TY 2018 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

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

Go 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
JEWEL NAIL BOMAR TRUST XXXXX4009

Number and street (or P.O. box number if mail is not delivered to street address)10 S DEARBORN IL1-0111
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
CHICAGO, IL60603

A Employer identification number

75-6104159

B Telephone number (see instructions)

(800) 496-2583

C If exemption application is pending, check here bullet

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

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

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

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

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

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

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

$113,400,650J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	2,316,932		2,314,153
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		2,975,105
b	Gross sales price for all assets on line 6a 30,378,203
7	Capital gain net income (from Part IV, line 2)...			2,975,105
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).......		7,610,546	7,610,546
12	Total. Add lines 1 through 11........	12,902,583		12,899,804
13	Compensation of officers, directors, trustees, etc.	819,649		491,790		327,860
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).......
c	Other professional fees (attach schedule)....		21,154	21,154		0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		214,308	63,308		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).......		622,329	622,329
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	1,677,440		1,198,581	0	327,860
25	Contributions, gifts, grants paid.......	9,174,086				9,174,086
26	Total expenses and disbursements. Add lines 24 and 25	10,851,526		1,198,581	0	9,501,946
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	2,051,057
b	Net investment income (if negative, enter -0-)			11,701,223
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	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	87,162	59,842	59,842
	2	Savings and temporary cash investments.........	3,777,971	1,783,819	1,783,819
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	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).......	41,803,998	46,140,013	48,143,042
	c	Investments—corporate bonds (attach schedule).......	24,533,435	25,435,719	24,556,764
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	18,014,304	16,878,958	17,876,457
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	126	123	20,980,726
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	88,216,996	90,298,474	113,400,650
	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 )
	23	Total liabilities (add lines 17 through 22).........		0
		Foundations that follow SFAS 117, check here
		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
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds........	88,216,996	90,298,474
	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).....	88,216,996	90,298,474
	31	Total liabilities and net assets/fund balances (see instructions).	88,216,996	90,298,474

Part III

Analysis of Changes in Net Assets or Fund Balances

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

88,216,996

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

2,051,057

Other increases not included in line 2 (itemize) bullet

117,286

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

90,385,339

Decreases not included in line 2 (itemize) bullet

86,865

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

90,298,474

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	9000. PVH CORP 4.500% 12/15/2022 DTD 12/20/2012		2017-01-23	2018-01-05
b	21000. PVH CORP 4.500% 12/15/2022 DTD 12/20/2012		2016-12-20	2018-01-05
c	142. MATADOR RESOURCES CO		2016-12-12	2018-01-09
d	58. MATADOR RESOURCES CO		2016-12-12	2018-01-10
e	98570. XTRACKERS MSCI EUROPE HEDGED EQUITY ETF.			2018-01-11
	425. MICROSEMI CORP COM			2018-01-23
	200. ORKLA ASA-SPON ADR		2016-12-12	2018-01-24
	110. SONIC HEALTHCARE LTD SPONSORED ADR		2016-12-12	2018-01-24
	145. ALLIANZ S E SOPNSORED ADR RPSTG 1/10		2017-01-13	2018-01-25
	200. ORKLA ASA-SPON ADR		2016-12-12	2018-01-25
	115. SONIC HEALTHCARE LTD SPONSORED ADR		2016-12-12	2018-01-25
	130. ALLIANZ S E SOPNSORED ADR RPSTG 1/10		2017-01-13	2018-01-26
	35. BOC HONG KONG HLDGS LTD SPONS ADR		2016-12-12	2018-01-26
	95. DIAGEO PLC SPONSORED ADR NEW		2017-02-08	2018-01-26
	135. ENGIE		2017-08-08	2018-01-26
	195. ORKLA ASA-SPON ADR			2018-01-26
	105. SANOFI-SYNTHELABO SA		2017-01-13	2018-01-26
	45. SMURFIT KAPPA GROUP PLC ADR		2017-08-07	2018-01-26
	4000. MILWAUKEE WI SWRAGE REV SYS-SER S7 5.000		2017-01-23	2018-01-26
	30000. MILWAUKEE WI SWRAGE REV SYS-SER S7 5.000			2018-01-26
	35. TOTAL FINA ELF S A SPONSORED ADR		2017-01-13	2018-01-26
	70. BOC HONG KONG HLDGS LTD SPONS ADR		2016-12-12	2018-01-29
	330. ENGIE			2018-01-29
	21080.86 MATTHEWS ASIA DIVIDEND-INS		2017-02-13	2018-01-29
	29481.132 MATTHEWS ASIA DIVIDEND-INS		2016-09-29	2018-01-29
	170. ORKLA ASA-SPON ADR		2017-01-13	2018-01-29
	70. SMURFIT KAPPA GROUP PLC ADR		2017-08-07	2018-01-29
	105. SONIC HEALTHCARE LTD SPONSORED ADR		2016-12-12	2018-01-29
	170. VERMILION ENERGY INC		2016-12-12	2018-01-29
	70. BOC HONG KONG HLDGS LTD SPONS ADR		2016-12-12	2018-01-30
	325. ENGIE		2017-08-07	2018-01-30
	115. HSBC HLDGS PLC SPONS ADR NEW		2016-12-12	2018-01-30
	70. NIPPON TELEG & TEL CORP SPONS ADR		2017-01-13	2018-01-30
	175. ORKLA ASA-SPON ADR		2017-01-13	2018-01-30
	70. SMURFIT KAPPA GROUP PLC ADR			2018-01-30
	30. TOTAL FINA ELF S A SPONSORED ADR		2017-01-13	2018-01-30
	70. BOC HONG KONG HLDGS LTD SPONS ADR		2016-12-12	2018-01-31
	105. ENGIE		2017-08-07	2018-01-31
	115. HSBC HLDGS PLC SPONS ADR NEW		2016-12-12	2018-01-31
	25. NESTLE S A SPONSORED ADR REPSTG REG		2017-01-13	2018-01-31
	180. ORKLA ASA-SPON ADR		2017-01-13	2018-01-31
	65. SMURFIT KAPPA GROUP PLC ADR			2018-01-31
	25. TOTAL FINA ELF S A SPONSORED ADR		2017-01-13	2018-01-31
	165. VERMILION ENERGY INC		2016-12-12	2018-01-31
	175. ORKLA ASA-SPON ADR		2017-01-13	2018-02-01
	15. SMURFIT KAPPA GROUP PLC ADR			2018-02-01
	95. ORKLA ASA-SPON ADR		2017-01-13	2018-02-02
	107. KFORCE INC		2016-12-12	2018-02-07
	73. KFORCE INC		2016-12-12	2018-02-08
	70. KFORCE INC		2016-12-12	2018-02-09
	3600. DEUTSCHE X-TRACKERS MSCI JAP		2017-10-24	2018-02-12
	44. GENOMIC HEALTH INC		2016-12-12	2018-02-12
	50. LITTELFUSE INC		2016-12-12	2018-02-12
	127932.961 BLACKROCK HIGH YIELD PT-BLAC		2016-03-31	2018-02-13
	7700. DEUTSCHE X-TRACKERS MSCI JAP		2017-10-24	2018-02-13
	170. GENOMIC HEALTH INC		2016-12-12	2018-02-13
	115. ORKLA ASA-SPON ADR		2017-01-13	2018-02-13
	475. ROCHE HLDG LTD SPONS ADR		2017-01-13	2018-02-13
	130. SANOFI-SYNTHELABO SA		2017-01-13	2018-02-13
	5030. DEUTSCHE X-TRACKERS MSCI JAP		2017-10-24	2018-02-14
	1300. DEUTSCHE X-TRACKERS MSCI JAP			2018-02-14
	380. ENGIE			2018-02-14
	112. GENOMIC HEALTH INC		2016-12-12	2018-02-14
	270. ROCHE HLDG LTD SPONS ADR		2017-01-13	2018-02-14
	21000. WESTERN DIGITAL CORP NON-TRADEABLE ASSET			2018-02-14
	59. GENOMIC HEALTH INC			2018-02-15
	265. GENOMIC HEALTH INC		2017-01-13	2018-02-16
	157924.925 PIMCO FDS PAC INVT MGMT SER HIGH YLD FD INSTL CL			2018-02-16
	72. NAVIGANT CONSULTING INC		2016-12-12	2018-02-21
	101. NAVIGANT CONSULTING INC		2016-12-12	2018-02-27
	100. NAVIGANT CONSULTING INC		2016-12-12	2018-02-28
	113. NAVIGANT CONSULTING INC		2016-12-12	2018-03-01
	200. NAVIGANT CONSULTING INC		2016-12-12	2018-03-02
	114. NAVIGANT CONSULTING INC		2016-12-12	2018-03-05
	290. SMURFIT KAPPA GROUP PLC ADR			2018-03-08
	105. SMURFIT KAPPA GROUP PLC ADR		2017-01-25	2018-03-08
	806. J. JILL INC			2018-03-15
	42000. AES CORPORATION NON-TRADEABLE ASSET		2016-12-20	2018-03-16
	21000. AECOM 5.750% 10/15/2022 DTD 10/30/2015			2018-03-16
	1070. J. JILL INC			2018-03-16
	30000. LAMAR MEDIA CORP 5.875% FEB 01 2022			2018-03-19
	4045. SPDR GOLD TRUST		2017-08-22	2018-03-19
	7420. SPDR GOLD TRUST			2018-03-19
	85. SMURFIT KAPPA GROUP PLC ADR		2017-01-25	2018-03-21
	39000. AES CORPORATION NON-TRADEABLE ASSET			2018-03-22
	90. MMC NORILSK NICKEL PJSC SPONSORED ADR			2018-03-22
	185. MMC NORILSK NICKEL PJSC SPONSORED ADR		2016-12-12	2018-03-22
	95. SMURFIT KAPPA GROUP PLC ADR		2017-01-25	2018-03-22
	15. SMURFIT KAPPA GROUP PLC ADR		2017-03-30	2018-03-22
	235. MMC NORILSK NICKEL PJSC SPONSORED ADR		2016-12-12	2018-03-23
	60. SMURFIT KAPPA GROUP PLC ADR			2018-03-23
	65. STURM RUGER & CO INC			2018-03-27
	85. STURM RUGER & CO INC			2018-03-28
	153. ILG INC		2017-01-13	2018-03-29
	183. ILG INC		2017-01-13	2018-04-02
	. ARGO GROUP INTERNATIONAL			2018-04-02
	172. ILG INC		2017-01-13	2018-04-03
	167. ILG INC		2017-01-13	2018-04-04
	30. MMC NORILSK NICKEL PJSC SPONSORED ADR		2016-12-12	2018-04-11
	91491.308 JH II STRAT INC OPPORT-R6		2017-09-14	2018-04-12
	330. JAPAN TOBACCO INC-UNSPON ADR			2018-04-12
	. LHC GROUP INC			2018-04-12
	80. MMC NORILSK NICKEL PJSC SPONSORED ADR		2016-12-12	2018-04-12
	530. JAPAN TOBACCO INC-UNSPON ADR		2016-12-12	2018-04-13
	30. MMC NORILSK NICKEL PJSC SPONSORED ADR		2016-12-12	2018-04-13
	545. JAPAN TOBACCO INC-UNSPON ADR		2016-12-12	2018-04-16
	50. MMC NORILSK NICKEL PJSC SPONSORED ADR		2016-12-12	2018-04-16
	525. JAPAN TOBACCO INC-UNSPON ADR		2016-12-12	2018-04-17
	30. MMC NORILSK NICKEL PJSC SPONSORED ADR		2016-12-12	2018-04-17
	425. JAPAN TOBACCO INC-UNSPON ADR		2016-12-12	2018-04-19
	90. SMURFIT KAPPA GROUP PLC ADR		2017-03-31	2018-04-19
	425. JAPAN TOBACCO INC-UNSPON ADR			2018-04-20
	30. SMURFIT KAPPA GROUP PLC ADR		2017-04-24	2018-04-20
	20. SMURFIT KAPPA GROUP PLC ADR		2017-03-31	2018-04-20
	325. JAPAN TOBACCO INC-UNSPON ADR			2018-04-23
	35. SMURFIT KAPPA GROUP PLC ADR		2017-04-24	2018-04-23
	43000. SLM CORP MEDIUM TERM NTS TRANCHE # TR 00104			2018-04-27
	1. BLUEMOUNTAIN CREDIT ALTERNATIVES FUND LTD. CLASS S - NEW ISSUES		2017-01-31	2018-05-02
	280. BNP PARIBAS SPONS ADR REPSTG 1/4 SH		2017-01-13	2018-05-09
	14000. CONTINENTAL RESOURCES 5% SEP 15 2022			2018-05-10
	29000. CONTINENTAL RESOURCES 5% SEP 15 2022		2016-12-21	2018-05-10
	900. MB FINANCIAL INC			2018-05-21
	. ASE TECHNOLOGY HOLDING CO LTD-ADR			2018-05-25
	107636.219 FMI LARGE CAP FUND-INST			2018-05-29
	5000. AMERICAN AXLE & MFG INC 6.625% OCT 15 2022			2018-05-30
	180. PROSIEBEN SAT.1-UNSP ADR		2017-01-13	2018-05-31
	45000. EMC CORP		2016-12-20	2018-06-01
	165. PROSIEBEN SAT.1-UNSP ADR		2017-01-13	2018-06-01
	21000. OSHKOSH CORP 5.375% 03/01/2022 DTD 02/21/2014			2018-06-04
	150. PROSIEBEN SAT.1-UNSP ADR		2017-01-13	2018-06-04
	150. PROSIEBEN SAT.1-UNSP ADR		2017-01-13	2018-06-05
	150. PROSIEBEN SAT.1-UNSP ADR		2017-01-13	2018-06-06
	75. FIVE BELOW		2016-12-12	2018-06-07
	75. FIVE BELOW		2017-07-12	2018-06-07
	105. PROSIEBEN SAT.1-UNSP ADR		2017-01-13	2018-06-07
	22909. VANGUARD EMERGING MARKET VIPERS			2018-06-15
	37319.901 AMG MG FAIRPT MC-Z		2016-06-20	2018-06-18
	77. KFORCE INC		2016-12-12	2018-06-19
	3016.59 PRECISION DRILLING CORP 6.5% DEC 15 2021		2017-01-25	2018-06-19
	260. KFORCE INC		2016-12-12	2018-06-20
	48. KFORCE INC		2016-12-12	2018-06-21
	72. KFORCE INC			2018-06-22
	350. ANALOGIC CORP			2018-06-25
	43. KFORCE INC			2018-06-25
	610. DAIMLER AG UNSPONSORED ADR		2017-11-30	2018-06-29
	3. SCHULMAN A INC		2016-12-12	2018-07-03
	118. SCHULMAN A INC		2016-12-12	2018-07-05
	147. SCHULMAN A INC		2016-12-12	2018-07-06
	161. SCHULMAN A INC		2016-12-12	2018-07-09
	28. SCHULMAN A INC		2016-12-12	2018-07-10
	29. SCHULMAN A INC		2016-12-12	2018-07-11
	94. SCHULMAN A INC			2018-07-12
	115. SCHULMAN A INC		2017-01-13	2018-07-13
	110. VODAFONE GROUP PLC-SP ADR		2017-12-04	2018-07-13
	255. SCHULMAN A INC		2017-01-13	2018-07-16
	320. VODAFONE GROUP PLC-SP ADR			2018-07-16
	215. VODAFONE GROUP PLC-SP ADR			2018-07-17
	155. VODAFONE GROUP PLC-SP ADR		2017-12-01	2018-07-18
	3596. SPDR TR UNIT SER 1		2016-12-05	2018-07-19
	43000. AIRCASTLE LTD 5.125% 03/15/2021 DTD 03/26/2014			2018-08-02
	43000. FLEXTRONICS INTL LTD 144A 5.000% 02/15/2023 DTD 02/20/2013			2018-08-02
	1. GRUSS DV FUND, LTD. CLASS O - NEW ISSUES INELIGIBLE NON-SELF DEALIN		2016-06-30	2018-08-03
	1. BLUEMOUNTAIN CREDIT ALTERNATIVES FUND LTD. CLASS S - NEW ISSUES		2017-01-31	2018-08-03
	1. BLACKSTONE REAL ESTATE CMBS OFFSHORE FUND LTD. NEW ISSUES		2012-03-30	2018-08-06
	175. PDC ENERGY INC		2016-12-12	2018-08-08
	285. DAIMLER AG UNSPONSORED ADR		2017-11-30	2018-08-09
	325. PROSIEBEN SAT.1-UNSP ADR		2017-01-13	2018-08-09
	175. SSE PLC-SPN ADR		2016-12-12	2018-08-09
	14000. TESORO LOGISTICS LP/CORP 5.250% 01/15/2025 DTD 12/02/2016			2018-08-09
	285. DAIMLER AG UNSPONSORED ADR			2018-08-10
	330. PROSIEBEN SAT.1-UNSP ADR		2017-01-13	2018-08-10
	175. SSE PLC-SPN ADR		2016-12-12	2018-08-10
	11000. TESORO LOGISTICS LP/CORP 5.250% 01/15/2025 DTD 12/02/2016			2018-08-10
	20000. TESORO LOGISTICS LP/CORP 5.250% 01/15/2025 DTD 12/02/2016			2018-08-10
	10000. ARCELORMITTAL 6 1/4% FEB 25 2022 DTD 02/28/2012		2016-12-20	2018-08-13
	370. DAIMLER AG UNSPONSORED ADR			2018-08-13
	800. PROSIEBEN SAT.1-UNSP ADR			2018-08-13
	235. SSE PLC-SPN ADR		2016-12-12	2018-08-13
	19000. ARCELORMITTAL 6 1/4% FEB 25 2022 DTD 02/28/2012		2016-12-20	2018-08-15
	6000. ARCELORMITTAL 6 1/4% FEB 25 2022 DTD 02/28/2012		2016-12-20	2018-08-15
	21000. ARCELORMITTAL 6 1/4% FEB 25 2022 DTD 02/28/2012			2018-08-15
	425. LLOYDS TSB GROUP PLC SPONSORED ADR		2018-01-26	2018-08-15
	240. SANOFI-SYNTHELABO SA		2017-01-13	2018-08-15
	9000. TECK RESOURCES LIMITED 4 1/2% JAN 15 2021		2017-02-16	2018-08-15
	150. TELEFONICA BRASIL-ADR		2018-01-26	2018-08-15
	40. VERMILION ENERGY INC		2016-12-12	2018-08-15
	5. DAIMLER AG UNSPONSORED ADR		2017-09-20	2018-08-16
	95. LLOYDS TSB GROUP PLC SPONSORED ADR		2018-01-26	2018-08-16
	10. PROSIEBEN SAT.1-UNSP ADR		2016-12-12	2018-08-16
	25. SANOFI-SYNTHELABO SA		2017-01-13	2018-08-16
	160. TELEFONICA BRASIL-ADR		2018-01-26	2018-08-16
	35. VERMILION ENERGY INC		2016-12-12	2018-08-16
	155. VERMILION ENERGY INC		2016-12-12	2018-08-17
	8000. ARCELORMITTAL 6 1/4% FEB 25 2022 DTD 02/28/2012		2017-01-23	2018-08-20
	50. TELEFONICA BRASIL-ADR			2018-08-21
	75. TELEFONICA BRASIL-ADR			2018-08-22
	21000. ARCELORMITTAL NON-TRADEABLE ASSET			2018-08-23
	40. TELEFONICA BRASIL-ADR		2018-01-29	2018-08-23
	10000. WILLIAMS COMPANIES INC 4.550% 06/24/2024 DTD 06/24/2014		2017-01-23	2018-08-23
	45. TELEFONICA BRASIL-ADR		2018-01-29	2018-08-24
	62000. WILLIAMS COMPANIES INC 4.550% 06/24/2024 DTD 06/24/2014			2018-08-24
	13000. WILLIAMS COMPANIES INC 4.550% 06/24/2024 DTD 06/24/2014		2016-12-20	2018-08-24
	45. TELEFONICA BRASIL-ADR		2018-01-29	2018-08-27
	25. TELEFONICA BRASIL-ADR		2018-01-29	2018-08-28
	35. TELEFONICA BRASIL-ADR		2018-01-29	2018-08-29
	465. BNP PARIBAS SPONS ADR REPSTG 1/4 SH			2018-08-30
	120. DAIMLER AG UNSPONSORED ADR		2017-09-20	2018-08-30
	85. DEUTSCHE TELEKOM AG SPONSORED ADR		2017-01-13	2018-08-30
	550. ING GROEP N V SPONS ADR		2017-01-13	2018-08-30
	1250. LLOYDS TSB GROUP PLC SPONSORED ADR		2018-01-26	2018-08-30
	450. PROSIEBEN SAT.1-UNSP ADR		2016-12-12	2018-08-30
	105. TELEFONICA BRASIL-ADR			2018-08-30
	115. DAIMLER AG UNSPONSORED ADR		2017-09-20	2018-08-31
	165. DEUTSCHE TELEKOM AG SPONSORED ADR		2017-01-13	2018-08-31
	75. FIVE BELOW			2018-08-31
	1575. ING GROEP N V SPONS ADR		2017-01-13	2018-08-31
	790. LLOYDS TSB GROUP PLC SPONSORED ADR		2018-01-26	2018-08-31
	510. PROSIEBEN SAT.1-UNSP ADR		2016-12-12	2018-08-31
	1055. TELEFONICA BRASIL-ADR		2017-01-13	2018-08-31
	195. TELEFONICA BRASIL-ADR		2018-01-24	2018-08-31
	175. DAIMLER AG UNSPONSORED ADR			2018-09-04
	455. DEUTSCHE TELEKOM AG SPONSORED ADR		2017-01-13	2018-09-04
	295. PROSIEBEN SAT.1-UNSP ADR		2016-12-12	2018-09-04
	53975.624 LAZARD EMERGING MKT PORTFOLIO INSTL*		2017-02-13	2018-09-05
	75. FIVE BELOW		2017-01-13	2018-09-11
	23526. VANGUARD EMERGING MARKET VIPERS		2016-06-20	2018-09-20
	825. EDUCATION REALTY TRUST INC			2018-09-21
	125. EDUCATION REALTY TRUST INC		2017-10-04	2018-09-21
	256. BOJANGLES' INC		2017-01-13	2018-10-01
	169. BOJANGLES' INC		2017-01-13	2018-10-02
	125. FIVE BELOW			2018-10-11
	50. MASIMO CORPORATION		2016-12-12	2018-10-11
	. LEHMAN BROS HLDGS INC			2018-10-16
	95104.291 VANGUARD TOTAL BOND MARKET INDEX FUND-ADM		2017-01-12	2018-10-16
	50. PDC ENERGY INC		2018-01-10	2018-10-19
	150. PDC ENERGY INC		2017-01-13	2018-10-19
	100. PDC ENERGY INC		2017-06-22	2018-10-22
	100. PDC ENERGY INC		2018-01-09	2018-10-22
	21000. PINN FOODS FIN LLC/CORP 5.875% 01/15/2024 DTD 07/15/2016		2017-02-08	2018-10-26
	6000. NEWFIELD EXPLORATION CO 5.625% JUL 01 2024		2017-01-23	2018-11-02
	6000. NEWFIELD EXPLORATION CO 5.625% JUL 01 2024		2017-01-23	2018-11-02
	9000. NEWFIELD EXPLORATION CO 5.625% JUL 01 2024			2018-11-02
	6000. NEWFIELD EXPLORATION CO 5.625% JUL 01 2024		2016-12-20	2018-11-02
	263.733 BLUEMOUNTAIN CREDIT ALTERNATIVES FUND LTD. CLASS S - NEW ISSUE		2017-01-31	2018-11-02
	3367.612 BLUEMOUNTAIN CREDIT ALTERNATIVES FUND LTD. CLASS S - NEW ISSU		2017-05-31	2018-11-02
	64000. COVANTA HOLDING CORP 6 3/8% OCT 01 2022			2018-11-05
	8000. NEWFIELD EXPLORATION CO 5.625% JUL 01 2024		2016-12-20	2018-11-05
	1275. BOJANGLES' INC			2018-11-06
	15000. NEWFIELD EXPLORATION CO 5.625% JUL 01 2024		2016-12-20	2018-11-06
	160176.739 PIMCO COMMODITYPL STRAT-INS		2018-02-22	2018-11-09
	190. CHINA PETE & CHEM SPONS ADR REPSTG H			2018-11-19
	8000. ICAHN ENTERPRISES/FIN 6.00% 08/01/2020 DTD 08/01/2013		2017-01-23	2018-11-19
	505. ING GROEP N V SPONS ADR		2017-01-13	2018-11-19
	1175. PROSIEBEN SAT.1-UNSP ADR		2016-12-12	2018-11-19
	6000. DIAMOND OFFSHORE DRILL 7.875% 08/15/2025 DTD 08/15/2017		2017-10-02	2018-11-20
	270. ING GROEP N V SPONS ADR		2017-01-13	2018-11-20
	920. PROSIEBEN SAT.1-UNSP ADR			2018-11-20
	97. SOUTHSIDE BANCSHARES INC		2017-01-13	2018-11-20
	200. UNITED BANKSHARES INC		2016-12-12	2018-11-20
	5000. DIAMOND OFFSHORE DRILL 7.875% 08/15/2025 DTD 08/15/2017		2017-10-02	2018-11-21
	18000. ICAHN ENTERPRISES/FIN 6.00% 08/01/2020 DTD 08/01/2013			2018-11-21
	2380. ING GROEP N V SPONS ADR			2018-11-21
	115. PROSIEBEN SAT.1-UNSP ADR		2016-12-28	2018-11-21
	325. PROSIEBEN SAT.1-UNSP ADR		2018-02-14	2018-11-21
	778. SOUTHSIDE BANCSHARES INC			2018-11-21
	380. PROSIEBEN SAT.1-UNSP ADR			2018-11-23
	380. PROSIEBEN SAT.1-UNSP ADR		2018-02-13	2018-11-23
	109836.72 BLACKSTONE REAL ESTATE CMBS OFFSHORE FUND LTD. NEW ISSUES		2018-08-06	2018-11-26
	8000. ICAHN ENTERPRISES/FIN 6.00% 08/01/2020 DTD 08/01/2013		2016-12-20	2018-11-28
	3599. SPDR TR UNIT SER 1			2018-11-28
	91. SPDR TR UNIT SER 1		2016-09-29	2018-11-29
	2000. ARCONIC INC 5.4% APR 15 2021		2016-12-20	2018-12-03
	5000. DIAMOND OFFSHORE DRILL 7.875% 08/15/2025 DTD 08/15/2017			2018-12-03
	3574. SPDR TR UNIT SER 1		2016-09-29	2018-12-07
	13000. ARCONIC INC 5.4% APR 15 2021		2016-12-20	2018-12-10
	48011. DEUTSCHE X-TRACKERS MSCI JAP			2018-12-17
	6632. DEUTSCHE X-TRACKERS MSCI JAP		2016-07-13	2018-12-17
	1837.71 PRECISION DRILLING CORP 6.5% DEC 15 2021		2017-01-25	2018-12-18
	76178.398 CAPITAL GR NON US EQUITY		2017-05-05	2018-12-20
	1. BLACKSTONE REAL ESTATE VII PRIVATE INVESTORS, LP (BREP OFFSHORE) CL		2017-01-01	2018-12-31
	1. KKR NORTH AMERICA XI PRIVATE INVESTORS OFFSHORE CLASS A NON SELF		2017-01-01	2018-12-31
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	9,203	9,135	68
b	21,473	21,410	63
c	4,492	3,757	735
d	1,828	1,534	294
e	2,873,841	2,469,205	404,636
	25,501	23,507	1,994
	2,082	1,854	228
	2,021	1,801	220
	3,682	2,462	1,220
	2,085	1,854	231
	2,124	1,883	241
	3,282	2,207	1,075
	3,705	2,582	1,123
	13,743	10,834	2,909
	2,342	2,220	122
	2,033	1,760	273
	4,787	4,375	412
	1,607	1,341	266
	4,370	4,142	228
	32,663	30,586	2,077
	2,067	1,817	250
	7,349	5,164	2,185
	5,675	5,426	249
	440,168	348,677	91,491
	615,566	497,422	118,144
	1,755	1,520	235
	2,527	2,085	442
	1,955	1,719	236
	6,647	7,407	-760
	7,207	5,164	2,043
	5,588	5,341	247
	6,237	4,774	1,463
	3,374	3,075	299
	1,804	1,565	239
	2,482	2,083	399
	1,731	1,557	174
	7,138	5,164	1,974
	1,809	1,726	83
	6,215	4,774	1,441
	2,156	1,846	310
	1,869	1,609	260
	2,286	1,926	360
	1,448	1,298	150
	6,211	7,190	-979
	1,820	1,565	255
	537	442	95
	976	849	127
	2,704	2,518	186
	1,802	1,718	84
	1,706	1,647	59
	153,988	154,318	-330
	1,440	1,372	68
	10,020	7,754	2,266
	981,246	916,000	65,246
	321,580	330,069	-8,489
	5,578	5,302	276
	1,236	1,028	208
	13,840	14,089	-249
	5,119	5,416	-297
	209,843	215,616	-5,773
	54,113	55,725	-1,612
	5,901	6,225	-324
	3,677	3,493	184
	7,971	8,008	-37
	24,512	24,553	-41
	1,930	1,776	154
	8,779	7,777	1,002
	1,394,477	1,347,606	46,871
	1,488	1,958	-470
	2,063	2,747	-684
	2,005	2,719	-714
	2,238	3,073	-835
	3,954	5,439	-1,485
	2,255	3,100	-845
	12,701	8,397	4,304
	4,599	2,897	1,702
	3,886	8,469	-4,583
	47,618	45,656	1,962
	21,906	22,043	-137
	4,793	10,969	-6,176
	30,587	30,947	-360
	505,088	494,560	10,528
	926,515	959,683	-33,168
	3,568	2,345	1,223
	41,145	40,673	472
	1,727	1,706	21
	3,550	3,400	150
	4,011	2,621	1,390
	633	409	224
	4,455	4,319	136
	2,551	1,635	916
	3,223	4,396	-1,173
	4,224	5,737	-1,513
	4,786	2,769	2,017
	5,594	3,312	2,282
	42		42
	5,254	3,113	2,141
	5,113	3,022	2,091
	463	551	-88
	985,361	1,000,000	-14,639
	4,533	5,555	-1,022
	44		44
	1,316	1,470	-154
	7,259	8,899	-1,640
	504	551	-47
	7,488	9,151	-1,663
	827	919	-92
	7,269	8,815	-1,546
	495	551	-56
	5,830	7,136	-1,306
	4,026	2,451	1,575
	5,681	7,115	-1,434
	1,323	813	510
	882	545	337
	4,291	5,364	-1,073
	1,516	949	567
	43,359	43,318	41
	364,023	361,813	2,210
	10,384	9,220	1,164
	14,245	14,244	1
	29,508	29,229	279
	44,504	42,074	2,430
	1		1
	2,317,408	2,144,000	173,408
	5,166	5,148	18
	1,307	1,870	-563
	45,000	44,477	523
	1,203	1,714	-511
	21,564	21,740	-176
	1,108	1,559	-451
	1,100	1,559	-459
	1,105	1,559	-454
	7,290	3,108	4,182
	7,290	3,397	3,893
	768	1,091	-323
	1,007,309	799,566	207,743
	1,634,238	1,361,741	272,497
	2,727	1,812	915
	3,017	3,099	-82
	9,230	6,119	3,111
	1,681	1,130	551
	2,491	1,692	799
	29,400	28,862	538
	1,481	985	496
	9,786	12,690	-2,904
	134	111	23
	5,248	4,372	876
	6,523	5,447	1,076
	7,135	5,966	1,169
	1,240	1,038	202
	1,283	1,075	208
	4,132	3,240	892
	5,002	3,911	1,091
	2,649	3,395	-746
	10,969	8,673	2,296
	7,731	9,874	-2,143
	5,134	6,618	-1,484
	3,671	4,770	-1,099
	1,009,276	794,460	214,816
	44,118	44,781	-663
	44,341	45,236	-895
	965,103	950,000	15,103
	363,668	361,814	1,854
	988,531	765,000	223,531
	9,601	14,329	-4,728
	4,842	5,929	-1,087
	2,124	3,377	-1,253
	2,882	3,320	-438
	14,473	14,635	-162
	4,660	5,767	-1,107
	2,119	3,429	-1,310
	2,842	3,320	-478
	11,330	11,468	-138
	20,600	20,781	-181
	10,763	10,966	-203
	6,027	7,578	-1,551
	5,078	8,082	-3,004
	3,786	4,458	-672
	20,306	20,833	-527
	6,439	6,579	-140
	22,444	22,994	-550
	1,288	1,772	-484
	9,714	9,999	-285
	9,158	9,178	-20
	1,569	2,532	-963
	1,223	1,743	-520
	78	100	-22
	288	396	-108
	63	95	-32
	1,030	1,042	-12
	1,666	2,701	-1,035
	1,071	1,525	-454
	4,741	6,754	-2,013
	8,580	8,746	-166
	502	842	-340
	732	1,257	-525
	24,213	22,472	1,741
	396	669	-273
	10,238	10,122	116
	445	752	-307
	63,473	61,933	1,540
	13,309	12,931	378
	451	752	-301
	246	418	-172
	350	585	-235
	13,925	15,267	-1,342
	1,961	2,400	-439
	1,376	1,476	-100
	7,557	8,052	-495
	3,865	5,213	-1,348
	2,920	4,262	-1,342
	1,012	1,745	-733
	1,845	2,300	-455
	2,644	2,866	-222
	8,710	3,086	5,624
	21,324	23,058	-1,734
	2,419	3,295	-876
	3,304	4,830	-1,526
	10,327	14,875	-4,548
	1,909	3,222	-1,313
	2,755	3,498	-743
	7,171	7,903	-732
	1,901	2,794	-893
	895,995	930,000	-34,005
	10,052	3,075	6,977
	979,081	811,701	167,380
	34,238	33,406	832
	5,188	4,539	649
	4,221	5,137	-916
	2,703	3,392	-689
	14,291	4,967	9,324
	5,763	3,231	2,532
	20		20
	978,623	1,017,616	-38,993
	2,320	2,705	-385
	6,960	11,099	-4,139
	4,624	4,352	272
	4,624	5,335	-711
	22,062	21,980	82
	6,263	6,236	27
	6,255	6,236	19
	9,383	9,354	29
	6,263	6,234	29
	26,967	26,373	594
	342,982	336,761	6,221
	65,360	65,133	227
	8,340	8,312	28
	20,476	24,609	-4,133
	15,619	15,585	34
	916,211	1,017,122	-100,911
	16,237	17,088	-851
	8,080	8,101	-21
	6,257	7,393	-1,136
	5,811	11,127	-5,316
	5,400	6,320	-920
	3,252	3,953	-701
	4,490	8,712	-4,222
	3,141	3,587	-446
	6,862	9,580	-2,718
	4,575	5,266	-691
	18,158	18,156	2
	29,033	34,561	-5,528
	569	1,087	-518
	1,609	3,037	-1,428
	25,022	28,573	-3,551
	1,896	3,481	-1,585
	1,878	3,449	-1,571
	110,461	85,000	25,461
	8,070	8,065	5
	983,480	793,216	190,264
	24,907	19,577	5,330
	2,033	2,065	-32
	4,544	5,265	-721
	952,127	768,892	183,235
	13,163	13,421	-258
	1,869,827	1,702,057	167,770
	257,190	212,618	44,572
	1,838	1,888	-50
	930,900	947,659	-16,759
	131,272	151,971	-20,699
	331,419	350,950	-19,531
			650,569

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			68
b			63
c			735
d			294
e			404,636
			1,994
			228
			220
			1,220
			231
			241
			1,075
			1,123
			2,909
			122
			273
			412
			266
			228
			2,077
			250
			2,185
			249
			91,491
			118,144
			235
			442
			236
			-760
			2,043
			247
			1,463
			299
			239
			399
			174
			1,974
			83
			1,441
			310
			260
			360
			150
			-979
			255
			95
			127
			186
			84
			59
			-330
			68
			2,266
			65,246
			-8,489
			276
			208
			-249
			-297
			-5,773
			-1,612
			-324
			184
			-37
			-41
			154
			1,002
			46,871
			-470
			-684
			-714
			-835
			-1,485
			-845
			4,304
			1,702
			-4,583
			1,962
			-137
			-6,176
			-360
			10,528
			-33,168
			1,223
			472
			21
			150
			1,390
			224
			136
			916
			-1,173
			-1,513
			2,017
			2,282
			42
			2,141
			2,091
			-88
			-14,639
			-1,022
			44
			-154
			-1,640
			-47
			-1,663
			-92
			-1,546
			-56
			-1,306
			1,575
			-1,434
			510
			337
			-1,073
			567
			41
			2,210
			1,164
			1
			279
			2,430
			1
			173,408
			18
			-563
			523
			-511
			-176
			-451
			-459
			-454
			4,182
			3,893
			-323
			207,743
			272,497
			915
			-82
			3,111
			551
			799
			538
			496
			-2,904
			23
			876
			1,076
			1,169
			202
			208
			892
			1,091
			-746
			2,296
			-2,143
			-1,484
			-1,099
			214,816
			-663
			-895
			15,103
			1,854
			223,531
			-4,728
			-1,087
			-1,253
			-438
			-162
			-1,107
			-1,310
			-478
			-138
			-181
			-203
			-1,551
			-3,004
			-672
			-527
			-140
			-550
			-484
			-285
			-20
			-963
			-520
			-22
			-108
			-32
			-12
			-1,035
			-454
			-2,013
			-166
			-340
			-525
			1,741
			-273
			116
			-307
			1,540
			378
			-301
			-172
			-235
			-1,342
			-439
			-100
			-495
			-1,348
			-1,342
			-733
			-455
			-222
			5,624
			-1,734
			-876
			-1,526
			-4,548
			-1,313
			-743
			-732
			-893
			-34,005
			6,977
			167,380
			832
			649
			-916
			-689
			9,324
			2,532
			20
			-38,993
			-385
			-4,139
			272
			-711
			82
			27
			19
			29
			29
			594
			6,221
			227
			28
			-4,133
			34
			-100,911
			-851
			-21
			-1,136
			-5,316
			-920
			-701
			-4,222
			-446
			-2,718
			-691
			2
			-5,528
			-518
			-1,428
			-3,551
			-1,585
			-1,571
			25,461
			5
			190,264
			5,330
			-32
			-721
			183,235
			-258
			167,770
			44,572
			-50
			-16,759
			-20,699
			-19,531

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	2,975,105
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

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

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

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

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

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

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

(a) Base period years Calendar year (or tax year beginning in)	(b) Adjusted qualifying distributions	(c) Net value of noncharitable-use assets	(d) Distribution ratio (col. (b) divided by col. (c))
2017	7,283,377	109,622,252	0.066441
2016	5,387,846	75,117,484	0.071726
2015	4,905,609	64,066,905	0.07657
2014	8,358,938	62,291,188	0.134191
2013	5,537,071	58,987,573	0.093868

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

0.442796

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 ......

0.088559

Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......

119,589,611

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

10,590,736

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

117,012

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

10,707,748

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

9,501,946

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)

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 and enter “N/A" on line 1.
	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	234,024
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	234,024
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	234,024
6	Credits/Payments:

a	2018 estimated tax payments and 2017 overpayment credited to 2018	6a	173,250
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c	180,900
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	354,150
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.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	120,126
11	Enter the amount of line 10 to be: Credited to 2019 estimated tax120,126	Refunded	11	0

Part VII-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

or 4942(j)(5) for calendar year 2018 or the taxable year beginning in 2018? See the instructions for Part XIV.

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

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

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

Form 990-PF (2018)

Page 5

Part VII-A

Statements Regarding Activities (continued)

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

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

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

advisory privileges? If "Yes," attach statement. See instructions.................

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

Yes

Website address bullet

The books are in care of bullet

JP MORGAN CHASE BANK NA Telephone no. bullet

(800) 496-2583

Located at bullet

10 S DEARBORN ST MC IL 1-0111CHICAGOIL ZIP+4 bullet

60603

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

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

16 At any time during calendar year 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

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

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

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

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

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

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

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)?...............YesNo

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.).......YesNo

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

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

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

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2018?.............

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

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

At the end of tax year 2018, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2018?.............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

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

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

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

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

20, 20, 20, 20

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

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

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

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

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

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2018?

Form 990-PF (2018)

Page 6

Part VII-B

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

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

Yes

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

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

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

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

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

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

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

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

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......

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

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant?..........YesNo

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

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

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

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

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

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

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

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

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
JP MORGAN CHASE BANK NA	TRUSTEE 2	819,649
10 S DEARBORN ST MC IL 1-0111 CHICAGO,IL60603	TRUSTEE 2	819,649

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...................				0

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............. bullet

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1


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)

Page 8

Part X

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

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

purposes:

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

97,621,586

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

2,808,462

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

20,980,725

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

121,410,773

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

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

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

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

121,410,773

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

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

1,821,162

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

119,589,611

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

5,979,481

Part XI

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

and do not complete this part.)

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

5,979,481

Tax on investment income for 2018 from Part VI, line 5......

234,024

Income tax for 2018. (This does not include the tax from Part VI.)...

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

234,024

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

5,745,457

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

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

5,745,457

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

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

5,745,457

Part XII

Qualifying Distributions (see instructions)

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

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

9,501,946

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

9,501,946

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

income. Enter 1% of Part I, line 27b. See instructions.................

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

9,501,946

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)

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					5,745,457
2 Undistributed income, if any, as of the end of 2018:
a Enter amount for 2017 only.......				0
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2018:
a From 2013......	2,728,093
b From 2014......	5,467,521
c From 2015......	1,830,194
d From 2016......	2,638,211
e From 2017......	1,957,511
fTotal of lines 3a through e........		14,621,530
4Qualifying distributions for 2018 from Part
XII, line 4: $ 9,501,946
a Applied to 2017, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see instructions).....			0
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2018 distributable amount.....					5,745,457
e Remaining amount distributed out of corpus		3,756,489
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		18,378,019
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2017. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2018. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2019 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8 Excess distributions carryover from 2013 not applied on line 5 or line 7 (see instructions) ...		2,728,093
9Excess distributions carryover to 2019. Subtract lines 7 and 8 from line 6a ......		15,649,926
10 Analysis of line 9:
a Excess from 2014....	5,467,521
b Excess from 2015....	1,830,194
c Excess from 2016....	2,638,211
d Excess from 2017....	1,957,511
e Excess from 2018....	3,756,489

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 section4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2018	(b) 2017	(c) 2016	(d) 2015	(e) Total

b 85% of line 2a .........
c Qualifying distributions from Part XII, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part X, line 6 for each year listed...
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here bullet

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

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)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
FIRST PRESBYTERIAN CHURCH 1000 PENN ST FORT WORTH,TX761023496	NONE	PC	GENERAL	4,587,043
FORT WORTH ART ASSOCIATION JO GARWOOD BUSINESS MANAGER JO GARWOOD BUSINESS MANAGER FORT WORTH,TX761072872	NONE	PC	GENERAL	4,587,043
Total ................................. 3a				9,174,086

bApproved for future payment

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

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	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities....			14	2,316,932
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	2,975,105
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aROYALTY INCOME			15	7,609,988
bFEDERAL REFUND				558
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				12,902,583

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

12,902,583

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

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2018)

Page 13

Part XVII

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

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

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2018)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Name of Bond	End of Year Book Value	End of Year Fair Market Value
256210105 DODGE & COX INCOME F	4,393,000	4,220,514
258620103 DOUBLELINE TOTL RET	5,296,182	5,038,019
693390841 PIMCO FD PAC INV MGM
47103C571 JANUS HIGH-YIELD FD-
091929687 BLACKROCK HIGH YIELD
41015K516 JH II STRAT INC OPPO
808524870 SCHWAB U.S. TIPS ETF	5,673,506	5,506,476
921937603 VANGUARD TOTAL BOND	5,967,666	5,902,798
EMC CORP 268648-AP-7
SLM CORP 78442F-EH-7
00101JAH9 ADT CORP 4.125% 06/1	50,760	48,495
00130HBT1 AES CORPORATION 4.87	37,679	36,168
00130HBW4 AES CORP/VA 5.500% 0	12,577	11,910
00164VAC7 AMC NETWORKS INC 4.7	21,185	20,528
00766TAD2 AECOM 5.875% 10/15/2	22,157	20,685
013817AJ0 ALCOA INC 5.9% FEB 0	21,947	20,055
013817AW1 ARCONIC INC 5.125% 1	45,467	43,425
02005NAY6 ALLY FINANCIAL INC 4	34,074	33,023
02005NAZ3 ALLY FINANCIAL INC 4	64,285	63,325
02406PAL4 AMERICAN AXLE & MFG	25,652	24,750
030981AJ3 AMERIGAS FINANCE LLC	12,330	10,950
035287AE1 ANIXTER INC 5.125% 1	21,677	20,948
03674XAC0 ANTERO RESOURCES COR	21,237	19,740
038522AK4 ARAMARK SERVICES INC	21,795	20,790
05508WAA3 B&G FOODS INC 4.625%	21,364	20,475
058498AS5 BALL CORP 4.000% 11/	33,627	33,065
095370AB8 BLUE CUBE SPINCO INC	49,333	47,300
1248EPBE2 CCO HLDGS LLC/CAP CO	88,389	84,575
12508EAG6 CDK GLOBAL INC SR NT	24,692	24,097
12513GBC2 CDW LLC/CDW FINANCE	44,451	41,173
12527GAF0 CF INDUSTRIES INC 5.	26,235	25,200
125581GQ5 CIT GROUP INC 5% AUG	40,041	37,478
125581GR3 CIT GROUP INC 5.000%	68,567	63,700
12621EAK9 CNO FINANCIAL GROUP	54,432	51,435
12686CBA6 CABLEVISION SYSTEMS	44,713	43,538
150191AJ3 CEDAR FAIR LP/CANADA	20,144	19,550
15135BAD3 CENTENE CORP 4.750%	43,332	42,463
15135BAJ0 CENTENE CORP 4.750%	21,645	20,055
15135UAG4 CENOVUS ENERGY INC 3	29,037	28,478
156700AS5 CENTURYLINK INC 5.8%	34,410	32,725
163851AD0 CHEMOURS CO 7.000% 0	39,718	37,278
169905AE6 CHOICE HOTELS INTL I	22,062	21,420
172441AZ0 CINEMARK USA INC 4.8	43,476	41,280
18538RAG8 CLEARWATER PAPER COR	12,891	11,700
201723AK9 COMMERCIAL METALS CO	29,073	27,405
228189AB2 CROWN AMER/CAP CORP	34,634	33,193
23283PAG9 CYRUSONE LP/CYRUSONE	21,062	20,580
23311VAD9 DCP MIDSTREAM OPERAT	82,175	79,688
25278XAH2 DIAMONDBACK ENERGY I	24,075	23,400
25470XAE5 DISH DBS CORP 6 3/4%	76,401	72,248
268648AN2 EMC CORP 3.375% 06/0	40,765	37,306
29078EAA3 EMBARQ CORP NOTES 7.	31,942	30,770
29273VAD2 ENERGY TRANSFER EQUI	41,042	40,835
29336UAC1 ENLINK MIDSTREAM PAR	14,833	13,980
29336UAF4 ENLINK MIDSTREAM PAR	20,370	18,946
29444UAQ9 EQUINIX INC 5.875% 0	68,809	66,495
35671DAZ8 FREEPORT-MCMORAN C &	41,627	41,625
35671DBC8 FREEPORT-MCMORAN C &	17,596	15,986
35671DBH7 FREEPORT-MCMORAN INC	20,527	20,423
361841AD1 GLP CAPITAL LP / FIN	21,562	21,179
361841AH2 GLP CAPITAL LP / FIN	21,811	20,769
36186CBY8 GMAC 8% NOV 01 2031	24,217	23,310
364725BE0 GANNETT CO INC 6.375	31,229	30,075
382550BF7 GOODYEAR TIRE & RUBB	52,400	46,800
38869PAM6 GRAPHIC PACKAGING IN	20,243	19,740
398905AK5 GROUP 1 AUTOMOTIVE I	10,945	10,401
404119BP3 HCA INC 4.250% 10/15	21,237	20,948
404121AE5 HCA INC 5 7/8% MAR 1	35,711	34,850
404121AF2 HCA INC 4.75% MAY 01	30,550	29,550
432833AB7 HILTON DOMESTIC OPER	21,399	19,845
451102BM8 ICAHN ENTERPRISES/FI	48,948	46,530
451102BQ9 ICAHN ENTERPRISES/FI	34,250	33,688
501797AJ3 L BRANDS INC 5.625%	80,993	75,556
513075BL4 LAMAR MEDIA CORP 5.7	39,756	39,488
526057BW3 LENNAR CORP 4.875% 1	21,024	20,160
527298BD4 LEVEL 3 FINANCING IN	43,911	42,161
527298BH5 LEVEL 3 FINANCING IN	43,545	40,313
552953CA7 MGM RESORTS INTL 6.6	32,162	30,750
552953CC3 MGM RESORTS INTL 6.0	36,038	34,170
55305BAQ4 M/I HOMES INC 5.625%	15,080	14,640
574599BJ4 MASCO CORP 4.450% 04	34,495	34,077
576323AN9 MASTEC INC 4.875% 03	40,760	39,770
626717AH5 MURPHY OIL CORP 6.87	12,649	11,934
629377CC4 NRG ENERGY INC 6.625	6,264	6,045
62943WAB5 NRG YIELD OPERATING	43,441	40,850
629568AX4 NABORS INDUSTRIES IN	35,873	33,176
64110LAL0 NETFLIX INC 5.875% 0	18,333	18,158
651290AQ1 NEWFIELD EXPLORATION	14,534	14,175
65409QBA9 NIELSEN FINANCE LLC/	43,500	42,463
654902AE5 NOKIA OYJ 4.375% 06/	21,511	19,530
67020YAQ3 NUANCE COMMUNICATION	19,325	19,000
69370CAA8 PTC INC 6.000% 05/15	52,342	50,250
70959WAF0 PENSKE AUTOMOTIVE GR	12,073	11,235
73179PAK2 POLYONE CORP 5.250%	41,990	39,565
740212AE5 PRECISION DRILLING C	10,357	9,334
74022DAJ9 PRECISION DRILLING C	20,527	17,430
745867AW1 PULTEGROUP INC 5.500	21,046	20,213
750236AS0 RADIAN GROUP INC 5.2	13,282	13,098
750236AU5 RADIAN GROUP INC 4.5	48,281	43,500
75281AAS8 RANGE RESOURCES CORP	42,671	36,080
780099CE5 ROYAL BK SCOTLND GRP	97,644	95,260
78454LAL4 SM ENERGY CO 5.625%	39,374	35,670
817565CB8 SERVICE CORP INTL 5.	44,551	42,570
845467AL3 SOUTHWESTERN ENERGY	41,475	37,538
84762LAU9 SPECTRUM BRANDS INC	31,046	28,491
85172FAK5 SPRINGLEAF FINANCE C	19,356	18,424
85172FAM1 SPRINGLEAF FINANCE C	53,090	47,435
858119AZ3 STEEL DYNAMICS INC 5	21,737	20,711
858119BH2 STEEL DYNAMICS INC 4	5,745	5,513
86614WAD8 SUMMIT MID HLDS LLC	21,347	19,320
87243QAB2 TENET HEALTHCARE COR	30,636	30,375
87264AAN5 T-MOBILE USA INC 6.3	89,842	86,059
87612BAM4 TARGA RESOURCES PART	22,275	21,560
878742AE5 TECK COMINCO LIMITED	43,138	39,155
878742AS4 TECK RESOURCES LIMIT	13,156	12,090
878742AT2 TECK RESOURCES LIMIT	4,065	3,990
87927VAM0 TELECOM ITALIA CAPIT	24,422	19,030
87927VAV0 TELECOM ITALIA CAPIT	28,372	21,849
879369AE6 TELEFLEX INC 4.875%	29,903	28,650
88023UAG6 TEMPUR SEALY INTL IN	43,334	39,238
88033GBY5 TENET HEALTHCARE COR	49,919	48,625
88947EAK6 TOLL BROS FINANCE CO	13,736	13,065
893647AW7 TRANSDIGM INC 6.000%	21,408	20,501
89376VAA8 TRANSMONTAIGE PARTNE	12,139	10,740
910047AH2 UNITED CONTINENTAL H	30,031	29,100
911365BC7 UNITED RENTALS INC 4	38,614	37,288
911365BD5 UNITED RENTALS NORTH	34,661	32,045
911365BF0 UNITED RENTALS NORTH	14,834	12,985
92343EAH5 VERISIGN INC 5.250%	29,653	28,710
92553PBC5 VIACOM INC VAR RT 02	13,366	12,011
92553PBD3 VIACOM INC VAR RT 02	8,090	7,268
92658TAQ1 VIDEOTRON LTEE 5% JU	20,472	19,900
94946TAC0 WELLCARE HEALTH PLAN	41,992	39,463
95081QAM6 WESCO DISTRIBUTION I	20,253	18,850
98212BAH6 WPX ENERGY INC SR NT	29,175	26,245
98310WAM0 WYNDHAM WORLDWIDE CO	41,937	39,770

Name of Stock	End of Year Book Value	End of Year Fair Market Value
233051507 XTRACKERS MSCI JAPAN
233051853 XTRACKERS MSCI EUROP
256206103 DODGE & COX INTL STO	1,130,455	1,381,873
302933502 FMI LARGE CAP FUND-I
464287507 ISHARES CORE S&P MID	927,725	1,673,885
464288182 ISHARES MSCI ALL COU	1,297,882	1,487,873
577130750 MATTHEWS ASIA DIVIDE	1,017,157	1,024,866
701769408 PARNASSUS CORE EQUIT	2,144,000	2,150,336
922042858 VANGUARD FTSE EMERGI
14042Y601 CAPITAL GR NON US EQ	1,326,040	1,450,935
46429B598 ISHARES MSCI INDIA E	2,067,191	2,127,625
64122Q465 NEUBERGER BER GR CHI	1,125,276	830,079
74160Q301 PRIMECAP ODYSSEY STO	2,860,500	3,361,240
78462F103 SPDR S&P 500 ETF TRU	6,181,786	8,928,642
00171C304 AMG MG FAIRPT MC-Z
04314H857 ARTISAN INTL VALUE F	889,650	1,131,866
315911727 FIDELITY INTERNATION	4,911,918	4,014,974
52106N889 LAZARD EMERG MKT EQY
ALMOST FAMILY INC 020409108
G037AX101 AMBARELLA INC	27,497	18,365
030506109 AMERICAN WOODMARK CO	37,764	23,664
001744101 AMN HEALTHCARE SERVI	39,748	58,926
ANALOGIC CORP 03265720
035290105 ANIXTER INTERNATIONA	34,622	23,082
G0464B107 ARGO GROUP INTERNATI	27,300	32,818
BALCHEM CORP 57665200
067806109 BARNES GROUP INC	28,600	32,172
BOJANGLES' INC 097488100
127190304 CACI INTERNATIONAL I	34,872	39,608
128126109 CALAMP CORP	23,786	20,061
13123X102 CALLON PETROLEUM CO	45,602	22,715
132011107 CAMBREX CORP	27,694	19,824
144285103 CARPENTER TECHNOLOGY	22,654	20,476
197236102 COLUMBIA BANKING SYS	24,928	22,681
238337109 DAVE & BUSTER'S ENTE	22,259	17,824
258278100 DORMAN PRODUCTS INC	37,671	47,261
27616P103 EASTERLY GOVERNMENT	42,128	33,712
EDUCATION REALTY TRUST INC 281
302081104 EXLSERVICE HOLDINGS	29,994	31,572
FIVE BELOW 33829M101
349853101 FORWARD AIR CORP	34,422	38,395
353514102 FRANKLIN ELECTRIC CO	29,911	31,088
GENOMIC HEALTH INC 37244C101
387328107 GRANITE CONSTRUCTION	40,371	29,203
391416104 GREAT WESTERN BANCOR	24,308	19,531
451107106 IDACORP INC	35,880	41,877
ILG INC 44967H101
457985208 INTEGRA LIFESCIENCES	29,932	32,698
J. JILL INC 46620W102
493732101 KFORCE INC	19,942	26,282
537008104 LITTELFUSE INC	22,913	25,722
502175102 LTC PROPERTIES INC	33,897	30,218
566324109 MARCUS & MILLICHAP I	26,196	36,905
574795100 MASIMO CORP	12,923	21,474
576485205 MATADOR RESOURCES CO	40,309	24,304
MB FINANCIAL INC 55264U108
587376104 MERCANTILE BANK CORP	20,674	17,663
591520200 METHODE ELECTRONICS	31,003	17,468
MICROSEMI CORP 595137100
553573106 MSG NETWORK INC USD0	23,869	25,327
553777103 MTS SYSTEMS CORP	39,999	29,094
625383104 MULTI-COLOR CORP	38,929	17,545
63935N107 NAVIGANT CONSULTING	31,777	33,069
65336K103 NEXSTAR MEDIA GROUP,	31,711	39,320
680033107 OLD NATIONAL BANCORP	35,367	30,415
68213N109 OMNICELL INC	24,104	36,744
69318J100 PC CONNECTION INC	20,722	22,000
PDC ENERGY INC 69327R101
SCHULMAN (A.) INC 808194104
816300107 SELECTIVE INSURANCE	36,848	53,323
81725T100 SENSIENT TECHNOLOGIE	39,336	27,925
82706C108 SILICON MOTION TECHN	23,882	18,975
SOUTHSIDE BANCSHARES INC 84470
860630102 STIFEL FINANCIAL COR	41,059	33,136
864159108 STURM RUGER & CO INC	20,721	18,627
871237103 SYKES ENTERPRISES IN	29,078	24,730
88162G103 TETRA TECH INC	27,982	33,651
902788108 UMB FINANCIAL CORP	33,041	25,912
90539J109 UNION BANKSHARES COR	35,014	28,936
909907107 UNITED BANKSHARES IN	55,901	37,519
000375204 ABB LTD-SPON ADR	75,235	65,394
ADVANCED SEMICONDUCTOR E-ADR 0
018805101 ALLIANZ SE-SPON ADR	71,090	85,897
046353108 ASTRAZENECA PLC-SPON	40,459	56,021
05523R107 BAE SYSTEMS PLC -SPO	80,091	62,883
05534B760 BCE INC	42,224	37,554
05565A202 BNP PARIBAS-ADR	47,481	35,726
096813209 BOC HONG KONG HLDS-S	41,615	35,491
110448107 BRITISH AMERICAN TOB	68,856	38,869
DAIMLER AG UNSPONSORED ADR 233
251566105 DEUTSCHE TELEKOM AG-	29,722	30,309
25243Q205 DIAGEO PLC-SPONSORED	55,556	73,736
29286D105 ENGIE	26,507	28,707
37733W105 GLAXOSMITHKLINE PLC-	64,335	65,148
438128308 HONDA MOTOR CO LTD-S	59,224	51,181
404280406 HSBC HOLDINGS PLC-SP	67,888	67,626
45262P102 IMPERIAL BRANDS PLC-	87,420	67,907
ING GROEP N.V.-SPONSORED ADR 4
JAPAN TOBACCO INC-UNSPON ADR 4
56501R106 MANULIFE FINANCIAL C	50,353	38,526
59410T106 MICHELIN (CGDE)-UNSP	68,301	57,134
55315J102 MMC NORILSK NICKEL P	51,577	56,468
626188106 MUENCHENER RUECK-UNS	59,956	66,970
641069406 NESTLE SA-SPONS ADR	75,133	85,008
654624105 NIPPON TELEGRAPH & T	70,508	66,040
629334103 NN GROUP NV - UNSPON	72,551	70,916
66987V109 NOVARTIS AG-SPONSORE	82,731	99,969
686331109 ORKLA ASA-SPON ADR	13,207	11,470
PROSIEBEN SAT.1-UNSP ADR 74347
771195104 ROCHE HOLDINGS LTD-S	74,037	80,808
780259107 ROYAL DUTCH SHELL-SP	62,543	65,035
80105N105 SANOFI-ADR	21,068	22,573
826197501 SIEMENS AG-SPONS ADR	75,770	68,978
82929R304 SINGAPORE TELECOMMUN	22,183	17,953
83238P203 SMITHS GROUP PLC- SP	45,398	42,435
83272W106 SMURFIT KAPPA GROUP	51,440	52,466
83546A203 SONIC HEALTHCARE LTD	65,519	63,945
78467K107 SSE PLC-SPN ADR	17,040	12,393
87936R106 TELEFONICA BRASIL-AD	38,833	34,955
89151E109 TOTAL SA-SPON ADR	64,493	66,269
H42097107 UBS GROUP AG-REG	75,491	55,648
904784709 UNILEVER N V -NY SHA	48,713	64,560
911271302 UNITED OVERSEAS BANK	69,113	84,701
923725105 VERMILION ENERGY INC	67,599	34,028
92857W308 VODAFONE GROUP PLC-S	52,826	42,705
989825104 ZURICH INSURANCE GRO	73,724	78,387
008492100 AGREE REALTY CORP	21,006	23,648
057665200 BALCHEM CORP	30,043	27,423
089302103 BIG LOTS INC	21,874	15,183
126501105 CTS CORP	24,520	18,123
143873107 CAROLINA FINANCIAL C	35,492	25,152
144577103 CARRIZO OIL & GAS IN	26,580	16,653
233825207 DAIMLER AG UNSPONSOR	56,086	42,214
315911750 FIDELITY 500 INDEX F	2,341,862	2,164,433
505336107 LA-Z-BOY INC	17,633	18,012
539439109 LLOYDS BANKING GROUP	47,979	29,926
550819106 LYDALL INC	26,531	12,572
840441109 SOUTH STATE CORP	29,360	25,479
853666105 STANDARD MOTOR PRODS	19,551	19,372
913259107 UNITIL CORP	15,540	16,205
922908629 VANGUARD MID-CAP ETF	4,657,926	4,007,635
46090E103 INVESCO QQQ TR UNITS	1,934,222	1,802,991
00215W100 ASE TECHNOLOGY HOLDI	75,986	56,085
03475V101 ANGIODYNAMICS INC	20,433	18,620
08160H101 BENCHMARK ELECTRONIC	26,759	20,121
16941R108 CHINA PETROLEUM & CH	62,666	50,832
29089Q105 EMERGENT BIOSOLUTION	10,212	11,856
46434G103 ISHARES CORE MSCI EM	3,033,289	2,792,317
46434G822 ISHARES INC MSCI JAP	2,886,876	2,689,358
50187A107 LHC GROUP INC	23,407	40,744
92189F106 VANECK VECTORS GOLD	967,014	984,102
92214X106 VAREX IMAGING CORP	20,636	13,166
COST BASIS ADJUSTMENT

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
482924925 KKR NORTH AMERICA XI	AT COST	186,641	1,039,561
744336504 PRUDENTIAL GLOBAL RE
01290C944 BLACKSTONE REAL ESTA
4225629A8 BLACKSTONE REAL ESTA
48219B911 JPM ACCESS MULTI-STR
78463V107 SPDR GOLD SHARES
HFGAPBWF1 JPM ACCESS MULTI-STR
HFGRUAJH1 GRUSS GLOBAL INVESTO
HFLCPAKD1 LAKEWOOD CAPITAL OFF
HFTFMAQX9 TRIAN PARTNERS, LTD.
345811947 TRIAN PARTNERS, LTD.
651912933 NEWBROOK CAPITAL OFF	AT COST	1,150,000	1,234,337
66DG42939 GRUSS DV FUND, LTD.
744336876 PGIM GLOBAL REAL EST	AT COST	1,600,000	1,501,258
7JMV72918 LAKEWOOD CAPITAL OFF
7M84319A3 FORT GLOBAL OFFSHORE	AT COST	1,000,000	1,053,459
864681911 EMERGING MARKET CURR	AT COST	1,500,000	1,424,926
HFARRAPG6 ARROWGRASS INTERNATI
HFARRAQN0 ARROWGRASS INTERNATI	AT COST	500,000	500,006
HFBMCBBE0 BLUEMOUNTAIN CREDIT
HFBMCBDA6 BLUEMOUNTAIN CREDIT	AT COST	363,239	358,898
HFFLDAAY6 FIELD STREET OFFSHOR
HFFLDACW8 FIELD STREET OFFSHOR	AT COST	350,000	334,530
HFFRTAED8 FORT GLOBAL OFFSHORE	AT COST	500,000	502,168
HFLCPAYP9 LAKEWOOD CAPITAL OFF
HFMKYASC6 MANIKAY OFFSHORE FUN
HFMKYATQ4 MANIKAY OFFSHORE FUN
HFNCAAJB1 NEWBROOK CAPITAL OFF
HFTACAHE3 TACONIC OPPORTUNITY
HFWNTBJA7 THE WINTON FUND LIMI
345811988 TRIAN PARTNERS, LTD.	AT COST	750,000	831,320
427979109 ARROWGRASS INTERNATI	AT COST	500,000	504,819
456297944 LAKEWOOD CAPITAL OFF	AT COST	950,000	1,015,442
464285105 ISHARES GOLD TRUST	AT COST	1,787,078	1,759,756
625399910 MANIKAY OFFSHORE FUN	AT COST	1,100,000	1,133,233
899319917 TACONIC OPPORTUNITY	AT COST	750,000	827,199
976491910 THE WINTON FUND LIMI	AT COST	1,250,000	1,330,752
13846J919 GRUSS DV FUND, LTD.	AT COST	50,000	50,795
HFFLDEAA0 FIELD STREET OFFSHOR	AT COST	750,000	733,623
HFVARARG8 VARDE CREDIT PARTNER	AT COST	1,842,000	1,740,375

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
OIL AND GAS WELLS		0	20,980,603
XXX-XX-XXXX SEC 42 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX MITCHELL & NOLAN CO	1	1	1
XXX-XX-XXXX MARTIN CO TX IN DEED	1	1	1
XXX-XX-XXXX TARRANT CO TX 1/8 RI	1	1	1
XXX-XX-XXXX ET RR CO SVY SHACKEL	1	1	1
XXX-XX-XXXX SEC75 ET RR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 75 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 36 ETC MARTIN CO	1	1	1
XXX-XX-XXXX ALL SEC 36, BLK 38,	1	1	1
XXX-XX-XXXX ET RR CO SHACKELFORD	1	1	1
XXX-XX-XXXX SEC103 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC103 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SECTION 36, BLOCK 39	1	1	1
XXX-XX-XXXX SECTION 25, T1N, BLO	1	1	1
XXX-XX-XXXX SEC 1 & 2 T&P RR SVY	1	0	0
XXX-XX-XXXX SEC 91 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 92 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 136 ETRR CO SHAC	1	1	1
XXX-XX-XXXX SEC137 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC138 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC147 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC148 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC149 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 6 ETRR SVY SHACK	1	1	1
XXX-XX-XXXX SEC 7 ETRR SVY SHACK	1	1	1
XXX-XX-XXXX SEC 8 ETRR SVY SHACK	1	1	1
XXX-XX-XXXX SEC 9 ETRR SVY SHACK	1	1	1
XXX-XX-XXXX SEC 18 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 19 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 20 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 41 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 21 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 40 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 43 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 46 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 47 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 48 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 49 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 68 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 69 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 70 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 71 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 74 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 75 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 76 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 77 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC560 TE&L SVY SHAC	1	1	1
XXX-XX-XXXX SEC 22 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 23 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 24 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 37 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 38 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 39 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX C PERRY SVY SHACKELF	1	1	1
XXX-XX-XXXX I&GN RR CO SVY SHACK	1	1	1
XXX-XX-XXXX JAMES BROOKS SURVEY,	1	1	1
XXX-XX-XXXX W NICHOLAS SVY SHACK	1	1	1
XXX-XX-XXXX SEC551 TE&L SVY SHAC	1	1	1
XXX-XX-XXXX SEC550 TE&L SVY SHAC	1	1	1
XXX-XX-XXXX SEC 50 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 51 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 52 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 65 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 66 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 67 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 78 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 79 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 80 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 93 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 94 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 95 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 97 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 98 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 99 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC102 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC103 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC104 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC125 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC126 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC127 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC130 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC131 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC132 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC153 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC154 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC155 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 96 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC105 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC106 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC107 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC122 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC123 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC133 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC134 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC135 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC150 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC151 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC152 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC 42 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC108 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC109 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC110 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC119 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC121 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SEC121 ETRR SVY SHAC	1	1	1
XXX-XX-XXXX SECTION 28, BLOCK 38	1	1	1
XXX-XX-XXXX SEC 28 T&P RR SVY MA	1	0	0
XXX-XX-XXXX SEC 38 BLK 38 TWNSP	1	1	1
XXX-XX-XXXX SECTION 6, BLOCK 37,	1	1	1
XXX-XX-XXXX ALL OS SECTION 26, T	1	1	1
XXX-XX-XXXX ALL OF SECTION 31, T	1	1	1
XXX-XX-XXXX ALL OF SECTION 42, T	1	1	1
XXX-XX-XXXX SECTION 27, TOWNSHIP	1	1	1
XXX-XX-XXXX ALL SECTION 6, TOWNS	1	1	1
XXX-XX-XXXX SECTION 1, TOWNSHIP	1	1	1
XXX-XX-XXXX THE S/2 OF THE SE/4	1	0	0
XXX-XX-XXXX ALL OF SECTION 12, T	1	1	1
XXX-XX-XXXX SECTION 2, TOWNSHIP	1	1	1
XXX-XX-XXXX SECTION 11, TOWNSHIP	1	1	1
XXX-XX-XXXX SECTION 3 BLK 38 1S	1	1	1
XXX-XX-XXXX SECTION 4 BLK 38 1S	1	1	1
XXX-XX-XXXX SECTION 5 BLK 38 1S	1	1	1
XXX-XX-XXXX SECTION 33 BLK 38 1N	1	1	1
XXX-XX-XXXX SECTION 34 BLK 38 1N	1	1	1
XXX-XX-XXXX SECTION 35 BLK 38 1N	1	1	1
XXX-XX-XXXX SECTION 1 BLK 39 1S	1	1	1
999999999		0	0

Description	Amount
RETURN OF CAPITAL ADJUSTMENT	1,594
2019 TRANS POSTED IN 2018	85,271

Description	Revenue and Expenses per Books	Net Investment Income
MINERAL INT- PRODUCTION TAX	371,485	371,485
MINERAL INT-AD VALOREM TAX	162,752	162,752
ROYALTY EXPENSES	84,394	84,394
OTHER NONALLOCATABLE EXPENSE	3,698	3,698

Description	Revenue And Expenses Per Books	Net Investment Income
FEDERAL TAX REFUND	558	558
ROYALTY INCOME	7,598,781	7,598,781
LEASE BONUS	11,207	11,207

Category	Amount	Net Investment Income
FOREIGN TAXES	15,908	15,908
STATE INCOME TAXES	118	118
FEDERAL TAX PAYMENT - PRIOR YE	60,000	0
FEDERAL ESTIMATES - INCOME	91,000	0
FOREIGN TAXES ON QUALIFIED FOR	39,779	39,779
FOREIGN TAXES ON NONQUALIFIED	7,503	7,503