TY 2021 Form 990PF

Part I	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books	(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)
	1	Contributions, gifts, grants, etc., received (attach schedule)	69,765,278
2	Check .............
3	Interest on savings and temporary cash investments	773,841	342,994	342,994
4	Dividends and interest from securities...	1,676	1,670	1,670
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		44,947,469
b	Gross sales price for all assets on line 6a 72,694,236
7	Capital gain net income (from Part IV, line 2)...		12,916,224
8	Net short-term capital gain.........			104
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).......		50,296,063	44,700,611	6,187,846
12	Total. Add lines 1 through 11........	165,784,327	57,961,499	6,532,614
	13	Compensation of officers, directors, trustees, etc.	450,000	0	0	337,176
14	Other employee salaries and wages......	4,206	0	0	1,843
15	Pension plans, employee benefits.......	87,373	0	0	87,373
16a	Legal fees (attach schedule).........		28,282	0	0	20,090
b	Accounting fees (attach schedule).......		56,900	10,500	0	46,400
c	Other professional fees (attach schedule)....		12,233,534	0	0	12,173,088
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		151,650	0	0	151,650
19	Depreciation (attach schedule) and depletion...		15,997	0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		2,404,338	2,119	0	2,400,136
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	15,432,280	12,619	0	15,217,756
25	Contributions, gifts, grants paid.......	0			0
26	Total expenses and disbursements. Add lines 24 and 25	15,432,280	12,619	0	15,217,756
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	150,352,047
b	Net investment income (if negative, enter -0-)		57,948,880
c	Adjusted net income (if negative, enter -0-)...			6,532,614

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	8,193,380	64,494,960	64,494,960
	2	Savings and temporary cash investments.........	1,635,186	1,405,455	1,405,455
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........	12,990	15,893	15,893
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	309,872,075	399,523,751	399,523,751
	14	Land, buildings, and equipment: basis 104,751
		Less: accumulated depreciation (attach schedule) 82,808	35,902	21,943	21,943
	15	Other assets (describe )	7,650,060	12,298,915	12,298,915
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	327,399,593	477,760,917	477,760,917
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )	-607,138	-423,127
	23	Total liabilities (add lines 17 through 22).........	-607,138	-423,127
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	328,006,731	478,184,044
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	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).....	328,006,731	478,184,044
	30	Total liabilities and net assets/fund balances (see instructions).	327,399,593	477,760,917

(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.)
1 a	REALIZED GAIN/LOSS	P	2020-12-31
b	UBS #3839	P	2020-12-31
c	UBS #3839	P	2020-12-31
d	UBS #6946	D	2020-12-31
e	UBS #6946	D	2020-12-31
	SCHWAB #2882	P	2020-12-31
	DISPOSITION OF HEIF FEEDER FUND K-1	P	2020-12-31

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	44,947,469	44,947,469	0
b	2,051,718	2,051,614	104
c	2,360,000	2,350,828	9,172
d	5,328,025	819,517	4,508,508
e	8,748,038	454,495	8,293,543
	4,600,000	4,600,000	0
	4,658,986	4,554,089	104,897

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			0
b			104
c			9,172
d			4,508,508
e			8,293,543
			0
			104,897

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	12,916,224
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3	104

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	805,489
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	805,489
6	Credits/Payments:

a	2021 estimated tax payments and 2020 overpayment credited to 2021	6a	0
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	850,000
d	Backup withholding erroneously withheld ...........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	850,000
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	18,565
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	25,946
11	Enter the amount of line 10 to be: Credited to 2022 estimated tax25,946	Refunded	11	0

(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
ROMESH T WADHWANI	PRESIDENT/CEO/DIRECTOR 0.50	0	0	0
PO BOX 1987 LOS ALTOS,CA94023
KATHLEEN E WADHWANI	SECRETARY/DIRECTOR 0.50	0	0	0
PO BOX 1987 LOS ALTOS,CA94023
AJAY KELA	EXECUTIVE DIRECTOR 40.00	450,000	48,128	0
PO BOX 1987 LOS ALTOS,CA94023


LUIS JAVIER CAMPOS STIVALET	PROFESSIONAL FEES IN MEXICO	187,445
AV PASEO DEL POPOCATEPETL 35 PUEBLA MX
PRAVESH MEHRA	PROFESSIONAL FEES IN MEXICO	78,750
AVAILABLE ON REQUEST MX
MAHI KAMAL ALJAZZAR	PROFESSIONAL FEES	60,000
7 MOHAMED HASSOUNA STREET NOZHA HELIOPOLIS CAIRO EG
MC BOLTON	PROFESSIONAL FEES IN SOUTH AFRICA	55,250
226 BEYERS NAUDE DRIVE RUSTENBURG SF

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	GTI: THE GLOBAL TRAINING INSTITUTE AIMS TO TRANSFORM BOTH THE VOCATIONAL SKILLING ECOSYSTEM AS WELL AS THE ENTREPRENEURSHIP EDUCATOR COMMUNITY BY RUNNING HIGH IMPACT FACULTY DEVELOPMENT AND MENTOR DEVELOPMENT PROGRAMS. THESE PROGRAMS ARE RUN ON A BLENDED-LEARNING MODE, AND EACH FACULTY RECEIVES APPROPRIATE CERTIFICATION BASED ON THEIR PERFORMANCE IN THIS EXTENSIVE 180-DAY PERIOD.	8,993
2	SDN: THE SKILLS DEVELOPMENT NETWORK PROGRAM BUILDS INDIA'S CAPACITY FOR HIGHER EDUCATION IN COURSES OF STUDY THAT EMPHASIZE BUILDING CORE SKILLS NECESSARY TO ENTER THE JOB MARKET. THE FOUNDATION, IN COLLABORATION WITH CENTRAL AND STATE GOVERNMENTS, DEVELOPS POST-SECONDARY CURRICULUM AND COURSE OFFERINGS CONSISTENT WITH SKILLS DEVELOPMENT. THE FOUNDATION HAS DEVELOPED A PLATFORM SO THAT COURSE OFFERINGS ARE AVAILABLE ONLINE. THE FOUNDATION DID NOT INCUR ANY EXPENSES RELATED TO THIS ACTIVITY FOR THE 2021 TAX YEAR.	0
3	WF GLOBAL EXPANSION IS A DISTINCT PROGRAM OF THE FOUNDATION. THE PROGRAM IS A LAUNCH-PAD FOR ALL OF WF'S REPLICABLE INITIATIVES WITH A GOAL OF MULTIPLYING THE FOUNDATION'S IMPACT ACROSS EMERGING ECONOMIES. THE COUNTRIES AND REGIONS THAT WERE EXPLORED ARE SOUTH AFRICA AND LATIN AMERICA. TO REACH RAPID SCALE THROUGH STRONG ON THE GROUND PARTNERSHIPS FOR EXECUTION AND FINANCIAL RESOURCES. GLOBAL STARTED OUTREACH IN BOTH SOUTH AFRICA AND LATIN AMERICA AND HAD GOOD RESPONSE FROM ACADEMIA, GOVERNMENTS AND ENTREPRENEUR ECO-SYSTEM PLAYERS. GLOBAL TEAM WORKS CLOSELY WITH THE NEN EDUCATION, CONTENT AND ENTREPRENEUR SUPPORT TEAMS.	2,338,794
4	ECOSYSTEM: FOR EARLY AND GROWTH STAGE ENTREPRENEURS AND SMALL AND MEDIUM BUSINESS OWNERS, MENTORING PROGRAM OFFERS DEEP CONNECTS INTO THE GLOBAL ENTREPRENEUR ECOSYSTEM, HELPS ADDRESS KEY BUSINESS CHALLENGES AND ENABLES TRANSFORMATION FOR THE VENTURE. THE PROGRAM, A ZERO EQUITY AND ZERO FEE MODEL, FOCUSES ON PROVIDING GOAL-BASED, TIME-BOUND,AND STRUCTURED MENTORING.	31,500

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


2


All other program-related investments. See instructions.
3

		(a) Corpus	(b) Years prior to 2020	(c) 2020	(d) 2021
1 Distributable amount for 2021 from Part X, line 7
2 Undistributed income, if any, as of the end of 2021:
a Enter amount for 2020 only.......
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2021:
a From 2016......
b From 2017......
c From 2018......
d From 2019......
e From 2020......
f Total of lines 3a through e ........
4Qualifying distributions for 2021 from Part
XI, line 4: $
a Applied to 2020, but not more than line 2a
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions)........
d Applied to 2021 distributable amount.....
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2021.
(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
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........
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......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........
e Undistributed income for 2019. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2021. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2022 ..........
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) .......
8 Excess distributions carryover from 2016 not applied on line 5 or line 7 (see instructions) ...
9 Excess distributions carryover to 2022. Subtract lines 7 and 8 from line 6a ......
10 Analysis of line 9:
a Excess from 2017....
b Excess from 2018....
c Excess from 2019....
d Excess from 2020....
e Excess from 2021....

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) 2021	(b) 2020	(c) 2019	(d) 2018	(e) Total
	6,532,614	1,518,782	6,371,640	5,707,699	20,130,735
b 85% (0.85) of line 2a .........	5,552,722	1,290,965	5,415,894	4,851,544	17,111,125
c Qualifying distributions from Part XI, line 4 for each year listed .....	15,219,794	8,496,063	9,567,144	6,998,812	40,281,813
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........	0	0	0	0	0
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....	15,219,794	8,496,063	9,567,144	6,998,812	40,281,813
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......					0
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)					0
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..	12,538,507	8,753,722	8,562,927	8,222,875	38,078,031
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) ....					0
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....					0
(3) Largest amount of support from an exempt organization					0
(4) Gross investment income					0

ROMESH T WADHWANI

KATHLEEN E WADHWANI

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

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

cAny submission deadlines:

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

Line No.	Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

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

(a) Name of organization	(b) Type of organization	(c) Description of relationship

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year

Total ................................. 3a				0

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........			14	773,841
4 Dividends and interest from securities ....
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income .....
8 Gain or (loss) from sales of assets other than inventory ............			18	44,947,469
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		96,019,049	0

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

Name of organization WADHWANI OPERATING FOUNDATION

Part I Contributors	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	ROMESH KATHLEEN WADHWANI PO BOX 1987 LOS ALTOS, CA94023	$ 55,600,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
2	ROMESH KATHLEEN WADHWANI PO BOX 1987 LOS ALTOS, CA94023	$ 6,041,917	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
3	ROMESH KATHLEEN WADHWANI PO BOX 1987 LOS ALTOS, CA94023	$ 2,846,493	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
4	ROMESH KATHLEEN WADHWANI PO BOX 1987 LOS ALTOS, CA94023	$ 5,276,868	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990) (2021)

Name of organization WADHWANI OPERATING FOUNDATION		Employer identification number 38-3840804

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
2	84,079 SHARES OF BERKELEY LIGHTS INC - PUBLIC STOCK	$ 6,041,917	2021-02-01
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
3	36,027 SHARES OF BERKELEY LIGHTS INC. - PUBLIC STOCK	$ 2,846,493	2021-02-08
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
4	89,272 SHARES OF BIGCOMMERCE HOLDINGS INC. - PUBLIC STOCK	$ 5,276,868	2021-02-26
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990) (2021)


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









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

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
LUIS JAVIER CAMPOS STIVALET	PROFESSIONAL FEES IN MEXICO	187,445
AV PASEO DEL POPOCATEPETL 35 PUEBLA MX	PROFESSIONAL FEES IN MEXICO	187,445
PRAVESH MEHRA	PROFESSIONAL FEES IN MEXICO	78,750
AVAILABLE ON REQUEST MX	PROFESSIONAL FEES IN MEXICO	78,750
MAHI KAMAL ALJAZZAR	PROFESSIONAL FEES	60,000
7 MOHAMED HASSOUNA STREET NOZHA HELIOPOLIS CAIRO EG	PROFESSIONAL FEES	60,000
MC BOLTON	PROFESSIONAL FEES IN SOUTH AFRICA	55,250
226 BEYERS NAUDE DRIVE RUSTENBURG SF	PROFESSIONAL FEES IN SOUTH AFRICA	55,250

bApproved for future payment

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


Name of organization WADHWANI OPERATING FOUNDATION			Employer identification number 38-3840804
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES - TAX	21,000	10,500	0	10,500
ACCOUNTING FEES - AUDIT	35,900	0	0	35,900

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
ADAMS STREET CO-INVEST IV	FMV	21,466,900	21,466,900
AG DIRECT LENDING FUND III, L.P	FMV	10,197,716	10,197,716
AKRIDATA	FMV	1,000,000	1,000,000
BLACKROCK FIXED INCOME MANAGEMENT	FMV	3,244,236	3,244,236
CAPIP GUIDESPARK	FMV	2,992,500	2,992,500
CASHEBOX	FMV	2,500,000	2,500,000
CORRUM CAPITAL GLOBAL	FMV	3,450,540	3,450,540
FLEX CAPITAL GLOBAL	FMV	4,182,455	4,182,455
GUARDIAN POINT LP	FMV	3,290,527	3,290,527
GURTIN FIXED INCOME MANAGEMENT	FMV	23,032,103	23,032,103
HERITAGE HEALTHCARE INNOVATION FUND II	FMV	5,091,674	5,091,674
ICAPITAL	FMV	6,366,129	6,366,129
IRI ROLLOVER	AT COST	6,103,069	6,103,069
IRI WARRANTS	AT COST	904,200	904,200
SEQUOIA CAP HERITAGE FUND	FMV	249,309,535	249,309,535
SYMPHONY EYC CAYMAN LTD	FMV	1,877,965	1,877,965
TENNENBAUM OPPORTUNITIES	FMV	584,655	584,655
THINK INVESTMENTS	FMV	10,206,210	10,206,210
UNITUS SEED FUND	FMV	163,993	163,993
VECTOR CAPITAL CREDIT OPPORTUNITY OFFSHORE FUND	FMV	41,303,700	41,303,700
WASPIRE INVESTMENTS	FMV	2,074,553	2,074,553
OTHER EQUITY SECURITIES	FMV	2	2
GUAGE CAPITAL III LP	FMV	181,089	181,089

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
OFFICE EXPENSES	10,405	0	10,405
BANK CHARGES	2,119	2,119	0
UTILITIES	1,855	0	1,855
OTHER EXPENSES	2,324	0	2,324
GTI EXPENSES	8,993	0	8,993
ECOSYSTEM EXPENSES	31,500	0	31,500
GLOBAL EXPENSES	468,452	0	468,452
GLOBAL EXPENSES - LATIN AMERICA	1,432,260	0	1,430,480
GLOBAL EXPANSION - EAST AFRICA	23,735	0	23,735
GLOBAL EXPANSION - WEST AFRICA	11,380	0	11,380
GLOBAL EXPANSION - MENA	95,220	0	95,220
GLOBAL EXPANSION - BRAZIL	154,576	0	154,576
GLOBAL EXPANSION - INVENT	36,017	0	36,017
GLOBAL EXPANSION - INDIA	26,669	0	26,669
GLOBAL EXPANSION - SOUTH AFRICA	90,485	0	90,485
PLATFORM DEVELOPMENT	5,195	0	5,195
INTEREST AND PENALTIES	303	0	0
PAYROLL EXPENSES	2,850	0	2,850

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
ADAMS STREET CO-INVEST	2,383,109	3,309,823	-231,524
AG DIRECT LENDING FUND III	1,211,429	513,530	480,431
BLACKROCK FIXED INCOME MANAGEMENT	-43,313	0	0
CAPIP GUIDESPARK	-1,023,750	-735,542	466,713
CAPIP QUESTBACK	0	266,736	244,058
CORRUM CAPITAL GLOBAL CREDIT OPPORTUNITIES FUND	509,102	-52,358	-45,687
FLEX CAPTIAL FUND I	1,801,594	562,409	-26,550
GUARDIAN POINT, LP	333,338	204,178	-131,466
GURTIN FIXED INCOME	-475,050	0	0
HEIF FEEDER FUND	333,652	245,230	974,706
HERITAGE HEALTHCARE INNOVATION FUND II, LP	516,182	1,145,217	-37,109
ICAPITAL-MSD PRIVATE CREDIT	421,082	692,610	195,193
ICQ OPPORTUNITIES FUND 2, LP	-599	-918	-918
SCHF US, LP (SEQUOIA HERITAGE)	37,517,396	31,096,411	-3,542
SYMPHONY EYC CAYMAN	0	9,406	9,406
TENNENBAUM OPPORTUNITIES FUND VI, LLC	-85,226	0	0
THINK INVESTMENTS LTD.	2,830,735	1,511,905	0
UNITUS SEED FUND LP	-93,541	-77,725	-17,695
VECTOR CAPITAL CREDIT OPPORTUNITY OFFSHORE FUND, LTD.	924,454	5,686,446	4,710,514
VECTOR MM COINVEST (MOOD CO-INVEST)	2,999,129	0	0
WASPIRE INVESTMENTS LLC	485,980	590,210	-87,449
UBS 13839	-10,705	-3,043	-3,043
UBS 16946	0	-6	-6
GAUGE CAPITAL PARALLEL III LP	-238,935	-308,186	-308,186
STG III LP	0	44,278	0

Description	Beginning of Year - Book Value	End of Year - Book Value
PAYABLE TO WADHWANI CHARITABLE FOUNDATION	81,898	81,898
PAYROLL LIABILITIES	1,656	1,656
ACCRUED EXPENSES	258,855	262,499
EXCISE TAX LIABILITY	-948,367	-773,633
OTHER LIABILITIES	-1,180	4,453

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
OTHER FEES	133,534	0	0	133,534
CONSULTING FEES	12,100,000	0	0	12,039,554

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Software Version:

Category	Amount	Disbursements for Charitable Purposes
PAYROLL TAXES	15,694	15,694
OTHER TAXES	85	85
FEDERAL EXCISE TAX	134,962	134,962
CA TAX	909	909