| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ADVANCE AUTO PTS INC COM | 39,717 | 38,369 |
| ADVANCED MICRO DEVICES INC | 36,968 | 54,613 |
| AES CORP | 43,236 | 65,667 |
| AKAMAI TECHOLOGIES | 16,325 | 18,716 |
| ALPHABET INC. | 71,818 | 112,981 |
| AMAZON COM INC. | 29,210 | 153,145 |
| AMERICAN ELECTRIC POWER INC | 19,606 | 21,440 |
| AMERICAN EXPRESS CO | 91,518 | 95,638 |
| AMERICAN TOWER CORP | 28,416 | 51,433 |
| AMGEN INC | 72,561 | 80,742 |
| APPLE INC. | 41,341 | 164,117 |
| ARES CAP CORP | 16,169 | 15,940 |
| AUTOMATIC DATA PROCESSING INC | 27,646 | 44,408 |
| AUTOZONE INC | 31,929 | 43,013 |
| BB&T CORP COM | 20,591 | 21,869 |
| BANK OF AMERICA CORP | 121,854 | 117,147 |
| BIO RAD LABS INC | 27,905 | 27,206 |
| BIOTELEMETRY INC | 17,118 | 16,469 |
| BJ'S WHOLESALE CLUB HOLDINGS, INC. | 26,178 | 29,044 |
| BOEING CO | 79,047 | 108,705 |
| BROADCOM INC | 58,615 | 69,765 |
| CARETRUST REIT INC | 27,760 | 33,665 |
| CATERPILLAR INC. | 24,627 | 35,227 |
| CDW CORP/DE | 14,449 | 20,141 |
| CENTERPOINT ENERGY INC COM | 41,592 | 51,883 |
| CHEVRON CORP | 162,102 | 184,524 |
| CHURCH & DWIGHT INC | 25,783 | 36,683 |
| CIGNA CORPORATION | 52,547 | 44,547 |
| CINCINNATI FINANCIAL CORP | 17,445 | 21,733 |
| CISCO SYSTEMS INC. | 69,542 | 129,252 |
| CMS ENERGY CORP | 13,677 | 18,217 |
| COCA COLA CO. | 40,187 | 57,778 |
| COMCAST CORP CLASS A | 51,039 | 59,450 |
| CONOCOPHILLIPS | 124,218 | 123,202 |
| CORESITE REALTY GROUP | 26,389 | 31,036 |
| COSTCO WHOLESALES CORP | 29,983 | 39,469 |
| CROWN CASTLE INTERNATIONAL CORP. | 27,638 | 37,376 |
| CUMMINS INC | 19,980 | 21,944 |
| CVS HEALTH CORPORATION | 54,896 | 38,182 |
| DANAHER CORP | 10,219 | 38,154 |
| DIAMONDBACK ENERGY INC | 26,000 | 25,687 |
| DIGITAL RLTY TR INC COM | 28,901 | 31,892 |
| DOWDUPONT INC | 69,203 | 68,770 |
| DUKE ENERGY HOLDING CORP. COM | 26,478 | 36,090 |
| EDWARDS LIFESCIENCES CORP | 32,715 | 49,363 |
| ELI LILLY & CO COM | 26,828 | 41,134 |
| EPAM SYSTEMS INC | 13,288 | 26,215 |
| EXXON MOBIL CORPORATION | 162,017 | 176,710 |
| FIRSTCASH INC | 25,507 | 38,666 |
| FLEETCOR TECHNOLOGIES | 39,201 | 56,962 |
| GENERAL ELECTRIC CO. | 141,570 | 1,409,699 |
| GENUINE PARTS CO | 21,843 | 26,551 |
| GOLDMAN SACHS GROUP INC. | 74,714 | 72,380 |
| HEALTHCARE SVCS GROUP INC | 19,111 | 15,736 |
| HEICO CORP | 11,324 | 27,323 |
| HOME DEPOT INC. | 6,441 | 37,802 |
| HONEYWELL INTERNATIONAL INC | 31,847 | 46,564 |
| INTEL CORP | 27,325 | 57,137 |
| INTERNATIONAL PAPER CO | 22,302 | 24,523 |
| IRON MOUNTAIN INCORPORATED | 20,877 | 20,141 |
| JOHNSON & JOHNSON | 18,100 | 38,862 |
| JP MORGAN CHASE & CO | 74,629 | 117,933 |
| KAR AUCTION SERVICES INC | 26,311 | 27,553 |
| KIMBERLY CLARK CORP COM | 39,108 | 41,754 |
| LABORATORY CRP OF AMER HLDGS | 28,105 | 33,527 |
| LOCKHEED MARTIN CORP | 23,657 | 30,016 |
| MAXIM INTEGRATED PRODS INC | 15,502 | 21,800 |
| MCCORMICK & CO INC NON VTG | 28,902 | 42,628 |
| MCDONALDS CORP | 11,727 | 41,398 |
| MERCADOLIBRE INC | 25,124 | 52,296 |
| MERCK & CO. INC. NEW | 56,430 | 83,336 |
| METLIFE INC | 18,456 | 18,177 |
| MICROSOFT CORP | 41,410 | 172,782 |
| NIKE INC CL B | 88,176 | 92,631 |
| NVIDIA CORP COM | 56,184 | 57,459 |
| OLLIE'S BARGAIN OUTLET HOLDING | 7,845 | 22,783 |
| OMNICOM GROUP | 19,684 | 18,977 |
| ORACLE CORPORATION | 13,020 | 35,771 |
| PAYCHEX INC | 19,687 | 29,193 |
| PAYPAL HOLDINGS INC | 52,087 | 61,162 |
| PEOPLE'S UNITED FINANCIAL INC | 16,390 | 17,065 |
| PEPSICO INC | 83,435 | 98,040 |
| PFIZER INC. | 67,650 | 104,689 |
| POWERSHARES PREFERRED PORTFOLIO | 16,730 | 16,661 |
| PRA HEALTH SCIENCES | 18,425 | 29,006 |
| PROCTER & GAMBLE CO | 72,506 | 110,501 |
| RYMAN HOSTPITALITY PROPERTIES INC | 29,289 | 33,225 |
| SERVICEMASTER GLOBAL HOLDINGS | 30,178 | 34,231 |
| SIMON PROPERTY GROUP INC | 21,679 | 20,408 |
| SPDR S&P BIOTECHETF | 17,467 | 25,170 |
| SS&C TECHNOLOGIES HOLDINGS INC | 34,065 | 43,182 |
| TARGET CORP | 19,104 | 21,831 |
| TEXAS INSTRUMENTS INC | 28,420 | 30,866 |
| THERMO FISHER SCIENTIFIC INC | 27,400 | 43,521 |
| TRANSUNION | 16,654 | 26,803 |
| UNION PACIFIC CORP | 38,491 | 42,803 |
| UNITED CONTINENTAL HOLDINGS, INC. | 56,294 | 55,447 |
| UNITED PARCEL SERVICE-CL B | 28,868 | 30,170 |
| UNITED RENTAL INC COM | 23,073 | 24,564 |
| UNITED TECHNOLOGIES CORP | 16,982 | 35,058 |
| UNITEDHEALTH GROUP, INC. | 5,774 | 38,820 |
| UPLAND SOFTWARE INC | 28,826 | 39,014 |
| VANGUARD FTSE DEVELOPED MARKETS ETF | 475,878 | 523,953 |
| VANGUARD FTSE EMERGING MARKETS ETF | 338,047 | 408,850 |
| VERISK ANALYTICS INC | 29,807 | 41,230 |
| VERIZON COMMUNICATIONS | 106,208 | 135,940 |
| VISA INC-CLASS A SHRS | 41,457 | 81,844 |
| WALT DISNEY CO | 46,386 | 70,726 |
| WEBSTER FINL CORP WATERBURY CONN COM | 26,084 | 24,423 |
| WESTERN UNION CO/THE | 27,250 | 24,621 |
| ZIONS BANCORP | 23,555 | 24,567 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| I SHARES I BOXX $ HIGH YIELD | AT COST | 20,924 | 21,531 |
| I SHARES I BOXX $ INVESTMENT | AT COST | 17,026 | 17,026 |
| I SHARES US PREFERRED STOCK ETF | AT COST | 30,701 | 28,436 |
| DFA INTERNATIONAL CORE EQUITY #5306 | AT COST | 440,000 | 450,518 |
| DICKS SPORTING GOODS INC | AT COST | 15,844 | 17,006 |
| DOLLAR TREE INC | AT COST | 57,453 | 59,243 |
| ENTERGY CORP NEW COM | AT COST | 20,313 | 22,951 |
| ESTEE LAUDER COMPANIES INC | AT COST | 37,270 | 39,732 |
| EURONET WORLDWIDE INC. | AT COST | 40,161 | 60,743 |
| FIRSTENERGY CORP COM | AT COST | 20,290 | 22,553 |
| GLOBAL PMTS INC W/I | AT COST | 20,651 | 33,584 |
| GOLDMAN SACHS GQG PARTNERS INT'L OPPORTUNITIES FUND #4945 | AT COST | 351,677 | 353,695 |
| GQG PARTNERS EMERGING MARKETS EQUITY FUND | AT COST | 503,757 | 522,067 |
| GUIDEWIRE SOFTWARE INC | AT COST | 18,250 | 18,946 |
| IBERIABANK CORP | AT COST | 25,877 | 22,517 |
| ISHARES CORE S&P MID-CAP ETF | AT COST | 361,146 | 425,203 |
| ISHARES CORE S&P SMALL-CAP ETF | AT COST | 160,701 | 193,955 |
| KEYSIGHT TECHNOLOGIES INC | AT COST | 25,905 | 33,921 |
| KINDER MORGAN INC/DELAWARE | AT COST | 19,384 | 20,830 |
| LENNOX INTERNATIONAL INC | AT COST | 17,381 | 21,152 |
| LGI HOMES INC | AT COST | 19,362 | 20,783 |
| MARKEL HOLDINGS | AT COST | 28,510 | 24,906 |
| NATIONAL STORAGE AFFILIATES | AT COST | 27,567 | 27,113 |
| NEXTERA ENERGY PARTNERS LP | AT COST | 16,840 | 17,303 |
| OLD DOMINION FREIGHT LINES INC | AT COST | 25,081 | 28,734 |
| PARSLEY ENERGY INC | AT COST | 32,107 | 26,653 |
| PERKINELMER, INC | AT COST | 30,479 | 33,919 |
| POST HOLDINGS INC | AT COST | 26,133 | 30,413 |
| PREMIER INC | AT COST | 25,994 | 23,488 |
| PROGRESSIVE CORP OHIO | AT COST | 45,309 | 48,517 |
| PROPERITY BANCSHARES INC | AT COST | 18,897 | 17,472 |
| PRUDENTIAL FINL INC | AT COST | 20,433 | 18,560 |
| RAYTHEON COMPANY | AT COST | 35,457 | 38,237 |
| SOUTHERN COPPER CORP | AT COST | 42,094 | 41,942 |
| SPIRIT AEROSYSTEMS HOLDINGS | AT COST | 27,104 | 26,818 |
| SPIRIT AIRLINES INC | AT COST | 26,095 | 22,624 |
| STARBUCKS CORP | AT COST | 71,126 | 79,841 |
| TELEFLEX INC | AT COST | 28,139 | 28,101 |
| TRACTOR SUPPLY COMPANY | AT COST | 26,575 | 30,012 |
| ULTA BEAUTY, INC | AT COST | 70,425 | 82,649 |
| UNIVERSAL HEALTH SERVICES INC | AT COST | 30,401 | 30,633 |
| VANECK VECTORS ETF TR | AT COST | 34,176 | 36,962 |
| WABTEC CORP | AT COST | 77,648 | 74,383 |
| WELLS FARGO & CO. | AT COST | 119,002 | 1,535,223 |
| WHIRLPOOL CORP | AT COST | 20,684 | 19,934 |
| ADIDAS - AG | AT COST | 35,489 | 37,408 |
| AIA GROUP LTD | AT COST | 36,600 | 54,808 |
| AIRBUS SE | AT COST | 40,819 | 45,659 |
| ALIBABA GROUP HOLDINGS LTD. | AT COST | 33,087 | 42,328 |
| ASHTEAD GROUP PLC | AT COST | 22,711 | 20,952 |
| ASML HOLDING N.V. | AT COST | 43,509 | 54,535 |
| BANCO MACRO BANSUD | AT COST | 27,051 | 20,958 |
| BHP GROUP PLC | AT COST | 66,372 | 88,352 |
| BYD COMPANY LIMITED | AT COST | 23,407 | 20,783 |
| CANADIAN IMPERIAL BK OF COMMERCE | AT COST | 26,615 | 25,065 |
| CANADIAN NATIONAL RR CO | AT COST | 18,349 | 24,428 |
| CAPCOM CO, LTD | AT COST | 18,405 | 18,569 |
| CHUBB LIMITED | AT COST | 56,831 | 57,153 |
| COMPUTERSHARE LIMITED | AT COST | 18,680 | 15,830 |
| CYBER-ARK SOFTWARE LTD/ISRAEL | AT COST | 17,010 | 28,334 |
| DAIKIN INSUSTRIES | AT COST | 40,767 | 44,445 |
| DASSAULT SYSTEMES S.A. | AT COST | 45,727 | 67,807 |
| DBS GROUOP HOLDINGS LIMITED | AT COST | 32,887 | 38,236 |
| ESSILORLUXOTTICA | AT COST | 51,121 | 42,096 |
| FANUC CORPORATION | AT COST | 66,511 | 52,040 |
| FIRSTSERVICE CORPORATION | AT COST | 27,354 | 28,767 |
| FOMENTO ECONOMICO MEXICANO | AT COST | 34,922 | 34,236 |
| GARMIN LTD | AT COST | 19,116 | 26,078 |
| GLAXOSMITHKLINE PLC | AT COST | 31,829 | 32,722 |
| HAIER ELECTRONICS GROUP CO LTD | AT COST | 41,120 | 40,082 |
| ICON PLC | AT COST | 15,937 | 28,682 |
| INFINEON TECHNOLOGIES | AT COST | 37,200 | 39,372 |
| INFOSYS LIMITED | AT COST | 29,914 | 34,867 |
| INGERSOLL-RAND PLC | AT COST | 38,069 | 40,157 |
| INTERCONTINENTAL HOTELS GROUP | AT COST | 27,499 | 34,394 |
| JARDINE MATHESON HLDGS | AT COST | 44,792 | 46,345 |
| KB FINANCIAL GROUP INC | AT COST | 40,211 | 26,350 |
| LOREAL | AT COST | 37,887 | 50,842 |
| LINDE PUBLIC LIMITED COMPANY | AT COST | 36,246 | 38,705 |
| MACQUARIE GROUP LTD | AT COST | 33,488 | 44,627 |
| MIMECAST LIMITED | AT COST | 18,942 | 18,372 |
| NIDEC | AT COST | 47,837 | 59,265 |
| NOKIA CORPORATION | AT COST | 13,926 | 12,967 |
| NOMAD FOODS LTD | AT COST | 30,054 | 31,759 |
| NOVARTIS AG | AT COST | 22,173 | 24,035 |
| PAGSEGURO DIGITAL LTD | AT COST | 27,977 | 28,119 |
| PIGEON CORPORATION | AT COST | 24,091 | 30,159 |
| POSCO | AT COST | 33,311 | 24,679 |
| RAIA DROGASIL | AT COST | 38,338 | 31,565 |
| RAIFFEISEN BANK INTERNATIONAL AG | AT COST | 40,447 | 26,047 |
| RESTAURANT BRANDS INTERNATIONAL INC | AT COST | 17,222 | 20,575 |
| ROCHE HOLDINGS LTD. | AT COST | 33,115 | 36,041 |
| ROYAL DUTCH SHELL | AT COST | 38,157 | 46,172 |
| SAFRAN | AT COST | 49,062 | 64,867 |
| SAP SE | AT COST | 36,026 | 48,262 |
| SCHLUMBERGER LTD | AT COST | 20,444 | 19,955 |
| SENSATA TECHNOLOGIES HOLDINGS | AT COST | 27,273 | 26,292 |
| SONY CORPORATION | AT COST | 39,357 | 50,308 |
| SUZUKI MOTOR CORPORATION | AT COST | 53,529 | 43,072 |
| TAIWAN SEMICONDUCTOR MANUFACTUR | AT COST | 37,195 | 49,971 |
| TENARIS | AT COST | 27,733 | 25,595 |
| TENCENT HOLDINGS | AT COST | 28,045 | 37,428 |
| TORONTO DOMINION BK ONT | AT COST | 24,078 | 22,058 |
| WASTE CONNECTIONS, INC | AT COST | 16,101 | 28,349 |
| WHITE MOUNTAINS INSURANCE GROUP INC | AT COST | 30,759 | 29,615 |
| YANDEX | AT COST | 15,584 | 19,265 |
| YPF SOCIEDAD ANONIMA | AT COST | 25,980 | 17,414 |
| CYNOSURE INVESTMENT PARTNERS, LLC | AT COST | 4,114,146 | 2,962,000 |
| CYNOSURE AVALON HOLDINGS II, LLC | AT COST | 1,089,363 | 784,000 |
| CYNOSURE SAVANT HOLDINGS LLC | AT COST | 1,529,639 | 1,101,000 |
| PELION VENTURES V, L.P. | AT COST | 1,536,594 | 1,214,000 |
| UTAH VENTURES IV, L.P. | AT COST | 5,226,467 | 4,077,000 |
| 4C GPS II, L.P. | AT COST | 520,658 | 375,000 |
| CYNOSURE GPS LLC | AT COST | 847,438 | 610,000 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 31,662 | 31,662 | 0 |
| Description | Amount |
|---|---|
| PARTNERSHIP INCOME ADJUSTMENT | 674,169 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| OTHER DEDUCTIONS FROM PASSTHROUGHS | 1,057,660 | 1,057,660 | 0 | |
| NON DEDUCTIBLE EXPENSE FROM PASSTHROUGHS | 5,157 | 0 | 0 | |
| BANK FEES | 46 | 46 | 0 | |
| INSURANCE | 10,879 | 0 | 10,879 | |
| PAYROLL EXPENSE | 7,595 | 0 | 7,595 | |
| MISCELLANEOUS | 1,503 | 0 | 1,503 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| PARTNERSHIP INVESTMENT INCOME | 190,360 | 190,360 | 190,360 |
| CLASS ACTION SETTLEMENTS | 1,732 | 1,732 | 1,732 |
| RECEIPT OF UNCLAIMED REVENUE | 29,907 | 29,907 | 29,907 |
| PASSTHROUGH UNRELATED BUSINESS INCOME | -2,533 | -2,533 |
| Description | Amount |
|---|---|
| BASIS ADJUSTMENTS | 2,809,602 |
| CHANGE IN UNREALIZE GAIN/LOSS | 24,033 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| CYNOSURE FEES | 169,241 | 126,931 | 42,310 | |
| OTHER INVESTMENT FEES | 1,993 | 1,495 | 498 | |
| WELLS FARGO | 24,685 | 18,514 | 6,171 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| EXCISE TAX | 16,698 | 0 | 0 | |
| STATE TAX | 3,770 | 3,770 | 0 | |
| FOREIGN TAX | 1,455 | 1,455 | 0 |