| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING AND BOOKKEEPING FEES | 10,560 | 9,504 | 1,056 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| GOLDMAN SACHS GRP INC NOTES MEDIUM TERM NOTES CLLB | 94,338 | 102,600 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ALLIANCEBERNSTEIN HLDG LP LD PARTNERSHIP INTERESTS | 28,548 | 35,409 |
| ALTRIA GROUP INC | 97,715 | 71,085 |
| AMERICAN ELECTRIC POWER INC | 66,120 | 88,970 |
| AMERICAN EXPRESS COMPANY | 69,059 | 137,915 |
| AMERICAN STATES WTR CO | 53,868 | 124,128 |
| AMERIPRISE FINANCIAL INC | 91,310 | 205,129 |
| ANNALY CAPITAL MANAGEMENT INC REIT | 10,910 | 7,820 |
| AT&T INC | 76,520 | 49,200 |
| BERKSHIRE HATHAWAY INC SERIES B NEW | 113,463 | 179,400 |
| BLACKROCK INC | 27,847 | 64,089 |
| BLACKSTONE MORTGAGE TRUST INC | 123,258 | 122,480 |
| BP PLC SPONS ADR | 54,768 | 42,608 |
| CELANESE CORPORATION SERIES A | 55,071 | 102,517 |
| CISCO SYSTEMS INC | 49,240 | 63,370 |
| CITIGROUP INC NEW | 61,540 | 60,390 |
| CMS ENERGY INC | 66,195 | 97,575 |
| COCA COLA COMPANY | 45,407 | 59,210 |
| CONOCOPHILLIPS COP | 64,718 | 72,180 |
| CONSOLIDATED EDISION INC | 72,371 | 81,054 |
| CSX CORP | 73,815 | 169,200 |
| CUMMINS INC | 50,441 | 71,986 |
| CVS HEALTH CORPORATION | 53,288 | 77,370 |
| DEERE & CO | 76,170 | 171,445 |
| DEVON ENERGY CORP | 44,630 | 44,050 |
| DIAGEO PLC SPONSORED ADR NEW | 23,313 | 45,129 |
| DISNEY WALT COMPANY | 55,520 | 77,445 |
| DOMINION ENERGY INC | 76,250 | 78,560 |
| DOW INC | 58,110 | 56,720 |
| EATON CORP PLC | 78,316 | 172,820 |
| ENBRIDGE INC | 40,511 | 38,455 |
| EVERGY INC | 57,814 | 82,058 |
| EVERSOURCE ENERGY | 60,784 | 90,980 |
| EXXON MOBILE XOM | 78,320 | 61,190 |
| FIFTH THIRD BANCORP | 27,212 | 43,550 |
| FIRSTENERGY CORP | 94,680 | 124,770 |
| GENERAL ELECTRIC COMPANY | 60,380 | 23,618 |
| GENERAL MILLS INC | 58,780 | 67,380 |
| GILEAD SCIENCES INC | 74,165 | 72,610 |
| GOLDMAN SACHS GROUP INC | 55,134 | 91,812 |
| HAWAIIAN ELEC INDS INC | 33,440 | 41,500 |
| HSBC HOLDINGS PLC-SPON ADR | 28,588 | 21,105 |
| I SHARES SILVER TR ETF | 16,759 | 21,510 |
| INTEL CORP | 97,417 | 103,000 |
| ISHARES ETF PFD & INCOME SECS | 57,600 | 59,145 |
| ISHARES ETF RUSSELL 2000 GROWTH IWO | 50,542 | 90,846 |
| ISHARES IBOXX & ETF INVESTMENT GRADE CORP BD | 106,208 | 106,016 |
| ISHARES MSCI ETF EMERGING MARKETS | 61,882 | 78,355 |
| JOHNSON & JOHNSON | 28,368 | 34,214 |
| JPMORGAN CHASE & CO | 71,216 | 113,220 |
| MANULIFE FINL CORP | 28,272 | 29,559 |
| MEDTRONIC PLC | 98,484 | 124,140 |
| MERCK & CO INC NEW | 24,829 | 28,740 |
| MICROSOFT CORP | 81,250 | 336,320 |
| MONDELEZ INTL INC | 41,805 | 66,310 |
| NESTLE S A REG ADR | 38,295 | 70,185 |
| NEW JERSEY RES CORP | 88,221 | 91,359 |
| NEXTERA ENERGY INC | 65,999 | 190,454 |
| NORTHROP GRUMMAN CORP NEW | 184,448 | 290,303 |
| ORGANON & CO OGN | 871 | 1,127 |
| PFIZER INCORPORATED | 45,108 | 59,050 |
| PROCTER & GAMBLE CO | 131,779 | 245,370 |
| PUBLIC SVC ENTERPRISE GROUP INC | 67,359 | 100,095 |
| ROYAL DUTCH SHELL PLC ADR CL A | 70,977 | 56,420 |
| SCHLUMBERGER LTD | 105,945 | 59,900 |
| SOUTHERN COMPANY | 100,602 | 137,160 |
| SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF | 95,540 | 165,920 |
| SPDR GOLD TRUST ETF | 59,530 | 85,480 |
| SUNCOR ENERGY INC NEW | 58,750 | 47,056 |
| TARGET CORP | 72,864 | 231,440 |
| TENNECO INC | 20,290 | 5,650 |
| THERMO FISHER SCIENTIFIC INC | 37,558 | 156,801 |
| TJX COS INC NEW | 24,319 | 47,070 |
| TOTALENERGIES SE ADR TTE | 52,028 | 49,460 |
| UNION PACIFIC CORP | 68,268 | 156,197 |
| UNITED PARCEL SERVICE-B | 43,930 | 85,736 |
| UNITEDHEALTH GROUP INC | 33,588 | 100,428 |
| VANGUARD INDEX FDS ETF REAL ESTATE INDEX FD VNQ | 46,833 | 58,005 |
| VANGUARD INTERMEDIATE ETF TERM CORP BOND | 90,445 | 92,760 |
| VANGUARD INTL EQUITY ETF INDEX FDS FTSE EMERGING MKTS ETF | 61,638 | 77,553 |
| VERIZON COMMUNICATIONS COM | 106,229 | 103,920 |
| VIAD CORPORATION (NEW) | 6,032 | 5,434 |
| VIATRIS INC | 0 | 1,678 |
| WEC ENERGY GROUP INC | 59,832 | 77,656 |
| XCEL ENERGY INC | 68,253 | 99,519 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| AAM GNMA ADVANTAGE INCOME PORT SER 14 CASH | AT COST | 9,237 | 7,331 |
| AB CAP FD INC RELATIVE VALUE FD | AT COST | 83,921 | 95,996 |
| ADVISORS ASSET MGMT GNMA ADVANTAGE ICOME PORT SER 11 CASH | AT COST | 41,719 | 25,315 |
| ALABAMA PWR CO 5% CUM PERP MATURITY CALL 10/01/22 @ 25 | AT COST | 49,741 | 47,804 |
| AQUILA HIGH INCOME CLASS A | AT COST | 188,996 | 189,896 |
| AQUILA OPPORTUNITY GROWTH FUND CLASS A | AT COST | 151,976 | 143,931 |
| AT&T INC 5% CALL 12/12/24 @ 25 | AT COST | 25,167 | 24,120 |
| BANK AMER CORP 5.375% PFD KK NON CUM PERP MTY | AT COST | 53,839 | 53,640 |
| BLACKROCK FUNDS GLOBAL LONG/SHORT CR FD INSTITUTIONAL | AT COST | 234,136 | 228,115 |
| BNY MELLON INTL BOND | AT COST | 59,014 | 53,501 |
| BOND FUND OF AMERICA CL A | AT COST | 75,014 | 71,306 |
| CALAMOS INVT TR NEW CONVERTIBLE FD CL A | AT COST | 73,580 | 96,282 |
| CALAMOS STRATEGIC TOTAL RETURN FUND | AT COST | 187,856 | 289,350 |
| CALVERT GLOBAL WATER FUND CL A | AT COST | 102,921 | 170,117 |
| COHEN & STEERS PFD SECS & INCOME FD INC CLASS A | AT COST | 230,540 | 231,096 |
| DAVIS REAL ESTATE FUND CL A | AT COST | 156,720 | 220,122 |
| DIAMOND HILL LONG SHORT FUND INVESTOR CLASS SHARES | AT COST | 63,595 | 67,250 |
| DUKE ENERGY 5.625% PFD JR SUB NOTES 09/15/2078 | AT COST | 51,956 | 53,340 |
| EATON VANCE ADV SR FLTNG RT ADVANTAGE FUND CLASS A | AT COST | 290,419 | 282,677 |
| EATON VANCE FUNDS TAX MANAGED DIVERSIFIED EQUITY | AT COST | 22,180 | 30,100 |
| EATON VANCE TAX ADVANTAG GLOBAL DIVIDEND INCOME | AT COST | 57,757 | 84,101 |
| FIRST TRUST CORP HIGH INCOME PORT SER 23 CASH | AT COST | 93,644 | 70,386 |
| FIRST TRUST INVESTMENT GRADE MUTLI-ASSET INCM PRT LT 25 C | AT COST | 90,819 | 109,020 |
| GNMA II PASS THRU POOL 1884 | AT COST | 124 | 50 |
| GNMA II PASS THRU POOL 1922 | AT COST | 27 | 14 |
| GNMA II PASS THRU POOL 3458 | AT COST | 1,284 | 894 |
| GNMA II PASS THRU POOL 381322 | AT COST | 720 | 536 |
| GUGGENHEIM FDS TR MACRO OPPORTUNITIES FD CS A | AT COST | 100,098 | 99,508 |
| HARTFORD MUT FDS INC | AT COST | 30,007 | 28,298 |
| HUNTINGTON 4.5% PFD BANCSHARES NON CUM PERP | AT COST | 49,906 | 49,275 |
| INVESCO ENERGY PORTFOLIO 2019-2 | AT COST | 7,066 | 7,273 |
| JOHN HANCOCK REGIONAL BANK CLASS A | AT COST | 159,383 | 192,563 |
| JPMORGAN DIVERSIFIED FUND CL A JDVAX | AT COST | 168,517 | 163,578 |
| KAYNE ANDERSON ENERGY DEVELOPMENT CO | AT COST | 40,487 | 14,965 |
| KEYCORP NEW 5.625% NON CUM SER G PERP MTY | AT COST | 30,185 | 30,759 |
| LEGG MASON PARTNERS EQUITY TRUST BRANDYWINE GLOBAL CORP CR FD | AT COST | 50,007 | 48,189 |
| LORD ABBETT BD-DEB A | AT COST | 255,833 | 259,481 |
| LORD ABBETT INVT TR FLOATING RATE FD CLASS A | AT COST | 130,007 | 117,293 |
| LORD ABBETT INVT TR INFLATION FOCUSED FD CLASS A | AT COST | 25,007 | 25,141 |
| MAINSTAY MACKAY CONVERTIBLE FUND | AT COST | 40,007 | 42,802 |
| MORGAN STANLEY 6.375% PFD SER I FIX/FLTG PERP MTY CALL 10/15/ | AT COST | 50,040 | 50,760 |
| NEXTERA ENERGY 5.65% | AT COST | 40,371 | 41,655 |
| NUVEEN FLEXIBLE INCOME FD CLASS A-3 | AT COST | 100,007 | 98,331 |
| PGIM FLOATING RATE INCOME CL A | AT COST | 73,783 | 71,026 |
| PGIM HIGH YIELD CL A | AT COST | 267,361 | 261,369 |
| PIMCO FUNDS PIMCO INCOME FD CLASS A | AT COST | 71,065 | 92,918 |
| PIMCO INTERNATIONAL BOND FUND US DOLLAR HEDGED INSTL | AT COST | 108,099 | 80,782 |
| PIMCO REAL ESTATE REAL RETURN STRATEGY CL A | AT COST | 204,864 | 205,439 |
| PIONEER FUND CLASS A SHARES | AT COST | 211,674 | 254,627 |
| PRINCIPAL INV FUND REAL ESTATE SECS FD CL INSTL | AT COST | 194,384 | 284,563 |
| PRINCIPAL INVS FD REAL ESTATE SECS FD | AT COST | 75,014 | 89,294 |
| PRUDENTIAL 4.125% PFD JR SUB NOTES DUE 9/1/60 | AT COST | 81,838 | 82,026 |
| PS BUS PARKS 5.25% PFD PERPETUAL SER X CUM | AT COST | 26,160 | 25,790 |
| PUTNAM FDS TR FLTG RATE INCOME FD CLASS Y | AT COST | 114,176 | 109,751 |
| PUTNAM FLOATING RATE INCOME FD CL A | AT COST | 231,990 | 222,719 |
| PUTNAM FOCUSED EQUITY FD CL A | AT COST | 31,832 | 34,686 |
| RMB MENDON FINL LONG/SHORT FD CL A | AT COST | 176,874 | 139,587 |
| RYDEX SERIES FUNDS BIOTECHNOLOGY FD CL A | AT COST | 200,202 | 190,251 |
| TEMPLETON GLOBAL BOND FUND CL A | AT COST | 100,007 | 68,210 |
| VIRTUS FUNDS | AT COST | 63,502 | 77,976 |
| WEBSTER FINL CRP5.25%PFD NON-CUM PERP MTY SER F | AT COST | 26,959 | 25,910 |
| WESTERN ASSET FDS INC BD FD CLASS A | AT COST | 50,988 | 46,369 |
| WR BERKLEY CO 5.10% PFD SUB NOTES MTY 12/30/59 CALL 12/30/24 @ 25 | AT COST | 51,374 | 54,480 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 10,369 | 1,037 | 9,332 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT EXPENSE | 10 | 10 | 0 | |
| NON-DEDUCTIBLE EXPENSE FROM ALLIANCEBERNSTEIN HOLDING LP K-1 | 201 | 0 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| OTHER INCOME FROM BROKERAGE | 1,094 | 1,094 | 1,094 |
| ORDINARY INCOME FROM ALLIANCEBERNSTEIN HOLDING LP | 742 | 742 | 742 |
| Description | Amount |
|---|---|
| BOOK BASIS ADJUSTMENT | 32,937 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAX WITHHELD | 3,546 | 3,546 | 0 |