TY 2014 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

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

Information about Form 990-PF and its instructions is at www.irs.gov/form990pf.

OMB No. 1545-0052

2014

Open to Public Inspection

For calendar year 2014, or tax year beginning 2014, and ending , 20

Name of foundation
TW L D MCEACHEARN

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

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

A Employer identification number

58-6255314

B Telephone number (see instructions)

(855) 739-2921

C If exemption application is pending, check here bullet

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

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

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

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

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

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

$130,728,493J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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

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


1	Contributions, gifts, grants, etc., received (attach
	schedule)..............
2	Check
	Sch. B ...............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities......	2,469,620		2,458,938
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		4,373,463
b	Gross sales price for all assets on line 6a 48,314,402
7	Capital gain net income (from Part IV, line 2)...			4,373,463
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).......		400,238	456,915
12	Total. Add lines 1 through 11........	7,243,321		7,289,316
13	Compensation of officers, directors, trustees, etc.	526,241		394,681		131,560
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......		2,000	0	0	2,000
c	Other professional fees (attach schedule)....		24,464	24,464		0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		294,743	67,813		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).......		2,157	2,157
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	849,605		489,115	0	133,560
25	Contributions, gifts, grants paid........	5,400,000				5,400,000
26	Total expenses and disbursements. Add lines 24 and 25	6,249,605		489,115	0	5,533,560
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	993,716
b	Net investment income (if negative, enter -0-)			6,800,201
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2014)

Form 990-PF (2014)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............	13,642	15,985	15,985
	2	Savings and temporary cash investments..........	4,611,137	5,767,616	5,767,616
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)	1,937,675	2,002,642	2,001,770
	b	Investments—corporate stock (attach schedule)........	67,028,192	76,500,191	80,225,049
	c	Investments—corporate bonds (attach schedule)........	23,807,043	20,219,884	18,964,248
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	27,586,954	23,127,080	23,753,825
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	124,984,643	127,633,398	130,728,493
	17	Accounts payable and accrued expenses..........
	18	Grants payable..................
	19	Deferred revenue..................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22)..........		0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted...................
	25	Temporarily restricted................
	26	Permanently restricted................
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds.........	124,984,643	127,633,398
	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)......	124,984,643	127,633,398
	31	Total liabilities and net assets/fund balances (see instructions)..	124,984,643	127,633,398

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	124,984,643
2	Enter amount from Part I, line 27a.....................	2	993,716
3	Other increases not included in line 2 (itemize)	3	2,000,099
4	Add lines 1, 2, and 3..........................	4	127,978,458
5	Decreases not included in line 2 (itemize)	5	345,060
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	127,633,398

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	1700. AFLAC INC COM		2013-04-18	2014-06-09
b	222. AFLAC INC COM		2014-03-17	2014-06-09
c	25000. AT&T INC 2.500% 8/15/15		2011-10-13	2014-07-15
d	1501. ADVENT SOFTWARE INC COM		2012-09-19	2014-04-29
e	290. ALBEMARLE CORP COM		2013-09-19	2014-04-29
	1299. ALBEMARLE CORP COM		2012-09-19	2014-04-29
	2261. ALBEMARLE CORP COM		2013-09-26	2014-04-29
	1271. ALEXANDER & BALDWIN INC		2013-09-26	2014-04-03
	1512. ALEXANDER & BALDWIN INC		2012-09-19	2014-04-29
	107. ALEXANDER & BALDWIN INC		2013-07-30	2014-04-29
	417. ALLEGHANY CORP DEL COM		2014-02-19	2014-04-29
	480. ALLIANT TECHSYSTEMS INC COM W/RTS ATTACHED EXP 09/28/2000		2013-07-30	2014-04-29
	745. ALLIANT TECHSYSTEMS INC COM W/RTS ATTACHED EXP 09/28/2000		2013-10-14	2014-04-29
	1836. AMERICAN EAGLE OUTFITTERS INC NEW COM		2012-09-19	2014-04-29
	1814. AMPHENOL CORP NEW CL A		2013-09-26	2014-04-29
	99. APARTMENT INVT & MGMT CO CL A		2013-10-02	2014-10-30
	4. APPLE COMPUTER INC COM		2013-04-18	2014-02-11
	18. APPLE COMPUTER INC COM		2013-04-18	2014-08-06
	119. APPLE COMPUTER INC COM		2013-12-18	2014-08-06
	430. ASTRAZENECA PLC SPONSORED ADR		2014-01-27	2014-02-28
	660. ASTRAZENECA PLC SPONSORED ADR		2014-01-27	2014-05-05
	1692. ATWOOD OCEANICS INC COM		2012-09-19	2014-04-29
	3070. ATWOOD OCEANICS INC COM		2013-09-26	2014-04-29
	1. AVALONBAY CMNTYS INC COM		2013-10-02	2014-10-30
	218. AVIV REIT INC		2014-06-18	2014-11-21
	225. AVIV REIT INC		2014-06-18	2014-11-26
	2180. BAE SYS PLC SPONSORED ADR		2014-01-27	2014-02-28
	685. BHP BILLITON PLC - ADR		2013-08-16	2014-09-04
	595. BHP BILLITON PLC - ADR		2014-01-27	2014-09-04
	545. BRE PPTYS INC CL A		2013-12-06	2014-04-03
	11. BERKSHIRE HATHAWAY INC.		2013-04-18	2014-02-11
	910. BHP LIMITED SPONS ADR COM		2013-04-18	2014-11-24
	110. BHP LIMITED SPONS ADR COM		2014-03-17	2014-11-24
	21. BOSTON PPTYS INC COM		2013-04-18	2014-09-17
	18. BOSTON PPTYS INC COM		2013-04-18	2014-09-24
	1. BOSTON PPTYS INC COM		2013-04-18	2014-10-30
	525. BRISTOL-MYERS SQUIBB CO COM		2014-01-27	2014-05-05
	745. BRISTOL-MYERS SQUIBB CO COM		2013-06-11	2014-09-04
	115. BRISTOL-MYERS SQUIBB CO COM		2014-01-27	2014-11-14
	1080. BRISTOL-MYERS SQUIBB CO COM		2013-09-26	2014-11-14
	126. BROOKDALE SR LIVING INC		2013-10-02	2014-03-24
	68. BROOKDALE SR LIVING INC		2013-10-02	2014-07-16
	7. BROOKDALE SR LIVING INC		2013-10-02	2014-10-30
	1509. BROWN-FORMAN CORP CL B COM		2013-09-26	2014-04-29
	5. CBL & ASSOC PPTYS INC COM W/RIGHTS ATTACHED EXP 4/29/2009		2014-03-25	2014-10-30
	1643. CABELAS INC		2012-09-19	2014-04-29
	1877. CABELAS INC		2013-09-26	2014-04-29
	16. CAMDEN PROPERTY TRUST		2014-02-12	2014-10-30
	1658. CAPITAL ONE FINL CORP COM RTS EXP 11/29/2005		2014-03-17	2014-03-25
	3198. CARMAX INC		2013-09-26	2014-04-29
	826. CHEVRONTEXACO CORP COM		2013-04-18	2014-11-24
	102. CHEVRONTEXACO CORP COM		2014-03-17	2014-11-24
	180. CINTAS CORP COM		2013-06-21	2014-02-14
	3343. CINTAS CORP COM		2013-09-26	2014-04-29
	214. COACH INC COM W/RTS ATTACHED EXP 5/2/2011		2014-03-17	2014-06-25
	1775. COACH INC COM W/RTS ATTACHED EXP 5/2/2011		2013-04-18	2014-06-25
	695. COLUMBIA SPORTSWAER CO COM		2012-09-19	2014-04-29
	23. COMCAST CORP NEW CL A		2013-04-18	2014-02-11
	239. COMCAST CORP NEW CL A		2014-03-17	2014-09-10
	16000. CONAGRA FOODS INC 3.200% 1/25/23		2013-04-30	2014-08-01
	1579. CONVERSANT INC		2012-09-19	2014-04-29
	75. CORRECTIONS CORP OF AMERICA COM		2013-10-02	2014-03-24
	2195.884 CORRECTIONS CORP OF AMERICA COM		2012-09-19	2014-04-29
	376.116 CORRECTIONS CORP OF AMERICA COM		2013-05-21	2014-04-29
	214. CORRECTIONS CORP OF AMERICA COM		2013-10-02	2014-09-24
	10. CORRECTIONS CORP OF AMERICA COM		2013-10-02	2014-10-30
	120. CORRECTIONS CORP OF AMERICA COM		2013-10-02	2014-11-12
	125. CORRECTIONS CORP OF AMERICA COM		2013-10-02	2014-11-19
	72. CORRECTIONS CORP OF AMERICA COM		2013-10-02	2014-11-21
	127. CORRECTIONS CORP OF AMERICA COM		2013-10-02	2014-11-26
	140. CORRECTIONS CORP OF AMERICA COM		2013-10-02	2014-12-03
	157. CORRECTIONS CORP OF AMERICA COM		2013-10-02	2014-12-05
	20. CUBESMART		2013-10-02	2014-10-30
	112. DDR CORP		2013-10-02	2014-10-30
	220. DDR CORP		2013-10-02	2014-11-20
	210. DECKERS OUTDOOR CORP		2013-06-21	2014-02-14
	1044. DECKERS OUTDOOR CORP		2013-09-19	2014-04-29
	2327. DECKERS OUTDOOR CORP		2013-09-26	2014-04-29
	50000. DIRECTV HLDG/FIN INC 3.500% 3/01/16		2011-10-11	2014-03-06
	17. DISNEY (WALT) COMPANY HOLDING COMPANY COM		2013-04-18	2014-02-11
	394. DISNEY (WALT) COMPANY HOLDING COMPANY COM		2013-04-18	2014-09-10
	30355.594 DODGE & COX INT'L STOCK FD # 1048		2013-10-01	2014-07-11
	2947. DOLLAR TREE INC		2014-04-03	2014-04-29
	3. DUKE RLTY INVTS INC COM NEW		2013-04-18	2014-10-30
	412. DUKE ENERGY HOLDING CORP. COM		2013-06-11	2014-07-29
	28. DUPONT FABROS TECHNOLOGY INC		2013-10-02	2014-10-30
	153442.39 EII INTERNATIONAL PROPERTY-I #30		2014-03-14	2014-07-29
	49923.887 EII INTERNATIONAL PROPERTY-I #30		2010-08-11	2014-07-29
	499. ENI S P A ADR		2013-06-11	2014-09-04
	23. EPR PROPERTIES		2013-04-18	2014-10-30
	71. EPR PROPERTIES		2013-04-18	2014-11-21
	65934.066 EATON VANCE FLOATING RATE FD-I #924		2013-09-25	2014-09-05
	2901. EATON VANCE CORP COM NON VTG		2012-09-19	2014-04-29
	1908. EATON VANCE CORP COM NON VTG		2013-09-26	2014-04-29
	1487. EDUCATION RLTY TR INC		2014-09-10	2014-12-01
	1487. EDUCATION RLTY TR INC		2014-09-10	2014-12-01
	.6662 EDUCATION REALTY TRUST INC		2014-09-24	2014-12-17
	1554. ENERGIZER HLDGS INC COM		2013-09-26	2014-04-29
	56. EQUITY RESIDENTIAL PPTYS TR SH BEN INT		2013-05-15	2014-04-11
	45. EQUITY RESIDENTIAL PPTYS TR SH BEN INT		2013-05-15	2014-10-30
	74. EQUITY RESIDENTIAL PPTYS TR SH BEN INT		2013-05-15	2014-11-20
	.92 ESSEX PPTY TR INC COM W/RTS ATTACHED 11/11/2008		2013-10-02	2014-04-21
	20. ESSEX PPTY TR INC COM W/RTS ATTACHED 11/11/2008		2013-10-02	2014-10-30
	27. EXTRA SPACE STORAGE INC		2013-04-18	2014-10-30
	74. EXTRA SPACE STORAGE INC		2013-04-18	2014-11-21
	5169.98 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2014-01-15
	498.48 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2014-02-15
	5535.47 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2014-03-15
	475.24 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2014-04-15
	501.65 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2014-05-15
	1925.59 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2014-06-15
	460.42 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2014-07-15
	2229.85 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2014-08-15
	482.97 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2014-09-15
	454.68 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2014-10-15
	500.84 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2014-11-15
	464.69 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2014-12-15
	1147.27 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2014-09-15
	763.38 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2014-10-15
	1109.07 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2014-11-15
	1058.1 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2014-12-15
	11. FEDERAL RLTY INVT TR SH BEN INT NEW W/RIGHTS ATTACHED EXP		2013-10-02	2014-10-30
	140000. FED HOME LN MTG CORP 1.750% 9/10/15		2011-10-06	2014-04-28
	60000. FED NATL MTG ASSN 1.625% 10/26/15		2013-02-22	2014-09-24
	125000. FED NATL MTG ASSN 2.625% 11/20/14		2011-10-06	2014-04-28
	190656.426 FID ADV EMER MKTS INC- CL I #607		2013-04-15	2014-01-24
	165. FIRST INDL RLTY TR INC COM		2013-09-13	2014-01-29
	164. FIRST INDL RLTY TR INC COM		2013-09-13	2014-03-24
	2758. FIRST INDL RLTY TR INC COM		2012-09-19	2014-04-29
	1387. FIRST INDL RLTY TR INC COM		2013-09-19	2014-04-29
	175. FIRST INDL RLTY TR INC COM		2013-09-13	2014-10-30
	932.8 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2014-01-20
	952.16 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2014-02-20
	845.95 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2014-03-20
	791.98 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2014-04-20
	1373.05 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2014-05-20
	946.15 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2014-06-20
	985.58 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2014-07-20
	1630.31 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2014-08-20
	1081.97 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2014-09-20
	1205.49 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2014-10-20
	1060.18 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2014-11-20
	1038.88 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2014-12-20
	224. GENERAL GROWTH PROPERTIE-W/I		2013-09-26	2014-09-24
	141. GILEAD SCIENCES INC COM		2014-03-17	2014-08-06
	504. GILEAD SCIENCES INC COM		2013-04-18	2014-09-10
	50000. GOLDMAN SACHS GROUP 5.250% 7/27/21		2011-10-06	2014-08-19
	1. GOOGLE INC CL A		2013-04-18	2014-02-11
	20. GOOGLE INC CL A		2014-03-17	2014-04-25
	149. GOOGLE INC CL A		2013-04-18	2014-04-25
	1178.82 GOVT NATL MTG ASSN 3.000% 7/20/40		2014-09-24	2014-10-20
	1169.71 GOVT NATL MTG ASSN 3.000% 7/20/40		2014-09-24	2014-11-20
	1456.41 GOVT NATL MTG ASSN 3.000% 7/20/40		2014-09-24	2014-12-20
	123. HCP INC		2014-01-30	2014-05-07
	82. HCP INC		2013-04-18	2014-09-17
	86. HCP INC		2014-01-30	2014-09-17
	43. HCP INC		2013-04-18	2014-10-30
	276. HCP INC		2013-04-18	2014-12-23
	48.125 HALYARD HEALTH INC		2013-09-26	2014-11-14
	16.875 HALYARD HEALTH INC		2014-01-27	2014-11-14
	.625 HALYARD HEALTH INC		2013-09-26	2014-11-18
	68. HASBRO INC COM		2012-09-17	2014-02-14
	1565. HASBRO INC COM		2013-09-26	2014-04-29
	433. HASBRO INC COM		2012-09-17	2014-04-29
	14. HEALTH CARE REIT INC COM		2014-02-05	2014-10-30
	1276. HERSHEY FOODS CORP COM W/RTS ATTACHED EXP 12/15/2010		2013-09-26	2014-04-02
	197. HOST MARRIOTT CORP NEW COM		2013-04-18	2014-04-23
	6. HOST MARRIOTT CORP NEW COM		2013-04-18	2014-10-30
	105778. ISHARES GOLD TRUST		2014-01-24	2014-11-06
	570. ITOCHU CORP-UNSPONSORED ADR		2014-01-27	2014-12-18
	1620. ITOCHU CORP-UNSPONSORED ADR		2013-09-26	2014-12-18
	21. JP MORGAN CHASE & CO COM		2013-04-18	2014-02-11
	60000. JP MORGAN CHASE & CO 5.150% 10/01/15		2011-10-06	2014-08-19
	50000. JP MORGAN CHASE COMM 5.420% 1/15/49		2011-10-12	2014-03-12
	10. JONES LANG LASALLE INC COM		2013-10-02	2014-10-30
	111524.164 JPMORGAN HIGH YIELD FUND SS #3580		2013-10-11	2014-09-05
	917. KAMAN CORP CL A		2012-09-19	2014-04-29
	2950. KEPPEL LTD ADR		2014-01-27	2014-02-28
	6. KILROY RLTY CORP COM W/RTS ATTACHED EXP 10/2/2008		2013-10-02	2014-10-30
	.2059 KINDER MORGAN MANAGEMENT LLC COM		2013-06-21	2014-02-19
	1593. KINDER MORGAN MANAGEMENT LLC COM		2014-02-18	2014-04-29
	.7891 KINDER MORGAN MANAGEMENT LLC COM		2013-06-21	2014-05-19
	.5045 KINDER MORGAN MANAGEMENT LLC COM		2013-06-21	2014-08-18
	24.7532 KINDER MORGAN MANAGEMENT LLC COM		2014-02-18	2014-08-26
	4.2468 KINDER MORGAN MANAGEMENT LLC COM		2013-06-21	2014-08-26
	414. LASALLE HOTEL PPTYS COM SH BEN INT		2013-12-20	2014-07-01
	460. LILLY ELI & CO COM W/RTS EXP 7/28/2008		2014-01-27	2014-05-05
	418. LILLY ELI & CO COM W/RTS EXP 7/28/2008		2013-06-11	2014-09-04
	126. LOCKHEED MARTIN CORP COM		2013-06-11	2014-09-04
	289. LOCKHEED MARTIN CORP COM		2013-09-26	2014-11-14
	2226. LORILLARD INC		2013-09-26	2014-04-29
	211. M & T BK CORP COM		2012-09-17	2014-04-29
	1258. M & T BK CORP COM		2013-09-26	2014-04-29
	4823. MBIA INC COM		2012-09-19	2014-04-29
	11921. MBIA INC COM		2013-09-26	2014-04-29
	2612. MRC GLOBAL INC		2013-12-10	2014-04-29
	338. MARTIN MARIETTA MATLS INC COM W/RTS EXP 10/21/2006		2012-09-19	2014-04-29
	80. MATSON INC.		2013-06-21	2014-02-14
	1332. MATSON INC.		2013-09-26	2014-04-02
	1692. MATSON INC.		2013-01-09	2014-04-29
	6. MCKESSON HBOC INC COM		2013-04-18	2014-02-11
	4515. MEADWESTVACO CORP COM W/RTS EXP 1/29/200		2013-09-26	2014-02-18
	845. MEDICAL PPTYS TR INC		2013-10-02	2014-06-23
	2397. MICREL INC COM		2012-09-19	2014-04-29
	398. MONSTER BEVERAGE CORP		2013-04-18	2014-09-10
	433. NATIONAL GRID PLC ADR		2013-06-11	2014-07-29
	359. NEWMARKET CORP		2012-09-19	2014-04-29
	532. NEWMARKET CORP		2013-09-26	2014-04-29
	495. NISSAN MTR LTD SPONSORED ADR		2014-01-27	2014-07-29
	1525. NISSAN MTR LTD SPONSORED ADR		2014-02-28	2014-07-30
	1325. NISSAN MTR LTD SPONSORED ADR		2013-06-11	2014-07-30
	383. NOW INC/SH		2014-03-17	2014-06-06
	.5 NOW INC/SH		2013-12-18	2014-06-17
	857. NU SKIN ENTERPRISES INC CL A		2013-09-26	2014-04-29
	2650. OLD DOMINION FREIGHT LINES INC		2012-09-19	2014-04-29
	1959. OLD DOMINION FREIGHT LINES INC		2013-09-26	2014-04-29
	3158. OLIN CORP NEW COM W/RTS ATTACHED EXP 02/27/2006		2013-12-10	2014-04-29
	75000. ORACLE CORP 1.200% 10/15/17		2013-09-25	2014-08-19
	17006.803 OPPENHEIMER DEVELOPING MKT-Y #788		2013-09-25	2014-01-24
	257853.351 PIMCO FDS PAC INVT MGMT SER PIMCO LOW DURATION II INSTL		2013-04-15	2014-09-05
	582. PPL CORP COM		2013-09-26	2014-12-19
	3613. PAYCHEX INC COM		2013-09-26	2014-04-29
	54. PEBBLEBROOK HOTEL TRUST		2013-10-02	2014-10-30
	382. PENNSYLVANIA REAL ESTATE INVT TR SH BEN INT W/RIGHTS ATTACHED EXP		2013-10-02	2014-02-19
	363. PENNSYLVANIA REAL ESTATE INVT TR SH BEN INT W/RIGHTS ATTACHED EXP		2013-10-02	2014-03-04
	792. PRICESMART INC COM		2013-09-26	2014-04-29
	1027. PRICESMART INC COM		2012-09-19	2014-04-29
	125482.625 PRINCIPAL PREFERRED SEC-INS #4929		2014-01-24	2014-04-29
	1290. PROCTER & GAMBLE CO COM		2014-01-27	2014-02-28
	512. PROLOGIS INC		2013-10-02	2014-01-29
	62. PROLOGIS INC		2013-10-02	2014-10-30
	570. PUBLIC SVC ENTERPRISE GRP INC COM		2014-01-27	2014-05-05
	8685. PULTE HOMES,INC COM		2014-04-02	2014-04-29
	95. RAMCO-GERSHENSON PPTYS TR COM		2013-10-02	2014-01-29
	227. RAMCO-GERSHENSON PPTYS TR COM		2013-10-02	2014-05-30
	227. RETAIL PROPERTIES OF AME-A		2013-10-02	2014-10-08
	120. RETAIL PROPERTIES OF AME-A		2013-10-02	2014-10-09
	1124. RITCHIE BROS AUCTIONEERS INC COM		2012-09-19	2014-04-29
	65000. ROYAL BANK OF CANADA 1.450% 10/30/14		2011-10-25	2014-10-30
	26. SL GREEN RLTY CORP COM W/RIGHTS ATTACHED EXP 3/5/2010		2013-06-26	2014-10-30
	755. SENIOR HSG PPTYS TR SH BEN INT		2013-04-18	2014-02-19
	310. SERVICE CORP INTL COM		2013-07-30	2014-04-29
	5468. SERVICE CORP INTL COM		2012-09-19	2014-04-29
	3103. SERVICE CORP INTL COM		2013-09-26	2014-04-29
	107. SIMON PPTY GRP INC NEW COM		2013-10-02	2014-01-29
	16. SIMON PPTY GRP INC NEW COM		2013-10-02	2014-06-06
	11. SIMON PPTY GRP INC NEW COM		2013-10-02	2014-10-30
	426. STRATEGIC HOTELS & RESORTS INC		2013-10-02	2014-01-29
	341. STRATEGIC HOTELS & RESORTS INC		2013-10-02	2014-02-12
	18. STRATEGIC HOTELS & RESORTS INC		2013-10-02	2014-10-30
	615. STURM RUGER & CO INC COM		2012-09-19	2014-04-29
	394. STURM RUGER & CO INC COM		2013-09-19	2014-04-29
	5. SUN CMNTYS INC COM		2014-07-01	2014-10-30
	149425. MLN ELEMENTS ROGERS TOTAL RETURN		2014-04-29	2014-09-05
	6100. SYMANTEC CORP COM W/RTS EXP 8/12/2008		2014-04-29	2014-04-29
	916. TARGET CORP COM		2013-04-18	2014-12-18
	75000. TARGET CORP 5.375 5/ 5.375% 5/01/17		2011-10-24	2014-09-24
	1377. TEJON RANCH CO COM		2012-09-19	2014-04-29
	203. TEJON RANCH CO 8/31/16		2012-09-19	2014-04-29
	2895. TELIASONERA AB-UNSPON ADR		2014-01-27	2014-07-29
	3325. TELIASONERA AB-UNSPON ADR		2013-06-11	2014-07-29
	1509. TEMPUR SEALY INTERNATIONAL		2013-09-19	2014-04-29
	2868. TEMPUR SEALY INTERNATIONAL		2013-09-26	2014-04-29
	117. TENET HEALTHCARE CORPORATION		2013-07-30	2014-04-29
	2068. TENET HEALTHCARE CORPORATION		2012-09-19	2014-04-29
	3078. TENET HEALTHCARE CORPORATION		2013-09-26	2014-04-29
	331. 3M CO COM		2013-04-18	2014-02-11
	669. 3M CO COM		2013-04-18	2014-08-06
	107. 3M CO COM		2014-03-17	2014-08-06
	66571.564 TOUCHSTONE SMALL CAP CORE-IN #555		2013-06-06	2014-07-11
	1762. TREDEGAR CORPORATION COM W/RIGHTS ATTACHED EXP 6/30/2009		2012-09-19	2014-04-29
	7. UNION PAC CORP COM		2013-04-18	2014-02-11
	126. UNION PAC CORP COM		2014-03-17	2014-09-10
	100000. U S TREASURY NOTE 4.125% 5/15/15		2011-10-07	2014-04-28
	35000. US TREASURY NOTE 2.625% 6/30/14		2011-10-07	2014-01-28
	20000. US TREASURY NOTE 2.625% 6/30/14		2011-10-07	2014-03-28
	65000. US TREASURY NOTE 3.250% 12/31/16		2011-10-07	2014-12-15
	10000. US TREASURY NOTE 1.875% 9/30/17		2011-10-19	2014-08-21
	60000. US TREASURY NOTE 2.000% 1/31/16		2011-10-19	2014-07-01
	80000. US TREASURY NOTE 2.125% 8/15/21		2011-10-19	2014-04-28
	45000. US TREASURY NOTE 1.625% 11/15/22		2012-12-27	2014-08-21
	20000. US TREASURY NOTE 1.625% 11/15/22		2013-11-25	2014-08-21
	75000. US TREASURY NOTE 2.750% 11/15/23		2014-03-28	2014-04-28
	25. UNITEDHEALTH GRP INC COM		2013-04-18	2014-02-11
	153. UNITEDHEALTH GRP INC COM		2014-03-17	2014-09-10
	20320.483 VANGUARD INSTL INDEX FD		2008-07-30	2014-04-29
	7. VENTAS INC-COM		2013-12-18	2014-10-30
	530. VERIZON COMMUNICATIONS COM		2014-01-27	2014-12-19
	188. VERIZON COMMUNICATIONS COM		2013-06-11	2014-12-19
	37. VORNADO RLTY TR COM		2013-10-02	2014-10-08
	5. VORNADO RLTY TR COM		2013-10-02	2014-10-30
	1612. VULCAN MATERIALS CO COM W/RIGHTS ATTACHED EXP 12/31/2008		2013-09-26	2014-04-29
	717131.474 WASATCH EMERGING MKT S/C FD		2013-09-25	2014-01-24
	6. WASHINGTON PRIME GROUP		2013-10-02	2014-10-30
	14. WEINGARTEN RLTY INVS SH BEN INT		2014-01-30	2014-10-30
	189. WEINGARTEN RLTY INVS SH BEN INT		2014-03-24	2014-12-10
	504. WEINGARTEN RLTY INVS SH BEN INT		2014-03-24	2014-12-19
	146541.618 WELLS FARGO ULT ST INC-INS		2014-07-11	2014-09-05
	204746.438 WELLS FARGO ULT ST INC-INS		2014-07-11	2014-10-21
	25. WHIRLPOOL CORP COM W/RTS ATTACHED EXP 05/22/2008		2013-06-21	2014-02-14
	904. WHIRLPOOL CORP COM W/RTS ATTACHED EXP 05/22/2008		2013-09-26	2014-04-29
	811. WORLD FUEL SVCS CORP		2012-09-19	2014-04-29
	2172.0417 AURORA GLOBAL OPP II ASP FD R/I1-2		2007-11-29	2014-01-01
	334. EATON CORP PLC		2014-01-27	2014-09-04
	1631. MONTPELIER RE HOLDINGS LTD		2012-09-19	2014-04-29
	228. WHITE MTNS INS GROUP INC COM		2013-09-26	2014-04-29
	91. WHITE MTNS INS GROUP INC COM		2012-09-19	2014-04-29
	670.469 GAI AGILITY INCOME FUND		2013-10-29	2014-12-31
	5350.4277 PINEHURST INST TRANS ASP R/INT I1-2P		2007-11-29	2014-01-01
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	106,862	83,021	23,841
b	13,955	14,352	-397
c	25,594	25,639	-45
d	42,010	38,191	3,819
e	19,297	18,378	919
	86,439	70,674	15,765
	150,452	141,570	8,882
	52,085	48,838	3,247
	56,686	44,673	12,013
	4,012	4,726	-714
	168,915	160,252	8,663
	71,447	44,119	27,328
	110,892	75,527	35,365
	21,055	43,785	-22,730
	172,278	139,971	32,307
	3,431	2,758	673
	2,146	1,581	565
	1,712	1,017	695
	11,319	9,233	2,086
	29,424	27,438	1,986
	52,497	34,756	17,741
	82,679	78,497	4,182
	150,015	167,578	-17,563
	153	127	26
	7,193	5,483	1,710
	7,467	6,336	1,131
	60,143	58,579	1,564
	42,698	38,868	3,830
	37,088	35,468	1,620
	31,596	28,380	3,216
	1,246	1,146	100
	50,998	58,549	-7,551
	6,165	7,153	-988
	2,475	2,290	185
	2,088	1,963	125
	125	109	16
	25,907	26,155	-248
	37,620	35,402	2,218
	6,620	5,729	891
	62,170	50,957	11,213
	4,126	3,360	766
	2,364	1,814	550
	231	187	44
	135,568	103,284	32,284
	93	85	8
	107,775	89,441	18,334
	123,125	122,903	222
	1,207	1,056	151
	124,900	91,741	33,159
	139,698	147,610	-7,912
	97,022	95,742	1,280
	11,981	11,879	102
	10,593	8,150	2,443
	194,709	159,539	35,170
	7,286	10,922	-3,636
	60,432	91,368	-30,936
	56,908	36,292	20,616
	1,260	926	334
	13,594	12,170	1,424
	15,818	16,396	-578
	38,492	26,384	12,108
	2,404	2,636	-232
	71,819	75,390	-3,571
	12,301	14,631	-2,330
	7,347	7,522	-175
	363	351	12
	4,331	4,218	113
	4,427	4,394	33
	2,579	2,531	48
	4,587	4,464	123
	5,146	4,921	225
	5,837	5,518	319
	402	366	36
	1,998	1,802	196
	3,902	3,540	362
	17,701	10,418	7,283
	84,600	64,096	20,504
	188,568	131,085	57,483
	52,436	51,381	1,055
	1,323	1,026	297
	35,299	23,778	11,521
	1,400,000	1,247,311	152,689
	151,860	166,756	-14,896
	56	52	4
	30,569	27,809	2,760
	842	705	137
	3,111,812	3,000,000	111,812
	1,012,456	775,000	237,456
	25,222	22,527	2,695
	1,257	1,199	58
	3,946	3,703	243
	600,000	603,956	-3,956
	103,690	85,489	18,201
	68,197	74,083	-5,886


	24	20	4
	151,930	149,113	2,817
	3,236	3,107	129
	3,039	2,496	543
	5,125	4,171	954
	154	137	17
	3,915	2,977	938
	1,529	1,104	425
	4,264	3,024	1,240
	5,170	5,409	-239
	498	522	-24
	5,535	5,791	-256
	475	497	-22
	502	525	-23
	1,926	2,015	-89
	460	482	-22
	2,230	2,333	-103
	483	505	-22
	455	476	-21
	501	524	-23
	465	486	-21
	1,147	1,225	-78
	763	815	-52
	1,109	1,185	-76
	1,058	1,130	-72
	1,436	1,130	306
	142,917	143,979	-1,062
	60,908	61,950	-1,042
	126,761	132,190	-5,429
	2,516,665	2,819,809	-303,144
	2,692	2,606	86
	3,091	2,590	501
	50,432	36,778	13,654
	25,362	23,266	2,096
	3,327	2,764	563
	933	949	-16
	952	969	-17
	846	861	-15
	792	806	-14
	1,373	1,397	-24
	946	963	-17
	986	1,003	-17
	1,630	1,659	-29
	1,082	1,101	-19
	1,205	1,227	-22
	1,060	1,079	-19
	1,039	1,057	-18
	5,310	4,423	887
	13,100	10,753	2,347
	54,423	25,901	28,522
	56,177	48,552	7,625
	1,185	769	416
	10,469	11,506	-1,037
	77,991	57,358	20,633
	1,179	1,198	-19
	1,170	1,188	-18
	1,456	1,480	-24
	5,233	4,816	417
	3,335	4,217	-882
	3,498	3,367	131
	1,867	2,211	-344
	12,398	14,193	-1,795
	1,788	1,558	230
	627	605	22
	24	20	4
	3,598	2,674	924
	86,358	72,230	14,128
	23,893	17,026	6,867
	978	797	181
	131,687	113,115	18,572
	4,143	3,420	723
	137	104	33
	1,167,763	1,299,821	-132,058
	11,841	14,318	-2,477
	33,652	40,522	-6,870
	1,201	989	212
	62,855	62,989	-134
	55,131	51,174	3,957
	1,337	883	454
	900,000	906,691	-6,691
	38,722	33,646	5,076
	48,332	50,054	-1,722
	398	301	97
	16	15	1
	115,325	116,710	-1,385
	57	57
	50	36	14
	2,416	1,828	588
	415	303	112
	14,776	12,961	1,815
	26,827	24,964	1,863
	26,851	21,798	5,053
	21,920	13,397	8,523
	53,991	35,240	18,751
	127,721	98,260	29,461
	25,645	19,948	5,697
	152,900	136,528	16,372
	57,911	54,681	3,230
	143,139	144,193	-1,054
	75,817	83,050	-7,233
	41,698	30,205	11,493
	1,976	1,980	-4
	32,551	33,817	-1,266
	40,002	41,098	-1,096
	1,043	635	408
	163,502	163,234	268
	11,022	10,434	588
	23,806	25,850	-2,044
	36,393	22,057	14,336
	32,245	25,068	7,177
	131,714	89,359	42,355
	195,187	146,745	48,442
	9,884	8,801	1,083
	30,459	28,792	1,667
	26,465	28,444	-1,979
	12,707	11,061	1,646
	16	16
	74,048	64,717	9,331
	156,785	80,930	75,855
	115,902	86,099	29,803
	87,627	86,825	802
	74,833	74,043	790
	600,000	628,231	-28,231
	2,552,748	2,529,614	23,134
	20,858	17,577	3,281
	147,698	139,774	7,924
	2,249	1,540	709
	7,393	7,313	80
	6,592	6,950	-358
	75,663	72,229	3,434
	98,113	79,032	19,081
	1,300,000	1,254,826	45,174
	101,358	101,121	237
	18,892	19,879	-987
	2,535	2,407	128
	22,381	18,991	3,390
	158,830	171,161	-12,331
	1,470	1,475	-5
	3,764	3,525	239
	3,370	3,142	228
	1,797	1,661	136
	27,791	21,987	5,804
	65,000	64,975	25
	2,959	2,276	683
	15,920	20,657	-4,737
	5,853	5,806	47
	103,245	75,356	27,889
	58,590	55,779	2,811
	16,060	15,977	83
	2,714	2,246	468
	1,940	1,544	396
	3,910	3,731	179
	3,175	2,986	189
	227	158	69
	40,030	30,646	9,384
	25,645	24,110	1,535
	278	252	26
	1,177,742	1,306,737	-128,995
	122,660	123,025	-365
	68,250	62,433	5,817
	82,883	88,369	-5,486
	42,705	42,282	423
	661		661
	44,112	45,475	-1,363
	50,664	44,755	5,909
	73,761	67,060	6,701
	140,190	122,864	17,326
	5,358	5,195	163
	94,705	51,038	43,667
	140,959	127,888	13,071
	43,450	34,715	8,735
	93,367	70,165	23,202
	14,933	14,164	769
	1,400,000	1,275,447	124,553
	37,724	33,006	4,718
	1,241	1,002	239
	13,528	11,767	1,761
	104,188	112,363	-8,175
	35,373	37,054	-1,681
	20,130	21,173	-1,043
	68,425	72,054	-3,629
	10,255	10,291	-36
	61,617	62,897	-1,280
	78,863	79,700	-837
	42,898	44,728	-1,830
	19,066	18,588	478
	75,601	75,353	248
	1,767	1,506	261
	13,355	11,772	1,583
	3,500,000	2,388,063	1,111,937
	474	394	80
	24,932	25,403	-471
	8,844	9,468	-624
	3,696	3,104	592
	536	419	117
	103,301	82,592	20,709
	1,800,000	1,943,426	-143,426
	106	107	-1
	496	406	90
	6,618	5,513	1,105
	17,381	14,902	2,479
	1,250,000	1,251,465	-1,465
	1,742,392	1,748,535	-6,143
	3,460	2,884	576
	137,816	116,789	21,027
	36,074	29,934	6,140
	2,617,052	2,956,626	-339,574
	23,443	24,451	-1,008
	49,803	36,905	12,898
	134,058	130,663	3,395
	53,428	48,505	4,923
	700,000	716,363	-16,363
	5,717,585	5,727,797	-10,212
			2,610,689

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			23,841
b			-397
c			-45
d			3,819
e			919
			15,765
			8,882
			3,247
			12,013
			-714
			8,663
			27,328
			35,365
			-22,730
			32,307
			673
			565
			695
			2,086
			1,986
			17,741
			4,182
			-17,563
			26
			1,710
			1,131
			1,564
			3,830
			1,620
			3,216
			100
			-7,551
			-988
			185
			125
			16
			-248
			2,218
			891
			11,213
			766
			550
			44
			32,284
			8
			18,334
			222
			151
			33,159
			-7,912
			1,280
			102
			2,443
			35,170
			-3,636
			-30,936
			20,616
			334
			1,424
			-578
			12,108
			-232
			-3,571
			-2,330
			-175
			12
			113
			33
			48
			123
			225
			319
			36
			196
			362
			7,283
			20,504
			57,483
			1,055
			297
			11,521
			152,689
			-14,896
			4
			2,760
			137
			111,812
			237,456
			2,695
			58
			243
			-3,956
			18,201
			-5,886


			4
			2,817
			129
			543
			954
			17
			938
			425
			1,240
			-239
			-24
			-256
			-22
			-23
			-89
			-22
			-103
			-22
			-21
			-23
			-21
			-78
			-52
			-76
			-72
			306
			-1,062
			-1,042
			-5,429
			-303,144
			86
			501
			13,654
			2,096
			563
			-16
			-17
			-15
			-14
			-24
			-17
			-17
			-29
			-19
			-22
			-19
			-18
			887
			2,347
			28,522
			7,625
			416
			-1,037
			20,633
			-19
			-18
			-24
			417
			-882
			131
			-344
			-1,795
			230
			22
			4
			924
			14,128
			6,867
			181
			18,572
			723
			33
			-132,058
			-2,477
			-6,870
			212
			-134
			3,957
			454
			-6,691
			5,076
			-1,722
			97
			1
			-1,385

			14
			588
			112
			1,815
			1,863
			5,053
			8,523
			18,751
			29,461
			5,697
			16,372
			3,230
			-1,054
			-7,233
			11,493
			-4
			-1,266
			-1,096
			408
			268
			588
			-2,044
			14,336
			7,177
			42,355
			48,442
			1,083
			1,667
			-1,979
			1,646

			9,331
			75,855
			29,803
			802
			790
			-28,231
			23,134
			3,281
			7,924
			709
			80
			-358
			3,434
			19,081
			45,174
			237
			-987
			128
			3,390
			-12,331
			-5
			239
			228
			136
			5,804
			25
			683
			-4,737
			47
			27,889
			2,811
			83
			468
			396
			179
			189
			69
			9,384
			1,535
			26
			-128,995
			-365
			5,817
			-5,486
			423
			661
			-1,363
			5,909
			6,701
			17,326
			163
			43,667
			13,071
			8,735
			23,202
			769
			124,553
			4,718
			239
			1,761
			-8,175
			-1,681
			-1,043
			-3,629
			-36
			-1,280
			-837
			-1,830
			478
			248
			261
			1,583
			1,111,937
			80
			-471
			-624
			592
			117
			20,709
			-143,426
			-1
			90
			1,105
			2,479
			-1,465
			-6,143
			576
			21,027
			6,140
			-339,574
			-1,008
			12,898
			3,395
			4,923
			-16,363
			-10,212

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	4,373,463
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . . . . .		3

Part V

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

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

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

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

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

1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a) Base period years Calendar year (or tax year beginning in)	(b) Adjusted qualifying distributions	(c) Net value of noncharitable-use assets	(d) Distribution ratio (col. (b) divided by col. (c))
2013	5,528,869	122,025,107	0.045309
2012	5,341,203	120,294,022	0.044401
2011	5,470,656	121,706,360	0.04495
2010	4,849,226	116,439,097	0.041646
2009	5,698,000	104,763,956	0.054389

2	Total of line 1, column (d) ......................	2	0.230695
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	0.046139
4	Enter the net value of noncharitable-use assets for 2014 from Part X, line 5.....	4	129,800,600
5	Multiply line 4 by line 3.......................	5	5,988,870
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	68,002
7	Add lines 5 and 6.........................	7	6,056,872
8	Enter qualifying distributions from Part XII, line 4..............	8	5,533,560
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.

Form 990-PF (2014)

Page 4

Part VI

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

1a	Exempt operating foundations described in section 4940(d)(2), check hereand enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	136,004
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	136,004
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	136,004
6	Credits/Payments:

a	2014 estimated tax payments and 2013 overpayment credited to 2014	6a	198,966
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	198,966
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	62,962
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax62,962	Refunded	11	0

Part VII-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

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

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

Form 990-PF (2014)

Page 5

Part VII-A

Statements Regarding Activities (continued)

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

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

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

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

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

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

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

Yes

Website address bullet

The books are in care of bullet

WELLS FARGO BANK NA Telephone no. bullet

(855) 739-2921

Located at bullet

1 WEST 4TH STREETWINSTON SALEMNC ZIP+4 bullet

271013818

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

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

16 At any time during calendar year 2014, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country?

16 No

See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet

Form 990-PF (2014)

Page 6

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If "Yes," list the years bullet

20, 20, 20, 20

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

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

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

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

20, 20, 20, 20

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

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

If "Yes," did it have excess business holdings in 2014 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2014.)....................

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Form 990-PF (2014)

Page 7

Part VIII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
WELLS FARGO BANK NA	TRUSTEE 40	526,241
1525 W WT HARRIS BLVD D1114 044 CHARLOTTE,NC28288	TRUSTEE 40	526,241

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









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

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

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

Part IX-A

Summary of Direct Charitable Activities

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


2


3


4

Form 990-PF (2014)

Page 8

Part IX-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.		Amount
1


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... bullet

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
see instructions.)

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

purposes:

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

127,856,840

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

3,920,419

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

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

131,777,259

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

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

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

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

131,777,259

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

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

1,976,659

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

129,800,600

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

6,490,030

Part XI

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

and do not complete this part.)

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

6,490,030

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

136,004

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

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

136,004

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

6,354,026

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

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

6,354,026

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

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

6,354,026

Part XII

Qualifying Distributions (see instructions)

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

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

5,533,560

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

5,533,560

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

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

5,533,560

Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
the section 4940(e) reduction of tax in those years.

Form 990-PF (2014)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2013	(c) 2013	(d) 2014
1 Distributable amount for 2014 from Part XI, line 7					6,354,026
2 Undistributed income, if any, as of the end of 2014:
a Enter amount for 2013 only.......				1,371,838
b Total for prior years:2012, 20, 20			0
3 Excess distributions carryover, if any, to 2014:
a From 2009.......	0
b From 2010.......	0
c From 2011.......	0
d From 2012.......	0
e From 2013.......	0
fTotal of lines 3a through e.........		0
4Qualifying distributions for 2014 from Part
XII, line 4: $ 5,533,560
a Applied to 2013, but not more than line 2a					1,371,838
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.....					4,161,722
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2014.		0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		0
b Prior years’ undistributed income. Subtract line 4b from line 2b ...........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2013. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2014. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2015 ..........					2,192,304
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8Excess distributions carryover from 2009 not applied on line 5 or line 7 (see instructions) ...		0
9Excess distributions carryover to 2015. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2010....	0
b Excess from 2011....	0
c Excess from 2012....	0
d Excess from 2013....	0
e Excess from 2014....	0

Form 990-PF (2014)

Page 10

Part XIV

Private Operating Foundations (see instructions and Part VII-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2014, enter the date of the ruling....... bullet

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

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

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

Part XV

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

1Information Regarding Foundation Managers:

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

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

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

Check here bullet

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

aThe name, address, and telephone number or email address of the person to whom applications should be addressed:

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

cAny submission deadlines:

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

Form 990-PF (2014)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
YOUNG HARRIS COLLEGE PO BOX 68 YOUNG HARRIS,GA30582	NONE	PC	CONTRIBUTION	540,000
MCEACHERN MEM METHODIST 4075 MACLAND ROAD POWDER SPRINGS,GA30127	NONE	PC	CONTRIBUTION	540,000
MCEACHERN ENDOWMENT FUND ATTN BEVERLY POSTELL 2400 NEW MACLAND ROAD POWDER SPRINGS,GA30127	NONE	PC	CONTRIBUTION	4,320,000
Total ................................. 3a				5,400,000

bApproved for future payment

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

Form 990-PF (2014)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ............
4 Dividends and interest from securities....			14	2,469,620
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	4,373,463
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aSEE STATEMENT 10			1	400,238
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				7,243,321

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

137,243,321

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

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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

Form 990-PF (2014)

Page 13

Part XVII

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

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

Yes

organizations?

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2014)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
TAX PREPARATION FEE (NON-ALLOC	2,000			2,000

Name of Bond	End of Year Book Value	End of Year Fair Market Value
#693390841 PIMCO HIGH YIELD
693390791 PIMCO LOW DURATION I
#693391104 PIMCO REAL RETURN
#693390551 PIMCO TOTAL RETURN
94985D582 WELLS FARGO ADV INTL
#957663503 WESTERN ASSET CORE
#693391559 PIMCO EMERGING MRKT
#34984T857 GOLDEN SMALL CAP
#38142Y773 GOLDMAN SACHS LARGE
#464287200 ISHARES S & P 500
#413838103 OAKMARK FUND CLASS
#780905451 ROYCE PREMIER FUND
#74972H614 RS VALUE FUND
#784924425 SSGA EMERGING MRKS
#87234N385 TCW RELATIVE VALUE
#87234N849 TCW SMALL CAP GROW
#922040100 VANGUARD INSTIT.
#949915367 WELLS FARGO ADVANT.
#94984B348 WELLS FARGO ADVANT.
#94985D277 WELLS FARGO ADVANT.
#04315J837 ARTIO INTERNATIONAL
#246248306 DELAWARE POOLED TR
#52106N889 LAZARD EMERGING MRK
CB RICHARD ELLIS REALTY TRUST
#26852M105 ELL INTERNATIONAL
#44980Q518 ING INTERNATIONAL
#44981V706 ING REAL ESTATE
0258M0DA4 AMERICAN EXPRESS CO	60,204	60,926
00206RAV4 AT&T INC	51,278	50,540
14912L4X6 CATERPILLAR FINANCIA	65,023	66,247
20030NBAB COMCAST CORP
20825CAR5 CONOCOPHILLIPS	82,597	79,575
126650BT6 CVS CAREMARK CORP	68,175	65,626
251156PAF0 DEUTSCHE TELEKOM
25459HAY1 DIRECTV HLDG/FIN INC
25470DAB5 DISCOVERY COMMUNICAT	69,730	66,751
260543CA9 DOW CHEMICAL CO/THE
36962G5J9 GENERAL ELEC CAP COR	59,872	67,628
38141GGQ1 GOLDMAN SACHS GROUP
459200GX3 IBM CORP	76,251	76,412
48366AX5 JOHNSON CONTROLS INC
46625HDF4 JP MORGAN CHASE & CO
539830AT6 LOCKHEED MARTIN CORP	53,575	54,502
56501RAA4 MANULIFE FINANCIAL	50,362	50,901
585055AR7 MEDTRONIC INC	79,095	75,332
59018YJ36 MERRILL LYNCH & CO
605417BX1 MISSISSIPPI POWER CO
61747YCG8 MORGAN STANLEY	47,271	53,377
61945CAA1 MOSAIC CO	49,544	52,040
74005PAV6 PRAXAIR INC	79,890	76,422
78008TXA7 ROYAL BANK OF CANADA
832696AB4 SMUCKER (J.M.) CO	64,875	67,733
857477AH6 STATE STREET CORP	77,695	76,835
TARGET CORP
89114QAE8 TORONTO-DOMINION BAN	64,639	66,505
931142BT9 WAL-MART STORES
25468PCE4 WALT DISNEY COMPANY	88,586	81,072
961214BK8 WESTPAC BANKING CORP	63,013	66,946
001055AH5 AFLAC INC	60,975	61,735
055451AP3 BHP BILLITON FIN USA	60,174	60,496
111021AG6 BRITISH TELECOM PLC	59,992	60,364
20030NBA8 COMCAST CORP	67,969	67,951
25156PAF0 DEUTSCHE TELEKOM
278865AK6 ECOLAB INC	69,257	67,114
478366AX5 JOHNSON CONTROLS INC	46,854	48,640
637432MQ5 NATIONAL RURAL UTIL	60,527	60,559
87612EAP1 TARGET CORP 5.375 5/
00130HBN4 AES CORPORATION
00164VAC7 AMC NETWORKS INC
00434NAA3 ACCESS MIDSTREAM PAR
00928QAG6 AIRCASTLE LTD
016745AL5 ALLBRITTON COMMUNICA
02005NAL4 ALLY FINANCIAL INC
02406PAL4 AMERICAN AXLE & MFG
03070QAN1 AMERISTAR CASINOS IN
038521AD2 ARAMARK SERVICES INC
03938LAF1 ARCELORMITTAL
043436AH7 ASBURY AUTOMOTIVE GR
043436AK0 ASBURY AUTOMOTIVE GR
053773AL1 AVIS BUDGET CAR RENT
1248EPAS2 CCO HLDGS LLC/CAP CO
1248EPAY9 CCO HLDGS LLC/CAP CO
12543DAL4 CHS/COMMUNITY HEALTH
12686CBB4 CABLEVISION SYSTEMS
153527AG1 CENTRAL GARDEN & PET
156700AS5 CENTURYLINK INC
169905AD8 CHOICE HOTELS INTL
17121EAD9 CHRYSLER GP/CG CO-IS
20854PAD1 CONSOL ENERGY INC
221643AD1 COTT BEVERAGES INC
226566AK3 CRICKET COMMUNICATIO
254423AB2 DINEEQUITY INC
25470XAE5 DISH DBS CORP
25470XAJ4 DISH DBS CORP
29382RAD9 ENTRAVISION COMMUNIC
29444UAK2 EQUINIX INC
31430QBB2 FELCOR LODGING LP
319963AP9 FIRST DATA CORPORATI
35906AAM0 FRONTIER COMMUNICATI
36155WAH9 GCI INC
36159RAC7 GEO GROUP INC/THE
404121AE5 HCA INC
404121AG0 HCA INC
44107TAT3 HOST HOTELS & RESORT
457030AG9 INGLES MARKETS INC
45824TAG0 INTELSAT JACKSON HLD
459745GH2 INTL LEASE FINANCE
471109AD0 JARDEN CORP
492914AS5 KEY ENERGY SERVICES
52736RBB7 LEVI STRAUSS & CO
552953AY7 MGM MIRAGE INC
552953BB6 MGM MIRAGE INC
552953CA7 MGM RESORTS INTL
629377BN1 NRG ENERGY INC
637004AC6 NATIONAL MONEY MART
693656AA8 PVH CORP
704549AH7 PEABODY ENERGY CORP
726505AK6 PLAINS EXPLORATION
726505AN0 PLAINS EXPLORATION
75886AAD0 REGENCY ENERGY PARTN
75886AAG3 REGENCY ENERGY PARTN
780153AU6 ROYAL CARIBBEAN CRUI
78108AAE4 RSC EQUIP RENT/RSC
783764AR4 RYLAND GROUP
78442FEL8 SLM CORP
785583AF2 SABINE PASS LNG LP
80007PAN9 SANDRIDGE ENERGY INC
85205TAD2 SPIRIT AEROSYSTEMS
852060AG7 SPRINT CAP CORP
852061AS9 SPRINT NEXTEL CORP
85375CBB6 STANDARD PACIFIC COR
857555AP1 STATER BROTHERS HLDG
864486AC9 SUBURBAN PROPANE PAR
880779AY9 TEREX CORP
896818AD3 TRIUMPH GROUP INC
918866AU8 VALASSIS COMMUNICATI
969457BU3 WILLIAMS COMPANIES
97381WAU8 WINDSTREAM CORP
044820504 ASHMORE EMERG MKTS C	2,699,030	2,261,013
053332AF9 AUTOZONE INC	61,273	57,232
092113AH2 BLACK HILLS CORP	49,768	53,263
172967GL9 CITIGROUP INC	47,800	50,447
205887BR2 CONAGRA FOODS INC	45,090	43,099
260543CD3 DOW CHEMICAL CO/THE	51,467	50,862
277911491 EATON VANCE FLOATING	4,296,044	4,168,428
30219GAF5 EXPRESS SCRIPTS HOLD	58,566	57,273
315920702 FID ADV EMER MKTS IN	1,350,000	1,232,600
370334BH6 GENERAL MILLS INC	58,627	56,763
4812C0803 JPMORGAN HIGH YIELD	3,293,309	3,068,894
68389XAN5 ORACLE CORP
693390882 PIMCO FOREIGN BD FD	2,000,211	1,963,757
74253Q416 PRINCIPAL PREFERRED	2,794,103	2,669,166
92343VBR4 VERIZON COMMUNICATIO	51,989	55,212
25459HBE4 DIRECTV HOLDINGS/FIN	51,370	50,944
261980494 DREYFUS EMG MKT DEBT	1,350,000	1,157,009
38141GVM3 GOLDMAN SACHS GROUP	51,280	51,908
40414LAL3 HCP INC	49,815	50,791
46625HJH4 JPMORGAN CHASE & CO	59,606	60,068
68389XAP0 ORACLE CORP	72,788	73,058
78010USN8 ROYAL BANK OF CANADA	50,325	50,232

- TIN:

TY 2014 InvestmentsCorpStockSchedule

Name:

TW L D MCEACHEARN

EIN: 58-6255314

Name of Stock	End of Year Book Value	End of Year Fair Market Value
009126202 AIR LIQUIDE - ADR
H0131102 ALCON INC
018805101 ALLIANZ SE ADR
02364W105 AMERICA MOVIL S.A.B.
042068106 ARM HOLDINGS PLC - A
049255706 ATLAS COPCO AB ADR
055434203 BG GROUP PLC - ADR
G16962105 BUNGE LIMITED
138006309 CANON INC ADR
143658300 CARNIVAL CORP
16940R109 CHINA RESOURCES
191459205 COCHLEAR LTD-UNSPON
12637N105 CSL LIMITED - ADR
237545108 DASSAULT SYSTEMES S.
23304Y100 DBS GROUP HOLDINGS L
292505104 ENCANA CORP
296036304 ERSTE GROUP BANK
307305102 FANUC CORPORATION AD
358029106 FRESENIUS MEDICAL CA
443251103 HOYA CORP
404280406 HSBC - ADR	281,633	252,208
45104G104 ICICI BANK LTD. - AD
453038408 IMPERIAL OIL LTD COM
48206M102 JUPITER TELECOM
502117203 L'OREAL - ADR
501897102 LI & FUNG LTD ADR
H50430232 LOGITECH INTERN
54338V101 LONZA GROUP AG ADR
502441306 LVMH MOET HENNESSY U	78,455	73,760
62474M108 MTN GROUP LTD ADR
641069406 NESTLE S.A. REGISTER	267,321	276,262
670100205 NOVO NORDISK A/S
71654V101 PETROLEO BRASILEIRO
N72482107 QIAGEN N.V.
771195104 ROCHE HOLDINGS LTD -	115,639	122,364
803054204 SAP AG - ADR
803866300 SASOL LIMITED - ADR
803857108 SCHLUMBERGER LTD
80687P106 SCHNEIDER ELECTRIC S
870123106 SWATCH GROUP AG/THE-
874039100 TAIWAN SEMICONDUCTOR
881575302 TESCO PLC - ADR
881624209 TEVA PHARMACEUTICAL
900148701 TURKIYE GARANTI BANK
90460M105 UNICHARM CORP.
904767704 UNILEVER PLC - ADR
93114W107 WAL-MART DE MEXICO
92933H101 WPP GRP PLC AMER DEP
146229109 CARTER HOLDINGS
26483E100 DUN & BRADSTREET
372460105 GENUINE PARTS CO
501044101 KROGER
786514208 SAFEWAY INC NEW
057224107 BAKER HUGHES INC.
13342B105 CAMERON INTL CORP
651290108 NEWFIELD EXPL CO CO
723787107 PIONEER NAT RES CO
91913Y100 VALERO ENERGY CORP
969457100 WILLIAMS COS INC
524901105 LEGG MASON
571748102 MARSH & MCLENNAN COS
665859104 NORTHERN TRUST
712704105 PEOPLE'S UNITED FIN
693366205 PICO HOLDINGS INC
743315103 PROGRESSIVE CORP OHI
00817Y108 AETNA INC NEW
09062X103 BIOGEN IDEC INC
101137107 BOSTON SCIENTIFIC CO
372917104 GENZYME CORP
436440101 HOLOGIC INC COM
50540R409 LABORATORY CRP OF AM
717124101 PHARMACEUTICAL
74834L100 QUEST DIAGNOSTICS IN
878377100 TECHNE CORP
941848103 WATERS CORP
98956P102 ZIMMER HOLDINGS INC
018804104 ALLIANT TECHSYSTEMS
302130109 EXPEDITORS INTL WASH
450911102 ITT CORPORATION
701094104 PARKER HANNIFIN COR
724479100 PITNEY BOWES INC
740189105 PRECISION CASTPARTS
760759100 REPUBLIC SERVICES
535678106 LINEAR TECHNOLOGY
620076109 MOTOROLA INC
871503108 SYMANTEC CORP
959802109 WESTERN UNION CO
009158106 AIR PRODS & CHEMS
459506101 INTERNATIONAL FLAV.
81211K100 SEALED AIR CORP
826522101 SIGMA ALDRICH CORP
281020107 EDISON INTL
902681105 UGI CORP NEW COM
976657106 WISCONSIN ENERGY
H89128104 TYCO INTERNATIONAL L
881624209 TEVA PHARMACEUTICAL
3628287207 OAO GAZPROM LEVEL
04315J837 ARTIO INTERNATIONAL
140995127 CORE EQUITY FUND
246248306 DELAWARE POOLED TR I
26852M105 EII INTERNATIONAL PR
34984T857 GOLDEN SMALL CAP COR
38142Y773 GOLDMAN SACHS L/C VA
413838103 OAKMARK FUND - I #11
44980Q518 ING INTERNATIONAL RE
44981V706 ING REAL ESTATE FUND
464287200 ISHARES S & P 50
52106N889 LAZARD EMERGING MKTS
74972H614 RS VALUE FUND CL Y 1
780905451 ROYCE PREMIER FUND W
784924425 SSGA EMERGING MARKET
87234N385 TCW RELAT VAL LGE CA
87234N849 TCW SMALL CAP GROWTH
922040100 VANGUARD INSTL INDEX	4,513,842	5,881,303
94984B348 WELLS FARGO ADV INTL
94985D277 WELLS FARGO ADV LG C
949915367 WELLS FARGO ADV ENTE
086516101 BEST BUY INC
17306X102 CITI TRENDS INC
36467W109 GAMESTOP CORP
401617105 GUESS INC
418056107 HASBRO INC
054303102 AVON PRODS INC
60871R209 MOLSON COORS BREWING
786514208 SAFEWAY INC
12802T101 CAL DIVE INTERNATION
13342B105 CAMERON INTL CORP
261608103 DRESSER-RAND GROUP
651290108 NEWFIELD EXPL CO
723787107 PIONEER NAT RES CO
845467109 SOUTHWESTERN ENERGY
91913Y100 VALERO ENERGY CORP
808513105 SCHWAB CHARLES CORP
00817Y108 AETNA INC
101137107 BOSTON SCIENTIFIC CO
436440101 HOLOGIC INC
74834L100 QUEST DIAGNOSTICS
918194101 VCA ANTECH
205944101 CON-WAY INC
30162A108 EXELIS INC
774341101 ROCKWELL COLLINS
784635104 SPX CORP
880779103 TEREX CORP
98419M100 XYLEM INC
032095101 AMPHENOL CORP CL A
12673P105 CA INC
25659T107 DOLBY LABORATORIES
346375108 FORMFACTOR INC
535678106 LINEAR TECHNOLOGY
871503108 SYMANTEC CORP
879664100 TELLABS OPERATONS IN
959802109 WESTERN UNION CO/THE
810186106 THE SCOTTS MIRACLE-G
591708102 METROPCS COMMUNICATI
00101J106 ADT CORP/THE
001317205 AIA GROUP LTD-SP ADR
009363102 AIRGAS INC COM
017175100 ALLEGHANY CORP DEL N
03524A108 ANHEUSER-BUSCH INBEV	131,237	150,284
053332102 AUTOZONE INC
067383109 BARD C R INC
073730103 BEAM INC
075887109 BECTON DICKINSON & C
112585104 BROOKFIELD ASSET MAN
115236101 BROWN & BROWN INC
121220107 BURGER KING WORLDWID
12504L109 CBRE GROUP INC
125581801 CIT GROUP INC.
131347304 CALPINE CORP/NEW
136375102 CANADIAN NATL RR CO
143130102 CARMAX INC
171798101 CIMAREX ENERGY CO
189054109 CLOROX CO
217204106 COPART INC COM
228227104 CROWN CASTLE INTL CO
249030107 DENTSPLY INTL INC CO
25470F302 DISCOVERY COMMUNICAT
256677105 DOLLAR GENERAL CORP
26875P101 EOG RESOURCES, INC
278768106 ECHOSTAR CORPORATION
278865100 ECOLAB INC
303075105 FACTSET RESH SYS INC
311900104 FASTENAL CO
31620M106 FIDELITY NATL INFORM
345550107 FOREST CITY ENTERPRI
351858105 FRANCO NEV CORP NPV
368287207 0A0 GAZPROM LEVEL 1
370023103 GENERAL GROWTH PROPE	62,925	88,413
371901109 GENTEX CORP
384802104 GRAINGER W W INC
461202103 INTUIT COM
462846106 IRON MOUNTAIN INC
465562106 ITAU UNIBANCO BANCO
466140100 JGC CORP-UNSPONSORED
49456B101 KINDER MORGAN INC/DE
50212V100 LPL FINANCIAL HOLDIN
512815101 LAMAR ADVERTISING CO
527288104 LEUCADIA NATL CORP C
530322106 LIBERTY MEDIA CORP -
530555101 LIBERTY GLOBAL INC-A
53071M104 LIBERTY INTERACTIVE
53071M880 LIBERTY VENTURES - S
540424108 LOEWS CORP
55261F104 M & T BANK CORPORATI
56585A102 MARATHON PETROLEUM C
570535104 MARKEL HOLDINGS
573284106 MARTIN MARIETTA MATL
582839106 MEAD JOHNSON NUTRITI
595017104 MICROCHIP TECHNOLOGY
608190104 MOHAWK INDS INC COM
615369105 MOODYS CORP
620076307 MOTOROLA SOLUTIONS,
636180101 NATIONAL FUEL GAS CO
65528V107 NOKIAN TYRES OYJ-UNS
67103H107 O'REILLY AUTOMOTIVE
71654V408 PETROLEO BRASILEIRO
73755L107 POTASH CORP SASK
78442P106 SLM CORP
806857108 SCHLUMBERGER LTD	177,186	191,233
83569C102 SONOVA HOLDIN-UNSPON
86959C103 SVENSKA HANDELSB-A-U
87184P109 SYSMEX CORP-UNSPON A
872540109 TJX COS INC NEW	108,809	153,619
90460M204 UNI CHARM CORPORATIO
91911K102 VALEANT PHARMACEUTIC
92343E102 VERISIGN INC COM
94975P512 WFA LARGE CAP GROWTH
983134107 WYNN RESORTS LTD
98418R100 XINYI GLASS HOLDI-UN
G0408V102 AON PLC
G0450A105 ARCH CAPITAL GROUP L
G6359F103 NABORS INDUSTRIES LT
G9618E107 WHITE MTNS INS GROUP
N7902X106 SENSATA TECHNOLOGIES
001084102 AGCO CORP COM
00508X203 ACTUANT CORP-CL A
007974108 ADVENT SOFTWARE INC
012653101 ALBEMARLE CORP COM
014491104 ALEXANDER & BALDWIN
02503X105 AMERICAN CAPITAL AGE
02553E106 AMERICAN EAGLE OUTFI
03073E105 AMERISOURCEBERGEN CO
032654105 ANALOG DEVICES INC
035710409 ANNALY CAPITAL MANAG
050095108 ATWOOD OCEANICS INC
053611109 AVERY DENNISON CORP
055921100 BMC SOFTWARE INC
05615F102 BABCOCK & WILCOX CO
058498106 BALL CORP
105368203 BRANDYWINE RLTY TR B
11133T103 BROADRIDGE FINANCIAL
126804301 CABELAS INC
12686C109 CABLEVISION SYSTEMS-
14170T101 CAREFUSION CORP
16359R103 CHEMED CORP NEW
171232101 CHUBB CORP
171340102 CHURCH & DWIGHT INC
19259P300 COINSTAR INC COM
198516106 COLUMBIA SPORTSWEAR
22025Y407 CORRECTIONS CORP OF
229669106 CUBIC CORP
247916208 DENBURY RESOURCES
26441C204 DUKE ENERGY HOLDING	50,562	62,070
278265103 EATON VANCE CORP COM
29264F205 ENDO HEALTH SOLUTION
29266R108 ENERGIZER HOLDINGS I
29364G103 ENTERGY CORP NEW COM
30161N101 EXELON CORPORATION
30212P303 EXPEDIA INC
30249U101 FMC TECHNOLOGIES INC
315616102 F5 NETWORKS INC
31847R102 FIRST AMERICAN FINAN
32054K103 FIRST INDL RLTY TR I	41,070	51,996
33616C100 FIRST REPUBLIC BANK/
364730101 GANNETT INC
38388F108 W. R. GRACE & CO COM
40414L109 HCP INC	25,300	21,663
405024100 HAEMONETICS CORP MAS
41902R103 HATTERAS FINANCIAL C
42217K106 HEALTH CARE REIT INC	69,902	87,021
423074103 HEINZ H J CO
44980X109 IPG PHOTONICS CORP
457187102 INGREDION INC
465685105 ITC HLDGS CORP
483548103 KAMAN CORPCOMMON
49455U100 KINDER MORGAN MGMT L
50077C106 KRATON PERFORMANCE P
515098101 LANDSTAR SYS INC COM
52602E102 LENDER PROCESSING SE
549764108 LUFKIN INDS INC COM
55262C100 MBIA INC
57686G105 MATSON INC.
577081102 MATTEL INC
58155Q103 MCKESSON CORP	101,702	185,161
592688105 METTLER-TOLEDO INTL
594793101 MICREL INC COM
62855J104 MYRIAD GENETICS INC
64126X201 NEUSTAR INC
649445103 NEW YORK CMNTY BANCO
651587107 NEWMARKET CORP
65473P105 NISOURCE INC
67018T105 NU SKIN ENTERPRISES
679580100 OLD DOMINION FREIGHT
680223104 OLD REP INTL CORP
681919106 OMNICOM GROUP
731068102 POLARIS INDS INC COM
741511109 PRICESMART INC
74835Y101 QUESTCOR PHARMACEUTI
758766109 REGAL ENTERTAINMENT
759509102 RELIANCE STL & ALUM
767744105 RITCHIE BROS AUCTION
778296103 ROSS STORES INC
783764103 RYLAND GROUP INC
78463V107 SPDR GOLD TRUST
790849103 ST JUDE MED INC
80589M102 SCANA CORP-W/I
816851109 SEMPRA ENERGY COM
817565104 SERVICE CORP INTL
835495102 SONOCO PRODS CO
835898107 SOTHEBYS
864159108 STURM RUGER & CO INC
866674104 SUN CMNTYS INC COM	22,886	27,147
867914103 SUNTRUST BANKS INC
87162H103 SYNTEL INC
871829107 SYSCO CORP
872375100 TECO ENERGY INC
87264S106 TRW AUTOMOTIVE HLDGS
879080109 TEJON RANCH CO
879433829 TELEPHONE AND DATA S
88033G407 TENET HEALTHCARE COR
88076W103 TERADATA CORP
891027104 TORCHMARK CORP
894650100 TREDEGAR CORPORATION
90384S303 ULTA SALON COSMETICS
920253101 VALMONT INDS INC
92046N102 VALUECLICK INC
94946T106 WELLCARE HEALTH PLAN
95082P105 WESCO INTL INC
96208T104 WEX INC
981419104 WORLD ACCEP CORP DEL
981475106 WORLD FUEL SERVICES
98389B100 XCEL ENERGY INC
984121103 XEROX CORP
G30397106 ENDURANCE SPECIALTY
G491BT108 INVESCO LIMITED
G62185106 MONTPELIER RE HOLDIN
001055102 AFLAC INC
008252108 AFFILIATED MANAGERS	105,970	149,629
037411105 APACHE CORP	125,324	113,182
03748R101 APARTMENT INVT & MGM	45,656	60,889
037833100 APPLE INC	196,994	374,299
04314H709 ARTISAN MID CAP VALU	3,700,000	3,461,200
046353108 ASTRAZENECA PLC ADR	40,069	55,248
053484101 AVALONBAY CMNTYS INC	61,527	77,283
05523R107 BAE SYSTEMS PLC - AD
055262505 BASF AKTIENGESELLSCH	138,459	117,163
05545E209 BHP BILLITON PLC ADR
05564E106 BRE PPTYS INC CL A 1
05946K101 BANCO BILBAO VIZCAYA	61,066	56,199
063671101 BANK MONTREAL QUE CO	87,012	99,376
064149107 BANK N S HALIFAX	85,082	86,191
071813109 BAXTER INTL INC	130,119	137,272
084670702 BERKSHIRE HATHAWAY I	183,435	259,459
088606108 BHP BILLITON LIMITED	51,719	35,253
097023105 BOEING CO	149,656	198,479
101121101 BOSTON PROPERTIES IN	74,031	87,381
110122108 BRISTOL MYERS SQUIBB
110448107 BRITISH AMERICAN TOB	131,104	133,697
112463104 BROOKDALE SR LIVING	12,733	17,198
115637209 BROWN FORMAN CORP CL
12572Q105 CME GROUP INC	117,349	170,385
126650100 CVS HEALTH CORPORATI	127,308	208,896
133131102 CAMDEN PPTY TR SH BE	49,238	51,319
14040H105 CAPITAL ONE FINANCIA
150870103 CELANESE CORP	128,108	155,476
166764100 CHEVRON CORP	147,315	136,860
17275R102 CISCO SYSTEMS INC	251,708	324,657
172908105 CINTAS CORP
189754104 COACH INC
20030N101 COMCAST CORP CLASS A	134,977	191,781
229663109 CUBESMART	31,336	37,276
231021106 CUMMINS INC.	190,836	202,703
23317H102 DDR CORP	36,231	39,217
243537107 DECKERS OUTDOOR CORP
251542106 DEUTSCHE BOERSE AG A	53,776	54,091
25243Q205 DIAGEO PLC - ADR	170,547	160,296
254687106 WALT DISNEY CO	144,750	217,014
256206103 DODGE & COX INT'L ST	5,002,689	5,088,003
256746108 DOLLAR TREE INC
25746U109 DOMINION RES INC VA	71,326	91,511
264411505 DUKE REALTY CORPORAT	28,169	32,987
26613Q106 DUPONT FABROS TECHNO	15,459	20,409
268648102 E M C CORP MASS	110,627	137,369
26874R108 ENI SPA - ADR	70,637	54,669
26884U109 EPR PROPERTIES	33,792	37,344
294752100 EQUITY ONE INC	21,972	25,233
29476L107 EQUITY RESIDENTIAL P	49,820	62,142
297178105 ESSEX PPTY TR COM	77,560	102,680
30225T102 EXTRA SPACE STORAGE	31,102	44,625
313747206 FEDERAL RLTY INVT TR	31,021	40,305
375558103 GILEAD SCIENCES INC	65,365	117,071
37733W105 GLAXOSMITHKLINE PLC	92,133	75,650
38141G104 GOLDMAN SACHS GROUP	85,386	116,298
38259P508 GOOGLE INC
413838202 OAKMARK INTERNATIONA	5,800,000	5,228,180
413875105 HARRIS CORP DEL	55,074	69,665
427866108 THE HERSHEY COMPANY
44107P104 HOST HOTELS & RESORT	67,478	90,992
459200101 INTERNATIONAL BUSINE	96,354	76,369
465717106 ITOCHU CORP-UNSPONSO
46625H100 JPMORGAN CHASE & CO	154,945	200,882
478160104 JOHNSON & JOHNSON	160,310	185,612
478366107 JOHNSON CONTROLS INC	95,692	135,884
48020Q107 JONES LANG LASALLE I	16,074	27,287
4812A2389 JPMORGAN U.S. L/C CO	6,800,000	7,356,810
492051305 KEPPEL LTD ADR
49427F108 KILROY REALTY CORP C	35,208	47,175
494368103 KIMBERLY CLARK CORP	50,394	60,659
500472303 PHILIPS ELECTRONICS	122,680	107,387
517834107 LAS VEGAS SANDS CORP	211,914	195,708
517942108 LASALLE HOTEL PROPER
532457108 ELI LILLY & CO COM	57,533	76,717
539830109 LOCKHEED MARTIN CORP	66,759	103,025
544147101 LORILLARD INC
55345K103 MRC GLOBAL INC
580135101 MCDONALDS CORP	62,210	59,968
583334107 MEADWESTVACO CORP
58463J304 MEDICAL PPTYS TR INC
59410T106 MICHELIN (CGDE) ADR	73,908	69,779
594918104 MICROSOFT CORP	202,554	281,162
611740101 MONSTER BEVERAGE COR	62,549	117,343
636274300 NATIONAL GRID PLC AD	63,424	69,812
637071101 NATIONAL OILWELL INC	161,852	156,355
654744408 NISSAN MOTOR CO., LT
66987V109 NOVARTIS AG - ADR	120,970	141,214
680665205 OLIN CORP 1 COM & 1
68389X105 ORACLE CORPORATION	101,201	138,777
683974505 OPPENHEIMER DEVELOPI
69351T106 PPL CORPORATION	50,771	62,778
704326107 PAYCHEX INC
70509V100 PEBBLEBROOK HOTEL TR	38,278	60,962
709102107 PENNSYLVANIA REAL ES
717081103 PFIZER INC	161,718	173,163
718172109 PHILIP MORRIS INTERN	134,856	124,619
742718109 PROCTER & GAMBLE CO
74340W103 PROLOGIS INC	86,466	91,955
74435K204 PRUDENTIAL PLC - ADR	98,968	126,506
744573106 PUBLIC SVC ENTERPRIS	45,943	58,181
74460D109 PUBLIC STORAGE INC C	64,782	75,973
751452202 RAMCO-GERSHENSON PPT
756255204 RECKITT BENCKIS/S AD	103,811	116,653
76131V202 RETAIL PROPERTIES OF
77954Q106 T ROWE PRICE BLUE CH	6,000,000	6,889,796
780259206 ROYAL DUTCH SHELL PL	160,597	159,810
78440X101 SL GREEN REALTY CORP	70,519	94,264
80105N105 SANOFI-ADR	85,214	73,295
804395101 SAUL CTRS INC COM	20,916	25,564
81721M109 SENIOR HOUSING PROP
826197501 SIEMENS AG - SPONSOR	111,245	96,880
828806109 SIMON PROPERTY GROUP	209,901	242,753
82929R304 SINGAPORE TELECOMMUN	71,141	71,706
86272T106 STRATEGIC HOTELS & R	22,459	32,400
86562M209 SUMITOMO TRUST AND B	83,073	65,520
867892101 SUNSTONE HOTEL INVS	28,267	35,381
87612E106 TARGET CORP	133,015	157,210
876664103 TAUBMAN CTRS INC COM	30,835	34,618
87944W105 TELENOR ASA - ADR	59,316	55,095
87960M205 TELIASONERA AB-UNSPO
87969N204 TELSTRA CORP-ADR	58,636	65,213
88023U101 TEMPUR SEALY INTERNA
883556102 THERMO FISHER SCIENT	85,980	127,295
88579Y101 3M CO
89151E109 TOTAL S.A. - ADR	212,270	212,122
89155H256 TOUCHSTONE SMALL CAP	1,724,553	1,718,276
902641646 E-TRACS ALERIAN MLP	2,915,070	3,134,645
902973304 US BANCORP DEL NEW	113,386	153,010
904784709 UNILEVER N.V. - ADR	106,122	104,822
907818108 UNION PACIFIC CORP	140,602	231,350
911312106 UNITED PARCEL SERVIC	94,875	125,511
91324P102 UNITEDHEALTH GROUP I	140,356	232,406
92276F100 VENTAS INC COM	94,042	96,652
92343V104 VERIZON COMMUNICATIO	65,138	61,609
929042109 VORNADO REALTY TRUST	61,819	86,752
929160109 VULCAN MATERIALS COM
936793884 WASATCH EMERGING MKT	4,156,574	3,923,406
963320106 WHIRLPOOL CORP
989825104 ZURICH INSURANCE GRO	83,273	96,564
G29183103 EATON CORP PLC	191,165	210,132
02917T104 AMERICAN REALTY CAPI	17,488	16,860
04314H600 ARTISAN MID CAP FUND	5,200,000	5,177,241
09247X101 BLACKROCK INC	93,751	106,910
124830100 CBL & ASSOC PPTYS IN	3,879	4,428
172967424 CITIGROUP INC.	156,750	169,040
28140H203 EDUCATION REALTY TRU	15,748	18,112
30231G102 EXXON MOBIL CORPORAT	68,858	61,017
36162J106 GEO GROUP INC/THE	2,820	3,632
38259P706 GOOGLE INC-CL C	155,884	177,923
45579E105 INVIVIOR PLC-SPON AD		3,182
58933Y105 MERCK & CO INC NEW	109,058	105,289
64128R608 NEUBERGER BERMAN LON	1,300,000	1,292,031
683974604 OPPENHEIMER DEVELOPI	7,421,769	6,953,409
69924R108 PARAMOUNT GROUP INC	24,672	24,799
74925K581 ROBECO BP LNG/SHRT R	3,500,000	3,708,593
767204100 RIO TINTO PLC - ADR	52,668	45,553
862121100 STORE CAPITAL CORP	10,590	11,540
892331307 TOYOTA MOTOR CORPORA	99,976	103,521
92914A810 VOYA INTL RL EST FD	3,300,000	3,004,277
939647103 WASHINGTON PRIME GRO	13,494	11,606
949921571 WFA SMALL COMPANY GR	3,300,000	3,505,871
N53745100 LYONDELLBASELL INDU-	98,789	78,437

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
IMS992225 ASGI MULT-STR II ASP
AURORA GLOBAL OPPORTUNITIES
BLUE TREND ASP FUND
DORCHESTER CAPITAL INTERN.
GRAHAM ALTERNATIVE
GRE II ASP FUND (TAXABLE)
GRESHAM COMMODITIES
K2 OVERSEAS LONG SHORT
RTO9922 PINEHURST INSTITUTIONA
RICI LINKED PAM TOTAL INDEX
SLI994108 SELECTINVEST INST AR
123998007 CHAMBERS STREET PROP
70299RF16 PARTNERS GROUP PRIV	AT COST	2,000,000	2,555,949
AGO992220 AURORA GLOBAL OPP II
BLT991225 BLUE TREND ASP FUND
DCI992405 DORCHESTER CAP INTL
GAI992208 GRAHAM ALT INVEST II
GRE992304 GRE II ASP (TAXABLE)
GSH996227 GRESHAM COMMODITIES
IMS992225 ASGI MULT-STR II ASP
MRE991002 METRO REAL ESTATE PA
RCI991006 RICI LINKED PAM TOTA
693390841 PIMCO HIGH YIELD FD-
693390791 PIMCO LOW DURATION I
693391104 PIMCO REAL RETURN FU
693390551 PIMCO TOTAL RETN FD
957663503 WESTERN ASSET CORE P
693391559 PIMCO EMERG MKTS BD-
94985D582 WELLS FARGO ADVTG IN
34984T857 GOLDEN SMALL CAP COR
38142Y773 GOLDMAN SACHS LARGE
464287200 ISHARES S&P 500 INDE
413838103 OAKMARK FUND
780905451 ROYCE PREMIER FUND
74972H614 RS VALUE FUND CL
87234N385 TCW RELATIVE VALUE
87234N849 TCW SMALL CAP GROWTH
922040100 VANGUARD INSTITUTION
949915367 WELLS FARGO ADVTG EN
94984B348 WELLS FARGO ADVTG IN
94985D277 WELLS FARGO ADVTG ST
04315J837 ARTIO INTERNATIONAL
246248306 DELAWARE POOLED TR
52106N889 LAZARD EMERGING MKT
784924425 SSGA EMERGING MKT
CAPITAL PARTNERS CORE EQUITY
ASGI MULLTI-STRAGEGY II ASP FU
METROPOLITAN REAL ESTATE PARTN
PARTNERS GROUP PRIVATE EQUITY
PINHURST INSTITUTIONAL TRANSIT
SELECTINVEST INSTITUTIONAL ARV
CB RICHARD ELLIS REALTY TRUST
26852M105 EII INTERNATIONAL
GRE II ASP FUND
GRESHAM COMMODITIES II ASP
44980Q518 ING INTERNATIONAL RE
44981V706 INT RE FUNDING CLASS
008474108 AGNICO EAGLE MINES
12626K203 CRH PLC-ADR
H27178104 FOSTER WHEELER AG
H2906T109 GARMIN LTD
G47791101 INGERSOLL-RAND PLC
760975102 RESEARCH IN MOTION
83172R108 SMART TECHNOLOGIES
H8817H100 TRANSOCEAN LTD
H27013103 WEATHERFORD INTERNAT
465562106 ITAU UNIBANCO BANCO
009126202 AIR LIQUIDE-ADR
018805101 ALLIANZ -SE
02364W105 AMERICA MOVIL SAB
042068106 ARM HOLDINGS PLC-ADR
049255706 ATLAS COPCO AB
055434203 BG GROUP PLC-ADR
G16962105 BUNGE LIMITED
136375102 CANADIAN NATL RR
138006309 CANON INC-ADR
143658300 CARNIVAL CORP
16940R109 CHINA RESOURCES ENT
191459205 COCHLEAR LIMITED
12637N105 CSL LIMITED
237545108 DASSAULT SYSTEMS SA
23304Y100 DBS GROUP HOLDINGS
23304Y100 DBS GROUP HOLDINGS
296036304 ERSTE GROUP BANK
307305102 FANUC CORPORATION
358029106 FRESENIUS MEDICAL CA
443251103 HOYA CORP
404280406 HSBC-ADR
45104G104 ICICI BANK LTD-ADR
453038408 IMPERIAL OIL LTD
466140100 JGC CORPORATION
48206M102 JUPITER TELECOM-UNSP
502117203 L'OREAL-ADR
501897102 LI&FUNG LTD
54338V101 LONZA GROUP AG
502441306 LVMH MOET HENNESSY
62474M108 MTN GROUP LTD
641069406 NESTLE SA REGISTERED
66987V109 NOVARTIS AG-ADR
71654V101 PETROLEO BRASILEIRO
N72482107 QIAGEN NV
771195104 ROCHE HOLDINGS LTD
803054204 SAP AG-ADR
803866300 SASOL LIMITED - ADR
806857108 SCHLUMBERGER LTD
80687P106 SCHNEIDER ELECTRIC
83569C102 SONOVA HOLDINGS AG
870123106 SWATCH GROUP AG
874039100 TAIWAN SEMICONDUCTOR
881575302 TESCO PLC-ADR
900148701 TURKIYE GARANTI BANK
90460M105 UNICHARM CORP
904767704 UNILEVER PLC-ADR
93114W107 WAL-MART DE MEXICO
92933H101 WPP GROUP PLC AMERIC
368287207 0A0 GAZPROM LEVEL
46630JAC3 JP MORGAN CHASE COMM
981464CJ7 WORLD FINANCIAL NETW
RTO992224 PINEHURST INST TRANS
36159JCV1 GE CAPITAL CREDIT CA	AT COST	98,295	94,929
36192BAY3 GS MORTGAGE SECURITI	AT COST	90,764	88,802
879080133 TEJON RANCH CO
981464DS6 WORLD FINANCIAL NETW	AT COST	113,931	114,370
AGO992121 AURORA GLOBAL OPP II
DCI993007 DORCHESTER CAP INTL
GRE992312 GRE II ASP FUND CLAS	AT COST	5,382,614	4,942,050
GTY995004 GAI AGILITY INCOME F	AT COST	6,000,000	6,031,711
IMS992605 ASGI MULTI-STRAT II
MRE991028 METRO REAL ESTATE PA	AT COST	501,500	467,803
RTO993339 PINEHURST INST TRANS
SKY990RF9 SKYBRIDGE MULTI-ADVI	AT COST	3,150,000	3,298,103
38378CFN2 GOVT NATL MTG ASSN	AT COST	72,391	72,760
PIN993120 CORBIN PINEHURST INS	AT COST	5,717,585	6,087,348

Description	Revenue And Expenses Per Books	Net Investment Income
MUTUAL FUNDS - OTHER INCOME	142,217	142,217
FEE REBATES	16,824	16,824
CASH FROM BRE PPTYS MERGER	3,913	3,913
PARTNERSHIP DISTRIBUTIONS	237,284	0
PARTNERSHIP INTEREST INCOME		67
PARTNERSHIP ORDINARY DIVIDENDS		61,628
PARTNERSHIP OTHER INCOME		169,429
PARTNERSHIP NET ST GAIN		5,345
PARTNERSHIP NET LT GAIN		57,492

Category	Amount	Net Investment Income
FOREIGN TAXES	21,203	21,203
FEDERAL TAX PAYMENT - PRIOR YE	36,433	0
FEDERAL ESTIMATES - PRINCIPAL	190,497	0
FOREIGN TAXES ON QUALIFIED FOR	42,119	42,119
FOREIGN TAXES ON NONQUALIFIED	4,491	4,491