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
CHARLES & FLORENCE PHELPS TRUST
 
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 0634
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MILWAUKEE, WI532010634
A Employer identification number

42-6481677
B Telephone number (see instructions)

(319) 753-8768
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$5,164,599J 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... 154,782 146,937  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 253,787
b Gross sales price for all assets on line 6a 1,356,874
7 Capital gain net income (from Part IV, line 2)... 253,787
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).......      
12 Total. Add lines 1 through 11........ 408,569 400,724  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 59,014 53,113   5,901
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 750 0 0 750
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 21,205 4,078   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... Click to see attachment 11 11    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 80,980 57,202 0 6,651
25 Contributions, gifts, grants paid....... 267,880 267,880
26 Total expenses and disbursements. Add lines 24 and 25 348,860 57,202 0 274,531
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 59,709
b Net investment income (if negative, enter -0-) 343,522
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............. 1,061 1,017 1,017
2 Savings and temporary cash investments......... 116,154 132,215 132,215
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)....... 3,484,105 Click to see attachment3,522,619 3,279,429
c Investments—corporate bonds (attach schedule)....... 1,871,911 Click to see attachment1,890,848 1,745,770
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........     0
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment7,261 Click to see attachment6,168 Click to see attachment6,168
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 5,480,492 5,552,867 5,164,599
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........ 5,480,492 5,552,867
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)..... 5,480,492 5,552,867
31 Total liabilities and net assets/fund balances (see instructions). 5,480,492 5,552,867
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
5,480,492
2
Enter amount from Part I, line 27a .....................
2
59,709
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
14,304
4
Add lines 1, 2, and 3 ..........................
4
5,554,505
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
1,638
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
5,552,867
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 5446.623 EATON VANCE GLOBAL MACRO FD CL I   2013-05-13 2018-01-23
b 2328.289 TCW EMERGING MARKETS INCOME FUND   2013-05-13 2018-01-23
c 100. AMGEN INC   2016-03-10 2018-01-31
d 400. CISCO SYS INC   2017-01-25 2018-01-31
e 849.858 OAKMARK GLOBAL FUND CL I   2013-09-06 2018-01-31
500. MOSAIC CO THE   2015-08-03 2018-01-31
100. PRUDENTIAL FINL INC   2014-11-06 2018-01-31
1416.431 ROBECO BOSTON PARTNERS L S RSRCH     2018-01-31
300. TARGET CORP   2017-03-10 2018-01-31
100. ALIBABA GROUP HOLDING LTD A D R   2015-03-02 2018-02-22
300. CISCO SYS INC     2018-02-22
1150. FORD MOTOR COMPANY   2016-06-20 2018-02-22
350. FORD MOTOR COMPANY   2017-06-26 2018-02-22
590.145 OAKMARK GLOBAL FUND CLASS ADVISOR   2013-09-06 2018-02-22
300. MOSAIC CO THE   2015-08-03 2018-02-22
1193.317 TCW EMERGING MARKETS INCOME FUND   2013-05-13 2018-02-22
150. LYONDELLBASELL INDUSTRIES CL A   2014-12-09 2018-02-22
337. AMGEN INC   2016-03-10 2018-03-08
144.76 ROBECO BOSTON PARTNERS L S RSRCH   2013-07-01 2018-03-16
816.803 VOYA INTERNATIONAL REAL ESTATE I   2014-09-24 2018-03-16
187.5 ABERDEEN FDS EMRGN   2011-03-01 2018-04-02
1007.194 CAMBIAR INTL EQUITY FUND INS   2016-01-05 2018-04-02
25. ALIBABA GROUP HOLDING LTD A D R   2015-03-02 2018-04-02
768.322 AMERICAN CENT EQUITY INCOME CL INST   2010-09-30 2018-04-02
250. ARCHER DANIELS MIDLAND CO   2015-04-27 2018-04-02
247.859 FIDELITY INVT TR AD INTL DISCI     2018-04-02
2500. FORD MOTOR COMPANY     2018-04-02
1769.088 NUVEEN CORE PLUS BOND I   2017-02-24 2018-04-02
68.556 OPPENHEIMER DEVELOPING MARKETS I   2013-09-06 2018-04-02
216.216 PRINCIPAL GL R E SEC INS   2015-03-03 2018-04-02
1048.532 ROBECO BOSTON PARTNERS L S RSRCH   2013-07-01 2018-04-02
200. TARGET CORP   2017-03-10 2018-04-02
87.909 VANGUARD EQUITY INCOME ADM     2018-04-02
472.813 VOYA INTERNATIONAL REAL ESTATE I   2014-09-24 2018-04-02
250. ARCHER DANIELS MIDLAND CO   2015-04-27 2018-04-20
400. CISCO SYS INC   2013-12-12 2018-04-20
3000. FORD MOTOR COMPANY     2018-04-20
400. GILEAD SCIENCES INC     2018-04-20
466.962 PARNASSUS CORE EQUITY INCOME INST     2018-04-20
292.398 ROBECO BOSTON PARTNERS L S RSRCH   2013-07-01 2018-04-20
400. TARGET CORP   2017-03-10 2018-04-20
300. CISCO SYS INC   2017-06-26 2018-05-10
700. CISCO SYS INC   2013-12-12 2018-05-10
900. MOSAIC CO THE   2015-08-03 2018-05-10
236.407 ROBECO BOSTON PARTNERS L S RSRCH   2013-07-01 2018-05-10
27.224 ROWE T PRICE MID CAP GROWTH FD INC   2010-09-30 2018-05-10
100. TARGET CORP   2017-03-10 2018-05-10
300. TARGET CORP   2017-06-26 2018-05-10
156.25 ABERDEEN FDS EMRGN   2011-03-01 2018-06-26
127.784 CAMBIAR INTL EQUITY FUND INS   2016-01-05 2018-06-26
25. ALIBABA GROUP HOLDING LTD A D R   2015-03-02 2018-06-26
1072.235 EATON VANCE GLOBAL MACRO FD CL I   2013-05-13 2018-06-26
750. FOOT LOCKER INC COM     2018-06-26
124.069 OAKMARK GLOBAL FUND CLASS ADVISOR   2013-09-06 2018-06-26
97.121 PARNASSUS CORE EQUITY INCOME INST   2013-12-12 2018-06-26
1124.859 PRUDENTIAL SHORT DURATION HIGH YIELD   2015-03-03 2018-06-26
758.956 ROBECO BOSTON PARTNERS L S RSRCH   2013-07-01 2018-06-26
115.385 LAUDUS INTERNATIONAL MARKETMASTERS   2012-12-26 2018-06-26
409.836 VOYA INTERNATIONAL REAL ESTATE I   2014-09-24 2018-06-26
13. AMGEN INC   2016-03-10 2018-09-06
87. AMGEN INC   2018-04-20 2018-09-06
75. APPLE COMPUTER INC   2013-09-06 2018-09-06
100. BIOGEN, INC     2018-09-06
3362.152 DOUBLELINE TOTAL RET BD I   2014-06-23 2018-09-06
1728.111 EATON VANCE GLOBAL MACRO FD CL I   2013-05-13 2018-09-06
1231.906 GLENMEDE SC EQUITY PORT ADV     2018-09-06
1409.774 NUVEEN CORE PLUS BOND I   2017-02-24 2018-09-06
891.795 NUVEEN PREFERRED SECURITIES FUND   2017-05-10 2018-09-06
2808.988 PRUDENTIAL SHORT DURATION HIGH YIELD   2015-03-03 2018-09-06
125. LYONDELLBASELL INDUSTRIES CL A   2015-01-07 2018-09-06
4905.66 NUVEEN CORE PLUS BOND I     2018-10-01
150. EXPRESS SCRIPTS HLDGS C   2017-12-21 2018-12-24
800. EXPRESS SCRIPTS HLDGS C   2017-08-22 2018-12-24
CAPITAL GAIN DIVIDENDS P    
(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 50,000   52,397 -2,397
b 20,000   21,740 -1,740
c 18,562   14,115 4,447
d 16,570   12,311 4,259
e 30,000   24,314 5,686
13,535   21,435 -7,900
11,891   8,474 3,417
25,000   19,098 5,902
22,449   16,614 5,835
18,838   8,402 10,436
12,885   8,286 4,599
12,133   15,536 -3,403
3,693   3,920 -227
20,000   16,884 3,116
8,208   12,861 -4,653
10,000   11,142 -1,142
16,644   11,637 5,007
64,704   47,566 17,138
2,500   1,899 601
7,000   7,629 -629
3,000   2,595 405
28,000   24,243 3,757
4,399   2,101 2,298
6,500   5,217 1,283
10,482   12,177 -1,695
11,000   10,203 797
26,724   33,008 -6,284
19,000   19,108 -108
3,000   2,385 615
2,000   2,086 -86
17,500   13,757 3,743
13,514   11,076 2,438
6,500   5,128 1,372
4,000   4,416 -416
11,377   12,177 -800
17,540   8,216 9,324
32,459   37,068 -4,609
29,314   33,077 -3,763
20,000   17,159 2,841
5,000   3,836 1,164
28,235   22,153 6,082
13,845   9,696 4,149
32,304   14,378 17,926
23,688   38,583 -14,895
4,000   3,102 898
2,500   1,455 1,045
7,011   5,538 1,473
21,033   15,432 5,601
2,250   2,163 87
3,500   3,076 424
4,816   2,101 2,715
9,500   10,199 -699
40,065   31,107 8,958
4,000   3,550 450
4,250   3,452 798
10,000   10,636 -636
12,500   9,958 2,542
3,000   2,271 729
3,500   3,828 -328
2,553   1,835 718
17,088   14,988 2,100
16,752   5,306 11,446
34,085   26,302 7,783
35,000   36,950 -1,950
15,000   16,324 -1,324
40,000   33,183 6,817
15,000   15,451 -451
15,000   15,606 -606
25,000   26,536 -1,536
14,004   9,401 4,603
51,951   52,703 -752
13,964   11,195 2,769
74,475   49,336 25,139
      101,084
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       -2,397
b       -1,740
c       4,447
d       4,259
e       5,686
      -7,900
      3,417
      5,902
      5,835
      10,436
      4,599
      -3,403
      -227
      3,116
      -4,653
      -1,142
      5,007
      17,138
      601
      -629
      405
      3,757
      2,298
      1,283
      -1,695
      797
      -6,284
      -108
      615
      -86
      3,743
      2,438
      1,372
      -416
      -800
      9,324
      -4,609
      -3,763
      2,841
      1,164
      6,082
      4,149
      17,926
      -14,895
      898
      1,045
      1,473
      5,601
      87
      424
      2,715
      -699
      8,958
      450
      798
      -636
      2,542
      729
      -328
      718
      2,100
      11,446
      7,783
      -1,950
      -1,324
      6,817
      -451
      -606
      -1,536
      4,603
      -752
      2,769
      25,139
       
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 2 253,787
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 254,359 5,679,896 0.044782
2016 265,223 5,101,059 0.051994
2015 270,298 5,393,247 0.050118
2014 257,475 5,570,170 0.046224
2013 236,595 5,369,083 0.044066
2
Total of line 1, column (d) .....................
2
0.237184
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
0.047437
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
5,699,134
5
Multiply line 4 by line 3......................
5
270,350
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
3,435
7
Add lines 5 and 6........................
7
273,785
8
Enter qualifying distributions from Part XII, line 4,.............
8
274,531
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 3,435
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 3,435
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 3,435
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 9,540
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 9,540
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 6,105
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet3,436 RefundedBullet 11 2,669
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)
    bulletIA
    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 ofbulletUS BANK NA Telephone no.bullet (319) 753-8768

    Located atbullet201 JEFFERSONBURLINGTONIA ZIP+4bullet526015250
    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
     
    No
    ........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
     
    No
    .........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). Click to see attachment
    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
    US BANK NA TRUSTEE
    1     		59,014    
    201 JEFFERSON
    BURLINGTON,IA526015250
    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
    NONE
    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
    5,743,030
    b
    Average of monthly cash balances.......................
    1b
    42,893
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    5,785,923
    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
    5,785,923
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    86,789
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    5,699,134
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    284,957
    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
    284,957
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
    3,435
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    3,435
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    281,522
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    281,522
    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
    281,522
    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
    274,531
    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
    274,531
    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
    3,435
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    271,096
    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 7 281,522
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only....... 267,880
    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...... 0
    d From 2016...... 0
    e From 2017...... 0
    fTotal of lines 3a through e........ 0
    4Qualifying distributions for 2018 from Part
    XII, line 4: bullet$ 274,531
    a Applied to 2017, but not more than line 2a 267,880
    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..... 6,651
    e Remaining amount distributed out of corpus 0
    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 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 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 ..........     		274,871
    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 ......     		0
    10 Analysis of line 9:
    a Excess from 2014.... 0
    b Excess from 2015.... 0
    c Excess from 2016.... 0
    d Excess from 2017.... 0
    e Excess from 2018.... 0
    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).)
    NONE
    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.
    NONE
    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
    CHRIST EPISCOPAL CHURCH
    623 N 5TH ST
    BURLINGTON,IA526010608     		NONE PC GENERAL OPERATING 133,940
    F ALBERT KLEIN TRUST
    201 JEFFERSON
    BURLINGTON,IA526015250     		NONE PC GENERAL OPERATING 66,970
    DM COUNTY HISTORICAL SOCIETY
    C/O AUSTIN SCHWARTZ
    BURLINGTON,IA52601     		NONE PC GENERAL OPERATING 66,970
    Total .................................bullet 3a 267,880
    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....     14 154,782  
    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 ............     		    18 253,787  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   408,569  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    408,569
    (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:
    CHARLES & FLORENCE PHELPS TRUST
    EIN:
    42-6481677
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREPARATION FEE (NON-ALLOC 750     750

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

    TY 2018 ExpenditureResponsibilityStmt
    Name:
    CHARLES & FLORENCE PHELPS TRUST
    EIN:
    42-6481677
    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
    F ALBERT KLEIN TRUST UNDER WILL
    C/O US BANK NA     		201 JEFFERSON
    BURLINGTON,IA526015250     		2018-10-02 66,970 FOR SUPPORT OF GREAT RIVER MEDICAL CENTER 1307 SOUTH GEAR AVE, WEST BURLINGTON, IA 52655 66,970 NO 04/15/2019 2019-04-15 PAYMENT IS USED FOR PURPOSE INTENDED

    TY 2018 InvestmentsCorpBondsSchedule
    Name:
    CHARLES & FLORENCE PHELPS TRUST
    EIN:
    42-6481677
    Name of Bond End of Year Book Value End of Year Fair Market Value
    258620103 DOUBLELINE TOTAL RET 325,550 310,257
    68381K606 OPPENHEIMER SENIOR F 230,670 212,038
    277923728 EATON VANCE GLOBAL M 294,953 272,307
    87234N765 TCW EMERGING MARKETS 111,137 91,293
    31420B300 FEDERATED INST HI YL 190,324 170,201
    670700400 NUVEEN PREFERRED SEC 197,168 180,820
    74442J307 PRUDENTIAL SHORT DUR    
    670678622 NUVEEN CORE PLUS BON 87,589 86,775
    46434VAU4 ISHARES IBONDS DEC 2 99,360 99,200
    861729101 STONE RIDGE REINSUR 100,000 91,211
    72369L107 PIONEER ILS INTERVAL 100,000 91,438
    74442J406 PRUDENTIAL SHORT DUR 154,097 140,230

    TY 2018 InvestmentsCorpStockSchedule
    Name:
    CHARLES & FLORENCE PHELPS TRUST
    EIN:
    42-6481677
    Name of Stock End of Year Book Value End of Year Fair Market Value
    744320102 PRUDENTIAL FINANCIAL 82,666 81,550
    14149Y108 CARDINAL HEALTH INC 124,252 73,590
    003021714 ABERDEEN FDS EMRGN 51,030 50,512
    039483102 ARCHER DANIELS MIDLA 36,530 30,728
    61945C103 MOSAIC CO THE    
    031162100 AMGEN INC 19,379 21,998
    921921300 VANGUARD EQUITY INCO 19,146 21,683
    808509640 LAUDUS INTERNATIONAL 28,871 28,416
    17275R102 CISCO SYSTEMS INC    
    92914A810 VOYA INTERNATIONAL R 24,220 20,208
    683974604 OPPENHEIMER DEVELOPI 60,195 65,028
    01609W102 ALIBABA GROUP HOLDIN 39,194 65,108
    464288448 ISHARES INTERNATIONA 107,539 103,356
    315910620 FIDELITY INVT TR AD 163,323 151,531
    641233200 NEUBERGER BERMAN GEN 94,963 112,866
    413838830 OAKMARK GLOBAL FUND    
    N53745100 LYONDELLBASELL INDUS 54,296 60,291
    74925K581 ROBECO BOSTON PARTNE 33,641 36,775
    06828M876 BARON EMERGING MARKE 169,500 188,583
    701769408 PARNASSUS CORE EQUIT 105,057 112,832
    00769G543 CAMBIAR INTL EQUITY 159,727 152,762
    375558103 GILEAD SCIENCES INC 98,289 75,060
    345370860 FORD MOTOR CO    
    670678507 NUVEEN REAL ESTATE S 8,808 10,262
    018581108 ALLIANCE DATA SYSTEM 105,626 75,040
    958102105 WESTERN DIGITAL CORP 134,561 62,849
    037833100 APPLE INC 21,225 47,322
    779556109 ROWE T PRICE MID-CAP 110,635 158,097
    025076209 AMERICAN CENT EQUITY 19,623 22,859
    77957Y106 T ROWE PRICE MID CAP 137,598 108,086
    58155Q103 MCKESSON CORPORATION 104,603 80,091
    74254V273 PRINCIPAL GL R E SEC 48,632 46,785
    378690606 GLENMEDE SC EQUITY P 208,138 175,410
    149498107 CAUSEWAY EMERGING MA 191,500 181,133
    30219G108 EXPRESS SCRIPTS HLDG    
    46434V886 ISHARES TR HDG MSCI 124,837 116,574
    87612E106 TARGET CORP    
    59156R108 METLIFE INC 99,670 82,120
    14040H105 CAPITAL ONE FINANCIA 52,708 49,134
    024835100 AMERICAN CAMPUS COMM 37,347 39,321
    413838681 OAKMARK GLOBAL FUND 109,305 90,258
    151020104 CELGENE CORPORATION 56,230 41,659
    344849104 FOOT LOCKER INC 31,518 38,570
    670678200 NUVEEN SMALL CAP VAL 63,985 48,792
    254687106 DISNEY WALT CO 46,240 49,343
    11135F101 BROADCOM INC 78,860 88,998
    09062X103 BIOGEN, INC 13,113 15,046
    125523100 CIGNA CORP 86,222 72,403
    30303M102 FACEBOOK INC A 36,495 29,495
    14949P208 CAUSEWAY INTERNATL V 123,322 96,905

    TY 2018 OtherAssetsSchedule
    Name:
    CHARLES & FLORENCE PHELPS TRUST
    EIN:
    42-6481677
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ACCRUED INCOME 7,261 6,168 6,168


    TY 2018 OtherDecreasesSchedule
    Name:
    CHARLES & FLORENCE PHELPS TRUST
    EIN:
    42-6481677
    Description Amount
    NUVEEN CORE PLUS BOOK ADJ 1,638


    TY 2018 OtherExpensesSchedule
    Name:
    CHARLES & FLORENCE PHELPS TRUST
    EIN:
    42-6481677
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ADR FEES 11 11   0


    TY 2018 OtherIncreasesSchedule
    Name:
    CHARLES & FLORENCE PHELPS TRUST
    EIN:
    42-6481677
    Description Amount
    CORP ACTION ADJ MERGER 14,218
    COST BASIS ADJ 86


    TY 2018 TaxesSchedule
    Name:
    CHARLES & FLORENCE PHELPS TRUST
    EIN:
    42-6481677
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 3,170 3,170   0
    FEDERAL TAX PAYMENT - PRIOR YE 7,587 0   0
    FEDERAL ESTIMATES - PRINCIPAL 9,540 0   0
    FOREIGN TAXES ON NONQUALIFIED 908 908   0