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 07-01-2015 , and ending 06-30-2016

Name of foundation
ONG FIRST FRIENDS CHURCH TRUST 97310140

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 0634
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
MILWAUKEE, WI532010634

A Employer identification number

93-0548829

B Telephone number (see instructions)

(503) 464-3580

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

$6,171,850J 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...	144,950		140,363
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		155,668
b	Gross sales price for all assets on line 6a 1,073,358
7	Capital gain net income (from Part IV, line 2)...			155,668
8	Net short-term capital gain.........				0
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......
12	Total. Add lines 1 through 11........	300,618		296,031
13	Compensation of officers, directors, trustees, etc.	82,770		74,493		8,277
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........		135	0	0	135
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		17,440	4,548		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).......		1,402	1,402
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	101,747		80,443	0	8,412
25	Contributions, gifts, grants paid.......	330,780				330,780
26	Total expenses and disbursements. Add lines 24 and 25	432,527		80,443	0	339,192
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-131,909
b	Net investment income (if negative, enter -0-)			215,588
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.............		38	38
	2	Savings and temporary cash investments.........	20,716	38,543	38,543
	3	Accounts receivable
		Less: allowance for doubtful accounts	1,532	0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	2,846,315	2,374,605	2,683,602
	c	Investments—corporate bonds (attach schedule).......	3,292,749	3,196,013	2,999,303
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........		420,051	450,364
	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)	6,161,312	6,029,250	6,171,850
	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........	6,161,312	6,029,250
	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).....	6,161,312	6,029,250
	31	Total liabilities and net assets/fund balances (see instructions).	6,161,312	6,029,250

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

6,161,312

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

-131,909

Other increases not included in line 2 (itemize) bullet

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

6,029,403

Decreases not included in line 2 (itemize) bullet

153

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

6,029,250

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	47. APPLE COMPUTER INC		2012-07-05	2015-07-02
b	.256 RELX NV SPON A D R		2015-01-16	2015-07-15
c	.3 ITAU UNIBANCO HOLDINGS SA A D R		2013-02-20	2015-07-31
d	2263.832 ABERDEEN FDS EMRGN		2015-01-16	2015-08-03
e	95. APPLE COMPUTER INC		2012-07-05	2015-08-03
	3447.703 ROWE T PRICE INTL FDS INC INTL BD FD			2015-08-03
	1194.278 ABERDEEN FDS EMRGN		2013-09-17	2015-09-22
	2708.292 ABERDEEN FDS EMRGN		2015-01-16	2015-09-22
	134. APPLE COMPUTER INC		2012-07-05	2015-09-22
	70. NOVARTIS AG SPONSORED ADR		2015-01-16	2015-09-22
	97. NOVARTIS AG SPONSORED ADR			2015-09-22
	1675.402 NUVEEN REAL ESTATE SECS I		2015-05-14	2015-09-22
	.75 LAFARGEHOLCIM LTD UNSP A D R		2014-09-23	2015-10-27
	47. AAON INC		2013-02-20	2015-12-07
	26. AIA GROUP LTD ADR		2012-07-05	2015-12-07
	29. ABAXIS INC		2012-07-05	2015-12-07
	11. ABBVIE INC		2012-07-05	2015-12-07
	27. ACCOR SA SPONSORED A D R		2013-07-02	2015-12-07
	22. AIR LIQUIDE S A A D R		2012-07-05	2015-12-07
	474. AIRBUS GROUP NV A D R		2015-01-16	2015-12-07
	521. AIRBUS GROUP NV A D R			2015-12-07
	83. AIRGAS INC		2015-01-16	2015-12-07
	1. ALLIANCE DATA SYSTEMS CORP		2013-07-02	2015-12-07
	150. ALLIANZ SE A D R		2012-07-05	2015-12-07
	6. ALPHABET INC CL C		2012-07-05	2015-12-07
	6. ALPHABET INC CL A		2012-07-05	2015-12-07
	81. AMERICA MOVIL S A DE C V SPONSORED ADR REPSTG SER L SHS		2015-01-16	2015-12-07
	312. AMERICA MOVIL S A DE C V SPONSORED ADR REPSTG SER L SHS			2015-12-07
	24. ANHEUSER BUSCH INBEV NV A D R		2012-07-05	2015-12-07
	29. ANSYS INC COMMON STOCK		2012-07-05	2015-12-07
	27. APOGEE ENTERPRISES INC		2013-02-20	2015-12-07
	35. APTAR GROUP INC		2012-07-05	2015-12-07
	6. ASTEC INDUSTRIES INC		2013-02-20	2015-12-07
	11. ATLAS COPCO AB SPONS A D R		2012-07-05	2015-12-07
	354. AVIANCA HOLDINGS A D R		2014-09-23	2015-12-07
	321. AXA SPONSORED ADR		2013-02-20	2015-12-07
	73. AXA SPONSORED ADR		2015-01-16	2015-12-07
	740. B G GROUP P L C A D R			2015-12-07
	45. B T GROUP P L C A D R		2015-01-16	2015-12-07
	2. BADGER METER INC		2013-02-20	2015-12-07
	3. BALDWIN LYONS INC CL B		2013-10-22	2015-12-07
	114. BANK OF NEW YORK MELLON CORP			2015-12-07
	2. BAR HBR BANKSHARES		2013-02-20	2015-12-07
	169. IPATH DOW JONES UBS COMMODITY		2012-04-26	2015-12-07
	19. BARCLAYS PLC A D R		2013-10-22	2015-12-07
	58. BAYER AG A D R		2014-09-23	2015-12-07
	12. BAYERISCHE MOTOREN WERKE UNSPN A D R		2013-02-20	2015-12-07
	2. B H P BILLITON LIMITED A D R		2015-01-16	2015-12-07
	56. B H P BILLITON LIMITED A D R		2014-09-23	2015-12-07
	261. BRITISH AMER SPON ADR			2015-12-07
	6. CPI AEROSTRUCTURES INC		2013-02-20	2015-12-07
	10. CSL LIMITED A D R		2012-07-05	2015-12-07
	33. CVS CORP COM		2013-02-20	2015-12-07
	3. CABOT MICROELECTRONICS CORP COM		2012-07-05	2015-12-07
	88. CAL MAINE FOODS INC		2013-02-20	2015-12-07
	6. CANADIAN NATL RY CO COM		2012-07-05	2015-12-07
	154. CARNIVAL PLC A D R		2015-01-16	2015-12-07
	76. CARNIVAL PLC A D R		2014-09-23	2015-12-07
	4. CARTERS INC		2013-10-22	2015-12-07
	76. CATERPILLAR INC			2015-12-07
	9. CATERPILLAR INC		2015-01-16	2015-12-07
	148. CHEFS WAREHOUSE HOLDINGS LLC		2013-02-20	2015-12-07
	9. CHURCH AND DWIGHT CO INC		2012-07-05	2015-12-07
	20. CINTAS CORP		2013-07-02	2015-12-07
	252. COACH INC		2013-02-20	2015-12-07
	112. COGNIZANT TECHNOLOGY SOLUTIONS CORP			2015-12-07
	161. COHEN STEERS INC			2015-12-07
	12. COLGATE-PALMOLIVE CO COM		2014-09-23	2015-12-07
	33. COLUMBUS MCKINNON CORPORATION		2013-02-20	2015-12-07
	42. COPART INC COM		2013-02-20	2015-12-07
	3. CUBIC CORP		2013-02-20	2015-12-07
	5. DBS GROUP HOLDINGS LTD - SPON ADR		2012-07-05	2015-12-07
	9. DASSAULT SYSTEMES SA A D R		2012-07-05	2015-12-07
	19.36 DAWSON GEOPHYSICAL CO		2015-01-16	2015-12-07
	75.64 DAWSON GEOPHYSICAL CO		2013-02-20	2015-12-07
	30. DENSO CORPORATION A D R		2014-09-23	2015-12-07
	57. DEUTSCHE BOERSE AG UNSPN A D R		2015-01-16	2015-12-07
	1158. DEUTSCHE BOERSE AG UNSPN A D R			2015-12-07
	67. DR REDDYS LABORATORIES LTD A D R		2015-01-16	2015-12-07
	1. DRIL QUIP INC		2013-02-20	2015-12-07
	463. E M C CORP MASS			2015-12-07
	240. ELLIE MAE INC		2014-09-23	2015-12-07
	29. EQUIFAX INC		2013-07-02	2015-12-07
	5. ESPEY MFG & ELECTRONICS CORP		2013-02-20	2015-12-07
	429. DELHAIZE GROUP SPONS A D R		2013-07-02	2015-12-07
	95. DELHAIZE GROUP SPONS A D R		2013-10-22	2015-12-07
	13. EXPRESS SCRIPTS HLDGS C		2012-07-05	2015-12-07
	105. F E I CO			2015-12-07
	12. F E I CO		2015-01-16	2015-12-07
	141. F M C CORPORATION			2015-12-07
	17. F M C CORPORATION		2015-01-16	2015-12-07
	17. FANUC CORPORATION A D R		2012-07-05	2015-12-07
	23. FIDELITY NATL INFORMATION SVCS INC		2012-07-05	2015-12-07
	52. FINANCIAL ENGINES INC		2013-02-20	2015-12-07
	4. FIRST LONG ISLAND CORP		2013-02-20	2015-12-07
	102. FLOWERS FOODS INC		2013-02-20	2015-12-07
	5. FORRESTER RESH INC		2015-01-16	2015-12-07
	281. FORRESTER RESH INC		2013-02-20	2015-12-07
	7. FREIGHTCAR AMER INC		2014-09-23	2015-12-07
	147. FRESENIUS MED AKTIENGESELLSCHAFT ADR		2012-07-05	2015-12-07
	28. FRESENIUS MED AKTIENGESELLSCHAFT ADR		2013-07-02	2015-12-07
	18. FUCHS PETROLUB SE PREF A D R		2014-09-23	2015-12-07
	62. FURMANITE CORPORATION		2015-01-16	2015-12-07
	348. FURMANITE CORPORATION		2014-09-23	2015-12-07
	24. GEA GROUP AG SPON A D R		2015-01-16	2015-12-07
	188. GEA GROUP AG SPON A D R		2012-07-05	2015-12-07
	36. GRAHAM CORP		2013-02-20	2015-12-07
	5. GRAINGER W W INC		2015-01-16	2015-12-07
	34. GRAINGER W W INC			2015-12-07
	61. GRANITE CONSTRUCTION INC		2013-02-20	2015-12-07
	55. GULF IS FABRICATION INC		2013-02-20	2015-12-07
	9. GULFMARK OFFSHORE INC CL A		2013-02-20	2015-12-07
	72. HARDINGE INC		2013-02-20	2015-12-07
	4. HAWKINS INC		2013-02-20	2015-12-07
	19. HEARTLAND EXPRESS INC		2013-10-22	2015-12-07
	22. H E I C O CORPORATION CL A		2013-02-20	2015-12-07
	221. HEINEKEN NV SPN A D R			2015-12-07
	31. HEINEKEN NV SPN A D R		2015-01-16	2015-12-07
	34. JACK HENRY ASSOCIATES INC		2013-02-20	2015-12-07
	210. HEXCEL CORP NEW		2012-07-05	2015-12-07
	10. HEXCEL CORP NEW		2015-01-16	2015-12-07
	12. HIBBETT SPORTS INC		2015-01-16	2015-12-07
	307. HIBBETT SPORTS INC			2015-12-07
	266.425 HIGHLAND LONG SHORT EQUITY Z		2012-07-05	2015-12-07
	109. HITACHI LTD ADR 10 COM		2013-10-22	2015-12-07
	198. HOMEAWAY INC		2015-01-16	2015-12-07
	310. HOMEAWAY INC		2014-09-23	2015-12-07
	6. HONEYWELL INTERNATIONAL INC COMMON STOCK		2013-07-02	2015-12-07
	35. HONG KONG EXCHANGES A D R		2015-01-16	2015-12-07
	275. HONG KONG EXCHANGES A D R		2013-07-02	2015-12-07
	115. HONG KONG TELEVISION NE A D R		2013-02-20	2015-12-07
	79. HOOKER FURNITURE CORP		2014-09-23	2015-12-07
	26. HUB GROUP INC		2014-09-23	2015-12-07
	2. HUNT J B TRANS SVCS INC		2013-02-20	2015-12-07
	3. HYSTER YALE MATERIALS W I		2015-01-16	2015-12-07
	14. ICU MEDICAL INC		2013-02-20	2015-12-07
	216. ICICI BANK LTD A D R		2012-07-05	2015-12-07
	90. IMPERIAL OIL LTD		2012-07-05	2015-12-07
	198. INDUSTRIAS BACHOCO SAB DE CV A D R		2013-07-02	2015-12-07
	258. INFINEON TECHNOLOGIES A G A D R		2015-01-16	2015-12-07
	17. ITC HOLDINGS CORP		2015-01-16	2015-12-07
	191. ITC HOLDINGS CORP		2012-07-05	2015-12-07
	21. J & J SNACK FOODS CORP		2013-02-20	2015-12-07
	6. JGC CORP UNSPONSORED A D R		2012-07-05	2015-12-07
	7. J P MORGAN CHASE & CO		2012-07-05	2015-12-07
	17. JARDEN CORP COM		2013-02-20	2015-12-07
	10. JOHNSON OUTDOORS INC CL A		2013-02-20	2015-12-07
	133. JULIUS BAER GROUP LTD A D R		2013-02-20	2015-12-07
	5. K M G CHEMICALS INC		2013-02-20	2015-12-07
	13. KANSAS CITY LIFE INS CO		2015-01-16	2015-12-07
	84. KANSAS CITY LIFE INS CO		2014-09-23	2015-12-07
	2. KEWAUNEE SCIENTIFIC CORP		2014-09-23	2015-12-07
	133. KOREA ELEC PWR CORP SPONSORED ADR		2015-01-16	2015-12-07
	165. LG DISPLAY CO LTD A D R		2014-09-23	2015-12-07
	13. LKQ CORP		2014-09-23	2015-12-07
	14. LOREAL UNSPONSORED A D R		2012-07-05	2015-12-07
	4. LSB INDS INC		2014-09-23	2015-12-07
	21. L S I INDUSTRIES INC		2013-02-20	2015-12-07
	5. LVMH MOET HENNESSY A D R		2013-07-02	2015-12-07
	578. LAFARGEHOLCIM LTD UNSP A D R		2014-09-23	2015-12-07
	88. LAFARGEHOLCIM LTD UNSP A D R		2015-01-16	2015-12-07
	10. LAKELAND INDUSTRIES INC		2013-02-20	2015-12-07
	30. LENNOX INTERNATIONAL INC		2014-09-23	2015-12-07
	12. LINDE AG A D R		2015-01-16	2015-12-07
	6. LINEAR TECHNOLOGY		2015-01-16	2015-12-07
	50. LOWES COMPANIES INC		2013-02-20	2015-12-07
	2. M T BANK CORP		2013-07-02	2015-12-07
	9. M F R I INC		2013-02-20	2015-12-07
	3. M K S INSTRUMENTS INC		2013-02-20	2015-12-07
	4. MSA SAFETY INC		2013-02-20	2015-12-07
	38. MARCUS CORP		2013-02-20	2015-12-07
	49. MARKETAXESS HLDGS INC		2014-09-23	2015-12-07
	54. MARSH MCLENNAN COS INC		2014-09-23	2015-12-07
	5. MARTEN TRANSPORTATION LTD		2013-02-20	2015-12-07
	222. MASTEC INC		2015-01-16	2015-12-07
	264. MASTEC INC		2014-09-23	2015-12-07
	96. MCCORMICK & CO INC COM		2012-07-05	2015-12-07
	112. MELCO CROWN ENTERTAINMENT LMTD A D R		2015-01-16	2015-12-07
	67. MERIT MEDICAL SYSTEMS INC COM		2013-02-20	2015-12-07
	5. METTLER-TOLEDO INTL INC COM		2014-09-23	2015-12-07
	82. MICROSOFT CORP		2012-07-05	2015-12-07
	16. MIDDLEBY CORP COM		2015-01-16	2015-12-07
	5. MILLER INDUSTRIES INC		2014-09-23	2015-12-07
	38. MITSUBISHI ESTATE LTD A D R		2013-02-20	2015-12-07
	41. MONARCH CASINO RESORT INC COM		2013-02-20	2015-12-07
	9. MONOTARO CO LTD UNSP A D R		2014-09-23	2015-12-07
	17. MONRO MUFFLER BRAKE INC		2013-02-20	2015-12-07
	23. MORNINGSTAR INC		2013-02-20	2015-12-07
	15. MTN GROUP LTD A D R		2012-07-05	2015-12-07
	1046. NTT DOCOMO INC A D R			2015-12-07
	16. NATIONAL PRESTO INDS INC		2013-02-20	2015-12-07
	28. NETEASE INC A D R		2015-01-16	2015-12-07
	4. NICE SYS LTD SPONSORED A D R		2014-09-23	2015-12-07
	715. NIPPON TELEG & TEL CORP SPON ADR			2015-12-07
	33. NOVARTIS AG SPONSORED ADR		2012-07-05	2015-12-07
	99. NOVO-NORDISK A S SPONSORED ADR		2012-07-05	2015-12-07
	37. NOW INC DE W I		2012-07-05	2015-12-07
	23. NOW INC DE W I		2015-01-16	2015-12-07
	51. O REILLY AUTOMOTIVE INC		2012-07-05	2015-12-07
	126. OCEANEERING INTERNATIONAL INC			2015-12-07
	55. OCEANEERING INTERNATIONAL INC		2015-01-16	2015-12-07
	2. OIL DRI CORP AMER		2013-02-20	2015-12-07
	58. OMEGA FLEX INC		2013-02-20	2015-12-07
	4. ORIX CORP SPONS A D R		2013-02-20	2015-12-07
	44. OTSUKA HOLDINGS LTD A D R		2014-09-23	2015-12-07
	14. PAREXEL INTERNATIONAL CORP COMMON		2014-09-23	2015-12-07
	21. PFIZER INC COMMON STOCK		2012-07-05	2015-12-07
	11. PHILIP MORRIS INTL		2015-01-16	2015-12-07
	117. PHILIP MORRIS INTL			2015-12-07
	38. PHILLIPS 66		2013-02-20	2015-12-07
	10. POOL CORPORATION		2013-02-20	2015-12-07
	942. PORSCHE AUTOMOBIL HLDG SE A D R			2015-12-07
	182. PORSCHE AUTOMOBIL HLDG SE A D R		2015-01-16	2015-12-07
	3. POWELL INDS INC		2013-02-20	2015-12-07
	17. PRICE SMART INC		2013-02-20	2015-12-07
	53. QUALCOMM INC		2012-07-05	2015-12-07
	32. RPC ENERGY SVCS INC		2013-02-20	2015-12-07
	24. RAYMOND JAMES FINL INC		2013-07-02	2015-12-07
	181. REPSOL S A SPONSORED ADR		2015-01-16	2015-12-07
	336. REPSOL S A SPONSORED ADR			2015-12-07
	7. KONINKLIJKE DSM NV ADR		2013-02-20	2015-12-07
	831. KONINKLIJKE ROYAL KPN NV SP ADR		2014-09-23	2015-12-07
	2. SANDERSON FARMS INC		2013-02-20	2015-12-07
	68. SANOFI-SYNTHELABO SPONSORED ADR		2014-09-23	2015-12-07
	116. SANOFI-SYNTHELABO SPONSORED ADR		2015-01-16	2015-12-07
	7. SAP AG SPONSORED ADR		2012-07-05	2015-12-07
	10. SCHEIN HENRY INC COMMON STOCK		2013-02-20	2015-12-07
	74. SCHNEIDER ELECT SE UNSP A D R		2015-01-16	2015-12-07
	569. SCHNEIDER ELECT SE UNSP A D R		2012-07-05	2015-12-07
	113. SECOM COMPANY LIMITED A D R		2012-07-05	2015-12-07
	346. SEVEN I HLDGS UNSPN A D R		2013-10-22	2015-12-07
	24. SHIRE PHARMACEUTICALS GR SPONSORED ADR		2015-01-16	2015-12-07
	5. SIFCO INDS INC		2013-02-20	2015-12-07
	15. SIGNATURE BK		2012-07-05	2015-12-07
	131. SIRONA DENTAL SYS INC		2013-02-20	2015-12-07
	48. SKY PLC SPN A D R		2014-09-23	2015-12-07
	129. SKYWORKS SOLUTIONS INC			2015-12-07
	17. SNAP ON INC		2014-09-23	2015-12-07
	354. SOCIETE GENERALE SPONS ADR		2014-09-23	2015-12-07
	425. SONY CORP A D R		2014-09-23	2015-12-07
	8. SONOVA HOLDING UNSPON ADR		2012-07-05	2015-12-07
	23. SOUTH32 W I A D R			2015-12-07
	8. SPAN AMERICA MEDICAL SYS INC		2013-02-20	2015-12-07
	3. STARRETT L S CO		2013-02-20	2015-12-07
	31. STEPAN CO		2013-02-20	2015-12-07
	6. STEPAN CO		2015-01-16	2015-12-07
	2. STERICYCLE INC COMMON STOCK		2012-07-05	2015-12-07
	44. STURM RUGER CO INC		2013-02-20	2015-12-07
	570. SUMITOMO MITSUI FINL GROUP A D R		2013-02-20	2015-12-07
	29. SUN HYDRAULICS CORP		2013-02-20	2015-12-07
	75. SUNTORY BEVERAGE FOOD UADR		2014-09-23	2015-12-07
	31. SVENSKA HANDELSBANKEN A UNSP A D R		2013-02-20	2015-12-07
	181. SWATCH GROUP AG A D R		2012-07-05	2015-12-07
	24. SWATCH GROUP AG A D R		2015-01-16	2015-12-07
	15. SYMRISE AG UNSPON A D R		2014-09-23	2015-12-07
	49. SYNALLOY CORP		2013-02-20	2015-12-07
	29. SYNOPSYS INC		2014-09-23	2015-12-07
	185. SYSMEX CORP UNSPON A D R		2012-07-05	2015-12-07
	492. TAIWAN SEMICONDUCTOR MFG CO LTD SPONSORED ADR			2015-12-07
	221. TEVA PHARMACEUTICALS INDS LTD ADR		2013-07-02	2015-12-07
	12. TEXAS ROADHOUSE INC		2013-07-02	2015-12-07
	1. THOR INDUSTRIES INC		2013-07-02	2015-12-07
	75. TIME WARNER CABLE INC		2012-07-05	2015-12-07
	32. TOOTSIE ROLL INDS		2013-02-20	2015-12-07
	5. TOOTSIE ROLL INDS		2015-01-16	2015-12-07
	62. TORAY INDUSTRIES INC A D R		2014-09-23	2015-12-07
	12. TOYOTA MTR CORP COM (ADR 2)		2015-01-16	2015-12-07
	73. TUPPERWARE BRANDS CORP			2015-12-07
	72. TURKIYE GARANTI BANKASI A S A D R		2012-07-05	2015-12-07
	33. TWIN DISC INC		2013-02-20	2015-12-07
	159. UNIBAIL RODAMCO SE UNSP A D R		2014-09-23	2015-12-07
	103. UNI CHARM CORPORATION A D R		2012-07-05	2015-12-07
	19. UNITED HEALTH GROUP INC		2013-10-22	2015-12-07
	42. UTAH MED PRODS INC		2013-02-20	2015-12-07
	9. V F CORPORATION COMMON STOCK		2012-07-05	2015-12-07
	1. VALUE LINE INC		2013-02-20	2015-12-07
	6. VARIAN MED SYS INC COM		2015-01-16	2015-12-07
	175. VARIAN MED SYS INC COM			2015-12-07
	45. VERISK ANALYTICS INC CL A COM		2012-07-05	2015-12-07
	53. VISA INC		2012-07-05	2015-12-07
	202. WNS HOLDINGS LTD ADR			2015-12-07
	10. WACOAL HOLDINGS CORP ADR		2013-02-20	2015-12-07
	6. WEIS MKTS INC		2013-02-20	2015-12-07
	9. WELLS FARGO & CO NEW		2012-07-05	2015-12-07
	54. WESTPAC BANKING COPR SPON ADR		2013-02-20	2015-12-07
	2. WHIRLPOOL CORP COM W/RTS ATTACHED EXP 05/22/2008		2013-07-02	2015-12-07
	2. WILLIAM HILL PLC UNSPON A D R		2014-09-23	2015-12-07
	13. WOLVERINE WORLD WIDE INC		2015-01-16	2015-12-07
	323. WOLVERINE WORLD WIDE INC			2015-12-07
	13. XINYI GLASS HOLDINGS LTS A D R		2015-01-16	2015-12-07
	127. XINYI GLASS HOLDINGS LTS A D R		2013-02-20	2015-12-07
	148. DAIMLERCHRYSLER AG COM			2015-12-07
	25. PERRIGO CO LTD		2013-12-19	2015-12-07
	113. CHECK POINT SOFTWARE TECH LTD		2013-07-02	2015-12-07
	43. CORE LABS NV			2015-12-07
	5. CORE LABS NV		2014-09-23	2015-12-07
	667. B G GROUP P L C A D R			2016-03-02
	.606 DENTSPLY SIRONA INC		2015-01-16	2016-03-30
	187. JARDEN CORP COM		2013-02-20	2016-04-18
	163. CONTRA INTERCONTINENTAL A D R			2016-05-09
	43. CONTRA INTERCONTINENTAL A D R		2015-12-07	2016-05-09
	.6666 INTERCONTINENTAL HOTELS GROUP A D R		2015-01-16	2016-06-03
	.194 NEWELL RUBBERMAID INC		2013-02-20	2016-06-20
	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	5,918	4,120	1,798
b	4	4
c	3	4	-1
d	29,566	31,241	-1,675
e	11,262	8,327	2,935
	28,995	31,141	-2,146
	13,889	17,747	-3,858
	31,497	37,374	-5,877
	15,230	11,745	3,485
	6,531	7,052	-521
	9,050	6,901	2,149
	37,445	39,992	-2,547
	8	11	-3
	1,143	503	640
	648	368	280
	1,561	1,148	413
	631	371	260
	238	195	43
	512	451	61
	8,390	6,382	2,008
	9,222	4,811	4,411
	11,434	9,162	2,272
	283	179	104
	2,692	1,478	1,214
	4,598	1,788	2,810
	4,684	1,800	2,884
	1,259	1,830	-571
	4,848	7,698	-2,850
	3,111	1,885	1,226
	2,707	1,872	835
	1,314	678	636
	2,586	1,842	744
	243	218	25
	294	242	52
	1,444	5,473	-4,029
	8,949	5,881	3,068
	2,035	1,696	339
	11,018	14,449	-3,431
	3,271	2,790	481
	119	103	16
	70	83	-13
	4,992	3,691	1,301
	67	48	19
	3,747	7,040	-3,293
	260	338	-78
	7,475	8,390	-915
	433	379	54
	52	92	-40
	1,446	3,462	-2,016
	30,166	27,567	2,599
	55	59	-4
	359	201	158
	3,157	1,728	1,429
	127	90	37
	4,249	1,807	2,442
	338	256	82
	8,145	7,013	1,132
	4,020	3,182	838
	348	299	49
	5,185	6,673	-1,488
	614	751	-137
	2,742	2,597	145
	782	511	271
	1,840	915	925
	7,590	12,221	-4,631
	6,986	3,417	3,569
	5,052	5,183	-131
	796	789	7
	652	685	-33
	1,640	1,472	168
	146	133	13
	236	222	14
	736	424	312
	79	126	-47
	309	1,368	-1,059
	712	675	37
	492	422	70
	10,005	6,380	3,625
	3,176	3,554	-378
	58	85	-27
	11,974	11,582	392
	15,636	7,999	7,637
	3,230	1,719	1,511
	125	130	-5
	10,455	6,596	3,859
	2,315	1,487	828
	1,121	712	409
	8,397	6,880	1,517
	960	955	5
	5,901	7,815	-1,914
	711	991	-280
	511	479	32
	1,490	798	692
	1,796	1,733	63
	118	81	37
	2,283	1,907	376
	157	183	-26
	8,812	7,742	1,070
	158	253	-95
	6,115	5,152	963
	1,165	904	261
	217	177	40
	477	484	-7
	2,676	2,673	3
	986	1,014	-28
	7,721	5,245	2,476
	614	848	-234
	988	1,192	-204
	6,715	6,731	-16
	2,534	2,250	284
	483	1,357	-874
	45	361	-316
	702	941	-239
	164	155	9
	338	278	60
	969	632	337
	9,778	5,900	3,878
	1,372	1,131	241
	2,672	1,500	1,172
	9,866	5,600	4,266
	470	420	50
	375	575	-200
	9,587	15,906	-6,319
	3,117	3,091	26
	6,476	6,904	-428
	7,096	5,132	1,964
	11,110	10,174	936
	628	469	159
	924	804	120
	7,260	4,144	3,116
	415	761	-346
	2,190	1,227	963
	949	1,059	-110
	155	135	20
	169	197	-28
	1,597	798	799
	1,705	1,446	259
	2,747	3,844	-1,097
	9,961	6,851	3,110
	3,854	2,753	1,101
	656	726	-70
	7,374	4,491	2,883
	2,423	1,470	953
	204	358	-154
	473	242	231
	815	455	360
	243	219	24
	1,302	1,071	231
	96	101	-5
	644	620	24
	4,162	3,943	219
	33	37	-4
	2,705	2,422	283
	1,800	2,665	-865
	374	347	27
	492	325	167
	24	149	-125
	242	153	89
	166	166
	6,011	8,133	-2,122
	915	1,192	-277
	141	51	90
	4,035	2,352	1,683
	179	223	-44
	272	271	1
	3,812	1,962	1,850
	251	228	23
	45	66	-21
	111	84	27
	181	199	-18
	744	487	257
	5,542	2,958	2,584
	3,058	2,848	210
	83	70	13
	4,249	4,129	120
	5,053	8,435	-3,382
	8,290	5,902	2,388
	1,743	2,537	-794
	1,279	932	347
	1,694	1,312	382
	4,545	2,521	2,024
	1,756	1,513	243
	109	88	21
	788	873	-85
	904	417	487
	256	116	140
	1,267	672	595
	1,901	1,615	286
	140	270	-130
	20,250	16,616	3,634
	1,378	1,211	167
	4,934	3,035	1,899
	242	162	80
	27,069	17,186	9,883
	2,841	1,843	998
	5,675	2,923	2,752
	648	1,009	-361
	403	548	-145
	13,131	4,426	8,705
	5,042	7,963	-2,921
	2,201	2,960	-759
	60	55	5
	2,282	893	1,389
	290	226	64
	759	755	4
	925	865	60
	686	479	207
	983	907	76
	10,456	10,340	116
	3,389	2,439	950
	842	470	372
	4,964	5,067	-103
	959	1,474	-515
	81	177	-96
	1,568	1,259	309
	2,768	3,006	-238
	393	541	-148
	1,421	1,038	383
	2,138	3,202	-1,064
	3,968	5,598	-1,630
	86	107	-21
	3,108	2,701	407
	150	105	45
	2,970	3,844	-874
	5,067	5,403	-336
	554	414	140
	1,579	890	689
	893	1,107	-214
	6,866	6,411	455
	1,932	1,313	619
	7,768	6,522	1,246
	4,921	5,137	-216
	62	83	-21
	2,365	925	1,440
	14,733	9,280	5,453
	3,238	2,773	465
	11,246	3,034	8,212
	2,940	2,084	856
	3,331	3,714	-383
	10,731	7,425	3,306
	200	155	45
	91	191	-100
	154	154
	31	32	-1
	1,598	1,982	-384
	309	230	79
	231	186	45
	2,464	2,362	102
	4,343	4,718	-375
	904	839	65
	1,530	1,343	187
	209	225	-16
	3,236	3,575	-339
	429	497	-68
	256	195	61
	370	703	-333
	1,375	1,171	204
	5,768	1,881	3,887
	11,503	6,970	4,533
	14,559	8,650	5,909
	418	305	113
	58	51	7
	13,805	6,173	7,632
	1,016	818	198
	159	153	6
	1,105	828	277
	1,498	1,544	-46
	4,075	6,027	-1,952
	174	285	-111
	347	873	-526
	4,088	4,166	-78
	408	390	18
	2,226	1,303	923
	2,392	1,771	621
	572	304	268
	15	10	5
	479	524	-45
	13,972	10,777	3,195
	3,355	2,257	1,098
	4,235	1,682	2,553
	6,104	3,884	2,220
	606	508	98
	254	246	8
	499	300	199
	1,271	1,679	-408
	317	235	82
	44	47	-3
	230	358	-128
	5,707	8,848	-3,141
	145	146	-1
	1,415	1,754	-339
	12,866	7,612	5,254
	3,680	3,805	-125
	9,805	5,659	4,146
	4,750	4,981	-231
	552	750	-198
	10,133	9,612	521
	36	30	6
	3,927		3,927
	1,030		1,030
	272		272
	26	32	-6
	9	6	3
			13,357

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			1,798
b
c			-1
d			-1,675
e			2,935
			-2,146
			-3,858
			-5,877
			3,485
			-521
			2,149
			-2,547
			-3
			640
			280
			413
			260
			43
			61
			2,008
			4,411
			2,272
			104
			1,214
			2,810
			2,884
			-571
			-2,850
			1,226
			835
			636
			744
			25
			52
			-4,029
			3,068
			339
			-3,431
			481
			16
			-13
			1,301
			19
			-3,293
			-78
			-915
			54
			-40
			-2,016
			2,599
			-4
			158
			1,429
			37
			2,442
			82
			1,132
			838
			49
			-1,488
			-137
			145
			271
			925
			-4,631
			3,569
			-131
			7
			-33
			168
			13
			14
			312
			-47
			-1,059
			37
			70
			3,625
			-378
			-27
			392
			7,637
			1,511
			-5
			3,859
			828
			409
			1,517
			5
			-1,914
			-280
			32
			692
			63
			37
			376
			-26
			1,070
			-95
			963
			261
			40
			-7
			3
			-28
			2,476
			-234
			-204
			-16
			284
			-874
			-316
			-239
			9
			60
			337
			3,878
			241
			1,172
			4,266
			50
			-200
			-6,319
			26
			-428
			1,964
			936
			159
			120
			3,116
			-346
			963
			-110
			20
			-28
			799
			259
			-1,097
			3,110
			1,101
			-70
			2,883
			953
			-154
			231
			360
			24
			231
			-5
			24
			219
			-4
			283
			-865
			27
			167
			-125
			89

			-2,122
			-277
			90
			1,683
			-44
			1
			1,850
			23
			-21
			27
			-18
			257
			2,584
			210
			13
			120
			-3,382
			2,388
			-794
			347
			382
			2,024
			243
			21
			-85
			487
			140
			595
			286
			-130
			3,634
			167
			1,899
			80
			9,883
			998
			2,752
			-361
			-145
			8,705
			-2,921
			-759
			5
			1,389
			64
			4
			60
			207
			76
			116
			950
			372
			-103
			-515
			-96
			309
			-238
			-148
			383
			-1,064
			-1,630
			-21
			407
			45
			-874
			-336
			140
			689
			-214
			455
			619
			1,246
			-216
			-21
			1,440
			5,453
			465
			8,212
			856
			-383
			3,306
			45
			-100

			-1
			-384
			79
			45
			102
			-375
			65
			187
			-16
			-339
			-68
			61
			-333
			204
			3,887
			4,533
			5,909
			113
			7
			7,632
			198
			6
			277
			-46
			-1,952
			-111
			-526
			-78
			18
			923
			621
			268
			5
			-45
			3,195
			1,098
			2,553
			2,220
			98
			8
			199
			-408
			82
			-3
			-128
			-3,141
			-1
			-339
			5,254
			-125
			4,146
			-231
			-198
			521
			6
			3,927
			1,030
			272
			-6
			3

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	155,668
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	336,965	6,639,971	0.050748
2013	0	0	0.0
2012	0	0	0.0
2011	0	0	0.0
2010	0	0	0.0

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

20.050748

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 . . .

0.01015

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

6,063,591

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

61,545

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

2,156

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

63,701

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

339,192

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	2,156
	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	2,156
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	2,156
6	Credits/Payments:

a	2015 estimated tax payments and 2014 overpayment credited to 2015	6a	6,302
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	6,302
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	4,146
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax2,156	Refunded	11	1,990

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

US BANK Telephone no. bullet

(503) 464-3580

Located at bullet

555 SW OAKPORTLANDOR ZIP+4 bullet

97204

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

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

16 At any time during calendar year 2015, did the foundation have an interest in or a signature or other authority over YesNo

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

16 No

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

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

that were not corrected before the first day of the tax year beginning in 2015?.............

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

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

At the end of tax year 2015, did the foundation have any undistributed income (lines 6d

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

If "Yes," list the years bullet

20, 20, 20, 20

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

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

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

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

20, 20, 20, 20

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

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

If "Yes," did it have excess business holdings in 2015 as a result of (1) any purchase by the foundation

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

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

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

if the foundation had excess business holdings in 2015.)..................

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

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

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2015?

Form 990-PF (2015)

Page 6

Part VII-B

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Form 990-PF (2015)

Page 7

Part VIII

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

1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
US BANK NA	TRUSTEE 1	82,770
PO BOX 3168 PORTLAND,OR97208	TRUSTEE 1	82,770

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









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

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

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

Part IX-A

Summary of Direct Charitable Activities

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


2


3


4

Part IX-B

Summary of Program-Related Investments (see instructions)

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


2


All other program-related investments. See instructions.
3

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

Form 990-PF (2015)

Page 8

Part X

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

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

purposes:

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

6,065,403

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

90,527

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

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

6,155,930

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

6,155,930

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

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

92,339

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

6,063,591

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

303,180

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

303,180

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

2,156

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

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

2,156

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

301,024

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

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

301,024

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

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

301,024

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 ..........

339,192

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

339,192

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

2,156

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

337,036

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					301,024
2 Undistributed income, if any, as of the end of 2015:
a Enter amount for 2014 only.......				0
b Total for prior years:2013, 20, 20			0
3 Excess distributions carryover, if any, to 2015:
a From 2010......	0
b From 2011......	0
c From 2012......	0
d From 2013......	0
e From 2014......	11,525
fTotal of lines 3a through e........		11,525
4Qualifying distributions for 2015 from Part
XII, line 4: $ 339,192
a Applied to 2014, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see instructions).....			0
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2015 distributable amount.....					301,024
e Remaining amount distributed out of corpus		38,168
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		49,693
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2014. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2016. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2015 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8Excess distributions carryover from 2010 not applied on line 5 or line 7 (see instructions) ...		0
9Excess distributions carryover to 2016. Subtract lines 7 and 8 from line 6a ......		49,693
10 Analysis of line 9:
a Excess from 2011....	0
b Excess from 2012....	0
c Excess from 2013....	0
d Excess from 2014....	11,525
e Excess from 2015....	38,168

Form 990-PF (2015)

Page 10

Part XIV

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

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2015, enter the date of the ruling....... bullet

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

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2015	(b) 2014	(c) 2013	(d) 2012	(e) Total

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

Part XV

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

1Information Regarding Foundation Managers:

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

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

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

Check here bullet

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

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

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

cAny submission deadlines:

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

Form 990-PF (2015)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
REEDWOOD FRIENDS CHURCH 2901 SE STEELE ST PORTLAND,OR97202	NONE	PC	GENERAL OPERATING	330,780
Total ................................. 3a				330,780

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	144,950
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	155,668
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				300,618

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

13300,618

(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

Name of Bond	End of Year Book Value	End of Year Fair Market Value
ABERDEEN FDS EMRGN MKT INSTL	304,295	268,765
AMER CENT DIVERSIFI BOND INS	578,108	579,947
DRIEHAUS ACTIVE INCOME FUND	376,479	356,307
HIGHLAND LONG SHORT EQUITY Z	356,878	347,340
IPATH DOW JONE UBS COMMODITY	245,817	158,445
NUVEEN HIGH INCOME BOND FD CL	341,381	293,753
NUVEEN INFLATION PRO SEC CL I	305,449	302,526
NUVEEN REAL ESTATE SECS I	111,976	139,880
T ROWE PRICE INTL BOND FUND	575,630	552,340

- TIN:

TY 2015 InvestmentsCorpStockSchedule

Name:

ONG FIRST FRIENDS CHURCH TRUST 97310140

EIN:

93-0548829

Name of Stock	End of Year Book Value	End of Year Fair Market Value
AAON INC	5,321	9,711
ABAXIS INC	10,607	11,760
ABBVIE INC	7,140	12,134
ANSYS INC	14,772	18,967
APOGEE ENTERPRISES INC	3,726	6,118
APPLE INC	49,717	45,888
APTAR GROUP INC	12,995	18,675
ASTEC INDUSTRIES INC	6,066	9,546
AT&T INC	12,541	15,296
ATRION CORP	1,853	3,851
BADGER METER INC	2,347	3,286
BALDWIN LYONS INC	3,014	2,713
BANK OF NEW YORK MELLON CORP
BAR HBR BANKSHARES	1,389	1,966
BLACKROCK INC	3,949	7,878
BUCKLE INC	5,118	3,457
CABOT MICROELECTRONICS	2,543	3,345
CAL MAINE FOODS INC	3,259	5,983
CAMDEN PPTY TR SH BEN INT	8,394	10,434
CARBO CERAMICS INC	1,047	576
CARTERS INC	7,709	10,966
CATERPILLAR INC
CHEFS WAREHOUSE HOLDINGS LLC	17,057	14,352
CHEVRON CORP	12,650	12,789
CHURCH AND DWIGHT CO INC	6,069	10,803
CINTAS CORP	4,529	9,715
CLARCOR INC	12,224	13,018
COACH INC	13,960	14,707
COGNIZANT TECH SOLUTIONS CL A	12,587	21,980
COHEN & STEERS INC
COLUMBUS MCKINNON CORP	3,884	2,179
COMPUTER PROGRAMS & SYSTEMS	22,476	17,405
COOPER COS INC	7,855	10,809
COPART INC	10,434	14,850
CPI AEROSTRUCTURES INC	1,794	1,076
CUBIC CORP	3,542	3,132
CULLEN FROST BANKES INC	6,397	7,010
CUMMINS INC	13,641	15,742
CVS CAREMARK CORP	6,702	12,255
DAWSON GEOPHYSICAL CO
DRIL QUIP INC	5,243	3,681
E M C CORP	8,833	9,102
EQUIFAX INC	4,864	10,529
ESPEY MFG & ELECTONICS CORP	3,357	3,537
EXPRESS SCRIPTS HLDGS C	18,179	25,014
F E I CO
F M C CORP
FACTSET RESEARCH SYSTEMS INC	17,090	22,599
FIDELITY NATL INFO SVCS INC	6,835	12,305
FINANCIAL ENGINES INC	14,953	11,046
FIRST LONG ISLAND CORP	2,303	3,182
FLOWERS FOODS INC	3,758	3,731
FORRESTER RESH INC
FOSTER L B CO CL A	11,589	3,572
GOOGLE INC CL A
GOOGLE INC CL C
GORMAN RUPP CO	18,035	19,297
GRAHAM CORP	4,338	3,279
GRAINGER W W INC
GRANITE CONSTRUCTION INC	16,926	21,409
GULF IS FABRICATION INC	5,773	1,860
GULFMARK OFFSHORE INC CL A	5,797	485
H E I C O CORP CL A	7,466	12,447
HAIN CELESTIAL GROUP INC	7,122	11,194
HARDINGE INC	4,386	3,461
HAWKINS INC	3,120	3,473
HEARTLAND EXPRESS INC	3,327	3,843
HEXCEL CORP NEW
HIBBETT SPORTS INC
HINGHAM INSTITUTION FOR SAVING	2,059	3,442
HONEYWELL INTERNATIONAL INC	8,782	12,679
HUNT J B TRANS SVCS INC	7,909	9,388
ICU MED INC	2,569	4,623
IDEXX LABS INC	6,280	11,793
ITC HOLDINGS CORP
J & J SNACK FOODS CORP	10,502	17,891
J P MORGAN CHASE	7,382	12,614
JACK HENRY & ASSOCIATES INC	4,984	9,862
JARDEN CORP
JOHNSON OUTDOORS INC CL A	6,828	7,350
K M G CHEMICALS INC	3,570	4,600
KINDER MORGAN INC	9,357	6,290
L S I INDUSTRIES INC	4,265	7,041
LAKELAND INDUSTRIES INC	1,146	1,968
LINCOLN ELEC HLDGS INC	2,539	2,718
LOWES CO INC	5,004	9,580
M F R I INC	2,265	2,365
M K S INSTRUMENTS INC	3,129	4,694
M T BANK CORP	22,234	22,818
MARCUS CORP	17,197	22,472
MARTEN TRANSPORTATION LTD	1,819	2,396
MCCORMICK CO NON VTG SHRS
MERCADOLIBRE INC	13,802	19,412
MERIT MED SYS INC	2,576	3,569
MICROSOFT CORP	7,576	12,127
MONARCH CASINO & RESORT INC	2,258	4,284
MONRO MUFFLER BRAKE INC	5,774	9,153
MORNINGSTAR INC	11,375	13,412
MSA SAFETY INC	5,176	5,516
NATIONAL OILWELL VARCO INC	26,032	17,599
NATIONAL PRESTO INDS INC	5,267	6,793
NEXTERA ENERGY INC	8,266	14,214
NOW INC DE W I
NVE CORP	16,983	17,888
O REILLY AUTOMOTIVE INC
OCEANEERING INTERNATIONAL INC
OIL DRI CORP AMER	2,470	3,039
OMEGA FLEX INC	4,460	8,483
PACKAGING CORP AMERICA	9,775	11,110
PFIZER INC	9,034	13,450
PHILIP MORRIS INTL
PHILLIPS 66	6,606	8,331
POOL CORP	4,930	9,873
POWELL INDS INC	3,828	2,675
PRICE SMART INC	11,350	13,474
QUALCOMM INC	31,899	29,142
RAYMOND JAMES FINL INC	6,839	7,543
RPC ENERGY SVCS INC	2,614	2,531
SANDERSON FARMS INC	3,022	4,592
SCHEIN HENRY INC	5,072	10,078
SIFCO INDS INC	3,216	1,720
SIGNATURE BK	3,576	7,245
SIRONA DENTAL SYSTEMS INC
SKYWORKS SOLUTIONS INC
SPAN AMERICA MEDICAL SYS INC	3,933	3,703
STARRETT L S CO	994	989
STEPAN CO
STERICYCLE INC	14,242	15,826
STURM RUGER & CO INC	20,276	26,628
SUN HYDRAULICS CORP	4,243	4,127
SYNALLOY CORP	3,541	1,823
TEXAS ROADHOUSE INC	6,634	11,902
THOR INDUSTRIES INC	2,791	3,496
TIME WARNER CABLE INC
TOOTSIE ROLL INDS INC
TUPPERWARE BRANDS CORP
TWIN DISC INC	4,111	1,794
UNION PACIFIC CORP	6,108	8,987
UNIT CORP	18,958	7,158
UNITED HEALTH GROUP INC	8,272	15,814
UTAH MED PRODS INC	7,641	10,647
V F CORP	6,386	10,638
VALUE LINE INC	387	572
VARIAN MED SYS INC
VERISK ANALYTICS INC CL A	10,747	16,540
VISA INC	5,682	13,276
WEIS MKTS INC	7,587	8,442
WELLS FARGO CO	9,237	12,306
WHIRLPOOL CORP	6,216	8,832
WOLVERINE WORLD WIDE INC
ACCENTURE PLC CL A	6,018	11,216
ACCOR SA A D R	7,320	7,552
ACE LTD
AIA GROUP LTD ADR	11,311	16,581
AIR LIQUIDE S A A D R	10,945	10,978
AIRBUS GROUP NV A D R
ALLIANZ SE A D R	7,714	10,123
AMERICA MOVIL A D R
ANHEUSER BUSCH INBEV NV A D R	6,231	9,613
ARM HLDGS PLC A D R	7,482	11,286
ASTRAZENECA P L C SPSD A D R	13,171	11,623
ATLAS COPCO AB SPONS A D R	5,819	6,605
AXA A D R
B G GROUP P L C A D R
BAIDU COM INC A D R	10,938	10,570
BANCO BILBAO VIZCAYA ARGEN A D	14,745	9,913
BARCLAYS PLC A D R	10,473	4,758
BAYERISCHE MOTOREN WERKE UNSPN	9,195	6,528
BRITISH AMERN TOB PLC SPONSORE	9,514	11,394
BUNGE LIMITED	8,998	7,808
CANADIAN NATL RY CO	6,972	9,095
CHECK POINT SOFTWARE TECH LTD
CHUNGHWA TELECOM CO LTD A D R	30,144	36,264
CORE LABORATORIES N V	21,184	25,521
CSL LIMITED A D R	5,283	10,131
DAIMLER AG
DASSAULT SYSTEMES SA A D R	11,757	18,380
DBS GROUP HLDGS LTD	5,655	5,736
DELHAIZE GROUP SPONS A D R	4,713	7,405
DEUTSCHE BOERSE AG UNSPN A D R
DR REDDYS LABORATORIES LTD A D	2,175	2,100
FANUC CORP A D R	12,826	12,330
FLY LEASING LTD A D R	20,078	14,557
FRESENIUS MED CARE	13,660	16,905
GEA GROUP AG SPON A D R
HEINEKEN NV SPN A D R
HITACHI LTD
HONG KONG EXCHANGES A D R
I C I C I BANK LIMITED A D R	6,902	6,376
IMPERIAL OIL LTD	5,348	3,787
INDUSTRIAS BACHOCO SAB DE CV A	13,355	18,673
ITAU UNIBANCO HOLDINGS SA A D	10,077	8,902
JGC CORP UNSPONSORED A D R	9,491	4,442
JULIUS BAER GROUP LTD A D R	7,068	6,884
KONINKLIJKE DSM NV ADR	10,308	10,251
KONINKLIJKE PHILIPS NVR NY A D	10,985	8,056
LG DISPLAY CO LTD A D R
LOREAL UNSPONSORED A D R	8,029	12,560
LVMH MOET HENNESSY LOU VUITT A	4,729	4,369
MITSUBISHI ESTATE LTD A D R	15,641	11,543
MIZUHO FNL GRP A D R	15,220	10,893
MTN GROUP LTD A D R	7,640	3,789
NATIONAL GRID PLC SP A D R	45,591	50,619
NESTLE SA SPONSORED A D R	38,389	42,598
NIPPON TELEGRAPH TELE A D R
NOVARTIS AG A D R	25,058	23,928
NOVO NORDISK AS A D R	10,239	16,887
NTT DOCOMO INC A D R	12,297	20,068
ORIX CORP SPONS A D R	1,937	2,173
PERRIGO CO LTD	9,132	5,440
PORSCHE AUTOMOBIL HLDG SE A D
REPSOL S.A.
ROCHE HLDG LTD A D R	44,397	48,568
ROYAL DUTCH SHELL PLC A D R	12,269	14,523
SAP AG A D R	10,327	12,903
SASOL LTD SPONSORED A D R	5,048	3,960
SCHLUMBERGER LTD	31,108	35,428
SCHNEIDER ELECT SA UNSP A D R
SECOM COMPANY LIMITED A D R	6,099	9,245
SEVEN & I HLDGS UNSPN A D R	7,232	8,048
SHIRE PLC A D R
SMITH & NEPHEW P L C A D R	27,196	28,280
SONOVA HOLDING UNSPON ADR	3,861	4,977
SONY FINANCIAL HOLD A D R
SUMITOMO MITSUI FINL GROUP A D	18,646	11,549
SVENSKA HANDELSBANKEN A UNSP A	4,369	3,597
SWATCH GROUP AG A D R
SYSMEX CORP UNSPON A D R	4,961	13,720
TAIWAN SEMICONDUCTOR A D R	15,457	20,643
TEVA PHARMACEUTICAL INDS LTD A	6,262	8,037
TOYOTA MTR CORP A D R	2,830	2,200
TRINITY BIOTECH PLC SPON A D R	10,653	8,868
TURKIYE GARANTI BANKASI A S A	6,856	4,471
UNI CHARM CORP A D R	9,882	10,971
UNILEVER PLC SPSD ADR	6,317	8,145
VODAFONE GROUP PLC A D R	15,318	12,232
WACOAL HOLDINGS CORP A D R	4,998	4,830
WESTPAC BANKING COPR SP ADR	8,908	6,848
WNS HOLDINGS LTD ADR	2,732	3,348
WPP PLC SPONSORED A D R	23,728	31,042
XINYI GLASS HOLDINGS LTS A D R
AEGON N V NY REG SHR	10,420	5,077
AIRGAS INC
ALLIANCE DATA SYSTEMS CORP	5,737	6,269
AMPCO-PITTSBURG CORP	3,719	2,500
AVIANCA HOLDINGS A D R	4,583	2,199
B H P BILLITON LIMITED A D R
B T GROUP P L C A D R
BAYER AG A D R
CANON INC SPONS A D R	40,026	34,704
CARNIVAL PLC A D R
BOEING CO	9,982	10,130
COLGATE PALMOLIVE CO	10,487	11,639
DENSO CORP A D R	8,082	6,293
DEUTSCHE POST AG A D R	9,797	8,732
DISCOVER FINL SVCS	9,784	8,199
ELLIE MAE INC	5,105	13,839
F5 NETWORKS INC	10,241	9,904
FREIGHTCAR AMER INC	5,665	2,206
FUCHS PETROLUB SE PREF A D R	4,853	4,831
FURMANITE CORP
GENERAL MOTORS CO	10,687	8,943
GLAXO SMITHKLINE P L C A D R	16,526	17,163
GRACO INC	8,405	9,005
HOLCIM LTD UNSPON A D R
HOMEAWAY INC
HONG KONG TELEVISION NE A D R	225	117
HOOKER FURNITURE CORP	3,336	4,513
HSBC HOLDINGS PLC SPONS A D R	9,726	6,826
HUB GROUP INC CL A	10,613	10,053
HYSTER YALE MATERIALS W I	5,320	4,819
INFINEON TECHNOLOGIES A G A D	6,263	8,523
INTERCONTINENTAL HOTELS A D R	8,076	6,414
KANSAS CITY LIFE INS CO
KEWAUNEE SCIENTIFIC CORP	1,258	1,303
KONINKLIJKE ROYAL KPN NV SP AD	7,237	8,310
KOREA ELEC PWR CORP SPONSORED
LENNOX INTERNATIONAL INC	5,253	9,554
LINDE AG A D R	4,599	3,480
LINEAR TECHNOLOGY CORP	8,979	9,259
LKQ CORP	15,993	19,115
LSB INDS INC	1,630	544
MACYS INC	8,457	4,907
MARKETAXESS HLDGS INC	13,918	33,297
MARSH MCLENNAN COS INC	8,058	10,406
MASTEC INC
MEAD JOHNSON NUTRITION CO	18,747	18,513
MEDTRONIC PLC	12,617	14,144
MELCO CROWN ENTERTAINMENT LMTD
METTLER TOLEDO INTL INC	7,085	9,853
MIDDLEBY CORP	7,659	9,335
MILLER INDUSTRIES INC	2,288	2,615
MONOTARO CO LTD UNSP A D R	2,296	5,900
NETEASE INC A D R
NICE SYS LTD SPONSORED A D R	13,346	19,985
NIELSEN NV	8,745	10,134
OTSUKA HOLDINGS LTD A D R	8,571	11,574
PAREXEL INTL CORP	8,352	8,489
POLARIS INDS INC	11,054	7,031
REED ELSEVIER NV A D R
SANDS CHINA LTD UNSPONS A D R	7,736	5,228
SANOFI A D R
SCRIPPS NETWORKS INTERACTIVE I	11,596	9,839
SHUTTERSTOCK INC	23,072	21,434
SKY PLC SPN A D R	11,049	8,796
SNAP ON INC	6,373	8,207
SOCIETE GENERALE SPONS ADR	7,212	4,977
SOUTH32 LTD A D R
SUNTORY BEVERAGE FOOD UADR	7,688	9,698
SYMRISE AG UNSPON A D R	4,625	5,935
SYNGENTA A G A D R	11,970	13,515
SYNOPSYS INC	7,733	10,329
THE PRICELINE GROUP INC	12,716	19,975
TORAY INDUSTRIES INC A D R
UNIBAIL RODAMCO SE UNSP A D R	8,989	8,731
WILLIAM HILL PLC UNSPON A D R	9,370	5,572
WILLIAMS SONOMA INC	8,244	6,360
BERKSHIRE HATHAWAY INC CL B	27,037	39,962

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
ACUITY BRANDS INC	AT COST	9,110	9,918
ADIDAS AG A D R	AT COST	19,015	27,242
ALPHABET INC CL A	AT COST	4,437	8,442
ALPHABET INC CL C	AT COST	4,409	8,305
ATOS ORIGIN SA UNSP ADR	AT COST	8,786	8,483
AUTOHOME INC A D R	AT COST	17,605	11,221
B E AEROSPACE INC	AT COST	8,965	9,327
CHINA MOBILE LIMITED A D R	AT COST	8,801	8,685
CHUBB LTD	AT COST	10,046	13,463
COGNEX CORP	AT COST	9,078	10,473
COLOPLAST AS A D R	AT COST	2,603	2,389
DANONE SPON A D R	AT COST	9,946	10,132
DENTSPLY SIRONA INC	AT COST	7,190	11,105
DISNEY WALT CO	AT COST	6,394	5,478
DORMAN PRODUCTS INC	AT COST	9,159	10,754
DULUTH HOLDINGS INC	AT COST	2,019	3,009
EMBRAER SA A D R	AT COST	8,777	5,930
ERICSSON LM TEL SP A D R	AT COST	8,684	6,851
FOOT LOCKER INC	AT COST	9,136	7,626
GEMALTO NV SPON A D R	AT COST	8,535	8,417
GERMAN AMERICAN BANCORP	AT COST	2,829	2,622
GLOBAL LOGISTIC PPTYS LTD A D	AT COST	8,643	7,811
GRIFOLS SA A D R	AT COST	4,346	4,134
HJ HEINZ HOLDING CORP	AT COST	15,105	18,669
HONDA MOTOR CO LTD A D R	AT COST	2,658	2,052
INTL FLAVORS FRAGRANCES	AT COST	9,125	9,455
IPG PHOTONICS CORP	AT COST	8,909	7,760
JOHNSON JOHNSON	AT COST	11,548	13,586
KIMBALL ELECTRONICS INC	AT COST	3,492	3,847
KONE OYJ B UNSPON A D R	AT COST	5,975	6,357
KT CORP SP A D R	AT COST	8,545	9,497
LANNETT CO INC	AT COST	6,164	3,949
LIXIL GROUP CORP A D R	AT COST	8,562	6,166
MARKIT LTD	AT COST	8,863	9,715
MONDELEZ INTERNATIONAL W I	AT COST	6,607	6,781
MONSANTO CO	AT COST	7,697	8,169
NASPERS LTD N SPON A D R	AT COST	4,761	5,216
NEWELL BRANDS INC	AT COST	4,996	7,820
OLLIES BARGAIN OUTLET HOLDI	AT COST	14,051	20,584
PARK ELECTROCHEMICAL CORP	AT COST	3,276	2,790
PAYPAL HOLDINGS INC	AT COST	11,179	11,501
PEARSON P L C A D R	AT COST	2,470	2,715
PEPSICO INC	AT COST	12,361	12,925
PRAXAIR INC	AT COST	7,694	7,867
RELX NV SPON A D R	AT COST	16,104	18,298
ROBERT HALF INTL INC	AT COST	8,986	6,831
SEIKO EPSON A D R	AT COST	8,881	8,679
TORAY INDUSTRIES INC A D R	AT COST	6,382	8,054
TOTAL SA SPON A D R	AT COST	8,338	8,610
VARIOUS MINERAL INTEREST(S)	AT COST	1	1
VIVENDI SA UNSPON ADR	AT COST	8,679	7,599
WEC ENERGY GROUP INC	AT COST	9,148	12,081
ZUMIEZ INC	AT COST	981	973

Category	Amount	Net Investment Income
FOREIGN TAXES	4,548	4,548
FEDERAL TAX PAYMENT - PRIOR YE	7,000	0
FEDERAL ESTIMATES - PRINCIPAL	5,892	0