Form990-PF
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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. 1545-0047
2021
Open to Public Inspection
For calendar year 2021, or tax year beginning 01-01-2021 , and ending 12-31-2021
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$1,061,348,229J 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 11,737 11,737  
4 Dividends and interest from securities... 13,865,724 14,163,170  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 64,620,189
b Gross sales price for all assets on line 6a 217,409,204
7 Capital gain net income (from Part IV, line 2)... 66,148,560
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 623,646 -172,159  
12 Total. Add lines 1 through 11........ 79,121,296 80,151,308  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 1,180,550 169,266   1,011,284
14 Other employee salaries and wages...... 112,890 12,135   100,755
15 Pension plans, employee benefits....... 457,337 64,005   392,358
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 49,327 6,918   42,409
c Other professional fees (attach schedule).... Click to see attachment 1,706,016 1,705,817   199
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 1,075,421 0   0
19 Depreciation (attach schedule) and depletion... 130,479 0  
20 Occupancy.............. 189,328 31,068   190,452
21 Travel, conferences, and meetings....... 48,562 0   48,562
22 Printing and publications.......... 384 54   330
23 Other expenses (attach schedule)....... Click to see attachment 103,351 12,713   93,074
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 5,053,645 2,001,976   1,879,423
25 Contributions, gifts, grants paid....... 45,062,933 44,882,983
26 Total expenses and disbursements. Add lines 24 and 25 50,116,578 2,001,976   46,762,406
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 29,004,718
b Net investment income (if negative, enter -0-) 78,149,332
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2021)
Form 990-PF (2021)
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............. 15,498 15,084 15,084
2 Savings and temporary cash investments......... 63,425,556 57,480,721 57,480,721
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet   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.......... 18,754 21,189 21,189
10a Investments—U.S. and state government obligations (attach schedule) 18,266,107 Click to see attachment18,138,222 18,376,504
b Investments—corporate stock (attach schedule)....... 141,741,727 Click to see attachment178,380,934 450,182,206
c Investments—corporate bonds (attach schedule)....... 13,888,107 Click to see attachment46,041,065 46,225,549
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 377,791,369 Click to see attachment344,173,473 488,283,165
14 Land, buildings, and equipment: basis bullet1,062,106
Less: accumulated depreciation (attach schedule) bullet515,085 671,919 547,021 547,021
15 Other assets (describe bullet) Click to see attachment39,211 Click to see attachment216,790 Click to see attachment216,790
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 615,861,048 645,014,499 1,061,348,229
Liabilities 17 Accounts payable and accrued expenses.......... 245,309 214,092
18 Grants payable................. 320,050 500,000
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)......... 565,359 714,092
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........... 615,295,689 644,300,407
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)..... 615,295,689 644,300,407
30 Total liabilities and net assets/fund balances (see instructions). 615,861,048 645,014,499
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
615,295,689
2
Enter amount from Part I, line 27a .....................
2
29,004,718
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
644,300,407
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
644,300,407
Form 990-PF (2021)
Form 990-PF (2021)
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   2021-01-01 2021-12-31
b CARLYLE REALTY FOREIGN INVESTORS VIII-A P 2021-01-01 2021-12-31
c HAMILTON LANE MARKET STREET OPP FUND P 2021-01-01 2021-12-31
d HAMILTON LANE MARKET STREET OPP FUND II P 2021-01-01 2021-12-31
e GROSVENOR CUSTOMIZED INFRASTRUCTURE STRATEGIES III P 2021-01-01 2021-12-31
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 214,520,427   151,260,644 63,259,783
b 924,220     924,220
c 444,255     444,255
d 159,667     159,667
e 229     229
1,360,406     1,360,406
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       63,259,783
b       924,220
c       444,255
d       159,667
e       229
      1,360,406
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 66,148,560
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  
Form 990-PF (2021)
Form 990-PF (2021)
Page 4
Part V
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 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 1,086,276
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 1,086,276
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 1,289,790
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 1,289,790
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 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 10 203,514
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet203,514 RefundedBullet 11 0
Part VI-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 XIV..................................
    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 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    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 (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-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 2021, 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 VI-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? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
     
    No
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
    Yes
     
    (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)? ......................
    1a(5)
     
    No
    (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.) ...............
    1a(6)
     
    No
    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
    c
    ........bullet
    d
    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 2021? .............
    1d
     
    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 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    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? ..............................
    3a
    Yes
     
    b
    If "Yes," did it have excess business holdings in 2021 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 2021.) .....................
    3b
     
    No
    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 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-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))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
     
    No
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals? .............
    5a(5)
     
    No
    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
     
     
    c
    .........bullet
    d
    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? .................
    5d
     
     
    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? .............................
    6a
     
    No
    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?
    7a
     
    No
    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? .........................
    8
     
    No
    Part VII
    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, TREASURER & TRUSTEE
    40.00     		625,450 98,109 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    MONTGOMERY B BROWN VICE PRESIDENT
    40.00     		310,400 63,511 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    LINDA M BUCKLEY SECRETARY & ASSISTANT TREASURER
    40.00     		140,700 34,913 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    T KENNETH CRIBB JR TRUSTEE
    1.00     		12,000 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    EDWIN J FEULNER JR TRUSTEE
    1.00     		12,000 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    ROGER KIMBALL TRUSTEE
    1.00     		16,000 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    EUGENE B MEYER TRUSTEE
    1.00     		16,000 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    ROGER W ROBINSON JR TRUSTEE
    1.00     		16,000 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    JAMES C RODDEY TRUSTEE
    1.00     		16,000 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    CHRISTINE J TORETTI TRUSTEE
    1.00     		12,000 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    JAMES M WALTON TRUSTEE
    1.00     		0 0 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    MATTHEW A GROLL TRUSTEE
    1.00     		4,000 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     		80,900 20,075 0
    301 GRANT ST STE 3900
    PITTSBURGH,PA152196402
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 7
    Part VII
    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 760,162
    300 5TH AVENUE
    PITTSBURGH,PA15222
    EDGEWOOD MANAGEMENT FUND MANAGER 237,455
    600 STEAMBOAT ROAD SUITE 103
    GREENWICH,CT06830
    EAGLE CAPITAL MANAGEMENT FUND MANAGER 236,908
    499 PARK AVENUE 17TH FLOOR
    NEW YORK,NY10022
    HARDMAN JOHNSTON GLOBAL ADVISORS FUND MANAGER 230,111
    300 ATLANTIC ST SUITE 601
    STAMFORD,CT06901
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part VIII-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 VIII-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 (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    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
    1,015,099,576
    b
    Average of monthly cash balances.......................
    1b
    26,483
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    1,015,126,059
    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
    1,015,126,059
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    15,226,891
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    999,899,168
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    49,994,958
    Part X
    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 IX, line 6..................
    1
    49,994,958
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    1,086,276
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    1,086,276
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    48,908,682
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    48,908,682
    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 XII, line 1 ...
    7
    48,908,682
    Part XI
    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
     
    b
    Program-related investments—total from Part VIII-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4.
    4
     
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 9
    Part XII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2020     		(c)
    2020     		(d)
    2021
    1 Distributable amount for 2021 from Part X, line 7 48,908,682
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 3,736,191
    b Total for prior years:20, 20, 20 0
    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 ........ 0
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 46,767,204
    a Applied to 2020, but not more than line 2a 3,736,191
    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 2021 distributable amount..... 43,031,013
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2021. 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 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		5,877,669
    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 2016 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		0
    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....  
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 10
    Part XIII
    Private Operating Foundations (see instructions and Part VI-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 2021, 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) 2021 (b) 2020 (c) 2019 (d) 2018
             
    b 85% (0.85) of line 2a .........          
    c Qualifying distributions from Part XI,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part IX, line 6 for each year listed ..     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XIV
    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
    cAny submission deadlines:
    SEE GENERAL EXPLANATION STATEMENT 13
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    SEE GENERAL EXPLANATION STATEMENT 13
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 11
    Part XIV
    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 AND PROJECT SUPPORT 275,000
    ALEXANDER HAMILTON SOCIETY THE
    1701 RHODE ISLAND AVE NW
    WASHINGTON,DC20036     		NONE PC GENERAL OPERATING SUPPORT 300,000
    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
    321 NORTH CLARK STREET
    CHICAGO,IL60654     		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 THE CHINA CHALLENGE 225,000
    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 JEANE KIRKPATRICK FELLOWSHIP AND SCHOLARS PROGRAM 500,000
    AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH
    1789 MASSACHUSETTS AVE NW
    WASHINGTON,DC20036     		NONE PC DEFENSE POLICY STUDIES 275,000
    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 CNTR 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 GENERAL OPERATING SUPPORT 100,000
    AMERICAN PRIVATE RADIO
    1723-B UNIVERSITY AVENUE SUITE 361
    OXFORD,MS38655     		NONE PC GENERAL OPERATING SUPPORT 175,000
    AMERICAN PUBLIC SERVANTS CHARITABLE FOUNDATION
    PO BOX 391
    ALBANY,NY12201     		NONE PC GENERAL OPERATING SUPPORT 150,000
    AMERICAN TRANSPARENCY
    3 GRANT SQUARE SUITE 355
    HINSDALE,IL60521     		NONE PC OPEN THE BOOKS PROJECT 110,000
    AMERICA'S FUTURE FOUNDATION
    1633 CONNECTICUT AVE NW SUITE 300
    WASHINGTON,DC20009     		NONE PC GENERAL OPERATING SUPPORT 125,000
    AMERICA'S FUTURE FOUNDATION
    1633 CONNECTICUT AVE NW SUITE 300
    WASHINGTON,DC20009     		NONE PC TALENT MARKET 50,000
    ARCHBRIDGE INSTITUTE
    1633 CONNECTICUT AVE NW SUITE 300
    WASHINGTON,DC20009     		NONE PC GENERAL OPERATING SUPPORT 150,000
    ARIZONA STATE UNIVERSITY FOUNDATION FOR A NEW AMERICAN UNIVERSITY
    951 S CADY MALL SOCIAL SCIENCES
    SUITE 107
    TEMPE,AZ852870602     		NONE PC SCHOOL OF CIVIC AND ECONOMIC THOUGHT AND LEADERSHIP, PROJECT SUPPORT 60,000
    ASHLAND UNIVERSITY
    401 COLLEGE AVENUE
    ASHLAND,OH44805     		NONE PC ASHBROOK CENTER, PROGRAM SUPPORT 400,000
    ASSOCIATION OF AMERICAN EDUCATORS FOUNDATION
    25909 PALA SUITE 330
    MISSION VIEJO,CA92691     		NONE PC GENERAL OPERATING AND PROJECT SUPPORT 150,000
    ATLANTIC LEGAL FOUNDATION
    500 MAMARONECK AVENUE SUITE 320
    HARRISON,NY10528     		NONE PC GENERAL OPERATING SUPPORT 85,000
    ATLAS ECONOMIC RESEARCH FOUNDATION
    TWO LIBERTY CNTR SUITE 310 4075
    WILSON BLVD
    ARLINGTON,VA22203     		NONE PC GENERAL OPERATING AND PROGRAM SUPPORT 450,000
    ATLAS ECONOMIC RESEARCH FOUNDATION
    TWO LIBERTY CNTR SUITE 310 4075
    WILSON BLVD
    ARLINGTON,VA22203     		NONE PC PRAGUE SECURITY STUDIES INSTITUTE 120,000
    BECKET FUND
    1919 PENNSYLVANIA AVE NW 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 320,000
    BIPARTISAN POLICY CENTER INC
    1225 EYE STREET NW SUITE 1000
    WASHINGTON,DC20005     		NONE PC PROJECT SUPPORT 100,000
    BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY THE
    434 GALVEZ MALL
    STANFORD,CA943056003     		NONE PC STANFORD CIVICS INITIATIVE 108,540
    BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY THE
    434 GALVEZ MALL
    STANFORD,CA943056003     		NONE PC HOOVER INSTITUTION ON WAR, REVOLUTION AND PEACE 1,250,000
    BUCKEYE INSTITUTE THE
    88 EAST BROAD STREET SUITE 1300
    COLUMBUS,OH43215     		NONE PC PROGRAM SUPPORT 185,000
    CAPITAL RESEARCH CENTER
    1513 16TH ST NW
    WASHINGTON,DC200361480     		NONE PC GENERAL OPERATING SUPPORT 500,000
    CARNEGIE MELLON UNIVERSITY
    5000 FORBES AVENUE
    PITTSBURGH,PA152133890     		NONE PC PROJECT SUPPORT 185,150
    CATHOLIC UNIVERSITY OF AMERICA
    620 MICHIGAN AVE NE
    WASHINGTON,DC20064     		NONE PC CENTER FOR HUMAN RIGHTS FELLOWSHIP SUPPORT 50,000
    CATHOLIC UNIVERSITY OF AMERICA
    620 MICHIGAN AVE NE
    WASHINGTON,DC20064     		NONE PC ROPKE-WOJTYLA FELLOWSHIP PROGRAM 70,000
    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 CULTURE AND IDEAS
    5230 N APACHE HILLS TRAIL
    TUCSON,AZ85750     		NONE PC AMERICAN CULTURE AND IDEAS INITIATIVE 130,000
    CENTER FOR AMERICAN GREATNESS INC
    3104 E CAMELBACK ROAD 907
    PHOENIX,AZ85016     		NONE PC GENERAL OPERATING SUPPORT 100,000
    CENTER FOR COMMON SENSE IN SCIENCE
    300 S RIVERSIDE PLAZA SUITE 1625
    CHICAGO,IL60606     		NONE PC PROJECT SUPPORT 100,000
    CENTER FOR EQUAL OPPORTUNITY
    1054 31ST ST NW - SUITE 330
    WASHINGTON,DC20007     		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 150,000
    CENTER FOR SECURITY POLICY INC
    2020 PENNSYLVANIA AVE NW SUITE 189
    WASHINGTON,DC20006     		NONE PC PROGRAM SUPPORT 400,000
    CENTER FOR STRATEGIC AND BUDGETARY ASSESSMENTS
    1667 K STREET NW SUITE 900
    WASHINGTON,DC20006     		NONE PC PROGRAM SUPPORT 300,000
    CENTER FOR STRATEGIC AND INTERNATIONAL STUDIES INC
    1616 RHODE ISLAND AVENUE NW
    WASHINGTON,DC20036     		NONE PC TRANSNATIONAL THREATS PROJECT 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 150,000
    CERTELL INC
    2201 E 46TH STREET SUITE 302
    INDIANAPOLIS,IN46205     		NONE PC GENERAL OPERATING SUPPORT 300,000
    CHARLEMAGNE INSTITUTE
    8011 34TH AVE STE C-11
    BLOOMINGTON,MN55425     		NONE PC GENERAL OPERATING SUPPORT 100,000
    CHRISTOPHER NEWPORT UNIVERSITY EDUCATIONAL FOUNDATION INC
    1 AVENUE OF THE ARTS
    NEWPORT NEWS,VA236063072     		NONE PC CENTER FOR AMERICAN STUDIES 100,000
    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 480,000
    CO2 COALITION INC
    1621 NORTH KENT STREET SUITE 603
    ARLINGTON,VA22209     		NONE PC GENERAL OPERATING SUPPORT 200,000
    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 575,000
    COMPETITIVE ENTERPRISE INSTITUTE
    1310 L STREET NW 7TH FLOOR
    WASHINGTON,DC20005     		NONE PC GENERAL OPERATING SUPPORT 450,000
    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 50,000
    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 85,000
    EMERGENT ORDER FOUNDATION INC
    4450 FRONTIER TRL
    AUSTIN,TX78745     		NONE PC FELLOWSHIP SUPPORT 200,000
    ENCOUNTER FOR CULTURE AND EDUCATION INC
    900 BROADWAY SUITE 601
    NEW YORK,NY100031239     		NONE PC GENERAL OPERATING SUPPORT 200,000
    ETHICS AND PUBLIC POLICY CENTER INC
    1730 M STREET NW SUITE 910
    WASHINGTON,DC20036     		NONE PC GENERAL OPERATING AND PROGRAM SUPPORT 350,000
    EVERGREEN FREEDOM FOUNDATION
    PO BOX 552
    OLYMPIA,WA98507     		NONE PC PROGRAM SUPPORT 350,000
    FAIRNESS CENTER INC THE
    500 NORTH THIRD STREET SUITE 600B
    HARRISBURG,PA17101     		NONE PC PROGRAM SUPPORT 275,000
    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 PROJECT SUPPORT 350,000
    FEDERALIST SOCIETY FOR LAW & PUBLIC POLICY STUDIES
    1776 I STREET NW SUITE 300
    WASHINGTON,DC20006     		NONE PC GENERAL OPERATING SUPPORT 550,000
    FEDERATION FOR AMERICAN IMMIGRATION REFORM
    25 MASSACHUSETTS AVE NW SUITE 330
    WASHINGTON,DC20001     		NONE PC GENERAL OPERATING SUPPORT 250,000
    FOREIGN POLICY RESEARCH INSTITUTE
    1528 WALNUT STREET SUITE 610
    PHILADELPHIA,PA191023684     		NONE PC PROGRAM SUPPORT 300,000
    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 ECONOMIC EDUCATION INC
    1819 PEACHTREE ROAD NE SUITE 300
    ATLANTA,GA30309     		NONE PC PROGRAM SUPPORT 200,000
    FOUNDATION FOR EXCELLENCE IN HIGHER EDUCATION INC
    16 STOCKTON STREET
    PRINCETON,NJ08540     		NONE PC GENERAL OPERATING SUPPORT 1,000,000
    FOUNDATION FOR GOVERNMENT ACCOUNTABILITY INC
    15275 COLLIER BLVD SUITE 201-279
    NAPLES,FL34119     		NONE PC GENERAL OPERATING SUPPORT 800,000
    FOUNDATION FOR INDIVIDUAL RIGHTS IN EDUCATION INC
    510 WALNUT STREET SUITE 1250
    PHILADELPHIA,PA19106     		NONE PC GENERAL OPERATING SUPPORT 275,000
    FOUNDATION FOR RESEARCH ON EQUAL OPPORTUNITY THE
    201 WEST FIFTH STREET SUITE 1100
    AUSTIN,TX787010060     		NONE PC PROGRAM SUPPORT IN HEALTH POLICY AND HOUSING POLICY 150,000
    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 N CLARK ST SUITE 3300
    CHICAGO,IL60602     		NONE PC GENERAL OPERATING SUPPORT 350,000
    FRASER INSTITUTE THE
    1770 BURRARD STREET FOURTH FLOOR
    VANCOUVER,BRITISH COLUMBIAV6J 3G7
    CA     		NONE PC PROGRAM SUPPORT 60,000
    FREE RUSSIA FOUNDATION
    1015 15TH STREET NW SUITE 600
    WASHINGTON,DC20005     		NONE PC PROJECT SUPPORT 275,000
    FREE TO CHOOSE NETWORK
    2002 FILMORE AVENUE
    ERIE,PA16506     		NONE PC PROJECT SUPPORT 300,000
    FREEDOMWORKS FOUNDATION
    111 K SREET NE SUITE 600
    WASHINGTON,DC20002     		NONE PC PROGRAM SUPPORT 275,000
    FUND FOR AMERICAN STUDIES THE
    1706 NEW HAMPSHIRE AVENUE NW
    WASHINGTON,DC20009     		NONE PC NOVAK JOURNALISM FELLOWSHIP PROGRAM AND THE 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 125,000
    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 600,000
    GEORGE MASON UNIVERSITY FOUNDATION INC
    4400 UNIVERSITY DRIVE
    FAIRFAX,VA22030     		NONE PC LAW AND ECONOMICS CENTER 650,000
    GEORGE WASHINGTON UNIVERSITY
    805 21ST STREET NW
    WASHINGTON,DC20052     		NONE PC REGULATORY STUDIES CENTER 375,000
    GOVERNMENT ACCOUNTABILITY INSTITUTE
    PO BOX 12594
    TALLAHASSEE,FL32317     		NONE PC GENERAL OPERATING SUPPORT 200,000
    HEARTLAND INSTITUTE
    3939 NORTH WILKE ROAD
    ARLINGTON HEIGHTS,IL60004     		NONE PC PROGRAM SUPPORT IN HEALTH POLICY 200,000
    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 KEYSTONE DEFENSE INITIATIVE 100,000
    HUDSON INSTITUTE INC
    1201 PENNSYLVANIA AVE NW SUITE 400
    WASHINGTON,DC20004     		NONE PC PROJECT SUPPORT 65,000
    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 CENTER FOR RELIGIOUS FREEDOM 115,000
    HUDSON INSTITUTE INC
    1201 PENNSYLVANIA AVE NW SUITE 400
    WASHINGTON,DC20004     		NONE PC POLITICAL STUDIES PROGRAM 250,000
    HUMAN RIGHTS FOUNDATION THE
    EMPIRE STATE BUILDING 4202 350 5TH
    AVENUE
    NEW YORK,NY10118     		NONE PC GENERAL OPERATING SUPPORT 250,000
    IN MEDIAS RES
    PO BOX 5425
    CHARLOTTESVILLE,VA22905     		NONE PC PROJECT SUPPORT 91,000
    INDEPENDENT INSTITUTE THE
    100 SWAN WAY SUITE 200
    OAKLAND,CA946211459     		NONE PC PROGRAM SUPPORT 150,000
    INDEPENDENT WOMEN'S FORUM
    4 WEEMS LANE 312
    WINCHESTER,VA22601     		NONE PC GENERAL OPERATING SUPPORT 300,000
    INSTITUTE FOR AMERICAN VALUES
    733 3RD AVENUE FLOOR 16
    NEW YORK,NY10017     		NONE PC PROGRAM SUPPORT 150,000
    INSTITUTE FOR ENERGY RESEARCH
    1155 15TH STREET NW SUITE 900
    WASHINGTON,DC20005     		NONE PC GENERAL OPERATING SUPPORT 80,000
    INSTITUTE FOR FAMILY STUDIES THE
    PO BOX 1502
    CHARLOTTESVILLE,VA22902     		NONE PC GENERAL OPERATING SUPPORT 90,000
    INSTITUTE FOR FREE SPEECH
    1150 CONNECTICUT AVE NW SUITE 801
    WASHINGTON,DC20036     		NONE PC GENERAL OPERATING SUPPORT 300,000
    INSTITUTE FOR HUMANE STUDIES
    3434 WASHINGTON BLVD MS1C5
    ARLINGTON,VA222014508     		NONE PC GENERAL OPERATING AND PROGRAM SUPPORT 375,000
    INSTITUTE FOR JUSTICE
    901 N GLEBE ROAD SUITE 900
    ARLINGTON,VA22203     		NONE PC GENERAL OPERATING SUPPORT 350,000
    INSTITUTE FOR THE AMERICAN WORKER
    2707 CHEVERLY AVENUE
    CHEVERLY,MD20785     		NONE PC GENERAL OPERATING SUPPORT 100,000
    INSTITUTE FOR THE STUDY OF WAR INC
    1400 16TH STREET NW SUITE 515
    WASHINGTON,DC20036     		NONE PC GRADUATE FELLOWSHIPS 150,000
    INSTITUTE OF WORLD POLITICS
    1521 16TH STREET NW
    WASHINGTON,DC20036     		NONE PC DOCTORAL PROGRAM IN STATECRAFT AND NATIONAL SECURITY 240,000
    INSTITUTE ON RELIGION AND DEMOCRACY INC THE
    1023 15TH STREET NW SUITE 200
    WASHINGTON,DC200052620     		NONE PC GENERAL OPERATING AND PUBLICATION SUPPORT 320,000
    INSTITUTE ON RELIGION AND PUBLIC LIFE INC THE
    9 EAST 40TH STREET 10TH FLOOR
    NEW YORK,NY10016     		NONE PC GENERAL OPERATING AND PUBLICATION SUPPORT 225,000
    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 PROGRAM SUPPORT AND THE CENTER FOR A SECURE FREE SOCIETY 160,000
    INTERNATIONAL FREEDOM EDUCATIONAL FOUNDATION
    PO BOX 9925
    MC LEAN,VA22102     		NONE PC ECONOMIC AND FINANCIAL SECURITY PROGRAM 160,000
    INTERNATIONAL POLICY NETWORK US INC
    1104 NW 15TH AVENUE SUITE 300
    PORTLAND,OR97209     		NONE PC INTERNATIONAL CENTER FOR LAW & ECONOMICS 125,000
    JACK MILLER CENTER FOR TEACHING AMERICA'S FOUNDING PRINCIPLES AND HISTORY
    THREE BALA PLAZA WEST SUITE 401
    BALA CYNWYD,PA19004     		NONE PC PROJECT SUPPORT 250,000
    JAMES WILSON INSTITUTE FOR NATURAL RIGHTS AND THE AMERICAN FOUNDING THE
    124 S WEST STREET SUITE 200
    ALEXANDRIA,VA22314     		NONE PC PROGRAM SUPPORT 125,000
    JAMESTOWN FOUNDATION
    1310 L STREET NW SUITE 810
    WASHINGTON,DC20005     		NONE PC PROJECT SUPPORT 97,000
    JAMESTOWN FOUNDATION
    1310 L STREET NW SUITE 810
    WASHINGTON,DC20005     		NONE PC GENERAL OPERATING SUPPORT 175,000
    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 225,000
    LINCOLN NETWORK INC
    2443 FILLMORE STREET 380-3386
    SAN FRANCISCO,CA94115     		NONE PC GENERAL OPERATING SUPPORT 350,000
    LITIGATORS FOR LIBERTY NETWORK
    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 300,000
    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 450,000
    MERCATUS CENTER INC
    GEORGE MASON UNIVERSITY 3434
    WASHINGTON BLVD 4TH FLOOR
    ARLINGTON,VA22201     		NONE PC GENERAL OPERATING SUPPORT 350,000
    MISSOURI STATE UNIVERSITY FOUNDATION
    300 S JEFFERSON AVE SUITE 300
    SPRINGFIELD,MO65806     		NONE PC DEPARTMENT OF DEFENSE AND STRATEGIC STUDIES 330,000
    MOUNTAIN STATES LEGAL FOUNDATION
    2596 SOUTH LEWIS WAY
    LAKEWOOD,CO80227     		NONE PC GENERAL OPERATING SUPPORT 100,000
    MOVING PICTURE INSTITUTE
    375 GREENWICH STREET
    NEW YORK,NY10013     		NONE PC PROGRAM SUPPORT 350,000
    NATIONAL ASSOCIATION OF SCHOLARS
    420 MADISON AVENUE 7TH FLOOR
    NEW YORK,NY10017     		NONE PC GENERAL OPERATING SUPPORT 300,000
    NATIONAL CENTER FOR PUBLIC POLICY RESEARCH INC THE
    20 F STREET NW SUITE 700
    WASHINGTON,DC20001     		NONE PC GENERAL OPERATING SUPPORT 80,000
    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 250,000
    NETWORK OF ENLIGHTENED WOMEN INC
    1360 EAST CAPITOL STREET NE
    WASHINGTON,DC20003     		NONE PC GENERAL OPERATING SUPPORT 75,000
    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
    PO BOX 17678
    ARLINGTON,VA22216     		NONE PC GENERAL OPERATING SUPPORT 180,000
    PACIFIC LEGAL FOUNDATION
    555 CAPITOL MALL SUITE 1290
    SACRAMENTO,CA95814     		NONE PC GENERAL OPERATING SUPPORT 350,000
    PACIFIC RESEARCH INSTITUTE FOR PUBLIC POLICY
    PO BOX 60485
    PASADENA,CA91116     		NONE PC GENERAL OPERATING SUPPORT 250,000
    PELICAN INSTITUTE FOR PUBLIC POLICY
    400 POYDRAS STREET SUITE 900
    NEW ORLEANS,LA70130     		NONE PC PROJECT SUPPORT 200,000
    PEPPERDINE UNIVERSITY
    24255 PACIFIC COAST HIGHWAY
    MALIBU,CA90263     		NONE PC SCHOOL OF PUBLIC POLICY, VISITING PROFESSORSHIP 150,000
    PHILANTHROPY ROUNDTABLE
    1120 20TH STREET NW SUITE 550 SOUTH
    WASHINGTON,DC20036     		NONE PC GENERAL OPERATING AND PROJECT SUPPORT 500,000
    POLITICAL ECONOMY RESEARCH CENTER
    2048 ANALYSIS DRIVE SUITE A
    BOZEMAN,MT59718     		NONE PC GENERAL OPERATING AND PROGRAM SUPPORT 350,000
    PRESIDENT & FELLOWS OF MIDDLEBURY COLLEGE
    OLD CHAPEL ROAD
    MIDDLEBURG,VT05753     		NONE PC MIDDLEBURY INSTITUTE OF INT'L STUDIES: CENTER ON TERRORISM, EXTREMISM, AND COUNTERTERRORISM 149,243
    PUBLIC INTEREST LEGAL FOUNDATION INC
    32 EAST WASHINGTON STREET STE 1675
    INDIANAPOLIS,IN46204     		NONE PC GENERAL OPERATING SUPPORT 325,000
    REAL CLEAR FOUNDATION
    666 DUNDEE ROAD BUILDING 600
    NORTHBROOK,IL60062     		NONE PC REAL CLEAR INVESTIGATIONS AND WIRE 200,000
    REASON FOUNDATION THE
    5737 MESMER AVENUE
    LOS ANGELES,CA90230     		NONE PC PENSION INTEGRITY PROJECT 400,000
    REASON FOUNDATION THE
    5737 MESMER AVENUE
    LOS ANGELES,CA90230     		NONE PC GENERAL OPERATING SUPPORT 300,000
    RONALD REAGAN PRESIDENTIAL FOUNDATION AND INSTITUTE
    40 PENNSYLVANIA DRIVE
    SIMI VALLEY,CA93065     		NONE PC PROJECT SUPPORT 250,000
    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 125,000
    SPEECH FIRST INC
    1300 I STREET NW SUITE 400E
    WASHINGTON,DC20005     		NONE PC GENERAL OPERATING SUPPORT 100,000
    SPIRIT OF AMERICA WORLDWIDE
    3033 WILSON BOULEVARD SUITE 700
    ARLINGTON,VA22201     		NONE PC GENERAL OPERATING SUPPORT 500,000
    STATE POLICY NETWORK
    1655 NORTH FORT MYER DRIVE STE 360
    ARLINGTON,VA22209     		NONE PC GENERAL OPERATING AND PROJECT SUPPORT 475,000
    STUDENT FREE PRESS ASSOCIATION
    PO BOX 76
    HILLSDALE,MI49242     		NONE PC GENERAL OPERATING SUPPORT 80,000
    STUDENTS FOR FAIR ADMISSIONS INC
    2200 WILSON BOULEVARD SUITE 102-13
    ARLINGTON,VA22201     		NONE PC LITIGATION SUPPORT 200,000
    TAX FOUNDATION
    1325 G STREET NW SUITE 950
    WASHINGTON,DC20005     		NONE PC GENERAL OPERATING AND PROJECT SUPPORT 600,000
    THOMAS B FORDHAM INSITUTE
    1016 16TH STREET NW 8TH FLOOR
    WASHINGTON,DC20036     		NONE PC PROJECT SUPPORT 125,000
    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 THE FLETCHER SCHOOL OF LAW AND DIPLOMACY, INTERNATIONAL SECURITY STUDIES PROGRAM 420,000
    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 TEXAS AT AUSTIN
    2304 WHITIS AVENUE STOP G9900
    AUSTIN,TX78712     		NONE PC THOMAS JEFFERSON CENTER FOR THE STUDY OF CORE TEXTS AND IDEAS 50,000
    UNIVERSITY OF TEXAS AT AUSTIN
    2304 WHITIS AVENUE STOP G9900
    AUSTIN,TX78712     		NONE PC WILLIAM P. CLEMENTS, JR. CENTER FOR NATIONAL SECURITY 250,000
    VICTIMS OF COMMUNISM MEMORIAL FOUNDATION
    300 NEW JERSEY AVENUE NW SUITE 900
    WASHINGTON,DC20001     		NONE PC PROGRAM AND PROJECT SUPPORT 610,000
    WILLIAM F BUCKLEY JR PROGRAM AT YALE
    234 CHURCH STREET 7TH FLOOR
    NEW HAVEN,CT06510     		NONE PC GENERAL OPERATING SUPPORT 125,000
    WORKFIRST FOUNDATION
    228 EAST 45TH ST 16TH FLOOR
    NEW YORK,NY100173303     		NONE PC PROJECT SUPPORT 150,000
    Total .................................bullet 3a 44,882,983
    bApproved for future payment
    AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH
    1789 MASSACHUSETTS AVE NW
    WASHINGTON,DC20036     		NONE PC JEANE KIRKPATRICK FELLOWSHIP AND SCHOLARS PROGRAM 500,000
    Total .................................bullet 3b 500,000
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-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 11,737  
    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 64,620,189  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aOTHER REVENUE     		    01 2,637  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 0 79,121,296 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    79,121,296
    (See worksheet in line 13 instructions to verify calculations.)
    Part XV-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 XV-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 (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    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 (2021)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2021 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 49,327 6,918   42,409

    TY 2021 AllOthProgRltdInvestmentsSch
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Category Amount
    N/A 0

    TY 2021 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. APPLICATIONS FOR THE FOLLOWING ARE ROUTINELY DECLINED: 1) EVENT SPONSORSHIPS, ENDOWMENTS, CAPITAL CAMPAIGNS, AND BUILDING PROJECTS; AND 2) SUPPORT FOR ORGANIZATIONS THAT ARE PRIMARILY DEPENDENT UPON GOVERNMENT FUNDS, AND FOR GOVERNMENT AGENCIES.GRANT APPLICATIONS TO THE FOUNDATION MUST CONTAIN:A. COVER LETTER SIGNED BY THE ORGANIZATION'S PRESIDENT OR AUTHORIZED REPRESENTATIVE STATING THAT THE GRANT APPLICATION HAS THE APPROVAL OF THE ORGANIZATION'S BOARD OF DIRECTORS. THE LETTER SHOULD INCLUDE THE AMOUNT REQUESTED AND A CONCISE DESCRIPTION OF THE PURPOSE OF THE REQUESTING ORGANIZATION AND, IF APPLICABLE, THE SPECIFIC PROJECT OR PROGRAM FOR WHICH FUNDS ARE REQUESTED;B. GRANT PROPOSAL NARRATIVE INCLUDING A ONE-PAGE EXECUTIVE SUMMARY;C. NARRATIVE AND FINANCIAL REPORT ON PREVIOUS SARAH SCAIFE FOUNDATION GRANT (AS APPLICABLE);D. ORGANIZATION'S CURRENT ANNUAL BUDGET;E. PROJECT/PROGRAM BUDGET (IF APPLICABLE);F. PROJECT/PROGRAM TIMETABLE (IF APPLICABLE);G. MOST RECENT AUDITED FINANCIAL STATEMENTS; H. UNAUDITED 1) BALANCE SHEET AND 2) REVENUE AND EXPENSE STATEMENT FOR THE MOST RECENTLY CONCLUDED FISCAL YEAR UNLESS SUCH FISCAL YEAR IS THE SAME PERIOD COVERED IN ITEM G;I. CURRENT FORM 990;J. MOST RECENT ANNUAL REPORT;K. LIST OF OFFICERS AND DIRECTORS (WITH THEIR AFFILIATIONS);L. LIST OF KEY/MAJOR SUPPORTERS; ANDM. MOST RECENT IRS DETERMINATION LETTER EVIDENCING 501 (C)(3) TAX-EXEMPT STATUS.ADDITIONAL INFORMATION MAY BE REQUESTED IF NEEDED FOR FURTHER EVALUATION. ORGANIZATIONS WHICH HAVE: 1) PREVIOUSLY RECEIVED A GRANT FROM THE FOUNDATION; OR 2) BEEN PRE-VETTED BY THE FOUNDATION STAFF, ARE PROVIDED ACCESS TO THE FOUNDATION'S ONLINE SUBMISSION PORTAL. THEY SHOULD NOT SEND A HARDCOPY OF THEIR APPLICATION; THEY MUST USE THE PORTAL.UNSOLICITED GRANT APPLICATIONS FROM AN ORGANIZATION THAT HAS NOT PREVIOUSLY RECEIVED A GRANT FROM THE SARAH SCAIFE FOUNDATION MUST BE SUBMITTED IN HARD COPY. THE FOUNDATION WILL NOT CONSIDER ELECTRONIC REQUESTS.THE FOUNDATION MEETS FOUR TIMES A YEAR TO CONSIDER GRANT APPLICATIONS. HOWEVER, APPLICATIONS MAY BE SUBMITTED AT ANY TIME AND WILL BE ACTED UPON AS EXPEDITIOUSLY AS POSSIBLE. ALL APPLICATIONS SHOULD BE ADDRESSED TO:MICHAEL W. GLEBACHAIRMAN AND CEOSARAH SCAIFE FOUNDATIONONE OXFORD CENTRE301 GRANT STREET, SUITE 3900PITTSBURGH, PA 15219-6402
    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 315,205 ----------SUBTOTAL FIXED ASSETS 1,062,106 LESS: ACCUMULATED DEPRECIATION (515,085) ----------NET FIXED ASSETS 547,021

    TY 2021 InvestmentsCorpBondsSchedule
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Name of Bond End of Year Book Value End of Year Fair Market Value
    AMAZON.COM INC CALL 06/05/2034 37,188 38,314
    TSMC ARIZONA CORP CALL 09/25/2026 COGT 199,952 200,090
    UNION PACIFIC CORP CALL 03/15/2037 UNSC 55,862 60,987
    UNION PACIFIC CORP SER MTN CALL 02/15/2039 44,554 44,327
    UNITEDHEALTH GROUP INC CALL 11/15/2049 UNSC 68,027 71,306
    VMWARE INC UNSC 174,804 173,773
    XCEL ENERGY INC CALL 02/15/2027 UNSC 164,805 163,513
    XLIT LTD SEDOL 104,228 102,977
    WALMART INC CALL 03/22/2051 UNSC 140,024 143,143
    WALT DISNEY COMPANY/THE COGT 82,320 81,524
    WELLS FARGO & COMPANY SER MTN CALL 06/02/2023 140,198 141,184
    WELLS FARGO & COMPANY SER MTN SUB 69,044 70,847
    WESTPAC BKG CORP 164,067 167,626
    VISA INC CALL 06/14/2035 74,899 89,755
    TRANS CANADA PIPELINES SR NTS 34,468 40,794
    REPUBLIC SERVICES INC CALL 07/15/2024 UNSC 61,014 61,744
    RYDER SYSTEM INC SER MTN CALL 02/01/2023 168,741 169,280
    SYSCO CORPORATION CALL 01/01/2030 COGT 168,899 168,507
    SOUTHERN CO CALL 04/01/2026 82,074 79,341
    SPIRIT REALTY LP CALL 11/15/2026 COGT 125,550 130,660
    CITIGROUP INC SR UNSEC 156,395 162,626
    CITIGROUP INC SR UNSEC CALL 7/24/22 187,781 197,342
    CITIGROUP INC SUB 03.875% DUE 03/26/2025 89,426 90,713
    CITIGROUP INC SUB 05.500% DUE 09/13/2025 89,030 84,819
    CAMDEN PROPERTY TRUST SR UNSEC 172,989 172,377
    CAMPBELL SOUP CO CALL 01/15/2025 UNSC 168,345 165,724
    CANADIAN PACIFIC RAILWAY 164,719 165,198
    SHERWIN-WILLIAMS CO CALL 05/01/2022 UNSC 5,996 6,041
    VF CORP CALL 03/23/2025 UNSC 174,697 180,023
    VERIZON OWNER TRUST SERIES 2019 A CLASS A1 54,954 55,266
    VERIZON COMMUNICATIONS UNSC 106,123 129,946
    PGIM HIGH YIELD FUND CLASS R6 10,500,000 10,405,235
    ORACLE CORP CALL 09/25/2050 UNSC 134,764 140,145
    ORACLE CORP CALL 10/01/2039 UNSC 34,906 35,100
    PACIFIC FUNDS FLOATING RATE INCOME 21,000,000 21,006,154
    PEPSICO INC CALL 04/06/2046 89,687 84,485
    MORGAN STANLEY NTS 178,604 177,060
    LYB INT FINANCE III CALL 09/01/2025 COGT 132,784 130,748
    KROGER CO CALL 08/01/2046 UNSC 55,909 66,723
    JOHNSON & JOHNSON CALL 09/01/2035 119,608 137,267
    JP MORGAN CHASE & CO CALL 10/01/24 109,387 110,775
    JP MORGAN CHASE & CO SR UNSEC CALL 7/24/37 70,000 79,450
    JP MORGAN CHASE & CO SUB CALL 05/13/30 105,000 108,714
    JPMORGAN CHASE & CO SR UNSEC 120,000 126,524
    JPMORGAN CHASE & CO SR UNSEC CALL 06/01/2028 145,000 143,791
    KINDER MORGAN ENER PART SR UNSEC 123,061 145,277
    KINDER MORGAN INC/DELAWA CALL 03/01/2025 118,580 113,467
    MICROSOFT CORP CALL 02/08/2036 135,744 161,147
    MIDAMERICAN ENERGY CO CALL 02/01/2048 MORT 34,694 39,339
    MARRIOTT INTERNATIONAL CALL 03/15/2030 UNSC 85,281 84,371
    MASTERCARD INC CALL 12/01/2048 UNSC 44,227 40,505
    MERCK & CO INC CALL 06/10/2051 UNSC 34,915 34,633
    METLIFE INC JR SUB 74,900 86,115
    VALERO ENERGY CORP BDS 92,799 94,301
    VALERO ENERGY CORP CALL 03/01/2028 UNSC 77,120 82,699
    VERIZON COMMUNICATIONS SER WI CALL 09/03/2029 164,355 162,560
    CAPITAL ONE FINANCIAL CO CALL 11/02/2026 UNSC 255,000 253,697
    PUBLIC SERVICE COLORADO CALL 12/15/2046 MORT 54,776 61,969
    CAPITAL ONE PRIME AUTO RECEIVA SERIES 2019 34,343 34,603
    CROWN CASTLE INTL CORP CALL 11/15/2025 91,770 87,555
    GOLDMAN SACHS GROUP INC CALL 03/01/2025 UNSC 88,429 84,594
    GOLDMAN SACHS GROUP INC CALL 10/21/2026 UNSC 135,000 134,406
    GOLDMAN SACHS GROUP INC SR UNSEC CALL 6/5/2022 206,424 201,666
    INTEL CORP CALL 05/15/2049 UNSC 119,932 126,649
    INTERPUBLIC GROUP COS UNSC 137,198 133,388
    HUMANA INC CALL 01/22/2022 UNSC 94,960 94,507
    ENERGY TRANSFER PARTNERS SR UNSEC CALL 8/1/41 86,089 90,183
    ENTERPRISE PRODUCTS OPER CALL 08/15/2042 COGT 70,290 68,449
    ENERGY TRANSFER OPERATNG COGT 152,210 153,988
    ENBRIDGE INC 147,584 146,167
    GM FINANCIAL SECURITIZED TERM SERIES 2019 36,980 37,217
    DOMINION ENERGY INC SER A CALL 02/15/2025 169,237 162,146
    DOWDUPONT INC CALL 09/15/2025 UNSC 84,662 82,871
    DUKE ENERGY CAROLINAS 1ST MTG CALL 03/30/42 28,029 34,435
    DUKE ENERGY FLORIDA LLC CALL 09/15/2031 69,894 70,860
    DUKE ENERGY INDIANA INC SER WWW CALL 01/15/43 44,796 56,336
    DUKE ENERGY PROGRESS LLC SER 10YR CALL 06/01/2028 38,020 38,343
    FOX CORP SER WI CALL 10/25/2028 119,874 114,140
    GLOBAL PAYMENTS INC CALL 01/15/2025 UNSC 169,874 169,567
    FIDELITY NATL INFO SERV UNSC 104,938 103,362
    FIFTH THIRD AUTO TRUST SERIES 2019 39,024 39,259
    FIFTH THIRD BANCORP CALL 12/28/2024 UNSC 164,954 169,391
    FISERV INC CALL 03/01/2025 66,705 64,076
    FISERV INC CALL 07/01/2028 UNSC 248,042 252,232
    DOW CHEMICAL CO/THE CALL 04/01/2044 58,228 60,438
    HSBC HOLDINGS PLC SEDOL BMVVWD2 ISIN US404280CX53 220,000 220,458
    HOLLYFRONTIER CORP CALL 01/01/2026 78,546 84,112
    HOLLYFRONTIER CORP 70,101 71,321
    CVS HEALTH CORP CALL 09/25/2037 UNSC 55,081 54,776
    COMCAST CORP CALL 01/15/2036 62,015 58,656
    COMCAST CORP CALL 02/15/2035 52,640 59,916
    COMCAST CORP CALL 09/01/2037 133,452 135,804
    CONOCOPHILLIPS NOTES 65,827 72,632
    CONSOLIDATED EDISON INC SER A CALL 12/01/2021 169,969 168,609
    AT&T INC CALL 03/25/2023 UNSC 119,800 119,381
    AT&T INC CALL 08/01/2042 UNSC 54,974 53,468
    AT&T INC CALL 09/01/2036 UNSC 123,768 136,060
    AUTOZONE INC CALL 01/15/2025 UNSC 169,605 168,006
    AVALONBAY COMMUNITIES IN SER MTN CALL 12/15/22 40,765 40,638
    AMERICAN TOWER CORP CALL 03/15/2030 59,422 57,770
    AMERICAN TOWER CORP CALL 11/15/2025 247,210 234,632
    AMERICAN WATER CAPITAL C CALL 06/01/2027 60,253 63,286
    AMGEN INC CALL 11/21/2029 UNSC 103,574 101,776
    ANHEUSER-BUSCH INBEV FIN CALL 08/01/2035 177,866 202,394
    APPLE INC UNSC 68,192 88,319
    BP CAP MARKETS AMERICA CALL 03/06/2025 COGT 172,459 168,746
    BRUNSWICK CORP CALL 08/18/2022 UNSC 74,912 73,928
    BURLINGTN NORTH SANTA FE CALL 03/01/2044 103,096 119,810
    BOEING CO CALL 12/01/2028 UNSC 177,026 174,961
    BOEING CO CALL 02/04/2023 UNSC 70,037 69,983
    BANK OF AMERICA CORP SER MTN CALL 06/14/2028 155,000 153,910
    BANK OF AMERICA CORP SER MTN SUB 160,683 160,779
    BARCLAYS PLC SR UNSEC CALL 05/16/23 297,245 286,270
    BERKSHIRE HATHAWAY FIN CALL 02/15/2048 COGT 64,670 78,878
    DIGITAL REALTY TRUST LP CALL 06/15/2027 COGT 57,976 59,602
    CNH INDUSTRIAL CAP LLC COGT 69,559 70,911
    PIONEER NATURAL RESOURCE UNSC 99,994 99,618
    MICRON TECHNOLOGY INC CALL 11/06/2028 UNSC 100,254 100,678
    PHILLIPS 66 CALL 09/15/2051 COGT 84,374 84,907
    PHILLIPS 66 CALL 11/19/2021 COGT 235,153 233,256
    AEP TRANSMISSION CO LLC SER N CALL 02/15/2051 44,826 42,809
    ABBVIE INC CALL 11/14/2034 @ 100.000 UNSC 53,394 59,811
    ABBVIE INC CALL 11/15/2044 @ 100.000 UNSC 70,711 74,438
    AMAZON.COM INC CALL 12/03/2049 UNSC 138,568 133,300
    NEXTERA ENERGY CAPITAL COGT 84,992 84,828
    NIKE INC CALL 09/27/2039 UNSC 34,781 38,074
    NVIDIA CORP CALL 10/01/2049 UNSC 79,794 91,198
    MORGAN STANLEY SER GMTN CALL 1/24/28 171,687 163,227
    MORGAN STANLEY SR UNSEC CALL 05/30/2024 120,000 118,432
    MORGAN STANLEY SUB CALL 09/16/2031 145,117 139,628
    MPLX LP CALL 11/15/2028 UNSC 136,403 131,309
    MPLX LP CALL 12/01/2026 UNSC 188,069 191,464
    NATIONAL RETAIL PROP INC CALL 03/15/2024 167,782 163,661
    AFLAC INC CALL 01/01/2030 UNSC 119,683 132,273

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AMBEV SA-SPN ADR 71,819 50,168
    ALBANY INTERNATIONAL CORP CL A 65,838 80,932
    ALLEGRO MICROSYSTEMS INC 165,457 215,705
    ALKERMES PLC 527,282 414,958
    AMADEUS IT GROUP S A ADR 91,530 90,677
    ADOBE INC 971,968 1,679,065
    AENA SME SA-ADR 66,706 57,762
    ALPHABET INC/CA-CL C 2,963,976 4,485,065
    AMAZON COM INC 2,958,164 3,594,419
    ADYEN NV-UNSPON ADR 56,136 175,160
    ALTRA INDUSTRIAL MOTION CORP 118,432 160,434
    ALPHABET INC/CA-CL A 4,518,724 13,847,851
    AERCAP HOLDINGS NV 376,784 525,323
    ALLIANZ SE - UNSP ADR 383,935 420,541
    AKAMAI TECHNOLOGIES 65,055 101,825
    AIRBUS SE ADR 1,232,250 1,572,684
    ALEXANDRIA REAL ESTATE EQUITIES INC 46,746 104,345
    AIR LIQUIDE ADR 88,843 121,661
    LABORATORY CORP OF AMERICA HLDG 224,233 483,569
    L OREAL CO UNSPONSORED ADR 81,082 194,371
    KUBOTA CORP SPON ADR 56,793 83,567
    RACKSPACE TECHNOLOGY INC 245,910 161,842
    PENUMBRA INC 198,511 332,142
    PENNON GROUP PLC 11,352 11,163
    PDC ENERGY INC 67,481 153,218
    PAYPAL HOLDINGS INC-W/I 864,214 1,576,529
    PAYCOR HCM INC 128,194 114,405
    PARKER HANNIFIN CORP 183,279 336,571
    PAGERDUTY INC 195,597 215,415
    PACWEST BANCORP 175,952 203,943
    PACIRA BIOSCIENCES INC 85,212 113,300
    PACCAR INC 206,926 211,030
    OXFORD INDUSTRIES INC 61,202 91,470
    OSI SYS INC 61,214 63,656
    ONEOK INC NEW 49,910 69,807
    ON SEMICONDUCTOR CORPORATION 49,223 237,856
    OMRON CORP SPON ADR 909,303 1,027,604
    PERFORMANCE FOOD GROUP CO 67,560 68,238
    OMNICELL INC 105,052 207,686
    PERNOD RICARD SA UNSPONSORED ADR 49,630 86,779
    QUALYS INC 51,770 82,881
    QUALCOMM 185,607 382,747
    PUMA SE - UNSPONSORED ADR 1,096,505 1,476,521
    LATTICE SEMICONDUCTOR CORP 66,872 226,711
    LAUDER ESTEE COS INC CL A 454,914 1,092,830
    LIBERTY BROADBAND-C 2,287,760 2,573,250
    KIMBERLY-CLARK CORP 188,390 199,088
    KEYCORP NEW 55,499 82,158
    KELLY SERVICES INC CLASS A 61,990 46,218
    KBC GROEP NV UNSP ADR 58,847 79,821
    JULIS BAER GROUP LTD 49,499 72,300
    JPMORGAN CHASE & CO 4,707,775 16,702,283
    JOHNSON CTLS INTL PLC 160,104 393,296
    KORN FERRY 103,516 212,877
    MADDEN STEVEN LTD 57,771 101,816
    KYOCERA CORP SPON ADR 283,651 287,236
    LYONDELLBASELL INDUSTRIES N.V. 375,008 355,731
    LXP INDUSTRIAL TRUST 72,886 107,184
    LVMH MOET HENNESSY LOUIS ADR 444,064 1,312,415
    LUMENTUM HOLDINGS INC -W/I 143,050 151,991
    LUKOIL PJSC-SPON ADR 83,409 88,363
    LONZA GROUP AG UNSPON ADR 39,622 123,998
    LONDON STOCK EXCHG 78,965 69,402
    LOCKHEED MARTIN CORP 686,259 7,015,793
    LLOYDS BANKING GROUP PLC 388,713 331,967
    LIVENT CORP 81,420 206,352
    LINDE PLC 27,576 60,279
    LENNAR CORP CLASS A 200,139 394,247
    PRYSMIAN SPA-UNSPONSORED ADR 874,617 1,303,751
    PROSUS NV 1,208,960 1,103,170
    PROGYNY INC 106,862 225,065
    NOV INC 105,615 80,907
    NORTHROP GRUMMAN CORPORATION 58,933 74,705
    NORTHERN TRUST CORP 160,791 249,387
    NORDIC SEMICONDUCTOR ASA 661,430 783,895
    NORDEA BANK ABP - SPON ADR 60,218 74,139
    NMI HOLDINGS INC-CLASS A 101,397 107,895
    NLIGHT INC 41,909 48,403
    NITORI HLDGS CO LTD-UNSP ADR 57,483 55,027
    NIPPON TELEG & TEL CORP SPONSORED ADR 299,671 331,222
    NIKE INC CLASS B 390,083 1,065,855
    NIDEC CORPORATION SPON ADR 625,038 1,267,750
    NEXTERA ENERGY INC 707,245 17,645,040
    NEWMARK GROUP INC-CLASS A 123,342 369,344
    AMERICAN CAMPUS CMNTYS INC 134,901 189,687
    AEROJET ROCKETDYNE HLDGS INC 38,489 39,232
    ALLEGHANY CORP DEL 70,099 68,094
    AIA GROUP LTD SPONSORED ADR 570,673 804,423
    ALBEMARLE CORP 82,203 190,055
    ALIGN TECHNOLOGY INC 457,087 1,259,157
    ALIBABA GROUP HOLDING LTD ADR 952,191 288,963
    ALFA LAVAL AB-UNSPON ADR 29,854 77,030
    ACCENTURE PLC CLASS A 2,370,187 17,467,064
    1SPC PHARMACEUTICAL-UNSPO ADR 70,907 61,490
    ALCON INC 241,554 356,321
    NOVARTIS AG SPONSORED ADR 313,825 325,213
    NOVOZYMES A/S UNSPONSORED ADR 37,496 59,930
    NUVASIVE INC 81,425 83,916
    NVIDIA CORP 135,745 1,412,022
    PROGRESSIVE CORP OHIO 262,404 388,325
    PROCTER & GAMBLE CO 221,509 263,037
    PRESTIGE CONSUMER HEALTHCARE INC 130,566 215,368
    POSHMARK INC-CLASS A 42,546 17,405
    PORTLAND GENERAL ELECTRIC CO 233,351 315,668
    PJT PARTNERS INC - A W/I 88,399 128,843
    PINNACLE FINANCIAL 241,354 405,493
    PING AN INSURANCE (GROUP) CO OF CHINA 63,995 41,815
    PHILLIPS 66 152,730 161,151
    PERUSAHAAN PERSEROAN PERSERO 56,894 64,184
    OLINK HOLDING AB 60,788 33,797
    O-I GLASS INC 128,272 122,092
    NETFLIX INC 2,545,899 3,310,408
    NATIONAL VISION HOLDINGS INC 176,328 283,429
    NASPERS LTD ADR 212,161 170,004
    MURPHY USA INC-W/I 111,371 309,021
    MURPHY OIL CORP 45,675 42,194
    MURATA MFG CO LTD ADR UNSPON ADR 981,692 1,319,393
    MUELLER WATER PRODUCTS INC SER A 37,700 49,190
    NEW RELIC INC 112,960 183,193
    NESTLE S.A. SPONSORED ADR 65,109 123,806
    KOMATSU LTD SPON ADR 55,051 56,065
    CACI INTL INC CL A 83,944 152,911
    CABOT CORP 74,432 94,641
    BWX TECHNOLOGIES INC 128,289 121,232
    BROWN FORMAN CORP CLASS B 46,601 70,893
    BROWN & BROWN INC 109,547 330,597
    BROOKFIELD ASSET MANAGEMENT CL A 100,215 226,485
    BROADRIDGE FINANCIAL SOL W/I 91,389 93,969
    BRISTOL MYERS SQUIBB CO 1,478,342 3,055,150
    BP PLC SPONSORED ADR 250,707 235,143
    BLOOM ENERGY CORP- A 83,235 129,036
    BOSTON PPTYS INC REIT 68,730 66,574
    CACTUS INC-CLASS A 227,739 302,752
    BANDWIDTH INC-CLASS A 133,022 107,999
    APPLIED MATERIALS INC 38,820 171,522
    APPLE INC 5,024,402 26,832,248
    AON PLC/IRELAND-A 1,243,104 1,752,265
    ANTHEM INC 1,057,175 1,448,563
    ANSYS INC 303,214 431,204
    ANALOG DEVICES INC 765,420 4,903,983
    AMPHENOL CORP NEW CL A 126,635 296,402
    AMGEN INC 4,663,011 12,211,372
    AMERIPRISE FINANCIAL INC 163,127 340,876
    BORG WARNER INC. 79,877 77,205
    BANKUNITED INC 222,013 284,619
    HITACHI LTD ADR 10 COMMON 124,206 144,999
    HILTON WORLDWIDE HLDGS - W/I 1,074,365 1,448,367
    HILLENBRAND INC 47,645 77,517
    HEXCEL CORP 119,895 115,048
    HESS CORPORATION 39,057 53,672
    HENKEL AG & COMPANY KGAA SPONSORED ADR 39,206 35,673
    HELMERICH & PAYNE INC 95,943 71,432
    HEALTHCARE REALTY TRUST REIT 106,089 113,081
    HEALTH CATALYST INC 134,557 136,372
    HDFC BANK LTD SPON - ADR 34,104 51,405
    HAYWARD HOLDINGS INC 77,149 115,569
    HARSCO CORP 80,203 89,532
    ITAU UNIBANCO BANCO HOLDING SPONSERED ADR 65,404 46,725
    DISNEY WALT CO 791,693 715,127
    BLACK KNIGHT INC 227,653 306,527
    BLACK HILLS CORP 123,848 134,859
    BJS WHOLESALE CLUB HOLDINGS 191,144 447,025
    BIOVENTUS INC - A 14,764 13,027
    BIOHAVEN PHARMACEUTICAL HOLD 110,004 210,849
    BHP GROUP LTD SPONSORED ADR 148,916 118,105
    BERKSHIRE HATHAWAY INC CLASS B 513,885 3,408,600
    BELDEN INC 94,528 132,117
    BEIERSDORF AG-UNSPON ADR 235,034 216,421
    BECTON DICKINSON & CO 162,466 165,688
    BAXTER INTERNATIONAL INC 230,280 243,013
    BARCLAYS PLC ADR 77,725 79,219
    AMERICAN TOWER CORP 653,974 1,168,538
    CONTINENTAL AG SPONSORED ADR 290,609 245,635
    CONSTELLATION BRANDS INC CL A 194,664 202,282
    COMPASS GROUP PLC 84,822 89,812
    COMPAGNIE DE SAINT-UNSP ADR 155,128 264,463
    COMMERCE BANCSHARES INC 125,179 165,320
    COMCAST CORPORATION CL A 1,847,087 1,803,022
    COGENT COMMUNICATIONS HOLDINGS INC 35,778 66,374
    COUSINS PROPERTIES INC 45,424 48,658
    COCA COLA CO 198,922 267,570
    CROWN CASTLE INTL CORP 253,292 326,887
    CONTINENTAL RESOURCES INC/OK 53,165 58,412
    DIAGEO PLC SPONSORED ADR 45,461 63,620
    DENTSPLY SIRONA INC 26,020 43,739
    DENSO CORP UNSPON ADR 67,120 101,448
    DBS GROUP HLDGS LTD SPONSORED ADR 116,344 229,770
    DASSAULT SYSTEMS SA SPON ADR 52,847 159,465
    DARDEN RESTAURANTS INC W I 78,072 163,896
    KINGFISHER PLC SPONSORED ADR 279,039 281,105
    DAIFUKU CO LTD - UNSP ADR 887,105 954,311
    D R HORTON INC 73,562 215,273
    CUMMINS INC 65,035 122,377
    CULLEN FROST BANKERS INC 131,361 184,188
    CSX CORP 43,233 151,152
    CRYOPORT INC 59,212 102,068
    DEUTSCHE POST AG SPON ADR 52,831 82,599
    COPART INC 51,101 263,819
    CORTEVA INC-W/I 192,246 353,702
    AMERICAN EQUITY INVT LIFE HLDG 102,307 147,740
    APTARGROUP INC 11,693 10,778
    APTIV PLC 923,743 1,434,240
    ARISTA NETWORKS INC 96,869 257,025
    BANCO SANTANDER S A ADR 379,912 287,434
    BANCO BILBAO VIZCAYA ARGENTARIA S A 74,067 64,993
    BALCHEM CORP CL B 88,342 153,763
    BAE SYSYTEMS PLC SPONSORED ADR 72,693 73,122
    AZENTA INC 71,149 170,544
    AVNET INC 81,790 82,666
    AVISTA CORP 83,003 85,745
    AUTOMATIC DATA PROCESSING INC 1,937,548 14,523,562
    CORPORATE OFFICE PPTYS TR REIT 86,218 89,252
    ATMOS ENERGY CORP 80,677 85,492
    ATLAS COPCO AB SPONSORED ADR 68,594 202,870
    ASTRAZENECA PLC SPONS ADR 1,240,947 1,450,425
    ASPEN TECHNOLOGY INC 162,237 217,342
    ASML HOLDING NV-NY 265,043 1,447,383
    ARMSTRONG WORLD INDUSTRIE - WI 87,379 143,060
    ARCH CAPITAL GROUP LTD 274,860 402,939
    DISH NETWORK CORP CL A 772,209 739,437
    CAL MAINE FOODS INC NEW 200,184 180,881
    CALIFORNIA WTR SVC GROUP 25,345 39,882
    COTERRA ENERGY INC 198,553 227,753
    COSTCO WHOLESALE CORP 1,129,411 11,183,690
    ATLASSIAN CORP PLC-CLASS A 620,697 1,412,298
    CALAVO GROWERS INC 128,357 79,076
    HOME DEPOT INC 2,228,425 19,505,470
    HONEYWELL INTL INC 2,349,624 8,996,164
    EMCOR GROUP INC 109,964 154,269
    ELANCO ANIMAL HEALTH INC 110,891 152,401
    ECOLAB INC 1,599,101 11,562,003
    EASTMAN CHEM CO 53,415 79,680
    EAST WEST BANCORP INC 55,583 127,934
    DYNEX CAPITAL INC 66,323 68,996
    DORMAN PRODUCTS INC 110,670 121,034
    EXLSERVICE HOLDINGS INC 55,253 147,231
    DOLLAR TREE INC 261,068 421,560
    EVOLUTION AB ADR 236,218 260,616
    ENEL SPA ADR 307,072 319,833
    EVEREST RE GROUP LTD 129,906 167,639
    ESSEX PPTY TR INC REIT 79,306 100,386
    ESSENTIAL UTILITIES INC PFD 06.000% 04/30/2022 82,190 98,437
    ESSENTIAL UTILITIES INC 15,089 24,375
    EQUITY LIFESTYLE PROPERTIES REIT 104,719 146,655
    EQUITY COMMONWEALTH 284,721 235,405
    EQUINIX INC 458,724 924,503
    EPIROC AKTIEBOLAG-UNSP ADR 36,702 96,328
    ENVISTA HOLDINGS CORP 115,577 184,971
    ENVESTNET INC 144,142 160,902
    ENTAIN PLC 71,958 94,938
    FOX FACTORY HOLDING CORP 181,032 434,095
    FLEX LTD 73,832 114,636
    FIGS INC-CLASS A 32,947 27,312
    FANUC CORP ADR 100,371 113,923
    FACTSET RESH SYS INC 63,874 181,282
    EXXON MOBIL CORP 204,525 3,579,615
    EXPEDITORS INTERNATIONAL WASHINGTON INC 65,941 159,671
    FOMENTO ECONOMICO MEXICANO SAB DE CV 77,521 71,260
    FORWARD AIR CORP 115,516 225,591
    GLAXO SMITHKLINE ADR 323,960 370,793
    GLACIER BANCORP INC 85,598 132,565
    GENMAB A/S -SP ADR 1,216,293 1,327,634
    GENERAL MOTORS CO 663,811 831,139
    GENERAL ELEC CO 1,694,659 1,685,439
    GENERAL DYNAMICS CORP 160,485 229,734
    GCP APPLIED TECHNOLOGIES-W/I 54,221 58,064
    GATX CORP 50,526 82,831
    GATES INDUSTRIAL CORP 137,255 129,794
    GARTNER INC 106,904 317,270
    FUJI FILM HOLDINGS CORP 198,164 273,649
    FUCHS PETROLUB SE-PREF ADR 21,664 20,409
    FRESENIUS MEDICAL CARE AG & CO 66,319 57,259
    GLOBAL PAYMENTS INC-W/I 71,920 112,740
    HONDA MOTOR CO LTD AMERICAN SHARES 331,170 298,042
    ENPRO INDUSTRIES INC 132,878 210,124
    ENI S P A SPONSORED ADR 188,983 197,062
    INVITAE CORP 69,787 51,093
    INTUITIVE SURGICAL INC 344,714 1,148,323
    INTUIT SOFTWARE 575,360 1,373,275
    INTERSECT ENT INC 11,950 11,853
    INTERCONTINENTAL EXCHANGE INC 82,839 194,760
    INTEGRA LIFESCIENCES HLDG CORP 296,253 375,345
    HUBSPOT INC 36,571 158,196
    HAMILTON LANE INC-CLASS A 116,873 156,363
    HAIN CELESTIAL GROUP INC 148,572 197,199
    HAIER SMART HOME CO LTD 56,786 59,994
    IRIDIUM COMMUNICATIONS INC 80,271 135,927
    H&E EQUIPMENT SERVICES INC 101,208 168,182
    GROCERY OUTLET HOLDING CORP 112,344 99,348
    GOODYEAR TIRE & RUBBER CO 68,749 123,677
    GOLDMAN SACHS GROUP INC 1,353,832 1,839,683
    HANOVER INSURANCE GROUP INC 165,674 206,157
    HARMONIC INC 97,876 166,545
    HARTFORD FINL SVCS GROUP INC 44,890 45,704
    HOSTESS BRANDS INC 226,702 311,936
    GXO LOGISTICS INC-W/I 52,961 147,417
    ENN ENERGY HOLDINGS 43,721 52,066
    ENERPAC TOOL GROUP CORP 83,098 68,688
    ENERGIZER SPINCO INC- W/I 64,128 60,832
    INGREDION INC 184,835 224,205
    INGEVITY CORP 102,886 107,622
    INFINEON TECHNOLOGIES ADR 72,232 169,142
    INDEPENDENT BANK CORP MASS 11,406 12,148
    IMPERIAL BRANDS PLC 189,311 190,665
    ILLUMINA INC 1,104,862 1,435,781
    IHS MARKIT LTD SEDOL BDDQ558 8,089 26,850
    IHS MARKIT LTD SEDOL BD0Q558 62,474 202,969
    IDACORP INC 152,590 187,981
    ICU MED INC 49,355 72,863
    ICICI BANK LTD SPON ADR 750,040 1,453,952
    IBERDROLA SA SPON ADR 83,350 84,270
    IAC/INTERACTIVECORP 225,548 234,102
    HYDROFARM HOLDINGS GROUP INC 77,821 48,008
    HURON CONSULTING GROUP INC 140,672 120,908
    HUNTINGTON INGALLS INDS INC 71,186 72,455
    INNOSPEC INC 74,170 88,082
    HUMANA INC 54,964 116,893
    INSULET CORP 85,462 123,190
    INTEL CORP 1,266,856 4,293,298
    ICON PLC 204,524 391,461
    DANAHER CORP 1,065,324 1,739,476
    CERTARA INC 106,512 99,783
    WALGREENS BOOTS ALLIANCE INC 91,670 116,630
    VONTIER CORP-W/I 162,226 176,359
    VOCERA COMMUNICATIONS INC 56,709 177,986
    WIX.COM LTD 49,377 65,009
    WORLDLINE SA 75,697 46,592
    ZURICH INS GROUP LTD ADR 56,446 64,856
    ZIMMER BIOMET HOLDINGS, INC 192,765 167,947
    YUM CHINA HOLDINGS INC -W/I 52,550 48,544
    YEXT INC 97,269 58,657
    YANDEX INV A 16,520 37,147
    XYLEM INC 167,807 323,184
    XPO LOGISTICS INC 74,737 125,669
    XP INC - CLASS A 11,816 8,248
    XILINX INC 16,036 72,514
    WUXI BIOLOGICS CAYMAN - ADR 362,998 1,040,267
    MONMOUTH REALTY ESTATE INVT CORP CL A 23,595 26,073
    WEC ENERGY GROUP INC 66,243 101,826
    WELLS FARGO & COMPANY 756,760 1,202,715
    MONDI PLC 219,245 198,387
    SHIFT4 PAYMENTS INC-CLASS A 121,316 131,096
    SGS S.A. UNSPONSORED ADR 38,205 49,377
    MITSUBISHI UFJ FINL GRP ADR 96,975 133,371
    SEVERN TRENT PL 11,787 12,137
    MKS INSTRS INC 96,422 103,283
    MODEL N INC 144,534 121,231
    SEMRUSH HOLDINGS INC-A 28,595 52,771
    SELECT ENERGY SERVICES INC-A 42,334 24,795
    SEALED AIR CORP 79,585 122,121
    SEA LTD 889,497 704,687
    SCHNEIDER ELECTRIC SE 76,416 155,428
    SAP SE SPONSORED ADR 162,036 242,671
    WR BERKLEY CORP 150,615 232,505
    SANOFI SPONSORED ADR 313,749 323,897
    MOELIS & CO 44,043 89,952
    CLOROX CO 47,240 48,995
    TREX COMPANY INC 202,512 588,326
    WINTRUST FINL CORP 254,066 281,088
    WILLIS TOWERS WATSON PLC SEDOL BDB6Q21 583,407 615,099
    WH GROUP LTD - SPON ADR 309,704 222,540
    WESTERN ALLIANCE BANCORP 237,913 616,942
    WERNER ENTERPRISES INC 22,231 24,450
    MOMENTIVE GLOBAL INC 115,130 119,984
    RAYTHEON TECHNOLOGIES CORP COM 375,339 4,149,383
    SHOALS TECHNOLOGIES GROUP -A 130,525 110,857
    WPP PLC ADR 279,628 263,745
    TREEHOUSE FOODS INC 227,061 196,287
    VARONIS SYSTEMS INC 122,065 219,949
    MARRIOTT INTERNATIONAL INC CL A 1,606,905 1,946,527
    VALVOLINE INC 75,398 142,933
    VALLEY NATIONAL BANCORP 24,972 33,853
    JAMF HOLDING CORP 111,875 125,129
    RAYMOND JAMES FINANCIAL INC 53,171 114,858
    MARTIN MARIETTA MATLS INC 168,763 370,037
    QUANTERIX CORP 42,094 35,786
    MASCO CORP 42,266 93,112
    META PLATFORMS INC 3,081,158 4,241,710
    MERCK KGAA-SPONSORED ADR 52,878 108,785
    MASONITE INTERNATIONAL CORP 239,053 384,399
    MELCO RESORTS ENTERTAIN LTD ADR 1,456,655 778,057
    MEITUAN UNSP ADR 776,745 593,131
    MEDTRONIC PLC 207,823 243,314
    MCDONALDS CORP 1,248,575 7,532,767
    MATCH GROUP INC 1,103,655 966,483
    MARKEL CORP (HOLDING CO) 254,908 298,628
    VIANT TECHNOLOGY INC-A 64,924 24,427
    VIAVI SOLUTIONS INC -W/I 258,893 349,352
    VISA INC CLASS A SHARES 1,440,380 2,081,066
    URBAN OUTFITTERS INC 115,126 106,283
    UNIVEST FINANCIAL CORP 126,433 137,183
    UNIVERSAL HEALTH SERVICES INC CLASS B 144,643 140,422
    MONOLITHIC POWER SYSTEMS INC 105,971 320,171
    UNITEDHEALTH GROUP INC 1,344,294 1,915,162
    UNITED UTILITIES GROUP PLC SPON ADR 149,046 169,372
    UNITED OVERSEAS BK LTD SPONSORED ADR 293,622 331,694
    MONRO INC. 132,124 115,258
    UNION PACIFIC CORP 1,867,770 8,025,230
    UNILEVER PLC W/I SPONSORED ADR 55,415 66,484
    WOODWARD INC 281,712 260,077
    UNI CHARM CORP SPON ADR 74,986 97,303
    UMB FINL CORP 21,965 40,852
    ULTRAGENYX PHARMACEUTICAL IN 97,875 97,376
    UCB SA - UNSPONSORED ADR 87,972 83,186
    TYSON FOODS INC CLASS A 159,556 238,208
    TWITTER INC 146,413 216,489
    TRUPANION INC 72,495 266,569
    US BANCORP PFD CALL 01/15/22 @25 SERIES F 17,698 16,475
    METLIFE INC. 5,060 11,248
    VISTA OUTDOOR INC-WI 16,993 94,259
    US BANCORP PFD SER B CALL 4/15/2011 @25.00 77,116 81,757
    METLIFE INC PFD 05.625% 12/31/2049 8,910 8,633
    UMPQUA HLDGS C 186,551 251,197
    SIEMENS AG SPON ADR 69,181 87,379
    SHIONOGI & CO LTD-UNSPON A ADR 61,664 78,009
    SILK ROAD MEDICAL INC 109,913 105,332
    CISCO SYSTEMS INC 3,880,734 7,998,245
    CIRCOR INTERNATIONAL INC 91,720 62,840
    CINCINNATI FINANCIAL CORP 177,462 240,848
    CHUGAI PHARMACEUTIC-UNSP ADR 44,641 62,822
    MGIC INVT CORP WIS 103,496 139,816
    CHUBB LTD 194,258 302,917
    CHIPOTLE MEXICAN GRIL CL A 727,169 958,041
    CHIMERA INVESTMENT CORP NEW 194,250 228,010
    CHEGG INC 137,354 103,091
    CHECK POINT SOFTWARE TECH 88,618 111,664
    CHARLES RIV LABORATORIES INTL INC 56,312 223,431
    AMERICAN EAGLE OUTFITTERS INC 105,598 149,464
    ITT INC 134,670 256,599
    JOHNSON & JOHNSON 3,708,674 10,041,809
    SURGERY PARTNERS INC 67,591 280,670
    SUN CMNTYS INC 104,539 158,737
    STIFEL FINL CORP 60,369 126,686
    STERLING BANCORP 337,200 414,935
    STANLEY BLACK & DECKER INC 2,173,911 5,375,670
    STANDEX INTERNATIONAL CORP 126,158 165,769
    SSE PLC SPN ADR 385,818 430,531
    SPX FLOW INC 113,669 168,982
    SPROUT SOCIAL INC - CLASS A 108,472 158,617
    MGP INGREDIENTS INC 60,713 128,590
    SPIRE INC 101,900 90,786
    SPECTRUM BRANDS HLDGS INC 87,749 128,371
    CITIGROUP INC 1,767,084 1,670,569
    CDW CORP/DE 69,319 255,565
    CBRE GROUP INC 49,789 138,893
    CASEYS GENERAL STORES INC 166,786 199,324
    CARTERS INC 68,613 69,943
    CARMAX INC 134,296 274,655
    CARLSBERG AS SPON ADR 50,666 83,467
    KONINKLIJKE PHILLIPS NV SPON ADR 100,511 79,117
    CARLISLE COMPANIES INC 180,665 348,857
    CAREDX INC 157,776 131,483
    CAPITAL ONE FINANCIAL CORP 654,519 991,690
    MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC 28,378 115,023
    SILGAN HLDGS INC 58,982 90,778
    MORGAN STANLEY 1,406,483 1,784,451
    CANNAE HOLDINGS INC 262,173 258,036
    CANADIAN NATL RAILWAY CO 24,040 52,830
    METLIFE INC PFD SER F 04.750% 12/31/2049 21,248 22,758
    CALLAWAY GOLF CO 38,213 60,917
    CF INDUSTRIES HOLDINGS INC 56,974 120,043
    CME GROUP INC A DERIVATIVIES EXCHANGE 649,839 1,028,984
    CHAMPIONX CORPORATION 66,887 83,023
    CLEAN HARBORS INC 182,321 257,905
    CLARIVATE PLC 244,438 219,583
    CK HUTCHISON HOLDIN-UNSP ADR 408,332 295,179
    CAPGEMINI SE - UNSPONSOR ADR 44,314 92,105
    MICHELIN (CGDE) UNSPON ADR 260,487 284,552
    SNAP INC - A 923,661 1,465,173
    SMITH & NEPHEW P/C SPON ADR 285,771 277,652
    SAFRAN SA UNSPON ADR 1,936,367 1,905,849
    SABRE CORP 117,613 65,026
    S&P GLOBAL INC 471,689 1,119,418
    RPM INTERNATIONAL INC 184,148 254,621
    ROYAL DUTCH SHELL PLC ADR B 335,483 379,529
    MISSION PRODUCE INC 8,370 9,703
    ROYAL CARIBBEAN CRUISES LTD 98,028 76,746
    ROSS STORES INC 175,964 235,645
    ROGERS CORP 148,679 285,285
    MITSUBISHI ELEC CORP UNSPON ADR 298,815 257,784
    ROCHE HOLDING LTD SPONSORED ADR 162,590 245,579
    RENAISSANCE HOLDINGS LTD 64,217 83,988
    REINSURANCE GROUP OF AMERICA 126,792 115,293
    REGAL REXNORD CORPORATION 271,684 445,191
    REDFIN CORP 32,572 45,991
    RED ELECTRICA DE ESPANA SA 33,325 36,049
    RECKITT BENCKISER-SPON ADR 91,600 95,690
    RBC BEARINGS INC 189,572 243,576
    SANDERSON FARMS INC 92,921 166,049
    SNAM RETE GAS 281,534 289,621
    SMARTSHEET INC 57,890 95,109
    SJW GROUP 122,170 146,473
    SINGAPORE TELECOMMUNICATION ADR 127,399 103,002
    RIO TINTO PLC SPONSORED ADR 69,547 88,160
    TOWNE BANK 9,259 13,173
    SYSCO CORP 75,884 105,257
    MICROCHIP TECHNOLOGY INC 228,485 395,601
    SONY GROUP CORPORATION ADR 592,183 903,381
    SONOVA HLDG AG ADR 19,706 62,580
    SONOCO PRODUCTS CO 65,438 74,157
    SWITCH INC - A 105,634 165,482
    SNAP ON INC 66,332 88,952
    SYMRISE AG UNSPON ADR 38,025 85,224
    SYNOPSYS INC 23,822 193,831
    TOKIO MARINE HOLDINGS ADR 229,659 293,772
    TJX COMPANIES INC NEW 67,853 139,921
    SYNEOS HEALTH INC 168,715 315,536
    THERMO FISHER SCIENTIFIC INC 986,183 4,573,930
    MICROSOFT CORP 7,874,042 41,729,240
    THE SCOTTS MIRACLE-GRO COMPANY 50,931 108,997
    SYSMEX CORP UNSPONSORED ADR 44,721 97,860
    TAIWAN SEMICONDUCTOR MTG CO ADR 1,667,883 1,936,029
    TAKEDA PHARMACEUTIC SPON ADR 350,254 255,181
    THE TRAVELERS COS INC 181,506 252,322
    TEGNA INC 117,859 179,308
    TENCENT HOLDINGS LTD UNSPON ADR 131,425 145,692
    TENNANT CO 116,867 130,718
    TESCO PLC ADR 230,839 302,338
    THE BANK OF N T BUTTERFIELD 200,796 229,232
    TELIA COMPANY AB 259,172 225,719

    TY 2021 InvestmentsGovtObligationsSch
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    US Government Securities - End of Year Book Value:

    18,028,421
    US Government Securities - End of Year Fair Market Value:

    18,256,455
    State & Local Government Securities - End of Year Book Value:


    109,801
    State & Local Government Securities - End of Year Fair Market Value:


    120,049


    TY 2021 InvestmentsOtherSchedule2
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    GLOBAL X GENOMICS & BIOTEC ETF FMV 1,578,321 1,899,685
    GLOBAL X FINTECH THEMATIC ET ETF FMV 2,635,185 4,076,895
    GLOBAL X CYBERSECURITY ETF FMV 2,699,814 2,916,391
    GLOBAL X AUTONOMOUS&ELEC-E ETF FMV 2,706,529 2,930,849
    GLOBAL X AGING POPULATION ETF FMV 1,802,626 1,678,814
    INVESCO WATER RESOURCES ETF FMV 1,826,366 3,601,850
    GLOBAL X LITHIUM & BATTERY TECH ETF FMV 2,308,344 6,965,624
    GLOBAL X US INFRASTRUCTURE ETF FMV 4,490,241 5,046,829
    GLOBAL X SOCIAL MEDIA INDEX ETF FMV 1,916,803 3,388,188
    ISHARES CORE S&P SMALL CAP ETF FMV 4,998,740 6,740,402
    ISHARES RUSSELL MID-CAP GROWTH ETF FMV 12,007,849 27,826,782
    GLOBAL X INTERNET OF THINGS ETF FMV 3,244,788 6,449,254
    GLOBAL X ROBOTICS & ARTIFI ETF FMV 3,426,026 5,996,984
    ISHARES RUSSELL MID-CAP VALUE ETF FMV 4,627,059 7,545,339
    WISDOMTREE U.S. QUALITY DIVI ETF FMV 24,994,768 35,188,998
    VANGUARD SMALL CAP GROWTH ETF FMV 11,152,859 21,919,035
    VANGUARD LARGE CAP ETF FMV 39,258,324 89,756,001
    VANGUARD COMMUNICATION SERVICES ETF FMV 5,498,822 7,631,350
    MATERIALS SELECT SECTOR SPDR FUND ETF FMV 8,684,866 11,722,216
    SPDR S&P HOMEBUILDERS ETF FMV 2,563,804 4,439,115
    SPDR MSCI ACWI (EX-US) ETF FMV 65,802,808 75,986,263
    TECHNOLOGY SELECT SECTOR SPDR FUND ETF FMV 5,572,145 18,218,446
    VANGUARD TOTAL BOND MARKET ETF FMV 63,702,953 65,308,774
    ISHARES TIPS BOND ETF FMV 9,486,989 9,680,310
    ISHARES TRUST ISHARES 5-10 YEAR FMV 5,006,755 5,364,765
    BLACKROCK EVENT DRIVEN EQ-IS FMV 15,700,000 16,664,756
    HAMILTON LANE MARKET STREET OPPORTUNITIES FUND II LP FMV 3,346,835 3,698,107
    ISHARES GOLD TRUST ETF FMV 15,070,115 14,521,723
    GLDMN SCHS ABS RTRN TR FUND CLASS R6 FMV 8,000,000 8,184,738
    GCM GROSVENOR CIS III, L.P. FMV 466,005 460,392
    FED HOME LOAN MTG CORP SERIES 4774 FMV 126,706 128,474
    HAMILTON LANE MARKET STREET OPPORTUNITIES FUND LP FMV 3,577,684 5,547,024
    FOREVER INC. FMV 93,574 41,372
    HERCULES CAPITAL INC FMV 163,973 195,248
    EV GL MACR ABS RTRN ADV FUND CLASS R6 FMV 4,000,000 3,867,678
    CARLYLE REALTY FOREIGN INVESTORS VIII A LP FMV 1,634,797 2,694,494

    TY 2021 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 39,211 216,790 216,790


    TY 2021 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 9,950 0   9,950
    INSURANCE 47,859 7,054   43,241
    OFFICE EXPENSE 20,135 2,823   17,312
    TELEPHONE 4,213 591   3,622
    COMPUTER MAINTENANCE 16,007 2,245   13,762
    GRANT MANAGEMENT SOFTWARE 5,187 0   5,187


    TY 2021 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. 375,449 4,162 0
    HAMILTON LANE MARKET STREET OPP FUND 271,282 -53,725 0
    HAMILTON LANE MARKET STREET OPP FUND II 8,273 -93,010 0
    GCM GROSVENOR -33,995 -32,223 0
    OTHER REVENUE 2,637 2,637 2,637


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CONSULTING 199 0   199
    FISCAL AGENT FEE 1,705,817 1,705,817   0


    TY 2021 TaxesSchedule
    Name:
    SARAH SCAIFE FOUNDATION INCORPORATED
    EIN:
    25-1113452
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL EXCISE TAX 1,075,421 0   0