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.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2019
Open to Public Inspection
For calendar year 2019, or tax year beginning 07-01-2017 , and ending 06-30-2018
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. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... 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$602,391,009J 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) 3,392,526
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 9,117,564 8,699,750 8,699,750
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 43,802,577
b Gross sales price for all assets on line 6a 44,204,559
7 Capital gain net income (from Part IV, line 2)... 43,802,577
8 Net short-term capital gain......... 2,363,400
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 65,014 0 65,014
12 Total. Add lines 1 through 11........ 56,377,681 52,502,327 11,128,164
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 1,472,520 589,724 589,724 882,796
14 Other employee salaries and wages...... 6,585,971 1,640 1,640 6,584,331
15 Pension plans, employee benefits....... 2,632,143 126,628 126,628 2,505,515
16a Legal fees (attach schedule)......... Click to see attachment 163,694 1,640 1,640 162,054
b Accounting fees (attach schedule)....... Click to see attachment 56,745 10,111 10,111 46,634
c Other professional fees (attach schedule).... Click to see attachment 2,324,648 2,287,609 2,287,609 37,039
17 Interest............... 611,241 11,205 11,205 690,755
18 Taxes (attach schedule) (see instructions)... Click to see attachment 551,259 259,454 259,454 250,000
19 Depreciation (attach schedule) and depletion... Click to see attachment 761,942 28,898 28,898
20 Occupancy.............. 758,317 22,546 38,581 719,736
21 Travel, conferences, and meetings....... 1,828,399 29,983 29,983 1,798,416
22 Printing and publications.......... 350,058 0 43,979 306,079
23 Other expenses (attach schedule)....... Click to see attachment 9,447,064 160,681 165,681 9,281,383
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 27,544,001 3,530,119 3,595,133 23,264,738
25 Contributions, gifts, grants paid....... 333,219 333,219
26 Total expenses and disbursements. Add lines 24 and 25 27,877,220 3,530,119 3,595,133 23,597,957
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 28,500,461
b Net investment income (if negative, enter -0-) 48,972,208
c Adjusted net income (if negative, enter -0-)... 7,533,031
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2019)
Form 990-PF (2019)
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............. 280,260 1,741,960 1,741,960
2 Savings and temporary cash investments......... 9,652,279 9,281,084 9,281,084
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)      
b Investments—corporate stock (attach schedule)....... 352,088,555 Click to see attachment348,324,716 348,324,716
c Investments—corporate bonds (attach schedule)....... 18,093,023 Click to see attachment17,132,505 17,132,505
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 176,811,969 Click to see attachment204,700,219 204,700,219
14 Land, buildings, and equipment: basis bullet28,376,128
Less: accumulated depreciation (attach schedule) bullet7,180,553 19,018,815 Click to see attachment21,195,575 21,195,575
15 Other assets (describe bullet) Click to see attachment12,180 Click to see attachment14,950 Click to see attachment14,950
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 575,957,081 602,391,009 602,391,009
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 attachment26,105,785 Click to see attachment28,318,402
23 Total liabilities (add lines 17 through 22)......... 26,105,785 28,318,402
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 549,851,296 574,072,607
30 Total liabilities and net assets/fund balances (see instructions). 575,957,081 602,391,009
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 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
549,851,296
2
Enter amount from Part I, line 27a .....................
2
28,500,461
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
578,351,757
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
4,279,150
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
574,072,607
Form 990-PF (2019)
Form 990-PF (2019)
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 P    
b PUBLICLY TRADED P    
c CLASS ACTIONS P    
d MORGAN CREEK III K-1 P    
e MORGAN CREEK III K-1 P    
MORGAN CREEK IV K-1 P    
MORGAN CREEK IV K-1 P    
MORGAN CREEK V K-1 P    
MORGAN CREEK V K-1 P    
ECOSYSTEM II K-1 P    
ECOSYSTEM III K-1 P    
CARLYLE V P    
CARLYLE ENERGY P    
BLACKSTONE ASSET MANAGEMENT P    
TAP P    
TAP P    
BARROW HANDLEY HIGH YIELD P    
BARROW HANDLEY HIGH YIELD P    
ARDEN SAGE P    
KBI WATER 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 2,673,171     2,673,171
b 39,535,370     39,535,370
c 20,138     20,138
d     82 -82
e 163,989     163,989
    379 -379
172,127     172,127
    138 -138
111,499     111,499
    83,800 -83,800
    2,674 -2,674
194,204     194,204
68,138     68,138
572,599     572,599
    314,217 -314,217
330,388     330,388
5,045     5,045
    692 -692
2,167     2,167
355,724     355,724
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       2,673,171
b       39,535,370
c       20,138
d       -82
e       163,989
      -379
      172,127
      -138
      111,499
      -83,800
      -2,674
      194,204
      68,138
      572,599
      -314,217
      330,388
      5,045
      -692
      2,167
      355,724
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 43,802,577
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3 2,363,400
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))
2018 22,463,932 510,717,347 0.043985
2017 18,139,606 476,463,888 0.038071
2016 16,857,152 517,558,674 0.032571
2015 17,226,042 496,450,552 0.034698
2014 14,346,101 429,309,121 0.033417
2
Total of line 1, column (d) .....................
2
0.182742
3
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 ......
3
0.036548
4
Enter the net value of noncharitable-use assets for 2019 from Part X, line 5......
4
566,384,303
5
Multiply line 4 by line 3......................
5
20,700,214
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
489,722
7
Add lines 5 and 6........................
7
21,189,936
8
Enter qualifying distributions from Part XII, line 4,.............
8
26,272,806
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 (2019)
Form 990-PF (2019)
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 Bullet and enter “N/A" on line 1. Bracket includes lines 1a and 1b
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 1 489,722
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........................... 3 489,722
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- ..... 5 489,722
6 Credits/Payments:
a 2019 estimated tax payments and 2018 overpayment credited to 2019 6a 569,333
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 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 569,333
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 583
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 79,028
11 Enter the amount of line 10 to be: Credited to 2020 estimated taxBullet79,028 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? (see Instructions
for definition).................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    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 2019 or the taxable year beginning in 2019? See the 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 (2019)
    Form 990-PF (2019)
    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 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2019, 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
    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 2019?.............
    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 2019, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2019?.............
    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 2019 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 2019.)..................
    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 2019?
    4b
     
    No
    Form 990-PF (2019)
    Form 990-PF (2019)
    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:
    Yes
    No
    (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
     
     
    8
    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? .................
    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     		399,497 61,309 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    GEORGE MC CARTHY CEO AND PRESIDENT/DIRECTOR
    37.50     		401,274 58,537 69,300
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    DENNIS W ROBINSON TREAS. & VP-FIN. & OPS.
    37.50     		230,000 61,468 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    LEVERING F T WHITE AST. SEC. & VP ADMIN & HR
    37.50     		165,000 56,865 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    DIONE A ETTER SECRETARY
    37.50     		115,000 37,811 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    DAVID C LINCOLN ASSIST. TREASURER/DIRECTOR
    2.00     		4,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    CAROLINA BARCO DIRECTOR AND PROGRAM ADVIS
    3.00     		11,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ROY W BAHL DIRECTOR AND PROGRAM ADVIS
    2.00     		11,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    MIMI BROWN DIRECTOR
    1.50     		8,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JOHN G LINCOLN III DIRECTOR
    1.00     		7,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    KEVYN ORR DIRECTOR
    0.50     		2,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ANDREA TAYLOR DIRECTOR
    0.50     		2,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    THOMAS BECKER DIRECTOR
    2.00     		13,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    BRUCE LINCOLN DIRECTOR
    1.00     		8,750 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    MICHAEL NUTTER DIRECTOR
    1.00     		5,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    THOMAS NECHYBA DIRECTOR AND PROGRAM ADVIS
    2.00     		12,750 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JOHANNES LINN DIRECTOR AND PROGRAM ADVIS
    1.50     		8,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JILL SCHURTZ DIRECTOR
    1.50     		7,750 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    RAPHAEL BOSTIC DIRECTOR
    1.00     		0 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ANTHONY COYNE DIRECTOR
    2.00     		12,500 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    CONSTANCE MITCHELL FORD DIRECTOR AND PROGRAM ADVIS
    2.00     		12,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JANE CAMPBELL DIRECTOR
    2.00     		12,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    TIM RENJILIAN DIRECTOR
    2.00     		12,500 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    SCOTT SMITH DIRECTOR
    2.00     		11,500 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
    ROBIN HACKE E.D. - CCI
    37.50     		275,000 67,276 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    ZHI LIU SR. FELLOW
    37.50     		260,000 66,149 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    JOAN YOUNGMAN SR. FELLOW
    37.50     		265,000 52,262 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    MARTIM SMOLKA SR. FELLOW
    37.50     		225,000 53,977 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    ARMANDO CARBONELL SR. FELLOW
    37.50     		222,000 54,629 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    Total number of other employees paid over $50,000...................bullet 43
    Form 990-PF (2019)
    Form 990-PF (2019)
    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
    EAGLE CAPITAL MANAGEMENT INVESTMENT ADVICE 636,053
    499 PARK AVENUE
    NEW YORK,NY10222
    MERRILL LYNCH INVESTMENT CONSULTING 478,701
    2555 E CAMELBACK RD
    PHOENIX,AZ85016
    SANDS CAPITAL INVESTMENT ADVICE 307,588
    1101 WILSON BLVD
    ARLINGTON,VA22209
    GUARDIAN INFORMATION TECH IT SUPPORT 240,958
    23 WATER STREET
    LEOMINSTER,PA01453
    RDW GROUP IT SUPPORT 182,340
    141 TREMONT STREET
    BOSTON,MA02110
    Total number of others receiving over $50,000 for professional services.............bullet14
    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. 2,963,856
    2 THE DEPARTMENT OF VALUATION AND TAXATION SEEKS TO INFORM PUBLIC DECISION-MAKING ON LAND-RELATED ISSUES THROUGH RESEARCH, TEACHING, AND DATA GATHERING. 2,538,303
    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. 2,415,874
    4 THE CENTER FOR COMMUNITY INVESTMENT HELPS DISADVANTAGED COMMUNITIES HARNESS INVESTMENT TO ACHIEVE THEIR ECONOMIC, SOCIAL AND ENVIRONMENTAL PRIORITIES. THROUGH A COMBINATION OF TECHNICAL ASSISTANCE, LEADERSHIP DEVELOPMENT, DISSEMINATION OF RESEARCH AND LESSONS LEARNED, AND THE CREATION OF A ROBUST PEER NETWORK, THE CENTER BUILDS CAPACITY OF COMMUNITIES TO DEFINE PRIORITIES AND GUIDE CAPITAL TOWARD THOSE PRIORITIES. 2,657,292
    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 (2019)
    Form 990-PF (2019)
    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
    572,862,611
    b
    Average of monthly cash balances.......................
    1b
    1,638,362
    c
    Fair market value of all other assets (see instructions)................
    1c
    508,472
    d
    Total (add lines 1a, b, and c).........................
    1d
    575,009,445
    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
    575,009,445
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    8,625,142
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    566,384,303
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    28,319,215
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
     
    2a
    Tax on investment income for 2019 from Part VI, line 5......
    2a
     
    b
    Income tax for 2019. (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
    23,597,957
    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
    2,674,849
    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
    26,272,806
    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
    489,722
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    25,783,084
    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 (2019)
    Form 990-PF (2019)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2018     		(c)
    2018     		(d)
    2019
    1 Distributable amount for 2019 from Part XI, line 7  
    2 Undistributed income, if any, as of the end of 2019:
    a Enter amount for 2018 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2019:
    a From 2014......  
    b From 2015......  
    c From 2016......  
    d From 2017......  
    e From 2018......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2019 from Part
    XII, line 4: bullet$  
    a Applied to 2018, 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 2019 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2019.    
    (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 2018. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2019. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2020 ..........     		 
    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) .......     		 
    8 Excess distributions carryover from 2014 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2020.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2015....  
    b Excess from 2016....  
    c Excess from 2017....  
    d Excess from 2018....  
    e Excess from 2019....  
    Form 990-PF (2019)
    Form 990-PF (2019)
    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 2019, 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) 2019 (b) 2018 (c) 2017 (d) 2016
    7,533,031 8,056,447 3,037,717 3,795,606 22,422,801
    b 85% of line 2a ......... 6,403,076 6,847,980 2,582,059 3,226,265 19,059,381
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		26,272,806 22,644,599 18,198,963 16,857,152 83,973,520
    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 ....     		26,272,806 22,644,599 18,198,963 16,857,152 83,973,520
    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...     		18,879,477 17,023,911 15,882,129 17,251,956 69,037,473
    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 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).)
    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 (2019)
    Form 990-PF (2019)
    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
    Line Algoed
    Pastoriestraat 40
    Haacht    
    BE     		none I Assessing the feasibility of CLT instruments developed by the Cao Martn Pea communities 10,530
    ASU Foun for a New Amer Univ
    300 E University Drive PO Box 2260
    Tempe,AZ85281     		none PC Impact of the Water Resources Element within Arizona General Plans on Water Sustainability 25,641
    Ciro Biderman
    Rua Visconde de Ouro Preto
    Sao Paulo    
    BR     		none I Moving to (dis)Opportunity: Brazils Minha Cas Minha Vida program 10,000
    Isabel Margarita Brain
    35-42 Hecklenburgh Square William
    Goodenough House Flat 5361
    UK     		none I Changes in the Geographies of Opportunity in the City of Santiago, Chile 10,000
    Clark University
    950 Main Street
    Worcester,MA01610     		none PC Land Conversion and Misallocation across Cities in China 16,500
    Dept of Agri Economics & Rural Sociology -Auburn U
    702 W Church Road
    Newark,DE19711     		none PC "An Experiment on the Public Acceptability, Efficiency, & Spatial Impacts of LVT 14,666
    Gretel Ruth Follingstad
    4670 Kirkwood St
    Boulder,CO80301     		none PC Community Drought Resilience: Reaching Beyond Conservation Towards Adaptation 10,000
    Julie Gamble
    4314 Saffron
    Friendswood,TX77546     		none I Is Informal Transit Land-Oriented? Case of Quito, Ecuador 12,493
    Nestor Fernando Garza Puentes
    1535 NW 53rd Street Apt 2
    Seattle,WA98107     		none I Regulation and Real Estate Prices in Baranquilla, Colombia 11,400
    Department of Economics University of California Berkeley
    2737 Garber Street Apt 8
    Berkeley,CA94705     		none PC Loss Aversion and Property Tax Avoidance 10,000
    Kent State University
    PO Box 5190/134 Cartwright Hall
    Kent,OH44242     		none PC Location-Based Development Impact Fees and New Business Location Decisions 10,000
    School of Urban Planning McGill University
    3929 Ethel St
    Verdun    
    CA     		none PC Innovation Districts: often imitated, never duplicated? 10,000
    The Ohio State University
    1960 Kenny Road
    Columbus,OH43210     		none PC Spatial Impacts of High-Speed Rail on Urban Transformation in China 12,000
    Jose Joaquin Prieto
    5361 Mecklenburgh Square
    London    
    UK     		none I Changes in the Geographies of Opportunity in the City of Santiago, Chile 10,000
    P Universidad Catolica de Chile
    El Comendador No 1916 Casilla
    Providencia Santiago    
    CI     		none NC Modelling the Costs of Densification in Consolidated Neighborhoods 13,000
    Department of Public Administration University of North Texas
    3405 Oceanview Drive
    Denton,TX76208     		none PC The Effects of Property Tax Exemptions on Municipal Budgets 10,000
    UCL Consultants Limited
    97 Tottenham Court Road Network
    Building
    London    
    UK     		none NC In search of urban livability: Equity, public health, infrastructure and urban policy in Cali, Colombia 10,000
    Monica Unda Gutierrez
    2858 Monarch St
    San Diego,CA92123     		none I Municipal Finances in Mexico: Why Some Cities Extract More and Spend it Better 32,211
    University of Leeds
    Woodhouse Lane
    Leeds West Yorkshire    
    UK     		none NC Urban Expansion and Housing Affordability in China 18,000
    University of Oklahoma
    Department of Economics 729 Elm
    Room 329 Hester
    Norman,OK73019     		none PC Location-Based Development Impact Fees and New Business Location Decisions 10,000
    Univ of Southern California
    Dept of Urban Planning and Spatial
    Analysis Ralph and Goldy Lewis Hall
    Los Angeles,CA90089     		none PC The role of entrepeneurship in Emerging Land Markets: Case of Havana, Cuba 36,030
    Universidad del Rosario
    Carrera 4 No 29-25 Apto 301
    Bogota    
    CO     		none NC Are Land Use and Development Changes Associated with Value Capture as a Result of BRT Investments? 10,748
    University of California Berkeley Dept of Economics
    6116 Telegraph Ave Apt 213
    Oakland,CA94609     		none PC Examining the Incidence of the Property Tax Using a Spatial Equilibrium Framework 10,000
    Department of Architecture University of Cambridge
    Flat B White House 1 Conduit Head
    Road
    Cambridge    
    UK     		none PC A New Model for Land Value Capture in Planned New Urban Centers: Shanghai Case 10,000
    Total .................................bullet 3a 333,219
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2019)
    Form 990-PF (2019)
    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         43,979
    bSONORAN INSTITUTE         9,840
    cEMPLOYEE PARKING         5,745
    dOTHER         450
    eCOURSE COSTS REIMBURSEMENT         5,000
    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 417,814 14 8,699,750  
    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 43,802,577  
    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).. 417,814 52,502,327 65,014
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    52,985,155
    (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 PROGRAM COSTS REIMBURSED BY OTHER ORGANIZATIONS
    Form 990-PF (2019)
    Form 990-PF (2019)
    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) (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) (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 (2019)
    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 Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2019
    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 isn't covered by the General Rule and/or the Special Rules doesn't 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 doesn't 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) (2019)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019) Page 2
    Name of organization
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number
    86-6021106
    Part I
    Contributors
    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
    NATURE CONSERVANCY CANADA
     
    245 EGLINTON AVENUE EAST
     
    TORONTO, ONTARIO   CA

    		$ 7,676


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    HIGHSTEAD FOUNDATION
     
    PO BOX 1097
     
    REDDING, CT06875

    		$ 62,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
    THE TRANSIT CENTER
     
    1 WHITEHALL STREET
     
    NEW YORK, NY10004

    		$ 20,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    4
    WEEDEN FOUNDATION
     
    35 ADAMS STREET
     
    BEDFORD HILLS, NY10507

    		$ 15,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    5
    MASS AUDUBON
     
    208 SOUTH GREAT ROAD
     
    LINCOLN, MA01773

    		$ 22,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    6
    KRESGE FOUNDATION
     
    3215 W BIG BEAVER ROAD
     
    TROY, MI48084

    		$ 1,010,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019)
    Name of organization
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number
    86-6021106
    Part I
    Contributors
    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
    ROBERT WOOD JOHNSON FOUNDATION
     
    50 COLLEGE ROAD EAST
     
    PRINCETON, NJ08540

    		$ 1,635,100


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    8
    VERMONT COMMUNITY FOUNDATION
     
    3 COURT STREET
     
    MIDDLEBURY, VT05753

    		$ 5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    9
    FORD FOUNDATION
     
    1440 BROADWAY
     
    NEW YORK, NY10018

    		$ 30,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    10
    BHP MINERALS AMERICAS
     
    CERRO EL PLOMO 6000
     
    SANTIAGO,     CI

    		$ 15,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    11
    CHARLES STUART MOTT FOUNDATION
     
    503 S SAGINAW STREET SUITE 1200
     
    FLINT, MI485021851

    		$ 150,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    12
    WALTON FAMILY FOUNDATION
     
    PO BOX 2030
     
    BENTONVILLE, AZ72712

    		$ 60,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019)
    Name of organization
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number
    86-6021106
    Part I
    Contributors
    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
    13
    MID-ATLANTIC REGIONAL COUNCIL
     
    600 BROADWAY SUITE 200
     
    KANSAS CITY, MO641051659

    		$ 5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    14
    ARAUCO
     
    AVENIDA EL GOLF 150 PISO 14
     
    SANTIAGO,     CI

    		$ 15,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    15
    ALERCE
     
    SANTA ROSA 575 OF 501
     
    SANTIAGO,     CI

    		$ 5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    16
    DIFUSION TANTAUCO
     
    AV APOQUINDO 3000 ISO 19
     
    LAS CONDES,     CI

    		$ 5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    17
    FOUNDATION COSMOS
     
    GERTRUDIS ECHENIQUE 470
     
    LAS CONDES,     CI

    		$ 5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    18
    FOUNDATION MAR ADENTRO
     
    DON CARLOS 3171 C
     
    SANTIAGO,     CI

    		$ 5,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019)
    Name of organization
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number
    86-6021106
    Part I
    Contributors
    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
    19
    ISLAND FOUNDATION
     
    589 MILL STREET PO BOX 1605
     
    MARION, MA02738

    		$ 5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    20
    CYNTHIA AND GEORGE MITCHELL FOUNDATION
     
    PO BOX 8937
     
    THE WOODLANDS, TX773878937

    		$ 5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    21
    CHICAGO METROPOLITAN AGENCY FOR PLANNING
     
    233 SOUTH WACKER DRIVE SUITE 800
     
    CHICAGO, IL60606

    		$ 5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    22
    ATLANTA REGIONAL COMMISSION
     
    229 PEACHTREE STREET NE SUITE 100
     
    ATLANTA, GA30303

    		$ 5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    23
    SANDS CAPITAL MANAGEMENT LLC
     
    1000 WILSON BLVD SUITE 3000
     
    ARLINGTON, VA22209

    		$ 10,000


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

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019)
    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) (2019)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2019)
    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) (2019)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2017 AccountingFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    AUDIT FEES 56,745 10,111 10,111 46,634

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

    TY 2017 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 5,158,454 VAR 0 % 275,135 0 0  
    FURNITURE   90,433 90,433 VAR 0 % 0 0 0  
    OFFICE CONDO - PHOENIX   3,366,209 504,024 VAR 0 % 56,526 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX   389,901 115,890 VAR 0 % 12,997 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX   30,980 7,651 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   3,160,418 435,480 VAR 0 % 200,973 0 0  
    PHILLIPS PLACE, CAMBRIDGE - CAP INT   443,002 31,995 VAR 0 % 14,767 0 0  
    FURNITURE   160,023 49,489 VAR 0 % 22,860 0 0  
    BRATTLE STREET RENOVATION   4,911,496   VAR 0 % 100,706 0 0  
    PHOENIX FURNITURE   127,587 9,112 VAR 0 % 18,227 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX   351,301 10,768 VAR 0 % 16,152 0 0  
    PHOENIX AV EQUIPMENT   52,173 5,217 VAR 0 % 10,435 0 0  
    CAPITALIZED INTEREST - PHOENIX   22,578 98 VAR 0 % 148 0 0  
    FURNITURE - BRATTLE   466,129   VAR 0 % 31,910 0 0  
    ARTWORK - BRATTLE   141,616   VAR 0 % 0 0 0  
    PHOENIX CONSTRUCTION IN PROGRESS   529,621   VAR 0 % 0 0 0  

    TY 2017 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 2017 InvestmentsCorpBondsSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Name of Bond End of Year Book Value End of Year Fair Market Value
    $31000 ABBOTT LABORATORIES GLB 02.350% NOV 22 2019 30,819 30,819
    $180000 ABBVIE INC GLB 02.300% MAY 14 2021 174,911 174,911
    $210000 AETNA INC GLB 02.750% NOV 15 2022 201,652 201,652
    $180000 AMAZON.COM INC GLB 02.800% AUG 22 2024 173,437 173,437
    $190000 AMERICAN ELECTRIC POWER - 03.200% NOV 13 2027 177,572 177,572
    $215000 AMERICAN EXPRESS CREDIT SER MTN 02.375% MAY 26 2020 211,880 211,880
    $115000 AMGEN INC GLB 01.900% MAY 10 2019 114,251 114,251
    $80000 ANHEUSER-BUSCH INBEV FIN COMPANY GUARNT GLB 02.650% FEB 01 2021 78,898 78,898
    $165000 ANHEUSER-BUSCH INBEV FIN COMPANY GUARNT GLB 03.300% FEB 01 2023 163,621 163,621
    $245000 ANTHEM INC GLB 03.500% AUG 15 2024 238,762 238,762
    $100000 APPLE INC GLB 02.850% MAY 11 2024 96,816 96,816
    $85000 APPLE INC GLB 03.000% JUN 20 2027 80,792 80,792
    $145000 APPLE INC GLB 02.150% FEB 09 2022 140,499 140,499
    $90000 AUTOMATIC DATA PROCESSNG GLB 02.250% SEP 15 2020 88,768 88,768
    $340000 BANK OF AMERICA CORP SER MTN 03.248% OCT 21 2027 316,870 316,870
    $270000 BANK OF NY MELLON CORP SER MTN VAR%MAY 16 2023 262,011 262,011
    $260000 BB&T CORPORATION SER MTN 02.750% APR 01 2022 253,965 253,965
    $135000 BERKSHIRE HATHAWAY ENERG GLB 02.375% JAN 15 2021 132,169 132,169
    $175000 BERKSHIRE HATHAWAY INC GLB 02.750% MAR 15 2023 171,257 171,257
    $100000 BMW US CAPITAL LLC COMPANY GUARNT 144A 02.250% SEP 15 2023 93,168 93,168
    $140000 BROADCOM CRP / CAYMN FI COMPANY GUARNT GLB 03.875% JAN 15 2027 132,419 132,419
    $145000 BUCKEYE PARTNERS LP GLB 03.950% DEC 01 2026 131,560 131,560
    $80000 BURLINGTN NORTH SANTA FE - 03.650% SEP 01 2025 80,247 80,247
    $85000 CANADIAN NATL RESOURCES - 03.900% FEB 01 2025 83,788 83,788
    $180000 CAPITAL ONE FINANCIAL CO GLB 02.500% MAY 12 2020 177,448 177,448
    $85000 CARDINAL HEALTH INC GLB 01.948% JUN 14 2019 84,294 84,294
    $130000 CHEVRON CORP GLB 02.895% MAR 03 2024 126,454 126,454
    $120000 CISCO SYSTEMS INC - 04.450% JAN 15 2020 123,041 123,041
    $235000 CITIGROUP INC - 03.200% OCT 21 2026 218,533 218,533
    $85000 CITIGROUP INC GLB VAR%JAN 24 2023 83,276 83,276
    $135000 CNA FINANCIAL CORP GLB 03.450% AUG 15 2027 125,542 125,542
    $20000 COCA-COLA FEMSA SAB CV COMPANY GUARNT GLB 02.375% NOV 26 2018 19,973 19,973
    $93000 COMCAST CORP COMPANY GUARNT GLB 03.550% MAY 01 2028 88,817 88,817
    $250000 COMCAST CORP COMPANY GUARNT GLB 02.750% MAR 01 2023 240,322 240,322
    $105000 CONCHO RESOURCES INC COMPANY GUARNT GLB 03.750% OCT 01 2027 101,004 101,004
    $85000 CONSTELLATION BRANDS INC COMPANY GUARNT GLB 03.200% FEB 15 2023 82,708 82,708
    $215000 COSTCO WHOLESALE CORP GLB 02.150% MAY 18 2021 210,291 210,291
    $70000 CROWN CASTLE INTL CORP GLB 03.800% FEB 15 2028 65,614 65,614
    $75000 CUMMINS INC - 03.650% OCT 01 2023 75,680 75,680
    $95000 CVS HEALTH CORP GLB 04.100% MAR 25 2025 94,496 94,496
    $90000 DELMARVA PWR & LIGHT CO 1ST MORTGAGE 03.500% NOV 15 2023 89,951 89,951
    $175000 DEUTSCHE TELEKOM INT FIN COMPANY GUARNT 144A 02.820% JAN 19 2022 169,934 169,934
    $180000 DIAMOND 1 FIN/DIAMOND 2 144A 04.420% JUN 15 2021 182,632 182,632
    $90000 DOMINION ENERGY INC JR SUBORDINATED 02.579% JUL 01 2020 88,680 88,680
    $135000 DUKE ENERGY CORP - 03.550% SEP 15 2021 135,553 135,553
    $120000 DUKE ENERGY FLORIDA LLC GLB REMAIN PRN FCR .75000 89,481 89,481
    $35000 EATON CORP COMPANY GUARNT GLB 02.750% NOV 02 2022 33,981 33,981
    $90000 EDISON INTERNATIONAL - 02.950% MAR 15 2023 86,461 86,461
    $112000 ERP OPERATING LP - 04.625% DEC 15 2021 116,094 116,094
    $185000 FIFTH THIRD BANK SER BKNT 01.625% SEP 27 2019 182,121 182,121
    $200000 FORD MOTOR CREDIT CO LLC GLB 03.815% NOV 02 2027 185,594 185,594
    $45000 GE CAPITAL INTL FUNDING COMPANY GUARNT GLB 02.342% NOV 15 2020 43,987 43,987
    $95000 GENERAL DYNAMICS CORP COMPANY GUARNT GLB 02.875% MAY 11 2020 94,896 94,896
    $165000 GENERAL ELEC CAP CORP SER MTN GLB 04.650% OCT 17 2021 171,618 171,618
    $60000 GENERAL MOTORS FINL CO GLB 04.150% JUN 19 2023 59,986 59,986
    $115000 GILEAD SCIENCES INC GLB 03.700% APR 01 2024 115,220 115,220
    $60000 GOLDMAN SACHS GROUP INC GLB 02.000% APR 25 2019 59,585 59,585
    $250000 GOLDMAN SACHS GROUP INC - VAR%SEP 29 2025 237,380 237,380
    $175000 INTEL CORP GLB 01.850% MAY 11 2020 172,263 172,263
    $85000 JOHN DEERE CAPITAL CORP SER DMTN 02.350% JAN 08 2021 83,510 83,510
    $310000 JPMORGAN CHASE & CO GLB 03.200% JAN 25 2023 304,454 304,454
    $105000 JPMORGAN CHASE & CO GLB VAR%JAN 23 2029 99,483 99,483
    $140000 LAM RESEARCH CORP GLB 02.800% JUN 15 2021 137,612 137,612
    $110000 LIBERTY MUTUAL GROUP INC COMPANY GUARNT 144A 04.250% JUN 15 2023 111,112 111,112
    $205000 LOCKHEED MARTIN CORP GLB 03.100% JAN 15 2023 202,345 202,345
    $250000 LYB INTL FINANCE BV COMPANY GUARNT GLB 04.000% JUL 15 2023 250,545 250,545
    $100000 MACQUARIE BANK LTD 144A 02.600% JUN 24 2019 99,695 99,695
    $85000 MARATHON PETROLEUM CORP GLB 03.625% SEP 15 2024 83,014 83,014
    $95000 MARSH & MCLENNAN COS INC GLB 02.750% JAN 30 2022 92,866 92,866
    $75000 MCDONALD'S CORP SER MTN 02.750% DEC 09 2020 74,493 74,493
    $85000 MEDTRONIC INC COMPANY GUARNT GLB 02.500% MAR 15 2020 84,410 84,410
    $130000 MICROSOFT CORP GLB 01.100% AUG 08 2019 127,960 127,960
    $185000 MICROSOFT CORP GLB 02.875% FEB 06 2024 181,115 181,115
    $95000 MOLSON COORS BREWING CO COMPANY GUARNT GLB 02.100% JUL 15 2021 91,098 91,098
    $95000 MOLSON COORS BREWING CO COMPANY GUARNT GLB 01.900% MAR 15 2019 94,323 94,323
    $180000 MONSANTO CO GLB 02.750% JUL 15 2021 175,527 175,527
    $275000 MORGAN STANLEY SER GMTN GLB 03.700% OCT 23 2024 271,494 271,494
    $90000 MPLX LP GLB 04.875% DEC 01 2024 92,787 92,787
    $55000 MPLX LP GLB 04.000% MAR 15 2028 52,309 52,309
    $85000 NATIONAL RURAL UTIL COOP COLLATERAL TRUST GLB 03.400% FEB 07 2028 82,524 82,524
    $75000 NISOURCE FINANCE CORP GLB 03.490% MAY 15 2027 71,716 71,716
    $55000 NISOURCE FINANCE CORP GLB 02.650% NOV 17 2022 53,162 53,162
    $150000 NORTHROP GRUMMAN CORP - 03.500% MAR 15 2021 151,555 151,555
    $55000 NUCOR CORP GLB 03.950% MAY 01 2028 54,858 54,858
    $70000 PACCAR FINANCIAL CORP SER MTN 01.650% FEB 25 2019 69,390 69,390
    $65000 PACCAR FINANCIAL CORP SER MTN 01.300% MAY 10 2019 64,249 64,249
    $105000 PHILIP MORRIS INTL INC GLB 02.625% MAR 06 2023 100,568 100,568
    $105000 PHILIP MORRIS INTL INC GLB 01.875% FEB 25 2021 101,659 101,659
    $180000 PHILLIPS 66 PARTNERS LP - 03.605% FEB 15 2025 171,643 171,643
    $240000 PNC BANK NA SER BKNT 02.200% JAN 28 2019 239,381 239,381
    $90000 PUBLIC SERVICE ENTERPRIS GLB 01.600% NOV 15 2019 88,023 88,023
    $215000 QUALCOMM INC GLB 02.900% MAY 20 2024 203,164 203,164
    $115000 REYNOLDS AMERICAN INC COMPANY GUARNT GLB 04.850% SEP 15 2023 119,536 119,536
    $80000 S&P GLOBAL INC COMPANY GUARNT GLB 04.400% FEB 15 2026 82,024 82,024
    $155000 SCHLUMBERGER HLDGS CORP 144A 03.625% DEC 21 2022 155,015 155,015
    $275000 SCHNEIDER ELECTRIC SA 144A 02.950% SEP 27 2022 269,995 269,995
    $120000 SEMPRA ENERGY GLB 03.400% FEB 01 2028 112,580 112,580
    $190000 SHIRE ACQ INV IRELAND DA COMPANY GUARNT GLB 02.875% SEP 23 2023 178,752 178,752
    $195000 SOUTHERN CO GLB 02.950% JUL 01 2023 188,099 188,099
    $160000 SOUTHWEST AIRLINES CO - 02.650% NOV 05 2020 157,835 157,835
    $90000 STATE STREET CORP GLB 02.550% AUG 18 2020 89,267 89,267
    $135000 SUNTRUST BANK SER BKNT GLB 02.450% AUG 01 2022 129,686 129,686
    $120000 SUNTRUST BANKS INC SER BKNT 03.000% FEB 02 2023 117,400 117,400
    $120000 TOYOTA MOTOR CREDIT CORP SER MTN 02.125% JUL 18 2019 119,269 119,269
    $95000 TRINITY ACQUISITION PLC COMPANY GUARNT GLB 04.400% MAR 15 2026 94,068 94,068
    $85000 UDR INC CGTD SER GMTN GLB 03.500% JAN 15 2028 80,224 80,224
    $85000 UNION PACIFIC CORP GLB 03.750% JUL 15 2025 84,930 84,930
    $85000 UNITED TECHNOLOGIES CORP GLB 01.900% MAY 04 2020 83,374 83,374
    $105000 UNITEDHEALTH GROUP INC GLB 02.700% JUL 15 2020 104,373 104,373
    $80000 UNITEDHEALTH GROUP INC GLB 02.750% FEB 15 2023 77,445 77,445
    $160000 USD ALIMEN COUCHE 144A 2.700% JUL 26 2022 153,781 153,781
    $150000 USD HUSKY ENERGY INC 3.950% APR 15 2022 151,121 151,121
    $85000 USD NUTRIEN LTD 4.000% DEC 15 2026 82,442 82,442
    $160000 USD ONTARIO PROVINCE 2.400% FEB 08 2022 156,346 156,346
    $175000 USD ROYAL BK CANADA 2.150% OCT 26 2020 170,975 170,975
    $100000 USD TELUS CORP 2.800% FEB 16 2027 91,586 91,586
    $265000 USD TORONTO DOM BANK SER MTN 1.900% OCT 24 2019 261,968 261,968
    $120000 USD TRANSCANADA PL 4.250% MAY 15 2028 120,377 120,377
    $65000 VALERO ENERGY CORP GLB 04.350% JUN 01 2028 64,713 64,713
    $140000 VENTAS REALTY LP COMPANY GUARNT 03.500% FEB 01 2025 134,056 134,056
    $105000 VENTAS REALTY LP/CAP CRP COMPANY GUARNT 04.250% MAR 01 2022 107,187 107,187
    $170000 VERIZON COMMUNICATIONS GLB 04.125% MAR 16 2027 168,239 168,239
    $90000 VISA INC GLB 02.800% DEC 14 2022 88,346 88,346
    $105000 VISA INC GLB 03.150% DEC 14 2025 101,575 101,575
    $170000 VODAFONE GROUP PLC GLB 04.375% MAY 30 2028 167,979 167,979
    $185000 WALMART INC GLB 03.400% JUN 26 2023 186,376 186,376
    $235000 WELLS FARGO & COMPANY SER MTN GLB 03.500% MAR 08 2022 234,234 234,234
    $80000 WELLS FARGO & COMPANY GLB 03.000% OCT 23 2026 73,867 73,867
    $50000 ZIMMER HOLDINGS INC GLB 03.550% APR 01 2025 47,595 47,595
    $85000 ZIMMER HOLDINGS INC GLB 02.700% APR 01 2020 84,176 84,176
    $220000 ZOETIS INC GLB 03.250% FEB 01 2023 216,608 216,608

    TY 2017 InvestmentsCorpStockSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Name of Stock End of Year Book Value End of Year Fair Market Value
    800277 shs LINCOLN ELEC HLDGS INC 70,232,310 70,232,310
    34000 shs 888 HOLDINGS PLC GBP PAR ORDINARY 121,016 121,016
    43000 shs ABACUS PROPERTY GRP AUD PAR ORDINARY 119,772 119,772
    6250 shs ACCENTURE PLC SHS 1,022,438 1,022,438
    38360 shs ACI WORLDWIDE INC 946,341 946,341
    45361 shs ACS ACTIVIDADES CONS-UNS ADR 372,658 372,658
    14475 shs ACTIVISION BLIZZARD INC 1,104,732 1,104,732
    9204 shs ACTUANT CORP CL A 270,137 270,137
    30728 shs ACXIOM CORP COM 920,304 920,304
    1269 shs ADECCO GROUP AG 1.CHF PAR ORDINARY 75,096 75,096
    11825 shs ADOBE SYSTEMS INC RSTD SHS 2,883,053 2,883,053
    8363 shs ADTRAN INC COM 124,191 124,191
    18785 shs AEGON NV AMSTERDAM .12 EUR PAR ORDINARY 112,644 112,644
    35110 shs AERCAP HOLDINGS N.V. SHS 1,901,206 1,901,206
    6789 shs AG MTG INVT TR INC 127,565 127,565
    3799 shs AGL ENERGY LTD SHS 1.AUD PAR ORDINARY 63,099 63,099
    17160 shs AHLSELL AB REG SHS SEK PAR ORDINARY 101,374 101,374
    10922 shs AIA GROUP LTD SPONSORED ADR 382,543 382,543
    13139 shs AIRBUS SE 382,279 382,279
    7212 shs ALEXANDER & BALDWIN INC NEW 169,482 169,482
    8425 shs ALEXION PHARMS INC 1,045,964 1,045,964
    2604 shs ALFRESA HOLDINGS CO 2784 JPY PAR ORDINARY 61,241 61,241
    21550 shs ALIBABA GROUP HOLDING LT 3,998,171 3,998,171
    5350 shs ALIGN TECH INC DEL COM 1,830,449 1,830,449
    3972 shs ALLERGAN PLC 662,212 662,212
    22009 shs ALLSCRIPTS HEALTHCARE SOLUTIONS INC 264,108 264,108
    4440 shs ALPHABET INC SHS CL A 5,013,604 5,013,604
    4968 shs ALPHABET INC SHS CL C 5,542,550 5,542,550
    4340 shs ALSTRIA OFFICE AG, HAMBU 1 EUR PAR ORDINARY 65,366 65,366
    6086 shs AMAZON COM INC COM 10,344,983 10,344,983
    6808 shs AMCOR LTD 1.AUD PAR ORDINARY 72,483 72,483
    6700 shs ANADARKO PETE CORP 490,775 490,775
    2051 shs ANDRITZ AG 1.EUR PAR ORDINARY 108,861 108,861
    24940 shs AON PLC 3,421,020 3,421,020
    2920 shs APERAM S.A. REG.SHS EUR PAR ORDINARY 125,494 125,494
    10598 shs APOLLO COML REAL ESTATE FIN INC 193,731 193,731
    19600 shs APOLLO INVESTMENT CORP 109,172 109,172
    8641 shs APPLE INC 1,599,535 1,599,535
    1585 shs APPLIED INDUSTRL TECH 111,188 111,188
    10777 shs ARCELORMITTAL SA NY REG SHS 310,162 310,162
    5054 shs ARMSTRONG WORLD INDS INC NEW 319,413 319,413
    4559 shs ARTISAN PARTNERS ASSET MGMT INC CLASS A 137,454 137,454
    1100 shs AS ONE CORPORATION 7476 JPY PAR ORDINARY 76,369 76,369
    1230 shs ASM INTERNATIONAL .01NLG PAR ORDINARY 68,013 68,013
    5499 shs ASM PACIFIC TECH LTD .1 HKD PAR ORDINARY 69,530 69,530
    457 shs ASML HOLDING N.V. ORD SH 90,547 90,547
    4730 shs ASR NEDERLAND N.V SHS EUR PAR ORDINARY 193,177 193,177
    6337 shs ASSURED GUARANTY LTD 226,421 226,421
    12258 shs ASTELLAS PHARMA INC JPY PAR ORDINARY 186,915 186,915
    3950 shs ASTM SPA 1000.ITL PAR ORDINARY 91,499 91,499
    1670 shs AT AND S AUSTRIA TECHNOL EUR PAR ORDINARY 31,041 31,041
    21475 shs AT&T INC 689,562 689,562
    1806 shs ATOS ORIGIN 1.EUR PAR ORDINARY 246,600 246,600
    3202 shs AUSTRALIA AND NZ BK GRP 1.AUD PAR ORDINARY 66,810 66,810
    3520 shs AVNET INC 150,973 150,973
    4821 shs AXA 2.29EUR PAR ORD NEW 118,288 118,288
    11897 shs AXA -SPONS ADR 289,751 289,751
    14590 shs B AND M EUROPEAN VALUE R .1 GBP PAR ORDINARY 77,839 77,839
    11130 shs BACHOCOB INDUSTRIAS BACHOCO SA 54,178 54,178
    10699 shs BAE SYS PLC SPN ADR 370,399 370,399
    19508 shs BAE SYSTEMS PLC GBP PAR ORDINARY 166,585 166,585
    7231 shs BAIDU INC SPON ADR 1,757,133 1,757,133
    11212 shs BANCO BILBAO VIZCAYA ARG .49EUR PAR ORDINARY 79,512 79,512
    53767 shs BANCO SANTANDER SA ADR 287,116 287,116
    7194 shs BANCORP (THE) BANK 75,249 75,249
    57270 shs BANK OF AMERICA CORP 1,614,441 1,614,441
    2890 shs BANK OF GEORGIA GROUP PL .01 GBP PAR ORDINARY 71,923 71,923
    4600 shs BANK OF N T BUTTERFIELD AND SON LTD SHS 210,312 210,312
    167240 shs BARCLAYS PLC ADR 1,677,417 1,677,417
    22619 shs BARRATT DEV PLC 10P FN GBP PAR ORDINARY 153,911 153,911
    17671 shs BAYER AG SP ADR 487,366 487,366
    4010 shs BECTON DICKINSON CO 960,636 960,636
    4260 shs BELLWAY PLC 12 1/2P GBP PAR ORDINARY 168,953 168,953
    5922 shs BERKELEY GROUP HOLDINGS PAR ORDINARY 295,931 295,931
    30705 shs BERKSHIRE HATHAWAYINC DEL CL B NEW 5,731,088 5,731,088
    70000 shs BEST WORLD INTL LTD NPV SGD PAR ORDINARY 63,658 63,658
    3244 shs BHP BILLITON LIMITED 1.AUD PAR ORDINARY 81,276 81,276
    8486 shs BHP BILLITON PLC SP ADR 381,446 381,446
    3984 shs BIO TECHNE CORP COM STK 589,433 589,433
    10825 shs BIOMARIN PHARMACEUTICALS 1,019,715 1,019,715
    4300 shs BIOTAGE AB SEK PAR ORDINARY 55,180 55,180
    1587 shs BLACKROCK INC 791,976 791,976
    4337 shs BLOOMIN BRANDS INC COMMON STOCK 87,174 87,174
    5190 shs BLUESCOPE STEEL LTD AUD PAR ORDINARY 66,185 66,185
    3072 shs BNP PARIBAS 2.EUR PAR ORDINARY 190,777 190,777
    1000 shs BOBST GROUP AG 1.CHF PAR ORDINARY 102,321 102,321
    985 shs BOOKING HLDGS INC USD0.008 1,996,684 1,996,684
    4570 shs BRIDGESTONE CORP 5108 JPY PAR ORDINARY 178,772 178,772
    3686 shs BRINKER INTL INC 175,454 175,454
    4177 shs BRINKS CO 333,116 333,116
    6834 shs BRITISH AMN TOBACO SPADR 344,775 344,775
    4260 shs BRITVIC PLC, CHELMSFORD .2 GBP PAR ORDINARY 43,813 43,813
    34607 shs BRIXMOR PPTY GROUP INC 603,200 603,200
    1224 shs BROADRIDGE FINL SOLUTIONS INC 140,882 140,882
    12065 shs BROOKLINE BANCORP INC 224,409 224,409
    2705 shs BROTHER INDUSTRIES 6448 JPY PAR ORDINARY 53,433 53,433
    49176 shs BT GROUP GBP0.05 .05GBP PAR ORDINARY 141,406 141,406
    5300 shs BURFORD CAPITAL LTD SHS GBP PAR ORDINARY 104,680 104,680
    34000 shs BWP TRUST AUD PAR ORDINARY 81,641 81,641
    6097 shs CABOT CORP 376,612 376,612
    5849 shs CALTEX AUSTRALIA LTD 1.AUD PAR ORDINARY 140,622 140,622
    11178 shs CANADIAN NATURAL RES LTD 403,190 403,190
    3567 shs CANON INC 7751 JPY PAR ORDINARY 116,930 116,930
    535 shs CAPGEMINI SA 8.EUR PAR ORDINARY 71,958 71,958
    5328 shs CARDTRONICS LTD-CL A 128,831 128,831
    15563 shs CARLSBERG AS SPONSOREDAD 366,353 366,353
    8150 shs CARNIVAL CORP PAIRED SHS 467,077 467,077
    8065 shs CARPENTER TECHNOLOGY 423,977 423,977
    87653 shs CARREFOUR SA SPONSORED ADR 282,243 282,243
    70837 shs CATCHMARK TIMBER TR INC SHS CL A 901,755 901,755
    2890 shs CATENA MEDIA PLC SHS EUR PAR ORDINARY 39,703 39,703
    5217 shs CELANESE CORP DEL SER A 579,400 579,400
    1150 shs CEMBRA MONEY BANK AG 1 CHF PAR ORDINARY 90,395 90,395
    10148 shs CHATHAM LODGING TR 215,341 215,341
    6212 shs CHEVRON CORP 785,383 785,383
    46000 shs CHINA LILANG LTD PAR ORDINARY 66,019 66,019
    5967 shs CHUBB LTD 757,928 757,928
    8170 shs CIE AUTOMOTIVE SA, AZKOI PAR ORDINARY 241,142 241,142
    1991 shs CIMIC GROUP LTD AUD PAR ORDINARY 62,225 62,225
    18932 shs CISCO SYSTEMS INC COM 814,644 814,644
    71600 shs CITIGROUP INC COM NEW 4,791,472 4,791,472
    13437 shs CIVEO CORP SHS 73,867 73,867
    4911 shs CK HUTCHISON HOLDINGS LT 1 HKD PAR ORDINARY 52,080 52,080
    27943 shs CK HUTCHISON HOLDINGS LTD 295,078 295,078
    5679 shs CLEAN HARBORS INC 348,854 348,854
    18112 shs CNO FINL GROUP INC 344,853 344,853
    2600 shs COGECO COMMUNICATIONS INC SHS 128,710 128,710
    9711 shs COLGATE PALMOLIVE 629,370 629,370
    1000 shs COLLIERS INTERNTNL GRP I 75,700 75,700
    72114 shs COLONY CAPITAL INC REG SHS CL A 449,991 449,991
    3738 shs COLUMBIA SPORTSWEAR CO 341,915 341,915
    100995 shs COMCAST CORP NEW CL A 3,313,646 3,313,646
    58690 shs COMFORTDELGRO CORP LTD SGD PAR ORDINARY 101,152 101,152
    13087 shs COMMERCIAL METALS CO COM 276,267 276,267
    3679 shs COMMONWEALTH BANK OF AU ORDINARY FULLY PAID 2. AUD PAR ORDINARY 198,077 198,077
    2000 shs CONEXIO CORPORATION JPY PAR ORDINARY 34,776 34,776
    8706 shs CONVERGYS CORP 212,775 212,775
    5385 shs COPART INC COM 304,576 304,576
    4400 shs COSMO ENERGY HOLDINGS CO LTD SHS 5021 JPY PAR ORDINARY 154,525 154,525
    3325 shs COSTAR GROUP INC COM 1,371,995 1,371,995
    24795 shs COVANTA HLDG CORP 409,117 409,117
    3839 shs COVESTRO AG AKT. EUR PAR ORDINARY 343,607 343,607
    7061 shs CROWN HLDGS INC 294,745 294,745
    3000 shs CVS GROUP PLC, NORFOLK GBP PAR ORDINARY 45,073 45,073
    10870 shs CVS HEALTH CORP 699,485 699,485
    10998 shs CYBER-ARK SOFTWARE LTD 692,434 692,434
    12359 shs CYRUSONE INC 721,271 721,271
    13200 shs DAH SING FINANCIAL HLDGS 2.HKD PAR ORDINARY 77,058 77,058
    3839 shs DAIMLER A EUR PAR ORDINARY 248,001 248,001
    18567 shs DAIMLER AG ADR 297,908 297,908
    732 shs DAITO TRUST CONSTR 1878 JPY PAR ORDINARY 119,020 119,020
    11605 shs DAIWA SECURITIES GRP INC JPY PAR ORDINARY 67,398 67,398
    2887 shs DANONE S.A 1.EUR PAR ORDINARY 211,917 211,917
    4200 shs DBS GROUP HLDGS SPN ADR 330,015 330,015
    8160 shs DERICHEBOURG 15.FRF PAR ORDINARY 51,637 51,637
    27009 shs DEUTSCHE BOERSE AG SHS 358,139 358,139
    8323 shs DEUTSCHE POST AG SHS SP ADR 270,373 270,373
    5834 shs DEXCOM INC 554,113 554,113
    3060 shs DFDS AS EUR PAR ORDINARY 195,353 195,353
    2300 shs DIP CORP 2379 JPY PAR ORDINARY 59,117 59,117
    33120 shs DIPLOMAT PHARMACY ORD 846,547 846,547
    64175 shs DISH NETWORK CORPORATION CLASS A 2,156,922 2,156,922
    5602 shs DISNEY (WALT) CO COM STK 587,146 587,146
    17850 shs DNB ASA SP ADR 348,075 348,075
    3951 shs DOLBY LABORATORIES INC CL A 243,737 243,737
    15100 shs DREAM GLOBAL REAL ESTATE INVESTM TR 164,838 164,838
    9565 shs DRIL QUIP 491,641 491,641
    9929 shs DSW INC 256,367 256,367
    1020 shs DUERR BETEILIGUNGS AG 5.DEM PAR ORDINARY 47,481 47,481
    32085 shs E.ON SE ADR 341,866 341,866
    1585 shs EAGLE MATERIALS INC 166,377 166,377
    1497 shs EAST JAPAN RAILWAY 9020 JPY PAR ORDINARY 143,462 143,462
    18735 shs ECOLAB INC 2,629,083 2,629,083
    10475 shs EDWARDS LIFESCIENCES CRP 1,524,846 1,524,846
    6518 shs EL PASO ELECTRIC CO NEW 385,214 385,214
    6088 shs ENERGIZER HOLDINGS INC SHS 383,300 383,300
    21307 shs ENGIE SHS 326,317 326,317
    2600 shs EPS HOLDINGS INC JPY PAR ORDINARY 55,772 55,772
    27000 shs EQUINITI GROUP PLC SHS GBP PAR ORDINARY 88,047 88,047
    5396 shs ESSILOR INTL SA ADR 380,688 380,688
    155000 shs ESSO THAILAND PUBLIC CO 10 THB PAR ORDINARY 54,265 54,265
    1290 shs EURONEXT NV SHS 1.6 EUR PAR ORDINARY 82,009 82,009
    24240 shs EVRAZ PLC SHS 2 USD PAR ORDINARY 162,701 162,701
    14125 shs FACEBOOK INC CLASS A COMMON STOCK 2,744,770 2,744,770
    8139 shs FAST RETAILING CO LTD SHS 372,563 372,563
    10004 shs FIDELITY NATL INFO SVCS INC 1,060,724 1,060,724
    7800 shs FINL PRODUCTS GROUP CO LT 7148 JPY PAR ORDINARY 100,629 100,629
    40250 shs FIREEYE INC 619,448 619,448
    37815 shs FIRST HORIZON NTNL CORP 674,620 674,620
    12660 shs FIRST INTST BANCSYSTEM INC COM CL A 534,252 534,252
    9076 shs FIRST MIDWST BANCORP DEL 231,166 231,166
    2222 shs FLIGHT CENTRE TRAVEL GRP .01AUD PAR ORDINARY 104,496 104,496
    12549 shs FLOOR AND DECOR HLDGS INC 619,042 619,042
    24971 shs FORTESCUE METALS GROUP AUD PAR ORDINARY 80,993 80,993
    37421 shs FORUM ENERGY TECHNOLOGS INC COMMON STOCK 462,149 462,149
    24430 shs FRANKLIN STR PPTYS CORP 209,121 209,121
    4330 shs FREENET AG AKT. EUR PAR ORDINARY 112,939 112,939
    27033 shs FRESHPET INC SHS 843,154 843,154
    6100 shs FUJI CORPORATION 6134 JPY PAR ORDINARY 109,372 109,372
    1000 shs FUJIBO HOLDINGS INC 50.JPY PAR ORDINARY 32,501 32,501
    2100 shs FUJIMI INCORPORATED 5384 JPY PAR ORDINARY 46,544 46,544
    11279 shs FUJITSU LTD 6702 JPY PAR ORDINARY 68,407 68,407
    4100 shs GAM HLDG LTD .05 CHF PAR ORDINARY 56,568 56,568
    68750 shs GENERAL MOTORS CO COMMON SHARES 2,708,750 2,708,750
    23367 shs GENERALI ASSICURAZIONI 1.EUR PAR ORDINARY 392,045 392,045
    2283 shs GENESCO INC 90,635 90,635
    95899 shs GENMARK DIAGNOSTICS INC 611,836 611,836
    7391 shs GENTHERM INC 290,466 290,466
    7300 shs GENWORTH MI CANADA INC SHS 237,404 237,404
    2890 shs GEORGIA CAPITAL PLC REG .01 GBP PAR ORDINARY 39,300 39,300
    9746 shs GLATFELTER 190,924 190,924
    17781 shs GLAUKOS CORP SHS 722,620 722,620
    5368 shs GLOBAL DOMINION ACCESS S .12 EUR PAR ORDINARY 29,112 29,112
    997 shs GLOBAL PMTS INC GEORGIA 111,155 111,155
    6675 shs GOLDMAN SACHS GROUP INC 1,472,305 1,472,305
    6342 shs GRAND CANYON EDUCATN INC 707,831 707,831
    4850 shs GRANITE REAL ESTATE INVT 197,735 197,735
    2354 shs GUESS INC COM 50,376 50,376
    63894 shs HABIT RESTAURANTS INC CL A 638,940 638,940
    2304 shs HAEMONETICS CORP MASS 206,623 206,623
    4937 shs HARSCO CORPORATION 109,108 109,108
    23615 shs HEALTH CARE SVCS GROUP 1,019,932 1,019,932
    24705 shs HEALTHSTREAM INC TENN 674,694 674,694
    36503 shs HEARTLAND EXPRESS INC 677,131 677,131
    8770 shs HEMFOSA FASTIGHETER AB S SEK PAR ORDINARY 102,738 102,738
    5099 shs HERMAN MILLER INC COM 172,856 172,856
    81000 shs HI P INTERNATIONAL LTD .05SGD PAR ORDINARY 70,689 70,689
    1325 shs HITACHI HIGH-TECH 8036 JPY PAR ORDINARY 54,069 54,069
    29510 shs HMS HLDGS CORP 638,006 638,006
    5884 shs HONEYWELL INTL INC DEL 847,590 847,590
    25592 shs HOPE BANCORP INC SHS 456,305 456,305
    28530 shs HOWDEN JOINERY ORD 10P 201,967 201,967
    7223 shs HSBC HLDG PLC SP ADR 340,492 340,492
    31467 shs HSBC HOLDINGS PLC .5USD PAR ORDINARY 295,255 295,255
    1913 shs HYSTER-YALE MATLS HNDLNG INC CL A 122,910 122,910
    22086 shs IBERDROLA SA, BILBAO .75 EUR PAR ORDINARY 170,809 170,809
    36000 shs IGG INC HKD PAR ORDINARY 46,069 46,069
    3469 shs IIDA GROUP HOLDINGS CO LTD. SHS 3291 JPY PAR ORDINARY 66,927 66,927
    6500 shs ILLUMINA INC COM 1,815,385 1,815,385
    12648 shs IMPERIAL BRANDS PLC .10GBP PAR ORDINARY 471,232 471,232
    10000 shs INDIVIOR PLC SHS 2 USD PAR ORDINARY 50,591 50,591
    35000 shs INDO TAMBANGRAYA MEGAH P 500 IDR PAR ORDINARY 54,660 54,660
    7821 shs INGERSOLL-RAND PLC 701,778 701,778
    15897 shs INNOPHOS HLDGS INC 756,697 756,697
    5630 shs INSULET CORP 482,491 482,491
    29044 shs INSURANCE AUSTRALIA GRP AUD PAR ORDINARY 183,044 183,044
    30041 shs INTESA SANPAOLO SPA EUR PAR ORDINARY 87,212 87,212
    16724 shs INTESA SANPAOLO SPON ADR 290,329 290,329
    16431 shs INTL CONSOLIDATED .5 EUR PAR ORDINARY 144,302 144,302
    4550 shs INTRUM AB .02SEK PAR ORDINARY 105,739 105,739
    5709 shs INVESTM TECH GRP INC NEW 119,432 119,432
    64946 shs INVESTORS BANCORP INC NEW 830,659 830,659
    185 shs INVINCIBLE INVESTMENT JPY PAR ORDINARY 83,343 83,343
    1650 shs IPSEN PROMESSES 1 EUR PAR ORDINARY 258,820 258,820
    9024 shs ITOCHU CORP ORD 8001 JPY PAR ORDINARY 163,550 163,550
    1100 shs JAFCO CO LTD 8595 JPY PAR ORDINARY 44,739 44,739
    4154 shs JANUS HENDERSON GROUP PLC 127,652 127,652
    7199 shs JAPAN TOBACCO INC 2914 JPY PAR ORDINARY 201,154 201,154
    15000 shs JD SPORTS FASHION PLC RE GBP PAR ORDINARY 87,255 87,255
    5100 shs JM AB 'B ORD SEK PAR ORDINARY 91,214 91,214
    5633 shs JOHNSON AND JOHNSON COM 683,508 683,508
    13000 shs JOHNSON ELEC HOLDINGS LT .05 HKD PAR ORDINARY 37,862 37,862
    28915 shs JPMORGAN CHASE & CO 3,012,943 3,012,943
    10500 shs JUKI CORP 6440 JPY PAR ORDINARY 105,791 105,791
    30042 shs JULIUS BAER GROUP ADR 349,388 349,388
    22380 shs JUPITER PLC SHS .02 GBP PAR ORDINARY 131,780 131,780
    14183 shs JX HOLDINGS INC JPY PAR ORDINARY 98,620 98,620
    1700 shs KAGA ELECTRONICS CO 8154 50.JPY PAR ORDINARY 40,380 40,380
    17655 shs KAJIMA CORP 1812 FN JPY PAR ORDINARY 136,757 136,757
    2200 shs KAKEN PHARMACEUTICL 4521 JPY PAR ORDINARY 113,014 113,014
    3700 shs KANAMOTO CO LTD 9678 JPY PAR ORDINARY 117,081 117,081
    1718 shs KAO CORP 4452 JPY PAR ORDINARY 131,062 131,062
    1100 shs KAWADA TECHNOLOGIES INC 3443 JPY PAR ORDINARY 71,205 71,205
    2348 shs KDDI CORPORATION 9433 5000.JPY PAR ORDINARY 64,251 64,251
    6680 shs KENNAMETAL INC 239,812 239,812
    22929 shs KEYCORP NEW COM 448,033 448,033
    12350 shs KINDRED GROUP PLC SEK PAR ORDINARY 155,720 155,720
    6613 shs KITE REALTY GROUP TR SHS 112,950 112,950
    3772 shs KLEPIERRE ORD EUR 8 EUR PAR ORDINARY 142,029 142,029
    6375 shs KLX INC SHS 458,362 458,362
    1900 shs KOBAYASHI PHARM 4967 JPY PAR ORDINARY 164,158 164,158
    5600 shs KOKUYO CO LTD FN JPY PAR ORDINARY 99,446 99,446
    7116 shs KONICA MINOLTA INC 50.JPY PAR ORDINARY 66,107 66,107
    7447 shs KONINKLIJKE AHOLD .01 EUR PAR ORDINARY 178,286 178,286
    5248 shs KONINKLIJKE PHILIPS NV .2EUR PAR ORDINARY 223,187 223,187
    4123 shs KOPPERS HLDGS INC 158,117 158,117
    10600 shs KYOWA EXEO CORP 1951 JPY PAR ORDINARY 278,385 278,385
    40669 shs LANTHEUS HLDGS INC 591,734 591,734
    1260 shs LEG IMMOBILIEN AG NAMEN- EUR PAR ORDINARY 136,607 136,607
    37725 shs LIBERTY BROADBAND CORP SHS SERIES SER -C- CL C 2,856,537 2,856,537
    116374 shs LIBERTY GLOBAL PLC CL C 3,096,712 3,096,712
    15863 shs LIBERTY LATIN AMERICA LTD REG SHS CL C 307,425 307,425
    99747 shs LLOYDS BANKING GROUP PLC ADR 332,157 332,157
    2219 shs LOCKHEED MARTIN CORP 655,559 655,559
    1460 shs LOGITECH INTL SA, APPLES .25 CHF PAR ORDINARY 64,211 64,211
    11352 shs LOWE'S COMPANIES INC 1,084,911 1,084,911
    5475 shs LOXO ONCOLOGY INC SHS 949,803 949,803
    4515 shs M T S SYSTEMS CORP COM 237,715 237,715
    1541 shs MACQUARIE GROUP LTD AUD PAR ORDINARY 140,784 140,784
    42000 shs MACQUARIE MEXICO REAL ES MXN PAR ORDINARY 42,071 42,071
    12700 shs MAEDA CORP 1824 JPY PAR ORDINARY 146,072 146,072
    8000 shs MAKINO MILLING MACH 6135 JPY PAR ORDINARY 62,258 62,258
    50840 shs MARKS & SPENCER NEW ORD .25GBP PAR ORDINARY 198,073 198,073
    22790 shs MARRIOTT INTL INC NEW A 2,885,214 2,885,214
    10632 shs MARSH & MCLENNAN COS INC 871,505 871,505
    8449 shs MARUBENI CORP 8002 FN JPY PAR ORDINARY 64,462 64,462
    8521 shs MATSON INC COM 327,036 327,036
    2400 shs MATSUMOTOKIYOSHI JPY PAR ORDINARY JPY PAR ORDINARY 107,795 107,795
    11000 shs MCJ CO LTD 6670 JPY PAR ORDINARY 84,115 84,115
    23440 shs MEDIASET ESPANA COMUNICA .5 EUR PAR ORDINARY 197,646 197,646
    10008 shs MEDTRONIC PLC SHS 856,785 856,785
    19000 shs MEIDENSHA CORP 6508 FN JPY PAR ORDINARY 68,613 68,613
    1300 shs MEITEC CORP 9744 FN JPY PAR ORDINARY 62,438 62,438
    59000 shs MELCO INTL DEV LTD .5HKD PAR ORDINARY 181,614 181,614
    19980 shs MERCURY SYSTEMS INC 760,439 760,439
    70000 shs METCASH LTD AUD PAR ORDINARY 134,981 134,981
    94161 shs MICROSOFT CORP 9,285,216 9,285,216
    5310 shs MINERAL RESOURCES LTD AUD PAR ORDINARY 62,811 62,811
    68657 shs MIRVAC GROUP FN AUD PAR ORDINARY 110,078 110,078
    23000 shs MITIE GRP ORD GBP0.025 GBP PAR ORDINARY 47,461 47,461
    13012 shs MITSUBISHI CHEMICAL HOLDINGS 4188 JPY PAR ORDINARY 108,944 108,944
    4998 shs MITSUBISHI CRP 8058 FN 50.JPY PAR ORDINARY 138,886 138,886
    3991 shs MITSUI CHEMICALS 4183 JPY PAR ORDINARY 106,292 106,292
    3350 shs MONCLER S.P.A. AZ. EUR PAR ORDINARY 152,540 152,540
    16323 shs MONDELEZ INTERNATIONAL INC 669,243 669,243
    15875 shs MONRO INC 922,338 922,338
    28225 shs MONSTER BEVERAGE SHS 1,617,292 1,617,292
    2370 shs MORGAN SINDALL GROUP PLC MORGAN SINDALL GROUP PLC 44,995 44,995
    18325 shs MORGAN STANLEY 868,605 868,605
    2800 shs MORINAGA 2201 FN JPY PAR ORDINARY 134,230 134,230
    13133 shs MRC GLOBAL INC 284,592 284,592
    3315 shs MS&AD INSURANCE GROUP HD JPY PAR ORDINARY JPY PAR ORDINARY 102,069 102,069
    310 shs MTU AERO ENGINES AG EUR PAR ORDINARY 59,503 59,503
    30000 shs MYOB LIMITED-DEAD AUD PAR ORDINARY 64,056 64,056
    5610 shs NATIONAL AUSTRALIA BANK 1.AUD PAR ORDINARY 113,613 113,613
    10806 shs NATIONAL GENERAL HOLDINGS CORP SHS 284,522 284,522
    47907 shs NATIXIS 100.FRF PAR ORDINARY 339,962 339,962
    7980 shs NCR CORP NEW 212,438 212,438
    45156 shs NEOGENOMICS INC 591,995 591,995
    3440 shs NESTLE SA CHAM UND VEVE 266,414 266,414
    5400 shs NETENT AB SEK PAR ORDINARY 28,913 28,913
    11475 shs NETFLIX COM INC 4,491,659 4,491,659
    5272 shs NEW RELIC INC 530,310 530,310
    21000 shs NEWRIVER REIT PLC PAR ORDINARY 74,857 74,857
    3110 shs NEXITY 196,441 196,441
    6415 shs NEXTERA ENERGY INC SHS 1,071,497 1,071,497
    2900 shs NFI GROUP INC REG SHS 108,112 108,112
    3200 shs NICHIHA CORP. 7943 JPY PAR ORDINARY 121,049 121,049
    2200 shs NICHIREI CO 2871 FN JPY PAR ORDINARY 55,970 55,970
    14222 shs NIELSEN HOLDINGS PLC SHS 439,886 439,886
    107000 shs NINE ENTERTAINMENT CO AUD PAR ORDINARY 196,056 196,056
    815 shs NIPPON EXPRESS 9062 JPY PAR ORDINARY 59,158 59,158
    63000 shs NIPPON LIGHT METAL HOLDINGS 5703 JPY PAR ORDINARY 141,618 141,618
    6100 shs NIPPON SUISAN 1332 FN JPY PAR ORDINARY 30,069 30,069
    1600 shs NIPPON TEL & TEL 9432 JPY PAR ORDINARY 72,745 72,745
    1300 shs NISHIO RENT ALL CO JPY PAR ORDINARY 41,723 41,723
    5200 shs NISSAN CHEMICAL 4021 JPY PAR ORDINARY 242,711 242,711
    9800 shs NISSIN ELEC CO LTD FN JPY PAR ORDINARY 90,332 90,332
    40600 shs NOBLE ENERGY INC 1,432,368 1,432,368
    1600 shs NOEVIR HOLDINGS CO LTD 4928 JPY PAR ORDINARY 115,415 115,415
    2200 shs NOMURA CO JPY PAR ORDINARY 48,602 48,602
    3200 shs NORBORD INC 131,584 131,584
    45183 shs NORDEA BANK AB SEK PAR ORDINARY 435,767 435,767
    1030 shs NOVARTIS AG REG CHF0.5 50.CHF PAR ORDINARY 78,089 78,089
    7410 shs NOVO NORDISK A/S SHS .2 DKK PAR ORDINARY 343,705 343,705
    5024 shs NTT DOCOMO INC JPY PAR ORDINARY 128,021 128,021
    8692 shs OAKTREE SPECIALTY LENDING CORP 41,548 41,548
    7977 shs OBAYASHI CORP 1802 FN JPY PAR ORDINARY 83,035 83,035
    14326 shs OMNICELL INC 751,399 751,399
    95535 shs ORACLE CORP $0.01 DEL 4,209,272 4,209,272
    21077 shs ORANGE ADR 351,354 351,354
    1250 shs ORBOTECH LTD COM 77,250 77,250
    2290 shs ORIFLAME HLDG AG NAMEN-A 1.5 CHF PAR ORDINARY 73,927 73,927
    3331 shs OSAKA GAS 9532 FN JPY PAR ORDINARY 68,941 68,941
    15539 shs OTSUKA HOLDINGS CO LTD SHS ADR 375,888 375,888
    7328 shs PACKAGING CORP AMERICA 819,197 819,197
    9150 shs PALO ALTO NETWORKS INC COM 1,880,050 1,880,050
    4183 shs PANASONIC CORP 50.JPY PAR ORDINARY 56,401 56,401
    1800 shs PARAMOUNT BED HOLDINGS CO LTD 7817 JPY PAR ORDINARY 77,190 77,190
    6000 shs PAREX RESOURCES INC SHS 113,208 113,208
    15793 shs PATTERSON UTI ENERGY INC 284,274 284,274
    8498 shs PAYLOCITY HLDG CORP 500,192 500,192
    3384 shs PBF ENERGY INC CL A 141,891 141,891
    6960 shs PEAB AB SER'B'SHS 10.SEK PAR ORD CL'B' 52,632 52,632
    5149 shs PEBBLEBROOK HOTEL TRUST 199,781 199,781
    14300 shs PENTA OCEAN CONS 1893 JPY PAR ORDINARY 95,793 95,793
    7715 shs PEPSICO INC 839,932 839,932
    22624 shs PFIZER INC 820,799 820,799
    13216 shs PHILIP MORRIS INTL INC 1,067,060 1,067,060
    6770 shs PHILIPS LIGHTING NV .01 EUR PAR ORDINARY 175,870 175,870
    11421 shs PHILLIPS 66 SHS 1,282,692 1,282,692
    8814 shs PORTLAND GEN ELEC CO 376,887 376,887
    2181 shs POTLATCHDELTIC CORP 110,904 110,904
    5517 shs PRAXAIR INC 872,514 872,514
    6250 shs PRESTIGE BRANDS HLDG INC 239,875 239,875
    51000 shs QINETIQ GROUP PLC, LONDO GBP PAR ORDINARY 181,596 181,596
    22581 shs QUOTIENT TECHNOLOGY INC 295,811 295,811
    17361 shs RANGE RESOURCES CORP DEL 290,450 290,450
    8397 shs RAYONIER INC REIT 324,880 324,880
    1644 shs RECKITT BENCKISER GROUP GBP PAR ORDINARY 135,417 135,417
    3200 shs RECORDATI SPA EUR PAR ORDINARY 127,253 127,253
    9406 shs RED ELECTRICA CORPORACIO EUR PAR ORDINARY 191,525 191,525
    14900 shs REDROW PLC 10P GBP PAR ORDINARY 104,850 104,850
    3275 shs REGENERON PHARMACTCLS 1,129,842 1,129,842
    780 shs REPLY SPA EUR PAR ORDINARY 53,002 53,002
    20888 shs REPSOL SA 3.EUR PAR ORDINARY 408,860 408,860
    11819 shs RETAIL PROPERTIES OF AMERICA INC SHS CL A 151,047 151,047
    1180 shs RHI-MAG N.V. REG SHS 1 EUR PAR ORDINARY 71,663 71,663
    2040 shs RIGHTMOVE PLC, LON GBP PAR ORDINARY 143,015 143,015
    1292 shs RIO TINTO LTD 2.AUD PAR ORDINARY 79,651 79,651
    9224 shs RIO TINTO PLC GBP PAR ORDINARY 511,597 511,597
    17032 shs RITCHIE BROS AUCTIONEERS 581,132 581,132
    12365 shs ROCHE HLDG LTD SPN ADR 341,645 341,645
    2090 shs ROCHE HOLDINGS GENUSH FN CHF PAR ORDINARY 464,222 464,222
    3500 shs ROLAND DG CORP 6789 JPY PAR ORDINARY 77,005 77,005
    16463 shs ROY DUT SHELL PLC B LON .07GBP PAR ORDINARY 589,785 589,785
    14565 shs ROYAL DSM N V SPON ADR 365,946 365,946
    5460 shs ROYAL DUTCH SHELL PLC SPONS ADR A 377,996 377,996
    21203 shs ROYAL MAIL PLC SHS .01 GBP PAR ORDINARY 141,477 141,477
    4440 shs ROYAL UNIBREW A/S SHS 2 DKK PAR ORDINARY 353,794 353,794
    5480 shs RPC GROUP PLC GBP PAR ORDINARY 54,132 54,132
    9392 shs RUSH ENTERPRISES IN CL A 407,425 407,425
    2212 shs RYMAN HOSPITALITY PPTYS INC 183,928 183,928
    11150 shs SAFESTORE HOLDINGS LTD GBP PAR ORDINARY 80,890 80,890
    2700 shs SAIZERIYA CO LTD 7581 JPY PAR ORDINARY 61,793 61,793
    24300 shs SALESFORCE COM INC 3,314,520 3,314,520
    10393 shs SALLY BEAUTY HLDGS INC 200,936 200,936
    2490 shs SALMAR ASA .25 NOK PAR ORDINARY 104,422 104,422
    11440 shs SANDFIRE RESOURCES NL AUD PAR ORDINARY 77,424 77,424
    1300 shs SANKYU 9065 82 JPY PAR ORDINARY 68,307 68,307
    2685 shs SANOFI 2.EUR PAR ORDINARY 215,209 215,209
    1400 shs SANYO DENKI CO 6516 FN JPY PAR ORDINARY 99,724 99,724
    3247 shs SAP SE SHS 375,548 375,548
    12170 shs SAVILLS GBP PAR ORDINARY 139,786 139,786
    12901 shs SCHLUMBERGER LTD 864,754 864,754
    29225 shs SCHWAB CHARLES CORP NEW 1,493,398 1,493,398
    1500 shs SCOUT24 HLDG GMBH NAMEN- EUR PAR ORDINARY 79,930 79,930
    600 shs SCREEN HOLDINGS JPY PAR ORDINARY 42,251 42,251
    786 shs SECOM CO LTD 9735 JPY PAR ORDINARY 60,366 60,366
    19020 shs SECOM CO LTD ADR 363,662 363,662
    2900 shs SEIREN 3569 17 JPY PAR ORDINARY 45,189 45,189
    5915 shs SEKISUI HOUSE LTD 1928 JPY PAR ORDINARY 104,666 104,666
    18600 shs SERVICENOW INC 3,207,942 3,207,942
    1285 shs SEVEN AND I HOLDINGS CO 50.JPY PAR ORDINARY JPY PAR ORDINARY 56,045 56,045
    17096 shs SEVEN AND I HOLDINGS CO LTD SHS 371,752 371,752
    76000 shs SHENZHEN EXPRESSWAY-H SH 1.HKD PAR ORDINARY 74,586 74,586
    1800 shs SHOEI FOODS CORP 8079 JPY PAR ORDINARY 63,296 63,296
    3582 shs SIEMENS AG GERM EUR PAR ORDINARY 473,421 473,421
    4368 shs SILICON LABS INC 435,053 435,053
    1130 shs SILTRONIC AG NAMEN-AKT. EUR PAR ORDINARY 162,739 162,739
    3776 shs SIMMONS 1ST NTL A $5 112,902 112,902
    7344 shs SIMPSON MFG DEL PV $0.01 456,723 456,723
    8000 shs SINFONIA TECHNOLOGY JPY PAR ORDINARY 28,456 28,456
    12584 shs SKANSKA AB CL B SEK 12 12.SEK PAR ORD CL B 229,004 229,004
    32410 shs SMITH (DAVID S) HLDG PLC .1GBP PAR ORDINARY 223,016 223,016
    9713 shs SMITH-NPHW PLC SPADR NEW 364,529 364,529
    2418 shs SOTHEBY'S (DELAWARE) 131,394 131,394
    4150 shs SPAREBANKEN MIDT-NORGE 100.NOK PAR ORDINARY 43,025 43,025
    24000 shs SPEEDCAST INTL LTD SHS AUD PAR ORDINARY 109,409 109,409
    14125 shs SPLUNK INC COMMON SHARES 1,399,929 1,399,929
    37381 shs SPROUTS FARMERS MARKETS INC SHS 824,998 824,998
    146000 shs STAR PETROLEUM REFINING 6.92 THB PAR ORDINARY 57,276 57,276
    13900 shs STARBUCKS CORP 679,015 679,015
    6600 shs STARS GROUP INC 239,580 239,580
    6836 shs STARWOOD PPTY TR INC COMMON STOCK 148,409 148,409
    135 shs STRAUMANN HLDGS 6.CHF PAR ORDINARY 102,649 102,649
    5282 shs SUBARU CORP JPY PAR ORDINARY 153,789 153,789
    10370 shs SUBSEA 7 SA 2.NOK PAR ORDINARY 165,847 165,847
    5976 shs SUMITOMO MITSUI FIN 8316 50000.JPY PAR ORDINARY 232,316 232,316
    66802 shs SUMITOMO MITSUI-UNSPONS ADR 519,051 519,051
    4819 shs SUMITOMO RUBBER 5110 JPY PAR ORDINARY 76,571 76,571
    6092 shs SWEDBANK AB 20.SEK PAR ORDINARY 130,611 130,611
    241 shs SWISSCOM AG (REGD) 1.CHF PAR ORDINARY 107,570 107,570
    600 shs SWISSQUOTE GROUP HLD 10.CHF PAR ORDINARY 33,174 33,174
    3420 shs SYDBANK A/S DKK PAR ORDINARY 117,582 117,582
    6853 shs SYKES ENTERPRISES INC 197,229 197,229
    2713 shs SYNTEL INC COM 87,060 87,060
    7700 shs TAKUMA 6013 41 JPY PAR ORDINARY 93,847 93,847
    81963 shs TAYLOR WIMPEY PLC 25P FN GBP PAR ORDINARY 193,588 193,588
    7360 shs TCF FINANCIAL CORP COM 181,203 181,203
    750 shs TEMENOS GROUP AG 5.CHF PAR ORDINARY 113,299 113,299
    4300 shs TENNECO INC DEL 189,028 189,028
    5288 shs TEREX CORP DEL NEW COM 223,101 223,101
    25855 shs TETRA TECHNOLOGIES INC 115,055 115,055
    6598 shs TEXAS INSTRUMENTS 727,430 727,430
    1800 shs T-GAIA CORP 50000.JPY PAR ORDINARY 45,989 45,989
    10700 shs THERMO FISHER SCIENTIFIC INC 2,216,398 2,216,398
    29636 shs THERMON GROUP HLDGS INC 677,775 677,775
    2250 shs THQ NORDIC AB REG SHS SEK PAR ORDINARY 44,768 44,768
    3400 shs TIETO OYJ EUR PAR ORDINARY 110,198 110,198
    14000 shs TODA CORP 1860 JPY PAR ORDINARY 121,842 121,842
    600 shs TOEI CO LTD 50Y 9605 FN JPY PAR ORDINARY 61,481 61,481
    4900 shs TOHO HOLDINGS JPY PAR ORDINARY 119,574 119,574
    1417 shs TOKIO MARINE HOLDINGS IN 100.JPY PAR ORDINARY 66,433 66,433
    602 shs TOKYO ELECTRON 8035 FN JPY PAR ORDINARY 103,372 103,372
    9900 shs TOKYO STEEL 5423 33 JPY PAR ORDINARY 87,948 87,948
    9500 shs TOMY COMPANY LTD JPY PAR ORDINARY 78,905 78,905
    17968 shs TORAY INDUSTRYS INC ADR 282,637 282,637
    10821 shs TOSOH CORPORATION 4042 JPY PAR ORDINARY 190,262 190,262
    6162 shs TOTAL S.A. SP ADR 373,171 373,171
    9800 shs TRANSCONTINENTAL CLASS A 227,445 227,445
    6855 shs TRI POINTE GROUP INC 112,148 112,148
    1120 shs TRIGANO FRF100 EUR PAR ORDINARY 199,025 199,025
    34200 shs TRIPADVISOR INC SHS 1,905,282 1,905,282
    4500 shs TUPPERWARE BRANDS CORP 185,580 185,580
    63625 shs TWENTY-FIRST CENTURY FOX INC CLASS A 3,161,526 3,161,526
    12950 shs TWENTY-FIRST CENTURY FOX INC CLASS B 638,047 638,047
    7200 shs U S SILICA HLDGS INC COMMON STOCK 184,968 184,968
    6490 shs UDG HEALTHCARE PLC GBP PAR ORDINARY 70,775 70,775
    5400 shs ULVAC INC 6728 JPY PAR ORDINARY 206,707 206,707
    84000 shs UMS HOLDINGS LTD .05SGD PAR ORDINARY 51,131 51,131
    2228 shs UNILEVER PLC .03 GBP PAR ORDINARY 123,308 123,308
    6581 shs UNION PACIFIC CORP 932,396 932,396
    5310 shs UNIPER SE NAMEN-AKT. EUR PAR ORDINARY 157,534 157,534
    6109 shs UNITED BKSHRS INC W.V. 222,368 222,368
    15950 shs UNITED PARCEL SVC CL B 1,694,368 1,694,368
    25078 shs UNITEDHEALTH GROUP INC 6,152,636 6,152,636
    5415 shs UPM-KYMMENE OY CORP FN EUR PAR ORDINARY 193,588 193,588
    15087 shs VERIFONE SYSTEMS INC 344,285 344,285
    6626 shs VERINT SYSTEMS INC 293,863 293,863
    48903 shs VICINITY CENTERS AUD PAR ORDINARY 93,581 93,581
    31900 shs VISA INC CL A SHRS 4,225,155 4,225,155
    1470 shs VOLKERWESSELS B.V REG SH .01 EUR PAR ORDINARY 37,793 37,793
    21150 shs W R BERKLEY CORP 1,531,472 1,531,472
    5341 shs WADDELL & REED FINL A 95,978 95,978
    20336 shs WAGEWORKS INC 1,016,800 1,016,800
    11420 shs WEC ENERGY GROUP INC SHS 738,303 738,303
    81855 shs WELLS FARGO & CO NEW DEL 4,538,041 4,538,041
    39000 shs WESTERN FOREST PRODUCTS INC 79,455 79,455
    5279 shs WESTPAC BANKING CORP FN AUD PAR ORDINARY 114,281 114,281
    2230 shs WETHERSPOON (J.D) GBP PAR ORDINARY 37,096 37,096
    68195 shs WH GROUP LTD USD0.0001 HKD PAR ORDINARY 55,538 55,538
    17263 shs WHARF HOLDINGS LTD (HK) 1.HKD PAR ORDINARY 55,449 55,449
    3334 shs WHIRLPOOL CORP 487,531 487,531
    378 shs WHITE MTNS INS GRP LTD 342,699 342,699
    31000 shs WHITEHAVEN COAL LTD, BRI AUD PAR ORDINARY 132,385 132,385
    2395 shs WILEY JOHN & SONS CL A 149,448 149,448
    3967 shs WINTRUST FINL CP ILL COM 345,327 345,327
    6300 shs WORKDAY INC CL A 763,056 763,056
    2100 shs WOWOW INC. 4839 JPY PAR ORDINARY 66,641 66,641
    12511 shs WPP PLC SHS ORD GBP 0.10 197,055 197,055
    22283 shs WPX ENERGY INC CLASS A COMMON STOCK 401,762 401,762
    21000 shs XLMEDIA PLC SHS USD PAR ORDINARY 28,694 28,694
    21814 shs YAMADA DENKI 9831 JPY PAR ORDINARY 108,512 108,512
    94000 shs YANLORD LAND GROUP LTD SGD PAR ORDINARY 109,613 109,613
    2172 shs ZEBRA TECHNOLOGIES CRP A 311,139 311,139
    4000 shs ZENKOKU HOSHO CO LTD 7164 JPY PAR ORDINARY 181,645 181,645
    42714 shs ZOES KITCHEN INC SHS 416,889 416,889
    311 shs ZURICH INSURANCE GRP AG 10.CHF PAR ORDINARY 92,115 92,115

    TY 2017 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 57,822 57,822
    ROSE VALUE-ADD OFFICE RETROFIT FUND FMV 1,193,600 1,193,600
    CARLYLE PARTNERS FMV 1,016,182 1,016,182
    BLACKSTONE MARKET OPPORTUNITIES OFFSHORE FUND FMV 1,150,677 1,150,677
    MORGAN CREEK PARTNERS FMV 3,206,912 3,206,912
    ECO SYSTEM PARTNERS FMV 8,982,542 8,982,542
    NEUBERGER BERMAN EMERGING MARKETS EQUITY FUND FMV 13,058,417 13,058,417
    MONARCH DEBT RECOVERY FUND LTD FMV 14,390,487 14,390,487
    BEACH POINT TOTAL RETURN OFFSHORE FUND II LTD FMV 14,001,853 14,001,853
    NUVEEN GLOBAL EMERGING MARKETS FMV 13,546,455 13,546,455
    BARROW HANLY BOND FUND FMV 2,876,910 2,876,910
    SKYBRIDGE FMV 11,093,987 11,093,987
    BLACKSTONE STRATEGIC OFFSHORE FMV 26,248,680 26,248,680
    BLACKSTONE CAYMAN FMV 2,908,135 2,908,135
    CARLYLE ENERGY FMV 5,807,305 5,807,305
    ABRAAJ GROWTH FMV 5,727,498 5,727,498
    INVESTEC FMV 2,964,640 2,964,640
    VANGUARD ST BOND FUND FMV 19,219,326 19,219,326
    FUNDAMENTAL CREDIT OPPORTUNITIES FMV 10,787,209 10,787,209
    MARATHON ACCESS FMV 125,838 125,838
    MUTUAL FUNDS FOR 457 PLAN FMV 188,422 188,422
    REAL ASSET ETF FMV 5,455,140 5,455,140
    AG DLI II FMV 4,919,416 4,919,416
    INTERNATIONAL HOUSING FMV 1,413,681 1,413,681
    POWERSHARES FMV 4,179,462 4,179,462
    MORGAN CREEK CHINA FUND FMV 1,147,039 1,147,039
    KBI WATER FUND FMV 9,188,419 9,188,419
    BARINGS FMV 1,900,207 1,900,207
    GOLDMAN SACHS FMV 17,943,958 17,943,958

    TY 2017 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 5,433,589 4,648,817  
    FURNITURE 90,433 90,433 0  
    OFFICE CONDO - PHOENIX 3,366,209 560,550 2,805,659  
    CONDOMINIUM IMPROVEMENTS - PHOENIX 389,901 128,887 261,014  
    CONDOMINIUM IMPROVEMENTS - PHOENIX 30,980 8,757 22,223  
    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 3,160,418 636,453 2,523,965  
    PHILLIPS PLACE, CAMBRIDGE - CAP INT 443,002 46,762 396,240  
    FURNITURE 160,023 72,349 87,674  
    BRATTLE STREET RENOVATION 4,911,496 100,706 4,810,790  
    PHOENIX FURNITURE 127,587 27,339 100,248  
    CONDOMINIUM IMPROVEMENTS - PHOENIX 351,301 26,920 324,381  
    PHOENIX AV EQUIPMENT 52,173 15,652 36,521  
    CAPITALIZED INTEREST - PHOENIX 22,578 246 22,332  
    FURNITURE - BRATTLE 466,129 31,910 434,219  
    ARTWORK - BRATTLE 141,616 0 141,616  
    PHOENIX CONSTRUCTION IN PROGRESS 529,621 0 529,621  


    TY 2017 LegalFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 163,694 1,640 1,640 162,054


    TY 2017 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 12,180 14,950 14,950


    TY 2017 OtherDecreasesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Description Amount
    CHANGE IN UNREALIZED APPRECIATION FOR YEAR NET OF TAX 4,144,119
    FACILITY REPURPOSING 135,031


    TY 2017 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 1,174,211 0 0 1,174,211
    EVALUATION 40,186 0 0 40,186
    GENERAL OFFICE 231,002 21,826 21,826 209,176
    BOARD TRAVEL AND MEETING COSTS 356,817 91,345 91,345 265,472
    INSURANCE 91,784 0 0 91,784
    JOINT/DEMONSTRATION PROJECTS 2,874,304 0 0 2,874,304
    TEMPORARY SUPPORT STAFF 120,835 0 0 120,835
    PUBLIC AFFAIRS 126,687 0 0 126,687
    INFORMATION TECHNOLOGY 861,430 47,510 47,510 813,920
    MULTI-MEDIA 156,577 0 0 156,577
    DISTANCE EDUCATION 376,873 0 0 376,873
    COURSES, CONFERENCES AND MEETINGS 2,722,446 0 5,000 2,717,446
    PROGRAM AWARDS UNDER $10,000 313,912 0 0 313,912


    TY 2017 OtherIncomeSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PUBLICATIONS 43,979   43,979
    SONORAN INSTITUTE 9,840   9,840
    EMPLOYEE PARKING 5,745   5,745
    OTHER 450   450
    COURSE COSTS REIMBURSEMENT 5,000   5,000


    TY 2017 OtherLiabilitiesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Description Beginning of Year - Book Value End of Year - Book Value
    PAYROLL RELATED 40,052 27,735
    REVOLVING LOAN ACCOUNT 23,000,810 25,310,317
    DEFERRED EXCISE TAX 3,064,923 2,980,350


    TY 2017 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 1,808,558 1,808,558 1,808,558 0
    INVESTMENT CONSULTANT 479,051 479,051 479,051 0
    PROGRAM ADMINISTRATION CONSULTING 37,039 0 0 37,039


    TY 2017 TaxesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 259,454 259,454 259,454 0
    FEDERAL UBIT 41,805 0 0 0
    FEDERAL EXCISE 250,000 0 0 250,000