Top Ten Security Holdings as of December 31, 2018

1. Newmont Mining Corporation
2. Agnico Eagle Mines Limited
3. SPDR Gold Trust
4. Randgold Resources Limited ADR
5. SSR Mining Inc.
6. Saracen Mineral Holdings Limited
7. OceanaGold Corporation
8. Evolution Mining Ltd.
9. Alamos Gold Inc.
10. B2Gold Corp.
Top ten security holdings comprise approximately 61% of total assets.


1. Mastercard Incorporated Class A
2. Alphabet Inc. Class A
3. Berkshire Hathaway, Inc. Class B
4. Johnson & Johnson
5. JPMorgan Chase & Co.
6. AutoZone, Inc.
7. Apple Inc.
8. Robert Half International
9. Broadcom Inc.
10. Marcus & Millichap, Inc.
Top ten security holdings comprise approximately 65% of total assets.

Portfolio Manager's Journal

Top ten security holdings are shown for informational purposes only and are subject to change. The above portfolio information should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that any securities will remain in or out of the Funds.