| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING & TAX PREPARATION FEES | 12,850 | 6,425 | 6,425 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ABBVIE INC SR GLBL NT 3.20% DUE NOV 21, 2029 | 114,883 | 106,712 |
| ABBVIE INC SR NOTES 4.30% DUE MAY 14, 2036 | 93,078 | 91,343 |
| AEGON FUNDING COMPANY LLC SUB NOTE 5.1% DUE 12/15/50 | 83,392 | 71,172 |
| AEP TAXAS CENTRAL CO SR NT SER E 6.65% DUE FEB 15, 2033 | 169,070 | 169,845 |
| AGNC INVESTMENT CORP 6.125% SER F FXD TO FLTG RATE | 129,256 | 137,935 |
| AIR LEASE CORP SENIOR NOTES 3.25% DUE MARCH 1, 2025 | 75,055 | 74,786 |
| ALLSTATE CORP 5.100% FIXED TO FLOATING RATE | 109,705 | 111,900 |
| AMAZON COM INC 3.15% DUE AUG 22, 2027 | 63,421 | 62,756 |
| AMAZON COM INC 3.60% DUE APR 13, 2032 | 206,407 | 206,502 |
| AMERICAN ELEC PWR CO INC 3.20% DUE NOV 13, 2027 | 282,224 | 284,606 |
| AMERICAN NATIONAL GROUP INC DEP SHS REPSTG 1/1000TH INT | 108,260 | 114,458 |
| ANNALY CAPITAL MGMT INC 6.95% SRS F FXD TO FLTG RATE | 162,887 | 176,765 |
| ASSOCIATED BANC CORP SUB NT FIXED TO FLTG RATE | 74,884 | 75,637 |
| AT&T INC 2.25% DUE FEB 1, 2032 | 99,819 | 82,707 |
| AT&T INC 2.55% DUE DEC 1, 2033 | 48,751 | 40,302 |
| AT&T INC 4.30% DUE FEB 15, 2030 | 105,853 | 96,895 |
| ATHENE HLDG LTD SR UNSECURED NOTES 3.50% DUE JAN 15, 2031 | 26,982 | 23,441 |
| BANK AMERICA CORP SENIOR UNSECURED 3.593% DUE JUL 21, 2028 | 168,277 | 168,420 |
| BANK NEW YORK MELLON 3.30% DUE AUG 23, 2029 | 145,624 | 142,155 |
| BANK OF NOVA SCOTIA 4.50 % DUE DEC 16, 2025 | 97,854 | 99,487 |
| BERKSHIRE HATHAWAY INC SR NOTES 3.125% DUE MAR 15, 2026 | 154,558 | 156,561 |
| BRIGHTHOUSE FINANCIAL INC DEPOSITARY SHARES 6.75% NON | 90,284 | 73,494 |
| CANADIAN PACIFIC RR CO NEW SENIOR NOTES 2.90% DUE FEB 1, 2025 | 159,024 | 164,675 |
| CHUBB CORP SR NT 6.50% DUE MAY 15, 2038 | 174,692 | 165,513 |
| CITIGROUP CAPITAL XIII 7.875% FIXED/FLOATING RATE | 188,334 | 204,216 |
| CITIZENS FINL GRP INC REPSTG 1/40TH NON CUML PERPTL D PFD FXD/VAR | 48,817 | 50,648 |
| CMS ENERGY CORP 5.875% JUNIOR SUBORDINATED NOTES DUE 2079 | 83,384 | 78,272 |
| COMCAST CORP 3.375% DUE AUG 15, 2025 | 190,628 | 193,333 |
| COMCAST CORP NEW 3.25% DUE NOV 1, 2039 | 76,481 | 75,848 |
| COMCAST CORP SENIOR NOTES 4.15% DUE OCT 15, 2028 | 110,922 | 107,294 |
| COMMONWEALTH EDISON CO 1ST MORTGAGE 3.70% DUE AUG 15, 2028 | 52,461 | 48,252 |
| CONOCOPHILLIPS 5.95 % DUE OCT 15, 2036 | 103,880 | 104,216 |
| CSX CORP 3.25% DUE JUN 1, 2027 | 255,839 | 255,718 |
| CSX CORP 3.35% DUE NOV 1, 2025 | 153,770 | 158,526 |
| CVS HEALTH CORP SENIOR NOTES 4.30% DUE MAR 25, 2028 | 69,459 | 67,813 |
| DOMINION ENERGY SOUTH CAROLINA 1ST MTG BD 5.30% DUE MAY 15, 2033 | 85,843 | 69,895 |
| DUKE ENERGY CAROLINAS LLC SR NT 6.10% DUE JUN 1, 2037 | 104,785 | 104,109 |
| DUKE ENERGY OH INC 1ST MTG 3.65% DUE FEB 1, 2029 | 158,741 | 152,790 |
| DUKE ENERGY PROGRESS LLC 1ST MTG BOND 3.25% DUE AUG 15, 2025 | 181,748 | 183,474 |
| DUKE ENERGY PROGRESS LLC 5.10% DUE MAR 15, 2034 | 74,756 | 74,172 |
| ENBRIDGE INC 4.25% DUE DEC 1, 2026 | 417,580 | 411,998 |
| ENTERGY LA LLC 1ST MTG BD 4.00% DUE MAR 15, 2033 | 76,128 | 59,492 |
| EQUINIX INC SR UNSECURED 3.90% DUE APR 15, 2032 | 88,063 | 92,161 |
| FIFTH THIRD BANCORP DED SHS REPSTG 1/1000TH PERPTL PFD SER I FXD/VAR | 131,927 | 123,764 |
| FORD MOTOR COMPANY 6.00% NOTES DUE 2059 | 153,778 | 145,420 |
| GEORGIA POWER CO SR NOTES 3.25% DUE APR 1, 2026 | 68,301 | 68,816 |
| GOLDMAN SACHS BANK USA NY CD FDIC INS TO LIMITS CPN 2.850% DUE 05/05/25 | 86,625 | 89,567 |
| GOLDMAN SACHS GROUP INC SUBORDINATED GLOBAL NOTE 6.75% DUE OCT 1, 2037 | 206,566 | 214,968 |
| HONEYWELL INTL INC SR UNSECURED NOTES 4.50% DUE JAN 15, 2034 | 109,932 | 109,757 |
| JPMORGAN CHASE & CO 2.522% DUE APR 22, 2031 | 80,777 | 70,442 |
| JPMORGAN CHASE & CO 4.25% DUE OCT 1, 2027 | 80,113 | 74,439 |
| JPMORGAN CHASE & CO 6.254% DUE OCT 23, 2034 | 99,465 | 105,706 |
| JPMORGAN CHASE & CO DEP SHS REPSTG 1/400TH NON CUML PFD DD 5.75% PERPTL | 76,210 | 74,025 |
| KEYCORP NEW DEP SHS REPSTG 1/40TH INT | 53,055 | 56,414 |
| KIMCO REALTY CORP 5.25% CL M DEP SHS REPSTG | 43,992 | 37,399 |
| KIMCO REALTY CORP SENIOR UNSECURED 3.30% DUE FEB 1, 2025 | 72,080 | 74,882 |
| LINCOLN NATL CORP DEP SH ECH REPSTG 1/1000TH | 42,202 | 41,633 |
| LOWES COMPANIES INC 3.65% DUE APR 5, 2029 | 34,224 | 34,287 |
| M & T BANK CORP PERPETUAL FXD TO FLOATNG RATE | 131,098 | 122,919 |
| MIDAMERICAN ENERGY CO MEDIUM TERM NTS 5.80% DUE OCT 15, 2036 | 148,701 | 150,928 |
| MORGAN STANLEY 5.942% DUE FEB 7, 2039 | 100,247 | 100,469 |
| MORGAN STANLEY 6.5% DEP SHS REPSTG 1/1000 SHR | 101,054 | 100,205 |
| MORGAN STANLEY BANK NA CD FDIC INS TO LIMITS CPN 5.000% DUE 07/21/25 | 89,910 | 90,374 |
| NATIONAL RURAL UTILITIES COOP FIN CORP 5.50% FIXED SUBORDINATE NOTES DUE 206 | 126,696 | 116,514 |
| NAVIENT CORP 6% SENIOR NOTES | 172,944 | 142,826 |
| FLAGSTAR FINANCIAL INC. DED SHS REPSTG 1/40 INT SHS FXD | 36,439 | 34,517 |
| NEXTERA ENERGY CAP HLDGS INC JR SUB DEB SER N PFD 5.65% 03/01/2079 | 48,666 | 45,240 |
| NEXTERA ENERGY CAPITAL SENIOR NOTES 3.50% DUE APR 1, 2029 | 56,445 | 51,900 |
| ORACLE CORP SR NOTES 3.85% DUE JUL 15, 2036 | 148,315 | 167,117 |
| ORACLE CORP SR UNSECURED 3.25% DUE MAY 15, 2030 | 235,169 | 222,374 |
| PHILLIPS 66 3.90% DUE MAR 15, 2028 | 74,355 | 72,713 |
| PHILLIPS 66 SR NT 4.65% DUE NOV 15, 2034 | 157,050 | 130,551 |
| QWEST CORP 6.50% SR NOTES DUE 2056 | 120,886 | 108,780 |
| REINSURANCE GROUP AMERICA INC 5.75% FIXED TO FLOATING RATE | 97,292 | 92,655 |
| ROYAL BANK OF CANADA CMS STEEPENER 5.50% DUE MAR 28, 2034 | 37,753 | 34,418 |
| SEMPRA 5.750% JR SUB NOTES DUE 2079 | 182,080 | 167,708 |
| SOUTHERN CO 5.50% DUE MAR 15, 2029 | 100,030 | 102,026 |
| SOUTHERN COMPANY SER 2020C JR SUB NOTE 4.2% DUE 10/15/60 | 76,041 | 61,325 |
| STATE STR CORP 3.031% DUE NOV 1, 2034 | 103,053 | 90,147 |
| SUNTRUST CAP I TR PFD SECS SER-A 5.455% DUE MAY 15, 2027 | 139,143 | 147,777 |
| SYNOVUS FINANCIAL CORP NON CUML SER E PFD FXD/VAR 5.875% PERPETUAL | 38,559 | 50,006 |
| TORONTO DOMINION BANK ONT 3.625% DUE SEP 15, 2031 | 319,231 | 324,421 |
| TRUIST FINANCIAL CORP 5.25% DEP SHS REPSTG 1/1000TH | 100,019 | 80,319 |
| TRUIST FINL CORP SR UNSECD NOTE 4.916% DUE JUL 28, 2023 | 143,414 | 151,174 |
| UNION PACIFIC CORP 2.40% DUE FEB 5, 2030 | 146,403 | 133,145 |
| UNITED STATES CELLULAR CORP SR NOTE 5.5% 06/01/2070 | 124,004 | 122,038 |
| UNUM GROUP 6.250% JUNIOR SUBORDINATED NOTES DUE 2058 | 85,705 | 83,638 |
| US BANKCORP DEP SHS REPSTG 1/1000TH NON CUML PFD SER B VAR PERPTL | 57,161 | 65,621 |
| VALLEY NATIONAL BANCORP NON CUML SER B PFD 5.5% FXD/VAR PERPETUAL | 20,895 | 23,926 |
| VERIZON COMMUNICATIONS INC 2.10% DUE MAR 22, 2028 | 199,910 | 183,966 |
| VERIZON COMMUNICATIONS INC 4.50% DUE AUG 10, 2033 | 444,403 | 406,274 |
| VERIZON COMMUNICATIONS INC GLBL NT 4.812% DUE MAR 15, 2039 | 90,851 | 92,309 |
| VERIZON COMMUNICATIONS INC SR GLBL NT 2.355% DUE MAR 15, 2032 | 58,613 | 62,213 |
| VERIZON COMMUNICATIONS INC SR GLBL NT 4.329% DUE SEP 21, 2028 | 55,510 | 49,061 |
| WELL FARGO & CO 5.574% DUE JUL 25, 2029 | 89,512 | 91,389 |
| WELLTOWER INC 3.85% DUE JUN 15, 2032 | 199,374 | 203,112 |
| WILLIAMS PRTNRS LP SR NOTES 3.75% DUE JUN 15, 2027 | 52,128 | 48,744 |
| WILLIS NORTH AMER INC SENIOR UNSECURED 2.95% DUE SEP 15, 2029 | 33,542 | 33,649 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ABRDN HEALTHCARE INVESTORS | 391,016 | 269,993 |
| BLACKROCK CORE BOND TRUST | 284,262 | 223,415 |
| INVESCO SENIOR LOAN ETF | 311,060 | 273,910 |
| ISHARES CORE S&P SMALL CAP ETF | 133,320 | 226,062 |
| ISHARES EXPANDED TECH SECTOR ETF | 459,164 | 801,202 |
| ISHARES IBOXX $ HIGH YEILD CORP BOND ETF | 437,951 | 381,217 |
| ISHARES US & INTL HIGH YIELD CORP BOND ETF | 628,810 | 545,176 |
| NUVEEN S&P 500 BUY WRITE INCOME FUND | 176,567 | 270,916 |
| SELECT SECTOR SPDR FUND SHS BEN CONSUMER DISCRETIONARY | 751,143 | 1,256,360 |
| SELECT SECTOR SPDR TRUST SHS BEN INT ENERGY | 125,865 | 232,139 |
| SELECT SECTOR SPDR TRUST THE COMMUNICATION SERVICES SELECT SECTOR | 1,031,202 | 1,836,679 |
| SELECT SECTOR SPDR TRUST THE HEALTH CARE SELECT SECTOR | 1,169,047 | 1,707,519 |
| SELECT SECTOR SPDR TRUST THE TECHNOLOGY SELECT SECTOR | 1,594,257 | 3,875,643 |
| SELECT SECTOR SPDR TRUST THE UTILITIES SELECT SECTOR | 245,946 | 265,748 |
| VANGUARD COMMUNICATION SERVICES ETF | 171,425 | 301,242 |
| VANGUARD DIVIDEND APPRECIATION ETF | 593,015 | 1,379,818 |
| VANGUARD GROWTH ETF | 599,355 | 2,355,105 |
| VANGUARD HEALTH CARE ETF | 367,379 | 671,264 |
| VANGUARD INTERMEDIATE TERM CORP BOND ETF | 126,896 | 117,756 |
| VANGUARD LARGE CAP ETF | 466,356 | 1,267,860 |
| VANGUARD MID CAP ETF | 1,076,477 | 2,159,263 |
| VANGUARD SMALL CAP VALUE ETF | 768,314 | 1,347,624 |
| VANGUARD TOTAL STOCK MARKET ETF | 983,701 | 2,616,405 |
| VANGUARD VALUE ETF | 777,467 | 1,470,371 |
| WISDOMTREE US SMALL CAP DIVIDEND ETF | 391,348 | 578,111 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| PROGRAM RELATED INVESTMENTS | 570,000 | 540,000 | 540,000 |
| DIVIDENDS RECEIVABLE | 8,417 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FILING FEES | 750 | 0 | 750 | |
| INSURANCE | 1,355 | 339 | 1,016 | |
| LOAN FORGIVEN | 22,500 | 0 | 0 | |
| MEMBERSHIPS | 130 | 32 | 98 | |
| MISCELLANEOUS | 1,751 | 438 | 1,313 | |
| PAYROLL SERVICE FEES | 1,536 | 384 | 1,152 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| OTHER PORTFOLIO INCOME | 187 | 187 | 187 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| JANNEY INVESTMENT FEES | 49,156 | 49,156 | 0 | |
| RBC INVESTMENT FEES | 16,969 | 16,969 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL EXCISE TAXES | 26,000 | 0 | 0 | |
| PAYROLL TAXES | 12,788 | 3,198 | 9,590 |