Top Ten Holdings as of March 31, 2018

1. Newmont Mining Corporation
2. Agnico Eagle Mines Limited
3. SPDR Gold Trust
4. Randgold Resources Limited ADR
5. Alamos Gold Inc.
6. Ciner Resources LP
7. Detour Gold Corp.
8. SSR Mining Inc.
9. Goldcorp Inc.
10. Fresnillo PLC
Top ten holdings comprise approximately 70% 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. State Street Institutional U.S. Government Money Market Fund, Administration Class
7. Apple Inc.
8. Federated Investors, Inc. Class B
9. T. Rowe Price Group, Inc.
10. Robert Half International Inc.
Top ten holdings comprise approximately 65% of total assets.

Portfolio Manager's Journal

Top ten 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.