| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 1,100 | 550 | 550 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ACCENTURE PLC | 20,592 | 154,627 |
| ADDUS HOMECARE CORP | 4,128 | 4,863 |
| AIA GROUP LTD-SP | 39,326 | 62,342 |
| ALPHABET INC CL C | 25,956 | 141,786 |
| AMPHENOL CORP CL A | 10,500 | 85,623 |
| APPLE INC | 4,596 | 102,458 |
| ARISTOCRAT LEISURE LTD | 61,829 | 82,837 |
| ASGN INCORPORATED | 2,125 | 9,872 |
| ASHTEAD GROUP PLC | 57,836 | 150,910 |
| AVAYA HLDGS CORP | 7,018 | 7,227 |
| BERKSHIRE HATHAWAY INC | 21,000 | 107,341 |
| BLACKROCK INC | 19,905 | 119,938 |
| BRIGHT HORIZONS FAMILY SOLUTIONS | 2,936 | 4,658 |
| CACI INTL INC FORMERLY CACI INC TO | 5,529 | 8,346 |
| COGENT COMMUNICATIONS HOLDINGS, INC | 5,068 | 5,781 |
| COLLIERS INTERNATIONAL GROUP INC | 4,436 | 10,851 |
| CURTISS WRIGHT CORP COM | 5,470 | 6,934 |
| ENCOMPASS HEALTH CORP | 5,010 | 7,309 |
| META PLATFORMS, INC | 26,383 | 78,033 |
| FIRSTCASH INC | 4,180 | 8,154 |
| GENTEX CORP | 1,810 | 8,399 |
| GRAND CANYON EDUCATION INC | 7,914 | 7,028 |
| HARDING LOEVNER INTERNATIONAL EQUITY | 124,430 | 164,611 |
| HDFC BANK LTD | 51,011 | 63,183 |
| HOULIHAN LOKEY INC | 4,732 | 10,559 |
| IAA INC | 4,864 | 6,732 |
| IHS MARKIT LTD | 22,654 | 91,582 |
| INTERDIGITAL INC | 3,502 | 4,226 |
| ISHARES CORE MSCI EAFE ETF | 216,102 | 298,560 |
| ISHARES CORE S&P 500 ETF | 430,700 | 953,980 |
| JOHNSON & JOHNSON | 17,517 | 57,480 |
| MASTEC INC COM | 1,622 | 6,552 |
| MASTERCARD INC CL A | 20,921 | 97,735 |
| MAXIMUS INC COM | 5,110 | 6,533 |
| MAXLINEAR INC | 1,199 | 11,007 |
| NV5 GLOBAL INC | 4,057 | 12,155 |
| PRESTIGE CONSUMER HEALTHCARE INC | 6,498 | 9,765 |
| PRIMERICA INC | 5,233 | 9,196 |
| PROG HOLDINGS INC | 4,490 | 9,157 |
| RESMED INC | 40,485 | 95,336 |
| S&P GOLBAL INC | 40,617 | 59,463 |
| SAFRAN SA | 35,237 | 59,314 |
| SITEONE LANDSCAPE SUPPLY INC | 3,237 | 10,903 |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 8,667 | 153,395 |
| TENCENT HOLDINGS LIMITED | 38,323 | 45,241 |
| THERMO FISHER SCIENTIFIC INC | 11,325 | 181,489 |
| UNILEVER PLC | 37,703 | 50,616 |
| UNITEDHEALTH GROUP INC | 50,150 | 108,964 |
| VALVOLINE INC | 5,091 | 9,509 |
| WEX INC | 483 | 5,194 |
| WNS HOLDINGS LTD | 3,479 | 11,469 |
| ZEBRA TECHNOLOGIES CORP CL A | 33,137 | 133,920 |
| D R HORTON INC | 116,001 | 126,236 |
| LCI INDUSTRIES | 6,629 | 7,326 |
| PAPA JOHNS INTL INC | 6,682 | 8,142 |
| HAMILTON LANE INC | 7,385 | 8,290 |
| PROGYNY INC | 4,953 | 4,834 |
| ASML HOLDINGS N.V. | 109,706 | 124,198 |
| ISHARES RUSSELL 2000 ETF | 196,053 | 195,756 |
| VANGUARD FTSE EMERGING MARKETS ETF | 100,168 | 95,705 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| MACC, LLP | AT COST | 524,836 | 0 |
| OTHER INVESTMENTS | AT COST | 253,084 | 253,084 |
| PARTNERS GROUP REAL ESTATE | AT COST | 140,658 | 184,941 |
| Description | Amount |
|---|---|
| BASIS ADJUSTMENT | 8,232 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| MACC OTHER DEDUCTIONS | 8,045 | 8,045 | 0 | |
| VCFA PRIVATE EQUITY PARTNERS IV, LP OTHER DEDUCTIONS | 453 | 453 | 0 | |
| MN STATE REGISTRATION | 25 | 0 | 25 | |
| PARTNERS GROUP REAL ESTATE OTHER DEDUCTIONS | 5,059 | 5,059 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| PORTFLOLIO ADVISORS SECONDARY FUND - INC. | 26,636 | 26,636 | 26,636 |
| PARTNERS GROUP REAL ESTATE | 20,319 | 20,319 | 20,319 |
| VCFA PRIVATE EQUITY PARTNERS IV, LP | -3,263 | -3,263 | -3,263 |
| MISCELLANEOUS INCOME | 74,857 | 74,857 | 74,857 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT MANAGEMENT FEES | 19,486 | 19,486 | 0 | |
| ADR FEES | 297 | 297 | 0 | |
| MACC LP FEES | 14,043 | 14,043 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAX PAID | 2,150 | 2,150 | 0 | |
| ESTIMATE TAX PAYMENTS | 13,382 | 0 | 0 |
| Name | US / Foreign Address |
EIN | Description | Amount |
|---|---|---|---|---|
| MACC LLP |
90 SOUTH 7TH STREET 11TH FLOOR MINNEAPOLIS,MN55402 |
26-3146863 | CAPITAL CONTRIBUTION | 19,998 |
| Total | 19,998 | |||