| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| CLIFTONLARSONALLEN LLP | 3,818 | 1,909 | 1,909 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| KINDER MORGAN ENER PART 15000SH | 15,007 | 14,992 |
| FORD MOTOR CREDIT CO LLC 20000SH | 20,000 | 19,986 |
| EXXON MOBIL CORPORATION 15000SH | 15,000 | 14,972 |
| SUNTRUST BANKS INC 30000SH | 29,973 | 29,951 |
| ENTERPRISE PRODUCTS OPER 20000SH | 20,037 | 19,894 |
| BB&T CORPORATION 15000SH | 14,978 | 14,895 |
| GOLDMAN SACHS GROUP INC 5000SH | 5,014 | 5,017 |
| ABBVIE INC 15000SH | 15,088 | 14,858 |
| WISCONSIN ENERGY CORP 25000SH | 25,178 | 24,705 |
| GOLDMAN SACHS GROUP INC 10000SH | 9,935 | 10,047 |
| KEYCORP MEDIUM TERM NOTE 10000SH | 10,006 | 9,925 |
| MEDCO HEALTH SOLUTIONS INC 10000SH | 10,267 | 10,108 |
| CAPITAL ONE FINANCIAL CO 10000SH | 9,991 | 9,790 |
| DOWDUPONT INC 5000SH | 5,000 | 5,048 |
| SEMPRA ENERG 20000SH | 20,175 | 19,738 |
| AMERICAN INTL GROUP 25,000SH | 25,015 | 24,915 |
| SUNTRUST BANKS INC 15000SH | 14,967 | 14,870 |
| EXELON CORP 20000SH | 19,995 | 19,561 |
| BB&T CORPORATION MEDIUM TERM NOTE 30000SH | 29,969 | 29,212 |
| ALPHABET INC 50000SH | 50,000 | 51,005 |
| RYDER SYS MEDIUM TERM NOTE 40000 | 39,984 | 40,052 |
| HP ENERPRISE CO 20000SH | 19,972 | 20,055 |
| KROGER CO/THE 15000SH | 15,204 | 14,733 |
| SOUTHERN CAL EDISON 30000SH | 29,751 | 28,937 |
| INTL PAPER CO 7000SH | 7,260 | 7,303 |
| CBS CORP 20000SH | 19,828 | 19,822 |
| LINCOLN NATIONAL CORP 50000SH | 51,341 | 50,832 |
| PHILLIPS 66 5000SH | 5,139 | 5,133 |
| TD AMERITRADE HOLDING CO 9000SH | 8,991 | 8,903 |
| FEDEX CORP 50000SH | 49,873 | 48,804 |
| KROGER CO 15000SH | 14,997 | 14,619 |
| VENTAS REALTY LP/CAP CRP 20000SH | 19,829 | 19,764 |
| DIGITAL REALTY TRUST LP 25000SH | 24,434 | 24,763 |
| ENERGY TRANSFER PARTNERS 20000SH | 20,034 | 19,269 |
| JOHN DEERE CAPITAL CORP MEDIUM TERM NOTE 15000 | 15,197 | 14,666 |
| TOTAL SYSTEM SERVICES INC 20000SH | 19,974 | 19,837 |
| CITIGROUP INC 15000SH | 15,000 | 14,516 |
| AON PLC 25000SH | 25,606 | 25,301 |
| DTE ENERGY COMPANY 5000SH | 4,989 | 5,014 |
| AVALONBAY COMMUNITIES IN MEDIUM TERM NOTE 25000SH | 25,774 | 25,706 |
| FIFTH THIRD BANCORP 10000SH | 9,973 | 10,117 |
| HCP INC 30000SH | 29,893 | 30,074 |
| PNC FINANCIAL SERVICES 20000SH | 20,149 | 19,829 |
| CNA FINANCIAL CORP 20000SH | 19,998 | 19,815 |
| WASTE MANAGEMENT INC 20000SH | 19,950 | 19,979 |
| CARDINAL HEALTH INC 15000SH | 15,000 | 14,086 |
| MARATHON PETROLEUM CORP 5000SH | 4,982 | 4,865 |
| SHELL INTERNATIONAL INC 10000SH | 9,811 | 9,860 |
| CONAGRA BRANDS INC 15000SH | 14,957 | 15,048 |
| MORGAN STANLEY 5000SH | 4,991 | 4,859 |
| AMERICAN TOWER CORP 10000SH | 9,638 | 9,303 |
| LINCOLN NATIONAL CORP 10000SH | 9,988 | 9,682 |
| ROCKWELL COLLINS INC 15000SH | 14,975 | 14,080 |
| ENERGY TRANSFER PARTNERS 20000SH | 19,957 | 18,639 |
| BANK OF AMERICA CORP 10000SH | 10,000 | 9,257 |
| ANTHEM INC 15000SH | 14,970 | 14,331 |
| MPLX LP 10000SH | 9,955 | 9,373 |
| GOLDMAN SACHS GROUP INC 15000SH | 15,000 | 13,941 |
| ORACLE CORP 25000SH | 24,990 | 25,095 |
| AT&T INC 10000SH | 9,971 | 8,978 |
| JPMORGAN CHASE & CO 50000SH | 50,000 | 45,410 |
| GATX CORP 10000SH | 9,986 | 10,175 |
| BERKLEY (WR) CORPORATION 25000SH | 24,874 | 24,548 |
| CBS CORP 10000SH | 9,870 | 8,883 |
| FEDEX CORP 5000SH | 4,972 | 4,281 |
| WASTE MANAGEMENT INC 10000SH | 9,979 | 9,653 |
| SPECTRA ENERGY PARTNERS 10000SH | 9,923 | 9,042 |
| VALERO ENERGY CORP 5000SH | 4,980 | 4,700 |
| AMGEN INC 10000SH | 9,941 | 9,352 |
| TIME WARNER INC 10000SH | 9,993 | 8,973 |
| ANHEUSER-BUSCH INBEV FIN 10000SH | 9,977 | 9,273 |
| WELLS FARGO & COMPANY MEDIUM TERM NOTE 15000SH | 14,983 | 13,760 |
| CHURCH & DWIGHT CO INC 5000SH | 4,963 | 4,548 |
| ZOETIS INC 10000SH | 9,940 | 9,188 |
| KINDER MORGAN INC 15000SH | 14,964 | 14,319 |
| CVS HEALTH CORP 10000SH | 9,943 | 9,726 |
| COMCAST CORP 15000SH | 14,988 | 15,163 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ACCENTURE PLC-CL A 159SH | 25,931 | 22,421 |
| LYONDELLBASELL INDUSTRIES NV CLASS 225SH | 21,223 | 18,711 |
| FMC CORPORATION COMMON 347SH | 21,216 | 25,664 |
| VERSUM MATERIALS INC 770SH | 21,070 | 21,344 |
| CUMMINS INC COM 180SH | 26,087 | 24,055 |
| DELTA AIR LINES INC 566 | 23,485 | 28,243 |
| FEDEX CORP COM 227SH | 36,664 | 36,622 |
| LOCKHEED MARTIN CORPORATION COM 80SH | 24,716 | 20,947 |
| UNION PACIFIC CORP COM 187SH | 20,006 | 25,849 |
| UNITED TECHNOLOGIES CORP COM 390SH | 37,173 | 41,527 |
| AT&T INC 836SH | 32,461 | 23,859 |
| AMAZON.COM INC 31SH | 47,692 | 46,561 |
| BOOKING HOLDINGS INC | 17,263 | 32,726 |
| BORG WARNER INC COM 531SH | 21,566 | 18,447 |
| COMCAST CORP NEW A 1515SH | 29,314 | 51,586 |
| GENERAL MOTORS COMPANY 545SH | 24,394 | 18,230 |
| LOWES COMPANIES INCORPORATED 579SH | 31,888 | 53,476 |
| MCDONALD'S CORPORATION 141SH | 26,413 | 25,037 |
| SHERWIN WILLIAMS CO COM 61SH | 22,601 | 24,001 |
| TARGET CORP COM 332SH | 21,124 | 21,942 |
| ALTRIA GROUP INC 465SH | 21,844 | 22,966 |
| COSTCO WHOLESALE CORP COM 261SH | 40,330 | 53,168 |
| PEPSICO INC COM 494SH | 35,332 | 54,577 |
| PROCTER & GAMBLE CO COM 277SH | 23,364 | 25,462 |
| CHEVRON CORP 276SH | 31,991 | 30,026 |
| EOG RESOURCES INC COM 243SH | 24,805 | 21,192 |
| EXXON MOBIL CORP 282SH | 22,821 | 19,230 |
| SUNCOR ENERGY INC 1,111SH | 31,322 | 31,075 |
| VALERO ENERGY CORP 321SH | 22,646 | 24,065 |
| WILLIS TOWERS WATSON PLC 184SH | 27,376 | 27,942 |
| ALLSTATE CORP 584SH | 42,191 | 48,256 |
| AMERICAN TOWER CORP 446 | 34,585 | 70,553 |
| BANK AMER CORP 973SH | 22,589 | 23,975 |
| BERKSHIRE HATHAWAY INC DELAWARE CLASS B 206SH | 33,621 | 42,061 |
| BLACKROCK INC 91SH | 30,323 | 35,747 |
| DISCOVER FINANCIAL SERVICES 372SH | 22,309 | 21,941 |
| JPMORGAN CHASE & CO 940SH | 45,457 | 91,763 |
| METLIFE INCORPORATED 547SH | 22,474 | 23,568 |
| PNC FINANCIAL SERVICES GROUP INC 202SH | 22,572 | 23,616 |
| ANTHEM INC 281SH | 41,448 | 73,799 |
| BIOGEN, INC 114SH | 30,171 | 34,305 |
| CVS HEALTH CORPORATION | 52,276 | 51,237 |
| DANAHER CORP COM 424SH | 20,351 | 43,723 |
| GILDEAD SCIENCES INC COM 367SH | 25,211 | 22,956 |
| JOHNSON & JOHNSON 276SH | 24,235 | 35,618 |
| MERCK & COMPANY INC 513SH | 27,308 | 39,198 |
| PFIZER INC 1,002SH | 31,749 | 43,737 |
| ALPHABET INC CL C 70SH | 24,129 | 72,493 |
| ALPHABET INC CL A 42SH | 16,009 | 43,888 |
| ANALOG DEVICES INC ATTACHED RIGHTS 384SH | 21,479 | 32,959 |
| APPLE INC 719SH | 51,368 | 113,415 |
| CISCO SYSTEMS INC 847SH | 20,093 | 36,701 |
| FACEBOOK INC-A 305SH | 47,014 | 39,982 |
| MASTERCARD INC CLASS A 492SH | 38,999 | 92,816 |
| MICROSOFT CORP 872SH | 63,786 | 88,569 |
| ORACLE CORPORATION COM 646SH | 24,268 | 29,167 |
| WALT DISNEY CO 239SH | 25,917 | 26,206 |
| AMERICAN ELECTRIC POWER CO INC 674SH | 42,235 | 50,375 |
| FIRSTENERGY CORP 770SH | 22,750 | 28,914 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| AMERICAN BEACON SIM HIGH YIELD OPPORTUNITIES FUND 49586.15SH | AT COST | 219,107 | 203,972 |
| FPA NEW INCOME FUND 72713.81SH | AT COST | 982,000 | 966,025 |
| FEDERATED TOTAL RETURN BOND FUND CLASS INSTITUTIONAL 180494SH | AT COST | 2,173,122 | 2,081,975 |
| ISHARES RUSSELL 2000 ETF 2700SH | AT COST | 311,588 | 307,970 |
| LSV VALUE EQUITY FUND STRATEGY 23216.88SH | AT COST | 359,020 | 372,163 |
| DIAMOND HILL LARGE-CAP FUND CLASS INSTITUTIONAL 25249.49SH | AT COST | 443,873 | 457,412 |
| T ROWE PRICE LARGE CAP GROWTH FUND INSTITUTIONAL CLASS 17947.74SH | AT COST | 377,695 | 600,157 |
| ISHARES RUSSELL 1000 GROWTH ETF 5300SH | AT COST | 609,450 | 628,368 |
| CLEARBRIDGE SMALL CAP FUND 6716.92SH | AT COST | 363,782 | 298,644 |
| VANGUARD INSTITUTIONAL INDEX FUND CLASS INSTITUTIONAL 9975.9SH | AT COST | 1,823,281 | 2,180,242 |
| WILMINGTON REAL ASSET FUND INSTITUTIONAL SHARES 117332.69SH | AT COST | 1,725,552 | 1,602,634 |
| CAMBIAR INTERNATIONAL EQUITY FUND 43390.87SH | AT COST | 993,611 | 953,519 |
| CAUSEWAY EMERGING MARKETS FUND 58002.94SH | AT COST | 832,092 | 702,036 |
| WCM FOCUSED INTERNATIONAL GROWTH FUND 77494.70SH | AT COST | 981,236 | 1,093,054 |
| ISHARES CORE MSCI EAFEETF 29300SH | AT COST | 1,560,368 | 1,485,000 |
| ISHARES CORE MSCI EMERGING MARKETS ETF 14700SH | AT COST | 724,127 | 697,818 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| EVERSHEDS SUTHERLAND LLP | 6,714 | 3,357 | 3,357 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| MISCELLANEOUS EXPENSE | 589 | 0 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| M&T BANK INVESTMENT FEES | 67,685 | 67,685 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAXES | 303 | 303 | 0 | |
| FEDERAL TAXES | 17,676 | 0 | 0 |