Form990-PF


Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2021
Open to Public Inspection
For calendar year 2021, or tax year beginning 01-01-2021 , and ending 12-31-2021
Name of foundation
THE CARL VICTOR PAGE MEMORIAL FOUNDATION
 
% ROSEWOOD FAMILY ADVISORS LLP
Number and street (or P.O. box number if mail is not delivered to street address)2475 HANOVER STREET Suite 100
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
PALO ALTO, CA94304
A Employer identification number

20-1922957
B Telephone number (see instructions)

(650) 313-2002
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$6,710,278,258J 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) 638,782,811
2 Check bullet.............
3 Interest on savings and temporary cash investments 2,190,083 2,190,083  
4 Dividends and interest from securities... 42,365,536 42,011,414  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 400,050,464
b Gross sales price for all assets on line 6a 796,152,884
7 Capital gain net income (from Part IV, line 2)... 498,503,065
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 3,685,547 3,750,080  
12 Total. Add lines 1 through 11........ 1,087,074,441 546,454,642  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0      
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 9,367 4,684 0 4,683
b Accounting fees (attach schedule)....... Click to see attachment 300,086 150,043 0 150,043
c Other professional fees (attach schedule).... Click to see attachment 10,694,358 10,622,957    
17 Interest............... 1,476,782 1,368,647    
18 Taxes (attach schedule) (see instructions)... Click to see attachment 8,487,838 1,970,926    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 1,256,665 1,091,530   160,504
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 22,225,096 15,208,787 0 315,230
25 Contributions, gifts, grants paid....... 195,981,039 195,981,039
26 Total expenses and disbursements. Add lines 24 and 25 218,206,135 15,208,787 0 196,296,269
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 868,868,306
b Net investment income (if negative, enter -0-) 531,245,855
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............. 58,285 107,219 107,219
2 Savings and temporary cash investments......... 310,007,405 312,021,482 312,021,482
3 Accounts receivable bullet756,365
Less: allowance for doubtful accounts bullet   8,590,963 756,365 756,365
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 867,381,803 Click to see attachment776,854,963 3,480,967,737
c Investments—corporate bonds (attach schedule)....... 0 Click to see attachment75,599,653 74,928,740
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 1,464,095,410 Click to see attachment2,359,188,682 2,835,282,463
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment5,963,117 Click to see attachment6,214,252 Click to see attachment6,214,252
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 2,656,096,983 3,530,742,616 6,710,278,258
Liabilities 17 Accounts payable and accrued expenses.......... 127,575 3,511,698
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 127,575 3,511,698
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 2,655,969,408 3,527,230,918
29 Total net assets or fund balances (see instructions)..... 2,655,969,408 3,527,230,918
30 Total liabilities and net assets/fund balances (see instructions). 2,656,096,983 3,530,742,616
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
2,655,969,408
2
Enter amount from Part I, line 27a .....................
2
868,868,306
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
2,393,204
4
Add lines 1, 2, and 3 ..........................
4
3,527,230,918
5
Decreases not included in line 2 (itemize) bullet
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
3,527,230,918
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 P    
b AEOLUS PROPERTY CATASTROPHE KEYSTONE PF FUND PARTIAL REDEMPTION P    
c ANCHORAGE CAPITAL PARTNERS OFFSHORE REDEMPTION P    
d STEADFAST INTERNATIONAL LTD REDEMPTION P    
e METLIFE EMERGING MARKET DEBT FINAL REDEMPTION P    
YORK EUROPEAN OPP UNIT TRUST PARTIAL REDEMPTION P    
AUTONOMY GLOBAL MACRO FUND LTD FINAL REDEMPTION P    
ANRP II (AIV-B) LP REDEMPTION P    
STARWOOD OPP FUND US LP P    
EMR CAPITAL RF II GOLDEN GROVE LP P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN 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 707,147,931   243,312,998 463,834,933
b 5,931,574   6,537,742 -606,168
c 356,533   352,321 4,212
d 18,571,739   12,000,000 6,571,739
e 13,622,628   13,622,629 -1
12,163,366   10,708,915 1,454,451
8,559,121   10,500,001 -1,940,880
616,426   32,465 583,961
680,094   568,702 111,392
8,608   14,046 -5,438
      11,922,950
      11,922,950
      11,922,950
      11,922,950
      11,922,950
      11,922,950
      11,922,950
      11,922,950
      11,922,950
      11,922,950
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       463,834,933
b       -606,168
c       4,212
d       6,571,739
e       -1
      1,454,451
      -1,940,880
      583,961
      111,392
      -5,438
       
       
       
       
       
       
       
       
       
       
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 2 498,503,065
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  
3 Add lines 1 and 2........................... 3 7,384,317
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 7,384,317
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 7,867,494
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 12,500,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 20,367,494
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 12,983,177
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet12,983,177 RefundedBullet 11  
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? Click to see list of attachments....................
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$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
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 changesClick to see list of attachments....
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.Click to see list of attachments
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)
    bulletCA
    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 instructionsClick to see attachment.................
    12
    Yes
     
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletROSEWOOD FAMILY ADVISORS LLP Telephone no.bullet (650) 313-2002

    Located atbullet2475 HANOVER ST SUITE 100PALO ALTOCA ZIP+4bullet94304
    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)
     
    No
    (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
     
     
    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
    LAWRENCE PAGE DIRECTOR, CHAIRMAN & PRESIDENT
    0     		0 0 0
    2475 HANOVER STREET
    PALO ALTO,CA94304
    LUCINDA SOUTHWORTH DIRECTOR & CFO
    0     		0 0 0
    2475 HANOVER STREET
    PALO ALTO,CA94304
    P WAYNE OSBORNE SECRETARY
    0     		0 0 0
    2475 HANOVER STREET
    PALO ALTO,CA94304
    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
     
    Total number of other employees paid over $50,000...................bullet  
    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
    ROSEWOOD FAMILY ADVISORS LLP TAX & ACCOUNTING 271,086
    2475 HANOVER STREET SUITE 100
    PALO ALTO,CA94304
    ARTISAN PARTNERS LIMITED PARTNERSHIP INVESTMENT MGMT 700,735
    875 E WISCONSIN AVE SUITE 800
    MILWAUKEE,WI53202
    MORGAN STANLEY & CO INCORPORATED INVESTMENT MGMT 2,168,217
    1585 BROADWAY
    NEW YORK,NY10036
    BARES CAPITAL MANAGEMENT INC INVESTMENT MGMT 341,231
    12600 Hill County Blvd R-230 Bee Ca
    AUSTIN,TX78738
    APERIO GROUP LLC INVESTMENT MGMT 550,798
    3 HARBOR DR 204
    SAUSALITO,CA94965
    Total number of others receiving over $50,000 for professional services.............bullet1
    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 SHOO THE FLU IS A PROGRAM TO PREVENT THE FLU BY BRINGING FLU VACCINES AT NO COST TO STUDENTS, WITH OR WITHOUT INSURANCE, IN THE OAKLAND UNIFIED SCHOOL DISTRICT 38,894
    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 NONE  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    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
    4,474,543,877
    b
    Average of monthly cash balances.......................
    1b
    262,007,229
    c
    Fair market value of all other assets (see instructions)................
    1c
    1,044,540,574
    d
    Total (add lines 1a, b, and c).........................
    1d
    5,781,091,680
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    5,781,091,680
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    86,716,375
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    5,694,375,305
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    284,718,765
    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
    284,718,765
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    7,384,317
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    7,384,317
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    277,334,448
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    277,334,448
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
    7
    277,334,448
    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 7 277,334,448
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 192,007,692
    b Total for prior years:2019, 2018, 2017 0
    3 Excess distributions carryover, if any, to 2021:
    a From 2016......  
    b From 2017......  
    c From 2018......  
    d From 2019......  
    e From 2020...... 0
    f Total of lines 3a through e ........ 0
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 196,296,269
    a Applied to 2020, but not more than line 2a 192,007,692
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2021 distributable amount..... 4,288,577
    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......     		 
    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 .............     		 
    f Undistributed income for 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		273,045,871
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8 Excess distributions carryover from 2016 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		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.... 0
    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).)
    LAWRENCE PAGE
    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.
    NA
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (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
    NATIONAL PHILANTHROPIC TRUST
    165 TOWNSHIP LINE ROAD
    SUITE 1200
    JENKINTOWN,PA19046     		NONE PC GENERAL CHARITABLE PURPOSE 981,039
    NATIONAL PHILANTHROPIC TRUST
    165 TOWNSHIP LINE ROAD
    SUITE 1200
    JENKINTOWN,PA19046     		NONE PC GENERAL CHARITABLE PURPOSE 195,000,000
    Total .................................bullet 3a 195,981,039
    bApproved for future payment
    Total .................................bullet 3b  
    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 2,190,083  
    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 ............     		901101 411,802 18 399,638,662  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aOTHER INCOME     		901101   19 763,424  
    bFOREIGN EXCHANGE 901101   18 -107,632  
    cSUBPART F INCOME 901101   19 2,468,162  
    dSECTION 988 GAIN/LOSS 901101 8,719 18 267,074  
    ePFIC INCOME 901101   19 -24,714  
    fORDINARY INCOME 901101 -74,583 19 266,566  
    gROYALTIES 901101   15 86,825  
    hTAX EXEMPT INCOME 901101   14 1,330  
    iRENTAL REAL ESTATE INCOME/ LOSS 901101 1 16 30,342  
    jGUARANTEED PAYMENTS       33  
    12 Subtotal. Add columns (b), (d), and (e) .. 700,061 447,591,569  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    448,291,630
    (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
    Schedule B
    (Form 990)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2021
    Name of the organization
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
     
    Employer identification number

    20-1922957
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
    or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990) (2021)
    Schedule B (Form 990) (2021) Page 2
    Name of organization
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
          		Employer identification number
    20-1922957
    Part I
    Contributors
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    FLORIDA LLC
    2475 HANOVER ST SUITE 100
     
    PALO ALTO, CA94304

    		$ 220,000,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    FLORIDA LLC
    2475 HANOVER ST SUITE 100
     
    PALO ALTO, CA94304

    		$ 418,782,811


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990) (2021)
    Schedule B (Form 990) (2021)
    Page 3
    Name of organization
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
          		Employer identification number

    20-1922957
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    1
    		 PUBLICLY TRADED SECURITIES SEE SCHEDULE B ATTACHMENT $ 14,513,944 2021-11-26
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    2
    		 PUBLICLY TRADED SECURITIES SEE SCHEDULE B ATTACHMENT $ 201,922,237 2021-12-01
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    3
    		 PUBLICLY TRADED SECURITIES SEE SCHEDULE B ATTACHMENT $ 202,346,630 2021-12-13
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990) (2021)
    Schedule B (Form 990) (2021)
    Page 4
    Name of organization
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
          		Employer identification number

    20-1922957
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990) (2021)
    Additional Data


    Software ID:  
    Software Version:  

    TY 2021 AccountingFeesSchedule
    Name:
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
    EIN:
    20-1922957
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 271,086 135,543   135,543
    AUDIT FEES 29,000 14,500   14,500

    TY 2021 AllOthProgRltdInvestmentsSch
    Name:
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
    EIN:
    20-1922957
    Category Amount
    NONE  

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2021 DepreciationSchedule
    Name:
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
    EIN:
    20-1922957
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included

    TY 2021 InvestmentsCorpBondsSchedule
    Name:
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
    EIN:
    20-1922957
    Name of Bond End of Year Book Value End of Year Fair Market Value
    BNY 40302 ATTACHMENT 9-1 75,599,653 74,928,740

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
    EIN:
    20-1922957
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ALPHABET INC. 776,854,963 3,480,967,737

    TY 2021 InvestmentsOtherSchedule2
    Name:
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
    EIN:
    20-1922957
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    SSB 2761 - ATTACHMENT 10-1 AT COST 70,077,510 70,872,720
    SSB 2762 - ATTACHMENT 10-1 AT COST 100,723,076 156,392,179
    SSB 2765 - ATTACHMENT 10-1 AT COST 10,604,277 9,590,307
    SSB 2767 - ATTACHMENT 10-1 AT COST 16,011,549 18,664,649
    BNY 40002 - ATTACHMENT 10-1 AT COST 1,025,905,915 1,238,837,566
    GS 4868 - ATTACHMENT 10-1 AT COST 11,613,938 13,376,153
    8VC CO-INVEST FUND I, LP AT COST 8,442,055 11,845,305
    GHF FUND LP AT COST 4,710,786 2,245,222
    AEOLUS PROPERTY CASTASTROPHE AT COST 23,532,225 20,970,185
    AH PARALLEL V-Q, LP AT COST 1,549,050 6,491,260
    AH V-Q LP AT COST 3,645,311 11,158,544
    ALKEON GROWTH OFFSHORE FUND AT COST 20,000,000 33,819,856
    APOLLO NATURAL RESOURCES AT COST 4,375,969 3,459,731
    ARES PRIVATE CREDIT SOLUTIONS AT COST 5,816,658 6,284,057
    ASHBRIDGE TRANSFORMATIONAL SEC AT COST 6,538,419 14,152,902
    BLUERUNVENTURES VI, LP AT COST 4,468,893 10,473,771
    BOSTWICK COMPOUND OFFSHORE LTD AT COST 12,000,000 19,344,039
    BRIDGE DEBT STRATEGIES FUND II AT COST 1,785,594 4,535,356
    BRIDGE SENIORS HOUSING & MED AT COST 8,455,004 9,679,246
    CANVAS VENTURES 2 LP AT COST 5,570,981 9,235,852
    CARLYLE ENERGY MEZZANINE OPP AT COST 3,275,067 3,492,784
    CARLYLE STRUCTURED CREDIT FUND AT COST 5,749,022 5,882,321
    CIP VI INSTITUTIONAL FEEDER LP AT COST 7,823,513 9,815,381
    CO-INVESTMENT FUND IV LP AT COST 1,654,365 1,101,318
    CVRF (CAYMAN) LTD. AT COST 10,291,099 14,381,448
    EMPYREAN CAPITAL OVERSEAS AT COST 30,000,000 33,665,493
    EMR CAPITAL RESOURCES FUND II AT COST 3,092,075 2,439,949
    FARALLON CAPITAL INSTITUTIONAL AT COST 1,197,497 1,226,298
    H.I.G. BAYSIDE LOAN FUND IV AT COST 2,112,978 2,247,957
    H.I.G. WHITEHORSE OFFSHORE AT COST 3,981,795 4,432,961
    HG VORA OPPORTUNITY FUND AT COST 26,500,000 37,529,203
    KABOUTER INT'L OPPORTUNITIES AT COST 24,000,000 27,900,717
    KKR LENDING PARTNERS EUROPE AT COST 6,071,172 3,814,420
    METLIFE EMERGING MARKETS DEBT AT COST 0 0
    ORCHARD LANDMARK LIMITED AT COST 12,000,000 15,479,344
    PALMER SQUARE CREDIT FUND LLC AT COST 22,282,610 30,664,241
    PALO ALTO HEALTHCARE OFFSHORE AT COST 8,000,000 12,089,196
    PETERSHILL II OFFSHORE LP AT COST 5,219,981 7,235,298
    SOMA OFFSHORE LTD. AT COST 10,197,822 22,345,243
    STARWOOD INT'L OPPORTUNITY X AT COST 123,673 390,428
    STARWOOD US OPPORTUNITY X AT COST 0 1,346,568
    STEADFAST INTERNATIONAL LTD AT COST 0 0
    TIGER PACIFIC OFFSHORE FUND AT COST 29,500,000 30,512,294
    TWIN TREE CAPITAL OFFSHORE AT COST 28,500,000 34,786,015
    TYBOURNE EQUITY (OFFSHORE) AT COST 28,000,000 28,830,357
    VALUEACT CAPITAL INTERNATIONAL AT COST 12,196,063 20,663,997
    VISTRIA FUND II (FT) LP AT COST 3,333,193 6,559,391
    VISTRIA FUND II, LP AT COST 2,437,791 4,797,330
    WELLINGTON TRUST COMPANY, NA AT COST 44,028,948 44,885,549
    YORK EUROPEAN OPPORTUNITIES UN AT COST 1,291,085 1,510,002
    H.I.G BAYSIDE LOAN FUND IV AT COST 480,703 511,411
    STARWOOD OPPT FUND XI US SAR AT COST 515,523 659,412
    STARWOOD OPPT FUND XI US MAR AT COST 938,269 1,819,776
    INSIGHT VENTURE PARTNERS X LP AT COST 9,818,609 27,509,535
    KKR HEALTH CARE STRATEGIC LP AT COST 6,295,102 8,876,443
    ATLAS CAPITAL INVESTORS FUND V AT COST 6,592,628 8,952,135
    ATLAS MERCHANT CAPITAL FUND LP AT COST 6,181,304 7,901,467
    BAIN CAPITAL - ASIA (A), LP AT COST 8,959,026 10,752,719
    BEACON CAPITAL - PARTNERS 8 AT COST 3,127,526 3,383,586
    LANDMARK - VIII OFFSHORE AT COST 3,813,366 4,986,977
    NH TACTICAL VALUE FUND (AIV) AT COST 2,748,608 3,556,579
    NH TV FEEDER FUND LP AT COST 4,399,339 5,600,229
    ATLAS COTTON AIV I LP AT COST 0 0
    SOF-11 INVESTOR INTERNATIONAL AT COST 2,511,338 2,884,482
    BNY 40202 - ATTACHMENT 10-1 AT COST 52,112,340 63,645,880
    8VC CO-INVEST FUND I (AIV), LP AT COST 1,676,468 2,352,304
    APPIAN NATURAL RESOURCES FUND AT COST 3,849,180 5,701,987
    AUTONOMY GLOBAL LTD AT COST 0 0
    BDT CAPITAL PARTNERS FUND 3 AT COST 7,394,997 8,465,456
    MEDALIST PARTNERS OPPORTUNITY AT COST 11,689,133 12,388,302
    STARWOOD OPP FUND XI (NRE AT COST 1,250,464 1,629,893
    SUN CAPITAL PARTNERS VII LP AT COST 9,704,363 13,789,012
    EVERCARE HEALTH FUND FEEDER LP AT COST 1,550,382 1,469,844
    FARALLON CAPITAL F5 INVESTORS AT COST 15,084,876 15,710,404
    KESTREL COAL GROUP PTY LTD AT COST 3,183,166 2,513,956
    MS 8686 - ATTACHMENT 10-1 AT COST 158,050,899 152,224,675
    GMO CLIMATE CHANGE R6 AT COST 26,757,136 27,809,224
    ASSET RESURGENCE MAURITIUS FUN AT COST 7,801,393 8,436,262
    CERBERUS RESIDENTIAL INCOME AT COST 10,952,579 13,401,616
    LUGARD ROAD CAPITAL OFFSHORE AT COST 12,000,000 13,793,401
    PETRICHOR OPP FUND I AT COST 3,588,229 4,147,336
    SEG PARTNERS II LP AT COST 57,169,996 63,357,253
    VISTRIA FUND III (FT) LP AT COST 8,081,237 10,607,763
    VOLORIDGE SUSTAINABILITY FUND AT COST 27,500,000 27,918,259
    YORK DISTRESSED ASSET FUND IV AT COST 9,506,854 11,210,586
    RAVENSWOOD GOLD GROUP PTY LTD AT COST 842,760 1,214,038
    SILVER POINT CAPITAL FUND LP AT COST 34,090,959 37,480,526
    ACIP PARALLEL FUND A LP AT COST 2,772,929 2,574,145
    BNY 40302 - ATTACHMENT 10-1 AT COST 900,659 932,315
    BNY 40402 - ATTACHMENT 10-1 AT COST 47,056,986 45,366,838
    29 METALS LIMITED AT COST 7,750 3,155,926
    ARA FUND II LP AT COST 2,764,356 3,111,065
    BRIDGE WORKFORCE & AFFORDABLE AT COST 11,773,530 13,513,767
    EMR CAPITAL RF II GOLDEN GROVE AT COST 0 0
    FLAGSHIP PIONEERING FUND VII AT COST 1,939,078 2,992,659
    G2VP II LLC AT COST 2,471,939 2,459,576
    GAIP 2021 (BERMUDA) AIV LP AT COST 1,720,432 1,739,294
    GAIP 2021 AIV A LP AT COST 421,442 471,504
    GENERAL ATLANTIC INVESTMENT AT COST 803,236 3,242,350
    HIMALAYA OFFSHORE LP AT COST 25,000,000 23,582,005
    KHOSLA VENTURES VII LP AT COST 9,515,174 11,904,664
    KKR HEALTH CARE STRATEGIC SAIL AT COST 0 0
    LOWERCARBON 411.2 LP AT COST 5,169,988 5,415,325
    LOWERCARBON 419.1 LP AT COST 1,715,040 1,710,096
    LOWERCARBON N20 333.9 LP AT COST 4,499,114 4,495,447
    METAVASI FUND LTD. AT COST 25,000,000 23,310,820
    OCP ASIA FUND IV LP AT COST 5,444,505 5,466,386
    RIBBIT BULLFROG II LP AT COST 3,653,059 4,008,531
    SOF-XII US TE/QFPF REIT AT COST 119,618 191,620
    SOF-XII US TE/NON-US AT COST 0 0
    STARWOOD OPPORTUNITIES FUND 12 AT COST 20,890 113,008
    SUSTAINABLE ASSET FUND III, LP AT COST 1,246,571 1,222,408
    TECHNOLOGY IMPACT GROWTH II AT COST 2,182,585 2,177,970
    VISTRIA FUND IV (FT) LP AT COST 3,505,697 3,482,239
    CIP6 AIV II S.C.A. SICAV-RAIF AT COST 578,393 525,374

    TY 2021 LegalFeesSchedule
    Name:
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
    EIN:
    20-1922957
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 9,367 4,684   4,683


    TY 2021 OtherAssetsSchedule
    Name:
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
    EIN:
    20-1922957
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    DIVIDEND RECEIVABLE 1,613,117 270,602 270,602
    PREPAID SUBSCRIPTION - AEOLUS 4,350,000 0 0
    PREPAID CONTRIBUTION - AEOLUS 0 3,900,000 3,900,000
    PREPAID CONTRIBUTION -STARWOOD 0 810,908 810,908
    PREPAID CONTRIBUTION - SOF-11 0 1,232,742 1,232,742


    TY 2021 OtherExpensesSchedule
    Name:
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
    EIN:
    20-1922957
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    RRF-1 FEE 300     300
    INSURANCE 112,419     112,419
    PROGRAM EXPENSE (SHOO THE FLU) 38,894     38,894
    OTHER DEDUCTIONS 1,063,120 1,063,120    
    ROYALTY DEDUCTIONS 28,400 28,400    
    CHARITABLE DEDUCTIONS 8,919     8,891
    CA FEE        
    NONDEDUCTIBLE EXPENSES 4,603      
    SECTION 59E(2) EXPENDITURES        
    EXCESS BUSINESS INTEREST EXP 10 10    


    TY 2021 OtherIncomeSchedule2
    Name:
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
    EIN:
    20-1922957
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    OTHER INCOME 763,424 763,424  
    FOREIGN EXCHANGE GAIN/LOSS -107,632 -107,632  
    SUBPART F INCOME 2,468,162 2,468,162  
    SECTION 988 275,793 267,074  
    PFIC INCOME -24,714 -24,714  
    ORDINARY INCOME 191,983 266,566  
    ROYALTIES 86,825 86,825  
    tax exempt income 1,330 0  
    RENTAL REAL ESTATE INCOME/ LOSS 30,343 30,342  
    GUARANTEED PAYMENTS 33 33  


    TY 2021 OtherIncreasesSchedule
    Name:
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
    EIN:
    20-1922957
    Description Amount
    UNREALIZED LOSSES 2,393,204


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
    EIN:
    20-1922957
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 3,618,371 3,618,371    
    PORTFOLIO DEDUCTION 7,075,987 7,004,586    


    TY 2021 TaxesSchedule
    Name:
    THE CARL VICTOR PAGE MEMORIAL FOUNDATION
    EIN:
    20-1922957
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL EXCISE TAXES 6,500,000      
    FOREIGN TAXES 1,970,926 1,970,926    
    STATE TAXES 1,912      
    FEDERAL INCOME TAX (UBTI) 10,000      
    CA INCOME TAX (UBTI) 5,000