| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Accounting Fees | 18,520 | 9,260 | 9,260 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 150000 shs ABBVIE INC (CUSIP: 00287YBZ1) | 144,766 | 146,535 |
| 100000 shs CARRIER GLOBAL (CUSIP: 14448CAN4) | 95,866 | 96,905 |
| 320000 shs INTERNATIONAL BANK (CUSIP: 459058JB0) | 322,909 | 303,904 |
| 360000 shs COUNCIL EUROPE DEV BK (CUSIP: 222213BA7) | 355,921 | 351,270 |
| 155000 shs MORGAN STANLEY (CUSIP: 6174468R3) | 147,566 | 148,888 |
| 103000 shs FORTIS (CUSIP: 349553AM9) | 100,947 | 97,774 |
| 95000 shs TORONTO DOMINION (CUSIP: 89115A2V3) | 95,466 | 96,691 |
| 450000 shs EUROPEAN INVT (CUSIP: 298785JU1) | 452,551 | 448,288 |
| 105000 shs AT&T INC (CUSIP: 00206RHJ4) | 98,046 | 103,626 |
| 555000 shs ASIAN DEVELOPMENT BANK (CUSIP: 045167FL2) | 518,349 | 500,098 |
| 60000 shs EUROPEAN INVT BK (CUSIP: 298785JR8) | 54,962 | 53,733 |
| 45000 shs MICRON TECHNOLOGY (CUSIP: 595112BV4) | 47,052 | 48,627 |
| 165000 shs EQUINIX INC (CUSIP: 29444UBE5) | 151,241 | 151,541 |
| 115000 shs AMPHENOL CORP (CUSIP: 032095AJ0) | 105,946 | 104,709 |
| 80000 shs CONSOLIDATED EDISON CO (CUSIP: 209111FX6) | 75,731 | 74,592 |
| 115000 shs CROWN CASTLE INC (CUSIP: 22822VAR2) | 105,169 | 103,103 |
| 102000 shs XYLEM INC (CUSIP: 98419MAL4) | 92,226 | 87,380 |
| 95000 shs ROPER TECHNOLOGIES (CUSIP: 776743AL0) | 73,495 | 78,247 |
| 150000 shs PERKINELMER INC (CUSIP: 714046AN9) | 126,928 | 122,991 |
| 120000 shs APTIV PLC (CUSIP: 00217GAB9) | 105,757 | 106,227 |
| 115000 shs BIO RAD LABS (CUSIP: 090572AQ1) | 99,518 | 103,840 |
| 120000 shs SPRINT CAP CORP (CUSIP: 852060AT9) | 143,227 | 148,111 |
| 145000 shs TRIMBLE INC (CUSIP: 896239AE0) | 145,731 | 155,179 |
| 430000 shs INTER-AMERICAN DEV (CUSIP: 4581XOEJ3) | 409,939 | 411,922 |
| 145000 shs MARVELL TECHNOLOGY (CUSIP: 573874AQ7) | 146,593 | 153,757 |
| 90000 shs PNC FINL SVCS (CUSIP: 693475BU8) | 99,991 | 99,913 |
| 40000 shs AMERICAN EXPRESS (CUSIP: 025816CC1) | 39,960 | 39,955 |
| 40000 shs HUNT JB TRANS (CUSIP: 445658CD7) | 39,972 | 39,816 |
| 40000 shs CITIGROUP INC (CUSIP: 172967MT5) | 39,367 | 40,022 |
| 40000 shs KEYSIGHT TECHNOLOGIES (CUSIP: 49338LAB9) | 40,144 | 39,624 |
| 40000 shs ABBVIE INC (CUSIP: 00287YBZ1) | 38,637 | 39,076 |
| 40000 shs CARRIER GLOBAL (CUSIP: 14448CAN4) | 38,649 | 38,762 |
| 40000 shs APTIV PLC (CUSIP: 00217GAA1) | 38,734 | 38,679 |
| 40000 shs ANALOG DEVICES (CUSIP: 032654AS4) | 39,766 | 39,142 |
| 40000 shs T MOBILE USA (CUSIP: 87264ABB0) | 38,787 | 39,154 |
| 40000 shs VF CORP (CUSIP: 918204BA5) | 39,006 | 38,210 |
| 40000 shs AMERICAN TOWER (CUSIP: 03027XBB5) | 36,969 | 37,425 |
| 40000 shs BK OF AMERICA (CUSIP: 06051GKE8) | 37,920 | 38,454 |
| 40000 shs UNITEDHEALTH GROUP (CUSIP: 91324PDW9) | 37,217 | 37,453 |
| 40000 shs AT&T INC (CUSIP: 00206RMP4) | 40,000 | 40,009 |
| 40000 shs GOLDMAN SACHS GROUP (CUSIP: 38141GXD1) | 40,113 | 40,254 |
| 550000 shs ROYAL BK CDA (CUSIP: 78016EZT7) | 49,827 | 50,072 |
| 100000 shs INTERNATIONAL FIN CORP (CUSIP: 45950KCX6) | 90,001 | 91,264 |
| 45000 shs TORONTO DOMINION BANK (CUSIP: 89115A2V3) | 45,194 | 45,801 |
| 86000 shs EUROPEAN INVT (CUSIP: 298785JQ0) | 77,006 | 78,939 |
| 45000 shs BORGWARNER INC (CUSIP: 099724AL0) | 40,558 | 41,722 |
| 45000 shs PNC FINL SVCS (CUSIP: 693475BT1) | 46,583 | 46,679 |
| 159000 shs KREDITANSTALT FUR (CUSIP: 500769JW5) | 155,303 | 157,454 |
| 248000 shs EUROPEAN INVT (CUSIP: 298785JU1) | 253,992 | 247,056 |
| 160000 shs ASIAN DEVELOPMENT BANK (CUSIP: 045167FW8) | 155,279 | 158,343 |
| 154000 shs INTERNATIONAL BANK (CUSIP: 459058KW2) | 155,289 | 158,098 |
| 40000 shs ROPER TECHNOLOGIES (CUSIP: 776743AF3) | 38,386 | 39,300 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 152211.183 shs BAFWX | 5,133,415 | 7,321,358 |
| 119540.718 shs BAFLX | 2,142,222 | 2,823,551 |
| 126344.086 shs POLEX | 940,000 | 960,215 |
| 1424 shs XBI | 114,030 | 127,149 |
| 2105 shs ESTA | 110,562 | 54,498 |
| 836 shs G | 35,266 | 29,018 |
| 4977 shs ACCD | 55,471 | 59,774 |
| 3340 shs AGL | 80,500 | 41,917 |
| 3065 shs ALHC | 39,506 | 26,390 |
| 218 shs ARVN | 8,718 | 8,973 |
| 358 shs ASND | 39,867 | 45,090 |
| 1585 shs AZEK | 48,547 | 60,626 |
| 952 shs BSY | 30,657 | 49,675 |
| 630 shs TECH | 39,408 | 48,611 |
| 1571 shs BL | 114,951 | 98,093 |
| 541 shs BPMC | 41,860 | 49,902 |
| 1908 shs BFAM | 170,103 | 179,810 |
| 1335 shs BRKR | 88,437 | 98,096 |
| 8917 shs CCCS | 98,510 | 101,565 |
| 1157 shs CWST | 88,164 | 98,877 |
| 142 shs CHH | 15,978 | 16,089 |
| 2783 shs YOU | 72,316 | 57,469 |
| 926 shs CWAN | 17,749 | 18,548 |
| 1003 shs CCOI | 62,143 | 76,288 |
| 3086 shs DH | 35,661 | 30,675 |
| 2070 shs DT | 80,131 | 113,208 |
| 1455 shs EHC | 87,068 | 97,078 |
| 66 shs NPO | 8,710 | 10,345 |
| 891 shs ENTG | 85,446 | 106,760 |
| 931 shs ENV | 51,847 | 46,103 |
| 399 shs FCN | 58,985 | 79,461 |
| 1424 shs FUL | 96,243 | 115,928 |
| 509 shs GWRE | 43,967 | 55,501 |
| 1475 shs HQY | 90,182 | 97,793 |
| 364 shs HLI | 36,269 | 43,647 |
| 156 shs IEX | 34,159 | 33,869 |
| 1365 shs NARI | 93,756 | 88,616 |
| 12006 shs INFN | 86,914 | 57,029 |
| 565 shs JBT | 63,670 | 56,189 |
| 278 shs KRTX | 53,268 | 87,990 |
| 467 shs KNX | 22,407 | 26,923 |
| 678 shs LSCC | 44,350 | 46,775 |
| 4080 shs LFST | 30,193 | 31,946 |
| 268 shs LFUS | 68,042 | 71,706 |
| 586 shs MSA | 80,519 | 98,934 |
| 10975 shs MCW | 108,210 | 94,824 |
| 2969 shs MWA | 40,229 | 42,754 |
| 8170 shs NEO | 144,704 | 132,191 |
| 950 shs NBIX | 91,991 | 125,172 |
| 165 shs ONTO | 21,048 | 25,229 |
| 1304 shs KIDS | 61,914 | 42,393 |
| 2963 shs PHR | 81,787 | 68,593 |
| 3708 shs PINS | 86,475 | 137,344 |
| 840 shs POWI | 67,638 | 68,972 |
| 2463 shs PRO | 80,129 | 95,540 |
| 2188 shs PB | 159,644 | 148,193 |
| 503 shs KWR | 101,002 | 107,350 |
| 2748 shs RTO | 88,294 | 78,620 |
| 300 shs SPXC | 24,129 | 30,303 |
| 3417 shs SIBN | 66,280 | 71,723 |
| 1630 shs SMPL | 57,224 | 64,548 |
| 258 shs SITE | 40,133 | 41,925 |
| 138 shs SITM | 15,107 | 16,847 |
| 365 shs TTWO | 43,707 | 58,747 |
| 200 shs BLD | 41,924 | 74,852 |
| 297 shs VMI | 75,455 | 69,352 |
| 3227 shs VZIO | 27,214 | 24,848 |
| 1483 shs WCN | 188,129 | 221,367 |
| 483 shs WEX | 86,326 | 93,968 |
| 523 shs WWD | 52,285 | 71,196 |
| 931 shs WK | 81,544 | 94,524 |
| 255 shs XPEL | 15,663 | 13,732 |
| 2303 shs ZWS | 71,418 | 67,731 |
| 1581 shs DBRG | 36,451 | 27,731 |
| 551 shs EGP | 85,932 | 101,131 |
| 1598 shs AGO | 94,043 | 119,578 |
| 2051 shs SIG | 152,849 | 219,990 |
| 40 shs WTM | 61,435 | 60,200 |
| 4083 shs OEC | 99,662 | 113,222 |
| 759 shs ALRS | 16,675 | 16,994 |
| 2423 shs AMAL | 54,371 | 65,276 |
| 786 shs AIZ | 107,716 | 132,433 |
| 3915 shs TBBK | 100,399 | 150,962 |
| 26 shs BELFA | 1,456 | 1,681 |
| 2073 VTOL | 55,620 | 58,604 |
| 3222 shs CTS | 107,160 | 140,930 |
| 238 shs CABO | 169,667 | 132,468 |
| 1054 shs CVEO | 22,809 | 24,084 |
| 1639 shs CXT | 71,371 | 93,210 |
| 2018 shs DCOM | 68,826 | 54,345 |
| 964 shs EXP | 127,531 | 195,538 |
| 8256 shs EBC | 152,198 | 117,235 |
| 823 shs NPO | 109,615 | 128,997 |
| 2070 shs FSS | 94,150 | 158,852 |
| 1293 shs FBNC | 55,714 | 47,854 |
| 717 shs THG | 97,474 | 87,058 |
| 2198 shs NGVT | 149,335 | 103,790 |
| 3090 shs IMXI | 72,573 | 68,258 |
| 381 shs KAI | 69,184 | 106,798 |
| 2834 shs LZB | 79,718 | 104,631 |
| 5330 shs MTG | 70,256 | 102,816 |
| 4245 shs MOD | 100,739 | 253,427 |
| 1030 shs MNRO | 27,732 | 30,220 |
| 8373 shs MWA | 107,239 | 120,571 |
| 5697 shs VYX | 83,906 | 96,336 |
| 4139 shs NATL | 85,979 | 100,536 |
| 807 shs NXST | 123,544 | 126,497 |
| 921 shs ONTO | 93,985 | 140,821 |
| 278 shs OXM | 29,944 | 27,800 |
| 936 shs CNXN | 38,889 | 62,909 |
| 4358 shs PPBI | 155,155 | 126,861 |
| 4530 shs PDCO | 131,225 | 128,879 |
| 1474 shs PGC | 47,022 | 43,955 |
| 1600 shs PEBO | 43,417 | 54,016 |
| 1941 shs POR | 102,528 | 84,123 |
| 1030 shs SBCF | 25,954 | 29,314 |
| 543 shs SSTK | 25,953 | 26,216 |
| 2359 shs SGU | 25,632 | 27,199 |
| 2768 shs THR | 48,937 | 90,154 |
| 2955 shs THS | 113,081 | 122,485 |
| 891 shs UMBF | 75,409 | 74,443 |
| 246 shs VRTS | 53,098 | 59,473 |
| 2119 shs WSFS | 96,165 | 97,326 |
| 6641 shs WOW | 116,945 | 26,896 |
| 953 shs CTO | 17,608 | 16,515 |
| 253 shs EGP | 39,258 | 46,436 |
| 5235 shs EQC | 108,884 | 100,512 |
| 4110 shs EPRT | 105,071 | 105,052 |
| 2329 shs GTY | 68,121 | 68,053 |
| 4004 shs GMRE | 54,948 | 44,444 |
| 10301 shs LADR | 116,242 | 118,565 |
| 281 shs CAN | 88,163 | 98,606 |
| 943 shs TEL | 118,678 | 132,492 |
| 1156 shs AKAM | 112,066 | 136,813 |
| 1075 shs AXP | 195,704 | 201,391 |
| 875 shs AWK | 118,412 | 115,491 |
| 244 shs AMP | 71,144 | 92,679 |
| 295 shs AMGN | 71,157 | 84,966 |
| 646 shs AMAT | 76,160 | 104,697 |
| 1836 shs BALL | 92,104 | 105,607 |
| 2614 shs BK | 114,948 | 136,059 |
| 239 shs BIIB | 64,285 | 61,846 |
| 2250 shs BWA | 96,432 | 80,663 |
| 88 shs AVGO | 46,372 | 98,230 |
| 1182 shs CARR | 49,792 | 67,906 |
| 2107 shs CL | 162,653 | 167,949 |
| 2185 shs CAG | 77,747 | 62,622 |
| 1065 shs ED | 99,769 | 96,883 |
| 421 shs CMI | 82,043 | 100,859 |
| 235 shs DE | 94,888 | 93,969 |
| 988 shs EMR | 92,635 | 96,162 |
| 1893 shs ES | 155,765 | 116,836 |
| 2257 shs FITB | 89,073 | 77,844 |
| 579 shs FSLR | 96,630 | 99,750 |
| 1705 shs GEHC | 133,540 | 131,831 |
| 1244 shs GILD | 74,449 | 100,776 |
| 1781 shs HOLX | 133,230 | 127,252 |
| 1056 shs INTC | 53,296 | 53,064 |
| 926 shs IFF | 100,901 | 74,978 |
| 1662 shs LKQ | 80,136 | 79,427 |
| 438 shs LOW | 99,039 | 97,477 |
| 1365 shs MKC | 85,007 | 93,393 |
| 1946 shs MRK | 209,417 | 212,153 |
| 1867 shs MET | 115,426 | 123,465 |
| 1219 shs MS | 99,202 | 113,672 |
| 1035 shs ORCL | 108,109 | 109,120 |
| 740 shs OC | 65,011 | 109,690 |
| 1074 shs PYPL | 73,872 | 65,954 |
| 1416 shs PG | 211,513 | 207,501 |
| 193 shs REGN | 126,966 | 169,510 |
| 908 shs HSIC | 70,723 | 68,745 |
| 2377 shs SCHW | 135,281 | 163,538 |
| 2014 shs SFM | 59,549 | 96,894 |
| 1068 shs STLD | 97,688 | 126,131 |
| 1507 shs TJX | 119,929 | 141,372 |
| 1011 shs TMUS | 143,176 | 162,094 |
| 504 shs TGT | 69,395 | 71,780 |
| 1782 shs TFC | 65,459 | 65,791 |
| 274 shs URI | 88,370 | 157,117 |
| 1510 shs UNM | 48,174 | 68,282 |
| 312 shs VMI | 71,494 | 72,855 |
| 2692 shs VZ | 125,012 | 101,488 |
| 316 shs VRTX | 84,757 | 128,577 |
| 1308 shs VOYA | 93,834 | 95,432 |
| 1159 shs WAB | 103,984 | 147,077 |
| 4023 shs WY | 137,523 | 139,880 |
| 964 shs ZBH | 110,073 | 117,319 |
| 862 shs DLR | 93,777 | 116,008 |
| 1258 shs FR | 66,831 | 66,259 |
| 3336 shs KIM | 80,304 | 71,090 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| Generation IM Global | AT COST | 5,000,000 | 5,578,742 |
| Capital Global Equity | AT COST | 4,997,338 | 4,478,235 |
| Susquehanna Pfaltzgraff Co. | AT COST | 26,436 | 32,052 |
| Category / Item | Cost / Other Basis | Accumulated Depreciation | Book Value | End of Year Fair Market Value |
|---|---|---|---|---|
| Land | 32,290 | 0 | 32,290 | 32,290 |
| Buildings | 845,547 | 141,938 | 703,609 | 703,609 |
| Leasehold Improvements | 1,583 | 1,583 | 0 | |
| Equipment | 50,787 | 35,500 | 15,287 | 15,287 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Legal Fees | 15,897 | 0 | 15,897 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| Prepaid excise tax assets | 85,764 | 64,356 | 64,356 |
| Due from/(to) Affiliated Organizations | -6,213 | 0 | 0 |
| Deposits in Transit, per Book (net) | 17,586 | 0 | 0 |
| Description | Amount |
|---|---|
| Book-to-tax differences - charitable giving (net) | 3,482 |
| Book-to-tax differences - accrual-to-cash adjustments (net) | 1,257 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Information Technology | 3,569 | 0 | 3,569 | |
| Currency Conversions | 560 | 0 | 560 | |
| State Filing Fees | 160 | 0 | 160 | |
| Office and Administrative | 22,682 | 0 | 22,682 | |
| Dues and Subscriptions | 314 | 0 | 314 | |
| Bank Fees | 272 | 272 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| Pass-through Ordinary Income/(Loss) | -361 | -361 | -361 |
| Investment Income Recorded Per Books | 326,158 | 326,158 |
| Description | Amount |
|---|---|
| Book-to-tax differences - investment accounts (net) | 24,044 |
| Unrealized losses on gifts of securities | 2,499,158 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| Deferred excise tax liabilities | 62,260 | 57,948 |
| SIMPLE Match Obligations | 7,795 | 9,052 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Payroll Service Providers | 0 | 0 | 0 | |
| Investment Advisory Services | 277,731 | 277,731 | 0 | |
| Consulting and Management | 142,463 | 0 | 142,463 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Provision for Excise Taxes | 61,283 | 0 | 0 | |
| Foreign Taxes | 3,322 | 3,322 | 0 | |
| Sales and Use Taxes | 717 | 0 | 717 | |
| Property Taxes | 8,763 | 0 | 8,763 |