TY 2021 Form 990PF

- TIN:

Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

Do not enter social security numbers on this form as it may be made public.
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Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0047

2021

Open to Public Inspection

For calendar year 2021, or tax year beginning 01-01-2021 , and ending 12-31-2021

Name of foundation
LILIUOKALANI TRUST

Number and street (or P.O. box number if mail is not delivered to street address)1100 ALAKEA STREET 1100
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
HONOLULU, HI96813

A Employer identification number

99-0078890

B Telephone number (see instructions)

(808) 203-6150

C If exemption application is pending, check here bullet

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

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

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

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

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

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

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

$1,339,392,310J 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)	141,246
2	Check .............
3	Interest on savings and temporary cash investments	928,750		928,750	928,750
4	Dividends and interest from securities...	2,191,678		1,890,280	1,890,280
5a	Gross rents............	21,687,375		21,687,375	21,687,375
b	Net rental income or (loss) 10,153,080
6a	Net gain or (loss) from sale of assets not on line 10		15,274,022
b	Gross sales price for all assets on line 6a 161,512,231
7	Capital gain net income (from Part IV, line 2)...			37,498,525
8	Net short-term capital gain.........				3,416,868
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).......		5,714,589	11,923,190	11,923,190
12	Total. Add lines 1 through 11........	45,937,660		73,928,120	39,846,463
13	Compensation of officers, directors, trustees, etc.	1,915,485		1,068,690	1,068,690	846,795
14	Other employee salaries and wages......	11,085,545		1,934,598	1,934,598	9,150,947
15	Pension plans, employee benefits.......	2,926,694		536,911	536,911	2,387,639
16a	Legal fees (attach schedule).........		326,896	213,442	213,442	110,375
b	Accounting fees (attach schedule).......		200,477	123,004	123,004	53,763
c	Other professional fees (attach schedule)....		3,574,087	1,840,410	1,840,410	1,917,904
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		5,972,089	5,835,437	5,835,437	133,513
19	Depreciation (attach schedule) and depletion...		4,536,018	2,512,834	2,512,834
20	Occupancy..............	542,525		102,608	102,608	446,303
21	Travel, conferences, and meetings.......	89,548		46,361	46,361	37,862
22	Printing and publications..........	16,323		5,311	5,311	11,012
23	Other expenses (attach schedule).......		9,806,248	2,439,167	3,721,823	4,312,565
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	40,991,935		16,658,773	17,941,429	19,408,678
25	Contributions, gifts, grants paid.......	181,500				181,500
26	Total expenses and disbursements. Add lines 24 and 25	41,173,435		16,658,773	17,941,429	19,590,178
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	4,764,225
b	Net investment income (if negative, enter -0-)			57,269,347
c	Adjusted net income (if negative, enter -0-)...				21,905,034

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2021)

Form 990-PF (2021)

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.............	154,644	536,558	536,558
	2	Savings and temporary cash investments.........	13,371,483	2,769,607	2,769,185
	3	Accounts receivable 1,432,832
		Less: allowance for doubtful accounts 216,539	1,293,712	1,216,293	1,216,293
	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) 250,000
		Less: allowance for doubtful accounts 0	13,250,000	250,000	250,000
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........	1,166,309	2,961,874	2,961,874
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	550,853,860	672,824,655	672,824,655
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis 99,946,807
		Less: accumulated depreciation (attach schedule) 37,034,385	63,047,752	62,912,422	570,556,178
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis 88,491,725
		Less: accumulated depreciation (attach schedule) 22,717,051	63,274,234	65,774,674	68,943,973
	15	Other assets (describe )	19,254,905	19,333,594	19,333,594
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	725,666,899	828,579,677	1,339,392,310
	17	Accounts payable and accrued expenses..........	3,428,546	6,710,131
	18	Grants payable.................
	19	Deferred revenue.................	2,435,120	1,653,316
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......	13,615,027	13,047,625
	22	Other liabilities (describe )	1,553,799	1,083,176
	23	Total liabilities (add lines 17 through 22).........	21,032,492	22,494,248
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	704,634,407	806,085,429
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	704,634,407	806,085,429
	30	Total liabilities and net assets/fund balances (see instructions).	725,666,899	828,579,677

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

704,634,407

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

4,764,225

Other increases not included in line 2 (itemize) bullet

96,686,799

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

806,085,431

Decreases not included in line 2 (itemize) bullet

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

806,085,429

Form 990-PF (2021)

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	FROM K-1: ACR III FEEDER C, LP	P	2021-01-01	2021-12-31
b	FROM K-1: ACR III FEEDER C, LP	P	2020-12-30	2021-12-31
c	FROM K-1: ACREW DIVERSIFY CAPITAL FUND LP	P	2021-01-01	2021-12-31
d	FROM K-1: ABERDEEN ENERGY & RESOURCES PARTNERS II, LP	P	2021-01-01	2021-12-31
e	FROM K-1: ABERDEEN ENERGY & RESOURCES PARTNERS II, LP	P	2020-12-30	2021-12-31
	FROM K-1: ABERDEEN ENERGY & RESOURCES PARTNERS II, LP - 1231	P	2020-12-30	2021-12-31
	FROM K-1: ABERDEEN ENERGY & RESOURCES PARTNERS III, LP	P	2021-01-01	2021-12-31
	FROM K-1: ABERDEEN ENERGY & RESOURCES PARTNERS III, LP	P	2020-12-30	2021-12-31
	FROM K-1: ABERDEEN ENERGY & RESOURCES PARTNERS III, LP - 1231	P	2020-12-30	2021-12-31
	FROM K-1: BERKSHIRE FUND X-A, (OS) L.P.	P	2021-01-01	2021-12-31
	FROM K-1: BLACKSAND CAPITAL OPPORTUNITY FUND I, L.P.	P	2020-12-30	2021-12-31
	FROM K-1: BLACKSAND CAPITAL OPPORTUNITY FUND I, L.P. - 1231	P	2020-12-30	2021-12-31
	FROM PFIC: BRAZIL OPPORTUNITY GROWTH PARTNERS III A, LP	P	2020-12-30	2021-12-31
	FROM K-1: CA RESOURCES FUND (U.S. TAX-EXEMPT), L.P. - SERIES BAIN X	P	2020-12-30	2021-12-31
	FROM K-1: CAMBRIDGE ASSOCIATES LLC	P	2021-01-01	2021-12-31
	FROM K-1: CAMBRIDGE ASSOCIATES LLC	P	2020-12-30	2021-12-31
	FROM K-1: CENTERGATE CAPITAL PARTNERS I, L.P.	P	2021-01-01	2021-12-31
	FROM K-1: CENTERGATE CAPITAL PARTNERS I, L.P.	P	2020-12-30	2021-12-31
	FROM K-1: COMMONFUND CAPITAL INTERNATIONAL PARTNERS	P	2021-01-01	2021-12-31
	FROM K-1: COMMONFUND CAPITAL INTERNATIONAL PARTNERS	P	2020-12-30	2021-12-31
	FROM K-1: COMMONFUND CAPITAL INTERNATIONAL PARTNERS - 1256	P	2021-01-01	2021-12-31
	FROM K-1: COMMONFUND CAPITAL INTERNATIONAL PARTNERS - 1256	P	2020-12-30	2021-12-31
	FROM K-1: COMMONFUND CAPITAL NATURAL RESOURCES V, LP	P	2021-01-01	2021-12-31
	FROM K-1: COMMONFUND CAPITAL NATURAL RESOURCES V, LP	P	2020-12-30	2021-12-31
	FROM K-1: COMMONFUND CAPITAL NATURAL RESOURCES V, LP - 1231	P	2020-12-30	2021-12-31
	FROM K-1: DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P.	P	2021-01-01	2021-12-31
	FROM K-1: DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P.	P	2020-12-30	2021-12-31
	FROM K-1: DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P. - 1256	P	2021-01-01	2021-12-31
	FROM K-1: DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P. - 1256	P	2020-12-30	2021-12-31
	FROM K-1: DODDINGTON EMERGING MARKETS FUND, LLC	P	2021-01-01	2021-12-31
	FROM K-1: DODDINGTON EMERGING MARKETS FUND, LLC	P	2020-12-30	2021-12-31
	FROM K-1: ELECTRIC CAPITAL VENTURE FUND I	P	2021-01-01	2021-12-31
	FROM K-1: ELECTRIC CAPITAL VENTURE FUND I	P	2020-12-30	2021-12-31
	FROM K-1: ELECTRIC CAPITAL VENTURE FUND II	P	2021-01-01	2021-12-31
	FROM K-1: FARALLON CAPITAL INSTITUTIONAL PARTNERS, LP	P	2020-12-30	2021-12-31
	FROM K-1: FELICIS VENTURE VI, LP	P	2021-01-01	2021-12-31
	FROM K-1: FELICIS VENTURE VI, LP	P	2020-12-30	2021-12-31
	FROM K-1: FINEPOINT CAPITAL PARTNERS II	P	2021-01-01	2021-12-31
	FROM K-1: FINEPOINT CAPITAL PARTNERS II	P	2020-12-30	2021-12-31
	FROM K-1: FINEPOINT CAPITAL PARTNERS II - 1256	P	2021-01-01	2021-12-31
	FROM K-1: FINEPOINT CAPITAL PARTNERS II - 1256	P	2020-12-30	2021-12-31
	FROM K-1: FORTRESS CREDIT OPPORTUNITIES FUND V EXPANSION (B) LP	P	2021-01-01	2021-12-31
	FROM K-1: GQG PARTNERS INTERNATIONAL EQUITY FUND GQG PARTNERS SERIES LLC	P	2021-01-01	2021-12-31
	FROM K-1: GQG PARTNERS INTERNATIONAL EQUITY FUND GQG PARTNERS SERIES LLC	P	2020-12-30	2021-12-31
	FROM K-1: HARVEST MLP INCOME FUND II	P	2021-01-01	2021-12-31
	FROM K-1: HARVEST MLP INCOME FUND II	P	2020-12-30	2021-12-31
	FROM K-1: HILDENE OPPORTUNITIES OFFSHORE FUND II, LTD.	P	2021-01-01	2021-12-31
	FROM K-1: HEALTHCARE ROYALTY PARTNERS III, L.P.	P	2020-12-30	2021-12-31
	FROM K-1: ICON VENTURES V, L.P.	P	2021-01-01	2021-12-31
	FROM K-1: ICON VENTURES V, L.P.	P	2020-12-30	2021-12-31
	FROM K-1: K4 PRIVATE INVESTORS, LP	P	2020-12-30	2021-12-31
	FROM K-1: LAV BIOSCIENCES FUND V,LP	P	2021-01-01	2021-12-31
	FROM K-1: LAV BIOSCIENCES FUND V,LP	P	2020-12-30	2021-12-31
	FROM K-1: LAV FUND VI OPPORTUNITIES, L.P.	P	2021-01-01	2021-12-31
	FROM K-1: LAV FUND VI, L.P.	P	2021-01-01	2021-12-31
	FROM K-1: LEGACY VENTURE VI, LLC	P	2021-01-01	2021-12-31
	FROM K-1: LEGACY VENTURE VI, LLC	P	2020-12-30	2021-12-31
	FROM K-1: LEVEL EQUITY GROWTH PARTNERS III, LP	P	2020-12-30	2021-12-31
	FROM K-1: LEVEL EQUITY GROWTH PARTNERS III AIV (B), LP	P	2020-12-30	2021-12-31
	FROM K-1: LEVEL EQUITY GROWTH PARTNERS IV, LP	P	2021-01-01	2021-12-31
	FROM K-1: LEVEL EQUITY GROWTH PARTNERS IV, LP	P	2020-12-30	2021-12-31
	FROM K-1: LONE STAR FUND VI (U.S.), L.P.	P	2020-12-30	2021-12-31
	FROM K-1: LONE STAR FUND VII (U.S.), L.P.	P	2020-12-30	2021-12-31
	FROM K-1: LONE STAR FUND VIII (U.S.), L.P.	P	2020-12-30	2021-12-31
	FROM K-1: LONE STAR REAL ESTATE FUND II (U.S.), L.P.	P	2020-12-30	2021-12-31
	FROM K-1: LONE STAR REAL ESTATE FUND III (U.S.), L.P.	P	2020-12-30	2021-12-31
	FROM K-1: LONE STAR REAL ESTATE FUND IV (U.S.), L.P.	P	2020-12-30	2021-12-31
	FROM K-1: LONE STAR REAL ESTATE FUND VI (U.S.), L.P.	P	2021-01-01	2021-12-31
	FROM K-1: LONE STAR US INVESTMENTS, L.P.	P	2020-12-30	2021-12-31
	FROM K-1: LONE STAR U.S. HOLDINGS, L.P.	P	2020-12-30	2021-12-31
	FROM K-1: MADISON INTERNATIONAL REAL ESTATE LIQUIDITY FUND V	P	2020-12-30	2021-12-31
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL II LP	P	2020-12-30	2021-12-31
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL II LP - 1231	P	2020-12-30	2021-12-31
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP	P	2021-01-01	2021-12-31
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP	P	2020-12-30	2021-12-31
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP - 1231	P	2020-12-30	2021-12-31
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS IV-A, LP	P	2020-12-30	2021-12-31
	FROM K-1: METROPOLITAN REAL ESTATE PARTNERS IV-A, LP - 1231	P	2020-12-30	2021-12-31
	FROM K-1: NATURAL GAS PARTNERS IX LP	P	2020-12-30	2021-12-31
	FROM K-1: NATURAL GAS PARTNERS IX LP - 1231	P	2020-12-30	2021-12-31
	FROM K-1: NEW ENTERPRISE ASSOCIATES 15 LP	P	2021-01-01	2021-12-31
	FROM K-1: NEW ENTERPRISE ASSOCIATES 15 LP	P	2020-12-30	2021-12-31
	FROM K-1: NEW ENTERPRISE ASSOCIATES 16 LP	P	2021-01-01	2021-12-31
	FROM K-1: NEW ENTERPRISE ASSOCIATES 16 LP	P	2020-12-30	2021-12-31
	FROM K-1: NORTHGATE GLOBAL EMERGING MARKETS, LP	P	2020-12-30	2021-12-31
	FROM K-1: NORTHGATE IV, LP	P	2021-01-01	2021-12-31
	FROM K-1: NORTHGATE IV, LP	P	2020-12-30	2021-12-31
	FROM K-1: NORTHGATE IV, LP - 1231	P	2020-12-30	2021-12-31
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS II(Q) LP	P	2020-12-30	2021-12-31
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS II(Q) LP - 1231	P	2020-12-30	2021-12-31
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS III LP	P	2021-01-01	2021-12-31
	FROM K-1: NORTHGATE PRIVATE EQUITY PARTNERS III LP	P	2020-12-30	2021-12-31
	FROM K-1: NORTHGATE VENTURE PARTNERS III, LP	P	2021-01-01	2021-12-31
	FROM K-1: NORTHGATE VENTURE PARTNERS III, LP	P	2020-12-30	2021-12-31
	FROM K-1: NORTHGATE VENTURE PARTNERS III, LP - 1231	P	2020-12-30	2021-12-31
	FROM K-1: OWL CREEK MGM FUND, LP	P	2020-12-30	2021-12-31
	FROM K-1: OWL CREEK MGM FUND, LP - 10.2019	P	2020-12-30	2021-12-31
	FROM K-1: OWL CREEK OPPORTUNITIES FUND L.P.	P	2021-01-01	2021-12-31
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND III AIV LP	P	2020-12-30	2021-12-31
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND III LP	P	2021-01-01	2021-12-31
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND III LP	P	2020-12-30	2021-12-31
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND III LP - 1231	P	2020-12-30	2021-12-31
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP	P	2021-01-01	2021-12-31
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP	P	2020-12-30	2021-12-31
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP - 1231	P	2020-12-30	2021-12-31
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND V LP	P	2021-01-01	2021-12-31
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND V LP	P	2020-12-30	2021-12-31
	FROM K-1: PARK STREET CAPITAL NATURAL RESOURCE FUND V LP - 1231	P	2020-12-30	2021-12-31
	FROM K-1: POLYCHAIN FUND I, LP	P	2021-01-01	2021-12-31
	FROM K-1: POLYCHAIN FUND I, LP	P	2020-12-30	2021-12-31
	FROM K-1: RESOURCE CAPITAL FUND VII L.P.	P	2021-01-01	2021-12-31
	FROM K-1: ROUND HILL MUSIC ROYALTY FUND, LP	P	2020-12-30	2021-12-31
	FROM K-1: SANDERS CAPITAL ALL ASSET VALUE FUND, LP	P	2021-01-01	2021-12-31
	FROM K-1: SANDERS CAPITAL ALL ASSET VALUE FUND, LP	P	2020-12-30	2021-12-31
	FROM K-1: SILCHESTER INTERNATIONAL VALUTE EQUITY TRUST	P	2021-01-01	2021-12-31
	FROM K-1: SILCHESTER INTERNATIONAL VALUTE EQUITY TRUST	P	2020-12-30	2021-12-31
	FROM K-1: STANDARD CRYPTO FLAGSHIP FUND L.P.	P	2021-01-01	2021-12-31
	FROM K-1: STRATEGIC INVESTORS FUND VIII, L.P.	P	2021-01-01	2021-12-31
	FROM K-1: STRATEGIC INVESTORS FUND VIII, L.P.	P	2020-12-30	2021-12-31
	FROM K-1: SVB STRATEGIC INVESTORS FUND VI, LP	P	2021-01-01	2021-12-31
	FROM K-1: SVB STRATEGIC INVESTORS FUND VI, LP	P	2020-12-30	2021-12-31
	FROM K-1: SYBIL CAPITAL FUND I-A LP	P	2021-01-01	2021-12-31
	FROM K-1: U.S. FARMING REALTY TRUST II, LP - 1231	P	2020-12-30	2021-12-31
	FROM K-1: US RESEARCH EQUITY EXTENDED FUND, L.P.	P	2021-01-01	2021-12-31
	FROM K-1: US RESEARCH EQUITY EXTENDED FUND, L.P.	P	2020-12-30	2021-12-31
	FROM K-1: US RESEARCH EQUITY EXTENDED FUND, L.P. - 1256	P	2021-01-01	2021-12-31
	FROM K-1: US RESEARCH EQUITY EXTENDED FUND, L.P. - 1256	P	2020-12-30	2021-12-31
	FROM K-1: WELLINGTON TRUST CTF ENERGY PORTFOLIO	P	2021-01-01	2021-12-31
	FROM K-1: WELLINGTON TRUST CTF ENERGY PORTFOLIO	P	2020-12-30	2021-12-31
	FROM K-1: WELLINGTON TRUST CTF ENERGY PORTFOLIO - 1256	P	2021-01-01	2021-12-31
	FROM K-1: WELLINGTON TRUST CTF ENERGY PORTFOLIO - 1256	P	2020-12-30	2021-12-31
	FROM K-1: WELLINGTON TRUST CTF MICRO CAP EQUITY PORTFOLIO	P	2021-01-01	2021-12-31
	FROM K-1: WELLINGTON TRUST CTF MICRO CAP EQUITY PORTFOLIO	P	2020-12-30	2021-12-31
	FROM K-1: WELLINGTON TRUST CTF MICRO CAP EQUITY PORTFOLIO - 1256	P	2021-01-01	2021-12-31
	FROM K-1: WELLINGTON TRUST CTF MICRO CAP EQUITY PORTFOLIO - 1256	P	2020-12-30	2021-12-31
	FROM K-1: WOODBOURNE CANADIAN PARTNERS II	P	2020-12-30	2021-12-31
	FROM K-1: XFUND 2, LP [CLASS B]	P	2021-01-01	2021-12-31
	FROM K-1: XFUND 2, LP [CLASS B]	P	2020-12-30	2021-12-31
	FROM K-1: BAXTER STREET OFFSHORE FUND, LTD.	P	2021-01-01	2021-12-31
	FROM K-1: BAXTER STREET OFFSHORE FUND, LTD.	P	2020-12-30	2021-12-31
	FROM K-1: HG VORA SPECIAL OPPORTUNITIES FUND	P	2021-01-01	2021-12-31
	FROM K-1: TWO SIGMA RISK PREMIA ENHANCED	P	2021-01-01	2021-12-31
	FROM K-1: TWO SIGMA RISK PREMIA ENHANCED	P	2020-12-30	2021-12-31
	FROM K-1: TWO SIGMA RISK PREMIA ENHANCED - 1256	P	2021-01-01	2021-12-31
	FROM K-1: TWO SIGMA RISK PREMIA ENHANCED - 1256	P	2020-12-30	2021-12-31
	FROM K-1: CAXTON MACRO LIMITED	P	2020-12-30	2021-12-31
	US BANK #12508		2021-01-01	2021-12-31
	US BANK #12508		2020-12-30	2021-12-31
	US BANK DEFLATION ASSETS		2020-12-30	2021-12-31
	ABERDEEN ENERGY & RESOURCES PARTNERS II	P	2020-12-30	2021-12-31
	ABERDEEN ENERGY & RESOURCES PARTNERS III	P	2020-12-30	2021-12-31
	FORT GLOBAL OFFSHORE FUND SPC	P	2020-12-30	2021-12-31
	FORTRESS CREDIT OPPORTUNITIES V EXP (B)	P	2020-12-30	2021-12-31
	KPS SPECIAL SITUATIONS FUND V (A) LP	P	2020-12-30	2021-12-31
	LEGACY VENTURE VI LLC	P	2020-12-30	2021-12-31
	NEW ENTERPRISE ASSOCIATES 15, LP	P	2020-12-30	2021-12-31
	NEW ENTERPRISE ASSOCIATES 16, LP	P	2020-12-30	2021-12-31
	OWL CREEK OPPORTUNITIES FUND LP	P	2020-12-30	2021-12-31
	SERENT CAPITAL IV LP	P	2020-12-30	2021-12-31
	SILVER LAKE PARTNERS VI LP	P	2020-12-30	2021-12-31
	STRATEGIC INVESTORS FUND VI (SVB CAP)	P	2020-12-30	2021-12-31
	STRATEGIC INVESTORS FUND VIII (SVB CAP)	P	2020-12-30	2021-12-31
	THOMA BRAVO FUND XIV	P	2020-12-30	2021-12-31
	VOLORIDGE FUND LTD	P	2020-12-30	2021-12-31
	ATLAS CAPITAL RESOURCES III LP	P	2020-12-30	2021-12-31
	COMMONFUND INTL PRIVATE EQUITY PTNRS VII	P	2020-12-30	2021-12-31
	HARVEST MLP INCOME FUND II LLC	P	2020-12-30	2021-12-31
	LEVEL EQUITY GROWTH PARTNERS III LP	P	2020-12-30	2021-12-31
	LEVEL EQUITY GROWTH PARTNERS IV LP	P	2020-12-30	2021-12-31
	RESOURCE CAPITAL FUND VII LP	P	2020-12-30	2021-12-31
	ROUND HILL MUSIC ROYALTY FUND II LP	P	2020-12-30	2021-12-31
	GS VINTAGE VII OFFSHORE SCSP	P	2020-12-30	2021-12-31
	LONE STAR FUND X (US) LP	P	2020-12-30	2021-12-31
	OLYMPUS GROWTH FUND VII PARALLEL LP	P	2020-12-30	2021-12-31
	COMMONFUND NATURAL RESOURCES V	P	2020-12-30	2021-12-31
	METROPOLITAN REAL ESTATE PTNRS GLOBAL II	P	2020-12-30	2021-12-31
	NORTHGATE PRIVATE EQUITY PARTNERS II	P	2020-12-30	2021-12-31
	NORTHGATE VENTURE PARTNERS III	P	2020-12-30	2021-12-31
	PARK ST CAP NATURAL RESOURCE FUND III	P	2020-12-30	2021-12-31
	PARK ST CAP NATURAL RESOURCE FUND IV	P	2020-12-30	2021-12-31
	NORTHGATE GLOBAL EMERGING MARKETS	P	2020-12-30	2021-12-31
	PARK ST CAP NATURAL RESOURCE FUND V	P	2020-12-30	2021-12-31
	NORTHGATE PRIVATE EQUITY PARTNERS III	P	2020-12-30	2021-12-31
	MADISON INT REAL ESTATE LIQUIDITY FUND V	P	2020-12-30	2021-12-31
	NORTHGATE IV	P	2020-12-30	2021-12-31
	GS DISTRESSED MANAGERS IV OFFSHORE LP	P	2020-12-30	2021-12-31
	GS VINTAGE V OFFSHORE LP	P	2020-12-30	2021-12-31
	WOODBOURNE CANADA PARTNERS II	P	2020-12-30	2021-12-31
	LONE STAR FUND VIII (US) LP	P	2020-12-30	2021-12-31
	GS VINTAGE VI OFFSHORE LP	P	2020-12-30	2021-12-31
	ROUND HILL MUSIC ROYALTY FUND LP	P	2020-12-30	2021-12-31
	PROPHET EQUITY II LP	P	2020-12-30	2021-12-31
	LONE STAR REAL ESTATE FUND IV (US) LP	P	2020-12-30	2021-12-31
	CENTERGATE CAPITAL PARTNERS I LP	P	2020-12-30	2021-12-31
	ENCAP ENERGY CAPITAL FUND XI-C LP	P	2020-12-30	2021-12-31
	METRIC CP PRIVATE CAPITAL FUND III SCSP	P	2020-12-30	2021-12-31
	SYCAMORE PARTNERS III-A LP	P	2020-12-30	2021-12-31
	ORION EUROPEAN REAL ESTATE FUND V SLP	P	2020-12-30	2021-12-31
	BLACKSAND CAPITAL OPPORTUNITY FUND II LP	P	2020-12-30	2021-12-31
	BERKSHIRE FUND X	P	2020-12-30	2021-12-31
	DC CAPITAL PARTNERS FUND II LP	P	2020-12-30	2021-12-31
	GLENVIEW OPPORTUNITIES	P	2020-12-30	2021-12-31
	GCM OFFSHORE EQUITY PARTNERS, L.P.	P	2020-12-30	2021-12-31
	HIGHFIELDS CAPITAL IV LP	P	2020-12-30	2021-12-31
	BRACEBRIDGE BIL, LTD.	P	2020-12-30	2021-12-31
	NANTAHALA CAPITAL OFFSHORE FUND I, LTD.	P	2020-12-30	2021-12-31
	LAV BIOSCIENCES FUND V, L.P.	P	2020-12-30	2021-12-31
	FVP OVERSEAS	P	2020-12-30	2021-12-31
	GAIN ON SALE OF WAIKIKI BANYAN	P	2020-12-30	2021-12-31
	GAIN ON SALE OF QUEEN LILI'UOKALANI VILLAGE	P	2020-12-30	2021-12-31
	DISTRIBUTION IN EXCESS OF BASIS BASIS LONE STAR EUROPE HOLDINGS	P	2020-12-30	2021-12-31
	LOSS ON DISPOSAL OF TRKO ASSET 5704	P	2020-12-30	2021-12-31
	GAIN ON TRADE-IN OF ASSET 4968	P	2020-12-30	2021-12-31
	WATER CREDIT - KONA BREWERY LLC	P	2020-12-30	2021-12-31
	LOSS ON DISPOSAL OF TREE ASSET 5655	P	2020-12-30	2021-12-31
	LOSS ON DISPOSAL OF ASSET ID 5075	P	2020-12-30	2021-12-31
	LOSS ON DISPOSAL OF ASSET ID 5109	P	2020-12-30	2021-12-31
	LOSS ON DISPOSAL OF ASSET ID 5044	P	2020-12-30	2021-12-31
	LOSS ON DISPOSAL OF ASSET ID 5113	P	2020-12-30	2021-12-31
	LOSS ON DISPOSAL OF ASSET ID 5129	P	2020-12-30	2021-12-31
	LOSS ON DISPOSAL OF ASSET ID 5051	P	2020-12-30	2021-12-31
	LOSS ON DISPOSAL OF ASSET ID 5043	P	2020-12-30	2021-12-31
	LOSS ON DISPOSAL OF ASSET ID 5053	P	2020-12-30	2021-12-31
	LOSS ON DISPOSAL OF ASSET ID 5047	P	2020-12-30	2021-12-31
	LOSS ON DISPOSAL OF ASSET ID 5058	P	2020-12-30	2021-12-31
	GAIN ON TRADE-IN OF ASSET 4980	P	2020-12-30	2021-12-31
	GAIN ON TRADE-IN OF ASSET 4945	P	2020-12-30	2021-12-31
	GAIN ON TRADE-IN OF ASSET 4869	P	2020-12-30	2021-12-31
	GAIN ON TRADE-IN OF ASSET 4947	P	2020-12-30	2021-12-31
	LOSS ON DISPOSAL OF ASSET ID 5086	P	2020-12-30	2021-12-31
	FROM K-1: LONE STAR EUROPE HOLDINGS (U.S.), L.P.	P	2021-01-01	2021-12-31
	FROM K-1: LONE STAR EUROPE HOLDINGS (U.S.), L.P.	P	2020-12-30	2021-12-31
	PFM HEALTHCARE EMERGING GROWTH OFFSHORE	P	2020-12-30	2021-12-31
	KADL	P	2020-12-30	2021-12-31
	FROM K-1: OWL CREEK OPPORTUNITIES FUND L.P. - LOSS ON DISPOSAL	P	2020-12-30	2021-12-31
	FROM K-1: HARVEST MLP INCOME FUND II - LOSS ON DISPOSAL	P	2020-12-30	2021-12-31
	GAIN ON SALE OF ALIOMANU RD	D	2013-11-18	2021-05-27
	CAPITAL GAINS DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	3,633		3,633
b	4		4
c	17,530		17,530
d		5	-5
e		9,280	-9,280
		59,426	-59,426
		1,874	-1,874
	56,866		56,866
	7,524		7,524
	50,981		50,981
	2,303		2,303
	305		305
	185,798		185,798
	2,706		2,706
	6		6
	28		28
		685	-685
	345,755		345,755
	37		37
	24,024		24,024
		3	-3
		5	-5
		1	-1
		564	-564
		17,126	-17,126
	89,477		89,477
	100,780		100,780
	8,712		8,712
	13,069		13,069
	3,229		3,229
	2,395,649		2,395,649
	35,725		35,725
	126,677		126,677
		1,879	-1,879
		18,307	-18,307
	439		439
		5,820	-5,820
	233,219		233,219
	211,862		211,862
	34,972		34,972
	52,457		52,457
	126,497		126,497
		499,002	-499,002
	3,032,301		3,032,301
	584,329		584,329
	412,332		412,332
	2,162		2,162
	7,411		7,411
	2,782		2,782
		39,231	-39,231
	611		611
		5,303	-5,303
	8,846		8,846
	1,978		1,978
	2,472		2,472
	328		328
	930,252		930,252
	167,398		167,398
	85		85
	47,653		47,653
	337,980		337,980
	13,936		13,936
		4,180	-4,180
	15,930		15,930
		9,507	-9,507
		37,514	-37,514
		10,938	-10,938
	7,901		7,901
	61,656		61,656
	102,273		102,273
	24,848		24,848
	2,454		2,454
		1,361	-1,361
	352		352
	148		148
		3,272	-3,272
	502		502
		291	-291
	7,333		7,333
		3,589	-3,589
	316		316
	15,801		15,801
	659		659
	72,959		72,959
	10,382		10,382
	7		7
	51,414		51,414
		559	-559
	12,070		12,070
		69	-69
	21		21
	54,936		54,936
		1	-1
	98,967		98,967
		706	-706
	12,315		12,315
	172,292		172,292
		39,059	-39,059
		36	-36
		14	-14
		4,379	-4,379
		5,521	-5,521
		30	-30
		108,415	-108,415
		2,135	-2,135
		1,132	-1,132
		15,078	-15,078
		1,315	-1,315
	1,207,648		1,207,648
	2,020,132		2,020,132
	228,879		228,879
	160,921		160,921
	644,910		644,910
	1,264,419		1,264,419
	215,609		215,609
	963,510		963,510
	12,757		12,757
	7,979		7,979
	259,009		259,009
	3,892		3,892
	315,889		315,889
		10,467	-10,467
		14,953	-14,953
		2,352,153	-2,352,153
	4,310,840		4,310,840
	21,527		21,527
	32,291		32,291
	422,621		422,621
	86,792		86,792
	68		68
	103		103
	461,685		461,685
	2,172,095		2,172,095
		1,355	-1,355
		2,032	-2,032
	227,841		227,841
	7		7
	1,667		1,667
	1,283,260		1,283,260
	238,395		238,395
	477,036		477,036
		65,900	-65,900
	55,314		55,314
	70,364		70,364
	105,546		105,546
	135,287		135,287
	1,091,736	1,009,664	82,072
	45,100,302	36,302,685	8,797,617
			0
	31,001	31,001	0
	40,161	40,161	0
	5,000,000	5,000,000	0
	87,861	87,861	0
	76,546	76,546	0
	51,744	51,744	0
	59,625	59,625	0
	31,199	31,199	0
	342,475	1,003,610	-661,135
	39,253	39,253	0
	429,394	429,394	0
	58,852	58,852	0
	11,770	11,770	0
	62,860	62,860	0
	8,331,006	7,773,949	557,057
	254,293	254,293	0
	113,944	113,944	0
	4,203,777	3,378,328	825,449
	215,259	215,259	0
	27,764	27,764	0
	199,398	199,398	0
	89,709	89,709	0
	58,473	58,473	0
	494,951	494,951	0
	82,600	82,600	0
	3,317	3,317	0
	2,245	2,245	0
	5,460	5,460	0
	7,367	7,367	0
	7,661	7,661	0
	21,550	21,550	0
	4,751	4,751	0
	34,050	34,050	0
	9,619	9,619	0
	62,743	62,743	0
	13,210	13,210	0
	4,893	4,893	0
	9,633	9,633	0
	62,796	62,796	0
	157,408	157,408	0
	68,793	68,793	0
	378,337	378,337	0
	7,652	7,652	0
	26,461	26,461	0
	51,741	51,741	0
	9,138	9,138	0
	100,710	100,710	0
	104,501	104,501	0
	31,931	31,931	0
	3,675	3,675	0
	40,583	40,583	0
	2,837	2,837	0
	1,097,394	826,232	271,162
	1,787,922	1,000,000	787,922
	20,623	20,623	0
	1,801,215	1,459,554	341,661
	2,128,786	2,249,377	-120,591
	71,765	71,765	0
	3,231		3,231
	3,813,110	224,477	3,588,633
	76,300	200	76,100
	3,042		3,042
		27,500	-27,500
	24,000		24,000
	325,000	40,800	284,200
		1,390	-1,390
		1,586	-1,586
		426	-426
		198	-198
		363	-363
		360	-360
		1,124	-1,124
		140	-140
		231	-231
		76	-76
		3,031	-3,031
	24,000		24,000
	14,000		14,000
	4,500		4,500
	13,000		13,000
		2,042	-2,042
	17,841		17,841
		17,841	-17,841
		90,034	-90,034
		65	-65
		609	-609
		6,062,888	-6,062,888
	1,310,692		1,310,692
	3,001,499		3,001,499

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			3,633
b			4
c			17,530
d			-5
e			-9,280
			-59,426
			-1,874
			56,866
			7,524
			50,981
			2,303
			305
			185,798
			2,706
			6
			28
			-685
			345,755
			37
			24,024
			-3
			-5
			-1
			-564
			-17,126
			89,477
			100,780
			8,712
			13,069
			3,229
			2,395,649
			35,725
			126,677
			-1,879
			-18,307
			439
			-5,820
			233,219
			211,862
			34,972
			52,457
			126,497
			-499,002
			3,032,301
			584,329
			412,332
			2,162
			7,411
			2,782
			-39,231
			611
			-5,303
			8,846
			1,978
			2,472
			328
			930,252
			167,398
			85
			47,653
			337,980
			13,936
			-4,180
			15,930
			-9,507
			-37,514
			-10,938
			7,901
			61,656
			102,273
			24,848
			2,454
			-1,361
			352
			148
			-3,272
			502
			-291
			7,333
			-3,589
			316
			15,801
			659
			72,959
			10,382
			7
			51,414
			-559
			12,070
			-69
			21
			54,936
			-1
			98,967
			-706
			12,315
			172,292
			-39,059
			-36
			-14
			-4,379
			-5,521
			-30
			-108,415
			-2,135
			-1,132
			-15,078
			-1,315
			1,207,648
			2,020,132
			228,879
			160,921
			644,910
			1,264,419
			215,609
			963,510
			12,757
			7,979
			259,009
			3,892
			315,889
			-10,467
			-14,953
			-2,352,153
			4,310,840
			21,527
			32,291
			422,621
			86,792
			68
			103
			461,685
			2,172,095
			-1,355
			-2,032
			227,841
			7
			1,667
			1,283,260
			238,395
			477,036
			-65,900
			55,314
			70,364
			105,546
			135,287
			82,072
			8,797,617
			0
			0
			0
			0
			0
			0
			0
			0
			0
			-661,135
			0
			0
			0
			0
			0
			557,057
			0
			0
			825,449
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			271,162
			787,922
			0
			341,661
			-120,591
			0
			3,231
			3,588,633
			76,100
			3,042
			-27,500
			24,000
			284,200
			-1,390
			-1,586
			-426
			-198
			-363
			-360
			-1,124
			-140
			-231
			-76
			-3,031
			24,000
			14,000
			4,500
			13,000
			-2,042
			17,841
			-17,841
			-90,034
			-65
			-609
			-6,062,888
			1,310,692
			3,001,499

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	37,498,525
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3	3,416,868

Form 990-PF (2021)

Page 4

Part V

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: 1974-07-22(attach copy of letter if necessary–see instructions)
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2
3	Add lines 1 and 2...........................	3
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	0
6	Credits/Payments:

a	2021 estimated tax payments and 2020 overpayment credited to 2021	6a
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	0
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	0
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2022 estimated tax	Refunded	11

Part VI-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

$ 0(2) On foundation managers. bullet

$ 0

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

on foundation managers. bullet

$ 0

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 XIV..................................

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 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.

If "Yes," complete Part XIII .............................

Yes

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

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

Form 990-PF (2021)

Page 5

Part VI-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

WWW.ONIPAA.ORG

The books are in care of bullet

LILIUOKALANI TRUST Telephone no. bullet

(808) 203-6150

Located at bullet

1100 ALAKEA ST SUITE 1100HONOLULUHI ZIP+4 bullet

96813

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 2021, 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 VI-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? ...........

1a(1)

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

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

1a(2)

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

1a(3)

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

1a(4)

Yes

(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)? ......................

1a(5)

(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.) ...............

1a(6)

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 2021? .............

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 2021, did the foundation have any undistributed income (lines 6d

and 6e, Part XII) for tax year(s) beginning before 2021?....................

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? ..............................

If "Yes," did it have excess business holdings in 2021 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 2021.) .....................

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 2021? ..

Form 990-PF (2021)

Page 6

Part VI-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))? ..........

5a(1)

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

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

5a(2)

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

5a(3)

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

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

5a(4)

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

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

5a(5)

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? .................

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? .............................

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?

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? .........................

Part VII

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
THOMAS K KAULUKUKUI JR	TRUSTEE 7.00	198,910	61
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813	TRUSTEE 7.00	198,910	61
ROBERT OZAKI	TRUSTEE 7.00	182,335	61
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813	TRUSTEE 7.00	182,335	61
CLAIRE L ASAM	TRUSTEE 40.00	245,560	61
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813	TRUSTEE 40.00	245,560	61
DAWN HARFLINGER	EXECUTIVE VICE PRESIDENT & COO 40.00	433,761	36,668
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813	EXECUTIVE VICE PRESIDENT & COO 40.00	433,761	36,668
MERCEDES LANZA	VICE PRESIDENT & CAO 40.00	231,059	28,485
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813	VICE PRESIDENT & CAO 40.00	231,059	28,485
JULI TORIGOE	VICE PRESIDENT & CFO 40.00	237,459	25,223
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813	VICE PRESIDENT & CFO 40.00	237,459	25,223
ALAN ARAKAWA	VICE PRESIDENT 40.00	369,826	31,988
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813	VICE PRESIDENT 40.00	369,826	31,988
PATRICK KSL YIM	TRUSTEE 7.00	16,575	61
1100 ALAKEA STREET SUITE 1100 HONOLULU,HI96813	TRUSTEE 7.00	16,575	61

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
CHIEMI DAVIS	EXECUTIVE DIRECTOR, 40.00	224,836	23,457	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813	EXECUTIVE DIRECTOR, 40.00	224,836	23,457	0
TINA KEANE	DIRECTOR, INVESTMENT 40.00	216,615	25,774	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813	DIRECTOR, INVESTMENT 40.00	216,615	25,774	0
MAHINA HUGO	EXECUTIVE DIRECTOR, 40.00	158,814	21,071	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813	EXECUTIVE DIRECTOR, 40.00	158,814	21,071	0
ROMMEL RESONABLE	DIRECTOR, PEOPLE OPE 40.00	152,574	20,444	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813	DIRECTOR, PEOPLE OPE 40.00	152,574	20,444	0
KATHERINE TIBBETTS	EXECUTIVE DIRECTOR, 40.00	153,184	10,368	0
QLT - 1100 ALAKEA ST STE 1100 HONOLULU,HI96813	EXECUTIVE DIRECTOR, 40.00	153,184	10,368	0
Total number of other employees paid over $50,000...................				113

Form 990-PF (2021)

Page 7

Part VII

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
GATESIDE INC	GENERAL CONTRACTING	2,046,101
522 AHUI ST HONOLULU,HI96813	GENERAL CONTRACTING	2,046,101
FLANSBURGH ARCHITECTS	ARCHITECTURE FIRM	1,937,018
77 NORTH WASHINGTON ST BOSTON,MA02114	ARCHITECTURE FIRM	1,937,018
MONARCH INSURANCE SERVICES	INSURANCE SERVICES	1,386,291
677 ALA MOANA BLVD 500 HONOLULU,HI96813	INSURANCE SERVICES	1,386,291
CAMBRIDGE ASSOCIATES LLC	INVESTMENT ADVISORY SERVICES	743,745
100 SUMMER STREET SUITE 1300 BOSTON,MA02110	INVESTMENT ADVISORY SERVICES	743,745
STAR PROTECTION AGENCY LLC	SECURITY PATROL SERVICES	644,749
846 HOTEL ST HONOLULU,HI96813	SECURITY PATROL SERVICES	644,749

Total number of others receiving over $50,000 for professional services............. bullet

Part VIII-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	THE PROGRAM GOAL OF THE TRUST IS TO SERVE ORPHAN AND DESTITUTE KAMALI'I (YOUTH)AND THEIR FAMILIES. THE FOCUS IS ON STRENGTHENING FAMILIES SO THEY CAN RAISE HEALTHY, RESILIENT CHILDREN. THE TRUST ACCOMPLISHES THIS BY CREATING HIGH-IMPACT PROGRAMS AND SERVICES, AND WORKING WITH OTHERS IN THE COMMUNITY TO CHANGE THE SYSTEM THAT KEEPS THE MOST VULNERABLE INDIVIDUALS TRAPPED IN A CYCLE OF LIMITED OPTIONS. THIS WORK IS CARRIED OUT BY A STAFF OF APPROXIMATELY 158 EMPLOYEES THAT INCLUDE SOCIAL WORKERS, ADMINISTRATIVE AND SUPPORT STAFF OPERATING FROM MULTIPLE OFFICES THROUGHOUT THE STATE. IN 2021 THE TRUST PROVIDED DIRECT SERVICES TO 1,257 KAMALI'I (YOUTH).AMOUNTS PAID TO ACCOMPLISH CHARITABLE PURPOSES 19,590,178AMOUNTS PAID TO ACQUIRE ASSETS USED FOR CHARITABLE PURPOSE 8,700,425AMOUNTS SET ASIDE FOR CHARITABLE PURPOSES 30,000,000TOTAL AMOUNTS PAID FOR CHARITABLE PURPOSES 58,290,603	58,290,603
2


3


4

Part VIII-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 (2021)

Page 8

Part IX

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

621,278,760

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

8,345,504

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

570,556,178

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

1,200,180,442

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

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

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

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

1,200,180,442

Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see

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

18,002,707

Net value of noncharitable-use assets. Subtract line 4 from line 3. .......

1,182,177,735

Minimum investment return. Enter 5% (0.05) of line 5................

59,108,887

Part X

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 IX, line 6..................

Tax on investment income for 2021 from Part V, line 5.......

Income tax for 2021. (This does not include the tax from Part V.) ...

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

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

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

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

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

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

Part XI

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 ..........

Program-related investments—total from Part VIII-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 XII, line 4.

Form 990-PF (2021)

Page 9

Part XII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2020	(c) 2020	(d) 2021
1 Distributable amount for 2021 from Part X, line 7
2 Undistributed income, if any, as of the end of 2021:
a Enter amount for 2020 only.......
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2021:
a From 2016......
b From 2017......
c From 2018......
d From 2019......
e From 2020......
f Total of lines 3a through e ........
4Qualifying distributions for 2021 from Part
XI, line 4: $
a Applied to 2020, but not more than line 2a
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions)........
d Applied to 2021 distributable amount.....
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2021.
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........
e Undistributed income for 2019. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2021. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2022 ..........
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......
8 Excess distributions carryover from 2016 not applied on line 5 or line 7 (see instructions) ...
9 Excess distributions carryover to 2022. Subtract lines 7 and 8 from line 6a ......
10 Analysis of line 9:
a Excess from 2017....
b Excess from 2018....
c Excess from 2019....
d Excess from 2020....
e Excess from 2021....

Form 990-PF (2021)

Page 10

Part XIII

Private Operating Foundations (see instructions and Part VI-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 2021, enter the date of the ruling ....... bullet

1974-07-22

b Check box to indicate whether the organization is a private operating foundation described in section 4942(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) 2021	(b) 2020	(c) 2019	(d) 2018	(e) Total
	21,905,034	13,554,147	13,611,658	20,912,645	69,983,484
b 85% (0.85) of line 2a .........	18,619,279	11,521,025	11,569,909	17,775,748	59,485,961
c Qualifying distributions from Part XI, line 4 for each year listed .....	58,290,603	40,314,461	30,388,785	39,489,648	168,483,497
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........	181,500	117,500	0	0	299,000
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....	58,109,103	40,196,961	30,388,785	39,489,648	168,184,497
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......					0
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)					0
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..	39,405,925	35,480,605	22,877,447	25,331,317	123,095,294
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....					0
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....					0
(3) Largest amount of support from an exempt organization					0
(4) Gross investment income					0

Part XIV

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

1Information Regarding Foundation Managers:

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

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

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

Check here bullet

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

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

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

cAny submission deadlines:

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

Form 990-PF (2021)

Page 11

Part XIV

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
LUNALILO HOME 501 KAKAULUOHI ST HONOLULU,HI96825	NONE	POF	SUPPORT GRANTEE'S ANNUAL FUNDRAISER TO BENEFIT RESIDENTS	3,000
BISHOP MUSEUM 1525 BERNICE ST HONOLULU,HI96817	NONE	PC	DONATION TO SUPPORT BISHOP MUSEUM SILENT AUCTION	3,000
HAWAII PONOI FOUNDATION 415-C ULUNIU ST KAILUA,HI96734	NONE	PC	SPONSOR HAWAIIAN HISTORY MONTH. TO EDUCATE GENERAL PUBLIC AND CELEBRATE HISTORY OF QUEEN LILI'UOKALANI AND HAWAIIAN HISTORY IN GENERAL	5,000
BOYS AND GIRLS CLUB OF HAWAII 1000 BISHOP ST SUITE 505 HONOLULU,HI96813	NONE	PC	DONATION TO SUPPORT 25TH ANNUAL WALK IN THE COUNTRY FUNDRAISER EVENT	6,000
HAWAII ALLIANCE OF NONPROFIT 1020 S BERETANIA 2ND FLR HONOLULU,HI96814	NONE	PC	SPONSOR ANNUAL HANOCON TO SUPPORT NETWORKING OF HAWAII'S NONPROFITS.	1,500
RYSE PO BOX 11662 HONOLULU,HI96828	NONE	PC	SPONSOR ANNUAL FUNDRAISER TO SUPPORT YOUTH ACCESS CENTER AND SHELTER SERVICES	3,500
ADULT FRIENDS FOR YOUTH 3375 KOAPAKA STREET B290 HONOLULU,HI96819	NONE	PC	SPONSOR GRANTEE'S ANNUAL FUNDRAISER TO RAISE SUPPLEMENTATL FUNDS TO PROVIDE SERVICES FOR AT-RISK YOUTH	3,000
UNIVERSITY OF HAWAII 2540 DOLE ST HOLMES 240 HONOLULU,HI96822	NONE	PC	SPONSOR GRANTEE'S FUNDRAISER FOR UNIVERSITY OF HAWAII COLLEGE OF ENGINEERING	3,000
PARTNERS IN DEVELOPMENT 2040 BACHELOT ST HONOLULU,HI96817	NONE	PC	SPONSOR ULU HANA: PEWA AWARDS-LT EMPLOYEE WAS INCLUDED AS AN HONOREE	2,500
HAWAII BOOK & MUSIC FESTIVEL 47-231 KAMAKOI RD KANEOHE,HI96744	NONE	PC	SPONSOR HAWAII BOOK AND MUSIC FESTIVAL WHICH INCLUDED A PANEL ON LT'S NANA I KE KUMU BOOK	1,000
KEALAKAI CENTER FOR PACIFIC STRINGS 150 HAMAKUA DR PMB 831 KAILUA,HI96734	NONE	PC	GRANT AGREEMENT FOR THE CREATION AND DELIVERY OF A DIGITAL MUSIC MUSEUM THAT WILL INCLUDE THE MUSIC OF QUEEN LILIUOKALANI	150,000
Total ................................. 3a				181,500

bApproved for future payment

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

Form 990-PF (2021)

Page 12

Part XV-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 ...........			14	928,750
4 Dividends and interest from securities ....
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....			16	10,153,080
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	15,274,022
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aOTHER INCOME - BOOKS			16	66
bOTHER INCOME - INVESTMENT INCOME			14	5,462,183
cOTHER INCOME - NANA I KE KUMU			14	10,369
dOTHER INCOME - LATE FEES			16	92,999
eOTHER INCOME - TRANSFER FEES			16	7,300
fOTHER INCOME - SALE OF TRUSTEES' FURNITURE			16	1,700
gOTHER INCOME - SETTLEMENT			16	16
hOTHER INCOME - ACCOUNTS RECEIVABLE ADJUSTMENT			16	138,309
iOTHER INCOME - PROCEEDS FROM LH LAUNDROMAT			16	1,647
12 Subtotal. Add columns (b), (d), and (e) ..		0		34,262,119	0

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

34,262,119

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

Part XV-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 XV-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 (2021)

Page 13

Part XVI

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

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

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2021)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Name of organization LILIUOKALANI TRUST

Part I Contributors	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	H DWIGHT DAMON C/O MOVIE MUSEUM 3566 HARDING AVENU HONOLULU, HI96816	$ 5,000	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	EAST BAY COMMUNITY FOUNDATION 200 FRANK H OGAWA PLAZA OAKLAND, CA94612	$ 5,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990) (2021)

Name of organization LILIUOKALANI TRUST		Employer identification number 99-0078890

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(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) (2021)

Identifier	Return Reference	Explanation
ACCUMULATED DEPRECIATION	FORM 990-PF, PART II, LINE 11	BEGINNING A/D - LAND - INVESTMENT 0 BEGINNING A/D - BUILDING & LAND IMPROVEMENTS - INVESTMENT 28,245,048 BEGINNING A/D - CIP - INVESTMENT 0 ----------- BEGINNING A/D - INVESTMENT ASSETS 28,245,048 =========== ENDING A/D - LAND - INVESTMENT 0 ENDING A/D - BUILDING & LAND IMPROVEMENTS - INVESTMENT 37,034,385 ENDING A/D - CIP - INVESTMENT 0 ---------- ENDING A/D - INVESTMENT ASSETS 37,034,385 ==========
ACCUMULATED DEPRECIATION	FORM 990-PF, PART II, LINE 14	BEGINNING A/D - FF&E - EXEMPT 3,851,372 BEGINNING A/D - LAND - EXEMPT 570,222 BEGINNING A/D - BLDG & IMP - EXEMPT 23,469,629 ---------- BEGINNING A/D - EXEMPT ASSETS 27,891,223 ========== ENDING A/D - FF&E - EXEMPT 2,887,988 ENDING A/D - LAND - EXEMPT 434,294 ENDING A/D - BLDG & IMP - EXEMPT 19,394,769 ---------- ENDING A/D - EXEMPT ASSETS 22,717,051 ==========
ELECTION(S) UNDER SECTION 987	FORM 990-PF	FOR THE TAX YEAR ENDING DECEMBER 31, 2021, THE TAXPAYER ELECTS UNDER PROPOSED REGULATION SECTION 1.987-1(B)(1)(II) TO NOT APPLY THE PROPOSED SECTION 987 REGULATIONS FOR PURPOSES OF TAKING INTO ACCOUNT CERTAIN ITEMS OF GAIN OR LOSS IF THE INDIVIDUAL OR CORPORATION OWNS, DIRECTLY OR INDIRECTLY, LESS THAN 5% OF EITHER THE TOTAL CAPITAL OR THE TOTAL PROFITS INTERET IN THE FOREIGN PARTNERSHIP.
OTHER INCOME	FORM 990-PF, PART I, LINE 11(B) & 11(C)	OTHER INCOME - PART I, LINE 11(A) 5,714,589 LESS: LEASE PREMIUMS FOR TAX NOT RECOGNIZED FOR BOOK 318,979 LESS: OTHER INVESTMENT INCOME FOR BOOK NOT TAX (5,465,135) PLUS: PASSTHROUGH INCOME FROM SCH. K-1S ACR III FEEDER C, L.P. 25,912 ACREW CAPITAL FUND, L.P. 3,096 ACREW CAPITAL FUND II, L.P. 415 ATLAS CAPITAL RESOURCES III L.P. (550) ACR III A3-INTERNATIONAL L.P. 16,718ABERDEEN ENERGY & RESOURCES PARTNERS II 3,336 ABERDEEN ENERGY & RESOURCES PARTNERS III 5,423 BERKSHIRE FUND X-A, L.P. (9,528) BERKSHIRE FUND X-A (OS), L.P. (3,160) BLACKSAND CAPITAL OPPORTUNITY FUND I, L.P. 1 BLACKSAND CAPITAL OPPORTUNITY FUND II, L.P. 1,790 CA RESOURCES FUND (U.S. TAX EXEMPT) L.P. - SERIES BAIN X #36 38 CAMBRIDGE ASSOCIATES LLC (64,665) CENTERGATE CAPITAL PARTNERS I, L.P. (1,243) COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII, LP 12,262 COMMONFUND CAPITAL NATURAL RESOURCES V, L.P. (73) DAVIDSON KEMPNER INSTITUTIONAL PARTNERS L.P. 107,540 DC CAPITAL PARTNERS FUND II, L.P. (42) DODDINGTON EMERGING MARKETS FUND, LLC 763,626 ELECTRIC CAPITAL VENTURE FUND I, L.P. 48,816 ELECTRIC CAPITAL VENTURE FUND II, L.P. (1,653) ENCAP ENERGY CAPITAL FUND XI-C, L.P. 33,794FARALLON CAPITAL INSTITUTIONAL PARTNERS, LP 1,293 FELICIS FOCUS FUND I, L.P. 52 FELICIS VENTURES VI, L.P. 160 FELICIS VENTURES VII, L.P. 200 FELICIS VENTURES VII, L.P. (25) FINEPOINT CAPITAL PARTNERS II, L.P. 262,987 FORTRESS CREDIT OPPORTUNITIES FUND V EXPANSION (B) L.P. 48,102 GQG PARTNERS INTERNATIONAL EQUITY FUND-GQG PARTNERS SERIES 819,693GS VINTAGE VII AIV OFFSHORE SCSP 1,781HARVEST MLP INCOME FUND II 695,921 H.I.G. GROWTH BUYOUTS & EQUITY FUND III, L.P. (4,258) H.I.G. MIDDLE MARKET LBO FUND III, L.P. (17,749) HIGHFIELDS CAPITAL IV LP (25,504) HEALTHCARE ROYALTY PARTNERS III, L.P. 10,773ICON VENTURES V, L.P. 5,380 INSIGNIA CAPITAL PARTNERS II, L.P (2,376) JACKSON SQUARE VENTURES III, L.P. 17 JMI EQUITY FUND X-B, L.P. (41,035) K4 PRIVATE INVESTORS, L.P. (1,040) KPS SPECIAL SITUATIONS FUND V (A), L.P. 9,858 LAV BIOSCIENCES FUND V, L.P. (395) LAV FUND VI OPPORTUNITIES, L.P. (115) LAV FUND VI, L.P. (209) LEGACY VENTURE VI, LLC 77 LEVEL EQUITY GROWTH PARTNERS III, L.P. 911 LEVEL EQUITY GROWTH PARTNERS IV, L.P. (1,712) LEVEL EQUITY GROWTH PARTNERS V, L.P. (514) LONE STAR FUND VI (U.S.), LP 7,581LONE STAR FUND VII (U.S.), L.P. 2 LONE STAR FUND VIII (U.S.), L.P. (32) LONE STAR FUND X (U.S.), L.P. 5 LONE STAR FUND XI, L.P. (692)LONE STAR REAL ESTATE FUND II (U.S.), L.P. 1,350 LONE STAR REAL ESTATE FUND III (U.S.), L.P. 5,212LONE STAR REAL ESTATE FUND IV (U.S.), L.P. 171 LONE STAR REAL ESTATE FUND VI, L.P. 1,588LONE STAR US INVESTMENTS, LP 9,783 LSF X U.S. HOLDINGS, L.P. 249,114 MADISON INTERNATIONAL REALT ESTATE LIQUIDITY FUND V, LP 3MERITECH FRANCHISE FUND, L.P. (987) MERITECH CAPITAL PARTNERS VII, L.P. (2,216)METROPOLITAN REAL ESTATE PARTNERS GLOBAL II LP (467)METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP (493) METROPOLITAN REAL ESTATE PARTNERS IV-A LP 99 NATURAL GAS PARTNERS IX, L.P. 373NEW ENTERPRISE ASSOCIATES 15, L.P. 679 NEW ENTERPRISE ASSOCIATES 16, L.P. 1,128NORTHGATE GLOBAL EMERGING MARKETS LP 437 NORTHGATE IV, L.P. (1,913)NORTHGATE PRIVATE EQUITY PARTNERS II (Q) LP 1,332 NORTHGATE PRIVATE EQUITY PARTNERS III LP 2,126 NORTHGATE VENTURE PARTNERS III, L.P. 133 OLYMPUS GROWTH FUND VII AIV (CAYMAN), L.P. (8) OLYMPUS GROWTH FUND VII PARALLEL L.P. 17,581 OWL CREEK MGM FUND, L.P. 20 OWL CREEK MGM GUND, LP - 10.2019 59PARK STREET CAPITAL NATURAL RESOURCE FUND III LP 1,385PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP 1,391 PARK STREET CAPITAL NATURAL RESOURCE FUND V LP 23,189 POLYCHAIN FUND I, L.P. 316,842 POLYCHAIN VENTURES II, L.P. 4,654PROPHET EQUITY II (2,402) RESOURCE CAPITAL FUND VII, L.P. (852) REVELATION HEALTHCARE FUND III, L.P. (5,336)ROUND HILL MUSIC ROYALTY FUND LP (6,730) ROUND HILL MUSIC ROYALTY FUND II LP (55,669)SANDERS CAPITAL ALL ASSET VALUE FUND, L.P. - SERIES 1 380,278 SERENT CAPITAL IV, L.P. (15,789) SIRCHESTER INTERNATIONAL VALUE EQUITY TRUST 1,551,022 SILVER LAKE PARTNERS VI, L.P. 2,505 SLP VI REGAL FEEDER I, L.P. 1,725 STANDARD CRYPTO FLAGSHIP FUND, L.P. 1,900 STRATEGIC INVESTORS FUND VIII, L.P. 2,956SVB STRATEGIC INVESTORS FUND VI, LP (1,550) SYBIL CAPITAL FUND I-A L.P. 5 SYCAMORE PARTNERS III-A, L.P. (2,197) TENZING PRIVATE EQUITY II L.P. 35,057 THOMA BRAVO FUND XIV L.P. (15,488)U.S. RESEARCH EQUITY EXTENDED FUND, L.P. 294,776 VENROCK ASSOCIATES IX, L.P. 607 VENROCK OPPORTUNITIES FUND, L.P. (1,287) WB MAPLE PROPERTIES I ULC 21,933 WELLINGTON TRUST CTF ENERGY PORTFOLIO 390,330 WELLINGTON TRUST CTF MICRO CAP EQUITY PORTFOLIO 155,093 WOODBOURNE CANADIAN PARTNERS II (14,299) XFUND 2, L.P. [CLASS A] 227 XFUND 2, L.P. [CLASS B] 167 BAXTER STREET OFFSHORE FUND, LTD. 423,509HG VORA SPECIAL OPPORTUNITIES FUND 635,587TWO SIGMA CHINA CORE EQUITY CAYMAN FUND 3,063,531TWO SIGMA RISK PREMIA ENHANCED 349,769CAXTON MACRO LIMITED 125,467 PUBLICLY TRADED PARTNERSHIP ACTIVITY 0 PASSIVE OTHER INCOME (LOSS) 963,439 PRIOR YEAR PASSIVE LOSS RELEASED - FINAL YEAR (267,082)TOTAL OTHER INCOME TO LINE 11(B) & 11(C) 11,923,190
PART IV - GAIN ON SALE OF ALIOMANU RD	FORM 990-PF	THE TAXPAYER RECEIVED THIS PROPERTY AS A DONATION ON DECEMBER 31, 2020. PURSUANT TO IRC SEC. 1015(A), THE BASIS OF AN ASSET DONATED TO THE FOUNDATION IS THE DONOR'S BASIS. THE TAXPAYER MADE AN EFFORT, BUT WAS UNABLE TO OBTAIN THE DONOR'S BASIS. IRC SEC. 1015(A) STATES THAT IF THE TAXPAYER IS UNABLE TO DETERMINE THE DONOR'S BASIS, THEY SHOULD UTILIZE THE BEST INFORMATION THEY ARE ABLE TO OBTAIN. ACCORDING TO THE REAL PROPERTY TAX RECORDS, THE DONOR'S BASIS MAY HAVE BEEN $0. THEREFORE, THE AMOUNT OF GAIN ON SALE UTILIZES A BASIS OF $0.

Name of Stock	End of Year Book Value	End of Year Fair Market Value
EQUITY SECURITIES	170,092,140	170,092,140
OTHER	502,732,515	502,732,515

Item No.	1
Lender's Name	BANK OF HAWAII
Lender's Title
Relationship to Insider	NONE
Original Amount of Loan	1,300,000
Balance Due	748,606
Date of Note	2004-09
Maturity Date	2022-07
Repayment Terms	$5,178.00 MONTHLY PAYMENTS
Interest Rate	2.500000000000
Security Provided by Borrower	FIXED INCOME SECURITY INVESTMENT
Purpose of Loan	FINANCE PURCHASE OF AND IMPROVEMENTS TO OFFICE SPACE AT 1100 ALAKEA ST.
Description of Lender Consideration
Consideration FMV


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

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
STRAIGHT-LINE RENT RECEIVABLE	18,442,163	18,747,076	18,747,076
INVESTMENT RECEIVABLE	812,742	586,518	586,518

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FINANCIAL ASSISTANCE	278,168	1,420	1,420	143,741
PARTNERSHIPS AND COLLABORATIONS	626,855	0	0	726,671
REPAIRS & MAINTENANCE	723,196	60,743	60,743	655,483
SUPPLIES	212,966	22,602	22,602	192,248
UTILITIES	257,878	4,397	4,397	260,459
INFORMATION TECHNOLOGY	875,428	157,626	157,626	724,756
TELEPHONE	298,532	23,525	23,525	277,167
INSURANCE	830,446	91,771	91,771	738,675
EQUIPMENT RENTAL	199,566	13,069	13,069	185,416
EDUCATION	44,933	8,673	8,673	29,961
DUES	38,353	15,921	15,921	22,432
REAL ESTATE GENERAL	1,746,703	1,746,703	1,746,703	0
REAL ESTATE MANAGEMENT FEES	187,847	175,282	175,282	12,565
LEASING COMMISSION	74,890	74,890	74,890	0
BAD DEBT EXPENSE	-79,743	-79,743	-79,743	0
UBIT FROM SCHEDULE K-1S	151,558	0	1,282,656	0
LOSS ON IMPAIRMENT OF PROPERTY & EQUIPMENT	2,893,252	0	0	3,445
OTHER EXPENSES	445,420	122,288	122,288	339,546

Description	Revenue And Expenses Per Books	Adjusted Net Income
OTHER INCOME - BOOKS	66	66
OTHER INCOME - INVESTMENT INCOME	5,462,183	5,462,183
OTHER INCOME - NANA I KE KUMU	10,369	10,369
OTHER INCOME - LATE FEES	92,999	92,999
OTHER INCOME - TRANSFER FEES	7,300	7,300
OTHER INCOME - SALE OF TRUSTEES' FURNITURE	1,700	1,700
OTHER INCOME - SETTLEMENT	16	16
OTHER INCOME - ACCOUNTS RECEIVABLE ADJUSTMENT	138,309	138,309
OTHER INCOME - PROCEEDS FROM LH LAUNDROMAT	1,647	1,647

Description	Amount
NET UNREALIZED GAIN/(LOSS) ON INVESTMENTS	96,199,935
FASB STATEMENT 158 ADJUSTMENT	486,864

Description	Beginning of Year - Book Value	End of Year - Book Value
ACCRUED VACATION	80,705	72,199
ACCRUED POSTRETIREMENT BENEFITS	1,473,094	1,010,977

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT SERVICES	51,498	51,498	51,498	0
OTHER PROFESSIONAL FEES	3,522,589	1,788,912	1,788,912	1,917,904

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
REAL PROPERTY TAX	4,606,681	4,470,029	4,470,029	133,513
HAWAII GENERAL EXCISE TAX	1,308,662	1,308,662	1,308,662	0
INCOME & FOREIGN TAX	56,746	56,746	56,746	0