| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| AMERICAN EXPRESS | 18,525 | 19,825 |
| AUTO DESK | 25,567 | 26,271 |
| AUTODESK | 25,567 | 26,271 |
| BANK OF AMERICA STEP 25 12-23-25 | 35,015 | 34,863 |
| BANK OF AMERICA STEP 25 12/23/25 (06048WK56) | 30,015 | 29,883 |
| CHASE CAPITAL II VAR 27 2-1-27 | 24,140 | 23,883 |
| CHASE CAPITAL II VAR 27 2-1-27 | 24,140 | 23,883 |
| CITIGROUP INC VAR 23 08-31-20 | 25,025 | 25,124 |
| GEN MOTORS FINL | 35,025 | 34,798 |
| GENERAL ELECTRIC VAR 99 (DUE 12/31/99) | 11,875 | 11,569 |
| GENERAL MOTORS F 3.45%22 DUE 04/10/22 | 15,106 | 15,436 |
| GOLDMAN SACHS GR STEP 25 1-23-25 | 25,015 | 25,005 |
| GOLDMAN SACHS GR 09-21-18 | 20,025 | 19,479 |
| GOLDMANSACHS GR STEP 25 01-23-25 | 25,015 | 25,005 |
| GOLDMAN SACHS GR VAR 27 | 20,025 | 19,479 |
| JEFFERIES GROUP STEP 26 | 25,015 | 24,018 |
| JEFFERIES GROUP STEP 26 (DUE 3/25/26) | 30,015 | 28,822 |
| KEYCORP CAP VAR 28 07-01-28 | 37,915 | 37,599 |
| KEYCORP CAP VAR 28 07-01-28 | 28,440 | 28,199 |
| SEAGATE TECHNO 4.75% 25F 01/01/25 | 30,513 | 32,512 |
| SEAGATE TECHNO 4.875% 27F 06/01/27 | 23,994 | 28,062 |
| SEAGATE TECHNOLOGY 4.875% 27F 6/01/27 | 23,994 | 28,063 |
| USB CAPITAL IX VAR99 | 21,525 | 24,500 |
| USB CAPITAL IX VAR99 DUE 12/31/99 | 12,925 | 14,700 |
| WELLS FARGO BK 4.125% 23 | 21,223 | 21,802 |
| WELLS FARGO & CO STEP 22 04-17-22 | 30,015 | 29,996 |
| WELLS FARGO & CO STEP 22 | 20,015 | 19,998 |
| WELLS FARGO KL | 21,223 | 21,802 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ABB LTD | 32,969 | 55,920 |
| ABBVIE INC. | 37,098 | 53,575 |
| ABBVIE INC: ABBV | 29,679 | 42,860 |
| AEGON NV | 31,031 | 29,625 |
| AEGON NV | 40,783 | 39,500 |
| BANK OF NY MELLON CO:BK | 27,583 | 21,220 |
| BANK OF NY MELLON CO:BK | 27,583 | 21,220 |
| BRISTOL-MYERS SQUIBB (BMY) | 27,950 | 31,015 |
| BRISTOL-MYERS SQUIBB (BMY) | 53,597 | 62,030 |
| CHINA MOBILE LTD (CHL) | 42,757 | 42,810 |
| CHINA MOBILE LTD - (CHL) | 28,505 | 28,540 |
| COCA COLA | 26,163 | 54,840 |
| CORNING | 35,919 | 72,000 |
| CORNING INC | 22,453 | 45,000 |
| CORTEVA INC CTVA | 5,944 | 9,680 |
| CORTEVA CTVA | 7,200 | 16,108 |
| COVANTA HOLDING | 36,226 | 32,825 |
| COVANTA HOLDING CORP | 36,226 | 32,825 |
| CVS HEALTH GROUP | 27,524 | 34,150 |
| DISCOVER FINL | 27,788 | 54,318 |
| DISCOVER FINL S | 23,157 | 45,265 |
| DOW | 37,898 | 55,500 |
| DOW INC | 21,401 | 27,750 |
| DUPONT DE NEMOURS INC: DD | 17,034 | 17,778 |
| DUPONT DE NEMOURS INC: DD | 23,092 | 31,999 |
| EMERSON ELECTRIC | 22,744 | 40,185 |
| FNFV GROUP (FNF) | 41,986 | 48,862 |
| FNFV GR (FNF) | 33,660 | 39,090 |
| GLAXOSMITHKLINE | 58,359 | 55,200 |
| GLAXOSMITHKLINE | 38,909 | 36,800 |
| HP | 38,308 | 61,475 |
| HP INC | 26,816 | 43,033 |
| HUDSON | 28,800 | 16,350 |
| IBM | 62,521 | 50,352 |
| IBM CORP | 42,800 | 34,617 |
| JOHNSON AND JOHNSON | 29,793 | 78,690 |
| JP MORGAN CHASE & CO | 33,723 | 50,828 |
| JPMORGAN CHASE | 25,294 | 38,121 |
| KNOWLES CORPORATION | 39,003 | 46,075 |
| MDC HOLDING INC | 22,439 | 36,450 |
| METLIFE | 53,412 | 51,645 |
| METLIFE INC | 29,855 | 39,907 |
| MICROSOFT | 13,514 | 111,210 |
| NOKIA CORP: NOK | 34,082 | 29,325 |
| QUALCOMM | 26,196 | 76,170 |
| QUALCOMM INC | 13,666 | 38,085 |
| QUARATE RETAIL 8% PFD | 24,705 | 24,750 |
| SEAGATE TECHNOLOGY | 34,170 | 62,160 |
| SEAGATE TECHNOLOGY | 17,086 | 31,080 |
| SPROTT PHYSICAL GOLD | 24,523 | 38,700 |
| SPROTT PHYSICAL GOLD & S | 35,988 | 58,050 |
| TARGA RESOURCES CORP (TRGP) | 52,063 | 32,975 |
| TARGA RESOURCES CORP (TRGP) | 29,389 | 19,785 |
| US BARNCORP | 25,055 | 23,295 |
| VALLEY NATIONAL | 25,025 | 26,200 |
| WALT DISNEY | 17,414 | 108,708 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| CENTER COAST MLP FOCUS CCCNX | AT COST | 40,321 | 16,098 |
| DISCOVER BK 2.5%21 | AT COST | 20,025 | 20,043 |
| LORD ABBETT FLOATING (LFRAX) | AT COST | 51,923 | 48,957 |
| LORD ABBETT INFLATION | AT COST | 65,000 | 63,312 |
| LORD ABBETT SHORT DUR LLDYX | AT COST | 51,532 | 50,515 |
| SACHEM CAPITAL 7.75% PFD DUE 09-30-25 (SCCC) | AT COST | 21,053 | 21,290 |
| SACHEM CAPITAL 7.75% PFD DUE 09/30/25 (SCCC) | AT COST | 18,578 | 18,785 |
| VANECK VECTOR GOLD | AT COST | 37,712 | 54,030 |
| VANECK VECTOR GOLD | AT COST | 37,712 | 54,030 |
| WEYERHAEUSER CO | AT COST | 25,815 | 33,530 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT ADVISOR FEES | 18,527 | 18,527 | 0 |