TY 2014 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

Do not enter social security numbers on this form as it may be made public.
bullet

Information 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
E C FULLER TRUST UART 16

Number and street (or P.O. box number if mail is not delivered to street address)1525 W WT HARRIS BLVD D1114-044 Room/suite

City or town, state or province, country, and ZIP or foreign postal code
CHARLOTTE, NC28262

A Employer identification number

06-6020257

B Telephone number (see instructions)

(855) 769-2920

C If exemption application is pending, check here bullet

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

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

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

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

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

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

$14,919,373J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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

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


1	Contributions, gifts, grants, etc., received (attach
	schedule)..............	1,041
2	Check
	Sch. B ...............
3	Interest on savings and temporary cash investments	84		84
4	Dividends and interest from securities......	386,416		385,387
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		459,297
b	Gross sales price for all assets on line 6a 1,687,448
7	Capital gain net income (from Part IV, line 2)...			459,297
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........	846,838		844,768
13	Compensation of officers, directors, trustees, etc.	139,540		90,725		48,815
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........		3,900	0	0	3,900
b	Accounting fees (attach schedule).......		1,000	0	0	1,000
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		15,928			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).......		918			918
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	161,286		90,725	0	54,633
25	Contributions, gifts, grants paid........	620,000				620,000
26	Total expenses and disbursements. Add lines 24 and 25	781,286		90,725	0	674,633
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	65,552
b	Net investment income (if negative, enter -0-)			754,043
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	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............
	2	Savings and temporary cash investments..........	1,452,059	407,079	407,079
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)	605,779	810,050	809,718
	b	Investments—corporate stock (attach schedule)........	3,104,334	3,506,213	9,366,937
	c	Investments—corporate bonds (attach schedule)........	3,723,256	4,130,745	4,235,081
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........		100,894	100,558
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	8,885,428	8,954,981	14,919,373
	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 )
	23	Total liabilities (add lines 17 through 22)..........		0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted...................
	25	Temporarily restricted................
	26	Permanently restricted................
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds.........	8,885,428	8,954,981
	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)......	8,885,428	8,954,981
	31	Total liabilities and net assets/fund balances (see instructions)..	8,885,428	8,954,981

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	8,885,428
2	Enter amount from Part I, line 27a.....................	2	65,552
3	Other increases not included in line 2 (itemize)	3	10,212
4	Add lines 1, 2, and 3..........................	4	8,961,192
5	Decreases not included in line 2 (itemize)	5	6,211
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	8,954,981

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	585. APACHE CORP COM RTS EXP 01/31/2006		2013-12-10	2014-03-06
b	25000. BANK OF NOVA SCOTIA 2.050% 10/07/15		2014-02-13	2014-11-25
c	5. BROOKDALE SR LIVING INC		2015-01-29	2015-02-27
d	1385. COACH INC COM W/RTS ATTACHED EXP 5/2/2011		2013-12-10	2014-03-06
e	3411.571 DREYFUS/THE BOSTON CO S/C - I #6941		2009-02-06	2015-01-16
	500. EXXON MOBIL CORP COM		1972-12-29	2014-05-07
	100000. FED HOME LN BK 1.500% 2/20/18		2014-02-13	2014-08-27
	100000. FED HOME LN BK 1.250% 8/21/17		2014-02-13	2014-05-21
	100000. FED HOME LN MTG CORP 1.350% 11/28/17		2014-02-19	2014-05-28
	50000. GENERAL ELEC CAP COR 2.375% 6/30/15		2014-03-10	2015-01-29
	40. GOOGLE INC CL A		2014-03-06	2014-05-07
	8. HOST MARRIOTT CORP NEW COM		2015-01-29	2015-02-27
	1585. JP MORGAN CHASE & CO COM		1931-01-01	2014-05-07
	1500. JP MORGAN CHASE & CO COM		1931-01-01	2014-07-07
	12. JONES LANG LASALLE INC COM		2015-01-29	2015-02-04
	1480. MONSTER BEVERAGE CORP		2013-07-11	2015-01-12
	.5 NOW INC/SH		2013-07-11	2014-06-17
	122. NOW INC/SH		2013-07-11	2014-07-07
	18172.378 PIMCO TOTAL RETURN III-INSTL #105		2006-04-06	2014-10-20
	75000. US TREASURY NOTE 2.625% 2/29/16		2014-03-10	2014-08-15
	60000. US TREASURY NOTE 2.625% 2/29/16		2014-03-10	2014-10-23
	75000. US TREASURY NOTE 2.625% 2/29/16		2014-03-10	2014-12-16
	40000. US TREASURY NOTE 2.625% 2/29/16		2014-03-10	2015-01-13
	50000. WELLPOINT INC 5.250% 1/15/16		2014-03-11	2014-09-11
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	46,548	51,539	-4,991
b	25,317	25,654	-337
c	186	170	16
d	67,023	77,925	-10,902
e	121,077	120,190	887
	51,574	1,356	50,218
	100,000	100,050	-50
	100,000	100,000
	100,000	100,025	-25
	50,350	51,251	-901
	20,558	24,478	-3,920
	167	189	-22
	85,477	1,832	83,645
	84,719	1,734	82,985
	1,892	1,811	81
	166,055	85,392	80,663
	16	15	1
	4,279	3,619	660
	175,000	165,914	9,086
	77,692	78,325	-633
	61,950	62,660	-710
	77,083	78,325	-1,242
	41,055	41,773	-718
	53,247	53,924	-677
			176,183

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			-4,991
b			-337
c			16
d			-10,902
e			887
			50,218
			-50

			-25
			-901
			-3,920
			-22
			83,645
			82,985
			81
			80,663
			1
			660
			9,086
			-633
			-710
			-1,242
			-718
			-677

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	459,297
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . . . . .		3

Part V

Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? Yes No

If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.

1 Enter the appropriate amount in each column for each year; see 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	557,046	14,053,442	0.039638
2012	141,518	13,142,737	0.010768
2011	639,321	12,554,802	0.050922
2010	548,962	12,220,042	0.044923
2009	599,055	11,650,481	0.051419

2	Total of line 1, column (d) ......................	2	0.19767
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	0.039534
4	Enter the net value of noncharitable-use assets for 2014 from Part X, line 5.....	4	14,694,248
5	Multiply line 4 by line 3.......................	5	580,922
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	7,540
7	Add lines 5 and 6.........................	7	588,462
8	Enter qualifying distributions from Part XII, line 4..............	8	674,633
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)

Page 4

Part VI

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check hereand enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	7,540
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	7,540
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	7,540
6	Credits/Payments:

a	2014 estimated tax payments and 2013 overpayment credited to 2014	6a	16,588
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	16,588
8	Enter any penalty for underpayment of estimated tax. Check hereif 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.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	9,048
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax7,540	Refunded	11	1,508

Part VII-A

Statements Regarding Activities

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

Yes

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

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

for definition)?.................................

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

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

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

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

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

and Part XV..................................

Yes

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

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

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

Yes

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

or 4942(j)(5) for calendar year 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?

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

Form 990-PF (2014)

Page 5

Part VII-A

Statements Regarding Activities (continued)

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

and addresses. ...............................

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

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

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

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

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

Yes

Website address bullet

The books are in care of bullet

WELLS FARGO BANK Telephone no. bullet

(855) 739-2920

Located at bullet

1 W 4TH STREET D4000-062WINSTONSALEMNC ZIP+4 bullet

271013818

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

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

16 At any time during calendar year 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)

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

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? YesNo

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

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

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

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

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)?.................YesNo

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.).........YesNo

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........

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

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

that were not corrected before the first day of the tax year beginning in 2014?.............

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

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

At the end of tax year 2014, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2014?...............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

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

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

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

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

20, 20, 20, 20

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

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

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

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

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

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2014?

During the year did the foundation pay or incur any amount to:

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? YesNo

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

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

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

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? (see instructions)..................YesNo

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Form 990-PF (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
WELLS FARGO BANK	TRUSTEE 40	133,540
1525 WEST WT HARRIS BLVD CHARLOTTE,NC282881114	TRUSTEE 40	133,540
VINCENT T MARCHESI MD	CO-FIDUCIARY 15	6,000
179 PROSPECT AVE GUILFORD,CT06437	CO-FIDUCIARY 15	6,000

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









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

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

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

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.		Expenses
1


2


3


4

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.)

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

purposes:

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

14,253,086

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

664,932

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

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

14,918,018

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

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

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

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

14,918,018

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

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

223,770

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

14,694,248

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

734,712

Part XI

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

and do not complete this part.)

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

734,712

Tax on investment income for 2014 from Part VI, line 5......

7,540

Income tax for 2014. (This does not include the tax from Part VI.)...

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

7,540

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

727,172

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

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

727,172

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

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...

727,172

Part XII

Qualifying Distributions (see instructions)

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

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

674,633

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

674,633

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).................

7,540

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

667,093

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)

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					727,172
2 Undistributed income, if any, as of the end of 2014:
a Enter amount for 2013 only.......				641,980
b Total for prior years:2012, 20, 20			0
3 Excess distributions carryover, if any, to 2014:
a From 2009.......	0
b From 2010.......	0
c From 2011.......	0
d From 2012.......	0
e From 2013.......	0
fTotal of lines 3a through e.........		0
4Qualifying distributions for 2014 from Part
XII, line 4: $ 674,633
a Applied to 2013, but not more than line 2a					641,980
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.....					32,653
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2014.		0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		0
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 ..........					694,519
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) ...		0
9Excess distributions carryover to 2015. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2010....	0
b Excess from 2011....	0
c Excess from 2012....	0
d Excess from 2013....	0
e Excess from 2014....	0

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 section4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2014	(b) 2013	(c) 2012	(d) 2011	(e) Total

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

Part XV

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

1Information Regarding Foundation Managers:

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

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

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

Check here bullet

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

aThe name, address, and telephone number or 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)

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
DANA FARBER CANCER INSTITUTE 44 BINNEY STREET BOSTON,MA02115	NONE	PC	CANCER RESEARCH	100,000
OREGON HEALTH & SCIENCE UNIV 3181 SW SAM JACKSON PARK RD PORTLAND,OR97239	NONE	PC	CANCER RESEARCH	100,000
FRIENDS OF ECOLE POLYTECHIQUE FEDERALE DE LAUSANNE 116 W MAIN STREET N0 302 SALISBURY,NC21801	NONE	PC	CANCER RESEARCH	100,000
CASE WESTERN RESERVE UNIVERSITY 10900 EUCLID AVE CLEVELAND,OH44106	NONE	PC	CANCER RESEARCH AT	110,000
UNIVERSITY OF CHICAGO 5235 S HARPER COURT 4TH FLOOR CHICAGO,IL60615	NONE	PC	CANCER RESEARCH AT GODLEY	110,000
MEMORIAL SLOAN-KETTERING CANCER CENTER 1275 YORK AVE NEW YORK,NY10065	NONE	PC	CANCER RESEARCH	100,000
Total ................................. 3a				620,000

bApproved for future payment

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

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	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ............			14	84
4 Dividends and interest from securities....			14	386,416
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	459,297
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)..				845,797

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

13845,797

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

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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

Form 990-PF (2014)

Page 13

Part XVII

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

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

Yes

organizations?

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2014)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2014 AccountingFeesSchedule

Name:

E C FULLER TRUST UART 16

EIN: 06-6020257

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
TAX PREPARATION FEE (NON-ALLOC	1,000			1,000

- TIN:

TY 2014 InvestmentsCorpBondsSchedule

Name:

E C FULLER TRUST UART 16

EIN: 06-6020257

Name of Bond	End of Year Book Value	End of Year Fair Market Value
36962G2L7 GEN ELEC CAP CORP
055451AT5 BHP BILLITON FIN USA	25,270	25,452
05565QCG1 BP CAPITAL MARKETS	25,446	25,405
06406HBX6 BANK OF NEW YORK MEL	25,914	25,560
064149C47 BANK OF NOVA SCOTIA	25,606	25,239
084664BY6 BERKSHIRE HATHAWAY	25,328	25,646
136069FA4 CANADIAN IMPERIAL BA	24,930	25,130
14912L4X6 CATERPILLAR FINANCIA	25,784	25,476
24422ERC5 JOHN DEERE CAPITAL	25,902	25,503
268648AP7 EMC CORP	25,118	25,127
30249UAA9 FMC TECHNOLOGIES INC	25,240	24,811
354613AF8 FRANKLIN RESOURCES	25,831	25,152
36962G5F7 GENERAL ELEC CAP COR
38141GRC0 GOLDMAN SACHS GROUP	25,368	25,457
40428HPJ5 HSBC USA INC	25,771	25,691
406216BC4 HALLIBURTON COMPANY	25,351	25,207
428236BW2 HEWLETT-PACKARD CO	25,793	25,694
46625HJG6 JPMORGAN CHASE & CO	25,048	25,132
487836BH0 KELLOGG CO	25,345	25,223
494550BR6 KINDER MORGAN ENER	25,158	25,074
50540RAM4 LAB CORP OF AMER HLD	25,310	25,409
51855Q655 LAUDUS MONDRIAN INT	98,363	86,169
61166WAM3 MONSANTO CO	25,094	25,242
693390304 PIMCO LOW DURATION F	550,000	543,930
693390841 PIMCO HIGH YIELD FD-	446,538	562,129
693390866 PIMCO TOTAL RETURN I	646,602	670,682
741478101 T ROWE CORPORATE INC	178,000	174,240
74340XAV3 PROLOGIS LP	25,317	25,507
76628T678 RIDGEWORTH SEIX FLOA	100,000	98,446
78008S7D2 ROYAL BANK OF CANADA	50,762	51,017
822582BA9 SHELL INTERNATIONAL	25,300	25,436
85771PAR3 STATOIL ASA	50,250	50,636
89152UAE2 TOTAL CAPITAL SA	51,717	50,909
89233P5S1 TOYOTA MOTOR CREDIT	25,829	25,566
904764AQ0 UNILEVER CAPITAL COR	25,275	25,451
91159HGX2 US BANCORP	25,722	25,215
913017BU2 UNITED TECHNOLOGIES	25,582	25,527
921937827 VANGUARD SHORT TERM	574,051	572,512
94987W752 WFA SHRT TRM HI YLD-	200,000	199,020
00206RAY8 AT&T INC	25,882	25,408
02665WAC5 AMERICAN HONDA FINAN	50,491	50,650
045487AA3 ASSOC BANC-CORP	30,540	30,182
191216BB5 VR COCA-COLA CO/THE	24,995	25,000
25152RVQ3 VR DEUTSCHE BANK	25,142	25,071
278642AG8 EBAY INC	25,129	24,920
437076AP7 HOME DEPOT INC	54,670	52,426
444859BC5 HUMANA INC	25,082	25,291
458140AL4 INTEL CORP	25,039	25,144
539473AQ1 LLOYDS BANK PLC	54,352	53,002
58933YAE5 VR MERCK & CO INC	25,079	25,040
63743HEG3 VR NATIONAL RURAL	25,028	25,006
68389XAQ8 ORACLE CORP	50,977	51,295
792860AH1 ST PAUL TRAVELERS	54,230	51,892
828807CH8 SIMON PROPERTY GROUP	26,194	25,732

- TIN:

TY 2014 InvestmentsCorpStockSchedule

Name:

E C FULLER TRUST UART 16

EIN: 06-6020257

Name of Stock	End of Year Book Value	End of Year Fair Market Value
437076102 HOME DEPOT INC	48,683	220,894
580135101 MCDONALDS CORP
778296103 ROSS STORES INC	107,097	402,078
191216100 COCA COLA CO	4,485	238,150
713448108 PEPSICO INC
742718109 PROCTER & GAMBLE CO	18,360	553,345
166764100 CHEVRON CORP	86,766	443,789
30231G102 EXXON MOBIL CORPORAT	14,642	478,116
060505104 BANK OF AMERICA CORP
46625H100 JPMORGAN CHASE & CO	10,981	582,160
002824100 ABBOTT LABS	5,167	521,070
478160104 JOHNSON & JOHNSON
369604103 GENERAL ELECTRIC CO	324	311,880
88579Y101 3M CO	42,765	113,839
428236103 HEWLETT PACKARD CO
458140100 INTEL CORP	63,286	109,725
459200101 INTERNATIONAL BUSINE	165,634	534,402
594918104 MICROSOFT CORP	61,868	105,240
68389X105 ORACLE CORPORATION	106,042	162,134
693506107 PPG INDUSTRIES INC	30,882	152,997
00206R102 AT & T INC	48,125	138,240
92343V104 VERIZON COMMUNICATIO	128,777	288,294
65339F101 NEXTERA ENERGY INC	51,300	310,380
87612E106 TARGET CORP	107,598	153,660
747525103 QUALCOMM INC
00287Y109 ABBVIE INC	2,269	269,528
037833100 APPLE INC	240,034	422,633
14040H105 CAPITAL ONE FINANCIA	58,411	82,646
26203E836 DREYFUS/THE BOSTON C
339128100 JP MORGAN MID CAP VA	282,000	395,256
780905451 ROYCE PREMIER FUND W	119,574	201,706
92934R769 CRM MID CAP VALUE FD	155,884	236,848
G1151C101 ACCENTURE PLC
H0023R105 ACE LIMITED	107,728	205,218
037411105 APACHE CORP
12572Q105 CME GROUP INC	35,582	44,607
17275R102 CISCO SYSTEMS INC	118,448	167,912
189754104 COACH INC
375558103 GILEAD SCIENCES INC	138,586	223,625
478366107 JOHNSON CONTROLS INC	82,643	114,323
611740101 MONSTER BEVERAGE COR
637071101 NATIONAL OILWELL INC	32,319	26,632
806857108 SCHLUMBERGER LTD	47,871	49,654
872540109 TJX COMPANIES INC	52,349	57,658
907818108 UNION PACIFIC CORP	85,944	133,489
91324P102 UNITEDHEALTH GROUP I	62,530	103,971
G29183103 EATON CORP PLC	35,778	37,280
008252108 AFFILIATED MANAGERS	77,775	81,158
02917T104 AMERICAN REALTY CAPI	1,116	1,158
03748R101 APARTMENT INVT & MGM	4,448	4,107
053484101 AVALONBAY CMNTYS INC	5,252	5,050
084670702 BERKSHIRE HATHAWAY I	82,588	95,817
09247X101 BLACKROCK INC	87,842	102,141
097023105 BOEING CO	74,699	86,739
101121101 BOSTON PROPERTIES IN	6,305	6,046
112463104 BROOKDALE SR LIVING	1,568	1,725
124830100 CBL & ASSOC PPTYS IN	293	280
133131102 CAMDEN PPTY TR SH BE	3,407	3,130
229663109 CUBESMART	2,727	2,506
231021106 CUMMINS INC.	44,672	43,380
23317H102 DDR CORP	2,655	2,500
264411505 DUKE REALTY CORPORAT	2,402	2,286
26884U109 EPR PROPERTIES	2,744	2,562
28140H203 EDUCATION REALTY TRU	1,311	1,297
294752100 EQUITY ONE INC	2,025	1,955
29476L107 EQUITY RESIDENTIAL P	4,599	4,468
297178105 ESSEX PPTY TR COM	7,115	6,895
30225T102 EXTRA SPACE STORAGE	3,235	3,157
313747206 FEDERAL RLTY INVT TR	2,799	2,699
32054K103 FIRST INDL RLTY TR I	3,534	3,341
36162J106 GEO GROUP INC/THE	309	302
370023103 GENERAL GROWTH PROPE	6,005	5,628
38259P706 GOOGLE INC-CL C	24,400	22,336
42217K106 HEALTH CARE REIT INC	6,443	5,937
44107P104 HOST HOTELS & RESORT	5,586	4,956
464287655 ISHARES RUSSELL 2000	119,408	126,257
49427F108 KILROY REALTY CORP C	3,437	3,329
517834107 LAS VEGAS SANDS CORP	87,608	76,815
69924R108 PARAMOUNT GROUP INC	1,759	1,633
70509V100 PEBBLEBROOK HOTEL TR	3,975	3,984
74340W103 PROLOGIS INC	6,291	5,809
74460D109 PUBLIC STORAGE INC C	5,513	5,325
78440X101 SL GREEN REALTY CORP	6,342	6,220
804395101 SAUL CTRS INC COM	1,627	1,454
828806109 SIMON PROPERTY GROUP	17,380	16,181
862121100 STORE CAPITAL CORP	797	770
86272T106 STRATEGIC HOTELS & R	2,240	2,125
866674104 SUN CMNTYS INC COM	2,084	2,028
867892101 SUNSTONE HOTEL INVS	2,763	2,722
876664103 TAUBMAN CTRS INC COM	2,337	2,026
91704F104 URBAN EDGE PROPERTIE	556	551
92276F100 VENTAS INC COM	7,598	7,000
929042109 VORNADO REALTY TRUST	5,183	5,062
92939N102 WP GLIMCHER INC	729	711

- TIN:

TY 2014 InvestmentsGovtObligationsSch

Name:

E C FULLER TRUST UART 16

EIN: 06-6020257

US Government Securities - End of Year Book Value:

810,050

US Government Securities - End of Year Fair Market Value:

809,718

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

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

- TIN:

TY 2014 InvestmentsOtherSchedule2

Name:

E C FULLER TRUST UART 16

EIN: 06-6020257

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
04315J209 ARTIO TOTAL RETURN B
51855Q655 LAUDUS MONDRIAN INTL
693390304 PIMCO LOW DURATION F
693390841 PIMCO HIGH YIELD FD-
693390866 PIMCO TOTAL RETURN I
921937850 VANGUARD SHORT-TERM
H0023R105 ACE LIMITED
92934R769 CRM MID CAP VALUE
26203E836 DREYFUS/THE BOSTON C
38142Y401 GOLDMAN SACHS GROWTH
780905451 ROYCE PREMIER FUND
G1151C101 ACCENTURE PLC
741478101 T ROWE CORPORATE INC
921937827 VANGUARD SHORT TERM
981464DG2 WORLD FINANCIAL NETW	AT COST	50,814	50,637
981464DS6 WORLD FINANCIAL NETW	AT COST	50,080	49,921

- TIN:

TY 2014 LegalFeesSchedule

Name:

E C FULLER TRUST UART 16

EIN: 06-6020257

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
TIMOTHY CROWLEY LAW OFFICES -	3,900			3,900

- TIN:

TY 2014 OtherDecreasesSchedule

Name:

E C FULLER TRUST UART 16

EIN: 06-6020257

Description	Amount

- TIN:

TY 2014 OtherExpensesSchedule

Name:

E C FULLER TRUST UART 16

EIN: 06-6020257

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
STATE OF CONN - PROBATE COURT	918	0		918

- TIN:

TY 2014 OtherIncreasesSchedule

Name:

E C FULLER TRUST UART 16

EIN: 06-6020257

Description	Amount

- TIN:

TY 2014 TaxesSchedule

Name:

E C FULLER TRUST UART 16

EIN: 06-6020257

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FEDERAL ESTIMATES - PRINCIPAL	15,928	0		0