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 06-01-2015 , and ending 05-31-2016

Name of foundation
TW MARIAN W OTTLEY-WATERTOWN

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

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

A Employer identification number

58-6222005

B Telephone number (see instructions)

(800) 352-3705

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

$15,618,546J 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...	328,315		327,021
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		-15,546
b	Gross sales price for all assets on line 6a 6,576,309
7	Capital gain net income (from Part IV, line 2)...			0
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).......		17,391	8,286
12	Total. Add lines 1 through 11........	330,160		335,307
13	Compensation of officers, directors, trustees, etc.	157,399		92,513		64,886
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).......		1,600	0	0	1,600
c	Other professional fees (attach schedule)....		15,819	15,819		0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		36,080	10,581		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).......		3,413	2,603		810
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	214,311		121,516	0	67,296
25	Contributions, gifts, grants paid.......	708,000				708,000
26	Total expenses and disbursements. Add lines 24 and 25	922,311		121,516	0	775,296
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-592,151
b	Net investment income (if negative, enter -0-)			213,791
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.............	3,096
	2	Savings and temporary cash investments.........	277,171	761,109	761,109
	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)		395,641	401,626
	b	Investments—corporate stock (attach schedule).......	10,301,309	10,186,269	10,323,372
	c	Investments—corporate bonds (attach schedule).......	1,690,188	1,894,342	1,885,098
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	2,939,226	1,944,410	2,247,341
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	15,210,990	15,181,771	15,618,546
	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........	15,210,990	15,181,771
	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).....	15,210,990	15,181,771
	31	Total liabilities and net assets/fund balances (see instructions).	15,210,990	15,181,771

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

15,210,990

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

-592,151

Other increases not included in line 2 (itemize) bullet

582,820

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

15,201,659

Decreases not included in line 2 (itemize) bullet

19,888

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

15,181,771

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	336. AIA GROUP LTD-SP ADR		2014-10-14	2016-04-21
b	11447.261 ABERDEEN EMERG MARKETS-INST #5840		2013-04-29	2015-10-30
c	27182.222 ABERDEEN EMERG MARKETS-INST #5840		2015-02-04	2015-12-08
d	6221.246 ABERDEEN EMERG MARKETS-INST #5840		2013-06-27	2015-12-08
e	177. AIR LIQUIDE - ADR		2016-02-10	2016-04-21
	105. AIR LIQUIDE - ADR		2011-02-08	2016-04-21
	186. ALBEMARLE CORP COM		2015-10-20	2016-03-14
	13. ALEXANDRIA REAL ESTATE EQUITIES		2015-05-28	2016-04-14
	134. ALFA LAVAL AB-UNSPON ADR		2016-02-09	2016-04-21
	404. ALLIANZ SE ADR		2013-02-04	2016-04-21
	40. AMERICAN FINL GROUP INC OHIO COM		2015-07-06	2016-03-02
	2. AMERICAN FINL GROUP INC OHIO COM		2015-07-06	2016-04-05
	218. AMERICAN FINL GROUP INC OHIO COM		2013-05-16	2016-04-05
	30. AMSURG CORP		2014-06-23	2016-03-09
	19. AMTRUST FINANCIAL SERVICES INC		2014-06-23	2015-08-04
	346. AMTRUST FINANCIAL SERVICES INC		2014-08-29	2015-10-14
	526. ANGLO AMERN PLC ADR		2014-10-15	2015-09-29
	37. ANHEUSER-BUSCH INBEV SPN ADR		2012-05-03	2016-04-21
	5. ANHEUSER-BUSCH INBEV SPN ADR		2014-09-15	2016-05-31
	94. APARTMENT INVT & MGMT CO CL A		2012-09-06	2016-01-13
	20. APARTMENT INVT & MGMT CO CL A		2015-10-22	2016-01-13
	50. APPLE INC		2014-11-24	2016-02-05
	130. ARM HOLDINGS PLC - ADR		2016-02-10	2016-04-21
	290. ARROW ELECTRS INC		2013-09-09	2015-11-24
	14856.429 ASHMORE EMERG MKTS CR DB-INS		2015-02-04	2015-09-17
	63. ASHTEAD GROUP PLC-UNSPON ADR		2014-07-29	2016-01-28
	111. ASSA ABLOY AB-UNSP ADR		2014-07-29	2016-05-31
	183. ASTRONICS CORP COM		2015-03-20	2015-10-29
	.45 ASTRONICS CORP		2015-03-20	2015-10-26
	27. ASTRONICS CORP		2015-03-20	2015-10-27
	625. ATLANTIA SPA-UNSPONSORED ADR		2014-07-29	2015-07-08
	128. ATLAS COPCO AB ADR		2013-04-01	2016-04-21
	2000. AVIS BUDGET CAR/FINA 5.500% 4/01/23		2015-06-16	2016-05-10
	2000. AVIS BUDGET CAR/FINA 5.500% 4/01/23		2015-07-06	2016-05-11
	516. AVIS BUDGET GROUP		2016-02-17	2016-05-27
	383. BG GROUP PLC - ADR		2015-01-21	2016-01-08
	218. BG GROUP PLC - ADR		2014-07-29	2016-01-08
	1654. BG GROUP PLC - ADR		2014-12-03	2016-03-07
	420. BNP PARIBAS - ADR		2014-12-26	2016-01-20
	72. BOFI HOLDING INC		2014-04-22	2015-09-15
	90. BOFI HOLDING INC		2015-07-07	2015-09-15
	9.99976 BAIDU INC ADR		2015-02-17	2016-04-21
	29.00024 BAIDU INC ADR		2015-02-17	2016-04-21
	5000. BALL CORP 5.000% 3/15/22		2013-10-24	2016-01-13
	327. BANCO BILBAO VIZCAYA ARGENT- ADR		2013-02-21	2016-04-21
	229. BAXTER INTL INC		2013-12-12	2015-06-05
	356. BAXTER INTL INC		2014-11-24	2015-06-05
	30. BAYER AG - ADR		2014-07-29	2016-04-28
	65. BAYER AG - ADR		2014-07-29	2016-05-19
	10.9999 BAYER AG - ADR		2014-07-29	2016-05-26
	63.0001 BAYER AG - ADR		2014-07-29	2016-05-26
	130. BAYERISCHE MOTOREN WERKE (BMW) ADR		2013-10-14	2016-04-21
	493. BENCHMARK ELECTRS INC COM		2014-06-23	2015-06-23
	420. BIOTELEMETRY INC		2015-05-28	2016-05-16
	767. BLOUNT INTERNATIONAL INC		2014-09-04	2015-08-04
	5. BRITISH AMERICAN TOBACCO P.L.C - ADR		2014-07-29	2016-05-31
	32. BROOKDALE SR LIVING INC		2015-01-23	2015-09-11
	107. BROOKDALE SR LIVING INC		2013-12-18	2015-09-11
	316. BUCKLE INC COM		2015-01-30	2015-11-23
	48. CBL & ASSOC PPTYS INC COM		2014-03-25	2015-10-22
	9000. CCO HLDGS LLC/CAP CO 6.500% 4/30/21		2013-12-10	2016-05-25
	2000. CCO HLDGS LLC/CAP CO 5.750% 1/15/24		2013-11-25	2016-02-17
	275. CBOE HOLDINGS INC		2015-10-14	2016-04-27
	3000. CBRE SERVICES INC 5.000% 3/15/23		2013-04-23	2015-09-21
	2000. CHS/COMMUNITY HEALTH 5.125% 8/15/18		2016-02-16	2016-05-13
	2000. CIT GROUP INC 5.000% 8/15/22		2014-03-03	2016-01-08
	2000. CIT GROUP INC 5.000% 8/15/22		2014-06-04	2016-01-27
	2000. CIT GROUP INC 5.000% 8/15/22		2014-06-04	2016-01-27
	2000. CIT GROUP INC 5.000% 8/15/22		2014-06-04	2016-03-11
	2000. CIT GROUP INC 5.000% 8/15/22		2014-03-31	2016-03-17
	122. CSL LTE-SPONSORED ADR		2013-04-01	2016-03-30
	88. CSL LTE-SPONSORED ADR		2011-02-08	2016-04-21
	74. CAL MAINE FOODS INC		2014-06-23	2015-08-04
	38. CAMDEN PPTY TR SH BEN INT		2012-09-06	2015-07-06
	106. CAMDEN PPTY TR SH BEN INT		2012-09-06	2015-09-21
	730. CAMERON INTL CORP		2015-04-30	2015-11-03
	77. CANADIAN NATL RR CO COM		2013-04-01	2016-04-21
	209. CAPELLA EDUCATION CO		2014-06-23	2015-07-21
	.75 CARE CAPITAL PROPERTIES INC		2015-02-11	2015-08-26
	76.25 CARE CAPITAL PROPERTIES INC		2014-12-23	2016-01-13
	2.75 CARE CAPITAL PROPERTIES INC		2015-02-11	2016-01-13
	149. CARLISLE COS INC		2015-04-23	2015-06-18
	41. CARLSBERG AS-B-SPON ADR		2014-07-29	2016-05-31
	9000. CATAMARAN CORP 4.750% 3/15/21		2014-05-13	2015-08-23
	38. CHEMED CORP NEW		2014-04-11	2016-03-02
	46. CHEMED CORP NEW		2014-03-17	2016-03-15
	1000. CHESAPEAKE ENERGY CO 6.125% 2/15/21		2014-11-13	2015-06-29
	2000. CHESAPEAKE ENERGY CO 6.125% 2/15/21		2014-11-14	2015-06-30
	1000. CHESAPEAKE ENERGY CO 6.125% 2/15/21		2013-12-06	2015-07-01
	2000. CHESAPEAKE ENERGY CO 6.125% 2/15/21		2013-12-06	2016-02-10
	1000. CHESAPEAKE ENERGY CO 6.125% 2/15/21		2013-12-06	2016-02-11
	2000. CHESAPEAKE ENERGY CO 6.125% 2/15/21		2015-09-09	2016-02-11
	2000. CLEAR CHANNEL COMMUN 9.000% 12/15/19		2015-03-19	2015-11-09
	3000. CLEAR CHANNEL COMMUN 9.000% 12/15/19		2015-03-19	2015-11-16
	267. COLOPLAST AS - UNSPON ADR		2016-01-11	2016-04-21
	301.99955 COMPAGNIE FINANCIERE - ADR		2014-07-29	2016-03-31
	146.00045 COMPAGNIE FINANCIERE - ADR		2014-07-29	2016-03-31
	26. COMPASS GROUP PLC - ADR		2015-06-12	2016-05-31
	135. COSTCO WHOLESALE CORP		2014-11-24	2015-12-17
	827. COWEN GROUP INC		2015-06-23	2016-05-16
	1332. COWEN GROUP INC		2015-06-23	2016-05-17
	4000. CROWN AMER/CAP CORP 6.250% 2/01/21		2013-05-21	2016-02-28
	30. CUBESMART		2014-10-22	2016-02-17
	97. CYRUSONE INC		2015-07-06	2015-10-22
	78. DBS GROUP HOLDINGS LIMITED - ADR		2013-04-01	2016-04-21
	196. DDR CORP		2012-09-06	2016-02-08
	181. DST SYS INC COM		2013-03-04	2016-01-27
	26. DAIKIN INDUSTRIES-UNSPONADR		2014-07-29	2015-12-09
	59. DAIKIN INDUSTRIES-UNSPONADR		2014-08-27	2015-12-15
	29. DAIWA HOUSE IND LTD ADR		2014-07-29	2016-05-31
	31. DASSAULT SYSTEMES S.A. - ADR		2013-04-01	2015-07-09
	26. DASSAULT SYSTEMES S.A. - ADR		2013-04-01	2016-02-25
	101. DASSAULT SYSTEMES S.A. - ADR		2011-02-08	2016-04-21
	238. DECKERS OUTDOOR CORP		2015-05-21	2016-05-24
	176. DILLARDS INC CL A		2015-10-06	2016-01-21
	425. DOVER CORP COM		2014-11-13	2015-11-11
	269. DREW INDUSTRIES INC		2014-09-04	2015-10-29
	5515.899 DREYFUS INTERNATL BOND FD CL I #6094		2014-02-18	2016-05-27
	165. DRIL-QUIP INC COM		2015-05-29	2015-10-07
	5000. DYNEGY INC 5.875% 6/01/23		2014-06-09	2016-05-31
	403. E M C CORP MASS		2013-08-08	2015-06-16
	1272. E M C CORP MASS		2014-11-24	2015-06-16
	20000. ECOLAB INC 3.000% 12/08/16		2015-10-01	2016-02-29
	999. ENCANA CORP		2015-11-09	2016-02-11
	3000. ENERGY TRANSFER EQUI 7.500% 10/15/20		2011-08-11	2016-02-10
	3000. ENERGY TRANSFER EQUI 7.500% 10/15/20		2011-08-11	2016-02-16
	2000. ENERGY TRANSFER EQUI 7.500% 10/15/20		2011-08-11	2016-02-17
	842. ENPHASE ENERGY INC		2014-09-04	2015-07-21
	43. EQUITY RESIDENTIAL PPTYS TR SH BEN		2015-09-21	2016-04-14
	11. EQUITY RESIDENTIAL PPTYS TR SH BEN		2015-02-04	2016-04-14
	405. ESSENDANT INC		2014-11-07	2015-10-06
	7. ESSEX PPTY TR COM		2013-06-27	2016-04-14
	811. EVERBANK FINANCIAL CORP		2015-09-15	2015-12-24
	1000. EP ENERGY/EP FINANCE 9.375% 5/01/20		2013-02-01	2015-10-02
	1000. EP ENERGY/EP FINANCE 9.375% 5/01/20		2013-02-01	2015-10-02
	3000. EP ENERGY/EP FINANCE 9.375% 5/01/20		2013-02-01	2015-10-02
	76. EXTRA SPACE STORAGE INC		2012-09-06	2015-07-21
	126. FCB FINANCIAL HOLDINGS, INC		2015-01-29	2015-08-04
	255. FANUC CORPORATION ADR		2016-04-12	2016-04-21
	45. FANUC CORPORATION ADR		2013-04-01	2016-04-21
	39287.6 FHLMC POOL #G08592 4.000% 6/01/44		2015-10-09	2015-11-09
	699.41 FHLMC POOL #G08592 4.000% 6/01/44		2015-10-09	2015-11-15
	228.9 FHLMC POOL #G08669 4.000% 9/01/45		2015-11-09	2015-12-15
	282.26 FHLMC POOL #G08669 4.000% 9/01/45		2015-11-09	2016-01-15
	370.89 FHLMC POOL #G08669 4.000% 9/01/45		2015-11-09	2016-02-15
	759.54 FHLMC POOL #G08669 4.000% 9/01/45		2016-02-09	2016-03-15
	1084.86262 FHLMC POOL #G08669 4.000% 9/01/45		2015-11-09	2016-04-15
	309.30738 FHLMC POOL #G08669 4.000% 9/01/45		2016-02-09	2016-04-15
	1157.26 FHLMC POOL #G08669 4.000% 9/01/45		2016-04-11	2016-05-15
	378.65 FHLMC POOL #G08641 3.500% 5/01/45		2015-10-07	2015-11-15
	382.33 FHLMC POOL #G08641 3.500% 5/01/45		2015-10-07	2015-12-15
	407.6 FHLMC POOL #G08641 3.500% 5/01/45		2015-10-07	2016-01-15
	346.59 FHLMC POOL #G08641 3.500% 5/01/45		2015-10-07	2016-02-15
	447.33 FHLMC POOL #G08641 3.500% 5/01/45		2015-10-07	2016-03-15
	865.34 FHLMC POOL #G08641 3.500% 5/01/45		2015-10-07	2016-04-15
	54200.09 FHLMC POOL #G08641 3.500% 5/01/45		2015-10-07	2016-05-09
	696.38 FHLMC POOL #G08641 3.500% 5/01/45		2015-10-07	2016-05-15
	641.42 FHLMC POOL #G60384 4.500% 12/01/45		2016-01-19	2016-02-15
	499.14 FHLMC POOL #G60384 4.500% 12/01/45		2016-01-19	2016-03-15
	913.46 FHLMC POOL #G60384 4.500% 12/01/45		2016-01-19	2016-04-15
	827.61 FHLMC POOL #G60384 4.500% 12/01/45		2016-04-11	2016-05-15
	6. FEDERAL RLTY INVT TR SH BEN INT		2012-09-06	2016-02-17
	24. FEDERAL RLTY INVT TR SH BEN INT		2013-03-22	2016-03-22
	1011.79 FNMA POOL #AL6306 4.500% 1/01/45		2015-10-07	2015-11-25
	653.82 FNMA POOL #AL6306 4.500% 1/01/45		2015-10-07	2015-12-25
	34491.5 FNMA POOL #AL6306 4.500% 1/01/45		2015-10-07	2016-01-19
	943.38 FNMA POOL #AL6306 4.500% 1/01/45		2015-10-07	2016-01-25
	9267.913 FID ADV EMER MKTS INC- CL I #607		2014-07-24	2015-09-17
	4000. FIRST DATA CORPORAT 12.625% 1/15/21		2015-03-20	2015-11-16
	4000. FIRST DATA CORPORAT 12.625% 1/15/21		2015-03-19	2015-11-30
	84. FIRST INDL RLTY TR INC COM		2012-09-06	2015-12-08
	35. FIRST INDL RLTY TR INC COM		2012-09-06	2016-02-17
	40. FIRST INDL RLTY TR INC COM		2012-09-06	2016-03-22
	87. FIRST INDL RLTY TR INC COM		2012-09-06	2016-04-14
	86. FRESENIUS MEDICAL CARE ADR		2011-10-07	2016-04-21
	221. FRESENIUS SE & CO-SPN ADR		2014-09-16	2015-09-25
	188. FUCHS PETROLUB SE-PREF ADR		2014-02-10	2016-04-21
	20. GEO GROUP INC/THE		2014-03-26	2016-02-17
	.5 GANNETT CO INC		2013-04-30	2015-07-15
	242. GANNETT CO INC		2013-04-30	2015-07-28
	41. GENERAL GROWTH PROPERTIE-W/I		2015-11-25	2016-03-22
	275. GENERAL MILLS INC		2014-11-24	2015-06-16
	2000. GENON ENERGY INC 9.875% 10/15/20		2011-08-26	2015-12-08
	3000. GENON ENERGY INC 9.875% 10/15/20		2011-08-26	2016-02-03
	295. GENTHERM INC		2014-11-03	2015-12-04
	5573.945 GOLDMAN SACHS COMM STRATEGY #2653		2015-02-04	2016-05-05
	31. GRACO INC		2015-11-18	2016-02-19
	57. GRACO INC		2015-10-06	2016-04-01
	132. GRACO INC		2015-10-06	2016-04-19
	112. GRIFOLS SA-ADR		2015-11-11	2016-04-21
	2000. HCA INC 5.000% 3/15/24		2014-04-04	2016-01-21
	4000. HCA INC 5.000% 3/15/24		2014-04-04	2016-01-22
	354. HFF INC		2014-06-23	2015-07-21
	194. HACKETT GROUP INC		2015-05-28	2016-04-25
	5000. H.J. HEINZ COMPANY 4.250% 10/15/20		2014-06-19	2015-07-06
	4000. HERTZ CORP 6.250% 10/15/22		2015-06-08	2016-04-26
	324. HONG KONG EXCH & CLEARING LTD -ADR		2013-06-13	2015-09-30
	186. HOST HOTELS & RESORTS, INC.		2012-09-06	2016-01-27
	269. HOST HOTELS & RESORTS, INC.		2012-09-06	2016-02-08
	143. HOST HOTELS & RESORTS, INC.		2012-09-06	2016-03-22
	143. HOST HOTELS & RESORTS, INC.		2012-09-06	2016-05-11
	34. HUDSON PACIFIC PROPERTIES INC		2015-06-29	2016-03-22
	112. HUDSON PACIFIC PROPERTIES INC		2015-06-29	2016-04-14
	2000. ISTAR FINANCIAL INC 5.000% 7/01/19		2014-07-14	2015-09-16
	3000. ISTAR FINANCIAL INC 5.000% 7/01/19		2014-07-14	2015-09-18
	824. IXIA		2015-09-24	2016-04-22
	2570. ICICI BANK LTD. - ADR		2013-04-01	2016-02-23
	283. IMPAX LABORATORIES INC		2016-03-01	2016-04-05
	216. IMPERIAL OIL LTD COM-		2014-03-12	2015-11-05
	291. IMPERIAL OIL LTD COM-		2013-04-01	2016-04-08
	43. INFORMA PLC-SP ADR		2014-07-29	2016-05-31
	104. INPHI CORP		2014-06-23	2015-06-24
	24. INPHI CORP		2014-06-23	2015-12-04
	89. INPHI CORP		2014-06-23	2016-04-22
	440. INTEL CORP		2014-11-20	2016-04-18
	4000. INTELSAT JACKSON HLD 7.250% 4/01/19		2012-03-20	2016-02-24
	3000. INTELSAT JACKSON HLD 7.250% 4/01/19		2012-02-07	2016-03-16
	2000. INTELSAT JACKSON HLD 7.250% 4/01/19		2012-02-07	2016-03-17
	716. INTELIQUENT INC		2014-06-23	2016-01-26
	583. INTERVAL LEISURE GROUP INC		2014-12-03	2015-06-11
	447. INVESTMENT TECHNOLOGY GROUP INC NEW		2015-04-15	2015-08-04
	.7 ITAU UNIBANCO H-SPON PRF ADR		2012-07-30	2015-07-30
	756. ITAU UNIBANCO H-SPON PRF ADR		2013-05-24	2016-03-28
	299. ITAU UNIBANCO H-SPON PRF ADR		2014-06-12	2016-04-21
	183. ITC HLDGS CORP		2015-03-13	2015-09-15
	78. JGC CORP-UNSPONSORED ADR		2013-05-08	2016-04-21
	75. JPMORGAN CHASE & CO		2014-11-13	2016-04-13
	26. JAPAN TOBACCO INC-UNSPON ADR		2015-12-17	2016-05-31
	300. JETBLUE AWYS CORP		2015-03-27	2016-02-19
	676. JETBLUE AWYS CORP		2015-03-27	2016-04-15
	125. JOHNSON & JOHNSON		2014-11-24	2015-06-16
	117. JONES LANG LASALLE INC		2014-10-21	2016-03-17
	5. JONES LANG LASALLE INC		2015-10-08	2016-03-17
	78. KDDI CORP-UNSPONSORED ADR		2014-10-29	2015-09-17
	596. KDDI CORP-UNSPONSORED ADR		2014-07-29	2015-09-17
	70. KILROY REALTY CORP COM		2014-03-24	2015-11-25
	13. KILROY REALTY CORP COM		2016-03-22	2016-05-11
	6. KILROY REALTY CORP COM		2014-01-29	2016-05-11
	65. KIMCO RLTY CORP		2016-02-08	2016-02-17
	2000. KINETICS CONCEPT/KC 10.500% 11/01/18		2013-04-02	2016-03-08
	3000. KINETICS CONCEPT/KC 10.500% 11/01/18		2013-04-02	2016-04-07
	30. KOMATSU LIMITED - ADR		2014-07-29	2016-05-31
	140. KONE OYJ-B-UNSPONSORED ADR		2015-02-02	2016-04-21
	200. KONE OYJ-B-UNSPONSORED ADR		2015-02-02	2016-05-19
	165. L'OREAL - ADR		2013-04-01	2016-04-21
	66. LVMH MOET HENNESSY UNSP ADR - ADR		2010-12-23	2016-04-21
	31. LABORATORY CRP OF AMER HLDGS		2014-09-10	2016-01-22
	234. LANDSTAR SYS INC COM		2014-07-16	2015-06-02
	209. LANDSTAR SYS INC COM		2015-08-28	2016-03-02
	102. LANNETT INC		2016-01-22	2016-03-01
	267. LANNETT INC		2014-11-20	2016-03-01
	250. LANNETT INC		2014-06-23	2016-03-09
	66. LENNOX INTERNATIONAL INC		2015-06-18	2016-04-18
	4000. LEVEL 3 FINANCING IN 7.000% 6/01/20		2014-06-16	2016-04-21
	874. LIFELOCK INC		2014-06-23	2015-08-04
	4000. LIMITED BRANDS INC 6.625% 4/01/21		2014-07-07	2016-04-13
	168. LINDE AG ADR		2014-10-13	2016-04-21
	3000. LINN ENERGY, LLC/LIN 7.750% 2/01/21		2012-05-21	2015-09-14
	2000. LINN ENERGY, LLC/LIN 7.750% 2/01/21		2012-05-21	2015-10-01
	33. MACERICH CO COM		2015-10-22	2015-11-25
	342. CREDIT SUISSE GRP ADR RGTI DEEMD REC		2015-10-28	2015-12-21
	10875.476 MAINSTAY CONVERTIBLE FD CL I #2584		2014-11-21	2015-09-17
	8. MAKITA CORPORATION - ADR		2014-07-29	2016-05-31
	5000. MARKWEST ENERGY PART 6.750% 11/01/20		2011-08-26	2015-06-03
	324. MATSON INC.		2015-03-20	2016-05-16
	199. MEDIOLANUM SPA-UNSPONSOR ADR		2014-07-29	2015-08-13
	222. MEDIOLANUM SPA-UNSPONSOR ADR		2014-07-29	2015-09-28
	93. MEDIOLANUM SPA-UNSPONSOR ADR		2015-12-17	2016-01-22
	404. MEDIOLANUM SPA-UNSPONSOR ADR		2014-12-30	2016-01-22
	2547. MERGE HEALTHCARE INC		2015-07-21	2015-09-24
	46. MICROSTRATEGY INC CL A		2016-03-09	2016-05-17
	2000. MICRON TECHNOLOGY, 5.875% 2/15/22		2015-03-05	2016-04-04
	2000. MICRON TECHNOLOGY, 5.875% 2/15/22		2015-02-23	2016-04-05
	248. MINERALS TECHNOLOGIES INC COM		2014-09-30	2015-06-17
	103. MITSUBISHI ESTATE COMPANY, LTD - ADR		2013-09-27	2016-04-21
	51. MONOTARO CO LTD-UNSP ADR		2013-11-14	2015-07-09
	65. MONOTARO CO LTD-UNSP ADR		2013-11-13	2016-04-21
	193. MTN GROUP LTD ADR		2014-05-15	2016-04-21
	2000. NRG ENERGY INC 6.625% 3/15/23		2014-04-07	2015-10-28
	2000. NRG ENERGY INC 6.625% 3/15/23		2014-04-02	2015-12-04
	17. NASPERS LTD ADR		2015-07-02	2016-02-25
	232. NASPERS LTD ADR		2015-07-02	2016-04-21
	30. NESTLE S.A. REGISTERED SHARES - ADR		2013-04-01	2015-07-09
	82. NESTLE S.A. REGISTERED SHARES - ADR		2010-12-23	2016-04-21
	444. NEW JERSEY RES CORP		2014-06-23	2015-06-23
	560. NOVARTIS AG - ADR		2014-11-24	2016-05-09
	16. NOVARTIS AG - ADR		2014-07-29	2016-05-31
	80. NOVO NORDISK A/S - ADR		2011-02-08	2015-10-22
	205. NOVO NORDISK A/S - ADR		2014-08-28	2015-11-20
	353. NOVO NORDISK A/S - ADR		2013-06-11	2016-02-09
	10. NOVO NORDISK A/S - ADR		2011-02-08	2016-05-31
	126. NUTRI SYS INC		2014-11-18	2015-08-04
	1. NUTRI SYS INC		2014-11-18	2016-05-16
	54. NUVASIVE INC		2014-06-23	2015-09-24
	239. OGE ENERGY CORP COM		2015-09-15	2015-11-23
	498. OMNIVISION TECHNOLOGIES		2014-07-11	2015-10-29
	427. OSHKOSH CORPORATION		2015-10-14	2016-02-17
	721. OWENS ILL INC COM NEW		2015-04-20	2016-04-07
	78. PARK24 CO LTD-SPN ADR		2016-02-01	2016-04-21
	592. PEARSON PLC - ADR		2015-08-13	2015-11-09
	2000. JC PENNEY CORP INC 8.125% 10/01/19		2015-05-04	2015-09-25
	837. PERICOM SEMICONDUCTOR CORP		2015-03-02	2015-11-24
	124. POLARIS INDS INC COM		2012-05-09	2016-01-20
	4000. POST HOLDINGS INC 7.375% 2/15/22		2013-03-28	2015-11-20
	3000. POST HOLDINGS INC 7.375% 2/15/22		2013-03-28	2016-01-13
	2000. POST HOLDINGS INC 7.375% 2/15/22		2013-02-12	2016-01-13
	5118.83 T ROWE PRICE INST EM MKT EQ #146		2015-02-04	2015-10-30
	20325.203 T ROWE CORPORATE INCOME FD #112		2014-11-21	2015-09-17
	279. PROASSURANCE CORPORATION		2014-06-23	2015-09-24
	200. PROTO LABS INC		2016-04-19	2016-05-26
	21. PRUDENTIAL PLC - ADR		2014-07-29	2016-05-31
	9. PUBLIC STORAGE INC COM		2015-07-21	2015-12-29
	28. PUBLIC STORAGE INC COM		2015-07-21	2016-02-08
	6. PUBLIC STORAGE INC COM		2013-01-03	2016-02-17
	17. PUBLIC STORAGE INC COM		2015-06-25	2016-02-17
	7. PUBLIC STORAGE INC COM		2012-12-21	2016-03-22
	10. PUBLIC STORAGE INC COM		2012-12-21	2016-05-11
	101. QTS REALTY TRUST INC-CL A		2014-06-23	2016-05-17
	64. QUALCOMM INC		2014-11-24	2015-11-11
	636. QUALCOMM INC		2014-02-24	2015-11-11
	343. QUESTAR CORP		2015-11-23	2016-02-18
	5000. RANGE RESOURCES CORP 6.750% 8/01/20		2011-08-10	2015-08-03
	2000. RANGE RESOURCES CORP 5.000% 3/15/23		2014-02-19	2015-12-16
	1000. RANGE RESOURCES CORP 5.000% 3/15/23		2014-02-19	2016-01-22
	116. REXAM PLC-SPONSORED ADR		2014-07-29	2016-04-08
	3000. REYNOLDS GRP ISS/REY 5.750% 10/15/20		2013-09-06	2015-11-24
	2000. REYNOLDS GRP ISS/REY 5.750% 10/15/20		2013-09-06	2015-11-25
	137. ROCHE HOLDINGS LTD - ADR		2015-09-30	2016-04-21
	78. ROCHE HOLDINGS LTD - ADR		2013-04-01	2016-04-21
	396. ROSS STORES INC		2013-04-30	2016-04-26
	124. ROYAL DUTCH SHELL PLC ADR		2016-03-09	2016-04-21
	1797. KONINKLIJKE KPN N.V. - ADR		2014-12-02	2015-08-05
	56. RYANAIR HOLDINGS PLC-SP ADR		2014-07-29	2015-11-03
	.975 RYANAIR HOLDINGS PLC-SP ADR		2014-07-29	2015-11-05
	2000. SBA COMMUNICATIONS 4.875% 7/15/22		2015-11-23	2016-02-25
	48. RYOHIN KEIKAKU CO-UNSP ADR		2014-07-29	2015-07-27
	9. RYOHIN KEIKAKU CO-UNSP ADR		2014-07-29	2016-05-31
	27. SL GREEN REALTY CORP COM		2012-09-06	2015-12-29
	3000. SLM CORP 5.500% 1/25/23		2013-11-19	2015-10-06
	2000. SLM CORP 5.500% 1/25/23		2013-11-19	2015-10-06
	121. SM ENERGY CO		2013-11-25	2015-07-07
	59. SM ENERGY CO		2014-10-13	2015-07-07
	55. SM ENERGY CO		2013-12-23	2015-07-07
	4906. SPDR S & P 500 ETF TRUST		2013-11-01	2015-08-19
	208. SPDR S&P MIDCAP 400 ETF TRUST		2007-07-05	2016-04-20
	114. SANDS CHINA LTD-UNSPONS ADR		2015-05-21	2016-01-22
	269. SANDS CHINA LTD-UNSPONS ADR		2014-05-14	2016-01-22
	25. SAP SE		2011-02-08	2016-02-25
	60. SAP SE		2011-02-08	2016-04-21
	70. SASOL LIMITED - ADR		2011-02-08	2016-04-21
	62. SCHLUMBERGER LTD		2010-12-23	2016-04-21
	1529. SCHNEIDER ELECTRIC SE - ADR		2013-04-01	2015-10-01
	10000. SEARS HOLDING CORP 6.625% 10/15/18		2011-10-04	2015-08-14
	2140. AMEX ENERGY SELECT SPDR		2015-02-17	2016-04-06
	1644. BANCO BILBAO VIZCAYA ARGENT 11/15/15		2015-11-02	2015-11-02
	274. SEVEN & I HOLDINGS CO., LTD ADR		2014-07-29	2015-10-26
	55. SHIRE PLC ADR		2014-10-16	2015-10-19
	3. SHIRE PLC ADR		2015-02-13	2016-05-31
	14. SIMON PROPERTY GROUP INC		2016-01-29	2016-03-29
	2000. SINCLAIR TELEVISION 5.375% 4/01/21		2015-03-06	2015-09-16
	3000. SINCLAIR TELEVISION 5.375% 4/01/21		2015-03-06	2015-10-15
	26. SKECHERS U S A INC		2014-06-23	2015-07-27
	30. SKECHERS U S A INC		2014-06-23	2015-08-04
	90. SNAP ON INC		2014-11-13	2015-11-11
	39. SOFTBANK GROUP CORP-UNSPON ADR		2014-09-17	2016-05-31
	208. SONY CORPORATION - ADR		2015-07-13	2015-10-01
	93. SONOVA HOLDIN-UNSPON ADR		2011-03-28	2016-04-21
	89. SOUTH32 - ADR		2015-05-29	2015-06-03
	.6 SOUTH32 - ADR		2015-05-29	2015-06-04
	2000. SOUTHWESTERN ENERGY 4.950% 1/23/25		2016-02-25	2016-04-04
	2000. SOUTHWESTERN ENERGY 4.950% 1/23/25		2016-02-25	2016-04-04
	1000. SPRINT CAP CORP 6.875% 11/15/28		2014-04-07	2016-04-13
	1000. SPRINT CAP CORP 6.875% 11/15/28		2014-04-07	2016-04-14
	3000. SPRINT CAP CORP 6.875% 11/15/28		2014-04-07	2016-04-28
	1610. STATOIL ASA ADR		2014-11-24	2016-02-09
	15994.624 STONE HARBOR LOCAL MARKET FD #14604		2015-05-18	2015-09-17
	12765.865 STONE HARBOR LOCAL MARKET FD #14604		2015-02-04	2016-05-27
	546. STRATEGIC HOTELS & RESORTS INC		2014-05-30	2015-10-22
	158. SUMITOMO TRUST AND BANKING ADR		2014-07-29	2016-05-31
	1508. SUMITOMO MITSUI TR-SPON ADR		2014-02-12	2016-04-08
	.2825 SUNSTONE HOTEL INVS INC NEW		2016-02-01	2016-02-04
	127. SUPER MICRO COMPUTER INC		2015-11-05	2016-03-09
	82. SUPERNUS PHARMACEUTICALS INC		2014-12-10	2015-06-23
	165. SUPERNUS PHARMACEUTICALS INC		2014-12-10	2015-07-21
	144. SUPERNUS PHARMACEUTICALS INC		2014-12-10	2015-08-04
	1494. SVENSKA HANDELSB-A-UNSP ADR		2013-04-01	2016-04-12
	176. SWEDBANK AB ADR		2014-10-29	2016-02-09
	144. SYMRISE AG ADR		2014-06-02	2016-04-21
	27. SYNAPTICS INC		2014-11-20	2015-10-20
	35. SYNAPTICS INC		2013-07-30	2015-10-20
	34. SYNAPTICS INC		2013-07-30	2015-11-05
	48. SYNAPTICS INC		2013-08-27	2015-11-18
	368. SYNTEL INC		2012-11-21	2016-05-09
	282. SYSMEX CORP-UNSPON ADR		2013-04-01	2015-07-01
	145. SYSMEX CORP-UNSPON ADR		2012-12-04	2015-07-02
	187. SYSMEX CORP-UNSPON ADR		2012-12-04	2016-04-21
	98. TAIWAN SEMICONDUCTOR MANUFACTU - ADR		2013-04-01	2015-07-09
	82. TAIWAN SEMICONDUCTOR MANUFACTU - ADR		2013-04-01	2016-02-25
	322. TAIWAN SEMICONDUCTOR MANUFACTU - ADR		2014-01-13	2016-04-21
	2000. TARGA RESOURCES PART 5.250% 5/01/23		2014-09-04	2016-02-22
	3000. TARGA RESOURCES PART 5.250% 5/01/23		2014-09-04	2016-05-19
	485. TEGNA INC		2013-04-30	2015-09-10
	11035.654 TEMPLETON EMER MKT S/C-ADV #626		2012-08-07	2015-10-30
	105. TEVA PHARMACEUTICAL INDUSTRIES - ADR		2015-01-21	2015-07-10
	100. TEVA PHARMACEUTICAL INDUSTRIES - ADR		2014-07-29	2015-10-20
	9. TEVA PHARMACEUTICAL INDUSTRIES - ADR		2014-07-29	2016-05-31
	992. TIVO INC		2014-06-23	2015-08-04
	249. TORO CO		2015-03-25	2015-10-14
	2000. TOYS R US PROPERTY 8.500% 12/01/17		2015-04-20	2016-02-02
	591. TRECORA RESOURCES		2014-12-10	2016-02-05
	330. TRECORA RESOURCES		2014-12-10	2016-02-08
	2000. TRIUMPH GROUP INC 4.875% 4/01/21		2014-06-23	2015-10-09
	3000. TRIUMPH GROUP INC 4.875% 4/01/21		2014-08-20	2015-10-29
	883. TURKIYE GARANTI BANKSASI-ADR		2013-04-01	2016-04-21
	364. UBIQUITI NETWORKS INC		2013-12-03	2015-10-16
	121. ULTA SALON COSMETICS & FRAGRAN		2013-04-30	2015-10-06
	3081. UNI CHARM CORPORATION ADR		2013-04-01	2016-01-06
	615. UNI CHARM CORPORATION ADR		2011-02-08	2016-04-21
	2565. UNI CHARM CORPORATION ADR		2011-02-08	2016-05-20
	80. UNILEVER PLC - ADR		2015-06-23	2016-04-21
	1000. UNITED RENTALS NORTH 7.375% 5/15/20		2016-02-11	2016-05-30
	12000. US TREASURY BOND 3.375% 5/15/44		2015-09-24	2016-04-18
	18. UNITED THERAPEUTICS CORP DEL		2014-02-04	2015-10-26
	260. UNIVERSAL ELECTRONICS INC		2014-06-23	2015-06-23
	47. URBAN EDGE PROPERTIES-W/I		2013-01-09	2015-06-25
	20. VENTAS INC COM		2015-02-11	2015-12-08
	52. VENTAS INC COM		2014-12-23	2015-12-29
	82. VENTAS INC COM		2014-10-01	2016-01-13
	57. VENTAS INC COM		2014-09-17	2016-01-27
	15. VENTAS INC COM		2014-09-24	2016-02-08
	26. VENTAS INC COM		2015-09-11	2016-02-08
	34. VENTAS INC COM		2013-12-18	2016-03-22
	1. VENTAS INC COM		2015-09-11	2016-03-22
	69. VEREIT, INC.		2014-10-30	2015-08-04
	321. VEREIT, INC.		2014-12-03	2016-02-08
	23. VINCI SA ADR		2015-02-17	2016-05-31
	211. VISTEON CORP/NEW		2016-02-03	2016-04-01
	180. VIVENDI SA-UNSPON ADR		2015-07-13	2016-02-05
	75. VORNADO REALTY TRUST		2013-01-09	2015-06-29
	67. WPP PLC NEW ADR		2013-04-01	2016-04-21
	63. WP GLIMCHER INC		2012-09-06	2015-06-29
	72. WP GLIMCHER INC		2012-09-26	2015-08-03
	14285.714 WF SHORT-TERM BOND FUND-I#3102		2015-09-17	2016-05-27
	93. WELLTOWER INC		2014-09-24	2015-11-02
	14. WELLTOWER INC		2015-02-25	2015-11-02
	549. WERNER ENTERPRISES INC		2015-06-02	2015-08-28
	2000. WHITING PETROLEUM CO 5.000% 3/15/19		2015-05-19	2016-05-11
	2000. WHITING PETROLEUM CO 5.000% 3/15/19		2015-05-11	2016-05-16
	1000. WHITING PETROLEUM CO 5.000% 3/15/19		2015-05-19	2016-05-16
	6000. WILLIAMS COMPANIES 5.750% 6/24/44		2015-11-04	2016-03-16
	16. WOLTERS KLUWER NV - ADR		2015-01-20	2016-05-31
	191. WORTHINGTON INDS INC		2015-06-17	2016-04-07
	354. WORTHINGTON INDS INC		2015-06-17	2016-04-20
	2000. WYNN LAS VEGAS LLC/C 5.375% 3/15/22		2015-04-09	2015-08-21
	3000. WYNN LAS VEGAS LLC/C 5.375% 3/15/22		2015-04-14	2015-08-24
	1446. XCERRA CORP		2015-05-28	2015-12-04
	5. AON PLC		2015-05-21	2016-05-31
	125. ACCENTURE PLC		2014-11-24	2016-04-18
	62. BUNGE LIMITED		2013-04-01	2016-04-21
	2056.217 GAI AURORA OPPORTUNITIES FD LLC		2014-12-29	2015-09-30
	3497.823 GAI CORBIN MULTI STRATEGY FUND		2013-12-31	2015-06-30
	18634.3 GAI CORBIN FUND 5% HOLDBACK		2015-06-30	2015-06-30
	79.387 GAI AGILITY INCOME FUND		2011-06-28	2015-12-31
	160. TRINSEO SA		2015-06-23	2016-04-22
	86. NXP SEMICONDUCTORS NV		2014-09-18	2015-08-12
	389.465 RICI LINKED PAM TOTAL INDEX SER (RF)		2010-11-23	2015-06-30
	2142. TEEKAY TANKERS LTD		2015-04-15	2016-04-22
	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	7,923	6,655	1,268
b	140,000	183,710	-43,710
c	315,586	379,192	-63,606
d	72,229	90,006	-17,777
e	4,202	3,775	427
	2,493	2,210	283
	11,156	9,747	1,409
	1,188	1,217	-29
	2,231	2,022	209
	7,062	5,852	1,210
	2,708	2,643	65
	140	132	8
	15,308	10,347	4,961
	2,165	1,511	654
	1,345	810	535
	22,796	13,155	9,641
	2,155	5,920	-3,765
	4,773	2,764	2,009
	631	571	60
	3,672	2,532	1,140
	781	807	-26
	4,765	5,931	-1,166
	5,195	6,074	-879
	16,150	13,967	2,183
	119,000	121,674	-2,674
	3,237	4,058	-821
	1,143	942	201
	6,934	11,804	-4,870
	17	29	-12
	999	1,741	-742
	7,209	8,545	-1,336
	3,511	3,580	-69
	1,870	1,995	-125
	1,870	1,990	-120
	14,840	15,318	-478
	5,250	5,096	154
	2,988	4,501	-1,513
	25,128	30,966	-5,838
	9,774	13,902	-4,128
	8,819	6,220	2,599
	11,024	7,989	3,035
	1,929	2,087	-158
	5,595	6,052	-457
	5,088	5,045	43
	2,375	3,236	-861
	14,903	15,985	-1,082
	23,168	25,817	-2,649
	3,426	4,017	-591
	6,428	8,703	-2,275
	1,059	1,473	-414
	6,065	8,435	-2,370
	4,089	4,327	-238
	11,257	12,442	-1,185
	6,359	4,084	2,275
	5,982	12,440	-6,458
	607	606	1
	854	1,176	-322
	2,855	2,982	-127
	9,829	16,466	-6,637
	723	817	-94
	9,293	9,071	222
	2,015	1,918	97
	17,853	18,256	-403
	3,038	3,060	-22
	2,046	1,982	64
	2,050	2,110	-60
	2,020	2,090	-70
	2,030	2,070	-40
	2,050	2,069	-19
	2,035	2,068	-33
	4,647	3,533	1,114
	3,563	1,675	1,888
	4,124	2,691	1,433
	2,916	2,657	259
	7,781	6,878	903
	51,338	40,999	10,339
	4,977	2,993	1,984
	11,316	11,494	-178
	23	31	-8
	2,316	2,420	-104
	84	109	-25
	15,153	14,750	403
	792	821	-29
	10,208	9,144	1,064
	4,919	3,315	1,604
	6,210	3,935	2,275
	938	1,119	-181
	1,875	2,231	-356
	955	1,069	-114
	270	2,138	-1,868
	125	1,069	-944
	250	1,624	-1,374
	1,530	1,996	-466
	2,168	2,968	-800
	1,973	2,036	-63
	1,977	2,941	-964
	956	1,422	-466
	487	455	32
	21,813	18,847	2,966
	2,636	5,216	-2,580
	4,118	8,401	-4,283
	4,125	4,428	-303
	878	598	280
	3,405	2,858	547
	3,625	3,932	-307
	3,174	2,942	232
	19,052	12,393	6,659
	3,671	3,640	31
	8,002	8,181	-179
	833	604	229
	2,230	1,802	428
	1,968	1,295	673
	7,942	4,054	3,888
	11,662	20,495	-8,833
	11,554	15,920	-4,366
	27,049	34,068	-7,019
	16,317	12,458	3,859
	85,000	91,950	-6,950
	10,847	12,539	-1,692
	4,413	5,000	-587
	10,902	10,909	-7
	34,412	37,440	-3,028
	20,244	20,420	-176
	3,414	12,528	-9,114
	2,370	2,985	-615
	2,393	2,985	-592
	1,615	1,990	-375
	5,131	13,017	-7,886
	2,980	3,144	-164
	762	872	-110
	13,451	17,114	-3,663
	1,529	1,173	356
	13,201	16,369	-3,168
	753	1,131	-378
	758	1,131	-373
	2,325	3,394	-1,069
	5,362	2,426	2,936
	4,374	2,877	1,497
	7,155	6,843	312
	1,263	1,156	107
	41,501	42,136	-635
	699	750	-51
	229	243	-14
	282	299	-17
	371	393	-22
	760	806	-46
	1,085	1,151	-66
	309	329	-20
	1,157	1,229	-72
	379	395	-16
	382	399	-17
	408	425	-17
	347	362	-15
	447	467	-20
	865	903	-38
	56,910	56,571	339
	696	727	-31
	641	698	-57
	499	543	-44
	913	994	-81
	828	900	-72
	888	658	230
	3,688	2,558	1,130
	1,012	1,106	-94
	654	715	-61
	37,329	37,714	-385
	943	1,032	-89
	119,000	134,663	-15,663
	4,581	4,759	-178
	4,562	4,755	-193
	1,885	1,110	775
	707	463	244
	878	529	349
	1,958	1,150	808
	3,829	2,656	1,173
	3,870	2,734	1,136
	2,072	2,524	-452
	583	640	-57
	7	4	3
	3,204	1,270	1,934
	1,192	1,048	144
	15,133	14,157	976
	1,603	1,976	-373
	1,755	2,966	-1,211
	14,408	12,209	2,199
	61,425	115,658	-54,233
	2,342	2,281	61
	4,861	4,060	801
	11,349	9,403	1,946
	1,769	1,961	-192
	1,985	2,008	-23
	4,010	4,010
	15,205	12,623	2,582
	2,945	2,307	638
	5,106	5,021	85
	3,995	4,125	-130
	7,408	5,116	2,292
	2,514	2,864	-350
	3,694	4,143	-449
	2,361	2,202	159
	2,296	2,074	222
	988	1,024	-36
	3,279	3,216	63
	1,953	2,003	-50
	2,936	3,004	-68
	8,400	12,524	-4,124
	13,908	21,795	-7,887
	8,987	9,636	-649
	7,332	9,729	-2,397
	9,195	11,609	-2,414
	856	724	132
	2,531	1,577	954
	702	364	338
	2,811	1,350	1,461
	13,870	15,131	-1,261
	2,780	4,213	-1,433
	2,298	3,154	-856
	1,522	2,103	-581
	11,419	10,670	749
	14,397	12,202	2,195
	8,218	13,478	-5,260
	6	11	-5
	6,535	12,110	-5,575
	2,701	4,667	-1,966
	5,852	6,592	-740
	2,717	5,019	-2,302
	4,649	4,516	133
	512	490	22
	6,416	5,696	720
	14,026	12,834	1,192
	12,283	13,371	-1,088
	13,330	13,172	158
	570	733	-163
	841	830	11
	6,427	6,059	368
	4,707	3,749	958
	832	788	44
	384	311	73
	1,738	1,749	-11
	1,963	2,180	-217
	3,000	3,270	-270
	511	715	-204
	3,171	3,136	35
	4,391	4,480	-89
	6,108	4,200	1,908
	2,251	2,302	-51
	3,477	3,324	153
	15,431	15,191	240
	12,433	13,858	-1,425
	2,580	3,690	-1,110
	6,755	11,733	-4,978
	5,613	12,564	-6,951
	9,262	7,410	1,852
	4,166	4,360	-194
	6,578	11,479	-4,901
	4,500	4,560	-60
	2,575	3,153	-578
	953	3,068	-2,115
	370	2,045	-1,675
	2,622	2,837	-215
	163		163
	181,838	200,000	-18,162
	513	486	27
	5,291	5,075	216
	10,187	13,622	-3,435
	3,396	3,188	208
	3,153	3,557	-404
	1,274	1,531	-257
	5,536	6,080	-544
	18,045	12,936	5,109
	8,195	7,714	481
	1,710	2,123	-413
	1,710	2,095	-385
	17,045	15,386	1,659
	2,068	3,093	-1,025
	2,186	1,138	1,048
	2,031	725	1,306
	1,982	3,987	-2,005
	1,830	2,090	-260
	1,740	2,090	-350
	1,951	2,685	-734
	3,285	3,697	-412
	2,210	2,139	71
	6,151	4,830	1,321
	12,542	12,442	100
	41,644	53,032	-11,388
	1,267	1,414	-147
	4,258	1,792	2,466
	11,192	8,573	2,619
	16,430	11,701	4,729
	559	224	335
	3,777	2,360	1,417
	26	19	7
	2,882	1,910	972
	6,178	6,403	-225
	14,333	10,882	3,451
	14,588	17,357	-2,769
	11,711	17,557	-5,846
	2,242	2,194	48
	7,354	12,389	-5,035
	2,023	2,025	-2
	14,857	13,871	986
	9,668	9,002	666
	4,180	4,385	-205
	3,150	3,286	-136
	2,103	2,190	-87
	140,000	155,101	-15,101
	192,073	200,000	-7,927
	13,759	12,433	1,326
	12,743	16,152	-3,409
	836	997	-161
	2,265	1,809	456
	6,410	5,534	876
	1,480	879	601
	4,194	3,148	1,046
	1,836	1,022	814
	2,597	1,460	1,137
	5,244	2,881	2,363
	3,380	4,591	-1,211
	33,586	39,888	-6,302
	8,548	6,456	2,092
	5,169	5,175	-6
	1,550	2,025	-475
	755	1,013	-258
	5,062	5,164	-102
	3,068	2,970	98
	2,053	1,980	73
	4,433	4,508	-75
	2,524	1,882	642
	22,797	11,450	11,347
	6,591	5,953	638
	7,016	5,998	1,018
	4,680	3,081	1,599
	82	54	28
	2,030	1,995	35
	2,101	1,193	908
	411	224	187
	3,075	2,220	855
	2,325	2,828	-503
	1,525	1,885	-360
	4,997	10,707	-5,710
	2,542	3,414	-872
	2,369	4,576	-2,207
	1,023,183	721,956	301,227
	55,779	34,335	21,444
	3,262	4,702	-1,440
	7,697	20,756	-13,059
	1,925	1,483	442
	4,810	3,559	1,251
	2,240	3,587	-1,347
	5,005	5,101	-96
	16,991	22,515	-5,524
	9,900	9,136	764
	129,573	174,599	-45,026
	154	148	6
	6,062	5,954	108
	11,648	9,799	1,849
	555	715	-160
	2,858	2,698	160
	2,000	2,055	-55
	2,970	3,045	-75
	3,138	1,165	1,973
	4,588	1,344	3,244
	15,358	12,202	3,156
	1,080	1,562	-482
	5,140	5,733	-593
	2,440	1,865	575
	741	801	-60
	5	5
	1,335	1,224	111
	1,345	1,221	124
	740	979	-239
	750	979	-229
	2,216	2,936	-720
	21,452	36,440	-14,988
	119,000	137,990	-18,990
	99,574	110,042	-10,468
	7,667	3,826	3,841
	1,000	1,307	-307
	4,116	6,869	-2,753
	3	3
	4,029	3,693	336
	1,350	721	629
	3,240	1,451	1,789
	3,066	1,267	1,799
	9,186	8,508	678
	3,271	4,625	-1,354
	2,443	1,938	505
	2,324	1,675	649
	3,012	1,379	1,633
	3,094	1,340	1,754
	4,158	1,891	2,267
	15,594	9,773	5,821
	8,422	4,016	4,406
	4,397	1,682	2,715
	6,158	1,934	4,224
	2,187	1,680	507
	1,921	1,405	516
	8,079	5,506	2,573
	1,520	2,115	-595
	2,820	3,118	-298
	11,252	5,700	5,552
	130,000	108,106	21,894
	6,453	5,818	635
	5,818	5,464	354
	464	492	-28
	9,722	12,555	-2,833
	18,159	16,070	2,089
	1,843	2,040	-197
	6,044	7,983	-1,939
	3,299	4,457	-1,158
	1,850	2,005	-155
	2,685	3,008	-323
	2,631	4,691	-2,060
	12,445	14,418	-1,973
	20,094	10,606	9,488
	11,695	8,895	2,800
	2,767	1,642	1,125
	10,027	6,818	3,209
	3,728	3,613	115
	1,037	1,018	19
	13,964	13,122	842
	2,289	1,776	513
	13,172	12,380	792
	1,029	712	317
	1,068	1,321	-253
	2,928	3,081	-153
	4,601	4,738	-137
	3,070	3,060	10
	805	802	3
	1,396	1,357	39
	2,078	1,660	418
	61	52	9
	607	648	-41
	2,365	3,006	-641
	430	345	85
	16,458	20,214	-3,756
	3,579	4,802	-1,223
	7,212	5,490	1,722
	7,798	4,530	3,268
	867	1,203	-336
	989	987	2
	125,000	125,429	-429
	6,048	5,574	474
	910	1,094	-184
	14,569	15,096	-527
	1,696	2,005	-309
	1,713	2,000	-287
	857	1,003	-146
	3,870	4,390	-520
	637	486	151
	6,619	5,238	1,381
	13,342	9,708	3,634
	1,945	2,085	-140
	2,865	3,116	-251
	8,942	13,059	-4,117
	545	511	34
	14,338	10,625	3,713
	3,665	4,570	-905
	200,000	207,775	-7,775
	372,686	353,814	18,872
	18,634	18,634
	75,000	80,861	-5,861
	6,966	4,485	2,481
	7,835	6,241	1,594
	277,547	380,000	-102,453
	8,108	13,341	-5,233
			100,636

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			1,268
b			-43,710
c			-63,606
d			-17,777
e			427
			283
			1,409
			-29
			209
			1,210
			65
			8
			4,961
			654
			535
			9,641
			-3,765
			2,009
			60
			1,140
			-26
			-1,166
			-879
			2,183
			-2,674
			-821
			201
			-4,870
			-12
			-742
			-1,336
			-69
			-125
			-120
			-478
			154
			-1,513
			-5,838
			-4,128
			2,599
			3,035
			-158
			-457
			43
			-861
			-1,082
			-2,649
			-591
			-2,275
			-414
			-2,370
			-238
			-1,185
			2,275
			-6,458
			1
			-322
			-127
			-6,637
			-94
			222
			97
			-403
			-22
			64
			-60
			-70
			-40
			-19
			-33
			1,114
			1,888
			1,433
			259
			903
			10,339
			1,984
			-178
			-8
			-104
			-25
			403
			-29
			1,064
			1,604
			2,275
			-181
			-356
			-114
			-1,868
			-944
			-1,374
			-466
			-800
			-63
			-964
			-466
			32
			2,966
			-2,580
			-4,283
			-303
			280
			547
			-307
			232
			6,659
			31
			-179
			229
			428
			673
			3,888
			-8,833
			-4,366
			-7,019
			3,859
			-6,950
			-1,692
			-587
			-7
			-3,028
			-176
			-9,114
			-615
			-592
			-375
			-7,886
			-164
			-110
			-3,663
			356
			-3,168
			-378
			-373
			-1,069
			2,936
			1,497
			312
			107
			-635
			-51
			-14
			-17
			-22
			-46
			-66
			-20
			-72
			-16
			-17
			-17
			-15
			-20
			-38
			339
			-31
			-57
			-44
			-81
			-72
			230
			1,130
			-94
			-61
			-385
			-89
			-15,663
			-178
			-193
			775
			244
			349
			808
			1,173
			1,136
			-452
			-57
			3
			1,934
			144
			976
			-373
			-1,211
			2,199
			-54,233
			61
			801
			1,946
			-192
			-23

			2,582
			638
			85
			-130
			2,292
			-350
			-449
			159
			222
			-36
			63
			-50
			-68
			-4,124
			-7,887
			-649
			-2,397
			-2,414
			132
			954
			338
			1,461
			-1,261
			-1,433
			-856
			-581
			749
			2,195
			-5,260
			-5
			-5,575
			-1,966
			-740
			-2,302
			133
			22
			720
			1,192
			-1,088
			158
			-163
			11
			368
			958
			44
			73
			-11
			-217
			-270
			-204
			35
			-89
			1,908
			-51
			153
			240
			-1,425
			-1,110
			-4,978
			-6,951
			1,852
			-194
			-4,901
			-60
			-578
			-2,115
			-1,675
			-215
			163
			-18,162
			27
			216
			-3,435
			208
			-404
			-257
			-544
			5,109
			481
			-413
			-385
			1,659
			-1,025
			1,048
			1,306
			-2,005
			-260
			-350
			-734
			-412
			71
			1,321
			100
			-11,388
			-147
			2,466
			2,619
			4,729
			335
			1,417
			7
			972
			-225
			3,451
			-2,769
			-5,846
			48
			-5,035
			-2
			986
			666
			-205
			-136
			-87
			-15,101
			-7,927
			1,326
			-3,409
			-161
			456
			876
			601
			1,046
			814
			1,137
			2,363
			-1,211
			-6,302
			2,092
			-6
			-475
			-258
			-102
			98
			73
			-75
			642
			11,347
			638
			1,018
			1,599
			28
			35
			908
			187
			855
			-503
			-360
			-5,710
			-872
			-2,207
			301,227
			21,444
			-1,440
			-13,059
			442
			1,251
			-1,347
			-96
			-5,524
			764
			-45,026
			6
			108
			1,849
			-160
			160
			-55
			-75
			1,973
			3,244
			3,156
			-482
			-593
			575
			-60

			111
			124
			-239
			-229
			-720
			-14,988
			-18,990
			-10,468
			3,841
			-307
			-2,753

			336
			629
			1,789
			1,799
			678
			-1,354
			505
			649
			1,633
			1,754
			2,267
			5,821
			4,406
			2,715
			4,224
			507
			516
			2,573
			-595
			-298
			5,552
			21,894
			635
			354
			-28
			-2,833
			2,089
			-197
			-1,939
			-1,158
			-155
			-323
			-2,060
			-1,973
			9,488
			2,800
			1,125
			3,209
			115
			19
			842
			513
			792
			317
			-253
			-153
			-137
			10
			3
			39
			418
			9
			-41
			-641
			85
			-3,756
			-1,223
			1,722
			3,268
			-336
			2
			-429
			474
			-184
			-527
			-309
			-287
			-146
			-520
			151
			1,381
			3,634
			-140
			-251
			-4,117
			34
			3,713
			-905
			-7,775
			18,872

			-5,861
			2,481
			1,594
			-102,453
			-5,233

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	-15,546
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	774,385	16,609,931	0.046622
2013	800,295	16,371,088	0.048885
2012	730,267	15,871,080	0.046012
2011	781,822	15,393,019	0.050791
2010	747,266	15,475,038	0.048288

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

20.240598

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 . . .

0.04812

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

15,324,495

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

737,415

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

2,138

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

739,553

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

775,296

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	2,138
	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	2,138
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	2,138
6	Credits/Payments:

a	2015 estimated tax payments and 2014 overpayment credited to 2015	6a	20,912
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	20,912
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	18,774
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax18,774	Refunded	11	0

Part VII-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

or 4942(j)(5) for calendar year 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

The books are in care of bullet

WELLS FARGO BANK NA Telephone no. bullet

(800) 352-3705

Located at bullet

ONE WEST 4TH STREETWINSTON SALEMNC ZIP+4 bullet

271013818

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

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

16 At any time during calendar year 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.) ..............

Yes

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-)
WELLS FARGO BANK NA	TRUSTEE 0	154,799
1525 W WT HARRIS BLVD CHARLOTTE,NC282881161	TRUSTEE 0	154,799
M HEMINGWAY MERRIMAN II	COMMITTEE MEMBER 40	200
57 ACADEMY HILL WATERTOWN,CT06795	COMMITTEE MEMBER 40	200
ANNE FITZGERALD	COMMITTEE MEMBER 40	200
36 NORTH STREET WATERTOWN,CT06795	COMMITTEE MEMBER 40	200
LINDA MERRIMAN	SECRETARY 40	2,000
57 ACADEMY HILL WATERTOWN,CT06795	SECRETARY 40	2,000
CRAIG W CZARSTY M D	COMMITTEE MEMBER 40	200
314 MAIN STREET OAKVILLE,CT06779	COMMITTEE MEMBER 40	200

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	NONE
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...................

14,772,090

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

785,773

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

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

15,557,863

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

15,557,863

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

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

233,368

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

15,324,495

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

766,225

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

766,225

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

2,138

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

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

2,138

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

764,087

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

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

764,087

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

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

764,087

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 ..........

775,296

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

775,296

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

2,138

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

773,158

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					764,087
2 Undistributed income, if any, as of the end of 2015:
a Enter amount for 2014 only.......				737,879
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: $ 775,296
a Applied to 2014, but not more than line 2a				737,879
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.....					37,417
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 ..........					726,670
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 e-mail address of the person to whom applications should be addressed:

Marian Ottley Watertown Trust
PO Box 817
Watertown,CT06795
(800) 352-3705

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

Letter Form

cAny submission deadlines:

None

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

Cover letter maximum 2 pages including basic and financial information and list of board members with copy of IRS determination letter

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
PALACE THEATER GROUP 100 EAST MAIN STREET WATERBURY,CT06702	NONE	PC	NEW FOLLOW SPOTS	25,000
TAFT SCHOOL CORP 110 WOODBURY ROAD WATERTOWN,CT06795	NONE	PC	CHRIST CHURCH	100,000
VALLEY SHORE YMCA 201 SPENCER PLAINS ROAD WESTBROOK,CT06498	NONE	PC	SUMMER CAMP CLIMBING TOWER	5,375
WATERBURY YOUNG MENS CHRISTIAN ASSOCIATION 136 WEST MAIN STREET WATERTOWN,CT06702	NONE	PC	GENERAL SUPPORT	53,125
VNA HEALTH AT HOME INC 27 SIEMON COMPANY DRIVE WATERTOWN,CT06795	NONE	PC	TECHNOLOGY UPGRADE	20,000
CONNECTICUT RIVERS COUNCIL BSA 670 DARLIN STREET EAST HARTFORD,CT06108	NONE	PC	SCOUTREACH	10,000
FLANDERS NATURE CENTER & LAND TRUST INC 5 CHURCH HILL ROAD WOODBURY,CT06798	NONE	PC	GENERAL SUPPORT	50,000
HISTORICAL SOCIETY INC 22 DEFOREST ST WATERBURY,CT06795	NONE	PC	HOUSE TOUR SPONSORSHIP	36,500
CHILDRENS COMMUNITY SCHOOL INC 31 WOLCOTT STREET WATERBURY,CT06721	NONE	PC	SUMMER BRIDGES PROGRAM	20,000
ST VINCENT DEPAUL MISSION OF WATERBURY INC 34 WILLOW STREET WATERBURY,CT06721	NONE	PC	SOUP KITCHEN AND FOOD	20,000
NW CONNECTICUT ASSN FOR THE ARTS 68 MAIN STREET TORRINGTON,CT06790	NONE	PC	LITERACY/THEATRE ARTS	10,000
CONNECTICUT FOOD BANK 2 RESEARCH PARKWAY WALLINGFORD,CT06492	NONE	PC	MOBILE PANTRY PROGRAMS	5,000
SHAKESPERIENCE PRODUCTIONS INC 117 BANK STREET WATERBURY,CT06702	NONE	PC	CARGO TOURING VEHICLE	10,000
FIDELCO GUIDE DOG FDN INC 103 VISION WAY BLOOMFIELD,CT06002	NONE	PC	GENERAL SUPPORT	12,000
WATERTOWN FOUNDATION INC PO BOX 117 WATERTOWN,CT06795	NONE	PC	SCHOLARSHIP	100,000
NATIONAL SOCIETY OF THE DAUGHTERS OF THE AM REV 71 CHERRY AVENUE WATERTOWN,CT06795	NONE	PC	GENERAL SUPPORT	11,000
GREATER WATERBURY CAMPERSHIP FUND INC PO BOX 2090 WATERBURY,CT06722	NONE	PC	GENERAL SUPPORT	30,000
CHASE COLLEGIATE SCHOOL INC 565 CHASE PKWY WATERBURY,CT06708	NONE	PC	SCHOLARSHIP	100,000
WATERTOWN LAND TRUST INC PO BOX 382 WATERTOWN,CT06795	NONE	EXEMPT	GENERAL SUPPORT	50,000
CONNECTICUT FARMLAND TRUST INC 77 BUCKINGHAM STREET HARTFORD,CT06106	NONE	PC	PERPETUAL STEWARDSHIP	5,000
BRASS CITY CHARTER SCHOOL 212 CHESTNUT AVENUE WATERBURY,CT06710	NONE	PC	GENERAL SUPPORT	20,000
AMERICAN NATIONAL RED CROSS 209 FARMINGTON AVENUE FARMINGTON,CT06032	NONE	PC	HOME FIRE CAMPAIGN	15,000
Total ................................. 3a				708,000

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	328,315
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	-15,546
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aSEE STATEMENT 15			1	17,391
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				330,160

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

13330,160

(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	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
TAX PREPARATION FEE (NON-ALLOC	1,600			1,600

Person Name	Explanation
WELLS FARGO BANK NA	SEE ATTACHED FOOTNOTE

Name of Bond	End of Year Book Value	End of Year Fair Market Value
02005NAE0 ALLY FINANCIAL INC	8,648	9,120
1248EPAU7 CCO HLDGS LLC/CAP CO
126304AK0 CSC HOLDINGS INC	5,199	5,425
28336LBQ1 EL PASO CORPORATION	5,589	5,219
29273VAC4 ENERGY TRANSFER EQUI
37244DAF6 GENON ENERGY INC
45824TAE5 INTELSAT JACKSON HLD
459745GF6 INTL LEASE FINANCE	9,988	10,586
536022AF3 LINN ENERGY, LLC/LIN
570506AM7 MARKWEST ENERGY PART
574599BH8 MASCO CORP	4,981	5,603
75281AAL3 RANGE RESOURCES CORP
812350AE6 SEARS HOLDING CORP
044820504 ASHMORE EMERG MKTS C	28,535	26,689
12505BAA8 CBRE SERVICES INC	8,010	8,208
12543DAQ3 CHS/COMMUNITY HEALTH	5,106	4,638
22818VAB3 CROWN AMER/CAP CORP
29977HAB6 EP ENERGY/EP FINANCE
46284PAP9 IRON MOUNTAIN INC	5,119	5,000
49461BAB0 KINETICS CONCEPT/KC
737446AB0 POST HOLDINGS INC	4,240	4,225
79546VAJ5 SALLY HOLDINGS/SALLY	5,338	5,200
00434NAA3 ACCESS MIDSTREAM PAR	4,982	4,570
058498AR7 BALL CORP
1248EPBE2 CCO HLDGS LLC/CAP CO	2,843	3,120
125581GQ5 CIT GROUP INC
148887AA0 CATAMARAN CORP
165167CG0 CHESAPEAKE ENERGY CO
25470XAJ4 DISH DBS CORP	11,834	10,643
261980668 DREYFUS INTERNATL BO	158,050	150,906
37045XAL0 GENERAL MOTORS FINL	4,919	5,110
38869PAK0 GRAPHIC PACKAGING IN	4,948	5,225
404119BM0 HCA INC	5,069	5,150
404119BN8 HCA INC	4,003	4,105
428040CJ6 HERTZ CORP	3,221	3,040
451102AX5 ICAHN ENTERPRISES/FI	5,330	4,839
513075BE0 LAMAR MEDIA CORP	5,025	5,188
570506AQ8 MARKWEST ENERGY PART	9,291	8,848
629377BU5 NRG ENERGY INC	6,188	5,955
63860UAK6 NATIONSTAR MORT/CAP	2,828	2,597
75281AAQ2 RANGE RESOURCES CORP	2,928	2,790
761735AP4 REYNOLDS GRP ISS/REY
78442FEQ7 SLM CORP
852060AD4 SPRINT CAP CORP
852061AS9 SPRINT NEXTEL CORP	5,113	3,750
861647501 STONE HARBOR LOCAL M
87264AAF2 T-MOBILE USA INC	5,219	5,166
87264AAH8 T-MOBILE USA INC	5,226	5,275
88033GBU3 TENET HEALTHCARE COR	4,959	5,116
911365BB9 UNITED RENTALS NORTH	5,213	5,013
00130HBN4 AES CORPORATION	4,664	4,670
02005NAV2 ALLY FINANCIAL INC	4,115	4,125
03674PAL7 ANTERO RESOURCES FIN	10,037	9,750
131347CF1 CALPINE CORP	4,968	4,838
15135BAC5 CENTENE CORP	4,240	4,135
172441AX5 CINEMARK USA INC	4,995	5,125
184502BL5 CLEAR CHANNEL COMMUN
228227BE3 CROWN CASTLE INTL CO	5,025	5,437
23331ABK4 D.R. HORTON INC	5,063	5,163
23918KAP3 DAVITA INC	5,369	5,238
26817RAB4 DYNEGY INC	5,000	4,413
29444UAP1 EQUINIX INC	5,220	5,200
315920702 FID ADV EMER MKTS IN	405,798	402,297
319963BB9 FIRST DATA CORPORAT
361841AD1 GLP CAPITAL LP / FIN	4,115	4,185
37045XAJ5 GENERAL MOTORS FINL	9,134	9,172
423074AR4 H.J. HEINZ COMPANY
45031UBU4 ISTAR FINANCIAL INC	4,765	4,750
521865AX3 LEAR CORP	5,113	5,325
527298AW3 LEVEL 3 FINANCING IN
52729NBX7 LEVEL 3 COMMUNICATIO	5,144	5,113
532716AT4 LIMITED BRANDS INC
552953BY6 MGM RESORTS INTL	8,776	8,704
56063N600 MAINSTAY CONVERTIBLE
595112BA0 MICRON TECHNOLOGY,
708160CA2 JC PENNEY CORP INC
741478101 T ROWE CORPORATE INC
780153AU6 ROYAL CARIBBEAN CRUI	4,290	4,200
829259AM2 SINCLAIR TELEVISION
87612BAM4 TARGA RESOURCES PART
89236MAB6 TOYS R US PROPERTY
893647AR8 TRANSDIGM INC	4,988	5,119
896818AH4 TRIUMPH GROUP INC
966387AG7 WHITING PETROLEUM CO
983130AT2 WYNN LAS VEGAS LLC/C
0258M0DC0 AMERICAN EXPRESS CRE	20,355	20,122
058498AU0 BALL CORP	4,085	4,180
06051GFB0 BANK OF AMERICA CORP	14,586	14,867
085790AY9 BERRY PLASTICS CORP	4,675	4,963
103304BK6 BOYD GAMING CORP	4,120	4,194
12513GAZ2 CDW LLC/CDW FINANCE	4,150	4,200
125581GL6 CIT GROUP INC	4,145	4,130
12623EAF8 CNH CAPITAL LLC	1,975	2,020
126650BW9 CVS CAREMARK CORP	17,168	17,306
15089QAC8 CELANESE US HOLDINGS	4,188	4,350
172967GL9 CITIGROUP INC	10,081	10,220
184496AJ6 CLEAN HARBORS INC	4,036	4,085
18451QAM0 CLEAR CHANNEL WORLDW	4,628	5,019
20030NBB6 COMCAST CORP	20,536	21,635
20605PAE1 CONCHO RESOURCES INC	4,863	5,000
20854PAL3 CONSOL ENERGY INC	3,548	4,075
21036PAH1 CONSTELLATION BRANDS	4,459	4,515
212015AH4 CONTINENTAL RESOURCE	4,498	4,725
23918KAQ1 DAVITA HEALTHCARE PA	5,040	5,068
25278XAB5 DIAMONDBACK ENERGY	1,970	2,123
25470XAB1 DISH DBS CORP	4,293	4,415
28370TAE9 EL PASO PIPELINE PAR	2,064	2,067
29379VAV5 ENTERPRISE PRODUCTS	10,080	10,846
345370CQ1 FORD MOTOR COMPANY	18,951	20,445
36962G3P7 GENERAL ELEC CAP COR	15,135	15,744
38141GVM3 GOLDMAN SACHS GROUP	14,453	14,770
382550BC4 GOODYEAR TIRE & RUBB	4,263	4,281
45031UBX8 ISTAR FINANCIAL INC	3,940	3,985
45031UBY6 ISTAR INC	3,938	3,860
46625HHS2 JPMORGAN CHASE & CO	19,452	19,518
494580AF0 KINDRED HEALTHCARE	1,970	1,958
52470G742 WESTERN ASSET SMASH	136,935	135,374
52470G759 WESTERN ASSET SMASH	244,135	242,369
526057BT0 LENNAR CORP	4,110	4,130
526057BV5 LENNAR CORP	4,910	4,900
527288BE3 LEUCADIA NATIONAL CO	4,012	4,011
58013MEX8 MCDONALD'S CORP	19,582	19,516
63860UAE0 NATIONSTAR MORT/CAP	4,153	4,175
63860UAM2 NATIONSTAR MORT/CAP	1,979	1,950
693656AA8 PVH CORP	3,960	4,070
745867AW1 PULTEGROUP INC	4,123	4,078
750236AR2 RADIAN GROUP INC	4,160	4,145
750236AT8 RADIAN GROUP INC	4,123	4,240
767754CG7 RITE AID CORP	4,250	4,210
77958B402 T ROWE PRICE INST FL	150,000	150,302
78388JAT3 SBA COMMUNICATIONS	1,995	2,005
78442FER5 SLM CORP	3,785	4,000
785592AM8 SABINE PASS LIQUEFAC	4,741	5,000
845467AK5 SOUTHWESTERN ENERGY	3,015	4,475
852061AM2 SPRINT NEXTEL CORP	2,215	1,840
85375CAX9 STANDARD PACIFIC COR	2,203	2,210
858119AZ3 STEEL DYNAMICS INC	3,910	4,103
88033GCE8 TENET HEALTHCARE COR	5,503	5,031
88160QAD5 TESORO LOGISTICS LP/	2,090	2,065
91086QBD9 UNITED MEXICAN STATE	19,428	19,789
911365BA1 UNITED RENTALS NORTH	1,018	1,040
92343EAF9 VERISIGN INC	4,968	5,063
92343VBR4 VERIZON COMMUNICATIO	19,932	20,645
949917652 WF SHORT-TERM BOND F	124,571	124,288
989194AM7 ZAYO GROUP LLC/ZAYO	4,130	4,110

- TIN:

TY 2015 InvestmentsCorpStockSchedule

Name:

TW MARIAN W OTTLEY-WATERTOWN

EIN:

58-6222005

Name of Stock	End of Year Book Value	End of Year Fair Market Value
254687106 WALT DISNEY CO	57,601	70,446
46625H100 JPMORGAN CHASE & CO	71,922	82,044
744320102 PRUDENTIAL FINL INC	52,420	49,135
478160104 JOHNSON & JOHNSON	63,966	67,051
58933Y105 MERCK & CO INC NEW	50,043	48,946
037833100 APPLE INC	95,799	102,357
458140100 INTEL CORP	54,387	50,228
747525103 QUALCOMM INC
74005P104 PRAXAIR INC COM	44,981	38,451
641069406 NESTLE S.A. REGISTER	24,769	33,329
670100205 NOVO NORDISK A/S - A	6,318	16,756
771195104 ROCHE HOLDINGS LTD -	63,471	71,448
780259206 ROYAL DUTCH SHELL PL	20,862	15,953
09062X103 BIOGEN INC	39,350	42,011
50540R409 LABORATORY CRP OF AM	12,198	14,586
902681105 UGI CORP NEW COM	9,442	11,030
881624209 TEVA PHARMACEUTICAL	18,341	17,428
13342B105 CAMERON INTL CORP
139594105 CAPELLA EDUCATION CO
48020Q107 JONES LANG LASALLE I
001317205 AIA GROUP LTD-SP ADR	19,124	32,228
009126202 AIR LIQUIDE - ADR	25,075	25,841
018805101 ALLIANZ SE ADR	19,941	26,585
03073E105 AMERISOURCEBERGEN CO	6,481	13,271
03524A108 ANHEUSER-BUSCH INBEV	41,957	55,284
03748R101 APARTMENT INVT & MGM	7,105	11,473
042068106 ARM HOLDINGS PLC - A	12,456	23,748
045387107 ASSA ABLOY AB-UNSP A	10,396	20,556
049255706 ATLAS COPCO AB ADR	12,301	13,106
053484101 AVALONBAY CMNTYS INC	18,335	23,564
055434203 BG GROUP PLC - ADR
056752108 BAIDU INC ADR	27,512	30,352
09247X101 BLACKROCK INC	51,477	54,578
101121101 BOSTON PROPERTIES IN	18,100	21,734
118440106 BUCKLE INC COM
12504L109 CBRE GROUP INC	17,261	18,716
133131102 CAMDEN PPTY TR SH BE
136375102 CANADIAN NATL RR CO	10,702	18,202
16359R103 CHEMED CORP NEW
225401108 CREDIT SUISSE GROUP	8,615	4,679
229663109 CUBESMART	4,289	10,635
23304Y100 DBS GROUP HOLDINGS L	15,999	15,436
23317H102 DDR CORP	3,759	4,561
237545108 DASSAULT SYSTEMES S.	16,545	35,122
294752100 EQUITY ONE INC	6,877	9,250
29476L107 EQUITY RESIDENTIAL P	17,655	20,140
297178105 ESSEX PPTY TR COM	14,979	22,041
30225T102 EXTRA SPACE STORAGE	9,782	13,667
30249U101 FMC TECHNOLOGIES INC	49,775	39,456
307305102 FANUC CORPORATION AD	41,428	42,123
313747206 FEDERAL RLTY INVT TR	2,875	5,055
315616102 F5 NETWORKS INC	14,328	14,546
32054K103 FIRST INDL RLTY TR I	3,525	6,958
358029106 FRESENIUS MEDICAL CA	10,309	15,117
364730101 GANNETT INC
370023103 GENERAL GROWTH PROPE	13,479	19,024
38143H381 GOLDMAN SACHS COMM S
42217K106 HEALTH CARE REIT INC
43858F109 HONG KONG EXCH & CLE
44107P104 HOST HOTELS & RESORT
45104G104 ICICI BANK LTD. - AD
453038408 IMPERIAL OIL LTD COM
465562106 ITAU UNIBANCO H-SPON	13,077	10,453
466140100 JGC CORP-UNSPONSORED	16,021	9,505
48667L106 KDDI CORP-UNSPONSORE	13,308	18,909
494368103 KIMBERLY CLARK CORP	48,349	53,992
500458401 KOMATSU LIMITED - AD	10,604	7,601
502117203 L'OREAL - ADR	14,906	24,528
502441306 LVMH MOET HENNESSY U	9,419	9,049
515098101 LANDSTAR SYS INC COM
592688105 METTLER-TOLEDO INTL	5,975	6,756
62474M108 MTN GROUP LTD ADR	14,063	5,968
66987V109 NOVARTIS AG - ADR	30,216	33,394
705015105 PEARSON PLC - ADR
731068102 POLARIS INDS INC COM
74340W103 PROLOGIS INC	15,369	21,579
74460D109 PUBLIC STORAGE INC C	8,108	16,745
749660106 RPC INC
778296103 ROSS STORES INC
780259107 ROYAL DUTCH SHELL PL	24,735	26,439
78440X101 SL GREEN REALTY CORP	12,373	16,015
78462F103 SPDR S & P 500 ETF T
78467Y107 SPDR S&P MIDCAP 400
803054204 SAP SE	18,357	27,888
803866300 SASOL LIMITED - ADR	11,861	8,852
804395101 SAUL CTRS INC COM	3,841	5,056
806857108 SCHLUMBERGER LTD	19,663	20,525
80687P106 SCHNEIDER ELECTRIC S
828806109 SIMON PROPERTY GROUP	36,793	56,525
83569C102 SONOVA HOLDIN-UNSPON	6,315	9,956
86272T106 STRATEGIC HOTELS & R
866674104 SUN CMNTYS INC COM	6,815	8,729
87162H103 SYNTEL INC
87184P109 SYSMEX CORP-UNSPON A	7,514	28,953
874039100 TAIWAN SEMICONDUCTOR	20,907	35,992
875465106 TANGER FACTORY OUTLE	2,261	2,395
900148701 TURKIYE GARANTI BANK	16,236	9,060
904767704 UNILEVER PLC - ADR	28,587	33,350
92276F100 VENTAS INC COM	2,562	3,913
92343V104 VERIZON COMMUNICATIO	51,081	52,936
G16962105 BUNGE LIMITED	18,185	17,774
M22465104 CHECK POINT SOFTWARE	14,013	14,445
003021714 ABERDEEN EMERG MARKE
025932104 AMERICAN FINL GROUP
05946K101 BANCO BILBAO VIZCAYA	12,414	8,705
072743206 BAYERISCHE MOTOREN W	16,487	14,654
112463104 BROOKDALE SR LIVING
126650100 CVS HEALTH CORPORATI	52,547	52,565
14040H105 CAPITAL ONE FINANCIA	70,640	62,986
17275R102 CISCO SYSTEMS INC	39,276	40,380
233326107 DST SYS INC COM	15,778	15,841
264411505 DUKE REALTY CORPORAT	6,855	9,089
268648102 E M C CORP MASS
26884U109 EPR PROPERTIES	6,083	9,765
457187102 INGREDION INC	11,694	23,130
465685105 ITC HLDGS CORP
501173207 KUBOTA LIMITED - ADR	9,894	9,440
57686G105 MATSON INC.
594918104 MICROSOFT CORP	75,406	91,690
64126X201 NEUSTAR INC	15,623	15,166
690768403 OWENS ILL INC COM NE
70509V100 PEBBLEBROOK HOTEL TR	6,895	7,062
86562X106 SUMITOMO MITSUI TR-S
867892101 SUNSTONE HOTEL INVS	6,598	6,502
86959C103 SVENSKA HANDELSB-A-U
88019R690 TEMPLETON EMER MKT S	88,910	109,040
887317303 TIME WARNER INC	63,222	59,015
90384S303 ULTA SALON COSMETICS
90460M204 UNI CHARM CORPORATIO
91307C102 UNITED THERAPEUTICS	6,651	8,335
929042109 VORNADO REALTY TRUST	4,612	6,113
92937A102 WPP PLC NEW ADR	16,113	31,533
G0408V102 AON PLC	15,832	17,592
G1151C101 ACCENTURE PLC	56,172	76,736
00770G847 JOHCM INTERNATIONAL	150,000	144,592
008252108 AFFILIATED MANAGERS	15,692	15,270
03027X100 AMERICAN TOWER CORP	7,225	7,722
032359309 AMTRUST FINANCIAL SE	8,914	11,085
042735100 ARROW ELECTRS INC
05566U108 BOFI HOLDING INC
071813109 BAXTER INTL INC
088606108 BHP BILLITON LIMITED	25,340	13,458
099724106 BORG WARNER INC.	17,471	15,926
124830100 CBL & ASSOC PPTYS IN
22160K105 COSTCO WHOLESALE COR	36,950	46,863
231021106 CUMMINS INC.	44,513	36,630
243537107 DECKERS OUTDOOR CORP
248019101 DELUXE CORP	30,446	31,328
35952Q106 FUCHS PETROLUB SE-PR	11,679	9,912
375558103 GILEAD SCIENCES INC	43,820	43,095
458334109 INTER PARFUMS INC	15,871	13,275
49427F108 KILROY REALTY CORP C	3,864	4,863
50048H101 KONE OYJ-B-UNSPONSOR	8,020	8,424
536797103 LITHIA MOTORS INC CL	11,289	13,504
606783207 MITSUBISHI ESTATE CO	13,460	8,598
61022V107 MONOTARO CO LTD-UNSP	4,071	12,618
743713109 PROTO LABS INC	16,152	13,160
74925K581 BOSTON P LNG/SHRT RE	400,000	424,887
78454L100 SM ENERGY CO
80007R105 SANDS CHINA LTD-UNSP
87157D109 SYNAPTICS INC	4,243	7,326
872540109 TJX COMPANIES INC	41,485	52,903
883556102 THERMO FISHER SCIENT	48,466	57,673
89531P105 TREX COMPANY INC	9,543	8,673
90267B682 ETRACS ALERIAN MLP U	320,853	212,274
902973304 US BANCORP	56,462	54,167
90347A100 UBIQUITI NETWORKS IN
911312106 UNITED PARCEL SERVIC	57,808	58,246
911363109 UNITED RENTAL INC CO	13,027	18,950
92220P105 VARIAN MED SYS INC	12,107	12,087
92826C839 VISA INC-CLASS A SHR	42,220	63,152
00507G102 ACTELION LTD-UNSP AD	15,070	19,963
015271109 ALEXANDRIA REAL ESTA	7,660	8,140
02917T104 AMERICAN REALTY CAPI
03232P405 AMSURG CORP	9,467	14,061
03485P201 ANGLO AMERN PLC ADR
041356205 ARLINGTON ASSET INVE
045055100 ASHTEAD GROUP PLC-UN	6,764	5,929
045519402 ASSOC BRITISH FOODS-	10,037	8,860
046433108 ASTRONICS CORP COM
048173108 ATLANTIA SPA-UNSPONS
05565A202 BNP PARIBAS - ADR
072730302 BAYER AG - ADR	9,908	7,060
08160H101 BENCHMARK ELECTRS IN
095180105 BLOUNT INTERNATIONAL
110448107 BRITISH AMERICAN TOB	27,194	27,371
111621306 BROCADE COMMUNICATIO	10,927	10,664
12637N204 CSL LTE-SPONSORED AD	7,310	16,459
128030202 CAL MAINE FOODS INC	9,672	11,837
142339100 CARLISLE COS INC
142795202 CARLSBERG AS-B-SPON	14,443	15,724
15135B101 CENTENE CORP DEL
194162103 COLGATE PALMOLIVE CO	50,243	51,751
204319107 COMPAGNIE FINANCIERE	10,839	6,470
210771200 CONTINENTAL AG-SPONS	8,044	7,717
23381B106 DAIKIN INDUSTRIES-UN
234062206 DAIWA HOUSE IND LTD	19,675	27,339
235851102 DANAHER CORP	72,089	84,590
24869P104 DENNYS CORP	13,187	12,050
260003108 DOVER CORP COM
26168L205 DREW INDUSTRIES INC
26875P101 EOG RESOURCES, INC	55,321	47,596
28140H203 EDUCATION REALTY TRU	4,778	6,076
29084Q100 EMCOR GROUP INC COM	12,257	13,076
292218104 EMPLOYERS HOLDINGS I	12,246	16,865
292505104 ENCANA CORP
29355A107 ENPHASE ENERGY INC
30219G108 EXPRESS SCRIPTS HOLD	51,517	49,108
30239F106 FBL FINL GROUP INC C	10,807	14,595
30255G103 FCB FINANCIAL HOLDIN	9,544	15,453
303075105 FACTSET RESH SYS INC	15,777	16,066
31422T101 FEDERATED NATIONAL H	15,954	13,682
34988V106 FOSSIL GROUP INC	14,661	4,208
35804M105 FRESENIUS SE & CO-SP	9,351	14,553
36162J106 GEO GROUP INC/THE
370334104 GENERAL MILLS INC	46,222	55,560
37253A103 GENTHERM INC	15,114	11,669
379577208 GLOBUS MEDICAL INC -	8,706	9,357
38259P508 GOOGLE INC
388689101 GRAPHIC PACKAGING HL	12,351	14,217
393657101 THE GREENBRIER COMPA	12,259	4,908
40418F108 HFF INC
40428X222 HSBC FRONTIER MARKET	403,538	317,679
421924309 HEALTHSOUTH REHABILI	12,309	13,548
437076102 HOME DEPOT INC	57,578	75,969
450911201 ITT CORP
45672B305 INFORMA PLC-SP ADR	12,310	14,613
45772F107 INPHI CORP	6,870	14,129
458118106 INTEGRATED DEVICE TE	12,445	17,489
45824V209 INSYS THERAPEUTICS I
45825N107 INTELIQUENT INC
46113M108 INTERVAL LEISURE GRO
46145F105 INVESTMENT TECHNOLOG
471105205 JAPAN TOBACCO INC-UN	17,305	21,098
477143101 JETBLUE AWYS CORP
48123V102 J2 GLOBAL INC	10,096	13,528
48241F104 KBC GROEP NV-UNSP AD	8,625	8,376
516012101 LANNETT INC
518415104 LATTICE SEMICONDUCTO
53224V100 LIFELOCK INC
535223200 LINDE AG ADR	13,370	11,145
539439109 LLOYDS BANKING GROUP	23,287	19,176
554382101 MACERICH CO COM
560877300 MAKITA CORPORATION -	16,447	17,447
576853105 MATRIX SVC CO	17,885	10,853
58502L104 MEDIOLANUM SPA-UNSPO
591520200 METHODE ELECTRON INC	13,133	9,915
603158106 MINERALS TECHNOLOGIE	18,011	18,662
636220303 NATIONAL GENERAL HOL	13,139	14,552
64128R608 NEUBERGER BERMAN LON	175,000	174,591
646025106 NEW JERSEY RES CORP
67069D108 NUTRI SYS INC	10,171	14,737
670704105 NUVASIVE INC	10,291	15,822
682128103 OMNIVISION TECHNOLOG
693475105 PNC FINANCIAL SERVIC	57,988	59,228
713831105 PERICOM SEMICONDUCTO
71714F104 PHARMERICA CORP	12,303	11,345
74144Q203 T ROWE PRICE INST EM	864,647	829,297
74253Q747 PRINCIPAL MIDCAP FD-	629,000	630,861
74267C106 PROASSURANCE CORPORA
74435K204 PRUDENTIAL PLC - ADR	30,014	25,318
74736A103 QTS REALTY TRUST INC	7,902	14,313
74972G103 RPX CORP	12,415	7,216
756568101 RED ELECTRICA COR-UN	12,570	13,297
761655604 REXAM PLC-SPONSORED	7,969	8,127
770323103 ROBERT HALF INTL INC	17,733	12,519
780641205 KONINKLIJKE KPN N.V.	7,125	8,935
783332109 RUTH'S HOSPITALITY G	11,319	15,231
783513104 RYANAIR HOLDINGS PLC
78392U105 RYOHIN KEIKAKU CO-UN	5,590	10,516
78463X863 SPDR DJ WILSHIRE INT	305,466	285,198
79588J102 SAMPO OYJ-A SHS-UNSP	15,238	13,411
801056102 SANMINA CORP	12,448	14,708
81369Y506 AMEX ENERGY SELECT S
81619Q105 SELECT MEDICAL HOLDI	12,376	10,035
81783H105 SEVEN & I HOLDINGS C	14,646	14,336
82481R106 SHIRE PLC ADR	20,156	19,733
830566105 SKECHERS U S A INC	4,436	9,257
833034101 SNAP ON INC	51,789	61,492
83404D109 SOFTBANK GROUP CORP-	23,774	18,000
835699307 SONY CORPORATION - A	10,486	11,033
84473L105 SOUTH32 - ADR-W/I
847560109 SPECTRA ENERGY CORP	56,367	47,631
85771P102 STATOIL ASA ADR
862121100 STORE CAPITAL CORP	8,629	9,370
863667101 STRYKER CORP	52,508	63,361
86562M209 SUMITOMO TRUST AND B	21,724	16,806
868459108 SUPERNUS PHARMACEUTI	6,104	13,540
870195104 SWEDBANK AB ADR	14,826	12,458
87155N109 SYMRISE AG ADR	9,298	10,773
87944W105 TELENOR ASA - ADR	13,496	9,819
88164L100 TESSERA TECHNOLOGIES	12,589	11,198
888706108 TIVO INC
891092108 TORO CO
891826109 TOWER INTERNATIONAL	12,577	7,671
894648104 TRECORA RESOURCES
904708104 UNIFIRST CORP MASS	12,325	13,880
913004107 UNITED STATIONERS IN
913483103 UNIVERSAL ELECTRONIC
91704F104 URBAN EDGE PROPERTIE
918204108 V F CORP	57,004	48,610
919134304 VALEO - ADR	11,337	14,087
927320101 VINCI SA ADR	10,724	13,451
92939N102 WP GLIMCHER INC
977868306 WOLSELEY PLC	16,068	17,957
977874205 WOLTERS KLUWER NV -	10,979	15,577
G5753U112 MAIDEN HOLDINGS LTD	11,038	12,084
G5960L103 MEDTRONIC PLC	63,992	66,798
G81276100 SIGNET JEWELERS LIMI	9,519	9,105
N6596X109 NXP SEMICONDUCTORS N	56,749	56,222
Y8565N102 TEEKAY TANKERS LTD
015393101 ALFA LAVAL AB-UNSPON	8,753	8,752
02079K305 ALPHABET INC CL A	71,677	98,099
024835100 AMERICAN CAMPUS CMNT	5,971	6,254
04010E109 ARGAN INC	13,203	12,874
044103109 ASHFORD HOSPITALITY	15,286	9,064
053774105 AVIS BUDGET GROUP	15,318	15,480
053807103 AVNET INC	17,482	15,920
05970D106 BANCA MEDIOLANUM SPA	4,300	4,312
089302103 BIG LOTS INC	11,431	16,265
090672106 BIOTELEMETRY INC	9,277	16,654
139098107 CAPGEMINI SA ADR	7,040	8,386
172755100 CIRRUS LOGIC INC	12,334	15,012
174610105 CITIZENS FINANCIAL G	38,145	34,501
19624Y101 COLOPLAST AS - UNSPO	8,407	8,710
19765Y688 COLUMB SEL LGE CAP G	1,020,000	875,468
199908104 COMFORT SYS USA INC	13,187	12,832
20449X302 COMPASS GROUP PLC -	15,854	17,400
212485106 CONVERGYS CORP	14,280	17,055
22544R305 CREDIT SUISSE COMM R	303,414	314,938
22822V101 CROWN CASTLE INTL CO	6,100	6,448
242370203 DEAN FOODS CO	13,002	13,454
29444U700 EQUINIX INC	22,312	27,150
29977A105 EVERCORE PARTNERS IN	12,674	12,376
30219E103 EXPRESS INC	27,459	20,996
359694106 FULLER H B CO	18,037	18,812
361592108 GEA GROUP AG ADR	5,845	6,602
37518B102 GIGAMON INC	12,945	14,641
398438408 GRIFOLS SA-ADR	8,581	8,100
40049J206 GRUPO TELEVISA, S.A.	7,965	8,156
404609109 HACKETT GROUP INC	10,867	13,407
42727J102 HERITAGE INSURANCE H	17,716	11,568
43300A104 HILTON WORLDWIDE HOL	4,269	4,738
443320106 HUB GROUP INC	15,022	15,968
44930G107 ICU MED INC COM	11,219	12,271
45073V108 ITT INC	12,429	9,304
452308109 ILLINOIS TOOL WORKS	38,588	44,533
45329R109 INC RESEARCH HOLDING	13,616	14,315
45685L100 INFRAREIT INC	10,894	9,134
46123D205 INVENSENSE INC	13,077	6,656
526107107 LENNOX INTERNATIONAL	7,410	9,065
562750109 MANHATTAN ASSOCIATES	9,124	9,890
602496101 MIMEDX GROUP INC	13,547	9,224
631512100 NASPERS LTD ADR	17,417	19,086
651229106 NEWELL BRANDS, INC	46,232	52,697
701491102 PARK24 CO LTD-SPN AD	10,747	10,986
71943U104 PHYSICIANS REALTY TR	5,817	6,229
758849103 REGENCY CENTERS CORP	5,448	5,898
759351604 REINSURANCE GROUP AM	15,454	16,160
759530108 RELX PLC	13,714	14,631
76009N100 RENT-A-CENTER INC	15,702	7,810
783513203 RYANAIR HOLDINGS PLC	5,503	8,740
811065101 SCRIPPS NETWORKS INT	14,486	15,056
81616X103 SELECT COMFORT CORPO	15,293	12,421
81768T108 SERVISFIRST BANCSHAR	14,535	15,560
830879102 SKYWEST INC	11,948	12,083
831756101 SMITH & WESSON HLDG	12,043	10,333
848577102 SPIRIT AIRLINES INC	16,533	14,432
84860W102 SPIRIT RLTY CAP INC	8,525	9,149
864909106 SUCAMPO PHARMACEUTIC	13,243	7,185
86800U104 SUPER MICRO COMPUTER	12,137	12,097
87817A107 TEAM HEALTH HOLDINGS	9,078	10,841
88031M109 TENARIS S.A. - ADR	8,382	8,563
910710102 UNITED INSURANCE HOL	11,758	11,660
92852T201 VIVENDI SA-UNSPON AD	10,121	8,429
929566107 WABASH NATL CORP	13,409	16,009
94733A104 WEB.COM GROUP INC	11,926	10,199
95040Q104 WELLTOWER INC	22,440	25,910
978097103 WOLVERINE WORLD WIDE	14,924	15,588
981560105 WORLDPAY GROUP PLC-U	5,561	5,763
98884U108 ZAGG INC	13,183	5,648
L9340P101 TRINSEO SA	9,307	15,634
N47279109 INTERXION HOLDING NV	5,288	6,106
Y62159101 NAVIOS MARITIME ACQU	13,092	6,049

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
70299RF16 PARTNERS GROUP PRIV	AT COST	450,270	837,999
GRA994205 GRAHAM ALT INV FD II	AT COST	380,000	391,365
GTC997004 GAI CORBIN MULTI STR
GTY995004 GAI AGILITY INCOME F	AT COST	293,981	282,165
MRE991002 METRO REAL ESTATE PA	AT COST	109,300	113,845
RCI991006 RICI LINKED PAM TOTA
SKY990RF9 SKYBRIDGE MULTI-ADVI	AT COST	600,000	518,688
GTA994003 GAI AURORA OPPORTUNI	AT COST	92,225	84,645
GTC999HB8 GAI CORBIN FUND 5% H	AT COST	18,634	18,634

Description	Amount
MUTUAL FUND POSTING DATE AFTER TYE	5,907
DISALLOWED WASH SALES	5,942
PURCHASE ACCRUED INT EFFECTIVE NEXT TY	371
PURCHASE ACCRUED INT POSTING AFTER TY	201
SALES WITH GAIN POSTING AFTER TYE	1,495
SALES WITH LOSS EFFECTIVE DATE PRIOR YR	5,972

Description	Amount
MUTUAL FUND TAX EFFECTIVE DATE BEFORE TYE	5,830
ROC BASIS ADJUSTMENTS	1,003
SALES WITH LOSS POSTING AFTER TYE	8,777
SALES WITH GAIN EFFECTIVE DATE PRIOR YR	19,541
MUTUAL FUND ADJUSTMENTS	973
PURCHASE ACCRUED INT POSTING PRIOR TY	674
ROUNDING	22
GRANTS POSTING AFTER TY	546,000

Category	Amount	Net Investment Income
FOREIGN TAXES	5,241	5,241
FEDERAL TAX PAYMENT - PRIOR YE	4,587	0
FEDERAL ESTIMATES - PRINCIPAL	20,912	0
FOREIGN TAXES ON QUALIFIED FOR	4,274	4,274
FOREIGN TAXES ON NONQUALIFIED	1,066	1,066

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
ADR FEES	2,603	2,603	0
LOBBY FLOWERS	700	0	700
POST OFFICE BOX FEES	110	0	110