| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| BANK OF NEW YORK MELLON 3.950% DUE 11/18/25 | 80,156 | 74,633 |
| BERKSHIRE HATHAWAY 2.300% DUE 02/15/2027 | 149,099 | 158,049 |
| FEDERAL HOME LOAN MTG CORP NTS CALL 11/19/2025 | 264,995 | 265,164 |
| FEDERAL FARM CREDIT BANK DTD 2/16/2021 0.78% 2/16/2027 | 144,491 | 152,783 |
| FEDERAL HOME LOAN BANK 2.625% DUE 12/11/2025 | 74,732 | 73,880 |
| FEDERAL HOME LOAN BANK 2.250% DOE 12/18/2029 | 179,200 | 157,052 |
| FEDERAL HOME LOAN BANK 3.150% CALL 5/20/2024 DUE 5/20/2026 | 93,509 | 98,476 |
| FEDERAL HOME LOAN BANK DTD 6/4/2020 1.07% 6/4/2027 | 126,555 | 134,126 |
| FEDERAL HOME LOAN MORTGAGE CORP DTD 10/29/2020 0.8% 4/29/2027 | 152,605 | 161,217 |
| FEDERAL NATIONAL MORTGAGE ASSN DTD 11/20/2020 0.65% 5/20/2026 | 88,807 | 95,037 |
| FEDERAL NATIONAL MORTGAGE ASSN DTD 12/18/2020 0.875% 12/18/2026 | 130,812 | 140,385 |
| FEDERAL NATL MGT ASSN NTS CALL 12/30/22 03.150% DUE 12/30/25 | 74,305 | 81,987 |
| PROCTER AMD GAMBLE CO 2.850% DUE 08/11/2027 | 68,966 | 72,188 |
| PROCTER AND GAMBLE CO 2.700% DUE 2/2/2026 | 74,684 | 73,638 |
| WALMART STORE 3.550% DUE 6/26/2025 | 126,146 | 124,495 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| BARON DISCOVERY FUND | AT COST | 171,316 | 329,969 |
| BNY MELLON INTERNATIONAL STOCK | AT COST | 231,249 | 299,491 |
| DFA US SMALL CAP PORTFOLIO | AT COST | 363,956 | 470,837 |
| ISHARE RUSSELL 1000 | AT COST | 1,019,016 | 2,319,552 |
| ISHARES CORE S&P MID-CAP ETF | AT COST | 672,942 | 1,046,808 |
| ISHARES US REAL ESTATE ETF | AT COST | 102,960 | 127,027 |
| JANUS HNDRSN OVERSEAS BROKER | AT COST | 66,000 | 87,683 |
| MERGER FUND CLASS | AT COST | 151,938 | 165,392 |
| SPDR S&P DIVIDEND | AT COST | 74,483 | 186,261 |
| UTILITES SELECT SECTOR SPDR | AT COST | 34,093 | 80,231 |
| VANGUARD HIGH DIVIDEND YIELD | AT COST | 200,200 | 264,749 |
| VITTORIA OFFSHORE FUND | AT COST | 354,224 | 930,161 |
| WCM FOCUSED INTL GROWTH | AT COST | 239,736 | 348,703 |
| LOS ANGELES CA SUSTAINABLE GO 05.000% DUE 09/01/2031 | AT COST | 256,043 | 253,308 |
| NEW YORK CITY NY TRANSITIONAL FUTURE TAX REV CALL 05/01/29 | AT COST | 187,740 | 184,880 |
| CALIFORNIA ST DEPT OF WTR RESO MAKE WHOLE REV | AT COST | 130,541 | 130,808 |
| NEW YORK ST REF-SER B-GO 02.360% DUE 02/15/2027 | AT COST | 119,543 | 119,483 |
| OREGON ST REF-ARTICL GO 01.572% DUE 05/01/2029 | AT COST | 260,054 | 260,385 |
| MASSACHUSETTS ST WTR RESOURCES REF-SUSTAI REV 01.570% | AT COST | 255,139 | 255,648 |
| TEXAS ST A&M UNIV REVENU REF-SER B REV 02.356% | AT COST | 121,597 | 121,889 |
| UNIV OF PITTSBURGH PA OF THE C REF-UNIV 0 REV 03.396% | AT COST | 97,083 | 97,260 |
| GATEWAY FUND | AT COST | 500,000 | 658,929 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| HEDGE FUND RECEIVABLE | 55,192 | 0 | 0 |
| OTHER ASSET | 4,466 | 4,466 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| PA FILING FEE | 15 | 0 | 15 | |
| LIFE INSURANCE EXPENSE | 399,115 | 0 | 0 | |
| DUES | 370 | 0 | 370 | |
| COMPUTER REPAIRS | 135 | 0 | 135 | |
| TELEPHONE | 3,363 | 0 | 3,363 | |
| WEBSITE | 1,846 | 0 | 1,846 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| CHERRYWOOD | 16,250 | 0 | 16,250 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT MANAGEMENT FEES | 11,529 | 11,529 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL EXCISE TAX | 28,618 | 0 | 0 | |
| FOREIGN TAXES | 974 | 974 | 0 |