TY 2020 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.
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Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0052

2020

Open to Public Inspection

For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020

Name of foundation
MARSHALL CHARITABLE TRUST

Number and street (or P.O. box number if mail is not delivered to street address)2751 CENTERVILLE RD STE 400
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
WILMINGTON, DE19808

A Employer identification number

26-6034575

B Telephone number (see instructions)

(302) 657-8252

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

$1,145,802J 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...	19,316		19,019
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		54,827
b	Gross sales price for all assets on line 6a 402,906
7	Capital gain net income (from Part IV, line 2)...			54,827
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).......		1,268
12	Total. Add lines 1 through 11........	75,411		73,846
13	Compensation of officers, directors, trustees, etc.	5,072		3,804		1,268
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).......		500	0	0	500
c	Other professional fees (attach schedule)....		12,980	12,980		0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		3,532	574		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).......		148	111
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	22,232		17,469	0	1,768
25	Contributions, gifts, grants paid.......	0				0
26	Total expenses and disbursements. Add lines 24 and 25	22,232		17,469	0	1,768
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	53,179
b	Net investment income (if negative, enter -0-)			56,377
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2020)

Form 990-PF (2020)

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.............		1,220	1,220
	2	Savings and temporary cash investments.........	27,419	28,977	28,977
	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).......
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	837,485	883,168	1,115,605
	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)	864,904	913,365	1,145,802
	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 FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	864,904	913,365
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	864,904	913,365
	30	Total liabilities and net assets/fund balances (see instructions).	864,904	913,365

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 29 (must agree with end-of-year figure reported on prior year’s return) ...............

864,904

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

53,179

Other increases not included in line 2 (itemize) bullet

459

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

918,542

Decreases not included in line 2 (itemize) bullet

5,177

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

913,365

Form 990-PF (2020)

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	14. US BANCORP		2017-04-13	2020-01-08
b	22. SAILPOINT TECHNLGIES HLDGS		2018-05-29	2020-01-13
c	13. WYNN RESORTS LTD		2019-05-10	2020-01-13
d	16. US BANCORP		2018-10-23	2020-01-21
e	12. FORTUNE BRANDS HOME & SECURITY INC		2019-08-09	2020-01-24
	4. ANTHEM INC		2017-12-28	2020-01-31
	34. ASTRAZENECA PLC SPON ADR		2019-05-24	2020-01-31
	25. FORTUNE BRANDS HOME & SECURITY INC		2019-08-16	2020-01-31
	52. SCHLUMBERGER LTD		2019-06-21	2020-01-31
	38. CHARLES SCHWAB CORP/THE		2018-11-02	2020-01-31
	26. 10X GENOMICS INC CL A COM		2019-10-03	2020-01-31
	6. ANTHEM INC		2019-11-01	2020-02-03
	15. BEST BUY INC COM		2019-09-04	2020-02-03
	120. TREASURY WINE ESTATES LTD		2019-05-09	2020-02-07
	3. CDW CORP/DE		2015-08-04	2020-02-11
	15. GARDNER DENVER HLDGS INC		2018-09-14	2020-02-11
	44. MERCK & CO INC NEW		2018-10-12	2020-02-11
	9. MERCK & CO INC NEW		2019-10-04	2020-02-11
	16. NORTHERN TRUST CORP		2019-01-31	2020-02-11
	4. PNC FINANCIAL SERVICES GROUP		2018-03-13	2020-02-12
	5. WR BERKLEY CORP		2016-05-04	2020-02-13
	33. PLANET FITNESS INC COM		2019-11-04	2020-02-14
	8. TRANSUNION		2016-09-12	2020-02-14
	14000. US TREASURY NOTE 3.625% 2/15/20		2017-08-31	2020-02-15
	35. BOC HONG KONG HOLDINGS LTD		2015-07-24	2020-02-20
	11. MERCK & CO INC NEW		2019-10-04	2020-02-20
	5. DOLLAR GENERAL CORP		2020-02-14	2020-03-03
	19.01 DUPONT DE NEMOURS INC		2018-11-27	2020-03-04
	8. DUPONT DE NEMOURS INC		2019-06-24	2020-03-04
	4. FIDELITY NATIONAL INFORMATION SRV		2019-01-31	2020-03-04
	10. GILEAD SCIENCES INC		2017-08-16	2020-03-04
	3. NEXTERA ENERGY INC		2012-04-18	2020-03-04
	6. PIONEER NATURAL RESOURCES		2019-03-28	2020-03-04
	9. ANTHEM INC		2019-11-11	2020-03-05
	17. GODADDY INC CL A		2017-01-13	2020-03-05
	17. QUALCOMM INC		2018-11-29	2020-03-05
	10. VISA INC		2013-08-07	2020-03-05
	4. WASTE MANAGEMENT INC		2019-09-24	2020-03-05
	1. BIO RAD LABS INC CL A		2009-09-15	2020-03-06
	5. TRANSUNION		2017-01-03	2020-03-06
	1. ALPHABET INCORPORATION		2009-09-15	2020-03-09
	2. AVALONBAY COMMUNITIES INC (REIT)		2018-06-18	2020-03-09
	12. DOLLAR GENERAL CORP		2020-02-14	2020-03-09
	89. INTESA SANPAOLO SPA		2018-10-11	2020-03-09
	1000. AT T INC SR GLBL NT		2016-04-01	2020-03-13
	1000. FHLMC 2.375% 01/13/22		2016-04-07	2020-03-13
	2000. U S TREASURY NOTE DTD 08/31/2017 1.625%		2017-09-11	2020-03-13
	2000. U S TREASURY NOTE DTD 11/30/2017 2.125%		2017-12-05	2020-03-13
	1000. U S TREASURY NOTE DTD 05/15/2018 2.875%		2019-11-06	2020-03-13
	1000. U S TREASURY NOTE DTD 10/31/2018 3% 10/3		2018-11-01	2020-03-13
	1000. U S TREASURY NOTE DTD 11/15/2018 3.125%		2019-01-22	2020-03-13
	2000. U S TREASURY NOTE DTD 05/15/2019 2.375%		2019-06-14	2020-03-13
	1000. US TREASURY NOTE 2.125%		2016-10-12	2020-03-13
	2000. UNITED STATES TREASURY NOTES		2015-03-20	2020-03-13
	2000. UNITED STATES TREASURY NOTES		2016-04-07	2020-03-13
	1000. UNITED STATES TREASURY NOTES		2016-05-11	2020-03-13
	2000. US TREASURY NOTE 1.625% 11/15/22		2014-09-24	2020-03-13
	2000. U S TREASURY NOTE DTD 11/15/2016 2% 11/1		2016-12-13	2020-03-13
	1000. U S TREASURY NOTE DTD 11/30/2016 1.75% 1		2016-12-05	2020-03-13
	1000. US TREASURY NOTE 2.500% 08/15/23		2015-05-15	2020-03-13
	2000. U S TREASURY NOTE DTD 08/15/2019 1.625%		2019-08-16	2020-03-13
	2000. U S TREASURY NOTE DTD 02/15/2020 1.5% 02		2020-02-20	2020-03-13
	41. BOSTON SCIENTIFIC CORP		2019-07-12	2020-03-16
	35. HEXCEL CORP		2019-11-14	2020-03-16
	12. HEXCEL CORP		2018-11-21	2020-03-16
	75. PAN PACIFIC INTERNATIONAL HOLDINGS CORP		2019-03-26	2020-03-16
	26. AERCAP HOLDINGS NV		2018-02-22	2020-03-16
	1000. ANHEUSER-BUSCH INBEV WLDW INC SR NT DTD		2019-05-29	2020-03-27
	2000. APPLE INC 2.400% 05/03/23		2016-02-16	2020-03-27
	2000. CVS CAREMARK CORP 2.750% 12/01/22		2015-01-15	2020-03-27
	1000. FEDERAL NATIONAL MORTGAGE ASSN		2016-01-13	2020-03-27
	1000. FEDERAL NATL MTG ASSN 2.625% 09/06/2024		2016-03-15	2020-03-27
	1000. GOLDMAN SACHS GROUP INC DTD 01/23/2018 3		2019-01-30	2020-03-27
	2000. THE HOME DEPOT, INC. SR NT		2013-04-02	2020-03-27
	1000. MORGAN STANLEY FR		2017-05-15	2020-03-27
	1367.72 US TREASURY BOND TIIB 2.375% 1/15/25		2015-09-29	2020-03-27
	1000. BANK OF AMERICA CORP FR DTD 10/21/2016 3		2019-03-20	2020-03-30
	4. BAXTER INTL INC		2018-04-11	2020-03-30
	1000. BERKSHIRE HATHAWAY INC DEL SR NT		2012-02-16	2020-03-30
	2.9996 BOSTON SCIENTIFIC CORP		2019-10-09	2020-03-30
	53.0004 BOSTON SCIENTIFIC CORP		2019-10-09	2020-03-30
	1000. BP CAP MARKETS AMERICA DTD 11/06/2018 3.		2016-09-19	2020-03-30
	4. BRISTOL-MYERS SQUIBB CO		2019-05-03	2020-03-30
	1000. CATERPILLAR INC 3.900% 05/27/21		2011-12-22	2020-03-30
	2000. CITIGROUP INC DTD 10/27/2017 2.7% 10/27/		2017-12-04	2020-03-30
	1. FACEBOOK INC CL-A		2019-02-01	2020-03-30
	2. FIDELITY NATIONAL INFORMATION SRV		2019-02-25	2020-03-30
	2. GRACO INC		2009-09-15	2020-03-30
	1. JACK HENRY & ASSOCIATES INC		2009-09-15	2020-03-30
	1. HUNTINGTON INGALLS INDUSTRIES INC		2019-06-05	2020-03-30
	1000. JPMORGAN CHASE & CO SR NT 3.25%		2017-08-31	2020-03-30
	1. MARKEL CORP (HOLDING COMPANY)		2009-09-15	2020-03-30
	23. SCHEIN HENRY INC		2018-11-08	2020-03-30
	2. SERVICE CORP INTERNATIONAL/US		2018-08-14	2020-03-30
	1000. SHELL INTERNATIONAL FINANCE B.V.		2016-05-17	2020-03-30
	1000. SOUTHERN CO SR GLBL NT DTD 05/24/2016 2.		2017-12-04	2020-03-30
	7. VERIZON COMMUNICATIONS		2017-05-03	2020-03-30
	1. WESTAMERICA BANCORPORATION		2016-02-11	2020-03-30
	1000. WESTPAC BANKING CORP DTD 12/11/2017 2.75		2018-05-10	2020-03-30
	1. ZSCALER INC		2019-09-30	2020-03-30
	2. EATON CORP PLC		2019-06-26	2020-03-30
	4. AMERICAN EXPRESS CO		2020-03-09	2020-03-31
	15. AMERICAN EXPRESS CO		2019-01-07	2020-03-31
	4. BAXTER INTL INC		2018-04-11	2020-03-31
	4.99946 CUBESMART		2019-05-10	2020-03-31
	12.00054 CUBESMART		2019-05-10	2020-03-31
	2. FACEBOOK INC CL-A		2019-02-01	2020-03-31
	1. FACTSET RESEARCH SYSTEMS INC		2009-09-15	2020-03-31
	5. FIDELITY NATIONAL INFORMATION SRV		2019-02-25	2020-03-31
	7. RALPH LAUREN CORP		2019-12-20	2020-03-31
	7. ZSCALER INC		2019-09-30	2020-03-31
	8. NXP SEMICONDUCTORS N V		2018-12-21	2020-03-31
	10.0003 ALTRIA GROUP INC		2019-11-18	2020-04-01
	7.9997 ALTRIA GROUP INC		2019-11-18	2020-04-01
	4.99999 BOEING CO COMMON		2020-01-21	2020-04-01
	2.00001 BOEING CO COMMON		2019-06-21	2020-04-01
	18. GILEAD SCIENCES INC		2017-08-17	2020-04-01
	8. GILEAD SCIENCES INC		2020-03-30	2020-04-01
	3. MARRIOTT INTERNATIONAL INC/MD		2020-03-30	2020-04-01
	10. MARRIOTT INTERNATIONAL INC/MD		2019-02-21	2020-04-01
	5. MID-AMER APT CMNTYS INC (REIT)		2019-02-28	2020-04-01
	1. MID-AMER APT CMNTYS INC (REIT)		2019-02-28	2020-04-01
	9. PROCTER & GAMBLE CO		2018-11-01	2020-04-01
	19. PROGRESSIVE CORP		2018-12-21	2020-04-01
	2. PROGRESSIVE CORP		2019-08-07	2020-04-01
	6. RAYMOND JAMES FINANCIAL INC		2019-01-07	2020-04-01
	4. RAYMOND JAMES FINANCIAL INC		2018-02-01	2020-04-01
	54. SCHLUMBERGER LTD		2020-03-30	2020-04-01
	51. STERLING BANCORP/DE		2018-10-15	2020-04-01
	34. STERLING BANCORP/DE		2020-03-30	2020-04-01
	12. TOTAL S A SPONSORED ADR		2009-09-15	2020-04-01
	18. TOTAL S A SPONSORED ADR		2015-07-24	2020-04-01
	22. ZIONS BANCORP NA		2020-03-30	2020-04-01
	9. GODADDY INC CL A		2017-01-13	2020-04-02
	1000. WELLS FARGO CO		2016-05-17	2020-04-02
	2. ZEBRA TECHNOLOGIES CORP CL A		2019-05-24	2020-04-02
	2. ZEBRA TECHNOLOGIES CORP CL A		2019-05-24	2020-04-02
	7.00007 WALT DISNEY CO		2018-09-24	2020-04-03
	.99993 WALT DISNEY CO		2018-09-24	2020-04-03
	7. APTIV PLC SHS		2017-03-16	2020-04-06
	8. APTIV PLC SHS		2017-03-16	2020-04-06
	4.00003 TEXTRON INC		2018-04-24	2020-04-09
	6.99997 TEXTRON INC		2018-04-24	2020-04-09
	23. TEXTRON INC		2020-03-30	2020-04-09
	8. APTIV PLC SHS		2018-06-29	2020-04-09
	3.99985 CONSTELLATION BRANDS INC		2018-12-27	2020-04-14
	1.00015 CONSTELLATION BRANDS INC		2018-08-16	2020-04-14
	18. WOODWARD INC		2020-03-30	2020-04-14
	17. WOODWARD INC		2020-03-30	2020-04-15
	22. ALTRIA GROUP INC		2020-03-30	2020-04-20
	4. CDW CORP/DE		2016-02-12	2020-04-21
	26. STARBUCKS CORP		2020-03-30	2020-04-27
	11. DR HORTON INC		2018-12-03	2020-04-29
	13. WALT DISNEY CO		2018-11-02	2020-04-30
	22. MONDELEZ INTERNATIONAL INC		2017-05-19	2020-05-06
	9. PHILLIPS 66		2018-12-03	2020-05-06
	1. BIO-TECHNE CORP		2015-08-13	2020-05-07
	1. TELEFLEX INC		2014-06-18	2020-05-07
	15. SENSIENT TECHNOLOGIES CORP		2018-10-26	2020-05-19
	5. SENSIENT TECHNOLOGIES CORP		2020-03-30	2020-05-19
	11000. FEDERAL NATIONAL MORTGAGE ASSN		2018-01-25	2020-05-20
	9. WALT DISNEY CO		2019-04-16	2020-05-21
	19. PROGRESSIVE CORP		2020-03-30	2020-05-21
	16. BRISTOL-MYERS SQUIBB CO		2019-05-14	2020-05-27
	21. CONOCOPHILLIPS COM		2017-05-15	2020-05-27
	58. ELANCO ANIMAL HEALTH INC COM		2020-03-30	2020-05-27
	4. PROCTER & GAMBLE CO		2020-03-30	2020-05-27
	27. PROCTER & GAMBLE CO		2019-03-26	2020-05-27
	40. BRISTOL-MYERS SQUIBB CO		2019-11-01	2020-05-28
	15. BRISTOL-MYERS SQUIBB CO		2019-05-14	2020-05-28
	4. MANHATTAN ASSOCIATES INC		2016-10-24	2020-05-28
	63. MELCO RESORTS & ENTERTAINMENT LTD		2018-07-16	2020-05-29
	16. MELCO RESORTS & ENTERTAINMENT LTD		2020-03-30	2020-05-29
	1. LENNOX INTERNATIONAL INC		2016-10-20	2020-06-02
	8. AVALONBAY COMMUNITIES INC (REIT)		2018-06-21	2020-06-03
	3. AVALONBAY COMMUNITIES INC (REIT)		2020-03-30	2020-06-03
	25. BRISTOL-MYERS SQUIBB CO		2019-11-01	2020-06-03
	1. TELEFLEX INC		2014-06-18	2020-06-03
	7. ZSCALER INC		2019-09-30	2020-06-03
	5. TRANSUNION		2017-01-03	2020-06-10
	32. ISHARES MSCI EAFE INDEX FD		2020-03-30	2020-06-22
	1. AUTOZONE INC		2020-04-06	2020-06-24
	7. BOEING CO COMMON		2020-03-30	2020-06-24
	20. GODADDY INC CL A		2018-06-12	2020-06-24
	24. INCYTE GENOMICS, INC		2020-03-30	2020-06-24
	12. WESTAMERICA BANCORPORATION		2016-02-11	2020-06-26
	14. CHEVRONTEXACO CORP		2018-12-07	2020-06-29
	17. GLAXO SMITHKLINE SPONSORED ADR		2018-08-07	2020-06-29
	4. GOLDMAN SACHS GROUP INC		2019-06-26	2020-06-29
	10. VERIZON COMMUNICATIONS		2017-05-15	2020-06-29
	10000. CVS CAREMARK CORP 2.750% 12/01/22		2018-01-25	2020-07-15
	20. BLUEPRINT MEDICINES CORP COM		2019-09-13	2020-07-17
	25. BLUEPRINT MEDICINES CORP COM		2020-03-30	2020-07-20
	7. LOWES COMPANIES INC		2019-03-15	2020-07-28
	13. ALLSTATE CORP		2019-04-01	2020-07-30
	1. TELEFLEX INC		2014-09-16	2020-07-30
	4. TRANSUNION		2017-01-03	2020-07-30
	8. COGNIZANT TECHNOLOGY SOLUTIONS CORP		2019-05-10	2020-07-31
	5. TRACTOR SUPPLY CO		2019-02-01	2020-08-04
	3. BROADRIDGE FINANCIAL SOLUTIONS INC		2015-02-13	2020-08-05
	3. JB HUNT TRANSPORT SERVICES INC		2010-12-15	2020-08-05
	2. LENNOX INTERNATIONAL INC		2016-10-20	2020-08-05
	6. REINSURANCE GROUP OF AMERICA INC		2020-03-30	2020-08-06
	37. WISDOMTREE TRUST JAPAN HEDGED EQUITY FD		2016-07-14	2020-08-07
	28. WISDOMTREE TRUST JAPAN HEDGED EQUITY FD		2020-03-30	2020-08-07
	6. AMETEK INC		2019-04-12	2020-08-17
	1. INTUITIVE SURGICAL INC		2018-11-21	2020-08-17
	9. TRANSUNION		2017-07-11	2020-08-19
	3. ZEBRA TECHNOLOGIES CORP CL A		2019-05-24	2020-08-20
	41. CONOCOPHILLIPS COM		2020-03-30	2020-08-24
	12. CONOCOPHILLIPS COM		2018-02-06	2020-08-24
	13. INTEL CORP		2020-03-31	2020-08-24
	3. PHILLIPS 66		2020-02-11	2020-08-24
	10. PHILLIPS 66		2019-03-14	2020-08-24
	17. TJX COS INC		2018-05-31	2020-08-24
	2. TELEFLEX INC		2014-09-16	2020-08-26
	10000. JPMORGAN CHASE & CO SR NT 3.25%		2018-01-25	2020-08-27
	4. SALESFORCE.COM INC		2017-01-13	2020-08-27
	12. LOWES COMPANIES INC		2019-03-20	2020-08-28
	15. WASTE MANAGEMENT INC		2020-03-30	2020-08-28
	12. AIA GROUP LTD		2017-10-19	2020-08-31
	4. ADOBE SYS INC		2014-04-11	2020-08-31
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	7. AMETEK INC		2019-04-12	2020-08-31
	2. AMGEN INC		2020-01-31	2020-08-31
	14. ARAMARK		2018-05-08	2020-08-31
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	19. CAPGEMINI SE		2016-11-02	2020-08-31
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	7. FACEBOOK INC CL-A		2019-02-01	2020-08-31
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	14. MAGNA INTERNATIONAL CL A		2014-03-03	2020-08-31
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	16. SHIMANO INC		2019-03-26	2020-08-31
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	12. TECHTRONIC INDUSTRIES CO LTD		2013-01-17	2020-08-31
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	10. ZSCALER INC		2019-10-21	2020-08-31
	7. APTIV PLC SHS		2018-09-06	2020-08-31
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	9. TJX COS INC		2019-10-17	2020-09-01
	5. TJX COS INC		2020-03-30	2020-09-01
	3. TJX COS INC		2018-05-31	2020-09-01
	12. APPLE COMPUTER INC		2020-03-05	2020-09-02
	27. CENTENE CORP		2020-03-30	2020-09-03
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	49. IMPERIAL BRANDS PLC		2019-07-23	2020-09-04
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	22. AO SMITH CORP		2019-08-07	2020-09-24
	18. AO SMITH CORP		2020-04-01	2020-09-24
	22. ARAMARK		2018-10-26	2020-10-02
	3. BERKSHIRE HATHAWAY CL-B		2019-04-30	2020-10-05
	16. CUBESMART		2019-08-07	2020-10-05
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	15. AO SMITH CORP		2020-05-28	2020-10-05
	61. SALLY BEAUTY HOLDINGS INC		2009-09-15	2020-10-13
	11. SALLY BEAUTY HOLDINGS INC		2020-03-30	2020-10-13
	8. QUALCOMM INC		2018-11-29	2020-10-15
	11. AMGEN INC		2020-03-30	2020-10-16
	143. BK AMER CORP COM		2019-02-26	2020-10-16
	19. MERCK & CO INC NEW		2020-08-04	2020-10-16
	6. 10X GENOMICS INC CL A COM		2020-03-30	2020-10-16
	10. UNION PAC CORP		2020-03-30	2020-10-16
	10000. CATERPILLAR INC 3.900% 05/27/21		2018-01-25	2020-10-19
	2000. CATERPILLAR INC 3.900% 05/27/21		2020-09-08	2020-10-19
	12000. CATERPILLAR FINL SVCS MTNS BE FR DTD 09/		2020-10-19	2020-10-19
	2. INTUITIVE SURGICAL INC		2019-01-04	2020-10-20
	3. BERKSHIRE HATHAWAY CL-B		2019-04-30	2020-10-26
	29. BOSTON SCIENTIFIC CORP		2020-04-27	2020-10-29
	15. MONDELEZ INTERNATIONAL INC		2019-08-07	2020-10-29
	7. MONDELEZ INTERNATIONAL INC		2020-01-31	2020-10-29
	6. VARIAN MED SYS INC		2009-09-15	2020-11-02
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	174. ING GROEP NV		2018-01-16	2020-11-09
	76. ING GROEP NV		2020-04-30	2020-11-09
	25. SAILPOINT TECHNLGIES HLDGS		2018-05-29	2020-11-10
	7. PNC FINANCIAL SERVICES GROUP		2018-07-18	2020-11-12
	3. BIOGEN IDEC INC		2020-11-05	2020-11-19
	47. BOSTON SCIENTIFIC CORP		2020-05-21	2020-11-19
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	15.00007 EOG RESOURCES INC		2019-01-04	2020-11-24
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	10. HEICO CORP		2020-08-31	2020-12-21
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	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	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	802	594	208
b	577	551	26
c	1,909	1,830	79
d	874	826	48
e	831	587	244
	1,058	907	151
	1,652	1,398	254
	1,716	1,284	432
	1,730	1,912	-182
	1,740	1,767	-27
	2,358	1,302	1,056
	1,594	1,588	6
	1,287	1,057	230
	948	1,272	-324
	408	113	295
	571	430	141
	3,749	3,091	658
	767	763	4
	1,651	1,437	214
	621	626	-5
	396	185	211
	2,831	2,028	803
	777	263	514
	14,000	14,000
	2,478	1,898	580
	902	933	-31
	781	790	-9
	826	2,362	-1,536
	348	598	-250
	591	419	172
	755	735	20
	838	188	650
	731	910	-179
	2,561	2,473	88
	1,138	598	540
	1,349	948	401
	1,869	454	1,415
	471	460	11
	363	93	270
	430	162	268
	1,241	238	1,003
	401	333	68
	1,920	1,897	23
	1,032	1,261	-229
	1,067	1,040	27
	1,027	1,018	9
	2,048	1,993	55
	2,118	1,979	139
	1,144	1,084	60
	1,115	996	119
	1,177	1,029	148
	2,232	2,047	185
	1,014	1,007	7
	2,120	2,007	113
	2,048	2,003	45
	1,009	1,002	7
	2,050	1,909	141
	2,140	1,940	200
	1,020	996	24
	1,061	1,019	42
	2,103	2,011	92
	2,090	1,997	93
	1,137	1,732	-595
	1,406	2,829	-1,423
	482	716	-234
	1,165	1,235	-70
	547	1,242	-695
	1,091	1,078	13
	2,066	1,966	100
	2,003	2,005	-2
	1,006	995	11
	1,089	1,023	66
	1,006	970	36
	2,059	2,007	52
	1,051	1,017	34
	1,520	1,574	-54
	1,025	972	53
	326	260	66
	1,036	1,006	30
	93	116	-23
	1,637	2,151	-514
	1,001	1,020	-19
	218	195	23
	1,022	1,025	-3
	2,004	1,982	22
	165	167	-2
	250	214	36
	94	19	75
	156	24	132
	190	215	-25
	1,025	1,018	7
	933	317	616
	1,174	1,326	-152
	80	82	-2
	1,038	1,018	20
	991	1,001	-10
	382	323	59
	59	44	15
	1,015	979	36
	59	47	12
	156	165	-9
	347	394	-47
	1,301	1,520	-219
	327	260	67
	131	164	-33
	315	394	-79
	337	333	4
	262	61	201
	610	535	75
	486	827	-341
	428	331	97
	668	581	87
	374	485	-111
	299	388	-89
	650	1,775	-1,125
	260	747	-487
	1,302	1,306	-4
	579	547	32
	206	229	-23
	687	1,248	-561
	483	519	-36
	97	104	-7
	1,000	801	199
	1,363	1,135	228
	144	157	-13
	351	538	-187
	234	388	-154
	671	1,501	-830
	473	1,149	-676
	316	365	-49
	456	737	-281
	684	1,002	-318
	555	795	-240
	492	317	175
	1,035	1,020	15
	343	350	-7
	343	350	-7
	659	821	-162
	94	145	-51
	341	477	-136
	390	545	-155
	116	238	-122
	204	447	-243
	669	1,060	-391
	505	614	-109
	675	769	-94
	169	202	-33
	1,078	1,060	18
	942	1,001	-59
	855	963	-108
	397	142	255
	2,017	1,844	173
	531	416	115
	1,398	1,682	-284
	1,108	1,006	102
	658	879	-221
	262	106	156
	343	105	238
	679	1,017	-338
	226	220	6
	11,076	10,949	127
	1,052	1,111	-59
	1,412	1,394	18
	961	774	187
	932	975	-43
	1,221	1,642	-421
	453	456	-3
	3,057	2,567	490
	2,397	2,043	354
	899	692	207
	363	210	153
	992	1,597	-605
	252	199	53
	216	148	68
	1,299	1,344	-45
	487	581	-94
	1,504	1,431	73
	370	105	265
	751	331	420
	460	154	306
	1,976	1,713	263
	1,101	868	233
	1,246	1,947	-701
	1,511	1,005	506
	2,513	1,891	622
	661	534	127
	1,230	1,619	-389
	694	704	-10
	770	788	-18
	544	455	89
	10,432	10,012	420
	1,557	1,585	-28
	1,959	1,776	183
	1,043	702	341
	1,202	1,223	-21
	382	109	273
	364	123	241
	540	548	-8
	734	434	300
	407	157	250
	396	118	278
	547	296	251
	540	511	29
	1,721	1,526	195
	1,302	1,257	45
	608	514	94
	693	494	199
	762	290	472
	828	525	303
	1,581	1,879	-298
	463	645	-182
	635	703	-68
	189	270	-81
	630	958	-328
	900	764	136
	750	219	531
	10,565	10,114	451
	1,078	301	777
	1,979	1,223	756
	1,705	1,705
	489	379	110
	2,045	242	1,803
	574	342	232
	651	437	214
	3,272	531	2,741
	338	254	84
	6,968	370	6,598
	703	600	103
	507	428	79
	384	520	-136
	695	375	320
	443	366	77
	278	256	22
	485	143	342
	612	707	-95
	1,236	1,152	84
	508	90	418
	341	103	238
	595	146	449
	526	673	-147
	493	475	18
	488	200	288
	922	920	2
	2,065	1,167	898
	295	294	1
	455	719	-264
	389	315	74
	1,723	1,033	690
	1,462	987	475
	374	408	-34
	432	597	-165
	621	65	556
	1,316	845	471
	688	573	115
	1,156	483	673
	512	487	25
	3,616	1,051	2,565
	842	293	549
	1,060	746	314
	459	161	298
	596	248	348
	2,452	1,381	1,071
	2,287	1,117	1,170
	455	450	5
	984	733	251
	526	254	272
	2,155	603	1,552
	332	259	73
	279	302	-23
	337	250	87
	487	348	139
	433	264	169
	473	308	165
	372	381	-9
	752	119	633
	808	438	370
	543	344	199
	444	260	184
	358	355	3
	577	539	38
	633	564	69
	2,762	614	2,148
	856	525	331
	1,464	443	1,021
	605	637	-32
	376	214	162
	480	233	247
	312	185	127
	999	837	162
	496	543	-47
	276	236	40
	165	135	30
	1,573	884	689
	1,633	1,599	34
	139	132	7
	852	1,303	-451
	707	366	341
	583	336	247
	1,682	1,516	166
	310	228	82
	662	219	443
	1,664	1,310	354
	1,164	1,029	135
	952	674	278
	597	796	-199
	639	649	-10
	540	537	3
	549	300	249
	824	703	121
	577	480	97
	104	97	7
	1,024	470	554
	2,610	2,339	271
	3,473	3,919	-446
	1,517	1,543	-26
	989	375	614
	2,104	1,677	427
	10,216	10,119	97
	2,043	2,044	-1
	12,041	12,041
	1,474	948	526
	622	649	-27
	976	1,073	-97
	804	693	111
	375	404	-29
	1,035	232	803
	857	726	131
	863	707	156
	208	210	-2
	1,211	1,067	144
	283	297	-14
	1,236	1,426	-190
	647	490	157
	764	624	140
	343	300	43
	237	189	48
	791	837	-46
	843	553	290
	1,443	2,458	-1,015
	630	413	217
	1,042	626	416
	834	1,012	-178
	736	984	-248
	1,612	1,693	-81
	1,197	674	523
	811	1,425	-614
	487	838	-351
	691	634	57
	1,808	536	1,272
	548	129	419
	1,105	550	555
	444	351	93
	676	521	155
	135	87	48
	664	226	438
	10,410	9,912	498
	2,082	2,081	1
	1,318	901	417
	1,509	1,090	419
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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			208
b			26
c			79
d			48
e			244
			151
			254
			432
			-182
			-27
			1,056
			6
			230
			-324
			295
			141
			658
			4
			214
			-5
			211
			803
			514

			580
			-31
			-9
			-1,536
			-250
			172
			20
			650
			-179
			88
			540
			401
			1,415
			11
			270
			268
			1,003
			68
			23
			-229
			27
			9
			55
			139
			60
			119
			148
			185
			7
			113
			45
			7
			141
			200
			24
			42
			92
			93
			-595
			-1,423
			-234
			-70
			-695
			13
			100
			-2
			11
			66
			36
			52
			34
			-54
			53
			66
			30
			-23
			-514
			-19
			23
			-3
			22
			-2
			36
			75
			132
			-25
			7
			616
			-152
			-2
			20
			-10
			59
			15
			36
			12
			-9
			-47
			-219
			67
			-33
			-79
			4
			201
			75
			-341
			97
			87
			-111
			-89
			-1,125
			-487
			-4
			32
			-23
			-561
			-36
			-7
			199
			228
			-13
			-187
			-154
			-830
			-676
			-49
			-281
			-318
			-240
			175
			15
			-7
			-7
			-162
			-51
			-136
			-155
			-122
			-243
			-391
			-109
			-94
			-33
			18
			-59
			-108
			255
			173
			115
			-284
			102
			-221
			156
			238
			-338
			6
			127
			-59
			18
			187
			-43
			-421
			-3
			490
			354
			207
			153
			-605
			53
			68
			-45
			-94
			73
			265
			420
			306
			263
			233
			-701
			506
			622
			127
			-389
			-10
			-18
			89
			420
			-28
			183
			341
			-21
			273
			241
			-8
			300
			250
			278
			251
			29
			195
			45
			94
			199
			472
			303
			-298
			-182
			-68
			-81
			-328
			136
			531
			451
			777
			756

			110
			1,803
			232
			214
			2,741
			84
			6,598
			103
			79
			-136
			320
			77
			22
			342
			-95
			84
			418
			238
			449
			-147
			18
			288
			2
			898
			1
			-264
			74
			690
			475
			-34
			-165
			556
			471
			115
			673
			25
			2,565
			549
			314
			298
			348
			1,071
			1,170
			5
			251
			272
			1,552
			73
			-23
			87
			139
			169
			165
			-9
			633
			370
			199
			184
			3
			38
			69
			2,148
			331
			1,021
			-32
			162
			247
			127
			162
			-47
			40
			30
			689
			34
			7
			-451
			341
			247
			166
			82
			443
			354
			135
			278
			-199
			-10
			3
			249
			121
			97
			7
			554
			271
			-446
			-26
			614
			427
			97
			-1

			526
			-27
			-97
			111
			-29
			803
			131
			156
			-2
			144
			-14
			-190
			157
			140
			43
			48
			-46
			290
			-1,015
			217
			416
			-178
			-248
			-81
			523
			-614
			-351
			57
			1,272
			419
			555
			93
			155
			48
			438
			498
			1
			417
			419

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	54,827
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

SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE

1 Reserved

(a) Reserved	(b) Reserved	(c) Reserved	(d) Reserved

Reserved...........................

Reserved,..........................

Form 990-PF (2020)

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	Reserved................................	1	784
c	All other domestic foundations enter 1.39% 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	784
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	13,098
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	0
6	Credits/Payments:

a	2020 estimated tax payments and 2019 overpayment credited to 2020	6a
b	Exempt foreign organizations—tax withheld at source......	6b	0
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	0
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
11	Enter the amount of line 10 to be: Credited to 2021 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 the instructions

for the 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 2020 or the taxable year beginning in 2020? 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 (2020)

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

ARDEN TRUST COMPANY Telephone no. bullet

(302) 657-8252

Located at bullet

2751 CENTERVILLE RD STE 400WILMINGTONDE ZIP+4 bullet

19808

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 2020, 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 2020?.............

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 2020, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2020?.............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 2020 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 2020.)..................

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 2020?

Form 990-PF (2020)

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
ARDEN TRUST COMPANY	TRUSTEE 1	5,072
2751 CENTERVILLE RD STE 400 WILMINGTON,DE19808	TRUSTEE 1	5,072

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 (2020)

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 (2020)

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

988,793

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

30,794

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

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

1,019,587

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

1,019,587

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

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

15,294

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

1,004,293

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

50,215

Part XI

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

and do not complete this part.)

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

50,215

Tax on investment income for 2020 from Part VI, line 5......

Income tax for 2020. (This does not include the tax from Part VI.)...

13,098

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

13,098

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

37,117

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

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

37,117

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

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

37,117

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 ..........

1,768

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

1,768

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

1,768

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 (2020)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2019	(c) 2019	(d) 2020
1 Distributable amount for 2020 from Part XI, line 7					37,117
2 Undistributed income, if any, as of the end of 2020:
a Enter amount for 2019 only.......				0
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2020:
a From 2015......	0
b From 2016......	0
c From 2017......	9,831
d From 2018......	6,920
e From 2019......	1,812
fTotal of lines 3a through e........		18,563
4Qualifying distributions for 2020 from Part
XII, line 4: $ 1,768
a Applied to 2019, 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 2020 distributable amount.....					1,768
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2020.		18,563			18,563
(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 2019. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2020. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2021 ..........					16,786
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 2015 not applied on line 5 or line 7 (see instructions) ...		0
9Excess distributions carryover to 2021. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2016....	0
b Excess from 2017....	0
c Excess from 2018....	0
d Excess from 2019....	0
e Excess from 2020....	0

Form 990-PF (2020)

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 2020, 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) 2020	(b) 2019	(c) 2018	(d) 2017	(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).)

NONE

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

NONE

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

Check here bullet

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 (2020)

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

Total ................................. 3a

bApproved for future payment

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

Form 990-PF (2020)

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	19,316
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	54,827
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aFEDERAL TAX REFUND			1	1,268
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				75,411

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

75,411

(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 (2020)

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 instructions. 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 (2020)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Description	Amount
PURCHASE OF ACCRUED INTEREST	717
LOSS ON WASH SALE DISALLOWED	4,460

Category	Amount	Net Investment Income
FOREIGN TAXES	573	573
FEDERAL TAX PAYMENT - PRIOR YE	1,478	0
FEDERAL ESTIMATES - PRINCIPAL	1,480	0
FOREIGN TAXES ON NONQUALIFIED	1	1

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
OTHER NON-ALLOCABLE EXPENSE -	16	12		0
INVESTMENT EXPENSES-DIVIDEND I	132	99		0

Description	Amount
MUTUAL FUND TIMING ADJUSTMENT	28
COST BASIS ADJUSTMENT	431