| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING & TAX PREPARATION FEES | 11,750 | 5,875 | 5,875 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ABBVIE INC SR NOTE ACCD INV | 115,422 | 107,634 |
| ABRDN HEALTHCARE INVESTORS | 397,331 | 278,741 |
| AEGON FUNDING COMPANY LLC SUB NOTE 5.1% DUE 12/15/49 | 83,002 | 75,329 |
| AEP TEXAS CENTRAL CO SR NOTE SER | 169,923 | 173,870 |
| AGNC INVESTMENT CORP | 127,680 | 120,398 |
| AIR LEASE CORP SR NOTE | 75,501 | 73,046 |
| ALLSTATE CORP SUB DEBENTURE FXD/VAR | 108,337 | 109,560 |
| AMAZON COM INC SR NOTE | 63,421 | 62,529 |
| AMERICAN ELEC PWR CO INC SR NOTE SER H | 282,224 | 282,884 |
| AMERICAN EQTY INVT LIFE HLDG 1/1000TH NON CUML SER A PFD PERPTL FXD/VAR | 107,057 | 97,229 |
| ANNALY CAPITAL MGMT INC SER F CUML REDEEM PFD FXD/VAR 6.95% PERPETUAL | 160,674 | 170,726 |
| ASSOCIATED BANC CORP SUB NOTE FXD/VAR | 74,347 | 66,179 |
| AT&T INC GLBL NOTE | 106,928 | 98,073 |
| AT&T INC GLBL NOTE 5.625% 08/01/67 | 152,401 | 155,918 |
| AT&T INC GLOBAL UNSECD NOTE | 99,819 | 82,725 |
| AT&T INC UNSECD GLBL NOTE | 48,751 | 40,791 |
| ATHENE HLDG LTD SR NOTE | 27,133 | 22,925 |
| BANK AMERICA CORP MEDIUM TERM SR NOTE | 168,277 | 165,159 |
| BANK NEW YORK MELLON CORP MEDIUM TERM SR SUB | 145,624 | 143,346 |
| BERKSHIRE HATHAWAY INC SR NOTE | 154,558 | 154,580 |
| BLACKROCK CORE BOND TRUST | 284,262 | 233,027 |
| BRIGHTHOUSE FINL INC REPSTG 1/1000TH INT NON CUML B PFD PERPTL 6.75% | 89,516 | 73,757 |
| CALAMOS CONVERTIBLE & HIGH INCOME FUND | 223,089 | 199,154 |
| CANADIAN PAC RY CO NEW NOTE | 159,024 | 161,019 |
| CHARLES SCHWAB BANK SSB WESTLAKE TX CPN 4.950% DUE 05/07/24 | 89,783 | 89,876 |
| CITIGROUP CAPITAL XIII TR PFD SECS TRUPS VAR | 185,756 | 192,245 |
| CITIZENS FINL GRP INC REPSTG 1/40TH NON CUML PERPTL D PFD FXD/VAR | 38,739 | 42,240 |
| CMS ENERGY CORP JR SUB NOTE 5.875% | 82,884 | 83,525 |
| COMCAST CORP NEW NOTE | 190,628 | 190,449 |
| COMCAST CORP NEW UNSECD NOTE | 111,148 | 108,561 |
| COMWLTH EDISON CO 1ST MTG BOND SER 125 | 53,135 | 48,342 |
| CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF | 750,360 | 1,001,336 |
| CSX CORP NOTE | 153,770 | 155,856 |
| CSX CORP NOTE | 256,270 | 254,433 |
| CVS HLTH CORP SR NOTE | 69,459 | 68,894 |
| DUKE ENERGY OH INC 1ST MTG BOND | 158,741 | 154,165 |
| DUKE ENERGY PROGRESS LLC 1ST MTG BOND | 181,748 | 180,821 |
| ENBRIDGE INC SR NOTE | 418,403 | 410,588 |
| ENTERGY LA LLC COLL TR MTG BOND | 77,409 | 60,640 |
| EQUINIX INC SR NOTE | 88,063 | 93,019 |
| FIFTH THIRD BANCORP DED SHS REPSTG 1/1000TH PERPTL PFD SER I FXD/VAR | 130,644 | 123,071 |
| FORD MOTOR COMPANY NOTE PFD 6% DUE 12/01/2059 | 152,223 | 147,164 |
| GEORGIA PWR CO SR NOTE SER A | 68,301 | 67,305 |
| GOLDMAN SACHS BANK USA NEW YORK NY CD CPN 2.850% DUE 05/05/25 | 86,625 | 87,465 |
| GOLDMAN SACHS GROUP INC SUB NOTE | 207,013 | 220,686 |
| HONEYWELL INTL INC NOTE | 109,932 | 115,848 |
| INTEL CORP SR NOTE | 470,229 | 430,822 |
| INVESCO FUNDAMENTAL HIGH YIELD CORPORATE BOND ETF | 378,704 | 362,020 |
| INVESCO SENIOR LOAN ETF | 311,060 | 275,340 |
| ISHARES CORE S&P SMALL CAP ETF | 133,320 | 212,387 |
| ISHARES EXPANDED TECH SECTOR ETF | 459,164 | 586,219 |
| ISHARES IBOXX $ HIGH YEILD CORP BOND ETF | 437,951 | 375,109 |
| ISHARES US & INTL HIGH YIELD CORP BOND ETF | 628,810 | 547,273 |
| JANNEY ADVANTAGE INSURED SWEEP #1635 | 250,094 | 250,094 |
| JANNEY ADVANTAGE INSURED SWEEP #8549 | 632,154 | 632,154 |
| JPMORGAN CHASE & CO DEP SHS REPSTG 1/400TH NON CUML PFD DD 5.75% PERPTL | 75,383 | 72,650 |
| JPMORGAN CHASE & CO SR NOTE FXD/VAR | 99,465 | 108,606 |
| JPMORGAN CHASE & CO SUB NOTE | 81,914 | 74,243 |
| JPMORGAN CHASE & CO UNSECD NOTE FXD/VAR | 80,896 | 69,289 |
| JPMORGAN CHASE BANK NA COLUMBUS OH CPN 4.950% DUE 02/22/24 | 99,725 | 99,938 |
| KEYCOPR NEW DEP SHS REP 1/40TH INT NON CUML PFD SER H PERPTL FXD/VAR | 52,519 | 49,079 |
| KIMCO REALTY CORP DEP SHS REPSTG 1/1000 M CUML REDEEM PFD 5.25% | 43,583 | 41,061 |
| KIMCO REALTY CORP NOTE | 72,080 | 73,397 |
| LINCOLN NATL CORP DEP SHS REPSTG 1/1000TH NON CUML PFD SER D PERPTL | 41,698 | 40,990 |
| M & T BANK CORP PERPETL NON CUML PFD SER H | 129,961 | 121,306 |
| MIDAMERN ENERGY CO MEDIUM TERM | 148,859 | 156,483 |
| MORGAN STANLEY BANK NA SALT LAKE CITY UT CPN 5.000% DUE 07/21/25 | 89,910 | 90,044 |
| MORGAN STANLEY DEP SHS REPSTG 1/1000TH NON CUML PFD SER P PERPETUAL | 99,905 | 100,781 |
| NATIONAL RURAL UTILITIES COOP FIN CORP SUB DEFER INT NOTE 5.5% 05/15/64 | 126,406 | 127,536 |
| NAVIENT CORP SR NOTE 6% 12/15/2043 | 171,555 | 170,268 |
| NEW YORK CMNTY BNCRP INC DED SHS REPSTG 1/40 A FXD/VAR PERPTL PFD 6.375 | 36,835 | 36,977 |
| NEXTERA ENERGY CAP HLDGS INC GTD DEBENTURE | 56,765 | 52,139 |
| NEXTERA ENERGY CAP HLDGS INC JR SUB DEB SER N PFD 5.65% 03/01/2079 | 48,807 | 46,744 |
| NISOURCE INC DEP SHS REPSTG 1/1000 B CUML REDEEM PERPTL PFD 6.5% | 111,882 | 104,308 |
| NUVEEN S&P 500 BUY WRITE INCOME FUND | 176,567 | 248,453 |
| OMEGA HLTHCARE INVTS INC SR NOTE | 287,000 | 286,199 |
| ORACLE CORP NOTE | 148,315 | 170,233 |
| ORACLE CORP NOTE | 235,169 | 223,558 |
| PERFORMANCE TRUST STRATEGIC BOND | 100,328 | 86,073 |
| PFIZER INC SR NOTE | 110,065 | 109,209 |
| PHILLIPS 66 GTD SR NOTE | 74,355 | 72,968 |
| PHILLIPS 66 GTD SR NOTE | 158,531 | 136,367 |
| QWEST CORP 6.5% DUE 09/01/56 NOTE | 122,316 | 62,569 |
| REGIONS FINANCIAL CORP DED SH REP 1/40 NON CUML PERPTL PFD B FXD/VAR | 87,789 | 75,940 |
| REINSURANCE GROUP AMERICA INC SUB DEBENTURE 5.75% FXD/VAR | 97,621 | 94,117 |
| ROYAL BANK CANADA SR GLBL MEDIUM TERM NOTE | 37,182 | 35,583 |
| SECTOR ENERGY SELECT SECTOR SPDR ETF | 125,865 | 227,206 |
| SECTOR HEALTHCARE SELECT SECTOR SPDR ETF | 1,578,134 | 2,262,817 |
| SECTOR TECHNOLOGY SELECT SECTOR SPFR ETF | 1,593,966 | 3,208,257 |
| SELECT SECTOR COMMUNICATION SERVICES SELECT SECTOR SPDR ETF | 1,381,218 | 1,804,729 |
| SELECT UTILITIES SELECT SECTOR SPDR ETF | 386,046 | 349,012 |
| SEMPRA JR SUB NOTE 2079 5.75% | 180,325 | 182,479 |
| SO CAROLINA ELEC & GAS 1ST MG BOND | 87,540 | 72,454 |
| SOUTHERN CO SR NOTE SER D | 100,038 | 104,161 |
| SOUTHERN COMPANY SER 2020C JR SUB NOTE 4.2% DUE 10/15/60 | 75,706 | 63,599 |
| STATE STR CORP SR SUB NOTE FXD/VAR | 103,415 | 89,512 |
| SUNTRUST CAP I TR SUBCAP INC | 139,143 | 140,936 |
| SYNOVUS FINANCIAL CORP NON CUML SER E PFD FXD/VAR 5.875% PERPETUAL | 37,876 | 44,458 |
| TORONTO DOMINION BANK CONTIN RATE SUBNOTE | 319,231 | 320,563 |
| TRUIST FINANCIAL CORP DEP SHS REPSTG 1/1000TH SER O PFD 5.25% PERPTL | 99,289 | 83,785 |
| TRUIST FINL CORP UNSECD MEDIUM TERM NOTE | 143,414 | 149,224 |
| TYSON FOODS INC SR NOTE | 75,435 | 68,062 |
| U S TREASURY NOTE CPN 2.250% DUE 01/31/24 | 344,828 | 349,129 |
| U S TREASURY NOTE CPN 2.625% DUE 12/31/23 | 247,451 | 250,000 |
| U S TREASURY NOTE CPN 2.750% DUE 02/15/24 | 98,625 | 99,685 |
| U S TREASURY NOTE CPN 3.000% DUE 06/30/24 | 88,144 | 89,058 |
| U S TREASURY NOTE CPN 3.875% DUE 03/31/25 | 88,362 | 89,220 |
| U S TREASURY NOTE CPN 4.500% DUE 11/30/24 | 89,170 | 89,670 |
| UNION PAC CORP UNSECD NOTE | 146,403 | 133,778 |
| UNITED STATES CELLULAR CORP SR NOTE 5.5% 06/01/2070 | 123,574 | 94,666 |
| UNUM GROUP JR SUB NOTE 6.25% 06/15/58 | 84,695 | 88,305 |
| US BANKCORP DEP SHS REPSTG 1/1000TH NON CUML PFD SER B VAR PERPTL | 56,387 | 59,752 |
| VALLEY NATIONAL BANCORP NON CUML SER B PFD 5.5% FXD/VAR PERPETUAL | 20,560 | 22,043 |
| VANGUARD COMMUNICATION SERVICES ETF | 171,425 | 228,856 |
| VANGUARD DIVIDEND APPRECIATION ETF | 593,015 | 1,200,638 |
| VANGUARD EXTENDED MARKET ETF | 310,932 | 582,211 |
| VANGUARD GROUTH ETF | 651,830 | 1,939,269 |
| VANGUARD HEALTH CARE ETF | 367,379 | 663,352 |
| VANGUARD INTERMEDIATE TERM CORP BOND ETF | 126,896 | 119,238 |
| VANGUARD LARGE CAP ETF | 466,356 | 1,025,523 |
| VANGUARD MID CAP ETF | 1,076,477 | 1,901,832 |
| VANGUARD SMALL CAP VALUE ETF | 768,314 | 1,223,796 |
| VANGUARD TOTAL STOCK MARKET ETF | 1,116,459 | 2,378,842 |
| VANGUARD VALUE ETF | 777,467 | 1,298,408 |
| VERIZON COMMNS INC NOTE | 101,676 | 101,439 |
| VERIZON COMMNS INC UNSECD NOTE | 56,946 | 49,516 |
| VERIZON COMMNS INC UNSECD NOTE | 58,613 | 62,484 |
| VERIZON COMMNS INC UNSECD NOTE | 199,910 | 181,084 |
| VERIZON COMMNS INC UNSECD NOTE | 445,899 | 421,087 |
| WILLIAMS PRTNRS LP NEW SR NOTE | 53,002 | 48,226 |
| WISDOMTREE US SMALL CAP DIVIDEND ETF | 391,348 | 541,421 |
| ZIONS BANKCORP NA DEP SHS REPSTG 1/40TH PERPTL PFD SER G FXD/VAR | 123,314 | 120,428 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| PROGRAM RELATED INVESTMENTS | 607,500 | 570,000 | 570,000 |
| DIVIDENDS RECEIVABLE | 1,736 | 8,417 | 8,417 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| COMPUTER EXPENSES | 1,799 | 450 | 1,349 | |
| FILING FEES | 750 | 0 | 750 | |
| INSURANCE | 2,027 | 507 | 1,520 | |
| MEMBERSHIPS | 1,830 | 457 | 1,373 | |
| MISCELLANEOUS | 1,386 | 346 | 1,040 | |
| PAYROLL SERVICE FEES | 1,336 | 334 | 1,002 | |
| PROCESSING FEES | 2,497 | 0 | 2,497 | |
| WEBSITE & INTERNET | 2,504 | 626 | 1,878 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| OTHER PORTFOLIO INCOME | 4,890 | 4,890 | 4,890 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| JANNEY INVESTMENT FEES | 58,998 | 58,998 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL EXCISE TAXES | 8,122 | 0 | 0 | |
| PAYROLL TAXES | 13,302 | 3,325 | 9,977 | |
| FOREIGN TAXES | 2,117 | 2,117 | 0 |