TY 2023 Form 990PF

Part I	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books	(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)
	1	Contributions, gifts, grants, etc., received (attach schedule)	3,503,020
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	1,265,255	1,252,205
5a	Gross rents............	420	420
b	Net rental income or (loss) 420
6a	Net gain or (loss) from sale of assets not on line 10		798,822
b	Gross sales price for all assets on line 6a 2,252,021
7	Capital gain net income (from Part IV, line 2)...		798,822
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......	List of Attached Documents: // Content	163,239	0	0
12	Total. Add lines 1 through 11........	5,730,756	2,051,447	0
	13	Compensation of officers, directors, trustees, etc.	0	0	0	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	4,324	0	0	0
c	Other professional fees (attach schedule)....
17	Interest...............	39	39	0	0
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	776	776	0	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	62,283	62,283	0	0
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	67,422	63,098	0	0
25	Contributions, gifts, grants paid.......	9,057,316			9,057,316
26	Total expenses and disbursements. Add lines 24 and 25	9,124,738	63,098	0	9,057,316
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-3,393,982
b	Net investment income (if negative, enter -0-)		1,988,349
c	Adjusted net income (if negative, enter -0-)...			0

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	1,951,884	1,390,563	1,390,563
	2	Savings and temporary cash investments.........
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	0	List of Attached Documents: // Content 100,471	101,328
	b	Investments—corporate stock (attach schedule).......	17,346,285	List of Attached Documents: // Content 12,729,453	24,924,407
	c	Investments—corporate bonds (attach schedule).......	4,018,900	List of Attached Documents: // Content 5,729,934	6,153,998
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	204,787	List of Attached Documents: // Content 177,453	363,999
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	23,521,856	20,127,874	32,934,295
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	600,000	600,000
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	1,400,000	1,400,000
	28	Retained earnings, accumulated income, endowment, or other funds	21,521,856	18,127,874
	29	Total net assets or fund balances (see instructions).....	23,521,856	20,127,874
	30	Total liabilities and net assets/fund balances (see instructions).	23,521,856	20,127,874

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............

23,521,856

Enter amount from Part I, line 27a .....................

-3,393,982

Other increases not included in line 2 (itemize) right arrow

Add lines 1, 2, and 3 ..........................

20,127,874

Decreases not included in line 2 (itemize) right arrow

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

20,127,874

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(d) Date sold (mo., day, yr.)
1 a	MORGAN STANLEY #6657 ST SALES	2023-12-31
b	MORGAN STANLEY #6657 LT SALES	2023-12-31
c	MORGAN STANLEY #3948 LT SALES	2023-12-31
d	ALLIANCE BERNSTEIN K-1 - ST	2023-12-31
e	ALLIANCE BERNSTEIN K-1 - LT	2023-12-31
	ALLIANCE BERNSTEIN K-1 - 1231	2023-12-31
	VANGUARD #4352 LT SALES	2023-12-31
	MORGAN STANLEY #3948 LT SALES	2023-12-31
	MORGAN STANLEY #3948 LTCG DISTRIBUTIONS	2023-12-31
	ALLIANCE BERNSTEIN K-1 - 1256	2023-12-31

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	1,607	1,520	87
b	1,087,516	926,124	161,392
c	88,609	76,605	12,004
d	561		561
e	1,468		1,468
	3,461		3,461
	15,894		15,894
	1,049,519	448,042	601,477
	3,386		3,386
		908	-908

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			87
b			161,392
c			12,004
d			561
e			1,468
			3,461
			15,894
			601,477
			3,386
			-908

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	798,822
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	27,638
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	27,638
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	27,638
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ..........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	0
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	27,638
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax	Refunded	11

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
RONALD SHAW	DIRECTOR 20.00	0	0	0
202 N PARK AVE APOPKA,FL32703
PETER RONEY	DIRECTOR 5.00	0	0	0
46 001 KAMEHAMEHA HWY KANEOHE,HI96744
JUDITH CHESTER-TOMIYASU	SECRETARY 5.00	0	0	0
44 445 KANEOHE BAY DR KANEOHE,HI96744
MANOUCHEHR ELISON	VICE DIRECTOR 5.00	0	0	0
45-773 KAM HWY KANEOHE,HI96744
THOMAS J VINCENT	PRESIDENT 20.00	0	0	0
44-447 KANEOHE BAY DR KANEOHE,HI96744

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1	HANALANI SCHOOLS	6,210,881
2	HAWAII PACIFIC UNIVERSITY	1,550,000
3	MIT - SLOAN	500,000
4	YMCA	485,000

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

		(a) Corpus	(b) Years prior to 2022	(c) 2022	(d) 2023
1 Distributable amount for 2023 from Part X, line 7					1,568,075
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......				0
b Total for prior years:20 , 20, 20			0
3 Excess distributions carryover, if any, to 2022:
a From 2018......	73,467
b From 2019......	73,477
c From 2020......	72,727
d From 2021......	72,727
e From 2022......	6,999
f Total of lines 3a through e ........		299,397
4Qualifying distributions for 2023 from Part
XI, line 4: $ 9,057,316
a Applied to 2022, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see instructions).....			0
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2023 distributable amount.....					1,568,075
e Remaining amount distributed out of corpus		7,489,241
5 Excess distributions carryover applied to 2023.		0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		7,788,638
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2022. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2023. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2024 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8 Excess distributions carryover from 2018 not applied on line 5 or line 7 (see instructions) ...		73,467
9 Excess distributions carryover to 2024. Subtract lines 7 and 8 from line 6a ......		7,715,171
10 Analysis of line 9:
a Excess from 2019....	73,477
b Excess from 2020....	72,727
c Excess from 2021....	72,727
d Excess from 2022....	6,999
e Excess from 2023....	7,489,241

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part IX for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2023	(b) 2022	(c) 2021	(d) 2020	(e) Total

b 85% (0.85) of line 2a .........
c Qualifying distributions from Part XI, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

aThe name, address, and telephone number or email address of the person to whom applications should be addressed:

bThe form in which applications should be submitted and information and materials they should include:

cAny submission deadlines:

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
HANALANI SCHOOLS 94-294 ANANIA DR MILILANI,HI96789			EDUCATION	6,210,881
MASSACHUSETTS INSTITUTE OF TECHNOLOGY 600 MEMORIAL DRIVE W98 CAMBRIDGE,MA02139			EDUCATION	500,000
SHRINERS HOSPITAL 1310 PUNAHOU ST HONOLULU,HI96826			HEALTHCARE	10,000
ALLIANCE BERNSTEIN 501 COMMERCE STREET NASHVILLE,TN37203			PASSTHROUGH	935
YMCA OF HONLULU 1441 PALI HIGHWAY HONOLULU,HI96813			HEALTHCARE	485,000
SALVATION ARMY 2950 MANOA ROAD HONOLULU,HI96822			CHARITY	500
HAWAII PACIFIC UNIVERSITY 1 ALOHA TOWER DRIVE HONOLULU,HI96813			EDUCATION	1,550,000
SHAW FAMILY FOUNDATION 3067 CECELIA DRIVE APOPKA,FL32703			CHARITY	300,000
Total ................................. 3a				9,057,316

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities ....			14	1,265,255
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....			14	420
6 Net rental income or (loss) from personal property
7 Other investment income .....	523000	163,239
8 Gain or (loss) from sales of assets other than inventory ............			18	798,822
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		163,239		2,064,497	0

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Name of organization THOMAS J VINCENT FOUNDATION INC

Part I Contributors	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	THOMAS J VINCENT 44-447 KANEOHE BAY DR KANEOHE, HI96744	$ 3,503,020	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990) (2023)


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

bApproved for future payment

Total ................................. 3b				0

Name of organization THOMAS J VINCENT FOUNDATION INC		Employer identification number 91-2140465

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990) (2023)


Name of organization THOMAS J VINCENT FOUNDATION INC			Employer identification number 91-2140465
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

Name of Bond	End of Year Book Value	End of Year Fair Market Value
HISTORIC TW INC	15,009	15,021
EASTMAN CHEMICAL CO	0	25,106
WEYERHAEUSER CO (WY)	25,292	25,686
HCA INC	30,039	31,015
AIG LIFE HOLDINGS INC	50,118	51,516
BANK OF AMERICA CORP	197,200	200,354
MBIA INC	34,921	33,994
WEYERHAEUSER CO (WY)	20,176	20,865
GOLDMAN SACHS GROUP INC/THE	148,511	154,349
FRONTIER CALIFORNIA INC	71,069	71,206
MBIA INC	166,330	152,880
SAFEWAY INC	191,495	194,750
FLEETBOSTON FINANCIAL CORP	125,066	134,384
HERTZ CORP/THE	8	130
FRONTIER NORTH INC	41,277	42,636
GLOBAL MARINE INC	250,360	223,340
SPRINT CAPITAL CORP	22,103	27,104
NAVIENT CORP	4,778	7,585
MASCO CORP	10,330	11,248
WESTROCK MWV LLC	21,038	23,090
VERIZON PENNSYLVANIA LLC	139,924	150,326
TRANSOCEAN INC	43,668	36,216
VERIZON MARYLAND LLC	32,005	35,063
VERIZON PENNSYLVANIA LLC	208,225	224,964
SPRINT CAPITAL CORP	23,688	30,858
UNITED STATES CELLULAR CORP	96,499	102,022
ASSURED GUARANTY US HOLDINGS INC	139,910	156,957
GENWORTH HOLDINGS INC	69,105	69,116
LOEWS CORP	20,323	27,313
WESTERN UNION CO/THE	311,861	327,616
BANK OF AMERICA CORP	715,569	841,762
RJ REYNOLDS TOBACCO CO/NC	77,108	84,976
NATWEST MARKETS NV	153,880	159,629
UNION CARBIDE CORP	26,743	44,199
CITIGROUP CAPT XIII 10.743 FIX ED 10/30/15 FLOATS AFTER	2,176,204	2,327,535
QWEST CORP 6.5% (CTBB)	70,102	35,568
CORPORATE BONDS - ACCRUED INTEREST	0	53,619

Name of Stock	End of Year Book Value	End of Year Fair Market Value
VGIAX	179,339	231,893
VIGAX	125,183	521,049
VFIAX	159,506	474,862
ALLIANCEBERNSTEIN HLDNG L.P (AB)	2,010,613	2,172,100
ALPHABET INC CL A (GOOGL)	177,984	1,117,520
ALPHABET INC CL C (GOOG)	177,436	1,130,259
ALTRIA GROUP INC (MO)	35,511	40,340
AMERICAN ELEC PWR CO INC (AEP)	323,302	406,100
BEST BUY CO (BBY)	233,937	430,540
BOOKING HOLDINGS INC (BKNG)	209,435	709,444
CAESARS ENTERTAINMENT INC NEW (CZR)	0	5,344
CISCO SYS INC (CSCO)	105,434	202,080
CORTEVA INC (CTVA)	5,944	15,957
DOLLAR TREE INC (DLTR)	29,790	52,843
DOW INC (DOW)	11,606	18,262
DUPONT DE NEMOURS INC (DD)	17,033	25,618
FIRST CITIZ BANCSHARES A (FCNCA)	178,500	895,370
FORD MOTOR CO NEW (F)	94,209	95,326
GENERAL MILLS INC (GIS)	191,505	227,990
GENERAL MTRS CO (GM)	75,306	79,024
GSK PLC ADR (GSK)	99,446	88,944
HALEON PLC ADR (HLN)	22,064	24,690
HEWLETT PACKARD ENTERPRISE (HPE)	15,159	33,960
HP INC COM (HPQ)	24,794	60,180
INTEL CORP (INTC)	19,103	50,250
JOHNSON & JOHNSON (JNJ)	135,562	188,088
LOCKHEED MARTIN CORP (LMT)	104,975	226,620
LULULEMON ATHLETICA INC (LULU)	138,995	511,290
MERCK & CO INC NEW COM (MRK)	275,482	566,904
METLIFE INCORPORATED (MET)	56	4,166
NETFLIX INC (NFLX)	114,285	486,880
PFIZER INC (PFE)	5,756	5,758
PHILIP MORRIS INTL INC (PM	214,313	235,200
PHILLIPS 66 COM (PSX)	3,920	16,643
PPG INDUSTRIES INC (PPG)	433,130	747,750
PROCTER & GAMBLE (PG)	527,945	967,164
QUALCOMM INC (QCOM)	30,889	72,315
SEMPRA (SRE)	61,486	102,828
SKYWORKS SOLUTIONS INC (SWKS)	197,196	393,470
SONY GROUP CORPORATION ADR (SONY)	110,945	426,105
SOUTH32 LTD ADR (SOUHY)	4,680	5,908
STARBUCKS CORP WASHINGTON (SBUX)	200,532	768,080
SUN LIFE FINL SVCS CDA INC (SLF)	60,980	104,861
WASTE MGMT INC (DELA) (WM)	269,973	895,500
WEYERHAEUSER CO (WY)	118,109	147,147
AG MTGE INV TR 8.25% SERS (MITT.A)	398,901	556,245
AMTRUST FINL SRVS INC 7.625%-C (AFSIC)	365,119	266,500
AMTRUST FINL SVCS INC 6.75%-A (AFSIA)	438,513	296,450
ASHFORD HOSPITALITY TR 8.45%-D (AHT.D)	195,250	170,220
ASHFORD HOSPITALITY TR INC S-G (AHT.G)	313,567	359,841
CARECLOUD INC 11% CUM PFD CL A (CCLDP)	17,250	7,030
CHICKEN SOUP FOR THE SOUL A (CSSEP)	31,039	23,128
ELLINGTON FINL INC 7% SER D (EFC.D)	9,242	10,495
FG FINANCIAL GROUP INC 8% PFD (FGFPP)	108,273	68,963
MORGAN STANLEY 6.875%-F (MS.F)	414,960	375,375
MORGAN STANLEY 7.125%-E (MS.E)	353,140	313,313
SOTHERLY HOTELS INC 8.0% (SOHOB)	46,078	39,850
BARINGS CORPORATE INVS (MCI)	161,295	382,607
BARINGS PARTN INVS SH BEN INT (MPV)	99,483	764,228
GOLDMAN SACHS BDC INC (GSBD)	1,134,272	952,250
INVESCO QQQ TRUST, SERIES 1 (QQQ)	1,055,730	4,299,960
ISHARES IBOXX INVEST GR COR BD (LQD)	55,993	55,330

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
FIDELITY LEVERAGED COMPANY STK (FLVCX)	AT COST	31,504	32,221
GUGGENHEIM MUNICIPAL INCOME A (GIJAX)	AT COST	81,600	80,080
VANGUARD 500 INDX ADMIRAL (VFIAX)	AT COST	14,349	179,374
VANGUARD MID CAP GRW IDX ADM (VMGMX)	AT COST	50,000	72,324

Description	Revenue and Expenses per Books	Net Investment Income
INVESTMENT FEES	243	243
OTHER DEDUCTIONS	515	515
ALLIANCE BERNSTEIN K-1 - ORDINARY LOSS	61,525	61,525

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