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 07-01-2015 , and ending 06-30-2016
Name of foundation
LINCOLN INSTITUTE OF LAND POLICY
 
Number and street (or P.O. box number if mail is not delivered to street address)11010 N TATUM BLVD No D101
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Phoenix, AZ85028
A Employer identification number

86-6021106
B Telephone number (see instructions)

(617) 661-3016
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$490,809,950J Accounting method:
MODIFIED CASH
(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) 205,024
2 Check bullet Sch. B .............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 6,442,479 5,604,411 6,442,479
5a Gross rents............ 5,022   5,022
b Net rental income or (loss) 5,022
6a Net gain or (loss) from sale of assets not on line 10 3,741,056
b Gross sales price for all assets on line 6a 148,490,809
7 Capital gain net income (from Part IV, line 2)... 3,741,056
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 57,511 0 57,511
12 Total. Add lines 1 through 11........ 10,451,092 9,345,467 6,505,012
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 1,296,138 506,979 506,979 789,159
14 Other employee salaries and wages...... 3,912,453 1,510 1,510 3,910,943
15 Pension plans, employee benefits....... 1,647,432 112,559 112,559 1,534,873
16a Legal fees (attach schedule)......... Click to see attachment 40,003 4,546 4,546 35,457
b Accounting fees (attach schedule)....... Click to see attachment 51,805 9,241 9,241 42,564
c Other professional fees (attach schedule).... Click to see attachment 2,322,632 2,316,839 2,316,839 5,793
17 Interest............... 353,304 20,426 20,426 321,173
18 Taxes (attach schedule) (see instructions)... Click to see attachment 858,060 190,060 190,060 650,000
19 Depreciation (attach schedule) and depletion... Click to see attachment 584,364 33,902 33,902
20 Occupancy.............. 535,702 47,026 64,253 455,556
21 Travel, conferences, and meetings....... 901,507 49,527 49,527 851,980
22 Printing and publications.......... 491,697 0 40,284 451,413
23 Other expenses (attach schedule)....... Click to see attachment 7,521,082 117,169 117,169 7,403,913
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 20,516,179 3,409,784 3,467,295 16,452,824
25 Contributions, gifts, grants paid....... 554,074 554,074
26 Total expenses and disbursements. Add lines 24 and 25 21,070,253 3,409,784 3,467,295 17,006,898
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -10,619,161
b Net investment income (if negative, enter -0-) 5,935,683
c Adjusted net income (if negative, enter -0-)... 3,037,717
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............. 804,837 705,949 705,949
2 Savings and temporary cash investments......... 28,321,123 19,373,352 19,373,352
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 8,313,934    
b Investments—corporate stock (attach schedule)....... 304,334,444 Click to see attachment274,901,273 274,901,273
c Investments—corporate bonds (attach schedule)....... 9,459,970 Click to see attachment17,615,007 17,615,007
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 156,606,053 Click to see attachment162,677,495 162,677,495
14 Land, buildings, and equipment: basis bullet21,396,736
Less: accumulated depreciation (attach schedule) bullet5,870,467 15,400,204 Click to see attachment15,526,269 15,526,269
15 Other assets (describe bullet) Click to see attachment10,605 Click to see attachment10,605 Click to see attachment10,605
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 523,251,170 490,809,950 490,809,950
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable..................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment15,529,683 Click to see attachment15,730,858
23 Total liabilities (add lines 17 through 22)......... 15,529,683 15,730,858
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................. 507,664,599 475,049,781
25 Temporarily restricted............... 56,888 29,311
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)..... 507,721,487 475,079,092
31 Total liabilities and net assets/fund balances (see instructions). 523,251,170 490,809,950
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
507,721,487
2
Enter amount from Part I, line 27a .....................
2
-10,619,161
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
497,102,326
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
22,023,234
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
475,079,092
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 P    
b PUBLICLY TRADED SECURITIES P    
c CLASS ACTIONS P    
d ROSE VALUE-ADD OFFICE RETROFIT FUND LP P    
e CARLYLE PARTNERS P    
MORGAN CREEK PARTNERS P    
MORGAN CREEK PARTNERS P    
BARROW HANLEY HIGH YIELD P    
BARROW HANLEY HIGH YIELD P    
TAP LLC P    
TAP LLC P    
TAP FUND P    
TAP COMMODITY BUILDER P    
TAP COMMODITY BUILDER P    
SPHINX ACCESS LTD CLAIM P    
NUVEEN CAP GAIN DIVIDENDS P    
VANGUARD CAP GAIN DIVIDENDS P    
BLACKSTONE ASSETS MANAGMENT P    
ARDEN SAGE EMERGING MARKETS FUND P    
(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 98,131,389   91,586,717 6,544,672
b 42,056,308   46,962,354 -4,906,046
c 31,295     31,295
d 1,204,315     1,204,315
e 1,046,996     1,046,996
482,684     482,684
8,832     8,832
    76,200 -76,200
    19,291 -19,291
    1,626,072 -1,626,072
    320,245 -320,245
    3,131,375 -3,131,375
    15,664 -15,664
    67,563 -67,563
    3,259 -3,259
121,992     121,992
2,318     2,318
5,404,680     5,404,680
    941,013 -941,013
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       6,544,672
b       -4,906,046
c       31,295
d       1,204,315
e       1,046,996
      482,684
      8,832
      -76,200
      -19,291
      -1,626,072
      -320,245
      -3,131,375
      -15,664
      -67,563
      -3,259
      121,992
      2,318
      5,404,680
      -941,013
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 3,741,056
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 -5,252,414
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 16,857,152 517,558,674 0.032571
2013 17,226,042 496,450,552 0.034698
2012 14,346,101 429,309,121 0.033417
2011 13,411,119 410,368,652 0.032681
2010 17,884,254 404,360,408 0.044228
2
Total of line 1, column (d) .....................
20.177595
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
0.035519
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
476,463,888
5
Multiply line 4 by line 3......................
5
16,923,521
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
59,357
7
Add lines 5 and 6........................
7
16,982,878
8
Enter qualifying distributions from Part XII, line 4.............
8
18,198,963
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 59,357
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 59,357
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 59,357
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 966,147
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.............. 7 966,147
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 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 10 906,790
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet500,000 RefundedBullet 11 406,790
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletAZ, MA
    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) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletWWW.LINCOLNINST.EDU
    14
    The books are in care ofbulletLincoln Institute of Land Policy Telephone no.bullet (617) 661-3016

    Located atbullet113 Brattle StreetCambridgeMA ZIP+4bullet021383400
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.......bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2015, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2015?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2015, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2015?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2015 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2015.)..................
    3b
     
     
    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
    KATHRYN J LINCOLN CHAIRMAN & CIO/DIRECTOR
    37.50     		362,388 70,625 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    GEORGE MC CARTHY CEO AND PRESIDENT/DIRECTOR
    37.50     		364,000 70,625 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    DENNIS W ROBINSON TREAS. & VP-FIN. & OPS.
    37.50     		212,000 67,348 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    LEVERING F T WHITE AST. SEC. & VP ADMIN & HR
    37.50     		148,000 59,086 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    DIONE A ETTER SECRETARY
    37.50     		105,000 42,566 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    DAVID C LINCOLN ASSIST. TREASURER/DIRECTOR
    3.00     		7,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    CAROLINA BARCO DIRECTOR
    1.00     		2,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ROY W BAHL DIRECTOR
    5.00     		13,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    MIMI BROWN DIRECTOR
    2.00     		6,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JOHN G LINCOLN III DIRECTOR
    2.00     		5,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    RAY LAHOOD DIRECTOR
    1.00     		3,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ANDREA TAYLOR DIRECTOR
    3.00     		7,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    THOMAS BECKER DIRECTOR
    4.00     		9,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    BRUCE LINCOLN DIRECTOR
    2.00     		5,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    BRUCE BABBITT DIRECTOR
    3.00     		7,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    THOMAS NECHYBA DIRECTOR
    4.00     		10,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JOHANNES LINN DIRECTOR
    3.00     		7,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JILL SCHURTZ DIRECTOR
    2.00     		4,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    RAPHAEL BOSTIC DIRECTOR
    3.00     		7,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ANTHONY COYNE DIRECTOR
    3.00     		8,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    CONSTANCE MITCHELL FORD DIRECTOR
    1.00     		2,500 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JANE CAMPBELL DIRECTOR
    1.00     		2,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    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
    ZHI LIU SR. FELLOW
    37.50     		251,000 122,978 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    JOAN YOUNGMAN SR. FELLOW
    37.50     		255,000 57,830 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    MARTIM SMOLKA SR. FELLOW
    37.50     		206,000 60,772 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    ARMANDO CARBONELL SR. FELLOW
    37.50     		205,000 58,772 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    ANTHONY FLINT FELLOW
    37.50     		144,995 55,078 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    Total number of other employees paid over $50,000...................bullet 30
    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
    EAGLE CAPITAL MANAGEMENT INVESTMENT ADVICE 501,175
    499 PARK AVENUE
    NEW YORK,NY10222
    MERRILL LYNCH INVESTMENT CONSULTING 404,550
    2555 E CAMELBACK RD
    PHOENIX,AZ85016
    THE CARLYLE GROUP INVESTMENT ADVICE 303,452
    1001 PENNSYLVANIA AVENUE
    WASHINGTON,DC20004
    SANDS CAPITAL INVESTMENT ADVICE 284,544
    1101 WILSON BLVD
    ARLINGTON,VA22209
    GUARDIAN INFORMATION TECH IT SUPPORT 139,091
    23 WATER STREET
    LEOMINSTER,PA01453
    Total number of others receiving over $50,000 for professional services.............bullet12
    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 THE DEPARTMENT OF PLANNING AND URBAN FORM ADDRESSES MAJOR GLOBAL CHALLENGES WITH ITS WORK IN URBAN DEVELOPMENT, LAND CONSERVATION AND THE INTERMOUNTAIN WEST. 2,906,200
    2 THE DEPARTMENT OF VALUATION AND TAXATION SEEKS TO INFORM PUBLIC DECISION-MAKING ON LAND-RELATED ISSUES THROUGH RESEARCH, TEACHING, AND DATA GATHERING. 2,643,767
    3 THE LATIN AMERICA PROGRAM FOCUSES ON SEVEN CORE AREAS - VALUE CAPTURE; PROPERTY TAXATION, ASSESSMENTS AND CADASTRES; LARGE-SCALE URBAN REDEVELOPMENT PROJECTS; INFORMALITY, REGULARIZATION, AND LAND MARKETS; ANALYSIS OF URBAN LAND MARKETS; LEGAL DIMENSIONS OF LAND POLICY; AND CLIMATE CHANGE. 2,303,660
    4 THE CHINA PROGRAM EXPLORES ISSUES AND CHALLENGES RELATING TO LAND AND TAXATION POLICY IN CHINA WITH A FOCUS ON RAPID URBAN DEVELOPMENT, FUNDAMENTAL LAND POLICY AND TAX REFORM. 1,921,636
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    482,000,214
    b
    Average of monthly cash balances.......................
    1b
    957,729
    c
    Fair market value of all other assets (see instructions)................
    1c
    761,740
    d
    Total (add lines 1a, b, and c).........................
    1d
    483,719,683
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    483,719,683
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    7,255,795
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    476,463,888
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    23,823,194
    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
    17,006,898
    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
    1,192,065
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    18,198,963
    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
    59,357
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    18,139,606
    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
    2006-11-01
    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
    3,037,717 3,795,606 7,915,837 4,856,267 19,605,427
    b 85% of line 2a ......... 2,582,059 3,226,265 6,728,461 4,127,827 16,664,613
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		18,198,963 16,857,152 17,226,042 14,346,101 66,628,258
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		0 0 0 0 0
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		18,198,963 16,857,152 17,226,042 14,346,101 66,628,258
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......         0
    (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...     		15,882,129 17,251,956 16,548,352 14,310,304 63,992,741
    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).)
    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
    Alexander Anas
    151 Rollingwood Street
    Williamsville,NY14221     		none I Effects of Land Value Taxation:Computable Equilibium-L.A. & Paris 10,000
    Mariana Barrera
    Grecia 3435 Apto 2A
    Buenos Aires    
    AR     		none I Anelo Argentina:The Effects of Boom Towns on Land Use 10,000
    Ciro Biderman
    Rua Capote Valente 411 apoto 701
    Sao Paulo    
    BR     		none I Is Progressive Property Tax Progressive? 18,000
    Kleber Pacheco de Castro
    Rue Cel Moreira Cesar 62 Apt 1202
    Icarai
    Niteroi RJ    
    BR     		none I "Fuzzy Sets" Theory: Exploring Revenue Generation in Brazil 11,000
    Luis Rodolfo Zamorano Ruiz
    Belisario Dominguez 8 PAVilla
    Coyoacan
    Mexico DF    
    MX     		none NC Analyze Value Capture Potential Along Mexico's City Metrobus Sys. 18,000
    Pedro Donoso
    San Fekix 1364 Vitacura
    Satiago    
    CI     		none I Alpaca: An Economic Plug-in for Scenario Planning Tools 12,780
    Richard C Feiock
    642 Bellamy Blvd 113 Collegiate
    Loop
    Tallahassee,FL323062250     		none I China: Enviorn. Sustainability thru Regnl. Govnc. & Instunal Actn 12,000
    Carlos E Ferrufino Martinez
    Parque Residencial Altamira
    Edificio B apto 6 3er nivel
    San Salvador    
    ES     		none I Legislation&Jurisprudence on Municpl.Tax.:El Salvdaor1993-2013 10,000
    Cynthia Goytia
    Apartado Postal 129-2100 Guadalupe
    San Pedro De Montes de Oca
    San Jose    
    CS     		none NC Buenos Aires: Land Value, Urban Growth & Infrastr. Spatial Dstrb. 20,450
    Jamaal William Green
    1956 NE Tillamook St Apt 1956
    Portland,OR97212     		none I The Role of Industrial Preservation in Manufacturing Employment 10,000
    Zackary Hawley
    Zackary Hawley
    Fort Worth,TX76133     		none I Prop.Tax Peru: Implictions of Hm Ownership, Lnd Val, Prop.Rights 17,160
    Thomas Warren Hilde
    432 Clearview Ct
    Moorhead,MN56560     		none I Understanding Green Infrastructure's Promise 10,000
    Pu Hao
    Room 702 David C Lam Bldg 34
    Renfrew Road Kowloon Tong
    Hong Kong SAR    
    CH     		none NC China:Effect of Landholdings on Rural Migrants Mobility & Welness 11,000
    Alisha C Holland
    35 Channel Center St Unit 308
    Boston,MA02210     		none I Bogota,Col.: Evaluation of Support for Mass Transportation 10,000
    Benjamin Gabriel Hyman
    350 Galloway St NE T-11
    Washington DC,DC20011     		none I Firm Mobility and Local Tax Instruments:Tax Credit Lottery,Unions 10,000
    Stelio Grafakos
    Burgemeester Oudlaan 50 J Bldg PO
    Box 1935
    Rotterdam BX    
    NL     		none NC Cali,Col.: Green Resilient Infrastrt. Benefits from Val. Capture 12,857
    James Kostaras
    2235 Massachusetts Avenue
    Cambridge,MA02140     		none PC Belize:Alternative Resiliency Strategiesin Vunerable Cstal Areas 15,195
    Raul P Lejano
    239 Greene Street Room 424
    New York,NY10003     		none I China's Urban Peripheries:Instnl Property Market Regimes problems 12,000
    Ronan Lyons
    66 North Circular Road
    Dublin    
    EI     		none I Dublin: Land Value Taxation and Effect of Land Use Restrictions 20,000
    Colby M Brown
    27 Manhan Road
    Southhampton,MA01073     		none I Alpaca:An Economic Plug-in for Scenario Planning Tools 24,600
    Walter Thomas Melnik
    1543 Spartan Vlg Apt G
    East Lansing,MI48823     		none I Ohio: Local Govt.Choices-Tax Base,Revenue Shocks,Tax Instruments 10,000
    Corbin Leonard Miller
    104 Sharlene Drive
    Ithaca,NY14850     		none I Effects of PropTax Limits,Levy Elections-Schl Spend,Studnt Achiv 10,000
    Frederico Roman Ramos
    Alameda Corena 494 Ap 113 A Jo
    Paulista
    Sao Paulo    
    BR     		none I Brazilian Housing: Minha Casa, Minha Vida-Effects on Sprawl 11,000
    David Schoenholzer
    1771 Highland Place Apt 206
    Berkeley,CA94709     		none I Est. Value of Local Public Goods-using RE Value of Mnicpal Anxtns 10,000
    Alpen Suresh Sheth
    100 Mira Mar Avenue Apt 2
    Long Beach,CA90803     		none I Insurance as Public Revenue Protection?-Prop Insur Role-Pub Polcy 10,000
    Xinrui Shi
    1514 Sheridan Road NE Apt 1402
    Atlanta,GA30324     		none I Mortgage Enforcement:Public Reguatory Actions-select Chinese Citys 10,000
    Ruchi Singh
    214 David Kinsley Hall 1407 W
    Gregory Drive
    Urbana,IL61801     		none I Los Angeles: Effect of Riots on the property tax base 10,000
    Julio Davila
    97 Tottenham Court Road Network
    Building
    London    
    UK     		none NC Baranquilla,Col. An Analysis of Investment in Transmetro 14,100
    Monica Unda Gutierrez
    14 Choate Raod
    Belmont,MA02478     		none I Mexico: An Analysis of Poor Municipal Governments & Tax Collecton 22,050
    Joshua M Duke
    205 Townsend Hall
    Newark,DE197162130     		none PC Experimental Economics Invstigation :Pub. Acceptblty-Land Val. Tax 15,332
    Beverly Wilson
    PO Box 4610
    Springfield,IL627084610     		none PC Scnario Planning:Build an open source tool - vulnability mapping 30,000
    Robert Goodspeed
    2044 Wolverine Tower
    Ann Arbor,MI481091382     		none PC Scnario Planning Tools:Social Equity-Neighborhood Vulnerability 30,000
    Jean Claude Thill
    9201 University City Boulveard 312
    Cameron Halll
    Charlotte,NC28223     		none PC Cali,Col: Spatial Analysis -Priority Attention Development Projects 21,050
    Ryan M Gallagher
    Northeastern Illinois University
    Chicago,IL60625     		none PC MA & Chig.IL:Fiscal Zoning,Small Homes, & the Property Tax 20,000
    Zhou Yang
    6001 University Boulevard Revere
    Center
    Moon Township,PA15108     		none PC Differential Effects of Two-Rate Property Tax 10,000
    Tina Beal
    15 Northside Plaza 133 Old Hope
    Raod
    Kingston    
    JM     		none NC Property Tax Compliance:Attitudes Toward Paying Them in Jamacia 10,000
    Elizabeth J Mueller
    310 Inner Campus Drive B7500
    Austin,TX787121532     		none PC Scnario Tools for Equitable Corridor Reinvestment 11,000
    Juan Fernando Vargas Duque
    Carrera 19 No 85-11
    Bogota    
    CO     		none I Affordable Housing Preservtion 14,500
    Robert W Wassmer
    933 Sonoma Way
    Sacramento,CA95819     		none I Empirical Study:Land Value Component & Generation of Urban Sprawl 10,000
    Total .................................bullet 3a 554,074
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    aPUBLICATIONS         40,284
    bSONORAN INSTITUTE         4,891
    cEMPLOYEE PARKING         6,405
    dOTHER         758
    eREBATES         5,173
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ...........     		         
    4 Dividends and interest from securities.... 900099 838,068 14 5,604,411  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property...... 531120 5,022      
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory ............     		    18 3,741,056  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 843,090 9,345,467 57,511
    13Total. Add line 12, columns (b), (d), and (e)..................
    1310,246,068
    (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 SALES OF SCHOLARLY PUBLICATIONS IN VARIOUS PROGRAM AREAS
    1B CHARGE FOR OCCUPANCY BY NON-PROFIT
    1C PARKING PROVIDED FOR EMPLOYEE CONVENIENCE
    1D USE OF CLASSROOM SPACE BY CHARITABLE ORGANIZATION ENGAGED IN EDUCATION
    1e REBATES ON AMOUNTS SPENT FOR QUALIFYING DISTRIBUTIONS
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

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

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    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
    LINCOLN INSTITUTE OF LAND POLICY
     
    Employer identification number

    86-6021106
    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
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number
    86-6021106
    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
    WEEDEN
     

       
    35 Adams Street
     
    Bedford Hills, NY10507

    		$ 20,000


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

       
    PO Box 1097
     
    Redding, CT06875

    		$ 32,500


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
    HEIDEHOF
     

       
    Heidehofstrabe 35A
     
    Stuttgard,     GM

    		$ 5,584


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

       
    2630 Exposition Blvd
     
    Austin, TX78703

    		$ 5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    5
    NATURE CONSERVANCY
     

       
    4245 North Fairfax Drive
     
    Arlington, VA22203

    		$ 5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    6
    NATURE CONSERVANCY OF CANADA
     

       
    38 Eglinton Avenue West
     
    Toronto, Ontario   CA

    		$ 6,940


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)
    Name of organization
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number
    86-6021106
    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
    7
    INVERSIONES MELINCUE SA
     

       
    Jose JulioNieto s/n
     
    Santiago, Pirque   CI

    		$ 25,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    8
    THE TRANSIT CENTER
     

       
    1 Whitehall Street
     
    New York, NY10004

    		$ 75,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    9
    PEW CHARITABLE TRUSTS
     

       
    2005 Market Street
     
    Philadelphia, PA19103

    		$ 30,000


    (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.)
    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
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number

    86-6021106
    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
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number

    86-6021106
    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)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2015 AccountingFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    AUDIT FEES 51,805 9,241 9,241 42,564

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

    TY 2015 DepreciationSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    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
    LAND AND BUILDINGS, BRATTLE STREET, CAMBRIDGE   10,082,406 4,608,184 VAR 0 % 275,135 0 0  
    FURNITURE   90,433 90,433 VAR 0 % 0 0 0  
    OFFICE CONDO - PHOENIX   2,119,729 390,972 VAR 0 % 56,526 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX   389,901 89,896 VAR 0 % 12,997 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX   30,980 5,438 VAR 0 % 1,106 0 0  
    PHILLIPS PLACE, CAMBRIDGE - LAND   2,500,000   VAR 0 % 0 0 0  
    PHILLIPS PLACE, CAMBRIDGE - BUILDINGS   1,550,255   VAR 0 % 0 0 0  
    PHILLIPS PLACE, CAMBRIDGE - IMPROVEMENTS   3,160,418 33,494 VAR 0 % 200,973 0 0  
    PHILLIPS PLACE, CAMBRIDGE - CAP INT   443,002 2,461 VAR 0 % 14,767 0 0  
    FURNITURE   160,023 3,809 VAR 0 % 22,860 0 0  
    BRATTLE STREET CAPITALIZED EXPENSES   495,159   VAR 0 % 0 0 0  
    PHOENIX FURNITURE   61,416 61,416 VAR 0 % 0 0 0  
    PHOENIX CONSTRUCTION IN PROGRESS   313,014   VAR 0 % 0 0 0  

    TY 2015 GeneralExplanationAttachment
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Identifier Return Reference Explanation
    GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR 990PF PART XV PROGRAM RELATED GRANTS PAID DURING THE YEAR REPRESENT FELLOWSHIPS/DISSERTATIONS/RFP'S OF $10,000 OR MORE FOR WHICH THE INSTITUTE MAINTAINS ACTIVE INVOLVEMENT.AMOUNTS UNDER $10,000 ARE INCLUDED IN STATEMENT 8.FOR INFORMATION REGARDING FELLOWSHIPS/DISSERTATIONS/RFP'S INCLUDING APPLICATIONS, SUBMISSIONS AND DEADLINES, PLEASE SEE WWW.LINCOLNINST.EDU.

    TY 2015 InvestmentsCorpBondsSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Name of Bond End of Year Book Value End of Year Fair Market Value
    $80000 ACE INA HOLDINGS COMPANY GUARNT GLB 02.875% NOV 03 2022 83,683 83,683
    $255000 AETNA INC GLB 02.200% MAR 15 2019 259,600 259,600
    $185000 AMERICAN EXPRESS CREDIT SER MTN 02.375% MAY 26 2020 189,281 189,281
    $170000 AMERICAN HONDA FINANCE GLB 02.125% OCT 10 2018 174,544 174,544
    $80000 ANHEUSER-BUSCH INBEV FIN COMPANY GUARNT GLB 02.650% FEB 01 2021 82,962 82,962
    $175000 ANHEUSER-BUSCH INBEV FIN COMPANY GUARNT GLB 03.300% FEB 01 2023 184,392 184,392
    $220000 ANTHEM INC GLB 03.500% AUG 15 2024 227,770 227,770
    $120000 APPLE INC GLB 02.150% FEB 09 2022 122,300 122,300
    $250000 AT&T INC - 05.000% MAR 01 2021 279,937 279,937
    $90000 AUTOMATIC DATA PROCESSNG GLB 02.250% SEP 15 2020 93,507 93,507
    $280000 BANK OF AMERICA CORP SER GMTN GLB 03.300% JAN 11 2023 288,162 288,162
    $260000 BANK OF NEW YORK MELLON SER MTN 02.200% MAR 04 2019 265,335 265,335
    $140000 BB&T CORPORATION SER MTN 01.450% JAN 12 2018 140,552 140,552
    $45000 BECTON DICKINSON GLB 03.125% NOV 08 2021 47,215 47,215
    $55000 BECTON DICKINSON AND CO GLB 03.875% MAY 15 2024 59,858 59,858
    $165000 BERKSHIRE HATHAWAY FIN COMPANY GUARNT GLB 03.000% MAY 15 2022 176,279 176,279
    $95000 BERKSHIRE HATHAWAY INC GLB 03.125% MAR 15 2026 99,611 99,611
    $210000 BHP BILLITON FIN USA LTD COMPANY GUARNT GLB 01.625% FEB 24 2017 210,586 210,586
    $80000 BURLINGTN NORTH SANTA FE - 03.650% SEP 01 2025 88,878 88,878
    $275000 CAPITAL ONE BANK USA NA SER BKNT 02.150% NOV 21 2018 276,944 276,944
    $235000 CARDINAL HEALTH INC GLB 03.200% MAR 15 2023 245,157 245,157
    $120000 CELGENE CORP GLB 03.875% AUG 15 2025 127,999 127,999
    $120000 CISCO SYSTEMS INC GLB 01.600% FEB 28 2019 121,806 121,806
    $165000 CITIGROUP INC SUBORDINATED GLB 04.400% JUN 10 2025 172,526 172,526
    $140000 CITIGROUP INC GLB 01.750% MAY 01 2018 140,616 140,616
    $230000 CNA FINANCIAL CORP GLB 03.950% MAY 15 2024 241,863 241,863
    $150000 COCA-COLA FEMSA SAB CV COMPANY GUARNT GLB 02.375% NOV 26 2018 152,886 152,886
    $240000 COMCAST CORP COMPANY GUARNT GLB 02.750% MAR 01 2023 251,342 251,342
    $140000 CONOCOPHILLIPS COMPANY COMPANY GUARNT GLB 03.350% NOV 15 2024 144,220 144,220
    $105000 COOPER US INC COMPANY GUARNT 03.875% DEC 15 2020 112,772 112,772
    $155000 CROWN CASTLE TOWERS LLC 144A AMORTIZED FCR 1.0000 172,416 172,416
    $75000 CUMMINS INC - 03.650% OCT 01 2023 81,521 81,521
    $50000 CVS HEALTH CORP GLB 01.900% JUL 20 2018 50,756 50,756
    $90000 CVS HEALTH CORP GLB 03.500% JUL 20 2022 96,902 96,902
    $65000 DAYTON POWER & LIGHT CO 1ST MORTGAGE GLB 01.875% SEP 15 2016 65,085 65,085
    $115000 DELMARVA PWR & LIGHT CO 1ST MORTGAGE 03.500% NOV 15 2023 124,281 124,281
    $180000 DIAMOND 1 FIN/DIAMOND 2 144A 04.420% JUN 15 2021 185,269 185,269
    $170000 DUKE ENERGY CORP - 03.550% SEP 15 2021 181,162 181,162
    $185000 EATON CORP COMPANY GUARNT GLB 01.500% NOV 02 2017 185,901 185,901
    $35000 EATON CORP COMPANY GUARNT GLB 02.750% NOV 02 2022 35,881 35,881
    $90000 EDISON INTERNATIONAL - 02.950% MAR 15 2023 92,276 92,276
    $112000 ERP OPERATING LP - 04.625% DEC 15 2021 126,473 126,473
    $250000 GENERAL ELEC CAP CORP SER MTN GLB 04.650% OCT 17 2021 286,293 286,293
    $280000 GOLDMAN SACHS GROUP INC GLB 05.750% JAN 24 2022 325,069 325,069
    $240000 HJ HEINZ CO COMPANY GUARNT 144A 03.500% JUL 15 2022 254,894 254,894
    $120000 HOME DEPOT INC GLB 02.000% APR 01 2021 123,248 123,248
    $145000 HUSKY ENERGY INC GLB 07.250% DEC 15 2019 163,128 163,128
    $220000 HYUNDAI CAPITAL AMERICA 144A 01.450% FEB 06 2017 220,262 220,262
    $315000 INTEL CORP GLB 01.350% DEC 15 2017 316,868 316,868
    $80000 INTERCONTINENTALEXCHANGE COMPANY GUARNT GLB 02.500% OCT 15 2018 81,874 81,874
    $145000 JOHN DEERE CAPITAL CORP SER MTN 01.750% AUG 10 2018 147,092 147,092
    $280000 JPMORGAN CHASE & CO GLB 02.750% JUN 23 2020 288,520 288,520
    $140000 LAM RESEARCH CORP GLB 02.800% JUN 15 2021 143,324 143,324
    $135000 LIBERTY MUTUAL GROUP INC COMPANY GUARNT 144A 04.250% JUN 15 2023 143,402 143,402
    $90000 LOWE'S COMPANIES INC GLB 03.875% SEP 15 2023 100,727 100,727
    $265000 LYB INTL FINANCE BV COMPANY GUARNT 04.000% JUL 15 2023 283,730 283,730
    $190000 MACQUARIE BANK LTD 144A 02.600% JUN 24 2019 193,791 193,791
    $140000 MANUF & TRADERS TRUST CO SER BKNT 01.400% JUL 25 2017 140,146 140,146
    $85000 MARATHON PETROLEUM CORP GLB 03.625% SEP 15 2024 83,470 83,470
    $85000 MCDONALD'S CORP - 02.750% DEC 09 2020 88,740 88,740
    $180000 MEDTRONIC INC COMPANY GUARNT GLB 02.500% MAR 15 2020 186,680 186,680
    $145000 METLIFE INC GLB 01.903% DEC 15 2017 146,314 146,314
    $85000 METLIFE INC GLB 03.600% NOV 13 2025 89,193 89,193
    $260000 MORGAN STANLEY SER GMTN GLB 03.700% OCT 23 2024 272,056 272,056
    $175000 NATIONAL RURAL UTIL COOP COLLATERAL TRUST GLB 01.650% FEB 08 2019 177,070 177,070
    $130000 NEWELL RUBBERMAID INC GLB 04.200% APR 01 2026 140,926 140,926
    $140000 NORTHROP GRUMMAN CORP - 03.500% MAR 15 2021 150,321 150,321
    $130000 ORACLE CORP GLB 02.500% MAY 15 2022 132,833 132,833
    $85000 PACCAR FINANCIAL CORP SER MTN 01.650% FEB 25 2019 86,261 86,261
    $65000 PACCAR FINANCIAL CORP SER MTN 01.300% MAY 10 2019 65,259 65,259
    $110000 PACIFIC GAS & ELECTRIC GLB 03.500% JUN 15 2025 119,910 119,910
    $75000 PENTAIR FINANCE SA COMPANY GUARNT GLB 03.150% SEP 15 2022 74,354 74,354
    $105000 PHILIP MORRIS INTL INC GLB 01.875% FEB 25 2021 106,245 106,245
    $105000 PHILIP MORRIS INTL INC GLB 02.750% FEB 25 2026 108,282 108,282
    $185000 PHILIPS ELECTRONICS NV GLB 05.750% MAR 11 2018 197,832 197,832
    $140000 PLAINS ALL AMER PIPELINE GLB 03.650% JUN 01 2022 137,295 137,295
    $15000 PNC BANK NA SER BKNT 02.200% JAN 28 2019 15,305 15,305
    $260000 PNC BANK NA SER BKNT 02.200% JAN 28 2019 265,288 265,288
    $140000 PPL CAPITAL FUNDING INC COMPANY GUARNT 03.950% MAR 15 2024 150,787 150,787
    $70000 QUALCOMM INC GLB 03.000% MAY 20 2022 73,871 73,871
    $115000 REYNOLDS AMERICAN INC COMPANY GUARNT GLB 04.850% SEP 15 2023 131,299 131,299
    $170000 SCHLUMBERGER HLDGS CORP 144A 03.625% DEC 21 2022 179,833 179,833
    $275000 SCHNEIDER ELECTRIC SA 144A 02.950% SEP 27 2022 285,172 285,172
    $120000 SHELL INTERNATIONAL FIN COMPANY GUARNT GLB 02.125% MAY 11 2020 122,476 122,476
    $115000 SHELL INTERNATIONAL FIN COMPANY GUARNT GLB 01.625% NOV 10 2018 116,166 116,166
    $240000 SIMON PROPERTY GROUP LP GLB 02.200% FEB 01 2019 245,278 245,278
    $200000 SOUTHERN CO GLB 02.350% JUL 01 2021 203,970 203,970
    $160000 SOUTHWEST AIRLINES CO - 02.650% NOV 05 2020 165,146 165,146
    $115000 STANLEY BLACK & DECKER I SUBORDINATED 02.451% NOV 17 2018 117,500 117,500
    $90000 STATE STREET CORP GLB 02.550% AUG 18 2020 93,394 93,394
    $80000 SUNOCO LOGISTICS PARTNER COMPANY GUARNT 03.450% JAN 15 2023 78,889 78,889
    $140000 TELSTRA CORP LTD COMPANY GUARNT 144A 03.125% APR 07 2025 146,275 146,275
    $205000 TORONTO-DOMINION BANK SER MTN GLB 02.625% SEP 10 2018 210,894 210,894
    $120000 TOYOTA MOTOR CREDIT CORP SER MTN 02.125% JUL 18 2019 123,209 123,209
    $125000 TOYOTA MOTOR CREDIT CORP SER MTN 02.100% JAN 17 2019 127,884 127,884
    $95000 TRINITY ACQUISITION PLC COMPANY GUARNT GLB 04.400% MAR 15 2026 99,191 99,191
    $105000 UNITEDHEALTH GROUP INC GLB 02.700% JUL 15 2020 109,360 109,360
    $85000 UNITEDHEALTH GROUP INC GLB 02.750% FEB 15 2023 87,374 87,374
    $135000 US BANCORP SER MTN 01.950% NOV 15 2018 137,835 137,835
    $70000 USD ACTAVIS FUNDING 3.800% MAR 15 2025 72,928 72,928
    $70000 USD CAN NATURAL RES 3.450% NOV 15 2021 69,978 69,978
    $70000 USD HUSKY ENERGY INC 3.950% APR 15 2022 72,400 72,400
    $245000 VENTAS REALTY LP/CAP CRP COMPANY GUARNT 04.250% MAR 01 2022 264,446 264,446
    $200000 VERIZON COMMUNICATIONS GLB 05.150% SEP 15 2023 232,926 232,926
    $140000 VERIZON COMMUNICATIONS GLB 03.500% NOV 01 2024 148,894 148,894
    $90000 VISA INC GLB 02.800% DEC 14 2022 94,949 94,949
    $105000 VISA INC GLB 03.150% DEC 14 2025 112,257 112,257
    $65000 WALGREENS BOOTS ALLIANCE GLB 02.700% NOV 18 2019 67,158 67,158
    $120000 WALT DISNEY COMPANY SER MTNC GLB 06.000% JUL 17 2017 126,209 126,209
    $120000 WATSON PHARMACEUTICALS I COMPANY GUARNT GLB 01.875% OCT 01 2017 120,599 120,599
    $120000 WEINGARTEN REALTY INVEST - 03.375% OCT 15 2022 122,395 122,395
    $235000 WELLS FARGO & COMPANY SER MTN GLB 03.500% MAR 08 2022 252,073 252,073
    $40000 WESFARMERS LTD COMPANY GUARNT 144A 01.874% MAR 20 2018 40,225 40,225
    $160000 XCEL ENERGY INC GLB 05.613% APR 01 2017 165,384 165,384
    $50000 ZIMMER HOLDINGS INC GLB 03.550% APR 01 2025 51,535 51,535
    $85000 ZIMMER HOLDINGS INC GLB 02.700% APR 01 2020 86,032 86,032
    $190000 ABBVIE INC GLB 02.300% MAY 14 2021 192,308 192,308

    TY 2015 InvestmentsCorpStockSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Name of Stock End of Year Book Value End of Year Fair Market Value
    16830 SHS ABBVIE INC SHS 1,041,945 1,041,945
    72476 SHS ABERDEEN ASSET MANAG GBP PAR ORDINARY 270,698 270,698
    9069 SHS ACCENTURE PLC SHS 1,027,427 1,027,427
    17996 SHS ACI WORLDWIDE INC 351,102 351,102
    15300 SHS ACTUANT CORP CL A 345,933 345,933
    2650 SHS ADECCO GROUP AG 1.CHF PAR ORDINARY 132,989 132,989
    6550 SHS ADIDAS AG SPONSORED ADR 469,570 469,570
    20625 SHS ADOBE SYS DEL PV$ 0.001 1,975,669 1,975,669
    7638 SHS ADTRAN INC COM 142,449 142,449
    74830 SHS AEGON N.V. NY REG SHS 300,068 300,068
    11139 SHS AERCAP HOLDINGS N.V. SHS 374,159 374,159
    6957 SHS AG MTG INVT TR INC 100,459 100,459
    3170 SHS AGILENT TECHNOLOGIES INC 140,621 140,621
    2723 SHS ALEXANDER & BALDWIN INC NEW 98,410 98,410
    9625 SHS ALEXION PHARMS INC 1,123,815 1,123,815
    25625 SHS ALIBABA GROUP HOLDING LT 2,037,956 2,037,956
    13980 SHS ALLSCRIPTS HEALTHCARE SOLUTIONS INC 177,546 177,546
    891 SHS ALMOST FAMILY INC 37,966 37,966
    4915 SHS ALPHABET INC SHS CL A 3,457,850 3,457,850
    5984 SHS ALPHABET INC SHS CL C 4,141,526 4,141,526
    7900 SHS AMAZON COM INC COM 5,653,398 5,653,398
    738 SHS AMEDISYS INC 37,254 37,254
    6346 SHS AMER EAGLE OUTFITTERS 101,092 101,092
    883 SHS AMN HEALTHCARE SVCS INC 35,294 35,294
    6700 SHS ANADARKO PETE CORP 356,775 356,775
    35380 SHS AON PLC 3,864,557 3,864,557
    37412 SHS AOZORA BANK 8304 JPY PAR ORDINARY 129,094 129,094
    2695 SHS APOGEE ENTERPRISES 124,913 124,913
    12603 SHS APOLLO COML REAL ESTATE FIN INC 202,530 202,530
    28754 SHS APOLLO INVESTMENT CORP 159,297 159,297
    14156 SHS APPLE INC 1,353,314 1,353,314
    3805 SHS APPLIED INDUSTRL TECH 171,758 171,758
    1556 SHS ARMSTRONG FLOORING INC SHS WHEN ISSUED 26,374 26,374
    3112 SHS ARMSTRONG WORLD INDS INC NEW 121,835 121,835
    6046 SHS ARTISAN PARTNERS ASSET MGMT INC CLASS A 167,353 167,353
    15844 SHS ASAHI KASEI CORP 3407 JPY PAR ORDINARY 109,343 109,343
    4235 SHS ASPEN TECHNOLOGY INC DEL 170,416 170,416
    19104 SHS ASSURED GUARANTY LTD 484,668 484,668
    1208 SHS ASTRAZENECA PLC SHS FN GBP PAR ORDINARY 72,135 72,135
    19665 SHS ASTRAZENECA PLC SPND ADR 593,686 593,686
    27966 SHS AT&T INC 1,208,411 1,208,411
    6500 SHS ATHENAHEALTH INC 897,065 897,065
    7493 SHS ATLANTIA SPA EUR PAR ORDINARY 186,215 186,215
    25730 SHS ATOS ORIGN SA UNSP ADR 427,118 427,118
    19243 SHS AURIZON HOLDINGS LTD AUD PAR ORDINARY 69,061 69,061
    4100 SHS AUSTRALIAN GAS LIGHT CO 1.AUD PAR ORDINARY 58,890 58,890
    9806 SHS B/E AEROSPACE INC 452,792 452,792
    9900 SHS BAIDU INC SPON ADR 1,634,985 1,634,985
    56310 SHS BANCO BILBAO VIZCAYA ARGENTARIA S A ADR 323,219 323,219
    12115 SHS BANCORP (THE) BANK 72,932 72,932
    74500 SHS BANK OF AMERICA CORP 988,615 988,615
    10298 SHS BANK OF QUEENSLAND LTD 1.AUD PAR ORDINARY 81,203 81,203
    26538 SHS BARRATT DEV PLC 10P FN GBP PAR ORDINARY 143,817 143,817
    1436 SHS BASF SE NAMEN -AKT 110,476 110,476
    26393 SHS BBCN BANCORP INC 393,784 393,784
    1975 SHS BELDEN INC 119,231 119,231
    3258 SHS BERKELEY GROUP HOLDINGS PAR ORDINARY 109,884 109,884
    33400 SHS BERKSHIRE HATHAWAYINC DEL CL B NEW 4,835,986 4,835,986
    3650 SHS BIOGEN INC 882,643 882,643
    14800 SHS BIOMARIN PHARMACEUTICALS 1,151,440 1,151,440
    1963 SHS BLACKROCK INC 672,386 672,386
    38735 SHS BORAL LIMITED AUD PAR ORDINARY 179,397 179,397
    12964 SHS BP PLC GBP PAR ORDINARY 75,931 75,931
    3315 SHS BRIDGESTONE CORP 5108 JPY PAR ORDINARY 105,631 105,631
    4214 SHS BRINKER INTL INC 191,863 191,863
    4137 SHS BRINKS CO 117,863 117,863
    6821 SHS BRITISH AMERICAN TOBACCO .25GBP PAR ORDINARY 441,600 441,600
    592 SHS BROADCOM LTD 91,997 91,997
    3821 SHS BROADRIDGE FINL SOLUTIONS INC 249,129 249,129
    4528 SHS BROTHER INDUSTRIES 6448 JPY PAR ORDINARY 48,020 48,020
    1297 SHS BRUKER CORP 29,494 29,494
    15883 SHS BRUNSWICK CORP 719,818 719,818
    1362 SHS BURLINGTON STORES INC 90,859 90,859
    3986 SHS CABOT CORP 182,001 182,001
    3643 SHS CALTEX AUSTRALIA LTD 1.AUD PAR ORDINARY 86,531 86,531
    8414 SHS CANON INC 7751 JPY PAR ORDINARY 238,869 238,869
    1285 SHS CAP GEMINI 8.EUR PAR ORDINARY 111,636 111,636
    29345 SHS CAPITALAND MALL TRUST 1.SGD PAR ORDINARY 46,438 46,438
    2367 SHS CARDINAL FINCL CORP 51,932 51,932
    11901 SHS CARDTRONICS INC 473,779 473,779
    23889 SHS CARLSBERG AS SPONSOREDAD 455,085 455,085
    928 SHS CAVIUM INC 35,821 35,821
    3541 SHS CBRE GROUP INC CL A 93,766 93,766
    745 SHS CEB INC 45,952 45,952
    4154 SHS CELANESE CORP DEL SER A 271,879 271,879
    6176 SHS CENTENE CORP 440,781 440,781
    16250 SHS CERNER CORP COM 952,250 952,250
    713 SHS CHARLES RIVER LABS INTL 58,780 58,780
    10423 SHS CHATHAM LODGING TR 229,098 229,098
    10387 SHS CHEVRON CORP 1,088,869 1,088,869
    7640 SHS CHINA MOBILE LTD SPN ADR 442,356 442,356
    2900 SHS CHIPOTLE MEXICAN GRILL 1,168,004 1,168,004
    6081 SHS CHUBB LTD 794,848 794,848
    65700 SHS CITIGROUP INC COM NEW 2,785,023 2,785,023
    11515 SHS CIVEO CORP SHS 20,727 20,727
    32787 SHS CK HUTCHISON HOLDINGS LTD 359,673 359,673
    6344 SHS CLEAN HARBORS INC 330,586 330,586
    14463 SHS CNO FINL GROUP INC 252,524 252,524
    11790 SHS CNP ASSURANCES 10.FRF PAR ORDINARY 174,400 174,400
    942 SHS COACH INC 38,377 38,377
    39106 SHS COBHAM PLC .02 GBP PAR ORDINARY 82,228 82,228
    2153 SHS COGNIZANT TECH SOLUTNS A 123,238 123,238
    11071 SHS COLGATE PALMOLIVE 810,397 810,397
    25400 SHS COLONY CAPITAL INC 389,890 389,890
    2531 SHS COLONY STARWOOD HOMES REIT 76,993 76,993
    3434 SHS COLUMBIA SPORTSWEAR CO 197,592 197,592
    15227 SHS COMMERCIAL METALS CO COM 257,336 257,336
    5401 SHS COMMONWEALTH BANK OF AU ORDINARY FULLY PAID 2. AUD PAR ORDINARY 299,085 299,085
    2066 SHS COMPUTER PROGRAMS & SYS 82,475 82,475
    360 SHS CONCHO RESOURCES INC 42,937 42,937
    11370 SHS CONVERGYS CORP 284,250 284,250
    5313 SHS COPART INC COM 260,390 260,390
    20562 SHS COWEN GROUP INC NEW 60,864 60,864
    4726 SHS CROSS CTRY HEALTHCARE INC 65,786 65,786
    1140 SHS CSL LTD AUD PAR ORDINARY 95,223 95,223
    11154 SHS CVS HEALTH CORP 1,067,884 1,067,884
    8413 SHS DAIICHI SANKYO CO LTD 4568 JPY PAR ORDINARY 202,841 202,841
    4653 SHS DAIMLER A EUR PAR ORDINARY 280,121 280,121
    609 SHS DAITO TRUST CONSTR 1878 JPY PAR ORDINARY 98,779 98,779
    25564 SHS DAIWA SECURITIES GRP INC JPY PAR ORDINARY 133,935 133,935
    3546 SHS DANSKE BANK 100.DKK PAR ORDINARY 92,875 92,875
    1404 SHS DARDEN RESTAURANTS INC 88,929 88,929
    9586 SHS DBS GROUP HLDGS SPN ADR 450,734 450,734
    8077 SHS DELTA AIR LINES INC 294,245 294,245
    615 SHS DENTSPLY SIRONA INC 38,155 38,155
    16170 SHS DEUTSCHE POST AG SHS SP ADR 456,964 456,964
    2689 SHS DIAMONDBACK ENERGY INC 245,264 245,264
    13197 SHS DISCOVER FINL SVCS 707,227 707,227
    20500 SHS DISCOVERY COMMUNICATN INC SER C 488,925 488,925
    44200 SHS DISH NETWORK CORPATION CLASS A 2,316,080 2,316,080
    6939 SHS DISNEY (WALT) CO COM STK 678,773 678,773
    5803 SHS DOLBY LABORATORIES INC CL A 277,674 277,674
    1106 SHS DYCOM INDS INC 99,275 99,275
    28720 SHS E M C CORPORATION MASS 780,322 780,322
    38425 SHS E.ON SE ADR 388,861 388,861
    2278 SHS EAGLE MATERIALS INC 175,748 175,748
    864 SHS EAST JAPAN RAILWAY 9020 JPY PAR ORDINARY 79,443 79,443
    21400 SHS ECOLAB INC 2,538,040 2,538,040
    11950 SHS EDWARDS LIFESCIENCES CRP 1,191,774 1,191,774
    6824 SHS EL PASO ELECTRIC CO NEW 322,570 322,570
    8279 SHS ELECTRONICS FOR IMAGING 356,328 356,328
    13835 SHS EMBRAER S A SPONSRD ADR 300,496 300,496
    8462 SHS ENAGAS EUR PAR ORDINARY 256,690 256,690
    4196 SHS ENERGIZER HOLDINGS INC SHS WHEN ISSUED 216,052 216,052
    47570 SHS ERICSSON AMERICAN SEK 10 NEW 365,338 365,338
    9046 SHS ERICSSON LM 2.5SEK PAR ORD CL'B' 68,650 68,650
    4149 SHS EURONET WORLDWIDE INC 287,069 287,069
    6284 SHS EUTELSAT COMMUNICATIONS, .5 EUR PAR ORDINARY 118,855 118,855
    2438 SHS EVERCORE PARTNERS INC CL A 107,735 107,735
    28076 SHS EVERI HOLDINGS INC HOLDINGS INC SHS 32,287 32,287
    4004 SHS EVONIK INDUSTRIES AG NAM EUR PAR ORDINARY 119,110 119,110
    35200 SHS FACEBOOK INC CLASS A COMMON STOCK 4,022,656 4,022,656
    23305 SHS FIDELITY NATL INFO SVCS INC 1,717,112 1,717,112
    21626 SHS FIFTH ST FIN CORP 104,886 104,886
    3037 SHS FINISAR CORPORATION 53,178 53,178
    107885 SHS FIRST BANCORP SHS 428,303 428,303
    16820 SHS FIRST HORIZON NTNL CORP 231,780 231,780
    20904 SHS FIRST NIAGARA FINL GROUP INC NEW 203,605 203,605
    3337 SHS FLIGHT CENTRE TRAVEL GRP .01AUD PAR ORDINARY 78,468 78,468
    1060 SHS FONCIERE DES REGIONS FRF PAR ORDINARY 94,220 94,220
    24930 SHS FRANKLIN STR PPTYS CORP 305,891 305,891
    9286 SHS FRESENIUS MEDICAL CARE AG & CO SPON ADR 404,591 404,591
    7095 SHS FUJI HEAVY IND 7270 JPY PAR ORDINARY 240,533 240,533
    38346 SHS G4S PLC GBP PAR ORDINARY 93,756 93,756
    7394 SHS GALP ENERGIA,SA, LISBOA 1 EUR PAR ORDINARY 102,679 102,679
    14380 SHS GEMALTO SHS 441,754 441,754
    27740 SHS GENERAL MOTORS CO COMMON SHARES 785,042 785,042
    21864 SHS GENWORTH FINL INC COM CL A 56,409 56,409
    12695 SHS GLATFELTER 248,314 248,314
    2938 SHS GLOBAL PMTS INC GEORGIA 209,714 209,714
    2211 SHS GLOBUS MED INC CL A COMMON STOCK 52,688 52,688
    9874 SHS GNC HOLDINGS INC SHS CL A 239,839 239,839
    6675 SHS GOLDMAN SACHS GROUP INC 991,772 991,772
    19507 SHS GOODMAN GROUP AUD PAR ORDINARY 103,272 103,272
    4182 SHS GRAND CANYON EDUCATN INC 166,945 166,945
    2917 SHS GUESS INC COM 43,901 43,901
    30242 SHS H AND E EQUIP SVCS INC 575,505 575,505
    6261 SHS HAEMONETICS CORP MASS 181,506 181,506
    17906 SHS HARMONIC INC $0.001 51,032 51,032
    6451 SHS HARSCO CORPORATION 42,835 42,835
    1418 SHS HAWAIIAN HLDGS INC 53,827 53,827
    4177 SHS HD SUPPLY HLDGS INC 145,443 145,443
    9945 SHS HINO MOTORS 7205 JPY PAR ORDINARY 98,005 98,005
    6183 SHS HITACHI CONSTR MACH FN 50.JPY PAR ORDINARY 89,258 89,258
    8264 SHS HONEYWELL INTL INC DEL 961,268 961,268
    13118 SHS HSBC HLDG PLC SP ADR 410,725 410,725
    92201 SHS HSBC HOLDINGS PLC .5USD PAR ORDINARY 574,237 574,237
    1233 SHS HUGO BOSS AG NAMEN-AKT. EUR PAR ORDINARY 70,195 70,195
    1731 SHS HYSTER-YALE MATLS HNDLNG INC CL A 102,977 102,977
    2301 SHS IBERIABANK CORP COM 137,439 137,439
    848 SHS ICON PLC 59,368 59,368
    8925 SHS ILLUMINA INC COM 1,252,892 1,252,892
    5426 SHS IMPERIAL BRANDS PLC .10GBP PAR ORDINARY 294,019 294,019
    877 SHS IMPERVA INC COM 37,720 37,720
    2940 SHS INC RESH HOLDINGS INC SHS CL A 112,102 112,102
    17709 SHS INCITEC PIVOT LTD AUD PAR ORDINARY 39,162 39,162
    8875 SHS INCYTE CORPORATION 709,823 709,823
    2995 SHS INFINEON TECH AG (DE) EUR PAR ORDINARY 43,411 43,411
    29710 SHS INFINEON TECHS AG SPDADR 431,389 431,389
    25472 SHS INFORMATION SVS GROUP 95,520 95,520
    10267 SHS INSURANCE AUSTRALIA GRP AUD PAR ORDINARY 41,663 41,663
    1131 SHS INTERCONTINENTAL EXCHANGE INC 289,491 289,491
    19683 SHS INTERSIL CORP CL A 266,508 266,508
    4223 SHS INTERVAL LEISURE GROUP INC 67,146 67,146
    41391 SHS INTESA SANPAOLO SPON ADR 485,516 485,516
    4275 SHS INTRPUBLIC GRP OF CO 98,753 98,753
    14244 SHS INVESTEC (PLC) GBP PAR ORDINARY 88,180 88,180
    7971 SHS INVESTM TECH GRP INC NEW 133,275 133,275
    62675 SHS INVESTORS BANCORP INC NEW 694,439 694,439
    8062 SHS ISUZU MOTORS LTD 7202 FN JPY PAR ORDINARY 98,112 98,112
    6448 SHS ITOCHU CORP ORD 8001 JPY PAR ORDINARY 77,905 77,905
    39524 SHS J C PENNEY CO COM 350,973 350,973
    11727 SHS JANUS CAPITAL GROUP INC 163,240 163,240
    2712 SHS JAPAN TOBACCO INC 2914 JPY PAR ORDINARY 108,463 108,463
    9487 SHS JOHNSON AND JOHNSON COM 1,150,773 1,150,773
    1160 SHS JONES LANG LASALLE INC 113,042 113,042
    39323 SHS JPMORGAN CHASE & CO 2,443,531 2,443,531
    4240 SHS JSR CORPORATION 4185 JPY PAR ORDINARY 55,629 55,629
    45850 SHS JULIUS BAER GROUP ADR 364,049 364,049
    1139 SHS KAO CORP 4452 JPY PAR ORDINARY 65,826 65,826
    5478 SHS KAR AUCTION SERVICES INC SHS 228,652 228,652
    2468 SHS KATE SPADE & COMPANY 50,865 50,865
    8923 SHS KENNAMETAL INC 197,288 197,288
    25188 SHS KERRY PROPERTIES LIMITED 1.HKD PAR ORDINARY 61,947 61,947
    13013 SHS KLX INC SHS 403,403 403,403
    6727 SHS KONA GRILL INC 72,113 72,113
    17173 SHS KONINKL PHIL NV SH NEW 428,295 428,295
    11377 SHS KONINKLIJKE AHOLD NV SHS .01 EUR PAR ORDINARY 251,520 251,520
    6506 SHS KONINKLIJKE BOSKALIS WES .8 EUR PAR ORDINARY 223,268 223,268
    6498 SHS KOPPERS HLDGS INC 199,684 199,684
    943 SHS LAWSON,INC. #2651 JPY PAR ORDINARY 75,098 75,098
    71650 SHS LENDINGCLUB CORP SHS 308,095 308,095
    15863 SHS LIBERTY GLOBAL LILAC C CLASS C 515,389 515,389
    90774 SHS LIBERTY GLOBAL PLC CL C 2,600,675 2,600,675
    1003244 SHS LINCOLN ELEC HLDGS INC 59,271,656 59,271,656
    6950 SHS LINKEDIN CORP CLASS A COMMON STOCK 1,315,288 1,315,288
    3167 SHS LOCKHEED MARTIN CORP 785,954 785,954
    12916 SHS LOWE'S COMPANIES INC 1,022,560 1,022,560
    3874 SHS M T S SYSTEMS CORP COM 169,836 169,836
    2904 SHS MACQUARIE GROUP LTD AUD PAR ORDINARY 148,984 148,984
    14439 SHS MACYS INC 485,295 485,295
    6103 SHS MANHATTAN ASSOCS INC 391,385 391,385
    4610 SHS MANPOWERGROUP 296,607 296,607
    19073 SHS MARINEMAX INC 323,669 323,669
    13362 SHS MARKIT LTD 435,601 435,601
    19575 SHS MARRIOTT INTL INC NEW A 1,300,955 1,300,955
    13140 SHS MARSH & MCLENNAN COS INC 899,564 899,564
    6116 SHS MASIMO CORP 321,182 321,182
    1814 SHS MATADOR RES CO 35,917 35,917
    7961 SHS MATSON INC COM 257,061 257,061
    3386 SHS MAXIMUS INC 187,483 187,483
    56241 SHS MAZDA MOTOR CORP SHS 373,440 373,440
    26669 SHS MDC PARTNERS INC CL A SUB VTG 487,776 487,776
    3277 SHS MEDIPAL HOLDINGS CORP 53,536 53,536
    14095 SHS MEDTRONIC PLC SHS 1,223,023 1,223,023
    37069 SHS MGIC INVT CORP WIS 220,561 220,561
    10912 SHS MGM GROWTH PPTYS LLC CL A 291,132 291,132
    18341 SHS MGM RESORTS INTERNATIONL SHS 415,057 415,057
    98289 SHS MICROSOFT CORP 5,029,448 5,029,448
    71673 SHS MIRVAC GROUP FN AUD PAR ORDINARY 107,796 107,796
    21275 SHS MITSUBISHI ESTATE ADR 388,588 388,588
    28318 SHS MITSUBISHI UFJ FINANCIAL 50000.JPY PAR ORDINARY 125,840 125,840
    8642 SHS MITSUI & CO LTD 8031 JPY PAR ORDINARY 102,222 102,222
    3595 SHS MIXI INC 2121 JPY PAR ORDINARY 147,002 147,002
    20050 SHS MOBILEYE ORD 925,107 925,107
    3969 SHS MOLINA HEALTHCARE INC 198,053 198,053
    68843 SHS MONDELEZ INTERNATIONAL INC 3,133,045 3,133,045
    5415 SHS MONDI PLC, LONDON GBP PAR ORDINARY 100,981 100,981
    2074 SHS MONOLITHIC PWR SYSTEMS INC 141,696 141,696
    18542 SHS MONSANTO CO NEW DEL COM 1,917,428 1,917,428
    58500 SHS MORGAN STANLEY 1,519,830 1,519,830
    11469 SHS MRC GLOBAL INC 162,974 162,974
    12885 SHS MURATA MANUFACTURING CO LTD SHS 359,620 359,620
    3878 SHS NATIONAL AUSTRALIA BANK 1.AUD PAR ORDINARY 73,430 73,430
    9095 SHS NATIONAL GRID PLC SP ADR 676,031 676,031
    11022 SHS NESTE OYJ EUR PAR ORDINARY 393,428 393,428
    3082 SHS NESTLE SA CHAM UND VEVE 237,746 237,746
    15725 SHS NETFLIX COM INC 1,438,523 1,438,523
    1722 SHS NEXT GROUP ORD 5.0 .1GBP PAR ORDINARY 113,487 113,487
    9237 SHS NEXTERA ENERGY INC SHS 1,204,505 1,204,505
    14323 SHS NIELSEN HOLDINGS PLC SHS 744,366 744,366
    19986 SHS NIPPON EXPRESS 9062 JPY PAR ORDINARY 90,782 90,782
    2760 SHS NIPPON TEL & TEL 9432 JPY PAR ORDINARY 129,135 129,135
    40600 SHS NOBLE ENERGY INC 1,456,322 1,456,322
    2894 SHS NOMURA REAL ESTATE HOLD JPY PAR ORDINARY 50,184 50,184
    38401 SHS NORDEA BANK AB SEK PAR ORDINARY 321,340 321,340
    16869 SHS NORSK HYDRO ASA (NO) 18.3NOK PAR ORDINARY 61,121 61,121
    8918 SHS NORWEGIAN CRUISE LINE HLDGS LTD 355,293 355,293
    5215 SHS NOVARTIS ADR 430,290 430,290
    4819 SHS NOVARTIS AG REG CHF0.5 50.CHF PAR ORDINARY 396,472 396,472
    13841 SHS NOVO NORDISK A S ADR 744,369 744,369
    6787 SHS NTT DOCOMO INC JPY PAR ORDINARY 183,021 183,021
    798 SHS NUVASIVE INC 47,657 47,657
    2759 SHS NXP SEMICONDUCTORS N.V. 216,140 216,140
    1880 SHS NXSTAGE MED INC 40,758 40,758
    2067 SHS OLD DOMINION FGHT LINES 124,661 124,661
    10202 SHS ON ASSIGNMENT INC COM 376,964 376,964
    126200 SHS ORACLE CORP $0.01 DEL 5,165,366 5,165,366
    25178 SHS ORANGE ADR 413,423 413,423
    26137 SHS OSAKA GAS 9532 FN JPY PAR ORDINARY 99,971 99,971
    25490 SHS OTSUKA HOLDINGS CO LTD SHS ADR 585,378 585,378
    11201 SHS PACKAGING CORP AMERICA 749,683 749,683
    10487 SHS PALO ALTO NETWORKS INC COM 1,286,126 1,286,126
    12556 SHS PANASONIC CORP 50.JPY PAR ORDINARY 107,825 107,825
    2778 SHS PATTERSON UTI ENERGY INC 59,227 59,227
    9861 SHS PBF ENERGY INC CL A 234,495 234,495
    1918 SHS PEBBLEBROOK HOTEL TRUST 50,348 50,348
    13171 SHS PENN NATL GAMING CORP 183,735 183,735
    32476 SHS PEPSICO INC 3,440,507 3,440,507
    37536 SHS PFIZER INC 1,321,643 1,321,643
    2378 SHS PHARMERICA CORP 58,641 58,641
    10860 SHS PHILLIPS 66 SHS 861,632 861,632
    11739 SHS PNK ENTERTAINMENT INC 130,068 130,068
    1419 SHS POPEYES LOUISIANA KITCHEN INC 77,534 77,534
    13142 SHS POPULAR INC COM NEW 385,061 385,061
    2853 SHS POTLATCH CORP NEW 97,287 97,287
    6017 SHS PRAXAIR INC 676,251 676,251
    8495 SHS PRIVATE BANCORP INC DEL 374,035 374,035
    2571 SHS PROOFPOINT INC 162,204 162,204
    4234 SHS PROSIEBENSAT.1 MEDIA SE EUR PAR ORDINARY 185,064 185,064
    1761 SHS PTC INC SHS 66,178 66,178
    1985 SHS QUANEX BUILDING PRODT CO 36,901 36,901
    705 SHS QUINTILES TRANSNATIONAL HLDGS INC 46,051 46,051
    711 SHS RAYMOND JAMES FINL INC 35,052 35,052
    11629 SHS RAYONIER INC REIT 305,145 305,145
    2177 SHS RECKITT BENCKISER GROUP GBP PAR ORDINARY 217,975 217,975
    723 SHS RED HAT INC 52,490 52,490
    3375 SHS REGENERON PHARMACTCLS 1,178,651 1,178,651
    14150 SHS REXEL SA, PARIS 5 EUR PAR ORDINARY 177,870 177,870
    19465 SHS ROCHE HLDG LTD SPN ADR 641,372 641,372
    2451 SHS ROCHE HOLDINGS GENUSH FN CHF PAR ORDINARY 644,324 644,324
    4337 SHS ROYAL CARIBBEAN CRUISES 291,230 291,230
    35315 SHS ROYAL DSM N V SPON ADR 512,774 512,774
    14070 SHS ROYAL DUTCH SHELL PLC SPONS ADR A 776,945 776,945
    115790 SHS ROYAL KPN N V SP ADR 427,265 427,265
    2521 SHS RYMAN HOSPITALITY PPTYS INC 127,689 127,689
    10941 SHS SAGE GROUP PLC SHS GBP PAR ORDINARY 94,410 94,410
    49648 SHS SALESFORCE COM INC 3,942,548 3,942,548
    6160 SHS SALLY BEAUTY HLDGS INC 181,166 181,166
    3373 SHS SANOFI 2.EUR PAR ORDINARY 280,743 280,743
    28014 SHS SCHLUMBERGER LTD 2,215,347 2,215,347
    40650 SHS SCHWAB CHARLES CORP NEW 1,028,852 1,028,852
    22184 SHS SECOM CO LTD ADR 407,742 407,742
    8608 SHS SEI INVT CO PA PV $0.01 414,131 414,131
    54800 SHS SEIKO EPSON CORP UNSP ADR 435,934 435,934
    4268 SHS SELECT COMFORT CORP 91,250 91,250
    3636 SHS SES SA EUR PAR ORDINARY 78,405 78,405
    3059 SHS SIEMENS AG GERM EUR PAR ORDINARY 314,793 314,793
    2398 SHS SIX FLAGS ENTMT CORP NEW 138,964 138,964
    7638 SHS SKY PLC 349,897 349,897
    13280 SHS SMITH-NPHW PLC SPADR NEW 455,770 455,770
    47720 SHS SOCIETE GENERAL SPN ADR 306,840 306,840
    1243 SHS SOLVAY & CIE SA BEARER EUR PAR ORDINARY 115,140 115,140
    6465 SHS SONIC CORP 174,878 174,878
    2746 SHS SONIC HEALTHCARE LTD .2AUD PAR ORDINARY 44,063 44,063
    521 SHS SONOVA HOLDING AG .05CHF PAR ORDINARY 68,989 68,989
    2908 SHS SOTHEBY'S (DELAWARE) 79,679 79,679
    1625 SHS SOUTHWEST AIRLNS CO 63,716 63,716
    2642 SHS SPECTRANETICS CORP COM 49,432 49,432
    1375 SHS SPIRIT AIRLS INC COM 61,696 61,696
    19800 SHS SPLUNK INC COMMON SHARES 1,072,764 1,072,764
    23340 SHS SS AND C TECHNOLOGIES HOLDINGS INC 655,387 655,387
    12585 SHS SSE PLC .5GBP PAR ORDINARY 261,438 261,438
    9800 SHS STARWOOD HOTELS AND RESORTS WORLDWIDE NE 724,710 724,710
    6140 SHS STARWOOD PPTY TR INC COMMON STOCK 127,221 127,221
    883 SHS STATE BK FINL CORP 17,969 17,969
    2229 SHS STEVEN MADDEN LTD SHS 76,187 76,187
    7678 SHS SUMITOMO CORP 8053 FN JPY PAR ORDINARY 76,675 76,675
    3126 SHS SUMITOMO MITSUI FIN 8316 50000.JPY PAR ORDINARY 89,157 89,157
    14793 SHS SUNCORP GROUP LTD ORDINARY SHARES 134,161 134,161
    1057 SHS SUNTORY BEVERAGE AND FOOD LIMITE 2587 JPY PAR ORDINARY 47,600 47,600
    18306 SHS SUNTORY BEVERAGE AND FOOD-UADR 411,885 411,885
    14912 SHS SUPERIOR ENERGY SVCS INC 274,530 274,530
    9285 SHS SWEDBANK AB 20.SEK PAR ORDINARY 192,544 192,544
    4001 SHS SWEDISH MATCH 1.2SEK PAR ORDINARY 138,125 138,125
    6199 SHS SWIRE PAC LTD SHS A .6HKD PAR ORDINARY 69,997 69,997
    969 SHS SWISS RE AG NAMEN-AKT. .1 CHF PAR ORDINARY 84,298 84,298
    6524 SHS SYKES ENTERPRISES INC 188,935 188,935
    12433 SHS TE CONNECTIVITY LTD REG.SHS 710,049 710,049
    1948 SHS TECHNIP SA NPV 20.EUR PAR ORDINARY 105,642 105,642
    24005 SHS TELENOR ASA ORD 6.NOK PAR ORDINARY 394,729 394,729
    31425 SHS TELIA CO AB 3.2SEK PAR ORDINARY 147,317 147,317
    26904 SHS TELSTRA COPRORATION LTD AUD PAR ORDINARY 111,380 111,380
    5996 SHS TEREX CORP DEL NEW COM 121,779 121,779
    908 SHS TESORO CORP 68,027 68,027
    16165 SHS TETRA TECHNOLOGIES INC 102,971 102,971
    1675 SHS THE PRICELINE GROUP INC 2,091,087 2,091,087
    10700 SHS THERMO FISHER SCIENTIFIC INC 1,581,032 1,581,032
    4070 SHS THK CORP YEN FN 6481 JPY PAR ORDINARY 68,752 68,752
    8442 SHS TIDEWATER INC COM NEW 37,229 37,229
    3992 SHS TOKIO MARINE HOLDINGS IN 100.JPY PAR ORDINARY 131,017 131,017
    8352 SHS TONENGENERAL SEKIYU 5012 JPY PAR ORDINARY 75,712 75,712
    9410 SHS TOTAL S.A. SP ADR 452,621 452,621
    2030 SHS TOYOTA MOTOR CORP 7203 JPY PAR ORDINARY 99,966 99,966
    2225 SHS TRACTOR SUPPLY CO 202,876 202,876
    2076 SHS TRIMBLE NAV LTD 50,571 50,571
    10202 SHS TRUEBLUE INC 193,022 193,022
    2930 SHS TUPPERWARE BRANDS CORP 164,900 164,900
    98425 SHS TWENTY-FIRST CENTURY FOX INC CLASS A 2,662,396 2,662,396
    12950 SHS TWENTY-FIRST CENTURY FOX INC CLASS B 352,888 352,888
    2223 SHS TYLER TECHS INC DEL COM 370,596 370,596
    1586 SHS ULTIMATE SOFTWARE GROUP 333,520 333,520
    12825 SHS UNDER ARMOUR INC 514,667 514,667
    13007 SHS UNDER ARMOUR INC SHS 470,142 470,142
    17330 SHS UNIBAIL-RODAMCO SE UNSP ADR 443,735 443,735
    5056 SHS UNILEVER PLC .03 GBP PAR ORDINARY 241,899 241,899
    10072 SHS UNION PACIFIC CORP 878,782 878,782
    562 SHS UNITED RENTALS INC COM 37,710 37,710
    29611 SHS UNITEDHEALTH GROUP INC 4,181,073 4,181,073
    10284 SHS UPM-KYMMENE OY CORP FN EUR PAR ORDINARY 187,369 187,369
    14828 SHS V F CORPORATION 911,774 911,774
    5338 SHS VANTIV INC CL A 302,131 302,131
    4265 SHS VERINT SYSTEMS INC 141,299 141,299
    56425 SHS VISA INC CL A SHRS 4,185,042 4,185,042
    4747 SHS VITAMIN SHOPPE INC 145,116 145,116
    21977 SHS VIVENDI SHS UNSP ADR 413,387 413,387
    20225 SHS VODAFONE GROUP PLC SHS ADR 624,750 624,750
    21150 SHS W R BERKLEY CORP 1,267,308 1,267,308
    7866 SHS WADDELL & REED FINL A 135,453 135,453
    1942 SHS WAGEWORKS INC 116,151 116,151
    15661 SHS WEC ENERGY GROUP INC SHS 1,022,663 1,022,663
    8068 SHS WEIR GROUP 12.5P FN GBP PAR ORDINARY 155,415 155,415
    20671 SHS WELLS FARGO & CO NEW DEL 978,358 978,358
    5268 SHS WHIRLPOOL CORP 877,860 877,860
    464 SHS WHITE MTNS INS GRP LTD 390,688 390,688
    4582 SHS WILEY JOHN & SONS CL A 239,089 239,089
    21591 SHS WILLIAM HILL PLC ADR 302,274 302,274
    25966 SHS WILLIAM HILL PLC GBP PAR ORDINARY 89,380 89,380
    9581 SHS WNS HOLDINGS LTD SPN ADR 258,687 258,687
    3653 SHS WPP PLC NEW/ADR 381,812 381,812
    21797 SHS WPX ENERGY INC CLASS A COMMON STOCK 202,930 202,930
    1681 SHS WRIGHT MEDICAL GROUP NV EUR0.03 29,199 29,199
    1190 SHS WYNDHAM WORLDWIDE CORP W I 84,764 84,764
    781 SHS WYNN RESORTS LTD 70,790 70,790
    5832 SHS YADKIN FINL CORP 146,325 146,325
    15697 SHS YAMADA DENKI 9831 JPY PAR ORDINARY 82,623 82,623
    182107 SHS YANGZIJIANG SHIPBUILDING SGD PAR ORDINARY 121,083 121,083
    2925 SHS ZEBRA TECHNOLOGIES CRP A 146,543 146,543
    2201 SHS ZURICH INSURANCE GRP AG 10.CHF PAR ORDINARY 540,874 540,874

    TY 2015 InvestmentsOtherSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    RESIDUAL INVESTMENTS ARDEN SAGE ACCOUNT FMV 121,942 121,942
    ROSE VALUE-ADD OFFICE RETROFIT FUND FMV 1,420,561 1,420,561
    CARLYLE PARTNERS FMV 2,507,862 2,507,862
    BLACKSTONE MARKET OPPORTUNITIES OFFSHORE FUND FMV 6,136,843 6,136,843
    MORGAN CREEK PARTNERS FMV 3,731,265 3,731,265
    ECO SYSTEM PARTNERS FMV 6,253,856 6,253,856
    1454475 SHS SPHINX ACCESS LTD CL DH FMV 214,794 214,794
    NEUBERGER BERMAN EMERGING MARKETS EQUITY FUND FMV 9,852,811 9,852,811
    MONARCH DEBT RECOVERY FUND LTD FMV 12,367,530 12,367,530
    BEACH POINT TOTAL RETURN OFFSHORE FUND II LTD FMV 12,185,418 12,185,418
    NUVEEN GLOBAL EMERGING MARKETS FMV 12,960,938 12,960,938
    GRESHAM TAP FMV 10,414,993 10,414,993
    BLACKROCK COMMODITIES FMV 5,082,257 5,082,257
    POWERSHARES PRIVATE EQUITY FMV 3,172,050 3,172,050
    BARROW HANLY BOND FUND FMV 3,240,172 3,240,172
    SKYBRIDGE FMV 9,314,496 9,314,496
    BLACKSTONE STRATEGIC OFFSHORE FMV 22,850,715 22,850,715
    BLACKSTONE CAYMAN FMV 1,702,660 1,702,660
    AG SUPERFUND FMV 9,792,586 9,792,586
    CARLYLE ENERGY FMV 2,294,617 2,294,617
    ABRAAJ GROWTH FMV 2,733,791 2,733,791
    INVESTEC FMV 1,098,041 1,098,041
    VANGUARD ST BOND FUND FMV 3,545,970 3,545,970
    FUNDAMENTAL CREDIT OPPORTUNITIES FMV 10,572,806 10,572,806
    MARATHON ACCESS FMV 9,049,214 9,049,214
    MUTUAL FUNDS FOR 457 PLAN FMV 59,307 59,307

    TY 2015 LandEtcSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    LAND AND BUILDINGS, BRATTLE STREET, CAMBRIDGE 10,082,406 4,883,319 5,199,087  
    FURNITURE 90,433 90,433 0  
    OFFICE CONDO - PHOENIX 2,119,729 447,498 1,672,231  
    CONDOMINIUM IMPROVEMENTS - PHOENIX 389,901 102,893 287,008  
    CONDOMINIUM IMPROVEMENTS - PHOENIX 30,980 6,544 24,436  
    PHILLIPS PLACE, CAMBRIDGE - LAND 2,500,000 0 2,500,000  
    PHILLIPS PLACE, CAMBRIDGE - BUILDINGS 1,550,255 0 1,550,255  
    PHILLIPS PLACE, CAMBRIDGE - IMPROVEMENTS 3,160,418 234,467 2,925,951  
    PHILLIPS PLACE, CAMBRIDGE - CAP INT 443,002 17,228 425,774  
    FURNITURE 160,023 26,669 133,354  
    BRATTLE STREET CAPITALIZED EXPENSES 495,159 0 495,159  
    PHOENIX FURNITURE 61,416 61,416 0  
    PHOENIX CONSTRUCTION IN PROGRESS 313,014 0 313,014  


    TY 2015 LegalFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 40,003 4,546 4,546 35,457


    TY 2015 OtherAssetsSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    HEALTH INSURANCE DEPOSIT 10,605 10,605 10,605


    TY 2015 OtherDecreasesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Description Amount
    CHANGE IN UNREALIZED APPRECIATION FOR YEAR NET OF TAX 22,023,234


    TY 2015 OtherExpensesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CURRICULUM DEVELOPMENT AND RESEARCH 1,160,553 0 0 1,160,553
    EVALUATION 22,859 0 0 22,859
    GENERAL OFFICE 179,634 15,250 15,250 164,384
    BOARD TRAVEL AND MEETING COSTS 300,692 44,128 44,128 256,564
    INSURANCE 58,559 0 0 58,559
    JOINT/DEMONSTRATION PROJECTS 2,628,312 0 0 2,628,312
    TEMPORARY SUPPORT STAFF 25,960 0 0 25,960
    PUBLIC AFFAIRS 102,651 0 0 102,651
    INFORMATION TECHNOLOGY 803,340 57,791 57,791 745,549
    MULTI-MEDIA 94,101 0 0 94,101
    DISTANCE EDUCATION 387,499 0 0 387,499
    COURSES, CONFERENCES AND MEETINGS 1,391,237 0 0 1,391,237
    PROGRAM AWARDS UNDER $10,000 365,685 0 0 365,685


    TY 2015 OtherIncomeSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PUBLICATIONS 40,284   40,284
    SONORAN INSTITUTE 4,891   4,891
    EMPLOYEE PARKING 6,405   6,405
    OTHER 758   758
    REBATES 5,173   5,173


    TY 2015 OtherLiabilitiesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Description Beginning of Year - Book Value End of Year - Book Value
    PAYROLL RELATED 36,640 36,382
    TENANT DEPOSIT 3,014 0
    REVOLVING LOAN ACCOUNT 13,491,115 14,145,016
    DEFERRED EXCISE TAX 1,998,914 1,549,460


    TY 2015 OtherProfessionalFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT ADVISORY FEES 1,912,289 1,912,289 1,912,289 0
    INVESTMENT CONSULTANT 404,550 404,550 404,550 0
    PROGRAM ADMINISTRATION CONSULTING 5,793 0 0 5,793


    TY 2015 TaxesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 190,060 190,060 190,060 0
    FEDERAL EXCISE 650,000 0 0 650,000
    STATE UBIT 18,000 0 0 0