TY 2023 Form 990PF

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)
	1	Contributions, gifts, grants, etc., received (attach schedule)	8,396,607
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	465,169	465,169
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		7,180,606
b	Gross sales price for all assets on line 6a 41,111,880
7	Capital gain net income (from Part IV, line 2)...		8,394,232
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).......	List of Attached Documents: // Content	13,120,954	2,820,894
12	Total. Add lines 1 through 11........	29,163,336	11,680,295
	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	15,820	0		15,820
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	115,130	0		111,380
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	783,873	10,000		763,410
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	496,147	18,439		0
19	Depreciation (attach schedule) and depletion...		623	623
20	Occupancy..............
21	Travel, conferences, and meetings.......	16,867	0		16,867
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	16,166	1,573,402		16,000
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	1,444,626	1,602,464		923,477
25	Contributions, gifts, grants paid.......	5,332,336			4,460,466
26	Total expenses and disbursements. Add lines 24 and 25	6,776,962	1,602,464		5,383,943
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	22,386,374
b	Net investment income (if negative, enter -0-)		10,077,831
c	Adjusted net income (if negative, enter -0-)...

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
	1	Cash—non-interest-bearing.............	5,700
2	Savings and temporary cash investments.........	2,968,666	5,329,848	5,329,848
3	Accounts receivable 26,082
	Less: allowance for doubtful accounts	1,250	26,082	26,082
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..........	3,000	3,300	3,300
10a	Investments—U.S. and state government obligations (attach schedule)
b	Investments—corporate stock (attach schedule).......
c	Investments—corporate bonds (attach schedule).......
11	Investments—land, buildings, and equipment: basis
	Less: accumulated depreciation (attach schedule)
12	Investments—mortgage loans.............
13	Investments—other (attach schedule)..........	109,657,294	List of Attached Documents: // Content 123,841,507	123,841,507
14	Land, buildings, and equipment: basis 1,870
	Less: accumulated depreciation (attach schedule) 1,247	1,247	List of Attached Documents: // Content 623	623
15	Other assets (describe )	List of Attached Documents: // Content 2,000,000	List of Attached Documents: // Content 2,500,000	List of Attached Documents: // Content 2,500,000
16	Total assets (to be completed by all filers—see the
	instructions. Also, see page 1, item I)	114,637,157	131,701,360	131,701,360
	17	Accounts payable and accrued expenses..........	267,756	242,769
18	Grants payable.................	1,656,460	2,528,330
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 )	List of Attached Documents: // Content 138,084	List of Attached Documents: // Content 244,000
23	Total liabilities (add lines 17 through 22).........	2,062,300	3,015,099
		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	112,574,857	128,686,261
29	Total net assets or fund balances (see instructions).....	112,574,857	128,686,261
30	Total liabilities and net assets/fund balances (see instructions).	114,637,157	131,701,360

(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.)
1 a	Capital Gain Distributions From Partnerships	P
b	Capital Gain Distributions From Partnerships	P
c	Capital Gain From Aperio	P
d	Edler Energy Infrastructure IV	P
e	Adler Equity	P

(e) Gross sales price	(f) Depreciation allowed (or allowable)	(h) Gain or (loss) (e) plus (f) minus (g)
a		253,335	-253,335
b		574,747	-574,747
c	41,111,880	33,931,274	7,180,606
d	2,798		2,798
e	2,038,910		2,038,910

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	8,394,232
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

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	140,082
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	140,082
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	140,082
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a	144,914
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	116,000
d	Backup withholding erroneously withheld ..........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............	7	260,914
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	120,832
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax120,832	Refunded	11	0

(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
Matt Rauenhorst	President/Chair 1.00	0	0	0
Suite 2950 60 South 6th Street Minneapolis,MN55402
Kristin Ridley	Vice President/Executive Director 40.00	240,349	32,601	0
Suite 2950 60 South 6th Street Minneapolis,MN55402
Suzanne Flannigan	Vice President 6.00	0	0	0
Suite 2950 60 South 6th Street Minneapolis,MN55402
Kim Noonan	Director 1.00	0	0	0
Suite 2950 60 South 6th Street Minneapolis,MN55402
Kristen Grubb	Tax Officer 10.00	37,492	6,342	0
Suite 2950 60 South 6th Street Minneapolis,MN55402
Joe Downs	Director 1.00	0	0	0
Suite 2950 60 South 6th Street Minneapolis,MN55402
Beth Duyvejonck	Director 1.00	0	0	0
Suite 2950 60 South 6th Street Minneapolis,MN55402
Margaret Green-Rauenhorst	Director 1.00	0	0	0
Suite 2950 60 South 6th Street Minneapolis,MN55402
Aretha Green-Rupert	Director 1.00	0	0	0
Suite 2950 60 South 6th Street Minneapolis,MN55402
Olivia Jefferson	Director 1.00	0	0	0
Suite 2950 60 South 6th Street Minneapolis,MN55402
Tim Murnane	Director 1.00	0	0	0
Suite 2950 60 South 6th Street Minneapolis,MN55402
Elaine Rasmussen	Secretary 1.00	0	0	0
Suite 2950 60 South 6th Street Minneapolis,MN55402
Ian Widmer	Treasurer 1.00	0	0	0
Suite 2950 60 South 6th Street Minneapolis,MN55402

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
A Mother's Love Initiative 5227 Humboldt Avenue North Minneapolis,MN55430	None	PC	General Operations	2,500
Academy of Holy Angels 6600 Nicollet Ave S Richfield,MN55423	None	PC	AHA Service Learning Program	5,000
ACE Mentor Program of Central Iowa PO Box 7747 Urbandale,IA50323	None	PC	ACE Mentor Program	5,000
ACE Mentor Program of Colorado 3530 Stuart St Denver,CO80212	None	PC	ACE Mentor Program	5,000
Aeon 901 North 3rd Street Suite 150 Minneapolis,MN55401	None	PC	Transformation Bridge Plan	150,000
African American Leadership Forum 1625 Hennepin Ave Suite 200 Minneapolis,MN55403	None	PC	Black Agenda for Change	40,000
ALS Therapy Development Institute 480 Arsenal Street Suite 201 Watertown,MA02472	None	PC	General Operations	5,000
Anawim Housing 1750 48th St Des Moines,IA50310	None	PC	Supportive Housing Needs	5,000
Aris Foundation 475 E Joseph Way Gilbert,AZ85295	None	PC	Bridging the Gap	5,000
Armer Foundation for Kids 9830 S 51st St Sue A128 Phoenix,AZ85044	None	PC	Recognition of volunteer efforts	5,000
Assistance League of Kansas City 6100 N Chestnut Avenue Gladstone,MO64119	None	PC	Operation Child In Need	5,000
Big Brothers Big Sisters of the Greater Twin Cities 3110 Washington Ave N Minneapolis,MN55411	None	PC	Improving the Participant Experience	100,000
Big Shoulders Fund 212 W Van Buren St Chicago,IL60607	None	PC	Teacher Recruitment and Retention	50,000
Black Men Teach 370 Wabasha St N St Paul,MN55102	None	PC	Internships: Accelerating the Pipeline of Black Male Educators	50,000
Boys & Girls Club of Metro Denver 2017 W 9th Ave Denver,CO80204	None	PC	Pack to School and Academic Success	5,000
Boys & Girls Clubs of Greater Kansas City 4001 Dr Martin Luther King Jr Pkwy Ste 102 Kansas City,MO64130	None	PC	Teen Services Program Growth	50,000
Building Futures PO Box 15195 St Louis,MO63110	None	PC	In School Workshops and Summer Design & Build Programs	125,000
Building Futures PO Box 15195 St Louis,MO63110	None	PC	General Operations	1,000
Camp Fire Minnesota 3300 Tanadoona Drive Excelsior,MN55331	None	PC	PreK-12 Environmental Education Program	50,000
Cardinal Ritter Senior Services 7601 Watson Road St Louis,MO63119	None	PC	General Operations	10,000
Child Crisis Arizona 817 N Country Club Drive Mesa,AZ85201	None	PC	Fostering Bright Futures Expansion Campaign	50,000
Christopher House 5235 West Belden Avenue Chicago,IL60639	None	PC	Recruit & Retain Early Childhood Education Teachers	100,000
City Year Kansas City 415 Delaware St 3rd Floor Kansas City,MO64105	None	PC	Whole School, Whole Child Program	5,000
Clayton School District Parent-Teachers Organizational Council 2 Mark Twain Circle St Louis,MO63105	None	PC	Wydown PTO - Scholarships for Wydown 6th grade camp	5,000
Colorado Coalition for the Homeless 2111 Champa Street Denver,CO80205	None	PC	Renewal Village Renovations	100,000
CommonBond Communities 1080 Montreal Avenue St Paul,MN55116	None	PC	RISE Early Learning Childcare Center	50,000
CommonBond Communities 1080 Montreal Avenue St Paul,MN55116	None	PC	General Operations	5,000
CommonBond Communities 1080 Montreal Avenue St Paul,MN55116	None	PC	General Operations	3,000
Community Action Partnership of Scott Carver and Dakota Counties 738 1st Avenue East Shakopee,MN55379	None	PC	Culturally Inclusive Food Shelf Options	5,000
Community Capital Fund 3200 Wayne Ave Kansas City,MO64124	None	PC	Diversified Contractors Growth Fund	100,000
Community Foundation of Greater Des Moines PO Box 71367 Clive,IA50325	None	PC	Clive Community Foundation Health & Wellness Initiative	5,000
Community Pathways of Steele County 155 Oakdale St Owatonna,MN55060	None	PC	The Marketplace (Food Shelf)	5,000
CommunityWorks Inc 6000 E Evans Ave Suite 2-100 Denver,CO80222	None	PC	Empowering Commutes, Fueling Success	5,000
Connectup Institute 1908 University Avenue W St Paul,MN55104	None	PC	General Operations	15,000
Construction Careers Foundation 10590 Wayzata Blvd Suite 100 Minnetonka,MN55305	None	PC	Program Growth and Enhancements	150,000
Construction Education Foundation 646 Mariposa St Denver,CO80204	None	PC	Expand High School Pre-Apprenticeship Programming	60,000
Cristo Rey Jesuit High School- Twin Cities 2924 4th Avenue S Minneapolis,MN55408	None	PC	Cristo Reys Corporate Work Study Program	10,000
CU Real Estate Center Leeds School of Business Koelbel Building S350K 995 Regent Drive 419 UCB Boulder,CO80309	None	PC	2023 Colorado NAIOP Rocky Mountain Real Estate Challenge	2,500
Cultural Survival Inc 2067 Massachusetts Avenue Cambridge,MA02140	None	PC	General Operations	2,500
Denver Inner City Parish 1212 Mariposa Street Denver,CO80204	None	PC	Mobile Care Navigation Program	5,000
Denver Kids Inc 1617 S Acoma Street Denver,CO80223	None	PC	Educational Counseling & Community Engagement Partnership Program	50,000
DinoMights 3400 Park Av Minneapolis,MN55407	None	PC	Seasonal Staff Program	5,000
Distributive Education Clubs of America 21576 NE Pickerel Lake Road Detroit Lakes,MN56501	None	PC	State Level Conferences	3,000
Downtown Tempe Foundation 1 W Rio Salado Parkway Tempe,AZ85281	None	PC	DEIJAB Initiatives	5,000
Dress for Success Indianapolis 820 N Meridian St Indianapolis,IN46204	None	PC	Employment Services Program	10,000
Dress for Success Twin Cities 1430 Concordia Ave 4302 St Paul,MN55104	None	PC	Success Express	10,000
Dress for Success Twin Cities 1430 Concordia Ave 4302 St Paul,MN55104	None	PC	IDEA Coalition	1,000
Dunwoody College of Technology 818 Dunwoody Boulevard Minneapolis,MN55403	None	PC	Pathways to Careers Program	50,000
Eagle University 421 Boulder St Lawrence,KS66049	None	PC	Eagle U Retreat Programming	5,000
Earnest & Edna Shepherd Youth Center 610 E Shepherd Road Liberty,MO64068	None	PC	Radical Challenge	5,000
Embarc PO Box 221450 Chicago,IL60622	None	PC	Supporting Embarc Educators	10,000
Feed Northland Kids 12200 N Ambassador Dr Suite 210-K Kansas City,MO64163	None	PC	Community Food Kit	5,000
Fourth Avenue Foundation Inc 434 E 9th St Tucson,AZ85705	None	PC	Fourth Avenue Streetscape Improvement	5,000
Free Bikes 4 Kidz MN PO Box 46385 Plymouth,MN55446	None	PC	Distribute Bikes to Those in Need	5,000
Freedom for Youth Ministries 2301 Hickman Road Des Moines,IA50310	None	PC	Freedom Construction Services Work Training Scholarships	100,000
Gather and Grow Waconia United Food Shelf PO BOX 577 WACONIA,MN553870577	None	PC	Food Distribution	5,000
Genesys Works Twin Cities 445 Minnesota Street Suite 720 St Paul,MN55101	None	PC	General Operations	5,000
Girl Scouts of Minnesota and Wisconsin River Valleys 400 South Robert Street Saint Paul,MN55107	None	PC	Celebrate Changemakers	5,000
Girl Scouts of Minnesota and Wisconsin River Valleys 400 South Robert Street Saint Paul,MN55107	None	PC	Leadership Experience Expansion and Access	50,000
Goodwill of Central & Southern Indiana 1635 West Michigan St Indianapolis,IN46222	None	PC	College & Career Readiness	50,000
Goodwill-Easter Seals Minnesota 553 Fairview Ave N Saint Paul,MN55104	None	PC	Reentry Program	50,000
Great Outdoors Foundation 501 SW 7th Street Suite G Des Moines,IA50309	None	PC	The Camp	5,000
Great River Greening 251 Starkey Street Suite 2200 St Paul,MN55107	None	PC	Future Stewards	10,000
Greater Des Moines Habitat for Humanity 2200 E Euclid Avenue Des Moines,IA50317	None	PC	Recognition of volunteer efforts	5,000
Greater Indy Habitat for Humanity Inc 3135 N Meridian Street Indianapolis,IN46208	None	PC	Recognition of volunteer efforts	5,000
Greater MSP 400 Robert Street Suite 1600 St Paul,MN55101	None	PC	Minnesota Business Coalition for Racial Equity	10,000
Greater Twin Cities United Way 404 South 8th Street Minneapolis,MN55404	None	PC	Workplace Giving	74,711
Greater Twin Cities United Way 404 South 8th Street Minneapolis,MN55404	None	PC	Workplace Giving	1,850
Greater Twin Cities United Way 404 South 8th Street Minneapolis,MN55404	None	PC	Workplace Giving	4,928
Greater Twin Cities United Way 404 South 8th Street Minneapolis,MN55404	None	PC	Workplace Giving	377
Greater Twin Cities United Way 404 South 8th Street Minneapolis,MN55404	None	PC	Workplace Giving	4,096
Greater Twin Cities United Way 404 South 8th Street Minneapolis,MN55404	None	PC	Workplace Giving	2,888
Greater Twin Cities United Way 404 South 8th Street Minneapolis,MN55404	None	PC	Workplace Giving	21
Greater Twin Cities United Way 404 South 8th Street Minneapolis,MN55404	None	PC	Workplace Giving	1,620
Greater Twin Cities United Way 404 South 8th Street Minneapolis,MN55404	None	PC	Workplace Giving	1,475
Grimes Volunteer Support Services 404 SE 2nd Street Suite 100 Grimes,IA50111	None	PC	Transportation Assistance	2,000
Groves Learning Organization 3200 Highway 100 S St Louis Park,MN55416	None	PC	Literacy Partnerships	10,000
Habitat for Humanity of Kansas City 1423 Linwood Ave Kansas City,MO64109	None	PC	Volunteer efforts	5,000
Habitat for Humanity of Metro Denver Inc 7535 E Hampden Ave Suite 600 Denver,CO80231	None	PC	Volunteer efforts	10,000
Hancock Health Foundation 801 North State Street Greenfield,IN46140	None	PC	Healthy365 Connection Center	5,000
Harvesters - The Community Food Network 3801 Topping Avenue Kansas City,MO64129	None	PC	Feeding Families	5,000
Heart Ministry Center 2222 Binney St Omaha,NE68110	None	PC	Digital Literacy Program Pilot	50,000
Hillcrest Hope PO Box 17 Liberty,MO64069	None	PC	Transitional Housing Program	5,000
Hispanic Chamber Education Foundation 444 Sherman St Denver,CO80203	None	PC	Early Learning Campaign	5,000
Home Sweet Home 290 Hanley Industrial Court Brentwood,MO63144	None	PC	Furnish Hope	10,000
Homeward Bound 2302 West Colter Street Phoenix,AZ85015	None	PC	Prevention Program	7,500
Hope Community Inc 611 East Franklin Avenue Minneapolis,MN55404	None	PC	General Operations	5,000
Hoya Foundation 5460 Ward Road Suite 300 Arvada,CO80002	None	PC	Construction GIRL Program	5,000
Inner City Impact 3327 W Fullerton Ave Chicago,IL60647	None	PC	Leadership Development Program	5,000
Inner City Night Shelter 124 Arnold Street Savannah,GA314012909	None	PC	Evening Meal	5,000
InspireMSP 1730 New Brighton Blvd Suite 104-141 Minneapolis,MN55413	None	PC	General Operations	10,000
InspireMSP 1731 New Brighton Blvd Suite 104-141 Minneapolis,MN55413	None	PC	Program Development	5,000
International Institute of Minnesota 1694 Como Avenue Saint Paul,MN55108	None	PC	Increase Capacity of Professional Leadership Training Program	50,000
Jesuit Refugee Service USA 1627 K Street NW Washington,DC20006	None	PC	Support for work on the boarder between Mexico and the US	15,000
Junior Achievement North 1975 University Ave W St Paul,MN55104	None	PC	Middle School Program Support for the Owatonna area	5,000
Junior Achievement of Greater St Louis Inc 17339 North Outer 40 Road Chesterfield,MO63005	None	PC	JA Trades	10,000
Lake Street Council 2925 Chicago Ave Minneapolis,MN55407	None	PC	Small Business Support	50,000
LatinoLEAD 797 7th Street E Ste 151 St Paul,MN55106	None	PC	General Operations	2,500
Lewy Body Dementia Association 912 Killian Hill Road SW Lilburn,GA30047	None	PC	Research Centers of Excellence and Caregiver Support Development	10,000
LINK Unlimited Scholars 2221 S State Street Chicago,IL60616	None	PC	LINK Unlimited Scholars Fellowships	5,000
Little Free Library 2327 Wycliff St Suite 220 St Paul,MN55114	None	PC	Library Build Event	5,000
Meals from the Heartland 357 Lincoln St West Des Moines,IA50265	None	PC	Meal Packaging Programs	5,000
Mercy Housing 1600 Broadway Suite 2000 Denver,CO80202	None	PC	Resident Services Program	10,000
Mesa Arts Center Foundation One East Main Street Mesa,AZ85201	None	PC	Project Lit: Igniting Literacy Through the Arts	5,000
MicroGrants 100 North Sixth Street Suite 626B Minneapolis,MN55403	None	PC	Education, Small Business and Transportation Support Grants	10,000
MIGIZI 1845 East Lake Street Minneapolis,MN55407	None	PC	Indigenous Pathways	150,000
Mile High Youth Corps 1801 Federal Blvd Denver,CO80204	None	PC	YouthBuild Program	50,000
Minnesota American Legion Foundation Fund 84 20 W 12th Street Room 300A St Paul,MN551552000	None	PC	Legacy Scholarship Fund	1,000
Minnesota Brownfields 4248 Park Glen Road Minneapolis,MN55416	None	PC	New Developers Workshop	5,000
Navigate Adolescence Inc PO Box 504 Downers Grove,IL60515	None	PC	The Navigate Series	1,000
New Pathways for Youth Inc 901 E Jefferson Street Phoenix,AZ85034	None	PC	LEVEL UP: Bonus Round Young Adult Programming	50,000
New Visions Homeless Services 1435 North 15th Street Council Bluffs,IA51501	None	PC	Pathways to Success Work Training Program	50,000
NEWSED Community Development Corporation 901 W 10th Avenue Suite 2A Denver,CO80204	None	PC	Small Business Development Programs	5,000
Nexus Community Partners 2314 University Ave Suite 18 St Paul,MN55114	None	PC	Program support for Minnesota Black Collective Foundation	5,000
Northmont FISH 265 Smith Dr Englewood,OH45315	None	PC	Building Renovations	5,000
Operation Breakthrough 3039 Troost Avenue Kansas City,MO64109	None	PC	Entrepreneurial Pathways and Workforce Development	150,000
Our Lady of Peace 2076 St Anthony Avenue St Paul,MN55104	None	PC	General Operations	10,000
Our Savior Lutheran Church 56 Meadows Drive Pagosa Springs,CO81147	None	PC	Lutheran Mercy Care Ministries	15,000
Parents Alliance Employment Project 2525 Cabot Drive Suite 205 Lisle,IL60532	None	PC	Job Training Program	5,000
Pathway Financial Education 1520 East 18th Street Kansas City,MO64108	None	PC	Increase Organizational Capacity	50,000
People Reaching Out to Other People 14700 Martin Drive Eden Prairie,MN55344	None	PC	General Operations	2,000
Peter & Paul Community Services 2612 Wyoming Street St Louis,MO63118	None	PC	Soulard Emergency Shelter	5,000
Pillsbury United Communities 3650 Fremont Ave No Minneapolis,MN55412	None	PC	Justice Built Communities	150,000
PREP-KC 2300 Main Ste 340 Kansas City,MO64108	None	PC	College & Career Exploration Program	5,000
PREP-KC 2300 Main Ste 340 Kansas City,MO64108	None	PC	2023 Building Community	70,000
Project DIVA 2100 Stevens Street Minneapolis,MN55404	None	PC	General Operations	2,500
Project for Pride in Living Inc 1035 East Franklin Avenue Minneapolis,MN55404	None	PC	Race Equity	100,000
Project IOWA 4801 Franklin Avenue Des Moines,IA50310	None	PC	Website Application Advancements	5,000
Rebuilding Together Kansas City Inc 2050 Plumbers WaySuite 150 Liberty,MO64068	None	PC	Children's Safe at Home	5,000
Rebuilding Together Metro Chicago 4507 N Ravenswood Ave 106 Chicago,IL60640	None	PC	Recognition of Opus associate volunteer efforts	25,000
Rebuilding Together Minnesota 1050 SE 33rd Avenue Suite 200 Minneapolis,MN55414	None	PC	Recognition of Opus associate volunteer efforts	20,000
Rise CDFI 1627 Washington Avenue St Louis,MO63103	None	PC	Rise CDFI Real Estate Development Loan Fund	50,000
Rocky Mountain Immigrant Advocacy Network 7301 Federal Blvd Suite 300 Westminster,CO80030	None	PC	General Operations	2,500
Ronald McDonald House Charities of St Louis 3450 Park Avenue St Louis,MO63104	None	PC	Sponsor A Family	2,500
Saint Thomas Academy 949 Mendota Heights Road Mendota Heights,MN55120	None	PC	General Operations	5,000
Sanctuary Covenant Curch 710 W Broadway Minneapolis,MN55411	None	PC	Haven Pantry	2,500
Society of St Vincent de Paul PO Box 13600 Phoenix,AZ850023600	None	PC	Workforce Development Program Expansion	50,000
SSM Health Cardinal Glennon Children's Foundation 3800 Park Avenue St Louis,MO63110	None	PC	Reach Out and Read	5,000
St Louis Area Foodbank 70 Corporate Woods Drive Bridgeton,MO63044	None	PC	Food Distribution	5,000
St Louis Children's Hospital Foundation 1001 Highlands Plaza Drive West Suite 160 St Louis,MO63110	None	PC	KIDstruction Week	1,000
St Louis Park Emergency Program Inc 6812 West Lake St St Louis Park,MN55426	None	PC	Homelessness Prevention	5,000
St Mary's Early Childhood Center 901 Dr Martin Luther King Jr St Indianapolis,IN46202	None	PC	2Generation Program	50,000
Starfish Initiative 2955 North Meridian St Suite 101 Indianapolis,IN46208	None	PC	Mentor Engagement Program	50,000
Summit Academy OIC 935 Olson Memorial Highway Minneapolis,MN55405	None	PC	Increase Pipeline in Construction	100,000
Sun Valley Youth Center 1230 Decatur Street Denver,CO80204	None	PC	Transportation Needs	5,000
The Camden Collective 4300 Fremont Ave N Minneapolis,MN55412	None	PC	Food Distribution	5,000
The Foster Alliance 3110 E Thunderbird Rd Suite 100 Phoenix,AZ85032	None	PC	Essential Needs	5,000
The Lovelady Center 7916 2nd Avenue South Birmingham,AL35206	None	PC	Transportation Needs	5,000
The Power of People Leadership Institute 600 18th Ave N Suite 1 Minneapolis,MN55411	None	PC	Boys of Hope	50,000
Together 812 S 24th Street Omaha,NE68108	None	PC	Nourish Program - Council Bluffs	5,000
Twin Cities Habitat for Humanity 1954 University Ave W St Paul,MN55104	None	PC	Recognition of Opus associate volunteer efforts	30,000
Twin Cities Habitat for Humanity 1954 University Ave W St Paul,MN55104	None	PC	Advancing Racial Equity	150,000
US Green Building Council 2101 L Street NW Suite 600 Washington,DC20037	None	PC	Community Programs	5,000
University of Denver - Franklin L Burns School of Real Estate 2101 S University Blvd Suite 380 Denver,CO802088934	None	PC	2023 Colorado NAIOP Rocky Mountain Real Estate Challenge	7,500
University of Minnesota Foundation McNamara Alumni Building 200 Oak Street SE Ste 500 Minneapolis,MN554552010	None	PC	NAIOP Minnesota 2023 University Challenge	1,000
University of St Thomas 2115 Summit Avenue St Paul,MN551051079	None	PC	NAIOP Minnesota 2023 University Challenge	2,500
University of St Thomas 2115 Summit Avenue St Paul,MN551051079	None	PC	Diversifying the Future of Real Estate	500,000
University of St Thomas 2115 Summit Avenue St Paul,MN551051079	None	PC	Professional Career Pathway	50,000
University of Wisconsin Madison 5263 Grainger Hall 975 University Ave Madison,WI53706	None	PC	Minnesota NAIOP 2023 University Challenge	5,000
Urban Land Institute Colorado 1536 Wynkoop Street 211 Denver,CO80202	None	PC	Real Estate Diversity Initiative	5,000
Walker West Music Academy 760 Selby Avenue St Paul,MN55104	None	PC	General Operations	2,500
Wheeler Mission 205 East New York Street Indianapolis,IN46204	None	PC	Shelter Services	5,000
Wichita Falls Area Food Bank 1230 Midwestern Parkway Wichita Falls,TX76302	None	PC	Good Buy Hunger Program	5,000
Willkie House 900 17th Street Des Moines,IA50314	None	PC	Renovation project	5,000
Wish for Wheels 4600 S Ulster St Suite 1050 Denver,CO80237	None	PC	Team Bike Build and Give	2,500
Women's Advocates 588 Grand Ave St Paul,MN55102	None	PC	Emergency Shelter Services	5,000
Women's Foundation of Minnesota 105 S 5th Avenue Minneapolis,MN55401	None	PC	General Operations	5,000
YMCA of Metropolitan Chicago 1030 West Van Buren Street Chicago,IL60607	None	PC	Mental Health Support for Early Education & Care	80,000
Total ................................. 3a				4,460,466

bApproved for future payment
Aeon 901 North 3rd Street Suite 150 Minneapolis,MN55401	None	PC	Transformation Bridge Plan	150,000
African American Leadership Forum 1625 Hennepin Ave Suite 200 Minneapolis,MN55403	None	PC	Black Agenda for Change	40,000
AltCap 3200 Wayne Avenue Kansas City,MO64109	None	PC	Diversified Contractors Growth Fund	100,000
Big Brothers Big Sisters of the Greater Twin Cities 3110 Washington Ave N Minneapolis,MN55411	None	PC	Improving the Participant Experience	189,000
Building Futures PO Box 15195 St Louis,MO63110	None	PC	In School Workshops and Summer Design & Build Programs	125,000
Child Crisis Arizona 817 N Country Club Drive Mesa,AZ85201	None	PC	Fostering Bright Futures Expansion Campaign	50,000
Christopher House 5235 West Belden Avenue Chicago,IL60639	None	PC	Recruit & Retain Early Childhood Education Teachers	200,000
Colorado Coalition for the Homeless 2111 Champa Street Denver,CO80205	None	PC	Renewal Village Renovations	100,000
CommonBond Communities 1080 Montreal Avenue St Paul,MN55116	None	PC	RISE Early Learning Childcare Center	50,000
Construction Careers Foundation 10590 Wayzata Blvd Suite 100 Minnetonka,MN55305	None	PC	Program Growth and Enhancements	150,000
New Pathways for Youth Inc 901 E Jefferson Street Phoenix,AZ85034	None	PC	LEVEL UP: Bonus Round Young Adult Programming	75,000
Operation Breakthrough 3039 Troost Avenue Kansas City,MO64109	None	PC	Entrepreneurial Pathways and Workforce Development	150,000
Summit Academy OIC 935 Olson Memorial Highway Minneapolis,MN55405	None	PC	Increase Pipeline in Construction	200,000
Twin Cities Habitat for Humanity 1954 University Ave W St Paul,MN55104	None	PC	Advancing Racial Equity	300,000
Urban Peak Denver 2100 Stout St Denver,CO80205	None	PC	Drop-In Center for Homeless Youth	5,000
Total ................................. 3b	1,884,000


Name of organization Opus Foundation	Employer identification number 41-1983284
Part I Contributors	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	Encore One LLC 10350 Bren Road West Minnetonka, MN55343	$ 2,973,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
2	Opus Investments LLC 10350 Bren Road West Minnetonka, MN55343	$ 276,300	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
3	Opus Holding LLC 10350 Bren Road West Minnetonka, MN55343	$ 5,147,307	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990) (2023)


Name of organization Opus Foundation	Employer identification number 41-1983284
Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990) (2023)

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Accounting Fees	78,500	0		74,750
Audit Fees	36,630	0		36,630

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
AltCap	3200 Wayne Avenue Kansas City,MO64109	2023-11-29	500,000	Diversified Contractors Growth Fund	0	None	4/18/24		Opus Foundation reviewed the Grant Report noted above but did not undertake any verification of the grantee's reports as there has not been any reason to doubt their accuracy or reliability (Reg. 53.4945-5(c)).

Identifier	Return Reference	Explanation
	Form 990-PF, Part VII, Line 1:	Compensation reported on Form 990-PF, Part VII, for Kristin Ridley and Kristen Grubb represents compensation paid by GHR Foundation, an unrelated organization, for services provided to Opus Foundation. Opus Foundation has an agreement with GHR Foundation for management and philanthropy services. The total amount paid to GHR Foundation during 2023 was $799,870.

- TIN:

TY 2023 InvestmentsOtherSchedule2

Name:

Opus Foundation

EIN:

41-1983284

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
Carlyle Europe Parts II, L.P.	FMV	15,430	15,430
Siguler Guff Small Business Opp Fd II	FMV	2,093,507	2,093,507
Apis & Heritage Legacy Fund I	FMV	474,728	474,728
Siguler Guff Small Buyout Fund V (T), LP	FMV	1,115,718	1,115,718
Commonfund Capital Secondary Partners IV, LP	FMV	771,204	771,204
Adler Asian Private Equity, LLC	FMV	12,566	12,566
Adler Bond Fund, LLC	FMV	31,870,396	31,870,396
Adler CPV, LLC	FMV	103,570	103,570
Adler Energy Infrastr III, LLC	FMV	5,911	5,911
Adler Energy Infrastr IV, LLC	FMV	2,456	2,456
Adler Health Care, LLC	FMV	4,661	4,661
Adler New Euro Priv Eqty, LLC	FMV	64,366	64,366
Adler Opportunistic Debt, LLC	FMV	1,634	1,634
Alder Energy Finance, LLC	FMV	7,569	7,569
Adler Opportunistic Debt II	FMV	1,444,216	1,444,216
Adler CPVI	FMV	418,988	418,988
Adler Energy Infrastr V, LLC	FMV	207,327	207,327
Adler Health Partners III, LLC	FMV	2,628,486	2,628,486
Adler Small Buyout Fund	FMV	729,723	729,723
Adler Trans Recovery Fd, LLC	FMV	786,530	786,530
Adler Co-invest Opp Fd, LLC	FMV	866,850	866,850
Adler NGP XI, LLC	FMV	1,077,615	1,077,615
Adler Energy Finance II, LLC	FMV	77,184	77,184
Adler Opportunistic Debt III	FMV	1,157,303	1,157,303
Adler SG Small Buyout Fund III	FMV	1,197,914	1,197,914
Adler Cinven VI, LLC	FMV	661,341	661,341
Adler MPE Fund II, LLC	FMV	1,165,652	1,165,652
Adler Southfield II, LLC	FMV	4,286,984	4,286,984
Adler Health Partners IV, LLC	FMV	2,409,217	2,409,217
Adler Frontenac XI, LLC	FMV	4,835,460	4,835,460
Adler 2018 Alternative Investments, LLC	FMV	4,833,894	4,833,894
Adler 2019 Alternative Investments, LLC	FMV	9,665,894	9,665,894
Adler Panco Fund IV, LLC	FMV	2,498,564	2,498,564
Adler 2020 Alternative Investments, LLC	FMV	5,865,475	5,865,475
Adler 2022 Alternative Investments, LLC	FMV	1,894,715	1,894,715
Blackstar Stability Distressed Debt Fund, LLC	FMV	12,461	12,461
Grain Spectrum Holdings IV, LP	FMV	496,542	496,542
ADR BHP GROUP LTD SPONSORED ADR	FMV	129,379	129,379
ADR BRAMBLES LTD SPONSORED ADR	FMV	29,822	29,822
ADR COMMONWEALTH BANK OF AUSTRALIA SPONSORED ADR	FMV	76,800	76,800
ADR CSL LTD SPONSORED ADR	FMV	163,440	163,440
ADR FORTESCUE METALS GROUP LTD SPONSORED ADR	FMV	47,794	47,794
ADR MACQUARIE GROUP LTD ADR NEW	FMV	73,560	73,560
ADR SANTOS LTD SPONSORED ADR	FMV	61,585	61,585
ADR SOUTH32 LTD SPONSORED ADR	FMV	71,473	71,473
ADR WOODSIDE ENERGY GROUP LTD SPONSORED ADR	FMV	125,422	125,422
ANZ GROUP HLDGS LTD SPONSORED ADR	FMV	46,455	46,455
JAMES HARDIE INDUSTRIES PLC	FMV	64,231	64,231
TREASURY WINE ESTATES LTD SPONSORED ADR	FMV	26,974	26,974
ADR ANHEUSER BUSCH INBEV SA/NV SPONSOREDADR	FMV	19,903	19,903
ADR AMBEV SA SPONSORED ADR	FMV	66,172	66,172
ADR COMPANHIA DE SANEAMENTO BASICO DO	FMV	19,586	19,586
ADR COMPANHIA PARANAENSE DE ENERGIA	FMV	15,663	15,663
ADR NATURA &CO HLDG S A ADR	FMV	19,084	19,084
ADR SENDAS DISTRIBUIDORA S A SPONSORED ADR	FMV	33,444	33,444
ADR VALE S A ADR	FMV	92,670	92,670
ADR YARA INTL ASA SPONSORED ADR	FMV	20,579	20,579
COMPANHIA PARANAENSE DE ENERGIA SPONSORED ADR NEW REPSTG	FMV	3,634	3,634
BANK MONTREAL QUE COM	FMV	62,926	62,926
BANK N S HALIFAX COM STK	FMV	19,963	19,963
CAE INC COM NPV	FMV	19,215	19,215
CAMECO CORP COM	FMV	46,462	46,462
CANADIAN NATL RY CO COM	FMV	133,796	133,796
CENOVUS ENERGY INC COM	FMV	35,198	35,198
ENBRIDGE INC COM	FMV	96,137	96,137
FORTIS INC COM STK	FMV	19,208	19,208
IMPERIAL OIL LTD COM NEW COM NEW	FMV	56,732	56,732
MAGNA INTERNATIONAL INC COMMON STOCK	FMV	35,921	35,921
MANULIFE FINL CORP COM	FMV	36,001	36,001
NUTRIEN LTD COM NPV	FMV	18,871	18,871
RB GLOBAL INC COM NPV	FMV	24,616	24,616
RESTAURANT BRANDS INTL INC COM NPV	FMV	19,376	19,376
ROGERS COMMUNICATIONS INC CL B NON VTG CL B	FMV	19,473	19,473
ROYAL BK CDA MONTREAL QUE COM NPV	FMV	123,783	123,783
SHOPIFY INC CL A SHOPIFY INC	FMV	85,768	85,768
STANTEC INC COM STK	FMV	35,364	35,364
SUN LIFE FINANCIAL INC.	FMV	69,441	69,441
SUNCOR ENERGY INC NEW COM STK	FMV	40,018	40,018
TC ENERGY CORPORATION COM NPV	FMV	80,017	80,017
TECK RESOURCES LIMITED	FMV	30,223	30,223
THOMSON REUTERS CORP FORMERLY COM NO PAR	FMV	58,488	58,488
TORONTO DOMINION BK ONT COM NEW COM NEW	FMV	50,662	50,662
ADR ENN ENERGY HLDGS LTD ADR	FMV	25,860	25,860
ADR ALIBABA GRP HLDG LTD SPON ADS E ACH REP 8 ORD SHS ADS	FMV	144,711	144,711
ADR BILIBILI INC ADS REPSTG SHS CL Z	FMV	37,435	37,435
ADR BOC HONG KONG HLDGS LTD SPONSORED ADR	FMV	32,611	32,611
ADR GDS HLDGS LTD SPONSORED ADR	FMV	38,888	38,888
ADR JD COM INC SPONSORED ADR REPSTG COM CL A	FMV	133,183	133,183
ADR NETEASE INC SPONSORED ADR ADR EACH REPR 25 COM STK USD0.0001	FMV	86,080	86,080
ADR PING AN INSURANCE SPONSORED ADR REPSTG 2 H SHS	FMV	90,155	90,155
ADR PROSUS N.V. ADR NASPERS NEWCO-ADR	FMV	36,771	36,771
ADR TENCENT MUSIC ENTMT GROUP ADS	FMV	49,303	49,303
ADR TRIP COM GRP LTD	FMV	91,645	91,645
ADR WEIBO CORP SPONSORED ADR	FMV	20,400	20,400
H WORLD GROUP LTD SPONSORED ADR	FMV	41,532	41,532
ADR BANCOLOMBIA S A SPONSORED ADR REPSTG4 PREF SHS	FMV	32,370	32,370
ADR A P MOLLER-MAERSK A/S ADR	FMV	32,112	32,112
ADR NOVO-NORDISK A S ADR	FMV	206,693	206,693
ADR NOVOZYMES A/S ADR	FMV	32,614	32,614
ADR ORSTED A/S ADR	FMV	30,741	30,741
ADR VESTAS WIND SYS A/S UNSPONSORED ADR REPSTG 3 ORD SHS	FMV	34,271	34,271
GENMAB A/S SPONSORED ADR	FMV	40,437	40,437
ADR KONE OYJ ADR	FMV	23,864	23,864
ADR NOKIA CORP SPONSORED ADR	FMV	19,525	19,525
ADR SAMPO OYJ ADR ADR	FMV	19,350	19,350
ADR UPM KYMMENE CORP ADR	FMV	19,177	19,177
NORDEA BANK ABP SPON ADS EACH REP 1 ORD SHS	FMV	35,126	35,126
ADR AIR LIQUIDE ADR	FMV	165,343	165,343
ADR BNP PARIBAS SPONSORED ADR REPSTG	FMV	80,527	80,527
ADR CAPGEMINI S E ADR	FMV	19,042	19,042
ADR DANONE SPONSORED ADR	FMV	60,023	60,023
ADR DASSAULT SYS S A SPONSORED ADR	FMV	27,892	27,892
ADR ENGIE SPONSORED ADR	FMV	41,219	41,219
ADR ESSILORLUXOTTICA SA	FMV	36,177	36,177
ADR HERMES INTL SCA ADR	FMV	146,694	146,694
ADR KERING S A ADR	FMV	43,355	43,355
ADR L OREAL S A ADR	FMV	72,569	72,569
ADR LEGRAND S A ADR	FMV	30,561	30,561
ADR LVMH MOET HENNESSY LOUIS VUITTON ADR	FMV	105,593	105,593
ADR MICHELIN COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN ADR	FMV	102,516	102,516
ADR ORANGE SPONSORED ADR	FMV	41,102	41,102
ADR PUBLICIS GROUPE S.A. AMERICAN DEPOSITARY RECEIPTS - SPONSORED	FMV	33,756	33,756
ADR SAFRAN ADR	FMV	66,018	66,018
ADR SCHNEIDER ELECTRIC SE	FMV	181,437	181,437
ADR SOCIETE GENERALE FRANCE SPONSORED ADR	FMV	20,621	20,621
ADR STMICROELECTRONICS N V SHS-N Y REGISTRY SHS-N Y REGISTRY	FMV	18,999	18,999
ADR TOTALENERGIES SE SPONSORED ADR	FMV	145,945	145,945
ADR VINCI S A ADR	FMV	60,683	60,683
AIRBUS SE UNSPON ADR EA REPR 0.25 ORD EUR1	FMV	19,131	19,131
SANOFI SPONSORED ADR	FMV	82,353	82,353
ADR ADIDAS AG SPONSORED ADR	FMV	23,380	23,380
ADR ALLIANZ SE UNSPON ADS EACH REP 1/10 ORD SHARES	FMV	97,952	97,952
ADR BASF AKTIENGESELLSCHAFT - LEVEL I	FMV	47,560	47,560
ADR BAYERISCHE MOTOREN WERKE AG SPONSORED ADR	FMV	42,766	42,766
ADR DEUTSCHE TELEKOM AG SPONSORED ADR	FMV	97,751	97,751
ADR FRESENIUS MEDICAL CARE AG	FMV	19,289	19,289
ADR HENKEL AG & CO KGAA	FMV	50,323	50,323
ADR INFINEON TECHNOLOGIES AG SPONSORED ADR ADR STK ISIN# US45662N1037	FMV	19,084	19,084
ADR MERCEDES-BENZ GROUP AG ADR	FMV	89,855	89,855
ADR MERCK KGAA SPONSORED ADR DEPOSITARY RECEIPT	FMV	32,888	32,888
ADR MUNICH RE GROUP ADR	FMV	44,163	44,163
ADR RWE AKTIENGESELLSCHAF	FMV	24,061	24,061
ADR SIEMENS AG COM DM50 (NEW)	FMV	86,244	86,244
ADR VOLKSWAGEN CREDIT CANADA INC ADR REPSTG 1/10TH SH	FMV	43,094	43,094
ADR VONOVIA SE ADR	FMV	39,206	39,206
ADR ZALANDO SE ADR	FMV	17,768	17,768
DEUTSCHE BK AG COM STK ISIN DE0005140008 SDL 505964X	FMV	22,764	22,764
DEUTSCHE POST AG SPONSORED ADR	FMV	44,742	44,742
SAP SE-SPONSORED ADR	FMV	33,701	33,701
ADR AIA GROUP LTD SPONSORED ADR	FMV	137,779	137,779
ADR GEELY AUTOMOBILE HLDGS LTD	FMV	27,397	27,397
ADR HANG SENG BK LTD SPONSORED NEW	FMV	45,466	45,466
ADR HENDERSON LD DEV LTD SPONSORED ADR ISIN #US4251663039	FMV	26,474	26,474
ADR LENOVO GROUP LTD SPONSORED ADR	FMV	30,124	30,124
ADR SUN HUNG KAI PROP LTD NEW	FMV	62,186	62,186
ADR WIPRO LTD SPONSORED ADR REPSTG 1 SH SPONSORED ADR REPSTG 1 SH COM	FMV	236,023	236,023
DR REDDYS LABS LTD ADR REPSTG 1/2 SH	FMV	142,848	142,848
INFOSYS LIMITED ADR	FMV	118,992	118,992
CHECK PT SOFTWARE TECHNOLOGIES ORDILS.01	FMV	32,544	32,544
CYBER-ARK SOFTWARE LTD COM ILS0.01	FMV	37,677	37,677
ELBIT SYS LTD	FMV	33,054	33,054
ICL-ISRAEL CHEMICALS ILS1	FMV	18,838	18,838
ADR INTESA SANPAOLO S P A SPONSORED ADR REPSTG ORD SHS ADR	FMV	25,223	25,223
ADR TENARIS S A SPONSORED ADR	FMV	18,944	18,944
ADR UNICREDIT SPA ADR NEW 2017	FMV	66,084	66,084
CNH INDUSTRIAL NV COM STK	FMV	21,412	21,412
FERRARI N V FERRARI N V COMMON S TOCK	FMV	45,350	45,350
SNAM SPA UNSP ADR EA REPR 2 ORD SHS	FMV	31,127	31,127
ADR ASTELLAS PHARMA INC ADR	FMV	19,540	19,540
ADR FUJIFILM HLDGS CORP ADR 2 ORD ADR	FMV	35,725	35,725
ADR HOYA CORP SPONSORED ADR	FMV	131,493	131,493
ADR INPEX HLDGS INC ADR ADR	FMV	42,031	42,031
ADR KOMATSU LTD SPONSORED ISIN US5004584018	FMV	136,602	136,602
ADR MIZUHO FINL GROUP INC SPONSORED ADR	FMV	122,911	122,911
ADR NIPPON TELEG & TEL CORP SPONSORED ADR	FMV	108,273	108,273
ADR NISSAN MTR LTD SPONSORED ADR	FMV	30,694	30,694
ADR OMRON CORP SPONSORED ADR	FMV	50,942	50,942
ADR RENESAS ELECTRONICS CORP ADR REPSTG 1/2 COM SHS	FMV	36,511	36,511
ADR SHISEIDO LTD SPONSORED ADR	FMV	100,213	100,213
ADR SUMITOMO MITSUI FINL GROUP INC SPONSORED ADR	FMV	209,862	209,862
ADR TOYOTA MTR CORP SPONSORED ADR	FMV	449,098	449,098
AJINOMOTO CO INC ADR-EACH CNV INTO 10 ORD Y50	FMV	31,654	31,654
EISAI CO LTD ADR	FMV	35,252	35,252
OTSUKA HLDGS CO LTD ADR	FMV	35,192	35,192
PANASONIC HOLDINGS CORP ADR-EACH CNV INTO 1 ORD NPV	FMV	83,069	83,069
SOFTBANK GROUP CORPORATION ADR	FMV	81,386	81,386
SYSMEX CORP ADR	FMV	52,577	52,577
ADR KB FINL GROUP INC SPONSORED ADR REPSTG 1 COM SH ADR	FMV	122,910	122,910
ADR KT CORP SPONSORED ADR	FMV	60,023	60,023
ADR SHINHAN FINL GROUP CO LTD SPONSORED ADR	FMV	112,809	112,809
ADR GRUPO AEROPORTUARIO DEL CENTRO NORTES A B DE C V SPONSORED ADR	FMV	18,788	18,788
ADR WAL-MART DE MEX SAB DE CV	FMV	72,534	72,534
ADR ING GROEP N V SPONSORED ADR	FMV	50,317	50,317
ADR KONINKLIJKE AHOLD DELHAIZE N V SPONSORED ADR NEW 2016	FMV	60,901	60,901
ADR WOLTERS KLUWER N V SPONSORED ADR	FMV	33,631	33,631
AEGON LTD AMER REGD CERT	FMV	23,247	23,247
COCA-COLA EUROPACIFIC PARTNERS	FMV	96,039	96,039
KONINKLIJKE PHILIPS NV	FMV	18,897	18,897
ADR DNB BK ASA SPONSORED ADR	FMV	67,649	67,649
ADR EQUINOR ASA SPONSORED ADR	FMV	19,079	19,079
ADR NORSK HYDRO A S SPONSORED ADR	FMV	35,731	35,731
CREDICORP LTD COM STK	FMV	21,140	21,140
ADR PLDT INC SPONSORED ADR	FMV	33,317	33,317
EDP-ENERGIAS DE PORTUGAL S A	FMV	20,089	20,089
ADR SINGAPORE TELECOMMUNICATIONS LTD SPONSORED ADR NEW 2006	FMV	58,313	58,313
ADR UOL GROUP LTD SPONSORED ADR	FMV	22,663	22,663
ADR ANGLO AMERN PLC SPONSORED ADR	FMV	24,511	24,511
ADR GOLD FIELDS LTD NEW SPONSORED ADR	FMV	16,803	16,803
ADR HARMONY GOLD MNG LTD SPONSORED ADR	FMV	18,272	18,272
ADR IMPALA PLATINUM HLDGS LTD SPONSORED ADR REPSTG 1/4 SH	FMV	19,984	19,984
ANGLOGOLD ASHANTI PLC ORD USD1	FMV	18,914	18,914
NASPERS SPON ADR EACH REP 0.2 ORD SHS (P/S)CL N	FMV	24,828	24,828
ADR AMADEUS IT GROUP S A ADS	FMV	43,753	43,753
ADR BANCO BILBAO VIZCAYA ARGENTARIA S A SPONSORED ADR	FMV	21,181	21,181
ADR GRIFOLS S A SPONSORED ADR REPSTG 1/2CL B NON VTG NEW	FMV	20,739	20,739
ADR INDUSTRIA DE DISENO TEXTIL INDITEX SA ADR ADR	FMV	89,574	89,574
ADR ATLAS COPCO AB SPONSORED ADR NEW REPSTG COM CLASS A	FMV	54,934	54,934
ADR EPIROC AB UNSPON ADS EACH REP 1 ORD SHS	FMV	50,343	50,343
ADR HEXAGON AB ADR	FMV	19,388	19,388
ADR SANDVIK AB ADR	FMV	47,848	47,848
ADR VOLVO AB ADR	FMV	43,302	43,302
ADR GIVAUDAN SA ADR	FMV	45,694	45,694
ADR LONZA GROUP AG ADR	FMV	19,782	19,782
ADR NESTLE S A SPONSORED ADR REPSTG REG SH	FMV	223,166	223,166
ADR NOVARTIS AG	FMV	143,579	143,579
ADR ROCHE HLDG LTD SPONSORED ADR ISIN #US771195104	FMV	97,676	97,676
ADR SONOVA HLDG AG UNSP ADR	FMV	24,824	24,824
ADR STRAUMANN HLDG AG ADR	FMV	19,486	19,486
ADR ZURICH INS GROUP LTD SPONSORED	FMV	112,936	112,936
ALCON AG COM USD0.04 WI	FMV	22,342	22,342
GDR SWISSCOM SPONSORED ADR	FMV	29,488	29,488
LOGITECH INTERNATIONAL SA CHF0.25(REGD) (POST-SUBD)	FMV	36,503	36,503
UBS GROUP AG COMMON STOCK	FMV	108,644	108,644
ADR CHUNGHWA TELECOM CO LTD SPONSORED ADR NEW 2011	FMV	66,028	66,028
ADR TAIWAN SEMICONDUCTOR MANUFACTURING ADS REP 5 TWD10	FMV	472,264	472,264
ADR 3I GROUP ADR	FMV	36,107	36,107
ADR ASTRAZENECA PLC SPONSORED ADR UNITEDKINGDOM	FMV	154,232	154,232
ADR BAE SYS PLC SPONSORED ADR	FMV	38,565	38,565
ADR BRIT AMERN TOB PLC SPONSORED	FMV	37,931	37,931
ADR COMPASS GROUP PLC SPON ADR EACH REP 1 ORD SHS (POST SPLT)	FMV	73,279	73,279
ADR INTERCONTINENTAL HOTELS GROUP PLC	FMV	34,010	34,010
ADR LONDON STK EXCHANGE GROUP ADR	FMV	149,875	149,875
ADR NATIONAL GRID PLC SPONSORED ADR NEW 2017	FMV	163,788	163,788
ADR PEARSON PLC SPONSORED ADR	FMV	19,394	19,394
ADR PRUDENTIAL PLC ADR ISIN #US74435K2042	FMV	20,676	20,676
ADR RECKITT BENCKISER GROUP PLC SPONSORED ADR	FMV	19,786	19,786
ADR RELX PLC SPONSORED ADR	FMV	19,314	19,314
ADR SAGE GROUP PLC ADR NEW UNSPON ADR EAREPR 4 ORD(POST REV SPLIT)	FMV	24,292	24,292
ADR SMITH & NEPHEW GROUP P L C SPONSOREDADR NEW	FMV	20,787	20,787
ADR UNILEVER PLC SPONSORED ADR NEW	FMV	44,796	44,796
ADR WPP PLC ADR DR EACH REPR 5 SHS	FMV	34,536	34,536
DIAGEO PLC SPONSORED ADR NEW	FMV	145,806	145,806
EXPERIAN PLC	FMV	33,122	33,122
ROLLS ROYCE HOLDINGS PLC SPONSORED ADR	FMV	24,377	24,377
ROYAL DUTCH SHELL PLC SPONSORED ADR REPSTG ORD SH	FMV	199,440	199,440
3M CO COM	FMV	19,678	19,678
5TH 3RD BANCORP COM	FMV	30,351	30,351
ABBOTT LAB COM	FMV	195,374	195,374
ABBVIE INC COM USD0.01	FMV	132,964	132,964
ACCENTURE PLC CLS A	FMV	211,599	211,599
ADOBE INC COM	FMV	171,224	171,224
ADR GSK PLC	FMV	23,237	23,237
ADR SWISS RE LTD SPONSORED ADR	FMV	19,248	19,248
ADVANCED MICRO DEVICES INC COM	FMV	199,151	199,151
AES CORP COM	FMV	18,961	18,961
AFLAC INC COM	FMV	35,063	35,063
AGILENT TECHNOLOGIES INC COM	FMV	18,908	18,908
AIR PROD & CHEM INC COM	FMV	62,426	62,426
AIRBNB INC CL A COM USD0.0001 CL A	FMV	51,733	51,733
ALASKA AIR GROUP INC COM	FMV	33,952	33,952
ALBEMARLE CORP COM	FMV	20,516	20,516
ALEXANDRIA REAL ESTATE EQUITIES INC COM	FMV	20,410	20,410
ALLSTATE CORP COM	FMV	30,796	30,796
ALNYLAM PHARMACEUTICALS INC COM	FMV	30,434	30,434
ALPHABET INC CAPITAL STOCK USD0.001 CL A	FMV	906,588	906,588
ALTRIA GROUP INC COM	FMV	87,094	87,094
AMAZON COM INC COM	FMV	793,583	793,583
AMER ELEC PWR CO INC COM	FMV	137,018	137,018
AMERICAN EXPRESS CO	FMV	83,741	83,741
AMERIPRISE FINL INC COM	FMV	52,037	52,037
AMGEN INC COM	FMV	57,316	57,316
ANNALY CAPITAL MANAGEMENT INC COM NEW COM USD0.01	FMV	31,554	31,554
ANSYS INC COM	FMV	56,609	56,609
AON PLC	FMV	26,483	26,483
APPLE INC COM STK	FMV	1,736,236	1,736,236
APPLIED MATERIALS INC COM	FMV	188,325	188,325
APTARGROUP INC COM	FMV	71,700	71,700
APTIV PLC COM USD	FMV	46,385	46,385
ARCHER-DANIELS-MIDLAND CO COM	FMV	83,342	83,342
ARES MANAGEMENT LP COM SHS REPSTG LTD PARTNER	FMV	30,206	30,206
ARISTA NETWORKS INC COM	FMV	55,109	55,109
ASPEN TECHNOLOGY INC COM USD0.10	FMV	19,593	19,593
ASSURED GUARANTY LTD COMMON STK	FMV	19,531	19,531
AT&T INC COM	FMV	20,891	20,891
ATLASSIAN CORP CL A	FMV	37,106	37,106
AUTOZONE INC COM	FMV	23,270	23,270
AVALONBAY CMNTYS REIT	FMV	23,964	23,964
AVERY DENNISON CORP COM	FMV	19,205	19,205
AVNET INC COM	FMV	42,235	42,235
BAKER HUGHES CO	FMV	42,759	42,759
BANK NEW YORK MELLON CORP COM STK	FMV	113,313	113,313
BANK OF AMERICA CORP	FMV	203,838	203,838
BAXTER INTL INC COM	FMV	20,528	20,528
BECTON DICKINSON & CO COM	FMV	19,263	19,263
BEST BUY INC COM STK	FMV	19,257	19,257
BLOCK INC	FMV	47,261	47,261
BOEING CO COM	FMV	101,918	101,918
BORG WARNER INC COM	FMV	21,725	21,725
BOSTON SCIENTIFIC CORP COM	FMV	38,212	38,212
BRIGHT HORIZONS FA COM USD0.001	FMV	19,413	19,413
BRISTOL MYERS SQUIBB CO COM	FMV	99,131	99,131
BROADCOM INC COM	FMV	362,781	362,781
BROADRIDGE FINL SOLUTIONS INC COM STK	FMV	19,958	19,958
BURLINGTON STORES INC COM	FMV	19,837	19,837
CABOT CORP COM	FMV	18,955	18,955
CADENCE DESIGN SYS INC COM	FMV	68,910	68,910
CAMDEN PPTY TR SH BEN INT	FMV	72,184	72,184
CAPITAL ONE FINL CORP COM	FMV	19,012	19,012
CARDINAL HLTH INC	FMV	76,104	76,104
CARLISLE COMPANIES INC COM	FMV	19,058	19,058
CARRIER GLOBAL CORPORATION COM USD0.01 WI	FMV	35,159	35,159
CASEYS GEN STORES INC COM	FMV	26,925	26,925
CATERPILLAR INC COM	FMV	118,564	118,564
CBOE GLOBAL MARKETS INC	FMV	77,495	77,495
CBRE GROUP INC CL A CL A	FMV	39,843	39,843
CDW CORP COM	FMV	47,283	47,283
CELANESE CORP DEL COM STK	FMV	32,162	32,162
CENCORA INC	FMV	28,548	28,548
CENTENE CORP DEL COM	FMV	40,964	40,964
CF INDS HLDGS INC COM	FMV	19,319	19,319
CHEVRON CORP COM	FMV	206,885	206,885
CISCO SYSTEMS INC	FMV	104,475	104,475
CLOROX CO COMMON STOCK USD 1 PAR	FMV	40,353	40,353
CME GROUP INC COM STK	FMV	83,187	83,187
COCA COLA CO COM	FMV	257,288	257,288
COHERENT CORP COM	FMV	18,761	18,761
COLGATE-PALMOLIVE CO COM	FMV	65,362	65,362
COM ALCOA CORPORATION COM USD0.01	FMV	19,992	19,992
COMCAST CORP NEW-CL A	FMV	79,807	79,807
CONOCOPHILLIPS COM	FMV	213,221	213,221
CONS EDISON INC COM	FMV	61,860	61,860
COSTAR GROUP INC COM	FMV	18,964	18,964
CRH ORD EUR 0.32	FMV	136,176	136,176
CROWDSTRIKE HLDGS INC CL A CL A	FMV	40,341	40,341
CROWN CASTLE INC COM	FMV	33,405	33,405
CSX CORP COM STK	FMV	19,103	19,103
CUMMINS INC	FMV	99,901	99,901
CVS HEALTH CORP COM	FMV	48,481	48,481
DANAHER CORP COM	FMV	138,573	138,573
DATADOG INC COM USD0.00001 CL A	FMV	18,935	18,935
DECKERS OUTDOOR CORP COM	FMV	57,485	57,485
DEERE & CO COM	FMV	26,791	26,791
DELL TECHNOLOGIES INC COM USD0.01 CL C WI COMMON STOCK	FMV	27,617	27,617
DIAMONDBACK ENERGY INC COM	FMV	18,920	18,920
DIGITAL RLTY TR INC COM	FMV	39,701	39,701
DOORDASH INC CL A COM USD0.00001 CLASS A	FMV	43,512	43,512
DTE ENERGY CO COM	FMV	81,151	81,151
DUKE ENERGY CORP NEW COM NEW COM NEW	FMV	27,753	27,753
DUPONT DE NEMOURS INC COMMON STOCK	FMV	28,079	28,079
EATON CORP PLC COM USD0.50	FMV	106,683	106,683
ECOLAB INC COM STK USD1	FMV	55,538	55,538
EDISON INTL COM	FMV	68,988	68,988
ELECTR ARTS COM	FMV	85,233	85,233
ELI LILLY & CO COM	FMV	342,757	342,757
EMERSON ELECTRIC CO COM	FMV	55,965	55,965
ENPHASE ENERGY INC COM	FMV	18,632	18,632
ENTEGRIS INC COM	FMV	19,171	19,171
EQUINIX INC COM PAR $0.001	FMV	33,826	33,826
ERIE INDTY CO CL A	FMV	19,425	19,425
ESTEE LAUDER COMPANIES INC CL A USD0.01	FMV	23,839	23,839
ETSY INC COM	FMV	22,532	22,532
EXELON CORP COM	FMV	19,314	19,314
FACTSET RESH SYS INC COM STK	FMV	56,769	56,769
FIRSTENERGY CORP COM	FMV	42,856	42,856
FISERV INC COM	FMV	40,782	40,782
FMC CORP COM (NEW)	FMV	30,075	30,075
FREEPORT-MCMORAN INC	FMV	83,820	83,820
FTI CONSULTING INC COM	FMV	20,911	20,911
GARTNER INC COM	FMV	21,653	21,653
GEN DIGITAL INC COM USD0.01	FMV	26,722	26,722
GEN MTRS CO COM	FMV	60,597	60,597
GENERAL ELEC CO COM NEW	FMV	90,745	90,745
GENERAL MILLS INC COM	FMV	37,390	37,390
GILEAD SCIENCES INC	FMV	74,367	74,367
GODADDY INC CL A CL A	FMV	18,790	18,790
GOODYEAR TIRE & RUBBER CO COM	FMV	18,416	18,416
GRAINGER W W INC COM	FMV	63,809	63,809
HARTFORD FINL SVCS GROUP INC COM	FMV	136,726	136,726
HASBRO INC COM	FMV	18,943	18,943
HERSHEY COMPANY COM STK USD1	FMV	28,898	28,898
HILTON WORLDWIDE HLDGS INC COM NEW COM NEW	FMV	79,938	79,938
HOME DEPOT INC COM	FMV	74,162	74,162
HONEYWELL INTL INC COM STK	FMV	81,158	81,158
HP INC COM	FMV	77,181	77,181
HUBSPOT INC COM	FMV	30,188	30,188
HUMANA INC COM	FMV	21,975	21,975
HUNTINGTON BANCSHARES INC COM	FMV	26,178	26,178
ILL TOOL WKS INC COM	FMV	126,779	126,779
ILLUMINA INC COM	FMV	24,367	24,367
INTERCONTINENTAL EXCHANGE INC COM	FMV	61,390	61,390
INTERNATIONAL BANCSHARES CORP COM	FMV	41,935	41,935
INTERPUBLIC GROUP COMPANIES INC COM	FMV	18,866	18,866
INTL FLAVORS & FRAGRANCES INC COM	FMV	19,271	19,271
INTL PAPER CO COM	FMV	20,316	20,316
INTUIT COM	FMV	195,634	195,634
INTUITIVE SURGICAL INC COM NEW STK	FMV	74,219	74,219
IRON MTN INC NEW COM	FMV	26,452	26,452
JABIL INC COM USD0.001	FMV	18,473	18,473
JACOBS SOLUTIONS INC COM	FMV	19,210	19,210
JOHNSON & JOHNSON COM USD1	FMV	150,314	150,314
JPMORGAN CHASE & CO COM	FMV	210,414	210,414
KBR INC COM	FMV	23,605	23,605
KEURIG DR PEPPER INC COM	FMV	21,591	21,591
KEYSIGHT TECHNOLOGIES INC COM	FMV	79,863	79,863
KIMBERLY-CLARK CORP COM	FMV	19,199	19,199
KIMCO REALTY CORPORATION	FMV	30,750	30,750
KROGER CO COM	FMV	50,967	50,967
L3HARRIS TECHNOLOGIES INC COM	FMV	19,377	19,377
LAM RESH CORP COM	FMV	163,701	163,701
LEAR CORP COM NEW COM NEW	FMV	26,689	26,689
LINDE PLC	FMV	133,070	133,070
LITTELFUSE INC COM	FMV	39,331	39,331
LOCKHEED MARTIN CORP COM	FMV	33,993	33,993
LOWES COS INC COM	FMV	100,593	100,593
LPL FINL HLDGS INC COM	FMV	25,721	25,721
LUCID GROUP INC COM	FMV	21,084	21,084
LULULEMON ATHLETICA INC COM	FMV	44,994	44,994
LYFT INC CL A CL A	FMV	18,962	18,962
LYONDELLBASELL IND N V COM USD0.01 CL 'A'	FMV	18,731	18,731
MARATHON PETE CORP COM	FMV	57,860	57,860
MARRIOTT INTL INC NEW COM STK CL A	FMV	95,616	95,616
MARSH & MCLENNAN CO'S INC COM	FMV	77,872	77,872
MARTIN MARIETTA MATLS INC COM	FMV	19,457	19,457
MARVELL TECHNOLOGY INC COM	FMV	21,109	21,109
MASTERCARD INC CL A	FMV	254,626	254,626
MC CORMICK & CO INC COM NON-VTG	FMV	30,721	30,721
MCKESSON CORP	FMV	122,227	122,227
MEDTRONIC PLC COMMON STOCK STOCK	FMV	114,508	114,508
MERCK & CO INC NEW COM	FMV	181,518	181,518
META PLATFORMS INC COM USD0.000006 CL 'A'	FMV	475,368	475,368
MICRON TECH INC COM	FMV	86,023	86,023
MICROSOFT CORP COM	FMV	1,515,065	1,515,065
MODERNA INC COM	FMV	21,282	21,282
MOLSON COORS BEVERAGE COMPANY COM USD0.01 CLASS B	FMV	21,424	21,424
MONDELEZ INTL INC COM	FMV	46,355	46,355
MONGODB INC CL A CL A	FMV	27,393	27,393
MONOLITHIC PWR SYS INC COM	FMV	25,231	25,231
MOODYS CORP COM	FMV	131,619	131,619
MORNINGSTAR INC COM STK	FMV	21,182	21,182
NETFLIX INC COM STK	FMV	128,049	128,049
NEUROCRINE BIOSCIENCES INC COM	FMV	20,686	20,686
NEW YORK TIMES CO CL A ISIN #US6501111073	FMV	41,690	41,690
NEWMONT CORPORATION	FMV	59,188	59,188
NEXTERA ENERGY INC COM	FMV	70,398	70,398
NIKE INC CL B	FMV	58,519	58,519
NORFOLK SOUTHN CORP COM	FMV	58,149	58,149
NORTHERN TR CORP COM	FMV	24,133	24,133
NORTHROP GRUMMAN CORP COM	FMV	93,628	93,628
NUTANIX INC CL A CL A	FMV	19,362	19,362
NVENT ELECTRIC PLC COM USD0.01 WI	FMV	67,126	67,126
NVIDIA CORP COM	FMV	755,211	755,211
NXP SEMICONDUCTORS N V COM STK	FMV	46,395	46,395
OKTA INC CL A CL A	FMV	19,917	19,917
OMEGA HEALTHCARE INVS INC REIT	FMV	19,377	19,377
OMNICOM GROUP INC COM	FMV	32,701	32,701
ONEOK INC COM STK	FMV	55,193	55,193
ONTO INNOVATION INC	FMV	38,684	38,684
ORACLE CORP COM	FMV	35,952	35,952
OTIS WORLDWIDE CORP COM USD0.01 WI	FMV	76,050	76,050
OWENS CORNING NEW COM STK	FMV	55,438	55,438
PALO ALTO NETWORKS INC COM USD0.0001	FMV	70,181	70,181
PARKER-HANNIFIN CORP COM	FMV	18,889	18,889
PAYPAL HLDGS INC COM	FMV	45,750	45,750
PEPSICO INC COM	FMV	109,547	109,547
PFIZER INC COM	FMV	106,638	106,638
PG& E CORP COM	FMV	35,411	35,411
PHILIP MORRIS INTL COM STK NPV	FMV	80,532	80,532
PHILLIPS 66 COM	FMV	41,806	41,806
PINTEREST INC CL A CL A	FMV	31,521	31,521
PIONEER NAT RES CO COM	FMV	73,536	73,536
PNC FINANCIAL SERVICES GROUP COM STK	FMV	56,675	56,675
PPG IND INC COM	FMV	34,097	34,097
PPL CORP COM ISIN US69351T1060	FMV	43,794	43,794
PRIMERICA INC COM	FMV	26,955	26,955
PROCTER & GAMBLE COM NPV	FMV	298,649	298,649
PROGRESSIVE CORP OH COM	FMV	83,622	83,622
PROLOGIS INC COM	FMV	20,128	20,128
PUB SERVICE ENTERPRISE GROUP INC COM	FMV	57,909	57,909
PURE STORAGE INC CL A CL A	FMV	18,508	18,508
QUALCOMM INC COM	FMV	116,861	116,861
RALPH LAUREN CORP CL A CL A	FMV	18,746	18,746
RAYMOND JAMES FNCL INC COM STK	FMV	43,931	43,931
REALTY INCOME CORP COM	FMV	178,576	178,576
REGENERON PHARMACEUTICALS INC COM	FMV	38,645	38,645
REINSURANCE GROUP AMER INC COM NEW STK	FMV	68,595	68,595
REPUBLIC SVCS INC COM	FMV	147,594	147,594
RIVIAN AUTOMOTIVE INC	FMV	29,114	29,114
ROSS STORES INC COM	FMV	40,133	40,133
ROYAL CARIBBEAN GROUP COM STK	FMV	19,941	19,941
RTX CORPORATION COMSTK	FMV	48,212	48,212
S&P GLOBAL INC COM	FMV	105,284	105,284
SALESFORCE INC COM USD0.001	FMV	183,145	183,145
SCHLUMBERGER LTD COM COM	FMV	59,013	59,013
SEAGATE TECHNOLOGY HOLDINGS PLC	FMV	22,282	22,282
SERVICENOW INC COM USD0.001	FMV	127,875	127,875
SHERWIN-WILLIAMS CO COM	FMV	54,894	54,894
SMUCKER J M CO COM NEW	FMV	25,023	25,023
SNAP INC SNAP INC	FMV	27,833	27,833
SNOWFLAKE INC CL A CL A	FMV	36,417	36,417
STANLEY BLACK & DECKER INC COM	FMV	19,228	19,228
STARBUCKS CORP COM	FMV	35,236	35,236
STATE STR CORP COM	FMV	33,927	33,927
STRYKER CORP	FMV	120,083	120,083
T-MOBILE US INC COM	FMV	25,172	25,172
TARGA RES CORP COM	FMV	21,718	21,718
TARGET CORP COM STK	FMV	67,507	67,507
TELEDYNE TECHNOLOGIES INC COM	FMV	58,464	58,464
TEREX CORP NEW COM	FMV	28,098	28,098
TEXAS INSTRUMENTS INC COM	FMV	131,766	131,766
THE CIGNA GROUP	FMV	59,890	59,890
THE TRADE DESK INC COM CL A COM CL A	FMV	17,630	17,630
TJX COS INC COM NEW	FMV	118,201	118,201
TRACTOR SUPPLY CO COM	FMV	31,824	31,824
TRADEWEB MKTS INC CL A CL A	FMV	19,176	19,176
TRANE TECHNOLOGIES PLC COM USD1	FMV	63,170	63,170
TRAVELERS COS INC COM STK	FMV	25,716	25,716
TRUIST FINL CORP COM	FMV	30,644	30,644
TWILIO INC CL A CL A	FMV	23,140	23,140
UBER TECHNOLOGIES INC COM USD0.00001	FMV	84,166	84,166
ULTA BEAUTY INC COM STK USD0.01	FMV	50,959	50,959
UNION PAC CORP COM	FMV	94,072	94,072
UNITED PARCEL SVC INC CL B	FMV	108,803	108,803
UNITED RENTALS INC COM	FMV	20,643	20,643
UNITEDHEALTH GROUP INC COM	FMV	264,288	264,288
UNIVERSAL DISPLAY CORP COM	FMV	18,935	18,935
US BANCORP	FMV	21,337	21,337
VEEVA SYS INC CL A COM CL A COM	FMV	20,022	20,022
VENTAS INC REIT	FMV	77,102	77,102
VERISK ANALYTICS INC COM USD0.001	FMV	66,164	66,164
VERIZON COMMUNICATIONS COM	FMV	91,536	91,536
VERTEX PHARMACEUTICALS INC COM	FMV	108,640	108,640
VISA INC COM CL A STK	FMV	333,508	333,508
WABTEC CORP COM	FMV	64,719	64,719
WALGREENS BOOTS ALLIANCE INC COM	FMV	19,113	19,113
WALMART INC COM	FMV	19,391	19,391
WALT DISNEY CO	FMV	84,241	84,241
WARNER BROS DISCOVERY INC	FMV	17,548	17,548
WASTE MGMT INC DEL COM STK	FMV	138,623	138,623
WELLS FARGO & CO NEW COM STK	FMV	72,107	72,107
WILLIAMS SONOMA INC COM	FMV	18,967	18,967
WORKDAY INC CL A COM USD0.001	FMV	57,420	57,420
WYNN RESORTS LTD COM	FMV	18,951	18,951
YUM BRANDS INC COM	FMV	65,069	65,069
ZOETIS INC COM USD0.01 CL 'A'	FMV	120,388	120,388

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
GHR Foundation	Management/Philanthropy Services	799,870
60 South 6th Street Suite 2950 Minneapolis,MN55402	Management/Philanthropy Services	799,870

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1	Diversified Contractors Growth Fund (DCGF) will provide loans and technical assistance to MBE/WBE owned construction industry businesses in the Kansas City region. AltCap will leverage the Opus Foundation PRI as a loan loss reserve to help raise loan capital from bank partners.	500,000
2


All other program-related investments. See instructions.
3

	(a) Corpus	(b) Years prior to 2022	(c) 2022	(d) 2023
1 Distributable amount for 2023 from Part X, line 7				5,692,331
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......			4,323,873
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: $ 5,883,943
a Applied to 2022, but not more than line 2a			4,323,873
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.....				1,560,070
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 ..........				4,132,261
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....

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

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	465,169
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 .....	525990	818,853	18	12,302,101
8 Gain or (loss) from sales of assets other than inventory ............			18	7,180,606
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) ..		818,853		19,947,876	0

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.............	5,700
	2	Savings and temporary cash investments.........	2,968,666	5,329,848	5,329,848
	3	Accounts receivable 26,082
		Less: allowance for doubtful accounts	1,250	26,082	26,082
	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..........	3,000	3,300	3,300
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	109,657,294	List of Attached Documents: // Content 123,841,507	123,841,507
	14	Land, buildings, and equipment: basis 1,870
		Less: accumulated depreciation (attach schedule) 1,247	1,247	List of Attached Documents: // Content 623	623
	15	Other assets (describe )	List of Attached Documents: // Content 2,000,000	List of Attached Documents: // Content 2,500,000	List of Attached Documents: // Content 2,500,000
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	114,637,157	131,701,360	131,701,360
	17	Accounts payable and accrued expenses..........	267,756	242,769
	18	Grants payable.................	1,656,460	2,528,330
	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 )	List of Attached Documents: // Content 138,084	List of Attached Documents: // Content 244,000
	23	Total liabilities (add lines 17 through 22).........	2,062,300	3,015,099
		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	112,574,857	128,686,261
	29	Total net assets or fund balances (see instructions).....	112,574,857	128,686,261
	30	Total liabilities and net assets/fund balances (see instructions).	114,637,157	131,701,360

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			-253,335
b			-574,747
c			7,180,606
d			2,798
e			2,038,910


(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

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.


Name of organization Opus Foundation			Employer identification number 41-1983284
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
Dues & Subscriptions	5,500	0	5,800
Bank Fees	459	459	0
Miscellaneous	33	0	26
Pass-through portfolio deductions	0	1,572,943	0
Professional Development	3,033	0	3,033
Insurance	6,875	0	6,875
Communications	266	0	266

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
Allocated Partnership Income	13,120,954	0	13,120,954
Allocated Partnership Income		2,820,894

Description	Beginning of Year - Book Value	End of Year - Book Value
Deferred Tax Accrual	92,800	244,000
Grain Spectrum Holding IV, LP	45,284	0

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
Investment Management Fees	10,000	10,000	0
Consulting Fees	44,003	0	53,753
Program Fees	593,833	0	565,334
Grants Management Fee	136,037	0	144,323

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