| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| TAX PREPARATION FEE (NON-ALLOC | 500 | 500 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| BBH LIMITED DURATION FUND CL I | 3,089,178 | 3,128,322 |
| BBH INCOME FUND FUND CL I | 3,031,600 | 3,247,659 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| BBH INTERNATIONAL EQTY FD CL N | 2,709,679 | 3,889,196 |
| BERKSHIRE HATHAWAY INC CL B | 94,648 | 374,238 |
| FLEETCOR TECH INC | 98,677 | 219,628 |
| CELANESE CORP SERIES A | 48,020 | 161,905 |
| COMCAST CORP CL A | 32,476 | 169,776 |
| DENTSPLY SIRONA INC | ||
| DIAGEO PLC-SPONSORED ADR | 60,549 | 176,914 |
| LIBERTY GLOBAL PLC-SERIES C | ||
| HENRY SCHEIN INC COM STK | 124,270 | 164,342 |
| LIBERTY INTERACTIVE A | ||
| LONGLEAF PARTNERS SMALL CAP FD | ||
| MICROSOFT CORP | ||
| NESTLE S A SPONS ADR | 23,611 | 118,742 |
| NOVARTIS AG - ADR | ||
| ORACLE CORP | 120,150 | 205,520 |
| PRAXAIR INC | ||
| QUALCOMM INC | ||
| PERRIGO CO PLC | 184,410 | 84,789 |
| NIELSEN HLDGS PLC | ||
| U S BANCORP | ||
| UNILEVER N V-NY SHARES | ||
| WASTE MANAGEMENT INC | 23,999 | 104,368 |
| WELLS FARGO & CO | ||
| ZOETIS INC COM STK | 51,927 | 295,749 |
| ALPS SERIES TR CLARKSTON | ||
| PAYPAL HOLDINGS INC | ||
| ALPHABET INC | 64,801 | 394,173 |
| DISCOVERY COMMUNICATIONS | ||
| AKRE FOCUS FUND | 1,160,859 | 2,795,053 |
| KROGER CO COM STK | ||
| SABRE CORP COM STK | ||
| GQG PART EMERG MKTS | 753,597 | 1,087,569 |
| SELECT VALUE REAL ESTATE | ||
| BROWN-FORMAN CORP CLASS B COMM | 107,855 | 183,086 |
| DOLLAR GENERAL CORP COM STK | 61,620 | 128,914 |
| QURATE RETAIL INC. SERIES A CO | ||
| COPART INC COM STK | 105,623 | 266,971 |
| ALLEGION PLC-COM STK | 106,859 | 150,479 |
| KLA-TENCOR CORP | 56,562 | 147,838 |
| LINDE PLC COM STK | 177,598 | 269,307 |
| BOOKING HOLDING | 94,546 | 115,818 |
| BRIGHT HORIZONS | ||
| COLGATE PALMOLIVE | 120,286 | 161,614 |
| COSTCO | 70,021 | 119,439 |
| ARTHUR J GALLAGHER | 206,474 | 280,451 |
| ALCON INC | 181,451 | 237,462 |
| AO SMITH CORP | 132,211 | 161,719 |
| MASTERCARD | 211,799 | 291,263 |
| AMAZON.COM INC | 234,170 | 241,013 |
| NIKE INC CL B | 110,657 | 192,824 |
| STARBUCKS CORP | 110,485 | 129,553 |
| PROGRESSIVE CORP OHIO | 122,097 | 163,152 |
| BAXTER INTL INC | 144,365 | 151,092 |
| THERMO FISHER SCIENTIFIC INC | 108,919 | 116,445 |
| GRACO INC COMMON STOCK | 56,928 | 59,689 |
| VISA INC- CL.A SHARES | 105,192 | 117,677 |
| CLARKSTON FOUNDERS FUND-INST | 631,876 | 653,834 |
| CLARKSTON SERIES TRUST CLARKST | 1,155,000 | 1,661,696 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| OTHER EXPENSE (NON-DEDUCTIBLE | 46 | 46 | 0 |
| Description | Amount |
|---|---|
| ROUNDING | 1 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMNT MNGMNT FEES (NON-DED | 49,561 | 49,561 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL TAX PAYMENT - PRIOR YE | 9,456 | 0 | 0 | |
| FEDERAL ESTIMATES - PRINCIPAL | 22,650 | 0 | 0 | |
| FOREIGN TAXES ON QUALIFIED FOR | 5,707 | 5,707 | 0 | |
| FOREIGN TAXES ON NONQUALIFIED | 1,689 | 1,689 | 0 |