Form990-PF

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.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2014
Open to Public Inspection
For calendar year 2014, or tax year beginning 2014, and ending , 20
Name of foundation
GLADYS E KNOWLES CHARITABLE TRUST 50315420
 

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 0634   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MILWAUKEE, WI532010634
A Employer identification number

81-0423029
B Telephone number (see instructions)

(503) 464-3580
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$2,434,322J Accounting method:
 
(Part I, column (d) must be on cash basis.)
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach
schedule)..............  
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities...... 57,958 57,958  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 101,117
b Gross sales price for all assets on line 6a 648,639
7 Capital gain net income (from Part IV, line 2)... 101,117
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 159,075 159,075  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 33,576 30,219   3,358
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule)....... Click to see attachment 2,000 0 0 2,000
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 4,790 879   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule).......        
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 40,366 31,098 0 5,358
25 Contributions, gifts, grants paid........ 98,240 98,240
26 Total expenses and disbursements. Add lines 24 and 25 138,606 31,098 0 103,598
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 20,469
b Net investment income (if negative, enter -0-) 127,977
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2014)
Form 990-PF (2014)
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............... 617 860 860
2 Savings and temporary cash investments.......... 12,213 81,137 81,137
3 Accounts receivable bullet1,427
Less: allowance for doubtful accounts bullet   1,001 1,427 1,427
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 bullet0      
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule) 39,781    
b Investments—corporate stock (attach schedule)........ 1,190,201 Click to see attachment1,136,049 1,724,462
c Investments—corporate bonds (attach schedule)........ 595,236 Click to see attachment640,139 626,436
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........     0
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 1,839,049 1,859,612 2,434,322
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)    
23 Total liabilities (add lines 17 through 22)..........   0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted...................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 1,839,049 1,859,612
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 instructions)...... 1,839,049 1,859,612
31 Total liabilities and net assets/fund balances (see instructions).. 1,839,049 1,859,612
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 1,839,049
2 Enter amount from Part I, line 27a..................... 2 20,469
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 94
4 Add lines 1, 2, and 3.......................... 4 1,859,612
5 Decreases not included in line 2 (itemize) bullet 5 0
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 1,859,612
Form 990-PF (2014)
Form 990-PF (2014)
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 1000.999 E I I INTL PPTY I   2013-08-22 2014-02-11
b 412.544 PRINCIPAL GL R E SEC INS   2013-06-07 2014-02-11
c 312.094 PRINCIPAL GL R E SEC INS   2013-02-01 2014-02-11
d 1071.582 LAUDUS INTERNATIONAL MARKETMASTERS   2011-08-16 2014-02-11
e 300. MONDELEZ INTERNATIONAL W I   2012-06-08 2014-02-20
25000. BAXTER INTERNATIONAL 4.000% 3/01/14   2009-10-16 2014-03-01
65. INTERNATIONAL BUSINESS MACHS CORP   2012-04-24 2014-03-06
269. COCA COLA CO   2012-08-01 2014-03-07
137.5 KNOWLES CORP   2012-10-04 2014-03-11
9.5 KNOWLES CORP   2013-08-29 2014-03-11
2. APPLE COMPUTER INC   2005-07-13 2014-03-20
75. E M C CORP MASS   2011-11-28 2014-03-20
25. EMERSON ELEC CO   2012-04-27 2014-03-20
10. GILEAD SCIENCES INC   2012-05-17 2014-03-20
1. GOOGLE INC CL A   2009-11-04 2014-03-20
25. JOHNSON CTLS INC   2013-05-02 2014-03-20
.5 KNOWLES CORP   2013-08-29 2014-03-20
588.235 PRINCIPAL PREFERRED SEC INS   2013-03-11 2014-03-20
278.707 INV BALANCE RISK COMM STR Y   2013-06-04 2014-03-31
50. CISCO SYS INC   2013-02-20 2014-03-31
18. DEVON ENERGY CORPORATIOIN   2013-05-15 2014-03-31
51.062 AMERICAN EUROPACIFIC GRTH F2   2013-02-01 2014-03-31
50. GENERAL ELEC CO   2009-04-03 2014-03-31
1. GOOGLE INC CL A   2009-11-04 2014-03-31
25. ORACLE CORPORATION   2006-12-05 2014-03-31
15. P N C FINANCIAL SERVICES GROUP INC   2011-12-07 2014-03-31
889.68 PRINCIPAL GL R E SEC INS   2013-02-01 2014-03-31
10. WAL MART STORES INC   2007-01-18 2014-03-31
15. COVIDIEN PLC   2012-09-28 2014-03-31
160. CHEVRONTEXACO CORP   2011-03-16 2014-04-23
578.704 PRINCIPAL GL R E SEC INS   2012-12-04 2014-04-25
41. ALLERGAN INC   2012-06-08 2014-05-02
219.78 INV BALANCE RISK COMM STR Y   2013-06-04 2014-05-21
889.818 AMERICAN CENTY INTL BOND FD INSTL   2014-03-20 2014-05-21
50. BANK OF AMERICA CORP   2012-10-23 2014-05-21
25. EDISON INTL   2012-09-28 2014-05-21
10. JOHNSON CTLS INC   2013-05-02 2014-05-21
10. MASTERCARD INC   2012-02-08 2014-05-21
10. P N C FINANCIAL SERVICES GROUP INC   2011-11-29 2014-05-21
601.059 PRINCIPAL GL R E SEC INS   2013-01-04 2014-05-21
5. QUALCOMM INC   2001-06-07 2014-05-21
104.515 LAUDUS INTERNATIONAL MARKETMASTERS   2012-08-01 2014-05-21
6. WALGREEN COMPANY COMMON STOCK   2013-01-15 2014-05-21
661.522 INV BALANCE RISK COMM STR Y   2013-06-19 2014-06-03
3. APPLE COMPUTER INC   2013-05-13 2014-06-03
75. BANK OF AMERICA CORP   2012-10-23 2014-06-03
25. COACH INC   2009-12-04 2014-06-03
10. ECOLAB INC   2011-11-28 2014-06-03
444.05 NUVEEN INFLATION PRO SEC CL I   2011-08-16 2014-06-03
274.474 P I M C O FDS TOTAL RETURN FD   2012-09-25 2014-06-03
5. PRAXAIR INC   2011-03-16 2014-06-03
5. UNITED PARCEL SERVICE INC CL B   2001-09-19 2014-06-03
33.984 VANGUARD 500 INDEX FUND   2013-08-22 2014-06-03
10. CIGNA CORP   2013-04-15 2014-06-13
10. DISNEY WALT CO   2012-06-08 2014-06-13
25000. INTEL CORP 1.350% 12/15/17   2013-01-04 2014-06-13
1304.631 TFS MARKET NEUTRAL FUND   2012-08-31 2014-06-13
65. COACH INC   2009-12-04 2014-06-19
63. COVIDIEN PLC   2012-09-28 2014-06-19
90. COVIDIEN PLC   2012-08-21 2014-06-26
40. ALLERGAN INC   2012-05-30 2014-07-01
999.001 BLACKROCK EMERGING MKTS L S EQTY IS   2013-11-05 2014-07-01
227.894 P I M C O FDS TOTAL RETURN FD   2012-09-25 2014-07-01
101.256 LAUDUS INTERNATIONAL MARKETMASTERS   2012-08-01 2014-07-01
10.042 VANGUARD 500 INDEX FUND   2013-08-22 2014-07-01
25000. AT&T INC 0.875% 2/13/15   2013-02-06 2014-07-15
724.638 BLACKROCK EMERGING MKTS L S EQTY IS   2013-10-01 2014-08-07
212.134 LAUDUS INTERNATIONAL MARKETMASTERS   2012-08-01 2014-08-07
10. STATE STR CORP   2002-11-20 2014-08-07
5. 3M CO   2002-12-18 2014-08-07
126. WALGREEN COMPANY COMMON STOCK   2013-01-15 2014-08-13
246. SOUTHWEST AIRLINES CO   2014-02-20 2014-08-21
. COUNTRYWIDE FINANCIAL CORPORATION     2014-08-25
220.994 INV BALANCE RISK COMM STR Y   2013-10-01 2014-08-27
356.373 INV BALANCE RISK COMM STR Y   2013-06-19 2014-08-27
957.147 BLACKROCK EMERGING MKTS L S EQTY IS   2014-03-31 2014-08-27
236.261 BLACKROCK EMERGING MKTS L S EQTY IS   2013-08-22 2014-08-27
133.761 SCOUT INTERNATIONAL FUND   2013-08-22 2014-08-27
623.053 ABERDEEN FDS EMRGN   2013-06-04 2014-09-03
5. ANADARKO PETE CORP   2013-03-25 2014-09-03
10. APPLE COMPUTER INC   2013-05-13 2014-09-03
15. BAXTER INTL INC   2012-11-07 2014-09-03
50. CISCO SYS INC   2013-02-20 2014-09-03
18. CITIGROUP INC   2011-02-17 2014-09-03
25. COMCAST CORP CL A   2009-04-03 2014-09-03
12. DEVON ENERGY CORPORATIOIN   2013-04-15 2014-09-03
15. DISNEY WALT CO   2012-06-08 2014-09-03
5. DOVER CORP   2013-08-29 2014-09-03
20. E M C CORP MASS   2013-07-25 2014-09-03
5. ECOLAB INC   2002-06-11 2014-09-03
30. EDISON INTL   2012-09-28 2014-09-03
10. EXXON MOBIL CORP   1994-06-16 2014-09-03
10. GILEAD SCIENCES INC   2011-03-16 2014-09-03
75. HEWLETT PACKARD CO   2014-03-06 2014-09-03
10. JOHNSON & JOHNSON   2002-07-25 2014-09-03
17. JOHNSON CTLS INC   2013-05-02 2014-09-03
10. MC DONALD'S CORP   2009-04-03 2014-09-03
8. MOHAWK INDS INC   2013-07-25 2014-09-03
10. NIKE INC   2011-09-19 2014-09-03
15. P N C FINANCIAL SERVICES GROUP INC   2013-06-24 2014-09-03
5. PRAXAIR INC   2011-03-16 2014-09-03
20. PROCTER & GAMBLE CO   2002-03-19 2014-09-03
15. QUALCOMM INC   2003-02-19 2014-09-03
149.656 T ROWE PRICE MID CAP VALUE FD INC   2013-03-25 2014-09-03
15. SCHLUMBERGER LTD   2010-12-27 2014-09-03
620.861 LAUDUS INTERNATIONAL MARKETMASTERS   2011-08-18 2014-09-03
402.793 SCOUT INTERNATIONAL FUND   2013-08-22 2014-09-03
44. SOUTHWEST AIRLINES CO   2014-02-20 2014-09-03
10. STARBUCKS CORP   2011-03-16 2014-09-03
15. STATE STR CORP   2009-11-04 2014-09-03
5. 3M CO   2002-12-18 2014-09-03
10. UNITED TECHNOLOGIES CORP   2004-01-05 2014-09-03
39.185 VANGUARD 500 INDEX FUND   2013-07-01 2014-09-03
20. VERIZON COMMUNICATIONS   2009-05-14 2014-09-03
10. WALGREEN COMPANY COMMON STOCK   2013-01-11 2014-09-03
7. COVIDIEN PLC   2012-07-06 2014-09-03
10. ACE LTD   2012-11-01 2014-09-03
50. GILEAD SCIENCES INC   2011-03-16 2014-09-10
306.373 INV BALANCE RISK COMM STR Y   2013-06-21 2014-09-24
68.719 SCOUT INTERNATIONAL FUND   2013-09-05 2014-09-24
243. E M C CORP MASS   2013-07-25 2014-09-25
663.169 INV BALANCE RISK COMM STR Y   2013-06-21 2014-10-02
. DELL INC     2014-10-07
458.295 P I M C O FDS TOTAL RETURN FD   2011-08-18 2014-10-07
10. CIGNA CORP   2013-04-15 2014-10-08
20. CITIGROUP INC   2011-02-17 2014-10-08
10. DEVON ENERGY CORPORATIOIN   2013-04-15 2014-10-08
50. GENERAL ELEC CO   2009-04-03 2014-10-08
10. MASTERCARD INC   2011-12-07 2014-10-08
10. NIKE INC   2011-09-19 2014-10-08
25. ORACLE CORPORATION   2006-12-05 2014-10-08
10. SCHLUMBERGER LTD   2010-12-27 2014-10-08
10. STARBUCKS CORP   2011-03-16 2014-10-08
20. WELLS FARGO & CO NEW   2005-07-13 2014-10-08
1166.183 P I M C O FDS TOTAL RETURN FD   2011-12-07 2014-10-15
50000. BARCLAYS BANK DE C D 3.250% 10/28/14   2009-10-20 2014-10-28
40000. F H L M C M T N 5.000% 11/13/14   2004-11-19 2014-11-13
. AMERICAN INTL GROUP INC     2014-11-26
67. CALIFORNIA RESOURCES CORP   2013-06-20 2014-12-10
69.348 SCOUT INTERNATIONAL FUND   2013-09-24 2014-12-10
.2 CALIFORNIA RESOURCES CORP   2011-06-08 2014-12-23
CAPITAL GAIN DIVIDENDS 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 19,109   19,000 109
b 3,449   3,500 -51
c 2,609   2,647 -38
d 25,311   19,213 6,098
e 10,381   7,544 2,837
25,000   26,210 -1,210
12,232   12,008 224
10,343   9,287 1,056
3,937   2,727 1,210
272   270 2
1,060   76 984
2,091   1,668 423
1,588   1,317 271
756   253 503
1,202   544 658
1,177   862 315
16   14 2
6,000   6,240 -240
2,497   2,586 -89
1,123   1,065 58
1,192   1,040 152
2,518   2,201 317
1,290   543 747
1,122   544 578
1,010   472 538
1,302   811 491
7,544   7,541 3
763   487 276
1,095   813 282
19,953   14,877 5,076
4,959   4,821 138
6,936   3,731 3,205
2,009   2,040 -31
12,760   12,500 260
728   469 259
1,342   1,145 197
476   345 131
751   394 357
835   509 326
5,265   4,992 273
399   154 245
2,522   1,858 664
412   235 177
5,980   6,126 -146
1,906   1,371 535
1,132   703 429
1,007   914 93
1,090   294 796
4,978   4,673 305
2,992   3,175 -183
667   476 191
516   245 271
4,998   4,301 697
908   661 247
828   459 369
24,930   25,002 -72
19,909   20,000 -91
2,385   2,376 9
5,772   3,411 2,361
8,189   4,625 3,564
6,778   3,632 3,146
10,000   10,750 -750
2,495   2,583 -88
2,520   1,788 732
1,510   1,255 255
25,102   25,132 -30
7,471   7,742 -271
4,972   3,699 1,273
699   440 259
696   302 394
7,886   4,927 2,959
7,716   5,279 2,437
41     41
1,909   2,000 -91
3,079   3,250 -171
10,040   10,000 40
2,478   2,508 -30
5,015   4,646 369
10,106   9,397 709
558   441 117
998   653 345
1,112   986 126
1,246   1,065 181
938   898 40
1,370   360 1,010
897   644 253
1,365   689 676
441   360 81
590   533 57
574   115 459
1,766   1,373 393
993   146 847
1,085   199 886
2,859   2,251 608
1,038   486 552
826   586 240
932   558 374
1,175   912 263
788   448 340
1,277   1,054 223
660   476 184
1,660   887 773
1,126   450 676
4,991   3,951 1,040
1,646   1,229 417
15,099   10,642 4,457
15,165   13,202 1,963
1,435   944 491
777   351 426
1,092   651 441
721   302 419
1,097   474 623
5,996   4,819 1,177
997   564 433
603   390 213
617   340 277
1,070   787 283
5,366   997 4,369
2,506   2,715 -209
2,505   2,356 149
7,013   6,275 738
5,325   5,783 -458
36     36
5,009   5,063 -54
895   661 234
1,028   998 30
629   537 92
1,244   543 701
730   371 359
883   448 435
964   472 492
971   819 152
742   351 391
1,025   620 405
12,781   12,781  
50,000   50,000  
40,000   39,781 219
41     41
386   530 -144
2,458   2,508 -50
1   2 -1
      22,485
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       109
b       -51
c       -38
d       6,098
e       2,837
      -1,210
      224
      1,056
      1,210
      2
      984
      423
      271
      503
      658
      315
      2
      -240
      -89
      58
      152
      317
      747
      578
      538
      491
      3
      276
      282
      5,076
      138
      3,205
      -31
      260
      259
      197
      131
      357
      326
      273
      245
      664
      177
      -146
      535
      429
      93
      796
      305
      -183
      191
      271
      697
      247
      369
      -72
      -91
      9
      2,361
      3,564
      3,146
      -750
      -88
      732
      255
      -30
      -271
      1,273
      259
      394
      2,959
      2,437
      41
      -91
      -171
      40
      -30
      369
      709
      117
      345
      126
      181
      40
      1,010
      253
      676
      81
      57
      459
      393
      847
      886
      608
      552
      240
      374
      263
      340
      223
      184
      773
      676
      1,040
      417
      4,457
      1,963
      491
      426
      441
      419
      623
      1,177
      433
      213
      277
      283
      4,369
      -209
      149
      738
      -458
      36
      -54
      234
      30
      92
      701
      359
      435
      492
      152
      391
      405
       
       
      219
      41
      -144
      -50
      -1
       
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 2 101,117
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  
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 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))
2013 103,434 2,293,944 0.04509
2012 103,143 2,156,068 0.047838
2011 102,940 2,162,096 0.047611
2010 149,040 2,096,498 0.07109
2009 166,917 2,007,682 0.083139
2 Total of line 1, column (d) ...................... 2 0.294768
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 0.058954
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 2,409,941
5 Multiply line 4 by line 3....................... 5 142,076
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 1,280
7 Add lines 5 and 6......................... 7 143,356
8 Enter qualifying distributions from Part XII, line 4.............. 8 103,598
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 (2014)
Form 990-PF (2014)
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 2,560
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 2,560
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 2,560
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 2,780
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 2,780
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 0
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 10 220
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet220 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 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$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
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
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
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)
    bulletMT
    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 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    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 addressbullet  
    14
    The books are in care ofbulletUS BANK Telephone no.bullet (503) 464-3580
    Located atbullet555 SW OAKPORTLANDOR ZIP+4bullet97204
    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 2014, 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 FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 6
    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 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 2014?.............
    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 2014, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2014?...............
    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
     
    No
    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 2014 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 2014.)....................
    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 2014?
    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 4945(d)(4)(A)? (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
     
     
    .........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 (2014)
    Form 990-PF (2014)
    Page 7
    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
    US BANK TRUSTEE
    1     		33,576    
    PO BOX 3168
    PORTLAND,OR97208
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 8
    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 instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    2,415,604
    b
    Average of monthly cash balances.......................
    1b
    31,037
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    2,446,641
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    2,446,641
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    36,700
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    2,409,941
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    120,497
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    120,497
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    2,560
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    2,560
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    117,937
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    117,937
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    117,937
    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
    103,598
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    103,598
    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
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    103,598
    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 (2014)
    Form 990-PF (2014)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2013     		(c)
    2013     		(d)
    2014
    1 Distributable amount for 2014 from Part XI, line 7 117,937
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only....... 0
    b Total for prior years:2012, 20, 20 0
    3 Excess distributions carryover, if any, to 2014:
    a From 2009....... 30,309
    b From 2010....... 45,025
    c From 2011....... 0
    d From 2012....... 0
    e From 2013....... 0
    fTotal of lines 3a through e......... 75,334
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 103,598
    a Applied to 2013, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		0
    d Applied to 2014 distributable amount..... 103,598
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2014. 14,339 14,339
    (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 60,995
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		15,970
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		45,025
    10 Analysis of line 9:
    a Excess from 2010.... 45,025
    b Excess from 2011.... 0
    c Excess from 2012.... 0
    d Excess from 2013.... 0
    e Excess from 2014.... 0
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    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 2014, enter the date of the ruling.......bullet
     
    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) 2014 (b) 2013 (c) 2012 (d) 2011
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address 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 (2014)
    Form 990-PF (2014)
    Page 11
    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
    INT'L PEACE SCHOLARSHIP
    OF PEO SISTERHOOD
    3700 GRAND AVENUE
    DES MOINES,IA50312     		NONE PRIVATE SCHOLARSHIP OF SISTERHOOD 7,859
    ROCKY MOUNTAIN COLLEGE
    1511 POLY DRIVE
    BILLINGS,MT59102     		NONE SCHOOL GENERAL SUPPORT 7,859
    ST LUKES EPISCOPAL
    CHURCH
    119 NORTH 33RD STREET
    BILLINGS,MT59101     		NONE CHURCH GENERAL SUPPORT 24,560
    HERITAGE ACRES NURSING
    HOME
    200 NORTH MITCHELL
    HARDIN,MT59034     		NONE PRIVATE GENERAL SUPPORT 24,560
    BIG HORN CNTY MEMORIAL HOSP
    ATTN JONI KUNKEL
    17 NORTH MILES AVE
    HARDIN,MT59034     		NONE PUBLIC GENERAL SUPPORT 24,560
    YELLOWSTONE BOYS & GIRLS RANCH FDN
    2050 OVERLAND AVE
    BILLINGS,MT59102     		NONE PUBLIC GENERAL SUPPORT 8,842
    Total .................................bullet 3a 98,240
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 12
    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
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ............     		         
    4 Dividends and interest from securities....     14 57,958  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory .............     		    18 101,117  
    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)..   159,075  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13159,075
    (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.)
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 13
    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) 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 (2014)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2014 AccountingFeesSchedule
    Name:
    GLADYS E KNOWLES CHARITABLE TRUST 50315420
    EIN: 81-0423029
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREPARATION FEE (NON-ALLOC 2,000     2,000

    TY 2014 InvestmentsCorpBondsSchedule
    Name:
    GLADYS E KNOWLES CHARITABLE TRUST 50315420
    EIN: 81-0423029
    Name of Bond End of Year Book Value End of Year Fair Market Value
    BAXTER INTERNATIONAL 4.000    
    BARCLAYS BANK 3.250    
    BOEING CO 3.750% 11/20/16 19,969 21,050
    NUVEEN HIGH INCOME BOND 63,260 61,911
    NUVEEN INFLATION PRO SEC 43,652 49,881
    AT&T INC 2.400% 8/15/16 25,200 25,506
    PIMCO TOTAL RETURN FUND INST    
    WELLS FARGO CO 2.625 12/15/16 25,673 25,686
    OPPENHEIMER SR FLOAT RATE 52,000 50,865
    PRINCIPAL PREFERRED SEC INS 17,784 17,536
    AT&T INC .875 2/13/15    
    PEPSICO INC .7 8/13/15 25,075 25,047
    INTEL CORP 1.35 12/15/17    
    OCCIDENTAL PETROLEUM 1.5 25,250 24,733
    BAIRD AGGREGATE BD FD 56,500 56,861
    DRIEHAUS ACTIVE INC FD 15,000 14,550
    GOLDMAN SACH COMM STRAT 30,750 21,623
    INV BALANCE RISK COMMON STR    
    ISHARES S P U S PERFERRED STK    
    LOOMIS SAYLES STRATEGIC ALPHA 53,500 51,870
    CATEPILLAR FINL MTN 2.100% 25,026 25,073
    DISCOVER BANK C D 1.35 9/11/17 25,000 24,773
    FEDERATED INST HI YLD BD FD 47,500 45,525
    GE CAPITAL BANK C D 1.850% 25,000 24,656
    NUVEEN PREFERRED SECURITIES FD 3,500 3,476
    T ROWE PRICE INTL BOND FUND 37,500 34,290
    TCW EMERGING MARKETS INCOME FD 23,000 21,524

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    GLADYS E KNOWLES CHARITABLE TRUST 50315420
    EIN: 81-0423029
    Name of Stock End of Year Book Value End of Year Fair Market Value
    APPLE INC 5,772 54,528
    BANK OF AMERICA 5,320 10,287
    COMCAST CORP 1,981 8,121
    ECOLAB 4,261 19,336
    EXXON MOBIL 4,386 27,735
    GENERAL ELEC CO 4,891 23,122
    GOOGLE INC CL A & C 9,300 25,369
    INTEL CORP 2,038 12,702
    J P MORGAN CHASE CO 15,813 25,345
    JOHNSON & JOHNSON 7,317 16,208
    MICROSOFT CORP 917 14,864
    ORACLE CORPORATION 6,713 17,313
    PEPSICO INC 6,783 13,238
    PFIZER INC 16,389 20,248
    PRAXAIR INC 9,140 23,969
    PROCTER & GAMBLE 9,090 18,673
    QUALCOMM 4,928 23,414
    STATE STR CORP 10,975 20,803
    TARGET CORP 14,780 27,935
    UNITED PARCEL SERVICE CL B 2,355 5,336
    UNITED TECHNOLOGIES 11,415 28,175
    VERIZON COMMUNICATIONS 9,277 15,437
    WAL MART STORES 4,743 8,588
    WELLS FARGO & CO 13,842 30,151
    3M CO 4,838 13,146
    SCHLUMBERGER LTD 8,540 17,082
    NUVEEN REAL ESTATE 35,406 72,718
    ISHARES MSCI EMERGING MKTS 26,572 31,707
    COACH INC    
    GOLDMAN SACHS 4,316 5,427
    MASTERCARD INC 7,114 23,263
    MCDONALDS CORP 8,645 14,524
    ISHARES S&P PREF STK 19,766 21,692
    CHEVRON CORPORATION    
    DISNEY WALT CO 9,053 26,844
    STARBUCKS 9,161 22,564
    BAXTER INTL INC 10,434 13,925
    CAPITAL ONE FINANCIAL CORP 4,656 9,658
    CITIGRUOP INC 11,890 15,151
    COCA COLA COMPANY 5,889 7,431
    EMC CORPORATION    
    GILEAD SCIENCES INC 3,790 18,004
    INTERNATIONAL BUSINESS MACHINE    
    NIKE INC 10,265 22,499
    OCCIDENTAL PETROLEUM CORP 14,718 13,542
    PGE CORP 4,206 5,324
    PNC FINANCIAL SERVICE GRP INC 12,368 18,702
    PRUDENTIAL FINANCIAL INC 4,306 7,689
    WALGREEN CO 4,451 8,687
    LAUDUS INTL MARKETMASTERS FD 32,800 42,407
    NUVEEN MID CAP GRWTH OPP FD 24,970 26,259
    ALLERGAN INC 3,536 8,291
    ANADARKO PETROLEUM CORP 13,163 15,345
    ATT INC 9,907 9,640
    DOVER CORP 14,911 20,799
    EDISON INTL 9,456 13,751
    EMERSON ELEC CO 18,146 21,420
    MONDELEZ INTERNATIONAL    
    ACCENTURE PLC 12,889 19,202
    ACE LTD 8,687 12,752
    COVIDIEN PLC 5,514 11,762
    ABERDEEN EMRGN MKT 59,103 56,893
    AMERICAN EUROPACIFIC GRTH 27,799 31,728
    PRINCIPAL GI R E SEC    
    SCOUT INTERNATIONAL FD 52,288 53,143
    TFS MARKET NEUTRAL FD    
    ABBVIE INC 11,036 21,072
    CIGNA CORP 12,921 20,170
    CISCO SYS INC 9,852 13,184
    CONAGRA FOODS INC 7,471 7,982
    DEVON ENERGY CORP 6,331 7,223
    JOHNSON CONTROLS INC 4,829 6,768
    MOHAWK INDS INC 8,896 12,273
    MORGAN STANLEY 6,820 12,183
    BLACKROCK EMERGING MKTS LS EQT    
    CAUSEWAY EMERGING MKT INSTL 33,200 32,457
    E I I INTL PPTY I    
    NUVEEN SYMPHONY MID CAP CORE I 15,982 30,218
    ROBECO BOSTON PARTNERS L S RSR 36,000 37,866
    T ROWE PRICE INTL GR&INC FD 98,000 95,365
    T ROWE PRICE MID CAP VALUE 33,549 37,131
    VANGUARD 500 IDX FD 2,626 3,264
    CAMBIAR INTL EQUITY FUND INS 27,500 25,678
    HEWLETT PACKARD CO 9,933 13,283
    INVESCO LTD 12,115 13,318
    LOWES CO INC 15,089 21,741
    LS OPPORTUNITY 28,500 28,382
    MARATHON OIL CORP 19,982 15,418
    SOUTHWEST AIRLINES CO 4,292 8,464
    SPDR GOLD SHARES ETF 2,362 2,272
    STRYKER CORP 12,915 14,810
    T ROWE PRICE MID CAP GROWTH FD 5,000 4,747
    XILINX INC 14,869 15,325

    TY 2014 InvestmentsGovtObligationsSch
    Name:
    GLADYS E KNOWLES CHARITABLE TRUST 50315420
    EIN: 81-0423029
    US Government Securities - End of Year Book Value:

     
    US Government Securities - End of Year Fair Market Value:

     
    State & Local Government Securities - End of Year Book Value:


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


     


    TY 2014 OtherIncreasesSchedule
    Name:
    GLADYS E KNOWLES CHARITABLE TRUST 50315420
    EIN: 81-0423029
    Description Amount
       
       


    TY 2014 TaxesSchedule
    Name:
    GLADYS E KNOWLES CHARITABLE TRUST 50315420
    EIN: 81-0423029
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL TAX PAYMENT - PRIOR YE 1,131 0   0
    FEDERAL ESTIMATES - PRINCIPAL 2,780 0   0
    FOREIGN TAXES ON QUALIFIED FOR 829 829   0
    FOREIGN TAXES ON NONQUALIFIED 50 50   0