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 10-01-2018 , and ending 09-30-2019

Name of foundation
TW CAROLYN KING RAGAN

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

58-6138950

B Telephone number (see instructions)

(800) 352-3705

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

$4,907,022J 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...	101,214		101,214
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		212,579
b	Gross sales price for all assets on line 6a 2,604,586
7	Capital gain net income (from Part IV, line 2)...			212,579
8	Net short-term capital gain.........				0
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......
12	Total. Add lines 1 through 11........	313,793		313,793
13	Compensation of officers, directors, trustees, etc.	71,291		45,070		26,221
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).......		1,000	0	0	1,000
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		2,827	2,827		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).......		3,362	3,362
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	78,480		51,259	0	27,221
25	Contributions, gifts, grants paid.......	220,000				220,000
26	Total expenses and disbursements. Add lines 24 and 25	298,480		51,259	0	247,221
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	15,313
b	Net investment income (if negative, enter -0-)			262,534
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.............		173	173
	2	Savings and temporary cash investments.........	175,783	143,518	143,519
	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)	198,141
	b	Investments—corporate stock (attach schedule).......	3,107,575
	c	Investments—corporate bonds (attach schedule).......	643,195
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........		3,997,112	4,763,330
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	4,124,694	4,140,803	4,907,022
	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........	4,124,694	4,140,803
	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).....	4,124,694	4,140,803
	31	Total liabilities and net assets/fund balances (see instructions).	4,124,694	4,140,803

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) ...............

4,124,694

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

15,313

Other increases not included in line 2 (itemize) bullet

3,242

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

4,143,249

Decreases not included in line 2 (itemize) bullet

2,446

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

4,140,803

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	21. BROOKFIELD ASSET MANAGE-CL A		2018-05-31	2018-10-05
b	77. DENTSPLY SIRONA INC			2018-10-05
c	17. MOODYS CORP		2012-09-04	2018-10-05
d	3. PROGRESSIVE CORP OHIO		2017-03-01	2018-10-05
e	9. PROGRESSIVE CORP OHIO		2018-05-31	2018-10-05
	28. ROSS STORES INC			2018-10-05
	11. AON PLC			2018-10-05
	74. DENTSPLY SIRONA INC			2018-10-11
	18. DENTSPLY SIRONA INC		2018-05-31	2018-10-11
	10. SHERWIN WILLIAMS CO			2018-10-11
	10. AUTODESK INC		2015-08-27	2018-11-15
	39. BROOKFIELD ASSET MANAGE-CL A			2018-11-15
	3. LIBERTY EXPEDIA HOLDINGS INC		2018-05-31	2018-11-15
	12. LIBERTY EXPEDIA HOLDINGS INC			2018-11-15
	38. ROSS STORES INC			2018-11-15
	9. S&P GLOBAL INC			2018-11-15
	8. AON PLC		2012-09-04	2018-11-15
	25. COLFAX CORPORATION			2018-12-20
	8. DOLLAR GENERAL CORP		2018-06-22	2018-12-20
	9. MOHAWK INDS INC COM			2018-12-20
	3. MOHAWK INDS INC COM		2018-05-31	2018-12-20
	6. MOODYS CORP		2012-09-04	2018-12-20
	2. O'REILLY AUTOMOTIVE INC		2017-07-27	2018-12-20
	5. O'REILLY AUTOMOTIVE INC		2018-05-31	2018-12-20
	10. ROPER TECHNOLOGIES INC			2018-12-20
	32. ROSS STORES INC			2018-12-20
	10. S&P GLOBAL INC		2016-01-12	2018-12-20
	11. AON PLC		2012-09-04	2018-12-20
	9401.709 FIDELITY ADV INTER REAL E-IS #1855		2018-05-25	2019-01-15
	10450.232 JPMORGAN U.S. L/C CORE PLUS-S 1002			2019-01-15
	16621.949 MORGN STANLY INSTL FD INTL EQ #8063		2016-08-23	2019-01-15
	8756.949 T ROWE PRICE INST EM MKT EQ 146		2016-08-23	2019-01-15
	10. AIR PRODS & CHEMS INC COM			2019-01-16
	2. AMERCO		2017-03-27	2019-01-16
	7.00008 ANSYS INC		2018-06-22	2019-01-16
	3.99992 ANSYS INC			2019-01-16
	17. APTARGROUP INC COM		2017-10-03	2019-01-16
	63. ARTISAN PARTNERS ASSET MANAGEM		2017-10-03	2019-01-16
	29. ARTISAN PARTNERS ASSET MANAGEM		2018-06-01	2019-01-16
	23. ASPEN TECHNOLOGY INC COM		2018-06-01	2019-01-16
	53. ASPEN TECHNOLOGY INC COM		2017-10-03	2019-01-16
	22. AUTODESK INC			2019-01-16
	91. AUTOHOME INC-ADR		2017-08-23	2019-01-16
	35. AUTOHOME INC-ADR		2018-06-01	2019-01-16
	32.99832 BLACK KNIGHT INC			2019-01-16
	11.00168 BLACK KNIGHT INC		2018-05-10	2019-01-16
	22. BROOKFIELD ASSET MANAGE-CL A			2019-01-16
	80. BROOKFIELD ASSET MANAGE-CL A			2019-01-16
	15.99886 BROWN & BROWN INC		2018-08-17	2019-01-16
	32.00114 BROWN & BROWN INC			2019-01-16
	10. BROWN FORMAN CORP CL B			2019-01-16
	47. CBRE GROUP INC			2019-01-16
	11. CDK GLOBAL INC			2019-01-16
	73. CDW CORP/DE		2017-10-03	2019-01-16
	23. CDW CORP/DE		2018-06-01	2019-01-16
	10. CARMAX INC			2019-01-16
	31. CARMAX INC			2019-01-16
	36. COLFAX CORPORATION			2019-01-16
	124. COPART INC COM		2017-10-03	2019-01-16
	46. COPART INC COM		2018-06-01	2019-01-16
	16.99913 COPART INC COM			2019-01-16
	8.00087 COPART INC COM		2018-05-31	2019-01-16
	10. DOLLAR GENERAL CORP		2018-06-22	2019-01-16
	41. DONALDSON CO INC		2017-08-23	2019-01-16
	66. DRIL-QUIP INC COM			2019-01-16
	30. DRIL-QUIP INC COM		2018-06-01	2019-01-16
	2. ECHOSTAR CORPORATION		2012-09-04	2019-01-16
	2. ECHOSTAR CORPORATION		2018-05-31	2019-01-16
	1. EQUINIX INC		2015-11-02	2019-01-16
	1. EQUINIX INC		2018-05-31	2019-01-16
	15. FACTSET RESH SYS INC COM		2017-10-03	2019-01-16
	7. FACTSET RESH SYS INC COM		2018-06-01	2019-01-16
	11. FASTENAL CO			2019-01-16
	44.00085 FNF GROUP			2019-01-16
	12.99915 FNF GROUP		2018-05-10	2019-01-16
	22. FIRST REPUBLIC BANK/SAN FRANCI			2019-01-16
	6. GCI LIBERTY INC		2018-05-31	2019-01-16
	1. GCI LIBERTY INC		2015-07-27	2019-01-16
	22. GARTNER INC			2019-01-16
	90. GRACO INC		2017-10-03	2019-01-16
	53. GRACO INC			2019-01-16
	4.00005 GUIDEWIRE SOFTWARE INC		2018-09-17	2019-01-16
	4.99995 GUIDEWIRE SOFTWARE INC		2018-09-17	2019-01-16
	4. HD SUPPLY HOLDINGS INC		2017-05-25	2019-01-16
	126. HFF INC			2019-01-16
	3. HEICO CORP CL A		2018-08-17	2019-01-16
	8. HENRY JACK & ASSOC INC COM		2018-06-01	2019-01-16
	20. HENRY JACK & ASSOC INC COM		2017-10-03	2019-01-16
	9.99931 HILTON WORLDWIDE HOLDINGS IN		2018-05-10	2019-01-16
	9.00069 HILTON WORLDWIDE HOLDINGS IN			2019-01-16
	3. HOWARD HUGHES CORP/THE			2019-01-16
	12. HYATT HOTELS CORP		2018-08-29	2019-01-16
	11. KAR AUCTION SERVICES INC		2018-08-01	2019-01-16
	30.00087 KKR & CO INC -A		2018-09-17	2019-01-16
	30.99913 KKR & CO INC -A			2019-01-16
	45. KENNEDY-WILSON HOLDINGS INC		2018-08-29	2019-01-16
	19. LENNAR CORPORATION CLASS A COMMON			2019-01-16
	3. LIBERTY BROADBAND CORP		2018-05-31	2019-01-16
	3. LIBERTY BROADBAND CORP		2015-12-10	2019-01-16
	5. LIBERTY BROADBAND CORP			2019-01-16
	4. LIBERTY BROADBAND CORP		2018-05-31	2019-01-16
	7. LIBERTY EXPEDIA HOLDINGS INC			2019-01-16
	5. LIBERTY SIRIUSXM GROUP		2012-09-04	2019-01-16
	3. LIBERTY SIRIUSXM GROUP		2018-05-31	2019-01-16
	11. LIBERTY SIRIUSXM GROUP		2012-09-04	2019-01-16
	7. LIBERTY SIRIUSXM GROUP		2018-05-31	2019-01-16
	33. LIBERTY MEDIA GROUP			2019-01-16
	2. LIBERTY MEDIA GROUP		2012-09-04	2019-01-16
	1. LIBERTY MEDIA GROUP		2018-05-31	2019-01-16
	2. M & T BANK CORPORATION COM		2012-09-04	2019-01-16
	2. M & T BANK CORPORATION COM		2018-05-31	2019-01-16
	2. MSCI INC		2018-07-26	2019-01-16
	26. MANHATTAN ASSOCIATES, INC COM		2017-10-03	2019-01-16
	1. MARKEL HOLDINGS		2016-02-24	2019-01-16
	3. MARKEL HOLDINGS			2019-01-16
	16. MARKETAXESS HLDGS INC		2017-08-23	2019-01-16
	5. MARKETAXESS HLDGS INC		2018-06-01	2019-01-16
	6. MARTIN MARIETTA MATLS INC COM		2017-03-01	2019-01-16
	7. MARTIN MARIETTA MATLS INC COM			2019-01-16
	1. METTLER-TOLEDO INTL INC		2018-06-22	2019-01-16
	19. MICROCHIP TECHNOLOGY INC COM			2019-01-16
	90. MOELIS & CO			2019-01-16
	4. MOHAWK INDS INC COM		2012-09-04	2019-01-16
	8. MOODYS CORP		2012-09-04	2019-01-16
	2. MOTOROLA SOLUTIONS, INC.		2012-09-04	2019-01-16
	3. MOTOROLA SOLUTIONS, INC.		2018-05-31	2019-01-16
	12. O'REILLY AUTOMOTIVE INC			2019-01-16
	36. OLD DOMINION FREIGHT LINES INC		2017-10-03	2019-01-16
	15. OLD DOMINION FREIGHT LINES INC		2018-06-01	2019-01-16
	12. POOL CORPORATION		2018-06-01	2019-01-16
	26. POOL CORPORATION		2017-10-03	2019-01-16
	31. PRICESMART INC		2018-10-18	2019-01-16
	26. PRICESMART INC		2017-10-03	2019-01-16
	54. PRIMERICA INC		2017-10-03	2019-01-16
	23. PRIMERICA INC		2018-06-01	2019-01-16
	17. PROGRESSIVE CORP OHIO			2019-01-16
	20. RLI CORP COM		2017-10-03	2019-01-16
	10. RBC BEARINGS INC		2018-06-01	2019-01-16
	21. RBC BEARINGS INC		2017-10-03	2019-01-16
	13. REALPAGE INC		2018-09-17	2019-01-16
	44. RESTAURANT BRANDS INTERN			2019-01-16
	11. RESTAURANT BRANDS INTERN		2018-01-12	2019-01-16
	417. RIGHTMOVE PLC-UNSP ADR			2019-01-16
	196. RIGHTMOVE PLC-UNSP ADR		2017-11-30	2019-01-16
	6. ROPER TECHNOLOGIES INC			2019-01-16
	2. ROSS STORES INC		2014-10-02	2019-01-16
	10. S&P GLOBAL INC			2019-01-16
	11. SBA COMMUNICATIONS CORP		2018-05-31	2019-01-16
	15. SBA COMMUNICATIONS CORP			2019-01-16
	33. SUMMIT MATERIALS INC		2018-08-29	2019-01-16
	28. TELEDYNE TECHNOLOGIES INC		2017-10-03	2019-01-16
	13. TELEDYNE TECHNOLOGIES INC		2018-06-01	2019-01-16
	58. TORO CO			2019-01-16
	6. TRANSDIGM GROUP INC			2019-01-16
	5. TRANSDIGM GROUP INC		2018-05-31	2019-01-16
	20. TRANSUNION			2019-01-16
	4. VAIL RESORTS INC COM		2018-08-17	2019-01-16
	6. VERISIGN INC COM		2018-05-31	2019-01-16
	8. VERISIGN INC COM		2012-09-04	2019-01-16
	10. VERISK ANALYTICS INC			2019-01-16
	8. VERISK ANALYTICS INC		2018-05-31	2019-01-16
	12. VULCAN MATERIALS COMPANY			2019-01-16
	7. VULCAN MATERIALS COMPANY		2017-11-16	2019-01-16
	54. WABCO HOLDINGS INC			2019-01-16
	10. AON PLC		2012-09-04	2019-01-16
	53. ARCH CAPITAL GROUP LTD			2019-01-16
	25. IHS MARKIT LTD			2019-01-16
	10. IHS MARKIT LTD		2017-07-27	2019-01-16
	9. LIBERTY GLOBAL PLC-A			2019-01-16
	6. LIBERTY GLOBAL PLC-A		2018-05-31	2019-01-16
	32. LIBERTY GLOBAL PLC-SERIES C			2019-01-16
	12. WIX.COM LTD			2019-01-16
	12. CORE LABORATORIES N V COM		2017-10-03	2019-01-16
	25. CDK GLOBAL INC			2019-01-31
	10. CDK GLOBAL INC			2019-01-31
	8. MOODYS CORP		2012-09-04	2019-01-31
	3. O'REILLY AUTOMOTIVE INC		2017-07-13	2019-01-31
	17477.598 PRINCIPAL GL MULT STRAT-R6 #8232			2019-01-31
	13968.608 ROBECO BP LNG/SHRT RES-INS			2019-01-31
	2974.42 ROBECO BP LNG/SHRT RES-INS		2018-05-25	2019-01-31
	2. ROPER TECHNOLOGIES INC			2019-01-31
	13000. US TREASURY NOTE 3.625% 2/15/20		2015-03-06	2019-02-06
	16. CDK GLOBAL INC		2015-11-20	2019-02-15
	11. HD SUPPLY HOLDINGS INC		2017-05-25	2019-02-15
	7. HD SUPPLY HOLDINGS INC		2017-05-25	2019-03-01
	1. HD SUPPLY HOLDINGS INC		2018-05-31	2019-03-01
	4. O'REILLY AUTOMOTIVE INC		2017-07-13	2019-03-01
	5. SBA COMMUNICATIONS CORP			2019-03-01
	3. TRANSDIGM GROUP INC			2019-03-01
	33. KAR AUCTION SERVICES INC			2019-03-27
	18. KAR AUCTION SERVICES INC			2019-03-27
	3. SBA COMMUNICATIONS CORP		2015-07-27	2019-03-27
	3. AON PLC		2012-09-04	2019-03-27
	10000. US TREASURY NOTE 3.125% 5/15/19		2015-12-03	2019-04-05
	2. MARTIN MARIETTA MATLS INC COM		2018-05-10	2019-04-10
	5. MARTIN MARIETTA MATLS INC COM		2017-08-09	2019-04-10
	5. SBA COMMUNICATIONS CORP			2019-04-10
	1. TRANSDIGM GROUP INC		2015-08-11	2019-04-10
	4. VERISK ANALYTICS INC			2019-04-10
	5. HFF INC		2017-08-23	2019-04-11
	55. HFF INC		2017-08-23	2019-04-12
	6. HFF INC		2017-08-23	2019-04-16
	7. HFF INC		2017-08-23	2019-04-17
	2. HFF INC		2017-08-23	2019-04-18
	10. HFF INC		2018-06-01	2019-04-22
	42. HFF INC		2017-08-23	2019-04-22
	24. HFF INC		2018-06-01	2019-04-23
	8. BROOKFIELD ASSET MANAGE-CL A			2019-04-26
	15. CARMAX INC			2019-04-26
	8. GARTNER INC			2019-04-26
	3. MARTIN MARIETTA MATLS INC COM			2019-04-26
	5. SBA COMMUNICATIONS CORP		2015-05-14	2019-04-26
	1. TRANSDIGM GROUP INC		2015-08-11	2019-04-26
	7. APTARGROUP INC COM			2019-05-14
	32. ARTISAN PARTNERS ASSET MANAGEM			2019-05-14
	22. ASPEN TECHNOLOGY INC COM			2019-05-14
	2. ATRION CORP			2019-05-14
	43. AUTOHOME INC-ADR			2019-05-14
	29. CDW CORP/DE			2019-05-14
	51. COPART INC COM			2019-05-14
	18. DONALDSON CO INC		2017-08-23	2019-05-14
	1. DRIL-QUIP INC COM		2018-06-01	2019-05-14
	29. DRIL-QUIP INC COM			2019-05-14
	7. FACTSET RESH SYS INC COM			2019-05-14
	45. GRACO INC		2018-10-18	2019-05-14
	8. HENRY JACK & ASSOC INC COM			2019-05-14
	11. MANHATTAN ASSOCIATES, INC COM			2019-05-14
	6. MARKETAXESS HLDGS INC		2017-08-23	2019-05-14
	29. MOELIS & CO		2018-03-13	2019-05-14
	16. OLD DOMINION FREIGHT LINES INC			2019-05-14
	11. POOL CORPORATION		2017-10-03	2019-05-14
	18. PRICESMART INC		2018-10-18	2019-05-14
	24. PRIMERICA INC			2019-05-14
	9. RLI CORP COM			2019-05-14
	10. RBC BEARINGS INC			2019-05-14
	193. RIGHTMOVE PLC-UNSP ADR		2017-11-30	2019-05-14
	447.187 T ROWE PRICE BLUE CHIP-I #429		2015-06-05	2019-05-14
	13. TELEDYNE TECHNOLOGIES INC			2019-05-14
	18. TORO CO			2019-05-14
	17. WABCO HOLDINGS INC		2017-08-23	2019-05-14
	14. AIR PRODS & CHEMS INC COM			2019-05-15
	3. AMERCO		2017-03-27	2019-05-15
	15. ANSYS INC			2019-05-15
	3.00051 AUTODESK INC		2019-04-26	2019-05-15
	13. AUTODESK INC			2019-05-15
	.99949 AUTODESK INC		2019-04-26	2019-05-15
	36. BLACK KNIGHT INC		2018-05-25	2019-05-15
	25. BLACK KNIGHT INC			2019-05-15
	137. BROOKFIELD ASSET MANAGE-CL A			2019-05-15
	50. BROWN & BROWN INC			2019-05-15
	16. BROWN & BROWN INC		2018-07-21	2019-05-15
	17. BROWN FORMAN CORP CL B			2019-05-15
	1. CBRE GROUP INC		2018-11-15	2019-05-15
	63. CBRE GROUP INC			2019-05-15
	56. CARMAX INC			2019-05-15
	3. COGNEX CORP		2019-04-10	2019-05-15
	6. COLFAX CORPORATION		2018-09-17	2019-05-15
	44. COLFAX CORPORATION			2019-05-15
	24. COPART INC COM			2019-05-15
	31. COPART INC COM			2019-05-15
	8. DOLLAR GENERAL CORP			2019-05-15
	6. DOLLAR GENERAL CORP		2017-06-08	2019-05-15
	.99926 DOMINOS PIZZA INC		2019-04-26	2019-05-15
	7.00074 DOMINOS PIZZA INC			2019-05-15
	5. ECHOSTAR CORPORATION		2012-09-04	2019-05-15
	3. EQUINIX INC		2015-11-02	2019-05-15
	1. EQUINIX INC		2018-06-30	2019-05-15
	3. FASTENAL CO		2018-05-31	2019-05-15
	13. FASTENAL CO		2012-09-04	2019-05-15
	30. FNF GROUP			2019-05-15
	55. FNF GROUP			2019-05-15
	27. FIRST REPUBLIC BANK/SAN FRANCI			2019-05-15
	23. GCI LIBERTY INC			2019-05-15
	18. GARTNER INC			2019-05-15
	9. GARTNER INC			2019-05-15
	14. GUIDEWIRE SOFTWARE INC			2019-05-15
	5. HEICO CORP CL A		2018-08-17	2019-05-15
	35. HILTON WORLDWIDE HOLDINGS IN			2019-05-15
	8. HILTON WORLDWIDE HOLDINGS IN		2018-03-20	2019-05-15
	1.99989 HOWARD HUGHES CORP/THE		2017-05-24	2019-05-15
	8. HOWARD HUGHES CORP/THE			2019-05-15
	6.00011 HOWARD HUGHES CORP/THE		2017-05-24	2019-05-15
	17. HYATT HOTELS CORP			2019-05-15
	7. IDEXX CORP		2018-08-01	2019-05-15
	59.00024 KKR & CO INC -A			2019-05-15
	32.99976 KKR & CO INC -A			2019-05-15
	64. KENNEDY-WILSON HOLDINGS INC			2019-05-15
	9. LENNAR CORPORATION CLASS A COMMON		2018-05-31	2019-05-15
	19. LENNAR CORPORATION CLASS A COMMON			2019-05-15
	8. LIBERTY BROADBAND CORP			2019-05-15
	11. LIBERTY BROADBAND CORP			2019-05-15
	11. LIBERTY EXPEDIA HOLDINGS INC			2019-05-15
	12. LIBERTY SIRIUSXM GROUP		2012-09-04	2019-05-15
	27. LIBERTY SIRIUSXM GROUP		2012-09-04	2019-05-15
	49. LIBERTY MEDIA GROUP			2019-05-15
	3. LIBERTY MEDIA GROUP		2012-09-04	2019-05-15
	6. M & T BANK CORPORATION COM		2012-09-04	2019-05-15
	7. MSCI INC			2019-05-15
	1. MARKEL HOLDINGS		2019-04-26	2019-05-15
	3. MARKEL HOLDINGS			2019-05-15
	10. MARTIN MARIETTA MATLS INC COM		2018-11-15	2019-05-15
	5. MARTIN MARIETTA MATLS INC COM		2017-11-16	2019-05-15
	1. METTLER-TOLEDO INTL INC		2018-06-22	2019-05-15
	3. METTLER-TOLEDO INTL INC		2018-05-10	2019-05-15
	11. MICROCHIP TECHNOLOGY INC COM			2019-05-15
	15. MICROCHIP TECHNOLOGY INC COM		2012-09-04	2019-05-15
	5. MOHAWK INDS INC COM		2012-09-04	2019-05-15
	9. MOODYS CORP		2012-09-04	2019-05-15
	7. MOTOROLA SOLUTIONS, INC.		2012-09-04	2019-05-15
	12. O'REILLY AUTOMOTIVE INC			2019-05-15
	25. PROGRESSIVE CORP OHIO			2019-05-15
	20.00056 REALPAGE INC			2019-05-15
	2.99944 REALPAGE INC		2018-09-17	2019-05-15
	70. RESTAURANT BRANDS INTERN			2019-05-15
	8. ROPER TECHNOLOGIES INC		2015-07-27	2019-05-15
	2. ROSS STORES INC		2014-10-02	2019-05-15
	7. S&P GLOBAL INC		2016-01-26	2019-05-15
	28. SBA COMMUNICATIONS CORP			2019-05-15
	2. SHOPIFY INC - A W/I		2018-09-17	2019-05-15
	39. SUMMIT MATERIALS INC			2019-05-15
	14. TRANSDIGM GROUP INC			2019-05-15
	4. TRANSUNION		2018-03-20	2019-05-15
	5.99852 TRANSUNION		2018-05-31	2019-05-15
	31.00148 TRANSUNION			2019-05-15
	11. VAIL RESORTS INC COM			2019-05-15
	20. VERISIGN INC COM		2012-09-04	2019-05-15
	24. VERISK ANALYTICS INC			2019-05-15
	6. VORNADO REALTY TRUST			2019-05-15
	26. VULCAN MATERIALS COMPANY			2019-05-15
	8. AON PLC		2012-09-04	2019-05-15
	18. ARCH CAPITAL GROUP LTD		2018-10-11	2019-05-15
	55. ARCH CAPITAL GROUP LTD			2019-05-15
	53. IHS MARKIT LTD			2019-05-15
	20. LIBERTY GLOBAL PLC-A		2012-09-04	2019-05-15
	39. LIBERTY GLOBAL PLC-SERIES C			2019-05-15
	20. WIX.COM LTD			2019-05-15
	3. AIR PRODS & CHEMS INC COM		2014-02-19	2019-05-29
	17. LIBERTY EXPEDIA HOLDINGS INC			2019-05-29
	10000. UNITED TECHNOLOGIES 3.100% 6/01/22			2019-06-05
	5000. WELLPOINT INC 4.350% 8/15/20		2015-09-29	2019-06-05
	4. AIR PRODS & CHEMS INC COM			2019-06-26
	2. EQUINIX INC			2019-06-26
	2. TRANSDIGM GROUP INC		2015-07-27	2019-06-26
	3. VERISIGN INC COM		2012-09-04	2019-06-26
	4. VERISK ANALYTICS INC			2019-06-26
	15000. PROCTER & GAMBLE CO/ 2.300% 2/06/22		2015-09-29	2019-06-28
	1. EQUINIX INC		2015-12-10	2019-07-10
	1. O'REILLY AUTOMOTIVE INC		2012-09-04	2019-07-10
	4. PROGRESSIVE CORP OHIO			2019-07-10
	2. VERISIGN INC COM		2012-09-04	2019-07-10
	3. VERISK ANALYTICS INC			2019-07-10
	10000. US TREASURY NOTE 2.000% 12/31/22		2017-02-27	2019-07-18
	7. COPART INC COM		2012-09-04	2019-07-29
	5. DOLLAR GENERAL CORP			2019-07-29
	4. MOHAWK INDS INC COM		2012-09-04	2019-07-29
	2. S&P GLOBAL INC		2016-01-26	2019-07-29
	1. TRANSDIGM GROUP INC		2015-07-27	2019-07-29
	1. VERISIGN INC COM		2012-09-04	2019-07-29
	24. COPART INC COM		2017-08-23	2019-08-01
	15. COPART INC COM		2017-08-23	2019-08-02
	2. EXPEDIA INC		2012-09-04	2019-08-02
	40. COPART INC COM		2017-08-23	2019-08-05
	79. COPART INC COM		2017-08-23	2019-08-06
	2478.929 INV OPP DEVELOP MRKTS-R6			2019-08-15
	2. AIR PRODS & CHEMS INC COM		2014-03-28	2019-08-15
	5861.665 EATON VANCE GLOBAL MACRO - I		2019-01-15	2019-08-15
	12. ECHOSTAR CORPORATION		2012-09-04	2019-08-15
	5. GARTNER INC		2017-10-12	2019-08-15
	1. METTLER-TOLEDO INTL INC		2018-05-10	2019-08-15
	8. MOHAWK INDS INC COM		2012-09-04	2019-08-15
	4. RESTAURANT BRANDS INTERN		2016-03-14	2019-08-15
	.52 EXPEDIA INC		2012-09-04	2019-08-26
	10000. JPMORGAN CHASE & CO 4.950% 3/25/20		2015-03-06	2019-08-26
	10000. FED NATL MTG ASSN 2.625% 9/06/24		2015-11-03	2019-08-29
	9. COPART INC COM		2012-09-04	2019-08-30
	6. RESTAURANT BRANDS INTERN		2016-03-14	2019-08-30
	1. TRANSDIGM GROUP INC		2015-07-27	2019-08-30
	6. TRANSUNION			2019-08-30
	12195.122 ABBEY CAP FUTURES STRAT-I #231		2019-08-15	2019-09-11
	6346.246 T ROWE PRICE INST FLOAT RATE 170		2015-03-10	2019-09-19
	2. S&P GLOBAL INC			2019-09-20
	5910.165 WF ULTR SHORT-TRMINCOME-I#3104		2018-10-25	2019-09-20
	5799.437 WF ULTR SHORT-TRMINCOME-I#3104		2018-05-25	2019-09-20
	9. IHS MARKIT LTD		2017-02-21	2019-09-20
	1. BROWN & BROWN INC		2012-09-04	2019-09-23
	1. BROWN FORMAN CORP CL B		2018-11-15	2019-09-23
	2. CBRE GROUP INC		2016-09-28	2019-09-23
	2. CARMAX INC		2016-10-14	2019-09-23
	1. COLFAX CORPORATION		2018-09-17	2019-09-23
	2. FNF GROUP		2019-07-29	2019-09-23
	1. GCI LIBERTY INC		2014-09-23	2019-09-23
	1. HILTON WORLDWIDE HOLDINGS IN		2018-03-20	2019-09-23
	3. KKR & CO INC -A		2018-09-13	2019-09-23
	1. KENNEDY-WILSON HOLDINGS INC		2018-07-26	2019-09-23
	1. LIBERTY BROADBAND CORP		2012-09-04	2019-09-23
	1. LIBERTY SIRIUSXM GROUP		2012-09-04	2019-09-23
	1. LIBERTY SIRIUSXM GROUP		2012-09-04	2019-09-23
	2. LIBERTY MEDIA GROUP		2017-05-24	2019-09-23
	1. MARKEL HOLDINGS		2012-09-04	2019-09-23
	1. MARTIN MARIETTA MATLS INC COM		2018-11-15	2019-09-23
	1. MICROCHIP TECHNOLOGY INC COM		2012-09-04	2019-09-23
	1. MOTOROLA SOLUTIONS, INC.		2019-05-29	2019-09-23
	1. S&P GLOBAL INC		2016-01-27	2019-09-23
	1. SBA COMMUNICATIONS CORP		2016-01-08	2019-09-23
	1. SUMMIT MATERIALS INC		2018-09-17	2019-09-23
	1. VAIL RESORTS INC COM		2018-06-22	2019-09-23
	1. VULCAN MATERIALS COMPANY		2017-12-06	2019-09-23
	2. ARCH CAPITAL GROUP LTD		2016-08-31	2019-09-23
	10. ISHARES BARCLAYS MBS BOND FUND		2015-09-29	2019-09-25
	10000. US TREASURY NOTE 2.125% 9/30/21		2015-12-03	2019-09-25
	5. SBA COMMUNICATIONS CORP		2016-01-08	2019-09-26
	1. OTHER		2018-01-01	2019-09-30
	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	917	837	80
b	2,778	4,839	-2,061
c	2,745	671	2,074
d	212	119	93
e	637	560	77
	2,655	1,400	1,255
	1,726	757	969
	2,651	4,560	-1,909
	645	794	-149
	4,147	2,802	1,345
	1,291	494	797
	1,697	1,551	146
	123	129	-6
	492	423	69
	3,628	1,618	2,010
	1,596	805	791
	1,288	413	875
	505	1,532	-1,027
	810	803	7
	1,044	1,063	-19
	348	615	-267
	817	237	580
	665	395	270
	1,662	1,349	313
	2,637	1,735	902
	2,477	1,219	1,258
	1,655	887	768
	1,614	568	1,046
	104,171	110,000	-5,829
	260,002	302,114	-42,112
	229,715	255,147	-25,432
	316,126	271,115	45,011
	1,551	1,338	213
	690	768	-78
	1,094	1,261	-167
	625	718	-93
	1,610	1,499	111
	1,444	2,056	-612
	665	953	-288
	2,057	2,177	-120
	4,739	3,388	1,351
	2,996	1,084	1,912
	6,305	5,869	436
	2,425	4,064	-1,639
	1,585	1,725	-140
	528	555	-27
	905	864	41
	3,290	2,625	665
	450	478	-28
	900	894	6
	453	509	-56
	2,017	2,085	-68
	550	707	-157
	5,874	5,010	864
	1,851	1,874	-23
	636	626	10
	1,973	2,084	-111
	801	1,889	-1,088
	6,106	4,307	1,799
	2,265	2,546	-281
	839	907	-68
	395	441	-46
	1,123	1,004	119
	1,896	1,931	-35
	2,446	4,211	-1,765
	1,112	1,454	-342
	78	55	23
	78	94	-16
	381	300	81
	381	400	-19
	3,147	2,734	413
	1,468	1,427	41
	602	615	-13
	1,503	1,716	-213
	444	493	-49
	2,086	2,211	-125
	262	251	11
	44	36	8
	2,843	2,949	-106
	3,812	3,754	58
	2,245	2,332	-87
	332	424	-92
	415	530	-115
	156	166	-10
	4,865	4,977	-112
	192	200	-8
	1,035	1,006	29
	2,587	2,069	518
	723	826	-103
	651	739	-88
	309	392	-83
	811	950	-139
	554	656	-102
	668	835	-167
	690	843	-153
	851	964	-113
	864	1,087	-223
	226	205	21
	226	153	73
	378	219	159
	303	275	28
	281	237	44
	190	92	98
	114	139	-25
	419	197	222
	267	323	-56
	1,032	1,204	-172
	61	28	33
	30	30
	308	174	134
	308	345	-37
	319	349	-30
	1,213	1,260	-47
	1,043	868	175
	3,129	3,347	-218
	3,452	3,109	343
	1,079	1,085	-6
	1,054	1,344	-290
	1,229	1,530	-301
	581	584	-3
	1,439	1,775	-336
	3,709	4,895	-1,186
	496	289	207
	1,238	316	922
	231	95	136
	347	323	24
	4,107	2,249	1,858
	4,558	3,923	635
	1,899	2,379	-480
	1,787	1,710	77
	3,871	2,867	1,004
	2,017	2,370	-353
	1,692	2,355	-663
	5,665	4,408	1,257
	2,413	2,289	124
	1,058	599	459
	1,369	1,156	213
	1,345	1,286	59
	2,825	2,645	180
	691	814	-123
	2,486	2,584	-98
	621	672	-51
	5,075	5,439	-364
	2,385	2,157	228
	1,640	1,004	636
	180	76	104
	1,840	860	980
	1,887	1,734	153
	2,574	1,784	790
	463	718	-255
	6,076	4,542	1,534
	2,821	2,687	134
	3,406	3,935	-529
	2,090	1,543	547
	1,742	1,675	67
	1,145	1,490	-345
	740	1,180	-440
	966	785	181
	1,288	382	906
	1,128	796	332
	902	851	51
	1,207	1,525	-318
	704	878	-174
	5,952	7,851	-1,899
	1,503	517	986
	1,472	1,594	-122
	1,278	1,259	19
	511	459	52
	201	233	-32
	134	172	-38
	697	1,146	-449
	1,208	1,333	-125
	829	1,171	-342
	1,218	1,303	-85
	487	622	-135
	1,268	316	952
	1,026	547	479
	180,718	195,000	-14,282
	210,786	205,000	5,786
	44,884	50,000	-5,116
	568	331	237
	13,138	14,219	-1,081
	928	778	150
	481	458	23
	301	291	10
	43	41	2
	1,485	730	755
	907	584	323
	1,309	726	583
	1,619	670	949
	883	1,043	-160
	584	350	234
	503	155	348
	10,007	10,572	-565
	408	424	-16
	1,020	1,058	-38
	1,011	581	430
	456	237	219
	540	306	234
	238	186	52
	2,617	2,042	575
	286	223	63
	331	260	71
	95	74	21
	476	335	141
	1,999	1,559	440
	1,142	804	338
	383	242	141
	1,164	931	233
	1,265	1,059	206
	643	633	10
	1,001	579	422
	479	237	242
	791	585	206
	812	1,005	-193
	2,496	1,357	1,139
	1,740	1,598	142
	4,422	2,721	1,701
	3,003	1,822	1,181
	3,362	1,665	1,697
	910	848	62
	42	48	-6
	1,218	1,282	-64
	1,940	1,162	778
	2,200	1,798	402
	1,082	809	273
	706	473	233
	1,734	1,166	568
	963	1,493	-530
	2,318	1,599	719
	1,989	1,213	776
	999	1,376	-377
	2,963	1,881	1,082
	750	501	249
	1,357	1,151	206
	2,723	2,124	599
	50,000	32,327	17,673
	3,087	1,969	1,118
	1,302	1,114	188
	2,231	2,361	-130
	2,846	1,556	1,290
	1,186	1,151	35
	2,797	2,646	151
	515	530	-15
	2,233	607	1,626
	172	177	-5
	1,959	1,803	156
	1,360	1,253	107
	6,460	3,682	2,778
	1,565	1,042	523
	501	461	40
	879	872	7
	47	43	4
	2,973	1,992	981
	4,282	3,250	1,032
	135	160	-25
	152	212	-60
	1,113	1,891	-778
	1,580	1,278	302
	2,041	538	1,503
	932	712	220
	699	444	255
	275	278	-3
	1,926	1,840	86
	201	138	63
	1,455	901	554
	485	440	45
	191	158	33
	828	559	269
	1,152	1,110	42
	2,113	1,730	383
	2,650	2,709	-59
	1,331	805	526
	2,728	2,356	372
	1,364	1,126	238
	1,475	1,496	-21
	429	333	96
	3,221	2,967	254
	736	653	83
	212	257	-45
	849	1,004	-155
	637	770	-133
	1,293	1,310	-17
	1,720	1,674	46
	1,417	1,604	-187
	792	921	-129
	1,348	1,360	-12
	471	468	3
	995	1,019	-24
	776	408	368
	1,069	439	630
	466	311	155
	457	222	235
	1,035	483	552
	1,823	1,671	152
	109	41	68
	957	521	436
	1,540	1,210	330
	1,030	1,033	-3
	3,090	1,657	1,433
	2,136	1,882	254
	1,068	1,051	17
	712	584	128
	2,135	1,686	449
	935	782	153
	1,275	494	781
	657	361	296
	1,663	355	1,308
	1,005	331	674
	4,244	1,198	3,046
	1,903	650	1,253
	1,198	1,259	-61
	180	188	-8
	4,720	3,474	1,246
	2,798	1,311	1,487
	187	76	111
	1,478	589	889
	5,810	2,994	2,816
	515	308	207
	631	807	-176
	6,325	3,162	3,163
	255	236	19
	382	413	-31
	1,976	2,172	-196
	2,401	3,219	-818
	3,852	955	2,897
	3,357	1,762	1,595
	397	406	-9
	3,333	3,191	142
	1,417	413	1,004
	608	501	107
	1,857	1,578	279
	2,970	2,233	737
	493	469	24
	937	1,160	-223
	2,808	2,159	649
	607	323	284
	707	264	443
	10,150	10,094	56
	5,108	5,401	-293
	895	430	465
	979	596	383
	958	440	518
	619	143	476
	573	277	296
	15,119	15,048	71
	519	296	223
	385	83	302
	333	80	253
	433	96	337
	450	199	251
	10,113	10,063	50
	554	97	457
	681	275	406
	498	289	209
	488	168	320
	494	220	274
	214	48	166
	1,873	765	1,108
	1,142	478	664
	258	61	197
	2,946	1,274	1,672
	5,890	2,517	3,373
	100,000	101,113	-1,113
	450	215	235
	50,821	50,000	821
	464	332	132
	627	621	6
	663	562	101
	886	577	309
	296	156	140
	67	16	51
	10,168	11,126	-958
	10,568	10,183	385
	681	125	556
	473	234	239
	535	220	315
	501	389	112
	148,049	150,000	-1,951
	62,511	64,351	-1,840
	509	168	341
	50,473	50,000	473
	49,527	49,005	522
	606	364	242
	36	13	23
	63	47	16
	105	57	48
	171	103	68
	28	35	-7
	88	87	1
	63	34	29
	95	82	13
	88	85	3
	22	21	1
	107	31	76
	41	19	22
	42	18	24
	85	63	22
	1,179	435	744
	269	188	81
	91	33	58
	167	150	17
	254	83	171
	259	102	157
	22	19	3
	237	281	-44
	151	122	29
	82	54	28
	1,080	1,095	-15
	10,080	10,101	-21
	1,230	511	719
	43,191		43,191
			101,357

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			80
b			-2,061
c			2,074
d			93
e			77
			1,255
			969
			-1,909
			-149
			1,345
			797
			146
			-6
			69
			2,010
			791
			875
			-1,027
			7
			-19
			-267
			580
			270
			313
			902
			1,258
			768
			1,046
			-5,829
			-42,112
			-25,432
			45,011
			213
			-78
			-167
			-93
			111
			-612
			-288
			-120
			1,351
			1,912
			436
			-1,639
			-140
			-27
			41
			665
			-28
			6
			-56
			-68
			-157
			864
			-23
			10
			-111
			-1,088
			1,799
			-281
			-68
			-46
			119
			-35
			-1,765
			-342
			23
			-16
			81
			-19
			413
			41
			-13
			-213
			-49
			-125
			11
			8
			-106
			58
			-87
			-92
			-115
			-10
			-112
			-8
			29
			518
			-103
			-88
			-83
			-139
			-102
			-167
			-153
			-113
			-223
			21
			73
			159
			28
			44
			98
			-25
			222
			-56
			-172
			33

			134
			-37
			-30
			-47
			175
			-218
			343
			-6
			-290
			-301
			-3
			-336
			-1,186
			207
			922
			136
			24
			1,858
			635
			-480
			77
			1,004
			-353
			-663
			1,257
			124
			459
			213
			59
			180
			-123
			-98
			-51
			-364
			228
			636
			104
			980
			153
			790
			-255
			1,534
			134
			-529
			547
			67
			-345
			-440
			181
			906
			332
			51
			-318
			-174
			-1,899
			986
			-122
			19
			52
			-32
			-38
			-449
			-125
			-342
			-85
			-135
			952
			479
			-14,282
			5,786
			-5,116
			237
			-1,081
			150
			23
			10
			2
			755
			323
			583
			949
			-160
			234
			348
			-565
			-16
			-38
			430
			219
			234
			52
			575
			63
			71
			21
			141
			440
			338
			141
			233
			206
			10
			422
			242
			206
			-193
			1,139
			142
			1,701
			1,181
			1,697
			62
			-6
			-64
			778
			402
			273
			233
			568
			-530
			719
			776
			-377
			1,082
			249
			206
			599
			17,673
			1,118
			188
			-130
			1,290
			35
			151
			-15
			1,626
			-5
			156
			107
			2,778
			523
			40
			7
			4
			981
			1,032
			-25
			-60
			-778
			302
			1,503
			220
			255
			-3
			86
			63
			554
			45
			33
			269
			42
			383
			-59
			526
			372
			238
			-21
			96
			254
			83
			-45
			-155
			-133
			-17
			46
			-187
			-129
			-12
			3
			-24
			368
			630
			155
			235
			552
			152
			68
			436
			330
			-3
			1,433
			254
			17
			128
			449
			153
			781
			296
			1,308
			674
			3,046
			1,253
			-61
			-8
			1,246
			1,487
			111
			889
			2,816
			207
			-176
			3,163
			19
			-31
			-196
			-818
			2,897
			1,595
			-9
			142
			1,004
			107
			279
			737
			24
			-223
			649
			284
			443
			56
			-293
			465
			383
			518
			476
			296
			71
			223
			302
			253
			337
			251
			50
			457
			406
			209
			320
			274
			166
			1,108
			664
			197
			1,672
			3,373
			-1,113
			235
			821
			132
			6
			101
			309
			140
			51
			-958
			385
			556
			239
			315
			112
			-1,951
			-1,840
			341
			473
			522
			242
			23
			16
			48
			68
			-7
			1
			29
			13
			3
			1
			76
			22
			24
			22
			744
			81
			58
			17
			171
			157
			3
			-44
			29
			28
			-15
			-21
			719
			43,191

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	212,579
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	235,066	5,003,942	0.046976
2016	221,157	4,662,534	0.047433
2015	243,718	4,490,274	0.054277
2014	242,674	4,918,781	0.049336
2013	244,702	5,008,394	0.048858

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

0.24688

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 ......

0.049376

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

4,835,761

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

238,771

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

2,625

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

241,396

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

247,221

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	2,625
	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	2,625
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	2,625
6	Credits/Payments:

a	2018 estimated tax payments and 2017 overpayment credited to 2018	6a	507
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	507
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	62
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	2,180
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2019 estimated tax0	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

WELLS FARGO BANK NA Telephone no. bullet

(800) 352-3705

Located at bullet

100 N MAIN ST D4001-065WINSTON SALEMNC ZIP+4 bullet

271013818

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-)
WELLS FARGO BANK NA	TRUSTEE 1	60,093
1525 W WT HARRIS BLVD D1114 044 CHARLOTTE,NC28288	TRUSTEE 1	60,093
WELLS FARGO BANK NA	TRUSTEE 1	11,198
1525 W WT HARRIS BLVD D1114 044 CHARLOTTE,NC28288	TRUSTEE 1	11,198

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...................

4,672,338

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

237,064

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

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

4,909,402

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.........................

4,909,402

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

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

73,641

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

4,835,761

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

241,788

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....................

241,788

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

2,625

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

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

2,625

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

239,163

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

3,000

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

242,163

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

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

242,163

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 ..........

247,221

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

247,221

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.................

2,625

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

244,596

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					242,163
2 Undistributed income, if any, as of the end of 2018:
a Enter amount for 2017 only.......				218,863
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2018:
a From 2013......	0
b From 2014......	0
c From 2015......	0
d From 2016......	0
e From 2017......	0
fTotal of lines 3a through e........		0
4Qualifying distributions for 2018 from Part
XII, line 4: $ 247,221
a Applied to 2017, but not more than line 2a				218,863
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.....					28,358
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 ..........					213,805
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)

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 e-mail address of the person to whom applications should be addressed:

Wells Fargo Bank N A
3280 Peachtree Rd Ste 300
Atlanta,GA30305
(404) 238-0444

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

Letter; include financial statement, officers, purpose of grant, and other relevant information

cAny submission deadlines:

None

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

40% income may be distributed to any GA or Southern Baptist related institution in state of GA, 60% to pre-selected institutions.

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
SECOND PONCE DE LEON BAPTIST CHURCH 2715 PEACHTREE ROAD NE ATLANTA,GA30305	NONE	PC	GENERAL SUPPORT	55,000
SILOAM BAPTIST CHURCH 505 WASHINGTON STREET MARION,AL36756	NONE	PC	GENERAL SUPPORT	22,000
BAPTIST MOBILE HEALTH MINISTRY INC 6405 SUGARLOAF PARKWAY DULUTH,GA30097	NONE	PC	GENERAL SUPPORT	5,000
GEORGIA BAPTIST CHILDRENS HOME & FAMILY MINISTRIES INC 505 WATER WORKS ROAD PALMETTO,GA30268	NONE	PC	GENERAL SUPPORT	10,000
CORNERSTONE CHURCH 1303 RALPH DAVID ABERNATHY BLVD SW ATLANTA,GA30310	NONE	PC	GENERAL OPERATING	5,000
YOUNG STREET COMMUNITY BAPTIST CHURCH 2326 YOUNG ST SE ATLANTA,GA30316	NONE	PC	GENERAL OPERATING	2,500
TRUETT MCCONNELL COLLEGE 100 ALUMNI DRIVE CLEVELAND,GA30528	NONE	PC	STEM DNA REPLICATOR	20,000
BAPTIST CONVENTION OF THE STATE OF GA 6405 SUGARLOAF PARKWAY DULUTH,GA30097	NONE	PC	GENERAL SUPPORT	20,000
BAPTIST VILLAGE INC 2650 CARSWELL AVENUE WAYCROSS,GA31503	NONE	PC	AN OPEN DOOR FOR PERSONAL	10,000
PENFIELD CHRISTIAN HOMES INC 1061 MERCER CIRCLE UNION POINT,GA30669	NONE	PC	OPERATION COMPASSION	15,500
SOUTHERN BAPTIST THEOLOGICAL SEMINARY 2825 LEXINGTON ROAD LOUISVILLE,KY40280	NONE	PC	GENERAL SUPPORT	55,000
Total ................................. 3a				220,000

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	101,214
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	212,579
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				313,793

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

313,793

(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

Person Name	Explanation
WELLS FARGO BANK NA	TRUST ADMIN FEES SEE ATTACHED FOOTNOTE
WELLS FARGO BANK NA	GRANT ADMIN FEES SEE ATTACHED FOOTNOTE

Name of Bond	End of Year Book Value	End of Year Fair Market Value
037833AK6 APPLE INC
315920702 FID ADV EMER MKTS IN
06051GFD6 BANK OF AMERICA CORP
36962G4J0 GENERAL ELEC CAP COR
46625HHQ6 JPMORGAN CHASE & CO
77958B402 T ROWE PRICE INST FL
922031760 VANGUARD HIGH YIELD
96950FAD6 WILLIAMS PARTNERS LP
031162AZ3 AMGEN INC
166751AJ6 CHEVRON CORP
260543CF8 DOW CHEMICAL CO/THE
406216BD2 HALLIBURTON COMPANY
437076BM3 HOME DEPOT INC
464288588 ISHARES MBS ETF
494550AY2 KINDER MORGAN ENER
713448BN7 PEPSICO INC
742718DY2 PROCTER & GAMBLE CO/
887317AF2 TIME WARNER INC
913017BV0 UNITED TECHNOLOGIES
92343VBR4 VERIZON COMMUNICATIO
931142CU5 WAL-MART STORES INC
94973VAS6 WELLPOINT INC
59156RBH0 METLIFE INC
61746BEA0 MORGAN STANLEY
66989HAJ7 NOVARTIS CAPITAL COR
00206RDC3 AT&T INC
05567LT31 BNP PARIBAS
38148LAE6 GOLDMAN SACHS GROUP
606822BA1 MITSUBISHI UFJ FIN
86562MAQ3 SUMITOMO MITSUI FINL
931142DU4 WAL-MART STORES INC
949917744 WF ULTR SHORT-TRMINC
961214DW0 WESTPAC BANKING CORP

Name of Stock	End of Year Book Value	End of Year Fair Market Value
741511109 PRICESMART INC
573284106 MARTIN MARIETTA MATL
743315103 PROGRESSIVE CORP OHI
620076307 MOTOROLA SOLUTIONS,
517834107 LAS VEGAS SANDS CORP
12572Q105 CME GROUP INC
375558103 GILEAD SCIENCES INC
91324P102 UNITEDHEALTH GROUP I
097023105 BOEING CO
037833100 APPLE INC
594918104 MICROSOFT CORP
872540109 TJX COMPANIES INC
03076C106 AMERIPRISE FINL INC
09247X101 BLACKROCK INC
23918K108 DAVITA INC
883556102 THERMO FISHER SCIENT
31620M106 FIDELITY NATL INFORM
112585104 BROOKFIELD ASSET MAN
115236101 BROWN & BROWN INC
12504L109 CBRE GROUP INC
143130102 CARMAX INC
192446102 COGNIZANT TECH SOLUT
217204106 COPART INC COM
256677105 DOLLAR GENERAL CORP
278768106 ECHOSTAR CORPORATION
278865100 ECOLAB INC
303075105 FACTSET RESH SYS INC
311900104 FASTENAL CO
461202103 INTUIT COM
527288104 LEUCADIA NATL CORP C
540424108 LOEWS CORP
55261F104 M & T BANK CORPORATI
570535104 MARKEL HOLDINGS
595017104 MICROCHIP TECHNOLOGY
608190104 MOHAWK INDS INC COM
615369105 MOODYS CORP
67103H107 O'REILLY AUTOMOTIVE
771195104 ROCHE HOLDINGS LTD -
806857108 SCHLUMBERGER LTD
824348106 SHERWIN WILLIAMS CO
907818108 UNION PACIFIC CORP
92343E102 VERISIGN INC COM
G0408V102 AON PLC
G0450A105 ARCH CAPITAL GROUP L
G9618E107 WHITE MTNS INS GROUP
N7902X106 SENSATA TECHNOLOGIES
25243Q205 DIAGEO PLC - ADR
48238T109 KAR AUCTION SERVICES
55354G100 MSCI INC
58933Y105 MERCK & CO INC NEW
89151E109 TOTAL S.A. - ADR
902641646 E-TRACS ALERIAN MLP
92345Y106 VERISK ANALYTICS INC
G29183103 EATON CORP PLC
G5480U104 LIBERTY GLOBAL PLC-A
00770G847 JOHCM INTERNATIONAL
008252108 AFFILIATED MANAGERS
009158106 AIR PRODS & CHEMS IN
084670702 BERKSHIRE HATHAWAY I
126650100 CVS HEALTH CORPORATI
150870103 CELANESE CORP
17275R102 CISCO SYSTEMS INC
172967424 CITIGROUP INC.
194014106 COLFAX CORPORATION
20030N101 COMCAST CORP CLASS A
254687106 WALT DISNEY CO
31620R303 FNF GROUP
46625H100 JPMORGAN CHASE & CO
4812A2389 JPMORGAN U.S. L/C CO
58155Q103 MCKESSON CORP
74925K581 BOSTON P LNG/SHRT RE
87612E106 TARGET CORP
893641100 TRANSDIGM GROUP INC
911312106 UNITED PARCEL SERVIC
922908553 VANGUARD REIT VIPER
92914A810 VOYA INTL RL EST FD
G5480U120 LIBERTY GLOBAL PLC-S
052769106 AUTODESK INC
526057104 LENNAR CORPORATION C
530307107 LIBERTY BROADBAND CO
530307305 LIBERTY BROADBAND CO
55608B105 MACQUARIE INFRASTRUC
693475105 PNC FINANCIAL SERVIC
74255L696 PRINCIPAL GL MULT ST
76131D103 RESTAURANT BRANDS IN
776696106 ROPER TECHNOLOGIES I
778296103 ROSS STORES INC
867224107 SUNCOR ENERGY INC NE
949921571 WF SMALL COMPANY GRO
98978V103 ZOETIS INC
02079K107 ALPHABET INC CL C
12508E101 CDK GLOBAL INC
256746108 DOLLAR TREE INC
29444U700 EQUINIX INC
345605109 FOREST CITY REALTY T
405217100 HAIN CELESTIAL GROUP
44267D107 HOWARD HUGHES CORP/T
531229409 LIBERTY SIRIUSXM GRO
531229607 LIBERTY SIRIUSXM GRO
531229854 LIBERTY FORMULA ONE
531229870 LIBERTY FORMULA ONE
56501R106 MANULIFE FINANCIAL C
61744J408 MORGN STANLY INSTL F
74144Q203 T ROWE PRICE INST EM
78409V104 S&P GLOBAL INC
G0750C108 AXALTA COATING SYSTE
002567105 ABAXIS INC
023586100 AMERCO
038336103 APTARGROUP INC COM
04316A108 ARTISAN PARTNERS ASS
045327103 ASPEN TECHNOLOGY INC
05278C107 AUTOHOME INC-ADR
072730302 BAYER AG - ADR
115637209 BROWN FORMAN CORP CL
12514G108 CDW CORP/DE
24906P109 DENTSPLY SIRONA INC
257651109 DONALDSON CO INC
262037104 DRIL-QUIP INC COM
35138V102 FOX FACTORY HOLDING
366651107 GARTNER INC
384109104 GRACO INC
40416M105 HD SUPPLY HOLDINGS I
40418F108 HFF INC
426281101 HENRY JACK & ASSOC I
43300A203 HILTON WORLDWIDE HOL
437076102 HOME DEPOT INC
53046P109 LIBERTY EXPEDIA HOLD
53071M856 LIBERTY VENTURES
532457108 ELI LILLY & CO COM
562750109 MANHATTAN ASSOCIATES
57060D108 MARKETAXESS HLDGS IN
62944T105 NVR INC COM
679580100 OLD DOMINION FREIGHT
731068102 POLARIS INDS INC COM
73278L105 POOL CORPORATION
74164M108 PRIMERICA INC
749607107 RLI CORP COM
75524B104 RBC BEARINGS INC
77954Q403 T ROWE PRICE BLUE CH
78410G104 SBA COMMUNICATIONS C
848574109 SPIRIT AEROSYTSEMS H
879360105 TELEDYNE TECHNOLOGIE
891092108 TORO CO
92927K102 WABCO HOLDINGS INC
G47567105 IHS MARKIT LTD
H84989104 TE CONNECTIVITY LTD
N22717107 CORE LABORATORIES N
00206R102 AT & T INC
03662Q105 ANSYS INC
09215C105 BLACK KNIGHT INC
26875P101 EOG RESOURCES, INC
316389584 FIDELITY ADV INTER R
33616C100 FIRST REPUBLIC BANK/
36164V305 GCI LIBERTY INC
40171V100 GUIDEWIRE SOFTWARE I
422806208 HEICO CORP CL A
448579102 HYATT HOTELS CORP
45168D104 IDEXX CORP
48251W104 KKR & CO INC -A
489398107 KENNEDY-WILSON HOLDI
512807108 LAM RESEARCH CORP CO
592688105 METTLER-TOLEDO INTL
60786M105 MOELIS & CO
609207105 MONDELEZ INTERNATION
654106103 NIKE INC CL B
742537236 PRINCIPAL GL MULT ST
74256W568 PRINCIPAL REAL EST S
75606N109 REALPAGE INC
76657Y101 RIGHTMOVE PLC-UNSP A
82509L107 SHOPIFY INC - A W/I
86614U100 SUMMIT MATERIALS INC
89400J107 TRANSUNION
91879Q109 VAIL RESORTS INC COM
929160109 VULCAN MATERIALS COM
H42097107 UBS GROUP AG
M98068105 WIX.COM LTD
Y2573F102 FLEX LTD

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
92927K102 WABCO HOLDINGS INC	AT COST	6,886	7,089
052769106 AUTODESK INC COM	AT COST	2,836	6,942
570535104 MARKEL HOLDINGS	AT COST	4,354	11,819
573284106 MARTIN MARIETTA MATL	AT COST	5,449	10,416
592688105 METTLER-TOLEDO INTL	AT COST	4,441	5,635
91879Q109 VAIL RESORTS INC COM	AT COST	6,840	6,144
36164V305 GCI LIBERTY INC	AT COST	1,093	3,476
615369105 MOODYS CORP	AT COST	789	4,097
143130102 CARMAX INC	AT COST	5,387	11,704
531229870 LIBERTY MEDIA GROUP	AT COST	124	356
78409V104 S&P GLOBAL INC	AT COST	1,001	2,940
G0408V102 AON PLC	AT COST	982	3,678
G5480U120 LIBERTY GLOBAL PLC-S	AT COST	2,282	2,260
867914BS1 SUNTRUST BANKS INC	AT COST	5,156	5,404
9128284F4 US TREASURY NOTE	AT COST	9,821	10,541
66989HAJ7 NOVARTIS CAPITAL COR	AT COST	9,972	10,526
86562MAQ3 SUMITOMO MITSUI FINL	AT COST	9,679	10,145
260543CF8 DOW CHEMICAL CO/THE	AT COST	7,374	7,255
77954Q403 T ROWE PRICE BLUE CH	AT COST	275,956	475,768
N22717107 CORE LABORATORIES N	AT COST	1,815	932
12514G108 CDW CORP/DE	AT COST	5,457	10,968
55261F104 M & T BANK CORPORATI	AT COST	1,128	2,054
11282X103 BROOKFIELD PROPERTY	AT COST	1,270	1,264
29444U700 EQUINIX INC	AT COST	1,738	3,461
86614U100 SUMMIT MATERIALS INC	AT COST	1,657	2,176
44267D107 HOWARD HUGHES CORP/T	AT COST	4,835	5,314
893641100 TRANSDIGM GROUP INC	AT COST	5,921	16,141
M98068105 WIX.COM LTD	AT COST	4,069	5,253
172967LQ2 CITIGROUP INC	AT COST	10,169	10,148
606822BA1 MITSUBISHI UFJ FIN	AT COST	10,026	10,513
06051GHT9 VR BANK OF AMERICA	AT COST	10,228	10,548
9128284T4 US TREASURY NOTE	AT COST	9,996	10,153
722005667 PIMCO COMMODITY REAL	AT COST	140,000	135,089
562750109 MANHATTAN ASSOCIATES	AT COST	1,351	2,662
891092108 TORO CO	AT COST	5,923	6,670
60786M105 MOELIS & CO	AT COST	5,858	4,172
049904105 ATRION CORP	AT COST	3,876	3,896
115637209 BROWN FORMAN CORP CL	AT COST	1,502	2,511
776696106 ROPER INDS INC NEW C	AT COST	2,802	6,419
256677105 DOLLAR GENERAL CORP	AT COST	1,446	4,609
83088V102 SLACK TECHNOLOGIES I	AT COST	2,846	1,946
25754A201 DOMINOS PIZZA INC	AT COST	5,774	5,626
620076307 MOTOROLA SOLUTIONS,	AT COST	1,008	2,897
55354G100 MSCI INC	AT COST	705	3,266
036752AB9 ANTHEM INC	AT COST	5,082	5,254
3135G0ZR7 FED NATL MTG ASSN 2.	AT COST	15,252	15,716
9128286X3 US TREASURY NOTE	AT COST	10,127	10,318
61746BEA0 MORGAN STANLEY	AT COST	10,029	10,067
912828QN3 U S TREASURY NT 3.12	AT COST	10,140	10,221
406216BD2 HALLIBURTON COMPANY	AT COST	12,063	12,470
922031760 VANGUARD HIGH YIELD	AT COST	135,662	133,998
00143W859 INV OPP DEVELOP MRKT	AT COST	443,887	476,097
52106N459 LAZARD GL LIST INFRA	AT COST	95,000	102,113
038336103 APTARGROUP INC	AT COST	1,799	2,606
829073105 SIMPSON MFG INC COM	AT COST	5,046	5,203
73278L105 POOL CORPORATION	AT COST	3,523	6,656
192422103 COGNEX CORP	AT COST	754	786
929042109 VORNADO REALTY TRUST	AT COST	1,077	1,019
48251W104 KKR & CO INC -A	AT COST	6,069	6,337
92345Y106 VERISK ANALYTICS INC	AT COST	2,956	7,749
74256W568 PRINCIPAL REAL EST S	AT COST	260,000	319,226
64128R608 NEUBERGER BERMAN LON	AT COST	255,000	277,455
045327103 ASPEN TECHNOLOGY INC	AT COST	4,185	8,493
303075105 FACTSET RESH SYS INC	AT COST	3,192	4,859
426281101 HENRY JACK & ASSOC I	AT COST	2,510	3,649
741511109 PRICESMART INC	AT COST	2,221	3,839
04316A108 ARTISAN PARTNERS ASS	AT COST	2,910	2,739
05278C107 AUTOHOME INC-ADR	AT COST	7,709	11,056
31620R303 FNF GROUP	AT COST	4,300	8,838
76131D103 RESTAURANT BRANDS IN	AT COST	5,664	11,027
852234103 SQUARE INC	AT COST	1,182	1,177
G5480U104 LIBERTY GLOBAL PLC-A	AT COST	1,126	1,188
194014106 COLFAX CORPORATION	AT COST	3,352	3,516
961214DW0 WESTPAC BANKING CORP	AT COST	9,573	10,822
9128286A3 US TREASURY NOTE	AT COST	10,135	10,606
912828XQ8 US TREASURY NOTE	AT COST	14,966	15,173
531229607 LIBERTY SIRIUSXM GRO	AT COST	1,128	2,643
75606N109 REALPAGE INC	AT COST	4,588	4,840
33616C100 FIRST REPUBLIC BANK/	AT COST	6,508	6,576
09215C105 BLACK KNIGHT INC	AT COST	4,974	8,854
9128285M8 US TREASURY NOTE	AT COST	5,214	5,613
9128286T2 US TREASURY NOTE	AT COST	15,955	15,929
912828M56 US TREASURY NOTE	AT COST	9,896	10,371
96950FAD6 WILLIAMS PARTNERS LP	AT COST	10,818	10,130
05567LT31 BNP PARIBAS 5.000% 1	AT COST	10,383	10,371
74256W485 PRINCIPAL PREFERRED	AT COST	47,500	50,188
879360105 TELEDYNE TECHNOLOGIE	AT COST	5,498	12,236
57060D108 MARKETAXESS HLDGS IN	AT COST	3,726	6,550
257651109 DONALDSON CO INC	AT COST	2,610	2,916
749607107 RLI CORP COM	AT COST	1,366	2,323
679580100 OLD DOMINION FREIGHT	AT COST	4,631	8,329
74164M108 PRIMERICA INC	AT COST	5,524	9,161
75524B104 RBC BEARINGS INC	AT COST	3,127	4,811
45168D104 IDEXX CORP	AT COST	3,392	4,623
743315103 PROGRESSIVE CORP OHI	AT COST	957	3,940
530307107 LIBERTY BROADBAND CO	AT COST	627	1,881
489398107 KENNEDY-WILSON HOLDI	AT COST	3,001	3,266
531229409 LIBERTY SIRIUSXM GRO	AT COST	518	1,164
531229854 LIBERTY MEDIA GROUP	AT COST	2,868	4,741
43300A203 HILTON WORLDWIDE HOL	AT COST	7,789	9,497
112585104 BROOKFIELD ASSET MAN	AT COST	8,282	18,369
40171V100 GUIDEWIRE SOFTWARE I	AT COST	3,625	4,004
59156RBH0 METLIFE INC 3.600% 4	AT COST	10,634	10,593
912828WJ5 US TREASURY NOTE 2.5	AT COST	15,190	15,618
912828F21 US TREASURY NOTE 2.1	AT COST	13,132	13,119
3135G0ZY2 FED NATL MTG ASSN 1.	AT COST	10,118	9,998
437076BM3 HOME DEPOT INC	AT COST	10,326	10,477
912828U24 US TREASURY NOTE	AT COST	14,562	15,383
589509207 MERGER FUND-INST #30	AT COST	90,000	93,800
277923264 EATON VANCE GLOB MAC	AT COST	150,000	151,760
595017104 MICROCHIP TECHNOLOGY	AT COST	2,075	5,853
530307305 LIBERTY BROADBAND CO	AT COST	833	2,826
28414H103 ELANCO ANIMAL HEALTH	AT COST	594	479
82509L107 SHOPIFY INC - A W/I	AT COST	925	1,870
G47567105 IHS MARKIT LTD	AT COST	4,165	7,491
78410G104 SBA COMMUNICATIONS C	AT COST	6,042	15,192
12504L109 CBRE GROUP INC	AT COST	3,237	8,164
931142DU4 WAL-MART STORES INC	AT COST	9,960	10,141
464288588 ISHARES BARCLAYS MBS	AT COST	34,848	34,656
037833AK6 APPLE INC 2.400% 5/0	AT COST	14,586	15,247
384109104 GRACO INC	AT COST	5,227	6,354
76657Y101 RIGHTMOVE PLC-UNSP A	AT COST	6,161	7,641
311900104 FASTENAL CO	AT COST	3,162	4,182
526057104 LENNAR CORPORATION C	AT COST	3,861	4,356
422806208 HEICO CORP CL A	AT COST	657	973
03662Q105 ANSYS INC	AT COST	5,950	7,748
023586100 AMERCO	AT COST	2,424	2,730
G0450A105 ARCH CAPITAL GROUP L	AT COST	3,344	7,221
94419L101 WAYFAIR INC	AT COST	4,156	3,700
448579102 HYATT HOTELS CORP	AT COST	3,080	3,094
67103H107 O'REILLY AUTOMOTIVE	AT COST	2,248	10,760
9128283W8 US TREASURY NOTE	AT COST	15,128	16,286
126650CW8 CVS HEALTH CORP	AT COST	5,351	5,342
38148LAE6 GOLDMAN SACHS GROUP	AT COST	9,790	10,582
36962G4J0 GENERAL ELEC CAP COR	AT COST	13,785	12,093
06367WMQ3 BANK OF MONTREAL	AT COST	5,010	5,053
912828N30 US TREASURY NOTE	AT COST	15,021	15,256
00206RDC3 AT&T INC	AT COST	5,062	5,408
901165100 TWEEDY BROWNE FD GLO	AT COST	230,000	248,307
09260C703 BLACKROCK GL L/S CRE	AT COST	180,000	188,148
31641Q755 FIDELITY NEW MRKTS I	AT COST	271,517	263,878
949917744 WF ADV ULTR SHORT-TR	AT COST	50,995	51,538
00770G847 JOHCM INTERNATIONAL	AT COST	261,713	319,776
262037104 DRIL-QUIP INC COM	AT COST	4,066	4,667
009158106 AIR PRODUCTS AND CHE	AT COST	2,416	5,103
217204106 COPART INC COM	AT COST	1,553	8,997
778296103 ROSS STORES INC	AT COST	443	879
92343E102 VERISIGN INC	AT COST	1,958	7,734
929160109 VULCAN MATLS CO	AT COST	7,050	9,528
366651107 GARTNER INC	AT COST	7,381	8,865
115236101 BROWN & BROWN INC	AT COST	2,033	5,625
89400J107 TRANSUNION	AT COST	5,003	7,624
SEE ATTACHED	AT COST	347,522	492,733

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES	3,314	3,314		0
ADR FEES	48	48		0

Description	Amount
PURCHASE OF ACCRUED INTEREST C/O FROM PY	242
PR YR GRANT RTRN	3,000

Description	Amount
MUTUAL FUND TIMING DIFFERENCE	320
COST BASIS ADJUSTMENT	2,126