Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Nonexempt Charitable Trust
Treated as a Private Foundation
Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.
OMB No. 1545-0052
2011
For calendar year 2011, or tax year beginning 01-01-2011 , and ending 12-31-2011
G
Check all that apply:
Name of foundation
Cummings Foundation Inc
 
% WILLIAM F GRANT
Number and street (or P.O. box number if mail is not delivered to street address)200 West Cummings Park   Room/suite
City or town, state, and ZIP code
Woburn, MA01801
A Employer identification number

04-3073023
B Telephone number (see page 10 of the instructions)

(781) 935-8000
C bullet
D 1. bullet
H Check type of organization:
2. bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$871,158,791J Accounting method:
 
(Part I, column (d) must be on cash basis.)
E bullet
F bullet
Part I 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 page 11 of the instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 20,264,395
2 Check bullet
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities...... 8,310,658 8,296,658 8,310,658
5a Gross rents.............. 71,851 71,851 71,851
b Net rental income or (loss) 52,271
6a Net gain or (loss) from sale of assets not on line 10 5,481,632
b Gross sales price for all assets on line 6a 156,628,811
7 Capital gain net income (from Part IV, line 2)... 5,481,632
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)....... Click to see attachment 112,170,731 43,026,927 112,170,731
12 Total. Add lines 1 through 11........ 146,299,267 56,877,068 120,553,240
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 423,419     423,419
14 Other employee salaries and wages...... 32,348,136     32,300,299
15 Pension plans, employee benefits....... 747,517     743,560
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 4,006     26,866
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 1,268,219 266,219    
19 Depreciation (attach schedule) and depletion... Click to see attachment 222,277   222,277
20 Occupancy.............. 3,212,738     3,209,879
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 29,235,603 1,107,178   28,074,255
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 67,461,915 1,373,397 222,277 64,778,278
25 Contributions, gifts, grants paid........ 41,940 41,940
26 Total expenses and disbursements. Add lines 24 and 25 67,503,855 1,373,397 222,277 64,820,218
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 78,795,412
b Net investment income (if negative, enter -0-) 55,503,671
c Adjusted net income (if negative, enter -0-)... 120,330,963
For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.
Cat. No. 11289X Form 990-PF (2011)
Form 990-PF (2011)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 11,101 115,482 115,482
2 Savings and temporary cash investments.......... 16,077,468 14,753,302 14,753,302
3 Accounts receivable bullet1,089,266
Less: allowance for doubtful accounts bullet0 3,072,764 1,089,266 1,089,266
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use............... 37,165 33,418 33,418
9 Prepaid expenses and deferred charges........... 113,502 98,961 98,961
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 284,678,709 Click to see attachment312,637,609 347,786,437
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............. 2,282,099 0 0
13 Investments—other (attach schedule)........... 469,885,264 Click to see attachment506,401,816 504,611,990
14 Land, buildings, and equipment: basis bullet8,533,863
Less: accumulated depreciation (attach schedule) bullet5,863,928 2,497,586 Click to see attachment2,669,935 2,669,935
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 778,655,658 837,799,789 871,158,791
Liabilities 17 Accounts payable and accrued expenses.......... 859,081 818,437
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 bullet) Click to see attachment23,122,317 Click to see attachment24,071,951
23 Total liabilities (add lines 17 through 22).......... 23,981,398 24,890,388
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................... 754,674,260 812,909,401
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see page 17 of the
instructions).................... 754,674,260 812,909,401
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 778,655,658 837,799,789
Part III Analysis of Changes in Net Assets or Fund Balances
1 Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
with end-of-year figure reported on prior year’s return)............... 1 754,674,260
2 Enter amount from Part I, line 27a..................... 2 78,795,412
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 833,469,672
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 20,560,271
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 812,909,401
Form 990-PF (2011)
Form 990-PF (2011)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a PUBLICLY TRADED SECURITIES - LONG TERM INVESTMENT PROPERTY      
b PUBLICLY TRADED SECURITIES - SHORT TERM INVESTMENT PROPERTY      
c
d
e
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 83,074,033   77,431,453 5,642,580
b 73,554,778   73,715,726 -160,948
c
d
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       5,642,580
b       -160,948
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 5,481,632
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 pages 13 and 17 of the instructions).
If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . . 		Bracket 3 -160,948
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If “Yes,” the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2010 62,694,136 735,114,956 0.085285
2009 61,619,111 628,440,923 0.098051
2008 63,345,965 701,624,746 0.090285
2007 58,823,161 652,455,944 0.090157
2006 61,048,786 582,926,001 0.104728
2 Total of line 1, column (d) ...................... 2 0.468506
3 Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years. . . 		3 0.093701
4 Enter the net value of noncharitable-use assets for 2011 from Part X, line 5..... 4 830,930,160
5 Multiply line 4 by line 3....................... 5 77,858,987
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 555,037
7 Add lines 5 and 6......................... 7 78,414,024
8 Enter qualifying distributions from Part XII, line 4.............. 8 65,050,847
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions on page 18.
Form 990-PF (2011)
Form 990-PF (2011)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A” on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 1,110,073
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2............................ 3 1,110,073
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 1,110,073
6 Credits/Payments:
a 2011 estimated tax payments and 2010 overpayment credited to 2011 6a 1,200,625
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 1,200,625
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 90,552
11 Enter the amount of line 10 to be: Credited to 2012 estimated taxBullet90,552 Refunded Bullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? Click to see attachment....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?............................
1b
 
No
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.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
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 changesClick to see attachment....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.Click to see attachment
6
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?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletMA
    b
    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 .
    8b
    Yes
     
    9
    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 2011 or the taxable year beginning in 2011 (see instructions for Part XIV on
    page 27)? If “Yes,” complete Part XIV..........................
    9
    Yes
     
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    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 page 20 of the instructions) Click to see attachment.......
    11
    Yes
     
    12
    Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullethttp://www.cummingsfoundation.org
    14
    The books are in care ofbulletWILLIAM F GRANT Telephone no.bullet (781) 935-8000
    Located atbullet200 WEST CUMMINGS PARKWOBURNMA ZIP+4bullet01801
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2011, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    No
    See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    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?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (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)?.................
    (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.).........
    b
    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 page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    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 2011?.............
    1c
     
    No
    2
    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)):
    a
    At the end of tax year 2011, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2011?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    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 page 20 of the instructions.) .........
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 2011 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 2011.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    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 2011?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    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 page 22 of the instructions)?
    5b
     
    No
    .........bullet
    c
    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).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 6
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    Joyce M Cummings TRUSTEE & TREASURER
    1.0     		0    
    200 West Cummings Park
    Woburn,MA01801
    Patricia A Cummings TRUSTEE & Vice President
    1.0     		0    
    200 West Cummings Park
    Woburn,MA01801
    William S Cummings TRUSTEE & PRESIDENT
    50.0     		0    
    200 West Cummings Park
    Woburn,MA01801
    Robert O Connor TRUSTEE & EXEC DIR NHM
    50.0     		165,140 5,829 18,000
    400 hemenway street
    marlborough,MA01752
    Joseph Abate MD Trustee
    1.0     		0    
    200 West Cummings Park
    Woburn,MA01801
    Anthony P Monaco MD PHD Trustee
    1.0     		0    
    Tufts University
    Medford,MA02155
    HON Margot Botsford Trustee
    1.0     		0    
    supreme judicial court
    boston,MA02108
    Paul C Casey Trustee
    1.0     		0    
    200 West Cummings Park
    Woburn,MA01801
    Carol A Donovan Trustee
    1.0     		0    
    200 West Cummings Park
    Woburn,MA01801
    DEBORAH T KOCHEVAR DVM PHD Trustee
    1.0     		0    
    cummings school of veterinary
    north grafton,MA01536
    Jason Z Morris PhD Trustee
    1.0     		0    
    fordham university
    bronx,NY10458
    Marilyn Cummings Morris MD MPH Trustee
    1.0     		0    
    Childrens Hospital
    New York,NY10001
    Richard C Ockerbloom Trustee
    1.0     		0    
    200 West Cummings Park
    Woburn,MA01801
    Joel B Swets EXEC DIR, CUMMINGS FND
    50.0     		139,137 6,253  
    200 West Cummings Park
    Woburn,MA01801
    Michael P Pascavage TRUSTEE
    1.0     		0    
    200 West Cummings Park
    Woburn,MA01801
    Jed Geyerhahn Exec Dir, New Horizons Choate
    50.0     		119,142 12,829  
    21 Warren Avenue
    Woburn,MA01801
    2 Compensation of five highest-paid employees (other than those included on line 1—see page 23 of the 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
    JUSTIN MAGEE DIVISION MGR
    50.0     		176,108 6,789  
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    DEREK RUSSELL OPERATIONS MGR
    50.0     		140,449 5,195  
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    ROBERT SCARO ACCOUNT MGR
    50.0     		124,370 11,254  
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    JOHNNY HENK NIGHT CREW TM LDR
    50.0     		121,616 11,506  
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    KEN ORSO SR ELECTRICAL TEAM
    50.0     		121,273 12,158  
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    Total number of other employees paid over $50,000...................bullet 74
    3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    HEALTH CARE STAFFING INC Assisted Living Svcs 1,368,320
    PO Box 786
    WESTBOROUGH,MA01581
    MERRILL LYNCH TRUST CO INVESTMENT SVCS 814,064
    ONE FEDERAL STREET
    BOSTON,MA02134
    WINCHESTER HEALTHCARE ENTERPRISES INC ASSISTED LIVING SVCS 634,975
    PO BOX 5-0803
    WOBURN,MA01801
    COMMONFUND INVESTMENT SVCS 327,551
    15 Old Danbury Rd
    WILTON,CT06897
    ROBERT VISCO SALON SVCS 54,886
    30 OLD STOW ROAD
    HUDSON,MA01749
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT CHOATE 3,482,056
    2 SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT MARLBOROUGH 7,441,690
    3 SEE GENERAL EXPLANATION ATTACHMENT - CUMMINGS SCHOOL OF VETERINARY MEDICINE 53,854,532
    4  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see page 23 of the 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 page 24 of the instructions.
    3  
    Total. Add lines 1 through 3..........................bullet  
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see page 24 of the instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    451,659,041
    b
    Average of monthly cash balances.......................
    1b
    745,174
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    391,179,704
    d
    Total (add lines 1a, b, and c).........................
    1d
    843,583,919
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    843,583,919
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ...........................
    4
    12,653,759
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    830,930,160
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    41,546,508
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
     
    2a
    Tax on investment income for 2011 from Part VI, line 5......
    2a
     
    b
    Income tax for 2011. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
     
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1................................
    7
     
    Part XII
    Qualifying Distributions (see page 25 of the instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    64,820,218
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    230,629
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    65,050,847
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see page 26 of the instructions)............
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    65,050,847
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 8
    Part XIII
    Undistributed Income (see page 26 of the instructions)
    (a)
    Corpus     		(b)
    Years prior to 2010     		(c)
    2010     		(d)
    2011
    1 Distributable amount for 2011 from Part XI, line 7  
    2 Undistributed income, if any, as of the end of 2011:
    a Enter amount for 2010 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2011:
    a From 2006.......  
    b From 2007.......  
    c From 2008.......  
    d From 2009.......  
    e From 2010.......  
    fTotal of lines 3a through e.........  
    4Qualifying distributions for 2011 from Part
    XII, line 4: bullet$  
    a Applied to 2010, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see page 26 of the instructions)    		  
    c Treated as distributions out of corpus (Election
    required—see page 26 of the instructions)...     		 
    d Applied to 2011 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2011.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable
    amount—see page 27 of the instructions ...     		 
    e Undistributed income for 2010. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		 
    f Undistributed income for 2011. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2011 ..........     		 
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see page 27
    of the instructions) ...........     		 
    8Excess distributions carryover from 2006 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		 
    9Excess distributions carryover to 2012.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2007....  
    b Excess from 2008....  
    c Excess from 2009....  
    d Excess from 2010....  
    e Excess from 2011....  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 9
    Part XIV
    Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2011, enter the date of the ruling.......bullet
    1990-04-27
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2011 (b) 2010 (c) 2009 (d) 2008
    41,546,508 36,755,748 31,422,046 35,081,237 144,805,539
    b 85% of line 2a ......... 35,314,532 31,242,386 26,708,739 29,819,051 123,084,708
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		65,050,847 62,694,136 62,085,600 63,841,779 253,672,362
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ....     		41,940 35,415 216,700 418,695 712,750
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		65,008,907 62,658,721 61,868,900 63,423,084 252,959,612
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets” alternative test—enter:
    (1) Value of all assets ...... 871,158,791 834,371,069 732,896,111 678,931,638 3,117,357,609
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		 388,509,769 386,789,769 380,489,769 392,839,769 1,548,629,076
    b “Endowment” alternative test— enter 2⁄3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		27,697,672 24,503,832 20,948,031 23,387,491 96,537,026
    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) ....     		89,408,199 75,149,716 66,141,190 66,437,632 297,136,737
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		69,143,904 66,649,716 66,141,190 66,437,632 268,372,442
    (3) Largest amount of support
    from an exempt organization    		   0 0 0 0
    (4) Gross investment income 51,337,585 46,465,999 47,204,130 50,468,056 195,475,770
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see page 27 of the 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).)
    WILLIAM S CUMMINGS PATRICIA A CU
    JOYCE CUMMINGS AND JASON Z MORRIS
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number 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 (2011)
    Form 990-PF (2011)
    Page 10
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    AFIKIM FOUNDATION
    111 JOHN ST RM 1720
    NEW YORK,NY100383114     		NONE 509(a)1 Religious Program 10,000
    AIDS ACTION COMMITTEE
    75 AMORY ST
    BOSTON,MA02119     		NONE 509(a)1 Community Healthcare Program 110
    ALZHEIMERS ASSOCIATION
    311 ARSENAL ST
    WATERTOWN,MA02472     		NONE 509(a)2 Alzheimers Research 100
    AMERICAN CANCER SOCIETY
    US 1 HIGHWAY STE 201
    ROCKLEDGE,FL32955     		NONE 509(a)1 Cancer Research Treatment 1,000
    AMERICAN CANCER SOCIETY
    30 SPEEN ST
    FRAMINGHAM,MA01701     		NONE 509(a)1 Cancer Research Treatment 50
    AMERICAN RED CROSS
    PO BOX 97089
    WASHINGTON,DC200907089     		NONE 509(a)1 Disaster Emergency Relief 50
    APPALACHIAN MOUNTAIN CLUB
    5 JOY ST
    BOSTON,MA02108     		NONE 509(a)1 Conservation Programs 200
    BUDDY DOG HUMANE SOCIETY
    151 BOSTON POST RD
    SUDBURY,MA01776     		none 509(a)1 Animal Welfare 500
    CATHOLIC RELIEF SERVICES USCCB
    228 W LEXINGTON ST
    BALTIMORE,MD212013413     		none 509(a)1 Services 125
    CENTRAL MAINE MEDICAL CENTER
    300 MAIN ST
    LEWISTON,ME042407027     		none 509(a)1 Cancer Research Treatment 100
    CHILDREN'S HOSPITAL CORPORATION
    300 LONGWOOD AVE
    BOSTON,MA02115     		none 509(a)1 Health Research and Programs 50
    DANA FARBER CANCER INSTITUTE
    44 BINNEY ST BP535B
    BOSTON,MA02115     		none 509(a)1 Cancer Research Treatment 100
    DEDHAM SQUARE CIRCLE
    PO BOX 593
    DEDHAM,MA020270593     		none 509(a)1 Community Enrichment Programs 50
    DR PLOTKIN'S BRAIN TUMOR RESEARCH
    55 FRUIT ST
    BOSTON,MA02114     		none 509(a)1 Health Research and Programs 500
    FENWAY COMMUNITY HEALTH CENTER INC
    1340 BOYLSTON ST
    BOSTON,MA02215     		none 509(a)1 Community Healthcare Program 100
    FOLK ARTS OF NEW ENGLAND
    10 FRANKLIN ST
    STONEHAM,MA02180     		none 509(a)2 Cultural Arts Programming 50
    GREATER BOSTON FOOD BANK INC
    70 SOUTH BAY
    BOSTON,MA02118     		none 509(a)1 Community Charity Drive 100
    GREATER BOSTON PFLAG
    PO BOX 541619
    WALTHAM,MA02454     		none 509(a)1 Community Awareness 50
    HEIFER INTERNATIONAL
    1 WORLD AVE
    LITTLE ROCK,AR72202     		none 509(a)1 Poverty Assistance Third World 80
    LAZARUS HOUSE INC
    PO BOX 408
    LAWRENCE,MA01842     		none 509(a)1 Civic Relief 100
    MARINE TOYS FOR TOTS FOUNDATION
    18251 QUANTICO GTWY DR
    TRIANGLE,VA22172     		none 509(a)1 Community Charity Drive 50
    MISSION OF DEEDS
    6 CHAPIN AVE
    READING,MA01867     		none 509(a)1 Community Welfare Program 50
    MISSION OF DEEDS
    6 CHAPIN AVE
    READING,MA01867     		none 509(a)1 Community Welfare Program 200
    MISSION OF DEEDS
    6 CHAPIN AVE
    READING,MA01867     		none 509(a)1 Community Welfare Program 1,000
    MORAL COURAGE FOUNDATION
    106 BEAR TRL
    WAXAHACHIE,TX751658768     		none 509(a)1 Youth Enrichment Program 1,000
    MUSEUM OF FINE ARTS
    465 HUNTINGTON AVE
    BOSTON,MA02116     		none 509(a)1 Cultural Arts Programming 250
    NATIONAL MULTIPLE SCLEROSIS SOCIETY
    101A FIRST AVE STE 6
    WALTHAM,MA02451     		none 509(a)1 Health Research and Programs 75
    NOBLE AND GREENOUGH SCHOOL
    10 CAMPUS DRIVE
    DEDHAM,MA02026     		none 509(a)1 Community Enrichment Programs 200
    NORTHEASTERN UNIVERSITY
    360 HUNTINGTON AVE 501
    BOSTON,MA02115     		none 509(a)1 Educational Scholarships 200
    ONLY A CHILD INC
    PO BOX 990885
    BOSTON,MA02199     		none 509(a)1 Youth Welfare Program 50
    ONLY A CHILD INC
    PO BOX 990885
    BOSTON,MA02199     		none 509(a)1 Youth Welfare Program 50
    OXFAM AMERICA INC
    226 CAUSEWAY ST 5TH FLR
    BOSTON,MA021142171     		none 509(a)1 Poverty Assistance Third World 100
    PAN MASSACHUSETTS CHALLENGE
    77 FOURTH AVE
    NEEDHAM,MA02494     		none 509(a)1 Health Research and Programs 100
    PARENT TO PARENT INC
    PO BOX 494
    WINCHESTER,MA01890     		none 509(a)2 Educational Awareness 100
    PARTNERS IN HEALTH
    641 HUNTINGTON AVE
    BOSTON,MA022845578     		none 509(a)1 Poverty Assistance Third World 200
    PINE STREET INN
    444 HARRISON AVE
    BOSTON,MA02118     		none 509(a)1 Community Homeless 100
    PROJECT BREAD
    145 BORDER ST
    BOSTON,MA02128     		none 509(a)1 Community Welfare Program 50
    PROJECT BREAD
    145 BORDER ST
    BOSTON,MA02128     		none 509(a)1 Community Welfare Program 50
    PROVIDENCE COLLEGE
    1 CUNNINGHAM SQ
    PROVIDENCE,RI029180001     		none 509(a)1 Educational Scholarships 10,000
    SKIDMORE COLLEGE
    PO BOX 374
    SARATOGA SPRINGS,NY128660374     		none 509(a)1 Educational Scholarships 10,000
    SPECIAL OLYMPICS
    PO BOX 322
    HATHORNE,MA01937     		none 509(a)1 Community Enrichment Programs 75
    ST FRANCIS HOUSE
    39 BOYLSTON ST
    BOSTON,MA02116     		none 509(a)1 Community Welfare Program 100
    ST JOSEPH SCHOOL
    90 PICKERING ST
    NEEDHAM,MA02492     		none 509(a)1 Community Enrichment Programs 350
    ST JUDE CHILDRENS RESEARCH HOSPITAL
    501 ST JUDE PLACE
    MEMPHIS,TN38105     		none 509(a)1 Cancer Research Treatment 100
    SUPPORTIVE LIVING INC
    400 WEST CUMMINGS PARK
    WOBURN,MA01801     		none 509(a)1 Brain Injury Residence 50
    THE SALVATION ARMY
    25 SHAWMUT ROAD
    CANTON,MA02021     		none 509(a)1 Community Charity Drive 100
    THE SMILE TRAIN
    41 MADISON AVE 28th FLR
    NEW YORK,NY10010     		none 509(a)1 Health Research and Programs 125
    TRUSTEES OF BOSTON UNIVERSITY
    890 COMMONWEALTH AVE
    BOSTON,MA02215     		none 509(a)1 Educational Programming 200
    TRUSTEES OF PHILLIPS ACADEMY
    180 MAIN STREET
    ANDOVER,MA01810     		none 509(a)1 Educational Programming 200
    TRUSTEES OF TUFTS COLLEGE (WOMEN'S RUGBY)
    169 HOLLAND ST ROOM 203
    SOMERVILLE,MA02144     		none 509(a)1 Educational Programming 250
    UNITED SERVICE ORGANIZATIONS INC
    2111 WILSON BLVD STE 1200
    ARLINGTON,VA22201     		none 509(a)1 Civic Programming 100
    UNITED WAY OF MASSACHUSETTS BAY INC
    51 SLEEPER ST
    BOSTON,MA022101276     		none 509(a)1 Community Welfare Program 200
    UNIVERSITY OF VERMONT
    411 MAIN STREET
    BURLINGTON,VT05405     		none 509(a)1 Educational Scholarships 100
    VNA HOSPICE CARE
    100 SYLVAN RD STE G500
    WOBURN,MA01801     		none 509(a)1 Community Healthcare Program 50
    VNA HOSPICE CARE
    100 SYLVAN RD STE G500
    WOBURN,MA01801     		none 509(a)1 Community Healthcare Program 100
    WGBH
    ONE GUEST ST
    BOSTON,MA02135     		none 509(a)1 Educational Programming 50
    WGBH
    ONE GUEST ST
    BOSTON,MA02135     		none 509(a)1 Educational Programming 50
    WINCHESTER ABC HOUSE
    PO BOX 94
    WINCHESTER,MA01890     		none 509(a)1 Educational Programming 100
    WINCHESTER COMMUNITY MUSIC SCHOOL
    407 HIGHLAND AVE
    WINCHESTER,MA01890     		none 509(a)1 Community Cultural Arts 500
    WINCHESTER COMMUNITY MUSIC SCHOOL
    407 HIGHLAND AVE
    WINCHESTER,MA01890     		none 509(a)1 Community Cultural Arts 500
    WINCHESTER COMMUNITY MUSIC SCHOOL
    407 HIGHLAND AVE
    WINCHESTER,MA01890     		none 509(a)1 Community Cultural Arts 500
    WINCHESTER FOUNDATION FOR EDUCATION
    PO BOX 1005
    WINCHESTER,MA01890     		none 509(a)1 Educational Programming 100
    WINCHESTER HOSPITAL FOUNDATION
    611 MAIN ST
    WINCHESTER,MA018901902     		none 509(a)1 Health Research and Programs 250
    WINCHESTER MULTICULTURAL NETWORK
    P O BOX 346
    WINCHESTER,MA01890     		none 509(a)1 Community Awareness 125
    WINCHESTER SENIORS ASSOCIATION
    109 SKILLINGS RD
    WINCHESTER,MA01890     		none 509(a)2 Elder Services 100
    WRIGHT-LOCKE FARM CONSERVANCY INC
    PO BOX 813
    WINCHESTER,MA01890     		none 509(a)1 Conservation Programs 125
    YMCA CAMP BELKNAP FIC
    1050 PERIMETER RD STE 302
    MANCHESTER,NH03103     		none 509(a)2 Youth Enrichment Program 200
    Total .................................bullet 3a 41,940
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 11
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See page 28 of
    the instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    aSENIOR FACILITY REVENUE         15,869,685
    bHOME HEALTH CARE REVENUE         1,845,846
    cVET SCHOOL REVENUE         51,397,800
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3Interest on savings and temporary cash investments          
    4 Dividends and interest from securities....     14 8,310,658  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....     16 52,271  
    6Net rental income or (loss) from personal property          
    7 Other investment income.....     14 43,026,927  
    8Gain or (loss) from sales of assets other than inventory     18 5,481,632  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aMISC. REVENUE     01 30,473  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   56,901,961 69,113,331
    13Total. Add line 12, columns (b), (d), and (e)..................
    13126,015,292
    (See worksheet in line 13 instructions on page 28 to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See
    page 28 of the instructions.)
    1A Part of the primary exempt purpose of Cummings Foundation is to operate two not-for profit residential independent and assisted living facilities for seniors. Senior facility revenue is income from the operation of such facilities.
    1B Part of the primary exempt purpose of Cummings Foundation is to provide home health care to seniors. Home health care revenue is income from the provision of such care to seniors.
    1C Cummings Foundation has entered into a long-term agreement with Tufts University to operate its veterinary school through a subsidiary called Veterinary School at Tufts, LLC. Cummings Foundation will contribute at least $50 million to support the newly-renamed Cummings School of Veterinary Medicine over the next 15-20 years. The IRS issued a private letter ruling on May 6, 2004, confirming that the distributions directed to Tufts University and the expenses Cummings Foundation incurs in operating the Cummings School constitute qualified distributions directly for the active conduct of Cummings Foundations exempt purposes.
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
    Yes
     
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    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
    1b(3) 0 HEM REALTY INC SEE ATTACHED
    1b(3) 0 NHC REALTY INC SEE ATTACHED
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    HEM REALTY INC 501(C)(2) A DIVISION OF CFI
    NHC REALTY INC 501(C)(2) A DIVISION OF CFI
    SignHere
    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 or fiduciary) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    Signature of officer or trustee Date Title
    PaidPreparersUseOnly Preparer's SignatureBullet Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2011)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors
    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    OMB No. 1545-0047
    2011
    Name of organization
    Cummings Foundation Inc
     
    Employer identification number

    04-3073023
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ





    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......................... Arrow Bullet   $    
    Caution. An Organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
    Form 990-EZ or on Part I, line 2, of its Form 990-PF, to certify that it does not meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2011)

    Page 2
    Schedule B (Form 990, 990-EZ, or 990-PF) (2011)
    Name of organization
    Cummings Foundation Inc
          		Employer identification number

    04-3073023
    Part I
    Contributors (see Instructions). Use duplicate copies of Part I if additional space is needed.
    		     
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
     
     

    William S Cummings    
    200 West Cummings Park
       
    Woburn, MA   01801

    		$264,295




    (Complete Part II if there is a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
     
     

    Woburn Properties LLP    
    200 West Cummings Park
       
    Woburn, MA   01801

    		$4,000,000




    (Complete Part II if there is a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
     
     

    Woburn Properties LLP    
    200 WEST CUMMINGS PARK
       
    WOBURN, MA   01801

    		$16,000,000




    (Complete Part II if there is a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is a noncash contribution.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2011)

    Page 3
    Schedule B (Form 990, 990-EZ, or 990-PF) (2011)
    Name of organization
    Cummings Foundation Inc
          		Employer identification number

    04-3073023
    Part II
    Noncash Property (see Instructions). Use duplicate copies of Part II if additional space is needed.
    		     
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions).     		(d)
    Date received
    2
    		 10 Gil Street, Woburn, MA   $4,000,000 2011-08-01
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions).     		(d)
    Date received
    3
    		 12 GIL STREET, WOBURN, MA   $16,000,000 2011-08-01
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions).     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions).     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions).     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions).     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2011)

    Page 4
    Schedule B (Form 990, 990-EZ, or 990-PF) (2011)
    Name of organization
    Cummings Foundation Inc
          		Employer identification number

    04-3073023
    Part III
    Exclusively religious, charitable, etc., individual contributions to section 501(c)(7), (8), or (10) organizations
    that total more than $1,000 for the year. Complete columns (a) through (e) and the following line entry.
    For organizations completing Part III, enter the total of exclusively religious, charitable, etc.,
    contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet $  
    Use duplicate copies of Part III if additional space is needed
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2011)

    Additional Data


    Software ID:  
    Software Version:  

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2011 DepreciationSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included

    TY 2011 GeneralExplanationAttachment
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Identifier Return Reference Explanation
    FORM 990-PF, PART IX-A SUMMARY OF DIRECT CHARITABLE ACTIVITIES New Horizons at Choate - $3,482,056. Established in 1990 and accommodates 125 seniors. The facility is located in Woburn, MA. Formerly the Choate Memorial Hospital property. This property was converted to a retirement community which includes suites for independent living and assisted living units. New Horizons at Marlborough - $7,441,690. Established in 1993 and accommodates approximately 500 residents at its Marlborough, Massachusetts campus. Both facilities have the ability to accommodate active and independent seniors, seniors requiring assistance with activities of daily living (assisted living residents) and seniors suffering from Alzheimer's disease. Cummings School of Veterinary Medicine - $53,854,532. Cummings Foundation has entered into a long-term agreement with Tufts University to operate its veterinary school through a subsidiary called Veterinary School at Tufts, LLC. Cummings Foundation will contribute at least $50 million to support the Cummings School of Veterinary Medicine over the next 15-20 years. The IRS issued a Private Letter Ruling on May 6, 2004, confirming that the distributions to Tufts University and the expenses Cummings Foundation incurs in operating the Cummings School constitute qualified distributions directly for the active conduct of Cummings Foundation's exempt purposes. Institute for World Justice, LLC ("IWJ") (EIN 80-0690363) - $0. The principal purpose of IWJ is to promote more serious study of the holocaust, genocides, and injustices of all kinds in a core group of New England schools. IWJ expects to serve as an active coordinating organizaton that makes programming available to participating schools, and assists each such school in tailoring a program to that schools particular needs. Organized as a single-member LLC (and disregarded entity of Cummings Foundation, Inc.) On February 18, 2011, IWJ had no revenues or expenditures, nor did it acquire any assets or incur any liabilities in 2011, its first year in existence. The IRS issued a private letter ruling on December 9, 2011, confirming IWJ was likely to qualify as a private operating foundation described in section 4942(j)(3) of the internal revenue code.
    FORM 990-PF, PART XVII, LINE 1D DESCRIPTION OF RENTAL OF FACILITIES Reporting Organization has a division called New Horizons at Marlborough, LLC (EIN: 75-3031923) ("NHM"). NHM is lessee of real property from HEM Realty, Inc. (EIN: 30-0553220) ("HEM Realty"), which it uses in operations. HEM Realty is a 501(c)(2) title holding company that is related to Reporting Organization. Because HEM Realty holds title for Reporting Organization, and consistent with its purposes would turn over any rent it collects to Reporting Organization, HEM Realty waives payment of rent from Reporting Organization's division, NHM. Reporting Organization has a division called New Horizons at Choate, LLC (EIN: 75-3031909) ("NHC"). NHC is lessee of real property from NHC Realty, Inc. (EIN: 30-0553218) ("NHC Realty"), which it uses in operations. NHC Realty is a 501 (c)(2) title holding company that is related to Reporting Organization. Because NHC Realty holds title for Reporting Organization, and consistent with its purposes would turn over any rent it collects to Reporting Organization, NHC Realty waives payment of rent from Reporting Organization's division, NHC.
    Attachment to Form 926   Regulations Section 1.6038B-1T(c)(1): Transferor Cummings Foundation, Inc. EIN: 04-3073023 200 West Cummings Park Woburn, MA 01801 Regulations Section 1.6038B-1T(c)(2): Transfer (i): CGDI Cayman Master Fund Ltd EIN: 75-3251083 CGDI Cayman Master Fund Ltd WALKER HOUSE, 87 MARY ST Georgetown, CJ KY1-9002 (ii): Transfer of cash in the amount of $5,580,754 in consideration of ordinary shares. Regulations Section 1.6038B-1T(c)(3): Consideration Received Ordinary Shares Regulations Section 1.6038B-1T(c)(4): Property Transferred Cash in the amount of $5,580,754 Regulations Section 1.6038B-1T(c)(5): Transfer of foreign branch with previously deducted losses Not applicable Regulations Section 1.6038B-1T(c)(6): Application of Section 367(a)(5) Not applicable
    Attachment to Form 926   The following is additional information as requested by Regulations Section 1.6038B-1(c) and Temporary Regulations Sections 1.6038B-1T(c)(1) through 1.6038B-1T(c)(5) and 1.6038B-1T(d). Regulations Section 1.6038B-1T(c)(1): Transferor Cummings Foundation, Inc. EIN: 04-3073023 200 West Cummings Park Woburn, MA 01801 Regulations Section 1.6038B-1T(c)(2): Transfer (i): PASSPORT OFFSHORE LTD. GHP - G1 IV STANDARD NEW IS EIN: 94-3368567 PASSPORT OFFSHORE LTD. GHP - G1 IV STANDARD NEW IS 30 HOTALING PLACE, STE 300 SAN FRANCISCO, CA 94111 (ii): Transfer of cash in the amount of $1,120,549 in consideration of ordinary shares. Regulations Section 1.6038B-1T(c)(3): Consideration Received Ordinary Shares Regulations Section 1.6038B-1T(c)(4): Property Transferred Cash in the amount of $1,120,549 Regulations Section 1.6038B-1T(c)(5): Transfer of foreign branch with previously deducted losses Not applicable Regulations Section 1.6038B-1T(c)(6): Application of Section 367(a)(5) Not applicable
    Attachment to Form 926   The following is additional information as requested by Regulations Section 1.6038B-1(c) and Temporary Regulations Sections 1.6038B-1T(c)(1) through 1.6038B-1T(c)(5) and 1.6038B-1T(d). Regulations Section 1.6038B-1T(c)(1): Transferor Cummings Foundation, Inc. EIN: 04-3073023 200 West Cummings Park Woburn, MA 01801 Regulations Section 1.6038B-1T(c)(2): Transfer (i): SCOUT CAPITAL FUND LTD. EIN: N/A SCOUT CAPITAL FUND LTD. 89 NEXUS WAY, CAMANA BAY GRAND CAYMAN, CAYMAN ISLANDS CJ KY1-9007 (ii): Transfer of cash in the amount of $1,095,168 in consideration of ordinary shares. Regulations Section 1.6038B-1T(c)(3): Consideration Received Ordinary Shares Regulations Section 1.6038B-1T(c)(4): Property Transferred Cash in the amount of $1,095,168 Regulations Section 1.6038B-1T(c)(5): Transfer of foreign branch with previously deducted losses Not applicable Regulations Section 1.6038B-1T(c)(6): Application of Section 367(a)(5) Not applicable
    Attachment to Form 926   The following is additional information as requested by Regulations Section 1.6038B-1(c) and Temporary Regulations Sections 1.6038B-1T(c)(1) through 1.6038B-1T(c)(5) and 1.6038B-1T(d). Regulations Section 1.6038B-1T(c)(1): Transferor Cummings Foundation, Inc. EIN: 04-3073023 200 West Cummings Park Woburn, MA 01801 Regulations Section 1.6038B-1T(c)(2): Transfer (i): PAULSON ADVANTAGE PLUS LTD. EIN: N/A PAULSON ADVANTAGE PLUS LTD. P.O. BOX 309, UGLAND HOUSE SOUTH CHURCH STREET GEORGETOWN, GRAND CAYMAN CAYMAN ISLANDS (ii): Transfer of cash in the amount of $102,601 in consideration of ordinary shares. Regulations Section 1.6038B-1T(c)(3): Consideration Received Ordinary Shares Regulations Section 1.6038B-1T(c)(4): Property Transferred Cash in the amount of $102,601 Regulations Section 1.6038B-1T(c)(5): Transfer of foreign branch with previously deducted losses Not applicable Regulations Section 1.6038B-1T(c)(6): Application of Section 367(a)(5) Not applicable
    Attachment to Form 926   The following is additional information as requested by Regulations Section 1.6038B-1(c) and Temporary Regulations Sections 1.6038B-1T(c)(1) through 1.6038B-1T(c)(5) and 1.6038B-1T(d). Regulations Section 1.6038B-1T(c)(1): Transferor Cummings Foundation, Inc. EIN: 04-3073023 200 West Cummings Park Woburn, MA 01801 Regulations Section 1.6038B-1T(c)(2): Transfer (i): THE ADELPHI EUROPE FUND EIN: N/A THE ADELPHI EUROPE FUND PLAZA 2, CUSTOM HOUSE PLAZA INTERNATIONAL FINANCIAL SERVICES CENTER, DUBLIN 1, IRELAND (ii): Transfer of cash in the amount of $307,802 in consideration of ordinary shares. Regulations Section 1.6038B-1T(c)(3): Consideration Received Ordinary Shares Regulations Section 1.6038B-1T(c)(4): Property Transferred Cash in the amount of $307,802 Regulations Section 1.6038B-1T(c)(5): Transfer of foreign branch with previously deducted losses Not applicable Regulations Section 1.6038B-1T(c)(6): Application of Section 367(a)(5) Not applicable
    Attachment to Form 926   The following is additional information as requested by Regulations Section 1.6038B-1(c) and Temporary Regulations Sections 1.6038B-1T(c)(1) through 1.6038B-1T(c)(5) and 1.6038B-1T(d). Regulations Section 1.6038B-1T(c)(1): Transferor Cummings Foundation, Inc. EIN: 04-3073023 200 West Cummings Park Woburn, MA 01801 Regulations Section 1.6038B-1T(c)(2): Transfer (i): THIRD POINT OFFSHORE FUND, LTD EIN: N/A THIRD POINT OFFSHORE FUND, LTD C/O INTERNATIONAL FUND SERVICES BISHOP'S SQUARE, REDMOND'S HILL DUBLIN 2, IRELAND (ii): Transfer of cash in the amount of $392,192 in consideration of ordinary shares. Regulations Section 1.6038B-1T(c)(3): Consideration Received Ordinary Shares Regulations Section 1.6038B-1T(c)(4): Property Transferred Cash in the amount of $$392,192 Regulations Section 1.6038B-1T(c)(5): Transfer of foreign branch with previously deducted losses Not applicable Regulations Section 1.6038B-1T(c)(6): Application of Section 367(a)(5) Not applicable

    TY 2011 InvestmentsCorpStockSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Name of Stock End of Year Book Value End of Year Fair Market Value
    3M CPMPANY 151,970 154,388
    AARON'S INC SHS A 117,069 146,980
    ACUITY BRANDS INC 151,240 181,578
    ADIDAS AG SPONSORED ADR 241,520 214,606
    ADTRAN INC 428,631 344,307
    AERCAP HOLDINGS N.V. SHS 262,007 239,913
    AFFILIATED MANAGERS GRP 219,291 350,601
    AFLAC INC COM 4,294,845 4,326,000
    AGCO CORP COM 294,129 406,453
    AGRICULTURAL BANK OF CH 74,799 71,253
    AGRIUM INC 208,821 232,603
    AIR METHODS CRP COM$0.06 206,430 583,972
    AIR PRODUCTS&CHEM 4,307,929 4,089,120
    ALBEMARLE CORP COM 382,464 478,888
    ALLIANCE DATA SYS CORP 333,850 637,162
    ALLIANZ SE SPD ADR 216,097 186,199
    ALLIED WORLD ASSURANCE 217,826 286,583
    ALSTOM SA-UNSPON ADR 184,463 138,473
    ALUMINA LTD SP AD 216,587 47,773
    ALUMINA LTD SP ADR 51,965 34,999
    AMERICA MOVIL SAB DE CV 254,276 231,017
    AMERIGROUP CORP COM 273,968 363,460
    AMETEK INC NEW 109,199 204,522
    AMGEN INC COM PV $ .0001 123,964 138,180
    ANGLO AMERN PLC ADR 100,275 95,288
    ANGLOGOLD ASHANTI 291,869 336,034
    ANSYS INC COM 172,135 288,348
    APPLE INC 4,962,651 6,326,910
    APPLIED MICRO CIRCUITS 169,439 152,746
    APTARGROUP INC 154,601 232,574
    ARCHER DANIELS MIDLD 186,561 181,753
    ARIBA INC 347,296 340,751
    ARM HLDGS PLC SPD ADR 51,554 138,627
    ASAHI GLASS JAPAN ADR 132,062 107,405
    ASML HLDG N.V. NEW YORK 418,048 438,586
    ASSA ABLOY AB ADR 345,832 317,755
    ASTRAZENECA PLC SPND ADR 1,067,987 1,076,752
    AT&T INC 5,005,570 5,745,600
    AUST NW Z B G ADR 231,661 279,092
    AUTOLIV INC 277,637 205,188
    AUTOMATIC DATA PROC 3,665,984 5,401,000
    AXIS CAPITAL HOLDINGS 441,690 491,673
    BAE SYS PLC SPN ADR 615,501 497,253
    BAIDU INC SPON ADR 363,790 311,091
    BAKER HUGHES INC 188,265 158,129
    BANCO BRADESCO S A ADR 307,219 275,921
    BANCO SANTANDER CHIL ADR 49,518 55,867
    BANK OF THE OZARKS INC 228,764 522,051
    BARCLAYS PLC ADR 148,535 88,107
    BARRETT BILL CORP 385,380 314,432
    BARRICK GOLD CORPO 404,253 453,586
    BASF SE SPONSORED ADR 219,383 242,870
    BAXTER INTERNTL INC 3,038,447 2,968,800
    BAYER AG SP ADR 278,232 223,045
    BECTON DICKINSON & CO 2,631,966 2,988,800
    BECTON DICKINSON CO 182,159 183,811
    BERRY PETE SF CALIF CL A 200,508 221,319
    BG GROUP PLC SPON ADR 338,020 332,021
    BG GROUP PLC SPON ADR 81,426 81,962
    BIO RAD LABS CL A 192,474 236,739
    BIO REFERNCE LABS0.01 NEW 462,724 362,642
    BLACK HILLS CORP 159,743 161,016
    BLACKBAUD INC 137,597 224,342
    BLACKROCK INC 5,544,935 5,774,976
    BLUE NILE INC 180,975 172,759
    BOEING COMPANY 5,267,172 5,868,000
    BRAZIL STARS ISSUER 3,500,000 2,852,500
    BRIDGEPOINT EDUCATN INC 336,405 427,041
    BRUKER CORP 268,107 212,208
    BUFFALO WILD WINGS INC 188,136 199,425
    BUNZL PLC ADR 247,417 258,688
    CAMECO CORP COM 523,066 363,906
    CANADIAN NATL RAILWAY CO 470,925 574,274
    CANADIAN NATURAL RES LTD 179,138 177,321
    CANON INC ADR REP5SH 328,921 353,685
    CAP GEMINI SP ADR 135,145 112,908
    CAPSTEAD MORTGAGE CP NEW 391,287 369,219
    CARLISLE COS INC 191,642 237,625
    CARMAX INC 69,080 146,792
    CARNIVAL CORP PAIRED SHS 389,267 363,479
    CARREFOUR SA 453,080 270,072
    CATALYST HEALTH SOLUTION 546,114 529,516
    CATHAY FIN GDR 44,273 42,314
    CATHAY PAC AIR NEW SPADR 331,727 235,732
    CAVIUM INC 238,912 409,904
    CENTENE CORP 342,230 395,029
    CENTRAIS ELETRICAS 65,362 45,656
    CEPHEID INC CALIF COM 233,660 227,760
    CERNER CORP COM 165,143 157,413
    CGI GROUP INC 222,975 260,771
    CHECK POINT SOFTWRE TECH 349,175 455,890
    CHEESECAKE FACTORY INC 333,610 493,080
    CHEVRON CORP 205,725 204,607
    CHICAGO BRDG & IRON CO NV 320,399 785,673
    CHIMERA INVESTMENT CORP 354,649 311,847
    CHINA MOBILE LTD SPN ADR 392,721 400,867
    CHINA PETE CHEM SPN ADR 160,577 160,937
    CHINA PETE CHEM SPN ADR 300,566 324,184
    CHINA SOUTHERN AIRLN ADR 73,760 73,220
    CHUNGHWA TELECOM CO LTD 96,078 95,081
    CHURCH & DWIGHT CO INC 320,129 421,450
    CHURCH&DWIGHT CO INC 298,320 469,177
    CIELO S A SPONSORED ADR 102,521 98,004
    CISCO SYSTEMS 2,502,574 2,350,400
    CISCO SYSTEMS INC COM 211,013 211,482
    CITY NATIONAL CORP 170,190 177,250
    CLARCOR INC 94,779 114,427
    CLEAN HARBORS INC 279,887 658,203
    CNOOC LTD ADR 488,206 516,703
    COCA COLA COM 2,468,165 3,498,500
    COLFAX CORP 284,060 390,831
    COLUMBIA SPORTSWEAR CO 71,017 81,276
    COMCAST CORP 3,544,640 3,556,500
    COMCAST CORP NEW CL A 1,646,405 2,371,000
    COMMVAULT SYS INC 204,026 578,813
    COMP DE BEBIDAS SPN ADR 311,377 422,217
    COMPANHIA D SNMNTO BSCO D 445,397 585,716
    COMPANHIA ENERG DE ADR 292,977 257,315
    COMPASS MINERALS INTL 319,452 284,626
    COOPER INDUSTRIES PLC 176,255 173,334
    COPART INC 91,348 127,866
    COPEL PARANA ADR PREF B 630,419 682,899
    CORPORATE EXEC BOARD CO 195,001 321,488
    CREDICORP LTD COM PV $5 74,505 73,783
    CREDIT SUISSE GP SP ADR 871,035 529,521
    CULLEN FRST BKRS PV$0.01 95,576 84,815
    CVS CAREMARK CORP 4,607,921 4,893,600
    D R HORTON INC 157,329 167,019
    DAI NIPPON PRTG 526,678 406,477
    DAIICHI SANKYO CO LTD 164,589 165,556
    DANAHER 5,729,307 5,550,720
    DARLING INTERNATIONAL INC 372,409 307,703
    DASSAULT SYS SA SPN ADR 143,273 178,041
    DECKERS OUTDOORS CORP 359,768 268,651
    DELHAIZE GROUP SPONS ADR 266,610 188,829
    DELHAIZE GROUP SPONS ADRPER 284,120 220,329
    DENTSPLY INTL INC 253,517 294,756
    DEVON ENERGY CORP NEW 210,481 199,268
    DIAGEO PLC SPSD ADR NEW 237,663 253,081
    DIAGEO PLC SPSD ADRUPONREQUEST 208,447 287,175
    DJIA STEPUP ISSUER BAC 3,000,000 2,745,000
    DOMTAR CORP SHS 228,247 259,230
    DR REDDY'S LAB LTD ADR 93,814 92,234
    DRESSER RAND GROUP INC 252,619 250,848
    DRIL QUIP 95,253 97,348
    DRILL QUIP 261,494 224,841
    DUPONT EI DE NEMOURS 195,419 182,662
    EAST JAPAN RY CO ADR 186,012 174,943
    EATON VANCE CORP N 366,048 326,161
    ECOPETROL SA SPON ADR 129,020 134,406
    ELDORADO GOLD CORP NEW 91,427 68,742
    ELECTRBRS CNTRAIS ADRPFD 104,695 138,722
    ELECTRICITE DE FRANCE 334,924 207,359
    ELI LILLY & CO 2,518,359 2,701,400
    EMBRAER S A SPONSRD ADR 326,931 365,539
    EMC CORPORATION MASS 2,921,621 2,584,800
    ENERGIZER HOLDINGS INC COM 163,766 180,218
    ENERGY XXI LTD NEW COM 247,047 254,849
    ENERSIS S A SPON ADR 315,957 254,119
    ENSCO PLC-SPON ADR 169,359 154,038
    EQUIFAX INC 239,400 281,911
    EURASIA DRILG CO GDR REG 56,178 45,919
    EXPRESS INC 348,448 377,883
    EXXON MOBIL CORP COM 5,669,515 7,419,721
    FACTSET RESH SYS INC 89,941 147,329
    FAIR ISAAC CORPORATION 132,984 254,751
    FANUC LTD-UNSP 162,079 260,489
    FEDEX CORP DELAWARE COM 179,404 183,471
    FINMECCANICA SPA SHS 433,320 156,672
    FIRST MAJESTIC SILVER 27,715 28,055
    FIRST REP BK SAN FRNCISC 440,414 523,523
    FISERV INC WISC PV 1CT 189,484 191,904
    FLEXTRONICS INTL LTD 276,809 215,906
    FLIR SYSTEMS INC 610,628 553,872
    FLSMIDTH AND CO A/S ADR 174,207 148,485
    FOCUS MEDIA HLDG LTD ADR 21,917 21,595
    FOMENTO ECNMCO MEX SPADR 241,523 346,528
    FORD MOTOR CO 129,224 123,008
    FOREST CITY ENTRPRS CLA 90,487 143,885
    FRAC KINDER MORGAN MGMT 79  
    FRANCE TELECOM ADR 527,251 330,630
    FRESENIUS MEDICAL CARE 262,871 332,898
    FTI CONSULTING INC COM 359,034 383,604
    FUJI HEAVY INDS LTD ADR 263,047 240,680
    FUJIFILM HLDGS CORP 246,837 167,774
    FUJIFILM HLDGS CORP ADR 104,365 78,503
    GARTNER INC 160,112 154,205
    GENERAL ELECTRIC 148,640 163,572
    GENERAL MILLS 3,786,970 5,657,400
    GENL DYNAMICS CORP CON 5,294,434 5,512,030
    GENTEX CORP 235,753 236,010
    GILEAD SCIENCES INC COM 210,547 212,754
    GLAXOSMITHKLINE PLC ADR 306,930 371,428
    GLOBAL CLIRN ISSUER BAC 4,975,000 5,310,000
    GOLD FIELDS SP 261,626 285,251
    GOOGLE INC 4,637,290 6,459,000
    GOOGLE INC CL A 225,330 239,629
    GRACO INC 381,688 464,878
    GREAT LAKES DREDGE DOCK 348,741 257,489
    GRUPO FIN BANORTE-SPON 40,947 36,454
    GRUPO TELEVISA SA ADR 83,018 85,883
    HACHIJUNI BANK LTD ADR 169,525 161,426
    HANG LUNG PROPERTIES ADR 165,787 129,135
    HCC INS HOLDING INC 312,574 316,333
    HECLA MINING CO DEL 296,804 245,444
    HEINEKEN NV ADR 136,172 118,121
    HENNES AND MAURITZ AB- 337,371 358,106
    HERBALIFE LTD 177,228 368,304
    HERSHA HOSPTLTY TR A SBI 461,126 369,094
    HITACHI LTD 10 NEW 238,802 232,232
    HITACHI LTD 10 NEW ADR 324,997 301,578
    HITTITE MICROWAVE CORP 345,641 283,441
    HOME RETAIL GROUP PLC 213,785 101,193
    HON HAI PRECISIONS GDR 52,681 51,055
    HONG KONG EXCHANGES AND 228,078 187,556
    HUMANA INC 2,303,750 4,380,500
    HUNT JB TRANS SVCS INC 171,636 189,880
    HYUNDAI MTR GDR REGS 103,758 92,610
    IDEX CORP DELAWARE 148,548 184,177
    IDEX CORP DELAWARE COM 364,403 470,740
    IMPERIAL TOB GRP SPS ADR 323,574 342,722
    INDUSTRL AND COMMRCL BNK 444,926 375,218
    INFORMATICA CORP CA 206,342 383,924
    ING GP NV SPSD ADR 232,034 212,003
    INSULET CORP 274,660 244,319
    INTERPID POTASH INC 122,619 109,846
    INT'L BUSINESS MACHINES 177,850 175,973
    INTREPID POTASH INC 155,304 121,025
    INTUIT INC COM 184,968 181,961
    ISRAEL CHEMICALS-UNSPON 63,789 63,819
    ITAU UNIBANCO BANCO HOLD 515,656 489,130
    ITC HLDGS CORP 316,096 328,864
    JACK HENRY & ASSOC INC 100,576 172,688
    JACOBS ENGN GRP INC DELA 261,034 258,576
    JP MORGAN CHASE & CO 196,537 192,318
    JPM STARS ISSUER BAC 1,200,000 897,600
    KANSAS CITY SOUTHERN 216,513 473,758
    KDDI CORP SHS 318,225 317,750
    KEY ENERGY SVCS INC COM 257,176 292,739
    KIMBERLY CLARK DE MX SAB 79,039 79,882
    KINGFISHER PLC SP ADR 294,255 256,215
    KINGFISHER PLC SP ADR 300,959 322,426
    KINROSS GOLD CORP 393,004 274,888
    KIRBY CORP COM 144,965 276,001
    KOC HLDG AS-UNSPON 146,808 100,470
    KOMATSU NEW SPNSDADR 242,418 267,166
    KOREA ELEC POWER S 224,204 120,484
    KOREA ELEC POWER SPN ADR 10,191 8,235
    KRAFT FOODS INC VA CL A 2,272,685 3,736,000
    KT CORP ADR 99,766 96,968
    LABORATORY CP AMER HLDGS 162,964 167,212
    LAS VEGAS SANDS CORP 70,588 71,103
    LI & FUNG LTD-UNSP ADR 216,964 221,062
    LKQ CORP 221,290 376,842
    LUKOIL SPONSORED ADR 26,178 24,844
    LVMH MOET HENNESSY ADR 260,500 221,231
    LVMH MOET HENNESSY ADR 360,347 433,695
    MAGNIT OJSC 74,056 73,743
    MAHINDRA & MAHINDRA GDR 109,562 96,675
    MANULIFE FINANCIAL CORP 150,327 94,199
    MARATHON OIL CORP 152,959 162,039
    MARATHON OIL CORP. 4,053,475 5,122,250
    MARATHON PETROLEUM CORP 792,416 1,165,150
    MARINE HARVEST ASA SHS 143,961 116,323
    MARKEL CORP COM 339,897 473,968
    MARKS & SPENCER GP ADR 163,207 130,662
    MC GRAW HILL COMPANIES 191,090 201,061
    MCDONALDS CORP CON 3,864,215 7,023,100
    MEDCO HEALTH SOLUTIONS 178,670 174,184
    MERCADOLIBRE INC 136,647 172,522
    MERCK AND CO INC SHS 3,394,456 3,958,500
    METTLER-TOLEDO INTL INC 58,611 112,555
    MFA FINANCIAL INC 310,081 291,588
    MFA MTG INVTS INC 133,879 149,856
    MICROS SYSTEMS INC 169,249 161,866
    MICROSOFT 4,070,592 4,127,640
    MID AMERICA APT CMNTYS 445,536 454,426
    MINDRAY MED INTL SPN ADR 120,204 110,790
    MITSUBISHI UFJ FINL GRP 297,749 225,037
    MITSUI CO ADR 573,975 517,484
    MIZUHO FINL GROUP INC 329,437 264,208
    MOBILE MINI INC 279,424 282,707
    MORGAN STANLEY 171,282 154,039
    MORNINGSTAR INC 284,500 388,268
    MS&AD INS GROUP HLDGS 486,370 332,939
    MTN GROUP LTD-SPONS ADR 105,553 104,607
    MWI VETERINARY SUPPLY IN 243,506 423,289
    NESTLE S A REP RG SH ADR 221,840 318,444
    NETEASE.COM INC ADR 76,531 74,182
    NETGEAR INC 252,454 383,101
    NEW ORIENTAL EDUCATIO 38,440 36,965
    NEWCREST MNG LTD SPN ADR 315,090 331,349
    NEXEN INC CANADA 412,141 330,610
    NEXEN INC CANADA COM 121,176 105,086
    NII HLDGS INC CL B 208,751 192,467
    NINTENDO LTD ADR 346,690 204,415
    NIPPON TELG&TEL SP 440,627 509,513
    NIPPON TELG&TEL SPDN ADR 256,351 309,457
    NISSAN MTR LTD SPN ADR 283,112 261,615
    NITTO DENKO CORP ADR 247,573 209,414
    NOKIA CORP SPON ADR 478,003 239,101
    NOVARTIS ADR 358,568 409,795
    NOVO NORDISK A S ADR 238,890 386,813
    NTELOS HOLDINGS CORP 223,738 210,546
    OAO GAZPROM SPON ADR 607,970 501,804
    OCEANEERING INTL INC 102,343 186,827
    OGX PETROLEO E-SPON ADR 74,128 68,839
    ORACLE CORP $0.01 DEL 3,988,565 4,104,000
    O'REILLY AUTOMOTIVE INC 212,134 397,911
    PACCAR INC 209,216 180,755
    PALL CORP PV $0.10 102,628 114,986
    PAN AMERN SILVER CORP 262,172 170,729
    PANASONIC CORP SHS 288,142 165,912
    PDG REALTY SA-SPON 91,615 78,527
    PEPSICO 4,117,050 5,672,925
    PEPSICO INC 178,935 188,368
    PERRIGO CO 215,729 502,068
    PETRLEO BRAS VTG SPD 120,310 95,971
    PEUGEOT CITROENS SPN ADR 221,211 120,805
    PFIZER INC 2,067,994 2,380,400
    PFIZER INC DEL PV$0.05 3,186,965 4,328,000
    PHARMSTD OJSC 39,078 32,895
    PHILPPNE L D TEL ADR 65,533 67,531
    POLYUS GOLD INTL LTD 125,601 100,728
    POSCO SPN ADR 324,897 308,450
    POTASH CORP SASKATCHEWAN 500,702 468,115
    POWER INTEGRATIONS 358,691 430,549
    PRAXAIR INC 154,196 163,236
    PRINCIPAL FINANCIAL GRP 182,939 184,352
    PROTECTIVE LIFE CORP COM 346,153 452,644
    PT UNITED TRACTORS TBK 69,850 73,736
    PUBLICIS GROUPE SPON ADR 218,056 217,379
    PVH CORP 261,332 540,870
    QLIK TECHNOLOGIES INC 302,320 228,835
    QUALCOMM INC 220,559 213,221
    QUICKSILVER RES INC 221,576 190,376
    RANDGOLD RESOURCES ADR 39,551 37,981
    RBC BEARINGS INC 242,337 406,533
    RECKITT BENCKISER GR ADR 385,211 388,778
    REDWOOD TRUST INC 177,511 170,922
    REED ELSEVIER N V 321,712 277,615
    RELIANCE STL & ALUM CO 334,784 303,241
    RENAISSANCERE HLDGS LTD PER 131,143 168,894
    RIO TINTO PLC SPNSRD ADR 500,950 431,719
    ROHM CO LTD SHS 256,298 208,397
    ROSETTA RESOURCES INC. 477,984 505,166
    ROYAL DUTCH SHELL PLC 650,288 757,943
    RUDDICK CORP 343,591 535,772
    SABMILLER PLC SPON DR 107,683 139,955
    SAGE GROUP PLC UNSP ADR 134,205 158,930
    SAKARI RES LTD ADR 53,413 48,897
    SALESFORCE COM INC 1,187,259 3,043,800
    SALLY BEAUTY HLDGS INC 139,889 264,505
    SANOFI ADR 284,053 292,466
    SANOFI AVENTIS SPON ADR 415,105 438,553
    SAP AG SHS 346,220 388,071
    SASOL LTD 419,106 431,340
    SBA COMMUNICATIONS 588,021 1,023,694
    SBERBANK SPONSORED ADR 307,377 280,328
    SCHEIN (HENRY) INC COM 204,035 284,265
    SCHLUMBERGER LTD 6,398,989 6,517,662
    SEADRILL LTD 158,704 155,117
    SEI INVT CO PA PV $0.01 192,935 204,643
    SEKISUI HSE LD SPONS ADR 256,953 215,355
    SEMPRA ENERGY 178,150 181,830
    SEVEN AND I HOLDINGS CO 234,622 270,891
    SHINHAN FINL GRP SP ADR 104,350 94,334
    SHIRE PLC-ADR 232,979 256,633
    SHISEIDO LTD SPONS 328,245 313,703
    SHOPRITE HOLDINGS LTD 107,761 104,534
    SIEMENS AG ADR 186,874 215,696
    SIEMENS AG ADR 392,504 317,521
    SIGNET JEWELERS LTD SHS 171,607 241,560
    SILICONWARE PRECSN SPADR 70,800 65,867
    SK TELECOM ADR 370,048 242,258
    SK TELECOM ADR 473,439 369,797
    SOCIEDAD Q&M CHLE SPDADR 75,443 70,544
    SOCIETE GENERAL SPN ADR 110,297 52,364
    SOHU COM INC 36,470 35,550
    SOHU COM INC COM 278,100 202,800
    SOLERA HOLDINGS INC 100,877 83,156
    SOUFUN HOLDINGS LTD SHS 36,730 38,164
    SOUTHERN COPPER CORP 70,052 68,026
    SPECTRA ENERGY 724,929 922,500
    STARWOOD PPTY TR INC 177,609 174,087
    STATE STREET CORP 208,257 205,178
    STATOIL ASA SHS 271,855 290,981
    STATOILHYDRO ASA AGENT 239,340 265,089
    STRYKER CORP 2,657,160 2,734,050
    SUMITOMO MITSUI TR HLDGS 192,793 156,436
    SVB FINL GROUP 358,067 286,092
    SVENSKA C AKTI SPONS ADR 228,309 280,006
    SWATCH GROUP AG UNSPOND 171,109 164,878
    SWISSCOM AG 254,711 253,381
    TAIWAN MANUFCTRING ADR 105,293 103,009
    TAIWAN S MANUFCTRING ADR 142,863 163,389
    TALISMAN ENERGY INC COM 154,094 133,786
    TATA MOTORS LTD ADR 319,613 209,154
    TECK RESOURCES LTD CLS B 218,228 156,877
    TELECOM ITALIA SPA 511,137 274,654
    TELEFONICA BRASIL SP ADR 219,789 278,766
    TELEFONICA SA SPAIN ADR 235,254 186,340
    TELEKOMUNIKASI INDONESIA 236,941 219,668
    TELENOR ASA ADR 251,376 283,646
    TELENORTE LES PART SPADR 387,186 254,060
    TELSTRA CORP ADR 176,225 194,472
    TENCENT HOLDINGS LTD ADR 329,914 319,541
    TESCO PLC SPNRD ADR 359,677 346,430
    TEVA PHARMACTCL INDS 160,938 135,973
    TEVA PHARMACTCL INDS ADR 440,072 373,613
    THE SCOTTS MIRACLE GRO 201,258 173,874
    THERMO/FISHER SCIENTIFIC 2,257,345 2,698,200
    TIM PARTICIPACO/S ADR 239,906 309,213
    TIME WARNER CABLE INC 121,665 126,377
    TIME WARNER TELECO 7,301 7,636
    TNT EXPRESS NV SHS ADR 257,983 220,138
    TORONTO DOMINION BANK 159,451 296,996
    TOYOTA MOTOR CORP ADR 210,898 192,901
    TOYOTA MOTOR CORP ADR 401,950 320,929
    TRANSOCEAN LTD 136,918 122,003
    TULLOW OIL PLC SHS 72,456 71,106
    TURKIYE GRTI BK SPN ADR 348,795 261,168
    TW TELECOM INC 312,880 484,500
    TYCO INTL LTD NAMEN-AKT 3,710,085 3,736,800
    UBS AG REG 325,393 180,585
    UMPQUA HLDGS CORP ORE 155,483 148,940
    UNILEVER PLC NEW 263,835 282,909
    UNION PACIFIC CORP 3,096,738 5,297,000
    UNITED NAT FOODS I 275,723 519,890
    UNITED TECHS CORP COM 181,890 170,300
    UNITED TECHS CORP COM 3,825,713 5,481,750
    UNIVERSAL HEALTH SVCS B 329,909 525,309
    UNTD OVERSEAS BK SPN ADR 301,341 255,037
    URALKALIY-SPONSORED REGS 64,996 57,970
    URS CORP NEW COM 392,606 334,272
    VAIL RESORTS INC 408,775 437,240
    VALE SA 575,868 405,577
    VALEO SPONSORED ADR 287,564 193,607
    VANCEINFO TECH INC ADR 32,119 26,276
    VARIAN MEDICAL SYS INC 80,986 146,679
    VERA BRADLEY INC 219,706 243,907
    VERISK ANALYTICS INC 166,279 207,392
    VERIZON 5,942,783 7,101,240
    VERIZON COMMUNICATIONS COM 155,412 167,702
    VODAFONE GROP PLC SP ADR 66,203 72,177
    VODAFONE GRP PLC 315,193 398,222
    VOLKSWAGEN A G ADR 147,088 190,336
    VOLKSWAGEN A G SPONS ADR 265,251 251,340
    WACOAL HOLDINGS CO 232,419 252,845
    WADDELL & REED FINL A 437,592 302,912
    WAL-MART DE MEX SPNADR V 168,467 233,938
    WAL-MART STORES INC. 4,031,185 4,780,800
    WARNACO GROUP INC CLA 307,609 321,457
    WARNER CHILCOTT PLC 280,041 187,884
    WASTE CONNECTIONS 291,013 559,569
    WELLS FARGO & CO NEW DEL 195,827 207,554
    WHITE MTNS INS GRP LTD 487,099 706,037
    WHITING PETROLEUM CORP 200,877 194,604
    WILEY JOHN & SONS CL A 541,364 646,198
    WOLTERS KLUWR NV SPN ADR 296,890 274,872
    WOORI FIN HLDGS CO S ADR 148,026 94,789
    WRIGHT EXPRESS CORP 413,217 592,247
    YAMANA GOLD INC 234,497 286,801
    YANDEX N V CL A 172,525 105,553
    YANZHOU COAL MNG SPD ADR 258,594 275,067
    ZURICH FINL SVCS SPN ADR 449,104 485,091
    ANNALY MTG MGMT INC. 500,000 531,600
    BANK OF AMERICA 6% - BAC V 500,000 371,400
    BANK OF AMERICA 6% - BAC VIII 1,000,000 738,400
    BANK OF AMERICA 7% - BAC'X 110,000 91,256
    BANK OF AMERICA CORP 250,000 236,500
    BCF CAPITAL TRUST II 1,000,000 1,062,000
    BK AMER CAP 7% - BAC'W 259,200 208,500
    BNY CAPITAL V 250,000 254,000
    CITIGROUP CAP IX 6% 300,000 256,920
    CITIGROUP CAP X 6.1% 750,000 633,300
    CITIGROUP CAP XI 6% 1,000,000 854,800
    CORP BK TR 5.8% PFD 239,504 232,475
    CORP BK TRST 7% PFD 121,504 125,000
    COUNTRYWIDE CAPITAL IV 275,000 218,460
    COUSINS PROPERTIES CO 375,000 362,700
    DUKE REALTY CORP 375,000 366,900
    FINL SECURITY ASSUR HLGS 250,000 199,300
    FLEET CAPITAL TRUST 150,000 124,440
    FORD MOTOR 375,004 396,600
    GECC 6.1% PINES - GEC 250,000 257,200
    GECC STEP UP PINES - GEP 1,000,000 1,039,600
    GENERAL ELECT CAP CORP -6.625% 250,000 263,400
    GMAC 7.375% - GOM 1,000,000 810,400
    GOLDMAN SACHS GRP 6.2% 1,000,000 960,400
    GOLDMAN SACHS GRP 6.5%, 11/1/ 250,000 250,500
    HSBC FINANCE CORP 6.2% 1,000,000 956,000
    HSBC FINANCE CORP 6.36% 1,000,000 850,000
    ING GROUP N V PERP 6.2% 375,000 246,450
    ING GROUP N V PERP 7.05% 300,000 217,320
    ING GROUP N V PERP 7.2% 250,000 187,000
    JP MORGAN CAP XVI 6.35% 250,000 251,400
    JP MORGAN CHASE CAP XI 5.875% 250,000 250,100
    KILROY REALTY CORP. 375,000 374,850
    MBNA CAPITAL D 8.125% 82,204 70,800
    MORGAN STANLEY CAP IV 6.25% 500,000 415,200
    MORGANSTANLEY 6.6% TR PFD CAP 1,000,000 868,400
    MORGANSTANLEY TRV 5.75% 500,000 408,400
    NPB CAPITAL TRUST 40,000 41,616
    RBS CAP FDG TR VI 250,000 91,000
    SLM CORP 6% PFD 500,000 380,800
    VORNADO REALTY TR 6.625% 375,000 377,850
    MANAGERS CADENCE CAPITAL 975,144 744,161
    MANAGERS CADENCE MIDCAP 938,241 938,380
    OPPENHEIMER DEVELOPING 9,269,995 8,604,657
    OPPENHEIMER DEVELOPING MKTS 5,000,000 5,327,004
    RS GLOBAL NATURAL 5,000,000 4,934,393
    SECTOR SPDR TR SBI ENERGY 1,403,404 2,073,900
    STANDARD & POORS 1,646,093 2,259,000
    STANDARD&POORS 2,736,778 3,256,725
    STANDARD&POORS TRANSFER FROM W 59,897 62,750

    TY 2011 InvestmentsOtherSchedule2
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    60 AUDUBON   5,200,000 5,200,000
    50 CONCORD 99%   3,465,000 3,465,000
    38 MONTVALE 99%   1,940,400 1,940,400
    41 MONTVALE 99%   2,475,000 2,475,000
    92 MONTVALE 99%   11,187,000 11,187,000
    OPERATIONS   7,409,869 7,409,869
    50 CONCORD 1%   35,000 35,000
    38 MONTVALE 1%   19,600 19,600
    41 MONTVALE 1%   25,000 25,000
    92 MONTVALE 1%   113,000 113,000
    175 NEW BOSTON   5,000,000 5,000,000
    165 NEW BOSTON   4,600,000 4,600,000
    155 NEW BOSTON   5,300,000 5,300,000
    BOSTON NORTH (PLACE LANE)   456,200 456,200
    34 AUDUBON   2,900,000 2,900,000
    34 COMMERCE   6,600,000 6,600,000
    142 NORTH ROAD   7,300,000 7,300,000
    18 COMMERCE WAY   10,200,000 10,200,000
    10 COMMERCE WAY   14,100,000 14,100,000
    101 CAMBRIDGE ST.   3,300,000 3,300,000
    340 FORDHAM ROAD   2,600,000 2,600,000
    260 FORDHAM ROAD   5,600,000 5,600,000
    200 BOSTON AVE.   33,700,000 33,700,000
    196 BOSTON AVE   4,100,000 4,100,000
    1 MERRILL STREET   940,000 940,000
    475 WILDWOOD AVE   2,600,000 2,600,000
    10 ROESSLER ROAD   6,300,000 6,300,000
    25 OLYMPIA AVE   5,800,000 5,800,000
    21 OLYMPIA AVE   4,200,000 4,200,000
    150 NEW BOSTON ST.   4,600,000 4,600,000
    10-22 HENSHAW   2,500,000 2,500,000
    2-8 HENSHAW   6,000,000 6,000,000
    800 WEST CUMMINGS PARK   21,000,000 21,000,000
    500 WEST CUMMINGS PARK   20,600,000 20,600,000
    66 CONCORD ST.   5,300,000 5,300,000
    2- 36 CUMMINGS PARK   12,300,000 12,300,000
    38-72 CUMMINGS PARK   11,300,000 11,300,000
    74-124 CUMMINGS PARK   8,900,000 8,900,000
    TOWER OFFICE PARK   11,900,000 11,900,000
    299 WASHINGTON STREET   2,800,000 2,800,000
    444 WASHINGTON STREET   5,700,000 5,700,000
    200-280 WEST CUMMINGS PARK   16,300,000 16,300,000
    300 WEST CUMMINGS PARK   4,600,000 4,600,000
    400 WEST CUMMINGS PARK   18,900,000 18,900,000
    600 WEST CUMMINGS PARK   17,000,000 17,000,000
    300 R SALEM ST., WOBURN   283,700 283,700
    30 SIXTH ROAD   1,930,000 1,930,000
    1 GILL STREET   1,770,000 1,770,000
    2 GILL STREET   3,780,000 3,780,000
    6 GILL STREET   3,350,000 3,350,000
    4 GILL STREET   2,500,000 2,500,000
    14 GILL STREET   3,340,000 3,340,000
    3 GILL STREET   2,670,000 2,670,000
    12 CABOT ROAD   3,900,000 3,900,000
    78 OLYMPIA AVENUE   5,280,000 5,280,000
    8 CABOT ROAD   8,400,000 8,400,000
    10 GILL STREET   4,000,000 4,000,000
    12 GIL STREET   16,000,000 16,000,000
    4 FERNWAY   2,500,000 2,500,000
    64 CONCORD STREET   1,640,000 1,640,000
    BLACKROCK HEALTH SCIENCE   1,999,999 2,139,743
    EMERGING MARKETS   4,170,000 3,898,881
    EQUITY LONG SHORT HEDGE   4,397,824 4,262,850
    EVENT DRIVN CREDIT HEDGE   4,731,125 4,877,343
    GLOBAL MACRO OPPORTUN   3,300,000 3,330,520
    IQ ABSOLUTE RETURN   54,440 447,945
    IQ GLOBAL LONG SHORT   4,283,699 4,536,252
    MESIROW ABSOLUTE   5,499,922 5,212,100
    ML SYSTEMATIC   2,558,628 2,657,541
    OAK V DISTRESSED   2,625,000 2,564,625
    PAULSON RECOVERY   2,000,000 1,979,202
    RELATIVE VALUE OPPOT   10,000,000 10,000,000
    COMMONFUND   72,271,410 70,195,219

    TY 2011 LandEtcSchedule2
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value


    TY 2011 OtherDecreasesSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Description Amount
    DECREASE IN FMV OF PROPERTY 20,560,271


    TY 2011 OtherExpensesSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    SUPPLIES 1,501,846     1,504,271
    REPAIR & MAINTENANCE 373,635     385,121
    INSURANCE 95,135     95,135
    TELEPHONE 50,513     50,375
    ADVERTISING 78,075     74,917
    MISCELLANEOUS 149,551     144,153
    CONTRACT SERVICES 2,065,162     2,065,162
    ACTIVITIES & SERVICE 145,923     130,304
    INVESTMENT EXPENSE 1,107,178 1,107,178    
    VET MATERIALS, SUPPLIES $ SRVC 23,668,585     23,624,817


    TY 2011 OtherIncomeSchedule2
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    OTHER NET INV INC FROM OTHER K-1'S 198,804 198,804 198,804
    OTHER NET INV INC FRM DISREGARDED ENT 42,828,123 42,828,123 42,828,123
    PROGRAM SERVICE REVENUE 15,869,685   15,869,685
    CONTRACT REVENUE 1,845,846   1,845,846
    VETERINARY SCHOOL INCOME 51,397,800   51,397,800
    MISCELLANEOUS INCOME 30,473   30,473


    TY 2011 OtherLiabilitiesSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Description Beginning of Year - Book Value End of Year - Book Value
    DEPOSITS & PREPAYMENTS 23,122,317 24,071,951


    TY 2011 OtherProfessionalFeesSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PROFESSIONAL FEES 4,006     26,866


    TY 2011 TaxesSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ESTIMATED PAYMENTS FOR 2011 1,000,000      
    STATE TAXES PAID 2,000      
    FOREIGN TAXES PAID 266,219 266,219    


    TY 2011 TransfersToControlledEntities
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Name US /
    Foreign Address    		 EIN Description Amount
    NHC REALTY INC 200 WEST CUMMINGS PARK
    WOBURN,MA01801     		30-0553218 No transfers were made in 2011 0
    HEM REALTY INC 200 WEST CUMMINGS PARK
    WOBURN,MA01801     		30-0553220 No transfers were made in 2011 0
    Total