Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020
Name of foundation
WALLACE RESEARCH FOUNDATION
C/O RSM US LLP ATTN CARLEY LANE
Number and street (or P.O. box number if mail is not delivered to street address)201 FIRST ST SE NO 800
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
CEDAR RAPIDS, IA52401
A Employer identification number

42-6540579
B Telephone number (see instructions)

(319) 298-5333
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$98,211,326J Accounting method:
 
(Part I, column (d) must be on cash basis.)
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)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 1,598,213 1,598,213  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 2,531,453
b Gross sales price for all assets on line 6a 15,894,152
7 Capital gain net income (from Part IV, line 2)... 2,531,453
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).......      
12 Total. Add lines 1 through 11........ 4,129,666 4,129,666  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 67,710 20,804   46,906
c Other professional fees (attach schedule).... Click to see attachment 425,689 425,689   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 75,306 20,306   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 2,010 200   1,780
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 570,715 466,999   48,686
25 Contributions, gifts, grants paid....... 4,245,425 4,245,425
26 Total expenses and disbursements. Add lines 24 and 25 4,816,140 466,999   4,294,111
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -686,474
b Net investment income (if negative, enter -0-) 3,662,667
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 3,771,842 2,143,718 2,143,718
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
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) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 35,114,452 Click to see attachment37,748,865 64,903,635
c Investments—corporate bonds (attach schedule)....... 6,132,601 Click to see attachment6,155,710 6,461,392
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 24,714,311 Click to see attachment23,039,673 24,655,073
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment28,742 Click to see attachment47,508 Click to see attachment47,508
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 69,761,948 69,135,474 98,211,326
Liabilities 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 bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
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 bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 69,761,948 69,135,474
29 Total net assets or fund balances (see instructions)..... 69,761,948 69,135,474
30 Total liabilities and net assets/fund balances (see instructions). 69,761,948 69,135,474
Part III
Analysis of Changes in Net Assets or Fund Balances
1
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) ...............
1
69,761,948
2
Enter amount from Part I, line 27a .....................
2
-686,474
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
60,000
4
Add lines 1, 2, and 3 ..........................
4
69,135,474
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
69,135,474
Form 990-PF (2020)
Form 990-PF (2020)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(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.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a PUBLICLY TRADED SECURITIES P    
b PUBLICLY TRADED SECURITIES P    
c CAPITAL GAINS DIVIDENDS P    
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 14,334,190   11,524,045 2,810,145
b 1,545,650   1,838,654 -293,004
c 14,312     14,312
d
e
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       2,810,145
b       -293,004
c       14,312
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 2,531,453
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 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE
1 Reserved
(a)
Reserved 		(b)
Reserved 		(c)
Reserved 		(d)
Reserved
2
Reserved...........................
2
3
Reserved...........................
3
4
Reserved...........................
4
5
Reserved...........................
5
6
Reserved...........................
6
7
Reserved...........................
7
8
Reserved,..........................
8
Form 990-PF (2020)
Form 990-PF (2020)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Reserved................................ 1 50,911
c All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% 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 50,911
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 50,911
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 60,320
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 10,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 70,320
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.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 19,409
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet19,409 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletIA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletCARLEY LANE Telephone no.bullet (319) 298-5333

    Located atbullet201 FIRST STREET SE STE 800CEDAR RAPIDSIA ZIP+4bullet52401
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2020?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2020 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2020.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (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
    HENRY D WALLACE PRESIDENT
    5.00     		0 0 99
    201 FIRST ST SE STE 800
    CEDAR RAPIDS,IA52401
    LINDA WALLACE-GRAY VP & TREASURER
    20.00     		0 0 0
    201 FIRST ST SE STE 800
    CEDAR RAPIDS,IA52401
    MARSHALL GILCHRIST DIRECTOR & SECRETARY
    2.00     		0 0 1,681
    201 FIRST ST SE STE 800
    CEDAR RAPIDS,IA52401
    ALEX GILCHRIST DIRECTOR
    2.00     		0 0 0
    201 FIRST ST SE STE 800
    CEDAR RAPIDS,IA52401
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (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...................bullet 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    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
    EAGLE CAPITAL MANAGEMENT INVESTMENT MGMT 229,438
    499 PARK AVENUE
    NEW YORK,NY10022
    MORGAN STANLEY SMITH BARNEY INVESTMENT CONSULT'G 172,784
    370 17TH STREET STE 2800
    DENVER,CO80202
    RSM US LLP GRANT ADMIN/ACCT'G 67,710
    201 FIRST ST SE
    CEDAR RAPIDS,IA52401
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    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  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    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  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    84,992,700
    b
    Average of monthly cash balances.......................
    1b
    3,125,545
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    88,118,245
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    88,118,245
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    1,321,774
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    86,796,471
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    4,339,824
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    4,339,824
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    50,911
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    50,911
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    4,288,913
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    60,000
    5
    Add lines 3 and 4............................
    5
    4,348,913
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    4,348,913
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    4,294,111
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    4,294,111
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    4,294,111
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2019     		(c)
    2019     		(d)
    2020
    1 Distributable amount for 2020 from Part XI, line 7 4,348,913
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 4,260,328
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016......  
    c From 2017......  
    d From 2018......  
    e From 2019......  
    fTotal of lines 3a through e........ 0
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 4,294,111
    a Applied to 2019, but not more than line 2a 4,260,328
    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 2020 distributable amount..... 33,783
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2020. 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 0
    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 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		4,315,130
    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 2015 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2016....  
    b Excess from 2017....  
    c Excess from 2018....  
    d Excess from 2019....  
    e Excess from 2020....  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2020, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2020 (b) 2019 (c) 2018 (d) 2017
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    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 X, 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          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    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:
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 11
    Part XV
    Supplementary Information (continued)
    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)
    aPaid during the year
    ALLIANCE FOR GLOBAL JUSTICE
    225 E 26TH ST 1
    TUCSON,AZ85713     		NONE PC SUPPORT PHILLY THRIVE BY FUNDING THEIR WORK CONTESTING FOR THE TRANSITION OF THE PES OIL REFINERY AND OTHER FOSSIL FUEL INFRASTRUCTURE IN PHILADELPHIA 35,000
    ANIMAL FRIENDS OF THE VALLEYS
    33751 MISSION TRAIL RD
    WILDOMAR,CA92595     		NONE PC SUPPORT VETERINARY OUTREACH PROGRAMS IN AND AROUND THE WILDOMAR, CALIFORNIA AREA, BELIZE, AND COSTA RICA 173,000
    ARCHAEOLOGY SOUTHWEST
    4550 CAMINITO CALLADO
    TUCSON,AZ85718     		NONE PC IMPLEMENT THE FLUID IDENTITIES INITIATIVE 200,000
    ARIZONA-SONORA DESERT MUSEUM
    2021 N KINNEY RD
    TUCSON,AZ85743     		NONE PC GENERAL SUPPORT TO FURTHER AZ SONORA DESERT MUSEUM'S MISSION 80,000
    BROOKFIELD CRAFT CENTER INC
    PO BOX 122
    BROOKFIELD,CT06804     		NONE PC RETENTION OF AN ARTIST IN RESIDENCE/EDUCATION DIRECTOR POSITION, TO HELP DEVELOP AND EXPAND THE COURSE CURRICULUM, AND SUPPORT INFRASTRUCTURE IMPROVEMENTS TO HISTORIC BUILDINGS 100,000
    CENTER FOR CLIMATE PROTECTION
    PO BOX 3785
    SANTA ROSA,CA95402     		NONE PC SUPPORT THE RAPID DECARBONIZATION CAMPAIGN FOR A CLIMATE-SAFE FUTURE 250,000
    COMMUNITY FOOD BANK INC
    3003 S COUNTRY CLUB RD
    TUCSON,AZ85713     		NONE PC SUPPORT PHASE II OF THE MAIN WAREHOUSE SOLAR SYSTEM INSTALLATION PROJECT 98,000
    COMMUNITY FOOD BANK INC
    3003 S COUNTRY CLUB RD
    TUCSON,AZ85713     		NONE PC PURCHASE OF A PUSH-BACK RACKING SYSTEM 50,000
    CONQUER CHIARI
    320 OSPREY CT
    WEXFORD,PA15090     		NONE PC SUPPORT RESEARCH PROJECTS BY FUNDING CCRC POST-DOCTORAL RESEARCH FELLOW 50,000
    CORAL RESTORATION
    89111 OVERSEAS HIGHWAY
    TAVERNIER,FL33070     		NONE PC PLANT 12,815 STAGHORN, 5,750 ELKHORN, AND 3,000 STAR CORALS AT CARYSFORT REEF, PICKLES REEF, AND SOMBRERO REEF 25,000
    DANCING CLASSROOMS INC
    1350 AVENUE OF THE AMERICAS 2ND
    FLOOR
    NEW YORK,NY10019     		NONE PC SUPPORT DIGITAL INFRASTRUCTURE, REMOTE LEARNING PROGRAMMING, AND MARKETING AND OUTREACH OF NEW DIGITAL OFFERINGS 110,000
    DIGDEEP RIGHT TO WATER PROJECT
    PO BOX 26779
    LOS ANGELES,CA90069     		NONE PC PURCHASE 275 GALLON WATER TANKS FOR 200 FAMILIES WITHOUT RUNNING WATER AND IMPACTED BY COVID-19 ON THE NAVAJO NATION 50,000
    ECOHEALTH ALLIANCE
    520 EIGHTH STREET SUITE 1201
    NEW YORK,NY10018     		NONE PC FUND THE PROJECT TO MITIGATE THE RISK OF CORONAVIRUS EMERGENCE VIA HUMAN-WILDLIFE INTERACTIONS IN SOUTHEAST ASIA, 250,000
    EMERGE CENTER AGAINST DOMESTIC ABUSE
    2545 EAST ADAMS STREET
    TUCSON,AZ85716     		NONE PC SUPPORT HOTEL COSTS ASSOCIATED WITH OPERATING AN EMERGENCY SHELTER FOR PEOPLE EXPERIENCING DOMESTIC VIOLENCE 50,000
    HIAS PENNSYLVANIA
    2100 ARCH ST
    PHILADELPHIA,PA19103     		NONE PC FULLY DIGITALIZE PAST CLIENT RECORDS 32,000
    HOLISTIC MANAGEMENT
    2425 SAN PEDRO DR NE STE A
    ALBUQUERQUE,NM87110     		NONE PC SUPPORT THE COSTS OF THE "SAVING TOMORROWS AGRICULTURAL RESOURCES" (STAR) PROGRAM AND ROLLING IT OUT ACROSS COLORADO AS WELL AS PILOTING THE PROGRAM IN WATER AND CONSERVATION DISTRICTS 50,000
    INTERNATIONAL HERPETOLOGICAL SYMPOSIUM INC
    1989 COLONIAL PKWY
    FORT WORTH,TX76110     		NONE PC SUBVENTION FOR PUBLISHING COSTS OF SNAKES OF ARIZONA 43,250
    JOHN HOPKINS UNIVERSITY
    415 N WASHINGTON ST 4TH FLOOR
    BALTIMORE,MD21231     		NONE PC ADDRESS THE IMPACT OF COVID-19 ON THE MENTAL AND BEHAVIORAL HEALTH OF NATIVE AMERICANS 50,000
    LEWA WILDLIFE CONSERVANCY
    PO BOX 4449
    NEW YORK,NY10163     		NONE PC SUPPORT SECURITY OPERATIONS ACROSS THE LEWA-BORANA LANDSCAPE AND THE ANTI-POACHING PROGRAM IN NORTHERN KENYA 100,000
    MASSACHUSETTS AUDUBON SOCIETY
    208 SOUTH GREAT ROAD
    LINCOLN,MA01773     		NONE PC FUND THE PROTECTION AND CONSERVATION OF THE NATURE OF BELIZE 103,000
    NATIVE AMERICAN ADVANCEMENT FOUNDATION
    PO BOX 64877
    TUCSON,AZ85728     		NONE PC SUPPORT THE REMOTE LEARNING CENTER, DAILY MEAL SERVICES, GRAD SOLUTIONS, AND OODHAM LANGUAGE PRESERVATION AND REVITALIZATION IN THE GUVO DISTRICT 84,500
    PENNENVIRONMENT RESEARCH & POLICY CENTER INC
    1429 WALNUT STREET SUITE 110
    PHILADELPHIA,PA19102     		NONE PC RESEARCH, WRITE, AND DISSEMINATE STUDIES ON THE VIABILITY OF ELECTRIC VEHICLES IN PENNSYLVANIA TO REDUCE GLOBAL WARMING POLLUTION EMISSIONS 60,000
    RURAL AND MIGRANT MINISTRY INC
    PO BOX 4757
    POUGHKEEPSIE,NY12602     		NONE PC CAPACITY BUILDING THROUGH THE ESTABLISMENT OF A COMMUNICATIONS PROGRAM COORDINATOR AND SUPPORT FOR MOVING COSTS TO A NEW HOME 105,000
    SARSEF
    4574 E BROADWAY BLVD
    TUCSON,AZ85711     		NONE PC DELIVER VIRTUAL STEM INSTRUCTION TO UNDERREPRESENTED STUDENTS IN RURAL COMMUNITIES 75,000
    ST JUDE CHILDRENS RESEARCH HOSPITAL
    262 DANNY THOMAS PLACE
    MEMPHIS,TN38105     		NONE PC FUND RESEARCH TO UNDERSTAND THE ETIOLOGY OF BLEEDING DISORDERS 155,000
    THE NATURE CONSERVANCY - ALASKA
    715 L STREET SUITE 100
    ANCHORAGE,AK99501     		NONE PC CONDUCT AERIAL DETECTION SURVEYS TO PRODUCE TECHNOLOGY TO SUPPORT CONSERVATION EFFORTS IN ALASKA AND TO MAKE NEEDED BUILDING IMPROVEMENTS 26,500
    THE NATURE CONSERVANCY - ARIZONA
    1510 E FORT LOWELL RD
    TUCSON,AZ85719     		NONE PC FUND CAPITAL EXPENSES, FIELD SUPPLIES, IMPROVEMENTS, AND EXPENSES FOR THE ARIZONA CHAPTER 71,500
    THE NATURE CONSERVANCY - TENNESSEE
    2 MARYLAND FARMS SUITE 150
    BRENTWOOD,TN37027     		NONE PC FUND PROJECTS TO SUPPORT CAVE AND BAT CONSERVATION 70,000
    TOHONO CHUL PARK
    7366 N PASEO DEL NORTE
    TUCSON,AZ85704     		NONE PC SUPPORT THE GARDENS, SOLAR ENERGY, AND CONSERVATION EDUCATION PROGRAMS 150,000
    TOHONO CHUL PARK
    7367 N PASEO DEL NORTE
    TUCSON,AZ85705     		NONE PC FUND COMPUTER TECHNICAL SUPPORT AND STAFFING IN THE GREENHOUSE GARDENS AND MAINTENANCE FACILITIES. 103,000
    TUCSON BOTANICAL GARDENS
    2150 N ALVERNON WAY
    TUCSON,AZ85712     		NONE PC SUSTAINING THE GARDENS AS A RESULT OF THE COVID-19 PANDEMIC TEMPORARY CLOSURE 40,000
    URBANPROMISE INTERNATIONAL INC
    PO BOX 156
    PENNSAUKEN,NJ08110     		NONE PC FUND AND EXPAND EXPERIENTIAL LEARNING PROGRAMS FOR INNER CITY YOUTH AND ASSIST IN INITIATING NEW URBANPROMISE SITES IN NEW CITIES 150,000
    VANDERBILT UNIVERSITY
    111 21ST AVENUE SOUTH WILSON HALL
    065
    NASHVILLE,TN37240     		NONE PC SUPPORT THE RESEARCH PROJECT, DEVELOPMENTAL STUDIES OF COCHLEAR IMPLANTATION IN MACAQUES 20,000
    WILD SALMON CENTER
    721 NW 9TH AVENUE SUITE 300
    PORTLAND,OR97209     		NONE PC SUPPORT THE COLD WATER CONNECTION CAMPAIGN 200,000
    WILDCOAST
    925 SEACOAST DR
    IMPERIAL BEACH,CA91932     		NONE SO I SUPPORT COASTAL CONSERVATION AND NATURAL CLIMATE SOLUTIONS IN MEXICO 120,000
    WILDCOAST
    925 SEACOAST DR
    IMPERIAL BEACH,CA91932     		NONE PC SUPPORT THE BLUE CARBON ECOSYSTEM, WILDLANDS, AND MARINE PROTECTED AREA CONSERVATION IN CALIFORNIA AND MEXICO 123,000
    WILDLIFE ALLIANCE INC
    1441 BROADWAY FIFTH FLOOR
    NEW YORK,NY10018     		NONE PC CONTINUE COMBAT AGAINST THE ILLEGAL WILDLIFE TRADE IN CAMBODIA AND ENSURING CARE AND RELEASE FOR RESCUED ANIMALS 100,000
    WILDLIFE ALLIANCE INC
    1441 BROADWAY FIFTH FLOOR
    NEW YORK,NY10018     		NONE PC CARE FOR RESCUED WILDLIFE AND WILDLIFE RELEASE PROGRAMS AT PHNOM TAMAO WILDLIFE RESCUE CENTRE 10,000
    WOODS HOLE OCEANOGRAPHIC INSTITUTION
    266 WOODS HOLE ROAD MS40
    WOODS HOLE,MA02543     		NONE PC FUND DEVELOPMENT OF NEW METHODS TO DETECT MICROPLASTICS IN AQUATIC ENVIRONMENTS 200,000
    YALE SCHOOL OF MEDICINE
    25 SCIENCE PARK 3RD FLOOR 150
    MUNSON STREET
    NEW HAVEN,CT06520     		NONE PC FUND RESEARCH IN THE TREATMENT OF MAJOR DEPRESSIVE DISORDERS 274,688
    YALE UNIVERSITY
    PO BOX 1873
    NEW HAVEN,CT06508     		NONE PC FUND A RESEARCH PROGRAM STARTED IN 2016 TO ADVANCE THE PRACTICE OF ACADEMIC INTEGRATIVE MEDICINE 99,987
    AGR FOUNDATION INC
    1895 WEST PRINCE RD
    TUCSON,AZ85705     		NONE PC ASSIST WITH THE CONSTRUCTION OF SOL DOG LODGE AND TRAINING CENTER 108,000
    Total .................................bullet 3a 4,245,425
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    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
    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 1,598,213  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 2,531,453  
    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).. 0 4,129,666 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    4,129,666
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below?
    See instructions.
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2020)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2020 AccountingFeesSchedule
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY LANE
    EIN:
    42-6540579
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 67,710 20,804   46,906

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY LANE
    EIN:
    42-6540579
    Name of Bond End of Year Book Value End of Year Fair Market Value
    JP MORGAN CHASE & CO 251,719 253,839
    GENERAL MILLS INC 251,407 254,819
    CVS HEALTH CORP 253,158 260,967
    HARLEY-DAVIDSON INC 253,603 272,012
    GMAC CAP TRUST I 8.125% TO 2/1/16 FLOATS AFTER 167,566 182,506
    CITIGROUP CAPT XIII 7.875% FIX ED 10/30/15 FLOATS AFTER 47,638 51,813
    REINSURANCE GROUP AMERICA INC 60,568 60,060
    TELEPHONE & DATA SYSTEMS 73,092 74,168
    UNITED STATES CELLULAR CORP 7.25% 12,160 11,942
    UNITED STATES CELLULAR CORP 7.25% 23,794 23,997
    ASSURED GUARNITY MUNI HLDGS INC NT MTY 34,689 35,410
    BANK OF AMERICA CORP 231,000 249,374
    PACKAGING CORP OF AMERICA 227,694 246,533
    ALLSTATE CORP 5.1 FIXED TO 01/23 THEN FLOATS 57,443 60,599
    BERKLEY CORP 23,457 23,947
    WR BERKLEY CORP 11,808 12,051
    REINSURANCE GRP OF AMERICA 73,036 79,993
    WESTERN ALLIANCE BANCORPORATION 6.25 23,461 24,116
    QWEST CORP 6.5 83,581 86,589
    NUSTAR LOGISTICS LP 7.625% 27,626 27,280
    GLOBAL INDEMNITY LIMITED 7.875% 35,084 36,697
    STIFEL FINANCIAL CORP 5.2% 10,453 10,946
    ENBRIDGE INC 6.375% 69,751 76,369
    CMS ENERGY CORP 5.875% 23,089 25,370
    ALGONQUIN POWER & UTILITIES CORP 6.875% 22,725 23,857
    PRUDENTIAL FINANCIAL INC 5.625% 10,429 11,978
    GOLBE LIFE INC 6.125 23,511 25,304
    AMERICAN FINANCIAL GROUP 5.8750 4,439 5,092
    NATIONAL RURAL UTIL COOP 11,447 13,322
    NEXTERA ENERGY CAPITAL HOLDINGS INC. 22,435 25,143
    ALGONQUIN POWER & UTILITIES CORP 6.875% 44,855 49,414
    SOUTH JERSEY INDUSTRIES INC. 11,509 11,765
    AFFILIATED MANAGERS GROUP INC. 5.875 21,715 24,309
    GENERAL ELECTRIC CO FXD 244,139 232,563
    FIRST ENERGY CORP 248,392 254,095
    NEXTERA ENERGY CAPITAL HOLDINGS INC. 152,210 156,932
    DUKE ENERGY CORP 261,552 271,785
    SIMON PROPERTY GROUP LP 209,187 217,484
    CME GROUP INC 259,184 274,085
    ZIMMER BIOMET HOLDINGS INC 263,576 276,148
    SHERWIN WILLIAMS CO/THE 263,647 282,435
    CITIBANK NA 245,000 252,029
    NORDSTOM INC 278,757 280,013
    NORTHROP GRUMMAN SYSTEMS CORP 305,024 318,653
    EXELON CORP 264,719 281,588
    BOEING CO 3.1% 104,187 117,788
    BOEING CO 2.8% 145,040 145,498
    PIMCO DYN CREDIT & MORT INC 219,441 265,000
    AMERICAN FINANCIAL GROUP 5.625% 11,188 12,597
    PRUDENTIAL FINANCIAL INC 24,157 25,235
    AFFILIATED MANAGERS GR 4.75% 12,024 12,658
    THE SOUTHERN CO 4.20% 48,573 52,413
    ASSURANT INC 5.25% 24,990 26,539
    UNITED STATES CELLULAR CORP 5.50% 12,374 12,403
    THE SOUTHERN CO 4.95% 34,031 36,689
    BROOKFIELD FIN INC 4.625% 24,376 25,181

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY LANE
    EIN:
    42-6540579
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AERCAP HOLDINGS NV 382,722 336,243
    FIRST TR EXCHANGE TRADED FD VI 699,538 939,929
    FIRST TRUST AMEX BIOTECH 1,133,820 2,230,906
    SPDR S&P MIDCAP 400 ETF TRUST 1,513,688 5,269,995
    VANGUARD HEALTH CARE ETF 2,003,532 4,375,934
    VANGUARD RUSSELL 1000 2,970,541 7,378,294
    AEGON NV SERIES 1 22,509 25,515
    ASPEN INSURANCE HLDG LTD 46,946 50,573
    BK OF AMERICA CO 5.875% 10,567 11,599
    CHS INC 99,335 100,469
    CHS INC 47,805 50,801
    CITIGROUP INC 6.875%-K 135,762 139,818
    CITIGRP INC 7.125% 12,011 11,831
    F N B CORP FLA DEP SHS REPSTG 41,072 41,208
    FIFTH THIRD BANCORP 6.625%-I 41,873 43,098
    GOLDMAN SACHS GRP INC 5.50%-J 35,529 36,595
    GOLDMAN SACHS GRP INC 6.375%-K 56,779 61,683
    JP MORGAN CHASE & CO 6.1%-Y 4,869 4,867
    MORGAN STANLEY 6.375%-I 81,405 86,100
    MORGAN STANLEY 6.875%-F 61,478 61,931
    PARTNERRE LTD 7.25% 81,326 75,228
    PNC FINL P 6.125% FLTS 5/01/22 61,530 57,845
    REGIONS FINANCIAL CO 6.375%-B 37,357 37,878
    STATE ST CO 5.90-D FXD-TO-FLT 36,560 37,736
    VALLEY NATL BANCORP SER-A 22,815 25,022
    WELLS FARGO & COMPANY 6.625%-R 23,867 24,931
    WINTRUST FINANCIAL CORP 49,039 52,631
    ZIONS BANCORP 6.30% 51,201 50,220
    HARTFORD FIN SER6.0% 9,194 10,175
    ALPHABET INC CL C 1,000,449 2,778,482
    AMAZON COM INC 163,626 1,791,312
    AON PLC SHS CL-A 799,862 1,508,257
    BERKSHIRE HATHAWAY CL-B NEW 922,179 1,638,625
    CITIGROUP INC NEW 1,208,709 1,368,235
    COMCAST CORP (NEW) CLASS A 1,692,848 2,366,332
    DISH NETWORK CLASS A 589,994 498,392
    FACEBOOK INC CL-A 915,863 1,487,629
    GOLDMAN SACHS GRP INC 943,265 1,443,549
    HILTON WORLDWIDE HLDGS INC 657,739 952,719
    MICROSOFT CORP 321,208 2,566,060
    MORGAN STANLEY 416,232 827,500
    UNITEDHEALTH GP INC 85,467 1,029,596
    AMER HOMES 4 RENT 6.35 SER-E 24,673 25,090
    AMERICAN HMS 4 RENT PFD D 6.5 24,244 24,073
    AMERICAN HOMES 4 RENT 6.25 10,550 11,259
    ARCH CAP GROUP LTD 5.25 22,783 24,273
    ASPEN INSURANCE HOLDING 5.95 58,368 61,473
    BANK OF AMERICA CORP 6.2 CC 17,468 16,593
    CHARLES SCHWAB CORP 5.95 D 51,011 50,674
    CHS INC/RED PFD CL BS4 95,572 101,721
    CITIGROUP INC 6.3 24,948 25,023
    HUNTINGTON BANCSHARES 6.25 36,877 36,173
    KEYCORP 6.125 SER-E 42,318 47,125
    PEOPLES UNITED FIN INC SER A 68,297 74,004
    SCE TRUST IV 5.375 12,658 12,425
    SCE TRUST V 5.45 25,953 26,752
    STIFEL FINANCIAL CORP 6.25 25,190 25,071
    WELLS FARGO & CO 5.7 SER-2 12,276 12,134
    MARRIOTT INTL INC NEW CL A 966,711 1,644,119
    FIRST TRUST WATER ETF (FIW) 724,843 1,370,280
    AGNC INVESTMENT CORP 7% 26,141 26,484
    ANNALY CAP MGMNT 6.95% 26,322 26,538
    ARCH CAP GROUP LTD 5.45% 22,054 23,612
    DIGITAL RLTY TR INC RED SER C 17,076 16,678
    ENSTAR GROUP LTD 7% 34,238 38,350
    FARMLAND PARTNERS INC 6% 26,001 25,360
    GLOBAL NET LEASE INC PFD SER A 6,217 6,592
    MORGAN STANLEY 5.85% 20,397 23,224
    NATIONAL STORAGE AFFILIA 6% 11,999 12,588
    NEW YORK CMNTY BC INC SER A 69,834 77,554
    NISOURCE INC 6.5% SER B 22,162 24,501
    STATE STREET CORP 5.350% 27,454 29,481
    TCF FINANCIAL CORPN 5.70 11,970 12,544
    VALLEY NATL BANCRP 5.50% 11,620 11,869
    WELLS FARGO 5.85-Q FIXD 48,750 49,243
    GENERAL MTRS CO 575,212 696,429
    WELLS FARGO & CO NEW 1,809,483 1,408,440
    JP MORGAN CHASE & CO. 5.75% 5,446 6,126
    BRIGHTSPHERE INVT GROUP LLC NT 43,289 49,140
    AGNC INVESTMENT CORP 6.875% 13,515 13,405
    AIR LEASE CORP 31,795 40,165
    ALLSTATE CORP 11,267 12,494
    AMER EQ INV HLDG CO 54,505 62,760
    ANNALY CAP MGMT INC PDF SER I 51,872 54,660
    ASPEN INSURANCE HOLDINGS 5.625 23,616 24,684
    ATHENE HOLDING LTD 34,075 38,053
    ATHENE HOLDING LTD 22,382 25,562
    EQUITABLE HLDGS DEP RP PFD A 23,238 24,882
    BANK OF AMERICA CO 5.00 30,389 32,736
    BANK OF AMERICA CO 6% 22,267 24,594
    CAPITAL ONE FINANCIAL 5% 68,746 75,941
    CITIZENS FIN GROUP 6.35% D 34,437 38,905
    DIGITAL REALTY TRST 5.850 21,684 24,167
    DIGITAL REALTY TST INC 5.20% 22,493 24,543
    JPMORGAN CHASE & CO. 6.00% 10,375 11,791
    PS BUSINESS CO 6.375% 11,803 12,819
    SPIRE INC 5.90% 10,981 11,900
    FT ENHANCED SHORT MATURITY ETF 180,398 180,120
    PIMCO ENHANCED SHRT MTRT EXC 1,217,699 1,224,480
    VANGUARD FTSE EMERING MARKETS 1,924,853 2,299,448
    LIBERTY BROADBAND CORP 971,260 1,870,033
    NETFLIX 449,024 850,028
    WABTEC CORP 258,289 267,766
    WALT DISNEY CO HLDG 274,409 553,324
    FIRST TRUST CAPITAL STRENGTH 2,047,703 2,362,500
    FT NASDAQ CLEAN EDGE GREEN ERN 509,426 561,840
    SPDR GOLD TR GOLD SHS 932,744 1,070,160
    VANGUARD DIVIDEND APPRECIATION 1,106,646 1,327,139
    AGNC INVMT CO 6.125% 27,432 26,494
    AGNC INVSTMNT CORP 6.50% 13,668 13,269
    AMERICAN EQUITY 6.625% 57,432 62,998
    AT&T INC 4.750% 34,121 37,598
    ATHENE HOLDING LTD 6.375% 34,433 38,026
    ATLANTIC UN BANKSHARES 6.875 15,995 17,617
    AXIS CAP HOLDINGS LTD 5.5% 10,889 11,810
    BANK OF AMERICA COR 4.375% 48,479 51,454
    BROOKFIELD FIN I UK 4.50% 24,778 25,657
    CAPITAL ONE FINANCIAL 4.80% 12,586 12,818
    CITIZENS FINL GRP INC 5% 11,699 12,697
    FIFTH THIRD BANCORP 6% 10,473 11,070
    FIRST HORI CORP 6.50DP RP PFD 11,081 12,718
    FIRST REPUBLIC BK 4.125% 24,046 25,250
    FIRST REPUBLIC BK 4.7% 12,584 13,007
    PINNACLE FIN PRTNRS 6.75% 34,350 38,046
    PUBLIC STORAGE 3.9% 12,231 12,672
    PUBLIC STORAGE 4.125% 11,794 12,697
    PUBLIC STORAGE 4.625% 23,065 24,942
    SCE TRUST VI 5% 12,229 12,915
    SIGNATURE BK NY 5% 38,419 39,450
    TRUIST FINANCIAL CORP 5.25% 22,430 24,982
    TRUIST FINCL CORP 4.75% 36,061 39,430
    U.S. BANCORP 3.75% 12,034 12,287
    UNITED STATES CELLULAR 6.25% 23,707 25,037
    VORNADO REALTY TR 5.25% 12,375 13,221
    WELLS FARGO & CO 4.75% 23,611 25,284
    WELLS FARGO & CO 5.5% 36,092 36,500
    WELLS FARGO 7.5 NON-CUM CL A 98,094 107,771
    WELLS FARGO CO DEP SH PFD CL A 22,808 24,059
    WESBANCO INC 6.75% 7,211 7,714
    WESCO INTL INC DP SH 11,593 13,531
    WINTRUST FINL COR DEP REP SR E 33,289 37,920
    ANTHEM INC COM 638,663 772,864
    CAPITAL ONE FINANCIAL CORP 283,607 410,821
    GENERAL ELECTRIC CO 856,500 1,424,704
    WOODWARD INC COM 111,005 155,437
    HEXCEL CORP NEW 113,594 99,211

    TY 2020 InvestmentsOtherSchedule2
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY LANE
    EIN:
    42-6540579
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    LORD ABBETT SHT DURATION INC F AT COST 4,486,608 4,234,233
    MAINSTAY HI YLD CORP BOND I AT COST 3,027,629 3,492,690
    MATTHEWS ASIA DIVIDEND INV AT COST 1,198,559 1,407,412
    ARTISAN FUNDS INC MID CAP VALUE FD INV SHS ARTQX AT COST 31,393 31,695
    ARTISAN FDS INC INTERNAITIONAL FUND INV ARTIX AT COST 31,970 48,629
    DIAMOND HILL LONG-SHORT FUND CL I DHLSX AT COST 46,958 71,181
    DODGE & COX INCOME FD DODIX AT COST 114,428 126,826
    HARRIS ASSOC INVT TR OAKMARK INTL FUND CL I OAKIX AT COST 26,029 45,253
    JPMORGAN MID CAP VALUE FUND CL I FLMVX AT COST 24,428 35,917
    ROYCE FUND PENNSYLVANIA MUTUAL FD INVESTMENT CL PENNX AT COST 54,128 61,421
    PIMCO FDS PAC INVT MGMT SER EMERGING MKTS BD RD INSTL CL PEBIX AT COST 16,438 16,438
    PRINICIPAL FUNDS INC PREFERRED SECURITIES INSTAL CLASS PPSIX AT COST 35,922 37,525
    TEMPLETON INCOME TR GLOBAL BD FD ADVISOR CL TGBAX AT COST 16,123 12,832
    TWEEDY BROWNE FD INC GLOBAL VALUE FD TBGVX AT COST 21,072 28,291
    VANGUARD GNMA FD CL I VFIIX AT COST 21,358 21,954
    FIRST EAGLE OVERSEAS 1 AT COST 7,125,308 7,887,194
    PGIM TOTAL RETURN BOND Z AT COST 6,761,322 7,095,582

    TY 2020 OtherAssetsSchedule
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY LANE
    EIN:
    42-6540579
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    DIVIDEND RECEIVABLE 28,742 47,508 47,508


    TY 2020 OtherExpensesSchedule
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY LANE
    EIN:
    42-6540579
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BANK SERVICE CHARGES 230 200   0
    DIRECTOR EXPENSES 1,780 0   1,780


    TY 2020 OtherIncreasesSchedule
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY LANE
    EIN:
    42-6540579
    Description Amount
    RETURN OF PRIOR YEAR GRANTS 60,000


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY LANE
    EIN:
    42-6540579
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 425,689 425,689   0


    TY 2020 TaxesSchedule
    Name:
    WALLACE RESEARCH FOUNDATION
     
    C/O RSM US LLP ATTN CARLEY LANE
    EIN:
    42-6540579
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAX 20,306 20,306   0
    EXCISE TAX 55,000 0   0