GALASHIELS FUND LTD: Form 990PF, tax year 2022

View the entire original 990 at ProPublica ↗

Organization: GALASHIELS FUND LTD (EIN 94-3059858)
Tax period: 2022-01-01 to 2022-12-31
Filed: 2023-11-15
IRS object ID: 202323199349105722
Schema version: 2022v5.0
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990-PF
Accounting Fees Schedule
Investments Corp Bonds Schedule
Investments Corp Stock Schedule
Investments Other Schedule2
Other Decreases Schedule
Other Expenses Schedule
Other Income Schedule2
Other Increases Schedule
Other Professional Fees Schedule
Taxes Schedule

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2023-11-15T14:20:45-06:00	ReturnTs
Tax Period End	2022-12-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	366055558	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	GRANT THORNTON LLP	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	1415 VANTAGE PARK DRIVE SUITE 500	AddressLine1Txt
City	CHARLOTTE	CityNm
State Abbreviation	NC	StateAbbreviationCd
ZIP	28203	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990PF	ReturnTypeCd
Tax Period Begin	2022-01-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	943059858	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	GALASHIELS FUND LTD	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Business Name Control	GALA	BusinessNameControlTxt
Phone	8474804690	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	1990 MAIN ST SUITE 750	AddressLine1Txt
City	SARASOTA	CityNm
State Abbreviation	FL	StateAbbreviationCd
ZIP	34236	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	KEITH W COLBURN	PersonNm
Person Title	PRESIDENT	PersonTitleTxt
Phone	8474804690	PhoneNum
Signature	2023-11-15	SignatureDt
Discuss With Paid Preparer	Yes (1)	DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	KEITH	PersonFirstNm
Person Last	COLBURN	PersonLastNm

Field	Value	IRS element (for citing)
SSN	999009999	SSN

Field	Value	IRS element (for citing)
IRS Responsible Prty Info Curr	0	IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	MICHELE MELCHIOR	PreparerPersonNm
PTIN	P00488037	PTIN
Phone	7046323500	PhoneNum

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

Field	Value	IRS element (for citing)
Trusted Customer	3	TrustedCustomerCd
Authentication Assurance Level	AAL1	AuthenticationAssuranceLevelCd
Identity Assurance Level	IAL1	IdentityAssuranceLevelCd

Field	Value	IRS element (for citing)
Tax	2022	TaxYr
Build TS	2023-04-26 12:10:37Z	BuildTS

Form 990-PF IRS990PF

Field	Value	IRS element (for citing)
Address Change	Yes (X)	AddressChangeInd
Organization501c3 Exempt PF	Yes (X)	Organization501c3ExemptPFInd
FMV Assets EOY	$234,730,088	FMVAssetsEOYAmt
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

Field	Value	IRS element (for citing)
Schedule B Not Required	Yes (X)	ScheduleBNotRequiredInd
Interest On Sav Rev And Expnss	$497,516	InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm	$411,432	InterestOnSavNetInvstIncmAmt
Dividends Rev And Expnss	$2,774,810	DividendsRevAndExpnssAmt
Dividends Net Invst Incm	$2,810,769	DividendsNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss	$13,399,507	NetGainSaleAstRevAndExpnssAmt
Gross Sales Price	$17,334,413	GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm	$7,417,121	CapGainNetIncmNetInvstIncmAmt
Other Income Rev And Expnss	$1,882,795	OtherIncomeRevAndExpnssAmt
Other Income Net Invst Incm	$738,451	OtherIncomeNetInvstIncmAmt
Total Rev And Expnss	$18,554,628	TotalRevAndExpnssAmt
Total Net Invst Incm	$11,377,773	TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss	$0	CompOfcrDirTrstRevAndExpnssAmt
Comp Ofcr Dir Trst Net Invst Incm	$0	CompOfcrDirTrstNetInvstIncmAmt
Comp Ofcr Dir Trst Dsbrs Chrtbl	$0	CompOfcrDirTrstDsbrsChrtblAmt
Accounting Fees Rev And Expnss	$68,100	AccountingFeesRevAndExpnssAmt
Accounting Fees Net Invst Incm	$20,430	AccountingFeesNetInvstIncmAmt
Accounting Fees Chrtbl Prps	$40,860	AccountingFeesChrtblPrpsAmt
Other Prof Fees Rev And Expnss	$194,809	OtherProfFeesRevAndExpnssAmt
Other Prof Fees Net Invst Incm	$194,809	OtherProfFeesNetInvstIncmAmt
Other Prof Fees Dsbrs Chrtbl	$0	OtherProfFeesDsbrsChrtblAmt
Interest Rev And Expnss	$291,963	InterestRevAndExpnssAmt
Interest Net Invst Incm	$278,225	InterestNetInvstIncmAmt
Interest Dsbrs Chrtbl	$0	InterestDsbrsChrtblAmt
Taxes Rev And Expnss	$4,014,738	TaxesRevAndExpnssAmt
Taxes Net Invst Incm	$120,449	TaxesNetInvstIncmAmt
Taxes Dsbrs Chrtbl	$0	TaxesDsbrsChrtblAmt
Other Expenses Rev And Expnss	$1,854,407	OtherExpensesRevAndExpnssAmt
Other Expenses Net Invst Incm	$1,841,584	OtherExpensesNetInvstIncmAmt
Other Expenses Dsbrs Chrtbl	$15	OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss	$6,424,017	TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm	$2,455,497	TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl	$40,875	TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss	$13,645,000	ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl	$13,645,000	ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss	$20,069,017	TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm	$2,455,497	TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl	$13,685,875	TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses	-$1,514,389	ExcessRevenueOverExpensesAmt
Net Investment Income	$8,922,276	NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

Field	Value	IRS element (for citing)
Sav And Temp Cash Invst BOY	$37,015,994	SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY	$25,345,579	SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV	$25,345,843	SavAndTempCashInvstEOYFMVAmt
Corporate Stock BOY	$10,573,440	CorporateStockBOYAmt
Corporate Stock EOY	$11,884,120	CorporateStockEOYAmt
Corporate Stock EOYFMV	$27,690,598	CorporateStockEOYFMVAmt
Corporate Bonds BOY	$15,441,518	CorporateBondsBOYAmt
Corporate Bonds EOY	$15,425,160	CorporateBondsEOYAmt
Corporate Bonds EOYFMV	$14,580,245	CorporateBondsEOYFMVAmt
Other Investments BOY	$91,562,484	OtherInvestmentsBOYAmt
Other Investments EOY	$98,435,292	OtherInvestmentsEOYAmt
Other Investments EOYFMV	$167,113,402	OtherInvestmentsEOYFMVAmt
Total Assets BOY	$154,593,436	TotalAssetsBOYAmt
Total Assets EOY	$151,090,151	TotalAssetsEOYAmt
Total Assets EOYFMV	$234,730,088	TotalAssetsEOYFMVAmt
Total Liabilities BOY	$0	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$0	TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117	Yes (X)	OrgDoesNotFollowFASB117Ind
Capital Stock BOY	$0	CapitalStockBOYAmt
Capital Stock EOY	$0	CapitalStockEOYAmt
Additional Paid In Capital BOY	$0	AdditionalPaidInCapitalBOYAmt
Additional Paid In Capital EOY	$0	AdditionalPaidInCapitalEOYAmt
Retained Earning BOY	$154,593,436	RetainedEarningBOYAmt
Retained Earning EOY	$151,090,151	RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY	$154,593,436	TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY	$151,090,151	TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY	$154,593,436	TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY	$151,090,151	TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

Field	Value	IRS element (for citing)
Tot Net Ast Or Fund Balances BOY	$154,593,436	TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses	-$1,514,389	ExcessRevenueOverExpensesAmt
Other Increases	$24,805	OtherIncreasesAmt
Subtotal	$153,103,852	SubtotalAmt
Other Decreases	$2,013,701	OtherDecreasesAmt
Tot Net Ast Or Fund Balances EOY	$151,090,151	TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp (21 entries)

PropertyPropertyDesc	How AcquiredHowAcquiredCd	Gross Sales PriceGrossSalesPriceAmt	Cost Or Other BasisCostOrOtherBasisAmt	Gain Or LossGainOrLossAmt	Gains Minus Excess Or LossesGainsMinusExcessOrLossesAmt	AcquiredAcquiredDt	SoldSoldDt
PUBLICLY TRADED SECURITIES	P	$3,873,033	$3,800,534	$72,499	$72,499
GOLDMAN SACHS - A	P			-$461	-$461	2021-01-01	2022-12-31
GOLDMAN SACHS - B	P			$17,387	$17,387	2021-01-01	2022-12-31
GOLDMAN SACHS - C	P			$11,447	$11,447	2021-01-01	2022-12-31
GOLDMAN SACHS - E	P			$615	$615	2021-01-01	2022-12-31
WHITEHALL	P			-$5,505	-$5,505	2021-01-01	2022-12-31
FARALLON	P			$275,474	$275,474	2021-01-01	2022-12-31
GS #3	P			$54,254	$54,254	2021-01-01	2022-12-31
LYME FOREST	P			$692,060	$692,060	2021-01-01	2022-12-31
PROCYON PARTNERS	P			$58,810	$58,810	2021-01-01	2022-12-31
ROUNDTABLE #5	P			$5,074	$5,074	2021-01-01	2022-12-31
ROUNDTABLE #6	P			$1,921,625	$1,921,625	2021-01-01	2022-12-31
VN CAPITAL #2	P			-$17,174	-$17,174	2021-01-01	2022-12-31
OEP #1	P			-$20,308	-$20,308	2021-01-01	2022-12-31
OEP #2	P			$1,192,772	$1,192,772	2021-01-01	2022-12-31
OEP #3	P			$722,333	$722,333	2021-01-01	2022-12-31
TINICUM LP	P			$815,598	$815,598	2021-01-01	2022-12-31
ARAGORN	P			-$60,196	-$60,196	2021-01-01	2022-12-31
1231 GAINS FROM LPS	P			$1,552,275	$1,552,275	2021-01-01	2022-12-31
LOSS FROM FINAL YEAR LPS	P			-$2,523	-$2,523	2021-01-01	2022-12-31
DISTRIBUTIONS IN EXCESS OF BASIS	P			$131,065	$131,065	2021-01-01	2022-12-31

Field	Value	IRS element (for citing)
Capital Gain Net Income	$7,417,121	CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

Field	Value	IRS element (for citing)
Investment Income Excise Tax	$124,020	InvestmentIncomeExciseTaxAmt
Tax Under Section511	$0	TaxUnderSection511Amt
Subtotal	$124,020	SubtotalAmt
Subtitle A Tax	$0	SubtitleATaxAmt
Tax Based On Investment Income	$124,020	TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx	$385,000	EstimatedPlusOvpmtIncmTxAmt
Exempt Frgn Org Tax Wthld At Srce	$0	ExemptFrgnOrgTaxWthldAtSrceAmt
Extsn Request Income Tax Paid	$0	ExtsnRequestIncomeTaxPaidAmt
Backup Withholding Withheld	$0	BackupWithholdingWithheldAmt
Total Payments And Credits	$385,000	TotalPaymentsAndCreditsAmt
Es Penalty	$0	EsPenaltyAmt
Overpayment	$260,980	OverpaymentAmt
Applied To ES Tax	$260,980	AppliedToESTaxAmt
Refund	$0	RefundAmt

Statements Regarding Acty StatementsRegardingActyGrp

Field	Value	IRS element (for citing)
Legislative Political Acty	0	LegislativePoliticalActyInd
More Than100 Spent	0	MoreThan100SpentInd
Form1120 POL Filed	0	Form1120POLFiledInd
Section4955 Organization Tax	$0	Section4955OrganizationTaxAmt
Section4955 Managers Tax	$0	Section4955ManagersTaxAmt
Tax Reimbursed	$0	TaxReimbursedAmt
Activities Not Previously Rpt	0	ActivitiesNotPreviouslyRptInd
Changes To Articles Or Bylaws	0	ChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over Limit	Yes (1)	UnrelatedBusIncmOverLimitInd
Form990 T Filed	Yes (1)	Form990TFiledInd
Organization Dissolved Etc	0	OrganizationDissolvedEtcInd
Section508e Rqr Satisfied	Yes (1)	Section508eRqrSatisfiedInd
At Least5000 In Assets	Yes (1)	AtLeast5000InAssetsInd
Org Report Or Register State	IL	OrgReportOrRegisterStateCd
Org Report Or Register State	FL	OrgReportOrRegisterStateCd
Form990 PF Filed With Atty Gen	Yes (1)	Form990PFFiledWithAttyGenInd
Private Operating Foundation	0	PrivateOperatingFoundationInd
New Substantial Contributors	0	NewSubstantialContributorsInd
Own Controlled Entity	0	OwnControlledEntityInd
Donor Advised Fund	0	DonorAdvisedFundInd
Comply With Public Insp Rqr	Yes (1)	ComplyWithPublicInspRqrInd
Website Address	N/A	WebsiteAddressTxt
Individual With Books	KEITH W COLBURN	IndividualWithBooksNm
Phone	8474804690	PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

Field	Value	IRS element (for citing)
Address Line1	1990 MAIN ST SUITE 750	AddressLine1Txt
City	SARASOTA	CityNm
State Abbreviation	FL	StateAbbreviationCd
ZIP	34236	ZIPCd

Field	Value	IRS element (for citing)
Foreign Accounts Question	0	ForeignAccountsQuestionInd

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

Field	Value	IRS element (for citing)
Sale Or Exch Disqualified Prsn	0	SaleOrExchDisqualifiedPrsnInd
Brrw Or Lend Disqualified Prsn	0	BrrwOrLendDisqualifiedPrsnInd
Furn Goods Disqualified Prsn	0	FurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified Prsn	0	PayCompDisqualifiedPrsnInd
Transfer Ast Disqualified Prsn	0	TransferAstDisqualifiedPrsnInd
Payment To Government Official	0	PaymentToGovernmentOfficialInd
Uncorrected Prior Acts	0	UncorrectedPriorActsInd
Undistributed Income PY	0	UndistributedIncomePYInd
Business Holdings	Yes (1)	BusinessHoldingsInd
Excess Business Holdings	0	ExcessBusinessHoldingsInd
Jeopardy Investments	0	JeopardyInvestmentsInd
Uncorrected PY Jeopardy Invst	0	UncorrectedPYJeopardyInvstInd
Influence Legislation	0	InfluenceLegislationInd
Influence Election	0	InfluenceElectionInd
Grants To Individuals	0	GrantsToIndividualsInd
Grants To Organizations	0	GrantsToOrganizationsInd
Noncharitable Purpose	0	NoncharitablePurposeInd
Rcv Fnds To Pay Prsnl Bnft Cntrct	0	RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct	0	PayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTransInd
Subj To Tax Rmnrtn Ex Prcht Pymt	0	SubjToTaxRmnrtnExPrchtPymtInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (4 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	TitleTitleTxt	Average Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRt	CompensationCompensationAmt	Employee Benefit ProgramEmployeeBenefitProgramAmt	Expense Account Other AllwncExpenseAccountOtherAllwncAmt
DAVID T BRADFORD
1990 MAIN ST SUITE 750	SARASOTA	FL	34236	SECRETARY/DIRECTOR	1.00	$0	$0	$0
ANDREA K MAYES
1990 MAIN ST SUITE 750	SARASOTA	FL	34236	ASSISTANT TREASURER	1.00	$0	$0	$0
BETSY P COLBURN
1990 MAIN ST SUITE 750	SARASOTA	FL	34236	VICE PRESIDENT/DIRECTOR	1.00	$0	$0	$0
KEITH W COLBURN
1990 MAIN ST SUITE 750	SARASOTA	FL	34236	PRES/TREASURER/DIRECTOR	1.00	$0	$0	$0

Field	Value	IRS element (for citing)
Comp Of Hghst Pd Empl Or NONE	NONE	CompOfHghstPdEmplOrNONETxt
Other Employee Paid Over50k	0	OtherEmployeePaidOver50kCnt

Compensation Of Hghst Pd Cntrct CompensationOfHghstPdCntrctGrp (2 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	Service TypeServiceTypeTxt	CompensationCompensationAmt
GRANT THORNTON LLP
171 N CLARK ST SUITE 200	CHICAGO	IL	60601	ACCOUNTING SERVICES	$68,100
GOLDMAN SACHS & CO LLC
125 HIGH STREET 20TH FLOOR	BOSTON	MA	021102704	INVESTMENT MANAGEMENT FEES	$53,541

Field	Value	IRS element (for citing)
Contractor Paid Over50k	0	ContractorPaidOver50kCnt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Minimum Investment Return MinimumInvestmentReturnGrp

Field	Value	IRS element (for citing)
Average Monthly FMV Of Sec	$43,557,317	AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances	$33,812,853	AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast	$159,287,091	FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets	$236,657,261	TotalFMVOfUnusedAssetsAmt
Reduction Claimed	$0	ReductionClaimedAmt
Acquisition Indebtedness	$0	AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast	$236,657,261	AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable	$3,549,859	CashDeemedCharitableAmt
Net Vl Noncharitable Assets	$233,107,402	NetVlNoncharitableAssetsAmt
Minimum Investment Return	$11,655,370	MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

Field	Value	IRS element (for citing)
Minimum Investment Return	$11,655,370	MinimumInvestmentReturnAmt
Tax Based On Investment Income	$124,020	TaxBasedOnInvestmentIncomeAmt
Income Tax	$1,486,251	IncomeTaxAmt
Total Tax	$1,610,271	TotalTaxAmt
Distributable Before Adj	$10,045,099	DistributableBeforeAdjAmt
Recoveries Qualfied Distri	$0	RecoveriesQualfiedDistriAmt
Distributable Before Ded	$10,045,099	DistributableBeforeDedAmt
Deduction From Distributable	$0	DeductionFromDistributableAmt
Distributable As Adjusted	$10,045,099	DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

Field	Value	IRS element (for citing)
Expenses And Contributions	$13,685,875	ExpensesAndContributionsAmt
Program Related Invst Total	$0	ProgramRelatedInvstTotalAmt
Qualifying Distributions	$13,685,875	QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

Field	Value	IRS element (for citing)
Distributable As Adjusted	$10,045,099	DistributableAsAdjustedAmt
Undistributed Income PY	$0	UndistributedIncomePYAmt
Total For Prior Years	$0	TotalForPriorYearsAmt
Excess Distribution Cyov Yr5	$814,424	ExcessDistributionCyovYr5Amt
Excess Distribution Cyov Yr4	$948,440	ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3	$678,301	ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2	$1,640,653	ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1	$4,316,771	ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov	$8,398,589	TotalExcessDistributionCyovAmt
Qualifying Distributions	$13,685,875	QualifyingDistributionsAmt
Applied To Year1	$0	AppliedToYear1Amt
Applied To Prior Years	$0	AppliedToPriorYearsAmt
Treated As Distri From Corpus	$0	TreatedAsDistriFromCorpusAmt
Applied To Current Year	$10,045,099	AppliedToCurrentYearAmt
Remaining Distri From Corpus	$3,640,776	RemainingDistriFromCorpusAmt
Excess Distri Cyov App CY Corpus	$0	ExcessDistriCyovAppCYCorpusAmt
Excess Distribution Cyov App CY	$0	ExcessDistributionCyovAppCYAmt
Total Corpus	$12,039,365	TotalCorpusAmt
Prior Year Undistributed Incm	$0	PriorYearUndistributedIncmAmt
Prior Year Deficiency Or Tax	$0	PriorYearDeficiencyOrTaxAmt
Taxable1	$0	Taxable1Amt
Taxable2	$0	Taxable2Amt
Undistributed Income CY	$0	UndistributedIncomeCYAmt
Corpus Distri170b1 E Or4942g3	$0	CorpusDistri170b1EOr4942g3Amt
Excess Distri Cyov From Yr5	$814,424	ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr	$11,224,941	ExcessDistriCyovToNextYrAmt
Excess From Year4	$948,440	ExcessFromYear4Amt
Excess From Year3	$678,301	ExcessFromYear3Amt
Excess From Year2	$1,640,653	ExcessFromYear2Amt
Excess From Year1	$4,316,771	ExcessFromYear1Amt
Excess From Current Year	$3,640,776	ExcessFromCurrentYearAmt

Supplementary Information SupplementaryInformationGrp

Field	Value	IRS element (for citing)
Contributing Manager	KEITH W COLBURN	ContributingManagerNm
Only Contri To Preselected	Yes (X)	OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (13 entries)

Address Line1RecipientUSAddress/AddressLine1Txt	CityRecipientUSAddress/CityNm	State AbbreviationRecipientUSAddress/StateAbbreviationCd	ZIPRecipientUSAddress/ZIPCd	Recipient RelationshipRecipientRelationshipTxt	Recipient Foundation StatusRecipientFoundationStatusTxt	Grant Or Contribution PurposeGrantOrContributionPurposeTxt	AmtAmt
AMERICAN FEDERATION FOR CHILDREN GROWTH FUND
1660 L STREET NW SUITE 1000	WASHINGTON	DC	20036	NONE	PC	ANNUAL SUPPORT	$250,000
BEGINNING WITH CHILDREN FOUNDATION
217 HAVEMEYER STREET 2ND FL	BROOKLYN	NY	11211	NONE	PC	ANNUAL SUPPORT	$250,000
CATO INSTITUTE
1000 MASSACHUSETTS AVE NW	WASHINGTON	DC	20001	NONE	PC	ANNUAL SUPPORT	$2,000,000
CHALLENGED ATHLETES FOUNDATION
2148 JIMMY DURANTE BLVD STE B	DEL MAR	CA	92014	NONE	PC	ENDOWMENT AND ANNUAL SUPPORT	$1,000,000
CROHN'S & COLITIS FOUNDATION OF AMERICA INC
386 PARK AVENUE SOUTH 17TH FLOOR	NEW YORK	NY	10016	NONE	PC	ANNUAL SUPPORT	$150,000
GEO ACADEMIES INC
3145 N MERIDIAN STREET	INDIANAPOLIS	IN	46208	NONE	PC	ANNUAL SUPPORT	$2,000,000
HOLY FAMILY MINISTRIES
3225 ARNOLD LANE	NORTHBROOK	IL	60062	NONE	PC	ANNUAL SUPPORT	$1,500,000
HOUSE INSTITUTE FOUNDATION
1127 WILSHIRE BLVD SUITE 1620	LOS ANGELES	CA	90017	NONE	PC	ANNUAL SUPPORT	$250,000
ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI
1 GUSTAVE L LEVY PLACE	NEW YORK	NY	100295674	NONE	PC	ANNUAL SUPPORT	$150,000
INSTITUTE FOR JUSTICE
901 N GLEBE ROAD SUITE 900	ARLINGTON	VA	22203	NONE	PC	ANNUAL SUPPORT	$3,000,000
RAILS TO TRAILS CONSERVANCY
2121 WARD COURT NW 5TH FLOOR	WASHINGTON	DC	20037	NONE	PC	ANNUAL SUPPORT	$150,000
ROW NEW YORK INC
163 AMSTERDAME AVENUE NO 1108	NEW YORK	NY	10023	NONE	PC	ANNUAL SUPPORT	$150,000
WORLD BICYCLE RELIEF
1000 WEST FULTON MARKET	CHICAGO	IL	60607	NONE	PC	ANNUAL SUPPORT	$2,795,000

Field	Value	IRS element (for citing)
Total Grant Or Contri Pd Dur Yr	$13,645,000	TotalGrantOrContriPdDurYrAmt
Total Grant Or Contri Apprv Fut	$0	TotalGrantOrContriApprvFutAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

Field	Value	IRS element (for citing)
Exclusion	14	ExclusionCd
Exclusion	$497,516	ExclusionAmt

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

Field	Value	IRS element (for citing)
Exclusion	14	ExclusionCd
Exclusion	$2,774,810	ExclusionAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

Field	Value	IRS element (for citing)
Business	901101	BusinessCd
Unrelated Business Taxbl Incm	$5,950,641	UnrelatedBusinessTaxblIncmAmt
Exclusion	18	ExclusionCd
Exclusion	$7,448,866	ExclusionAmt

Other Revenue Described OtherRevenueDescribedGrp

Field	Value	IRS element (for citing)
Desc	OTHER INCOME - LP	Desc
Business	901101	BusinessCd
Unrelated Business Taxbl Incm	$1,137,987	UnrelatedBusinessTaxblIncmAmt
Exclusion	14	ExclusionCd
Exclusion	$744,808	ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

Field	Value	IRS element (for citing)
Unrelated Business Taxbl Incm	$7,088,628	UnrelatedBusinessTaxblIncmAmt
Exclusion	$11,466,000	ExclusionAmt
Related Or Exempt Function Incm	$0	RelatedOrExemptFunctionIncmAmt

Field	Value	IRS element (for citing)
Total Income Producing Acty	$18,554,628	TotalIncomeProducingActyAmt

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

Field	Value	IRS element (for citing)
Trnsfr Of Cash To Nonchrtbl EO	0	TrnsfrOfCashToNonchrtblEOInd
Trnsfr Other Asset Nonchrtbl EO	0	TrnsfrOtherAssetNonchrtblEOInd
Sales Or Exchanges Of Assets	0	SalesOrExchangesOfAssetsInd
Purchase Of Assets Nonchrtbl EO	0	PurchaseOfAssetsNonchrtblEOInd
Rental Of Facilities Oth Assets	0	RentalOfFacilitiesOthAssetsInd
Reimbursement Arrangements	0	ReimbursementArrangementsInd
Loans Or Loan Guarantees	0	LoansOrLoanGuaranteesInd
Performance Of Services Etc	0	PerformanceOfServicesEtcInd
Sharing Of Facilities Etc	0	SharingOfFacilitiesEtcInd
Relationships Nonchrtbl EO	0	RelationshipsNonchrtblEOInd

Accounting Fees Schedule AccountingFeesSchedule

Accounting Fees Detail AccountingFeesDetail

Field	Value	IRS element (for citing)
Category	GRANT THORNTON LLP	CategoryTxt
Amt	$68,100	Amt
Net Investment Income	$20,430	NetInvestmentIncomeAmt
Disbursements Charitable Prps	$40,860	DisbursementsCharitablePrpsAmt

Investments Corp Bonds Schedule InvestmentsCorpBondsSchedule

Investments Corporate Bonds InvestmentsCorporateBondsGrp (79 entries)

BondBondNm	EOY Book ValueEOYBookValueAmt	EOYFMVEOYFMVAmt
JPMORGAN CHASE	$280,000	$246,951
MITSUBISHI UFJ	$225,116	$225,057
ZOETIS INC.	$363,811	$354,229
WASTE MANAGEMENT INC.	$294,399	$297,971
DELL INTERNATIONAL LLC	$86,251	$79,240
WELLS FARGO	$175,113	$156,529
MORGAN STANLEY HYBRID	$575,190	$575,940
US BANK	$574,517	$580,110
FIFTH THIRD BANCORP	$374,303	$375,220
BOSTON SCIENTIFIC CORP	$131,921	$131,096
SYNCHRONY FINANCIAL	$249,390	$248,679
AMERICAN TOWER CORP	$398,812	$391,109
FISERV, INC.	$324,454	$317,496
ROYAL BANK	$224,613	$219,563
GLOBAL PAYMENTS INC	$274,931	$261,668
GENERAL MOTORS	$124,987	$110,685
BANCO BILBAO	$199,782	$194,175
ENERGY TRANSFER OPERATING	$88,262	$82,385
ROYAL BANK HYBRID	$200,000	$197,479
LABORATORY CORP OF AMER	$397,769	$362,727
PAYPAL HOLDINGS	$310,316	$294,270
BNP PARIBAS MTN	$283,478	$251,729
PEPSICO INC	$349,752	$335,242
ORACLE CORPORATION	$184,932	$175,506
BANCO SANTANDER	$200,000	$187,691
EXELON GENERATION	$80,808	$72,004
ALPHABET	$164,837	$149,132
AMERICAN HONDA FINANCE	$234,988	$212,873
CITIGROUP	$332,446	$286,936
DUKE ENERGY CORP	$324,841	$291,535
HEWLETT PACKARD	$179,581	$155,260
PROCTOR & GAMBLE	$214,652	$193,207
MPLX LP	$349,248	$314,459
ASTRAZENECA PLC	$199,190	$176,349
ALLY FINANCIAL	$83,924	$74,382
ALTRIA GROUP	$109,201	$95,672
AMAZON.COM	$119,983	$118,150
AT&T	$160,748	$161,050
BANK OF AMERICA	$324,986	$287,629
BOEING COMPANY 2	$89,672	$81,748
BOEING COMPANY 1	$40,000	$40,037
BUNGE LIMITED	$113,327	$109,633
CANADIAN PACIFIC	$168,506	$155,869
CAPITAL ONE	$194,736	$178,057
CELANESE	$113,776	$104,839
CROWN CASTLE	$126,712	$109,475
CSX CORP	$196,075	$171,701
DISCOVER FINANCIAL	$77,323	$67,967
ENBRIDGE INC	$200,000	$199,926
INTERSTATE POWER AND LIGHT	$193,045	$177,107
INVESCO FINANCE	$89,032	$80,102
NEXTERA ENERGY CAPITAL	$226,787	$199,378
PHILLIPS 66	$110,440	$105,567
REYNOLDS AMERICAN	$174,592	$154,045
SANTANDER UK	$260,896	$229,778
SYSCO CORP	$83,756	$75,812
T-MOBILE USA	$126,095	$115,397
TOYOTA MOTOR CREDIT	$135,000	$136,269
VERIZON COMMUNICATIONS	$95,647	$83,522
VODAFONE GROUP	$164,803	$149,230
MARATHON PETROLEUM	$167,813	$143,627
STARBUCKS	$116,631	$116,859
MCDONALD	$74,173	$74,341
WP CAREY INC	$80,419	$80,237
CNA FINANCIAL CORP	$128,853	$127,428
SIMON PROPERTY	$169,840	$170,207
STATE STREET CORP	$300,516	$297,482
AIR LEASE 2	$164,715	$160,962
BIOGEN INC	$130,547	$129,017
ZIMMER BIOMET	$140,026	$140,846
PHILIP MORRIS	$79,441	$79,590
ING GROEP	$221,663	$218,915
AMERICAN INTERNATIONAL GROUP	$31,890	$31,344
WELLS FARGO HYBRID	$138,075	$136,512
NASDAQ INC	$164,048	$153,688
BROADCOM CORP	$79,227	$78,083
VIACOMCBS	$162,101	$155,966
NXP BV	$159,600	$158,812
DIGITAL REALTY	$163,830	$159,485

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp (5 entries)

StockStockNm	EOY Book ValueEOYBookValueAmt	EOYFMVEOYFMVAmt
ASML HOLDINGS	$2,868,603	$16,897,420
ANTERO MIDSTREAM	$1,306,865	$1,733,985
MFO TWEEDY	$5,387,204	$6,777,250
SOUTH ST CORP	$211,872	$327,813
JP MORGAN	$2,109,576	$1,954,130

Investments Other Schedule2 InvestmentsOtherSchedule2

Investments Other InvestmentsOtherGrp (29 entries)

Category Or ItemCategoryOrItemTxt	Listed At Cost Or FMVListedAtCostOrFMVCd	Book ValueBookValueAmt	EOYFMVEOYFMVAmt
LORD ABBETT SD INCOME	AT COST	$630,313	$556,719
WHITEHALL ST. INT'L	AT COST	$1,506,834	$0
PEM HOLDING	AT COST	$1,571,696	$68,200,322
GMO EMERGING	AT COST	$6,005,677	$4,037,450
ARAGORN	AT COST	$8,447	$8,447
FARALLON	AT COST	$20,408,787	$20,228,275
GS #1	AT COST	$0	$15,661
GS #3	AT COST	$200,920	$81,330
GS #4	AT COST	$86,558	$0
LYME FOREST	AT COST	$203,838	$203,838
PROCYON PARTNERS	AT COST	$6,235,791	$5,156,835
ROUNDTABLE #1	AT COST	$0	$1
ROUNDTABLE #2	AT COST	$664	$664
ROUNDTABLE #3	AT COST	$1,565	$1,565
ROUNDTABLE #4	AT COST	$1,182,274	$1,182,274
TINICUM #1	AT COST	$17,493,187	$17,493,187
TINICUM #2	AT COST	$565,047	$565,047
TINICUM #3	AT COST	$134,364	$134,364
VN CAPITAL #1	AT COST	$62,803	$253,453
VN CAPITAL #2	AT COST	$1,387,335	$1,599,220
ROUNDTABLE #5	AT COST	$757,234	$757,234
ROUNDTABLE #6	AT COST	$1,767,123	$1,767,123
OEP #1	AT COST	$460,892	$460,892
OEP #2	AT COST	$5,567,538	$5,567,538
OEP #3	AT COST	$18,483,804	$18,483,804
OEP #4	AT COST	$11,350,451	$11,350,451
GOLDMAN SACHS INTERESTS	AT COST	$2,046,697	$8,657,708
HORIZON ENERGY	AT COST	$135,803	$150,000
VINTAGE	AT COST	$179,650	$200,000

Other Decreases Schedule OtherDecreasesSchedule

Other Decreases Detail OtherDecreasesDetail

Field	Value	IRS element (for citing)
Desc	TIMING DIFFERENCE	Desc
Amt	$2,013,701	Amt

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (5 entries)

DescDesc	Revenue And Expenses Per BooksRevenueAndExpensesPerBooksAmt	Net Investment IncomeNetInvestmentIncomeAmt	Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt
CHARITABLE CONTRIBUTION - LP	$1,277	$0	$0
NONDEDUCTIBLE EXPENSE - LP	$7,072	$0	$0
OTHER DEDUCTIONS - LP	$1,838,822	$1,834,363	$0
MISC EXP - ALT. INVESTMENTS	$7,221	$7,221	$0
STATE FILING FEES	$15	$0	$15

Other Income Schedule2 OtherIncomeSchedule2

Other Income Detail OtherIncomeDetail (5 entries)

DescDesc	Revenue And Expenses Per BooksRevenueAndExpensesPerBooksAmt	Net Investment IncomeNetInvestmentIncomeAmt	Adjusted Net IncomeAdjustedNetIncomeAmt
ORDINARY INCOME - LP	$1,580,583	$375,539	$0
OTHER INCOME - ALT. INVEST.	$341,347	$341,347	$0
NET RENTS - LP	-$59,494	$1,243	$0
MISC INCOME	$19	$19	$0
OTHER INCOME - LP	$20,340	$20,303	$0

Other Increases Schedule OtherIncreasesSchedule

Other Increases Detail OtherIncreasesDetail

Field	Value	IRS element (for citing)
Desc	RESTORATION PAYMENT	Desc
Amt	$24,805	Amt

Other Professional Fees Schedule OtherProfessionalFeesSchedule

Other Professional Fees Detail OtherProfessionalFeesDetail (5 entries)

CategoryCategoryTxt	AmtAmt	Net Investment IncomeNetInvestmentIncomeAmt	Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt
MNGMT FEES - ALT. INVEST.	$79,259	$79,259	$0
MNGMT FEES - GS #2	$53,541	$53,541	$0
MNGMT FEES - JP MORGAN	$19,975	$19,975	$0
INVST FEES - NORTH TR #1	$39,534	$39,534	$0
INVST FEES - GS #1	$2,500	$2,500	$0

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail (6 entries)

CategoryCategoryTxt	AmtAmt	Net Investment IncomeNetInvestmentIncomeAmt	Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt
FOREIGN TAXES - LP	$50,178	$40,535	$0
FOREIGN TAXES - ASML	$30,773	$30,773	$0
FOREIGN TAXES - JP MORGAN	$6,409	$6,409	$0
FOREIGN TAXES - GMO EMER.	$31,298	$31,298	$0
FOREIGN TAXES - N. TR #1	$11,434	$11,434	$0
FEDERAL EXCISE TAX	$3,884,646	$0	$0