TY 2015 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
bullet

Information about Form 990-PF and its instructions is at www.irs.gov/form990pf.

OMB No. 1545-0052

2015

Open to Public Inspection

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

Name of foundation
KATE L DUNWOODY TR UW 35007750

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

41-6014903

B Telephone number (see instructions)

(651) 466-8040

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

$9,418,390J 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...	211,245		209,950
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		328,738
b	Gross sales price for all assets on line 6a 3,868,170
7	Capital gain net income (from Part IV, line 2)...			328,738
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........	539,983		538,688
13	Compensation of officers, directors, trustees, etc.	76,076		68,468		7,608
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........		11,429	0	0	11,429
b	Accounting fees (attach schedule).......		1,500	0	0	1,500
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		14,563	5,956		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).......		1,422	1,397		25
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	104,990		75,821	0	20,562
25	Contributions, gifts, grants paid.......	474,812				474,812
26	Total expenses and disbursements. Add lines 24 and 25	579,802		75,821	0	495,374
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-39,819
b	Net investment income (if negative, enter -0-)			462,867
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.............	5,863	4,911	4,911
	2	Savings and temporary cash investments.........	447,165	361,454	361,454
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	5,518,310	3,836,005	4,462,964
	c	Investments—corporate bonds (attach schedule).......	2,891,199	3,124,428	3,015,190
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	1	1,494,518	1,574,026
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	3,688	-155	-155
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	8,866,226	8,821,161	9,418,390
	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........	2,739,098	8,821,161
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds	6,127,128
	30	Total net assets or fund balances (see instructions).....	8,866,226	8,821,161
	31	Total liabilities and net assets/fund balances (see instructions).	8,866,226	8,821,161

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

8,866,226

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

-39,819

Other increases not included in line 2 (itemize) bullet

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

8,826,407

Decreases not included in line 2 (itemize) bullet

5,246

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

8,821,161

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	50. PALO ALTO NETWORKS INC		2014-04-17	2015-01-07
b	102. STRATASYS LTD			2015-01-07
c	226. FLUOR CORP NEW COM			2015-01-13
d	157. QUALCOMM INC COM			2015-01-13
e	264. BANK OF NEW YORK MELLON CORP		2013-09-06	2015-01-20
	218. HAIN CELESTIAL GROUP INC COM		2013-03-20	2015-01-20
	293. SPLUNK INC			2015-01-26
	151. TUPPERWARE BRANDS CORP			2015-01-26
	24. TUPPERWARE BRANDS CORP		2014-03-13	2015-01-26
	253. ARM HLDGS PLC A D R		2013-07-10	2015-01-27
	35. ARM HLDGS PLC A D R		2014-07-25	2015-01-27
	168. TAIWAN SEMICONDUCTOR MFG SPON ADR		2014-01-14	2015-01-27
	238. COVIDIEN PLC		2013-03-06	2015-01-27
	28. COVIDIEN PLC		2013-07-08	2015-01-27
	583. SWATCH GROUP AG A D R			2015-02-02
	1907.586 NEUBERGER BERMAN GENESIS INSTL FD		2011-08-15	2015-02-04
	81. CVS CORP COM		2012-07-12	2015-02-05
	.296 MEDTRONIC PLC		2015-01-27	2015-02-05
	57. ANHEUSER BUSCH INBEV NV A D R			2015-02-18
	57. V F CORP COM		2011-08-16	2015-02-18
	15. WHIRLPOOL CORP COM		2013-04-22	2015-02-18
	409. XINYI GLASS HOLDINGS LTS A D R			2015-03-10
	153. CATERPILLAR INC.			2015-03-26
	41. CATERPILLAR INC.		2014-08-05	2015-03-26
	6. ADOBE SYS INC		2014-03-06	2015-04-10
	17. AMAZON COM INC COM		2014-02-04	2015-04-10
	305. AMERIPRISE FINL INC			2015-04-10
	179. ANADARKO PETE CORP COM			2015-04-10
	162. ANADARKO PETE CORP COM		2011-08-16	2015-04-10
	187. ANALOG DEVICES INC COM		2014-10-10	2015-04-10
	332. ANALOG DEVICES INC COM			2015-04-10
	226. ANHEUSER BUSCH INBEV NV A D R			2015-04-10
	28. BIOGEN, INC		2014-07-15	2015-04-10
	51. BLACKROCK INC			2015-04-10
	477. BORG WARNER INC		2011-08-16	2015-04-10
	43. CELGENE CORPORATION COM		2011-08-16	2015-04-10
	25. CERNER CORP COM		2014-04-10	2015-04-10
	244. CERNER CORP COM		2011-08-16	2015-04-10
	105. COSTCO WHSL CORP NEW COM			2015-04-10
	110. DANAHER CORP COM		2011-08-16	2015-04-10
	79. WALT DISNEY COMPANY		2011-08-16	2015-04-10
	472. E M C CORP MASS COM		2011-08-16	2015-04-10
	267. FLOWSERVE CORP COM		2011-08-16	2015-04-10
	528. GRIFOLS SA A D R			2015-04-10
	917. HD SUPPLY HOLDINGS INC			2015-04-10
	152. HAIN CELESTIAL GROUP INC COM		2013-03-20	2015-04-10
	200. HAIN CELESTIAL GROUP INC COM		2014-07-25	2015-04-10
	241. HARMAN INTERNATIONAL			2015-04-10
	213. LAUDER ESTEE COS INC CL A			2015-04-10
	688. MICROSOFT CORP			2015-04-10
	280. NOVARTIS AG SPONSORED ADR		2014-12-26	2015-04-10
	121. PALO ALTO NETWORKS INC		2014-04-17	2015-04-10
	124. PIONEER NAT RES CO		2011-08-16	2015-04-10
	62. PIONEER NAT RES CO		2014-11-26	2015-04-10
	102. PRECISION CASTPARTS CORP COM			2015-04-10
	180. RESTORATION HARDWARE HOLDING			2015-04-10
	40. RESTORATION HARDWARE HOLDING		2013-10-14	2015-04-10
	159. SCHEIN HENRY INC COMMON STOCK		2011-08-16	2015-04-10
	252. SCHLUMBERGER LTD ORD			2015-04-10
	101. SHIRE PHARMACEUTICALS GR SPONSORED ADR			2015-04-10
	322. STARWOOD HOTELS & RESORTS			2015-04-10
	195. THERMO ELECTRON CORP COM		2011-08-16	2015-04-10
	377. TRINET GROUP INC		2015-01-20	2015-04-10
	255. UNITED RENTALS INC COM			2015-04-10
	232. UNITED TECHNOLOGIES CORP COM			2015-04-10
	429. V F CORP COM			2015-04-10
	206. WALGREENS BOOTS ALLIANCE INC		2012-09-06	2015-04-10
	282. ACCENTURE PLC CL A		2015-01-13	2015-04-10
	259. MICHAEL KORS HOLDINGS LLD		2012-05-18	2015-04-10
	164. NXP SEMICONDUCTORS NV		2015-01-27	2015-04-10
	20. TWENTY FIRST CENTURY FOX INC		2015-04-10	2015-04-17
	93. WHOLE FOODS MKT INC COM		2015-04-10	2015-04-17
	52. ENVISION HEALTHCARE HOLDINGS INC		2015-04-10	2015-04-20
	505. HONG KONG EXCHANGES A D R		2013-06-13	2015-04-20
	85. SERVICENOW INC		2015-04-10	2015-04-20
	49. LIBERTY GLOBAL PLC SERIES C		2015-04-10	2015-04-20
	81. WHOLE FOODS MKT INC COM		2015-04-10	2015-04-21
	293. PHILIP MORRIS INTL			2015-04-23
	86. WHOLE FOODS MKT INC COM		2015-04-10	2015-04-24
	3. BIOGEN, INC		2014-07-15	2015-04-27
	644. STARBUCKS CORP COM			2015-04-27
	30. STARBUCKS CORP COM		2015-04-10	2015-04-27
	38. COMCAST CORP CL A		2015-04-10	2015-04-28
	70. STARBUCKS CORP COM		2015-04-10	2015-04-28
	11. VALEANT PHARMACEUTICALS		2015-04-10	2015-04-28
	25. ALIBABA GROUP HOLDING LTD A D R		2014-09-22	2015-04-29
	12. APPLE COMPUTER INC COM		2011-08-16	2015-04-29
	24. APPLE COMPUTER INC COM		2011-08-16	2015-04-29
	3. AMGEN INC		2015-04-10	2015-04-30
	46. COMCAST CORP CL A		2015-04-10	2015-04-30
	17. DOLLAR GENERAL CORP		2015-04-10	2015-04-30
	3. GOOGLE INC CL A		2013-06-12	2015-04-30
	2. GOOGLE INC CL C		2013-06-12	2015-04-30
	16. ULTRA SALON COSMETICS FRAGRANCE		2015-04-10	2015-04-30
	95. COMCAST CORP CL A		2015-04-10	2015-05-01
	94. COMCAST CORP CL A		2015-04-10	2015-05-01
	10. APPLE COMPUTER INC COM		2015-04-10	2015-05-06
	32. HONEYWELL INTL INC COM		2015-04-10	2015-05-06
	48. AMGEN INC		2015-04-10	2015-05-07
	.1428 GOOGLE INC CL C		2013-06-12	2015-05-07
	27. HONEYWELL INTL INC COM		2015-04-10	2015-05-07
	99. INOVALON HOLDINGS INC		2015-04-10	2015-05-07
	262. TWENTY FIRST CENTURY FOX INC		2015-04-10	2015-05-07
	54. CERNER CORP COM		2014-04-10	2015-05-08
	27. HONEYWELL INTL INC COM		2015-04-10	2015-05-08
	50. TWENTY FIRST CENTURY FOX INC		2015-04-10	2015-05-08
	50. CERNER CORP COM		2014-04-10	2015-05-12
	19. UNION PACIFIC CORPORATION		2015-04-10	2015-05-13
	1. LINKEDIN CORP A		2013-09-06	2015-05-14
	3. LINKEDIN CORP A		2015-04-10	2015-05-14
	67. UNION PACIFIC CORPORATION		2015-04-10	2015-05-14
	5. BLACKROCK INC		2013-10-11	2015-05-15
	60. CERNER CORP COM		2014-04-10	2015-05-15
	4. GOOGLE INC CL A		2015-04-10	2015-05-15
	4. GOOGLE INC CL C		2015-04-10	2015-05-15
	11. LINKEDIN CORP A		2013-09-06	2015-05-15
	20. UNION PACIFIC CORPORATION		2015-04-10	2015-05-15
	12658.229 HIGHLAND LONG SHORT EQUITY Z		2011-08-15	2015-05-18
	10184.596 ROBECO BOSTON PARTNERS L S RSRCH		2014-02-21	2015-05-18
	3307.614 T ROWE PRICE SMALL CAP STOCK FD 65		2014-10-06	2015-05-18
	4. BIOGEN, INC		2014-04-30	2015-05-19
	166. MICROSOFT CORP			2015-05-19
	16. MONSANTO CO		2015-04-10	2015-05-20
	2. UNION PACIFIC CORPORATION		2011-08-16	2015-05-20
	29. UNION PACIFIC CORPORATION		2015-04-10	2015-05-20
	8. MCKESSON HBOC INC COM		2015-04-10	2015-05-21
	309. QUALCOMM INC COM			2015-05-21
	24. AMGEN INC		2015-04-10	2015-05-27
	80. BROADCOM CORP COM		2015-05-08	2015-05-28
	48. BROADCOM CORP COM			2015-05-28
	3. CTRIP.COM INTERNATIONAL LTD ADR		2015-05-14	2015-05-28
	43. BROADCOM CORP COM		2015-05-12	2015-05-29
	126. BROADCOM CORP COM			2015-06-01
	30. DELTA AIR LINES INC		2015-04-10	2015-06-09
	19.00057 MONSANTO CO		2015-04-10	2015-06-09
	32.99943 MONSANTO CO		2015-04-10	2015-06-09
	111. RANGE RESOURCES CORP			2015-06-10
	35. AMGEN INC		2015-04-10	2015-06-23
	33. STARBUCKS CORP COM		2015-04-10	2015-06-23
	106. MARSH & MCLENNAN COS INC COM			2015-06-25
	25. AMGEN INC		2015-04-10	2015-06-26
	48. MONSANTO CO		2015-04-10	2015-06-26
	18. UNION PACIFIC CORPORATION		2011-08-16	2015-06-26
	55. ZOETIS INC		2015-04-10	2015-06-26
	7. LINKEDIN CORP A		2013-09-06	2015-06-29
	31. ZOETIS INC		2015-04-10	2015-06-29
	51. SCHLUMBERGER LTD ORD			2015-07-01
	89. ZOETIS INC		2015-04-10	2015-07-01
	30. GILEAD SCIENCES INC			2015-07-02
	63. SCHLUMBERGER LTD ORD			2015-07-02
	40. TEXAS INSTRS INC COM		2015-04-10	2015-07-02
	436. SYSMEX CORP UNSPON A D R			2015-07-07
	51. LYONDELLBASELL INDUSTRIES CL A			2015-07-07
	15. BLACKROCK INC			2015-07-08
	42. LYONDELLBASELL INDUSTRIES CL A		2015-04-30	2015-07-08
	13. LIBERTY LILAC GROUP C		2015-04-10	2015-07-09
	12. BLACKROCK INC		2013-01-29	2015-07-10
	240. TEXAS INSTRS INC COM			2015-07-10
	30864.14 ABERDEEN FDS EMRGN			2015-07-13
	12. BLACKROCK INC		2013-01-29	2015-07-14
	85. ZOETIS INC		2015-04-10	2015-07-14
	10. MCKESSON HBOC INC COM		2015-04-10	2015-07-17
	9. BIOGEN, INC			2015-07-20
	184. EBAY INC.		2015-04-10	2015-07-22
	.85 LIBERTY LILAC GROUP C		2015-04-10	2015-07-22
	149. EBAY INC.		2015-04-10	2015-07-23
	56. UNION PACIFIC CORPORATION		2011-08-16	2015-07-23
	16. ALEXION PHARMACEUTICALS INC COM		2015-04-10	2015-07-24
	44. BAIDU COM INC A D R		2015-04-10	2015-07-28
	15. MONSANTO CO		2013-09-06	2015-07-28
	20. MONSANTO CO		2015-04-10	2015-07-28
	7. ALEXION PHARMACEUTICALS INC COM		2015-04-10	2015-07-29
	11. BIOGEN, INC		2014-04-30	2015-07-29
	.5 ITAU UNIBANCO HOLDINGS SA A D R		2013-10-10	2015-07-31
	240. MCCORMICK & CO INC COM NON VTG		2011-08-16	2015-07-31
	29. ARM HLDGS PLC A D R		2015-04-10	2015-08-05
	36. COGNIZANT TECHNOLOGY SOLUTIONS CORP		2015-04-10	2015-08-05
	35. WALT DISNEY COMPANY		2011-08-16	2015-08-05
	105. TWENTY FIRST CENTURY FOX INC		2015-04-10	2015-08-05
	187. TWENTY FIRST CENTURY FOX INC		2015-04-10	2015-08-06
	122. TWENTY FIRST CENTURY FOX INC		2015-04-10	2015-08-07
	2.99994 APPLE COMPUTER INC COM		2015-04-10	2015-08-12
	56.00006 APPLE COMPUTER INC COM		2015-04-10	2015-08-12
	45. ARM HLDGS PLC A D R		2015-04-10	2015-08-12
	33. UNITEDHEALTH GROUP INC COM		2014-03-13	2015-08-13
	217. ARM HLDGS PLC A D R		2015-04-10	2015-08-14
	68. PHILLIPS 66		2013-01-29	2015-08-14
	66. TIME WARNER CABLE INC		2012-02-07	2015-08-17
	5370. IPATH DOW JONES UBS COMMODITY		2013-07-02	2015-08-21
	7568.942 OPPENHEIMER DEVELOPING MARKETS I			2015-08-21
	5. UNION PACIFIC CORPORATION		2011-08-16	2015-08-21
	60. BAIDU COM INC A D R			2015-08-24
	24. BIOGEN, INC		2014-04-30	2015-08-24
	19. BIOGEN, INC		2014-10-29	2015-08-24
	26. GILEAD SCIENCES INC		2015-04-27	2015-08-24
	47. MORGAN STANLEY DEAN WITTER & CO COM NEW		2015-04-10	2015-08-24
	56. GILEAD SCIENCES INC		2015-04-10	2015-08-25
	5. MCKESSON HBOC INC COM		2015-04-10	2015-08-25
	81. MORGAN STANLEY DEAN WITTER & CO COM NEW		2015-04-10	2015-08-25
	18. MONSANTO CO			2015-08-26
	25. DOLLAR GENERAL CORP		2015-04-10	2015-08-27
	97. LOWE'S COS INC		2012-10-05	2015-08-27
	25. MONSANTO CO		2012-08-21	2015-08-27
	54. MONSANTO CO		2012-08-21	2015-09-01
	22. NETFLIX.COM INC COM		2015-05-15	2015-09-03
	93. ALIBABA GROUP HOLDING LTD A D R			2015-09-08
	68. COGNIZANT TECHNOLOGY SOLUTIONS CORP		2015-04-10	2015-09-08
	22. CTRIP.COM INTERNATIONAL LTD ADR		2015-05-14	2015-09-08
	69. ALIBABA GROUP HOLDING LTD A D R			2015-09-09
	118. TIME WARNER CABLE INC		2012-02-07	2015-09-10
	86. COGNIZANT TECHNOLOGY SOLUTIONS CORP		2015-04-10	2015-09-15
	117. WELLS FARGO & CO NEW		2015-04-10	2015-09-18
	131. WELLS FARGO & CO NEW		2015-04-10	2015-09-22
	42. COGNIZANT TECHNOLOGY SOLUTIONS CORP		2015-04-10	2015-09-24
	44. COGNIZANT TECHNOLOGY SOLUTIONS CORP		2015-04-10	2015-09-24
	137. MALLINCKRODT PLC W I			2015-09-28
	4. ALEXION PHARMACEUTICALS INC COM		2015-04-10	2015-10-01
	8. APPLE COMPUTER INC COM		2015-04-10	2015-10-01
	150. MORGAN STANLEY DEAN WITTER & CO COM NEW		2015-04-10	2015-10-01
	390. HONG KONG EXCHANGES A D R			2015-10-02
	164. MORGAN STANLEY DEAN WITTER & CO COM NEW		2015-04-10	2015-10-02
	1851. SCHNEIDER ELECT SE UNSP A D R			2015-10-02
	28. VALEANT PHARMACEUTICALS			2015-10-05
	13. APPLE COMPUTER INC COM		2015-04-10	2015-10-08
	54. DOLLAR GENERAL CORP		2015-04-10	2015-10-08
	29. FIDELITY NATL INFORMATION SVCS INC		2014-09-22	2015-10-08
	118. DOLLAR GENERAL CORP		2015-04-10	2015-10-09
	12. ALLERGAN PLC		2015-07-27	2015-10-09
	2. VALEANT PHARMACEUTICALS		2015-08-24	2015-10-12
	28. APPLE COMPUTER INC COM		2015-04-10	2015-10-14
	29. APPLE COMPUTER INC COM		2011-08-16	2015-10-14
	21. APPLE COMPUTER INC COM		2015-04-10	2015-10-14
	15. VALEANT PHARMACEUTICALS			2015-10-15
	37. HONEYWELL INTL INC COM		2015-04-10	2015-10-16
	96. HONEYWELL INTL INC COM		2015-04-10	2015-10-16
	67. SHIRE PHARMACEUTICALS GR SPONSORED ADR		2014-10-17	2015-10-19
	2.00042 ENVISION HEALTHCARE HOLDINGS INC		2015-04-10	2015-10-20
	40.99958 ENVISION HEALTHCARE HOLDINGS INC		2015-04-10	2015-10-20
	36. VALEANT PHARMACEUTICALS			2015-10-21
	40. VALEANT PHARMACEUTICALS		2015-04-10	2015-10-21
	34.99996 ALLERGAN PLC			2015-10-21
	1.00004 ALLERGAN PLC		2015-07-14	2015-10-21
	14. COSTCO WHSL CORP NEW COM		2014-08-05	2015-10-23
	37. FACEBOOK INC A		2015-04-10	2015-10-23
	12. MCKESSON HBOC INC COM		2015-04-10	2015-10-23
	9. MCKESSON HBOC INC COM		2015-04-10	2015-10-26
	5. NIKE INC. CLASS B		2015-04-10	2015-10-26
	31. CTRIP.COM INTERNATIONAL LTD ADR		2015-05-14	2015-10-27
	480. ITC HOLDINGS CORP		2011-08-24	2015-10-27
	22. MCKESSON HBOC INC COM		2015-04-10	2015-10-27
	107. NOBLE ENERGY INC		2015-10-09	2015-10-27
	105. SPLUNK INC		2015-04-10	2015-10-27
	12. MCKESSON HBOC INC COM		2015-04-10	2015-10-28
	14.9995 VERTEX PHARMACEUTICALS INC COM		2015-04-10	2015-10-28
	4.0005 VERTEX PHARMACEUTICALS INC COM		2015-04-10	2015-10-28
	46. CVS CORP COM			2015-10-30
	17. CTRIP.COM INTERNATIONAL LTD ADR		2015-05-14	2015-10-30
	61. MCKESSON HBOC INC COM			2015-10-30
	15. UNION PACIFIC CORPORATION		2011-08-16	2015-10-30
	15. NIKE INC. CLASS B		2015-04-10	2015-11-04
	4. CHIPOTLE MEXICAN GRILL CL A		2015-04-10	2015-11-05
	7. CHIPOTLE MEXICAN GRILL CL A		2015-04-10	2015-11-06
	7. CHIPOTLE MEXICAN GRILL CL A		2015-04-10	2015-11-06
	246. IMPERIAL OIL LTD ORD			2015-11-06
	158. PAYPAL HOLDINGS INC			2015-11-06
	11. UNION PACIFIC CORPORATION		2011-08-16	2015-11-06
	43. PAYPAL HOLDINGS INC		2015-04-10	2015-11-11
	426. ENVISION HEALTHCARE HOLDINGS INC			2015-11-12
	6. CHIPOTLE MEXICAN GRILL CL A			2015-11-13
	4. THE PRICELINE GROUP INC		2015-04-27	2015-11-16
	3. THE PRICELINE GROUP INC		2011-08-16	2015-11-16
	2. ALPHABET INC CL C		2013-06-12	2015-11-17
	18. STARBUCKS CORP COM		2015-04-10	2015-11-17
	55. LIBERTY GLOBAL PLC SERIES C		2015-04-10	2015-11-17
	59. LIBERTY GLOBAL PLC SERIES C		2015-04-10	2015-11-18
	37. HILTON WORLDWIDE HOLDINGS IN		2015-04-10	2015-11-19
	163. LIBERTY GLOBAL PLC SERIES C		2015-04-10	2015-11-19
	235. NOVO NORDISK AS A D R			2015-11-23
	41. UNION PACIFIC CORPORATION		2011-08-16	2015-11-24
	98. ABBVIE INC			2015-12-01
	37766.278 CAUSEWAY EMERGING MARKETS INSTL			2015-12-01
	43. CTRIP.COM INTERNATIONAL LTD ADR			2015-12-01
	1341.3 ROWE T PRICE MID-CAP GROWTH FD INC			2015-12-01
	154.99 T ROWE PRICE SMALL CAP STOCK FD 65		2014-10-06	2015-12-01
	126. ABBVIE INC		2015-10-30	2015-12-02
	10. EDWARDS LIFESCIENCES CORP COM		2015-09-22	2015-12-03
	31. UNION PACIFIC CORPORATION		2011-08-16	2015-12-03
	48. UNION PACIFIC CORPORATION		2011-08-16	2015-12-07
	55. UNION PACIFIC CORPORATION		2011-08-16	2015-12-08
	186. HILTON WORLDWIDE HOLDINGS IN		2015-04-10	2015-12-09
	18. CTRIP.COM INTERNATIONAL LTD ADR		2015-04-10	2015-12-10
	78. CTRIP.COM INTERNATIONAL LTD ADR		2015-04-10	2015-12-15
	5. CVS CORP COM		2015-05-21	2015-12-16
	86. CTRIP.COM INTERNATIONAL LTD ADR		2015-04-10	2015-12-16
	23. CVS CORP COM			2015-12-17
	8. CELGENE CORPORATION COM		2011-08-16	2015-12-22
	15. NIKE INC. CLASS B		2015-04-10	2015-12-22
	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	6,252	3,502	2,750
b	7,932	12,617	-4,685
c	12,463	11,584	879
d	11,439	9,580	1,859
e	9,806	8,075	1,731
	11,509	6,583	4,926
	16,434	18,367	-1,933
	9,238	12,483	-3,245
	1,468	1,935	-467
	11,845	9,676	2,169
	1,639	1,538	101
	4,030	2,918	1,112
	25,884	14,141	11,743
	3,045	1,636	1,409
	11,682	13,005	-1,323
	107,073	88,455	18,618
	8,121	3,869	4,252
	22	23	-1
	6,915	4,397	2,518
	4,287	1,595	2,692
	3,187	1,749	1,438
	4,737	4,506	231
	12,215	13,442	-1,227
	3,273	4,190	-917
	459	415	44
	6,523	5,966	557
	37,371	21,680	15,691
	16,085	16,645	-560
	14,557	11,575	2,982
	11,964	8,276	3,688
	21,241	13,238	8,003
	28,261	17,672	10,589
	11,950	8,970	2,980
	18,787	14,254	4,533
	29,126	16,780	12,346
	5,032	1,202	3,830
	1,872	1,328	544
	18,270	7,111	11,159
	15,717	13,049	2,668
	9,347	4,841	4,506
	8,442	2,629	5,813
	12,187	10,804	1,383
	14,883	8,004	6,879
	18,131	20,136	-2,005
	29,061	23,625	5,436
	10,011	4,590	5,421
	13,172	8,865	4,307
	33,147	26,784	6,363
	17,730	10,098	7,632
	28,613	31,823	-3,210
	28,996	26,355	2,641
	17,904	8,475	9,429
	21,443	9,750	11,693
	10,721	10,077	644
	21,722	20,062	1,660
	16,502	13,910	2,592
	3,667	2,540	1,127
	22,539	9,958	12,581
	22,362	19,242	3,120
	25,216	20,434	4,782
	27,080	22,774	4,306
	26,133	10,530	15,603
	13,985	12,569	1,416
	24,337	13,480	10,857
	27,491	17,418	10,073
	32,299	20,139	12,160
	18,781	7,206	11,575
	26,657	25,368	1,289
	16,760	9,822	6,938
	16,619	12,815	3,804
	668	689	-21
	4,538	4,796	-258
	2,053	2,052	1
	17,624	8,199	9,425
	6,271	6,976	-705
	2,383	2,477	-94
	3,970	4,177	-207
	24,674	20,716	3,958
	4,252	4,435	-183
	1,180	961	219
	32,998	20,481	12,517
	1,537	1,443	94
	2,232	2,275	-43
	3,536	3,368	168
	2,185	2,285	-100
	2,049	2,255	-206
	1,543	649	894
	3,089	1,297	1,792
	479	489	-10
	2,679	2,754	-75
	1,251	1,295	-44
	1,660	1,312	348
	1,081	872	209
	2,438	2,428	10
	5,508	5,688	-180
	5,471	5,628	-157
	1,250	1,269	-19
	3,213	3,352	-139
	7,610	7,830	-220
	76	62	14
	2,714	2,828	-114
	2,335	2,839	-504
	8,574	9,025	-451
	3,717	2,869	848
	2,757	2,828	-71
	1,643	1,722	-79
	3,395	2,657	738
	1,946	2,122	-176
	195	249	-54
	586	795	-209
	6,833	7,483	-650
	1,848	1,397	451
	4,060	3,188	872
	2,182	2,194	-12
	2,131	2,161	-30
	2,148	2,739	-591
	2,071	2,234	-163
	160,633	136,329	24,304
	160,509	146,658	13,851
	151,555	143,286	8,269
	1,583	1,142	441
	7,863	5,335	2,528
	1,904	1,913	-9
	206	91	115
	2,990	3,239	-249
	1,915	1,795	120
	21,789	16,502	5,287
	3,838	3,915	-77
	4,445	3,750	695
	2,674	2,237	437
	240	217	23
	2,451	1,971	480
	7,009	5,696	1,313
	1,207	1,298	-91
	2,157	2,272	-115
	3,746	3,946	-200
	5,886	6,834	-948
	5,638	5,709	-71
	1,773	1,588	185
	6,170	5,619	551
	3,945	4,078	-133
	5,158	5,739	-581
	1,751	822	929
	2,681	2,596	85
	1,430	1,743	-313
	1,478	1,463	15
	4,298	4,818	-520
	4,302	4,202	100
	3,451	3,104	347
	5,297	5,897	-600
	2,074	2,311	-237
	13,535	5,092	8,443
	4,980	5,353	-373
	5,050	3,620	1,430
	4,042	4,370	-328
	544	632	-88
	4,056	2,826	1,230
	11,719	13,600	-1,881
	418,518	452,491	-33,973
	4,104	2,826	1,278
	4,003	4,013	-10
	2,338	2,243	95
	3,659	2,813	846
	5,189	4,142	1,047
	40	41	-1
	4,205	3,355	850
	5,153	2,559	2,594
	3,215	2,914	301
	7,175	9,467	-2,292
	1,514	1,519	-5
	2,019	2,391	-372
	1,400	1,275	125
	3,438	3,139	299
	4	6	-2
	19,671	11,100	8,571
	1,292	1,491	-199
	2,437	2,260	177
	3,866	1,165	2,701
	3,320	3,617	-297
	5,356	6,441	-1,085
	3,666	4,202	-536
	338	381	-43
	6,311	7,104	-793
	1,931	2,313	-382
	3,984	2,547	1,437
	9,132	11,155	-2,023
	5,576	4,074	1,502
	12,541	4,952	7,589
	130,706	198,529	-67,823
	225,100	247,491	-22,391
	442	228	214
	8,593	12,510	-3,917
	7,008	6,850	158
	5,548	6,001	-453
	2,763	2,686	77
	1,559	1,693	-134
	5,968	5,716	252
	973	1,122	-149
	2,656	2,918	-262
	1,730	1,810	-80
	1,841	1,904	-63
	6,714	3,076	3,638
	2,471	2,220	251
	5,207	4,795	412
	2,215	1,938	277
	5,796	8,413	-2,617
	4,276	4,268	8
	1,394	1,595	-201
	4,388	6,172	-1,784
	22,137	8,854	13,283
	5,344	5,398	-54
	5,957	6,348	-391
	6,623	7,108	-485
	2,568	2,636	-68
	2,680	2,762	-82
	8,309	15,455	-7,146
	623	728	-105
	869	1,015	-146
	4,692	5,403	-711
	8,990	6,302	2,688
	5,119	5,907	-788
	20,378	25,023	-4,645
	4,602	6,580	-1,978
	1,417	1,649	-232
	3,610	4,113	-503
	2,029	1,655	374
	7,935	8,988	-1,053
	3,297	3,950	-653
	348	457	-109
	3,079	3,552	-473
	3,189	1,568	1,621
	2,310	2,664	-354
	2,504	3,426	-922
	3,557	3,876	-319
	9,303	10,056	-753
	14,321	12,218	2,103
	74	79	-5
	1,526	1,618	-92
	3,586	7,643	-4,057
	4,788	8,310	-3,522
	9,027	11,265	-2,238
	258	321	-63
	2,173	1,646	527
	3,767	3,037	730
	2,216	2,692	-476
	1,691	2,019	-328
	659	501	158
	2,723	2,247	476
	15,879	12,042	3,837
	3,998	4,935	-937
	3,521	3,966	-445
	5,692	6,691	-999
	2,183	2,692	-509
	1,779	1,922	-143
	475	513	-38
	4,556	4,819	-263
	1,579	1,232	347
	10,941	13,240	-2,299
	1,345	685	660
	1,956	1,503	453
	2,463	2,729	-266
	4,284	4,776	-492
	4,215	4,776	-561
	8,064	11,074	-3,010
	5,693	5,544	149
	941	503	438
	1,581	1,497	84
	11,770	16,414	-4,644
	3,596	4,028	-432
	5,044	5,046	-2
	3,783	1,477	2,306
	1,451	872	579
	1,089	866	223
	2,292	2,647	-355
	2,430	2,839	-409
	862	1,140	-278
	6,629	7,843	-1,214
	12,648	11,033	1,615
	3,476	1,873	1,603
	5,661	6,134	-473
	386,349	410,000	-23,651
	4,566	2,784	1,782
	110,657	87,666	22,991
	6,975	6,714	261
	7,309	7,528	-219
	1,617	1,399	218
	2,467	1,417	1,050
	3,705	2,193	1,512
	4,171	2,513	1,658
	4,047	5,732	-1,685
	910	562	348
	3,814	2,434	1,380
	475	521	-46
	4,191	2,683	1,508
	2,201	2,367	-166
	886	224	662
	1,963	1,503	460
			56,209

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			2,750
b			-4,685
c			879
d			1,859
e			1,731
			4,926
			-1,933
			-3,245
			-467
			2,169
			101
			1,112
			11,743
			1,409
			-1,323
			18,618
			4,252
			-1
			2,518
			2,692
			1,438
			231
			-1,227
			-917
			44
			557
			15,691
			-560
			2,982
			3,688
			8,003
			10,589
			2,980
			4,533
			12,346
			3,830
			544
			11,159
			2,668
			4,506
			5,813
			1,383
			6,879
			-2,005
			5,436
			5,421
			4,307
			6,363
			7,632
			-3,210
			2,641
			9,429
			11,693
			644
			1,660
			2,592
			1,127
			12,581
			3,120
			4,782
			4,306
			15,603
			1,416
			10,857
			10,073
			12,160
			11,575
			1,289
			6,938
			3,804
			-21
			-258
			1
			9,425
			-705
			-94
			-207
			3,958
			-183
			219
			12,517
			94
			-43
			168
			-100
			-206
			894
			1,792
			-10
			-75
			-44
			348
			209
			10
			-180
			-157
			-19
			-139
			-220
			14
			-114
			-504
			-451
			848
			-71
			-79
			738
			-176
			-54
			-209
			-650
			451
			872
			-12
			-30
			-591
			-163
			24,304
			13,851
			8,269
			441
			2,528
			-9
			115
			-249
			120
			5,287
			-77
			695
			437
			23
			480
			1,313
			-91
			-115
			-200
			-948
			-71
			185
			551
			-133
			-581
			929
			85
			-313
			15
			-520
			100
			347
			-600
			-237
			8,443
			-373
			1,430
			-328
			-88
			1,230
			-1,881
			-33,973
			1,278
			-10
			95
			846
			1,047
			-1
			850
			2,594
			301
			-2,292
			-5
			-372
			125
			299
			-2
			8,571
			-199
			177
			2,701
			-297
			-1,085
			-536
			-43
			-793
			-382
			1,437
			-2,023
			1,502
			7,589
			-67,823
			-22,391
			214
			-3,917
			158
			-453
			77
			-134
			252
			-149
			-262
			-80
			-63
			3,638
			251
			412
			277
			-2,617
			8
			-201
			-1,784
			13,283
			-54
			-391
			-485
			-68
			-82
			-7,146
			-105
			-146
			-711
			2,688
			-788
			-4,645
			-1,978
			-232
			-503
			374
			-1,053
			-653
			-109
			-473
			1,621
			-354
			-922
			-319
			-753
			2,103
			-5
			-92
			-4,057
			-3,522
			-2,238
			-63
			527
			730
			-476
			-328
			158
			476
			3,837
			-937
			-445
			-999
			-509
			-143
			-38
			-263
			347
			-2,299
			660
			453
			-266
			-492
			-561
			-3,010
			149
			438
			84
			-4,644
			-432
			-2
			2,306
			579
			223
			-355
			-409
			-278
			-1,214
			1,615
			1,603
			-473
			-23,651
			1,782
			22,991
			261
			-219
			218
			1,050
			1,512
			1,658
			-1,685
			348
			1,380
			-46
			1,508
			-166
			662
			460

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	328,738
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	461,994	9,891,359	0.046707
2013	458,809	9,537,576	0.048105
2012	452,911	9,093,814	0.049804
2011	455,258	8,834,634	0.051531
2010	461,717	8,760,283	0.052706

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

20.248853

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 . . .

0.049771

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

8,713,868

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

433,698

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

4,629

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

438,327

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

495,374

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	4,629
	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	4,629
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	4,629
6	Credits/Payments:

a	2015 estimated tax payments and 2014 overpayment credited to 2015	6a	10,804
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	10,804
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	6,175
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax2,316	Refunded	11	3,859

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 NATIONAL ASSOCIATION Telephone no. bullet

(651) 466-8040

Located at bullet

101 E FIFTH STREETSAINT PAULMN ZIP+4 bullet

55101

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	CORP TRUSTEE 8	76,076
PO BOX 64713 ST PAUL,MN55101	CORP TRUSTEE 8	76,076

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

8,589,504

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

257,063

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

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

8,846,567

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

8,846,567

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

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

132,699

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

8,713,868

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

435,693

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

435,693

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

4,629

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

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

4,629

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

431,064

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

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

431,064

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

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

431,064

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 ..........

495,374

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

495,374

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

4,629

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

490,745

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					431,064
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......	33,696
b From 2011......	34,823
c From 2012......	3,970
d From 2013......	0
e From 2014......	0
fTotal of lines 3a through e........		72,489
4Qualifying distributions for 2015 from Part
XII, line 4: $ 495,374
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.....					431,064
e Remaining amount distributed out of corpus		64,310
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		136,799
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) ...		33,696
9Excess distributions carryover to 2016. Subtract lines 7 and 8 from line 6a ......		103,103
10 Analysis of line 9:
a Excess from 2011....	34,823
b Excess from 2012....	3,970
c Excess from 2013....	0
d Excess from 2014....	0
e Excess from 2015....	64,310

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
DUNWOODY INSTITUTE 818 DUNWOODY BLVD MINNEAPOLIS,MN55403	NONE	PC	GENERAL OPERATING	474,812
Total ................................. 3a				474,812

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	211,245
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	328,738
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)..				539,983

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

13539,983

(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
DRIEHAUS ACTIVE INCOME FUND	680,249	636,692
OPPENHEIMER SR FLOAT RATE	565,000	513,447
ISHARES CORE TOTAL US BOND	679,179	680,679
BAIRD AGGREGATE BOND FUND	1,200,000	1,184,372

Name of Stock	End of Year Book Value	End of Year Fair Market Value
AMAZON COM INC	30,975	66,913
AMERIPRISE FINL INC
ANADARKO PETROLEUM CORP
APPLE INC	56,944	88,103
ATT INC	26,143	29,868
BLACKROCK INC	9,004	19,069
BORG WARNER INC
CATERPILLAR INC
CELGENE CORP	9,727	37,365
CERNER CORP
CHEVRON CORP	31,170	26,898
CULLEN FROST BANKERS	15,442	17,820
DANAHER CORP	12,649	21,362
DISNEY WALT CO	32,618	36,988
E M C CORP	20,077	20,878
FLOWSERVE CORP
FLUOR CORP
GOOGLE INC CL A
ITC HLDGS CORP
JP MORGAN CHASE CO	16,860	32,289
KINDER MORGAN INC	27,111	12,682
LAUDER ESTEE COS IN CL A
MCCORMICK CO INC
MICROSOFT CORP	27,793	45,660
NEXTERA ENERGY INC	16,949	27,323
PFIZER INC	17,193	30,279
PHILIP MORRIS INTL
PIONEER NAT RES CO
PRICELINE COM INC
QUALCOMM INC
SCHEIN HENRY INC
THERMO FISHER SCIENTIFIC INC
UNION PACIFIC CORP	15,671	21,505
V F CORP	14,703	26,581
ACCENTURE PIC CL A	14,965	26,857
AIR LIQUIDE S A A D R	32,707	35,282
ALLIANZ SE A D R	28,882	43,099
ARM HLDFS PLC A D R	23,501	34,066
ATLAS COPCO AB SPONS A D R	16,787	18,607
B G GROUP P L C A D R	37,741	28,459
BUNGE LIMITED	27,633	27,175
CANADIAN NATL RY CO	17,217	25,705
ABERDEEN FD EMRGN MKT INSTL
GOLDMAN SACHS M C VALU CL INST	62,943	62,567
HIGHLAND LONG SHORT EQUITY Z	317,032	338,227
NEUBERGER BERMAN GENESIS INSTL
NUVEEN REAL ESTATE SEC	496,211	594,888
OPPENHEIMER DEV MKTS FDS CL
T ROWE PRICE MID CAP GROWTH FD	26,350	34,408
WPP PICSPONSORED A D R	22,695	46,814
CSI LIMITED A D R	12,872	27,687
DASSAULT SYSTEMES SA A D R	30,443	57,868
DBS GROUPS HLDGS LTD	16,874	17,044
FANUC CORP A D R	40,212	40,183
FRESENIUS MED CARE
I C I C I BANK LIMITED A D R	25,694	24,390
IMPERIAL OIL LTD	15,027	11,675
ITAU UNIBANCO HLDGS SA A D R	29,746	18,371
JGC CORP UNSPONS A D R	29,464	14,210
LOREAL CO UNSPONS	23,090	33,008
LVMH MOET HENNESSY LOU VUITT	13,590	13,291
MTN GROUP LTD	22,849	9,732
NESTLE SA SPONS	42,759	50,308
NOVO NORDISK AS	23,917	49,484
ROCHE HLDGS LTD	32,151	48,224
SASOL LTD SPONS	17,466	11,774
SCHLUMBERGER LTD	29,831	27,900
SCHNEIDER ELECT SA UNSP
SONOVA HLDGS UNSPONS	9,320	14,219
SWATCH GROUP AG
TAIWAN SEMICONDUCTOR	36,590	53,713
TURKIYE GARANTI BANKASI	18,921	12,614
UNI CHARM CORP	23,459	30,673
UNILEVER PIC SPSD	19,072	21,819
ANALOG DEVICES INC
CVS	35,933	51,036
FIDELITY NAL INFORMATION SERV	15,067	25,513
LOWES CO INC	9,451	22,660
LULULEMON ATHLETICA INC	13,044	10,284
MONSANTO CO	21,717	19,014
PRECISION CASTPARTS COPR
TIME WARNER CABLE
UNITED TECH CORP
WALGREENS CO
WELLS FARGO CO	20,912	34,138
AIA GROUP LTD ADR	31,724	49,994
ANHEUSER BUSCH INBEV NV ADR	15,972	27,250
MICHAEL KORS HOLDINGS LID
SVENSKA HANDELSBANKEN A UNSP A	9,914	11,941
SYSMEX CORP UNSPON	12,273	40,569
XINYI GLASS HOLDINGS LTS
ABBVIE INC	16,559	28,435
BANK OF NEW YORK MELLON CORP
HAIN CELESTIAL GROUP INC
HONEYWELL INTL INC	22,406	27,964
LINKEDIN CORP	27,701	29,485
MACYS INC	22,571	14,971
PACKAGING CORP AMERICA	22,923	25,094
PHILLIPS 66	16,888	21,595
RESTORATION HARDWARE HOLDING
SPLUNK INC
STARBUCKS CORP	19,821	24,732
STARWOOD HOTELS & RESORTS
TUPPERWARE BRANDS CORP
UNITED HEALTH CORP	54,049	65,996
UNITED RENTALS INC
VISA INC	40,662	61,342
WHIRLPOOL CORP	15,704	18,946
ACE LTD	24,135	29,914
BAIDU COM INC	31,044	36,296
BANCO BILBAO VIZCAYA ARGEN	19,240	14,447
BAYERISCHE MOTOREN WERKE UNSPN	26,135	27,474
COVIDIEN PIC
IPATH DOW JONES UBS COMM
ISHARES MSCI EAFE ETF	526,420	484,440
SPDER S&P 500 ETF TR	93,364	117,429
HONG KONG EXCHANGES A D R
SHIRE PLC A D R
MITSUBISHI ESTATE LTD	19,813	13,802
MONOTARO CO LTD	6,347	15,175
ADOBE SYS INC	24,247	34,852
BIOGEN IDEC INC
BOEING CO	26,132	27,761
COLGATE PALMOLIVE CO	26,400	26,382
COSTCO WHSL CORP	12,810	16,769
DISCOVER FINL SVCS	22,199	20,161
GENERAL MOTORS CO	24,880	26,324
HARMAN INTERNATIONAL
HD SUPPLY HOLDINGS INC
MARSH MCLENNAN COS INC	19,430	20,905
PALO ALTO NETWORKS INC	13,054	13,739
T ROWE PRICE SC STOCK
ALIBABA GROUP HOLDING LTD A D	20,805	19,992
FUCHS PETROLUB SE PREF A D R	17,552	17,078
GRIFOLS SA A D R	12,840	11,891
LINDE AG A D R	14,180	10,675
NIELSEN NV
NOVARTIS AG A D R
SANDS CHINA LTD UNSPONS A D R	32,149	16,129
SAP SE SPONSORED A D R	28,753	40,657
STRATASYS LTD
SYMRISE AG UNSPON A D R	14,136	17,002
ROBECO BOSTON PARTNERS L S	315,609	326,787

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
VARIOUS MINERAL INTERESTS	AT COST	1	1
ALEXION PHARMACEUTICALS INC	AT COST	25,309	28,040
ALLERGAN PLC	AT COST	21,528	20,625
ALPHABET INC CL A	AT COST	14,071	35,010
ALPHABET INC CL C	AT COST	16,041	36,426
AMERICAN TOWER CORP	AT COST	25,601	25,983
AVAGO TECHNOLOGIES	AT COST	18,315	19,740
BIOMARIN PHARMACEUTICAL INC	AT COST	9,288	8,486
BOSTON SCIENTIFIC CORP	AT COST	18,644	19,085
BRISTOL MYERS SQUIBB CO	AT COST	32,551	34,464
COLOPLAST AS A D R	AT COST	6,710	7,797
CONCHO RES INC	AT COST	5,543	4,550
COSTAR GROUP INC	AT COST	12,528	12,608
DELPHI AUTOMOTIVE PLC	AT COST	13,451	13,717
DELTA AIR LINES INC	AT COST	18,957	22,202
DEXCOM INC	AT COST	17,214	17,445
DOLLAR TREE INC	AT COST	6,957	6,873
ECOLAB INC	AT COST	22,041	21,847
EDWARDS LIFESCIENCES CORP	AT COST	11,924	13,743
FACEBOOK INC A	AT COST	39,971	51,179
FIRST DATA CORP CLASS A	AT COST	20,099	19,993
FRESENIUS AKTIENGESELLSCHAFT A	AT COST	18,187	21,799
GENERAL ELECTRIC CO	AT COST	14,053	15,139
GILEAD SCIENCES INC	AT COST	19,539	19,024
HILTON WORLDWIDE HOLDINGS IN	AT COST	15,810	10,978
HOME DEPOT INC	AT COST	26,505	30,153
INTUIT INC	AT COST	19,243	19,300
ISHARES CORE S P SMALL CAP ETF	AT COST	101,580	98,879
ISHARES RUSSELL MIDCAP INDEX E	AT COST	76,026	72,401
JOHNSON JOHNSON	AT COST	26,837	27,734
JPM 24M SPX LBR MTN 8	AT COST	180,000	182,682
KONE OYJ B UNSPON A D R	AT COST	19,063	17,480
L BRANDS INC	AT COST	14,543	15,235
LENDINGCLUB CORP	AT COST	8,413	6,674
MASTERCARD INC	AT COST	29,631	32,129
MEDTRONIC PLC	AT COST	48,546	48,613
MOBILEYE NV	AT COST	18,444	17,884
MONDELEZ INTERNATIONAL W I	AT COST	15,754	16,501
MOODYS CORP	AT COST	7,172	7,124
NASPERS LTD N SPON A D R	AT COST	12,654	12,681
NETFLIX COM INC	AT COST	8,573	11,896
NIELSEN HOLDINGS PLC	AT COST	21,504	22,275
NIKE INC	AT COST	29,963	37,375
P P G INDS INC	AT COST	20,633	17,985
PAYPAL HOLDINGS INC	AT COST	11,895	12,417
PEPSICO INC	AT COST	28,272	29,576
PRAXAIR INC	AT COST	21,376	17,715
QUINTILES TRANSNATIONAL HOLD	AT COST	21,523	21,559
REGENERON PHARMACEUTICALS INC	AT COST	6,236	6,514
SALESFORCE COM INC	AT COST	21,628	24,461
SBA COMMUNICATIONS CORP CL A	AT COST	24,330	21,855
SCHWAB CHARLES CORP	AT COST	15,387	15,576
SERVICENOW INC	AT COST	15,880	16,879
SHERWIN WILLIAMS CO	AT COST	17,941	16,874
TESLA MOTORS INC	AT COST	11,072	11,520
THE PRICELINE GROUP INC	AT COST	14,655	21,674
ULTA SALON COSMETICS FRAGRANCE	AT COST	16,075	19,425
UNDER ARMOUR INC CL A	AT COST	10,170	8,625
VANGUARD REIT ETF	AT COST	89,141	87,703
VERTEX PHARMACEUTICALS INC	AT COST	16,395	16,106
WEC ENERGY GROUP INC	AT COST	21,034	22,730
WORKDAY INC	AT COST	11,002	9,801
ZOETIS INC	AT COST	11,089	11,261

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
ACCURED INCOME	3,478	-155	-155
WASH SALES	210	0	0

Category	Amount	Net Investment Income
FOREIGN TAXES	5,956	5,956
FEDERAL ESTIMATES - INCOME	5,906	0
FEDERAL ESTIMATES - PRINCIPAL	2,701	0

Description	Amount
COST ADJUSTMENT	263
PY BALANCE SHEET ADJUSTMENT	3,688
RETURN OF CAPITAL ADJUSMENT	1,295

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT FEES - DIVIDENDS	1,397	1,397		0
STATE CHARITABLE FILING FEE ST	25	0		25