TY 2015 Form 990PF

- TIN:

Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

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

Information about Form 990-PF and its instructions is at www.irs.gov/form990pf.

OMB No. 1545-0052

2015

Open to Public Inspection

For calendar year 2015, or tax year beginning 01-01-2015 , and ending 12-31-2015

Name of foundation
LILIUOKALANI TRUST

Number and street (or P.O. box number if mail is not delivered to street address)1100 ALAKEA STREET NO 1100
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
HONOLULU, HI96813

A Employer identification number

99-0078890

B Telephone number (see instructions)

(808) 203-6150

C If exemption application is pending, check here bullet

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

D 1. Foreign organizations, check here ............. bullet

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

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

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

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

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

$787,117,455J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)	9,077
2	Check Sch. B .............
3	Interest on savings and temporary cash investments	10,639		10,639	10,639
4	Dividends and interest from securities...	1,169,429		1,184,369	1,184,369
5a	Gross rents............	32,441,758		32,441,758	32,441,758
b	Net rental income or (loss) 21,916,519
6a	Net gain or (loss) from sale of assets not on line 10		15,214,242
b	Gross sales price for all assets on line 6a 66,863,481
7	Capital gain net income (from Part IV, line 2)...			17,475,522
8	Net short-term capital gain.........				8,331
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).......		2,073,642	-1,001,295	-1,001,295
12	Total. Add lines 1 through 11........	50,918,787		50,110,993	32,643,802
13	Compensation of officers, directors, trustees, etc.	1,515,656		752,430	752,430	763,226
14	Other employee salaries and wages......	9,873,102		478,635	478,635	9,390,406
15	Pension plans, employee benefits.......	2,887,304		221,924	221,924	2,562,142
16a	Legal fees (attach schedule).........		217,798	148,436	148,436	62,965
b	Accounting fees (attach schedule).......		239,687	46,573	46,573	171,154
c	Other professional fees (attach schedule)....		1,929,464	1,396,276	1,396,276	563,103
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		8,307,073	8,178,427	8,178,427	42,309
19	Depreciation (attach schedule) and depletion...		3,053,595	1,841,640	1,841,640
20	Occupancy..............	440,190		168,289	168,289	262,859
21	Travel, conferences, and meetings.......	610,588		180,802	180,802	430,351
22	Printing and publications..........	4,812		2,005	2,005	2,661
23	Other expenses (attach schedule).......		7,919,786	960,280	937,854	6,339,842
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	36,999,055		14,375,717	14,353,291	20,591,018
25	Contributions, gifts, grants paid.......	108,000				108,000
26	Total expenses and disbursements. Add lines 24 and 25	37,107,055		14,375,717	14,353,291	20,699,018
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	13,811,732
b	Net investment income (if negative, enter -0-)			35,735,276
c	Adjusted net income (if negative, enter -0-)...				18,290,511

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2015)

Form 990-PF (2015)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	384,813	671,945	671,945
	2	Savings and temporary cash investments.........	2,965,446	2,229,678	2,229,678
	3	Accounts receivable 1,859,265
		Less: allowance for doubtful accounts 132,507	1,582,485	1,726,758	1,726,758
	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..........	738,712	870,745	870,745
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	172,921,770	182,349,168	189,251,984
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis 62,222,311
		Less: accumulated depreciation (attach schedule) 20,353,837	41,549,079	41,868,474	529,857,990
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis 50,807,280
		Less: accumulated depreciation (attach schedule) 19,748,881	25,847,638	31,058,399	37,956,124
	15	Other assets (describe )	25,478,457	24,552,231	24,552,231
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	271,468,400	285,327,398	787,117,455
	17	Accounts payable and accrued expenses..........	2,000,684	1,471,174
	18	Grants payable..................
	19	Deferred revenue.................	14,605,327	14,462,966
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......	6,844,757	12,141,613
	22	Other liabilities (describe )	2,608,975	2,358,021
	23	Total liabilities (add lines 17 through 22).........	26,059,743	30,433,774
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted..................	245,401,905	254,893,624
	25	Temporarily restricted...............	6,752	0
	26	Permanently restricted...............
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds........
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds
	30	Total net assets or fund balances (see instructions).....	245,408,657	254,893,624
	31	Total liabilities and net assets/fund balances (see instructions).	271,468,400	285,327,398

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............

245,408,657

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

13,811,732

Other increases not included in line 2 (itemize) bullet

399,816

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

259,620,205

Decreases not included in line 2 (itemize) bullet

4,726,581

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .

254,893,624

Form 990-PF (2015)

Page 3

Part IV

Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation
1 a	CITIGROUP CUSTODIAL MMA SECURITIES
b	IR&M TREASURY - DEVELOPMENT RESERVES
c	IR&M TREASURY - DEVELOPMENT RESERVES
d	CITIBANK DEFLATION ASSETS
e	CITIBANK DEFLATION ASSETS
	DFA EMERGING MARKETS
	VTMNX
	ABERDEEN
	ABERDEEN
	GARDNER RUSSO & GARDNER
	GARDNER RUSSO & GARDNER
	GARDNER RUSSO & GARDNER
	ABERDEEN E&RP II (FKA FLAG)	P
	ABERDEEN E&RP III (FKA FLAG)	P
	CF NATURAL RESOURCES	P
	US FARMING REALTY TRUST	P
	MREEP	P
	MREP II	P
	MREP IV	P
	MREP GLOBAL II	P
	ING CLARION DEVELOP VENTURES	P
	(PROLOGIS) AMB INST ALLIANCE REIT	P
	MADISON INTERNATIONAL REAL ESTATE FUND III	P
	MREP GLOBAL III	P
	MADISON INTERNATIONAL REAL ESTATE FUND IV	P
	NGATE PEP II LP	P
	BLACKSAND CAPITAL OPPORTUNITY FUND	P
	NGATE VENTURE PARTNERS III LP	P
	MADISON COINVEST	P
	PARK STREET NATURAL RESOURCES FUND III	P
	PARK STREET NATURAL RESOURCES FUND IV	P
	NGATE GLOBAL EMERGING MARKETS LP	P
	PARK STREET NATURAL RESOURCES FUND V	P
	NGATE PEP III	P
	MADISON INTERNATIONAL REAL ESTATE FUND V	P
	NATURAL GAS PARTNERS	P
	BAIN X	P
	NGATE IV	P
	LONE STAR FUND VI	P
	GOLDMAN SACHS - DISTRESSED OPPORTUNITY	P
	GOLDMAN SACHS - VINTAGE FUND	P
	WOODBOURNE CANADIAN PARTNERS II	P
	COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII	P
	LONE STAR FUND VII	P
	LONE STAR REAL ESTATE FUND II	P
	LEGACY VENTURE	P
	LONESTAR VIII	P
	GS VINTAGE VI	P
	JAFCO VENTURES	P
	LONE STAR REAL ESTATE FUND III	P
	LONE STAR REAL ESTATE FUND IV	P
	CONVEXITY	P
	CONVEXITY	P
	CEVIAN	P
	FARALLON CAPITAL MANAGEMENT LLC	P
	HILDENE OPPORTUNITIES	P
	MUDRICK DISTRESS OPPORTUNITY FUND	P
	ADAMAS	P
	DISTRIBUTION IN EXCESS OF BASIS - ING CLARION DEVELOPMENT VENTURES II LP	P
	GAIN ON SALE OF LILIUOKALANI GARDENS	P
	GAIN ON SALE OF WAIKIKI BANYAN	P
	GAIN ON SALE OF WAIKIKI SUNSET	P
	GAIN ON SALE OF FOSTER TOWERS	P
	GAIN ON SALE OF PLAZA AT CENTURY COURT	P
	GAIN ON SALE OF KONA KAI	P
	FROM K-1: ABERDEEN ENERGY & RESOURCES PARTNERS II (FKA FLAG II) - STCL	P
	FROM K-1: ABERDEEN ENERGY & RESOURCES PARTNERS II (FKA FLAG II) - LTCG	P
	FROM K-1: ABERDEEN ENERGY & RESOURCES PARTNERS II (FKA FLAG II) - 1231	P
	FROM K-1: ABERDEEN FRONTIER MARKETS EQUITY FUND - STCG	P
	FROM K-1: ABERDEEN FRONTIER MARKETS EQUITY FUND - LTCG	P
	FROM K-1: CA RESOURCES FUND (U.S. TAX EXEMPT) L.P. - SERIES BAIN X#35 - STCG	P
	FROM K-1: CA RESOURCES FUND (U.S. TAX EXEMPT) L.P. - SERIES BAIN X#35 - LTCG	P
	FROM K-1: CA RESOURCES FUND (U.S. TAX EXEMPT) L.P. - SERIES BAIN X#27 - STCG	P
	FROM K-1: CA RESOURCES FUND (U.S. TAX EXEMPT) L.P. - SERIES BAIN X#27 - LTCG	P
	FROM K-1: COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII, LP - STCG	P
	FROM K-1: COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII, LP - LTCG	P
	FROM K-1: COMMONFUND CAPITAL NATURAL RESOURCES V, L.P. - LTCG	P
	FROM K-1: COMMONFUND CAPITAL NATURAL RESOURCES V, L.P. - 1231	P
	FROM K-1: COMMONFUND DISTRESSED DEBT PARTNERS II, L.P. - STCL	P
	FROM K-1: COMMONFUND DISTRESSED DEBT PARTNERS II, L.P. - LTCG	P
	FROM K-1: DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P. - STCG	P
	FROM K-1: DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P. - LTCG	P
	FROM K-1: DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P. - ST 1256	P
	FROM K-1: DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P. - LT 1256	P
	FROM K-1: EDGBASTON ASIAN EQUITY TRUST - STCG	P
	FROM K-1: EDGBASTON ASIAN EQUITY TRUST - LTCG	P
	FROM K-1: FARALLON CAPITAL INSTITUTIONAL PARTNERS, LP - STCG	P
	FROM K-1: FARALLON CAPITAL INSTITUTIONAL PARTNERS, LP - LTCL	P
	FROM K-1: HARVEST MLP INCOME FUND II - STCL	P
	FROM K-1: HARVEST MLP INCOME FUND II - LTCL	P
	FROM K-1: HARVEST MLP INCOME FUND II - 1231	P
	FROM K-1: HIGHCLERE INTERNATIONAL INVESTORS - STCG	P
	FROM K-1: HIGHCLERE INTERNATIONAL INVESTORS - LTCG	P
	FROM K-1: HIGHFIELDS CAPITAL IV LP - STCG	P
	FROM K-1: HIGHFIELDS CAPITAL IV LP - LTCL	P
	FROM K-1: HIGHFIELDS CAPITAL IV LP - 1231	P
	FROM K-1: HIGHFIELDS CAPITAL IV LP - ST 1256	P
	FROM K-1: HIGHFIELDS CAPITAL IV LP - LT 1256	P
	FROM K-1: ING CLARION DEVELOPMENT VENTURES II LP - 1231	P
	FROM K-1: LEGACY VENTURES - STCG	P
	FROM K-1: LEGACY VENTURES - LTCG	P
	FROM K-1: LONE STAR EUROPE HOLDINGS (U.S.), L.P. - LTCL	P
	FROM K-1: LONE STAR FUND VI (U.S.), L.P. - LTCL	P
	FROM K-1: LONE STAR FUND VII (U.S.), L.P. - LTCL	P
	FROM K-1: LONE STAR FUND VIII (U.S.), L.P. - LTCG	P
	FROM K-1: LONE STAR REAL ESTATE FUND II (U.S.), L.P. - LTCG	P
	FROM K-1: LONE STAR REAL ESTATE FUND III (U.S.), L.P. - LTCG	P
	FROM K-1: MADISON INTERNATIONAL REAL ESTATE LIQUIDITY FUND III, LP - LTCG	P
	FROM K-1: MADISON INTERNATIONAL REAL ESTATE LIQUIDITY FUND IV - LTCG	P
	FROM K-1: METROPOLITAN REAL ESTATE EQUITY PARTNERS - 1231	P
	FROM K-1: MADISON NYC CORE RETAIL LIQUIDITY INVESTORS, LP - LTCG	P
	FROM K-1: METROPOLITAN REAL ESTATE EQUITY PARTNERS - LTCG	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL II LP - STCL	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL II LP - LTCG	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL II LP - 1231	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP - STCL	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP - LTCG	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP - 1231	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS II - STCL	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS II - LTCL	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS II - 1231	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS II - ST 1256	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS II - LT 1256	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS IV-A LP - LTCG	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS IV-A LP - 1231	P
	FROM K-1: MIRELF IV NYC CORE RETAIL LIQUIDITY AIV, LP - LTCG	P
	FROM K-1: MIRELF IV U.S. INVESTMENTS AIV, LP - LTCG	P
	FROM K-1: NATURAL GAS PARTNERS IX, L.P. - STCL	P
	FROM K-1: NATURAL GAS PARTNERS IX, L.P. - LTCL	P
	FROM K-1: NATURAL GAS PARTNERS IX, L.P. - 1231	P
	FROM K-1: NORTHGATE GLOBAL EMERGING MARKETS LP - STCG	P
	FROM K-1: NORTHGATE GLOBAL EMERGING MARKETS LP - LTCG	P
	FROM K-1: NORTHGATE IV, L.P. - STCG	P
	FROM K-1: NORTHGATE IV, L.P. - LTCG	P
	FROM K-1: NORTHGATE IV, L.P. - 1231	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS II (Q) LP - STCG	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS II (Q) LP - LTCL	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS II (Q) LP - 1231	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS II (Q) LP - ST 1256	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS II (Q) LP - LT 1256	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS III LP - STCG	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS III LP - LTCG	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS III LP - 1231	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS III LP - ST 1256	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS III LP - LT 1256	P
	FROM K-1: NORTHGATE VENTURE PARTNERS III, L.P. - STCL	P
	FROM K-1: NORTHGATE VENTURE PARTNERS III, L.P. - LTCG	P
	FROM K-1: NORTHGATE VENTURE PARTNERS III, L.P. - 1231	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND III AIV LP - LTCL	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND III AIV LP - 1231	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND III LP - LTCL	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND III LP - 1231	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP - STCG	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP - LTCG	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP - 1231	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND V LP - STCG	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND V LP - LTCG	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND V LP - 1231	P
	FROM K-1: SANDERS CAPITAL ALL ASSET VALUE FUND, L.P. - SERIES 1 - STCG	P
	FROM K-1: SANDERS CAPITAL ALL ASSET VALUE FUND, L.P. - SERIES 1 - LTCG	P
	FROM K-1: SVB STRATEGIC INVESTORS FUND VI, LP - STCG	P
	FROM K-1: SVB STRATEGIC INVESTORS FUND VI, LP - LTCG	P
	FROM K-1: NEWTYN TE PARTNERS, LP - STCG	P
	FROM K-1: NEWTYN TE PARTNERS, LP - LTCG	P
	FROM K-1: NEWTYN TE PARTNERS, LP - ST 1256	P
	FROM K-1: NEWTYN TE PARTNERS, LP - LT 1256	P
	FROM K-1: SOMERSET GEM FUND LLC - STCL	P
	FROM K-1: SOMERSET GEM FUND LLC - LTCL	P
	FROM K-1: ICON VENTURES (JAFCO) - STCG	P
	FROM K-1: ICON VENTURES (JAFCO) - LTCL	P
	CAPITAL GAINS DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	97,535	100,192	-2,657
b	2,000,000	1,999,566	434
c	2,172,076	2,169,162	2,914
d	678,250	682,590	-4,340
e			0
	2,000,000	2,000,000	0
	3,000,000	2,998,208	1,792
		428	-428
	4,905,722	3,300,352	1,605,370
			0
	548,316	385,988	162,328
	11,290	22,159	-10,869
	36,410	36,410	0
	9,975	9,975	0
	5,444	5,444	0
	10,698	10,698	0
	47,811	47,811	0
	216	216	0
	39,723	39,723	0
	55,166	55,166	0
	31,895	31,895	0
	728,658	717,676	10,982
	55,114	55,114	0
	77,384	77,384	0
	307,830	307,830	0
	21,246	21,246	0
	80,241	80,241	0
	6,913	6,913	0
	1,411,155	1,411,155	0
	24,513	24,513	0
	20,315	20,315	0
	14,718	14,718	0
	9,893	9,893	0
	39,353	39,353	0
	192,235	192,235	0
	35,396	35,396	0
	113,688	113,688	0
	22,810	22,810	0
	24,236	24,236	0
	49,221	49,221	0
	82,846	82,846	0
	33,981	33,981	0
	31,554	31,554	0
	61,117	61,117	0
	65,656	65,656	0
	11,065	11,065	0
	163,810	163,810	0
	61,016	61,016	0
	2,304	2,304	0
	141,224	141,224	0
	17,481	17,481	0
	1,666,667	1,666,667	0
	2,254,001		2,254,001
	2,000,000	1,564,860	435,140
	107,138	107,138	0
	494,300	374,506	119,794
	1,667,303	2,250,000	-582,697
			0
	31,603		31,603
	2,258,885	88,849	2,170,036
	3,164,592	221,487	2,943,105
	1,219,500	47,714	1,171,786
	3,259,115	133,384	3,125,731
	203,400	3,051	200,349
	24,000	21,726	2,274
		10	-10
	70		70
	11,606		11,606
	7,934		7,934
	35,889		35,889
	1,726		1,726
	16,117		16,117
	1,167		1,167
	71,025		71,025
	1,080		1,080
	30,736		30,736
	26,319		26,319
			0
		257	-257
	8,662		8,662
	86,293		86,293
	47,851		47,851
	112		112
	168		168
	1,176		1,176
	49,149		49,149
	347		347
		25,185	-25,185
		51,770	-51,770
		25,897	-25,897
			0
	9,971		9,971
	86,624		86,624
	625		625
		4,475	-4,475
		2,369	-2,369
		1,844	-1,844
		2,766	-2,766
			0
	2,227		2,227
	40,956		40,956
		1,257	-1,257
		18,071	-18,071
		31,799	-31,799
	130,109		130,109
	10,800		10,800
	51,589		51,589
	61,274		61,274
	14,675		14,675
		808	-808
	1,701,469		1,701,469
	32,531		32,531
		170	-170
	41,890		41,890
		607	-607
		216	-216
	45,428		45,428
		1,218	-1,218
		35	-35
		1,401	-1,401
		150	-150
		2	-2
		3	-3
	14,946		14,946
	3,344	49	3,295
	157,968		157,968
	5,637		5,637
		14	-14
		14,276	-14,276
	464		464
	205		205
	12,254		12,254
	222		222
	28,784		28,784
	435		435
	1		1
		3,481	-3,481
		12	-12
	6		6
	9		9
	199		199
	43,855		43,855
			0
	14		14
	21		21
		213	-213
	56,094		56,094
	615		615
		49	-49
	40		40
		3,285	-3,285
	99		99
	405		405
	2,377		2,377
	9,689		9,689
	152		152
	622		622
	4,943		4,943
	39,104		39,104
	558,672		558,672
	1,705		1,705
	11,549		11,549
	8,577		8,577
	61,389		61,389
	5,356		5,356
	8,033		8,033
		88,202	-88,202
		14,946	-14,946
	320		320
		14,837	-14,837
	482,848		482,848

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			-2,657
b			434
c			2,914
d			-4,340
e			0
			0
			1,792
			-428
			1,605,370
			0
			162,328
			-10,869
			0
			0
			0
			0
			0
			0
			0
			0
			0
			10,982
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			2,254,001
			435,140
			0
			119,794
			-582,697
			0
			31,603
			2,170,036
			2,943,105
			1,171,786
			3,125,731
			200,349
			2,274
			-10
			70
			11,606
			7,934
			35,889
			1,726
			16,117
			1,167
			71,025
			1,080
			30,736
			26,319
			0
			-257
			8,662
			86,293
			47,851
			112
			168
			1,176
			49,149
			347
			-25,185
			-51,770
			-25,897
			0
			9,971
			86,624
			625
			-4,475
			-2,369
			-1,844
			-2,766
			0
			2,227
			40,956
			-1,257
			-18,071
			-31,799
			130,109
			10,800
			51,589
			61,274
			14,675
			-808
			1,701,469
			32,531
			-170
			41,890
			-607
			-216
			45,428
			-1,218
			-35
			-1,401
			-150
			-2
			-3
			14,946
			3,295
			157,968
			5,637
			-14
			-14,276
			464
			205
			12,254
			222
			28,784
			435
			1
			-3,481
			-12
			6
			9
			199
			43,855
			0
			14
			21
			-213
			56,094
			615
			-49
			40
			-3,285
			99
			405
			2,377
			9,689
			152
			622
			4,943
			39,104
			558,672
			1,705
			11,549
			8,577
			61,389
			5,356
			8,033
			-88,202
			-14,946
			320
			-14,837
			482,848

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	17,475,522
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	8,331

Part V

Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? Yes No

If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.

1 Enter the appropriate amount in each column for each year; see instructions before making any entries.

(a) Base period years Calendar year (or tax year beginning in)	(b) Adjusted qualifying distributions	(c) Net value of noncharitable-use assets	(d) Distribution ratio (col. (b) divided by col. (c))
2014
2013
2012
2011
2010

Total of line 1, column (d) .....................

Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years . . .

Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....

Multiply line 4 by line 3......................

Enter 1% of net investment income (1% of Part I, line 27b)...........

Add lines 5 and 6........................

Enter qualifying distributions from Part XII, line 4.............

If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.

Form 990-PF (2015)

Page 4

Part VI

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: 1974-07-22(attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	N/A
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% 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
3	Add lines 1 and 2...........................	3
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	0
6	Credits/Payments:

a	2015 estimated tax payments and 2014 overpayment credited to 2015	6a
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	0
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	0
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax	Refunded	11

Part VII-A

Statements Regarding Activities

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

Yes

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

Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions

for definition)?.................................

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

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

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ 0(2) On foundation managers. bullet

$ 0

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

on foundation managers. bullet

$ 0

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

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

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

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

Yes

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

Yes

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

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

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument?................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XV..................................

Yes

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

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2015 or the taxable year beginning in 2015 (see instructions for Part XIV)?

If "Yes," complete Part XIV.............................

Yes

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

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

Form 990-PF (2015)

Page 5

Part VII-A

Statements Regarding Activities (continued)

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement (see instructions).................

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

Yes

Website address bullet

WWW.ONIPAA.ORG

The books are in care of bullet

LILIUOKALANI TRUST Telephone no. bullet

(808) 203-6150

Located at bullet

1100 ALAKEA ST SUITE 1100HONOLULUHI ZIP+4 bullet

96813

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —Check here....... bullet

and enter the amount of tax-exempt interest received or accrued during the year ...... bullet

16 At any time during calendar year 2015, 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?

16Yes

See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? YesNo

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

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

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

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(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)?...............YesNo

(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.).......YesNo

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........

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

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 2015?.............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2015, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2015?.............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

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

20, 20, 20, 20

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

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

If "Yes," did it have excess business holdings in 2015 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 2015.)..................

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

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2015?

Form 990-PF (2015)

Page 6

Part VII-B

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

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

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

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?.............YesNo

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

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

in section 4945(d)(4)(A)? (see instructions)................YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?.....YesNo

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)? ......

Yes

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

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?..........YesNo

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

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

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

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

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

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

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

Form 990-PF (2015)

Page 7

Part VIII

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
THOMAS K KAULUKUKUI JR	TRUSTEE 40.00	205,500	0
1132 BISHOP STREET SUITE 1890 HONOLULU,HI96813	TRUSTEE 40.00	205,500	0
PATRICK KSL YIM	TRUSTEE 7.00	158,000	0
1132 BISHOP STREET SUITE 1890 HONOLULU,HI96813	TRUSTEE 7.00	158,000	0
CLAIRE L ASAM	TRUSTEE 7.00	158,000	0
1132 BISHOP STREET SUITE 1890 HONOLULU,HI96813	TRUSTEE 7.00	158,000	0
ROBERT OZAKI	PRESIDENT & CEO 40.00	457,500	21,924
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813	PRESIDENT & CEO 40.00	457,500	21,924
LEEANN CRABBE	VICE PRESIDENT 40.00	238,500	20,663
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813	VICE PRESIDENT 40.00	238,500	20,663
MICHAEL WALSH	VICE PRESIDENT 40.00	244,272	20,888
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813	VICE PRESIDENT 40.00	244,272	20,888
BENJAMIN HENDERSON	FORMER PRESIDENT & EXEC. DIR. 40.00	63,784	4,035
1300 HALONA STREET HONOLULU,HI96817	FORMER PRESIDENT & EXEC. DIR. 40.00	63,784	4,035
DAWN HARFLINGER	VICE PRESIDENT 40.00	133,200	12,521
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813	VICE PRESIDENT 40.00	133,200	12,521

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
MICHAEL SHIBATA	DEVELOPMENT MANAGER 40.00	121,639	10,048	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813	DEVELOPMENT MANAGER 40.00	121,639	10,048	0
BARBARA KAPILI	DEPUTY DIRECTOR 40.00	107,958	13,784	9,600
C/O QLCC 1300 HALONA STREET HONOLULU,HI96817	DEPUTY DIRECTOR 40.00	107,958	13,784	9,600
JIMMY CHENG	IT MANAGER 40.00	104,340	13,541	0
C/O QLCC 1300 HALONA STREET HONOLULU,HI96817	IT MANAGER 40.00	104,340	13,541	0
LILLIAN RODOLFICH	CONTROLLER 40.00	97,224	13,247	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813	CONTROLLER 40.00	97,224	13,247	0
IRIS MOUNTCASTLE	UNIT MANAGER 40.00	95,400	13,156	0
C/O QLCC 1791 WILI PA LOOP WAILUKU,HI96793	UNIT MANAGER 40.00	95,400	13,156	0
Total number of other employees paid over $50,000...................				90

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
MITHUN	MASTER PLAN CONSULTANTS	785,336
PIER 56 1201 ALASKAN WAY SEATTLE,WA98101	MASTER PLAN CONSULTANTS	785,336
CAMBRIDGE ASSOCIATES	FINANCIAL ADVISORY SERVICES	389,964
PO BOX 83232 CHICAGO,IL60691	FINANCIAL ADVISORY SERVICES	389,964
RISING SUN LLC	SOLAR POWER DEALER	266,752
810 KOKOMO ROAD STE 160 HAIKU,HI96708	SOLAR POWER DEALER	266,752
SSFM INTERNATIONAL	PLANNING/ENGINEERING	258,234
501 SUMNER STREET STE 620 HONOLULU,HI96817	PLANNING/ENGINEERING	258,234
PACIFIC LEGACY INC	ARCHAELOGICAL & CULTURAL RESORUCE MANAGEMENT SERVICES	202,873
2641 HWY 4 PO BOX 6050 ARNOLD,CA95223	ARCHAELOGICAL & CULTURAL RESORUCE MANAGEMENT SERVICES	202,873

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

Part IX-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	THE PROGRAM GOAL OF THE TRUST IS TO SERVE ORPHAN AND DESTITUTE HAWAIIAN CHILDREN AND THEIR FAMILIES. THE FOCUS IS ON STRENGTHENING FAMILIES SO THEY CAN RAISE HEALTHY, RESILIANT CHILDREN. THIS WORK IS CARRIED OUT BY A STAFF OF APPROXIMATELY 172 EMPLOYEES THAT INCLUDE SOCIAL WORKERS, ADMINISTRATIVE AND SUPPORT STAFF OPERATING FROM 11 OFFICES THROUGHOUT THE STATE. IN 2015 THE QUEEN LILI'UOKALANI CHILDREN'S CENTER PROVIDED DIRECT SERVICES TO 12,333 ORPHAN AND DESTITUTE CHILDREN. THROUGH ITS COMMUNITY BUILDING EFFORTS, THE CHILDREN'S CENTER PARTNERED WITH COMMUNITY ORGANIZATIONS THROUGH 49 COLLABORATIVE PROJECTS.AMOUNTS PAID TO ACCOMPLISH CHARITABLE PURPOSES 20,699,018AMOUNTS PAID TO ACQUIRE ASSETS USED FOR CHARITABLE PURPOSE 6,915,865TOTAL AMOUNTS PAID FOR CHARITABLE PURPOSES 27,614,883	27,614,883
2


3


4

Part IX-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	N/A	0
2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... bullet

Form 990-PF (2015)

Page 8

Part X

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

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

purposes:

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

198,254,272

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

4,438,020

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

529,857,990

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

732,550,282

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

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

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

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

732,550,282

Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see

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

10,988,254

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

721,562,028

Minimum investment return. Enter 5% of line 5..................

36,078,101

Part XI

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet

and do not complete this part.)

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

Tax on investment income for 2015 from Part VI, line 5......

Income tax for 2015. (This does not include the tax from Part VI.)...

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

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

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

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

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

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

Part XII

Qualifying Distributions (see instructions)

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

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

20,699,018

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

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

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

6,915,865

Amounts set aside for specific charitable projects that satisfy the:

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

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

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

27,614,883

Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment

income. Enter 1% of Part I, line 27b (see instructions).................

Adjusted qualifying distributions. Subtract line 5 from line 4..............

27,614,883

Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
the section 4940(e) reduction of tax in those years.

Form 990-PF (2015)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2014	(c) 2014	(d) 2015
1 Distributable amount for 2015 from Part XI, line 7
2 Undistributed income, if any, as of the end of 2015:
a Enter amount for 2014 only.......
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2015:
a From 2010......
b From 2011......
c From 2012......
d From 2013......
e From 2014......
fTotal of lines 3a through e........
4Qualifying distributions for 2015 from Part
XII, line 4: $
a Applied to 2014, but not more than line 2a
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions)........
d Applied to 2015 distributable amount.....
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2015.
(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
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........
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......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........
e Undistributed income for 2014. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2016. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2015 ..........
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) .......
8Excess distributions carryover from 2010 not applied on line 5 or line 7 (see instructions) ...
9Excess distributions carryover to 2016. Subtract lines 7 and 8 from line 6a ......
10 Analysis of line 9:
a Excess from 2011....
b Excess from 2012....
c Excess from 2013....
d Excess from 2014....
e Excess from 2015....

Form 990-PF (2015)

Page 10

Part XIV

Private Operating Foundations (see instructions and Part VII-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 2015, enter the date of the ruling....... bullet

1974-07-22

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2015	(b) 2014	(c) 2013	(d) 2012	(e) Total
	18,290,511	28,931,917	20,392,857	19,542,890	87,158,175
b 85% of line 2a .........	15,546,934	24,592,129	17,333,928	16,611,457	74,084,449
c Qualifying distributions from Part XII, line 4 for each year listed .....	27,614,883	20,702,623	21,453,446	21,450,975	91,221,927
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........	0	0	0	0	0
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....	27,614,883	20,702,623	21,453,446	21,450,975	91,221,927
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......					0
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)					0
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part X, line 6 for each year listed...	24,052,067	19,287,945	18,835,531	17,611,795	79,787,338
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) ....					0
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....					0
(3) Largest amount of support from an exempt organization					0
(4) Gross investment income					0

Part XV

Supplementary Information (Complete this part only if the organization 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 bullet

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. (see instructions) to individuals or organizations under
other conditions, complete items 2a, b, c, and d.

aThe name, address, and telephone number or email address of the person to whom applications should be addressed:

bThe form in which applications should be submitted and information and materials they should include:

cAny submission deadlines:

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

Form 990-PF (2015)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
WAIAKEA HIGH SCHOOL 155 WEST KAWILI STREET HILO,HI96720	NONE	GOV	TO PROVIDE THE NON-TRADITIONAL STUDENT LEARNERS WITH SUPPORT AND OPPORTUNITIES TO PARTICIPATE IN COLLEGE LEVEL COURSES WHILE STILL ENROLLED IN HIGH SCHOOL.	4,500
KE ANA LA'A HANA PUBLIC CHARTER SCHOOL PO BOX 4997 HILO,HI96720	NONE	GOV	PROVIDES FOR SUPPLIES, EQUIPMENT AND CONTRACTED SERVICES TO SUSTAIN A HAWAIIAN ART PROGRAM WITHIN THE SCHOOL.	8,000
NANAKULI HOUSING CORPORATION PO BOX 17489 HONOLULU,HI96817	NONE	PC	TO PROVIDE FOR THE CULTURALLY BASED EDUCATION OF HAWAIIAN FAMILIES WHO ARE IN NEED OF FINANCIAL AND BUDGETING TRAINING.	5,000
HELPING HANDS HAWAII 2100 N NIMITZ HWY HONOLULU,HI96819	NONE	PC	TO ADMINISTER A PROGRAM TO ASSIST HAWAIIAN CHILDREN AND THEIR FAMILIES WITH THEIR HOUSING NEEDS.	28,000
KAKO'O CENTRAL MAUI HAWAIIAN CIVIC CLUB PO BOX 1493 WAILUKU,HI96793	NONE	501(C)(4)	TO PROVIDE FUNDING FOR KUPUNA STIPENDS, AND OTHER RELATED PROGRAM COSTS OF PUANWAI THAT BENEFITS HOMELESS AND AT-PROMISE ORPHAN & DESTITUTE PART HAWAIIAN CHILDREN.	62,500
Total ................................. 3a				108,000

bApproved for future payment

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

Form 990-PF (2015)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........			14	10,639
4 Dividends and interest from securities....			14	1,169,429
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....			16	21,916,519
6 Net rental income or (loss) from personal property
7 Other investment income.....
8 Gain or (loss) from sales of assets other than inventory ............			18	15,214,242
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aOTHER INCOME - CONVEYANCE FEES			16	3,231
bOTHER INCOME - INVESTMENT INCOME			14	2,035,057
cOTHER INCOME - FOREIGN CURRENCY EXCHANGE GAIN(LOSS)			14	-1,635
dOTHER INCOME - QLCC INCOME			14	7,000
eOTHER INCOME - LATE FEES			16	29,534
fOTHER INCOME - MISCELLANEOUS REIMBURSEMENTS			16	455
12 Subtotal. Add columns (b), (d), and (e)..		0		40,384,471	0

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

1340,384,471

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

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-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 (2015)

Page 13

Part XVII

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

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........YesNo

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
				May the IRS discuss this return with the preparer shown below (see instr.)? Yes No
	Signature of officer or trustee	Date	Title

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

Form 990-PF (2015)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

Schedule B
(Form 990, 990-EZ,
or 990-PF)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

Information about Schedule B (Form 990, 990-EZ, or 990-PF) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2015

Name of the organization

LILIUOKALANI TRUST

Employer identification number

99-0078890

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.

Special Rules

For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Do not complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Arrow Bullet

Caution. An organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it does not meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.

Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2015)

Schedule B (Form 990, 990-EZ, or 990-PF) (2015) Page 2

Name of organization LILIUOKALANI TRUST

Part I	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	H DWIGHT DAMON 3566 HARDING AVENUE SUITE 4 HONOLULU, HI96816	$ 5,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Page 3

Name of organization LILIUOKALANI TRUST		Employer identification number 99-0078890

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Page 4


Name of organization LILIUOKALANI TRUST			Employer identification number 99-0078890
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

(a)
No.from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No.from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No.from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No.from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Additional Data

Software ID:
Software Version:

- TIN:

TY 2015 AccountingFeesSchedule

Name:

LILIUOKALANI TRUST

EIN:

99-0078890

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING	239,687	46,573	46,573	171,154

- TIN:

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

TY 2015 ExpenditureResponsibilityStmt

Name:

LILIUOKALANI TRUST

EIN:

99-0078890

Grantee's Name	Grantee's Address	Grant Date	Grant Amount	Grant Purpose	Amount Expended By Grantee	Any Diversion By Grantee?	Dates of Reports By Grantee	Date of Verification	Results of Verification
KAKO'O CENTRAL MAUI HAWAIIAN CIVIC CLUB	PO BOX 1493 WAILUKU,HI96793	2015-01-12	62,500	TO FUND COSTS FOR KUPUNA STIPENDS, AND OTHER RELATED PROGRAM COSTS OF PUANWAI; A QUEEN LILIUOKALANI CHILDREN'S CENTER BASED PROJECT THAT BENEFITS HOMELESS AND AT-PROMISE ORPHAN & DESTITUTE PART HAWAIIAN CHILDREN WHO RECEIVE AFTERSCHOOL ACADEMIC, SOCIAL & BEHAVIORAL SUPPORTS ALONG WITH CULTURAL AND ENRICHMENT ACTIVITIES INCLUSIVE OF THEIR FAMILIES.	62,500	NONE	01/14/16		REPORTS REVIEWED AND ACCEPTED BY TRUST STAFF AND UNIT MANAGER.

- TIN:

TY 2015 GeneralExplanationAttachment

Name:

LILIUOKALANI TRUST

EIN:

99-0078890

Identifier	Return Reference	Explanation
ACCUMULATED DEPRECIATION	FORM 990-PF, PART II, LINE 11	BEGINNING A/D - LAND - INVESTMENT 0 BEGINNING A/D - BUILDING & LAND IMPROVEMENTS - INVESTMENT 18,933,335 BEGINNING A/D - CIP - INVESTMENT 0 ----------- BEGINNING A/D - INVESTMENT ASSETS 18,933,335 =========== ENDING A/D - LAND - INVESTMENT 0 ENDING A/D - BUILDING & LAND IMPROVEMENTS - INVESTMENT 20,353,837 ENDING A/D - CIP - INVESTMENT 0 ---------- ENDING A/D - INVESTMENT ASSETS 20,353,837 ==========
ACCUMULATED DEPRECIATION	FORM 990-PF, PART II, LINE 14	BEGINNING A/D - FF&E - EXEMPT 3,323,483 BEGINNING A/D - LAND - EXEMPT 0 BEGINNING A/D - BLDG & IMP - EXEMPT 14,834,591 ---------- BEGINNING A/D - EXEMPT ASSETS 18,158,074 ========== ENDING A/D - FF&E - EXEMPT 3,670,114 ENDING A/D - LAND - EXEMPT 0 ENDING A/D - BLDG & IMP - EXEMPT 16,078,767 ---------- ENDING A/D - EXEMPT ASSETS 19,748,881 ==========
ELECTION(S) UNDER SECTION 987	FORM 990-PF	FOR THE TAX YEAR ENDING DECEMBER 31, 2015, THE TAXPAYER ELECTS UNDER PROPOSED REGULATION SECTION 1.987-1(B)(1)(II) TO NOT APPLY THE PROPOSED SECTION 987 REGULATIONS FOR PURPOSES OF TAKING INTO ACCOUNT CERTAIN ITEMS OF GAIN OR LOSS IF THE INDIVIDUAL OR CORPORATION OWNS, DIRECTLY OR INDIRECTLY, LESS THAN 5% OF EITHER THE TOTAL CAPITAL OR THE TOTAL PROFITS INTERET IN THE FOREIGN PARTNERSHIP.
OTHER INCOME	FORM 990-PF, PART I, LINE 11(B) & 11(C)	OTHER INCOME - PART I, LINE 11(A) 2,073,642 LESS: LEASE PREMIUMS FOR BOOK NOT RECOGNIZED FOR TAX (256,305) LESS: OTHER INVESTMENT INCOME FOR BOOK NOT TAX (1,818,780) PLUS: PASSTHROUGH INTEREST INCOME FROM SCH. K-1S FOR TAX, NOT BOOK ABERDEEN ENERGY & RESOURCES PARTNERS II 3,842 ABERDEEN ENERGY & RESOURCES PARTNERS III 842 ABERDEEN FRONTIER MARKETS EQUITY FUND 383 BLACKSAND CAPITAL OPPORTUNITY FUND I, L.P. 5,071 CA RESOURCES FUND (U.S. TAX EXEMPT) L.P. - SERIES BAIN X #35 5 CA RESOURCES FUND (U.S. TAX EXEMPT) L.P. - SERIES BAIN X #27 49 COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII, LP 4,670 COMMONFUND CAPITAL NATURAL RESOURCES V, L.P. 488 COMMONFUND DISTRESSED DEBT PARTNERS II, L.P. 778 DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P. 88,485 EDGBASTON ASIAN EQUITY TRUST 86 FARALLON CAPITAL INSTITUTIONAL PARTNERS, LP 6,457 HARVEST MLP INCOME FUND II 2,139 HIGHFIELDS CAPITAL IV LP 7,314 ING CLARION DEVELOPMENT VENTURES II LP 22 LEGACY VENTURE 617 LONE STAR EUROPE HOLDINGS (U.S.), LP 326 LONE STAR FUND VI (U.S.), LP 1,409 LONE STAR FUND VII (U.S.), L.P. 479 LONE STAR FUND VIII (U.S.), L.P. 2,148 LONE STAR REAL ESTATE FUND II (U.S.), L.P. 847 LONE STAR REAL ESTATE FUND III (U.S.), L.P. 2,911 LONE STAR US INVESTMENTS, LP 4 METROPOLITAN REAL ESTATE EQUITY PARTNERS 151 METROPOLITAN REAL ESTATE PARTNERS GLOBAL II LP 371 METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP 285 METROPOLITAN REAL ESTATE PARTNERS II 63 METROPOLITAN REAL ESTATE PARTNERS IV-A LP 170 NATURAL GAS PARTNERS IX, L.P. 7 NORTHGATE GLOBAL EMERGING MARKETS LP 219 NORTHGATE IV, L.P. 2,953 NORTHGATE PRIVATE EQUITY PARTNERS II (Q) LP 1,186 NORTHGATE PRIVATE EQUITY PARTNERS III LP 3,748 NORTHGATE VENTURE PARTNERS III, L.P. 225 PARK STREET CAPITAL NATURAL RESOURCE FUND III LP 726 PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP 2,254 PARK STREET CAPITAL NATURAL RESOURCE FUND V LP 2,182 ROUND HILL MUSIC ROYALTY FUND LP 13 SANDERS CAPITAL ALL ASSET VALUE FUND, L.P. - SERIES 1 860 SVB STRATEGIC INVESTORS FUND VI, LP 298 U.S. FARMING REALTY TRUST II, LP 3 WOODBOURNE CANADIAN PARTNERS II 79,361 XFUND 2, LP 291 NEWTYN TE PARTNERS, LP 3,204 ICON VENTURES (JAFCO) 104 HEALTHCARE ROYALTY PARTNERS III, LP 8,266 LONE STAR REAL ESTATE FUND IV (U.S.) 2,671 NEW ENTERPRISE ASSOCIATES 15 91 SOMERSET GEM FUND LLC 21 PLUS: PASSTHROUGH DIVIDEND INCOME FROM SCH. K-1S FOR TAX, NOT BOOK ABERDEEN ENERGY & RESOURCES PARTNERS II 67 ABERDEEN FRONTIER MARKETS EQUITY FUND 61,032 CA RESOURCES FUND (U.S. TAX EXEMPT) L.P. - SERIES BAIN X #35 999 CA RESOURCES FUND (U.S. TAX EXEMPT) L.P. - SERIES BAIN X #27 1,518 COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII, LP 6,159 COMMONFUND CAPITAL NATURAL RESOURCES V, L.P. 2,219 COMMONFUND DISTRESSED DEBT PARTNERS II, L.P. 7,272 DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P. 13,426 EDGBASTON ASIAN EQUITY TRUST 84,276 FARALLON CAPITAL INSTITUTIONAL PARTNERS, LP 3,022 HARVEST MLP INCOME FUND II 14,681 HIGHCLERE INTERNATIONAL INVESTORS 84,021 HIGHFIELDS CAPITAL IV LP 41,424 LEGACY VENTURE 424 LONE STAR EUROPE HOLDINGS (U.S.), LP 141 LONE STAR FUND VI (U.S.), LP 2,206 LONE STAR FUND VII (U.S.), L.P. 9,969 LONE STAR FUND VIII (U.S.), L.P. 13,019 LONE STAR REAL ESTATE FUND II (U.S.), L.P. 62,587 LONE STAR REAL ESTATE FUND III (U.S.), L.P. 57,078 LONE STAR US INVESTMENTS, LP 580 MADISON NYC CORE RETAIL LIQUIDITY INVESTORS, LP 56,383 METROPOLITAN REAL ESTATE EQUITY PARTNERS 2,452 METROPOLITAN REAL ESTATE PARTNERS GLOBAL II LP 3,488 METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP 7,190 METROPOLITAN REAL ESTATE PARTNERS II 30 METROPOLITAN REAL ESTATE PARTNERS IV-A LP 1,733 MIRELF IV NYC CORE RETAIL LIQUIDITY AIV, LP 5,235 MIRELF IV U.S. INVESTMENTS AIV, LP 946 NATURAL GAS PARTNERS IX, L.P. 4,479 NORTHGATE GLOBAL EMERGING MARKETS LP 2,110 NORTHGATE IV, L.P. 6,119 NORTHGATE PRIVATE EQUITY PARTNERS II (Q) LP 2,689 NORTHGATE PRIVATE EQUITY PARTNERS III LP 2,916 NORTHGATE VENTURE PARTNERS III, L.P. 936 PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP 239 PARK STREET CAPITAL NATURAL RESOURCE FUND V LP 39 SANDERS CAPITAL ALL ASSET VALUE FUND, L.P. - SERIES 1 92,464 SVB STRATEGIC INVESTORS FUND VI, LP 40 NEWTYN TE PARTNERS, LP 21,542 LONE STAR REAL ESTATE FUND IV (U.S.) 3,725 SOMERSET GEM FUND LLC 87,122 PLUS: P/T PASSIVE INCOME/(LOSS) FROM SCH. K-1S FOR TAX, NOT BOOK ABERDEEN ENERGY & RESOURCES PARTNERS II (30,258)ABERDEEN ENERGY & RESOURCES PARTNERS III (6,598)ABERDEEN FRONTIER MARKETS EQUITY FUND (950)BLACKSAND CAPITAL OPPORTUNITY FUND I, L.P. (15,230)COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII, LP 205 COMMONFUND CAPITAL NATURAL RESOURCES V, L.P. 3,581 COMMONFUND DISTRESSED DEBT PARTNERS II, L.P. 6 DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P. (30,001)EDGBASTON ASIAN EQUITY TRUST (618)FARALLON CAPITAL INSTITUTIONAL PARTNERS, LP 1,872 FUND X OPPORTUNITY FUND, LLC (DOUG EMMET X) (810)HARVEST MLP INCOME FUND II 42 HIGHCLERE INTERNATIONAL INVESTORS 10,782 HIGHFIELDS CAPITAL IV LP 2,539 LEGACY VENTURE (57)LONE STAR EUROPE HOLDINGS (U.S.), LP 17,243 LONE STAR FUND VI (U.S.), LP (1,110)LONE STAR FUND VII (U.S.), L.P. 2,417 LONE STAR FUND VIII (U.S.), L.P. 2,076 LONE STAR REAL ESTATE FUND II (U.S.), L.P. 1,156 LONE STAR REAL ESTATE FUND III (U.S.), L.P. 56,972 MADISON INTERNATIONAL REAL ESTATE LIQUIDITY FUND III, LP 298 METROPOLITAN REAL ESTATE PARTNERS GLOBAL II LP (5,099)METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP (11,372)METROPOLITAN REAL ESTATE PARTNERS II (187)METROPOLITAN REAL ESTATE PARTNERS IV-A LP 2,240 NATURAL GAS PARTNERS IX, L.P. (601)NORTHGATE GLOBAL EMERGING MARKETS LP 13 NORTHGATE IV, L.P. 2,737 NORTHGATE PRIVATE EQUITY PARTNERS II (Q) LP 31 NORTHGATE PRIVATE EQUITY PARTNERS III LP 7,012 NORTHGATE VENTURE PARTNERS III, L.P. 582 PARK STREET CAPITAL NATURAL RESOURCE FUND III AIV LP (1,881)PARK STREET CAPITAL NATURAL RESOURCE FUND III LP 1,586 PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP (5,433)PARK STREET CAPITAL NATURAL RESOURCE FUND V LP 2,551 SVB STRATEGIC INVESTORS FUND VI, LP 170 U.S. FARMING REALTY TRUST II, LP (4,599)WOODBOURNE CANADIAN PARTNERS II (26,893)NEWTYN TE PARTNERS, LP 4,591 LONE STAR REAL ESTATE FUND IV (U.S.) 6,093 SOMERSET GEM FUND LLC (5,616) PRIOR YEAR PASSIVE LOSS RELEASED DUE TO FINAL YEAR K-1 (237,230) PASSIVE INCOME TREATED AS NONPASSIVE DUE TO FINAL YEAR K-1 270 CURRENT YEAR PASSIVE ACTIVITY LOSS DISALLOWED 20,518 PRIOR YEAR PTP DISALLOWED LOSS RELEASED (488) SECTION 1231 GAIN INCLUDED ON PART I, LINE 7 (26,022) PLUS: P/T OTHER INCOME/(LOSS) FROM SCH. K-1S FOR TAX, NOT BOOK ABERDEEN ENERGY & RESOURCES PARTNERS II (32,819)ABERDEEN ENERGY & RESOURCES PARTNERS III (16,025)ABERDEEN FRONTIER MARKETS EQUITY FUND (5,070)BLACKSAND CAPITAL OPPORTUNITY FUND I, L.P. (435)CA RESOURCES FUND (U.S. TAX EXEMPT) L.P. - SERIES BAIN X #35 (1,827)CA RESOURCES FUND (U.S. TAX EXEMPT) L.P. - SERIES BAIN X #27 (7,969)COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII, LP (20,187)COMMONFUND CAPITAL NATURAL RESOURCES V, L.P. 2,338 PTP - EAGLE ROCK ENERGY PARTNERS, LP 3,917 PTP - MEMORIAL PRODUCTION PARTNERS, LP 520 PTP - LRR ENERGY, LP 389 PTP - REGENCY ENERGY PARTNERS, LP 702 PTP - MID-CON ENERGY PARTNERS LP 14 COMMONFUND DISTRESSED DEBT PARTNERS II, L.P. 1,541 DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P. (14,963)DOUGLAS EMMETT PARTNERSHIP X, LP (427)EDGBASTON ASIAN EQUITY TRUST (3,695)FARALLON CAPITAL INSTITUTIONAL PARTNERS, LP (2,063)FUND X OPPORTUNITY FUND, LLC (DOUG EMMET X) (4)HARVEST MLP INCOME FUND II (1,156,688)HIGHCLERE INTERNATIONAL INVESTORS (8,989)HIGHFIELDS CAPITAL IV LP (34,979)LEGACY VENTURE (25,522)LONE STAR EUROPE HOLDINGS (U.S.), LP (1,247)LONE STAR FUND VI (U.S.), LP (2,654)LONE STAR FUND VII (U.S.), L.P. (1,784)LONE STAR FUND VIII (U.S.), L.P. (7,607)LONE STAR REAL ESTATE FUND II (U.S.), L.P. (3,628)LONE STAR REAL ESTATE FUND III (U.S.), L.P. (17,406)LONE STAR US INVESTMENTS, LP (2,114)MADISON INTERNATIONAL REAL ESTATE LIQUIDITY FUND III, LP (582)MADISON INTERNATIONAL REAL ESTATE LIQUIDITY FUND IV (MIRELF IV) (654)MADISON INTERNATIONAL REAL ESTATE LIQUIDITY FUND V (MIRELF V) (5,247)MADISON NYC CORE RETAIL LIQUIDITY INVESTORS, LP (22,769)METROPOLITAN REAL ESTATE EQUITY PARTNERS (MREEP) (2,793)METROPOLITAN REAL ESTATE PARTNERS GLOBAL II LP 5,686 METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP 2,838 METROPOLITAN REAL ESTATE PARTNERS II (1,377)METROPOLITAN REAL ESTATE PARTNERS IV-A LP (1,660)MIRELF IV NYC CORE RETAIL LIQUIDITY AIV, LP (1,529)MIRELF IV U.S. INVESTMENTS AIV, LP (488)NATURAL GAS PARTNERS IX, L.P. (7,272)PTP - MEMORIAL PRODUCTION PARTNERS, LP 270 PTP - PENNTEX MIDSTREAM PARTNERS, LP 95 NORTHGATE GLOBAL EMERGING MARKETS LP (5,284)NORTHGATE IV, L.P. (12,630)NORTHGATE PRIVATE EQUITY PARTNERS II (Q) LP (8,999)NORTHGATE PRIVATE EQUITY PARTNERS III LP (8,260)NORTHGATE VENTURE PARTNERS III, L.P. (8,804)PARK STREET CAPITAL NATURAL RESOURCE FUND III AIV LP (365)PARK STREET CAPITAL NATURAL RESOURCE FUND III LP (135)PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP (11,062)PARK STREET CAPITAL NATURAL RESOURCE FUND V LP 3,075 ROUND HILL MUSIC ROYALTY FUND LP (21,591)SANDERS CAPITAL ALL ASSET VALUE FUND, L.P. - SERIES 1 (95,126)SVB STRATEGIC INVESTORS FUND VI, LP (29,772)WOODBOURNE CANADIAN PARTNERS II (169)XFUND 2, LP (13,797)NEWTYN TE PARTNERS, LP (38,160)ICON VENTURES (JAFCO) (10,200)HEALTHCARE ROYALTY PARTNERS III, LP (9,614)LONE STAR REAL ESTATE FUND IV (U.S.) (12,430)NEW ENTERPRISE ASSOCIATES 15 (7,806)PROPHET EQUITY II (19,976)SOMERSET GEM FUND LLC (38,206) TOTAL OTHER INCOME TO LINE 11(B) & 11(C) (1,001,295)

- TIN:

TY 2015 InvestmentsCorpStockSchedule

Name:

LILIUOKALANI TRUST

EIN:

99-0078890

Name of Stock	End of Year Book Value	End of Year Fair Market Value
EQUITY SECURITIES	79,864,505	79,864,505
OTHER	102,484,663	109,387,479

- TIN:

TY 2015 LegalFeesSchedule

Name:

LILIUOKALANI TRUST

EIN:

99-0078890

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
LEGAL	217,798	148,436	148,436	62,965

- TIN:

TY 2015 MortgagesAndNotesPayableSch

Name:

LILIUOKALANI TRUST

EIN:

99-0078890

Total Mortgage Amount:

Item No.	1
Lender's Name	BANK OF HAWAII
Lender's Title
Relationship to Insider	NONE
Original Amount of Loan	1,300,000
Balance Due	960,922
Date of Note	2004-09
Maturity Date	2022-07
Repayment Terms	$5,178.00 MONTHLY PAYMENTS
Interest Rate	3.230000000000
Security Provided by Borrower	FIXED INCOME SECURITY INVESTMENT
Purpose of Loan	FINANCE PURCHASE OF AND IMPROVEMENTS TO OFFICE SPACE AT 1100 ALAKEA ST.
Description of Lender Consideration
Consideration FMV

Item No.	2
Lender's Name	BANK OF HAWAII
Lender's Title
Relationship to Insider	NONE
Original Amount of Loan	1,350,000
Balance Due	1,148,439
Date of Note	2008-02
Maturity Date	2023-11
Repayment Terms	$6,455 MONTHLY PAYMENTS
Interest Rate	4.100000000000
Security Provided by Borrower	FIXED INCOME SECURITY INVESTMENT
Purpose of Loan	FINANCE PURCHASE OF AND IMPROVEMENTS TO WILI PA LOOP PROJECT
Description of Lender Consideration
Consideration FMV

Item No.	3
Lender's Name	BANK OF HAWAII
Lender's Title
Relationship to Insider	NONE
Original Amount of Loan	5,000,000
Balance Due	4,532,252
Date of Note	2012-06
Maturity Date	2022-07
Repayment Terms	$24,314.00 MONTHLY PAYMENTS
Interest Rate	3.230000000000
Security Provided by Borrower	FIXED INCOME SECURITY INVESTMENT
Purpose of Loan	PAY DOWN REVOLVING CREDIT LINE & REIMBURSE BORROWER FOR WAIANAE EXPENDITURES
Description of Lender Consideration
Consideration FMV

Item No.	4
Lender's Name	BANK OF HAWAII
Lender's Title
Relationship to Insider	NONE
Original Amount of Loan	2,500,000
Balance Due	0
Date of Note	2013-06
Maturity Date	2016-10
Repayment Terms
Interest Rate	1.750000000000
Security Provided by Borrower	FIXED INCOME SECURITY INVESTMENT
Purpose of Loan	GENERAL LINE OF CREDIT
Description of Lender Consideration
Consideration FMV

Item No.	5
Lender's Name	BANK OF HAWAII
Lender's Title
Relationship to Insider	NONE
Original Amount of Loan	5,500,000
Balance Due	5,500,000
Date of Note	2015-12
Maturity Date	2025-12
Repayment Terms	$24,544.00 MONTHLY PAYMENTS
Interest Rate	3.450000000000
Security Provided by Borrower	FIXED INCOME SECURITY INVESTMENT
Purpose of Loan	FINANCE PURCHASE OF LEIHANO PROJECT
Description of Lender Consideration
Consideration FMV

- TIN:

TY 2015 OtherAssetsSchedule

Name:

LILIUOKALANI TRUST

EIN:

99-0078890

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
STRAIGHT-LINE RENT RECEIVABLE	20,291,081	20,448,224	20,448,224
INVESTMENT RECEIVABLE	5,187,376	4,104,007	4,104,007

- TIN:

TY 2015 OtherDecreasesSchedule

Name:

LILIUOKALANI TRUST

EIN:

99-0078890

Description	Amount
NET UNREALIZED GAIN/(LOSS) ON INVESTMENTS	4,726,581

- TIN:

TY 2015 OtherExpensesSchedule

Name:

LILIUOKALANI TRUST

EIN:

99-0078890

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FINANCIAL ASSISTANCE	3,818,514	0	0	3,668,451
REPAIRS & MAINTENANCE	628,536	15,725	15,725	637,180
SUPPLIES	396,761	47,800	47,800	342,419
UTILITIES	505,082	18,225	18,225	494,763
TELEPHONE	281,929	21,827	21,827	265,842
INSURANCE	654,993	129,711	129,711	525,282
EQUIPMENT RENTAL	131,993	16,726	16,726	116,226
EDUCATION	118,430	0	0	122,793
DUES	40,015	13,396	13,396	29,236
REAL ESTATE GENERAL	377,959	377,959	377,959	0
REAL ESTATE MANAGEMENT FEES	105,624	105,624	105,624	0
LEASING COMMISSION	46,657	46,657	46,657	0
BAD DEBT EXPENSE	54,407	0	0	0
UNRELATED BUSINESS INCOME (SCHEDULE K-1 LOSSES)	0	0	-22,426	0
LOSS ON IMPAIRMENT OF PROPERTY & EQUIPMENT	466,527	0	0	0
OTHER EXPENSES	292,359	166,630	166,630	137,650

- TIN:

TY 2015 OtherIncomeSchedule2

Name:

LILIUOKALANI TRUST

EIN:

99-0078890

Description	Revenue And Expenses Per Books	Adjusted Net Income
OTHER INCOME - CONVEYANCE FEES	3,231	3,231
OTHER INCOME - INVESTMENT INCOME	2,035,057	2,035,057
OTHER INCOME - FOREIGN CURRENCY EXCHANGE GAIN(LOSS)	-1,635	-1,635
OTHER INCOME - QLCC INCOME	7,000	7,000
OTHER INCOME - LATE FEES	29,534	29,534
OTHER INCOME - MISCELLANEOUS REIMBURSEMENTS	455	455

- TIN:

TY 2015 OtherIncreasesSchedule

Name:

LILIUOKALANI TRUST

EIN:

99-0078890

Description	Amount
FASB STATEMENT 158 ADJUSTMENT	399,816

- TIN:

TY 2015 OtherLiabilitiesSchedule

Name:

LILIUOKALANI TRUST

EIN:

99-0078890

Description	Beginning of Year - Book Value	End of Year - Book Value
ACCRUED VACATION	939,295	974,991
ACCRUED POSTRETIREMENT BENEFITS	1,669,680	1,383,030

- TIN:

TY 2015 OtherProfessionalFeesSchedule

Name:

LILIUOKALANI TRUST

EIN:

99-0078890

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT SERVICES	91,505	91,505	91,505	0
OTHER PROFESSIONAL FEES	554,115	346,946	346,946	250,004
APPRAISAL	143,924	76,150	76,150	67,775
CONSULTING	765,976	604,648	604,648	156,103
LANDSCAPING	137,827	114,004	114,004	21,152
SECURITY	236,117	163,023	163,023	68,069

- TIN:

TY 2015 TaxesSchedule

Name:

LILIUOKALANI TRUST

EIN:

99-0078890

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
REAL PROPERTY TAX	6,587,839	6,545,530	6,545,530	42,309
HAWAII GENERAL EXCISE TAX	1,592,103	1,592,103	1,592,103	0
INCOME TAX	86,337	0	0	0
FOREIGN TAX	40,794	40,794	40,794	0