TY 2023 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.
right arrow

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

OMB No. 1545-0047

2023

Open to Public Inspection

For calendar year 2023, or tax year beginning 01-01-2023 , and ending 12-31-2023

Name of foundation
THOMAS LYLE WILLIAMS TRUST
BESSEMER TRUST COMPANY NA

Number and street (or P.O. box number if mail is not delivered to street address)1271 AVE OF THE AMERICAS 42 FL
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
NEW YORK, NY10020

A Employer identification number

36-6673112

B Telephone number (see instructions)

(516) 508-9623

C If exemption application is pending, check here right arrow

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............. right arrow

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

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

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 ....... right arrow

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

$184,342,099J 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	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	2,674,969		2,652,927
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		2,278,942
b	Gross sales price for all assets on line 6a 49,690,160
7	Capital gain net income (from Part IV, line 2)...			2,220,594
8	Net short-term capital gain.........
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).......	List of Attached Documents: // Content	0	135,814
12	Total. Add lines 1 through 11........	4,953,911		5,009,335
13	Compensation of officers, directors, trustees, etc.	262,854		116,827	146,027
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	1,358,510	1,358,510	0
17	Interest...............	124,974		124,974	0
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	153,798	71,150	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	133,882	130,666	0
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	2,034,018		1,802,127	146,027
25	Contributions, gifts, grants paid.......	9,709,826			9,709,826
26	Total expenses and disbursements. Add lines 24 and 25	11,743,844		1,802,127	9,855,853
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-6,789,933
b	Net investment income (if negative, enter -0-)			3,207,208
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2023)

Form 990-PF (2023)

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.............
	2	Savings and temporary cash investments.........	7,506,277	6,833,041	6,833,041
	3	Accounts receivable 90,039
		Less: allowance for doubtful accounts	939,577	90,039	90,039
	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
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	21,202,579	List of Attached Documents: // Content 21,951,821	22,004,667
	b	Investments—corporate stock (attach schedule).......	62,099,952	List of Attached Documents: // Content 60,290,464	83,772,780
	c	Investments—corporate bonds (attach schedule).......	16,943,498	List of Attached Documents: // Content 14,835,410	14,479,433
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	20,269,580	List of Attached Documents: // Content 15,895,742	21,956,325
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 22,054,414	List of Attached Documents: // Content 24,282,980	List of Attached Documents: // Content 35,205,814
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	151,015,877	144,179,497	184,342,099
	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	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........	154,375,498	154,375,498
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	28	Retained earnings, accumulated income, endowment, or other funds	-3,359,621	-10,196,001
	29	Total net assets or fund balances (see instructions).....	151,015,877	144,179,497
	30	Total liabilities and net assets/fund balances (see instructions).	151,015,877	144,179,497

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

151,015,877

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

-6,789,933

Other increases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

251

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

144,226,195

Decreases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

46,698

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

144,179,497

Form 990-PF (2023)

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
1 a	PUBLICLY TRADED SECURITIES
b	PUBLICLY TRADED SECURITIES
c	CAPITAL GAINS FROM PARTNERSHIPS	P
d	CAPITAL GAINS DIVIDENDS	P
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	17,939,292	18,557,980	-618,688
b	30,321,423	28,853,238	1,468,185
c	1,232,694	58,348	1,174,346
d	196,751		196,751
e

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			-618,688
b			1,468,185
c			1,174,346
d			196,751
e

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	2,220,594
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

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)	1	44,580
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	0
3	Add lines 1 and 2...........................	3	44,580
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	44,580
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a	47,920
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	100,000
d	Backup withholding erroneously withheld ..........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	147,920
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. List of Attached Documents: // Content		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	103,340
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax103,340	Refunded	11	0

Form 990-PF (2023)

Page 4

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. right arrow

$ 0(2) On foundation managers. right arrow

$ 0

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

on foundation managers. right arrow

$ 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 2023 or the taxable year beginning in 2023? See the instructions for Part XIII.

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

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

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

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 right arrow

N/A

The books are in care of right arrow

BESSEMER TRUST COMPANY NA Telephone no. right arrow

(516) 508-9623

Located at right arrow

1271 AVE OF THE AMERICAS 42 FLNEW YORKNY ZIP+4 right arrow

10020

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

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

16 At any time during calendar year 2023, 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 right arrow

Form 990-PF (2023)

Page 5

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 ........ right arrow

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 2023? .............

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 2023, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2023?....................

If "Yes," list the years right arrow

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 2023 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 2023.) .....................

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 2023? ..

Form 990-PF (2023)

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 ......... right arrow

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-)
ALSTON P WATT	CO-TRUSTEE 2.00	43,811
C/O BESSEMER TRUST CO 1271 AVE OF THE AMERICAS 42 FL NEW YORK,NY10020	CO-TRUSTEE 2.00	43,811
ASHLYN E WILLIAMS	CO-TRUSTEE 2.00	43,811
C/O BESSEMER TRUST CO 1271 AVE OF THE AMERICAS 42 FL NEW YORK,NY10020	CO-TRUSTEE 2.00	43,811
BESSEMER TRUST COMPANY NA	CO-TRUSTEE 10.00	175,232
1271 AVE OF THE AMERICAS 42 FL NEW YORK,NY10020	CO-TRUSTEE 10.00	175,232

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

Form 990-PF (2023)

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
SELECT EQUITY GROUP INC	INVESTMENT SERVICES	105,333
380 LAFAYETTE ST NEW YORK,NY10003	INVESTMENT SERVICES	105,333
SOUTHEAST ASSET ADVISORS INC	INVESTMENT SERVICES	102,426
314 GORDON AVENUE THOMASVILLE,GA31792	INVESTMENT SERVICES	102,426
JOHN W BRISTOL & CO	INVESTMENT SERVICES	87,283
48 WALL STREET NEW YORK,NY10005	INVESTMENT SERVICES	87,283

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

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


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......................... right arrow

Form 990-PF (2023)

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

172,690,614

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

7,220,736

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

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

179,911,350

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

179,911,350

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

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

2,698,670

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

177,212,680

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

8,860,634

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

8,860,634

Tax on investment income for 2022 from Part V, line 5.......

44,580

Income tax for 2022. (This does not include the tax from Part V.) ...

1,376

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

45,956

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

8,814,678

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

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

8,814,678

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

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

8,814,678

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 ..........

9,855,853

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. .......

9,855,853

Form 990-PF (2023)

Page 9

Part XII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2022	(c) 2022	(d) 2023
1 Distributable amount for 2023 from Part X, line 7					8,814,678
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......				0
b Total for prior years:20 , 20, 20			0
3 Excess distributions carryover, if any, to 2022:
a From 2018......
b From 2019......
c From 2020......	213,746
d From 2021......
e From 2022......	851,166
f Total of lines 3a through e ........		1,064,912
4Qualifying distributions for 2023 from Part
XI, line 4: $ 9,855,853
a Applied to 2022, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see instructions).....			0
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2023 distributable amount.....					8,814,678
e Remaining amount distributed out of corpus		1,041,175
5 Excess distributions carryover applied to 2023.		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		2,106,087
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 2022. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2023. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2024 ..........					0
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 2018 not applied on line 5 or line 7 (see instructions) ...		0
9 Excess distributions carryover to 2024. Subtract lines 7 and 8 from line 6a ......		2,106,087
10 Analysis of line 9:
a Excess from 2019....
b Excess from 2020....	213,746
c Excess from 2021....
d Excess from 2022....	851,166
e Excess from 2023....	1,041,175

Form 990-PF (2023)

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 2023, enter the date of the ruling ...... right arrow

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 IX for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2023	(b) 2022	(c) 2021	(d) 2020	(e) Total

b 85% (0.85) of line 2a .........
c Qualifying distributions from Part XI, 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 IX, 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 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 right arrow

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 (2023)

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
CARE INC 151 ELLIS STREET ATLANTA,GA30303	N/A	PUBLIC CHARITY	GENERAL EXEMPT PURPOSE	6,472,974
CHARITABLE CONTRIBUTIONS FROM PARTNERSHIPS 1271 AVE OF THE AMERICAS 42 FL NEW YORK,NY10020	N/A	PUBLIC CHARITY	GENERAL EXEMPT PURPOSE	365
SALVATION ARMY 615 SLATERS LN ALEXANDRIA,VA22313	N/A	PUBLIC CHARITY	GENERAL EXEMPT PURPOSE	3,236,487
Total ................................. 3a				9,709,826

bApproved for future payment

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

Form 990-PF (2023)

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 ...........
4 Dividends and interest from securities ....			14	2,674,969
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 .....			01
8 Gain or (loss) from sales of assets other than inventory ............	523000	25,344	18	2,253,598
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		25,344		4,928,567	0

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

4,953,911

(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 (2023)

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 (2023)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2023 GeneralExplanationAttachment

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

Identifier	Return Reference	Explanation
PASSIVE ACTIVITY LOSSES	FORM 990-PF, PART 1, LINE 11	AS PER IRC SECTION 469, THE TOTAL PASSIVE ACTIVITY LOSS FROM THE 2023 TAX YEAR IS $600,286. THIS LOSS WILL BE CARRIED FORWARD TO THE NEXT TAXABLE YEAR.

- TIN:

TY 2023 InvestmentsCorpBondsSchedule

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

Name of Bond	End of Year Book Value	End of Year Fair Market Value
440000.00 ABBVIE INC	454,766	432,238
365000.00 AIR LEASE CORP	360,609	374,577
26272.26 BANC OF AMERICA MORTGAGE	30,945	21,509
400000.00 BANCO SANTANDER SA	395,624	408,248
359000.00 BANK OF AMERICA CORP	359,720	354,926
470000.00 BANK OF MONTREAL	470,000	468,694
470000.00 BLACKROCK INC	465,817	392,918
350000.00 CHARLES SCHWAB CORP	302,253	311,660
580000.00 CITIGROUP INC	583,453	552,956
421000.00 COMCAST CORP	416,390	423,189
432000.00 CREDIT SUISSE NEW YORK	424,872	423,112
200000.00 DIAGEO CAPITAL PLC	199,736	201,766
465000.00 DTE ENERGY CO	465,769	459,067
395000.00 ENERGY TRANSFER PARTNERS	435,287	394,072
452000.00 FLORIDA POWER & LIGHT CO	447,606	452,888
284000.00 GENERAL MOTORS FINL CO	295,530	279,977
145000.00 GENERAL MOTORS FINL CO	150,002	142,628
0.00 GSR MTG LN TR 2006-10F	9	0
178000.00 HP ENTERPRISE CO	188,870	177,377
592000.00 JPMORGAN CHASE & CO	592,740	524,856
113000.00 JPMORGAN CHASE & CO	113,105	109,776
360000.00 L3HARRIS TECH INC	357,066	367,575
285000.00 MAGNA INTERNATIONAL INC	285,862	282,257
440000.00 MITSUBISHI UFJ FIN GRP	440,000	437,963
380000.00 MORGAN STANLEY	361,140	369,456
250000.00 NUCOR CORP	250,765	240,120
515000.00 PAYPAL HOLDINGS INC	441,277	471,676
315000.00 PFIZER INVESTMENT ENTER	315,932	315,054
370000.00 PNC FINANCIAL SERVICES	362,518	367,621
480000.00 PUBLIC STORAGE	480,045	431,698
200000.00 SABINE PASS LIQUEFACTION	211,494	203,500
480000.00 SOUTHERN CAL EDISON	479,256	467,000
367000.00 STARBUCKS CORP	367,152	368,573
424000.00 SUMITOMO MITSUI FINL GRP	393,705	402,012
440000.00 TOYOTA MOTOR CREDIT CORP	439,744	439,333
420000.00 US BANCORP	420,000	328,944
490000.00 VALERO ENERGY CORP	490,225	484,994
400000.00 VZMT 2021-1 B	399,976	391,635
410000.00 WARNERMEDIA HOLDINGS INC	357,048	375,095
480000.00 WEC ENERGY GROUP INC	479,428	474,959
350000.00 WILLIAMS COMPANIES INC	349,674	353,534

- TIN:

TY 2023 InvestmentsCorpStockSchedule

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

Name of Stock	End of Year Book Value	End of Year Fair Market Value
770.00 ABBOTT LABORATORIES	84,178	84,753
730.00 ABBVIE INC	108,837	113,128
703.00 AGILENT TECHNOLOGIES	105,905	97,738
1667.00 AIR PRODUCTS & CHEMICALS	205,420	456,424
228.00 AIR PRODUCTS & CHEMICALS	69,788	62,426
415.00 ALEXANDRIA REAL EST EQ INC	61,525	52,609
2975.00 ALIMENTATION COUCHE-TARD I	148,204	175,729
2879.00 ALPHABET INC CLASS C	23,806	405,737
2180.00 ALPHABET INC CLASS C	84,595	307,227
1221.00 ALPHABET INC CLASS C	115,908	172,075
5504.00 ALPHABET INC. CLASS A	138,136	768,853
7230.00 AMAZON.COM INC	150,232	1,098,526
2170.00 AMAZON.COM INC	144,149	329,709
1429.00 AMAZON.COM INC	164,550	217,122
1335.00 AMEREN CORP	95,064	96,573
279.00 AMERICAN TOWER CORP	61,053	60,230
299.00 AMETEK INC NEW	42,562	49,302
3441.00 AMPHENOL CORP	48,577	341,106
1738.00 ANALOG DEVICES	205,182	345,097
259.00 AON PLC	72,055	75,374
3252.00 APPLE INC	41,687	626,107
2475.00 APPLE INC	86,537	476,511
1929.00 APPLE INC	270,401	371,390
3206.00 ARISTA NETWORKS INC	172,078	755,045
472542.41 ARTISAN GLOBAL VALUE INS	7,681,656	9,899,763
1125.00 ASHTEAD GROUP	73,939	78,253
168.00 ASML HOLDING	80,215	126,550
126.00 AUTOMATIC DATA PROCESSING	28,761	29,354
27.00 AUTOZONE INC	68,595	69,811
5095.00 BANK OF AMERICA CORP	159,002	171,548
3014.00 BANK OF AMERICA CORP	104,299	101,481
675.00 BATH & BODY WORKS INC	30,447	29,133
1839.00 BECTON DICKINSON & CO	119,995	448,403
1470.00 BERKSHIRE HATHAWAY CL B	290,451	524,290
2777.00 BIO-TECHNE CORP NPV	222,632	214,273
605.00 BLACKSTONE INC	30,864	79,206
518.00 BLACKSTONE INC	44,690	67,816
112.00 BOOKING HLDGS INC	204,864	397,288
233.00 BROADCOM INC	133,750	260,086
1525.00 BROOKFIELD CORPORATION	61,644	61,183
7814.00 BROWN & BROWN INC	185,868	555,653
5136.00 CANADIAN PACIFIC KANSAS CI	357,535	406,052
1425.00 CANADIAN PACIFIC KANSAS CI	108,788	113,093
119.00 CATERPILLAR INC	28,409	35,184
2603.00 CDW CORP/DE	212,028	591,713
840.00 CENCORA INC	139,572	172,519
7791.00 CERIDIAN HCM HLDG INC	388,201	522,931
849.00 CHARTER COMMUNICATIONS INC	346,074	329,989
1040.00 CHEVRON CORP	185,539	155,126
208.00 CHIPOTLE MEXICAN GRILL	150,195	475,687
1836.00 CLEAN HARBORS INC	297,157	320,400
899.00 COCA-COLA COMPANY	54,476	52,978
9479.00 COMCAST CORP CL A NEW	238,049	415,654
979.00 COMCAST CORP CL A NEW	42,581	42,929
985.00 CONOCOPHILLIPS	49,348	114,328
3.00 CONSTELLATION SOFTWARE	7,455	7,460
2990.00 COPART INC	83,079	146,510
6549.00 CORE & MAIN INC	170,395	264,645
884.00 COSTCO WHSL CORP NEW	102,680	583,510
143.00 COSTCO WHSL CORP NEW	70,122	94,391
86.00 COSTCO WHSL CORP NEW	43,160	56,766
100.00 CRH PLC	6,894	6,916
500.00 CRH PLC	34,149	34,580
522.00 DANAHER CORP	56,772	120,759
69.00 DEERE & CO	28,399	27,591
7848.00 DELTA AIR LINES INC DEL	235,877	315,725
3164.00 DOLLAR GENERAL CORP	391,421	430,145
7392.00 DUCKHORN PORTFOLIO INC/THE	105,603	72,811
819.00 DUKE ENERGY HLDG CORP	82,427	79,475
385.00 EATON CORP PLC	54,606	92,715
358.00 EATON CORP PLC	56,939	86,213
247.00 ELEVANCE HEALTH INC	119,053	116,475
3432.00 ENTEGRIS INC	226,989	411,222
585.00 EXXON MOBIL CORP	67,426	58,488
2087.00 FEDEX CORP	154,394	527,948
939.00 FORTINET INC	48,106	54,959
280.00 GARTNER INC CL A	103,584	126,310
384.00 GENUINE PARTS CO	65,921	53,184
775.00 HEALTH CARE SELECT SPDR	105,994	105,694
635.00 HILTON WORLDWIDE HOLDINGS	65,125	115,627
233.00 HOME DEPOT	75,678	80,746
387.00 HONEYWELL INTL INC	72,343	81,157
2700.00 HOWMET AEROSPACE INC	97,219	146,124
807.00 HOWMET AEROSPACE INC	39,676	43,674
353.00 IDEXX LABS CORP	122,320	195,932
197.00 ILLINOIS TOOL WORKS INC	44,775	51,602
9553.00 INFINEON TECH ADR AG	358,291	398,895
1100.00 INTERCONTINENTAL EXCHG INC	111,367	141,273
1450.00 INTUITIVE SURGICAL	348,572	489,172
216.00 INTUITIVE SURGICAL	56,760	72,869
590.00 IQVIA HOLDINGS INC	89,415	136,514
2100.00 ISHARES CHINA LRGE-CAP ETF	71,347	50,463
1978.00 ITT INC	201,873	236,014
1817.00 JACOBS SOLUTIONS INC	149,493	235,846
2859.00 JOHNSON & JOHNSON	108,727	448,119
284.00 JOHNSON & JOHNSON	46,362	44,514
3963.00 JPMORGAN CHASE & CO	251,813	674,106
1060.00 JPMORGAN CHASE & CO	158,372	180,306
910.00 JPMORGAN CHASE & CO	125,122	154,791
2257.00 KENVUE INC	49,176	48,593
194.00 KLA CORPORATION	78,423	112,772
129.00 LILLY ELI & CO	62,977	75,196
6089.00 LIVE NATION ENTERTMNT INC	489,558	569,930
91.00 LOCKHEED MARTIN CORP	42,093	41,244
300.00 LOWES COS INC	62,123	66,765
106.00 LVMH MOET HENNESSY VUITTON	52,536	85,926
1202.00 MARTIN MARIETTA MATL INC	214,203	599,689
1750.00 MARVELL TECHNOLOGY INC	81,279	105,542
1726.00 MASTERCARD CL A	165,380	736,156
171.00 MCDONALD'S CORP	46,542	50,703
329.00 MEDTRONIC PLC	26,063	27,103
60.00 MERCADOLIBRE INC	76,173	94,292
869.00 MERCK & CO INC NEW	94,963	94,738
2653.00 META PLATFORMS INC	220,486	939,055
560.00 META PLATFORMS INC	109,741	198,217
264.00 META PLATFORMS INC	39,511	93,445
928.00 METLIFE INC COM	67,485	61,368
3237.00 MICROSOFT CORP	69,119	1,217,241
1588.00 MICROSOFT CORP	111,517	597,151
1543.00 MICROSOFT CORP	372,711	580,229
759.00 MOODYS CORP	195,462	296,435
2126.00 MORNINGSTAR	411,162	608,546
521.00 MOTOROLA SOLUTIONS INC	134,351	163,119
299.00 MOTOROLA SOLUTIONS INC	77,697	93,613
590.00 MSA SAFETY INC	89,565	99,609
3625.00 NESTLE SA SPNS ADR REPS	97,828	419,978
1046.00 NETFLIX INC	219,190	509,276
1375.00 NEXTERA ENERGY INC	104,683	83,517
1100.00 NEXTERA ENERGY INC	88,432	66,814
3365.00 NIKE INC CL B	129,883	365,338
223.00 NORTHROP GRUMMAN CORP	89,477	104,395
175.00 NORTHROP GRUMMAN CORP	83,468	81,924
2597.00 NOVARTIS AG ADR	102,064	262,219
435.00 NVIDIA CORP	115,197	215,420
474.00 NVIDIA CORP	90,011	234,734
1355.00 ORACLE CORP	112,208	142,857
550000.00 OW CREDIT INCOME FUND	5,500,000	4,460,500
647806.41 OW LARGE CAP STRATEGIES FD	8,239,343	11,245,919
659577.40 OW SMALL & MIDCAP STRAT FD	9,953,907	10,177,279
1999.00 PAYCHEX INC	151,265	238,100
186.00 PEPSICO INC	33,231	31,590
976.00 PHILIP MORRIS INTL INC	98,851	91,822
300.00 PIONEER NATURAL RESOURCES	47,989	67,464
359.00 POOL CORP	112,105	143,136
319.00 PROCTER & GAMBLE CO	45,718	46,746
1512.00 PROGRESSIVE CORP OHIO	18,160	240,831
1000.00 PROLOGIS INC	134,851	133,300
281.00 PRUDENTIAL FINANCIAL	28,137	29,142
587.00 PTC INC	84,564	102,701
256.00 QUANTA SERVICES INC	52,512	55,244
511.00 QUEST DIAGNOSTICS INC	73,795	70,456
3187.00 REVVITY INC	157,316	348,370
4585.00 ROLLINS INC	147,870	200,226
2587.00 ROSS STORES INC	229,370	358,014
332.00 ROSS STORES INC	39,518	45,945
639.00 S&P GLOBAL INC.	41,993	281,492
286.00 S&P GLOBAL INC.	91,570	125,988
1016.00 SALESFORCE INC	153,294	267,350
1804.00 SBA COMMUNICATIONS CORP	408,998	457,656
2975.00 SCHLUMBERGER LTD	160,192	154,819
3818.00 SCHWAB CHARLES CORP NEW	260,477	262,678
3045.00 SERVICE CORP INTL	175,714	208,430
110.00 SERVICENOW INC	21,399	77,713
380.00 SHERWIN-WILLIAMS CO	89,637	118,522
3629.00 SIGNET JEWELERS LTD	277,050	389,246
485.00 SIMON PROP GROUP	58,978	69,180
516.00 STARBUCKS CORP	53,531	49,541
521.00 STERIS PLC	73,271	114,541
850.00 TAKE-2 INTERACTIVE	109,035	136,807
193.00 TARGET CORP	33,833	27,487
667.00 TE CONNECTIVITY LTD	82,091	93,713
761.00 TELEDYNE TECHNOLOGIES INC	321,526	339,626
13311.00 TEMPUR PEDIC INTL INC	527,125	678,461
2410.00 TEXAS INSTRUMENTS INC	88,483	410,808
173.00 TEXAS INSTRUMENTS INC	30,252	29,489
122.00 THE HERSHEY COMPANY	27,400	22,745
2774.00 THE MIDDLEBY	376,916	408,249
1227.00 THERMO FISHER SCIENTIFIC	227,152	651,279
239.00 THERMO FISHER SCIENTIFIC	35,333	126,858
3486.00 TJX COMPANIES INC	124,177	327,021
2868.00 T-MOBILE US INC	384,007	459,826
2939.00 TORO CO	191,030	282,114
144060.45 TOUCHSTONE SANDS CAPITAL E	3,131,874	2,019,727
860.00 TRACTOR SUPPLY	108,778	184,925
412.00 TRANSDIGM GROUP INC COM	127,845	416,779
2175.00 TRANSUNION	150,153	149,444
4102.00 TRIMBLE INC	264,981	218,226
1640.00 TRUIST FINANCIAL CORP	73,293	60,548
316.00 UNION PACIFIC CORP	65,566	77,615
709.00 UNITEDHEALTH GROUP INC	72,880	373,267
452.00 UNITEDHEALTH GROUP INC	127,568	237,964
1673.00 VAIL RESORTS INC	368,928	357,135
1890.00 VERIZON COMMUNICATIONS	75,171	71,253
1285.00 VISA INC	162,734	334,549
437.00 VISA INC	95,683	113,772
385.00 VULCAN MATERIALS	67,497	87,398
2821.00 WABTEC CORP	277,819	357,984
3274.00 WABTEC CORP	290,861	415,470
800.00 WALMART INC	118,264	126,120
464.00 WALMART INC	67,699	73,149
354.00 WASTE MANAGEMENT INC NEW	55,252	63,401
600.00 WEC ENERGY GROUP INC	56,762	50,502
2020.00 WORKDAY INC CL A	250,508	557,641
2456.00 YUM BRANDS INC	158,448	320,900
252.00 ZOETIS INC	40,049	49,737

- TIN:

TY 2023 InvestmentsGovtObligationsSch

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

US Government Securities - End of Year Book Value:

21,951,821

US Government Securities - End of Year Fair Market Value:

22,004,667

State & Local Government Securities - End of Year Book Value:

State & Local Government Securities - End of Year Fair Market Value:

- TIN:

TY 2023 InvestmentsOtherSchedule2

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
2557.34 5TH AVE MUL-STRAT OFF S1	AT COST	6,404,742	7,702,074
3589.93 5TH AVE MUL-STRAT OFF S1	AT COST	8,000,000	10,811,974
2079.9797 SELECT EQUITY LP BAXTER	AT COST	1,491,000	3,442,277

- TIN:

TY 2023 OtherAssetsSchedule

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
BROOKFIELD BUSINESS PARTNERS LP	2,370	2,369	2,369
FIFTH AVENUE PRIVATE EQUITY 11 LLC	1,388,003	1,144,519	2,692,543
FIFTH AVENUE PRIVATE EQUITY 12 LLC	1,422,401	1,285,643	2,772,298
FIFTH AVENUE PRIVATE EQUITY 13 LLC	2,290,970	2,075,543	4,212,059
FIFTH AVENUE PRIVATE EQUITY 14 LLC	2,355,922	2,378,169	4,349,731
FIFTH AVENUE PRIVATE EQUITY 15 LLC	3,971,821	4,030,715	5,736,242
FIFTH AVENUE PRIVATE EQUITY 16 LLC	1,455,641	2,086,309	2,369,008
FIFTH AVENUE PRIVATE EQUITY 17 LLC	0	203,393	243,641
FIFTH AVENUE REAL ASSETS 3 LLC	1,203,043	1,151,677	1,850,212
FIFTH AVENUE REAL ASSETS 4 LLC	2,991,815	3,227,372	4,534,395
FIFTH AVENUE REAL ASSETS 5 LLC	1,174,151	2,300,550	2,772,841
FIFTH AVENUE REAL ASSETS 6 LLC	0	-12,860	0
LINDSAY GOLDBERG V LP	763,176	1,807,875	1,573,881
LINDSAY GOLDBERG V AIV LP	27,252	33,707	29,344
POLUNIN DEVELOPING COUNTRIES FUND LLC	3,007,849	2,567,999	2,067,250

- TIN:

TY 2023 OtherDecreasesSchedule

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

Description	Amount
TIMING DIFFERENCE	46,698

- TIN:

TY 2023 OtherExpensesSchedule

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

Description	Revenue and Expenses per Books	Net Investment Income
OTHER DEDUCTIONS THROUGH PARTNERSHIPS	1,081	1,081
NONDEDUCTIBLE EXPENSES THROUGH PARTNERSHIPS	3,216	0
OTHER LOSSES THROUGH PARTNERSHIPS	129,585	129,585

- TIN:

TY 2023 OtherIncomeSchedule2

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
OTHER PORTFOLIO INCOME FROM PARTNERSHIPS	0	135,814	0

- TIN:

TY 2023 OtherIncreasesSchedule

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

Description	Amount
FEDERAL TAX REFUND	251

- TIN:

TY 2023 OtherProfessionalFeesSchedule

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

Category	Amount	Net Investment Income
INVESTMENT MANAGEMENT FEES	237,467	237,467
ADR FEES	0	0
DJURIC SPRATT - FEES	0	0
JOHN W. BRISTOL & CO. INC.	87,283	87,283
SELECT EQUITY GROUP INC.	105,333	105,333
SOUTHEAST ASSET ADVISORS INC.	102,426	102,426
INVESTMENT FEES FROM PARTNERSHIPS	826,001	826,001

- TIN:

TY 2023 TaxesSchedule

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

Category	Amount	Net Investment Income
ESTIMATED TAX PAYMENTS - 990-T	10,000	0
FEDERAL EXCISE TAX PAID - 990-PF	5,000	0
FEDERAL EXCISE TAX PAID - 990-T	60,000	0
FEDERAL TAX CREDITS FROM PARTNERSHIPS	212	0
FOREIGN TAX PAID	5,246	5,246
FOREIGN TAX PAID FROM PARTNERSHIPS	51,876	51,876
FOREIGN TAX WITHHELD IN EXCESS	7,436	0
STATE TAX WITHHOLDINGS THROUGH PARTNERSHIPS	14,028	14,028