| 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 |
|---|---|---|
| ISHARES BARCLAY S 1-3 YEAR TREASURY BOD FUND | 118,705 | 118,845 |
| PIMCO UNCONSTRAINED BOND-INS (ID: 72201M-48-7) | 96,944 | 96,210 |
| 3M COMPANY 3 25 | 264,153 | 263,480 |
| AETNA 41/8 21 | 268,428 | 256,425 |
| AETNA INC 0.035 | 272,095 | 262,098 |
| AFLAC 31/4 25 | 493,155 | 526,085 |
| ALTRIA GROUP 4 24 | 536,296 | 528,750 |
| AMAZON COM INC 3.8% 12/05/2024 | 258,298 | 271,578 |
| AMERICAN INTL GROUP 0.0375 | 268,522 | 267,450 |
| AMERICAN INTL GROUP 3.9 26 | 262,815 | 268,940 |
| AMGEN 4.1 21 | 270,400 | 257,885 |
| ANHEUSER BUSCH 3.65 26 | 275,185 | 267,900 |
| ANHEUSER BUSCH 3.7 24 | 260,290 | 266,708 |
| ANHEUSER BUSCH INBEV WORLDWIDE 4.15% 01/23/2025 | 272,663 | 273,315 |
| APACHE CORP. 2 5/8 23 | 249,921 | 249,680 |
| APPLE INC | 266,901 | 266,298 |
| APPLE INC 3.25 26 | 260,393 | 266,528 |
| ASHMORE EMG MKT SHT DURATION FD | 15,130 | 13,797 |
| AT&T | 247,256 | 261,950 |
| AT&T 3 22 | 513,621 | 511,385 |
| BANK AMER CORP 5.375 DEP PFD KK | 250,000 | 266,100 |
| BANK NEW YORK MELLON CORP 3.25% 05/16/2027 | 245,030 | 259,877 |
| BANK OF AMERICA CORP VAR RT 10/21/22 | 256,000 | 253,560 |
| BANK OF NY MELLON CORP | 251,127 | 266,255 |
| BARCLAYS PLC VAR RT 01/10/2023 | 256,875 | 252,290 |
| BB&T CORP VAR RT PERP MAT DID 07/29/20 19 | 248,704 | 254,875 |
| BERKSHIRE HATHAWAY 3 22 | 523,511 | 517,245 |
| BOEING CO 2.8% 03/01/2027 | 257,123 | 254,058 |
| BOEING CO 3.45% 11/01/2028 | 267,290 | 266,945 |
| BRISTOL MYERS SQUIBB CO 3.25% 02/27/2027 | 263,938 | 268,703 |
| BURLINGTON NORTHERN SANTA FE 3.05 22 | 518,450 | 512,320 |
| CANADIAN PACIFIC 4,45 23 | 260,822 | 267,755 |
| CAPITAL ONE FINANCIAL VAR. 49 | 250,000 | 254,580 |
| CATERPILLAR 2.6 22 | 258,330 | 254,213 |
| CATERPILLAR INC DEL 2.6% 09/19/2029 | 257,285 | 254,613 |
| CBS 3.7 24 | 259,951 | 262,913 |
| CBS 4 26 | 250,575 | 268,423 |
| CHARLES SCHWAB CORP VAR RT 06/01/2166 | 250,000 | 256,250 |
| CIGNA CORP. | 250,765 | 257,443 |
| CIGNA CORP. 4 22 | 274,423 | 258,725 |
| CISCO SYSTEMS INC 0.035 | 273,977 | 270,608 |
| CITIGROUP 37/8 25 | 245,735 | 264,243 |
| CITIGROUP INC 0.043 | 254,487 | 270,860 |
| CITIGROUP INC MTN VAR RT 11/24/2027 | 250,000 | 239,740 |
| CITIZENS FINL GROUP INC 5.500% 10/06/2165 | 257,934 | 252,710 |
| CLOROX 3.05 22 | 258,895 | 256,488 |
| COLGATE PALMOLIVE 3 1/4 24 | 261,216 | 266,650 |
| COMCAST 3318 25 | 252,393 | 265,420 |
| CONOCOPHILLIPS 4.95 26 | 284,785 | 287,623 |
| CONOCOPHILLIPS COMPANY VAR RT | 248,248 | 264,290 |
| CORN PRODUCTS INTERNATIONAL 45/8 20 | 262,505 | 255,813 |
| CREDIT SUISSE NEW YORK 43/8 20 | 261,128 | 254,735 |
| CVS CAREMARK 41/8 21 | 263,875 | 256,280 |
| CVS HEALTH CORP 3.875 25 | 262,785 | 265,763 |
| DALLAS-FORT WORTH TX INTL ARPT REV TXBL-REF-SER - 2.434% 11.01.2028 | 250,000 | 252,863 |
| DALLAS-FORT WORTH TX INTL ARPT REV TXBL-REF-SER - 2.554% 11.01.2030 | 100,000 | 100,384 |
| DOW CHEMICAL 41/8 21 | 268,000 | 259,080 |
| E*TRADE FINANCIAL CORP VAR RT 09/1512166 | 255,837 | 244,618 |
| ENLINK MIDSTREAM VAR RT 12/15/2165 | 150,000 | 103,020 |
| ENTERGY 51/8 20 | 254,012 | 254,715 |
| ERP OPERATING 43/4 20 | 267,365 | 253,165 |
| EXXON MOBIL 3.176 24 | 526,155 | 526,370 |
| FEDEX 2.7 23 | 254,225 | 253,868 |
| FEDEX 4 24 | 273,705 | 267,138 |
| GENERAL MILLS 3.15 21 | 261,693 | 255,548 |
| GENERAL MILLS 3.2 27 | 259,729 | 264,702 |
| GOLDMAN SACHS 3.85 24 | 524,906 | 530,280 |
| GOLDMAN SACHS 5.95 27 | 291,168 | 298,108 |
| GOLDMAN SACHS CAPITAL II 5.793 43 | 8,340 | 10,380 |
| HALLIBURTON CO 3.8 25 | 263,261 | 263,360 |
| HOME DEPOT 3 26 | 254,398 | 263,420 |
| HOME DEPOT 3 3/4 24 | 263,293 | 269,028 |
| HP ENTERPRISE CO 4.9 25 | 519,375 | 559,090 |
| INTEL CORP 3.15% 05/11/2027 | 246,678 | 267,503 |
| INTEL CORP 3.7 25 | 267,358 | 271,875 |
| INVESCO HI YLD MUNI-R6 | 32,220 | 33,424 |
| ISHARES 3-7 YEAR TREASURY BO @ 121.6692 | 65,278 | 67,548 |
| JOHNSON & JOHNSON 3.375% 12/05/2023 | 257,280 | 266,143 |
| JP MORGAN CHASE | 259,331 | 245,464 |
| JP MORGAN CHASE 4.4 20 | 261,168 | 254,498 |
| JP MORGAN CHASE 5.15 2165 | 65,000 | 67,356 |
| JP MORGAN CHASE VAR RT 04/25/2023 | 252,175 | 251,668 |
| JP MORGAN CHASE VAR. RATE | 355,000 | 381,029 |
| JP MORGAN CHASE VAR. RATE 05/01/2166 | 500,000 | 497,050 |
| JP MORGAN CHASE VAR. RATE MAT DTD 07/31/19 | 110,000 | 114,221 |
| JP MORGAN TRUST I FLOATING RATE | 3,566,734 | 3,347,757 |
| JPMORGAN CHASE & CO 3.9 % | 264,473 | 269,513 |
| KELLOGG 3.25 26 | 269,954 | 260,755 |
| KELLOGG 4 20 | 284,663 | 255,090 |
| KRAFT HEINZ FOODS 3.95 25 | 278,193 | 263,228 |
| LOCKHEED MARTIN CORP 2.9 25 | 257,476 | 261,273 |
| LOCKHEED MARTIN CORP 3.55 26 | 266,494 | 270,025 |
| MCDONALD CORP 3.7 26 | 545,782 | 539,865 |
| MCDONALD'S 33/8 25 | 245,915 | 265,243 |
| METLIFE 3 25 | 502,453 | 521,955 |
| METLIFE VAR. 49 | 125,000 | 126,125 |
| METROPOLITAN WEST UNC BD-1 | 142,276 | 143,720 |
| MICROSOFT 3.125 25 | 535,039 | 532,550 |
| MICROSOFT 3.3 27 | 267,976 | 270,618 |
| MONSANTO CO 5.5 25 | 301,983 | 272,518 |
| NEWELL RUBBERMAID 4.7 20 | 266,575 | 253,858 |
| NORTHEN TR CORP 3.65% 08/03/2028 | 274,163 | 275,198 |
| PEPSICO 3.6 24 | 259,945 | 267,105 |
| PEPSICO INC 3% 10/15/2027 | 264,420 | 265,333 |
| PFIZER INC 3% 12/15/2026 | 249,735 | 265,168 |
| PFIZER INC 3.2% 09/15/2023 | 253,448 | 261,928 |
| PGIM HIGH YIELD FUND CLASS R6 ISIN US74440Y8848 | 82,563 | 82,599 |
| PHILIP MORRIS INTL INC 3.125% 08/17/2027 | 263,755 | 259,053 |
| PHILIP MORRIS INTL INC OLD 03.250% | 270,249 | 262,175 |
| PHILIP MORRIS INTL. 3.6 23 | 268,663 | 263,665 |
| PNC BK N A PITTSBURGH PA 3.1% 10/25/2027 | 260,998 | 263,363 |
| PNC FINANCIAL SERVICES | 100,000 | 105,881 |
| POTASH CORP - SASKATCHEWAN 47/8 20 | 266,218 | 252,615 |
| PRUDENTIAL FINANCIAL 3 1/2 24 | 519,990 | 531,670 |
| QUEST DIAGNOSTIC INC 3.5 25 | 271,407 | 263,363 |
| QUEST DIAGNOSTICS INC 3.45% 06/01/2026 | 262,295 | 262,615 |
| SPDR PORT SHRT TRM CORP BND - ETF @30.3635 | 54,139 | 55,046 |
| STATE STR CORP 3.1% 05/15/2023 | 247,730 | 258,645 |
| SUNTRUST BANKS INC VAR RATE | 253,125 | 254,375 |
| TEVA PHARMA CEUT FIN BV 2.95% 12/18/22 | 231,250 | 227,500 |
| THERMO FISHER SCIENTIFIC 4.15 24 | 526,133 | 538,965 |
| TIME WARNER 3.6 25 | 273,815 | 256,623 |
| TIME WARNER 6.95 28 | 198,891 | 249,850 |
| TYCO INTERNATIONAL 3.9 26 | 278,690 | 267,195 |
| U S BANCORP MTNS BK ENT 3.15% 04/27/2027 | 243,465 | 264,580 |
| U.S BANCORP 3.1 26 | 267,115 | 261,715 |
| UNION PACIFIC 3.25 25 | 264,635 | 263,645 |
| UNION PACIFIC 4 21 | 269,900 | 255,608 |
| UNITED HEALTH | 268,386 | 271,078 |
| UNITED HEALTH GROUP 27/8 22 | 257,053 | 255,250 |
| UNITED TECHNOLOGIES CORP | 259,366 | 263,775 |
| USD THOMSON REUTERS 3.35 26 | 266,439 | 259,045 |
| VANGUARD TOTAL BOND MARKET ETF @82.13 | 80,930 | 82,651 |
| VERIZON 3.5 24 | 497,515 | 531,200 |
| VOYA FINL INC VAR RI PERP MAT DID 09/12/2018 @ | 255,000 | 267,188 |
| WALGREENS 3.45 26 | 523,982 | 518,355 |
| WAL-MART 41/4 21 | 291,250 | 259,053 |
| WALMART INC 3.25% 07/08/2029 | 273,430 | 270,520 |
| WALMART INC 3.4% 06/26/2023 | 254,413 | 264,148 |
| WALT DISNEY 3 26 | 528,983 | 528,145 |
| WASTE MANGEMENT 3.15 27 | 253,255 | 264,440 |
| WASTE MGMT INC DEL 3.2% 06/15/2026 | 263,953 | 265,200 |
| WELLS FARGO 3.45 23 | 512,870 | 517,220 |
| WELLS FARGO 4.3 27 | 267,908 | 273,625 |
| WELLS FARGO VAR RT 01/24/2023 | 255,375 | 253,135 |
| WHIRLPOOL 3.7 25 | 504,270 | 527,655 |
| WSTRN MN MUNI PWR AGY TXBL-REF-SER A 2.545% 1/1/28 | 500,000 | 503,140 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| J P MORGAN SHORT DURATION BOND FUND | 615,408 | 618,460 |
| ADVERUM BIOTECHNOLOGIES INC COM | 134,938 | 72,700 |
| ALLSTATE CORP PFD 5.1% @ 25.00 | 50,000 | 52,460 |
| AMAZON COM INC | 1,755,195 | 1,812,193 |
| AT&T 00206R -10-2 T | 67,294 | 514,727 |
| AVALON BAY COMMUNITIES | 110,065 | 217,660 |
| BANK AMER CORP PFD 5.000% | 225,000 | 233,550 |
| BANK AMER CORP PFD 6.000% | 375,000 | 408,750 |
| BANK OF AMERICA 5.375 | 375,000 | 399,150 |
| BLACKROCK CORPORATE HIGH YIELD | 154,272 | 73,482 |
| BLACKROCK NC | 539,493 | 534,655 |
| BRISTOL-MYERS SQUIBB CO 3.25 27 | 261,705 | 268,703 |
| CAPITAL ONE FINANCIAL 6 PFD | 249,500 | 256,100 |
| CITIGROUP | 250,000 | 525,081 |
| CITIGROUP 5.95 % 2049 | 260,487 | 264,643 |
| CITIGROUP INC VAR PT 09/01/2023 | 507,125 | 510,335 |
| CITIGROUP INC VAR RT 12/31/2049 | 491,084 | 535,000 |
| CITIGROUP SER J 7 1/8 PFD | 500,000 | 577,000 |
| COMCAST | 34,252 | 404,007 |
| CONOCOPHILLIPS COMPANY VAR RT | 493,810 | 507,100 |
| DOUBLE LINE TOTAL RETURN FUND | 74,836 | 72,744 |
| DOW CHEMICAL CO/THE 0.035 | 261,593 | 262,395 |
| DUKE ENERGY CORP | 125,000 | 139,500 |
| E*TRADE FINANCIAL CORP VAR RI | 262,229 | 261,250 |
| ENERGY TRANSFER PARTNERS PFD 7.375% 25 | 150,000 | 145,320 |
| FIRST REPUBLIC BANK 5.125 22PFD | 250,000 | 260,500 |
| GENERAL MOTORS WARRANTS - CLASS B | 234,346 | 155,143 |
| GOLDMAN SACHS GROUP INC MTN VAR RI | 515,625 | 516,350 |
| IBM | 2,672,174 | 2,602,118 |
| IBM | 1,870,314 | 1,337,300 |
| INVESCO MORTGAGE CAPITAL PFD 7.5 | 250,000 | 266,800 |
| J P MORGAN STRATEGIC INCOME OPPORTUNITIES FUND | 1,388,917 | 1,380,069 |
| JBG SMITH PROPERTIES | 982,518 | 4,498,571 |
| JBG SMITH PROPERTIES | 972,959 | 4,637,509 |
| JOHN HANCOCK LL-STR INC-I | 94,527 | 95,398 |
| JP MORGAN CHASE | 250,000 | 284,900 |
| JP MORGAN CHASE 3.875 24 | 248,125 | 266,935 |
| JP MORGAN CHASE 5.75 PFD | 500,000 | 544,000 |
| JP MORGAN CHASE 6.1 PFD | 125,000 | 128,300 |
| JP MORGAN CHASE 6.125 PFD | 250,000 | 253,100 |
| JPM GLOBAL BOND OPPORTUNITY FUND | 101,609 | 100,864 |
| KEYCORP VAR RI | 248,750 | 363,657 |
| LADDER CAP CORP | 73,696 | 89,286 |
| M&T BANK CORPORATION VAR RT | 100,000 | 106,750 |
| MICROSOFT CORP 4.200% 11/03/2035 | 258,625 | 297,108 |
| MORGAN STANLEY VAR RATE | 261,795 | 253,625 |
| MORGAN STANLEY VAR RATE | 515,000 | 508,030 |
| PIMCO MORTGAGE OPPORTUNITY | 152,617 | 151,019 |
| PNC FINANCIAL SERVICES | 837,605 | 3,261,141 |
| PUBLIC SERVICE ENTERPRISE GROUP | 39,064 | 189,930 |
| REGIONS FINANCIAL VAR. PFD | 250,000 | 285,500 |
| SITE CENTERS CORP. (NAME CHNAGED FROM: DDR CORP) 6 1/2 PFD | 225,000 | 226,170 |
| URBAN EDGE PROPERTIES | 472,531 | 1,849,890 |
| VERIZON COMMUNICATIONS | 116,304 | 497,184 |
| VODAFONE GROUP PLC ADR | 12,286 | 48,722 |
| VORNADO REALTY TRUST | 4,094,309 | 14,666,796 |
| VORNADO REALTY TRUST | 4,260,664 | 15,119,774 |
| VORNADO REALTY TRUST SER M CUM RDMABLE 5.25 PFD | 250,000 | 260,600 |
| WELLS FARGO 5.2 PFD | 18,750 | 18,983 |
| WELLS FARGO 5.7 | 250,000 | 538,600 |
| WELLS FARGO 5.85 PFD | 325,000 | 350,090 |
| WELLS FARGO 5.85 PFD | 500,000 | 259,200 |
| WELLS FARGO 7.98 PFD | 146,643 | 136,688 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| STATE OF ISRAEL BONDS | AT COST | 1,403,558 | 1,550,000 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INSURANCE | 15,543 | 15,543 | 0 | |
| DUES & SUBSCRIPTIONS | 10,025 | 10,025 | 0 | |
| OFFICE EXPENSES | 925 | 925 | 0 | |
| INVESTMENT RELATED EXPENSES | 210 | 210 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| OTHER INVESTMENT INCOME | 77,985 | 77,985 | 77,985 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| CONSULTING FEES | 570,000 | 570,000 | 0 | |
| INVESTMENT CONSULTING FEES | 45,500 | 45,500 | 0 | |
| INVESTMENT MANAGEMENT FEES | 5,332 | 5,332 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL EXCISE TAX | 88,718 | 0 | 0 |