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.
bullet

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 06-01-2020 , and ending 05-31-2021

Name of foundation
THOMAS J WATSON FOUNDATION XXXXX0006

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

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

A Employer identification number

35-7120359

B Telephone number (see instructions)

(800) 496-2583

C If exemption application is pending, check here bullet

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

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

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

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

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

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

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

$103,786,248J 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)	117,320
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	802,268		800,536
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		6,161,347
b	Gross sales price for all assets on line 6a 21,571,219
7	Capital gain net income (from Part IV, line 2)...			6,161,347
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).......		1,702,237	1,467,679
12	Total. Add lines 1 through 11........	8,783,172		8,429,562
13	Compensation of officers, directors, trustees, etc.	203,082		87,303		115,779
14	Other employee salaries and wages......	1,125,773		0	0	1,125,773
15	Pension plans, employee benefits.......	318,395		0	0	298,895
16a	Legal fees (attach schedule).........		71,590	0	0	71,590
b	Accounting fees (attach schedule).......		2,500	0	0	2,500
c	Other professional fees (attach schedule)....		188,409	188,409		0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		73,277	13,566		0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............	12,854				19,804
21	Travel, conferences, and meetings.......			0	0
22	Printing and publications..........			0	0
23	Other expenses (attach schedule).......		637,873			666,648
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	2,633,753		289,278	0	2,300,989
25	Contributions, gifts, grants paid.......	1,827,769				1,827,769
26	Total expenses and disbursements. Add lines 24 and 25	4,461,522		289,278	0	4,128,758
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	4,321,650
b	Net investment income (if negative, enter -0-)			8,140,284
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.............	31,809	105,376	105,376
	2	Savings and temporary cash investments.........	4,975,337	1,531,791	1,531,791
	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).......	23,629,697	24,090,856	39,184,911
	c	Investments—corporate bonds (attach schedule).......	21,061,357	25,210,568	25,519,742
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	3,079,282	2,972,389	37,444,427
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	1	1	1
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	52,777,483	53,910,981	103,786,248
	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........	52,777,483	53,910,981
	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).....	52,777,483	53,910,981
	30	Total liabilities and net assets/fund balances (see instructions).	52,777,483	53,910,981

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

52,777,483

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

4,321,650

Other increases not included in line 2 (itemize) bullet

1,188,187

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

58,287,320

Decreases not included in line 2 (itemize) bullet

4,376,339

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

53,910,981

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	78. WAYFAIR INC- CLASS A		2019-08-14	2020-06-03
b	58. WAYFAIR INC- CLASS A		2019-08-14	2020-06-03
c	99. WAYFAIR INC- CLASS A		2019-08-14	2020-06-03
d	185. WAYFAIR INC- CLASS A		2019-08-14	2020-06-04
e	43. WAYFAIR INC- CLASS A		2019-08-14	2020-06-04
	85. WAYFAIR INC- CLASS A		2019-08-14	2020-06-04
	72. WAYFAIR INC- CLASS A		2019-08-14	2020-06-05
	7. WAYFAIR INC- CLASS A		2019-08-14	2020-06-05
	5. WAYFAIR INC- CLASS A		2019-08-14	2020-06-05
	6500.317 FMI LARGE CAP FUND-INST			2020-06-08
	1983.242 JPM US LARGE CAP CORE PLUS FD - USD - R6 ISIN US48129C6030		2013-04-09	2020-06-08
	1927. SPDR TR UNIT SER 1		2017-08-08	2020-06-08
	176. WAYFAIR INC- CLASS A			2020-06-08
	76. WAYFAIR INC- CLASS A		2019-08-14	2020-06-08
	84. WAYFAIR INC- CLASS A		2019-08-14	2020-06-08
	42. WAYFAIR INC- CLASS A		2019-08-14	2020-06-09
	33. WAYFAIR INC- CLASS A		2019-08-14	2020-06-09
	3500000. GOLUB CAPITAL INVESTMENT CORPORATION			2020-06-18
	110. WAYFAIR INC- CLASS A		2019-08-14	2020-06-22
	130. WAYFAIR INC- CLASS A		2019-08-14	2020-06-22
	91. WAYFAIR INC- CLASS A		2019-08-14	2020-06-22
	134. WAYFAIR INC- CLASS A		2019-08-14	2020-06-22
	41. WAYFAIR INC- CLASS A		2019-08-14	2020-06-22
	129. WAYFAIR INC- CLASS A		2019-08-14	2020-06-23
	222. WAYFAIR INC- CLASS A		2019-08-14	2020-06-23
	186. WAYFAIR INC- CLASS A			2020-06-23
	121. WAYFAIR INC- CLASS A		2019-08-14	2020-06-23
	62. WAYFAIR INC- CLASS A		2019-08-14	2020-06-24
	43. WAYFAIR INC- CLASS A		2019-08-14	2020-06-24
	55. WAYFAIR INC- CLASS A		2019-08-14	2020-06-24
	205. WAYFAIR INC- CLASS A		2019-08-14	2020-06-24
	72. WAYFAIR INC- CLASS A		2019-08-14	2020-06-25
	20594. GOLUB CAPITAL BDC INC		1960-11-11	2020-07-02
	86588. GOLUB CAPITAL BDC INC		1960-11-11	2020-07-06
	53. AMAZON COM INC		2016-11-11	2020-07-13
	36. AMAZON COM INC		2016-11-11	2020-07-13
	54. AMAZON COM INC		2016-11-11	2020-07-13
	53. AMAZON COM INC		2016-11-11	2020-07-13
	117. ALPHABET INC-CL A		2010-07-16	2020-07-20
	8249.456 FMI LARGE CAP FUND-INST			2020-07-31
	2. CREDIT ACCEPTANCE CORP		2020-06-30	2020-08-03
	25. CREDIT ACCEPTANCE CORP		2020-06-30	2020-08-03
	7. CREDIT ACCEPTANCE CORP		2020-06-30	2020-08-03
	18. ALPHABET INC-CL C		2010-06-07	2020-08-11
	30. ALPHABET INC-CL A		2010-07-16	2020-08-11
	200. ARISTA NETWORKS INC			2020-08-11
	201. BERKSHIRE HATHAWAY INC DEL CL B		1996-11-04	2020-08-11
	558. CARMAX INC			2020-08-11
	43. CONSTELLATION SOFTWARE INC		2016-12-14	2020-08-11
	80. CREDIT ACCEPTANCE CORP			2020-08-11
	186. DISNEY WALT CO		2020-06-04	2020-08-11
	183. FACEBOOK INC-A			2020-08-11
	138. FIDELITY NATL INFORMATION SVCS INC		2020-07-23	2020-08-11
	209. INTERCONTINENTALEXCHANGE GROUP, INC		2020-07-23	2020-08-11
	420. JACOBS ENGR GROUP INC			2020-08-11
	99. LIBERTY BROADBAND-A		2018-03-27	2020-08-11
	179. LIBERTY BROADBAND-C		2018-03-26	2020-08-11
	754. LIBERTY MEDIA CORP-LIBERTY-C			2020-08-11
	6095. POUND STERLING		2018-10-19	2020-08-11
	964. SCHWAB CHARLES CORP NEW		2020-03-09	2020-08-11
	547. TAIWAN SEMICONDUCTOR MFG CO LTD			2020-08-11
	140. UNITEDHEALTH GROUP INC			2020-08-11
	271. WAYFAIR INC- CLASS A		2019-08-14	2020-08-11
	50. EUROFINS SCIENTIFIC ISIN FR0000038259 SEDOL 5972643			2020-08-11
	1020. VIVENDI UNIVERSAL S A ORD		2020-01-14	2020-08-11
	1284. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2020-08-11
	2931. CEMEX FINANCE LLC 9 1/2% DEC 14 2016 DTD 12/14/2009			2020-08-11
	2235. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2020-06-30	2020-08-12
	137. WAYFAIR INC- CLASS A		2019-08-20	2020-08-17
	134. WAYFAIR INC- CLASS A		2019-08-14	2020-08-17
	141. WAYFAIR INC- CLASS A			2020-08-17
	335. WAYFAIR INC- CLASS A		2019-08-19	2020-08-17
	218. WAYFAIR INC- CLASS A			2020-08-17
	25274.356 VANGUARD TOT BD MKT IDX-ADM		2017-08-09	2020-09-09
	26457.318 VANGUARD TOT BD MKT IDX-ADM		2020-03-09	2020-09-09
	413. VIVENDI UNIVERSAL S A ORD		2020-01-14	2020-09-29
	411. VIVENDI UNIVERSAL S A ORD		2020-01-14	2020-09-29
	802. VIVENDI UNIVERSAL S A ORD		2020-01-14	2020-09-30
	234. VIVENDI UNIVERSAL S A ORD		2020-01-14	2020-09-30
	191. ALPHABET INC-CL C		2010-06-07	2020-10-01
	535. ARISTA NETWORKS INC			2020-10-01
	1282.051 ARTISAN INTL VAL-INST		2010-04-26	2020-10-01
	644. BERKSHIRE HATHAWAY INC DEL CL B			2020-10-01
	3474.375 BLCKRCK HI YLD BND PORT-K		2020-05-08	2020-10-01
	1845. CARMAX INC			2020-10-01
	136. CONSTELLATION SOFTWARE INC			2020-10-01
	243. CREDIT ACCEPTANCE CORP			2020-10-01
	823. DISNEY WALT CO			2020-10-01
	1191.812 DODGE & INTERNATIONAL STOCK FUND		2014-04-03	2020-10-01
	16710.641 FMI LARGE CAP FUND-INST		2008-11-06	2020-10-01
	143. FACEBOOK INC-A		2020-06-29	2020-10-01
	493. FACEBOOK INC-A		2018-03-26	2020-10-01
	557. FIDELITY NATL INFORMATION SVCS INC			2020-10-01
	1000. INTERCONTINENTALEXCHANGE GROUP, INC			2020-10-01
	1130. JACOBS ENGR GROUP INC			2020-10-01
	311. LIBERTY BROADBAND-A		2018-03-27	2020-10-01
	561. LIBERTY BROADBAND-C			2020-10-01
	103.465 PIMCO INV GRD CRD BND-INST		2018-03-15	2020-10-01
	2495.364 PIMCO INV GRD CRD BND-INST		2019-11-15	2020-10-01
	2097. SCHWAB CHARLES CORP NEW			2020-10-01
	455. SCHWAB CHARLES CORP NEW		2016-05-16	2020-10-01
	1883. TAIWAN SEMICONDUCTOR MFG CO LTD			2020-10-01
	523. UNITEDHEALTH GROUP INC			2020-10-01
	491. VISA INC CLASS A SHARES		2010-05-14	2020-10-01
	655. WAYFAIR INC- CLASS A			2020-10-01
	516. VIVENDI UNIVERSAL S A ORD		2020-01-14	2020-10-01
	72. VIVENDI UNIVERSAL S A ORD		2020-01-14	2020-10-01
	3194. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2020-10-02
	5077. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2020-10-02
	27605. POUND STERLING		2018-10-19	2020-10-02
	185. EUROFINS SCIENTIFIC ISIN FR0000038259 SEDOL 5972643			2020-10-02
	107. VIVENDI UNIVERSAL S A ORD		2020-01-14	2020-10-02
	4374. VIVENDI UNIVERSAL S A ORD		2020-01-14	2020-10-02
	287. VIVENDI UNIVERSAL S A ORD		2020-01-14	2020-10-02
	4757. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2020-10-02
	950. NASPERS LIMITED			2020-10-02
	6180. CEMEX FINANCE LLC 9 1/2% DEC 14 2016 DTD 12/14/2009			2020-10-02
	7624. CEMEX FINANCE LLC 9 1/2% DEC 14 2016 DTD 12/14/2009		2008-05-29	2020-10-02
	1515. LIBERTY MEDIA CORP-LIBERTY-C		2017-01-10	2020-10-07
	1506. LIBERTY MEDIA CORP-LIBERTY-C			2020-10-07
	2702.819 DOUBLELINE TTL RTRN BND-R6		2019-11-15	2020-10-21
	24937.235 DOUBLELINE TTL RTRN BND-R6		2017-08-08	2020-10-21
	2184. ISHARES TR 7-10 YR TREAS INDEX FD		2019-02-27	2020-10-21
	5861. JPMORGAN BETABUILDERS EUROPE ETF			2020-10-21
	7750. JPMORGAN BETABUILDERS EUROPE ETF		2019-11-15	2020-10-21
	39. ALPHABET INC-CL C		2010-06-07	2020-10-26
	66. ALPHABET INC-CL C			2020-10-26
	50. ALPHABET INC-CL C		2010-07-16	2020-10-26
	87. ALPHABET INC-CL C		2010-07-16	2020-10-26
	54. ALPHABET INC-CL C		2010-07-16	2020-10-27
	36. ALPHABET INC-CL C		2010-07-16	2020-10-27
	2605. ISHARES TR 7-10 YR TREAS INDEX FD		2019-02-27	2020-10-29
	53069.226 VANGUARD TOT BD MKT IDX-ADM			2020-10-29
	11. CONSTELLATION SOFTWARE INC		2016-06-28	2020-11-02
	9. CONSTELLATION SOFTWARE INC		2016-06-28	2020-11-02
	33. CONSTELLATION SOFTWARE INC		2016-06-28	2020-11-03
	25. CONSTELLATION SOFTWARE INC		2016-06-28	2020-11-03
	1257. POUND STERLING		2018-10-19	2020-11-03
	2811. POUND STERLING		2018-10-19	2020-11-03
	16. CONSTELLATION SOFTWARE INC		2016-06-28	2020-11-04
	2271. POUND STERLING		2018-10-19	2020-11-04
	3474. POUND STERLING		2018-10-19	2020-11-04
	2296. POUND STERLING		2018-10-19	2020-11-05
	1778. POUND STERLING		2018-10-19	2020-11-05
	7949. POUND STERLING			2020-11-06
	3142. POUND STERLING			2020-11-06
	50037. POUND STERLING			2020-11-09
	9210. POUND STERLING			2020-11-09
	26778. POUND STERLING			2020-11-10
	2068. POUND STERLING		2018-10-30	2020-11-10
	8434. POUND STERLING		2018-10-30	2020-11-11
	1315. POUND STERLING		2018-10-30	2020-11-11
	3510. POUND STERLING		2018-10-30	2020-11-12
	3534. POUND STERLING		2020-08-04	2020-11-12
	2635. POUND STERLING		2020-08-04	2020-11-12
	1390. POUND STERLING		2020-08-04	2020-11-13
	4379. POUND STERLING			2020-11-13
	. PFIZER INC			2020-11-19
	454. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2020-12-01
	1127. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2020-12-01
	532. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2020-12-02
	97. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-07-09	2020-12-02
	381. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-07-09	2020-12-03
	192. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-07-09	2020-12-03
	325. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2020-12-04
	2. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-07-01	2020-12-04
	156. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2020-12-07
	53. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-07-01	2020-12-07
	113. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-07-01	2020-12-08
	2. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-07-01	2020-12-08
	32. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-07-01	2020-12-08
	231123. RTS ROLLS-ROYCE HOLDINGS PLC-NIL			2020-12-09
	4. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-07-01	2020-12-09
	7. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-07-01	2020-12-09
	78. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-07-01	2020-12-11
	270. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-07-01	2020-12-11
	218. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-07-01	2020-12-14
	96. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-07-01	2020-12-14
	56. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-07-01	2020-12-14
	12. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2020-12-15
	225. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-06-30	2020-12-16
	124. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-06-30	2020-12-16
	114. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-06-30	2020-12-16
	142. WAYFAIR INC- CLASS A			2020-12-17
	121. WAYFAIR INC- CLASS A		2019-11-08	2020-12-17
	130. WAYFAIR INC- CLASS A			2020-12-17
	150. WAYFAIR INC- CLASS A		2019-11-07	2020-12-17
	315. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2020-06-30	2020-12-17
	121. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-05-04	2020-12-17
	1008. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2020-12-17
	24. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-05-04	2020-12-17
	27. WAYFAIR INC- CLASS A		2019-11-07	2020-12-18
	30. WAYFAIR INC- CLASS A		2019-11-07	2020-12-18
	31. WAYFAIR INC- CLASS A		2019-11-07	2020-12-18
	602. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2020-12-18
	1279. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2020-12-18
	367. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-05-11	2020-12-18
	27. WAYFAIR INC- CLASS A		2019-11-07	2020-12-22
	15. WAYFAIR INC- CLASS A		2019-11-07	2020-12-22
	315. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-05-11	2020-12-23
	60. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-05-11	2020-12-23
	49. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-05-11	2020-12-24
	33. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-05-11	2020-12-24
	483. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-05-11	2020-12-29
	218. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2020-12-29
	30. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-06-10	2020-12-29
	454. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-06-10	2020-12-30
	699. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2020-12-30
	144. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-06-02	2020-12-30
	18. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-06-02	2020-12-31
	14. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-06-02	2020-12-31
	107. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-06-02	2021-01-04
	55. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-06-02	2021-01-04
	21. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-06-02	2021-01-04
	704. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2021-01-06
	192. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-06-01	2021-01-06
	52. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-06-01	2021-01-06
	66. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-06-01	2021-01-07
	58. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-06-01	2021-01-07
	100. WAYFAIR INC- CLASS A			2021-01-14
	142. WAYFAIR INC- CLASS A		2019-11-07	2021-01-14
	232. WAYFAIR INC- CLASS A			2021-01-14
	320. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-06-01	2021-01-15
	697. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-06-01	2021-01-15
	2. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2021-01-18
	722. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2021-01-18
	41. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-05-27	2021-01-18
	45. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-05-27	2021-01-19
	217. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-05-27	2021-01-19
	67. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-05-27	2021-01-20
	178. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-05-27	2021-01-20
	49. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-05-27	2021-01-20
	10631.369 JPM US LARGE CAP CORE PLUS FD - USD - R6 ISIN US48129C6030			2021-01-22
	55848.227 PIMCO INV GRD CRD BND-INST			2021-01-22
	3. ARISTA NETWORKS INC		2021-01-12	2021-01-25
	54. ARISTA NETWORKS INC		2021-01-12	2021-01-25
	182. TAIWAN SEMICONDUCTOR MFG CO LTD			2021-01-25
	74. TAIWAN SEMICONDUCTOR MFG CO LTD		2020-05-20	2021-01-25
	91. TAIWAN SEMICONDUCTOR MFG CO LTD		2020-05-20	2021-01-25
	91. TAIWAN SEMICONDUCTOR MFG CO LTD			2021-01-25
	163. TAIWAN SEMICONDUCTOR MFG CO LTD		2020-05-19	2021-01-25
	30. ARISTA NETWORKS INC		2021-01-12	2021-01-26
	34. ARISTA NETWORKS INC		2021-01-12	2021-01-26
	141. ARISTA NETWORKS INC			2021-01-26
	104. ARISTA NETWORKS INC		2019-12-13	2021-01-27
	75. ARISTA NETWORKS INC		2021-01-11	2021-01-27
	243. ARISTA NETWORKS INC			2021-01-27
	101. ARISTA NETWORKS INC		2019-12-12	2021-01-27
	93. ARISTA NETWORKS INC			2021-01-28
	503. VISA INC CLASS A SHARES		2010-05-14	2021-02-01
	1082. TOPICUS.COM INC-SUB VOTING ISIN CA89072T1021 SEDOL BNGJNT1		2021-02-02	2021-02-02
	40. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-08
	. TOPICUS.COM INC-SUB VOTING ISIN CA89072T1021 SEDOL BNGJNT1			2021-02-08
	23.14 TOPICUS.COM INC-SUB VOTING ISIN CA89072T1021 SEDOL BNGJNT1		2021-02-08	2021-02-08
	123. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-09
	8. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-09
	34. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-09
	91. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-10
	17. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-10
	3. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-10
	29649.242 VANGUARD TOT BD MKT IDX-ADM			2021-02-10
	302. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-11
	235. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-11
	65. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-11
	105. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-12
	34. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-12
	9. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-12
	71. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-15
	55. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-15
	52. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-02-16
	375. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2021-02-16
	1806. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2021-02-16
	108. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9		2010-05-21	2021-02-16
	29845.772 VANGUARD TTL INTL BND-ADM			2021-02-26
	34. WAYFAIR INC- CLASS A		2019-11-07	2021-03-01
	135. WAYFAIR INC- CLASS A		2019-11-07	2021-03-01
	720. VISA INC CLASS A SHARES		2010-05-14	2021-03-15
	73. VISA INC CLASS A SHARES		2010-05-14	2021-03-15
	176. BERKSHIRE HATHAWAY INC DEL CL B			2021-03-16
	1939. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-03-16
	297. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2020-12-29	2021-03-16
	23. VISA INC CLASS A SHARES		2010-05-14	2021-03-16
	1005. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-03-17
	182. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2021-01-06	2021-03-17
	1540. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-03-18
	110. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2021-01-08	2021-03-18
	1091. BERKSHIRE HATHAWAY INC DEL CL B		1996-11-04	2021-03-19
	1803. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-03-19
	207. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2020-12-23	2021-03-19
	1071. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2020-12-23	2021-03-22
	831. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-03-23
	1548. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-03-24
	68. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2021-01-13	2021-03-24
	1722. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-03-25
	262. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2020-12-22	2021-03-25
	2204. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-03-26
	748. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2020-12-22	2021-03-29
	372. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2020-12-22	2021-03-29
	814. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2020-12-22	2021-03-30
	82. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2020-12-22	2021-03-30
	682. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-30	2021-03-31
	49. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2020-12-22	2021-03-31
	706. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-30	2021-03-31
	416. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-04-01
	399. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-24	2021-04-01
	416. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-24	2021-04-06
	447. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-24	2021-04-06
	718. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-24	2021-04-07
	429. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-24	2021-04-07
	1704. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-04-08
	874. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-10	2021-04-08
	1230. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-10	2021-04-09
	295. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-10	2021-04-09
	924. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-04-12
	188. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-09	2021-04-12
	248. JACOBS ENGR GROUP INC		2012-11-08	2021-04-12
	117. JACOBS ENGR GROUP INC		2012-11-08	2021-04-12
	84. JACOBS ENGR GROUP INC		2012-11-08	2021-04-12
	60. JACOBS ENGR GROUP INC			2021-04-13
	29. JACOBS ENGR GROUP INC		2012-11-15	2021-04-13
	43. JACOBS ENGR GROUP INC		2012-11-15	2021-04-13
	82. JACOBS ENGR GROUP INC		2012-11-15	2021-04-13
	171. JACOBS ENGR GROUP INC		2012-11-15	2021-04-14
	36. JACOBS ENGR GROUP INC		2012-11-15	2021-04-14
	113. JACOBS ENGR GROUP INC		2012-11-15	2021-04-14
	490. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-09	2021-04-15
	495. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-09	2021-04-15
	. JPMORGAN BETABUILDERS EUROPE ETF			2021-04-15
	. JPMORGAN BETABUILDERS CANADA			2021-04-15
	86. JACOBS ENGR GROUP INC		2012-11-15	2021-04-15
	10. JACOBS ENGR GROUP INC		2012-11-15	2021-04-15
	950. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-09	2021-04-16
	82. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-09	2021-04-16
	3315. ISHARES TR 20+ TREAS INDEX FD			2021-04-16
	1530. ISHARES TR 20+ TREAS INDEX FD		2020-10-21	2021-04-16
	938. ISHARES CORE MSCI EMERGING		2020-10-21	2021-04-16
	90956.782 JPMORGAN TRUST HIGH YLD ULTRA		2020-05-11	2021-04-16
	1473. SPDR TR UNIT SER 1			2021-04-16
	6567.426 VANGUARD TTL INTL BND-ADM		2019-02-27	2021-04-16
	10. CONSTELLATION SOFTWARE INC		2016-06-28	2021-04-19
	8. CONSTELLATION SOFTWARE INC		2016-06-28	2021-04-19
	862. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-09	2021-04-19
	153. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-09	2021-04-19
	180. VISA INC CLASS A SHARES		2010-05-14	2021-04-19
	232. VISA INC CLASS A SHARES		2010-05-14	2021-04-19
	226. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-04-20
	187. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-04-20
	14. CONSTELLATION SOFTWARE INC		2016-06-28	2021-04-20
	543. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-04-20
	197. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-29	2021-04-20
	72. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-04-21
	56. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-04-21
	369. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-29	2021-04-21
	266. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-29	2021-04-21
	38. VISA INC CLASS A SHARES		2010-05-14	2021-04-21
	103. VISA INC CLASS A SHARES		2010-05-14	2021-04-21
	321. VISA INC CLASS A SHARES		2010-05-14	2021-04-21
	100. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-04-22
	22. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-04-22
	96. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-04-23
	41. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-04-23
	93. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-04-26
	3. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-04-26
	111. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-04-27
	44. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-04-27
	149. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-04-28
	255. VISA INC CLASS A SHARES		2010-05-14	2021-05-10
	115. VISA INC CLASS A SHARES		2010-05-14	2021-05-10
	231. VISA INC CLASS A SHARES		2010-05-14	2021-05-10
	290. VISA INC CLASS A SHARES		2010-05-14	2021-05-10
	283. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-05-11
	585. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-26	2021-05-11
	2597. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-26	2021-05-12
	440. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-05-12
	892. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-16	2021-05-13
	442. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-16	2021-05-13
	1525. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-16	2021-05-14
	316. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-05-14
	198. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-25	2021-05-17
	446. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-25	2021-05-17
	528. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-25	2021-05-18
	443. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-25	2021-05-18
	77692.258 BLCKRCK HI YLD BND PORT-K			2021-05-19
	7384.245 BLCKRCK HI YLD BND PORT-K		2021-02-26	2021-05-19
	1957. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-25	2021-05-19
	1025. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-05-19
	70. ALPHABET INC-CL C		2010-07-16	2021-05-20
	213. ANTHEM INC			2021-05-20
	219. ARISTA NETWORKS INC			2021-05-20
	180. BERKSHIRE HATHAWAY INC DEL CL B		1996-11-04	2021-05-20
	972. CARMAX INC			2021-05-20
	62. CARMAX INC		2016-05-18	2021-05-20
	51. CONSTELLATION SOFTWARE INC		2016-06-28	2021-05-20
	205. CREDIT ACCEPTANCE CORP			2021-05-20
	3062. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-15	2021-05-20
	364. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-15	2021-05-20
	414. DISNEY WALT CO			2021-05-20
	361. FACEBOOK INC-A		2021-02-01	2021-05-20
	291. FIDELITY NATL INFORMATION SVCS INC			2021-05-20
	520. INTERCONTINENTALEXCHANGE GROUP, INC			2021-05-20
	409. JACOBS ENGR GROUP INC		2012-11-15	2021-05-20
	147. LIBERTY BROADBAND-A		2018-03-27	2021-05-20
	381. LIBERTY BROADBAND-C			2021-05-20
	1552. LIBERTY MEDIA CORP-LIBERTY-C		2017-01-10	2021-05-20
	1093. MICRON TECHNOLOGY INC			2021-05-20
	108. NETFLIX.COM INC		2021-04-21	2021-05-20
	1384. SCHWAB CHARLES CORP NEW		2016-05-16	2021-05-20
	907. TAIWAN SEMICONDUCTOR MFG CO LTD			2021-05-20
	288. UNITEDHEALTH GROUP INC			2021-05-20
	176. WAYFAIR INC- CLASS A			2021-05-20
	281. PROSUS NV ISIN NL0013654783 SEDOL BJDS7L3		2021-01-12	2021-05-21
	625. EUROFINS SCIENTIFIC ISIN FR0014000MR3 SEDOL BNDPYV1		2020-01-14	2021-05-21
	4761. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7			2021-05-21
	789. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-12	2021-05-21
	2286. VIVENDI UNIVERSAL S A ORD		2020-01-14	2021-05-21
	477. HISCOX ORD GBP ISIN BMG4593F1389 SEDOL BVZHXQ9			2021-05-21
	192. NASPERS LIMITED		2019-03-05	2021-05-21
	34288. CEMEX FINANCE LLC 9 1/2% DEC 14 2016 DTD 12/14/2009			2021-05-21
	811. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-12	2021-05-24
	884. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-12	2021-05-24
	1259. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-12	2021-05-25
	437. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-12	2021-05-25
	1856. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-12	2021-05-26
	1210. A2 MILK CO LTD ISIN NZATME0002S8 SEDOL BWSRTS7		2018-10-12	2021-05-27
	1. GOLDENTREE OFFSHORE FUND II, LTD -		2018-01-01	2021-05-31
	CAPITAL GAIN DIVIDENDS	P
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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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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	14,177	9,017	5,160
b	10,538	6,705	3,833
c	17,989	11,444	6,545
d	33,575	21,386	12,189
e	7,955	4,971	2,984
	15,526	9,826	5,700
	12,571	8,323	4,248
	1,262	809	453
	891	578	313
	121,036	135,722	-14,686
	50,672	48,812	1,860
	622,769	476,499	146,270
	30,728	20,345	10,383
	13,315	8,766	4,549
	14,660	9,689	4,971
	7,308	4,845	2,463
	5,727	3,806	1,921
	105,001	105,001
	23,108	12,688	10,420
	27,280	14,995	12,285
	19,741	10,496	9,245
	29,285	15,456	13,829
	8,836	4,729	4,107
	27,341	14,880	12,461
	46,842	25,607	21,235
	39,452	21,400	18,052
	25,556	13,857	11,699
	12,517	7,100	5,417
	8,722	4,924	3,798
	11,072	6,298	4,774
	41,514	23,476	18,038
	14,404	8,245	6,159
	249,627	249,627
	1,008,018	1,008,018
	174,892	39,011	135,881
	119,120	26,498	92,622
	178,951	39,747	139,204
	175,521	39,011	136,510
	182,491	27,522	154,969
	151,955	104,356	47,599
	959	840	119
	11,964	10,497	1,467
	3,349	2,939	410
	26,852	4,426	22,426
	44,752	7,057	37,695
	44,496	39,736	4,760
	43,192	4,329	38,863
	57,645	28,301	29,344
	50,289	18,902	31,387
	42,016	33,509	8,507
	24,522	22,963	1,559
	48,567	40,219	8,348
	20,044	20,148	-104
	20,724	20,163	561
	38,198	17,951	20,247
	13,975	8,220	5,755
	25,336	14,893	10,443
	28,876	24,391	4,485
	8,638	13,275	-4,637
	34,000	29,743	4,257
	43,049	28,418	14,631
	45,185	42,817	2,368
	86,931	31,034	55,897
	38,046	31,512	6,534
	28,381	27,791	590
	13,221	13,591	-370
	10,218	26,062	-15,844
	29,576	29,242	334
	42,951	15,450	27,501
	42,010	15,345	26,665
	44,150	15,765	28,385
	105,036	37,351	67,685
	68,422	20,225	48,197
	294,194	273,216	20,978
	307,963	307,434	529
	11,450	11,253	197
	11,409	11,198	211
	22,231	21,852	379
	6,498	6,376	122
	284,491	46,961	237,530
	110,278	105,576	4,702
	42,500	31,765	10,735
	136,161	13,869	122,292
	25,849	24,043	1,806
	171,161	93,470	77,691
	155,578	54,452	101,126
	83,690	81,776	1,914
	101,796	101,597	199
	42,500	53,167	-10,667
	314,661	184,400	130,261
	38,258	31,376	6,882
	131,895	76,681	55,214
	81,661	81,248	413
	101,028	99,383	1,645
	103,360	44,042	59,318
	45,139	25,824	19,315
	82,065	42,084	39,981
	1,147	1,060	87
	27,674	27,125	549
	78,772	64,303	14,469
	17,092	12,625	4,467
	155,516	97,673	57,843
	163,621	157,489	6,132
	99,614	9,486	90,128
	209,056	55,192	153,864
	14,313	14,059	254
	1,987	1,962	25
	31,615	41,713	-10,098
	50,254	34,152	16,102
	40,247	60,124	-19,877
	149,297	86,669	62,628
	2,960	2,915	45
	118,386	119,176	-790
	7,945	7,820	125
	53,032	49,221	3,811
	171,380	230,445	-59,065
	8,995	53,402	-44,407
	11,096	62,560	-51,464
	57,444	37,875	19,569
	57,102	50,711	6,391
	28,947	28,929	18
	267,078	267,412	-334
	263,368	227,993	35,375
	135,971	146,539	-10,568
	180,043	191,689	-11,646
	62,177	9,589	52,588
	104,655	15,998	88,657
	79,630	11,694	67,936
	138,157	20,348	117,809
	85,902	12,630	73,272
	57,249	8,420	48,829
	313,752	271,942	41,810
	613,480	571,805	41,675
	11,651	4,220	7,431
	9,439	3,453	5,986
	36,440	12,661	23,779
	27,765	9,591	18,174
	2,080	2,738	-658
	4,618	6,122	-1,504
	18,216	6,138	12,078
	3,736	4,946	-1,210
	5,689	7,566	-1,877
	3,834	5,001	-1,167
	2,967	3,872	-905
	13,108	17,302	-4,194
	5,185	6,831	-1,646
	94,147	108,469	-14,322
	17,281	19,849	-2,568
	53,452	56,852	-3,400
	4,161	4,264	-103
	16,375	17,392	-1,017
	2,568	2,712	-144
	6,671	7,238	-567
	6,717	4,458	2,259
	5,000	3,324	1,676
	2,637	1,753	884
	8,292	5,486	2,806
	31		31
	6,578	4,670	1,908
	16,299	11,524	4,775
	7,357	5,402	1,955
	1,339	983	356
	5,320	3,861	1,459
	2,678	1,946	732
	4,506	3,284	1,222
	28	20	8
	2,108	1,572	536
	721	534	187
	1,515	1,138	377
	27	20	7
	429	322	107
	178,169		178,169
	54	40	14
	94	70	24
	1,012	785	227
	3,497	2,719	778
	2,847	2,195	652
	1,252	967	285
	731	564	167
	158	118	40
	3,000	2,198	802
	1,653	1,211	442
	1,520	1,113	407
	40,688	11,947	28,741
	34,667	10,173	24,494
	37,230	10,924	26,306
	42,981	12,594	30,387
	4,255	3,076	1,179
	1,630	879	751
	13,576	9,825	3,751
	324	174	150
	7,730	2,267	5,463
	8,580	2,519	6,061
	8,861	2,603	6,258
	8,122	4,372	3,750
	17,174	9,262	7,912
	4,946	2,625	2,321
	7,703	2,267	5,436
	4,285	1,259	3,026
	4,177	2,253	1,924
	795	429	366
	645	351	294
	434	236	198
	6,498	3,455	3,043
	2,932	1,556	1,376
	403	213	190
	6,189	3,227	2,962
	9,523	4,947	4,576
	1,958	1,019	939
	241	127	114
	188	99	89
	1,423	757	666
	732	389	343
	279	149	130
	9,525	4,970	4,555
	2,596	1,355	1,241
	704	367	337
	875	466	409
	774	409	365
	34,126	8,392	25,734
	49,067	11,916	37,151
	80,619	19,468	61,151
	4,309	2,259	2,050
	9,375	4,919	4,456
	27	14	13
	9,757	5,086	4,671
	556	288	268
	601	316	285
	2,895	1,526	1,369
	900	471	429
	2,384	1,252	1,132
	664	345	319
	263,445	224,244	39,201
	623,266	565,476	57,790
	927	938	-11
	16,648	16,892	-244
	23,656	9,416	14,240
	9,645	3,825	5,820
	11,847	4,703	7,144
	11,834	4,697	7,137
	21,177	8,364	12,813
	9,209	9,385	-176
	10,455	10,636	-181
	43,319	43,302	17
	31,967	20,075	11,892
	23,053	22,712	341
	74,648	46,876	27,772
	31,049	19,479	11,570
	28,605	17,935	10,670
	99,941	9,718	90,223
	52,092	53,862	-1,770
	3,856	1,576	2,280

	19	1	18
	11,809	4,845	6,964
	769	315	454
	3,268	1,339	1,929
	8,745	3,584	5,161
	1,640	670	970
	289	118	171
	340,670	313,143	27,527
	29,816	11,896	17,920
	23,165	9,257	13,908
	6,433	2,560	3,873
	10,285	4,136	6,149
	3,329	1,339	1,990
	882	355	527
	6,893	2,797	4,096
	5,348	2,166	3,182
	5,044	2,048	2,996
	5,189	2,630	2,559
	24,885	12,629	12,256
	1,494	752	742
	681,081	694,097	-13,016
	11,626	2,852	8,774
	45,710	11,325	34,385
	160,086	13,910	146,176
	16,252	1,410	14,842
	44,210	3,790	40,420
	12,979	17,347	-4,368
	1,985	2,606	-621
	5,147	444	4,703
	6,670	8,731	-2,061
	1,205	1,580	-375
	10,079	13,285	-3,206
	712	943	-231
	272,775	23,495	249,280
	11,682	15,418	-3,736
	1,333	1,761	-428
	6,937	9,113	-2,176
	5,235	7,005	-1,770
	9,700	12,824	-3,124
	419	557	-138
	10,516	14,089	-3,573
	1,598	2,124	-526
	13,314	17,577	-4,263
	4,455	5,964	-1,509
	2,202	2,966	-764
	4,810	6,491	-1,681
	488	654	-166
	4,003	4,535	-532
	288	391	-103
	4,166	4,695	-529
	2,429	2,763	-334
	2,331	2,642	-311
	2,425	2,754	-329
	2,597	2,960	-363
	4,230	4,754	-524
	2,531	2,840	-309
	10,465	11,268	-803
	5,288	5,774	-486
	7,424	8,126	-702
	1,761	1,949	-188
	5,517	6,098	-581
	1,132	1,239	-107
	33,318	9,663	23,655
	15,722	4,559	11,163
	11,294	3,273	8,021
	7,911	2,337	5,574
	3,821	1,129	2,692
	5,661	1,673	3,988
	10,808	3,191	7,617
	22,497	6,655	15,842
	4,730	1,401	3,329
	14,871	4,398	10,473
	3,080	3,230	-150
	3,085	3,263	-178
	28		28
	30		30
	11,347	3,347	8,000
	1,315	389	926
	5,932	6,261	-329
	519	540	-21
	461,603	473,195	-11,592
	213,048	242,654	-29,606
	61,605	51,881	9,724
	661,256	583,943	77,313
	614,602	350,145	264,457
	150,000	144,155	5,845
	14,577	3,837	10,740
	11,541	3,069	8,472
	5,403	5,681	-278
	955	1,008	-53
	40,637	3,478	37,159
	52,327	4,482	47,845
	23,712	8,902	14,810
	19,588	7,366	12,222
	20,216	5,371	14,845
	3,316	3,561	-245
	1,206	1,282	-76
	7,416	2,836	4,580
	5,761	2,206	3,555
	2,185	2,402	-217
	1,581	1,732	-151
	8,624	734	7,890
	23,368	1,990	21,378
	72,838	6,202	66,636
	10,306	3,939	6,367
	2,265	867	1,398
	9,910	3,781	6,129
	4,226	1,615	2,611
	9,621	3,663	5,958
	310	118	192
	11,232	4,372	6,860
	4,465	1,733	2,732
	14,903	5,869	9,034
	57,715	4,927	52,788
	26,219	2,222	23,997
	52,241	4,463	47,778
	65,578	5,603	59,975
	1,263	1,829	-566
	2,584	3,767	-1,183
	11,670	16,722	-5,052
	1,958	2,823	-865
	3,774	5,716	-1,942
	1,928	2,833	-905
	6,551	9,773	-3,222
	1,341	2,025	-684
	820	1,269	-449
	1,873	2,857	-984
	2,101	3,383	-1,282
	1,744	2,838	-1,094
	606,000	522,430	83,570
	57,597	57,523	74
	7,660	12,538	-4,878
	3,967	6,551	-2,584
	164,409	16,372	148,037
	83,912	81,669	2,243
	73,681	42,222	31,459
	51,928	3,876	48,052
	112,719	102,463	10,256
	7,190	3,138	4,052
	73,065	19,566	53,499
	89,081	67,252	21,829
	12,305	19,519	-7,214
	1,445	2,320	-875
	70,796	51,033	19,763
	114,625	95,020	19,605
	43,555	42,323	1,232
	58,547	50,121	8,426
	55,654	15,917	39,737
	23,600	12,206	11,394
	62,837	57,811	5,026
	69,406	38,800	30,606
	87,860	98,186	-10,326
	54,177	55,164	-987
	98,084	38,403	59,681
	102,521	46,494	56,027
	119,029	96,978	22,051
	54,491	14,632	39,859
	28,389	30,141	-1,752
	64,486	24,618	39,868
	20,024	30,321	-10,297
	3,255	5,019	-1,764
	81,073	62,285	18,788
	5,320	3,319	2,001
	40,465	43,392	-2,927
	49,110	278,351	-229,241
	3,349	5,159	-1,810
	3,661	5,624	-1,963
	5,104	8,009	-2,905
	1,774	2,780	-1,006
	7,557	11,807	-4,250
	4,792	7,698	-2,906
	6,532	1,893	4,639
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691
			159,691

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			5,160
b			3,833
c			6,545
d			12,189
e			2,984
			5,700
			4,248
			453
			313
			-14,686
			1,860
			146,270
			10,383
			4,549
			4,971
			2,463
			1,921

			10,420
			12,285
			9,245
			13,829
			4,107
			12,461
			21,235
			18,052
			11,699
			5,417
			3,798
			4,774
			18,038
			6,159


			135,881
			92,622
			139,204
			136,510
			154,969
			47,599
			119
			1,467
			410
			22,426
			37,695
			4,760
			38,863
			29,344
			31,387
			8,507
			1,559
			8,348
			-104
			561
			20,247
			5,755
			10,443
			4,485
			-4,637
			4,257
			14,631
			2,368
			55,897
			6,534
			590
			-370
			-15,844
			334
			27,501
			26,665
			28,385
			67,685
			48,197
			20,978
			529
			197
			211
			379
			122
			237,530
			4,702
			10,735
			122,292
			1,806
			77,691
			101,126
			1,914
			199
			-10,667
			130,261
			6,882
			55,214
			413
			1,645
			59,318
			19,315
			39,981
			87
			549
			14,469
			4,467
			57,843
			6,132
			90,128
			153,864
			254
			25
			-10,098
			16,102
			-19,877
			62,628
			45
			-790
			125
			3,811
			-59,065
			-44,407
			-51,464
			19,569
			6,391
			18
			-334
			35,375
			-10,568
			-11,646
			52,588
			88,657
			67,936
			117,809
			73,272
			48,829
			41,810
			41,675
			7,431
			5,986
			23,779
			18,174
			-658
			-1,504
			12,078
			-1,210
			-1,877
			-1,167
			-905
			-4,194
			-1,646
			-14,322
			-2,568
			-3,400
			-103
			-1,017
			-144
			-567
			2,259
			1,676
			884
			2,806
			31
			1,908
			4,775
			1,955
			356
			1,459
			732
			1,222
			8
			536
			187
			377
			7
			107
			178,169
			14
			24
			227
			778
			652
			285
			167
			40
			802
			442
			407
			28,741
			24,494
			26,306
			30,387
			1,179
			751
			3,751
			150
			5,463
			6,061
			6,258
			3,750
			7,912
			2,321
			5,436
			3,026
			1,924
			366
			294
			198
			3,043
			1,376
			190
			2,962
			4,576
			939
			114
			89
			666
			343
			130
			4,555
			1,241
			337
			409
			365
			25,734
			37,151
			61,151
			2,050
			4,456
			13
			4,671
			268
			285
			1,369
			429
			1,132
			319
			39,201
			57,790
			-11
			-244
			14,240
			5,820
			7,144
			7,137
			12,813
			-176
			-181
			17
			11,892
			341
			27,772
			11,570
			10,670
			90,223
			-1,770
			2,280

			18
			6,964
			454
			1,929
			5,161
			970
			171
			27,527
			17,920
			13,908
			3,873
			6,149
			1,990
			527
			4,096
			3,182
			2,996
			2,559
			12,256
			742
			-13,016
			8,774
			34,385
			146,176
			14,842
			40,420
			-4,368
			-621
			4,703
			-2,061
			-375
			-3,206
			-231
			249,280
			-3,736
			-428
			-2,176
			-1,770
			-3,124
			-138
			-3,573
			-526
			-4,263
			-1,509
			-764
			-1,681
			-166
			-532
			-103
			-529
			-334
			-311
			-329
			-363
			-524
			-309
			-803
			-486
			-702
			-188
			-581
			-107
			23,655
			11,163
			8,021
			5,574
			2,692
			3,988
			7,617
			15,842
			3,329
			10,473
			-150
			-178
			28
			30
			8,000
			926
			-329
			-21
			-11,592
			-29,606
			9,724
			77,313
			264,457
			5,845
			10,740
			8,472
			-278
			-53
			37,159
			47,845
			14,810
			12,222
			14,845
			-245
			-76
			4,580
			3,555
			-217
			-151
			7,890
			21,378
			66,636
			6,367
			1,398
			6,129
			2,611
			5,958
			192
			6,860
			2,732
			9,034
			52,788
			23,997
			47,778
			59,975
			-566
			-1,183
			-5,052
			-865
			-1,942
			-905
			-3,222
			-684
			-449
			-984
			-1,282
			-1,094
			83,570
			74
			-4,878
			-2,584
			148,037
			2,243
			31,459
			48,052
			10,256
			4,052
			53,499
			21,829
			-7,214
			-875
			19,763
			19,605
			1,232
			8,426
			39,737
			11,394
			5,026
			30,606
			-10,326
			-987
			59,681
			56,027
			22,051
			39,859
			-1,752
			39,868
			-10,297
			-1,764
			18,788
			2,001
			-2,927
			-229,241
			-1,810
			-1,963
			-2,905
			-1,006
			-4,250
			-2,906
			4,639

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	6,161,347
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	113,150
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	113,150
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	113,150
6	Credits/Payments:

a	2020 estimated tax payments and 2019 overpayment credited to 2020	6a	87,483
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	80,000
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	167,483
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	54,333
11	Enter the amount of line 10 to be: Credited to 2021 estimated tax54,333	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?........

Yes

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

Yes

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

WATSONFELLOWSHIP.ORG

The books are in care of bullet

JPMORGAN TRUST COMPANY OF DELAWARE Telephone no. bullet

(800) 496-2583

Located at bullet

10 S DEARBORN IL1-0111CHICAGOIL ZIP+4 bullet

60603

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

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

16 At any time during calendar year 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
JPMORGAN TRUST COMPANY OF DELAWARE	TRUSTEE 30	203,082
10 S DEARBORN IL1-0111 CHICAGO,IL60603	TRUSTEE 30	203,082

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
CHRIS KASABACH	DIRECTOR 0	330,000	92,921
11 PARK PLACE STE 1503 NEW YORK,NE10007	DIRECTOR 0	330,000	92,921
MICHAEL Z BUBOLO	ASSOC DIRECTOR 0	93,888	36,443
11 PARK PLACE STE 1503 NEW YORK,NE10007	ASSOC DIRECTOR 0	93,888	36,443
SNEHA SUBRAMANIAN	ASSOC DIRECTOR 0	93,380	31,160
11 PARK PLACE STE 1503 NEW YORK,NE10007	ASSOC DIRECTOR 0	93,380	31,160
SARA NOLFO	ASSOC DIRECTOR 0	151,590	42,731
11 PARK PLACE STE 1503 NEW YORK,NE10007	ASSOC DIRECTOR 0	151,590	42,731
REBECCA BREUER	ASSOC DIRECTOR 0	97,950	34,780
11 PARK PLACE STE 1503 NEW YORK,NY10007	ASSOC DIRECTOR 0	97,950	34,780
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
RUANE CUNNIFF & GOLDFARB INC	INVESTMENT MANAGEMEN	188,409
9 WEST 57TH ST 5TH FL NEW YORK,NY10019	INVESTMENT MANAGEMEN	188,409

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

92,706,728

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

3,727,187

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

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

96,433,916

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

96,433,916

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

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

1,446,509

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

94,987,407

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

4,749,370

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

4,749,370

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

113,150

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

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

113,150

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

4,636,220

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

631

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

4,636,851

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

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

4,636,851

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 ..........

4,128,758

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

4,128,758

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

4,128,758

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					4,636,851
2 Undistributed income, if any, as of the end of 2020:
a Enter amount for 2019 only.......				3,920,417
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......	0
d From 2018......	0
e From 2019......	0
fTotal of lines 3a through e........		0
4Qualifying distributions for 2020 from Part
XII, line 4: $ 4,128,758
a Applied to 2019, but not more than line 2a				3,920,417
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.....					208,341
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2020.		0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		0
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 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 ..........					4,428,510
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).)

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

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

Check here bullet

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

aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:

SHENA SUBRAMANIAN
11 PARK PLACE SUITE 1503
NEW YORK,NY10007
(215) 245-8859

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

SEE STATEMENT ATTACHED

cAny submission deadlines:

FIRST TUESDAY IN NOVEMBER THE SELECTION COMMITTEE'S NOMINEE INFORMATION SHOULD BE SUBMITTED TO

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

THE FOUNDATION BY THE FIRST TUESDAY OF NOVEMBER.

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
PLEASE SEE ATTACHED PLEASE SEE ATTACHED PLEASE SEE ATTACHED,DE11111	NONE	I	SCHOLARSHIPS	231,269
PLEASE SEE ATTACHED PLEASE SEE ATTACHED PLEASE SEE ATTACHED,DE11111	NONE	PC	SCHOLARSHIPS	1,596,500
Total ................................. 3a				1,827,769

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	802,268
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	6,161,347
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aK1 UBIT	900099	-18,711
bK1 INCOME			15	1,463,591
cDFA PROGRAM INCOME			15	250,000
dCLASS ACTION INCOM			15	4,098
eSTATE TAX REFUND			15	172
fFEDERAL TAX REFUND			15	3,816
gORDINARY GAIN			15	-729
12 Subtotal. Add columns (b), (d), and (e)..		-18,711		8,684,563

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

8,665,852

(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

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	Signature of officer or trustee	Date	Title

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	Firm's name				Firm's EIN
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Form 990-PF (2020)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Name of organization THOMAS J WATSON FOUNDATION XXXXX0006

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	STEELCASE INC PO BOX 1967 GRAND RAPIDS, MI495011967	$ 45,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
2	TACTIVOS INC 650 CALIFORNIA ST FL 7 SAN FRANCISCO, CA94108	$ 40,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
3	NORTHWESTERN UNIVERSITY 633 CLARK STREET EVANSTON, IL60208	$ 17,265	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)

Name of organization THOMAS J WATSON FOUNDATION XXXXX0006		Employer identification number 35-7120359

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
		$
(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 Bond	End of Year Book Value	End of Year Fair Market Value
258620103 DOUBLELINE TTL RTRN
693390601 PIMCO SHORT-TERM FUN	439,632	440,540
722005816 PIMCO INV GRD CRD BN
921937603 VANGUARD TOT BD MKT	3,336,125	3,471,576
92203J308 VANGUARD TTL INTL BN	2,263,271	2,352,246
464287440 ISHARES 7-10 YEAR TR	359,202	348,005
921937827 VANGUARD SHORT-TERM	347,643	348,140
48121A415 JPM MANAGED INCOME F	15,476,354	15,483,682
09260B614 BLCKRCK HI YLD BND P	579,313	695,530
464287432 ISHARES 20+ YEAR TRE
4812C0126 JPM HIGH YIELD FD -
0AUDPRCV0 AUSTRALIA DOLLAR	4,792	4,910
46429B267 ISHARES US TREASURY	695,085	695,086
92203J407 VANGUARD TOTAL INTL	1,009,585	988,533
92206C771 VANGUARD MORTGAGE-BA	699,566	691,494

Name of Stock	End of Year Book Value	End of Year Fair Market Value
02079K107 ALPHABET INC-CL C	126,767	1,307,066
02079K305 ALPHABET INC-CL A
023135106 AMAZON.COM INC
04314H857 ARTISAN INTL VAL-INS	429,247	805,602
084670108 BERKSHIRE HATHAWAY I	32,303	436,000
084670702 BERKSHIRE HATHAWAY I	4,932	66,282
143130102 CARMAX INC	440,648	1,033,830
21037X910 CONSTELLATION SOFTWA	191,443	716,230
225310101 CREDIT ACCEPTANCE CO	434,610	959,354
256206103 DODGE & COX INTL STC	629,761	739,689
302933502 FMI LARGE CAP FUND-I
30303M102 FACEBOOK INC-CLASS A	542,608	1,106,176
315911727 FIDELITY INTL INDX-I	1,862,367	2,218,694
315911750 FIDELITY 500 INDEX-I	5,259,703	8,044,966
46434G822 ISHARES MSCI JAPAN E	601,930	730,171
469814107 JACOBS ENGINEERING G	159,492	582,812
48129C603 JPM US L/C CORE PL F	284,395	370,469
530307107 LIBERTY BROADBAND-A	115,425	225,588
530307305 LIBERTY BROADBAND-C	326,018	600,141
531229854 LIBERTY MEDIA CORP-L	331,375	591,836
531229870 LIBERTY MEDIA CORP-L	18,181	24,985
78462F103 SPDR S&P 500 ETF TRU	2,477,258	5,032,919
808513105 SCHWAB (CHARLES) COR	322,847	874,532
92826C839 VISA INC-CLASS A SHA
G45105924 HISCOX LTD ISIN BMG4	43,641	69,915
G7630V933 ROLLS-ROYCE HOLDINGS	616,091	451,851
S53435913 NASPERS LTD-N SHS IS
234391910 A2 MILK CO LTD ISIN
789800919 MELROSE INDUSTRIES P
46641Q696 JPMORGAN BETABUILDER
001365923 PROSUS NV ISIN NL001	402,648	584,294
040413106 ARISTA NETWORKS INC	362,472	642,107
46641Q720 JPMORGAN BETABUILDER
874039100 TAIWAN SEMICONDUCTOR	383,933	917,403
91324P102 UNITEDHEALTH GROUP I	652,637	1,020,738
94419L101 WAYFAIR INC- CLASS A	118,967	536,752
F3322K914 EUROFINS SCIENTIFIC
F7063C916 VIVENDI ISIN FR00001	479,726	707,875
001400944 EUROFINS SCIENTIFIC	239,134	649,907
036752103 ANTHEM INC	732,222	827,501
254687106 WALT DISNEY CO/THE	418,134	627,597
31620M106 FIDELITY NATIONAL IN	356,156	367,832
45866F104 INTERCONTINENTAL EXC	423,468	499,720
46434G103 ISHARES CORE MSCI EM	589,677	710,822
46641Q191 JPMORGAN BETABUILDER	1,410,060	1,588,235
46641Q225 JPMORGAN BETABUILDER	506,115	683,077
46641Q233 JPM BTABLDRS DEV ASI	334,865	355,464
595112103 MICRON TECHNOLOGY IN	902,158	932,439
64110L106 NETFLIX INC	527,442	544,040

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
7Y031R946 GOLDENTREE OFFSHORE	AT COST	12,262	91,313
810962910 GOLUB CAPITAL INVEST
35581L916 AG DIRECT LENDING II	AT COST		1,700,966
225154913 JCR INCOME PLUS FUND	AT COST		1,115,642
25581L917 MCR HOSPITALITY FUND	AT COST		1,888,452
74269A918 PRIVATE ADVISORS SEC	AT COST	662,500	2,429,407
113560916 OTTAWA AVENUE PRIVAT	AT COST		2,759,380
278C6L916 ECHO STREET GOODCO S	AT COST		17,196,710
501L2C919 LCP IX (OFFSHORE), L	AT COST		1,514,182
113T6A912 OTTAWA AVENUE FUND 2	AT COST		388,818
953511912 AVENUE AVIATION OPPO	AT COST		1
HEBLAAAJ9 BLACKSTONE PARTNERS	AT COST	2,297,409	3,585,346
999645973 VISTA CREDIT PARTNER	AT COST		750,802
544722911 WEST STREET STRATEGI	AT COST		1
544971914 ECHO STREET SELECT P	AT COST		4,023,035
HEGTRACN8 GOLDENTREE OFFSHORE	AT COST	218	372


Name of organization THOMAS J WATSON FOUNDATION XXXXX0006			Employer identification number 35-7120359
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.

Description	Amount
CAPITAL TRANS NOT YET REFLECTED IN BASIS	2,895,734
CHASE LIABILITIES AT 05/31/20	35,725
PARTNERSHIP INCOME ADJUSTMENTS	1,444,880

Description	Revenue and Expenses per Books	Disbursements for Charitable Purposes
DFA EXPENDITURES	283,969	283,969
OPERATIONAL EXPENDITURES - WAT	78,019	78,019
CONSULTANTS - WATSON	141,159	141,159
MARKETING - WATSON	12,155	12,171
PROGRAM EVENTS - WATSON	23,463	40,066
OTHER EXPENSES - WATSON	6,576	7,148
TRAVEL - WATSON	981	981
MEALS & ENTERTAINMENT - WATSON	4,555	6,004
IT EXPENSES - WATSON	86,996	97,131

Description	Revenue And Expenses Per Books	Net Investment Income
PRIVATE ADVISORS SECONDARY FUND K1 INCOM	270,088	270,078
PRIVATE ADVISORS SECONDARY FUND UBTI	-76,887	0
MCR HOSPITALITY FUND K1 INCOME	-44,433	-44,433
JCR INCOME PLUS FUND K1 INCOME	62,405	62,405
JCR INCOME PLUS FUND UBTI	-4,694	0
DFA INCOME	250,000	0
CLASS ACTION INCOME	4,098	4,098
STATE TAX REFUND	172	0
FEDERAL TAX REFUND	3,816	0
ORDINARY GAIN	-729	0
OTTAWA AVENUE FUND V, LP K1 INCOME	-16,900	-16,900
OTTAWA AVENUE FUND V, LP UBTI	-7,148	0
OTTAWA AVENUE GP INVESTMENT PARTNERS II	78,349	78,349
OTTAWA AVENUE GP INVESTMENT PARTNERS II	23,052	0
VISTA CREDIT PARTNERS FUND III, LP UBTI	46,966	0
VISTA CREDIT PARTNERS FUND III, LP K1 IN	9,920	9,920
ECHO STREET GOODCO SELECT II LP K1 INCOM	1,104,162	1,104,162

Description	Amount
COST BASIS ADJUSTMENTS	143
SALES COST BASIS ADJUSTMENT	1,152,645
RECOVERY OF CHARITABLE DISTRIBUTIONS	631
CHASE LIABILITIES AT 05/31/21	34,768

Category	Amount	Net Investment Income
FOREIGN TAXES	4,268	4,268
STATE INCOME TAXES	14	14
FEDERAL TAX PAYMENT - PRIOR YE	40,292	0
FEDERAL ESTIMATES - INCOME	19,419	0
FOREIGN TAXES ON QUALIFIED FOR	7,586	7,586
FOREIGN TAXES ON NONQUALIFIED	1,698	1,698