| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| PROFESSIONAL FEES | 42,870 | 21,435 | 21,435 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| APPLE INC SR UNSECURED | 14,868 | 15,734 |
| WELLS FARGO & CO SR UNSECURED | 16,213 | 16,304 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ACCELERON PHARMA INC | 7,257 | 10,747 |
| ARGENX SE | 5,318 | 11,175 |
| ARROWHEAD PHARMACEUTICALS INC | 3,176 | 16,650 |
| ATRICURE INC | 11,823 | 15,643 |
| AXONICS MODULATION TECHNOLOGIES INC | 14,114 | 15,775 |
| AXSOME THERAPEUTICS INC | 6,488 | 7,984 |
| AZEK CO INC CL A | 11,332 | 12,612 |
| BIOHAVEN PHARMACEUTICAL HOLDING CO LTD | 5,739 | 7,885 |
| BJ'S WHOLESALE CLUB HOLDINGS INC | 11,993 | 17,783 |
| BLUEPRINT MEDICINES CORP | 7,365 | 8,523 |
| BURLINGTON STORES INC | 2,612 | 13,339 |
| CASELLA WASTE SYS INC | 15,124 | 26,700 |
| CERENCE INC | 8,136 | 22,508 |
| COLFAX CORP | 11,328 | 11,969 |
| CONMEND CORPORATION | 16,820 | 22,176 |
| CONSTRUCTION PARTNERS | 5,059 | 8,442 |
| CORESITE REALTY CORP | 14,842 | 14,658 |
| CUBIC CORPORATION COMMON | 16,747 | 15,820 |
| DESCARTES SYS GROUP INC | 9,979 | 18,655 |
| EMERGENT BIOSOLUTIONS | 15,734 | 14,246 |
| ENVEST INC | 11,763 | 19,585 |
| EPAM SYSTEMS INC | 2,027 | 22,934 |
| EURONET WORLDWIDE INC | 9,853 | 17,970 |
| EVERBRIDGE INC | 5,355 | 8,646 |
| FIVE BELOW INC | 13,627 | 27,647 |
| FIVE9 INC | 18,091 | 46,216 |
| FRONTDOOR INC | 13,531 | 14,009 |
| GROCERY OUTLET HOLDING CORP | 11,636 | 13,777 |
| HALOZYME THERAPEUTICS INC | 11,791 | 18,963 |
| HERON THERAPEUTICS INC | 11,113 | 13,651 |
| HORIZON THERAPEUTICS PLC | 11,758 | 20,116 |
| INSMED INC | 6,281 | 7,723 |
| INSPIRE MEDICAL SYSTEMS INC COM | 8,881 | 23,887 |
| INSULET CORP | 4,207 | 12,270 |
| JOHN BEAN TECHNOLOGIES CORP | 15,867 | 15,145 |
| KINSALE CAPITAL GRP INC | 5,294 | 9,606 |
| LATTICE SEMICONDUCTOR CORP | 8,586 | 22,039 |
| LHC GROUP LLC | 14,408 | 26,238 |
| LIGAND PHARMACEUTICALS CLASS B | 7,311 | 7,658 |
| LITTLEFUSE INC | 13,796 | 19,354 |
| LKQ CORPORATION | 1,786 | 12,933 |
| MERCURY SYSTEMS INC | 11,734 | 13,737 |
| MESA LABS INC | 7,441 | 8,886 |
| NATIONAL VISION HOLDINGS | 13,655 | 20,381 |
| NEOGENOMICS INC | 15,197 | 36,127 |
| NOMAD FOODS LTD | 19,786 | 27,021 |
| OLLIE'S BARGAIN OUTLET HOLDINGS INC | 8,304 | 23,795 |
| ONMICELL INC | 1,826 | 14,162 |
| ORTHOPEDIATRICS CORP | 6,609 | 5,651 |
| OYSTER POINT PHARMA INC | 5,935 | 3,425 |
| PALOMAR HOLDINGS INC | 9,475 | 12,349 |
| PENUMBRA INC | 7,304 | 12,075 |
| PERFICIENT INC | 9,050 | 16,439 |
| POOL CORP | 5,681 | 28,683 |
| RBC BEARINGS INC | 13,147 | 14,502 |
| REDFIN CORP | 6,689 | 9,608 |
| REPAY HOLDINGS CORP CL A | 11,900 | 12,617 |
| SAIA INC | 8,950 | 20,973 |
| SCHRODINGER INC | 12,539 | 15,519 |
| SITEONE LANDSCAPE SUPPLY INC | 9,638 | 20,781 |
| TERRENO REALTY CORP | 12,604 | 18,606 |
| TRAVER THERAPEUTICS INC | 5,598 | 7,931 |
| UPLAND SOFTWARE INC | 16,610 | 16,383 |
| VERACYTE INC | 8,931 | 14,535 |
| WEX INC | 9,634 | 26,459 |
| YETI HOLDINGS INC | 8,057 | 23,417 |
| ZYNEX INC | 11,118 | 7,080 |
| ABB LTD-SPONS ADR | 12,989 | 14,148 |
| ALLIANZ SE | 13,805 | 18,438 |
| BANCO SANTANDER CENT HISPANO SPON ADR | 12,020 | 17,525 |
| BP PLC SPONS ADR | 8,971 | 11,922 |
| CHINA MOBILE LTD | 12,996 | 11,416 |
| CK HUTCHISON | 17,095 | 19,405 |
| COMPAGNIE DE ST-GOBAIN-UNSPON ADR | 18,176 | 21,223 |
| CONTINENTAL AG SPON ADR | 17,327 | 22,948 |
| DENSO CORPORATION | 3,156 | 3,406 |
| ENEL SOCIETA PER AZIONI | 18,073 | 21,244 |
| ENI S P A ADR | 7,791 | 11,124 |
| FUJIFILM HLDGS CORP ADR | 17,250 | 17,526 |
| GLAXOSMITHKLINE PLC-ADR | 24,746 | 21,749 |
| HONDA MOTOR LTD NEW AMERICAN SHARES | 15,311 | 17,911 |
| KINGFISHER PLC-SPONS ADR | 16,965 | 15,986 |
| KYOCERA CORP-ADR | 18,093 | 18,557 |
| LLOYDS BANKING GROUP PLC | 11,428 | 15,555 |
| MITSUBISHI ELECTRIC CORP | 16,098 | 18,641 |
| NATURGY ENERGY GRP ADR SA UNSPON | 5,135 | 5,798 |
| NIPPON TELEGRAPH & TELEPHONE CORP | 14,504 | 16,911 |
| NOVARTIS AG | 11,555 | 13,409 |
| QBE INSURANCE GROUP LTD SPONSORED ADR | 7,620 | 8,215 |
| ROYAL DUTCH SHELL PLC | 11,447 | 16,637 |
| SANOFI ADR | 17,855 | 18,416 |
| SINGAPORE TELECOMMUNICATIONS-ADR | 6,131 | 6,856 |
| SONY CORP ADR NEW | 6,542 | 13,851 |
| SSE PLC SPONSORED ADR | 18,447 | 21,844 |
| TAIWAN SEMICONDUCTOR | 19,231 | 24,316 |
| TAKEDA ADR PHARMACEUTICAL CO LTD | 19,013 | 20,530 |
| TELIA COMPANY AB | 15,296 | 15,667 |
| TESCO PLC | 17,312 | 20,355 |
| TOKIO MARINE HOLDING | 16,210 | 18,195 |
| UNITED OVERSEAS BK LTD | 14,478 | 16,709 |
| WH GRP LTD | 16,377 | 16,663 |
| WPP PLC NEW | 8,632 | 11,411 |
| ZUIRCH INSURANCE GROUP | 6,870 | 8,064 |
| A O SMITH | 8,312 | 8,771 |
| ABBOTT LABORATORIES | 2,549 | 8,321 |
| ALCON INC | 8,125 | 9,105 |
| AMDOCS LTD | 7,365 | 8,724 |
| AMERICAN EXPRESS COMPANY | 7,721 | 9,189 |
| ANALOG DEVICES INC | 3,150 | 10,932 |
| APPLE INC | 97,808 | 158,299 |
| BERKLEY W R CORPORATION | 7,158 | 8,767 |
| BERKSHIRE HATHAWAY INC | 5,507 | 9,970 |
| BOEING CO | 7,410 | 11,987 |
| BOOZ ALLEN HAMILTON HOLDING CO | 7,156 | 8,631 |
| BOSTON SCIENTIFIC CORP | 5,135 | 7,262 |
| BWX TECHNOLOGIES CO | 3,445 | 8,258 |
| CHUBB LTD | 7,507 | 9,235 |
| COMCAST CORP NEW CL A | 3,389 | 9,222 |
| CORTEV INC | 7,825 | 11,461 |
| DOLLAR GENERAL CORP | 6,230 | 8,833 |
| EATON CORP PLC | 4,030 | 8,410 |
| ENTERGY CORP NEW | 5,921 | 7,788 |
| EVEREST RE GROUP LTD | 7,616 | 7,725 |
| FIDELITY NATIONAL INFORMATION SVCS | 8,553 | 8,063 |
| FIRST AMERICAN FINL CORP | 7,177 | 7,951 |
| FISERV INC | 8,220 | 8,995 |
| GARTNER INC NEW | 5,746 | 8,971 |
| HAEMONETICS CORP MASS | 8,121 | 10,806 |
| HASBRO INC | 8,441 | 8,232 |
| HEXCEL CORP NEW | 12,037 | 10,862 |
| HOST HOTELS & RESORTS | 7,430 | 9,436 |
| HUDSON PACIFIC PPTYS INC | 6,784 | 7,086 |
| HUNTSMAN CORP | 7,358 | 9,201 |
| ISHARES ETF 7-10 YR TREASURY BOND | 34,307 | 34,426 |
| ISHARES ETF 3-7 YR TREASURY BOND | 40,217 | 40,160 |
| ISHARES MBS | 22,063 | 21,916 |
| JOHNSON & JOHNSON | 6,247 | 11,804 |
| JPMORGAN CHASE & CO | 8,366 | 10,293 |
| KANSAS CITY SOUTHERN NEW | 8,078 | 9,186 |
| LAMAR ADVERTISING CO NEW CLASS A | 4,285 | 5,326 |
| LAUDER ESTEE COS INC | 7,049 | 11,446 |
| LOWES COMPANIES INC | 6,694 | 9,952 |
| M&T BANK CORP | 10,982 | 8,784 |
| MARATHON PETROLEUM CORP | 8,385 | 6,245 |
| MARRIOTT INTL INC NEW CL A | 4,314 | 4,353 |
| MEDTRONIC PLC | 6,076 | 9,488 |
| MICROSOFT CORP | 39,611 | 48,043 |
| MONDELEZ INTL INC | 5,945 | 8,887 |
| NISOURCE INC | 8,551 | 7,066 |
| NUVASIVE INC | 5,762 | 6,196 |
| PAYPAL HOLDINGS INC | 25,980 | 33,725 |
| PEPSICO INCORPORATED | 5,230 | 8,898 |
| PFIZER INCORPORATED | 5,904 | 7,620 |
| PIONEER NAT RES CO | 10,699 | 8,542 |
| PROCTOR & GABLE CO | 5,274 | 9,183 |
| PROGRESSIVE CORP OHIO | 16,859 | 19,084 |
| RAYTHEON TECHNOLOGIES | 8,676 | 8,796 |
| ROSS STORES INC | 24,025 | 32,545 |
| SS&C TECHNOLOGIES HLDGS | 8,252 | 11,422 |
| STORE CAPITAL CORP | 4,578 | 6,660 |
| SYSCO CORPORATION | 2,996 | 5,272 |
| TE CONNECTIVITY LTD | 8,486 | 12,228 |
| TEX PAC LAND TR SUB SH | 10,107 | 12,359 |
| ULTA BEAUTY INC | 8,168 | 10,051 |
| VANGUARD INTERMEDIATE ETF TERM CORP BOND | 37,648 | 40,799 |
| VANGUARD MALVERN FDS ETF | 27,055 | 27,492 |
| VANGUARD SHORT TERM ETF | 30,790 | 31,585 |
| VANGUARD SHORT TERM ETF CORP BD | 38,705 | 40,376 |
| VERIZON COMMUNICATIONS | 9,525 | 11,633 |
| VIATRIS INC | 4,132 | 4,516 |
| WALMART INC | 4,617 | 9,226 |
| WOODWARD INC | 5,026 | 9,358 |
| ZIMMER BIOMET HOLDINGS | 4,444 | 9,399 |
| ADVANCED MICRO DEVICES INC | 12,349 | 24,211 |
| AGILENT TECH INC | 14,600 | 17,181 |
| ALIGN TECH INC | 4,554 | 8,016 |
| ALPHABET INC | 4,427 | 5,258 |
| ALTICE USA INC | 6,330 | 8,559 |
| AMAZON COM INC | 58,571 | 107,479 |
| AMETEK INC NEW | 6,201 | 10,401 |
| AUTODESK INC | 11,797 | 18,015 |
| AVERY DENNISON CORP | 5,430 | 7,445 |
| CADENCE DESIGN SYSTEMS INC | 8,752 | 13,097 |
| CHURCH & DWIGHT INC | 5,712 | 6,542 |
| CONSTELLATION BRANDS INC CL A | 15,434 | 17,962 |
| COSTAR GROUP INC | 7,676 | 8,319 |
| CROWN HOLDINGS INC | 7,643 | 11,523 |
| CSX CORP | 14,706 | 19,239 |
| DANAHER CORP | 20,626 | 22,214 |
| DARDEN RESTAURANTS | 7,239 | 11,555 |
| DEXCOM INC | 13,157 | 14,049 |
| ELI LILLY & CO | 28,607 | 34,612 |
| ENTEGRIS INC | 4,658 | 5,189 |
| EXACT SCIENCES CORP | 9,304 | 10,997 |
| EXPEDIA INC | 10,552 | 12,313 |
| FACEBOOK INC CLASS A | 49,844 | 67,197 |
| GLOBAL PAYMENTS INC | 10,514 | 12,279 |
| HUMANA INC | 11,450 | 16,001 |
| INTUIT INC | 22,858 | 34,566 |
| LAM RESEARCH CORP | 8,852 | 15,113 |
| MONOLITHIC POWER SYSTEMS INC | 9,806 | 12,452 |
| O'RIELLY AUTOMOTIVE INC | 15,584 | 20,366 |
| PAYCOM SOFTWARE INC | 10,489 | 15,829 |
| PHILIP MORRIS INTERNATIONAL INC | 25,451 | 26,576 |
| QUALCOMM INC | 22,376 | 22,394 |
| RINGCENTRAL INC CLASS A | 15,607 | 20,843 |
| ROPER TECHNOLOGIES INC | 11,038 | 14,226 |
| S&P GLOBAL INC | 11,093 | 15,122 |
| SBA COMMUNICATIONCS CORP NEW CL A | 14,903 | 14,671 |
| SERVICENOW INC | 18,485 | 24,219 |
| SNAP INC | 7,937 | 13,970 |
| SPOTIFY TECHNOLOGY S A | 10,157 | 11,957 |
| TAKE-TWO INTERACTIVE SOFTWARE INC | 17,064 | 22,441 |
| TANDEM DIABETES CARE INC | 6,172 | 5,454 |
| TWILIO INC | 13,745 | 18,618 |
| VEEVA SYSTEMS INC CL A | 5,323 | 5,173 |
| VISA INC CLASS A | 35,618 | 50,308 |
| WASTE CONNECTIONS INC | 2,360 | 2,359 |
| ZEBRA TECHNOLOGIES CORP CL A | 5,246 | 6,149 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| BRANDES SEPARATELY MANAGED ACCT | FMV | 162,197 | 191,005 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| DEPOSITS | 1,644 | 1,644 | 1,644 |
| Description | Amount |
|---|---|
| ADJUSTMENT FOR UNREALIZED GAINS/LOSSES | 45,269 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| OFFICE EXPENSES | 13,793 | 3,448 | 10,345 | |
| DATABASE SERVICE | 2,421 | 0 | 2,421 | |
| WEBSITE/INTERNET | 3,359 | 840 | 2,519 | |
| INSURANCE | 10,876 | 5,438 | 5,438 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| FEDERAL EXCISE TAX PAYABLE | 6,099 | 9,990 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL EXCISE TAX | 8,149 | 0 | 0 |