Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2024
Open to Public Inspection
For calendar year 2024, or tax year beginning 01-01-2024 , and ending 12-31-2024
Name of foundation
SAGE FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)PO Box 1919
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
BRIGHTON, MI481165719
A Employer identification number

38-6041518
B Telephone number (see instructions)

(810) 227-7660
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$60,064,907J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 1,401,684 1,401,684  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,004,880
b Gross sales price for all assets on line 6a 15,807,687
7 Capital gain net income (from Part IV, line 2)... 1,004,880
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
1,415 1,415  
12 Total. Add lines 1 through 11........ 2,407,979 2,407,979  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 75,000 0   75,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 5,738 0   5,738
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
200,244 70,085   130,158
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
9,613 0   9,613
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
219,729 192,294   27,435
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
10,000 0   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
7,154 0   7,154
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 527,478 262,379   255,098
25 Contributions, gifts, grants paid....... 1,866,500 1,866,500
26 Total expenses and disbursements. Add lines 24 and 25 2,393,978 262,379   2,121,598
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 14,001
b Net investment income (if negative, enter -0-) 2,145,600
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2024)
Form 990-PF (2024)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 42,167 27,731 27,731
2 Savings and temporary cash investments......... 2,370,113 3,611,061 3,611,061
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 12,766,461 Click to see attachment
List of Attached Documents:
// Content
8,953,208 		8,340,579
b Investments—corporate stock (attach schedule)....... 21,356,825 Click to see attachment
List of Attached Documents:
// Content
19,355,002 		33,845,346
c Investments—corporate bonds (attach schedule)....... 10,461,293 Click to see attachment
List of Attached Documents:
// Content
14,904,637 		14,240,190
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 46,996,859 46,851,639 60,064,907
Liabilities 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 right arrow)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 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 46,996,859 46,851,639
29 Total net assets or fund balances (see instructions)..... 46,996,859 46,851,639
30 Total liabilities and net assets/fund balances (see instructions). 46,996,859 46,851,639
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
46,996,859
2
Enter amount from Part I, line 27a .....................
2
14,001
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
47,010,860
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
159,221
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
46,851,639
Form 990-PF (2024)
Form 990-PF (2024)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a Comerica Acct 1-101192 Sale of Securites P    
b Capital Gains Dividends P    
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 15,771,047   14,802,807 968,240
b 36,640     36,640
c
d
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       968,240
b       36,640
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 1,004,880
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 29,824
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 29,824
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 29,824
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 92,162
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 92,162
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 62,338
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow62,338 Refundedright arrow 11 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowMI
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2024 or the taxable year beginning in 2024? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowN/A
14
The books are in care ofright arrowLAW OFFICES OF JOHN J AYAUB PC Telephone no.right arrow (810) 227-7660

Located atright arrowPO BOX 1919BRIGHTONMI ZIP+4right arrow481165719
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2024, 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 (2024)
Form 990-PF (2024)
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
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2024? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2024, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2024?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2024 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 2024.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2024? ..
4b
 
No
Form 990-PF (2024)
Form 990-PF (2024)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
Melissa Sage Fadim Chairprson,President,Secretary,Treasur
20.00 		75,000 0 0
PO Box 1919
Brighton,MI481165719
Emily M Booth Trustee
1.00 		0 0 0
PO Box 1919
Brighton,MI481165719
James E Van Doren Vice President, Trustee
2.00 		0 0 0
PO Box 1919
Brighton,MI481165719
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2024)
Form 990-PF (2024)
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
Law Offices of John J Ayaub PC Legal Services 200,244
PO Box 1919
Brighton,MI48116
Integrated Investment Consultants Investment Consultants 83,423
40950 Woodward 350
Bloomfield Hills,MI48304
Clarkston Capital Partners LLC Investment Consultants 52,736
91 W Long Lake Rd
Bloomfield Hills,MI48304
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2024)
Form 990-PF (2024)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
58,575,886
b
Average of monthly cash balances.......................
1b
89,580
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
58,665,466
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
58,665,466
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
879,982
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
57,785,484
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
2,889,274
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
2,889,274
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
29,824
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
29,824
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
2,859,450
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
2,859,450
6
Deduction from distributable amount (see instructions).................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
2,859,450
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
1a
2,121,598
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
2,121,598
Form 990-PF (2024)
Form 990-PF (2024)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2023 		(c)
2023 		(d)
2024
1 Distributable amount for 2024 from Part X, line 7 2,859,450
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only....... 0
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2024:
a From 2019...... 1,077,775
b From 2020...... 235,846
c From 2021...... 498,483
d From 2022......  
e From 2023......  
f Total of lines 3a through e ........ 1,812,104
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 2,121,598
a Applied to 2023, but not more than line 2a 0
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		0
c Treated as distributions out of corpus (Election
required—see instructions)........ 		0
d Applied to 2024 distributable amount..... 2,121,598
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2024. 737,852 737,852
(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 1,074,252
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 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2024. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2025 .......... 		0
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2019 not
applied on line 5 or line 7 (see instructions) ... 		339,923
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		734,329
10 Analysis of line 9:
a Excess from 2020.... 235,846
b Excess from 2021.... 498,483
c Excess from 2022....  
d Excess from 2023....  
e Excess from 2024....  
Form 990-PF (2024)
Form 990-PF (2024)
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 2024, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2024 (b) 2023 (c) 2022 (d) 2021
         
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 e-mail address of the person to whom applications should be addressed:
President or Secretary Sage Foundat
PO Box 1919
Brighton,MI481165719
(810) 227-7660
bThe form in which applications should be submitted and information and materials they should include:
Amount of grant requested. What the applicant intends to accomplish. How the applicant intends to reach the stated objectives, and how such objectives will further the applicant's tax-exempt purposes. What procedures the applicant has implemented to evaluate the results achieved. Any additional information which would aid the Sage Foundation Board of Trustees in making its decision. A photocopy of the Internal Revenue Service determination letter or ruling indicating the applicant's tax-exempt status under Section 501(c)(3) of the Internal Revenue Code. Name of the applicant's contact person.
cAny submission deadlines:
No deadlines.
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
No restrictions.
Form 990-PF (2024)
Form 990-PF (2024)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

Adrian Center For the Arts

PO Box 951
Adrian,MI49221 		  PC General, charitable, educational 10,000

Adrian College

110 South Madison Street
Adrian,MI49221 		  PC General, charitable, educational - Music Program (Steinway Piano) 75,000

Adrian College

110 South Madison Street
Adrian,MI49221 		  PC General, charitable, educational - Hockey program 7,500

After School Matters

66 East Randolph Street
Chicago,IL60601 		  PC General, charitable, educational 15,000

Alice Lloyd College

100 Purpose Road
Pippa Passes,KY41844 		  PC General, charitable, educational 10,000

American Academy of Pediatric Dentistry Foundation

211 East Chicago Avenue Suite 1600
Chicago,IL60611 		  PC General, charitable, educational 5,000

Ascension Providence Foundation

47601 Grand River Avenue Suite
B-135
Novi,MI48374 		  PC General, charitable, educational 10,000

Associated Charities of Lenawee County

221 S Tecumseh Street
Adrian,MI49221 		  PC General, charitable, educational 10,000

Beds 4 Kids

14241 Eleven Mile Road
Oak Park,MI48237 		  PC General, charitable, educational 2,500

Big Shoulders Fund

212 West Van Buren Street Suite 900
Chicago,IL60607 		  PC General, charitable, educational 50,000

Boys & Girls Club of Lenawee

340 East Church Street Suite A
Adrian,MI49221 		  PC General, charitable, educational 25,000

Bulletin of the Atomic Scientists

1307 East 60th Street
Chicago,IL60637 		  PC General, charitable, educational 35,000

Catholic Church Extension Society

150 South Wacker Drive Suite 2000
Chicago,IL60606 		  PC General, charitable, educational, religious 10,000

Cedille Chicago NFP

4311 N Ravenswood Avenue 202
Chicago,IL60613 		  PC General, charitable, educational 25,000

Center for Independent Documentary

PO Box 95216
Newton,MA02495 		  PC General, charitable, educational - Documentary film on education 25,000

Center for Intuitive and Outsider Art

756 N Milwaukee Avenue
Chicago,IL60642 		  PC General, charitable, educational 25,000

Chicago Lighthouse

1850 West Roosevelt Road
Chicago,IL60608 		  PC General, charitable, educational 7,500

Chicago Multi-Cultural Dance Center

47 West Polk Street Lower Level
Chicago,IL60605 		  PC General, charitable, educational 15,000

Chicago Youth Symphony Orchestra

410 S Michigan Avenue Suite 833
Chicago,IL60605 		  PC General, charitable, educational 10,000

City of Tecumseh Downtown Development Authority

309 East Chicago Blvd
Tecumseh,MI49286 		  PC Public, charitable - Art Trail Tecumseh 15,000

Cleveland High School

8140 Vanalden Avenue
Reseda,CA91335 		  PC General, charitable, educational - Band & Music Program 10,000

Community TV Network

2418 West Bloomingdale
Chicago,IL60647 		  PC General, charitable, educational 25,000

Dental Lifeline Network - Illinois

560 W Lake Street 114E
Chicago,IL60661 		  PC General, charitable, educational 10,000

Epilepsy Foundation of Michigan

25200 Telegraph Road Suite 110
Southfield,MI48033 		  PC General, charitable, educational - Camp Programs 5,000

Evans Scholars Foundation

2501 Patriot Boulevard
Glenview,IL60026 		  PC General, charitable, educational 7,500

Eversight

924 West 19th Place Suite 350
Chicago,IL60608 		  PC General, charitable, educational 2,000

Fill a Heart 4 Kids

1 Market Square
Lake Forest,IL60045 		  PC General, charitable, educational 5,000

Gigi's Playhouse Tinley Park

15954 S Harlem Avenue
Tinley Park,IL60477 		  PC General, charitable, educational 5,000

Grant Park Orchestral Association

205 East Randolph Street
Chicago,IL60601 		  PC General, charitable, educational 125,000

Habitat For Humanity Of Lenawee County

1043 East US-223
Adrian,MI49221 		  PC General, charitable, educational 25,000

Hadley Institute For the Blind and Visually Impaired

700 Elm Street
Winnetka,IL60093 		  PC General, charitable, educational 15,000

Heroin Epidemic Relief Organization

8101 167th Place
Tinley Park,IL60477 		  PC General, charitable, educational 5,000

Hillsdale College

33 East College Street
Hillsdale,MI49242 		  PC General, charitable, educational - Choral Scholars Program Scholarships 200,000

Hope Community Center

431 Baker Street
Adrian,MI49221 		  PC General, charitable, educational 25,000

I Can Dream Center

18501 Maple Creek Drive
Tinley Park,IL60477 		  PC General, charitable, educational 10,000

Joffrey Ballet

10 East Randolph Street
Chicago,IL60601 		  PC General, charitable, educational - Live Music Program 100,000

Lenawee Chamber Foundation

5285 West US-223 Suite A
Adrian,MI49221 		  PC General, charitable, educational 75,000

Lenawee Community Foundation

1440 W Maumee Street
Adrian,MI49221 		  PC General, charitable, educational - KKE Project Fund 7,500

Lenawee County Education Foundation

4107 North Adrian Highway
Adrian,MI49221 		  PC General, charitable, educational - Community Service Scholarships 12,000

Lenawee County Education Foundation

4107 North Adrian Highway
Adrian,MI49221 		  PC General, charitable, educational 7,500

Lenawee County Mission Neighbors of Hope

PO Box 918
Adrian,MI49221 		  PC General, charitable, educational 10,000

Lifeline Pilots

4507 N Sterling Avenue Suite 402
Peoria,IL61615 		  PC General, charitable, educational 20,000

Marian Catholic High School

700 Ashland Avenue
Chicago Heights,IL60411 		  PC General, charitable, educational - Scholarship Fund 35,000

Math Circles of Chicago

2907 S Wabash Suite 100B
Chicago,IL60616 		  PC General, charitable, educational 5,000

Mercy Home For Boys & Girls

1140 W Jackson Blvd
Chicago,IL60607 		  PC General, charitable, educational, religious 12,500

Merit School of Music

38 South Peoria Street
Chicago,IL60607 		  PC General, charitable, educational 15,000

Museum of Science and Industry

5700 S DuSable Lake Shore Drive
Chicago,IL60637 		  PC General, charitable, educational 10,000

Music of the Baroque

25 East Washington Street Suite 823
Chicago,IL60602 		  PC General, charitable, educational 2,500

One Patient Global Health Initiative

2516 Waukegan Road 183
Glenview,IL60025 		  PC General, charitable, educational 7,500

Orchestral Association Chicago Symphony Orchestra

220 South Michigan Avenue
Chicago,IL60604 		  PC General, charitable, educational 25,000

Patient Airlift Services

7110 Republic Airport Suite 202
Farmingdale,NY11735 		  PC General, charitable, educational 10,000

Providence St Mel School

119 South Central Park Blvd
Chicago,IL60624 		  PC General, charitable, educational - Scholarships 25,000

Ravinia Festival

418 Sheridan Road
Highland Park,IL60035 		  PC General, charitable, educational 120,000

Ryan Licht Sang Bipolar Foundation Inc

875 North Michigan Avenue Suite
3100
Chicago,IL60611 		  PC General, charitable, educational 5,000

San Diego Symphony Orchestra

1245 Seventh Avenue
San Diego,CA92101 		  PC General, charitable, educational 25,000

Sand Lake Volunteer Fire Department

1300 West Michigan Avenue
Tipton,MI49287 		  PC General, charitable, educational - Self-Contained Breathing Equipment 20,000

Special Olympics Michigan

Central Michigan University
Mount Pleasant,MI48859 		  PC General, charitable, educational 5,000

St Elizabeth Catholic Church

506 North Union Street
Tecumseh,MI49286 		  PC General, charitable, educational, religious Knights of Columbus ministry 3,000

St James Episcopal Church

PO Box 268
Taylor,TX76574 		  PC General, charitable, educational, religious 10,000

St Mary's Home Little Sisters Of the Poor

2325 North Lakewood Avenue
Chicago,IL60614 		  PC General, charitable, educational, religious 15,000

Tecumseh Area Historical Society

PO Box 26
Tecumseh,MI49286 		  PC General, charitable, educational 15,000

Tecumseh Pops Orchestra

PO Box 125
Tecumseh,MI49286 		  PC General, charitable, educational 12,000

Tennessee Youth Symphony

5543 Edmondson Pike 155
Nashville,TN37211 		  PC General, charitable, educational 10,000

The College FundUNCF

18701 Grand River Suite 329
Detroit,MI48233 		  PC General, charitable, educational 20,000

The Croswell

129 East Maumee Street
Adrian,MI49221 		  PC General, charitable, educational 15,000

The Night Ministry

1735 N Ashland Avenue Suite 2000
Chicago,IL60622 		  PC General, charitable, educational 15,000

University of the Cumberlands

6191 College Station Drive
Williamsburg,KY40769 		  PC General, charitable, educational - Nursing program 7,500

Window to the World Communications Inc

5400 North St Louis Avenue
Chicago,IL60625 		  PC General, charitable, educational - Lisdoonvarna Matchmaking Festival film 175,000

Window to the World Communications Inc

5400 North St Louis Avenue
Chicago,IL60625 		  PC General, charitable, educational - Island Without Cars/Hydra 150,000

YMCA of Greater Toledo

5660 N Adrian Highway
Adrian,MI49221 		  PC General, charitable, educational 10,000

Grant to Millie's Manor returned

9445 Indianapolis Blvd Suite 1051
Highland Park,IN46322 		  PC General -7,500
Total .................................right arrow 3a 1,866,500
bApproved for future payment

Hillsdale College
33 East College Street
Hillsdale,MI49242 		  PC General, charitable, educational - Choral Scholars Program Scholarships 600,000
Total ................................. right arrow 3b 600,000
Form 990-PF (2024)
Form 990-PF (2024)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 1,401,684  
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 .....     14 1,415  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    14 1,004,880  
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 2,407,979 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
2,407,979
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2024)
Form 990-PF (2024)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

(a) Name of organization (b) Type of organization (c) Description of relationship
Sign Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
right arrow right arrow
May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date Check if self-
employed right arrow		 PTIN
Firm's name Right Arrow
 Firm's EIN Right Arrow
Firm's address Right Arrow


 Phone no.
Form 990-PF (2024)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2024 AccountingFeesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Accounting Fees 9,613 0   9,613

TY 2024 InvestmentsCorpBondsSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Name of Bond End of Year Book Value End of Year Fair Market Value
55000 BA CR CARD TR DTD 6/16/2023 4.79% 5/15/2028 54,472 55,242
80000 VERIZON MASTER 08/20/2030 Ser 2024-6 DTD 9/18/2024 4.17% 8/20/2030 79,979 79,231
125000 UNION PAC RR CO 2014-1 PASS THRU DTD 5/20/2014 3.227% 5/14/2026 79,809 80,568
85000 DAIMLER TRUCKS RETAIL 6.03% 03/15/2027 Ser 2023-1 DTD 9/27/2023 6.03% 85,097 85,860
40000 AMERICAN AIRLINES PASS THROUGH T DTD 8/15/2019 3.15% 8/15/2033 27,444 27,347
250000 PROVIDENT BANK HOME EQ LN TR SER 1998-4 CL A7 6.2% 01/25/2030 9 9
45000 CNH EQUIPMENT TRUST ABS .81% DTD 10/27/2021 0.81% 12/15/2026 12,530 12,354
140000 FEDEX 2020-1 CLASS AA 1.875% DTD 8/13/2020 1.875% 8/20/2035 104,102 91,454
28000 CITIGROUP COML MTG TR 2015-P1 CMO 3.717% 09/17/2048 29,436 27,766
28000 CFCRE 2016-C3 MTG TR CMO 3.597% 01/10/2048 21,062 20,732
29000 CSAIL 2015-C3 COML MTG TR CMO 3.7182% 08/15/2048 29,706 28,765
62000 JPMCC COML MTG SECS TR 2016-JP2 CMO 2.8218% 08/15/2049 61,884 60,018
85000 CITIGROUP COML MTG TR 2015-GC33 CMO 3.778% 09/10/2058 84,042 84,084
30000 CFCRE 2016-C4 MTG TR CMO 3.283% 05/10/2058 30,506 29,457
28000 MORGAN STANLEY BK AMER MERRILL L CMO 3.72% 12/15/2049 29,302 27,228
57000 CSAIL 2015-C4 COML MTG TR CMO 3.8079% 11/18/2048 55,782 56,498
82000 CITIGROUP COML MTG TR 2016-P4 CMO 2.902% 07/12/2049 79,554 79,554
29000 JPMBB COML MTG SECS TR 2015-C31 CMO 3.8014% 08/15/2048 24,564 23,537
33000 COMM 2015-CCRE25 MTG TR CMO 3.759% 08/10/2048 34,535 32,735
52000 WELLS FARGO COML MTG TR 2017-RC1 CMO 3.631% 01/15/2060 48,657 50,645
66000 WELLS FARGO COML MTG TR 2016-NXS CMO 2.918% 11/15/2049 63,220 63,617
33000 WELLS FARGO COML MTG TR 2015-C30 CMO 3.664% 09/15/2058 33,977 32,728
33000 WELLS FARGO COML MTG TR 2015-C29 CMO 3.637% 06/15/2048 34,342 32,793
75000 GOVERNMENT NATL MTG ASSN CMO 1% 02/20/2051 33,510 26,951
29000 GS MTG SECS TR 2016-GS2 CMO 3.05% 05/10/2049 30,000 28,351
25000 CSAIL 2016-C7 COML MTG TR CMO DTD 11/1/2016 3.502% 11/15/2049 25,998 24,128
29000 WELLS FARGO COML MTG 3.809% BDS 15/12/25 USD1 3.809% 12/17/2048 30,157 28,699
70000 PUBLIC SVC ELEC & GAS 5.2% 08/01/2033 Ser P DTD 8/7/2023 5.20% 8/1/203 71,386 70,046
36000 O REILLY AUTOMOTIVE INC NEW 4.7% 06/15/2032-2022 35,951 34,777
20000 AT&T INC 2.3% 06/01/2027 19,970 18,877
35000 APTIV IRSH HOLDINGS LIMITED 30,849 30,199
94000 REALTY INCOME CORP SR 3.2% 01/15/2027 DTD 1/15/2024 3.20% 1/15/2027 90,513 91,136
59000 COTERRA ENERGY INC SR 5.6% 03/15/2034 DTD 3/13/2024 5.60% 3/15/2034 58,926 58,473
60000 AEP TRANSMISSION CO LLC 3.1% 12/01/2026-2026 61,846 58,277
46000 CITIGROUP INC 2.572% DTD 6/3/2020 2.572% 6/3/2031 46,671 40,092
81000 EDWARDS LIFESCIENCES CORP 4.3% 06/15/2028-2028 81,130 79,258
80000 FISERV INC SR NT 5.15% 08/12/2034 DTD 8/12/2024 5.15% 8/12/2034 79,811 78,170
45000 TENNESSEE GAS PIPELINE CO 7% 10/15/2028 49,603 47,839
62000 ENERGY TRANSFER PARTNERS L P NEW 3.75% 05/15/2030-2030 54,337 57,845
8000 MICRON TECHNOLOGY INC 5.327% 02/06/2029-2028 9,030 8,038
36000 JPMORGAN CHASE & CO 2.182% 06/01/2028-2028 34,353 33,813
49000 PRINCIPAL FINANCIAL GROUP 5.375% 03/15/2033-2032 48,947 49,055
24000 REPUBLIC 3.375% 11/15/2027-2027 25,055 23,205
35000 GRAINGER W W INC 3.75% 05/15/2046-2045 27,850 27,187
30000 IDEX CORP SR GLBL 4.95% 09/01/2029 DTD 8/21/2024 4.95% 9/1/2029 29,982 29,870
17000 STRYKER CORPORATION 4.625% 09/11/2034 DTD 9/11/2024 4.625% 9/11/2034 16,910 16,219
20000 EMERSON ELECTRIC .875% 10/15/2026-2026 19,942 18,796
45000 GRAINGER W W INC 1.85% 02/15/2025-2020 42,529 44,809
47000 BANK AMERICA CORP VAR 01/23/2035 DTD 1/23/2024 0.00% 1/23/2035 46,910 47,051
35000 JACOBS ENGR GROUP INC DTD 8/18/2023 6.35% 8/18/2028 35,064 36,442
47000 OGLETHORPE POWER CORPORATION 4.55% 06/01/2044 46,824 38,628
30000 ADOBE INC 2.3% 02/01/2030-2029 30,455 26,682
32000 DELL INTERNATIONAL L.L.C. AND EM 5.25% 02/01/2028 31,986 32,388
22000 DTE ELEC CO 3.7% 03/15/2045-2044 22,515 16,884
17000 MCDONALDS CORP 3.7% DTD 12/9/2015 3.70% 1/30/2026 16,842 16,868
64000 BEST BUY INC 4.45% 10/01/2028-2028 65,397 62,966
50000 GEORGIA PWR CO SR 5.25% 03/15/2034 DTD 2/23/2024 5.25% 3/15/2034 49,863 49,611
57000 ABBVIE INC SR NT 5.05% 03/15/2034 DTD 2/26/2024 5.05% 3/15/2034 56,545 56,315
54000 AMERICAN EXPRESS CO 4.989% DTD 5/26/2022 4.989% 5/26/2033 54,000 52,654
25000 KROGER CO 2.65% 10/15/2026-2026 25,545 24,103
45000 PIONEER NATURAL RESOURCES CO 1.9% 08/15/2030-2030 44,380 38,342
55000 EATON CORP OHIO 4.15% 11/02/2042 58,461 46,373
40000 REGIONS FINL CORP 1.8% 08/12/2028-2028 39,898 35,629
80000 WASTE CONNECTIONS INC 4.25% 12/01/2028-2028 83,223 78,290
55000 NATIONAL RURAL UTILS COOP FIN 3.05% 04/25/2027-2022 56,070 53,008
59000 TRANSCONTINENTAL GAS PIPE LINE C 7.85% 02/01/2026-2025 62,143 60,479
59000 AT&T INC 1.65% 02/01/2028-2027 DTD 8/4/2020 1.65% 2/1/2028 57,975 53,650
56000 MARRIOTT INTL INC 5.3% 05/15/2034 DTD 2/22/2024 5.30% 5/15/2034 55,409 55,564
55000 AMER WATER WORKS DTD 2/23/2024 5.15% 3/1/2034 57,270 54,553
62000 PIONEER NATURAL RESOURCES CO 1.125% 01/15/2026-2025 60,776 59,847
60000 REPUBLIC 1.75% 02/15/2032-2031 59,573 48,200
97000 NVR INC 3% 05/15/2030-2029 91,439 87,518
35000 WELLS FARGO & CO 3% 04/22/2026 32,714 34,235
35000 MOLSON COORS BREWING CO 4.2% 07/15/2046-2046 26,242 27,939
30000 CAPITAL ONE FINL CORP GLBL FLT DTD 5/9/2022 4.927% 5/10/2028 30,000 29,903
14000 LAM RESH CORP 4% 03/15/2029-2028 14,380 13,612
51000 BROADCOM CORP / BROADCOM CAYMAN 3.875% 01/15/2027-2026 52,375 50,203
95000 ECOLAB INC 4.8% 03/24/2030-2029 95,435 95,118
15000 PULTE 5% 01/15/2027-2026 15,925 15,022
13000 VERIZON COMMNS INC 3.15% 03/22/2030-2029 12,960 11,904
22000 WEC ENERGY GROUP INC 2.2% 12/15/2028 21,947 19,842
80000 GENERAL MTRS FINL CO INC 2.7% 08/20/2027-2027 77,545 75,584
65000 GOLDMAN SACHS GROUP INC 4.223% DTD 4/23/2018 4.223% 5/1/2029 65,000 63,246
60000 IDEX CORP 3% 05/01/2030-2030 52,426 54,311
60000 COLGATE PALMOLIVE CO 3.25% 08/15/2032 58,205 53,903
55000 GENERAL MILLS INC 4.95% 03/29/2033-2032 54,888 53,656
75000 MORGAN STANLEY FR VAR 04/19/2035 DTD 4/19/2024 0.00% 4/19/2035 76,869 76,428
65000 ANHEUSER-BUSCH INBEV WORLDWIDE I 6.625% 08/15/2033 77,317 70,808
49000 BANK NEW YORK MELLON CORP MEDIUM 3.25% 05/16/2027-2027 47,755 47,555
50000 EVERGY INC 2.9% 09/15/2029-2029 51,510 45,494
25000 AMAZON COM INC 3.875% 08/22/2037-2037 28,743 22,079
30000 AUTOMATIC DATA PROCESSING 1.7% 05/15/2028 28,459 27,397
55000 GLOBAL MARKETS INC 3.65% 01/12/2027 54,975 53,995
70000 PACCAR FINANCIAL 4.6% 01/31/2029 Ser Q DTD 1/31/2024 4.60% 1/31/2029 69,724 69,826
70000 WEC ENERGY GROUP INC 5.15% 10/01/2027-2027 69,856 70,734
50000 PEPSICO INC 2.75% 03/19/2030-2029 45,829 45,416
55000 CAPITAL ONE FINL CORP GLBL FLT DTD 2/1/2023 5.817% 2/1/2034 55,412 55,238
16000 CITIGROUP INC 4.45% 09/29/2027 16,433 15,783
75000 COMCAST CORP 2.65% 02/01/2030-2029 75,208 67,189
85000 B A T CAP CORP 4.7% 04/02/2027-2027 85,767 84,644
70000 ACUITY BRANDS LTG INC 2.15% 12/15/2030-2030 64,368 59,601
45000 BAT CAPITAL CORP SR 6.00% 02/20/2034 DTD 2/20/2024 6.00% 2/20/2034 44,747 46,233
58000 AGILENT TECHNOLOGIES 4.75% 09/06/2034 DTD 9/9/2024 4.75% 9/9/2034 57,959 55,072
40000 VENTAS RLTY LTD PARTNERSHIP DTD 5/13/2024 5.625% 7/1/2034 41,528 40,274
45000 REGENCY 2.95% 09/15/2029-2029 45,987 41,250
20000 CITIGROUP INC 4.6% 03/09/2026 20,374 19,946
21000 T-MOBILE USA INC 3.875% 04/15/2030-2030 22,376 19,761
43000 T-MOBILE USA INC 3.875% 04/15/2030-2030 39,597 40,463
57000 BK OF AMERICA CORP FR 3.419% DTD 12/20/2017 0.00% 12/20/2028 57,000 54,650
60000 BK OF AMERICA CORP FR 2.572% 10/20/2032-2031 59,775 50,626
18000 ORACLE CORP SR 4.7% 09/27/2034 DTD 9/27/2024 4.70% 9/27/2034 17,947 17,060
32000 PUBLIC SERVICE ELEC & GAS .95% 03/15/2026-2026 31,930 30,651
39000 REXFORD INDUSTRIAL REALTY L P 2.15% 09/01/2031-2031 36,727 31,688
23000 TRUIST FINANCIAL CORPORATION DTD 6/7/2021 1.887% 6/7/2029 23,000 20,751
85000 REGENERON PHARMACEUTICALS INC 1.75% 09/15/2030-2030 83,919 70,743
30000 AFLAC INC 2.875% 10/15/2026-2026 29,955 29,114
100000 FLORIDA PWR & LT CO SR GLBL FL 3.125% 12/01/2025-2025 101,787 98,718
40000 ALLSTATE CORP .75% 12/15/2025-2025 39,026 38,572
100000 AMPHENOL CORP CL A 2.05% 03/01/2025-2025 98,267 99,518
53000 BROADCOM INC 4.15% 11/15/2030-2030 49,666 50,714
44000 OCCIDENTAL 5.375% 01/01/2032 DTD 7/26/2024 5.375% 1/1/2032 44,137 43,083
45000 CHEVRON U.S.A. INC. 3.85% 01/15/2028-2027 48,267 44,388
40000 CATERPILLAR INC 6.625% 07/15/2028 44,475 42,176
50000 COMCAST CORP NEW 6.5% 11/15/2035 57,794 54,287
33000 TYSON FOODS INC 3.55% 06/02/2027-2027 32,382 32,006
51000 WELLS FARGO & CO VR 4.3% 07/22/2027 52,872 50,318
49000 NEXTERA ENERGY CAP HLDGS INC 5% 07/15/2032-2032 48,963 48,230
125000 JPMORGAN CHASE & CO 3.509% 01/23/2029-2028 129,800 119,923
39000 JPMORGAN CHASE & CO 2.545% DTD 11/8/2021 2.545% 11/8/2032 39,000 32,897
22000 KLA-TENCOR CORP 4.95% 07/15/2052-2052 19,053 19,995
69000 FORTINET INC 2.2% 03/15/2031-2030 63,351 58,631
52000 DUKE ENERGY CAROLINAS LLC 3.75% 06/01/2045-2044 48,689 39,793
55000 MORGAN STANLEY 4.431% 01/23/2030-2029 57,678 53,529
49000 CITIGROUP INC 3.887% DTD 1/10/2017 3.887% 1/10/2028 49,000 48,032
41000 KITE RLTY GROUP L P DTD 9/26/2016 4.00% 10/1/2026 41,998 40,367
65000 CUMMINS 1.5% 09/01/2030-2030 62,788 54,399
38000 WALT DISNEY CO 7.125% 04/08/2028 43,594 40,608
57000 HCA INC SR NT 5.45% 09/15/2034 DTD 8/12/2024 5.45% 9/15/2034 57,094 55,557
71000 AT&T INC 4.25% 03/01/2027-2026 DTD 2/9/2017 4.25% 3/1/2027 74,367 70,347
66000 ALLEGHANY CORP NEW 3.625% 05/15/2030-2030 67,525 62,076
90000 DELTA AIR LINES INC 4.375% 04/19/2028-2028 88,328 87,765
55000 CINTAS CORP NO 2 4% 05/01/2032-2032 54,969 51,468
60000 WELLS FARGO & CO SR NT 2.879% DTD 10/31/2019 2.879% 10/30/2030 58,619 54,121
40000 WISCONSIN 4.75% 09/30/2032-2032 39,507 39,435
30000 TEXAS INSTRS INC 1.75% 05/04/2030-2030 25,354 25,678
55000 L3HARRIS TECHNOLOGIES 5.05% 06/01/2029 DTD 3/13/2024 5.05% 6/1/2029 55,004 54,987
40000 WISCONSIN ENERGY CORP 6.2% 04/01/2033 44,724 42,316
20000 UNITED PARCEL SERVICE 5.2% 04/01/2040-2039 19,869 19,480
100000 WASTE MANAGEMENT INC .75% 11/15/2025-2025 99,590 96,762
15000 KIMBERLY CLARK CORP 6.625% 08/01/2037 18,014 16,953
30000 PACIFIC GAS & ELEC 6.75% DTD 1/6/2023 6.75% 1/15/2053 32,101 32,686
26000 RELIANCE STEEL & ALUMINUM CO 2.15% 08/15/2030-2030 26,286 22,188
37000 STEEL DYNAMICS INC SR 5.375% 08/15/2034 DTD 7/3/2024 5.375% 8/15/2034 36,596 36,679
28000 CAMDEN PPTY TR 4.1% 10/15/2028-2028 28,368 27,231
13000 AMGEN INC 2% 01/15/2032-2031 12,927 10,555
48000 ARROW ELECTRONICS INC DTD 4/10/2024 5.875% 4/10/2034 48,043 48,263
25000 TRANSATLANTIC HLDGS 8.00% 11/30/2039 DTD 11/23/2009 8.00% 11/30/2039 30,211 30,854
40000 OKLAHOMA GAS & ELEC 3.25% 04/01/2030-2029 39,980 36,682
38000 DICKS SPORTING GOODS INC 4.1% 01/15/2052-2051 28,015 27,760
70000 MONDELEZ INTL INC 1.5% 05/04/2025-2025 66,021 69,203
30000 PHILLIPS 66 CO. 5.3% 06/30/2033-2033 29,808 29,731
20000 PHYSICIANS RLTY L P 3.95% 01/15/2028-2027 20,555 19,408
40000 MARTIN MARIETTA 3.2% 07/15/2051-2031 36,803 25,897
18000 ESSENTIAL PROPERTIES LP 2.95% 07/15/2031-2031 17,444 15,324
19000 AIR LEASE CORPORATION 2.875% 01/15/2026-2025 19,055 18,596
75000 CONSUMERS 23 DTD 12/12/2023 5.21% 9/1/2031 76,213 75,757
12000 MONDELEZ INTL 4.75% 08/28/2034 DTD 8/28/2024 4.75% 8/28/2034 11,973 11,481
25000 CHURCH DWIGHT CO. INC. 2.3% 12/15/2031-2031 24,949 20,924
31000 KENVUE INC SR GLBL NT 5.05% 03/22/2053 DTD 9/22/2023 5.05% 3/22/2053 27,574 28,731
30000 ILLINOIS TOOL WORKS INC 2.65% 11/15/2026-2026 30,771 29,132
23000 PHYSICIANS RLTY L P 2.625% 11/01/2031-2031 22,951 19,438
34000 QUANTA 3.05% 10/01/2041-2041 31,276 23,874
75000 GEORGIA PAC CORP DEB 7.375% 12/01/2025 78,706 76,910
20000 BROWN FORMAN CORP 4.75% 04/15/2033 19,941 19,506
45000 BURLINGTON NORTH SANTA FE 7.29% 06/01/2036 60,523 52,728
16000 CHURCH DWIGHT CO. INC. 5.6% 11/15/2032-2032 16,720 16,488
46000 DOMINION ENERGY INC PERP GLBL -C 7% 06/15/2038 58,954 51,202
22000 NETFLIX INC. SR NT 5.4% 08/15/2054 DTD 8/1/2024 5.40% 8/15/2054 22,167 21,399
57000 DARDEN RESTAURANTS 4.35% 10/15/2027 DTD 10/3/2024 4.35% 10/15/2027 56,534 56,229
44000 LYB INTERNATIONAL FIN 5.625% 05/15/2033 DTD 5/19/2023 5.625% 5/15/2033 43,897 44,420
72000 KEURIG DR PEPPER 5.3% 03/15/2034 DTD 3/7/2024 5.30% 3/15/2034 72,082 71,866
9000 KITE RLTY GROUP 4.95% 12/15/2031 DTD 8/15/2024 4.95% 12/15/2031 8,940 8,756
60000 NETFLIX INC. SR NT 4.9% 08/15/2034 DTD 8/1/2024 4.90% 8/15/2034 59,856 58,758
90000 PINNACLE WEST CAPITAL CORP 1.3% 06/15/2025-2025 89,578 88,487
22000 OSHKOSH CORP 3.1% SNR PIDI NTS 01/03/2030 USD (SEC REGD) 3.1% 22,238 20,123
30000 AT&T INC 5.15% 11/15/2046-2046 28,771 27,536
47000 ANALOG DEVICES INC 3.5% 12/05/2026-2026 48,463 46,136
65000 HERSHEY CO 1.7% 06/01/2030-2030 61,971 55,291
55000 EASTMAN CHEMICAL 3.8% 03/15/2025 53,718 54,870
55000 ONEOK INC DTD 3/1/2024 5.00% 3/1/2026 55,300 55,085
44000 OLD REP INTL CORP SR 5.75% 03/28/2034 DTD 3/28/2024 5.75% 3/28/2034 44,085 44,050
28000 AIR PRODUCTS AND 4.85% 02/08/2034 DTD 2/8/2024 4.85% 2/8/2034 27,469 27,338
50000 ALTRIA GROUP INC 4.4% 02/14/2026-2025 51,227 49,756
52000 GENERAL MTRS FINL CO INC 5.85% 04/06/2030-2030 51,897 53,109
45000 MORGAN STANLEY 3.125% 07/27/2026 45,020 43,958
42000 NEWMONT MNG CORP 2.6% 07/15/2032-2032 41,957 35,675
58000 ALTRIA GROUP INC 4.8% 02/14/2029-2028 57,737 57,309
58000 AVERY DENNISON CORP 2.25% 02/15/2032 DTD 8/18/2021 2.25% 2/15/2032 49,006 47,382
30000 AMEREN ILLINOIS COMPANY 1.55% DTD 11/23/2020 1.55% 11/15/2030 29,873 24,874
27000 AMERICAN EXPRESS CR CORP 3.3% 05/03/2027-2027 28,108 26,170
35000 NSTAR ELECTRIC CO 3.25% 11/15/2025-2025 35,023 34,553
74000 JPMORGAN CHASE & CO 5.717% 09/14/2033-2032 74,739 75,583
57000 HCA INC 4.125% 06/15/2029-2029 53,707 54,367
85000 AMGEN INC 5.15% 03/02/2028-2023 84,974 85,619
40000 ABBVIE INC SR NT 4.95% 03/15/2031 DTD 2/26/2024 4.95% 3/15/2031 40,311 39,992
60000 EXXON MOBIL CORPORATION 2.61% 10/15/2030-2030 54,694 53,459
46000 INGREDION INC SR NT 3.2% 10/01/2026-2026 46,602 44,718
38000 NVENT FIN S A R L 4.55% 04/15/2028-2028 36,235 37,614
35000 CANADIAN NATL RAILWAY CO 6.712% 07/15/2036 42,801 39,006
70000 PFIZER INVT ENTERPRISES SR GLBL NT 33 DTD 5/19/2023 4.75% 5/19/2033 69,895 68,018
43000 NXP B V/NXP FUNDING LLC/NXP USA DTD 5/12/2022 5.00% 1/15/2033 43,145 41,846
43000 ARCELORMITTAL SA LUXEMBOURG SR NT DTD 6/17/2024 6.00% 6/17/2034 43,000 43,734
19000 ROYAL BK CDA FR DTD 10/18/2024 0.00% 10/18/2030 19,000 18,609
110000 FNMA POOL #MA5295 6.00% 03/01/2054 DTD 2/1/2024 6.00% 3/1/2054 94,861 95,213
120000 FEDERAL NATL MTG ASSN CMO 3% DTD 1/1/2019 3.00% 2/25/2049 20,819 18,409
40000 FHLMC POOL #RA-7554 4.00% 06/01/2052 DTD 6/1/2022 4.00% 6/1/2052 29,839 29,169
150000 FEDERAL HOME LOAN MTG CORP 3.500 2052-02-01 USD 3.5% 02/01/2052 111,063 97,429
75000 FHLMC 1.5% 06/15/2041 DTD 8/1/2012 1.50% 6/15/2041 2,679 2,656
110000 FEDERAL NATL MTG ASSN POOL NBR AH5583 4.5% 02/01/2041 4,255 3,863
105000 FEDERAL NATL MTG ASSN 5.000 2052-06-01 USD 5% 06/01/2052 83,045 77,912
225000 FEDERAL HOME LOAN MTG CORP 4.000 2052-10-01 USD 4% 10/01/2052 176,186 175,046
300000 FEDERAL HOME LN MTG CORP MULTICL DTD 4/1/2015 2.50% 7/15/2039 40,649 38,894
115000 FHLMC SUPER 30Y FIXED DTD 12/1/2024 5.50% 12/1/2054 114,937 113,522
65000 FEDERAL NATL MTG ASSN GTD MTG PA POOL NBR AE8748 4% 12/01/2040 7,228 6,542
155000 FEDERAL HOME LOAN MTG CORP 3.000 2051-09-01 USD 3% 09/01/2051 109,674 91,911
105000 FEDERAL HOME LOAN MTG CORP 4.500 2052-07-01 USD 4.5% 07/01/2052 90,108 83,754
55000 GNMA PASS-THRU M SINGLE FAMILY DTD 6/1/2022 2.50% 6/20/2052 37,802 37,343
20000 FNMA POOL # MA4944 4.5% 03/01/2038 DTD 2/1/2023 4.50% 3/1/2038 14,136 13,952
215000 FNMA PASS-THRU I 4.000 2052-05-01 USD 4% 05/01/2052 171,294 169,499
200000 FEDERAL NATL MTG ASSN GTD MTG PA 3.000 2050-08-01 USD 3% 73,681 60,996
50000 GNMA POOL #MA9728M 7.00% 06/20/2054 DTD 6/1/2024 7.00% 6/20/2054 49,056 49,146
120000 FHLMC POOL #SB-8257 5.5% 09/01/2038 DTD 8/1/2023 5.50% 9/1/2038 85,853 86,149
85000 FEDERAL NATL MTG ASSN GTD MTG POOL NBR AJ1413 4.5% 09/01/2041 6,514 5,957
123000 FHLMC VAR 01/25/2027 DTD 3/1/2017 3.43% 1/25/2027 125,616 120,337
140000 FEDERAL NATL MTG ASSN GTD MTG PA 3.000 2050-09-01 USD 3% 53,052 44,930
60000 FEDERAL NATL MTG ASSN DTD 3/1/2023 5.50% 4/1/2038 42,294 42,442
130000 FHLMC SUPER #SB0731 2.5% 06/01/2037 DTD 8/1/2022 2.50% 6/1/2037 87,059 85,568
90000 FEDERAL HOME LN MTG CORP PARTN C GROUP NBR G1-5922 GOLD POOL 3% 14,602 13,567
106000 FEDERAL HOME LN MTG CORP MULTICL DTD 9/1/2015 2.50% 9/15/2045 9,864 9,363
40000 GNMA PASS-THRU M SINGLE FAMILY DTD 11/1/2024 6.50% 11/20/2054 40,701 40,646
105000 FNMA POOL #MA5093 5.00% 07/01/2038 DTD 6/1/2023 5.00% 7/1/2038 76,444 76,209
155000 FEDERAL HOME LOAN MTG CORP 5.000 DTD 8/1/2022 5.00% 9/1/2052 130,138 125,675
285000 FEDERAL HOME LN MTG CORP MULTICL DTD 12/1/2012 1.25% 12/15/2027 13,027 12,828
155000 GNMA PLATINUM POOLS USING GNMA I POOL NBR 783403 3.5% 09/15/2041 11,971 10,752
110000 FEDERAL NATL MTG ASSN 4.500 2053-05-01 USD 4.5% 05/01/2053 97,326 94,124
160000 FEDERAL HOME LOAN MTG CORP 4.500 2037-09-01 USD 4.5% 10/01/2037 107,724 105,544
135000 FEDERAL NATL MTG ASSN POOL NBR AL2921 3.5% 08/01/2042 25,274 21,828
340000 FEDERAL NATL MTG ASSN POOL #735141 5.5% 01/01/2035 3,360 3,260
311000 FEDERAL NATL MTG ASSN GTD MTG PA DTD 9/1/2021 2.50% 10/1/2051 223,291 197,014
65000 FNMA POOL #MA4894 6.00% 01/01/2053 DTD 12/1/2022 6.00% 1/1/2053 49,123 49,757
35000 FEDERAL NATL MTG ASSN 5.000 DTD 8/1/2022 5.00% 9/1/2052 28,666 27,827
75000 GNMA POOL #MA9967M 6.5% 10/20/2054 DTD 10/1/2024 6.50% 10/20/2054 76,098 75,698
105000 FEDERAL NATL MTG ASSN 4.000 2037-09-01 USD 4% 10/01/2037 72,588 70,049
105000 FEDERAL NATL MTG ASSN 4.000 DTD 10/1/2022 4.00% 11/1/2037 76,826 74,849
120000 GNMA II GTD CTF MULTI ISSUER 3.000 2051-09-20 USD 3% 87,218 72,084
110000 FEDERAL HOME LN MTG CORP GROUP NBR G1-8527 GOLD POOL 3% 8,525 8,116
55000 FNMA POOL #MA5554 6.00% 11/01/2054 DTD 11/1/2024 6.00% 12/1/2054 55,334 54,905
495504 FEDERAL NATL MTG ASSN POOL #545993 6% 11/01/2032 1,282 1,301
64000 FEDERAL HOME LOAN MTG CORP 5.000 DTD 10/1/2022 5.00% 11/1/2052 54,362 53,322
100000 FEDERAL NATL MTG ASSN GTD MTG POOL NBR AP7363 4% 10/01/2042 13,924 12,600
100000 GNMA POOL #MA9853M 6.5% 08/20/2054 DTD 8/1/2024 6.50% 8/20/2054 100,799 100,700
130000 FEDERAL HOME LOAN MTG CORP 3.000 2052-03-01 USD 3% 03/01/2052 89,740 90,250
55000 FEDERAL HOME LOAN MTG CORP 5.500 DTD 10/1/2022 5.50% 11/1/2052 45,412 44,859
130000 FEDERAL NATL MTG ASSN POOL NBR AV0691 4% 12/01/2043 19,311 17,386
235000 FNMA PASS-THRU I 3.500 2051-01-01 USD 3.5% 01/01/2051 85,475 82,532
217000 FEDERAL NATL MTG ASSN GTD MTG PA DTD 6/1/2009 6.00% 2/1/2037 12,259 11,062
145000 FEDERAL HOME LOAN MTG CORP 3.500 2052-02-01 USD 3.5% 03/01/2052 120,077 102,644
160000 FEDERAL HOME LOAN MTG CORP 5.500 DTD 11/1/2022 5.50% 12/1/2052 133,050 133,212
85000 FHLMC VAR 07/25/2032 DTD 8/1/2022 3.50% 7/25/2032 82,458 77,572
220684 FEDERAL NATL MTG ASSN POOL #865810 6% 03/01/2036 1,818 1,859
145000 FNMA PASS-THRU I 2.500 2050-06-01 USD 2.5% 06/01/2050 89,326 71,966
145000 FEDERAL NATL MTG ASSN GTD MTG 3.500 2047-08-01 USD 3.5% 34,587 31,367
95000 FNMA POOL #MA5216 6.00% 12/01/2053 DTD 11/1/2023 6.00% 12/1/2053 79,111 79,339
105000 FEDERAL HOME LOAN MTG CORP 5.000 2038-03-01 USD 5% 03/01/2038 75,412 75,158
85000 GNMA II GTD CTF MULTI ISSUER 3.500 2051-12-20 USD 3.5% 68,710 58,561
90000 FEDERAL HOME LN MTG CORP MBS GOLD POOL 3% 12/01/2030 11,407 10,730
65000 FEDERAL NATL MTG ASSN GTD REMIC DTD 5/1/2015 2.50% 6/25/2030 6,378 6,238
170000 FNMA PASS-THRU I MBS 4.5% 03/01/2053 144,383 139,463
580000 FEDERAL NATL MTG ASSN POOL #555424 5.5% 05/01/2033 2,826 2,749
690000 FEDERAL NATL MTG ASSN POOL #725162 6% 02/01/2034 4,685 4,490
100000 FEDERAL NATL MTG ASSN GTD MTG DTD 3/1/2020 2.50% 3/1/2035 37,506 36,955
40000 FEDERAL NATL MTG ASSN 5.000 2052-12-01 USD 5% 12/01/2052 33,283 33,477
165000 FEDERAL HOME LN MTG CORP PARTN C GROUP NBR G1-5144/ GOLD POOL 12,074 11,620
50000 FEDERAL HOME LOAN MTG CORP 3.000 2050-09-01 USD 3% 09/01/2050 19,670 15,958
150000 FEDERAL HOME LN MTG CORP PARTN GROUP NBR G6-7702 GOLD POOL 4% 36,368 31,645
45000 FHLMC VAR 12/25/2032 DTD 1/1/2023 3.82% 12/25/2032 44,157 41,779
55000 FEDERAL NATL MTG ASSN GTD MTG POOL NBR AL9418 3.5% 08/01/2031 6,829 6,467
100000 GNMA POOL #MA9908M 6.5% 09/20/2054 DTD 9/1/2024 6.50% 9/20/2054 101,648 101,012
665000 FEDERAL HOME LN MTG DTD 10/1/2018 4.00% 11/1/2048 52,172 49,979
130000 GOVERNMENT NATL MTG ASSN CMO DTD 9/1/2016 1.75% 11/20/2044 25,790 24,580
145000 FEDERAL NATL MTG ASSN GTD MTG PA 2.500 2040-07-01 USD 2.5% 60,264 49,857
62000 FEDERAL NATL MTG ASSN 5.500 DTD 11/1/2022 5.50% 12/1/2052 52,303 51,471
110000 FEDERAL HOME LOAN MTG CORP 4.000 DTD 4/1/2022 4.00% 5/1/2052 91,387 83,455
40000 FNMA UMBS LNG 30 YEAR DTD 12/1/2024 6.00% 1/1/2055 40,439 40,198
190000 FEDERAL NATL MTG ASSN GTD REMIC DTD 7/1/2013 2.75% 9/25/2042 17,192 16,379
45000 FNMA POOL #BT0417 2.5% 06/01/2051 DTD 6/1/2021 2.50% 6/1/2051 24,531 26,396
121000 FEDERAL HOME LN MTG CORP MULTICL DTD 7/1/2017 3.00% 12/15/2028 1,408 1,378
110000 FEDERAL NATL MTG ASSN 4.000 2052-05-01 USD 4% 05/01/2052 89,498 82,326
120000 GNMA II GTD CTF MULTI ISSUER 4.500 2052-05-20 USD 4.5% 100,273 93,788

TY 2024 InvestmentsCorpStockSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Name of Stock End of Year Book Value End of Year Fair Market Value
2200 C H ROBINSON WORLDWIDE INC 172,760 227,304
2225 AFFILIATED MANAGERS GROUP INC 182,623 411,447
5800 MOLSON COORS BREWING CO CL B 219,625 332,456
500 CABLE ONE INC 249,688 181,060
3600 LKQ CORP 133,444 132,300
7500 GFL ENVIRONMENTAL INC SUB VTG 213,460 334,050
5100 US FOODS HLDG CORP 67,358 344,046
2700 SYSCO 91,895 206,442
2500 SCHEIN HENRY INC 178,312 173,000
7700 ENVISTA HOLDINGS CORPORATION 158,050 148,533
5327 NEOGEN CORP 63,502 64,670
7900 ENERGIZER HLDGS INC NEW 221,654 275,631
7200 HILLENBRAND INC 171,724 221,616
1000 MIDDLEBY CORP 142,105 135,450
1300 BROWN & BROWN INC 23,570 132,626
500 WILLIS TOWERS WATSON PLC 60,988 156,620
1300 LPL FINL HLDGS INC 36,541 424,463
11000 AVANTOR INC 208,647 231,770
41400 LESLIE S INC 319,426 92,322
4600 POST HLDGS INC 308,406 526,516
3600 LAMB WESTON HOLDINGS INC 253,921 240,588
6039 WILEY JOHN & SONS INC CL A 224,233 263,965
98230 CLARIVATE ANALYTICS PLC 955,238 499,008
10640 SPDR GOLD TRUST 1,558,768 2,576,263
111109.722 VANGUARD VALUE INDEX FUND 3,719,484 7,336,575
90252.802 VANGUARD FTSE DEVELOPED DEV MKT INDX-ADM 1,342,758 1,386,283
37052.05 WASATCH EMERGING MARKETS SELECT INSTL 910,369 628,403
52482.399 VANGUARD M/C GROW INDEX-ADM 2,501,462 5,734,752
12470.775 EUROPACIFIC GROWTH FD AMERICAN 721,434 667,935
38613.249 VANGUARD GROWTH INDEX FUND 2,135,641 8,156,277
43594.655 VANGUARD EMERGING MARKETS STOCK INDEX-ADM 1,807,916 1,602,975

TY 2024 InvestmentsGovtObligationsSch
Name:
SAGE FOUNDATION
EIN:
38-6041518
US Government Securities - End of Year Book Value:

8,623,702
US Government Securities - End of Year Fair Market Value:

8,031,158
State & Local Government Securities - End of Year Book Value:


329,506
State & Local Government Securities - End of Year Fair Market Value:


309,421


TY 2024 LegalFeesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Legal Fees 200,244 70,085   130,158


TY 2024 OtherDecreasesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Description Amount
Adjust beginning balance to tax basis 127,467
Amortization 31,754


TY 2024 OtherExpensesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Insurance 2,200 0   2,200
Postage 933 0   933
State Filing Fees 20 0   20
Trustee Travel Expense 2,341 0   2,341
Dues 1,660 0   1,660


TY 2024 OtherIncomeSchedule2
Name:
SAGE FOUNDATION
EIN:
38-6041518
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Net class action proceeds 1,415 1,415 1,415


TY 2024 OtherProfessionalFeesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Investment Management Fees 192,294 192,294   0
Custodian Fees 27,435 0   27,435


TY 2024 TaxesSchedule
Name:
SAGE FOUNDATION
EIN:
38-6041518
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Excise Tax - 2024 Estimated Payments 10,000 0   0