| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| PKF O'CONNOR DAVIES, LLP | 4,850 | 0 | 4,850 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| APPLE INC. | 51,009 | 49,813 |
| CHEVRON CORP | 48,359 | 48,853 |
| CITIGROUP INC | 50,498 | 49,988 |
| COCA COLA CO. | 51,166 | 48,393 |
| DISNEY WALT CO | 49,051 | 49,247 |
| GENERAL ELECTRIC | 52,904 | 47,753 |
| HOME DEPOT INC. | 50,479 | 49,821 |
| INTEL CORP. | 50,683 | 48,979 |
| JOHNSON & JOHNSON | 50,194 | 48,561 |
| MERCK & CO. | 51,119 | 49,491 |
| MICROSOFT CORP. | 50,056 | 48,940 |
| PEPSICO INC UNSECD SR GBL NT | 45,204 | 46,183 |
| PFIZER INC. | 50,869 | 50,003 |
| PNC BANK N A | 49,300 | 49,889 |
| PROCTER AND GAMBLE CO | 51,313 | 48,624 |
| UNITED TECHNOLOGIES CORP | 49,514 | 48,161 |
| WELLS FARGO & CO | 50,110 | 49,908 |
| BP CAP MARKETS PLC | 49,422 | 49,804 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 3M CO | 8,579 | 7,813 |
| A T & T INC. | 17,100 | 19,293 |
| ABBVIE INC. | 5,549 | 21,296 |
| ACCENTURE PLC | 7,914 | 12,691 |
| AIR PRODS & CHEMS INC | 6,275 | 6,285 |
| ALIBABA GROUP HLDG LTD ADS | 32,525 | 23,576 |
| ALPHABET INC CL C COM | 15,420 | 14,498 |
| ALPHABET INC CL A COM | 14,496 | 13,584 |
| ALTRIA GROUP INC | 72,395 | 133,003 |
| AMAZON COM INC | 29,714 | 30,039 |
| AMERCO | 2,841 | 2,628 |
| AMERICAN ELEC PWR INC | 19,569 | 21,376 |
| AMERICAN EXPRESS CO | 5,554 | 5,338 |
| AMGEN INC | 18,968 | 21,414 |
| ANALOG DEVICES INC | 11,477 | 12,274 |
| ANSYS INC | 7,464 | 6,146 |
| AON PLC | 3,884 | 4,070 |
| APPLE INC. | 16,847 | 36,596 |
| ARCH CAP GROUP LTD NEW COM BERMUDA | 6,046 | 5,584 |
| AUTODESK INC | 25,829 | 25,979 |
| AUTOMATIC DATA PROCESSING INC | 4,382 | 4,617 |
| B B AND T CORP | 7,440 | 12,086 |
| BLACK KNIGHT INC | 8,752 | 7,840 |
| BLACKROCK INC | 9,249 | 12,177 |
| BP PLC | 12,697 | 16,801 |
| BRISTOL MYERS SQUIBB CO | 13,943 | 13,619 |
| BROADCOM INC | 16,358 | 15,765 |
| BROOKFIELD ASSET MGMT IN CL A COM | 16,316 | 15,608 |
| BROWN & BROWN INC | 5,218 | 5,264 |
| BROWN FORMAN CORP CL B | 2,100 | 2,005 |
| CARMAX INC | 11,885 | 10,852 |
| CBRE GROUP INC CL A COM | 8,253 | 7,407 |
| CDK GLOBAL INC | 2,823 | 2,107 |
| CERNER CORP | 10,760 | 9,124 |
| CHEVRON CORP | 20,381 | 22,628 |
| CISCO SYS INC | 23,048 | 40,643 |
| CITIGROUP INC | 20,760 | 18,429 |
| COCA COLA CO. | 18,754 | 25,332 |
| COLFAX CORP | 4,876 | 2,989 |
| COLGATE PALMOLIVE CO | 10,024 | 8,928 |
| COMCAST CORP CL A | 11,075 | 10,614 |
| COPART INC | 6,700 | 6,546 |
| CROWN CASTLE INTL CORP | 13,295 | 16,620 |
| CVS HEALTH CORP | 13,056 | 13,104 |
| DANONE | 14,537 | 12,778 |
| DEERE & CO | 13,161 | 13,493 |
| DISNEY WALT CO | 9,944 | 11,826 |
| DOLLAR GEN CORP | 3,868 | 4,431 |
| DOMINION ENERGY INC | 19,942 | 20,652 |
| DOWDUPONT INC | 7,954 | 9,947 |
| EATON CORP PLC | 15,412 | 14,899 |
| ECHOSTAR CORP CL A | 781 | 551 |
| EMERSON ELECTRIC | 11,926 | 11,173 |
| EQUINIX INC REITS | 4,263 | 3,526 |
| EXPEDITORS INTL WASHINGTON INC | 14,331 | 14,231 |
| EXXON MOBIL CORP | 26,708 | 23,866 |
| FACEBOOK INC CL A COM | 31,596 | 23,334 |
| FACTSET RESH SYS INC | 8,188 | 8,205 |
| FASTENAL CO | 2,374 | 2,353 |
| FIRST REP BK SAN FRANCISCO | 7,809 | 6,865 |
| FNF GROUP | 9,122 | 7,546 |
| FORD MTR CO DEL | 14,619 | 9,494 |
| GARTNER GROUP INC NEW CL A | 11,297 | 11,122 |
| GCI LIBERTY INC | 3,028 | 2,470 |
| GENERAL MLS INC | 11,840 | 10,047 |
| GUIDEWIRE SOFTWARE INC | 3,750 | 3,049 |
| HD SUPPLY HLDGS INC | 662 | 638 |
| HEICO CORP NEW | 799 | 756 |
| HILTON WORLDWIDE HLDGS INC | 8,134 | 7,252 |
| HOME DEPOT INC. | 4,078 | 25,086 |
| HONEYWELL INTL INC | 10,579 | 10,041 |
| HOWARD HUGHES CORP | 4,743 | 3,710 |
| HUNGTINGTON BANKSHARES | 22,560 | 17,354 |
| HYATT HOTELS | 3,637 | 3,245 |
| I.H.S. MARKIT LTD BERMUDA | 7,171 | 7,148 |
| IDEXX LABS INC | 2,607 | 2,232 |
| INTEL CORP. | 5,671 | 14,314 |
| INTERNATIONAL BUSINESS MACHS | 10,972 | 8,298 |
| INTERNATIONAL PAPER CO | 12,395 | 13,642 |
| JOHNSON & JOHNSON | 20,105 | 30,069 |
| JP MORGAN CHASE & CO | 17,689 | 29,188 |
| KAR AUCTION SVCS INC | 2,436 | 2,115 |
| KENNEDY-WILSON HLDGS INC | 3,810 | 3,363 |
| KEYCORP NEW | 21,682 | 16,347 |
| KIMBERLY CLARK CORP. | 5,905 | 11,724 |
| KKR & CO INC | 5,615 | 4,162 |
| LENNAR CORP | 4,017 | 2,858 |
| LIBERTY BROADBAND-A | 1,765 | 1,580 |
| LIBERTY BROADBAND-C | 3,619 | 3,241 |
| LIBERTY EXPEDIA HLDGS INC SER A COM | 1,177 | 1,134 |
| LIBERTY FORMULA ONE SER A COM | 365 | 327 |
| LIBERTY FORMULA ONE SER C COM | 4,849 | 4,329 |
| LIBERTY GLOBAL PLC CL A COM | 1,816 | 1,259 |
| LIBERTY GLOBAL PLC SER C COM | 3,515 | 2,415 |
| LIBERTY MEDIA CORP DEL SIRIUSXM SER A COM | 1,507 | 1,288 |
| LIBERTY MEDIA CORP DEL SIRIUSXM SER C COM | 3,355 | 2,884 |
| LILLY ELI & CO | 11,972 | 17,821 |
| LOCKHEED MARTIN CORP. | 5,240 | 18,852 |
| M & T BK CORP | 2,804 | 2,290 |
| MARKEL CORP | 13,550 | 12,457 |
| MARTIN MARIETTA MATLS INC | 10,965 | 9,109 |
| MASTERCARD INC CL A | 11,290 | 12,828 |
| MCDONALDS CORP. | 11,966 | 23,794 |
| MERCK & CO. | 21,249 | 34,940 |
| METTLER TOLEDO INTERNATIONAL | 5,692 | 5,656 |
| MICROCHIP TECHNOLOGY INC | 6,696 | 5,466 |
| MICROSOFT CORP. | 27,169 | 67,138 |
| MOHAWK INDS INC | 2,997 | 1,637 |
| MONSTER BEVERAGE CORP | 17,699 | 15,160 |
| MOODYS CORP | 4,822 | 4,481 |
| MOTOROLA SOLUTIONS INC NEW COM | 2,034 | 2,197 |
| MSCI INC COM CL A | 2,663 | 2,506 |
| NOVARTIS A G | 8,323 | 8,753 |
| NOVO-NORDISK | 14,463 | 13,452 |
| O REILLY AUTOMOTIVE INC NEW COM | 10,521 | 14,462 |
| ORACLE CORP | 24,334 | 22,846 |
| PEPSICO INC. | 12,058 | 16,711 |
| PFIZER INC. | 17,346 | 31,384 |
| PHILIP MORRIS INTL INC. | 9,152 | 14,123 |
| PROCTER AND GAMBLE CO | 25,641 | 32,540 |
| PROGRESSIVE CORP OHIO | 3,802 | 4,042 |
| QUALCOMM INC | 14,249 | 13,260 |
| REALPAGE INC | 3,384 | 2,699 |
| REGENERON PHARMACEUTICALS | 14,621 | 16,061 |
| RESTAURANT BRANDS INTER INC | 11,936 | 10,656 |
| ROPER TECHNOLOGIES INC | 6,399 | 6,396 |
| ROSS STORES INC | 449 | 582 |
| S & P GLOBAL INC | 4,041 | 4,079 |
| SBA COMMUNICATIONS CORP NEW CL A REITS | 15,565 | 16,027 |
| SCHLUMBERGER LTD CURACAO | 14,014 | 7,719 |
| SEI INVESTMENTS CO | 13,831 | 9,958 |
| SEMPRA ENERGY | 8,697 | 8,400 |
| SHOPIFY INC | 798 | 692 |
| SIMON PPTY GROUP IN | 17,671 | 17,639 |
| STARBUCKS CORP | 12,813 | 14,748 |
| SUMMIT MATLS INC | 2,307 | 1,513 |
| SUNTRUST BKS INC | 18,267 | 13,568 |
| TARGET CORP | 17,605 | 19,298 |
| TEXAS INSTRS INC | 10,374 | 20,507 |
| TRANSDIGM GROUP INC | 14,526 | 15,643 |
| TRANSUNION | 7,632 | 6,589 |
| UNION PAC CORP | 6,620 | 10,782 |
| UNITED PARCEL SVC INC. | 18,076 | 23,700 |
| UNITED TECHNOLOGIES CORP | 9,459 | 10,116 |
| US BANCORP | 13,101 | 15,111 |
| VAIL RESORTS INC | 6,449 | 4,883 |
| VANGUARD TOTAL WORLD STOCK INDEX | 184,212 | 199,653 |
| VARIAN MED SYS INC | 8,508 | 8,498 |
| VERISIGN INC | 6,988 | 8,453 |
| VERISK ANALYTICS INC | 7,268 | 7,851 |
| VERIZON COMMUNICATIONS INC. | 13,744 | 21,982 |
| VISA INC | 42,224 | 54,887 |
| VULCAN MATLS CO | 8,890 | 7,608 |
| WAL-MART STORES INC | 8,444 | 11,334 |
| WELLS FARGO & CO. | 7,945 | 9,907 |
| WIX.COM | 4,542 | 4,156 |
| YUM BRAND INC | 8,322 | 9,468 |
| YUM CHINA HLDGS INC | 6,373 | 5,566 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FILING FEES | 250 | 0 | 250 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| SECURITIES LITIGATION | 993 | 993 | 993 |
| Description | Amount |
|---|---|
| NONDIVIDEND DISTRIBUTIONS | 1,038 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT ADVISORY FEES | 0 | 0 | 0 | |
| U.S. TRUST | 34,484 | 34,484 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAX | 816 | 816 | 0 | |
| EXCISE TAX | 8,655 | 0 | 0 |