| Description of Property | Date Acquired | Cost or Other Basis | Prior Years' Depreciation | Computation Method | Rate / Life (# of years) |
Current Year's Depreciation Expense | Net Investment Income | Adjusted Net Income | Cost of Goods Sold Not Included |
|---|
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ALLY FINL INC - 6.646% - 01/17 | 4,012 | 4,008 |
| ALLY FINL INC BOND PERPETUAL - | 5,808 | 6,511 |
| AMERICAN ELEC PWR - 3.250% - 0 | 2,813 | 2,694 |
| AMERICAN ELECTRIC POWER CO INC | 6,024 | 6,076 |
| AMERICAN TOWER CORP - 2.950% - | 3,320 | 3,233 |
| ARCH CAP GROUP LTD - 3.635% - | 2,360 | 2,254 |
| ATHENE HOLDING LTD - 3.950% - | 3,907 | 3,608 |
| BANK AMER CORP BOND - 6.300% - | 2,031 | 2,006 |
| BERKSHIRE HATHAWAY - 2.850% - | 1,363 | 1,274 |
| BIOGEN INC - 3.150% - 05/01/20 | 5,526 | 5,245 |
| BK OF AMERICA SR NOTE - 5.080% | 8,082 | 8,012 |
| BP CAP MKTS AMER - 3.001% - 03 | 2,059 | 1,974 |
| BP CAP MKTS P L C NOTE PERPETU | 17,068 | 16,994 |
| CHARTER COMMUNICATIONS - 3.500 | 3,579 | 3,595 |
| CITIGROUP INC - 7.000% - ? | 3,156 | 3,206 |
| DOMINION ENERGY INC - 6.880% - | 8,512 | 8,407 |
| DOMINION ENERGY INC - 7.000% - | 4,239 | 4,370 |
| DUKE ENERGY CORP - 3.300% - 06 | 4,571 | 4,649 |
| ENBRIDGE - 8.500% - 01/15/2084 | 2,287 | 2,300 |
| GOLDMAN SACHS GROUP - 3.210% - | 1,596 | 1,554 |
| GOLDMAN SACHS GROUP - 3.500% - | 5,930 | 5,970 |
| GOLDMAN SACHS GROUP - 5.500% - | 1,028 | 1,004 |
| GOLDMAN SACHS GROUP INC SR GLO | 1,930 | 1,979 |
| KINDER MORGAN INC - 3.250% - 0 | 2,031 | 1,994 |
| LINCOLN NATL CORP IND BOND PER | 7,778 | 7,530 |
| LTB INTERNATIONAL - 3.625% - 0 | 3,712 | 3,327 |
| MACYS - 4.300% - 02/15/2043 | 1,409 | 1,444 |
| MACYS RETAIL HOLDINGS LLC - 5. | 1,415 | 1,628 |
| MICRON TECHNOLOGY INC NOTE - 3 | 4,508 | 4,279 |
| MORGAN STANLEY FIN LLC NT LKD | 99,999 | 182,081 |
| MORGAN STANLEY SER F MTN - 2.4 | 4,964 | 5,234 |
| NASDAQ INC - 3.250% - 04/28/20 | 3,671 | 3,520 |
| NEXTERA ENERGY CAP HOLDINGS IN | 6,022 | 6,247 |
| NEXTERA ENERGY CAP HOLDINGS IN | 4,017 | 4,278 |
| OCCIDENTAL PETROLEUM CORP - 4. | 1,413 | 1,507 |
| OCCIDENTAL PETROLEUM CORP - 4. | 1,524 | 1,621 |
| ORACLE CORP NOTE - 3.600% - 04 | 4,764 | 4,693 |
| ORACLE CORP NOTE - 3.850% - 04 | 3,764 | 3,304 |
| PACIFIC GAS & ELEC - 3.500% - | 3,653 | 3,412 |
| PHILLIPS 66 - 6.200% - 03/15/2 | 9,082 | 9,089 |
| RTX CORP NOTE - 3.030% - 03/15 | 3,503 | 3,309 |
| SIMON PPTY - 3.250% - 09/13/20 | 3,644 | 3,499 |
| SOUTHERN CO - 6.380% - 03/15/2 | 8,000 | 8,550 |
| STARBUCKS CORP - 3.500% - 11/1 | 3,875 | 3,583 |
| VALERO ENERGY CORP - 3.650% - | 2,230 | 2,111 |
| VERIZON COMMUNICATIONS INC - 2 | 4,703 | 4,414 |
| WELLS FARGO & CO - 3.000% - 04 | 2,967 | 2,986 |
| WELLS FARGO & CO - 3.000% - 10 | 3,928 | 3,962 |
| WILLIAMS COS INC - 3.500% - 10 | 2,814 | 2,834 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ABB LTD | 1,483 | 4,005 |
| ABBOTT LABS | 17,225 | 18,172 |
| ABBVIE INC | 15,275 | 19,842 |
| AGNC INV CORP 8.75 DEP PF SR H | 2,000 | 2,032 |
| AGNC INVESTMENT CORP | 7,278 | 7,383 |
| AIA GROUP LTD ADR | 1,844 | 2,104 |
| AIRBUS GROUP | 1,053 | 2,579 |
| ALLEGION PLC | 8,199 | 12,433 |
| ALLIANCEBERN GLOBAL THEMATIC G | 124,999 | 133,353 |
| AMADEUS IT HLDS SA | 2,164 | 2,675 |
| AMERICAN EXPRESS CO | 18,365 | 23,808 |
| ANALOG DEVICES INC | 15,856 | 17,560 |
| ANHEUSER BUSCH COS INC | 905 | 853 |
| ANNALY CAPITAL MANAGEMENT PFD | 6,455 | 6,406 |
| ASML HOLDING NV NY REG SHS | 3,562 | 5,296 |
| ASTRAZENECA PLC SP ADR | 2,001 | 3,049 |
| AUTOMATIC DATA PROCESSING INC | 12,412 | 12,234 |
| BAE SYSTEMS PLC | 1,463 | 2,275 |
| BANCO BILBAO ARG SA | 1,156 | 1,530 |
| BANCO SANTANDER CEN | 1,103 | 1,391 |
| BARRICK MINING CORP | 929 | 886 |
| BEIGENE LTD | 533 | 931 |
| BENTLEY SYSTEMS INC CL B | 9,120 | 12,708 |
| BERKLEY W R CP | 5,012 | 13,198 |
| BJ'S WHLSL CLUB INC | 5,763 | 6,884 |
| BLACKROCK HIGH YIELD BOND PORT | 27,449 | 24,811 |
| BLACKROCK INC | 19,145 | 21,656 |
| BRIGHT HORIZONS FAMILY SOLUTIO | 7,926 | 6,881 |
| BRITISH AMERICAN TOBACCO PLC | 853 | 1,075 |
| BROADCOM INC | 31,703 | 57,293 |
| CANADIAN NATL RAILWAY CO | 1,779 | 1,343 |
| CAP GEMINI SA UNSP/ADR | 1,135 | 923 |
| CARLYLE FIN LLC NT CAL 61 - 4. | 54 | 53 |
| CHEMED CORP | 5,438 | 5,176 |
| CHOICE HOTELS INTERNATIONAL IN | 7,575 | 5,764 |
| CHUBB LIMITED | 10,246 | 10,247 |
| CHUGAI PHARMACEUTICAL CO., LTD | 1,177 | 1,143 |
| CISCO SYSTEMS INC | 11,375 | 11,405 |
| COMPUTERSHARE LTD ADR | 638 | 623 |
| COOPER COMPANIES INC | 9,138 | 8,249 |
| DAIICHI SANKYO CO LTD SPONSORE | 1,814 | 1,430 |
| DAIKIN INDS LTD ADR | 1,176 | 847 |
| DBS GROUP HLDGS SPON ADR | 810 | 1,820 |
| DEUTSCHE BANK AG | 1,075 | 2,289 |
| DRIEHAUS EMERGING MARKETS GROW | 64,999 | 102,168 |
| DSV UNSP ADR EACH REPR 0.5 ORD | 1,486 | 2,123 |
| EATON CORP PLC | 20,551 | 22,894 |
| ENGIE | 1,186 | 1,950 |
| EPIROC AB | 2,120 | 2,238 |
| EQUIFAX INC | 6,141 | 8,022 |
| ESSILOR INTL ADR | 1,381 | 3,671 |
| EVOLUTION GAMING GROUP AB ADR | 940 | 735 |
| EXPONENT, INC | 5,756 | 4,603 |
| EXXON MOBIL CORP | 13,726 | 14,066 |
| FERRARI NV | 866 | 808 |
| FRANKLIN FTSE INDIA ETF | 49,854 | 45,713 |
| FUJITSU LTD ADR OTC | 736 | 1,277 |
| GROUPE DANONE ADS | 719 | 1,041 |
| HALMA PLC ADR | 1,462 | 1,790 |
| HAMILTON LANE INC | 5,694 | 4,217 |
| HEIDELBERG MATERIALS AG ADR | 757 | 749 |
| HENRY JACK & ASSOC INC | 8,456 | 7,298 |
| HITACHI LTD | 1,073 | 2,490 |
| HOME DEPOT INC | 25,018 | 26,571 |
| HONG KONG EX&CL UNSP/ADR | 1,686 | 2,406 |
| HOYA CORP SPONS ADR | 613 | 813 |
| IBERDROLA ADR | 1,970 | 2,594 |
| IMPERIAL BRANDS PL | 1,319 | 1,947 |
| INDUSTRIA DE DISENO | 924 | 2,180 |
| INTERACTIVE BROKERS GROUP, INC | 3,768 | 17,379 |
| INTESA SANPAOLO SPA | 1,380 | 1,395 |
| INVESCO AI AND NEXT GEN SOFTWA | 69,844 | 92,688 |
| INVESCO KBW BANK | 3,702 | 3,619 |
| INVESCO ULTRA SHORT DURATION E | 12,838 | 12,809 |
| ISHARES 0 5 YEAR HIGH YIELD CO | 39,473 | 39,547 |
| ISHARES 0-3 MONTH TREASURY | 2,311 | 2,317 |
| ISHARES 20+ YR TREAS BD | 13,876 | 13,724 |
| ISHARES CORE MSCI EAFE ETF | 44,140 | 58,051 |
| ISHARES CORE MSCI EMERGING MAR | 13,465 | 18,365 |
| ISHARES S&P U.S. PREFERRED STO | 12,773 | 12,796 |
| ISHARES SHORT MATURITY BOND ET | 15,369 | 15,438 |
| ISHARES TRUST 0-5 YR INVT GRAD | 4,856 | 4,929 |
| ITOCHU CORP ADR OTC | 1,171 | 1,500 |
| JOHNSON & JOHNSON | 20,769 | 24,175 |
| JP MORGAN CHASE | 21,046 | 34,223 |
| KERING UNSPON ADR EA REPR 0.1 | 407 | 388 |
| KEYENCE CORP NPV | 1,247 | 1,117 |
| KINGSPAN GROUP | 776 | 672 |
| KOMATSU LTD | 897 | 803 |
| KON KPN NV SPON ADR REP 1 ORD | 787 | 1,134 |
| KRANESHARES CSI CHINA INTERNET | 3,594 | 3,635 |
| L'AIR LIQUIDE ADR OTC | 954 | 1,353 |
| L'OREAL ADR | 1,766 | 1,920 |
| LENNOX INTL INC | 3,442 | 8,080 |
| LINCOLN NATL CORP SER D 9.0% | 5,710 | 5,526 |
| LINDE PLC COM | 19,632 | 20,078 |
| LONDON STK EXCHANGE GROUP | 2,250 | 2,740 |
| LPL FINANCIAL HOLDINGS INC | 5,311 | 15,092 |
| LVMH MOET HENN UNSP | 2,720 | 2,687 |
| MARSH AND MCLENNAN COMPANIES I | 11,807 | 9,798 |
| MARUBENI CORP ADR CNV INTO 10 | 999 | 1,231 |
| MCDONALD'S CORP | 15,370 | 17,011 |
| MICROSOFT CORP | 40,579 | 82,332 |
| MORGAN STANLEY | 19,414 | 27,552 |
| MTU AERO ENGINES | 700 | 1,530 |
| MUENCHENER RUECKVERS | 1,266 | 1,500 |
| NATWEST GROUP ADR REPRESENTING | 1,242 | 2,305 |
| NESTLE S.A | 2,447 | 2,101 |
| NEXTERA ENERGY, INC | 19,639 | 22,222 |
| NINTENDO CO LTD ADR UNSPON | 1,594 | 1,801 |
| NORDSON CP | 7,261 | 9,278 |
| NOVO NORDISK A S | 2,470 | 2,621 |
| NUVEEN AMT FREE QUALITY MUNICI | 3,301 | 3,239 |
| NUVEEN DIVIDEND ADVANTAGE MUNI | 3,707 | 3,657 |
| OLLIES BARGAIN OUTLET HOLDINGS | 5,623 | 7,490 |
| ORACLE CORP | 21,782 | 33,351 |
| PIMCO ENHANCED SHORT MATURITY | 10,242 | 10,270 |
| PIMCO MUNI INCOME FUND II | 2,084 | 2,236 |
| POOL CORP | 7,931 | 8,012 |
| PROCTER GAMBLE CO | 14,746 | 15,338 |
| PROLOGIS | 21,942 | 23,949 |
| RAYTHEON TECHNOLOGIES CORP | 19,529 | 24,812 |
| RECRUIT HOLDINGS CO | 713 | 835 |
| REINSURANCE GRP OF AMERICA INC | 3,107 | 3,021 |
| RELX PLC | 1,582 | 2,035 |
| REPUBLIC SVCS INC | 4,734 | 6,039 |
| RHEINMETALL AG UNSPONSORD ADR | 960 | 1,178 |
| ROLLINS INC | 5,594 | 10,831 |
| ROLLS ROYCE GRP PLC S/ADR | 1,517 | 4,167 |
| RWE AKTIENGESELLSCHAF | 1,418 | 1,632 |
| RYANAIR HOLDINGS PLC-ADR COM | 935 | 1,187 |
| SAFRAN SA - UNSPON ADR | 1,330 | 4,698 |
| SAIA, INC | 7,285 | 7,020 |
| SAP AKTIENGESELL ADS | 2,309 | 3,380 |
| SERVICETITAN INC CL A | 4,027 | 4,341 |
| SHIN-ETSU CHEMICAL C | 898 | 1,034 |
| SHOPIFY INC | 201 | 1,043 |
| SITEONE LANDSCAPE SUPPLY INC | 4,688 | 5,710 |
| SMC CORP | 1,061 | 682 |
| SONY GROUP CORP | 1,401 | 1,785 |
| STANDARD CHARTERED | 1,008 | 1,534 |
| SUZUKI MOTOR CORP UNSP ADR | 945 | 1,259 |
| TAIWAN SEMICONDUCTOR MFG CO LT | 23,767 | 40,858 |
| TDK CORP | 831 | 1,964 |
| TECHNOLOGY SPDR | 2,967 | 4,210 |
| TELEDYNE TECH INC | 7,416 | 10,010 |
| TENCENT HOLDINGS LIMITED | 897 | 1,221 |
| TERUMO CORP | 596 | 484 |
| TEXAS INSTRUMENTS INC | 17,658 | 15,500 |
| THE COCA-COLA CO | 15,695 | 17,501 |
| THOR INDS INC | 7,362 | 8,974 |
| TJX COMPANIES INC | 17,057 | 24,384 |
| TOKYO ELECTRON LTD | 866 | 1,431 |
| TOTALENERGIES SE | 1,722 | 1,743 |
| TRANE TECHNOLOGIES PLC | 11,816 | 15,703 |
| TRIMBLE NAV LTD | 7,415 | 7,417 |
| ULS | 6,786 | 10,045 |
| UNICREDIT SPA | 1,531 | 3,097 |
| UNION PACIFIC | 18,928 | 18,291 |
| UNIVERSAL DISPLAY CORP | 13,658 | 10,457 |
| VANGARD RUSSELL 1000 GROWTH | 18,825 | 25,856 |
| VANGUARD CORP BOND ETF LONG TE | 2,254 | 2,323 |
| VANGUARD LG-CAP ETF | 26,603 | 57,428 |
| VANGUARD MID-CAP ETF | 21,610 | 29,964 |
| VANGUARD RUSSELL 1000 VALUE ET | 19,829 | 23,615 |
| VANGUARD RUSSELL 2000 ETF | 11,945 | 14,931 |
| VANGUARD ULTRASHORT BOND | 16,694 | 16,737 |
| VIRTUS ALLIANZGI CONVERTIBLE & | 2,896 | 2,744 |
| VOLVO AS-A ADR | 678 | 660 |
| WATSCO INC | 6,606 | 8,096 |
| WOLTERS KLUWER S/ADR | 1,437 | 1,356 |
| ZEBRA TECHNOLOGIES CORP | 7,269 | 7,539 |
| ZURN WATER SOLUTIONS | 7,273 | 12,154 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| ASPEN STILLWATER PROPERTIES, L | 474,026 | 1,569,009 | |
| MCGREW-MEYERS HOLDINGS, L.L.C. | 472,743 | 472,743 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Administrative Fees | 20,732 | 20,732 | ||
| Bank Charges | 171 | 171 | ||
| K-1 Exp ASPEN STILLWATER PROPE | 1,029 | 1,029 | ||
| K-1 Exp MCGREW-MEYERS HOLDINGS | 393 | 393 | ||
| Registered Agent Fee | 318 | 318 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| K-1 Inc/Loss ASPEN STILLWATER PROPERTIES, LLC | 2,270 | 2,270 | |
| K-1 Inc/Loss MCGREW-MEYERS HOLDINGS, L.L.C. | 192 | 192 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Investment Management Services | 28,116 | 28,116 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| 990-PF Estimated Tax for 2025 | 2,200 | |||
| Foreign Tax Paid | 490 | 490 |