Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2015
Open to Public Inspection
For calendar year 2015, or tax year beginning 01-01-2015 , and ending 12-31-2015
Name of foundation
GLADYS E KNOWLES CHARITABLE TRUST 50315420
 
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 0634
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MILWAUKEE, WI532010634
A Employer identification number

81-0423029
B Telephone number (see instructions)

(503) 464-3580
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$2,294,105J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet Sch. B .............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 56,036 55,638  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 66,295
b Gross sales price for all assets on line 6a 554,054
7 Capital gain net income (from Part IV, line 2)... 66,295
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 122,331 121,933  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 33,072 29,765   3,307
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)....... Click to see attachment 2,000 0 0 2,000
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 2,990 650   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... Click to see attachment 26 26    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 38,088 30,441 0 5,307
25 Contributions, gifts, grants paid....... 98,240 98,240
26 Total expenses and disbursements. Add lines 24 and 25 136,328 30,441 0 103,547
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -13,997
b Net investment income (if negative, enter -0-) 91,492
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 Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 860 577 577
2 Savings and temporary cash investments......... 81,137 38,927 38,927
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet   1,427 0 0
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet0      
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 1,136,049 Click to see attachment948,483 1,401,968
c Investments—corporate bonds (attach schedule)....... 640,139 Click to see attachment483,727 467,774
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........   Click to see attachment365,481 384,859
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 1,859,612 1,837,195 2,294,105
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable..................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22).........   0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted..................    
25 Temporarily restricted...............    
26 Permanently restricted...............    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........ 1,859,612 1,837,195
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see instructions)..... 1,859,612 1,837,195
31 Total liabilities and net assets/fund balances (see instructions). 1,859,612 1,837,195
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
1,859,612
2
Enter amount from Part I, line 27a .....................
2
-13,997
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
1,845,615
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
8,420
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
1,837,195
Form 990-PF (2015)
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 281.532 ROWE T PRICE INTL FDS INC INTL BD FD   2014-05-21 2015-01-06
b 157.828 SCOUT INTERNATIONAL FUND     2015-01-06
c 40. SPDR GOLD TRUST   2015-01-02 2015-01-14
d 25. COVIDIEN PLC   2012-07-06 2015-01-27
e 90. COVIDIEN PLC   2012-06-25 2015-01-27
90. COVIDIEN PLC   2012-06-25 2015-01-27
25. COVIDIEN PLC   2012-07-06 2015-01-27
.94 MEDTRONIC PLC   2015-01-27 2015-02-05
40. SPDR GOLD TRUST   2015-01-02 2015-02-13
131.683 NUVEEN SYMPHONY MID CAP CORE I   2005-11-21 2015-03-04
572.738 ROWE T PRICE INTL FDS INC INTL BD FD   2014-05-21 2015-03-04
1543.21 LS OPPORTUNITY     2015-03-04
50. EDISON INTL   2012-09-28 2015-03-12
900.901 GOLDMAN SACHS COMM STRAT INS   2014-08-27 2015-03-12
837.067 GOLDMAN SACHS COMM STRAT INS   2013-10-01 2015-03-12
134.989 NUVEEN SYMPHONY MID CAP CORE I   2005-11-21 2015-03-12
1536.643 ROWE T PRICE INTL FDS INC INTL BD FD     2015-03-12
662.092 LS OPPORTUNITY     2015-03-12
45. SPDR GOLD TRUST   2015-01-02 2015-03-13
39. ALLERGAN INC     2015-03-17
200. SOUTHWEST AIRLINES CO   2014-02-20 2015-03-18
359.195 ABERDEEN FDS EMRGN     2015-04-01
545. MARATHON OIL CORPORATION   2014-04-23 2015-04-01
406.977 ROWE T PRICE INTL FDS INC INTL BD FD     2015-04-01
147.406 SCOUT INTERNATIONAL FUND     2015-04-01
.3637 ACTAVIS PLC   2015-03-17 2015-04-01
710.732 ABERDEEN FDS EMRGN     2015-04-02
205.465 NUVEEN MID CAP GRWTH OPP FD CL I   2011-12-07 2015-04-02
146.499 SCOUT INTERNATIONAL FUND     2015-04-02
14. ACTAVIS PLC     2015-04-06
220. CONAGRA FOODS INC   2013-08-30 2015-04-07
60. SPDR GOLD TRUST   2015-01-02 2015-04-10
10. APPLE COMPUTER INC   2013-05-13 2015-04-15
15. DOVER CORP   2013-08-29 2015-04-15
25. EDISON INTL   2012-09-28 2015-04-15
6. GILEAD SCIENCES INC   2011-03-16 2015-04-15
77. GILEAD SCIENCES INC   2011-03-16 2015-04-15
35. INTEL CORP   2013-07-09 2015-04-15
10. LOWES COMPANIES INC   2014-07-01 2015-04-15
10. PRAXAIR INC   2011-03-16 2015-04-15
1037.664 ROWE T PRICE INTL FDS INC INTL BD FD     2015-04-15
10. STATE STR CORP   2009-11-04 2015-04-15
10. TARGET CORP   2009-05-14 2015-04-15
10. WALGREENS BOOTS ALLIANCE INC   2013-01-11 2015-04-15
20. WELLS FARGO & CO NEW   2004-04-20 2015-04-15
.0658 GOOGLE INC CL C   2009-11-04 2015-05-07
60. SPDR GOLD TRUST   2015-01-02 2015-05-14
60. SPDR GOLD TRUST   2015-01-02 2015-06-12
5. CIGNA CORP   2013-04-15 2015-06-15
647.668 GOLDMAN SACHS COMM STRAT INS   2013-10-01 2015-06-15
20. LOWES COMPANIES INC   2014-07-01 2015-06-15
64.986 NUVEEN SYMPHONY MID CAP CORE I   2005-11-21 2015-06-15
100.344 SCOUT INTERNATIONAL FUND   2012-09-07 2015-06-15
954.199 TCW EMERGING MARKETS INCOME FUND     2015-06-15
20. TARGET CORP     2015-06-15
25. XILINX INC   2014-09-25 2015-06-15
35. INVESCO LTD   2014-05-02 2015-06-15
10. MYLAN NV   2015-04-07 2015-06-15
1. SECURITY LITIGATION   1911-11-11 2015-06-16
93. CIGNA CORP     2015-06-18
1. SECURITY LITIGATION   1911-11-11 2015-06-29
60. SPDR GOLD TRUST   2015-01-02 2015-07-08
50. CIGNA CORP     2015-07-10
110.294 ABERDEEN FDS EMRGN   2012-08-07 2015-07-17
25. BAXALTA INC W I   2012-11-07 2015-07-17
25. BAXTER INTL INC   2012-11-07 2015-07-17
4. GOLDMAN SACHS GROUP INC   2011-03-16 2015-07-17
696.379 GOLDMAN SACHS COMM STRAT INS   2013-10-01 2015-07-17
3. GOOGLE INC CL C     2015-07-17
50. ISHARES S P U S PREFERRED STOCK ETF   2009-10-19 2015-07-17
15. J P MORGAN CHASE & CO   2009-08-07 2015-07-17
15. JOHNSON CTLS INC   2013-05-02 2015-07-17
10. MASTERCARD INC   2011-12-07 2015-07-17
129.299 NUVEEN SYMPHONY MID CAP CORE I   2005-11-21 2015-07-17
25. ORACLE CORPORATION   2006-12-05 2015-07-17
25. PFIZER INC COMMON STOCK   1999-07-29 2015-07-17
10. PRAXAIR INC   2011-03-16 2015-07-17
10. PROCTER & GAMBLE CO   2002-03-19 2015-07-17
15. SCHLUMBERGER LTD   2012-02-08 2015-07-17
73.078 SCOUT INTERNATIONAL FUND   2012-09-07 2015-07-17
10. STATE STR CORP   2009-11-04 2015-07-17
319.285 TCW EMERGING MARKETS INCOME FUND   2014-08-07 2015-07-17
20. TARGET CORP   2001-09-19 2015-07-17
10. UNITED TECHNOLOGIES CORP   2004-01-05 2015-07-17
8. WALGREENS BOOTS ALLIANCE INC   2013-01-11 2015-07-17
60. SPDR GOLD TRUST   2015-01-02 2015-08-07
25000. PEPSICO INC 0.700% 8/13/15   2013-03-12 2015-08-13
1666.667 GOLDMAN SACHS COMM STRAT INS   2013-10-01 2015-08-25
1298.701 NUVEEN HIGH INCOME BOND FD CL I     2015-08-25
225.023 NUVEEN REAL ESTATE SECS I     2015-08-25
360.096 NUVEEN MID CAP GRWTH OPP FD CL I   2011-12-07 2015-08-25
125. JOHNSON CTLS INC   2013-05-02 2015-09-04
60. SPDR GOLD TRUST   2015-01-02 2015-09-04
118. DEVON ENERGY CORPORATIOIN   2013-04-15 2015-09-09
60. SPDR GOLD TRUST   2015-01-02 2015-10-05
837.521 ABERDEEN FDS EMRGN     2015-10-06
6. DISNEY WALT CO   2012-06-08 2015-10-06
25. DOVER CORP   2012-05-02 2015-10-06
25. EMERSON ELEC CO   2012-04-27 2015-10-06
5. MOHAWK INDS INC COM   2013-07-25 2015-10-06
357.95 NUVEEN SYMPHONY MID CAP CORE I   2005-11-21 2015-10-06
1006.711 NUVEEN HIGH INCOME BOND FD CL I     2015-10-06
15. PG E CORP   2011-03-16 2015-10-06
1005.51 SCOUT INTERNATIONAL FUND     2015-10-06
329.815 TCW EMERGING MARKETS INCOME FUND   2014-11-03 2015-10-06
165. BAXALTA INC W I     2015-10-15
165. BAXTER INTL INC     2015-10-16
20. DOVER CORP   2012-05-02 2015-10-28
25. EDISON INTL   2012-09-28 2015-10-28
42. HEWLETT PACKARD CO   2014-03-06 2015-10-28
14. MORGAN STANLEY DEAN WITTER & CO   2013-04-15 2015-10-28
60. SPDR GOLD TRUST   2015-01-02 2015-11-04
289. HP INC   2014-03-06 2015-11-09
289. HEWLETT PACKARD ENTERPRIS WI   2014-03-06 2015-11-09
831.947 ABERDEEN FDS EMRGN     2015-11-18
5082.534 NUVEEN HIGH INCOME BOND FD CL I     2015-11-18
60. SPDR GOLD TRUST   2015-01-02 2015-12-03
504.626 ABERDEEN FDS EMRGN     2015-12-07
15. APPLE COMPUTER INC   2013-05-13 2015-12-07
10. CIGNA CORP   2013-04-15 2015-12-07
10. DISNEY WALT CO   2012-06-08 2015-12-07
10. ECOLAB INC   2002-06-11 2015-12-07
20. EMERSON ELEC CO   2012-04-27 2015-12-07
15. EXXON MOBIL CORP   1994-06-16 2015-12-07
8. GILEAD SCIENCES INC   2011-03-16 2015-12-07
10. NIKE INC   2011-09-19 2015-12-07
15. SPDR GOLD TRUST   2014-12-10 2015-12-07
25. STARBUCKS CORP   2011-03-16 2015-12-07
10. UNITED TECHNOLOGIES CORP   2004-01-05 2015-12-07
27. INVESCO LTD   2014-05-02 2015-12-07
863.099 ABERDEEN FDS EMRGN     2015-12-09
10. APPLE COMPUTER INC     2015-12-09
5. CIGNA CORP   2013-04-15 2015-12-09
10. DISNEY WALT CO     2015-12-09
20. EDISON INTL   2012-09-28 2015-12-09
10. NIKE INC   2011-09-19 2015-12-09
15. STARBUCKS CORP   2011-03-16 2015-12-09
7. STRYKER CORP   2014-06-19 2015-12-09
CAPITAL GAIN DIVIDENDS P    
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 2,506   2,761 -255
b 4,934   5,702 -768
c 2   2  
d 2,719   1,213 1,506
e 9,788   4,300 5,488
9,788   4,300 5,488
2,719   1,213 1,506
71   71  
2   2  
4,979   2,570 2,409
4,977   5,605 -628
20,046   20,012 34
3,154   2,289 865
3,351   5,000 -1,649
3,114   4,688 -1,574
5,084   2,634 2,450
13,046   15,018 -1,972
8,634   8,488 146
2   2  
9,421   3,536 5,885
9,030   4,292 4,738
5,054   5,212 -158
14,588   19,982 -5,394
3,508   3,961 -453
5,031   5,270 -239
107   107  
10,100   10,247 -147
10,021   9,071 950
5,041   4,728 313
4,169   4,274 -105
8,324   7,471 853
2   2  
1,269   653 616
1,110   1,079 31
1,559   1,145 414
624   120 504
7,991   1,536 6,455
1,151   813 338
736   483 253
1,216   953 263
8,965   10,027 -1,062
765   421 344
822   413 409
913   390 523
1,096   561 535
35   18 17
2   2  
2   2  
772   331 441
2,481   3,627 -1,146
1,381   967 414
2,488   1,268 1,220
3,459   3,138 321
7,481   8,301 -820
1,607   636 971
1,157   1,072 85
1,374   1,281 93
735   592 143
12     12
14,536   6,144 8,392
380     380
3   2 1
7,827   3,296 4,531
1,498   1,586 -88
818   736 82
935   907 28
844   618 226
2,486   3,900 -1,414
2,000   809 1,191
1,970   1,797 173
1,034   645 389
714   517 197
956   371 585
4,979   2,523 2,456
1,008   472 536
874   864 10
1,165   953 212
821   443 378
1,260   1,175 85
2,493   2,285 208
790   421 369
2,503   2,745 -242
1,693   572 1,121
1,107   474 633
766   312 454
2   2  
25,000   25,075 -75
5,050   9,333 -4,283
10,013   11,350 -1,337
4,872   5,240 -368
16,186   15,898 288
4,926   4,312 614
2   2  
4,647   6,331 -1,684
2   2  
10,075   11,976 -1,901
621   276 345
1,532   1,304 228
1,158   1,317 -159
949   570 379
12,786   6,986 5,800
7,520   8,707 -1,187
793   639 154
30,839   31,166 -327
2,507   2,820 -313
5,381   3,939 1,442
5,552   4,853 699
1,263   1,043 220
1,512   1,145 367
1,160   1,260 -100
462   304 158
2   2  
4,023   4,131 -108
4,082   4,541 -459
10,075   11,693 -1,618
37,611   43,203 -5,592
2   2  
5,929   6,939 -1,010
1,775   979 796
1,372   656 716
1,137   459 678
1,180   230 950
973   1,053 -80
1,148   219 929
822   160 662
1,311   448 863
1,542   1,772 -230
1,541   439 1,102
957   474 483
903   988 -85
10,012   11,451 -1,439
1,155   639 516
685   328 357
1,112   459 653
1,189   916 273
1,287   448 839
914   263 651
646   598 48
      15,884
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       -255
b       -768
c        
d       1,506
e       5,488
      5,488
      1,506
       
       
      2,409
      -628
      34
      865
      -1,649
      -1,574
      2,450
      -1,972
      146
       
      5,885
      4,738
      -158
      -5,394
      -453
      -239
       
      -147
      950
      313
      -105
      853
       
      616
      31
      414
      504
      6,455
      338
      253
      263
      -1,062
      344
      409
      523
      535
      17
       
       
      441
      -1,146
      414
      1,220
      321
      -820
      971
      85
      93
      143
      12
      8,392
      380
      1
      4,531
      -88
      82
      28
      226
      -1,414
      1,191
      173
      389
      197
      585
      2,456
      536
      10
      212
      378
      85
      208
      369
      -242
      1,121
      633
      454
       
      -75
      -4,283
      -1,337
      -368
      288
      614
       
      -1,684
       
      -1,901
      345
      228
      -159
      379
      5,800
      -1,187
      154
      -327
      -313
      1,442
      699
      220
      367
      -100
      158
       
      -108
      -459
      -1,618
      -5,592
       
      -1,010
      796
      716
      678
      950
      -80
      929
      662
      863
      -230
      1,102
      483
      -85
      -1,439
      516
      357
      653
      273
      839
      651
      48
       
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 66,295
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)
If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2014 103,598 2,409,941 0.042988
2013 103,434 2,293,944 0.04509
2012 103,143 2,156,068 0.047838
2011 102,940 2,162,096 0.047611
2010 149,040 2,096,498 0.07109
2
Total of line 1, column (d) .....................
20.254617
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
0.050923
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
2,361,714
5
Multiply line 4 by line 3......................
5
120,266
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
915
7
Add lines 5 and 6........................
7
121,181
8
Enter qualifying distributions from Part XII, line 4.............
8
103,547
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)
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 Bullet and enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 1,830
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 1,830
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 1,830
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 2,560
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 2,560
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 730
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet730 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletMT
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2015 or the taxable year beginning in 2015 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletUS BANK Telephone no.bullet (503) 464-3580

    Located atbullet555 SW OAKPORTLANDOR ZIP+4bullet97204
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.......bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 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
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2015?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2015, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2015?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
    No
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 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.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2015?
    4b
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (Continued)
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? (see instructions)................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2015)
    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
    USBANK TRUSTEE
    1     		33,072    
    PO BOX 3168
    PORTLAND,OR97208
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    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)
    Form 990-PF (2015)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    2,357,451
    b
    Average of monthly cash balances.......................
    1b
    40,228
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    2,397,679
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    2,397,679
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    35,965
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    2,361,714
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    118,086
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    118,086
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    1,830
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    1,830
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    116,256
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    116,256
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    116,256
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    103,547
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    103,547
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    103,547
    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)
    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 7 116,256
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only....... 0
    b Total for prior years:2013, 20, 20 0
    3 Excess distributions carryover, if any, to 2015:
    a From 2010...... 45,025
    b From 2011...... 0
    c From 2012...... 0
    d From 2013...... 0
    e From 2014...... 0
    fTotal of lines 3a through e........ 45,025
    4Qualifying distributions for 2015 from Part
    XII, line 4: bullet$ 103,547
    a Applied to 2014, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2015 distributable amount..... 103,547
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2015. 12,709 12,709
    (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 32,316
    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 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8Excess distributions carryover from 2010 not
    applied on line 5 or line 7 (see instructions) ...     		32,316
    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)
    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 section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2015 (b) 2014 (c) 2013 (d) 2012
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2015)
    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)
    aPaid during the year
    ROCKY MOUNTAIN COLLEGE
    1511 POLY DRIVE
    BILLINGS,MT59102     		NONE PC GENERAL SUPPORT 7,859
    ST LUKES EPISCOPAL
    CHURCH
    119 NORTH 33RD STREET
    BILLINGS,MT59101     		NONE PC GENERAL SUPPORT 24,560
    HERITAGE ACRES NURSING
    HOME
    200 NORTH MITCHELL
    HARDIN,MT59034     		NONE PC GENERAL SUPPORT 24,560
    BIG HORN CNTY MEMORIAL HOSP
    ATTN JONI KUNKEL
    HARDIN,MT590342323     		NONE PC GENERAL SUPPORT 24,560
    YELLOWSTONE BOYS & GIRLS RANCH FDN
    2050 OVERLAND AVE
    BILLINGS,MT59102     		NONE PC GENERAL SUPPORT 8,842
    PEO SISTERHOOD
    PEO EXECUTIVE OFFICE
    3700 GRAND AVE
    DES MOINES,IA50312     		NONE PC GENERAL SUPPORT 7,859
    Total .................................bullet 3a 98,240
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2015)
    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
    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 56,036  
    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 66,295  
    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)..   122,331  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13122,331
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2015)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2015 AccountingFeesSchedule
    Name:
    GLADYS E KNOWLES CHARITABLE TRUST 50315420
    EIN:
    81-0423029
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREP FEES 2,000     2,000

    TY 2015 InvestmentsCorpBondsSchedule
    Name:
    GLADYS E KNOWLES CHARITABLE TRUST 50315420
    EIN:
    81-0423029
    Name of Bond End of Year Book Value End of Year Fair Market Value
    BOEING CO 3.750% 11/20/16 20,000 20,472
    NUVEEN HIGH INCOME BOND    
    NUVEEN INFLATION PRO SEC 43,652 48,794
    AT&T INC 2.400% 8/15/16 25,200 25,165
    WELLS FARGO CO 2.625 12/15/16    
    OPPENHEIMER SR FLOAT RATE 52,000 47,659
    PRINCIPAL PREFERRED SEC INS 17,784 17,347
    PEPSICO INC .7 8/13/15    
    OCCIDENTAL PETROLEUM 1.5 25,250 24,693
    BAIRD AGGREGATE BD FD 56,500 55,809
    DRIEHAUS ACTIVE INC FD 17,500 16,328
    GOLDMAN SACH COMM STRAT 4,202 1,995
    LOOMIS SAYLES STRATEGIC ALPHA 68,000 63,302
    CATEPILLAR FINL MTN 2.100% 25,026 25,081
    DISCOVER BANK C D 1.35 9/11/17 25,000 24,931
    FEDERATED INST HI YLD BD FD 52,500 46,655
    GE CAPITAL BANK C D 1.850% 25,000 24,869
    NUVEEN PREFERRED SECURITIES FD 17,000 16,702
    T ROWE PRICE INTL BOND FUND    
    TCW EMERGING MARKETS INCOME FD 9,113 7,972

    TY 2015 InvestmentsCorpStockSchedule
    Name:
    GLADYS E KNOWLES CHARITABLE TRUST 50315420
    EIN:
    81-0423029
    Name of Stock End of Year Book Value End of Year Fair Market Value
    APPLE INC 3,500 48,314
    BANK OF AMERICA 5,320 9,677
    COMCAST CORP 1,981 7,900
    ECOLAB 4,031 20,017
    EXXON MOBIL 4,166 22,216
    GENERAL ELEC CO 4,891 28,502
    GOOGLE INC CL A & C    
    INTEL CORP 1,225 10,852
    J P MORGAN CHASE CO 15,168 25,752
    JOHNSON & JOHNSON 15,172 23,934
    MICROSOFT CORP 917 17,754
    ORACLE CORPORATION 6,242 13,151
    PEPSICO INC 6,783 13,989
    PFIZER INC 15,525 20,175
    PRAXAIR INC 7,235 16,896
    PROCTER & GAMBLE 8,647 15,485
    QUALCOMM 4,928 15,745
    STATE STR CORP 10,133 16,258
    TARGET CORP 13,159 23,090
    UNITED PARCEL SERVICE CL B 2,355 4,619
    UNITED TECHNOLOGIES 10,466 21,616
    VERIZON COMMUNICATIONS 9,277 15,253
    WAL MART STORES 4,743 6,130
    WELLS FARGO & CO 13,281 28,811
    3M CO 4,838 12,051
    SCHLUMBERGER LTD 7,364 12,904
    NUVEEN REAL ESTATE 32,667 66,493
    ISHARES MSCI EMERGING MKTS 30,609 29,164
    GOLDMAN SACHS 3,698 4,326
    MASTERCARD INC 6,743 25,314
    MCDONALDS CORP 8,645 18,312
    ISHARES S&P PREF STK 17,969 19,425
    CHEVRON CORPORATION    
    DISNEY WALT CO 7,859 27,216
    STARBUCKS 8,458 30,615
    BAXTER INTL INC    
    CAPITAL ONE FINANCIAL CORP 4,656 8,445
    CITIGRUOP INC 11,890 14,490
    COCA COLA COMPANY 5,889 7,561
    GILEAD SCIENCES INC 1,975 10,119
    NIKE INC 9,369 26,750
    OCCIDENTAL PETROLEUM CORP 14,718 11,358
    PGE CORP 3,567 4,521
    PNC FINANCIAL SERVICE GRP INC 12,368 19,539
    PRUDENTIAL FINANCIAL INC 4,306 6,920
    WALGREEN CO 3,748 8,175
    LAUDUS INTL MARKETMASTERS FD 32,800 40,149
    NUVEEN MID CAP GRWTH OPP FD    
    ALLERGAN INC    
    ANADARKO PETROLEUM CORP 13,163 9,036
    ATT INC 9,907 9,876
    DOVER CORP 11,485 14,101
    EDISON INTL 3,963 5,329
    EMERSON ELEC CO 15,775 14,445
    ACCENTURE PLC 12,889 22,468
    ACE LTD 8,687 12,970
    COVIDIEN PLC    
    ABERDEEN EMRGN MKT    
    AMERICAN EUROPACIFIC GRTH 27,799 30,533
    SCOUT INTERNATIONAL FD    
    ABBVIE INC 11,036 19,075
    CIGNA CORP 2,166 4,829
    CISCO SYS INC 9,852 12,871
    CONAGRA FOODS INC    
    DEVON ENERGY CORP    
    JOHNSON CONTROLS INC    
    MOHAWK INDS INC 8,326 14,015
    MORGAN STANLEY 6,516 9,543
    CAUSEWAY EMERGING MKT INSTL 53,700 43,197
    NUVEEN SYMPHONY MID CAP CORE I    
    ROBECO BOSTON PARTNERS L S RSR 51,000 51,366
    T ROWE PRICE INTL GR&INC FD 98,000 90,517
    T ROWE PRICE MID CAP VALUE 33,549 32,132
    VANGUARD 500 IDX FD 7,126 7,859
    CAMBIAR INTL EQUITY FUND INS 63,500 63,413
    HEWLETT PACKARD CO    
    INVESCO LTD 9,846 9,207
    LOWES CO INC 13,638 21,747
    LS OPPORTUNITY    
    MARATHON OIL CORP    
    SOUTHWEST AIRLINES CO    
    SPDR GOLD SHARES ETF 5,166 4,566
    STRYKER CORP 12,316 13,941
    T ROWE PRICE MID CAP GROWTH FD 42,000 39,496
    XILINX INC 13,797 15,453

    TY 2015 InvestmentsOtherSchedule2
    Name:
    GLADYS E KNOWLES CHARITABLE TRUST 50315420
    EIN:
    81-0423029
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    ALPHABET INC CL A AT COST 4,658 18,672
    ALPHABET INC CL C AT COST 3,815 15,936
    BB T CORPORATION MTN 2.450% 1 AT COST 25,343 25,168
    BOEING CO AT COST 2,554 2,747
    CARDINAL HEALTH INC AT COST 22,344 22,585
    COSTCO WHSL CORP AT COST 12,046 13,243
    CVS HEALTH CORPORATION AT COST 4,321 4,400
    E O G RES INC AT COST 14,279 10,972
    FIDELITY INVT TR AD INTL DISCI AT COST 43,500 43,325
    ISHARES CORE MSCI EAFE ETF AT COST 16,421 16,205
    JOHN DEERE MTN 1.950% 12 AT COST 25,245 25,106
    JOHN HANCOCK II GL ABS RE I AT COST 8,000 7,379
    JPMORGAN CHASE MTN 1.350% 2 AT COST 25,141 24,950
    MEDTRONIC PLC AT COST 22,613 22,922
    MYLAN NV AT COST 12,036 11,030
    PRUDENTIAL SHORT DUR HI YLD IN AT COST 72,000 70,054
    SEMPRA ENERGY AT COST 6,224 5,453
    T ROWE PRICE GROWTH STOCK #40 AT COST 6,500 6,622
    THE PRICELINE GROUP INC AT COST 12,768 12,750
    WELLS FARGO CO MTN 2.625% 12 AT COST 25,673 25,340

    TY 2015 OtherDecreasesSchedule
    Name:
    GLADYS E KNOWLES CHARITABLE TRUST 50315420
    EIN:
    81-0423029
    Description Amount
    2014 BALANCE SHEET ADJUSTMENT 1,431
    RETURN OF CAPITAL 398
    COST ADJUSTMENT 6,591


    TY 2015 OtherExpensesSchedule
    Name:
    GLADYS E KNOWLES CHARITABLE TRUST 50315420
    EIN:
    81-0423029
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT EXPENSES 26 26   0


    TY 2015 TaxesSchedule
    Name:
    GLADYS E KNOWLES CHARITABLE TRUST 50315420
    EIN:
    81-0423029
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL ESTIMATED TAX PAYMENTS 2,340 0   0
    FOREIGN TAXES PAID 650 650   0