | 9,197 | 13,209 |
| BLACKLINE, INC. | 44,183 | 56,511 |
| CARMAX INC | 59,170 | 72,014 |
| CBRE GROUP, INC. | 42,261 | 49,449 |
| CELGENE CORP | 16,273 | 19,676 |
| CHARTER COMMUNICATIONS, INC. | 567 | 855 |
| CORE LABORATORIES NV (CLB) | 49,497 | 28,517 |
| COSTAR GROUP, INC. | 3,835 | 23,951 |
| ECOLAB, INC. | 50,191 | 111,839 |
| EVESTNET, INC. | 14,115 | 22,234 |
| FASTENAL CO | 46,826 | 53,754 |
| HEALTH CARE SERVICES GROUP, INC. | 40,900 | 60,471 |
| ILLUMINA, INC. | 25,568 | 56,987 |
| INTEL CORP | 33,595 | 35,198 |
| INTUITIVE SURGICAL | 11,796 | 45,018 |
| LKQ CORP | 21,211 | 26,839 |
| MARKEL CORP | 9,817 | 35,294 |
| MASTERCARD, INC. CL A | 32,542 | 68,291 |
| MOODYS CORP | 24,133 | 47,474 |
| PROS HLDG, INC. | 22,414 | 37,052 |
| RED HAT INC | 6,778 | 25,292 |
| ROPER INDUSTRIES, INC. | 12,640 | 64,231 |
| S&P GLOBAL, INC. | 38,612 | 64,577 |
| SEI INVESTMENTS CO | 10,966 | 27,674 |
| TRANSDIGM GROUP, INC. | 34,419 | 60,871 |
| TRIMBLE NAVIGATION LTD | 11,238 | 32,844 |
| TYLER TECHNOLOGIES, INC. | 48,285 | 70,612 |
| VERISK ANALYTICS | 62,171 | 98,027 |
| VISA, INC.COM CL A | 18,130 | 157,932 |
| WASTE CONNECTIONS | 36,026 | 50,119 |
| WATSCO, INC (WSO) | 45,128 | 41,742 |
| GENESEE & WYOMING, INC. A | 21,154 | 21,170 |
| A O SMITH CORP (AOS) | 22,512 | 16,439 |
| BLACK KNIGHT INC (BKI) | 21,462 | 18,520 |
| BROOKS-AUTOMATION INC (BRKS) | 17,380 | 13,614 |
| DANAHER CORPORATION (DHR) | 42,898 | 45,682 |
| OKTA INC CL A (OKTA) | 11,930 | 11,484 |
| QUALYS INC COM (QLYS) | 10,549 | 10,837 |
| SBA COMMUNICATIONS CORP NEW CL A (SBAC) | 22,781 | 22,503 |
| AT&T INC (T) | 2,180 | 1,341 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| UNSETTLED SALES | 43,171 | 0 | 0 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| MANAGEMENT FEES | 21,531 | 21,531 | 0 |
| Description | Amount |
|---|---|
| INVESTMENT ADJUSTMENT TO COST BASIS | 19,784 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAX | 213 | 213 | 0 | |
| EXCISE TAXES | 859 | 0 | 0 |