| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 10,570 | 10,570 | 0 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| AMERICAN EXPRESS COMPANY DEP SHS REPSTG 1/1000TH PFD SER D FXD/VAR PERPTL CP | 25,535 | 25,031 |
| BANK NY MELLON CORP DEP SHS REPSTG 1/1000TH PFD SER G FXD/VAR PERPETUAL CPN | 25,802 | 24,633 |
| METLIFE INC NON CUML PFD SER G FXD/VAR PERPETUAL CPN 3.850%, QTY 26000 | 25,970 | 26,520 |
| ADVOCATE HLTH &HOSPS CORP UNSECD BOND CPN 4.272%, QTY 19000 | 22,316 | 24,104 |
| ANHEUSER FIN INC GTD NOTE CPN 3.650%, QTY 3000 | 3,295 | 3,230 |
| ANHEUSER UNSECD NOTE CPN 3.650%, QTY 19000 | 19,717 | 20,473 |
| AT&T INC NOTE CPN 4.300%, QTY 22000 | 24,867 | 24,772 |
| AIR LEASE CORP UNSECD MEDIUM TERM NOTE CPN 3.000%, QTY 26000 | 25,835 | 26,201 |
| COMMONSPIRIT HLTH BOND CPN 3.347%, QTY 23000 | 23,056 | 24,335 |
| BANK AMERICA CORP SR NOTE FXD/VAR CPN 4.330%, QTY 21000 | 25,536 | 26,181 |
| BANK NOVA SCOTIA BC SR GLBL NOTE VAR CPN 0.000%, QTY 50000 | 50,000 | 49,681 |
| BOSTON PPTYS LP SR NOTE CPN 3.400%, QTY 25000 | 26,269 | 26,559 |
| BROADCOM CORP CAYMAN FIN LTD SR NOTE CPN 3.875%, QTY 23000 | 25,270 | 24,940 |
| CHENIERE CORPUS CHRISTI HLDGS LLC SR SECD NOTE CPN 5.875%, QTY 23000 | 25,213 | 25,502 |
| COMCAST CORP NEW UNSECD NOTE CPN 4.150%, QTY 22000 | 24,223 | 24,948 |
| CVS HLTH CORP SR NOTE CPN 5.125%, QTY 23000 | 26,827 | 30,085 |
| CROWN CASTLE INTL CORP SR NOTE CPN 4.300%, QTY 23000 | 25,024 | 25,635 |
| DELL INTL LLC SECD FIRST LIEN NOTE CPN 6.200%, QTY 19000 | 24,219 | 24,033 |
| DISCOVERY COMMNS LLC GTD SR NOTE CPN 3.950%, QTY 23000 | 25,137 | 24,988 |
| GOLDMAN SACHS GROUP INC SR NOTE CPN 3.500%, QTY 36000 | 37,049 | 38,391 |
| GMAC INC SR GTD NOTE CPN 8.000%, QTY 18000 | 25,042 | 25,369 |
| GLP CAP LP FING II INC SR NOTE CPN 5.375%, QTY 33000 | 36,532 | 36,765 |
| ENERGY TRANSFER PRTNRS LP SR NOTE CPN 4.200%, QTY 23000 | 25,343 | 24,869 |
| FISERV NOTE SR NOTE CPN 4.200%, QTY 22000 | 24,053 | 24,645 |
| JPMORGAN CHASE & CO SR NOTE VAR CPN 0.000%, QTY 26000 | 26,214 | 26,084 |
| JPMORGAN CHASE & CO NOTE VAR CPN 0.000%, QTY 24000 | 24,037 | 24,026 |
| HCA INC SR SECD NOTE CPN 4.125%, QTY 22000 | 25,081 | 24,283 |
| MICROSOFT CORP SR NOTE CPN 2.525%, QTY 25000 | 25,691 | 24,564 |
| NATIONAL RURAL UTILS COOP FIN CORP COLL TR BOND CPN 3.250%, QTY 24000 | 24,987 | 25,503 |
| NORTHERN STS PWR CO 1ST MTG BOND CPN 2.900%, QTY 25000 | 24,954 | 25,198 |
| PARKER HANNIFIN CORP SR NOTE CPN 3.250%, QTY 24000 | 24,634 | 25,339 |
| PIONEER NAT RES CO SR NOTE CPN 1.900%, QTY 26000 | 25,793 | 24,704 |
| PULTE HOMES INC SR NOTE CPN 7.875%, QTY 17000 | 24,182 | 24,268 |
| STHWST ARLNS CO UNSEC NOTE CPN 5.250%, QTY 22000 | 24,355 | 24,439 |
| TORONTO DOMINION BK UNSECD SR MEDIUM TERM NOTE VAR CPN 0.000%, QTY 25000. | 25,095 | 24,938 |
| VERIZON COMMNS INC SR NOTE CPN 3.875%, QTY 23000 | 24,718 | 25,467 |
| WALGREEN BOOTS ALLIANCE UNSECD NOTE CPN 3.200%, QTY 35000 | 37,761 | 37,050 |
| WALMART INC UNSECD NOTE CPN 4.050%, QTY 20000 | 23,863 | 25,572 |
| WELLS FARGO & CO MEDIUM TERM SR NOTE FXD/VAR CPN 5.013%, QTY 18000 | 24,626 | 24,720 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ANALOG DEVICES INC (ADI), QTY 434 | 42,095 | 76,284 |
| ARES CAPITAL CORP (ARCC), QTY 2781 | 47,321 | 58,929 |
| BROADRIDGE FINANCIAL SOLUTIONS INC (BR), QTY 505 | 55,674 | 92,324 |
| BROOKFIELD INFRASTRUCTURE CORP SUB VTG SHS CL A (BIPC), QTY 1281 | 82,203 | 87,441 |
| DOW INC (DOW), QTY 1273 | 65,232 | 72,205 |
| CHEVRON CORP (CVX), QTY 509 | 59,246 | 59,731 |
| CHUBB LTD (CB), QTY 419 | 59,027 | 80,997 |
| CISCO SYSTEMS INC (CSCO), QTY 1440 | 66,151 | 91,253 |
| COLGATE-PALMOLIVE COMPANY (CL), QTY 863 | 61,904 | 73,648 |
| DIAGEO PLC NEW SPON ADR (DEO), QTY 428 | 58,150 | 94,220 |
| DIGITAL REALTY TRUST INC (DLR), QTY 520 | 58,504 | 91,972 |
| ENTERGY CORP NEW (ETR), QTY 604 | 57,036 | 68,041 |
| FASTENAL CO (FAST), QTY 1365 | 36,591 | 87,442 |
| FIDELITY NATIONAL FINANCIAL INC (FNF), QTY 2033 | 70,746 | 106,082 |
| GILEAD SCIENCES INC (GILD), QTY 979.884 | 68,973 | 71,149 |
| HOME DEPOT INC (HD), QTY 271 | 74,920 | 112,468 |
| KINDER MORGAN INC DE (KMI), QTY 3083 | 55,172 | 48,896 |
| LINDE PLC (LIN), QTY 232 | 42,428 | 80,372 |
| LOCKHEED MARTIN CORP (LMT), QTY 213 | 74,089 | 75,702 |
| MICROSOFT CORP (MSFT), QTY 268.719 | 9,561 | 90,376 |
| NESTLE S A SPON ADR REPSTG REG SHS (NSRGY), QTY 608 | 57,610 | 85,345 |
| NORTHERN TRUST CORP (NTRS), QTY 717 | 61,729 | 85,760 |
| PAYCHEX INC (PAYX), QTY 840 | 62,478 | 114,660 |
| PEPSICO INC (PEP), QTY 473 | 56,292 | 82,165 |
| PFIZER INC (PFE), QTY 1677 | 63,982 | 99,027 |
| POLARIS INC (PII), QTY 583 | 48,934 | 64,078 |
| PROGRESSIVE CORP OH (PGR), QTY 747 | 46,718 | 76,680 |
| RAYONIER INC (RYN), QTY 2011 | 58,300 | 81,164 |
| SL GREEN REALTY CORP PAR$ (SLG), QTY 822 | 67,271 | 58,937 |
| SNAP ON INC (SNA), QTY 368 | 57,989 | 79,260 |
| SOUTHERN COMPANY (SO), QTY 1119 | 59,803 | 76,741 |
| 3M COMPANY (MMM), QTY 364 | 62,128 | 64,657 |
| U S BANCORP DE NEW (USB), QTY 1370 | 67,820 | 76,953 |
| WEYERHAEUSER CO (WY), QTY 2367 | 65,816 | 97,473 |
| ADVANCED DRAIN SYSTEM INC DEL (WMS), QTY 69" | 7,523 | 9,393 |
| ALIGN TECHNOLOGY INC (ALGN), QTY 17 | 4,209 | 7,229 |
| ANSYS INC (ANSS), QTY 25 | 8,304 | 10,028 |
| BROADRIDGE FINANCIAL SOLUTIONS INC (BR), QTY 54" | 8,050 | 9,872 |
| CADENCE DESIGN SYSTEMS INC (CDNS), QTY 68" | 9,622 | 12,672 |
| CATALENT INC (CTLT), QTY 74 | 5,247 | 9,474 |
| CDW CORP (CDW), QTY 51 | 5,671 | 10,444 |
| "CHIPOTLE MEXICAN GRILL INC CL A (CMG), QTY 6 | 3,735 | 10,490 |
| COOPER COS INC NEW (COO), QTY 21 | 7,195 | 8,798 |
| COPART INC (CPRT), QTY 73 | 7,017 | 11,068 |
| COSTAR GROUP INC (CSGP), QTY 90 | 7,159 | 7,113 |
| D R HORTON INC (DHI), QTY 93 | 6,183 | 10,086 |
| DECKERS OUTDOOR CORP (DECK), QTY 22 | 8,125 | 8,059 |
| DEXCOM INC (DXCM), QTY 19 | 3,459 | 10,202 |
| EPAM SYSTEMS INC (EPAM), QTY 17 | 3,143 | 11,364 |
| ETSY INC (ETSY), QTY 31 | 6,749 | 6,787 |
| EURONET WORLDWIDE INC (EEFT), QTY 55 | 9,128 | 6,554 |
| FASTENAL CO (FAST), QTY 134 | 4,946 | 8,584 |
| FIVE BELOW INC (FIVE), QTY 41 | 4,383 | 8,482 |
| INC CL A (FND), QTY 90" | 6,011 | 9,491 |
| GENERAC HOLDINGS INC (GNRC), QTY 37 | 5,929 | 13,021 |
| GLOBANT S A (GLOB), QTY 29 | 5,024 | 6,910 |
| GRACO INC (GGG), QTY 97 | 4,896 | 7,820 |
| HEICO CORP NEW (HEI), QTY 60 | 6,970 | 8,653 |
| ICON PLC (ICLR), QTY 42 | 6,430 | 13,007 |
| IDEX CORP (IEX), QTY 38 | 7,338 | 8,980 |
| IDEXX LABORATORIES INC (IDXX), QTY 15 | 4,141 | 9,877 |
| INGERSOLL RAND INC (IR), QTY 151 | 7,247 | 9,342 |
| INSULET CORP (PODD), QTY 34 | 3,996 | 9,046 |
| SERVICES INC (JBHT), QTY 37" | 4,067 | 7,563 |
| INC (KEYS), QTY 67" | 6,138 | 13,836 |
| KORNIT DIGITAL LTD (KRNT), QTY 30 | 5,332 | 4,568 |
| LAMB WESTON HLDGS INC (LW), QTY 119 | 8,030 | 7,542 |
| CORP (LSCC), QTY 68" | 3,363 | 5,240 |
| NEW (MTCH), QTY 68" | 10,936 | 8,993 |
| MICROCHIP TECHNOLOGY INC (MCHP), QTY 146 | 6,434 | 12,711 |
| INC (MPWR), QTY 27" | 3,674 | 13,320 |
| MSCI INC CLASS A (MSCI), QTY 16 | 7,058 | 9,803 |
| NEW (NCR), QTY 162" | 5,846 | 6,512 |
| PAYCOM SOFTWARE INC (PAYC), QTY 27 | 6,530 | 11,210 |
| PARTNERS INC (PNFP), QTY 102" | 6,862 | 9,741 |
| POOL CORP (POOL), QTY 27 | 5,172 | 15,282 |
| PTC INC (PTC), QTY 61 | 5,247 | 7,390 |
| RBC BEARINGS INC (ROLL), QTY 33 | 6,141 | 6,665 |
| REPLIGEN CORP (RGEN), QTY 39 | 4,907 | 10,329 |
| RESMED INC (RMD), QTY 41 | 6,591 | 10,680 |
| SYNOPSYS INC (SNPS), QTY 35 | 4,724 | 12,898 |
| TRACTOR SUPPLY CO (TSCO), QTY 58 | 7,452 | 13,839 |
| TRANSUNION (TRU), QTY 84 | 7,185 | 9,961 |
| TREX CO INC (TREX), QTY 75 | 3,195 | 10,127 |
| TYLER TECHNOLOGIES INC (TYL), QTY 21 | 5,370 | 11,297 |
| VEEVA SYSTEMS INC CL A (VEEV), QTY 11 | 1,855 | 2,810 |
| VERISIGN INC (VRSN), QTY 33 | 6,027 | 8,376 |
| WESTERN ALLIANCE BANCORP (WAL), QTY 45 | 5,337 | 4,844 |
| WILLIAMS SONOMA INC (WSM), QTY 45 | 7,908 | 7,611 |
| EDGEWELL PERSONAL CARE CO (EPC), QTY 455 | 11,885 | 20,798 |
| ALLIED MOTION TECH INC (AMOT), QTY 625 | 15,621 | 22,806 |
| AMERICAN OUTDOOR BRANDS INC (AOUT), QTY 509 | 15,938 | 10,144 |
| CANNAE HOLDINGS INC (CNNE), QTY 541 | 16,076 | 19,016 |
| BANK MARIN BANCORP (BMRC), QTY 514 | 20,283 | 19,136 |
| BRP GROUP INC CL A (BRP), QTY 642 | 10,044 | 23,183 |
| BROWN & BROWN INC (BRO), QTY 301 | 10,427 | 21,154 |
| CORE LABORATORIES NV (CLB), QTY 588 | 16,099 | 13,118 |
| FARO TECHNOLOGIES INC (FARO), QTY 212 | 11,629 | 14,844 |
| FORWARD AIR CORP (FWRD), QTY 177 | 10,413 | 21,433 |
| FRONTDOOR INC (FTDR), QTY 499 | 21,022 | 18,288 |
| GLADSTONE COMMERCIAL CORP (GOOD), QTY 722 | 14,691 | 18,606 |
| HEALTHCARE SVCS GROUP (HCSG), QTY 635 | 14,440 | 11,297 |
| I3 VERTICALS INC (IIIV), QTY 498 | 11,118 | 11,349 |
| J & J SNACK FOODS CORP (JJSF), QTY 109 | 13,702 | 17,218 |
| JOHN BEAN TECHNOLOGIES CORP (JBT), QTY 166 | 18,962 | 25,491 |
| KADANT INC (KAI), QTY 93 | 8,424 | 21,435 |
| MARTEN TRANSPORT LTD (MRTN), QTY 1102 | 17,295 | 18,910 |
| MORNINGSTAR INC (MORN), QTY 57 | 7,539 | 19,493 |
| MOVADO GROUP INC (MOV), QTY 529 | 11,713 | 22,128 |
| NATHANS FAMOUS INC NEW (NATH), QTY 67 | 5,259 | 3,912 |
| NATUS MEDICAL INC DELAWARE (NTUS), QTY 611 | 15,622 | 14,499 |
| NEENAH INC (NP), QTY 342 | 20,736 | 15,828 |
| NORTHWEST NATURAL HOLDING CO NEW (NWN), QTY 315 | 20,373 | 15,366 |
| PERFICIENT INC (PRFT), QTY 82 | 2,626 | 10,602 |
| PHIBRO ANIMAL HEALTH CORP CL A (PAHC), QTY 487 | 15,629 | 9,945 |
| RBC BEARINGS INC (ROLL), QTY 104 | 16,592 | 21,005 |
| RE/MAX HOLDINGS INC CL A (RMAX), QTY 506 | 15,664 | 15,428 |
| RAYONIER INC (RYN), QTY 509 | 15,652 | 20,543 |
| SJW GROUP (SJW), QTY 183 | 11,626 | 13,396 |
| THERMON GROUP HLDGS INC (THR), QTY 1047 | 22,566 | 17,726 |
| VERITEX HOLDINGS INC (VBTX), QTY 602 | 15,637 | 23,948 |
| WINNEBAGO INDUSTRIES INC (WGO), QTY 298 | 14,395 | 22,326 |
| ALLIANZ SE ADR (ALIZY), QTY 587 | 11,531 | 13,859 |
| BP PLC SPON ADR (BP), QTY 453 | 15,055 | 12,063 |
| BANCO SANTANDER S A ADR (SAN), QTY 3970 | 15,068 | 13,061 |
| CK HUTCHISON HOLDINGS LTD UNSPON ADR (CKHUY), QTY 2208 | 20,469 | 14,175 |
| COMPAGNIE DE ST GOBAIN ADR (CODYY), QTY 663 | 3,971 | 9,315 |
| CONTINENTAL AG SPONSORED ADR (CTTAY), QTY 1059 | 10,901 | 11,162 |
| DENSO CORP LTD ADR (DNZOY), QTY 117 | 2,277 | 4,837 |
| E N I SPA SPON ADR (E), QTY 342 | 10,622 | 9,456 |
| ENEL SOCIETA PER AZIONI ADR (ENLAY), QTY 1926 | 11,178 | 15,331 |
| FUJIFILM HOLDINGS CORP ADR (FUJIY), QTY 176 | 7,648 | 13,066 |
| GLAXOSMITHKLINE PLC SPON ADR (GSK), QTY 400 | 15,846 | 17,640 |
| HITACHI LTD ADR 10 COM (HTHIY), QTY 32 | 3,680 | 3,468 |
| HONDA MOTOR LTD ADR REPSTG 1 ORD (HMC), QTY 476 | 12,595 | 13,542 |
| IMPERIAL BRANDS PLC SPONSORED ADR (IMBBY), QTY 415 | 9,073 | 9,132 |
| KINGFISHER PLC SPON ADR PAR 15 5/7 PENCE (KGFHY), QTY 1371 | 8,162 | 12,798 |
| KYOCERA CORP ADR (KYOCY), QTY 236 | 14,705 | 14,814 |
| LLOYDS BANKING GROUP PLC SPONSORED ADR (LYG), QTY 5923 | 15,301 | 15,104 |
| MITSUBISHI ELEC CORP ADR (MIELY), QTY 483 | 12,792 | 12,273 |
| MONDI PLC ADR (MONDY), QTY 192 | 10,359 | 9,506 |
| NIPPON TELEGRAPH & TELEPHONE CORP SPON ADR (NTTYY), QTY 537 | 12,363 | 14,719 |
| NOVARTIS AG SPON ADR (NVS), QTY 178 | 14,537 | 15,570 |
| RED ELECTRICA CORP SA UNSPONSORED ADR (RDEIY), QTY 159 | 1,586 | 1,716 |
| SHELL PLC SPONSORED ADR REPSTG ORD SHS (SHEL), QTY 388 | 17,890 | 16,820 |
| SSE PLC SPON ADR (SSEZY), QTY 744 | 10,660 | 16,584 |
| SANOFI SPON ADR (SNY), QTY 308 | 12,992 | 15,431 |
| SINGAPORE TELECOMMUNICATIONS LTD SPONSORED ADR NEW 2006 (SGAPY), QTY 305 | 8,220 | 5,243 |
| SONY GROUP CORP ADR NEW (SONY), QTY 135 | 10,388 | 17,064 |
| SNAM S P A ADR (SNMRY), QTY 1155 | 13,220 | 13,872 |
| TAKEDA PHARMACEUTICAL CO LTD SPON ADR (TAK), QTY 852 | 15,196 | 11,613 |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD SPON ADR (TSM), QTY 107 | 2,688 | 12,873 |
| TELIA CO AB UNSPON ADR (TLSNY), QTY 1504 | 13,561 | 11,671 |
| TESCO PLC SPON ADR NEW (TSCDY), QTY 1145 | 11,544 | 13,706 |
| TOKIO MARINE HOLDINGS INC SPON ADR (TKOMY), QTY 271 | 11,745 | 15,179 |
| UNITED OVERSEAS BK LTD SPONS ADR (UOVEY), QTY 378 | 12,649 | 15,139 |
| WH GROUP LTD SPON ADR (WHGLY), QTY 802 | 13,524 | 10,089 |
| WPP PLC NEW ADR (WPP), QTY 164 | 11,055 | 12,390 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| BLUEROCK TOTAL INCOME PLUS REAL ESTATE CL I | AT COST | 266,739 | 310,298 |
| LOOMIS SAYLES GROWTH CL Y | AT COST | 261,442 | 253,370 |
| GRANT PARK MULTI ALTERNATIVE STRATEGIES CL I | AT COST | 300,000 | 277,986 |
| EASTERLY GLOBAL REAL ESTATE INVESTMENTS CL I | AT COST | 350,000 | 357,086 |
| BLACKROCK HIGH YIELD BOND INSTL CL | AT COST | 350,000 | 359,633 |
| DIAMOND HILL SHORT DURATION SECURITIZED BOND CL I | AT COST | 250,000 | 248,035 |
| LORD ABBETT SHORT DURATION INCOME CL F | AT COST | 250,000 | 246,437 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 2,568 | 2,568 | 0 |
| Description | Amount |
|---|---|
| DONATED STOCK BASIS ADJUSTMENT | 59,363 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT MANAGEMENT FEES | 107,950 | 107,950 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAX PAID | 2,228 | 2,228 | 0 |