Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
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
HILLSDALE-EDITH K CARR - MAIN
 
Number and street (or P.O. box number if mail is not delivered to street address)6325 S RAINBOW BLVD STE 300
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
LAS VEGAS, NV89118
A Employer identification number

41-6012952
B Telephone number (see instructions)

(888) 730-4933
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$13,234,593J 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... 321,299 318,027  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,170,925
b Gross sales price for all assets on line 6a 4,238,751
7 Capital gain net income (from Part IV, line 2)... 1,170,925
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 293 293  
12 Total. Add lines 1 through 11........ 1,492,517 1,489,245  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 119,305 107,375   11,931
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 1,159 0 0 1,159
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 47,421 6,821   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 505 480   25
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 168,390 114,676 0 13,115
25 Contributions, gifts, grants paid....... 688,018 688,018
26 Total expenses and disbursements. Add lines 24 and 25 856,408 114,676 0 701,133
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 636,109
b Net investment income (if negative, enter -0-) 1,374,569
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......... 676,612 208,366 208,366
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).......      
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 11,320,436 Click to see attachment12,439,509 13,026,227
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) 11,997,048 12,647,875 13,234,593
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........ 11,997,048 12,647,875
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)..... 11,997,048 12,647,875
31 Total liabilities and net assets/fund balances (see instructions). 11,997,048 12,647,875
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
11,997,048
2
Enter amount from Part I, line 27a .....................
2
636,109
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
20,128
4
Add lines 1, 2, and 3 ..........................
4
12,653,285
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
5,410
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
12,647,875
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 386. AMERICAN ASSETS TRUST INC     2018-03-29
b 96. AMERICAN ASSETS TRUST INC   2017-09-22 2018-03-29
c 215. AMERICAN CAMPUS CMNTYS INC   2012-04-10 2018-03-29
d 48. AMERICAN CAMPUS CMNTYS INC   2017-09-22 2018-03-29
e 534. APARTMENT INVT & MGMT CO CL A     2018-03-29
120. APARTMENT INVT & MGMT CO CL A   2017-09-22 2018-03-29
12. AVALONBAY CMNTYS INC   2017-09-22 2018-03-29
57. AVALONBAY CMNTYS INC   2012-04-10 2018-03-29
57. CHESAPEAKE LODGING TRUST   2017-09-22 2018-03-29
256. CHESAPEAKE LODGING TRUST   2014-08-21 2018-03-29
232. CORESITE REALTY CORP     2018-03-29
57. CORESITE REALTY CORP   2017-09-22 2018-03-29
72. CORPORATE OFFICE PROPERTIES COM   2017-09-22 2018-03-29
351. CORPORATE OFFICE PROPERTIES COM   2016-12-01 2018-03-29
60. CROWN CASTLE INTL CORP   2017-09-22 2018-03-29
264. CROWN CASTLE INTL CORP     2018-03-29
113. DIGITAL RLTY TR INC     2018-03-29
210. EPR PROPERTIES   2013-02-08 2018-03-29
48. EPR PROPERTIES   2017-09-22 2018-03-29
66. EXTRA SPACE STORAGE INC   2017-09-22 2018-03-29
290. EXTRA SPACE STORAGE INC   2012-04-10 2018-03-29
393. FIRST INDL RLTY TR INC COM   2013-09-13 2018-03-29
87. FIRST INDL RLTY TR INC COM   2017-09-22 2018-03-29
189. GGP INC   2017-09-22 2018-03-29
831. GGP INC     2018-03-29
99. HCP INC   2017-09-22 2018-03-29
438. HCP INC   2012-04-10 2018-03-29
179. INVITATION HOMES INC   2017-09-22 2018-03-29
139. KILROY REALTY CORP COM   2016-12-01 2018-03-29
30. KILROY REALTY CORP COM   2017-09-22 2018-03-29
438. KIMCO RLTY CORP     2018-03-29
108. KIMCO RLTY CORP   2017-09-22 2018-03-29
683. MEDICAL PPTYS TR INC     2018-03-29
150. MEDICAL PPTYS TR INC   2017-09-22 2018-03-29
63. MID AMERICA APARTMENT COM   2017-09-22 2018-03-29
236. MID AMERICA APARTMENT COM     2018-03-29
324. NATIONAL RETAIL PPTYS INC     2018-03-29
72. NATIONAL RETAIL PPTYS INC   2017-09-22 2018-03-29
413. OUTFRONT MEDIA INC   2015-10-13 2018-03-29
96. OUTFRONT MEDIA INC   2017-09-22 2018-03-29
508. PIEDMONT OFFICE REALTY TRU-A     2018-03-29
111. PIEDMONT OFFICE REALTY TRU-A   2017-09-22 2018-03-29
394. RLJ LODGING TRUST     2018-03-29
401. RLJ LODGING TRUST     2018-03-29
2574.872 COHEN & STEERS PR SEC&INC-I 2118   2016-08-19 2018-04-13
3881.988 VANGUARD INFLAT-PROT SECS-ADM 5119   2017-01-17 2018-04-13
91385.648 JPMORGAN U.S. L/C CORE PLUS-S 1002     2018-04-17
7. AMERICAN TOWER REIT   2018-03-29 2018-05-25
60. BOSTON PROPERTIES INC COM   2018-03-29 2018-05-25
10. CAMDEN PPTY TR SH BEN INT   2018-03-29 2018-05-25
2. EQUINIX INC   2017-09-22 2018-05-25
57. HOST HOTELS & RESORTS, INC.   2018-03-29 2018-05-25
13. PROLOGIS INC   2017-09-22 2018-05-25
6. SIMON PROPERTY GROUP INC   2015-01-26 2018-05-25
32. TAUBMAN CTRS INC COM   2018-03-29 2018-05-25
9. AMERICAN TOWER REIT   2018-03-29 2018-06-18
88. BOSTON PROPERTIES INC COM   2012-04-10 2018-06-18
42. BOSTON PROPERTIES INC COM     2018-06-18
4. ESSEX PPTY TR COM   2018-03-29 2018-06-20
4. SIMON PROPERTY GROUP INC   2015-01-26 2018-06-20
130.807 SKYBRIDGE MULTI-ADVISER HF LLC (RF)     2018-06-29
8014.58 SKYBRIDGE MULTI-ADVISER 5% HOLDBACK   2018-06-29 2018-06-30
30000. FLORIDA ST HURRICANE 2.107% 7/01/18   2013-04-10 2018-07-01
145. HOST HOTELS & RESORTS, INC.     2018-07-24
13. SIMON PROPERTY GROUP INC   2015-01-26 2018-07-24
1348.846 ARTISAN INTERNATIONAL FD INS #662     2018-08-02
660.932 DODGE & COX INT'L STOCK FD #1048   2007-01-30 2018-08-02
707. ISHARES CORE S&P MIDCAP ETF     2018-08-02
1913.32 OPPENHEIMER DEVELOPING MKT-I 799   2013-01-07 2018-08-02
1020. VANGUARD REIT VIPER   2013-10-17 2018-08-02
25000. GOLDMAN SACHS GROUP 2.625% 1/31/19   2014-01-28 2018-08-20
25000. ORACLE CORP 5.000% 7/08/19   2013-11-15 2018-08-20
25000. ORACLE CORP 2.250% 10/08/19   2016-06-15 2018-08-20
22. ESSEX PPTY TR COM   2018-03-29 2018-08-27
236. HOST HOTELS & RESORTS, INC.   2018-03-29 2018-08-27
38. VENTAS INC COM   2017-09-22 2018-08-27
14. AMERICAN TOWER REIT   2018-03-29 2018-11-06
15. ESSEX PPTY TR COM   2018-03-29 2018-11-06
253. HOST HOTELS & RESORTS, INC.   2018-03-29 2018-11-06
113. HUDSON PACIFIC PROPERTIES INC     2018-11-06
1. PUBLIC STORAGE INC COM   2018-03-29 2018-11-06
9. PUBLIC STORAGE INC COM   2017-09-22 2018-11-06
79. RETAIL OPPORTUNITY INVESTMENTS CORP     2018-11-06
14. SIMON PROPERTY GROUP INC   2015-01-26 2018-11-06
1. SIMON PROPERTY GROUP INC   2018-08-27 2018-11-06
3817.86 AQR MANAGED FUTURES STR-I     2018-12-21
9664.108 DRIEHAUS ACTIVE INCOME FUND   2012-10-09 2018-12-21
2896.842 ASG MANAGED FUTURES STRAT-Y   2015-08-20 2018-12-21
1169.035 ROBECO BP LNG/SHRT RES-INS   2013-07-31 2018-12-21
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 12,932   14,569 -1,637
b 3,216   3,840 -624
c 8,273   8,737 -464
d 1,847   2,263 -416
e 21,735   18,491 3,244
4,884   5,376 -492
1,970   2,148 -178
9,358   7,841 1,517
1,592   1,483 109
7,148   7,682 -534
23,300   6,676 16,624
5,725   6,171 -446
1,854   2,327 -473
9,040   9,932 -892
6,588   6,012 576
28,988   19,106 9,882
11,895   13,203 -1,308
11,632   9,402 2,230
2,659   3,367 -708
5,744   5,225 519
25,241   8,042 17,199
11,470   6,196 5,274
2,539   2,699 -160
3,888   3,886 2
17,096   25,275 -8,179
2,297   2,774 -477
10,161   11,290 -1,129
4,066   3,960 106
9,843   9,991 -148
2,124   2,082 42
6,294   7,745 -1,451
1,552   2,070 -518
8,846   8,641 205
1,943   1,939 4
5,735   6,749 -1,014
21,485   20,642 843
12,659   10,000 2,659
2,813   3,034 -221
7,700   9,253 -1,553
1,790   2,035 -245
8,943   8,423 520
1,954   2,229 -275
7,685   8,942 -1,257
7,821   8,985 -1,164
35,507   36,237 -730
98,408   100,000 -1,592
2,764,416   1,786,545 977,871
954   1,015 -61
7,170   7,402 -232
856   842 14
776   886 -110
1,223   1,066 157
837   830 7
955   1,221 -266
1,709   1,835 -126
1,240   1,305 -65
10,428   8,804 1,624
4,977   5,158 -181
931   964 -33
661   814 -153
160,292   150,000 10,292
8,015   8,015  
30,000   30,000  
3,109   2,794 315
2,208   2,646 -438
45,078   36,096 8,982
29,425   29,187 238
140,189   93,607 46,582
80,474   67,549 12,925
83,761   65,533 18,228
24,993   24,921 72
25,533   28,565 -3,032
24,913   25,812 -899
5,365   5,304 61
4,923   4,413 510
2,226   2,514 -288
2,171   2,030 141
3,742   3,617 125
4,641   4,731 -90
3,402   3,716 -314
203   202 1
1,826   1,927 -101
1,390   1,399 -9
2,563   2,850 -287
183   181 2
32,375   36,342 -3,967
90,166   101,666 -11,500
26,390   31,691 -5,301
16,542   15,747 795
      86,056
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       -1,637
b       -624
c       -464
d       -416
e       3,244
      -492
      -178
      1,517
      109
      -534
      16,624
      -446
      -473
      -892
      576
      9,882
      -1,308
      2,230
      -708
      519
      17,199
      5,274
      -160
      2
      -8,179
      -477
      -1,129
      106
      -148
      42
      -1,451
      -518
      205
      4
      -1,014
      843
      2,659
      -221
      -1,553
      -245
      520
      -275
      -1,257
      -1,164
      -730
      -1,592
      977,871
      -61
      -232
      14
      -110
      157
      7
      -266
      -126
      -65
      1,624
      -181
      -33
      -153
      10,292
       
       
      315
      -438
      8,982
      238
      46,582
      12,925
      18,228
      72
      -3,032
      -899
      61
      510
      -288
      141
      125
      -90
      -314
      1
      -101
      -9
      -287
      2
      -3,967
      -11,500
      -5,301
      795
       
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 1,170,925
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 451,706 14,281,556 0.031629
2016 659,296 13,340,931 0.049419
2015 725,301 14,201,747 0.051071
2014 690,537 14,755,073 0.0468
2013 931,583 14,348,349 0.064926
2
Total of line 1, column (d) .....................
2
0.243845
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
0.048769
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
14,497,725
5
Multiply line 4 by line 3......................
5
707,040
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
13,746
7
Add lines 5 and 6........................
7
720,786
8
Enter qualifying distributions from Part XII, line 4,.............
8
701,133
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 27,491
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 27,491
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 27,491
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 33,050
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 8,250
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 41,300
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 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 13,809
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet13,809 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)
    bulletMN
    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 addressbulletN/A
    14
    The books are in care ofbulletWELLS FARGO BANK NA Telephone no.bullet (888) 730-4933

    Located atbullet100 N MAIN ST MAC D4001-117WINSTON SALEMNC ZIP+4bullet27101
    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
     
     
    .........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
    Wells Fargo Bank NA TRUSTEE
    1     		119,305    
    100 N MAIN ST MAC D4001-117
    WINSTON SALEM,NC27101
    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
    14,284,548
    b
    Average of monthly cash balances.......................
    1b
    433,955
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    14,718,503
    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
    14,718,503
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    220,778
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    14,497,725
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    724,886
    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
    724,886
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
    27,491
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    27,491
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    697,395
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    697,395
    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
    697,395
    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
    701,133
    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
    701,133
    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
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    701,133
    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 7 697,395
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only....... 688,018
    b Total for prior years:2016, 2015, 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$ 701,133
    a Applied to 2017, but not more than line 2a 688,018
    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..... 13,115
    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 ..........     		684,280
    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
    HILLSDALE COLLEGE
    33 EAST COLLEGE ST
    HILLSDALE,MI49242     		NONE PC GENERAL OPERATING 688,018
    Total .................................bullet 3a 688,018
    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....     14 321,299  
    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 1,170,925  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aPARTNERSHIP/S-CORP     		    1 68  
    bANNUITIES FROM NON     1 85  
    cOTHER INCOME     1 140  
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   1,492,517  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    1,492,517
    (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:
    HILLSDALE-EDITH K CARR - MAIN
    EIN:
    41-6012952
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREPARATION FEE (NON-ALLOC 1,159     1,159

    TY 2018 GeneralExplanationAttachment
    Name:
    HILLSDALE-EDITH K CARR - MAIN
    EIN:
    41-6012952
    Identifier Return Reference Explanation
    The compensation reported in column (c) is calculated based on periodic market values and/or the applicable fee agreement. It is not determined on an hourly basis and the reference to one hour per week is an estimate only. Corporate trustee services include, but are not limited to, administrative services such as fiduciary accounting, custody of assets, complying with tax filing requirements, complying with distribution provisions, and complying with federal and state laws applicable to private foundations, plus asset management services such as creating asset allocation strategies, investments reporting and reallocating and rebalancing of portfolios as necessary.

    TY 2018 InvestmentsOtherSchedule2
    Name:
    HILLSDALE-EDITH K CARR - MAIN
    EIN:
    41-6012952
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    GTC997004 GAI CORBIN MULTI STR AT COST 335,724 340,474
    683974604 OPPENHEIMER DEVELOPI AT COST 486,055 552,484
    922908363 VANGUARD INDEX FD ET AT COST 3,113,776 2,869,408
    71943U104 PHYSICIANS REALTY TR AT COST 45,055 44,595
    46625HRL6 JPMORGAN CHASE & CO AT COST 79,535 76,842
    91159HHA1 US BANCORP 4.125% 5/ AT COST 56,595 51,153
    61945CAC7 MOSAIC CO 4.250% 11/ AT COST 54,265 50,257
    256206103 DODGE & COX INT'L ST AT COST 718,872 697,089
    003021714 ABERDEEN EMERG MARKE AT COST 612,352 572,755
    464288489 ISHARES FTSE EPRA/NA AT COST 403,002 393,016
    44107P104 HOST HOTELS RESORTS AT COST 22,752 21,921
    03027X100 AMERICAN TOWER REIT AT COST 46,083 71,186
    68389XAX3 ORACLE CORP 2.250% 1 AT COST 51,624 49,764
    808513AM7 CHARLES SCHWAB CORP AT COST 51,994 49,556
    828806109 SIMON PROPERTY GROUP AT COST 44,088 50,229
    76131N101 RETAIL OPPORTUNITY I AT COST 30,738 27,504
    21870Q105 CORESITE REALTY CORP AT COST 7,283 5,844
    912828G38 US TREASURY NOTE 2.2 AT COST 50,498 49,139
    912828K74 US TREASURY NOTE AT COST 170,527 168,711
    713448BN7 PEPSICO INC 4.500% 1 AT COST 53,159 50,908
    084670BS6 BERKSHIRE HATHAWAY AT COST 50,695 48,462
    77958B402 T ROWE PRICE INST FL AT COST 74,723 71,329
    12572QAE5 CME GROUP INC 3.000% AT COST 99,605 99,669
    000843201 ACAP STRATEGIC FUND- AT COST 100,000 83,333
    464287598 ISHARES RUSSELL 1000 AT COST 200,653 279,291
    63872T729 ASG MANAGED FUTURES AT COST 121,263 100,424
    015271109 ALEXANDRIA REAL ESTA AT COST 30,683 28,925
    29476L107 EQUITY RESIDENTIAL P AT COST 20,861 22,047
    42225P501 HEALTHCARE TRUST OF AT COST 14,533 13,718
    35086T109 FOUR CORNERS PROPERT AT COST 21,802 23,711
    57636QAB0 MASTERCARD INC 3.375 AT COST 104,824 100,624
    912828QN3 U S TREASURY NT 3.12 AT COST 108,654 101,484
    718172AT6 PHILIP MORRIS INTL 2 AT COST 49,436 48,182
    00203H859 AQR MANAGED FUTURES AT COST 112,133 100,110
    47803M168 JOHN HANCOCK II-CURR AT COST 142,125 134,670
    38143H381 GOLDMAN SACHS COMM S AT COST 100,000 97,598
    912828PC8 US TREASURY NOTE 2.6 AT COST 51,551 50,092
    337738AM0 FISERV INC 3.500% 10 AT COST 39,816 39,724
    96332HCF4 WHIRLPOOL CORP 3.700 AT COST 24,950 24,467
    464287804 ISHARES TR SMALLCAP AT COST 427,163 776,384
    464287507 ISHARES TR S & P MID AT COST 791,023 1,284,972
    74925K581 ROBECO BP LNG/SHRT R AT COST 141,569 151,658
    876664103 TAUBMAN CTRS INC COM AT COST 12,589 9,735
    589509207 MERGER FUND-INST #30 AT COST 91,858 103,173
    444097109 HUDSON PACIFIC PROPE AT COST 31,038 27,723
    87234N765 TCW EMRG MKTS INCM-I AT COST 110,000 106,657
    89417EAG4 TRAVELERS COS INC 3. AT COST 53,965 50,771
    78410G104 SBA COMMUNICATIONS C AT COST 17,694 16,998
    74340W103 PROLOGIS INC AT COST 33,609 44,627
    9128283W8 US TREASURY NOTE AT COST 99,066 100,516
    912828F62 US TREASURY NOTE 1.5 AT COST 200,391 198,132
    31641Q763 FIDELITY NEW MRKTS I AT COST 900,000 798,366
    4812C0803 JPMORGAN HIGH YIELD AT COST 214,997 196,237
    15189XAL2 CENTERPOINT ENER HOU AT COST 49,867 48,300
    64128R608 NEUBERGER BERMAN LON AT COST 142,158 142,936
    297178105 ESSEX PPTY TR COM AT COST 13,020 13,241
    74460D109 PUBLIC STORAGE INC C AT COST 16,992 19,229
    92276F100 VENTAS INC COM AT COST 10,550 12,362
    866674104 SUN CMNTYS INC COM AT COST 25,438 28,072
    29444U700 EQUINIX INC AT COST 48,935 50,416
    46187W107 INVITATION HOMES INC AT COST 20,946 21,787
    02665T306 AMERICAN HOMES 4 REN AT COST 21,170 20,565
    912828KQ2 US TREASURY NOTE 3.1 AT COST 52,227 50,112
    06051GEC9 BANK OF AMERICA CORP AT COST 115,692 103,378
    04314H402 ARTISAN INTERNATIONA AT COST 579,155 686,655
    NBP993844 NB CROSSROADS PRIV M AT COST 20,000 20,000
    09260C703 BLACKROCK GL L/S CRE AT COST 90,000 90,000
    133131102 CAMDEN PPTY TR SH BE AT COST 23,991 24,830
    912810EQ7 US TREASURY BOND 6.2 AT COST 125,871 116,156
    6174467P8 MORGAN STANLEY 5.500 AT COST 56,251 51,544

    TY 2018 OtherDecreasesSchedule
    Name:
    HILLSDALE-EDITH K CARR - MAIN
    EIN:
    41-6012952
    Description Amount
    PY RETURN OF CAPITAL ADJUSTMENT 2,500
    COST BASIS ADJUSTMENT 2,910


    TY 2018 OtherExpensesSchedule
    Name:
    HILLSDALE-EDITH K CARR - MAIN
    EIN:
    41-6012952
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FILING FEE/STATE TAX 25 0   25
    FROM PARTNERSHIP/S-CORP 480 480   0


    TY 2018 OtherIncomeSchedule2
    Name:
    HILLSDALE-EDITH K CARR - MAIN
    EIN:
    41-6012952
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    ANNUITIES FROM NONQUALIFIED PLANS (SECTI 85 85  
    OTHER INCOME 140 140  
    FROM PARTNERSHIP/S-CORP 68 68  


    TY 2018 OtherIncreasesSchedule
    Name:
    HILLSDALE-EDITH K CARR - MAIN
    EIN:
    41-6012952
    Description Amount
    MUTUAL FUND TIMING DIFFERENCE 20,128


    TY 2018 TaxesSchedule
    Name:
    HILLSDALE-EDITH K CARR - MAIN
    EIN:
    41-6012952
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 6,108 6,108   0
    FEDERAL TAX PAYMENT - PRIOR YE 7,550 0   0
    FEDERAL ESTIMATES - PRINCIPAL 33,050 0   0
    FOREIGN TAXES ON NONQUALIFIED 713 713   0