Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2015
Open to Public Inspection
For calendar year 2015, or tax year beginning 01-01-2015 , and ending 12-31-2015
Name of foundation
BERNARD & AUDRE RAPOPORT FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)5400 BOSQUE BLVD NO 302
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WACO, TX76710
A Employer identification number

74-2479712
B Telephone number (see instructions)

(254) 741-0510
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$49,425,366J Accounting method:
modified accrual
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 0
2 Check bullet Sch. B .............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 1,045,922 1,045,922  
5a Gross rents............ 325,000 325,000  
b Net rental income or (loss) 239,995
6a Net gain or (loss) from sale of assets not on line 10 2,956,883
b Gross sales price for all assets on line 6a 33,259,304
7 Capital gain net income (from Part IV, line 2)... 2,956,883
8 Net short-term capital gain.........  
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)....... Click to see attachment 366,346 0  
12 Total. Add lines 1 through 11........ 4,694,151 4,327,805  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 182,600 36,520   146,080
14 Other employee salaries and wages...... 52,861 10,572   42,289
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 38,472 0   38,472
c Other professional fees (attach schedule).... Click to see attachment 319,584 319,584   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 328,021 75,840   11,231
19 Depreciation (attach schedule) and depletion... Click to see attachment 85,155 85,005  
20 Occupancy..............        
21 Travel, conferences, and meetings....... 25,744 5,149   20,595
22 Printing and publications.......... 9,810 0   9,810
23 Other expenses (attach schedule)....... Click to see attachment 506,039 14,064   74,781
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,548,286 546,734   343,258
25 Contributions, gifts, grants paid....... 2,232,603 2,441,532
26 Total expenses and disbursements. Add lines 24 and 25 3,780,889 546,734   2,784,790
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 913,262
b Net investment income (if negative, enter -0-) 3,781,071
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2015)
Form 990-PF (2015)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. -3    
2 Savings and temporary cash investments......... 2,756,945 2,146,485 2,146,485
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 13,540 13,792 13,792
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 23,144,910    
c Investments—corporate bonds (attach schedule)....... 10,398,926    
11 Investments—land, buildings, and equipment: basis bullet4,819,561
Less: accumulated depreciation (attach schedule) bullet1,012,982 5,365,980 Click to see attachment3,806,579 3,806,579
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 12,402,767 Click to see attachment43,294,674 43,294,674
14 Land, buildings, and equipment: basis bullet27,952
Less: accumulated depreciation (attach schedule) bullet27,641 460 Click to see attachment311 311
15 Other assets (describe bullet) Click to see attachment140,440 Click to see attachment163,525 Click to see attachment163,525
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 54,223,965 49,425,366 49,425,366
Liabilities 17 Accounts payable and accrued expenses.......... 775 1,850
18 Grants payable.................. 208,928  
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment18,106,698 Click to see attachment16,589,748
23 Total liabilities (add lines 17 through 22)......... 18,316,401 16,591,598
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................. 20,600,707 19,273,511
25 Temporarily restricted............... 15,306,857 13,560,257
26 Permanently restricted...............    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........    
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)..... 35,907,564 32,833,768
31 Total liabilities and net assets/fund balances (see instructions). 54,223,965 49,425,366
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............
1
35,907,564
2
Enter amount from Part I, line 27a .....................
2
913,262
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
2,051,826
4
Add lines 1, 2, and 3 ..........................
4
38,872,652
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
6,038,884
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
32,833,768
Form 990-PF (2015)
Form 990-PF (2015)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a MISC DISTRIBUTION PROCEEDS      
b LAND-1001 W SHADY GROVE RD P 2007-05-31 2015-10-21
c PUBLICLY TRADED SECURITIES      
d PUBLICLY TRADED SECURITIES      
e PUBLICLY TRADED MASTER LIMITED PARTNERSHIP SECURITIES      
PUBLICLY TRADED MASTER LIMITED PARTNERSHIP SECURITIES      
ORDINARY PORTION REPORTED ON 990-T      
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 2,050     2,050
b 3,365,000   1,720,322 1,644,678
c 8,819,263   9,034,947 -215,684
d 16,790,722   14,823,027 1,967,695
e 1,834,286   1,750,879 83,407
2,447,983   2,108,791 339,192
    864,455 -864,455
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       2,050
b       1,644,678
c       -215,684
d       1,967,695
e       83,407
      339,192
      -864,455
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 2,956,883
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)
If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2014 2,887,800 54,807,775 0.052690
2013 2,789,234 52,735,685 0.052891
2012 2,640,034 50,163,954 0.052628
2011 2,588,132 49,583,653 0.052197
2010 2,412,383 47,665,337 0.050611
2
Total of line 1, column (d) .....................
20.261017
3
Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years . . .
3
0.052203
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
52,095,322
5
Multiply line 4 by line 3......................
5
2,719,532
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
37,811
7
Add lines 5 and 6........................
7
2,757,343
8
Enter qualifying distributions from Part XII, line 4.............
8
2,784,790
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.
Form 990-PF (2015)
Form 990-PF (2015)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bullet and enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 37,811
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 37,811
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 37,811
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 47,440
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 15,100
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 62,540
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8 115
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 24,614
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet24,614 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletTX
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2015 or the taxable year beginning in 2015 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletRAPOPORTFDN.ORG
    14
    The books are in care ofbulletTHE FOUNDATION Telephone no.bullet (254) 741-0510

    Located atbullet5400 BOSQUE BLVD SUITE 302WACOTX ZIP+4bullet76710
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.......bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2015, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2015?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2015, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2015?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2015 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2015.)..................
    3b
     
    No
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2015?
    4b
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (Continued)
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? (see instructions)................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    AUDRE RAPOPORT PRESIDENT
    3.50     		0 0 0
    5400 BOSQUE BLVD SUITE 302
    WACO,TX76710
    RONALD RAPOPORT CHAIRMAN; TRUSTEE
    3.50     		6,000 0 0
    5400 BOSQUE BLVD SUITE 302
    WACO,TX76710
    PATRICIA RAPOPORT TRUSTEE
    3.50     		6,000 0 0
    5400 BOSQUE BLVD SUITE 302
    WACO,TX76710
    LYNDON OLSON JR TRUSTEE
    3.50     		4,000 0 0
    5400 BOSQUE BLVD SUITE 302
    WACO,TX76710
    WILLIAM A NESBITT SEC., TREAS., TRUSTEE
    3.50     		6,000 0 0
    5400 BOSQUE BLVD SUITE 302
    WACO,TX76710
    JOEL SCHWARTZ TRUSTEE
    3.50     		6,000 0 0
    5400 BOSQUE BLVD SUITE 302
    WACO,TX76710
    JAMES CHESNEY TRUSTEE
    3.50     		6,000 0 0
    5400 BOSQUE BLVD SUITE 302
    WACO,TX76710
    RICK BATTISTONI TRUSTEE
    3.50     		6,000 0 0
    5400 BOSQUE BLVD SUITE 302
    WACO,TX76710
    EMILY RAPOPORT TRUSTEE
    3.50     		0 0 0
    5400 BOSQUE BLVD SUITE 302
    WACO,TX76710
    TOM STANTON EXECUTIVE DIRECTOR
    40.00     		182,600 0 0
    5400 BOSQUE BLVD SUITE 302
    WACO,TX76710
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    UBS FINANCIAL SERVICES INC INVESTMENT ADVICE 390,053
    100 CRESCENT CT SUITE 400
    DALLAS,TX75201
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 DISTRIBUTIONS WERE MADE TO ORGANIZATIONS QUALIFYING UNDER IRC SEC. 501(C)(3) TO FURTHER THEIR PURPOSES OF EDUCATION AND RESEARCH 0
    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.........................bullet0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    45,169,819
    b
    Average of monthly cash balances.......................
    1b
    2,593,371
    c
    Fair market value of all other assets (see instructions)................
    1c
    5,125,462
    d
    Total (add lines 1a, b, and c).........................
    1d
    52,888,652
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    52,888,652
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    793,330
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    52,095,322
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    2,604,766
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    2,604,766
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    37,811
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
    122,011
    c
    Add lines 2a and 2b............................
    2c
    159,822
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    2,444,944
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    6,491
    5
    Add lines 3 and 4............................
    5
    2,451,435
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    2,451,435
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    2,784,790
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    2,784,790
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
    37,811
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    2,746,979
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2014     		(c)
    2014     		(d)
    2015
    1 Distributable amount for 2015 from Part XI, line 7 2,451,435
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2015:
    a From 2010...... 61,818
    b From 2011...... 52,007
    c From 2012......  
    d From 2013...... 322,460
    e From 2014...... 299,724
    fTotal of lines 3a through e........ 736,009
    4Qualifying distributions for 2015 from Part
    XII, line 4: bullet$ 2,784,790
    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..... 2,451,435
    e Remaining amount distributed out of corpus 333,355
    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 1,069,364
    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) ...     		61,818
    9Excess distributions carryover to 2016.
    Subtract lines 7 and 8 from line 6a ......     		1,007,546
    10 Analysis of line 9:
    a Excess from 2011.... 52,007
    b Excess from 2012....  
    c Excess from 2013.... 322,460
    d Excess from 2014.... 299,724
    e Excess from 2015.... 333,355
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2015, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2015 (b) 2014 (c) 2013 (d) 2012
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    RONALD RAPOPORT
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    TOM STANTON
    5400 BOSQUE BLVD SUITE 302
    WACO,TX76710
    (254) 741-0510
    bThe form in which applications should be submitted and information and materials they should include:
    WRITTEN APPLICATION WITH IRS DETERMINATION LETTER
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    MUST BE A 501(C)(3) ORGANIZATION. NO OTHER RESTRICTIONS APPLY.
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    ALLIANCE FOR JUSTICE
    11 DUPONT CIRCLENW 2ND FLOOR
    WASHINGTON,DC20036     		NONE 501(C)(3) SUPPORT FOR ADVOCACY AND MOBILIZATION OF THE TEXAS NONPROFIT COMMUNITY 10,000
    AVANCE INC
    118 N MEDINA
    SAN ANTONIO,TX78207     		NONE 501(C)(3) FUNDING SUPPORT FOR THE 40TH ANNIVERSARY CELEBRATION AND ENDOWMENT LAUNCH 45,000
    CASA OF BELL AND CORYELL COUNTIES
    2820 WEST AVE O
    TEMPLE,TX76504     		NONE 501(C)(3) SUPPORT FOR THE "YOU DANCE WITH WHO BRUNG YOU AND VOLUNTEER RETENTION PROGRAMS 7,979
    CHINA SPRING ELEMENTARY
    PO BOX 250
    CHINA SPRING,TX76633     		NONE 501(C)(3) FUNDING SUPPORT TO ASSIST IN SALARY SUPPORT FOR ADDITIONAL BEHAVIORAL COUNSELOR 8,929
    COMMONWEALTH INSTITUTE OF VIRGINIA
    1329 E CARY ST 202
    RICHMOND,VA23219     		NONE 501(C)(3) FUNDS TO BE USED IN SUPPORT OF THE EXPANSION OF MEDICAID AND SUSTAIN THE HEALTH BENEFITS EXCHANGE 25,000
    COMPASSION MINISTRIES
    1421 AUSTIN AVE
    WACO,TX76701     		NONE 501(C)(3) FUNDING SUPPORT OF THE PURCHASE AND INSTALLATION OF 20 NEW HVAC UNITS 24,384
    CENTER FOR PUBLIC POLICY PRIORITIES
    7020 EASY WIND DR SUITE 200
    AUSTIN,TX78752     		NONE 501(C)(3) GENERAL OPERATIONAL SUPPORT 62,500
    DEMOCRACY WORKS
    20 JAY STREET STE 824
    BROOKLYN,NY11201     		NONE 501(C)(3) FUNDING SUPPORT FOR THE TURBOVOTE ONLINE PLATFORM 66,125
    FAMILY ABUSE CENTER
    PO BOX 20395
    WACO,TX76702     		NONE 501(C)(3) SALARY SUPPORT FOR A PART-TIME DEVELOPMENT DIRECTOR 24,289
    PROSPER WACO
    4901 BOSQUE BLVD STE 290
    WACO,TX76710     		NONE 501(C)(3) FUNDING'S SUPPORT FOR ORGANIZATIONAL BACKBONE ($100,000) PILOT PROGRAM PROJECT LINK ($255,000) 355,000
    JERUSALEM FOUNDATION
    420 LEXINGTON AVE SUITE 1645
    NEW YORK,NY10170     		NONE 501(C)(3) SUPPORT OF CONSTRUCTIONS COSTS FOR THE JERUSALEM CINEMATHEQUE AKA JERUSALEM FILM CENTER 200,008
    KLARAS CENTER FOR FAMILIES
    1105 W JEFFERSON AVE
    WACO,TX76701     		NONE 501(C)(3) SECOND YEAR SALARY SUPPORT OF A TRANSPORTATION SPECIALIST TIED TO THE KLARASKAR TRANSPORTATION PROGRAM. 17,924
    MCLENNAN COMMUNITY COLLEGE FOUNDATION
    1400 COLLEGE DRIVE
    WACO,TX76708     		NONE 501(C)(3) FIRST GENERATION SCHOLARSHIP PROGRAM 200,000
    OPEN DOOR PRESCHOOL
    3804 CHERRYWOOD ROAD
    AUSTIN,TX78722     		NONE 501(C)(3) SCHOLARSHIPS (PROJECT HELPING HANDS) 25,000
    PACK OF HOPE
    PO BOX 1545
    WACO,TX76703     		NONE 501(C)(3) FUNDING SUPPORT FOR THE PURCHASE OF NUTRITIOUS, SUSTAINABLE FOOD FOR THE BACKPACK PROGRAM 75,000
    PLANNED PARENTHOOD OF CENTRAL TEXAS
    PO BOX 1518
    WACO,TX76703     		NONE 501(C)(3) GENERAL SUPPORT 300,000
    TALITHA KOUM INSTITUTE
    1311 CLAY AVENUE
    WACO,TX76706     		NONE 501(C)(3) FUNDING SUPPORT OF THE K-READY KIDS PILOT PROJECT 39,408
    TEXAS OBSERVER
    307 WEST 7TH ST
    AUSTIN,TX78701     		NONE 501(C)(3) GENERAL SUPPORT ($50,000) FUNDRAISING TRAVEL COSTS FOR EDITOR AND PUBLISHER ($25,000) 90,000
    TISCH COLLEGE
    20 PROFESSORS ROW
    MEDFORD,MA02155     		NONE 501(C)(3) FUNDING SUPPORT FOR RESEARCH FOR POLITICAL LEARNING AND ENGAGEMENT 94,106
    UNITED JEWISH COMMUNITIES
    25 BROADWAY STE 700
    NEW YORK,NY10004     		NONE 501(C)(3) CONSTRUCTIONS COST FOR THE PREFORMING ARTS CENTER IN MA'A LOT IN NORTHERN ISRAEL 200,008
    UNIVERSITY OF TEXAS AUSTIN
    1 UNIVERSITY STATION D6000
    AUSTIN,TX78712     		NONE 501(C)(3) RAPOPORT SCHOLARS PROGRAM 400,257
    WACO CIVIC THEATRE
    1517 LAKE AIR DRIVE
    WACO,TX76710     		NONE 501(C)(3) FUNDING SUPPORT OF THE PURCHASE AND INSTALLATION OF A NEW LIGHTING SYSTEM 25,615
    WACO COMMUNITY DEVELOPMENT CORPORATION
    1624 COLCORD AVE
    WACO,TX76707     		NONE 501(C)(3) GENERAL OPERATIONAL SUPPORT 15,000
    WACO CULTURAL ARTS FEST
    801 WASHINGTON AVE STE 405
    WACO,TX76702     		NONE 501(C)(3) FUNDING SUPPORT FOR DORIS MILLER MEMORIAL CONSTRUCTION COSTS 110,000
    WACO FOUNDATION - MAC PROGRAM
    1105 WOODED ACRES DR STE 701
    WACO,TX76710     		NONE 501(C)(3) SCHOLARSHIPS 20,000
    Total .................................bullet 3a 2,441,532
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ...........     		         
    4 Dividends and interest from securities....     14 1,045,922  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....     16 239,995  
    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 2,956,883  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue:
    aORDINARY GAIN ON MLP-REPORTED ON 990-T     		523000 864,455      
    bUBI LOSS ON MLP INVESTMENTS 523000 -427,691      
    cINVESTMENT FEES RELATED TO MLP INVESTMENTS 523000 -70,469      
    dPROFESSIONAL FEES RELATED TO MLP INVESTMENTS 523000 -6,440      
    eGRANT RECOVERY         6,491
    12 Subtotal. Add columns (b), (d), and (e).. 359,855 4,242,800 6,491
    13Total. Add line 12, columns (b), (d), and (e)..................
    134,609,146
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    11E GRANT RECOVERY FROM PRIOR PERIOD
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

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

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2015 AccountingFeesSchedule
    Name:
    BERNARD & AUDRE RAPOPORT FOUNDATION
    EIN:
    74-2479712
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING/LEGAL FEES 38,472 0   38,472

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2015 DepreciationSchedule
    Name:
    BERNARD & AUDRE RAPOPORT FOUNDATION
    EIN:
    74-2479712
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    DESK/CREDENZA 1996-02-08 2,000   200DB 7.000000000000 0 0    
    DESK 1996-02-08 2,900   200DB 7.000000000000 0 0    
    TABLE 1996-02-08 400   200DB 7.000000000000 0 0    
    FILE CABINET 1996-06-05 319   200DB 7.000000000000 0 0    
    SETTEE 1996-10-22 375   200DB 7.000000000000 0 0    
    TABLE 1996-10-22 115   200DB 7.000000000000 0 0    
    WALL CABINETS 1998-03-10 5,024   200DB 7.000000000000 0 0    
    DESK CHAIRS/FILING CABINET 1998-05-13 686   200DB 5.000000000000 0 0    
    BOARD ROOM TABLE/CHAIRS 2000-12-11 1,000 1,000 200DB 7.000000000000 0 0    
    GESTETNER COPIER 2006-06-27 7,262 7,262 200DB 5.000000000000 0 0    
    BUILDING 2004-02-03 3,315,213 927,975 SL 39.000000000000 85,005 85,005    
    LAND 2004-02-03 585,037   L   0 0    
    SHARP CEILING PROJECTOR & SCREEN 2007-08-13 4,293 4,293 200DB 5.000000000000 0 0    
    DELL COMPUTER - OPTIPLEX 755 2008-07-30 933 467 200DB 5.000000000000 0 0    
    LAND - GRAND PRAIRIE, TX 24.34 ACRES 2007-05-31 2,393,706   L   0 0    
    DELL LAPTOP 2010-01-14 876 412 200DB 5.000000000000 26 0    
    ICE MAKER 2012-12-05 1,769 418 200DB 7.000000000000 124 0    

    TY 2015 InvestmentsLandSchedule2
    Name:
    BERNARD & AUDRE RAPOPORT FOUNDATION
    EIN:
    74-2479712
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    BUILDING 3,315,213 1,012,980 2,302,233  
    LAND 585,037 0 585,037  
    LAND - GRAND PRAIRIE, TX 24.34 ACRES 2,393,706 0 2,393,706  

    TY 2015 InvestmentsOtherSchedule2
    Name:
    BERNARD & AUDRE RAPOPORT FOUNDATION
    EIN:
    74-2479712
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    JPMORGAN CHASE & CO. 3.625% 13-MAY-2024 FMV 202,964 202,964
    APPLE INC. 3.45% 06-MAY-2024 FMV 207,188 207,188
    HALLIBURTON COMPANY 3.5% 01-AUG-2023 FMV 245,355 245,355
    STATE STREET CORPORATION 3.55% 18-AUG-2025 FMV 206,286 206,286
    SCHLUMBERGER N.V. (SCHLUMBERGER LIMITED) 3.65% 01-DEC-2023 FMV 202,906 202,906
    HAWAIIAN AIRLINES 2013-1 PASS THROUGH TRUST 3.9% 15-JAN-2026 FMV 182,139 182,139
    SPIRIT AIRLINES, INC. 4.1% 01-APR-2028 FMV 98,500 98,500
    CATERPILLAR FINANCIAL SERVICES CORPORATION 3.25% 01-DEC-2024 FMV 198,304 198,304
    ORACLE CORPORATION 3.4% 08-JUL-2024 FMV 203,090 203,090
    WILLIAMS COMPANIES, INC. 4.55% 24-JUN-2024 FMV 138,916 138,916
    U.S. BANCORP 3.6% 11-SEP-2024 FMV 213,400 213,400
    CONTINENTAL RESOURCES, INC. 5.0% 15-SEP-2022 FMV 147,500 147,500
    PACIFIC GAS AND ELECTRIC COMPANY 3.5% 15-JUN-2025 FMV 252,775 252,775
    L-3 COMMUNICATIONS CORPORATION 3.95% 28-MAY-2024 FMV 189,982 189,982
    BANK OF NEW YORK MELLON CORPORATION 3.4% 15-MAY-2024 FMV 204,502 204,502
    UNITED AIRLINES, INC. 3.75% 03-SEP-2026 FMV 50,440 50,440
    DUKE ENERGY PROGRESS LLC 3.25% 15-AUG-2025 FMV 100,696 100,696
    HCA, INC. 5.25% 15-APR-2025 FMV 125,938 125,938
    SOUTHWESTERN ENERGY COMPANY 4.1% 15-MAR-2022 FMV 125,792 125,792
    EOG RESOURCES, INC. 2.625% 15-MAR-2023 FMV 189,472 189,472
    MICROSOFT CORPORATION 3.125% 03-NOV-2025 FMV 251,328 251,328
    PFIZER INC. 5.8% 12-AUG-2023 FMV 233,878 233,878
    CONTINENTAL AIRLINES PASS THROUGH CERTIFICATES SER 2012-2 4.0% 29-OCT-2024 FMV 183,879 183,879
    DELTA AIR LINES, INC. 3.625% 30-JUL-2027 FMV 101,250 101,250
    AUTOMATIC DATA PROCESSING, INC. 3.375% 15-SEP-2025 FMV 254,855 254,855
    RAYTHEON COMPANY 3.15% 15-DEC-2024 FMV 200,396 200,396
    MONSANTO COMPANY 3.375% 15-JUL-2024 FMV 190,680 190,680
    WELLS FARGO & COMPANY 4.125% 15-AUG-2023 FMV 207,714 207,714
    SIMON PROPERTY GROUP LP 3.375% 01-OCT-2024 FMV 201,892 201,892
    HCA, INC. 5.0% 15-MAR-2024 FMV 124,688 124,688
    GENERAL ELECTRIC CAPITAL CORPORATION 3.45% 15-MAY-2024 FMV 206,766 206,766
    PARKER-HANNIFIN CORPORATION 3.3% 21-NOV-2024 FMV 201,720 201,720
    ISHARES SILVER TRUST FMV 454,818 454,818
    SPDR GOLD TRUST FMV 751,007 751,007
    VANECK VECTORS JUNIOR GOLD MINERS ETF FMV 263,792 263,792
    STATE STREET BANK & TRUST COMPANY 5.25% 15-OCT-2018 FMV 124,785 124,785
    SUNTRUST BANK (ATLANTA, GEORGIA) 7.25% 15-MAR-2018 FMV 42,014 42,014
    AT&T INC. 5.5% 01-FEB-2018 FMV 173,176 173,176
    UNITED TECHNOLOGIES CORPORATION 6.125% 01-FEB-2019 FMV 150,549 150,549
    WALT DISNEY COMPANY 1.85% 30-MAY-2019 FMV 163,253 163,253
    NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 3.4% 15-NOV-2023 FMV 38,968 38,968
    BERKSHIRE HATHAWAY INC. 2.1% 14-AUG-2019 FMV 79,483 79,483
    PUBLIC SERVICE COMPANY OF COLORADO 2.25% 15-SEP-2022 FMV 39,521 39,521
    BOEING COMPANY 2.6% 30-OCT-2025 FMV 178,097 178,097
    COCA-COLA COMPANY 3.3% 01-SEP-2021 FMV 135,961 135,961
    HONEYWELL INTERNATIONAL INC. 4.25% 01-MAR-2021 FMV 174,968 174,968
    BANK OF NEW YORK MELLON CORPORATION 3.65% 04-FEB-2024 FMV 43,609 43,609
    PUBLIC SERVICE ELECTRIC AND GAS COMPANY 2.3% 15-SEP-2018 FMV 14,154 14,154
    U.S. BANK N.A. 2.125% 28-OCT-2019 FMV 176,865 176,865
    PNC BANK NA 3.8% 25-JUL-2023 FMV 79,412 79,412
    SUNTRUST BANKS, INC. 6.0% 11-SEP-2017 FMV 106,225 106,225
    PROCTER & GAMBLE COMPANY 4.7% 15-FEB-2019 FMV 163,440 163,440
    BB&T CORPORATION 6.85% 30-APR-2019 FMV 176,674 176,674
    JPMORGAN CHASE & CO. 6.3% 23-APR-2019 FMV 176,044 176,044
    PECO ENERGY COMPANY 5.35% 01-MAR-2018 FMV 164,395 164,395
    GENERAL ELECTRIC CAPITAL CORPORATION 5.55% 04-MAY-2020 FMV 40,717 40,717
    SOUTH CAROLINA ELECTRIC & GAS COMPANY 6.5% 01-NOV-2018 FMV 190,046 190,046
    KIMBERLY-CLARK CORPORATION 7.5% 01-NOV-2018 FMV 13,903 13,903
    KIMBERLY-CLARK CORPORATION 6.125% 01-AUG-2017 FMV 119,257 119,257
    COMERICA INCORPORATED 5.75% 21-NOV-2016 FMV 159,515 159,515
    GENERAL ELECTRIC CAPITAL CORPORATION 2.2% 09-JAN-2020 FMV 129,477 129,477
    NORTHERN TRUST CORPORATION 3.45% 04-NOV-2020 FMV 175,572 175,572
    NORTHERN STATES POWER CO. 2.6% 15-MAY-2023 FMV 162,768 162,768
    PNC BANK NA 2.7% 01-NOV-2022 FMV 20,425 20,425
    BANK OF NEW YORK MELLON CORPORATION 3.25% 11-SEP-2024 FMV 134,880 134,880
    PRUDENTIAL FINANCIAL, INC. 2.35% 15-AUG-2019 FMV 34,834 34,834
    BERKSHIRE HATHAWAY INC. 1.55% 09-FEB-2018 FMV 93,152 93,152
    PRUDENTIAL FINANCIAL, INC. 2.3% 15-AUG-2018 FMV 141,000 141,000
    NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 3.05% 15-FEB-2022 FMV 154,486 154,486
    STATE STREET CORPORATION 4.956% 15-MAR-2018 FMV 67,149 67,149
    PUBLIC SERVICE ELECTRIC AND GAS COMPANY 2.0% 15-AUG-2019 FMV 49,658 49,658
    PEPSICO, INC. 3.0% 25-AUG-2021 FMV 127,784 127,784
    METLIFE, INC. 4.75% 08-FEB-2021 FMV 139,005 139,005
    SUNTRUST BANKS, INC. 2.35% 01-NOV-2018 FMV 26,136 26,136
    PEPSICO, INC. 2.75% 01-MAR-2023 FMV 52,787 52,787
    GOLDMAN SACHS GROUP, INC. 5.75% 01-OCT-2016 FMV 71,162 71,162
    PNC FUNDING CORP. 6.7% 10-JUN-2019 FMV 53,721 53,721
    ALLSTATE CORPORATION 7.45% 16-MAY-2019 FMV 161,196 161,196
    UNITED TECHNOLOGIES CORPORATION 5.375% 15-DEC-2017 FMV 11,825 11,825
    JOHNSON & JOHNSON 5.15% 15-JUL-2018 FMV 136,688 136,688
    FLORIDA POWER & LIGHT COMPANY 5.5% 01-NOV-2017 FMV 95,113 95,113
    JOHNSON & JOHNSON 5.55% 15-AUG-2017 FMV 29,943 29,943
    CAROLINA POWER & LIGHT COMPANY 2.8% 15-MAY-2022 FMV 92,071 92,071
    WISCONSIN ELECTRIC POWER COMPANY 2.95% 15-SEP-2021 FMV 70,741 70,741
    UNITED PARCEL SERVICE, INC. 3.125% 15-JAN-2021 FMV 174,656 174,656
    AMERICAN EXPRESS COMPANY 2.65% 02-DEC-2022 FMV 174,379 174,379
    PROCTER & GAMBLE COMPANY 1.9% 01-NOV-2019 FMV 10,064 10,064
    COMERICA BANK (DALLAS, TEXAS) 2.5% 02-JUN-2020 FMV 15,915 15,915
    TARGET CORPORATION 3.5% 01-JUL-2024 FMV 163,952 163,952
    BB&T CORPORATION 2.45% 15-JAN-2020 FMV 10,067 10,067
    CONOCOPHILLIPS CDA FDG FOREIGN SECURITY 5.625% 15-OCT-2016 FMV 16,526 16,526
    INTERNATIONAL BUSINESS MACHINES CORPORATION 7.0% 30-OCT-2025 FMV 124,414 124,414
    ENERGY TRANSFER EQUITY, L.P. FMV 662,612 662,612
    SUNOCO LOGISTICS PARTNERS L.P. FMV 610,375 610,375
    ENERGY TRANSFER PARTNERS, L.P. FMV 326,237 326,237
    TESORO LOGISTICS LP FMV 454,390 454,390
    NGL ENERGY PARTNERS LP FMV 326,618 326,618
    PLAINS GP HOLDINGS LP CLASS A FMV 112,455 112,455
    PLAINS ALL AMERICAN PIPELINE, L.P. FMV 240,702 240,702
    BUCKEYE PARTNERS, L.P. FMV 317,136 317,136
    EQT MIDSTREAM PARTNERS LP FMV 316,479 316,479
    WILLIAMS PARTNERS, L.P. FMV 323,951 323,951
    MAGELLAN MIDSTREAM PARTNERS, L.P. FMV 612,299 612,299
    TARGA RESOURCES PARTNERS LP FMV 292,102 292,102
    WILLIAMS COMPANIES, INC. FMV 336,413 336,413
    GENESIS ENERGY, L.P. FMV 311,372 311,372
    ENTERPRISE PRODUCTS PARTNERS L.P. FMV 765,021 765,021
    VANGUARD GROWTH INDEX FUND FMV 2,190,570 2,190,570
    VANGUARD VALUE INDEX FUND FMV 2,215,306 2,215,306
    SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST FMV 1,213,580 1,213,580
    POWERSHARES QQQ TRUST FMV 1,207,529 1,207,529
    BLACKSTONE MORTGAGE TRUST, INC. 5.25% 01-DEC-2018 FMV 106,838 106,838
    J2 GLOBAL, INC. 3.25% 15-JUN-2029 FMV 41,940 41,940
    SOCIETE GENERALE S.A. 0.0% 16-NOV-2021 FMV 85,880 85,880
    RESOURCE CAPITAL CORP. 6.0% 01-DEC-2018 FMV 84,574 84,574
    ANI PHARMACEUTICALS, INC. 3.0% 01-DEC-2019 FMV 79,797 79,797
    ARES CAPITAL CORPORATION 5.125% 01-JUN-2016 FMV 33,958 33,958
    MERITAGE HOMES CORPORATION 1.875% 15-SEP-2032 FMV 83,300 83,300
    BGC PARTNERS, INC. 4.5% 15-JUL-2016 FMV 36,784 36,784
    PENNYMAC CORP. 5.375% 01-MAY-2020 FMV 98,975 98,975
    TTM TECHNOLOGIES, INC. 1.75% 15-DEC-2020 FMV 83,816 83,816
    RYLAND GROUP, INC. 0.25% 01-JUN-2019 FMV 43,825 43,825
    ATLAS AIR WORLDWIDE HOLDINGS, INC. 2.25% 01-JUN-2022 FMV 86,060 86,060
    BARCLAYS BANK PLC 0.0% 23-JUL-2021 FMV 79,587 79,587
    HORNBECK OFFSHORE SERVICES, INC. 1.5% 01-SEP-2019 FMV 36,806 36,806
    REDWOOD TRUST, INC. 4.625% 15-APR-2018 FMV 102,438 102,438
    RENEWABLE ENERGY GROUP, INC. 2.75% 15-JUN-2019 FMV 95,415 95,415
    PROSPECT CAPITAL CORPORATION 5.375% 15-OCT-2017 FMV 98,625 98,625
    COLONY CAPITAL, INC. 3.875% 15-JAN-2021 FMV 55,838 55,838
    APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. 5.5% 15-MAR-2019 FMV 112,211 112,211
    SYNCHRONOSS TECHNOLOGIES, INC. 0.75% 15-AUG-2019 FMV 88,440 88,440
    BARCLAYS BANK PLC 0.0% 18-AUG-2021 FMV 95,831 95,831
    FORESTAR GROUP INC. 3.75% 01-MAR-2020 FMV 34,508 34,508
    TICC CAPITAL CORP. 7.5% 01-NOV-2017 FMV 33,145 33,145
    M/I HOMES, INC. 3.0% 01-MAR-2018 FMV 81,133 81,133
    PORTFOLIO RECOVERY ASSOCIATES, INC. 3.0% 01-AUG-2020 FMV 67,600 67,600
    VERINT SYSTEMS INC. 1.5% 01-JUN-2021 FMV 95,625 95,625
    HELIX ENERGY SOLUTIONS GROUP, INC. 3.25% 15-MAR-2032 FMV 33,154 33,154
    ECHO GLOBAL LOGISTICS, INC 2.5% 01-MAY-2020 FMV 69,125 69,125
    NATIONAL HEALTH INVESTORS, INC. 3.25% 01-APR-2021 FMV 72,659 72,659
    BLACKROCK CAPITAL INVESTMENT CORPORATION 5.5% 15-FEB-2018 FMV 87,285 87,285
    ENCORE CAPITAL GROUP, INC. 3.0% 01-JUL-2020 FMV 28,985 28,985
    CORRECTIONS CORPORATION OF AMERICA FMV 53,510 53,510
    CINEMARK HOLDINGS, INC. FMV 50,814 50,814
    ENDURANCE SPECIALTY HOLDINGS LTD. FMV 68,085 68,085
    INVESCO LTD. FMV 88,052 88,052
    LIBERTY BROADBAND CORP. CLASS C FMV 41,488 41,488
    SYNCHRONY FINANCIAL FMV 34,059 34,059
    LEIDOS HOLDINGS, INC. FMV 34,150 34,150
    ENTERGY CORPORATION FMV 36,504 36,504
    AVERY DENNISON CORPORATION FMV 33,774 33,774
    NATIONAL FUEL GAS COMPANY FMV 64,980 64,980
    MATTEL, INC. FMV 59,040 59,040
    FASTENAL COMPANY FMV 35,799 35,799
    HASBRO, INC. FMV 78,070 78,070
    SYSCO CORPORATION FMV 69,495 69,495
    VARIAN MEDICAL SYSTEMS, INC. FMV 34,663 34,663
    GENUINE PARTS COMPANY FMV 67,252 67,252
    OMNICOM GROUP INC FMV 72,634 72,634
    EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. FMV 32,247 32,247
    KOHL'S CORPORATION FMV 69,064 69,064
    AMDOCS LIMITED FMV 67,394 67,394
    VERIFONE SYSTEMS, INC. FMV 34,325 34,325
    ZIMMER BIOMET HOLDINGS, INC. FMV 70,685 70,685
    JANUS CAPITAL GROUP INC. FMV 46,708 46,708
    WESTERN UNION COMPANY FMV 66,894 66,894
    BROADRIDGE FINANCIAL SOLUTIONS, INC. FMV 85,377 85,377
    WELLTOWER, INC. FMV 57,009 57,009
    CAMECO CORPORATION FMV 35,757 35,757
    NISOURCE INC FMV 35,411 35,411
    ESTERLINE TECHNOLOGIES CORPORATION FMV 45,036 45,036
    SUN COMMUNITIES, INC. FMV 71,957 71,957
    ST. JUDE MEDICAL, INC. FMV 86,416 86,416
    HAEMONETICS CORPORATION FMV 53,680 53,680
    BAXTER INTERNATIONAL INC. FMV 35,212 35,212
    SUNTRUST BANKS, INC. FMV 69,401 69,401
    HERSHEY COMPANY FMV 36,154 36,154
    M&T BANK CORPORATION FMV 51,380 51,380
    W. R. GRACE & CO. FMV 35,852 35,852
    QUEST DIAGNOSTICS INCORPORATED FMV 36,210 36,210
    MCKESSON CORPORATION FMV 109,463 109,463
    NEW YORK COMMUNITY BANCORP, INC. FMV 71,318 71,318
    ITC HOLDINGS CORP. FMV 40,781 40,781
    HCP, INC. FMV 75,945 75,945
    ROCKWELL COLLINS, INC. FMV 68,856 68,856
    XCEL ENERGY INC. FMV 35,264 35,264
    REGAL ENTERTAINMENT GROUP CLASS A FMV 71,423 71,423
    DISCOVERY COMMUNICATIONS, INC. CLASS C FMV 45,396 45,396
    BWX TECHNOLOGIES, INC. FMV 36,567 36,567
    FIRST AMERICAN FINANCIAL CORPORATION FMV 80,416 80,416
    LIBERTY MEDIA CORP CLASS C FMV 68,925 68,925
    CLOROX COMPANY FMV 35,766 35,766
    SONOCO PRODUCTS COMPANY FMV 32,900 32,900
    OLD REPUBLIC INTERNATIONAL CORPORATION FMV 34,484 34,484
    APPLIED MATERIALS, INC. FMV 17,158 17,158
    WORTHINGTON INDUSTRIES, INC. FMV 34,360 34,360
    HARTFORD FINANCIAL SERVICES GROUP, INC. FMV 49,979 49,979
    BOSTON SCIENTIFIC CORPORATION FMV 52,738 52,738
    ALCOA CORP. FMV 56,901 56,901
    ANALOG DEVICES, INC. FMV 48,073 48,073
    CROWN CASTLE INTERNATIONAL CORP. 4.875% 15-APR-2022 FMV 22,825 22,825
    EQUINIX, INC. 5.75% 01-JAN-2025 FMV 24,540 24,540
    CNH INDUSTRIAL CAPITAL LLC 3.625% 15-APR-2018 FMV 14,768 14,768
    LEVEL 3 FINANCING, INC. 7.0% 01-JUN-2020 FMV 25,080 25,080
    GENERAL MOTORS FINANCIAL CO., INC. 4.25% 15-MAY-2023 FMV 22,750 22,750
    WHITING PETROLEUM CORPORATION 5.0% 15-MAR-2019 FMV 18,120 18,120
    UNITED RENTALS (NORTH AMERICA), INC. 7.375% 15-MAY-2020 FMV 8,440 8,440
    NRG ENERGY, INC. 6.625% 15-MAR-2023 FMV 25,158 25,158
    RANGE RESOURCES CORPORATION 5.0% 15-MAR-2023 FMV 15,645 15,645
    PVH CORP. 4.5% 15-DEC-2022 FMV 24,438 24,438
    CONCHO RESOURCES INC. 5.5% 01-APR-2023 FMV 21,275 21,275
    BERRY PLASTICS CORPORATION 5.125% 15-JUL-2023 FMV 24,313 24,313
    CALPINE CORPORATION 5.75% 15-JAN-2025 FMV 21,180 21,180
    POST HOLDINGS, INC. 7.375% 15-FEB-2022 FMV 47,955 47,955
    SPRINT COMMUNICATIONS, INC. 6.0% 15-NOV-2022 FMV 16,215 16,215
    GOODYEAR TIRE & RUBBER COMPANY 7.0% 15-MAY-2022 FMV 23,568 23,568
    SBA COMMUNICATIONS CORPORATION 4.875% 15-JUL-2022 FMV 22,655 22,655
    CHESAPEAKE ENERGY CORPORATION 6.125% 15-FEB-2021 FMV 6,204 6,204
    HERTZ CORPORATION 6.75% 15-APR-2019 FMV 22,473 22,473
    UNITED RENTALS (NORTH AMERICA), INC. 5.75% 15-NOV-2024 FMV 24,750 24,750
    DAVITA INC. 5.125% 15-JUL-2024 FMV 22,000 22,000
    AES CORPORATION 8.0% 01-JUN-2020 FMV 22,000 22,000
    ENERGY TRANSFER EQUITY, L.P. 7.5% 15-OCT-2020 FMV 39,775 39,775
    CONTINENTAL RESOURCES, INC. 5.0% 15-SEP-2022 FMV 18,438 18,438
    BALL CORPORATION 5.0% 15-MAR-2022 FMV 24,480 24,480
    COMMUNITY HEALTH SYSTEMS, INC. 7.125% 15-JUL-2020 FMV 24,906 24,906
    BOYD GAMING CORPORATION 6.875% 15-MAY-2023 FMV 25,688 25,688
    MASCO CORPORATION 5.95% 15-MAR-2022 FMV 24,840 24,840
    CENTENE CORPORATION 5.75% 01-JUN-2017 FMV 21,630 21,630
    CROWN AMERICAS LLC 6.25% 01-FEB-2021 FMV 18,585 18,585
    DYNEGY INC. 5.875% 01-JUN-2023 FMV 19,260 19,260
    HCA, INC. 3.75% 15-MAR-2019 FMV 23,173 23,173
    T-MOBILE USA, INC. 6.125% 15-JAN-2022 FMV 24,660 24,660
    LENNAR CORPORATION 4.5% 15-JUN-2019 FMV 24,405 24,405
    NAVIENT CORP. 5.5% 15-JAN-2019 FMV 17,765 17,765
    CINEMARK USA, INC. 5.125% 18-DEC-2022 FMV 22,828 22,828
    CCO HOLDINGS LLC 5.75% 15-JAN-2024 FMV 24,660 24,660
    MARKWEST ENERGY PARTNERS, L.P. 5.5% 15-FEB-2023 FMV 41,125 41,125
    GRAPHIC PACKAGING INTERNATIONAL, INC. 4.75% 15-APR-2021 FMV 24,480 24,480
    LAMAR MEDIA CORP. 5.0% 01-MAY-2023 FMV 23,288 23,288
    WILLIAMS PARTNERS, L.P. 4.875% 15-MAY-2023 FMV 22,699 22,699
    DAVITA INC. 5.75% 15-AUG-2022 FMV 24,720 24,720
    CONSTELLATION BRANDS, INC. 6.0% 01-MAY-2022 FMV 22,000 22,000
    MICRON TECHNOLOGY, INC. 5.875% 15-FEB-2022 FMV 18,478 18,478
    CCO HOLDINGS LLC 6.5% 30-APR-2021 FMV 45,760 45,760
    ALLY FINANCIAL INC. 5.125% 30-SEP-2024 FMV 24,570 24,570
    GLP CAPITAL LP 4.875% 01-NOV-2020 FMV 24,500 24,500
    WILLIAMS COMPANIES, INC. 5.75% 24-JUN-2044 FMV 17,219 17,219
    AUTONATION, INC. 5.5% 01-FEB-2020 FMV 16,243 16,243
    SALLY HOLDINGS LLC 5.75% 01-JUN-2022 FMV 25,875 25,875
    INTELSAT JACKSON HOLDINGS SA 7.25% 01-APR-2019 FMV 34,865 34,865
    D.R. HORTON, INC. 4.0% 15-FEB-2020 FMV 23,131 23,131
    GENERAL MOTORS FINANCIAL CO., INC. 3.25% 15-MAY-2018 FMV 49,245 49,245
    NATIONSTAR CAPITAL CORP. 6.5% 01-JUL-2021 FMV 23,010 23,010
    EL PASO INTERIM CORPORATION 7.0% 15-JUN-2017 FMV 18,542 18,542
    INTERNATIONAL LEASE FINANCE CORPORATION 8.25% 15-DEC-2020 FMV 44,935 44,935
    T-MOBILE USA, INC. 6.542% 28-APR-2020 FMV 22,935 22,935
    AVIS BUDGET CAR RENTAL LLC 5.5% 01-APR-2023 FMV 23,058 23,058
    HERTZ CORPORATION 6.25% 15-OCT-2022 FMV 24,840 24,840
    STEEL DYNAMICS, INC. 5.25% 15-APR-2023 FMV 23,725 23,725
    CIT GROUP INC. 5.0% 15-AUG-2022 FMV 49,290 49,290
    ISTAR INC. 4.0% 01-NOV-2017 FMV 7,844 7,844
    ALLY FINANCIAL INC. 8.0% 15-MAR-2020 FMV 47,880 47,880
    VERISIGN, INC. 4.625% 01-MAY-2023 FMV 24,206 24,206
    ICAHN ENTERPRISES FINANCE CORP. 6.0% 01-AUG-2020 FMV 22,185 22,185
    CELANESE US HOLDINGS LLC 5.875% 15-JUN-2021 FMV 25,320 25,320
    TENET HEALTHCARE CORPORATION 8.125% 01-APR-2022 FMV 24,938 24,938
    TRANSDIGM, INC. 5.5% 15-OCT-2020 FMV 22,253 22,253
    TOYS "R" US PROPERTY CO. II LLC 8.5% 01-DEC-2017 FMV 19,780 19,780
    DISH DBS CORPORATION 7.875% 01-SEP-2019 FMV 25,013 25,013
    TESORO LOGISTICS FINANCE CORP. 6.125% 15-OCT-2021 FMV 22,800 22,800
    CBRE SERVICES, INC. 5.0% 15-MAR-2023 FMV 46,234 46,234
    IRON MOUNTAIN INCORPORATED 5.75% 15-AUG-2024 FMV 23,160 23,160
    NATIONSTAR MORTGAGE LLC 9.625% 01-MAY-2019 FMV 12,390 12,390
    LEAR CORPORATION 5.25% 15-JAN-2025 FMV 24,420 24,420
    TARGA RESOURCES PARTNERS LP 5.25% 01-MAY-2023 FMV 19,440 19,440
    TENET HEALTHCARE CORPORATION 4.75% 01-JUN-2020 FMV 25,125 25,125
    KCI USA, INC. 10.5% 01-NOV-2018 FMV 24,375 24,375
    MGM RESORTS INTERNATIONAL 6.75% 01-OCT-2020 FMV 22,605 22,605
    LEUCADIA NATIONAL CORPORATION 5.5% 18-OCT-2023 FMV 24,405 24,405
    ROYAL CARIBBEAN CRUISES LTD. 5.25% 15-NOV-2022 FMV 23,575 23,575
    DISH DBS CORPORATION 5.875% 15-JUL-2022 FMV 48,490 48,490
    LENNAR CORPORATION 4.75% 30-MAY-2025 FMV 22,483 22,483
    LEVEL 3 COMMUNICATIONS, INC. 5.75% 01-DEC-2022 FMV 24,540 24,540
    SPRINT COMMUNICATIONS, INC. 11.5% 15-NOV-2021 FMV 7,360 7,360
    GENON ENERGY, INC. 9.875% 15-OCT-2020 FMV 9,620 9,620
    L BRANDS, INC. 6.625% 01-APR-2021 FMV 23,258 23,258
    ANTERO RESOURCES FINANCE CORP. 5.375% 01-NOV-2021 FMV 39,200 39,200
    HCA, INC. 5.0% 15-MAR-2024 FMV 48,878 48,878
    RITE AID CORPORATION 6.75% 15-JUN-2021 FMV 25,140 25,140
    CSC HOLDINGS, LLC 7.625% 15-JUL-2018 FMV 25,260 25,260
    SPRINT CAPITAL CORP. 6.875% 15-NOV-2028 FMV 24,413 24,413
    AMSURG CORP. FMV 79,496 79,496
    KAR AUCTION SERVICES, INC. FMV 44,473 44,473
    CROWN HOLDINGS, INC. FMV 97,293 97,293
    FIDELITY NATIONAL INFORMATION SERVICES, INC. FMV 71,144 71,144
    SKYWORKS SOLUTIONS, INC. FMV 61,003 61,003
    VWR CORP. FMV 102,907 102,907
    WESTROCK CO. FMV 59,899 59,899
    ENDO INTERNATIONAL PLC FMV 79,953 79,953
    SPECTRUM BRANDS HOLDINGS, INC. FMV 65,050 65,050
    SYNCHRONY FINANCIAL FMV 103,941 103,941
    ARTHUR J. GALLAGHER & CO. FMV 95,636 95,636
    AVERY DENNISON CORPORATION FMV 51,668 51,668
    CACI INTERNATIONAL INC CLASS A FMV 58,730 58,730
    MICRON TECHNOLOGY, INC. FMV 40,781 40,781
    CARPENTER TECHNOLOGY CORPORATION FMV 47,554 47,554
    CHECK POINT SOFTWARE TECHNOLOGIES LTD. FMV 29,866 29,866
    HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED FMV 27,886 27,886
    JARDEN CORPORATION FMV 128,120 128,120
    ARES CAPITAL CORPORATION FMV 95,276 95,276
    TRINET GROUP, INC. FMV 31,889 31,889
    PACKAGING CORPORATION OF AMERICA FMV 58,700 58,700
    NASDAQ, INC. FMV 86,906 86,906
    GRAND CANYON EDUCATION, INC. FMV 106,238 106,238
    REINSURANCE GROUP OF AMERICA, INCORPORATED FMV 78,449 78,449
    WABCO HOLDINGS INC. FMV 54,402 54,402
    PVH CORP. FMV 59,877 59,877
    SABRE CORP. FMV 78,987 78,987
    COMMSCOPE HOLDING CO., INC. FMV 59,884 59,884
    DELPHI AUTOMOTIVE PLC FMV 41,836 41,836
    NEW RESIDENTIAL INVESTMENT CORP. FMV 53,577 53,577
    HD SUPPLY HOLDINGS, INC. FMV 77,628 77,628
    SEI INVESTMENTS COMPANY FMV 73,360 73,360
    RELIANCE STEEL & ALUMINUM CO. FMV 58,315 58,315
    TOTAL SYSTEM SERVICES, INC. FMV 40,388 40,388
    GILDAN ACTIVEWEAR INC. FMV 79,604 79,604
    GULFPORT ENERGY CORPORATION FMV 16,265 16,265
    LENNAR CORPORATION CLASS A FMV 58,741 58,741
    SNAP-ON INCORPORATED FMV 64,801 64,801
    RITE AID CORPORATION FMV 69,635 69,635
    PACWEST BANCORP FMV 97,061 97,061
    SIGNET JEWELERS LIMITED FMV 56,155 56,155
    COMMUNITY HEALTH SYSTEMS, INC. FMV 73,037 73,037
    HERTZ GLOBAL HOLDINGS, INC. FMV 51,769 51,769
    BROADCOM LIMITED FMV 51,964 51,964
    RINGCENTRAL, INC. CLASS A FMV 35,252 35,252
    FIRST DATA CORPORATION CLASS A FMV 100,894 100,894
    MILACRON HOLDINGS CORP. FMV 53,618 53,618
    CATALENT INC FMV 80,922 80,922
    CONSTELLIUM NV CLASS A FMV 72,010 72,010
    INVESTORS BANCORP INC FMV 101,498 101,498
    FIRST AMERICAN FINANCIAL CORPORATION FMV 79,554 79,554
    HCA HOLDINGS, INC. FMV 93,532 93,532
    SERVICEMASTER GLOBAL HOLDINGS, INC. FMV 75,969 75,969
    NCR CORPORATION FMV 65,455 65,455
    TAILORED BRANDS, INC. FMV 23,415 23,415
    UNITED RENTALS, INC. FMV 28,508 28,508
    TENNECO INC. FMV 54,128 54,128
    FISERV, INC. FMV 50,212 50,212
    HSN, INC. FMV 64,047 64,047
    BROADRIDGE FINANCIAL SOLUTIONS, INC. FMV 70,924 70,924
    GLOBAL PAYMENTS INC. FMV 58,962 58,962
    GEMALTO N.V. SPONSORED ADR FMV 117,849 117,849
    NATIONAL GRID PLC SPONSORED ADR FMV 118,288 118,288
    INFINEON TECHNOLOGIES AG SPONSORED ADR FMV 119,031 119,031
    WILLIAM HILL PLC UNSPONSORED ADR FMV 119,679 119,679
    ATOS SE UNSPONSORED ADR FMV 120,142 120,142
    JULIUS BAER GRUPPE AG UNSPONSORED ADR FMV 125,741 125,741
    VODAFONE GROUP PLC SPONSORED ADR FMV 179,591 179,591
    IHS MARKIT LTD. FMV 121,676 121,676
    GLOBAL LOGISTIC PROPERTIES LIMITED UNSPONSORED ADR FMV 121,233 121,233
    ASTRAZENECA PLC SPONSORED ADR FMV 178,509 178,509
    SECOM CO., LTD. UNSPONSORED ADR FMV 118,945 118,945
    MITSUBISHI ESTATE COMPANY, LIMITED UNSPONSORED ADR FMV 116,415 116,415
    LM ERICSSON TELEFON AB SPONSORED ADR CLASS B FMV 117,405 117,405
    SEVEN & I HOLDINGS CO., LTD. UNSPONSORED ADR FMV 119,871 119,871
    ROYAL DUTCH SHELL PLC SPONSORED ADR CLASS A FMV 183,435 183,435
    ROYAL DSM NV SPONSORED ADR FMV 117,332 117,332
    DEUTSCHE POST AG SPONSORED ADR FMV 116,732 116,732
    BANCO BILBAO VIZCAYA ARGENTARIA, S.A. SPONSORED ADR FMV 111,108 111,108
    WPP PLC SPONSORED ADR FMV 118,297 118,297
    OTSUKA HOLDINGS CO., LTD. UNSPONSORED ADR FMV 115,433 115,433
    EMBRAER S.A. SPONSORED ADR FMV 119,873 119,873
    SUMITOMO MITSUI FINANCIAL GROUP, INC. SPONSORED ADR FMV 178,266 178,266
    SUNTORY BEVERAGE & FOOD LTD. UNSPONSORED ADR FMV 117,838 117,838
    ROYAL KPN NV SPONSORED ADR FMV 121,085 121,085
    TOTAL SA SPONSORED ADR CLASS B FMV 116,735 116,735
    HSBC HOLDINGS PLC SPONSORED ADR FMV 116,397 116,397
    TORAY INDUSTRIES INC UNSPONSORED ADR FMV 119,576 119,576
    NOVARTIS AG SPONSORED ADR FMV 123,123 123,123
    ROCHE HOLDING LTD SPONSORED ADR FMV 178,796 178,796
    ROYAL PHILIPS NV SPONSORED ADR FMV 116,688 116,688
    CHINA MOBILE LIMITED SPONSORED ADR FMV 117,054 117,054
    SMITH & NEPHEW PLC SPONSORED ADR FMV 121,004 121,004
    ADIDAS AG SPONSORED ADR FMV 117,249 117,249
    SYNGENTA AG SPONSORED ADR FMV 176,591 176,591
    SEIKO EPSON CORP. UNSPONSORED ADR FMV 121,868 121,868
    UNIBAIL-RODAMCO SE UNSPONSORED ADR FMV 118,370 118,370
    VIVENDI SA UNSPONSORED ADR FMV 118,834 118,834
    SKY PLC SPONSORED ADR FMV 176,295 176,295
    LIXIL GROUP CORP. ADR FMV 117,080 117,080
    ACCOR SA SPONSORED ADR FMV 124,175 124,175
    BARCLAYS PLC SPONSORED ADR FMV 113,283 113,283
    AEGON N.V. ADR FMV 117,222 117,222
    SOCIETE GENERALE S.A. SPONSORED ADR FMV 115,610 115,610
    DENSO CORPORATION UNSPONSORED ADR FMV 117,398 117,398

    TY 2015 LandEtcSchedule2
    Name:
    BERNARD & AUDRE RAPOPORT FOUNDATION
    EIN:
    74-2479712
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    DESK/CREDENZA 2,000 2,000 0  
    DESK 2,900 2,900 0  
    TABLE 400 400 0  
    FILE CABINET 319 319 0  
    SETTEE 375 375 0  
    TABLE 115 115 0  
    WALL CABINETS 5,024 5,024 0  
    DESK CHAIRS/FILING CABINET 686 686 0  
    BOARD ROOM TABLE/CHAIRS 1,000 1,000 0  
    GESTETNER COPIER 7,262 7,262 0  
    SHARP CEILING PROJECTOR & SCREEN 4,293 4,293 0  
    DELL COMPUTER - OPTIPLEX 755 933 933 0  
    DELL LAPTOP 876 876 0  
    ICE MAKER 1,769 1,427 342  


    TY 2015 OtherAssetsSchedule
    Name:
    BERNARD & AUDRE RAPOPORT FOUNDATION
    EIN:
    74-2479712
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ACCRUED INTEREST REC 136,422 163,525 163,525
    PREPAID EXPENSES 4,018 0 0


    TY 2015 OtherDecreasesSchedule
    Name:
    BERNARD & AUDRE RAPOPORT FOUNDATION
    EIN:
    74-2479712
    Description Amount
    UNREALIZED G/L REPORTED PER AUDITED F/S 6,038,884


    TY 2015 OtherExpensesSchedule
    Name:
    BERNARD & AUDRE RAPOPORT FOUNDATION
    EIN:
    74-2479712
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    COMPUTERS/TECH SUPPORT 1,081 0   1,081
    INSURANCE 30,318 6,064   24,254
    MISCELLANEOUS EXPENSE 472 0   477
    NEWSPAPERS/MAGAZINES/JOURNALS 293 0   293
    OFFICE SUPPLIES 3,182 0   3,182
    POSTAGE 734 0   734
    PROFESSIONAL DUES 8,009 0   8,009
    REPAIRS & MAINTENANCE 410 0   410
    TELEPHONE 4,341 0   4,341
    TRUSTEE FEES 40,000 8,000   32,000
    ORDINARY LOSS FROM PTP 417,199 0   0


    TY 2015 OtherIncomeSchedule2
    Name:
    BERNARD & AUDRE RAPOPORT FOUNDATION
    EIN:
    74-2479712
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    ORDINARY GAIN ON MLP-REPORTED ON 990-T 864,455   864,455
    UBI LOSS ON MLP INVESTMENTS -427,691   -427,691
    INVESTMENT FEES RELATED TO MLP INVESTMENTS -70,469   -70,469
    PROFESSIONAL FEES RELATED TO MLP INVESTMENTS -6,440   -6,440
    GRANT RECOVERY 6,491   6,491


    TY 2015 OtherIncreasesSchedule
    Name:
    BERNARD & AUDRE RAPOPORT FOUNDATION
    EIN:
    74-2479712
    Description Amount
    TRANSFER OF NET INCOME TO/FROM AGENCY PAYABLE 1,624,135
    UBI LOSS ON PUBLICLY TRADED PARTNERSHIPS 427,691


    TY 2015 OtherLiabilitiesSchedule
    Name:
    BERNARD & AUDRE RAPOPORT FOUNDATION
    EIN:
    74-2479712
    Description Beginning of Year - Book Value End of Year - Book Value
    AGENCY PAYABLE 18,054,757 16,430,622
    PROPERTY TAX PAYABLE 59,071 23,731
    FEDERAL EXCISE TAX PAYABLE -7,130 2,535
    FEDERAL INCOME TAX (UBIT) PAYABLE 0 132,860


    TY 2015 OtherProfessionalFeesSchedule
    Name:
    BERNARD & AUDRE RAPOPORT FOUNDATION
    EIN:
    74-2479712
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT 319,584 319,584   0


    TY 2015 TaxesSchedule
    Name:
    BERNARD & AUDRE RAPOPORT FOUNDATION
    EIN:
    74-2479712
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX 55,709 0   0
    FEDERAL INCOME TAX 185,241 0   0
    FOREIGN TAXES PAID 22,189 22,189   0
    PAYROLL TAXES 14,039 2,808   11,231
    PROPERTY TAXES 50,843 50,843   0