| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| UNITEDHEALTH GROUP INC FXD RT NT 3.350% 07/15/22 B/E DTD 07/23/15 | 40,661 | 40,643 |
| AMERICAN EXPRESS CO FXD RT SR NT 3.400% 02/27/23 B/E DTD 02/27/18 | 35,454 | 36,013 |
| APPLE INC FXD RT 2.400% 05/03/23 B/E DTD 05/03/13 | 40,239 | 40,957 |
| WELLS FARGO & CO M TERM SR NTS FIXED RATE Q 3.750% 01/24/24 B/E DTD 01/24/19 | 63,653 | 63,049 |
| MORGAN STANLEY FIXED RATE SR NT SERF 3.875% 04/29/24 B/E DTD 04/28/14 | 41,374 | 42,411 |
| MICROSOFT CORP FXD RT SR NT 3.125% 11/03/25 B/E DTD 11/03/15 | 41,741 | 42,689 |
| SHELL INTL FIN B V GTD NT ISIN#US822582BT82 2.875% 05/10/26 B/E DTD 05/10/16 | 13,464 | 13,797 |
| GOLDMAN SACHS GROUP INC FXD RT SR NT SERE 3.500% 11/16/26 B/E DTD 11/16/16 | 56,545 | 58,642 |
| VERIZON COMMUNICATIONS INC FXD RT SR NT 4.125% 03/16/27 B/E DTD 03/16/17 | 12,596 | 12,227 |
| BANK AMER CORP FXD RT SR NT SERL 3.248% 10/21/27 B/E DTD 10/21/16 | 41,200 | 42,601 |
| CVS HEALTH CORP FXD RT SR NT 4.300% 03/25/28 B/E DTD 03/09/18 | 55,191 | 53,904 |
| WELLS FARGO & CO M TRM SR NTS FXD TO FLT RT Q 3.584% 5/22/28 B/E DTD 5/22/17 | 13,709 | 13,984 |
| MORGAN STANLEY SR NT FIXED/FLTG 3.591% 07/22/28 B/E DTD 07/24/17 | 12,857 | 12,946 |
| VERIZON COMMUNICATIONS INC FXD RT SR NT 4.329% 09/21/28 B/E DTD 06/21/18 | 38,553 | 39,791 |
| COMCAST CORP GTD FXD RT SR NOTE 4.150% 10/15/28 B/E DTD 10/05/18 | 13,292 | 13,634 |
| BP CAP MKTS AMER INC GTD FXD RATE SR NOTES 4.234% 11/06/28 B/E DTD 11/06/18 | 38,705 | 39,537 |
| JPMORGAN CHASE & CO FIXED TO FLTG RA TE NT 4.203% 07/23/29 B/E DTD 07/23/18 | 16,329 | 16,793 |
| GOLDMAN SACHS GROUP INC NT 3.800% 03/15/30 B/E DTD 03/19/20 | 16,917 | 16,528 |
| QUALCOMM INC NT 2.150% 05/20/30 B/E DTD 05/08/20 | 47,269 | 45,434 |
| BANK AMER CORP SR NT FIXED/FLTG RA TE 2.884% 10/22/30 B/E DTD 10/22/19 | 13,571 | 13,436 |
| JPMORGAN CHASE & CO NT FIXED TO FLTG RATE 2.522% 04/22/31 B/E DTD 04/22/20 | 40,499 | 40,471 |
| AMAZON COM INC NT 2.100% 05/12/31 B/E DTD 05/12/21 30/360 | 14,078 | 14,202 |
| ENTERPRISE PRODS OPER LLC GTD FXD RT SR NT 4.800% 02/01/49 | 9,176 | 9,768 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ABBOTT LABS COM | 84,174 | 145,244 |
| ABBVIE INC COM | 25,716 | 39,401 |
| ACCENTURE PLC IRELAND CLASS SHS ISIN#IEOOB4BNMY34 | 85,447 | 179,915 |
| ADOBE SYS INC COM | 78,672 | 155,374 |
| ADYEN N V ADR | 25,228 | 34,005 |
| AIA GROUP LTD SPONSORED ADR ISIN#US0013172053 | 45,836 | 45,284 |
| AIRBNB INC CL A COM | 72,104 | 81,580 |
| ALCON SA ACT NOM ISIN#CH0432492467 | 26,126 | 39,439 |
| ALIGN TECHNOLOGY INC COM | 17,847 | 50,603 |
| ALPHABET INC CAP STK CL C | 99,513 | 228,594 |
| ALPHABET INC CL A | 35,312 | 81,117 |
| ALTRIA GROUP INC COM | 8,472 | 10,663 |
| AMADEUS IT HLDG SA ADS ISIN#US02263T1043 | 33,520 | 30,339 |
| AMAZON COM INC | 251,885 | 250,076 |
| AMCOR PLC REGISTERED SHS ISIN#JE00BJ1F3079 | 17,178 | 17,763 |
| AMERICAN ELECTRIC POWER CO | 18,958 | 20,107 |
| AON PLC REGISTERED SHS CL A ISIN#IE00BLP1HW54 | 21,607 | 31,559 |
| ASML HLDG N V NY REGISTRY SHS NEW 2012 | 24,200 | 73,245 |
| AT&T INC COM | 36,140 | 30,406 |
| ATLAS COPCO AB SPON ADR NEW REPSTG ISIN#US0492557063 COM SER A | 22,662 | 46,160 |
| ATLASSIAN CORPORATION PLC SHS -A- | 32,809 | 31,266 |
| AUTODESK INC COM | 67,519 | 94,199 |
| BANK OF AMERICA CORPORATION COM | 35,016 | 50,852 |
| BEST BUY INC COM | 14,443 | 20,015 |
| BLACKROCK INC COM | 18,069 | 29,298 |
| BRISTOL MYERS SQUIBB CO COM | 35,355 | 35,976 |
| BROADCOM INC COM | 19,030 | 43,252 |
| CANADIAN PAC RY LTD COM ISIN#CA13645T1003 | 33,354 | 51,077 |
| CARDINAL HEALTH INC COM | 18,392 | 17,919 |
| CATERPILLAR INC COM | 20,437 | 31,838 |
| CHEVRON CORP NEW COM | 34,982 | 33,679 |
| CISCO SYSTEMS INC | 27,303 | 37,008 |
| CITIZENS FINL GROUP INC COM | 31,314 | 31,091 |
| COCA COLA COMPANY | 22,673 | 24,809 |
| COMCAST CORP CL A | 39,145 | 42,529 |
| CSL LTD SPONSORED ADR ISIN#US12637N2045 | 39,741 | 49,303 |
| CUMMINS INC | 15,762 | 19,851 |
| CVS HEALTH CORP COM | 35,606 | 54,778 |
| DIAMONDBACK ENERGY INC COM | 9,799 | 31,384 |
| DISCOVER FINL SVCS COM INC | 13,511 | 18,721 |
| DOCUSIGN INC COM | 16,664 | 16,906 |
| DOW INC COM | 21,965 | 26,034 |
| DSV PANALPINA A/S ADR ISIN#US26251A1088 | 25,516 | 58,455 |
| DUKE ENERGY CORP NEW COM NEW | 17,639 | 19,616 |
| EATON CORPORATION PLC SHS ISIN#IE00B8KQN827 | 21,697 | 42,859 |
| EOG RES INC COM | 9,525 | 19,098 |
| EPAM SYS INC COM | 29,618 | 40,775 |
| EVERCORE INC CL A | 8,588 | 19,427 |
| EVOLUTION AB ADR ISIN# US30051E1047 | 31,837 | 24,732 |
| EXPERIAN PLC SPON ADR | 43,398 | 68,048 |
| FERRARI N V SHS ISIN#NL0011585146 | 32,534 | 45,788 |
| FIDELITY NATL FINL INC NEW FNF GROUP | 19,266 | 28,803 |
| GARTNER INC COM | 36,787 | 84,583 |
| ICON PLC LTD SHS ISIN#IE0005711209 | 28,515 | 48,313 |
| ILLUMINA INC COM | 47,841 | 52,881 |
| INTEL CORP COM | 27,272 | 25,750 |
| INTERPUBLIC GROUP COS INC COM | 22,730 | 25,241 |
| INTUITIVE SURGICAL INC COM NEW | 43,125 | 63,596 |
| JOHNSON & JOHNSON COM | 40,768 | 50,808 |
| JP MORGAN CHASE & CO COM ISIN#US46625H1005 | 47,309 | 60,331 |
| KIMBERLY CLARK CORP COM | 19,047 | 20,438 |
| LASERTEC CORP ADR | 17,767 | 29,532 |
| LI NING CO LTD ADR ISIN#US52989T1025 | 25,733 | 24,139 |
| LONZA GROUP AG ADR ISIN#US54338V1017 | 34,084 | 45,508 |
| LULULEMON ATHLETICA INC COM | 23,804 | 42,668 |
| LVMH MOET HENNESSY LOUIS VUITTON ADR | 24,064 | 47,002 |
| LYONDELLBASELL INDUSTRIES N V ORD SHS CL A | 20,450 | 17,247 |
| MASTERCARD INC CL A COM | 115,074 | 140,494 |
| MERCK & CO INC NEW COM | 24,510 | 24,065 |
| META PLATFORMS INC CL A | 95,604 | 172,884 |
| METLIFE INC COM | 31,823 | 41,556 |
| METTLER-TOLEDO INTL INC COM | 20,924 | 49,219 |
| MICROSOFT CORP COM | 69,081 | 158,743 |
| MORGAN STANLEY COM NEW | 10,977 | 27,583 |
| MSCI INC COM | 17,654 | 43,501 |
| NESTLE SA SPONSORED ADR REPSTG REG SHS ISIN#US6410694060 | 34,098 | 44,638 |
| NETFLIX INC COM | 71,267 | 80,125 |
| NIKE INC CL B | 34,928 | 62,668 |
| NORTHROP GRUMMAN CORP COM | 25,646 | 27,095 |
| NORTONLIFELOCK INC COM | 16,525 | 19,277 |
| NRG ENERGY INC COM NEW | 28,296 | 34,723 |
| ONEMAIN HLDGS INC COM | 16,878 | 13,961 |
| PAYPAL HLDGS INC COM | 35,583 | 62,797 |
| PERNOD RICARD S A ADR ISIN#US7142642070 | 25,271 | 33,548 |
| PFIZER INC COM | 20,692 | 34,603 |
| PHILLIPS 66 COM | 21,411 | 21,593 |
| PNC FINL SVCS GROUP INC COM | 25,369 | 35,091 |
| PROCTER & GAMBLE CO COM | 13,406 | 17,994 |
| QUEST DIAGNOSTICS INC COM | 18,478 | 24,913 |
| RAYTHEON TECHNOLOGIES CORP COM | 17,492 | 23,236 |
| REGENERON PHARMACEUTICALS INC | 30,818 | 58,087 |
| RESTAURANT BRANDS INTL INC COM ISIN#CA76131D1033 | 13,472 | 11,954 |
| RYDER SYS INC COM | 21,897 | 22,998 |
| SALESFORCE.COM INC COM STOCK | 94,448 | 132,910 |
| SEAGATE TECHNOLOGY PLC SHS ISIN#IEOOB58JVZ52 | 14,962 | 30,505 |
| SERVICENOW INC COM | 44,629 | 103,858 |
| SHENZHOU INTL GROUP HLDGS LTD ADR ISIN# US82322R1095 | 28,905 | 24,710 |
| SHOPIFY INC CL A ISIN#CA82509L1076 | 11,795 | 44,077 |
| SIKA AG ADR ISIN#US82674R1032 | 10,870 | 24,687 |
| SNAP ON INC COM | 21,344 | 21,107 |
| STARBUCKS CORP COM | 50,763 | 71,937 |
| STATE STR CORP COM | 11,565 | 15,531 |
| STERIS PLC REGISTERED SHS ISIN#IEOOBFY8C754 | 24,566 | 40,406 |
| TAIWAN SEMICONDUCTOR MFG CO SPONSORED ADR ISIN#US8740391003 | 26,259 | 64,606 |
| TARGET CORP COM | 11,482 | 23,144 |
| TEXAS INSTRUMENTS INC | 28,880 | 31,098 |
| TRAVEL + LEISURE CO COM | 13,707 | 14,536 |
| TRUIST FINL CORP COM | 39,104 | 42,566 |
| UNITEDHEALTH GROUP INC COM | 62,737 | 97,415 |
| V F CORP COM | 21,051 | 19,403 |
| VISA INC COM CL A | 89,633 | 108,572 |
| WALGREENS BOOTS ALLIANCE INC COM | 10,877 | 13,718 |
| WALMART INC COM | 21,445 | 26,334 |
| WHIRLPOOL CORP | 8,842 | 15,722 |
| WUXI BIOLOGICS CAYMAN INC ADR ISIN#US98260N1081 | 32,307 | 25,034 |
| ZOETIS INC CL A | 62,144 | 122,503 |
| 3M CO COM | 17,443 | 19,006 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| AVALONBAY CMNTYS INC COM | AT COST | 17,145 | 25,764 |
| CROWN CASTLE INTL CORP NEW COM | AT COST | 13,537 | 19,830 |
| DUKE RLTY CORP COM NEW | AT COST | 20,325 | 39,318 |
| IRON MTN INC NEW COM | AT COST | 10,342 | 20,880 |
| DOUBLELINE EMERGING MARKETS FIXED INCOME FUND CLASS I | AT COST | 216,718 | 214,980 |
| WESTERN ASSET SMASH SERIES CORE PLUS COMPLETION FUND | AT COST | 251,110 | 246,099 |
| WESTERN ASSET SMASH SERIES C FUND | AT COST | 85,092 | 87,792 |
| WESTERN ASSET SMASH SERIES M FUND | AT COST | 122,536 | 118,854 |
| ISHARES INC CORE MSCI EMERGING MKTS ETF | AT COST | 103,997 | 122,474 |
| VANGUARD INDEX FDS VANGUARD SMALL-CAP ETF | AT COST | 388,717 | 551,465 |
| PAULSON INVESTMENT COMPANY I LP | AT COST | 498,237 | 243,702 |
| Description | Amount |
|---|---|
| CHANGE IN VALUE OF INVESTMENTS | 6,129 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| BANK FEES | 42,466 | 42,466 | 0 | |
| OTHER DEDUCTIONS THRU PAULSON INVESTMENT COMPANY I LP | 7,186 | 7,186 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAXES | 445 | 445 | 0 |