TY 2018 Form 990PF

- TIN:

Form990-PF
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Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

Do not enter social security numbers on this form as it may be made public.
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Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0052

2018

Open to Public Inspection

For calendar year 2018, or tax year beginning 01-01-2018 , and ending 12-31-2018

Name of foundation
BEER PAUL TW

Number and street (or P.O. box number if mail is not delivered to street address)6325 S RAINBOW BLVD STE 300
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
LAS VEGAS, NV89118

A Employer identification number

42-6215149

B Telephone number (see instructions)

(888) 730-4933

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. bullet

2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$14,290,665J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	399,851		387,152
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		713,318
b	Gross sales price for all assets on line 6a 2,419,026
7	Capital gain net income (from Part IV, line 2)...			713,318
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).......		27,146	10,228
12	Total. Add lines 1 through 11........	1,140,315		1,110,698
13	Compensation of officers, directors, trustees, etc.	86,218		77,596		8,622
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........		3,869	0	0	3,869
b	Accounting fees (attach schedule).......		1,148	0	0	1,148
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		14,392	6,892		0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......			0	0
22	Printing and publications..........			0	0
23	Other expenses (attach schedule).......		4,241	4,103		138
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	109,868		88,591	0	13,777
25	Contributions, gifts, grants paid.......	727,794				727,794
26	Total expenses and disbursements. Add lines 24 and 25	837,662		88,591	0	741,571
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	302,653
b	Net investment income (if negative, enter -0-)			1,022,107
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2018)

Form 990-PF (2018)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	338,037	994,080	994,080
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	11,053,600	10,689,487	13,296,585
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	11,391,637	11,683,567	14,290,665
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........		0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted..................
	25	Temporarily restricted...............
	26	Permanently restricted...............
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds........	11,391,637	11,683,567
	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).....	11,391,637	11,683,567
	31	Total liabilities and net assets/fund balances (see instructions).	11,391,637	11,683,567

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............

11,391,637

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

302,653

Other increases not included in line 2 (itemize) bullet

14,313

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

11,708,603

Decreases not included in line 2 (itemize) bullet

25,036

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

11,683,567

Form 990-PF (2018)

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	116.75 GOVT NATL MTG ASSN 1.983% 5/16/45		2013-02-21	2018-01-16
b	50000. US TREASURY NOTE 2.250% 5/15/27		2017-10-30	2018-02-07
c	124.55 FHLMC POOL G01665 5.500% 3/01/34		2011-08-17	2018-02-15
d	123.49 FHLMC POOL G05253 5.000% 2/01/39		2011-08-17	2018-02-15
e	535.76 FHLMC POOL #Q08646 3.500% 6/01/42		2015-04-29	2018-02-15
	1806.14 FHLMC POOL #Q15767 3.000% 2/01/43		2015-11-04	2018-02-15
	91.83 GNMA POOL 604046 5.500% 2/15/33		2011-08-22	2018-02-15
	20.74 GNMA POOL 734431 4.500% 5/15/41		2011-08-22	2018-02-15
	117.06 GOVT NATL MTG ASSN 1.983% 5/16/45		2013-02-21	2018-02-16
	216.03 FNMA POOL 257207 6.000% 5/01/38		2011-08-22	2018-02-25
	14.73 FNMA POOL 257571 4.500% 1/01/39		2011-08-17	2018-02-25
	63.99 FNMA POOL #AJ5571 4.000% 1/01/42		2015-03-20	2018-02-25
	238.56 FNMA POOL #AL9432 3.000% 10/01/46		2017-03-01	2018-02-25
	107.09 FNMA POOL #AL8405 4.500% 5/01/41		2017-03-01	2018-02-25
	1057.07 FNMA POOL #AQ9037 2.500% 1/01/28		2015-11-16	2018-02-25
	862.68 FNMA POOL #AS6610 3.000% 2/01/31		2016-05-20	2018-02-25
	345.78 FNMA POOL #AU0522 3.000% 8/01/28		2017-03-09	2018-02-25
	94.48 FNMA POOL #AX7758 4.000% 1/01/45		2015-09-28	2018-02-25
	157.11 FNMA POOL 828346 5.000% 7/01/35		2011-09-21	2018-02-25
	154.82 FNMA POOL #BA2867 3.500% 6/01/46		2017-03-01	2018-02-25
	386.75 FNMA POOL #AB9783 3.000% 7/01/43		2015-10-07	2018-02-25
	217.09 FNMA POOL MA0616 4.000% 1/01/31		2012-11-07	2018-02-25
	1865.17 FNMA POOL #MA2426 3.500% 9/01/30		2015-09-23	2018-02-25
	85000. FED HOME LN MTG CORP 3.034% 10/25/20		2014-01-08	2018-03-02
	121.43 FHLMC POOL G01665 5.500% 3/01/34		2011-08-17	2018-03-15
	39.95 FHLMC POOL G05253 5.000% 2/01/39		2011-08-17	2018-03-15
	183.96 FHLMC POOL #Q08646 3.500% 6/01/42		2015-04-29	2018-03-15
	641.71 FHLMC POOL #Q15767 3.000% 2/01/43		2015-11-04	2018-03-15
	75.3 GNMA POOL 604046 5.500% 2/15/33		2011-08-22	2018-03-15
	407.43 GNMA POOL 734431 4.500% 5/15/41		2011-08-22	2018-03-15
	117.38 GOVT NATL MTG ASSN 1.983% 5/16/45		2013-02-21	2018-03-16
	65.37 FNMA POOL 257207 6.000% 5/01/38		2011-08-22	2018-03-25
	138.18 FNMA POOL 257571 4.500% 1/01/39		2011-08-17	2018-03-25
	634.53 FNMA POOL #AJ5571 4.000% 1/01/42		2015-03-20	2018-03-25
	363.75 FNMA POOL #AL9432 3.000% 10/01/46		2017-03-01	2018-03-25
	61.39 FNMA POOL #AL8405 4.500% 5/01/41		2017-03-01	2018-03-25
	461.83 FNMA POOL #AQ9037 2.500% 1/01/28		2015-11-16	2018-03-25
	1360.13 FNMA POOL #AS5887 4.000% 9/01/45		2018-02-06	2018-03-25
	1101.23 FNMA POOL #AS6610 3.000% 2/01/31		2016-05-20	2018-03-25
	375.12 FNMA POOL #AU0522 3.000% 8/01/28		2017-03-09	2018-03-25
	108.69 FNMA POOL #AX7758 4.000% 1/01/45		2015-09-28	2018-03-25
	67.97 FNMA POOL 828346 5.000% 7/01/35		2011-09-21	2018-03-25
	153.01 FNMA POOL #BA2867 3.500% 6/01/46		2017-03-01	2018-03-25
	383.53 FNMA POOL #AB9783 3.000% 7/01/43		2015-10-07	2018-03-25
	254.91 FNMA POOL MA0616 4.000% 1/01/31		2012-11-07	2018-03-25
	1605.39 FNMA POOL #MA2426 3.500% 9/01/30		2015-09-23	2018-03-25
	131.44 FHLMC POOL G01665 5.500% 3/01/34		2011-08-17	2018-04-15
	103.74 FHLMC POOL G05253 5.000% 2/01/39		2011-08-17	2018-04-15
	393.25 FHLMC POOL #Q08646 3.500% 6/01/42		2015-04-29	2018-04-15
	595.5 FHLMC POOL #Q15767 3.000% 2/01/43		2015-11-04	2018-04-15
	466.94 FHLMC POOL #V82849 3.000% 12/01/46		2018-02-22	2018-04-15
	93.47 GNMA POOL 604046 5.500% 2/15/33		2011-08-22	2018-04-15
	20.19 GNMA POOL 734431 4.500% 5/15/41		2011-08-22	2018-04-15
	117.69 GOVT NATL MTG ASSN 1.983% 5/16/45		2013-02-21	2018-04-16
	50000. DIGNITY HEALTH 3.812% 11/01/24		2014-10-07	2018-04-19
	90.08 FNMA POOL 257207 6.000% 5/01/38		2011-08-22	2018-04-25
	48.93 FNMA POOL 257571 4.500% 1/01/39		2011-08-17	2018-04-25
	71.8 FNMA POOL #AJ5571 4.000% 1/01/42		2015-03-20	2018-04-25
	349.49 FNMA POOL #AL9432 3.000% 10/01/46		2017-03-01	2018-04-25
	62.15 FNMA POOL #AL8405 4.500% 5/01/41		2017-03-01	2018-04-25
	1245.29 FNMA POOL #AQ9037 2.500% 1/01/28		2015-11-16	2018-04-25
	1041.62 FNMA POOL #AS5887 4.000% 9/01/45		2018-02-06	2018-04-25
	891.98 FNMA POOL #AS6610 3.000% 2/01/31		2016-05-20	2018-04-25
	626.84 FNMA POOL #AU0522 3.000% 8/01/28		2017-03-09	2018-04-25
	101.05 FNMA POOL #AX7758 4.000% 1/01/45		2015-09-28	2018-04-25
	195.71 FNMA POOL 828346 5.000% 7/01/35		2011-09-21	2018-04-25
	192.78 FNMA POOL #BA2867 3.500% 6/01/46		2017-03-01	2018-04-25
	251.66 FNMA POOL #AB9783 3.000% 7/01/43		2015-10-07	2018-04-25
	246.87 FNMA POOL MA0616 4.000% 1/01/31		2012-11-07	2018-04-25
	378.24 FNMA POOL #MA2426 3.500% 9/01/30		2015-09-23	2018-04-25
	143.72 FHLMC POOL G01665 5.500% 3/01/34		2011-08-17	2018-05-15
	68.19 FHLMC POOL G05253 5.000% 2/01/39		2011-08-17	2018-05-15
	63.88 FHLMC POOL #Q08646 3.500% 6/01/42		2015-04-29	2018-05-15
	643.02 FHLMC POOL #Q15767 3.000% 2/01/43		2015-11-04	2018-05-15
	468.87 FHLMC POOL #V82849 3.000% 12/01/46		2018-02-22	2018-05-15
	97.21 GNMA POOL 604046 5.500% 2/15/33		2011-08-22	2018-05-15
	402.72 GNMA POOL 734431 4.500% 5/15/41		2011-08-22	2018-05-15
	118.01 GOVT NATL MTG ASSN 1.983% 5/16/45		2013-02-21	2018-05-16
	137.39 FNMA POOL 257207 6.000% 5/01/38		2011-08-22	2018-05-25
	96.41 FNMA POOL 257571 4.500% 1/01/39		2011-08-17	2018-05-25
	63.51 FNMA POOL #AJ5571 4.000% 1/01/42		2015-03-20	2018-05-25
	1036.55 FNMA POOL #AL9432 3.000% 10/01/46		2017-03-01	2018-05-25
	1608.56 FNMA POOL #AL8405 4.500% 5/01/41		2017-03-01	2018-05-25
	454.3 FNMA POOL #AQ9037 2.500% 1/01/28		2015-11-16	2018-05-25
	1379.13 FNMA POOL #AS5887 4.000% 9/01/45		2018-02-06	2018-05-25
	1178.68 FNMA POOL #AS6610 3.000% 2/01/31		2016-05-20	2018-05-25
	375.82 FNMA POOL #AU0522 3.000% 8/01/28		2017-03-09	2018-05-25
	3548.08 FNMA POOL #AX7758 4.000% 1/01/45		2015-09-28	2018-05-25
	164.73 FNMA POOL 828346 5.000% 7/01/35		2011-09-21	2018-05-25
	154.36 FNMA POOL #BA2867 3.500% 6/01/46		2017-03-01	2018-05-25
	465.43 FNMA POOL #AB9783 3.000% 7/01/43		2015-10-07	2018-05-25
	229.71 FNMA POOL MA0616 4.000% 1/01/31		2012-11-07	2018-05-25
	355.8 FNMA POOL #MA2426 3.500% 9/01/30		2015-09-23	2018-05-25
	125. AFFILIATED MANAGERS GROUP, INC COM		2017-08-15	2018-06-14
	90. ALPHABET INC/CA		2016-05-27	2018-06-14
	500. AMERIPRISE FINL INC		2016-12-15	2018-06-14
	200. APPLE INC		2008-08-06	2018-06-14
	275. CELGENE CORP COM		2008-08-06	2018-06-14
	785. ECOLAB INC		2008-08-06	2018-06-14
	540. GILEAD SCIENCES INC		2008-08-06	2018-06-14
	700. HAIN CELESTIAL GROUP INC		2017-08-15	2018-06-14
	770. JPMORGAN CHASE & CO			2018-06-14
	6520. MANULIFE FINANCIAL CORP		2016-05-27	2018-06-14
	1780. SUNCOR ENERGY INC NEW F		2016-05-27	2018-06-14
	365. TARGET CORP		2000-09-21	2018-06-14
	150. TRAVELERS COS INC		2002-10-28	2018-06-14
	440. UNITEDHEALTH GROUP INC		2009-12-23	2018-06-14
	89.67 FHLMC POOL G01665 5.500% 3/01/34		2011-08-17	2018-06-15
	90.24 FHLMC POOL G05253 5.000% 2/01/39		2011-08-17	2018-06-15
	171.19 FHLMC POOL #Q08646 3.500% 6/01/42		2015-04-29	2018-06-15
	1485.64 FHLMC POOL #Q15767 3.000% 2/01/43		2015-11-04	2018-06-15
	706.72 FHLMC POOL #V82849 3.000% 12/01/46		2018-02-22	2018-06-15
	98.52 GNMA POOL 604046 5.500% 2/15/33		2011-08-22	2018-06-15
	912.41 GNMA POOL 734431 4.500% 5/15/41		2011-08-22	2018-06-15
	118.32 GOVT NATL MTG ASSN 1.983% 5/16/45		2013-02-21	2018-06-16
	50000. AMGEN INC 4.100% 6/15/21		2016-09-12	2018-06-21
	68.03 FNMA POOL 257207 6.000% 5/01/38		2011-08-22	2018-06-25
	30.73 FNMA POOL 257571 4.500% 1/01/39		2011-08-17	2018-06-25
	72.18 FNMA POOL #AJ5571 4.000% 1/01/42		2015-03-20	2018-06-25
	1473.92 FNMA POOL #AL9432 3.000% 10/01/46		2017-03-01	2018-06-25
	185.73 FNMA POOL #AL8405 4.500% 5/01/41		2017-03-01	2018-06-25
	453.17 FNMA POOL #AQ9037 2.500% 1/01/28		2015-11-16	2018-06-25
	891.3 FNMA POOL #AS5887 4.000% 9/01/45		2018-02-06	2018-06-25
	1413.85 FNMA POOL #AS6610 3.000% 2/01/31		2016-05-20	2018-06-25
	626.96 FNMA POOL #AU0522 3.000% 8/01/28		2017-03-09	2018-06-25
	114.97 FNMA POOL #AX7758 4.000% 1/01/45		2015-09-28	2018-06-25
	195.24 FNMA POOL 828346 5.000% 7/01/35		2011-09-21	2018-06-25
	155.24 FNMA POOL #BA2867 3.500% 6/01/46		2017-03-01	2018-06-25
	860.65 FNMA POOL #AB9783 3.000% 7/01/43		2015-10-07	2018-06-25
	234.69 FNMA POOL MA0616 4.000% 1/01/31		2012-11-07	2018-06-25
	1515.74 FNMA POOL #MA2426 3.500% 9/01/30		2015-09-23	2018-06-25
	118.24 FHLMC POOL G01665 5.500% 3/01/34		2011-08-17	2018-07-15
	74.6 FHLMC POOL G05253 5.000% 2/01/39		2011-08-17	2018-07-15
	197.59 FHLMC POOL #Q08646 3.500% 6/01/42		2015-04-29	2018-07-15
	570.93 FHLMC POOL #Q15767 3.000% 2/01/43		2015-11-04	2018-07-15
	549.7 FHLMC POOL #V82849 3.000% 12/01/46		2018-02-22	2018-07-15
	96.17 GNMA POOL 604046 5.500% 2/15/33		2011-08-22	2018-07-15
	18.5 GNMA POOL 734431 4.500% 5/15/41		2011-08-22	2018-07-15
	118.64 GOVT NATL MTG ASSN 1.983% 5/16/45		2013-02-21	2018-07-16
	9.04 FNMA POOL 257207 6.000% 5/01/38		2011-08-22	2018-07-25
	93.12 FNMA POOL 257571 4.500% 1/01/39		2011-08-17	2018-07-25
	288.43 FNMA POOL #AJ5571 4.000% 1/01/42		2015-03-20	2018-07-25
	205.28 FNMA POOL #AL9432 3.000% 10/01/46		2017-03-01	2018-07-25
	65.68 FNMA POOL #AL8405 4.500% 5/01/41		2017-03-01	2018-07-25
	462.38 FNMA POOL #AQ9037 2.500% 1/01/28		2015-11-16	2018-07-25
	1054.66 FNMA POOL #AS5887 4.000% 9/01/45		2018-02-06	2018-07-25
	843.15 FNMA POOL #AS6610 3.000% 2/01/31		2016-05-20	2018-07-25
	591.04 FNMA POOL #AU0522 3.000% 8/01/28		2017-03-09	2018-07-25
	108.44 FNMA POOL #AX7758 4.000% 1/01/45		2015-09-28	2018-07-25
	202.43 FNMA POOL 828346 5.000% 7/01/35		2011-09-21	2018-07-25
	2592.39 FNMA POOL #BA2867 3.500% 6/01/46		2017-03-01	2018-07-25
	275.34 FNMA POOL #AB9783 3.000% 7/01/43		2015-10-07	2018-07-25
	194.99 FNMA POOL MA0616 4.000% 1/01/31		2012-11-07	2018-07-25
	867.89 FNMA POOL #MA2426 3.500% 9/01/30		2015-09-23	2018-07-25
	98.78 FHLMC POOL G01665 5.500% 3/01/34		2011-08-17	2018-08-15
	76.68 FHLMC POOL G05253 5.000% 2/01/39		2011-08-17	2018-08-15
	175.47 FHLMC POOL #Q08646 3.500% 6/01/42		2015-04-29	2018-08-15
	592.67 FHLMC POOL #Q15767 3.000% 2/01/43		2015-11-04	2018-08-15
	690.49 FHLMC POOL #V82849 3.000% 12/01/46		2018-02-22	2018-08-15
	65.97 GNMA POOL 604046 5.500% 2/15/33		2011-08-22	2018-08-15
	18.35 GNMA POOL 734431 4.500% 5/15/41		2011-08-22	2018-08-15
	118.96 GOVT NATL MTG ASSN 1.983% 5/16/45		2013-02-21	2018-08-16
	75.57 FNMA POOL 257207 6.000% 5/01/38		2011-08-22	2018-08-25
	10.91 FNMA POOL 257571 4.500% 1/01/39		2011-08-17	2018-08-25
	701.35 FNMA POOL #AJ5571 4.000% 1/01/42		2015-03-20	2018-08-25
	1282.54 FNMA POOL #AL9432 3.000% 10/01/46		2017-03-01	2018-08-25
	764.54 FNMA POOL #AL8405 4.500% 5/01/41		2017-03-01	2018-08-25
	957.89 FNMA POOL #AQ9037 2.500% 1/01/28		2015-11-16	2018-08-25
	1729.18 FNMA POOL #AS5887 4.000% 9/01/45		2018-02-06	2018-08-25
	1239.95 FNMA POOL #AS6610 3.000% 2/01/31		2016-05-20	2018-08-25
	649.54 FNMA POOL #AU0522 3.000% 8/01/28		2017-03-09	2018-08-25
	205.83 FNMA POOL #AX7758 4.000% 1/01/45		2015-09-28	2018-08-25
	54.45 FNMA POOL 828346 5.000% 7/01/35		2011-09-21	2018-08-25
	3809.3 FNMA POOL #BA2867 3.500% 6/01/46		2017-03-01	2018-08-25
	396.06 FNMA POOL #AB9783 3.000% 7/01/43		2015-10-07	2018-08-25
	208.64 FNMA POOL MA0616 4.000% 1/01/31		2012-11-07	2018-08-25
	504.19 FNMA POOL #MA2426 3.500% 9/01/30		2015-09-23	2018-08-25
	50000. MORGAN STANLEY 7.300% 5/13/19		2013-08-09	2018-09-06
	128.15 FHLMC POOL G01665 5.500% 3/01/34		2011-08-17	2018-09-15
	47.49 FHLMC POOL G05253 5.000% 2/01/39		2011-08-17	2018-09-15
	139.78 FHLMC POOL #Q08646 3.500% 6/01/42		2015-04-29	2018-09-15
	176.34 FHLMC POOL #Q15767 3.000% 2/01/43		2015-11-04	2018-09-15
	664.01 FHLMC POOL #V82849 3.000% 12/01/46		2018-02-22	2018-09-15
	77.7 GNMA POOL 604046 5.500% 2/15/33		2011-08-22	2018-09-15
	18.5 GNMA POOL 734431 4.500% 5/15/41		2011-08-22	2018-09-15
	119.28 GOVT NATL MTG ASSN 1.983% 5/16/45		2013-02-21	2018-09-16
	35000. AON PLC 4.600% 6/14/44		2015-04-08	2018-09-20
	50000. APPLE INC 3.850% 5/04/43		2016-08-22	2018-09-20
	1305. ISHARES TIPS BOND ETF			2018-09-20
	69.01 FNMA POOL 257207 6.000% 5/01/38		2011-08-22	2018-09-25
	135.03 FNMA POOL 257571 4.500% 1/01/39		2011-08-17	2018-09-25
	68.54 FNMA POOL #AJ5571 4.000% 1/01/42		2015-03-20	2018-09-25
	393.26 FNMA POOL #AL9432 3.000% 10/01/46		2017-03-01	2018-09-25
	320.31 FNMA POOL #AL8405 4.500% 5/01/41		2017-03-01	2018-09-25
	457.17 FNMA POOL #AQ9037 2.500% 1/01/28		2015-11-16	2018-09-25
	1138.65 FNMA POOL #AS5887 4.000% 9/01/45		2018-02-06	2018-09-25
	832.15 FNMA POOL #AS6610 3.000% 2/01/31		2016-05-20	2018-09-25
	543.73 FNMA POOL #AU0522 3.000% 8/01/28		2017-03-09	2018-09-25
	104.05 FNMA POOL #AX7758 4.000% 1/01/45		2015-09-28	2018-09-25
	125.41 FNMA POOL 828346 5.000% 7/01/35		2011-09-21	2018-09-25
	146.66 FNMA POOL #BA2867 3.500% 6/01/46		2017-03-01	2018-09-25
	753.89 FNMA POOL #AB9783 3.000% 7/01/43		2015-10-07	2018-09-25
	186.29 FNMA POOL MA0616 4.000% 1/01/31		2012-11-07	2018-09-25
	395.81 FNMA POOL #MA2426 3.500% 9/01/30		2015-09-23	2018-09-25
	30522. GRAMERCY PROPERTY TRUST		2004-06-28	2018-10-10
	81.58 FHLMC POOL G01665 5.500% 3/01/34		2011-08-17	2018-10-15
	57.28 FHLMC POOL G05253 5.000% 2/01/39		2011-08-17	2018-10-15
	197.8 FHLMC POOL #Q08646 3.500% 6/01/42		2015-04-29	2018-10-15
	233.67 FHLMC POOL #Q15767 3.000% 2/01/43		2015-11-04	2018-10-15
	567.14 FHLMC POOL #V82849 3.000% 12/01/46		2018-02-22	2018-10-15
	79.98 GNMA POOL 604046 5.500% 2/15/33		2011-08-22	2018-10-15
	434.37 GNMA POOL 734431 4.500% 5/15/41		2011-08-22	2018-10-15
	119.6 GOVT NATL MTG ASSN 1.983% 5/16/45		2013-02-21	2018-10-16
	41.72 FNMA POOL 257207 6.000% 5/01/38		2011-08-22	2018-10-25
	10.5 FNMA POOL 257571 4.500% 1/01/39		2011-08-17	2018-10-25
	670.24 FNMA POOL #AJ5571 4.000% 1/01/42		2015-03-20	2018-10-25
	852.38 FNMA POOL #AL9432 3.000% 10/01/46		2017-03-01	2018-10-25
	981.23 FNMA POOL #AL8405 4.500% 5/01/41		2017-03-01	2018-10-25
	449.68 FNMA POOL #AQ9037 2.500% 1/01/28		2015-11-16	2018-10-25
	1138.58 FNMA POOL #AS5887 4.000% 9/01/45		2018-02-06	2018-10-25
	446.58 FNMA POOL #AS6610 3.000% 2/01/31		2016-05-20	2018-10-25
	337.19 FNMA POOL #AU0522 3.000% 8/01/28		2017-03-09	2018-10-25
	96.44 FNMA POOL #AX7758 4.000% 1/01/45		2015-09-28	2018-10-25
	255.62 FNMA POOL 828346 5.000% 7/01/35		2011-09-21	2018-10-25
	150.88 FNMA POOL #BA2867 3.500% 6/01/46		2017-03-01	2018-10-25
	378.17 FNMA POOL #AB9783 3.000% 7/01/43		2015-10-07	2018-10-25
	188.76 FNMA POOL MA0616 4.000% 1/01/31		2012-11-07	2018-10-25
	1112.93 FNMA POOL #MA2426 3.500% 9/01/30		2015-09-23	2018-10-25
	98.43 FHLMC POOL G01665 5.500% 3/01/34		2011-08-17	2018-11-15
	45.1 FHLMC POOL G05253 5.000% 2/01/39		2011-08-17	2018-11-15
	464.88 FHLMC POOL #Q08646 3.500% 6/01/42		2015-04-29	2018-11-15
	566.6 FHLMC POOL #Q15767 3.000% 2/01/43		2015-11-04	2018-11-15
	388.1 FHLMC POOL #V82849 3.000% 12/01/46		2018-02-22	2018-11-15
	33.26 GNMA POOL 604046 5.500% 2/15/33		2011-08-22	2018-11-15
	18.05 GNMA POOL 734431 4.500% 5/15/41		2011-08-22	2018-11-15
	119.92 GOVT NATL MTG ASSN 1.983% 5/16/45		2013-02-21	2018-11-16
	44.92 FNMA POOL 257207 6.000% 5/01/38		2011-08-22	2018-11-25
	99.95 FNMA POOL 257571 4.500% 1/01/39		2011-08-17	2018-11-25
	60.5 FNMA POOL #AJ5571 4.000% 1/01/42		2015-03-20	2018-11-25
	1090.15 FNMA POOL #AL9432 3.000% 10/01/46		2017-03-01	2018-11-25
	793.26 FNMA POOL #AL8405 4.500% 5/01/41		2017-03-01	2018-11-25
	453.27 FNMA POOL #AQ9037 2.500% 1/01/28		2015-11-16	2018-11-25
	138.28 FNMA POOL #AS5887 4.000% 9/01/45		2018-02-06	2018-11-25
	433.21 FNMA POOL #AS6610 3.000% 2/01/31		2016-05-20	2018-11-25
	335.89 FNMA POOL #AU0522 3.000% 8/01/28		2017-03-09	2018-11-25
	113.83 FNMA POOL #AX7758 4.000% 1/01/45		2015-09-28	2018-11-25
	153.66 FNMA POOL 828346 5.000% 7/01/35		2011-09-21	2018-11-25
	154.27 FNMA POOL #BA2867 3.500% 6/01/46		2017-03-01	2018-11-25
	489.46 FNMA POOL #AB9783 3.000% 7/01/43		2015-10-07	2018-11-25
	131.88 FNMA POOL MA0616 4.000% 1/01/31		2012-11-07	2018-11-25
	1085.9 FNMA POOL #MA2426 3.500% 9/01/30		2015-09-23	2018-11-25
	105.82 FHLMC POOL G01665 5.500% 3/01/34		2011-08-17	2018-12-15
	82.86 FHLMC POOL G05253 5.000% 2/01/39		2011-08-17	2018-12-15
	225. FHLMC POOL #Q08646 3.500% 6/01/42		2015-04-29	2018-12-15
	959.35 FHLMC POOL #Q15767 3.000% 2/01/43		2015-11-04	2018-12-15
	510.28 FHLMC POOL #V82849 3.000% 12/01/46		2018-02-22	2018-12-15
	83.66 GNMA POOL 604046 5.500% 2/15/33		2011-08-22	2018-12-15
	18.04 GNMA POOL 734431 4.500% 5/15/41		2011-08-22	2018-12-15
	120.24 GOVT NATL MTG ASSN 1.983% 5/16/45		2013-02-21	2018-12-16
	39.97 FNMA POOL 257207 6.000% 5/01/38		2011-08-22	2018-12-25
	166.66 FNMA POOL 257571 4.500% 1/01/39		2011-08-17	2018-12-25
	69.17 FNMA POOL #AJ5571 4.000% 1/01/42		2015-03-20	2018-12-25
	470.49 FNMA POOL #AL9432 3.000% 10/01/46		2017-03-01	2018-12-25
	839.27 FNMA POOL #AL8405 4.500% 5/01/41		2017-03-01	2018-12-25
	2118.5 FNMA POOL #AQ9037 2.500% 1/01/28		2015-11-16	2018-12-25
	1285.61 FNMA POOL #AS5887 4.000% 9/01/45		2018-02-06	2018-12-25
	1018.15 FNMA POOL #AS6610 3.000% 2/01/31		2016-05-20	2018-12-25
	669.59 FNMA POOL #AU0522 3.000% 8/01/28		2017-03-09	2018-12-25
	97.37 FNMA POOL #AX7758 4.000% 1/01/45		2015-09-28	2018-12-25
	71.31 FNMA POOL 828346 5.000% 7/01/35		2011-09-21	2018-12-25
	1458.53 FNMA POOL #BA2867 3.500% 6/01/46		2017-03-01	2018-12-25
	235.5 FNMA POOL #AB9783 3.000% 7/01/43		2015-10-07	2018-12-25
	158.51 FNMA POOL MA0616 4.000% 1/01/31		2012-11-07	2018-12-25
	353.56 FNMA POOL #MA2426 3.500% 9/01/30		2015-09-23	2018-12-25
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	117	118	-1
b	48,342	50,061	-1,719
c	125	138	-13
d	123	134	-11
e	536	562	-26
	1,806	1,824	-18
	92	103	-11
	21	23	-2
	117	119	-2
	216	240	-24
	15	16	-1
	64	69	-5
	239	238	1
	107	114	-7
	1,057	1,077	-20
	863	901	-38
	346	354	-8
	94	101	-7
	157	170	-13
	155	159	-4
	387	395	-8
	217	233	-16
	1,865	1,974	-109
	85,638	86,697	-1,059
	121	134	-13
	40	43	-3
	184	193	-9
	642	648	-6
	75	84	-9
	407	442	-35
	117	119	-2
	65	73	-8
	138	148	-10
	635	681	-46
	364	362	2
	61	65	-4
	462	470	-8
	1,360	1,405	-45
	1,101	1,150	-49
	375	384	-9
	109	116	-7
	68	74	-6
	153	157	-4
	384	391	-7
	255	273	-18
	1,605	1,699	-94
	131	145	-14
	104	112	-8
	393	412	-19
	596	601	-5
	467	453	14
	93	105	-12
	20	22	-2
	118	119	-1
	49,589	50,000	-411
	90	100	-10
	49	52	-3
	72	77	-5
	349	348	1
	62	66	-4
	1,245	1,268	-23
	1,042	1,076	-34
	892	931	-39
	627	642	-15
	101	108	-7
	196	212	-16
	193	198	-5
	252	257	-5
	247	265	-18
	378	400	-22
	144	159	-15
	68	74	-6
	64	67	-3
	643	649	-6
	469	455	14
	97	109	-12
	403	437	-34
	118	120	-2
	137	153	-16
	96	103	-7
	64	68	-4
	1,037	1,032	5
	1,609	1,709	-100
	454	463	-9
	1,379	1,425	-46
	1,179	1,230	-51
	376	385	-9
	3,548	3,788	-240
	165	179	-14
	154	158	-4
	465	475	-10
	230	246	-16
	356	377	-21
	19,491	22,361	-2,870
	103,329	65,967	37,362
	74,108	57,468	16,640
	38,196	4,690	33,506
	21,535	10,616	10,919
	114,043	35,631	78,412
	38,350	15,284	23,066
	19,607	30,709	-11,102
	83,308	49,616	33,692
	123,618	97,604	26,014
	70,968	48,970	21,998
	28,148	9,607	18,541
	19,333	5,168	14,165
	112,089	14,177	97,912
	90	99	-9
	90	98	-8
	171	179	-8
	1,486	1,501	-15
	707	685	22
	99	110	-11
	912	991	-79
	118	120	-2
	50,985	54,567	-3,582
	68	76	-8
	31	33	-2
	72	77	-5
	1,474	1,468	6
	186	197	-11
	453	462	-9
	891	921	-30
	1,414	1,476	-62
	627	642	-15
	115	123	-8
	195	212	-17
	155	159	-4
	861	878	-17
	235	252	-17
	1,516	1,605	-89
	118	131	-13
	75	81	-6
	198	207	-9
	571	577	-6
	550	533	17
	96	108	-12
	19	20	-1
	119	120	-1
	9	10	-1
	93	100	-7
	288	310	-22
	205	204	1
	66	70	-4
	462	471	-9
	1,055	1,089	-34
	843	880	-37
	591	605	-14
	108	116	-8
	202	220	-18
	2,592	2,660	-68
	275	281	-6
	195	209	-14
	868	919	-51
	99	109	-10
	77	83	-6
	175	184	-9
	593	599	-6
	690	670	20
	66	74	-8
	18	20	-2
	119	121	-2
	76	84	-8
	11	12	-1
	701	753	-52
	1,283	1,277	6
	765	812	-47
	958	976	-18
	1,729	1,786	-57
	1,240	1,294	-54
	650	665	-15
	206	220	-14
	54	59	-5
	3,809	3,908	-99
	396	404	-8
	209	224	-15
	504	534	-30
	51,464	60,061	-8,597
	128	142	-14
	47	51	-4
	140	147	-7
	176	178	-2
	664	645	19
	78	87	-9
	19	20	-1
	119	121	-2
	34,005	38,541	-4,536
	48,177	52,466	-4,289
	144,202	147,920	-3,718
	69	77	-8
	135	144	-9
	69	74	-5
	393	392	1
	320	340	-20
	457	466	-9
	1,139	1,176	-37
	832	869	-37
	544	556	-12
	104	111	-7
	125	136	-11
	147	150	-3
	754	769	-15
	186	200	-14
	396	419	-23
	839,355	584,801	254,554
	82	90	-8
	57	62	-5
	198	207	-9
	234	236	-2
	567	551	16
	80	90	-10
	434	472	-38
	120	121	-1
	42	46	-4
	11	11
	670	720	-50
	852	849	3
	981	1,042	-61
	450	458	-8
	1,139	1,176	-37
	447	466	-19
	337	345	-8
	96	103	-7
	256	277	-21
	151	155	-4
	378	386	-8
	189	202	-13
	1,113	1,178	-65
	98	109	-11
	45	49	-4
	465	487	-22
	567	572	-5
	388	377	11
	33	37	-4
	18	20	-2
	120	122	-2
	45	50	-5
	100	107	-7
	61	65	-4
	1,090	1,086	4
	793	843	-50
	453	462	-9
	138	143	-5
	433	452	-19
	336	344	-8
	114	122	-8
	154	167	-13
	154	158	-4
	489	499	-10
	132	141	-9
	1,086	1,150	-64
	106	117	-11
	83	90	-7
	225	236	-11
	959	969	-10
	510	496	14
	84	94	-10
	18	20	-2
	120	122	-2
	40	44	-4
	167	178	-11
	69	74	-5
	470	469	1
	839	891	-52
	2,119	2,158	-39
	1,286	1,328	-42
	1,018	1,063	-45
	670	685	-15
	97	104	-7
	71	77	-6
	1,459	1,496	-37
	236	240	-4
	159	170	-11
	354	374	-20
			92,346

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			-1
b			-1,719
c			-13
d			-11
e			-26
			-18
			-11
			-2
			-2
			-24
			-1
			-5
			1
			-7
			-20
			-38
			-8
			-7
			-13
			-4
			-8
			-16
			-109
			-1,059
			-13
			-3
			-9
			-6
			-9
			-35
			-2
			-8
			-10
			-46
			2
			-4
			-8
			-45
			-49
			-9
			-7
			-6
			-4
			-7
			-18
			-94
			-14
			-8
			-19
			-5
			14
			-12
			-2
			-1
			-411
			-10
			-3
			-5
			1
			-4
			-23
			-34
			-39
			-15
			-7
			-16
			-5
			-5
			-18
			-22
			-15
			-6
			-3
			-6
			14
			-12
			-34
			-2
			-16
			-7
			-4
			5
			-100
			-9
			-46
			-51
			-9
			-240
			-14
			-4
			-10
			-16
			-21
			-2,870
			37,362
			16,640
			33,506
			10,919
			78,412
			23,066
			-11,102
			33,692
			26,014
			21,998
			18,541
			14,165
			97,912
			-9
			-8
			-8
			-15
			22
			-11
			-79
			-2
			-3,582
			-8
			-2
			-5
			6
			-11
			-9
			-30
			-62
			-15
			-8
			-17
			-4
			-17
			-17
			-89
			-13
			-6
			-9
			-6
			17
			-12
			-1
			-1
			-1
			-7
			-22
			1
			-4
			-9
			-34
			-37
			-14
			-8
			-18
			-68
			-6
			-14
			-51
			-10
			-6
			-9
			-6
			20
			-8
			-2
			-2
			-8
			-1
			-52
			6
			-47
			-18
			-57
			-54
			-15
			-14
			-5
			-99
			-8
			-15
			-30
			-8,597
			-14
			-4
			-7
			-2
			19
			-9
			-1
			-2
			-4,536
			-4,289
			-3,718
			-8
			-9
			-5
			1
			-20
			-9
			-37
			-37
			-12
			-7
			-11
			-3
			-15
			-14
			-23
			254,554
			-8
			-5
			-9
			-2
			16
			-10
			-38
			-1
			-4

			-50
			3
			-61
			-8
			-37
			-19
			-8
			-7
			-21
			-4
			-8
			-13
			-65
			-11
			-4
			-22
			-5
			11
			-4
			-2
			-2
			-5
			-7
			-4
			4
			-50
			-9
			-5
			-19
			-8
			-8
			-13
			-4
			-10
			-9
			-64
			-11
			-7
			-11
			-10
			14
			-10
			-2
			-2
			-4
			-11
			-5
			1
			-52
			-39
			-42
			-45
			-15
			-7
			-6
			-37
			-4
			-11
			-20

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	713,318
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? Yes No

If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.

1 Enter the appropriate amount in each column for each year; see instructions before making any entries.

(a) Base period years Calendar year (or tax year beginning in)	(b) Adjusted qualifying distributions	(c) Net value of noncharitable-use assets	(d) Distribution ratio (col. (b) divided by col. (c))
2017	702,559	15,004,293	0.046824
2016	690,736	14,219,163	0.048578
2015	608,731	14,509,085	0.041955
2014	391,488	14,309,101	0.027359
2013	637,751	13,618,558	0.04683

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

0.211546

Average distribution ratio for the 5-year base period—divide the total on line 2 by 5.0, or by the number of years the foundation has been in existence if less than 5 years ......

0.042309

Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......

15,269,212

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

646,025

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

10,221

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

656,246

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

741,571

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 (2018)

Page 4

Part VI

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	10,221
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	10,221
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	10,221
6	Credits/Payments:

a	2018 estimated tax payments and 2017 overpayment credited to 2018	6a	15,945
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	15,945
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	5,724
11	Enter the amount of line 10 to be: Credited to 2019 estimated tax2,556	Refunded	11	3,168

Part VII-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

or 4942(j)(5) for calendar year 2018 or the taxable year beginning in 2018? See the instructions for Part XIV.

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

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

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

Form 990-PF (2018)

Page 5

Part VII-A

Statements Regarding Activities (continued)

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

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

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

advisory privileges? If "Yes," attach statement. See instructions.................

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

Yes

Website address bullet

N/A

The books are in care of bullet

WELLS FARGO BANK NA Telephone no. bullet

(888) 730-4933

Located at bullet

100 N MAIN ST MAC D4001-117WINSTON SALEMNC ZIP+4 bullet

27101

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

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

16 At any time during calendar year 2018, 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 the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country bullet

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

that were not corrected before the first day of the tax year beginning in 2018?.............

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

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

At the end of tax year 2018, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2018?.............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

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

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

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

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year?......................YesNo

If "Yes," did it have excess business holdings in 2018 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 2018.)..................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2018?

Form 990-PF (2018)

Page 6

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?.............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions................YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?.....YesNo

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......

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

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant?..........YesNo

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract?.....................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .................YesNo

Part VIII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
Wells Fargo Bank NA	TRUSTEE 1	86,218
6325 S RAINBOW BLVD STE 300 LAS VEGAS,NV89118	TRUSTEE 1	86,218

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

Form 990-PF (2018)

Page 7

Part VIII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

Total number of others receiving over $50,000 for professional services............. bullet

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1


2


3


4

Part IX-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... bullet

Form 990-PF (2018)

Page 8

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

14,915,367

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

586,371

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

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

15,501,738

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

15,501,738

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

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

232,526

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

15,269,212

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

763,461

Part XI

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet

and do not complete this part.)

Minimum investment return from Part X, line 6....................

763,461

Tax on investment income for 2018 from Part VI, line 5......

10,221

Income tax for 2018. (This does not include the tax from Part VI.)...

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

10,221

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

753,240

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

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

753,240

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

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

753,240

Part XII

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

741,571

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

741,571

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

10,221

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

731,350

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 (2018)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2017	(c) 2017	(d) 2018
1 Distributable amount for 2018 from Part XI, line 7					753,240
2 Undistributed income, if any, as of the end of 2018:
a Enter amount for 2017 only.......				727,794
b Total for prior years:2016, 2015, 20			0
3 Excess distributions carryover, if any, to 2018:
a From 2013......	0
b From 2014......	0
c From 2015......	0
d From 2016......	0
e From 2017......	0
fTotal of lines 3a through e........		0
4Qualifying distributions for 2018 from Part
XII, line 4: $ 741,571
a Applied to 2017, but not more than line 2a				727,794
b Applied to undistributed income of prior years (Election required—see instructions).....			0
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2018 distributable amount.....					13,777
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2018.		0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		0
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2017. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2018. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2019 ..........					739,463
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8 Excess distributions carryover from 2013 not applied on line 5 or line 7 (see instructions) ...		0
9Excess distributions carryover to 2019. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2014....	0
b Excess from 2015....	0
c Excess from 2016....	0
d Excess from 2017....	0
e Excess from 2018....	0

Form 990-PF (2018)

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 2018, enter the date of the ruling....... bullet

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

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2018	(b) 2017	(c) 2016	(d) 2015	(e) Total

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

Part XV

Supplementary Information (Complete this part only if the foundation 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).)

NONE

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.

NONE

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

Check here bullet

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

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 (2018)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
RENSSELAER POLYTECHNIC INSTITUTE ATTN DAVID J GAUME TROY,NY12180	NONE	PC	GENERAL SUPPORT GRANT	354,897
YMCA OF GREATER DES MOINES ATTN STEVE GRUENING DES MOINES,IA50309	NONE	PC	GENERAL SUPPORT GRANT	2,000
ST PAULS EPISCOPAL CHURCH 815 HIGH STREET DES MOINES,IA50309	NONE	PC	GENERAL SUPPORT GRANT	3,000
DRAKE UNIVERSITY CO NANCY CRITTENDEN DES MOINES,IA50311	NONE	PC	GENERAL SUPPORT GRANT	354,897
IOWA EPISCOPATE FUND DIOCESE OF IOWA DES MOINES,IA50312	NONE	PC	GENERAL SUPPORT GRANT	3,000
IOWA HEALTH FOUNDATION DBA UNITYPOINT HEALTH FOUNDATION DES MOINES,IA50309	NONE	PC	GENERAL SUPPORT GRANT	10,000
Total ................................. 3a				727,794

bApproved for future payment

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

Form 990-PF (2018)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities....			14	399,851
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income.....
8 Gain or (loss) from sales of assets other than inventory ............			18	713,318
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aFEDERAL TAX REFUND			1	16,918
bANNUITIES FROM NON			1	10,228
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				1,140,315

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

1,140,315

(See worksheet in line 13 instructions to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2018)

Page 13

Part XVII

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
				May the IRS discuss this return with the preparer shown below (see instr.)? Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2018)

Additional Data

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Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
927804FU3 VIRGINIA ELEC & POWE	AT COST	50,050	48,286
099724AG1 BORGWARNER INC 4.625	AT COST	51,779	50,635
3138WZSL7 FNMA POOL #AU0522	AT COST	37,219	36,391
77958B402 T ROWE PRICE INST FL	AT COST	135,040	128,961
31417YVJ3 FNMA POOL MA0616 4.0	AT COST	13,529	12,964
883556102 THERMO FISHER SCIENT	AT COST	46,406	170,080
277923728 EATON VANCE GLOBAL M	AT COST	468,849	432,088
026874CZ8 AMERICAN INTL GROUP	AT COST	50,349	49,794
912828KQ2 US TREASURY NOTE 3.1	AT COST	132,804	125,279
31418BVU7 FNMA POOL #MA2426	AT COST	53,963	51,684
3138Y9TQ1 FNMA POOL #AX7758	AT COST	55,421	53,026
02007EAF5 ALLY AUTO RECEIVABLE	AT COST	29,386	29,548
36200MBP7 GNMA POOL 604046 5.5	AT COST	6,427	6,212
375558103 GILEAD SCIENCES INC	AT COST	10,558	23,331
88019R385 TMPLTN EM MRKT SM CA	AT COST	75,000	80,823
09247X101 BLACKROCK INC	AT COST	38,324	41,246
46137V589 INVESCO GLOBAL LISTE	AT COST	156,887	162,162
166764100 CHEVRON CORP	AT COST	62,348	184,943
262028855 DRIEHAUS ACTIVE INCO	AT COST	350,000	322,666
172967424 CITIGROUP INC	AT COST	30,182	26,030
47803M168 JOHN HANCOCK II-CURR	AT COST	100,000	103,868
557492725 MADISON MID CAP FUND	AT COST	50,000	56,174
06406HCV9 BANK OF NEW YORK MEL	AT COST	49,650	49,741
912828M56 US TREASURY NOTE	AT COST	49,133	48,897
00206RCT7 AT&T INC	AT COST	105,587	102,606
3138ERPS3 FNMA POOL #AL9432	AT COST	81,898	80,224
3620AM4Q2 GNMA POOL 734431 4.5	AT COST	8,540	8,214
912828X88 US TREASURY NOTE	AT COST	80,097	78,325
31417G2R6 FNMA POOL #AB9783	AT COST	46,142	44,443
256206103 DODGE & COX INT'L ST	AT COST	152,551	165,277
339128100 JP MORGAN MID CAP VA	AT COST	50,000	64,896
084670702 BERSHIRE HATHAWAY IN	AT COST	82,325	255,225
00203H859 AQR MANAGED FUTURES	AT COST	150,000	134,652
64128R608 NEUBERGER BERMAN LON	AT COST	200,000	178,785
29875E100 AMERICAN EUROPACIFIC	AT COST	140,000	149,677
3132L8EW3 FHLMC POOL #V82849	AT COST	61,881	62,249
912828K74 US TREASURY NOTE	AT COST	24,245	24,102
3130A7CV5 FED HOME LN BK	AT COST	73,219	73,257
3138WGKY9 FNMA POOL #AS6610	AT COST	60,645	57,990
929089AC4 VOYA FINANCIAL INC	AT COST	76,124	66,674
912810QQ4 US TREASURY BOND 4.3	AT COST	43,354	43,077
3140E7FH8 FNMA POOL #BA2867	AT COST	85,530	83,601
31398E5C4 FED HOME LN MTG CORP	AT COST	106,375	102,240
912828VS6 US TREASURY NOTE 2.6	AT COST	133,722	129,960
037833100 APPLE COMPUTER INC C	AT COST	45,823	308,224
594918104 MICROSOFT CORP	AT COST	112,961	422,125
913017109 UNITED TECHNOLOGIES	AT COST	52,700	181,016
464287648 ISHARES RUSSELL 2000	AT COST	187,803	202,440
03875R205 ARBITRAGE FUND CLASS	AT COST	50,000	50,191
63872T885 ASG GLOBAL ALTERNATI	AT COST	409,414	371,185
74925K581 ROBECO BP LNG/SHRT R	AT COST	175,000	183,029
87234N765 TCW EMRG MKTS INCM-I	AT COST	490,000	476,634
3138MRBF7 FNMA POOL #AQ9037	AT COST	45,980	44,542
13034PYN1 CALIFORNIA ST HSG FI	AT COST	100,000	98,831
3132J6Z98 FHLMC POOL #Q15767	AT COST	56,430	54,881
25243Q205 DIAGEO PLC - ADR	AT COST	63,690	121,948
87612E106 TARGET CORP	AT COST	32,110	80,630
91324P102 UNITEDHEALTH GROUP I	AT COST	43,819	338,803
G1151C101 ACCENTURE PLC	AT COST	24,985	85,311
683974604 OPPENHEIMER DEVELOPI	AT COST	264,000	300,276
3138WFRH1 FNMA POOL #AS5887	AT COST	76,168	75,261
31641Q763 FIDELITY NEW MRKTS I	AT COST	770,000	678,718
14040HAY1 CAPITAL ONE FINANCIA	AT COST	99,612	92,229
3132GT5F0 FHLMC POOL #Q08646	AT COST	16,692	16,039
38378BWQ8 GOVT NATL MTG ASSN 1	AT COST	46,643	43,810
912810RD2 US TREASURY BOND 3.7	AT COST	93,117	90,353
278865100 ECOLAB INC	AT COST	28,141	91,357
478160104 JOHNSON & JOHNSON	AT COST	2,400	268,295
49446R109 KIMCO RLTY CORP	AT COST	49,840	27,835
907818108 UNION PACIFIC CORP	AT COST	83,577	281,160
30231G102 EXXON MOBIL CORPORAT	AT COST	45,383	88,647
GTY995004 GAI AGILITY INCOME F	AT COST	200,000	187,626
902641646 E-TRACS ALERIAN MLP	AT COST	176,973	126,133
922908553 VANGUARD REIT VIPER	AT COST	92,312	104,398
517834107 LAS VEGAS SANDS CORP	AT COST	54,215	62,200
78463X863 SPDR DJ WILSHIRE INT	AT COST	495,426	462,071
91159HHS2 US BANCORP	AT COST	50,672	50,610
31371NU86 FNMA POOL 257207 6.0	AT COST	3,485	3,413
31371PCG3 FNMA POOL 257571 4.5	AT COST	3,772	3,695
3138AXFM8 FNMA POOL #AJ5571	AT COST	20,756	19,879
912828QN3 U S TREASURY NT 3.12	AT COST	70,670	71,039
31407EHX4 FNMA POOL 828346 5.0	AT COST	5,892	5,760
437076AS1 HOME DEPOT INC 5.875	AT COST	124,153	120,145
464287630 ISHARES RUSSELL 2000	AT COST	154,670	173,139
46625H100 JPMORGAN CHASE & CO	AT COST	40,635	95,180
09260C703 BLACKROCK GL L/S CRE	AT COST	150,000	138,550
003021714 ABERDEEN EMERG MARKE	AT COST	80,000	90,778
464287499 ISHARES TR RUSSELL M	AT COST	83,100	92,960
844741BD9 SOUTHWEST AIRLINES	AT COST	44,942	44,031
17275RBD3 CISCO SYSTEMS INC	AT COST	74,813	74,006
3138ETKT2 FNMA POOL #AL8405	AT COST	17,836	17,331
3128M7E28 FHLMC POOL G05253 5.	AT COST	4,455	4,351
4812C0803 JPMORGAN HIGH YIELD	AT COST	318,554	293,809
61945CAC7 MOSAIC CO 4.250% 11/	AT COST	75,300	75,385
097023105 BOEING COMPANY	AT COST	36,828	91,913
126650100 CVS/CAREMARK CORPORA	AT COST	39,892	110,729
17275R102 CISCO SYSTEMS INC	AT COST	86,386	164,437
74256W584 PRINCIPAL MIDCAP FUN	AT COST	100,000	129,035
742537236 PRINCIPAL GL MULT ST	AT COST	50,000	46,049
464287465 ISHARES MSCI EAFE	AT COST	102,639	94,048
78467Y107 SPDR S&P MIDCAP 400	AT COST	153,230	582,640
02079K107 ALPHABET INC/CA	AT COST	36,648	51,781
922042858 VANGUARD EMERGING MA	AT COST	176,137	178,575
89417E109 TRAVELERS COS INC	AT COST	10,645	37,003
637417AM8 NATIONAL RETAIL PROP	AT COST	98,914	96,996
912828L65 US TREASURY NOTE	AT COST	64,294	63,723
31283HZ65 FHLMC POOL G01665 5.	AT COST	7,601	7,420
92826CAF9 VISA INC	AT COST	51,815	51,674

Description	Amount
PY RETURN OF CAPITAL ADJUSTMENT	12,845
COST BASIS ADJUSTMENT	12,191

Category	Amount	Net Investment Income
FOREIGN TAXES	3,960	3,960
FEDERAL ESTIMATES - PRINCIPAL	7,500	0
FOREIGN TAXES ON QUALIFIED FOR	289	289
FOREIGN TAXES ON NONQUALIFIED	2,643	2,643

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
OTHER ADMINISTRATIVE EXPENSE	103	0	103
FILING FEE/STATE TAX	35	0	35
INVESTMENT EXPENSES-DIVIDEND I	4,103	4,103	0