2026-09-15T12:10:41-05:00 2025-12-31 Foundation Source 3333 New Hyde Park Rd Ste 406 New Hyde Park NY 11042 990PF 2025-01-01 260638552 The Wayland E Noland Foundation % Foundation Source WAYL 8008391754 Foundation Source 501 Silverside Rd Wilmington DE 198091377 Leo Arms President 8008391754 2026-09-01 true Jeffrey D Haskell P01345770 8008391754 2025 X 29184958 X 10636 15387 15387 1064642 1064642 806385 7923890 657743 1897050 1737772 0 197152 197152 20600 4600 13005 371 12634 230757 202123 12634 1254736 1254736 1485493 202123 1267370 411557 1535649 0 885415 296583 296583 17680 345511 354500 357650 19429501 21364177 25313970 4141186 3215590 3216755 24819293 25230850 29184958 0 0 X 24819293 25230850 24819293 25230850 24819293 25230850 24819293 411557 25230850 25230850 Publicly-traded Securities 7923890 7266147 657743 657743 657743 21346 21346 21346 19116 0 5100 24216 X 0 2870 2870 0 false false false false false false false true true DE true false false false false true Foundation Source 8008391754 501 Silverside Road Suite 123 Wilmington DE 198091377 false false false true true false false false false false false false false false false false false false false false false false Leo Arms Foundation Source 501 Silverside Rd Wilmington DE 198091377 Dir, Pres, Sec 1.0 0 0 0 Thomas Leo Advisory LLC 4406 BEARD AVE S MINNEAPOLIS MN 554101449 Investment Mgmt 197152 26929910 599188 0 27529098 0 27529098 412936 27116162 1355808 1355808 21346 21346 1334462 1334462 1334462 1267370 0 0 0 0 1267370 1334462 1254733 2023 2022 2021 1267370 1254733 12637 0 0 1321825 0 0 NONE X PHILLIPS EXETER ACADEMY 20 MAIN ST EXETER NH 03833 N/A PC General & Unrestricted 9123 PHILLIPS EXETER ACADEMY 20 MAIN ST EXETER NH 03833 N/A PC The Wayland Noland Scholarship Fund 200000 PRESIDENT & FELLOWS OF HARVARD COLLEGE 1350 MASSACHUSETTS AVE RM 371 CAMBRIDGE MA 02138 N/A PC Wayland E. Noland Fund in Chemistry and Chemical Biology Scholarship Fund 9123 PRESIDENT & FELLOWS OF HARVARD COLLEGE 1350 MASSACHUSETTS AVE RM 371 CAMBRIDGE MA 02138 N/A PC Wayland E. Noland Fund in Chemistry and Chemical Biology Scholarship Fund 200000 UNIVERSITY OF MINNESOTA FOUNDATION 200 OAK ST SE STE 500 MINNEAPOLIS MN 55455 N/A PC General & Unrestricted 209123 UNIVERSITY OF WISCONSIN FOUNDATION US BANK LOCKBOX 78807 MILWAUKEE WI 53278 N/A PC General & Unrestricted 627367 1254736 14 15387 14 1064642 18 806385 1886414 1886414 false false false false false false false false false false X X 1 Wayland E Noland Inherited IRA 4353 Upton Avenue South Minneapolis MN 55410 10636 X Leo Arms Leo Arms, Director, President and Secretary of The Wayland E. Noland Foundation (the "Foundation"), is an owner at the investment firm of Thomas Leo Advisory LLC, a disqualified person which provides investment management services to the Foundation. During the taxable year ending December 31, 2025, the Foundation paid $197,152 for investment management services rendered by such disqualified person as reported in Form 990-PF, Part I, Line 16c. Such investment management firm billed the Foundation at or below the rate it charges its other clients. ABBVIE INC - 4.250% - 11/14/20 24896 25284 ACE CAPITAL TRUST II - 9.700% 29650 29978 AFFILIATED MANAGERS GROUP - 3. 22902 23828 ALLY FINANCIAL INC - 7.200% - 25306 25059 AON CORP - 8.210% - 01/01/2027 108505 103903 ARES CAPITAL CORP - 2.875% - 0 22928 23901 ARES CAPITAL CORP - 5.880% - 0 25256 25662 ATHENE HOLDING - 4.125% - 01/1 46108 49959 BANK MONTREAL MEDIUM - 0.000% 25116 25042 BANK MONTREAL MEDIUM - 5.250% 25000 25000 BERKSHIRE HATHAWAY - 8.480% - 114594 111344 BMW BANK NORTH AMERICA SALT LA 50000 50028 CAPITAL IMPACT PARTNERS INV - 66282 68751 CAPITAL IMPACT PARTNERS INV - 10013 10006 CAPITAL IMPACT PARTNERS INV - 10134 9983 CAPITSL IMPACT - 5.500% - 05/1 24900 24735 CHENIERE CORPUS CHRISTI HLDGS 75890 75731 CITIBANK NA - 5.488% - 12/04/2 254329 253319 CNH INDUSTRIAL CAPITAL LLC - 5 49966 51139 COMERICA INC NOTE - 4.000% - 0 24008 24753 COMMONSPIRIT HEALTH - 6.073% - 25696 25845 CREDIT AGRICOLE CORP & INV BAN 25075 25013 DCP MIDSTREAM OPERATING PL NOT 25171 25476 DELHAIZE AMERICA INC - 0.000% 52817 51802 ECOLAB INC NOTE - 5.250% - 01/ 25428 25675 ELI LILLY & CO - 5.500% - 03/1 51360 51071 ENERGEN CORP - 7.130% - 02/15/ 26487 26151 ENSTER GROUP - 4.950% - 06/01/ 23917 25211 ENTERGY LA LLC - 4.440% - 01/1 24747 25002 F&G ANNUITIES & LIFE - 7.400% 25727 26169 FED HOME LN - 6.750% - 09/15/2 139950 138471 FEDERAL FARM CR BKS BOND - 5.3 15453 15268 GE AEROSPACE - 5.050% - 02/15/ 6178 6191 GENERAL ELECTRIC CO - 5.000% - 7229 7196 GEORGIA PACIFIC - 7.250% - 06/ 27453 26759 GEORGIA POWER CO - 4.550% - 03 61812 64054 HERSHEY CO - 4.250% - 05/04/20 25003 25242 JOHNSON & JOHNSON - 6.950% - 0 28959 27682 JONES LANG LASALLE INC - 6.880 27151 26767 JP MORGAN CHASE - 5.400% - 11/ 49975 50589 JP MORGAN CHASE - 8.000% - 04/ 27649 26354 KONINKLIJKE PHILIPS NV - 0.000 52129 50482 LAZARD LLC - 4.500% - 09/19/20 49380 50343 MASCO CORP - 7.750% - 08/01/20 28373 27445 MASTERCARD - 4.875% - 03/09/20 25497 25576 MORGAN STANLEY BANK NA - 4.450 25000 25051 NATIONAL RURAL UTILITIES COOP 5000 5012 NATIONAL RURAL UTILITIES COOP 85637 85692 NXP B V / NXP FUNDING LLC - 5. 50237 50000 OCCIDENTAL PATROLEUM CORP - 7. 27142 26934 OCCIDENTAL PETE - 8.500% - 07/ 27163 26139 ORIX CORP - 4.650% - 09/10/202 50213 50848 PHILLIPS 66 - 8.130% - 08/16/2 125997 127249 PRUDENTIAL FINANCIAL - 4.050% 25000 25057 PUGET SOUND ENERGY INC - 7.000 53576 53910 REALTY INCOME CORP NOTE - 5.05 10008 10002 ROYAL BANK CDA - 6.400% - 11/1 25478 25063 RYDER SYS INC - 5.250% - 06/01 24672 25671 SABINE PAS - 5.000% - 03/15/20 25206 25170 SABINE PASS LIQUEFACTION LLC - 45252 45064 SANTANDER HLDGS USA INC - 4.40 25095 25073 SOUTHERN CALIF EDISON CO - 4.9 125475 125169 SPIRE INC - 5.300% - 03/01/202 25290 25035 SPIRE MISSOURI INC - 7.000% - 5511 5321 TARGA RESOURCES PARTNERS / TAR 51460 50596 TORONTO DOMINION BANK MTN - 4. 24387 25074 TOYOTA MTR CR - 5.250% - 03/05 50025 50134 TOYOTA MTR CR SER B - 4.800% - 100499 100009 UNION PACIFIC CORP - 7.130% - 27194 26229 VERIZON NEW ENGLAND INC - 7.87 11420 11052 VERIZON NEW JERSEY INC - 7.875 27934 27814 VERIZON PA INC - 6.000% - 12/0 9289 9308 VISA INC GREEN BONDS - 0.750% 22056 23924 WALMART INC - 3.900% - 04/15/2 24791 25135 WASHINGTON GAS LT CO - 0.000% 25941 25931 WASTE MANAGEMENT INC DEL - 7.0 27258 26805 WASTPAC BANK CORP - 5.050% - 0 22695 22759 WELLS FARGO & CO NOTE - 5.500% 20280 20343 WELLS FARGO & CO SER T MTN STE 6016 5990 WELLS FARGO - 4.000% - 05/27/2 14636 14953 XCEL ENERGY INC - 4.000% - 06/ 48358 50000 3M CO 5387 13929 ABBOTT LABS 12028 12529 ABBVIE INC 10661 13709 ADAMS NATURAL RESOURCES FUND I 100572 105676 AFLAC INC 5865 7939 AIR PRODS & CHEM INC 4118 3705 ALBEMARLE CP 18736 17539 AMERICAN FUNDS GLOBAL BAL F3 375120 369586 AMG ADV METALLURGI ORDF 42525 49500 AMGEN INC 13014 13092 APA CORPORATION 99684 66042 ARCHER DANIELS MDLND 6126 4887 ARES CAPITAL CORPORATION - CLO 25938 24276 ARTISAN PARTNERS ASSET MANAGEM 45115 40740 ASHLAND GLOBAL HOLDINGS 11964 11734 AT&T, INC 18178 27324 AURA SYSTEMS, INC. 1 1 AUTOMATIC DATA PROCESSING INC 4866 5402 BANC OF CALIFORNIA INC 54930 77160 BANK OF AMERICA CORP 50499 82500 BATTALION OIL CORPORATION 106 12 BAYTEX ENERGY CORP 34425 5594 BECTON DICKINSON & CO 30227 24453 BERKSHIRE HATHAWAY INC. CLASS 35693 50265 BHP BILLITON LIMITED 95487 84518 BITTERROOT RESOURCES LTD. 20 60 BLACKROCK INC 12991 12844 BLACKROCK SCIENCE AND TECHNOLO 30651 21904 BLUEROCK PVT REAL ESTATE FUND 63756 60000 BNDBLXX BLMBRG 479043 478579 BRAEMAR HOTEL & RESORTS INC 3253 3520 BROADCOM INC 10203 10383 CALAMOS HEDGED EQUITY INCOME C 219458 236356 CALAMOS MARKET NEUTRAL FD CL I 294466 302952 CALAMOS NAS 100 STRC ALT PROT 23570 26994 CALAMOS S&P 500 STRD ALT 75270 85875 CANADIAN GENERAL INVESTMENTS L 104640 138400 CANAGOLD RESOURCES LTD. 160 331 CANTERRA MINERALS 51 138 CAPITAL GROUP DIVIDEND GROWERS 33567 35640 CAPITAL GROUP DIVIDEND VALUE 25030 43640 CAPITAL GROUP INTERNATIONAL CO 127599 141245 CAPITAL ONE FINANCIAL CORP 13192 13330 CENTERSPACE 55470 63384 CENTRAL SECURITIES CORP 76090 101420 CHARLES SCHWAB CORP 12487 12988 CHARLES SCHWAB INTRNTNL EQ 600402 872555 CHEVRON CORP 167701 167651 CHUBB LIMITED 10394 12485 CINCINNATI FINANCIAL CORP 3370 5390 CINTAS CRP 3899 4890 CISCO SYSTEMS INC 10547 16176 CITIGROUP INC 51159 116690 CITIZENS FINANCIAL GROUP, INC 58004 101750 CLIFFS NATURAL RESOURCES INC. 83530 53120 CNX RESOURCES CORP 92700 165465 COHEN & STEERS QLTY INCM RLTY 84070 79940 COLGATE-PALMOLIVE COMPANY 3941 3951 COMERICA INC 100233 156474 COMMERCIAL METALS 51086 69220 CONOCOPHILLIPS 125375 119353 CONSOLIDATED EDISON INC 3597 3973 CORNING INC 12339 12258 CORTEVA INC 63597 89351 DEERE CO 12187 11639 DELL TECHNOLOGIES INC CLASS C 11941 11329 DEVON ENERGY CORPORATION 83817 65934 DFA DIMENSIONAL INTERNATIONAL 213311 255794 DIMENSIONAL SHORT DRT FXD 190780 191800 DIMENSIONAL U S EQUITY ETF 182687 231781 DIMENSIONAL U S SMALL CAP ETF 24953 27102 DIMENSIONAL ULTRASHORT FIXED I 364605 363522 DIMENSIONAL US SMALL CAP VALUE 24993 27233 DOMINION ENERGY INC 88377 105462 DOVER CORP 4928 6248 DOW INC 143598 60484 DU PONT DE NEMOURS 42275 48240 EATON VANCE GLOBAL MACRO FD CL 353025 354404 ECOLAB INC 3573 4725 EIPI 51678 64558 ELAH HOLDINGS, INC. 2701 1088 ELECTRUM DISCOVERY COR F ELME COMMUNITIES 43748 52200 EMBECTA CORP 56 36 EMERGENT METALS CORP 1 EMERSON ELECTRIC CO 10194 11945 EOG RESOURCES INC 12347 12601 EQT CORPORATION 62848 85760 ESSENTIAL PROPERTIES REALTY TR 77858 88980 EXPAND ENERGY CORP 119924 172162 EXXON MOBIL CORP 795962 932032 F4 URANIUM CORP 8 8 FINANCIAL SELECT SECTOR SPDR F 37435 54770 FIRST HORIZON NATL 27990 47800 FISSION 3.0 516 183 FORTITUDE GOLD CORP 12927 8245 FRANKLIN INCOME FOCUS ETF INCO 138194 140200 FRANKLIN INTERNATIONAL CORE DI 199803 213895 FRANKLIN INTERNATIONAL LOW VOL 306924 349790 FRANKLIN RES INC 59749 53753 FT CBOE VEST US EQUITY DEEP BU 21373 22172 FT VEST U.S. EQUITY MAX BUFFER 24974 25521 GE HEALTHCARE TECHNOLOGIES INC 4311 6808 GENCO SHIPPING & TRADING LIMIT 22742 995 GENERAL MILLS INC 64480 46500 GENUINE PARTS COMPANY 11853 11066 GOLD RESOURCE CORPORATION 2775 6210 GRANITE CONSTRUC INC 75473 168180 HALEON PLC 16290 20220 HARTFORD MULTIFACTOR US EQUITY 26210 28855 HELIX ENERGY SOLUTIONS GROUP I 42385 25080 HF SINCLAIR CORPORATION 128486 103680 HONEYWELL INTL 11879 11705 HUDBAY MINERALS INC 56400 198500 HUNTINGTON BANCSHARES INC 85944 117113 HURCO COMPANIES, INC. 21755 15450 ILLINOIS TOOL WORKS 13044 12315 INDUSTRIAL LOGISTICS PROPERTIE 4050 5800 INN EQUITY DEFINED PROT ETF 148988 159672 INN EQUITY DEF PROT ETF 1 YR D 47920 51474 INN EQUITY DEF PROT ETF 1 YR N 175457 187735 INN EQUITY DEF PROT ETF - 2 YR 24785 28414 INNOVATOR EQUITY DEFND PRRCN E 26150 26715 INNOVATOR ETFS TR EQUITY MANAG 36899 36860 INTEL CORP 49615 36900 INTERNATIONAL BUSINESS MACHINE 8134 14811 INTERNATIONAL SEAWAYS INC 46890 48550 INVESCO PLC 215790 316028 ISHARE DJ INTL SEL DIV INDEX 41212 58189 ISHARES 0-3 MONTH TREASURY 474053 473056 ISHARES 20+ YR TREAS BD 7203 6293 ISHARES CORE DIVIDEND GROWTH 403603 559802 ISHARES EDGE MSCI INTL QUALITY 37416 45450 ISHARES INT RATE HEDGED CORP B 27123 27825 ISHARES MSCI USA MIN VOLATILIT 62050 75328 ISHARES MSCI USA QUALITY FACTO 73625 99310 ISHARES TRUST RUSSELL MIDCAP I 80447 96270 JEFFERIES GROUP INC 145152 223092 JOHNSON & JOHNSON 12489 13452 JP MORGAN CHASE 33595 64444 JP MORGAN CHASE & CO PFD SER D 12500 12460 JP MORGAN ULTRA SHORT INCOME E 950285 956339 JPMORGAN EQUITY PREMIUM INCO 347683 360612 JPMORGAN EQUITY PREMIUM INCOME 108372 107724 KBW REGIONAL BANKING ETF 132150 162025 KEY ENERGY SERVICES, INC 1 2 KEYCORP 28705 41280 KIMCO RLTY CORP 12249 12162 KINDER MORGAN INC 13219 13745 KIRBY CORPORATION 80935 110180 KOREA FUND THE 40490 63814 LEGG MASON INVST LOW VOL HIGH 281546 279171 LEGGETT PLATT INC 2234 924 LENNAR CORP 11829 10280 LINDE PLC COM 6982 7249 LOCKHEED MARTIN CORP 12108 12092 LOWES COMPANIES INC 24107 24116 LTC PROPERTIES INC 81329 85950 M&T BANK CORP 10467 12089 MANITOWOC CO INC 91456 64866 MCCORMICK & CO 3130 3133 MCDONALD'S CORP 18671 18338 MCEWEN MNG INC COM 7560 18510 MEDTRONIC PLC 11496 11719 MERCER INTERNATIONAL INC 48100 9900 MERCK & CO INC 96890 94734 MORGAN STANLEY PFD SER A 11590 9650 NATL FUEL GAS CO 123675 194546 NEW GOLD INC 15100 87100 NORFOLK SOUTHERN CORP 11924 11549 NOVAVAX INC 383 504 NUCOR CP 71385 65244 OBSIDIAN ENERGY LTD 30080 1103 OCEANAGOLD CORPORATION COM 18090 85136 OFFICE PROPERTIES INCOME TRUST 5286 10 OMNICOM GROUP 12134 12113 ONE LIBERTY PROP 56645 51496 ONEOK INC 127328 132300 PAN AMERICAN SILV 29 RTFRIGHTS 5100 4950 PATTERSON-UTI ENERGY INC 200 110 PAYCHEX 12724 12340 PENTAIR INC. COM 6213 8956 PEPSICO INC 19480 18084 PERMIAN RESOURCES CORP CLASS A 144840 147736 PETROBANK ENERGY & RES 5040 856 PFIZER INC 7665 6723 PNC FINANCIAL GROUP INC 12615 12524 PPG INDUSTRIES INC 4783 3279 PPL CORPORATION 12767 13133 PROCTER GAMBLE CO 16715 16481 PROSHARES S&P 500 DIVIDEND ARI 75700 89604 PROSHARES S&P MIDCAP 400 DIVID 81516 100306 PUBLIC SVC ENTERPRISE GROUP IN 12070 12045 QNITY ELECTRONICS INC 49187 48990 QUALCOMM INC 12601 11974 RAYONIER INC 71051 47695 REAL ESTATE SELECT SECTOR SPDR 59869 60525 REALTY INCOME CORP 43944 42954 RIVERNORTH DOUBLELINE STRATE 6 22358 17043 ROPER INDUSTRIES 5441 4451 ROYAL BANK OF CANADA 12537 12787 RUBELLITE ENERGY 398 408 S&P GLOBAL INC COM 5239 6271 SANDRIDGE ENERGY INC 1093 1111 SANOFI-AVENTIS SPONSORED ADR 12013 12115 SCH ST US TRSR ETF 519069 522161 SCHWAB 1000 INDEX ETF 494066 862278 SCHWAB FUNDAMENTAL EM MARKETS 34960 49907 SCHWAB FUNDAMENTAL INTL LARGE 141858 185542 SCHWAB FUNDAMENTAL US BROAD MK 465687 706522 SCHWAB INTERMEDIATE US TRS ETF 143717 143663 SCHWAB STRATEGIC TREMERGING MK 22460 30130 SCHWAB US DIVIDEND EQUITY ETF 585699 641861 SCHWAB US TIPS 228454 230710 SEAGATE TECHNOLOGY HOLDINGS PL 11376 11016 SELECT SECTOR SPDR UTILITIES 25147 34152 SEVEN HILLS REALTY TRUST 710462 489500 SFL CORPORATION LTD 69810 46860 SHERWIN-WILLIAMS CO 6556 6805 SL GREEN REALTY CORP 16566 22752 SMITH A O CORP DEL COM 88770 72632 SOCIETE GENERLE FRNCE ADR 13288 40375 SOLVENTUM CORPORATION 3823 1664 SOUTHERN CO 12871 13080 SPDR BLACKSTONE/GSO SENIOR LOA 22445 22121 SPDR PORTFOLIO MORTGAGE BACKED 119297 122479 SPDR PORTFOLIO SHORT TERM CORP 66498 68230 SPDR WELLS FARGO PREFERRED STO 121187 115701 STANLEY BLACK & DECKER INC 2266 1708 STEEL DYNAMICS INC 73104 101670 SYSCO CORP 3598 3611 T. ROWE PRICE GROUP 3032 2867 TAG OIL LTD 25 4 TASEKO MINES LIMITED 378300 1471599 TE CONNECTIVITY LTD 12562 12513 TEEKAY TANKERS CL A 39326 40065 TGS ASA 3157 215 THE COCA-COLA CO 13545 16219 THE MOSAIC CO 98226 65043 TRUIST FINANCIAL CORPORATION 12444 12303 UBS AG 4676 7178 UNILEVER PLC AMER 12985 13080 UNIT CORP WARRANTS EXP 09/03/2 23004 40 UNITED CORPORATIONS LIMITED 75510 98460 US BANCORP 88166 106720 US BANCORP DEL DEP SHS REP 1/1 21926 19112 USD SCHWAB US AGGREGATE BOND 99911 98330 V F CORP 838 814 VALARIS LTD WTS EXP 04/29/2028 1279 180 VANECK ENERGY INCOME ETF 48391 67665 VANGUARD FTSE EUROPEAN ETF 64400 83610 VANGUARD INTL HIGH DIV YIELD E 564699 833399 VANGUARD ST BOND ETF 490392 512139 VANGUARD WORLD FUND GLOBAL WEL 275100 278517 VENTAS INC 37688 58035 VERIZON COMMUNICATIONS 23488 24723 VIATRIS ORD SHS 353 411 VISTRA ENERGY CORP 15259 64532 VITESSE ENERGY INC 58542 13598 WAL-MART STORES INC 4175 8913 WARNER BROS. DISCOVERY, INC 4587 12537 WASTE MANAGEMENT INC 12043 12084 WESTERN ASSET HI YLD DEFINED 10 9 WESTERN ASSET/CLAYMR 42572 40946 WESTWATER RESOURCES, INC. 1 1 WHIRLPOOL CORP 7059 3607 WILLIAMS COS 28184 48088 WISDOM TREE EUROPE HEDGED EQUI 32395 40326 WISDOMTREE DEFA 23436 31080 WISDOMTREE EMERGING MARKETS EQ 22169 25691 WISDOMTREE EUROPE SMALLCAP DIV 22753 27298 WISDOMTREE MIDCAP DIVIDEND F 137640 154800 WISDOMTREE SC DIV 97748 100350 WOODSIDE ENERGY GROUP 10815 7873 ZIONS BANCORP DEPOSITARY SH 9950 9920 354500 357650 Administrative Fees 12609 12609 Bank Charges 371 371 State or Local Filing Fees 25 25 Investment Management Services 197152 197152 990-PF Estimated Tax for 2025 14400 990-PF Extension for 2024 1600 Foreign Tax Paid 4600 4600