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
THE CHARLES EVANS HUGHES MEMORIAL
FOUNDATION INC

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

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

A Employer identification number

13-6159445

B Telephone number (see instructions)

(212) 517-8108

C If exemption application is pending, check here bullet

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

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

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

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

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

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

$15,193,072J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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

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


1	Contributions, gifts, grants, etc., received (attach
	schedule)..............
2	Check
	Sch. B ...............
3	Interest on savings and temporary cash investments	15		15
4	Dividends and interest from securities......	270,034		270,034
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		811,210
b	Gross sales price for all assets on line 6a 4,874,213
7	Capital gain net income (from Part IV, line 2)...			811,210
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......
12	Total. Add lines 1 through 11........	1,081,259		1,081,259
13	Compensation of officers, directors, trustees, etc.	0		0	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........		632	316	316
b	Accounting fees (attach schedule).......		15,000	15,000	0
c	Other professional fees (attach schedule)....		196,830	52,830	144,000
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		15,251	4,598	750
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......	46,675		17,227	29,448
22	Printing and publications..........
23	Other expenses (attach schedule).......		16,053	1,018	15,035
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	290,441		90,989	189,549
25	Contributions, gifts, grants paid........	773,250			773,250
26	Total expenses and disbursements. Add lines 24 and 25	1,063,691		90,989	962,799
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	17,568
b	Net investment income (if negative, enter -0-)			990,270
c	Adjusted net income (if negative, enter -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...............	33,444	220	220
	2	Savings and temporary cash investments..........	177,213	262,366	262,366
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)	1,971,329	1,831,664	1,831,664
	b	Investments—corporate stock (attach schedule)........	12,243,964	11,894,560	11,894,560
	c	Investments—corporate bonds (attach schedule)........	1,128,988	1,185,132	1,185,132
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	33,170	19,130	19,130
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	15,588,108	15,193,072	15,193,072
	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 )	4,671	12,020
	23	Total liabilities (add lines 17 through 22)..........	4,671	12,020
		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.........	29,886,486	30,277,743
	28	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	29	Retained earnings, accumulated income, endowment, or other funds	-14,303,049	-15,096,691
	30	Total net assets or fund balances (see instructions)......	15,583,437	15,181,052
	31	Total liabilities and net assets/fund balances (see instructions)..	15,588,108	15,193,072

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	15,583,437
2	Enter amount from Part I, line 27a.....................	2	17,568
3	Other increases not included in line 2 (itemize)	3	0
4	Add lines 1, 2, and 3..........................	4	15,601,005
5	Decreases not included in line 2 (itemize)	5	419,953
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	15,181,052

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	10 SH. ACCENTURE PLC - CLASS A	P	2012-01-27	2014-01-09
b	50 SH. ACCENTURE PLC - CLASS A	P	2012-01-30	2014-01-09
c	15 SH. ACCENTURE PLC - CLASS A	P	2012-02-01	2014-01-09
d	135 SH. ACCENTURE PLC - CLASS A	P	2012-02-01	2014-01-10
e	150 SH. ACCENTURE PLC - CLASS A	P	2012-05-25	2014-01-10
	100 SH. ACE LIMITED	P	2010-08-19	2014-01-09
	50 SH. ACE LIMITED	P	2010-08-19	2014-01-10
	40 SH. ACE LIMITED	P	2010-08-19	2014-09-22
	60 SH. AETNA INC.	P	2012-11-07	2014-09-22
	10 SH. AETNA INC.	P	2012-11-13	2014-09-22
	40 SH. ALLIANZ AKTIENGESELLSCHAFT ADR	P	2011-11-25	2014-03-26
	100 SH. ALLIANZ AKTIENGESELLSCHAFT ADR	P	2011-11-28	2014-03-26
	750 SH. ALLIANZ AKTIENGESELLSCHAFT ADR	P	2012-02-28	2014-03-26
	210 SH. ALLIANZ AKTIENGESELLSCHAFT ADR	P	2012-05-25	2014-03-26
	10 SH. ALLIANZ AKTIENGESELLSCHAFT ADR	P	2012-05-25	2014-03-27
	40 SH. AMERICAN INTERNATIONAL GROUP INC.	P	2013-04-26	2014-09-22
	50 SH. AMERICAN WATER WORKS CO.	P	2013-06-14	2014-09-22
	20 SH. AMERICAN WATER WORKS CO.	P	2013-06-19	2014-09-22
	70 SH. APPLE INC.	P	2013-08-30	2014-09-22
	40 SH. AVAGO TECHNOLOGIES	P	2012-09-26	2014-05-19
	60 SH. AVAGO TECHNOLOGIES	P	2012-09-27	2014-05-19
	40 SH. AVAGO TECHNOLOGIES	P	2012-09-27	2014-05-21
	160 SH. AVAGO TECHNOLOGIES	P	2012-12-05	2014-05-21
	40 SH. AVAGO TECHNOLOGIES	P	2012-12-05	2014-05-22
	10 SH. AVAGO TECHNOLOGIES	P	2012-12-06	2014-05-22
	60 SH. AVAGO TECHNOLOGIES	P	2012-12-06	2014-09-22
	30 SH. AVAGO TECHNOLOGIES	P	2012-12-06	2014-10-16
	120 SH. AVAGO TECHNOLOGIES	P	2013-05-14	2014-10-16
	200 SH. BNP PARIBAS SPON ADR	P	2013-03-25	2014-01-09
	200 SH. BNP PARIBAS SPON ADR	P	2013-03-25	2014-01-10
	25 SH. BNP PARIBAS SPON ADR	P	2013-03-25	2014-09-22
	40 SH. BNP PARIBAS SPON ADR	P	2013-03-26	2014-09-22
	110 SH. BRIDGESTONE CORP ADR	P	2013-07-09	2014-09-22
	30 SH. BRITISH SKY BROADCAST PLC ADR	P	2014-03-03	2014-09-22
	105 SH. CENTURYLINK INC.	P	2011-11-25	2014-08-01
	400 SH. CENTURYLINK INC.	P	2012-02-27	2014-08-01
	95 SH. CENTURYLINK INC.	P	2012-05-25	2014-08-01
	75 SH. CENTURYLINK INC.	P	2012-05-25	2014-08-04
	570 SH. CHINA CONSTRUCTION ADR	P	2011-11-25	2014-03-26
	150 SH. CHINA CONSTRUCTION ADR	P	2011-11-28	2014-03-26
	100 SH. CHINA CONSTRUCTION ADR	P	2011-11-29	2014-03-26
	430 SH. CHINA CONSTRUCTION ADR	P	2011-12-06	2014-03-26
	170 SH. CHINA CONSTRUCTION ADR	P	2011-12-06	2014-03-27
	250 SH. CHINA CONSTRUCTION ADR	P	2011-12-08	2014-03-27
	50 SH. CHINA CONSTRUCTION ADR	P	2011-12-09	2014-03-27
	250 SH. CHINA CONSTRUCTION ADR	P	2012-02-09	2014-03-27
	410 SH. CHINA CONSTRUCTION ADR	P	2012-05-25	2014-03-27
	70 SH. CHINA CONSTRUCTION ADR	P	2013-02-20	2014-03-27
	375 SH. CHINA CONSTRUCTION ADR	P	2013-02-20	2014-03-28
	55 SH. CHINA CONSTRUCTION ADR	P	2013-02-20	2014-03-31
	5 SH. CHINA CONSTRUCTION ADR	P	2013-11-18	2014-03-31
	50 SH. CHINA TELECOM ADR	P	2011-11-30	2014-09-22
	40 SH. CITIGROUP INC.	P	2012-08-23	2014-09-22
	50 SH. CONOCOPHILLIPS	P	2011-11-25	2014-09-22
	COVENTRY HEALTH CARE INC.-CLASS ACTION SETTLEMENT	P	2008-03-11	2014-10-22
	20 SH. CUMMINS INC.	P	2013-11-06	2014-09-22
	200 SH. CVS HEALTH CORP.	P	2011-11-25	2014-01-09
	30 SH. CVS HEALTH CORP.	P	2011-11-25	2014-09-22
	20 SH. DAIHATSU MOTOR CO LTD ADR	P	2012-12-18	2014-09-22
	10 SH. DAIHATSU MOTOR CO LTD ADR	P	2012-12-19	2014-09-22
	25 SH. DBS GROUP HOLDINGS LTD ADR	P	2014-01-10	2014-09-22
	15 SH. DBS GROUP HOLDINGS LTD ADR	P	2014-01-13	2014-09-22
	55 SH. DOLLAR GENERAL CORP.	P	2012-12-14	2014-09-22
	150 SH. ENI SPA ADR	P	2011-12-06	2014-05-28
	100 SH. ENI SPA ADR	P	2011-12-07	2014-05-28
	130 SH. ENI SPA ADR	P	2012-05-25	2014-07-01
	200 SH. ENI SPA ADR	P	2013-04-11	2014-07-01
	20 SH. ENI SPA ADR	P	2013-04-12	2014-07-01
	30 SH. ENI SPA ADR	P	2013-04-12	2014-07-02
	65 SH. HITACHI LTD ADR	P	2014-01-10	2014-09-22
	45 SH. HSBC HOLDINGS PLC ADR	P	2014-03-25	2014-09-22
	100 SH. ILLINOIS TOOL WORKS INC.	P	2013-03-22	2014-01-09
	5 SH. ILLINOIS TOOL WORKS INC.	P	2013-03-22	2014-01-10
	120 SH. ILLINOIS TOOL WORKS INC.	P	2013-03-25	2014-01-10
	25 SH. ILLINOIS TOOL WORKS INC.	P	2013-03-25	2014-01-13
	30 SH. ILLINOIS TOOL WORKS INC.	P	2013-03-25	2014-09-22
	5 SH. ILLINOIS TOOL WORKS INC.	P	2013-03-26	2014-09-22
	110 SH. IMPERIAL TOBACCO LTD ADR	P	2011-11-25	2014-09-12
	40 SH. IMPERIAL TOBACCO LTD ADR	P	2011-11-28	2014-09-12
	35 SH. IMPERIAL TOBACCO LTD ADR	P	2011-11-28	2014-09-22
	15 SH. IMPERIAL TOBACCO LTD ADR	P	2011-11-29	2014-09-22
	70 SH. INTERNATIONAL BUSINESS MACHINES CORP.	P	2011-11-25	2014-02-11
	55 SH. INTERNATIONAL BUSINESS MACHINES CORP.	P	2012-02-08	2014-02-11
	20 SH. INTERNATIONAL BUSINESS MACHINES CORP.	P	2012-02-08	2014-02-27
	50 SH. INTERNATIONAL BUSINESS MACHINES CORP.	P	2012-02-10	2014-02-27
	15 SH. INTERNATIONAL BUSINESS MACHINES CORP.	P	2012-02-13	2014-02-27
	55 SH. IMPERIAL TOBACCO LTD ADR	P	2012-05-25	2014-02-27
	100 SH. ITOCHU CORP ADR	P	2011-11-25	2014-09-22
	10 SH. ITOCHU CORP ADR	P	2011-11-28	2014-09-22
	200 SH. J SAINSBURY SPON ADR	P	2013-06-04	2014-09-22
	10 SH. J SAINSBURY SPON ADR	P	2013-06-07	2014-09-22
	340 SH. J SAINSBURY SPON ADR	P	2013-06-07	2014-11-04
	160 SH. J SAINSBURY SPON ADR	P	2013-06-10	2014-11-04
	500 SH. J SAINSBURY SPON ADR	P	2013-06-10	2014-11-05
	140 SH. KDDI CORP ADR	P	2013-01-29	2014-09-22
	30 SH. KIRBY CORP.	P	2014-07-02	2014-09-22
	350 SH. KEYCORP	P	2013-10-25	2014-09-22
	35 SH. L BRANDS INC.	P	2013-08-05	2014-09-10
	65 SH. L BRANDS INC.	P	2013-08-07	2014-09-10
	50 SH. L BRANDS INC.	P	2013-08-07	2014-09-12
	85 SH. L BRANDS INC.	P	2013-08-07	2014-09-15
	15 SH. L BRANDS INC.	P	2013-08-09	2014-09-15
	35 SH. L BRANDS INC.	P	2013-08-09	2014-09-22
	100 SH. L BRANDS INC.	P	2013-08-09	2014-10-16
	150 SH. L BRANDS INC.	P	2013-08-09	2014-10-16
	40 SH. LORILLARD INC.	P	2013-09-26	2014-06-30
	110 SH. LORILLARD INC.	P	2013-09-27	2014-06-30
	50 SH. LORILLARD INC.	P	2013-09-27	2014-07-01
	145 SH. MACY'S INC.	P	2011-11-25	2014-02-11
	100 SH. MACY'S INC.	P	2012-02-08	2014-02-11
	5 SH. MACY'S INC.	P	2012-02-09	2014-02-11
	95 SH. MACY'S INC.	P	2012-02-09	2014-02-12
	5 SH. MACY'S INC.	P	2014-02-10	2014-02-12
	65 SH. MACY'S INC.	P	2014-02-10	2014-09-22
	15 SH. MARATHON OIL CORP.	P	2011-11-25	2014-09-22
	40 SH. MARATHON OIL CORP.	P	2012-02-08	2014-09-22
	60 SH. MARATHON OIL CORP.	P	2012-02-08	2014-10-16
	150 SH. MARATHON OIL CORP.	P	2012-02-10	2014-10-16
	140 SH. MARATHON OIL CORP.	P	2012-02-13	2014-10-16
	60 SH. MARATHON OIL CORP.	P	2012-02-13	2014-10-16
	65 SH. MARATHON OIL CORP.	P	2012-05-25	2014-10-16
	145 SH. MARATHON OIL CORP.	P	2012-05-25	2014-10-17
	90 SH. MORGAN STANLEY GROUP INC.	P	2013-11-06	2014-09-22
	40 SH. MUNICH RE GROUP ADR	P	2011-12-02	2014-06-30
	210 SH. MUNICH RE GROUP ADR	P	2012-01-26	2014-06-30
	500 SH. MUNICH RE GROUP ADR	P	2012-01-26	2014-07-01
	250 SH. MUNICH RE GROUP ADR	P	2012-01-26	2014-07-02
	40 SH. MUNICH RE GROUP ADR	P	2012-01-26	2014-08-05
	250 SH. MUNICH RE GROUP ADR	P	2012-01-27	2014-08-05
	10 SH. MUNICH RE GROUP ADR	P	2012-01-31	2014-08-05
	240 SH. MUNICH RE GROUP ADR	P	2012-01-31	2014-08-06
	60 SH. MUNICH RE GROUP ADR	P	2012-02-02	2014-08-06
	190 SH. MUNICH RE GROUP ADR	P	2012-02-02	2014-08-07
	110 SH. MUNICH RE GROUP ADR	P	2012-02-03	2014-08-07
	140 SH. MUNICH RE GROUP ADR	P	2012-02-03	2014-08-08
	110 SH. MUNICH RE GROUP ADR	P	2012-05-25	2014-08-08
	310 SH. MUNICH RE GROUP ADR	P	2012-05-25	2014-08-11
	10 SH. MUNICH RE GROUP ADR	P	2013-11-18	2014-08-11
	200 SH. MYLAN INC.	P	2013-11-14	2014-03-19
	250 SH. MYLAN INC.	P	2013-11-14	2014-03-19
	50 SH. MYLAN INC.	P	2013-11-15	2014-03-19
	50 SH. MYLAN INC.	P	2013-11-15	2014-03-20
	50 SH. NIELSEN NV	P	2013-02-21	2014-09-22
	30 SH. NXP SEMICONDUCTORS NV	P	2014-03-18	2014-09-22
	245 SH. NXP SEMICONDUCTORS NV	P	2014-03-18	2014-10-16
	5 SH. NXP SEMICONDUCTORS NV	P	2014-03-19	2014-10-16
	200 SH. NIKON CORP PLC UNSPONSORED ADR	P	2012-12-17	2014-03-19
	300 SH. NIKON CORP PLC UNSPONSORED ADR	P	2012-12-18	2014-03-19
	50 SH. NIKON CORP PLC UNSPONSORED ADR	P	2012-12-19	2014-03-19
	250 SH. NIKON CORP PLC UNSPONSORED ADR	P	2012-12-19	2014-03-20
	200 SH. NIKON CORP PLC UNSPONSORED ADR	P	2013-05-15	2014-03-20
	50 SH. NIKON CORP PLC UNSPONSORED ADR	P	2013-05-15	2014-03-21
	250 SH. NIKON CORP PLC UNSPONSORED ADR	P	2013-06-04	2014-03-21
	125 SH. NIKON CORP PLC UNSPONSORED ADR	P	2013-06-06	2014-03-24
	125 SH. NIKON CORP PLC UNSPONSORED ADR	P	2013-06-06	2014-03-25
	50 SH. NIKON CORP PLC UNSPONSORED ADR	P	2013-06-06	2014-03-27
	90.04 SH. OW STRATEGIC OPPORTUNITIES FUND	P	2009-04-23	2014-09-18
	2,328.34 SH. OW STRATEGIC OPPORTUNITIES FUND	P	2009-05-08	2014-09-18
	3,048.78 SH. OW STRATEGIC OPPORTUNITIES FUND	P	2009-05-08	2014-11-10
	9,018.29 SH. OW SMALL & MID CAP FUND	P	2009-03-31	2014-05-21
	18,727.04 SH. OW SMALL & MID CAP FUND	P	2009-04-16	2014-05-21
	878.22 SH. OW SMALL & MID CAP FUND	P	2009-04-16	2014-09-18
	2,936.00 SH. OW SMALL & MID CAP FUND	P	2009-04-16	2014-11-10
	1,145.04 SH. OW LARGE CAP STRATEGIES FUND	P	2009-03-31	2014-09-18
	13,227.51 SH. OW LARGE CAP STRATEGIES FUND	P	2009-03-31	2014-11-10
	10,920.19 SH. OW REAL RETURN FUND	P	2009-04-23	2014-01-13
	19,200.29 SH. OW REAL RETURN FUND	P	2009-05-08	2014-01-13
	45 SH. PANDORA A/S ADR	P	2014-02-27	2014-09-22
	95 SH. PFIZER INC.	P	2013-04-26	2014-09-22
	145 SH. PFIZER INC.	P	2013-04-29	2014-09-22
	45 SH. QUALCOMM INC.	P	2012-11-30	2014-09-22
	20 SH. RSA INSURANCE GROUP INC SPON ADR	P	2013-02-19	2014-09-22
	250 SH. RSA INSURANCE GROUP INC SPON ADR	P	2013-02-21	2014-09-22
	150 SH. RSA INSURANCE GROUP INC SPON ADR	P	2013-02-22	2014-09-22
	45 SH. SANOFI ADR	P	2011-11-25	2014-09-22
	85 SH. SANOFI ADR	P	2011-11-25	2014-11-03
	115 SH. SANOFI ADR	P	2012-02-09	2014-11-03
	85 SH. SANOFI ADR	P	2012-02-09	2014-11-04
	200 SH. SANOFI ADR	P	2012-02-10	2014-11-04
	300 SH. SANOFI ADR	P	2012-02-13	2014-11-04
	160 SH. SANOFI ADR	P	2012-05-25	2014-11-04
	39 SH. SINOPEC/CHINA PETROLEUM & CHEMICALS ADR	P	2011-11-25	2014-03-20
	61 SH. SINOPEC/CHINA PETROLEUM & CHEMICALS ADR	P	2011-11-28	2014-03-20
	37 SH. SINOPEC/CHINA PETROLEUM & CHEMICALS ADR	P	2011-11-28	2014-03-21
	38 SH. SINOPEC/CHINA PETROLEUM & CHEMICALS ADR	P	2011-11-29	2014-03-21
	27 SH. SINOPEC/CHINA PETROLEUM & CHEMICALS ADR	P	2011-11-29	2014-03-24
	13 SH. SINOPEC/CHINA PETROLEUM & CHEMICALS ADR	P	2011-11-30	2014-03-24
	60 SH. SINOPEC/CHINA PETROLEUM & CHEMICALS ADR	P	2012-02-27	2014-03-24
	25 SH. SINOPEC/CHINA PETROLEUM & CHEMICALS ADR	P	2012-02-27	2014-03-25
	10 SH. SINOPEC/CHINA PETROLEUM & CHEMICALS ADR	P	2012-02-27	2014-09-22
	85 SH. SKANDINAVISKA ENSKILDA ADR	P	2013-11-15	2014-09-22
	350 SH. SUMITOMO METAL MINING CO LTD	P	2013-08-20	2014-09-11
	150 SH. SUMITOMO METAL MINING CO LTD	P	2013-08-21	2014-09-11
	250 SH. SUMITOMO METAL MINING CO LTD	P	2013-08-21	2014-09-12
	250 SH. SUMITOMO METAL MINING CO LTD	P	2013-08-21	2014-09-16
	200 SH. SUMITOMO METAL MINING CO LTD	P	2013-08-21	2014-09-17
	50 SH. SUMITOMO METAL MINING CO LTD	P	2013-08-22	2014-09-17
	110 SH. SUMITOMO METAL MINING CO LTD	P	2013-08-22	2014-09-22
	90 SH. SVENSKA CL AKTIBLGT ADR	P	2013-10-18	2014-09-22
	300 SH. SWATCH GROUP AG UNSPONSORED ADR	P	2013-09-20	2014-09-11
	250 SH. SWATCH GROUP AG UNSPONSORED ADR	P	2013-09-24	2014-09-12
	175 SH. SWATCH GROUP AG UNSPONSORED ADR	P	2013-09-24	2014-09-15
	25 SH. SWATCH GROUP AG UNSPONSORED ADR	P	2013-09-24	2014-09-16
	50 SH. TARGET CORP.	P	2012-01-26	2014-06-30
	50 SH. TARGET CORP.	P	2012-01-27	2014-06-30
	50 SH. TARGET CORP.	P	2012-01-30	2014-06-30
	150 SH. TARGET CORP.	P	2012-02-03	2014-06-30
	100 SH. TARGET CORP.	P	2012-05-25	2014-06-30
	60 SH. TARGET CORP.	P	2012-05-25	2014-07-01
	150 SH. TARGET CORP.	P	2013-03-22	2014-07-01
	40 SH. TARGET CORP.	P	2013-03-25	2014-07-01
	10 SH. TARGET CORP.	P	2013-03-25	2014-07-02
	750 SH. TELE2 AB ADR	P	2012-02-10	2014-05-21
	15 SH. TELE2 AB ADR	P	2012-02-10	2014-05-22
	250 SH. TELE2 AB ADR	P	2012-02-13	2014-05-22
	735 SH. TELE2 AB ADR	P	2012-02-28	2014-05-22
	15 SH. TELE2 AB ADR	P	2012-02-28	2014-05-23
	485 SH. TELE2 AB ADR	P	2012-05-29	2014-05-23
	15 SH. TELE2 AB ADR	P	2012-05-29	2014-05-27
	735 SH. TELE2 AB ADR	P	2013-07-09	2014-05-27
	265 SH. TELE2 AB ADR	P	2013-07-09	2014-05-28
	235 SH. TELE2 AB ADR	P	2013-07-10	2014-05-28
	250 SH. TELE2 AB ADR	P	2013-07-10	2014-05-29
	265 SH. TELE2 AB ADR	P	2013-07-10	2014-05-30
	250 SH. TELE2 AB ADR	P	2013-07-11	2014-05-30
	235 SH. TELE2 AB ADR	P	2013-07-12	2014-05-30
	15 SH. TELE2 AB ADR	P	2013-07-12	2014-06-04
	250 SH. TELE2 AB ADR	P	2013-07-15	2014-06-04
	235 SH. TELE2 AB ADR	P	2013-10-22	2014-06-04
	500 SH. TELE2 AB ADR	P	2013-10-22	2014-06-05
	15 SH. TELE2 AB ADR	P	2013-10-22	2014-06-06
	235 SH. TELE2 AB ADR	P	2013-10-23	2014-06-06
	200 SH. TELE2 AB ADR	P	2013-10-23	2014-06-09
	65 SH. TELE2 AB ADR	P	2013-10-23	2014-06-10
	385 SH. TELE2 AB ADR	P	2013-10-24	2014-06-10
	115 SH. TELE2 AB ADR	P	2013-10-24	2014-06-12
	385 SH. TELE2 AB ADR	P	2013-10-29	2014-06-12
	350 SH. TELE2 AB ADR	P	2013-10-29	2014-06-16
	15 SH. TELE2 AB ADR	P	2013-10-29	2014-06-17
	250 SH. TELE2 AB ADR	P	2013-10-30	2014-06-17
	90 SH. THERMO FISHER SCIENTIFIC	P	2012-09-05	2014-02-11
	100 SH. THERMO FISHER SCIENTIFIC	P	2012-09-06	2014-02-11
	60 SH. THERMO FISHER SCIENTIFIC	P	2012-10-23	2014-02-11
	5 SH. THERMO FISHER SCIENTIFIC	P	2012-10-23	2014-09-22
	70 SH. TIM PARTICIPACOES SA ADR	P	2012-02-08	2014-09-22
	100 SH. TOKYO GAS LTD ADR	P	2011-12-02	2014-09-22
	150 SH. TOTAL SA ADR	P	2011-11-25	2014-01-09
	150 SH. TOTAL SA ADR	P	2011-11-25	2014-01-10
	45 SH. TOTAL SA ADR	P	2011-11-25	2014-03-21
	25 SH. TOTAL SA ADR	P	2011-11-28	2014-03-21
	50 SH. TOTAL SA ADR	P	2012-02-08	2014-03-21
	80 SH. TOTAL SA ADR	P	2012-02-09	2014-03-21
	20 SH. TOTAL SA ADR	P	2012-02-09	2014-03-24
	30 SH. TOTAL SA ADR	P	2012-02-10	2014-03-24
	120 SH. TOTAL SA ADR	P	2012-02-10	2014-03-31
	100 SH. TOTAL SA ADR	P	2012-02-13	2014-03-31
	130 SH. TOTAL SA ADR	P	2012-05-25	2014-03-31
	10 SH. TOTAL SA ADR	P	2012-05-25	2014-04-01
	45 SH. UNION PACIFIC CORP.	P	2013-08-29	2014-09-22
	10 SH. UNITED RENTALS INC.	P	2014-03-25	2014-09-22
	30 SH. VALERO ENERGY	P	2014-01-09	2014-09-22
	75 SH. VIACOM INC. - CLASS B	P	2013-04-10	2014-01-09
	20 SH. VIACOM INC. - CLASS B	P	2013-04-10	2014-01-10
	30 SH. VIACOM INC. - CLASS B	P	2013-04-11	2014-01-10
	55 SH. VIACOM INC. - CLASS B	P	2013-04-11	2014-09-22
	35 SH. VOLKSWAGEN AG ADR	P	2012-07-11	2014-09-22
	335 SH. VOLKSWAGEN AG ADR	P	2012-07-11	2014-11-04
	75 SH. VOLKSWAGEN AG ADR	P	2012-07-12	2014-11-04
	200 SH. VOLKSWAGEN AG ADR	P	2013-03-06	2014-11-04
	90 SH. VOLKSWAGEN AG ADR	P	2013-03-07	2014-11-04
	10 SH. VOLKSWAGEN AG ADR	P	2013-03-07	2014-11-05
	5 SH. VOLKSWAGEN AG ADR	P	2013-11-18	2014-11-05
	200 SH. WALGREEN CO.	P	2012-12-14	2014-03-21
	90 SH. WALGREEN CO.	P	2012-12-14	2014-09-10
	60 SH. WALGREEN CO.	P	2012-12-17	2014-09-10
	100 SH. WALGREEN CO.	P	2012-12-17	2014-09-11
	40 SH. WALGREEN CO.	P	2012-12-17	2014-09-12
	250 SH. WEIR GROUP PLC ADR	P	2013-08-01	2014-05-20
	150 SH. WEIR GROUP PLC ADR	P	2013-08-01	2014-05-21
	100 SH. WEIR GROUP PLC ADR	P	2013-08-02	2014-05-21
	250 SH. WEIR GROUP PLC ADR	P	2013-08-02	2014-05-23
	150 SH. WEIR GROUP PLC ADR	P	2013-08-05	2014-05-23
	100 SH. WEIR GROUP PLC ADR	P	2013-08-06	2014-05-23
	150 SH. WEIR GROUP PLC ADR	P	2013-08-07	2014-05-27
	100 SH. WEIR GROUP PLC ADR	P	2013-08-09	2014-05-27
	100 SH. WEIR GROUP PLC ADR	P	2013-08-09	2014-09-12
	50 SH. WEIR GROUP PLC ADR	P	2013-08-12	2014-09-15
	200 SH. WEIR GROUP PLC ADR	P	2013-09-19	2014-09-15
	50 SH. WEIR GROUP PLC ADR	P	2013-09-19	2014-09-16
	100 SH. WEIR GROUP PLC ADR	P	2013-09-23	2014-09-19
	150 SH. WEIR GROUP PLC ADR	P	2013-09-23	2014-09-22
	50 SH. WEIR GROUP PLC ADR	P	2013-09-27	2014-09-22
	350 SH. WEIR GROUP PLC ADR	P	2013-09-27	2014-09-29
	100 SH. WEIR GROUP PLC ADR	P	2013-09-27	2014-09-30
	55 SH. WEIR GROUP PLC ADR	P	2013-11-18	2014-09-30
	145 SH. WEIR GROUP PLC ADR	P	2014-01-10	2014-09-30
	355 SH. WEIR GROUP PLC ADR	P	2014-01-10	2014-10-01
	45 SH. WEIR GROUP PLC ADR	P	2014-01-14	2014-10-01
	200 SH. WEIR GROUP PLC ADR	P	2014-01-14	2014-10-02
	5 SH. WEIR GROUP PLC ADR	P	2014-01-14	2014-10-03
	60 SH. WHARF HOLDINGS ADR	P	2011-12-06	2014-09-22
	175 SH. WHITING PETROLEUM	P	2014-06-17	2014-12-11
	50 SH. WHITING PETROLEUM	P	2014-06-17	2014-12-12
	25 SH. WHITING PETROLEUM	P	2014-06-18	2014-12-12
	200 SH. WHITING PETROLEUM	P	2014-08-05	2014-12-12
	25 SH. WHITING PETROLEUM	P	2014-08-06	2014-12-16
	70 SH. WILMAR INTERNATIONAL ADR	P	2014-02-12	2014-09-22
	140 SH. ZIMMER HOLDINGS INC.	P	2012-05-04	2014-01-10
	110 SH. ZIMMER HOLDINGS INC.	P	2012-05-07	2014-01-10
	30 SH. ZIMMER HOLDINGS INC.	P	2012-05-07	2014-09-22
	$120,000 ANHEUSER-BUSCH INBEV FIN 0.8% 1-15-16	P	2013-01-17	2014-05-20
	$80,000 FEDERAL HOME LOAN BANK 0.25% 2-20-15	P	2013-01-25	2014-01-13
	$44,000 FEDERAL HOME LOAN BANK 0.625% 12-28-16	P	2013-11-15	2014-10-07
	$36,000 FEDERAL HOME LOAN BANK 0.625% 12-28-16	P	2013-11-15	2014-10-07
	$8,099.77 FED HM LN MTGE POOL J05063 5.5% 6-1-22	P	2007-05-14	2014-12-15
	$4,209.93 FED HOME LN MTGE POOL #E96721 4% 6-1-18	P	2003-06-25	2014-12-15
	$3,042.24 FED HOME LN MTGE POOL #G18065 5% 7-1-20	P	2005-09-15	2014-12-15
	$4,142.83 FED HOME LN MTGE POOL C01846F 5% 6-1-34	P	2004-10-19	2014-12-15
	$15,000 FED NATIONAL MTGE ASSOC 1.25% 1-30-17	P	2013-10-10	2014-02-03
	$3,830.09 FED NATL MTGE POOL 631284 5.5% 2-1-17	P	2002-09-19	2014-12-26
	$4,304.54 FED NATL MTGE POOL #698119 5% 3-1-18	P	2008-02-12	2014-12-26
	$3,509.99 FED NATL MTGE POOL #782586 5% 6-1-19	P	2006-01-04	2014-12-26
	$4,686.28 FED NATL MTGE POOL #889198 5.5% 11-1-22	P	2008-03-14	2014-12-26
	$1,700.39 FED NATL MTGE POOL #889502 5% 5-1-28	P	2008-04-29	2014-12-26
	$8,770.54 FED NATL MTGE POOL #774999 5.5% 4-1-34	P	2006-01-04	2014-12-26
	$4,103.96 FED NATL MTGE POOL #779532 5.29% 6-1-34	P	2006-10-18	2014-12-29
	$1,317.85 FED NATL MTGE POOL #822874 5% 5-1-35	P	2008-05-29	2014-12-26
	$3,334.48 FED NATL MTGE POOL #836418 5.5% 10-1-35	P	2005-10-18	2014-12-26
	$5,136.00 GNMA POOL #80886 3.75% 4-20-34	P	2004-03-16	2014-12-22
	$120,000 MERCK & CO INC 4% 6-30-15	P	2009-06-25	2014-12-01
	$100,000 NEW JERSEY ECON DEV AUTH 3.612% 9-1-14	P	2011-02-22	2014-09-02
	$75,000 TOYOTA MOTOR CREDIT CORP 0.8% 5-17-16	P	2013-09-30	2014-05-16
	$60,000 U.S. TREASURY NOTE 0.25% 12-15-15	P	2013-08-16	2014-08-08
	$20,000 U.S. TREASURY NOTE 0.25% 12-15-15	P	2013-08-16	2014-08-12
	$65,000 U.S. TREASURY NOTE 0.25% 12-15-15	P	2013-08-16	2014-09-03
	$185,000 U.S. TREASURY NOTE 0.25% 12-15-15	P	2013-08-16	2014-09-03
	$185,000 U.S. TREASURY NOTE 0.25% 12-15-15	P	2013-08-16	2014-09-03
	$65,000 U.S. TREASURY NOTE 0.25% 12-15-15	P	2013-08-16	2014-09-03
	$70,000 U.S. TREASURY NOTE 0.25% 12-15-15	P	2013-11-21	2014-09-03
	$50,000 U.S. TREASURY NOTE 0.25% 12-15-15	P	2014-05-20	2014-09-03
	$185,000 U.S. TREASURY NOTE 0.875% 5-15-17	P	2014-09-03	2014-12-16
	$185,000 U.S. TREASURY NOTE 0.875% 5-15-17	P	2014-09-03	2014-12-16
	$130,000 U.S. TREASURY NOTE 0.875% 5-15-17	P	2014-09-03	2014-12-16
	$95,000 U.S. TREASURY BOND 7.25% 8-15-22	P	2013-03-20	2014-05-19
	$63,000 U.S. TREASURY BOND 7.25% 8-15-22	P	2013-03-20	2014-10-08
	$44,000 U.S. TREASURY BOND 7.25% 8-15-22	P	2013-03-20	2014-10-08
	$160,000 U.S. TREASURY BOND 7.25% 8-15-22	P	2013-03-20	2014-10-08
	CAPITAL GAINS DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	807	561	246
b	4,036	2,811	1,225
c	1,211	851	360
d	10,994	7,654	3,340
e	12,216	8,867	3,349
	10,117	5,336	4,781
	5,026	2,668	2,358
	4,246	2,135	2,111
	5,003	2,643	2,360
	834	431	403
	663	380	283
	1,659	957	702
	12,444	9,036	3,408
	3,485	2,050	1,435
	164	98	66
	2,237	1,627	610
	2,459	1,990	469
	984	817	167
	7,082	4,977	2,105
	2,745	1,418	1,327
	4,118	2,074	2,044
	2,718	1,383	1,335
	10,874	5,541	5,333
	2,738	1,385	1,353
	684	350	334
	5,272	2,101	3,171
	2,178	1,050	1,128
	8,712	4,063	4,649
	7,610	5,450	2,160
	7,750	5,450	2,300
	869	681	188
	1,391	1,093	298
	1,834	1,981	-147
	1,722	1,889	-167
	4,222	3,912	310
	16,083	15,717	366
	3,820	3,683	137
	2,989	2,908	81
	7,234	7,774	-540
	1,904	2,063	-159
	1,269	1,329	-60
	5,457	6,160	-703
	2,229	2,435	-206
	3,279	3,642	-363
	656	723	-67
	3,279	4,132	-853
	5,377	5,564	-187
	918	1,183	-265
	4,970	6,337	-1,367
	743	929	-186
	68	75	-7
	3,080	2,994	86
	2,100	1,193	907
	4,029	2,635	1,394
	234		234
	2,758	2,574	184
	13,940	7,566	6,374
	2,464	1,135	1,329
	675	753	-78
	338	375	-37
	1,444	1,344	100
	867	817	50
	3,504	2,377	1,127
	7,515	6,378	1,137
	5,010	4,294	716
	6,997	5,259	1,738
	10,765	9,215	1,550
	1,077	933	144
	1,623	1,399	224
	4,895	5,143	-248
	2,409	2,222	187
	8,334	6,217	2,117
	414	311	103
	9,931	7,573	2,358
	2,056	1,578	478
	2,667	1,893	774
	444	315	129
	9,491	7,755	1,736
	3,451	2,826	625
	3,133	2,473	660
	1,343	1,053	290
	12,205	12,663	-458
	9,590	10,644	-1,054
	3,686	3,871	-185
	9,215	9,666	-451
	2,764	2,890	-126
	10,137	10,860	-723
	2,555	1,947	608
	255	195	60
	3,676	4,608	-932
	184	229	-45
	5,347	7,792	-2,445
	2,516	3,639	-1,123
	7,837	11,373	-3,536
	2,093	1,213	880
	3,688	3,465	223
	4,835	4,440	395
	2,254	1,947	307
	4,186	3,794	392
	3,194	2,918	276
	5,461	4,961	500
	964	851	113
	2,298	1,986	312
	6,581	5,674	907
	10,042	8,511	1,531
	2,443	1,794	649
	6,719	4,931	1,788
	3,057	2,241	816
	7,616	4,396	3,220
	5,253	3,609	1,644
	263	179	84
	5,031	3,406	1,625
	265	179	86
	3,936	2,331	1,605
	603	388	215
	1,609	1,293	316
	2,069	1,939	130
	5,174	4,954	220
	4,829	4,599	230
	2,017	1,971	46
	2,185	1,597	588
	4,767	3,561	1,206
	3,184	2,633	551
	877	475	402
	4,603	2,712	1,891
	10,878	6,457	4,421
	5,437	3,228	2,209
	849	516	333
	5,307	3,233	2,074
	212	133	79
	4,996	3,193	1,803
	1,249	784	465
	3,935	2,483	1,452
	2,278	1,451	827
	2,882	1,847	1,035
	2,264	1,464	800
	6,264	4,126	2,138
	202	208	-6
	10,547	8,039	2,508
	13,184	10,194	2,990
	2,637	2,053	584
	2,682	2,053	629
	2,228	1,627	601
	2,115	1,709	406
	13,923	13,957	-34
	284	288	-4
	3,441	5,480	-2,039
	5,162	8,517	-3,355
	860	1,425	-565
	4,206	7,125	-2,919
	3,365	4,997	-1,632
	841	1,249	-408
	4,207	6,676	-2,469
	2,097	3,258	-1,161
	2,031	3,258	-1,227
	803	1,303	-500
	745	541	204
	19,255	14,366	4,889
	25,000	18,811	6,189
	154,393	84,321	70,072
	320,607	184,461	136,146
	15,000	8,650	6,350
	50,000	28,920	21,080
	15,000	7,729	7,271
	175,000	89,286	85,714
	90,637	85,287	5,350
	159,362	168,962	-9,600
	882	724	158
	2,875	2,956	-81
	4,388	4,501	-113
	3,411	2,802	609
	154	208	-54
	1,920	2,583	-663
	1,152	1,570	-418
	2,551	1,483	1,068
	3,838	2,801	1,037
	5,192	4,219	973
	3,852	3,118	734
	9,063	7,489	1,574
	13,595	11,142	2,453
	7,251	5,624	1,627
	3,356	3,063	293
	5,249	4,886	363
	3,164	2,964	200
	3,249	3,008	241
	2,312	2,137	175
	1,113	1,040	73
	5,138	5,248	-110
	2,076	2,187	-111
	921	875	46
	1,075	1,001	74
	5,758	5,127	631
	2,468	2,138	330
	4,068	3,563	505
	3,895	3,563	332
	3,079	2,851	228
	770	710	60
	1,654	1,561	93
	2,188	2,223	-35
	8,023	9,369	-1,346
	6,689	8,194	-1,505
	4,574	5,736	-1,162
	650	820	-170
	2,901	2,511	390
	2,901	2,529	372
	2,901	2,546	355
	8,704	7,604	1,100
	5,803	5,667	136
	3,463	3,400	63
	8,657	9,953	-1,296
	2,308	2,728	-420
	580	682	-102
	4,493	7,258	-2,765
	90	145	-55
	1,504	2,425	-921
	4,422	7,309	-2,887
	90	149	-59
	2,925	3,759	-834
	90	116	-26
	4,434	4,274	160
	1,594	1,541	53
	1,414	1,388	26
	1,482	1,476	6
	1,565	1,565	0
	1,476	1,476	0
	1,388	1,400	-12
	88	89	-1
	1,464	1,491	-27
	1,376	1,534	-158
	2,922	3,264	-342
	87	98	-11
	1,365	1,542	-177
	1,165	1,313	-148
	381	427	-46
	2,257	2,559	-302
	685	764	-79
	2,295	2,323	-28
	2,075	2,111	-36
	88	90	-2
	1,474	1,542	-68
	10,283	5,114	5,169
	11,425	5,734	5,691
	6,855	3,533	3,322
	616	295	321
	2,028	1,958	70
	2,256	1,675	581
	8,903	7,340	1,563
	8,930	7,340	1,590
	2,961	2,202	759
	1,645	1,215	430
	3,290	2,711	579
	5,264	4,296	968
	1,301	1,074	227
	1,952	1,628	324
	7,820	6,510	1,310
	6,517	5,436	1,081
	8,472	5,799	2,673
	657	446	211
	4,911	3,541	1,370
	1,179	944	235
	1,443	1,499	-56
	6,444	4,705	1,739
	1,726	1,254	472
	2,590	1,950	640
	4,396	3,575	821
	1,575	1,147	428
	14,004	10,974	3,030
	3,135	2,413	722
	8,360	8,532	-172
	3,762	3,820	-58
	426	424	2
	213	259	-46
	13,422	7,345	6,077
	5,793	3,305	2,488
	3,862	2,218	1,644
	6,339	3,696	2,643
	2,518	1,479	1,039
	5,503	4,015	1,488
	3,159	2,409	750
	2,106	1,648	458
	5,306	4,120	1,186
	3,183	2,462	721
	2,122	1,654	468
	3,163	2,578	585
	2,109	1,707	402
	2,153	1,707	446
	1,085	852	233
	4,339	3,754	585
	1,097	938	159
	2,138	1,880	258
	3,211	2,820	391
	1,070	955	115
	7,155	6,683	472
	2,061	1,909	152
	1,134	981	153
	2,989	2,503	486
	7,300	6,129	1,171
	925	773	152
	4,101	3,437	664
	101	86	15
	928	595	333
	5,811	13,655	-7,844
	1,667	3,901	-2,234
	834	1,947	-1,113
	6,670	17,708	-11,038
	764	2,139	-1,375
	1,740	1,792	-52
	13,264	9,020	4,244
	10,422	7,009	3,413
	3,136	1,912	1,224
	120,693	119,993	700
	80,053	79,929	124
	43,918	43,887	31
	35,933	35,897	36
	8,100	8,094	6
	4,210	4,273	-63
	3,042	3,055	-13
	4,143	4,123	20
	15,216	15,145	71
	3,830	3,938	-108
	4,304	4,360	-56
	3,510	3,484	26
	4,686	4,775	-89
	1,700	1,688	12
	8,770	8,718	52
	4,104	4,043	61
	1,318	1,269	49
	3,334	3,313	21
	5,136	5,198	-62
	122,584	119,518	3,066
	100,000	100,000	0
	75,406	74,915	491
	60,023	59,686	337
	20,005	19,895	110
	65,013	64,660	353
	185,036	184,032	1,004
	185,036	184,032	1,004
	65,013	64,660	353
	70,014	69,915	99
	50,010	50,023	-13
	185,304	185,145	159
	185,304	185,145	159
	130,213	130,101	112
	131,308	140,281	-8,973
	86,487	93,028	-6,541
	60,404	64,972	-4,568
	219,650	236,263	-16,613
	360,089		360,089

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			246
b			1,225
c			360
d			3,340
e			3,349
			4,781
			2,358
			2,111
			2,360
			403
			283
			702
			3,408
			1,435
			66
			610
			469
			167
			2,105
			1,327
			2,044
			1,335
			5,333
			1,353
			334
			3,171
			1,128
			4,649
			2,160
			2,300
			188
			298
			-147
			-167
			310
			366
			137
			81
			-540
			-159
			-60
			-703
			-206
			-363
			-67
			-853
			-187
			-265
			-1,367
			-186
			-7
			86
			907
			1,394
			234
			184
			6,374
			1,329
			-78
			-37
			100
			50
			1,127
			1,137
			716
			1,738
			1,550
			144
			224
			-248
			187
			2,117
			103
			2,358
			478
			774
			129
			1,736
			625
			660
			290
			-458
			-1,054
			-185
			-451
			-126
			-723
			608
			60
			-932
			-45
			-2,445
			-1,123
			-3,536
			880
			223
			395
			307
			392
			276
			500
			113
			312
			907
			1,531
			649
			1,788
			816
			3,220
			1,644
			84
			1,625
			86
			1,605
			215
			316
			130
			220
			230
			46
			588
			1,206
			551
			402
			1,891
			4,421
			2,209
			333
			2,074
			79
			1,803
			465
			1,452
			827
			1,035
			800
			2,138
			-6
			2,508
			2,990
			584
			629
			601
			406
			-34
			-4
			-2,039
			-3,355
			-565
			-2,919
			-1,632
			-408
			-2,469
			-1,161
			-1,227
			-500
			204
			4,889
			6,189
			70,072
			136,146
			6,350
			21,080
			7,271
			85,714
			5,350
			-9,600
			158
			-81
			-113
			609
			-54
			-663
			-418
			1,068
			1,037
			973
			734
			1,574
			2,453
			1,627
			293
			363
			200
			241
			175
			73
			-110
			-111
			46
			74
			631
			330
			505
			332
			228
			60
			93
			-35
			-1,346
			-1,505
			-1,162
			-170
			390
			372
			355
			1,100
			136
			63
			-1,296
			-420
			-102
			-2,765
			-55
			-921
			-2,887
			-59
			-834
			-26
			160
			53
			26
			6
			0
			0
			-12
			-1
			-27
			-158
			-342
			-11
			-177
			-148
			-46
			-302
			-79
			-28
			-36
			-2
			-68
			5,169
			5,691
			3,322
			321
			70
			581
			1,563
			1,590
			759
			430
			579
			968
			227
			324
			1,310
			1,081
			2,673
			211
			1,370
			235
			-56
			1,739
			472
			640
			821
			428
			3,030
			722
			-172
			-58
			2
			-46
			6,077
			2,488
			1,644
			2,643
			1,039
			1,488
			750
			458
			1,186
			721
			468
			585
			402
			446
			233
			585
			159
			258
			391
			115
			472
			152
			153
			486
			1,171
			152
			664
			15
			333
			-7,844
			-2,234
			-1,113
			-11,038
			-1,375
			-52
			4,244
			3,413
			1,224
			700
			124
			31
			36
			6
			-63
			-13
			20
			71
			-108
			-56
			26
			-89
			12
			52
			61
			49
			21
			-62
			3,066
			0
			491
			337
			110
			353
			1,004
			1,004
			353
			99
			-13
			159
			159
			112
			-8,973
			-6,541
			-4,568
			-16,613
			360,089

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	811,210
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	934,415	14,852,500	0.062913
2012	997,007	14,359,351	0.069433
2011	976,943	15,694,529	0.062247
2010	1,063,978	15,462,407	0.068811
2009	597,115	15,554,896	0.038388

2	Total of line 1, column (d) ......................	2	0.301792
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	0.060358
4	Enter the net value of noncharitable-use assets for 2014 from Part X, line 5.....	4	15,300,110
5	Multiply line 4 by line 3.......................	5	923,484
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	9,903
7	Add lines 5 and 6.........................	7	933,387
8	Enter qualifying distributions from Part XII, line 4..............	8	962,799
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	9,903
	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	9,903
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	9,903
6	Credits/Payments:

a	2014 estimated tax payments and 2013 overpayment credited to 2014	6a	5,631
b	Exempt foreign organizations—tax withheld at source.......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	5,631
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8	66
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	4,338
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax	Refunded	11

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

$ 0(2) On foundation managers. bullet

$ 0

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

on foundation managers. bullet

$ 0

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

or 4942(j)(5) for calendar year 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

CEHUGHESFOUNDATION.ORG

The books are in care of bullet

ARTHUR FRIEDMAN CPA Telephone no. bullet

(212) 689-0288

Located at bullet

280 MADISON AVENUE - 1007NEW YORKNY ZIP+4 bullet

10016

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

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

16 At any time during calendar year 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
BREWSTER WADDELL	PRESIDENT, DIRECTOR 2.00	0	0	0
280 MADISON AVENUE - 1007 NEW YORK,NY10016	PRESIDENT, DIRECTOR 2.00	0	0	0
KAREN AG LOUD	VICE PRESIDENT, DIRECTOR 2.00	0	0	0
280 MADISON AVENUE - 1007 NEW YORK,NY10016	VICE PRESIDENT, DIRECTOR 2.00	0	0	0
WILLIAM G KIRKLAND	DIRECTOR 2.00	0	0	0
280 MADISON AVENUE - 1007 NEW YORK,NY10016	DIRECTOR 2.00	0	0	0
LAUREN KATZOWITZ SHENFIELD	SECRETARY, ASSISTANT TREAS 20.00	0	0	0
280 MADISON AVENUE - 1007 NEW YORK,NY10016	SECRETARY, ASSISTANT TREAS 20.00	0	0	0
CHRISTOPHER ANGELL	DIRECTOR 2.00	0	0	0
280 MADISON AVENUE - 1007 NEW YORK,NY10016	DIRECTOR 2.00	0	0	0
MARY B CONRAD	TREASURER, DIRECTOR 2.00	0	0	0
280 MADISON AVENUE - 1007 NEW YORK,NY10016	TREASURER, DIRECTOR 2.00	0	0	0
SANDRA H WADDELL	DIRECTOR 2.00	0	0	0
280 MADISON AVENUE - 1007 NEW YORK,NY10016	DIRECTOR 2.00	0	0	0
THEODORE H WADDELL	DIRECTOR 2.00	0	0	0
280 MADISON AVENUE - 1007 NEW YORK,NY10016	DIRECTOR 2.00	0	0	0
WENDY WILLIAMSON	DIRECTOR 2.00	0	0	0
280 MADISON AVENUE - 1007 NEW YORK,NY10016	DIRECTOR 2.00	0	0	0
SUSAN JOHNSON MCLEAN	DIRECTOR 2.00	0	0	0
280 MADISON AVENUE - 1007 NEW YORK,NY10016	DIRECTOR 2.00	0	0	0

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









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

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
PHILANTHROPY ADVISORS LLC	FOUNDATION MANAGEMENT	144,000
PO BOX 20486 NEW YORK,NY100210068	FOUNDATION MANAGEMENT	144,000
BESSEMER INVESTMENT SERVICES	INVESTMENT MANAGEMENT SERVICES	52,830
630 FIFTH AVENUE NEW YORK,NY101110333	INVESTMENT MANAGEMENT SERVICES	52,830

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

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.		Expenses
1	NO DIRECT CHARITABLE ACTIVITIES	0
2


3


4

Form 990-PF (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	NO PROGRAM-RELATED INVESTMENTS	0
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...................

15,349,222

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

166,080

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

17,805

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

15,533,107

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.........................

15,533,107

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

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

232,997

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

15,300,110

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

765,006

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....................

765,006

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

9,903

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

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

9,903

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

755,103

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

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

755,103

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

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

755,103

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 ..........

962,799

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

962,799

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

9,903

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

952,896

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					755,103
2 Undistributed income, if any, as of the end of 2014:
a Enter amount for 2013 only.......				0
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2014:
a From 2009.......	278,758
b From 2010.......	302,084
c From 2011.......	205,911
d From 2012.......	294,585
e From 2013.......	213,322
fTotal of lines 3a through e.........		1,294,660
4Qualifying distributions for 2014 from Part
XII, line 4: $ 962,799
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.....					755,103
e Remaining amount distributed out of corpus		207,696
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		1,502,356
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) ...		278,758
9Excess distributions carryover to 2015. Subtract lines 7 and 8 from line 6a ......		1,223,598
10 Analysis of line 9:
a Excess from 2010....	302,084
b Excess from 2011....	205,911
c Excess from 2012....	294,585
d Excess from 2013....	213,322
e Excess from 2014....	207,696

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 e-mail address of the person to whom applications should be addressed:

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

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

NY/NJ COMMON APPLICATION FORM.

cAny submission deadlines:

2 GRANT CYCLES PER YEAR - SPRING AND FALL.

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

NONE

Form 990-PF (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
A BETTER CHANCE IN DARIEN INC PO BOX 3204 DARIEN,CT06820	N/A	PUBLIC	GENERAL USE	2,500
ALVIN AILEY DANCE FOUNDATION INC 405 WEST 55TH STREET NEW YORK,NY10019	N/A	PUBLIC	GENERAL USE	25,000
ASHOKA INNOVATORS FOR THE PUBLIC 1700 NORTH MOORE STREET ARLINGTON,VA22209	N/A	PUBLIC	GENERAL USE	1,000
CENTRAL PARK CONSERVANCY INC 14 EAST 60TH STREET NEW YORK,NY10014	N/A	PUBLIC	GENERAL USE	27,000
WOUNDED WARRIOR PROJECT 370 SEVENTH AVENUE NEW YORK,NY10001	N/A	PUBLIC	GENERAL USE	2,000
CONSULTATIVE GROUP ON BIOLOGICAL DIVERSITY PO BOX 29361 SAN FRANCISCO,CA94129	N/A	PUBLIC	GENERAL USE	1,000
COPLAND HOUSE INC 1538 WASHINGTON STREET CORTLANDT MANOR,NY10567	N/A	PUBLIC	GENERAL USE	25,000
CORNELL UNIVERSITY 130 EAST SENECA STREET ITHACA,NY14850	N/A	PUBLIC	GENERAL USE	2,500
COVENANT HOUSE CALIFORNIA 1325 NORTH WESTERN AVENUE LOS ANGELES,CA90027	N/A	PUBLIC	GENERAL USE	3,000
DALLAS SYMPHONY ASSOCIATION 2301 FLORA STREET DALLAS,TX75201	N/A	PUBLIC	GENERAL USE	5,000
DONORS' EDUCATION COLLABORATIVE AT THE NEW YORK COMMUNITY TRUST 909 THIRD AVENUE NEW YORK,NY10022	N/A	PUBLIC	GENERAL USE	50,000
EARTHJUSTICE 50 CALIFORNIA STREET SAN FRANCISCO,CA94111	N/A	PUBLIC	GENERAL USE	50,000
ENVIRONMENTAL DEFENSE FUND INC 257 PARK AVENUE SOUTH NEW YORK,NY10010	N/A	PUBLIC	GENERAL USE	50,000
FIDELITY CHARITABLE GIFT FUND PO BOX 770001 CINCINNATI,OH452770053	N/A	PUBLIC	GENERAL USE	30,000
GLOBAL GREENGRANTS FUND 2840 WILDERNESS PLACE BOULDER,CO80301	N/A	PUBLIC	GENERAL USE	25,000
GRAMEEN FOUNDATION 1101 15TH STREET NW WASHINGTON,DC20005	N/A	PUBLIC	GENERAL USE	25,000
HARVARD UNIVERSITY 79 JOHN F KENNEDY STREET CAMBRIDGE,MA02138	N/A	PUBLIC	GENERAL USE	7,000
HOBART AND WILLIAM SMITH COLLEGES 615 SOUTH MAIN STREET GENEVA,NY14456	N/A	PUBLIC	GENERAL USE	3,000
ICIVICS INC 1875 K STREET NW WASHINGTON,DC20006	N/A	PUBLIC	GENERAL USE	50,000
JAZZ AT LINCOLN CENTER INC 33 WEST 60TH STREET NEW YORK,NY10023	N/A	PUBLIC	GENERAL USE	25,000
LEAGUE OF CONSERVATION VOTERS EDUCATION FUND 1920 L STREET NW WASHINGTON,DC20036	N/A	PUBLIC	GENERAL USE	25,000
NATIONAL TRUST FOR HISTORIC PRESERVATION IN THE UNITED STATES 1785 MASSACHUSETTS AVENUE NW WASHINGTON,DC20036	N/A	PUBLIC	GENERAL USE	25,000
NATIONAL WOMEN'S LAW CENTER 11 DUPONT CIRCLE NW WASHINGTON,DC20036	N/A	PUBLIC	GENERAL USE	25,000
NATURAL RESOURCES DEFENSE COUNCIL INC 40 WEST 20TH STREET NEW YORK,NY10011	N/A	PUBLIC	GENERAL USE	50,000
NEW YORK LAWYERS FOR THE PUBLIC INTEREST INC 151 WEST 30TH STREET NEW YORK,NY10001	N/A	PUBLIC	GENERAL USE	25,000
NEW YORK LEGAL ASSISTANCE GROUP INC 7 HANOVER SQUARE NEW YORK,NY10004	N/A	PUBLIC	GENERAL USE	25,000
NEW YORK PUBLIC RADIO 160 VARICK STREET NEW YORK,NY10013	N/A	PUBLIC	GENERAL USE	5,000
NORTH COUNTRY SCHOOL AND CAMP TREETOPS PO BOX 187 LAKE PLACID,NY12946	N/A	PUBLIC	GENERAL USE	3,000
NORTHRIDGE HOSPITAL FOUNDATION 18300 ROSCOE BLVD NORTHRIDGE,CA91325	N/A	PUBLIC	GENERAL USE	1,000
PORTLAND MUSEUM OF ART SEVEN CONGRESS SQUARE PORTLAND,ME04101	N/A	PUBLIC	GENERAL USE	5,000
PRINCETON UNIVERSITY PO BOX 46 PRINCETON,NJ08544	N/A	PUBLIC	GENERAL USE	1,000
RUMSEY HALL SCHOOL INC 201 ROMFORD ROAD WASHINGTON DEPOT,CT06794	N/A	PUBLIC	GENERAL USE	1,000
SANTA FE CONCERT ASSOCIATION 321 W SAN FRANCISCO STREET SANTA FE,NM87501	N/A	PUBLIC	GENERAL USE	4,000
SANTA FE INTERNATIONAL FOLK ART MARKET 404 KIVA COURT SANTA FE,NM87505	N/A	PUBLIC	GENERAL USE	11,000
SANTA FE OPERA PO BOX 2408 SANTA FE,NM87504	N/A	PUBLIC	GENERAL USE	5,000
TEACH FOR AMERICA INC 714 MARKET STREET PHILADELPHIA,PA19106	N/A	PUBLIC	GENERAL USE	5,000
THE ANDREW SHAW MEMORIAL TRUST PO BOX 2315 DARIEN,CT06820	N/A	PUBLIC	GENERAL USE	1,000
THE CHESTER FUND FOR EDUCATION AND THE ARTS INC 510 WESTMINSTER AVENUE SWARTHMORE,PA19081	N/A	PUBLIC	GENERAL USE	4,000
THE FOUNDATION CENTER 79 FIFTH AVENUE NEW YORK,NY10003	N/A	PUBLIC	GENERAL USE	2,250
THE FUND FOR NEW CITIZENS AT THE NEW YORK COMMUNITY TRUST 909 THIRD AVENUE NEW YORK,NY10022	N/A	PUBLIC	GENERAL USE	25,000
THE LEGAL AID SOCIETY 199 WATER STREET NEW YORK,NY10038	N/A	PUBLIC	GENERAL USE	60,000
WASHINGTON AND JEFFERSON COLLEGE 60 SOUTH LINCOLN STREET WASHINGTON,PA153019990	N/A	PUBLIC	GENERAL USE	10,000
WILLIAM J BRENNAN JR CENTER FOR JUSTICE INC 161 AVENUE OF THE AMERICAS NEW YORK,NY10013	N/A	PUBLIC	GENERAL USE	25,000
WILLIAM J CLINTON FOUNDATION 610 PRESIDENT CLINTON AVENUE LITTLE ROCK,AR72201	N/A	PUBLIC	GENERAL USE	2,000
FREEDOM TO MARRY INC 116 WEST 23RD STREET NEW YORK,NY10011	N/A	PUBLIC	GENERAL USE	3,000
HUDSON RIVERKEEPER INC 20 SECOR ROAD OSSINING,NY10562	N/A	PUBLIC	GENERAL USE	5,000
NASHER SCULPTURE CENTER 2001 FLORA STREET DALLAS,TX75201	N/A	PUBLIC	GENERAL USE	1,000
SANCTUARY FOR FAMILIES BOX 1406 WALL STREET STATION NEW YORK,NY10268	N/A	PUBLIC	GENERAL USE	10,000
Total ................................. 3a				773,250

bApproved for future payment

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

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	15
4 Dividends and interest from securities....			14	270,034
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	811,210
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		0		1,081,259	0

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

131,081,259

(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

Name of Bond	End of Year Book Value	End of Year Fair Market Value
AMERICAN EXPRESS CREDIT, 2.375%, 3-24-17	51,045	51,045
ANHEUSER-BUSCH INBEV WORLDWIDE, 1.375%, 7-15-17	69,922	69,922
APPLE INC. FLOATING RATE NOTE, 0.482%, 5-3-18	64,896	64,896
BANK OF NEW YORK MELLON, 1.969%, 6-20-17	60,944	60,944
BB&T CORPORATION, 2.15%, 3-22-17	101,536	101,536
BERKSHIRE HATHAWAY INC., 3.2%, 2-11-15	125,359	125,359
CITIGROUP INC., 1.55%, 8-14-17	79,611	79,611
COCA-COLA CO., 1.8%, 9-1-16	65,978	65,978
DEUTSCHE BANK AG, 3.45%, 3-30-15	50,333	50,333
GENERAL ELECTRIC CAPITAL CORP., 2.9%, 1-9-17	77,972	77,972
HEWLETT-PACKARD CO. FLOATING RATE NOTE, 1.17%, 1-14-19	79,184	79,184
JPMORGAN CHASE & CO. FLOATING RATE NOTE, 1.372%, 9-22-15	116,835	116,835
KFW, 1.25%, 2-15-17	75,598	75,598
TOYOTA MOTOR CREDIT CORP., 1.125%, 5-16-17	74,763	74,763
TYCO INTERNATIONAL FINANCE, 3.375%, 10-15-15	11,202	11,202
UNITEDHEALTH GROUP INC., 1.4%, 12-15-17	79,954	79,954

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ACE LIMITED	39,059	39,059
AETNA INC.	79,059	79,059
AMERICAN INTERNATIONAL GROUP INC.	35,566	35,566
AMERICAN WATER WORKS CO.	73,554	73,554
APPLE INC.	92,719	92,719
ASTRAZENECA PLC	42,593	42,593
AVAGO TECHNOLOGIES	38,224	38,224
BNP BARIBAS SPON ADR	27,122	27,122
BRIDGESTONE CORP. ADR	33,096	33,096
CHINA TELECOM ADR	56,068	56,068
CITIGROUP INC.	35,442	35,442
CONOCOPHILLIPS	41,781	41,781
CUMMINS INC.	18,742	18,742
CVS HEALTH CORP.	39,006	39,006
DAIHATSU MOTOR CO. LTD. ADR	16,858	16,858
DBS GROUP HOLDINGS LTD ADR	59,697	59,697
DOLLAR GENERAL CORP.	74,588	74,588
HITACHI LTD ADR	53,338	53,338
HSBC HOLDINGS PLC ADR	45,105	45,105
ILLINOIS TOOL WORKS INC.	25,569	25,569
IMPERIAL TOBACCO LTD ADR	38,914	38,914
ITOCHU CORP. ADR	47,845	47,845
J SAINSBURY SPON ADR	29,081	29,081
KDDI CORP. ADR	39,332	39,332
KEYCORP	59,770	59,770
KIRBY CORP.	21,800	21,800
L BRANDS INC.	30,292	30,292
LORILLARD INC.	21,400	21,400
MACY'S INC.	41,423	41,423
MORGAN STANLEY GROUP INC.	39,188	39,188
MYLAN INC.	76,100	76,100
NIELSEN NV	25,049	25,049
NIKE INC. - CLASS B	52,882	52,882
NXP SEMICONDUCTORS NV	43,548	43,548
OLD WESTBURY LARGE CAP STRATEGIES FUND	4,757,949	4,757,949
OLD WESTBURY REAL RETURN FUND	342,974	342,974
OLD WESTBURY SMALL & MID CAP FUND	2,291,562	2,291,562
OLD WESTBURY STRATEGIC OPPORTUNITIES FUND	2,060,271	2,060,271
ORIX CORP.	34,859	34,859
PANDORA A/S ADR	22,648	22,648
PFIZER INC.	71,801	71,801
QUALCOMM INC.	56,491	56,491
RAYTHEON CO.	67,606	67,606
RSA INSURANCE GROUP INC. SPON ADR	37,985	37,985
SINOPEC/CHINA PETROLEUM & CHEMICALS ADR	23,007	23,007
SKANDINAVISKA ENSKILD ADR	17,995	17,995
SKY PLC ADR	48,782	48,782
SUMITOMO METAL MINING CO. LTD.	23,929	23,929
SVENSKA CL AKTIBLGT ADR	30,422	30,422
TERADATA CORP.	50,232	50,232
THERMO FISHER SCIENTIFIC	35,708	35,708
TIM PARTICIPACOES SA ADR	22,876	22,876
TOKYO GAS LTD ADR	30,719	30,719
UNILEVER NV	45,424	45,424
UNION PACIFIC CORP.	66,117	66,117
UNITED RENTALS INC.	32,133	32,133
VALERO ENERGY	17,078	17,078
VIACOM INC. - CLASS B	50,041	50,041
WHARF HOLDINGS ADR	27,947	27,947
WILMAR INTERNATIONAL ADR	32,520	32,520
YUM BRANDS INC.	45,531	45,531
ZIMMER HOLDINGS INC.	56,143	56,143

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
INTEREST RECEIVABLE	18,608	13,502	13,502
DIVIDENDS RECEIVABLE	2,473	1,896	1,896
FEDERAL EXCISE TAX REFUND RECEIVABLE	5,631
PURCHASED INTEREST	501	1,952	1,952
PREPAID EXPENSES	5,957	1,780	1,780

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
MEMBERSHIP DUES	9,589	0	9,589
INSURANCE	1,500	375	1,125
WEBSITE COSTS	280	0	280
SECURITIES BANK CHARGES	241	241	0
OFFICE SUPPLIES & EXPENSES	803	402	401
SOFTWARE COSTS - GRANT MANAGEMENT SYSTEM	3,500	0	3,500
ADVERTISEMENT	140	0	140

Description	Beginning of Year - Book Value	End of Year - Book Value
FEDERAL EXCISE TAX PAYABLE	0	4,272
INVESTMENT ADVISORY FEES PAYABLE	4,388	4,419
MISCELLANEOUS EXPENSES PAYABLE	283	3,329

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT ADVISORY FEES	52,830	52,830		0
PHILANTHROPY ADVISORS LLC MANAGEMENT FEES	144,000	0		144,000

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
FEDERAL EXCISE TAX	9,903	0	0
NEW YORK STATE FILING FEE	750	0	750
FOREIGN TAX WITHHELD ON DIVIDENDS	4,598	4,598	0