| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| TAX PREPARATION FEES | 64,145 | 38,487 | 0 | 25,658 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| MFO PRIN FDS INC DIVERSIFIED RAL AST FDINSTL CL | 2,000,000 | 2,136,646 |
| MFO BLACKROCK FDS V EMRGNG MKTS FLXBLE DYNMC BD PRT INSTL CL | 2,299,596 | 2,492,034 |
| MFO BAIRD FDS INC AGGREGATE BD FD INSTL CL SHS | 1,792,431 | 1,790,852 |
| MFO FIDELITY US BOND INDEX-FAI | 1,427,670 | 1,419,817 |
| MFO LOOMIS SAYLES INVT TR FXD INC FD | 2,129,599 | 2,208,769 |
| CF FIAM TACTICAL BOND LP | 1,500,000 | 1,577,377 |
| MFO NUVEEN INVT FDS INC REAL ASSET | 2,007,662 | 2,039,825 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| GLOBANT SA USD1.20 | 20,128 | 96,401 |
| RITCHIE BROS AUCTIONEERS INC COM | 27,978 | 61,900 |
| ITURAN LOCATION & CONTROL ILS0.333 | 12,756 | 9,963 |
| ADVANCE AUTO PTS INC COM | 55,282 | 66,469 |
| AIR TRANS SVCS GROUP INC COM STK | 75,610 | 115,958 |
| ALARM COM HLDGS INC COM | 32,471 | 81,001 |
| AMEDISYS INC COM | 25,167 | 67,173 |
| AMN HEALTHCARE SVCS INC COM | 35,646 | 47,229 |
| ANSYS INC COM | 43,563 | 102,592 |
| ARGAN INC COM | 46,269 | 52,320 |
| ARMSTRONG WORLD INDS INC NEW COM STK | 50,653 | 58,842 |
| ASPEN TECHNOLOGY INC COM | 26,169 | 28,785 |
| ATKORE INTL GROUP INC COM | 23,545 | 41,110 |
| AVAYA HLDGS CORP COM | 61,585 | 56,301 |
| AXIS CAPITAL HOLDINGS LTD COM | 40,257 | 42,025 |
| BIO-TECHNE CORP COM | 29,112 | 67,321 |
| BJS WHSL CLUB HLDGS INC COM | 60,302 | 84,216 |
| BLACKLINE INC COM | 22,129 | 72,959 |
| CANNAE HLDGS INC COM | 45,307 | 105,540 |
| CDK GLOBAL INC COM | 42,310 | 40,220 |
| CHEMED CORP NEW COM | 35,374 | 75,098 |
| COGNEX CORP COM | 25,626 | 41,909 |
| COLFAX CORP COM US .01 | 13,860 | 19,770 |
| COMFORT SYS USA INC COM | 44,626 | 57,189 |
| COMPUTER PROGRAMS & SYS INC COM | 23,106 | 23,700 |
| COSTAR GROUP INC COM | 27,321 | 73,942 |
| CUBIC CORP COM | 44,696 | 49,880 |
| DISCOVERY INC COM USD0.01 SERIES C | 39,065 | 47,063 |
| DXC TECHNOLOGY CO COM | 26,330 | 20,703 |
| EXPONENT INC COM STK | 28,026 | 38,803 |
| EXTENDED STAY AMER INC PAIRED SHS | 74,034 | 62,143 |
| FASTENAL CO COM | 42,960 | 78,274 |
| FIVE BELOW INC COM USD0.01 | 42,115 | 92,564 |
| GENTEX CORP COM | 23,061 | 35,253 |
| GODADDY INC CL A CL A | 53,788 | 74,572 |
| GRAFTECH INTL LTD COM | 55,935 | 52,799 |
| GRAND CANYON ED INC COM STK | 55,546 | 58,380 |
| GUIDEWIRE SOFTWARE INC COM USD0.0001 | 47,321 | 64,365 |
| HARSCO CORP COM | 43,453 | 30,780 |
| HEALTHCARE SVCS GROUP INC COM | 53,680 | 41,476 |
| HEICO CORP NEW COM | 34,848 | 74,938 |
| HOSTESS BRANDS INC CL A CL A | 80,710 | 91,559 |
| INGLES MKTS INC CL A | 14,671 | 20,008 |
| LENNOX INTL INC COM | 21,671 | 29,041 |
| LIBERTY BROADBAND CORP COM SER C COM SERC | 14,228 | 28,443 |
| LIBERTY LATIN AMERICA LTD COM USD0.01 CLASS A | 24,349 | 12,365 |
| LIBERTY LATIN AMERICA LTD COM UDS0.01 CLASS C | 40,998 | 20,406 |
| LKQ CORP COM LKQ CORP | 68,281 | 80,277 |
| MIDDLEBY CORP COM | 24,135 | 23,850 |
| MSC INDL DIRECT INC CL A COM | 13,283 | 14,178 |
| MURPHY USA INC COM | 12,745 | 20,023 |
| NATIONAL INSTRS CORP COM | 39,020 | 36,031 |
| NCR CORP COM | 63,033 | 74,126 |
| NEOGEN CORP COM | 31,398 | 43,377 |
| NEWMARK GROUP INC CL A CL A | 16,531 | 8,165 |
| NIELSEN HOLDINGS PLC COMSTK | 45,438 | 42,262 |
| NVENT ELECTRIC PLC COM UDS0.01 WI | 17,644 | 20,053 |
| OAKTREE SPECIALTY LENDING CORP COM | 28,728 | 37,063 |
| ORTHOPEDIATRICS CORP COM | 21,250 | 21,986 |
| PAYCOM SOFTWARE INC COM | 19,571 | 84,119 |
| PAYLOCITY HLDG CORP COM | 17,275 | 39,947 |
| PBF ENERGY INC CL A CL A | 25,709 | 6,071 |
| PEGASYSTEMS INC COM | 43,178 | 82,221 |
| PLURALSIGHT INC CL A CL A | 37,398 | 36,366 |
| PRA GROUP INC COM | 19,731 | 22,051 |
| PREMIER INC CL A CL A | 79,609 | 85,047 |
| PROS HLDGS INC COM | 24,183 | 39,753 |
| PROTO LABS INC COM | 40,890 | 60,900 |
| ROLLINS INC COM | 32,513 | 60,363 |
| SMITH A O CORP COM | 35,343 | 39,141 |
| TELADOC HEALTH INC | 13,260 | 56,589 |
| TYLER TECHNOLOGIES INC COM STK | 42,136 | 92,542 |
| UNIFIRST CORP MASS COM | 62,635 | 88,910 |
| VERISK ANALYTICS INC | 41,986 | 91,755 |
| VIAD CORP COM NEW | 46,736 | 31,866 |
| VONAGE HLDGS CORP COM | 19,361 | 28,737 |
| WATSCO INC COM | 20,574 | 28,092 |
| WEST PHARMACEUTICAL SVCS INC COM | 25,121 | 76,494 |
| WHITE MOUNTAINS INSURANCE CROUP COM STOCK | 81,555 | 99,065 |
| WORLD FUEL SERVICE COM STK USD0.01 | 22,371 | 24,429 |
| YELP INC CL A | 34,357 | 33,977 |
| 2U INC COM | 34,637 | 22,606 |
| MFO BROWN ADVISORY FDS ADVISORY GROWTH EQTY FD INV SHS | 2,635,220 | 3,480,620 |
| ERSTE GROUP BANK AG NPV | 42,607 | 52,792 |
| BROOKFIELD ASSET LIMITED VTG SHARES CLASS A | 93,525 | 114,409 |
| CAMECO CORP COM NPV | 32,400 | 37,740 |
| MAGNA INTL INC COM NPV | 69,964 | 98,315 |
| AMUNDI EUR2.5 | 75,802 | 79,281 |
| DASSAULT SYSTEMES EUR0.50 | 101,592 | 107,745 |
| LVMH MOET HENNESSY LOUIS VUITTON SE EUR0.30 | 81,631 | 106,269 |
| MICHELIN (CGDE) EUR2 | 51,681 | 51,236 |
| SAFRAN SA EUR0.20 | 68,954 | 82,285 |
| TOTAL S.E. EUR2.5 | 57,910 | 62,627 |
| SYMRISE AG NPV (BR) | 85,854 | 81,702 |
| AIA GROUP LTD NPV | 77,295 | 90,665 |
| KORNIT DIGITAL LTD COMMON STOCK | 32,095 | 64,530 |
| FANUC CORP NPV | 79,142 | 103,164 |
| KDDI CORP NPV | 76,456 | 80,180 |
| KUBOTA CORP NPV | 62,206 | 76,309 |
| MARUI GROUPCO LTD | 57,842 | 56,162 |
| NIDEC CORPORATION NPV | 79,694 | 119,434 |
| OTSUKA HOLDINGS CO LTD | 66,168 | 64,187 |
| SONY CORP NPV | 111,588 | 139,464 |
| AKZO NOBEL NV EUR0.50 (POST REV SPLIT) | 89,549 | 95,676 |
| HEINEKEN NV EUR1.6 | 77,819 | 94,870 |
| COCA-COLA EUROPEAN PARTNERS PLC ORD | 61,379 | 75,243 |
| CREDICORP LTD COM STK | 69,814 | 99,888 |
| DBS GROUP HLDGS NPV | 57,115 | 70,100 |
| ASSA ABLOY SER'V'NPV (POST SPLIT) | 61,692 | 64,602 |
| ALCON INC | 70,309 | 81,209 |
| NOVARTIS AG CHF0.50 (REGD) | 67,403 | 72,867 |
| UBS GROUP AG CHF0.10 (REGD) | 52,340 | 60,661 |
| UNILEVER PLC ORD | 80,423 | 83,084 |
| ASHTEAD GROUP ORD GBP0.10 | 85,000 | 113,260 |
| CARNIVAL PLC ORD USD 1.66 | 19,823 | 26,534 |
| CLOSE BROS GROUP ORD GPB0.25 | 47,021 | 60,641 |
| COMPASS GROUP ORD GBP0.1105 | 58,822 | 68,191 |
| EXPERIAN ORD USD0.10 | 79,150 | 80,438 |
| RECKITT BENCK GRP ORD GBP0.10 | 76,525 | 67,069 |
| RENTOKIL INITIAL ORD GVP0.01 | 92,674 | 88,398 |
| ACCENTURE PLC SHS CL A NEW | 121,374 | 133,217 |
| ACI WORLDWIDE INC COM STK | 15,117 | 25,133 |
| ALIGN TECHNOLOGY INC COM | 16,520 | 43,285 |
| AMERICAN EQUITY INVT LIFE HLDG CO COM | 44,393 | 46,303 |
| AVALARA INC COM | 34,554 | 45,015 |
| AXALTA COATING SYSTEMS LTD COM | 12,988 | 21,384 |
| CNA FNCL CORP COM | 31,139 | 32,610 |
| CORE LABORATORIES NV NLG0.03 | 4,014 | 4,136 |
| EPLUS INC COM | 43,073 | 50,132 |
| FIDELITY NATL FINL INC NEW FORMERLY | 56,387 | 79,196 |
| HOLLYFRONTIER CORP COM | 26,912 | 28,591 |
| HUNTINGTON INGALLS INDS INC COM | 46,018 | 51,827 |
| IAC/INTERACTIVECORP NEW COM NPV | 33,358 | 50,179 |
| INSPERITY INC COM | 8,828 | 15,552 |
| JACK HENRY & ASSOC INC COM | 27,705 | 25,757 |
| JONES LANG LASALLE INC COM STK | 32,717 | 48,666 |
| MEDNAX INC COM | 18,651 | 19,509 |
| MOLSON COORS BEVERAGE COMPANY COM USD0.01 CLASS B | 19,481 | 19,342 |
| OLLIES BARGAIN OUTLET HLDGS INC COM | 28,319 | 42,603 |
| PERSPECTA INC COM | 35,264 | 42,719 |
| SP PLUS CORP COM | 12,582 | 19,432 |
| TRIMAS CORP COM NEW COM NEW | 9,798 | 13,746 |
| US ECOLOGY INC COM | 30,097 | 30,409 |
| WHOLE EARTH BRANDS INC CL A | 10,926 | 16,177 |
| WORKIVA INC COM CL A COM CL A | 32,738 | 60,469 |
| CFO GLOBAL EQUITY LONG-ONLY FUND, LP | 5,000,000 | 5,798,748 |
| MFO UBS FDS EMERGING MKTS EQUITY OPPTY FD CL P2 | 3,359,840 | 4,037,789 |
| CF LINDSELL TRAIN GLOBAL EQUITY LLC | 5,023,650 | 5,759,805 |
| CF SSGA U.S. TIPS INDX NL CTF (CMY5) | 2,749,843 | 2,807,214 |
| CF SSGA 3-10 YEAR U.S. TREASURY INDEX NL CTF (CM2RNON) | 2,749,846 | 2,734,166 |
| CF SSGAMSCI EAFE 100 PERCENT HEDGED TO USD INDEX NL CTF (ZVDQ) | 2,249,767 | 2,532,161 |
| MFO ISHARES S&P 500 INDEX K | 2,119,060 | 2,563,505 |
| MFOFIDELITY 500 INDEX-INST PREM | 9,845,293 | 11,368,809 |
| MFC ISHARES INC MSCI SOUTH KOREA ETF | 79,000 | 106,702 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 24,147 | 3,622 | 0 | 20,525 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| PORTFOLIO ADVISORS SECONDARY F | 1,329,151 | 1,305,372 | 345,977 |
| K-1: PERENNIAL REAL ESTATE FUN | 505,512 | 505,512 | 95,516 |
| K-1: GPEO III FTE, LTD | 1,114,067 | 1,114,068 | 195,267 |
| K-1: MERRIWELL FUND L.P. | 1 | 1 | 1 |
| K-1: U.S. REAL ESTATE INVEST. | 1,487,662 | 1,499,403 | 1 |
| K-1: HOPEN LIFE SCIENCE FUND | 1,872,000 | 1,903,000 | 740,955 |
| K-1: BDT CAPITAL PARTNERS I-A | 3,076,394 | 2,597,276 | 4,706,038 |
| K-1: BDT CAPITAL PARTNERS II | 5,299,001 | 5,531,103 | 6,946,368 |
| K-1: LOST BOYS HOME DOCUMENTAR | 230,000 | 230,000 | 230,000 |
| K-1: PLYMOUTH VENTURE PARTNERS | 499,023 | 512,676 | 784,419 |
| K-1: GRAND ANGELS VENTURES | 215,882 | 222,758 | 119,744 |
| K-1: GA PRISM SPE, LLC | 1,914 | 1,914 | 2,472 |
| K-1: ABLATIVE SOLUTIONS INC | 20,000 | 20,000 | 20,956 |
| K-1: GRAND ANGELS CO-INVESTMENT | 15,000 | 15,000 | 15,000 |
| K-1: GA CERFTIFIED SPE LLC | 15,150 | 15,150 | 15,113 |
| K-1: GA CHANGE DYNAMIX SPE, LLC | 15,150 | 15,150 | 15,150 |
| ACCRUALS | -85,486 | -43,587 | -43,582 |
| CF BLACKSTONE PARTNERS OFF FUND LTD, CL F1 | 1,600,000 | 1,600,000 | 1,708,756 |
| K-1: GRAND ANGELS VENTURE FUND III LLC | 100,000 | 225,000 | 214,743 |
| K-1: HARDMAN JOHNSTON INTERNATIONAL EQUITY FUND II, LP | 0 | 2,750,000 | 3,600,209 |
| CF POLUNIN EMERGING MARKETS SMALL CAP FUND | 0 | 1,275,745 | 1,551,894 |
| Description | Amount |
|---|---|
| BOOK TO TAX ADJUSTMENT | 908,704 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| SOFTWARE AND TECHNOLOGY | 19,069 | 0 | 0 | 19,069 |
| INSURANCE | 8,856 | 0 | 0 | 8,856 |
| MISC EXPENSE | 1,296 | 0 | 0 | 1,296 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| OTHER INCOME - NORTHERN TRUST | 3,205 | 3,205 | 0 |
| FROM K-1: HOPEN LIFE SCIENCE FUND II | 0 | -29,937 | 0 |
| FROM K-1: U.S. REAL ESTATE INVESTMENT FUND | 4,378,430 | -2,703 | 0 |
| FROM K-1: GA PRISM SPE, LLC | 0 | -23 | 0 |
| FROM K-1: GA VENTURE FUND II, LLC | 69,798 | -8,439 | 0 |
| FROM K-1: GA CERTIFIED SPE, LLC | 0 | -11 | 0 |
| FROM K-1: PLYMOUTH VENTURE PARTNERS III, LP | 7,368 | -19,826 | 0 |
| FROM K-1: BDT CAPITAL PARTNERS FUND I-A | 98,521 | -70,170 | 0 |
| FROM K-1: BDT CAPITAL PARTNERS FUND II | 0 | -70,784 | 0 |
| FROM K-1: PERENNIAL REAL ESTATE FUND, LP | 0 | -14,830 | 0 |
| FROM K-1: PICTET INTERNATIONAL EQUITY FUND LLC | 0 | -30,474 | 0 |
| FROM K-1: GA VENTURE FUND III, LLC | 0 | -13,818 | 0 |
| FROM K-1: HARDMAN JOHNSTON INTERNATIONAL EQUITY FUND II LP | 0 | -10,540 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT MANAGEMENT FEES | 399,793 | 399,793 | 0 | 0 |
| CONSULTING FEES | 45,000 | 20,000 | 0 | 25,000 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAXES PAID | 13,436 | 13,436 | 0 | 0 |
| FROM K-1'S: FOREIGN TAXES PAID | 0 | 10,531 | 0 | 0 |
| FROM K-1'S: STATE TAXES WITHHELD | 0 | 66 | 0 | 0 |