Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2014
Open to Public Inspection
For calendar year 2014, or tax year beginning 2014, and ending , 20
Name of foundation
Cummings Foundation Inc
 
% WILLIAM F GRANT
Number and street (or P.O. box number if mail is not delivered to street address)200 West Cummings Park   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Woburn, MA01801
A Employer identification number

04-3073023
B Telephone number (see instructions)

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

D 1. bullet
2. bullet
E bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$1,139,171,640J Accounting method:
 
(Part I, column (d) must be on cash basis.)
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach
schedule).............. 170,298
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments 762 762 762
4 Dividends and interest from securities...... 11,245,745 11,231,745 11,245,745
5a Gross rents.............. 103,066 103,066 103,066
b Net rental income or (loss) 73,710
6a Net gain or (loss) from sale of assets not on line 10 25,840,059
b Gross sales price for all assets on line 6a 123,299,466
7 Capital gain net income (from Part IV, line 2)... 25,840,059
8 Net short-term capital gain......... 440,195
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 136,791,481 57,932,658 136,981,754
12 Total. Add lines 1 through 11........ 174,151,411 95,108,290 148,771,522
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 402,334     402,334
14 Other employee salaries and wages...... 36,988,911     36,983,799
15 Pension plans, employee benefits....... 771,598     746,452
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 33,259     56,355
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 2,230,241 413,241    
19 Depreciation (attach schedule) and depletion... Click to see attachment 196,733   196,733
20 Occupancy.............. 3,185,816     3,206,300
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 38,368,108 3,775,155 7,996 34,536,818
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 82,177,000 4,188,396 204,729 75,932,058
25 Contributions, gifts, grants paid........ 1,586,126 1,586,126
26 Total expenses and disbursements. Add lines 24 and 25 83,763,126 4,188,396 204,729 77,518,184
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 90,388,285
b Net investment income (if negative, enter -0-) 90,919,894
c Adjusted net income (if negative, enter -0-)... 148,566,793
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2014)
Form 990-PF (2014)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 43,000 49,534 49,534
2 Savings and temporary cash investments.......... 30,252,876 23,374,711 23,374,711
3 Accounts receivable bullet8,311,661
Less: allowance for doubtful accounts bullet   7,242,085 8,311,661 8,311,661
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use............... 32,914 30,261 30,261
9 Prepaid expenses and deferred charges........... 134,757 129,435 129,435
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 369,515,368 Click to see attachment383,185,631 548,370,218
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 491,317,699 Click to see attachment539,951,166 554,953,751
14 Land, buildings, and equipment: basis bullet10,443,953
Less: accumulated depreciation (attach schedule) bullet6,491,884 3,734,126 3,952,069 3,952,069
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 902,272,825 958,984,468 1,139,171,640
Liabilities 17 Accounts payable and accrued expenses.......... 952,144 943,772
18 Grants payable..................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment24,150,413 Click to see attachment26,046,766
23 Total liabilities (add lines 17 through 22).......... 25,102,557 26,990,538
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted................... 877,170,268 931,993,930
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see instructions)...... 877,170,268 931,993,930
31 Total liabilities and net assets/fund balances (see instructions).. 902,272,825 958,984,468
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)............... 1 877,170,268
2 Enter amount from Part I, line 27a..................... 2 90,388,285
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 967,558,553
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 35,564,623
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 931,993,930
Form 990-PF (2014)
Form 990-PF (2014)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a PUBLICLY TRADED SECURITIES - SHORT TERM P    
b PUBLICLY TRADED SECURITIES - LONG TERM P    
c OTHER ASSETS P    
d ALTERNATIVE INVESTMENTS - LONG TERM P    
e
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 24,566,573   24,126,378 440,195
b 87,191,776   64,656,323 22,535,453
c 78,587     78,587
d 11,462,530   8,676,706 2,785,824
e
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       440,195
b       22,535,453
c       78,587
d       2,785,824
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 25,840,059
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 . . . . . . . . . . . . . . . . 		Bracket 3 440,195
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2013 71,442,133 961,476,542 0.074305
2012 69,054,472 891,631,115 0.077447
2011 65,050,847 830,930,160 0.078287
2010 62,694,136 735,114,956 0.085285
2009 61,619,111 628,440,923 0.098051
2 Total of line 1, column (d) ...................... 2 0.413375
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 0.082675
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 1,057,622,938
5 Multiply line 4 by line 3....................... 5 87,438,976
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 909,199
7 Add lines 5 and 6......................... 7 88,348,175
8 Enter qualifying distributions from Part XII, line 4.............. 8 77,932,860
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions.
Form 990-PF (2014)
Form 990-PF (2014)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 1,818,398
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 1,818,398
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 1,818,398
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 1,959,321
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 1,959,321
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 140,923
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet140,923 RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? Click to see attachment....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changesClick to see attachment....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.Click to see attachment
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletMA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
    Yes
     
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) Click to see attachment.............
    11
    Yes
     
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullethttp://www.cummingsfoundation.org
    14
    The books are in care ofbulletWILLIAM F GRANT Telephone no.bullet (781) 935-8000
    Located atbullet200 WEST CUMMINGS PARKWOBURNMA ZIP+4bullet01801
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2014, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2014?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2014, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2014?...............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?........................
    b
    If "Yes," did it have excess business holdings in 2014 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2014.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2014?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? (see instructions)..................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
    No
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.......................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    Joyce M Cummings TRUSTEE & TREASURER
    1.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    Patricia A Cummings PSY D TRUSTEE & Vice President
    1.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    William S Cummings TRUSTEE & PRESIDENT
    50.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    Robert O'Connor EXEC DIR NHM
    50.0     		163,995 6,625 26,400
    200 West Cummings Park
    Woburn,MA01801
    Joseph Abate MD Trustee
    1.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    Anthony P Monaco MD PHD Trustee
    1.0     		0 0 0
    Tufts University
    Medford,MA02155
    HON Margot Botsford Trustee
    1.0     		0 0 0
    supreme judicial court
    boston,MA02108
    Paul C Casey Trustee
    1.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    Carol A Donovan Trustee
    1.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    DEBORAH T KOCHEVAR DVM PHD Trustee
    1.0     		0 0 0
    cummings school of veterinary
    north grafton,MA01536
    Jason Z Morris PhD Trustee
    1.0     		0 0 0
    fordham university
    bronx,NY10458
    Marilyn Cummings Morris MD MPH Trustee
    1.0     		0 0 0
    Childrens Hospital
    New York,NY10001
    Richard C Ockerbloom Trustee
    1.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    Joel B Swets EXEC DIR, CUMMINGS FND
    50.0     		128,006 8,724 0
    200 West Cummings Park
    Woburn,MA01801
    Michael P Pascavage TRUSTEE
    1.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    Christine Coakley Exec DiRECTOR, NHC
    50.0     		110,333 17,411 0
    21 Warren Avenue
    Woburn,MA01801
    Arlan F Fuller MD Trustee
    1.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    RICHARD CURTIN ASSOC DIVISION MGR
    50.0     		150,510 10,553 0
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    MARK LYNCH CARPENTER - LEAD
    50.0     		147,064 16,811 0
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    MICHAEL DEPIERRO CARPENTRY TL
    50.0     		131,688 10,656 0
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    MICHAEL DONAGHEY ELECTRICAL TL
    50.0     		124,615 15,097 0
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    PAUL KIRSCHBAUM SR ASSOC EXEC
    50.0     		114,995 2,167 0
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    Total number of other employees paid over $50,000...................bullet 54
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    HEALTH CARE STAFFING INC ASSISTED LIVING SVCS 1,862,102
    PO BOX 786
    WESTBOROUGH,MA01581
    MERRILL LYNCH TRUST CO INVESTMENT SVCS 1,238,299
    ONE FEDERAL STREET
    BOSTON,MA02134
    THE CARLYLE GROUP INVESTMENT SVCS 780,803
    520 MADISON AVENUE
    NEW YORK,NY10022
    COMMONFUND INVESTMENT SVCS 765,626
    15 OLD DANBURY ROAD
    WILTON,CT068970812
    WINCHESTER HEALTHCARE ENTERPRISES INC ASSISTED LIVING SVCS 613,434
    PO BOX 5-0803
    WOBURN,MA01801
    Total number of others receiving over $50,000 for professional services.............bullet2
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT CHOATE 3,662,105
    2 SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT MARLBOROUGH 8,485,455
    3 SEE GENERAL EXPLANATION ATTACHMENT - CUMMINGS SCHOOL OF VETERINARY MEDICINE 63,784,498
    4 SEE GENERAL EXPLANATION ATTACHMENT - INSTITUTE FOR WORLD JUSTICE, LLC 0
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 8
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    742,203,205
    b
    Average of monthly cash balances.......................
    1b
    153,827
    c
    Fair market value of all other assets (see instructions)................
    1c
    331,371,839
    d
    Total (add lines 1a, b, and c).........................
    1d
    1,073,728,871
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    1,073,728,871
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    16,105,933
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    1,057,622,938
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    52,881,147
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
     
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
     
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
     
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
     
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    77,518,184
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    414,676
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    77,932,860
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    77,932,860
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2013     		(c)
    2013     		(d)
    2014
    1 Distributable amount for 2014 from Part XI, line 7  
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2014:
    a From 2009.......  
    b From 2010.......  
    c From 2011.......  
    d From 2012.......  
    e From 2013.......  
    fTotal of lines 3a through e.........  
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$  
    a Applied to 2013, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		 
    d Applied to 2014 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2014.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		 
    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) .......     		 
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2010....  
    b Excess from 2011....  
    c Excess from 2012....  
    d Excess from 2013....  
    e Excess from 2014....  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2014, enter the date of the ruling.......bullet
    1990-04-27
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2014 (b) 2013 (c) 2012 (d) 2011
    52,881,147 48,073,827 44,581,556 41,546,508 187,083,038
    b 85% of line 2a ......... 44,948,975 40,862,753 37,894,323 35,314,532 159,020,583
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		77,932,860 71,442,133 69,054,472 35,314,532 253,743,997
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		1,586,126 769,155 186,737 41,940 2,583,958
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		76,346,734 70,672,978 68,867,735 35,272,592 251,160,039
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ...... 1,139,171,640 1,085,901,102 978,394,250 871,158,791 4,074,625,783
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		 327,419,769 328,019,769 387,959,769 388,509,769 1,431,909,076
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		35,254,098 32,049,218 29,721,037 27,697,672 124,722,025
    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) ....     		78,990,617 75,963,565 72,105,417 89,408,199 316,467,798
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		79,180,890 75,963,565 72,105,417 69,149,804 296,399,676
    (3) Largest amount of support
    from an exempt organization    		 0 0 0 0 0
    (4) Gross investment income 192,567,709 181,682,796 55,393,413 51,337,585 480,981,503
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    WILLIAM S CUMMINGS PATRICIA A CU
    JOYCE CUMMINGS AND JASON Z MORRIS
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    AIDS ACTION COMMITTEE
    75 AMORY STREET
    BOSTON,MA02119     		None PC Community Healthcare Program 75
    HABITAT FOR HUMANITY
    ONE OAK HILL ROAD
    FITCHBURG,MA01420     		NONE PC Housing & Shelter 200
    HARVARD UNIVERSITY - SRO
    1350 MASSACHUSETTS AVENUE
    CAMBRIDGE,MA02138     		NONE PC Educational Programming 2,432
    LAZARUS HOUSE MINISTRIES INC
    PO BOX 408
    LAWRENCE,MA01842     		None PC Civic Relief 100
    LIMERICK FIREEMS DEPARTMENT
    PO BOX 195
    LIMERICK,ME04048     		NONE PC Health and Prevention 23,668
    NESKAYA ARTS CENTER
    PO BOX 634
    FRANCONIA,NH03580     		NONE PC Cultural Enrichment 255
    NORTHWESTERN UNIVERSITY
    PO BOX 70385
    CHICAGO,IL606730385     		NONE PC Educational Programming 10,000
    ONLY A CHILD INC
    PO BOX 990885
    BOSTON,MA02199     		NONE PC Youth Welfare Program 90
    PARTNERS IN DEVELOPMENT
    55 MARKET ST STE 201
    IPSWICH,MA01938     		NONE PC Missionary Activities 50
    SALEM MISSION INC
    56 MARGIN STREET
    SALEM,MA019703341     		NONE PC Community Welfare Program 100
    SHARING A NEW SONG
    83 EAST BARE HILL ROAD
    HARVARD,MA01451     		NONW PC Cultural Enrichment 225
    ST EULALIA'S CHURCH
    50 RIDGE STREET
    WINCHESTER,MA02475     		NONE PC Religious Program 2,000
    THE FENWAY INSTITUTE CENTER INC
    1340 BOYLSTON STREET
    BOSTON,MA02215     		NONE PC Social Justice 50
    THE SEAN C ELMORE MEMORIAL FUND
    8 FILLMORE DRIVE
    BILLERICA,MA01821     		NONE PC Community Outreach 250
    TUFTS UNIVERSITY HILLEL
    220 PACKARD AVE
    MEDFORD,MA02155     		NONE PC Educational Programming 90,250
    UNIVERSITY OF MASSACHUSETTS-AMHERST
    215 WHITMORE BLDG BURSARS OFFICE
    AMHERST,MA01003     		NONE PC Educational Programming 10,000
    VNA HOSPICE CARE INC
    100 TRADECENTER SUITE G-500
    WOBURN,MA01801     		NONE PC Community Healthcare Program 100
    WOODS HOLE COMMUNITY ASSOCIATN INC
    PO BOX 327
    WOODS HOLE,MA02543     		NONE PC Cultural Enrichment 225
    AMERICAN FRIENDS OF YAHAD UNUM
    25 WEST 45TH STREET SUITE 1405
    NEW YORK,NY10036     		NONE PC Educational Awareness 25,000
    BOSTON CARDIAC FOUNDATION INC
    50 TREMONT STREET SUITE 104
    MELROSE,MA02176     		NONE PC Health Research and Programs 33,333
    BOYS AND GIRLS CLUB OF NEW ROCHELLE
    79 SEVENTH STREET
    NEW ROCHELLE,NY108014859     		NONE PC Youth Enrichment Program 50,000
    BUILD A SCHOOL IN AFRICA INC
    83 GROTON ST
    PEPPERELL,MA01463     		NONE PC Poverty Assistance Third World 10,000
    CUMMINGS SCHOOL OF
    200 WESTBORO ROAD
    NORTH GRAFTON,MA01536     		NONE PC Educational Programming 100,000
    PARTNERS IN HEALTH
    888 COMMONWEALTH AVE 3RD FLOOR
    BOSTON,MA02215     		NONE PC Poverty Assistance Third World 100,000
    James L Mckeown Boys & Girls Club of Woburn
    1 CHARLES GARDNER LANE
    WOBURN,MA01801     		NONE PC Youth Enrichment Program 1,000,000
    NEW ENGLAND CONFERENCE OF THE METHODIST
    PO BOX 249
    LAWRENCE,MA018420449     		NONE PC Religious Program 1,500
    SAVVY SENIOR SYMPOSIUM
    109 SKILLINGS ROAD
    WINCHESTER,MA01890     		NONE PC Elder Services 1,000
    ST CHARLES BORROMEO PARSIH
    280 MAIN STREET
    WOBURN,MA01801     		NONE PC Community Welfare Program 1,000
    SUPPORTIVE LIVING INC
    400 WEST CUMMINGS PARK SUITE 6100
    WOBURN,MA01801     		NONE PC Brain Injury Residence 106,916
    VNA HOSPICE CARE INC
    100 TRADECENTER SUITE G-500
    WOBURN,MA01801     		NONE PC Community Healthcare Program 1,000
    VNA OF MIDDLESEX EAST HOSPICE
    607 NORTH AVE SUITE 17
    WAKEFIELD,MA01880     		NONE PC Community Healthcare Program 800
    WINCHESTER HOSPITAL FOUNDATION
    41 HIGHLAND AVENUE
    WINCHESTER,MA01890     		NONE PC Healthcare Services 100
    WINCHESTER SCHOLARSHIP FOUNDATION
    PO BOX 174
    WINCHESTER,MA01890     		NONE PC Educational Programming 1,000
    WMHS BREAST CANCER WALK
    7 LOKER LANE
    WOBURN,MA01801     		NONE PC Health Research and Programs 200
    WOBURN DOLLARS FOR SCHOLARS
    PO BOX 202
    WOBURN,MA01801     		NONE PC Educational Programming 1,000
    WOBURN MEMORIAL HIGH ACADEMIC AWARD
    88 MONTVALE AVE
    WOBURN,MA01801     		NONE PC Educational Awareness 250
    WOBURN MEMORIAL HIGH SCHOOL
    88 MONTVALE AVE
    WOBURN,MA01801     		NONE PC Educational Programming 350
    JEWISH FAMILY SERVICE OF METROWEST
    475 Franklin St
    Boston,MA01702     		NONE PC Community Welfare Program 675
    MARLBOROUGH CITY SCHOLARSHIP
    140 Main Street
    MARLBOROUGH,MA01752     		NONE PC Educational Programming 5,000
    MARLBOROUGH HIGH SCHOOL
    431 BOLTON STREET
    MARLBOROUGH,MA01751     		NONE PC Educational Programming 500
    MAYOR'S CHARITY RELIEF FUND
    PO BOX 374
    MARLBOROUGH,MA01752     		NONE PC Civic Fundraiser 5,000
    MDA GOLF CLASSIC MARLBOROUGH
    33 LYMAN STREET 304B
    WESTBOROUGH,MA01581     		NONE PC Health Research and Programs 200
    PAN MASSACHUSETTS CHALLENGE
    77 FOURTH AVENUE
    NEEDHAM,MA02494     		NONE PC Health Research and Programs 200
    ST MATTHIAS PARISH
    409 HEMENWAY ST
    MARLBOROUGH,MA01752     		NONE PC Community Welfare Program 1,000
    Contributions from Passthrough Activities
    200 WEST CUMMINGS PARK
    WOBURN,MA01801     		NONE PC Charitable 32
    Total .................................bullet 3a 1,586,126
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    aSENIOR FACILITY REVENUE         16,388,405
    bHOME HEALTH CARE REVENUE         2,476,709
    cVET SCHOOL REVENUE         60,145,478
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ............     		    14 762  
    4 Dividends and interest from securities....     14 11,245,745  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....     16 73,710  
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....     14 57,932,658  
    8
    Gain or (loss) from sales of assets other than inventory .............     		    17 25,840,059  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..     01 38,504  
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. -190,273 95,131,438 79,010,592
    13Total. Add line 12, columns (b), (d), and (e)..................
    13173,951,757
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    1A PART OF THE PRIMARY EXEMPT PURPOSE OF CUMMINGS FOUNDATION IS TO OPERATE TWO NOT-FOR PROFIT RESIDENTIAL INDEPENDENT AND ASSISTED LIVING FACILITIES FOR SENIORS. SENIOR FACILITY REVENUE IS INCOME FROM THE OPERATION OF SUCH FACILITIES.
    1B PART OF THE PRIMARY EXEMPT PURPOSE OF CUMMINGS FOUNDATION IS TO PROVIDE HOME HEALTH CARE TO SENIORS. HOME HEALTH CARE REVENUE IS INCOME FROM THE PROVISION OF SUCH CARE TO SENIORS.
    1C CUMMINGS FOUNDATION ENTERED INTO A LONG-TERM AGREEMENT WITH TUFTS UNIVERSITY in 2004 TO OPERATE ITS VETERINARY SCHOOL THROUGH A SUBSIDIARY CALLED VETERINARY SCHOOL AT TUFTS, LLC. During the term of the agreement, CUMMINGS FOUNDATION WILL CONTRIBUTE AT LEAST $50 MILLION TO SUPPORT THE RENAMED CUMMINGS SCHOOL OF VETERINARY MEDICINE.THE IRS ISSUED A PRIVATE LETTER RULING ON MAY 6, 2004, CONFIRMING THAT THE EXPENDITURES DIRECTED TO TUFTS UNIVERSITY AND THE EXPENSES CUMMINGS FOUNDATION INCURS IN OPERATING THE CUMMINGS SCHOOL CONSTITUTE QUALIFIED DISTRIBUTIONS DIRECTLY FOR THE ACTIVE CONDUCT OF CUMMINGS FOUNDATION'S EXEMPT PURPOSES.
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
    Yes
     
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    1b(3) 8,485,455 HEM REALTY INC SEE ATTACHED
    1b(3) 3,662,105 NHC REALTY INC SEE ATTACHED
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    HEM REALTY INC 501(C)(2) A DIVISION OF CFI
    NHC REALTY INC 501(C)(2) A DIVISION OF CFI
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2014)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors
    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Information about Schedule B (Form 990, 990-EZ, or 990-PF) and its instructions is at www.irs.gov/form990.
    OMB No. 1545-0047
    2014
    Name of the organization
    Cummings Foundation Inc
     
    Employer identification number

    04-3073023
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ





    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution. An organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
    Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it does not meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
    Page 2
    Name of organization
    Cummings Foundation Inc
          		Employer identification number

    04-3073023
    Part I
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
     
     

    William S Cummings  
    200 West Cummings Park
     
    Woburn, MA01801

    		$100,000


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

    Marilyn Morris  
    200 WEST CUMMINGS PARK
     
    WOBURN, MA01801

    		$66,998


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

       
     
     

    		$  


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

       
     
     

    		$  


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

       
     
     

    		$  


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

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
    Page 3
    Name of organization
    Cummings Foundation Inc
          		Employer identification number

    04-3073023
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
    Page 4
    Name of organization
    Cummings Foundation Inc
          		Employer identification number

    04-3073023
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10)
    that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Additional Data


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    TY 2014 DepreciationSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included

    TY 2014 GeneralExplanationAttachment
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Identifier Return Reference Explanation
    ATTACHMENT TO FORM 990-PF ATTACHMENT TO FORM 990-PF Part VII-A, Question 11; Part III, Line 5; and Part VII-B, Question 5c During 2014, Cummings Foundation, Inc. transferred $34,964,623 to OneWorld Boston, Inc. This transfer is a partial distribution pursuant to a larger plan to transfer substantial assets of Cummings Foundation under 507(b)(2) for the creation of an endowment in support of OneWorld Boston. Expenditure Responsibility Statement for the year 2014 Pursuant to IRC Regulation Sec. 53.4945-5(d)(2), Cummings Foundation, Inc. (Cummings Foundation) provides the following information: (i) Controlled Entity: OneWorld Boston, Inc. (OneWorld Boston) 200 West Cummings Park Woburn, MA 01801 (ii) Amount of Transfers: $26,664,623 January 9, 2014 $ 7,300,000 June 27, 2014 $ 1,000,000 December 11, 2014 ____________ $34,964,623 TOTAL IN 2014 (iii) Purpose of Transfers: Endowment in support of OneWorld Boston (EIN 80-0681389), a grant-making private foundation qualified under IRC sec. 501 (c)(3), and a controlled entity of Cummings Foundation, within the meaning of IRC sec. 512(b)(13). (iv/vi) Reports: OneWorld Boston submitted a full and complete report of its expenditure of the 2014 year transfer on June 12, 2015. The report reflected that of the $34,964,623 received during the year, $8,598,653 was expended on grants to public charities, $75,000 was expended on estimated taxes on investment income (sec. 4940), $4,725 was expended on accounting services, $35 was expended on fees, and $26,286,210 was retained for addition to an endowment or the payment of future OneWorld Boston grants. (v) Diversions: To the knowledge of transferor, Cummings Foundation, no funds have been diverted to any activity other than the activity for which the transfer was originally made. (vii) Verification: Cummings Foundation has no reason to doubt the accuracy or reliability of the report from OneWorld Boston; therefore, no independent verification of the report was made.
    SUMMARY OF DIRECT CHARITABLE ACTIVITIES SUMMARY OF DIRECT CHARITABLE ACTIVITIES FORM 990-PF, PART IX-A NEW HORIZONS AT CHOATE - $3,662,105. ESTABLISHED IN 1990 AND ACCOMMODATES 125 SENIORS. THE FACILITY IS LOCATED IN WOBURN, MA. FORMERLY THE CHOATE MEMORIAL HOSPITAL PROPERTY, THIS PROPERTY WAS CONVERTED TO A RETIREMENT COMMUNITY WHICH INCLUDES SUITES FOR INDEPENDENT LIVING AND ASSISTED LIVING UNITS. NEW HORIZONS AT MARLBOROUGH - $8,485,455. ESTABLISHED IN 1993 AND ACCOMMODATES APPROXIMATELY 500 RESIDENTS AT ITS MARLBOROUGH, MASSACHUSETTS CAMPUS. BOTH FACILITIES HAVE THE ABILITY TO ACCOMMODATE ACTIVE AND INDEPENDENT SENIORS, SENIORS REQUIRING ASSISTANCE WITH ACTIVITIES OF DAILY LIVING (ASSISTED LIVING RESIDENTS) AND SENIORS SUFFERING FROM ALZHEIMER'S DISEASE. CUMMINGS SCHOOL OF VETERINARY MEDICINE - $63,784,498. CUMMINGS FOUNDATION ENTERED INTO A LONG-TERM AGREEMENT WITH TUFTS UNIVERSITY in 2004 TO OPERATE ITS VETERINARY SCHOOL THROUGH A SUBSIDIARY CALLED VETERINARY SCHOOL AT TUFTS, LLC. DURING THE TERM OF AGREEMENT, CUMMINGS FOUNDATION WILL CONTRIBUTE AT LEAST $50 MILLION TO SUPPORT THE RENAMED CUMMINGS SCHOOL OF VETERINARY MEDICINE. THE IRS ISSUED A LETTER RULING ON MAY 6, 2004, CONFIRMING THAT THE EXPENDITURES DIRECTED TO TUFTS UNIVERSITY AND THE EXPENSES CUMMINGS FOUNDATION INCURS IN OPERATING THE CUMMINGS SCHOOL CONSTITUTE QUALIFIED DISTRIBUTIONS DIRECTLY FOR THE ACTIVE CONDUCT OF CUMMINGS FOUNDATION'S EXEMPT PURPOSES. INSTITUTE FOR WORLD JUSTICE, LLC ("IWJ") (EIN 80-0690363) - $0. THE PRINCIPAL PURPOSE OF IWJ IS TO PROMOTE MORE SERIOUS STUDY OF THE HOLOCAUST, GENOCIDES, AND INJUSTICES OF ALL KINDS IN A CORE GROUP OF NEW ENGLAND SCHOOLS. IWJ WAS ESTABLISHED TO SERVE AS AN ACTIVE COORDINATING ORGANIZATON THAT MAKES PROGRAMMING AVAILABLE TO PARTICIPATING SCHOOLS, AND ASSISTS EACH SUCH SCHOOL IN TAILORING A PROGRAM TO THAT SCHOOL'S PARTICULAR NEEDS. ORGANIZED AS A SINGLE-MEMBER LLC (AND DISREGARDED ENTITY OF CUMMINGS FOUNDATION, INC.) ON FEBRUARY 18, 2011, IWJ HAD NO REVENUES OR EXPENDITURES, NOR DID IT ACQUIRE ANY ASSETS OR INCUR ANY LIABILITIES IN 2014. THE IRS ISSUED A DETERMINATION LETTER ON DECEMBER 9, 2011, CONFIRMING IWJ WAS LIKELY TO QUALIFY AS A PRIVATE OPERATING FOUNDATION DESCRIBED IN SECTION 4942(J)(3) OF THE INTERNAL REVENUE CODE.
    DESCRIPTION OF RENTAL OF FACILITIES DESCRIPTION OF RENTAL OF FACILITIES FORM 990-PF, PART XVII, LINE 1D REPORTING ORGANIZATION HAS A DIVISION CALLED NEW HORIZONS AT MARLBOROUGH, LLC (EIN: 75-3031923) ("NHM"). NHM IS LESSEE OF REAL PROPERTY FROM HEM REALTY, INC. (EIN: 30-0553220) ("HEM REALTY"), WHICH IT USES IN OPERATIONS. HEM REALTY IS A 501(C)(2) TITLE HOLDING COMPANY THAT IS RELATED TO REPORTING ORGANIZATION. BECAUSE HEM REALTY HOLDS TITLE FOR REPORTING ORGANIZATION, AND CONSISTENT WITH ITS PURPOSES WOULD TURN OVER ANY RENT IT COLLECTS TO REPORTING ORGANIZATION, HEM REALTY WAIVES PAYMENT OF RENT FROM REPORTING ORGANIZATION'S DIVISION, NHM. REPORTING ORGANIZATION HAS A DIVISION CALLED NEW HORIZONS AT CHOATE, LLC (EIN: 75-3031909) ("NHC"). NHC IS LESSEE OF REAL PROPERTY FROM NHC REALTY, INC. (EIN: 30-0553218) ("NHC REALTY"), WHICH IT USES IN OPERATIONS. NHC REALTY IS A 501 (C)(2) TITLE HOLDING COMPANY THAT IS RELATED TO REPORTING ORGANIZATION. BECAUSE NHC REALTY HOLDS TITLE FOR REPORTING ORGANIZATION, AND CONSISTENT WITH ITS PURPOSES WOULD TURN OVER ANY RENT IT COLLECTS TO REPORTING ORGANIZATION, NHC REALTY WAIVES PAYMENT OF RENT FROM REPORTING ORGANIZATION'S DIVISION, NHC.

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Name of Stock End of Year Book Value End of Year Fair Market Value
    21VIANET GROUP INC 88,909 47,586
    3M COMPANY 185,875 372,678
    ANSYS INC COM 1,177,339 1,474,934
    AARON'S INC SHS A    
    ABB LTD SPON ADR 296,804 269,345
    ABC-MART, INC. 2670 46,587 49,404
    ABERDEEN ASSET MGMT 133,665 139,376
    ABERDEEN ASSET MGMT PLC- 228,674 210,725
    ACADIA PHARMACUTICAL INC 263,349 254,159
    ACCENTURE PLC SHS    
    ACTELION LTD-UNSP 126,436 120,101
    ACUITY BRANDS INC 533,739 964,802
    ADIDAS AG SPONSORED ADR 203,339 149,993
    ADVANCED SEMICOND SPNADR 92,923 135,050
    AFFILIATED MANAGERS GRP 736,687 954,019
    AFLAC INC COM 4,294,845 6,109,000
    AGRICULTURAL BANK OF CH- 344,262 396,760
    AGRIUM INC    
    AIA GROUP LTD    
    AIR METHODS CRP COM$0.06 173,334 381,124
    AIRBUS GROUP 241,078 178,831
    AIRGAS INC COM 544,907 639,825
    ALLIANZ SE SPD ADR 159,593 181,839
    AMADEUS IT HLDG SA SHS 116,130 139,280
    AMADEUS IT HOLDING-UNSP 124,278 187,348
    AMBEV SA SHS ADR 273,433 231,801
    AMCOR LTD 69,894 81,348
    AMCOR LTD AUS ADR NEW 290,364 343,798
    AMEC FOSTER WHEELER PLC 148,582 123,907
    AMERICA MOVIL SAB DE CV 169,010 172,804
    AMETEK INC NEW    
    AMG MANAGERS CADENCE MID 1,214,631 1,488,997
    AMGEN INC COM PV $0.0001 103,112 285,129
    AMSURG CORP TENN COM 186,519 218,701
    ANGLO AMERN PLC ADR 119,860 96,065
    ANHEUSER-BUSCH INBEV ADR 544,445 678,413
    ANHUI CONCH CEMENT CO'H' 78,099 84,484
    ANHUI CONCH CEMENT-H-UNS 376,853 385,720
    ANIXTER INTL INC 406,093 368,259
    ANNALY CAPITAL MANAGEMT 500,000 517,600
    APPLE INC 5,621,736 12,284,632
    APPLIED MICRO CIRCUITS 170,050 143,903
    APTARGROUP INC 587,860 829,017
    ARCHER DANIELS MIDLD    
    ARM HLDGS PLC SPD ADR 192,270 217,610
    ARTISAN PARTNERS ASSET 797,783 706,814
    ASAHI KASEI CORP 3407 147,270 181,367
    ASHTEAD GROUP PLC SHS 212,941 241,232
    ASML HLDG N.V. NEW YORK    
    ASSA ABLOY AB ADR 260,932 381,990
    ASSOC BRIT FOODS ADR NEW 106,357 214,442
    ASTRAZENECA PLC SHS FN 457,065 497,647
    AT&T    
    ATLANTIA SPA 125,167 123,547
    ATLANTIA SPA SHS 176,649 238,631
    AUST NW ZBG ADR 231,661 348,530
    AUSTRALIA AND NZ BK GRP 88,919 86,030
    AUSTRALIAN GAS LIGHT CO 56,473 49,625
    AUTOMATIC DATA PROC 3,202,603 8,337,000
    AVAGO TECHNOLOGIES LTD 129,541 382,141
    AXIS CAPITAL HOLDINGS 204,297 369,994
    BAC CAPITAL TRUST VIII 1,000,000 1,016,220
    BAE SYS PLC SPN ADR 328,573 432,077
    BAIDU INC SPON ADR 284,917 580,640
    BAKER HUGHES INC 202,965 227,420
    BANCO BILBAO VIZCAYA   450
    BANCO BILBAO VIZCAYA ARG 58,306 44,819
    BANCO BRADESCO SA ADR 1,099,414 977,548
    BANCO DO BRASIL SA-SPON 60,348 52,436
    BANCOLOMBIA S.A SPDS ADR 301,526 236,384
    BANK HAPOALIM BM 49,150 50,044
    BANK MANDIRI TBK-UNSPON 163,109 225,090
    BANK OF THE OZARKS INC 89,978 438,279
    BANKRATE INC DEL COM 172,700 115,562
    BANKUNITED INC 295,198 265,684
    BARCLAYS PLC ADR 181,090 198,402
    BASF SE NAMEN -AKT 589,524 482,291
    BASKET CLIRN ISSURER BAC    
    BAXTER INTERNTL INC 3,038,447 4,397,400
    BAYER AG SP ADR 389,805 561,318
    BAYERISCHE MOTORENWERKE 157,801 169,266
    BB&T CORPORATION 1,000,000 1,002,000
    BCF CAPITAL TRUST II 1,000,000 1,134,000
    BEACH ENERGY LTD-UNSP AD 197,199 103,124
    BECTON DICKINSON CO 182,159 342,334
    BELGACOM SA 104,827 126,240
    BELLE INTERNAT-UNSPON AD    
    BENESSE HOLDINGS INC SHS 50,814 43,655
    BG GROUP PLC SPON ADR 204,295 157,314
    BHP BILLITON LIMITED 121,003 89,097
    BHP BILLITON LTD ADR 418,096 288,131
    BIDVEST GROUP LTD ADR 155,824 177,414
    BIF MONEY FUND    
    BIO RAD LABS CL A 826,498 948,807
    BLACKBAUD INC 564,299 984,727
    BLACKROCK INC 6,433,643 13,015,184
    BLUE NILE INC 208,124 184,551
    BNP PARIBAS SPONSORD ADR 342,158 345,479
    BOC HONG KONG HLDGS ADR 358,039 360,916
    BOEING COMPANY 4,297,088 8,513,690
    BOK FINCL CORP NEW 257,071 228,452
    BONANZA CREEK ENERGY INC    
    BOUYGUES 252,535 233,771
    BP PLC 460,813 396,468
    BRAMBLES LTD SHS 189,651 199,894
    BRF SA ADR 139,590 145,517
    BRITISH AMERICAN TOBACCO 489,977 516,813
    BRITISH AMN TOBACO SPADR 798,825 816,629
    BRITISH SKY BDCT SPD ADR    
    BROADRIDGE FINL 43,216 43,548
    BROADSOFT INC    
    BROTHER INDUSTRIES 6448 47,385 60,313
    BRUKER CORP    
    BUFFALO WILD WINGS INC 97,425 262,092
    BUNZL PLC ADR 162,865 232,929
    BURBERRY GROUP PLC-SP ADR    
    CANADIAN NATL RAILWAY CO 138,938 240,496
    CANON INC 7751 251,474 263,848
    CAP GEMINI SP ADR 86,380 164,386
    CAPITAMALL TRUST MGT LTD 51,288 51,455
    CAPSTEAD MORTGAGE CP NEW 243,501 245,625
    CARLISLE COS INC 609,028 1,040,377
    CARLSBERG AS SPONSOREDAD 797,630 634,530
    CARMAX INC    
    CARNIVAL CORP PAIRED SHS 105,132 129,689
    CAVIUM INC 316,460 701,781
    CD GOLDMAN SACHS BK USA 103,913 104,659
    CDK GLOBAL INC SHS 463,376 1,358,653
    CENCOSUD SA SHS ADR    
    CENOVUS ENERGY INC 134,939 86,439
    CENTENE CORP 171,804 494,430
    CENTRICA PLC 598,422 468,557
    CGI GROUP INC 181,868 315,850
    CHANGYOU.COM LTD ADR 120,536 116,088
    CHATHAM LODGING TR 166,195 244,999
    CHEESECAKE FACTORY INC 151,800 215,780
    CHEUNG KONG HLDG ADR 574,757 582,909
    CHEVRON CORP 271,371 280,113
    CHICOS FAS INC COM 256,559 239,162
    CHIMERA INVESTMENT CORP 155,728 201,746
    CHINA CONSTRUCT UNSPN AD 346,524 382,430
    CHINA MOBILE LTD SPN ADR 369,596 403,740
    CHINA OILFIELD SRVS HSHS 118,293 85,832
    CHINA PETE CHEM SPN ADR 320,603 336,516
    CHINA SHIPPING CONTAINER 45,952 55,340
    CHUNGHWA TELECOM CO LTD 129,236 119,721
    CHURCH&DWIGHT CO INC 630,380 1,051,247
    CIA BRA DIS PAO ADS REGS 178,757 155,901
    CIE FINANCIERE RICHEMONT 241,074 227,116
    CIE GENERALE DES    
    CIELO S A SPONSORED ADR 256,083 325,074
    CINEMARK HLDGS INC 241,080 311,894
    CIRCOR INTERNATIONAL INC 196,985 221,469
    CISCO SYSTEMS INC COM 2,713,586 3,941,302
    CITIGROUP CAP IX 6%    
    CITIGROUP CAP XI 6%    
    CITY NATIONAL CORP 728,831 1,054,975
    CLARCOR INC 694,291 939,957
    CNOOC LTD ADR 281,485 210,745
    CNP ASSURANCES 132,027 117,188
    COCA COLA AMATIL SPD ADR 153,025 78,899
    COCA COLA COM 1,234,083 2,111,000
    COGENT COMMUNICATIONS 160,724 286,234
    COLONY FINANCIAL INC 240,334 256,946
    COLOPLAST A/S SHS 28,235 26,988
    COLUMBIA BKG SYS INC 150,126 147,410
    COLUMBIA SPORTSWEAR CO 252,074 434,354
    COMCAST CORP NEW CL A 4,293,070 12,298,120
    COMMONWEALTH BANK OF AU 204,142 211,466
    COMMVAULT SYS INC    
    COMPANHIA D SNMNTO BSCO D    
    COMPASS GROUP PLC ADR    
    COMPASS GROUP PLC SHS 215,888 283,137
    CONWERT IMMOBILIEN INVES 43,681 46,180
    COPART INC COM 375,245 506,116
    COPEL PARANA ADR PREF B 446,623 350,401
    CORE LAB N.V. COM 184,777 149,342
    CORNERSTONE ONDEMAND INC 292,991 200,147
    CORP-BACKED TRUST CERTS    
    CORPORATE EXEC BOARD CO 64,337 192,350
    COUNTRYWIDE CAP IV 275,000 278,740
    COUSINS PROPERTIES CO    
    CRANE CO DELAWARE 296,637 269,727
    CREDICORP LTD COM PV $5 246,187 319,239
    CREDIT SUISSE GP SP ADR 77,669 63,352
    CSL LTD 60,016 66,678
    CULLEN FRST BKRS PV$0.01 526,364 553,323
    CURTISS WRIGHT 177,823 262,736
    CVS HEALTH CORP 3,494,340 8,764,210
    D R HORTON INC 172,347 297,132
    DAIHATSU MOTOR 7262 59 147,896 119,753
    DAIICHI SANKYO CO LTD 165,681 139,972
    DAIKIN INDUSTRIES LTD 275,226 368,349
    DAIMLER A 232,935 222,562
    DAITO TRUST CONSTR 1878 157,769 179,398
    DAIWA HOUSE IND LTD ADR 373,616 354,555
    DAIWA SECURITIES GRP INC 119,100 108,728
    DAPHNE INTL HOLDINGS LTD    
    DARLING INGREDIENTS INC 248,252 215,196
    DASSAULT SYS SA SPN ADR    
    DBS GROUP HOLDINGS LTD 86,557 92,825
    DECKERS OUTDOORS CORP 241,459 381,093
    DEL FRISCOS RESTAURANT 209,931 179,593
    DENSO CORP 6902 159,388 157,027
    DENSO CP UNSPONSORED ADR 142,244 164,662
    DENTSPLY INTL INC 1,028,348 1,400,149
    DEUTSCHE BK REGD NPV    
    DEUTSCHE BOERSE AG SHS 330,963 391,135
    DEUTSCHE BK AG REG SHS    
    DEUTSCHE POST AG SHS 120,587 160,303
    DEUTSCHE TELE AG SPN ADR    
    DEVON ENERGY CORP NEW 271,273 264,060
    DEXUS PROPERTY GROUP 53,296 51,482
    DIAGEO 138,026 125,350
    DIAGEO PLC SPSD ADR NEW    
    DICKS SPORTING GOODS INC 291,434 295,020
    DJIA STEPUP ISSUER BAC 3,044,700 3,509,820
    DJIA STEPUPEN ISSUER BAC    
    DNB ASA SP ADR 68,828 68,256
    DNB NOR ASA 139,111 122,607
    DONALDSON CO INC 469,481 458,422
    DR REDDY'S LAB LTD ADR 197,302 305,374
    DRIL QUIP 501,736 526,905
    DSW INC 296,992 343,123
    DU PONT E I DE NEMOURS 210,856 332,804
    DUKE REALTY CORP    
    EAST WEST BANCORP INC 514,613 582,315
    EATON CORP PLC 251,020 327,567
    EATON VANCE CORP N    
    ECOPETROL SA SPON ADR    
    ELDORADO GOLD CORP NEW 131,584 58,927
    ELECTROLUX CL B 25SKR 105,458 124,421
    ELI LILLY & CO 6,083,328 8,968,700
    EMBRAER S A SPONSRD ADR    
    ENAGAS 192,577 211,720
    ENCANA CORP 267,698 191,753
    ENERGIAS DE PORTUGAL SA 94,537 94,501
    ENERGIZER HLDGS INC COM 151,936 275,247
    ENI SPA SPNSORED ADR    
    ENSCO PLC SHS CL A    
    ENVISION HEALTHCARE HLDG 129,558 128,457
    EQUIFAX INC 645,491 1,063,683
    ERICSSON AMERICAN 255,307 249,986
    ERICSSON LM 80,442 81,583
    ERSTE GROUP BANK AG 90,712 60,074
    EURASIA DRILG CO GDR REG 107,485 55,055
    EUROPEAN AERONAUTIC    
    EVEREST RE GROUP LTD 119,167 146,628
    EXPERIAN PLC SP ADR    
    EXPRESS SCRIPTS HLDG CO 4,504,256 7,236,152
    EXXON MOBIL CORP COM 10,476,828 10,655,417
    FACEBOOK INC 4,858,341 13,653,500
    FACTSET RESH SYS INC 482,334 792,845
    FAIR ISAAC CORPORATION 556,062 975,327
    FANUC LTD-UNSP 243,466 265,417
    FEDEX CORP DELAWARE COM 7,281,600 12,045,405
    FINL SECURITY ASSUR HLGS 250,000 239,201
    FIRST REP BK SAN FRNCISC 554,063 835,223
    FLIGHT CENTRE TRAVEL GRP 56,568 36,358
    FLIR SYSTEMS INC 541,252 653,954
    FLUIDIGM CORP DEL 311,998 319,423
    FOMENTO ECNMCO MEX SPADR 246,964 207,751
    FONCIERE DES REGIONS 287,934 277,401
    FORD MOTOR CO 198,586 253,115
    FOREST CITY ENTRPRS CL A 884,431 1,128,495
    FORTINET INC 490,096 686,048
    FRESENIUS MEDICAL CARE    
    FRESENIUS SE& CO-SPN ADR 264,745 266,326
    FRONTIER COMMUNICATIONS 244,070 446,870
    FUJI HEAVY IND 7270 28,118 36,797
    GALAXY ENTMT GROUP LTD 248,182 242,646
    GARTNER INC 446,070 625,428
    GEB LEV STEPUP ISS BAC 5,970,000 6,162,000
    GENERAL ELECTRIC 279,525 370,054
    GENERAL MILLS 209,955 285,422
    GENERAL MOTORS CO 3,184,967 3,211,720
    GENL DYNAMICS CORP COM 4,624,656 9,977,450
    GENTEX CORP 496,941 817,694
    GETINGE AB 158,951 96,915
    GILEAD SCIENCES INC COM 65,998 313,792
    GJENSIDIGE FORSIKRING AS 71,183 60,060
    GLAXOSMITHKLINE NEW 659,092 530,866
    GLOBAL PMTS INC GEORGIA 339,671 510,133
    GMAC 7.375% - GOM    
    GOLDEN AGRI-RES LTD ADR 424,564 296,953
    GOLDMAN SACHS GP 250,000 267,300
    GOLDMAN SACHS GROUP INC 1,000,000 1,014,536
    GOODMAN GROUP 74,693 84,379
    GOOGLE INC CL A 2,435,200 5,503,475
    GOOGLE INC SHS CL C 2,589,100 5,618,794
    GPT GROUP 48,102 46,074
    GRACO INC 347,596 650,741
    GREAT LAKES DREDGE DOCK 191,249 221,576
    GREAT WALL MOTOR CO LTD 211,773 300,161
    GRUPO FIN BANORTE-SPON 182,647 179,254
    GRUPO TELEVISA SA ADR 392,770 531,302
    HAIN CELESTIAL GROUP INC 285,399 433,328
    HAKUHODO DY HOLDINGS INC 51,087 58,601
    HCA HOLDINGS INC SHS 4,529,660 8,439,850
    HCC INS HOLDING INC 1,109,460 1,620,425
    HDFC BANK LTD ADR 172,765 277,095
    HEARTLAND EXPRESS INC 321,579 398,154
    HENNES AND MAURITZ AB-    
    HESS CORP 6,377,154 6,053,240
    HINO MOTORS 7205 49,482 46,006
    HITACHI CORP 6501 81,547 95,421
    HITACHI LTD 10 NEW ADR 254,977 335,818
    HITTITE MICROWAVE CORP    
    HOME DEPOT INC 6,597,429 8,397,600
    HONEYWELL INTL INC DEL 7,096,262 8,992,800
    HONG KONG EXCHANGES AND    
    HSBC FINANCE CORPORATION 1,000,000 1,013,600
    HSBC HLDG PLC SP ADR 558,590 535,872
    HSBC HLDGS PLC 1,000,000 1,028,000
    HSBC HOLDINGS PLC 1,098,220 994,490
    HUGO BOSS AG NAMEN-AKT. 84,060 77,343
    HUNT J B TRANS SVCS INC 547,959 839,804
    HUTCHISN WHAMPOA ADR 297,892 306,563
    HYUNDAI MTR GDR REGS 282,086 399,803
    ICAP ORD 336,616 364,325
    ICICI BANK LTD SPD ADR 265,717 471,067
    ICON PLC 125,810 163,780
    IDEX CORP DELAWARE COM 592,107 1,085,323
    IDEXX LAB INC DEL $0.10 483,467 728,895
    IMAX CORP    
    IMPERIAL TOB GRP SPS ADR 344,480 423,325
    IMPERIAL TOBACCO GRP 312,808 360,882
    INCITEC PIVOT LTD 47,797 48,660
    INDIVIOR PLC SHS 2,207 2,586
    INDUSTRIAL AND COML BK H 59,923 64,207
    INDUSTRL AND COMMRCL BNK 528,616 569,590
    INFORMA PLC SHS ADR 255,045 267,699
    INFORMATICA CORP CA 367,186 382,647
    INFOSYS TECH LTD ADR 107,471 112,186
    ING GP NV SPSD ADR    
    ING GROEP NV 375,000 378,600
    ING GROUP NV 550,000 565,180
    INSULET CORP    
    INTERXION HOLDING N.V 186,078 202,097
    INTESA SANPAOLO SPON ADR    
    INT'L BUSINESS MACHINES    
    INTRPUBLIC GRP OF CO 204,847 327,335
    INTUIT INC COM 184,968 318,977
    ISRAEL CHEMICALS LTD SHS 87,584 90,683
    ISUZU MOTORS LTD 7202 FN 90,639 90,363
    ISUZU MTRS LTD ADR 342,320 340,405
    ITAU UNIBANCO BANCO HOLD 43,891 49,425
    ITC HLDGS CORP    
    ITOCHU CORP ORD 8001 68,769 59,742
    JACK HENRY & ASSOC INC 548,381 867,412
    JACOBS ENGN GRP INC DELA 405,514 384,602
    JANUS GLOBAL LIFE 6,021,684 6,626,539
    JAPAN AIRLINES CO LTD 38,636 35,671
    JAPAN TOBACCO INC ADR 227,535 186,989
    JAPAN TOBACCO INC 2914 119,309 106,644
    JARDINE STRATGIC UNSP AD 176,514 171,068
    JONES LANG LASALLE INC 431,756 447,841
    JPMORGAN CHASE & CO 5,814,382 9,128,044
    KASIKORNBANK PCL-UNSPON 165,510 224,145
    KDDI CORP SHS 392,113 427,153
    KEPPEL LTD SPONS ADR 216,982 159,039
    KILROY REALTY CORP 375,000 392,055
    KIMBERLY CLARK DE MX SAB 157,440 135,728
    KINDER MORGAN INC. DEL 103 169
    KINGFISHER PLC SP ADR 214,222 242,848
    KIRBY CORP COM 1,022,112 1,249,209
    KOC HLDG AS-UNSPON 302,526 371,571
    KOMATSU NEW NEW SPNSDADR 592,148 549,896
    KOMERCNI BANKA AS 54,834 51,117
    KONE OYJ SHS CL B    
    KONINKLIJKE AHOLD NV SHS 259,092 277,651
    KONINKLIJKE BOSKALIS WES 111,171 123,578
    KORN/FERRY INT'L PV $.10    
    KRAFT FOODS GROUP INC 2,219,949 4,177,292
    KUBOTA CORP ADR    
    KYTHERA BIOPHARMACEUTICL 288,403 234,922
    LABORATORY CP AMER HLDGS 196,103 250,760
    LANDSTAR SYS INC COM 390,211 409,432
    LARSEN & TOUBRO LTD SPON 32,615 49,116
    LARSEN &TOURBO REG S GDR    
    LAS VEGAS SANDS CORP 57,212 52,402
    LAWSON,INC. #2651 120,210 100,690
    LEVEL 3 COMMUNICATNS INC 256,639 290,256
    LINK (THE) REAL ESTATE I 49,702 54,273
    LIXIL GROUP CORPORATION    
    LKQ CORP 765,790 838,032
    LLOYDS BANKING GROUP PLC 272,531 374,675
    LUKOIL OAO-SPON ADR 459,279 308,334
    LULULEMON ATHLETICA INC    
    LVMH MOET HENNESSY ADR    
    MACQUARIE GROUP LTD 31,270 30,004
    MAGNA INTL INC CL A VTG 87,005 241,509
    MAGNIT PJSC 115,195 102,150
    MAHINDRA & MAHINDRA GDR 70,337 94,693
    MAKEMYTRIP LIMITED 51,535 56,840
    MAKITA CORP SPOND ADR 302,035 231,377
    MALAYAN BKG BERHAD SPONS 202,814 158,059
    MANAGERS CADENCE CAPITAL    
    MANHATTAN ASSOCS INC 425,974 433,464
    MANULIFE FINANCIAL CORP 264,640 346,865
    MARATHON OIL CORP 4,263,582 5,158,257
    MARKEL CORP COM 1,210,727 1,856,642
    MARKS & SPENCER NEW ORD 128,203 120,331
    MARKS AND SPENCER GP ADR 349,534 411,395
    MARUBENI CORP 8002 FN 48,407 39,675
    MATTRESS FIRM HLDG CORP 285,302 552,050
    MCDONALDS CORP COM 3,284,583 5,575,150
    MEDIOLANUM SPA SHS 231,619 189,062
    MERCADOLIBRE INC    
    METHANEX CORP COM 174,746 124,978
    METSO OYJ 119,937 109,588
    METTLER-TOLEDO INTL INC 354,448 649,382
    MFA FINANCIAL INC 463,198 465,641
    MICROS SYSTEMS INC    
    MINDRAY MED INTL SPN ADR 274,591 178,913
    MIRVAC GROUP FN 64,315 61,868
    MITSUBISHI CRP 8058 FN 110,590 106,916
    MITSUBISHI UFJ FINANCIAL 173,011 157,712
    MITSUI & CO LTD 8031 167,318 160,045
    MITSUI CO ADR 407,671 359,717
    MIZUHO FINL GROUP INC 350,328 340,626
    MOBILE MINI INC 244,976 410,569
    MOBILE TELESYS OJSC ADR    
    MOLINA HEALTHCARE INC 231,551 334,295
    MONDELEZ INTERNATIONAL 4,106,532 7,265,000
    MONSANTO CO NEW DEL COM 4,051,484 4,778,800
    MORGAN STANLEY 110,464 254,761
    MORGAN STANLEY CAP TR IV 500,000 506,800
    MORGAN STANLEY CAP TR V 500,000 501,664
    MORGAN STANLEY CAP TR VI 1,000,000 1,024,000
    MORGAN STANLEY CP TR III 61,950 76,470
    MORNINGSTAR INC 1,375,755 1,419,414
    MTN GROUP LTD-SPONS ADR 195,919 195,644
    MWI VETERINARY SUPPLY IN 265,498 411,692
    NATIONAL AUSTRALIA BANK 214,750 198,057
    NATIXIS 79,607 75,198
    NESTE OIL 68,820 75,685
    NESTLE SA CHAM UND VEVE 355,979 351,223
    NETEASE.COM INC ADR 154,010 284,631
    NEW ORIENTAL EDUCATIO 117,224 113,786
    NEXT GROUP ORD 5.0 84,497 82,095
    NIKKEI STEPUP ISSUER CS 6,965,000 7,306,600
    NIKON CORP 7731 FN 38,008 35,091
    NIPPON EXPRESS 9062 107,959 121,273
    NIPPON STEEL SUMITOMO 86,901 69,684
    NIPPON TEL & TEL 9432 85,165 81,642
    NITTO DENKO CORP ADR    
    NOKIA CORP SPON ADR    
    NOKIAN TYRES (RENKAA) 375,731 248,956
    NOMURA RESEARCH INST4307 50,337 50,370
    NORDEA BANK AB 144,982 128,867
    NORSK HYDRO ASA (NO) 66,909 83,724
    NOVARTIS ADR 786,796 1,177,894
    NOVO NORDISK A S ADR 415,681 508,771
    NQ MOBILE INC 86,673 24,981
    NTT DOCOMO INC 151,691 138,569
    NXP SEMICONDUCTORS N.V. 173,917 181,450
    OCEANEERING INTL INC 436,183 551,050
    OJSC OC ROSNFT SP GDR RE    
    OPEN TEXT CORP COM 171,643 196,161
    OPPENHEIMER DEVELOPING 12,854,797 14,570,155
    ORACLE CORP $0.01 DEL 4,648,729 7,959,690
    ORANGE ADR 53,213 94,451
    O'REILLY AUTOMOTIVE INC    
    ORIENT OVERSEAS (INTERNA 104,699 99,233
    OSAKA GAS 9532 FN 136,616 124,479
    PACCAR INC 209,216 328,080
    PACIFIC RUBIALES ENERGY    
    PACIRA PHARMACEUTICALS I 294,193 449,240
    PALL CORP PV $0.10 276,817 455,647
    PDC ENERGY INC 201,049 139,410
    PEARSON SPONSORED ADR    
    PEBBLEBROOK HOTEL TRUST 157,593 290,435
    PEPSICO INC 4,324,053 8,392,484
    PERSIMMON PLC-UNSPON 308,221 345,017
    PETRLEO BRAS VTG SPD ADR 147,537 72,803
    PETROLEUM GEO SVS SP ADR    
    PFIZER INC 4,219,196 7,631,750
    PHILPPNE LD TEL ADR 152,849 148,542
    PIER 1 IMPORTS INC DEL    
    PINNACLE ENTMT INC COM 266,315 234,382
    PINNACLE FINL PARTNERS 306,241 325,968
    PLC SPON ADR    
    POLYONE CORP COM 264,188 261,617
    POLYPORE INTL INC 206,456 252,282
    POSCO SPN ADR 76,852 65,341
    POWER INTEGRATIONS INC 212,496 344,381
    PRADA S.P.A.-UNSP ADR 198,710 149,149
    PRAXAIR INC 206,516 262,229
    PRINCIPAL FINANCIAL GRP 155,148 330,235
    PROSIEBEN SAT.1 MEDIA AG 179,095 172,781
    PROSIEBENSAT.1 MEDIA AG 172,840 182,288
    PROSPERITY BANCSHARES 279,650 358,124
    PROTECTIVE LIFE CORP COM    
    PRUDENTIAL PLC ADR 415,859 603,165
    PT BANK RAKYAT ADR 177,425 191,532
    PT INDOFOOD SUKSES (SL) 48,878 45,680
    PUBLICIS GROUPE SPON ADR 333,143 355,391
    QIWI PLC CL B ADR 78,019 48,819
    QLIK TECHNOLOGIES INC 236,236 360,919
    QUALCOMM INC 190,884 253,317
    RANDGOLD RESOURCES ADR 65,921 48,266
    RBC BEARINGS INC    
    RBS CAP FDG TR VI 250,000 245,000
    RECKITT BENCKISER GROUP 87,206 90,173
    RED ELECTRICA CORP UNSPN 124,935 183,915
    REDWOOD TRUST INC 239,969 344,336
    REED ELSEVIER P L C 241,133 384,483
    RELIANCE STL & ALUM CO 299,957 293,728
    RENAISSANCERE HLDGS LTD 131,143 220,787
    REPSOL S.A. OPTION RIGHT 1,594 3,840
    REPSOL SA 187,195 132,104
    RESONA HOLDINGS INC 62,265 60,126
    RESTORATION HARDWARE 203,253 237,337
    REXAM PLC SHS ADR 278,171 278,999
    REXEL SA, PARIS 63,228 61,688
    REXNORD CORP NEW 236,834 254,934
    RIO TINTO PLC 76,260 68,201
    RIO TINTO PLC SPNSRD ADR 447,736 379,949
    ROADRUNNER    
    ROCHE HLDG LTD SPN ADR 364,558 434,256
    ROCHE HOLDINGS GENUSH FN 353,492 355,285
    ROGERS COMMUNICATIONS B 374,499 340,569
    ROLLS ROYCE GRP SPN ADR 350,072 266,543
    ROSETTA RESOURCES INC. 386,773 207,773
    ROY DUT SHELL PLC A AMST 57,499 60,313
    ROYAL DUTCH SHEL PLC 265,637 272,467
    ROYAL DUTCH SHELL PLC 897,642 918,152
    ROYAL KPN N V SP ADR 175,091 160,977
    RS GLOBAL NATURAL 5,000,000 3,538,216
    RYANAIR HLDGS PLC 163,326 328,412
    RYOHIN KEIKAKU CO LTD 131,415 143,228
    SABMILLER PLC SPON ADR 236,289 259,141
    SAGE GROUP PLC SHS 55,420 69,397
    SAGE GROUP PLC SHS ADR 134,200 239,361
    SALESFORCE COM INC 1,187,259 7,117,200
    SALLY BEAUTY HLDGS INC 885,305 1,226,096
    SAMPO PLC SHS 205,171 298,640
    SAMSUNG ELECTR-GDR REG 492,535 507,064
    SANDS CHINA LTD UNSP ADR 194,121 193,237
    SANOFI 195,125 181,457
    SANOFI ADR 224,020 289,395
    SAP AG SHS    
    SAP SE SHS 454,244 402,786
    SASOL LTD SPONSORED ADR 790,021 681,789
    SBA COMMUNICATIONS    
    SBERBANK SPONSORED ADR 117,922 39,516
    SCHEIN (HENRY) INC COM 669,887 1,267,148
    SCHLUMBERGER LTD 6,047,106 7,686,900
    SCHNEIDER ELEC SE ADR 275,900 245,835
    SCHOELLER BLECKMAN 122,384 79,065
    SECOM CO LTD 9735 113,301 111,506
    SECTOR SPDR ENERGY 1,403,404 2,374,800
    SEGA SAMMY HOLDINGS INC    
    SEI INVT CO PA PV $0.01 674,401 1,119,598
    SEKISUI CHEMICAL 4204 33,065 34,623
    SEKISUI HOUSE LTD 1928 100,877 108,394
    SEMGROUP CORP 335,108 390,233
    SEMPRA ENERGY 114,941 237,531
    SEMTECH CORPORATION 219,917 178,681
    SERCO GROUP PLC-UNSPON    
    SEVEN AND I HOLDINGS CO 285,033 348,484
    SHIRE PLC 113,509 214,233
    SHIRE PLC-ADR 339,775 445,059
    SHOPRITE HOLDINGS LTD 156,586 135,816
    SHOWA SHELL SEKIYU 5002 75,886 67,568
    SIEMENS AG ADR 224,297 312,144
    SIEMENS AG GERM 427,002 377,714
    SIGNATURE BANK 193,329 353,570
    SIGNET JEWELERS LTD SHS 118,802 216,564
    SILICONWARE PRECSN SPADR    
    SINA CORPORATION    
    SJM HOLDINGS LTD 80,958 46,510
    SKY PLC 635,070 644,235
    SLM CORP 500,000 433,400
    SMITH-NPHW PLC SPADR NEW 150,791 234,769
    SMURFIT KAPPA GROUP PLC 178,240 177,514
    SOCIETE GENERALE A SH 70,362 62,959
    SODASTREAM INTERNATIONAL    
    SODEXHO 74,253 73,559
    SOFTBANK CORP SHS 480,490 382,031
    SOLARWINDS INC 421,402 495,609
    SOLERA HOLDINGS INC    
    SONIC HEALTHCARE LTD 65,630 67,128
    SOUTHERN COPPER CORP 197,674 183,751
    SPIRIT AIRLS INC COM 332,806 628,145
    SPROUTS FARMERS MARKETS 381,878 423,119
    SSE PLC 295,813 332,627
    STANDARD CHARTERED ORD 98,141 69,762
    STARBUCKS CORP 3,997,489 7,138,350
    STARWOOD PPTY TR INC 187,181 280,786
    STATE STREET CORP 249,343 418,798
    STATOIL ASA 239,995 190,127
    STATOIL ASA SHS 476,545 413,641
    STERIS CORP 326,832 314,263
    STORA ENSO OYJ 'R' FN 121,630 113,268
    SUBSEA 7 SA 115,373 57,186
    SUMITOMO CORP 8053 FN 161,653 135,206
    SUMITOMO METAL MNG 5713 84,224 91,937
    SUMITOMO MITSUI FIN 8316 223,251 173,401
    SUMITOMO MITSUI TR HLDGS 160,093 117,507
    SUMITOMO MITSUI-UNSPONS 347,242 389,902
    SUNCOR ENERGY INC NEW 334,444 335,565
    SUNCORP GROUP LTD 160,184 165,548
    SUPERIOR ENERGY SVCS INC    
    SUSSER HOLDINGS CORPORAT    
    SVENSKA C AKTI SPONS ADR 114,450 188,317
    SVENSKA HANDELSBANKEN A 144,223 139,180
    SWATCH GROUP AG UNSPOND 149,991 136,622
    SWEDBANK A B ADR 342,298 380,780
    SWEDBANK AB 155,037 155,710
    SX5E LIRN ISSUER RBC 5,970,000 5,514,000
    SX5E STEPUP ISSUER CS 5,970,000 5,496,000
    SX5E STEPUP ISSUER HSBC 3,203,900 3,754,520
    SYMETRA FINANCIAL CORP 268,639 349,277
    SYNGENTA AG ADR 297,037 232,420
    TAIWAN S MANUFCTRING ADR 582,557 848,448
    TARGA RESOURCES CORP 115,480 205,207
    TATA MOTORS LTD ADR 222,476 359,845
    TEAM HEALTH HOLDINGS INC 139,177 303,989
    TECHNIP SP ADR 179,068 128,110
    TELEFLEX INC 608,332 649,077
    TELEKOMUNIKASI INDONESIA 161,162 190,961
    TELENOR ASA ADR 173,033 152,268
    TELIASONERA AB 502,615 450,172
    TENARIS S A ADR    
    TENCENT HOLDINGS LTD ADR 227,133 504,440
    TESCO PLC SPNRD ADR    
    TEVA PHARMACTCL INDS ADR 4,134,988 5,996,970
    THERMO FISHER SCIENTIFIC 2,257,345 7,517,400
    TIME WARNER CABLE INC 174,790 325,104
    TOKIO MARINE HOLDINGS IN 127,088 137,858
    TOLL HOLDINGS LTD 53,215 51,767
    TORONTO DOMINION BANK 159,451 379,373
    TOTAL S.A. SP ADR    
    TOYOTA INDUST CORP 6201 51,173 57,234
    TOYOTA MOTOR CORP 7203 246,935 267,975
    TOYOTA MOTOR CORP ADR 276,601 318,217
    TRANSCANADA CORP    
    TRANSDIGM GROUP INC 324,563 531,716
    TRANSOCEAN LTD 104,648 41,133
    TREEHOUSE FOODS INC COM 359,230 399,340
    TREND MICRO 4704 40,797 34,766
    TULLOW OIL PLC SHS    
    TURKIYE GRTI BK SPN ADR 103,103 105,122
    TW TELECOM INC    
    TWENTY-FIRST CENTURY 302,435 327,364
    UBIQUITI NETWORKS INC 271,877 239,639
    UBS GROUP AG NAMEN-AKT 218,896 203,202
    ULTA SALON COSMETICS & 334,033 355,651
    UMPQUA HLDGS CORP ORE 487,573 657,641
    UNILEVER NV NY REG SHS 190,870 190,359
    UNILEVER PLC 254,865 252,541
    UNILEVER PLC NEW ADR 201,928 210,860
    UNION PACIFIC CORP 2,740,940 10,483,440
    UNITED INDUSTRIAL CORP 139,522 144,205
    UNITED NAT FOODS I    
    UNITED TECHS CORP COM 4,052,550 8,961,720
    UNIVERSAL HEALTH SVCS B    
    UNTD OVERSEAS BK SPN ADR 596,688 702,393
    UPM-KYMMENE OY CORP FN 140,908 138,735
    VAIL RESORTS INC 207,063 478,615
    VALE SA 656,576 341,196
    VALEO SPONSORED ADR 137,431 288,346
    VANTIV INC CL A 366,677 530,611
    VARIAN MEDICAL SYS INC 502,793 666,560
    VERIZON COMMUNICATNS COM 5,279,372 7,321,070
    VODAFONE GROUP PLC SHS 283,129 159,742
    VOEST-ALPINE AG 71,387 73,097
    VOLKSWAGEN A G ADR 273,157 300,833
    VORNADO REALTY TRUST 375,000 381,000
    W R BERKLEY CORP 369,113 462,314
    WADDELL & REED FINL A    
    WAL-MART DE MEX SPNADR V 153,183 123,923
    WAL-MART STORES INC 2,746,673 4,680,460
    WATERS CORP 220,215 288,901
    WEICHAI PWR CO LTD 82,914 90,811
    WELLS FARGO & CO NEW DEL 195,827 412,849
    WEST CORP SHS 200,345 320,892
    WESTERN REFNG INC 194,150 183,649
    WESTPAC BANKING CORP FN 193,901 187,702
    WEX INC 327,805 478,080
    WHITE MTNS INS GRP LTD 324,678 461,241
    WHITING PETROLEUM CORP 173,479 110,484
    WOLSELEY PLC SHS ADR 239,127 281,825
    WOLTERS KLUWR NV SPN ADR 184,725 198,464
    WOOLWORTHS LTD 201,644 160,006
    WPP PLC NEW/ADR 353,698 445,964
    YAHOO JAPAN CORP SHS 216,345 218,046
    YAMANA GOLD INC    
    YANDEX N V CL A 126,097 70,870
    YANGZIJIANG SHIPBUILDING 100,402 100,233
    YARA INTERNATIONAL ASA 139,060 144,738
    YUE YUEN INDUSTRIAL(NEW) 29,000 31,810
    YUM BRANDS INC    
    ZURICH INSURANCE GROUP 347,789 575,546
    ZURICH INSURANCE GRP AG 593,916 669,418

    TY 2014 InvestmentsOtherSchedule2
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    60W   4,600,000 4,600,000
    050   3,860,000 3,860,000
    038   1,600,000 1,600,000
    041   2,250,000 2,250,000
    092   11,440,000 11,440,000
    MHA   7,409,869 7,409,869
    175   3,700,000 3,700,000
    165   3,700,000 3,700,000
    155   3,800,000 3,800,000
    RBS   456,200 456,200
    34A   1,600,000 1,600,000
    34C   10,500,000 10,500,000
    142   12,000,000 12,000,000
    18C   8,600,000 8,600,000
    10C   9,000,000 9,000,000
    101   2,800,000 2,800,000
    340   2,100,000 2,100,000
    260   4,700,000 4,700,000
    MED   27,200,000 27,200,000
    196   5,700,000 5,700,000
    MER   1,000,000 1,000,000
    475   2,200,000 2,200,000
    10R   3,800,000 3,800,000
    025   2,900,000 2,900,000
    021   2,600,000 2,600,000
    150   3,600,000 3,600,000
    10H   1,400,000 1,400,000
    02H   6,200,000 6,200,000
    800   16,700,000 16,700,000
    500   11,300,000 11,300,000
    066   2,700,000 2,700,000
    1CP   8,700,000 8,700,000
    2CP   9,400,000 9,400,000
    3CP   5,500,000 5,500,000
    TOP   10,800,000 10,800,000
    299   2,900,000 2,900,000
    444   3,400,000 3,400,000
    200   14,100,000 14,100,000
    300   2,200,000 2,200,000
    400   14,900,000 14,900,000
    600   13,200,000 13,200,000
    SSH   283,700 283,700
    30S   1,910,000 1,910,000
    1GS   1,770,000 1,770,000
    2GS   3,780,000 3,780,000
    6GS   3,460,000 3,460,000
    4GS   2,500,000 2,500,000
    14G   3,650,000 3,650,000
    3GS   2,870,000 2,870,000
    12C   3,900,000 3,900,000
    078   4,000,000 4,000,000
    08C   8,400,000 8,400,000
    10G   4,000,000 4,000,000
    12G   16,000,000 16,000,000
    CRF   2,500,000 2,500,000
    64   1,880,000 1,880,000
    IQ ABSOLUTE RETURN   26,876 36,876
    IQ GLOBAL LONG SHORT   0 0
    MESIROW ABSOLUTE   3,588,922 4,177,673
    OAK V DISTRESSED   3,851,094 3,944,988
    PAULSON RECOVERY   2,000,000 2,820,518
    RELATIVE VALUE OPPOT   8,304,240 8,648,036
    EMERGING MARKETS OPPOT   225,000 201,506
    EQUITY LONG SHORT HEDGE ACCESS   3,457,143 4,130,141
    EVENT DRIVN CREDIT HEDGE   6,730,000 8,274,148
    GLOBAL MACRO OPPOT   7,017,000 7,470,946
    COMMONFUND   160,858,253 171,168,348
    ORBIMED HEALTHCARE   1,686,684 1,671,965
    CLOUGH ACCESS LTD   1,909,000 1,864,229
    SIRIOS ACCESS LTD   2,000,000 2,262,983
    SYSTEMATIC MOMENTUM   0 0
    AG MORTGAGE VALUE   1,700,000 1,800,365
    ESG CROSS BORDER EQUITY   4,300,000 4,163,161
    ML WINTON FUTURESACCESS   4,557,483 4,557,132
    SCP (OFFSHORE) FUND   319,702 340,967

    TY 2014 OtherDecreasesSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Description Amount
       
       


    TY 2014 OtherExpensesSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    SUPPLIES 1,605,697     1,625,032
    REPAIR & MAINTENANCE 587,331   6,555 563,893
    INSURANCE 104,904   1,441 103,463
    TELEPHONE 72,343     69,881
    ADVERTISING 91,021     87,405
    MISCELLANEOUS 172,176     170,199
    CONTRACT SERVICES 2,533,494     2,533,494
    ACTIVITIES & SERVICE 161,785     159,898
    INVESTMENT EXPENSE 3,775,155 3,775,155    
    VET MATERIALS, SUPPLIES $ SRVC 29,264,202     29,223,553


    TY 2014 OtherIncomeSchedule2
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    OTHER NET INV INC FROM OTHER K-1'S 9,828,375 9,828,375 9,828,375
    Unrealted Business Income from K-1's -190,273    
    OTHER NET INV INC FRM DISREGARDED ENT 48,104,283 48,104,283 48,104,283
    PROGRAM SERVICE REVENUE 16,388,405   16,388,405
    CONTRACT REVENUE 2,476,709   2,476,709
    VETERINARY SCHOOL INCOME 60,145,478   60,145,478
    MISCELLANEOUS INCOME 38,504   38,504


    TY 2014 OtherLiabilitiesSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Description Beginning of Year - Book Value End of Year - Book Value
    DEPOSITS & PREPAYMENTS 24,150,413 26,046,766


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PROFESSIONAL FEES 33,259     56,355


    TY 2014 TaxesSchedule
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL TAXES PAID 1,815,000      
    STATE TAXES PAID 2,000      
    FOREIGN TAXES PAID 413,241 413,241    


    TY 2014 TransfersToControlledEntities
    Name:
    Cummings Foundation Inc
    EIN: 04-3073023
    Name US /
    Foreign Address    		 EIN Description Amount
      200 WEST CUMMINGS PARK
    WOBURN,MA01801     		30-0553218 No transfers were made in 2014 0
      200 WEST CUMMINGS PARK
    WOBURN,MA01801     		30-0553220 No transfers were made in 2014 0
      200 West Cummings Park
    Woburn,MA01801     		80-0681389 Transfer to endowment fund for OWB 34,964,623
    Total     34,964,623