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
JAMES B PENDLETON CHARITABLE TRUST
C/O DAYLE E IVERSON

Number and street (or P.O. box number if mail is not delivered to street address)601 108TH AVE NE NO 1900 Room/suite

City or town, state or province, country, and ZIP or foreign postal code
BELLEVUE, WA98004

A Employer identification number

95-6944277

B Telephone number (see instructions)

(425) 943-7185

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

$28,689,839J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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

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


1	Contributions, gifts, grants, etc., received (attach
	schedule)..............
2	Check
	Sch. B ...............
3	Interest on savings and temporary cash investments	1,232		1,232
4	Dividends and interest from securities......	540,530		540,530
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		1,075,046
b	Gross sales price for all assets on line 6a 2,906,906
7	Capital gain net income (from Part IV, line 2)...			1,075,046
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......
12	Total. Add lines 1 through 11........	1,616,808		1,616,808
13	Compensation of officers, directors, trustees, etc.	250,000		140,625	109,375
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......	7,674		1,919	5,755
16a	Legal fees (attach schedule).........		5,254	4,729	525
b	Accounting fees (attach schedule).......		74,850	67,365	7,485
c	Other professional fees (attach schedule)....		243,219	243,219	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		39,929	17,098	8,246
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............	29,404		14,702	14,702
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		19,774	10,060	9,714
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	670,104		499,717	155,802
25	Contributions, gifts, grants paid........	1,127,620			1,127,620
26	Total expenses and disbursements. Add lines 24 and 25	1,797,724		499,717	1,283,422
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-180,916
b	Net investment income (if negative, enter -0-)			1,117,091
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

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

Form 990-PF (2014)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............
	2	Savings and temporary cash investments..........	3,599,563	4,481,393	4,481,274
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule)........	11,915,202	11,048,927	21,809,786
	c	Investments—corporate bonds (attach schedule)........	786,210	595,011	617,463
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	1,300,932	1,295,016	1,779,043
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	1,629	2,273	2,273
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	17,603,536	17,422,620	28,689,839
	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	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.........	0	0
	28	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	29	Retained earnings, accumulated income, endowment, or other funds	17,603,536	17,422,620
	30	Total net assets or fund balances (see instructions)......	17,603,536	17,422,620
	31	Total liabilities and net assets/fund balances (see instructions)..	17,603,536	17,422,620

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	17,603,536
2	Enter amount from Part I, line 27a.....................	2	-180,916
3	Other increases not included in line 2 (itemize)	3	0
4	Add lines 1, 2, and 3..........................	4	17,422,620
5	Decreases not included in line 2 (itemize)	5	0
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	17,422,620

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	5,500 BUCKLE INC	P	2010-08-09	2014-08-13
b	3,200 COACH INC	P	2013-02-15	2014-06-20
c	7,000 ROCHE HLDG LTD SPONS ADR	P	2009-11-12	2014-04-17
d	2,600 ROCHE HLDG LTD SPONS ADR	P	2011-04-28	2014-04-17
e	2,800 TIFFANY & CO	P	2012-06-20	2014-05-23
	100,000 PRUDENTIAL FIN'L	P	2009-06-25	2014-04-01
	100,000 WELLPOINT INC	P	2009-06-25	2014-09-11
	239 AMC NETWORKS INC-A	P	2002-02-22	2014-11-13
	500 AMERICAN EXPRESS CO	P	2008-01-31	2014-11-12
	500 AMETECH INC	P	2002-02-22	2014-11-13
	200 ASCENT MEDIA CORP-A	P	2009-01-21	2014-11-19
	75 ASCENT MEDIA CORP-A	P	2009-01-26	2014-11-19
	1,000 BAXTER INTERNATIONAL INC	P	2010-07-08	2014-11-19
	300 BEAM INC	P	2011-01-10	2014-05-01
	500 BEAM INC	P	2011-01-11	2014-05-01
	500 BEAM INC	P	2011-02-14	2014-05-01
	700 BEAM INC	P	2011-03-14	2014-05-01
	1,000 BEAM INC	P	2011-08-15	2014-05-01
	500 BECTON DICKINSON & CO	P	2011-01-28	2014-11-12
	1,500 BOEING CO	P	2011-01-13	2014-02-19
	1,000 COCA-COLA CO	P	2008-05-15	2014-11-12
	1,000 CORNING INC	P	2002-02-22	2014-11-12
	1,000 CRANE CO	P	2007-01-24	2014-11-12
	600 DIEBOLD INC	P	2010-07-08	2014-11-12
	1,000 DIRECTV	P	2009-11-20	2014-11-12
	600 DR PEPPER SNAPPER GROUP	P	2009-06-09	2014-11-12
	600 ENERGIZER HLDS INC	P	2002-03-04	2014-11-19
	3,000 FREEPORT MCMORAN COPPER 7 GOLD INC	P	2012-08-31	2014-12-17
	1,000 FREEPORT MCMORAN COPPER 7 GOLD INC	P	2013-06-17	2014-12-17
	500 FREEPORT MCMORAN COPPER 7 GOLD INC	P	2013-08-02	2014-12-17
	500 FREEPORT MCMORAN COPPER 7 GOLD INC	P	2013-08-05	2014-12-17
	2,000 HILLSHIRE BRANDS CO	P	2010-10-18	2014-07-30
	600 HILLSHIRE BRANDS CO	P	2011-01-10	2014-07-30
	400 HILLSHIRE BRANDS CO	P	2012-11-16	2014-07-30
	300 INGREDION INC	P	2002-02-22	2014-11-12
	500 JOHNSON & JOHNSON	P	2007-09-26	2014-11-19
	500 KINNEVIK INVESTMENT AB-B	P	2014-06-12	2014-11-19
	0.425 LIBERTY VENTURES SER A	P	2003-10-02	2014-11-24
	3,000 SANOFI-AVENTIS SA CVR	P	2011-02-17	2014-12-01
	41.6 TIME INC	P	2002-07-26	2014-06-20
	41.6 TIME INC	P	2002-09-03	2014-06-20
	41.6 TIME INC	P	2003-10-02	2014-06-20
	83.3 TIME INC	P	2003-11-04	2014-06-20
	41.6 TIME INC	P	2006-05-10	2014-06-20
	125 TIME INC	P	2009-03-23	2014-06-20
	250 TIME INC	P	2009-06-19	2014-06-20
	2,000 TRW AUTOMOTIVE HLDGS CORP	P	2014-09-22	2014-12-15
	500 AMC NETWORKS INC-A	P	2002-02-22	2014-11-12
	261.5 AMC NETWORKS INC-A	P	2002-02-22	2014-11-13
	1,000 FLOWSERVE CORP	P	2002-07-23	2014-02-19
	500 FLOWSERVE CORP	P	2002-07-23	2014-04-29
	330 AT&T INC	P	2004-12-13	2014-11-12
	274 AT&T INC	P	2005-01-31	2014-11-12
	EL PASO CORPORATION CL ACTION PROCEEDS	P		2014-01-03
	EL PASO CORPORATION CL ACTION PROCEEDS	P		2014-01-23
	2011 EURO DIVIDEND TAX RECLAIM	P		2014-01-27
	TREDEGAR CORP REDEMPTION OF RIGHTS	P		2014-03-11
	5,166 UNITS OF EURO	P		2014-07-01
	DYNEGY INC CL ACTION PROCEEDS	P		2014-07-02
	CAPITAL GAINS DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	247,154	149,529	97,625
b	110,698	155,108	-44,410
c	253,111	139,308	113,803
d	94,013	51,814	42,199
e	269,806	151,841	117,965
	100,000	95,620	4,380
	106,494	95,580	10,914
	14,600	2,240	12,360
	45,724	24,087	21,637
	25,133	2,349	22,784
	10,702	5,059	5,643
	4,013	1,885	2,128
	72,398	43,015	29,383
	25,050	14,345	10,705
	41,750	24,176	17,574
	41,750	23,490	18,260
	58,450	32,668	25,782
	83,500	41,868	41,632
	64,588	41,481	23,107
	64,483	34,956	29,527
	42,716	28,526	14,190
	20,685	6,910	13,775
	61,425	37,174	24,251
	21,429	16,395	5,034
	87,307	26,195	61,112
	42,064	12,840	29,224
	74,435	12,907	61,528
	65,534	107,457	-41,923
	21,845	29,830	-7,985
	10,922	14,555	-3,633
	10,922	14,555	-3,633
	126,000	45,283	80,717
	37,800	16,680	21,120
	25,200	10,670	14,530
	23,980	4,581	19,399
	54,121	32,739	21,382
	15,863	20,290	-4,427
	15	8	7
	2,470	6,690	-4,220
	963	308	655
	963	351	612
	963	445	518
	1,923	903	1,020
	960	495	465
	2,885	706	2,179
	5,770	1,956	3,814
	204,734	205,085	-351
	30,864	10,826	20,038
	16,008	5,658	10,350
	81,424	4,908	76,516
	36,053	2,454	33,599
	11,669	8,468	3,201
	9,688	6,533	3,155
	584		584
	602		602
		1,009	-1,009
	15		15
	7,066	7,051	15
	31		31
	15,591		15,591

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			97,625
b			-44,410
c			113,803
d			42,199
e			117,965
			4,380
			10,914
			12,360
			21,637
			22,784
			5,643
			2,128
			29,383
			10,705
			17,574
			18,260
			25,782
			41,632
			23,107
			29,527
			14,190
			13,775
			24,251
			5,034
			61,112
			29,224
			61,528
			-41,923
			-7,985
			-3,633
			-3,633
			80,717
			21,120
			14,530
			19,399
			21,382
			-4,427
			7
			-4,220
			655
			612
			518
			1,020
			465
			2,179
			3,814
			-351
			20,038
			10,350
			76,516
			33,599
			3,201
			3,155
			584
			602
			-1,009
			15
			15
			31
			15,591

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	1,075,046
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	1,140,603	25,917,668	0.044009
2012	1,110,427	23,054,331	0.048166
2011	1,072,091	22,837,128	0.046945
2010	969,776	21,538,894	0.045024
2009	1,235,098	19,178,305	0.064401

2	Total of line 1, column (d) ......................	2	0.248545
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	0.049709
4	Enter the net value of noncharitable-use assets for 2014 from Part X, line 5.....	4	27,532,020
5	Multiply line 4 by line 3.......................	5	1,368,589
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	11,171
7	Add lines 5 and 6.........................	7	1,379,760
8	Enter qualifying distributions from Part XII, line 4..............	8	1,283,422
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	22,342
	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	22,342
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	22,342
6	Credits/Payments:

a	2014 estimated tax payments and 2013 overpayment credited to 2014	6a	21,050
b	Exempt foreign organizations—tax withheld at source.......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	21,050
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	1,292
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax	Refunded	11

Part VII-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ 0(2) On foundation managers. bullet

$ 0

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

on foundation managers. bullet

$ 0

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

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

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

Form 990-PF (2014)

Page 5

Part VII-A

Statements Regarding Activities (continued)

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

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

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

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

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

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

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

Yes

Website address bullet

N/A

The books are in care of bullet

VON HARTEN COMPANY INC PS Telephone no. bullet

(206) 443-9017

Located at bullet

2101 FOURTH AVENUE STE 2170SEATTLEWA ZIP+4 bullet

98121

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
DAVID E ELLISON	SENIOR TRUSTEE 11.00	31,250	0	0
601 108TH AVENUE NE SUITE 1900 BELLEVUE,WA98004	SENIOR TRUSTEE 11.00	31,250	0	0
DAVID E ELLISON	INVESTMENT DIRECTOR 29.00	93,750	0	0
601 108TH AVENUE NE SUITE 1900 BELLEVUE,WA98004	INVESTMENT DIRECTOR 29.00	93,750	0	0
DAYLE E IVERSON	TRUSTEE & CEO 40.00	125,000	7,674	0
601 108TH AVENUE NE SUITE 1900 BELLEVUE,WA98004	TRUSTEE & CEO 40.00	125,000	7,674	0

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









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

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

24,518,928

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

3,432,361

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

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

27,951,289

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

27,951,289

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

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

419,269

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

27,532,020

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

1,376,601

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

1,376,601

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

22,342

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

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

22,342

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

1,354,259

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

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

1,354,259

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

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

1,354,259

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 ..........

1,283,422

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

1,283,422

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

1,283,422

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				1,354,259
2 Undistributed income, if any, as of the end of 2014:
a Enter amount for 2013 only.......			1,100,790
b Total for prior years:20, 20, 20		0
3 Excess distributions carryover, if any, to 2014:
a From 2009.......
b From 2010.......
c From 2011.......
d From 2012.......
e From 2013.......
fTotal of lines 3a through e.........	0
4Qualifying distributions for 2014 from Part
XII, line 4: $ 1,283,422
a Applied to 2013, but not more than line 2a				1,100,790
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.....				182,632
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 ..........				1,171,627
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....
b Excess from 2011....
c Excess from 2012....
d Excess from 2013....
e Excess from 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 section4942(j)(3) or4942(j)(5)

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

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

Part XV

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

1Information Regarding Foundation Managers:

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

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

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

Check here bullet

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

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

DAYLE E IVERSON
601 108TH AVENUE NE SUITE 1900
BELLEVUE,WA98004
(425) 943-7185

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

LETTER DISCUSSING PROGRAMS QUALIFYING UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) FOR AIDS RESEARCH, CONTROL OR TREATMENT.

cAny submission deadlines:

NONE

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

NONE

Form 990-PF (2014)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
CASE WESTERN RESERVE UNIVERSITY 10900 EUCLID AVENUE CLEVELAND,OH44106	NONE	PUBLIC CHARITY	RESEARCH	66,792
EMORY UNIVERSITY 201 DOWMAN DRIVE ATLANTA,GA30322	NONE	PUBLIC CHARITY	RESARCH	250,000
FRED HUTCHINSON CANCER RESEARCH CENTER 1100 FAIRVIEW AVE N SEATTLE,WA981091024	NONE	PUBLIC CHARITY	RESEARCH	80,000
NORTHWESTERN UNIVERSITY FEINBERG SCHOOL OF MEDICINEINFECTIOUS DISEASE 645 N MICHIGAN AVENUE SUITE 900 CHICAGO,IL60611	NONE	PUBLIC CHARITY	RESEARCH	169,650
SANFORD BURNHAM MEDICAL RESEARCH INSTITUTE 10901 NORTH TORREY PINES ROAD LA JOLLA,CA92037	NONE	PUBLIC CHARITY	RESEARCH	194,352
UC SAN DIEGO AIDS RESEARCH INSTITUTE 9500 GILMAN DRIVE 0716 LA JOLLA,CA920930716	NONE	PUBLIC CHARITY	RESEARCH	198,154
UCLA AIDS INSTITUTE 615 CHARLES E YOUNG DR EAST LOS ANGELES,CA90095	NONE	PUBLIC CHARITY	RESEARCH	104,672
UNIVERSITY OF SOUTHERN CALIFORNIA KECK SCHOOL OF MEDICINE 1975 ZONAL AVENUE LOS ANGELES,CA90033	NONE	PUBLIC CHARITY	RESEARCH	64,000
Total ................................. 3a				1,127,620

bApproved for future payment

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

Form 990-PF (2014)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ............			14	1,232
4 Dividends and interest from securities....			14	540,530
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	1,075,046
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		0		1,616,808	0

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

131,616,808

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

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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

Form 990-PF (2014)

Page 13

Part XVII

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

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

Yes

organizations?

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2014)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2014 AccountingFeesSchedule

Name:

JAMES B PENDLETON CHARITABLE TRUST

C/O DAYLE E IVERSON

EIN: 95-6944277

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
VON HARTEN & COMPANY, INC PS	66,800	60,120		6,680
LOVERIDGE HUNT & CO, PLLC	8,050	7,245		805

- TIN:

TY 2014 InvestmentsCorpBondsSchedule

Name:

JAMES B PENDLETON CHARITABLE TRUST

C/O DAYLE E IVERSON

EIN: 95-6944277

Name of Bond	End of Year Book Value	End of Year Fair Market Value
GENERAL ELECTRIC CAP CP, 5.0%, 8/15/17	100,000	107,658
GENERAL ELECTRIC CAP CP, 4.3%, 10/15/15	100,000	102,036
PROCTER & GAMBLE, 3.5%, 2/15/15	99,435	100,354
PRUDENTIAL FINL, 4.75%, 4/1/14	0	0
WELLS FARGO BANK, 5.6%, 3/15/16	96,704	99,152
WELLPOINT INC, 5.25%, 1/15/16	0	0
GENERAL ELECTRIC CAP CP, 4.55%, 3/15/18	100,000	106,239
MORGAN STANLEY NOTES, 3.45% DUE 11/02/15	98,872	102,024

- TIN:

TY 2014 InvestmentsCorpStockSchedule

Name:

JAMES B PENDLETON CHARITABLE TRUST

C/O DAYLE E IVERSON

EIN: 95-6944277

Name of Stock	End of Year Book Value	End of Year Fair Market Value
AMETEK INC NEW	21,140	236,835
CTS CORP	23,777	71,320
CORNING INC	27,336	91,720
ENERGIZER HLDGS INC	30,116	179,984
FLOWSERVE CORPORATION	16,691	269,235
HONEYWELL INTL INC	117,130	399,680
WATTS WATER TECHNOLOGIES INC	47,271	190,320
ARCHER DANIELS MIDLAND CO	42,019	156,000
CHURCH & DWIGHT INC	40,977	315,240
FLOWERS FOOD INC	28,556	172,710
CABLEVISION SYS CORP CL A	73,124	206,400
SCRIPPS (EW) CO OHIO CLASS A	51,741	112,905
AMERICAN EXPRESS CO	125,837	418,680
EL PASO ELEC CO	71,926	200,300
TELEPHONE & DATA SYSTEMS INC	226,479	176,750
WESTAR ENERGY INC	51,251	164,960
VIVENDI UNIVERSAL	58,396	129,336
SOUTHWEST GAS CORP	113,690	309,050
TIME WARNER INC	120,369	427,100
UNITED STATES CELLULAR CORP	89,180	119,490
CAVCO INDUSTRIES INC	49,752	198,175
CHEMED CORP NEW	35,827	211,340
DEERE & CO	31,575	88,470
GENERAL MILLS INC	119,991	266,650
LIBERTY GLOBAL PLC (SER A)	4,647	26,358
LIBERTY GLOBAL PLC (SER C)	12,974	76,088
VIACOM INC CL A	131,845	302,000
AT&T INC COM	83,754	134,360
INTERNATIONAL FLAVORS & FRAGRANCES	47,588	101,360
ITT CORPORATION	18,513	40,460
LIBERTY MEDIA HOLDING CORP	35,235	73,550
NAVISTAR INTL CORP	72,901	100,440
PFIZER INC	103,514	184,096
TREDEGAR INDS INC	25,140	33,735
VERIZON COMMUNICATIONS	175,242	280,680
CAMPBELL SOUP CO	118,257	176,000
CRANE CO	64,689	117,400
GATX CORP	138,358	230,160
JOHNSON & JOHNSON	130,956	209,140
WASTE MANAGEMENT INC	113,763	153,960
3M COMPANY	139,291	345,072
BANK OF NEW YORK/MELLON CO	92,946	121,710
CHEVRON CORP	108,766	168,270
DU PONT E I DE NEMOUR & CO	130,259	295,760
EXXON MOBIL CORP	86,464	110,940
GENERAL ELECTRIC CO	172,154	219,849
INT'L BUSINESS MACHINES	114,389	176,484
MASCO CORP	84,953	110,880
PFIZER INCORPORATED	110,033	177,555
PROCTER & GAMBLE	119,612	191,289
UNILEVER PLC ADR NEW	110,361	161,920
UNITED PARCEL SERVICE CL B	128,888	244,574
UNITED TECHOLOGIES CORP	109,126	230,000
WAL-MART STORES INC	98,059	171,760
ASCENT MEDIA CORP - A	19,937	42,344
COCA-COLA CO	142,628	211,100
DIEBOLD INC	36,979	48,496
DISCOVERY COMMUNICATIONS - A	5,262	25,837
DISCOVERY COMMUNICATIONS - C	14,539	75,870
DISH NETWORK CORP - A	139,060	583,120
DR PEPPER SNAPPLE GROUP	65,835	243,712
ECHOSTAR HOLDING CORP - A	20,851	42,000
GRAFTECH INTL LTD	5,947	5,060
NCR CORP	64,762	145,700
PRECISION CASTPARTS CORP	123,713	337,232
ZEP INC	44,402	45,450
AT&T INC COM	133,507	164,591
BANK OF NEW YORK MELLON CORP	190,670	283,990
BOSTON SCIENTIFIC CORP	38,891	79,500
DANONE SPNS ADR	64,212	78,102
JP MORGAN CHASE & CO	109,272	187,740
KAMAN CORP	29,480	80,180
LEGG MASON INC	126,264	266,850
NATIONAL FUEL GAS CO	176,427	278,120
RPC INC	16,483	58,680
MICROSOFT CORP	95,452	218,315
NOVARTIS AG SPONS ADR	136,974	291,879
ROCHE HLDG LTD SPONS ADR	0	0
TOTAL SA ADR	147,224	122,880
WASTE MANAGEMENT INC	137,138	236,072
BAXTER INTERNATIONAL INC	148,846	219,870
BUCKLE INC	0	0
ILLINOIS TOOL WORKS INC	178,370	388,270
BAXTER INTERNATIONAL, INC	42,533	73,290
BIGLARI HOLDINGS, INC	102,479	143,824
CURTISS WRIGHT CORP	58,447	141,180
GRIFFON CORP	46,289	53,200
JANUS CAP	140,162	241,950
MADISON SQUARE GAR INC-A	22,950	188,150
MILLICOM INTL CELLULAR	148,551	134,784
NORTHERN TR CORP	160,099	269,600
STATE STREET CORP	186,024	314,000
AMC NETWORKS INC-A	10,813	95,655
BEAM INC	0	0
BECTON DICKINSON & CO	82,961	139,160
THE BOEING COMPANY	69,912	129,980
BRINKS CO	132,255	122,050
BROWN FORMAN CORP CL A	20,365	39,492
CINCINNATI BELL INC	72,468	79,750
FIRSTENERGY CORP	15,468	77,980
FORTUNE BRANDS HOME & SECURITY INC	40,259	135,810
INTERNAP NETWORK SERVICES CORP	146,513	159,200
SANOFI AVENTIS SA CVR	0	0
XYLEM INC	137,821	190,350
HEWLETT PACKARD COMPANY	223,406	226,734
JPMORGAN CHASE & CO	146,169	278,481
PEPSICO INCORPORATED	151,744	222,216
TRAVELERS COMPANIES INC	144,614	264,625
DIRECTV	92,834	433,500
FREEPORT MCMORAN COPPER & GOLD INC	0	0
HILLSHIRE BRANDS CO	0	0
KINDER MORGAN INC DEL	3,821	13,632
MONDELEZ INTERNATIONAL	96,331	181,625
LIBERTY VENTURES	10,097	26,065
PATTERSON COS INC	170,964	240,500
SNYDERS-LANCE INC	4,608	6,110
PEP BOYS MANNY MOE & JACK	26,671	29,460
RYMAN HOSPITALITY INC	68,168	149,201
INGREDION INC	18,324	101,808
WELLS FARGO & COMPANY	166,196	274,100
WEATHERFORD INTERNATIONAL LTD	59,458	57,250
ST JUDE MEDICAL INC	208,201	357,665
TIFFANY & CO	0	0
LIBERTY MEDIA CORP (LMCA)	1,836	23,843
NEWS CORP	17,181	39,225
TWENTY-FIRST CENTURY FOX, INC	127,445	384,050
CISCO SYSTEMS INC	168,824	208,613
COACH INC	0	0
PRUDENTIAL FINANCIAL INC	155,685	244,242
LIBERTY TRIP ADVISOR HLDG A	3,685	9,038
LIBERTY BROADBAND-A	638	8,465
LIBERTY BROADBAND-C	1,216	16,839
LIBERTY MEDIA CORP (LMCK)	3,638	47,361
CHEMTURA CORP	23,613	24,730
DRESSER-RAND GROUP INC	163,976	163,600
INTERPUBLIC GROUP COS INC	39,448	41,540
KINNEVIK INVESTMENT A-B	40,580	32,940
LIBERTY BROADBAND (LBRKR)	0	969
GLAXOSMITHKLINE PLC ADR	163,234	132,494

- TIN:

TY 2014 InvestmentsOtherSchedule2

Name:

JAMES B PENDLETON CHARITABLE TRUST

C/O DAYLE E IVERSON

EIN: 95-6944277

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
HEALTH CARE REIT INC	AT COST	125,521	287,546
HOSPITALITY PPTYS TRUST SH BEN INT	AT COST	131,650	120,900
LIBERTY PROPERTY TRUST REIT	AT COST	149,946	173,098
MACK CALI REALTY CORP REIT	AT COST	121,098	70,522
HOME PROPERTIES INC REIT	AT COST	123,979	196,800
HCP INC REIT	AT COST	159,916	272,986
DUKE REALTY CORP REIT	AT COST	149,967	189,880
DIGITAL REALTY TRUST INC	AT COST	145,154	179,010
PROLOGIS INC NEW	AT COST	187,785	288,301

- TIN:

TY 2014 LegalFeesSchedule

Name:

JAMES B PENDLETON CHARITABLE TRUST

C/O DAYLE E IVERSON

EIN: 95-6944277

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
GREENBERG GLUSKER	5,254	4,729		525

- TIN:

TY 2014 OtherAssetsSchedule

Name:

JAMES B PENDLETON CHARITABLE TRUST

C/O DAYLE E IVERSON

EIN: 95-6944277

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
DIVIDENDS RECEIVABLE CONSTRUCTIVELY RECEIVED	1,136	1,966	1,966
LTCG DISTRIBUTION RECEIVABLE CONSTRUCTIVELY RECEIVED	493	307	307

- TIN:

TY 2014 OtherExpensesSchedule

Name:

JAMES B PENDLETON CHARITABLE TRUST

C/O DAYLE E IVERSON

EIN: 95-6944277

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
TELEPHONE EXPENSE	4,616	2,308	2,308
PAYROLL PROCESSING EXPENSE	1,088	544	544
MEMBERSHIP DUES	4,524	2,262	2,262
OFFICE SUPPLIES	257	128	129
BANK CHARGES	146	73	73
MISCELLANEOUS: ADR FEES	348	348	0
POSTAGE	172	86	86
PARKING	6,373	3,186	3,187
D&O INSURANCE	2,250	1,125	1,125

- TIN:

TY 2014 OtherProfessionalFeesSchedule

Name:

JAMES B PENDLETON CHARITABLE TRUST

C/O DAYLE E IVERSON

EIN: 95-6944277

Category	Amount	Net Investment Income
GARLAND CAPITAL MANAGEMENT	56,356	56,356
GABELLI ASSET MANAGEMENT COMPANY	162,694	162,694
MELLON PRIVATE ASSET MANAGEMENT	24,169	24,169

- TIN:

TY 2014 TaxesSchedule

Name:

JAMES B PENDLETON CHARITABLE TRUST

C/O DAYLE E IVERSON

EIN: 95-6944277

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
PAYROLL TAXES - TRUSTEE & CEO	9,066	2,266	6,800
PAYROLL TAXES - SENIOR TRUSTEE	2,267	1,133	1,134
PAYROLL TAXES - INVESTMENT DIRECTOR	6,800	6,800	0
CALIFORNIA FILING FEES	85	0	0
PAYROLL TAXES - L&I	624	312	312
FEDERAL EXCISE TAX	14,500	0	0
FOREIGN TAXES PAID	6,587	6,587	0