TY 2013 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

Do not enter Social Security numbers on this form as it may be made public. By law, the IRS cannot redact the information on the form.
bullet

Information about Form 990-PF and its instructions is at www.irs.gov/form990pf.

OMB No. 1545-0052

2013

Open to Public Inspection

For calendar year 2013, or tax year beginning 01-01-2013 , and ending 12-31-2013

Name of foundation
THE CHARLES EVANS HUGHES MEMORIAL
FOUNDATION INC

Number and street (or P.O. box number if mail is not delivered to street address)C/O AFRIEDMANCPA 280 MADISON AVENUENO 1007Room/suite

City or town, state or province, country, and ZIP or foreign postal code
NEW YORK, NY10016

A Employer identification number

13-6159445

B Telephone number (see instructions)

(212) 517-8108

C If exemption application is pending, check here bullet

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

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

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

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

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

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

$15,588,108J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check
3	Interest on savings and temporary cash investments	19		19
4	Dividends and interest from securities......	290,365		290,365
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		868,245
b	Gross sales price for all assets on line 6a 6,278,660
7	Capital gain net income (from Part IV, line 2)...			868,245
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).......
12	Total. Add lines 1 through 11........	1,158,629		1,158,629
13	Compensation of officers, directors, trustees, etc.	0		0	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......		15,000	15,000	0
c	Other professional fees (attach schedule)....		190,530	52,530	138,000
17	Interest...............
18	Taxes (attach schedule) (see instructions)		17,609	6,093	750
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......	23,057		7,275	15,782
22	Printing and publications..........
23	Other expenses (attach schedule).......		13,541	1,142	12,399
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	259,737		82,040	166,931
25	Contributions, gifts, grants paid........	778,250			778,250
26	Total expenses and disbursements. Add lines 24 and 25	1,037,987		82,040	945,181
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	120,642
b	Net investment income (if negative, enter -0-)			1,076,589
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2013)

Form 990-PF (2013)

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
Part II		Balance Sheets		(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............		6,807	33,444	33,444
	2	Savings and temporary cash investments..........		382,754	177,213	177,213
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)		2,206,427	1,971,329	1,971,329
	b	Investments—corporate stock (attach schedule)........		10,934,181	12,243,964	12,243,964
	c	Investments—corporate bonds (attach schedule)........		1,040,952	1,128,988	1,128,988
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )		39,628	33,170	33,170
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)		14,610,749	15,588,108	15,588,108
		17	Accounts payable and accrued expenses..........
18		Grants payable...................
19		Deferred revenue..................
20		Loans from officers, directors, trustees, and other disqualified persons
21		Mortgages and other notes payable (attach schedule)......
22		Other liabilities (describe )		5,077	4,671
23		Total liabilities (add lines 17 through 22)..........		5,077	4,671
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted....................
	25	Temporarily restricted................
	26	Permanently restricted................
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds.........		28,161,117	29,886,486
	28	Paid-in or capital surplus, or land, bldg., and equipment fund		0	0
	29	Retained earnings, accumulated income, endowment, or other funds		-13,555,445	-14,303,049
	30	Total net assets or fund balances (see page 17 of the
		instructions)....................		14,605,672	15,583,437
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................		14,610,749	15,588,108

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	14,605,672
2	Enter amount from Part I, line 27a.....................	2	120,642
3	Other increases not included in line 2 (itemize)	3	857,123
4	Add lines 1, 2, and 3..........................	4	15,583,437
5	Decreases not included in line 2 (itemize)	5	0
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	15,583,437

Form 990-PF (2013)

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	200 SH. AB FOODS LTD ADR	P	2011-11-28	2013-01-23
b	100 SH. AB FOODS LTD ADR	P	2011-11-29	2013-01-23
c	100 SH. AB FOODS LTD ADR	P	2011-11-29	2013-01-24
d	250 SH. AB FOODS LTD ADR	P	2011-11-30	2013-01-24
e	50 SH. AB FOODS LTD ADR	P	2011-12-01	2013-01-24
	100 SH. AB FOODS LTD ADR	P	2011-12-06	2013-01-24
	100 SH. AB FOODS LTD ADR	P	2011-12-06	2013-01-28
	150 SH. AB FOODS LTD ADR	P	2011-12-07	2013-02-22
	50 SH. AB FOODS LTD ADR	P	2011-12-07	2013-02-25
	50 SH. AB FOODS LTD ADR	P	2011-12-08	2013-02-25
	50 SH. AB FOODS LTD ADR	P	2011-12-09	2013-02-25
	50 SH. AB FOODS LTD ADR	P	2011-12-09	2013-02-27
	150 SH. AB FOODS LTD ADR	P	2011-12-12	2013-02-27
	100 SH. AB FOODS LTD ADR	P	2011-12-12	2013-02-28
	125 SH. AB FOODS LTD ADR	P	2012-05-29	2013-02-28
	95 SH. AB FOODS LTD ADR	P	2012-05-29	2013-03-01
	25 SH. ACCENTURE PLC - CLASS A	P	2011-11-25	2013-03-22
	50 SH. ACCENTURE PLC - CLASS A	P	2011-11-28	2013-03-22
	75 SH. ACCENTURE PLC - CLASS A	P	2012-01-26	2013-03-22
	25 SH. ACCENTURE PLC - CLASS A	P	2012-01-26	2013-03-25
	75 SH. ACCENTURE PLC - CLASS A	P	2012-01-27	2013-03-25
	15 SH. ACCENTURE PLC - CLASS A	P	2012-01-27	2013-06-14
	50 SH. AETNA INC.	P	2012-11-06	2013-06-14
	175 SH. AETNA INC.	P	2012-11-06	2013-06-14
	75 SH. AETNA INC.	P	2012-11-07	2013-06-14
	15 SH. AETNA INC.	P	2012-11-07	2013-11-18
	15 SH. AIR PRODUCTS & CHEMICALS	P	2013-03-13	2013-06-14
	110 SH. AIR PRODUCTS & CHEMICALS	P	2013-03-13	2013-07-30
	75 SH. AIR PRODUCTS & CHEMICALS	P	2013-03-14	2013-07-30
	100 SH. AKZO NOBEL NV ADR	P	2011-11-25	2013-01-09
	250 SH. AKZO NOBEL NV ADR	P	2011-11-25	2013-01-10
	25 SH. AKZO NOBEL NV ADR	P	2011-11-25	2013-01-11
	75 SH. AKZO NOBEL NV ADR	P	2011-11-28	2013-01-11
	200 SH. AKZO NOBEL NV ADR	P	2012-02-27	2013-01-11
	50 SH. AKZO NOBEL NV ADR	P	2012-02-27	2013-01-14
	100 SH. AKZO NOBEL NV ADR	P	2012-02-28	2013-01-14
	25 SH. AKZO NOBEL NV ADR	P	2012-05-25	2013-01-14
	65 SH. AKZO NOBEL NV ADR	P	2012-05-25	2013-01-15
	300 SH. ALLIANZ AKTIENGES ADR	P	2011-11-25	2013-05-14
	300 SH. ALLIANZ AKTIENGES ADR	P	2011-11-25	2013-05-15
	50 SH. ALLIANZ AKTIENGES ADR	P	2011-11-25	2013-05-16
	60 SH. ALLIANZ AKTIENGES ADR	P	2011-11-25	2013-06-14
	25 SH. AMERICAN INTERNATIONAL GROUP INC.	P	2013-04-26	2013-06-14
	35 SH. AVAGO TECHNOLOGIES	P	2012-09-26	2013-06-14
	300 SH. AVAGO TECHNOLOGIES	P	2012-09-26	2013-11-14
	300 SH. BARRICK GOLD CORP.	P	2011-11-28	2013-02-19
	50 SH. BARRICK GOLD CORP.	P	2011-11-28	2013-02-20
	50 SH. BARRICK GOLD CORP.	P	2011-11-28	2013-02-21
	25 SH. BARRICK GOLD CORP.	P	2011-11-29	2013-02-21
	150 SH. BARRICK GOLD CORP.	P	2012-02-09	2013-02-21
	25 SH. BARRICK GOLD CORP.	P	2012-02-10	2013-02-21
	175 SH. BARRICK GOLD CORP.	P	2012-02-10	2013-04-26
	125 SH. BARRICK GOLD CORP.	P	2012-02-13	2013-04-26
	25 SH. BARRICK GOLD CORP.	P	2012-02-13	2013-04-29
	110 SH. BARRICK GOLD CORP.	P	2012-05-25	2013-04-29
	150 SH. BARRICK GOLD CORP.	P	2012-06-01	2013-04-29
	40 SH. BARRICK GOLD CORP.	P	2012-06-26	2013-04-29
	20 SH. BHP BILLITON PLC ADR	P	2011-11-25	2013-06-14
	130 SH. BHP BILLITON PLC ADR	P	2011-11-25	2013-08-05
	95 SH. BHP BILLITON PLC ADR	P	2011-12-22	2013-08-05
	130 SH. BHP BILLITON PLC ADR	P	2011-12-22	2013-08-06
	45 SH. BHP BILLITON PLC ADR	P	2012-05-25	2013-08-06
	75 SH. BNP PARIBAS SPON ADR	P	2013-03-25	2013-06-14
	350 SH. BNP PARIBAS SPON ADR	P	2013-03-25	2013-09-27
	20 SH. CENTURYLINK INC.	P	2011-11-25	2013-06-14
	80 SH. CHINA CONSTRUCTION ADR	P	2011-11-25	2013-06-14
	25 SH. CHINA TELECOM ADR	P	2011-11-25	2013-06-14
	50 SH. CHINA TELECOM ADR	P	2011-11-29	2013-06-14
	55 SH. CITIGROUP INC.	P	2012-08-23	2013-06-14
	40 SH. COACH INC.	P	2012-09-04	2013-06-14
	110 SH. COACH INC.	P	2012-09-04	2013-10-21
	125 SH. COACH INC.	P	2012-09-05	2013-10-21
	115 SH. COACH INC.	P	2012-10-01	2013-10-21
	185 SH. COACH INC.	P	2012-10-01	2013-10-22
	15 SH. COACH INC.	P	2012-10-02	2013-10-22
	35 SH. COACH INC.	P	2012-10-02	2013-10-23
	30 SH. CONOCOPHILLIPS	P	2011-11-25	2013-06-14
	35 SH. CVS/CAREMARK CORP.	P	2011-11-25	2013-06-14
	30 SH. DAIHATSU MOTOR CO. LTD. ADR	P	2012-12-18	2013-06-14
	20 SH. DETROIT ENERGY CO.	P	2011-11-25	2013-06-14
	100 SH. DETROIT ENERGY CO.	P	2011-11-25	2013-09-27
	75 SH. DETROIT ENERGY CO.	P	2011-11-25	2013-09-30
	5 SH. DETROIT ENERGY CO.	P	2011-11-25	2013-10-01
	50 SH. DETROIT ENERGY CO.	P	2011-11-28	2013-10-01
	20 SH. DETROIT ENERGY CO.	P	2012-05-25	2013-10-01
	30 SH. DETROIT ENERGY CO.	P	2012-05-25	2013-10-02
	40 SH. DOLLAR GENERAL CORP.	P	2012-12-14	2013-06-14
	100 SH. DOLLAR GENERAL CORP.	P	2012-12-14	2013-09-19
	200 SH. DOLLAR GENERAL CORP.	P	2012-12-14	2013-09-20
	400 SH. EAST JAPAN RAIL ADR	P	2011-11-25	2013-03-26
	600 SH. EAST JAPAN RAIL ADR	P	2011-11-28	2013-03-26
	100 SH. EAST JAPAN RAIL ADR	P	2011-11-28	2013-03-27
	650 SH. EAST JAPAN RAIL ADR	P	2011-11-30	2013-03-27
	50 SH. EAST JAPAN RAIL ADR	P	2011-11-30	2013-04-11
	750 SH. EAST JAPAN RAIL ADR	P	2011-12-06	2013-04-11
	750 SH. EAST JAPAN RAIL ADR	P	2011-12-08	2013-04-11
	200 SH. EAST JAPAN RAIL ADR	P	2011-12-09	2013-04-11
	300 SH. EAST JAPAN RAIL ADR	P	2011-12-09	2013-04-12
	400 SH. EAST JAPAN RAIL ADR	P	2012-05-25	2013-04-12
	150 SH. EAST JAPAN RAIL ADR	P	2012-05-25	2013-04-15
	50 SH. EAST JAPAN RAIL ADR	P	2012-05-25	2013-04-16
	150 SH. EMBRAER SA ADR	P	2012-03-26	2013-04-05
	75 SH. EMBRAER SA ADR	P	2012-03-26	2013-04-08
	75 SH. EMBRAER SA ADR	P	2012-03-27	2013-04-08
	100 SH. EMBRAER SA ADR	P	2012-03-27	2013-04-09
	55 SH. EMBRAER SA ADR	P	2012-03-27	2013-06-14
	20 SH. EMBRAER SA ADR	P	2012-03-27	2013-08-30
	30 SH. EMBRAER SA ADR	P	2012-05-25	2013-08-30
	50 SH. EMBRAER SA ADR	P	2012-05-25	2013-09-03
	30 SH. EMBRAER SA ADR	P	2012-05-25	2013-09-04
	70 SH. EMBRAER SA ADR	P	2012-07-19	2013-09-04
	180 SH. EMBRAER SA ADR	P	2012-07-19	2013-09-05
	45 SH. EMBRAER SA ADR	P	2012-07-20	2013-09-05
	125 SH. EMBRAER SA ADR	P	2012-07-20	2013-09-06
	30 SH. EMBRAER SA ADR	P	2012-07-20	2013-09-09
	50 SH. EMBRAER SA ADR	P	2012-07-23	2013-09-09
	50 SH. ENI SPA ADR	P	2011-11-25	2013-06-14
	325 SH. ENI SPA ADR	P	2011-11-25	2013-09-27
	25 SH. ENI SPA ADR	P	2011-11-28	2013-09-27
	100 SH. ENI SPA ADR	P	2011-12-06	2013-09-27
	50 SH. ENI SPA ADR	P	2011-12-06	2013-09-30
	55 SH. EXELON CORP.	P	2011-11-25	2013-06-14
	250 SH. EXELON CORP.	P	2011-11-25	2013-06-14
	20 SH. EXELON CORP.	P	2011-11-25	2013-06-17
	50 SH. EXELON CORP.	P	2011-11-28	2013-06-17
	100 SH. EXELON CORP.	P	2012-02-09	2013-06-17
	180 SH. EXELON CORP.	P	2012-02-13	2013-06-17
	20 SH. EXELON CORP.	P	2012-02-13	2013-06-18
	160 SH. EXELON CORP.	P	2012-05-25	2013-06-18
	125 SH. GENERAL DYNAMICS CORP.	P	2011-11-25	2013-03-22
	25 SH. GENERAL DYNAMICS CORP.	P	2011-11-25	2013-03-26
	100 SH. GENERAL DYNAMICS CORP.	P	2012-02-27	2013-03-26
	25 SH. GENERAL DYNAMICS CORP.	P	2012-05-25	2013-03-26
	45 SH. GENERAL DYNAMICS CORP.	P	2012-05-25	2013-03-27
	20 SH. ILLINOIS TOOL WORKS INC.	P	2013-03-22	2013-06-14
	40 SH. IMPERIAL TOBACCO LT ADR	P	2011-11-25	2013-06-14
	20 SH. INTERNATIONAL BUSINESS MACHINES CORP.	P	2011-11-25	2013-06-14
	100 SH. ITOCHU CORP. ADR	P	2011-11-25	2013-06-14
	45 SH. JOHNSON & JOHNSON	P	2011-11-25	2013-04-29
	155 SH. JOHNSON & JOHNSON	P	2012-02-27	2013-04-29
	100 SH. JOHNSON & JOHNSON	P	2012-02-27	2013-05-14
	25 SH. JOHNSON & JOHNSON	P	2012-02-27	2013-05-15
	25 SH. JOHNSON & JOHNSON	P	2012-02-27	2013-06-14
	95 SH. JOHNSON & JOHNSON	P	2012-02-27	2013-06-14
	80 SH. JOHNSON & JOHNSON	P	2012-05-25	2013-06-14
	90 SH. JOHNSON & JOHNSON	P	2012-05-25	2013-06-17
	1,750 SH. KDDI CORP. ADR	P	2013-01-25	2013-05-15
	750 SH. KDDI CORP. ADR	P	2013-01-25	2013-05-16
	140 SH. KDDI CORP. ADR	P	2013-01-25	2013-06-14
	860 SH. KDDI CORP. ADR	P	2013-01-25	2013-07-09
	140 SH. KDDI CORP. ADR	P	2013-01-29	2013-07-09
	250 SH. KDDI CORP. ADR	P	2013-01-29	2013-07-09
	210 SH. KONINKLIJKE AHOLD ADR	P	2011-11-25	2013-06-14
	500 SH. KONINKLIJKE AHOLD ADR	P	2011-11-25	2013-06-17
	390 SH. KONINKLIJKE AHOLD ADR	P	2011-11-25	2013-06-18
	100 SH. KONINKLIJKE AHOLD ADR	P	2011-11-28	2013-06-18
	10 SH. KONINKLIJKE AHOLD ADR	P	2011-11-29	2013-06-18
	90 SH. KONINKLIJKE AHOLD ADR	P	2011-11-29	2013-08-30
	160 SH. KONINKLIJKE AHOLD ADR	P	2012-02-24	2013-08-30
	500 SH. KONINKLIJKE AHOLD ADR	P	2012-02-24	2013-09-03
	250 SH. KONINKLIJKE AHOLD ADR	P	2012-02-24	2013-09-04
	90 SH. KONINKLIJKE AHOLD ADR	P	2012-02-24	2013-09-27
	360 SH. KONINKLIJKE AHOLD ADR	P	2012-04-09	2013-09-27
	140 SH. KONINKLIJKE AHOLD ADR	P	2012-04-09	2013-09-30
	250 SH. KONINKLIJKE AHOLD ADR	P	2012-04-10	2013-09-30
	60 SH. KONINKLIJKE AHOLD ADR	P	2012-05-25	2013-09-30
	350 SH. KONINKLIJKE AHOLD ADR	P	2012-05-25	2013-10-01
	165 SH. KONINKLIJKE AHOLD ADR	P	2012-05-25	2013-10-02
	15 SH. L BRANDS INC.	P	2013-08-05	2013-11-18
	10 SH. LORILLARD INC.	P	2013-09-26	2013-11-18
	150 SH. LOWES COMPANIES INC.	P	2012-03-12	2013-01-09
	100 SH. LOWES COMPANIES INC.	P	2012-03-13	2013-01-09
	100 SH. LOWES COMPANIES INC.	P	2012-03-13	2013-01-10
	200 SH. LOWES COMPANIES INC.	P	2012-03-13	2013-06-14
	50 SH. LOWES COMPANIES INC.	P	2012-03-14	2013-06-14
	170 SH. LOWES COMPANIES INC.	P	2012-05-25	2013-06-14
	10 SH. LOWES COMPANIES INC.	P	2012-05-25	2013-07-08
	315 SH. LOWES COMPANIES INC.	P	2012-06-26	2013-07-08
	35 SH. LOWES COMPANIES INC.	P	2012-06-26	2013-07-09
	55 SH. MACY'S INC.	P	2011-11-25	2013-06-14
	50 SH. MAGNA INTERNATIONAL INC. - CLASS A	P	2011-11-28	2013-03-06
	150 SH. MAGNA INTERNATIONAL INC. - CLASS A	P	2011-11-29	2013-03-06
	100 SH. MAGNA INTERNATIONAL INC. - CLASS A	P	2011-11-29	2013-04-10
	25 SH. MAGNA INTERNATIONAL INC. - CLASS A	P	2012-02-27	2013-04-10
	75 SH. MAGNA INTERNATIONAL INC. - CLASS A	P	2012-02-27	2013-04-11
	80 SH. MAGNA INTERNATIONAL INC. - CLASS A	P	2012-02-27	2013-04-12
	70 SH. MAGNA INTERNATIONAL INC. - CLASS A	P	2012-02-28	2013-04-12
	65 SH. MAGNA INTERNATIONAL INC. - CLASS A	P	2012-05-25	2013-04-15
	80 SH. MARATHON OIL CORP.	P	2011-11-25	2013-06-14
	450 SH. MARATHON OIL CORP.	P	2011-11-25	2013-09-27
	5 SH. MARATHON OIL CORP.	P	2011-11-25	2013-11-18
	45 SH. MICROSOFT CORPORATION	P	2010-07-26	2013-06-14
	65 SH. MICROSOFT CORPORATION	P	2010-08-10	2013-06-14
	700 SH. MICROSOFT CORPORATION	P	2010-08-10	2013-09-19
	400 SH. MICROSOFT CORPORATION	P	2010-08-10	2013-10-25
	335 SH. MICROSOFT CORPORATION	P	2010-08-10	2013-10-28
	310 SH. MICROSOFT CORPORATION	P	2012-05-25	2013-10-28
	100 SH. MUNICH RE GROUP ADR	P	2011-11-29	2013-06-14
	100 SH. MUNICH RE GROUP ADR	P	2011-12-01	2013-06-14
	60 SH. MUNICH RE GROUP ADR	P	2011-12-02	2013-06-14
	25 SH. NEWMONT MINING CORP.	P	2011-12-22	2013-02-20
	200 SH. NEWMONT MINING CORP.	P	2012-02-27	2013-02-20
	50 SH. NEWMONT MINING CORP.	P	2012-05-25	2013-02-20
	130 SH. NEWMONT MINING CORP.	P	2012-05-25	2013-02-21
	30 SH. NIELSEN HOLDINGS BV	P	2013-02-04	2013-06-14
	100 SH. NIELSEN HOLDINGS BV	P	2013-02-04	2013-11-14
	10 SH. NIELSEN HOLDINGS BV	P	2013-02-04	2013-11-18
	160 SH. NIELSEN HOLDINGS BV	P	2013-02-04	2013-11-18
	100 SH. NIELSEN HOLDINGS BV	P	2013-02-06	2013-11-18
	40 SH. NIELSEN HOLDINGS BV	P	2013-02-07	2013-11-18
	60 SH. NIELSEN HOLDINGS BV	P	2013-02-07	2013-11-19
	50 SH. NIELSEN HOLDINGS BV	P	2013-02-19	2013-11-19
	90 SH. NIELSEN HOLDINGS BV	P	2013-02-21	2013-11-19
	500 SH. NORDEA BANK SWEDEN AB ADR	P	2011-11-25	2013-04-29
	450 SH. NORDEA BANK SWEDEN AB ADR	P	2011-11-25	2013-04-30
	50 SH. NORDEA BANK SWEDEN AB ADR	P	2011-11-28	2013-04-30
	100 SH. NORDEA BANK SWEDEN AB ADR	P	2011-11-29	2013-04-30
	150 SH. NORDEA BANK SWEDEN AB ADR	P	2011-12-23	2013-04-30
	160 SH. NORDEA BANK SWEDEN AB ADR	P	2011-12-23	2013-06-14
	300 SH. NORDEA BANK SWEDEN AB ADR	P	2011-12-23	2013-08-05
	140 SH. NORDEA BANK SWEDEN AB ADR	P	2011-12-23	2013-08-06
	460 SH. NORDEA BANK SWEDEN AB ADR	P	2011-12-27	2013-08-06
	290 SH. NORDEA BANK SWEDEN AB ADR	P	2011-12-27	2013-08-07
	110 SH. NORDEA BANK SWEDEN AB ADR	P	2012-05-29	2013-08-07
	150 SH. NORDEA BANK SWEDEN AB ADR	P	2012-05-29	2013-08-08
	17,452.01 OLD WESTBURY GLOBAL OPPORTUNITIES FUND	P	2009-03-17	2013-02-01
	17,211.70 OLD WESTBURY GLOBAL OPPORTUNITIES FUND	P	2009-03-31	2013-02-01
	2,217.73 OLD WESTBURY GLOBAL OPPORTUNITIES FUND	P	2009-04-16	2013-02-01
	47,865.74 OLD WESTBURY GLOBAL OPPORTUNITIES FUND	P	2009-04-16	2013-03-19
	7,337.31 OLD WESTBURY GLOBAL OPPORTUNITIES FUND	P	2009-04-23	2013-03-19
	75,767.33 OLD WESTBURY GLOBAL OPPORTUNITIES FUND	P	2009-04-23	2013-09-26
	3,261.44 SH. OLD WESTBURY GLBL SMALL & MID CAP FD	P	2009-03-17	2013-05-09
	8,933.68 SH. OLD WESTBURY GLBL SMALL & MID CAP FD	P	2009-03-31	2013-05-09
	3,438.40 SH. OLD WESTBURY GLBL SMALL & MID CAP FD	P	2009-03-31	2013-11-18
	4,905.97 SH. OLD WESTBURY LARGE CAP STRATEGIES FD	P	2009-03-31	2013-11-18
	1,537.37 SH. OLD WESTBURY REAL RETURN FUND	P	2009-03-31	2013-05-21
	12,484.40 SH. OLD WESTBURY REAL RETURN FUND	P	2009-04-16	2013-05-21
	5,586.07 SH. OLD WESTBURY REAL RETURN FUND	P	2009-04-23	2013-05-21
	9,101.94 SH. OLD WESTBURY REAL RETURN FUND	P	2009-04-23	2013-06-12
	25 SH. PFIZER INC.	P	2013-04-26	2013-06-14
	180 SH. PFIZER INC.	P	2013-04-26	2013-11-18
	45 SH. QUALCOMM INC.	P	2012-11-30	2013-06-14
	230 SH. RSA INSURANCE GROUP PLC ADR	P	2013-02-19	2013-06-14
	20 SH. SANOFI ADR	P	2011-11-25	2013-06-14
	300 SH. SEAGATE TECHNOLOGY PLC	P	2012-04-09	2013-01-25
	200 SH. SEAGATE TECHNOLOGY PLC	P	2012-04-09	2013-01-28
	100 SH. SEAGATE TECHNOLOGY PLC	P	2012-05-25	2013-01-28
	30 SH. SEAGATE TECHNOLOGY PLC	P	2012-05-25	2013-01-29
	20 SH. SINOPEC/CHINA PETROLEUM & CHEMICALS ADR	P	2011-11-25	2013-06-14
	75 SH. SSE PLC ADR	P	2011-11-25	2013-06-14
	175 SH. SSE PLC ADR	P	2011-11-25	2013-06-17
	25 SH. SSE PLC ADR	P	2011-11-28	2013-06-17
	25 SH. SSE PLC ADR	P	2011-11-28	2013-06-18
	175 SH. SSE PLC ADR	P	2012-02-28	2013-06-18
	150 SH. SSE PLC ADR	P	2012-02-28	2013-06-19
	150 SH. SSE PLC ADR	P	2012-02-28	2013-06-20
	250 SH. SSE PLC ADR	P	2012-02-28	2013-06-21
	100 SH. SSE PLC ADR	P	2012-02-28	2013-06-24
	25 SH. SSE PLC ADR	P	2012-02-28	2013-06-25
	125 SH. SSE PLC ADR	P	2012-05-25	2013-06-25
	25 SH. SSE PLC ADR	P	2012-05-25	2013-06-26
	2,250 SH. SUMITOMO MITSUI FINANCE ADR	P	2011-11-25	2013-02-20
	250 SH. SUMITOMO MITSUI FINANCE ADR	P	2012-01-26	2013-02-21
	250 SH. SUMITOMO MITSUI FINANCE ADR	P	2012-01-26	2013-03-25
	1,250 SH. SUMITOMO MITSUI FINANCE ADR	P	2012-01-26	2013-03-26
	250 SH. SUMITOMO MITSUI FINANCE ADR	P	2012-01-27	2013-03-26
	250 SH. SUMITOMO MITSUI FINANCE ADR	P	2012-01-30	2013-03-26
	250 SH. SUMITOMO MITSUI FINANCE ADR	P	2012-01-31	2013-03-26
	250 SH. SUMITOMO MITSUI FINANCE ADR	P	2012-02-01	2013-03-26
	250 SH. SUMITOMO MITSUI FINANCE ADR	P	2012-02-03	2013-03-26
	250 SH. SUMITOMO MITSUI FINANCE ADR	P	2012-02-03	2013-03-27
	250 SH. SUMITOMO MITSUI FINANCE ADR	P	2012-02-06	2013-03-27
	650 SH. SUMITOMO MITSUI FINANCE ADR	P	2012-06-26	2013-03-27
	250 SH. SUNCORP GROUP ADR	P	2012-01-27	2013-04-11
	250 SH. SUNCORP GROUP ADR	P	2012-01-30	2013-04-11
	250 SH. SUNCORP GROUP ADR	P	2012-02-02	2013-04-12
	250 SH. SUNCORP GROUP ADR	P	2012-02-03	2013-04-12
	600 SH. SUNCORP GROUP ADR	P	2012-02-27	2013-04-16
	400 SH. SUNCORP GROUP ADR	P	2012-02-27	2013-04-17
	50 SH. SUNCORP GROUP ADR	P	2012-03-08	2013-04-17
	200 SH. SUNCORP GROUP ADR	P	2012-03-08	2013-04-18
	150 SH. SUNCORP GROUP ADR	P	2012-05-29	2013-04-18
	200 SH. SUNCORP GROUP ADR	P	2012-05-29	2013-04-19
	20 SH. SUNCORP GROUP ADR	P	2012-05-29	2013-04-22
	50 SH. TARGET CORP.	P	2012-01-26	2013-06-14
	85 SH. TELE2 AB ADR	P	2012-02-10	2013-06-27
	60 SH. TEVA PHARMACEUTICAL INDUSTRIES LTD ADR	P	2011-11-25	2013-06-14
	340 SH. TEVA PHARMACEUTICAL INDUSTRIES LTD ADR	P	2011-11-25	2013-11-05
	110 SH. TEVA PHARMACEUTICAL INDUSTRIES LTD ADR	P	2011-11-28	2013-11-05
	40 SH. TEVA PHARMACEUTICAL INDUSTRIES LTD ADR	P	2011-11-28	2013-11-14
	100 SH. TEVA PHARMACEUTICAL INDUSTRIES LTD ADR	P	2012-01-26	2013-11-14
	100 SH. TEVA PHARMACEUTICAL INDUSTRIES LTD ADR	P	2012-01-30	2013-11-14
	10 SH. TEVA PHARMACEUTICAL INDUSTRIES LTD ADR	P	2012-02-01	2013-11-14
	90 SH. TEVA PHARMACEUTICAL INDUSTRIES LTD ADR	P	2012-02-01	2013-11-14
	60 SH. TEVA PHARMACEUTICAL INDUSTRIES LTD ADR	P	2012-02-02	2013-11-14
	40 SH. TEVA PHARMACEUTICAL INDUSTRIES LTD ADR	P	2012-02-02	2013-11-15
	150 SH. TEVA PHARMACEUTICAL INDUSTRIES LTD ADR	P	2012-05-25	2013-11-15
	50 SH. THERMO FISHER SCIENTIFIC	P	2012-09-04	2013-04-26
	75 SH. THERMO FISHER SCIENTIFIC	P	2012-09-04	2013-04-29
	25 SH. THERMO FISHER SCIENTIFIC	P	2012-09-05	2013-04-29
	35 SH. THERMO FISHER SCIENTIFIC	P	2012-09-05	2013-06-14
	80 SH. TIM PARTICIPACOES SA ADR	P	2012-01-30	2013-06-14
	120 SH. TIM PARTICIPACOES SA ADR	P	2012-01-30	2013-10-21
	100 SH. TIM PARTICIPACOES SA ADR	P	2012-02-01	2013-10-21
	50 SH. TIM PARTICIPACOES SA ADR	P	2012-02-02	2013-10-21
	30 SH. TIM PARTICIPACOES SA ADR	P	2012-02-03	2013-10-21
	70 SH. TIM PARTICIPACOES SA ADR	P	2012-02-03	2013-10-23
	80 SH. TIM PARTICIPACOES SA ADR	P	2012-02-06	2013-10-23
	120 SH. TIM PARTICIPACOES SA ADR	P	2012-02-06	2013-10-24
	30 SH. TIM PARTICIPACOES SA ADR	P	2012-02-07	2013-10-24
	120 SH. TIM PARTICIPACOES SA ADR	P	2012-02-07	2013-10-25
	30 SH. TIM PARTICIPACOES SA ADR	P	2012-02-08	2013-10-25
	55 SH. TOTAL SA ADR	P	2011-11-25	2013-06-14
	35 SH. UNITEDHEALTH GROUP INC.	P	2011-11-25	2013-06-14
	340 SH. UNITEDHEALTH GROUP INC.	P	2011-11-25	2013-07-22
	10 SH. UNITEDHEALTH GROUP INC.	P	2012-02-27	2013-07-22
	140 SH. UNITEDHEALTH GROUP INC.	P	2012-02-27	2013-08-29
	70 SH. UNITEDHEALTH GROUP INC.	P	2012-06-26	2013-08-29
	15 SH. UNITEDHEALTH GROUP INC.	P	2012-07-30	2013-08-29
	185 SH. UNITEDHEALTH GROUP INC.	P	2012-07-30	2013-08-30
	30 SH. VIACOM INC. - CLASS B	P	2013-03-19	2013-06-14
	100 SH. VIACOM INC. - CLASS B	P	2013-03-19	2013-09-19
	95 SH. VIACOM INC. - CLASS B	P	2013-03-19	2013-09-23
	150 SH. VIACOM INC. - CLASS B	P	2013-03-20	2013-09-23
	105 SH. VIACOM INC. - CLASS B	P	2013-04-10	2013-09-23
	400 SH. VODAFONE GROUP PLC ADR	P	2012-06-01	2013-03-12
	40 SH. VODAFONE GROUP PLC ADR	P	2012-06-01	2013-06-14
	200 SH. VODAFONE GROUP PLC ADR	P	2012-06-01	2013-09-09
	150 SH. VODAFONE GROUP PLC ADR	P	2012-06-01	2013-09-10
	60 SH. VODAFONE GROUP PLC ADR	P	2012-06-01	2013-09-12
	40 SH. VODAFONE GROUP PLC ADR	P	2012-06-04	2013-09-12
	10 SH. VODAFONE GROUP PLC ADR	P	2012-06-04	2013-09-13
	140 SH. VODAFONE GROUP PLC ADR	P	2012-06-26	2013-09-13
	125 SH. VODAFONE GROUP PLC ADR	P	2012-06-26	2013-09-16
	150 SH. VODAFONE GROUP PLC ADR	P	2012-06-26	2013-09-17
	135 SH. VODAFONE GROUP PLC ADR	P	2012-06-26	2013-09-18
	30 SH. VOLKSWAGEN AG ADR	P	2012-07-11	2013-06-14
	200 SH. WALGREEN CO.	P	2012-10-23	2013-04-26
	200 SH. WALGREEN CO.	P	2012-10-23	2013-04-29
	60 SH. WALGREEN CO.	P	2012-10-23	2013-06-14
	40 SH. WALGREEN CO.	P	2012-10-23	2013-11-14
	60 SH. WALGREEN CO.	P	2012-10-24	2013-11-14
	240 SH. WALGREEN CO.	P	2012-10-24	2013-11-14
	100 SH. WALGREEN CO.	P	2012-10-25	2013-11-14
	60 SH. WALGREEN CO.	P	2012-12-14	2013-11-14
	250 SH. WASTE MANAGEMENT INC.	P	2012-06-25	2013-04-10
	75 SH. WASTE MANAGEMENT INC.	P	2012-06-25	2013-04-11
	25 SH. WASTE MANAGEMENT INC.	P	2012-06-26	2013-04-11
	10 SH. WASTE MANAGEMENT INC.	P	2012-06-26	2013-06-14
	115 SH. WASTE MANAGEMENT INC.	P	2012-06-26	2013-08-30
	35 SH. WASTE MANAGEMENT INC.	P	2012-08-08	2013-08-30
	100 SH. WASTE MANAGEMENT INC.	P	2012-08-08	2013-09-03
	75 SH. WASTE MANAGEMENT INC.	P	2012-08-08	2013-09-04
	100 SH. WASTE MANAGEMENT INC.	P	2012-08-08	2013-09-05
	125 SH. WASTE MANAGEMENT INC.	P	2012-08-08	2013-09-06
	15 SH. WASTE MANAGEMENT INC.	P	2012-08-08	2013-09-09
	25 SH. WHARF HOLDINGS ADR	P	2011-12-06	2013-06-14
	10 SH. ZIMMER HOLDINGS INC.	P	2012-05-04	2013-06-14
	$65,000 ENERGY NW WA ELEC REV 2.147% 7-1-18	P	2012-09-14	2013-10-07
	$100,000 FEDERAL FARM CREDIT BANK 5.125% 1-18-23	P	2008-01-14	2013-01-18
	$7,803.43 FED HM LN MTGE POOL J05063 5.5% 6-1-22	P	2007-05-14	2013-12-16
	$14,201.40 FED HM LN MTGE POOL E96721 4% 6-1-18	P	2003-06-25	2013-12-16
	$4,907.38 FED HOME LN MTGE POOL G18065 5% 7-1-20	P	2005-09-15	2013-12-16
	$11,161.39 FED HM LN MTGE POOL C01846F 5% 6-1-34	P	2004-10-19	2013-12-16
	$28,349.14 FED NATL MTGE SER 2007-65 5.5% 6-25-18	P	2007-07-13	2013-10-25
	$4,008.92 FED NATL MTGE POOL 631284 5.5% 2-1-17	P	2002-09-19	2013-12-26
	$7,365.94 FED NATL MTGE POOL 698119 5% 3-1-18	P	2008-02-12	2013-12-26
	$7,771.05 FED NATL MTGE POOL 782586 5% 6-1-19	P	2006-01-04	2013-12-26
	$6,820.51 FED NATL MTGE POOL 889198 5.5% 11-1-22	P	2008-03-14	2013-12-26
	$5,744.65 FED NATL MTGE POOL 889502 5% 5-1-28	P	2008-04-29	2013-12-26
	$4,724.90 FED NATL MTGE SER 2007-65 5.5% 10-25-32	P	2008-05-29	2013-05-28
	$12,591.49 FED NATL MTGE POOL 774999 5.5% 4-1-34	P	2006-01-04	2013-12-26
	$2,411.72 FED NATL MTGE POOL 779532 5.255% 6-1-34	P	2006-10-18	2013-12-26
	$3,112.65 FED NATL MTGE POOL 822874 5% 5-1-35	P	2008-05-29	2013-12-26
	$10,881.20 FED NATL MTGE POOL 836418 5.5% 10-1-35	P	2005-10-18	2013-12-26
	$65,000 GLAXOSMITHKLINE CAPITAL 1.5% 5-8-17	P	2012-05-09	2013-11-07
	$5,877.62 GNMA POOL #80886 3.75% 4-20-34	P	2004-03-16	2013-12-20
	$50,000 JPMORGAN CHASE & CO. 3.15% 7-5-16	P	2012-05-17	2013-03-13
	$125,000 NEW YORK STATE URBAN DEV 4.65% 12-15-13	P	2010-04-21	2013-12-16
	$75,000 PROVINCE OF ONTARIO 1.1% 10-25-17	P	2012-10-25	2013-11-21
	$75,000 THERMO FISHER SCIENTIFIC 3.2% 3-1-16	P	2012-04-13	2013-02-06
	$75,000 TOYOTA MOTOR CREDIT CORP 1.25% 10-5-17	P	2012-10-05	2013-09-30
	$309,000 U.S. TREASURY NOTE 0.25% 2-28-15	P	2013-03-20	2013-08-16
	$43,000 U.S. TREASURY NOTE 0.25% 2-28-15	P	2013-03-20	2013-08-16
	$308,000 U.S. TREASURY NOTE 0.25% 2-28-15	P	2013-03-20	2013-08-16
	$80,000 U.S. TREASURY NOTE 0.25% 12-15-15	P	2013-08-16	2013-11-15
	$50,000 U.S. TREASURY NOTE 0.375% 1-15-16	P	2013-02-06	2013-03-12
	$15,000 U.S. TREASURY NOTE 2.375% 6-30-18	P	2012-07-26	2013-10-10
	$65,000 U.S. TREASURY NOTE 2.125% 8-15-21	P	2012-08-16	2013-01-17
	$275,000 U.S. TREASURY NOTE 2.125% 8-15-21	P	2012-08-16	2013-03-20
	$60,000 U.S. TREASURY NOTE 2.125% 8-15-21	P	2012-08-16	2013-03-20
	$164,000 U.S. TREASURY NOTE 2.125% 8-15-21	P	2012-08-16	2013-03-20
	$6,000 U.S. TREASURY NOTE 2.125% 8-15-21	P	2012-08-16	2013-03-20
	$334,000 U.S. TREASURY NOTE 2.125% 8-15-21	P	2012-08-16	2013-03-20
	$152,000 U.S. TREASURY NOTE 2% 11-15-21	P	2012-11-20	2013-03-20
	$11,000 U.S. TREASURY NOTE 2% 11-15-21	P	2012-11-20	2013-03-20
	$140,000 U.S. TREASURY NOTE 2% 11-15-21	P	2012-11-20	2013-03-20
	$12,000 U.S. TREASURY NOTE 2% 11-15-21	P	2012-11-20	2013-03-20
	CAPITAL GAINS DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	5,225	3,455	1,770
b	2,612	1,698	914
c	2,578	1,699	879
d	6,444	4,226	2,218
e	1,289	861	428
	2,578	1,772	806
	2,624	1,772	852
	4,266	2,636	1,630
	1,424	879	545
	1,424	887	537
	1,424	879	545
	1,397	878	519
	4,192	2,603	1,589
	2,735	1,735	1,000
	3,419	2,356	1,063
	2,607	1,791	816
	1,900	1,365	535
	3,800	2,753	1,047
	5,699	4,206	1,493
	1,911	1,402	509
	5,732	4,207	1,525
	1,210	842	368
	3,032	2,216	816
	10,806	7,757	3,049
	4,631	3,304	1,327
	953	661	292
	1,408	1,337	71
	11,668	9,801	1,867
	7,956	6,648	1,308
	2,175	1,468	707
	5,418	3,670	1,748
	534	367	167
	1,603	1,122	481
	4,274	3,867	407
	1,057	967	90
	2,113	1,916	197
	528	409	119
	1,413	1,063	350
	4,586	2,852	1,734
	4,541	2,852	1,689
	753	475	278
	896	571	325
	1,128	1,017	111
	1,274	1,241	33
	13,163	10,634	2,529
	9,565	14,673	-5,108
	1,632	2,446	-814
	1,577	2,446	-869
	789	1,200	-411
	4,731	7,389	-2,658
	789	1,234	-445
	3,073	8,636	-5,563
	2,195	6,155	-3,960
	455	1,231	-776
	2,004	4,181	-2,177
	2,733	5,903	-3,170
	729	1,545	-816
	1,091	1,130	-39
	7,424	7,346	78
	5,425	5,334	91
	7,500	7,299	201
	2,596	2,479	117
	2,118	2,044	74
	12,003	9,537	2,466
	709	745	-36
	1,185	1,091	94
	1,170	1,511	-341
	2,340	2,981	-641
	2,777	1,641	1,136
	2,328	2,252	76
	5,925	6,192	-267
	6,733	7,175	-442
	6,194	6,220	-26
	10,028	10,006	22
	813	814	-1
	1,884	1,898	-14
	1,842	1,581	261
	2,038	1,324	714
	1,163	1,129	34
	1,337	1,010	327
	6,727	5,051	1,676
	5,007	3,788	1,219
	333	253	80
	3,328	2,510	818
	1,331	1,125	206
	1,980	1,687	293
	2,012	1,729	283
	5,715	4,322	1,393
	11,472	8,645	2,827
	5,502	4,213	1,289
	8,253	6,191	2,062
	1,366	1,032	334
	8,878	6,643	2,235
	733	511	222
	10,993	7,562	3,431
	10,993	7,530	3,463
	2,932	2,009	923
	4,293	3,013	1,280
	5,724	3,876	1,848
	2,157	1,453	704
	722	484	238
	5,192	4,696	496
	2,529	2,348	181
	2,529	2,319	210
	3,302	3,091	211
	1,949	1,700	249
	657	618	39
	985	892	93
	1,627	1,486	141
	980	891	89
	2,288	1,681	607
	5,921	4,323	1,598
	1,480	1,103	377
	4,130	3,065	1,065
	1,000	736	264
	1,667	1,229	438
	2,234	2,086	148
	15,085	13,561	1,524
	1,160	1,017	143
	4,642	4,252	390
	2,328	2,126	202
	1,720	2,376	-656
	7,830	10,800	-2,970
	609	864	-255
	1,522	2,150	-628
	3,044	3,975	-931
	5,479	7,211	-1,732
	606	801	-195
	4,851	5,952	-1,101
	8,735	7,817	918
	1,729	1,563	166
	6,917	7,030	-113
	1,729	1,619	110
	3,112	2,915	197
	1,398	1,243	155
	2,941	2,820	121
	4,060	3,618	442
	2,461	1,947	514
	3,812	2,840	972
	13,131	10,077	3,054
	8,543	6,501	2,042
	2,137	1,625	512
	2,107	1,625	482
	8,043	6,176	1,867
	6,773	5,095	1,678
	7,608	5,732	1,876
	20,045	15,109	4,936
	8,568	6,475	2,093
	1,562	1,209	353
	10,689	7,425	3,264
	1,740	1,213	527
	3,091	2,167	924
	3,276	2,666	610
	7,867	6,348	1,519
	6,031	4,952	1,079
	1,546	1,253	293
	155	123	32
	1,514	1,106	408
	2,692	2,350	342
	8,192	7,345	847
	4,030	3,673	357
	1,567	1,322	245
	6,268	5,086	1,182
	2,437	1,978	459
	4,353	3,436	917
	1,045	716	329
	6,081	4,176	1,905
	2,859	1,968	891
	963	835	128
	518	449	69
	5,338	4,334	1,004
	3,558	2,930	628
	3,471	2,930	541
	8,121	5,861	2,260
	2,030	1,489	541
	6,903	4,418	2,485
	424	260	164
	13,345	8,813	4,532
	1,479	979	500
	2,675	1,667	1,008
	2,762	1,683	1,079
	8,287	5,009	3,278
	5,723	3,340	2,383
	1,431	1,137	294
	4,278	3,412	866
	4,578	3,640	938
	4,006	3,162	844
	3,755	2,736	1,019
	2,726	2,070	656
	16,006	11,641	4,365
	179	129	50
	1,571	1,129	442
	2,270	1,651	619
	23,143	17,775	5,368
	13,822	10,157	3,665
	11,369	8,507	2,862
	10,520	9,225	1,295
	1,846	1,154	692
	1,846	1,166	680
	1,108	712	396
	1,114	1,552	-438
	8,910	12,567	-3,657
	2,228	2,373	-145
	5,617	6,169	-552
	1,012	977	35
	3,992	3,259	733
	400	326	74
	6,414	5,214	1,200
	4,009	3,263	746
	1,604	1,286	318
	2,400	1,928	472
	2,000	1,687	313
	3,601	2,930	671
	5,460	3,798	1,662
	5,037	3,418	1,619
	560	374	186
	1,119	735	384
	1,679	1,140	539
	1,890	1,216	674
	3,774	2,280	1,494
	1,776	1,064	712
	5,835	3,572	2,263
	3,695	2,252	1,443
	1,402	844	558
	1,912	1,151	761
	135,428	100,000	35,428
	133,563	100,000	33,563
	17,210	13,284	3,926
	377,182	286,716	90,466
	57,818	44,097	13,721
	612,200	455,362	156,838
	53,488	29,679	23,809
	146,512	83,530	62,982
	60,000	32,149	27,851
	60,000	33,115	26,885
	13,329	11,746	1,583
	108,240	100,000	8,240
	48,431	43,627	4,804
	75,000	71,086	3,914
	709	778	-69
	5,683	5,600	83
	2,767	2,802	-35
	2,035	2,396	-361
	1,056	659	397
	11,097	8,392	2,705
	7,331	5,595	1,736
	3,666	2,639	1,027
	1,107	792	315
	1,883	2,042	-159
	1,760	1,504	256
	4,130	3,509	621
	590	500	90
	590	500	90
	4,127	3,577	550
	3,542	3,066	476
	3,571	3,066	505
	5,978	5,110	868
	2,395	2,044	351
	580	511	69
	2,901	2,674	227
	579	535	44
	18,046	12,133	5,913
	1,955	1,574	381
	2,097	1,574	523
	10,407	7,872	2,535
	2,081	1,581	500
	2,081	1,571	510
	2,081	1,575	506
	2,081	1,569	512
	2,081	1,616	465
	2,069	1,616	453
	2,069	1,622	447
	5,379	4,154	1,225
	2,974	2,179	795
	2,974	2,186	788
	3,002	2,220	782
	3,002	2,222	780
	7,417	5,282	2,135
	4,954	3,522	1,432
	619	428	191
	2,458	1,712	746
	1,844	1,130	714
	2,441	1,507	934
	249	151	98
	3,484	2,511	973
	481	822	-341
	2,379	2,314	65
	12,691	13,113	-422
	4,106	4,235	-129
	1,492	1,540	-48
	3,731	4,591	-860
	3,731	4,596	-865
	373	452	-79
	3,343	4,071	-728
	2,229	2,695	-466
	1,505	1,796	-291
	5,643	5,891	-248
	4,031	2,860	1,171
	6,102	4,290	1,812
	2,034	1,420	614
	2,967	1,989	978
	1,471	2,242	-771
	3,233	3,363	-130
	2,694	2,781	-87
	1,347	1,411	-64
	808	840	-32
	1,899	1,959	-60
	2,171	2,239	-68
	3,227	3,359	-132
	807	845	-38
	3,200	3,380	-180
	800	839	-39
	2,731	2,691	40
	2,211	1,554	657
	22,694	15,096	7,598
	667	551	116
	10,163	7,720	2,443
	5,082	4,124	958
	1,089	788	301
	13,252	9,713	3,539
	1,991	1,900	91
	8,302	6,332	1,970
	7,903	6,016	1,887
	12,478	9,505	2,973
	8,735	6,587	2,148
	10,716	10,839	-123
	1,186	1,084	102
	6,435	5,420	1,015
	4,903	4,065	838
	1,984	1,626	358
	1,323	1,074	249
	327	269	58
	4,577	3,898	679
	4,135	3,480	655
	4,985	4,177	808
	4,528	3,759	769
	1,303	983	320
	9,914	7,213	2,701
	9,843	7,213	2,630
	2,955	2,164	791
	2,383	1,443	940
	3,574	2,153	1,421
	14,264	8,614	5,650
	5,943	3,606	2,337
	3,566	2,203	1,363
	9,609	8,187	1,422
	2,886	2,456	430
	962	817	145
	402	327	75
	4,756	3,760	996
	1,448	1,220	228
	4,110	3,487	623
	3,072	2,615	457
	4,045	3,487	558
	5,025	4,358	667
	600	523	77
	429	248	181
	772	644	128
	65,138	66,142	-1,004
	100,000	100,250	-250
	7,803	7,797	6
	14,201	14,414	-213
	4,907	4,929	-22
	11,161	11,107	54
	28,349	27,877	472
	4,009	4,122	-113
	7,366	7,461	-95
	7,771	7,713	58
	6,821	6,951	-130
	5,745	5,704	41
	4,725	4,658	67
	12,591	12,517	74
	2,412	2,376	36
	3,113	2,998	115
	10,881	10,811	70
	65,579	64,767	812
	5,878	5,949	-71
	53,067	51,670	1,397
	125,000	134,116	-9,116
	74,710	74,898	-188
	79,274	80,648	-1,374
	74,056	74,957	-901
	308,891	309,012	-121
	42,985	43,002	-17
	307,892	308,012	-120
	79,862	79,581	281
	49,984	49,982	2
	15,707	16,431	-724
	68,006	68,176	-170
	285,205	288,438	-3,233
	62,227	62,932	-705
	170,086	172,014	-1,928
	6,223	6,293	-70
	346,395	350,322	-3,927
	155,503	159,861	-4,358
	11,254	11,569	-315
	143,227	147,241	-4,014
	12,277	12,621	-344
	175,876		175,876

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			1,770
b			914
c			879
d			2,218
e			428
			806
			852
			1,630
			545
			537
			545
			519
			1,589
			1,000
			1,063
			816
			535
			1,047
			1,493
			509
			1,525
			368
			816
			3,049
			1,327
			292
			71
			1,867
			1,308
			707
			1,748
			167
			481
			407
			90
			197
			119
			350
			1,734
			1,689
			278
			325
			111
			33
			2,529
			-5,108
			-814
			-869
			-411
			-2,658
			-445
			-5,563
			-3,960
			-776
			-2,177
			-3,170
			-816
			-39
			78
			91
			201
			117
			74
			2,466
			-36
			94
			-341
			-641
			1,136
			76
			-267
			-442
			-26
			22
			-1
			-14
			261
			714
			34
			327
			1,676
			1,219
			80
			818
			206
			293
			283
			1,393
			2,827
			1,289
			2,062
			334
			2,235
			222
			3,431
			3,463
			923
			1,280
			1,848
			704
			238
			496
			181
			210
			211
			249
			39
			93
			141
			89
			607
			1,598
			377
			1,065
			264
			438
			148
			1,524
			143
			390
			202
			-656
			-2,970
			-255
			-628
			-931
			-1,732
			-195
			-1,101
			918
			166
			-113
			110
			197
			155
			121
			442
			514
			972
			3,054
			2,042
			512
			482
			1,867
			1,678
			1,876
			4,936
			2,093
			353
			3,264
			527
			924
			610
			1,519
			1,079
			293
			32
			408
			342
			847
			357
			245
			1,182
			459
			917
			329
			1,905
			891
			128
			69
			1,004
			628
			541
			2,260
			541
			2,485
			164
			4,532
			500
			1,008
			1,079
			3,278
			2,383
			294
			866
			938
			844
			1,019
			656
			4,365
			50
			442
			619
			5,368
			3,665
			2,862
			1,295
			692
			680
			396
			-438
			-3,657
			-145
			-552
			35
			733
			74
			1,200
			746
			318
			472
			313
			671
			1,662
			1,619
			186
			384
			539
			674
			1,494
			712
			2,263
			1,443
			558
			761
			35,428
			33,563
			3,926
			90,466
			13,721
			156,838
			23,809
			62,982
			27,851
			26,885
			1,583
			8,240
			4,804
			3,914
			-69
			83
			-35
			-361
			397
			2,705
			1,736
			1,027
			315
			-159
			256
			621
			90
			90
			550
			476
			505
			868
			351
			69
			227
			44
			5,913
			381
			523
			2,535
			500
			510
			506
			512
			465
			453
			447
			1,225
			795
			788
			782
			780
			2,135
			1,432
			191
			746
			714
			934
			98
			973
			-341
			65
			-422
			-129
			-48
			-860
			-865
			-79
			-728
			-466
			-291
			-248
			1,171
			1,812
			614
			978
			-771
			-130
			-87
			-64
			-32
			-60
			-68
			-132
			-38
			-180
			-39
			40
			657
			7,598
			116
			2,443
			958
			301
			3,539
			91
			1,970
			1,887
			2,973
			2,148
			-123
			102
			1,015
			838
			358
			249
			58
			679
			655
			808
			769
			320
			2,701
			2,630
			791
			940
			1,421
			5,650
			2,337
			1,363
			1,422
			430
			145
			75
			996
			228
			623
			457
			558
			667
			77
			181
			128
			-1,004
			-250
			6
			-213
			-22
			54
			472
			-113
			-95
			58
			-130
			41
			67
			74
			36
			115
			70
			812
			-71
			1,397
			-9,116
			-188
			-1,374
			-901
			-121
			-17
			-120
			281
			2
			-724
			-170
			-3,233
			-705
			-1,928
			-70
			-3,927
			-4,358
			-315
			-4,014
			-344
			175,876

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	868,245
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . . . . .		3

Part V

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? Yes No

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))
2012	997,007	14,359,351	0.069433
2011	976,943	15,694,529	0.062247
2010	1,063,978	15,462,407	0.068811
2009	597,115	15,554,896	0.038388
2008	1,126,000	16,026,681	0.070258

2	Total of line 1, column (d) ......................	2	0.309137
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	0.061827
4	Enter the net value of noncharitable-use assets for 2013 from Part X, line 5.....	4	14,852,500
5	Multiply line 4 by line 3.......................	5	918,286
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	10,766
7	Add lines 5 and 6.........................	7	929,052
8	Enter qualifying distributions from Part XII, line 4..............	8	945,181
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.

Form 990-PF (2013)

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	Exempt operating foundations described in section 4940(d)(2), check hereand enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	10,766
	hereand 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	0
3	Add lines 1 and 2............................	3	10,766
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-).	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	10,766
6	Credits/Payments:

a	2013 estimated tax payments and 2012 overpayment credited to 2013	6a	16,397
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	16,397
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	5,631
11	Enter the amount of line 10 to be: Credited to 2014 estimated tax5,631	Refunded	11	0

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of

the instructions for definition)?............................

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ 0(2) On foundation managers. bullet

$ 0

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

on foundation managers. bullet

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument?................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c), and Part XV.

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2013 or the taxable year beginning in 2013 (see instructions for Part XIV)?

If "Yes," complete Part XIV.............................

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

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement (see instructions).................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

CEHUGHESFOUNDATION.ORG

The books are in care of bullet

ARTHUR FRIEDMAN CPA Telephone no. bullet

(212) 689-0288

Located at bullet

280 MADISON AVENUE - 1007NEW YORKNY ZIP+4 bullet

10016

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

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

16 At any time during calendar year 2013, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country?

16 No

See 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 (2013)

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

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? YesNo

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

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

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

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

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

(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.).........YesNo

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)?...

Organizations relying on a current notice regarding disaster assistance check here......... bullet

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2013?.............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2013, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2013?...............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year?.........................YesNo

If "Yes," did it have excess business holdings in 2013 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 2013.)....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2013?

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))? YesNo

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

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

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

(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 instructions)........YesNo

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

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

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......

Organizations relying on a current notice regarding disaster assistance check here......... bullet

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant?............YesNo

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract?........................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....

Form 990-PF (2013)

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 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
BREWSTER WADDELL	PRESIDENT, DIRECTOR 2.00	0	0	0
4427 BLACK OTTER TRAIL DALLAS,TX75287	PRESIDENT, DIRECTOR 2.00	0	0	0
KAREN AG LOUD	VICE PRESIDENT, DIRECTOR 2.00	0	0	0
10 LA TRAVIATA SANTA FE,NM87506	VICE PRESIDENT, DIRECTOR 2.00	0	0	0
WILLIAM G KIRKLAND	DIRECTOR 2.00	0	0	0
17 EAST 84TH STREET NEW YORK,NY10028	DIRECTOR 2.00	0	0	0
LAUREN KATZOWITZ SHENFIELD	SECRETARY, ASSISTANT TREAS 20.00	0	0	0
PO BOX 20486 NEW YORK,NY10021	SECRETARY, ASSISTANT TREAS 20.00	0	0	0
CHRISTOPHER ANGELL	DIRECTOR 2.00	0	0	0
1133 AVENUE OF THE AMERICAS NEW YORK,NY10036	DIRECTOR 2.00	0	0	0
MARY B CONRAD	TREASURER, DIRECTOR 2.00	0	0	0
1088 PARK AVENUE NEW YORK,NY10128	TREASURER, DIRECTOR 2.00	0	0	0
SANDRA H WADDELL	DIRECTOR 2.00	0	0	0
3457 SOUTH WALKER AVENUE SAN PEDRO,CA90731	DIRECTOR 2.00	0	0	0
THEODORE H WADDELL	DIRECTOR 2.00	0	0	0
4621 BOBBITT DRIVE DALLAS,TX75229	DIRECTOR 2.00	0	0	0
WENDY WILLIAMSON	DIRECTOR 2.00	0	0	0
1055 WASHINGTON BOULEVARD STAMFORD,CT06901	DIRECTOR 2.00	0	0	0
SUSAN JOHNSON MCLEAN	DIRECTOR 2.00	0	0	0
100 SPRUCE ROAD AMBLER,PA19002	DIRECTOR 2.00	0	0	0

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









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

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
PHILANTHROPY ADVISORS LLC	FOUNDATION MANAGEMENT	138,000
PO BOX 20486 NEW YORK,NY100210068	FOUNDATION MANAGEMENT	138,000
BESSEMER INVESTMENT SERVICES	INVESTMENT MANAGEMENT SERVICES	52,530
630 FIFTH AVENUE NEW YORK,NY101110333	INVESTMENT MANAGEMENT SERVICES	52,530

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

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	NO DIRECT CHARITABLE ACTIVITIES	0
2


3


4

Form 990-PF (2013)

Page 7

Part IX-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.		Amount
1	NO PROGRAM-RELATED INVESTMENTS	0
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 instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

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

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

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

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

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

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

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

Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see

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

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

Minimum investment return. Enter 5% of line 5..................

Part XI

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet

and do not complete this part.)

Minimum investment return from Part X, line 6....................

742,625

Tax on investment income for 2013 from Part VI, line 5......

10,766

Income tax for 2013. (This does not include the tax from Part VI.)...

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

10,766

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

731,859

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

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

731,859

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

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

line 1................................

731,859

Part XII

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

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

Adjusted qualifying distributions. Subtract line 5 from line 4..............

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 (2013)

Page 8

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2012	(c) 2012	(d) 2013
1 Distributable amount for 2013 from Part XI, line 7					731,859
2 Undistributed income, if any, as of the end of 2013:
a Enter amount for 2012 only.......				0
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2013:
a From 2008.......	329,120
b From 2009.......	278,758
c From 2010.......	302,084
d From 2011.......	205,911
e From 2012.......	294,585
fTotal of lines 3a through e.........		1,410,458
4Qualifying distributions for 2013 from Part
XII, line 4: $ 945,181
a Applied to 2012, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see instructions)......			0
c Treated as distributions out of corpus (Election required—see instructions).........		0
d Applied to 2013 distributable amount.....					731,859
e Remaining amount distributed out of corpus		213,322
5 Excess distributions carryover applied to 2013.		0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		1,623,780
b Prior years’ undistributed income. Subtract line 4b from line 2b ...........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2012. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2013. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2014 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (see instructions) .............		0
8Excess distributions carryover from 2008 not applied on line 5 or line 7 (see instructions) ...		329,120
9Excess distributions carryover to 2014. Subtract lines 7 and 8 from line 6a ......		1,294,660
10 Analysis of line 9:
a Excess from 2009....	278,758
b Excess from 2010....	302,084
c Excess from 2011....	205,911
d Excess from 2012....	294,585
e Excess from 2013....	213,322

Form 990-PF (2013)

Page 9

Part XIV

Private Operating Foundations (see 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 2013, enter the date of the ruling....... bullet

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2013	(b) 2012	(c) 2011	(d) 2010	(e) Total

b 85% of line 2a .........
c Qualifying distributions from Part XII, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ...........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part X, line 6 for each year listed...
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XV

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

1Information Regarding Foundation Managers:

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

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

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

Check here bullet

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

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

LAUREN KATZOWITZ SHENFIELD PHILANTH
PO BOX 20486
NEW YORK,NY100210068
(212) 517-8108

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

NY/NJ COMMON APPLICATION FORM.

cAny submission deadlines:

2 GRANT CYCLES PER YEAR - SPRING AND FALL.

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

NONE

Form 990-PF (2013)

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
A BETTER CHANCE IN DARIEN INC PO BOX 3204 DARIEN,CT06820	N/A	PUBLIC	GENERAL USE	2,500
ALVIN AILEY DANCE FOUNDATION INC 405 WEST 55TH STREET NEW YORK,NY10019	N/A	PUBLIC	GENERAL USE	25,000
ASHOKA INNOVATORS FOR THE PUBLIC 1700 NORTH MOORE STREET ARLINGTON,VA22209	N/A	PUBLIC	GENERAL USE	2,000
CENTRAL PARK CONSERVANCY INC 14 EAST 60TH STREET NEW YORK,NY10014	N/A	PUBLIC	GENERAL USE	27,000
CHIAPAS INTERNATIONAL PO BOX 9053 DALLAS,TX75209	N/A	PUBLIC	GENERAL USE	2,000
COPLAND HOUSE INC 1538 WASHINGTON STREET CORTLANDT MANOR,NY10567	N/A	PUBLIC	GENERAL USE	25,000
CORNELL UNIVERSITY 130 EAST SENECA STREET ITHACA,NY14850	N/A	PUBLIC	GENERAL USE	2,500
COVENANT HOUSE CALIFORNIA 1325 NORTH WESTERN AVENUE LOS ANGELES,CA90027	N/A	PUBLIC	GENERAL USE	3,000
DALLAS SYMPHONY ASSOCIATION 2301 FLORA STREET DALLAS,TX75201	N/A	PUBLIC	GENERAL USE	5,000
DONORS' EDUCATION COLLABORATIVE AT THE NEW YORK COMMUNITY TRUST 909 THIRD AVENUE NEW YORK,NY10022	N/A	PUBLIC	GENERAL USE	50,000
EARTHJUSTICE 50 CALIFORNIA STREET SAN FRANCISCO,CA94111	N/A	PUBLIC	GENERAL USE	50,000
ENVIRONMENTAL DEFENSE FUND INC 257 PARK AVENUE SOUTH NEW YORK,NY10010	N/A	PUBLIC	GENERAL USE	50,000
FIDELITY CHARITABLE GIFT FUND PO BOX 770001 CINCINNATI,OH452770053	N/A	PUBLIC	GENERAL USE	10,000
GLOBAL GREENGRANTS FUND 2840 WILDERNESS PLACE BOULDER,CO80301	N/A	PUBLIC	GENERAL USE	25,000
HARVARD UNIVERSITY 79 JOHN F KENNEDY STREET CAMBRIDGE,MA02138	N/A	PUBLIC	GENERAL USE	6,000
HOBART AND WILLIAM SMITH COLLEGES 615 SOUTH MAIN STREET GENEVA,NY14456	N/A	PUBLIC	GENERAL USE	3,000
ICIVICS INC 1875 K STREET NW WASHINGTON,DC20006	N/A	PUBLIC	GENERAL USE	50,000
JAZZ AT LINCOLN CENTER INC 33 WEST 60TH STREET NEW YORK,NY10023	N/A	PUBLIC	GENERAL USE	25,000
LEAGUE OF CONSERVATION VOTERS EDUCATION FUND 1920 L STREET NW WASHINGTON,DC20036	N/A	PUBLIC	GENERAL USE	25,000
NATIONAL TRUST FOR HISTORIC PRESERVATION IN THE UNITED STATES 1785 MASSACHUSETTS AVENUE NW WASHINGTON,DC20036	N/A	PUBLIC	GENERAL USE	25,000
NATIONAL WOMEN'S LAW CENTER 11 DUPONT CIRCLE NW WASHINGTON,DC20036	N/A	PUBLIC	GENERAL USE	25,000
NATURAL RESOURCES DEFENSE COUNCIL INC 40 WEST 20TH STREET NEW YORK,NY10011	N/A	PUBLIC	GENERAL USE	50,000
NEW YORK LAWYERS FOR THE PUBLIC INTEREST INC 151 WEST 30TH STREET NEW YORK,NY10001	N/A	PUBLIC	GENERAL USE	25,000
NEW YORK LEGAL ASSISTANCE GROUP INC 7 HANOVER SQUARE NEW YORK,NY10004	N/A	PUBLIC	GENERAL USE	25,000
NORTH COUNTRY SCHOOL FOR CAMP TREETOPS PO BOX 187 LAKE PLACID,NY12946	N/A	PUBLIC	GENERAL USE	3,000
NORTHRIDGE HOSPITAL FOUNDATION 18300 ROSCOE BLVD NORTHRIDGE,CA91325	N/A	PUBLIC	GENERAL USE	2,000
PORTLAND MUSEUM OF ART SEVEN CONGRESS SQUARE PORTLAND,ME04101	N/A	PUBLIC	GENERAL USE	5,000
PRINCETON UNIVERSITY PO BOX 46 PRINCETON,NJ08544	N/A	PUBLIC	GENERAL USE	1,000
RUMSEY HALL SCHOOL INC 201 ROMFORD ROAD WASHINGTON DEPOT,CT06794	N/A	PUBLIC	GENERAL USE	1,000
SANTA FE CONCERT ASSOCIATION 321 W SAN FRANCISCO STREET SANTA FE,NM87501	N/A	PUBLIC	GENERAL USE	4,000
SANTA FE INTERNATIONAL FOLK ART MARKET 404 KIVA COURT SANTA FE,NM87505	N/A	PUBLIC	GENERAL USE	1,000
SANTA FE OPERA PO BOX 2408 SANTA FE,NM87504	N/A	PUBLIC	GENERAL USE	5,000
SMILE TRAIN INC 41 MADISON AVENUE NEW YORK,NY10010	N/A	PUBLIC	GENERAL USE	1,000
TEACH FOR AMERICA INC 714 MARKET STREET PHILADELPHIA,PA19106	N/A	PUBLIC	GENERAL USE	5,000
THE ANDREW SHAW MEMORIAL TRUST PO BOX 2315 DARIEN,CT06820	N/A	PUBLIC	GENERAL USE	1,000
THE CHESTER FUND FOR EDUCATION AND THE ARTS INC 510 WESTMINSTER AVENUE SWARTHMORE,PA19081	N/A	PUBLIC	GENERAL USE	4,000
THE FOUNDATION CENTER 79 FIFTH AVENUE NEW YORK,NY10003	N/A	PUBLIC	GENERAL USE	2,250
THE FUND FOR NEW CITIZENS AT COMMUNITY FUNDS INC 909 THIRD AVENUE NEW YORK,NY10022	N/A	PUBLIC	GENERAL USE	50,000
THE JULLIARD SCHOOL 60 LINCOLN CENTER PLAZA NEW YORK,NY10023	N/A	PUBLIC	GENERAL USE	25,000
THE LEGAL AID SOCIETY 199 WATER STREET NEW YORK,NY10038	N/A	PUBLIC	GENERAL USE	60,000
WASHINGTON AND JEFFERSON COLLEGE 60 SOUTH LINCOLN STREET WASHINGTON,PA153019990	N/A	PUBLIC	GENERAL USE	10,000
WILLIAM J BRENNAN JR CENTER FOR JUSTICE INC 161 AVENUE OF THE AMERICAS NEW YORK,NY10013	N/A	PUBLIC	GENERAL USE	25,000
NEW YORK PUBLIC RADIO 160 VARICK STREET NEW YORK,NY10013	N/A	PUBLIC	GENERAL USE	5,000
BUSINESS & HUMAN RIGHTS RESOURCE CENTRE 333 SEVENTH AVENUE 14TH FLOOR NEW YORK,NY10001	N/A	PUBLIC	GENERAL USE	2,000
GRAMEEN FOUNDATION 1101 15TH STREET NW WASHINGTON,DC20005	N/A	PUBLIC	GENERAL USE	25,000
WILLIAM J CLINTON FOUNDATION 610 PRESIDENT CLINTON AVENUE LITTLE ROCK,AR72201	N/A	PUBLIC	GENERAL USE	2,000
CONSULTATIVE GROUP ON BIOLOGICAL DIVERSITY PO BOX 29361 SAN FRANCISCO,CA94129	N/A	PUBLIC	GENERAL USE	1,000
Total ................................. 3a				778,250

bApproved for future payment

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

Form 990-PF (2013)

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 instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ............			14	19
4 Dividends and interest from securities....			14	290,365
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property .............
7 Other investment income.....
8 Gain or (loss) from sales of assets other than inventory .............			18	868,245
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		0		1,158,629	0

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

131,158,629

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

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2013)

Page 12

Part XVII

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

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

Yes

organizations?

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........YesNo

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2013)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Name of Bond	End of Year Book Value	End of Year Fair Market Value
AMERICAN EXPRESS CREDIT, 2.375%, 3-24-17	51,394	51,394
ANHEUSER-BUSCH INBEV FINANCE, 0.8%, 1-15-16	119,917	119,917
APPLE INC. FLOATING RATE NOTE, 0.492%, 5-3-18	64,890	64,890
BANK OF NEW YORK MELLON, 1.969%, 6-20-17	60,650	60,650
BB&T CORPORATION, 2.15%, 3-22-17	101,105	101,105
BERKSHIRE HATHAWAY INC., 3.2%, 2-11-15	128,838	128,838
COCA-COLA CO., 1.8%, 9-1-16	66,561	66,561
DEUTSCHE BANK AG, 3.45%, 3-30-15	51,602	51,602
GENERAL ELECTRIC CAPITAL CORP., 2.9%, 1-9-17	78,298	78,298
JPMORGAN CHASE & CO., 1.371%, 9-22-15	117,436	117,436
KFW, 1.25%, 2-15-17	75,725	75,725
MERCK & CO. INC., 4%, 6-30-15	126,079	126,079
TOYOTA MOTOR CREDIT CORP., 0.80%, 5-17-16	75,080	75,080
TYCO INTERNATIONAL FINANCE, 3.375%, 10-15-15	11,413	11,413

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ACCENTURE PLC - CLASS A	29,599	29,599
ACE LIMITED	54,871	54,871
AETNA INC.	45,269	45,269
ALLIANZ AKTIENGESELLSCHAFT ADR	19,938	19,938
AMERICAN INTERNATIONAL GROUP INC.	34,459	34,459
AMERICAN WATER WORKS CO.	61,277	61,277
APPLE INC.	72,933	72,933
AVAGO TECHNOLOGIES	49,706	49,706
BNP BARIBAS SPON ADR	53,666	53,666
BRIDGESTONE CORP. ADR	37,866	37,866
CENTURYLINK INC.	21,499	21,499
CHINA CONSTRUCTION ADR	43,535	43,535
CHINA TELECOM ADR	50,823	50,823
CITIGROUP INC.	36,216	36,216
CONOCOPHILLIPS	35,678	35,678
CUMMINS INC.	21,146	21,146
CVS/CAREMARK CORP.	45,447	45,447
DAIHATSU MOTOR CO. LTD. ADR	22,719	22,719
DOLLAR GENERAL CORP.	54,891	54,891
ENI S.P.A. ADR	30,549	30,549
ILLINOIS TOOL WORKS INC.	46,664	46,664
IMPERIAL TOBACCO LTD ADR	49,566	49,566
INTERNATIONAL BUSINESS MACHINES CORP.	49,706	49,706
ITOCHU CORP. ADR	57,593	57,593
J SAINSBURY SPON ADR	56,825	56,825
KDDI CORP. ADR	40,165	40,165
KEYCORP	18,788	18,788
L BRANDS INC.	39,275	39,275
LORILLARD INC.	27,367	27,367
MACY'S INC.	55,803	55,803
MARATHON OIL CORP.	23,828	23,828
MORGAN STANLEY GROUP INC.	18,816	18,816
MUNICH RE GROUP ADR	54,508	54,508
MYLAN INC.	65,100	65,100
NIELSEN HOLDINGS BV	27,993	27,993
NIKON CORP. PLC UNSPONSORED ADR	30,582	30,582
OLD WESTBURY GLOBAL OPPORTUNITIES FUND	2,107,581	2,107,581
OLD WESTBURY GLOBAL SMALL & MID CAP FUND	2,802,446	2,802,446
OLD WESTBURY LARGE CAP STRATEGIES FUND	4,303,183	4,303,183
OLD WESTBURY REAL RETURN FUND	606,180	606,180
PFIZER INC.	62,638	62,638
QUALCOMM INC.	59,771	59,771
RSA INSURANCE GROUP PLC ADR	45,565	45,565
SANOFI ADR	53,094	53,094
SINOPEC/CHINA PETROLEUM & CHEMICALS ADR	48,809	48,809
SKANDINAVISKA ENSKILD ADR	19,755	19,755
SUMITOMO METAL MINING CO. LTD.	38,582	38,582
SVENSKA CL AKTIBLGT ADR	46,244	46,244
SWATCH GROUP AG UNSPON ADR	24,856	24,856
TARGET CORP.	41,758	41,758
TELE2 AB ADR	42,618	42,618
THERMO FISHER SCIENTIFIC	60,129	60,129
TIM PARTICIPACOES SA ADR	28,864	28,864
TOKYO GAS LTD ADR	29,808	29,808
TOTAL S.A. ADR	55,756	55,756
UNION PACIFIC CORP.	50,400	50,400
VIACOM INC. - CLASS B	30,132	30,132
VOLKSWAGEN AG ADR	42,196	42,196
WALGREEN CO.	28,146	28,146
WEIR GROUP PLC ADR	43,345	43,345
WHARF HOLDINGS ADR	15,220	15,220
ZIMMER HOLDINGS INC.	72,222	72,222

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
INTEREST RECEIVABLE	20,998	18,608	18,608
DIVIDENDS RECEIVABLE	2,012	2,473	2,473
FEDERAL EXCISE TAX REFUND RECEIVABLE	16,397	5,631	5,631
PURCHASED INTEREST	221	501	501
PREPAID EXPENSES		5,957	5,957

Description	Beginning of Year - Book Value	End of Year - Book Value
INVESTMENT ADVISORY FEES PAYABLE	4,430	4,388
MISCELLANEOUS EXPENSES PAYABLE	647	283

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
MEMBERSHIP DUES	4,945	0	4,945
INSURANCE	2,470	618	1,852
WEBSITE COSTS	240	0	240
SECURITIES BANK CHARGE	162	162	0
OFFICE SUPPLIES & EXPENSES	724	362	362
SOFTWARE COSTS - GRANT MANAGEMENT SYSTEM	5,000	0	5,000

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT ADVISORY FEES	52,530	52,530		0
PHILANTHROPY ADVISORS LLC MANAGEMENT FEES	138,000	0		138,000

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
FEDERAL EXCISE TAX	10,766	0	0
NEW YORK STATE FILING FEE	750	0	750
FOREIGN TAX WITHHELD ON DIVIDENDS	6,093	6,093	0