| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 6,500 | 6,500 | 0 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 3M COMPANY 3 25 | 518,903 | 489,505 |
| ABBOTT LAB 3.4 23 | 530,957 | 531,374 |
| ABBVIE INC 2.85 23 | 624,910 | 602,238 |
| ACTIVISION BLIZZARD INC 2.3 21 | 401,370 | 389,556 |
| ADOBE SYSTEMS 4.75 20 | 257,155 | 254,988 |
| ADOBE SYSTEMS 4.75 20 | 333,430 | 305,985 |
| AERCAP IRELAND CAP/GLOBA 3.5 25 | 795,520 | 729,896 |
| AETNA INC 2.75 22 | 255,433 | 239,843 |
| AETNA INC 3.50 24 | 254,562 | 241,715 |
| AETNA LIFE 7.25 | 168,548 | 227,836 |
| AFLAC INC 3.625 23 | 261,433 | 250,830 |
| AFLAC INC 4 22 | 253,825 | 255,113 |
| AFLAC INC3.625 24 | 264,623 | 249,805 |
| AGILENT TECHNOLOGIES 5 20 | 268,853 | 256,670 |
| AIR LEASE 3.375 19 | 817,568 | 799,928 |
| ALTRIA GROUP 4.75 21 | 264,757 | 255,510 |
| ALTRIA GROUP INC 2.85 22 | 249,694 | 239,995 |
| AMERICAN EXPRESS CO 3.625 24 | 250,498 | 244,395 |
| AMERICAN INTL GROUP 3.75 25 | 258,715 | 239,363 |
| AMERICAN INTL GROUP 3.9 26 | 257,100 | 240,518 |
| AMGEN 3.875 21 | 654,440 | 607,938 |
| AMGEN INC 3.625 22 | 264,821 | 251,715 |
| AMGEN INC 3.625 24 | 258,778 | 249,240 |
| AMGEN INC 4.1 21 | 215,305 | 203,938 |
| ANHEUSER-BUSCH INBEV 3.7 24 | 261,208 | 244,990 |
| APPLE INC 3.2 25 | 258,223 | 245,870 |
| APPLE INC 3.45 24 | 103,832 | 100,474 |
| APPLE INC. 3 24 | 712,082 | 691,299 |
| AT & T INC 3.400 25 | 247,048 | 235,413 |
| AT & T INC3.8 22 | 810,616 | 803,488 |
| AT&T 6.5 29 | 494,005 | 554,850 |
| AUTONATION INC 5.5 20 | 546,605 | 510,900 |
| AVALONBAY COMMUNITIES INC 2.85 23 | 254,063 | 244,445 |
| AVALONBAY COMMUNITIES, INC. MTN 4.2% 23 | 1,638,616 | 1,439,522 |
| BAIDU, INC. 3.875% 09/29/2023 | 324,236 | 323,528 |
| BANK OF AMERICA 2.503 22 | 600,000 | 577,698 |
| BANK OF NEW YORK MELLON 3 28 | 250,145 | 229,610 |
| BANK OF NEW YORK MELLON 3.65 24 | 269,565 | 250,513 |
| BANK OF NEW YORK MELLON 3.95 25 | 107,607 | 101,466 |
| BARCLAYS BANK 5.125 20 | 267,155 | 253,948 |
| BAT INTL FINANCE PLC 3.5 22 | 628,023 | 587,034 |
| BELL SOUTH TELECOM 6.375 28 | 388,233 | 426,564 |
| BERKSHIRE HATHAWAY 4.25 21 | 247,464 | 256,428 |
| BERKSHIRE HATHAWAY INC 2.75 23 | 603,030 | 589,008 |
| BERKSHIRE HATHAWAY INC 3.125 26 | 259,738 | 242,310 |
| BERKSHIRE HATHAWAY INC 3.4 22 | 259,375 | 253,305 |
| BLACKROCK 4.25 21 | 262,033 | 257,368 |
| BP CAPITAL MARKETS AMERICA INC 3.796% 25 | 1,000,000 | 1,004,820 |
| BRISTOL-MYERS SQUIBB CO 2 22 | 244,450 | 240,283 |
| BRISTOL-MYERS SQUIBB CO 3.25 27 | 263,050 | 243,958 |
| BURLINGTON NORTH SANTE FE 3.05 22 | 263,875 | 249,698 |
| BURLINGTON NORTH SANTE FE 3.85 23 | 272,115 | 256,740 |
| BURLINGTON NORTHERN 4.1 21 | 266,983 | 256,545 |
| CAMPBELL SOUP CO 2.5 22 | 509,003 | 473,565 |
| CAMPBELL SOUP CO 3.3 25 | 254,868 | 230,948 |
| CAPITAL ONE BANK 3.375 23 | 510,174 | 506,924 |
| CATERPILLAR INC 3.4 24 | 275,632 | 251,058 |
| CBS CORP 3.5 25 | 1,448,542 | 1,334,410 |
| CBS CORP 3.5 25 | 255,265 | 238,288 |
| CHARLES SCHWAB 3.2 28 | 248,420 | 239,585 |
| CHEVRON CORP | 257,200 | 242,098 |
| CIGNA 4.375 20 | 256,158 | 254,543 |
| CIGNA CORP 3.25 25 | 249,555 | 237,588 |
| CIGNA CORP 4 22 | 263,430 | 252,560 |
| CISCO SYSTEMS 4.95 19 | 264,731 | 251,018 |
| CITIGROUP 4.4 25 | 267,766 | 244,660 |
| CITIGROUP 4.45 27 | 268,948 | 240,955 |
| CITIZEN BANK NA 2.5 19 | 599,934 | 599,430 |
| CLOROX COMPANY 3.05 22 | 263,748 | 247,323 |
| CLOROX COMPANY 3.8 21 | 210,639 | 204,048 |
| CNA FINANCIAL CORP 5.875 20 | 871,148 | 778,043 |
| COCA-COLA CO 2.5 23 | 258,125 | 244,000 |
| COCA-COLA CO 3.2 23 | 258,605 | 250,778 |
| COLGATE-PALMOLIVE CO 3.25 24 | 260,830 | 251,260 |
| COLGATE-POLMOLIVE CO 2.3 22 | 255,840 | 244,705 |
| COMCAST 5.15 20 | 255,866 | 255,913 |
| COMCAST CORP 3.125 22 | 264,885 | 249,340 |
| COMCAST CORP 3.3 27 | 260,278 | 238,263 |
| CONOCOPHILLIPS CO 4.95 26 | 282,220 | 267,535 |
| CONSOLIDATED EDISON CO 04.0% 12/01/2028 | 1,423,946 | 1,460,383 |
| CREDIT SUISSE 5.4 20 | 251,653 | 253,868 |
| CROWN CASTLE INTL CORP 3.2 24 | 498,605 | 474,355 |
| CSX 4.25 21 | 267,617 | 255,535 |
| CVS CAREMARK 4.125 21 | 199,476 | 202,368 |
| CVS CAREMARK CORP 2.75 22 | 256,575 | 240,603 |
| DIAMOND 1 FINANCE CORP 4.42 21 | 797,656 | 748,763 |
| DISCOVER BANK-3.35% 02/06/2023 USD DE | 579,510 | 584,016 |
| DOLLAR GENERAL CORPO 3.25 23 | 628,839 | 586,242 |
| DOW CHEMICAL CO 4.125 21 | 266,475 | 254,398 |
| DUPONT 4.625 20 | 257,815 | 254,345 |
| ECOLAB 4.35 21 | 242,066 | 217,807 |
| ELI LILLY 3.1 27 | 499,165 | 484,100 |
| EMERSON ELECTRIC 4.25 20 | 255,343 | 255,058 |
| ESTEE LAUDER CO INC 2.35 22 | 248,700 | 242,438 |
| EXPRESS SCRIPTS HOLDING CO 3.9 22 | 670,589 | 652,997 |
| EXXON MOBIL CORP 3.043 26 | 254,763 | 243,893 |
| FEDEX CORP 2.7 23 | 254,340 | 241,628 |
| FEDEX CORP 4 24 | 265,213 | 256,030 |
| FORD MOTOR 7.45 31 | 187,744 | 206,204 |
| FORD MOTOR CREDIT COMPANY LLC 1.897 19 | 250,000 | 247,540 |
| FORD MOTOR CREDIT COMPANY LLC 2.597 | 250,000 | 247,540 |
| FORD MOTOR CREDIT COMPANY LLC 5.75 | 570,510 | 509,950 |
| FORD MOTOR GLOBAL BONDS 6.625 28 | 185,506 | 201,982 |
| GENERAL MILLS INC 3.15 21 | 258,523 | 247,990 |
| GENERAL MILLS INC 3.2 27 | 251,623 | 229,858 |
| GENERAL MOTORS FINL 003.25 23 | 899,379 | 847,548 |
| GOLDMAN SACHS 3.5 26 | 250,875 | 230,913 |
| GOLDMAN SACHS CAPITAL I 6.345 34 | 202,345 | 223,216 |
| GTE CORP 6.94 28 | 215,506 | 231,674 |
| HALLIBURTON CO 3.8 25 | 261,695 | 242,248 |
| HEWLETT-PACKARD 3.75 20 | 244,093 | 252,988 |
| HOME DEPOT 3.0 26 | 509,045 | 484,320 |
| HOME DEPOT 3.95 20 | 261,453 | 254,080 |
| HUMANA INC 3.95 27 | 534,278 | 488,490 |
| HUMANA INC3.85 24 | 276,758 | 249,798 |
| INTEL 3.15 27 | 258,553 | 242,793 |
| INTEL 3.3 21 | 262,163 | 252,648 |
| INTERPUBLIC GROUP COS 4.2 24 | 856,811 | 799,576 |
| INTL PAPER CO 4.75 22 | 105,421 | 100,149 |
| JOHNSON &JOHNSON 3.55 21 | 284,333 | 252,645 |
| JP MORGAN CHASE 4.95 20 | 156,865 | 153,174 |
| JPMORGAN CHASE & CO 2.25 20 | 348,583 | 346,514 |
| JPMORGAN CHASE & CO 3.125 25 | 243,475 | 238,178 |
| JPMORGAN CHASE & CO 3.125 25 | 249,890 | 238,178 |
| JPMORGAN CHASE 3.625 27 | 253,803 | 232,643 |
| KELLOGG CO 3.125 22 | 266,965 | 247,085 |
| KELLOGG CO 4 20 | 266,473 | 253,588 |
| KERR MCGEE | 197,670 | 222,972 |
| KEY BANK NA 2.35 19 | 449,780 | 449,420 |
| KIMBERLY-CLARK 3.625 20 | 245,817 | 252,373 |
| KIMBERLY-CLARK CORP 3.875 21 | 269,145 | 253,758 |
| KOHLS 6 33 | 403,998 | 472,145 |
| KRAFT FOODS 5.375 20 | 260,415 | 256,093 |
| KRAFT FOODS GROUP INC | 802,568 | 791,928 |
| LEGG MASON INC 2.7 19 | 1,007,410 | 997,210 |
| LENNOX INTERNATIONAL INC 3.0 23 | 412,781 | 399,929 |
| LOCKHEED MARTIN CORP 3.35 21 | 267,633 | 251,660 |
| LOCKHEED MARTIN CORP 3.55 26 | 261,378 | 248,073 |
| LOWE'S 3.75 21 | 506,959 | 502,940 |
| LYONDELLBASSELL INDUSTRIES NV 5 19 | 337,721 | 299,326 |
| MATTEL 4.35 20 | 258,026 | 243,750 |
| MBIA INC 6.4 | 200,000 | 192,500 |
| MCDONALD'S CORP 2.625 22 | 508,233 | 489,905 |
| MCDONALD'S CORP 3.5 27 | 262,813 | 242,803 |
| MCKESSON 4.75 21 | 268,473 | 255,703 |
| MERCK 3.875 21 | 247,985 | 255,123 |
| METLIFE INC 3.6 24 | 267,843 | 251,723 |
| MICROSOFT CORP 3.125 25 | 531,708 | 494,525 |
| MICROSOFT CORP 3.3 27 | 257,383 | 247,625 |
| MONDELEZ INTERNATIONAL HOLDING 2 21 | 659,430 | 646,738 |
| MONSANTO CO 2.2 22 | 253,230 | 230,658 |
| MOODY'S CORPORA11ON 4.25% 02/01/2029 DE | 1,612,796 | 1,655,046 |
| MORGAN STANLEY MTN 2.75 22 | 1,164,433 | 1,118,812 |
| MOTOROLA 6.5 25 | 200,005 | 216,356 |
| NATIONAL RURAL UTILITIES 2.35 20 | 1,012,220 | 989,800 |
| NM SLM CORP 5.75 29 | 200,000 | 154,468 |
| NORFLOK SOUTHERN CORP 3.85 24 | 948,559 | 885,710 |
| NORFOLK SOUTHERN CORP | 263,650 | 248,313 |
| NORTHERN TRUST CPRP 3.95 25 | 263,518 | 254,680 |
| NORTHROP GRUMMAN CORPORATION 2.93% | 1,166,022 | 1,186,113 |
| NUCOR 4.125 22 | 245,665 | 258,030 |
| NVIDIA CORP 2.2 21 | 350,441 | 342,104 |
| OREILLY AUTOMOTIVE INC 4.625 21 | 649,798 | 615,912 |
| OREILLY AUTOMOTIVE INC 4.875 21 | 1,063,848 | 975,460 |
| PENNSYLVANIA ECONOMIC DEV 6.412 30 | 264,905 | 301,453 |
| PEPSICO 3 21 | 257,862 | 250,605 |
| PEPSICO 3.125 20 | 233,963 | 251,110 |
| PFIZER INC 3 26 | 253,175 | 241,385 |
| PFIZER INC 3.0 26 | 251,325 | 241,385 |
| PFIZER INC 3.4 24 | 257,533 | 251,758 |
| PHILIP MORRIS | 212,377 | 236,916 |
| PHILIP MORRIS INTL INC .4.5 20 | 281,560 | 254,248 |
| PHILIP MORRIS INTL INC 3.6 23 | 268,573 | 250,573 |
| POTASH SANKATCHEWAN 4.875 20 | 257,430 | 254,663 |
| PPG INDUSTRIES 3.6 20 | 230,933 | 252,130 |
| PRINCETON UNIVERSITY 4.95 19 | 130,424 | 125,325 |
| PROCTER & GAMBLE 3.1 23 | 258,943 | 252,255 |
| PRUDENTIAL FINANCIAL INC 3.5 24 | 260,888 | 251,373 |
| PRUDENTIAL FINANCIAL INC 4.5 21 | 275,398 | 258,020 |
| PSEG POWER LLC 4.15 21 | 435,089 | 404,384 |
| QUEST DIAGNOSTIC 3.5 25 | 257,210 | 243,790 |
| QUEST DIAGNOSTIC 4.75 20 | 535,701 | 508,050 |
| RAYTHEON 4.4 20 | 257,783 | 253,723 |
| REGIONS BANK 2.75 21 | 949,905 | 934,335 |
| RENRE NORTH AMERICAN HOLDING 5.75 20 | 253,000 | 255,778 |
| SANOFI-AVENTIS 4.0 21 | 602,327 | 562,507 |
| SHELL INTERNATIONAL FINANCE 4.3 19 | 251,703 | 252,313 |
| SOUTHERN CO 3.25 26 | 247,875 | 234,188 |
| STANLEY BLACK & DECKER 3.4 21 | 268,643 | 251,105 |
| STATE STREET CORPORATION HYBRID | 2,100,000 | 2,167,599 |
| STATOIL ASA 2.25 19 | 858,800 | 843,472 |
| STRYKER CORP 2 19 | 806,841 | 798,744 |
| SYNCHRONY FINANCIAL 3 19 | 399,444 | 397,360 |
| SYSCO CORP 2.6 20 | 523,997 | 519,341 |
| TARGET 3.875 20 | 248,556 | 253,753 |
| TEXTRON INC 3.65 21 | 507,595 | 502,610 |
| THE CHARLES SCHWAB CORPO 4.45 20 | 957,891 | 894,268 |
| THERMO FISHER SCIENTIFIC 3.15 23 | 265,080 | 245,000 |
| THERMO FISHER SCIENTIFIC 3.2 27 | 253,270 | 232,340 |
| THERMO FISHER SCIENTIFIC 3.6 21 | 265,956 | 250,735 |
| THERMO FISHER SCIENTIFIC INC 4.15 24 | 933,477 | 886,358 |
| TIME WARNER 6.95 28 | 198,891 | 235,876 |
| TIME WARNER INC 3.600 25 | 269,385 | 236,780 |
| TOTAL CAPITAL 4.125 21 | 247,470 | 255,280 |
| TOTAL SYSTEM SERVICES 3.8 21 | 399,104 | 399,920 |
| TOYOTA MOTOR CREDIT CORP MTN 3.45% 23 | 1,497,060 | 1,502,505 |
| TRAVELERS COS INC 3.9 20 | 257,167 | 253,855 |
| TRAVELERS COS INC 3.9 20 | 269,975 | 253,855 |
| TYSON FOODS 7 28 | 204,566 | 229,900 |
| UNION PACIFIC 4 21 | 268,813 | 254,068 |
| UNION PACIFIC CORP 2.95 23 | 264,345 | 245,355 |
| UNITED HEALTH GROUP 3.375 27 | 263,283 | 244,525 |
| UNITED HEALTH GROUP 3.875 20 | 266,449 | 253,338 |
| UNITED PARCEL SERVICE 2.45 22 | 254,780 | 244,760 |
| UNITED TECHNOLOGIES CORP 3.1 22 | 269,160 | 244,810 |
| UNITED TECHNOLOGIES CORP 3.125 27 | 257,488 | 230,910 |
| UNITEDHEALTH GROUP INC 3.1 26 | 252,500 | 241,270 |
| US BANCORP 3.10 26 | 515,099 | 473,445 |
| US BANCORP 3.15 27 | 258,233 | 239,495 |
| VALERO ENERGY 6.125 20 | 261,213 | 257,305 |
| VERIZON COMMUNICATIONS 4.125 27 | 533,300 | 500,385 |
| VERIZON COMMUNICATIONS INC 3.45 21 | 401,828 | 402,636 |
| VERIZON MARYLAND 5.125 33 | 170,776 | 200,984 |
| VIACOM 5.5 33 | 465,627 | 525,255 |
| VODAFONE GROUP 4.375 21 | 259,259 | 255,855 |
| WALGREEN CO 3.1 22 | 259,620 | 243,875 |
| WALMART STORES INC 3.3 24 | 267,248 | 250,735 |
| WALT DISNEY COMPANY 2.35 22 | 257,300 | 242,803 |
| WALT DISNEY COMPANY 2.55 22 | 249,990 | 245,993 |
| WALT DISNEY COMPANY 3.15 25 | 258,213 | 243,958 |
| WASTE MANAGEMENT 4.6 21 | 203,641 | 206,186 |
| WASTE MANAGEMENT INC 2.9 22 | 254,553 | 245,973 |
| WELLS FARGO & CO 3.3 24 | 258,980 | 241,835 |
| WELLS FARGO & CO 4.1 26 | 266,603 | 244,133 |
| WELLS FARGO 3.55 25 | 254,685 | 242,220 |
| WHIRLPOOL CORP 3.7 25 | 252,959 | 242,098 |
| WHIRLPOOL CORP 4 24 | 261,185 | 249,543 |
| ZOETIS INC. 3.25% 02/01/2023 | 1,131,945 | 1,132,624 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| AIRBUS | 91,216 | 89,765 |
| ALPHABET INC. | 96,798 | 99,419 |
| AMAZON.COM | 101,081 | 91,620 |
| AMERISOURCEBERGEN CORP | 70,905 | 67,481 |
| ANNALY CAPITAL MANAGEMENT INC SER C | 17,407 | 17,381 |
| ANNALY CAPITAL MANAGEMENT INC SER D | 11,625 | 11,504 |
| ARTISAN INTERNATIONAL FUND | 1,843,679 | 1,739,925 |
| AXIS CAPITAL HOLDINGS LTD | 61,374 | 59,696 |
| BANK OF AMERICA CORP 6.625 PFD | 250,000 | 254,400 |
| BLACKSTONE MORTGAGE TRUST INC | 17,330 | 20,136 |
| BNP PARIBAS LINKED TO S&P | 180,000 | 171,882 |
| BOFA FINANCE LLC S & P 500 INDEX | 103,000 | 99,107 |
| BOSTON PROPERTIESREIT | 229,522 | 225,100 |
| CANADIAN IMPERIAL BANK OF COMM LINKED TO S&P | 280,000 | 264,659 |
| CAPITAL ONE FINANCIAL | 84,269 | 151,180 |
| CHESAPEAKE LODGING TRUST | 32,891 | 33,506 |
| CHEVRON CORPORATION | 116,940 | 108,790 |
| CITIGROUP INC 7.125 PFD | 500,000 | 523,800 |
| CITIGROUP INC. | 252,188 | 233,000 |
| COMMUNITY HEALTHCARE TRUST INC | 26,183 | 39,324 |
| CREDIT SUISSE AG LINKED TO S&P 500 INDEX | 104,000 | 98,696 |
| CVS HEALTH CORP | 84,501 | 75,086 |
| DIGITAL REALTY TRUST INC 6.35% | 13,142 | 13,117 |
| DIGITAL REALTY TRUST INC 5.88 PFD | 51,666 | 53,229 |
| EPR PROPERTIES | 15,027 | 18,889 |
| EVEREST RE GROUP LTD | 44,169 | 50,956 |
| EXXON MOBIL | 200,000 | 160,178 |
| FACEBOOK, INC. CMN CLASS A | 83,772 | 69,084 |
| FIRST REPUBLIC BANK 5.125 22 PFD | 250,000 | 213,500 |
| GENERAL MILLS | 87,457 | 77,880 |
| GRANITE POINT MORTGAGE TRUST | 15,483 | 21,077 |
| HCP INC | 59,163 | 52,955 |
| HEALTH CARE PROPERTY INV REIT | 87,000 | 139,650 |
| HILTON WORLDWIDE HOLDINGS INC | 136,403 | 138,574 |
| HOSPIALITY PROPERTIESTRUST | 30,050 | 27,677 |
| HUNTINGTON BANCSHARES INCORPOR | 246,033 | 221,875 |
| INTL BUSINESS MACHINES CORP | 4,431,482 | 3,569,238 |
| JBG SMITH PROPERTIES | 2,102,231 | 2,034,436 |
| JOHNSON & JOHNSON | 42,502 | 90,335 |
| JOHNSON AND JOHNSON | 87,352 | 167,765 |
| JOHNSON CONTROLS INTERNATIONAL | 100,942 | 90,284 |
| JP MORGAN CHASE & CO 6.3 PFD | 250,000 | 253,700 |
| JP MORGAN CHASE & CO 6.7 PFD | 250,000 | 254,100 |
| JPMORGAN CHASE & CO LINKED TO S&P | 283,000 | 274,001 |
| KIMBERLY CLARK | 92,776 | 113,940 |
| KIMCO REALTY CORPORATION SER J 5.5 P | 64,392 | 55,118 |
| KKR & CO INC CMN | 147,214 | 108,436 |
| MASTERCARD INC | 91,126 | 140,167 |
| MCKESSON CORPO | 137,227 | 101,191 |
| MFA FINANCIAL | 45,093 | 40,441 |
| MICROSOFT | 42,107 | 152,355 |
| MICROSOFT CORP | 101,458 | 355,495 |
| MICROSOFT CORPORATION | 84,208 | 78,615 |
| MORGAN STANLEY FINANCE LLC LINKED TO S&P | 97,000 | 87,290 |
| NATIONAL OILWELL VARCO INC | 165,080 | 123,154 |
| NATIONAL RETAIL PROPERTIES 5 7 PFD | 48,244 | 48,588 |
| NVENT ELECTRIC PUBLIC LIMITED | 48,120 | 44,920 |
| OMEGA HEALTHCARE INVESTORS INC | 40,890 | 47,453 |
| ORACLE CORPORATION | 64,977 | 69,757 |
| PARKER-HANNIFIN CORP | 113,036 | 87,993 |
| PEBBLEBROOK HOTEL TRUST 6.5 PFD | 64,890 | 60,575 |
| PEBBLEBROOK HOTEL TRUST PFD 6.3 SERIES F | 18,107 | 16,640 |
| PEBBLEBROOK HOTEL TRUST PFD 6.3750 SERIES F | 49,848 | 47,499 |
| PENNYMAC MTG INVT IR CMN CTSY MERRILL LYNCH | 28,306 | 29,680 |
| PENTAIR PLC | 77,960 | 75,560 |
| PFIZER | 48,005 | 87,300 |
| PFIZER INC | 69,927 | 130,950 |
| PS BUSINESS PARKS INC SER U 5.2 PFD SER Y | 36,985 | 31,277 |
| PS BUSINESS PARKS INC SER U 5.7 PFD SER V | 21,114 | 19,861 |
| PS BUSINESS PARKS INC SER U 5.75 PFD SER U | 30,466 | 28,539 |
| PUBLIC SERVICE ENT GROUP | 50,000 | 129,292 |
| PUBLIC STORAGE FF0 USD1.3438(5.38%) SERIES V CTSY | 70,673 | 63,529 |
| QORVO INC | 144,923 | 131,298 |
| REGIONS FINANCIAL CORPORATION | 19,860 | 18,593 |
| REXFORD INDUSTRIAL REALTY, INC PFD USD1 .4688(5.88%) | 47,569 | 42,908 |
| RLJ LODGING TRUST | 50,902 | 40,147 |
| RLJ LODGING TRUST CONV PFD USD1.9500(7.8O%) SERF | 37,524 | 35,386 |
| S&P GLOBAL INC | 67,366 | 80,722 |
| SECTOR OPPRUTUNIITIES | 245,285 | 423,360 |
| SITE CENTRE CORP. (DDR CORP) | 52,087 | 26,867 |
| SITE CENTRE PFD 6.25 SER K (DDR CORP SERIES K 6.25 PFD) | 32,513 | 28,425 |
| SITE CENTRE PFD 6.5 SER J(DDR CORP SER J 6.5 PFD) | 42,136 | 38,539 |
| SKYWORKS SOLUTIONS INC | 174,206 | 136,654 |
| SL GREEN REALTY CORP SER I 6.5 PFD | 55,012 | 54,825 |
| STARWOOD PROPERTY INC | 22,271 | 19,513 |
| STATE STREET CORPORATION | 77,775 | 70,323 |
| SWISS RE LTD | 118,614 | 118,686 |
| TAUBMAN CENTERS INC 6.25 PFD | 45,153 | 35,301 |
| TAUBMAN CENTERS INC SER J 6.5 PFD | 31,944 | 37,745 |
| TERADYNE INC CMN | 77,803 | 87,550 |
| THE BANK OF NOVA SCOTIA LINKED TO S&P | 106,000 | 100,933 |
| TORONTO DOMINION BANK LINKED TO S&P | 101,000 | 95,839 |
| TORONTO DOMINION LINKED TO S&P 500 INDEX | 180,000 | 163,602 |
| TRAVELERS COMPANIES | 100,000 | 412,299 |
| TWO HARBORS INVESTMENT CORP | 48,620 | 34,411 |
| UBS AG LINKED TO S&P 500 INDEX | 87,000 | 79,883 |
| UNITED PARCEL SERVICE, INC. CLASS B COMMON | 95,841 | 88,752 |
| URBAN EDGE PROPERTIES | 1,177,648 | 971,339 |
| VENTAS, INC. CMN CTSY WRP INVESTMENTS CRP | 47,163 | 51,149 |
| VEREIT INC (6.75%) SERIES F CTSY | 40,468 | 37,265 |
| VISA INC | 42,807 | 87,608 |
| VORNADO REALTY TR SER M 5.25PFD | 500,000 | 411,000 |
| VORNADO REALTY TRUST | 7,872,407 | 7,250,563 |
| VORNADO REALTY TRUST SER M 5.25 PFD | 74,012 | 61,136 |
| WELLS FARGO CO LINKED TO S&P | 128,000 | 121,190 |
| WELLS FARGO COMPANY 5.85 PFD | 500,000 | 491,400 |
| WP CAREY INC | 30,809 | 32,735 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| AMERICAN EXPRESS COMPANY HYBRID PERPETUAL USD SER B | AT COST | 49,875 | 49,250 |
| AMERICAN EXPRESS COMPANY HYBRID PERPETUAL USD SER C | AT COST | 49,375 | 47,875 |
| BLACKROCK GLOBAL ALLOCATIONS - A | AT COST | 280,017 | 262,389 |
| BLACKROCK GLOBAL ALLOCATIONS - C | AT COST | 404,451 | 384,865 |
| CITIGROUP INC. HYBRID PERPETUAL USD DE | AT COST | 49,463 | 48,813 |
| CLAROS REAL ESTATE SECURITIES | AT COST | 36,537 | 36,537 |
| GMAC CAPITAL TRUST I PFD 2.0312(8:12%) SER | AT COST | 48,117 | 48,190 |
| GS HIGH FLOATING RATE FUND | AT COST | 1,019,208 | 928,068 |
| GS HIGH FLOATING RATE FUND | AT COST | 5,186,311 | 4,892,048 |
| GS MEZZANINEPARTNERS V | AT COST | 36,034 | 13,279 |
| GS MLP ENERGY INFRASTRUCTURE | AT COST | 3,628,377 | 2,315,713 |
| GS TACTICAL TILT IMPLEMENTATION | AT COST | 2,825,264 | 2,680,218 |
| GS US EQUITY DIV & PREM FUND | AT COST | 6,388,091 | 6,628,622 |
| JPMORGAN CHASE & CO. HYBRID PERPETUAL USD DEP | AT COST | 49,975 | 49,313 |
| JPMORGAN CHASE & CO. HYBRID PERPETUAL USD SER | AT COST | 52,938 | 51,663 |
| KEYCORP HYBRID PERPETUAL USD DE | AT COST | 22,500 | 22,844 |
| KEYCORP PFD USD1.5313 (6.13%) SERIES E | AT COST | 37,509 | 38,627 |
| KKR ASIAN FUND | AT COST | 749,015 | 875,047 |
| KKR LENDING PARTNERS EUROPE | AT COST | 3,212,791 | 3,188,363 |
| LIBERTY HARBOR SPV II LTD | AT COST | 6,490 | 2,869 |
| MORGAN STANLEY PFD USD1.71 88(6.88%) | AT COST | 38,751 | 38,154 |
| MSCI EAFE HEDGED EQUITY INDEX FUND | AT COST | 1,925,812 | 1,928,588 |
| NATIONAL RURAL UTILITIES 000PE HYBRID | AT COST | 24,625 | 24,725 |
| NEW YORK COMMUNITY BANCORP PFD USD1 .5936 (6.37%) SERIES A | AT COST | 19,165 | 18,256 |
| PEOPLES UNITED FF0 USD1 .4062(5.62%) SERIES A | AT COST | 21,064 | 19,989 |
| PERRY PRIVATE OPPORTUNITIESACCESS LP | AT COST | 235,735 | 111,707 |
| PRIVATE EQUITY CO INVESTMENT | AT COST | 901,959 | 1,131,905 |
| PRIVATE EQUITY MANAGERS 2015 | AT COST | 547,739 | 766,766 |
| PRIVATE EQUITY MANAGERS 2016 | AT COST | 451,445 | 533,973 |
| PRIVATE EQUITY MANAGERS 2018 | AT COST | 47,959 | 46,624 |
| STATE STREET CORPORATION PFD USD1.3375 (5.35%) SERIES G | AT COST | 29,067 | 28,656 |
| THE CHARLES SCHWAB CORP HYBRID | AT COST | 25,969 | 25,844 |
| THIRD POINT PARTNERS | AT COST | 13,808,581 | 13,412,184 |
| VINTAGE VII AIV | AT COST | 49,847 | 0 |
| VINTAGE VII LP | AT COST | 465,104 | 602,488 |
| VOYA FLOATING RATE FUND CLASS I | AT COST | 6,831,760 | 6,566,145 |
| VOYA FINANCIAL, INC. HYBRID PERPETUAL DE | AT COST | 48,688 | 47,438 |
| WELLS FARGO & COMPANY HYBRID PERPETUAL SER K JRSUB | AT COST | 50,000 | 49,688 |
| WELLS FARGO & COMPANY HYBRID PERPETUAL USD SER 5 | AT COST | 49,000 | 47,638 |
| WELLS FARGO & COMPANY HYBRID PERPETUAL USO SER U | AT COST | 49,750 | 49,423 |
| WEST STREET CAPITAL PARTNERS VII, LP | AT COST | 1,328,504 | 1,278,071 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 3,064 | 3,064 | 0 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT & TRANSFER FEES | 584 | 584 | 0 | |
| OTHER PARTNERSHIP DEDUCTIONS | 260,415 | 260,415 | 0 | |
| LESS: AMOUNT ATTRIBUTABLE TO UBI | 0 | -6,203 | 0 | |
| INVESTMENT INTEREST EXPENSE | 26,813 | 26,813 | 0 | |
| LESS: AMOUNT ATTRIBUTABLE TO UBI | 0 | -20,643 | 0 | |
| ACCRUED INTEREST | 64,845 | 64,845 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| OTHER PARTNERSHIP INCOME | 77,651 | 77,651 | 77,651 |
| LESS: AMOUNT ATTRIBUTABLE TO UBI (LOSS) | 19,202 |
| Description | Amount |
|---|---|
| PARTNERSHIP ADJUSTMENT | 608,186 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT MANAGEMENT FEES | 205,706 | 205,706 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL TAX | 171,154 | 0 | 0 | |
| PARTNERSHIP FOREIGN TAXES | 2,068 | 2,068 | 0 |