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
TW L D MCEACHEARN

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

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

A Employer identification number

58-6255314

B Telephone number (see instructions)

(855) 739-2921

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

$122,763,631J 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...	2,660,683		2,623,876
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		1,207,849
b	Gross sales price for all assets on line 6a 52,510,275
7	Capital gain net income (from Part IV, line 2)...			1,207,849
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).......		344,377	696,758
12	Total. Add lines 1 through 11........	4,212,909		4,528,483
13	Compensation of officers, directors, trustees, etc.	518,055		388,541		129,514
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......		1,600	0	0	1,600
c	Other professional fees (attach schedule)....		7,111	7,111		0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		134,499	49,281		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).......		2,070	58,280
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	663,335		503,213	0	131,114
25	Contributions, gifts, grants paid.......	5,400,000				5,400,000
26	Total expenses and disbursements. Add lines 24 and 25	6,063,335		503,213	0	5,531,114
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-1,850,426
b	Net investment income (if negative, enter -0-)			4,025,270
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.............	15,985	2,703	2,703
	2	Savings and temporary cash investments.........	5,767,616	7,856,310	7,856,310
	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)	2,002,642	4,223,687	4,207,587
	b	Investments—corporate stock (attach schedule).......	76,500,191	78,928,060	75,277,735
	c	Investments—corporate bonds (attach schedule).......	20,219,884	11,634,169	10,790,808
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	23,127,080	24,001,046	24,628,488
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	127,633,398	126,645,975	122,763,631
	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........	127,633,398	126,645,975
	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).....	127,633,398	126,645,975
	31	Total liabilities and net assets/fund balances (see instructions).	127,633,398	126,645,975

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

127,633,398

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

-1,850,426

Other increases not included in line 2 (itemize) bullet

945,235

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

126,728,207

Decreases not included in line 2 (itemize) bullet

82,232

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

126,645,975

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	50000. AT&T INC 2.500% 8/15/15		2011-10-13	2015-08-15
b	60000. AMERICAN EXPRESS CO 2.750% 9/15/15		2011-10-19	2015-09-15
c	808. AMERICAN REALTY CAPITAL PROPER		2014-12-03	2015-03-09
d	139. AMERICAN TOWER CORP		2015-02-27	2015-03-09
e	1338. ANHEUSER-BUSCH INBEV SPN ADR		2014-03-17	2015-12-17
	266. ANHEUSER-BUSCH INBEV SPN ADR		2015-08-25	2015-12-17
	1340. APACHE CORP		2014-03-17	2015-07-28
	466. APACHE CORP		2014-12-18	2015-07-28
	814. APARTMENT INVT & MGMT CO CL A		2013-10-02	2015-03-09
	108061.806 ARTISAN MID CAP FUND-INS #1333		2014-05-05	2015-01-05
	140470.767 ARTISAN MID CAP VALUE FUND #1464		2013-09-30	2015-01-05
	112923.463 ASHMORE EMERG MKTS CR DB-INS		2013-09-25	2015-11-25
	785. ASTRAZENECA PLC ADR		2013-06-11	2015-05-26
	55000. AUTOZONE INC 5.500% 11/15/15		2013-05-01	2015-11-15
	203. AVALONBAY CMNTYS INC		2013-10-02	2015-03-09
	1405. BASF AKTIENGESELLSCHAFT - LVL 1 ADR		2014-01-27	2015-05-26
	5985. BANCO BILBAO VIZCAYA ARGENT- ADR		2014-01-27	2015-05-26
	2046. BANCO BILBAO VIZCAYA ARGENT- ADR		2015-04-16	2015-05-26
	1405. BANK MONTREAL QUE COM		2014-01-27	2015-05-26
	1510. BANK N S HALIFAX		2014-01-27	2015-05-26
	1873. BAXTER INTL INC		2014-03-17	2015-06-18
	98. BERKSHIRE HATHAWAY INC.		2014-03-17	2015-05-05
	407. BHP BILLITON LIMITED - ADR		2015-02-20	2015-05-26
	745. BHP BILLITON LIMITED - ADR		2014-02-28	2015-05-26
	114. BOEING CO		2015-07-27	2015-10-23
	325. BOSTON PROPERTIES INC COM		2013-04-18	2015-03-09
	1240. BRITISH AMERICAN TOBACCO P.L.C - ADR		2014-01-27	2015-05-26
	60000. BRITISH TELECOM PLC 2.000% 6/22/15		2012-06-19	2015-06-22
	91. BROOKDALE SR LIVING INC		2013-10-02	2015-02-27
	290. BROOKDALE SR LIVING INC		2013-12-18	2015-03-09
	282. BROOKDALE SR LIVING INC		2015-01-23	2015-09-11
	88. BROOKDALE SR LIVING INC		2013-12-18	2015-09-11
	98. CBL & ASSOC PPTYS INC COM		2014-03-25	2015-03-09
	130. CBL & ASSOC PPTYS INC COM		2014-03-25	2015-10-22
	169. CVS HEALTH CORPORATION		2015-08-25	2015-12-17
	65000. CVS CAREMARK CORP 3.250% 5/18/15		2011-10-11	2015-05-18
	311. CAMDEN PPTY TR SH BEN INT		2014-02-12	2015-03-09
	103. CAMDEN PPTY TR SH BEN INT		2013-04-18	2015-07-06
	281. CAMDEN PPTY TR SH BEN INT		2013-04-18	2015-09-21
	267. CELANESE CORP		2014-11-24	2015-07-28
	243. CELANESE CORP		2015-07-27	2015-10-23
	1220. CHEVRON CORP		2014-01-27	2015-05-26
	493. CISCO SYSTEMS INC		2014-03-17	2015-04-22
	979. CISCO SYSTEMS INC		2014-11-14	2015-05-26
	3550. CISCO SYSTEMS INC		2014-02-28	2015-05-26
	49. CITIGROUP INC.		2014-03-25	2015-12-17
	256. CITIGROUP INC.		2015-07-27	2015-12-17
	50000. CITIGROUP INC 3.375% 3/01/23		2013-09-24	2015-05-29
	3004. COMPASS GROUP PLC - ADR		2015-02-20	2015-05-26
	724. CUBESMART		2013-10-02	2015-03-09
	257. CYRUSONE INC		2015-07-06	2015-10-22
	907. DDR CORP		2013-10-02	2015-03-09
	7640. DEUTSCHE BOERSE AG ADR		2014-01-27	2015-05-26
	125. DIAGEO PLC - ADR		2014-09-04	2015-05-26
	400. DIAGEO PLC - ADR		2014-01-27	2015-05-26
	66000. DISCOVERY COMMUNICAT 3.700% 6/01/15		2011-10-19	2015-03-31
	22951.572 DODGE & COX INT'L STOCK FD #1048		2013-10-01	2015-07-23
	367. DOMINION RES INC VA		2014-01-27	2015-02-20
	823. DOMINION RES INC VA		2013-09-26	2015-05-26
	50000. DOW CHEMICAL CO/THE 2.500% 2/15/16		2013-06-24	2015-09-15
	93684.941 DREYFUS EMG MKT DEBT LOC C-I #6083		2014-09-05	2015-11-25
	680. DUKE REALTY CORPORATION		2013-04-18	2015-03-09
	743. DUKE ENERGY HOLDING CORP. COM		2014-01-27	2015-05-26
	614. DUPONT FABROS TECHNOLOGY INC		2013-10-02	2015-01-23
	991. E M C CORP MASS		2015-08-25	2015-10-23
	4619. E M C CORP MASS		2014-06-25	2015-10-23
	1566. ENI SPA - ADR		2014-01-27	2015-05-26
	282. EPR PROPERTIES		2013-04-18	2015-03-09
	467837.007 EATON VANCE FLOATING RATE FD-I #924		2013-12-17	2015-01-05
	175. EDUCATION REALTY TRUST INC		2014-10-01	2015-03-09
	602. EQUITY ONE INC		2013-10-02	2015-03-09
	432. EQUITY RESIDENTIAL PPTYS TR SH BEN		2013-04-26	2015-03-09
	219. ESSEX PPTY TR COM		2013-10-02	2015-03-09
	335. EXTRA SPACE STORAGE INC		2013-04-18	2015-03-09
	103. EXTRA SPACE STORAGE INC		2013-04-18	2015-05-27
	200. EXTRA SPACE STORAGE INC		2013-04-18	2015-07-21
	660. EXXON MOBIL CORPORATION		2014-07-29	2015-05-26
	476.7 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2015-01-15
	2927.49 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2015-02-15
	428.31 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2015-03-15
	2267.05 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2015-04-15
	446.95 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2015-05-15
	460.37 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2015-06-15
	1820.07 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2015-07-15
	4755.69 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2015-08-15
	399.92 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2015-09-15
	1224.58 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2015-10-15
	397.77 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2015-11-15
	436.85 FHLMC POOL #G18403 4.000% 9/01/26		2011-10-07	2015-12-15
	1048.74 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2015-01-15
	1004.56 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2015-02-15
	1123.4 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2015-03-15
	1647.74 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2015-04-15
	1471.57 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2015-05-15
	1660.45 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2015-06-15
	1215.51 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2015-07-15
	1149.25 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2015-08-15
	1142.62 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2015-09-15
	915.93 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2015-10-15
	1016.25 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2015-11-15
	973.33 FHLMC POOL #C91385 4.000% 8/01/31		2014-08-21	2015-12-15
	50000. FED HOME LN BK 1.000% 3/27/17		2014-03-12	2015-03-27
	75000. FED HOME LN BK 0.375% 8/28/15		2013-10-18	2015-08-28
	135. FEDERAL RLTY INVT TR SH BEN INT		2013-10-02	2015-03-09
	1784.2 FNMA POOL #AJ7716 3.000% 12/01/26		2015-10-20	2015-12-25
	50000. FED NATL MTG ASSN 1.625% 10/26/15		2013-02-22	2015-10-26
	1117. FIRST INDL RLTY TR INC COM		2013-10-02	2015-03-09
	238. FIRST INDL RLTY TR INC COM		2013-10-02	2015-12-08
	24. GEO GROUP INC/THE		2014-03-24	2015-03-09
	1332.73 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2015-01-20
	1027.89 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2015-02-20
	891.85 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2015-03-20
	1310.01 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2015-04-20
	1234.2 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2015-05-20
	1161.52 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2015-06-20
	1711.66 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2015-07-20
	1565.48 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2015-08-20
	1013.33 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2015-09-20
	1240.79 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2015-10-20
	1089.55 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2015-11-20
	1058.04 GNMA II POOL #MA1065 3.000% 6/20/28		2013-08-20	2015-12-20
	1436. GENERAL GROWTH PROPERTIE-W/I		2013-09-26	2015-03-09
	135. GILEAD SCIENCES INC		2013-12-18	2015-04-22
	155. GILEAD SCIENCES INC		2015-07-27	2015-10-23
	1770. GLAXOSMITHKLINE PLC - ADR		2014-01-27	2015-05-26
	340314.136 GOLDMAN SACHS COMM STRATEGY #2653		2015-01-05	2015-07-23
	.9278 GOOGLE INC-CL C		2013-04-18	2015-05-06
	1117.44 GOVT NATL MTG ASSN 3.000% 7/20/40		2014-09-24	2015-01-20
	1194.98 GOVT NATL MTG ASSN 3.000% 7/20/40		2014-09-24	2015-02-20
	1440.19 GOVT NATL MTG ASSN 3.000% 7/20/40		2014-09-24	2015-03-20
	1484.08 GOVT NATL MTG ASSN 3.000% 7/20/40		2014-09-24	2015-04-20
	1760.35 GOVT NATL MTG ASSN 3.000% 7/20/40		2014-09-24	2015-05-20
	1423.03 GOVT NATL MTG ASSN 3.000% 7/20/40		2014-09-24	2015-06-20
	1642.68 GOVT NATL MTG ASSN 3.000% 7/20/40		2014-09-24	2015-07-20
	1224.68 GOVT NATL MTG ASSN 3.000% 7/20/40		2014-09-24	2015-08-20
	1186.04 GOVT NATL MTG ASSN 3.000% 7/20/40		2014-09-24	2015-09-20
	1156.44 GOVT NATL MTG ASSN 3.000% 7/20/40		2014-09-24	2015-10-20
	1093.68 GOVT NATL MTG ASSN 3.000% 7/20/40		2014-09-24	2015-11-20
	932.02 GOVT NATL MTG ASSN 3.000% 7/20/40		2014-09-24	2015-12-20
	492. HCP INC		2013-04-18	2015-01-23
	2355. HSBC - ADR		2014-01-27	2015-05-26
	970. HARRIS CORP DEL		2014-01-27	2015-02-20
	823. HASBRO INC		2015-02-20	2015-05-26
	608. HEALTH CARE REIT INC		2014-02-05	2015-03-09
	20.8974 HERMES INTL SHARES DEEMED RECEIVED		2015-02-27	2015-02-27
	127. HOST HOTELS & RESORTS, INC.		2013-04-18	2015-02-27
	183. HOST HOTELS & RESORTS, INC.		2013-04-18	2015-03-04
	1568. HOST HOTELS & RESORTS, INC.		2013-04-18	2015-03-09
	.6 INDIVIOR PLC-SPON ADR		2013-06-11	2015-01-13
	72. INDIVIOR PLC-SPON ADR		2014-01-27	2015-01-14
	209. INDIVIOR PLC-SPON ADR		2013-09-26	2015-01-14
	476. INTERNATIONAL BUSINESS MACHS CORP		2014-03-17	2015-08-10
	243. JPMORGAN CHASE & CO		2014-03-17	2015-12-17
	1775. JOHNSON & JOHNSON		2014-05-05	2015-05-26
	22. JOHNSON CONTROLS INC		2015-07-27	2015-08-10
	210. JOHNSON CONTROLS INC		2014-03-17	2015-08-10
	115. JOHNSON CONTROLS INC		2013-12-18	2015-08-10
	182. JONES LANG LASALLE INC		2013-10-02	2015-02-04
	404333.818 JPMORGAN HIGH YIELD FUND SS #3580		2013-11-26	2015-01-05
	332. KILROY REALTY CORP COM		2013-10-02	2015-03-09
	184. KILROY REALTY CORP COM		2014-01-29	2015-11-25
	525. KIMBERLY CLARK CORP COM		2014-01-27	2015-02-20
	1558. PHILIPS ELECTRONICS - NY SHR ADR		2014-12-19	2015-05-26
	2145. PHILIPS ELECTRONICS - NY SHR ADR		2014-01-27	2015-05-26
	1365. LVMH MOET HENNESSY UNSP ADR - ADR		2014-02-28	2015-05-26
	777. LVMH MOET HENNESSY UNSP ADR - ADR		2014-09-04	2015-05-26
	1240. LAS VEGAS SANDS CORP		2014-01-27	2015-05-26
	613. LAS VEGAS SANDS CORP		2015-04-16	2015-05-26
	1112. ELI LILLY & CO COM		2014-01-27	2015-05-26
	535. LOCKHEED MARTIN CORP		2014-01-27	2015-05-26
	109. MACERICH CO COM		2015-03-24	2015-04-08
	89. MACERICH CO COM		2015-10-22	2015-11-25
	50000. MANULIFE FINANCIAL 3.400% 9/17/15		2011-10-07	2015-09-17
	640. MCDONALDS CORP		2014-01-27	2015-02-20
	75000. MEDTRONIC INC 3.000% 3/15/15		2011-10-13	2015-03-15
	534. MERCK & CO INC NEW		2014-09-04	2015-05-26
	1320. MERCK & CO INC NEW		2014-05-05	2015-05-26
	2765. MICHELIN (CGDE) ADR		2014-01-27	2015-05-26
	1103. MICHELIN (CGDE) ADR		2014-12-19	2015-05-26
	2475. MICROSOFT CORP		2014-01-27	2015-05-26
	922. MONSTER BEVERAGE CORP		2013-04-18	2015-01-12
	161. MONSTER BEVERAGE CORP		2014-03-17	2015-01-12
	702. NATIONAL GRID PLC ADR		2014-01-27	2015-05-26
	286. NATIONAL GRID PLC ADR		2014-12-19	2015-05-26
	686. NATIONAL OILWELL INC COM		2014-11-24	2015-07-07
	1700. NATIONAL OILWELL INC COM		2014-06-06	2015-07-07
	2310. NESTLE S.A. REGISTERED SHARES - ADR		2014-02-28	2015-05-26
	535. NEXTERA ENERGY INC		2015-04-16	2015-05-26
	1155. NOVARTIS AG - ADR		2014-01-27	2015-05-26
	369. NOVARTIS AG - ADR		2014-11-14	2015-05-26
	148. ORACLE CORPORATION		2015-07-27	2015-08-10
	231. ORACLE CORPORATION		2014-03-17	2015-08-10
	47785.919 OPPENHEIMER DEVELOPING MKT-I #799		2014-04-29	2015-11-25
	111049.229 PIMCO FOREIGN BD FD USD H-INST #103		2015-02-25	2015-06-23
	126282.026 PIMCO FOREIGN BD FD USD H-INST #103		2013-04-15	2015-06-23
	1728. PPL CORPORATION		2014-01-27	2015-04-16
	555. PARAMOUNT GROUP INC		2014-11-21	2015-03-09
	109. PARAMOUNT GROUP INC		2014-11-21	2015-04-30
	304. PARAMOUNT GROUP INC		2014-11-21	2015-05-13
	366. PARAMOUNT GROUP INC		2014-11-21	2015-05-14
	597. PEBBLEBROOK HOTEL TRUST		2013-10-02	2015-03-09
	4865. PFIZER INC		2014-01-27	2015-05-26
	694. PFIZER INC		2014-11-14	2015-05-26
	1530. PHILIP MORRIS INTERNATIONAL IN		2014-01-27	2015-05-26
	75000. PRAXAIR INC 3.250% 9/15/15		2011-10-13	2015-09-15
	261426.624 PRINCIPAL PREFERRED SEC-INS #4929		2014-01-24	2015-05-22
	923. PROLOGIS INC		2013-10-02	2015-03-09
	557. PRUDENTIAL PLC - ADR		2014-01-27	2015-04-16
	2183. PRUDENTIAL PLC - ADR		2014-01-27	2015-05-26
	1405. PUBLIC SVC ENTERPRISE GROUP INC		2013-09-26	2015-05-26
	173. PUBLIC STORAGE INC COM		2013-04-18	2015-03-09
	25. PUBLIC STORAGE INC COM		2013-04-18	2015-12-29
	2098. RECKITT BENCKIS/S ADR		2014-01-27	2015-04-16
	4942. RECKITT BENCKIS/S ADR		2013-09-26	2015-05-26
	989. RIO TINTO PLC - ADR		2014-09-04	2015-05-26
	3600. ROCHE HOLDINGS LTD - ADR		2014-01-27	2015-05-26
	74925.075 T ROWE PRICE INST FLOAT RATE #170		2015-01-05	2015-08-24
	962. ROYAL DUTCH SHELL PLC ADR		2015-02-20	2015-05-26
	1795. ROYAL DUTCH SHELL PLC ADR		2014-01-27	2015-05-26
	358. SL GREEN REALTY CORP COM		2013-10-02	2015-03-09
	69. SL GREEN REALTY CORP COM		2013-10-02	2015-12-29
	1075. SANOFI-ADR		2014-01-27	2015-05-26
	532. SANOFI-ADR		2014-09-04	2015-05-26
	207. SAUL CTRS INC COM		2013-10-02	2015-03-09
	213. SCHLUMBERGER LTD		2014-11-24	2015-10-23
	578. SIEMENS AG - SPONSORED ADR		2014-01-27	2015-05-26
	287. SIEMENS AG - SPONSORED ADR		2014-09-04	2015-05-26
	27. SIMON PROPERTY GROUP INC		2013-10-02	2015-03-04
	598. SIMON PROPERTY GROUP INC		2014-02-19	2015-03-09
	2434. SINGAPORE TELECOMMUNICATIONS LTD ADR		2014-01-27	2015-05-26
	.8 SOUTH32 - ADR		2015-05-29	2015-06-04
	460. SOUTH32 - ADR		2015-05-29	2015-07-09
	218. STORE CAPITAL CORP		2014-11-20	2015-03-09
	1003. STRATEGIC HOTELS & RESORTS INC		2013-10-02	2015-03-09
	1446. STRATEGIC HOTELS & RESORTS INC		2014-05-30	2015-10-22
	9000. SUMITOMO TRUST AND BANKING ADR		2014-01-27	2015-05-26
	184. SUN CMNTYS INC COM		2014-07-01	2015-03-09
	572. SUNCOR ENERGY INC NEW F		2015-07-07	2015-10-23
	.6043 SUNSTONE HOTEL INVS INC NEW		2015-01-30	2015-02-06
	1135. SUNSTONE HOTEL INVS INC NEW		2013-10-02	2015-03-09
	209. TAUBMAN CTRS INC COM		2013-10-02	2015-03-09
	63. TAUBMAN CTRS INC COM		2013-10-02	2015-03-13
	156. TAUBMAN CTRS INC COM		2013-10-02	2015-03-24
	25. TAUBMAN CTRS INC COM		2013-10-02	2015-03-31
	910. TELENOR ASA - ADR		2014-01-27	2015-05-26
	2682. TELSTRA CORP-ADR		2014-01-27	2015-05-26
	1689. TORONTO DOMINION BK ONT COM NEW		2015-04-16	2015-05-26
	1735. TOTAL S.A. - ADR		2014-01-27	2015-05-26
	446. TOTAL S.A. - ADR		2015-02-20	2015-05-26
	825. TOYOTA MOTOR CORPORATION - ADR		2014-07-29	2015-05-26
	3404. US BANCORP		2014-03-17	2015-05-27
	2685. UNILEVER N.V. - ADR		2014-01-27	2015-05-26
	85000. US TREASURY NOTE 0.875% 4/15/17		2015-03-02	2015-07-15
	50000. US TREASURY NOTE 1.625% 4/30/19		2014-04-28	2015-01-21
	105000. US TREASURY NOTE 1.875% 9/30/17		2011-10-19	2015-10-20
	60000. US TREASURY NOTE 1.875% 9/30/17		2015-02-27	2015-10-20
	50000. US TREASURY NOTE 2.000% 1/31/16		2011-10-19	2015-02-11
	20000. US TREASURY NOTE 2.000% 1/31/16		2011-10-19	2015-08-13
	95000. US TREASURY NOTE 2.125% 8/15/21		2015-06-29	2015-10-05
	85000. US TREASURY NOTE 0.625% 6/30/17		2015-06-29	2015-08-13
	521. UNITEDHEALTH GROUP INC		2013-12-18	2015-02-27
	.5 URBAN EDGE PROPERTIES-W/I		2013-10-02	2015-01-26
	164. URBAN EDGE PROPERTIES-W/I		2013-10-02	2015-03-09
	80. URBAN EDGE PROPERTIES-W/I		2013-10-02	2015-05-27
	124. URBAN EDGE PROPERTIES-W/I		2013-10-02	2015-06-25
	303292.894 VANGUARD HIGH YIELD CORP-ADM #529		2015-01-05	2015-08-24
	14036.27 VANGUARD INSTL INDEX FD #94		2014-10-21	2015-01-05
	17136.163 VANGUARD INSTL INDEX FD #94		2008-07-30	2015-01-05
	31.00116 VENTAS INC COM		2014-12-23	2015-03-09
	191.99884 VENTAS INC COM		2015-02-11	2015-03-09
	470. VENTAS INC COM		2014-01-29	2015-03-09
	55. VENTAS INC COM		2015-09-11	2015-12-08
	113. VENTAS INC COM		2013-04-18	2015-12-29
	24. VENTAS INC COM		2015-09-11	2015-12-29
	203. VEREIT, INC.		2014-10-30	2015-08-04
	1317. VERIZON COMMUNICATIONS		2013-09-26	2015-05-26
	327. VORNADO REALTY TRUST		2013-10-02	2015-03-09
	40. VORNADO REALTY TRUST		2013-10-02	2015-05-27
	199. VORNADO REALTY TRUST		2013-10-02	2015-06-29
	303. WP GLIMCHER INC		2014-02-19	2015-03-09
	181. WP GLIMCHER INC		2013-04-18	2015-06-29
	190. WP GLIMCHER INC		2013-05-07	2015-08-03
	371747.212 WASATCH EMERGING MKT S/C FD #34		2014-04-29	2015-07-23
	242914.98 WASATCH EMERGING MKT S/C FD #34		2014-04-29	2015-11-25
	285. WELLTOWER INC		2013-10-02	2015-11-02
	3095. ZURICH INSURANCE GROUP-ADR		2014-01-27	2015-05-26
	1401. EATON CORP PLC		2014-01-27	2015-05-26
	4879.693 GAI AGILITY INCOME FUND		2013-10-29	2015-12-31
	988. LYONDELLBASELL INDU-CL A		2014-11-14	2015-05-26
	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	50,000	51,278	-1,278
b	60,000	60,204	-204
c	7,604	7,487	117
d	13,425	13,757	-332
e	167,297	131,237	36,060
	33,259	30,685	2,574
	62,294	96,530	-34,236
	21,664	28,794	-7,130
	30,053	22,675	7,378
	5,091,872	5,200,000	-108,128
	3,389,560	3,700,000	-310,440
	900,000	1,104,523	-204,523
	53,043	40,069	12,974
	55,000	61,273	-6,273
	33,659	25,908	7,751
	131,000	138,459	-7,459
	58,106	61,066	-2,960
	19,864	20,759	-895
	87,129	87,012	117
	77,389	85,082	-7,693
	129,751	130,119	-368
	14,188	12,081	2,107
	18,368	20,570	-2,202
	33,623	51,719	-18,096
	16,708	16,087	621
	43,711	35,435	8,276
	137,609	131,104	6,505
	60,000	59,992	8
	3,382	2,427	955
	10,647	7,903	2,744
	7,525	10,361	-2,836
	2,348	2,403	-55
	1,846	1,667	179
	1,958	2,212	-254
	16,104	17,564	-1,460
	65,000	68,175	-3,175
	22,993	21,986	1,007
	7,903	7,310	593
	20,626	19,942	684
	17,134	16,311	823
	16,891	15,142	1,749
	125,649	147,315	-21,666
	14,096	10,624	3,472
	28,167	25,482	2,685
	102,139	77,964	24,175
	2,601	2,467	134
	13,590	14,916	-1,326
	50,619	48,189	2,430
	53,020	52,579	441
	16,167	13,259	2,908
	9,021	7,573	1,448
	16,581	14,369	2,212
	59,820	53,776	6,044
	13,814	15,187	-1,373
	44,203	49,019	-4,816
	66,381	69,730	-3,349
	1,000,000	943,080	56,920
	26,945	24,238	2,707
	58,663	47,088	11,575
	50,448	51,467	-1,019
	1,015,545	1,350,000	-334,455
	13,832	11,719	2,113
	56,051	50,562	5,489
	22,972	15,459	7,513
	25,850	23,129	2,721
	120,485	110,627	9,858
	55,881	70,637	-14,756
	16,340	14,571	1,769
	4,163,749	4,296,044	-132,295
	6,148	5,417	731
	15,634	13,088	2,546
	32,687	24,684	8,003
	48,479	32,402	16,077
	21,478	13,692	7,786
	7,287	4,210	3,077
	14,109	8,174	5,935
	56,166	68,858	-12,692
	477	499	-22
	2,927	3,063	-136
	428	448	-20
	2,267	2,372	-105
	447	468	-21
	460	482	-22
	1,820	1,904	-84
	4,756	4,976	-220
	400	418	-18
	1,225	1,281	-56
	398	416	-18
	437	457	-20
	1,049	1,120	-71
	1,005	1,073	-68
	1,123	1,200	-77
	1,648	1,760	-112
	1,472	1,572	-100
	1,660	1,774	-114
	1,216	1,298	-82
	1,149	1,228	-79
	1,143	1,220	-77
	916	978	-62
	1,016	1,085	-69
	973	1,040	-67
	50,000	49,998	2
	75,000	75,047	-47
	18,638	13,867	4,771
	1,784	1,869	-85
	50,000	51,625	-1,625
	22,424	17,687	4,737
	5,340	3,941	1,399
	1,002	699	303
	1,333	1,356	-23
	1,028	1,046	-18
	892	907	-15
	1,310	1,333	-23
	1,234	1,256	-22
	1,162	1,182	-20
	1,712	1,742	-30
	1,565	1,593	-28
	1,013	1,031	-18
	1,241	1,263	-22
	1,090	1,109	-19
	1,058	1,077	-19
	41,092	28,604	12,488
	14,098	8,476	5,622
	16,688	17,163	-475
	77,419	92,133	-14,714
	1,180,890	1,300,000	-119,110
	517	355	162
	1,117	1,135	-18
	1,195	1,214	-19
	1,440	1,463	-23
	1,484	1,508	-24
	1,760	1,789	-29
	1,423	1,446	-23
	1,643	1,669	-26
	1,225	1,244	-19
	1,186	1,205	-19
	1,156	1,175	-19
	1,094	1,111	-17
	932	947	-15
	23,631	25,220	-1,589
	111,385	126,184	-14,799
	75,778	55,074	20,704
	59,420	50,557	8,863
	45,180	35,451	9,729
	7,332	7,625	-293
	2,655	2,205	450
	3,824	3,177	647
	31,963	27,220	4,743
	7	6	1
	819	774	45
	2,376	2,068	308
	74,636	96,354	-21,718
	16,164	13,917	2,247
	178,810	160,310	18,500
	1,043	970	73
	9,958	9,752	206
	5,453	5,782	-329
	28,691	16,074	12,617
	3,060,807	3,293,309	-232,502
	24,170	16,525	7,645
	12,372	9,377	2,995
	57,717	50,394	7,323
	42,490	46,256	-3,766
	58,499	76,424	-17,925
	48,784	50,755	-1,971
	27,769	27,700	69
	61,727	78,182	-16,455
	30,515	34,594	-4,079
	82,521	57,533	24,988
	101,996	66,759	35,237
	8,527	9,510	-983
	7,071	7,649	-578
	50,000	50,362	-362
	60,126	62,210	-2,084
	75,000	79,095	-4,095
	31,448	32,484	-1,036
	77,736	76,574	1,162
	60,182	53,881	6,301
	24,008	20,027	3,981
	114,421	86,355	28,066
	105,196	51,096	54,100
	18,369	11,454	6,915
	49,155	43,072	6,083
	20,026	20,352	-326
	31,002	50,556	-19,554
	76,828	111,295	-34,467
	176,966	163,757	13,209
	53,770	55,518	-1,748
	117,845	86,402	31,443
	37,649	34,569	3,080
	5,910	5,711	199
	9,224	8,847	377
	1,500,000	1,766,353	-266,353
	1,170,459	1,225,000	-54,541
	1,331,013	1,375,211	-44,198
	57,521	50,771	6,750
	10,229	10,265	-36
	1,992	2,016	-24
	5,633	5,622	11
	6,745	6,657	88
	26,787	17,027	9,760
	165,602	140,634	24,968
	23,623	21,084	2,539
	127,790	134,856	-7,066
	75,000	79,890	-4,890
	2,710,994	2,794,103	-83,109
	38,102	36,893	1,209
	27,758	22,932	4,826
	109,749	76,036	33,713
	60,487	45,943	14,544
	32,553	27,022	5,531
	6,292	3,905	2,387
	37,386	31,673	5,713
	88,757	69,291	19,466
	43,635	52,668	-9,033
	130,186	115,639	14,547
	750,000	750,749	-749
	57,171	64,089	-6,918
	106,675	120,685	-14,010
	44,718	31,504	13,214
	7,859	6,161	1,698
	52,964	55,545	-2,581
	26,211	29,669	-3,458
	11,179	9,686	1,493
	16,681	20,991	-4,310
	60,995	74,666	-13,671
	30,287	36,579	-6,292
	5,080	3,790	1,290
	107,944	91,183	16,761
	75,957	71,141	4,816
	7	7
	2,944	4,140	-1,196
	4,673	4,323	350
	12,352	8,784	3,568
	20,306	13,676	6,630
	79,019	83,073	-4,054
	12,298	9,202	3,096
	16,206	15,718	488
	10	11	-1
	18,410	14,580	3,830
	15,484	13,761	1,723
	4,822	4,288	534
	12,419	10,619	1,800
	1,945	1,697	248
	61,209	59,316	1,893
	64,761	58,636	6,125
	75,281	74,060	1,221
	88,017	93,477	-5,460
	22,626	23,317	-691
	113,347	99,976	13,371
	149,478	113,386	36,092
	114,113	106,122	7,991
	85,455	85,273	182
	50,865	49,766	1,099
	107,506	107,901	-395
	61,432	61,484	-52
	50,848	52,414	-1,566
	20,163	20,966	-803
	97,909	96,250	1,659
	84,893	84,957	-64
	59,249	32,297	26,952
	12	8	4
	3,851	2,613	1,238
	1,763	1,274	489
	2,715	1,975	740
	1,750,000	1,804,593	-54,593
	2,599,517	2,500,000	99,517
	3,173,617	2,013,842	1,159,775
	2,173	2,260	-87
	13,457	12,770	687
	32,942	28,255	4,687
	2,938	2,870	68
	6,364	7,619	-1,255
	1,352	1,252	100
	1,787	1,880	-93
	65,020	65,138	-118
	34,455	24,824	9,631
	4,079	3,037	1,042
	19,137	15,107	4,030
	4,893	5,828	-935
	2,489	3,739	-1,250
	2,610	3,928	-1,318
	1,000,000	970,260	29,740
	600,000	697,183	-97,183
	18,533	17,485	1,048
	98,914	83,273	15,641
	100,521	85,019	15,502
	4,610,061	5,283,637	-673,576
	98,927	98,789	138
			2,066,015

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			-1,278
b			-204
c			117
d			-332
e			36,060
			2,574
			-34,236
			-7,130
			7,378
			-108,128
			-310,440
			-204,523
			12,974
			-6,273
			7,751
			-7,459
			-2,960
			-895
			117
			-7,693
			-368
			2,107
			-2,202
			-18,096
			621
			8,276
			6,505
			8
			955
			2,744
			-2,836
			-55
			179
			-254
			-1,460
			-3,175
			1,007
			593
			684
			823
			1,749
			-21,666
			3,472
			2,685
			24,175
			134
			-1,326
			2,430
			441
			2,908
			1,448
			2,212
			6,044
			-1,373
			-4,816
			-3,349
			56,920
			2,707
			11,575
			-1,019
			-334,455
			2,113
			5,489
			7,513
			2,721
			9,858
			-14,756
			1,769
			-132,295
			731
			2,546
			8,003
			16,077
			7,786
			3,077
			5,935
			-12,692
			-22
			-136
			-20
			-105
			-21
			-22
			-84
			-220
			-18
			-56
			-18
			-20
			-71
			-68
			-77
			-112
			-100
			-114
			-82
			-79
			-77
			-62
			-69
			-67
			2
			-47
			4,771
			-85
			-1,625
			4,737
			1,399
			303
			-23
			-18
			-15
			-23
			-22
			-20
			-30
			-28
			-18
			-22
			-19
			-19
			12,488
			5,622
			-475
			-14,714
			-119,110
			162
			-18
			-19
			-23
			-24
			-29
			-23
			-26
			-19
			-19
			-19
			-17
			-15
			-1,589
			-14,799
			20,704
			8,863
			9,729
			-293
			450
			647
			4,743
			1
			45
			308
			-21,718
			2,247
			18,500
			73
			206
			-329
			12,617
			-232,502
			7,645
			2,995
			7,323
			-3,766
			-17,925
			-1,971
			69
			-16,455
			-4,079
			24,988
			35,237
			-983
			-578
			-362
			-2,084
			-4,095
			-1,036
			1,162
			6,301
			3,981
			28,066
			54,100
			6,915
			6,083
			-326
			-19,554
			-34,467
			13,209
			-1,748
			31,443
			3,080
			199
			377
			-266,353
			-54,541
			-44,198
			6,750
			-36
			-24
			11
			88
			9,760
			24,968
			2,539
			-7,066
			-4,890
			-83,109
			1,209
			4,826
			33,713
			14,544
			5,531
			2,387
			5,713
			19,466
			-9,033
			14,547
			-749
			-6,918
			-14,010
			13,214
			1,698
			-2,581
			-3,458
			1,493
			-4,310
			-13,671
			-6,292
			1,290
			16,761
			4,816

			-1,196
			350
			3,568
			6,630
			-4,054
			3,096
			488
			-1
			3,830
			1,723
			534
			1,800
			248
			1,893
			6,125
			1,221
			-5,460
			-691
			13,371
			36,092
			7,991
			182
			1,099
			-395
			-52
			-1,566
			-803
			1,659
			-64
			26,952
			4
			1,238
			489
			740
			-54,593
			99,517
			1,159,775
			-87
			687
			4,687
			68
			-1,255
			100
			-93
			-118
			9,631
			1,042
			4,030
			-935
			-1,250
			-1,318
			29,740
			-97,183
			1,048
			15,641
			15,502
			-673,576
			138

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	1,207,849
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	5,533,560	129,800,600	0.042631
2013	5,528,869	122,025,107	0.045309
2012	5,341,203	120,294,022	0.044401
2011	5,470,656	121,706,360	0.04495
2010	4,849,226	116,439,097	0.041646

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

20.218937

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 . . .

0.043787

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

126,937,463

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

5,558,211

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

40,253

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

5,598,464

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

5,531,114

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	80,505
	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	80,505
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	80,505
6	Credits/Payments:

a	2015 estimated tax payments and 2014 overpayment credited to 2015	6a	148,180
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	148,180
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	67,675
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax67,675	Refunded	11	0

Part VII-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

or 4942(j)(5) for calendar year 2015 or the taxable year beginning in 2015 (see instructions for Part XIV)?

If "Yes," complete Part XIV.............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

Form 990-PF (2015)

Page 5

Part VII-A

Statements Regarding Activities (continued)

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement (see instructions).................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

The books are in care of bullet

WELLS FARGO BANK NA Telephone no. bullet

(855) 739-2921

Located at bullet

1 WEST 4TH STREETWINSTON SALEMNC ZIP+4 bullet

271013818

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

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

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

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

16 No

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

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If "Yes," list the years bullet

20, 20, 20, 20

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

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

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

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
WELLS FARGO BANK NA	TRUSTEE 0	518,055
1525 W WT HARRIS BLVD D1114 044 CHARLOTTE,NC28288	TRUSTEE 0	518,055

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

123,952,690

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

4,917,831

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

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

128,870,521

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

128,870,521

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

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

1,933,058

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

126,937,463

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

6,346,873

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

6,346,873

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

80,505

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

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

80,505

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

6,266,368

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

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

6,266,368

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

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

6,266,368

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 ..........

5,531,114

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

5,531,114

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

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

5,531,114

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					6,266,368
2 Undistributed income, if any, as of the end of 2015:
a Enter amount for 2014 only.......				2,192,304
b Total for prior years:2013, 20, 20			0
3 Excess distributions carryover, if any, to 2015:
a From 2010......	0
b From 2011......	0
c From 2012......	0
d From 2013......	0
e From 2014......	0
fTotal of lines 3a through e........		0
4Qualifying distributions for 2015 from Part
XII, line 4: $ 5,531,114
a Applied to 2014, but not more than line 2a				2,192,304
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.....					3,338,810
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2015.		0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		0
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2014. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2016. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2015 ..........					2,927,558
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8Excess distributions carryover from 2010 not applied on line 5 or line 7 (see instructions) ...		0
9Excess distributions carryover to 2016. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2011....	0
b Excess from 2012....	0
c Excess from 2013....	0
d Excess from 2014....	0
e Excess from 2015....	0

Form 990-PF (2015)

Page 10

Part XIV

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

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

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

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

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

Part XV

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

1Information Regarding Foundation Managers:

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

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

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

Check here bullet

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

aThe name, address, and telephone number or 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
YOUNG HARRIS COLLEGE PO BOX 68 YOUNG HARRIS,GA30582	NONE	PC	CONTRIBUTION	540,000
MCEACHERN MEM METHODIST 4075 MACLAND ROAD POWDER SPRINGS,GA30127	NONE	PC	CONTRIBUTION	540,000
MCEACHERN ENDOWMENT FUND ATTN BEVERLY POSTELL 2400 NEW MACLAND ROAD POWDER SPRINGS,GA30127	NONE	PC	CONTRIBUTION	4,320,000
Total ................................. 3a				5,400,000

bApproved for future payment

Total ................................. 3b

Form 990-PF (2015)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities....			14	2,660,683
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	1,207,849
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aPARTNERSHIP DISTR			14	323,495
bFEE REBATES			14	20,882
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				4,212,909

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

134,212,909

(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
0258M0DA4 AMERICAN EXPRESS CO
00206RAV4 AT&T INC
14912L4X6 CATERPILLAR FINANCIA	65,023	65,398
20825CAR5 CONOCOPHILLIPS	82,597	75,765
126650BT6 CVS CAREMARK CORP
25470DAB5 DISCOVERY COMMUNICAT
36962G5J9 GENERAL ELEC CAP COR	59,872	66,430
459200GX3 IBM CORP	76,251	75,449
539830AT6 LOCKHEED MARTIN CORP	53,575	53,629
56501RAA4 MANULIFE FINANCIAL
585055AR7 MEDTRONIC INC
61747YCG8 MORGAN STANLEY	93,974	97,640
61945CAA1 MOSAIC CO	49,544	50,134
74005PAV6 PRAXAIR INC
832696AB4 SMUCKER (J.M.) CO	64,875	66,876
857477AH6 STATE STREET CORP	77,695	75,264
89114QAE8 TORONTO-DOMINION BAN	64,639	65,682
25468PCE4 WALT DISNEY COMPANY	88,586	77,499
961214BK8 WESTPAC BANKING CORP	63,013	65,356
001055AH5 AFLAC INC	60,975	60,790
055451AP3 BHP BILLITON FIN USA	60,174	59,878
111021AG6 BRITISH TELECOM PLC
20030NBA8 COMCAST CORP	67,969	67,040
278865AK6 ECOLAB INC	69,257	65,933
478366AX5 JOHNSON CONTROLS INC	46,854	46,256
637432MQ5 NATIONAL RURAL UTIL	60,527	60,583
044820504 ASHMORE EMERG MKTS C	1,594,508	1,181,495
053332AF9 AUTOZONE INC
092113AH2 BLACK HILLS CORP	49,768	51,056
172967GL9 CITIGROUP INC
205887BR2 CONAGRA FOODS INC	45,090	42,329
260543CD3 DOW CHEMICAL CO/THE
277911491 EATON VANCE FLOATING
30219GAF5 EXPRESS SCRIPTS HOLD	58,566	56,495
315920702 FID ADV EMER MKTS IN	1,350,000	1,171,765
370334BH6 GENERAL MILLS INC	58,627	54,876
4812C0803 JPMORGAN HIGH YIELD
693390882 PIMCO FOREIGN BD FD
74253Q416 PRINCIPAL PREFERRED
92343VBR4 VERIZON COMMUNICATIO	107,890	109,933
25459HBE4 DIRECTV HOLDINGS/FIN	102,056	100,805
261980494 DREYFUS EMG MKT DEBT
38141GVM3 GOLDMAN SACHS GROUP	104,409	102,638
40414LAL3 HCP INC	98,699	96,923
46625HJH4 JPMORGAN CHASE & CO	160,759	159,478
68389XAP0 ORACLE CORP	72,788	73,243
78010USN8 ROYAL BANK OF CANADA	50,325	50,131
00206RCL4 AT&T INC	98,298	98,482
031162BU3 AMGEN INC	84,672	84,893
037833AR1 APPLE INC	103,930	102,410
05565QBP2 BP CAPITAL MARKETS	114,628	112,379
06051GEC9 BANK OF AMERICA CORP	114,921	111,077
06406HCV9 BANK OF NEW YORK MEL	117,032	117,589
084664BY6 BERKSHIRE HATHAWAY	102,598	101,487
097023AZ8 BOEING CO	112,454	111,372
126650CB4 CVS CAREMARK CORP	91,868	90,435
166764AL4 CHEVRON CORP	100,644	99,685
172967JJ1 CITIGROUP INC	98,905	98,830
20030NAW1 COMCAST CORP	44,678	43,723
260543CC5 DOW CHEMICAL CO/THE	80,038	78,508
26441CAF2 DUKE ENERGY CORP	63,616	61,275
345397VT7 FORD MOTOR CREDIT CO	112,825	110,292
40428HPR7 HSBC USA INC	100,207	98,838
49327M2F0 KEY BANK NA	60,941	60,083
55907RAA6 MAGELLAN MIDSTREAM	60,066	54,984
56501RAB2 MANULIFE FINANCIAL	65,925	65,305
58933YAQ8 MERCK & CO INC	74,481	73,640
59156RBM9 METLIFE INC	99,428	96,087
69353REF1 PNC BANK NA	103,686	100,110
713448CS5 PEPSICO INC	98,760	98,853
74005PAY0 PRAXAIR INC	91,440	90,470
747525AD5 QUALCOMM INC	98,838	99,028
77958B402 T ROWE PRICE INST FL	1,849,251	1,799,421
808513AK1 CHARLES SCHWAB CORP	74,906	74,633
91159HHD5 US BANCORP	100,713	100,302
922031760 VANGUARD HIGH YIELD	2,095,407	1,951,018
92826CAD4 VISA INC	69,744	70,087
92857WAP5 VODAFONE GROUP PLC	90,384	88,743

Name of Stock	End of Year Book Value	End of Year Fair Market Value
404280406 HSBC - ADR	181,983	144,184
502441306 LVMH MOET HENNESSY U
641069406 NESTLE S.A. REGISTER	134,701	141,249
771195104 ROCHE HOLDINGS LTD -	174,808	176,280
922040100 VANGUARD INSTL INDEX
03524A108 ANHEUSER-BUSCH INBEV
370023103 GENERAL GROWTH PROPE	41,453	54,039
806857108 SCHLUMBERGER LTD	197,734	179,048
872540109 TJX COMPANIES INC	139,557	190,535
32054K103 FIRST INDL RLTY TR I	19,442	25,981
42217K106 HEALTH CARE REIT INC
58155Q103 MCKESSON CORP	136,002	208,669
866674104 SUN CMNTYS INC COM	13,536	18,160
008252108 AFFILIATED MANAGERS	133,127	136,116
037411105 APACHE CORP
03748R101 APARTMENT INVT & MGM	30,356	40,711
037833100 APPLE INC	329,308	476,196
04314H709 ARTISAN MID CAP VALU
046353108 ASTRAZENECA PLC ADR
053484101 AVALONBAY CMNTYS INC	38,205	52,293
055262505 BASF AKTIENGESELLSCH
05946K101 BANCO BILBAO VIZCAYA
063671101 BANK MONTREAL QUE CO
064149107 BANK N S HALIFAX
071813109 BAXTER INTL INC
084670702 BERKSHIRE HATHAWAY I	230,652	273,191
088606108 BHP BILLITON LIMITED
097023105 BOEING CO	237,534	311,736
101121101 BOSTON PROPERTIES IN	45,833	51,909
110448107 BRITISH AMERICAN TOB
112463104 BROOKDALE SR LIVING
12572Q105 CME GROUP INC	152,273	208,108
126650100 CVS HEALTH CORPORATI	150,380	233,768
133131102 CAMDEN PPTY TR SH BE
150870103 CELANESE CORP	150,137	201,182
166764100 CHEVRON CORP
17275R102 CISCO SYSTEMS INC	208,061	251,455
20030N101 COMCAST CORP CLASS A	192,233	241,915
229663109 CUBESMART	18,077	29,548
231021106 CUMMINS INC.	226,138	149,441
23317H102 DDR CORP	20,735	20,696
251542106 DEUTSCHE BOERSE AG A
25243Q205 DIAGEO PLC - ADR	121,223	110,379
254687106 WALT DISNEY CO	190,780	291,177
256206103 DODGE & COX INT'L ST	7,309,609	6,215,070
25746U109 DOMINION RES INC VA
264411505 DUKE REALTY CORPORAT	16,423	20,032
26613Q106 DUPONT FABROS TECHNO
268648102 E M C CORP MASS
26874R108 ENI SPA - ADR
26884U109 EPR PROPERTIES	18,955	21,393
294752100 EQUITY ONE INC	20,664	22,697
29476L107 EQUITY RESIDENTIAL P	60,873	74,818
297178105 ESSEX PPTY TR COM	44,734	66,556
30225T102 EXTRA SPACE STORAGE	5,027	10,850
313747206 FEDERAL RLTY INVT TR	17,154	24,399
375558103 GILEAD SCIENCES INC	84,282	137,821
38141G104 GOLDMAN SACHS GROUP	108,481	130,667
413838202 OAKMARK INTERNATIONA	8,550,000	7,122,967
44107P104 HOST HOTELS & RESORT	34,876	29,913
46625H100 JPMORGAN CHASE & CO	185,141	242,990
478160104 JOHNSON & JOHNSON
478366107 JOHNSON CONTROLS INC	119,378	134,700
48020Q107 JONES LANG LASALLE I
4812A2389 JPMORGAN U.S. L/C CO	10,600,000	10,325,432
49427F108 KILROY REALTY CORP C	13,024	13,922
494368103 KIMBERLY CLARK CORP
500472303 PHILIPS ELECTRONICS
517834107 LAS VEGAS SANDS CORP	155,973	114,335
532457108 ELI LILLY & CO COM
539830109 LOCKHEED MARTIN CORP
580135101 MCDONALDS CORP
59410T106 MICHELIN (CGDE) ADR
594918104 MICROSOFT CORP	201,663	303,254
611740101 MONSTER BEVERAGE COR
636274300 NATIONAL GRID PLC AD
637071101 NATIONAL OILWELL INC
66987V109 NOVARTIS AG - ADR
68389X105 ORACLE CORPORATION	124,225	135,745
69351T106 PPL CORPORATION
70509V100 PEBBLEBROOK HOTEL TR	21,251	20,707
717081103 PFIZER INC
718172109 PHILIP MORRIS INTERN
74340W103 PROLOGIS INC	49,573	52,105
74435K204 PRUDENTIAL PLC - ADR
744573106 PUBLIC SVC ENTERPRIS
74460D109 PUBLIC STORAGE INC C	65,557	94,374
756255204 RECKITT BENCKIS/S AD
77954Q106 T ROWE PRICE BLUE CH	8,800,000	10,479,648
780259206 ROYAL DUTCH SHELL PL
78440X101 SL GREEN REALTY CORP	39,015	49,033
80105N105 SANOFI-ADR
804395101 SAUL CTRS INC COM	11,230	12,305
826197501 SIEMENS AG - SPONSOR
828806109 SIMON PROPERTY GROUP	127,479	150,302
82929R304 SINGAPORE TELECOMMUN
86272T106 STRATEGIC HOTELS & R
86562M209 SUMITOMO TRUST AND B
867892101 SUNSTONE HOTEL INVS	20,149	17,249
87612E106 TARGET CORP	168,752	183,849
876664103 TAUBMAN CTRS INC COM
87944W105 TELENOR ASA - ADR
87969N204 TELSTRA CORP-ADR
883556102 THERMO FISHER SCIENT	112,951	175,327
89151E109 TOTAL S.A. - ADR	188,921	173,867
89155H256 TOUCHSTONE SMALL CAP	2,574,553	2,063,783
902641646 E-TRACS ALERIAN MLP	2,915,070	2,019,761
902973304 US BANCORP DEL NEW
904784709 UNILEVER N.V. - ADR
907818108 UNION PACIFIC CORP	222,773	221,932
911312106 UNITED PARCEL SERVIC	116,546	130,392
91324P102 UNITEDHEALTH GROUP I	157,967	260,102
92276F100 VENTAS INC COM	58,298	48,756
92343V104 VERIZON COMMUNICATIO
929042109 VORNADO REALTY TRUST	12,981	17,093
936793884 WASATCH EMERGING MKT	2,489,131	2,068,563
989825104 ZURICH INSURANCE GRO
G29183103 EATON CORP PLC	109,747	100,801
02917T104 AMERICAN REALTY CAPI
04314H600 ARTISAN MID CAP FUND
09247X101 BLACKROCK INC	108,538	116,798
124830100 CBL & ASSOC PPTYS IN
172967424 CITIGROUP INC.	192,931	197,737
28140H203 EDUCATION REALTY TRU	10,331	12,122
30231G102 EXXON MOBIL CORPORAT
36162J106 GEO GROUP INC/THE	2,046	1,908
38259P706 GOOGLE INC-CL C
45579E105 INVIVIOR PLC-SPON AD
58933Y105 MERCK & CO INC NEW
64128R608 NEUBERGER BERMAN LON	1,500,000	1,434,855
683974604 OPPENHEIMER DEVELOPI	5,655,415	4,513,276
69924R108 PARAMOUNT GROUP INC
74925K581 BOSTON P LNG/SHRT RE	3,500,000	3,616,424
767204100 RIO TINTO PLC - ADR
862121100 STORE CAPITAL CORP	9,508	10,718
892331307 TOYOTA MOTOR CORPORA
92914A810 VOYA INTL RL EST FD	4,050,000	3,511,335
939647103 WASHINGTON PRIME GRO
949921571 WF SMALL COMPANY GRO	3,300,000	3,331,757
N53745100 LYONDELLBASELL INDU-
015271109 ALEXANDRIA REAL ESTA	23,518	23,223
02079K107 ALPHABET INC CL C	198,647	310,382
03027X100 AMERICAN TOWER CORP	17,815	17,451
03076C106 AMERIPRISE FINL INC	176,505	157,502
141624106 CARE CAPITAL PROPERT	8,486	6,420
22822V101 CROWN CASTLE INTL CO	12,559	12,622
29444U700 EQUINIX INC	56,176	57,456
405217100 HAIN CELESTIAL GROUP	117,656	115,879
444097109 HUDSON PACIFIC PROPE	11,239	10,890
56501R106 MANULIFE FINANCIAL C	119,253	121,593
61166W101 MONSANTO CO NEW	233,208	217,237
693475105 PNC FINANCIAL SERVIC	178,631	178,802
74253Q747 PRINCIPAL MIDCAP FD-	9,750,000	9,354,003
867224107 SUNCOR ENERGY INC NE	209,260	204,439
92339V100 VEREIT, INC.	7,892	6,748
95040Q104 WELLTOWER INC	31,752	30,682
44107P104 HOST HOTELS & RESORT
37733W105 GLAXOSMITHKLINE PLC
413875105 HARRIS CORP DEL
26441C204 DUKE ENERGY HOLDING
405024100 HAEMONETICS CORP MAS

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
70299RF16 PARTNERS GROUP PRIV	AT COST	3,300,000	4,139,571
36159JCV1 GE CAPITAL CREDIT CA	AT COST	98,295	95,255
36192BAY3 GS MORTGAGE SECURITI	AT COST	90,764	87,796
981464DS6 WORLD FINANCIAL NETW	AT COST	113,931	114,302
GRE992312 GRE US PROPERTY ASP	AT COST	5,382,614	5,382,929
GTY995004 GAI AGILITY INCOME F	AT COST	5,283,637	4,789,653
MRE991028 METRO REAL ESTATE PA	AT COST	546,500	591,633
SKY990RF9 SKYBRIDGE MULTI-ADVI	AT COST	3,150,000	2,970,488
38378CFN2 GOVT NATL MTG ASSN	AT COST	56,484	57,159
PIN993120 CORBIN PINEHURST INS	AT COST	5,717,585	6,142,407
12593NAD9 CNH EQUIPMENT TRUST	AT COST	104,989	104,735
90270RBD5 UBS-BARCLAYS COMMER	AT COST	156,247	152,560

Description	Amount
MUTUAL FUND POSTING DATE AFTER TYE	39,406
ROC BASIS ADJUSTMENT	15,825
PURCHASE ACCRUED INTEREST POSTING CURRENT YEAR	6,443
SALES WITH GAIN POST CURR EFF PREV	4,185
SALES WITH LOSS POST CURR EFF PREV	16,363
ROUNDING	10

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ADR FEE	2,070	2,070		0
PARTNERSHIP OTHER DEDUCTIONS		56,210		0

Description	Revenue And Expenses Per Books	Net Investment Income
FEE REBATE	20,882	20,882
PARTNERSHIP DISTRIBUTIONS	323,495	0
PARTNERSHIP INTEREST INCOME		125
PARTNERSHIP ORDINARY DIVIDENDS		103,862
PARTNERSHIP OTHER INCOME		243,035
PARTNERSHIP NET ST GAIN		16,942
PARTNERSHIP NET LT GAIN		281,148
PARTNERSHIP UNREC SECT 1250 GAIN		30,764

Description	Amount
MUTUAL FUND TAX EFFECTIVE DATE BEFORE TYE	260,732
PURCHASE ACCRUED INTEREST EFFECTIVE CURRENT YEAR	528
MUTUAL FUND TBD	4,996
COST BASIS ADJUSTMENT	4,147
SALES WITH LOSS POST NEXT EFF CURRENT	674,832

Category	Amount	Net Investment Income
FOREIGN TAXES	12,173	12,173
FEDERAL ESTIMATES - PRINCIPAL	85,218	0
FOREIGN TAXES ON QUALIFIED FOR	35,419	35,419
FOREIGN TAXES ON NONQUALIFIED	1,689	1,689