| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 14,721 | 14,721 | 0 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ADVOCATE 4.272 081548, QTY 19000 | 21,681 | 17,066 |
| AIRCASTLE 4.25 061526, QTY 15000 | 14,385 | 14,462 |
| AMERN TOWER 1.45 091526, QTY 16000 | 14,022 | 14,591 |
| ANHEUSERBUSCH 3.5 060130, QTY 11000 | 10,071 | 10,476 |
| AT&T INC 1.65 020128, QTY 8000 | 7,052 | 7,117 |
| BAC SR NT 4.33 031550, QTY 20000 | 23,591 | 17,603 |
| BANK NY MELLON CORP DEP SHS REP 1/100TH NONCUML PFD I FXD/VAR PERPETUAL, QTY | 847 | 865 |
| BANK NY MELLON CORP DEP SHS REPSTG 1/1000TH PFD SER G FXD/VAR PERPETUAL, QTY | 18,946 | 16,575 |
| BOEING CO 5.705 050140, QTY 17000 | 17,458 | 17,504 |
| CAMPBEL SOUP2.375 042430, QTY 18000 | 14,855 | 15,633 |
| CHENIERE CORP 3.7 111529, QTY 2000 | 1,873 | 1,885 |
| CHENIERE NT 5.875 033125, QTY 14000 | 14,377 | 14,039 |
| CITI 3.98 032030, QTY 16000 | 15,334 | 15,191 |
| COMCAST CORP 4.15 101528, QTY 15000 | 15,987 | 14,790 |
| COMMONSPIRIT3.347 100129, QTY 16000 | 16,000 | 14,624 |
| CROWN CASTLE 4.3 021529, QTY 17000 | 17,939 | 16,303 |
| DCP MIDSTREA5.625 071527, QTY 16000 | 15,951 | 16,320 |
| DELL INTL 6.2 071530, QTY 14000 | 16,623 | 15,001 |
| DIAMONDBACK 6.25 031533, QTY 14000 | 14,091 | 14,960 |
| ENERGY TRANSF 4.2 041527, QTY 15000 | 15,940 | 14,585 |
| GENL MTRS 5.8 062328, QTY 15000 | 14,692 | 15,337 |
| GS BK USA 5.5 102924, QTY 45000 | 45,000 | 45,000 |
| GS SR NOTE 3.5 111626, QTY 23000 | 23,258 | 22,159 |
| JPM CHASE BK 5.75 100724, QTY 235000 | 235,000 | 235,000 |
| JPM NOTE VAR 102334, QTY 13000 | 13,811 | 14,089 |
| JPM NT 1.47 092227, QTY 19000 | 16,862 | 17,198 |
| KINDER MORGAN 5.2 060133, QTY 16000 | 15,596 | 15,944 |
| MCDONALDS CORP4.8 081428, QTY 15000 | 14,619 | 15,249 |
| METLIFE INC NON CUML PFD SER G FXD/VAR PERPETUAL, QTY 16000 | 15,982 | 15,180 |
| MICROSOFT CO2.525 060150, QTY 25000 | 24,451 | 17,069 |
| MS SR NT 4.431 012330, QTY 17000 | 16,899 | 16,576 |
| NETFLIX INC 5.875 111528, QTY 14000 | 14,179 | 14,788 |
| NORTHERN STS 2.9 030150, QTY 24000 | 22,906 | 16,939 |
| OCCIDENTAL 6.375 090128, QTY 14000 | 14,250 | 14,700 |
| ORACLE CORP 2.8 040127, QTY 16000 | 14,595 | 15,082 |
| PARKER HANNI 3.25 061429, QTY 16000 | 16,217 | 15,045 |
| PNC FINL 5.068 012434, QTY 17000 | 16,272 | 16,601 |
| STHWST ARLNS 5.25 050425, QTY 16000 | 17,980 | 15,998 |
| T-MOBILE USA 2.25 021526, QTY 15000 | 13,931 | 14,216 |
| VERIZON COMM3.875 020829, QTY 17000 | 17,806 | 16,481 |
| WALMART NT 4.05 062948, QTY 19000 | 22,014 | 17,404 |
| WELLS FARGO 5.013 040451, QTY 19000 | 24,770 | 18,040 |
| WESTLAKE 0.875 081524, QTY 15000 | 14,405 | 14,556 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ALIGN TECHNOLOGY INC, QTY 22 | 5,918 | 6,028 |
| ALLIANZ SE ADR, QTY 436 | 7,798 | 11,637 |
| ALLIENT INC CL B, QTY 408 | 10,197 | 12,326 |
| AMERICAN OUTDOOR BRANDS INC, QTY 1192 | 25,393 | 10,013 |
| ANALOG DEVICES INC, QTY 434 | 42,095 | 86,175 |
| ANSYS INC, QTY 19 | 6,268 | 6,895 |
| APTIV PLC, QTY 40 | 4,250 | 3,589 |
| ARES CAPITAL CORP, QTY 2781 | 47,321 | 55,703 |
| AZEK COMPANY INC CL A, QTY 496 | 8,396 | 18,972 |
| BANCO SANTANDER S A ADR, QTY 3272 | 10,883 | 13,546 |
| BENTLEY SYSTEMS INC CL B, QTY 86 | 4,381 | 4,487 |
| BIO-TECHNE CORP, QTY 43 | 3,252 | 3,318 |
| BJS WHOLESALE CLUB HOLDINGS INC, QTY 47 | 3,247 | 3,133 |
| BOSTON BEER COMPANY INC CLASS A, QTY 13 | 4,344 | 4,493 |
| BOUGUES SA ADR, QTY 1420 | 9,168 | 10,650 |
| BP PLC SPON ADR, QTY 311 | 9,400 | 11,009 |
| BROADRIDGE FINANCIAL SOLUTIONS INC, QTY 36 | 4,777 | 7,407 |
| BROADRIDGE FINANCIAL SOLUTIONS INC, QTY 505 | 55,674 | 103,904 |
| BROOKFIELD INFRASTRUCTURE CORP SUB VTG SHS CL A, QTY 2406 | 95,384 | 84,884 |
| BROWN & BROWN INC, QTY 227 | 7,863 | 16,142 |
| BRP GROUP INC CL A, QTY 642 | 10,044 | 15,421 |
| CANNAE HOLDINGS INC, QTY 541 | 16,076 | 10,555 |
| CAVCO INDS INC DEL, QTY 54 | 15,884 | 18,717 |
| CDW CORP, QTY 35 | 3,892 | 7,956 |
| CHEVRON CORP, QTY 509 | 59,246 | 75,922 |
| CHUBB LTD, QTY 419 | 59,027 | 94,694 |
| CHURCHILL DOWNS INC, QTY 34 | 4,517 | 4,588 |
| CINTAS CORP, QTY 9 | 4,509 | 5,424 |
| CISCO SYSTEMS INC, QTY 1440 | 66,151 | 72,749 |
| CK HUTCHISON HOLDINGS LTD UNSPON ADR, QTY 1456 | 12,105 | 7,760 |
| CLOROX COMPANY, QTY 623 | 82,430 | 88,834 |
| COLGATE-PALMOLIVE COMPANY, QTY 863 | 61,904 | 68,790 |
| COMPAGNIE DE ST GOBAIN ADR, QTY 631 | 4,123 | 9,307 |
| CONTINENTAL AG SPONSORED ADR, QTY 694 | 6,743 | 5,864 |
| COPART INC, QTY 180 | 4,225 | 8,820 |
| CORE LABORATORIES INC, QTY 588 | 16,099 | 10,384 |
| COSTAR GROUP INC, QTY 78 | 5,351 | 6,816 |
| DESCARTES SYSTEMS GROUP INC, QTY 41 | 3,137 | 3,446 |
| DEXCOM INC, QTY 80 | 3,828 | 9,927 |
| DIAGEO PLC NEW SPON ADR, QTY 428 | 58,150 | 62,342 |
| DIAMONDBACK ENERGY INC, QTY 43 | 5,900 | 6,668 |
| DIGITAL REALTY * TRUST INC, QTY 520 | 57,826 | 69,982 |
| DOLLAR TREE INC, QTY 43 | 5,807 | 6,108 |
| DOW INC, QTY 1607 | 81,328 | 88,128 |
| DR HORTON INC, QTY 50 | 2,885 | 7,599 |
| DYNATRACE INC, QTY 125 | 6,329 | 6,836 |
| ECOVYST INC, QTY 1323 | 15,822 | 12,926 |
| EDGEWELL PERSONAL CARE CO, QTY 455 | 11,885 | 16,667 |
| ENEL SOCIETA PER AZIONI ADR, QTY 1924 | 9,221 | 14,228 |
| ENTERGY CORP NEW, QTY 604 | 52,228 | 61,119 |
| EPAM SYSTEMS INC, QTY 18 | 3,408 | 5,352 |
| EQUIFAX INC, QTY 29 | 5,760 | 7,171 |
| FASTENAL CO, QTY 1365 | 36,591 | 88,411 |
| FASTENAL CO, QTY 99 | 3,164 | 6,412 |
| FERGUSON PLC NEW, QTY 27 | 3,982 | 5,213 |
| FIDELITY NATIONAL FINANCIAL INC NEW FNF GROUP COM, QTY 2033 | 70,746 | 103,724 |
| FIVE BELOW INC, QTY 23 | 2,431 | 4,903 |
| FLOOR & DECOR HOLDINGS INC CL A, QTY 60 | 4,686 | 6,694 |
| FUJIFILM HOLDINGS CORP ADR, QTY 157 | 6,742 | 9,379 |
| FUJITSU LTD ADR 5, QTY 144 | 3,579 | 4,324 |
| GATES INDUSTRIAL CORP PLC, QTY 1256 | 14,056 | 16,856 |
| GILEAD SCIENCES INC, QTY 979 | 68,911 | 79,309 |
| GLOBANT S A, QTY 38 | 7,565 | 9,043 |
| GRACO INC, QTY 71 | 3,584 | 6,160 |
| GSK PLC SPONSORED ADR NEW, QTY 292 | 11,007 | 10,822 |
| GXO LOGISTICS INC, QTY 83 | 4,448 | 5,076 |
| HAGERTY INC CL A, QTY 1634 | 14,349 | 12,745 |
| HAYWARD HOLDINGS INC, QTY 1078 | 12,310 | 14,661 |
| HEALTHCARE SVCS GROUP, QTY 635 | 14,440 | 6,585 |
| HEICO CORP NEW, QTY 42 | 4,462 | 7,513 |
| HITACHI LTD ADR 10 COM, QTY 65 | 6,993 | 9,397 |
| HOME DEPOT INC, QTY 271 | 74,920 | 93,915 |
| HONDA MOTOR LTD ADR REPSTG 3 ORD, QTY 334 | 8,737 | 10,324 |
| I3 VERTICALS INC, QTY 498 | 11,118 | 10,543 |
| ICON PLC, QTY 32 | 4,875 | 9,058 |
| IDEX CORP, QTY 29 | 5,291 | 6,296 |
| IDEXX LABORATORIES INC, QTY 18 | 5,130 | 9,991 |
| IMPERIAL BRANDS PLC SPONSORED ADR, QTY 463 | 10,171 | 10,793 |
| INGERSOLL RAND INC, QTY 68 | 3,221 | 5,259 |
| INSULET CORP, QTY 29 | 3,409 | 6,292 |
| J & J SNACK FOODS CORP, QTY 109 | 13,702 | 18,218 |
| JACK HENRY & ASSOCIATES INC, QTY 31 | 5,017 | 5,066 |
| JB HUNT TRANSPORT SERVICES INC, QTY 28 | 3,230 | 5,593 |
| JOHN BEAN TECHNOLOGIES CORP, QTY 166 | 18,962 | 16,509 |
| KADANT INC, QTY 64 | 5,797 | 17,940 |
| KAO CORP ADR REPSTG 1/5TH COM, QTY 835 | 6,302 | 6,817 |
| KERING S A ADR, QTY 78 | 3,313 | 3,451 |
| KINDER MORGAN INC DE, QTY 4851 | 88,103 | 85,572 |
| KINGFISHER PLC SPON ADR PAR 15 5/7 PENCE, QTY 1080 | 5,990 | 6,815 |
| KINSALE CAPITAL GROUP INC, QTY 13 | 3,522 | 4,354 |
| KONINKLIJKE PHILIPS N V NEW 2000 SPON ADR, QTY 468 | 7,236 | 10,918 |
| KYOCERA CORP ADR, QTY 101 | 5,962 | 5,913 |
| LAMB WESTON HLDGS INC, QTY 52 | 3,253 | 5,621 |
| LATTICE SEMICONDUCTOR CORP, QTY 72 | 3,611 | 4,967 |
| LINDE PLC NEW, QTY 232 | 42,428 | 95,285 |
| LLOYDS BANKING GROUP PLC SPONSORED ADR, QTY 4454 | 10,995 | 10,645 |
| LOCKHEED MARTIN CORP, QTY 213 | 74,089 | 96,540 |
| MARKETAXESS HOLDINGS INC, QTY 19 | 6,697 | 5,564 |
| MARTEN TRANSPORT LTD, QTY 690 | 10,808 | 14,476 |
| MGP INGREDIENTS INC NEW, QTY 159 | 13,034 | 15,665 |
| MICROSOFT CORP, QTY 249 | 8,860 | 93,634 |
| MITSUBISHI ELEC CORP ADR, QTY 308 | 8,066 | 8,673 |
| MONDI PLC OLDCHG ADR, QTY 174 | 8,531 | 6,870 |
| MONOLITHIC POWER SYSTEM INC, QTY 10 | 1,361 | 6,308 |
| MORNINGSTAR INC, QTY 79 | 11,673 | 22,613 |
| MOVADO GROUP INC, QTY 529 | 11,713 | 15,949 |
| MSCI INC CLASS A, QTY 12 | 5,028 | 6,788 |
| NESTLE S A SPON ADR REPSTG REG SHS, QTY 608 | 57,610 | 70,303 |
| NORTHERN TRUST CORP, QTY 1196 | 92,733 | 100,918 |
| NORTHWEST NATURAL HOLDING CO NEW, QTY 315 | 20,373 | 12,266 |
| NOVARTIS AG SPON ADR, QTY 112 | 8,138 | 11,309 |
| PAYCHEX INC, QTY 840 | 62,478 | 100,052 |
| PAYCOM SOFTWARE INC, QTY 20 | 4,334 | 4,134 |
| PEPSICO INC, QTY 473 | 56,292 | 80,334 |
| PERFICIENT INC, QTY 224 | 12,342 | 14,744 |
| POLARIS INC, QTY 693 | 58,221 | 65,676 |
| POOL CORP, QTY 20 | 3,831 | 7,974 |
| PRICE T ROWE GROUP INC, QTY 697 | 78,527 | 75,060 |
| PROGRESSIVE CORP OH, QTY 747 | 46,718 | 118,982 |
| PTC INC, QTY 51 | 4,269 | 8,923 |
| RAYONIER INC *, QTY 2506 | 70,745 | 83,725 |
| RBC BEARINGS INC, QTY 104 | 16,592 | 29,629 |
| RBC BEARINGS INC, QTY 24 | 4,338 | 6,837 |
| REPLIGEN CORP, QTY 40 | 5,427 | 7,192 |
| RESMED INC, QTY 35 | 5,704 | 6,021 |
| SANDOZ GROUP AG SPONDS ADS, QTY 22 | 441 | 704 |
| SANFILIPPO JOHN B & SON INC, QTY 151 | 16,443 | 15,559 |
| SANOFI SPON ADR, QTY 203 | 8,382 | 10,095 |
| SAPIENS INTL CORP N V, QTY 189 | 5,180 | 5,470 |
| SECOM LTD ADR, QTY 402 | 6,753 | 7,197 |
| SHELL PLC SPONSORED ADR REPSTG ORD SHS, QTY 159 | 5,436 | 10,462 |
| SINGAPORE TELECOMMUNICATIONS LTD SPONSORED ADR NEW 2006, QTY 258 | 6,342 | 4,822 |
| SJW GROUP, QTY 183 | 11,626 | 11,959 |
| SNAM S P A ADR, QTY 1142 | 12,446 | 11,763 |
| SNAP ON INC, QTY 368 | 57,989 | 106,293 |
| SONY GROUP CORP ADR NEW, QTY 134 | 9,609 | 12,688 |
| SOUTHERN COMPANY, QTY 1119 | 59,803 | 78,464 |
| SPECTRUM BRANDS HOLDINGS INC NEW, QTY 234 | 13,135 | 18,666 |
| SSE PLC SPON ADR, QTY 279 | 3,908 | 6,702 |
| STEWART INFO SVCS CORP, QTY 376 | 15,980 | 22,090 |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD SPON ADR, QTY 59 | 2,402 | 6,136 |
| TAKEDA PHARMACEUTICAL CO LTD SPON ADR, QTY 642 | 11,292 | 9,161 |
| TESCO PLC SPON ADR NEW, QTY 864 | 8,379 | 9,642 |
| TOYOTA INDUSTRIES CORP ADR, QTY 127 | 7,140 | 10,310 |
| TREX CO INC, QTY 87 | 3,728 | 7,203 |
| TRIPADVISOR INC, QTY 895 | 14,583 | 19,269 |
| TYLER TECHNOLOGIES INC, QTY 16 | 3,504 | 6,690 |
| U S BANCORP DE NEW, QTY 2497 | 102,646 | 108,070 |
| UFP TECHNOLOGIES INC, QTY 87 | 13,376 | 14,967 |
| UNITED OVERSEAS BK LTD SPONS ADR, QTY 247 | 7,572 | 10,690 |
| UNITED PARCEL SERVICE INC CL B, QTY 285 | 43,179 | 44,811 |
| UPM KYMMENE CORP UNSPON ADR, QTY 50 | 1,611 | 1,884 |
| VEEVA SYSTEMS INC CL A, QTY 35 | 7,106 | 6,738 |
| WATSCO INC CL A, QTY 18 | 4,883 | 7,712 |
| WEYERHAEUSER CO *, QTY 2367 | 64,603 | 82,301 |
| WH GROUP LTD SPON ADR, QTY 484 | 7,738 | 6,246 |
| WINNEBAGO INDUSTRIES INC, QTY 298 | 14,395 | 21,718 |
| WPP PLC NEW ADR, QTY 176 | 9,968 | 8,370 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| BLACKROCK HIGH YIELD BOND CL K, QTY 45871.56 | AT COST | 349,201 | 322,936 |
| BLUEROCK TOTAL INCOME PLUS REAL ESTATE CL I, QTY 9004.58 | AT COST | 244,227 | 272,209 |
| CLEARBRIDGE LARGE CAP VALUE CL IS, QTY 5496.89 | AT COST | 204,738 | 223,229 |
| DIAMOND HILL SHORT DURATION SECURITIZED BOND CL I, QTY 24557.96 | AT COST | 250,000 | 237,967 |
| GRANT PARK MULTI ALTERNATIVE STRATEGIES CL I, QTY 25597.27 | AT COST | 300,000 | 270,819 |
| ISHARES 0-3 MONTH TREASURY BOND ETF, QTY 272 | AT COST | 27,282 | 27,273 |
| ISHARES 0-3 MONTH TREASURY BOND ETF, QTY 51 | AT COST | 5,115 | 5,114 |
| LOOMIS SAYLES GROWTH CL Y, QTY 11951.35 | AT COST | 303,126 | 277,630 |
| LORD ABBETT SHORT DURATION INCOME CL I, QTY 59382.42 | AT COST | 250,000 | 228,622 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 793 | 793 | 0 |
| Description | Amount |
|---|---|
| STOCK BASIS ADJUSTMENT | 15,030 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| OTHER INVESTMENT INCOME | 280 | 280 | 280 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT MANAGEMENT FEES | 92,401 | 92,401 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAX PAID | 1,990 | 1,990 | 0 |