| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 29,113 | 0 | 0 | 29,113 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| AIR LEASE CORP NTS RATE 4.250% MATURES 09/15/24 | 5,082 | 4,887 |
| AIRCASTLE LTD NTS B/E MATURES 09/25/23 | 1,997 | 1,967 |
| ALBEMARLE CORP NTS B/E | 2,153 | 1,999 |
| ALLY MASTER OWNER TRUST RATE 0.000% MATURES 02/15/21 | 8,000 | 8,000 |
| AMERICREDIT AUTOMOBILE RECEIVA SER | 3,000 | 3,011 |
| BANK MONTREAL QUE PFD CL RATE 3.803% MATURES 12/15/32 | 4,972 | 4,630 |
| BANK OF AMER CORP RATE 3.300% MATURES 01/11/23 | 6,030 | 5,909 |
| BRIGHTHOUSE FINL INC NTS | 1,798 | 1,690 |
| BUCKEYE PARTNERS L P B/E MATURES 12/01/26 | 3,662 | 3,514 |
| CAPITAL ONE MULTI-ASSET EXE TR RATE 1.9870% MATURES 09/16/24 | 8,013 | 8,034 |
| CARMAX AUTO OWNER TRUST RATE 1.9700% MATURES 04/15/22 | 5,999 | 5,934 |
| CITIGROUP INC RATE 4.300% MATURES 11/20/26 | 6,063 | 5,770 |
| COMCAST CORP NTS B/E | 3,995 | 4,047 |
| CONSTELLATION BRANDS INC NTS B/E MATURES 11/15/21 | 2,000 | 1,976 |
| CVS HEALTH CORP MATURES 03/25/38 | 3,944 | 3,833 |
| DISCOVERY COMMUNICATIONS RATE 5.000% MATURES 09/20/37 | 5,061 | 4,638 |
| ENABLE MIDSTREAM PARTNER RATE 3.900% MATURES 05/15/24 | 1,934 | 1,918 |
| ENERGY TRANSFER PART LP MATURES 06/15/48 | 2,967 | 2,921 |
| EQT CORP NTS B/E RATE 3.900% MATURES 10/01/27 | 4,996 | 4,310 |
| FHLMC PL Q46279 RATE 3.5000% MATURES 02/01/47 | 7,250 | 7,015 |
| FNMA PL AS8157 RATE 4.5000% MATURES 10/01/46 | 14,980 | 14,461 |
| FNMA PL AS8740 RATE 3.5000% MATURES 02/01/37 | 16,211 | 15,792 |
| FNMA PL BH5119 RATE 3.500% MATURES 08/01/47 | 17,860 | 18,298 |
| FNMA PL BH7071 MATURES 12/01/47 | 9,509 | 9,237 |
| FNMA PL MA3058 RATE 4.000% MATURES 07/01/47 | 38,297 | 36,913 |
| GENL MOTORS INFL CO INC MATURES 11/6/21 | 4,000 | 3,893 |
| GM FINANCIAL SEC TR AUTO REC MATURES 07/17/23 | 9,999 | 9,865 |
| GOLDMAN SACHS GROUP INC MATURES 04/23/29 | 5,000 | 4,668 |
| HESS CORP B/E MATURES 04/01/27 | 3,942 | 3,665 |
| HUDSON PACIFIC PROPERTIES RATE 3.950% MATURES 11/01/27 | 5,000 | 4,648 |
| INTERPUBLIC GROUP OF COS MATURES 10/01/28 | 1,993 | 1,974 |
| JPMORGAN CHASE & CO NTS RATE 3.625% MATURES 05/13/24 | 4,078 | 3,973 |
| KINROSS GOLD CORP NTS 5.950% | 4,130 | 3,980 |
| LINCOLN NATL CORP B/E | 3,991 | 3,879 |
| MERCURY GENL CORP NEW RATE 4.400% MATURES 03/15/27 | 2,995 | 2,901 |
| MORGAN STANLEY B/E RATE 3.591% MATURES 07/22/28 | 1,897 | 1,891 |
| MOTOROLA SOLUTIONS INC RATE 5.500% MATURES 09/01/44 | 3,034 | 2,726 |
| PHILLIPS 66 PARTNERS LP RATE 4.900% MATURES 10/01/46 | 1,946 | 1,833 |
| PLAINS ALL AMER PIPELINE RATE 6.650% MATURES 01/15/37 | 2,293 | 2,107 |
| SANTANDER DRIVE AUTO REC TR MATURES 09/15/21 | 5,999 | 5,985 |
| SANTANDER HOLDINGS USA NTS B/E RATE 4.450% MATURES 12/03/21 | 3,993 | 4,069 |
| SOUTHERN CALIF EDISON CO MATURES 03/01/48 | 3,939 | 3,787 |
| SPIRIT AIR 2017-1 PPT AA RATE 3.3750% MATURES 08/15/31 | 1,962 | 1,877 |
| SSM HEALTH CARE B/E RATE 3.823% MATURES 06/01/27 | 5,094 | 4,959 |
| TIME WARNER CABLE INC B/E MATURES 06/15/42 | 2,035 | 1,822 |
| TIME WARNER CABLE INC. MATURES 05/01/37 | 3,493 | 3,079 |
| TORNOTO DOMINION BANK RATE 0.000% MATURES 09/15/31 | 3,926 | 3,788 |
| UNITED AIR 2014-2 A PPT RATE 3.7500% MATURES 03/03/28 | 3,359 | 3,242 |
| VODAPHONE GROUP PLC NTS MATURES 05/30/28 | 2,961 | 2,910 |
| WABTECH NTS B/E MATURES 03/15/24 | 1,996 | 1,933 |
| WESTLAKE CHEMICAL CORP RATE 3.600% MATURES 08/15/26 | 4,914 | 4,584 |
| WORLD FINANCIAL NETWORK CREDIT RATE 2.0300% MATURES 04/15/25 | 8,874 | 8,765 |
| WORLD OMNI AUTOMOBILE RATE 2.1300% MATURES 04/15/20 | 6,000 | 5,966 |
| WORLD OMNI AUTORECEIVABLES TR SER MATURES 06/17/24 | 8,000 | 8,019 |
| WYNDHAM WORLDWIDE CORP RATE 4.150% MATURES 04/01/24 | 1,996 | 1,905 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| AQR MANAGED FUTURES STRATEGY FUND CLASS I | AT COST | 283,038 | 249,022 |
| AQR STYLE PREMIA ALTERNATIVE FUND CLASS I | AT COST | 354,200 | 316,683 |
| DOUBLE LINE EMERGING MARKETS FIXED INCOME INSTL | AT COST | 152,851 | 145,967 |
| EATON VANCE GLOBAL MACRO ABSOLUTE RETURN ADV FUND CLASS I | AT COST | 340,400 | 315,813 |
| GLENMEDE SECURED OPTIONS FUND CLASS NL | AT COST | 316,439 | 291,257 |
| INVESCO FTSE RAFI US 1500 SMALL-MID ETF | AT COST | 129,943 | 148,099 |
| INVESCO SP SMALLCAP LOW VOLATILITY ETF | AT COST | 138,007 | 158,536 |
| ISHARES CORE MSCI EAFE ETF | AT COST | 546,854 | 566,500 |
| ISHARES EDGE MSCI MIN VOL EAFE ETF | AT COST | 301,213 | 309,369 |
| ISHARES EDGE MSCI MIN VOL EMERGING MARKETS ETF | AT COST | 387,342 | 416,232 |
| ISHARES EDGE MSCI MIN VOL USA ETF | AT COST | 737,306 | 885,979 |
| ISHARES EDGE MSCI USA MOMENTUM FACTOR ETF | AT COST | 503,318 | 679,259 |
| ISHARES EDGE MSCI USA QUALITY FACTOR ETF | AT COST | 150,036 | 131,336 |
| ISHARES EDGE MSCI USA VALUE WEIGHTED INDEX FUND ETF | AT COST | 709,637 | 803,277 |
| OPPENHEIMER SR FLOATING RATE FD CLASS Y | AT COST | 149,073 | 142,829 |
| VANGUARD GLB EX-US REAL ESTATE | AT COST | 133,198 | 131,968 |
| VANGUARD REIT ETF | AT COST | 220,284 | 200,444 |
| X-TRACKERS MSCI EAFE HEDGED EQUITY ETF | AT COST | 253,766 | 274,955 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 812 | 0 | 0 | 812 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| ADVANCES TO FELLOWS | 26,922 | 14,342 | 14,342 |
| Description | Amount |
|---|---|
| ADJUSTMENT FOR PRIOR YEAR'S ACTIVITY | 11,499 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INSURANCE | 25,244 | 0 | 0 | 25,244 |
| COMPUTER REPAIRS AND MAINTENANCE | 7,264 | 0 | 0 | 1,791 |
| OFFICE SUPPLIES | 6,257 | 0 | 0 | 1,792 |
| FELLOWSHIP EXPENSES | 5,509 | 0 | 0 | 5,509 |
| DUES AND SUBSCRIPTIONS | 6,133 | 0 | 0 | 6,133 |
| CHARITABLE REGISTRATIONS & FILING FEES | 355 | 0 | 0 | 355 |
| BANK FEES | 988 | 0 | 0 | 988 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| MEETING INCOME | 1,263 | 1,263 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| DUE TO FRIENDSHIP TRUST | 391,928 | 48,779 |
| DUE TO CRANE TRUST | 53,089 | -2,650 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT MANAGEMENT FEES | 45,281 | 45,281 | 21,731 | 0 |
| IT SERVICES | 16,754 | 0 | 0 | 3,530 |
| GRAPHIC DESIGN CONSULTANTS | 12,721 | 0 | 0 | 12,721 |
| FUNDRAISING AND DEVELOPMENT CONSULTANT | 38,068 | 0 | 0 | 38,068 |