TY 2015 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

2015

Open to Public Inspection

For calendar year 2015, or tax year beginning 01-01-2015 , and ending 12-31-2015

Name of foundation
UNIVERSITY OF VERMONT & STATE AGR COLLE

Number and street (or P.O. box number if mail is not delivered to street address)620 LIBERTY AVENUE 10TH FLOOR
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
PITTSBURGH, PA152222705

A Employer identification number

22-6631203

B Telephone number (see instructions)

(412) 762-2950

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

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

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

$3,253,467J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	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...	73,291		73,291
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		90,129
b	Gross sales price for all assets on line 6a 1,383,682
7	Capital gain net income (from Part IV, line 2)...			90,129
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).......		1	-211
12	Total. Add lines 1 through 11........	163,421		163,209
13	Compensation of officers, directors, trustees, etc.	32,206		25,765		6,441
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).......
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		10,553	48		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).......		3,198	3,200
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	45,957		29,013	0	6,441
25	Contributions, gifts, grants paid.......	157,604				157,604
26	Total expenses and disbursements. Add lines 24 and 25	203,561		29,013	0	164,045
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-40,140
b	Net investment income (if negative, enter -0-)			134,196
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2015)

Form 990-PF (2015)

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.........	198,559	5,205	5,205
	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)
	b	Investments—corporate stock (attach schedule).......	907,674	956,794	1,210,720
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	2,004,741	2,113,052	2,037,542
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	3,430
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	3,114,404	3,075,051	3,253,467
	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........	3,088,220	3,060,276
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds	26,184	14,775
	30	Total net assets or fund balances (see instructions).....	3,114,404	3,075,051
	31	Total liabilities and net assets/fund balances (see instructions).	3,114,404	3,075,051

Part III

Analysis of Changes in Net Assets or Fund Balances

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

3,114,404

Enter amount from Part I, line 27a .....................

-40,140

Other increases not included in line 2 (itemize) bullet

1,124

Add lines 1, 2, and 3 ..........................

3,075,388

Decreases not included in line 2 (itemize) bullet

337

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .

3,075,051

Form 990-PF (2015)

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	132. OASIS PETROLEUM INC			2015-01-01
b	6. SCHLUMBERGER LTD COM		2014-06-17	2015-01-01
c	7. SCHLUMBERGER LTD COM		2014-06-17	2015-01-01
d	18. DUNKIN BRANDS GROUP INC		2011-11-22	2015-01-05
e	6. MICHAEL KORS HOLDINGS LTD SEDOL B7341C6			2015-01-06
	8. MICHAEL KORS HOLDINGS LTD SEDOL B7341C6		2012-04-04	2015-01-07
	8. MICHAEL KORS HOLDINGS LTD SEDOL B7341C6		2012-04-04	2015-01-08
	8. TIFFANY & CO NEW COM			2015-01-12
	60. LYONDELLBASELL INDUSTRIES N.V. ISIN NL0009434992 SEDOL B3SPXZ3			2015-01-12
	5. LYONDELLBASELL INDUSTRIES N.V. ISIN NL0009434992 SEDOL B3SPXZ3		2012-10-23	2015-01-12
	4. CANADIAN PACIFIC RAILWAY LTD SEDOL 2793115			2015-01-14
	3. CANADIAN PACIFIC RAILWAY LTD SEDOL 2793115		2013-01-23	2015-01-15
	5. PRECISION CASTPARTS CORP		2011-02-18	2015-01-16
	5. PRECISION CASTPARTS CORP		2011-02-18	2015-01-16
	2. PRICELINE GROUP, INC.			2015-01-16
	14. MORGAN STANLEY		2014-12-09	2015-01-20
	13. MORGAN STANLEY		2014-12-09	2015-01-20
	9. PRECISION CASTPARTS CORP			2015-01-20
	1857.36 AQR MANAGED FUTURES STRATEGY FUND CLASS I		2014-10-24	2015-01-26
	883.933 DIAMOND HILL LONG-SHORT FUND CL I		2014-09-29	2015-01-26
	133. POWERSHARES DB AGRICULTURE FUND		2014-10-24	2015-01-26
	634.852 T ROWE PRICE REAL ESTATE FUND FD 122		2014-10-24	2015-01-26
	1450.048 DODGE & COX INTERNATIONAL STOCK FUND			2015-01-27
	23. KIMBERLY-CLARK CORP COM		2014-03-07	2015-01-27
	94. OASIS PETROLEUM INC		2014-10-20	2015-01-27
	40. UNITED RENTALS INC COM		2013-10-07	2015-01-29
	1. CHIPOTLE MEXICAN GRIL CL A		2011-02-18	2015-01-30
	997. SECTOR SPDR TR SBI INT-TECH		2014-07-31	2015-01-30
	49. SECTOR SPDR TR SHS BEN INT-UTILITIES		2014-12-01	2015-01-30
	1. PERRIGO CO LTD SEDOL BGH1M56		2014-12-23	2015-01-30
	105. ATWOOD OCEANICS INC			2015-02-03
	6. PERRIGO CO LTD SEDOL BGH1M56			2015-02-03
	3. PERRIGO CO LTD SEDOL BGH1M56		2014-12-15	2015-02-04
	1. GILEAD SCIENCES INC COM		2014-05-05	2015-02-05
	53. GILEAD SCIENCES INC COM			2015-02-05
	3. BIOGEN INC			2015-02-06
	5. NIKE INC CL B		2015-01-23	2015-02-06
	33. AMERICAN EXPRESS CO		2010-01-19	2015-02-13
	51. AFLAC INC		2014-06-24	2015-02-23
	8. CATERPILLAR INC		2013-04-16	2015-02-23
	60. CATERPILLAR INC			2015-02-23
	38. EOG RES INC		2012-08-28	2015-02-24
	6. EOG RES INC		2014-07-09	2015-02-24
	21. TWENTY-FIRST CENTURY-CL A-WI			2015-02-25
	3. CELGENE CORP			2015-02-27
	40. EASTMAN CHEM CO		2014-06-02	2015-02-27
	22. LYONDELLBASELL INDUSTRIES N.V. ISIN NL0009434992 SEDOL B3SPXZ3			2015-02-27
	31. TWENTY-FIRST CENTURY-CL A-WI			2015-03-02
	2. CELGENE CORP		2014-06-10	2015-03-03
	9. TWENTY-FIRST CENTURY-CL A-WI			2015-03-03
	10. TWENTY-FIRST CENTURY-CL A-WI		2014-02-26	2015-03-04
	8. TWENTY-FIRST CENTURY-CL A-WI		2014-03-13	2015-03-04
	442. AES CORP			2015-03-06
	40. YUM! BRANDS INC		2014-06-24	2015-03-06
	6. INCYTE CORPORATION			2015-03-10
	1. BIOGEN INC		2013-10-07	2015-03-12
	88. CONTINENTAL RESOURCES INC/OK		2014-06-24	2015-03-13
	7. MONDELEZ INTERNATIONAL		2014-06-24	2015-03-16
	2. BIOGEN INC		2013-10-07	2015-03-17
	5. CELGENE CORP		2013-03-21	2015-03-17
	7. SCHLUMBERGER LTD COM			2015-03-17
	8. SCHLUMBERGER LTD COM			2015-03-17
	13. TWENTY-FIRST CENTURY-CL A-WI		2014-03-13	2015-03-17
	34. WESTERN DIGITAL CORP			2015-03-19
	6. TIFFANY & CO NEW COM			2015-03-20
	17. MONDELEZ INTERNATIONAL		2014-06-24	2015-03-23
	22. SKYWORKS SOLUTIONS INC COM			2015-03-25
	18. NXP SEMICONDUCTORS ISIN NL0009538784 SEDOL B505PN7			2015-03-25
	6. NXP SEMICONDUCTORS ISIN NL0009538784 SEDOL B505PN7		2013-11-26	2015-03-25
	4. MONSANTO CO		2011-02-18	2015-03-26
	4. MONSANTO CO		2014-12-22	2015-03-26
	4. UNION PAC CORP COM		2010-03-30	2015-03-26
	146. MICRON TECHNOLOGY INC			2015-03-30
	6. BRISTOL MYERS SQUIBB CO		2014-10-30	2015-03-31
	52. KRAFT FOODS GROUP INC MERGED 07/02/2015 @ $16.50 P/S		2014-06-24	2015-03-31
	8. MONSANTO CO		2011-02-18	2015-03-31
	18. HEALTH CARE SELECT SECTOR ETF LARGE CAP			2015-03-31
	870. SECTOR SPDR TR SBI CONS STPLS		2015-01-30	2015-03-31
	888. SECTOR SPDR TR SHS BEN INT-UTILITIES		2014-12-01	2015-03-31
	29. DELTA AIR LINES INC		2013-09-10	2015-04-02
	9. SKYWORKS SOLUTIONS INC COM		2014-02-24	2015-04-02
	8. SOUTHWEST AIRLINES COM		2014-02-07	2015-04-02
	13. SOUTHWEST AIRLINES COM		2014-04-03	2015-04-02
	12. CF INDUSTRIES HOLDINGS INC		2014-06-24	2015-04-06
	47.119 VERIZON COMMUNICATIONS COM		2013-10-07	2015-04-06
	16.881 VERIZON COMMUNICATIONS COM		2015-01-12	2015-04-06
	12. GILEAD SCIENCES INC COM			2015-04-07
	9. SKYWORKS SOLUTIONS INC COM		2014-02-24	2015-04-07
	51. SOUTHWEST AIRLINES COM		2014-02-07	2015-04-07
	6. CELGENE CORP			2015-04-08
	6. ALIBABA GROUP HOLDING LTD ADR SEDOL BP41ZD1			2015-04-09
	9. ALIBABA GROUP HOLDING LTD ADR SEDOL BP41ZD1			2015-04-09
	7. ALIBABA GROUP HOLDING LTD ADR SEDOL BP41ZD1			2015-04-13
	13. ACE LIMITED NAME CHG 01/15/16 SEE H1467J104			2015-04-13
	25. ACE LIMITED NAME CHG 01/15/16 SEE H1467J104		2011-02-18	2015-04-13
	4. ALIBABA GROUP HOLDING LTD ADR SEDOL BP41ZD1		2014-10-27	2015-04-16
	35. MICHAEL KORS HOLDINGS LTD SEDOL B7341C6			2015-04-17
	5. COSTCO WHSL CORP NEW COM			2015-04-20
	3. TRIPADVISOR INC CLASS I		2013-12-17	2015-04-20
	6. TRIPADVISOR INC CLASS I			2015-04-20
	55. ROYAL CARRIBEAN CRUISES LTD SEDOL 2754907 ISIN LR0008862868			2015-04-20
	17. MONDELEZ INTERNATIONAL		2014-06-24	2015-04-21
	13. MONDELEZ INTERNATIONAL		2014-06-24	2015-04-21
	2. TIFFANY & CO NEW COM		2014-03-03	2015-04-21
	3. TIFFANY & CO NEW COM		2014-07-25	2015-04-21
	3. MEAD JOHNSON NUTRITION CO		2013-08-20	2015-04-22
	160. MYLAN N V		2015-03-02	2015-04-22
	6. MEAD JOHNSON NUTRITION CO		2013-08-20	2015-04-23
	22. MONDELEZ INTERNATIONAL		2014-06-24	2015-04-23
	322.504 AQR MANAGED FUTURES STRATEGY FUND CLASS I		2014-10-24	2015-04-27
	727.848 EATON VANCE GLOBAL MACRO ABSOLUTE RETURN FUND			2015-04-27
	990.563 GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND CL I		2015-01-26	2015-04-27
	469.274 JP MORGAN RESEARCH MARKET NEUTRAL FUND INSTITUTIONAL		2015-01-26	2015-04-27
	8. MEAD JOHNSON NUTRITION CO			2015-04-27
	4. NOVO NORDISK A S ADR		2011-11-22	2015-04-27
	318.823 T ROWE PRICE REAL ESTATE FUND FD 122		2014-10-24	2015-04-27
	13. SPDR GOLD TRUST ETF		2015-01-26	2015-04-27
	6. MASTERCARD INC CL A		2010-09-16	2015-04-28
	21. MONDELEZ INTERNATIONAL		2014-06-24	2015-04-29
	7. NOVO NORDISK A S ADR		2011-11-22	2015-04-29
	53. PACKAGING CORP OF AMERICA COM		2014-03-20	2015-04-29
	19. TWITTER INC			2015-04-29
	6. TWITTER INC		2013-11-08	2015-04-29
	14. TWITTER INC		2014-07-30	2015-04-29
	1565.489 AMERICAN BEACON L/C VALU IS		2011-02-18	2015-04-30
	433.161 ARTISAN FDS INC INTERNATIONAL		2010-02-25	2015-04-30
	1743.718 HARDING LOEVNER INTERNATIONAL EQUITY PORTFOLIO		2012-11-02	2015-04-30
	4. SALESFORCE.COM			2015-04-30
	654.422 TEMPLETON INSTL FDS INC FOREIGN EQUITY SER		2015-01-27	2015-04-30
	5. BAIDU INC		2015-03-18	2015-05-01
	4. BAIDU INC		2015-02-12	2015-05-01
	6. SALESFORCE.COM			2015-05-01
	88. CONOCOPHILLIPS			2015-05-04
	43. CONOCOPHILLIPS		2014-04-29	2015-05-04
	67. MICROSOFT CORP		2014-06-24	2015-05-04
	175. OIL STATES INTERNATIONAL INC			2015-05-04
	9. ALLSTATE CORP			2015-05-05
	14. AMERIPRISE FINANCIAL INC		2014-12-08	2015-05-05
	13. DELTA AIR LINES INC		2013-09-10	2015-05-05
	.025 GOOGLE INC-CL C NAME CHANGE 10/02/2015		2009-09-11	2015-05-05
	4. UNION PAC CORP COM		2010-03-30	2015-05-05
	42. KROGER CO			2015-05-11
	76. SPROUTS FARMERS MARKETS INC		2015-01-27	2015-05-11
	10. NOVO NORDISK A S ADR			2015-05-13
	1. PRICELINE GROUP, INC.		2011-02-18	2015-05-13
	7. UNION PAC CORP COM		2010-03-30	2015-05-13
	5. UNION PAC CORP COM		2010-03-30	2015-05-13
	6. ARM HOLDINGS PLC SPONSORED ADR		2015-01-22	2015-05-14
	8. NOVO NORDISK A S ADR		2009-04-14	2015-05-14
	6. ARM HOLDINGS PLC SPONSORED ADR		2015-01-22	2015-05-15
	2. VERTEX PHARMACEUTICALS INC		2011-12-01	2015-05-15
	58. DELTA AIR LINES INC		2013-09-10	2015-05-22
	35. UNION PAC CORP COM		2010-03-30	2015-05-22
	38. QUALCOMM			2015-05-29
	5. UNION PAC CORP COM		2010-03-30	2015-06-02
	53. OLD DOMINION FGHT LINES INC			2015-06-03
	5. CELGENE CORP		2013-03-06	2015-06-04
	2. CELGENE CORP		2013-03-06	2015-06-05
	76. SOUTHWEST AIRLINES COM		2014-02-07	2015-06-11
	230. ATWOOD OCEANICS INC			2015-06-15
	314. NATIONSTAR MORTGAGE HOLDINGS			2015-06-15
	16. NOVO NORDISK A S ADR		2009-04-14	2015-06-17
	33. SCHLUMBERGER LTD COM			2015-06-17
	86. ORACLE CORP		2009-03-26	2015-06-18
	3. CANADIAN PACIFIC RAILWAY LTD SEDOL 2793115			2015-06-25
	7. UNION PAC CORP COM		2010-03-30	2015-06-25
	20. APPLE INC		2014-06-24	2015-06-26
	5. APPLE INC		2014-12-19	2015-06-26
	229. BROADCOM CORP		2014-06-24	2015-06-26
	3. CANADIAN PACIFIC RAILWAY LTD SEDOL 2793115		2013-01-18	2015-06-26
	3. UNION PAC CORP COM		2010-03-30	2015-06-26
	5. UNION PAC CORP COM		2010-03-30	2015-06-26
	22. VIPSHOP HOLDINGS LTD ADR			2015-06-29
	71. ADT CORP		2015-04-02	2015-06-30
	8. TWITTER INC			2015-07-01
	15. VIPSHOP HOLDINGS LTD ADR			2015-07-01
	70. ALLSTATE CORP		2014-06-24	2015-07-06
	112. KRAFT FOODS GROUP INC MERGED 07/02/2015 @ $16.50 P/S		2015-07-06	2015-07-06
	2. SCHLUMBERGER LTD COM		2014-04-02	2015-07-06
	39. SCHLUMBERGER LTD COM			2015-07-06
	26. VIPSHOP HOLDINGS LTD ADR			2015-07-06
	15. NOVO NORDISK A S ADR		2009-04-14	2015-07-08
	47. VIPSHOP HOLDINGS LTD ADR			2015-07-08
	14. LENDINGCLUB CORP		2015-01-15	2015-07-09
	83. AFLAC INC		2014-06-24	2015-07-10
	247. AES CORP		2015-05-04	2015-07-10
	67. ROSS STORES INC		2014-06-24	2015-07-10
	49.119 VERIZON COMMUNICATIONS COM		2015-01-12	2015-07-10
	18.881 VERIZON COMMUNICATIONS COM		2013-09-25	2015-07-10
	10. ALLERGAN PLC SEDOL BY9D546		2015-04-22	2015-07-10
	34. ENDO INTERNATIONAL PLC SEDOL BJ3V905		2015-04-22	2015-07-10
	4. SCHLUMBERGER LTD COM		2015-05-11	2015-07-13
	4. SCHLUMBERGER LTD COM		2014-01-30	2015-07-13
	7. BIOMARIN PHARMACEUTICAL INC		2013-03-13	2015-07-15
	7. BIOMARIN PHARMACEUTICAL INC		2014-12-11	2015-07-15
	11. SCHLUMBERGER LTD COM		2014-01-30	2015-07-15
	7. CIGNA CORP		2014-07-22	2015-07-16
	27. CHEMOURS CO/THE - W/I		2014-06-24	2015-07-16
	6. JOHNSON & JOHNSON COM		2013-08-28	2015-07-16
	43. ROCKWELL COLLINS INC		2015-04-13	2015-07-16
	14. SCHLUMBERGER LTD COM			2015-07-16
	13. SCHLUMBERGER LTD COM		2012-06-27	2015-07-16
	10. SHERWIN-WILLIAMS CO			2015-07-16
	6. VERTEX PHARMACEUTICALS INC		2011-12-01	2015-07-16
	.4 CHEMOURS CO/THE - W/I		2014-06-24	2015-07-21
	3. VERTEX PHARMACEUTICALS INC		2011-12-01	2015-07-21
	6. BRISTOL MYERS SQUIBB CO		2014-10-30	2015-07-22
	4. BRISTOL MYERS SQUIBB CO		2013-12-11	2015-07-22
	2. BRISTOL MYERS SQUIBB CO		2014-10-30	2015-07-22
	46. COLGATE-PALMOLIVE CO		2014-06-24	2015-07-22
	56. ROSS STORES INC		2014-06-24	2015-07-22
	3. VERTEX PHARMACEUTICALS INC		2011-12-01	2015-07-22
	1. ALLERGAN PLC SEDOL BY9D546		2015-04-22	2015-07-22
	5. ALIBABA GROUP HOLDING LTD ADR SEDOL BP41ZD1			2015-07-23
	4. ALIBABA GROUP HOLDING LTD ADR SEDOL BP41ZD1			2015-07-23
	10. JD.COM INC-ADR ADR SEDOL BMM27D9		2015-04-27	2015-07-23
	10. JD.COM INC-ADR ADR SEDOL BMM27D9			2015-07-23
	5. VERTEX PHARMACEUTICALS INC			2015-07-23
	2. ALLERGAN PLC SEDOL BY9D546			2015-07-23
	5. BIOGEN INC			2015-07-24
	2. BIOGEN INC		2012-09-18	2015-07-24
	7. BRISTOL MYERS SQUIBB CO			2015-07-24
	1228.545 DRIEHAUS ACTIVE INCOME FUND FUND 640		2015-04-27	2015-07-24
	3122.706 GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND CL I		2015-01-26	2015-07-24
	64. ISHARES TIPS BOND ETF		2015-04-27	2015-07-24
	738.204 NEUBERGER BERMAN REAL ESTATE FUND CLASS I			2015-07-24
	16. SPDR GOLD TRUST ETF		2015-01-26	2015-07-24
	3. VERTEX PHARMACEUTICALS INC		2011-12-08	2015-07-24
	1. BAINS CAPITAL PARTNERS LLC		2001-01-01	2015-07-24
	5. BRISTOL MYERS SQUIBB CO		2013-12-12	2015-07-27
	45. EBAY INC		2015-05-29	2015-07-28
	3. MASTERCARD INC CL A		2015-07-10	2015-07-28
	45. PAYPAL HOLDINGS INC-W/I		2015-05-29	2015-07-28
	29. POLARIS INDS INC		2013-10-07	2015-07-28
	52. LEVEL 3 COMMUNICATIONS INC		2015-05-05	2015-07-30
	10. SKYWORKS SOLUTIONS INC COM		2014-02-24	2015-07-30
	11. BIOGEN INC			2015-07-31
	13. SECTOR SPDR TR SBI CYCL TRANS		2015-03-31	2015-07-31
	1002. SECTOR SPDR TR SBI INT-TECH		2015-03-31	2015-07-31
	77. TEXAS INSTRS INC COM		2015-03-25	2015-07-31
	115. HANESBRANDS INC - W/I		2013-10-07	2015-08-04
	95. BAXALTA INC -W/I		2014-06-24	2015-08-06
	113. HANESBRANDS INC - W/I		2013-10-07	2015-08-06
	72. TYSON FOODS INC CLASS A		2015-05-11	2015-08-06
	90. BAXTER INTERNATIONAL INC		2014-06-24	2015-08-10
	44. COLGATE-PALMOLIVE CO		2014-06-24	2015-08-10
	68. EOG RES INC			2015-08-10
	66. MICROSOFT CORP		2015-06-26	2015-08-10
	9. BOEING CO		2011-02-18	2015-08-14
	8. SKYWORKS SOLUTIONS INC COM		2014-02-24	2015-08-14
	10. NXP SEMICONDUCTORS ISIN NL0009538784 SEDOL B505PN7			2015-08-14
	5. TRIPADVISOR INC CLASS I		2013-12-17	2015-08-18
	30. BECTON DICKINSON & CO		2013-10-07	2015-08-19
	21. FOOT LOCKER INC		2013-10-07	2015-08-19
	54. HAIN CELESTIAL GROUP INC COM		2014-11-13	2015-08-19
	5. TRIPADVISOR INC CLASS I			2015-08-19
	4. TRIPADVISOR INC CLASS I		2013-10-23	2015-08-20
	5. TRIPADVISOR INC CLASS I			2015-08-21
	372. ISHARES TR S&P SMLCAP 600		2015-07-31	2015-08-31
	18. COPA HOLDINGS SA CLASS A SEDOL B0TNJH9		2014-06-24	2015-09-01
	35. COPA HOLDINGS SA CLASS A SEDOL B0TNJH9		2015-07-10	2015-09-01
	9. CITIGROUP INC			2015-09-08
	6. CITIGROUP INC			2015-09-08
	21. TWITTER INC			2015-09-08
	4. TRIPADVISOR INC CLASS I		2013-10-24	2015-09-09
	16. TWITTER INC			2015-09-09
	9. BAXALTA INC -W/I		2014-06-24	2015-09-15
	9. BAXTER INTERNATIONAL INC		2014-06-24	2015-09-15
	4. MONSANTO CO		2011-02-18	2015-09-15
	6. CONCHO RESOURCES INC			2015-09-16
	5. CONCHO RESOURCES INC		2014-11-10	2015-09-16
	5. MONSANTO CO		2011-02-18	2015-09-16
	23. MCKESSON HBOC INC COMMN			2015-09-18
	11. GILEAD SCIENCES INC COM		2015-07-16	2015-09-25
	6. GILEAD SCIENCES INC COM			2015-09-28
	9. GILEAD SCIENCES INC COM		2015-06-30	2015-09-29
	586. HEALTH CARE SELECT SECTOR ETF LARGE CAP		2014-08-29	2015-09-30
	1. HEALTH CARE SELECT SECTOR ETF LARGE CAP		2015-08-31	2015-09-30
	860. SECTOR SPDR TR SBI CONS STPLS		2015-08-31	2015-09-30
	6. CANADIAN PACIFIC RAILWAY LTD SEDOL 2793115			2015-10-01
	4. GILEAD SCIENCES INC COM		2015-06-30	2015-10-01
	5. GILEAD SCIENCES INC COM		2015-06-30	2015-10-02
	30. CAMPBELL SOUP CO		2015-02-23	2015-10-05
	4. CANADIAN PACIFIC RAILWAY LTD SEDOL 2793115		2013-01-04	2015-10-05
	24. COLGATE-PALMOLIVE CO		2014-06-24	2015-10-05
	38. EXXON MOBIL CORP		2015-03-13	2015-10-05
	1. EXXON MOBIL CORP		1995-02-24	2015-10-05
	4. INCYTE CORPORATION			2015-10-05
	1. BIOGEN INC		2012-05-14	2015-10-06
	82. HD SUPPLY HOLDINGS INC		2015-07-16	2015-10-09
	10. TIME WARNER INC		2014-05-14	2015-10-09
	50. TIME WARNER INC			2015-10-09
	64. VOYA FINL INC COM		2015-02-13	2015-10-09
	6. VMWARE INC CLASS A			2015-10-12
	5. VMWARE INC CLASS A		2015-09-14	2015-10-12
	6. VMWARE INC CLASS A			2015-10-13
	62. CAMPBELL SOUP CO			2015-10-15
	59. MICROSOFT CORP			2015-10-15
	4. MICROSOFT CORP		2015-06-26	2015-10-15
	6. VMWARE INC CLASS A		2013-07-19	2015-10-15
	90. BAXTER INTERNATIONAL INC			2015-10-20
	36. BAXTER INTERNATIONAL INC		2014-06-24	2015-10-20
	3. FLEETCOR TECHNOLOGIES INC			2015-10-21
	2. FLEETCOR TECHNOLOGIES INC		2014-12-22	2015-10-21
	47. HCA HOLDINGS INC		2014-08-01	2015-10-21
	6. INCYTE CORPORATION			2015-10-21
	2. AMERICAN TOWER CORP		2014-01-09	2015-10-23
	6. APPLE INC			2015-10-26
	6. APPLE INC			2015-10-26
	7. DOLLAR GENERAL CORP			2015-10-26
	441.463 AQR MANAGED FUTURES STRATEGY FUND CLASS I		2015-07-24	2015-10-27
	353.271 DIAMOND HILL LONG-SHORT FUND CL I		2015-04-27	2015-10-27
	583.364 EATON VANCE GLOBAL MACRO ABSOLUTE RETURN FUND		2014-10-24	2015-10-27
	3488.371 EATON VANCE GLOBAL MACRO ABSOLUTE RETURN FUND		2015-07-24	2015-10-27
	718.479 ASG GLOBAL ALTERNATIVES FUND CL Y			2015-10-27
	12. DOLLAR GENERAL CORP			2015-10-28
	10. DOLLAR GENERAL CORP			2015-10-28
	8. SBA COMMUNICATIONS CORP (IPO)			2015-10-28
	5. SBA COMMUNICATIONS CORP (IPO)			2015-10-28
	1630. SECTOR SPDR TR SBI CYCL TRANS			2015-10-28
	1. ALLERGAN PLC SEDOL BY9D546		2014-12-11	2015-10-29
	13. CREDIT ACCEPTANCE CORPORATION		2015-07-22	2015-11-11
	25. DOLLAR GENERAL CORP			2015-11-11
	50. FIREEYE INC			2015-11-12
	13. FIREEYE INC		2015-01-30	2015-11-12
	8. MONSTER BEVERAGE CORPORATION			2015-11-12
	1. BAINS CAPITAL PARTNERS LLC		2001-01-01	2015-11-20
	624. SPDR TR UNIT SER 1		2015-10-28	2015-12-14
	21.371 AMERICAN BEACON L/C VALU IS		2011-02-18	2015-12-30
	81.703 ARTISAN INTERNATIONAL FD-ADV		2010-02-25	2015-12-30
	84.376 BLACKROCK STRATEGIC INCOME OPPORTUNITIES PORTFOLIO		2014-10-30	2015-12-30
	57.206 HARDING LOEVNER INTERNATIONAL EQUITY PORTFOLIO		2012-11-02	2015-12-30
	258.504 T ROWE PRICE REAL ESTATE FUND FD 122		2012-01-31	2015-12-30
	1.365 TEMPLETON INSTL FDS INC FOREIGN EQUITY SER		2015-01-27	2015-12-30
	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	2,214	6,785	-4,571
b	520	639	-119
c	606	746	-140
d	756	454	302
e	402	284	118
	539	378	161
	560	378	182
	711	836	-125
	4,587	4,961	-374
	382	265	117
	698	524	174
	532	333	199
	947	743	204
	989	743	246
	1,998	1,028	970
	483	531	-48
	451	493	-42
	1,836	1,330	506
	20,747	19,298	1,449
	20,976	20,852	124
	3,124	3,093	31
	18,531	16,081	2,450
	62,236	52,354	9,882
	2,530	2,424	106
	1,270	2,904	-1,634
	3,395	2,396	999
	714	260	454
	40,120	39,067	1,053
	2,392	2,270	122
	152	163	-11
	3,086	4,442	-1,356
	904	962	-58
	453	463	-10
	99	80	19
	5,273	1,782	3,491
	1,220	1,109	111
	467	482	-15
	2,579	1,419	1,160
	3,150	3,213	-63
	672	661	11
	5,037	6,250	-1,213
	3,486	2,067	1,419
	550	695	-145
	735	738	-3
	366	250	116
	3,012	3,558	-546
	1,911	932	979
	1,086	1,083	3
	234	162	72
	317	298	19
	352	329	23
	282	258	24
	5,419	6,176	-757
	3,157	3,241	-84
	534	397	137
	407	240	167
	3,726	6,840	-3,114
	243	261	-18
	843	480	363
	602	280	322
	565	716	-151
	644	800	-156
	440	419	21
	3,368	3,150	218
	500	602	-102
	601	635	-34
	2,114	755	1,359
	1,799	1,817	-18
	600	256	344
	448	292	156
	448	488	-40
	436	147	289
	3,888	4,792	-904
	390	350	40
	4,546	3,105	1,441
	903	583	320
	1,322	1,155	167
	42,605	42,145	460
	39,337	41,143	-1,806
	1,245	663	582
	867	308	559
	349	172	177
	567	313	254
	3,343	2,902	441
	2,329	2,239	90
	834	792	42
	1,190	328	862
	872	308	564
	2,127	1,094	1,033
	686	335	351
	513	652	-139
	777	911	-134
	587	689	-102
	1,453	1,362	91
	2,794	1,626	1,168
	339	392	-53
	2,223	1,513	710
	731	713	18
	243	243
	486	614	-128
	4,013	3,459	554
	621	635	-14
	474	486	-12
	169	184	-15
	253	298	-45
	299	229	70
	11,773	9,233	2,540
	577	459	118
	807	822	-15
	3,738	3,351	387
	6,864	6,844	20
	9,331	9,143	188
	7,142	7,232	-90
	775	605	170
	229	88	141
	8,809	8,076	733
	1,496	1,599	-103
	541	127	414
	795	784	11
	387	154	233
	3,603	3,817	-214
	731	905	-174
	242	255	-13
	565	656	-91
	31,670	27,944	3,726
	13,692	8,135	5,557
	33,549	26,574	6,975
	290	159	131
	14,528	13,350	1,178
	988	1,041	-53
	803	821	-18
	438	204	234
	5,935	7,462	-1,527
	2,900	3,233	-333
	3,261	2,802	459
	8,075	9,170	-1,095
	631	536	95
	1,764	1,913	-149
	576	297	279
	13	6	7
	430	147	283
	3,034	2,946	88
	2,120	2,798	-678
	557	206	351
	1,191	448	743
	720	258	462
	512	184	328
	313	288	25
	451	68	383
	311	288	23
	254	59	195
	2,546	1,325	1,221
	3,654	1,290	2,364
	2,676	2,354	322
	510	184	326
	3,622	3,357	265
	550	275	275
	221	110	111
	2,637	1,631	1,006
	6,471	8,156	-1,685
	6,050	10,109	-4,059
	878	135	743
	2,957	3,230	-273
	3,551	1,594	1,957
	486	332	154
	684	258	426
	2,553	1,831	722
	638	562	76
	11,897	8,548	3,349
	488	330	158
	292	111	181
	484	184	300
	475	617	-142
	2,418	2,965	-547
	284	339	-55
	336	398	-62
	4,507	4,138	369
	1,848		1,848
	167	196	-29
	3,253	3,683	-430
	535	611	-76
	804	127	677
	970	1,025	-55
	203	310	-107
	5,097	5,230	-133
	3,234	3,312	-78
	3,396	2,262	1,134
	2,317	2,304	13
	891	885	6
	3,087	2,947	140
	2,765	3,226	-461
	337	368	-31
	337	356	-19
	1,020	431	589
	1,020	647	373
	927	980	-53
	1,080	675	405
	350	449	-99
	607	519	88
	4,007	4,220	-213
	1,184	1,034	150
	1,091	796	295
	2,598	2,889	-291
	804	176	628
	5	7	-2
	393	88	305
	416	350	66
	276	203	73
	138	117	21
	3,076	3,136	-60
	2,985	1,891	1,094
	392	88	304
	315	295	20
	424	460	-36
	334	361	-27
	345	363	-18
	346	349	-3
	657	145	512
	632	540	92
	1,558	948	610
	611	312	299
	464	354	110
	12,715	12,887	-172
	28,947	28,823	124
	7,171	7,361	-190
	10,527	11,367	-840
	1,661	1,968	-307
	385	86	299
	946	25	921
	323	253	70
	1,272	1,111	161
	286	284	2
	1,708	1,637	71
	3,953	3,829	124
	2,618	2,941	-323
	945	342	603
	3,509	1,578	1,931
	1,044	987	57
	42,708	41,857	851
	3,854	4,385	-531
	3,350	1,763	1,587
	3,556	3,139	417
	3,204	1,732	1,472
	2,971	2,984	-13
	3,807	3,665	142
	3,028	2,999	29
	5,137	6,402	-1,265
	3,127	3,024	103
	1,306	660	646
	712	274	438
	922	1,039	-117
	360	406	-46
	4,396	3,000	1,396
	1,553	696	857
	3,509	2,907	602
	358	379	-21
	282	300	-18
	349	365	-16
	41,216	43,638	-2,422
	898	2,573	-1,675
	1,747	2,981	-1,234
	464	545	-81
	308	361	-53
	572	866	-294
	270	290	-20
	440	503	-63
	332	297	35
	325	366	-41
	364	292	72
	607	719	-112
	506	576	-70
	450	365	85
	4,685	3,295	1,390
	1,116	1,307	-191
	579	710	-131
	876	1,056	-180
	38,578	37,385	1,193
	66	72	-6
	40,445	40,715	-270
	873	652	221
	389	469	-80
	479	587	-108
	1,534	1,403	131
	604	430	174
	1,566	1,636	-70
	2,912	3,192	-280
	77	17	60
	479	259	220
	276	137	139
	2,544	2,987	-443
	729	664	65
	3,647	4,325	-678
	2,569	2,772	-203
	421	465	-44
	351	400	-49
	415	443	-28
	3,078	2,897	181
	2,772	2,466	306
	188	183	5
	410	426	-16
	3,072	3,444	-372
	1,229	1,466	-237
	435	397	38
	290	295	-5
	3,338	3,072	266
	645	386	259
	198	164	34
	691	539	152
	691	518	173
	461	566	-105
	4,874	4,763	111
	8,489	8,683	-194
	5,344	5,437	-93
	31,953	32,616	-663
	7,760	8,311	-551
	792	939	-147
	663	764	-101
	939	866	73
	586	482	104
	130,506	121,386	9,120
	312	263	49
	2,117	2,966	-849
	1,594	1,866	-272
	1,116	2,120	-1,004
	290	448	-158
	1,189	1,175	14
	238	25	213
	125,609	129,590	-3,981
	381	381
	2,364	1,536	828
	824	864	-40
	988	872	116
	7,166	5,062	2,104
	26	28	-2
			21,346

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			-4,571
b			-119
c			-140
d			302
e			118
			161
			182
			-125
			-374
			117
			174
			199
			204
			246
			970
			-48
			-42
			506
			1,449
			124
			31
			2,450
			9,882
			106
			-1,634
			999
			454
			1,053
			122
			-11
			-1,356
			-58
			-10
			19
			3,491
			111
			-15
			1,160
			-63
			11
			-1,213
			1,419
			-145
			-3
			116
			-546
			979
			3
			72
			19
			23
			24
			-757
			-84
			137
			167
			-3,114
			-18
			363
			322
			-151
			-156
			21
			218
			-102
			-34
			1,359
			-18
			344
			156
			-40
			289
			-904
			40
			1,441
			320
			167
			460
			-1,806
			582
			559
			177
			254
			441
			90
			42
			862
			564
			1,033
			351
			-139
			-134
			-102
			91
			1,168
			-53
			710
			18

			-128
			554
			-14
			-12
			-15
			-45
			70
			2,540
			118
			-15
			387
			20
			188
			-90
			170
			141
			733
			-103
			414
			11
			233
			-214
			-174
			-13
			-91
			3,726
			5,557
			6,975
			131
			1,178
			-53
			-18
			234
			-1,527
			-333
			459
			-1,095
			95
			-149
			279
			7
			283
			88
			-678
			351
			743
			462
			328
			25
			383
			23
			195
			1,221
			2,364
			322
			326
			265
			275
			111
			1,006
			-1,685
			-4,059
			743
			-273
			1,957
			154
			426
			722
			76
			3,349
			158
			181
			300
			-142
			-547
			-55
			-62
			369
			1,848
			-29
			-430
			-76
			677
			-55
			-107
			-133
			-78
			1,134
			13
			6
			140
			-461
			-31
			-19
			589
			373
			-53
			405
			-99
			88
			-213
			150
			295
			-291
			628
			-2
			305
			66
			73
			21
			-60
			1,094
			304
			20
			-36
			-27
			-18
			-3
			512
			92
			610
			299
			110
			-172
			124
			-190
			-840
			-307
			299
			921
			70
			161
			2
			71
			124
			-323
			603
			1,931
			57
			851
			-531
			1,587
			417
			1,472
			-13
			142
			29
			-1,265
			103
			646
			438
			-117
			-46
			1,396
			857
			602
			-21
			-18
			-16
			-2,422
			-1,675
			-1,234
			-81
			-53
			-294
			-20
			-63
			35
			-41
			72
			-112
			-70
			85
			1,390
			-191
			-131
			-180
			1,193
			-6
			-270
			221
			-80
			-108
			131
			174
			-70
			-280
			60
			220
			139
			-443
			65
			-678
			-203
			-44
			-49
			-28
			181
			306
			5
			-16
			-372
			-237
			38
			-5
			266
			259
			34
			152
			173
			-105
			111
			-194
			-93
			-663
			-551
			-147
			-101
			73
			104
			9,120
			49
			-849
			-272
			-1,004
			-158
			14
			213
			-3,981

			828
			-40
			116
			2,104
			-2

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	90,129
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))
2014	155,946	3,433,600	0.045418
2013	148,072	3,195,894	0.046332
2012	139,919	2,997,446	0.046679
2011	135,740	2,991,513	0.045375
2010	128,660	2,824,751	0.045547

Total of line 1, column (d) .....................

20.229351

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 . . .

0.04587

Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....

3,399,507

Multiply line 4 by line 3......................

155,935

Enter 1% of net investment income (1% of Part I, line 27b)...........

1,342

Add lines 5 and 6........................

157,277

Enter qualifying distributions from Part XII, line 4.............

164,045

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 (2015)

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 here and 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	1,342
	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	1,342
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	1,342
6	Credits/Payments:

a	2015 estimated tax payments and 2014 overpayment credited to 2015	6a	7,412
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	7,412
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	6,070
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax672	Refunded	11	5,398

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 2015 or the taxable year beginning in 2015 (see instructions for Part XIV)?

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

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

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

Form 990-PF (2015)

Page 5

Part VII-A

Statements Regarding Activities (continued)

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

PNC BANK NA Telephone no. bullet

(412) 762-2950

Located at bullet

620 LIBERTY AVENUE 10TH FLPITTSBURGHPA ZIP+4 bullet

15222

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 2015, 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

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 2015?.............

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 2015, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2015?.............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 2015 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 2015.)..................

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 2015?

Form 990-PF (2015)

Page 6

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required (Continued)

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 (2015)

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
PNC BANK N A	TRUSTEE 7	32,206
620 LIBERTY AVENUE PITTSBURGH,PA152222705	TRUSTEE 7	32,206

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

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

Form 990-PF (2015)

Page 8

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

3,452,064

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

-788

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

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

3,451,276

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

3,451,276

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

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

51,769

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

3,399,507

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

169,975

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

169,975

Tax on investment income for 2015 from Part VI, line 5......

1,342

Income tax for 2015. (This does not include the tax from Part VI.)...

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

1,342

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

168,633

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

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

168,633

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

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

168,633

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 ..........

164,045

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

164,045

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

1,342

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

162,703

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 (2015)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2014	(c) 2014	(d) 2015
1 Distributable amount for 2015 from Part XI, line 7					168,633
2 Undistributed income, if any, as of the end of 2015:
a Enter amount for 2014 only.......				157,604
b Total for prior years:2013, 20, 20			0
3 Excess distributions carryover, if any, to 2015:
a From 2010......	0
b From 2011......	0
c From 2012......	0
d From 2013......	0
e From 2014......	0
fTotal of lines 3a through e........		0
4Qualifying distributions for 2015 from Part
XII, line 4: $ 164,045
a Applied to 2014, but not more than line 2a				157,604
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 2015 distributable amount.....					6,441
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2015.		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 2014. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2016. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2015 ..........					162,192
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 2010 not applied on line 5 or line 7 (see instructions) ...		0
9Excess distributions carryover to 2016. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2011....	0
b Excess from 2012....	0
c Excess from 2013....	0
d Excess from 2014....	0
e Excess from 2015....	0

Form 990-PF (2015)

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 2015, 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) 2015	(b) 2014	(c) 2013	(d) 2012	(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 (2015)

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
THE UNIVERSITY OF VERMONT 219 WATERMAN BUILDING BURLINGTON,VT054050160	NONE	PC	GENERAL SUPPORT	157,604
Total ................................. 3a				157,604

bApproved for future payment

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

Form 990-PF (2015)

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	73,291
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	90,129
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aSANOFI SPONSORED A			14	1
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				163,421

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

13163,421

(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 (2015)

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 organizations?

Yes

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 EIN
	Firm's address				Phone no.

Form 990-PF (2015)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
MUTUAL FUNDS - FIXED	AT COST	1,062,274	1,012,193
MUTUAL FUNDS - EQUITY	AT COST	1,050,778	1,025,349

Description	Revenue and Expenses per Books	Net Investment Income
MAP MANAGEMENT FEES	3,190	3,190
ADR SERVICE FEES	8	8
PARTNERSHIP - EXPENSE		2

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
SANOFI SPONSORED ADR	1	1
POWERSHARES DB AGRICULTURE FUND		-212

Description	Amount
ROUNDING ADJ FOR SALES AND TRANSACTIONS	12
MYLAN TAX COST ADJUSTMENT	970
BAXTER TAX COST ADJUSTMENT	142

Category	Amount	Net Investment Income
FOREIGN TAXES	48	48
FEDERAL TAX PAYMENT - PRIOR YE	3,093	0
FEDERAL ESTIMATES - PRINCIPAL	7,412	0