| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| TAX PREPARATION FEES | 6,500 | 0 | 6,500 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ABBOTT LABORATOR 2.950% DUE 12/15/24 15,000.000 QTY | 15,613 | 16,440 |
| AECOM 5.125% DUE 3/15/27 23,000.000 QTY | 24,573 | 25,530 |
| AECOM 5.875% DUE 10/15/24 15,000.000 QTY | 16,238 | 16,575 |
| AIRCASTLE LTD 5.000% DUE 4/1/23 34,000.000 QTY | 35,091 | 36,423 |
| ALLY FINL INC 8.000% DUE 11/1/31 30,000.000 QTY | 38,915 | 43,800 |
| ANHEUSER-BUSCH CO 3.650% DUE 2/1/26 32,000.000 QTY | 33,623 | 36,168 |
| APPLE INC 3.350% DUE 2/9/27 40,000.000 QTY | 40,808 | 45,503 |
| ARCELORMITTAL 4.550% DUE 3/11/26 32,000.000 QTY | 35,463 | 36,091 |
| AVALONBAY COMMUN 2.950% DUE 9/15/22 5,000.000 QTY | 5,130 | 5,187 |
| BANK OF AMERICA C VAR DUE 1/28/25 39,000.000 QTY | 34,911 | 40,219 |
| BANK OF AMERICA C VAR DUE 7/23/31 40,000.000 QTY | 40,470 | 40,274 |
| BORGWARNER INC 2.650% DUE 7/1/27 34,000.000 QTY | 34,194 | 36,526 |
| BOSTON PROPERTIES 4.500% DUE 12/1/28 44,000.000 QTY | 50,703 | 52,769 |
| BP CAPITAL MKT 4.234% DUE 11/6/28 20,000.000 QTY | 20,058 | 23,837 |
| CAMPBELL SOUP CO 2.375% DUE 4/24/30 5,000.000 QTY | 5,041 | 5,243 |
| CAMPBELL SOUP CO 4.150% DUE 3/15/28 26,000.000 QTY | 29,165 | 30,494 |
| CHARLES SCHWAB VAR DUE 6/1/25 49,000.000 QTY | 50,911 | 54,574 |
| CHARTER COMMUNI 4.908% DUE 7/23/25 31,000.000 QTY | 34,026 | 36,020 |
| CIT GROUP INC 6.125% DUE 3/9/28 35,000.000 QTY | 39,018 | 42,569 |
| COMCAST CORP 3.600% DUE 3/1/24 50,000.000 QTY | 52,645 | 54,867 |
| COMCAST CORP 4.150% DUE 10/15/28 45,000.000 QTY | 51,132 | 53,840 |
| COMMONSPIRIT HE 3.347% DUE 10/1/29 33,000.000 QTY | 33,481 | 36,265 |
| CROWN AMERICAS 4.250% DUE 9/30/26 19,000.000 QTY | 19,791 | 20,805 |
| CROWN AMERICAS 4.500% DUE 1/15/23 10,000.000 QTY | 10,513 | 10,563 |
| CROWN CASTLE INT 4.300% DUE 2/15/29 30,000.000 QTY | 33,231 | 35,455 |
| CROWN HOLDINGS 7.375% DUE 12/15/26 4,000.000 QTY | 4,655 | 4,910 |
| CVS HEALTH CORP 5.125% DUE 7/20/45 32,000.000 QTY | 37,494 | 42,890 |
| DIAMONDBACK ENERGY 3.250% DUE 12/1/26 35,000.000 QTY | 35,454 | 37,406 |
| DUKE ENERGY CORP 3.950% DUE 11/15/28 35,000.000 QTY | 41,705 | 41,337 |
| ELANCO ANIMAL HE STEP DUE 8/28/28 31,000.000 QTY | 34,550 | 36,503 |
| ENERGY TRANSFER 5.250% DUE 4/15/29 32,000.000 QTY | 35,481 | 37,160 |
| FISERV INC 4.200% DUE 10/1/28 31,000.000 QTY | 33,488 | 36,799 |
| FORD MOTOR CO 8.500% DUE 4/21/23 33,000.000 QTY | 36,301 | 37,198 |
| FREEPORT-MCMORAN 4.550% DUE 11/14/24 34,000.000 QTY | 34,077 | 37,145 |
| GENERAL MOTORS 4.250% DUE 5/15/23 37,000.000 QTY | 38,152 | 39,916 |
| HCA HEALTHCARE 5.375% DUE 2/1/25 32,000.000 QTY | 35,326 | 35,880 |
| HOWMET AEROSPACE 6.875% DUE 5/1/25 30,000.000 QTY | 34,902 | 35,250 |
| INTEL CORP 2.450% DUE 11/15/29 20,000.000 QTY | 21,434 | 21,573 |
| JOHN DEERE CAPIT 3.650% DUE 10/12/23 10,000.000 QTY | 11,012 | 10,926 |
| JOHNSON CTLS INC 1.750% DUE 9/15/30 35,000.000 QTY | 35,135 | 35,615 |
| JPMORGAN CHASE 2.950% DUE 10/1/26 34,000.000 QTY | 34,218 | 37,690 |
| JPMORGAN CHASE 3.625% DUE 5/13/24 45,000.000 QTY | 45,835 | 49,726 |
| LOCKHEED MARTIN 3.550% DUE 1/15/26 20,000.000 QTY | 22,508 | 22,654 |
| LOWES CO 3.375% DUE 9/15/25 60,000.000 QTY | 61,354 | 66,915 |
| LUMEN TECH 5.625% DUE 4/1/25 33,000.000 QTY | 35,667 | 35,599 |
| MASTERCARD INC 3.350% DUE 3/26/30 35,000.000 QTY | 40,580 | 40,709 |
| MERCK & CO. INC 2.750% DUE 2/10/24 45,000.000 QTY | 43,236 | 48,877 |
| MGM RESORTS INT 5.750% DUE 6/15/25 15,000.000 QTY | 16,581 | 16,538 |
| MICROSOFT CORP 2.525% DUE 6/1/20 38,000.000 QTY | 40,230 | 39,920 |
| MICROSOFT CORP 2.700% DUE 2/12/24 45,000.000 QTY | 46,201 | 48,771 |
| NEWELL BRANDS IN STEP DUE 4/1/26 34,000.000 QTY | 35,322 | 37,485 |
| NIKE INC 2.375% DUE 11/1/26 50,000.000 QTY | 47,587 | 54,525 |
| NOVARTIS CAPITAL 3.400% DUE 5/6/24 45,000.000 QTY | 48,844 | 49,383 |
| NSTAR ELECTRIC 2.375% DUE 10/15/22 35,000.000 QTY | 35,212 | 36,051 |
| ORACLE CORP 2.500% DUE 10/15/22 40,000.000 QTY | 38,781 | 41,572 |
| PARKER-HANNIFIN 3.250% DUE 6/14/29 32,000.000 QTY | 33,109 | 36,144 |
| PEPSICO INC 2.750% DUE 3/19/30 35,000.000 QTY | 34,525 | 38,984 |
| PNC FINL SVCS 3.500% DUE 1/23/24 20,000.000 QTY | 21,002 | 21,788 |
| PROLOGIS INC 1.250% DUE 10/15/30 20,000.000 QTY | 19,633 | 19,774 |
| PUBLIC SERVICE E 3.050% DUE 11/15/24 35,000.000 QTY | 35,966 | 37,846 |
| PULTEGROUP INC 5.000% DUE 1/15/27 34,000.000 QTY | 37,184 | 40,120 |
| RAYTHEON TECH 3.950% DUE 8/16/25 31,000.000 QTY | 32,977 | 35,557 |
| RELX CAPITAL INC 4.000% DUE 3/18/29 33,000.000 QTY | 35,211 | 39,086 |
| SCHLUMBERGER INC 3.650% DUE 12/1/23 45,000.000 QTY | 47,164 | 48,763 |
| SERVICE CORP INC 3.375% DUE 8/15/30 35,000.000 QTY | 35,444 | 36,225 |
| SHELL INTL 3.250% DUE 5/11/25 60,000.000 QTY | 59,177 | 66,438 |
| SIMON PROPERTY GROUP 3.500% DUE 9/1/25 25,000.000 QTY | 27,606 | 27,690 |
| SOUTHWEST AIRLINES 4.750% DUE 5/4/23 33,000.000 QTY | 34,037 | 35,846 |
| SPRINT CORP 7.125% DUE 6/15/24 30,000.000 QTY | 34,376 | 35,025 |
| STARBUCKS CORP 2.550% DUE 11/15/30 34,000.000 QTY | 34,010 | 36,699 |
| STEEL DYNAMICS 2.400% DUE 6/15/25 34,000.000 QTY | 34,399 | 36,082 |
| THE ESTEE LAUDER CO 2.000% DUE 11/1/24 40,000.000 QTY | 39,768 | 42,207 |
| THE GEORGE WASH 4.126% DUE 9/15/48 29,000.000 QTY | 34,772 | 36,103 |
| THE GOLDMAN SACHS 4.400% DUE 2/10/25 56,000.000 QTY | 50,771 | 57,190 |
| THE KRAFT HEINZ 4.625% DUE 1/30/29 33,000.000 QTY | 36,040 | 37,699 |
| THE TORONTO-DOM 0.450% DUE 9/11/23 40,000.000 QTY | 40,074 | 40,079 |
| THE WALT DISNEY CO 2.000% DUE 9/1/29 35,000.000 QTY | 35,244 | 36,518 |
| TRUIST FINL CORP 4.800% DUE 9/1/24 18,000.000 QTY | 18,493 | 18,900 |
| UNITED RENTALS 5.500% DUE 5/15/27 34,000.000 QTY | 34,723 | 36,423 |
| UNITEDHEALTH GROUP 3.750% DUE 7/15/25 35,000.000 QTY | 37,771 | 39,853 |
| VERIZON COMMUNICATIONS 3.875% DUE 2/8/29 31,000.000 QTY | 33,212 | 36,381 |
| VF CORP 2.800% DUE 4/23/27 35,000.000 QTY | 35,267 | 38,211 |
| VISA INC 4.300% DUE 12/14/45 30,000.000 QTY | 35,366 | 40,950 |
| WESTPAC BANKING 2.5% DUE 6/28/22 35,000.000 QTY | 35,385 | 36,149 |
| WPX ENERGY INC 5.250% DUE 9/15/24 33,000.000 QTY | 34,821 | 35,805 |
| WYNDHAM DESTINAT STEP DUE 4/1/24 34,000.000 QTY | 34,810 | 36,593 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| CALAMOS MARKET NEUTRAL INCOME (CMNIX) 62,432.702 SHARES | AT COST | 822,873 | 867,190 |
| DIAMOND HILL LONG-SHORT (DHLSX) 33,963.930 SHARES | AT COST | 571,742 | 902,761 |
| FHLMC G05965 4.500% DUE 8/1/40 149,000.000 QTY | AT COST | 26,266 | 24,410 |
| FHLMC G08368 4.500% DUE 10/1/39 553,000.000 QTY | AT COST | 39,843 | 40,987 |
| FHLMC G15290 3.500% DUE 2/1/30 35,000.000 QTY | AT COST | 10,575 | 11,192 |
| FHLMC G16043 3.500% DUE 8/1/30 17,000.000 QTY | AT COST | 5,467 | 8,917 |
| FHLMC G61033 5.000% DUE 5/1/41 25,000.000 QTY | AT COST | 13,681 | 14,415 |
| FHLMC G61260 4.500% DUE 4/1/46 26,000.000 QTY | AT COST | 16,399 | 17,300 |
| FHLMC QB3677 2.000% DUE 9/1/50 27,000.000 QTY | AT COST | 27,422 | 27,529 |
| FHLMC QB4905 1.500% DUE 11/1/50 35,000.000 QTY | AT COST | 35,221 | 35,257 |
| FHLMC QN1767 2.500% DUE 4/1/35 27,000.000 QTY | AT COST | 22,283 | 23,402 |
| FHLMC RA3194 2.500% DUE 8/1/50 49,000.000 QTY | AT COST | 49,491 | 50,083 |
| FHLMC RA3205 2.000% DUE 8/1/50 22,000.000 QTY | AT COST | 22,238 | 22,362 |
| FHLMC SB0097 2.500% DUE 10/1/34 40,000.000 QTY | AT COST | 32,815 | 34,577 |
| FHLMC SD7514 3.500% DUE 4/1/50 32,000.000 QTY | AT COST | 26,974 | 26,762 |
| FHLMC ZS9580 3.500% DUE 12/1/45 105,000.000 QTY | AT COST | 50,150 | 51,810 |
| FNMA PL 890430 3.500% DUE 7/1/27 24,000.000 QTY | AT COST | 3,448 | 3,505 |
| FNMA PL 932124 4.500% DUE 11/1/39 50,000.000 QTY | AT COST | 5,666 | 5,849 |
| FNMA PL AB1466 4.500% DUE 9/1/40 69,000.000 QTY | AT COST | 10,504 | 10,839 |
| FNMA PL AL7014 4.000% DUE 6/1/45 163,000.000 QTY | AT COST | 69,982 | 72,319 |
| FNMA PL AL7046 3.500% DUE 6/1/45 58,000.000 QTY | AT COST | 25,158 | 26,385 |
| FNMA PL AS4555 3.500% DUE 3/1/45 37,000.000 QTY | AT COST | 15,139 | 16,351 |
| FNMA PL AV0692 4.000% DUE 12/1/43 214,000.000 QTY | AT COST | 64,232 | 67,134 |
| FNMA PL AV7104 4.000% DUE 3/1/44 17,000.000 QTY | AT COST | 5,459 | 5,705 |
| FNMA PL BM3562 4.500% DUE 2/1/48 80,000.000 QTY | AT COST | 46,927 | 47,972 |
| FNMA PL BM4425 5.000% DUE 7/1/47 35,000.000 QTY | AT COST | 24,090 | 24,847 |
| FNMA PL BM5629 4.500% DUE 2/1/49 28,000.000 QTY | AT COST | 16,210 | 17,127 |
| FNMA PL BN5356 4.000% DUE 3/1/34 45,000.000 QTY | AT COST | 35,610 | 37,032 |
| FNMA PL CA0995 3.500% DUE 1/1/48 37,000.000 QTY | AT COST | 24,903 | 25,948 |
| FNMA PL CA1354 3.500% DUE 3/1/48 31,000.000 QTY | AT COST | 19,914 | 20,514 |
| FNMA PL CA2166 4.500% DUE 8/1/48 32,000.000 QTY | AT COST | 15,920 | 17,090 |
| FNMA PL CA2626 4.000% DUE 11/1/48 13,000.000 QTY | AT COST | 9,138 | 9,493 |
| FNMA PL CA4119 4.000% DUE 9/1/49 36,000.000 QTY | AT COST | 28,312 | 29,345 |
| FNMA PL CA4182 4.500% DUE 9/1/49 27,000.000 QTY | AT COST | 20,360 | 21,189 |
| FNMA PL CA4721 3.500% DUE 11/1/34 26,000.000 QTY | AT COST | 20,276 | 21,115 |
| FNMA PL FM1104 3.500% DUE 5/1/49 32,000.000 QTY | AT COST | 24,826 | 24,748 |
| FNMA PL FM2001 5.000% DUE 9/1/49 59,000.000 QTY | AT COST | 43,320 | 44,612 |
| FNMA PL FM2976 2.500% DUE 1/1/35 25,000.000 QTY | AT COST | 21,287 | 22,073 |
| FNMA PL MA4119 2.000% DUE 9/1/50 47,000.000 QTY | AT COST | 47,597 | 48,069 |
| FREDDIE MAC 3.286% DUE 11/25/27 30,000.000 QTY | AT COST | 31,826 | 34,584 |
| FREDDIE MAC 3.350% DUE 1/25/28 54,000.000 QTY | AT COST | 60,648 | 62,529 |
| FREDDIE MAC 3.900% DUE 4/25/28 15,000.000 QTY | AT COST | 15,713 | 17,922 |
| GATEWAY Y (GTEYX) 43,843.299 SHARES | AT COST | 1,175,990 | 1,610,364 |
| HMLTN LANE PRIV EQ VI LTD | AT COST | 0 | 16,650 |
| ISHARES CORE S&P MID CAP ETF (IJH) 6,744.819 SHARES | AT COST | 1,253,167 | 1,550,162 |
| ISHARES GLOBAL INFRASTRUCTURE ETF (IGF) 15,273.000 SHARES | AT COST | 549,972 | 667,584 |
| ISHARES RUSSELL 2000 ETF (IWM) 7,458.000 SHARES | AT COST | 625,915 | 1,462,215 |
| LEHAM BROTHERS HOLDINGS | AT COST | 0 | 134 |
| MASTERS IV OFFSHORE | AT COST | 0 | 56,693 |
| METROPOLITAN WEST TOTAL RETURN BD (MWTIX) 93,736.139 SHARES | AT COST | 999,534 | 1,047,970 |
| OSTERWEIS STRATEGIC INCOME (OSTIX) 108,390.171 SHARES | AT COST | 1,156,981 | 1,230,228 |
| PARAMETRIC TAX-MANAGED EMERG MKT (EITEX) 22,949.701 SHARES | AT COST | 999,375 | 1,146,108 |
| PIONEER STRATEGIC INCOME (STRYX) 100,200.401 SHARES | AT COST | 1,000,000 | 1,143,287 |
| POLEN GROWTH INSTITUTIONAL (POLIX) 21,545.455 SHARES | AT COST | 775,000 | 988,936 |
| VANGUARD FTSE DEVELOPED MARKETS ETF (VEA) 30,753.599 SHARES | AT COST | 1,305,991 | 1,451,877 |
| VANGUARD INFLATION-PROJECTED SECS (VAIPX) 18,504.441 SHARES | AT COST | 500,000 | 524,046 |
| VANGUARD S&P 500 ETF (VOO) 11,690.000 SHARES | AT COST | 2,194,964 | 4,017,736 |
| WASATCH EMERGING MKTS SMALL CAP INSTL (WIEMX) 232,506.024 SHARES | AT COST | 609,363 | 806,796 |
| WASATCH INTL GROWTH (WIIGX) 29,885.967 SHARES | AT COST | 860,015 | 1,043,618 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 463 | 0 | 463 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INSURANCE | 750 | 0 | 750 | |
| DUES & MEMBERSHIPS | 1,355 | 0 | 1,355 | |
| BANK FEES | 103 | 103 | 0 | |
| SOFTWARE LICENSES | 4,584 | 0 | 4,584 | |
| OFFICE EXPENSE | 66 | 0 | 66 | |
| POSTAGE | 163 | 0 | 163 | |
| BOND AMORTIZATION | 36,421 | 36,421 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| PARTNERSHIP INCOME | 17,551 | 17,551 | 17,551 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT ADVISORY FEES | 92,841 | 92,841 | 0 | |
| FOUNDATION MANAGEMENT CONSULTING | 178,256 | 0 | 178,256 |