| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 8,250 | 8,250 | 0 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| QUEST DIAGNOSTICS INC 3.5 25 | 529,445 | 487,580 |
| AID-ISRAEL 0 23 | 55,608 | 131,142 |
| ALLY FINANCIAL / GEN MOTORS 8 31 | 257,422 | 276,875 |
| WISCONSIN POWER & LIGHT 5 19 | 265,577 | 252,469 |
| QUEST DIAGNOSTIC 4.75 20 | 264,365 | 254,025 |
| TIME WARNER CABLE 5 20 | 252,347 | 253,508 |
| PHILIP MORRIS INT'L 4.5 20 | 263,322 | 254,248 |
| POTASH CORP SASKATCHWAN 4.875 20 | 266,216 | 254,663 |
| WALMART 3.625 20 | 246,886 | 252,518 |
| AGILENT TECHNOLOGIES 5 20 | 268,847 | 256,670 |
| ERP OPERATING 4.75 20 | 267,365 | 254,810 |
| TARGET 3.875 20 | 252,602 | 253,752 |
| JP MORGAN CHASE 4.4 20 | 261,167 | 254,523 |
| NEWELL RUBBERMAID 4.7 20 | 266,575 | 254,245 |
| ENTERGY 5.125 20 | 254,006 | 255,153 |
| MATTEL 4.35 20 | 261,062 | 243,750 |
| CORN PRODUCTS INT'L 4.625 20 | 262,500 | 254,473 |
| PEPSICO 3.125 20 | 238,012 | 251,110 |
| TRAVELERS COMPANIES 3.9 20 | 517,595 | 507,710 |
| PRUDENTIAL FINANCIAL 4.5 20 | 246,450 | 255,718 |
| UNION PACIFIC 4 21 | 251,215 | 254,068 |
| LOWE'S COMPANIES 3.75 21 | 247,220 | 251,470 |
| BOSTON PROPERTIES 4.125 21 | 243,206 | 253,388 |
| CANADIAN PACIFIC 4.45 23 | 260,817 | 260,128 |
| LOCKHEED MARTIN 4.25 19 | 104,254 | 101,160 |
| XEROX 5.625 19 | 273,927 | 251,890 |
| BOSTON SCIENTIFIC 6 20 | 267,275 | 256,315 |
| ADOBE SYSTEMS 4.75 20 | 257,932 | 254,988 |
| KRAFT FOODS 5.375 20 | 270,382 | 256,093 |
| COMCAST 5.15 20 | 265,438 | 255,913 |
| GOLDMAN SACHS 5.375 20 | 104,155 | 102,236 |
| NORDSTROM 4.75 20 | 265,150 | 254,253 |
| PRUDENTIAL FINANCIAL 5.375 20 | 269,045 | 257,615 |
| JP MORGAN CHASE 4.25 20 | 245,283 | 254,505 |
| DOW CHEMCAL 4.25 20 | 262,175 | 254,445 |
| HOME DEPOT 4.4 21 | 528,932 | 514,925 |
| ALTRIA GROUP 4.75 21 | 268,863 | 255,510 |
| CVS CAREMARK 4.125 21 | 260,557 | 252,960 |
| AMGEN 4.1 21 | 540,800 | 509,845 |
| WHIRLPOOL 4.85 21 | 540,000 | 512,105 |
| BERKSHIRE HATHAWAY 3.75 21 | 266,512 | 255,433 |
| LOCKHEED MARTIN 3.35 21 | 267,667 | 251,660 |
| CLOROX 3.8 21 | 538,950 | 510,120 |
| UNITED HEALTH GROUP 3.375 21 | 274,483 | 251,595 |
| GENERAL MILLS 3.15 21 | 524,769 | 495,980 |
| AT&T 3 22 | 519,250 | 491,380 |
| CIGNA 4 22 | 531,185 | 505,120 |
| WALT DISNEY 2.55 22 | 260,700 | 245,993 |
| CBS 3.375 22 | 265,192 | 247,770 |
| KELLOGG 3.125 22 | 516,250 | 494,170 |
| ANHEUSER-BUSCH 2.5 22 | 257,460 | 238,698 |
| CAMPBELL'S SOUP 2.5 22 | 256,338 | 236,783 |
| ALTRIA GROUP 2.85 22 | 254,065 | 239,995 |
| ESTEE LAUDER 2.35 22 | 508,412 | 484,875 |
| PHILIP MORRIS 2.5 22 | 257,460 | 240,908 |
| THERMO FISHER SCIENTIFIC 3.15 23 | 525,405 | 490,000 |
| UNION PACIFIC 2.95 23 | 266,992 | 245,355 |
| UNITED TECHNOLOGIES 4.5 20 | 296,898 | 253,378 |
| WASTE MANAGEMENT 4.6 21 | 289,187 | 257,733 |
| BANK OF NY MELLON 3.55 21 | 264,598 | 252,888 |
| VERIZON COMMUNICATIONS 3.5 21 | 270,540 | 252,678 |
| KIMBERLY-CLARK 2.4 22 | 258,675 | 244,248 |
| NORFOLK SOUTHERN 3 22 | 263,160 | 248,313 |
| CATERPILLAR 2.6 22 | 258,091 | 243,755 |
| MERCK 2.4 22 | 254,074 | 244,345 |
| INTEL 2.7 22 | 253,520 | 246,243 |
| BERKSHIRE HATHAWAY 3 23 | 250,378 | 247,720 |
| COCA COLA 2.5 23 | 260,202 | 244,000 |
| FEDEX 2.7 23 | 254,278 | 241,628 |
| AFLAC 3.625 23 | 785,881 | 752,490 |
| VERIZON COMMUNICATIONS 5.15 23 | 277,722 | 266,090 |
| APPLE 2.4 23 | 91,156 | 96,693 |
| VERIZON COMMUNICATIONS 6.4 33 | 111,180 | 118,099 |
| NORFOLK SOUTHERN 7.05 37 | 127,375 | 128,648 |
| BOEING 6.875 | 134,805 | 136,106 |
| APPLE 3.85 43 | 84,410 | 94,698 |
| KIMBERLY-CLARK 3.875 21 | 269,078 | 253,758 |
| GOLDMAN SACHS 3.25 22 | 253,925 | 249,213 |
| WELLS FARGO 3.45 23 | 251,070 | 244,755 |
| HALLIBURTON 3.5 23 | 256,900 | 248,155 |
| WELLS FARGO 4.48 24 | 264,725 | 253,000 |
| COLGATE PALMOLIVE 3.25 24 | 251,950 | 251,260 |
| VIACOM 3.875 24 | 259,387 | 245,218 |
| PFIZER 3 23 | 258,257 | 248,933 |
| BRISTOL MYERS SQUIBB 3.25 23 | 263,197 | 250,520 |
| HONEYWELL INTL 3.35 23 | 268,440 | 252,828 |
| JOHNSON & JOHNSON 3.375 23 | 271,932 | 254,728 |
| JP MORGAN CHASE 3.875 24 | 267,275 | 250,640 |
| BANK OF NY MELLON 3.65 24 | 269,205 | 250,513 |
| WALMART 3.3 24 | 267,597 | 250,732 |
| MCDONALDS 3.25 24 | 263,703 | 247,808 |
| GOLDMAN SACHS 3.85 24 | 263,100 | 244,393 |
| AETNA 3.5 24 | 259,612 | 241,715 |
| FEDEX 3.2 25 | 251,652 | 241,833 |
| CBS CORP 4.00 26 | 274,301 | 242,205 |
| CITIGROUP INC 4.4 25 | 267,726 | 244,660 |
| INTERNATIONAL PAPER CO 3.8 26 | 268,378 | 246,318 |
| MCDONALDS 3.375 25 | 265,044 | 244,395 |
| MONSANTO CO 5.5 25 | 301,172 | 255,385 |
| MCKESSON CORP 3.796 24 | 272,350 | 247,348 |
| NEWELL RUBBERMAID 4 24 | 262,899 | 246,290 |
| ORACLE CORP 2.95 25 | 262,062 | 239,238 |
| VENTAS REALTY 3.5 25 | 257,591 | 239,318 |
| VISA INC 3.15 25 | 533,240 | 491,345 |
| SYSCO CORP 3.75 25 | 272,740 | 243,780 |
| SOUTHERN POWER CO 4.15 25 | 268,484 | 247,738 |
| 21ST CENTURY FOX AMERICA 3.7 25 | 273,880 | 251,555 |
| AMERICAN EXPRESS CO 3.625 24 | 516,476 | 488,790 |
| AT&T 4.125 26 | 271,915 | 244,300 |
| BERKSHIRE HATHAWAY 3 .125 26 | 266,035 | 242,310 |
| INGERSOLL RAND 4.25 23 | 282,449 | 256,183 |
| COMCAST CORP 3.375 25 | 270,608 | 244,857 |
| GOLDMAN SACHS 3.5 25 | 261,904 | 236,978 |
| METLIFE 3.6 24 | 268,545 | 251,723 |
| PSEG POWER LLC 4.3 23 | 262,630 | 255,175 |
| THOMSON REUTERS 3.85 24 | 266,738 | 245,040 |
| VODAFONE GROUP INC 2.950 23 | 255,270 | 240,688 |
| AMERICAN INTL GROUP 3.9 26 | 273,955 | 240,518 |
| INTEL CORP 3.7 25 | 284,168 | 252,183 |
| LOCKHEED MARTIN 3.55 26 | 277,523 | 248,073 |
| MICROSOFT CORP 3.125 25 | 533,979 | 494,525 |
| PFIZER INC 3.4 24 | 280,408 | 251,758 |
| UNITED HEALTH GROUP INC 3.75 25 | 281,848 | 253,068 |
| WALT DISNEY COMPANY 3.0 26 | 529,813 | 481,415 |
| APPLE INC 3.25 26 | 260,397 | 243,598 |
| EXXON MOBIL CORPORATION 3.043 26 | 257,907 | 243,893 |
| WALGREENS BOOTS ALLIANCE 3.45 26 | 251,716 | 235,223 |
| SOUTHERN CO 3.25 26 | 249,516 | 234,188 |
| CITIGROUP INC 4.45 27 | 261,049 | 240,955 |
| TIME WARNER INC 3.875 26 | 261,600 | 238,775 |
| 3M COMPANY 3.00 25 | 264,110 | 244,753 |
| CONOCOPHILLIPS COMPANY 4.95 26 | 287,116 | 267,535 |
| THOMSON REUTERS 3.35 26 | 251,857 | 231,963 |
| PFIZER INC 3.00 26 | 257,555 | 241,385 |
| MICROSOFT CORP 3.300 27 | 263,578 | 247,625 |
| BRISTOL MYERS SQUIBB 3.25 27 | 258,613 | 243,958 |
| HUMANA INC 3.95 27 | 532,323 | 488,490 |
| MERCK & CO INC 2.75 25 | 257,015 | 241,848 |
| PEPSICO 2.85 26 | 257,724 | 239,005 |
| US BANCORP 3.10 26 | 255,405 | 236,723 |
| UNITEDHEALTH GROUP INC 3.45 27 | 267,602 | 247,430 |
| APPLE INC 3.35 27 | 264,429 | 244,033 |
| INTEL CORP 3.15 27 | 257,577 | 242,793 |
| MCDONALDS CORP 3.7 26 | 271,783 | 245,073 |
| WELLS FARGO & COMPANY 4.30 27 | 271,307 | 245,918 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| IBM | 7,008,423 | 9,496,446 |
| ALPHABET INC | 1,263,783 | 1,035,610 |
| AMAZON INC | 1,834,982 | 1,501,970 |
| MICROSOFT CORP | 2,386,015 | 2,214,226 |
| LOWE'S COMPANIES INC | 542,749 | 3,324,960 |
| WALMART STORES | 1,046,053 | 1,397,250 |
| WALMART STORES | 278,947 | 372,600 |
| VORNADO REALTY TRUST | 13,033,096 | 14,707,560 |
| VORNADO REALTY TRUST | 4,936,168 | 5,570,356 |
| JBG SMITH PROPERTIES | 1,183,721 | 1,562,969 |
| JBG SMITH PROPERTIES | 3,125,411 | 4,126,795 |
| AVALON BAY COMM REIT | 1,286,255 | 1,668,269 |
| ILLUMINA INC COM | 425,980 | 599,860 |
| CONNECTONE BANCORP | 314,200 | 509,070 |
| ESSEX PROPERTY TRUST REIT | 196,680 | 735,630 |
| WELLS FARGO | 2,756,648 | 1,288,581 |
| INTEL | 450,404 | 843,567 |
| NEW YORK COMMUNITY BANCORP | 257,820 | 459,961 |
| OCCIDENTAL PETROLEUM | 734,190 | 613,800 |
| PETROBRAS | 323,370 | 78,060 |
| APPLE INC | 366,460 | 1,025,310 |
| APPLE INC | 3,258,677 | 9,117,372 |
| CHEVRON | 199,262 | 239,338 |
| COCA COLA | 196,077 | 284,100 |
| ELI LILLY | 261,633 | 659,604 |
| ELI LILLY | 918,010 | 2,314,400 |
| KRAFT FOODS | 70,010 | 84,617 |
| GENERAL MOTORS CO. COMMON SHARES | 30,405 | 9,734 |
| GENERAL MOTORS WARRANTS 19 | 23,167 | 6,324 |
| MONDELEZ INTERNATIONAL | 129,572 | 236,177 |
| CITI GROUP SER J 7.125 PFD | 500,000 | 523,800 |
| VORNADO REALTY TRUST SER M 5.25 | 250,000 | 205,500 |
| WELLS FARGO 5.85 PFD | 500,000 | 491,400 |
| ARCHER DANIELS MIDLAND | 566,777 | 548,957 |
| BRISTOL MEYERS SQUIBB | 258,600 | 259,900 |
| NOVARTIS | 386,000 | 429,050 |
| ORACLE | 684,600 | 903,000 |
| TWENTY FIRST CENTURY FOX | 96,461 | 140,318 |
| VALERO ENERGY | 325,020 | 515,044 |
| VODAFONE | 216,100 | 92,004 |
| BANK OF AMERICA 6.625 PFD | 250,000 | 254,400 |
| JP MORGAN CHASE 6.7 PFD | 250,000 | 254,100 |
| JP MORGAN CHASE 6.3 PFD | 250,000 | 253,700 |
| CALIFORNIA RESOURCES | 26,510 | 8,401 |
| VERIZON COMMUNUCATIONS | 110,713 | 129,362 |
| AT&T | 855,795 | 704,053 |
| PAYPAL | 318,040 | 840,900 |
| AMAZON INC | 1,430,159 | 2,853,743 |
| MOTORS LIQ CO | 954 | 923 |
| FIRST REPUBLIC BANK 5.125 PFD | 250,000 | 213,500 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| MERRILL LYNCH CMA FUND | AT COST | 590,987 | 590,987 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| OVERPAYMENT OF FEDERAL EXCISE TAX | 20,627 | 20,627 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| OTHER INVESTMENT EXPENSES | 878 | 878 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| INTEREST INCOME | 4,366 | 4,366 | 4,366 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL EXCISE TAX | 116,524 | 0 | 0 | |
| FOREIGN TAXES | 5,231 | 5,231 | 0 |