Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2018
Open to Public Inspection
For calendar year 2018, or tax year beginning 01-01-2018 , and ending 12-31-2018
Name of foundation
THE CADENZA CHARITABLE TRUST
 
Number and street (or P.O. box number if mail is not delivered to street address)140 BROADWAY 4TH FLOOR
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
NEW YORK, NY100051101
A Employer identification number

47-6552675
B Telephone number (see instructions)

(212) 493-8000
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$10,420,902J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 1,048,231 1,048,231  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 10,297,027
b Gross sales price for all assets on line 6a 42,959,330
7 Capital gain net income (from Part IV, line 2)... 10,297,027
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 61,843 61,843  
12 Total. Add lines 1 through 11........ 11,407,101 11,407,101  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 167,216     167,216
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule)....... Click to see attachment 2,000 0 0 2,000
c Other professional fees (attach schedule).... Click to see attachment 197,399 197,399   0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 62,256 46,056   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings....... 30,000 0 0 30,000
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... Click to see attachment 183 183    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 459,054 243,638 0 199,216
25 Contributions, gifts, grants paid....... 66,625,250 66,625,250
26 Total expenses and disbursements. Add lines 24 and 25 67,084,304 243,638 0 66,824,466
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -55,677,203
b Net investment income (if negative, enter -0-) 11,163,463
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2018)
Form 990-PF (2018)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 696,446 4,877,483 4,877,483
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
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) bullet  
Less: allowance for doubtful accounts bullet0      
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 11,338,445    
c Investments—corporate bonds (attach schedule)....... 10,844,540    
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 42,782,188 Click to see attachment5,078,218 5,543,419
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 65,661,619 9,955,701 10,420,902
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22).........   0
Net Assets or Fund Balances Foundations that follow SFAS 117, check here bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted..................    
25 Temporarily restricted...............    
26 Permanently restricted...............    
Foundations that do not follow SFAS 117, check here bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........ 65,661,619 9,955,701
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)..... 65,661,619 9,955,701
31 Total liabilities and net assets/fund balances (see instructions). 65,661,619 9,955,701
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............
1
65,661,619
2
Enter amount from Part I, line 27a .....................
2
-55,677,203
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
9,984,416
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
28,715
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
9,955,701
Form 990-PF (2018)
Form 990-PF (2018)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a 300000. AT&T INC NOTES 2.45% 06/30/2020   2015-04-23 2018-04-27
b 275000. ABBVIE INC NOTES 3.6% 05/14/2025   2017-09-21 2018-04-27
c 300000. ACTAVIS FUNDING SCS NOTES 2.35% 03/12/20   2015-04-13 2018-03-12
d 149. ALPHABET INC CL C   2015-03-30 2018-01-26
e 901. ALPHABET INC CL C   2015-03-30 2018-04-27
250000. AMGEN INC NOTES 3.625% 05/15/2022   2018-03-29 2018-04-27
300000. ANHEUSER-BUSCH INBEV FIN NOTES 2.625% 01   2015-04-20 2018-04-27
245000. APPLE COMPUTER INC NOTES 3.45% 05/06/202   2015-08-27 2018-04-27
55000. APPLE COMPUTER INC NOTES 3.45% 05/06/202   2016-02-18 2018-05-24
300000. ARES CAPITAL CORP MAKE WHOLE NTS 3.875%   2015-04-13 2018-05-24
24557.957 BBH LIMITED DURATION FUND CL I   2016-04-28 2018-02-23
54504.069 BBH LIMITED DURATION FUND CL I   2016-04-28 2018-02-28
265000. BANK OF MONTREAL NOTES 2.1% 12/12/2019   2016-12-07 2018-04-27
300000. BANK OF NOVA SCOTIA NOTES 2.05% 06/05/20   2015-08-26 2018-04-27
250000. BERKSHIRE HATHAWAY ENERG NOTES 2.4% 02/0   2018-03-26 2018-04-27
6200. BERKSHIRE HATHAWAY INC-CL B   2015-04-07 2018-04-27
18051.3 BURLINGTN NO SF 99-2 TR 7.57% 01/02/202   2015-04-16 2018-01-02
21505.11 BURLINGTN NO SF 99-2 TR 7.57% 01/02/202   2015-04-16 2018-06-07
300000. CATERPILLAR FINANCIAL NOTES 2.5% 11/13/2   2015-11-09 2018-04-27
4000. CELANESE CORP COM STK   2015-03-30 2018-04-27
300000. CELGENE CORP NOTES 3.55% 08/15/2022   2015-08-03 2018-04-27
240000. CHEVRON TEXACO CORPORATION NOTES 1.79% 1   2016-06-30 2018-04-27
60000. CHEVRON TEXACO CORPORATION NOTES 1.561%   2016-05-09 2018-04-27
205000. COCA-COLA CO NOTES 2.55% 06/01/2026   2016-05-25 2018-04-27
600. COMCAST CORP CL A   2018-03-01 2018-04-27
26000. COMCAST CORP CL A   2015-03-30 2018-04-27
300000. JOHN DEERE CAPITAL CORP BONDS 1.6% 07/13   2015-07-09 2018-07-13
2000. DENTSPLY SIRONA INC COM STK   2017-10-04 2018-04-27
250000. DEUTSCHE TELEKOM INT FIN NOTES 6.75% 08/   2018-04-24 2018-08-20
1300. DIAGEO PLC- SPONSORED ADR   2015-03-30 2018-01-24
4400. DIAGEO PLC- SPONSORED ADR   2015-05-06 2018-04-27
300000. DIAGEO INVESTMENT CORP NOTES 2.875% 05/1   2016-02-10 2018-04-27
21000. DISCOVERY INC -C   2017-10-24 2018-04-27
22500. DUKE ENERGY FLORIDA LLC NOTES 2.1% 12/15   2017-12-07 2018-03-15
157500. DUKE ENERGY FLORIDA LLC NOTES 2.1% 12/15   2017-12-07 2018-05-07
2250. FLEETCOR TECHNOLOGIES INC COM STK   2016-02-24 2018-04-27
1210. FLEETCOR TECHNOLOGIES INC COM STK   2017-04-28 2018-04-27
250000. GILEAD SCIENCES INC NOTES 2.55% 09/01/20   2018-03-15 2018-04-27
250000. GOLDMAN SACHS GROUP INC 6.15% 04/01/2018   2017-08-08 2018-04-01
250000. GOLDMAN SACHS GROUP INC NOTES 2.9% 07/19   2018-04-13 2018-07-19
300000. INTL BUSINESS MACHINES CORP NOTES 3.375%   2015-05-05 2018-04-27
250000. KEY BANK NA NOTES 1.7% 06/01/2018   2015-05-27 2018-06-01
21668. KROGER CO COM STK   2017-09-08 2018-04-27
18195.051 LONGLEAF PARTNERS SMALL CAP FD   2015-04-28 2018-03-01
11045.655 LONGLEAF PARTNERS SMALL CAP FD   2015-03-30 2018-03-27
9154.156 LONGLEAF PARTNERS SMALL CAP FD   2015-03-30 2018-03-29
54823.512 LONGLEAF PARTNERS SMALL CAP FD   2015-07-02 2018-04-27
250000. MUFG AMERICAS HLDGS CORP NOTES 2.25% 02/   2018-02-27 2018-04-27
300000. MARSH & MCLENNAN COS INC SR NTS 4.8% 07/   2015-09-09 2018-04-27
300000. MEDTRONIC GLOBAL HLDINGS NOTES 1.7% 03/2   2017-03-21 2018-04-27
300000. MERCK & CO INC NOTES 2.75% 02/10/2025   2015-04-13 2018-04-27
1100. MICROSOFT CORP   2015-03-30 2018-01-22
700. MICROSOFT CORP   2015-03-30 2018-01-31
153. MICROSOFT CORP   2015-03-30 2018-02-16
647. MICROSOFT CORP   2015-03-30 2018-02-21
985. MICROSOFT CORP   2015-03-30 2018-04-18
300000. MICROSOFT CORP NOTES 1.85% 02/12/2020   2016-11-08 2018-04-27
250000. MORGAN STANLEY NOTES 2.5% 01/24/2019   2018-01-23 2018-04-27
300000. MORGAN STANLEY NOTES 1.875% 01/05/2018   2015-05-15 2018-01-05
250000. NATIONAL AUSTRALIA BANK LTD NOTES 2.625%   2018-02-22 2018-04-27
300000. NBCUNIVERSAL MEDIA LLC MAKE WHOLE NTS 4.   2015-07-01 2018-04-27
3600. NESTLE S A SPONS ADR   2015-08-26 2018-04-27
5800. NOVARTIS AG - ADR   2015-08-26 2018-04-27
18000. ORACLE CORP   2015-03-30 2018-04-27
6500. ORACLE CORP   2018-03-20 2018-04-27
250000. PNC BANK NA NOTES 1.6% 06/01/2018   2015-05-27 2018-06-01
1200. PAYPAL HOLDINGS INC- COM STK   2016-06-07 2018-01-05
5300. PAYPAL HOLDINGS INC- COM STK   2015-05-06 2018-04-27
250000. PEPSICO INC NOTES MAKE WHOLE 4.5% 01/15/   2018-02-28 2018-04-27
300000. PFIZER INC NOTES 3% 06/15/2023   2015-04-17 2018-04-27
925. PRAXAIR INC   2015-03-30 2018-01-10
3375. PRAXAIR INC   2015-05-06 2018-04-27
7000. QUALCOMM INC   2015-03-30 2018-04-27
125000. QUALCOMM INC NOTES 3% 05/20/2022   2018-03-28 2018-04-27
75000. QUALCOMM INC NOTES 2.6% 01/30/2023   2018-04-16 2018-04-27
12600. QURATE RETAIL INC. SERIES A COM STK   2015-05-12 2018-04-27
4200. QURATE RETAIL INC. SERIES A COM STK   2017-08-11 2018-04-27
300000. RENAISSANCERE FINANCE NOTES 3.7% 04/01/2   2015-05-15 2018-06-05
125000. ROGERS COMMUNICATIONS INC NOTES 6.8% 08/   2017-08-29 2018-04-13
300000. ROYAL BANK OF CANADA NOTES 2.5% 01/19/20   2016-01-11 2018-04-27
15073. SABRE CORP COM STK   2017-06-07 2018-04-27
1139. SABRE CORP COM STK   2017-04-06 2018-04-27
6500. HENRY SCHEIN INC COM STK   2017-11-07 2018-04-27
250000. SKANDINAVISKA ENSKILD NOTES 2.625% 03/15   2016-10-04 2018-04-27
300000. STATOIL ASA MAKE WHOLE 2.25% 11/08/2019   2015-07-01 2018-04-27
60000. TORONTO-DOMINION BANK NOTES 2.5% 12/14/2   2015-12-07 2018-04-27
240000. TORONTO-DOMINION BANK NOTES 2.5% 12/14/2   2016-02-12 2018-04-27
300000. TOTAL CAPITAL INTL SA NOTES 2.875% 02/17   2015-04-17 2018-04-27
35000. TRANS-CANADA PIPELINES NOTES 3.125% 01/1   2016-01-22 2018-04-27
11500. U S BANCORP   2015-04-07 2018-04-27
3400. UNILEVER N V-NY SHARES   2015-08-26 2018-04-27
300000. UNITEDHEALTH GROUP INC 6% 02/15/2018   2017-02-23 2018-02-15
1000. WELLS FARGO & CO   2015-07-15 2018-01-24
1900. WELLS FARGO & CO   2017-05-26 2018-04-27
12000. WELLS FARGO & CO   2015-07-02 2018-04-27
250000. WELLS FARGO BANK NA NOTES 1.75% 05/24/20   2016-05-25 2018-04-27
250000. WESTPAC BANKING CORP NOTES 2.15% 03/06/2   2018-02-22 2018-04-27
1037. ZOETIS INC COM STK   2015-08-26 2018-01-31
463. ZOETIS INC COM STK   2015-08-26 2018-02-01
6300. ZOETIS INC COM STK   2015-08-26 2018-04-27
292859.68 BBH CAPITAL PARTNERS V-1 SUB TRUST - BBH WEALTH STRATEGIES   2016-12-19 2018-10-01
178003.61 OAKTREE OPPORTUNITIES SUB TRUST - BBH   2018-06-18 2018-10-01
400. HITCHWOOD CAPITAL PARTNERS CLASS B SUB TRUST 1 - BBH WEALTH STR   2015-09-01 2018-09-28
13800. LIBERTY GLOBAL PLC-SERIES C   2017-06-13 2018-04-27
8800. NIELSEN HOLDINGS PLC FOREIGN STK   2017-12-06 2018-04-27
3700. NIELSEN HOLDINGS PLC FOREIGN STK   2016-12-28 2018-04-27
5815. PERRIGO CO PLC COM STK   2016-04-07 2018-04-27
713. PERRIGO CO PLC COM STK   2018-02-02 2018-04-27
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 296,277   299,847 -3,570
b 266,648   283,410 -16,762
c 300,000   304,170 -4,170
d 173,668   86,120 87,548
e 930,097   480,264 449,833
251,485   253,255 -1,770
289,392   300,007 -10,615
245,382   251,821 -6,439
55,102   57,030 -1,928
301,521   305,598 -4,077
250,000   247,299 2,701
553,761   548,856 4,905
261,574   265,816 -4,242
297,696   300,591 -2,895
247,973   247,720 253
1,215,817   855,470 360,347
18,051   20,669 -2,618
22,300   24,623 -2,323
295,968   299,733 -3,765
436,421   226,605 209,816
298,524   299,806 -1,282
239,278   243,257 -3,979
59,410   60,000 -590
191,003   204,963 -13,960
19,307   21,995 -2,688
836,648   735,613 101,035
300,000   300,337 -337
100,371   111,544 -11,173
250,000   253,314 -3,314
188,514   147,748 40,766
619,254   481,736 137,518
295,047   314,116 -19,069
469,574   391,478 78,096
22,500   22,500  
156,692   157,500 -808
467,051   296,987 170,064
251,170   165,161 86,009
248,140   247,925 215
250,000   257,070 -7,070
250,000   250,315 -315
299,061   307,611 -8,550
250,000   249,730 270
553,412   480,689 72,723
500,000   595,070 -95,070
300,000   357,580 -57,580
250,000   293,275 -43,275
1,521,901   1,568,585 -46,684
246,203   246,598 -395
312,168   330,159 -17,991
297,600   299,778 -2,178
286,488   301,257 -14,769
100,136   46,628 53,508
65,968   28,993 36,975
14,287   6,337 7,950
60,274   26,797 33,477
95,052   40,797 54,255
296,013   303,153 -7,140
249,768   250,563 -795
300,000   302,271 -2,271
246,275   247,465 -1,190
310,233   325,057 -14,824
278,819   264,528 14,291
447,998   528,344 -80,346
823,564   755,173 68,391
297,398   301,559 -4,161
250,000   249,833 167
94,343   45,630 48,713
397,383   182,244 215,139
257,710   258,598 -888
297,867   309,645 -11,778
150,435   111,783 38,652
514,506   392,231 122,275
356,454   450,015 -93,561
121,876   123,060 -1,184
70,950   71,440 -490
294,125   346,050 -51,925
98,042   95,057 2,985
293,298   296,394 -3,096
126,926   131,061 -4,135
294,900   301,934 -7,034
307,869   320,653 -12,784
23,264   23,630 -366
496,616   449,847 46,769
246,088   256,583 -10,495
297,450   301,764 -4,314
59,119   59,871 -752
236,477   242,580 -6,103
296,100   308,928 -12,828
35,083   34,901 182
586,074   489,597 96,477
193,247   135,871 57,376
300,000   313,119 -13,119
65,084   58,106 6,978
99,349   99,571 -222
627,470   641,723 -14,253
247,595   249,893 -2,298
246,183   246,768 -585
79,713   46,739 32,974
35,750   20,293 15,457
533,210   276,127 257,083
292,860   314,686 -21,826
175,728   173,226 2,502
3,999,698   3,600,000 399,698
414,409   393,434 20,975
281,703   332,340 -50,637
118,443   156,202 -37,759
460,288   611,792 -151,504
56,438   58,818 -2,380
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       -3,570
b       -16,762
c       -4,170
d       87,548
e       449,833
      -1,770
      -10,615
      -6,439
      -1,928
      -4,077
      2,701
      4,905
      -4,242
      -2,895
      253
      360,347
      -2,618
      -2,323
      -3,765
      209,816
      -1,282
      -3,979
      -590
      -13,960
      -2,688
      101,035
      -337
      -11,173
      -3,314
      40,766
      137,518
      -19,069
      78,096
       
      -808
      170,064
      86,009
      215
      -7,070
      -315
      -8,550
      270
      72,723
      -95,070
      -57,580
      -43,275
      -46,684
      -395
      -17,991
      -2,178
      -14,769
      53,508
      36,975
      7,950
      33,477
      54,255
      -7,140
      -795
      -2,271
      -1,190
      -14,824
      14,291
      -80,346
      68,391
      -4,161
      167
      48,713
      215,139
      -888
      -11,778
      38,652
      122,275
      -93,561
      -1,184
      -490
      -51,925
      2,985
      -3,096
      -4,135
      -7,034
      -12,784
      -366
      46,769
      -10,495
      -4,314
      -752
      -6,103
      -12,828
      182
      96,477
      57,376
      -13,119
      6,978
      -222
      -14,253
      -2,298
      -585
      32,974
      15,457
      257,083
      -21,826
      2,502
      399,698
      20,975
      -50,637
      -37,759
      -151,504
      -2,380
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 10,297,027
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
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?
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))
2017 2,060,392 70,625,094 0.029174
2016 10,223,588 67,379,912 0.151731
2015 13,298,084 79,179,684 0.167948
2014 0 0 0.0
2013      
2
Total of line 1, column (d) .....................
2
0.348853
3
Average distribution ratio for the 5-year base period—divide the total on line 2 by 5.0, or by the number of years the foundation has been in existence if less than 5 years ......
3
0.087213
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
57,742,260
5
Multiply line 4 by line 3......................
5
5,035,876
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
111,635
7
Add lines 5 and 6........................
7
5,147,511
8
Enter qualifying distributions from Part XII, line 4,.............
8
66,824,466
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 (2018)
Form 990-PF (2018)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket includes lines 1a and 1b
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Domestic foundations that meet the section 4940(e) requirements in Part V, check 1 111,635
hereBulletand 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 0
3 Add lines 1 and 2........................... 3 111,635
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 111,635
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 106,016
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 5,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 111,016
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 130
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 749
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet0 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? (see Instructions
for definition).................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • 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?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletNC
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2018 or the taxable year beginning in 2018? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletBROWN BROTHERS HARRIMAN TRUST CO NA Telephone no.bullet (212) 493-8000

    Located atbullet140 BROADWAY 5TH FLOORNEW YORKNY ZIP+4bullet10005
    15
    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
    15
     
    16 At any time during calendar year 2018, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country 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
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (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)?...............
    (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.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
     
    ........bullet
    c
    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 2018?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2018, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2018?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2018 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 2018.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2018?
    4b
     
    No
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
     
    .........bullet
    c
    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?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    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 (e) Expense account,
    other allowances
    BROWN BROTHERS HARRIMAN TR CO N AClick to see attachment TRUSTEE
    1     		167,216    
    140 BROADWAY 4TH FLOOR
    NEW YORK,NY10005
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    BROWN BROTHERS HARRIMAN TR CO NA INVESTMENT MANAGEMEN 197,399
    140 BROADWAY 4TH FLOOR
    NEW YORK,NY10005
    Total number of others receiving over $50,000 for professional services.............bullet0
    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  
    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  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    28,673,916
    b
    Average of monthly cash balances.......................
    1b
    29,947,668
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    58,621,584
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    58,621,584
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    879,324
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    57,742,260
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    2,887,113
    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.)
    1
    Minimum investment return from Part X, line 6....................
    1
    2,887,113
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
    111,635
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    111,635
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    2,775,478
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    2,775,478
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    2,775,478
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    66,824,466
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    66,824,466
    5
    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.................
    5
    111,635
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    66,712,831
    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 (2018)
    Form 990-PF (2018)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2017     		(c)
    2017     		(d)
    2018
    1 Distributable amount for 2018 from Part XI, line 7 2,775,478
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2018:
    a From 2013...... 0
    b From 2014...... 0
    c From 2015...... 8,993,891
    d From 2016...... 7,123,254
    e From 2017...... 0
    fTotal of lines 3a through e........ 16,117,145
    4Qualifying distributions for 2018 from Part
    XII, line 4: bullet$ 66,824,466
    a Applied to 2017, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2018 distributable amount..... 2,775,478
    e Remaining amount distributed out of corpus 64,048,988
    5 Excess distributions carryover applied to 2018. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 80,166,133
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2017. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2018. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2019 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2013 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2019.
    Subtract lines 7 and 8 from line 6a ......     		80,166,133
    10 Analysis of line 9:
    a Excess from 2014.... 0
    b Excess from 2015.... 8,993,891
    c Excess from 2016.... 7,123,254
    d Excess from 2017.... 0
    e Excess from 2018.... 64,048,988
    Form 990-PF (2018)
    Form 990-PF (2018)
    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 2018, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2018 (b) 2017 (c) 2016 (d) 2015
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    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 (2018)
    Form 990-PF (2018)
    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)
    aPaid during the year
    KIND
    125 MAIDEN LANE
    NEW YORK,NY10038     		NONE PC GENERAL SUPPORT 25,000
    RONALD MCDONALD HOUSE CHARITIES
    34 CHAPIN TER
    SPRINGFIELD,MA01107     		NONE PC GENERAL SUPPORT 25,000
    BROWN UNIVERSITY
    1 PROSPECT ST
    PROVIDENCE,RI02912     		NONE PC GENERAL SUPPORT 25,000
    THE MARMALADE FOUNDATION LTD
    161 QUEEN STREET
    WOOLLAHRA,NSW2025
    AS     		NONE PC GENERAL SUPPORT 100,000
    HOLY TRINITY GREEK OTHODOX CHURCH
    600 EAST BOULEVARD
    CHARLOTTE,NC28203     		NONE PC GENERAL SUPPORT 100,000
    COMMUNITY PARTNERS DINNER PARTY
    1000 NORTH ALAMEDA ST SUITE 240
    LOS ANGELES,CA90012     		NONE PC GENERAL SUPPORT 25,000
    KIMBALL UNION ACADEMY ENDOWMENT FD
    ATTN GREG POLLARD
    PO BOX 188
    MERIDEN,NH03770     		NONE PC GENERAL SUPPORT 23,000,000
    FRIENDS OF AUSTRALIAN WILDLIFE
    CONSERVANCY INC
    1251 AVENUE OF THE AMERICAS
    NEW YORK,NY10020     		NONE PC GENERAL SUPPORT 250,000
    ONE ACRE FUND
    1954 FIRST ST 183
    HIGHLAND,IL60035     		NONE PC GENERAL SUPPORT 75,000
    ST BENEDICTS PREPARATORY SCHOOL
    520 DR MARTIN LUTHER KING JR BLVD
    NEWARK,NJ07102     		NONE PC GENERAL SUPPORT 50,000
    DUKE UNIVERSITY
    710 W MAIN ST SUITE 200
    DURHAM,NC27701     		NONE PC GENERAL SUPPORT 9,750,000
    CARITAS OF PORT CHESTER INC
    19 SMITH STREET
    PORT CHESTER,NY10573     		NONE PC GENERAL 50,000
    HARLEM ACADEMY
    1330 5TH AVE
    NEW YORK,NY10026     		NONE PC GENERAL 50,000
    THE HOTCHKISS SCHOOL
    11 INTERLAKEN ROAD
    LAKEVILLE,CT06039     		NONE PC GENERAL 25,000
    YALE UNIVERSITY
    451 COLLEGE ST
    NEW HAVEN,CT06511     		NONE PC GENERAL 25,000
    VILLAGE ENTERPRISE FUND
    751 LAUREL STREET
    SAN CARLOS,CA94070     		NONE PC GENERAL 50,000
    ANGLO-AMERICAN CHARITABLE FOUNDATION
    199 NORTH WOODBURY RD STE 103
    PITMAN,NJ08071     		NONE PC GENERAL 100,250
    FRED HOLLOWS FOUNDATION
    C/O BBH TRUST COMPANY NA
    140 BROADWAY
    NEW YORK,NY10005     		NONE PC GENERAL 75,000
    NORTH CAROLINA COMMUNITY FND
    CULLMAN FUND
    3737 GLENWOOD AVE SUITE 460
    RALEIGH,NC27612     		NONE PC GENERAL SUPPORT 5,500,000
    TRUSTEES OF TUFTS UNIVERSITY
    160 PACKARD AVENUE
    MEDFORD,MA02155     		NONE PC GENERAL SUPPORT 250,000
    THE BEREAVEMENT CENTER
    OF WESTCHESTER
    69 MAIN ST
    TUCKAHOE,NY10707     		NONE PC GENERAL SUPPORT 25,000
    LIVING GOODS
    220 HALLECK ST SUITE 200
    SAN FRANCISCO,CA94129     		NONE PC GENERAL SUPPORT 50,000
    NORTH CAROLINA SYMPHONY
    SOCIETY INC
    3700 GLENWOOD AVENUE
    RALEIGH,NC27612     		NONE PC GENERAL SUPPORT 10,000,000
    UNIVERSITY OF NORTH CAROLINA
    CHAPEL HILL FOUNDATION
    103 S BLDG
    CHAPEL HILL,NC27599     		NONE PC GENERAL SUPPORT 14,000,000
    MEDICAL FOUNDATION OF
    NORTH CAROLINA INC
    880 MARTIN LUTHER KING JR BLVD
    CHAPEL HILL,NC27514     		NONE PC GENERAL SUPPORT 3,000,000
    Total .................................bullet 3a 66,625,250
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2018)
    Form 990-PF (2018)
    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
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		         
    4 Dividends and interest from securities....     14 1,048,231  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 10,297,027  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aBURGUNDY EMERGING     		    14 52,431  
    bSELECT EQUITY SER     14 9,412  
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   11,407,101  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    11,407,101
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part 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 (2018)
    Form 990-PF (2018)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

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


    		 Phone no.
    Form 990-PF (2018)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2018 AccountingFeesSchedule
    Name:
    THE CADENZA CHARITABLE TRUST
    EIN:
    47-6552675
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREPARATION FEE (NON-ALLOC 2,000     2,000

    TY 2018 CompensationExplanation
    Name:
    THE CADENZA CHARITABLE TRUST
    EIN:
    47-6552675
    Person Name Explanation
    BROWN BROTHERS HARRIMAN TR CO N A TRUSTEE FEES

    TY 2018 ContractorCompensationExpln
    Name:
    THE CADENZA CHARITABLE TRUST
    EIN:
    47-6552675
    Contractor Explanation
    BROWN BROTHERS HARRIMAN TR CO NA INVESTMENT MANAGEMENT FEES

    TY 2018 InvestmentsCorpBondsSchedule
    Name:
    THE CADENZA CHARITABLE TRUST
    EIN:
    47-6552675
    Name of Bond End of Year Book Value End of Year Fair Market Value
    BBH LIMITED DURATION FD    
    GOLDMAN SACHS    
    ROGERS COMMUNICATIONS    
    NEXTERA ENERGY NTS 1.586% 6/1/    
    CITIGROUP NTS 1.85% 11/24/17    
    MORGAN STANLEY NTS 1.875% 1/5/    
    KEY BANK NA NTS 1.7% 6/1/18    
    PNC BANK NA NTS 1.6% 6/1/18    
    JOHN DEERE CAP BDS 1.6% 7/13/1    
    DUKE ENERGY    
    ARES CAP CORP NTS 3.875% 1/15/    
    AT&T INC NTS 2.45% 6/30/20    
    CATERPILLAR FINL NTS 2.5% 11/1    
    BURLINGTN NO SF 99-2 TR 7.57%    
    NBCUNIVERSAL NTS 4.375% 4/1/21    
    MARSH & MCLENNAN NTS 4.8% 7/15    
    CELGENE CORP NTS 3.55% 8/15/22    
    ABBVIE INC NTS 3.2% 11/6/22    
    ANHEUSER-BUSCH NTS 2.625% 1/17    
    PFIZER INC NTS 3% 6/15/23    
    IBM CORP NTS 3.375% 8/1/23    
    MEDTRONIC GLOBAL    
    GILEAD SCIENCES BDS 3.7% 4/1/2    
    APPLE COMPUTER NTS 3.45% 5/6/2    
    MERCK & CO NTS 2.75% 2/10/25    
    RENAISSANCERE FIN NTS 3.7% 4/1    
    WESTPAC BKING NTS 1.5% 12/1/17    
    ACTAVIS FUNDING NTS 2.35% 3/12    
    BANK OF NOVA SCOTIA NTS 2.05%    
    STATOIL ASA NTS 2.25% 11/8/19    
    TORONTO-DOM BK NTS 2.5% 12/14/    
    TOTAL CAP INTL NTS 2.875% 2/17    
    CREDIT SUISSE 1.375% 5/26/17    
    CHEVRON TEXACO 1.79% 7/13/18    
    CHEVRON TEXACO 1.561% 5/16/19    
    WELLS FARGO 1.75% 5/24/19    
    MICROSOFT CORP 1.85% 2/12/20    
    SPECTRA ENERGY 5.65% 3/1/20    
    DIEGO INVESTMENTS 2.875% 5/11/    
    COCA COLA CO 2.55% 6/1/26    
    TRANS-CANADA PIPE 3.125% 1/15/    
    BANK OF MONTREAL 2.1% 12/12/19    
    ROYAL BANK CA 2.5% 1/19/21    
    SKANDINAVISKA ENSKILD 2.625% 3    
    MANULIFE FINL CORP 4.15% 3/4/2    
    UNITED TECHNOLOGIES 1.8% 6/1/1    

    TY 2018 InvestmentsCorpStockSchedule
    Name:
    THE CADENZA CHARITABLE TRUST
    EIN:
    47-6552675
    Name of Stock End of Year Book Value End of Year Fair Market Value
    BED BATH & BEYOND INC    
    COMCAST CORP CL A    
    LIBERTY INTERACTIVE    
    DIAGEO PLC SPONSORED ADR    
    LIBERTY GLOBAL PLC    
    NESTLE SA SPONS ADR    
    UNILEVER NV    
    WAL-MART STORES    
    KROGER CO COM STK    
    DENTSPLY SIRONA    
    HENRY SCHEIN INC    
    BERKSHIRE HATHAWAY CL B    
    SABRE CORP COM STK    
    PROGRESSIVE CORP OHIO    
    U S BANCORP    
    WELLS FARGO & CO    
    NOVARTIS AG ADR    
    ZOETIS INC    
    ALPHABET INC CL C    
    MICROSOFT CORP    
    ORACLE CORP    
    PAYPAL HOLDINGS    
    QUALCOMM INC    
    CELANESE CORP    
    PRAXAIR INC    
    DISCOVERY COMMUNICATIONS    
    PERRIGO CO PLC    
    NIELSON HOLDINGS PLC    
    FLEETCOR TECHNOLOGIES    

    TY 2018 InvestmentsOtherSchedule2
    Name:
    THE CADENZA CHARITABLE TRUST
    EIN:
    47-6552675
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    OAKTREE OPP - BBH WLTH STRAT AT COST 578,819 659,922
    ALTAROCK PTNRS - BBH WLTH STRA      
    BARES MID/LGE CAP-BBH WLTH STR      
    LONGLEAF PRTNRS SMALL CAP FD      
    CLARKSTON SM/MID CAP-BBH WLTH      
    BARINGS LOAN SUB TRUST SER1 AT COST 908,153 967,323
    SELECT EQUITY-BBH WLTH STRAT      
    BARINGS LOAN SUB TRUST SER2 AT COST 193,999 193,906
    BURGUNDY EMERG MKTS-BBH WLTH S      
    HITCHWOOD CAP-BBHWLTH STRAT AT COST 400,000 444,411
    REMS GROUP-BBH WLTH STRAT      
    SANDTON CREDITSOLUTIONS IV AT COST 1,373,184 1,369,363
    BBH CAPITAL PARTNERS V1 AT COST 1,624,063 1,908,494
    BARINGS LOAN SUB TRUST SER3      

    TY 2018 OtherDecreasesSchedule
    Name:
    THE CADENZA CHARITABLE TRUST
    EIN:
    47-6552675
    Description Amount
    QUALCOMM BASIS ADJ 28,715


    TY 2018 OtherExpensesSchedule
    Name:
    THE CADENZA CHARITABLE TRUST
    EIN:
    47-6552675
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OTHER NON-ALLOCABLE EXPENSE - 67 67   0
    OTHER EXPENSE (NON-DEDUCTIBLE 116 116   0


    TY 2018 OtherIncomeSchedule2
    Name:
    THE CADENZA CHARITABLE TRUST
    EIN:
    47-6552675
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    BURGUNDY EMERGING MARKETS SERIES - BBH 52,431 52,431  
    SELECT EQUITY SERIES - BBH WEALTH STRA 9,412 9,412  


    TY 2018 OtherProfessionalFeesSchedule
    Name:
    THE CADENZA CHARITABLE TRUST
    EIN:
    47-6552675
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMNT MNGMNT FEES (NON-DED 197,399 197,399    


    TY 2018 TaxesSchedule
    Name:
    THE CADENZA CHARITABLE TRUST
    EIN:
    47-6552675
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 36,595 36,595   0
    FEDERAL ESTIMATES - PRINCIPAL 16,200 0   0
    FOREIGN TAXES ON QUALIFIED FOR 9,461 9,461   0