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 07-01-2013 , and ending 06-30-2014
Name of foundation
LINCOLN INSTITUTE OF LAND POLICY
 

Number and street (or P.O. box number if mail is not delivered to street address)11010 N TATUM BLVD No D101   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Phoenix, AZ85028
A Employer identification number

86-6021106
B Telephone number (see instructions)

(617) 661-3016
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$546,402,591J Accounting method:
MODIFIED CASH
(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)  
2 Check bullet
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities...... 7,023,514 7,107,622 7,023,514
5a Gross rents.............. 39,607   39,607
b Net rental income or (loss) 39,607
6a Net gain or (loss) from sale of assets not on line 10 26,752,468
b Gross sales price for all assets on line 6a 133,102,686
7 Capital gain net income (from Part IV, line 2)... 26,756,504
8 Net short-term capital gain......... 4,353,855
9 Income modifications........... 84,108
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 81,235 0 81,235
12 Total. Add lines 1 through 11........ 33,896,824 33,864,126 11,582,319
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 1,443,851 478,735 478,735 965,116
14 Other employee salaries and wages...... 3,272,558 1,360 1,360 3,271,198
15 Pension plans, employee benefits....... 1,321,786 100,948 100,948 1,220,838
16a Legal fees (attach schedule)......... Click to see attachment 16,171 875 875 15,296
b Accounting fees (attach schedule)....... Click to see attachment 67,891 10,260 10,260 57,631
c Other professional fees (attach schedule).... Click to see attachment 2,697,050 2,561,005 2,561,005 136,045
17 Interest............... 154,095 18,519 18,519 123,956
18 Taxes (attach schedule) (see instructions) Click to see attachment 788,907 158,907 158,907 630,000
19 Depreciation (attach schedule) and depletion... Click to see attachment 362,592 22,786 22,786
20 Occupancy.............. 439,156 48,985 59,489 357,851
21 Travel, conferences, and meetings....... 576,398 36,139 36,139 540,259
22 Printing and publications.......... 514,680 0 70,736 443,944
23 Other expenses (attach schedule)....... Click to see attachment 6,605,197 146,723 146,723 6,613,877
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 18,260,332 3,585,242 3,666,482 14,376,011
25 Contributions, gifts, grants paid........ 534,492 534,492
26 Total expenses and disbursements. Add lines 24 and 25 18,794,824 3,585,242 3,666,482 14,910,503
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 15,102,000
b Net investment income (if negative, enter -0-) 30,278,884
c Adjusted net income (if negative, enter -0-)... 7,915,837
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............... 364,577 492,290 492,290
2 Savings and temporary cash investments.......... 27,641,764 8,262,900 8,262,900
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
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...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule) 10,770,345 Click to see attachment10,885,040 10,885,040
b Investments—corporate stock (attach schedule)........ 258,157,104 Click to see attachment313,320,237 313,320,237
c Investments—corporate bonds (attach schedule)........ 30,435,184 Click to see attachment29,670,311 29,670,311
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 132,399,286 Click to see attachment168,671,107 168,671,107
14 Land, buildings, and equipment: basis bullet20,026,928
Less: accumulated depreciation (attach schedule) bullet4,935,252 12,983,326 Click to see attachment15,091,676 15,091,676
15 Other assets (describe bullet) Click to see attachment0 Click to see attachment9,030 Click to see attachment9,030
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 472,751,586 546,402,591 546,402,591
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment10,769,560 Click to see attachment13,039,790
23 Total liabilities (add lines 17 through 22).......... 10,769,560 13,039,790
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................... 461,982,026 533,362,801
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).................... 461,982,026 533,362,801
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 472,751,586 546,402,591
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)............... 1 461,982,026
2 Enter amount from Part I, line 27a..................... 2 15,102,000
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 56,278,780
4 Add lines 1, 2, and 3.......................... 4 533,362,806
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 5
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 533,362,801
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 P    
b PUBLICLY TRADED SECURITIES P    
c CLASS ACTION PROCEEDS P    
d MORGAN CREEK PARTNERSHIPS K-1 P    
e MORGAN CREEK PARTNERSHIPS K-1 P    
ARDEN SAGE CLASS DD P    
ARDEN SAGE CLASS A P    
INSURANCE STOCK P    
ADJUSTMENT FOR FAIR VALUE AT MERGER P    
CARLYLE PARTNERSHIPS P    
ARDEN SAGE EMERGING MARKETS FUND 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 66,193,520   47,137,071 19,056,449
b 50,707,310   46,356,238 4,351,072
c 39,792     39,792
d 149,215     149,215
e 2,783     2,783
14,661,002   11,958,332 2,702,670
1,072,719   892,420 180,299
10,470     10,470
4,036     4,036
261,839     261,839
    2,121 -2,121
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       19,056,449
b       4,351,072
c       39,792
d       149,215
e       2,783
      2,702,670
      180,299
      10,470
      4,036
      261,839
      -2,121
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 26,756,504
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 4,353,855
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 14,346,101 429,309,121 0.033417
2011 13,411,119 410,368,652 0.032681
2010 17,884,254 404,360,408 0.044228
2009 13,991,625 367,112,591 0.038113
2008 16,846,013 356,824,941 0.047211
2 Total of line 1, column (d) ...................... 2 0.195650
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 0.039130
4 Enter the net value of noncharitable-use assets for 2013 from Part X, line 5..... 4 496,450,552
5 Multiply line 4 by line 3....................... 5 19,426,110
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 302,789
7 Add lines 5 and 6......................... 7 19,728,899
8 Enter qualifying distributions from Part XII, line 4.............. 8 17,226,042
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 1 605,578
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 0
3 Add lines 1 and 2............................ 3 605,578
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 605,578
6 Credits/Payments:
a 2013 estimated tax payments and 2012 overpayment credited to 2013 6a 772,091
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.............. 7 772,091
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8 6
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 10 166,507
11 Enter the amount of line 10 to be: Credited to 2014 estimated taxBullet166,507 RefundedBullet 11 0
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? ....................
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 changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
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.
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)
    bulletAZ, MA
    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) .............
    11
     
    No
    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 addressbulletWWW.LINCOLNINST.EDU
    14
    The books are in care ofbulletLincoln Institute of Land Policy Telephone no.bullet (617) 661-3016
    Located atbullet113 Brattle StreetCambridgeMA ZIP+4bullet021383400
    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
    KATHRYN J LINCOLN CHAIRMAN AND CIO/ DIRECTOR
    37.50     		303,000 62,329 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    GREGORY K INGRAM CEO AND PRESIDENT/DIRECTOR
    37.50     		504,385 17,980 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    DENNIS W ROBINSON TREAS. & VP-FIN. & OPS.
    37.50     		192,021 61,800 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    LEVERING F T WHITE AST. SEC. & VP ADMIN & HR
    37.50     		146,621 57,112 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    DIONE A ETTER SECRETARY
    37.50     		102,700 39,367 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    DAVID C LINCOLN ASSIST. TREASURER/DIRECTOR
    2.00     		8,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    CAROLINA BARCO DIRECTOR
    3.00     		11,375 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ROY W BAHL DIRECTOR
    6.00     		35,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    HENRY COLEMAN DIRECTOR
    3.00     		12,750 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ALBERTO HARTH DIRECTOR
    2.00     		6,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JOHN G LINCOLN III DIRECTOR
    2.00     		6,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    DOUG WHEELER DIRECTOR
    3.00     		11,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    CAROL WHITESIDE DIRECTOR
    2.00     		5,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ANDREA TAYLOR DIRECTOR
    2.00     		5,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    KENNETH PANG DIRECTOR
    2.00     		8,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    THOMAS BECKER DIRECTOR
    3.00     		15,500 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    BRUCE LINCOLN DIRECTOR
    2.00     		5,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    BRUCE BABBITT DIRECTOR
    2.00     		6,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    THOMAS NECHYBA DIRECTOR
    2.00     		8,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JOHANNES LINN DIRECTOR
    6.00     		26,500 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JILL SCHURTZ DIRECTOR
    3.00     		13,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    RAPHAEL BOSTIC DIRECTOR
    2.00     		5,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ANTHONY COYNE DIRECTOR
    2.00     		7,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    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
    JOAN YOUNGMAN SR. FELLOW
    37.50     		239,621 58,306 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    MARTIM SMOLKA SR. FELLOW
    37.50     		191,521 54,454 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    ARMANDO CARBONELL SR. FELLOW
    37.50     		180,521 54,411 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    ZHI LIU SR. FELLOW
    37.50     		135,000 94,252 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    ANTHONY FLINT FELLOW
    37.50     		131,021 58,999 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    Total number of other employees paid over $50,000...................bullet 23
    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
    DREMAN VALUE MANAGEMENT INVESTMENT ADVICE 499,036
    HARBORSIDE FINANCIAL PLAZA 10
    JERSEY CITY,NJ07311
    EAGLE CAPITAL MANAGEMENT INVESTMENT ADVICE 394,248
    499 PARK AVENUE
    NEW YORK,NY10222
    MERRILL LYNCH INVESTMENT ADVICE 333,067
    2555 E CAMELBACK RD
    PHOENIX,AZ85016
    SANDS CAPITAL INVESTMENT ADVICE 257,198
    1101 WILSON BLVD
    ARLINGTON,VA22209
    FRED ALGER INVESTMENT ADVICE 199,931
    360 PARK AVENUE SOUTH
    NEW YORK,NY10010
    Total number of others receiving over $50,000 for professional services.............bullet12
    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 DEPARTMENT OF PLANNING AND URBAN FORM SEE STATEMENT 10 FOR DETAILED DESCRIPTION 2,894,386
    2 DEPARTMENT OF VALUATION AND TAXATION SEE STATEMENT 10 FOR DETAILED DESCRIPTION 2,974,293
    3 PROGRAM ON LATIN AMERICA AND THE CARIBBEAN SEE STATEMENT 10 FOR DETAILED DESCRIPTION 2,261,232
    4 PROGRAM ON PEOPLE'S REPUBLIC OF CHINA SEE STATEMENT 10 FOR DETAILED DESCRIPTION 2,158,107
    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.........................bullet0
    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
    2006-11-01
    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
    7,915,837 4,856,267 2,799,914 3,740,388 19,312,406
    b 85% of line 2a ......... 6,728,461 4,127,827 2,379,927 3,179,330 16,415,545
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		17,226,042 14,346,101 13,411,119 18,035,156 63,018,418
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		0 0 0 0 0
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		17,226,042 14,346,101 13,411,119 18,035,156 63,018,418
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......         0
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		         0
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		16,548,352 14,310,304 13,678,955 13,478,680 58,016,291
    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) ....     		        0
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		        0
    (3) Largest amount of support
    from an exempt organization    		         0
    (4) Gross investment income         0
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    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
    David Albouy
    1955 N Leavitt
    Chicago,IL60647     		none   Urban Land Value: Measurement and Theory 20,000
    Alexander Anas
    151 Rollingwood Street
    Williamsville,NY14221     		none   Effects of Land Value Taxation:Computable Equilibium-L.A. & Paris 20,000
    Elliott Ash
    500 Seminary Row 2A
    New York,NY10027     		none   Effects of Property Taxes on Foreclosures and Unemployment 10,000
    Antonio Jos Avendao Arosemena
    Calle 44 D No 95-30 Interior 8 Apto
    402
    Bogata    
    CO     		none   Bogota: Effects of Urban Ecnomic Structure on Land Use and Price 11,800
    Andres Francisco Baquero-Ruiz
    Carerra 13A 110-64
    Bogota    
    CO     		none   Bogota:Patterns of Indust. Loc. & Relocation:&Factors of Influence 12,600
    Kaizo Iwakami Beltrao
    Ladeira do Joao Homem 43
    Rio de Janiero    
    BR     		none   Rio De Janeiro:Resident. RE Val. & Dist. Among Hshld. Incm. Groups 12,000
    Jennifer Brodie
    238 E Jenkins Avenue
    Columbus,OH43207     		none   Factors Influencing Ohio Communities:Just Another Levy? 10,000
    Sandip Chakrabarti
    3600 Bagley Avenue
    Los Angeles,CA90034     		none   Does Service Reliability Promote Transit Use? 10,000
    Sarah R Cordes
    221 Avenue A
    New York,NY10009     		none   School Finance Reform-Parental Invst. in Childrenn's Human Capital 10,000
    Meagan M Ehlenz
    30 S 22nd Street
    Philadelphia,PA19103     		none   The Impacts of University-Led Neighborhood Revitalization 10,000
    Nathan Ela
    1455 E 54th
    Chicago,IL60615     		none   Urban Farming Possibilities: Cultivating a Commons? 10,000
    Elias Paez Frias
    Islas Bahamas 1541
    Mexicali BC   21339
    MX     		none   Transportation & Urban Compactness:BRT Corridors in Mexican Cities 12,720
    Fundacin Universidad Torcuato Di Tella
    Calle Miones 2177
    Buenos Aires    
    AR     		    Argentine Municiplaity Regulatory Prac.: Effects on Land, Housing 38,200
    Fundacin Universidad Torcuato Di Tella
    Calle Miones 2177
    Buenos Aires    
    AR     		    Spatial Issues:Equity & Efficency in 31 Large Cities-Argentina 10,700
    Enrique Gilles
    Carerra 10 128-60 Torre 1 Apto 402
    Bogota    
    CO     		none   Bogota, Col.: Industrial Locations/Relo. Decision Factors 11,900
    Adriana Hidalgo Guerrero
    Transcersal 59 No 108-67 Apto 104
    Bogota D C    
    CO     		none   Tunja, Col.: Gully Areas-Growth Patterns Vulnerabitity Clim. Change 24,692
    Institute for International Development
    2235 Massachusetts Avenue
    Cambridge,MA02140     		    Increasing Resilience to Climate Change:Informal Settl. Cntrl. Am 15,880
    Luis Inostroza Pino
    Lesni 1011
    Milovice    
    EZ     		none   Climate Change-Lat. Am.: Measuring Local Impact:Trends,Adaptation 15,300
    Jeffrey P Cohen
    144 Beacon Hill Drive
    West Hartford,CT06117     		none   Replacing Sales Tax with Land Tax: Where, What Goods, Why 10,000
    Christos Makridis
    5111 E Pasadena
    Phoenix,AZ85018     		none   Enviornmental Taxes:Affects on Land Values & Housing Markets 10,000
    Rosa Maria Ramalho Massena
    Rua Mundo Novo 1100 Casa
    Rio de Janeiro    
    BR     		none   Residential R.E. Value Deteminants in RioDeJaneiro & Dist. Groups 12,000
    Michael Keith McCall
    Aquiles Serdan 835
    Morelia Michoacan    
    MX     		none   Local Capacity:Minimize Flood Hazard-in Urban Morelia Mexico 21,700
    Oswaldo Molina Campodonico
    Calle Las Laderas 429
    Surco Lima    
    PE     		none   Peru: Loss of Title Fomality-Land Transaction Title Regisration 17,800
    The Marshall University Foundation Inc
    519 John Marshall Drive
    Huntington,WV25703     		none   State & Local Ad Valorem Taxation of Mineral Interests 20,000
    Dusan J C Paredes Araya
    Avenida Corro Parananl 320
    Antofagasta    
    CI     		none   Chile:Demand for Housing Attributes-Insights on Price & Income 10,000
    Jose Joaquin Prieto
    205 Waldon Street
    Cambridge,MA02140     		none   Santiago 2002-11:Low Income Famalies-Residential Location Prfrncs 21,000
    Resources for the Future
    1616 P Street NW
    Washington,DC200361400     		none   Beijing:Study Housing & Trans.-Using Existing Lg. Survey Dataset 12,000
    Maria Edisa Soppelsa
    5405 Tuckerman Lane
    North Bethesda,MD20852     		none   State Tax Breaks for Conservation: Do They Work 10,000
    Tufts University
    169 Holland Street
    Medford,MA02144     		    China: Long Term Investment Financing for Urban Infrastructure 17,200
    Universidad de los Andes
    Carrera 1 este 19A-40
    Bogota    
    CO     		    Bogata:Low Income Household Access as Choice Factor-Residntal Loc 15,000
    Regents of the University of Michigan
    2044 Wolverine Tower
    Ann Arbor,MI481091382     		    Urban Land Value: Measurement and Theroy 10,000
    Robert Morris University
    6001 University Boulevard Revere
    Center
    Moon Township,PA15108     		    The Pennsylvania Experience: Effects of Two-Rate Property Tax 10,000
    Robert Morris University
    6001 University Boulevard Revere
    Center
    Moon Township,PA15108     		    Penn:Spillover Effects- Two Rate Prop. Tax- Zero Sum or Win-Win 20,000
    David Vetter
    Rua Kopke 794
    Petropolis    
    BR     		none   Brazilian Mun:Reducing Infrastructure Deficit using Value Capture 32,000
    Shu Wang
    4239 N Kedvale Avenue
    Chicago,IL60641     		none   Loc. Govt. Finance:Effect of Tax&Ependiture Evolution-Legal Approach 10,000
    Pengju Zhang
    5800 Stonegate Heights
    Jamesville,NY13078     		none   Three Essays on Capitalization Issues in Local Public Finance 10,000
    Total .................................bullet 3a 534,492
    bApproved for future payment
    Total .................................bullet 3b 0
    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
    aPUBLICATIONS         70,736
    bSONORAN INSTITUTE         4,884
    cEMPLOYEE PARKING         5,040
    dOTHER         575
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ............     		         
    4 Dividends and interest from securities....     14 7,023,514  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property...... 531120 39,607      
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory .............     		    18 26,752,468  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 39,607 33,775,982 81,235
    13Total. Add line 12, columns (b), (d), and (e)..................
    1333,896,824
    (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 SALES OF SCHOLARLY PUBLICATIONS IN VARIOUS PROGRAM AREAS
    1B CHARGE FOR OCCUPANCY BY NON-PROFIT ENGAGED IN JOINT PROGRAM
    1C PARKING PROVIDED FOR EMPLOYEE CONVENIENCE
    1D USE OF CLASSROOM SPACE BY CHARITABLE ORGANIZATION ENGAGED IN EDUCATION
    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)
     
    No
    (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
    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
    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

    TY 2013 AccountingFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    KPMG - CHINA PROGRAM AUDIT 16,592 0 0 16,592
    OWEN J. FLANAGAN & CO, CPAS 48,885 10,260 10,260 38,625
    UTICA INSURANCE CO. 2,414 0 0 2,414

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

    TY 2013 DepreciationSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    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
    LAND AND BUILDINGS, BRATTLE STREET, CAMBRIDGE   10,082,406 4,051,021 VAR 0 % 278,483 0 0  
    FURNITURE   151,848 151,848 VAR 0 % 0 0 0  
    OFFICE CONDO - PHOENIX   2,119,729 277,920 VAR 0 % 56,526 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX   389,901 63,902 VAR 0 % 12,997 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX   30,980 3,226 VAR 0 % 1,106 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX   43,809 24,743 VAR 0 % 13,480 0 0  
    PHILLIPS PLACE, CAMBRIDGE - LAND   2,500,000   VAR 0 % 0 0 0  
    PHILLIPS PLACE, CAMBRIDGE - BUILDINGS   1,550,255   VAR 0 % 0 0 0  
    PHILLIPS PLACE, CAMBRIDGE - CAPITALIZED EXP   3,158,000   VAR 0 % 0 0 0  

    TY 2013 GeneralExplanationAttachment
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Identifier Return Reference Explanation
      990 PF- SUMMARY OF DIRECT CHARITABLE ACTIVITIES - PART IX-A THE DEPARTMENT OF VALUATION AND TAXATION EXAMINES ISSUES OF LAND TAXATION, PROPERTY TAXATION, THE VALUATION PROCESS AND LOCAL PUBLIC FINANCE, BRINGING TOGETHER FOR TRAINING AND POLICY ANALYSIS SCHOLARS INTERESTED IN PRACTICAL APPLICATIONS OF THEIR RESEARCH AND PUBLIC OFFICIALS SEEKING A WIDER PERSPECTIVE ON THEIR POLICY DECISIONS.THE DEPARTMENT OF PLANNING AND URBAN FORM ADDRESSES ISSUES IN LAND POLICY, PLANNING AND THE ENVIRONMENT AT THE METROPOLITAN, MEGAREGIONAL, AND NATIONAL SCALES. MAJOR TOPICS INCLUDE NATIONAL INFRASTRUCTURE PLANNING, LANDSCAPE-SCALE CONSERVATION, CLIMATE CHANGE ADAPTATION, LAND AND NATURAL RESOURCE POLICIES IN THE WESTERN STATES, AND THE DEVELOPMENT AND IMPROVEMENT OF PLANNING TOOLS.THE PROGRAM ON LATIN AMERICA AND THE CARIBBEAN CARRIES OUT RESEARCH, POLICY ANALYSIS, AND TRAINING ON CORE TOPICS INCLUDING: VALUE CAPTURE; PROPERTY TAXATION, ASSESSMENTS, AND CADASTRES; INFORMALITY, REGULARIZATION, AND LAND MARKETS; ANALYSIS OF URBAN LAND MARKETS; AND LEGAL ASPECTS OF LAND POLICY.THE INSTITUTES'S CHINA PROGRAM BRINGS TOGETHER INTERNATIONAL EXPERTS, POLICY MAKERS, AND SCHOLARS TO PARTICIPATE IN RESEARCH, TRAINING AND PILOT PROJECTS ON URBAN EXPANSION AND LAND POLICY REFORM; PROPERTY TAXATION AND LOCAL PUBLIC FINANCE; AND URBAN DEVELOPMENT AND ENVIRONMENTAL POLICY. THE PEKING UNIVERSITY-LINCOLN INSTITUTE CENTER FOR URBAN DEVELOPMENT AND LAND POLICY PROVIDES AN ON THE GROUND PRESENCE IN CHINA THAT ENHANCES THE PROGRAM'S EFFECTIVENESS.
    FELLOWSHIPS/DISSERTATIONS/RFP'S PART XV LINE 2 FOR INFORMATION REGARDING FELLOWSHIPS/DISSERTATIONS/RFP'S INCLUDING APPLICATIONS, SUBMISSIONS AND DEADLINES, PLEASE SEE WWW.LINCOLNINST.EDU.
      FORM 990PF - GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR - PART XV PROGRAM RELATED GRANTS PAID DURING THE YEAR REPRESENT FELLOWSHIPS/DISSERTATIONS/RFP'S OF $10,000 OR MORE FOR WHICH THE INSTITUTE MAINTAINS ACTIVE INVOLVEMENT.AMOUNTS UNDER $10,000 ARE INCLUDED IN STATEMENT 8.

    TY 2013 InvestmentsCorpBondsSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Name of Bond End of Year Book Value End of Year Fair Market Value
    $ 45000 ABB FINANCE USA INC COMPANY GUARNT GLB 02.875% MAY 08 2022 44,683 44,683
    $ 260000 ABBVIE INC GLB 01.200% NOV 06 2015 261,755 261,755
    $ 50000 ABBVIE INC GLB 01.750% NOV 06 2017 50,273 50,273
    $ 35000 ABBVIE INC GLB 02.900% NOV 06 2022 33,846 33,846
    $ 80000 AETNA INC GLB 02.750% NOV 15 2022 77,282 77,282
    $ 50000 AETNA INC GLB 04.750% MAR 15 2044 52,564 52,564
    $ 30000 ALTERA CORP GLB 01.750% MAY 15 2017 30,335 30,335
    $ 35000 ALTERA CORP GLB 02.500% NOV 15 2018 35,538 35,538
    $ 40000 AMERICAN EXPRESS CO GLB 04.050% DEC 03 2042 38,496 38,496
    $ 65000 AMERICAN EXPRESS CREDIT GLB 01.300% JUL 29 2016 65,541 65,541
    $ 95000 AMERICAN EXPRESS CREDIT GLB 02.125% MAR 18 2019 95,404 95,404
    $ 310000 AMERICAN EXPRESS CREDIT SER MTN GLB 01.750% JUN 12 2015 313,930 313,930
    $ 225000 AMGEN INC GLB 01.250% MAY 22 2017 224,800 224,800
    $ 55000 ANALOG DEVICES - 03.000% APR 15 2016 57,017 57,017
    $ 315000 ANHEUSER-BUSCH INBEV FIN COMPANY GUARNT GLB 00.800% JAN 15 2016 316,327 316,327
    $ 340000 APPLE INC GLB 00.450% MAY 03 2016 339,275 339,275
    $ 125000 APPLE INC GLB 02.400% MAY 03 2023 118,086 118,086
    $ 70000 APPLIED MATERIALS INC - 02.650% JUN 15 2016 72,470 72,470
    $ 95000 AT&T INC GLB 00.800% DEC 01 2015 95,248 95,248
    $ 345000 AT&T INC GLB 02.950% MAY 15 2016 358,571 358,571
    $ 60000 BANK OF AMERICA CORP 7.625% DUE 6/1/2019 74,111 74,111
    $ 60000 BANK OF AMERICA CORP GLB 02.600% JAN 15 2019 60,706 60,706
    $ 500000 BANK OF AMERICA CORP SER 1 03.750% JUL 12 2016 525,980 525,980
    $ 130000 BANK OF AMERICA CORP SER MTN 05.000% JAN 21 2044 137,921 137,921
    $ 100000 BANK OF NEW YORK MELLON SER MTN 02.200% MAR 04 2019 100,872 100,872
    $ 115000 BANK OF NEW YORK MELLON SER MTN 02.300% JUL 28 2016 118,600 118,600
    $ 70000 BAXTER INTERNATIONAL INC GLB 01.850% JUN 15 2018 70,107 70,107
    $ 240000 BEAR STEARNS CO INC GLB 07.250% FEB 01 2018 285,618 285,618
    $ 55000 BECTON DICKINSON - 03.250% NOV 12 2020 57,182 57,182
    $ 65000 BERKSHIRE HATHAWAY FIN COMPANY GUARNT GLB 00.950% AUG 15 2016 65,349 65,349
    $ 50000 BHP BILLITON FIN USA LTD COMPANY GUARNT GLB 01.625% FEB 24 2017 50,876 50,876
    $ 180000 BMW VEHICLE OWN ABS 2013 A A3 00.670%NOV27 17 AMORTIZED FCR 1.0 180,218 180,218
    $ 45000 BOSTON PROPERTIES LP - 03.125% SEP 01 2023 43,700 43,700
    $ 225000 BRANCH BANKING & TRUST SER BKNT 01.450% OCT 03 2016 227,440 227,440
    $ 95000 BRANCH BANKING & TRUST SER BKNT 01.450% OCT 03 2016 96,031 96,031
    $ 95000 BS COMML MTGE CMO 2006 PW13 A4 05.540%SEP11 41 AMORTIZED FCR . 98,473 98,473
    $ 200000 BS COMML MTGE CMO 2006 PW14 A4 05.201%DEC11 38 AMORTIZED FCR 217,218 217,218
    $ 40000 BURLINGTN NORTH SANTA FE - 07.950% AUG 15 2030 56,096 56,096
    $ 225000 CANADIAN IMPERIAL BANK GLB 00.900% OCT 01 2015 226,105 226,105
    $ 215000 CAPITAL AUTO RE ABS 2013 4 A3 01.090%MAR20 18 AMORTIZED FCR 1.0 215,704 215,704
    $ 120000 CAPITAL AUTO RE ABS 2013 4 A3 01.090%MAR20 18 AMORTIZED FCR 1.0 120,393 120,393
    $ 70000 CAPITAL ONE FINANCIAL CO - 02.450% APR 24 2019 70,657 70,657
    $ 65000 CARDINAL HEALTH INC GLB 03.200% MAR 15 2023 64,432 64,432
    $ 230000 CAREFUSION CORP GLB 01.450% MAY 15 2017 229,827 229,827
    $ 55000 CAREFUSION CORP GLB 03.875% MAY 15 2024 55,569 55,569
    $ 80000 CATERPILLAR FINANCIAL SE SER MTN 01.625% JUN 01 2017 81,266 81,266
    $ 190000 CATERPILLAR INC GLB 00.950% JUN 26 2015 191,150 191,150
    $ 70000 CATERPILLAR INC GLB 03.400% MAY 15 2024 70,797 70,797
    $ 215000 CELGENE CORP - 02.450% OCT 15 2015 219,237 219,237
    $ 25000 CELGENE CORP GLB 05.250% AUG 15 2043 27,169 27,169
    $ 225000 CISCO SYSTEMS INC GLB 01.100% MAR 03 2017 225,700 225,700
    $ 70000 CISCO SYSTEMS INC GLB 02.125% MAR 01 2019 70,544 70,544
    $ 345000 CITIBANK CREDIT ABS 2013 A3 A3 01.110%JUL23 18 AMORTIZED FCR 1. 347,036 347,036
    $ 105000 CITIBANK CREDIT ABS 2013 A3 A3 01.110%JUL23 18 AMORTIZED FCR 1. 105,620 105,620
    $ 65000 CITIGROUP INC GLB 01.700% JUL 25 2016 65,854 65,854
    $ 110000 CITIGROUP INC GLB 08.500% MAY 22 2019 140,601 140,601
    $ 245000 COCA-COLA CO/THE GLB 00.750% NOV 01 2016 244,778 244,778
    $ 65000 COMCAST CORP COMPANY GUARNT 05.150% MAR 01 2020 74,487 74,487
    $ 105000 COMCAST CORP COMPANY GUARNT GLB 05.875% FEB 15 2018 121,044 121,044
    $ 495000 CONAGRA FOODS INC GLB 01.300% JAN 25 2016 499,112 499,112
    $ 20000 CONAGRA FOODS INC GLB 03.200% JAN 25 2023 19,277 19,277
    $ 95000 CONOCOPHILLIPS COMPANY COMPANY GUARNT GLB 01.050% DEC 15 2017 94,085 94,085
    $ 105000 COOPER US INC COMPANY GUARNT 03.875% DEC 15 2020 111,177 111,177
    $ 365000 COSTCO WHOLESALE CORP GLB 00.650% DEC 07 2015 366,329 366,329
    $ 70000 CUMMINS INC - 03.650% OCT 01 2023 72,633 72,633
    $ 225000 CVS CAREMARK CORP - 01.200% DEC 05 2016 226,375 226,375
    $ 35000 DCP MIDSTREAM OPERATING COMPANY GUARNT 02.700% APR 01 2019 35,452 35,452
    $ 35000 DCP MIDSTREAM OPERATING COMPANY GUARNT GLB 05.600% APR 01 2044 38,666 38,666
    $ 55000 DELMARVA PWR & LIGHT CO 1ST MORTGAGE 03.500% NOV 15 2023 56,500 56,500
    $ 70000 DELPHI CORP COMPANY GUARNT 04.150% MAR 15 2024 72,684 72,684
    $ 20000 DIRECTV HOLDINGS LLC COMPANY GUARNT GLB 06.350% MAR 15 2040 24,145 24,145
    $ 30000 DOW CHEMICAL CO/THE GLB 03.000% NOV 15 2022 29,506 29,506
    $ 50000 DOW CHEMICAL CO/THE GLB 04.250% NOV 15 2020 54,355 54,355
    $ 35000 EATON CORP COMPANY GUARNT GLB 02.750% NOV 02 2022 33,890 33,890
    $ 60000 EBAY INC GLB 01.350% JUL 15 2017 60,283 60,283
    $ 90000 EMC CORP GLB 01.875% JUN 01 2018 90,595 90,595
    $ 55000 ENABLE MIDSTREAM PARTNER 144A 03.900% MAY 15 2024 54,883 54,883
    $ 55000 ENERGY TRANSFER PARTNERS - 04.150% OCT 01 2020 58,147 58,147
    $ 50000 ENTERPRISE PRODUCTS OPER COMPANY GUARNT GLB 06.125% OCT 15 2039 60,898 60,898
    $ 30000 ERP OPERATING LP - 03.000% APR 15 2023 29,259 29,259
    $ 205000 EXPRESS SCRIPTS HOLDING COMPANY GUARNT GLB 02.650% FEB 15 2017 212,975 212,975
    $ 255000 FIFTH THIRD BANCORP SER BNKT 01.150% NOV 18 2016 255,824 255,824
    $ 315000 FORD CREDIT AUT ABS 2013 A A3 00.600%MAR15 16 AMORTIZED FCR 1.0 315,422 315,422
    $ 230000 FORD CREDIT AUT ABS 2013 D A3 00.670%APR15 18 AMORTIZED FCR 1.0 230,064 230,064
    $ 50000 FORD CREDIT AUT ABS 2014 A A4 00.900%JUN15 17 AMORTIZED FCR 1.00 50,120 50,120
    $ 50000 GENERAL ELEC CAP CORP NOTES 05.875% JAN 14 2038 60,660 60,660
    $ 110000 GENERAL ELEC CAP CORP SER GMTN GLB 03.150% SEP 07 2022 110,503 110,503
    $ 430000 GENERAL ELEC CAP CORP SER MTN 03.350% OCT 17 2016 453,693 453,693
    $ 25000 GENERAL ELEC CAP CORP SUBORDINATED GLB 05.300% FEB 11 2021 28,428 28,428
    $ 25000 GENZYME CORP COMPANY GUARNT GLB 05.000% JUN 15 2020 28,452 28,452
    $ 235000 GILEAD SCIENCES INC GLB 02.400% DEC 01 2014 236,911 236,911
    $ 70000 GILEAD SCIENCES INC GLB 04.800% APR 01 2044 73,864 73,864
    $ 215000 GLAXOSMITHKLINE CAPITAL COMPANY GUARNT GLB 01.500% MAY 08 2017 217,453 217,453
    $ 145000 GLAXOSMITHKLINE CAPITAL COMPANY GUARNT GLB 01.500% MAY 08 2017 146,654 146,654
    $ 200000 GOLDMAN SACHS GROUP INC GLB 03.300% MAY 03 2015 204,442 204,442
    $ 100000 GOLDMAN SACHS GROUP INC GLB 05.950% JAN 18 2018 113,605 113,605
    $ 40000 HALLIBURTON COMPANY - 03.250% NOV 15 2021 41,374 41,374
    $ 50000 HALLIBURTON COMPANY - 03.250% NOV 15 2021 51,718 51,718
    $ 60000 HCP INC - 05.375% FEB 01 2021 68,247 68,247
    $ 40000 HEALTH CARE REIT INC - 05.250% JAN 15 2022 44,864 44,864
    $ 40000 HEALTH CARE REIT INC GLB 04.125% APR 01 2019 43,028 43,028
    $ 280000 HERSHEY COMPANY - 01.500% NOV 01 2016 285,138 285,138
    $ 30000 HOME DEPOT INC GLB 02.700% APR 01 2023 29,118 29,118
    $ 70000 HONDA AUTO RECE ABS 2011 2 A4 01.550%AUG18 17 AMORTIZED FCR .897 62,965 62,965
    $ 200000 HSBC USA INC GLB 02.375% FEB 13 2015 202,487 202,487
    $ 85000 HUMANA INC GLB 03.150% DEC 01 2022 83,418 83,418
    $ 255000 HYUNDAI AUTO RE ABS 2013 C A3 01.010%FEB15 18 AMORTIZED FCR 1.0 256,524 256,524
    $ 155000 HYUNDAI AUTO RE ABS 2014 A A3 00.790%JUL16 18 AMORTIZED FCR 1.0 155,339 155,339
    $ 65000 HYUNDAI AUTO RE ABS 2014 A A3 00.790%JUL16 18 AMORTIZED FCR 1.00 65,142 65,142
    $ 365000 IBM CORP - 01.950% JUL 22 2016 374,570 374,570
    $ 105000 INTEL CORP GLB 01.350% DEC 15 2017 105,029 105,029
    $ 45000 INTEL CORP GLB 03.300% OCT 01 2021 46,597 46,597
    $ 75000 JOHN DEERE CAPITAL CORP GLB 01.300% MAR 12 2018 74,223 74,223
    $ 65000 JOHN DEERE CAPITAL CORP SER FIX 01.050% OCT 11 2016 65,315 65,315
    $ 215000 JOHN DEERE CAPITAL CORP SER MTN 01.850% SEP 15 2016 219,897 219,897
    $ 180000 JOHNSON CONTROLS INC GLB 01.400% NOV 02 2017 179,874 179,874
    $ 140000 JPMBB COMMERCIA CMO 2013 C12 ASB 03.157%JUL15 45 AMORTIZED FCR 144,261 144,261
    $ 265000 JPMORGAN CHASE & CO GLB 03.450% MAR 01 2016 276,533 276,533
    $ 205000 KEY BANK NA SER BKNT 01.100% NOV 25 2016 205,775 205,775
    $ 30000 KEYCORP SER MTN 05.100% MAR 24 2021 33,993 33,993
    $ 240000 L-3 COMMUNICATIONS CORP COMPANY GUARNT GLB 01.500% MAY 28 2017 240,329 240,329
    $ 40000 L-3 COMMUNICATIONS CORP COMPANY GUARNT GLB 03.950% MAY 28 2024 40,273 40,273
    $ 160000 LOEWS CORP - 05.250% MAR 15 2016 172,146 172,146
    $ 35000 LOWE'S COMPANIES INC GLB 03.875% SEP 15 2023 36,906 36,906
    $ 35000 LYB INTL FINANCE BV COMPANY GUARNT 04.000% JUL 15 2023 36,744 36,744
    $ 55000 MASTERCARD INC GLB 03.375% APR 01 2024 55,817 55,817
    $ 35000 MCKESSON CORP GLB 01.292% MAR 10 2017 35,092 35,092
    $ 50000 MERCEDES-BENZ A ABS 2013 B A4 00.760%JUL15 19 AMORTIZED FCR 1.00 50,123 50,123
    $ 130000 MERCEDES-BENZ A ABS 2014 A A4 00.900%DEC16 19 AMORTIZED FCR 1.0 130,318 130,318
    $ 160000 MERCEDES-BENZ A ABS 2014 A A4 00.900%DEC16 19 AMORTIZED FCR 1.0 160,390 160,390
    $ 65000 MORGAN STANLEY GLB 01.750% FEB 25 2016 65,923 65,923
    $ 65000 MORGAN STANLEY GLB 03.750% FEB 25 2023 66,123 66,123
    $ 380000 MORGAN STANLEY GLB 03.800% APR 29 2016 398,973 398,973
    $ 225000 MYLAN INC GLB 01.350% NOV 29 2016 225,376 225,376
    $ 70000 NATIONAL RURAL UTILITIES COLLATERAL TRUST 05.450% APR 10 2017 78,138 78,138
    $ 230000 NORTHERN STATES PWR-MINN 1ST MORTGAGE 01.950% AUG 15 2015 234,110 234,110
    $ 70000 NUCOR CORP - 04.125% SEP 15 2022 73,520 73,520
    $ 80000 ORACLE CORP GLB 01.200% OCT 15 2017 79,893 79,893
    $ 35000 PACCAR FINANCIAL CORP SER MTN 01.100% JUN 06 2017 34,965 34,965
    $ 175000 PACCAR FINANCIAL CORP SER MTN 01.150% AUG 16 2016 176,307 176,307
    $ 65000 PACCAR FINANCIAL CORP SER MTN 01.150% AUG 16 2016 65,486 65,486
    $ 50000 PENTAIR FINANCE SA COMPANY GUARNT GLB 03.150% SEP 15 2022 48,879 48,879
    $ 245000 PEPSICO INC - 02.500% MAY 10 2016 253,555 253,555
    $ 25000 PETROBRAS INTL FIN CO COMPANY GUARNT GLB 03.500% FEB 06 2017 25,663 25,663
    $ 20000 PETROBRAS INTL FIN CO COMPANY GUARNT GLB 06.875% JAN 20 2040 20,950 20,950
    $ 65000 PHILIPS ELECTRONICS NV GLB 05.750% MAR 11 2018 74,129 74,129
    $ 210000 PHILLIPS 66 COMPANY GUARNT GLB 01.950% MAR 05 2015 212,102 212,102
    $ 60000 PHILLIPS 66 COMPANY GUARNT GLB 02.950% MAY 01 2017 62,882 62,882
    $ 75000 PHILLIPS 66 COMPANY GUARNT GLB 04.300% APR 01 2022 81,173 81,173
    $ 105000 PHILLIPS PETROLEUM CO - 06.650% JUL 15 2018 125,192 125,192
    $ 35000 PLAINS ALL AMER PIPELINE GLB 04.700% JUN 15 2044 35,473 35,473
    $ 65000 PNC FUNDING CORP BANK GUARANTEED 04.250% SEP 21 2015 67,866 67,866
    $ 65000 PNC FUNDING CORP BANK GUARANTEED GLB 03.300% MAR 08 2022 66,288 66,288
    $ 185000 PRECISION CASTPARTS CORP GLB 00.700% DEC 20 2015 185,392 185,392
    $ 100000 PRECISION CASTPARTS CORP GLB 00.700% DEC 20 2015 100,212 100,212
    $ 325000 PROCTER & GAMBLE CO/THE GLB 01.800% NOV 15 2015 331,279 331,279
    $ 230000 PRUDENTIAL FINANCIAL INC SER MTN 03.875% JAN 14 2015 234,262 234,262
    $ 35000 PSI ENERGY INC - 06.050% JUN 15 2016 38,435 38,435
    $ 415000 RABOBANK NEDERLAND BANK GUARANTEED GLB 02.125% OCT 13 2015 424,201 424,201
    $ 55000 RABOBANK NEDERLAND BANK GUARANTEED GLB 02.125% OCT 13 2015 56,219 56,219
    $ 55000 RIO TINTO FIN USA LTD COMPANY GUARNT GLB 02.500% MAY 20 2016 56,771 56,771
    $ 260000 ROYAL BANK OF CANADA SER MTN GLB 01.150% MAR 13 2015 261,573 261,573
    $ 100000 SANOFI GLB 01.250% APR 10 2018 98,688 98,688
    $ 60000 SANOFI-AVENTIS GLB 04.000% MAR 29 2021 64,968 64,968
    $ 215000 SCRIPPS NETWORKS INTERAC - 02.700% DEC 15 2016 223,704 223,704
    $ 45000 SEMPRA ENERGY - 06.500% JUN 01 2016 49,721 49,721
    $ 30000 SIERRA PACIFIC POWER CO GENL REF MORT SER T 03.375% AUG 15 2023 30,660 30,660
    $ 105000 SIMON PROPERTY GROUP LP GLB 02.200% FEB 01 2019 106,000 106,000
    $ 260000 SOUTHERN CO SER A 02.375% SEP 15 2015 265,698 265,698
    $ 65000 SPECTRA ENERGY CAPITAL COMPANY GUARNT 05.650% MAR 01 2020 73,332 73,332
    $ 130000 STATE STREET CORP - 02.875% MAR 07 2016 134,970 134,970
    $ 40000 STATOIL ASA COMPANY GUARNT GLB 01.950% NOV 08 2018 40,342 40,342
    $ 225000 STRYKER CORP - 02.000% SEP 30 2016 230,793 230,793
    $ 90000 SUNTRUST BANKS INC - 03.500% JAN 20 2017 95,290 95,290
    $ 165000 TEXAS GAS TRANSMISSION GLB 04.600% JUN 01 2015 170,937 170,937
    $ 105000 TORONTO-DOMINION BANK SER MTN GLB 02.625% SEP 10 2018 108,413 108,413
    $ 95000 TOYOTA MOTOR CREDIT CORP SER MTN 02.050% JAN 12 2017 97,585 97,585
    $ 220000 TOYOTA MOTOR CREDIT CORP SER MTN 03.200% JUN 17 2015 226,045 226,045
    $ 60000 TRANS-CANADA PIPELINES - 07.625% JAN 15 2039 87,220 87,220
    $ 50000 TRINITY ACQUISITION PLC COMPANY GUARNT GLB 04.625% AUG 15 2023 51,801 51,801
    $ 240000 UNION BANK NA - 01.500% SEP 26 2016 243,329 243,329
    $ 60000 UNION ELECTRIC CO - 06.700% FEB 01 2019 71,906 71,906
    $ 145000 UNITED TECHNOLOGIES CORP GLB 01.800% JUN 01 2017 148,103 148,103
    $ 60000 UNITEDHEALTH GROUP INC GLB 01.625% MAR 15 2019 59,075 59,075
    $ 225000 UNITEDHEALTH GROUP INC GLB 01.875% NOV 15 2016 230,321 230,321
    $ 30000 UNITEDHEALTH GROUP INC GLB 03.950% OCT 15 2042 28,104 28,104
    $ 170000 US BANCORP SER MTN 01.950% NOV 15 2018 171,119 171,119
    $ 265000 US BANCORP SER MTN 02.450% JUL 27 2015 270,940 270,940
    $ 270000 USD BANK NOVA SCOTIA .750% OCT 09 2015 270,837 270,837
    $ 100000 USD BANK NOVA SCOTIA .750% OCT 09 2015 100,310 100,310
    $ 95000 USD BP CAPITAL PLC 2.500% NOV 06 2022 90,660 90,660
    $ 85000 USD CAN IMPERIAL BK 2.350% DEC 11 2015 87,325 87,325
    $ 75000 USD CAN NATURAL RES 3.450% NOV 15 2021 77,334 77,334
    $ 220000 USD CARNIVAL CORP 1.200% FEB 05 2016 221,300 221,300
    $ 150000 USD DIAGEO CAP PLC 1.500% MAY 11 2017 151,718 151,718
    $ 75000 USD HUSKY ENERGY INC 3.950% APR 15 2022 79,344 79,344
    $ 325000 USD ONTARIO PROVINCE 0.950% MAY 26 2015 327,143 327,143
    $ 125000 USD PETROBRAS INTL 3.875% JAN 27 2016 128,881 128,881
    $ 75000 USD ROGERS COMM INC 5.000% MAR 15 2044 78,211 78,211
    $ 175000 USD ROYAL BK CANADA .625% DEC 04 2015 175,348 175,348
    $ 95000 USD SCHLUMBERGER INV 3.650% DEC 01 2023 98,793 98,793
    $ 140000 USD SHELL INTL FIN 1.125% AUG 21 2017 139,714 139,714
    $ 325000 USD TRANS-CANADA PL .875% MAR 02 2015 326,172 326,172
    $ 25000 VALERO ENERGY CORP COMPANY GUARNT GLB 09.375% MAR 15 2019 32,814 32,814
    $ 15000 VENTAS REALTY LP/CAP CRP COMPANY GUARNT 05.700% SEP 30 2043 17,506 17,506
    $ 280000 VERIZON COMMUNICATIONS GLB 02.000% NOV 01 2016 285,861 285,861
    $ 25000 VERIZON COMMUNICATIONS GLB 03.500% NOV 01 2021 25,756 25,756
    $ 30000 VERIZON COMMUNICATIONS GLB 05.150% SEP 15 2023 33,573 33,573
    $ 60000 VERIZON COMMUNICATIONS GLB 06.400% SEP 15 2033 73,496 73,496
    $ 100000 VODAFONE GROUP PLC GLB 01.500% FEB 19 2018 99,334 99,334
    $ 615000 VOLKSWAGEN AUTO ABS 2013 1 A3 00.560%AUG21 17 AMORTIZED FCR 1.0 615,658 615,658
    $ 125000 WACHOVIA CORP SER MTN 05.750% FEB 01 2018 143,100 143,100
    $ 105000 WELLPOINT INC - 04.350% AUG 15 2020 114,588 114,588
    $ 150000 WELLPOINT INC GLB 02.375% FEB 15 2017 154,236 154,236
    $ 225000 WELLS FARGO & COMPANY GLB 01.250% JUL 20 2016 226,941 226,941
    $ 45000 WELLS FARGO & COMPANY GLB 02.150% JAN 15 2019 45,408 45,408
    $ 275000 WESTPAC BANKING CORP GLB 01.125% SEP 25 2015 277,159 277,159
    $ 90000 WF-RBS COMMERCI CMO 2014 C19 A3 03.660%MAR15 47 AMORTIZED FCR 1. 93,799 93,799
    $ 70000 WILLIAMS PARTNERS LP GLB 03.900% JAN 15 2025 70,323 70,323
    $ 315000 WORLD OMNI AUTO ABS 2012 B A3 00.610%JUN15 17 AMORTIZED FCR 1.0 315,436 315,436
    $ 35000 XILINX INC GLB 02.125% MAR 15 2019 35,062 35,062

    TY 2013 InvestmentsCorpStockSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Name of Stock End of Year Book Value End of Year Fair Market Value
    5000 SHS 3M COMPANY 716,200 716,200
    1285 SHS A N S Y S INC COM 97,429 97,429
    1850 SHS A SCHULMAN INC 71,595 71,595
    3510 SHS AAR CORP 96,736 96,736
    5240 SHS AARON'S INC SHS A 186,754 186,754
    23973 SHS ABB LTD SPON ADR 551,858 551,858
    18030 SHS ABBVIE INC SHS 1,017,612 1,017,612
    4435 SHS ABM INDUSTRIES INC COM 119,656 119,656
    2605 SHS ACADIA PHARMACUTICAL INC 58,847 58,847
    8897 SHS ACCENTURE PLC SHS 719,233 719,233
    8504 SHS ACE LIMITED 881,865 881,865
    4035 SHS ACTUANT CORP CL A 139,490 139,490
    1285 SHS ACUITY BRANDS INC 177,651 177,651
    625 SHS AEGERION PHARM INC 20,056 20,056
    4070 SHS AEGION CORP 94,709 94,709
    66869 SHS AEGON N.V. NY REG SHS 586,441 586,441
    6045 SHS AGRIUM INC 553,903 553,903
    12905 SHS AIRCASTLE LTD 229,322 229,322
    1700 SHS ALASKA AIR GROUP INC COM 161,585 161,585
    7600 SHS ALEXION PHARMS INC 1,187,500 1,187,500
    3715 SHS ALIGN TECH INC DEL COM 208,189 208,189
    2925 SHS ALKERMES PLC NEW 147,215 147,215
    5508 SHS ALLEGION PLC SHS 312,193 312,193
    1875 SHS ALLIANT TECHSYSTEMS INC 251,100 251,100
    30948 SHS ALLIANZ SE SPD ADR 519,586 519,586
    5885 SHS ALLIED WORLD ASSURANCE CO HOLDINGS 223,748 223,748
    4150 SHS ALLISON TRANSMISSION HLD INC 129,065 129,065
    24700 SHS ALTERA CORP COM 858,572 858,572
    7950 SHS AMAZON COM INC COM 2,582,000 2,582,000
    27940 SHS AMERICA MOVIL SAB DE CV ADR 579,755 579,755
    19705 SHS AMERICAN AXLE&MFG HLDGS 372,228 372,228
    6700 SHS ANADARKO PETE CORP 733,449 733,449
    35380 SHS AON PLC 3,187,384 3,187,384
    10960 SHS APOLLO RESIDENTIAL MTG I 183,251 183,251
    12047 SHS APPLE INC 1,119,528 1,119,528
    28200 SHS ARM HLDGS PLC SPD ADR 1,275,768 1,275,768
    11135 SHS ARRIS GROUP INC NEW 362,222 362,222
    15172 SHS ASHFORD HOSPITALITY PRIME INC SHS 193,136 193,136
    10900 SHS ASML HLDG NV NY REG SHS 1,016,643 1,016,643
    4350 SHS ASPEN INSURANCE HLDS LTD 197,577 197,577
    4235 SHS ASPEN TECHNOLOGY INC DEL 196,504 196,504
    15155 SHS ASSOCIATED BANC CRP .01 274,002 274,002
    5530 SHS ASSOCIATED ESTATES RLTY REIT 99,651 99,651
    8114 SHS ASTRAZENECA PLC SPND ADR 602,951 602,951
    27947 SHS AT&T INC 988,206 988,206
    7830 SHS ATHENAHEALTH INC 979,768 979,768
    4440 SHS ATWOOD OCEANICS INC 233,011 233,011
    3270 SHS AUXILIUM PHARMACEUTICALS INC 65,596 65,596
    9200 SHS AXA -SPONS ADR 220,616 220,616
    4745 SHS B & G FOODS INC NEW CL A 155,114 155,114
    1855 SHS B/E AEROSPACE INC 171,569 171,569
    18752 SHS BAE SYS PLC SPN ADR 559,935 559,935
    15500 SHS BAIDU INC SPON ADR 2,895,554 2,895,554
    46191 SHS BANCO BILBAO VIZCAYA ARGENTARIA S A ADR 589,859 589,859
    54492 SHS BANCO SANTANDER SA ADR 567,807 567,807
    7865 SHS BANCORPSOUTH INC 193,243 193,243
    25790 SHS BANK NEW YORK MELLON CORP 966,609 966,609
    34910 SHS BARCLAYS PLC ADR 510,035 510,035
    3040 SHS BARNES GROUP INC DE $.01 117,162 117,162
    12174 SHS BASF SE SPONSORED ADR 1,418,271 1,418,271
    18570 SHS BELLATRIX EXPL LTD SHS 161,745 161,745
    35100 SHS BERKSHIRE HATHAWAYINC DEL CL B NEW 4,442,255 4,442,255
    27733 SHS BHP BILLITON LTD ADR 1,898,324 1,898,324
    2830 SHS BIG LOTS INC COM 129,331 129,331
    5500 SHS BIOGEN IDEC INC 1,734,204 1,734,204
    12900 SHS BIOMARIN PHARMACEUTICALS 802,509 802,509
    2176 SHS BLACKROCK INC 695,450 695,450
    7183 SHS BOEING COMPANY 913,893 913,893
    11271 SHS BP PLC SPON ADR 594,545 594,545
    2875 SHS BRADY CORP WI CL A 85,876 85,876
    15590 SHS BRANDYWNE RLTY T SBI NEW REIT 243,204 243,204
    4990 SHS BRINKER INTL INC 242,764 242,764
    6500 SHS BRINKS CO 183,430 183,430
    5950 SHS BRITISH AMN TOBACO SPADR 708,526 708,526
    2425 SHS BROADRIDGE FINL SOLUTIONS INC 100,977 100,977
    20680 SHS BROCADE COMMUNICATIONS SYS INC NEW 190,256 190,256
    10425 SHS BROOKFIELD ASSET MGMT INC CL A 458,908 458,908
    2595 SHS BRUNSWICK CORP 109,327 109,327
    1890 SHS CABELAS INC 117,936 117,936
    4485 SHS CABOT CORP 260,085 260,085
    7340 SHS CALGON CARBON CORP 163,902 163,902
    23225 SHS CANADIAN NATL RAILWAY CO 1,510,090 1,510,090
    10125 SHS CANADIAN NATURAL RES LTD 464,839 464,839
    12450 SHS CANADIAN PACIFIC RAILWAY LTD 2,255,192 2,255,192
    17927 SHS CANON INC ADR REP5SH 587,109 587,109
    5758 SHS CATERPILLAR INC DEL 625,722 625,722
    8120 SHS CBL & ASSOC PPTYS INC REIT 154,280 154,280
    2345 SHS CBOE HOLDINGS INC COM 115,397 115,397
    6840 SHS CELESTICA SUB VTG SHS 85,910 85,910
    3340 SHS CELLDEX THERAPEUTICS INC 54,509 54,509
    3165 SHS CEPHEID INC CALIF COM 151,730 151,730
    20600 SHS CERNER CORP COM 1,062,547 1,062,547
    3245 SHS CHARLES RIVER LABS INTL 173,672 173,672
    1350 SHS CHEMICAL FINL CORP 37,908 37,908
    7395 SHS CHEMTURA CORP. COM STK 193,231 193,231
    2770 SHS CHENIERE ENERGY 198,609 198,609
    7246 SHS CHEVRON CORP 945,965 945,965
    11577 SHS CHINA MOBILE LTD SPN ADR 562,758 562,758
    3400 SHS CHIPOTLE MEXICAN GRILL 2,014,534 2,014,534
    65700 SHS CITIGROUP INC COM NEW 3,094,470 3,094,470
    1395 SHS CITY NATIONAL CORP 105,685 105,685
    8540 SHS CLIFTON BANCORP INC 108,202 108,202
    3384 SHS CNOOC LTD ADR 606,717 606,717
    90373 SHS COCA COLA COM 3,828,200 3,828,200
    13780 SHS COEUR MINING INC 126,500 126,500
    10989 SHS COLGATE PALMOLIVE 749,230 749,230
    36700 SHS COMCAST CRP NEW CL A SPL 1,957,211 1,957,211
    8235 SHS COMMSCOPE HLDG CO INC 190,476 190,476
    1880 SHS COMMVAULT SYS INC 92,440 92,440
    75466 SHS COMPANHIA ENERG DE ADR 602,973 602,973
    19700 SHS CONSTELLATION BRANDS INC 1,736,161 1,736,161
    3920 SHS COOPER TIRE RUBBER 117,600 117,600
    5625 SHS CORE LAB N.V. COM 939,713 939,713
    2720 SHS CORNERSTONE ONDEMAND INC 125,174 125,174
    625 SHS COSTAR GROUP INC COM 98,856 98,856
    10110 SHS COVIDIEN PLC SHS NEW 911,719 911,719
    2980 SHS CRANE CO DELAWARE 221,593 221,593
    18680 SHS CREDIT SUISSE GP SP ADR 529,952 529,952
    1955 SHS CREE INC 97,652 97,652
    3410 SHS CROWN HLDGS INC 169,682 169,682
    2870 SHS CSG SYSTS INTL INC COM 74,936 74,936
    6470 SHS CST BRANDS INC SHS 223,215 223,215
    61463 SHS CTC MEDIA INC 676,708 676,708
    2255 SHS CUBIST PHARMACEUTICALS 157,444 157,444
    9911 SHS CULLEN FRST BKRS PV$0.01 787,132 787,132
    14811 SHS CVS CAREMARK CORP 1,116,305 1,116,305
    3310 SHS DEALERTRACK TECHNOLOGIES INC 150,075 150,075
    30891 SHS DELHAIZE GROUP SPONS ADR 520,822 520,822
    1705 SHS DEMANDWARE INC 118,276 118,276
    7445 SHS DENBURY RES INC 137,435 137,435
    22403 SHS DEUTSCHE BANK AG PARENT ML # 23AL9 424,369 424,369
    8100 SHS DIAGEO PLC SPSD ADR NEW 1,030,887 1,030,887
    1790 SHS DICKS SPORTING GOODS INC 83,342 83,342
    12246 SHS DISCOVER FINL SVCS 759,007 759,007
    22000 SHS DISH NETWORK CORPATION CLASS A 1,431,760 1,431,760
    4650 SHS DONALDSON CO INC 196,788 196,788
    2165 SHS DST SYSTEMS INC DEL 199,548 199,548
    4660 SHS DSW INC 130,200 130,200
    2100 SHS DUNKIN BRANDS GROUP INC 96,201 96,201
    27908 SHS E M C CORPORATION MASS 735,097 735,097
    1670 SHS EAGLE MATERIALS INC 157,448 157,448
    14379 SHS EATON CORP PLC 1,109,770 1,109,770
    21400 SHS ECOLAB INC 2,382,675 2,382,675
    2375 SHS EMCOR GROUP INC 105,759 105,759
    7630 SHS ENDOLOGIX INC 116,052 116,052
    3290 SHS ENDURANCE SPECIALTY HLDG 169,731 169,731
    8990 SHS ENERGY XXI LTD NEW COM SHARES 212,434 212,434
    2115 SHS ENERSYS 145,491 145,491
    11750 SHS ENSCO PLC SHS CL A 652,948 652,948
    1360 SHS ESTERLINE TECHNLOGIES CP 156,563 156,563
    2600 SHS EVERCORE PARTNERS INC CL A 149,864 149,864
    1775 SHS F E I COMPANY 161,046 161,046
    37300 SHS FACEBOOK INC CLASS A COMMON STOCK 2,509,917 2,509,917
    2985 SHS FEDERATED INVESTRS B 92,296 92,296
    18431 SHS FIDELITY NATL INFO SVCS INC 1,008,913 1,008,913
    16585 SHS FIRST HORIZON NTNL CORP 196,698 196,698
    4650 SHS FIRST MIDWST BANCORP DEL 79,190 79,190
    21940 SHS FIRST NIAGARA FINL GROUP INC NEW 191,756 191,756
    8752 SHS FIRSTMERIT CORP 172,852 172,852
    20200 SHS FMC TECHS INC COM 1,233,614 1,233,614
    1945 SHS FORTUNE BRANDS HOME AND SECURITY INC SHS 77,664 77,664
    760 SHS FOSTER L B CO CL A 41,131 41,131
    4960 SHS FREESCALE SEMICONDUCTOR LIMITED 116,560 116,560
    15730 SHS FULTON FINL CORP PA 194,895 194,895
    2780 SHS GALLAGHER ARTHUR J & CO 129,548 129,548
    1825 SHS GARTNER INC 128,699 128,699
    1150 SHS GENESEE & WYOM CL A 120,750 120,750
    4260 SHS GENTIVA HEALTH SVCS INC 64,156 64,156
    8050 SHS GEO (THE) GROUP INC SHS 287,627 287,627
    4390 SHS GLOBAL BRASS AND COPPER HOLDINGS INC SHS 74,191 74,191
    6675 SHS GOLDMAN SACHS GROUP INC 1,117,662 1,117,662
    5090 SHS GOOGLE INC CL A 2,975,971 2,975,971
    4290 SHS GOOGLE INC SHS CL C 2,467,951 2,467,951
    1945 SHS GRACO INC 151,866 151,866
    14120 SHS GRAN TIERRA ENERGY INC. 114,654 114,654
    4310 SHS GRAND CANYON EDUCATN INC 198,131 198,131
    10635 SHS GRAPHIC PACKAGING HLDG C 124,430 124,430
    1870 SHS HAIN CELESTIAL GROUP INC 165,944 165,944
    5990 SHS HANCOCK HOLDING CO 211,567 211,567
    1350 SHS HANESBRANDS INC 132,894 132,894
    4440 SHS HANOVER INS GROUP INC 280,386 280,386
    7520 SHS HAWAIIAN ELEC INDS INC 190,406 190,406
    4155 SHS HD SUPPLY HLDGS INC 117,960 117,960
    4880 SHS HEALTHSOUTH CORP 175,046 175,046
    3080 SHS HELEN OF TROY LTD 186,740 186,740
    3505 SHS HEXCEL CORP NEW COM 143,355 143,355
    5185 SHS HILL ROM HLDGS 215,229 215,229
    2915 SHS HILLENBRAND INC 95,087 95,087
    3730 SHS HMS HLDGS CORP 76,129 76,129
    8810 SHS HOME LN SERVICING SOLTNS LTD 200,251 200,251
    7953 SHS HONEYWELL INTL INC DEL 739,231 739,231
    1930 SHS HORNBECK OFFSHORE SVCS INC NEW 90,556 90,556
    7280 SHS HOSPITALITY PPTYS TRUST REIT 221,312 221,312
    10059 SHS HSBC HLDG PLC SP ADR 510,997 510,997
    1445 SHS HUBBELL INC CL B PAR .01 177,952 177,952
    705 SHS HYSTER-YALE MATLS HNDLNG INC CL A 62,421 62,421
    3980 SHS IDACORP INC COM 230,163 230,163
    1195 SHS INDEPENDENT BK CORP MASS 45,864 45,864
    10960 SHS INFOSYS TECH LTD ADR 589,319 589,319
    38400 SHS ING GP NV SPSD ADR 538,368 538,368
    19600 SHS INGERSOLL-RAND PLC 1,225,196 1,225,196
    7955 SHS INGRAM MICRO INC CL A 232,366 232,366
    4995 SHS INSULET CORP 198,152 198,152
    2550 SHS INTEGRA L HLDGS CORP NEW 120,003 120,003
    250 SHS INTERCEPT PHARMACEUTICAL INC 59,158 59,158
    2175 SHS INTL BANCSHARES CORP COM 58,725 58,725
    2175 SHS INTUITIVE SURGICAL INC NEW 895,665 895,665
    8760 SHS INVESTORS BANCORP INC NEW 96,798 96,798
    45131 SHS ITAU UNIBANCO BANCO HOLD SA SPONSORED ADR 648,984 648,984
    17824 SHS ITC HLDGS CORP 650,220 650,220
    2790 SHS ITRON INC 113,135 113,135
    4565 SHS ITT CORP SHS 219,577 219,577
    14520 SHS JANUS CAPITAL GROUP INC 181,210 181,210
    2835 SHS JARDEN CORP 168,257 168,257
    1000 SHS JAZZ PHARMACEUTICALS PLC SHS 147,010 147,010
    8785 SHS JDS UNIPHASE CORP 109,549 109,549
    1175 SHS JONES LANG LASALLE INC 148,508 148,508
    18303 SHS JPMORGAN CHASE & CO 1,054,619 1,054,619
    3930 SHS KATE SPADE & COMPANY 149,890 149,890
    16686 SHS KB FINL GROUP INC SPN AD 580,005 580,005
    27458 SHS KINDER MORGAN INC. DEL 995,627 995,627
    2420 SHS KINDRED HEALTHCARE INC 55,902 55,902
    64116 SHS KINROSS GOLD CORP 265,440 265,440
    26824 SHS KOMATSU NEW NEW SPNSDADR 623,122 623,122
    2555 SHS KOPPERS HLDGS INC 97,729 97,729
    15600 SHS KULICKE&SOFFA INDUST 222,456 222,456
    1295 SHS LAKELAND FINCL CORP IND 49,417 49,417
    2721 SHS LAM RESEARCH CORP COM 183,885 183,885
    2335 SHS LAMAR ADVERTISING CL A 123,755 123,755
    17800 SHS LAS VEGAS SANDS CORP 1,356,716 1,356,716
    1945 SHS LENNOX INTL INC 174,214 174,214
    90774 SHS LIBERTY GLOBAL PLC CL C 3,840,648 3,840,648
    3130 SHS LIFE TIME FITNESS INC 152,556 152,556
    3335 SHS LIFEPOINT HOSPS INC COM 207,104 207,104
    1003244 SHS LINCOLN ELEC HLDGS INC 70,106,691 70,106,691
    10600 SHS LINKEDIN CORP CLASS A COMMON STOCK 1,817,582 1,817,582
    4560 SHS LKQ CORP 121,706 121,706
    28600 SHS LOEWS CORP 1,258,686 1,258,686
    14822 SHS LOWE'S COMPANIES INC 711,308 711,308
    2965 SHS LPL FINANCIAL HOLDINGS SHS 147,479 147,479
    9980 SHS LUKOIL OAO-SPON ADR 597,004 597,004
    1720 SHS LULULEMON ATHLETICA INC 69,626 69,626
    7260 SHS MACK CALI REALTY CORP REIT 155,945 155,945
    13498 SHS MACYS INC 783,154 783,154
    13200 SHS MANULIFE FINANCIAL CORP 262,284 262,284
    37188 SHS MARVELL TECHNOLOGY GROUP 532,904 532,904
    1425 SHS MATTHEWS INTL INC CL A 59,237 59,237
    4045 SHS MAXIMUS INC 174,016 174,016
    8993 SHS MC CORMICK NON VTG 643,809 643,809
    9755 SHS MENTOR GRAPHICS CORP 210,415 210,415
    3955 SHS MEREDITH CORP 191,264 191,264
    16985 SHS MICROSEMI CORP 454,518 454,518
    105788 SHS MICROSOFT CORP 4,411,360 4,411,360
    925 SHS MIDDLEBY CORP COM 76,516 76,516
    95670 SHS MITSUBISHI UFJ FINL GRP INC 588,371 588,371
    4430 SHS MOLINA HEALTHCARE INC 197,711 197,711
    52700 SHS MONDELEZ INTERNATIONAL INC 1,982,047 1,982,047
    13900 SHS MONSANTO CO NEW DEL COM 1,733,886 1,733,886
    3235 SHS MONTPELIER RE HLDGS LTD 103,358 103,358
    68000 SHS MORGAN STANLEY 2,198,440 2,198,440
    11388 SHS MOTOROLA SOLUTIONS INC 758,099 758,099
    1770 SHS MSC INDL DIRECT INC CL A 169,283 169,283
    43430 SHS NABORS INDUSTRIES LTD 1,275,539 1,275,539
    15800 SHS NATIONAL-OILWELL VARCO INC 1,301,130 1,301,130
    1980 SHS NBT BANCORP INC 47,560 47,560
    1490 SHS NELNET INC CL A 61,731 61,731
    30050 SHS NESTLE S A REP RG SH ADR 2,333,984 2,333,984
    3560 SHS NEUROCRINE BIOSCNCE INC 52,813 52,813
    28300 SHS NEW RESIDENTIAL INVT CORP SHS 178,290 178,290
    7815 SHS NEXTERA ENERGY INC SHS 800,881 800,881
    15689 SHS NIELSEN NV 759,504 759,504
    18900 SHS NIKE INC CL B 1,465,695 1,465,695
    1970 SHS NIMBLE STORAGE INC 60,518 60,518
    20733 SHS NIPPON TELG&TEL SPDN ADR 647,077 647,077
    34425 SHS NOBLE CORP PLC SHS 1,155,303 1,155,303
    35600 SHS NOBLE ENERGY INC 2,757,576 2,757,576
    81720 SHS NOMURA HLDGS INC ADR 574,492 574,492
    1515 SHS NORDSON CORP 121,488 121,488
    6260 SHS NORTHERN OIL AND GAS INC 101,975 101,975
    8100 SHS NOVARTIS ADR 733,293 733,293
    15337 SHS NOVO NORDISK A S ADR 708,416 708,416
    68358 SHS OAO GAZPROM SPON ADR 595,740 595,740
    1290 SHS OCEANEERING INTL INC 100,788 100,788
    1270 SHS OCWEN FINL CORP COM NEW 47,117 47,117
    8010 SHS OLIN CORP $1 NEW 215,629 215,629
    8970 SHS OMEGA HEALTHCARE INVS REIT 330,634 330,634
    111000 SHS ORACLE CORP $0.01 DEL 4,498,830 4,498,830
    3030 SHS OREXIGEN THERAP INC 18,725 18,725
    3250 SHS OSHKOSH CORPORATION 180,473 180,473
    2310 SHS OSI SYSTEM INC 154,193 154,193
    5195 SHS OWENS &MINOR INC NEW COM 176,526 176,526
    11589 SHS PACKAGING CORP AMERICA 829,927 829,927
    11794 SHS PAN AMERN SILVER CORP 181,038 181,038
    4345 SHS PARSLEY ENERGY INC SHS CL A 104,584 104,584
    3000 SHS PARTNERRE LTD 327,630 327,630
    3120 SHS PBF ENERGY INC CL A 83,148 83,148
    7560 SHS PENN RL EST INV TR REIT 142,279 142,279
    2910 SHS PENSKE AUTO GROUP INC INC 144,045 144,045
    22200 SHS PEPSICO INC 1,983,348 1,983,348
    40900 SHS PETRLEO BRAS VTG SPD ADR 598,367 598,367
    34427 SHS PFIZER INC 1,021,793 1,021,793
    1535 SHS PHARMACYCLICS INC 137,705 137,705
    11040 SHS PHILIP MORRIS INTL INC 930,782 930,782
    9896 SHS PHILLIPS 66 SHS 795,935 795,935
    4530 SHS PLANTRONICS INC NEW COM 217,667 217,667
    1970 SHS PLATINUM UNDRWRITRS HLDG 127,755 127,755
    760 SHS POLARIS INDUSTRIES COM 98,982 98,982
    3970 SHS POLYONE CORP COM 167,296 167,296
    6450 SHS PORTLAND GEN ELEC CO 223,622 223,622
    2490 SHS PORTOLA PHARMACEUTICALS INC COM 72,658 72,658
    25850 SHS POTASH CORP SASKATCHEWAN 981,266 981,266
    12300 SHS PRAXAIR INC 1,633,932 1,633,932
    1580 SHS PROOFPOINT INC 59,187 59,187
    6290 SHS PROSPECT CAPITAL CORP 66,831 66,831
    2730 SHS PROSPERITY BANCSHARES 170,898 170,898
    4930 SHS PROTECTIVE LIFE CORP COM 341,797 341,797
    3935 SHS PTC INC SHS 152,678 152,678
    745 SHS PUMA BIOTECH INC 49,170 49,170
    4505 SHS QEP RESOURCES INC SHS 155,423 155,423
    16220 SHS QLOGIC CORP 163,660 163,660
    11502 SHS QUALCOMM INC 910,958 910,958
    845 SHS QUESTCOR PHARMACEUTICALS 78,154 78,154
    22460 SHS RAIT FINANCIAL TRUST SHS 185,744 185,744
    2000 SHS RED ROBIN GOURMET BURGRS 142,400 142,400
    5800 SHS REGENERON PHARMACTCLS 1,638,326 1,638,326
    20375 SHS RF MICRO DEVICES INC 195,396 195,396
    27575 SHS RIO TINTO PLC SPNSRD ADR 1,496,771 1,496,771
    21275 SHS RITE AID CORPORATION 152,542 152,542
    4215 SHS ROBERTHALF INTL INC COM 201,224 201,224
    2645 SHS ROCKWOOD HLDGS INC 200,994 200,994
    1870 SHS ROSETTA RESOURCES INC. 102,570 102,570
    7257 SHS ROYAL DUTCH SHELL PLC SPONS ADR A 597,759 597,759
    3585 SHS RYDER SYSTEM INC 315,803 315,803
    43100 SHS SALESFORCE COM INC 2,503,248 2,503,248
    5620 SHS SANMINA CORP 128,024 128,024
    32500 SHS SCHLUMBERGER LTD 3,833,375 3,833,375
    43100 SHS SCHWAB CHARLES CORP NEW 1,160,683 1,160,683
    2710 SHS SCIENCE APPLICATIONS INTL CORP 119,674 119,674
    21640 SHS SEADRILL LTD 864,518 864,518
    13380 SHS SELECT MEDICAL HOLDINGS CORP 208,728 208,728
    7220 SHS SERVICE CORP INTL 149,598 149,598
    2300 SHS SERVICENOW INC 142,508 142,508
    4035 SHS SIEMENS AG ADR 533,387 533,387
    1545 SHS SIGNATURE BANK 194,948 194,948
    1545 SHS SIGNET JEWELERS LTD SHS 170,862 170,862
    4440 SHS SIX FLAGS ENTMT CORP NEW 188,922 188,922
    25142 SHS SK TELECOM ADR 652,184 652,184
    2935 SHS SMITH A O CORP DEL COM 145,517 145,517
    6985 SHS SMITH-NPHW PLC SPADR NEW 623,621 623,621
    46467 SHS SOCIETE GENERAL SPN ADR 486,974 486,974
    31900 SHS SOUTHWESTERN ENERGY CO 1,451,131 1,451,131
    1995 SHS SOVRAN SELF STORAGE INC REIT 154,114 154,114
    21000 SHS SPLUNK INC COMMON SHARES 1,161,930 1,161,930
    10500 SHS STARBUCKS CORP 812,490 812,490
    18287 SHS STATOIL ASA SHS 563,788 563,788
    10905 SHS STEEL DYNAMICS INC COM 195,745 195,745
    655 SHS STRATASYS LTD 74,428 74,428
    59651 SHS SUMITOMO MITSUI-UNSPONS ADR 505,244 505,244
    45319 SHS SUNCOR ENERGY INC NEW 1,931,949 1,931,949
    6690 SHS SUNEDISON INC 151,194 151,194
    4675 SHS SWIFT TRANSPORTATION COMPANY INC 117,950 117,950
    2600 SHS SYKES ENTERPRISES INC 56,498 56,498
    5520 SHS SYMETRA FINANCIAL CORP 125,525 125,525
    765 SHS SYNAGEVA BIOPHARMA CORP 80,172 80,172
    4870 SHS SYNCHRONOSS TECHNOLOGIES INC 170,255 170,255
    1465 SHS TABLEAU SOFTWARE INC CL A 104,498 104,498
    12975 SHS TALISMAN ENERGY INC COM 137,535 137,535
    4410 SHS TANGER FACTORY OUTLT CEN REIT 154,218 154,218
    815 SHS TARGA RESOURCES CORP COM STK 113,750 113,750
    14579 SHS TATA MOTORS LTD ADR 569,456 569,456
    1310 SHS TAUBMAN CENTERS INC COM REITS-REGIONAL MALLS 99,311 99,311
    5445 SHS TAYLOR MORRISON HOME CORP CL A COMMON STOCK 122,077 122,077
    5930 SHS TCF FINANCIAL CORP COM 97,074 97,074
    1780 SHS TECH DATA CORP 111,286 111,286
    6575 SHS TECK RESOURCES LTD CLS B 150,107 150,107
    8455 SHS TECO ENERGY INC 156,248 156,248
    33908 SHS TELEFONICA SA SPAIN ADR 581,861 581,861
    26425 SHS TENARIS S A ADR 1,245,939 1,245,939
    3815 SHS TENET HEALTHCARE CORP COM NEW 179,076 179,076
    1670 SHS TENNECO INC DEL 109,719 109,719
    38516 SHS TESCO PLC SPNRD ADR 564,259 564,259
    11257 SHS TEVA PHARMACTCL INDS ADR 590,092 590,092
    1475 SHS THE PRICELINE GROUP INC 1,774,425 1,774,425
    10700 SHS THERMO FISHER SCIENTIFIC INC 1,262,600 1,262,600
    2480 SHS THORATEC CORP COM NEW 86,453 86,453
    6957 SHS TIME WARNER CABLE INC SHS 1,024,766 1,024,766
    8733 SHS TOTAL S.A. SP ADR 630,523 630,523
    5725 SHS TOTAL SYS SVCS INC 179,822 179,822
    2790 SHS TRIPLE S MGMT CORP CL B 50,025 50,025
    2040 SHS TRULIA INC SHS 96,655 96,655
    8212 SHS TUPPERWARE BRANDS CORP 687,345 687,345
    7240 SHS TUTOR PERINI CORP 229,798 229,798
    94800 SHS TWENTY-FIRST CENTURY FOX INC CLASS A 3,332,220 3,332,220
    28000 SHS UBS AG REG 512,960 512,960
    1580 SHS ULTA SALON COSMETICS & FRAGRAN 144,428 144,428
    8390 SHS ULTRA PETROLEUM CORP 249,099 249,099
    4505 SHS UMPQUA HLDGS CORP ORE 80,730 80,730
    15900 SHS UNILEVER NV NY REG SHS 695,784 695,784
    9560 SHS UNION PACIFIC CORP 953,610 953,610
    2960 SHS UNISYS CORP 73,230 73,230
    3180 SHS UNIT CORP 218,879 218,879
    2160 SHS UNITED NAT FOODS INC 140,616 140,616
    1645 SHS UNITED RENTALS INC COM 172,281 172,281
    39270 SHS UNITEDHEALTH GROUP INC 3,210,323 3,210,323
    2065 SHS UNIVERSAL HEALTH SVCS B 197,744 197,744
    3640 SHS URS CORP NEW COM 166,894 166,894
    16076 SHS V F CORPORATION 1,012,788 1,012,788
    28875 SHS VALE SA 382,016 382,016
    43554 SHS VALE SA 576,219 576,219
    9300 SHS VALEANT PHARMACEUTICALS INTERNATIONL INC 1,172,916 1,172,916
    2105 SHS VALSPAR CORP COM 160,380 160,380
    14950 SHS VISA INC CL A SHRS 3,150,115 3,150,115
    14810 SHS VISHAY INTERTECHNLGY 229,407 229,407
    33550 SHS W R BERKLEY CORP 1,553,701 1,553,701
    1850 SHS WABCO HOLDINGS INC 197,617 197,617
    28200 SHS WAL-MART STORES INC 2,116,973 2,116,973
    8975 SHS WASHINGTON FEDL INC 201,309 201,309
    4017 SHS WASTE CONNECTIONS INC 195,025 195,025
    2550 SHS WATTS WATER TECH INC 157,412 157,412
    74500 SHS WEATHERFORD INTL PLC 1,713,500 1,713,500
    4005 SHS WEBSTER FINL CP PV $0.01 126,318 126,318
    1365 SHS WELLCARE HLTH PLANS INC 101,911 101,911
    23544 SHS WELLS FARGO & CO NEW DEL 1,237,472 1,237,472
    1150 SHS WESBANCO INC 35,696 35,696
    1380 SHS WEX INC 144,859 144,859
    4518 SHS WHIRLPOOL CORP 628,996 628,996
    2620 SHS WHITING PETROLEUM CORP 210,255 210,255
    24600 SHS WHOLE FOODS MKT INC COM 950,298 950,298
    1995 SHS WILEY JOHN & SONS CL A 120,877 120,877
    4185 SHS WINTRUST FINL CP ILL COM 192,510 192,510
    4000 SHS WORTHINGTON INDSTRS OHIO 172,160 172,160
    5475 SHS WRIGHT MEDICAL GROUP INC 171,915 171,915
    33100 SHS YAMANA GOLD INC 272,082 272,082
    1050 SHS YARA INTL ASA SP ADR 52,553 52,553

    TY 2013 InvestmentsGovtObligationsSch
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    US Government Securities - End of Year Book Value:

    10,885,040
    US Government Securities - End of Year Fair Market Value:

    10,885,040
    State & Local Government Securities - End of Year Book Value:


    0
    State & Local Government Securities - End of Year Fair Market Value:


    0


    TY 2013 InvestmentsOtherSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    RESIDUAL INVESTMENTS ARDEN SAGE ACCOUNT FMV 100,748 100,748
    ROSE VALUE-ADD OFFICE RETROFIT FUND FMV 2,080,246 2,080,246
    CARLYLE PARTNERS FMV 4,551,352 4,551,352
    BLACKSTONE MARKET OPPORTUNITIES OFFSHORE FUND FMV 41,463,546 41,463,546
    ARDEN-SAGE CAPITAL INTERNATIONAL, LTD FMV 1,864,311 1,864,311
    MORGAN CREEK PARTNERS FMV 3,628,539 3,628,539
    VANGUARD INTERNATIONAL EQUITY FUND FMV 191,129 191,129
    ECO SYSTEM PARTNERS FMV 2,274,286 2,274,286
    1454475 SHS SPHINX ACCESS LTD CL DH FMV 298,135 298,135
    RUSSELL 1000 INDEX FUND FMV 27,646,710 27,646,710
    NEUBERGER BERMAN EMERGING MARKETS EQUITY FUND FMV 11,590,000 11,590,000
    MONARCH DEBT RECOVERY FUND LTD FMV 13,345,650 13,345,650
    BEACH POINT TOTAL RETURN OFFSHORE FUND II LTD FMV 12,379,983 12,379,983
    NUVEEN GLOBAL EMERGING MARKETS FMV 14,003,906 14,003,906
    GRESHAM TAP FMV 15,309,862 15,309,862
    VANGUARD EMERGING MARKETS FMV 2,975,970 2,975,970
    BLACKROCK COMMODITIES FMV 7,043,345 7,043,345
    POWERSHARES PRIVATE EQUITY FMV 5,511,510 5,511,510
    BARROW HANLY BOND FUND FMV 2,411,879 2,411,879

    TY 2013 LandEtcSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    LAND AND BUILDINGS, BRATTLE STREET, CAMBRIDGE 10,082,406 4,329,504 5,752,902  
    FURNITURE 151,848 151,848 0  
    OFFICE CONDO - PHOENIX 2,119,729 334,446 1,785,283  
    CONDOMINIUM IMPROVEMENTS - PHOENIX 389,901 76,899 313,002  
    CONDOMINIUM IMPROVEMENTS - PHOENIX 30,980 4,332 26,648  
    CONDOMINIUM IMPROVEMENTS - PHOENIX 43,809 38,223 5,586  
    PHILLIPS PLACE, CAMBRIDGE - LAND 2,500,000 0 2,500,000  
    PHILLIPS PLACE, CAMBRIDGE - BUILDINGS 1,550,255 0 1,550,255  
    PHILLIPS PLACE, CAMBRIDGE - CAPITALIZED EXP 3,158,000 0 3,158,000  


    TY 2013 LegalFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    SNELL & WILMER 1,964 875 875 1,089
    PARKER BROWN 2,383 0 0 2,383
    ROPES AND GRAY 4,554 0 0 4,554
    CHIN AND CURTIS LLP 470 0 0 470
    JONES DAY 5,065 0 0 5,065
    LEXIS/NEXIS 1,735 0 0 1,735


    TY 2013 OtherAssetsSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    HEALTH INSURANCE DEPOSIT   9,030 9,030


    TY 2013 OtherDecreasesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Amount
    ROUNDING 5


    TY 2013 OtherExpensesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CURRICULUM DEVELOPMENT AND RESEARCH 672,195 0 0 672,195
    EVALUATION 65,525 0 0 65,525
    GENERAL OFFICE 114,484 27,739 27,739 86,745
    BOARD TRAVEL AND MEETING COSTS 297,712 70,039 70,039 227,673
    INSURANCE 49,776 0 0 49,776
    JOINT/DEMONSTRATION PROJECTS 2,701,952 0 0 2,701,952
    TEMPORARY SUPPORT STAFF 64,325 0 0 64,325
    PUBLIC AFFAIRS 167,860 0 0 167,860
    INFORMATION TECHNOLOGY 464,012 48,945 48,945 415,067
    MULTI-MEDIA 7,000 0 0 7,000
    DISTANCE EDUCATION 336,585 0 0 336,585
    COURSES, CONFERENCES AND MEETINGS 1,342,159 0 0 1,342,159
    PROGRAM AWARDS UNDER $10,000 321,612 0 0 321,612
    CAPITALIZED INTEREST 0 0 0 155,403


    TY 2013 OtherIncomeSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PUBLICATIONS 70,736   70,736
    SONORAN INSTITUTE 4,884   4,884
    EMPLOYEE PARKING 5,040   5,040
    OTHER 575   575


    TY 2013 OtherIncreasesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Amount
    CHANGE IN UNREALIZED APPRECIATION FOR YEAR 56,278,780


    TY 2013 OtherLiabilitiesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Beginning of Year - Book Value End of Year - Book Value
    PAYROLL RELATED 23,306 36,776
    TENANT DEPOSIT 3,014 3,014
    REVOLVING LOAN ACCOUNT 10,743,240 13,000,000


    TY 2013 OtherProfessionalFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    DREMAN VALUE MGMT- INV. ADVICE 499,035 499,035 499,035 0
    SANDS - INV. ADVICE 257,198 257,198 257,198 0
    FRED ALGER - INV. ADVICE 199,931 199,931 199,931 0
    MERRILL LYNCH - INV ADVICE 333,067 333,067 333,067 0
    EAGLE CAPITAL MANAGEMENT - INV ADVICE 394,248 394,248 394,248 0
    CARLYLE GROUP - INV ADVICE 104,380 104,380 104,380 0
    MISC ADMIN CONSULTING FEES 8,027 0 0 8,027
    BARROW HANLEY - INV ADVICE 168,567 168,567 168,567 0
    WENTWORTH HAUSER - INV ADVICE 150,003 150,003 150,003 0
    ARDEN SAGE - INV ADVICE 11,663 11,663 11,663 0
    MORGAN CREEK - INV ADVICE 73,318 73,318 73,318 0
    JONATHAN ROSE COMPANY 113,313 113,313 113,313 0
    SANTA BARBARA ASSET MGMT 192,529 192,529 192,529 0
    THRU MUTUAL FUND 63,668 63,668 63,668 0
    RUSSELL REYNOLD 128,018 0 0 128,018
    OTHER INVESTMENT 85 85 85 0


    TY 2013 TaxesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 158,907 158,907 158,907 0
    FEDERAL EXCISE 630,000 0 0 630,000