Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2022
Open to Public Inspection
For calendar year 2022, or tax year beginning 01-01-2022 , and ending 12-31-2022
Name of foundation
LYNNE & ANDREW REDLEAF FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)3033 EXCELSIOR BLVD 343
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MINNEAPOLIS, MN55416
A Employer identification number

81-1290745
B Telephone number (see instructions)

(612) 326-5926
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$115,810,726J 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) 9,734
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 1,438,956 2,417,160  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 17,074,706
b Gross sales price for all assets on line 6a 25,149,975
7 Capital gain net income (from Part IV, line 2)... 18,741,270
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
List of Attached Documents:
// Content
0 -806,478  
12 Total. Add lines 1 through 11........ 18,523,396 20,351,952  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 30,550 0   30,550
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
21,269 13,947   38,340
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
1,325,780 1,325,780   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
113,137 51   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 9,759 0   9,759
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
13,355 69,192   13,693
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,513,850 1,408,970   92,342
25 Contributions, gifts, grants paid....... 2,137,425 8,962,425
26 Total expenses and disbursements. Add lines 24 and 25 3,651,275 1,408,970   9,054,767
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 14,872,121
b Net investment income (if negative, enter -0-) 18,942,982
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2022)
Form 990-PF (2022)
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............. 10,765,002 5,644,481 5,644,481
2 Savings and temporary cash investments......... 9,637,242 308,252 308,252
3 Accounts receivable right arrow1,186,437
Less: allowance for doubtful accounts right arrow     1,186,437 1,186,437
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
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) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 3,995 4,112 4,112
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 15,160,746 Click to see attachment
List of Attached Documents:
// Content
6,754,360 		6,754,361
c Investments—corporate bonds (attach schedule)....... 17,762,325 Click to see attachment
List of Attached Documents:
// Content
17,412,808 		17,412,808
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 67,598,093 Click to see attachment
List of Attached Documents:
// Content
84,500,275 		84,500,275
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 120,927,403 115,810,725 115,810,726
Liabilities 17 Accounts payable and accrued expenses.......... 218,295  
18 Grants payable................. 18,725,000 11,900,000
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow)    
23 Total liabilities (add lines 17 through 22)......... 18,943,295 11,900,000
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions........... 101,984,108 103,910,725
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 101,984,108 103,910,725
30 Total liabilities and net assets/fund balances (see instructions). 120,927,403 115,810,725
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
101,984,108
2
Enter amount from Part I, line 27a .....................
2
14,872,121
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
116,856,229
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
12,945,504
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
103,910,725
Form 990-PF (2022)
Form 990-PF (2022)
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      
b SABA - CLASS A P    
c CAPITAL LOSS - PARTNERSHIP P    
d SABA - CLASS E P    
e SABA - CLASS F P    
PUBLICLY TRADED SECURITIES      
WHITEBOX CREDIT FUND LTD. 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 1,646,183   1,479,557 166,626
b 5,108,066   4,977,735 130,331
c       -1,300
d 16,647,181     16,647,181
e 1,547,967   1,517,688 30,279
200,578   100,289 100,289
1,667,864     1,667,864
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       166,626
b       130,331
c       -1,300
d       16,647,181
e       30,279
      100,289
      1,667,864
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 18,741,270
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 (2022)
Form 990-PF (2022)
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 right arrow 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) 1 263,307
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 263,307
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 263,307
6 Credits/Payments:
a 2022 estimated tax payments and 2021 overpayment credited to 2022 6a 106,809
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 60,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 166,809
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2221 is attached. Click to see attachment
List of Attached Documents:
// Content
8 4,373
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9 100,871
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10  
11 Enter the amount of line 10 to be: Credited to 2023 estimated taxright arrow   Refundedright arrow 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? ....................
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. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet 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)
right arrowMN
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 2022 or the taxable year beginning in 2022? 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 (2022)
Form 990-PF (2022)
Page 5
Part VI-A
Statements Regarding Activities (continued)
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowN/A
14
The books are in care ofright arrowCLIFTONLARSONALLEN LLP Telephone no.right arrow (612) 376-4500

Located atright arrow220 S SIXTH ST STE 300MINNEAPOLISMN ZIP+4right arrow55402
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2022, 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 right arrow
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
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 2022? .............
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 2022, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2022?....................
2a
 
No
If "Yes," list the years right arrow20, 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.
right arrow20, 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 2022 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 2022.) .....................
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 2022? ..
4b
 
No
Form 990-PF (2022)
Form 990-PF (2022)
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
Organizations relying on a current notice regarding disaster assistance check .........right arrow
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
ANDREW REDLEAF CHAIRMAN
1.00 		0 0 0
3033 EXCELSIOR BLVD SUITE 343
MINNEAPOLIS,MN55416
LYNNE SINGER REDLEAF PRESIDENT
15.00 		0 0 0
3033 EXCELSIOR BLVD SUITE 343
MINNEAPOLIS,MN55416
AMY ROSENBLATT-LUI EXECUTIVE DIRECTOR
5.00 		30,550 0 0
3033 EXCELSIOR BLVD SUITE 343
MINNEAPOLIS,MN55416
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
NONE
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2022)
Form 990-PF (2022)
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
SABA CAPITAL OFFSHORE FUND LTD INVESTMENT MANAGEMENT FEES 953,999
3033 EXCELSIOR BLVD SUITE 343
MINNEAPOLIS,MN55416
TRONDHEIM CAPITAL INVESTMENT MANAGEMENT FEES 251,913
PO BOX 5090
SCOTTSDALE,AZ85261
GOLDMAN SACHS & CO LLC INVESTMENT MANAGEMENT FEES 138,592
71 S WACKER DRIVE SUITE 1200
CHICAGO,IL60606
LUXOR LAND DEVELOPMENT LP INVESTMENT MANAGEMENT FEES 108,586
7 TIMES SQUARE 43RD FLOOR
NEW YORK,NY10036
WHITEBOX INVESTORS LLC INVESTMENT MANAGEMENT FEES 69,612
3033 EXCELSIOR BLVD SUITE 300
MINNEAPOLIS,MN55416
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2022)
Form 990-PF (2022)
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
111,371,921
b
Average of monthly cash balances.......................
1b
7,781,192
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
119,153,113
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
119,153,113
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
1,787,297
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
117,365,816
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
5,868,291
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
5,868,291
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
263,307
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
56,002
c
Add lines 2a and 2b............................
2c
319,309
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
5,548,982
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
5,548,982
6
Deduction from distributable amount (see instructions).................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
5,548,982
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
9,054,767
b
Program-related investments—total from Part VIII-B..................
1b
0
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
9,054,767
Form 990-PF (2022)
Form 990-PF (2022)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2021 		(c)
2021 		(d)
2022
1 Distributable amount for 2022 from Part X, line 7 5,548,982
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2021 only....... 0
b Total for prior years:20, 20, 20 0
3 Excess distributions carryover, if any, to 2022:
a From 2017...... 5,181,435
b From 2018......  
c From 2019...... 487,284
d From 2020...... 2,172,757
e From 2021...... 4,343,021
f Total of lines 3a through e ........ 12,184,497
4Qualifying distributions for 2022 from Part
XI, line 4: right arrow$ 9,054,767
a Applied to 2021, but not more than line 2a 0
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		0
c Treated as distributions out of corpus (Election
required—see instructions)........ 		0
d Applied to 2022 distributable amount..... 5,548,982
e Remaining amount distributed out of corpus 3,505,785
5 Excess distributions carryover applied to 2022. 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 15,690,282
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		0
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2021. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2022. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2023 .......... 		0
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2017 not
applied on line 5 or line 7 (see instructions) ... 		5,181,435
9 Excess distributions carryover to 2023.
Subtract lines 7 and 8 from line 6a ...... 		10,508,847
10 Analysis of line 9:
a Excess from 2018....  
b Excess from 2019.... 487,284
c Excess from 2020.... 2,172,757
d Excess from 2021.... 4,343,021
e Excess from 2022.... 3,505,785
Form 990-PF (2022)
Form 990-PF (2022)
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 2022, enter the date of the ruling ...... right arrow
 
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 IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2022 (b) 2021 (c) 2020 (d) 2019
         
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).)
ANDREW REDLEAF
LYNNE SINGER REDLEAF
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
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 (2022)
Form 990-PF (2022)
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

ALIA INNOVATIONS

1000 UNIVERSITY AVENUE W NO 230
ST PAUL,MN55104 		  PC GENERAL OPERATING 15,000

AMOS & CELIA HEILICHER MINNEAPOLIS JEWISH DAY SCHOOL

4330 S CEDAR LAKE ROAD
MINNEAPOLIS,MN55416 		  PC GENERAL OPERATING 820,000

ANTI DEFAMATION LEAGUE

605 THIRD AVENUE
NEW YORK,NY10158 		  PC GENERAL OPERATING 50,000

ARIZONA STATE UNIVERSITY FOUNDATION

PO BOX 2260
TEMPE,AZ85281 		  PC UTILITY AND FEASIBILITY MOBILE TECH 500,000

AVIVO

1900 CHICAGO AVENUE SOUTH
MINNEAPOLIS,MN55404 		  PC THE BUILDING OF A HOMELESS AND MENTAL HE 25,000

EDUCATION FOR EMPLOYEMENT

501 MADISON AVENUE 18TH FLOOR
NEW YORK,NY10022 		  PC GENERAL OPERATING 100,000

GREATER MINNEAPOLIS CRISIS NURSERY

4544 4TH AVENUE SOUTH
MINNEAPOLIS,MN55419 		  PC GENERAL OPERATING 15,000

HENNEPIN HEALTH FOUNDATION

701 PARK AVENUE
MINNEAPOLIS,MN55415 		  PC TO CREATE THE REDLEAF CENTER FOR HEALING 1,500,000

HOLD YOUR HORSES

5265 WOODLAND TRAIL
GREENFIELD,MN55357 		  PC GENERAL OPERATING 10,000

JEWISH FAMILY AND CHILDREN'S SERVICE FOR MINNEAPOLIS

13100 WAYZATA BOULEVARD SUITE 400
MINNETONKA,MN55305 		  PC GENERAL OPERATING, GALA SPONSORSHIP 270,000

MAYO CLINIC

200 FIRST STREET SW
ROCHESTER,MN55905 		  PC GENERAL OPERATING 615,000

MINNESOTA JEWISH COMMUNITY CENTER

1375 ST PAUL AVE
ST PAUL,MN55116 		  PC GENERAL OPERATING 18,000

MINNPOST

635 S 9TH ST STE 220
MINNEAPOLIS,MN55404 		  PC GENERAL OPERATING 15,000

MISSION ANIMAL HOSPITAL

10100 VIKING DRIVE SUITE 150
EDEN PRAIRIE,MN55344 		  PC GENERAL CAMPAIGN 15,000

MYHEALTH FOR TEENS AND YOUNG ADULTS

15 8TH AVENUE SOUTH
HOPKINS,MN55343 		  PC GENERAL OPERATING 10,000

PERIS FOUNDATION

2929 CHICAGO AVE S STE 100
MINNEAPOLIS,MN55407 		  PC GENERAL OPERATING 5,000

PERSPECTIVES INC

3381 GORHAM AVENUE
MINNEAPOLIS,MN55426 		  PC CAPITAL CAMPAIGN 50,000

PROOF ALLIANCE

2233 UNIVERSITY AVENUE W SUITE 395
ST PAUL,MN55114 		  PC GALA SPONSORSHIP & GENERAL OPERATING 65,000

SOUTHSIDE FAMILY NURTURING CENTER

2448 18TH AVE S
MINNEAPOLIS,MN55404 		  PC GENERAL OPERATING 200,000

START READING NOW

5337 OLIVER AVE S
MINNEAPOLIS,MN55419 		  PC GENERAL OPERATING 25,000

TEMPLE ISRAEL MINNEAPOLIS

2324 EMERSON AVENUE SOUTH
MINNEAPOLIS,MN55405 		  PC GENERAL OPERATING 74,425

THE ADVOCATES FOR HUMAN RIGHTS

330 2ND AVE S STE 800
MINNEAPOLIS,MN55401 		  PC SUPPORT FOR THE ACT NOW! CAMPAIGN FOR HU 25,000

THE CONSTELLATION FUND

323 NORTH WASHINGTON AVENUE 2ND
FLOOR
MINNEAPOLIS,MN55401 		  PC GENERAL OPERATING 1,100,000

THE FAMILY PARTNERSHIP

414 SOUTH EIGHTH STREET
MINNEAPOLIS,MN55404 		  PC GENERAL OPERATING 105,000

THE YAYA FOUNDATION FOR 4H LEUKODYSTROPHY

PO BOX 80685
MINNEAPOLIS,MN55408 		  PC GENERAL OPERATING 15,000

TWIN CITIES RISE

1301 N BRYANT AVENUE
MINNEAPOLIS,MN55411 		  PC GENERAL OPERATING 10,000

UNIVERSITY OF MINNESOTA FOUNDATION

178 PILLSBURY DR SE
MINNEAPOLIS,MN55455 		  PC BUILDING FUNDS 3,010,000

YALE UNIVERSITY

PO BOX 208241
NEW HAVEN,CT06520 		  PC GENERAL OPERATING 300,000
Total .................................right arrow 3a 8,962,425
bApproved for future payment

PROOF ALLIANCE
2233 UNIVERSITY AVENUE W SUITE 395
ST PAUL,MN55114 		  PC GENERAL OPERATING 50,000
Total ................................. right arrow 3b 50,000
Form 990-PF (2022)
Form 990-PF (2022)
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 ........... 		         
4 Dividends and interest from securities ....     14 1,438,956  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 17,074,706  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 0 18,513,662 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
18,513,662
(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 (2022)
Form 990-PF (2022)
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.
right arrow right arrow
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 Check if self-
employed right arrow		 PTIN
Firm's name SmallBullet
 Firm's EIN SmallBullet
Firm's address SmallBullet


 Phone no.
Form 990-PF (2022)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2022 AccountingFeesSchedule
Name:
LYNNE & ANDREW REDLEAF FOUNDATION
EIN:
81-1290745
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING SERVICE FEES 21,269 13,947   38,340

TY 2022 InvestmentsCorpBondsSchedule
Name:
LYNNE & ANDREW REDLEAF FOUNDATION
EIN:
81-1290745
Name of Bond End of Year Book Value End of Year Fair Market Value
NORDSTROM INC BONDS 6.950000 03/15/2028 SR LIEN S&P 7,540 7,540
RANGE RESOURCES CORPORATION 8.25% 01/15/2029 USD SR 58,767 58,767
NRG ENERGY, INC. 5.75% 01/15/2028 USD SER WI SR LIEN 64,667 64,667
NORDSTROM INC 4.375% 04/01/2030 USD SR LIEN NEXT CALL 29,746 29,746
NRG ENERGY, INC. 5.75% 01/15/2028 USD SER WI SR LIEN 49,224 49,224
NRG ENERGY, INC. 6.625% 01/15/2027 USD SER WI SR LIEN 31,685 31,685
PUT 100 TESLA INC COM EXP 01-19-24 570,587 570,587
NUSTAR LOGISTICS L.P. 5.625% 04/28/2027 USD SR LIEN NEXT 32,123 32,123
NUSTAR LOGISTICS L.P. 5.625% 04/28/2027 USD SR LIEN NEXT 21,730 21,730
NORDSTROM INC 4.0% 03/15/2027 USD SR LIEN NEXT CALL DT. 27,864 27,864
NOVARTIS AG-ADR SPONSORED ADR CMN (NVS) 27,216 27,216
NOVO-NORDISK A/S ADR ADR CMN (NVO) 34,106 34,106
OCCIDENTAL PETROLEUM COR 5.875% 09/01/2025 USD SR 30,475 30,475
ONEMAIN FINANCE CORPORATION 3.5% 01/15/2027 USD SR 1,688 1,688
PRAIRIESKY RTY LTD COM 281,800 281,800
PNC FINANCIAL SERVICES GROUP, HYBRID PERPETUAL USD 40,938 40,938
PNC FINANCIAL SERVICES GROUP, HYBRID PERPETUAL USD 14,700 14,700
PERFORMANCE FOOD GROUP I 6.875% 05/01/2025 USD PVT 45,516 45,516
PENSKE AUTOMOTIVE GROUP 3.75% 06/15/2029 USD SRSUB 55,305 55,305
PRIME SECSRVC BRW/FINANC 5.25% 04/15/2024 USD PVT 47,101 47,101
PRUDENTIAL FINANCIAL, INC. HYBRID 03/01/2052 USD JRSUB 14,833 14,833
PRUDENTIAL FINANCIAL, INC. HYBRID 06/15/2043 USD JRSUB 73,875 73,875
PENNYMAC FIN SVCS INC 5.375% 10/15/2025 USD PVT REGS 22,814 22,814
PARTNERRE FINANCE B LLC HYBRID 10/01/2050 USD JRSUB 30,679 30,679
PARDEE RES CO CMT-COM 248,300 248,300
OWENS-BROCKWAY 5.375% 01/15/2025 USD PVT REGS SR 58,311 58,311
OUTFRONT MEDIA CAP LLC/C 6.25% 06/15/2025 USD PVT 11,922 11,922
PTC INC 3.625% 02/15/2025 USD PVT REGS SR LIEN NEXT CALL 33,761 33,761
OTC MKTS GROUP INC CL A 39,830 39,830
NUSTAR LOGISTICS LP 5.75% 10/01/2025 USD SR LIEN NEXT 24,425 24,425
PENSKE AUTOMOTIVE GROUP 3.5% 09/01/2025 USD SRSUB 23,532 23,532
1011778 BC / NEW RED FIN 5.75% 04/15/2025 USD PVT REGS 94,408 94,408
NEXTERA ENERGY OPERATING 4.25% 07/15/2024 USD PVT 44,532 44,532
MORGAN STANLEY HYBRID PERPETUAL USD SER M JRSUB 54,778 54,778
MGM RESORTS INTERNATIONAL 6.75% 05/01/2025 USD SR 22,363 22,363
MGM RESORTS INTERNATIONAL 5.5% 04/15/2027 USD SR 33,893 33,893
MGM RESORTS INTERNATIONAL 4.75% 10/15/2028 USD SR 46,780 46,780
MFFBW INC MD COM 58,050 58,050
METLIFE, INC. HYBRID PERPETUAL USD SER G JRSUB LIEN 61,106 61,106
METLIFE, INC. HYBRID PERPETUAL USD SER D JRSUB LIEN 58,090 58,090
MERITAGE HOMES CORPORATION 5.125% 06/06/2027 USD 40,582 40,582
MATTEL INC 3.75% 04/01/2029 USD PVT REGS SR LIEN NEXT 56,813 56,813
MATTEL INC 3.375% 04/01/2026 USD PVT REGS SR LIEN NEXT 46,392 46,392
MARRIOTT OWNERSHIP RESORTS, IN 4.75% 01/15/2028 USD 30,967 30,967
MARRIOTT OWNERSHIP RESORTS, IN 4.75% 01/15/2028 USD 44,238 44,238
MARKEL CORPORATION HYBRID PERPETUAL USD JRSUB LIEN 43,763 43,763
MARATHON OIL CORP COM 406,050 406,050
M&T BANK CORPORATION HYBRID PERPETUAL USD SER F 17,359 17,359
M&T BANK CORPORATION HYBRID PERPETUAL SER G JRSUB 28,071 28,071
MORGAN STANLEY PFD USD1.4625(5.85%) SERIES K 19,238 19,238
NOKIA OYJ 4.375% 06/12/2027 USD SR LIEN S&P BB+ 7,576 7,576
MORGAN STANLEY PFD USD1.6250(6.50%) SERIES P NEXT CALL 30,659 30,659
MPT OPERATING PARTNERSHIP 5.25% 08/01/2026 USD SR 59,688 59,688
NEXTERA ENERGY CAPITAL HOLDING HYBRID 05/01/2079 USD 32,191 32,191
NEWELL BRANDS INC. STEP 04/01/2026 USD SR LIEN M- 46,644 46,644
NEWELL BRANDS INC. 6.625% 09/15/2029 SR LIEN NEXT CALL 21,151 21,151
NEWELL BRANDS INC. 6.625% 09/15/2029 SR LIEN NEXT CALL 17,122 17,122
NEWELL BRANDS INC. 6.375% 09/15/2027 SR LIEN NEXT CALL 14,183 14,183
NEWELL BRANDS INC. 4.875% 06/01/2025 USD SR LIEN NEXT 43,945 43,945
NETFLIX, INC. 5.875% 11/15/2028 USD SR LIEN S&P BBB 31,652 31,652
NETFLIX, INC. 5.875% 02/15/2025 USD SR LIEN S&P BBB 35,875 35,875
NESTLE SA SPONSORED ADR (REP 1/20 CHF 10 REGD SHS) 34,741 34,741
NAVIENT CORPORATION 6.75% 06/15/2026 USD SR LIEN S&P 55,389 55,389
NAVIENT CORPORATION 6.75% 06/15/2026 USD SR LIEN S&P 66,849 66,849
NAVIENT CORPORATION 5.5% 03/15/2029 USD SR LIEN NEXT 10,819 10,819
NAVIENT CORP 4.875% 03/15/2028 USD SR LIEN NEXT CALL DT. 15,062 15,062
NATIONAL RURAL UTILITIES COOPE HYBRID 04/20/2046 USD 13,655 13,655
NATIONAL GRID PLC SPONSORED ADR CMN (NGG) 30,670 30,670
MURPHY OIL USA INC 5.625% 05/01/2027 USD SR LIEN NEXT 31,372 31,372
MPT OPERATING PARTNERSHIP 5.25% 08/01/2026 USD SR 46,631 46,631
MPT OPER PARTNERSP/FINL 4.625% 08/01/2029 USD SR LIEN 27,365 27,365
RANGE RESOURCES CORPORATION 8.25% 01/15/2029 USD SR 59,836 59,836
SABRE GLBL INC. 9.25% 04/15/2025 USD PVT REGS SR LIEN 45,705 45,705
REGIONS FINANCIAL CORPORATION PFD USD1.4250(5.70%) 9,590 9,590
TRUIST FINANCIAL CORPORATION HYBRID PERPETUAL USD 61,205 61,205
TRUIST FINANCIAL CORPORATION HYBRID PERPETUAL USD 52,812 52,812
TRUIST FINANCIAL CORPORATION HYBRID PERPETUAL USD 9,163 9,163
TRI POINTE HOLDINGS INC 5.875% 06/15/2024 USD SER B SR 19,865 19,865
TRI POINTE GROUP INC 5.7% 06/15/2028 USD SR LIEN NEXT 9,992 9,992
TRI POINTE GROUP INC 5.25% 06/01/2027 USD SR LIEN NEXT 30,502 30,502
TRI POINTE GROUP INC 5.25% 06/01/2027 USD SR LIEN NEXT 7,177 7,177
TRANSDIGM INC. 7.5% 03/15/2027 USD SER WI SRSUB LIEN 15,172 15,172
TRANSDIGM INC. 7.5% 03/15/2027 USD SER WI SRSUB LIEN 24,275 24,275
TRANSDIGM INC. 5.5% 11/15/2027 USD SER WI SRSUB LIEN 32,146 32,146
TRANSDIGM INC 8.0% 12/15/2025 USD PVT REGS SR LIEN 36,204 36,204
TRANSCANADA TRUST HYBRID 08/15/2076 USD SER 16-A 72,959 72,959
TQRTOISE MIDSTREAM ENERGY FD INC COM NEW 78,500 78,500
T-MOBILE USA, INC. 2.625% 04/15/2026 USD SR LIEN NEXT 47,009 47,009
THE PNC FINANCIAL SERVICES GRO HYBRID PERPETUAL USD 8,728 8,728
THE ADT CORPORATION 4.125% 06/15/2023 SER B SR LIEN 39,676 39,676
TENET HEALTHCARE CORPORATION 6.875% 11/15/2031 SER B 46,390 46,390
TWILIO INC. 3.625% 03/15/2029 USD SR LIEN NEXT CALL DT. 03 39,508 39,508
TWILIO INC. 3.625% 03/15/2029 USD SR LIEN NEXT CALL DT. 03 29,631 29,631
U & I FINL CORP COM 54,250 54,250
U.S. BANCORP HYBRID PERPETUAL USD JRSUB LIEN CPN 22,283 22,283
YUM! BRANDS, INC 5.375% 04/01/2032 SR LIEN NEXT CALL DT. 60,140 60,140
XEROX HOLDINGS CORP 5.0% 08/15/2025 USD PVT REGS SR 33,620 33,620
WYNDHAM WORLDWIDE CORPORATION STEP 10/01/2025 58,107 58,107
WYNDHAM DESTINATIONS, INC. STEP 04/01/2027 USD SR 36,635 36,635
WESCO DISTRIBUTION INC 7.125% 06/15/2025 USD PVT REGS 45,705 45,705
WELLS FARGO & COMPANY HYBRID PERPETUAL USD SER U 48,508 48,508
WELLS FARGO & COMPANY HYBRID PERPETUAL USD SER BB 30,695 30,695
VOYA FINANCIAL, INC. HYBRID PERPETUAL USD SER A SR LIEN 44,632 44,632
TENET HEALTHCARE CORPORATION 4.625% 07/15/2024 USD 30,894 30,894
VOYA FINANCIAL, INC. HYBRID 05/15/2053 USD JRSUB LIEN 39,197 39,197
VODAFONE GROUP PLC ADR CMN (VOD) 10,568 10,568
VIDEOTRON LTD. 5.375% 06/15/2024 USD PVT REGS SR LIEN 9,899 9,899
VICI PROPERTIES / NOTE 3.5% 02/15/2025 USD PVT REGS SR 71,704 71,704
US FOODS INC 6.25% 04/15/2025 USD PVT REGS SR LIEN NEXT 45,123 45,123
UNITED RENTALS NORTH AM 5.25% 01/15/2030 USD SR LIEN 6,747 6,747
UNITED RENTALS (NORTH AMERICA) 3.75% 01/15/2032 USD 30,826 30,826
UNILEVER PLC (NEW) SPONSORED ADR CMN (UL) 30,210 30,210
UBS GROUP AG CMN (UBS) 33,606 33,606
VODAFONE GROUP PUBLIC LIMITED HYBRID 04/04/2079 USD 35,570 35,570
REGIONS FINANCIAL CORPORATION HYBRID PERPETUAL USD 24,432 24,432
TEGNA INC. 5.0% 09/15/2029 USD SR LIEN NEXT CALL DT. 09 15 30,833 30,833
TEGNA INC 4.75% 03/15/2026 USD PVT REGS SR LIEN NEXT 24,591 24,591
SHELL PLC SPONSORED ADR CMN (SHEL) 28,475 28,475
SERVICE PROPERTIES TRUST 7.5% 09/15/2025 USD SR LIEN 31,200 31,200
SERVICE PROPERTIES TRUST 7.5% 09/15/2025 USD SR LIEN 38,026 38,026
SERVICE CORPORATION INTERNATIO 4.0% 05/15/2031 USD SR 44,933 44,933
SENSATA TECHNOLOGIES B.V. 5.0% 10/01/2025 USD PVT 75,162 75,162
SEMPRA ENERGY HYBRID PERPETUAL USD JRSUB LIEN CPN 32,724 32,724
SEALED AIR CORPORATION 5.125% 12/01/2024 USD PVT REGS 54,265 54,265
SEAGATE HDD CAYMAN 4.875% 06/01/2027 USD PVT SR LIEN 35,572 35,572
SEAGATE HDD CAYMAN 4.125% 01/15/2031 USD SR LIEN 30,380 30,380
SCHNEIDER ELECTRIC SE UNSPONSORED ADR (FRANCE) 30,692 30,692
SBA COMMUNICATIONS CORPORATION 3.125% 02/01/2029 45,604 45,604
SANOFI SPONSORED ADR CMN (SNY) 38,744 38,744
LINCOLN NATIONAL CORPORATION HYBRID PERPETUAL SER C 31,900 31,900
RYMAN HOSPITALITY PROPERTIES, 4.75% 10/15/2027 USD 30,196 30,196
RYMAN HOSPITALITY PROPERTIES, 4.75% 10/15/2027 USD 45,752 45,752
ROYAL GOLD INC COM 560,599 560,599
RIO TINTO PLC SPONSORED ADR (RIO) 35,600 35,600
SIEMENS AKTIENGESELLSCHAFT SPONSORED ADR CMN 27,879 27,879
SILGAN HOLDINGS INC 4.125% 02/01/2028 USD SER WI SR 59,870 59,870
SILGAN HOLDINGS INC 4.125% 02/01/2028 USD SER WI SR 25,258 25,258
SOUTHERN COMPANY (THE) HYBRID 01/15/2051 USD SER B 41,780 41,780
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADR CMN 29,640 29,640
TAIWAN SEMICONDUCTOR MFG ADS LTD ADS 1ADS EQUALS 23,352 23,352
SYNCHRONY FINANCIAL PFD USD1.4063(5.63%) SERIES A 8,952 8,952
SUNOCO LP 5.875% 03/15/2028 USD SR LIEN M-W+50.00BP 75,218 75,218
SUNOCO LP 4.5% 05/15/2029 USD SER WI SR LIEN NEXT CALL 64,273 64,273
SUNCOR ENERGY INC NEW COM 539,410 539,410
SUMITOMO MITSUI FINANCIAL GRP SPONSORED ADR CMN 32,080 32,080
STMICROELECTRONICS NV ADR CMN (STM) 25,539 25,539
TEGNA INC. 4.625% 03/15/2028 USD SR LIEN NEXT CALL DT. 03 24,055 24,055
STATE STREET CORPORATION HYBRID PERPETUAL USD SER F 17,066 17,066
SPRINT CAPITAL CORPORATION 8.75% 03/15/2032 USD SR 44,987 44,987
SPRINGLEAF FINANCE CORPORATION 7.125% 03/15/2026 USD 9,719 9,719
SPRINGLEAF FINANCE CORP 6.875% 03/15/2025 USD SR LIEN 29,428 29,428
SPRINGLEAF FINANCE CORP 6.625% 01/15/2028 USD SR LIEN 41,861 41,861
SPRINGLEAF FINANCE CORP 6.625% 01/15/2028 USD SR LIEN 65,645 65,645
SPECTRUM BRANDS, INC. 5.75% 07/15/2025 USD SER WI SR 48,729 48,729
SOUTHWESTERN ENERGY COMPANY STEP 01/23/2025 USD 8,060 8,060
SOUTHWESTERN ENERGY COMPANY 5.375% 02/01/2029 USD 30,383 30,383
SPRINT CORPORATION 7.625% 02/15/2025 USD SR LIEN NEXT 58,375 58,375
LAMAR MEDIA CORP 3.75% 02/15/2028 USD SER WI SR LIEN 58,394 58,394
KEYCORP HYBRID PERPETUAL USD SER D JRSUB LIEN CPN 17,403 17,403
COMMERCIAL METALS COMPANY 4.875% 05/15/2023 SR LIEN 35,043 35,043
CITIGROUP INC. HYBRID PERPETUAL USD SER P SUB LIEN CPN 69,101 69,101
CITIGROUP INC. HYBRID PERPETUAL SER T SUB LIEN CPN 34,776 34,776
CINEMARK USA INC 8.75% 05/01/2025 USD PVT REGS SR 10,244 10,244
CHENIERE ENERGY, INC. 4.625% 10/15/2028 USD SER WI SR 30,152 30,152
CHENIERE ENERGY PARTNERS, L.P. 4.5% 10/01/2029 USD SER 61,039 61,039
CHEMOURS COMPANY (THE) 5.375% 05/15/2027 USD SR LIEN 43,724 43,724
CHEMOURS COMPANY (THE) 5.375% 05/15/2027 USD SR LIEN 47,446 47,446
CITIGROUP INC. HYBRID PERPETUAL USD SER W JRSUB LIEN 21,836 21,836
CHARLES SCHWAB CORPORATION (TH HYBRID PERPETUAL 49,124 49,124
CHARLES SCHWAB CORPORATION (TH HYBRID PERPETUAL 20,020 20,020
CHARLES SCHWAB CORPORATION (TH HYBRID PERPETUAL 82,729 82,729
CENTRAL GARDEN & PET CO 4.125% 10/15/2030 USD SR LIEN 30,645 30,645
CENTERPOINT ENERGY, INC HYBRID PERPETUAL USD SER A SR 48,021 48,021
CENTENE CORPORATION 4.625% 12/15/2029 USD SER WI SR 60,472 60,472
CENTENE CORPORATION 2.45% 07/15/2028 USD SR LIEN NEXT 68,361 68,361
ALCOA ALUMINUM DEBS 6.750000 01/15/2028 CALL @ MW 44,876 44,876
CHARLES SCHWAB CORPORATION (TH HYBRID PERPETUAL 41,273 41,273
CITIGROUP INC. HYBRID PERPETUAL USD SER Y JRSUB LIEN 4,109 4,109
CITIZENS FINANCIAL GROUP, INC. HYBRID PERPETUAL USD 38,839 38,839
CITIZENS FINANCIAL GROUP, INC. HYBRID PERPETUAL USD 28,427 28,427
CRH PLC SPON ADR ADR CMN (CRH) 19,895 19,895
COVANTA HOLDING CORPORATION 5.0% 09/01/2030 USD SR 29,671 29,671
COMPASS GROUP PLC SPONSORED ADR CMN (CMPGY) 20,759 20,759
LAMAR MEDIA CORP 3.75% 02/15/2028 USD SER WI SR LIEN 32,846 32,846
COMMERCIAL METALS CO 3.875% 02/15/2031 USD SR LIEN 31,651 31,651
COMERICA INCORPORATED HYBRID PERPETUAL USD JRSUB 34,264 34,264
COLT MERGER SUB, INC. 6.25% 07/01/2025 USD PVT REGS SR 12,046 12,046
COLT MERGER SUB INC 5.75% 07/01/2025 USD PVT REGS SR 12,092 12,092
COCA-COLA EUROPEAN PARTNERS PL CMN (CCEP) 22,128 22,128
CMS ENERGY CORPORATION HYBRID 12/01/2050 USD JRSUB 15,124 15,124
CMS ENERGY CORPORATION HYBRID 06/01/2050 USD JRSUB 56,480 56,480
CLEVELAND-CLIFFS INC. 5.875% 06/01/2027 USD SER WI SR 55,693 55,693
CLEVELAND-CLIFFS INC. 5.875% 06/01/2027 USD SER WI SR 48,011 48,011
CLARIOS GLOBAL LP 6.75% 05/15/2025 USD PVT REGS SR LIEN 21,209 21,209
CITIZENS FINANCIAL GROUP, INC. PFD USD1.5875(6.35%) 6,656 6,656
CITIZENS FINANCIAL GROUP, INC. PFD USD1.2500(5.00%) 29,791 29,791
CENOVUS ENERGY INC COM 388,200 388,200
CCO HOLDINGS, LLC 4.5% 05/01/2032 USD SER WI SR LIEN 59,507 59,507
CCO HLDGS LLC/CAP CORP 4.0% 03/01/2023 PVT REGS SR 85,674 85,674
CATERPILLAR INC (DELAWARE) CMN (CAT) 215,604 215,604
BALL CORPORATION 4.875% 03/15/2026 USD SR LIEN NEXT 13,768 13,768
BALL CORPORATION 2.875% 08/15/2030 USD SR LIEN NEXT 60,621 60,621
BALL CORP 5.25% 07/01/2025 USD SR LIEN S&P BB+ /MOODY'S 45,581 45,581
AT&T INC. PFD USD1.2500(5.00%) SERIES A NEXT CALL DT. 12 12 23,865 23,865
ASTRAZENECA PLC SPONS ADR SPONSORED ADR CMN (AZN) 33,900 33,900
ASML HOLDING N.V. ADR CMN (ASML) 22,949 22,949
ASBURY AUTOMOTIVE GROUP, INC. 4.75% 03/01/2030 USD 57,096 57,096
ASBURY AUTOMOTIVE GROUP, INC. 4.5% 03/01/2028 USD SER 44,770 44,770
ARCONIC CORPORATION 6.0% 05/15/2025 USD PVT REGS SR 24,769 24,769
APACHE CORPORATION 4.25% 01/15/2030 USD SR LIEN NEXT 31,658 31,658
APACHE CORP 4.875% 11/15/2027 USD SR LIEN NEXT CALL DT. 20,123 20,123
AMERICAN EXPRESS COMPANY HYBRID PERPETUAL USD 40,331 40,331
AMERICAN AXLE & MFG INC 6.875% 07/01/2028 USD SR LIEN 58,333 58,333
AMERICAN AXLE & MFG INC 6.875% 07/01/2028 USD SR LIEN 40,741 40,741
AMC NETWORKS INC 4.75% 08/01/2025 USD SR LIEN NEXT 31,971 31,971
AMC NETWORKS INC 4.75% 08/01/2025 USD SR LIEN NEXT 24,953 24,953
ALLY FINANCIAL INC. HYBRID PERPETUAL USD SER C JRSUB 40,464 40,464
BALL CORPORATION 6.875% 03/15/2028 USD SR LIEN NEXT 10,340 10,340
CROSS TIMBERS RTY TR TR UNIT 432,480 432,480
BANK OF AMERICA CORPORATION HYBRID PERPETUAL USD 54,924 54,924
BANK OF AMERICA CORPORATION HYBRID PERPETUAL USD 72,650 72,650
CAPITAL ONE FINANCIAL CORPORAT HYBRID PERPETUAL USD 27,604 27,604
CANADIAN NATURAL RES LTD 416,475 416,475
CALPINE CORP 5.25% 06/01/2026 USD PVT REGS SR LIEN NEXT 2,871 2,871
BUCKEYE PARTNERS, L.P. 4.35% 10/15/2024 USD SR LIEN NEXT 48,600 48,600
BP P.L.C. SPONSORED ADR CMN (BP) 27,944 27,944
BP CAPITAL MARKETS P.L.C. HYBRID PERPETUAL USD SUB 39,424 39,424
BOYD GAMING CORPORATION 4.75% 12/01/2027 USD SER WI 19,642 19,642
BOYD GAMING CORPORATION 4.75% 12/01/2027 USD SER WI 30,866 30,866
ALCOA INC. 5.9% 02/01/2027 SR LIEN S&P BB+ /MOODY'S BA1 8,137 8,137
BNP PARIBAS SPONSORED ADR CMN (BNPQY) 34,099 34,099
BLOCK INC 3.5% 06/01/2031 USD SR LIEN NEXT CALL DT. 03 01 59,959 59,959
BLOCK INC 2.75% 06/01/2026 USD SR LIEN NEXT CALL DT. 05 01 57,952 57,952
BANK OF NOVA SCOTIA (THE) HYBRID PERPETUAL USD SUB 57,746 57,746
BANK OF NEW YORK MELLON CORPOR HYBRID PERPETUAL 34,066 34,066
BANK OF NEW YORK MELLON CORPOR HYBRID PERPETUAL 53,537 53,537
BANK OF AMERICA CORPORATION HYBRID PERPETUAL USD 34,392 34,392
BANK OF AMERICA CORPORATION HYBRID PERPETUAL USD 50,601 50,601
BANK OF AMERICA CORPORATION HYBRID PERPETUAL USD 13,890 13,890
CROWN AMERICAS LLC 4.75% 02/01/2026 SER WI SR LIEN 63,291 63,291
CROWDSTRIKE HOLDINGS INC 3.0% 02/15/2029 USD SR LIEN 59,037 59,037
GOLDMAN SACHS BANK USA DEPOSIT 43,398 43,398
HUNTINGTON BANCSHARES INCORPOR HYBRID PERPETUAL 32,907 32,907
HSBC HOLDINGS PLC SPONSORED ADR CMN (HSBC) 28,044 28,044
HOWMET AEROSPACE INC. 3.0% 01/15/2029 USD SR LIEN 64,788 64,788
HOWMET AEROSPACE INC 6.875% 05/01/2025 USD SR LIEN 3,113 3,113
HILTON DOMESTIC OPERATING CO I 4.875% 01/15/2030 USD 30,647 30,647
HILTON DOMESTIC OPERATIN 5.375% 05/01/2025 USD PVT 69,914 69,914
HILLENBRAND INC STEP 09/15/2026 USD SR LIEN 5.0% 64,681 64,681
HILLENBRAND INC 5.75% 06/15/2025 USD SR LIEN NEXT CALL 36,910 36,910
HERBALIFE/HLF FINANCING 7.875% 09/01/2025 USD PVT 32,026 32,026
HCA INC. 5.375% 02/01/2025 USD SR LIEN S&P BBB 61,317 61,317
HCA INC 5.375% 09/01/2026 USD SR LIEN NEXT CALL DT. 03 01 34,261 34,261
GRAPHIC PACKAGING INTL 4.125% 08/15/2024 USD SR LIEN 54,893 54,893
GRAPHIC PACKAGING INTL 4.125% 08/15/2024 USD SR LIEN 47,907 47,907
GOODYEAR TIRE & RUBBER COMPANY 4.875% 03/15/2027 43,667 43,667
GOODYEAR TIRE & RUBBER COMPANY 4.875% 03/15/2027 30,660 30,660
GOLDMAN SACHS BANK USA DEPOSIT (BDA) (*BDANOW) 9,518 9,518
HUNTINGTON BANCSHARES INCORPOR HYBRID PERPETUAL 31,638 31,638
GOLDMAN SACHS BANK USA DEPOSIT (BDA) 106,504 106,504
IBERDROLA SOCIEDAD ANONIMA SPONSORED ADR CMN 32,662 32,662
IHEARTCOMMUNICATIONS, INC. 6.375% 05/01/2026 USD SR 35,969 35,969
KONINKLIJKE AHOLD N.V. SPONSORED ADR CMN (ADRNY) 17,187 17,187
KKR GROUP FINANCE CO. IX LLC PFD USD1.1562(4.62%) 20,021 20,021
KEYCORP PFD USD1.5313(6.13%) SERIES E CALLABLE SERIES E 32,081 32,081
KENNEDY-WILSON, INC. 4.75% 03/01/2029 USD SR LIEN NEXT 35,569 35,569
KENNEDY-WILSON, INC. 4.75% 02/01/2030 USD SR LIEN NEXT 55,262 55,262
KB HOME 6.875% 06/15/2027 USD SR LIEN NEXT CALL DT. 12 15 27,243 27,243
KB HOME 6.875% 06/15/2027 USD SR LIEN NEXT CALL DT. 12 15 31,279 31,279
JPMORGAN CHASE & CO. HYBRID PERPETUAL USD SER X 74,139 74,139
JPMORGAN CHASE & CO. HYBRID PERPETUAL USD SER S 35,849 35,849
JPMORGAN CHASE & CO. HYBRID PERPETUAL USD SER FF 9,358 9,358
JELD-WEN INC 6.25% 05/15/2025 USD PVT REGS SR LIEN 42,450 42,450
ISHARES, INC.MSCI JAPAN ETF MUTUAL FUND (EWJ) 59,884 59,884
ISHARES TR IBOXX $ HIGH YIELD CORP BO ETF 368,150 368,150
ISHARES TR 0-5 YR HIGH YIELD CORP BO ETF 817,800 817,800
ISHARES MSCI AUSTRALIA ETF (EWA) 57,798 57,798
ING GROEP N.V. SPONS ADR SPONSORED ADR CMN (ING) 35,293 35,293
IHEARTCOMMUNICATIONS, INC. 6.375% 05/01/2026 USD SR 58,729 58,729
CROWN CORK & SEAL CO INC 7.375 12/15/2026 CALL @ 39,246 39,246
ALLY FINANCIAL INC. HYBRID PERPETUAL USD SER B JRSUB 101,213 101,213
GOLDMAN SACHS BANK USA DEPOSIT 50,653 50,653
ENCOMPASS HEALTH CORP 4.5% 02/01/2028 USD SR LIEN 60,265 60,265
ENBRIDGE INC. HYBRID 07/15/2080 USD SER 20-A SUB LIEN 46,537 46,537
ENBRIDGE INC. HYBRID 01/15/2083 JRSUB LIEN CPN 09/20/22 17,931 17,931
EMERA INCORPORATED HYBRID 06/15/2076 USD SUB LIEN 33,713 33,713
ELANCO ANIMAL HEALTH INCORPORA STEP 08/28/2028 USD 65,216 65,216
ELANCO ANIMAL HEALTH INCORPORA STEP 08/28/2028 USD 41,855 41,855
ELANCO ANIMAL HEALTH INCORPORA STEP 08/28/2023 USD 39,379 39,379
ENCOMPASS HEALTH CORP 4.625% 04/01/2031 USD SR LIEN 47,038 47,038
DUKE ENERGY CORPORATION HYBRID PERPETUAL USD SR 18,534 18,534
DOMINION ENERGY, INC. HYBRID PERPETUAL USD SER B SR 30,697 30,697
DISCOVER FINANCIAL SERVICES HYBRID PERPETUAL USD SER 49,363 49,363
DIGITAL REALTY TRUST, INC. CMN (DLR) 70,189 70,189
DCP MIDSTREAM OPERATING, LP 3.875% 03/15/2023 SR LIEN 50,286 50,286
DANA INC 5.625% 06/15/2028 USD SR LIEN NEXT CALL DT. 06 59,266 59,266
DANA INC 5.375% 11/15/2027 USD SR LIEN NEXT CALL DT. 11 39,249 39,249
AIR LEASE CORPORATION HYBRID PERPETUAL USD SER B 12,567 12,567
DORCHESTER MINERALS LP COM UNITS 598,600 598,600
GOLDMAN SACHS BANK USA DEPOSIT 33,480 33,480
ENEL SOCIETA PER AZIONI ADR CMN (ENLAY) 20,400 20,400
ENPRO INDUSTRIES, INC. 5.75% 10/15/2026 USD SR LIEN NEXT 35,357 35,357
ABB LTD SPONSORED ADR CMN (ABB) 27,414 27,414
GFL ENVIRONMENTAL INC 5.125% 12/15/2026 USD PVT REGS 33,553 33,553
GFL ENVIRONMENTAL INC 4.25% 06/01/2025 USD PVT REGS 19,171 19,171
FORD MOTOR COMPANY GLOBAL 6.625% 10/01/2028 USD SR 22,114 22,114
FORD MOTOR COMPANY 9.625% 04/22/2030 USD SR LIEN 62,083 62,083
FORD HOLDING INC 9.300000 03/01/2030 SR LIEN S&P BB+ 28,838 28,838
AECOM 5.125% 03/15/2027 USD SER WI SR LIEN NEXT CALL DT. 30,305 30,305
ENERGY TRANSFER OPERATING LP FRN 11/01/2066 USD SER B 3,904 3,904
FIRST CITIZENS BANCSHARES INC HYBRID PERPETUAL SER B 40,107 40,107
AECOM 5.125% 03/15/2027 USD SER WI SR LIEN NEXT CALL DT. 32,260 32,260
EUREKA HOMESTEAD BANCORP INC COM 51,033 51,033
EQUITABLE HOLDINGS, INC. HYBRID PERPETUAL USD SER B 33,072 33,072
EQT MIDSTREAM PARTNERS, LP 5.5% 07/15/2028 USD SER 37,700 37,700
EQT MIDSTREAM PARTNERS LP 4.0% 08/01/2024 USD SR LIEN 40,083 40,083
EQT CORP STEP 02/01/2025 USD SR LIEN 6.125% 08/01/22- 25,697 25,697
ENPRO INDUSTRIES, INC. 5.75% 10/15/2026 USD SR LIEN NEXT 30,446 30,446
FIFTH THIRD BANCORP HYBRID PERPETUAL USD SER L JRSUB 98,728 98,728

TY 2022 InvestmentsCorpStockSchedule
Name:
LYNNE & ANDREW REDLEAF FOUNDATION
EIN:
81-1290745
Name of Stock End of Year Book Value End of Year Fair Market Value
BRISTOL-MYERS SQUIBB COMPANY CMN (BMY) 287,800 287,800
INTL BUSINESS MACHINES CORP CMN (IBM) 295,869 295,869
AT&T INC. CMN (T) 233,807 233,807
COCA-COLA COMPANY (THE) CMN (KO) 178,108 178,108
AVALONBAY COMMUNITIES INC CMN (AVB) 65,244 65,244
MICROSOFT CORPORATION CMN (MSFT) 359,730 359,730
NEXTERA ENERGY, INC. CMN (NEE) 108,680 108,680
EATON CORP PLC CMN 156,950 156,950
JOHNSON & JOHNSON CMN (JNJ) 247,310 247,310
HONEYWELL INTL INC CMN (HON) 171,440 171,440
BLACKROCK, INC. CMN (BLK) 212,589 212,589
CISCO SYSTEMS, INC. CMN (CSCO) 266,784 266,784
TEXAS INSTRUMENTS INC. CMN (TXN) 231,308 231,308
CVS HEALTH CORP CMN (CVS) 214,337 214,337
FIDELITY NATL INFO SVCS INC CMN (FIS) 67,850 67,850
NORFOLK SOUTHERN CORP CMN (NSC) 197,136 197,136
TARGET CORPORATION CMN (TGT) 223,560 223,560
BLACKROCK MORTAGE TRUST 1,198,028 1,198,028
AMERICAN TOWER CORPORATION CMN (AMT) 128,052 128,052
GILEAD SCIENCES CMN (GILD) 137,360 137,360
SALESFORCE INC CMN (CRM) 172,367 172,367
JPMORGAN CHASE & CO CMN (JPM) 295,020 295,020
XCEL ENERGY INC. CMN (XEL) 84,717 84,717
ABBOTT LABORATORIES CMN (ABT) 131,748 131,749
ROSS STORES,INC CMN (ROST) 116,070 116,070
WALMART INC CMN (WMT) 199,402 199,402
CONOCOPHILLIPS CMN (COP) 225,530 225,530
AIR PRODUCTS & CHEMICALS INC CMN (APD) 185,928 185,928
MC DONALDS CORP CMN (MCD) 210,824 210,824
KLA CORP CMN (KLAC) 150,812 150,812

TY 2022 InvestmentsOtherSchedule2
Name:
LYNNE & ANDREW REDLEAF FOUNDATION
EIN:
81-1290745
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
X3 FUND FMV 34,176,520 34,176,520
70TH STREET INVESTMENT FMV 12,300,000 12,300,000
ALLERUM FMV 1,500,000 1,500,000
KWIKBIT AT COST 3,500,000 3,500,000
BOOTHBAY ABSOLUTE RETURN STRATEGIES OFFSHORE, LTD FMV 946,442 946,442
SWEET LEAF FMV 2,149,202 2,149,202
STONEX PRIME BROKERAGE FMV 6,375,018 6,375,018
SABA FMV 5,548,832 5,548,832
DAFNA FUND, LP FMV 3,266,772 3,266,772
EMPOWERU INC. AT COST 419,396 419,396
FARNUM AT COST 2,970,914 2,970,914
NORTHERN LAKES FMV 850,000 850,000
LUXOR LAND FMV 3,626,773 3,626,773
WB CREDIT FUND LTD FMV 6,870,406 6,870,406

TY 2022 OtherDecreasesSchedule
Name:
LYNNE & ANDREW REDLEAF FOUNDATION
EIN:
81-1290745
Description Amount
UNREALIZED LOSS ON INVESTMENTS 12,945,504


TY 2022 OtherExpensesSchedule
Name:
LYNNE & ANDREW REDLEAF FOUNDATION
EIN:
81-1290745
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
OFFICE SUPPLIES 5,644 0   5,982
INSURANCE 7,711 0   7,711
PARTNERSHIP EXPENSES 0 69,192   0


TY 2022 OtherIncomeSchedule2
Name:
LYNNE & ANDREW REDLEAF FOUNDATION
EIN:
81-1290745
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
PARTNERSHIP INCOME   -806,478  


TY 2022 OtherProfessionalFeesSchedule
Name:
LYNNE & ANDREW REDLEAF FOUNDATION
EIN:
81-1290745
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT CONSULTING FEES 1,325,780 1,325,780   0


TY 2022 TaxesSchedule
Name:
LYNNE & ANDREW REDLEAF FOUNDATION
EIN:
81-1290745
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
EXCISE TAX 113,137 0   0
FOREIGN TAXES PAID 0 51   0