| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 9,400 | 4,700 | 4,700 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ALEXANDRIA REAL ESTATE EQUITIE 4.0% 01/15/2024 USD SER | 93,229 | 93,547 |
| ALTRIA GROUP, INC. 3.8% 02/14/2024 USD SER 5YR SR LIEN | 81,657 | 81,899 |
| AMERICAN HONDA FINANCE 1.95% 05/20/2022 SR LIEN | 174,941 | 178,819 |
| AMERICAN INTL GROUP 4.125% 02/15/2024 USD SR LIEN S&P | 93,696 | 94,115 |
| AMERIPRISE FINANCIAL INC 3.0% 03/22/2022 USD | 149,600 | 154,901 |
| APPLE INC 1.7% 09/11/2022 SR LIEN S&P | 74,987 | 76,895 |
| AT&T INC 3.2% 03/01/2022 USD | 76,551 | 76,783 |
| AUTOZONE INC CMN 2.875% 01/15/2023 USD | 123,159 | 130,228 |
| BANK OF AMERICA CORP MTN MTN 2.625% 04/19/2021 | 49,989 | 50,350 |
| BANK OF AMERICA CORPORATION HYBRID MTN 05/17/2022 | 86,524 | 86,007 |
| BANK OF AMERICA CORPORATION MTN 4.1% 07/24/2023 USD | 49,149 | 49,249 |
| BANK OF MONTREAL MTN 3.3% 02/05/2024 USD SER E SR | 75,471 | 75,923 |
| BANK OF NOVA SCOTIA (THE) 1.95% 02/01/2023 USD SR LIEN | 99,875 | 103,274 |
| BP CAP MARKETS AMERICA 3.224% 04/14/2024 USD SER * SR | 37,620 | 37,862 |
| BP CAP MARKETS AMERICA 4.5% 10/01/2020 SER * SR LIEN | 43,579 | 43,714 |
| BRISTOL-MYERS SQUIBB CO 0.537% 11/13/2023 SR LIEN NEXT | 40,000 | 40,072 |
| CARDINAL HEALTH, INC. 3.079% 06/15/2024 USD SR LIEN | 80,579 | 80,706 |
| CATERPILLAR FINL SERVICE MTN 0.45% 09/14/2023 SR LIEN | 194,867 | 195,751 |
| CITIGROUP INC 2.7% 03/30/2021 USD | 49,928 | 50,289 |
| CITIGROUP INC. HYBRID 07/24/2023 USD SR LIEN CPN | 102,507 | 103,878 |
| CITIZENS BANK NA/RI MTN 2.55% 05/13/2021 SER BKNT SR | 251,860 | 251,545 |
| COMERICA INC 3.7% 07/31/2023 SR LIEN NEXT CALL DT. | 199,982 | 215,770 |
| CROWN CASTLE INTL CORP | 63,292 | 69,566 |
| CVS HEALTH CORPORATION 3.7% 03/09/2023 USD SR LIEN | 17,908 | 19,257 |
| DH EUROPE FINANCE II 2.05% 11/15/2022 USD SER 3YR SR | 177,318 | 180,514 |
| DOMINION RESOURCES INC | 49,928 | 51,083 |
| DUKE ENERGY CORP 1.8% 09/01/2021 USD | 49,995 | 50,433 |
| ENBRIDGE INC. 4.0% 10/01/2023 USD SR LIEN NEXT CALL DT. 07 | 96,919 | 97,895 |
| ESTEE LAUDER CO INC 1.7% 05/10/2021 USD | 199,731 | 200,750 |
| FIFTH THIRD BANK 3.35% 07/26/2021 SER BKNT SR LIEN | 199,950 | 202,920 |
| FOX CORPORATION 4.03% 01/25/2024 USD SER WI SR LIEN | 82,083 | 82,601 |
| GENERAL MILLS, INC. 3.15% 12/15/2021 USD SR LIEN NEXT | 75,533 | 76,446 |
| GLAXOSMITHKLINE CAPITAL PLC 2.875% 06/01/2022 USD | 299,766 | 310,209 |
| HP ENTERPRISE CO 4.45% 10/02/2023 USD SR LIEN NEXT CALL | 72,266 | 77,006 |
| INTERPUBLIC GROUP COS 4.2% 04/15/2024 USD SR LIEN S&P | 60,679 | 61,196 |
| INTERPUBLIC GROUP OF COMPANIES 3.5% 10/01/2020 USD | 75,470 | 109,987 |
| INTUIT INC 0.65% 07/15/2023 SR LIEN S&P A- /MOODY'S A3 | 94,977 | 95,795 |
| JOHN DEERE CAPITAL CORPORATION MTN 3.2% 01/10/2022 | 199,808 | 205,992 |
| JP MORGAN CHASE & CO MTN 2.295% 08/15/2021 USD | 47,912 | 48,096 |
| KEURIG DR PEPPER INC. 4.057% 05/25/2023 USD SR LIEN NEXT | 145,055 | 146,680 |
| KIMCO REALTY CORPORATION 3.125% 06/01/2023 USD SR | 100,460 | 105,345 |
| KINDER MORGAN ENERGY PARTNERS 4.15% 03/01/2022 USD | 75,972 | 78,178 |
| LABORATORY CORPORATION OF AMER 4.0% 11/01/2023 USD | 191,365 | 196,018 |
| LAM RESEARCH CORP | 50,015 | 50,445 |
| M&T BANK CORPORATION 3.55% 07/26/2023 SR LIEN NEXT | 174,865 | 189,070 |
| MCCORMICK & CO 2.7% 08/15/2022 USD SR LIEN NEXT CA | 74,658 | 77,645 |
| MCDONALDS COPORATION CMN (MCD) | 70,423 | 77,249 |
| MCDONALD'S CORPORATION MTN 2.625% 01/15/2022 USD | 74,951 | 76,809 |
| MITSUBISHI UFJ INTERNATIONAL INC | 125,000 | 129,326 |
| MORGAN STANLEY MTN 2.5% 04/21/2021 USD | 49,832 | 50,310 |
| MORGAN STANLEY MTN 4.1% 05/22/2023 USD SUB LIEN S&P | 107,907 | 108,523 |
| MPLX LP 3.5% 12/01/2022 USD SER WI SR LIEN NEXT CALL DT. | 83,638 | 84,021 |
| OMNICRON GROUP INC.3.625% 05/01/2022 USD | 50,636 | 52,149 |
| ORACLE CORPORATION 2.5% 10/15/2022 USD | 151,643 | 155,915 |
| PEPSICO, INC. 0.75% 05/01/2023 USD SR LIEN S&P A+ | 124,753 | 126,783 |
| PHILIP MORRIS INTERNATIONAL IN 1.125% 05/01/2023 USD | 139,531 | 142,765 |
| ROPER TECHNOLOGIES, INC | 139,515 | 141,055 |
| SANOFI 3.375% 06/19/2023 USD SER 5Y SR LIEN NEXT C | 74,870 | 80,441 |
| SHIRE ACQUISITIONS INVESTMENTS | 12,929 | 13,170 |
| STATOIL ASA 3.15% 01/23/2022 USD SR LIEN S&P AA- | 127,418 | 128,898 |
| STRYKER CORPORATION 2.625% 03/15/2021 USD | 50,005 | 50,092 |
| SUMITOMO MITSUI FINANCIAL GROU 3.748% 07/19/2023 S | 175,000 | 189,418 |
| SUNTRUST BANKS INC 2.9% 03/03/2021 USD | 50,033 | 50,104 |
| TORONTO-DOMINION BANK (THE) MTN 3.25% 03/11/2024 | 135,060 | 135,751 |
| TOYOTA MOTOR CREDIT CORP MTN 1.8% 10/07/2021 | 149,982 | 151,658 |
| UNILEVER CAPITAL CORP 3.125% 03/22/2023 USD SR LIE | 99,313 | 106,225 |
| US BANCORP MTN | 99,828 | 102,295 |
| V.F. CORPORATION 2.05% 04/23/2022 USD SR LIEN S&P A- | 114,979 | 117,470 |
| WASTE MANAGEMENT, INC 2.9% 09/15/2022 USD | 53,238 | 64,862 |
| WASTE MANAGEMENT, INC. 2.9% 09/15/2022 USD SR LIEN | 202,331 | 207,256 |
| WELLS FARGO & CO 3.069% 01/24/2023 USD | 226,556 | 231,422 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ACADIA REALTY TRUST CMN (AKR) | 1,605 | 1,660 |
| ACCENTURE PLC CMN CLASS A (ACN) | 18,274 | 39,443 |
| ACI WORLDWIDE INC | 18,065 | 31,551 |
| ADYEN N.V. ADR CMN (ADYEY) | 21,737 | 27,365 |
| AIA GROUP LIMITED SPONSORED ADR CMN SE | 34,948 | 54,105 |
| ALCON, INC CMN (ADDYY) | 26,231 | 30,219 |
| ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) | 9,970 | 12,119 |
| ALPHABET INC. CMN CLASS A | 83,994 | 143,716 |
| ALPHABET INC. CMN CLASS A | 600,079 | 890,341 |
| AMADEUS IT GROUP SA ADR CMN | 31,736 | 29,879 |
| AMAZON.COM INC CMN | 599,289 | 1,084,558 |
| AMERICAN TOWER CORPORATION CMN (AMT) | 10,073 | 9,427 |
| AMERICOLD REALTY TRUST CMN (COLD) | 3,250 | 3,509 |
| ANALOG DEVICES, INC. CMN CLASS A | 79,457 | 123,059 |
| AON PUBLIC LIMITED COMPANY CMN (AON) | 19,559 | 20,071 |
| APPLE INC. CMN (AAPL) | 637,438 | 1,740,893 |
| ARMSTRONG WORLD INDUSTRIES, INC. CMN | 47,644 | 51,775 |
| ASHLAND GLOBAL HOLDINGS INC. CMN | 781 | 792 |
| ASML HOLDINGS NV ADR CMN | 18,053 | 51,211 |
| ATLAS COPCO AB SPONS ADR SER A | 22,409 | 31,021 |
| AVALONBAY COMMUNITIES INC CMN (AVB) | 15,696 | 17,166 |
| BAXTER INTERNATIONAL, INC. CMN | 65,223 | 76,148 |
| BGC PARTNERS, INC. CMN CLASS A | 26,800 | 15,692 |
| BRUNSWICK CORP CMN | 25,739 | 37,663 |
| BWX TECHNOLOGIES, INC. CMN (BWXT) | 19,600 | 23,750 |
| CALAVO GROWERS INC CMN | 12,941 | 11,178 |
| CAMDEN PROPERTY TRUST CMN (CPT) | 9,587 | 10,392 |
| CANADIAN PACIFIC RAILWAY LTD | 20,491 | 45,763 |
| CBIZ, INC CMN | 18,265 | 31,799 |
| CDW CORPORATION CMN (CDW) | 14,379 | 18,714 |
| CHANGE HEALTHCARE INC. CMN (CHNG) | 18,574 | 27,751 |
| CIRCOR INTERNATIONAL INC CMN | 21,857 | 22,372 |
| COLFAX CORPORATION CMN | 20,764 | 28,412 |
| COLUMBIA BKG SYS INC | 28,405 | 27,571 |
| COLUMBIA PPTY TR INC CMN (CXP) | 6,732 | 7,156 |
| COMMUNITY HEALTHCARE TRUST INC CMN | 11,572 | 21,435 |
| CORESITE REALTY CORPORATION CMN (COR) | 5,724 | 5,763 |
| COSTAR GROUP, INC. CMN (CSGP) | 2,645 | 2,773 |
| COUSINS PROPERTIES INCORPORATE CMN (CUZ) | 5,117 | 5,528 |
| CROWN CASTLE INTL CORP CMN (CCI) | 4,802 | 4,935 |
| CSL LIMITED SPONSORED ADR CMN | 21,771 | 47,090 |
| CYRUSONE INC CMN (CONE) | 9,599 | 9,948 |
| DOLLAR TREE STORES, INC. CMN (DLTR) | 59,702 | 68,389 |
| DSV AS UNSPONSORED ADR CMN | 12,803 | 39,821 |
| DUKE REALTY CORPORATION CMN (DRE) | 6,175 | 7,474 |
| EASTGROUP PROPERTIES INC CMN (EGP) | 4,217 | 4,142 |
| ELECTRONIC ARTS CMN | 11,288 | 17,806 |
| EQUINIX, INC. REIT (EQIX) | 29,910 | 32,138 |
| EQUITY LIFESTYLE PROPERTIES, I CMN (ELS) | 10,911 | 11,341 |
| EQUITY RESIDENTIAL CMN (EQR) | 13,039 | 14,227 |
| ESCO TECHNOLOGIES INC CMN | 10,842 | 13,831 |
| ESSEX PROPERTY TRUST INC CMN (ESS) | 12,643 | 14,245 |
| EXPERIAN PLC SPONSORED ADR CMN | 22,784 | 42,819 |
| EXTRA SPACE STORAGE INC. CMN (EXR) | 10,421 | 13,671 |
| FB FINANCIAL CORP | 23,516 | 24,172 |
| FERRARI N.V. CMN (RACE) | 16,382 | 24,559 |
| FIRST MERCHANT'S CORP CMN | 28,750 | 28,993 |
| FISERV, INC CMN | 113,252 | 142,553 |
| HDFC BANK LIMITED ADR CMN | 28,446 | 44,512 |
| HEALTHPEAK PROPERTIES INC CMN (PEAK) | 8,166 | 10,188 |
| HIGHWOODS PROPERTIES INC CMN (HIW) | 8,234 | 9,392 |
| HOSTESS BRANDS INC | 25,157 | 26,996 |
| HUDSON PACIFIC PROPERTIES, INC CMN (HPP) | 8,187 | 8,311 |
| ICON PUBLIC LIMITED COMPANY CMN | 6,758 | 15,988 |
| INVESCO QQQ TRUST ETF, SERIES ETF (QQQ) | 398,960 | 539,633 |
| INVITATION HOMES INC. CMN (INVH) | 12,107 | 14,018 |
| ISHARES RUSSELL 1000 VALUE ETF (IWD) | 1,096,107 | 1,134,859 |
| J2 GLOBAL INC | 29,011 | 37,025 |
| KAMAN CORP CMN | 17,800 | 18,796 |
| KAR AUCTION SERVICES INC | 28,373 | 25,235 |
| LIFE STORAGE INC CMN (LSI) | 7,138 | 9,193 |
| LIGAND PHARMACEUTICALS INC | 34,073 | 26,653 |
| LITHIA MOTORS INC CL-A | 9,627 | 27,511 |
| LKQ CORPORATION CMN (LKQ) | 25,897 | 29,496 |
| LONZA GROUP AG UNSPONSORED ADR CMN (LZAGY) | 30,298 | 31,337 |
| LOWES COMPANIES, INC. CMN | 39,950 | 66,451 |
| LULULEMON ATHLETICA INC. CMN (LULU) | 21,581 | 34,803 |
| LVMH MOET HENNESSY LOUIS VUITTION | 18,369 | 48,509 |
| MEDICAL PROPERTIES TRUST | 10,007 | 17,410 |
| MEDTRONIC PUBLIC LIMITED CMN | 110,388 | 157,436 |
| MERCADOLIBRE, INC. CMN (MELI) | 26,935 | 70,359 |
| METTLER-TOLEDO INTL CMN | 13,939 | 27,352 |
| MGM GROWTH PROPERTIES LLC CMN CLASS A (MGP) | 1,317 | 1,565 |
| MODIVCARE INC CMN (PRSC_210107) | 13,592 | 29,251 |
| NESTLE SA SPONSORED ADR | 21,371 | 31,728 |
| NEWMARK GROUP INC CLASS A | 10,008 | 8,580 |
| NEXSTAR MEDIA GROUP INC | 25,998 | 30,682 |
| NORFOLK SOUTHERN CORP CMN (NSC) | 22,212 | 33,503 |
| OSI SYSTEMS INC CMN (OSIS) | 12,815 | 15,754 |
| OXFORD IND INC | 19,927 | 19,194 |
| PACIFIC PREMIER BANCORP | 29,594 | 28,792 |
| PACWEST BANCORP CMN | 41,196 | 33,020 |
| PEBBLEBROOK HOTEL TRUST CMN (PEB) | 4,992 | 5,452 |
| PERNOD RICARD UNSPONSORED ADR CMN | 18,958 | 22,831 |
| PHYSICIANS RLTY TR CMN (DOC) | 16,455 | 15,005 |
| PQ GROUP HOLDINGS INC. CMN (PQG) | 2,424 | 2,496 |
| PROLOGIS INC CMN (PLD) | 27,374 | 31,194 |
| PUBLIC STORAGE CMN (PSA) | 85,658 | 94,912 |
| RATTLER MIDSTREAM LP CMN | 16,968 | 9,252 |
| RESMED, INC. CMN | 20,029 | 40,174 |
| RLJ LODGING TRUST CMN (RLJ) | 4,007 | 4,882 |
| RYMAN HOSPITALITY PPTYS INC CMN (RHP) | 3,209 | 6,912 |
| S&P GLOBAL, INC. CMN | 45,589 | 79,553 |
| SBA COMMUNICATIONS CORPORATION CMN (SBAC) | 9,843 | 9,592 |
| SHOPIFY, INC. CMN CLASS A | 3,864 | 32,827 |
| SIKA AG ADR CMN (SXYAY) | 18,690 | 27,793 |
| SILGAN HOLDINGS CMN | 22,940 | 29,701 |
| SILICON MOTION TECHNOLOGY CORP | 23,909 | 28,890 |
| SKYWORKS SOLUTION INC CMN | 40,714 | 80,874 |
| SMITH & NEPHEW PLC ADR CMN (SNN) | 27,528 | 26,651 |
| SOTERA HEALTH COMPANY CMN (SHC) | 23,933 | 24,970 |
| SPECTRUM BRANDS HOLDINGS INC CMN (SPB) | 7,379 | 7,661 |
| STARBUCKS CORP. CMN | 31,645 | 43,434 |
| STARWOOD PROPERTY TRUST, INC. CMN (STWD) | 20,634 | 28,082 |
| STERIS PLC CMN | 17,329 | 27,673 |
| SUN COMMUNITIES, INC CMN (SUI) | 11,176 | 12,612 |
| SYSCO CORPORATION CMN (SYY) | 28,120 | 28,367 |
| TAIWAN SEMICONDUCTOR MFG LTD | 21,673 | 68,477 |
| TELEDYNE TECHNOLOGIES INC | 1,466 | 3,136 |
| TENCENT HOLDINGS LIMITED | 15,175 | 30,914 |
| TERRENO REALTY CORPORATION CMN (TRNO) | 3,373 | 4,154 |
| THE HOWARD HUGHES CORP CMN | 25,010 | 18,785 |
| TRINITY INDUSTRIES INC (DEL) CMN (TRN) | 10,929 | 13,406 |
| VENTAS, INC. CMN (VTR) | 6,849 | 9,857 |
| VERINT SYSTEMS INC CMN | 22,947 | 28,619 |
| VERRA MOBILITY CORP. CMN | 2,566 | 3,476 |
| VICI PROPERTIES INC CMN (VICI) | 1,202 | 1,658 |
| VIPER ENERGY PARTNERS LP CMN | 19,278 | 7,797 |
| VISA INC. CMN CLASS A (V) | 25,134 | 34,778 |
| VULCAN MATERIALS CO CMN | 48,315 | 61,994 |
| WELLTOWER INC. CMN (WELL) | 7,934 | 8,982 |
| ZEBRA TECHNOLOGIES INC CMN CLASS A (ZBRA) | 25,156 | 44,582 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| ARTISAN DYNAMIC EQUITY | AT COST | 595,000 | 862,360 |
| CORPORATE CREDIT INVESTMENT FU | AT COST | 1,400,000 | 1,964,634 |
| GQG PARTNERS EMERGING MARKETS EQUITY FUND INSTIT | AT COST | 444,079 | 661,415 |
| PRIVATE EQUITY MANAGERS 2015 | AT COST | 801,109 | 1,343,184 |
| PRIVATE EQUITY MANAGERS 2016 | AT COST | 1,203,457 | 1,481,141 |
| PRIVATE EQUITY MANAGERS 2017 | AT COST | 1,163,551 | 1,329,862 |
| PRIVATE EQUITY MANAGERS 2018 | AT COST | 562,224 | 565,293 |
| PRIVATE EQUITY MANAGERS 2019 | AT COST | 266,702 | 286,789 |
| PRIVATE EQUITY MANAGERS 2020 | AT COST | 45,000 | 45,000 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 37,500 | 18,750 | 18,750 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| MISC INVESTMENT INCOME | 15,711 | 15,711 | 15,711 |
| NONDIVIDEND DISTRIBUTIONS | 60,437 | 0 | 60,437 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT ADVISORY FEES | 91,013 | 91,013 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAX | 3,109 | 3,109 | 0 | |
| FEDERAL TAX PAID | 6,282 | 0 | 0 |