| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 7,000 | 7,000 | 0 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| HP ENTERPRISE CO 4.9 25 | 519,376 | 507,711 |
| AETNA 41/8 21 | 268,428 | 253,415 |
| AFLAC 31/4 25 | 493,155 | 480,880 |
| ALTRIA GROUP 4 24 | 536,296 | 500,745 |
| AMGEN 4.1 21 | 270,400 | 253,458 |
| ANHEUSER BUSCH 3.7 24 | 260,290 | 245,513 |
| APACHE CORP. 2 5/8 23 | 249,921 | 237,403 |
| AT&T | 247,256 | 234,733 |
| AT&T 3 22 | 513,621 | 488,170 |
| BERKSHIRE HATHAWAY 3 22 | 523,511 | 494,480 |
| BURLINGTON NORTHERN SANTA FE 3.05 22 | 518,450 | 493,355 |
| CANADIAN PACIFIC 4,45 23 | 260,823 | 256,800 |
| CAPITAL ONE FINANCIAL VAR. 49 | 250,000 | 252,500 |
| CITIZEN FINL GROUP INC 5.5S | 257,934 | 251,875 |
| CATERPILLAR 2.6 22 | 258,330 | 242,663 |
| CBS 3.7 24 | 259,951 | 242,060 |
| CBS 4 26 | 250,575 | 241,933 |
| CIGNA CORP. 4 22 | 274,423 | 251,680 |
| CIGNA CORP. | 250,765 | 235,440 |
| CLOROX 3.05 22 | 258,895 | 246,958 |
| CITIGROUP 37/8 25 | 245,735 | 240,803 |
| COLGATE PALMOLIVE 3 1/4 24 | 261,216 | 247,775 |
| COMCAST 3318 25 | 252,393 | 241,978 |
| CORN PRODUCTS INTERNATIONAL 45/8 20 | 262,505 | 255,493 |
| CREDIT SUISSE NEW YORK 43/8 20 | 261,128 | 254,103 |
| CVS CAREMARK 41/8 21 | 263,875 | 253,008 |
| DOW CHEMICAL 41/8 21 | 268,000 | 253,778 |
| ENTERGY 51/8 20 | 254,012 | 255,343 |
| ERP OPERATING 43/4 20 | 267,365 | 254,790 |
| EXXON MOBIL 3.176 24 | 526,155 | 493,380 |
| FEDEX 2.7 23 | 254,225 | 240,185 |
| FEDEX 4 24 | 273,705 | 254,100 |
| GENERAL ELECTRIC 2.7 22 | 261,693 | 236,250 |
| GENERAL MILLS 3.15 21 | 261,693 | 245,978 |
| GENERAL MILLS 3.2 27 | 259,729 | 225,573 |
| GOLDMAN SACHS 3.85 24 | 524,906 | 490,165 |
| GOLDMAN SACHS CAPITAL II 5.793 43 | 8,340 | 9,600 |
| E TRADE FINANCIAL CORP VAR RT | 255,837 | 241,250 |
| VOYA FINANCIAL INC VAR RT PERP MAT | 255,000 | 248,438 |
| GOLDMAN SACHS 5.95 27 | 291,168 | 269,400 |
| HOME DEPOT 3 3/4 24 | 263,293 | 252,955 |
| HOME DEPOT 3 26 | 254,398 | 236,868 |
| INTEL CORP 3.7 25 | 267,358 | 249,323 |
| WASTE MANAGEMENT 3.15 27 | 253,255 | 234,025 |
| GENERAL ELEC CAP CORP 3.3 27 | 101,066 | 88,226 |
| JP MORGAN CHASE 4.4 20 | 261,168 | 254,183 |
| JP MORGAN CHASE VAR RT 04/25/2023 | 252,175 | 251,748 |
| CHARLES SCHWAB CORP VAR RT 06/01/2166 | 250,000 | 237,500 |
| CITIGROUP INC MTN VAR RT 11/24/2027 | 250,000 | 255,338 |
| JP MORGAN CHASE VAR. RATE | 355,000 | 356,775 |
| JP MORGAN CHASE VAR. RATE 05/01/2166 | 500,000 | 462,800 |
| JP MORGAN CHASE 5.15 49 | 65,000 | 63,822 |
| JP MORGAN CHASE | 381,557 | 360,346 |
| JP MORGAN TRUST I FLOATING RATE | 3,391,989 | 3,287,692 |
| KELLOGG 4 20 | 284,663 | 253,445 |
| MATTEL 4.35 20 | 261,065 | 247,423 |
| MCDONALD'S 33/8 25 | 245,915 | 240,825 |
| METLIFE 43/4 21 | 270,612 | 257,258 |
| METLIFE 3 25 | 502,453 | 471,585 |
| METLIFE VAR. 49 | 125,000 | 126,115 |
| NEWELL RUBBERMAID 4.7 20 | 266,575 | 254,653 |
| PEPSICO 3.6 24 | 259,945 | 249,968 |
| PHILIP MORRIS INTL. 3.6 23 | 268,663 | 248,485 |
| POTASH CORP - SASKATCHEWAN 47/8 20 | 266,218 | 255,290 |
| PACIFIC GAS & ELECTRIC 3.5 25 | 264,046 | 232,815 |
| PRUDENTIAL FINANCIAL 3 1/2 24 | 519,990 | 496,805 |
| THERMO FISHER SCIENTIFIC 4.15 24 | 526,133 | 504,150 |
| TIME WARNER 6.95 28 | 198,891 | 232,442 |
| UNION PACIFIC 4 21 | 269,900 | 253,375 |
| UNION PACIFIC | 264,635 | 238,770 |
| UNITED HEALTH GROUP 27/8 22 | 257,053 | 245,325 |
| UNITED TECHNOLOGIES CORP | 259,366 | 229,905 |
| UNITED HEALTH | 268,386 | 247,528 |
| VERIZON 3.5 24 | 497,515 | 488,955 |
| WAL-MART 41/4 21 | 291,250 | 256,677 |
| WELLS FARGO 3.45 23 | 512,870 | 488,340 |
| WELLS FARGO VAR RT 01/24/2023 | 255,375 | 252,843 |
| ENLINK MIDSTREAM VAR RT 12/15/2165 | 150,000 | 130,668 |
| WHIRLPOOL 3.7 25 | 504,270 | 477,365 |
| XL CAPITAL LTD NOTES 6.5 2165 | 237,658 | 245,030 |
| CONOCOPHILLIPS COMPANY VAR RT | 248,247 | 237,932 |
| AT&T INC VAR RT | 251,625 | 250,415 |
| METROPOLITAN WEST UNC BD-1 | 133,706 | 132,553 |
| CVS HEALTH CORP | 262,785 | 243,285 |
| JPMORGAN CHASE & CO 3.9 % | 264,473 | 246,320 |
| APPLE INC | 266,901 | 242,165 |
| APPLE INC 3.25 26 | 260,393 | 240,660 |
| HALLIBURTON CO 3.8 25 | 263,261 | 243,200 |
| LOCKHEED MARTIN CORP | 266,494 | 244,055 |
| LOCKHEED MARTIN CORP 2.9 25 | 257,476 | 237,525 |
| CISCO SYSTEMS INC 0.035 | 273,977 | 246,950 |
| CITIGROUP INC 0.043 | 254,487 | 242,723 |
| PHILIP MORRIS INTL INC OLD 03.250% | 270,249 | 242,510 |
| AMERICAN INTL GROUP 0.0375 | 268,522 | 239,103 |
| AMERICAN INTL GROUP 3.9 26 | 262,815 | 238,875 |
| AETNA INC 0.035 | 272,095 | 242,930 |
| QUEST DIAGNOSTIC INC 3.5 25 | 271,407 | 238,550 |
| KRAFT HEINZ FOODS 3.95 25 | 278,193 | 241,718 |
| TIME WARNER 3.6 25 | 273,815 | 236,555 |
| MONSANTO CO 5.5 25 | 301,983 | 254,620 |
| MCDONALD CORP 3.7 26 | 545,782 | 487,825 |
| ANHEUSER BUSCH 3.65 26 | 275,185 | 237,805 |
| WALT DISNEY 3 26 | 528,983 | 475,705 |
| 3M COMPANY 3 25 | 264,153 | 240,747 |
| TYCO INTERNATIONAL 3.9 26 | 278,690 | 242,695 |
| US BANCORP 3.1 26 | 267,115 | 233,210 |
| THOMSON REUTERS 3.35 26 | 266,439 | 229,313 |
| WALGREENS 3.45 26 | 523,982 | 462,455 |
| CONOCOPHILLIPS 4.95 26 | 284,785 | 265,390 |
| KELLOGG 3.25 26 | 269,954 | 230,955 |
| MICROSOFT 3.125 25 | 535,039 | 484,060 |
| MICROSOFT 3.3 27 | 267,976 | 242,560 |
| BANK OF NY MELLON CORP | 251,127 | 226,262 |
| SUNTRUST BANKS INC VAR RATE | 253,125 | 241,650 |
| BANK OF AMERICA CORP VAR RT 10/21/22 | 256,000 | 253,850 |
| BARCLAYS PLC VAR RT 01/10/2023 | 256,875 | 253,917 |
| PNC FINANCIAL SERVICES | 100,000 | 96,700 |
| PIMCO INCOME FUNDS | 88,248 | 84,402 |
| FIDELITY CONS INCOME BOND-IS | 124,846 | 124,747 |
| INVESCO HI YLD MUNI-R6 | 32,220 | 31,633 |
| WELLS FARGO 4.3 27 | 267,908 | 245,470 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ANNALY CAPITAL MANAGEMENT 7 5/8 PFD | 58,350 | 59,347 |
| AT&T 00206R -10-2 T | 67,294 | 410,284 |
| AVALON BAY COMMUNITIES | 110,065 | 175,380 |
| BANK OF AMERICA 6 5/8 PFD | 250,000 | 258,100 |
| AMAZON COM INC | 1,755,195 | 1,629,971 |
| BLACKROCK CORPORATE HIGH YIELD | 154,272 | 66,019 |
| BOEING | 50,000 | 210,787 |
| CAPITAL ONE FINANCIAL 6 PFD | 249,500 | 249,800 |
| CITIGROUP | 250,000 | 478,316 |
| CITIGROUP 5.95 % 2049 | 260,486 | 250,312 |
| CITIGROUP SER J 7 1/8 PFD | 500,000 | 545,200 |
| COMCAST | 34,252 | 343,793 |
| DDR CORP 6 1/2 PFD | 225,000 | 210,150 |
| ENERGY TRANSFER PARTNERS PFD 7.375% 25 | 150,000 | 148,440 |
| DOUBLE LINE TOTAL RETURN FUND | 143,460 | 133,475 |
| FIRST REPUBLIC BANK 5.125 22PFD | 250,000 | 231,239 |
| BRISTOL-MYERS SQUIBB CO 3.25 27 | 261,707 | 241,115 |
| GENERAL MOTORS WARRANTS - CLASS A | 303,725 | 195,757 |
| GENERAL MOTORS WARRANTS - CLASS B | 234,346 | 155,093 |
| IBM | 2,672,173 | 2,246,037 |
| IBM | 3,794,028 | 2,885,750 |
| JP MORGAN SHORT DURATION BOND FUND | 601,242 | 589,215 |
| JP MORGAN STRATEGIC INCOME OPPORTUNITIES FUND | 1,348,097 | 1,348,633 |
| JP MORGAN CHASE VAR. PFD | 248,125 | 249,955 |
| JP MORGAN CHASE 6.7 PFD | 250,000 | 252,500 |
| JP MORGAN CHASE 6.125 PFD | 250,000 | 252,400 |
| JP MORGAN CHASE 6 1/8 PFD | 250,000 | 253,600 |
| JP MORGAN CHASE 6.1 PFD | 125,000 | 126,500 |
| JP MORGAN CHASE 5.75 PFD | 500,000 | 497,600 |
| BANK AMERICA CORP PFD 6% | 375,000 | 376,950 |
| JPM GLOBAL BOND OPPORTUNITY FUND | 101,609 | 96,755 |
| LADDER CAP CORP | 73,696 | 84,200 |
| PIMCO MORTGAGE OPPORTUNITY | 152,617 | 150,470 |
| PIMCO SHORT TERM FD-INST | 158,632 | 158,903 |
| PNC FINANCIAL SERVICES | 837,605 | 2,856,333 |
| PUBLIC SERVICE ENTERPRISE GROUP | 39,064 | 160,290 |
| REGIONS FINANCIAL VAR. PFD | 250,000 | 266,400 |
| URBAN EDGE PROPERTIES | 472,531 | 1,795,559 |
| VERIZON COMMUNICATIONS | 116,304 | 469,394 |
| VODAFONE | 12,286 | 45,167 |
| INVESCO MORTGAGE CAPITAL PFD 7.5 | 250,000 | 248,400 |
| VORNADO REALTY TRUST | 4,094,309 | 15,214,314 |
| JBG SMITH PROPERTIES | 982,518 | 4,187,940 |
| JBG SMITH PROPERTIES | 972,959 | 4,317,284 |
| VORNADO REALTY TRUST | 4,137,408 | 15,684,202 |
| VORNADO REALTY TRUST 5.25% PFD SER M | 250,000 | 219,200 |
| WELLS FARGO 5.2 PFD | 18,750 | 17,460 |
| WELLS FARGO 7.98 PFD | 271,562 | 251,875 |
| WELLS FARGO 5.85 PFD | 500,000 | 512,000 |
| WELLS FARGO 5.85 PFD | 325,000 | 332,800 |
| CITIGROUP INC VAR RT 12/31/2049 | 491,084 | 493,595 |
| MICROSOFT CORP 4.200% 11/03/2035 | 258,625 | 253,480 |
| CITIGROUP INC VAR PT 09/01/2023 | 507,125 | 510,525 |
| CONOCOPHILLIPS COMPANY VAR RT | 493,810 | 508,630 |
| E*TRADE FINANCIAL CORP VAR RI | 262,229 | 248,950 |
| MORGAN STANLEY VAR RATE | 261,795 | 252,500 |
| MORGAN STANLEY VAR RATE | 515,000 | 510,435 |
| GOLDMAN SACHS GROUP INC MTN VAR RI | 515,625 | 516,965 |
| KEYCORP VAR RI | 248,750 | 337,275 |
| M&T BANK CORPORATION VAR RT | 100,000 | 98,293 |
| JOHN HANCOCK LL-STR INC-I | 61,210 | 58,636 |
| WELLS FARGO 5.7 | 250,000 | 250,400 |
| BLACKROCK NC | 539,493 | 498,480 |
| DOW CHEMICAL CO/THE 0.035 | 261,593 | 242,475 |
| AMERICAN BEACON GLG TR - UTL | 78,260 | 79,057 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| STATE OF ISRAEL BONDS | AT COST | 1,402,558 | 1,554,500 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| OFFICE EXPENSES | 10,406 | 10,406 | 0 | |
| MISCELLANEOUS EXPENSES | 2,301 | 2,301 | 0 | |
| DUES & SUBSCRIPTIONS | 1,000 | 1,000 | 0 | |
| INSURANCE | 699 | 699 | 0 | |
| INVESTMENT RELATED EXPENSES | 234 | 234 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| OTHER INVESTMENT INCOME | 45,756 | 45,756 | 45,756 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| CONSULTING FEES | 330,000 | 330,000 | 0 | |
| INVESTMENT CONSULTING FEES | 46,500 | 46,500 | 0 | |
| INVESTMENT MANAGEMENT FEES | 5,195 | 5,195 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL EXCISE TAX | 84,000 | 0 | 0 |