Form990-PF

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
2018
Open to Public Inspection
For calendar year 2018, or tax year beginning 01-01-2018 , and ending 12-31-2018
Name of foundation
FREDERICK B WELLS JR TRUST FUND
 
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 0634
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MILWAUKEE, WI532010634
A Employer identification number

41-6015486
B Telephone number (see instructions)

(651) 466-8731
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$18,204,028J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 577,094 558,980  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 7,127,455
b Gross sales price for all assets on line 6a 12,702,566
7 Capital gain net income (from Part IV, line 2)... 7,127,455
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 21,677 21,177  
12 Total. Add lines 1 through 11........ 7,726,226 7,707,612  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 147,448 132,703   14,745
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule)......... Click to see attachment 103 0 0 103
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 54,788 9,717   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... Click to see attachment 3,887 3,862   25
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 206,226 146,282 0 14,873
25 Contributions, gifts, grants paid....... 950,875 950,875
26 Total expenses and disbursements. Add lines 24 and 25 1,157,101 146,282 0 965,748
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 6,569,125
b Net investment income (if negative, enter -0-) 7,561,330
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2018)
Form 990-PF (2018)
Page 2
Part II Balance Sheets 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............. 32,507    
2 Savings and temporary cash investments......... 525,862 453,808 453,808
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
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 bullet0      
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)....... 9,385,732 Click to see attachment14,147,770 13,504,521
c Investments—corporate bonds (attach schedule)....... 2,226,151 Click to see attachment4,209,897 4,090,129
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 248,395 Click to see attachment248,395 123,880
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment8,701 Click to see attachment31,690 Click to see attachment31,690
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 12,427,348 19,091,560 18,204,028
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)    
23 Total liabilities (add lines 17 through 22).........   0
Net Assets or Fund Balances Foundations that follow SFAS 117, check here bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted..................    
25 Temporarily restricted...............    
26 Permanently restricted...............    
Foundations that do not follow SFAS 117, check here bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........ 11,712,043 11,807,130
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 715,305 7,284,430
30 Total net assets or fund balances (see instructions)..... 12,427,348 19,091,560
31 Total liabilities and net assets/fund balances (see instructions). 12,427,348 19,091,560
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............
1
12,427,348
2
Enter amount from Part I, line 27a .....................
2
6,569,125
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
145,181
4
Add lines 1, 2, and 3 ..........................
4
19,141,654
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
50,094
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
19,091,560
Form 990-PF (2018)
Form 990-PF (2018)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a 1. BANK OF AMERICA CLASS ACTION PROCEEDS   1911-11-11 2018-01-09
b 756. BRISTOL MEYER SQUIBB   1992-10-22 2018-02-22
c 1147. COCA COLA COMPANY   1986-12-15 2018-02-22
d 692. EMERSON ELEC CO COM   1986-12-15 2018-02-22
e 1244. FOOT LOCKER INC   2010-08-26 2018-02-22
1089. INTEL CORP   1989-08-22 2018-02-22
1040. ISHARES DOW JONES SELECT DIV ETF     2018-02-22
386. JOHNSON & JOHNSON   1986-01-28 2018-02-22
463. PEPSICO INC   1986-12-15 2018-02-22
1398. PFIZER INC   1985-01-07 2018-02-22
666. TARGET CORPORATION   1987-02-13 2018-02-22
1043. VERIZON COMMUNICATIONS   2010-08-26 2018-02-22
42149.631 FEDERATED INST HI YLD BD FD   2016-04-27 2018-02-23
1585. BRISTOL MEYER SQUIBB   1992-10-22 2018-03-29
440. CHEVRONTEXACO CORP COM   1985-05-02 2018-03-29
4705.882 COLUMBIA FDS SER DIVIDEND INC CL Z   2016-04-27 2018-03-29
845. CONOCOPHILLIPS COM   1994-03-03 2018-03-29
1465. EMERSON ELEC CO COM   1986-12-15 2018-03-29
670. EXXON MOBIL CORP   1987-02-13 2018-03-29
1407.658 HARBOR CAPITAL CAP APPRCTN INST   2016-04-27 2018-03-29
1561.524 PRICE T ROWE GROWTH STK FD INC COM   2016-04-27 2018-03-29
1050. VERIZON COMMUNICATIONS   2010-08-26 2018-03-29
560. WAL MART STORES INC COM   1991-08-07 2018-03-29
21383.327 CAMBIAR INTL EQUITY FUND INS     2018-11-27
9659. BRISTOL MEYER SQUIBB     2018-11-27
1940. CHEVRONTEXACO CORP COM   1985-05-02 2018-11-27
8534. COCA COLA COMPANY   1986-12-15 2018-11-27
18752.928 COLUMBIA FDS SER DIVIDEND INC CL Z   2016-04-27 2018-11-27
4155. CONOCOPHILLIPS COM     2018-11-27
9843. EMERSON ELEC CO COM   1986-12-15 2018-11-27
2310. EXXON MOBIL CORP   1987-02-13 2018-11-27
13756. FOOT LOCKER INC   2010-08-26 2018-11-27
15083.99 GLENMEDE SC EQUITY PORT ADV     2018-11-27
4336.466 HARBOR CAPITAL CAP APPRCTN INST   2016-04-27 2018-11-27
14339. INTEL CORP   1989-08-22 2018-11-27
7541. ISHARES DOW JONES SELECT DIV ETF   2010-08-26 2018-11-27
4114. JOHNSON & JOHNSON   1986-01-28 2018-11-27
111293.448 WESTERN ASSET GLOBAL STRATEGIC     2018-11-27
86619.598 NUVEEN GLOBAL INFRASTR FD CL I     2018-11-27
3667. PEPSICO INC   1986-12-15 2018-11-27
15343. PFIZER INC   1985-01-07 2018-11-27
15678.68 CONGRESS MID CAP GROWTH INS     2018-11-27
4961. TARGET CORPORATION   1987-02-13 2018-11-27
4407. VERIZON COMMUNICATIONS   2010-08-26 2018-11-27
2170. WAL MART STORES INC COM   1991-08-07 2018-11-27
279. BP AMOCO P L C SPONSORED ADR   2018-11-29 2018-12-07
147. CABOT OIL & GAS CORP CL A   2018-11-29 2018-12-07
253. HORMEL FOODS CORPORATIONCOM   2018-11-29 2018-12-07
77. JOHNSON & JOHNSON   2018-11-29 2018-12-07
172. PNC FINL SVCS GROUP INC COM   2018-11-29 2018-12-07
31. PPG INDS INC COM   2018-11-29 2018-12-07
97. PPG INDS INC COM   2018-11-29 2018-12-07
109. PEPSICO INC   2018-11-29 2018-12-07
172. RED HAT INC COM   2018-11-29 2018-12-07
194. SCHLUMBERGER LTD ORD   2018-11-29 2018-12-07
57. CHUBB LTD   2018-11-29 2018-12-07
125. CHUBB LTD   2018-11-29 2018-12-07
17241.379 AQR LONG SHORT EQUITY I   2017-09-12 2018-12-12
966. AIR LIQUIDE ADR   2018-11-29 2018-12-12
387. BBA AVIATION PLC UNSPON A D R   2018-11-29 2018-12-12
329. CSL LIMITED A D R   2018-11-29 2018-12-12
CAPITAL GAIN DIVIDENDS 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 265     265
b 49,852   11,669 38,183
c 49,870   2,724 47,146
d 49,858   5,010 44,848
e 59,847   15,286 44,561
49,853   995 48,858
100,316   57,977 42,339
50,129   1,217 48,912
50,545   1,898 48,647
49,921   2,283 47,638
49,902   2,227 47,675
49,896   30,967 18,929
414,752   400,000 14,752
100,194   24,465 75,729
50,084   4,028 46,056
101,271   86,259 15,012
49,921   8,955 40,966
100,262   10,605 89,657
49,941   5,662 44,279
101,971   80,870 21,101
101,577   79,622 21,955
49,979   31,175 18,804
49,822   6,754 43,068
528,382   507,500 20,882
485,012   102,454 382,558
221,701   17,759 203,942
416,187   20,266 395,921
414,627   343,741 70,886
268,046   40,373 227,673
650,014   71,255 578,759
176,631   19,521 157,110
751,259   169,034 582,225
436,531   394,512 42,019
309,277   249,130 60,147
670,674   13,107 657,567
721,418   333,765 387,653
575,056   12,973 562,083
657,744   734,598 -76,854
886,118   793,613 92,505
421,752   15,034 406,718
662,281   25,051 637,230
296,641   215,000 81,641
342,119   16,586 325,533
263,012   130,844 132,168
205,113   26,173 178,940
11,255   11,305 -50
3,762   3,630 132
11,323   11,386 -63
11,289   11,264 25
22,453   22,983 -530
3,322   3,379 -57
10,396   10,557 -161
12,725   12,870 -145
30,547   30,625 -78
8,583   8,944 -361
7,557   7,672 -115
16,573   16,814 -241
200,862   250,000 -49,138
23,399   23,050 349
5,296   5,971 -675
21,630   21,724 -94
      161,971
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       265
b       38,183
c       47,146
d       44,848
e       44,561
      48,858
      42,339
      48,912
      48,647
      47,638
      47,675
      18,929
      14,752
      75,729
      46,056
      15,012
      40,966
      89,657
      44,279
      21,101
      21,955
      18,804
      43,068
      20,882
      382,558
      203,942
      395,921
      70,886
      227,673
      578,759
      157,110
      582,225
      42,019
      60,147
      657,567
      387,653
      562,083
      -76,854
      92,505
      406,718
      637,230
      81,641
      325,533
      132,168
      178,940
      -50
      132
      -63
      25
      -530
      -57
      -161
      -145
      -78
      -361
      -115
      -241
      -49,138
      349
      -675
      -94
       
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 7,127,455
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  
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))
2017 965,526 19,272,280 0.050099
2016 951,610 18,517,656 0.051389
2015 955,923 11,618,400 0.082277
2014 100,455 1,955,421 0.051373
2013 98,154 1,894,165 0.051819
2
Total of line 1, column (d) .....................
2
0.286957
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
0.057391
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
19,597,602
5
Multiply line 4 by line 3......................
5
1,124,726
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
75,613
7
Add lines 5 and 6........................
7
1,200,339
8
Enter qualifying distributions from Part XII, line 4,.............
8
965,748
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.
Form 990-PF (2018)
Form 990-PF (2018)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here 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 1 151,227
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........................... 3 151,227
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- ..... 5 151,227
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 29,125
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 122,875
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 152,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 773
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet773 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$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
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)
    bulletMN
    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 2018 or the taxable year beginning in 2018? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    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 (2018)
    Form 990-PF (2018)
    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 addressbullet  
    14
    The books are in care ofbulletUS BANK TRUST NA Telephone no.bullet (651) 466-8731

    Located atbullet101 E 5TH STREETST PAULMN ZIP+4bullet55101
    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 2018, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet  
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    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 2018?.............
    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 2018, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2018?.............
    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 2018 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2018.)..................
    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 2018?
    4b
     
    No
    Form 990-PF (2018)
    Form 990-PF (2018)
    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
     
     
    .........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
    US BANK TRUST NATIONAL ASSOCIATION CORP TRUSTEE
    1     		147,448    
    101 E 5TH ST
    ST PAUL,MN55101
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2018)
    Form 990-PF (2018)
    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
    19,197,376
    b
    Average of monthly cash balances.......................
    1b
    698,667
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    19,896,043
    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
    19,896,043
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    298,441
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    19,597,602
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    979,880
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    979,880
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
    151,227
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    151,227
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    828,653
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    828,653
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    828,653
    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
    965,748
    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
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    965,748
    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
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    965,748
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2017     		(c)
    2017     		(d)
    2018
    1 Distributable amount for 2018 from Part XI, line 7 828,653
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2018:
    a From 2013...... 7,861
    b From 2014...... 5,004
    c From 2015...... 391,335
    d From 2016...... 34,130
    e From 2017...... 28,451
    fTotal of lines 3a through e........ 466,781
    4Qualifying distributions for 2018 from Part
    XII, line 4: bullet$ 965,748
    a Applied to 2017, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2018 distributable amount..... 828,653
    e Remaining amount distributed out of corpus 137,095
    5 Excess distributions carryover applied to 2018. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 603,876
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2017. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2018. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2019 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2013 not
    applied on line 5 or line 7 (see instructions) ...     		7,861
    9Excess distributions carryover to 2019.
    Subtract lines 7 and 8 from line 6a ......     		596,015
    10 Analysis of line 9:
    a Excess from 2014.... 5,004
    b Excess from 2015.... 391,335
    c Excess from 2016.... 34,130
    d Excess from 2017.... 28,451
    e Excess from 2018.... 137,095
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2018, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in 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) 2018 (b) 2017 (c) 2016 (d) 2015
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    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 (2018)
    Form 990-PF (2018)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    UNIVERSITY OF MINNESOTA FOUNDATION
    200 OAK STREET SE
    MINNEAPOLIS,MN55455     		NONE PC GENERAL SUPPORT 950,875
    Total .................................bullet 3a 950,875
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		         
    4 Dividends and interest from securities....     14 577,094  
    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 7,127,455  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aFEDERAL TAX REFUND     		    1 500  
    bFROM PARTNERSHIP/S 900099 10,615 1 10,562  
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 10,615 7,715,611  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    7,726,226
    (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.)
    Form 990-PF (2018)
    Form 990-PF (2018)
    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 (2018)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2018 InvestmentsCorpBondsSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Name of Bond End of Year Book Value End of Year Fair Market Value
    258620103 DOUBLELINE TOTAL RET 830,000 814,000
    464288281 ISHARES JPMORGAN USD 594,897 580,337
    52469F721 WESTERN ASSET GLOBAL    
    670700400 NUVEEN PREFERRED SEC 500,000 461,730
    31420B300 FEDERATED INST HI YL    
    48130WLB5 JPM 24M SPX 1.5X LBR 450,000 450,000
    68381K606 OPPENHEIMER SENIOR F 785,000 749,403
    057071854 BAIRD AGGREGATE BOND 450,000 456,943
    63872T620 LOOMIS SAYLES STRATE 600,000 577,716

    TY 2018 InvestmentsCorpStockSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Name of Stock End of Year Book Value End of Year Fair Market Value
    713448108 PEPSICO INC    
    922042676 VANGUARD GLBL EX US 718,082 696,057
    166764100 CHEVRON CORPORATION    
    464287168 ISHARES DOW JONES SE    
    20825C104 CONOCOPHILLIPS    
    670690510 NUVEEN GLOBAL INFRAS    
    344849104 FOOT LOCKER INC 28,951 27,877
    478160104 JOHNSON JOHNSON 8,777 7,743
    717081103 PFIZER INC    
    110122108 BRISTOL MYERS SQUIBB    
    149498107 CAUSEWAY EMERGING MA 1,297,776 1,262,890
    74316J458 CONGRESS MID CAP GRO    
    00769G543 CAMBIAR INTL EQUITY    
    92343V104 VERIZON COMMUNICATIO    
    291011104 EMERSON ELECTRIC CO    
    922908553 VANGUARD REIT ETF 1,259,034 1,243,082
    931142103 WAL MART STORES INC 71,316 68,745
    741479109 PRICE T ROWE GROWTH 250,378 280,429
    87612E106 TARGET CORP    
    191216100 COCA COLA COMPANY    
    378690606 GLENMEDE SC EQUITY P 474,182 388,993
    411511504 HARBOR CAPITAL APPRE    
    464288885 ISHARES MSCI EAFE GR 860,833 1,048,137
    30231G102 EXXON MOBIL CORP    
    458140100 INTEL CORP 37,581 36,699
    19765N245 COLUMBIA FDS SER DIV    
    00203H446 AQR LONG SHORT EQUIT    
    73935A104 POWERSHARES QQQ ETF    
    948596101 WEIBO CORP-SPON ADR 17,870 17,354
    77954Q106 T ROWE PRICE BLUE CH 450,000 421,143
    608190104 MOHAWK INDS INC CO 11,495 10,526
    172967424 CITIGROUP INC 24,364 21,084
    097023105 BOEING CO 10,861 10,320
    641069406 NESTLE SA SPONSORED 54,425 51,572
    358029106 FRESENIUS MED AKTIEN 27,926 21,928
    502117203 LOREAL UNSPONSORED A 37,048 35,432
    45104G104 ICICI BANK LTD A D R 19,583 19,366
    87155N109 SYMRISE AG UNSPON A 19,035 17,414
    54338V101 LONZA GROUP AG UNSPO 32,413 26,276
    024835100 AMERICAN CAMPUS COMM 36,416 34,809
    56585A102 MARATHON PETROLEUM C 62,146 55,764
    893641100 TRANSDIGM GROUP INC 19,057 17,683
    882508104 TEXAS INSTRUMENTS IN 21,346 20,601
    055622104 BP PLC SPONS A D R 14,466 13,537
    29250N105 ENBRIDGE INC 32,514 30,521
    771195104 ROCHE HOLDINGS LTD S 45,694 44,631
    595112103 MICRON TECHNOLOGY IN 3,804 3,141
    76680R206 RINGCENTRAL INC 15,629 15,993
    958102105 WESTERN DIGITAL CORP 25,360 19,964
    808513105 SCHWAB CHARLES CORP 20,399 18,938
    012653101 ALBEMARLE CORP 31,927 25,818
    902252105 TYLER TECHNOLOGIES I 10,960 10,778
    81762P102 SERVICENOW INC 16,148 15,668
    G6095L109 APTIV PLC 13,655 11,637
    09062X103 BIOGEN, INC 13,077 12,037
    H1467J104 CHUBB LTD 36,192 34,749
    17275R102 CISCO SYSTEMS INC 17,299 15,685
    852234103 SQUARE INC A 15,167 12,340
    78462F103 SPDR S P 500 ETF 3,184,134 2,987,794
    755111507 RAYTHEON COMPANY 47,821 42,325
    N59465109 MYLAN NV 54,646 43,813
    02079K305 ALPHABET INC CL A 75,136 72,102
    437076102 HOME DEPOT INC 20,169 19,759
    95058W100 WENDYS CO THE 6,000 5,229
    237545108 DASSAULT SYSTEMES SA 33,020 31,451
    466140100 JGC CORP UNSPONSORED 11,765 11,238
    127097103 CABOT OIL GAS CORP C 8,396 7,599
    30303M102 FACEBOOK INC A 24,714 23,465
    15135B101 CENTENE CORP COM 18,710 15,220
    247361702 DELTA AIR LINES INC 50,583 42,565
    89353D107 TRANSCANADA CORP 17,813 15,672
    09247X101 BLACKROCK INC 11,356 10,606
    438516106 HONEYWELL INTERNATIO 23,882 21,800
    92826C839 VISA INC 24,956 23,485
    404280406 HSBC HOLDINGS PLC SP 17,030 16,321
    009126202 AIR LIQUIDE S A A D 33,501 34,637
    40052P107 GRUPO FIN BANORTE SP 11,823 12,713
    307305102 FANUC CORPORATION A 33,033 28,840
    780259107 ROYAL DUTCH SHELL A 46,834 44,715
    440452100 HORMEL FOODS CORP 24,254 23,005
    192422103 COGNEX CORP 7,327 6,497
    848637104 SPLUNK INC 15,823 16,671
    57772K101 MAXIM INTEGRATED PRO 12,117 11,136
    N53745100 LYONDELLBASELL INDUS 11,470 10,644
    28176E108 EDWARDS LIFESCIENCES 5,956 5,667
    M22465104 CHECK POINT SOFTWARE 40,983 37,981
    874039100 TAIWAN SEMICONDUCTOR 55,514 53,630
    501173207 KUBOTA LTD A D R 15,418 13,033
    23304Y100 DBS GROUP HLDGS LTD 38,847 38,209
    049255706 ATLAS COPCO AB SPONS 12,480 12,372
    83569C102 SONOVA HOLDING UNSPO 17,047 17,210
    02319V103 AMBEV SA SPN A D R 13,124 11,882
    072743305 BAYERISCHE MOTOREN S 14,266 13,890
    056752108 BAIDU COM INC A D R 41,381 35,685
    04530Y106 ASPEN PHARMACARE HL 9,133 7,763
    N97284108 YANDEX NV 13,014 12,143
    500458401 KOMATSU LTD A D R RE 13,857 11,179
    87184P109 SYSMEX CORP UNSPON A 12,338 11,623
    631512209 NASPERS LTD N SPON A 29,932 28,234
    35952Q106 FUCHS PETROLUB SE PR 14,258 13,708
    001317205 AIA GROUP LTD ADR 62,912 62,702
    89400J107 TRANSUNION 7,076 6,305
    87974R208 TEMENOS GROUP AG SP 17,727 16,857
    46090E103 INVESCO QQQ TRUST ET 401,524 409,252
    779556109 ROWE T PRICE MID-CAP 700,000 588,444
    78467Y107 MIDCAP SPDR TRUST SE 1,043,739 944,330
    57636Q104 MASTERCARD INC 28,910 27,354
    70450Y103 PAYPAL HOLDINGS INC 8,110 8,073
    78409V104 S P GLOBAL INC 20,722 19,373
    278865100 ECOLAB INC 6,349 5,894
    559222401 MAGNA INTL INC CL 18,155 16,635
    375558103 GILEAD SCIENCES INC 19,128 17,201
    G1151C101 ACCENTURE PLC CL A 11,781 10,294
    803054204 SAP SE SPONSORED A D 43,939 42,010
    803866300 SASOL LTD SPONSORED 12,014 11,452
    465562106 ITAU UNIBANCO HOLDIN 27,938 27,255
    670108109 NOVOZYMES A S UNSPON 13,719 12,933
    018805101 ALLIANZ SE A D R 49,800 46,564
    015393101 ALFA LAVAL AB SWEDEN 16,649 16,727
    464287804 I SHARES S P SMALLC 328,673 294,263
    594918104 MICROSOFT CORP 135,288 124,931
    03027X100 AMERICAN TOWER CORP 68,557 66,914
    701877102 PARSLEY ENERGY INC-C 21,066 15,996
    023135106 AMAZON.COM INC 108,903 97,628
    31620M106 FIDELITY NATL INFORM 4,149 3,999
    88579Y101 3M CO 29,500 27,628
    00206R102 ATT INC 8,797 8,248
    806857108 SCHLUMBERGER LTD 16,493 12,881
    05946K101 BANCO BILBAO VIZCAYA 27,220 25,418
    502441306 LVMH MOET HENNESSY A 22,179 22,098
    G5494J103 LINDE PLC 25,370 24,498
    037833100 APPLE INC 35,278 31,548
    151020104 CELGENE CORPORATION 16,387 14,805
    060505104 BANK OF AMERICA CORP 62,793 55,046
    22160K105 COSTCO WHSL CORP 14,260 12,630
    91324P102 UNITED HEALTH GROUP 84,629 73,989
    46625H100 J P MORGAN CHASE CO 47,047 41,781
    00287Y109 ABBVIE INC 31,771 32,820
    20030N101 COMCAST CORP CL A 26,972 23,324
    00687A107 ADIDAS AG A D R 13,435 12,416
    072730302 BAYER AG A D R 37,866 36,563
    136375102 CANADIAN NATL RY CO 36,560 31,645
    344419106 FOMENTO ECONOMICO ME 12,890 13,080
    904767704 UNILEVER PLC SPSD AD 25,873 24,819
    45662N103 INFINEON TECHNOLOGIE 20,164 19,226
    398438408 GRIFOLS SA A D R 14,554 12,723
    88031M109 TENARIS SA ADR 7,539 6,503
    40415F101 H D F C BK LTD A D R 16,318 16,574

    TY 2018 InvestmentsOtherSchedule2
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    98MSC9W44 IDR FIXED INCOME RE AT COST 248,395 123,880

    TY 2018 LegalFeesSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES - PRINCIPAL (ALLOCA 103     103


    TY 2018 OtherAssetsSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ACCRUED INCOME 8,701 31,690 31,690


    TY 2018 OtherDecreasesSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Description Amount
    ROC ADJUSTMENT 46,129
    COST BASIS ADJ/ROUNDING 3,965


    TY 2018 OtherExpensesSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ADR FEES 26 26   0
    STATE FILING FEES 25 0   25
    IDR PARTNERSHIP EXPENSES 3,836 3,836   0


    TY 2018 OtherIncomeSchedule2
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    FEDERAL TAX REFUND 500 0  
    FROM PARTNERSHIP/S-CORP 21,177 21,177  


    TY 2018 OtherIncreasesSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Description Amount
    PARTNERSHIP INCOME ADJUSTMENT 145,181


    TY 2018 TaxesSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 7,953 7,953   0
    FEDERAL TAX PAYMENT - PRIOR YE 18,200 0   0
    FEDERAL ESTIMATES - PRINCIPAL 26,871 0   0
    FOREIGN TAXES ON NONQUALIFIED 1,764 1,764   0