| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| COPELAND BUHL & CO. | 59,837 | 59,837 | 0 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| SOFTBANK GROUP 6.0 | 1,020,583 | 976,070 |
| DELPHI FINL (TOKIO MARINE) 7.376 | 1,688,443 | 1,611,874 |
| OAS SA 8.875 | 1,012,208 | 49,950 |
| OCEAN SPRAY 6.25 | 1,790,000 | 1,620,000 |
| DAIRY FARMERS OF AMERICA 7.125 | 393,500 | 366,164 |
| ILFC E-CAPITAL TR 4.78 | 190,000 | 167,500 |
| ILFC E-CAPITAL TR 5.08589 | 1,599,781 | 1,123,541 |
| JP MORGAN 7.9 | 677,040 | 665,871 |
| LAND O' LAKES 7.0 | 236,875 | 234,688 |
| LAND O' LAKES 8.0 | 1,515,632 | 1,533,750 |
| PNC CAP 1.23655 (FLOATER) | 236,875 | 237,168 |
| SBL HOLDINGS 7.0 | 2,015,000 | 1,672,500 |
| TEXTRON 4.253 | 306,813 | 292,000 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| AGNC INVESTMENT CORP 6.125 | 93,600 | 89,587 |
| ASPEN INSURANCE 5.625 | 412,092 | 412,701 |
| ATHENE HOLDING 5.625 | 262,031 | 269,984 |
| ATHENE HOLDING 6.375 | 250,000 | 279,400 |
| BROOKFIELD PROP 5.75 | 460,055 | 390,550 |
| BROOKFIELD PROP 6.375 | 27,968 | 25,509 |
| BROOKFIELD PROP 6.50 | 1,287,560 | 1,129,813 |
| BANCORP SOUTH 5.50 | 254,053 | 259,873 |
| CITIZENS FINL GROUP 5.0 | 420,102 | 441,045 |
| CHS INC 6.75 | 36,205 | 40,610 |
| CHS 7.875 | 193,618 | 201,460 |
| CAPITAL ONE 5.0 | 649,995 | 676,000 |
| FORTRESS TRANS & INFRAS | 2,515,986 | 3,742,973 |
| FORTRESS TRANSPORTATION 8.25 | 350,536 | 304,005 |
| JMP GROUP 6.875 | 985,089 | 930,000 |
| NEW RESIDENTIAL 6.375 | 1,411,193 | 1,199,495 |
| SOUTH JERSEY IND 5.625 | 326,735 | 324,461 |
| SOUTHERN CO. 4.95 | 159,182 | 169,880 |
| SYNCHRONY FIN 5.625 | 384,494 | 396,575 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| JPM CHINA | AT COST | 2,450 | 86,926 |
| JPM HPS MEZZ | AT COST | 0 | 329,567 |
| LONDON | AT COST | 740,655 | 980,367 |
| POLEN | AT COST | 997,051 | 2,358,416 |
| COHESIVE | AT COST | 126,910 | 481,848 |
| S&S | AT COST | 598,964 | 885,877 |
| WCM | AT COST | 730,959 | 1,291,120 |
| GLOVISTA | AT COST | 1,155,521 | 1,340,586 |
| AB-LARGE CAP | AT COST | 1,295,172 | 4,877,213 |
| VAUGHAN NELSON INTL SMALL CAP FUND | AT COST | 656,178 | 1,058,916 |
| VAUGHAN NELSON EMERGIN MKTS | AT COST | 103,409 | 140,290 |
| ADVISORY-MID CAP | AT COST | 834,820 | 1,081,098 |
| JPM RIVERSTONE V | AT COST | 372,253 | 134,211 |
| UNIPLAN | AT COST | 362,257 | 498,774 |
| CS-HARVEST | AT COST | 580,411 | 468,975 |
| CS-CREDIT VALUE PARTNERS | AT COST | 242,191 | 119,543 |
| JPM KKR XI | AT COST | 0 | 420,298 |
| AB ABSA | AT COST | 516,673 | 739,439 |
| GCM GROSVENORS | AT COST | 1,292,597 | 1,463,732 |
| JPM APAX VIII | AT COST | 0 | 263,459 |
| JPM DFJ GROWTH | AT COST | 237,502 | 1,055,732 |
| MILLENNIUM INT'L HEDGEFOCUS 2013 | AT COST | 795,309 | 1,552,811 |
| MILLENNIUM INT'L HEDGEFOCUS 2019 | AT COST | 51,995 | 66,143 |
| SILVER LAKE PARTNERS | AT COST | 110,488 | 745,952 |
| WHITE BOX MULTI STRATEGY FUND | AT COST | 1,000,000 | 1,457,086 |
| JPM L CAPITAL ASIA | AT COST | 473,603 | 250,767 |
| AIM OFFSHORE II | AT COST | 445,392 | 397,651 |
| ARTISAN | AT COST | 1,406,580 | 1,811,029 |
| SCHAFER CULLEN | AT COST | 1,011,492 | 1,393,402 |
| VULCAN | AT COST | 1,470,881 | 2,076,251 |
| JPM PROVIDENCE | AT COST | 203,112 | 360,713 |
| JPM WATFORD | AT COST | 1,522,500 | 1,297,500 |
| VIRGO SOCIETAS | AT COST | 512,382 | 675,261 |
| GSO PRIVATE II | AT COST | 128,515 | 141,122 |
| CYPRESS ACQUISITION | AT COST | 438,549 | 13,024 |
| PMC PARTNERS I | AT COST | 396,199 | 599,882 |
| DIGITAL GROWTH II | AT COST | 801,092 | 345,802 |
| FORTRESS REAL ESTATE | AT COST | 138,892 | 141,541 |
| ENGAGED CAPITAL | AT COST | 1,000,000 | 1,607,678 |
| PETERSHILL II | AT COST | 622,217 | 751,498 |
| PETERSHILL PE | AT COST | 31,902 | 46,039 |
| OCH ZIFF | AT COST | 305,722 | 307,946 |
| MLP CORE GS | AT COST | 329,912 | 313,512 |
| GIF V PRIVATE INVESTORS | AT COST | 0 | 103,214 |
| FOUNDERS PROPERTIES III | AT COST | 190,358 | 216,848 |
| GS PRIVATE OPPORTUNITY PARTNERS II | AT COST | 199,109 | 218,984 |
| ELECTRUM | AT COST | 451,828 | 804,914 |
| GSO ENERGY PRIVATE INVESTORS | AT COST | 53,645 | 121,107 |
| FUNDAMENTAL PARTNERS III | AT COST | 642,388 | 811,746 |
| AUDAX III | AT COST | 704,028 | 680,195 |
| JPM RIVERSTONE VI | AT COST | 437,071 | 233,065 |
| VIRGO FUND IV | AT COST | 1,270,846 | 1,266,104 |
| FOUNDERS PROPERTIES IV | AT COST | 936,977 | 1,068,552 |
| JPM HPS MEZZ III | AT COST | 343,179 | 1,300,545 |
| FORTRESS SECURED LENDING | AT COST | 360,042 | 1,735,377 |
| APAX IX | AT COST | 918,672 | 1,473,099 |
| TURNING ROCK | AT COST | 1,125,471 | 1,423,968 |
| AB FINANCIAL SERVICES II | AT COST | 508,426 | 410,175 |
| KKR AMERICAS XII | AT COST | 621,722 | 841,232 |
| ELECTRUM II | AT COST | 382,604 | 497,434 |
| GSO CAPITAL SOLUTIONS III | AT COST | 295,810 | 268,853 |
| FORTRESS INTELLECTUAL | AT COST | 365,788 | 455,937 |
| WORLDQUANT MILLENNIUM | AT COST | 500,000 | 591,636 |
| APAX DIGITAL | AT COST | 501,857 | 743,917 |
| TTCP FUND II | AT COST | 726,888 | 627,610 |
| RIDGE LTD | AT COST | 500,000 | 345,277 |
| FORTRESS LENDING (B1) | AT COST | 722,628 | 707,039 |
| FORTRESS CREDIT | AT COST | 712,607 | 726,561 |
| FORTRESS REAL ESTATE III | AT COST | 188,095 | 220,480 |
| POINT 72 INTL HEDGE FUND | AT COST | 900,000 | 1,060,860 |
| BROADCREST | AT COST | 754,500 | 895,259 |
| FOUNDERS PROPERTIES V | AT COST | 350,743 | 660,643 |
| GS PRIVATE TECH OPP I | AT COST | 99,716 | 103,396 |
| MILLENNIUM LTD - GS | AT COST | 1,500,000 | 1,809,876 |
| SCULPTOR REAL ESTATE FUND IV | AT COST | 105,214 | 109,739 |
| NORTH HAVEN RE VIII | AT COST | 35,436 | 48,955 |
| GS GLOBAL ATLANTIC IVY | AT COST | 289,353 | 287,940 |
| ABSA II | AT COST | 250,000 | 325,855 |
| WEST STREET STRATEGIC SOLUTIONS | AT COST | 125,000 | 124,936 |
| FUNDAMENTAL PARTNERS IV | AT COST | 460,932 | 462,350 |
| FORTRESS LENDING II | AT COST | 125,000 | 90,000 |
| KENNEDY LEWIS CAPITAL | AT COST | 176,710 | 181,999 |
| HOLOCENE | AT COST | 300,000 | 305,210 |
| APAX X | AT COST | 12,000 | 12,000 |
| FORTRESS LEGAL ASSETS | AT COST | 14,461 | 15,000 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| CHARITABLE CONTRIBUTIONS FROM PASSTHROUGH | 60 | 60 | 0 | |
| INVESTMENT INTEREST FROM PASSTHROUGH | 209,922 | 209,922 | 0 | |
| NONDEDUCTIBLE EXPENSE FROM PASSTHROUGH | 8,428 | 0 | 0 | |
| BANK CHARGES | 5,383 | 5,383 | 0 | |
| OTHER DEDUCTIONS FROM PASSTHROUGHS | 294,141 | 294,141 | 0 | |
| OFFICE SUPPLIES | 2,625 | 2,625 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| PORTFOLIO INCOME FROM PASSTHROUGH | 68,573 | 68,573 | 68,573 |
| ORDINARY INCOME FROM PASSTHROUGH | 46,031 | 46,031 | 46,031 |
| RENTAL INCOME FROM PASSTHROUGH | -95,737 | -95,737 | -95,737 |
| OTHER INCOME FROM PASSTHROUGH | 302,346 | 291,035 | 302,346 |
| ROYALTY INCOME FROM PASSTHROUGH | -3,312 | -3,312 | -3,312 |
| GUARANTEED PAYMENTS FROM PASSTHROUGH | 131,168 | 131,168 | 131,168 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ADVISORY FEES | 1,157,528 | 1,157,528 | 0 | |
| ADMINISTRATION FEES | 199,030 | 0 | 199,030 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAXES | 40,990 | 40,990 | 0 | |
| FEDERAL TAXES | 42,019 | 0 | 0 |