Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo 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.
bulletInformation 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
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 ParkSuiteRoom/suite
City or town, state or province, country, and ZIP or foreign postal code
Woburn, MA01801
A Employer identification number

04-3073023
B Telephone number (see instructions)

(781) 935-8000
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$1,085,901,102J Accounting method:
 
(Part I, column (d) must be on cash basis.)
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 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) 1,003,853
2 Check bullet
3 Interest on savings and temporary cash investments 1,315 1,315 1,315
4 Dividends and interest from securities...... 10,224,676 10,208,573 10,224,676
5a Gross rents.............. 86,365 86,365 86,365
b Net rental income or (loss) 64,957
6a Net gain or (loss) from sale of assets not on line 10 13,950,758
b Gross sales price for all assets on line 6a 121,352,181
7 Capital gain net income (from Part IV, line 2)... 13,950,758
8 Net short-term capital gain......... 2,367,796
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 125,064,336 50,155,010 125,114,722
12 Total. Add lines 1 through 11........ 150,331,303 74,402,021 137,794,874
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 524,172     524,172
14 Other employee salaries and wages...... 34,317,143     34,288,279
15 Pension plans, employee benefits....... 739,742     749,576
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 5,510     6,007
17 Interest...............        
18 Taxes (attach schedule) (see instructions) Click to see attachment 1,815,062 313,062    
19 Depreciation (attach schedule) and depletion... Click to see attachment 224,167   224,167
20 Occupancy.............. 3,001,411     2,962,569
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 35,110,337 3,201,543 4,049 31,905,236
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 75,737,544 3,514,605 228,216 70,435,839
25 Contributions, gifts, grants paid........ 769,155 769,155
26 Total expenses and disbursements. Add lines 24 and 25 76,506,699 3,514,605 228,216 71,204,994
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 73,824,604
b Net investment income (if negative, enter -0-) 70,887,416
c Adjusted net income (if negative, enter -0-)... 137,566,658
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
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 179,468 43,000 43,000
2 Savings and temporary cash investments.......... 26,490,048 30,252,876 30,252,876
3 Accounts receivable bullet7,242,085
Less: allowance for doubtful accounts bullet   13,590,060 7,242,085 7,242,085
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 instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use............... 33,584 32,914 32,914
9 Prepaid expenses and deferred charges........... 123,388 134,757 134,756
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 337,922,274 Click to see attachment369,515,368 535,131,025
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 516,870,256 Click to see attachment491,317,699 509,330,320
14 Land, buildings, and equipment: basis bullet10,029,277
Less: accumulated depreciation (attach schedule) bullet6,295,151 3,721,154 Click to see attachment3,734,126 3,734,126
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 898,930,232 902,272,825 1,085,901,102
Liabilities 17 Accounts payable and accrued expenses.......... 869,923 952,144
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 attachment23,214,425 Click to see attachment24,150,413
23 Total liabilities (add lines 17 through 22).......... 24,084,348 25,102,557
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................... 874,845,884 877,170,268
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).................... 874,845,884 877,170,268
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 898,930,232 902,272,825
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)............... 1 874,845,884
2 Enter amount from Part I, line 27a..................... 2 73,824,604
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 948,670,488
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 71,500,220
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 877,170,268
Form 990-PF (2013)
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 PUBLICLY TRADED SECURITIES - SHORT TERM P    
b PUBLICLY TRADED SECURITIES - LONG TERM P    
c CAPITAL GAINS DISTRIBUTIONS - SHORT TERM P    
d CAPITAL GAINS DISTRIBUTIONS - LONG TERM P    
e ALTERNATIVE INVESTMENTS - SHORT TERM P    
ALTERNATIVE INVESTMENTS - LONG TERM P    
OTHER ASSETS P    
(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 39,481,787   37,175,298 2,306,489
b 65,623,927   54,154,600 11,469,327
c 48,289     48,289
d 268,201     268,201
e 13,018     13,018
15,910,889   16,071,525 -160,636
6,070     6,070
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       2,306,489
b       11,469,327
c       48,289
d       268,201
e       13,018
      -160,636
      6,070
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 13,950,758
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 . . . . . . . . . . . . . . . . 		Bracket 3 2,367,796
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))
2012 69,054,472 891,631,115 0.077447
2011 65,050,847 830,930,160 0.078287
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
2 Total of line 1, column (d) ...................... 2 0.429355
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 0.085871
4 Enter the net value of noncharitable-use assets for 2013 from Part X, line 5..... 4 961,476,542
5 Multiply line 4 by line 3....................... 5 82,562,952
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 708,874
7 Add lines 5 and 6......................... 7 83,271,826
8 Enter qualifying distributions from Part XII, line 4.............. 8 71,442,133
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)
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 Bulletand enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 1,417,748
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 1,417,748
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 1,417,748
6 Credits/Payments:
a 2013 estimated tax payments and 2012 overpayment credited to 2013 6a 1,562,069
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 1,562,069
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 10 144,321
11 Enter the amount of line 10 to be: Credited to 2014 estimated taxBullet144,321 RefundedBullet 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 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 2013 or the taxable year beginning in 2013 (see instructions for Part XIV)?
    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 instructions) Click to see attachment.............
    11
    Yes
     
    12
    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).................
    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 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)
    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
    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 2013?.............
    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 2013, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2013?...............
    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 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 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.)....................
    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 2013?
    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 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 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 (2013)
    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
    Joyce M Cummings TRUSTEE & TREASURER
    1.0     		0    
    200 West Cummings Park
    Woburn,MA01801
    Patricia A Cummings PSY D 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     		184,302 5,611 26,400
    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     		121,798 6,530 0
    200 West Cummings Park
    Woburn,MA01801
    Michael P Pascavage TRUSTEE
    1.0     		0    
    200 West Cummings Park
    Woburn,MA01801
    Jed Geyerhahn - Resigned 1113 Exec DiRECTOR, NHC
    50.0     		128,187 10,446 0
    21 Warren Avenue
    Woburn,MA01801
    Christine Coakley Exec DiRECTOR, NHC
    50.0     		89,885 13,648  
    200 West Cummings Park
    Woburn,MA01801
    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
    JUSTIN MAGEE - RESIGNED 1213 FIELD DIV MGR
    50.0     		170,783 3,433 0
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    RICHARD CURTIN ASSOC DIVISION MGR
    50.0     		124,851 11,231 0
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    KARL SANFORD CARPENTRY TEAM LEAD
    50.0     		119,271 11,201 0
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    MARK LYNCH CARPENTRY TEAM LEAD
    50.0     		112,585 14,034 0
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    MICHAEL DONAGHEY ELECTRIC TEAM LEAD
    50.0     		106,041 13,460 0
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    Total number of other employees paid over $50,000...................bullet 56
    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
    HEALTH CARE STAFFING INC Assisted Living Svcs 1,767,627
    PO Box 786
    WESTBOROUGH,MA01581
    MERRILL LYNCH TRUST CO INVESTMENT SVCS 1,207,685
    ONE FEDERAL STREET
    BOSTON,MA02134
    WINCHESTER HEALTHCARE ENTERPRISES INC ASSISTED LIVING SVCS 676,875
    PO BOX 5-0803
    WOBURN,MA01801
    COMMONFUND INVESTMENT SVCS 593,391
    15 Old Danbury Rd
    WILTON,CT06897
    THE CARLYLE GROUP INVESTMENT SVCS 519,377
    520 MADISON AVENUE
    NEW YORK,NY10022
    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 SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT CHOATE 3,504,075
    2 SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT MARLBOROUGH 7,773,538
    3 SEE GENERAL EXPLANATION ATTACHMENT - CUMMINGS SCHOOL OF VETERINARY MEDICINE 59,158,226
    4  
    Form 990-PF (2013)
    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  
    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.)
    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
     
    b
    Average of monthly cash balances.......................
    1b
     
    c
    Fair market value of all other assets (see instructions)................
    1c
     
    d
    Total (add lines 1a, b, and c).........................
    1d
     
    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
     
    3
    Subtract line 2 from line 1d.........................
    3
     
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
     
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
     
    6
    Minimum investment return. Enter 5% of line 5..................
    6
     
    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 2013 from Part VI, line 5......
    2a
     
    b
    Income tax for 2013. (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 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 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
     
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
     
    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 instructions).................
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
     
    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)
    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  
    2 Undistributed income, if any, as of the end of 2013:
    a Enter amount for 2012 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2013:
    a From 2008.......  
    b From 2009.......  
    c From 2010.......  
    d From 2011.......  
    e From 2012.......  
    fTotal of lines 3a through e.........  
    4Qualifying distributions for 2013 from Part
    XII, line 4: bullet$  
    a Applied to 2012, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions)......     		 
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		 
    d Applied to 2013 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2013.    
    (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 instructions ...........     		 
    e Undistributed income for 2012. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2013. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2014 ..........     		 
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see
    instructions) .............     		 
    8Excess distributions carryover from 2008 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2014.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2009....  
    b Excess from 2010....  
    c Excess from 2011....  
    d Excess from 2012....  
    e Excess from 2013....  
    Form 990-PF (2013)
    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
    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) 2013 (b) 2012 (c) 2011 (d) 2010
    48,073,827 44,581,556 41,546,508 36,755,748 170,957,639
    b 85% of line 2a ......... 40,862,753 37,894,323 35,314,532 31,242,386 145,313,994
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		71,442,133 69,054,472 35,314,532 62,694,136 238,505,273
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		769,155 186,737 41,940 35,415 1,033,247
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		70,672,978 68,867,735 35,272,592 62,658,721 237,472,026
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ...... 1,085,901,102 978,394,250 871,158,791 834,371,069 3,769,825,212
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		 328,019,769 387,959,769 388,509,769 386,789,769 1,491,279,076
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		32,049,218 29,721,037 27,697,672 24,503,832 113,971,759
    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) ....     		75,963,565 72,105,417 89,408,199 75,149,716 312,626,897
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		75,963,565 72,105,417 69,149,804 66,649,716 283,868,502
    (3) Largest amount of support
    from an exempt organization    		 0 0 0 0 0
    (4) Gross investment income 181,682,796 55,393,413 51,337,585 45,975,142 334,388,936
    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).)
    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 (2013)
    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)
    aPaid during the year
    AGAHOZO SHALOM
    1375 BROADWAY 17TH FLOOR
    NEW YORK,NY10018     		NONE PC At risk youth housing 50,000
    AGAHOZO SHALOM
    1375 BROADWAY 17TH FLOOR
    NEW YORK,NY10018     		NONE PC At risk youth housing 1,150
    AIDS ACTION COMMITTEE
    75 AMORY STREET
    BOSTON,MA02119     		NONE PC Community Healthcare Program 730
    AMERICAN CANCER SOCIETY
    30 SPEEN STREET
    FRAMINGHAM,MA01701     		NONE PC Cancer Research Treatment 550
    AMERICAN CANCER SOCIETY
    125 SOUTH HUNTINGTON AVENUE
    JAMAICA PLAIN,MA02130     		NONE PC Cancer Research Treatment 1,000
    AMERICAN FRIENDS OF YAHAD IN UNUM INC
    25 WEST 45TH STREET SUITE 1405
    NEW YORK,NY10036     		NONE PC Educational Awareness 25,000
    AMERICAN RED CROSS
    PO BOX 37295
    WASHINGTON,DC20013     		NONE PC Disaster Emergency Relief 100
    BOSTON CARDIAC FOUNDATION INC
    50 TREMONT STREET SUITE 104
    MELROSE,MA02176     		NONE PC Health Research and Programs 33,333
    BOYS AND GIRLS CLUB OF NEW ROCHELLE
    79 SEVENTH STREET
    NEW ROCHELLE,NY10801     		NONE PC Youth Enrichment Program 50,000
    BUDDY DOG HUMANE SOCIETY
    151 BOSTON POST ROAD
    SUDBURY,MA01776     		NONE PC Animal Welfare 500
    CLARK UNIVERSITY
    950 MAIN STREET
    WORCESTER,MA01610     		NONE PC Educational Scholarships 25,000
    TRUSTEES OF TUFTS COLLEGE
    200 WESTBORO ROAD
    NORTH GRAFTON,MA01536     		NONE PC Health Research and Programs 100,000
    DANA FARBER CANCER INSTITUTE
    44 BINNEY STREET
    BOSTON,MA02115     		NONE PC Cancer Research Treatment 200
    DOCTORS WITHOUT BORDERS USA INC
    333 7th Avenue 2nd FLOOR
    NEW YORK,NY10001     		NONE PC Disaster Emergency Relief 200
    EVENING OF GIVING
    69 TREMONT STREET
    MARLBOROUGH,MA01752     		NONE PC Community Welfare Program 600
    FENWAY COMMUNITY HEALTH CENTER INC
    1340 BOYLSTON STREET
    BOSTON,MA02215     		NONE PC Community Healthcare Program 50
    FRIENDS WINCHESTER PUBLIC LIBRARY
    80 WASHINGTON STREET
    WINCHESTER,MA01890     		NONE PC Civic Programming 100
    GLEN DOHERTY MEMORIAL FOUNDATION
    PO BOX 716
    MARBLEHEAD,MA01945     		NONE PC Educational Scholarships 200
    GOLDEN TONES INC
    41 COCHITUATE ROAD
    WAYLAND,MA01778     		NONE PC Elder Services 200
    GRANOFF FAMILY HILLEL CENTER
    220 PACKARD AVENUE
    MEDFORD,MA02155     		NONE PC Educational Awareness 65,005
    GREATER BOSTON FOOD BANK INC
    70 SOUTH BAY AVENUE
    BOSTON,MA02118     		NONE PC Community Charity Drive 100
    GREATER MIAMI JEWISH Federation
    4200 BISCAYNE BLVD
    MIAMI,FL33137     		NONE PC Community Welfare Program 25,000
    PRESIDENT AND FELLOWS OF HARVARD COLLEGE
    1350 MASSACHUSETTS AVENUE
    CAMBRIDGE,MA02138     		NONE PC Educational Scholarships 4,100
    HEARTWORKS FOUNDATION
    19 ROUTE 202
    BASKING RIDGE,NJ07920     		NONE PC Community Welfare Program 100
    HEIFER PROJECT INTERNATIONAL
    1 WORLD AVENUE
    LITTLE ROCK,AR72202     		NONE PC To be determined 230
    HURLD ELEMENTARY SCHOOL
    69 BEDFORD ROAD
    WOBURN,MA01801     		NONE PC Education 250
    JEWISH FAMILY SERVICE OF METROWEST
    475 Franklin St
    Boston,MA01702     		NONE PC Community Welfare Program 675
    JOHNSON & WALES UNIVERSITY
    PO BOX 5956
    PROVIDENCE,RI02903     		NONE PC Educational Scholarships 1,000
    KATHI GLAVIN HIGGINS SCHOLARSHIP
    674 BOSTON ROAD
    BILLERICA,MA01821     		NONE PC Educational Scholarships 500
    LAZARUS HOUSE MINITRIES INC
    412 HAMPSHIRE STREET
    LAWRENCE,MA01842     		NONE PC Civic Relief 200
    The Salem Mission Inc dba LIFEBRIDGE
    56 MARGIN STREET
    SALEM,MA01970     		NONE PC Community Homeless 50
    LIMERICK FIREEMS DEPARTMENT
    PO BOX 195
    LIMERICK,ME04048     		NONE PC Health & Safety 16,467
    MARLBOROUGH HIGH SCHOOL
    431 BOLTON STREET
    MARLBOROUGH,MA01751     		NONE PC Educational Scholarships 500
    MARLBOROUGH HOSPITAL
    157 UNION STREET
    MARLBOROUGH,MA01752     		NONE PC Community Healthcare Program 5,000
    MINUTEMAN SENIOR SERVICES
    26 CROSBY DRIVE
    BEDFORD,MA01730     		NONE PC Elder Services 60
    MISHAWUM CHORAL SOCIETY
    74 PEARL STREET
    WOBURN,MA01801     		NONE PC Cultural Arts Programming 200
    MUSEUM OF FINE ARTS
    465 HUNTINGTON AVENUE
    BOSTON,MA02115     		NONE PC Cultural Arts Programming 250
    NATIONAL MULTIPLE SCLEROSIS SOCIETY
    101A FIRST AVENUE SUITE 6
    WALTHAM,MA02451     		NONE PC Health Research and Programs 1,100
    NEW COMMUNITIES SERVICES INC
    116 NORFOLK STREET
    CAMBRIDGE,MA02139     		NONE PC Affordable Housing Program 250
    NORTHEASTERN UNIVERSITY
    360 HUNTINGTON AVE 118CU
    BOSTON,MA02115     		NONE PC Educational Scholarships 200
    ONE FUND BOSTON INC
    800 BOYLSTON STREET 990009
    BOSTON,MA02199     		NONE PC Community Outreach 100
    ONLY A CHILD INC
    PO BOX 990885
    BOSTON,MA02199     		NONE PC Youth Welfare Program 50
    PAN MASSACHUSETTS CHALLENGE
    77 FOURTH AVENUE
    NEEDHAM,MA02494     		NONE PC Health Research and Programs 100
    PARENT TO PARENT INC
    PO BOX 494
    WINCHESTER,MA01890     		NONE PC Educational Awareness 100
    PARTNERS IN HEALTH
    888 COMMONWEALTH AVENUE
    BOSTON,MA02284     		NONE PC Poverty Assistance Third World 100,200
    PHILLIPS EXETER ACADEMY
    20 MAIN STREET
    EXETER,NH03833     		NONE PC Educational Programming 100
    PINE STREET INN INC
    444 HARRISON AVENUE
    BOSTON,MA02118     		NONE PC Community Homeless 100
    PMC JIMMY FUND
    10 BROOKLINE PLACE
    BROOKLINE,MA02445     		NONE PC Health Research and Programs 200
    PROJECT BREAD
    145 BORDER STREET
    BOSTON,MA02128     		NONE PC Community Welfare Program 100
    SAINT JOSEPH PARISH SCHOOLS
    1382 HIGHLAND AVENUE
    NEEDHAM,MA02492     		NONE PC Community Enrichment Programs 500
    WINCHESTER SENIORS ASSOC INC
    109 SKILLINGS ROAD
    WINCHESTER,MA01890     		NONE PC Elder Services 1,000
    SHARING A NEW SONG
    23 FOREST STREET
    ARLINGTON,MA02476     		NONE PC Cultural Enrichment Program 170
    ST FRANCIS HOUSE
    39 BOYLSTON STREET
    BOSTON,MA02116     		NONE PC Community Welfare Program 125
    ST MATTHIAS CHURCH
    409 HEMENWAY ST
    MARLBOROUGH,MA01752     		NONE PC Community Welfare Program 1,000
    SUPPORTIVE LIVING INC
    400 WEST CUMMINGS PARK SUITE 6100
    WOBURN,MA01801     		NONE PC Brain Injury Residence 105,000
    THE HOME FOR LITTLE WANDERERS INC
    271 HUNTINGTON AVENUE
    BOSTON,MA02115     		NONE PC At risk youth housing 100
    THE SEAN C ELMORE MEMORIAL FUND
    8 FILLMORE DRIVE
    BILLERICA,MA01821     		NONE PC Community Outreach 130
    THE SMILE TRAIN
    41 MADISON AVE 28th FLOOR
    NEW YORK,NY10010     		NONE PC Health Research and Programs 125
    TRUSTEES OF BOSTON UNIVERSITY
    890 COMMONWEALTH AVE
    BOSTON,MA02215     		NONE PC Educational Programming 410
    TRUSTEES OF TUFTS COLLEGE
    80 GEORGE STREET
    MEDFORD,MA02155     		NONE PC Health Research and Programs 100,000
    TULANE UNIVERSITY
    35 MCALISTER DRIVE SUITE 103
    NEW ORLEANS,LA70118     		NONE PC Educational Scholarships 10,000
    UNITED TO END GENOCIDE
    1025 CONNECTICUT AVE NW SUITE 310
    WASHINGTON,DC20036     		NONE PC Community Awareness 20,000
    UNITED WAY
    51 SLEEPER STREET
    BOSTON,MA02210     		NONE PC Community Welfare Program 10,000
    VNA HOSPICE CARE INC
    100 TRADECENTER SUITE G-500
    WOBURN,MA01801     		NONE PC Community Healthcare Program 3,150
    VNA OF MIDDLESEX EAST HOSPICE
    607 NORTH AVE SUITE 17
    WAKEFIELD,MA01880     		NONE PC Community Healthcare Program 800
    WGBH
    ONE GUEST STREET
    BOSTON,MA02135     		NONE PC Educational Programming 120
    WINCHESTER FOUNDATION FOR EDUCATION
    P O BOX 1005
    WINCHESTER,MA01890     		NONE PC Educational Programming 100
    WINCHESTER HISTORICAL SOCIETY
    15 HIGH STREET
    WINCHESTER,MA01890     		NONE PC Cultural Enrichment Program 100
    WINCHESTER HOSPITAL FOUNDATION
    611 MAIN STREET
    WINCHESTER,MA01890     		NONE PC Health Research and Programs 750
    WINCHESTER MEALS ON WHEELS
    104 SKILLINGS ROAD
    WINCHESTER,MA01890     		NONE PC Community Welfare Program 500
    WINCHESTER MULTICULTURAL
    PO BOX 346
    WINCHESTER,MA01890     		NONE PC Community Awareness 150
    WINCHESTER SENIORS ASSOCIATION
    109 SKILLINGS ROAD
    WINCHESTER,MA01890     		NONE PC Elder Services 2,000
    WINTON CLUB
    PO BOX 714
    WINCHESTER,MA01890     		NONE PC Community Programing 100
    WOBURN HIGH SCHOOLS SCHOLARSHIP
    PO BOX 202
    WOBURN,MA01801     		NONE PC Educational Scholarships 1,000
    WOBURN MEMORIAL HIGH ACADEMIC AWARD
    88 MONTVALE AVE
    WOBURN,MA01801     		NONE PC Educational Awareness 250
    WRIGHT-LOCKE FARM CONSERVANCY INC
    PO BOX 813
    WINCHESTER,MA01890     		NONE PC Conservation Programs 125
    YMCA CAMP BELKNAP FIC
    PO BOX 1546
    WOLFEBORO,NH03894     		NONE PC Youth Enrichment Program 250
    Total .................................bullet 3a 769,155
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2013)
    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
    aSENIOR FACILITY REVENUE         15,797,012
    bHOME HEALTH CARE REVENUE         2,494,700
    cVET SCHOOL REVENUE         56,637,349
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ............     		    14 1,315  
    4 Dividends and interest from securities....     14 10,224,676  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....     16 64,957  
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....     14 50,155,010  
    8
    Gain or (loss) from sales of assets other than inventory .............     		    17 13,950,758  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..     01 30,651  
    11 Other revenue: aLOSS FROM PASS-THROUGH ACTIVITIES 523000 -50,386      
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. -50,386 74,427,367 74,929,061
    13Total. Add line 12, columns (b), (d), and (e)..................
    13149,306,042
    (See worksheet in line 13 instructions 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 foundation’s exempt purposes (other than by providing funds for such purposes). (See
    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 FOUNDATION'S EXEMPT PURPOSES.
    Form 990-PF (2013)
    Form 990-PF (2013)
    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 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    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
    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.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2013)
    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.
    Arrow Bullet Information about Schedule B (Form 990, 990-EZ, or 990-PF) and its instructions is at www.irs.gov/form990.
    OMB No. 1545-0047
    2013
    Name of the 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 its Form 990PF, Part I, line 2, 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) (2013)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2013)
    Page 2
    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, MA01801

    		$200,000


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

    Patricia A Cummings  
    200 WEST CUMMINGS PARK
     
    WOBURN, MA01801

    		$19,388


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

    Patricia A Cummings  
    200 West Cummings Park
     
    Woburn, MA01801

    		$698,070


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

    Estate of John Forsyth  
    200 West Cummings Park
     
    Woburn, MA01801

    		$86,095


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

       
     
     

    		$  


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

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2013)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2013)
    Page 3
    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
    3
    		 50,000 SHS BANK HAPOALIM BM $51,334  
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    3
    		 98,000 shs CD GOLDMAN SACHS BK USA $106,000  
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    3
    		 8,356 SHS PUTNAM MSTR INTMDT INCOME $42,950  
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    3
    		 6,000 SHS CITI GROUP TRUST IX $150,840  
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    3
    		 3,000 SHS MORGAN STANLEY CP TR III $75,210  
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    3
    		 17,286 SHS PRUDENTIAL NATIONAL MUNI $271,736  
    Schedule B (Form 990, 990-EZ, or 990-PF) (2013)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2013)
    Page 4
    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) (2013)

    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 2013 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 2013 GeneralExplanationAttachment
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Identifier Return Reference Explanation
    Part VII-A, Question 11; Part III, Line 5; and Part VII-B, Question 5c Part VII-A, Question 11; Part III, Line 5; and Part VII-B, Question 5c Attachment to Form 990-PF During 2013, Cummings Foundation, Inc. transferred $11,560,219.76 to OneWorld Boston, Inc. This transfer is a partial distribution pursuant to a larger plan to transfer substantial assets of the Cummings Foundation under 507(b)(2) for the creation of an endowment in support of OneWorld Boston. Expenditure Responsibility Statement for the year 2013 Pursuant to IRC Regulation Sec. 53.4945-5(d)(2), Cummings Foundation, Inc. (Cummings Foundation) provides the following information: (i) Controlled Entity: OneWorld Boston, Inc. (OneWorld Boston) 200 West Cummings Park Woburn, MA 01801 (ii) Amount of Transfers: $50,000 March 25, 2013 $100,000 April 11, 2013 $100,000 April 18, 2013 $5,000,000 June 28, 2013 $6,310,219.76 December 5, 2013 ___________ $11,560,220 TOTAL IN 2013 (iii) Purpose of Transfers: Endowment in support of OneWorld Boston (EIN 80-0681389), a grant-making private foundation qualified under IRC sec. 501(c)(3), and a controlled entity of Cummings Foundation, within the meaning of IRC sec. 512(b)(13). (iv/vi) Reports: OneWorld Boston submitted a full and complete report of its expenditure of the 2013 year transfers on October 10, 2014. The report reflected that of the $11,560,219.76 received during the year, $4,821,320.33 was expended on grants to public charities, $35 was expended on fees, and $6,738,864.43 was retained for addition to an endowment or the payment of future OneWorld Boston grants. (v) Diversions: To the knowledge of transferor Cummings Foundation, no funds have been diverted to any activity other than the activity for which the transfer was originally made. (vii) Verification: Cummings Foundation has no reason to doubt the accuracy or reliability of the report from OneWorld Boston; therefore, no independent verification of the report was made.
    FORM 990-PF, PART IX-A FORM 990-PF, PART IX-A SUMMARY OF DIRECT CHARITABLE ACTIVITIES New Horizons at Choate - $3,504,075. 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 - $7,773,538. 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 - $59,158,226. 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 was established 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 2013. The IRS issued a determination letter 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 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.

    TY 2013 InvestmentsCorpStockSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Name of Stock End of Year Book Value End of Year Fair Market Value
    3M COPMPANY 185,875 318,087
    AARON'S INC SHS A 301,551 351,595
    ACUITY BRANDS INC 395,428 776,172
    ADIDAS AG SPONSORED ADR 459,487 727,919
    AEON COMPANY LTD ADR    
    AERCAP HOLDINGS N.V. SHS    
    AFFILIATED MANAGERS GRP 476,811 1,112,594
    AFLAC INC COM 4,294,845 6,680,000
    AGCO CORP COM    
    AGRICULTURAL BANK OF CH 258,159 293,984
    AGRIUM INC 63,902 94,620
    AIR METHODS CRP COM$0.06 144,153 616,566
    AIRGAS INC COM 302,870 364,295
    ALBEMARLE CORP COM    
    ALLIANZ SE SPD ADR 185,389 233,478
    ALLIED WORLD ASSURANCE    
    AMERICA MOVIL SAB DE ADR    
    AMERICAN EAGLE OUTFITTERS    
    AMETEK INC NEW 257,067 401,293
    AMGEN INC COM PV $ .0001 103,112 204,203
    ANHEUSER-BUSCH INBEV ADR 746,628 863,816
    ANSYS INC COM    
    APPLE INC 5,673,168 9,048,131
    APPLIED MICRO CIRCUITS 98,886 198,439
    APTARGROUP INC 399,293 644,737
    ARCHER DANIELS MIDLD 186,561 275,807
    ARM HLDGS PLC SPD ADR 238,941 459,905
    ASCENA RETAIL GROUP INC    
    ASML HLDG N.V. NEW YORK 218,062 281,756
    ASSA ABLOY AB ADR 422,126 697,275
    ASTRAZENECA PLC SPND ADR 449,418 592,513
    AT&T INC 5,005,570 6,680,400
    AUST NW Z B G ADR 231,661 386,734
    AUTOMATIC DATA PROC 3,665,984 8,079,900
    AXIS CAPITAL HOLDINGS 204,297 344,502
    BAE SYS PLC SPN ADR 328,573 434,078
    BAIDU INC SPON ADR 639,010 1,003,065
    BAKER HUGHES INC 272,341 290,336
    BANCO BRADESCO S A ADR 1,008,402 834,598
    BANCOLOMBIA S.A. SPDS ADR 257,655 203,482
    BANK OF THE OZARKS INC 122,459 465,396
    BARCLAYS PLC ADR 181,090 239,642
    BASKET CLIRN ISSURER BAC 7,960,000 9,664,000
    BAXTER INTERNTL INC 3,038,447 4,173,000
    BAYER AG SP ADR 389,805 582,484
    BECTON DICKENSON & CO    
    BECTON DICKINSON CO 182,159 271,805
    BG GROUP PLC SP    
    BG GROUP PLC SPON ADR 367,525 441,175
    BG GROUP PLC SPON ADR    
    BIO RAD LABS CL A 499,065 656,987
    BIO REFERENCE LABS0,01 NEW    
    BLACK HILLS CORP    
    BLACKBAUD INC 342,540 588,771
    BLACKROCK INC 7,443,292 13,418,328
    BLUE NILE INC 208,124 241,336
    BOEING COMPANY 5,267,172 10,919,200
    BRAZIL STARS ISSUER BAC    
    BRITISH AMN TOBACO SPADR 730,654 743,991
    BRUKER CORP 258,714 323,833
    BUFFALO WILD WINGS INC 97,425 213,882
    BURBERRY GROUP PLC-SP ADR 232,406 273,779
    CANADIAN NATL RAILWAY CO 327,168 597,570
    CANON INC ADR REP5SH    
    CAP GEMINI SP ADR 135,145 243,424
    CARLISLE COS INC 389,058 691,892
    CARLSBERG AS SPONSOREDAD 751,048 854,983
    CARMAX INC 228,230 454,495
    CARNIVAL CORP PAIRED SHS 346,768 387,199
    CARRIZO OIL & GAS INC    
    CAVIUM INC 411,215 551,884
    CENTENE CORP 292,682 482,977
    CEPHEID INC CALIF COM    
    CGI GROUP INC 130,907 229,402
    CHECK POINT SOFTWRE TECH    
    CHEESECAKE FACTORY INC 269,411 536,762
    CHEVRON CORP 205,725 240,202
    CHICAGO BRDG & IRON CO NV    
    CHIMERA INVESTMENT CORP    
    CHINA MOBILE LTD SPN ADR 855,935 851,229
    CHINA PETE CHEM SPN ADR 320,603 341,334
    CHINA PETE CHEM SPN ADR    
    CHUNGHWA TELECOM CO LTD 132,131 125,945
    CHURCH & DWIGHT CO INC 433,357 693,554
    CIA BRA DIS PAO ADS REGS 178,757 189,088
    CIELO S A SPONSORED ADR 347,792 425,880
    CISCO SYSTEMS    
    CISCO SYSTEMS INC COM 2,713,586 3,178,264
    CITY NATIONAL CORP 417,836 709,970
    CLARCOR INC 456,295 639,317
    CNOOC LTD ADR 277,661 296,503
    COCA COLA COM 2,468,165 4,131,000
    COGENT COMMUNICATIONS 243,368 469,887
    COLUMBIA SPORTSWEAR CO 198,101 332,404
    COMCAST CORP    
    COMCAST CORP NEW CL A 5,191,046 12,991,250
    COMMVAULT SYS INC 61,315 397,218
    COMP DE BEBIDAS SPN ADR    
    COMPANHIA D SNMNTO BSCO D 371,646 563,496
    COMPANHIA ENERG DE ADR    
    COMPASS MINERALS INTL    
    COPA HOLDINGS S A CL A    
    COPART INC 271,708 403,883
    COPEL PARANA ADR PREF B 446,623 349,603
    CORPORATE EXEC BOARD CO 153,134 506,237
    CREDICORP LTD COM PV $5 246,187 264,531
    CREDICORP LTD COM PV $6    
    CULLEN FRST BKRS PV$0.01 234,066 305,386
    CVS CAREMARK CORP 4,607,921 8,588,400
    D R HORTON INC 172,347 262,238
    DAIHATSU MOTOR UNSPOND    
    DAITO TR CONSTRUCTION CO    
    DANAHER    
    DARLING INTERNATIONAL INC    
    DASSAULT SYS SA SPN ADR 121,876 202,858
    DEAN FOODS CO NEW    
    DENTSPLY INTL INC 593,266 813,204
    DEUTSCHE BK AG REG SHS 251,216 258,180
    DEUTSCHE BOERSE AG SHS 240,156 358,405
    DEVON ENERGY CORP NEW 271,273 266,907
    DIAGEO PLC SPSD ADR NEW    
    DIAGEO PLC SPSD ADR NEW    
    DJIA STEPUPEN ISSUER BAC 3,000,000 4,122,900
    DOMTAR CORP SHS    
    DR REDDY'S LAB LTD ADR 197,302 248,355
    DRESSER RAND GROUP INC    
    DRIL QUIP 565,567 867,018
    DRILL QUIP    
    DUPONT EI DE NEMOURS 210,856 292,430
    EATON CORP PLC 208,960 310,417
    EATON VANCE CORP N 261,679 441,850
    ECOPETROL SA SPON ADR 81,656 69,748
    ELDORADO GOLD CORP NEW 131,584 55,147
    ELEKTA B SHS UNSPOND ADR    
    ELI LILLY & CO 6,083,328 6,630,000
    EMBRAER S A SPONSRD ADR 170,687 235,397
    EMC CORPORATION MASS    
    ENERGIZER HOLDINGS INC COM 151,936 231,742
    ENERGY XXI LTD NEW COM    
    ENERSIS S A SPON ADR    
    ENI SPA SPNSORED ADR 206,834 216,993
    EQUIFAX INC 382,681 641,708
    EURASIA DRILG CO GDR REG 107,485 139,185
    EXPRESS INC    
    EXXON MOBIL CORP COM 5,733,091 8,931,507
    FACTSET RESH SYS INC 272,853 400,443
    FAIR ISAAC CORPORATION 379,450 772,178
    FANUC LTD-UNSP 450,023 666,284
    FEDEX CORP DELAWARE COM 7,349,784 10,092,223
    FIRST REP BK SAN FRNCISC 541,373 924,972
    FLEXTRONICS INTL LTD    
    FLIR SYSTEMS INC 310,659 399,878
    FLSMIDTH AND CO A/S ADR    
    FOCUS MEDIA HLDG LTD ADR    
    FORD MOTOR CO 128,716 180,099
    FOREST CITY ENTRPRS CLA 232,330 396,764
    FRAC KINDER MORGAN MGMT 81 107
    FUJI HEAVY INDS LTD ADR    
    FRESENIUS MEDICAL CARE 262,871 348,471
    FRONTIER COMMUNICATIONS 381,480 431,832
    FUJI HEAVY INDS LTD ADR    
    GARTNER INC 556,813 824,890
    GENERAL ELECTRIC 203,376 328,399
    GENERAL MILLS 209,955 267,118
    GENL DYNAMICS CORP CON 5,294,434 7,930,650
    GENTEX CORP 445,794 709,334
    GILEAD SCIENCES INC COM 96,781 363,033
    GOLDEN AGRI-RES LTD ADR 330,519 277,598
    GOOGLE INC    
    GOOGLE INC CL A 4,862,620 11,622,883
    GRACO INC 224,961 504,343
    GREAT LAKES DREDGE DOCK 272,831 338,054
    GRUPO FIN BANORTE-SPON 168,873 223,205
    GRUPO TELEVISA SA ADR 436,690 522,439
    HAIN CELESTIAL GROUP INC 508,104 752,022
    HANG LUNG PROPERTIES ADR    
    HCC INS HOLDING INC 628,702 908,543
    HDFC BANK LTD 188,335 204,952
    HENNES AND MAURITZ AB- 213,455 320,710
    HERBALIFE LTD    
    HERSHA HOSPITALITY TR A SBI    
    HITACHI LTD 10 NEW    
    HITACHI LTD 10 NEW ADR 324,997 441,955
    HITTITE MICROWAVE CORP 291,160 298,773
    HON HAI PRECISIONS GDR    
    HONG KONG EXCHANGES AND 228,078 196,875
    HUMANA INC    
    HUNT JB TRANS SVCS INC 320,436 522,780
    HYUNDAI MTR GDR REGS 233,888 357,009
    ICICI BANK LTD SPD ADR 265,717 303,196
    IDEX CORP DELAWARE COM 618,159 1,266,601
    IMPERIAL TOB GRP SPS ADR 587,747 637,407
    INDUSTRL AND COMMRCL BNK 724,584 705,182
    INFORMA PLC UNSP ADR 255,045 343,538
    ING GP NV SPSD ADR 319,229 417,484
    INSULET CORP 168,387 333,566
    INTERPID POTASH INC    
    INT'L BUSINESS MACHINES 295,178 296,361
    INTREPID POTASH INC    
    INTUIT INC COM 184,968 264,067
    ISRAEL CHEMICALS-UNSPON 146,363 116,046
    ITAU UNIBANCO BANCO HOLD 276,420 218,789
    ITC HLDGS CORP 300,643 402,540
    JACK HENRY & ASSOC INC 237,850 508,495
    JACOBS ENGN GRP INC DELA 201,692 303,360
    JP MORGAN CHASE & CO    
    JPMORGAN CHASE & CO 7,006,026 10,455,288
    KDDI CORP SHS 289,360 393,226
    KIMBERLY CLARK DE MX SAB 157,440 178,049
    KINGFISHER PLC SP ADR    
    KINGFISHER PLC SP ADR    
    KIRBY CORP COM 444,260 929,675
    KOC HLDG AS-UNSPON 245,927 237,551
    KOMATSU NEW SPNSDADR    
    KOMATSU NEW NEW SPNSDADR 762,501 655,082
    KORN/FERRY INT'L PV $.10 191,273 292,675
    KRAFT FOODS INC VA CL A 2,219,949 3,593,964
    LABORATORY CP AMER HLDGS 196,103 212,344
    LAS VEGAS SANDS CORP 196,433 347,974
    LI & FUNG LTD-UNSP ADR    
    LKQ CORP 538,197 1,146,170
    LUKOIL SPONSORED ADR 186,336 195,609
    LVMH MOET HENNESSY ADR 350,744 520,085
    MAGNA INTL INC CL A VTG 87,005 182,337
    MAGNIT OJSC 140,121 226,603
    MAHINDRA & MAHINDRA GDR 70,337 67,466
    MANULIFE FINANCIAL CORP 342,040 452,073
    MARATHON OIL CORP    
    MARATHON OIL CORP. 4,206,433 6,372,921
    MARATHON PETROLEUM CORP    
    MARKEL CORP COM 922,953 1,395,742
    MARKS & SPENCER GP ADR 163,207 196,734
    MC GRAW HILL COMPANIES    
    MCDONALDS CORP CON 3,864,215 6,792,100
    MCEWEN MINING INC.    
    MERCADOLIBRE INC 127,005 188,956
    MERCK KGAA    
    METTLER-TOLEDO INTL INC 193,699 354,667
    MFA FINANCIAL INC 405,532 399,003
    MICROS SYSTEMS INC 257,266 308,020
    MICROSOFT    
    MINDRAY MED INTL SPN ADR 258,605 227,505
    MITSUBISHI UFJ FINL GRP 315,598 371,749
    MITSUI CO ADR 407,671 375,560
    MIZUHO FINL GROUP INC 247,995 320,974
    MOBILE MINI INC 148,222 406,035
    MORGAN STANLEY 171,282 319,276
    MORNINGSTAR INC 759,719 1,065,538
    MTN GROUP LTD-SPONS ADR 195,919 217,728
    MWI VETERINARY SUPPLY IN 62,006 287,412
    NESTLE S A REP RG SH ADR 446,626 625,957
    NETEASE.COM INC ADR 154,010 225,661
    NETGEAR INC    
    NEW ORIENTAL EDUCATIO 117,224 175,612
    NII HLDGS INC CL B    
    NIPPON TELG&TEL SPDN ADR    
    NITTO DENKO CORP ADR 256,629 267,052
    NOVARTIS ADR 1,006,587 1,383,179
    NOVO NORDISK A S ADR 836,444 1,194,473
    NTELOS HOLDINGS CORP    
    OAO GAZPROM SPON ADR    
    OCEANEERING INTL INC 226,310 500,888
    OJSC OC ROSNFT SP GDR RE 163,422 170,085
    ORACLE CORP $0.01 DEL 5,969,942 8,799,800
    O'REILLY AUTOMOTIVE INC 228,224 318,300
    PACCAR INC 209,216 285,436
    PALL CORP PV $0.10 206,246 316,819
    PEARSON SPONSORED ADR 223,123 264,723
    PEPSICO    
    PEPSICO INC 4,324,053 7,361,174
    PETRLEO BRAS VTG SPD ADR 296,205 234,618
    PETRLEO BRAS VTG SPD    
    PETROFAC LTD    
    PFIZER INC 5,254,960 9,495,300
    PFIZER INC DEL PV$0.05    
    PHILPPNE L D TEL ADR 168,841 158,191
    PIER 1 IMPORTS INC DEL 189,149 265,397
    POSCO SPN ADR 176,979 171,990
    POTASH CORP SASKATCHEWAN    
    POWER INTEGRATIONS 326,684 624,347
    PRAXAIR INC 206,516 263,181
    PRINCIPAL FINANCIAL GRP 155,148 313,513
    PROTECTIVE LIFE CORP COM 244,145 725,147
    PT UNITED TRACTORS TBK    
    PUBLICIS GROUPE SPON ADR 627,586 976,501
    PVH CORP    
    QLIK TECHNOLOGIES INC 372,731 440,034
    QUALCOMM INC 1,807,269 2,109,294
    RANDGOLD RESOURCES ADR 65,921 44,972
    RBC BEARINGS INC 126,604 349,929
    RECKITT BENCKISER GROUP 239,598 393,111
    REDWOOD TRUST INC 183,779 297,775
    REED ELSEVIER N V 356,063 501,057
    RELIANCE STL & ALUM CO 269,933 376,318
    RENAISSANCERE HLDGS LTD PER 131,143 221,059
    RIO TINTO PLC SPNSRD ADR 447,736 465,491
    ROGERS COMMUNICATIONS B 276,622 282,043
    ROSETTA RESOURCES INC. 540,528 633,071
    ROYAL DUTCH SHELL PLC 836,548 924,372
    RYANAIR HLDGS PLC 207,328 274,540
    SABMILLER PLC SPON DR 468,048 595,515
    SAGE GROUP PLC UNSP ADR 134,200 221,960
    SALESFORCE COM INC 1,187,259 6,622,800
    SALLY BEAUTY HLDGS INC 515,768 797,649
    SANOFI ADR 602,059 781,550
    SANOFI AVENTIS SPON ADR    
    SAP AG SHS 1,050,279 1,225,798
    SASOL LTD SPONSORED ADR 522,796 571,790
    SBA COMMUNICATIONS 192,245 491,335
    SBERBANK SPONSORED ADR 341,216 365,485
    SCHEIN (HENRY) INC COM 462,615 864,034
    SCHLUMBERGER LTD 6,370,502 8,534,138
    SEADRILL LTD    
    SEI INVT CO PA PV $0.01 316,192 597,182
    SEMPRA ENERGY 114,941 191,458
    SEVEN AND I HOLDINGS CO 285,033 386,664
    SHINHAN FINL GRP SP ADR    
    SHOPRITE HOLDINGS LTD 207,860 194,009
    SIEMENS AG ADR 224,297 386,027
    SIEMANS AG    
    SIGNET JEWELERS LTD SHS 220,472 253,257
    SILICONWARE PRECSN SPADR 149,790 178,551
    SK TELECOM ADR    
    SK TELECOM ADR    
    SOCIEDAD Q&M CHLE SPDADR    
    SOFTBANK CORP SHS    
    SOHU COM INC    
    SOLERA HOLDINGS INC 278,471 373,471
    SOUTHERN COPPER CORP 149,296 129,023
    STARBUCKS CORP 4,594,815 7,839,000
    STARWOOD PPTY TR INC 465,450 653,166
    STATE STREET CORP 161,778 290,184
    STATOIL ASA SHS 445,457 476,230
    SUMITOMO MITSUI-UNSPONS 347,242 561,823
    SVENSKA C AKTI SPONS ADR 114,450 270,601
    SWATCH GROUP AG UNSPOND 302,939 463,240
    SWEDBANK A B ADR 330,221 434,162
    TAIWON MANUFACTURING ADR    
    TAIWAN S MANUFCTRING ADR 986,425 1,111,469
    TATA MOTORS LTD ADR 443,156 534,811
    TEAM HEALTH HOLDINGS INC 198,740 344,540
    TECHNIP SP ADR    
    TELEFONICA BRASIL SP ADR    
    TELEKOMUNIKASI INDONESIA 117,276 107,514
    TELSTRA CORP ADR    
    TELSTRA CORP ADR    
    TENCENT HOLDINGS LTD ADR 331,038 750,944
    TEVA PHARMACTCL INDS    
    TEVA PHARMACTCL INDS ADR 4,431,532 4,690,803
    THERMO/FISHER SCIENTIFIC 2,257,345 6,681,000
    TIME WARNER CABLE INC 121,665 269,374
    TORONTO DOMINION BANK 159,451 374,133
    TOYOTA MOTOR CORP ADR 524,908 699,699
    TRANSDIGM GROUP INC 297,002 411,889
    TULLOW OIL PLC SHS 262,342 187,146
    TURKIYE GRTI BK SPN ADR 110,916 91,016
    TW TELECOM INC 169,587 258,538
    UMPQUA HLDGS CORP ORE 366,902 553,567
    UNILEVER PLC NEW ADR 367,649 390,741
    UNION PACIFIC CORP 3,096,739 8,400,000
    UNITED NAT FOODS I 203,389 500,439
    UNITED TECHS CORP COM    
    UNITED TECHS CORP COM 4,052,550 8,868,206
    UNIVERSAL HEALTH SVCS B 269,665 605,062
    UNTD OVERSEAS BK SPN ADR 301,341 363,937
    VAIL RESORTS INC 293,398 558,357
    VALE SA 895,001 678,076
    VALEO SPONSORED ADR 183,733 412,459
    VALIDUS HOLDINGS LTD    
    VARIAN MEDICAL SYS INC 253,922 365,920
    VERISK ANALYTICS INC    
    VERIZON    
    VERIZON COMMUNICATIONS COM 5,942,776 8,697,780
    VODAPHONE GROP PLC SP ADR    
    VOLKSWAGEN A G SPONS ADR 432,002 589,629
    W R BERKLEY CORP 438,059 485,361
    WADDELL & REED FINL A 352,388 664,159
    WAL-MART DE MEX SPNADR V 102,617 99,622
    WAL-MART STORES INC. 4,031,185 6,295,200
    WASTE CONNECTIONS    
    WATERS CORP 220,215 256,300
    WELLS FARGO & CO NEW DEL 195,827 341,907
    WHITE MTNS INS GRP LTD 419,726 625,394
    WILEY JOHN & SONS CL A    
    WINTRUST FINL CP ILL COM    
    WOORI FIN HLDGS CO S ADR    
    WUXI PHARMATECH CAYMAN    
    YAMANA GOLD INC 462,867 367,290
    YANDEX N V CL A 367,545 579,419
    YANZHOU COAL MNG SPD ADR    
    YUM BRANDS INC 319,256 358,921
    ANNALY MTG MGMT INC    
    BANK OF AMERICA 6% - BAC VIII    
    BB&T CORPORATION 1,000,000 859,200
    BCF CAPITAL TRUST II 1,000,000 1,091,588
    CITIGROUP CAP IX 6% 428,460 451,800
    CITIGROUP CAP X 6.1%    
    CITIGROUP CAP XI 6% 1,000,000 995,200
    CORP BK TRST 7% PFD    
    COUNTRYWIDE CAPITAL IV 275,000 273,790
    COUSINS PROPERTIES CO 375,000 376,575
    DUKE REALTY CORP 375,000 339,750
    FINL SECURITY ASSUR HLGS 250,000 192,428
    FORD MOTOR    
    GECC STEP UP PINES - GEP    
    GENERAL ELECT CAP CORP -6.625%    
    GECC 6.1% PINES - GEC    
    GMAC 7.375% - GOM 1,000,000 1,015,600
    GOLDMAN SACHS GRP 6.2% 1,000,000 900,000
    GOLDMAN SACHS GRP 6.5%, 11/1/ 250,000 252,300
    HSBC FINANCE CORP 6.2% 1,000,000 916,000
    HSBC FINANCE CORP 6.36%    
    ING GROUP N V PERP 6.2% 375,000 351,750
    ING GROUP N V PERP 6.2% 550,000 556,280
    ING GROUP N V PERP 7.2%    
    JP MORGAN CAP XVI 6.35%    
    JP MORGAN CHASE CAP XI 5.875%    
    KILROY REALTY CORP. 375,000 328,950
    MORGAN STANLEY CAP IV 6.25% 500,000 473,600
    MORGANSTANLEY 6.6% TR PFD CAP 1,000,000 982,000
    MORGANSTANLEY TRV 5.75% 500,000 447,400
    NPB CAPITAL TRUST    
    RBS CAP FDG TR VI 250,000 208,900
    SLM CORP 6% PFD 500,000 371,600
    VORNADO REALTY TR 6.625% 375,000 344,250
    MANAGERS CADENCE CAPITAL 939,854 1,335,091
    OPPENHEIMER DEVELOPING 16,570,001 20,728,345
    OPPENHEIMER DEVELOPING MKTS    
    RS GLOBAL NATURAL 5,000,000 4,994,290
    SECTOR SPDR TR SBI ENERGY 1,403,404 2,655,300
    ASML HLDG NV NY REG SHS    
    ACCENTURE PLC SHS 190,708 235,396
    AIA GROUP LTD 349,812 453,899
    ASSOC BRIT FOODS ADR NEW 142,350 238,471
    ATLANTIA SPA SHS 261,405 342,185
    AVAGO TECHNOLOGIES LTD 222,221 356,299
    BANK MANDIRI TBK-UNSPON 256,253 234,427
    BANK OF MONTREAL    
    BANK OF NOVA SCOTIA    
    BAYERISCHE MOTORENWERKE 352,601 444,968
    BHP BILLITON LTD ADR 418,096 415,270
    BIDVEST GROUP LTD ADR 155,824 174,154
    BNP PARIBAS SPONSORD ADR 382,418 524,143
    BOK FINCL CORP NEW    
    BONANZA CREEK ENERGY INC 99,762 163,795
    BRITISH SKY BDCT SPD ADR 286,640 309,884
    BT GROUP PLC ADR    
    CIE GENERALE DES 230,746 317,859
    CINEMARK HLDGS INC 401,043 498,350
    COGNIZANT TECH SOLUTNS A    
    COLONY FINANCIAL INC    
    COMPASS GROUP PLC ADR 554,979 734,144
    DSW INC 282,914 380,212
    DU PONT E I DE NEMOURS    
    EEM STARS ISSUER BARC    
    ENSCO PLC SHS CL A 165,873 154,786
    EXPERIAN PLC SP ADR 294,341 306,141
    EXPRESS SCRIPTS HLDG CO 5,236,797 6,986,281
    FACEBOOK INC 4,858,341 9,563,575
    FORTINET INC 228,149 231,052
    GETINGE AB SHS 162,490 149,416
    HANG SENG BK LTD SPN ADR    
    HARRIS TEETER    
    HSBC HLDG PLC SP ADR 1,000,000 988,000
    HSBC HLDG PLC SP ADR 988,487 1,081,375
    LARSEN&TOUBRO REG S GDR 144,533 170,848
    LIXIL GROUP CORPORATION 221,826 283,713
    LLOYDS BANKING GROUP PLC 218,803 377,012
    MATTRESS FIRM HLDG CORP 348,860 525,260
    MONDELEZ INTERNATIONAL 4,106,532 7,060,000
    NETLEASE.COM INC ADR    
    OAO NOVATEK    
    ORICA LTD-UNSP ADR    
    PETROLEUM GEO SVS SP ADR 183,681 139,821
    POLYPORE INTL INC 289,597 296,496
    PROSPERITY BANCSHARES 388,812 572,665
    PRUDENTIAL PLC ADR 415,576 630,855
    RED ELECTRICA CORP SUSPN T 236,037 291,250
    REXAM PLC-NEW NEW ADR    
    REXNORD CORP NEW    
    ROYAL BK SCITLAND GR ADR    
    ROYAL DUTCH SHEL PLC 265,637 294,206
    SABMILLER PLC SPON ADR    
    SAMPO PLC SHS 259,515 398,876
    SAMSUNG ELECTR-GDR REG 478,623 559,018
    SANDS CHINA LTD UNSP ADR 240,316 444,291
    SANDVIK AB ADR    
    SEGA SAMMY HOLDINGS INC 150,784 179,946
    SIGNATURE BANK 268,088 420,764
    SINA CORPORATION 89,538 126,207
    SYNGENTA AG ADR 515,127 516,652
    TAIWON MANIFACTURING ADR    
    TAIWON S MANUFACTURING ADR    
    TELEDYNE TECH INC    
    WEX INC 155,604 303,824
    WOLSELEY PLC SHS ADR 239,128 280,354
    WOODWARD INC    
    YAHOO JAPAN CORP SHS 234,817 350,647
    ZURICH INSURANCE GROUP 347,788 538,100
    ASSA ABLOY AB ADR    
    BANCO BRADESCO SA ADR    
    A N S Y S INC COM 420,200 711,203
    ABB LTD SPON ADR 250,985 285,122
    ADVANCED SEMICOND SPNADR 83,850 99,317
    AMADEUS IT HLDG SA SHS 116,130 149,114
    AMADEUS IT HOLDING-UNSP 350,350 513,000
    AMBEV SA SHS ADR 248,004 249,202
    AMCOR LTD AUS ADR NEW 161,822 176,723
    ANHUI CONCH CEMENT CO'H' 72,801 78,468
    ANNALY CAPITAL MANAGEMT 500,000 488,000
    BAC CAPITAL TRUST VIII 1,000,000 994,400
    BANCO BILBAO VIZCAYA 205,780 228,942
    BANCO DO BRASIL SA-SPON 60,907 63,305
    BANK HAPOALIM B M 49,150 49,044
    BANKRATE INC DEL COM 237,698 228,233
    BASF SE NAMEN -AKT 70,467 83,255
    BELLE INTERNAT-UNSPON AD 148,501 109,766
    BIF MONEY FUND 30,611 30,611
    BOC HONG KONG HLDGS ADR 358,039 347,505
    BRAMBLES LTD SHS 206,375 204,889
    BROADSOFT INC 203,482 221,456
    BUNZL PLC ADR 254,610 323,246
    CAPSTEAD MORTGAGE CP NEW 221,549 229,991
    CD GOLDMAN SACHS BK USA 103,913 106,562
    CENCOSUD SA SHS ADR 95,793 73,834
    CENOVUS ENERGY INC 134,939 120,101
    CENTRICA PLC 328,838 346,147
    CHANGYOU.COM LTD ADR 79,072 88,939
    CHATHAM LODGING TR 234,187 243,498
    CHEUNG KONG HLDG ADR 216,478 221,261
    CHICOS FAS INC COM 363,983 392,136
    CHIMERA INVESTMENT CORP 361,332 403,443
    CHINA CONSTRUCT UNSPN AD 346,524 352,905
    CHINA OILFIELD SRVS HSHS 99,960 130,271
    CHINA SHIPPING CONTAINER 48,273 47,940
    CIE FINANCIERE RICHEMONT 191,776 208,620
    CIRCOR INTERNATIONAL INC 271,562 415,936
    COCA COLA AMATIL SPD ADR 153,025 111,301
    CONWERT IMMOBILIEN INVES 46,611 53,000
    CORE LAB N.V. COM 198,326 254,345
    CORNERSTONE ONDEMAND INC 276,928 297,481
    CORP-BACKED TRUST CERTS 121,504 126,550
    CRANE CO DELAWARE 337,253 358,443
    CREDIT SUISSE GP SP ADR 79,576 80,332
    CURTISS WRIGHT 309,249 413,767
    DAIKIN INDUSTRIES LTD 196,703 285,613
    DAIWA HOUSE IND LTD ADR 343,244 331,465
    DAPHNE INTL HOLDINGS LTD 45,821 27,601
    DECKERS OUTDOORS CORP 205,505 358,955
    DENSO CORP 6902 163,743 180,696
    DENSO CP UNSPONSORED ADR 142,244 186,843
    DEUTSCHE BK REGD NPV 52,513 55,815
    DEUTSCHE POST AG SHS 120,587 181,298
    DEUTSCHE TELE AG SPN ADR 158,329 209,070
    DIAGEO PLC SPSD ADR NEW 89,406 180,224
    DIAGEO 147,706 154,163
    DICKS SPORTING GOODS INC 223,711 269,061
    DJIA STEPUP ISSUER BAC 4,975,000 5,165,000
    DNB NOR ASA 141,624 151,191
    DONALDSON CO INC 343,764 387,098
    EAST WEST BANCORP INC 479,658 501,994
    ENCANA CORP 129,071 126,350
    ERICSSON AMERICAN 171,532 168,667
    ERSTE GROUP BANK AG 90,712 90,086
    EUROPEAN AERONAUTIC 241,078 277,522
    EVEREST RE GROUP LTD 121,381 136,698
    FOMENTO ECNMCO MEX SPADR 127,407 110,691
    FRESENIUS SE& CO-SPN ADR 128,174 129,251
    GALAXY ENTMT GROUP LTD 113,301 243,276
    GLOBAL PMTS INC GEORGIA 325,003 425,230
    HCA HOLDINGS INC SHS 4,529,660 5,486,650
    HITACHI CORP 6501 87,440 103,148
    HONEYWELL INTL INC DEL 7,096,262 8,223,300
    HSBC HOLDINGS PLC 72,504 71,069
    HUTCHISN WHAMPOA ADR 209,715 262,806
    ICON PLC 127,769 131,837
    IDEXX LAB INC DEL $0.10 298,951 361,871
    IMAX CORP 302,911 356,384
    INDUSTRIAL AND COML BK H 49,459 48,441
    INTERXION HOLDING N.V 368,314 335,781
    INTESA SANPAOLO SPON ADR 218,295 233,384
    INTRPUBLIC GRP OF CO 204,847 278,952
    ISUZU MTRS LTD ADR 342,320 347,227
    JARDINE STRATGIC UNSP AD 104,734 91,241
    KEPPEL LTD SPONS ADR 216,982 211,102
    KINGFISHER PLC SP ADR 394,711 661,530
    KOMERCNI BANKA AS 56,388 56,529
    KONE OYJ SHS CL B 176,582 184,190
    KUBOTA CORP ADR 249,262 278,221
    KYTHERA BIOPHARMACEUTICL 252,396 205,350
    PLC SPON ADR 119,507 108,713
    LULULEMON ATHLETICA INC 314,094 274,312
    MAKITA CORP SPOND ADR 302,034 272,208
    MALAYAN BKG BERHAD SPONS 202,814 184,207
    MEDIOLANUM SPA SHS 231,619 257,946
    MOBILE TELESYS OJSC ADR 84,158 88,077
    MOLINA HEALTHCARE INC 364,959 337,527
    MONSANTO CO NEW DEL COM 5,773,364 6,643,350
    MORGAN STANLEY CP TR III 61,950 71,970
    NIKKEI STEPUP ISSUER BAC 4,975,000 5,325,000
    NIPPON STEEL SUMITOMO 83,801 89,629
    NOKIA CORP SPON ADR 93,758 93,954
    NORSK HYDRO ASA (NO) 58,334 60,111
    NQ MOBILE INC 86,673 93,918
    ORANGE ADR 196,802 195,488
    ORIENT OVERSEAS (INTERNA 104,699 85,240
    PACIFIC RUBIALES ENERGY 297,508 250,683
    PACIRA PHARMACEUTICALS I 342,643 382,423
    PEBBLEBROOK HOTEL TRUST 275,193 345,004
    PT INDOFOOD SUKSES (SL) 48,878 45,496
    QIWI PLC CL B ADR 54,227 110,096
    REXAM PLC SHS ADR 321,843 398,288
    ROADRUNNER 265,068 265,296
    ROCHE HLDG LTD SPN ADR 705,469 834,818
    ROCHE HOLDINGS GENUSH FN 135,043 148,508
    ROY DUT SHELL PLC A AMST 59,764 66,858
    SCHNEIDER ELEC SA ADR 162,413 185,855
    SCHOELLER BLECKMAN 130,701 129,102
    SECOM CO LTD 9735 114,419 117,263
    SEMGROUP CORP 389,879 445,456
    SEMTECH CORPORATION 311,854 232,601
    SERCO GROUP PLC-UNSPON 80,313 84,697
    SHIRE PLC 155,490 196,125
    SHIRE PLC-ADR 190,875 278,906
    SMITH-NPHW PLC SPADR NEW 191,734 238,249
    SOCIETE GENERALE A SH 73,675 90,582
    SODASTREAM INTERNATIONAL 283,250 236,733
    SPIRIT AIRLS INC COM 316,752 430,124
    SUBSEA 7 SA 100,000 91,148
    SUMITOMO MITSUI TR HLDGS 468,433 479,755
    SUNCOR ENERGY INC NEW 237,945 274,371
    SUPERIOR ENERGY SVCS INC 397,297 385,073
    SUSSER HOLDINGS CORPORAT 220,601 283,899
    SX5E STEPUP ISSUER BAC 5,970,000 5,958,000
    SX5E STEPUP ISSUER HSBC 4,975,000 5,645,000
    SYMETRA FINANCIAL CORP 316,179 345,698
    TARGA RESOURCES CORP 279,041 416,780
    TELENOR ASA ADR 173,033 179,999
    TENARIS S A ADR 79,048 75,671
    TESCO PLC SPNRD ADR 347,559 335,975
    TOTAL S.A. SP ADR 264,253 316,705
    TRANSCANADA CORP 213,891 208,666
    TRANSOCEAN LTD 87,273 90,883
    UBS AG REG 131,237 144,741
    UNILEVER NV NY REG SHS 190,870 196,161
    UNILEVER PLC 70,406 71,405
    UNITED INDUSTRIAL CORP 158,641 152,606
    VANTIV INC CL A 514,144 718,333
    WEICHAI PWR CO LTD 87,557 91,657
    WEST CORP SHS 283,150 353,872
    WHITING PETROLEUM CORP 252,096 300,564
    WPP PLC NEW/ADR 306,681 441,981

    TY 2013 InvestmentsLandSchedule2
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value

    TY 2013 InvestmentsOtherSchedule2
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    60W   5,200,000 5,200,000
    050   3,860,000 3,860,000
    038   1,600,000 1,600,000
    041   2,250,000 2,250,000
    092   11,440,000 11,440,000
    MHA   7,409,869 7,409,869
    175   3,700,000 3,700,000
    165   3,700,000 3,700,000
    155   3,800,000 3,800,000
    RBS   456,200 456,200
    34A   1,600,000 1,600,000
    34C   10,500,000 10,500,000
    142   12,000,000 12,000,000
    18C   8,600,000 8,600,000
    10C   9,000,000 9,000,000
    101   2,800,000 2,800,000
    340   2,100,000 2,100,000
    260   4,700,000 4,700,000
    MED   27,200,000 27,200,000
    196   5,700,000 5,700,000
    MER   1,000,000 1,000,000
    475   2,200,000 2,200,000
    10R   3,800,000 3,800,000
    025   2,900,000 2,900,000
    021   2,600,000 2,600,000
    150   3,600,000 3,600,000
    10H   1,400,000 1,400,000
    02H   6,200,000 6,200,000
    800   16,700,000 16,700,000
    500   11,300,000 11,300,000
    066   2,700,000 2,700,000
    1CP   8,700,000 8,700,000
    2CP   9,400,000 9,400,000
    3CP   5,500,000 5,500,000
    TOP   10,800,000 10,800,000
    299   2,900,000 2,900,000
    444   3,400,000 3,400,000
    200   14,100,000 14,100,000
    300   2,200,000 2,200,000
    400   14,900,000 14,900,000
    600   13,200,000 13,200,000
    SSH   283,700 283,700
    30S   1,910,000 1,910,000
    1GS   1,770,000 1,770,000
    2GS   3,780,000 3,780,000
    6GS   3,460,000 3,460,000
    4GS   2,500,000 2,500,000
    14G   3,650,000 3,650,000
    3GS   2,870,000 2,870,000
    12C   3,900,000 3,900,000
    078   4,000,000 4,000,000
    08C   8,400,000 8,400,000
    10G   4,000,000 4,000,000
    12G   16,000,000 16,000,000
    CRF   2,500,000 2,500,000
    64   1,880,000 1,880,000
    IQ ABSOLUTE RETURN   47,503 56,516
    IQ GLOBAL LONG SHORT   628,804 702,370
    MESIROW ABSOLUTE   3,588,922 3,932,907
    ML SYTEMATIC      
    OAK V DISTRESSED   3,900,000 3,693,300
    PAULSON RECOVERY   2,000,000 3,199,280
    RELATIVE VALUE OPPOT   10,000,000 10,174,000
    BLACKROCK HEALTH SCIENCE      
    EMERGING MARKETS OPPOT   4,174,000 4,145,939
    EMERGING MARKETS OPPOT      
    EQUITY LONG SHORT HEDGE ACCESS   3,457,143 3,947,938
    EQUITY LONG SHORT HEDGE ACCESS      
    EVENT DRIVN CREDIT HEDGE   6,730,000 8,016,667
    EVENT DRIVN CREDIT HEDGE      
    GLOBAL MACRO OPPOT   7,017,000 7,440,959
    COMMONFUND   115,168,987 128,963,104
    ORBIMED HEALTHCARE   500,000 500,000
    CLOUGH ACCESS LTD   1,909,000 1,911,415
    SIRIOS ACCESS LTD   2,000,000 2,147,776
    SYSTEMATIC MOMENTUM   2,176,571 2,478,380

    TY 2013 LandEtcSchedule2
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value


    TY 2013 OtherDecreasesSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Description Amount
    TRANSFER TO OWB 11,560,220
    OTHER DECREASE TO FMV 59,940,000


    TY 2013 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 1,433,299     1,416,072
    REPAIR & MAINTENANCE 510,641   3,113 519,380
    INSURANCE 94,499   936 94,499
    TELEPHONE 68,633     68,445
    ADVERTISING 78,562     76,949
    MISCELLANEOUS 139,513     140,052
    CONTRACT SERVICES 2,469,083     2,469,083
    ACTIVITIES & SERVICE 156,868     142,683
    INVESTMENT EXPENSE 3,201,543 3,201,543    
    VET MATERIALS, SUPPLIES $ SRVC 26,957,696     26,978,073


    TY 2013 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 2,437,928 2,437,928 2,437,928
    Unrealted Business Income from K-1's -50,386    
    OTHER NET INV INC FRM DISREGARDED ENT 47,717,082 47,717,082 47,717,082
    PROGRAM SERVICE REVENUE 15,797,012   15,797,012
    CONTRACT REVENUE 2,494,700   2,494,700
    VETERINARY SCHOOL INCOME 56,637,349   56,637,349
    MISCELLANEOUS INCOME 30,651   30,651


    TY 2013 OtherLiabilitiesSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Description Beginning of Year - Book Value End of Year - Book Value
    DEPOSITS & PREPAYMENTS 23,214,425 24,150,413


    TY 2013 OtherProfessionalFeesSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PROFESSIONAL FEES 5,510     6,007


    TY 2013 TaxesSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL TAXES PAID 1,500,000      
    STATE TAXES PAID 2,000      
    FOREIGN TAXES PAID 313,062 313,062    


    TY 2013 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 2013 0
    HEM REALTY INC 200 WEST CUMMINGS PARK
    WOBURN,MA01801     		30-0553220 No transfers were made in 2013 0
    One World Boston Inc 200 West Cummings Park
    Woburn,MA01801     		80-0681389 Partially Liquidating distribution for endowment & general support. 11,560,220
    Total     11,560,220