Form990-PF
Click to see attachment

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
Cummings Foundation Inc
 
% WILLIAM F GRANT
Number and street (or P.O. box number if mail is not delivered to street address)200 West Cummings Park
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Woburn, MA01801
A Employer identification number

04-3073023
B Telephone number (see instructions)

(781) 935-8000
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$1,174,608,474J Accounting method:
 
(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) 111,800
2 Check bullet Sch. B .............
3 Interest on savings and temporary cash investments 327 327 327
4 Dividends and interest from securities... 11,409,800 11,402,800 11,409,800
5a Gross rents............ 113,350 113,350 113,350
b Net rental income or (loss) 86,672
6a Net gain or (loss) from sale of assets not on line 10 1,064,019
b Gross sales price for all assets on line 6a 105,887,022
7 Capital gain net income (from Part IV, line 2)... 1,064,019
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 141,563,001 60,433,593 142,259,015
12 Total. Add lines 1 through 11........ 154,262,297 73,014,089 153,782,492
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 371,479     371,479
14 Other employee salaries and wages...... 37,874,510     37,802,501
15 Pension plans, employee benefits....... 819,213     804,092
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 7,426     6,238
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 2,334,949 357,949    
19 Depreciation (attach schedule) and depletion... Click to see attachment 276,794   276,794
20 Occupancy.............. 3,464,603     3,492,479
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 40,828,765 4,234,689 6,270 36,501,112
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 85,977,739 4,592,638 283,064 78,977,901
25 Contributions, gifts, grants paid....... 301,008 301,008
26 Total expenses and disbursements. Add lines 24 and 25 86,278,747 4,592,638 283,064 79,278,909
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 67,983,550
b Net investment income (if negative, enter -0-) 68,421,451
c Adjusted net income (if negative, enter -0-)... 153,499,428
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............. 49,534 235,032 235,032
2 Savings and temporary cash investments......... 23,374,711 14,114,549 14,114,549
3 Accounts receivable bullet6,570,734
Less: allowance for doubtful accounts bullet   8,311,661 6,570,734 6,570,734
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.............. 30,261 30,622 30,622
9 Prepaid expenses and deferred charges.......... 129,435 148,391 148,391
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 383,185,631 Click to see attachment388,744,532 534,211,413
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 539,951,166 Click to see attachment603,563,060 614,517,018
14 Land, buildings, and equipment: basis bullet11,543,695
Less: accumulated depreciation (attach schedule) bullet6,768,677 3,952,069 4,775,018 4,775,018
15 Other assets (describe bullet)   Click to see attachment5,697 Click to see attachment5,697
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 958,984,468 1,018,187,635 1,174,608,474
Liabilities 17 Accounts payable and accrued expenses.......... 943,772 1,173,230
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 bullet) Click to see attachment26,046,766 Click to see attachment24,424,546
23 Total liabilities (add lines 17 through 22)......... 26,990,538 25,597,776
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................. 931,993,930 992,589,859
25 Temporarily restricted...............    
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)..... 931,993,930 992,589,859
31 Total liabilities and net assets/fund balances (see instructions). 958,984,468 1,018,187,635
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
931,993,930
2
Enter amount from Part I, line 27a .....................
2
67,983,550
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
22,275,130
4
Add lines 1, 2, and 3 ..........................
4
1,022,252,610
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
29,662,751
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
992,589,859
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 PUBLICLY TRADED SECURITIES - SHORT TERM P    
b PUBLICLY TRADED SECURITIES - LONG TERM P    
c OTHER ASSETS P    
d ALTERNATIVE INVESTMENTS - SHORT TERM P    
e ALTERNATIVE INVESTMENTS - LONG TERM P    
BK HAPOALIM B M C 4.00% D 2010-12-02 2015-12-23
(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 22,098,655   24,059,669 -1,961,014
b 80,928,271   77,584,910 3,343,361
c 97,754     97,754
d     877,399 -877,399
e 2,712,342   2,251,875 460,467
50,000   49,150 850
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       -1,961,014
b       3,343,361
c       97,754
d       -877,399
e       460,467
      850
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 1,064,019
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 -2,838,413
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 77,932,860 1,057,622,938 0.073687
2013 71,442,133 961,476,542 0.074305
2012 69,054,472 891,631,115 0.077447
2011 65,050,847 830,930,160 0.078287
2010 62,694,136 735,114,956 0.085285
2
Total of line 1, column (d) .....................
20.389011
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
0.077802
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
1,135,271,273
5
Multiply line 4 by line 3......................
5
88,326,376
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
684,215
7
Add lines 5 and 6........................
7
89,010,591
8
Enter qualifying distributions from Part XII, line 4.............
8
80,378,653
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 1,368,429
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  
3 Add lines 1 and 2........................... 3 1,368,429
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 1,368,429
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 2,115,923
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 2,115,923
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8  
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 10 747,494
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet747,494 RefundedBullet 11  
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? Click to see list of attachments....................
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 changesClick to see list of attachments....
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.Click to see list of attachments
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)
    bulletMA
    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
    Yes
     
    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) Click to see attachment.............
    11
    Yes
     
    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 addressbullethttp://www.cummingsfoundation.org
    14
    The books are in care ofbulletWILLIAM F GRANT Telephone no.bullet (781) 935-8000

    Located atbullet200 WEST CUMMINGS PARKWOBURNMA ZIP+4bullet01801
    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
    Yes
     
    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
     
     
    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
     
    No
    .........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
    Joyce M Cummings TRUSTEE & TREASURER
    1.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    Patricia A Cummings PSY D TRUSTEE & Vice President
    1.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    William S Cummings TRUSTEE & PRESIDENT
    50.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    Robert O'Connor EXEC DIR NHM
    50.0     		134,700 6,576 26,400
    200 West Cummings Park
    Woburn,MA01801
    Joseph Abate MD Trustee
    1.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    Anthony P Monaco MD PHD Trustee
    1.0     		0 0 0
    Tufts University
    Medford,MA02155
    HON Margot Botsford Trustee
    1.0     		0 0 0
    supreme judicial court
    boston,MA02108
    Paul C Casey Trustee
    1.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    Carol A Donovan Trustee
    1.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    DEBORAH T KOCHEVAR DVM PHD Trustee
    1.0     		0 0 0
    cummings school of veterinary
    north grafton,MA01536
    Jason Z Morris PhD Trustee
    1.0     		0 0 0
    fordham university
    bronx,NY10458
    Marilyn Cummings Morris MD MPH Trustee
    1.0     		0 0 0
    Childrens Hospital
    New York,NY10001
    Richard C Ockerbloom Trustee
    1.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    Joel B Swets EXEC DIR, CUMMINGS FND
    50.0     		122,394 10,206 0
    200 West Cummings Park
    Woburn,MA01801
    Christine Coakley Exec DiRECTOR, NHC
    50.0     		114,385 20,018 0
    21 Warren Avenue
    Woburn,MA01801
    Arlan F Fuller MD Trustee
    1.0     		0 0 0
    200 West Cummings Park
    Woburn,MA01801
    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
    MARK LYNCH CARPENTER - LEAD
    50.0     		150,157 17,594 0
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    RICHARD CURTIN ASSOC DIVISION MGR
    50.0     		124,914 16,842 0
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    MICHAEL DONAGHEY ELECTRICAL TL
    50.0     		108,640 18,748 0
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    MICHAEL DEPIERRO CARPENTRY TL
    50.0     		107,046 11,713 0
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    MICHAEL CRAVEIRO CARPENTRY TL
    50.0     		100,814 15,529 0
    200 WEST CUMMINGS PARK
    WOBURN,MA01801
    Total number of other employees paid over $50,000...................bullet  
    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
    COMMONFUND INVESTMENT SVCS 2,111,919
    15 OLD DANBURY ROAD
    WILTON,CT068970812
    VNA CARE ADVANTAGE INC ASSISTED LIVING SVCS 1,541,865
    120 THOMAS STREET
    WORCESTER,MA01608
    MERRILL LYNCH TRUST CO INVESTMENT SVCS 1,274,996
    ONE FEDERAL STREET
    BOSTON,MA02134
    WINCHESTER HEALTHCARE ENTERPRISES INC ASSISTED LIVING SVCS 649,697
    PO BOX 5-0803
    WOBURN,MA01801
    KKR SPECIAL SITUATIONS INVESTMENT SVCS 418,296
    555 CALIFORNIA STREET
    SAN FRANCISCO,CA94104
    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 SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT CHOATE 3,556,563
    2 SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT MARLBOROUGH 8,760,388
    3 SEE GENERAL EXPLANATION ATTACHMENT - CUMMINGS SCHOOL OF VETERINARY MEDICINE 66,660,451
    4 SEE GENERAL EXPLANATION ATTACHMENT - CUMMINGS INSTITUTE FOR WORLD JUSTICE, LLC 500
    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)
    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
    797,991,700
    b
    Average of monthly cash balances.......................
    1b
    98,050
    c
    Fair market value of all other assets (see instructions)................
    1c
    354,469,918
    d
    Total (add lines 1a, b, and c).........................
    1d
    1,152,559,668
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    1,152,559,668
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    17,288,395
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    1,135,271,273
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    56,763,564
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
     
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
     
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
     
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
     
    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
    79,278,909
    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
    1,099,744
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    80,378,653
    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
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    80,378,653
    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 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2015:
    a From 2010......  
    b From 2011......  
    c From 2012......  
    d From 2013......  
    e From 2014......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2015 from Part
    XII, line 4: bullet$  
    a Applied to 2014, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2015 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2015.    
    (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  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		 
    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......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2014. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2016. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		 
    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) .......     		 
    8Excess distributions carryover from 2010 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2016.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2011....  
    b Excess from 2012....  
    c Excess from 2013....  
    d Excess from 2014....  
    e Excess from 2015....  
    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
    1990-04-27
    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
    56,763,564 52,881,147 48,073,827 44,581,556 202,300,094
    b 85% of line 2a ......... 48,249,029 44,948,975 40,862,753 37,894,323 171,955,080
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		80,378,653 77,932,860 71,442,133 69,054,472 298,808,118
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		301,008 1,586,126 769,155 186,737 2,843,026
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		80,077,645 76,346,734 70,672,978 68,867,735 295,965,092
    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)    		         0
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		37,842,343 35,254,098 32,049,218 29,721,037 134,866,696
    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) ....     		        0
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		        0
    (3) Largest amount of support
    from an exempt organization    		         0
    (4) Gross investment income         0
    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).)
    WILLIAM S CUMMINGS PATRICIA A CU
    JOYCE CUMMINGS AND JASON Z MORRIS
    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 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)
    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
    AGAHOZO SHALOM
    498 SEVENTH AVE 15TH FLOOR
    NEW YORK,NY10018     		NONE PC At risk youth housing 33,333
    AIDS ACTION COMMITTEE
    75 AMORY STREET
    BOSTON,MA02119     		NONE PC Community Healthcare Program 785
    AMERICAN FRIENDS OF
    25 WEST 45TH STREET SUITE 1405
    NEW YORK,NY10036     		NONE PC Educational Awareness 25,000
    BOSTON CARDIAC FOUNDATION INC
    50 TREMONT STREET SUITE 104
    MELROSE,MA02176     		NONE PC Health Research and Programs 33,334
    BOSTON CITY SINGERS
    17 WALDECK ST
    DORCHESTER,MA02124     		NONE PC Cultural Arts Programming 50
    CITY OF MARLBOROUGH
    140 MAIN STREET
    MARLBOROUGH,MA017523898     		NONE GOV Educational Scholarships 7,500
    CLARK UNIVERSITY
    950 MAIN STREET
    WORCESTER,MA01610     		NONE PC Educational Scholarships 25,000
    ENDICOTT COLLEGE
    376 HALE STREET
    BEVERLY,MA01915     		NONE PC Educational Scholarships 10,000
    EVENING OF GIVING
    69 TREMONT STREET
    MARLBOROUGH,MA01752     		NONE PC Community Welfare Program 900
    FRIENDS WINCHESTER PUBLIC LIBRARY
    80 WASHINGTON STREET
    WINCHESTER,MA01890     		NONE PC Civic Programming 1,000
    HARVARD UNIVERSITY - SRO
    1350 MASSACHUSETTS AVENUE
    CAMBRIDGE,MA02138     		NONE PC Educational Scholarships 2,194
    HEIFER INTERNATIONAL
    1 WORLD AVENUE
    LITTLE ROCK,AR72202     		NONE PC Poverty Assistance Third World 100
    JFS OF METROWEST
    475 FRANKLIN ST-STE 101
    FRAMINGHAM,MA01702     		NONE PC Community Outreach 675
    KATHI GLAVIN HIGGINS SCHOLARSHIP
    32 STEWART ST
    BILLERICA,MA01821     		NONE PC Educational Scholarships 600
    LIFEBRIDGE (FORMERLY SALEM MISSION)
    PO BOX 810
    SALEM,MA01970     		NONE PC Community Welfare Program 50
    MARIA DROSTE QUINCY SERVICES
    1354 HANCOCK ST
    QUINCY,MA02169     		NONE PC Mental Health Services 2,500
    MARLBOROUGH HIGH SCHOOL
    431 BOLTON STREET
    MARLBOROUGH,MA01751     		NONE GOV Educational Scholarships 500
    MARLBOROUGH HOSPITAL
    157 UNION STREET
    MARLBOROUGH,MA01752     		NONE PC Community Healthcare Program 5,000
    MARTIN W RICHARD CHARITABLE FNDTN
    ONE BOSTON PLACE ST 2600
    BOSTON,MA02108     		NONE PC Community Welfare Program 500
    MASS GENERAL HOSPITAL
    165 CAMBRIDGE STREET SUITE 600
    BOSTON,MA02114     		NONE PC Community Welfare Program 5,000
    MDA GOLF CLASSIC MARLBOROUGH
    33 LYMAN STREET 304B
    WESTBOROUGH,MA01581     		NONE PC Health Research and Programs 200
    MISHAWUM CHORAL SOCIETY
    74 PEARL STREET
    WOBURN,MA01801     		NONE PC Cultural Arts Programming 300
    MISSION OF DEEDS INC
    6 CHAPIN AVENUE
    READING,MA01867     		NONE PC Community Welfare Program 1,000
    MUSEUM OF FINE ARTS
    465 HUNTINGTON AVENUE
    BOSTON,MA02115     		NONE PC Cultural Arts Programming 2,500
    NATIONAL MS SOCIETY
    101A FIRST AVENUE SUITE 6
    WALTHAM,MA02451     		NONE PC Community Welfare Program 50
    NESKAYA MOVEMENT ARTS CENTER
    PO BOX 634
    FRANCONIA,NH03580     		NONE PC Cultural Arts Programming 100
    NORTH SHORE UNITED WAY INC
    240 CABOT STREET
    BEVERLY,MA01915     		NONE PC Community Welfare Program 3,000
    PAN MASSACHUSETTS CHALLENGE
    77 FOURTH AVENUE
    NEEDHAM,MA02494     		NONE PC Health Research and Programs 300
    RENSSELAER POLYTECHNIC INSTITUTE
    110 8TH STREET
    TROY,NY121812500     		NONE PC Educational Scholarships 10,000
    SAVVY SENIOR SYMPOSIUM
    109 SKILLINGS ROAD
    WINCHESTER,MA01890     		NONE PC Elder Services 1,000
    SHARING A NEW SONG
    11 SUNNYSIDE AVE
    SAUGUS,MA019062924     		NONE PC International Cultural Exchange 317
    ST MATTHIAS PARISH
    409 HEMENWAY STREET
    MARLBOROUGH,MA01752     		NONE PC Community Outreach 1,500
    ST CHARLES BORROMEO PARISH
    280 MAIN STREET
    WOBURN,MA01801     		NONE PC Community Welfare Program 200
    SUPPORTIVE LIVING INC
    400 WEST CUMMINGS PARK SUITE 6100
    WOBURN,MA01801     		NONE PC Brain Injury Residence 100,000
    THE MYSTIC CHORALE INC
    1337 MASS AVE BOX 161
    ARLINGTON,MA024764101     		NONE PC Cultural Arts Programming 120
    THE SEAN C ELMORE MEMORIAL FUND
    10 SCHOOLHOUSE LANE
    BILLERICA,MA01821     		NONE PC Community Outreach 400
    UNITED TO END GENOCIDE
    1010 VERMONT AVE NW SUITE 1100
    WASHINGTON,DC20005     		NONE PC Community Awareness 20,000
    UNIVERSITY OF MASSACHUSETTS-AMHERST
    215 WHITMORE BLDG BURSARS OFFICE
    AMHERST,MA01003     		NONE PC Educational Scholarships 1,000
    VNA OF MIDDLESEX EAST HOSPICE
    607 NORTH AVE SUITE 17
    WAKEFIELD,MA01880     		NONE PC Community Healthcare Program 800
    WINCHESTER MEALS ON WHEELS
    104 SKILLINGS ROAD
    WINCHESTER,MA01890     		NONE PC Community Welfare Program 500
    WINCHESTER SCHOLARSHIP FOUNDATION
    PO BOX 174
    WINCHESTER,MA01890     		NONE PC Educational Scholarships 1,000
    WINCHESTER SPORTS FOUNDATION
    PO BOX 493
    WINCHESTER,MA01890     		NONE PC Youth Extracurricular Activity 1,000
    WOBURN DOLLARS FOR SCHOLARS
    PO BOX 202
    WOBURN,MA01801     		NONE PC Educational Scholarships 1,000
    WOBURN GIRL SCOUTS
    95 BERKELEY STREET
    BOSTON,MA02116     		NONE PC Youth Extracurricular Activity 250
    WOBURN MEMORIAL HIGH SCHOOL
    88 MONTVALE AVE
    WOBURN,MA01801     		NONE PC Educational Programming 350
    WOODS HOLE COMMUNITY ASSOCIATN INC
    PO BOX 327
    WOODS HOLE,MA02543     		NONE PC Community Enrichment 100
    Total .................................bullet 3a 301,008
    bApproved for future payment
    Total .................................bullet 3b  
    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
    aSENIOR FACILITY REVENUE         16,750,973
    bHOME HEALTH CARE REVENUE         2,310,352
    cVET SCHOOL REVENUE         62,730,152
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ...........     		    14 327  
    4 Dividends and interest from securities....     14 11,409,800  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....     16 86,672  
    6
    Net rental income or (loss) from personal property     		         
    7 Other investment income.....     14 60,433,593  
    8
    Gain or (loss) from sales of assets other than inventory ............     		    17 1,064,019  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..     01 33,945  
    11 Other revenue:
    aFLOW-THROUGH PARTNERSHIP LOSSES     		523000 -696,014      
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. -696,014 73,028,356 81,791,477
    13Total. Add line 12, columns (b), (d), and (e)..................
    13154,123,819
    (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.)
    1A PART OF THE PRIMARY EXEMPT PURPOSE OF CUMMINGS FOUNDATION IS TO OPERATE TWO NOT-FOR PROFIT RESIDENTIAL INDEPENDENT AND ASSISTED LIVING FACILITIES FOR SENIORS. SENIOR FACILITY REVENUE IS INCOME FROM THE OPERATION OF SUCH FACILITIES.
    1B PART OF THE PRIMARY EXEMPT PURPOSE OF CUMMINGS FOUNDATION IS TO PROVIDE HOME HEALTH CARE TO SENIORS. HOME HEALTH CARE REVENUE IS INCOME FROM THE PROVISION OF SUCH CARE TO SENIORS.
    1C CUMMINGS FOUNDATION ENTERED INTO A LONG-TERM AGREEMENT WITH TUFTS UNIVERSITY IN 2004 TO OPERATE ITS VETERINARY SCHOOL THROUGH A SUBSIDIARY CALLED VETERINARY SCHOOL AT TUFTS, LLC. DURING THE TERM OF THE AGREEMENT, CUMMINGS FOUNDATION WILL CONTRIBUTE AT LEAST $50 MILLION TO SUPPORT THE RENAMED CUMMINGS SCHOOL OF VETERINARY MEDICINE. THE IRS ISSUED A PRIVATE LETTER RULING ON MAY 6, 2004, CONFIRMING THAT THE EXPENDITURES DIRECTED TO TUFTS UNIVERSITY AND THE EXPENSES CUMMINGS FOUNDATION INCURS IN OPERATING THE CUMMINGS SCHOOL CONSTITUTE QUALIFIED DISTRIBUTIONS DIRECTLY FOR THE ACTIVE CONDUCT OF CUMMINGS FOUNDATION'S EXEMPT PURPOSES.
    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)
    Yes
     
    (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
    1b(3) 0 HEM REALTY INC SEE ATTACHED
    1b(3) 0 NHC REALTY INC SEE ATTACHED
    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
    HEM REALTY INC 501(C)(2) A DIVISION OF CFI
    NHC REALTY INC 501(C)(2) A DIVISION OF CFI
    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
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors
    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Information about Schedule B (Form 990, 990-EZ, or 990-PF) and its instructions is at www.irs.gov/form990.
    OMB No. 1545-0047
    2015
    Name of the organization
    Cummings Foundation Inc
     
    Employer identification number

    04-3073023
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ





    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution. An organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
    Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it does not meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2015)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015) Page 2
    Name of organization
    Cummings Foundation Inc
          		Employer identification number
    04-3073023
    Part I
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
     
     

    William S Cummings  
    200 West Cummings Park
     
    Woburn, MA01801

    		$ 100,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
     
     

    Indian Circle of Caring  
    220 Totten Pond Road
     
    Waltham, MA02451

    		$ 10,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)
    Page 3
    Name of organization
    Cummings Foundation Inc
          		Employer identification number

    04-3073023
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No.from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a)
    No.from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a)
    No.from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a)
    No.from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a)
    No.from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a)
    No.from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)
    Page 4
    Name of organization
    Cummings Foundation Inc
          		Employer identification number

    04-3073023
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No.from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No.from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No.from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No.from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

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    TY 2015 DepreciationSchedule
    Name:
    Cummings Foundation Inc
    EIN:
    04-3073023
    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

    TY 2015 GeneralExplanationAttachment
    Name:
    Cummings Foundation Inc
    EIN:
    04-3073023
    Identifier Return Reference Explanation
    ATTACHMENT TO FORM 990-PF ATTACHMENT TO FORM 990-PF Part VII-A, Question 11; Part III, Line 5; and Part VII-B, Question 5c During 2015, Cummings Foundation, Inc. transferred $29,662,751 to OneWorld Boston, Inc. This transfer is a partial distribution pursuant to a larger plan to transfer substantial assets of Cummings Foundation under 507(b)(2) for the creation of an endowment in support of OneWorld Boston. Expenditure Responsibility Statement for the year 2015 Pursuant to IRC Regulation Sec. 53.4945-5(d)(2), Cummings Foundation, Inc. (Cummings Foundation) provides the following information: (i) Controlled Entity: OneWorld Boston, Inc. (OneWorld Boston) 200 West Cummings Park Woburn, MA 01801 (ii) Amount of Transfers: $18,662,751 FEBRUARY 6, 2015 $ 8,500,000 June 23, 2015 $ 2,500,000 november 2, 2015 ____________ $29,662,751 TOTAL IN 2015 (iii) Purpose of Transfers: Endowment in support of OneWorld Boston (EIN 80-0681389), a grant-making private foundation qualified under IRC sec. 501(c) (3), and a controlled entity of Cummings Foundation, within the meaning of IRC sec. 512(b)(13). (iv/vi) Reports: OneWorld Boston submitted a full and complete report of its expenditure of the 2015 year transfer on June 30, 2016. The report reflected that of the $29,662,751 received during the year, $11,708,339 was expended on grants to public charities, $100,500 was expended on estimated taxes on investment income (sec. 4940), $3,675 was expended on accounting services, $2,498 was expended on fees, and $17,847,739 was retained for addition to an endowment or the payment of future OneWorld Boston grants. (v) Diversions: To the knowledge of transferor, Cummings Foundation, no funds have been diverted to any activity other than the activity for which the transfer was originally made. (vii) Verification: Cummings Foundation has no reason to doubt the accuracy or reliability of the report from OneWorld Boston; therefore, no independent verification of the report was made.
    SUMMARY OF DIRECT CHARITABLE ACTIVITIES SUMMARY OF DIRECT CHARITABLE ACTIVITIES FORM 990-PF, PART IX-A NEW HORIZONS AT CHOATE - $3,556,563. ESTABLISHED IN 1990 AND ACCOMMODATES 125 SENIORS. THE FACILITY IS LOCATED IN WOBURN, MA. FORMERLY THE CHOATE MEMORIAL HOSPITAL PROPERTY, THIS PROPERTY WAS CONVERTED TO A RETIREMENT COMMUNITY WHICH INCLUDES SUITES FOR INDEPENDENT LIVING AND ASSISTED LIVING UNITS. NEW HORIZONS AT MARLBOROUGH - $8,760,388. ESTABLISHED IN 1993 AND ACCOMMODATES APPROXIMATELY 500 RESIDENTS AT ITS MARLBOROUGH, MASSACHUSETTS CAMPUS. BOTH FACILITIES HAVE THE ABILITY TO ACCOMMODATE ACTIVE AND INDEPENDENT SENIORS, SENIORS REQUIRING ASSISTANCE WITH ACTIVITIES OF DAILY LIVING (ASSISTED LIVING RESIDENTS) AND SENIORS SUFFERING FROM ALZHEIMER'S DISEASE. CUMMINGS SCHOOL OF VETERINARY MEDICINE - $66,660,451. CUMMINGS FOUNDATION ENTERED INTO A LONG-TERM AGREEMENT WITH TUFTS UNIVERSITY in 2004 TO OPERATE ITS VETERINARY SCHOOL THROUGH A SUBSIDIARY CALLED VETERINARY SCHOOL AT TUFTS, LLC. DURING THE TERM OF AGREEMENT, CUMMINGS FOUNDATION WILL CONTRIBUTE AT LEAST $50 MILLION TO SUPPORT THE RENAMED CUMMINGS SCHOOL OF VETERINARY MEDICINE. THE IRS ISSUED A LETTER RULING ON MAY 6, 2004, CONFIRMING THAT THE EXPENDITURES DIRECTED TO TUFTS UNIVERSITY AND THE EXPENSES CUMMINGS FOUNDATION INCURS IN OPERATING THE CUMMINGS SCHOOL CONSTITUTE QUALIFIED DISTRIBUTIONS DIRECTLY FOR THE ACTIVE CONDUCT OF CUMMINGS FOUNDATION'S EXEMPT PURPOSES. Cummings INSTITUTE FOR WORLD JUSTICE, LLC ("CIWJ") (EIN 80-0690363) - $500. THE PRINCIPAL PURPOSE OF CIWJ IS TO PROMOTE MORE SERIOUS STUDY OF THE HOLOCAUST, GENOCIDES, AND INJUSTICES OF ALL KINDS IN A CORE GROUP OF NEW ENGLAND SCHOOLS. CIWJ WAS ESTABLISHED TO SERVE AS AN ACTIVE COORDINATING ORGANIZATiON THAT MAKES PROGRAMMING AVAILABLE TO PARTICIPATING SCHOOLS, AND ASSISTS EACH SUCH SCHOOL IN TAILORING A PROGRAM TO THAT SCHOOL'S PARTICULAR NEEDS. ORGANIZED AS A SINGLE-MEMBER LLC (AND DISREGARDED ENTITY OF CUMMINGS FOUNDATION, INC.) ON FEBRUARY 18, 2011, CIWJ paid state filing fees, BUT received NO REVENUE IN 2015. THE IRS ISSUED A DETERMINATION LETTER ON DECEMBER 9, 2011, CONFIRMING CIWJ WAS LIKELY TO QUALIFY AS A PRIVATE OPERATING FOUNDATION DESCRIBED IN SECTION 4942(J)(3) OF THE INTERNAL REVENUE CODE.
    DESCRIPTION OF RENTAL OF FACILITIES DESCRIPTION OF RENTAL OF FACILITIES FORM 990-PF, PART XVII, LINE 1D REPORTING ORGANIZATION HAS A DIVISION CALLED NEW HORIZONS AT MARLBOROUGH, LLC (EIN: 75-3031923) ("NHM"). NHM IS LESSEE OF REAL PROPERTY FROM HEM REALTY, INC. (EIN: 30-0553220) ("HEM REALTY"), WHICH IT USES IN OPERATIONS. HEM REALTY IS A 501(C)(2) TITLE HOLDING COMPANY THAT IS RELATED TO REPORTING ORGANIZATION. BECAUSE HEM REALTY HOLDS TITLE FOR REPORTING ORGANIZATION, AND CONSISTENT WITH ITS PURPOSES WOULD TURN OVER ANY RENT IT COLLECTS TO REPORTING ORGANIZATION, HEM REALTY WAIVES PAYMENT OF RENT FROM REPORTING ORGANIZATION'S DIVISION, NHM. REPORTING ORGANIZATION HAS A DIVISION CALLED NEW HORIZONS AT CHOATE, LLC (EIN: 75-3031909) ("NHC"). NHC IS LESSEE OF REAL PROPERTY FROM NHC REALTY, INC. (EIN: 30-0553218) ("NHC REALTY"), WHICH IT USES IN OPERATIONS. NHC REALTY IS A 501 (C)(2) TITLE HOLDING COMPANY THAT IS RELATED TO REPORTING ORGANIZATION. BECAUSE NHC REALTY HOLDS TITLE FOR REPORTING ORGANIZATION, AND CONSISTENT WITH ITS PURPOSES WOULD TURN OVER ANY RENT IT COLLECTS TO REPORTING ORGANIZATION, NHC REALTY WAIVES PAYMENT OF RENT FROM REPORTING ORGANIZATION'S DIVISION, NHC.

    TY 2015 InvestmentsCorpStockSchedule
    Name:
    Cummings Foundation Inc
    EIN:
    04-3073023
    Name of Stock End of Year Book Value End of Year Fair Market Value
    21VIANET GROUP INC 0 0
    3M COMPANY 131,169 239,216
    ANSYS INC COM 1,295,916 1,785,435
    ABB LTD SPON ADR 0 0
    ABC-MART, INC. 2670 0 0
    ABERDEEN ASSET MGMT 371,019 291,404
    ABERDEEN ASSET MGMT PLC- 276,110 162,099
    ACADIA PHARMACUTICAL INC 263,349 285,378
    ACTELION LTD-UNSP 252,583 291,593
    ACUITY BRANDS INC 472,495 1,294,317
    ADECOAGRO SA 123,618 132,142
    ADIDAS AG SPONSORED ADR 0 0
    ADVANCED SEMICOND SPNADR 139,648 117,845
    AEGON N.V. NY REG SHS 348,175 247,201
    AERIE PHARMACEUTICALS INC 218,231 186,156
    AFFILIATED MANAGERS GRP 889,173 818,131
    AFLAC INC COM 4,294,845 5,990,000
    AGGREKO PLC. 112,024 103,339
    AGRICULTURAL BANK OF CH- 114,242 103,437
    AHUI CONCH CEMENT CO'H' 8,707 6,405
    AIA GROUP LTD 111,062 103,001
    AIR METHODS CRP COM$0.06 173,334 362,946
    AIRBUS GROUP 0 0
    AIRGAS INC COM 644,144 921,764
    ALLIANZ SE SPD ADR 285,092 323,591
    ALPHABET INC SHS CL A 2,435,200 8,068,742
    ALPHABET INC SHS CL C 2,588,548 8,121,534
    AMADEUS IT HLDG SA SHS 0 0
    AMADEUS IT HOLDING-UNSP 132,703 217,675
    AMBEV SA SHS ADR 216,402 139,964
    AMCOR LTD 0 0
    AMCOR LTD AUS ADR NEW 341,608 354,977
    AMEC FOSTER WHEELER PLC 245,498 116,379
    AMERICA MOVIL SAB DE CV 343,572 218,661
    AMG MANAGERS CADENCE MID 1,370,005 1,470,765
    AMGEN INC COM PV $0.0001 103,112 290,571
    AMSURG CORP TENN COM 186,519 303,696
    ANGLO AMERN PLC ADR 0 0
    ANHEUSER-BUSCH INBEV ADR 544,445 755,000
    ANHUI CONCH CEMENT CO'H' 69,392 54,267
    ANHUI CONCH CEMENT-H-UNS 545,812 387,293
    ANIXTER INTL INC 406,093 251,404
    ANNALY CAPITAL MANAGEMT 500,000 498,600
    AON PLC 323,943 301,895
    APPLE INC 4,760,753 9,609,606
    APPLIED MICRO CIRCUITS 0 0
    APTARGROUP INC 627,154 944,668
    ARM HLDGS PLC SPD ADR 0 0
    ARTISAN PARTNERS ASSET 645,585 485,584
    ARTISAN PARTNERS ASSET MGMT IN 251,413 151,344
    ASAHI KASEI CORP 3407 130,266 114,088
    ASHTEAD GROUP PLC SHS 212,941 225,724
    ASSA ABLOY AB ADR 260,932 450,789
    ASSOC BRIT FOODS ADR NEW 106,357 216,821
    ASTRAZENECA PLC SHS FN 292,065 301,497
    ASTRAZENECA PLC SPND ADR 80,065 83,517
    ATLANTIA SPA 172,122 187,471
    ATLANTIA SPA SHS 0 0
    ATOS ORIGN SA UNSP ADR 320,994 349,999
    AURIZON HOLDINGS LTD 62,759 50,361
    AUST NW ZBG ADR 231,661 271,049
    AUSTRALIA AND NZ BK GRP 0 0
    AUSTRALIAN GAS LIGHT CO 46,537 51,590
    AUTOMATIC DATA PROC 2,418,563 6,354,000
    AVAGO TECHNOLOGIES LTD 104,353 368,971
    AXA -SPONS ADR 490,745 515,079
    AXIS CAPITAL HOLDINGS 101,869 182,940
    BAC CAPITAL TRUST VIII 1,000,000 1,025,596
    BAE SYS PLC SPN ADR 249,267 331,928
    BAIDU INC SPON ADR 378,452 550,674
    BAKER HUGHES INC 202,965 187,184
    BANCO BILBAO VIZCAYA ARG 0 0
    BANCO BRADESCO SA ADR 0 0
    BANCO DE CHILE ADR 110,394 97,432
    BANCO DO BRASIL SA-SPON 0 0
    BANCO SANTANDER RG S 305,757 260,003
    BANCOLOMBIA S.A SPDS ADR 228,697 99,216
    BANK HAPOALIM BM 0 0
    BANK MANDIRI TBK-UNSPON 138,598 132,329
    BANK OF QUEENSLAND LTD 47,540 48,235
    BANK OF THE OZARKS INC 43,356 246,311
    BANKRATE INC DEL COM 0 0
    BANKUNITED INC 295,198 330,706
    BARCLAYS PLC ADR 0 0
    BARRATT DEV PLC 10P FN 213,458 211,381
    BASF SE NAMEN -AKT 120,582 103,744
    BAXALTA INC SHS 1,397,965 2,341,800
    BAXTER INTERNTL INC 1,640,482 2,289,000
    BAYER AG SP ADR 342,199 447,533
    BAYERISCHE MOTORENWERKE 0 0
    BB&T CORPORATION 1,000,000 1,056,800
    BCF CAPITAL TRUST II 1,000,000 1,044,400
    BEACH ENERGY LTD-UNSP AD 0 0
    BECTON DICKINSON CO 182,159 379,061
    BEIJING ENTRPRSS SPO ADR 155,210 150,594
    BELLE INTERNAT-UNSPON AD 175,166 112,094
    BELGACOM SA 0 0
    BENESSE HOLDINGS INC SHS 0 0
    BG GROUP PLC SPON ADR 193,719 180,847
    BHP BILLITON LIMITED 208,675 102,172
    BHP BILLITON LTD ADR 458,288 215,508
    BIDVEST GROUP LTD ADR 175,675 162,371
    BIO RAD LABS CL A 826,498 1,091,254
    BIO TECHNE CORP COM STK 473,408 396,720
    BK YOKOHAMA LTD JAPN ADR 151,561 156,406
    BLACKBAUD INC 527,618 1,252,921
    BLACKROCK INC 6,433,643 12,394,928
    BLOOMIN BRANDS INC COMMON STOC 216,330 164,948
    BLUE NILE INC 0 0
    BNP PARIBAS SPONSORD ADR 252,927 241,764
    BOC HONG KONG HLDGS ADR 284,418 258,181
    BOEING COMPANY 4,297,088 9,470,645
    BOK FINCL CORP NEW 257,071 227,501
    BORAL LIMITED 85,443 76,412
    BOUYGUES 0 0
    BP PLC 249,931 188,209
    BRAMBLES LTD SHS 137,072 140,910
    BRF SA ADR 182,268 120,110
    BRITISH AMERICAN TOBACCO 422,103 446,202
    BRITISH AMN TOBACO SPADR 969,391 1,001,340
    BROADRIDGE FINL 616,830 634,068
    BROTHER INDUSTRIES 6448 58,835 48,541
    BUFFALO WILD WINGS INC 127,905 218,401
    BUNZL PLC ADR 110,142 159,423
    CANADIAN NATL RAILWAY CO 148,954 204,018
    CANON INC 7751 269,417 267,067
    CAP GEMINI SP ADR 108,796 107,493
    CAPITALAND MALL TRUST 53,489 47,349
    CAPITAMALL TRUST MGT LTD 0 0
    CAPSTEAD MORTGAGE CP NEW 257,471 174,817
    CARLISLE COS INC 661,189 1,075,455
    CARLSBERG AS SPONSOREDAD 661,897 610,456
    CARNIVAL CORP PAIRED SHS 0 0
    CAVIUM INC 275,058 640,344
    CD GOLDMAN SACHS BK USA 103,913 103,689
    CDK GLOBAL INC SHS 463,376 1,582,318
    CDW CORP 942,019 1,076,686
    CEB INC 64,337 162,806
    CENOVUS ENERGY INC 208,580 120,950
    CENTENE CORP 64,460 287,655
    CENTRICA PLC 182,825 132,064
    CGI GROUP INC 249,662 402,862
    CHANGYOU.COM LTD ADR 120,536 105,311
    CHATHAM LODGING TR 231,334 220,856
    CHECK POINT SOFTWRE TECH 277,524 270,426
    CHEESECAKE FACTORY INC 0 0
    CHEUNG KONG HLDG ADR 0 0
    CHEVRON CORP 271,371 224,630
    CHICOS FAS INC COM 0 0
    CHIMERA INVESTMENT CORP 155,753 173,064
    CHINA CONSTRUCT UNSPN AD 501,009 458,875
    CHINA MOBILE LTD SPN ADR 571,572 552,541
    CHINA OILFIELD SRVS HSHS 118,293 42,560
    CHINA PETE CHEM SPN ADR 0 0
    CHINA SHIPPING CONTAINER 0 0
    CHUNGHWA TELECOM CO LTD 129,236 122,162
    CHURCH&DWIGHT CO INC 573,547 942,338
    CIA BRA DIS PAO ADS REGS 0 0
    CIE FINANCIERE RICHEMONT 431,931 364,224
    CIELO S A SPONSORED ADR 314,622 247,073
    CINEMARK HLDGS INC 334,163 368,064
    CIRCOR INTERNATIONAL INC 0 0
    CISCO SYSTEMS INC COM 7,462,366 8,464,132
    CITY NATIONAL CORP 0 0
    CK HUTCHISON HOLDINGS 489,787 725,290
    CLARCOR INC 822,990 835,021
    CNOOC LTD ADR 218,107 138,512
    CNP ASSURANCES 241,202 194,148
    COBHAM PLC 81,624 82,366
    COCA COLA AMATIL SPD ADR 155,587 72,772
    COCA COLA COM 1,234,083 2,148,000
    COGENT COMMUNICATIONS 0 0
    COLONY FINANCIAL INC 318,744 273,928
    COLOPLAST A/S SHS 0 0
    COLUMBIA BKG SYS INC 273,383 311,966
    COLUMBIA SPORTSWEAR CO 252,074 475,508
    COMCAST CORP NEW CL A 3,111,523 9,141,660
    COMMONWEALTH BANK OF AU 333,560 305,785
    COMMSCOPE HLDG CO INC 157,070 128,777
    COMPASS GROUP PLC SHS 543,871 630,144
    CONOCOPHILLIPS 10,500,215 9,338,000
    CONTINENTAL AG SPNRD ADR 163,934 174,236
    CONWERT IMMOBILIEN INVES 0 0
    COPART INC COM 425,035 584,062
    COPEL PARANA ADR PREF B 0 0
    CORE LAB N.V. COM 0 0
    CORNERSTONE ONDEMAND INC 292,991 196,338
    CORPORATE EXEC BOARD CO 0 0
    COUNTRYWIDE CAP IV 275,000 278,300
    CRANE CO DELAWARE 0 0
    CREDICORP LTD COM PV $5 246,187 193,959
    CREDIT SUISSE GP SP ADR 170,996 151,223
    CSL LTD 44,223 50,032
    CULLEN FRST BKRS PV$0.01 627,634 566,040
    CURTISS WRIGHT 177,823 254,957
    CVS HEALTH CORP 3,494,340 8,897,070
    D R HORTON INC 92,833 161,912
    DAI NIPPON PRINTG 110,337 106,631
    DAIHATSU MOTOR 7262 59 74,395 64,401
    DAIICHI SANKYO CO LTD 178,504 202,538
    DAIKIN INDUSTRIES LTD 0 0
    DAIMLER A 287,059 278,560
    DAITO TRUST CONSTR 1878 0 0
    DAIWA HOUSE IND LTD ADR 373,616 538,287
    DAIWA SECURITIES GRP INC 155,446 120,144
    DARLING INGREDIENTS INC 297,098 169,540
    DBS GROUP HOLDINGS LTD 0 0
    DECKERS OUTDOORS CORP 241,459 197,579
    DEL FRISCOS RESTAURANT 0 0
    DENSO CORP 6902 0 0
    DENSO CP UNSPONSORED ADR 110,323 130,333
    DENTSPLY INTL INC 1,079,599 1,661,205
    DEUTSCHE BOERSE AG SHS 252,381 312,918
    DEUTSCHE LUFT AG SPN ADR 149,774 153,391
    DEUTSCHE POST AG SHS 164,234 180,737
    DEVON ENERGY CORP NEW 271,273 138,048
    DEXUS PROPERTY GROUP 0 0
    DIAGEO 0 0
    DICKS SPORTING GOODS INC 384,953 295,137
    DJIA STEPUP ISSUER BAC 3,044,700 3,525,120
    DNB ASA SP ADR 167,182 141,427
    DNB NOR ASA 0 0
    DONALDSON CO INC 689,823 567,554
    DR REDDY'S LAB LTD ADR 162,159 225,849
    DRIL QUIP 264,646 211,392
    DSW INC 461,265 325,880
    DU PONT E I DE NEMOURS 241,041 336,996
    EAST JAPAN RAILWAY 9020 91,866 96,515
    EAST WEST BANCORP INC 442,831 521,703
    EATON CORP PLC 311,794 322,544
    EDENRED 175,422 123,877
    ELDORADO GOLD CORP NEW 0 0
    ELECTROLUX CL B 25SKR 47,125 41,013
    ELI LILLY & CO 3,758,689 5,898,200
    EMBRAER S A SPONSRD ADR 169,311 139,931
    ENAGAS 248,015 238,604
    ENCANA CORP 248,240 99,372
    ENERGIAS DE PORTUGAL SA 0 0
    ENERGIZER HLDGS INC COM 0 0
    ENN ENERGY HOLDINGS LTD 162,649 163,280
    ENVISION HEALTHCARE HLDG 213,992 156,443
    EQUIFAX INC 645,491 1,464,850
    ERICSSON AMERICAN 379,873 306,098
    ERICSSON LM 86,737 71,848
    ERSTE GROUP BANK AG 0 0
    EURASIA DRILG CO GDR REG 0 0
    EVEREST RE GROUP LTD 0 0
    EXPRESS SCRIPTS HLDG CO 4,504,256 7,470,321
    EXXON MOBIL CORP COM 4,495,948 4,408,540
    FACEBOOK INC 2,746,083 10,466,000
    FACTSET RESH SYS INC 482,334 915,757
    FAIR ISAAC CORPORATION 604,440 1,324,642
    FANUC LTD-UNSP 131,278 142,297
    FEDEX CORP DELAWARE COM 6,227,132 8,844,344
    FERRO CORP 186,116 158,571
    FINL SECURITY ASSUR HLGS 250,000 249,100
    FIRST REP BK SAN FRNCISC 471,615 860,035
    FLEETMATICS GROUP PLC 212,452 287,014
    FLIGHT CENTRE TRAVEL GRP 0 0
    FLIR SYSTEMS INC 601,967 629,554
    FLOWSERVE CORP 318,453 280,000
    FLUIDIGM CORP DEL 0 0
    FOMENTO ECNMCO MEX SPADR 305,898 278,897
    FONCIERE DES REGIONS 100,478 91,233
    FORD MOTOR CO 3,091,377 2,977,640
    FOREST CITY ENTRPRS CL A 884,431 1,161,873
    FORTINET INC 355,195 482,138
    FRESENIUS SE& CO-SPN ADR 206,628 285,421
    FRONTIER COMMUNICATIONS 227,306 303,354
    FUJI HEAVY IND 7270 0 0
    GALAXY ENTMT GROUP LTD 0 0
    GALP ENERGIA,SA, LISBOA 99,664 101,336
    GARTNER INC 446,070 673,629
    GEA GROUP AG ADR 85,852 82,832
    GEB LEV STEPUP ISS BAC 5,970,000 6,408,000
    GENERAL ELECTRIC 279,525 456,161
    GENERAL MILLS 287,178 392,895
    GENERAL MOTORS CO 0 0
    GENL DYNAMICS CORP COM 3,029,947 6,524,600
    GENTEX CORP 616,404 849,010
    GETINGE AB 0 0
    GETINGE AB SHS 272,105 283,428
    G-III APPAREL GROUP LTD 355,933 260,028
    GILEAD SCIENCES INC COM 65,998 336,861
    GJENSIDIGE FORSIKRING AS 0 0
    GLAXOSMITHKLINE NEW 203,399 162,722
    GLOBAL PMTS INC GEORGIA 257,478 603,039
    GOLDEN AGRI-RES LTD ADR 0 0
    GOLDMAN SACHS GP 250,000 263,000
    GOLDMAN SACHS GROUP INC 1,000,000 1,039,600
    GOODMAN GROUP 104,919 103,646
    GOOGLE INC CL A 0 0
    GOOGLE INC SHS CL C 0 0
    GPT GROUP 0 0
    GRACO INC 423,862 667,801
    GREAT LAKES DREDGE DOCK 191,249 102,505
    GREAT WALL MOTOR CO LTD 279,436 227,174
    GRUPO FIN BANORTE-SPON 182,647 177,437
    GRUPO TELEVISA SA ADR 425,588 440,911
    HAEMONETICS CORP MASS 325,997 267,334
    HAIN CELESTIAL GROUP INC 219,696 216,450
    HAKUHODO DY HOLDINGS INC 53,600 62,093
    HCA HOLDINGS INC SHS 3,348,009 5,748,550
    HCC INS HOLDING INC 0 0
    HDFC BANK LTD ADR 145,223 237,098
    HEARTLAND EXPRESS INC 321,579 250,892
    HERSHA HOSPITALITY TR 413,816 344,308
    HESS CORP 0 0
    HINO MOTORS 7205 0 0
    HITACHI CONSTR MACH FN 117,460 117,261
    HITACHI CORP 6501 81,547 73,015
    HITACHI LTD 10 NEW ADR 0 0
    HOME DEPOT INC 6,597,429 10,580,000
    HOMEINNS HOTEL GROUP ADR 109,865 141,491
    HONEYWELL INTL INC DEL 7,096,262 9,321,300
    HSBC FINANCE CORPORATION 1,000,000 1,026,800
    HSBC HLDG PLC SP ADR 0 0
    HSBC HLDGS PLC 1,000,000 1,022,800
    HSBC HOLDINGS PLC 436,643 339,371
    HUGO BOSS AG NAMEN-AKT. 246,099 165,771
    HUNT J B TRANS SVCS INC 865,181 1,031,735
    HUTCHISN WHAMPOA ADR 0 0
    HYUNDAI MTR GDR REGS 282,086 302,797
    ICAP ORD 0 0
    ICICI BANK LTD SPD ADR 441,729 354,895
    ICON PLC 0 0
    IDEX CORP DELAWARE COM 658,261 1,139,957
    IDEXX LAB INC DEL $0.10 764,586 1,005,931
    IMPERIAL TOB GRP SPS ADR 209,261 309,953
    IMPERIAL TOBACCO GRP 215,355 284,764
    INC SHS 381,878 331,099
    INCITEC PIVOT LTD 0 0
    INDIVIOR PLC SHS 0 0
    INDUSTRIAL AND COML BK H 59,923 53,122
    INDUSTRL AND COMMRCL BNK 291,897 265,763
    INDUSTRL AND COMMRCL BNK OF CH 192,304 163,039
    INFORMA PLC SHS ADR 207,242 272,227
    INFORMATICA CORP CA 0 0
    INFOSYS TECH LTD ADR 0 0
    ING GROEP NV 375,000 382,500
    ING GROUP NV 550,000 571,180
    INSURANCE AUSTRALIA GRP 138,918 124,096
    INTERSECT ENT ORD 283,104 208,035
    INTERXION HOLDING N.V 0 0
    INTESA SANPAOLO 54,849 54,382
    INTRPUBLIC GRP OF CO 204,847 366,893
    INTUIT INC COM 184,968 333,890
    INVESTORS BANCORP INC 282,150 301,707
    ISRAEL CHEMICALS LTD SHS 176,425 100,760
    ISUZU MOTORS LTD 7202 FN 114,547 77,052
    ISUZU MTRS LTD ADR 342,320 299,334
    ITAU UNIBANCO BANCO HOLD 159,071 108,235
    ITOCHU CORP ORD 8001 0 0
    ITV PLC 82,489 79,738
    JACK HENRY & ASSOC INC 548,381 1,089,640
    JACOBS ENGN GRP INC DELA 0 0
    JANUS GLOBAL LIFE 14,277,602 13,908,388
    JAPAN AIRLINES CO LTD 0 0
    JAPAN TOBACCO INC ADR 631,198 708,748
    JAPAN TOBACCO INC 2914 94,992 108,007
    JARDINE STRATGIC UNSP AD 176,514 136,104
    JFE HOLDINGS INC#5411 52,429 53,915
    JONES LANG LASALLE INC 431,756 477,502
    JPMORGAN CHASE & CO 5,814,382 9,631,268
    JULIUS BAER GROUP ADR 244,621 225,729
    KASIKORNBANK PCL-UNSPON 294,596 206,052
    KATE SPADE & COMPANY 134,985 122,240
    KBC GROUP NV 188,950 186,500
    KBC GROUPE SA SHS 174,335 180,670
    KDDI CORP SHS 595,176 712,325
    KEPPEL LTD SPONS ADR 371,122 258,475
    KILROY REALTY CORP 375,000 387,150
    KIMBERLY CLARK DE MX SAB 0 0
    KINDER MORGAN INC. DEL 0 0
    KINGFISHER PLC SP ADR 248,685 254,591
    KIRBY CORP COM 989,595 688,270
    KOC HLDG AS-UNSPON 321,557 262,309
    KOMATSU NEW NEW SPNSDADR 464,219 327,041
    KOMERCNI BANKA AS 0 0
    KONINKLIJKE AHOLD NV SHS 195,898 246,822
    KONINKLIJKE BOSKALIS WES 309,610 256,015
    KOREA ELEC POWER SPN ADR 371,452 373,269
    KORN/FERRY INTL PV $0.10 268,652 257,543
    KRAFT FOODS GROUP INC 2,219,949 4,850,618
    KYTHERA BIOPHARMACEUTICL 0 0
    LABORATORY CP AMER HLDGS 277,418 367,458
    LANDSTAR SYS INC COM 583,753 509,962
    LARSEN & TOUBRO LTD SPON 84,993 58,181
    LAS VEGAS SANDS CORP 57,212 39,500
    LAWSON,INC. #2651 71,631 82,537
    LEVEL 3 COMMUNICATNS INC 256,639 319,528
    LIFEPOINT HEALTH INC 347,908 327,878
    LINK (THE) REAL ESTATE I 0 0
    LINK REIT 81,492 78,943
    LKQ CORP 0 0
    LLOYDS BANKING GROUP PLC 582,548 630,059
    LUKOIL OAO-SPON ADR 0 0
    MACQUARIE GROUP LTD 143,643 147,116
    MAGNA INTL INC CL A VTG 175,821 257,232
    MAGNIT PJSC 114,694 97,453
    MAHINDRA & MAHINDRA GDR 122,821 120,672
    MAKEMYTRIP LIMITED 131,473 121,767
    MAKITA CORP SPOND ADR 302,035 297,888
    MALAYAN BKG BERHAD SPONS 0 0
    MAN GROUP PLC-UNSPON 184,263 171,556
    MANHATTAN ASSOCS INC 425,974 704,380
    MANULIFE FINANCIAL CORP 264,640 272,187
    MARATHON OIL CORP 249,240 121,859
    MARKEL CORP COM 1,210,727 2,401,829
    MARKS & SPENCER NEW ORD 0 0
    MARKS AND SPENCER GP ADR 274,317 291,833
    MARUBENI CORP 8002 FN 0 0
    MATTRESS FIRM HLDG CORP 285,302 424,208
    MCDONALDS CORP COM 3,284,583 7,029,330
    MEDIOLANUM SPA SHS 166,821 193,096
    MEDIPAL HOLDINGS CORP 37,925 41,085
    METHANEX CORP COM 0 0
    METSO OYJ 0 0
    METTLER-TOLEDO INTL INC 354,448 728,112
    MFA FINANCIAL INC 463,198 384,635
    MICROSOFT CORP 3,389,787 4,438,400
    MINDRAY MED INTL SPN ADR 0 0
    MIRVAC GROUP FN 87,698 84,360
    MITSUBISHI CRP 8058 FN 129,187 114,688
    MITSUBISHI ELEC ADR 166,893 166,849
    MITSUBISHI UFJ FINANCIAL 206,715 211,213
    MITSUI & CO LTD 8031 121,193 104,265
    MITSUI CO ADR 184,311 153,098
    MIZUHO FINL GROUP INC 0 0
    MOBILE MINI INC 327,093 376,860
    MOLINA HEALTHCARE INC 231,551 375,512
    MONDELEZ INTERNATIONAL 4,106,532 8,968,000
    MONSANTO CO NEW DEL COM 0 0
    MORGAN STANLEY 110,464 208,864
    MORGAN STANLEY CAP TR IV 500,000 507,400
    MORGAN STANLEY CAP TR V 500,000 503,600
    MORGAN STANLEY CAP TR VI 0 0
    MORGAN STANLEY CP TR III 61,950 76,440
    MORNINGSTAR INC 1,077,388 1,221,347
    MTN GROUP LTD-SPONS ADR 0 0
    MWI VETERINARY SUPPLY IN 0 0
    NATIONAL AUSTRALIA BANK 69,539 69,739
    NATIXIS 0 0
    NESTE OIL 0 0
    NESTLE SA CHAM UND VEVE 362,339 361,951
    NETEASE.COM INC ADR 97,376 298,502
    NEW ORIENTAL EDUCATIO 0 0
    NEXT GROUP ORD 5.0 195,775 184,702
    NIELSEN HOLDINGS PLC SHS 313,511 311,055
    NIKKEI STEPUP ISSUER CS 7,860,500 7,307,500
    NIKON CORP 7731 FN 0 0
    NIPPON ELEC GLASS 5214 55,908 52,976
    NIPPON EXPRESS 9062 79,909 79,202
    NIPPON STEEL SUMITOMO 56,389 56,576
    NIPPON TEL & TEL 9432 79,894 114,613
    NN INC DELAWARE 221,131 154,124
    NOKIAN TYRES (RENKAA) 0 0
    NOMURA REAL ESTATE HOLD 44,414 42,477
    NOMURA RESEARCH INST4307 43,216 58,115
    NORDEA BANK AB 0 0
    NORDEA BANK AB-SPON ADR 370,727 313,131
    NORSK HYDRO ASA (NO) 177,592 157,771
    NOVARTIS ADR 646,248 922,951
    NOVARTIS AG REG CHF0.5 332,418 297,686
    NOVO NORDISK A S ADR 321,569 540,086
    NQ MOBILE INC 0 0
    NSK LTD ADR 360,812 299,508
    NTT DOCOMO INC 111,461 142,418
    NXP SEMICONDUCTORS N.V. 0 0
    OCCIDENTAL PETE CORP CAL 5,204,680 5,070,750
    OCEANEERING INTL INC 420,863 329,538
    OPEN TEXT CORP COM 171,643 161,380
    OPPENHEIMER DEVELOPING 12,854,797 12,469,953
    ORACLE CORP $0.01 DEL 3,227,803 4,383,600
    ORANGE ADR 0 0
    ORIENT OVERSEAS (INTERNA 104,699 81,558
    OSAKA GAS 9532 FN 124,021 111,428
    OTSUKA HOLDINGS CO LTD 71,873 80,924
    OWENS CORNING INC 356,459 384,282
    PACCAR INC 0 0
    PACIRA PHARMACEUTICALS I 0 0
    PALL CORP PV $0.10 0 0
    PANASONIC CORP 84,656 85,415
    PAYCOM SOFTWARE INC 207,579 207,304
    PDC ENERGY INC 201,049 180,318
    PEARSON PLC ORD 25P 155,088 85,839
    PEBBLEBROOK HOTEL TRUST 218,859 218,360
    PEPSICO INC 4,324,053 8,868,200
    PERSIMMON PLC-UNSPON 198,378 302,971
    PETRLEO BRAS VTG SPD ADR 0 0
    PETROFAC LTD 66,920 58,720
    PFIZER INC 4,219,196 7,908,600
    PHILPPNE LD TEL ADR 200,020 147,274
    PING AN INS GROUP CO 262,009 201,105
    PINNACLE ENTMT INC COM 266,316 327,818
    PINNACLE FINL PARTNERS 306,241 423,412
    PJSC LUKOIL SPONSORED 560,590 341,320
    POLYONE CORP COM 341,386 283,013
    POLYPORE INTL INC 0 0
    POSCO SPN ADR 0 0
    POWER INTEGRATIONS INC 0 0
    PRADA S.P.A.-UNSP ADR 200,020 83,183
    PRAXAIR INC 241,337 236,237
    PRINCIPAL FINANCIAL GRP 155,148 285,983
    PROSIEBEN SAT.1 MEDIA AG 0 0
    PROSIEBENSAT.1 MEDIA AG 0 0
    PROSIEBENSAT.1 MEDIA SE 396,073 437,814
    PROSPERITY BANCSHARES 0 0
    PRUDENTIAL PLC ADR 415,859 588,925
    PT BANK RAKYAT ADR 177,425 170,598
    PT INDOFOOD SUKSES (SL) 48,878 31,457
    PUBLICIS GROUPE SPON ADR 342,911 343,132
    QIWI PLC CL B ADR 78,019 43,403
    QLIK TECHNOLOGIES INC 329,820 468,758
    QTS RLTY TR INC COM CL A 222,609 266,375
    QUALCOMM INC 0 0
    RANDGOLD RESOURCES ADR 113,809 79,518
    RBS CAP FDG TR VI 250,000 251,799
    RECKITT BENCKISER GROUP 155,411 171,820
    RED ELECTRICA CORP UNSPN 199,076 252,955
    REDWOOD TRUST INC 240,079 230,723
    REED ELSEVIER P L C 0 0
    RELIANCE STL & ALUM CO 0 0
    RELX PLC 570,872 742,762
    RENAISSANCERE HLDGS LTD 0 0
    REPSOL S.A. OPTION RIGHT 0 0
    REPSOL SA 123,020 51,284
    RESONA HOLDINGS INC 72,922 68,385
    RESTORATION HARDWARE 226,626 216,660
    REXAM PLC SHS ADR 206,857 265,995
    REXEL SA, PARIS 256,947 185,515
    REXNORD CORP NEW 324,537 249,621
    RIO TINTO PLC 157,672 103,691
    RIO TINTO PLC SPNSRD ADR 444,337 244,550
    ROCHE HLDG LTD SPN ADR 334,967 389,028
    ROCHE HOLDINGS GENUSH FN 353,099 355,095
    ROGERS COMMUNICATIONS B 0 0
    ROLLS ROYCE GRP SPN ADR 0 0
    ROSETTA RESOURCES INC. 0 0
    ROY DUT SHELL PLC A AMST 0 0
    ROYAL DUTCH SHEL PLC 362,402 254,923
    ROYAL DUTCH SHELL PLC 797,864 568,025
    ROYAL KPN N V SP ADR 144,553 170,895
    RPM INTERNATIONAL INC 609,279 550,089
    RS GLOBAL NATURAL 0 0
    RYANAIR HLDGS PLC 75,869 180,356
    RYOHIN KEIKAKU CO LTD 107,347 190,788
    SABMILLER PLC SPON ADR 236,289 301,208
    SAGE GROUP PLC SHS 53,995 78,844
    SAGE GROUP PLC SHS ADR 0 0
    SALESFORCE COM INC 890,444 7,056,000
    SALLY BEAUTY HLDGS INC 1,431,373 1,672,703
    SAMPO PLC SHS 205,171 323,447
    SAMSUNG ELECTR-GDR REG 576,099 535,679
    SANDS CHINA LTD UNSP ADR 0 0
    SANOFI 255,924 226,521
    SANOFI ADR 224,020 270,614
    SAP SE 66,089 77,782
    SAP SE SHS 354,372 356,978
    SASOL LTD SPONSORED ADR 608,799 384,733
    SBERBANK SPONSORED ADR 0 0
    SCHEIN (HENRY) INC COM 637,305 1,301,587
    SCHLUMBERGER LTD 4,084,806 4,185,000
    SCHNEIDER ELEC SE ADR 393,377 305,895
    SCHOELLER BLECKMAN 0 0
    SECOM CO LTD 9735 0 0
    SECTOR SPDR ENERGY 1,403,404 1,809,600
    SEI INVT CO PA PV $0.01 738,058 1,534,010
    SEKISUI CHEMICAL 4204 0 0
    SEKISUI HOUSE LTD 1928 0 0
    SEMGROUP CORP 335,108 164,675
    SEMPRA ENERGY 280,470 350,469
    SEMTECH CORPORATION 0 0
    SERVICEMASTER GLOBAL HLDGS 592,429 634,864
    SES SA 93,867 79,790
    SEVEN AND I HOLDINGS CO 203,059 303,768
    SHIRE PLC 0 0
    SHIRE PLC-ADR 362,215 369,410
    SHOPRITE HOLDINGS LTD 156,586 86,424
    SHOWA SHELL SEKIYU 5002 0 0
    SIEMENS AG ADR 0 0
    SIEMENS AG GERM 444,099 349,804
    SIGNATURE BANK 284,612 529,893
    SIGNET JEWELERS LTD SHS 100,532 169,950
    SILICON LABS INC 408,080 394,824
    SILICON MOTION TECH ADR 170,844 193,366
    SJM HOLDINGS LTD 0 0
    SKY PLC 700,323 830,944
    SLM CORP 500,000 330,000
    SMITH-NPHW PLC SPADR NEW 221,717 295,516
    SMURFIT KAPPA GROUP PLC 178,240 200,736
    SOCIETE GENERALE A SH 0 0
    SODEXHO 74,253 73,243
    SOFTBANK CORP SHS 480,490 323,955
    SOLARWINDS INC 386,189 514,138
    SOLVAY & CIE SA BEARER 168,649 162,311
    SONIC HEALTHCARE LTD 93,011 79,698
    SONOVA HOLDING AG 158,645 143,832
    SONY CORP ADR NEW 219,819 202,343
    SOUTHERN COPPER CORP 197,674 170,198
    SPIRIT AIRLS INC COM 332,806 331,193
    SPROUTS FARMERS MARKETS 0 0
    SSE PLC 155,636 149,473
    ST MICROELEC SIC 1.04EUR 137,772 111,493
    STANDARD CHARTERED ORD 0 0
    STARBUCKS CORP 3,997,489 10,445,220
    STARWOOD PPTY TR INC 283,711 338,829
    STATE STREET CORP 199,958 273,934
    STATOIL ASA 0 0
    STATOIL ASA SHS 0 0
    STD BANK GROUP LTD SHS 129,032 78,583
    STERIS CORP 0 0
    STORA ENSO OYJ 'R' FN 0 0
    SUBSEA 7 SA 0 0
    SULZER AG, WINTERTHUR 73,392 66,073
    SUMITOMO CHEMICAL CO-UNS 295,151 342,209
    SUMITOMO CORP 8053 FN 87,136 75,516
    SUMITOMO ELEC IND 5802 54,859 52,281
    SUMITOMO METAL MINING CO 225,035 169,447
    SUMITOMO METAL MNG 5713 83,700 75,392
    SUMITOMO MITSUI FIN 8316 159,387 132,940
    SUMITOMO MITSUI TR HLDGS 160,093 118,598
    SUMITOMO MITSUI-UNSPONS 347,242 406,505
    SUMMIT HOTEL PPTYS INC 240,444 213,463
    SUMMIT MATLS INC 284,570 229,799
    SUNCOR ENERGY INC NEW 315,200 256,710
    SUNCORP GROUP LTD 45,076 45,116
    SVENSKA C AKTI SPONS ADR 79,170 159,381
    SVENSKA HANDELSBANKEN A 0 0
    SWATCH GROUP AG UNSPOND 187,212 150,286
    SWEDBANK A B ADR 342,298 336,260
    SWEDBANK AB 405,390 354,887
    SWIRE PAC LTD SHS A 68,668 58,135
    SWISS RE AG NAMEN-AKT. 95,749 96,679
    SX5E LIRN ISSUER RBC 5,970,000 6,030,000
    SX5E STEPUP ISSUER BAC 5,273,500 4,579,200
    SX5E STEPUP ISSUER CS 0 0
    SX5E STEPUP ISSUER DB 7,562,000 8,376,720
    SX5E STEPUP ISSUER HSBC 6,965,000 6,811,000
    SYMETRA FINANCIAL CORP 268,639 481,411
    SYNGENTA AG ADR 313,619 303,977
    T AND D HOLDINGS INC SHS 323,480 317,180
    TAIWAN S MANUFCTRING ADR 787,204 1,046,727
    TALLGRASS ENERGY GP CL A 219,847 109,203
    TARGA RESOURCES CORP 0 0
    TATA MOTORS LTD ADR 77,708 88,027
    TEAM HEALTH HOLDINGS INC 139,177 231,915
    TECHNIP SP ADR 0 0
    TELEFLEX INC 800,967 937,633
    TELEKOMUNIKASI INDONESIA 178,571 205,927
    TELENOR ASA ADR 269,001 195,715
    TELENOR ASA ORD 100,504 85,213
    TELESITES SAB 0 10,073
    TELIASONERA AB 441,395 330,099
    TELIASONERA AB SHS 180,473 145,022
    TELSTRA COPRORATION LTD 40,354 40,052
    TENCENT HOLDINGS LTD ADR 200,446 547,987
    TEVA PHARMACTCL INDS ADR 3,908,115 6,517,527
    TEXAS ROADHOUSE INC-CL A 213,478 205,284
    THERMO FISHER SCIENTIFIC 1,613,751 5,674,000
    THK CORP YEN FN 6481 89,666 79,380
    TIME WARNER CABLE INC 174,790 396,791
    TOKIO MARINE HOLDINGS IN 119,359 153,978
    TOLL HOLDINGS LTD 0 0
    TORONTO DOMINION BANK 159,451 311,010
    TOYOTA INDUST CORP 6201 62,835 71,437
    TOYOTA MOTOR CORP 7203 242,083 250,295
    TOYOTA MOTOR CORP ADR 213,209 233,776
    TRANSDIGM GROUP INC 0 0
    TRANSOCEAN LTD 0 0
    TREASURY WINE ESTATES LT 51,919 74,993
    TREEHOUSE FOODS INC COM 0 0
    TREND MICRO 4704 0 0
    TURKIYE GRTI BK SPN ADR 103,103 63,020
    TWENTY-FIRST CENTURY 382,814 297,701
    UBIQUITI NETWORKS INC 0 0
    UBS GROUP AG NAMEN-AKT 272,872 302,133
    UBS GROUP AG NAMEN-AKT. 173,952 183,479
    ULTA SALON COSMETICS & 334,033 514,670
    UMPQUA HLDGS CORP ORE 633,279 698,662
    UNILEVER NV NY REG SHS 339,735 360,726
    UNILEVER PLC 175,692 187,329
    UNILEVER PLC NEW ADR 319,131 347,030
    UNION PACIFIC CORP 1,502,245 3,753,600
    UNITED INDUSTRIAL CORP 139,522 115,793
    UNITED NAT FOODS INC 434,647 297,916
    UNITED TECHS CORP COM 9,034,367 12,386,113
    UNTD OVERSEAS BK SPN ADR 606,679 532,734
    UPM-KYMMENE OY CORP FN 159,092 176,575
    VAIL RESORTS INC 207,063 672,203
    VALE SA 0 0
    VALEO SPONSORED ADR 117,507 296,887
    VALIDUS HOLDINGS LTD 240,893 254,040
    VANTIV INC CL A 366,677 741,791
    VARIAN MEDICAL SYS INC 557,247 682,598
    VERIZON COMMUNICATNS COM 5,279,372 7,233,430
    VINCI SA ADR 216,380 233,471
    VIVENDI SHS UNSP ADR 240,917 192,577
    VODAFONE GROUP PLC SHS 129,457 75,413
    VOEST-ALPINE AG 0 0
    VOLKSWAGEN A G ADR 226,300 180,649
    VORNADO REALTY TRUST 375,000 381,900
    W R BERKLEY CORP 329,351 433,740
    WAL-MART DE MEX SPNADR V 190,150 186,915
    WAL-MART STORES INC 2,746,674 3,340,850
    WATERS CORP 220,215 344,929
    WEICHAI PWR CO LTD 45,701 26,281
    WELLS FARGO & CO NEW DEL 195,827 409,385
    WEST CORP SHS 200,345 209,747
    WEST JAPAN RY CO ADR 234,566 247,411
    WESTAMERICA BANCORP 46,280 48,386
    WESTAR ENERGY INC 227,161 249,201
    WESTERN REFNG INC 0 0
    WESTPAC BANKING CORP FN 0 0
    WEX INC 408,312 509,803
    WH GROUP LTD ADR 397,201 331,192
    WHITE MTNS INS GRP LTD 324,678 532,025
    WHITING PETROLEUM CORP 0 0
    WILLIAM HILL PLC 118,588 127,004
    WINTRUST FINL CP ILL COM 302,330 296,360
    WOLSELEY PLC SHS ADR 239,128 268,836
    WOLTERS KLUWR NV SPN ADR 228,470 266,036
    WOOLWORTHS LTD 0 0
    WPP PLC NEW/ADR 661,960 802,721
    X 5 RETLS GRP NV GDR REG 50,027 54,879
    YAHOO JAPAN CORP SHS 294,530 329,750
    YAMADA DENKI 9831 76,737 74,170
    YANDEX N V CL A 170,697 102,542
    YANGZIJIANG SHIPBUILDING 137,140 114,780
    YARA INTERNATIONAL ASA 0 0
    YOKOHAMA RUBBER CO 5101 42,092 37,577
    YUE YUEN INDUSTRIAL(NEW) 73,609 70,857
    ZURICH INSURANCE GROUP 204,820 309,371
    ZURICH INSURANCE GRP AG 577,046 561,717

    TY 2015 InvestmentsOtherSchedule2
    Name:
    Cummings Foundation Inc
    EIN:
    04-3073023
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    60W   4,600,000 4,600,000
    050   6,600,000 6,600,000
    038   2,250,000 2,250,000
    041   3,700,000 3,700,000
    092   14,400,000 14,400,000
    MHA   7,409,869 7,409,869
    175   3,700,000 3,700,000
    165   3,700,000 3,700,000
    155   3,800,000 3,800,000
    RBS   456,200 456,200
    34A   1,600,000 1,600,000
    34C   10,500,000 10,500,000
    142   12,000,000 12,000,000
    18C   8,600,000 8,600,000
    10C   9,000,000 9,000,000
    101   2,800,000 2,800,000
    340   2,100,000 2,100,000
    260   4,700,000 4,700,000
    MED   27,200,000 27,200,000
    196   5,700,000 5,700,000
    MER   1,000,000 1,000,000
    475   2,200,000 2,200,000
    10R   3,800,000 3,800,000
    025   2,900,000 2,900,000
    021   2,600,000 2,600,000
    150   3,600,000 3,600,000
    10H   1,400,000 1,400,000
    02H   6,200,000 6,200,000
    800   16,700,000 16,700,000
    500   11,300,000 11,300,000
    066   2,700,000 2,700,000
    1CP   8,700,000 8,700,000
    2CP   9,400,000 9,400,000
    3CP   5,500,000 5,500,000
    TOP   10,800,000 10,800,000
    299   2,900,000 2,900,000
    444   3,400,000 3,400,000
    200   14,100,000 14,100,000
    300   2,200,000 2,200,000
    400   14,900,000 14,900,000
    600   13,200,000 13,200,000
    SSH   283,700 283,700
    30S   3,300,000 3,300,000
    1GS   2,100,000 2,100,000
    2GS   4,800,000 4,800,000
    6GS   3,300,000 3,300,000
    4GS   3,500,000 3,500,000
    14G   4,500,000 4,500,000
    3GS   3,700,000 3,700,000
    12C   4,900,000 4,900,000
    078   7,200,000 7,200,000
    08C   6,700,000 6,700,000
    10G   8,300,000 8,300,000
    12G   18,200,000 18,200,000
    CRF   2,195,130 2,195,130
    64   2,400,000 2,400,000
    IQ ABSOLUTE RETURN   0 0
    CQS DIRECTIONAL   2,850,000 2,764,115
    MESIROW ABSOLUTE   3,588,922 4,101,764
    OAK V DISTRESSED   3,428,278 3,301,457
    PAULSON RECOVERY   0 0
    RELATIVE VALUE OPPOT   8,304,240 8,556,689
    EMERGING MARKETS OPPOT   0 0
    EQUITY LONG SHORT HEDGE ACCESS   3,457,143 4,280,583
    EVENT DRIVN CREDIT HEDGE   6,730,000 7,787,945
    GLOBAL MACRO OPPOT   7,000,718 7,633,448
    COMMONFUND   198,220,138 204,449,726
    ORBIMED HEALTHCARE   5,519,501 7,340,540
    CLOUGH ACCESS LTD   1,909,000 1,922,561
    SIRIOS ACCESS LTD   2,000,000 2,266,224
    AG MORTGAGE VALUE   1,700,000 1,886,096
    ESG CROSS BORDER EQUITY   4,300,000 3,652,153
    ML WINTON FUTURESACCESS   4,540,519 4,538,550
    SCP (OFFSHORE) FUND   319,702 340,268

    TY 2015 OtherAssetsSchedule
    Name:
    Cummings Foundation Inc
    EIN:
    04-3073023
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    INTERCOMPANY BALANCES   5,697 5,697


    TY 2015 OtherDecreasesSchedule
    Name:
    Cummings Foundation Inc
    EIN:
    04-3073023
    Description Amount
    TRANSFER TO ONE WORLD BOSTON, INC. 29,662,751


    TY 2015 OtherExpensesSchedule
    Name:
    Cummings Foundation Inc
    EIN:
    04-3073023
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    VET MATERIALS, SUPPLIES & SRVC 31,490,512     31,439,649
    INVESTMENT EXPENSE 4,234,689 4,234,689    
    CONTRACT SERVICES 2,326,506     2,326,506
    SUPPLIES 1,658,586     1,649,807
    REPAIR & MAINTENANCE 511,308   4,815 515,001
    ACTIVITIES & SERVICE 159,242     123,166
    INSURANCE 105,983   1,455 104,529
    ADVERTISING 86,917     86,590
    TELEPHONE 74,892     76,703
    MISCELLANEOUS 180,130     179,161


    TY 2015 OtherIncomeSchedule2
    Name:
    Cummings Foundation Inc
    EIN:
    04-3073023
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    VETERINARY SCHOOL INCOME 62,730,152   62,730,152
    OTHER NET INV INC FRM DISREGARDED ENT 50,996,640 50,996,640 50,996,640
    PROGRAM SERVICE REVENUE 16,750,973   16,750,973
    OTHER NET INV INC FROM OTHER K-1'S 9,436,953 9,436,953 9,436,953
    CONTRACT REVENUE 2,310,352   2,310,352
    MISCELLANEOUS INCOME 33,945   33,945
    UNRELATED BUSINESS INCOME FROM K-1'S -696,014    


    TY 2015 OtherIncreasesSchedule
    Name:
    Cummings Foundation Inc
    EIN:
    04-3073023
    Description Amount
    OTHER INCREASE TO FMV 22,275,130


    TY 2015 OtherLiabilitiesSchedule
    Name:
    Cummings Foundation Inc
    EIN:
    04-3073023
    Description Beginning of Year - Book Value End of Year - Book Value
    DEPOSITS & PREPAYMENTS 26,046,766 24,424,546


    TY 2015 OtherProfessionalFeesSchedule
    Name:
    Cummings Foundation Inc
    EIN:
    04-3073023
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PROFESSIONAL FEES 7,426     6,238


    TY 2015 TaxesSchedule
    Name:
    Cummings Foundation Inc
    EIN:
    04-3073023
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL TAXES PAID 1,975,000      
    STATE TAXES PAID 2,000      
    FOREIGN TAXES PAID 357,949 357,949    


    TY 2015 TransfersToControlledEntities
    Name:
    Cummings Foundation Inc
    EIN:
    04-3073023
    Name US /
    Foreign Address    		 EIN Description Amount
    NHC REALTY INC 200 WEST CUMMINGS PARK
    WOBURN,MA01801     		30-0553218 No transfers were made in 2015 0
    HEM REALTY INC 200 WEST CUMMINGS PARK
    WOBURN,MA01801     		30-0553220 No transfers were made in 2015 0
    One World Boston Inc 200 West Cummings Park
    Woburn,MA01801     		80-0681389 Transfer to endowment fund for OWB 29,662,751
    Total     29,662,751