TY 2020 Form 990PF

Part I	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books	(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)
	1	Contributions, gifts, grants, etc., received (attach schedule)	1,186,304
2	Check .............
3	Interest on savings and temporary cash investments	1,191,181	1,191,181	1,191,181
4	Dividends and interest from securities...	2,619,878	1,931,707	1,931,707
5a	Gross rents............	20,485,294	20,485,294	20,485,294
b	Net rental income or (loss) 11,154,807
6a	Net gain or (loss) from sale of assets not on line 10		19,219,687
b	Gross sales price for all assets on line 6a 600,646,814
7	Capital gain net income (from Part IV, line 2)...		31,002,339
8	Net short-term capital gain.........			0
9	Income modifications...........			1,475,000
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).......		3,397,759	3,415,431	3,415,431
12	Total. Add lines 1 through 11........	48,100,103	58,025,952	28,498,613
	13	Compensation of officers, directors, trustees, etc.	3,302,865	1,722,827	1,722,827	1,580,037
14	Other employee salaries and wages......	13,686,268	1,451,775	1,451,775	12,234,493
15	Pension plans, employee benefits.......	3,605,750	584,130	584,130	3,019,596
16a	Legal fees (attach schedule).........		342,030	233,768	233,768	149,777
b	Accounting fees (attach schedule).......		139,479	0	0	139,479
c	Other professional fees (attach schedule)....		3,111,162	1,097,644	1,097,644	1,956,869
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		5,791,997	5,551,726	5,551,726	298,472
19	Depreciation (attach schedule) and depletion...		4,195,878	1,947,134	1,947,134
20	Occupancy..............	615,120	150,030	150,030	459,730
21	Travel, conferences, and meetings.......	107,551	44,055	44,055	80,316
22	Printing and publications..........	44,855	7,076	7,076	37,780
23	Other expenses (attach schedule).......		27,057,912	1,944,740	2,154,301	5,120,224
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	62,000,867	14,734,905	14,944,466	25,076,773
25	Contributions, gifts, grants paid.......	117,150			117,150
26	Total expenses and disbursements. Add lines 24 and 25	62,118,017	14,734,905	14,944,466	25,193,923
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-14,017,914
b	Net investment income (if negative, enter -0-)		43,291,047
c	Adjusted net income (if negative, enter -0-)...			13,554,147

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.............	118,276	154,644	154,644
	2	Savings and temporary cash investments.........	6,201,547	13,371,483	13,371,483
	3	Accounts receivable 1,612,405
		Less: allowance for doubtful accounts 318,693	1,348,295	1,293,712	1,293,712
	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) 13,250,000
		Less: allowance for doubtful accounts 0	13,000,000	13,250,000	13,250,000
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........	1,015,394	1,166,309	1,166,309
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	505,811,432	550,853,860	559,467,736
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis 91,292,800
		Less: accumulated depreciation (attach schedule) 28,245,048	58,423,209	63,047,752	566,360,674
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis 91,165,457
		Less: accumulated depreciation (attach schedule) 27,891,223	59,911,721	63,274,234	69,726,310
	15	Other assets (describe )	20,875,522	19,254,905	19,254,905
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	666,705,396	725,666,899	1,244,045,773
	17	Accounts payable and accrued expenses..........	2,376,804	3,428,546
	18	Grants payable.................
	19	Deferred revenue.................	1,457,831	2,435,120
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......	11,546,205	13,615,027
	22	Other liabilities (describe )	2,886,367	1,553,799
	23	Total liabilities (add lines 17 through 22).........	18,267,207	21,032,492
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	648,438,189	704,634,407
	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........
	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).....	648,438,189	704,634,407
	30	Total liabilities and net assets/fund balances (see instructions).	666,705,396	725,666,899

(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
1 a	FROM K-1: ACR III FEEDER C, LP	P
b	FROM K-1: ATLAS CAPITAL RESOURCES III LP	P
c	FROM K-1: ABERDEEN ENERGY & RESOURCES PARTNERS II, LP	P
d	FROM K-1: ABERDEEN ENERGY & RESOURCES PARTNERS II, LP	P
e	FROM K-1: ABERDEEN ENERGY & RESOURCES PARTNERS II, LP - 1231	P
	FROM K-1: ABERDEEN ENERGY & RESOURCES PARTNERS III, LP	P
	FROM K-1: ABERDEEN ENERGY & RESOURCES PARTNERS III, LP	P
	FROM K-1: ABERDEEN ENERGY & RESOURCES PARTNERS III, LP - 1231	P
	FROM K-1: CA RESOURCES FUND (U.S. TAX-EXEMPT), L.P. - SERIES BAIN X	P
	FROM K-1: CAMBRIDGE ASSOCIATES LLC	P
	FROM K-1: CAMBRIDGE ASSOCIATES LLC	P
	FROM K-1: CAMBRIDGE ASSOCIATES LLC - 1256	P
	FROM K-1: COMMONFUND CAPITAL INTERNATIONAL PARTNERS	P
	FROM K-1: COMMONFUND CAPITAL INTERNATIONAL PARTNERS	P
	FROM K-1: COMMONFUND CAPITAL INTERNATIONAL PARTNERS - 1256	P
	FROM K-1: COMMONFUND CAPITAL INTERNATIONAL PARTNERS - 1256	P
	FROM K-1: COMMONFUND CAPITAL INTERNATIONAL PARTNERS V, LP	P
	FROM K-1: COMMONFUND CAPITAL INTERNATIONAL PARTNERS V, LP	P
	FROM K-1: COMMONFUND CAPITAL INTERNATIONAL PARTNERS V, LP - 1231	P
	FROM K-1: COMMONFUND DISTRESSED DRBT PARTNERS II LP	P
	FROM K-1: DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P	P
	FROM K-1: DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P	P
	FROM K-1: DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P - 1231	P
	FROM K-1: DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P - 1256	P
	FROM K-1: DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P - 1256	P
	FROM K-1: DC CAPITAL PARTNERS FUND II, LP - 1231	P
	FROM K-1: DODDINGTON EMERGING MARKETS FUND, LLC	P
	FROM K-1: DODDINGTON EMERGING MARKETS FUND, LLC	P
	FROM K-1: FARALLON CAPITAL INSTITUTIONAL PARTNERS, LP	P
	FROM K-1: FARALLON CAPITAL INSTITUTIONAL PARTNERS, LP - 1256	P
	FROM K-1: FARALLON CAPITAL INSTITUTIONAL PARTNERS, LP - 1256	P
	FROM K-1: FELICIS VENTURE VI, LP	P
	FROM K-1: FELICIS VENTURE VI, LP	P
	FROM K-1: FINEPOINT CAPITAL PARTNERS II	P
	FROM K-1: FINEPOINT CAPITAL PARTNERS II	P
	FROM K-1: FINEPOINT CAPITAL PARTNERS II - 1256	P
	FROM K-1: FINEPOINT CAPITAL PARTNERS II - 1256	P
	FROM K-1: GQG PARTNERS INTERNATIONAL EQUITY FUND GQG PARTNERS SERIES LLC	P
	FROM K-1: GQG PARTNERS INTERNATIONAL EQUITY FUND GQG PARTNERS SERIES LLC	P
	FROM K-1: HARVEST MLP INCOME FUND II LLC	P
	FROM K-1: HARVEST MLP INCOME FUND II LLC	P
	FROM K-1: THE HIGHCLERE INTERNATIONAL INVESTORS	P
	FROM K-1: THE HIGHCLERE INTERNATIONAL INVESTORS	P
	FROM K-1: HIGHFIELDS CAPITAL IV LP - 1231	P
	FROM K-1: HEALTHCARE ROYALTY PARTNERS III, L.P.	P
	FROM K-1: HEALTHCARE ROYALTY PARTNERS III, L.P.	P
	FROM K-1: ICON VENTURES V, L.P.	P
	FROM K-1: LAV BIOSCIENCES FUND V,LP	P
	FROM K-1: LAV BIOSCIENCES FUND V,LP	P
	FROM K-1: LEGACY VENTURE VI, LLC	P
	FROM K-1: LEGACY VENTURE VI, LLC	P
	FROM K-1: LEVEL EQUITY GROWTH PARTNERS III, LP	P
	FROM K-1: LEVEL EQUITY GROWTH PARTNERS III AIV (B), LP	P
	FROM K-1: LONE STAR EUROPE HOLDINGS (U.S.), L.P.	P
	FROM K-1: LONE STAR FUND VI (U.S.), L.P.	P
	FROM K-1: LONE STAR FUND VII (U.S.), L.P.	P
	FROM K-1: LONE STAR FUND VIII (U.S.), L.P.	P
	FROM K-1: LONE STAR REAL ESTATE FUND II (U.S.), L.P.	P
	FROM K-1: LONE STAR REAL ESTATE FUND III (U.S.), L.P.	P
	FROM K-1: LONE STAR REAL ESTATE FUND IV (U.S.), L.P.	P
	FROM K-1: LONE STAR US INVESTMENTS, L.P.	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL II LP	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL II LP - 1231	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP - 1231	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS IV-A, LP	P
	FROM K-1: NATURAL GAS PARTNERS IX LP	P
	FROM K-1: NATURAL GAS PARTNERS IX LP - 1231	P
	FROM K-1: NEW ENTERPRISE ASSOCIATES 15 LP	P
	FROM K-1: NEW ENTERPRISE ASSOCIATES 15 LP	P
	FROM K-1: NEW ENTERPRISE ASSOCIATES 16 LP	P
	FROM K-1: NEW ENTERPRISE ASSOCIATES 16 LP	P
	FROM K-1: NORTHGATE GLOBAL EMERGING MARKETS, LP	P
	FROM K-1: NORTHGATE GLOBAL EMERGING MARKETS, LP	P
	FROM K-1: NORTHGATE IV, LP	P
	FROM K-1: NORTHGATE IV, LP	P
	FROM K-1: NORTHGATE IV, LP - 1231	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS II(Q) LP	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS II(Q) LP	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS II(Q) LP - 1231	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS III LP	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS III LP	P
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS III LP - 1231	P
	FROM K-1: NORTHGATE VENTURE PARTNERS III, LP	P
	FROM K-1: NORTHGATE VENTURE PARTNERS III, LP	P
	FROM K-1: OWL CREEK OPPORTUNITIES FUND L.P.	P
	FROM K-1: OWL CREEK OPPORTUNITIES FUND L.P.	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND III AIV LP	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND III AIV LP - 1231	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND III LP	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND III LP	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND III LP - 1231	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP - 1231	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND V LP	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND V LP	P
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND V LP - 1231	P
	FROM K-1: POLYCHAIN FUND I, LP	P
	FROM K-1: POLYCHAIN FUND I, LP	P
	FROM K-1: SANDERS CAPITAL ALL ASSET VALUE FUND, LP	P
	FROM K-1: SANDERS CAPITAL ALL ASSET VALUE FUND, LP	P
	FROM K-1: SILCHESTER INTERNATIONAL VALUTE EQUITY TRUST	P
	FROM K-1: SILCHESTER INTERNATIONAL VALUTE EQUITY TRUST	P
	FROM K-1: SOMERSET GLOBAL EMERGING MARKETS FUND LLC	P
	FROM K-1: SOMERSET GLOBAL EMERGING MARKETS FUND LLC	P
	FROM K-1: STANDARD CRYPTO FLAGSHIP FUND LP	P
	FROM K-1: STRATEGIC INVESTORS FUND VIII, L.P.	P
	FROM K-1: STRATEGIC INVESTORS FUND VIII, L.P.	P
	FROM K-1: STRATEGIC INVESTORS FUND VI, L.P.	P
	FROM K-1: STRATEGIC INVESTORS FUND VI, L.P.	P
	FROM K-1: THIRD POINT OFFSHORE FUND LTD	P
	FROM K-1: U.S. FARMING REALTY TRUST II, LP - 1231	P
	FROM K-1: US RESEARCH EQUITY EXTENDED FUND, L.P.	P
	FROM K-1: US RESEARCH EQUITY EXTENDED FUND, L.P.	P
	FROM K-1: US RESEARCH EQUITY EXTENDED FUND, L.P. - 1256	P
	FROM K-1: US RESEARCH EQUITY EXTENDED FUND, L.P. - 1256	P
	FROM K-1: WELLINGTON INTERNATIONAL RESEARCH EQUITY FUND	P
	FROM K-1: WELLINGTON INTERNATIONAL RESEARCH EQUITY FUND	P
	FROM K-1: WELLINGTON INTERNATIONAL RESEARCH EQUITY FUND - 1256	P
	FROM K-1: WELLINGTON INTERNATIONAL RESEARCH EQUITY FUND - 1256	P
	FROM K-1: WELLINGTON TRUST CTF DURABLE COMPANIES PORTFOLIO	P
	FROM K-1: WELLINGTON TRUST CTF DURABLE COMPANIES PORTFOLIO	P
	FROM K-1: WELLINGTON TRUST CTF DURABLE COMPANIES PORTFOLIO - 1256	P
	FROM K-1: WELLINGTON TRUST CTF DURABLE COMPANIES PORTFOLIO - 1256	P
	FROM K-1: WELLINGTON TRUST CTF ENERGY PORTFOLIO	P
	FROM K-1: WELLINGTON TRUST CTF ENERGY PORTFOLIO	P
	FROM K-1: WELLINGTON TRUST CTF ENERGY PORTFOLIO - 1256	P
	FROM K-1: WELLINGTON TRUST CTF ENERGY PORTFOLIO - 1256	P
	FROM K-1: WELLINGTON TRUST CTF MICRO CAP EQUITY PORTFOLIO	P
	FROM K-1: WELLINGTON TRUST CTF MICRO CAP EQUITY PORTFOLIO	P
	FROM K-1: WELLINGTON TRUST CTF MICRO CAP EQUITY PORTFOLIO - 1256	P
	FROM K-1: WELLINGTON TRUST CTF MICRO CAP EQUITY PORTFOLIO - 1256	P
	FROM K-1: WOODBOURNE CANADIAN PARTNERS II	P
	FROM K-1: XFUND 2, LP [CLASS A]	P
	FROM K-1: XFUND 2, LP [CLASS B]	P
	FROM K-1: XFUND 2, LP [CLASS B]	P
	US BANK #12508
	US BANK #12508
	US BANK DEFLATION ASSETS
	GARDNER RUSSO & GARDNER
	GARDNER RUSSO & GARDNER
	ATLAS CAPITAL RESOURCES III LP	P
	COMMONFUND INTL PRIVATE EQUITY PTNRS VII	P
	LEGACY VENTURE VI LLC	P
	ROUND HILL MUSIC ROYALTY FUND II LP	P
	STRATEGIC INVESTORS FUND VI (SVB CAP)	P
	GS VINTAGE VII OFFSHORE SCSP	P
	LONE STAR FUND X (US) LP	P
	COMMONFUND NATURAL RESOURCES V	P
	METROPOLITAN REAL ESTATE PARTNERS IV-A	P
	METROPOLITAN REAL ESTATE PTNR GLOBAL III	P
	NORTHGATE VENTURE PARTNERS III	P
	PARK ST CAP NATURAL RESOURCE FUND III	P
	PARK ST CAP NATURAL RESOURCE FUND IV	P
	NORTHGATE GLOBAL EMERGING MARKETS	P
	PARK ST CAP NATURAL RESOURCE FUND V	P
	NORTHGATE PRIVATE EQUITY PARTNERS III	P
	NORTHGATE IV	P
	GS VINTAGE V OFFSHORE LP	P
	DOUGLAS EMMETT PARTNERSHIP X	P
	WOODBOURNE CANADA PARTNERS II	P
	GS VINTAGE VI OFFSHORE LP	P
	LONE STAR REAL ESTATE FUND III (US) LP	P
	PROPHET EQUITY II LP	P
	NEW ENTERPRISE ASSOCIATES 15, LP	P
	LONE STAR REAL ESTATE FUND IV (US) LP	P
	NEW ENTERPRISE ASSOCIATES 16, LP	P
	METRIC CP PRIVATE CAPITAL FUND III SCSP	P
	SYCAMORE PARTNERS III-A LP	P
	ORION EUROPEAN REAL ESTATE FUND V SLP	P
	LONE STAR REAL ESTATE FUND VI	P
	WELLINGTON CTF DURABLE COMPANIES	P
	HIGHCLERE INT'L SMALLER CO. FUND	P
	KABOUTER INT'L OPPOR. OFFSH. FUND II LTD	P
	DC CAPITAL PARTNERS FUND II LP	P
	EDGBASTON ASIAN EQUITY	P
	FARALLON CAP MGT LLC	P
	THIRD POINT OFFSHORE	P
	HITCHWOOD CAPITAL FUND LTD	P
	SENATOR GLOBAL OPPORT. OFFSHORE FUND II	P
	SOMERSET GLOBAL EMERGING MARKETS	P
	BRACEBRIDGE BIL, LTD.	P
	PFM HEALTHCARE EMERGING GROWTH OFFSHORE	P
	LAV BIOSCIENCES FUND V, L.P.	P
	WELLINGTON INTERNATIONAL RESEARCH EQUITY	P
	FVP OVERSEAS	P
	HIGHFIELDS CAPITAL IV LP	P
	OWL CREEK OPPORTUNITIES FUND LP	P
	GAIN ON SALE OF LILIUOKALANI GARDENS	P
	GAIN ON SALE OF WAIKIKI BANYAN	P
	GAIN ON SALE OF FOSTER TOWERS	P
	GAIN ON SALE OF KONA SEA VILLAS APT G4	P
	GAIN ON SALE OF WAHIAWA	P
	DISTRIBUTION IN EXCESS OF BASIS CA RESOURCES FUND #35	P
	DISTRIBUTION IN EXCESS OF BASIS EDGBASTON ASIAN EQUITY	P
	DISTRIBUTION IN EXCESS OF BASIS LONE STAR EUROPE HOLDINGS	P
	DISTRIBUTION IN EXCESS OF BASIS THIRD POINT OFFSHORE	P
	DISTRIBUTION IN EXCESS OF BASIS WELLINGTON TRUST COMPANY	P
	FROM K-1: ELECTRIC CAPITAL FUND I	P
	FROM K-1: ELECTRIC CAPITAL FUND I	P
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS IV-A, LP - 1231	P
	FROM K-1: WELLINGTON TRUST CTF DURABLE COMPANIES PORTFOLIO - SUSPENDED LOSS	P
	LOSS (EXPENSES) RELATED TO HALONA	P
	LOSS ON AC REPAIR FOR KSV	P
	LOSS ON DISPOSAL OF KP ASSET 5117	P
	LOSS ON DISPOSAL OF TREE ASSET 4932	P
	LOSS ON DISPOSAL OF TKIC ASSET	P
	LOSS ON DISPOSAL OF KIPUKA KONA ASSET 4954	P
	LOSS ON DISPOSAL OF KIPUKA MAUI ASSET 5020	P
	LOSS ON DISPOSAL OF WAIANAE ASSETS	P
	LOSS ON DISPOSAL OF HONOLULU ASSETS	P
	FROM K-1: COMMONFUND DISTRESSED DRBT PARTNERS II LP - LOSS ON DISPOSAL	P
	FROM K-1: DOUGLAS EMMETT - LOSS ON DISPOSAL	P
	FROM K-1: HIGHCLERE INTERNATIONAL - LOSS ON DISPOSAL	P
	CAPITAL GAINS 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	3,167		3,167
b	108,601		108,601
c		90	-90
d		69,410	-69,410
e		16,635	-16,635
		325	-325
		2,511	-2,511
	7,235		7,235
	3,410		3,410
		52	-52
	31		31
	1		1
		5	-5
	43,174		43,174
	7		7
	11		11
	46		46
		1,135	-1,135
		3,795	-3,795
	8,885		8,885
	97,304		97,304
	18,553		18,553
	37		37
	2,062		2,062
	3,093		3,093
	1,153		1,153
	1,525		1,525
	1,921,297		1,921,297
		15,689	-15,689
	31		31
	47		47
		1,229	-1,229
		7,230	-7,230
	371,038		371,038
	157,089		157,089
		21,748	-21,748
		32,622	-32,622
		380,915	-380,915
	679,739		679,739
		16,038	-16,038
		40,681	-40,681
		152,846	-152,846
		464,535	-464,535
		1,463	-1,463
	315		315
	315		315
	13,656		13,656
	7,443		7,443
	33,818		33,818
	5,931		5,931
	504,167		504,167
	34,319		34,319
	51,400		51,400
	12		12
	3,914		3,914
	1,238		1,238
	14,801		14,801
		72,307	-72,307
		10,762	-10,762
		7,523	-7,523
	5,360		5,360
		9,979	-9,979
		381	-381
		32	-32
	3,051		3,051
		747	-747
		23,492	-23,492
	67		67
		1,005	-1,005
	5,442		5,442
	35,175		35,175
		75	-75
		5,448	-5,448
	5		5
	3,760		3,760
	54		54
	52,648		52,648
		156	-156
	33		33
	4,887		4,887
		19	-19
		14	-14
	126		126
		197	-197
	168		168
	115,160		115,160
		295,731	-295,731
	824,033		824,033
		611	-611
		17	-17
		24	-24
		3,655	-3,655
		1,545	-1,545
		87	-87
		24,583	-24,583
		202	-202
	15		15
		5,247	-5,247
		199	-199
		11,899	-11,899
		13,447	-13,447
	69		69
	1,981,981		1,981,981
	125,171		125,171
	4,108,487		4,108,487
		535	-535
		13,435	-13,435
		1,643	-1,643
	2,258		2,258
	64,791		64,791
	887		887
	144,206		144,206
	40,917		40,917
	7,337		7,337
		2,938,439	-2,938,439
	1,037,368		1,037,368
		23,769	-23,769
		35,653	-35,653
		387,468	-387,468
		84,468	-84,468
		15,363	-15,363
		23,045	-23,045
		41,343	-41,343
	50,007		50,007
	19		19
	28		28
		1,955,371	-1,955,371
		928,620	-928,620
		1,006	-1,006
		1,510	-1,510
	1,229,537		1,229,537
	1,519,670		1,519,670
	51		51
	76		76
	77,507		77,507
		7,015	-7,015
		275	-275
		6,170	-6,170
	248,898,884	248,710,345	188,539
	35,875,876	32,037,673	3,838,203
			0
	2,842,207	2,496,062	346,145
	8,730,079	5,500,459	3,229,620
	252,189	252,189	0
	9,991	9,991	0
	32,013	32,013	0
	64,485	64,485	0
	54,060	54,060	0
	25,236	25,236	0
	72,730	72,730	0
	95	95	0
	13,062	13,062	0
	5,312	5,312	0
	8,016	8,016	0
	1,125	1,125	0
	26,800	26,800	0
	6,959	6,959	0
	18,150	18,150	0
	8,678	8,678	0
	10,628	10,628	0
	8,525	8,525	0
	192,696	192,696	0
	62,645	62,645	0
	17,899	17,899	0
	42,901	42,901	0
	34,271	34,271	0
	1,504	1,504	0
	14,859	14,859	0
	5,518	5,518	0
	66,472	66,472	0
	115,651	115,651	0
	41,682	41,682	0
	70,684	70,684	0
	3,500,000	2,575,212	924,788
	3,500,000	2,987,112	512,888
	5,000,000	3,387,013	1,612,987
	36,759	36,759	0
	2,000,000	1,875,067	124,933
	31,473	28,253	3,220
	1,874,197	1,160,696	713,501
	1,750,000	637,135	1,112,865
	2,500,000	1,917,334	582,666
	6,000,000	5,770,317	229,683
	1,753,032	1,478,341	274,691
	2,500,000	3,108,793	-608,793
	8,856	8,856	0
	15,000,000	15,488,614	-488,614
	1,022,326		1,022,326
	8,636		8,636
	1,192,777		1,192,777
	311,000	10,147	300,853
	2,106,500	125,901	1,980,599
	632,800	19,567	613,233
	675,000	631,821	43,179
	800,000	793,896	6,104
	3,267		3,267
	2		2
	2,757		2,757
	2,508,589		2,508,589
	200,634		200,634
	20,427		20,427
	4,962		4,962
		81	-81
	41,343		41,343
		34,658	-34,658
		7,919	-7,919
		417	-417
		44	-44
		2,232	-2,232
		78	-78
		42	-42
		2,367	-2,367
		2,513	-2,513
		564,971	-564,971
		129,280	-129,280
		2	-2
	3,844,183		3,844,183

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			3,167
b			108,601
c			-90
d			-69,410
e			-16,635
			-325
			-2,511
			7,235
			3,410
			-52
			31
			1
			-5
			43,174
			7
			11
			46
			-1,135
			-3,795
			8,885
			97,304
			18,553
			37
			2,062
			3,093
			1,153
			1,525
			1,921,297
			-15,689
			31
			47
			-1,229
			-7,230
			371,038
			157,089
			-21,748
			-32,622
			-380,915
			679,739
			-16,038
			-40,681
			-152,846
			-464,535
			-1,463
			315
			315
			13,656
			7,443
			33,818
			5,931
			504,167
			34,319
			51,400
			12
			3,914
			1,238
			14,801
			-72,307
			-10,762
			-7,523
			5,360
			-9,979
			-381
			-32
			3,051
			-747
			-23,492
			67
			-1,005
			5,442
			35,175
			-75
			-5,448
			5
			3,760
			54
			52,648
			-156
			33
			4,887
			-19
			-14
			126
			-197
			168
			115,160
			-295,731
			824,033
			-611
			-17
			-24
			-3,655
			-1,545
			-87
			-24,583
			-202
			15
			-5,247
			-199
			-11,899
			-13,447
			69
			1,981,981
			125,171
			4,108,487
			-535
			-13,435
			-1,643
			2,258
			64,791
			887
			144,206
			40,917
			7,337
			-2,938,439
			1,037,368
			-23,769
			-35,653
			-387,468
			-84,468
			-15,363
			-23,045
			-41,343
			50,007
			19
			28
			-1,955,371
			-928,620
			-1,006
			-1,510
			1,229,537
			1,519,670
			51
			76
			77,507
			-7,015
			-275
			-6,170
			188,539
			3,838,203
			0
			346,145
			3,229,620
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			924,788
			512,888
			1,612,987
			0
			124,933
			3,220
			713,501
			1,112,865
			582,666
			229,683
			274,691
			-608,793
			0
			-488,614
			1,022,326
			8,636
			1,192,777
			300,853
			1,980,599
			613,233
			43,179
			6,104
			3,267
			2
			2,757
			2,508,589
			200,634
			20,427
			4,962
			-81
			41,343
			-34,658
			-7,919
			-417
			-44
			-2,232
			-78
			-42
			-2,367
			-2,513
			-564,971
			-129,280
			-2
			3,844,183

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	31,002,339
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	-3,688,689

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: 1974-07-22(attach copy of letter if necessary–see instructions)
b	Reserved................................	1	N/A
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
3	Add lines 1 and 2...........................	3
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4
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
c	Tax paid with application for extension of time to file (Form 8868)...	6c
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	0
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 tax	Refunded	11

(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
CLAIRE L ASAM	TRUSTEE 40.00	230,870	65	0
1132 BISHOP STREET SUITE 1890 HONOLULU,HI96813
THOMAS K KAULUKUKUI JR	TRUSTEE 7.00	189,110	65	0
1132 BISHOP STREET SUITE 1890 HONOLULU,HI96813
PATRICK KSL YIM	TRUSTEE 7.00	189,110	65	0
1132 BISHOP STREET SUITE 1890 HONOLULU,HI96813
ROBERT OZAKI	PRESIDENT & CEO 40.00	793,361	29,113	0
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813
LEEANN SILVA	VICE PRESIDENT 40.00	617,447	24,080	0
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813
DAWN HARFLINGER	EXECUTIVE VICE PRESIDENT & COO 40.00	355,432	23,874	0
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813
MICHELLE AKINA	VICE PRESIDENT, CHIEF PROG 40.00	302,336	18,125	0
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813
MERCEDES LANZA	VICE PRESIDENT & CAO 40.00	260,494	27,237	0
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813
JULI TORIGOE	VICE PRESIDENT & CFO 40.00	240,275	26,786	0
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813
ALAN ARAKAWA	VICE PRESIDENT 40.00	124,429	6,373	0
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813


BARBARA KALIPI	SENIOR PROGRAM ADVIS 40.00	340,454	14,905	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813
DEAN PANG	CHIEF INFORMATION OF 40.00	275,219	15,545	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813
IRIS KAUKA	QUALITY ASSURANCE DI 40.00	257,467	6,409	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813
CHIEMI DAVIS	EXECUTIVE DIRECTOR 40.00	227,981	25,649	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813
MICHAEL SHIBATA	DIRECTOR, REAL ESTAT 40.00	214,842	30,223	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813
Total number of other employees paid over $50,000...................	147


CAMBRIDGE ASSOCIATES LLC	INVESTMENT ADVISORY SERVICES	1,250,018
100 SUMMER STREET SUITE 1300 BOSTON,MA02110
MONARCH INSURANCE SERVICES	INSURANCE SERVICES	988,212
677 ALA MOANA BLVD 500 HONOLULU,HI96813
J KADOWACKI INC	GENERAL CONTRACTING	909,654
518 AHUI ST HONOLULU,HI96813
GATESIDE INC	GENERAL CONTRACTING	641,878
522 AHUI STREET HONOLULU,HI96813
MITHUN	DESIGN FIRM	540,999
1201 ALASKAN WAY SUITE 200 SEATTLE,WA98101

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	THE PROGRAM GOAL OF THE TRUST IS TO SERVE ORPHAN AND DESTITUTE KAMALI'I AND THEIR FAMILIES. THE FOCUS IS ON STRENGTHENING FAMILIES SO THEY CAN RAISE HEALTHY, RESILIENT CHILDREN. THE TRUST ACCOMPLISHES THIS BY CREATING HIGH-IMPACT PROGRAMS AND SERVICES, AND WORKING WITH OTHERS IN THE COMMUNITY TO CHANGE THE SYSTEM THAT KEEPS THE MOST VULNERABLE INDIVIDUALS TRAPPED IN A CYCLE OF LIMITED OPTIONS. THIS WORK IS CARRIED OUT BY A STAFF OF APPROXIMATELY 147 EMPLOYEES THAT INCLUDE SOCIAL WORKERS, ADMINISTRATIVE AND SUPPORT STAFF OPERATING FROM MULTIPLE OFFICES THROUGHOUT THE STATE. IN 2020 THE TRUST PROVIDED DIRECT SERVICES TO 1,526 KAMALI'I, AND REACHED 46 KAMALI'I VIA COMMUNITY ACTIVITIES.AMOUNTS PAID TO ACCOMPLISH CHARITABLE PURPOSES 25,193,923AMOUNTS PAID TO ACQUIRE ASSETS USED FOR CHARITABLE PURPOSE 8,370,538AMOUNTS SET ASIDE FOR CHARITABLE PROJECTS 6,500,000TOTAL AMOUNTS PAID FOR CHARITABLE PURPOSES 40,064,461	40,064,461
2


3


4

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1	THE TRUST ENTERED INTO AN UNSECURED LOAN AGREEMENT (A FORM OF A PROGRAM RELATED INVESTMENT TO ANOTHER TAX-EXEMPT ORGANIZATION) TO LEND $250,000 TO AN UNRELATED THIRD-PARTY.	250,000
2


All other program-related investments. See instructions.
3

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

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
	13,554,147	13,611,658	20,912,645	20,902,338	68,980,788
b 85% of line 2a .........	11,521,025	11,569,909	17,775,748	17,766,987	58,633,670
c Qualifying distributions from Part XII, line 4 for each year listed .....	40,314,461	30,388,785	39,489,648	31,030,792	141,223,686
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........	117,500	0	0	0	117,500
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....	40,196,961	30,388,785	39,489,648	31,030,792	141,106,186
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......					0
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)					0
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part X, line 6 for each year listed...	35,480,605	22,877,447	25,331,317	24,818,232	108,507,601
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) ....					0
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....					0
(3) Largest amount of support from an exempt organization					0
(4) Gross investment income					0

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:

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
HAWAII FOODBANK INC 2611 KILIHAU STREET HONOLULU,HI96819	NONE	PC	MATCHING DONATIONS TO FIGHT HUNGER FOR COVID RELIEF	15,000
MAUI FOOD BANK INC 760 KOLU ST WAILUKU,HI96793	NONE	PC	MATCHING DONATIONS TO FIGHT HUNGER FOR COVID RELIEF	15,000
HAWAII FOODBANK INC - KAUAI BRANCH 4241 HANAHAO PLACE STE 101 LIHUE,HI96766	NONE	PC	MATCHING DONATIONS TO FIGHT HUNGER FOR COVID RELIEF	30,000
THE FOOD BASKET INC 40 HOLOMUA STREET HILO,HI96720	NONE	PC	MATCHING DONATIONS TO FIGHT HUNGER FOR COVID RELIEF	40,000
LHES FOUNDATION PO BOX 630633 LANAI CITY,HI96731	NONE	PC	EDUCATE STUDENTS ABOUT FACEMASKS, NECESSARY TO PROTECT AGAINST COVID 19	1,000
HAWAII PONOI FOUNDATION 415-C ULUNIU ST KAILUA,HI96734	NONE	PC	SPONSOR HAWAIIAN HISTORY MONTH. TO EDUCATE GENERAL PUBLIC AND CELEBRATE HISTORY OF QUEEN LILI'UOKALANI AND HAWAIIAN HISTORY IN GENERAL	5,000
ADULT FRIENDS FOR YOUTH 3375 KOAPAKA STREET B290 HONOLULU,HI96819	NONE	PC	SPONSOR GRANTEE'S ANNUAL FUNDRAISER TO RAISE SUPPLEMENTAL FUNDS TO PROVIDE SERVICES FOR AT-RISK YOUTH	3,000
ROTARY CLUB OF DOWNTOWN HONOLULU PO BOX 1077 HONOLULU,HI96813	NONE	501(C)(4)	SUPPORT GRANTEE'S FUNDRAISER FOR CENTRAL MIDDLE SCHOOL IN HONOLULU, HI	1,000
HAWAII ALLIANCE FOR ARTS EDUCATION PO BOX 3948 HONOLULU,HI96812	NONE	PC	SUPPORT GRANTEE'S FUNDRAISER FOR GENERAL OPERATIONS	600
LUNALILO HOME 501 KAKAULUOHI ST HONOLULU,HI96825	NONE	POF	SUPPORT GRANTEE'S ANNUAL FUNDRAISER TO BENEFIT RESIDENTS	3,000
WAIKIKI COMMUNITY CENTER 310 PAOAKALANI AVE HONOLULU,HI96815	NONE	PC	SUPPORT GRANTEE'S ANNUAL FUNDRAISER TO BENEFIT WAIKIKI COMMUNITY CENTER'S GENERAL OPERATIONS	3,000
TAU DANCE THEATER PO BOX 1878 HONOLULU,HI96805	NONE	PC	SUPPORT GRANTEE'S BLACK & WHITE ADVERTISEMENT REGARDING INDIGENUITY PROGRAM	550
Total ................................. 3a				117,150

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

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 ...........			14	1,191,181
4 Dividends and interest from securities....			14	2,619,878
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....			16	11,154,807
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	19,219,687
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aOTHER INCOME - INVESTMENT INCOME			14	3,330,395
bOTHER INCOME - LATE FEES			16	67,364
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		0		37,583,312	0

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

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.

Name of organization LILIUOKALANI TRUST

Part I Contributors	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	MARY ALLINES GLOVER TRUST 4752 ALIOMANI RD ANAHOLA, HI96703	$ 1,185,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2020)


(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
BARBARA KALIPI	SENIOR PROGRAM ADVIS 40.00	340,454	14,905	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813	SENIOR PROGRAM ADVIS 40.00	340,454	14,905	0
DEAN PANG	CHIEF INFORMATION OF 40.00	275,219	15,545	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813	CHIEF INFORMATION OF 40.00	275,219	15,545	0
IRIS KAUKA	QUALITY ASSURANCE DI 40.00	257,467	6,409	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813	QUALITY ASSURANCE DI 40.00	257,467	6,409	0
CHIEMI DAVIS	EXECUTIVE DIRECTOR 40.00	227,981	25,649	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813	EXECUTIVE DIRECTOR 40.00	227,981	25,649	0
MICHAEL SHIBATA	DIRECTOR, REAL ESTAT 40.00	214,842	30,223	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813	DIRECTOR, REAL ESTAT 40.00	214,842	30,223	0
Total number of other employees paid over $50,000...................				147

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
CAMBRIDGE ASSOCIATES LLC	INVESTMENT ADVISORY SERVICES	1,250,018
100 SUMMER STREET SUITE 1300 BOSTON,MA02110	INVESTMENT ADVISORY SERVICES	1,250,018
MONARCH INSURANCE SERVICES	INSURANCE SERVICES	988,212
677 ALA MOANA BLVD 500 HONOLULU,HI96813	INSURANCE SERVICES	988,212
J KADOWACKI INC	GENERAL CONTRACTING	909,654
518 AHUI ST HONOLULU,HI96813	GENERAL CONTRACTING	909,654
GATESIDE INC	GENERAL CONTRACTING	641,878
522 AHUI STREET HONOLULU,HI96813	GENERAL CONTRACTING	641,878
MITHUN	DESIGN FIRM	540,999
1201 ALASKAN WAY SUITE 200 SEATTLE,WA98101	DESIGN FIRM	540,999

bApproved for future payment

Total ................................. 3b				0

Name of organization LILIUOKALANI TRUST		Employer identification number 99-0078890

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
1	RESIDENTIAL REAL ESTATE, ANALOHA, HAWAII, 96703	$ 1,185,000	2020-12-31
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2020)


Name of organization LILIUOKALANI TRUST			Employer identification number 99-0078890
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

Identifier	Return Reference	Explanation
ACCUMULATED DEPRECIATION	FORM 990-PF, PART II, LINE 11	BEGINNING A/D - LAND - INVESTMENT 0 BEGINNING A/D - BUILDING & LAND IMPROVEMENTS - INVESTMENT 26,469,010 BEGINNING A/D - CIP - INVESTMENT 0 ----------- BEGINNING A/D - INVESTMENT ASSETS 26,469,010 =========== ENDING A/D - LAND - INVESTMENT 0 ENDING A/D - BUILDING & LAND IMPROVEMENTS - INVESTMENT 28,245,048 ENDING A/D - CIP - INVESTMENT 0 ---------- ENDING A/D - INVESTMENT ASSETS 28,245,048 ==========
ACCUMULATED DEPRECIATION	FORM 990-PF, PART II, LINE 14	BEGINNING A/D - FF&E - EXEMPT 4,452,451 BEGINNING A/D - LAND - EXEMPT 553,321 BEGINNING A/D - BLDG & IMP - EXEMPT 21,947,245 ---------- BEGINNING A/D - EXEMPT ASSETS 26,953,017 ========== ENDING A/D - FF&E - EXEMPT 3,851,372 ENDING A/D - LAND - EXEMPT 570,222 ENDING A/D - BLDG & IMP - EXEMPT 23,469,629 ---------- ENDING A/D - EXEMPT ASSETS 27,891,223 ==========
ELECTION(S) UNDER SECTION 987	FORM 990-PF	FOR THE TAX YEAR ENDING DECEMBER 31, 2020, THE TAXPAYER ELECTS UNDER PROPOSED REGULATION SECTION 1.987-1(B)(1)(II) TO NOT APPLY THE PROPOSED SECTION 987 REGULATIONS FOR PURPOSES OF TAKING INTO ACCOUNT CERTAIN ITEMS OF GAIN OR LOSS IF THE INDIVIDUAL OR CORPORATION OWNS, DIRECTLY OR INDIRECTLY, LESS THAN 5% OF EITHER THE TOTAL CAPITAL OR THE TOTAL PROFITS INTERET IN THE FOREIGN PARTNERSHIP.
OTHER INCOME	FORM 990-PF, PART I, LINE 11(B) & 11(C)	OTHER INCOME - PART I, LINE 11(A) 3,397,759 LESS: LEASE PREMIUMS FOR TAX NOT RECOGNIZED FOR BOOK (46,526) LESS: OTHER INVESTMENT INCOME FOR BOOK NOT TAX (3,289,902) PLUS: PASSTHROUGH INCOME FROM SCH. K-1S ACR III FEEDER C, LP 9,175ACREW CAPITAL FUND, LP 2,486ATLAS CAPITAL RESOURCES III LP 814ABERDEEN ENERGY & RESOURCES PARTNERS II (21,388)ABERDEEN ENERGY & RESOURCES PARTNERS III (18,455) BLACKSAND CAPITAL OPPORTUNITY FUND I, L.P. (5,382)BLACKSAND CAPITAL OPPORTUNITY FUND II, L.P. (13,122)BRAZIL OPPORTUNITY GROWTH PARTNERS III A, LP (721)CA RESOURCES FUND (U.S. TAX EXEMPT) L.P. - SERIES BAIN X #35 2CA RESOURCES FUND (U.S. TAX EXEMPT) L.P. - SERIES BAIN X #36 119CAMBRIDGE ASSOCIATES LLC 196,087CENTERGATE CAPITAL PARTNERS I, LP (3,971)COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII, LP 9,057COMMONFUND CAPITAL NATURAL RESOURCES V, L.P. (1,926) DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P. 80,005DC CAPITAL PARTNERS FUND II, LP 6,183DODDINGTON EMERGING MARKETS FUND, LLC 252,514DOUGLAS EMMETT PARTNERSHIP X, LP 1,332ELECTRIC CAPITAL VENTURE FUND I 15,477ENCAP ENERGY CAPITAL FUND XI-C, LP 24,199FARALLON CAPITAL INSTITUTIONAL PARTNERS, LP (255)FELICIS VENTURES VI (740)FELICIS VENTURES VII, LP 411FINEPOINT CAPITAL PARTNERS II 267,942FORTRESS CREDIT OPPORTUNITIES FUND V EXPANSION (B) LP (292)GQG PARTNERS INTERNATIONAL EQUITY FUND 250,798GS VINTAGE VII AIV OFFSHORE SCSP 1,432HARVEST MLP INCOME FUND II 84,983H.I.G. GROWTH BUYOUTS & QUITY FUND III, LP (5,981)HIGHCLERE INTERNATIONAL INVESTORS 6,647HIGHFIELDS CAPITAL IV LP (74,721)HEALTHCARE ROYALTY PARTNERS III, LP 9,199ICON VENTURES 285JACKSON SQURE VENTURES III, LP (25) K4 PRIVATE INVESTORS, LP (1,476)KPS SPECIAL SITUATIONS FUND V (A), LP 536LAV BIOSCIENCES FUND V, L.P. 1,266LEGACY VENTURE (5,993) LEVEL EQUITY GROWTH PARTNERS III, LP (2,210)LEVEL EQUITY GROWTH PARTNERS III AIV (B), LP (16)LEVEL EQUITY GROWTH PARTNERS IV, LP (4,403)LONE STAR EUROPE HOLDINGS (U.S.), LP (2,261)LONE STAR FUND VI (U.S.), LP 30,516 LONE STAR FUND VII (U.S.), L.P. (594) LONE STAR FUND VIII (U.S.), L.P. (758)LONE STAR FUND X (US), L.P (4,585)LONE STAR FUND XI, L.P. (2,923)LONE STAR REAL ESTATE FUND II (U.S.), L.P. 446LONE STAR REAL ESTATE FUND III (U.S.), L.P. (5,363)LONE STAR REAL ESTATE FUND IV (U.S.), L.P. 9,146LONE STAR REAL ESTATE FUND VI, LP 65,737LONE STAR US INVESTMENTS, LP 42,238LSF X U.S. HOLDINGS, LP 508LSF XI BRAZIL HOLDINGS I, LP 1,528MADISON INTERNATIONAL REAL ESTATE LIQUIDITY FUND V (381)MCP PRIVATE CAPITAL (FEEDER) FUND II 41,857METROPOLITAN REAL ESTATE PARTNERS GLOBAL II LP (1,154)METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP (1,455) METROPOLITAN REAL ESTATE PARTNERS IV-A LP (697) NATURAL GAS PARTNERS IX, L.P. (1,865)NEW ENTERPRISE ASSOCIATES 15 (1,040)NEW ENTERPRISE ASSOCIATES 16 (1,257) NORTHGATE GLOBAL EMERGING MARKETS LP 84 NORTHGATE IV, L.P. (2,071) NORTHGATE PRIVATE EQUITY PARTNERS II (Q) LP (380)NORTHGATE PRIVATE EQUITY PARTNERS III LP 390NORTHGATE VENTURE PARTNERS III, L.P. (366)OLYMPUS GROWTH FUND VII PARALLEL LP 15,627OWL CREEK MGM FUND, LP (2)OWL CREEK MGM FUND, LP - 10.2019 (76)OWL CREEK OPPORTUNITIES FUND LP 6,387PARK STREET CAPITAL NATURAL RESOURCE FUND III AIV LP (40) PARK STREET CAPITAL NATURAL RESOURCE FUND III LP (717)PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP (3,122) PARK STREET CAPITAL NATURAL RESOURCE FUND V LP 7,085POLYCHAIN FUND I, LP 36,300PROPHET EQUITY II (19,076) RESOURCE CAPITAL FUND VII LP (516)ROUND HILL MUSIC ROYALTY FUND LP (25,485)ROUND HILL MUSIC ROYALTY FUND II, LP (26,303)SANDERS CAPITAL ALL ASSET VALUE FUND, L.P. - SERIES 1 230,544SILCHESTER INTERNATIONAL VALUE EQUITY TRUST 1,147,002SILVER LAKE PARTNERS VI, LP (510)SOMERSET GEM FUND LLC 41,128STANDARD CRYPTO FLAGSHIP FUND LP 1,144STRATEGIC INVESTORS FUND VIII, LP (137)SVB STRATEGIC INVESTORS FUND VI, LP 9,326 U.S. FARMING REALTY TRUST II, LP 672US RESEARCH EQUITY EXTENDED FUND, LP 246,599WELLINGTON INTERNATIONAL RESEARCH EQUITY FUND 21,732WELLINGTON TRUST CTF DURABLE COMPANIES PORTFOLIO 18,950WELLINGTON TRUST CTF ENERGY PORTFOLIO 327,638WELLINGTON TRUST CTF MICRO CAP EQUITY PORTFOLIO 106,906 WOODBOURNE CANADIAN PARTNERS II (21,944)XFUND 2, LP [CLASS A] (603)XFUND 2, LP [CLASS B] (1,060) PUBLICLY TRADED PARTNERSHIP ACTIVITY (4) PASSIVE OTHER INCOME (LOSS) 10,680 PRIOR YEAR PASSIVE LOSS RELEASED - FINAL YEAR (42,264)TOTAL OTHER INCOME TO LINE 11(B) & 11(C) 3,415,431

Name of Stock	End of Year Book Value	End of Year Fair Market Value
EQUITY SECURITIES	182,858,260	182,858,260
OTHER	367,995,600	376,609,476

Item No.	1
Lender's Name	BANK OF HAWAII
Lender's Title
Relationship to Insider	NONE
Original Amount of Loan	1,300,000
Balance Due	791,450
Date of Note	2004-09
Maturity Date	2022-07
Repayment Terms	$5,178.00 MONTHLY PAYMENTS
Interest Rate	2.500000000000
Security Provided by Borrower	FIXED INCOME SECURITY INVESTMENT
Purpose of Loan	FINANCE PURCHASE OF AND IMPROVEMENTS TO OFFICE SPACE AT 1100 ALAKEA ST.
Description of Lender Consideration
Consideration FMV

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
STRAIGHT-LINE RENT RECEIVABLE	18,165,720	18,442,163	18,442,163
INVESTMENT RECEIVABLE	2,709,802	812,742	812,742

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FINANCIAL ASSISTANCE	744,444	0	0	736,380
PARTNERSHIPS AND COLLABORATIONS	535,087	0	0	526,695
REPAIRS & MAINTENANCE	908,910	139,197	139,197	788,247
SUPPLIES	236,627	49,695	49,695	184,460
UTILITIES	382,752	42,661	42,661	339,787
INFORMATION TECHNOLOGY	753,171	213,232	213,232	523,915
TELEPHONE	454,391	33,536	33,536	428,248
INSURANCE	1,108,855	241,830	241,830	867,025
EQUIPMENT RENTAL	266,708	42,771	42,771	223,858
EDUCATION	86,586	23,709	23,709	61,877
DUES	36,687	14,153	14,153	22,535
REAL ESTATE GENERAL	629,658	629,658	629,658	13,284
REAL ESTATE MANAGEMENT FEES	120,695	120,695	120,695	521
LEASING COMMISSION	39,877	39,877	39,877	0
BAD DEBT EXPENSE	91,878	91,878	91,878	0
UNRELATED BUSINESS INCOME	352,536	0	209,561	0
LOSS ON IMPAIRMENT OF PROPERTY & EQUIPMENT	19,646,662	0	0	0
OTHER EXPENSES	662,388	261,848	261,848	403,392

Software ID:
Software Version:

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
OTHER INCOME - INVESTMENT INCOME	3,330,395		3,330,395
OTHER INCOME - LATE FEES	67,364		67,364

Description	Amount
NET UNREALIZED GAIN/(LOSS) ON INVESTMENTS	70,189,247
FASB STATEMENT 158 ADJUSTMENT	24,885

Description	Beginning of Year - Book Value	End of Year - Book Value
ACCRUED VACATION	1,425,675	80,705
ACCRUED POSTRETIREMENT BENEFITS	1,460,692	1,473,094

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT SERVICES	152,329	152,329	152,329	0
OTHER PROFESSIONAL FEES	2,958,833	945,315	945,315	1,956,869

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
REAL PROPERTY TAX	4,398,039	4,157,768	4,157,768	298,472
HAWAII GENERAL EXCISE TAX	1,282,910	1,282,910	1,282,910	0
INCOME & FOREIGN TAX	111,048	111,048	111,048	0