Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2014
Open to Public Inspection
For calendar year 2014, or tax year beginning 2014, and ending , 20
Name of foundation
KATE L DUNWOODY TR UW 35007750
 

Number and street (or P.O. box number if mail is not delivered to street address)P O BOX 64713 TRUST TAX SERVICES   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
ST PAUL, MN551640713
A Employer identification number

41-6014903
B Telephone number (see instructions)

(651) 466-8040
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$10,012,962J Accounting method:
 
(Part I, column (d) must be on cash basis.)
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach
schedule)..............  
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments 56 56  
4 Dividends and interest from securities...... 217,875 217,875  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 398,789
b Gross sales price for all assets on line 6a 3,586,252
7 Capital gain net income (from Part IV, line 2)... 398,789
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 616,720 616,720  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 75,189 67,670   7,519
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule)......... Click to see attachment 1,080 540 0 540
b Accounting fees (attach schedule)....... Click to see attachment 1,500 0 0 1,500
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 21,591 7,135   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... Click to see attachment 1,394 1,210   82
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 100,754 76,555 0 9,641
25 Contributions, gifts, grants paid........ 452,353 452,353
26 Total expenses and disbursements. Add lines 24 and 25 553,107 76,555 0 461,994
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 63,613
b Net investment income (if negative, enter -0-) 540,165
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2014)
Form 990-PF (2014)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing...............   5,863 5,863
2 Savings and temporary cash investments.......... 583,715 447,165 447,165
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet0      
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 5,837,899 Click to see attachment5,518,310 6,677,569
c Investments—corporate bonds (attach schedule)........ 2,377,235 Click to see attachment2,891,199 2,878,676
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 1 Click to see attachment1 1
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment7,090 Click to see attachment3,688 Click to see attachment3,688
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 8,805,940 8,866,226 10,012,962
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable..................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment3,320  
23 Total liabilities (add lines 17 through 22).......... 3,320 0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted...................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 2,739,098 2,739,098
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 6,063,522 6,127,128
30 Total net assets or fund balances (see instructions)...... 8,802,620 8,866,226
31 Total liabilities and net assets/fund balances (see instructions).. 8,805,940 8,866,226
Part III Analysis of Changes in Net Assets or Fund Balances
1 Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
with end-of-year figure reported on prior year’s return)............... 1 8,802,620
2 Enter amount from Part I, line 27a..................... 2 63,613
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 8,866,233
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 7
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 8,866,226
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 49. CVS CORP COM   2012-07-12 2014-01-03
b 119. BAIDU COM INC A D R   2013-06-24 2014-01-14
c 602. PETROLEO BRASILEIRO S A A D R   2012-10-04 2014-01-14
d 81. INTERNATIONAL BUSINESS MACHS CORP   2011-08-16 2014-01-16
e 188. EBAY INC.   2011-08-16 2014-02-04
129. LULULEMON ATHLETICA INC   2013-09-18 2014-02-04
136. LULULEMON ATHLETICA INC   2012-06-11 2014-02-04
170. QUALCOMM INC COM   2012-09-19 2014-02-04
106. CHEVRONTEXACO CORP COM   2011-08-17 2014-02-06
84.25 ONE GAS INC W I   2011-08-16 2014-02-07
266. EATON CORP PLC   2012-11-30 2014-02-07
105. E M C CORP MASS COM   2012-11-06 2014-02-11
246. E M C CORP MASS COM   2011-08-16 2014-02-11
370. OCWEN FINANCIAL CORPORATION   2013-06-04 2014-02-12
48. AT&T INC   2013-08-26 2014-02-14
29. ABBVIE INC   2013-01-15 2014-02-14
3. AMAZON COM INC COM   2011-08-16 2014-02-14
12. ANADARKO PETE CORP COM   2011-08-16 2014-02-14
23. ANALOG DEVICES INC COM   2012-12-04 2014-02-14
19. ANHEUSER BUSCH INBEV NV A D R   2012-07-20 2014-02-14
4. APPLE COMPUTER INC COM   2012-04-11 2014-02-14
46. ARM HLDGS PLC A D R   2012-09-26 2014-02-14
14. AUTOLIV INC   2013-06-21 2014-02-14
41. BANK OF NEW YORK MELLON CORP   2013-11-20 2014-02-14
5. BLACKROCK INC   2011-08-16 2014-02-14
2. BLACKROCK INC   2013-01-29 2014-02-14
9. BOEING COMPANY   2014-01-08 2014-02-14
25. BORG WARNER INC   2011-08-16 2014-02-14
27. CVS CORP COM   2013-01-23 2014-02-14
33. CAMERON INTERNATIONAL CORP   2011-08-16 2014-02-14
8. CATERPILLAR INC.   2011-08-16 2014-02-14
17. CELGENE CORP   2011-08-16 2014-02-14
58. CERNER CORP COM   2011-08-16 2014-02-14
16. CHEVRONTEXACO CORP COM   2011-08-16 2014-02-14
48. COCA COLA COMPANY   2011-08-16 2014-02-14
19. CULLEN FROST BANKERS INC   2011-08-16 2014-02-14
18. DANAHER CORP COM   2011-08-16 2014-02-14
8. DIAGEO PLC SPONSORED ADR NEW   2012-03-01 2014-02-14
30. WALT DISNEY COMPANY   2011-08-16 2014-02-14
43. E M C CORP MASS COM   2014-02-07 2014-02-14
34. E M C CORP MASS COM   2011-08-16 2014-02-14
12. EBAY INC.   2011-08-16 2014-02-14
31. FIDELITY NATL INFORMATION SVCS INC   2012-03-16 2014-02-14
6. FLUOR CORP NEW COM   2011-08-16 2014-02-14
12. FLOWSERVE CORP COM   2011-08-16 2014-02-14
5. GOOGLE INC CL A   2011-08-16 2014-02-14
2. HAIN CELESTIAL GROUP INC   2013-03-20 2014-02-14
13. HONEYWELL INTL INC COM   2013-06-17 2014-02-14
14. ITC HOLDINGS CORP   2011-08-24 2014-02-14
25. J P MORGAN CHASE & CO   2011-08-16 2014-02-14
37. KINDER MORGAN INC   2013-09-27 2014-02-14
18. LOWE'S COS INC   2012-10-05 2014-02-14
21. MACYS INC   2013-11-20 2014-02-14
11. MASTEC INC   2014-02-04 2014-02-14
15. MCCORMICK & CO INC COM NON VTG   2011-08-16 2014-02-14
35. MICROSOFT CORP   2011-08-16 2014-02-14
5. MONSANTO CO   2012-11-27 2014-02-14
14. MOTOROLA SOLUTIONS INC   2011-12-08 2014-02-14
13. NEXTERA ENERGY INC   2011-08-16 2014-02-14
28. NOVO NORDISK AS A D R   2011-08-16 2014-02-14
21. ONEOK INC   2011-08-16 2014-02-14
13. PACKAGING CORP AMERICA   2013-08-22 2014-02-14
59. PFIZER INC   2011-08-16 2014-02-14
20. PHILIP MORRIS INTL   2013-09-27 2014-02-14
18. PHILLIPS 66   2013-01-29 2014-02-14
1. PIONEER NAT RES CO   2011-08-16 2014-02-14
1. THE PRICELINE GROUP INC   2011-08-16 2014-02-14
28. QUALCOMM INC COM   2011-08-16 2014-02-14
8. QUALCOMM INC COM   2012-08-07 2014-02-14
11. ROCKWELL INTL CORP NEW COM   2012-03-01 2014-02-14
22. SCHEIN HENRY INC   2011-08-16 2014-02-14
19. SCHLUMBERGER LTD ORD   2011-08-16 2014-02-14
10. SHIRE PHARMACEUTICALS GR SPONSORED ADR   2014-02-04 2014-02-14
29. SOUTHERN COPPER CORP DEL   2011-08-16 2014-02-14
74. SPLUNK INC   2013-12-20 2014-02-14
29. STARBUCKS CORP COM   2014-02-04 2014-02-14
10. STARWOOD HOTELS & RESORTS   2013-12-03 2014-02-14
25. THERMO ELECTRON CORP COM   2011-08-16 2014-02-14
13. TIME WARNER CABLE INC   2012-02-07 2014-02-14
117. TRIMBLE NAV LTD   2013-02-13 2014-02-14
9. TUPPERWARE BRANDS CORP   2013-05-15 2014-02-14
20. UNION PACIFIC CORPORATION   2011-08-16 2014-02-14
12. UNION PACIFIC CORPORATION   2011-08-16 2014-02-14
56. UNITED RENTALS INC   2013-10-11 2014-02-14
20. UNITED TECHNOLOGIES CORP COM   2012-01-11 2014-02-14
17. UNITEDHEALTH GROUP INC COM   2013-09-06 2014-02-14
35. V F CORP COM   2011-08-16 2014-02-14
11. V F CORP COM   2012-09-19 2014-02-14
24. VALEANT PHARMACEUTICALS INTE   2013-01-29 2014-02-14
8. VISA INC   2013-12-20 2014-02-14
72. WALGREEN COMPANY   2012-09-06 2014-02-14
39. WELLS FARGO & CO NEW   2012-05-17 2014-02-14
8. WHIRLPOOL CORP COM   2013-04-22 2014-02-14
15. ACCENTURE PLC CL A   2011-08-16 2014-02-14
20. COVIDIEN PLC   2013-03-06 2014-02-14
75. MICHAEL KORS HOLDINGS LLD   2012-08-07 2014-02-14
28. SEADRILL LIMITED   2013-08-26 2014-02-14
10. SEADRILL LIMITED   2011-08-16 2014-02-14
16. ACE LTD   2013-09-27 2014-02-14
5. ASML HOLDING NV NY REG SHS   2013-05-09 2014-02-14
26. NIELSEN NV   2014-02-10 2014-02-14
1030. IPATH DOW JONES UBS COMMODITY   2013-07-02 2014-02-18
3337.784 GOLDMAN SACHS M C VALUE CL INST   2011-08-15 2014-02-18
2933.78 NEUBERGER BERMAN GENESIS INSTL FD   2011-08-15 2014-02-18
2663.825 T ROWE PRICE MID CAP GROWTH FD #64   2011-08-15 2014-02-18
2495. STANDARD & POORS DEPOSITARY RECEIPTS   2013-12-10 2014-02-18
54. QUALCOMM INC COM   2011-08-16 2014-02-24
19. UNION PACIFIC CORPORATION   2011-08-16 2014-02-24
25. APPLE COMPUTER INC COM   2011-08-16 2014-03-06
1379. OAO GAZPROM SPON A D R   2013-02-05 2014-03-06
120. NOVO NORDISK AS A D R   2011-08-16 2014-03-13
820. NOKIAN TYRES OYJ UNSPON A D R   2012-10-05 2014-03-17
316. ONEOK INC   2011-08-16 2014-03-28
122. RESTORATION HARDWARE HOLDING   2013-12-17 2014-04-03
28. UNION PACIFIC CORPORATION   2011-08-16 2014-04-08
81. DIAGEO PLC SPONSORED ADR NEW   2012-03-01 2014-04-10
219. EBAY INC.   2011-08-16 2014-04-17
91. UNITED RENTALS INC   2013-10-11 2014-04-30
22. MICHAEL KORS HOLDINGS LLD   2012-05-18 2014-04-30
72. ARM HLDGS PLC A D R   2012-09-26 2014-05-08
172. ARM HLDGS PLC A D R   2014-02-06 2014-05-08
165. SAP AG SYSTEM ANWENDUNGEN PRODUKTE INDER DATENVERARBEITU   2012-10-05 2014-05-15
207. FRESENIUS MED AKTIENGESELLSCHAFT ADR   2011-08-16 2014-05-19
611. SOUTHERN COPPER CORP DEL   2011-08-16 2014-05-23
129. MONSANTO CO   2012-11-27 2014-06-02
31. ACE LTD   2013-04-04 2014-06-27
.4 ITAU UNIBANCO HOLDINGS SA A D R   2012-07-31 2014-07-01
2161.695 NUVEEN REAL ESTATE SECS I   2011-08-15 2014-07-03
254. STANDARD & POORS DEPOSITARY RECEIPTS   2013-07-02 2014-07-03
61. BUNGE LIMITED COM   2013-02-15 2014-07-14
136. ASML HOLDING NV NY REG SHS   2013-05-09 2014-07-15
114. SHIRE PHARMACEUTICALS GR SPONSORED ADR   2014-02-04 2014-07-17
594. COCA COLA COMPANY   2011-08-16 2014-07-24
94. DIAGEO PLC SPONSORED ADR NEW   2011-08-16 2014-08-05
870. TESCO PLC A D R   2012-10-05 2014-08-07
125. AUTOLIV INC   2013-06-21 2014-08-20
117. KINDER MORGAN INC   2012-11-21 2014-08-29
305. MOTOROLA SOLUTIONS INC   2011-12-08 2014-08-29
6. RALPH LAUREN CORP   2014-02-14 2014-09-16
77. RALPH LAUREN CORP   2012-10-02 2014-09-16
137. COCHLEAR LTD UNSPON A D R   2011-08-16 2014-09-18
331. COCHLEAR LTD UNSPON A D R   2012-10-05 2014-09-19
168. BANK OF NEW YORK MELLON CORP   2013-09-06 2014-09-22
235. TRIMBLE NAV LTD   2013-05-15 2014-09-25
2400. MFC ISHARES TR MSCI EAFE INDEX FD   2013-05-17 2014-10-01
1963. MFC ISHARES TR MSCI EAFE INDEX FD   2014-02-18 2014-10-01
25345.622 P I M C O FDS TOTAL RETURN FD   2014-02-18 2014-10-01
89088.451 P I M C O FDS TOTAL RETURN FD   2013-05-17 2014-10-01
417. TRIMBLE NAV LTD   2013-05-15 2014-10-07
163. WALGREEN COMPANY   2013-05-14 2014-10-07
371. ARM HLDGS PLC A D R   2014-07-25 2014-10-10
795. ITAU UNIBANCO HOLDINGS SA A D R   2012-12-13 2014-10-10
113. ROCKWELL INTL CORP NEW COM   2012-03-01 2014-10-14
465. URBAN OUTFITTERS INC   2013-06-04 2014-10-29
3. URBAN OUTFITTERS INC   2014-02-14 2014-10-29
88. MONSANTO CO   2013-09-06 2014-11-03
108. SCHEIN HENRY INC   2011-08-16 2014-11-04
7. THE PRICELINE GROUP INC   2011-08-16 2014-11-14
71. ENN ENERGY HOLDINGS LTD A D R   2014-01-15 2014-11-20
86. KINDER MORGAN INC   2013-09-27 2014-11-21
295. CAMERON INTERNATIONAL CORP   2011-08-16 2014-11-26
330. MASTEC INC   2014-02-04 2014-11-26
576. SEADRILL LIMITED   2011-08-16 2014-12-16
128. RESTORATION HARDWARE HOLDING   2013-10-14 2014-12-17
256. BANK OF NEW YORK MELLON CORP   2013-11-20 2014-12-23
152. LAS VEGAS SANDS CORP   2014-05-08 2014-12-26
146. VALEANT PHARMACEUTICALS INTE   2013-01-29 2014-12-26
60. VALEANT PHARMACEUTICALS INTE   2014-06-24 2014-12-26
CAPITAL GAIN DIVIDENDS P    
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 3,460   2,340 1,120
b 20,536   11,540 8,996
c 7,470   13,629 -6,159
d 15,206   13,833 1,373
e 9,944   5,693 4,251
5,858   9,240 -3,382
6,176   8,625 -2,449
12,321   10,788 1,533
11,732   10,477 1,255
2,766   1,451 1,315
18,787   13,651 5,136
2,598   2,669 -71
6,086   5,631 455
14,572   15,771 -1,199
1,588   1,626 -38
1,472   1,000 472
1,072   590 482
981   857 124
1,167   937 230
1,929   1,481 448
2,173   2,536 -363
2,156   1,265 891
1,340   1,057 283
1,301   1,375 -74
1,519   804 715
607   471 136
1,171   1,271 -100
1,449   879 570
1,889   1,363 526
2,018   1,571 447
772   711 61
2,783   950 1,833
3,482   1,690 1,792
1,818   1,561 257
1,864   1,632 232
1,415   945 470
1,374   792 582
990   773 217
2,377   998 1,379
1,092   1,056 36
863   778 85
658   363 295
1,671   1,025 646
477   356 121
917   360 557
6,012   2,688 3,324
170   121 49
1,231   1,038 193
1,438   1,054 384
1,453   899 554
1,248   1,328 -80
850   571 279
1,123   1,068 55
402   393 9
982   694 288
1,317   884 433
547   459 88
918   657 261
1,210   709 501
1,231   621 610
1,257   623 634
941   702 239
1,881   1,081 800
1,609   1,749 -140
1,365   1,078 287
185   79 106
1,277   492 785
2,134   1,420 714
610   489 121
1,285   897 388
2,578   1,378 1,200
1,719   1,482 237
1,624   1,473 151
935   821 114
6,382   5,181 1,201
2,174   2,042 132
785   749 36
3,089   1,350 1,739
1,905   975 930
4,334   3,618 716
699   745 -46
3,591   1,828 1,763
2,155   1,095 1,060
4,670   3,262 1,408
2,277   1,523 754
1,251   1,264 -13
1,995   979 1,016
626   442 184
3,347   1,590 1,757
1,805   1,733 72
4,671   2,519 2,152
1,801   1,241 560
1,109   933 176
1,233   818 415
1,419   1,188 231
7,377   3,206 4,171
1,004   1,233 -229
358   303 55
1,549   1,512 37
445   386 59
1,183   1,165 18
39,963   38,079 1,884
150,534   111,515 39,019
175,675   136,039 39,636
201,279   149,574 51,705
459,497   423,216 36,281
4,090   2,739 1,351
3,431   1,734 1,697
13,234   9,459 3,775
9,329   15,731 -6,402
5,458   2,661 2,797
16,049   17,288 -1,239
18,343   9,372 8,971
8,737   7,816 921
5,184   2,556 2,628
10,263   6,806 3,457
12,044   6,631 5,413
8,466   5,226 3,240
2,006   834 1,172
3,213   1,980 1,233
7,676   7,594 82
12,465   10,936 1,529
6,677   7,240 -563
18,538   17,301 1,237
15,811   11,719 4,092
3,211   2,749 462
6   5 1
49,805   40,278 9,527
50,229   41,171 9,058
4,518   4,572 -54
12,370   10,512 1,858
28,795   15,849 12,946
24,373   20,190 4,183
11,180   7,340 3,840
10,714   15,943 -5,229
12,824   9,437 3,387
4,695   3,387 1,308
18,082   14,316 3,766
1,026   952 74
13,171   10,571 2,600
4,135   5,348 -1,213
9,817   12,902 -3,085
6,619   5,139 1,480
7,073   6,923 150
152,571   150,720 1,851
124,790   128,516 -3,726
276,521   275,000 1,521
971,955   985,244 -13,289
12,098   11,440 658
9,773   5,761 4,012
15,150   16,330 -1,180
11,632   10,427 1,205
11,320   9,219 2,101
14,119   18,123 -4,004
91   107 -16
10,016   8,909 1,107
12,957   6,764 6,193
8,182   3,447 4,735
10,465   12,575 -2,110
3,423   3,086 337
16,788   14,045 2,743
8,697   11,798 -3,101
6,325   17,434 -11,109
12,204   8,128 4,076
10,638   8,153 2,485
8,884   11,367 -2,483
20,656   9,671 10,985
8,489   7,336 1,153
      87,036
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       1,120
b       8,996
c       -6,159
d       1,373
e       4,251
      -3,382
      -2,449
      1,533
      1,255
      1,315
      5,136
      -71
      455
      -1,199
      -38
      472
      482
      124
      230
      448
      -363
      891
      283
      -74
      715
      136
      -100
      570
      526
      447
      61
      1,833
      1,792
      257
      232
      470
      582
      217
      1,379
      36
      85
      295
      646
      121
      557
      3,324
      49
      193
      384
      554
      -80
      279
      55
      9
      288
      433
      88
      261
      501
      610
      634
      239
      800
      -140
      287
      106
      785
      714
      121
      388
      1,200
      237
      151
      114
      1,201
      132
      36
      1,739
      930
      716
      -46
      1,763
      1,060
      1,408
      754
      -13
      1,016
      184
      1,757
      72
      2,152
      560
      176
      415
      231
      4,171
      -229
      55
      37
      59
      18
      1,884
      39,019
      39,636
      51,705
      36,281
      1,351
      1,697
      3,775
      -6,402
      2,797
      -1,239
      8,971
      921
      2,628
      3,457
      5,413
      3,240
      1,172
      1,233
      82
      1,529
      -563
      1,237
      4,092
      462
      1
      9,527
      9,058
      -54
      1,858
      12,946
      4,183
      3,840
      -5,229
      3,387
      1,308
      3,766
      74
      2,600
      -1,213
      -3,085
      1,480
      150
      1,851
      -3,726
      1,521
      -13,289
      658
      4,012
      -1,180
      1,205
      2,101
      -4,004
      -16
      1,107
      6,193
      4,735
      -2,110
      337
      2,743
      -3,101
      -11,109
      4,076
      2,485
      -2,483
      10,985
      1,153
       
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 2 398,789
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 . . . . . . . . . . . . . . . . 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2013 458,809 9,537,576 0.048105
2012 452,911 9,093,814 0.049804
2011 455,258 8,834,634 0.051531
2010 461,717 8,760,283 0.052706
2009 473,104 8,345,588 0.056689
2 Total of line 1, column (d) ...................... 2 0.258835
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 0.051767
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 9,891,359
5 Multiply line 4 by line 3....................... 5 512,046
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 5,402
7 Add lines 5 and 6......................... 7 517,448
8 Enter qualifying distributions from Part XII, line 4.............. 8 461,994
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 10,803
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 10,803
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 10,803
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 13,000
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 13,000
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 2,197
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet2,197 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletMN
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletUS BANK NATIONAL ASSOCIATION Telephone no.bullet (651) 466-8040
    Located atbullet101 E FIFTH STREETSAINT PAULMN ZIP+4bullet55101
    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
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.......................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    US BANK NA CORP TRUSTEE
    8     		75,189    
    PO BOX 64713
    ST PAUL,MN55101
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 8
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    9,687,825
    b
    Average of monthly cash balances.......................
    1b
    354,163
    c
    Fair market value of all other assets (see instructions)................
    1c
    1
    d
    Total (add lines 1a, b, and c).........................
    1d
    10,041,989
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    10,041,989
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    150,630
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    9,891,359
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    494,568
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    494,568
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    10,803
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    10,803
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    483,765
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    483,765
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    483,765
    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
    461,994
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    461,994
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    461,994
    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 7 483,765
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2014:
    a From 2009....... 63,335
    b From 2010....... 33,696
    c From 2011....... 34,823
    d From 2012....... 3,970
    e From 2013....... 0
    fTotal of lines 3a through e......... 135,824
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 461,994
    a Applied to 2013, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		0
    d Applied to 2014 distributable amount..... 461,994
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2014. 21,771 21,771
    (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 5 114,053
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		41,564
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		72,489
    10 Analysis of line 9:
    a Excess from 2010.... 33,696
    b Excess from 2011.... 34,823
    c Excess from 2012.... 3,970
    d Excess from 2013.... 0
    e Excess from 2014.... 0
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2014, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2014 (b) 2013 (c) 2012 (d) 2011
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    DUNWOODY INSTITUTE
    818 DUNWOODY BOULEVARD
    MINNEAPOLIS,MN55403     		NONE PUBLIC ENDOWMENT FUND 452,353
    Total .................................bullet 3a 452,353
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ............     		    14 56  
    4 Dividends and interest from securities....     14 217,875  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory .............     		    18 398,789  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   616,720  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13616,720
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2014 AccountingFeesSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREPARATION 1,500     1,500

    TY 2014 InvestmentsCorpBondsSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Name of Bond End of Year Book Value End of Year Fair Market Value
    DRIEHAUS ACTIVE INCOME FUND 680,249 666,767
    PIMCO TOTAL RETURN FUND INST    
    OPPENHEIMER SR FLOAT RATE 565,000 547,993
    ISHARES CORE TOTAL US BOND 445,950 457,218
    BAIRD AGGREGATE BOND FUND 1,200,000 1,206,698

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AMAZON COM INC 21,768 26,069
    AMERIPRISE FINL INC 21,680 40,336
    ANADARKO PETROLEUM CORP 28,220 28,133
    APPLE INC 54,127 93,381
    ATT INC 21,966 25,092
    BLACKROCK INC 33,926 53,992
    BORG WARNER INC 16,780 26,211
    CAMERON INTL CORP    
    CATERPILLAR INC 17,632 17,757
    CELGENE CORP 9,781 39,151
    CERNER CORP 17,153 27,998
    CHEVRON CORP 25,561 27,821
    COCA COLA CO    
    CULLEN FROST BANKERS 13,380 19,002
    DANAHER CORP 12,455 24,256
    DISNEY WALT CO 6,057 17,143
    E BAY INC    
    E M C CORP 29,218 36,342
    EATON CORP    
    FLOWSERVE CORP 8,004 15,975
    FLUOR CORP 11,584 13,702
    GOOGLE INC CL A 26,335 46,511
    INTERNATIONAL BUSINESS MACH CO    
    ITC HLDGS CORP 12,042 19,406
    JP MORGAN CHASE CO 16,860 30,602
    KINDER MORGAN INC 15,032 22,594
    LAUDER ESTEE COS IN CL A 10,098 16,231
    MCCORMICK CO INC 11,100 17,832
    MICROSOFT CORP 38,651 53,139
    MOTOROLA SOLUTIONS INC    
    NEXTERA ENERGY INC 11,455 22,321
    ONEOK INC    
    PFIZER INC 17,193 29,219
    PHILIP MORRIS INTL 20,716 23,865
    PIONEER NAT RES CO 19,827 27,686
    PRICELINE COM INC 5,417 12,542
    QUALCOMM INC 26,082 34,638
    SCHEIN HENRY INC 9,958 21,648
    SOUTHERN COPPER CORP DEL    
    THERMO FISHER SCIENTIFIC INC 10,530 24,432
    UNION PACIFIC CORP 26,730 64,092
    V F CORP 31,920 63,665
    ACCENTURE PIC CL A 12,978 21,256
    AIR LIQUIDE S A A D R 32,707 38,774
    ALLIANZ SE A D R 28,882 40,530
    ARM HLDFS PLC A D R 27,782 41,577
    ATLAS COPCO AB SPONS A D R 16,787 21,315
    B G GROUP P L C A D R 37,741 26,186
    BUNGE LIMITED 19,307 25,000
    CANADIAN NATL RY CO 17,217 31,699
    ABERDEEN FD EMRGN MKT INSTL 452,491 416,357
    GOLDMAN SACHS M C VALU CL INST 62,943 78,335
    HIGHLAND LONG SHORT EQUITY Z 453,361 507,664
    NEUBERGER BERMAN GENESIS INSTL 88,455 107,969
    NUVEEN REAL ESTATE SEC 496,211 624,154
    OPPENHEIMER DEV MKTS FDS CL 247,491 265,367
    T ROWE PRICE MID CAP GROWTH FD 114,016 136,590
    WPP PICSPONSORED A D R 22,695 42,473
    COCHLEAR LTD UNSPON A D R    
    CSI LIMITED A D R 12,872 25,558
    DASSAULT SYSTEMES SA A D R 30,443 44,042
    DBS GROUPS HLDGS LTD 16,874 22,714
    DIAGEO PLC SPONSORED A D R    
    FANUC CORP A D R 40,212 38,404
    FRESENIUS MED CARE 18,187 19,350
    I C I C I BANK LIMITED A D R 25,694 35,978
    IMPERIAL OIL LTD 26,101 26,033
    ITAU UNIBANCO HLDGS SA A D R 23,472 23,483
    JGC CORP UNSPONS A D R 29,464 19,191
    LOREAL CO UNSPONS 23,090 32,597
    LVMH MOET HENNESSY LOU VUITT 13,813 14,532
    MTN GROUP LTD 22,849 21,682
    NESTLE SA SPONS 42,759 49,314
    NOVO NORDISK AS 34,950 46,002
    OAO GAZPROM SPON    
    PETROLEO BRASILEIRO SPONS    
    ROCHE HLDGS LTD 25,713 40,924
    SAP AG    
    SASOL LTD SPONS 10,173 8,695
    SCHLUMBERGER LTD 41,828 48,171
    SCHNEIDER ELECT SA UNSP 25,023 26,673
    SEADRILL LTD    
    SONOVA HLDGS UNSPONS 9,320 16,500
    SWATCH GROUP AG 13,005 12,899
    TAIWAN SEMICONDUCTOR 39,508 56,599
    TESCO PIC    
    TURKIYE GARANTI BANKASI 18,921 21,041
    UNI CHARM CORP 23,459 36,694
    UNILEVER PIC SPSD 12,040 14,128
    ANALOG DEVICES INC 21,514 28,815
    CVS 19,078 38,620
    FIDELITY NAL INFORMATION SERV 16,722 27,990
    LOWES CO INC 12,527 27,176
    LULULEMON ATHLETICA INC    
    MONSANTO CO 10,344 13,381
    PRECISION CASTPARTS COPR 20,062 24,570
    RALPH LAUREN CORP    
    ROCKWELL AUTOMATION INC    
    TIME WARNER CABLE 13,806 27,979
    TRIMBLE NAV LTD    
    UNITED TECH CORP 17,418 26,680
    URBAN OUTFITTERS    
    WALGREENS CO 7,206 15,697
    WELLS FARGO CO 20,912 34,427
    AIA GROUP LTD ADR 31,724 45,939
    ANHEUSER BUSCH INBEV NV ADR 38,042 56,272
    MICHAEL KORS HOLDINGS LID 9,822 19,451
    NOKIAN TYRES OYJ UNSPON    
    SVENSKA HANDELSBANKEN A UNSP A 9,914 14,110
    SYSMEX CORP UNSPON 17,365 37,816
    XINYI GLASS HOLDINGS LTS 4,506 4,074
    ABBVIE INC 16,559 31,411
    AUTOLIV INC    
    BANK OF NEW YORK MELLON CORP 8,075 10,710
    HAIN CELESTIAL GROUP INC 20,038 33,225
    HONEYWELL INTL INC 22,406 26,978
    LINKEDIN CORP 22,103 22,282
    MACYS INC 18,363 23,736
    OCWEN FINANCIAL CORP    
    PACKAGING CORP AMERICA 15,192 21,932
    PHILLIPS 66 20,961 23,804
    RESTORATION HARDWARE HOLDING 16,450 21,122
    SPLUNK INC 18,367 17,272
    STARBUCKS CORP 20,481 26,420
    STARWOOD HOTELS & RESORTS 22,774 26,105
    TUPPERWARE BRANDS CORP 14,417 11,025
    UNITED HEALTH CORP 22,589 30,832
    UNITED RENTALS INC 13,480 26,013
    VISA INC 32,252 43,525
    WHIRLPOOL CORP 17,453 27,899
    ACE LTD 17,385 22,287
    ASML HOLDING NV NY REG    
    BAIDU COM INC 6,450 16,186
    BANCO BILBAO VIZCAYA ARGEN 19,240 18,508
    BAYERISCHE MOTOREN WERKE UNSPN 26,135 28,069
    COVIDIEN PIC 15,777 27,206
    IPATH DOW JONES UBS COMM 198,529 160,617
    ISHARES MSCI EAFE ETF 40,730 39,546
    SPDER S&P 500 ETF TR 93,364 118,391
    HONG KONG EXCHANGES A D R 14,502 19,896
    SHIRE PLC A D R 32,652 35,707
    MITSUBISHI ESTATE LTD 19,813 14,025
    MONOTARO CO LTD 6,347 5,476
    VALEANT PHARMACEUTICALS    
    ADOBE SYS INC 24,661 27,408
    BIOGEN IDEC INC 29,876 33,266
    BOEING CO 26,132 24,956
    COLGATE PALMOLIVE CO 26,400 27,399
    COSTCO WHSL CORP 23,748 27,783
    DISCOVER FINL SVCS 19,452 21,546
    GENERAL MOTORS CO 20,947 22,692
    HARMAN INTERNATIONAL 26,784 25,717
    HD SUPPLY HOLDINGS INC 23,625 27,042
    MARSH MCLENNAN COS INC 25,049 27,647
    PALO ALTO NETWORKS INC 11,978 20,959
    T ROWE PRICE SC STOCK 150,000 153,463
    ALIBABA GROUP HOLDING LTD A D 15,247 17,566
    FUCHS PETROLUB SE PREF A D R 17,552 14,782
    GRIFOLS SA A D R 20,136 17,947
    LINDE AG A D R 14,180 13,657
    NIELSEN NV 18,912 18,876
    NOVARTIS AG A D R 26,355 25,945
    SANDS CHINA LTD UNSPONS A D R 25,585 15,758
    SAP SE SPONSORED A D R 28,753 35,800
    STRATASYS LTD 12,617 8,477
    SYMRISE AG UNSPON A D R 14,136 15,609
    ROBECO BOSTON PARTNERS L S 462,267 490,838

    TY 2014 InvestmentsOtherSchedule2
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    VARIOUS MINERAL INTERESTS AT COST 1 1

    TY 2014 LegalFeesSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 1,080 540   540


    TY 2014 OtherAssetsSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ACCURED INCOME 7,090 3,478 3,478
    WASH SALES   210 210


    TY 2014 OtherDecreasesSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Description Amount
       


    TY 2014 OtherExpensesSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MINNESOTA FILING FEE 25 0   25
    COURT FEES 57 0   57
    LATE PAYMENT INTEREST 102 0   0
    ADR FEES 1,210 1,210   0


    TY 2014 OtherLiabilitiesSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Description Beginning of Year - Book Value End of Year - Book Value
    RETURN OF CAPITAL 3,320  


    TY 2014 TaxesSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 4,690 4,690   0
    FEDERAL TAX PAYMENT - PRIOR YE 1,456 0   0
    FEDERAL TAX 13,000 0   0
    FOREIGN TAXES ON QUALIFIED FOR 2,424 2,424   0
    FOREIGN TAXES ON NONQUALIFIED 21 21   0