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Top Ten Holdings

Ten Largest Holdings

As of 09/30/2018
Holding Shares Value % Common
Net Assets*
The TJX Companies, Inc.

Through its T.J. Maxx and Marshalls divisions, TJX is the leading off-price retailer. The continued growth of these divisions in the U.S. and Europe, along with expansion of related U.S. and foreign off-price formats, provide ongoing growth opportunities.

648,268 $72,618,981 6.5%
Microsoft Corporation

Microsoft is a leading global provider of software, services and hardware devices. The company produces the Windows operating system, Office productivity suite, Azure public cloud service, and Xbox gaming console.

500,686 $57,263,458 5.1%
Republic Services, Inc.

Republic Services is a leading provider of non-hazardous, solid waste collection and disposal services in the U.S. The efficient operation of its routes and facilities combined with appropriate pricing enables Republic Services to generate significant free cash flow.

597,895 $43,443,051 3.9%
Alphabet, Inc.

Alphabet Inc. is a global technology firm with a dominant market share in internet search, online advertising, desktop and mobile operating systems, as well as a growing share of cloud computing platforms. Alphabet also sells related consumer and enterprise software and hardware products. Alphabet has a wide competitive moat, a strong business franchise, a reasonable valuation, several positive potential catalysts, and manageable risks.

35,500 $42,368,185 3.8%
Nestlé S.A.

Nestlé is a well-managed, global food company with a favorably-positioned product portfolio and an excellent AA rated balance sheet. High market share, solid volume growth, strong pricing power, expense control and steady capital management yield durable, above-average, long-term total return potential.

450,000 $37,524,461 3.3%, Inc. is the world’s largest online retailer and cloud services provider. Headquartered in Seattle, WA., Amazon has individual websites, software development centers, customer service centers and fulfillment centers all over the world with turnover of approximately $210B.

18,000 $36,054,000 3.2%
Arch Capital Group Ltd.

Arch Capital, a Bermuda-based insurer/reinsurer, generates premiums of approximately $6.5 billion and has a high quality, well-reserved A+ rated balance sheet. This company has a strong management team that exercises prudent underwriting discipline, efficient expense control, and steady capital management resulting in above-average earnings and book value growth.

1,200,000 $35,772,000 3.2%
Berkshire Hathaway Inc. Class A

Berkshire Hathaway is a holding company owning many well-operated subsidiaries mainly in the insurance, railroad, utility/energy, aerospace, manufacturing, retail and finance industries. The company also holds various thoughtfully selected common stock investments primarily in the consumer non-durable and financial services industries. Berkshire is uniquely positioned to provide above average, long term, high quality, relatively defensive returns due to its conservative, well-reserved AA rated balance sheet.

     110 $35,200,005 3.1%
ASML Holding N.V.

ASML is the leading global provider of lithography systems for the semiconductor industry, manufacturing highly complex equipment critical to the production of integrated circuits or microchips. ASML's products and services help its semiconductor customers reduce the size and increase the functionality of their microchips. ASML has established a dominant market share in next-generation lithography even as that market grows its share of semiconductor capex budgets. ASML has strong growth prospects, healthy margin leverage, shareholder-friendly capital allocation, and a moderate risk profile.

177,850 $33,439,357 3.0%
Unilever N.V.

Unilever N.V. is a well-managed, primarily emerging market-based, global consumer goods manufacturer focusing on personal care, home care, food and refreshment products and operates with a solid A+ rated balance sheet. Advantaged geographies coupled with above average volume growth, pricing power and management execution generates above average long-term shareholder returns.

590,000 $32,861,206 2.9%
$426,544,704 38.0%
* Net Assets Applicable to the Company's Common Stock