TY 2024 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)
2	Check .............
3	Interest on savings and temporary cash investments	2,884,115	2,884,115
4	Dividends and interest from securities...	16,671,113	17,748,630
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		6,884,589
b	Gross sales price for all assets on line 6a 166,009,920
7	Capital gain net income (from Part IV, line 2)...		8,605,052
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	1,605,725	-597,531
12	Total. Add lines 1 through 11........	28,045,542	28,640,266
	13	Compensation of officers, directors, trustees, etc.	1,483,800	206,706		1,277,094
14	Other employee salaries and wages......	131,679	13,447		118,232
15	Pension plans, employee benefits.......	479,733	65,147		412,891
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	58,051	7,911		50,140
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	1,599,714	1,599,714		0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	361,736	0		0
19	Depreciation (attach schedule) and depletion...		111,492	0
20	Occupancy..............	210,960	33,137		210,015
21	Travel, conferences, and meetings.......	76,760	0		76,760
22	Printing and publications..........	794	108		686
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	113,596	12,417		100,696
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	4,628,315	1,938,587		2,246,514
25	Contributions, gifts, grants paid.......	45,155,469			45,317,615
26	Total expenses and disbursements. Add lines 24 and 25	49,783,784	1,938,587		47,564,129
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-21,738,242
b	Net investment income (if negative, enter -0-)		26,701,679
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.............	13,191	14,405	14,405
2	Savings and temporary cash investments.........	66,204,755	32,897,331	32,897,331
3	Accounts receivable
	Less: allowance for doubtful accounts
4	Pledges receivable
	Less: allowance for doubtful accounts
5	Grants receivable.................
6	Receivables due from officers, directors, trustees, and other
	disqualified persons (attach schedule) (see instructions).....
7	Other notes and loans receivable (attach schedule)
	Less: allowance for doubtful accounts
8	Inventories for sale or use..............
9	Prepaid expenses and deferred charges..........	20,320	19,837	19,837
10a	Investments—U.S. and state government obligations (attach schedule)	27,144,411	List of Attached Documents: // Content 33,102,519	31,602,815
b	Investments—corporate stock (attach schedule).......	146,376,100	List of Attached Documents: // Content 155,641,466	426,014,979
c	Investments—corporate bonds (attach schedule).......	18,867,790	List of Attached Documents: // Content 20,976,061	20,808,515
11	Investments—land, buildings, and equipment: basis
	Less: accumulated depreciation (attach schedule)
12	Investments—mortgage loans.............
13	Investments—other (attach schedule)..........	350,623,730	List of Attached Documents: // Content 344,845,255	514,021,390
14	Land, buildings, and equipment: basis 1,066,178
	Less: accumulated depreciation (attach schedule) 869,277	297,626	196,901	196,901
15	Other assets (describe )	List of Attached Documents: // Content 740,621	List of Attached Documents: // Content 483,142	List of Attached Documents: // Content 483,142
16	Total assets (to be completed by all filers—see the
	instructions. Also, see page 1, item I)	610,288,544	588,176,917	1,026,059,315
	17	Accounts payable and accrued expenses..........	157,152	162,443
18	Grants payable.................	2,100,000	1,937,854
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 699,672	List of Attached Documents: // Content 483,142
23	Total liabilities (add lines 17 through 22).........	2,956,824	2,583,439
		Foundations that follow FASB ASC 958, check here
	and complete lines 24, 25, 29 and 30.
24	Net assets without donor restrictions...........	607,331,720	585,593,478
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........
27	Paid-in or capital surplus, or land, bldg., and equipment fund
28	Retained earnings, accumulated income, endowment, or other funds
29	Total net assets or fund balances (see instructions).....	607,331,720	585,593,478
30	Total liabilities and net assets/fund balances (see instructions).	610,288,544	588,176,917

(e) Gross sales price	(f) Depreciation allowed (or allowable)	(h) Gain or (loss) (e) plus (f) minus (g)
a	164,206,452	157,404,868	6,801,584
b	58		58
c	171,566		171,566
d	96,177		96,177
e	58,986		58,986
	308,826		308,826
	117,617		117,617
	5,509		5,509
	961,724		961,724
	83,005		83,005

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	8,605,052
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	371,153
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	371,153
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	371,153
6	Credits/Payments:

a	2024 estimated tax payments and 2023 overpayment credited to 2024	6a	327,213
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	320,000
d	Backup withholding erroneously withheld ..........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............	7	647,213
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	276,060
11	Enter the amount of line 10 to be: Credited to 2025 estimated tax276,060	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
MICHAEL W GLEBA	CHAIRMAN/CEO, TREASURER & TRUSTEE 40.00	746,950	69,750	0
ONE OXFORD CENTRE 301 GRANT STREET SUITE 3900 PITTSBURGH,PA152196402
MONTGOMERY B BROWN	VICE PRESIDENT 40.00	421,700	69,750	0
ONE OXFORD CENTRE 301 GRANT STREET SUITE 3900 PITTSBURGH,PA152196402
LINDA M BUCKLEY	SECRETARY & ASSISTANT TREASURER 40.00	185,150	45,831	0
ONE OXFORD CENTRE 301 GRANT STREET SUITE 3900 PITTSBURGH,PA152196402
T KENNETH CRIBB JR	TRUSTEE 1.00	20,000	0	0
ONE OXFORD CENTRE 301 GRANT STREET SUITE 3900 PITTSBURGH,PA152196402
EDWIN J FEULNER JR	TRUSTEE 1.00	20,000	0	0
ONE OXFORD CENTRE 301 GRANT STREET SUITE 3900 PITTSBURGH,PA152196402
ROGER KIMBALL	TRUSTEE 1.00	20,000	0	0
ONE OXFORD CENTRE 301 GRANT STREET SUITE 3900 PITTSBURGH,PA152196402
EUGENE B MEYER	TRUSTEE 1.00	20,000	0	0
ONE OXFORD CENTRE 301 GRANT STREET SUITE 3900 PITTSBURGH,PA152196402
ROGER W ROBINSON JR	TRUSTEE 1.00	15,000	0	0
ONE OXFORD CENTRE 301 GRANT STREET SUITE 3900 PITTSBURGH,PA152196402
CHRISTINE J TORETTI	TRUSTEE 1.00	15,000	0	0
ONE OXFORD CENTRE 301 GRANT STREET SUITE 3900 PITTSBURGH,PA152196402
MATTHEW A GROLL	TRUSTEE 1.00	20,000	0	0
ONE OXFORD CENTRE 301 GRANT STREET SUITE 3900 PITTSBURGH,PA152196402


PNC FINANCIAL SERVICES GROUP	FISCAL AGENT/ADMINISTRATION	754,677
300 5TH AVENUE PITTSBURGH,PA15222
EAGLE CAPITAL MANAGEMENT	FUND MANAGER	413,990
499 PARK AVENUE 17TH FLOOR NEW YORK,NY10022
HARDMAN JOHNSTON GLOBAL ADVISORS	FUND MANAGER	197,538
300 ATLANTIC ST SUITE 601 STAMFORD,CT06901
LMCG INVESTMENTS LLC	FUND MANAGER	57,814
ONE BOSTON PL 201 WASHINGTON ST 29TH FL BOSTON,MA02108

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1	N/A	0
2


All other program-related investments. See instructions.
3	List of Attached Documents: // Content	0

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
ACTON INSTITUTE FOR THE STUDY OF RELIGION AND LIBERTY 98 E FULTON STREET GRAND RAPIDS,MI49503	NONE	PC	PROGRAM SUPPORT	250,000
ALEXANDER HAMILTON SOCIETY THE 1701 H STREET NW SUITE 200 WASHINGTON,DC20006	NONE	PC	PROJECT SUPPORT	60,000
ALEXANDER HAMILTON SOCIETY THE 1701 H STREET NW SUITE 200 WASHINGTON,DC20006	NONE	PC	GENERAL OPERATING SUPPORT	320,000
ALLEGHENY INSTITUTE FOR PUBLIC POLICY 305 MT LEBANON BOULEVARD SUITE 208 PITTSBURGH,PA15234	NONE	PC	GENERAL OPERATING SUPPORT	200,000
AMERICAN COUNCIL OF TRUSTEES AND ALUMNI 1730 M STREET NW SUITE 600 WASHINGTON,DC20036	NONE	PC	GENERAL OPERATING SUPPORT	135,000
AMERICAN COUNCIL ON SCIENCE AND HEALTH 135 MADISON AVENUE 5TH FLOOR 06-114 NEW YORK,NY100166745	NONE	PC	GENERAL OPERATING SUPPORT	80,000
AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH 1789 MASSACHUSETTS AVENUE NW WASHINGTON,DC20036	NONE	PC	JEANE KIRKPATRICK FELLOWSHIP AND SCHOLARS PROGRAM	500,000
AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH 1789 MASSACHUSETTS AVENUE NW WASHINGTON,DC20036	NONE	PC	MIDDLE EAST POLICY STUDIES PROGRAM	250,000
AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH 1789 MASSACHUSETTS AVENUE NW WASHINGTON,DC20036	NONE	PC	THE CHINA CHALLENGE	250,000
AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH 1789 MASSACHUSETTS AVENUE NW WASHINGTON,DC20036	NONE	PC	DEFENSE POLICY STUDIES	275,000
AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH 1789 MASSACHUSETTS AVENUE NW WASHINGTON,DC20036	NONE	PC	HOUSING CENTER	225,000
AMERICAN FOREIGN POLICY COUNCIL 509 C STREET NE WASHINGTON,DC20002	NONE	PC	GENERAL OPERATING AND PROGRAM SUPPORT	520,000
AMERICAN INSTITUTE FOR ECONOMIC RESEARCH INC 250 DIVISION STREET GREAT BARRINGTON,MA01230	NONE	PC	GENERAL OPERATING SUPPORT	120,000
AMERICAN PRIVATE RADIO 1723-B UNIVERSITY AVENUE SUITE 361 OXFORD,MS38655	NONE	PC	GENERAL OPERATING SUPPORT	200,000
AMERICAN TRANSPARENCY 3 GRANT SQUARE SUITE 355 HINSDALE,IL60521	NONE	PC	OPEN THE BOOKS PROJECT	100,000
AMERICA'S FUTURE FOUNDATION 1367 CONNECTICUT AVENUE NW SUITE 200 WASHINGTON,DC20036	NONE	PC	GENERAL OPERATING SUPPORT	115,000
AMERICA'S FUTURE FOUNDATION 1367 CONNECTICUT AVENUE NW SUITE 200 WASHINGTON,DC20036	NONE	PC	TALENT MARKET LLC	50,000
ARCHBRIDGE INSTITUTE 1633 CONNECTICUT AVENUE NW SUITE 300 WASHINGTON,DC20009	NONE	PC	GENERAL OPERATING SUPPORT	150,000
ARIZONA STATE UNIVERSITY FOUNDATION FOR A NEW AMERICAN UNIVERSITY 951 S CADY MALL SOCIAL SCIENCES SUITE 107 TEMPE,AZ852870602	NONE	PC	SCHOOL OF CIVIC AND ECONOMIC THOUGHT AND LEADERSHIP, PROJECT SUPPORT	75,000
ASHLAND UNIVERSITY 401 COLLEGE AVENUE ASHLAND,OH44805	NONE	PC	ASHBROOK CENTER, PROGRAM SUPPORT	400,000
ATLANTIC LEGAL FOUNDATION 2005 PALMER AVENUE LARCHMONT,NY10538	NONE	PC	GENERAL OPERATING SUPPORT	85,000
ATLAS ECONOMIC RESEARCH FOUNDATION 4075 WILSON BOULEVARD SUITE 310 ARLINGTON,VA22203	NONE	PC	PRAGUE SECURITY STUDIES INSTITUTE	120,000
ATLAS ECONOMIC RESEARCH FOUNDATION 4075 WILSON BOULEVARD SUITE 310 ARLINGTON,VA22203	NONE	PC	GENERAL OPERATING AND PROGRAM SUPPORT	450,000
BECKET FUND 1919 PENNSYLVANIA AVENUE NW SUITE 400 WASHINGTON,DC20006	NONE	PC	GENERAL OPERATING SUPPORT	275,000
BENJAMIN RUSH INSTITUTE PO BOX 610-001 DFW AIRPORT,TX752610001	NONE	PC	PROGRAM SUPPORT	50,000
BILL OF RIGHTS INSTITUTE 1310 NORTH COURTHOUSE ROAD SUITE 620 ARLINGTON,VA22201	NONE	PC	PROJECT SUPPORT	320,000
BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY THE 434 GALVEZ MALL STANFORD,CA943056003	NONE	PC	HOOVER INSTITUTION ON WAR, REVOLUTION AND PEACE	1,000,000
BUCKEYE INSTITUTE THE 88 EAST BROAD STREET SUITE 1300 COLUMBUS,OH43215	NONE	PC	PROGRAM SUPPORT	185,000
BUCKLEY INSTITUTE INC 265 CHURCH STREET SUITE 404 NEW HAVEN,CT06510	NONE	PC	GENERAL OPERATING SUPPORT	130,000
CAPITAL RESEARCH CENTER 1513 16TH STREET NW WASHINGTON,DC200361480	NONE	PC	GENERAL OPERATING SUPPORT	500,000
CATHOLIC UNIVERSITY OF AMERICA 620 MICHIGAN AVENUE NE WASHINGTON,DC20064	NONE	PC	CENTER FOR HUMAN RIGHTS, FELLOWSHIP SUPPORT	50,000
CATHOLIC UNIVERSITY OF AMERICA 620 MICHIGAN AVENUE NE WASHINGTON,DC20064	NONE	PC	ROPKE-WOJTYLA FELLOWSHIP PROGRAM	69,760
CATO INSTITUTE 1000 MASSACHUSETTS AVENUE NW WASHINGTON,DC200015403	NONE	PC	CENTER FOR GLOBAL LIBERTY AND PROSPERITY	180,000
CENTER FOR AMERICAN CULTURE AND IDEAS 5230 N APACHE HILLS TRAIL TUCSON,AZ85750	NONE	PC	GENERAL OPERATING SUPPORT	120,000
CENTER FOR COMMON SENSE IN SCIENCE DBA CENTER FOR TRUTH IN SCIENCE 300 S RIVERSIDE PLAZA SUITE 1625 CHICAGO,IL60606	NONE	PC	PROJECT SUPPORT	100,000
CENTER FOR EQUAL OPPORTUNITY 1054 31ST STREET NW SUITE 330 WASHINGTON,DC20007	NONE	PC	GENERAL OPERATING SUPPORT	150,000
CENTER FOR EUROPEAN POLICY ANALYSIS 1275 PENNSYLVANIA AVENUE NW SUITE 400 WASHINGTON,DC200042454	NONE	PC	PROGRAM SUPPORT	167,855
CENTER FOR IMMIGRATION STUDIES INC 1629 K STREET NW SUITE 600 WASHINGTON,DC20006	NONE	PC	GENERAL OPERATING SUPPORT	250,000
CENTER FOR INDIVIDUAL RIGHTS 1100 CONNECTICUT AVENUE NW SUITE 625 WASHINGTON,DC20036	NONE	PC	GENERAL OPERATING SUPPORT	200,000
CENTER FOR SECURITY POLICY INC 2020 PENNSYLVANIA AVENUE NW SUITE 189 WASHINGTON,DC20006	NONE	PC	GENERAL OPERATING SUPPORT	275,000
CENTER FOR STRATEGIC AND INTERNATIONAL STUDIES INC 1616 RHODE ISLAND AVENUE NW WASHINGTON,DC20036	NONE	PC	WARFARE, IRREGULAR THREATS, AND TERRORISM PROGRAM	500,000
CENTER FOR STRATEGIC AND INTERNATIONAL STUDIES INC 1616 RHODE ISLAND AVENUE NW WASHINGTON,DC20036	NONE	PC	THE GEORGE C. MARSHALL MISSILE DEFENSE PROJECT	500,000
CENTER FOR THE STUDY OF TECHNOLOGY & SOCIETY INC 1730 M STREET NW SUITE 910 WASHINGTON,DC20036	NONE	PC	GENERAL OPERATING SUPPORT	150,000
CERTELL INC 8520 ALLISON POINTE BOULEVARD SUITE 220 INDIANAPOLIS,IN46205	NONE	PC	GENERAL OPERATING SUPPORT	300,000
CHRISTOPHER NEWPORT UNIVERSITY EDUCATIONAL FOUNDATION INC 1 AVENUE OF THE ARTS NEWPORT NEWS,VA236063072	NONE	PC	CENTER FOR AMERICAN STUDIES	80,000
CITIZENS' COUNCIL FOR HEALTH FREEDOM 161 RONDO AVENUE SUITE 923 ST PAUL,MN55103	NONE	PC	GENERAL OPERATING SUPPORT	160,000
CLAREMONT INSTITUTE FOR THE STUDY OF STATESMANSHIP & POLITICAL PHILOSOPHY 1317 W FOOTHILL BOULEVARD SUITE 120 UPLAND,CA91786	NONE	PC	GENERAL OPERATING SUPPORT	450,000
CO2 COALITION INC 1621 NORTH KENT STREET SUITE 603 ARLINGTON,VA22209	NONE	PC	GENERAL OPERATING SUPPORT	200,000
COMMITTEE FOR A CONSTRUCTIVE TOMORROW 1717 PENNSYLVANIA AVENUE NW SUITE 1025 WASHINGTON,DC20006	NONE	PC	GENERAL OPERATING AND PROGRAM SUPPORT	140,000
COMMONWEALTH FOUNDATION FOR PUBLIC POLICY ALTERNATIVES THE 225 STATE STREET SUITE 302 HARRISBURG,PA17101	NONE	PC	GENERAL OPERATING SUPPORT	600,000
COMPETITIVE ENTERPRISE INSTITUTE 1310 L STREET NW 7TH FLOOR WASHINGTON,DC20005	NONE	PC	GENERAL OPERATING SUPPORT	500,000
COUNCIL FOR NATIONAL POLICY INC 444 NORTH CAPITOL STREET NW SUITE 830 WASHINGTON,DC20001	NONE	PC	CONSERVATIVE ACTION PROJECT	27,000
CRIMINAL JUSTICE LEGAL FOUNDATION 2131 L STREET SACRAMENTO,CA95816	NONE	PC	GENERAL OPERATING SUPPORT	100,000
DAILY CALLER NEWS FOUNDATION THE 1775 EYE STREET NW SUITE 1150-291 WASHINGTON,DC20006	NONE	PC	PROGRAM SUPPORT	350,000
DEFENSE FORUM FOUNDATION INC THE 3014 CASTLE ROAD FALLS CHURCH,VA22044	NONE	PC	GENERAL OPERATING SUPPORT	90,000
DEFENSE OF FREEDOM INSTITUTE FOR POLICY STUDIES INC 1455 PENNSYLVANIA AVENUE NW SUITE 400 WASHINGTON,DC20004	NONE	PC	GENERAL OPERATING SUPPORT	125,000
DO NO HARM 11357 NUCKOLS ROAD PMB 115 GLEN ALLEN,VA23059	NONE	PC	GENERAL OPERATING SUPPORT	75,000
DONORS TRUST INC 1800 DIAGONAL ROAD SUITE 280 ALEXANDRIA,VA22314	NONE	PC	GALEN INSTITUTE AT DONORS LLC	80,000
EMERGENT ORDER FOUNDATION INC 4450 FRONTIER TRAIL AUSTIN,TX78745	NONE	PC	FELLOWSHIP SUPPORT	250,000
ENCOUNTER FOR CULTURE AND EDUCATION INC 900 BROADWAY SUITE 601 NEW YORK,NY100031239	NONE	PC	PROGRAM SUPPORT	200,000
EQUAL VOTING RIGHTS INSTITUTE THE DBA AMERICAN CIVIL RIGHTS PROJECT 7140 BRIARMEADOW DRIVE DALLAS,TX75230	NONE	PC	GENERAL OPERATING SUPPORT	150,000
ETHICS AND PUBLIC POLICY CENTER INC 1730 M STREET NW SUITE 910 WASHINGTON,DC20036	NONE	PC	GENERAL OPERATING SUPPORT	370,000
EVERGREEN FREEDOM FOUNDATION D/B/A FREEDOM FOUNDATION 2403 PACIFIC AVE SE OLYMPIA,WA98501	NONE	PC	PROGRAM SUPPORT	500,000
FAIRNESS CENTER INC THE PO BOX 54597 OAKLAHOMA CITY,OK73118	NONE	PC	PROGRAM SUPPORT	340,000
FAITH AND REASON INSTITUTE 1730 M STREET NW SUITE 910 WASHINGTON,DC20036	NONE	PC	PROGRAM SUPPORT	100,000
FEDERALIST SOCIETY FOR LAW & PUBLIC POLICY STUDIES 1776 I STREET NW SUITE 910 WASHINGTON,DC20036	NONE	PC	GENERAL OPERATING SUPPORT	550,000
FEDERALIST SOCIETY FOR LAW & PUBLIC POLICY STUDIES 1776 I STREET NW SUITE 910 WASHINGTON,DC20036	NONE	PC	PROJECT SUPPORT	350,000
FEDERATION FOR AMERICAN IMMIGRATION REFORM 25 MASSACHUSETTS AVENUE NW SUITE 330 WASHINGTON,DC20001	NONE	PC	GENERAL OPERATING SUPPORT	250,000
FORBES AVENUE FOUNDATION INC DBA BEATRICE INSTITUTE 339 SIXTH AVE SUITE 1400 PITTSBURGH,PA15222	NONE	PC	GENERAL OPERATING SUPPORT	75,000
FOREIGN POLICY RESEARCH INSTITUTE 123 S BROAD STREET SUITE 1920 PHILADELPHIA,PA19109	NONE	PC	EURASIA PROGRAM	300,000
FOUNDATION FOR CULTURAL REVIEW INC 900 BROADWAY SUITE 602 NEW YORK,NY10003	NONE	PC	GENERAL OPERATING SUPPORT	360,000
FOUNDATION FOR ECONOMIC EDUCATION INC 1776 PEACHTREE ROAD NW SUITE 701S ATLANTA,GA30309	NONE	PC	PROGRAM SUPPORT	250,000
FOUNDATION FOR EXCELLENCE IN HIGHER EDUCATION INC 16 STOCKTON STREET PRINCETON,NJ08540	NONE	PC	GENERAL OPERATING SUPPORT	1,000,000
FOUNDATION FOR GOVERNMENT ACCOUNTABILITY INC 15275 COLLIER BLVD SUITE 201-279 NAPLES,FL34119	NONE	PC	GENERAL OPERATING SUPPORT	800,000
FOUNDATION FOR INDIVIDUAL RIGHTS AND EXPRESSION INC 510 WALNUT STREET SUITE 900 PHILADELPHIA,PA19106	NONE	PC	GENERAL OPERATING SUPPORT	400,000
FOUNDATION FOR RESEARCH ON EQUAL OPPORTUNITY THE 201 WEST FIFTH STREET SUITE 1100 AUSTIN,TX787010060	NONE	PC	PROGRAM SUPPORT	150,000
FOUNDATION FOR THE CONSTITUTION INC THE 6547 MIDNIGHT PASS RD PMB 3132 SARASOTA,FL34242	NONE	PC	PROGRAM SUPPORT	100,000
FOUNDATION FOR THE DEFENSE OF DEMOCRACIES INC 1800 M STREET NW SOUTH TOWER 8TH FLOOR WASHINGTON,DC20036	NONE	PC	PROGRAM SUPPORT	425,000
FOUNDING FORWARD PO BOX 67 1601 VALLEY FORGE ROAD VALLEY FORGE,PA194810067	NONE	PC	PROGRAM SUPPORT	90,000
FRANKLIN NEWS FOUNDATION 20 N CLARK STREET SUITE 3300 CHICAGO,IL60602	NONE	PC	GENERAL OPERATING SUPPORT	450,000
FRASER INSTITUTE THE 1770 BURRARD STREET FOURTH FLOOR VANCOUVER,BRITISH COLUMBIAV6J 3G7 CA	NONE	PC	PROGRAM SUPPORT	60,000
FREE TO CHOOSE NETWORK 2002 FILMORE AVENUE ERIE,PA16506	NONE	PC	PROJECT SUPPORT	300,000
FUND FOR AMERICAN STUDIES THE 1706 NEW HAMPSHIRE AVENUE NW WASHINGTON,DC20009	NONE	PC	FOUNDATION FOR TEACHING ECONOMICS TEACHER PROGRAMS	160,000
FUND FOR AMERICAN STUDIES THE 1706 NEW HAMPSHIRE AVENUE NW WASHINGTON,DC20009	NONE	PC	NOVAK JOURNALISM FELLOWSHIP PROGRAM AND SUMMER LAW FELLOWSHIP PROGRAM	230,000
GEORGE MASON UNIVERSITY FOUNDATION INC 4400 UNIVERSITY DRIVE FAIRFAX,VA22030	NONE	PC	ANTONIN SCALIA LAW SCHOOL NATIONAL SECURITY INSTITUTE	550,000
GEORGE MASON UNIVERSITY FOUNDATION INC 4400 UNIVERSITY DRIVE FAIRFAX,VA22030	NONE	PC	THE C. BOYDEN GRAY CENTER FOR THE STUDY OF THE ADMINISTRATIVE STATE	175,000
GEORGE MASON UNIVERSITY FOUNDATION INC 4400 UNIVERSITY DRIVE FAIRFAX,VA22030	NONE	PC	CENTER FOR THE STUDY OF PUBLIC CHOICE	80,000
GEORGE MASON UNIVERSITY FOUNDATION INC 4400 UNIVERSITY DRIVE FAIRFAX,VA22030	NONE	PC	LAW & ECONOMICS CENTER	750,000
GEORGE WASHINGTON UNIVERSITY 805 21ST STREET NW WASHINGTON,DC20052	NONE	PC	REGULATORY STUDIES CENTER	350,000
GOVERNMENT ACCOUNTABILITY INSTITUTE PO BOX 12594 TALLAHASSEE,FL32317	NONE	PC	GENERAL OPERATING SUPPORT	320,000
HEARTLAND INSTITUTE 3939 NORTH WILKE ROAD ARLINGTON HEIGHTS,IL60004	NONE	PC	PROGRAM SUPPORT	150,000
HERITAGE FOUNDATION 214 MASSACHUSETTS AVENUE NE WASHINGTON,DC200024999	NONE	PC	GENERAL OPERATING SUPPORT	1,200,000
HERITAGE FOUNDATION 214 MASSACHUSETTS AVENUE NE WASHINGTON,DC200024999	NONE	PC	ALLISON CENTER FOR NATIONAL SECURITY	550,000
HERITAGE FOUNDATION 214 MASSACHUSETTS AVENUE NE WASHINGTON,DC200024999	NONE	PC	BORDER SECURITY AND IMMIGRATION CENTER	200,000
HILLSDALE COLLEGE 33 EAST COLLEGE STREET HILLSDALE,MI49242	NONE	PC	THE STEVE AND AMY VAN ANDEL GRADUATE SCHOOL OF GOVERNMENT	75,000
HUDSON INSTITUTE INC 1201 PENNSYLVANIA AVENUE NW 4TH FLOOR WASHINGTON,DC20004	NONE	PC	CENTER FOR AMERICAN COMMON CULTURE	50,000
HUDSON INSTITUTE INC 1201 PENNSYLVANIA AVENUE NW 4TH FLOOR WASHINGTON,DC20004	NONE	PC	CENTER ON EUROPE AND EURASIA	135,000
HUDSON INSTITUTE INC 1201 PENNSYLVANIA AVENUE NW 4TH FLOOR WASHINGTON,DC20004	NONE	PC	CENTER FOR RELIGIOUS FREEDOM	115,000
HUDSON INSTITUTE INC 1201 PENNSYLVANIA AVENUE NW 4TH FLOOR WASHINGTON,DC20004	NONE	PC	KEYSTONE DEFENSE INITIATIVE	100,000
HUDSON INSTITUTE INC 1201 PENNSYLVANIA AVENUE NW 4TH FLOOR WASHINGTON,DC20004	NONE	PC	POLITICAL STUDIES PROGRAM	350,000
HUMAN RIGHTS FOUNDATION THE EMPIRE STATE BUILDING 6500 350 5TH AVENUE NEW YORK,NY10118	NONE	PC	GENERAL OPERATING SUPPORT	250,000
INDEPENDENT INSTITUTE THE 100 SWAN WAY OAKLAND,CA946211459	NONE	PC	PROGRAM SUPPORT	160,000
INDEPENDENT WOMEN'S FORUM 4 WEEMS LANE 312 WINCHESTER,VA22601	NONE	PC	GENERAL OPERATING SUPPORT	320,000
INSTITUTE FOR ENERGY RESEARCH 1155 15TH STREET NW SUITE 525 WASHINGTON,DC20005	NONE	PC	GENERAL OPERATING SUPPORT	100,000
INSTITUTE FOR FAMILY STUDIES THE PO BOX 1502 CHARLOTTESVILLE,VA22902	NONE	PC	GENERAL OPERATING SUPPORT	180,000
INSTITUTE FOR FREE SPEECH 1150 CONNECTICUT AVENUE NW SUITE 801 WASHINGTON,DC20036	NONE	PC	GENERAL OPERATING SUPPORT	330,000
INSTITUTE FOR HUMANE STUDIES GEORGE MASON UNIVERSITY VERNON SMITH HALL 1ST FL 3434 WASHINGTON BOULEVARD MS1C ARLINGTON,VA222014508	NONE	PC	GENERAL OPERATING SUPPORT	375,000
INSTITUTE FOR JUSTICE 901 N GLEBE ROAD SUITE 900 ARLINGTON,VA22203	NONE	PC	GENERAL OPERATING SUPPORT	370,000
INSTITUTE FOR THE AMERICAN WORKER PO BOX 458 HAMILTON,VA20159	NONE	PC	GENERAL OPERATING SUPPORT	150,000
INSTITUTE FOR THE STUDY OF WAR INC 1400 16TH STREET NW SUITE 515 WASHINGTON,DC20036	NONE	PC	GRADUATE FELLOWSHIPS	170,000
INSTITUTE OF WORLD POLITICS 1521 16TH STREET NW WASHINGTON,DC20036	NONE	PC	DOCTORAL PROGRAMS	220,000
INSTITUTE ON RELIGION AND DEMOCRACY INC THE 1023 15TH STREET NW SUITE 200 WASHINGTON,DC200052620	NONE	PC	GENERAL OPERATING SUPPORT	350,000
INSTITUTE ON RELIGION AND PUBLIC LIFE INC THE 9 EAST 40TH STREET 10TH FLOOR NEW YORK,NY10016	NONE	PC	GENERAL OPERATING SUPPORT	225,000
INTERCOLLEGIATE STUDIES INSTITUTE INC FM KIRBY CAMPUS 3901 CENTERVILLE ROAD WILMINGTON,DE198071938	NONE	PC	GENERAL OPERATING SUPPORT	500,000
INTERCOLLEGIATE STUDIES INSTITUTE INC FM KIRBY CAMPUS 3901 CENTERVILLE ROAD WILMINGTON,DE198071938	NONE	PC	COLLEGIATE NETWORK INC.	390,000
INTERNATIONAL FREEDOM EDUCATIONAL FOUNDATION PO BOX 9925 MCLEAN,VA22102	NONE	PC	ECONOMIC AND FINANCIAL SECURITY PROGRAM	160,000
INTERNATIONAL POLICY NETWORK US INC 1104 NW 15TH AVENUE SUITE 300 PORTLAND,OR97209	NONE	PC	INTERNATIONAL CENTER FOR LAW AND ECONOMICS	150,000
JACK MILLER CENTER FOR TEACHING AMERICA'S FOUNDING PRINCIPLES AND HISTORY THREE BALA PLAZA WEST SUITE 401 BALA CYNWYD,PA19004	NONE	PC	PROGRAM SUPPORT	200,000
JAMES WILSON INSTITUTE FOR NATURAL RIGHTS AND THE AMERICAN FOUNDING THE 510 KING STREET SUITE 350 ALEXANDRIA,VA22314	NONE	PC	GENERAL OPERATING SUPPORT	135,000
JAMESTOWN FOUNDATION 1310 L STREET NW SUITE 810 WASHINGTON,DC20005	NONE	PC	GENERAL OPERATING SUPPORT	175,000
JUST FACTS INC 3600 FM 1448 ROAD SUITE 120 248 CONROE,TX77384	NONE	PC	GENERAL OPERATING SUPPORT	75,000
LANDMARK LEGAL FOUNDATION 3100 BROADWAY SUITE 1210 KANSAS CITY,MO64111	NONE	PC	GENERAL OPERATING SUPPORT	225,000
LEGAL INSURRECTION FOUNDATION 18 MAPLE AVENUE SUITE 280 BARRINGTON,RI02806	NONE	PC	GENERAL OPERATING SUPPORT	150,000
LINCOLN NETWORK INC DBA FOUNDATION FOR AMERICAN INNOVATION 2443 FILLMORE STREET 380-3386 SAN FRANCISCO,CA94115	NONE	PC	GENERAL OPERATING SUPPORT	360,000
LITIGATORS FOR LIBERTY NETWORK D/B/A AMERICAN JURIS LINK 7000 N 16TH STREET SUITE 120-155 PHOENIX,AZ85020	NONE	PC	GENERAL OPERATING SUPPORT	130,000
LUCY BURNS INSTITUTE INC 8383 GREENWAY BOULEVARD SUITE 600 MIDDLETON,WI53562	NONE	PC	GENERAL OPERATING SUPPORT	370,000
MANHATTAN INSTITUTE FOR POLICY RESEARCH INC 52 VANDERBILT AVENUE NEW YORK,NY10017	NONE	PC	GENERAL OPERATING SUPPORT	600,000
MEDIA RESEARCH CENTER 2340 DULLES CORNER BOULEVARD SUITE 1000 HERNDON,VA20171	NONE	PC	GENERAL OPERATING SUPPORT	400,000
MERCATUS CENTER INC GEORGE MASON UNIVERSITY 3434 WASHINGTON BLVD 4TH FLOOR ARLINGTON,VA22201	NONE	PC	GENERAL OPERATING SUPPORT	350,000
MERCATUS CENTER INC GEORGE MASON UNIVERSITY 3434 WASHINGTON BLVD 4TH FLOOR ARLINGTON,VA22201	NONE	PC	ADAM SMITH PROGRAM AT GEORGE MASON UNIVERSITY	100,000
MIDDLE EAST MEDIA AND RESEARCH INSTITUTE INC 1411 K STREET NW 11TH FLOOR WASHINGTON,DC20005	NONE	PC	PROJECT SUPPORT	100,000
MISSOURI STATE UNIVERSITY FOUNDATION 300 S JEFFERSON AVENUE SUITE 100 SPRINGFIELD,MO65806	NONE	PC	SCHOOL OF DEFENSE AND STRATEGIC STUDIES	350,000
MONT PELERIN SOCIETY THE CO FREE MARKETS INSTITUTE TEXAS TECH UNIVERSITY PO BOX,TX79409	NONE	PC	MEETING SUPPORT	50,000
MOUNTAIN STATES LEGAL FOUNDATION 2596 SOUTH LEWIS WAY LAKEWOOD,CO80227	NONE	PC	GENERAL OPERATING SUPPORT	110,000
MOVING PICTURE INSTITUTE 375 GREENWICH STREET NEW YORK,NY10013	NONE	PC	GENERAL OPERATING SUPPORT	400,000
NATIONAL ASSOCIATION OF SCHOLARS 13 W 36TH STREET FOURTH FLOOR NEW YORK,NY10018	NONE	PC	GENERAL OPERATING SUPPORT	325,000
NATIONAL CENTER FOR PUBLIC POLICY RESEARCH INC THE 2005 MASSACHUSETTS AVENUE NW WASHINGTON,DC20036	NONE	PC	GENERAL OPERATING SUPPORT	120,000
NATIONAL INSTITUTE FOR PUBLIC POLICY INC 9302 LEE HIGHWAY SUITE 750 FAIRFAX,VA220311214	NONE	PC	PROGRAM SUPPORT	375,000
NATIONAL LEGAL AND POLICY CENTER THE 107 PARK WASHINGTON COURT FALLS CHURCH,VA22046	NONE	PC	GENERAL OPERATING SUPPORT	175,000
NATIONAL REVIEW INSTITUTE 19 WEST 44TH STREET SUITE 1701 NEW YORK,NY10036	NONE	PC	PROGRAM SUPPORT	100,000
NATIONAL TAXPAYERS UNION FOUNDATION 122 C STREET NW SUITE 700 WASHINGTON,DC20001	NONE	PC	GENERAL OPERATING SUPPORT	280,000
NETWORK OF ENLIGHTENED WOMEN INC 1360 EAST CAPITOL STREET NE WASHINGTON,DC20003	NONE	PC	GENERAL OPERATING SUPPORT	80,000
NEW CIVIL LIBERTIES ALLIANCE 4250 N FAIRFAX DRIVE SUITE 300 ARLINGTON,VA22203	NONE	PC	GENERAL OPERATING SUPPORT	350,000
NEW ENGLAND LEGAL FOUNDATION 333 WASHINGTON STREET SUITE 850 BOSTON,MA02108	NONE	PC	GENERAL OPERATING SUPPORT	80,000
NONPROLIFERATION POLICY EDUCATION CENTER PO BOX 17678 ARLINGTON,VA22216	NONE	PC	GENERAL OPERATING SUPPORT	200,000
PACIFIC LEGAL FOUNDATION 555 CAPITOL MALL SUITE 1290 SACRAMENTO,CA95814	NONE	PC	GENERAL OPERATING SUPPORT	375,000
PACIFIC RESEARCH INSTITUTE FOR PUBLIC POLICY PO BOX 60485 PASADENA,CA91116	NONE	PC	GENERAL OPERATING SUPPORT	250,000
PARAGON HEALTH INSTITUTE 1320 N COURTHOUSE ROAD SUITE 540 ARLINGTON,VA22201	NONE	PC	GENERAL OPERATING AND PROGRAM SUPPORT	175,000
PELICAN INSTITUTE FOR PUBLIC POLICY 400 POYDRAS STREET SUITE 900 NEW ORLEANS,LA70130	NONE	PC	PROJECT SUPPORT	120,000
PEOPLE UNITED FOR PRIVACY FOUNDATION PO BOX 6282 GLENDALE,AZ85312	NONE	PC	GENERAL OPERATING SUPPORT	115,000
PHILADELPHIA SOCIETY 2000 MADISON AVENUE SE GRAND RAPIDS,MI49507	NONE	PC	GENERAL OPERATING SUPPORT	30,000
PHILANTHROPY ROUNDTABLE 1120 20TH STREET NW SUITE 400 NORTH WASHINGTON,DC20036	NONE	PC	GENERAL OPERATING AND PROGRAM SUPPORT	400,000
PLAYERS PHILANTHROPY FUND 1122 KENILWORTH DRIVE SUITE 201 TOWSON,MD21204	NONE	PC	STORY INCUBATOR LLC	180,000
POLITICAL ECONOMY RESEARCH CENTER DBA PROPERTY AND ENVIRONMENT RESEARCH CENTER 2048 ANALYSIS DRIVE SUITE BOZEMAN,MT59718	NONE	PC	GENERAL OPERATING AND PROGRAM SUPPORT	350,000
PUBLIC INTEREST LEGAL FOUNDATION INC 107 S WEST STREET SUITE 700 ALEXANDRIA,VA22314	NONE	PC	GENERAL OPERATING SUPPORT	350,000
RALSTON COLLEGE INC PO BOX 8302 SAVANNAH,GA31412	NONE	PC	MASTER'S DEGREE PROGRAM	240,000
REAL CLEAR FOUNDATION 666 DUNDEE ROAD BUILDING 600 NORTHBROOK,IL60062	NONE	PC	REAL CLEAR INVESTIGATIONS AND WIRE	300,000
REASON FOUNDATION THE 5737 MESMER AVENUE LOS ANGELES,CA90230	NONE	PC	GENERAL OPERATING SUPPORT	300,000
REASON FOUNDATION THE 5737 MESMER AVENUE LOS ANGELES,CA90230	NONE	PC	PENSION INTEGRITY PROJECT	400,000
RONALD REAGAN PRESIDENTIAL FOUNDATION AND INSTITUTE 40 PENNSYLVANIA DRIVE SUITE 200 SIMI VALLEY,CA93065	NONE	PC	RONALD REAGAN INSTITUTE, PROJECT SUPPORT	150,000
SOUTHEASTERN LEGAL FOUNDATION INC 560 W CROSSVILLE ROAD SUITE 104 ROSWELL,GA300757509	NONE	PC	GENERAL OPERATING SUPPORT	125,000
SPEECH FIRST INC 1300 I STREET NW SUITE 400E WASHINGTON,DC20005	NONE	PC	GENERAL OPERATING SUPPORT	125,000
SPIRIT OF AMERICA WORLDWIDE 3033 WILSON BOULEVARD SUITE 700 ARLINGTON,VA22201	NONE	PC	GENERAL OPERATING SUPPORT	525,000
STATE FINANCIAL OFFICERS FOUNDATION INC 13851 W 63RD STREET SUITE 405 SHAWNEE,KS66216	NONE	PC	GENERAL OPERATING SUPPORT	140,000
STATE POLICY NETWORK 1500 WILSON BLVD SUITE 600 ARLINGTON,VA22209	NONE	PC	GENERAL OPERATING SUPPORT	375,000
STUDENT FREE PRESS ASSOCIATION PO BOX 76 HILLSDALE,MI49242	NONE	PC	GENERAL OPERATING SUPPORT	80,000
TAX FOUNDATION 1325 G STREET NW SUITE 950 WASHINGTON,DC20005	NONE	PC	PROGRAM SUPPORT	600,000
THOMAS B FORDHAM INSTITUTE 1016 16TH STREET NW 8TH FLOOR WASHINGTON,DC20036	NONE	PC	PROJECT SUPPORT	154,000
TRUSTEES OF DARTMOUTH COLLEGE 41 CENTERRA PARKWAY ROOM 231 LEBANON,NH03766	NONE	PC	POLITICAL ECONOMY PROJECT	100,000
TRUSTEES OF PRINCETON UNIVERSITY THE WOODROW WILSON SCHOOL OF INTL AFFAIRS ROBERTSON HALL,NJ085441012	NONE	PC	JAMES MADISON PROGRAM IN AMERICAN IDEALS AND INSTITUTIONS	200,000
TRUSTEES OF PRINCETON UNIVERSITY THE WOODROW WILSON SCHOOL OF INTL AFFAIRS ROBERTSON HALL,NJ085441012	NONE	PC	STRATEGIC EDUCATION INITIATIVE	150,000
TRUSTEES OF TUFTS COLLEGE FLETCHER SCHOOL OF LAW & DIPLOMACY INTERNATIONAL SECURITY STUDIES PROG 160 PACKARD AVE MEDFORD,MA02155	NONE	PC	THE FLETCHER SCHOOL OF LAW AND DIPLOMACY, INTERNATIONAL SECURITY STUDIES PROGRAM	370,000
UNIVERSITY OF TEXAS AT AUSTIN THE 2304 WHITIS AVENUE STOP G9900 AUSTIN,TX78712	NONE	PC	THOMAS JEFFERSON CENTER FOR THE STUDY OF CORE TEXTS AND IDEAS	54,000
UNIVERSITY OF TEXAS AT AUSTIN THE 2304 WHITIS AVENUE STOP G9900 AUSTIN,TX78712	NONE	PC	WILLIAM P. CLEMENTS, JR. CENTER FOR NATIONAL SECURITY AND THE "AMERICA IN THE WORLD" CONSORTIUM	280,000
VICTIMS OF COMMUNISM MEMORIAL FOUNDATION INC 900 15TH STREET NW WASHINGTON,DC20005	NONE	PC	PROGRAM AND PROJECT SUPPORT	600,000
VMTS EDUCATION INC 137 MONTAGUE STREET SUITE 132 BROOKLYN,NY11201	NONE	PC	GENERAL OPERATING SUPPORT	200,000
Total ................................. 3a				45,317,615

bApproved for future payment
CENTER FOR EUROPEAN POLICY ANALYSIS 1275 PENNSYLVANIA AVENUE NW SUITE 400 WASHINGTON,DC200042454	NONE	PC	PROGRAM SUPPORT	167,854
FEDERALIST SOCIETY FOR LAW & PUBLIC POLICY STUDIES 1776 I STREET NW SUITE 910 WASHINGTON,DC20036	NONE	PC	PROJECT SUPPORT	350,000
FEDERALIST SOCIETY FOR LAW & PUBLIC POLICY STUDIES 1776 I STREET NW SUITE 910 WASHINGTON,DC20036	NONE	PC	GENERAL OPERATING SUPPORT	550,000
INSTITUTE FOR THE STUDY OF WAR INC 1400 16TH STREET NW SUITE 515 WASHINGTON,DC20036	NONE	PC	GRADUATE FELLOWSHIPS	170,000
REASON FOUNDATION THE 5737 MESMER AVENUE LOS ANGELES,CA90230	NONE	PC	GENERAL OPERATING SUPPORT	300,000
REASON FOUNDATION THE 5737 MESMER AVENUE LOS ANGELES,CA90230	NONE	PC	PENSION INTEGRITY PROJECT	400,000
Total ................................. 3b	1,937,854

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
AUDIT, COMPLIANCE, AND TAX	58,051	7,911		50,140

Category	Amount
N/A	0

Identifier	Return Reference	Explanation
	PART XV, LINES 2A-2D	THE SARAH SCAIFE FOUNDATION'S GRANT PROGRAM IS PRIMARILY DIRECTED TOWARD PUBLIC POLICY PROGRAMS THAT ADDRESS MAJOR DOMESTIC AND INTERNATIONAL ISSUES. THE FOUNDATION DOES NOT MAKE GRANTS TO INDIVIDUALS FOR ANY PURPOSE, TO NATIONALLY ORGANIZED FUNDRAISING GROUPS, OR TO ORGANIZATIONS THAT ARE NOT PUBLICLY-SUPPORTED NON-PROFIT CHARITABLE ORGANIZATIONS. APPLICATIONS FOR THE FOLLOWING ARE ROUTINELY DECLINED: 1) EVENT SPONSORSHIPS, ENDOWMENTS, CAPITAL CAMPAIGNS, AND BUILDING PROJECTS; AND 2) SUPPORT FOR ORGANIZATIONS THAT ARE PRIMARILY DEPENDENT UPON GOVERNMENT FUNDS, AND FOR GOVERNMENT AGENCIES.GRANT APPLICATIONS TO THE FOUNDATION MUST CONTAIN:A. COVER LETTER SIGNED BY THE ORGANIZATION'S PRESIDENT OR AUTHORIZED REPRESENTATIVE STATING THAT THE GRANT APPLICATION HAS THE APPROVAL OF THE ORGANIZATION'S BOARD OF DIRECTORS. THE LETTER SHOULD INCLUDE THE AMOUNT REQUESTED AND A CONCISE DESCRIPTION OF THE PURPOSE OF THE REQUESTING ORGANIZATION AND, IF APPLICABLE, THE SPECIFIC PROJECT OR PROGRAM FOR WHICH FUNDS ARE REQUESTED;B. GRANT PROPOSAL NARRATIVE INCLUDING A ONE-PAGE EXECUTIVE SUMMARY;C. NARRATIVE AND FINANCIAL REPORT ON PREVIOUS SARAH SCAIFE FOUNDATION GRANT (AS APPLICABLE);D. ORGANIZATION'S CURRENT ANNUAL BUDGET;E. PROJECT/PROGRAM BUDGET (IF APPLICABLE);F. PROJECT/PROGRAM TIMETABLE (IF APPLICABLE);G. MOST RECENT AUDITED FINANCIAL STATEMENTS; H. UNAUDITED 1) BALANCE SHEET AND 2) REVENUE AND EXPENSE STATEMENT FOR THE MOST RECENTLY CONCLUDED FISCAL YEAR UNLESS SUCH FISCAL YEAR IS THE SAME PERIOD COVERED IN ITEM G;I. CURRENT FORM 990;J. MOST RECENT ANNUAL REPORT;K. LIST OF OFFICERS AND DIRECTORS (WITH THEIR AFFILIATIONS);L. LIST OF KEY/MAJOR SUPPORTERS; ANDM. MOST RECENT IRS DETERMINATION LETTER EVIDENCING 501(C)(3) TAX-EXEMPT STATUS.ADDITIONAL INFORMATION MAY BE REQUESTED IF NEEDED FOR FURTHER EVALUATION. ORGANIZATIONS WHICH HAVE: 1) PREVIOUSLY RECEIVED A GRANT FROM THE FOUNDATION; OR 2) BEEN PRE-VETTED BY THE FOUNDATION STAFF, ARE PROVIDED ACCESS TO THE FOUNDATION'S ONLINE SUBMISSION PORTAL. THEY SHOULD NOT SEND A HARDCOPY OF THEIR APPLICATION; THEY MUST USE THE PORTAL.UNSOLICITED GRANT APPLICATIONS FROM AN ORGANIZATION THAT HAS NOT PREVIOUSLY RECEIVED A GRANT FROM THE SARAH SCAIFE FOUNDATION MUST BE SUBMITTED IN HARD COPY. THE FOUNDATION WILL NOT CONSIDER ELECTRONIC REQUESTS.THE FOUNDATION MEETS FOUR TIMES A YEAR TO CONSIDER GRANT APPLICATIONS. HOWEVER, APPLICATIONS MAY BE SUBMITTED AT ANY TIME AND WILL BE ACTED UPON AS EXPEDITIOUSLY AS POSSIBLE. ALL APPLICATIONS SHOULD BE ADDRESSED TO:MICHAEL W. GLEBACHAIRMAN AND CEOSARAH SCAIFE FOUNDATIONONE OXFORD CENTRE301 GRANT STREET, SUITE 3900PITTSBURGH, PA 15219-6402
EXPENSE ALLOCATIONS	SUPPLEMENTAL INFORMATION	COMPENSATION OF OFFICERS, TRUSTEES, AND OTHER EMPLOYEES AS WELL AS THE RELATED EMPLOYEE BENEFITS ARE ALLOCATED BASED ON TIME SPENT IN CARRYING OUT THE FOUNDATION'S EXEMPT PURPOSE VERSUS TIME SPENT IN THE PRODUCTION OF INCOME. FOR ALL OTHER EXPENSES, IF THE EXPENSE CAN BE DIRECTLY ATTRIBUTABLE TO THE PRODUCTION OF INCOME OR CARRYING OUT THE FOUNDATION'S EXEMPT PURPOSE, THAT EXPENSE WILL BE ALLOCATED DIRECTLY TO THAT ACTIVITY. ALL OTHER EXPENSES NOT DIRECTLY ATTRIBUTABLE TO THE PRODUCTION OF INCOME OR CARRYING OUT THE FOUNDATION'S EXEMPT PURPOSE ARE ALLOCATED BASED ON THE SALARY ALLOCATION PREVIOUSLY DESCRIBED.
	FORM 990-PF - GENERAL EXPLANATION ATTACHMENT	PART II, LINE 14, LAND, BUILDINGS, AND EQUIPMENT AND ACCUMULATED DEPRECIATIONDESCRIPTION:LEASEHOLD IMPROVEMENTS 746,901OFFICE EQUIPMENT & FURNITURE 319,277 ----------SUBTOTAL FIXED ASSETS 1,066,178 LESS: ACCUMULATED DEPRECIATION (869,277) ---------NET FIXED ASSETS 196,901
	FORM 990-PF - GENERAL EXPLANATION ATTACHMENT	IN 2022, THE FOUNDATION UNDERTOOK A COMPREHENSIVE COMPENSATION STUDY TO ENSURE THAT ITS COMPENSATION PRACTICES ARE COMPETITIVE AND ALIGNED WITH INDUSTRY STANDARDS. THIS STUDY WAS CONDUCTED BY AN INDEPENDENT THIRD-PARTY CONSULTING FIRM SPECIALIZING IN COMPENSATION ANALYSIS. THE PRIMARY OBJECTIVES OF THE STUDY WERE TO:- EVALUATE THE CURRENT COMPENSATION STRUCTURE FOR FOUNDATION EXECUTIVES.- BENCHMARK COMPENSATION AGAINST SIMILAR ORGANIZATIONS WITHIN THE INDUSTRY.- IDENTIFY ANY DISCREPANCIES OR AREAS FOR IMPROVEMENT IN THE CURRENT COMPENSATION PRACTICES.- PROVIDE RECOMMENDATIONS TO ENSURE FAIR AND EQUITABLE COMPENSATION FOR ALL EMPLOYEES.THE FINDINGS FROM THE STUDY WERE REVIEWED BY THE FOUNDATION'S EXECUTIVE TEAM AND THE BOARD OF DIRECTORS. BASED ON THE RECOMMENDATIONS, ADJUSTMENTS WERE MADE TO THE COMPENSATION PACKAGES TO BETTER ALIGN WITH MARKET STANDARDS AND TO SUPPORT THE FOUNDATION'S GOALS OF ATTRACTING AND RETAINING TOP TALENT.

Name of Bond	End of Year Book Value	End of Year Fair Market Value
ABBVIE INC CALL 09/15/2053 UNSC	155,366	149,194
AEP TRANSMISSION CO LLC CALL 09/15/2052 UNSC	104,087	100,055
ALEXANDRIA REAL ESTATE E CALL 10/15/2027 COGT	103,061	106,933
ALLSTATE CORP CALL 09/15/2030 UNSC	176,357	187,271
AMAZON.COM INC CALL 10/13/2051 UNSC	174,036	145,878
AMCOR FLEXIBLES NORTH AM CALL 04/17/2025 COGT	262,170	264,017
AMERICAN ELECTRIC POWER CALL 12/15/2028 UNSC	174,956	176,320
AMERICAN TOWER CORP CALL 07/15/2026 @ 100.000 UNSC	308,733	322,334
AMERICAN TOWER CORP CALL 11/15/2025	91,728	79,591
AT&T INC CALL 11/15/2033 UNSC	126,926	130,520
AT&T INC CALL 11/15/2034 UNSC	217,235	217,347
BANCO SANTANDER SA SER	400,316	402,736
BANK OF AMERICA CORP CALL 03/08/2032 SUB	199,675	190,447
BANK OF AMERICA CORP CALL 04/25/2028 UNSC	273,290	276,284
BANK OF AMERICA CORP CALL 11/10/2027 UNSC	254,545	258,828
BANK OF AMERICA CORP SER MTN	135,984	136,136
BARCLAYS PLC	400,258	397,576
BERKSHIRE HATHAWAY FIN CALL 02/15/2048 COGT	117,154	103,429
BMW VEHICLE OWNER TRUST SERIES 2024 A CLASS A3	199,970	202,358
BURLINGTN NORTH SANTA FE CALL 03/01/2044	147,364	126,369
BURLINGTN NORTH SANTA FE CALL 09/15/2054	109,417	108,056
CAPITAL ONE FINANCIAL CO CALL 11/02/2026 UNSC	402,003	415,088
CDW LLC/CDW FINANCE	165,914	164,735
CHENIERE ENERGY PARTNERS	162,897	159,750
CISCO SYSTEMS INC NOTES	166,327	163,789
CITIGROUP INC	144,923	144,890
CITIGROUP INC CALL 09/29/2025 UNSC	439,715	442,372
CITIGROUP INC SR UNSEC CALL 03/31/2030	183,818	177,816
CNH INDUSTRIAL CAP LLC COGT	182,951	184,351
COCA-COLA CONSOLIDATED	154,757	157,159
COMCAST CORP CALL 11/15/2063 COGT	187,207	177,198
CONOCOPHILLIPS NOTES	322,915	311,519
CROWN CASTLE INTL CORP CALL 11/15/2025 @ 100.000 UNSC	277,739	274,755
DARDEN RESTAURANTS INC	182,687	185,771
DTE ELECTRIC CO CALL 10/01/2052 MORT	174,875	179,648
DUKE ENERGY CAROLINAS 1ST MTG CALL 03/30/42	28,029	24,365
DUKE ENERGY INDIANA INC SER WWW CALL 01/15/43	44,796	40,865
DUKE ENERGY INDIANA LLC	107,690	104,193
ELEVANCE HEALTH INC	139,979	138,754
ENBRIDGE INC	84,890	92,232
ENERGY TRANSFER LP CALL 01/15/2028 UNSC	260,385	263,947
ENERGY TRANSFER PARTNERS SR UNSEC CALL 8/1/41	135,088	124,271
FLORIDA POWER & LIGHT 1ST MORTGAGE	52,486	50,023
GENERAL MOTORS FINL CO COGT	439,802	444,818
GLOBAL PAYMENTS INC CALL 01/15/2025 UNSC	255,722	254,202
GLOBAL PAYMENTS INC CALL 06/15/2029 UNSC	193,141	195,341
GOLDMAN SACHS GROUP INC CALL 10/21/2026 UNSC	324,295	346,305
HF SINCLAIR CORP SER WI CALL 01/01/2026	272,940	271,648
HONDA AUTO RECEIVABLES OWNER T SERIES 2024 2 CLASS A3	489,940	495,944
HSBC HOLDINGS PLC	200,000	199,936
HYUNDAI AUTO RECEIVABLES TRUST SERIES 2023 C CLASS A3	154,980	157,283
INTEL CORP CALL 06/12/2028 UNSC	274,631	273,429
INTEL CORP CALL 08/21/2053 UNSC	79,758	70,154
JOHN DEERE OWNER TRUST SERIES 2022 C CLASS A3	148,620	149,064
JOHN DEERE OWNER TRUST SERIES 2024 B CLASS A3	184,964	187,313
JOHNSON & JOHNSON CALL 09/01/2035 @ 100.000 UNSC	176,440	161,548
JP MORGAN CHASE & CO SUB CALL 05/13/30 @ 100	204,028	196,792
JPMORGAN CHASE & CO CALL 04/22/2029 UNSC	175,000	178,456
JPMORGAN CHASE & CO CALL 07/22/2027 UNSC	145,000	145,461
JPMORGAN CHASE & CO CALL 07/22/2034 UNSC	90,000	89,034
KINDER MORGAN ENER PART SR UNSEC	186,610	178,782
KROGER CO CALL 03/15/2054 UNSC	119,739	113,024
KROGER CO CALL 10/15/2030 UNSC	211,270	226,562
LLOYDS BANKING GROUP PLC	200,000	200,222
LYB INT FINANCE III CALL 09/01/2025 COGT	229,924	231,743
MARRIOTT INTERNATIONAL CALL 03/15/2030 UNSC	166,196	157,022
MARRIOTT INTERNATIONAL SER X CALL 01/15/2028	126,205	131,309
MASTERCARD INC	159,827	154,629
MICROCHIP TECHNOLOGY INC UNSC	214,774	214,235
MICROSOFT CORP CALL 02/08/2036 @ 100.000 UNSC	48,359	47,957
MORGAN STANLEY CALL 02/01/2028 UNSC	346,694	355,976
MORGAN STANLEY CALL 10/18/2027 UNSC	144,879	145,149
MORGAN STANLEY SUB CALL 09/16/2031 @ 100	170,333	158,599
MPLX LP CALL 09/01/2052 UNSC	71,721	69,895
NIKE INC CALL 09/27/2039 UNSC	79,046	69,498
ORACLE CORP CALL 09/25/2050 UNSC	99,186	88,885
ORACLE CORP CALL 10/01/2039 UNSC	86,009	78,185
PEPSICO INC UNSC	212,368	207,419
PFIZER INVESTMENT ENTER	154,527	145,130
PHILLIPS 66 CO	278,127	270,721
PUBLIC SERVICE COLORADO CALL 12/15/2046 MORT	54,776	40,790
PULTEGROUP INC CALL 12/01/2025 @ 100.000 UNSC	204,658	203,601
SPRINT CORP	185,240	183,983
STATE STREET CORP	274,428	271,846
SUNOCO LOGISTICS PARTNER	105,622	107,577
SYSCO CORPORATION CALL 10/17/2033 UNSC	325,654	318,778
TAKE-TWO INTERACTIVE SOF UNSC	154,777	154,919
TARGET CORP CALL 07/15/2052 UNSC	57,330	53,551
T-MOBILE USA INC SER WI CALL 02/15/2027	127,504	131,890
TORONTO-DOMINION BANK	293,566	291,576
TOYOTA AUTO RECEIVABLES OWNER SERIES 2024 B CLASS A3	394,944	400,388
TOYOTA MOTOR CREDIT CORP UNSC	154,788	153,104
TRUIST FINANCIAL CORP SER MTN CALL 10/28/2025	275,405	277,098
UNION PACIFIC CORP SER MTN CALL 02/15/2039	90,613	77,101
UNITEDHEALTH GROUP INC CALL 08/15/2052 UNSC	115,798	115,306
US BANCORP CALL 10/21/2025 UNSC	186,831	186,089
VALERO ENERGY CORP BDS	145,510	125,873
VERIZON COMMUNICATIONS CALL 12/15/2031 UNSC	186,211	194,886
VERIZON MASTER TRUST SERIES 2024-3 CLASS A1A	614,864	625,357
VIRGINIA POWER FUEL SEC SER A-2 SECR	154,995	154,892
VMWARE INC CALL 07/15/2026 UNSC	284,042	303,139
WALMART INC CALL 10/15/2052 UNSC	203,039	182,719
WARNERMEDIA HOLDINGS INC CALL 03/15/2024 COGT	155,044	155,062
WELLS FARGO & COMPANY CALL 04/22/2027 UNSC	204,996	208,372
WELLS FARGO & COMPANY CALL 04/24/2033 UNSC	132,289	133,497
WELLS FARGO & COMPANY CALL 07/25/2028 UNSC	208,604	208,137
WESTPAC BKG CORP	434,779	428,144

- TIN:

TY 2024 InvestmentsCorpStockSchedule

Name:

SARAH SCAIFE FOUNDATION INCORPORATED

EIN:

25-1113452

Name of Stock	End of Year Book Value	End of Year Fair Market Value
3M COMPANY	71,179	117,198
ACCENTURE PLC CLASS A	3,076,572	15,606,460
ADOBE INC	548,028	772,409
AERCAP HOLDINGS NV	1,198,286	2,141,000
AGREE RLTY CORP REIT	208,951	251,436
AIRBUS SE ADR	862,051	1,356,382
AKAMAI TECHNOLOGIES	65,055	83,216
ALBEMARLE CORP	95,252	82,149
ALCOA CORP	1,158,479	1,175,411
ALCON INC	182,359	267,234
ALEXANDRIA REAL ESTATE EQUITIES INC	89,465	82,235
ALLIANZ SE - UNSP ADR	277,258	373,077
ALPHABET INC/CA-CL A	4,895,805	18,689,400
ALPHABET INC/CA-CL C	1,540,833	3,310,609
AMAZON COM INC	3,384,651	5,197,349
AMERICAN EAGLE OUTFITTERS INC	19,559	28,739
AMERICAN INTERNATIONAL GROUP,INC	296,983	280,935
AMERICAN WATER WORKS CO INC	285,099	272,260
AMERIPRISE FINANCIAL INC	163,127	601,646
AMGEN INC	263,188	294,523
AMPHENOL CORP NEW CL A	212,595	552,475
ANALOG DEVICES INC	765,420	5,927,634
ANSYS INC	303,214	362,630
AON PLC/IRELAND-A	1,916,207	2,659,221
APPLE INC	5,641,137	38,651,576
APPLIED MATERIALS INC	37,666	126,689
APTARGROUP INC	14,287	21,523
ARCADIUM LITHIUM PLC	130,265	120,119
ARCH CAPITAL GROUP LTD	199,282	655,223
ARISTA NETWORKS INC	35,141	300,642
ARMSTRONG WORLD INDUSTRIE - WI	87,379	174,119
ASBURY AUTOMOTIVE GROUP	186,856	191,751
ASML HOLDING NV-NY	157,065	639,020
ASTRAZENECA PLC SPONS ADR	699,629	1,035,871
ATLASSIAN CORP CL A SEDOL BQ1PC76	368,526	544,928
ATMOS ENERGY CORP	306,409	388,703
AUTOMATIC DATA PROCESSING INC	1,900,824	15,337,881
AVISTA CORP	49,232	49,011
AVNET INC	95,225	119,394
AXALTA COATING SYSTEMS LTD	88,806	120,010
AZEK CO INC	31,906	82,076
BANCO SANTANDER S A ADR	290,192	346,223
BAYER A G SPONSORED ADR	2,178,930	1,036,702
BECTON DICKINSON & CO	12,335	12,705
BEIERSDORF AG-UNSPON ADR	12,379	12,176
BELDEN INC	35,638	90,651
BERKSHIRE HATHAWAY INC CLASS B	513,885	5,167,392
BLACK HILLS CORP	123,848	111,832
BLACKSTONE INC	209,479	302,252
BORG WARNER INC.	86,778	72,354
BOUYGUES-UNSPONSORED ADR	258,903	232,267
BP PLC SPONSORED ADR	252,666	256,226
BRISTOL MYERS SQUIBB CO	1,478,342	2,771,440
BRITISH AMERICAN TOBACCO PLC SPONSORED ADR	207,758	202,084
BROADRIDGE FINANCIAL SOL W/I	367,547	473,659
BROOKFIELD ASSET MGMT-A-W/I	139,213	217,573
BROWN & BROWN INC	105,137	462,763
BROWN FORMAN CORP CLASS B	213,705	152,338
BWX TECHNOLOGIES INC	11,857	30,409
BXP INC REIT	120,868	103,881
CABOT CORP	101,254	169,289
CACI INTL INC CL A	86,927	225,870
CACTUS INC-CLASS A	96,638	184,826
CADENCE DESIGN SYSTEMS INC	137,314	132,503
CALAVO GROWERS INC	67,143	59,033
CALIFORNIA WTR SVC GROUP	109,675	104,304
CAPITAL ONE FINANCIAL CORP	1,131,461	2,124,326
CARLISLE COMPANIES INC	107,576	323,842
CARTERS INC	68,613	37,445
CBRE GROUP INC	49,789	168,051
CDW CORP/DE	158,472	304,222
CF INDUSTRIES HOLDINGS INC	40,907	93,255
CHAMPIONX CORPORATION	210,755	208,085
CHARLES RIV LABORATORIES INTL INC	56,312	109,468
CHARLES SCHWAB COR	73,096	73,694
CHARTER COMMUNICATIONS INC-A	607,088	706,106
CHEESECAKE FACTORY INC	82,903	120,735
CHIMERA INVESTMENT CORP NEW	212,373	89,460
CINCINNATI FINANCIAL CORP	151,354	259,091
CISCO SYSTEMS INC	3,880,734	7,471,928
CITY HOLDING CO	91,967	115,044
CIVITAS RESOURCES INC	268,914	185,819
CK HUTCHISON HOLDIN-UNSP ADR	339,254	215,963
CLEAN HARBORS INC	58,533	253,384
CLOROX CO	65,856	84,128
CNH INDUSTRIAL NV	25,971	26,558
COCA COLA CO	198,922	281,353
COLUMBIA BKG SYS INC	290,399	330,089
COMCAST CORPORATION CL A	2,619,096	2,159,364
COMMERCE BANCSHARES INC	103,863	143,936
CONOCOPHILLIPS	3,589,832	3,412,341
CONSTELLATION BRANDS INC CL A	194,664	178,126
CONTINENTAL AG SPONSORED ADR	236,590	128,115
COPART INC	220,783	592,093
COPT DEFENSE PROPERTIES	170,018	196,130
CORTEVA INC-W/I	192,246	426,118
COSTCO WHOLESALE CORP	1,129,411	18,050,519
COTERRA ENERGY INC	157,060	242,170
CSX CORP	43,233	129,725
CULLEN FROST BANKERS INC	211,720	300,452
CUMMINS INC	60,793	186,850
D R HORTON INC	31,302	141,638
DAIFUKU CO LTD - UNSP ADR	1,114,594	1,266,294
DAIKIN INDS LTD ADR	12,234	11,984
DANAHER CORP	188,091	285,790
DARDEN RESTAURANTS INC W I	73,703	194,158
DENTSPLY SIRONA INC	512,968	371,856
DEUTSCHE POST AG SPON ADR	373,830	307,190
DEUTSCHE TELEKOM AG SPONSORED ADR	788,440	1,255,491
DISCOVER FINANCIAL W/I	383,838	548,619
DOLLAR TREE INC	318,421	253,672
DORMAN PRODUCTS INC	154,298	200,803
EASTMAN CHEM CO	76,124	85,476
ECOLAB INC	765,021	5,075,606
ELEVANCE HEALTH INC	1,115,590	1,060,219
ENCOMPASS HEALTH CORP	174,095	325,811
ENEL SPA ADR	386,404	387,297
ENERPAC TOOL GROUP CORP	83,098	139,172
ENPRO INC	95,247	254,364
ENVIRI CORPORATION	134,006	78,093
ENVISTA HOLDINGS CORP	238,622	209,354
EQUIFAX INC	250,737	282,374
EQUITY LIFESTYLE PROPERTIES REIT	194,367	201,132
ESSEX PPTY TR INC REIT	104,949	110,465
EVEREST GROUP LTD	12,548	11,961
EXLSERVICE HOLDINGS INC	51,052	173,748
EXPEDITORS INTERNATIONAL WASHINGTON INC	65,941	131,706
EXPRO GROUP HOLDINGS	117,551	85,183
EXXON MOBIL CORP	204,525	6,292,845
FACTSET RESH SYS INC	63,874	179,144
FIRST AMERICAN FINANCIAL W/I	139,228	159,784
FIRST HORIZON CORPORATION	153,050	278,335
FIRST INTERSTATE BANCSYS/MT	272,125	233,557
FLEX LTD	53,379	240,091
FLOOR & DECOR HOLDINGS INC	168,502	216,548
FUJI FILM HOLDINGS CORP	236,385	274,757
FUJITSU LTD ADR 5 COM	277,016	341,402
GARTNER INC	160,450	564,408
GATES INDUSTRIAL CORP	221,540	298,286
GATX CORP	50,526	123,193
GCI LIBERTY INC CLASS A	0	2
GE VERNOVA LLC	306,840	1,228,554
GENERAL DYNAMICS CORP	160,485	290,366
GENMAB A/S -SP ADR	590,274	385,260
GENTEX CORP	167,076	143,794
GENTHERM INC	29,418	24,274
GLACIER BANCORP INC	80,076	110,082
GLOBAL PAYMENTS INC-W/I	122,759	142,989
GLOBE LIFE INC	171,985	198,729
GLOBUS MEDICAL INC A	161,361	212,151
GOLDMAN SACHS GROUP INC	128,329	136,718
GOODYEAR TIRE & RUBBER CO	836,401	526,165
GRACO INC	380,138	350,916
GRIFOLS SA-SPON ADR SEDOL B51RNG1	112,735	27,737
GSK PLC-SPON ADR ADR	210,156	255,808
HAIN CELESTIAL GROUP INC	190,581	293,680
HDFC BANK LTD SPON - ADR	844,843	847,103
HEALTHPEAK PROPERTIES INC	22,978	22,297
HENKEL AG & COMPANY KGAA SPONSORED ADR	208,988	230,878
HENRY SCHEIN INC	189,697	188,708
HESS CORPORATION	39,057	96,432
HEXCEL CORP	111,311	134,868
HILTON WORLDWIDE HLDGS - W/I	507,006	1,166,101
HITACHI LTD ADR 10 COMMON	117,648	279,004
HOLOGIC INC	10,843	10,958
HOME DEPOT INC	2,364,809	18,456,409
HONDA MOTOR CO LTD AMERICAN SHARES	228,887	208,615
HONEYWELL INTL INC	2,349,624	9,746,024
HUMANA INC	2,053,990	1,590,001
HUNT J B TRANSPORT SERVICES INC	12,299	11,946
HUNTINGTON INGALLS INDS INC	71,186	73,320
HURON CONSULTING GROUP INC	116,697	302,449
ICICI BANK LTD SPON ADR	234,191	747,396
IDACORP INC	198,863	236,591
IDEX CORP	38,999	37,463
IMPERIAL BRANDS PLC-SPON ADR	223,293	327,904
INDEPENDENT BANK CORP MASS	169,298	140,319
INGEVITY CORP	128,929	89,609
INGREDION INC	119,940	208,541
INNOSPEC INC	74,849	101,916
INSTALLED BUILDING PRODUCTS	190,572	138,448
INTEGRA LIFESCIENCES HLDG CORP	163,046	99,747
INTERCONTINENTAL EXCHANGE INC	82,839	212,190
INTUIT SOFTWARE	323,397	611,531
IQVIA HOLDINGS INC	126,322	99,827
ITT INC	90,839	269,329
JDE PEETS BV - UNSP ADR	24,405	22,978
JOHNSON & JOHNSON	1,885,259	4,475,989
JPMORGAN CHASE & CO	4,523,539	24,809,985
KAO CORP ADR	174,880	187,126
KAWASAKI HEAVY INDS-SP ADR	1,096,743	1,471,816
KDDI CORP UNSPONSORED ADR	237,211	229,722
KERING S A ADR	286,102	174,922
KIMBERLY-CLARK CORP	88,400	97,887
KLA CORP	287,765	336,484
KNIGHT SWIFT TRANSPORTATION HOLDINGS INC	90,407	93,297
KONINKLIJKE AHOLD DELHAIZE ADR	174,522	181,526
KONINKLIJKE PHILLIPS NV SPON ADR	177,956	311,183
KORN FERRY	99,316	184,543
L BRANDS INC - W/I	94,483	98,088
LABCORP HOLDINGS INC	224,691	386,404
LAM RESEARCH CORP	12,489	12,135
LANCASTER COLONY CORP	82,422	99,209
LAUDER ESTEE COS INC CL A	981,918	996,859
LEGRAND SA-UNSP ADR	10,989	10,543
LENNAR CORP CLASS A	155,618	359,880
LIBERTY BROADBAND-C	2,329,668	1,230,400
LIBERTY MEDIA CORP-LIB-NEW-C	182,454	270,938
LINDSAY CORPORATION	39,308	34,310
LITHIA MTRS INC CL A	183,427	212,313
LKQ CORP	130,297	95,403
LLOYDS BANKING GROUP PLC	370,577	342,611
LOCKHEED MARTIN CORP	686,259	9,592,456
LONDON STOCK EXCHG-UNSP	1,785,597	1,898,351
LOWES COMPANIES INC	215,610	256,672
LUKOIL PJSC-SPON ADR	83,409	1
LUMENTUM HOLDINGS INC -W/I	236,819	341,844
LVMH MOET HENNESSY LOUIS ADR	680,446	858,241
MADDEN STEVEN LTD	100,598	147,247
MARRIOTT INTERNATIONAL INC CL A	580,101	640,204
MARSH & MCLENNAN COMPANIES INC	77,141	68,341
MARTIN MARIETTA MATLS INC	132,198	339,857
MASCO CORP	54,316	113,209
MASTERCARD INC CL A	370,637	482,338
MC CORMICK & CO INC NON-VOTING	40,528	46,659
MCDONALDS CORP	1,407,613	8,311,726
MEDTRONIC PLC	207,823	187,878
MELCO RESORTS ENTERTAIN LTD ADR	682,244	960,749
MERCADOLIBRE INC	248,219	245,517
MERCK & CO INC	872,990	3,337,407
METLIFE INC PFD SER F 04.750% 12/31/2049	11,585	11,570
MGIC INVT CORP WIS	79,820	185,507
MGP INGREDIENTS INC	36,724	37,047
MICHELIN (CGDE) UNSPON ADR	260,472	227,559
MICROCHIP TECHNOLOGY INC	427,216	432,304
MICROSOFT CORP	5,255,350	44,564,352
MISSION PRODUCE INC	38,176	47,565
MITSUBISHI ELEC CORP UNSPON ADR	251,935	294,004
MITSUBISHI UFJ FINL GRP ADR	96,975	286,284
MKS INSTRS INC	257,838	216,714
MOELIS & CO	78,108	187,581
MONDI PLC	247,336	129,315
MUELLER WATER PRODUCTS INC SER A	4,220	10,553
MURPHY OIL CORP	104,776	100,978
MURPHY USA INC-W/I	37,777	307,071
NATIONAL BANK HOLD CL A	149,423	174,953
NATIONAL STORAGE AFFILIATES	225,611	168,093
NEBIUS GROUP N.V. ISIN	16,520	17,008
NESTLE S.A. SPONSORED ADR REPSTG REG SH	154,479	137,256
NEWMARK GROUP INC-CLASS A	121,548	258,595
NEXANS SA-UNSPONSORED	752,872	615,334
NEXTERA ENERGY INC	353,076	6,774,705
NEXTRACKER INC-CL A	20,447	39,781
NIKE INC CLASS B	198,199	262,575
NMI HOLDINGS INC-CLASS A	69,877	125,793
NORTHERN TRUST CORP	151,987	204,283
NORTHROP GRUMMAN CORPORATION	70,323	72,740
NOV INC	105,615	87,177
NOVARTIS AG SPONSORED ADR	129,755	169,611
NOVO NORDISK A S ADR	1,189,513	985,015
NVIDIA CORP	39,502	2,025,093
O-I GLASS INC	84,303	78,644
OLD NATIONAL BANCORP INDIANA	215,937	268,187
ON SEMICONDUCTOR CORPORATION	37,111	189,528
ONEOK INC NEW	51,560	132,528
OPTION CARE HEALTH INC	139,753	109,550
OSHKOSH CORPORATION CLASS B	177,160	145,362
PACCAR INC	206,896	373,016
PARKER HANNIFIN CORP	183,279	672,920
PENNON GROUP PLC	191,641	169,011
PEPSICO INC	414,233	344,264
PERFORMANCE FOOD GROUP CO	133,887	228,031
PERMIAN RESOURCES CORP	222,262	242,346
PINNACLE FINANCIAL	228,002	437,427
POLARIS INC	12,511	10,602
POPULAR INC	96,846	112,402
PORTLAND GENERAL ELECTRIC CO	286,685	313,322
PRESTIGE CONSUMER HEALTHCARE INC	181,339	345,704
PROCTER & GAMBLE CO	466,053	542,348
PROGRESSIVE CORP OHIO	37,879	249,913
PROSUS NV	2,755,997	3,358,175
PRYSMIAN SPA-UNSPONSORED ADR	605,173	1,235,439
QIAGEN NV	253,966	258,853
QUALCOMM	185,607	321,527
QUIDELORTHO CORP	193,889	113,023
RAYMOND JAMES FINANCIAL INC	53,171	177,698
REGAL REXNORD CORPORATION	71,678	155,440
REINSURANCE GROUP OF AMERICA	110,846	214,912
RENAISSANCE HOLDINGS LTD	64,217	123,410
RHEINMETALL AG-UNSP ADR	243,292	637,432
ROCHE HOLDING LTD SPONSORED ADR	101,383	103,070
ROGERS CORP	276,651	244,270
ROSS STORES INC	369,340	596,609
ROYAL CARIBBEAN CRUISES LTD	54,896	196,317
RPM INTERNATIONAL INC	184,148	310,234
RTX CORPORATION	375,339	5,579,440
SAFRAN SA UNSPON ADR	1,258,143	2,411,353
SANDOZ GROUP AG	857,379	758,970
SANOFI SPONSORED ADR	278,985	279,782
SAP SE SPONSORED ADR	1,244,476	2,215,890
SCHNEIDER NATIONAL INC-CL B	87,021	100,899
SEALED AIR CORP	79,585	61,232
SECOM LTD UNSPONSORED ADR	191,509	188,332
SENSATA TECHNOLOGIES HOLDING SEDOL	12,156	11,070
SEVERN TRENT PL-SPON ADR	11,622	11,815
SHELL PLC-W/I	2,134,437	2,433,389
SHERWIN-WILLIAMS CO	167,296	181,863
SILGAN HLDGS INC	56,344	98,062
SILICON LABORATORIES INC	127,271	122,854
SINGAPORE TELECOMMUNICATION ADR	149,496	162,374
SJW GROUP	109,708	92,829
SNAM RETE GAS	413,446	331,606
SNAP ON INC	63,136	133,755
SOLVENTUM CORP-W/I	105,483	125,712
SONOCO PRODUCTS CO	65,438	62,577
SONY GROUP CORPORATION ADR	568,837	756,153
SOUTHWEST AIRLINES CO	9,090	12,170
SPIRAX-SARCO ENGIN-UNSP	25,132	24,768
SPIRE INC	101,900	94,419
SSE PLC SPN ADR	303,112	315,851
STAG INDUSTRIES INC	195,996	202,785
STANDARD CHARTERED	1,186,193	1,478,537
STANDEX INTERNATIONAL CORP	123,018	274,314
STARWOOD PROPERTY TRUST INC	189,707	180,840
STIFEL FINL CORP	60,369	190,838
STRYKER CORP	512,200	611,005
SUZUKI MOTOR CORP	1,302,099	1,365,220
SYNOPSYS INC	22,917	245,592
SYSCO CORP	71,977	97,181
TAIWAN SEMICONDUCTOR MTG CO ADR	1,760,232	3,547,513
TARGET CORP	24,170	26,630
TE CONNECTIVITY PLC	10,792	11,581
TECHNIPFMC LTD	262,673	654,623
TELEDYNE TECHNOLOGIES INC	432,350	472,484
TESCO PLC ADR	44,275	76,185
TEXAS INSTRUMENTS INC	322,779	339,768
THE SCOTTS MIRACLE-GRO COMPANY	92,954	97,719
THERMO FISHER SCIENTIFIC INC	496,138	1,797,395
THOR INDUSTRIES INC	222,760	220,803
TJX COMPANIES INC NEW	31,609	109,575
TORO CO	50,768	48,621
TOTALENERGIES SE	259,945	216,910
TOYOTA INDUSTRIES-UNSPON ADR	170,853	246,655
TREEHOUSE FOODS INC	198,730	153,975
UCB SA - UNSPONSORED	1,037,912	1,415,038
UNION PACIFIC CORP	1,867,770	7,264,214
UNITED OVERSEAS BK LTD SPONSORED ADR	234,525	362,285
UNITED UTILITIES GROUP PLC SPON ADR	146,915	152,624
UNITEDHEALTH GROUP INC	1,990,388	2,514,124
UNIVEST FINANCIAL CORP	124,295	133,238
UPM-KYMMENE OYJ-UNSPON ADR	45,390	38,931
URBAN OUTFITTERS INC	115,126	198,666
US BANCORP DEL COM NEW	296,192	318,930
VALLEY NATIONAL BANCORP	193,405	185,793
VALMONT INDUSTRIES INC	183,305	207,922
VALVOLINE INC	78,813	142,766
VERISK ANALYTICS INC	111,290	135,512
VERIZON COMMUNICATIONS INC	286,545	259,815
VIAVI SOLUTIONS INC -W/I	225,163	187,446
VINCI S.A. ADR	233,430	203,283
VISA INC CLASS A SHARES	1,275,144	2,264,743
VORNADO REALTY TRUST	112,048	183,967
VOYA FINL INC COM	181,851	178,820
WASTE MANAGEMENT INC	261,203	297,438
WATERS CORP	180,173	242,250
WEBSTER FINANCIAL CORP	89,423	113,753
WEC ENERGY GROUP INC	66,243	98,648
WELLS FARGO & COMPANY	523,076	1,275,839
WERNER ENTERPRISES INC	198,270	185,599
WESTAMERICA BANCORPORATION	98,604	97,051
WH GROUP LTD - SPON ADR	232,480	207,349
WINTRUST FINL CORP	248,349	377,497
WOODWARD INC	1,039,990	1,368,472
WORKDAY INC CL A	2,447,914	2,643,259
WPP PLC ADR	354,357	254,841
WR BERKLEY CORP	80,079	225,946
XCEL ENERGY INC	253,638	243,747
XYLEM INC	167,807	312,674
YETI HOLDINGS INC	91,609	53,606
ZOETIS INC	381,114	343,945

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation
1 a	PUBLICALLY TRADED SECURITIES
b	ACCOLADE PARTNERS IX, L.P.
c	BLUE OWL HEALTHCARE OPPORTUNITIES IV LP
d	HUDSON BAY FUND LP
e	DOVER STREET XI, LP
	HAMILTON LANE MARKET STREET OPP FUND
	HAMILTON LANE MARKET STREET OPP FUND II
	GROSVENOR CUSTOMIZED INFRASTRUCTURE STRATEGIES III
	CARLYLE REALTY FOREIGN INVESTORS VIII-A, L.P.
	CAPITAL GAINS DIVIDENDS	P


(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
COLLEEN M XENAKIS	ACCOUNTANT 20.00	89,644	22,878	0
301 GRANT STREET SUITE 3900 PITTSBURGH,PA152196402	ACCOUNTANT 20.00	89,644	22,878	0








Total number of other employees paid over $50,000...................				0

	(a) Corpus	(b) Years prior to 2023	(c) 2023	(d) 2024
1 Distributable amount for 2024 from Part X, line 7				48,676,414
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......			329,815
b Total for prior years:20 , 20, 20		0
3 Excess distributions carryover, if any, to 2024:
a From 2019......
b From 2020......
c From 2021......
d From 2022......
e From 2023......
f Total of lines 3a through e ........	0
4Qualifying distributions for 2024 from Part
XI, line 4: $ 47,573,428
a Applied to 2023, but not more than line 2a			329,815
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.....				47,243,613
e Remaining amount distributed out of corpus	0
5 Excess distributions carryover applied to 2024.	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 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 ..........				1,432,801
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) ...	0
9 Excess distributions carryover to 2025. Subtract lines 7 and 8 from line 6a ......	0
10 Analysis of line 9:
a Excess from 2020....
b Excess from 2021....
c Excess from 2022....
d Excess from 2023....
e Excess from 2024....

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	(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 ...........			14	2,884,115
4 Dividends and interest from securities ....			14	16,671,113
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 .....			18	1,596,373
8 Gain or (loss) from sales of assets other than inventory ............			18	6,884,589
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aOTHER REVENUE			01	9,352
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		28,045,542	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.............	13,191	14,405	14,405
	2	Savings and temporary cash investments.........	66,204,755	32,897,331	32,897,331
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........	20,320	19,837	19,837
	10a	Investments—U.S. and state government obligations (attach schedule)	27,144,411	List of Attached Documents: // Content 33,102,519	31,602,815
	b	Investments—corporate stock (attach schedule).......	146,376,100	List of Attached Documents: // Content 155,641,466	426,014,979
	c	Investments—corporate bonds (attach schedule).......	18,867,790	List of Attached Documents: // Content 20,976,061	20,808,515
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	350,623,730	List of Attached Documents: // Content 344,845,255	514,021,390
	14	Land, buildings, and equipment: basis 1,066,178
		Less: accumulated depreciation (attach schedule) 869,277	297,626	196,901	196,901
	15	Other assets (describe )	List of Attached Documents: // Content 740,621	List of Attached Documents: // Content 483,142	List of Attached Documents: // Content 483,142
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	610,288,544	588,176,917	1,026,059,315
	17	Accounts payable and accrued expenses..........	157,152	162,443
	18	Grants payable.................	2,100,000	1,937,854
	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 699,672	List of Attached Documents: // Content 483,142
	23	Total liabilities (add lines 17 through 22).........	2,956,824	2,583,439
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	607,331,720	585,593,478
	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........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	607,331,720	585,593,478
	30	Total liabilities and net assets/fund balances (see instructions).	610,288,544	588,176,917

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			6,801,584
b			58
c			171,566
d			96,177
e			58,986
			308,826
			117,617
			5,509
			961,724
			83,005

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
PNC FINANCIAL SERVICES GROUP	FISCAL AGENT/ADMINISTRATION	754,677
300 5TH AVENUE PITTSBURGH,PA15222	FISCAL AGENT/ADMINISTRATION	754,677
EAGLE CAPITAL MANAGEMENT	FUND MANAGER	413,990
499 PARK AVENUE 17TH FLOOR NEW YORK,NY10022	FUND MANAGER	413,990
HARDMAN JOHNSTON GLOBAL ADVISORS	FUND MANAGER	197,538
300 ATLANTIC ST SUITE 601 STAMFORD,CT06901	FUND MANAGER	197,538
LMCG INVESTMENTS LLC	FUND MANAGER	57,814
ONE BOSTON PL 201 WASHINGTON ST 29TH FL BOSTON,MA02108	FUND MANAGER	57,814

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.

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
ACCOLADE PARTNERS IX, L.P. (ONSHORE)	FMV	1,493,662	1,514,000
ACCOLADE PARTNERS VENTURE I LP (ONSHORE)	FMV	976,156	955,650
AMPLIFY DIGITAL PAYMENTS ETF	FMV	2,570,908	3,024,991
BLACKROCK EVENT DRIVEN EQ-IS	FMV	15,700,000	16,799,149
BLUE OWL HEALTHCARE INVESTMENTS IV LP	FMV	4,507,334	4,349,827
CARLYLE REALTY FOREIGN INVESTORS VIII A LP	FMV	1,894,046	2,990,283
CION ARES DIVERS CRED-I	FMV	9,500,000	9,515,008
DOVER STREET XI L.P.	FMV	2,597,418	3,723,416
ENERGY SELECT SECTOR SPDR FUND ETF	FMV	10,301,647	10,997,459
EV GL MACR ABS RTRN ADV FUND CLASS R6	FMV	10,300,000	10,279,531
FIRST TRUST CLOUD COMPUTING ETF	FMV	1,296,928	1,640,163
FOREVER INC.	FMV	93,574	37,502
FT NASDAQ CEA CYBERSECUR ETF ETF	FMV	1,298,070	1,476,926
GCM GROSVENOR CIS III, L.P.	FMV	2,459,257	2,850,044
GLDMN SCHS ABS RTRN TR FUND CLASS R6	FMV	10,250,000	10,625,520
GLOBAL X INTERNET OF THINGS ETF	FMV	1,203,219	2,381,855
GLOBAL X LITHIUM & BATTERY TECH ETF	FMV	2,001,855	2,591,161
GLOBAL X ROBOTICS & ARTIFI ETF	FMV	1,455,387	2,438,200
GLOBAL X SOCIAL MEDIA INDEX ETF	FMV	1,352,737	1,942,657
HAMILTON LANE MARKET STREET OPPORTUNITIES FUND II LP	FMV	4,529,494	5,203,852
HAMILTON LANE MARKET STREET OPPORTUNITIES FUND LP	FMV	3,702,572	5,445,460
HUDSON BAY FUND LP	FMV	11,046,674	11,081,416
INVESCO SHORT TERM TREASURY ETF	FMV	16,006,300	16,040,640
ISHARES CORE S&P SMALL CAP ETF	FMV	4,998,740	6,782,195
ISHARES MSCI ACWI ETF	FMV	46,396,264	68,601,200
ISHARES RUSSELL MID-CAP GROWTH ETF	FMV	12,007,849	30,611,393
ISHARES RUSSELL MID-CAP VALUE ETF	FMV	4,627,059	7,974,458
ISHARES SELF-DRIVING EV&TE ETF	FMV	2,056,139	2,152,643
MIDOCEAN PARTNERS VI, LP	FMV	2,039,189	1,831,113
SPDR GOLD TRUST ETF	FMV	20,783,465	29,012,017
VANECK VIDEO GAMING ESPORTS ETF	FMV	1,293,915	1,555,037
VANGUARD BD INDEX FD INC TOTAL BD MKT PORTFOLIO INSTL	FMV	37,000,000	37,554,604
VANGUARD GROWTH ETF	FMV	10,634,158	15,194,489
VANGUARD LARGE CAP ETF	FMV	56,758,550	131,724,716
VANGUARD SMALL CAP GROWTH ETF	FMV	4,717,922	9,881,917
WISDOMTREE U.S. QUALITY DIVI ETF	FMV	24,994,767	43,240,898

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
PPD FED EXCISE TAX	40,949	0	0
OPER LEASE - RIGHT OF USE ASSET	699,672	483,142	483,142

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
DUES & SUBSCRIPTIONS	9,666	0	9,666
INSURANCE	48,135	6,494	41,158
OFFICE EXPENSE	24,120	3,287	20,833
TELEPHONE	4,558	621	3,937
COMPUTER MAINTENANCE	14,788	2,015	12,773
GRANT MANAGEMENT SOFTWARE	12,329	0	12,329

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
CARLYLE REALTY FOREIGN INVESTORS VIII-A, L.P.	132,796	0	132,796
HAMILTON LANE MARKET STREET OPP FUND	458,360	-131,150	458,360
HAMILTON LANE MARKET STREET OPP FUND II	410,551	-95,714	410,551
GCM GROSVENOR	-56,089	-69,682	-56,089
BLUE OWL HEALTHCARE OPPORTUNITIES IV LP	233,059	-103,743	233,059
HUDSON BAY FUND LP	749,184	194,393	749,184
ACCOLADE PARTNERS IX, L.P.	-69,574	-154,472	-69,574
ACCOLADE PARTNERS VENTURE I, L.P.	-45,253	-51,548	-45,253
MIDOCEAN PARTNERS VI, LP	-104,351	-97,790	-104,351
DOVER STREET XI LP	-112,310	-97,177	-112,310
OTHER REVENUE	9,352	9,352	9,352

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

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

Software ID:
Software Version: