TY 2018 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

Do not enter social security numbers on this form as it may be made public.
bullet

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0052

2018

Open to Public Inspection

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

Name of foundation
EMY-LOU BIEDENHARN FOUNDATION TRUST XXXXX2008

Number and street (or P.O. box number if mail is not delivered to street address)10 S DEARBORN IL1-0111
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
CHICAGO, IL60603

A Employer identification number

23-7054824

B Telephone number (see instructions)

(800) 496-2583

C If exemption application is pending, check here bullet

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

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

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

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

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

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

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

$16,905,203J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	353,834		353,698
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		1,415,361
b	Gross sales price for all assets on line 6a 10,926,991
7	Capital gain net income (from Part IV, line 2)...			1,415,361
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).......		1,065	1,065
12	Total. Add lines 1 through 11........	1,770,260		1,770,124
13	Compensation of officers, directors, trustees, etc.	75,838		45,503		30,335
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....					0
17	Interest...............	4		4		0
18	Taxes (attach schedule) (see instructions)...		15,833	12,833		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).......		95	95
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	91,770		58,435	0	30,335
25	Contributions, gifts, grants paid.......	1,071,358				1,071,358
26	Total expenses and disbursements. Add lines 24 and 25	1,163,128		58,435	0	1,101,693
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	607,132
b	Net investment income (if negative, enter -0-)			1,711,689
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

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

Form 990-PF (2018)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	95,057	69,458	69,458
	2	Savings and temporary cash investments.........	1,077,526	115,407	115,407
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	9,656,676	12,901,278	13,236,815
	c	Investments—corporate bonds (attach schedule).......	2,797,728	1,833,301	1,826,919
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	1,799,206	1,105,679	1,654,550
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	8	8	2,054
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	15,426,201	16,025,131	16,905,203
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........		0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted..................
	25	Temporarily restricted...............
	26	Permanently restricted...............
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds........	15,426,201	16,025,131
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds
	30	Total net assets or fund balances (see instructions).....	15,426,201	16,025,131
	31	Total liabilities and net assets/fund balances (see instructions).	15,426,201	16,025,131

Part III

Analysis of Changes in Net Assets or Fund Balances

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

15,426,201

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

607,132

Other increases not included in line 2 (itemize) bullet

20,089

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

16,053,422

Decreases not included in line 2 (itemize) bullet

28,291

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

16,025,131

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	5402.711 AQR EQUITY MARKET NEUTRAL-R6		2017-09-22	2018-01-02
b	6192.87 CHILTON STRATEGIC EUROPEAN EQUITIES FD		2017-09-22	2018-01-02
c	6514.423 CRM LNG/SHRT OPPORT-INST		2017-09-22	2018-01-02
d	6059.928 PIMCO MTGE OPPORTUNITIES IS		2017-09-22	2018-01-02
e	5000. GOLDMAN SACHS GROUP INC 5 3/4% JAN 24 2022		2017-04-10	2018-01-05
	905.83 CARMAX AUTO OWNER TRUST 2014-4 CL A3 1.160% 11/15/2019 DTD 11/1		2016-09-27	2018-01-16
	686.8 FHLMC GOLD G13352 5% 12/01/23		2013-05-29	2018-01-16
	78.69 FEDERAL HOME LN MTG CORP MULTICLASS			2018-01-16
	148.19 FHLMC GOLD B17131 5% 11/01/19		2013-02-08	2018-01-16
	56.39 FED HOME LN MTG CORP PARTN CTFS		2007-10-11	2018-01-16
	703.81 FHLMC 4278 CL A 2.000% 12/15/2023 DTD 12/30/2013		2016-06-07	2018-01-16
	177.02 FHLMC REMIC		2007-01-11	2018-01-16
	132.25 FHLMC REMIC		2007-07-17	2018-01-16
	111.29 FHLMC REMIC		2007-04-24	2018-01-16
	116.05 FEDERAL HOME LN MTG CORP MULTICLASS		2005-07-14	2018-01-16
	109.98 FHLMC REMIC		2007-04-24	2018-01-16
	119.45 FEDERAL HOME LN MTG CORP MULTICLASS		2008-01-24	2018-01-16
	368.01 FHLMC SERIES 2986 CL PL 5.500% 06/15/2035 DTD 06/01/2005		2014-09-17	2018-01-16
	48.17 GNMA GTD PASS THRU CTF		2006-01-17	2018-01-16
	259.13 GNMA 736674 4% 04/15/25		2014-09-04	2018-01-16
	886.64 GNMA 782306 6% 04/15/23		2015-08-19	2018-01-16
	5000. ATLANTA GA WTR & WSTWTR REVENU REF 5.000		2015-04-07	2018-01-17
	4500.35 BMW VEHICLE LEASE TRUST 2015-2 CL A4 1.550% 02/20/2019		2017-03-20	2018-01-22
	70.86 FEDERAL NATIONAL MORTGAGE ASSN			2018-01-25
	51.96 FEDERAL NATL MTG ASSN GTD REMIC PASS		2007-05-16	2018-01-25
	679.27 FNMA 2012-126 CL PE 2.500% 07/25/2042 DTD 10/01/2012		2016-07-26	2018-01-25
	220.57 FNMA 257078 6% 02/01/23		2012-08-21	2018-01-25
	3.28 FEDERAL NATL MTG ASSN GTD MTG PASS		2003-04-23	2018-01-25
	66.33 FEDERAL NATL MTG ASSN GTD REMIC PASS			2018-01-25
	71.17 FNMA REMIC TRUST		2007-10-16	2018-01-25
	335.36 FNMA 2003-85 CL QD 5.500% 09/25/2033 DTD 08/29/2003		2014-09-15	2018-01-25
	687.47 FANNIE MAE 5.5% DEC 25 2036		2014-12-10	2018-01-25
	288.45 FNMA 840580 5.5% 10/01/20		2013-09-16	2018-01-25
	316.25 FNMA 840728 5% 11/01/20		2014-01-03	2018-01-25
	492.26 FNMA 888356 5.5% 03/01/22		2014-04-02	2018-01-25
	186.25 FNMA 889634 6% 02/01/23		2012-10-18	2018-01-25
	291.01 FNMA 985166 6% 07/01/23		2015-03-13	2018-01-25
	1600.06 CALIFORNIA REPUBLIC AUTO RECEI 2015-3 CL A3 1.620% 11/15/2019		2017-01-27	2018-01-31
	48557.663 BLACKROCK HIGH YIELD PT-BLAC			2018-02-08
	13677.751 T ROWE PR EMERG MKTS BND-I		2016-07-15	2018-02-08
	919.9 CARMAX AUTO OWNER TRUST 2014-4 CL A3 1.160% 11/15/2019 DTD 11/13		2016-09-27	2018-02-15
	287.69 FHLMC GOLD G13352 5% 12/01/23		2013-05-29	2018-02-15
	57.37 FEDERAL HOME LN MTG CORP MULTICLASS			2018-02-15
	136.04 FHLMC GOLD B17131 5% 11/01/19		2013-02-08	2018-02-15
	65.73 FED HOME LN MTG CORP PARTN CTFS		2007-10-11	2018-02-15
	549.61 FHLMC 4278 CL A 2.000% 12/15/2023 DTD 12/30/2013		2016-06-07	2018-02-15
	177.29 FHLMC REMIC		2007-01-11	2018-02-15
	122.15 FHLMC REMIC		2007-07-17	2018-02-15
	129.32 FHLMC REMIC		2007-04-24	2018-02-15
	143.58 FEDERAL HOME LN MTG CORP MULTICLASS		2005-07-14	2018-02-15
	105.11 FHLMC REMIC		2007-04-24	2018-02-15
	128.25 FEDERAL HOME LN MTG CORP MULTICLASS		2008-01-24	2018-02-15
	358.97 FHLMC SERIES 2986 CL PL 5.500% 06/15/2035 DTD 06/01/2005		2014-09-17	2018-02-15
	43.28 GNMA GTD PASS THRU CTF		2006-01-17	2018-02-15
	171.07 GNMA 736674 4% 04/15/25		2014-09-04	2018-02-15
	319.73 GNMA 782306 6% 04/15/23		2015-08-19	2018-02-15
	15499.65 BMW VEHICLE LEASE TRUST 2015-2 CL A4 1.550% 02/20/2019		2017-03-20	2018-02-20
	878.08 CAPITAL AUTO RECEIVABLES ASSET 2016-3 CL A3 08/20/2020		2017-04-24	2018-02-20
	1582.76 CALIFORNIA REPUBLIC AUTO RECEI 2015-3 CL A3 1.620% 11/15/2019		2017-01-27	2018-02-21
	101.72 FEDERAL NATIONAL MORTGAGE ASSN			2018-02-26
	60.97 FEDERAL NATL MTG ASSN GTD REMIC PASS		2007-05-16	2018-02-26
	505.66 FNMA 2012-126 CL PE 2.500% 07/25/2042 DTD 10/01/2012		2016-07-26	2018-02-26
	409.18 FNMA 257078 6% 02/01/23		2012-08-21	2018-02-26
	3.2 FEDERAL NATL MTG ASSN GTD MTG PASS		2003-04-23	2018-02-26
	27.89 FEDERAL NATL MTG ASSN GTD REMIC PASS			2018-02-26
	73.68 FNMA REMIC TRUST		2007-10-16	2018-02-26
	296.79 FNMA 2003-85 CL QD 5.500% 09/25/2033 DTD 08/29/2003		2014-09-15	2018-02-26
	689.17 FANNIE MAE 5.5% DEC 25 2036		2014-12-10	2018-02-26
	449.71 FNMA 840580 5.5% 10/01/20		2013-09-16	2018-02-26
	357.12 FNMA 840728 5% 11/01/20		2014-01-03	2018-02-26
	280.37 FNMA 888356 5.5% 03/01/22		2014-04-02	2018-02-26
	201.1 FNMA 889634 6% 02/01/23		2012-10-18	2018-02-26
	292.57 FNMA 985166 6% 07/01/23		2015-03-13	2018-02-26
	85000. FHLMC 0.875% 03/07/2018 DTD 01/17/2013			2018-03-07
	1496.7 CALIFORNIA REPUBLIC AUTO RECEI 2015-3 CL A3 1.620% 11/15/2019		2017-01-27	2018-03-15
	868.78 CARMAX AUTO OWNER TRUST 2014-4 CL A3 1.160% 11/15/2019 DTD 11/1		2016-09-27	2018-03-15
	240.26 FHLMC GOLD G13352 5% 12/01/23		2013-05-29	2018-03-15
	80.83 FEDERAL HOME LN MTG CORP MULTICLASS			2018-03-15
	150.04 FHLMC GOLD B17131 5% 11/01/19		2013-02-08	2018-03-15
	58.4 FED HOME LN MTG CORP PARTN CTFS		2007-10-11	2018-03-15
	762.62 FHLMC 4278 CL A 2.000% 12/15/2023 DTD 12/30/2013		2016-06-07	2018-03-15
	111.93 FHLMC REMIC		2007-01-11	2018-03-15
	106.38 FHLMC REMIC		2007-07-17	2018-03-15
	104.3 FHLMC REMIC		2007-04-24	2018-03-15
	107.41 FEDERAL HOME LN MTG CORP MULTICLASS		2005-07-14	2018-03-15
	97.52 FHLMC REMIC		2007-04-24	2018-03-15
	136.59 FEDERAL HOME LN MTG CORP MULTICLASS		2008-01-24	2018-03-15
	350.15 FHLMC SERIES 2986 CL PL 5.500% 06/15/2035 DTD 06/01/2005		2014-09-17	2018-03-15
	43.52 GNMA GTD PASS THRU CTF		2006-01-17	2018-03-15
	164.66 GNMA 736674 4% 04/15/25		2014-09-04	2018-03-15
	311.49 GNMA 782306 6% 04/15/23		2015-08-19	2018-03-15
	1632.66 CAPITAL AUTO RECEIVABLES ASSET 2016-3 CL A3 08/20/2020		2017-04-24	2018-03-20
	5000. VERIZON COMMUNICATIONS NON-TRADEABLE ASSET		2017-07-14	2018-03-21
	96.55 FEDERAL NATIONAL MORTGAGE ASSN			2018-03-26
	62.61 FEDERAL NATL MTG ASSN GTD REMIC PASS		2007-05-16	2018-03-26
	743.51 FNMA 2012-126 CL PE 2.500% 07/25/2042 DTD 10/01/2012		2016-07-26	2018-03-26
	204.65 FNMA 257078 6% 02/01/23		2012-08-21	2018-03-26
	3.31 FEDERAL NATL MTG ASSN GTD MTG PASS		2003-04-23	2018-03-26
	.15 FEDERAL NATL MTG ASSN GTD REMIC PASS			2018-03-26
	58. FNMA REMIC TRUST		2007-10-16	2018-03-26
	288.94 FNMA 2003-85 CL QD 5.500% 09/25/2033 DTD 08/29/2003		2014-09-15	2018-03-26
	403.89 FANNIE MAE 5.5% DEC 25 2036		2014-12-10	2018-03-26
	291.72 FNMA 840580 5.5% 10/01/20		2013-09-16	2018-03-26
	396.19 FNMA 840728 5% 11/01/20		2014-01-03	2018-03-26
	193.01 FNMA 888356 5.5% 03/01/22		2014-04-02	2018-03-26
	181.23 FNMA 889634 6% 02/01/23		2012-10-18	2018-03-26
	294.16 FNMA 985166 6% 07/01/23		2015-03-13	2018-03-26
	10000. GOLDMAN SACHS GROUP INC 5 1/4% JUL 27 2021			2018-04-11
	788.4 CALIFORNIA REPUBLIC AUTO RECEI 2015-3 CL A3 1.620% 11/15/2019		2017-01-27	2018-04-16
	973.07 CARMAX AUTO OWNER TRUST 2014-4 CL A3 1.160% 11/15/2019 DTD 11/1		2016-09-27	2018-04-16
	5000. DUKE ENERGY CAROLINAS 5.1% APR 15 2018		2014-01-10	2018-04-16
	188.9 FHLMC GOLD G13352 5% 12/01/23		2013-05-29	2018-04-16
	76.33 FEDERAL HOME LN MTG CORP MULTICLASS			2018-04-16
	325.53 FHLMC GOLD B17131 5% 11/01/19		2013-02-08	2018-04-16
	57.41 FED HOME LN MTG CORP PARTN CTFS		2007-10-11	2018-04-16
	1717. FHLMC 3843 CL GH 3.750% 10/15/2039 DTD 04/01/2011		2018-03-09	2018-04-16
	742.64 FHLMC 4278 CL A 2.000% 12/15/2023 DTD 12/30/2013		2016-06-07	2018-04-16
	75.85 FHLMC REMIC		2007-07-17	2018-04-16
	75.39 FHLMC REMIC		2007-04-24	2018-04-16
	95.72 FEDERAL HOME LN MTG CORP MULTICLASS		2005-07-14	2018-04-16
	112.59 FHLMC REMIC		2007-04-24	2018-04-16
	103.11 FEDERAL HOME LN MTG CORP MULTICLASS		2008-01-24	2018-04-16
	341.54 FHLMC SERIES 2986 CL PL 5.500% 06/15/2035 DTD 06/01/2005		2014-09-17	2018-04-16
	52.09 GNMA GTD PASS THRU CTF		2006-01-17	2018-04-16
	352.29 GNMA 736674 4% 04/15/25		2014-09-04	2018-04-16
	722.33 GNMA 782306 6% 04/15/23		2015-08-19	2018-04-16
	4000. INTEL CORP 2.450% 07/29/2020 DTD 07/29/2015		2015-07-22	2018-04-17
	5000. AFLAC INC 3.625% 06/15/2023 DTD 06/10/2013			2018-04-18
	5000. AT&T INC 3% FEB 15 2022		2017-04-10	2018-04-18
	10000. ABBVIE INC 3.200% 11/06/2022 DTD 05/14/2015			2018-04-18
	10000. ACE INA HOLDINGS		2015-07-28	2018-04-18
	3000. AMAZON.COM INC 2.600% 12/05/2019 DTD 12/05/2014		2014-12-02	2018-04-18
	10000. AMERICAN EXPRESS CO 2.500% 08/01/2022 DTD 08/01/2017		2017-09-27	2018-04-18
	5000. AMERICAN HONDA FINANCE MTN 2.250% 08/15/2019 DTD 09/09/2014		2014-09-04	2018-04-18
	5000. AMERIPRISE FINANCIAL INC 3.700% 10/15/2024 DTD 09/18/2014		2018-01-24	2018-04-18
	5000. APPLE INC 2.100% 09/12/2022 DTD 09/12/2017		2017-09-07	2018-04-18
	10000. BB&T CORPORATION MTN 2.625% 06/29/2020 DTD 06/29/2015		2016-02-10	2018-04-18
	10000. BP CAPITAL MARKETS PLC NON-TRADEABLE ASSET		2015-05-07	2018-04-18
	5000. BNP PARIBAS MTN 2.700% 08/20/2018 DTD 08/20/2013		2013-08-13	2018-04-18
	2000. BAKER HUGHES INC 3.200% 08/15/2021 DTD 02/15/2012		2017-04-10	2018-04-18
	3000. BAKER HUGHES INC 3.200% 08/15/2021 DTD 02/15/2012			2018-04-18
	5000. BANK OF AMERICA CORP VAR RT 07/21/2023 DTD 07/21/2017		2017-12-13	2018-04-18
	5000. BANK OF MONTREAL MTN 2.100% 12/12/2019 DTD 12/12/2016		2018-03-23	2018-04-18
	5000. BANK OF NEW YORK MELLON MTN 2.200% 03/04/2019 DTD 02/04/2014		2014-08-12	2018-04-18
	5000. BANK OF NOVA SCOTIA 2.050% 06/05/2019 DTD 06/05/2014		2018-03-26	2018-04-18
	5000. BIOGEN INC 2.900% 09/15/2020 DTD 09/15/2015		2017-04-11	2018-04-18
	5000. BOSTON PROPERTIES LP 4 1/8% MAY 15 2021		2017-10-18	2018-04-18
	5000. CANADIAN IMPERIAL BANK 2.700% 02/02/2021 DTD 02/02/2018		2018-03-09	2018-04-18
	5000. CAPITAL ONE FINANCIAL CO 3.050% 03/09/2022 DTD 03/09/2017		2017-04-07	2018-04-18
	10000. CISCO SYSTEMS INC NOTES 4.45% JAN 15 2020		2014-12-02	2018-04-18
	13000. CITIGROUP INC 2.500% 07/29/2019 DTD 07/29/2014		2015-01-26	2018-04-18
	10000. RABOBANK NEDERLAND NOTES 4 1/2% JAN 11 2021		2014-11-21	2018-04-18
	5000. DEUTSCHE BANK AG 3.375% 05/12/2021 DTD 05/12/2016			2018-04-18
	5000. WALT DISNEY COMPANY/THE MTN 2.55% FEB 15 2022		2015-08-13	2018-04-18
	39305.65 FNMA 2012-126 CL PE 2.500% 07/25/2042 DTD 10/01/2012		2016-07-26	2018-04-18
	33000. FHLMC SERIES 3804 CL PW 4.500% 03/15/2040 DTD 02/28/2011		2018-03-29	2018-04-18
	58726.75 FHLMC 3843 CL GH 3.750% 10/15/2039 DTD 04/01/2011		2018-03-09	2018-04-18
	26246.4 FHLMC 4278 CL A 2.000% 12/15/2023 DTD 12/30/2013		2016-06-07	2018-04-18
	44.01 FHLMC REMIC		2007-01-11	2018-04-18
	38225.74 FANNIE MAE 5.5% DEC 25 2036		2014-12-10	2018-04-18
	40000. FHLMC 3626 CL ME 5.000% 01/15/2040 DTD 01/01/2010		2017-05-05	2018-04-18
	5000. FIFTH THIRD BANCORP 2.875% 07/27/2020 DTD 07/27/2015		2017-05-03	2018-04-18
	5000. FLUOR CORP (NEW) 3 3/8% SEP 15 2021		2015-02-24	2018-04-18
	5000. GENERAL DYNAMICS CORP 3 7/8% JUL 15 2021		2015-09-18	2018-04-18
	5000. GILEAD SCIENCES INC 3.250% 09/01/2022 DTD 09/14/2015			2018-04-18
	5000. GOLDMAN SACHS GROUP INC SR NTS 3.0% 04/26/2022 DTD		2018-01-05	2018-04-18
	10000. GOLDMAN SACHS GROUP INC		2018-04-11	2018-04-18
	10000. HSBC HOLDINGS PLC 4% MAR 30 2022		2017-04-05	2018-04-18
	5000. HUNTINGTON BANCSHARES 3.150% 03/14/2021 DTD 03/14/2016		2017-02-01	2018-04-18
	5000. INVESCO FINANCE PLC 4.000% 01/30/2024 DTD 11/12/2013		2017-06-01	2018-04-18
	5000. KEYCORP MTN 5.1% MAR 24 2021		2017-04-07	2018-04-18
	5000. LOCKHEED MARTIN CORP SR NOTES 4 1/4% NOV 15 2019		2013-02-28	2018-04-18
	5000. MUFG AMERICAS HLDGS CORP 2.250% 02/10/2020 DTD 02/10/2015		2018-02-27	2018-04-18
	10000. METLIFE INC NON-TRADEABLE ASSET		2013-06-10	2018-04-18
	10000. MORGAN STANLEY 2.800% 06/16/2020 DTD 06/16/2015		2016-03-04	2018-04-18
	5000. NATIONAL RURAL UTIL CORP			2018-04-18
	5000. NUCOR CORP 4 1/8% SEP 15 2022		2017-09-22	2018-04-18
	10000. ORACLE CORP 2.500% 10/15/2022 DTD 10/25/2012		2017-11-10	2018-04-18
	10000. PNC FUNDING CORP SR NOTES 5 1/8% FEB 08 2020		2014-09-04	2018-04-18
	10000. PRUDENTIAL FINANCIAL INC 5 3/8% JUN 21 2020		2014-08-21	2018-04-18
	5000. SANTANDER UK GROUP HLDGS 3.125% 01/08/2021 DTD 01/08/2016		2017-04-05	2018-04-18
	5000. SIMON PROPERTY GROUP LP 4 3/8% MAR 01 2021		2017-05-24	2018-04-18
	5000. SOUTHERN CO 2.350% 07/01/2021 DTD 05/24/2016		2017-04-03	2018-04-18
	5000. SOUTHWESTERN ELEC POWER 3.550% 02/15/2022 DTD 02/03/2012		2017-04-07	2018-04-18
	5000. SUMITOMO MITSUI FINL GRP 2.784% 07/12/2022 DTD 07/12/2017		2017-07-10	2018-04-18
	5000. SUNTRUST BANKS INC 2.700% 01/27/2022 DTD 12/01/2016		2017-04-07	2018-04-18
	6000. TORONTO-DOMINION BANK 2.125% 04/07/2021 DTD 04/07/2016		2016-03-31	2018-04-18
	5000. TOTAL CAPITAL INTL SA 2.750% 06/19/2021 DTD 06/23/2014		2015-01-26	2018-04-18
	10000. TOYOTA MOTOR CREDIT CORP MTN 2.100% 01/17/2019 DTD 01/17/2014		2014-04-08	2018-04-18
	5000. TRANSCANADA PIPELINE 7.125% 1/15/19		2013-08-16	2018-04-18
	8000. US BANCORP MTN 2.95% JUL 15 2022		2016-03-07	2018-04-18
	105000. US TREAS 2.25% 03/31/21			2018-04-18
	50000. US TREAS 1.5% 10/31/19		2015-02-09	2018-04-18
	120000. US TREAS 1.75% 02/28/22			2018-04-18
	100000. US TREAS 3.125% 05/15/19		2014-06-04	2018-04-18
	80000. US TREAS 2% 11/30/22			2018-04-18
	110000. US TREAS 3.5% 05/15/20			2018-04-18
	110000. US TREAS 2.625% 11/15/20			2018-04-18
	120000. US TREAS 3.625% 02/15/21			2018-04-18
	10000. UNITED TECHNOLOGIES CORP 8 7/8% NOV 15 2019		2017-10-17	2018-04-18
	10000. WELLPOINT INC 3.3% JAN 15 2023			2018-04-18
	7000. WESTPAC BANKING CORP 1.600% 08/19/2019 DTD 08/19/2016		2016-08-11	2018-04-18
	1810.31 CAPITAL AUTO RECEIVABLES ASSET 2016-3 CL A3 08/20/2020		2017-04-24	2018-04-20
	10463.79 FHLMC GOLD G13352 5% 12/01/23		2013-05-29	2018-04-24
	2244.94 FHLMC GOLD B17131 5% 11/01/19		2013-02-08	2018-04-24
	9584.9 FNMA 257078 6% 02/01/23		2012-08-21	2018-04-24
	7965.84 FNMA 840580 5.5% 10/01/20		2013-09-16	2018-04-24
	8265.45 FNMA 840728 5% 11/01/20		2014-01-03	2018-04-24
	7475.18 FNMA 888356 5.5% 03/01/22		2014-04-02	2018-04-24
	5126.63 FNMA 889634 6% 02/01/23		2012-10-18	2018-04-24
	16250.07 FNMA 985166 6% 07/01/23		2015-03-13	2018-04-24
	58.04 FEDERAL NATIONAL MORTGAGE ASSN			2018-04-25
	35.52 FEDERAL NATL MTG ASSN GTD REMIC PASS		2007-05-16	2018-04-25
	787.5 FNMA 257078 6% 02/01/23		2012-08-21	2018-04-25
	3.23 FEDERAL NATL MTG ASSN GTD MTG PASS		2003-04-23	2018-04-25
	71.49 FNMA REMIC TRUST		2007-10-16	2018-04-25
	279.54 FNMA 2003-85 CL QD 5.500% 09/25/2033 DTD 08/29/2003		2014-09-15	2018-04-25
	127.87 FNMA 2005-27 CL YD 5.5% 04/25/2035 DTD 03/01/2005		2015-12-16	2018-04-25
	378.8 FANNIE MAE 5.5% DEC 25 2036		2014-12-10	2018-04-25
	419.46 FNMA 840580 5.5% 10/01/20		2013-09-16	2018-04-25
	349.57 FNMA 840728 5% 11/01/20		2014-01-03	2018-04-25
	208.02 FNMA 888356 5.5% 03/01/22		2014-04-02	2018-04-25
	190.96 FNMA 889634 6% 02/01/23		2012-10-18	2018-04-25
	295.72 FNMA 985166 6% 07/01/23		2015-03-13	2018-04-25
	20000. AMERICREDIT AUTOMOBILE RECEIVA 2016-1 CL B 2.300% 03/08/2021		2017-08-02	2018-04-26
	20000. CALIFORNIA REPUBLIC AUTO RECEI 2016-2 CL A4 1.830% 12/15/2021		2017-10-02	2018-04-26
	723.22 FNMA 2012-126 CL PE 2.500% 07/25/2042 DTD 10/01/2012		2016-07-26	2018-04-26
	25000. NISSAN AUTO LEASE TRUST 2016-B CL A4 01/18/2022 DTD 09/21/2016		2017-06-26	2018-04-26
	5000. PPG INDUSTRIES INC 2.300% 11/15/2019 DTD 11/12/2014		2017-04-20	2018-04-26
	20000. SANTANDER DRIVE AUTO RECEIVABL 2014-2 CL D 2.760% 02/18/2020		2018-03-08	2018-04-26
	3144.391 FED HOME LN MTG CORP PARTN CTFS		2007-10-11	2018-04-27
	745.376 FEDERAL NATL MTG ASSN GTD MTG PASS		2003-04-23	2018-04-27
	13563.61 GNMA 736674 4% 04/15/25		2014-09-04	2018-04-27
	15331.87 GNMA 782306 6% 04/15/23		2015-08-19	2018-04-27
	2789.007 FEDERAL HOME LN MTG CORP MULTICLASS			2018-04-30
	3265.316 FEDERAL NATIONAL MORTGAGE ASSN			2018-04-30
	1923.02 FEDERAL NATL MTG ASSN GTD REMIC PASS		2007-05-16	2018-04-30
	2247.53 FNMA REMIC TRUST			2018-04-30
	17662.75 FNMA 2003-85 CL QD 5.500% 09/25/2033 DTD 08/29/2003		2014-09-15	2018-04-30
	12736.29 FHLMC SERIES 2986 CL PL 5.500% 06/15/2035 DTD 06/01/2005		2014-09-17	2018-04-30
	15678.95 CAPITAL AUTO RECEIVABLES ASSET 2016-3 CL A3 08/20/2020		2017-04-24	2018-05-01
	1142.29 CARMAX AUTO OWNER TRUST 2014-4 CL A3 1.160% 11/15/2019 DTD 11/		2016-09-27	2018-05-01
	20053.85 FNMA 2005-27 CL YD 5.5% 04/25/2035 DTD 03/01/2005		2015-12-16	2018-05-01
	172.79 FEDERAL HOME LN MTG CORP MULTICLASS		2005-07-14	2018-05-01
	4106.17 FHLMC REMIC		2007-04-24	2018-05-01
	878.557 FEDERAL HOME LN MTG CORP MULTICLASS		2008-01-24	2018-05-01
	10000. SANTANDER DRIVE AUTO RECEIVABL 2017-2 CL B 2.210% 10/15/2021		2017-07-28	2018-05-01
	20000. WORLD FINANCIAL NETWORK CREDIT SER 2012-A CL A 3.14% JAN 17 202		2017-10-06	2018-05-01
	24.21 FHLMC REMIC		2007-07-17	2018-05-15
	32.53 FHLMC REMIC		2007-04-24	2018-05-15
	1. THE WINTON FUND LIMITED TRANCHE B - NEW ISSUES INELIGIBLE NON-SELF		2016-01-01	2018-05-15
	333.12 FHLMC SERIES 2986 CL PL 5.500% 06/15/2035 DTD 06/01/2005		2014-09-17	2018-05-16
	97.48 FHLMC REMIC		2007-04-24	2018-05-18
	97.503 FEDERAL HOME LN MTG CORP MULTICLASS		2008-01-24	2018-05-18
	16.48 GNMA GTD PASS THRU CTF		2006-01-17	2018-05-18
	162.669 FED HOME LN MTG CORP PARTN CTFS		2007-10-11	2018-05-21
	89.64 FEDERAL HOME LN MTG CORP MULTICLASS		2005-07-14	2018-05-22
	317.46 GNMA 736674 4% 04/15/25		2014-09-04	2018-05-22
	599.85 GNMA 782306 6% 04/15/23		2015-08-19	2018-05-22
	98.083 FEDERAL HOME LN MTG CORP MULTICLASS			2018-05-29
	10000. BANK OF AMERICA CORP MTN SR NOTES 5% MAY 13 2021		2015-05-07	2018-06-04
	61.49 FEDERAL NATL MTG ASSN GTD REMIC PASS			2018-06-04
	67.57 FNMA REMIC TRUST		2007-10-16	2018-06-04
	238.83 FNMA 2003-85 CL QD 5.500% 09/25/2033 DTD 08/29/2003		2014-09-15	2018-06-04
	73.604 FEDERAL NATIONAL MORTGAGE ASSN			2018-06-05
	3803.82 FMI LARGE CAP FUND-INST		2008-11-21	2018-06-12
	1500. ISHARES MISCI EAFE INDEX FUND		2017-05-09	2018-06-12
	515. ISHARES MISCI EAFE INDEX FUND		2017-05-09	2018-06-12
	3.224 FEDERAL NATL MTG ASSN GTD MTG PASS		2003-04-23	2018-06-14
	28285.528 JPM GL RES ENH IDX FD - USD - R6 ISIN US48129C2070			2018-07-23
	16959.081 BROWN ADV JAPAN ALPHA OPP-IS			2018-07-26
	16153.814 BROWN ADV JAPAN ALPHA OPP-IS		2018-01-04	2018-07-26
	1185. ISHARES MISCI EAFE INDEX FUND		2017-05-09	2018-07-26
	5600. ISHARES MISCI EAFE INDEX FUND			2018-08-13
	1. OCH-ZIFF OZOFII PRIVATE INVESTORS		2016-01-01	2018-08-17
	16300. ISHARES MISCI EAFE INDEX FUND			2018-08-21
	9750. ISHARES CORE MSCI EAFE ETF			2018-08-21
	4525. VANGUARD BD INDEX FD INC		2018-06-12	2018-10-01
	. LEHMAN BROS HLDGS INC			2018-10-09
	39056.745 CAPITAL GR NON US EQUITY			2018-10-24
	2517.997 DODGE & INTERNATIONAL STOCK FUND			2018-10-24
	5177.156 DODGE & INTERNATIONAL STOCK FUND		2017-02-22	2018-10-24
	18926.21 FMI LARGE CAP FUND-INST		2008-11-21	2018-10-24
	4903.726 OAKMARK INTERNATIONAL-INST			2018-10-24
	7464.945 OAKMARK INTERNATIONAL-INST		2013-08-12	2018-10-24
	40674.888 JPM GL RES ENH IDX FD - USD - R6 ISIN US48129C2070			2018-10-24
	8614.411 JPM US L/C CORE PL FD - USD - R6 ISIN US48129C6030		2007-04-13	2018-10-24
	40941.427 NEUBERGER BERMAN MULTI CAP		2012-07-12	2018-10-24
	18535.968 PIMCO SHORT TERM FUND INSTL		2018-05-04	2018-10-24
	13685.735 DODGE & COX INCOME FUND		2017-11-20	2018-12-12
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	66,237	67,750	-1,513
b	67,069	67,750	-681
c	67,880	67,750	130
d	67,144	67,750	-606
e	5,527	5,640	-113
	906	907	-1
	687	731	-44
	79	82	-3
	148	159	-11
	56	57	-1
	704	712	-8
	177	173	4
	132	122	10
	111	106	5
	116	108	8
	110	107	3
	119	118	1
	368	407	-39
	48	50	-2
	259	273	-14
	887	972	-85
	4,852	5,290	-438
	4,500	4,501	-1
	71	74	-3
	52	53	-1
	679	696	-17
	221	244	-23
	3	3
	66	65	1
	71	68	3
	335	374	-39
	687	768	-81
	288	311	-23
	316	339	-23
	492	529	-37
	186	205	-19
	291	318	-27
	1,600	1,601	-1
	374,380	350,580	23,800
	167,279	171,928	-4,649
	920	921	-1
	288	306	-18
	57	60	-3
	136	146	-10
	66	67	-1
	550	556	-6
	177	173	4
	122	113	9
	129	123	6
	144	134	10
	105	102	3
	128	127	1
	359	397	-38
	43	45	-2
	171	180	-9
	320	351	-31
	15,500	15,502	-2
	878	877	1
	1,583	1,584	-1
	102	106	-4
	61	62	-1
	506	518	-12
	409	452	-43
	3	3
	28	27	1
	74	71	3
	297	331	-34
	689	770	-81
	450	485	-35
	357	383	-26
	280	301	-21
	201	221	-20
	293	319	-26
	85,000	85,000
	1,497	1,498	-1
	869	870	-1
	240	256	-16
	81	85	-4
	150	161	-11
	58	59	-1
	763	771	-8
	112	109	3
	106	98	8
	104	100	4
	107	100	7
	98	95	3
	137	135	2
	350	387	-37
	44	45	-1
	165	174	-9
	311	341	-30
	1,633	1,630	3
	4,953	5,038	-85
	97	101	-4
	63	64	-1
	744	762	-18
	205	226	-21
	3	3

	58	56	2
	289	322	-33
	404	451	-47
	292	315	-23
	396	425	-29
	193	207	-14
	181	199	-18
	294	321	-27
	10,618	11,309	-691
	788	789	-1
	973	975	-2
	5,000	5,645	-645
	189	201	-12
	76	80	-4
	326	348	-22
	57	58	-1
	1,717	1,745	-28
	743	751	-8
	76	70	6
	75	72	3
	96	89	7
	113	109	4
	103	102	1
	342	377	-35
	52	54	-2
	352	372	-20
	722	792	-70
	3,975	3,996	-21
	5,068	5,213	-145
	4,942	5,012	-70
	9,871	10,146	-275
	10,340	11,353	-1,013
	3,000	2,994	6
	9,628	9,992	-364
	4,967	4,991	-24
	5,008	5,151	-143
	4,803	5,000	-197
	9,923	10,130	-207
	10,365	11,076	-711
	5,003	4,991	12
	2,000	2,055	-55
	3,000	3,097	-97
	4,851	5,003	-152
	4,930	4,930
	4,974	5,044	-70
	4,955	4,955
	4,978	5,105	-127
	5,109	5,276	-167
	4,927	4,945	-18
	4,901	5,014	-113
	10,306	11,065	-759
	12,947	13,138	-191
	10,362	11,028	-666
	4,932	5,025	-93
	4,899	4,931	-32
	38,028	40,264	-2,236
	33,851	33,990	-139
	59,387	59,681	-294
	25,689	26,542	-853
	44	43	1
	40,806	42,717	-1,911
	43,625	45,075	-1,450
	4,984	5,099	-115
	5,024	5,226	-202
	5,127	5,360	-233
	5,005	5,206	-201
	4,907	5,010	-103
	9,681	9,745	-64
	10,236	10,508	-272
	4,991	5,056	-65
	5,094	5,338	-244
	5,262	5,480	-218
	5,109	5,642	-533
	4,917	4,932	-15
	10,395	12,850	-2,455
	9,947	10,003	-56
	5,197	7,334	-2,137
	5,171	5,356	-185
	9,740	9,966	-226
	10,388	11,366	-978
	10,485	11,477	-992
	4,976	5,036	-60
	5,157	5,334	-177
	4,858	4,915	-57
	5,024	5,160	-136
	4,850	5,013	-163
	4,879	4,996	-117
	5,829	5,990	-161
	4,959	5,156	-197
	9,960	10,042	-82
	5,157	6,054	-897
	7,862	8,061	-199
	104,073	108,497	-4,424
	49,355	50,055	-700
	116,100	117,941	-1,841
	100,934	107,246	-6,312
	77,606	80,388	-2,782
	112,286	120,029	-7,743
	110,258	115,178	-4,920
	123,511	131,584	-8,073
	10,915	11,367	-452
	9,867	10,146	-279
	6,885	6,999	-114
	1,810	1,808	2
	10,778	11,131	-353
	2,252	2,402	-150
	9,959	10,588	-629
	8,085	8,588	-503
	8,358	8,865	-507
	7,639	8,036	-397
	5,282	5,639	-357
	17,144	17,743	-599
	58	61	-3
	36	36
	788	870	-82
	3	3
	71	68	3
	280	312	-32
	128	140	-12
	379	423	-44
	419	452	-33
	350	375	-25
	208	224	-16
	191	210	-19
	296	323	-27
	19,756	20,125	-369
	19,725	19,954	-229
	723	741	-18
	24,695	24,965	-270
	4,950	5,042	-92
	19,922	20,004	-82
	3,447	3,186	261
	805	762	43
	13,839	14,310	-471
	16,027	16,808	-781
	2,811	2,925	-114
	3,315	3,420	-105
	1,931	1,958	-27
	2,196	2,151	45
	18,723	19,705	-982
	13,309	14,070	-761
	15,522	15,656	-134
	1,139	1,144	-5
	20,593	21,921	-1,328
	164	161	3
	4,142	3,984	158
	865	867	-2
	9,903	10,014	-111
	20,066	20,352	-286
	24	22	2
	33	31	2
	315,057	238,920	76,137
	333	368	-35
	98	95	3
	98	96	2
	16	17	-1
	163	165	-2
	90	84	6
	317	335	-18
	600	658	-58
	98	100	-2
	10,485	11,145	-660
	61	63	-2
	68	65	3
	239	266	-27
	74	74
	84,635	37,792	46,843
	105,796	97,416	8,380
	36,264	33,446	2,818
	3	3
	650,850	483,669	167,181
	184,684	171,894	12,790
	175,915	190,615	-14,700
	81,367	76,958	4,409
	372,241	358,648	13,593
	308,054	183,607	124,447
	1,094,409	973,284	121,125
	617,581	597,024	20,557
	352,296	353,255	-959
	20		20
	484,694	470,824	13,870
	99,259	113,925	-14,666
	204,084	211,590	-7,506
	401,425	188,039	213,386
	112,639	134,850	-22,211
	171,470	188,196	-16,726
	865,562	643,070	222,492
	255,245	173,602	81,643
	750,456	418,012	332,444
	183,321	182,950	371
	182,294	189,000	-6,706
			95,162

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			-1,513
b			-681
c			130
d			-606
e			-113
			-1
			-44
			-3
			-11
			-1
			-8
			4
			10
			5
			8
			3
			1
			-39
			-2
			-14
			-85
			-438
			-1
			-3
			-1
			-17
			-23

			1
			3
			-39
			-81
			-23
			-23
			-37
			-19
			-27
			-1
			23,800
			-4,649
			-1
			-18
			-3
			-10
			-1
			-6
			4
			9
			6
			10
			3
			1
			-38
			-2
			-9
			-31
			-2
			1
			-1
			-4
			-1
			-12
			-43

			1
			3
			-34
			-81
			-35
			-26
			-21
			-20
			-26

			-1
			-1
			-16
			-4
			-11
			-1
			-8
			3
			8
			4
			7
			3
			2
			-37
			-1
			-9
			-30
			3
			-85
			-4
			-1
			-18
			-21


			2
			-33
			-47
			-23
			-29
			-14
			-18
			-27
			-691
			-1
			-2
			-645
			-12
			-4
			-22
			-1
			-28
			-8
			6
			3
			7
			4
			1
			-35
			-2
			-20
			-70
			-21
			-145
			-70
			-275
			-1,013
			6
			-364
			-24
			-143
			-197
			-207
			-711
			12
			-55
			-97
			-152

			-70

			-127
			-167
			-18
			-113
			-759
			-191
			-666
			-93
			-32
			-2,236
			-139
			-294
			-853
			1
			-1,911
			-1,450
			-115
			-202
			-233
			-201
			-103
			-64
			-272
			-65
			-244
			-218
			-533
			-15
			-2,455
			-56
			-2,137
			-185
			-226
			-978
			-992
			-60
			-177
			-57
			-136
			-163
			-117
			-161
			-197
			-82
			-897
			-199
			-4,424
			-700
			-1,841
			-6,312
			-2,782
			-7,743
			-4,920
			-8,073
			-452
			-279
			-114
			2
			-353
			-150
			-629
			-503
			-507
			-397
			-357
			-599
			-3

			-82

			3
			-32
			-12
			-44
			-33
			-25
			-16
			-19
			-27
			-369
			-229
			-18
			-270
			-92
			-82
			261
			43
			-471
			-781
			-114
			-105
			-27
			45
			-982
			-761
			-134
			-5
			-1,328
			3
			158
			-2
			-111
			-286
			2
			2
			76,137
			-35
			3
			2
			-1
			-2
			6
			-18
			-58
			-2
			-660
			-2
			3
			-27

			46,843
			8,380
			2,818

			167,181
			12,790
			-14,700
			4,409
			13,593
			124,447
			121,125
			20,557
			-959
			20
			13,870
			-14,666
			-7,506
			213,386
			-22,211
			-16,726
			222,492
			81,643
			332,444
			371
			-6,706

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	1,415,361
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

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

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

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

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

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

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

(a) Base period years Calendar year (or tax year beginning in)	(b) Adjusted qualifying distributions	(c) Net value of noncharitable-use assets	(d) Distribution ratio (col. (b) divided by col. (c))
2017	586,865	18,054,276	0.032506
2016	243,110	16,966,127	0.014329
2015	933,961	18,532,941	0.050395
2014	152,033	20,282,599	0.007496
2013	144,179	15,777,220	0.009138

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

0.113864

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

0.022773

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

18,486,308

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

420,989

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

17,117

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

438,106

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

1,101,693

If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.

Form 990-PF (2018)

Page 4

Part VI

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

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	17,117
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	17,117
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	17,117
6	Credits/Payments:

a	2018 estimated tax payments and 2017 overpayment credited to 2018	6a	17,726
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c	8,000
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	25,726
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	8,609
11	Enter the amount of line 10 to be: Credited to 2019 estimated tax8,609	Refunded	11	0

Part VII-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

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

Yes

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

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

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

Yes

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

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

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

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

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

Form 990-PF (2018)

Page 5

Part VII-A

Statements Regarding Activities (continued)

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

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

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

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

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

Yes

Website address bullet

The books are in care of bullet

JPMORGAN CHASE BANK NA Telephone no. bullet

(800) 496-2583

Located at bullet

10 S DEARBORN IL1-0111CHICAGOIL ZIP+4 bullet

60603

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

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

16 At any time during calendar year 2018, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country? .................

16 No

See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country bullet

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If "Yes," list the years bullet

20, 20, 20, 20

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

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

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

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

20, 20, 20, 20

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

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

If "Yes," did it have excess business holdings in 2018 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2018.)..................

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

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

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

Form 990-PF (2018)

Page 6

Part VII-B

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

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Part VIII

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

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

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)
JP Morgan Chase Bank NA	TRUSTEE 3	75,838
10 S DEARBORN IL1-0111 Chicago,IL60603	TRUSTEE 3	75,838
Fredrick M Biedenharn	TRUSTEE 1	0
400 Texas St fl 10 Shreveport,LA71101	TRUSTEE 1	0
Henry A Biedenharn	TRUSTEE 1	0
400 Texas Street fl 10 Shreveport,LA71101	TRUSTEE 1	0

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


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









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

Form 990-PF (2018)

Page 7

Part VIII

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

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

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

Part IX-A

Summary of Direct Charitable Activities

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


2


3


4

Part IX-B

Summary of Program-Related Investments (see instructions)

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


2


All other program-related investments. See instructions.
3

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

Form 990-PF (2018)

Page 8

Part X

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

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

purposes:

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

18,240,485

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

525,286

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

2,054

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

18,767,825

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

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

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

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

18,767,825

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

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

281,517

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

18,486,308

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

924,315

Part XI

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

and do not complete this part.)

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

924,315

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

17,117

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

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

17,117

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

907,198

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

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

907,198

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

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

907,198

Part XII

Qualifying Distributions (see instructions)

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

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

1,101,693

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

1,101,693

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

17,117

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

1,084,576

Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
the section 4940(e) reduction of tax in those years.

Form 990-PF (2018)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2017	(c) 2017	(d) 2018
1 Distributable amount for 2018 from Part XI, line 7					907,198
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......	0
b From 2014......	0
c From 2015......	24,915
d From 2016......	0
e From 2017......	0
fTotal of lines 3a through e........		24,915
4Qualifying distributions for 2018 from Part
XII, line 4: $ 1,101,693
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.....					907,198
e Remaining amount distributed out of corpus		194,495
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		219,410
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) ...		0
9Excess distributions carryover to 2019. Subtract lines 7 and 8 from line 6a ......		219,410
10 Analysis of line 9:
a Excess from 2014....	0
b Excess from 2015....	24,915
c Excess from 2016....	0
d Excess from 2017....	0
e Excess from 2018....	194,495

Form 990-PF (2018)

Page 10

Part XIV

Private Operating Foundations (see instructions and Part VII-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2018, enter the date of the ruling....... bullet

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

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

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

Part XV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

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

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

aThe name, address, and telephone number or email address of the person to whom applications should be addressed:

bThe form in which applications should be submitted and information and materials they should include:

cAny submission deadlines:

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

Form 990-PF (2018)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
EMY-LOU BIEDENHARN FOUNDATION 2006 RIVERSIDE DRIVE MONROE,LA71201	NONE	POF	PROGRAM SUPPORT	1,071,358
Total ................................. 3a				1,071,358

bApproved for future payment

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

Form 990-PF (2018)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities....			14	353,834
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	1,415,361
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aROYALTY INCOME			15	780
bOTHER INCOME			14	285
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				1,770,260

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

1,770,260

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

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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

Form 990-PF (2018)

Page 13

Part XVII

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

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

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If "Yes," complete the following schedule.

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

Sign Here

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

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

Form 990-PF (2018)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Name of Bond	End of Year Book Value	End of Year Fair Market Value
00440EAM9 ACE INA HOLDINGS 5.9
023135AL0 AMAZON.COM INC 2.600
02665WAH4 AMERICAN HONDA FINAN
05531FAU7 BB&T CORPORATION MTN
05565QBP2 BP CAPITAL MARKETS P
05574LPT9 BNP PARIBAS MTN 2.70
06051GEH8 BANK OF AMERICA CORP
06406HCR8 BANK OF NEW YORK MEL
14313UAC0 CARMAX AUTO OWNER TR
17275RAH5 CISCO SYSTEMS INC NO
172967HU8 CITIGROUP INC 2.500%
21685WBT3 RABOBANK NEDERLAND N
25468PCT1 WALT DISNEY COMPANY/
26442CAD6 DUKE ENERGY CAROLINA
3128MB5M5 FHLMC GOLD G13352 5%
312916XQ7 FEDERAL HOME LN MTG
3129694Q8 FHLMC GOLD B17131 5%
31335HXF5 FHLMC GOLD C90678 6%
31359FAM0 FNMA GTD REMIC PASS
31359FDA3 FEDERAL NATL MTG ASS
3136A9A24 FNMA 2012-126 CL PE
31371NQ73 FNMA 257078 6% 02/01
3137B6RR4 FHLMC 4278 CL A 2.00
3137EADP1 FHLMC 0.875% 03/07/2
31389MYN1 FNMA 629917 5.5% 04/
31392JJ83 FEDERAL NATL MTG ASS
31393CPD9 FNMA REMIC TRUST 5%
31393EX87 FNMA 2003-85 CL QD 5
31393PZN7 FHLMC REMIC SER 2594
31393R6M7 FHLMC REMIC 4 1/2% M
31393RBS8 FHLMC REMIC SER 2617
31394CK27 FNMA 2005-27 CL YD 5
31394L7G1 FHLMC SER 2695 CL 26
31394MYB0 FHLMC REMIC SER 2720
31394XY26 FEDERAL HOME LN MTG
31395VSP5 FHLMC SERIES 2986 CL
31396L3T5 FANNIE MAE 5.5% DEC
31407T2M1 FNMA 840580 5.5% 10/
31407UA56 FNMA 840728 5% 11/01
31410F5R2 FNMA 888356 5.5% 03/
31410KLP7 FNMA 889634 6% 02/01
31415PMP0 FNMA 985166 6% 07/01
343412AB8 FLUOR CORP (NEW) 3 3
36202U4T7 GNMA 610234 6% 06/15
3620AQMX8 GNMA 736674 4% 04/15
36241KR34 GNMA 782306 6% 04/15
369550AR9 GENERAL DYNAMICS COR
375558BC6 GILEAD SCIENCES INC
38141GGQ1 GOLDMAN SACHS GROUP
458140AQ3 INTEL CORP 2.450% 07
539830AT6 LOCKHEED MARTIN CORP
59156RAT5 METLIFE INC NOTES 7.
61761JB32 MORGAN STANLEY 2.800
637432LR4 NATIONAL RURAL UTIL
693476BJ1 PNC FUNDING CORP SR
74432QBM6 PRUDENTIAL FINANCIAL
88166JAA1 TEVA PHARM FIN IV BV
89114QBG2 TORONTO-DOMINION BAN
89153VAP4 TOTAL CAPITAL INTL S
89236TBB0 TOYOTA MOTOR CREDIT
8935268Y2 TRANS - CANADA PIPEL
91159JAA4 US BANCORP MTN 2.95%
912828C57 US TREAS 2.25% 03/31
912828F62 US TREAS 1.5% 10/31/
912828J43 US TREAS 1.75% 02/28
912828KQ2 US TREAS 3.125% 05/1
912828ND8 US TREAS 3.5% 05/15/
912828PC8 US TREAS 2.625% 11/1
912828PX2 US TREAS 3.625% 02/1
961214CY7 WESTPAC BANKING CORP
001055AL6 AFLAC INC 3.625% 06/
00206RBD3 AT&T INC 3% FEB 15 2
00287YAP4 ABBVIE INC 3.200% 11
025816BM0 AMERICAN EXPRESS CO
03065VAE7 AMERICREDIT AUTOMOBI
037833DC1 APPLE INC 2.100% 09/
05581QAE8 BMW VEHICLE LEASE TR
057224BC0 BAKER HUGHES INC 3.2
06051GGQ6 BANK OF AMERICA CORP
09062XAC7 BIOGEN INC 2.900% 09
091929687 BLACKROCK HIGH YIELD
10112RAS3 BOSTON PROPERTIES LP
13056JAC8 CALIFORNIA REPUBLIC
13057YAD2 CALIFORNIA REPUBLIC
13976AAD2 CAPITAL AUTO RECEIVA
14040HBL8 CAPITAL ONE FINANCIA
25152R5F6 DEUTSCHE BANK AG 3.3
256210105 DODGE & COX INCOME F
31398W7H1 FHLMC 3626 CL ME 5.0
316773CT5 FIFTH THIRD BANCORP
38141GGS7 GOLDMAN SACHS GROUP
404280AN9 HSBC HOLDINGS PLC 4%
446150AJ3 HUNTINGTON BANCSHARE
46132FAB6 INVESCO FINANCE PLC
49326EED1 KEYCORP MTN 5.1% MAR
65477XAE4 NISSAN AUTO LEASE TR
670346AL9 NUCOR CORP 4 1/8% SE
68389XAP0 ORACLE CORP 2.500% 1
693506BH9 PPG INDUSTRIES INC 2
77956H534 T ROWE PR EMERG MKTS
80281LAD7 SANTANDER UK GROUP H
80285LAD3 SANTANDER DRIVE AUTO
828807CF2 SIMON PROPERTY GROUP
842587CS4 SOUTHERN CO 2.350% 0
845437BM3 SOUTHWESTERN ELEC PO
86562MAQ3 SUMITOMO MITSUI FINL
867914BM4 SUNTRUST BANKS INC 2
912828M80 US TREAS 2% 11/30/22
913017AR0 UNITED TECHNOLOGIES
92203J308 VANGUARD TOTAL INTL	548,200	545,721
92343VDQ4 VERIZON COMMUNICATIO
94973VBA4 WELLPOINT INC 3.3% J
981464CW8 WORLD FINANCIAL NETW
722005816 PIMCO INVESTMENT GRA	365,900	357,601
921937603 VANGUARD TOTAL BOND	572,050	576,133
921937827 VANGUARD SHORT-TERM	174,601	175,604
83002G108 SIX CIRCLES ULTRA SH	172,550	171,860

Name of Stock	End of Year Book Value	End of Year Fair Market Value
115233579 BROWN ADV JAPAN ALPH
302933502 FMI LARGE CAP FUND-I
464287465 ISHARES MSCI EAFE IN
14042Y601 CAPITAL GR NON US EQ	315,293	317,151
64122Q309 NEUBERGER BER MU/C O
78462F103 SPDR S&P 500 ETF TRU	3,195,512	4,289,877
256206103 DODGE & COX INTL STO	333,945	301,588
413838723 OAKMARK INTERNATIONA	336,618	289,388
46432F842 ISHARES CORE MSCI EA
48129C207 JPMORGAN GL RES ENH
48129C603 JPMORGAN US L/C CORE	351,842	416,398
315911727 FIDELITY INTERNATION	2,077,915	1,781,887
315911750 FIDELITY 500 INDEX F	2,773,056	2,599,044
46641Q688 JPM BETABUILDERS DEV	183,107	166,680
46641Q696 JPMORGAN BETABUILDER	353,455	309,900
46641Q712 JPMORGAN BETABUILDER	722,015	633,600
46641Q720 JPMORGAN BETABUILDER	187,920	160,200
83002G306 SIX CIRCLES U.S. UNC	1,380,400	1,316,398
83002G405 SIX CIRCLES INTERNAT	690,200	654,704

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
976491910 THE WINTON FUND LIMI
986903920 OCH-ZIFF OZOFII PRIV
00191K765 AQR EQUITY MARKET NE
00771X435 CHILTON STRATEGIC EU
092911965 BLACKSTONE PARTNERS	AT COST	1,100,000	1,645,023
12628J881 CRM LONG/SHORT OPPOR
72201U638 PIMCO MTGE OPPORTUNI
604025940 OCH-ZIFF OZOFII PRIV	AT COST	5,679	9,527

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
MINERAL INTERESTS		0	2,046
XXX-XX-XXXX SANTA CRUZ S/D HIDAL	1	1	1
XXX-XX-XXXX CODDINGTON S/D HIDAL	1	1	1
XXX-XX-XXXX 40A STEELE&PERSHING	1	1	1
XXX-XX-XXXX 20A STEELE&PERSHING	1	1	1
XXX-XX-XXXX 53A STEELE&PERSHING	1	1	1
XXX-XX-XXXX 41 AC RIO BRAVO S/D	1	1	1
XXX-XX-XXXX 25% X 11/80 MI IN 67	1	1	1
XXX-XX-XXXX 80 AC RIO BRAVO S/D	1	1	1

Description	Amount
2017 TRANS POSTED IN 2018	20,083
ROUNDING	6

Description	Amount
COST BASIS ADJUSTMENT	198
SALES BASIS ADJUSTMENT	136
2018 TRANS POSTED IN 2019	27,957

Category	Amount	Net Investment Income
FEDERAL ESTIMATES - INCOME	3,000	0
FOREIGN TAXES ON QUALIFIED FOR	12,302	12,302
FOREIGN TAXES ON NONQUALIFIED	531	531