Form990-PF
Click to see attachment

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
SARAH SCAIFE FOUNDATION INCORPORATED
 
Number and street (or P.O. box number if mail is not delivered to street address)301 GRANT ST ONE OXFORD CTR STE3
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
PITTSBURGH, PA152196402
A Employer identification number

25-1113452
B Telephone number (see instructions)

(412) 392-2900
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$956,389,603J 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 421,800 421,800  
4 Dividends and interest from securities... 14,288,137 14,401,487  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 53,106,684
b Gross sales price for all assets on line 6a 310,758,286
7 Capital gain net income (from Part IV, line 2)... 53,426,352
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)....... Click to see attachment 76,787 -108,491  
12 Total. Add lines 1 through 11........ 67,893,408 68,141,148  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 1,105,975 159,442   946,533
14 Other employee salaries and wages...... 114,025 11,779   102,246
15 Pension plans, employee benefits....... 384,652 53,834   329,743
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 56,019 7,862   48,157
c Other professional fees (attach schedule).... Click to see attachment 1,074,485 1,074,348   137
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 925,887 0   0
19 Depreciation (attach schedule) and depletion... 129,470 0  
20 Occupancy.............. 183,366 30,253   185,305
21 Travel, conferences, and meetings....... 45,079 0   45,079
22 Printing and publications.......... 833 117   716
23 Other expenses (attach schedule)....... Click to see attachment 101,916 10,650   91,530
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 4,121,707 1,348,285   1,749,446
25 Contributions, gifts, grants paid....... 38,926,561 39,217,336
26 Total expenses and disbursements. Add lines 24 and 25 43,048,268 1,348,285   40,966,782
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 24,845,140
b Net investment income (if negative, enter -0-) 66,792,863
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............. 17,213 15,498 15,498
2 Savings and temporary cash investments......... 37,805,339 63,425,556 63,425,556
3 Accounts receivable bullet2,800
Less: allowance for doubtful accounts bullet   2,800 2,800 2,800
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.......... 24,840 18,754 18,754
10a Investments—U.S. and state government obligations (attach schedule) 34,399,569 Click to see attachment18,266,107 19,128,109
b Investments—corporate stock (attach schedule)....... 378,140,370 Click to see attachment141,741,727 337,132,204
c Investments—corporate bonds (attach schedule)....... 19,538,792 Click to see attachment13,888,107 14,936,722
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 120,112,160 Click to see attachment377,791,369 521,018,830
14 Land, buildings, and equipment: basis bullet1,056,525
Less: accumulated depreciation (attach schedule) bullet384,606 794,619 671,919 671,919
15 Other assets (describe bullet) Click to see attachment502,098 Click to see attachment39,211 Click to see attachment39,211
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 591,337,800 615,861,048 956,389,603
Liabilities 17 Accounts payable and accrued expenses.......... 276,426 245,309
18 Grants payable................. 610,825 320,050
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)......... 887,251 565,359
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........... 590,450,549 615,295,689
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........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 590,450,549 615,295,689
30 Total liabilities and net assets/fund balances (see instructions). 591,337,800 615,861,048
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
590,450,549
2
Enter amount from Part I, line 27a .....................
2
24,845,140
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
615,295,689
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
615,295,689
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   2020-01-01 2020-12-31
b CARLYLE REALTY FOREIGN INVESTORS VIII-A P 2020-01-01 2020-12-31
c MEAKEM BECKER VENTURE CAPITAL I LP P 2020-01-01 2020-12-31
d HAMILTON LANE MARKET STREET OPP FUND P 2020-01-01 2020-12-31
e CAPITAL GAINS DIVIDENDS P    
(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 309,962,245   257,293,626 52,668,619
b 307,235     307,235
c     38,308 -38,308
d 47,224     47,224
e 441,582     441,582
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       52,668,619
b       307,235
c       -38,308
d       47,224
e       441,582
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 53,426,352
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................................ 1 928,421
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........................... 3 928,421
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- ..... 5 928,421
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 965,211
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 965,211
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 36,790
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet36,790 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
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
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)
    bulletPA
    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 addressbulletWWW.SCAIFE.COM
    14
    The books are in care ofbulletSARAH SCAIFE FOUNDATION Telephone no.bullet (412) 392-2900

    Located atbullet301 GRANT ST STE 3900PITTSBURGHPA ZIP+4bullet152196402
    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
    MICHAEL W GLEBA CHAIRMAN/CEO & TRUSTEE
    40.00     		607,200 56,250 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    MONTGOMERY B BROWN VICE PRESIDENT
    40.00     		295,600 56,250 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    LINDA M BUCKLEY SECRETARY & ASSISTANT TREASURER
    40.00     		131,175 31,866 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    T KENNETH CRIBB JR TRUSTEE
    0.50     		12,000 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    EDWIN J FEULNER JR TRUSTEE
    0.50     		12,000 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    ROGER KIMBALL TRUSTEE
    0.50     		12,000 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    EUGENE B MEYER TRUSTEE
    0.50     		12,000 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    ROGER W ROBINSON JR TRUSTEE
    0.50     		8,000 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    JAMES C RODDEY TRUSTEE
    0.50     		12,000 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    CHRISTINE J TORETTI TRUSTEE
    0.50     		4,000 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    JAMES M WALTON TRUSTEE
    0.50     		0 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    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
    COLLEEN M XENAKIS ACCOUNTANT
    20.00     		78,525 19,484 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    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
    PNC FINANCIAL SERVICES GROUP FISCAL AGENT/ADMINISTRATION 664,857
    300 5TH AVENUE
    PITTSBURGH,PA15222
    EDGEWOOD MANAGEMENT FUND MANAGER 144,796
    535 MADISON AVENUE 15TH FLOOR
    NEW YORK,NY10022
    HARDMAN JOHNSTON GLOBAL ADVISORS FUND MANAGER 104,471
    300 ATLANTIC ST STE 601
    STANFORD,CT06901
    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 N/A 0
    2  
    All other program-related investments. See instructions.
    3 Click to see attachment 0
    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
    852,298,946
    b
    Average of monthly cash balances.......................
    1b
    28,180
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    852,327,126
    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
    852,327,126
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    12,784,907
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    839,542,219
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    41,977,111
    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
    41,977,111
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    928,421
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    928,421
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    41,048,690
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    41,048,690
    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
    41,048,690
    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
    40,966,782
    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
    6,770
    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
    40,973,552
    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
    40,973,552
    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 41,048,690
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 3,661,053
    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$ 40,973,552
    a Applied to 2019, but not more than line 2a 3,661,053
    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..... 37,312,499
    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 ..........     		3,736,191
    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 e-mail address of the person to whom applications should be addressed:
    MICHAEL W GLEBA CHAIRMAN AND CEO
    301 GRANT ST ONE OXFORD CTR STE3900
    PITTSBURGH,PA152196402
    (412) 392-2900
    bThe form in which applications should be submitted and information and materials they should include:
    SEE GENERAL EXPLANATION STATEMENT 13 & 14
    cAny submission deadlines:
    SEE GENERAL EXPLANATION STATEMENT 13 & 14
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    SEE GENERAL EXPLANATION STATEMENT 13 & 14
    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
    ACTON INSTITUTE FOR THE STUDY OF RELIGION AND LIBERTY
    98 E FULTON STREET
    GRAND RAPIDS,MI49503     		NONE PC PROGRAM SUPPORT 250,000
    ALEXANDER HAMILTON SOCIETY THE
    1875 CONNECTICUT AVE NW 10TH FLOOR
    WASHINGTON,DC20009     		NONE PC GENERAL OPERATING SUPPORT 240,000
    ALLEGHENY INSTITUTE FOR PUBLIC POLICY
    305 MT LEBANON BOULEVARD SUITE 208
    PITTSBURGH,PA15234     		NONE PC GENERAL OPERATING SUPPORT 200,000
    AMERICAN BAR ASSOCIATION FUND FOR JUSTICE AND EDUCATION
    1050 CONNECTICUT AVE NW 4TH FLOOR
    WASHINGTON,DC20036     		NONE PC STANDING COMMITTEE ON LAW AND NATIONAL SECURITY 200,000
    AMERICAN CONSTITUTIONAL RIGHTS UNION
    405 5TH AVENUE SOUTH SUITE 7C
    NAPLES,FL34102     		NONE PC GENERAL OPERATING SUPPORT 50,000
    AMERICAN COUNCIL OF TRUSTEES AND ALUMNI
    1730 M STREET NW SUITE 600
    WASHINGTON,DC20036     		NONE PC GENERAL OPERATING SUPPORT 100,000
    AMERICAN COUNCIL ON SCIENCE AND HEALTH
    135 MADISON AVENUE 5TH FLOOR 06-114
    NEW YORK,NY100166745     		NONE PC GENERAL OPERATING SUPPORT 100,000
    AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH
    1789 MASSACHUSETTS AVE NW
    WASHINGTON,DC20036     		NONE PC HOUSING CENTER 200,000
    AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH
    1789 MASSACHUSETTS AVE NW
    WASHINGTON,DC20036     		NONE PC INTERNATIONAL SECURITY PROGRAM 150,000
    AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH
    1789 MASSACHUSETTS AVE NW
    WASHINGTON,DC20036     		NONE PC JEANE KIRKPATRICK FELLOWSHIP AND SCHOLARS PROGRAM 500,000
    AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH
    1789 MASSACHUSETTS AVE NW
    WASHINGTON,DC20036     		NONE PC MIDDLE EAST POLICY STUDIES PROGRAM 250,000
    AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH
    1789 MASSACHUSETTS AVE NW
    WASHINGTON,DC20036     		NONE PC DEFENSE AND STRATEGIC STUDIES 225,000
    AMERICAN FOREIGN POLICY COUNCIL
    509 C STREET NE
    WASHINGTON,DC20002     		NONE PC GENERAL OPERATING AND PROGRAM SUPPORT 450,000
    AMERICAN FRIENDS OF THE INSTITUTE OF ECONOMIC AFFAIRS - CO ATLAS NETWORK
    TWO LIBERTY CENTER SUITE 310 4075
    WILSON BLVD
    ARLINGTON,VA22203     		NONE PC PROJECT SUPPORT 59,000
    AMERICAN LEGISLATIVE EXCHANGE COUNCIL
    2900 CRYSTAL DRIVE SUITE 600
    ARLINGTON,VA22202     		NONE PC PROGRAM SUPPORT 100,000
    AMERICAN PRIVATE RADIO
    1739 UNIVERSITY AVENUE 341
    OXFORD,MS38655     		NONE PC GENERAL OPERATING SUPPORT 150,000
    AMERICAN TRANSPARENCY
    200 S FRONTAGE ROAD SUITE 106
    BURR RIDGE,IL60527     		NONE PC OPEN THE BOOKS PROJECT 100,000
    AMERICA'S FUTURE FOUNDATION
    1633 CONNECTICUT AVE NW SUITE 300
    WASHINGTON,DC20009     		NONE PC GENERAL OPERATING SUPPORT 115,000
    AMERICA'S FUTURE FOUNDATION
    1633 CONNECTICUT AVE NW SUITE 300
    WASHINGTON,DC20009     		NONE PC TALENT MARKET LLC 45,000
    ARCHBRIDGE INSTITUTE
    810 7TH STREET NE
    WASHINGTON,DC20002     		NONE PC GENERAL OPERATING SUPPORT 100,000
    ASHLAND UNIVERSITY
    401 COLLEGE AVENUE
    ASHLAND,OH44805     		NONE PC PROGRAM SUPPORT 250,000
    ASSOCIATION FOR THE NEW CENTURY INC
    PO BOX 115
    SEWICKLEY,PA15143     		NONE PC GENERAL OPERATING SUPPORT 175,000
    ASSOCIATION OF AMERICAN EDUCATORS FOUNDATION
    2560 HUNTINGTON AVENUE SUITE 301
    ALEXANDRIA,VA22303     		NONE PC GENERAL OPERATING AND PROJECT SUPPORT 150,000
    ATLANTIC LEGAL FOUNDATION
    500 MAMARONECK AVENUE SUITE 320
    HARRISON,NY10528     		NONE PC GENERAL OPERATING SUPPORT 75,000
    ATLAS ECONOMIC RESEARCH FOUNDATION
    TWO LIBERTY CENTER SUITE 310 4075
    WILSON BLVD
    ARLINGTON,VA22203     		NONE PC GENERAL OPERATING AND PROGRAM SUPPORT 300,000
    ATLAS ECONOMIC RESEARCH FOUNDATION
    TWO LIBERTY CENTER SUITE 310 4075
    WILSON BLVD
    ARLINGTON,VA22203     		NONE PC PRAGUE SECURITY STUDIES INSTITUTE 120,000
    BECKET FUND
    1919 PENNSYLVANIA AVE SUITE 400
    WASHINGTON,DC20006     		NONE PC GENERAL OPERATING SUPPORT 250,000
    BENJAMIN RUSH INSTITUTE
    PO BOX 610-001
    DFW AIRPORT,TX752610001     		NONE PC PROGRAM SUPPORT 75,000
    BILL OF RIGHTS INSTITUTE
    1310 NORTH COURTHOUSE RD SUITE 620
    ARLINGTON,VA22201     		NONE PC PROJECT SUPPORT 175,000
    BIPARTISAN POLICY CENTER INC
    1225 EYE STREET NW SUITE 1000
    WASHINGTON,DC20005     		NONE PC CAMPUS FREE EXPRESSION PROJECT 100,000
    BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY THE
    434 GALVEZ MALL
    STANFORD,CA943056003     		NONE PC HOOVER INSTITUTION ON WAR, REVOLUTION AND PEACE 375,000
    BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY THE
    434 GALVEZ MALL
    STANFORD,CA943056003     		NONE PC HOOVER INSTITUTION ON WAR, REVOLUTION AND PEACE 125,000
    BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY THE
    434 GALVEZ MALL
    STANFORD,CA943056003     		NONE PC HOOVER INSTITUTION ON WAR, REVOLUTION AND PEACE 250,000
    BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY THE
    434 GALVEZ MALL
    STANFORD,CA943056003     		NONE PC HOOVER INSTITUTION ON WAR, REVOLUTION AND PEACE 150,000
    BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY THE
    434 GALVEZ MALL
    STANFORD,CA943056003     		NONE PC HOOVER INSTITUTION ON WAR, REVOLUTION AND PEACE 150,000
    BUCKEYE INSTITUTE FOR PUBLIC POLICY SOLUTIONS THE
    88 EAST BROAD STREET SUITE 1300
    COLUMBUS,OH43215     		NONE PC ECONOMIC RESEARCH CENTER 150,000
    CAPITAL RESEARCH CENTER
    1513 16TH ST NW
    WASHINGTON,DC200361480     		NONE PC GENERAL OPERATING SUPPORT 400,000
    CARNEGIE MELLON UNIVERSITY
    5000 FORBES AVENUE
    PITTSBURGH,PA152133890     		NONE PC INSTITUTE FOR POLITICS AND STRATEGY 300,000
    CATO INSTITUTE
    1000 MASSACHUSETTS AVE NW
    WASHINGTON,DC200015403     		NONE PC CENTER FOR GLOBAL LIBERTY AND PROSPERITY 180,000
    CENTER FOR ADVANCED CHINA RESEARCH
    1629 K STREET NW SUITE 300
    WASHINGTON,DC20006     		NONE PC PROJECT SUPPORT 150,000
    CENTER FOR AMERICAN GREATNESS INC
    3104 E CAMELBACK ROAD 907
    PHOENIX,AZ85016     		NONE PC GENERAL OPERATING SUPPORT 100,000
    CENTER FOR EQUAL OPPORTUNITY
    7700 LEESBURG PIKE SUITE 231
    FALLS CHURCH,VA22043     		NONE PC GENERAL OPERATING SUPPORT 150,000
    CENTER FOR IMMIGRATION STUDIES INC
    1629 K STREET NW SUITE 600
    WASHINGTON,DC20006     		NONE PC GENERAL OPERATING SUPPORT 200,000
    CENTER FOR INDIVIDUAL RIGHTS
    1100 CONNECTICUT AVE NW SUITE 625
    WASHINGTON,DC20036     		NONE PC GENERAL OPERATING SUPPORT 110,000
    CENTER FOR SECURITY POLICY INC
    2020 PENNSYLVANIA AVE NW SUITE 189
    WASHINGTON,DC20006     		NONE PC PROGRAM SUPPORT - U.S. NATIONAL SECURITY AND DEFENSE RESEARCH 300,000
    CENTER FOR STRATEGIC AND BUDGETARY ASSESSMENTS
    1667 K STREET NW SUITE 900
    WASHINGTON,DC20006     		NONE PC PROJECT SUPPORT 300,000
    CENTER FOR STRATEGIC AND INTERNATIONAL STUDIES INC
    1616 RHODE ISLAND AVENUE NW
    WASHINGTON,DC20036     		NONE PC PROJECT SUPPORT 500,000
    CENTER FOR STRATEGIC AND INTERNATIONAL STUDIES INC
    1616 RHODE ISLAND AVENUE NW
    WASHINGTON,DC20036     		NONE PC THE GEORGE C. MARSHALL MISSILE DEFENSE PROJECT 500,000
    CENTER FOR THE STUDY OF TECHNOLOGY AND SOCIETY INC
    1730 M STREET NW SUITE 910
    WASHINGTON,DC20036     		NONE PC GENERAL OPERATING SUPPORT 100,000
    CERTELL INC
    2201 E 46TH STREET SUITE 302
    INDIANAPOLIS,IN46205     		NONE PC GENERAL OPERATING SUPPORT 200,000
    CHARLEMAGNE INSTITUTE
    8011 34TH AVE STE C-11
    BLOOMINGTON,MN55425     		NONE PC GENERAL OPERATING SUPPORT 120,000
    CHRISTOPHER NEWPORT UNIVERSITY EDUCATIONAL FOUNDATION INC
    1 AVENUE OF THE ARTS
    NEWPORT NEWS,VA236063072     		NONE PC CENTER FOR AMERICAN STUDIES 40,000
    CITIZENS' COUNCIL FOR HEALTH FREEDOM
    161 ST ANTHONY AVENUE SUITE 923
    ST PAUL,MN55103     		NONE PC GENERAL OPERATING SUPPORT 150,000
    CLAREMONT INSTITUTE FOR THE STUDY OF STATESMANSHIP & POLITICAL PHILOSOPHY
    1317 W FOOTHILL BLVD SUITE 120
    UPLAND,CA91786     		NONE PC GENERAL OPERATING SUPPORT 450,000
    CO2 COALITION INC
    1621 NORTH KENT STREET SUITE 603
    ARLINGTON,VA22209     		NONE PC GENERAL OPERATING SUPPORT 180,000
    COLLEGIATE NETWORK INC
    3901 CENTERVILLE ROAD
    WILMINGTON,DE198071938     		NONE PC GENERAL OPERATING SUPPORT AND JOURNALISM FELLOWSHIPS 390,000
    COMMITTEE FOR A CONSTRUCTIVE TOMORROW
    1717 PENNSYLVANIA AVE NW SUITE 1025
    WASHINGTON,DC20006     		NONE PC GENERAL OPERATING SUPPORT 160,000
    COMMONWEALTH FOUNDATION FOR PUBLIC POLICY ALTERNATIVES THE
    225 STATE STREET SUITE 302
    HARRISBURG,PA17101     		NONE PC GENERAL OPERATING SUPPORT 500,000
    COMPETITIVE ENTERPRISE INSTITUTE
    1310 L STREET NW 7TH FLOOR
    WASHINGTON,DC20005     		NONE PC GENERAL OPERATING SUPPORT 430,000
    COUNCIL FOR NATIONAL POLICY INC
    444 NORTH CAPITOL ST NW SUITE 830
    WASHINGTON,DC20001     		NONE PC CONSERVATIVE ACTION PROJECT 27,000
    CRIMINAL JUSTICE LEGAL FOUNDATION
    2131 L STREET
    SACRAMENTO,CA95816     		NONE PC GENERAL OPERATING SUPPORT 100,000
    CRITICAL REVIEW FOUNDATION INC
    106 CAMBRIDGE PARK DRIVE SUITE 324
    CAMBRIDGE,MA02140     		NONE PC GENERAL OPERATING SUPPORT 40,000
    DAILY CALLER NEWS FOUNDATION THE
    1775 EYE ST NW SUITE 1150-291
    WASHINGTON,DC20006     		NONE PC PROGRAM SUPPORT 350,000
    DAVID HOROWITZ FREEDOM CENTER
    14724 VENTURA BOULEVARD SUITE 820
    SHERMAN OAKS,CA91403     		NONE PC GENERAL OPERATING SUPPORT 150,000
    DEFENSE FORUM FOUNDATION INC THE
    3014 CASTLE ROAD
    FALLS CHURCH,VA22044     		NONE PC GENERAL OPERATING SUPPORT 60,000
    DUKE UNIVERSITY
    132 RUBENSTEIGN HALL 302 TOWERVIEW
    DRIVE
    DURHAM,NC277080316     		NONE PC TRIANGLE INSTITUTE FOR SECURITY STUDIES 60,000
    ENCOUNTER FOR CULTURE AND EDUCATION INC
    900 BROADWAY
    NEW YORK,NY100031239     		NONE PC GENERAL OPERATING SUPPORT 160,000
    EQUAL VOTING RIGHTS INSTITUTE
    PO BOX 12207
    DALLAS,TX75225     		NONE PC GENERAL OPERATING SUPPORT 150,000
    ETHICS AND PUBLIC POLICY CENTER INC
    1730 M STREET NW SUITE 910
    WASHINGTON,DC20036     		NONE PC GENERAL OPERATING AND PROGRAM SUPPORT 200,000
    EVERGREEN FREEDOM FOUNDATION
    PO BOX 552
    OLYMPIA,WA98507     		NONE PC PROGRAM SUPPORT 300,000
    FAIRNESS CENTER INC THE
    500 NORTH THIRD STREET SUITE 600B
    HARRISBURG,PA17101     		NONE PC PROGRAM SUPPORT 250,000
    FAITH AND REASON INSTITUTE
    1730 M STREET NW SUITE 910
    WASHINGTON,DC20036     		NONE PC PROGRAM SUPPORT 80,000
    FEDERALIST SOCIETY FOR LAW & PUBLIC POLICY STUDIES
    1776 I STREET NW SUITE 300
    WASHINGTON,DC20006     		NONE PC GENERAL OPERATING SUPPORT 550,000
    FEDERALIST SOCIETY FOR LAW & PUBLIC POLICY STUDIES
    1776 I STREET NW SUITE 300
    WASHINGTON,DC20006     		NONE PC PROJECT SUPPORT 300,000
    FEDERATION FOR AMERICAN IMMIGRATION REFORM
    25 MASSACHUSETTS AVE NW SUITE 330
    WASHINGTON,DC20001     		NONE PC GENERAL OPERATING SUPPORT 200,000
    FOREIGN POLICY RESEARCH INSTITUTE
    1528 WALNUT STREET SUITE 610
    PHILADELPHIA,PA191023684     		NONE PC PROGRAM SUPPORT 250,000
    FOUNDATION FOR CULTURAL REVIEW INC
    900 BROADWAY SUITE 602
    NEW YORK,NY10003     		NONE PC GENERAL OPERATING SUPPORT 360,000
    FOUNDATION FOR ECONOMIC EDUCATION INC
    1819 PEACHTREE ROAD NE SUITE 300
    ATLANTA,GA30309     		NONE PC PROJECT SUPPORT 150,000
    FOUNDATION FOR EXCELLENCE IN HIGHER EDUCATION INC
    16 STOCKTON STREET
    PRINCETON,NJ08540     		NONE PC GENERAL OPERATIONG SUPPORT 1,000,000
    FOUNDATION FOR GOVERNMENT ACCOUNTABILITY INC
    15275 COLLIER BLVD SUITE 201-279
    NAPLES,FL34119     		NONE PC GENERAL OPERATING SUPPORT 650,000
    FOUNDATION FOR INDIVIDUAL RIGHTS IN EDUCATION INC
    510 WALNUT STREET SUITE 1250
    PHILADELPHIA,PA19106     		NONE PC GENERAL OPERATING SUPPORT 250,000
    FOUNDATION FOR RESEARCH ON EQUAL OPPORTUNITY THE
    201 WEST FIFTH STREET SUITE 1100
    AUSTIN,TX787010060     		NONE PC PROGRAM SUPPORT 115,000
    FOUNDATION FOR THE DEFENSE OF DEMOCRACIES INC
    1800 M STREET NW SOUTH TOWER 8TH FL
    WASHINGTON,DC20036     		NONE PC PROGRAM SUPPORT 400,000
    FRANKLIN NEWS FOUNDATION
    200 W MADISON STREET SUITE 2100
    CHICAGO,IL60606     		NONE PC GENERAL OPERATING SUPPORT 250,000
    FRASER INSTITUTE THE
    1770 BURRARD STREET FOURTH FLOOR
    VANCOUVER,BRITISH COLUMBIAV6J 3G7
    CA     		NONE PC PROGRAM SUPPORT 60,000
    FREE TO CHOOSE NETWORK
    2002 FILMORE AVENUE
    ERIE,PA16506     		NONE PC PROJECT SUPPORT 300,000
    FREEDOMWORKS FOUNDATION
    111 K SREET NE SUITE 600 SUITE 765
    WASHINGTON,DC20002     		NONE PC PROGRAM SUPPORT 240,000
    FREEDOMWORKS FOUNDATION
    111 K SREET NE SUITE 600 SUITE 765
    WASHINGTON,DC20002     		NONE PC SPECIAL PROJECT SUPPORT 300,000
    FUND FOR AMERICAN STUDIES THE
    1706 NEW HAMPSHIRE AVENUE NW
    WASHINGTON,DC20009     		NONE PC ROBERT NOVAK JOURNALISM FELLOWSHIP PROGRAM AND SUMMER LAW FELLOWSHIP PROGRAM 230,000
    FUND FOR AMERICAN STUDIES THE
    1706 NEW HAMPSHIRE AVENUE NW
    WASHINGTON,DC20009     		NONE PC FOUNDATION FOR TEACHING ECONOMICS TEACHER PROGRAMS 160,000
    GALEN INSTITUTE INC
    PO BOX 130
    PAEONIAN SPRINGS,VA20129     		NONE PC GENERAL OPERATING SUPPORT 100,000
    GEORGE MASON UNIVERSITY FOUNDATION INC
    4400 UNIVERSITY DRIVE
    FAIRFAX,VA22030     		NONE PC LAW AND ECONOMICS CENTER 550,000
    GEORGE MASON UNIVERSITY FOUNDATION INC
    4400 UNIVERSITY DRIVE
    FAIRFAX,VA22030     		NONE PC CENTER FOR THE STUDY OF PUBLIC CHOICE 100,000
    GEORGE MASON UNIVERSITY FOUNDATION INC
    4400 UNIVERSITY DRIVE
    FAIRFAX,VA22030     		NONE PC THE C. BOYDEN GRAY CENTER FOR THE STUDY OF THE ADMINISTRATIVE STATE 200,000
    GEORGE MASON UNIVERSITY FOUNDATION INC
    4400 UNIVERSITY DRIVE
    FAIRFAX,VA22030     		NONE PC ANTONIN SCALIA LAW SCHOOL NATIONAL SECURITY INSTITUTE 400,000
    GEORGE WASHINGTON UNIVERSITY
    805 21ST STREET NW
    WASHINGTON,DC20052     		NONE PC REGULATORY STUDIES CENTER 340,500
    GOVERNMENT ACCOUNTABILITY INSTITUTE
    PO BOX 12594
    TALLAHASSEE,FL32317     		NONE PC GENERAL OPERATING SUPPORT 150,000
    HEARTLAND INSTITUTE
    3939 NORTH WILKE ROAD
    ARLINGTON HEIGHTS,IL60004     		NONE PC FREE TO CHOOSE MEDICINE 100,000
    HERITAGE FOUNDATION
    214 MASSACHUSETTS AVE NE
    WASHINGTON,DC200024999     		NONE PC GENERAL OPERATING SUPPORT 800,000
    HERITAGE FOUNDATION
    214 MASSACHUSETTS AVE NE
    WASHINGTON,DC200024999     		NONE PC CENTER FOR NATIONAL DEFENSE 500,000
    HUDSON INSTITUTE INC
    1201 PENNSYLVANIA AVE NW SUITE 400
    WASHINGTON,DC20004     		NONE PC CENTER FOR AMERICAN COMMON CULTURE 50,000
    HUDSON INSTITUTE INC
    1201 PENNSYLVANIA AVE NW SUITE 400
    WASHINGTON,DC20004     		NONE PC POLITICAL STUDIES PROGRAM 100,000
    HUDSON INSTITUTE INC
    1201 PENNSYLVANIA AVE NW SUITE 400
    WASHINGTON,DC20004     		NONE PC CENTER FOR RELIGIOUS FREEDOM 115,000
    HUDSON INSTITUTE INC
    1201 PENNSYLVANIA AVE NW SUITE 400
    WASHINGTON,DC20004     		NONE PC PROJECT SUPPORT 60,000
    HUMAN RIGHTS FOUNDATION INC
    EMPIRE STATE BUILDING 4202 350 5TH
    AVENUE
    NEW YORK,NY10118     		NONE PC GENERAL OPERATING SUPPORT 200,000
    INDEPENDENT WOMEN'S FORUM
    4 WEEMS LANE 312
    WINCHESTER,VA22601     		NONE PC GENERAL OPERATING SUPPORT 260,000
    INSTITUTE FOR ENERGY RESEARCH
    1155 15TH STREET NW SUITE 900
    WASHINGTON,DC20005     		NONE PC GENERAL OPERATING SUPPORT 75,000
    INSTITUTE FOR FAMILY STUDIES THE
    PO BOX 1502
    CHARLOTTESVILLE,VA22906     		NONE PC GENERAL OPERATING SUPPORT 70,000
    INSTITUTE FOR FREE SPEECH
    150 CONNECTICUT AVE NW SUITE 801
    WASHINGTON,DC20036     		NONE PC GENERAL OPERATING SUPPORT 250,000
    INSTITUTE FOR HUMANE STUDIES GEORGE MASON UNIVERSITY
    VERNON-SMITH HALL 1ST FLOOR 3434
    WASHINGTON BLVD MS 1C5
    ARLINGTON,VA22201     		NONE PC GENERAL OPERATING AND PROGRAM SUPPORT 325,000
    INSTITUTE FOR JUSTICE
    901 N GLEBE ROAD SUITE 900
    ARLINGTON,VA22203     		NONE PC GENERAL OPERATING SUPPORT 250,000
    INSTITUTE OF WORLD POLITICS
    1521 16TH STREET NW
    WASHINGTON,DC20036     		NONE PC PROGRAM SUPPORT 200,000
    INSTITUTE ON RELIGION AND DEMOCRACY INC THE
    1023 15TH STREET NW SUITE 601
    WASHINGTON,DC20005     		NONE PC GENERAL OPERATING AND PUBLICATION SUPPORT 300,000
    INSTITUTE ON RELIGION AND PUBLIC LIFE INC THE
    9 EAST 40TH STREET 10TH FLOOR
    NEW YORK,NY10016     		NONE PC GENERAL OPERATING AND PUBLICATION SUPPORT 200,000
    INTERCOLLEGIATE STUDIES INSTITUTE INC
    FM KIRBY CAMPUS 3901 CENTERVILLE
    ROAD
    WILMINGTON,DE198071938     		NONE PC GENERAL OPERATING SUPPORT 500,000
    INTERNATIONAL FREEDOM EDUCATIONAL FOUNDATION
    PO BOX 9925
    MC LEAN,VA22102     		NONE PC ECONOMIC AND FINANCIAL SECURITY PROGRAM 160,000
    INTERNATIONAL FREEDOM EDUCATIONAL FOUNDATION
    PO BOX 9925
    MC LEAN,VA22102     		NONE PC PROGRAM SUPPORT AND THE CENTER FOR A SECURE FREE SOCIETY 160,000
    JACK MILLER CENTER FOR TEACHING AMERICA'S FOUNDING PRINCIPLES AND HISTORY
    THREE BALA PLAZA WEST SUITE 401
    BALA CYNWYD,PA19004     		NONE PC PROGRAM SUPPORT 200,000
    JAMES WILSON INSTITUTE FOR NATURAL RIGHTS AND THE AMERICAN FOUNDING THE
    722 12TH STREET NW FOURTH FLOOR
    WASHINGTON,DC20005     		NONE PC PROGRAM SUPPORT 125,000
    JAMESTOWN FOUNDATION
    1310 L STREET NW SUITE 810
    WASHINGTON,DC20005     		NONE PC PROJECT SUPPORT - RUSSIAN THREAT TO BLACK SEA SECURITY 107,000
    JAMESTOWN FOUNDATION
    1310 L STREET NW SUITE 810
    WASHINGTON,DC20005     		NONE PC GENERAL OPERATING SUPPORT 165,000
    JUST FACTS INC
    3600 FM 1448 RD SUITE 120 248
    CONROE,TX77384     		NONE PC GENERAL OPERATING SUPPORT 100,000
    LANDMARK LEGAL FOUNDATION
    3100 BROADWAY SUITE 1210
    KANSAS CITY,MO64111     		NONE PC GENERAL OPERATING SUPPORT 215,000
    LINCOLN NETWORK INC
    2443 FILLMORE STREET 380-3386
    SAN FRANCISCO,CA94115     		NONE PC SPECIAL PROJECT SUPPORT 100,000
    LINCOLN NETWORK INC
    2443 FILLMORE STREET 380-3386
    SAN FRANCISCO,CA94115     		NONE PC GENERAL OPERATING SUPPORT 300,000
    LITIGATORS FOR LIBERTY NETWORK (DBA AMERICAN JURIS LINK)
    7000 N 16TH STREET SUITE 120-155
    PHOENIX,AZ85020     		NONE PC GENERAL OPERATING SUPPORT 100,000
    LUCY BURNS INSTITUTE INC
    8383 GREENWAY BOULEVARD SUITE 600
    MIDDLETON,WI53562     		NONE PC GENERAL OPERATING AND PROJECT SUPPORT 230,000
    MANHATTAN INSTITUTE FOR POLICY RESEARCH INC
    52 VANDERBILT AVENUE
    NEW YORK,NY10017     		NONE PC GENERAL OPERATING AND PROGRAM SUPPORT 570,000
    MEDIA RESEARCH CENTER INC
    1900 CAMPUS COMMONS DRIVE SUITE 600
    RESTON,VA20191     		NONE PC GENERAL OPERATING SUPPORT 400,000
    MERCATUS CENTER INC
    GEORGE MASON UNIVERSITY 3434
    WASHINGTON BLVD 4TH FLOOR
    ARLINGTON,VA22201     		NONE PC ADAM SMITH PROGRAM AND GEORGE MASON UNIVERSITY - FOR THREE ACADEMIC YEARS 100,000
    MERCATUS CENTER INC
    GEORGE MASON UNIVERSITY 3434
    WASHINGTON BLVD 4TH FLOOR
    ARLINGTON,VA22201     		NONE PC GENERAL OPERATING AND PROGRAM SUPPORT 300,000
    MIDDLE EAST MEDIA AND RESEARCH INSTITUTE INC
    1411 K STREET NW - 11TH FLOOR
    WASHINGTON,DC20005     		NONE PC PROGRAM SUPPORT 200,000
    MISSOURI STATE UNIVERSITY FOUNDATION
    9302 LEE HIGHWAY SUITE 760
    FAIRFAX,VA22031     		NONE PC DEPARTMENT OF DEFENSE AND STRATEGIC STUDIES 85,000
    MISSOURI STATE UNIVERSITY FOUNDATION
    9302 LEE HIGHWAY SUITE 760
    FAIRFAX,VA22031     		NONE PC DEPARTMENT OF DEFENSE AND STRATEGIC STUDIES 250,000
    MORNINGSIDE INSTITUTE INC THE
    490 RIVERSIDE DRIVE 11TH FLOOR
    NEW YORK,NY10027     		NONE PC CONFERENCE SUPPORT 67,500
    MOUNTAIN STATES LEGAL FOUNDATION
    2596 SOUTH LEWIS WAY
    LAKEWOOD,CO80227     		NONE PC GENERAL OPERATING SUPPORT 75,000
    MOVING PICTURE INSTITUTE
    375 GREENWICH STREET
    NEW YORK,NY10013     		NONE PC GENERAL OPERATING AND PROGRAM SUPPORT 300,000
    NATIONAL ASSOCIATION OF SCHOLARS
    420 MADISON AVENUE 7TH FLOOR
    NEW YORK,NY10017     		NONE PC GENERAL OPERATING SUPPORT 275,000
    NATIONAL ASSOCIATION OF SCHOLARS
    420 MADISON AVENUE 7TH FLOOR
    NEW YORK,NY10017     		NONE PC PROJECT SUPPORT 200,000
    NATIONAL CENTER FOR PUBLIC POLICY RESEARCH INC THE
    20 F STREET NW SUITE 700
    WASHINGTON,DC20001     		NONE PC GENERAL OPERATING SUPPORT 65,000
    NATIONAL INSTITUTE FOR PUBLIC POLICY INC
    9302 LEE HIGHWAY SUITE 750
    FAIRFAX,VA220311214     		NONE PC PROGRAM SUPPORT 415,000
    NATIONAL LEGAL AND POLICY CENTER THE
    107 PARK WASHINGTON COURT
    FALLS CHURCH,VA22046     		NONE PC GENERAL OPERATING SUPPORT 175,000
    NATIONAL REVIEW INSTITUTE
    19 WEST 44TH STREET SUITE 1701
    NEW YORK,NY10036     		NONE PC PROGRAM SUPPORT 120,000
    NATIONAL TAXPAYERS UNION FOUNDATION
    122 C ST NW SUITE 650
    WASHINGTON,DC20001     		NONE PC GENERAL OPERATING SUPPORT 200,000
    NETWORK OF ENLIGHTENED WOMEN INC
    1360 EAST CAPITOL STREET NE
    WASHINGTON,DC20003     		NONE PC PROGRAM SUPPORT 70,000
    NEW CIVIL LIBERTIES ALLIANCE
    1225 19TH STREET NW SUITE 450
    WASHINGTON,DC20036     		NONE PC GENERAL OPERATING SUPPORT 300,000
    NEW ENGLAND LEGAL FOUNDATION
    150 LINCOLN STREET
    BOSTON,MA02111     		NONE PC GENERAL OPERATING SUPPORT 60,000
    NONPROLIFERATION POLICY EDUCATION CENTER
    1600 WILSON BOULEVARD SUITE 640
    ARLINGTON,VA22209     		NONE PC GENERAL OPERATING AND PROGRAM SUPPORT 132,500
    OKLAHOMA COUNCIL FOR PUBLIC AFFAIRS INC
    1401 N LINCOLN BOULEVARD
    OKLAHOMA CITY,OK73104     		NONE PC SAVE OUR STATES 250,000
    PACIFIC LEGAL FOUNDATION
    930 G STREET
    SACRAMENTO,CA95814     		NONE PC GENERAL OPERATING SUPPORT 275,000
    PACIFIC RESEARCH INSTITUTE FOR PUBLIC POLICY
    PO BOX 60485
    PASADENA,CA91116     		NONE PC GENERAL OPERATING SUPPORT 200,000
    PEPPERDINE UNIVERSITY
    24255 PACIFIC COAST HIGHWAY
    MALIBU,CA90263     		NONE PC SCHOOL OF PUBLIC POLICY PROJECT SUPPORT 190,000
    PHILADELPHIA SOCIETY
    11620 RUTAN CIRCLE
    JEROME,MI492499530     		NONE PC GENERAL OPERATING SUPPORT 25,000
    PHILANTHROPY ROUNDTABLE
    1120 20TH STREET NW SUITE 550 SOUTH
    WASHINGTON,DC20036     		NONE PC GENERAL OPERATING AND PROJECT SUPPORT 225,000
    POLITICAL ECONOMY RESEARCH CENTER
    2048 ANALYSIS DRIVE SUITE A
    BOZEMAN,MT59718     		NONE PC GENERAL OPERATING SUPPORT 275,000
    PRESIDENT & FELLOWS OF MIDDLEBURY COLLEGE
    460 PIERCE STREET
    MONTEREY,CA93940     		NONE PC CENTER ON TERRORISM, EXTREMISM, AND COUNTERTERRORISM 110,825
    PUBLIC INTEREST LEGAL FOUNDATION INC
    32 EAST WASHINGTON STREET STE 1675
    INDIANAPOLIS,IN46204     		NONE PC GENERAL OPERATING SUPPORT 300,000
    PUBLIC MEDIA LAB THE
    5508 SURREY STREET
    CHEVY CHASE,MD20815     		NONE PC PROJECT SUPPORT 125,000
    REAL CLEAR FOUNDATION
    666 DUNDEE ROAD BUILDING 600
    NORTHBROOK,IL60062     		NONE PC REAL CLEAR INVESTIGATIONS 200,000
    REASON FOUNDATION THE
    5737 MESMER AVENUE
    LOS ANGELES,CA90230     		NONE PC GENERAL OPERATING SUPPORT 300,000
    REASON FOUNDATION THE
    5737 MESMER AVENUE
    LOS ANGELES,CA90230     		NONE PC PENSION INTEGRITY PROJECT 200,000
    RONALD REAGAN PRESIDENTIAL FOUNDATION AND INSTITUTE
    1455 PENNSYLVANIA AVE NW SUITE 800
    WASHINGTON,DC20004     		NONE PC PROJECT SUPPORT 225,000
    RYAN FOUNDATION
    805 BROWER ROAD
    WAYNE,PA19087     		NONE PC CONFERENCE SUPPORT 35,000
    SAINT VINCENT COLLEGE
    300 FRASER PURCHASE ROAD
    LATROBE,PA156502690     		NONE PC CENTER FOR POLITICAL AND ECONOMIC THOUGHT 75,000
    SOUTHEASTERN LEGAL FOUNDATION INC
    560 W CROSSVILLE ROAD SUITE 104
    ROSWELL,GA300757509     		NONE PC GENERAL OPERATING SUPPORT 75,000
    SPIRIT OF AMERICA WORLDWIDE
    3033 WILSON BOULEVARD SUITE 700
    ARLINGTON,VA22201     		NONE PC GENERAL OPERATING SUPPORT 350,000
    STATE POLICY NETWORK
    1655 NORTH FORT MYER DRIVE STE 360
    ARLINGTON,VA22209     		NONE PC GENERAL OPERATING AND PROJECT SUPPORT 450,000
    STUDENT FREE PRESS ASSOCIATION
    PO BOX 76
    HILLSDALE,MI49242     		NONE PC GENERAL OPERATING SUPPORT 80,000
    TALIESIN NEXUS
    453 SPRING STREET SUITE 222
    LOS ANGELES,CA90013     		NONE PC PROGRAM AND PROJECT SUPPORT 160,000
    TAX FOUNDATION
    1325 G STREET NW SUITE 950
    WASHINGTON,DC20005     		NONE PC GENERAL OPERATING AND PROJECT SUPPORT 600,000
    THE AMERICAN FRIENDS OF THE GWPF INC
    PO BOX 186
    NORTH LAKE,WI53064     		NONE PC PROJECT SUPPORT 110,525
    TRUSTEES OF DARTMOUTH COLLEGE
    41 CENTERRA PARKWAY ROOM 231
    LEBANON,NH03766     		NONE PC POLITICAL ECONOMY PROJECT 100,000
    TRUSTEES OF PRINCETON UNIVERSITY WOODROW WILSON SCHOOL OF INTL AFFAIRS
    424 ROBERTSON HALL
    PRINCETON,NJ085441012     		NONE PC PROGRAM SUPPORT FOR THE STRATEGIC EDUCATION INITIATIVE 167,000
    TRUSTEES OF PRINCETON UNIVERSITY WOODROW WILSON SCHOOL OF INTL AFFAIRS
    424 ROBERTSON HALL
    PRINCETON,NJ085441012     		NONE PC JAMES MADISON PROGRAM IN AMERICAN IDEALS AND INSTITUTIONS 200,000
    TRUSTEES OF TUFTS COLLEGE FLETCHER SCHOOL OF LAW & DIPLOMACY
    INTERNATIONAL SECURITY STUDIES PROG
    160 PACKARD AVE
    MEDFORD,MA02155     		NONE PC PROGRAM SUPPORT 280,000
    UNIVERSITY OF ARIZONA FOUNDATION
    MARVIN D SWEDE JOHNSON BUILDING
    1111 NORTH CHERRY AVENUE
    TUCSON,AZ857210109     		NONE PC CENTER SUPPORT 131,050
    UNIVERSITY OF MARYLAND FOUNDATION INC
    3300 METZEROTT ROAD
    ADELPHI,MD20783     		NONE PC PROJECT SUPPORT 78,179
    UNIVERSITY OF TEXAS AT AUSTIN
    2304 WHITIS AVENUE STOP G9900
    AUSTIN,TX78712     		NONE PC PROGRAM SUPPORT FOR THE WILLIAM P. CLEMENTS, JR. CENTER FOR NATIONAL SECURITY 250,000
    UNIVERSITY OF TEXAS AT AUSTIN
    2304 WHITIS AVENUE STOP G9900
    AUSTIN,TX78712     		NONE PC PROGRAM SUPPORT FOR THE THOMAS JEFFERSON CENTER FOR THE STUDY OF CORE TEXTS AND IDEAS 50,000
    VICTIMS OF COMMUNISM MEMORIAL FOUNDATION
    300 NEW JERSEY AVENUE NW SUITE 900
    WASHINGTON,DC20001     		NONE PC PROGRAM AND PROJECT SUPPORT 400,000
    VICTIMS OF COMMUNISM MEMORIAL FOUNDATION
    300 NEW JERSEY AVENUE NW SUITE 900
    WASHINGTON,DC20001     		NONE PC RESEARCH AND WRITING PROJECT 60,000
    WILLIAM F BUCKLEY JR PROGRAM AT YALE
    234 CHURCH STREET 7TH FLOOR
    NEW HAVEN,CT06510     		NONE PC GENERAL OPERATING SUPPORT 100,000
    Total .................................bullet 3a 39,226,079
    bApproved for future payment
    UNIVERSITY OF ARIZONA FOUNDATION
    MARVIN D SWEDE JOHNSON BUILDING
    1111 NORTH CHERRY AVENUE
    TUCSON,AZ857210109     		NONE PC CENTER FOR THE PHILOSPHY OF FREEDOM 131,050
    UNIVERSITY OF ARIZONA FOUNDATION
    MARVIN D SWEDE JOHNSON BUILDING
    1111 NORTH CHERRY AVENUE
    TUCSON,AZ857210109     		NONE PC AMERICAN CULTURE AND IDEAS INITIATIVE 130,000
    Total .................................bullet 3b 261,050
    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 ...........     		    14 421,800  
    4 Dividends and interest from securities....     14 14,288,137  
    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.....     18 72,770  
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 53,106,684  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aOTHER REVENUE     		    01 4,017  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 67,893,408 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    67,893,408
    (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:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    AUDIT, COMPLIANCE, AND TAX 56,019 7,862   48,157

    TY 2020 AllOthProgRltdInvestmentsSch
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Category Amount
    N/A 0

    TY 2020 GeneralExplanationAttachment
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Identifier Return Reference Explanation
      PART XV, LINES 2A-2D THE SARAH SCAIFE FOUNDATION'S GRANT PROGRAM IS PRIMARILY DIRECTED TOWARD PUBLIC POLICY PROGRAMS THAT ADDRESS MAJOR DOMESTIC AND INTERNATIONAL ISSUES. THE FOUNDATION DOES NOT MAKE GRANTS TO INDIVIDUALS FOR ANY PURPOSE, TO NATIONALLY ORGANIZED FUNDRAISING GROUPS, OR TO ORGANIZATIONS THAT ARE NOT PUBLICLY SUPPORTED NON-PROFIT, CHARITABLE ORGANIZATIONS.PROPOSALS FOR THE FOLLOWING ARE ROUTINELY DECLINED:1) EVENT SPONSORSHIPS, ENDOWMENTS, CAPITAL CAMPAIGNS, AND BUILDING PROJECTS; AND2) SUPPORT FOR ORGANIZATIONS THAT ARE PRIMARILY DEPENDENT UPON GOVERNMENT FUNDS, AND FOR GOVERNMENT AGENCIES.GRANT PROPOSALS TO THE FOUNDATION MUST CONTAIN A COVER LETTER SIGNED BY THE ORGANIZATION'S PRESIDENT OR AUTHORIZED REPRESENTATIVE AND HAVE THE APPROVAL OF THE ORGANIZATION'S BOARD OF DIRECTORS. THE LETTER SHOULD INCLUDE A CONCISE DESCRIPTION OF THE PURPOSE OF THE REQUESTING ORGANIZATION AND OF THE SPECIFIC PROJECT OR PROGRAM FOR WHICH FUNDS ARE REQUESTED (IF APPLICABLE) ALONG WITH THE FOLLOWING:1) PROJECT OR PROGRAM BUDGET (IF APPLICABLE)2) TIMETABLE (IF APPLICABLE)3) ORGANIZATION'S ANNUAL BUDGET4) MOST RECENT AUDITED FINANCIAL STATEMENTS (IF NOT YET AVAILABLE FOR THE MOST RECENT FISCAL YEAR-END, ALSO INCLUDE AN UNAUDITED: (A) BALANCE SHEET AND (B) REVENUE/EXPENSE STATEMENT FOR THAT PERIOD)5) CURRENT FORM 9906) ANNUAL REPORT7) LIST OF OFFICERS AND DIRECTORS WITH THEIR AFFILIATIONS8) LIST OF KEY SUPPORTERS9) IRS DETERMINATION LETTER EVIDENCING 501(C)(3) TAX-EXEMPT STATUSADDITIONAL INFORMATION MAY BE REQUESTED IF NEEDED FOR FURTHER EVALUATION.PLEASE NOTE THAT ALL GRANT PROPOSALS MUST BE SUBMITTED IN HARD COPY AND THAT THE FOUNDATION WILL NOT CONSIDER ELECTRONIC REQUESTS.
      (PART XV, LINES 2A-2D CONTINUED) THE FOUNDATION MEETS FOUR TIMES A YEAR TO CONSIDER GRANT PROPOSALS. HOWEVER, PROPOSALS MAY BE SUBMITTED AT ANY TIME AND WILL BE ACTED UPON AS EXPEDITIOUSLY AS POSSIBLE.REQUESTS SHOULD BE ADDRESSED TO:MICHAEL W. GLEBA, CHAIRMAN AND CEOSARAH SCAIFE FOUNDATION INCORPORATEDONE OXFORD CENTRE301 GRANT STREET, SUITE 3900PITTSBURGH, PA 15219-6402(412) 392-2900
    EXPENSE ALLOCATIONS SUPPLEMENTAL INFORMATION COMPENSATION OF OFFICERS, TRUSTEES, AND OTHER EMPLOYEES AS WELL AS THE RELATED EMPLOYEE BENEFITS ARE ALLOCATED BASED ON TIME SPENT IN CARRYING OUT THE FOUNDATION'S EXEMPT PURPOSE VERSUS TIME SPENT IN THE PRODUCTION OF INCOME. FOR ALL OTHER EXPENSES, IF THE EXPENSE CAN BE DIRECTLY ATTRIBUTABLE TO THE PRODUCTION OF INCOME OR CARRYING OUT THE FOUNDATION'S EXEMPT PURPOSE, THAT EXPENSE WILL BE ALLOCATED DIRECTLY TO THAT ACTIVITY. ALL OTHER EXPENSES NOT DIRECTLY ATTRIBUTABLE TO THE PRODUCTION OF INCOME OR CARRYING OUT THE FOUNDATION'S EXEMPT PURPOSE ARE ALLOCATED BASED ON THE SALARY ALLOCATION PREVIOUSLY DESCRIBED.
      FORM 990-PF - GENERAL EXPLANATION ATTACHMENT PART II, LINE 14, LAND, BUILDINGS, AND EQUIPMENT AND ACCUMULATED DEPRECIATIONDESCRIPTION:LEASEHOLD IMPROVEMENTS 746,901OFFICE EQUIPMENT & FURNITURE 309,624 ----------SUBTOTAL FIXED ASSETS 1,056,525 LESS: ACCUMULATED DEPRECIATION (384,606) ----------NET FIXED ASSETS 671,919

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Name of Bond End of Year Book Value End of Year Fair Market Value
    ABBVIE INC CALL 04/14/2021 49,913 50,277
    ABBVIE INC CALL 11/14/2034 53,394 62,804
    ABBVIE INC CALL 11/15/2044 70,711 78,493
    ACE INA HOLDINGS CALL 09/03/2022 49,937 52,121
    AFLAC INC CALL 01/01/2030 119,690 141,242
    AMAZON.COM INC CALL 06/05/2034 37,188 41,163
    AMAZON.COM INC CALL 12/03/2049 138,568 145,260
    AMERICAN EXPRESS CO CALL 09/29/2024 59,962 65,531
    AMERICAN TOWER CORP CALL 03/15/2030 44,741 46,188
    AMERICAN TOWER CORP CALL 11/15/2025 172,754 173,670
    AMERICAN WATER CAPITAL C CALL 06/01/2027 60,253 66,339
    AMPHENOL CORP CALL 02/01/2025 44,923 47,538
    ANHEUSER-BUSCH INBEV FIN CALL 08/01/2035 238,690 282,179
    APPLE INC UNSC 03.850% 109,624 151,608
    AT&T INC CALL 08/01/2042 54,974 55,823
    AT&T INC CALL 09/01/2036 123,768 143,161
    AVALONBAY COMMUNITIES IN SER MTN CALL 12/15/22 40,765 41,749
    BANK OF AMERICA CORP CALL 04/23/2026 80,000 90,329
    BANK OF AMERICA CORP SER GMTN 121,119 139,866
    BANK OF AMERICA CORP SER MTN 125,523 139,935
    BANK OF AMERICA SER MTN CALL 10/24/2023 140,000 141,205
    BANK OF NOVA SCOTIA 149,714 159,383
    BARCLAYS PLC SR UNSEC CALL 05/16/23 297,245 297,635
    BERKSHIRE HATHAWAY FIN CALL 02/15/2048 64,670 85,834
    BOEING CO CALL 03/15/2026 106,130 107,469
    BP CAP MARKETS AMERICA SER * CALL 02/14/2024 177,494 194,719
    BRISTOL-MYERS SQUIBB CO CALL 05/13/2050 69,796 71,467
    BURLINGTN NORTH SANTA FE CALL 03/01/2044 103,096 128,321
    BURLINGTN NORTH SANTA FE CALL 12/01/2023 101,795 106,431
    CAPITAL ONE PRIME AUTO RECEIVA SERIES 2019 104,979 106,798
    CHEVRON CORP CALL 11/11/2039 75,000 83,030
    CINTAS CORP NO.2 COMP GUARNT 04.300% 122,667 116,857
    CITIGROUP INC SR UNSEC 105,000 120,338
    CITIGROUP INC SR UNSEC CALL 01/22/22 95,220 97,688
    CITIGROUP INC SR UNSEC CALL 7/24/22 187,781 202,562
    CITIGROUP INC SUB 03.875% DUE 03/26/2025 89,426 94,861
    CITIGROUP INC SUB 05.500% DUE 09/13/2025 89,030 90,122
    CNH INDUSTRIAL CAP LLC 69,559 72,062
    COMCAST CORP CALL 01/15/2036 62,015 62,484
    COMCAST CORP CALL 02/15/2035 52,640 63,988
    COMCAST CORP CALL 09/01/2037 27,719 36,715
    CONOCOPHILLIPS NOTES 06.500% 65,827 77,329
    CONSOLIDATED EDISON INC SER A CALL 12/01/2021 279,950 280,557
    CROWN CASTLE INTL CORP CALL 11/15/2025 91,770 92,570
    CROWN CASTLE INTL CORP CALL 12/01/2026 51,465 51,681
    CROWN CASTLE INTL CORP UNSC 05.250% 192,603 191,494
    CVS HEALTH CORP CALL 02/09/2023 13,090 13,908
    CVS HEALTH CORP CALL 09/01/2024 28,948 28,711
    CVS HEALTH CORP CALL 09/25/2037 55,081 57,014
    D.R. HORTON INC CALL 09/15/2024 49,970 53,371
    DIGITAL REALTY TRUST LP CALL 06/15/2027 57,976 63,216
    DOW CHEMICAL CO/THE CALL 04/01/2044 58,228 63,034
    DOWDUPONT INC CALL 10/15/2023 109,340 110,324
    DTE ENERGY CO SER B UNSC 02.600% 166,373 170,165
    DUKE ENERGY CAROLINAS 1ST MTG CALL 03/30/42 28,029 37,062
    DUKE ENERGY INDIANA INC SER WWW CALL 01/15/43 44,796 61,331
    DUKE ENERGY PROGRESS LLC SER 10YR 38,020 40,965
    E.I. DU PONT DE NEMOURS CALL 05/15/2030 34,873 37,230
    ENERGY TRANSFER OPERATNG COGT 05.500% 152,210 158,895
    ENERGY TRANSFER PARTNERS CALL 12/15/2024 48,727 54,850
    ENTERGY LOUISIANA LLC CALL 11/17/2021 74,987 75,249
    ENTERPRISE PRODUCTS OPER CALL 03/15/2021 96,994 98,478
    ENTERPRISE PRODUCTS OPER CALL 08/15/2042 70,290 72,724
    EQUINIX INC CALL 05/15/2022 175,549 174,398
    EVERSOURCE ENERGY SER R CALL 05/15/2030 104,971 104,575
    EXXON MOBIL CORPORATION CALL 07/15/2030 65,000 70,998
    FIFTH THIRD AUTO TRUST SERIES 2019 134,970 137,342
    FIFTH THIRD BANCORP CALL 12/28/2024 164,954 175,600
    FISERV INC CALL 07/01/2028 84,834 101,346
    FLORIDA POWER & LIGHT CO CALL 03/01/2025 64,934 70,736
    GM FINANCIAL SECURITIZED TERM SERIES 2019 121,895 124,029
    GOLDMAN SACHS GROUP INC CALL 01/23/2023 102,607 110,945
    GOLDMAN SACHS GROUP INC CALL 03/01/2025 88,429 88,879
    GOLDMAN SACHS GROUP INC SR UNSEC CALL 6/5/2022 77,979 77,666
    HOLLYFRONTIER CORP 70,101 71,541
    HOLLYFRONTIER CORP CALL 01/01/2026 61,524 67,002
    HORMEL FOODS CORP CALL 03/11/2030 49,864 51,712
    HP INC CALL 05/17/2025 154,642 164,105
    INTEL CORP CALL 05/15/2049 119,932 134,311
    INTERPUBLIC GROUP COS SER 3YR 74,948 76,880
    JOHNSON & JOHNSON CALL 09/01/2035 119,608 148,195
    JP MORGAN CHASE & CO CALL 10/01/24 103,900 109,676
    JP MORGAN CHASE & CO SR UNSEC CALL 7/24/3 70,000 85,247
    JP MORGAN CHASE & CO SUB CALL 05/13/30 105,000 115,142
    JPMORGAN CHASE & CO SR UNSEC CALL 04/23/2023 94,522 101,823
    JPMORGAN CHASE & CO SR UNSEC VAR% 120,000 132,196
    KINDER MORGAN ENER PART SR 123,061 143,673
    KROGER CO CALL 08/01/2046 55,909 69,216
    LOWES COS INC CALL 04/15/2050 74,927 80,222
    LYB INT FINANCE III CALL 09/01/2025 124,748 127,190
    MARATHON PETROLEUM CORP CALL 03/15/2044 88,086 103,385
    MARATHON PETROLEUM CORP UNSC 04.500% 64,830 70,579
    MASTERCARD INC CALL 09/26/2049 31,907 38,722
    MASTERCARD INC CALL 12/01/204 44,227 43,482
    METLIFE INC JR SUB VAR% DUE 12/15/2066 74,900 90,541
    MICROSOFT CORP CALL 02/08/2036 135,744 172,638
    MIDAMERICAN ENERGY CO CALL 02/01/2048 34,694 42,793
    MITSUBISHI UFJ FIN GROUP INC 210,000 211,252
    MORGAN STANLEY NTS 04.100% 82,241 86,818
    MORGAN STANLEY SER GMTN CALL 12/20/22 290,000 290,931
    MORGAN STANLEY SER GMTN UNSC 04.000% 146,565 160,212
    MORGAN STANLEY SUB NOTES 04.875% 64,376 64,650
    MOTOROLA SOLUTIONS INC CALL 08/15/2030 99,802 101,933
    MPLX LP CALL 12/01/2026 188,069 201,835
    NATIONAL RETAIL PROP INC CALL 03/15/2024 151,462 152,291
    NIKE INC CALL 09/27/2039 34,781 40,712
    NOBLE ENERGY INC CALL 05/15/2043 58,929 64,640
    NVIDIA CORP CALL 10/01/2049 79,794 97,047
    O&;REILLY AUTOMOTIVE INC CALL 12/15/2030 34,840 35,054
    ORACLE CORP CALL 10/01/2039 34,906 40,992
    PEPSICO INC CALL 04/06/2046 89,687 90,686
    PHILLIPS 66 CALL 11/19/2021 99,892 100,242
    PROLOGIS LP CALL 01/15/2030 101,537 107,158
    PUBLIC SERVICE COLORADO CALL 12/15/2046 59,755 74,371
    REPUBLIC SERVICES INC CALL 07/15/2024 29,952 32,036
    RYDER SYSTEM INC SER MTN CALL 02/01/2023 168,741 174,799
    SANTANDER UK GROUP HLDG 128,707 130,029
    SEMPRA ENERGY CALL 01/01/2023 80,709 83,934
    SHERWIN-WILLIAMS CO CALL 05/01/2022 5,996 6,191
    SPIRIT REALTY LP CALL 11/15/2026 125,550 132,779
    STRYKER CORP CALL 12/01/2021 89,922 90,142
    SUMITOMO MITSUI FINL GRP 165,000 174,078
    TRANS CANADA PIPELINES SR NTS 06.200% 34,468 41,773
    UNION PACIFIC CORP CALL 03/15/2037 55,862 64,156
    UNION PACIFIC CORP SER MTN CALL 02/15/2039 44,554 46,300
    UNITEDHEALTH GROUP INC CALL 11/15/2049 68,027 77,501
    US BANCORP CALL 05/30/2029 69,994 78,183
    VALERO ENERGY CORP CALL 03/01/2028 77,120 85,366
    VALERO ENERGY CORP CALL 03/15/2025 205,435 213,008
    VERIZON COMMUNICATIONS 280,830 311,694
    VERIZON COMMUNICATIONS UNSC 04.329% 97,268 96,338
    VERIZON OWNER TRUST SERIES 2019 A CLASS A1 214,957 219,169
    VF CORP CALL 03/23/2025 174,697 186,673
    VISA INC CALL 06/14/2035 74,899 97,484
    VISA INC CALL 10/15/2039 54,595 60,040
    VOLKSWAGEN AUTO LOAN ENHANCED SERIES 2018 58,783 59,487
    WAL-MART STORES INC SR NOTES 05.625% 96,223 122,345
    WALT DISNEY COMPANY/THE COGT 82,320 86,918
    WELLS FARGO & CO MEDIUM TERM CALL 06/17/2026 104,321 105,351
    WELLS FARGO & COMPANY SER MTN 57,874 63,054
    WELLS FARGO & COMPANY SER MTN CALL 06/02/2023 140,197 143,903
    WESTPAC BKG CORP 164,066 176,743
    XLIT LTD SEDOL 30,188 34,236

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ABB LTD SPONSORED ADR 59,533 96,630
    ACCENTURE PLC CLASS A 2,370,187 11,006,083
    ADECCO GROUP SA 60,240 63,579
    ADIDAS AG SPONSORED ADR 568,545 830,958
    ADOBE INC 885,988 1,383,332
    ADYEN NV-UNSPON ADR 90,104 203,418
    AERCAP HOLDINGS NV 114,276 134,734
    AEROJET ROCKETDYNE HLDGS INC 112,010 138,943
    AFTERPAY LTD - UNSP ADR 1,044,133 1,428,471
    AIA GROUP LTD SPONSORED ADR 882,992 1,417,057
    AIR LIQUIDE ADR 78,738 104,130
    AIRBUS SE ADR 772,364 911,942
    AKAMAI TECHNOLOGIES 39,253 68,139
    ALBANY INTERNATIONAL CORP CL A 65,838 67,179
    ALBEMARLE CORP 84,933 123,917
    ALCON INC 241,554 269,858
    ALEXANDRIA REAL ESTATE EQUITIES INC 47,004 83,407
    ALFA LAVAL AB-UNSPON ADR 29,854 51,799
    ALIBABA GROUP HOLDING LTD ADR 1,055,554 1,247,200
    ALIGN TECHNOLOGY INC 466,915 1,041,507
    ALLEGION PLC 202,037 240,441
    ALLIANZ SE - UNSP ADR 162,045 231,932
    ALPHABET INC/CA-CL A 4,518,724 8,377,619
    ALPHABET INC/CA-CL C 1,131,075 1,107,188
    ALTRA INDUSTRIAL MOTION CORP 96,990 150,437
    AMADEUS IT GROUP S A ADR 31,243 32,085
    AMAZON COM INC 1,040,252 1,592,639
    AMBEV SA-SPN ADR 71,819 54,826
    AMERICAN CAMPUS CMNTYS INC 92,342 106,369
    AMERICAN EAGLE OUTFITTERS INC 75,456 120,159
    AMERICAN EQUITY INVT LIFE HLDG 102,307 104,997
    AMERICAN TOWER CORP 653,974 896,718
    AMERIPRISE FINANCIAL INC 190,555 256,516
    AMGEN INC 4,663,011 12,480,058
    AMICUS THERAPEUTICS INC 63,094 126,903
    AMPHENOL CORP NEW CL A 147,514 260,625
    ANALOG DEVICES INC 1,530,840 8,243,334
    ANGLO AMERICAN PLC-SPONS ADR 75,887 98,683
    ANSYS INC 303,214 391,085
    ANTHEM INC 301,483 307,925
    AON PLC/IRELAND-A 595,081 602,120
    APPLE INC 5,024,402 20,050,521
    APPLIED MATERIALS INC 62,361 151,111
    APTARGROUP INC 9,225 11,362
    APTIV PLC 948,095 1,160,232
    ARCH CAPITAL GROUP LTD 218,020 277,703
    ARISTA NETWORKS INC 152,728 200,493
    ARMSTRONG WORLD INDUSTRIE - WI 101,067 106,006
    ASML HOLDING NV-NY 741,484 1,565,581
    ASPEN TECHNOLOGY INC 162,237 185,997
    ASTRAZENECA PLC SPONS ADR 884,515 955,309
    ATLAS COPCO AB SPONSORED ADR 68,594 149,511
    ATLASSIAN CORP PLC-CLASS A 1,156,278 1,552,897
    ATMOS ENERGY CORP 80,677 77,871
    AUTOMATIC DATA PROCESSING INC 1,937,548 10,378,180
    AVALONBAY COMMUNITIES INC REIT 51,883 53,904
    AVISTA CORP 41,682 42,870
    AVNET INC 51,729 46,099
    BAE SYSYTEMS PLC SPONSORED ADR 53,031 48,001
    BALCHEM CORP CL B 88,342 105,081
    BANCO BILBAO VIZCAYA ARGENTARIA S A 105,401 74,930
    BANCO SANTANDER S A ADR 155,689 105,847
    BANDWIDTH INC-CLASS A 116,946 214,677
    BANKUNITED INC 222,013 233,965
    BAXTER INTERNATIONAL INC 42,807 42,848
    BECTON DICKINSON & CO 152,079 162,744
    BEIERSDORF AG-UNSPON ADR 196,764 201,318
    BELDEN INC 57,740 42,487
    BERKSHIRE HATHAWAY INC CLASS B 1,155,518 3,297,423
    BIOHAVEN PHARMACEUTICAL HOLD 62,943 80,567
    BJ'S WHOLESALE CLUB HOLDINGS 210,028 288,212
    BLACK HILLS CORP 98,156 90,946
    BLACK KNIGHT INC 55,057 121,658
    BLACKSTONE MORTGAGE TRUST 171,809 143,569
    BLOOM ENERGY CORP- A 32,153 106,501
    BOK FINL CORP NEW 64,376 83,135
    BORG WARNER INC. 55,548 47,489
    BOSTON PPTYS INC REIT 93,478 84,888
    BP PLC SPONSORED ADR 105,403 72,046
    BRAMBLES LTD-SPONSORED ADR 53,494 58,888
    BRISTOL MYERS SQUIBB CO 1,478,342 3,039,470
    BROOKFIELD ASSET MANAGEMENT CL A 100,215 154,804
    BROOKS AUTOMATION INC 71,149 112,224
    BROWN & BROWN INC 109,547 223,017
    BROWN FORMAN CORP CLASS B 46,601 77,285
    BWX TECHNOLOGIES INC 128,289 152,629
    CABOT CORP 52,076 53,452
    CABOT OIL & GAS CORP COM 198,553 195,148
    CACI INTL INC CL A 110,666 169,046
    CACTUS INC-CLASS A 54,303 52,948
    CAL MAINE FOODS INC NEW 223,429 201,515
    CALAVO GROWERS INC 115,173 102,965
    CALIFORNIA WTR SVC GROUP 40,444 45,871
    CALLAWAY GOLF CO 56,678 75,367
    CANADIAN NATL RAILWAY CO 24,040 47,236
    CAPGEMINI SE - UNSPONSOR ADR 49,527 64,620
    CAPITAL ONE FINANCIAL CORP 281,515 370,786
    CARDTRONICS LTD 61,961 64,034
    CAREDX INC 77,381 139,394
    CARLISLE COMPANIES INC 180,665 219,589
    CARLSBERG AS SPON ADR 41,832 70,170
    CARMAX INC 134,296 199,216
    CARTER'S INC 82,624 78,078
    CASEYS GENERAL STORES INC 166,786 180,406
    CBRE GROUP INC 61,533 96,526
    CDW CORP/DE 69,319 164,474
    CF INDUSTRIES HOLDINGS INC 62,547 70,723
    CHAMPIONX CORPORATION 27,881 29,101
    CHARLES RIV LABORATORIES INTL INC 84,822 196,640
    CHARLES SCHWAB CORP 23,472 22,993
    CHECK POINT SOFTWARE TECH 72,676 110,847
    CHEGG INC 137,354 303,328
    CHINA MOBILE LTD SPON ADR 132,452 69,438
    CHIPOTLE MEXICAN GRIL CL A 624,755 660,074
    CHUBB LTD 224,547 297,835
    CHUGAI PHARMACEUTIC-UNSP ADR 44,641 102,144
    CINCINNATI FINANCIAL CORP 177,462 184,700
    CIRCOR INTERNATIONAL INC 91,720 88,873
    CISCO SYSTEMS INC 3,880,734 5,648,121
    CITIGROUP INC 514,791 546,123
    CK HUTCHISON HOLDIN-UNSP ADR 181,082 116,838
    CLARIVATE PLC 95,950 93,408
    CLEAN HARBORS INC 151,345 174,802
    CME GROUP INC A DERIVATIVIES EXCHANGE 510,178 695,795
    COCA COLA CO 198,922 247,822
    COGENT COMMUNICATIONS HOLDINGS INC 52,905 69,569
    COLUMBIA PROPERTY TRUST INC 152,126 101,398
    COMCAST CORPORATION CL A 841,502 866,853
    COMMERCE BANCSHARES INC 125,208 150,519
    COMPAGNIE DE SAINT-UNSP ADR 160,585 195,313
    CONTINENTAL AG SPONSORED ADR 109,914 138,431
    CONTINENTAL RESOURCES INC/OK 60,638 23,195
    COPART INC 51,101 221,415
    CORE MARK HOLDING CO INC 91,996 106,672
    CORNERSTONE ONDEMAND INC 178,372 153,347
    CORPORATE OFFICE PPTYS TR REIT 86,218 83,221
    CORTEVA INC-W/I 192,246 289,664
    COSTCO WHOLESALE CORP 1,129,411 7,422,566
    CRYOPORT INC 59,212 75,693
    CSX CORP 71,054 162,987
    CULLEN FROST BANKERS INC 80,758 98,744
    CUMMINS INC 67,580 130,810
    D R HORTON INC 72,421 141,493
    DAIFUKU CO LTD - UNSP ADR 887,105 1,456,875
    DANAHER CORP 1,123,984 1,250,648
    DANONE SPONS ADR 66,029 54,627
    DARDEN RESTAURANTS INC W I 78,072 129,603
    DASSAULT SYSTEMS SA SPON ADR 88,175 148,475
    DBS GROUP HLDGS LTD SPONSORED ADR 128,080 193,851
    DENSO CORP UNSPON ADR 30,063 43,983
    DENTSPLY SIRONA INC 163,383 238,814
    DEUTSCHE BOERSE AG UNSPN ADR 42,301 61,246
    DEUTSCHE POST AG SPON ADR 78,764 92,503
    DIAGEO PLC SPONSORED ADR 105,350 122,919
    DISH NETWORK CORP CL A 212,491 199,117
    DISNEY WALT CO 342,407 392,798
    DMC GLOBAL INC 64,986 62,453
    DNB ASA-SPONSOR ADR 50,717 69,498
    DOLLAR TREE INC 224,395 284,901
    DYNEX CAPITAL INC 66,323 73,496
    EAST WEST BANCORP INC 103,987 154,260
    EASTMAN CHEM CO 58,455 70,798
    EATON VANCE CORP COM NON VTG 62,436 104,205
    ECOLAB INC 1,317,900 10,385,280
    ELANCO ANIMAL HEALTH INC 110,891 164,698
    EMCOR GROUP INC 59,776 74,448
    ENEL SPA ADR 98,332 196,575
    ENERGIZER SPINCO INC- W/I 64,128 63,987
    ENERPAC TOOL GROUP CORP 83,098 76,580
    ENI S P A SPONSORED ADR 96,066 67,486
    ENPRO INDUSTRIES INC 98,002 114,413
    ENVESTNET INC 131,010 151,743
    ENVISTA HOLDINGS CORP 114,897 170,876
    EPIROC AKTIEBOLAG-UNSP ADR 36,702 69,411
    EQUINIX INC 575,170 901,295
    EQUITY COMMONWEALTH 275,854 239,027
    EQUITY LIFESTYLE PROPERTIES REIT 104,763 106,001
    ESSENTIAL UTILITIES INC 50,082 64,740
    ESSENTIAL UTILITIES INC PFD 06.000% 04/30/2022 76,522 87,882
    ESSEX PPTY TR INC REIT 79,306 67,665
    EVEREST RE GROUP LTD 122,951 137,645
    EXLSERVICE HOLDINGS INC 100,454 144,806
    EXPEDITORS INTERNATIONAL WASHINGTON INC 65,941 113,086
    EXXON MOBIL CORP 204,525 2,411,370
    F.N.B. CORP PA 226,490 167,580
    FACEBOOK INC 1,282,023 1,693,319
    FACTSET RESH SYS INC 63,874 124,023
    FANUC CORP ADR 75,206 106,784
    FASTENAL CO 47,887 104,301
    FIRST HORIZON CORPORATION 333,691 248,935
    FLEX LTD 77,889 116,636
    FOMENTO ECONOMICO MEXICANO SAB DE CV 77,521 69,481
    FORWARD AIR CORP 115,516 143,153
    FOX FACTORY HOLDING CORP 181,032 269,772
    FUCHS PETROLUB SE-PREF ADR 21,664 25,884
    FUJI FILM HOLDINGS CORP 83,360 108,336
    GARTNER INC 177,627 236,601
    GATX CORP 27,630 45,416
    GENERAL DYNAMICS CORP 160,485 164,000
    GENERAL ELECTRIC CO 550,198 567,443
    GENERAL MOTORS CO 282,401 271,659
    GENMAB A/S -SP ADR 1,057,325 1,290,142
    GLACIER BANCORP INC 85,598 107,571
    GLAXO SMITHKLINE ADR 97,196 90,418
    GLOBAL PAYMENTS INC-W/I 71,920 179,660
    GLOBUS MEDICAL INC A 6,290 11,674
    GOLDMAN SACHS GROUP INC 532,739 578,843
    GRACE W R & CO DEL NEW 152,636 120,714
    GROCERY OUTLET HOLDING CORP 56,641 60,798
    H&E EQUIPMENT SERVICES INC 101,208 113,248
    HAIN CELESTIAL GROUP INC 132,976 199,345
    HAMILTON LANE INC-CLASS A 79,306 84,918
    HANOVER INSURANCE GROUP INC 165,674 183,915
    HARMONIC INC 67,412 76,147
    HARSCO CORP 80,203 96,337
    HAWAIIAN ELECTRIC INDUSTRIES INC 50,804 50,466
    HDFC BANK LTD SPON - ADR 34,104 57,085
    HEALTH CATALYST INC 89,589 111,045
    HEALTHCARE REALTY TRUST REIT 73,946 74,474
    HENKEL AG & COMPANY KGAA SPONSORED ADR 63,231 64,136
    HERON THERAPEUTICS INC 143,833 128,789
    HESS CORPORATION 42,397 41,335
    HEXCEL CORP 109,866 97,756
    HILLENBRAND INC 47,645 59,342
    HILTON WORLDWIDE HLDGS - W/I 360,522 380,287
    HITACHI LTD ADR 10 COMMON 57,625 65,267
    HOME DEPOT INC 2,228,425 12,484,140
    HONDA MOTOR CO LTD AMERICAN SHARES ADR 118,317 108,621
    HONEYWELL INTL INC 2,243,528 9,073,782
    HOSTESS BRANDS INC 129,507 137,001
    HUBSPOT INC 102,634 259,272
    HUMANA INC 54,964 103,388
    HUNTINGTON INGALLS INDS INC 71,186 66,146
    HURON CONSULTING GROUP INC 140,672 142,836
    ICICI BANK LTD SPON ADR 766,417 1,110,324
    ICON PLC 204,524 246,455
    ICU MED INC 98,685 124,190
    IDACORP INC 172,051 180,632
    IDEX CORP 62,231 79,879
    IHS MARKIT LTD 551,927 1,008,791
    ILLUMINA INC 747,274 1,088,170
    INDUSTRIA DE DISENO TEXTIL IND ADR 85,555 94,588
    INFINEON TECHNOLOGIES ADR 469,579 940,196
    INGEVITY CORP 92,860 104,280
    INGREDION INC 157,335 154,036
    INNOSPEC INC 74,170 88,462
    INSULET CORP 163,356 226,233
    INTEGRA LIFESCIENCES HLDG CORP 308,326 376,471
    INTEL CORP 1,266,856 4,153,244
    INTERCONTINENTAL EXCHANGE INC 82,839 164,173
    INTUIT SOFTWARE 712,191 992,548
    INTUITIVE SURGICAL INC 502,092 1,104,435
    INVITAE CORP 69,787 139,896
    IRHYTHM TECHNOLOGIES INC 82,725 131,652
    IRIDIUM COMMUNICATIONS INC 80,271 129,458
    ISUZU MTRS LTD ADR 9,309 6,808
    ITAU UNIBANCO BANCO HOLDING SPONSERED ADR 65,404 75,881
    ITT INC 134,670 193,397
    JAMF HOLDING CORP 47,630 43,504
    JOHNSON & JOHNSON 3,708,674 9,238,206
    JOHNSON CTLS INTL PLC 160,104 225,356
    JPMORGAN CHASE & CO 4,707,775 13,402,962
    JULIS BAER GROUP LTD 49,499 62,771
    KBC GROEP NV UNSP ADR 51,779 57,917
    KELLY SERVICES INC CLASS A 61,990 56,691
    KEMPER CORP 223,899 217,967
    KEYCORP NEW 55,499 58,288
    KIMBERLY-CLARK CORP 10,584 10,382
    KINGFISHER PLC SPONSORED ADR 107,345 94,278
    KOMATSU LTD SPON ADR 117,251 131,960
    KONINKLIJKE AHOLD DELHAIZE ADR 41,619 53,345
    KONINKLIJKE PHILLIPS NV SPON ADR 55,428 60,400
    KORN FERRY 95,733 116,232
    KUBOTA CORP SPON ADR 56,793 82,534
    KYOCERA CORP SPON ADR 113,120 111,587
    L OREAL CO UNSPONSORED ADR 62,886 139,659
    LABORATORY CORP OF AMERICA HLDG 224,233 313,263
    LATTICE SEMICONDUCTOR CORP 66,872 134,802
    LAUDER ESTEE COS INC CL A 612,279 976,119
    LENNAR CORP CLASS A 200,139 258,725
    LEXINGTON REALTY TRUST 73,010 72,874
    LIBERTY BROADBAND-C 850,097 1,020,378
    LINDE PLC 42,790 71,148
    LINDSAY CORPORATION 14,213 21,581
    LIVENT CORP 71,694 170,690
    LLOYDS BANKING GROUP PLC 159,043 94,533
    LOCKHEED MARTIN CORP 686,259 7,007,305
    LONZA GROUP AG UNSPON ADR 51,122 122,777
    LUKOIL PJSC-SPON ADR 61,127 47,442
    LVMH MOET HENNESSY LOUIS ADR 808,055 1,504,244
    LYONDELLBASELL INDUSTRIES N.V. 123,361 130,157
    MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC 48,082 136,609
    MADDEN STEVEN LTD 85,312 100,132
    MANTECH INTL CORP CL A 67,461 105,305
    MARKEL CORP (HOLDING CO) 216,910 213,893
    MARRIOTT INTERNATIONAL INC CL A 619,795 636,910
    MARTIN MARIETTA MATLS INC 175,447 251,313
    MASCO CORP 44,010 75,254
    MASONITE INTERNATIONAL CORP 239,053 320,490
    MCDONALD'S CORP 1,248,575 6,029,698
    MEDTRONIC PLC 207,823 275,513
    MELCO RESORTS ENTERTAIN LTD ADR 1,257,964 1,200,185
    MERCK KGAA-SPONSORED ADR 74,334 96,923
    MERIT MEDICAL SYSTEMS 32,248 65,613
    METLIFE INC 16,799 18,659
    METLIFE INC PFD 05.625% 12/31/2049 8,910 9,244
    METLIFE INC. 52,596 72,585
    MGIC INVT CORP WIS 205,637 213,450
    MGP INGREDIENTS INC 67,254 78,496
    MICROCHIP TECHNOLOGY INC 240,553 330,359
    MICROSOFT CORP 6,096,129 25,933,505
    MIDDLESEX WATER CO 9,740 10,943
    MISSION PRODUCE INC 14,248 15,727
    MITSUBISHI ELEC CORP UNSPON ADR 97,565 112,996
    MITSUBISHI UFJ FINL GRP ADR 96,975 108,212
    MODEL N INC 94,535 91,162
    MOELIS & CO 100,083 139,672
    MONOLITHIC POWER SYSTEMS INC 149,251 308,366
    MONRO INC. 132,124 105,427
    MORGAN STANLEY 321,126 338,401
    MRC GLOBAL INC 32,872 20,891
    MTS SYSTEMS CORP 42,656 42,340
    MUELLER WATER PRODUCTS INC SER A 85,681 96,081
    MURATA MFG CO LTD ADR UNSPON ADR 968,124 1,482,022
    MURPHY OIL CORP 52,058 21,913
    MURPHY USA INC-W/I 142,973 238,053
    NATIONAL OILWELL VARCO INC 45,014 20,842
    NATIONAL VISION HOLDINGS INC 176,328 267,483
    NATURGY ENERGY GROUP SA ADR 29,713 34,456
    NESTLE S.A. SPONSORED ADR 65,109 103,900
    NETFLIX INC 659,599 1,032,254
    NEW MARKET CORPORATION 103,536 101,564
    NEW RELIC INC 112,960 108,956
    NEWMARK GROUP INC-CLASS A 85,183 119,563
    NEWPARK RESOURCES INC NEW 32,174 14,354
    NEXTERA ENERGY INC 707,245 14,581,350
    NIDEC CORPORATION SPON ADR 625,038 1,361,832
    NIKE INC CLASS B 390,083 904,701
    NIPPON TELEG & TEL CORP SPONSORED ADR 86,846 101,952
    NITORI HLDGS CO LTD-UNSP ADR 31,179 51,340
    NLIGHT INC 41,909 65,986
    NORDEA BANK ABP - SPON ADR 72,914 59,112
    NORTHERN TRUST CORP 206,743 243,934
    NORTHROP GRUMMAN CORPORATION 10,660 10,665
    NOVARTIS AG SPONSORED ADR 237,792 271,203
    NOVOZYMES A/S UNSPONSORED ADR 37,496 41,147
    NUVASIVE INC 81,425 90,072
    NVIDIA CORP 319,746 1,114,897
    O-I GLASS INC 113,967 100,281
    OLIN CORP 63,099 80,090
    OMNICELL INC 105,052 138,143
    OMRON CORP SPON ADR 909,303 915,380
    ON SEMICONDUCTOR CORPORATION 60,505 129,742
    ONEOK INC NEW 54,131 45,595
    OSHKOSH CORPORATION CLASS B 179,169 222,147
    OSI SYS INC 61,214 63,669
    OXFORD INDUSTRIES INC 70,293 66,493
    PACIRA BIOSCIENCES INC 85,212 112,679
    PAGERDUTY INC 116,122 179,769
    PARKER HANNIFIN CORP 183,279 288,210
    PARSLEY ENERGY INC-CLASS A 53,459 79,818
    PAYPAL HOLDINGS INC-W/I 595,919 1,674,530
    PDC ENERGY INC 67,481 64,485
    PENUMBRA INC 198,511 202,300
    PERNOD RICARD SA UNSPONSORED ADR 98,999 127,015
    PHILLIPS 66 152,730 155,547
    PING AN INSURANCE (GROUP) CO OF CHINA 63,995 71,442
    PINNACLE FINANCIAL 167,510 237,829
    PIONEER NAT RES CO 79,967 96,123
    PJT PARTNERS INC - A W/I 80,109 122,281
    PORTLAND GENERAL ELECTRIC CO 322,020 323,769
    PRESTIGE CONSUMER HEALTHCARE INC 130,566 123,823
    PROCTER & GAMBLE CO 221,509 223,737
    PROGRESSIVE CORP OHIO 262,404 374,063
    PROGYNY INC 106,862 189,483
    PROSUS NV 54,051 89,862
    PRYSMIAN SPA-UNSPONSORED ADR 874,617 1,231,301
    PUMA SE - UNSPONSORED ADR 641,699 994,763
    QBE INSURANCE GROUP-SPN ADR 65,240 51,736
    QUALCOMM 185,607 318,848
    QUALYS INC 163,294 217,172
    QUANTERIX CORP 26,346 27,249
    RAYMOND JAMES FINANCIAL INC 56,012 76,058
    RAYTHEON TECHNOLOGIES CORP COM 375,339 3,447,855
    RBC BEARINGS INC 120,104 153,079
    RECKITT BENCKISER-SPON ADR 47,023 54,487
    REDFIN CORP 32,572 82,219
    REGAL BELOIT CORP 77,895 132,266
    REINSURANCE GROUP OF AMERICA 70,699 69,192
    RENAISSANCE HOLDINGS LTD 42,718 58,037
    RIO TINTO PLC SPONSORED ADR 69,547 99,065
    ROCHE HOLDING LTD SPONSORED ADR 138,000 185,005
    ROGERS CORP 91,231 112,741
    ROSS STORES INC 124,545 197,847
    ROYAL CARIBBEAN CRUISES LTD 71,194 50,864
    ROYAL DUTCH SHELL PLC ADR B 182,335 152,926
    RPM INTERNATIONAL INC 184,148 228,856
    RWE AG SPONSORED ADR REPSTG ORD PAR 41,127 61,962
    S&P GLOBAL INC 471,689 779,748
    SABRE CORP 57,259 33,872
    SAFRAN SA UNSPON ADR 953,110 1,148,195
    SANDERSON FARMS INC 295,843 313,314
    SANDS CHINA LTD UNSPONS ADR 100,282 95,768
    SANOFI SPONSORED ADR 155,795 168,899
    SAP SE SPONSORED ADR 155,731 225,575
    SCHNEIDER ELECTRIC SE 76,416 114,758
    SCHWAB CHARLES CORP NEW 32,147 55,586
    SEALED AIR CORP 55,851 59,069
    SELECT ENERGY SERVICES INC-A 42,334 16,318
    SENSIENT TECHNOLOGIES CORP 44,484 51,787
    SGS S.A. UNSPONSORED ADR 38,205 43,807
    SHIFT4 PAYMENTS INC-CLASS A 57,165 89,274
    SHIONOGI & CO LTD-UNSPON A ADR 39,593 37,538
    SIEMENS AG SPON ADR 93,155 96,773
    SILGAN HLDGS INC 58,982 78,573
    SILK ROAD MEDICAL INC 71,519 111,852
    SINGAPORE TELECOMMUNICATION ADR 60,814 40,820
    SJW GROUP 104,443 118,606
    SMARTSHEET INC 57,890 85,088
    SMITH & NEPHEW P/C SPON ADR 208,463 250,616
    SNAP INC - A 514,710 1,316,140
    SNAP ON INC 69,359 73,761
    SONOCO PRODUCTS CO 36,986 49,118
    SONOVA HLDG AG ADR 31,005 65,873
    SONY CORP AMERICAN SHARE NEW SPONSORED ADR 288,330 419,767
    SPECTRUM BRANDS HLDGS INC 90,347 104,096
    SPIRE INC 124,760 107,523
    SPX FLOW INC 56,260 66,074
    SSE PLC SPN ADR 104,271 133,380
    STANDEX INTERNATIONAL CORP 126,158 116,125
    STANLEY BLACK & DECKER INC 2,173,911 5,088,960
    STERLING BANCORP 337,200 289,280
    STIFEL FINL CORP 64,375 95,874
    SUN CMNTYS INC 104,892 114,874
    SURGERY PARTNERS INC 67,591 152,448
    SYMRISE AG UNSPON ADR 38,025 76,476
    SYNEOS HEALTH INC 168,715 209,363
    SYNOPSYS INC 49,781 224,243
    SYSCO CORP 75,884 99,508
    SYSMEX CORP UNSPONSORED ADR 44,721 86,857
    TAIWAN SEMICONDUCTOR MTG CO ADR 110,978 435,288
    TAKEDA PHARMACEUTIC SPON ADR 151,395 123,833
    TEAM INC 166,244 88,225
    TEGNA INC 117,859 134,771
    TELIA COMPANY AB 104,705 94,160
    TEMENOS AG ADR 69,426 67,128
    TENCENT HOLDINGS LTD UNSPON ADR 888,704 1,318,894
    TENNANT CO 116,867 113,184
    TESCO PLC SPON ADR 85,052 122,429
    TEXAS ROADHOUSE INC 34,138 64,716
    THE BANK OF N T BUTTERFIELD 186,796 174,839
    THE SCOTTS MIRACLE-GRO COMPANY 51,587 136,411
    THE TRAVELERS COS INC 255,345 306,989
    THERMO FISHER SCIENTIFIC INC 986,183 3,192,922
    TJX COMPANIES INC NEW 73,918 135,897
    TOKIO MARINE HOLDINGS ADR 76,501 108,803
    TOWNE BANK 9,259 9,791
    TREEHOUSE FOODS INC 227,061 205,779
    TREX COMPANY INC 251,450 430,823
    TRUPANION INC 72,495 241,694
    TWITTER INC 146,413 271,237
    TYSON FOODS INC CLASS A 159,556 176,115
    UCB SA - UNSPONSORED ADR 63,104 54,835
    ULTRAGENYX PHARMACEUTICAL INC 70,149 125,141
    UMB FINL CORP 27,186 31,873
    UMPQUA HLDGS 91,552 115,125
    UNI CHARM CORP SPON ADR 74,986 106,583
    UNILEVER PLC W/I SPONSORED ADR 55,415 74,605
    UNION PACIFIC CORP 1,867,770 6,632,848
    UNITED OVERSEAS BK LTD SPONSORED ADR 82,146 100,665
    UNITEDHEALTH GROUP INC 482,809 492,355
    UNIVERSAL HEALTH SERVICES INC CLASS B 9,576 13,063
    UNIVEST FINANCIAL CORP 126,433 94,359
    US BANCORP PFD CALL 1/15/22 17,698 17,569
    US BANCORP PFD SER B CALL 4/15/2011 16,516 19,766
    US ECOLOGY INC 91,083 69,063
    VALLEY NATIONAL BANCORP 52,201 49,696
    VALVOLINE INC 119,490 133,634
    VARIAN MEDICAL SYSTEMS INC 80,207 85,580
    VARONIS SYSTEMS INC 122,065 245,906
    VIAVI SOLUTIONS INC -W/I 202,812 243,194
    VISA INC CLASS A SHARES 643,222 1,244,792
    VISTA OUTDOOR INC-WI 35,767 81,996
    VOCERA COMMUNICATIONS INC 56,709 114,000
    VONTIER CORP-W/I 162,226 191,683
    VROOM INC 45,354 36,177
    WABTEC CORP 105,863 106,872
    WALGREENS BOOTS ALLIANCE INC 91,670 89,172
    WEC ENERGY GROUP INC 66,243 96,539
    WELLS FARGO & COMPANY 534,673 560,080
    WERNER ENTERPRISES INC 21,771 21,100
    WESTERN ALLIANCE BANCORP 248,607 359,041
    WH GROUP LTD - SPON ADR 96,125 100,497
    WHITE MOUNTAINS INSURANCE GRP 76,332 84,055
    WIX.COM LTD 106,543 222,214
    WOODWARD INC 101,102 106,339
    WPP PLC ADR 124,785 70,845
    WR BERKLEY CORP 116,960 157,880
    WUXI BIOLOGICS CAYMAN - ADR 658,028 1,730,935
    XILINX INC 57,695 152,119
    XPO LOGISTICS INC 127,699 193,462
    XYLEM INC 167,808 274,324
    YANDEX INV A 16,521 42,722
    YEXT INC 97,270 92,952
    YUM CHINA HOLDINGS INC -W/I 52,551 55,606
    ZURICH INS GROUP LTD ADR 85,895 111,545

    TY 2020 InvestmentsGovtObligationsSch
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    US Government Securities - End of Year Book Value:

    18,155,340
    US Government Securities - End of Year Fair Market Value:

    18,999,155
    State & Local Government Securities - End of Year Book Value:


    110,767
    State & Local Government Securities - End of Year Fair Market Value:


    128,954


    TY 2020 InvestmentsOtherSchedule2
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    BLACKROCK EVENT DRIVEN EQ-IS FMV 15,700,000 16,782,350
    CARLYLE REALTY FOREIGN INVESTORS FMV 2,064,017 2,608,737
    EATON VANCE GLOBAL MACRO ABSOLUTE FMV 4,000,000 3,916,746
    FED HOME LOAN MTG CORP SERIES 4774 FMV 245,070 254,378
    FHLMC MULTIFAMILY STRUCTURED FMV 394,565 428,936
    FOREVER INC. FMV 93,574 15,001
    GLOBAL X FINTECH THEMATIC ET ETF FMV 4,159,943 6,729,416
    GLOBAL X GENOMICS & BIOTEC ETF FMV 1,393,583 2,076,930
    GLOBAL X INTERNET OF THINGS ETF FMV 4,602,916 6,854,878
    GLOBAL X LITHIUM & BATTERY TECH ETF FMV 3,162,658 6,714,322
    GLOBAL X ROBOTICS & ARTIFI ETF FMV 4,484,440 6,819,349
    GLOBAL X SOCIAL MEDIA INDEX ETF FMV 3,227,999 5,805,961
    GOLDMAN SACHS ABSOLUTE RETURN FMV 8,000,000 8,378,046
    GUFFEY CONTINGENT LAND FMV 1 0
    HAMILTON LANE MARKET STREET OPP FMV 4,006,154 4,307,852
    HERCULES CAPITAL INC FMV 163,973 169,709
    INVESCO WATER RESOURCES ETF FMV 3,853,817 5,189,812
    ISHARES CORE MSCI EMERGING MARKETS FMV 7,923,582 9,680,411
    ISHARES CORE S&P SMALL CAP ETF FMV 4,998,740 5,409,510
    ISHARES GOLD TRUST ETF FMV 7,006,719 7,041,910
    ISHARES MSCI EMERGING MARKETS FMV 9,096,613 11,366,367
    ISHARES RUSSELL 1000 GROWTH ETF FMV 5,058,253 10,492,001
    ISHARES RUSSELL MID-CAP GROWTH ETF FMV 12,007,849 24,791,002
    ISHARES RUSSELL MID-CAP VALUE ETF FMV 4,627,059 5,978,069
    ISHARES TRUST ISHARES 5-10 YEAR FMV 5,006,754 5,592,860
    MATERIALS SELECT SECTOR SPDR FUND FMV 5,657,643 6,655,175
    SPDR MSCI ACWI (EX-US) ETF FMV 45,772,428 53,431,828
    SPDR S&P HOMEBUILDERS ETF FMV 2,844,212 3,309,112
    TECHNOLOGY SELECT SECTOR SPDR FUND FMV 10,362,195 23,303,745
    VANGUARD COMMUNICATION SERVICES ETF FMV 10,335,383 12,718,362
    VANGUARD LARGE CAP ETF FMV 72,325,325 131,080,073
    VANGUARD SMALL CAP GROWTH ETF FMV 11,152,859 20,819,933
    VANGUARD TOTAL BOND MARKET ETF FMV 79,068,277 83,465,221
    WISDOMTREE U.S. QUALITY DIVI ETF FMV 24,994,768 28,830,828

    TY 2020 OtherAssetsSchedule
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    PPD FED EXCISE TAX 502,098 39,211 39,211


    TY 2020 OtherExpensesSchedule
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    DUES & SUBSCRIPTIONS 11,463 0   11,463
    INSURANCE 44,184 6,238   38,210
    OFFICE EXPENSE 18,451 2,589   15,862
    TELEPHONE 4,169 585   3,584
    COMPUTER MAINTENANCE 8,822 1,238   7,584
    GRANT MANAGEMENT SOFTWARE 14,827 0   14,827


    TY 2020 OtherIncomeSchedule2
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    CARLYLE REALTY FOREIGN INVESTORS VIII-A, L.P. -37,805 0 0
    MEAKEM BECKER VENTURE CAPITAL I LP -18,830 -6,306 0
    HAMILTON LANE MARKET STREET OPP FUND 129,405 -104,256 0
    HAMILTON LANE MARKET STREET OPP FUND II 0 -1,946 0
    OTHER REVENUE 4,017 4,017 4,017


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CONSULTING 137 0   137
    FISCAL AGENT FEE 1,074,348 1,074,348   0


    TY 2020 TaxesSchedule
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL EXCISE TAX 925,887 0   0