TY 2023 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
right arrow

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

For calendar year 2023, or tax year beginning 01-01-2023 , and ending 12-31-2023

Name of foundation
WALLACE RESEARCH FOUNDATION
C/O RSM US LLP ATTN SHAWNA HULS

Number and street (or P.O. box number if mail is not delivered to street address)201 FIRST ST SE 800
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
CEDAR RAPIDS, IA52401

A Employer identification number

42-6540579

B Telephone number (see instructions)

(319) 298-5333

C If exemption application is pending, check here right arrow

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. right arrow

2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... right arrow

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... right arrow

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) right arrow

$96,764,634J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	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	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	1,896,292		1,895,647
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		2,911,140
b	Gross sales price for all assets on line 6a 20,506,089
7	Capital gain net income (from Part IV, line 2)...			2,911,140
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).......
12	Total. Add lines 1 through 11........	4,807,432		4,806,787
13	Compensation of officers, directors, trustees, etc.	0		0	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........	List of Attached Documents: // Content	345	0	345
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	57,445	24,738	32,708
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	473,192	473,192	0
17	Interest...............	35,461		0	0
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	77,813	7,813	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	2,835	650	2,185
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	647,091		506,393	35,238
25	Contributions, gifts, grants paid.......	4,438,375			4,438,375
26	Total expenses and disbursements. Add lines 24 and 25	5,085,466		506,393	4,473,613
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-278,034
b	Net investment income (if negative, enter -0-)			4,300,394
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2023)

Form 990-PF (2023)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............		16,572	16,572
	2	Savings and temporary cash investments.........	2,435,192	2,329,237	2,329,237
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	541,847	List of Attached Documents: // Content 2,378,061	2,402,990
	b	Investments—corporate stock (attach schedule).......	43,182,018	List of Attached Documents: // Content 37,593,556	65,123,012
	c	Investments—corporate bonds (attach schedule).......	4,647,155	List of Attached Documents: // Content 8,306,869	8,239,871
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	19,339,132	List of Attached Documents: // Content 19,272,987	18,652,952
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	70,145,344	69,897,282	96,764,634
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
		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
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	0	0
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	28	Retained earnings, accumulated income, endowment, or other funds	70,145,344	69,897,282
	29	Total net assets or fund balances (see instructions).....	70,145,344	69,897,282
	30	Total liabilities and net assets/fund balances (see instructions).	70,145,344	69,897,282

Part III

Analysis of Changes in Net Assets or Fund Balances

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) ...............

70,145,344

Enter amount from Part I, line 27a .....................

-278,034

Other increases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

52,000

Add lines 1, 2, and 3 ..........................

69,919,310

Decreases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

22,028

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

69,897,282

Form 990-PF (2023)

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
1 a	PUBLICLY TRADED SECURITIES	P
b	WASH SALE: STONEBRIDGE ADVISORS '	P
c	PUBLICLY TRADED SECURITIES	P
d	CAPITAL GAINS DIVIDENDS	P
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	3,103,175	3,149,334	-46,159
b	5,537		5,537
c	17,363,630	14,445,615	2,918,015
d	33,747		33,747
e

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			-46,159
b			5,537
c			2,918,015
d			33,747
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	2,911,140
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

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 and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	59,775
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	59,775
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	59,775
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a	62,039
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ..........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	62,039
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. List of Attached Documents: // Content		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	2,264
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax2,264	Refunded	11	0

Form 990-PF (2023)

Page 4

Part VI-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

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.

Did the foundation file Form 1120-POL for this year?.....................

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

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. right arrow

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

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....

Did the foundation have unrelated business gross income of $1,000 or more during the year?.........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

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? ................

Yes

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..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

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 .

Yes

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 2023 or the taxable year beginning in 2023? See the instructions for Part XIII.

If "Yes," complete Part XIII .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

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 .............

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.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address right arrow

N/A

The books are in care of right arrow

SHAWNA HULS Telephone no. right arrow

(319) 298-5333

Located at right arrow

201 FIRST STREET SE STE 800CEDAR RAPIDSIA ZIP+4 right arrow

52401

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

16 At any time during calendar year 2023, 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

Form 990-PF (2023)

Page 5

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

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)

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? ..............................

1a(2)

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........

1a(3)

(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)

(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)

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 ..........

Organizations relying on a current notice regarding disaster assistance check here ........ right arrow

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 2023? .............

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)):

At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2023?....................

If "Yes," list the years right arrow

20, 20, 20, 20

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.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year? ..............................

If "Yes," did it have excess business holdings in 2023 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 2023.) .....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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 2023? ..

Form 990-PF (2023)

Page 6

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........

5a(1)

(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)

(3) Provide a grant to an individual for travel, study, or other similar purposes? .............

5a(3)

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions ........................

5a(4)

Yes

(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)

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 ........

Organizations relying on a current notice regarding disaster assistance check ......... right arrow

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? .................

Yes

If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment

List of Attached Documents:

// Content

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract? .............................

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....

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? .........................

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	(e) Expense account, other allowances
HENRY D WALLACE	PRESIDENT 5.00	0
201 FIRST ST SE STE 800 CEDAR RAPIDS,IA52401	PRESIDENT 5.00	0
LINDA WALLACE-GRAY	VICE PRESIDENT 20.00	0
201 FIRST ST SE STE 800 CEDAR RAPIDS,IA52401	VICE PRESIDENT 20.00	0
MARSHALL GILCHRIST	DIRECTOR & SECRETARY 2.00	2,185
201 FIRST ST SE STE 800 CEDAR RAPIDS,IA52401	DIRECTOR & SECRETARY 2.00	2,185
ALEX GILCHRIST	TREASURER 2.00	0
201 FIRST ST SE STE 800 CEDAR RAPIDS,IA52401	TREASURER 2.00	0

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...................				0

Form 990-PF (2023)

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
MORGAN STANLEY SMITH BARNEY	INVESTMENT CONSULTING	471,301
370 17TH STREET STE 2800 DENVER,CO80202	INVESTMENT CONSULTING	471,301
RSM US LLP	ACCOUNTING	57,445
331 WEST 3RD ST SUITE 200 DAVENPORT,IA52801	ACCOUNTING	57,445

Total number of others receiving over $50,000 for professional services............. right arrow

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 arrow

Form 990-PF (2023)

Page 8

Part IX

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

87,785,973

Average of monthly cash balances.......................

3,632,168

Fair market value of all other assets (see instructions)................

Total (add lines 1a, b, and c).........................

91,418,141

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

91,418,141

Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see

instructions) .............................

1,371,272

Net value of noncharitable-use assets. Subtract line 4 from line 3. ............

90,046,869

Minimum investment return. Enter 5% (0.05) of line 5................

4,502,343

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.)

Minimum investment return from Part IX, line 6..................

4,502,343

Tax on investment income for 2022 from Part V, line 5.......

59,775

Income tax for 2022. (This does not include the tax from Part V.) ...

Add lines 2a and 2b............................

59,775

Distributable amount before adjustments. Subtract line 2c from line 1............

4,442,568

Recoveries of amounts treated as qualifying distributions................

52,000

Add lines 3 and 4............................

4,494,568

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...

4,494,568

Part XI

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

4,473,613

Program-related investments—total from Part VIII-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......

4,473,613

Form 990-PF (2023)

Page 9

Part XII

Undistributed Income (see instructions)

	(a) Corpus	(b) Years prior to 2022	(c) 2022	(d) 2023
1 Distributable amount for 2023 from Part X, line 7				4,494,568
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......			4,411,167
b Total for prior years:20 , 20, 20		0
3 Excess distributions carryover, if any, to 2022:
a From 2018......
b From 2019......
c From 2020......
d From 2021......
e From 2022......
f Total of lines 3a through e ........	0
4Qualifying distributions for 2023 from Part
XI, line 4: $ 4,473,613
a Applied to 2022, but not more than line 2a			4,411,167
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 2023 distributable amount.....				62,446
e Remaining amount distributed out of corpus	0
5 Excess distributions carryover applied to 2023.	0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5	0
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........		0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......		0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........		0
e Undistributed income for 2022. Subtract line 4a from line 2a. Taxable amount—see instructions .............			0
f Undistributed income for 2023. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2024 ..........				4,432,122
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 2018 not applied on line 5 or line 7 (see instructions) ...	0
9 Excess distributions carryover to 2024. Subtract lines 7 and 8 from line 6a ......	0
10 Analysis of line 9:
a Excess from 2019....
b Excess from 2020....
c Excess from 2021....
d Excess from 2022....
e Excess from 2023....

Form 990-PF (2023)

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 2023, enter the date of the ruling ...... right arrow

b Check box to indicate whether the organization is a private operating foundation described in section 4942(j)(3) or4942(j)(5)

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) 2023	(b) 2022	(c) 2021	(d) 2020	(e) Total

b 85% (0.85) of line 2a .........
c Qualifying distributions from Part XI, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XIV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here right arrow

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

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 (2023)

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
AGR FOUNDATION INC 1895 E PRINCE RD TUCSON,AZ85705	NONE	SO I	ASSIST WITH PROGRAM EXPENSES, EQUIPMENT, SUPPLIES, RENT, AND UTILITIES	20,000
AGR FOUNDATION INC 1895 E PRINCE RD TUCSON,AZ85705	NONE	SO I	COST ASSOCIATED WITH CONSTRUCTION OF SOL DOL LODGE AND TRAINING CENTER	50,000
AGR FOUNDATION INC 1895 E PRINCE RD TUCSON,AZ85705	NONE	SO I	COST ASSOCIATED WITH CONSTRUCTION OF SOL DOL LODGE AND TRAINING CENTER	55,000
AMERIND FOUNDATION PO BOX 400 DRAGOON,AZ85609	NONE	POF	GENERAL OPERATING SUPPORT	52,500
ARCHAEOLOGY SOUTHWEST 300 NORTH ASH ALLEY TUCSON,AZ85701	NONE	PC	SUPPORT THE PRESERVATION ARCHAEOLOGY ENDOWMENT FUND	210,000
ARCHAEOLOGY SOUTHWEST 300 NORTH ASH ALLEY TUCSON,AZ85701	NONE	PC	SUPPORT RESEARCH PROGRAMS	300,000
ARIZONA LAND AND WATER TRUST 2810 N ALVERNON WAY SUITE 600 TUCSON,AZ85712	NONE	PC	ACQUIRING ADDITIONAL ACREAGE AT SOPORI CREEK AND FARM	100,000
CO AG DEPARTMENT 605 INTERLOCKEN PARKWAY BROOMFIELD,CO80021	NONE	PC	GENERAL OPERATING SUPPORT	90,000
CONQUER CHIARI 320 OSPREY CT WEXFORD,PA15090	NONE	PC	CHIARI ACADEMY SUPPORT	52,375
CORAL RESTORATION 89111 OVERSEAS HIGHWAY TAVERNIER,FL33070	NONE	PC	SUPPORT RECRUIT AND HIRE OF THE CORAL RESTORATION CONSORTIUM'S FIRST EXECUTIVE DIRECTOR	190,000
EMERGE CENTER AGAINST DOMESTIC ABUSE 2545 EAST ADAMS STREET TUCSON,AZ85716	NONE	PC	SUPPORT FOR THE EMERGENCY SHELTER, HOUSING STABILIZATION PROGRAMS, AND OTHER COMMUNITY-BASED SERVICES	50,000
GIRAFFE CONSERVATION FOUNDATION USA 17 S MAGNOLIA AVE ORLANDO,FL32801	NONE	PC	SUPPORT THE TWIGA WETU INITIATIVE IN AFRICA	60,000
JOHN BARTRAM ASSOCIATION 5400 LINDBERGH BOULEVARD PHILADELPHIA,PA19143	NONE	PC	SUPPORT STEM DISCOVERY PROGRAMS AT BARTRAM'S GARDEN	75,000
LEWA WILDLIFE CONSERVANCY PO BOX 23860 NEW YORK,NY10163	NONE	PC	CONSERVATION SECURITY AND RESEARCH AND MONITORING EXERCISE SUPPORT	100,000
LOOMIS CHAFFEE SCHOOL 4 BATCHELDER ROAD WINDSOR,CT06095	NONE	PC	SUPPORT THE CONSTRUCTION OF THE NICHOLS CENTER FOR THEATER AND DANCE	165,000
MASSACHUSETTS AUDUBON SOCIETY 208 SOUTH GREAT ROAD LINCOLN,MA01773	NONE	PC	FUND THE PROTECTION AND CONSERVATION OF THE NATURE OF BELIZE	126,000
MICHIGAN TECHNOLOGICAL UNIVERSITY 400 TOWNSEND DRIVE HOUGHTON,MI49931	NONE	PC	FUND RESEARCH TO SUPPORT EHLERS-DANLOS SYNDROME PATIENTS	280,000
PENNENVIRONMENT RESEARCH & POLICY CENTER INC 1528 WALNUT ST SUITE 1400 PHILADELPHIA,PA19102	NONE	PC	SUPPORT THE INITIATIVE TO GET PENNSYLVANIA "BEYOND PLASTIC AND REDUCE THE SINGLE-USE PLASTIC WASTE THREATENING OUR ENVIRONMENT	40,000
POLYBIO 47 HIGH ST SUITE 403 MEDFORD,MA02155	NONE	PC	GENERAL OPERATING SUPPORT AND RESEARCH	570,000
RURAL AND MIGRANT MINISTRY INC PO BOX 4757 POUGHKEEPSIE,NY12602	NONE	PC	CONTINUATION OF 2022 CAPACITY BUILDING PROJECT	100,000
SARSEF 5049 E BROADWAY BLVD SUITE 125 TUCSON,AZ85711	NONE	PC	SCIENCE AND ENGINEERING FAIR	40,000
THE CLIMATE CENTER 1275 4TH ST 191 SANTA ROSE,CA95404	NONE	PC	SUPPORT THE CLIMATE-SAFE CALIFORNIA CAMPAIGN	150,000
THE NATURE CONSERVANCY - ARIZONA 1510 E FORT LOWELL RD TUCSON,AZ85719	NONE	PC	GENERAL OPERATING SUPPORT	86,500
THE NATURE CONSERVANCY - TENNESSEE 2 MARYLAND FARMS SUITE 150 BRENTWOOD,TN37027	NONE	PC	ASSIST WITH BAT AND CAVE RESEARCH AND CONSERVATION IN TENNESSEE	81,000
UNIVERSITY OF ARIZONA PO BOX 210158 RM 510 TUCSON,AZ85721	NONE	PC	FUND RESEARCH ON THE LONG-TERM EFFECTS OF URBAN DEVELOPMENT ON REPTILES	30,000
WILD SALMON CENTER 721 NW 9TH AVENUE SUITE 300 PORTLAND,OR97209	NONE	PC	SUPPORT THE COLD WATER CONNECTION CAMPAIGN	400,000
WILDCOAST 2120 JIMMY DURANTE BLVD STE 106 DEL MAR,CA91932	NONE	PC	CONSERVATION AND MANAGEMENT OF FORESTS IN OAXACA, MEXICO	100,000
WILDCOAST 2120 JIMMY DURANTE BLVD STE 106 DEL MAR,CA92014	NONE	PC	CONSERVATION OF THREATENED COASTOL AND MARINE ECOSYSTEMS AND WILDLIFE	400,000
WILDCOAST 2120 JIMMY DURANTE BLVD STE 106 DEL MAR,CA92014	NONE	PC	THE STANN CREEK HUMANE SOCIETY CLINIC OPERATIONS	65,000
WILDLIFE ALLIANCE INC 1441 BROADWAY FIFTH FLOOR NEW YORK,NY10018	NONE	PC	SUPPORT WILDLIFE RESCUE, CARE AND RELEASE, AND COMMUNITY CONSERVATION IN CAMBODIA	150,000
WOODS HOLE OCEANOGRAPHIC INSTITUTION 266 WOODS HOLE ROAD MS40 WOODS HOLE,MA02543	NONE	PC	FUND DEVELOPMENT OF NEW METHODS TO DETECT MICROPLASTICS IN AQUATIC ENVIRONMENTS	200,000
YOUTH OUTDOOR EXPERIENCE 738 N 5TH AVE UNIT 101 TUCSON,AZ85705	NONE	PC	MEET THE IMMEDIATE RISING COSTS ASSOCIATED WITH OPERATIONS	50,000
Total ................................. 3a				4,438,375

bApproved for future payment

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

Form 990-PF (2023)

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	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities ....			14	1,896,292
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 .....			01
8 Gain or (loss) from sales of assets other than inventory ............			18	2,911,140
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		4,807,432	0

13Total. Add line 12, columns (b), (d), and (e)..................

4,807,432

(See worksheet in line 13 instructions to verify calculations.)

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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

Form 990-PF (2023)

Page 13

Part XVI

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

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

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

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? ...........Yes No

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.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

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

Form 990-PF (2023)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2023 AccountingFeesSchedule

Name:

WALLACE RESEARCH FOUNDATION

C/O RSM US LLP ATTN SHAWNA HULS

EIN:

42-6540579

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	57,445	24,738		32,708

- TIN:

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

TY 2023 ExpenditureResponsibilityStmt

Name:

WALLACE RESEARCH FOUNDATION

C/O RSM US LLP ATTN SHAWNA HULS

EIN:

42-6540579

Grantee's Name	Grantee's Address	Grant Date	Grant Amount	Grant Purpose	Amount Expended By Grantee	Any Diversion By Grantee?	Dates of Reports By Grantee	Date of Verification	Results of Verification
AMERIND FOUNDATION	PO BOX 400 DRAGOON,AZ85609	2022-11-30	50,000	TO PROVIDE FUNDING FOR ANTHROPOLOGICAL RESEARCH ACTIVITIES.	50,000	TO THE GRANTOR'S KNOWLEDGE THERE HAS BEEN NO DIVERSION OF FUNDS.	4/8/23 10/30/23 6/8/24		THE GRANTOR HAS NO REASON TO DOUBT THE ACCURACY OR RELIABILITY OF THE REPORT FROM THE GRANTEE. THEREFORE, NO INDEPENDENT VERIFICATION OF THE REPORT WAS MADE.
AMERIND FOUNDATION	PO BOX 400 DRAGOON,AZ85609	2023-11-02	52,500	TO PROVIDE FUNDING FOR ANTHROPOLOGICAL RESEARCH ACTIVITIES.	5,000		6/8/24

- TIN:

TY 2023 InvestmentsCorpBondsSchedule

Name:

WALLACE RESEARCH FOUNDATION

C/O RSM US LLP ATTN SHAWNA HULS

EIN:

42-6540579

Name of Bond	End of Year Book Value	End of Year Fair Market Value
AFFILIATED MANAGERS GR 4.75%	12,448	9,940
AFFILIATED MANAGERS GROUP INC. 5.875	21,863	20,602
ALBEMARLE CORP	247,514	246,139
ALGONQUIN POWER & UTILITIES CORP 6.875%	54,912	54,373
ALLSTATE CORP 8.4% FIXED	47,198	45,690
AMAZON.COM INC	250,339	256,889
AMERICAN EXPRESS CO	251,417	246,105
AMERICAN FINANCIAL GROUP 5.625%	11,046	10,059
AMERICAN FINANCIAL GROUP 5.8750	3,787	3,555
APOLLO GLOBAL MANAGEMENT INC 7.625%	35,879	38,556
ASSURANT INC 5.25%	48,050	40,040
AT&T INC 5.35%	38,620	41,601
BANK OF AMERICA CORP	225,114	224,947
BIP BERMUDA HOLDINGS	12,478	9,018
BROOKFIELD FIN INC 4.625%	26,873	20,592
BROOKFIELD INFRASTRUCTURE PARTNERS ULC 5.00%	25,914	19,180
CARLYLE FIN LLC 4.625%	25,070	23,461
CHUBB INA HOLDINGS INC	242,337	243,189
CME GROUP INC	252,713	244,876
CMS ENERGY CORP 5.875%	21,616	20,180
CMS ENERGY CORP 5.875%	73,777	70,616
DTE ENERGY CO CAL DEB 81	11,846	10,852
DTE ENERGY CO SER E 5.25%	43,841	41,989
F&G ANNUITIES & LIFE INC 7.95%	19,363	19,994
FIRST TRUST TCW UNCONSTRAINED	72,189	74,220
FORD MTR CO DEL	21,173	20,317
HUMANA INC	257,195	260,169
INVESCO PREFERRED ETF	2,473,090	2,466,068
JOHN DEERE CAPITAL CORP	232,261	236,778
KEMPER CORP 5.875%	12,123	10,561
KKR GROUP FIN CO. IX LLC 4.625%	24,375	20,745
LINCOLN NATIONAL CORP	205,474	224,395
NEXTERA ENERGY CAPITAL HOLDINGS INC 5.65%	20,359	19,772
NEXTERA ENERGY CAPITAL HOLDINGS INC.	258,573	249,841
NORTHROP GRUMMAN SYSTEMS CORP	268,200	253,838
NUSTAR LOGISTICS LP 7.625%	13,360	18,729
ORACLE CORP	231,674	237,258
PACKAGING CORP OF AMERICA	225,537	222,216
PROLOGIS LP	243,969	244,645
PRUDENTIAL FINANCIAL INC	23,847	19,592
PRUDENTIAL FINANCIAL INC 5.625%	9,670	9,715
PRUDENTIAL FINL INC	9,708	9,761
REINSURANCE GROUP AMERICA INC	18,345	18,714
REINSURANCE GRP OF AMERICA	58,875	57,139
SEMPRA ENERGY 5.750%	5,577	5,801
SIMON PROPERTY GROUP LP	201,891	196,938
SPRD BLOOMBERG	29,664	29,868
STIFEL FINANCIAL CORP 5.2%	11,524	10,048
THE SOUTHERN CO 4.20%	47,602	40,677
THE SOUTHERN CO 4.95%	33,665	31,039
T-MOBILE USA INC	247,873	244,875
UNITED STATES CELLULAR 6.25%	25,047	21,591
UNITED STATES CELLULAR CORP 5.50%	12,348	10,496
UNITED STATES CELLULAR CORP 5.50%	23,268	22,183
UNUM GROUP	234,272	237,279
WORKDAY INC	232,674	240,451
WR BERKLEY CORP	23,096	22,343
XCEL ENERGY INC	240,234	244,366
ZIMMER BIOMET HOLDINGS INC	254,122	245,000

- TIN:

TY 2023 InvestmentsCorpStockSchedule

Name:

WALLACE RESEARCH FOUNDATION

C/O RSM US LLP ATTN SHAWNA HULS

EIN:

42-6540579

Name of Stock	End of Year Book Value	End of Year Fair Market Value
AERCAP HOLDINGS NV	1,037,425	1,408,884
AGNC INVESTMENT CORP 6.875%	9,800	9,999
AGNC INVESTMENT CORP 7%	17,465	18,218
AGNC INVMT CO 6.125%	19,953	19,307
AGNC INVSTMNT CORP 6.50%	9,620	9,332
AIR LEASE CORP	21,141	28,490
ALLSTATE CORP	11,280	10,068
ALLSTATE CORP 7.375%	21,538	23,304
ALPHABET INC CL C	868,162	2,570,704
AMAZON COM INC	1,649,138	3,009,172
AMER EQ INV HLDG CO	45,949	45,678
AMERICAN EQUITY 6.625%	50,114	49,427
AMERICAN HOMES 4 RENT 6.25	10,127	10,282
ANNALY CAP MGMT INC PDF SER I	34,418	37,647
AON PLC SHS CL-A	654,026	839,302
ARCH CAP GROUP LTD 5.45%	21,848	21,392
ARCH CAPITAL GRP 4.55%	12,220	10,596
ASPEN INSURANCE HLDG 5.625	48,878	42,629
ASPEN INSURANCE HOLDING 5.95	51,603	54,215
ASPEN INSURANCE HOLDINGS 5.625	25,613	21,683
AT&T INC 4.750%	75,696	72,795
AT&T INC 5.00%	29,910	30,213
ATHENE HOLDING LTD 5.625	33,730	30,819
ATHENE HOLDING LTD 6.35	21,967	19,828
ATHENE HOLDING LTD 6.375%	45,128	44,429
ATHENE HOLDING LTD 7.75%	27,881	28,062
AXIS CAP HOLDINGS LTD 5.5%	10,550	9,387
BANK AMER 7.2500 SERS L	105,277	93,286
BANK OF AMER CORP	33,192	36,020
BANK OF AMERICA CO 5.00	49,582	46,150
BANK OF AMERICA CO 6%	19,437	19,296
BANK OF AMERICA COR 4.375%	49,847	41,870
BAYER AG SPON ADR	968,881	611,744
BK OF AMERICA CO 5.875%	29,988	28,964
BK OF AMERICA CORP DEP PFD SE	9,213	9,805
BROOKFIELD FIN I UK 4.50%	28,220	20,098
BROOKFIELD FIN INC 4.625%	29,431	21,468
CAPITAL ONE FINANCIAL 4.80%	42,741	32,963
CAPITAL ONE FINANCIAL 5%	75,911	62,166
CAPITAL ONE FINANCIAL CORP	746,112	1,052,631
CHARLES SCHWAB CORP 5.95 D	44,316	43,962
CHARTER COMMUNICATIONS INC	231,622	268,578
CHS INC	88,657	82,722
CHS INC	79,352	72,536
CHS INC/RED PFD CL BS4	39,969	36,739
CITIGRP INC 9.696%	6,397	5,505
CITIZENS FIN GROUP 6.35% D	37,847	37,842
CITIZENS FINL GRP INC 5%	12,345	10,905
COMCAST CORP (NEW) CLASS A	1,019,134	1,139,398
DIGITAL REALTY TRST 5.850	20,274	20,007
DIGITAL REALTY TST INC 5.20%	22,712	20,626
ELEVANCE HEALTH INC	1,039,078	1,196,348
ENSTAR GROUP LTD 7%	19,951	20,468
EQUITABLE HLDGS DEP RP PFD A	23,891	21,470
F N B CORP FLA DEP SHS REPSTG	21,638	19,825
FIFTH THIRD BANCORP 6%	9,961	9,356
FIFTH THIRD BANCORP 6.625%-I	49,458	46,014
FIRST HORI CORP 6.50DP RP PFD	11,426	11,274
FIRST TR EXCHANGE TRADED FD VI	699,539	1,217,710
FIRST TRUST CAPITAL STRENGTH	1,755,174	2,401,200
FIRST TRUST WATER ETF (FIW)	996,109	2,085,558
FT NASDAQ CLEAN EDGE GREEN ERN	1,424,140	843,400
GENERAL ELECTRIC CO	709,183	1,663,657
GLOBAL NET LEASE INC PFD SER A	7,121	6,941
GOLDMAN SACHS GRP INC	847,473	1,543,852
GOLDMAN SACHS GRP INC 6.375%-K	38,878	35,801
HILTON WORLDWIDE HLDGS INC	393,919	846,536
HUNTINGTON B 5.7%	11,366	10,024
HUNTINGTON BANCSHAR 4.5% SER-H	14,366	11,288
JACKSON FINCL INC 8%	17,874	18,422
JP MORGAN CHASE & CO. 5.75%	4,796	4,793
JPMORGAN CHASE & C 4.55 SER-JJ	38,709	39,447
JPMORGAN CHASE & CO 4.625%-LL	104,503	102,120
JPMORGAN CHASE & CO. 6.00%	9,425	9,502
KEYCORP 5.625%	9,045	11,310
KEYCORP 6.125 SER-E	33,172	28,471
KEYCORP 6.2% DP SH	36,150	33,340
LIBERTY BROADBAND CORP	983,188	910,506
LINCOLN NATL CP	49,376	52,048
M&T BK CORP FIX	53,964	52,240
MARRIOTT INTL INC NEW CL A	251,264	820,405
META PLATFORMS INC CL A (FB)	1,070,637	2,268,530
MICROSOFT CORP	366,565	2,780,740
MORGAN STANLEY 5.85%	20,988	19,792
MORGAN STANLEY 6.375%-I	66,266	59,479
MORGAN STANLEY 6.5%	42,942	43,928
MORGAN STANLEY 6.875%-F	52,315	46,321
NATIONAL STORAGE AFFILIA 6%	10,471	10,080
NETFLIX	689,417	1,580,412
NEW YORK CMNTY BC INC SER A	61,935	54,134
NISOURCE INC 6.5% SER B	18,839	17,957
PINNACLE FIN PRTNRS 6.75%	22,902	20,903
PROSUS N V SPONSORED ADR	794,377	700,416
PUBLIC STORAGE 4%	12,647	10,020
PUBLIC STORAGE 4.00%	39,086	31,149
PUBLIC STORAGE 4.125%	12,274	9,859
PUBLIC STORAGE 4.625%	22,463	20,408
REGIONS FINANCIAL CO 6.375%-B	30,122	25,362
REGIONS FINANCIAL CORP 5.70%	11,259	11,113
SAFRAN SA	1,095,480	1,486,689
SAP AG	920,242	1,072,391
SCE TR VII 7.50% TRUST	28,799	29,884
SCE TRUST IV 5.375	33,302	31,002
SCE TRUST V 5.45	29,050	29,670
SCE TRUST VI 5%	23,677	21,399
SCHWAB CHARLES CORP 4.450%	12,131	10,349
SELECTIVE INS GROUP 4.60	13,156	10,060
SPDR GOLD TR GOLD SHS	932,744	1,147,020
SPDR S&P MIDCAP 400 ETF TRUST	1,513,688	6,367,619
SPIRE INC 5.90%	10,046	9,753
STATE ST CO 5.90-D FXD-TO-FLT	19,706	18,344
STATE STREET CORP 5.350%	25,832	23,227
TAIWAN SMCNDCTR MFG	845,469	944,944
TRUIST FINANCIAL CORP 5.25%	21,802	19,882
TRUIST FINCL CORP 4.75%	35,890	30,179
UNITEDHEALTH GP INC	377,115	1,317,228
US BANCORP 4.00%	8,985	10,905
VANGUARD DIVIDEND APPRECIATION	1,106,646	1,601,930
VANGUARD HEALTH CARE ETF	2,003,532	4,903,441
VANGUARD RUSSELL 1000	2,284,029	6,561,170
VANGUARD RUSSELL 1000 VAL ETF	2,313,825	2,393,820
VISA INC CL A	379,003	492,843
WELLS FARGO & CO 4.75%	51,859	49,716
WELLS FARGO & CO NEW	1,017,071	1,525,032
WELLS FARGO & COM 4.25% SER-DD	38,410	29,948
WELLS FARGO & COMPANY 6.625%-R	20,452	18,363
WELLS FARGO 7.5 NON-CUM CL A	91,460	81,497
WELLS FARGO CO DEP SH PFD CL A	49,039	46,480
WESBANCO INC 6.75%	6,318	5,838
WESCO INTL INC DP SH	21,066	18,649
WINTRUST FINANCIAL CORP	44,174	38,307
WINTRUST FINL COR DEP REP SR E	28,515	27,828
WOODWARD INC COM	506,543	654,241
ZIONS BANCORP 6.30%	19,221	18,292

- TIN:

TY 2023 InvestmentsGovtObligationsSch

Name:

WALLACE RESEARCH FOUNDATION

C/O RSM US LLP ATTN SHAWNA HULS

EIN:

42-6540579

US Government Securities - End of Year Book Value:

2,378,061

US Government Securities - End of Year Fair Market Value:

2,402,990

State & Local Government Securities - End of Year Book Value:

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

- TIN:

TY 2023 InvestmentsOtherSchedule2

Name:

WALLACE RESEARCH FOUNDATION

C/O RSM US LLP ATTN SHAWNA HULS

EIN:

42-6540579

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
ARTISAN FDS INC INTERNAITIONAL FUND INV ARTIX	AT COST	43,884	48,724
ARTISAN FUNDS INC MID CAP VALUE FD INV SHS ARTQX	AT COST	48,564	41,064
DIAMOND HILL LONG-SHORT FUND CL I DHLSX	AT COST	62,404	87,457
DODGE & COX INCOME FD DODIX	AT COST	126,051	120,626
FIRST EAGLE OVERSEAS 1	AT COST	4,417,262	4,628,425
GOLDMAN SACHS GQG INTL OPP I	AT COST	3,261,457	3,217,011
HARRIS ASSOC INVT TR OAKMARK INTL FUND CL I OAKIX	AT COST	28,727	49,446
JPMORGAN MID CAP VALUE FUND CL I FLMVX	AT COST	37,870	47,761
LORD ABBETT SHT DURATION INC F	AT COST	2,801,790	2,455,912
MAINSTAY HI YLD CORP BOND I	AT COST	3,011,757	3,206,811
MAINSTAY US INFRAC	AT COST	1,014,561	1,028,621
PGIM TOTAL RETURN BOND Z	AT COST	4,214,620	3,524,347
PIMCO FDS PAC INVT MGMT SER EMERGING MKTS BD RD INSTL CL PEBIX	AT COST	18,964	15,081
PRINICIPAL FUNDS INC PREFERRED SECURITIES INSTAL CLASS PPSIX	AT COST	41,343	36,770
ROYCE FUND PENNSYLVANIA MUTUAL FD INVESTMENT CL PENNX	AT COST	77,196	78,748
TEMPLETON INCOME TR GLOBAL BD FD ADVISOR CL TGBAX	AT COST	17,109	11,808
TWEEDY BROWNE FD INC GLOBAL VALUE FD TBGVX	AT COST	26,840	34,011
VANGUARD GNMA FD CL I VFIIX	AT COST	22,588	20,329

- TIN:

TY 2023 LegalFeesSchedule

Name:

WALLACE RESEARCH FOUNDATION

C/O RSM US LLP ATTN SHAWNA HULS

EIN:

42-6540579

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
LEGAL FEES	345	0		345

- TIN:

TY 2023 OtherDecreasesSchedule

Name:

WALLACE RESEARCH FOUNDATION

C/O RSM US LLP ATTN SHAWNA HULS

EIN:

42-6540579

Description	Amount
INVESTMENT ADJUSTMENT	22,028

- TIN:

TY 2023 OtherExpensesSchedule

Name:

WALLACE RESEARCH FOUNDATION

C/O RSM US LLP ATTN SHAWNA HULS

EIN:

42-6540579

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
BANK SERVICE CHARGES	16	16	0
BOARD MEMBER REIMBURSEMENT	2,185	0	2,185
FINANCE CHARGES: MAIN ACCOUNT 03487	634	634	0

- TIN:

TY 2023 OtherIncreasesSchedule

Name:

WALLACE RESEARCH FOUNDATION

C/O RSM US LLP ATTN SHAWNA HULS

EIN:

42-6540579

Description	Amount
RETURN OF GRANT	52,000

- TIN:

TY 2023 OtherProfessionalFeesSchedule

Name:

WALLACE RESEARCH FOUNDATION

C/O RSM US LLP ATTN SHAWNA HULS

EIN:

42-6540579

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES	473,192	473,192		0

- TIN:

TY 2023 TaxesSchedule

Name:

WALLACE RESEARCH FOUNDATION

C/O RSM US LLP ATTN SHAWNA HULS

EIN:

42-6540579

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FOREIGN TAX	7,813	7,813		0
EXCISE TAX	70,000	0		0