| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES - OTHER | 89,259 | 0 | 89,269 | |
| ACCOUNTING FEES - INVESTMENT | 97,902 | 89,115 | 0 |
| Grantee's Name | Grantee's Address | Grant Date | Grant Amount | Grant Purpose | Amount Expended By Grantee | Any Diversion By Grantee? | Dates of Reports By Grantee | Date of Verification | Results of Verification |
|---|---|---|---|---|---|---|---|---|---|
|
SECRETARIAT DE JEUNESSES MUSICALES INTERNATIONAL |
SQUARE EUGNE PLASKY 92-94 BOX 13 1030 BRUSSELS BE |
2018-11-28 | 3,100,000 | GRANT ID: 3841 - ETHNO: GLOBAL MUSIC CONNECTIONS. THE PURPOSE OF THE PROJECT IS TO BRING YOUNG PEOPLE TOGETHER THROUGH ETHNO'S GLOBAL ACTIVITIES TO DEVELOP THEIR SKILLS IN MUSIC, TO ENHANCE THEIR PERSONAL GROWTH, AND TO EXPOSE THEM TO THEIR OWN AND OTHER CULTURES THROUGH ETHNO'S UNIQUE PEER-2-PEER APPROACH. | 2,077,316 | NO KNOWN DIVERSION OF FUNDS. | 4/2/2022; 3/11/2021; 4/26/2020; 7/22/2019 | REVIEW OF REPORT(S) DID NOT RESULT IN REASON TO DOUBT ACCURACY OR RELIABILITY. | |
|
EMPIRE HEALTH FOUNDATION |
PO BOX 244 SPOKANE,WA99210 |
2018-11-28 | 2,000,000 | GRANT ID: 5698 - NATIVE AMERICAN FAMILY PRESERVATION INITIATIVE - REDUCING DISPROPORTIONATE FOSTER PLACEMENTS. THE NATIVE AMERICAN FAMILY PRESERVATION INITIATIVE'S PURPOSE IS TO REDUCE OUT-OF-HOME PLACEMENTS AMONG AMERICAN INDIAN/ALASKA NATIVE CHILDREN IN UP TO THREE COMMUNITIES IN EASTERN WASHINGTON BY 50% WITHIN THREE YEARS BY PROVIDING ACCESS TO CULTURALLY COMPETENT ASSESSMENTS, SAFETY PLANS, AND MENTAL HEALTH AND SERVICES. | 1,627,483 | NO KNOWN DIVERSION OF FUNDS. | 2/26/2022; 2/25/2021; 4/28/2020; 7/10/2019 | REVIEW OF REPORT(S) DID NOT RESULT IN REASON TO DOUBT ACCURACY OR RELIABILITY. | |
|
CLIMATEWORKS FOUNDATION |
235 MONTGOMERY STREET SUITE 1300 SAN FRANCISCO,CA94104 |
2017-08-10 | 11,000,000 | GRANT ID: 3001 - SUPPORTING COMMUNITY FOREST MANAGEMENT TO REDUCE DEFORESTATION AND DEGRADATION. THE PURPOSE OF THIS PROJECT IS TO INCREASE COMMUNITY FOREST MANAGEMENT AND LAND RIGHTS OF INDIGENOUS PEOPLES, TRADITIONAL COMMUNITIES, AND SMALLHOLDER FARMERS WITHIN THE GEOGRAPHIES OF BRAZIL, INDONESIA, AND MEXICO AND CENTRAL AMERICA.SEE STATEMENT 23 FOR SUPPLEMENTAL REPORTING ON USE OF FUNDS BY SUB-GRANTEES. | 11,000,000 | NO KNOWN DIVERSION OF FUNDS. | 5/7/2022; 3/16/2021; 5/26/2020; 4/18/2019; 3/20/2018 | REVIEW OF REPORT(S) DID NOT RESULT IN REASON TO DOUBT ACCURACY OR RELIABILITY. | |
|
THE CIRI FOUNDATION |
3600 SAN JERONIMO DRIVE SUITE 256 ANCHORAGE,AK99508 |
2019-06-13 | 960,000 | GRANT ID: 4810 - A JOURNEY TO WHAT MATTERS. THE PURPOSE OF THE PROJECT IS TO ENCOURAGE THE PERPETUATION OF ALASKA NATIVE ART AND CULTURE BY SUPPORTING ALASKA NATIVE ARTS AND ARTISTS, AS WELL AS PROVIDING OPPORTUNITIES FOR INTERGENERATIONAL TRANSFERENCE OF ALASKA NATIVE ARTS PRACTICES. | 788,894 | NO KNOWN DIVERSION OF FUNDS. | 2/28/2022; 3/16/2021; 5/26/2020 | REVIEW OF REPORT(S) DID NOT RESULT IN REASON TO DOUBT ACCURACY OR RELIABILITY. | |
|
NATIVE ARTS AND CULTURES FOUNDATION INC |
400 E EVERGREEN BOULEVARD SUITE 102 VANCOUVER,WA98660 |
2019-06-13 | 700,000 | GRANT ID: 4807 - MENTOR FELLOWSHIPS. THE PURPOSE OF THE NATIVE ARTS AND CULTURES FOUNDATION FELLOWSHIP PROGRAM IS TO SELECT AND MENTOR NATIVE EMERGING ARTISTS THROUGH RIGOROUS ONE-ON-ONE SESSIONS WITH ESTABLISHED NATIVE ARTISTS AND PRODUCE A COMMUNITY ENGAGEMENT JOINT ART PROJECT OVER A 24 MONTH PERIOD THAT WILL PERPETUATE AND WIDEN ART PRACTICES WITHIN THE REGION; ENGAGE COMMUNITIES IN NARRATIVE CHANGE AND SOCIALLY RELEVANT TOPICS; AND BROADEN NATIONAL RECOGNITION OF THE NATIVE ARTS AND CULTURES OF THE UPPER MIDWEST, SOUTHWEST AND NORTHWEST REGIONS.SEE STATEMENT 23 FOR SUPPLEMENTAL REPORTING ON USE OF FUNDS BY SUB-GRANTEES. | 700,000 | NO KNOWN DIVERSION OF FUNDS. | 9/7/2021; 3/16/2021; 5/27/2020 | REVIEW OF REPORT(S) DID NOT RESULT IN REASON TO DOUBT ACCURACY OR RELIABILITY. | |
|
BADER PHILANTHROPIES INC |
3300 NORTH DR MARTIN LUTHER KING JR DRIVE MILWAUKEE,WI53212 |
2019-03-07 | 1,000,000 | GRANT ID: 5978 - REDUCING SOCIAL ISOLATION FOR OLDER ADULTS IN RURAL NORTHEASTERN WISCONSIN. THE PURPOSE OF THE PROJECT IS TO SUPPORT COMMUNITY-BASED TECHNOLOGY FOCUSED PROGRAMS THAT REDUCE SOCIAL ISOLATION BY ENGAGING, EDUCATING, AND EMPOWERING OLDER ADULTS IN RURAL WISCONSIN. | 1,000,000 | NO KNOWN DIVERSION OF FUNDS. | 10/28/2021; 6/7/2021; 4/7/2020 | REVIEW OF REPORT(S) DID NOT RESULT IN REASON TO DOUBT ACCURACY OR RELIABILITY. | |
|
EMPIRE HEALTH FOUNDATION |
PO BOX 244 SPOKANE,WA99210 |
2020-03-05 | 4,000,000 | GRANT ID: 6974 - IMPROVING QUALITY OF LIFE FOR OLDER ADULTS AND ELDERS. THE PURPOSE OF THE PROJECT IS TO IMPROVE THE QUALITY OF LIFE FOR OLDER ADULTS, WITH A FOCUS ON AMERICAN INDIAN/ALASKA NATIVE AND HISPANIC/LATINX ELDERS IN RURAL EASTERN WASHINGTON BY PROMOTING HEALTHY, ACTIVE AGING THROUGH COMMUNITY LED CARE COORDINATION AND COMPREHENSIVE MEDICATION MANAGEMENT. | 1,326,057 | NO KNOWN DIVERSION OF FUNDS. | 2/26/2022; 2/25/2021 | REVIEW OF REPORT(S) DID NOT RESULT IN REASON TO DOUBT ACCURACY OR RELIABILITY. | |
|
COAST CONSERVATION ENDOWMENT FUND FOUNDATION |
475 WEST GEORGIA STREET SUITE 750 VANCOUVER,BRITISH COLUMBIAV6B 0223 CA |
2020-06-17 | 1,500,000 | GRANT ID: 6812 - UPLIFTING INDIGENOUS PEOPLES' CONSERVATION FINANCE IN THE GREAT BEAR RAINFOREST. THE PURPOSE OF THE PROJECT IS TO SUPPORT STEWARDSHIP AND CONSERVATION EFFORTS LED BY FIRST NATIONS WITH THE INTENT TO PROMOTE THE SOCIAL, CULTRUAL AND ECONOMIC WELL-BEING OF THE COMMUNITIES, THE GREAT BEAR RAINFOREST, AND HAIDA GWALI. | 359,483 | NO KNOWN DIVERSION OF FUNDS. | 6/1/2022; 2/24/2021 | REVIEW OF REPORT(S) DID NOT RESULT IN REASON TO DOUBT ACCURACY OR RELIABILITY. | |
|
NORTHLAND FOUNDATION |
202 W SUPERIOR STREET SUITE 610 DULUTH,MN55802 |
2019-11-19 | 3,750,000 | GRANT ID: 5877 - INTEGRATED RURAL COMMUNITY AGING PROGRAM. THE PURPOSE OF THE PROJECT IS TO EFFECTIVELY COORDINATE A RANGE OF PROGRAMS AND SERVICES THAT ENGAGE OLDER ADULTS AND THEIR CAREGIVERS IN HEALTH PROMOTION, PROVIDE THEM ACCESS TO AGING SERVICES AND SUPPORTS, PROMOTE SOCIAL ENGAGEMENT, AND IMPROVE THE QUALITY OF CARE DELIVERED BY THE INFORMAL AND FORMAL WORKFORCE.SEE STATEMENT 23 FOR SUPPLEMENTAL REPORTING ON USE OF FUNDS BY SUB-GRANTEES. | 2,664,368 | NO KNOWN DIVERSION OF FUNDS. | 3/22/2022; 3/2/2021 | REVIEW OF REPORT(S) DID NOT RESULT IN REASON TO DOUBT ACCURACY OR RELIABILITY. | |
|
KENYA VULTURE CONSERVATION LLC |
4245 N FAIRFAX DRIVE SUITE 100 ARLINGTON,VA22203 |
2020-11-23 | 5,000,000 | A BELOW MARKET INVESTMENT WAS MADE TO PROVIDE ADDITIONAL CAPITAL TOWARD THE COMPLETION OF A RENEWAL ENERGY WIND FARM IN KENYA. THE CAPITAL WAS TO SUPPORT ADDITIONAL FINANCING FOR THE PROJECT. IN ADDITION TO AGREEING TO THE LOAN REPAYMENT TERMS, THE LOAN RECIPIENT AGREED TO COMMIT ANNUAL FUNDING TOWARD CONSERVATION EFFORTS IN THE AREA TO ENSURE THAT THE VULNERABLE BIRD POPULATIONS ARE NOT UNDULY HARMED BY THE WIND FARM'S OPERATIONS. | 5,000,000 | NO KNOWN DIVERSION OF FUNDS. | 3/31/2022; 3/31/2021 | REVIEW OF REPORT(S) DID NOT RESULT IN REASON TO DOUBT ACCURACY OR RELIABILITY. | |
|
CAMP FIRE |
1801 MAIN STREET SUITE 200 KANSAS CITY,MO64108 |
2021-11-22 | 1,800,000 | GRANT ID: 8646 - CAMP ACCESSIBILITY, MEANINGFUL PARTICIPATION, AND EQUAL REPRESENTATION (CAMPER). THIS PROJECT WILL CONTINUE THE WORK OF PREVIOUS CAMPER PROJECTS AND WILL EXPAND ON THAT WORK BY ADDING NINE COUNCILS COMMITTED TO ENSURING THAT ALL YOUTH PARTICIPATING IN OVERNIGHT CAMP PROGRAMS HOSTED BY CAMP FIRE FEEL WELCOME, EMOTIONALLY AFFIRMED, AND PHYSICALLY COMFORTABLE, ESPECIALLY THOSE WHO HAVE BEEN HISTORICALLY EXCLUDED FROM QUALITY YOUTH DEVELOPMENT EXPERIENCES IN THE OUTDOORS. SEE STATEMENT 23 FOR SUPPLEMENTAL REPORTING ON USE OF FUNDS BY SUB-GRANTEES. | 165,310 | NO KNOWN DIVERSION OF FUNDS. | 10/10/2022 | REVIEW OF REPORT(S) DID NOT RESULT IN REASON TO DOUBT ACCURACY OR RELIABILITY. | |
|
CENTRE FOR CATALYZING CHANGE |
C-27 2ND FLOOR QUTAB INSTITUTIONAL AREA DEHLI IN |
2021-12-03 | 1,500,000 | GRANT ID: 8674 - WOMEN-CENTERED REPRODUCTIVE AND MATERNAL HEALTH IN INDIA. THE PURPOSE OF THIS PROJECT IS TO IMPROVE WOMEN'S AGENCY AND AMPLIFY VOICES TO MEET THEIR REPRODUCTIVE AND MATERNAL HEALTH GOALS THROUGH INTEGRATED INTERVENTIONS FOCUSED ON ENGAGING WOMEN AND COMMUNITIES TO DEMAND AND UTILIZE GENDER-RESPONSIVE AND QUALITY REPRODUCTIVE, MATERNAL, NEW BORN AND CHILD HEALTH (RMNCH) SERVICES, STRENGTHENING HEALTH SERVICE DELIVERY TO DELIVER BETTER QUALITY, RESPECTFUL, AND EQUITABLE SERVICES, AND CAPACITY BUILDING OF COMMUNITY PLATFORMS TO PROMOTE BETTER ACCOUNTABILITY. | 34,093 | NO KNOWN DIVERSION OF FUNDS. | 8/23/2022 | REVIEW OF REPORT(S) DID NOT RESULT IN REASON TO DOUBT ACCURACY OR RELIABILITY. | |
|
COMMUNITY REINVESTMENT FUND INC |
801 NICOLLET MALL STE 1700 W MINNEAPOLIS,MN55402 |
2021-12-17 | 1,000,000 | GRANT ID: 8876 - SUPPORT FOR THE MINNESOTA INCLUSIVE GROWTH FUND LOAN LOSS RESERVE. THE PURPOSE OF THIS GRANT IS TO FUND A PORTION OF THE MINNESOTA INCLUSIVE GROWTH FUND'S LOAN LOSS RESERVE TO INCREASE PARTICIPATING CDFI'S ABILITY TO LEND TO MINNESOTA SMALL BUSINESSES LOCATED IN AND SERVING ECONOMICALLY DISADVANTAGED COMMUNITIES THAT ARE ALSO LED BY OR SERVING BLACK, INDIGENOUS, AND PERSONS OF COLOR, THAT HAVE BEEN ADVERSELY AFFECTED BY THE PANDEMIC. | 0 | NO KNOWN DIVERSION OF FUNDS. | 8/31/2022 | REVIEW OF REPORT(S) DID NOT RESULT IN REASON TO DOUBT ACCURACY OR RELIABILITY. | |
|
MINNESOTA INCLUSIVE GROWTH FUND |
801 NICOLLET MALL STE 1700 W MINNEAPOLIS,MN55402 |
2021-12-22 | 4,000,000 | A BELOW MARKET LOAN WAS MADE TO PROVIDE FLEXIBLE, LOW INTEREST LOANS THROUGH A SMALL GROUP OF MINNESOTA-BASED, BIPOC (BLACK, INDIGENOUS, PEOPLE OF COLOR) LED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS) TO SUPPORT THEIR LENDING TO SMALL BUSINESSES ADVERSELY IMPACTED BY THE PANDEMIC, INCLUDING A FOCUS ON SMALL BUSINESSES SERVING RURAL AND/OR BIPOC COMMUNITIES. | 0 | NO KNOWN DIVERSION OF FUNDS. | 10/28/22 | REVIEW OF REPORT(S) DID NOT RESULT IN REASON TO DOUBT ACCURACY OR RELIABILITY. |
| Identifier | Return Reference | Explanation |
|---|---|---|
| ANALYSIS OF REVENUE AND EXPENSES | FORM 990PF, PAGE 1, PART I | MARGARET A. CARGILL FOUNDATION AND ANNE RAY FOUNDATION SHARE OPERATIONS IN PURSUIT OF THEIR SHARED VISION IN ORDER TO MAXIMIZE ASSETS AVAILABLE FOR CHARITABLE GRANTMAKING. FOR CLARITY, THE REVENUE AND EXPENSES REPORTED IN PART I ARE THE REVENUE AND EXPENSES OF THE REPORTING ENTITY ONLY, MARGARET A. CARGILL FOUNDATION. OTHER SECTIONS OF THE FORM 990-PF, INCLUDING COMPENSATION DISCLOSURES, INCLUDE AMOUNTS FOR MARGARET A. CARGILL FOUNDATION AND ANNE RAY FOUNDATION, AS REQUIRED. THE AMOUNT TRANSFERRED FROM ANNE RAY FOUNDATION TO MARGARET A. CARGILL FOUNDATION FOR THE SHARED COSTS IS REPORTED AT STATEMENT 15. |
| CONTINUATION OF STATEMENT 20 | FORM 990PF, PART VI-B, LINE 5D | IN ADDITION TO THE EXPENDITURE RESPONSIBILITY INFORMATION PROVIDED IN CONTINUATION STATEMENT 20, THE FOLLOWING ADDITIONAL INFORMATION IS PROVIDED REGARDING CERTAIN EXPENDITURE RESPONSIBILITY GRANTS:CLIMATEWORKS FOUNDATION - GRANT ID: 3001AMOUNT OF GRANT RE-GRANTED: $9,856,371AMOUNT OF RE-GRANT SPENT: $9,856,371NATIVE ARTS AND CULTURES FOUNDATION, INC. - GRANT ID: 4807AMOUNT OF GRANT RE-GRANTED: $300,000AMOUNT OF RE-GRANT SPENT: $300,000NORTHLAND FOUNDATION - GRANT ID: 5887AMOUNT OF GRANT RE-GRANTED: $1,861,633AMOUNT OF RE-GRANT SPENT: $1,000,736CAMP FIRE - GRANT ID: 8646AMOUNT OF GRANT RE-GRANTED: $43,695AMOUNT OF RE-GRANT SPENT: $21,000 |
| FORM 990-PF, PART VII, LINE 1 AND LINE 2 | PART VII, LINE 1 AND LINE 2; LIST OF OFFICERS, DIRECTORS, TRUSTEES AND FOUNDATION MANAGERS AND HIGHEST-PAID EMPLOYEES:EMPLOYEE COMPENSATION REPORTED ON PART VIII LINE 1 AND LINE 2 IS FOR SERVICES PERFORMED FOR THE FILING ORGANIZATION (MACF) AND ANNE RAY FOUNDATION (ARF). EACH OF THE REPORTED INDIVIDUALS ARE EMPLOYED BY MACF AND PROVIDE SERVICES TO BOTH MACF AND ARF, A RELATED ENTITY, UNDER A SHARED SERVICES AGREEMENT. COLUMN (C) ("COMPENSATION) IS THE AMOUNT REPORTED AS TAXABLE COMPENSATION IN THE CURRENT YEAR, WHICH INCLUDES THE AMOUNT OF DEFERRED COMPENSATION THAT VESTED IN THE CURRENT YEAR. THIS COMPENSATION WOULD HAVE BEEN REPORTED AS DEFERRED COMPENSATION ON A PRIOR FORM 990-PF, RESULTING IN DOUBLE COUNTING OVER TIME. AMOUNTS REPORTED IN COLUMNS (D) ("CONTRIBUTIONS TO EMPLOYEE BENEFIT PLANS AND DEFERRED COMPENSATION") ARE EMPLOYER AND EMPLOYEE CONTRIBUTIONS TO QUALIFIED AND NON-QUALIFIED DEFERRED COMPENSATION PLANS. AMOUNTS REPORTED IN COLUMN (E) ("EXPENSE ACCOUNT, OTHER ALLOWANCES") ARE NON-TAXABLE EMPLOYEE BENEFITS, SUCH AS THE EMPLOYER-PROVIDED PORTION OF HEALTH INSURANCE. | |
| FORM 990PF, PART VI-B, LINE 1A(2) AND LINE 1A(4) | FORM 990PF, PART VI-B, LINE 1A(2)MARGARET A. CARGILL FOUNDATION HELD DEPOSITS FROM DISQUALIFIED PERSONS. NO INTEREST IS PAID ON THESE DEPOSITS.FORM 990PF, PART VI-B, LINE 1A(4)MARGARET A. CARGILL FOUNDATION AND ANNE RAY FOUNDATION SHARE OPERATIONS IN PURSUIT OF THEIR SHARED VISION IN ORDER TO MAXIMIZE ASSETS AVAILABLE FOR CHARITABLE GRANTMAKING. AS PART OF THE SHARED OPERATIONS, ALL STAFF LISTED IN PART VII, INCLUDING OFFICERS AND FOUNDATION MANAGERS, ARE EMPLOYEES OF MARGARET A. CARGILL FOUNDATION. MARGARET A. CARGILL FOUNDATION PAYS DISQUALIFIED PERSONS REASONABLE COMPENSATION FOR SERVICES PROVIDED TO IT.MARGARET A. CARGILL FOUNDATION OBTAINS AN INDEPENDENT COMPENSATION CONSULTANT'S REPORT THAT DOCUMENTS THE REASONABLENESS OF COMPENSATION TO BE PAID TO FOUNDATION MANAGERS, DIRECTORS, AND CERTAIN OTHER EXECUTIVES. THE REPORT IS BASED ON PUBLISHED SURVEY DATA AS WELL AS FORM 990 DATA FOR COMPARABLE ORGANIZATIONS. THE REPORT IS PROVIDED TO THE FOUNDATION'S INDEPENDENT COMPENSATION COMMITTEE AND BOARD OF DIRECTORS. THE COMMITTEE AND BOARD REVIEW AND DISCUSS THE REPORT, INCLUDING THE DETERMINATION THAT COMPENSATION IS REASONABLE, BEFORE APPROVING COMPENSATION. | |
| FORM 990-PF, PART VI-A, LINE 11 | NAME OF CONTROLLED ENTITY: ANNE RAY FOUNDATIONEIN: 47-1036008ADDRESS: 6889 ROWLAND ROAD EDEN PRAIRIE, MN 55344ANNE RAY FOUNDATION IS NOT AN EXCESS BUSINESS HOLDING OF MARGARET A. CARGILL FOUNDATION. |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| CMO MELLON RESDNTL FDG CORP 2002-TBC2 | 7,874 | 7,874 |
| CWABS INC 2004-B REVOLVING HOME EQUITY LN | 3,325 | 3,325 |
| TELLUS HOLDINGS LTD NOTE | 1,967,837 | 1,967,837 |
| TRUEGREEN MOBILITY LTD NOTE | 1,412,409 | 1,412,409 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| A2A SPA | 202,444 | 202,444 |
| AAREAL BANK AG | 127,553 | 127,553 |
| ACCOR SA | 402,152 | 402,152 |
| ADOBE SYS INC COM | 1,800,416 | 1,800,416 |
| AEW UK REIT PLC ORD | 90,866 | 90,866 |
| AGF MANAGEMENT LTD | 131,548 | 131,548 |
| AGREE RLTY CORP COM | 599,424 | 599,424 |
| AICHI STEEL CORP | 49,753 | 49,753 |
| AICHI TOKEI DENKI | 88,767 | 88,767 |
| AIPHONE CO LTD | 110,616 | 110,616 |
| AIR CANADA VAR VTG SHS | 83,640 | 83,640 |
| AIR FRANCE - KLM | 38,298 | 38,298 |
| AIRTEL AFRICA PLC ORD | 313,829 | 313,829 |
| AISAN INDUSTRY CO | 87,140 | 87,140 |
| ALEXANDRIA REAL ESTATE EQUITIES INC COM | 468,216 | 468,216 |
| ALINCO INC | 71,559 | 71,559 |
| ALLIANCE AVIATION | 72,436 | 72,436 |
| ALLIED PROPS REAL TRUST UNITS | 586,870 | 586,870 |
| ALPS LOGISTICS | 115,636 | 115,636 |
| ALSO HOLDING AG | 131,702 | 131,702 |
| AMERICAN HOMES 4 RENT COMMON STOCK | 455,681 | 455,681 |
| AMERICOLD RLTY TR INC COM | 851,556 | 851,556 |
| APAC REALTY LTD | 5,447 | 5,447 |
| ARCS COMPANY LTD | 57,421 | 57,421 |
| ARISAWA MFG CO | 35,998 | 35,998 |
| ARTIS REAL ESTATE TRUST UNITS | 209,535 | 209,535 |
| ASIA PILE HLDG CO | 163,345 | 163,345 |
| ASR NEDERLAND | 267,128 | 267,128 |
| ATCO LTD CLASS I COM | 67,609 | 67,609 |
| ATRESMEDIA CORP | 36,420 | 36,420 |
| ATRIA PLC | 96,944 | 96,944 |
| AUSTRALIAN PHARMAC | 61,758 | 61,758 |
| AUTONEUM HLDG AG | 111,749 | 111,749 |
| AVENTUS GROUP UNITS | 127,466 | 127,466 |
| AVJENNINGS LIMITED | 101,031 | 101,031 |
| BALL CORP COM | 8,601,917 | 8,601,917 |
| BEACH ENERGY LTD | 137,046 | 137,046 |
| BEKAERT SA | 155,785 | 155,785 |
| BELLWAY | 158,146 | 158,146 |
| BIC | 102,243 | 102,243 |
| BILIA AB | 205,252 | 205,252 |
| BONDUELLE | 66,390 | 66,390 |
| BRDR A&O JOHANSEN DKK10 PRF | 270,326 | 270,326 |
| CANADIAN PAC RY LTD COM | 7,303,444 | 7,303,444 |
| CAPITAL & COUNTIES PROPERTIES | 595,756 | 595,756 |
| CAPITALAND INTEGRATED COMMERCIAL TRUST | 406,001 | 406,001 |
| CARETECH HOLDINGS ORD | 111,563 | 111,563 |
| CDN WESTERN BANK COM | 201,164 | 201,164 |
| CHINA AVIATION OIL | 85,413 | 85,413 |
| CHINA RES CEMENT | 151,097 | 151,097 |
| CHIPOTLE MEXICAN GRILL INC COM | 2,688,809 | 2,688,809 |
| CHORUS AVIATION | 52,567 | 52,567 |
| CI FINANCIAL CORP COM | 277,472 | 277,472 |
| CINTAS CORP COM | 4,955,970 | 4,955,970 |
| CITY DEVELOPMENTS LTD | 251,245 | 251,245 |
| CLIQ DIGITAL AG | 95,502 | 95,502 |
| CLOETTA AB SER'B' | 117,488 | 117,488 |
| COFACE | 126,817 | 126,817 |
| COGECO COMMUNICATI SUB | 103,669 | 103,669 |
| COGECO INC SUB-VTG SHS | 90,030 | 90,030 |
| COMINAR REAL ESTAT TRUST | 108,279 | 108,279 |
| COMM BANCSHARES INC COM | 58 | 58 |
| COMPUTACENTER ORD | 141,892 | 141,892 |
| CONSUN PHARMACEUTI | 79,012 | 79,012 |
| COSTCO WHOLESALE CORP COM | 5,836,524 | 5,836,524 |
| COVIVIO | 857,596 | 857,596 |
| CRESCO LTD | 141,633 | 141,633 |
| CROPENERGIES AG | 87,835 | 87,835 |
| CSE GLOBAL LTD | 172,313 | 172,313 |
| CSX CORP COM | 2,957,165 | 2,957,165 |
| CVS HEALTH CORP COM | 3,568,098 | 3,568,098 |
| DAI NIPPON TORYO | 53,144 | 53,144 |
| DAITRON CO LTD | 154,490 | 154,490 |
| DANAHER CORP COM | 4,667,336 | 4,667,336 |
| DAVIDE CAMPARI MIL | 3,807,311 | 3,807,311 |
| DAWNRAYS PHARMS | 88,252 | 88,252 |
| DEERE & CO COM | 2,568,932 | 2,568,932 |
| DERWENT LONDON ORD | 523,369 | 523,369 |
| DEUTSCHE PFAND AG | 121,404 | 121,404 |
| DEVRO ORD | 113,002 | 113,002 |
| DEXUS PROPERTY GROUP | 408,282 | 408,282 |
| DFDS AS DKK20 | 144,077 | 144,077 |
| DIGITAL RLTY TR INC COM | 389,114 | 389,114 |
| DIVERSIFIED ENERGY COMPANY PLC ORD | 98,418 | 98,418 |
| DOMINOS PIZZA INC COM | 2,736,436 | 2,736,436 |
| DOUGLAS EMMETT INC COM REIT | 392,922 | 392,922 |
| DRAX GROUP ORD | 240,097 | 240,097 |
| ECONOCOM GROUP | 126,840 | 126,840 |
| ECO'S CO LTD | 102,566 | 102,566 |
| EFG INTERNATIONAL AG | 124,332 | 124,332 |
| EINHELL GERMANY AG | 175,925 | 175,925 |
| ELEMATEC CORP | 71,278 | 71,278 |
| EMAK | 164,514 | 164,514 |
| ENERFLEX LTD COM | 85,505 | 85,505 |
| ENERPLUS CORP | 148,909 | 148,909 |
| EPR PPTYS COM | 688,605 | 688,605 |
| ESPRINET | 170,171 | 170,171 |
| ESSEX PPTY TR REIT | 1,505,783 | 1,505,783 |
| EUROCELL PLC ORD | 62,020 | 62,020 |
| EUROPRIS ASA NOK1 | 231,048 | 231,048 |
| EUTELSAT COMMUNICA | 85,455 | 85,455 |
| EVN AG | 169,397 | 169,397 |
| EXEDY CORP | 60,727 | 60,727 |
| FAES FARMA SA | 73,736 | 73,736 |
| FEDERAL RLTY INVT STOCK | 599,808 | 599,808 |
| FEED ONE CO LTD | 71,101 | 71,101 |
| FERREXPO PLC ORD | 107,808 | 107,808 |
| FERRONORDIC AB | 320,107 | 320,107 |
| FINNAIR | 4,264 | 4,264 |
| FIVE BELOW INC COM | 2,927,080 | 2,927,080 |
| FJ NEXT HOLDINGS CO LTD | 144,431 | 144,431 |
| FLOOR & DECOR HLDGS INC | 686,583 | 686,583 |
| FREENET AG - ORD | 206,409 | 206,409 |
| FRONTIER R/EST INV FRONTIER | 440,224 | 440,224 |
| FUJI MACHINE MFG | 69,508 | 69,508 |
| FUJI PHARMA CO LTD | 92,752 | 92,752 |
| FUKOKU CO LTD | 38,859 | 38,859 |
| FUKUOKA REIT CORP REIT | 115,879 | 115,879 |
| FURUNO ELECTRIC CO | 112,524 | 112,524 |
| G-7 HOLDINGS INC | 126,063 | 126,063 |
| GATTACA PLC ORD | 22,453 | 22,453 |
| GECINA SA | 1,115,160 | 1,115,160 |
| GENWORTH MORTGAGE INSURANCE AUS LTD | 64,434 | 64,434 |
| GPT GROUP NPV | 724,678 | 724,678 |
| GRANDY HOUSE CORPO | 52,871 | 52,871 |
| GREENVOLT ENERGIAS COM | 491 | 491 |
| GROUPE GUILLIN | 101,700 | 101,700 |
| GUNMA BANK | 73,973 | 73,973 |
| HALFORDS GROUP ORD | 177,774 | 177,774 |
| HAMAKYOREX CO LTD | 105,916 | 105,916 |
| HAMBURGER HAFEN | 133,271 | 133,271 |
| HAMMERSON ORD | 554,395 | 554,395 |
| HARDWOODS DISTRIBU COM | 131,227 | 131,227 |
| HARIMA CHEMICALS GROUP, INC | 71,098 | 71,098 |
| HARVEY NORMAN HLDG | 105,953 | 105,953 |
| HEALTHPEAK PROPERTIES INC | 783,153 | 783,153 |
| HEIWADO CO LTD | 100,612 | 100,612 |
| HELVETIA HOLDING AG | 176,810 | 176,810 |
| HIGHWOODS PPTYS INC COM | 780,325 | 780,325 |
| HOME DEPOT INC COM | 10,063,577 | 10,063,577 |
| HORNBACH HLDG KGAA | 271,222 | 271,222 |
| HUFVUDSTADEN AB SER'A' | 366,617 | 366,617 |
| HUMANA AB | 135,702 | 135,702 |
| IA FINANCIAL CORP COM | 286,506 | 286,506 |
| ILEX MEDICAL ILS1 | 80,036 | 80,036 |
| IMM GRANDE DISTRIB | 83,402 | 83,402 |
| IMMOBEL | 82,902 | 82,902 |
| INFOTEL | 113,825 | 113,825 |
| INGHAMS GROUP LTD | 101,533 | 101,533 |
| INNOTECH CORP | 97,890 | 97,890 |
| INTERRENT REAL EST TRUST | 695,250 | 695,250 |
| INTRUM AB | 72,181 | 72,181 |
| INTUIT COM | 3,176,864 | 3,176,864 |
| INVESTEC ORD | 111,759 | 111,759 |
| INVINCIBLE INVESTMENTS CORP REIT | 515,236 | 515,236 |
| INVITATION HOMES INC COM | 1,219,646 | 1,219,646 |
| INWIDO AB | 347,362 | 347,362 |
| I-O DATA DEVICE | 64,523 | 64,523 |
| IPSEN SA | 119,008 | 119,008 |
| IREN SPA | 261,974 | 261,974 |
| JAPAN AVIATN ELECT NPV | 155,608 | 155,608 |
| JAPAN HOTEL REIT I REIT | 481,693 | 481,693 |
| JAPAN OIL TRANS | 27,479 | 27,479 |
| JMS CO LTD | 56,427 | 56,427 |
| JUNO MINERALS LTD | 2,557 | 2,557 |
| JUPITER FUND MGT ORD | 185,448 | 185,448 |
| JUPITER MINES LIMITED | 76,822 | 76,822 |
| KAMEI CORP | 71,553 | 71,553 |
| KANAMOTO CO LTD | 92,085 | 92,085 |
| KAUFMAN & BROAD SA | 113,453 | 113,453 |
| KEMIRA OYJ | 183,422 | 183,422 |
| KEPPEL PACIFIC OAK US REIT | 118,080 | 118,080 |
| KERRY PROPERTIES | 82,020 | 82,020 |
| KINDRED GROUP PLC | 143,935 | 143,935 |
| KINGBOARD HOLDINGS LTD | 146,031 | 146,031 |
| KITAGAWA CORP | 51,999 | 51,999 |
| KITANO CONST CORP | 30,234 | 30,234 |
| KITRON ASA | 198,846 | 198,846 |
| KITZ CORPORATION | 96,454 | 96,454 |
| KMD BRANDS LTD | 117,491 | 117,491 |
| KNOWIT AB | 66,359 | 66,359 |
| KYOKUTO KAIHATSU | 103,499 | 103,499 |
| LASALLE LOGIP REIT | 415,211 | 415,211 |
| LASSILA & TIKANOJA | 108,516 | 108,516 |
| LAURENTIAN BNK CDA COM | 89,044 | 89,044 |
| LEE & MAN PAPER MA | 68,825 | 68,825 |
| LEONS FURNITURE COM | 98,365 | 98,365 |
| LINAMAR CORP COMMON STOCK | 177,960 | 177,960 |
| LOGISTA HOLDINGS | 103,663 | 103,663 |
| LOOKERS | 159,606 | 159,606 |
| MAN GROUP PLC | 227,921 | 227,921 |
| MANITOU | 100,256 | 100,256 |
| MARTINREA INTL INC COM | 124,728 | 124,728 |
| MASTERCARD INC | 3,865,565 | 3,865,565 |
| MCBRIDE ORD | 76,797 | 76,797 |
| MCJ CO LTD | 93,107 | 93,107 |
| MEDIASET ESPANA | 65,902 | 65,902 |
| MELIA HOTELS INTL | 285,667 | 285,667 |
| MERLIN PROPERTIES | 930,464 | 930,464 |
| MERSEN | 81,114 | 81,114 |
| METCASH LIMITED | 206,119 | 206,119 |
| METTLER-TOLEDO INTL INC COM | 4,701,272 | 4,701,272 |
| MFC INVESCO SENIOR LOAN FUND | 6,177,768 | 6,177,768 |
| MFC ISHARES IBOXX $ HIGH YIELD ETF | 3,278,885 | 3,278,885 |
| MFC ISHARES TR JPMORGAN EMERGING MKTS BD ETF | 1,219,291 | 1,219,291 |
| MICRO FOCUS INTERNATIONAL PLC ORD | 17,547 | 17,547 |
| MICROSOFT CORP COM | 11,435,889 | 11,435,889 |
| MID-AMER APT CMNTYS INC COM | 1,308,037 | 1,308,037 |
| MIQUEL Y COSTAS | 131,990 | 131,990 |
| MITSUBISHI GAS CHM | 209,762 | 209,762 |
| MITSUBISHI HC CAP. | 242,710 | 242,710 |
| MITSUI FUDOSAN CO LTD | 942,682 | 942,682 |
| MITSUI FUDOSAN LOG REIT | 498,502 | 498,502 |
| MIYAJI ENGINEERING | 259,650 | 259,650 |
| MIZUHO LEASING CO | 127,428 | 127,428 |
| MOODYS CORP COM | 2,768,822 | 2,768,822 |
| MOUNT GIBSON IRON | 66,589 | 66,589 |
| NATIONAL STORAGE R REIT STAPLED UNIT | 220,471 | 220,471 |
| NAVIGATOR COMP | 107,050 | 107,050 |
| NICHIAS CORP | 84,312 | 84,312 |
| NIPPON SEISEN CO | 116,530 | 116,530 |
| NIPPON SODA CO LTD | 117,850 | 117,850 |
| NISSHIN GROUP HLDG | 64,280 | 64,280 |
| NISSIN CORP | 87,669 | 87,669 |
| NISSIN ELECTRIC | 97,170 | 97,170 |
| NITTO FUJI FLOUR MILLING CO | 85,797 | 85,797 |
| NITTOC CONSTRUCT | 80,568 | 80,568 |
| NOBIA AB | 90,293 | 90,293 |
| NOMURA RL EST INC | 213,774 | 213,774 |
| NSW INC | 95,787 | 95,787 |
| OKAMURA CORP | 83,757 | 83,757 |
| ONOKEN CO LTD | 125,092 | 125,092 |
| OPEN HOUSE GROUP CO LTD | 125,466 | 125,466 |
| ORDINA NV | 126,354 | 126,354 |
| OSB GROUP PLC ORD | 169,736 | 169,736 |
| OUTFRONT MEDIA INC COM | 459,883 | 459,883 |
| PACT GROUP HLDGS LTD | 97,122 | 97,122 |
| PARETO BANK ASA NOK12.00 | 131,573 | 131,573 |
| PARK HOTELS & RESORTS INC COM | 1,229,126 | 1,229,126 |
| PEAB AB | 166,497 | 166,497 |
| PEBBLEBROOK HOTEL TR COM | 757,046 | 757,046 |
| PER AARSLEFF HLDNG | 182,172 | 182,172 |
| PERENTI GLOBAL LTD | 47,816 | 47,816 |
| PHYSICIANS RLTY TR COM | 491,463 | 491,463 |
| PIZZA PIZZA RTY CO COM | 149,400 | 149,400 |
| PLASTIQUES DU VAL | 27,941 | 27,941 |
| POOL CORP COM | 3,206,390 | 3,206,390 |
| PROACT IT GROUP | 175,848 | 175,848 |
| PRODWARE | 37,509 | 37,509 |
| PROGRESS WERK AG | 32,547 | 32,547 |
| PROLOGIS INC COM | 2,203,327 | 2,203,327 |
| PUB STORAGE COM | 412,016 | 412,016 |
| QINETIQ GROUP ORD | 139,430 | 139,430 |
| RAMI LEVI CHAIN ILS0.01 | 78,331 | 78,331 |
| RAYSUM CO LTD | 38,119 | 38,119 |
| REDROW PLC ORD | 165,426 | 165,426 |
| REGIS RESOURCES LT | 46,077 | 46,077 |
| REPUBLIC SVCS INC COM | 5,608,121 | 5,608,121 |
| RHEINMETALL AG | 160,575 | 160,575 |
| RIKEN TECHNOS CORP | 199,592 | 199,592 |
| RION CO LTD | 45,011 | 45,011 |
| RM ORD | 56,262 | 56,262 |
| ROTTNEROS AB | 42,238 | 42,238 |
| ROYAL MAIL PLC ORD | 231,649 | 231,649 |
| RUBIS EUR1.25 | 128,410 | 128,410 |
| SAINSBURY ORD | 203,589 | 203,589 |
| SAKAI HEAVY INDS | 50,679 | 50,679 |
| SANDFIRE RESOURCES LTD | 177,486 | 177,486 |
| SANFORD | 52,797 | 52,797 |
| SAWAI GROUP HOLDINGS CO LTD | 64,882 | 64,882 |
| SEINO HOLDINGS | 143,659 | 143,659 |
| SHAFTESBURY PLC ORD | 549,921 | 549,921 |
| SHERWIN-WILLIAMS CO COM | 12,694,662 | 12,694,662 |
| SHIBAURA MECHATRON | 276,540 | 276,540 |
| SHINWA | 88,119 | 88,119 |
| SIEVI CAPITAL OYJ | 124,196 | 124,196 |
| SIGNIFY | 236,513 | 236,513 |
| SIMON PROPERTY GROUP INC COM | 1,793,258 | 1,793,258 |
| SMARTGROUP CORPORATION LIMITED | 98,606 | 98,606 |
| SMURFIT KAPPA GROUP PLC | 93,646 | 93,646 |
| SPAREBANK 1 NORD-NORGE GRUNNFONDSBEVIS | 201,749 | 201,749 |
| SPAREBANK 1 SR BK NOK25 | 226,574 | 226,574 |
| SPEEDY HIRE ORD | 99,612 | 99,612 |
| ST BARBARA LIMITED | 69,127 | 69,127 |
| STHREE PLC ORD | 86,728 | 86,728 |
| STINGRAY GROUP INC COM | 118,806 | 118,806 |
| STO SE & CO. KGAA PRF | 175,925 | 175,925 |
| SUBARU ENTERPRISE | 84,971 | 84,971 |
| SUN COMMUNITIES INC COM | 851,428 | 851,428 |
| SUN HUNG KAI PROP | 810,185 | 810,185 |
| SUPER RETAIL GROUP LTD G | 183,899 | 183,899 |
| SWIRE PROPERTIES LTD | 583,080 | 583,080 |
| SYDBANK | 158,098 | 158,098 |
| TACHIBANA ELETECH | 52,831 | 52,831 |
| TARGET CORP COM STK | 3,535,940 | 3,535,940 |
| TASSAL GROUP | 98,451 | 98,451 |
| TATE & LYLE ORD | 129,000 | 129,000 |
| TATSUTA ELEC WIRE | 70,566 | 70,566 |
| TELEKOM AUSTRIA AG | 122,183 | 122,183 |
| TELENET GRP HLDG | 113,022 | 113,022 |
| TERASAKI ELECTRIC | 41,942 | 41,942 |
| TESSENDERLO GROUP | 94,814 | 94,814 |
| TETHYS OIL AB | 101,151 | 101,151 |
| TEXAS INSTRUMENTS INC COM | 2,651,961 | 2,651,961 |
| THERMO FISHER CORP | 3,923,371 | 3,923,371 |
| TOKYO SEIMITSU CO | 186,010 | 186,010 |
| TOMOKU CO LTD | 45,028 | 45,028 |
| TOSEI CORPORATION | 113,143 | 113,143 |
| TOWA PHARMACEUTICAL CO. LTD | 99,483 | 99,483 |
| TOYO CONSTRUCTION | 152,875 | 152,875 |
| TOYO MACHINY&METAL | 68,591 | 68,591 |
| TP ICAP GROUP PLC ORD | 45,501 | 45,501 |
| TRACTOR SUPPLY CO COM | 3,006,121 | 3,006,121 |
| TRITAX EUROBOX PLC | 506,631 | 506,631 |
| UBE CORPORATION COM | 90,223 | 90,223 |
| UBM DEVELOPMENT AG | 88,633 | 88,633 |
| UDR INC COM STK | 887,852 | 887,852 |
| UNIBAIL-RODAMCO-WESTFIELD | 827,998 | 827,998 |
| UNION PAC CORP COM | 6,613,414 | 6,613,414 |
| UNITE GROUP ORD | 558,960 | 558,960 |
| UNITED LABORATORIE | 104,019 | 104,019 |
| VALIANT HOLDING AG | 130,264 | 130,264 |
| VERTU MOTORS PLC ORD | 171,556 | 171,556 |
| VETROPACK HOLDING SA -A | 126,434 | 126,434 |
| VICI PPTYS INC COM | 994,714 | 994,714 |
| VIENNA INS GRP AG | 141,581 | 141,581 |
| VONOVIA SE | 485,357 | 485,357 |
| VONTOBEL HLDG AG | 113,999 | 113,999 |
| VSTECS HOLDINGS LT | 108,764 | 108,764 |
| W P CAREY INC COM | 557,940 | 557,940 |
| WATCHES OF SWITZER ORD | 3,616,090 | 3,616,090 |
| WELLTOWER INC COM REIT | 1,378,410 | 1,378,410 |
| WERELDHAVE | 119,361 | 119,361 |
| WESTSHORE TERM INV COM | 165,615 | 165,615 |
| WHARF REAL ESTATE | 827,413 | 827,413 |
| WINCANTON ORD | 119,127 | 119,127 |
| WUSTENROT & WURTTE | 90,373 | 90,373 |
| YAMABIKO CORPO | 61,675 | 61,675 |
| YAMAGUCHI FINANCIA | 58,443 | 58,443 |
| YAMAYA CORPORATION | 4,250 | 4,250 |
| YUASA TRADING CO | 90,543 | 90,543 |
| YUSHIRO CHEMICAL | 32,153 | 32,153 |
| ZEHNDER GROUP | 235,011 | 235,011 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| INVESTMENT FUND MACF - 10073 | FMV | 19,265,581 | 19,265,581 |
| INVESTMENT FUND MACF - 10150 | FMV | 5,554,398 | 5,554,398 |
| INVESTMENT FUND MACF - 11185 | FMV | 74,222,554 | 74,222,554 |
| INVESTMENT FUND MACF - 11290 | FMV | 4,189,770 | 4,189,770 |
| INVESTMENT FUND MACF - 11779 | FMV | 6,077,825 | 6,077,825 |
| INVESTMENT FUND MACF - 12095 | FMV | 7,179,761 | 7,179,761 |
| INVESTMENT FUND MACF - 12798 | FMV | 3,796,552 | 3,796,552 |
| INVESTMENT FUND MACF - 12980 | FMV | 989,788 | 989,788 |
| INVESTMENT FUND MACF - 13243 | FMV | 24,000,000 | 24,000,000 |
| INVESTMENT FUND MACF - 13315 | FMV | 19,831,282 | 19,831,282 |
| INVESTMENT FUND MACF - 14461 | FMV | 9,473,095 | 9,473,095 |
| INVESTMENT FUND MACF - 14835 | FMV | 19,106,715 | 19,106,715 |
| INVESTMENT FUND MACF - 17509 | FMV | 280,638 | 280,638 |
| INVESTMENT FUND MACF - 17730 | FMV | 17,244,748 | 17,244,748 |
| INVESTMENT FUND MACF - 17819 | FMV | 6,857,410 | 6,857,410 |
| INVESTMENT FUND MACF - 17991 | FMV | 8,161,558 | 8,161,558 |
| INVESTMENT FUND MACF - 18122 | FMV | 3,119,091 | 3,119,091 |
| INVESTMENT FUND MACF - 18513 | FMV | 170,828,034 | 170,828,034 |
| INVESTMENT FUND MACF - 18753 | FMV | 4,606,744 | 4,606,744 |
| INVESTMENT FUND MACF - 18802 | FMV | 5,748,461 | 5,748,461 |
| INVESTMENT FUND MACF - 19965 | FMV | 147,951,189 | 147,951,189 |
| INVESTMENT FUND MACF - 20122 | FMV | 10,403,260 | 10,403,260 |
| INVESTMENT FUND MACF - 20294 | FMV | 6,676,281 | 6,676,281 |
| INVESTMENT FUND MACF - 20635 | FMV | 6,296,968 | 6,296,968 |
| INVESTMENT FUND MACF - 21378 | FMV | 22,238,598 | 22,238,598 |
| INVESTMENT FUND MACF - 21702 | FMV | 1,356,818 | 1,356,818 |
| INVESTMENT FUND MACF - 21958 | FMV | 2,460,341 | 2,460,341 |
| INVESTMENT FUND MACF - 22104 | FMV | 5,705,764 | 5,705,764 |
| INVESTMENT FUND MACF - 22231 | FMV | 11,552,946 | 11,552,946 |
| INVESTMENT FUND MACF - 22267 | FMV | 1,723,381 | 1,723,381 |
| INVESTMENT FUND MACF - 22770 | FMV | 7,899,214 | 7,899,214 |
| INVESTMENT FUND MACF - 22940 | FMV | 2,346,092 | 2,346,092 |
| INVESTMENT FUND MACF - 23311 | FMV | 956,078 | 956,078 |
| INVESTMENT FUND MACF - 23553 | FMV | 34,880,436 | 34,880,436 |
| INVESTMENT FUND MACF - 23636 | FMV | 617,453 | 617,453 |
| INVESTMENT FUND MACF - 23828 | FMV | 24,847,044 | 24,847,044 |
| INVESTMENT FUND MACF - 23897 | FMV | 4,387,611 | 4,387,611 |
| INVESTMENT FUND MACF - 23903 | FMV | 15,191,464 | 15,191,464 |
| INVESTMENT FUND MACF - 23903 | FMV | 310,177 | 310,177 |
| INVESTMENT FUND MACF - 24115 | FMV | 21,865,042 | 21,865,042 |
| INVESTMENT FUND MACF - 24648 | FMV | 11,540,250 | 11,540,250 |
| INVESTMENT FUND MACF - 25283 | FMV | 1,728,683 | 1,728,683 |
| INVESTMENT FUND MACF - 25342 | FMV | 16,044,920 | 16,044,920 |
| INVESTMENT FUND MACF - 25676 | FMV | 86,571,666 | 86,571,666 |
| INVESTMENT FUND MACF - 26137 | FMV | 19,604,580 | 19,604,580 |
| INVESTMENT FUND MACF - 27241 | FMV | 6,035,877 | 6,035,877 |
| INVESTMENT FUND MACF - 27693 | FMV | 45,865,487 | 45,865,487 |
| INVESTMENT FUND MACF - 27771 | FMV | 18,499,737 | 18,499,737 |
| INVESTMENT FUND MACF - 28188 | FMV | 10,858,596 | 10,858,596 |
| INVESTMENT FUND MACF - 28741 | FMV | 12,829,197 | 12,829,197 |
| INVESTMENT FUND MACF - 31136 | FMV | 4 | 4 |
| INVESTMENT FUND MACF - 31323 | FMV | 2,511,960 | 2,511,960 |
| INVESTMENT FUND MACF - 32340 | FMV | 2,077,832 | 2,077,832 |
| INVESTMENT FUND MACF - 32731 | FMV | 6,995,463 | 6,995,463 |
| INVESTMENT FUND MACF - 34004 | FMV | 8,649,708 | 8,649,708 |
| INVESTMENT FUND MACF - 34135 | FMV | 535,955 | 535,955 |
| INVESTMENT FUND MACF - 34147 | FMV | 3,207,748 | 3,207,748 |
| INVESTMENT FUND MACF - 34932 | FMV | 740,066 | 740,066 |
| INVESTMENT FUND MACF - 34967 | FMV | 1,162,353 | 1,162,353 |
| INVESTMENT FUND MACF - 35691 | FMV | 8,851,495 | 8,851,495 |
| INVESTMENT FUND MACF - 36004 | FMV | 7,878,136 | 7,878,136 |
| INVESTMENT FUND MACF - 36414 | FMV | 20,142,832 | 20,142,832 |
| INVESTMENT FUND MACF - 36664 | FMV | 2,601,892 | 2,601,892 |
| INVESTMENT FUND MACF - 36752 | FMV | 23,680,837 | 23,680,837 |
| INVESTMENT FUND MACF - 37441 | FMV | 2,599,556 | 2,599,556 |
| INVESTMENT FUND MACF - 38880 | FMV | 12,333,667 | 12,333,667 |
| INVESTMENT FUND MACF - 39543 | FMV | 14,740,458 | 14,740,458 |
| INVESTMENT FUND MACF - 39777 | FMV | 16,978,209 | 16,978,209 |
| INVESTMENT FUND MACF - 39858 | FMV | 12,772,139 | 12,772,139 |
| INVESTMENT FUND MACF - 40646 | FMV | 4,294,735 | 4,294,735 |
| INVESTMENT FUND MACF - 41727 | FMV | 642,337 | 642,337 |
| INVESTMENT FUND MACF - 41826 | FMV | 721,126 | 721,126 |
| INVESTMENT FUND MACF - 42486 | FMV | 16,759,936 | 16,759,936 |
| INVESTMENT FUND MACF - 43198 | FMV | 12,822,118 | 12,822,118 |
| INVESTMENT FUND MACF - 43966 | FMV | 5,314,134 | 5,314,134 |
| INVESTMENT FUND MACF - 44120 | FMV | 7,405,446 | 7,405,446 |
| INVESTMENT FUND MACF - 44674 | FMV | 2,888,251 | 2,888,251 |
| INVESTMENT FUND MACF - 44798 | FMV | 44,296 | 44,296 |
| INVESTMENT FUND MACF - 44977 | FMV | 7,985 | 7,985 |
| INVESTMENT FUND MACF - 45210 | FMV | 13,991,599 | 13,991,599 |
| INVESTMENT FUND MACF - 45829 | FMV | 3,773,998 | 3,773,998 |
| INVESTMENT FUND MACF - 46052 | FMV | 11,667,574 | 11,667,574 |
| INVESTMENT FUND MACF - 46513 | FMV | 104,100,514 | 104,100,514 |
| INVESTMENT FUND MACF - 46529 | FMV | 61,764,956 | 61,764,956 |
| INVESTMENT FUND MACF - 46530 | FMV | 21,133,091 | 21,133,091 |
| INVESTMENT FUND MACF - 46835 | FMV | 4,855,020 | 4,855,020 |
| INVESTMENT FUND MACF - 47323 | FMV | 1,389,949 | 1,389,949 |
| INVESTMENT FUND MACF - 47467 | FMV | 22,050,281 | 22,050,281 |
| INVESTMENT FUND MACF - 47839 | FMV | 193,334 | 193,334 |
| INVESTMENT FUND MACF - 48002 | FMV | 691,261 | 691,261 |
| INVESTMENT FUND MACF - 48686 | FMV | 5,881,155 | 5,881,155 |
| INVESTMENT FUND MACF - 49379 | FMV | 10,227,653 | 10,227,653 |
| INVESTMENT FUND MACF - 49534 | FMV | 24,373,051 | 24,373,051 |
| INVESTMENT FUND MACF - 50942 | FMV | 25,475,685 | 25,475,685 |
| INVESTMENT FUND MACF - 51210 | FMV | 2,184,857 | 2,184,857 |
| INVESTMENT FUND MACF - 51394 | FMV | 6,800,713 | 6,800,713 |
| INVESTMENT FUND MACF - 51584 | FMV | 307,090 | 307,090 |
| INVESTMENT FUND MACF - 51629 | FMV | 17,054,091 | 17,054,091 |
| INVESTMENT FUND MACF - 52039 | FMV | 79,624 | 79,624 |
| INVESTMENT FUND MACF - 52039 | FMV | 13,178,827 | 13,178,827 |
| INVESTMENT FUND MACF - 52041 | FMV | 14,873,296 | 14,873,296 |
| INVESTMENT FUND MACF - 52332 | FMV | 2,002,455 | 2,002,455 |
| INVESTMENT FUND MACF - 52416 | FMV | 1,164,076 | 1,164,076 |
| INVESTMENT FUND MACF - 52512 | FMV | 34,941,842 | 34,941,842 |
| INVESTMENT FUND MACF - 52513 | FMV | 33,409,460 | 33,409,460 |
| INVESTMENT FUND MACF - 52795 | FMV | 10,763,634 | 10,763,634 |
| INVESTMENT FUND MACF - 54491 | FMV | 770,001 | 770,001 |
| INVESTMENT FUND MACF - 54491 | FMV | 22,103,025 | 22,103,025 |
| INVESTMENT FUND MACF - 54677 | FMV | 5,121,491 | 5,121,491 |
| INVESTMENT FUND MACF - 54812 | FMV | 45,085,394 | 45,085,394 |
| INVESTMENT FUND MACF - 54980 | FMV | 2,854,873 | 2,854,873 |
| INVESTMENT FUND MACF - 55464 | FMV | 20,803,520 | 20,803,520 |
| INVESTMENT FUND MACF - 55771 | FMV | 55,762,966 | 55,762,966 |
| INVESTMENT FUND MACF - 56137 | FMV | 1,950,462 | 1,950,462 |
| INVESTMENT FUND MACF - 56144 | FMV | 7,661,352 | 7,661,352 |
| INVESTMENT FUND MACF - 56265 | FMV | 9,262,513 | 9,262,513 |
| INVESTMENT FUND MACF - 56699 | FMV | 6,276,257 | 6,276,257 |
| INVESTMENT FUND MACF - 56808 | FMV | 3,337,025 | 3,337,025 |
| INVESTMENT FUND MACF - 57061 | FMV | 45,790,247 | 45,790,247 |
| INVESTMENT FUND MACF - 57337 | FMV | 2,818,471 | 2,818,471 |
| INVESTMENT FUND MACF - 58125 | FMV | 14,267,835 | 14,267,835 |
| INVESTMENT FUND MACF - 58216 | FMV | 38,641,728 | 38,641,728 |
| INVESTMENT FUND MACF - 58511 | FMV | 9,769,386 | 9,769,386 |
| INVESTMENT FUND MACF - 59749 | FMV | 9,368,713 | 9,368,713 |
| INVESTMENT FUND MACF - 59907 | FMV | 28,080,238 | 28,080,238 |
| INVESTMENT FUND MACF - 60262 | FMV | 7,367,997 | 7,367,997 |
| INVESTMENT FUND MACF - 60967 | FMV | 5,103,057 | 5,103,057 |
| INVESTMENT FUND MACF - 61163 | FMV | 2,478,537 | 2,478,537 |
| INVESTMENT FUND MACF - 61514 | FMV | 12,252,023 | 12,252,023 |
| INVESTMENT FUND MACF - 62438 | FMV | 11,428,820 | 11,428,820 |
| INVESTMENT FUND MACF - 63217 | FMV | 303,047 | 303,047 |
| INVESTMENT FUND MACF - 63525 | FMV | 85,704 | 85,704 |
| INVESTMENT FUND MACF - 63767 | FMV | 7,554,465 | 7,554,465 |
| INVESTMENT FUND MACF - 64361 | FMV | 18,358,532 | 18,358,532 |
| INVESTMENT FUND MACF - 65172 | FMV | 30,767,300 | 30,767,300 |
| INVESTMENT FUND MACF - 65362 | FMV | 2,914,338 | 2,914,338 |
| INVESTMENT FUND MACF - 65571 | FMV | 13,741 | 13,741 |
| INVESTMENT FUND MACF - 65827 | FMV | 4,276,801 | 4,276,801 |
| INVESTMENT FUND MACF - 66580 | FMV | 13,592,491 | 13,592,491 |
| INVESTMENT FUND MACF - 67227 | FMV | 2,926,811 | 2,926,811 |
| INVESTMENT FUND MACF - 67369 | FMV | 20,180,721 | 20,180,721 |
| INVESTMENT FUND MACF - 67535 | FMV | 21,122,018 | 21,122,018 |
| INVESTMENT FUND MACF - 67547 | FMV | 12,873,286 | 12,873,286 |
| INVESTMENT FUND MACF - 68309 | FMV | 3,735,783 | 3,735,783 |
| INVESTMENT FUND MACF - 68394 | FMV | 4,674,085 | 4,674,085 |
| INVESTMENT FUND MACF - 68406 | FMV | 12,133,068 | 12,133,068 |
| INVESTMENT FUND MACF - 68694 | FMV | 16,657,766 | 16,657,766 |
| INVESTMENT FUND MACF - 68936 | FMV | 9,534,203 | 9,534,203 |
| INVESTMENT FUND MACF - 69389 | FMV | 1,739,460 | 1,739,460 |
| INVESTMENT FUND MACF - 69847 | FMV | 30,605,228 | 30,605,228 |
| INVESTMENT FUND MACF - 69847 | FMV | 3,962,615 | 3,962,615 |
| INVESTMENT FUND MACF - 70066 | FMV | 9,259,497 | 9,259,497 |
| INVESTMENT FUND MACF - 70072 | FMV | 20,115,450 | 20,115,450 |
| INVESTMENT FUND MACF - 70332 | FMV | 82,507,640 | 82,507,640 |
| INVESTMENT FUND MACF - 71063 | FMV | 11,596,967 | 11,596,967 |
| INVESTMENT FUND MACF - 71506 | FMV | 13,717,860 | 13,717,860 |
| INVESTMENT FUND MACF - 71806 | FMV | 6,917,952 | 6,917,952 |
| INVESTMENT FUND MACF - 71908 | FMV | 220,505 | 220,505 |
| INVESTMENT FUND MACF - 71939 | FMV | 1,340,673 | 1,340,673 |
| INVESTMENT FUND MACF - 72591 | FMV | 9,693,131 | 9,693,131 |
| INVESTMENT FUND MACF - 72640 | FMV | 1,030,366 | 1,030,366 |
| INVESTMENT FUND MACF - 73081 | FMV | 5,614,985 | 5,614,985 |
| INVESTMENT FUND MACF - 73082 | FMV | 1,524,152 | 1,524,152 |
| INVESTMENT FUND MACF - 73441 | FMV | 8,573,882 | 8,573,882 |
| INVESTMENT FUND MACF - 73557 | FMV | 6,542 | 6,542 |
| INVESTMENT FUND MACF - 73614 | FMV | 4,421,049 | 4,421,049 |
| INVESTMENT FUND MACF - 74035 | FMV | 6,894,852 | 6,894,852 |
| INVESTMENT FUND MACF - 74036 | FMV | 10,157,772 | 10,157,772 |
| INVESTMENT FUND MACF - 74068 | FMV | 4,746,045 | 4,746,045 |
| INVESTMENT FUND MACF - 74092 | FMV | 946,477 | 946,477 |
| INVESTMENT FUND MACF - 74494 | FMV | 1,797,117 | 1,797,117 |
| INVESTMENT FUND MACF - 74682 | FMV | 4,864,957 | 4,864,957 |
| INVESTMENT FUND MACF - 74805 | FMV | 2,464,040 | 2,464,040 |
| INVESTMENT FUND MACF - 75562 | FMV | 15,217,063 | 15,217,063 |
| INVESTMENT FUND MACF - 75682 | FMV | 647,095 | 647,095 |
| INVESTMENT FUND MACF - 76210 | FMV | 9,390,522 | 9,390,522 |
| INVESTMENT FUND MACF - 76333 | FMV | 26,315,796 | 26,315,796 |
| INVESTMENT FUND MACF - 76524 | FMV | 7,767,471 | 7,767,471 |
| INVESTMENT FUND MACF - 76526 | FMV | 16,698,576 | 16,698,576 |
| INVESTMENT FUND MACF - 76533 | FMV | 9,773,010 | 9,773,010 |
| INVESTMENT FUND MACF - 76534 | FMV | 3,081,444 | 3,081,444 |
| INVESTMENT FUND MACF - 76538 | FMV | 6,437,253 | 6,437,253 |
| INVESTMENT FUND MACF - 77026 | FMV | 5,742,691 | 5,742,691 |
| INVESTMENT FUND MACF - 77067 | FMV | 769,813 | 769,813 |
| INVESTMENT FUND MACF - 77486 | FMV | 5,384,636 | 5,384,636 |
| INVESTMENT FUND MACF - 77487 | FMV | 2,267,616 | 2,267,616 |
| INVESTMENT FUND MACF - 77586 | FMV | 3,420,181 | 3,420,181 |
| INVESTMENT FUND MACF - 77943 | FMV | 8,961,770 | 8,961,770 |
| INVESTMENT FUND MACF - 77944 | FMV | 1,666,817 | 1,666,817 |
| INVESTMENT FUND MACF - 77948 | FMV | 2,786,369 | 2,786,369 |
| INVESTMENT FUND MACF - 78311 | FMV | 4,212,161 | 4,212,161 |
| INVESTMENT FUND MACF - 78462 | FMV | 8,533,438 | 8,533,438 |
| INVESTMENT FUND MACF - 78663 | FMV | 4,522,757 | 4,522,757 |
| INVESTMENT FUND MACF - 78890 | FMV | 11,725,347 | 11,725,347 |
| INVESTMENT FUND MACF - 79002 | FMV | 5,532,684 | 5,532,684 |
| INVESTMENT FUND MACF - 79003 | FMV | 17,631,726 | 17,631,726 |
| INVESTMENT FUND MACF - 79004 | FMV | 8,514,850 | 8,514,850 |
| INVESTMENT FUND MACF - 79005 | FMV | 4,759,432 | 4,759,432 |
| INVESTMENT FUND MACF - 79007 | FMV | 9,570,607 | 9,570,607 |
| INVESTMENT FUND MACF - 79492 | FMV | 893,387 | 893,387 |
| INVESTMENT FUND MACF - 79495 | FMV | 4,583,528 | 4,583,528 |
| INVESTMENT FUND MACF - 79623 | FMV | 17,312,373 | 17,312,373 |
| INVESTMENT FUND MACF - 79900 | FMV | 24,972,513 | 24,972,513 |
| INVESTMENT FUND MACF - 81244 | FMV | 10,354,198 | 10,354,198 |
| INVESTMENT FUND MACF - 82026 | FMV | 4,165,564 | 4,165,564 |
| INVESTMENT FUND MACF - 82682 | FMV | 13,645,636 | 13,645,636 |
| INVESTMENT FUND MACF - 82874 | FMV | 16,442,855 | 16,442,855 |
| INVESTMENT FUND MACF - 83291 | FMV | 18,266,294 | 18,266,294 |
| INVESTMENT FUND MACF - 83861 | FMV | 6,091,000 | 6,091,000 |
| INVESTMENT FUND MACF - 84051 | FMV | 1,770,382 | 1,770,382 |
| INVESTMENT FUND MACF - 84518 | FMV | 4,335,817 | 4,335,817 |
| INVESTMENT FUND MACF - 84829 | FMV | 971,112 | 971,112 |
| INVESTMENT FUND MACF - 85416 | FMV | 10,349,658 | 10,349,658 |
| INVESTMENT FUND MACF - 85467 | FMV | 55,579,624 | 55,579,624 |
| INVESTMENT FUND MACF - 85877 | FMV | 4,085,296 | 4,085,296 |
| INVESTMENT FUND MACF - 87775 | FMV | 390,987 | 390,987 |
| INVESTMENT FUND MACF - 87867 | FMV | 42,947,294 | 42,947,294 |
| INVESTMENT FUND MACF - 88799 | FMV | 6,012,482 | 6,012,482 |
| INVESTMENT FUND MACF - 89424 | FMV | 48,164,114 | 48,164,114 |
| INVESTMENT FUND MACF - 90803 | FMV | 3,120,164 | 3,120,164 |
| INVESTMENT FUND MACF - 91143 | FMV | 14,439,243 | 14,439,243 |
| INVESTMENT FUND MACF - 92529 | FMV | 1,908,254 | 1,908,254 |
| INVESTMENT FUND MACF - 92842 | FMV | 4,802,118 | 4,802,118 |
| INVESTMENT FUND MACF - 92942 | FMV | 15,931,634 | 15,931,634 |
| INVESTMENT FUND MACF - 93653 | FMV | 12,357,483 | 12,357,483 |
| INVESTMENT FUND MACF - 93922 | FMV | 11,218,000 | 11,218,000 |
| INVESTMENT FUND MACF - 94712 | FMV | 2,081,426 | 2,081,426 |
| INVESTMENT FUND MACF - 95614 | FMV | 2,447,261 | 2,447,261 |
| INVESTMENT FUND MACF - 95800 | FMV | 14,676,505 | 14,676,505 |
| INVESTMENT FUND MACF - 96591 | FMV | 22,529,665 | 22,529,665 |
| INVESTMENT FUND MACF - 99062 | FMV | 843,714 | 843,714 |
| INVESTMENT FUND MACF - 99358 | FMV | 2,012,421 | 2,012,421 |
| Category / Item | Cost / Other Basis | Accumulated Depreciation | Book Value | End of Year Fair Market Value |
|---|---|---|---|---|
| LAND AND IMPROVEMENTS | 6,980,140 | 1,322,945 | 5,657,195 | 5,657,195 |
| BUILDING | 50,524,516 | 14,525,798 | 35,998,718 | 35,998,718 |
| FURNITURE AND EQUIPMENT | 3,905,589 | 3,883,607 | 21,982 | 21,982 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES - OTHER | 156,666 | 0 | 150,849 | |
| LEGAL FEES - INVESTMENT | 333,009 | 333,009 | 0 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| PROGRAM-RELATED INVESTMENT | 8,294,748 | 12,069,190 | 14,000,000 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| OFFICE SUPPLIES AND EQUIPMENT | 95,213 | 16,830 | 77,665 | |
| DUES AND SUBSCRIPTIONS | 342,738 | 164,310 | 172,615 | |
| RECRUITING AND RELOCATION | 224,569 | 44,932 | 184,755 | |
| TECHNOLOGY EXPENSES | 653,453 | 97,932 | 561,322 | |
| INSURANCE | 65,946 | 11,932 | 63,718 | |
| GRANT AND PRI DISCOUNT | 376,432 | 0 | 0 | |
| EXPENSES FROM FLOW-THROUGH INVESTMENTS | 0 | 38,433,757 | 0 | |
| OTHER EXPENSES | 30,385 | 6,651 | 23,451 | |
| STATE UBI TAX BENEFIT | -19,526 | 0 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| INTEREST AND OTHER INCOME FROM PRIS | 386,643 | 699,714 | 386,643 |
| OTHER INCOME FROM FLOW-THROUGH INVESTMENTS | 36,114,087 | ||
| OTHER INCOME FROM INVESTMENTS | 4,894,228 |
| Description | Amount |
|---|---|
| UNREALIZED GAINS | 421,745,497 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| DEFERRED TAX LIABILITY | 6,333,031 | 11,713,877 |
| POSTRETIREMENT BENEFIT LIABILITY | 12,704,265 | 13,277,034 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| CONSULTING - PROGRAM | 1,949,390 | 0 | 1,856,902 | |
| CONSULTING - INVESTMENT MANAGEMENT | 6,180,832 | 6,180,832 | 0 | |
| INVESTMENT COMMITTEE COMPENSATION | 40,000 | 40,000 | 0 | |
| INVESTMENT SOFTWARE | 457,229 | 457,229 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL EXCISE TAX | 7,894,425 | 0 | 0 | |
| OTHER TAXES | 40,251 | 118,528 | 0 |
| Name | US / Foreign Address |
EIN | Description | Amount |
|---|---|---|---|---|
| ANNE RAY FOUNDATION |
6889 ROWLAND ROAD EDEN PRAIRIE,MN55344 |
47-1036008 | EXPENSE REIMBURSEMENT (SEE STATEMENT 26) | 0 |
| Total | 22,278,606 | |||