TY 2024 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

2024

Open to Public Inspection

For calendar year 2024, or tax year beginning 01-01-2024 , and ending 12-31-2024

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

$192,804,108J 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...	3,172,073		3,170,294
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		9,464,199
b	Gross sales price for all assets on line 6a 62,319,118
7	Capital gain net income (from Part IV, line 2)...			9,412,187
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	158,979
12	Total. Add lines 1 through 11........	12,636,272		12,741,460
13	Compensation of officers, directors, trustees, etc.	275,360		122,397	152,963
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	1,402,990	1,402,990	0
17	Interest...............	96,898		96,898	0
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	211,210	42,624	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	232,065	211,623	0
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	2,218,523		1,876,532	152,963
25	Contributions, gifts, grants paid.......	9,532,966			9,532,966
26	Total expenses and disbursements. Add lines 24 and 25	11,751,489		1,876,532	9,685,929
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	884,783
b	Net investment income (if negative, enter -0-)			10,864,928
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2024)

Form 990-PF (2024)

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.........	6,833,041	11,375,234	11,375,234
	3	Accounts receivable 37,732
		Less: allowance for doubtful accounts	90,039	37,732	37,732
	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)	21,951,821	List of Attached Documents: // Content 22,414,716	21,862,354
	b	Investments—corporate stock (attach schedule).......	60,290,464	List of Attached Documents: // Content 59,744,690	88,082,095
	c	Investments—corporate bonds (attach schedule).......	14,835,410	List of Attached Documents: // Content 11,112,980	10,881,412
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	15,895,742	List of Attached Documents: // Content 14,620,742	22,226,370
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 24,282,980	List of Attached Documents: // Content 24,275,010	List of Attached Documents: // Content 38,338,911
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	144,179,497	143,581,104	192,804,108
	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	-10,196,001	-10,794,394
	29	Total net assets or fund balances (see instructions).....	144,179,497	143,581,104
	30	Total liabilities and net assets/fund balances (see instructions).	144,179,497	143,581,104

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

144,179,497

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

884,783

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

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

145,064,280

Decreases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

1,483,176

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

143,581,104

Form 990-PF (2024)

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	25,745,687	25,374,717	370,970
b	33,739,775	27,480,202	6,259,573
c	1,546,113	52,012	1,494,101
d	1,287,543		1,287,543
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			370,970
b			6,259,573
c			1,494,101
d			1,287,543
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	9,412,187
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	151,022
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	151,022
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	151,022
6	Credits/Payments:

a	2024 estimated tax payments and 2023 overpayment credited to 2024	6a	103,340
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	171,000
d	Backup withholding erroneously withheld ..........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	274,340
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. List of Attached Documents: // Content		8	896
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	122,422
11	Enter the amount of line 10 to be: Credited to 2025 estimated tax122,422	Refunded	11	0

Form 990-PF (2024)

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 2024 or the taxable year beginning in 2024? 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 2024, 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 (2024)

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 2024? .............

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 2024, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2024?....................

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 2024 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 2024.) .....................

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 2024? ..

Form 990-PF (2024)

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	45,887
C/O BESSEMER TRUST CO 1271 AVE OF THE AMERICAS 42 FL NEW YORK,NY10020	CO-TRUSTEE 2.00	45,887
ASHLYN E WILLIAMS	CO-TRUSTEE 2.00	45,887
C/O BESSEMER TRUST CO 1271 AVE OF THE AMERICAS 42 FL NEW YORK,NY10020	CO-TRUSTEE 2.00	45,887
BESSEMER TRUST COMPANY NA	CO-TRUSTEE 10.00	183,586
1271 AVE OF THE AMERICAS 42 FL NEW YORK,NY10020	CO-TRUSTEE 10.00	183,586

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 (2024)

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	110,725
380 LAFAYETTE ST NEW YORK,NY10003	INVESTMENT SERVICES	110,725
SOUTHEAST ASSET ADVISORS INC	INVESTMENT SERVICES	109,834
314 GORDON AVENUE THOMASVILLE,GA31792	INVESTMENT SERVICES	109,834
JOHN W BRISTOL & CO	INVESTMENT SERVICES	72,380
48 WALL STREET NEW YORK,NY10005	INVESTMENT SERVICES	72,380

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 (2024)

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

182,797,154

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

8,009,788

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

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

190,806,942

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

190,806,942

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

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

2,862,104

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

187,944,838

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

9,397,242

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

9,397,242

Tax on investment income for 2024 from Part V, line 5 .......

151,022

Income tax for 2024. (This does not include the tax from Part V.) ...

1,643

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

152,665

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

9,244,577

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

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

9,244,577

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

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

9,244,577

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 ..........

9,685,929

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. .......

9,685,929

Form 990-PF (2024)

Page 9

Part XII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2023	(c) 2023	(d) 2024
1 Distributable amount for 2024 from Part X, line 7					9,244,577
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......				0
b Total for prior years:20 , 20, 20			0
3 Excess distributions carryover, if any, to 2024:
a From 2019......
b From 2020......	213,746
c From 2021......
d From 2022......	851,166
e From 2023......	1,041,175
f Total of lines 3a through e ........		2,106,087
4Qualifying distributions for 2024 from Part
XI, line 4: $ 9,685,929
a Applied to 2023, 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 2024 distributable amount.....					9,244,577
e Remaining amount distributed out of corpus		441,352
5 Excess distributions carryover applied to 2024.		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		2,547,439
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 2023. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2024. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2025 ..........					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 2019 not applied on line 5 or line 7 (see instructions) ...		0
9 Excess distributions carryover to 2025. Subtract lines 7 and 8 from line 6a ......		2,547,439
10 Analysis of line 9:
a Excess from 2020....	213,746
b Excess from 2021....
c Excess from 2022....	851,166
d Excess from 2023....	1,041,175
e Excess from 2024....	441,352

Form 990-PF (2024)

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 2024, 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) 2024	(b) 2023	(c) 2022	(d) 2021	(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 (2024)

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	6,354,536
CHARITABLE CONTRIBUTIONS FROM PARTNERSHIPS 1271 AVE OF THE AMERICAS 42 FL NEW YORK,NY10020	N/A	PUBLIC CHARITY	GENERAL EXEMPT PURPOSE	1,162
SALVATION ARMY 615 SLATERS LN ALEXANDRIA,VA22313	N/A	PUBLIC CHARITY	GENERAL EXEMPT PURPOSE	3,177,268
Total ................................. 3a				9,532,966

bApproved for future payment

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

Form 990-PF (2024)

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	3,172,073
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	29,137	18	9,435,062
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) ..		29,137		12,607,135	0

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

12,636,272

(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 (2024)

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 (2024)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2024 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 2024 TAX YEAR IS $736,390. THIS LOSS WILL BE CARRIED FORWARD TO THE NEXT TAXABLE YEAR.

- TIN:

TY 2024 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
365000.00 AIR LEASE CORP	360,609	374,212
365000.00 AMERICAN TOWER CORP	367,565	362,833
24299.27 BANC OF AMERICA MORTGAGE	29,347	18,779
359000.00 BANK OF AMERICA CORP	359,656	352,161
400000.00 BROADCOM INC	400,036	401,493
350000.00 CHARLES SCHWAB CORP	302,253	320,736
580000.00 CITIGROUP INC	582,633	561,530
353000.00 COREBRIDGE FINANCIAL INC	354,697	359,569
365000.00 DIAMONDBACK ENERGY INC	372,227	365,714
365000.00 ELEVANCE HEALTH INC	365,401	361,560
395000.00 ENERGY TRANSFER PARTNERS	426,144	394,342
452000.00 FLORIDA POWER & LIGHT CO	447,606	447,499
370000.00 GOLDMAN SACHS GROUP INC	369,737	362,428
0.00 GSR MTG LN TR 2006-10F	9	0
365000.00 HUNTINGTON BANCSHARES	365,467	365,024
592000.00 JPMORGAN CHASE & CO	592,580	537,612
113000.00 JPMORGAN CHASE & CO	113,086	110,006
364000.00 L3HARRIS TECH INC	364,097	364,481
380000.00 LABORATORY CORP OF AMER	377,773	363,440
455000.00 MARRIOTT INTERNATIONAL	398,743	401,375
370000.00 MARSH & MCLENNAN COS INC	368,418	365,513
375000.00 MORGAN STANLEY	394,132	373,071
364000.00 PACIFIC GAS & ELECTRIC	367,568	369,897
515000.00 PAYPAL HOLDINGS INC	441,277	470,601
354000.00 PUBLIC SERVICE ENTERPRIS	360,650	365,145
480000.00 PUBLIC STORAGE	480,018	437,794
200000.00 SABINE PASS LIQUEFACTION	204,708	201,936
493000.00 TEXAS INSTRUMENTS INC	416,525	421,881
352000.00 TOYOTA MOTOR CREDIT CORP	360,344	357,361
420000.00 US BANCORP	420,000	340,983
350000.00 WILLIAMS COMPANIES INC	349,674	352,436

- TIN:

TY 2024 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
650.00 ABBOTT LABORATORIES	70,545	73,521
538.00 ABBVIE INC	79,102	95,602
335000.00 AERCAP IRELAND CAP/GLOBA	333,233	327,509
493.00 AGILENT TECHNOLOGIES	73,033	66,229
1316.00 AIR PRODUCTS & CHEMICALS	135,221	381,692
240.00 ALEXANDRIA REAL EST EQ INC	34,799	23,412
2450.00 ALIMENTATION COUCHE-TARD I	121,627	135,704
1261.00 ALPHABET INC CLASS C	10,427	240,144
2615.00 ALPHABET INC CLASS C	163,103	498,000
1754.00 ALPHABET INC CLASS C	228,767	334,031
5504.00 ALPHABET INC. CLASS A	138,136	1,041,907
6075.00 AMAZON.COM INC	70,077	1,332,794
2160.00 AMAZON.COM INC	142,497	473,882
1267.00 AMAZON.COM INC	138,507	277,967
1280.00 AMEREN CORP	90,055	114,099
149.00 AMERICAN TOWER CORP	32,176	27,328
300.00 AMETEK INC NEW	44,332	54,078
1512.00 ANALOG DEVICES	178,501	321,239
570.00 APOLLO GLOBAL MANAGEMENT I	87,960	94,141
3846.00 APPLE INC	253,737	963,115
2242.00 APPLE INC	109,516	561,441
1884.00 APPLE INC	282,803	471,791
482.00 APPLIED MATERIALS	81,880	78,387
9720.00 ARISTA NETWORKS INC	130,426	1,074,351
432446.78 ARTISAN GLOBAL VALUE INS	6,919,644	9,526,802
1770.00 ASHTEAD GROUP	119,301	109,999
116.00 ASML HOLDING	52,022	81,791
107.00 AUTOMATIC DATA PROCESSING	24,424	31,322
12.00 AUTOZONE INC	30,274	38,424
400000.00 BANCO SANTANDER SA	395,624	405,302
4875.00 BANK OF AMERICA CORP	151,707	214,256
2570.00 BANK OF AMERICA CORP	88,302	112,951
1601.00 BECTON DICKINSON & CO	62,170	363,218
1231.00 BERKSHIRE HATHAWAY CL B	226,768	557,987
1638.00 BIO-TECHNE CORP NPV	124,650	117,985
507.00 BLACKSTONE INC	49,139	87,416
655.00 BROADCOM INC	108,125	151,855
1285.00 BROADCOM INC	70,974	297,914
2222.00 BROOKFIELD CORPORATION	99,673	127,653
4473.00 BROWN & BROWN INC	98,473	456,335
205.00 BUILDERS FIRSTSOURCE INC	41,229	29,300
336.00 CACI INTERNATIONAL INC A	170,393	135,764
5640.00 CANADIAN PACIFIC KANSAS CI	403,897	408,166
178.00 CATERPILLAR INC	54,349	64,571
526.00 CBRE GROUP INC	69,159	69,058
1707.00 CDW CORP/DE	134,984	297,086
539.00 CENCORA INC	95,944	121,102
738.00 CHARTER COMMUNICATIONS INC	297,146	252,964
519.00 CHEVRON CORP	91,816	75,171
7107.00 CHIPOTLE MEXICAN GRILL	71,381	428,552
1295.00 CLEAN HARBORS INC	206,135	298,031
758.00 COCA-COLA COMPANY	45,768	47,193
1200.00 COMCAST CORP CL A NEW	51,091	45,036
1720.00 CONOCOPHILLIPS	130,445	170,572
35.00 CONSTELLATION SOFTWARE	90,482	108,091
1225.00 COPART INC	33,699	70,302
8090.00 CORE & MAIN INC	246,913	411,861
496.00 COSTCO WHSL CORP NEW	19,819	454,469
107.00 COSTCO WHSL CORP NEW	52,178	98,040
69.00 COSTCO WHSL CORP NEW	34,151	63,222
432000.00 CREDIT SUISSE NEW YORK	424,872	431,191
1025.00 CRH PLC	71,487	94,833
948.00 CRH PLC	68,489	87,708
684.00 DANAHER CORP	117,094	157,012
5622.00 DAYFORCE INC	259,845	408,382
397.00 DEERE & CO	150,449	168,208
59.00 DEERE & CO	24,283	24,998
6549.00 DELTA AIR LINES INC DEL	196,834	396,214
350000.00 DIAGEO CAPITAL PLC	367,654	359,354
2744.00 DOLLAR GENERAL CORP	323,553	208,050
690.00 DUKE ENERGY HLDG CORP	68,857	74,340
237.00 EATON CORP PLC	33,590	78,653
300.00 EATON CORP PLC	47,385	99,561
74.00 ELEVANCE HEALTH INC	33,620	27,298
498.00 EMCOR GROUP INC	185,295	226,042
2157.00 ENTEGRIS INC	148,422	213,672
586.00 EXXON MOBIL CORP	67,409	63,036
1745.00 FEDEX CORP	99,845	490,920
940.00 FISERV INC	146,942	193,094
1500.00 FORTINET INC	105,373	141,720
793.00 FORTINET INC	48,962	74,922
5293.00 FORTUNE BRANDS INNOVATIONS	408,007	361,670
337.00 GARTNER INC CL A	127,597	163,266
324.00 GENUINE PARTS CO	54,880	37,830
515.00 HILTON WORLDWIDE HOLDINGS	51,830	127,287
275.00 HOME DEPOT	94,712	106,972
314.00 HONEYWELL INTL INC	57,542	70,929
1250.00 HOWMET AEROSPACE INC	43,459	136,712
679.00 HOWMET AEROSPACE INC	33,230	74,262
99.00 ILLINOIS TOOL WORKS INC	22,433	25,102
11500.00 INFINEON TECH ADR AG	411,854	373,922
1400.00 INTERCONTINENTAL EXCHG INC	156,187	208,614
1005.00 INTUITIVE SURGICAL	234,138	524,569
179.00 INTUITIVE SURGICAL	46,165	93,430
3077.00 ITT INC	372,696	439,641
2376.00 JOHNSON & JOHNSON	90,359	343,617
340.00 JOHNSON & JOHNSON	55,147	49,170
3328.00 JPMORGAN CHASE & CO	184,718	797,754
1025.00 JPMORGAN CHASE & CO	152,754	245,702
764.00 JPMORGAN CHASE & CO	104,904	183,138
1169.00 KENVUE INC	25,178	24,958
3420.00 KINDER MORGAN INC	72,272	93,708
113.00 KLA CORPORATION	44,647	71,203
951.00 LABCORP HLDGS	225,282	218,083
133.00 LILLY ELI & CO	70,860	102,676
4142.00 LIVE NATION ENTERTMNT INC	278,175	536,389
300.00 LOWES COS INC	62,123	74,040
166.00 LVMH MOET HENNESSY VUITTON	99,247	109,596
845.00 MARTIN MARIETTA MATL INC	146,131	436,442
1607.00 MARVELL TECHNOLOGY INC	77,699	177,493
1448.00 MASTERCARD CL A	138,743	762,473
247.00 MCDONALD'S CORP	70,050	71,602
256.00 MCKESSON CORP	139,437	145,896
279.00 MEDTRONIC PLC	22,042	22,286
62.00 MERCADOLIBRE INC	79,705	105,427
804.00 MERCK & CO INC NEW	87,521	79,981
2070.00 META PLATFORMS INC	132,383	1,212,005
574.00 META PLATFORMS INC	121,608	336,082
284.00 META PLATFORMS INC	65,913	166,284
1128.00 METLIFE INC COM	81,294	92,360
2719.00 MICROSOFT CORP	58,058	1,146,058
1429.00 MICROSOFT CORP	92,045	602,323
1262.00 MICROSOFT CORP	300,977	531,933
662.00 MOODYS CORP	170,139	313,370
737.00 MORGAN STANLEY GRP INC	75,263	92,655
1334.00 MORNINGSTAR	242,970	449,237
404.00 MOTOROLA SOLUTIONS INC	104,675	186,740
251.00 MOTOROLA SOLUTIONS INC	64,995	116,019
273.00 MSCI INC	161,538	163,802
4012.00 NESTLE SA SPNS ADR REPS	142,037	331,495
876.00 NETFLIX INC	142,973	780,796
1325.00 NEXTERA ENERGY INC	100,761	94,989
814.00 NEXTERA ENERGY INC	62,494	58,355
4523.00 NIKE INC CL B	247,320	342,255
213.00 NORTHROP GRUMMAN CORP	84,789	99,958
106.00 NORTHROP GRUMMAN CORP	49,037	49,744
2145.00 NOVARTIS AG ADR	84,236	208,729
2629.00 NVIDIA CORP	300,147	353,048
4100.00 NVIDIA CORP	107,950	550,589
3620.00 NVIDIA CORP	65,358	486,129
371.00 NXP SEMICONDUCTORS NV	91,063	77,112
202.00 OLD DOMINION FREIGHT	44,173	35,632
61.00 O'REILLY AUTO INC NEW	66,076	72,333
550000.00 OW CREDIT INCOME FUND	5,500,000	4,312,000
598707.61 OW LARGE CAP STRATEGIES FD	7,681,606	11,872,371
626493.58 OW SMALL & MIDCAP STRAT FD	9,433,609	10,023,897
1752.00 PAYCHEX INC	121,619	245,665
647.00 PENTAIR PLC	63,145	65,114
157.00 PEPSICO INC	27,686	23,873
315000.00 PFIZER INVESTMENT ENTER	315,932	312,243
671.00 PHILIP MORRIS INTL INC	67,442	80,754
269.00 PROCTER & GAMBLE CO	38,170	45,097
388.00 PROLOGIS INC	43,365	41,011
454.00 PRUDENTIAL FINANCIAL	49,188	53,812
571.00 PTC INC	83,558	104,989
328.00 QUANTA SERVICES INC	65,534	103,664
963.00 REVVITY INC	13,510	107,480
2246.00 ROSS STORES INC	198,721	339,752
172.00 ROSS STORES INC	20,040	26,018
557.00 S&P GLOBAL INC.	36,604	277,402
182.00 S&P GLOBAL INC.	49,758	90,641
1569.00 SBA COMMUNICATIONS CORP	354,879	319,762
3200.00 SCHLUMBERGER LTD	171,341	122,688
3159.00 SCHWAB CHARLES CORP NEW	211,408	233,797
5050.00 SERVICE CORP INTL	323,804	403,091
3418.00 SIGNET JEWELERS LTD	258,598	275,866
565.00 SIMON PROP GROUP	73,966	97,298
2634.00 SMITH A O CORP	222,067	179,665
3791.00 STARBUCKS CORP	323,367	345,928
1695.00 STERIS PLC	336,733	348,424
424000.00 SUMITOMO MITSUI FINL GRP	393,705	411,103
910.00 TAKE-2 INTERACTIVE	118,478	167,512
277.00 TARGET CORP	48,010	37,444
249.00 TE CONNECTIVITY PLC	30,468	35,599
562.00 TELEDYNE TECHNOLOGIES INC	235,493	260,841
9944.00 TEMPUR PEDIC INTL INC	381,399	563,725
1190.00 TESLA INC	201,744	480,569
2006.00 TEXAS INSTRUMENTS INC	48,004	376,145
274.00 TEXAS INSTRUMENTS INC	53,274	51,377
103.00 THE HERSHEY COMPANY	22,959	17,443
3556.00 THE MIDDLEBY	482,655	481,660
1025.00 THERMO FISHER SCIENTIFIC	180,091	533,235
280.00 THERMO FISHER SCIENTIFIC	59,140	145,664
2399.00 T-MOBILE US INC	315,402	529,531
2734.00 TORO CO	169,876	218,993
137375.77 TOUCHSTONE SANDS CAPITAL E	2,986,549	1,975,463
4830.00 TRACTOR SUPPLY	172,367	256,279
327.00 TRANSDIGM GROUP INC COM	101,447	414,400
2070.00 TRANSUNION	141,841	191,909
6238.00 TRIMBLE INC	389,317	440,777
1009.00 TRUIST FINANCIAL CORP	43,678	43,770
3111.00 UBER TECHNOLOGIES INC	200,753	187,655
262.00 UNION PACIFIC CORP	57,205	59,746
779.00 UNITEDHEALTH GROUP INC	171,004	394,064
553.00 UNITEDHEALTH GROUP INC	185,350	279,740
134.00 UNITEDHEALTH GROUP INC	70,640	67,785
1903.00 VERIZON COMMUNICATIONS	75,710	76,100
9386.00 VIKING HOLDINGS LTD	316,319	413,547
1155.00 VISA INC	138,370	365,026
339.00 VISA INC	73,837	107,137
3080.00 WABTEC CORP	322,415	583,937
2781.00 WABTEC CORP	245,340	527,249
1350.00 WALMART INC	65,012	121,972
1172.00 WALMART INC	56,532	105,890
297.00 WASTE MANAGEMENT INC NEW	45,920	59,931
508.00 WEC ENERGY GROUP INC	47,759	47,772
2150.00 WORKDAY INC CL A	302,105	554,764
2138.00 YUM BRANDS INC	123,907	286,834

- TIN:

TY 2024 InvestmentsGovtObligationsSch

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

US Government Securities - End of Year Book Value:

22,414,716

US Government Securities - End of Year Fair Market Value:

21,862,354

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

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

- TIN:

TY 2024 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	8,212,219
3589.93 5TH AVE MUL-STRAT OFF S1	AT COST	8,000,000	11,528,103
1541.73 SELECT EQUITY LP BAXTER	AT COST	216,000	2,486,048

- TIN:

TY 2024 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	2,369	2,364	2,364
FIFTH AVENUE PRIVATE EQUITY 11 LLC	1,144,519	1,048,381	2,226,054
FIFTH AVENUE PRIVATE EQUITY 12 LLC	1,285,643	1,072,117	2,271,018
FIFTH AVENUE PRIVATE EQUITY 13 LLC	2,075,543	1,849,517	3,662,177
FIFTH AVENUE PRIVATE EQUITY 14 LLC	2,378,169	2,238,097	3,813,653
FIFTH AVENUE PRIVATE EQUITY 15 LLC	4,030,715	4,181,238	6,027,780
FIFTH AVENUE PRIVATE EQUITY 16 LLC	2,086,309	3,178,216	3,781,711
FIFTH AVENUE PRIVATE EQUITY 17 LLC	203,393	998,460	1,074,700
FIFTH AVENUE REAL ASSETS 3 LLC	1,151,677	821,497	1,628,877
FIFTH AVENUE REAL ASSETS 4 LLC	3,227,372	2,677,003	4,943,203
FIFTH AVENUE REAL ASSETS 5 LLC	2,300,550	2,602,919	3,578,775
FIFTH AVENUE REAL ASSETS 6 LLC	-12,860	196,015	253,611
LINDSAY GOLDBERG V LP	1,807,875	1,485,914	2,397,452
LINDSAY GOLDBERG V AIV LP	33,707	299,354	482,993
POLUNIN DEVELOPING COUNTRIES FUND LLC	2,567,999	1,623,918	2,194,543

- TIN:

TY 2024 OtherDecreasesSchedule

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

Description	Amount
TIMING DIFFERENCE	1,483,176

- TIN:

TY 2024 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	46,056	46,056
NONDEDUCTIBLE EXPENSES THROUGH PARTNERSHIPS	20,442	0
OTHER LOSSES THROUGH PARTNERSHIPS	165,567	165,567

- TIN:

TY 2024 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	158,979	0

- TIN:

TY 2024 OtherProfessionalFeesSchedule

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

Category	Amount	Net Investment Income
INVESTMENT MANAGEMENT FEES	264,008	264,008
ADR FEES	317	317
DJURIC SPRATT - FEES	0	0
JOHN W. BRISTOL & CO. INC.	72,380	72,380
SELECT EQUITY GROUP INC.	110,725	110,725
SOUTHEAST ASSET ADVISORS INC.	109,834	109,834
INVESTMENT FEES FROM PARTNERSHIPS	845,726	845,726

- TIN:

TY 2024 TaxesSchedule

Name:

THOMAS LYLE WILLIAMS TRUST

BESSEMER TRUST COMPANY NA

EIN:

36-6673112

Category	Amount	Net Investment Income
FEDERAL EXCISE TAX PAID - 990-PF	100,000	0
FEDERAL EXCISE TAX PAID - 990-T	60,000	0
FEDERAL TAX CREDITS FROM PARTNERSHIPS	661	0
FOREIGN TAX PAID	12,173	12,173
FOREIGN TAX PAID FROM PARTNERSHIPS	16,546	16,546
FOREIGN TAX WITHHELD IN EXCESS	7,925	0
STATE TAX WITHHOLDINGS THROUGH PARTNERSHIPS	13,905	13,905