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
GEORGE W NEILSON FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 692
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
BEMIDJI, MN566190692

A Employer identification number

41-6022186

B Telephone number (see instructions)

(218) 444-4963

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

$31,442,868J 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	(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	62		62
4	Dividends and interest from securities...	1,023,845		1,023,845
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		1,961,519
b	Gross sales price for all assets on line 6a 18,310,477
7	Capital gain net income (from Part IV, line 2)...			1,961,519
8	Net short-term capital gain.........
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).......		17,614	17,614
12	Total. Add lines 1 through 11........	3,003,040		3,003,040
13	Compensation of officers, directors, trustees, etc.	60,000		0	60,000
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........		180	0	180
b	Accounting fees (attach schedule).......		6,700	0	6,700
c	Other professional fees (attach schedule)....		146,704	131,808	14,896
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		29,226	1,215	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		16,249	0	16,249
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	259,059		133,023	98,025
25	Contributions, gifts, grants paid.......	1,546,996			1,546,996
26	Total expenses and disbursements. Add lines 24 and 25	1,806,055		133,023	1,645,021
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	1,196,985
b	Net investment income (if negative, enter -0-)			2,870,017
c	Adjusted net income (if negative, enter -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.............	43,433	105,047	105,047
	2	Savings and temporary cash investments.........	917,014	502,760	502,760
	3	Accounts receivable
		Less: allowance for doubtful accounts
	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
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	159,948	1,157,922	1,159,946
	b	Investments—corporate stock (attach schedule).......	17,603,628	20,275,701	21,358,724
	c	Investments—corporate bonds (attach schedule).......	10,634,199	8,513,777	8,316,391
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	29,358,222	30,555,207	31,442,868
	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	0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted..................	29,358,222	30,555,207
	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........
	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).....	29,358,222	30,555,207
	31	Total liabilities and net assets/fund balances (see instructions).	29,358,222	30,555,207

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) ...............

29,358,222

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

1,196,985

Other increases not included in line 2 (itemize) bullet

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

30,555,207

Decreases not included in line 2 (itemize) bullet

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

30,555,207

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	BANK OF AMERICA MTN 1.650% 3/26/18	P	2017-03-06	2018-03-26
b	BANK MONTREAL MTN 1.450% 4/09/18	P	2017-03-07	2018-04-09
c	ANHEUSER BUSCH 1.900% 2/01/19	P	2017-03-06	2018-04-23
d	TORONTO DOMINION MTN 1.400% 4/30/18	P	2017-03-07	2018-04-30
e	BP CAPITAL PLC 1.375% 5/10/18	P	2017-03-06	2018-05-10
	JPMORGAN CHASE CO 1.625% 5/15/18	P	2017-03-14	2018-05-15
	ROYAL BANK OF CA MTN 2.200% 7/27/18	P	2017-03-06	2018-07-27
	BNP PARIBAS MTN 2.700% 8/20/18	P	2017-03-07	2018-08-20
	WALT DISNEY MTN 1.500% 9/17/18	P	2017-03-06	2018-09-17
	JOHN DEERE MTN 1.650% 10/15/18	P	2017-03-09	2018-10-15
	NASDAQ INC	P	2017-03-13	2018-01-17
	NASDAQ INC	P	2017-05-03	2018-01-17
	NASDAQ INC	P	2017-09-21	2018-01-17
	BANKUNITED INC	P	2017-03-13	2018-01-31
	BANKUNITED INC	P	2017-05-03	2018-01-31
	BANKUNITED INC	P	2017-08-02	2018-01-31
	BANKUNITED INC	P	2017-09-21	2018-01-31
	WELLS FARGO CO	P	2017-10-06	2018-02-05
	WELLS FARGO CO	P	2017-11-29	2018-02-05
	WELLS FARGO CO	P	2017-12-04	2018-02-05
	WELLS FARGO CO	P	2017-12-12	2018-02-05
	WELLS FARGO CO	P	2017-12-12	2018-02-05
	WELLS FARGO CO	P	2017-12-12	2018-02-05
	WELLS FARGO CO	P	2017-12-19	2018-02-05
	WELLS FARGO CO	P	2018-01-16	2018-02-05
	THE KRAFT HEINZ CO	P	2017-04-13	2018-02-08
	THE KRAFT HEINZ CO	P	2017-04-13	2018-02-08
	THE KRAFT HEINZ CO	P	2017-04-17	2018-02-08
	THE KRAFT HEINZ CO	P	2017-04-17	2018-02-08
	THE KRAFT HEINZ CO	P	2017-05-03	2018-02-08
	THE KRAFT HEINZ CO	P	2017-09-21	2018-02-08
	THE KRAFT HEINZ CO	P	2017-11-09	2018-02-08
	THE KRAFT HEINZ CO	P	2017-12-21	2018-02-08
	THE KRAFT HEINZ CO	P	2017-12-21	2018-02-08
	MARATHON OIL CORPORATION	P	2018-01-16	2018-02-09
	PARKER HANNIFIN CORP	P	2018-01-16	2018-02-09
	WILLIS TOWERS WATSON PLC	P	2017-06-01	2018-02-15
	QUALCOMM INC	P	2017-11-03	2018-02-15
	QUALCOMM INC	P	2017-11-03	2018-02-15
	QUALCOMM INC	P	2017-11-17	2018-02-15
	QUALCOMM INC	P	2017-11-17	2018-02-15
	HALLIBURTON CO	P	2017-07-20	2018-02-16
	MARATHON OIL CORPORATION	P	2017-11-03	2018-02-16
	MARATHON OIL CORPORATION	P	2018-01-16	2018-02-16
	MARATHON OIL CORPORATION	P	2017-11-03	2018-02-21
	EAST WEST BANCORP INC	P	2018-01-24	2018-02-22
	BANK OF AMERICA CORP	P	2018-02-05	2018-02-22
	CENTERPOINT ENERGY INC	P	2017-06-15	2018-03-01
	CENTERPOINT ENERGY INC	P	2017-06-21	2018-03-01
	CENTERPOINT ENERGY INC	P	2017-06-21	2018-03-02
	CENTERPOINT ENERGY INC	P	2017-08-02	2018-03-02
	XL GROUP LTD	P	2018-02-08	2018-03-05
	SIGNET JEWELERS LTD	P	2017-11-28	2018-03-08
	SIGNET JEWELERS LTD	P	2017-12-19	2018-03-08
	SIGNET JEWELERS LTD	P	2017-11-28	2018-03-14
	SIGNET JEWELERS LTD	P	2017-11-28	2018-03-14
	SIGNET JEWELERS LTD	P	2017-12-19	2018-03-14
	SIGNET JEWELERS LTD	P	2017-12-19	2018-03-14
	SIGNET JEWELERS LTD	P	2018-02-22	2018-03-14
	BROADCOM LTD	P	2018-02-15	2018-03-29
	TARGA RESOURCES CORP	P	2017-08-11	2018-04-04
	TARGA RESOURCES CORP	P	2017-09-21	2018-04-04
	TARGA RESOURCES CORP	P	2017-09-27	2018-04-04
	TARGA RESOURCES CORP	P	2017-11-03	2018-04-04
	BROADCOM LTD	P	2018-02-15	2018-04-04
	COMCAST CORP CLASS A	P	2017-05-03	2018-04-13
	COMCAST CORP CLASS A	P	2017-05-25	2018-04-13
	COMCAST CORP CLASS A	P	2017-05-25	2018-04-13
	COMCAST CORP CLASS A	P	2017-09-21	2018-04-13
	COMCAST CORP CLASS A	P	2018-04-05	2018-04-13
	BROADCOM INC	P	2018-02-15	2018-04-27
	BROADCOM INC	P	2018-02-21	2018-04-27
	BROADCOM INC	P	2018-02-02	2018-04-30
	BROADCOM INC	P	2018-02-02	2018-04-30
	BROADCOM INC	P	2018-02-15	2018-04-30
	BROADCOM INC	P	2018-02-21	2018-04-30
	P P G INDS INC	P	2017-09-21	2018-05-04
	P P G INDS INC	P	2018-02-22	2018-05-04
	P P G INDS INC	P	2018-04-05	2018-05-04
	DXC TECHNOLOGY CO	P	2018-02-16	2018-05-15
	DXC TECHNOLOGY CO	P	2018-04-05	2018-05-15
	BANK OF AMERICA CORP	P	2018-02-05	2018-06-13
	TIME WARNER INC	P	2018-02-09	2018-06-13
	TIME WARNER INC	P	2018-02-21	2018-06-13
	TIME WARNER INC	P	2018-04-05	2018-06-13
	PERSPECTA INC	P	2017-06-23	2018-06-19
	PERSPECTA INC	P	2017-06-23	2018-06-19
	CITIGROUP INC	P	2017-08-08	2018-06-19
	BANK OF AMERICA CORP	P	2018-02-05	2018-06-19
	PERSPECTA INC	P	2018-02-16	2018-06-19
	CITIGROUP INC	P	2018-04-05	2018-06-19
	CITIGROUP INC	P	2017-08-08	2018-06-26
	BANK OF AMERICA CORP	P	2018-02-05	2018-06-26
	WESTROCK CO	P	2017-09-21	2018-07-24
	WESTROCK CO	P	2018-04-05	2018-07-24
	HALLIBURTON CO	P	2017-09-21	2018-08-01
	HALLIBURTON CO	P	2018-04-05	2018-08-01
	WALMART INC	P	2018-04-05	2018-08-06
	ANADARKO PETROLEUM CORP	P	2018-08-01	2018-08-22
	PRUDENTIAL FINANCIAL INC	P	2017-10-24	2018-08-24
	PRUDENTIAL FINANCIAL INC	P	2017-11-02	2018-08-24
	WILLIS TOWERS WATSON PLC	P	2018-04-05	2018-08-27
	WESTERN DIGITAL CORP	P	2018-04-27	2018-09-06
	WESTERN DIGITAL CORP	P	2018-04-30	2018-09-06
	WESTERN DIGITAL CORP	P	2018-05-15	2018-09-06
	BANK OF AMERICA CORP	P	2018-02-05	2018-09-18
	BANK OF AMERICA CORP	P	2018-02-05	2018-09-18
	CVS HEALTH CORPORATION	P	2017-12-20	2018-09-24
	EASTMAN CHEM CO	P	2018-02-22	2018-10-09
	EASTMAN CHEM CO	P	2018-04-05	2018-10-09
	GENERAL ELECTRIC CO	P	2018-10-09	2018-10-17
	GENERAL ELECTRIC CO	P	2018-10-09	2018-10-17
	HUNTINGTON BANCSHARES INC	P	2018-01-24	2018-11-02
	HUNTINGTON BANCSHARES INC	P	2018-01-25	2018-11-02
	HUNTINGTON BANCSHARES INC	P	2018-01-26	2018-11-02
	HUNTINGTON BANCSHARES INC	P	2018-01-26	2018-11-02
	HUNTINGTON BANCSHARES INC	P	2018-04-05	2018-11-02
	MARATHON OIL CORPORATION	P	2018-08-07	2018-11-13
	MARATHON OIL CORPORATION	P	2018-08-07	2018-11-13
	MARATHON OIL CORPORATION	P	2018-10-02	2018-11-13
	MARATHON OIL CORPORATION	P	2018-10-02	2018-11-13
	CIT GROUP INC	P	2018-04-05	2018-11-16
	HP INC	P	2018-03-05	2018-11-20
	APPLE INC	P	2018-04-05	2018-11-20
	HP INC	P	2018-04-05	2018-11-20
	MARATHON OIL CORPORATION	P	2018-08-07	2018-11-20
	MARATHON OIL CORPORATION	P	2018-08-24	2018-11-20
	CONAGRA BRANDS, INC	P	2017-12-04	2018-11-26
	CONAGRA BRANDS, INC	P	2017-12-20	2018-11-26
	CONAGRA BRANDS, INC	P	2017-12-21	2018-11-26
	CONAGRA BRANDS, INC	P	2017-12-04	2018-11-27
	CONAGRA BRANDS, INC	P	2018-02-08	2018-11-27
	CONAGRA BRANDS, INC	P	2018-04-05	2018-11-27
	CONAGRA BRANDS, INC	P	2018-07-11	2018-11-27
	CONAGRA BRANDS, INC	P	2018-07-11	2018-11-27
	TARGA RESOURCES CORP	P	2018-05-04	2018-12-11
	TARGA RESOURCES CORP	P	2018-12-04	2018-12-11
	LOWES CO INC	P	2018-08-24	2018-12-12
	LOWES CO INC	P	2018-08-27	2018-12-12
	LOWES CO INC	P	2018-12-04	2018-12-12
	ZIMMER BIOMET HOLDINGS INC	P	2018-04-13	2018-12-19
	ZIMMER BIOMET HOLDINGS INC	P	2018-04-13	2018-12-19
	ZIMMER BIOMET HOLDINGS INC	P	2018-04-13	2018-12-19
	ZIMMER BIOMET HOLDINGS INC	P	2018-04-30	2018-12-19
	ZIMMER BIOMET HOLDINGS INC	P	2018-08-24	2018-12-19
	ZIMMER BIOMET HOLDINGS INC	P	2018-08-24	2018-12-19
	ZIMMER BIOMET HOLDINGS INC	P	2018-12-04	2018-12-19
	ZIMMER BIOMET HOLDINGS INC	P	2018-12-12	2018-12-19
	ZIMMER BIOMET HOLDINGS INC	P	2018-12-18	2018-12-19
	CROWN CASTLE INTL CORP	P	2015-02-03	2018-01-16
	NASDAQ INC	P	2016-01-07	2018-01-16
	NASDAQ INC	P	2016-01-07	2018-01-16
	HILTON WORLDWIDE HLDGS WI	P	2016-03-17	2018-01-16
	SIX FLAGS ENTERTAINMENT	P	2016-08-29	2018-01-16
	HILTON WORLDWIDE HLDGS WI	P	2016-10-06	2018-01-16
	NASDAQ INC	P	2016-11-03	2018-01-16
	HOLLYFRONTIER CORP	P	2016-11-16	2018-01-16
	HOLLYFRONTIER CORP	P	2016-11-30	2018-01-16
	WILLIAMS COS INC	P	2017-01-10	2018-01-16
	NASDAQ INC	P	2016-01-07	2018-01-17
	D R HORTON INC	P	2017-01-20	2018-01-22
	BANKUNITED INC	P	2015-09-30	2018-01-24
	BANKUNITED INC	P	2015-10-13	2018-01-24
	BANKUNITED INC	P	2015-10-23	2018-01-24
	BANKUNITED INC	P	2015-11-03	2018-01-24
	BANKUNITED INC	P	2015-12-01	2018-01-24
	BANKUNITED INC	P	2016-02-16	2018-01-24
	BANKUNITED INC	P	2016-02-19	2018-01-24
	BANKUNITED INC	P	2016-03-03	2018-01-24
	BANKUNITED INC	P	2016-03-29	2018-01-24
	BANKUNITED INC	P	2016-04-11	2018-01-24
	BANKUNITED INC	P	2016-04-20	2018-01-24
	BANKUNITED INC	P	2016-05-05	2018-01-24
	BANKUNITED INC	P	2016-05-26	2018-01-24
	BANKUNITED INC	P	2016-07-20	2018-01-24
	BANKUNITED INC	P	2016-07-27	2018-01-24
	BANKUNITED INC	P	2016-09-14	2018-01-24
	BANKUNITED INC	P	2016-07-20	2018-01-25
	BANKUNITED INC	P	2011-08-29	2018-01-26
	BANKUNITED INC	P	2011-09-02	2018-01-26
	UNITEDHEALTH GROUP INC	P	2015-10-23	2018-01-26
	UNITEDHEALTH GROUP INC	P	2016-02-19	2018-01-26
	CIGNA CORP	P	2016-06-17	2018-01-26
	BANKUNITED INC	P	2016-07-01	2018-01-26
	BANKUNITED INC	P	2016-07-08	2018-01-26
	BANKUNITED INC	P	2016-07-20	2018-01-26
	BANKUNITED INC	P	2016-10-06	2018-01-26
	UNITEDHEALTH GROUP INC	P	2016-10-06	2018-01-26
	BANKUNITED INC	P	2016-10-18	2018-01-26
	BANKUNITED INC	P	2016-11-03	2018-01-26
	UNITEDHEALTH GROUP INC	P	2016-11-03	2018-01-26
	CIGNA CORP	P	2016-11-30	2018-01-26
	UNITEDHEALTH GROUP INC	P	2016-11-30	2018-01-26
	BANKUNITED INC	P	2011-08-29	2018-01-29
	BANKUNITED INC	P	2011-08-30	2018-01-29
	BANKUNITED INC	P	2011-09-06	2018-01-29
	BANKUNITED INC	P	2011-09-08	2018-01-29
	ABBVIE INC	P	2016-11-08	2018-01-29
	ABBVIE INC	P	2016-11-10	2018-01-29
	ABBVIE INC	P	2016-11-10	2018-01-29
	BANKUNITED INC	P	2011-09-06	2018-01-30
	BANKUNITED INC	P	2011-09-09	2018-01-30
	BANKUNITED INC	P	2011-09-12	2018-01-30
	BANKUNITED INC	P	2011-09-13	2018-01-30
	BANKUNITED INC	P	2011-09-14	2018-01-30
	BANKUNITED INC	P	2011-09-14	2018-01-30
	BANKUNITED INC	P	2011-08-25	2018-01-31
	BANKUNITED INC	P	2011-08-26	2018-01-31
	BANKUNITED INC	P	2011-09-14	2018-01-31
	XILINX INC	P	2016-05-11	2018-02-02
	XILINX INC	P	2016-05-11	2018-02-02
	WILLIAMS COS INC	P	2016-07-15	2018-02-02
	WILLIAMS COS INC	P	2017-01-10	2018-02-02
	WILLIAMS COS INC	P	2017-01-10	2018-02-02
	ANADARKO PETROLEUM CORP	P	2016-02-16	2018-02-09
	ANADARKO PETROLEUM CORP	P	2016-03-02	2018-02-09
	ANADARKO PETROLEUM CORP	P	2016-07-01	2018-02-09
	ANADARKO PETROLEUM CORP	P	2016-07-08	2018-02-09
	ANADARKO PETROLEUM CORP	P	2016-07-27	2018-02-09
	ANADARKO PETROLEUM CORP	P	2016-09-14	2018-02-09
	ANADARKO PETROLEUM CORP	P	2016-11-03	2018-02-09
	J P MORGAN CHASE CO	P	2016-11-08	2018-02-15
	J P MORGAN CHASE CO	P	2016-11-08	2018-02-22
	KEYCORP	P	2016-11-08	2018-02-22
	D R HORTON INC	P	2017-01-20	2018-02-28
	D R HORTON INC	P	2017-01-20	2018-02-28
	ABBVIE INC	P	2015-02-06	2018-03-27
	ABBVIE INC	P	2015-02-06	2018-03-27
	ABBVIE INC	P	2016-11-08	2018-03-27
	ABBVIE INC	P	2017-03-13	2018-03-27
	ABBVIE INC	P	2017-03-17	2018-03-27
	J P MORGAN CHASE CO	P	2016-11-08	2018-03-28
	CIT GROUP INC	P	2016-06-07	2018-04-02
	CIT GROUP INC	P	2016-06-08	2018-04-02
	CIT GROUP INC	P	2016-08-12	2018-04-02
	APPLE INC	P	2013-07-01	2018-04-13
	COMCAST CORP CLASS A	P	2016-06-22	2018-04-13
	APPLE INC	P	2016-07-01	2018-04-13
	APPLE INC	P	2016-07-08	2018-04-13
	APPLE INC	P	2016-07-27	2018-04-13
	APPLE INC	P	2016-09-14	2018-04-13
	COMCAST CORP CLASS A	P	2016-10-04	2018-04-13
	COMCAST CORP CLASS A	P	2016-10-04	2018-04-13
	COMCAST CORP CLASS A	P	2016-10-04	2018-04-13
	APPLE INC	P	2016-10-06	2018-04-13
	COMCAST CORP CLASS A	P	2016-10-06	2018-04-13
	COMCAST CORP CLASS A	P	2016-10-18	2018-04-13
	APPLE INC	P	2016-11-03	2018-04-13
	COMCAST CORP CLASS A	P	2016-11-03	2018-04-13
	APPLE INC	P	2017-03-13	2018-04-13
	CSX CORP	P	2016-04-12	2018-04-18
	KEYCORP	P	2016-08-12	2018-04-18
	KEYCORP	P	2016-10-06	2018-04-18
	KEYCORP	P	2016-10-18	2018-04-18
	KEYCORP	P	2016-11-03	2018-04-18
	KEYCORP	P	2016-11-08	2018-04-18
	AT&T INC	P	2015-06-16	2018-04-27
	AT&T INC	P	2016-01-19	2018-04-27
	AT&T INC	P	2016-05-26	2018-04-27
	AT&T INC	P	2016-10-03	2018-04-27
	AT&T INC	P	2016-10-06	2018-04-27
	AT&T INC	P	2016-10-18	2018-04-27
	AT&T INC	P	2016-11-03	2018-04-27
	AT&T INC	P	2017-03-13	2018-04-27
	P P G INDS INC	P	2010-02-10	2018-05-04
	P P G INDS INC	P	2015-09-30	2018-05-04
	P P G INDS INC	P	2015-10-13	2018-05-04
	P P G INDS INC	P	2015-10-23	2018-05-04
	P P G INDS INC	P	2015-11-05	2018-05-04
	P P G INDS INC	P	2015-11-20	2018-05-04
	P P G INDS INC	P	2016-02-16	2018-05-04
	P P G INDS INC	P	2016-02-19	2018-05-04
	P P G INDS INC	P	2016-03-03	2018-05-04
	WESTROCK CO	P	2016-03-03	2018-05-04
	WESTROCK CO	P	2016-03-18	2018-05-04
	P P G INDS INC	P	2016-03-29	2018-05-04
	WESTROCK CO	P	2016-03-29	2018-05-04
	P P G INDS INC	P	2016-04-11	2018-05-04
	WESTROCK CO	P	2016-04-11	2018-05-04
	P P G INDS INC	P	2016-05-05	2018-05-04
	P P G INDS INC	P	2016-05-26	2018-05-04
	P P G INDS INC	P	2016-07-01	2018-05-04
	P P G INDS INC	P	2016-07-08	2018-05-04
	P P G INDS INC	P	2016-07-27	2018-05-04
	P P G INDS INC	P	2016-09-14	2018-05-04
	P P G INDS INC	P	2016-10-06	2018-05-04
	P P G INDS INC	P	2016-10-18	2018-05-04
	P P G INDS INC	P	2016-11-03	2018-05-04
	WESTROCK CO	P	2016-11-03	2018-05-04
	HOLLYFRONTIER CORP	P	2016-11-16	2018-05-04
	P P G INDS INC	P	2017-03-13	2018-05-04
	WESTROCK CO	P	2017-03-13	2018-05-04
	P P G INDS INC	P	2017-05-03	2018-05-04
	WESTROCK CO	P	2017-05-03	2018-05-04
	HILTON WORLDWIDE HLDGS WI	P	2017-01-19	2018-05-15
	HILTON WORLDWIDE HLDGS WI	P	2017-05-03	2018-05-15
	CIT GROUP INC	P	2016-08-12	2018-06-04
	KEYCORP	P	2016-08-12	2018-06-04
	HUNTINGTON BANCSHARES INC	P	2016-11-08	2018-06-04
	HUNTINGTON BANCSHARES INC	P	2017-03-13	2018-06-04
	HUNTINGTON BANCSHARES INC	P	2017-05-03	2018-06-04
	KEYCORP	P	2017-05-03	2018-06-04
	HOLLYFRONTIER CORP	P	2016-11-16	2018-06-13
	ANADARKO PETROLEUM CORP	P	2017-04-04	2018-06-13
	RAYMOND JAMES FINL INC	P	2016-11-08	2018-06-22
	RAYMOND JAMES FINL INC	P	2016-11-08	2018-06-22
	HOLLYFRONTIER CORP	P	2016-11-16	2018-06-22
	HOLLYFRONTIER CORP	P	2016-11-16	2018-06-22
	RAYMOND JAMES FINL INC	P	2017-02-28	2018-06-22
	RAYMOND JAMES FINL INC	P	2017-05-03	2018-06-22
	ANADARKO PETROLEUM CORP	P	2016-01-26	2018-06-26
	ANADARKO PETROLEUM CORP	P	2016-02-16	2018-06-26
	ANADARKO PETROLEUM CORP	P	2016-02-19	2018-06-26
	J P MORGAN CHASE CO	P	2016-10-06	2018-06-26
	J P MORGAN CHASE CO	P	2016-10-18	2018-06-26
	J P MORGAN CHASE CO	P	2016-11-03	2018-06-26
	J P MORGAN CHASE CO	P	2016-11-08	2018-06-26
	HOLLYFRONTIER CORP	P	2016-11-16	2018-06-26
	OCCIDENTAL PETROLEUM CORPORATION	P	2017-01-27	2018-06-26
	ANADARKO PETROLEUM CORP	P	2017-03-13	2018-06-26
	CHEVRON CORPORATION	P	2017-03-13	2018-06-26
	ANADARKO PETROLEUM CORP	P	2017-04-04	2018-06-26
	ANADARKO PETROLEUM CORP	P	2017-04-27	2018-06-26
	ANADARKO PETROLEUM CORP	P	2017-05-03	2018-06-26
	J P MORGAN CHASE CO	P	2017-05-03	2018-06-26
	CHEVRON CORPORATION	P	2017-05-15	2018-06-26
	HALLIBURTON CO	P	2017-06-08	2018-06-26
	HALLIBURTON CO	P	2017-06-08	2018-06-26
	PRAXAIR INC	P	2015-11-05	2018-07-11
	PRAXAIR INC	P	2015-12-01	2018-07-11
	WESTROCK CO	P	2016-03-02	2018-07-11
	PRAXAIR INC	P	2016-03-29	2018-07-11
	PRAXAIR INC	P	2016-04-11	2018-07-11
	PRAXAIR INC	P	2016-04-20	2018-07-11
	PRAXAIR INC	P	2016-05-05	2018-07-11
	PRAXAIR INC	P	2016-07-01	2018-07-11
	PRAXAIR INC	P	2016-07-08	2018-07-11
	PRAXAIR INC	P	2016-07-27	2018-07-11
	CELANESE CORP SER A	P	2016-08-09	2018-07-11
	PRAXAIR INC	P	2016-09-14	2018-07-11
	CELANESE CORP SER A	P	2016-10-06	2018-07-11
	PRAXAIR INC	P	2016-10-18	2018-07-11
	PRAXAIR INC	P	2016-11-03	2018-07-11
	EASTMAN CHEM CO	P	2017-01-30	2018-07-11
	PRAXAIR INC	P	2017-03-13	2018-07-11
	CELANESE CORP SER A	P	2017-05-03	2018-07-11
	PRAXAIR INC	P	2017-05-03	2018-07-11
	WESTROCK CO	P	2016-03-02	2018-07-23
	WESTROCK CO	P	2016-03-02	2018-07-24
	HALLIBURTON CO	P	2017-06-08	2018-08-01
	HALLIBURTON CO	P	2017-07-20	2018-08-01
	WALMART INC	P	2017-05-09	2018-08-06
	WALMART INC	P	2017-05-16	2018-08-06
	WALMART INC	P	2017-05-16	2018-08-06
	WALMART INC	P	2017-05-16	2018-08-06
	WALMART INC	P	2017-06-02	2018-08-06
	ANADARKO PETROLEUM CORP	P	2016-01-26	2018-08-07
	ANADARKO PETROLEUM CORP	P	2016-01-26	2018-08-07
	ANADARKO PETROLEUM CORP	P	2017-07-26	2018-08-07
	ANADARKO PETROLEUM CORP	P	2017-07-26	2018-08-07
	ANADARKO PETROLEUM CORP	P	2017-07-26	2018-08-07
	ANADARKO PETROLEUM CORP	P	2016-01-26	2018-08-22
	CHEVRON CORPORATION	P	2016-07-01	2018-08-22
	CHEVRON CORPORATION	P	2016-07-08	2018-08-22
	CHEVRON CORPORATION	P	2016-10-06	2018-08-22
	OCCIDENTAL PETROLEUM CORPORATION	P	2016-11-03	2018-08-22
	HOLLYFRONTIER CORP	P	2016-11-16	2018-08-22
	HOLLYFRONTIER CORP	P	2016-11-16	2018-08-22
	OCCIDENTAL PETROLEUM CORPORATION	P	2017-01-27	2018-08-22
	OCCIDENTAL PETROLEUM CORPORATION	P	2017-02-23	2018-08-22
	OCCIDENTAL PETROLEUM CORPORATION	P	2017-02-23	2018-08-22
	CHEVRON CORPORATION	P	2017-05-03	2018-08-22
	CHEVRON CORPORATION	P	2017-05-15	2018-08-22
	CHEVRON CORPORATION	P	2017-06-08	2018-08-22
	HP INC	P	2017-02-07	2018-08-24
	HP INC	P	2017-02-08	2018-08-24
	HP INC	P	2017-02-08	2018-08-24
	HP INC	P	2017-02-08	2018-08-24
	HP INC	P	2017-04-13	2018-08-24
	HP INC	P	2017-04-17	2018-08-24
	HP INC	P	2017-05-25	2018-08-24
	HP INC	P	2017-05-25	2018-08-24
	WILLIS TOWERS WATSON PLC	P	2017-05-31	2018-08-24
	WILLIS TOWERS WATSON PLC	P	2017-06-01	2018-08-24
	WILLIS TOWERS WATSON PLC	P	2017-06-01	2018-08-24
	WILLIS TOWERS WATSON PLC	P	2017-05-31	2018-08-27
	WILLIS TOWERS WATSON PLC	P	2017-05-31	2018-08-27
	CSX CORP	P	2016-04-12	2018-09-12
	CSX CORP	P	2016-04-12	2018-09-12
	CSX CORP	P	2017-05-03	2018-09-12
	KEYCORP	P	2016-08-12	2018-09-18
	C M S ENERGY CORP	P	2013-04-03	2018-09-19
	C M S ENERGY CORP	P	2015-09-30	2018-09-19
	C M S ENERGY CORP	P	2015-10-13	2018-09-19
	C M S ENERGY CORP	P	2015-10-23	2018-09-19
	C M S ENERGY CORP	P	2015-11-05	2018-09-19
	NEXTERA ENERGY INC	P	2015-11-12	2018-09-19
	C M S ENERGY CORP	P	2015-11-20	2018-09-19
	C M S ENERGY CORP	P	2015-12-01	2018-09-19
	C M S ENERGY CORP	P	2017-03-13	2018-09-19
	NEXTERA ENERGY INC	P	2017-03-13	2018-09-19
	C M S ENERGY CORP	P	2017-05-03	2018-09-19
	NEXTERA ENERGY INC	P	2017-05-03	2018-09-19
	PFIZER INC	P	2016-05-26	2018-09-25
	PFIZER INC	P	2016-07-01	2018-09-25
	PFIZER INC	P	2016-07-08	2018-09-25
	PFIZER INC	P	2016-09-14	2018-09-25
	PFIZER INC	P	2016-10-06	2018-09-25
	PFIZER INC	P	2017-03-13	2018-09-25
	PFIZER INC	P	2017-09-21	2018-09-25
	HOLLYFRONTIER CORP	P	2017-08-24	2018-10-02
	HOLLYFRONTIER CORP	P	2017-09-21	2018-10-02
	HUBBELL INC	P	2017-09-13	2018-10-04
	HUBBELL INC	P	2017-09-13	2018-10-04
	HUBBELL INC	P	2017-09-27	2018-10-04
	HUBBELL INC	P	2017-09-27	2018-10-04
	UNITEDHEALTH GROUP INC	P	2011-02-15	2018-10-09
	UNITEDHEALTH GROUP INC	P	2015-09-30	2018-10-09
	UNITEDHEALTH GROUP INC	P	2015-10-23	2018-10-09
	UNITEDHEALTH GROUP INC	P	2015-11-05	2018-10-09
	UNITEDHEALTH GROUP INC	P	2015-11-20	2018-10-09
	UNITEDHEALTH GROUP INC	P	2015-11-20	2018-10-09
	UNITEDHEALTH GROUP INC	P	2015-12-01	2018-10-09
	UNITEDHEALTH GROUP INC	P	2016-02-16	2018-10-09
	PFIZER INC	P	2016-10-06	2018-10-09
	EASTMAN CHEM CO	P	2017-01-30	2018-10-09
	HP INC	P	2017-02-07	2018-10-09
	UNITEDHEALTH GROUP INC	P	2017-03-13	2018-10-09
	UNITEDHEALTH GROUP INC	P	2017-05-03	2018-10-09
	PFIZER INC	P	2017-07-19	2018-10-09
	PFIZER INC	P	2017-07-19	2018-10-09
	UNITEDHEALTH GROUP INC	P	2017-09-21	2018-10-09
	PFIZER INC	P	2010-04-23	2018-10-17
	PFIZER INC	P	2016-10-18	2018-10-17
	PFIZER INC	P	2016-11-03	2018-10-17
	ALTRIA GROUP INC	P	2016-11-30	2018-10-17
	ALTRIA GROUP INC	P	2017-03-13	2018-10-17
	ALTRIA GROUP INC	P	2017-05-03	2018-10-17
	PFIZER INC	P	2017-05-03	2018-10-17
	PFIZER INC	P	2017-07-19	2018-10-17
	ALTRIA GROUP INC	P	2017-08-02	2018-10-17
	PRUDENTIAL FINANCIAL INC	P	2017-10-06	2018-10-17
	HUNTINGTON BANCSHARES INC	P	2016-02-04	2018-11-02
	HUNTINGTON BANCSHARES INC	P	2016-02-12	2018-11-02
	HUNTINGTON BANCSHARES INC	P	2016-02-16	2018-11-02
	HUNTINGTON BANCSHARES INC	P	2016-02-19	2018-11-02
	HUNTINGTON BANCSHARES INC	P	2016-06-29	2018-11-02
	HUNTINGTON BANCSHARES INC	P	2016-10-06	2018-11-02
	HUNTINGTON BANCSHARES INC	P	2016-10-18	2018-11-02
	HUNTINGTON BANCSHARES INC	P	2016-11-08	2018-11-02
	HUNTINGTON BANCSHARES INC	P	2017-09-21	2018-11-02
	HUNTINGTON BANCSHARES INC	P	2017-09-28	2018-11-02
	CISCO SYSTEMS INC	P	2015-11-12	2018-11-05
	CISCO SYSTEMS INC	P	2016-10-18	2018-11-05
	CISCO SYSTEMS INC	P	2016-11-03	2018-11-05
	CISCO SYSTEMS INC	P	2017-03-13	2018-11-05
	CISCO SYSTEMS INC	P	2017-05-03	2018-11-05
	CISCO SYSTEMS INC	P	2017-09-21	2018-11-05
	CISCO SYSTEMS INC	P	2015-11-12	2018-11-06
	CISCO SYSTEMS INC	P	2015-11-12	2018-11-06
	CISCO SYSTEMS INC	P	2016-04-11	2018-11-06
	GENERAL DYNAMICS CORP	P	2016-11-10	2018-11-06
	GENERAL DYNAMICS CORP	P	2017-03-13	2018-11-06
	GENERAL DYNAMICS CORP	P	2017-05-03	2018-11-06
	GENERAL DYNAMICS CORP	P	2017-09-21	2018-11-06
	WILLIAMS COS INC	P	2016-07-15	2018-11-08
	WILLIAMS COS INC	P	2017-02-23	2018-11-08
	WILLIAMS COS INC	P	2017-05-03	2018-11-08
	WILLIAMS COS INC	P	2017-09-21	2018-11-08
	CISCO SYSTEMS INC	P	2015-11-12	2018-11-13
	CISCO SYSTEMS INC	P	2015-11-12	2018-11-13
	HP INC	P	2017-02-07	2018-11-13
	APPLE INC	P	2017-08-02	2018-11-13
	CITIGROUP INC	P	2017-08-08	2018-11-15
	CIT GROUP INC	P	2017-09-21	2018-11-15
	CIT GROUP INC	P	2017-10-25	2018-11-15
	CIT GROUP INC	P	2016-06-30	2018-11-16
	CIT GROUP INC	P	2016-07-01	2018-11-16
	CIT GROUP INC	P	2016-07-08	2018-11-16
	CIT GROUP INC	P	2016-07-27	2018-11-16
	CIT GROUP INC	P	2016-08-12	2018-11-16
	CIT GROUP INC	P	2017-10-25	2018-11-16
	APPLE INC	P	2013-07-01	2018-11-20
	HP INC	P	2017-02-07	2018-11-20
	APPLE INC	P	2017-05-03	2018-11-20
	APPLE INC	P	2017-08-02	2018-11-20
	APPLE INC	P	2017-09-21	2018-11-20
	RAYMOND JAMES FINL INC	P	2017-11-02	2018-11-28
	TARGA RESOURCES CORP	P	2017-08-11	2018-12-06
	TARGA RESOURCES CORP	P	2017-08-11	2018-12-11
	TARGA RESOURCES CORP	P	2017-08-21	2018-12-11
	PFIZER INC	P	2017-11-02	2018-12-14
	GILEAD SCIENCES INC	P	2017-09-18	2018-12-17
	PRUDENTIAL FINANCIAL INC	P	2017-11-02	2018-12-17
	PFIZER INC	P	2017-11-02	2018-12-28
	AMERICAN HONDA MTN 1.500% 3/13/18	P	2017-05-03	2018-03-13
	GLAXOSMITHKLINE CAP 5.650% 5/15/18	P	2008-05-08	2018-05-15
	BERKSHIRE HATH 5.400% 5/15/18	P	2009-04-08	2018-05-15
	AMERICAN EXPRESS MTN 1.800% 7/31/18	P	2017-05-31	2018-07-02
	JOHNSON JOHNSON 5.150% 7/15/18	P	2008-06-24	2018-07-15
	DANAHER CORP 1.650% 9/15/18	P	2017-04-17	2018-09-15
	PNC BANK NA MTN 1.800% 11/05/18	P	2016-03-28	2018-11-05
	TOYOTA MTR CRED MTN	P	2001-03-14	2001-01-12
	WELLS FARGO BANK MTN	P	2017-03-06	2001-01-22
	EXXON MOBIL	P	2017-03-07	2018-03-01
	BERKSHIRE HATHAWAY	P	2017-03-06	2018-03-07
	MEDTRONIC INC	P	2001-03-13	2001-03-15
	BANK OF AMERICA MTN 1.650% 3/26/18	P	2017-03-06	2001-03-26
	RETURN OF CAPITAL	P		2018-12-31
	LTCG DIVIDEND	P		2018-12-31
	FREE RECEIPT	P		2018-12-31

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	30,000	30,086	-86
b	125,000	124,856	144
c	125,000	125,395	-395
d	125,000	124,869	131
e	125,000	124,743	257
	125,000	125,026	-26
	125,000	125,944	-944
	125,000	126,505	-1,505
	125,000	125,223	-223
	125,000	125,014	-14
	644	565	79
	1,368	1,151	217
	1,046	984	62
	616	585	31
	1,396	1,198	198
	44,966	38,083	6,883
	1,232	1,022	210
	233,554	217,647	15,907
	95,388	91,005	4,383
	79,897	77,287	2,610
	4,171	4,213	-42
	154,630	157,331	-2,701
	61,801	63,017	-1,216
	24,490	25,078	-588
	73,766	78,237	-4,471
	103,912	132,529	-28,617
	5,893	7,508	-1,615
	36,793	46,801	-10,008
	82,641	105,149	-22,508
	2,084	2,587	-503
	862	956	-94
	42,398	46,900	-4,502
	16,227	17,613	-1,386
	18,037	19,561	-1,524
	47,617	58,013	-10,396
	169,774	206,949	-37,175
	47,159	43,398	3,761
	22,789	21,633	1,156
	120,932	114,823	6,109
	130,047	132,379	-2,332
	71,289	72,725	-1,436
	65,246	62,893	2,353
	55,262	54,077	1,185
	237	282	-45
	187,320	184,833	2,487
	13,816	14,188	-372
	21,030	20,943	87
	65,398	70,110	-4,712
	27,200	28,713	-1,513
	20,972	22,232	-1,260
	68,764	72,880	-4,116
	177,974	134,025	43,949
	19,636	21,756	-2,120
	24,857	27,675	-2,818
	57,136	77,156	-20,020
	10,374	13,850	-3,476
	2,474	3,394	-920
	19,913	26,572	-6,659
	9,085	11,972	-2,887
	120,940	129,068	-8,128
	6,335	6,392	-57
	862	936	-74
	17,196	18,772	-1,576
	72,230	73,188	-958
	62,803	67,547	-4,744
	1,257	1,484	-227
	11,313	13,925	-2,612
	74,033	91,055	-17,022
	1,290	1,467	-177
	1,919	2,004	-85
	135,291	145,641	-10,350
	21,460	23,071	-1,611
	20,012	20,647	-635
	73,839	76,121	-2,282
	36,114	38,950	-2,836
	47,385	51,659	-4,274
	846	874	-28
	17,558	19,406	-1,848
	1,798	1,901	-103
	39,583	39,930	-347
	1,909	1,941	-32
	71,346	76,177	-4,831
	292,408	269,899	22,509
	135,689	129,097	6,592
	3,505	3,361	144
	12,378	11,296	1,082
	8,577	7,821	756
	80,259	83,626	-3,367
	30,753	33,465	-2,712
	1,315	1,556	-241
	5,320	5,625	-305
	46,010	49,261	-3,251
	33,798	38,232	-4,434
	1,208	1,219	-11
	2,358	2,622	-264
	1,211	1,255	-44
	1,880	2,151	-271
	4,381	4,283	98
	20,705	22,381	-1,676
	86,241	98,343	-12,102
	36,131	41,070	-4,939
	2,212	2,245	-33
	97,260	138,088	-40,828
	76,026	104,759	-28,733
	34,021	48,647	-14,626
	100,289	105,447	-5,158
	22,721	23,899	-1,178
	25,885	24,286	1,599
	14,180	16,521	-2,341
	1,926	2,307	-381
	323,233	364,862	-41,629
	7,661	8,625	-964
	30,555	34,940	-4,385
	24,926	28,556	-3,630
	36,169	41,539	-5,370
	8,492	9,714	-1,222
	3,936	4,197	-261
	45,966	57,589	-11,623
	24,080	29,879	-5,799
	36,151	50,856	-14,705
	7,462	10,506	-3,044
	1,686	1,942	-256
	154,343	163,056	-8,713
	2,654	2,595	59
	4,733	4,539	194
	146,518	193,466	-46,948
	47,553	62,440	-14,887
	100,162	116,411	-16,249
	24,715	28,735	-4,020
	20,313	23,667	-3,354
	96,412	113,342	-16,930
	74,880	83,556	-8,676
	2,579	2,952	-373
	58,440	66,422	-7,982
	24,691	28,072	-3,381
	55,696	59,758	-4,062
	1,631	1,765	-134
	186,339	224,585	-38,246
	47,098	56,799	-9,701
	1,516	1,586	-70
	133,404	134,650	-1,246
	70,657	71,174	-517
	23,306	23,489	-183
	55,893	61,460	-5,567
	12,022	14,314	-2,292
	40,659	47,964	-7,305
	2,109	2,296	-187
	2,847	3,104	-257
	2,531	2,550	-19
	50,994	41,701	9,293
	120,556	85,885	34,671
	14,477	10,182	4,295
	66,397	38,256	28,141
	36,826	27,449	9,377
	1,648	1,007	641
	2,665	2,130	535
	43,463	22,889	20,574
	20,784	10,993	9,791
	59,395	51,849	7,546
	104,129	74,438	29,691
	61,511	33,415	28,096
	1,918	1,601	317
	1,748	1,518	230
	1,108	957	151
	15,390	13,639	1,751
	2,089	1,841	248
	1,492	1,091	401
	2,558	1,919	639
	1,407	1,135	272
	3,069	2,489	580
	3,283	2,595	688
	2,217	1,829	388
	1,961	1,535	426
	1,577	1,228	349
	2,728	1,953	775
	1,790	1,288	502
	1,322	970	352
	32,253	23,503	8,750
	5,878	3,219	2,659
	2,043	1,121	922
	1,236	581	655
	2,224	1,058	1,166
	26,632	15,414	11,218
	750	548	202
	1,251	910	341
	52,357	38,337	14,020
	2,459	1,799	660
	2,966	1,639	1,327
	834	574	260
	2,835	1,957	878
	247	139	108
	46,326	28,037	18,289
	47,203	30,426	16,777
	501	274	227
	9,435	5,159	4,276
	250	136	114
	6,471	3,516	2,955
	19,053	9,251	9,802
	52,521	27,699	24,822
	49,878	26,537	23,341
	7,981	4,399	3,582
	6,500	3,516	2,984
	6,624	3,572	3,052
	21,969	11,753	10,216
	2,633	1,423	1,210
	19,954	10,665	9,289
	5,503	2,843	2,660
	2,259	1,166	1,093
	14,044	7,521	6,523
	20,190	12,143	8,047
	43,444	26,100	17,344
	5,247	4,055	1,192
	5,651	5,211	440
	13,424	12,339	1,085
	1,885	1,294	591
	35,481	26,972	8,509
	1,331	1,302	29
	2,162	2,175	-13
	2,162	2,085	77
	1,497	1,555	-58
	1,774	1,929	-155
	29,449	17,874	11,575
	11,288	6,869	4,419
	18,416	12,669	5,747
	223,558	149,859	73,699
	40,707	27,054	13,653
	127,131	77,748	49,383
	7,390	4,538	2,852
	11,974	7,543	4,431
	1,029	722	307
	74,838	52,625	22,213
	53,224	34,417	18,807
	19,821	13,326	6,495
	75,137	50,662	24,475
	18,387	12,339	6,048
	75,400	25,200	50,200
	44,327	42,046	2,281
	1,403	771	632
	2,455	1,353	1,102
	2,455	1,441	1,014
	1,753	1,122	631
	25,778	25,761	17
	32,187	32,184	3
	38,983	38,865	118
	701	456	245
	2,183	2,161	22
	728	719	9
	4,033	2,548	1,485
	2,514	2,315	199
	877	695	182
	52,583	21,898	30,685
	25,922	16,499	9,423
	3,073	2,071	1,002
	1,056	695	361
	3,563	2,670	893
	23,226	17,777	5,449
	29,300	30,400	-1,100
	16,119	16,662	-543
	4,539	5,269	-730
	43,417	53,041	-9,624
	6,040	7,063	-1,023
	2,069	2,432	-363
	6,975	7,708	-733
	1,568	1,986	-418
	167,228	47,242	119,986
	2,327	1,922	405
	2,115	1,941	174
	1,375	1,362	13
	1,164	1,142	22
	1,798	1,782	16
	1,587	1,389	198
	2,750	2,474	276
	1,587	1,501	86
	1,532	877	655
	38,535	22,927	15,608
	3,385	3,536	-151
	5,598	3,310	2,288
	3,279	3,482	-203
	6,010	3,417	2,593
	2,115	2,183	-68
	1,798	1,841	-43
	846	841	5
	1,375	1,380	-5
	1,481	1,487	-6
	1,058	1,008	50
	2,010	1,939	71
	635	560	75
	2,327	2,030	297
	3,182	2,486	696
	63,359	26,630	36,729
	529	510	19
	707	618	89
	1,164	1,201	-37
	1,650	1,504	146
	46,708	32,408	14,300
	1,576	1,164	412
	35,229	23,579	11,650
	55,992	33,753	22,239
	56,217	38,049	18,168
	1,051	981	70
	2,086	1,795	291
	2,190	2,046	144
	26,944	10,474	16,470
	23,456	20,687	2,769
	11,182	7,067	4,115
	74,346	47,071	27,275
	25,859	9,825	16,034
	46,315	17,818	28,497
	12,835	10,339	2,496
	3,112	2,431	681
	17,253	8,212	9,041
	72	38	34
	4,313	2,095	2,218
	8,477	5,525	2,952
	3,205	2,099	1,106
	10,752	7,178	3,574
	25,122	17,033	8,089
	76,521	30,678	45,843
	45,924	38,610	7,314
	935	811	124
	1,968	1,758	210
	4,673	4,075	598
	63,692	50,386	13,306
	2,660	1,898	762
	6,203	5,193	1,010
	45,017	39,192	5,825
	28,146	27,958	188
	28,126	27,870	256
	652	452	200
	1,630	1,116	514
	44,973	25,851	19,122
	3,750	2,587	1,163
	3,913	2,708	1,205
	2,120	1,547	573
	2,446	1,712	734
	978	681	297
	1,467	1,029	438
	1,630	1,180	450
	32,639	19,241	13,398
	1,141	821	320
	335	199	136
	815	590	225
	2,446	1,729	717
	46,931	36,698	10,233
	489	349	140
	1,453	1,121	332
	1,304	1,003	301
	110,775	63,722	47,053
	73,843	42,284	31,559
	160,386	169,874	-9,488
	17,626	19,261	-1,635
	239,052	205,744	33,308
	21,456	18,232	3,224
	18,237	15,503	2,734
	165,477	140,395	25,082
	87,968	78,257	9,711
	61,298	30,918	30,380
	98,656	51,324	47,332
	72,347	50,670	21,677
	1,118	779	339
	68,927	48,141	20,786
	4,255	2,223	2,032
	595	521	74
	5,596	4,888	708
	1,072	921	151
	1,828	1,551	277
	42,054	16,119	25,935
	21,848	8,374	13,474
	28,048	24,251	3,797
	40,364	33,342	7,022
	4,529	3,741	788
	4,405	3,910	495
	36,075	32,446	3,629
	27,026	23,669	3,357
	74,854	47,960	26,894
	19,540	12,722	6,818
	8,114	5,226	2,888
	34,631	22,349	12,282
	20,782	15,859	4,923
	70,467	53,620	16,847
	15,431	11,828	3,603
	1,911	1,469	442
	176,805	176,466	339
	33,903	33,983	-80
	9,692	9,709	-17
	34,805	34,438	367
	18,435	18,321	114
	36,539	12,352	24,187
	82,312	27,811	54,501
	2,594	1,797	797
	62,313	37,917	24,396
	41,793	23,831	17,962
	3,808	2,723	1,085
	3,515	2,566	949
	488	369	119
	1,904	1,403	501
	57,271	34,342	22,929
	4,052	2,958	1,094
	3,808	2,734	1,074
	586	529	57
	1,183	908	275
	1,367	1,258	109
	2,703	2,132	571
	7,677	5,991	1,686
	3,706	2,981	725
	265	216	49
	4,500	3,491	1,009
	4,633	3,538	1,095
	2,206	1,697	509
	3,397	2,770	627
	96,048	40,951	55,097
	2,789	1,389	1,400
	52,068	45,568	6,500
	36,457	31,909	4,548
	13,771	12,084	1,687
	50,757	44,716	6,041
	10,296	1,605	8,691
	10,044	4,268	5,776
	4,343	1,859	2,484
	5,158	2,176	2,982
	6,773	2,853	3,920
	4,072	1,712	2,360
	10,044	4,284	5,760
	6,232	2,620	3,612
	3,995	2,965	1,030
	184,862	163,516	21,346
	45,769	28,288	17,481
	1,086	681	405
	2,172	1,382	790
	16,708	12,400	4,308
	38,092	28,239	9,853
	1,629	1,176	453
	31,718	12,141	19,577
	2,928	2,163	765
	9,937	6,835	3,102
	30,600	32,831	-2,231
	1,156	1,442	-286
	2,616	3,022	-406
	5,013	3,774	1,239
	10,469	7,943	2,526
	84,135	90,679	-6,544
	60,618	66,747	-6,129
	59,488	36,776	22,712
	50,981	30,557	20,424
	2,370	1,442	928
	4,034	2,441	1,593
	91,312	55,142	36,170
	3,273	2,364	909
	1,086	746	340
	13,387	9,780	3,607
	1,157	1,094	63
	100,510	98,553	1,957
	96,800	58,719	38,081
	1,108	736	372
	8,863	5,853	3,010
	1,985	1,468	517
	3,924	2,905	1,019
	2,908	2,061	847
	42,741	25,819	16,922
	11,530	6,972	4,558
	16,115	9,736	6,379
	64,847	59,153	5,694
	1,093	1,147	-54
	2,368	2,510	-142
	1,822	2,055	-233
	11,361	10,364	997
	38,631	41,389	-2,758
	1,999	2,320	-321
	1,473	1,688	-215
	53,836	32,965	20,871
	133,084	81,598	51,486
	57,768	37,244	20,524
	57,543	46,749	10,794
	67,819	73,025	-5,206
	780	798	-18
	99,906	101,244	-1,338
	22,782	15,844	6,938
	820	570	250
	1,367	989	378
	1,413	1,061	352
	20,003	15,089	4,914
	28,250	28,821	-571
	143,295	47,469	95,826
	100,409	68,790	31,619
	2,123	1,751	372
	29,190	25,972	3,218
	1,415	1,227	188
	44,725	49,970	-5,245
	109,973	111,534	-1,561
	19,781	20,046	-265
	66,766	66,219	547
	38,977	31,464	7,513
	56,918	70,628	-13,710
	24,801	33,796	-8,995
	22,846	18,723	4,123
	250,000	250,325	-325
	150,000	151,989	-1,989
	100,000	103,330	-3,330
	195,000	195,601	-601
	125,000	125,100	-100
	200,000	200,442	-442
	125,000	125,329	-329
	125,000	125,094	-94
	125,000	125,244	-244
	125,000	125,238	-238
	125,000	125,200	-200
	125,000	125,161	-161
	114,000	114,335	-335
		7,724	-7,724
	3,130		3,130
	154,117		154,117

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			-86
b			144
c			-395
d			131
e			257
			-26
			-944
			-1,505
			-223
			-14
			79
			217
			62
			31
			198
			6,883
			210
			15,907
			4,383
			2,610
			-42
			-2,701
			-1,216
			-588
			-4,471
			-28,617
			-1,615
			-10,008
			-22,508
			-503
			-94
			-4,502
			-1,386
			-1,524
			-10,396
			-37,175
			3,761
			1,156
			6,109
			-2,332
			-1,436
			2,353
			1,185
			-45
			2,487
			-372
			87
			-4,712
			-1,513
			-1,260
			-4,116
			43,949
			-2,120
			-2,818
			-20,020
			-3,476
			-920
			-6,659
			-2,887
			-8,128
			-57
			-74
			-1,576
			-958
			-4,744
			-227
			-2,612
			-17,022
			-177
			-85
			-10,350
			-1,611
			-635
			-2,282
			-2,836
			-4,274
			-28
			-1,848
			-103
			-347
			-32
			-4,831
			22,509
			6,592
			144
			1,082
			756
			-3,367
			-2,712
			-241
			-305
			-3,251
			-4,434
			-11
			-264
			-44
			-271
			98
			-1,676
			-12,102
			-4,939
			-33
			-40,828
			-28,733
			-14,626
			-5,158
			-1,178
			1,599
			-2,341
			-381
			-41,629
			-964
			-4,385
			-3,630
			-5,370
			-1,222
			-261
			-11,623
			-5,799
			-14,705
			-3,044
			-256
			-8,713
			59
			194
			-46,948
			-14,887
			-16,249
			-4,020
			-3,354
			-16,930
			-8,676
			-373
			-7,982
			-3,381
			-4,062
			-134
			-38,246
			-9,701
			-70
			-1,246
			-517
			-183
			-5,567
			-2,292
			-7,305
			-187
			-257
			-19
			9,293
			34,671
			4,295
			28,141
			9,377
			641
			535
			20,574
			9,791
			7,546
			29,691
			28,096
			317
			230
			151
			1,751
			248
			401
			639
			272
			580
			688
			388
			426
			349
			775
			502
			352
			8,750
			2,659
			922
			655
			1,166
			11,218
			202
			341
			14,020
			660
			1,327
			260
			878
			108
			18,289
			16,777
			227
			4,276
			114
			2,955
			9,802
			24,822
			23,341
			3,582
			2,984
			3,052
			10,216
			1,210
			9,289
			2,660
			1,093
			6,523
			8,047
			17,344
			1,192
			440
			1,085
			591
			8,509
			29
			-13
			77
			-58
			-155
			11,575
			4,419
			5,747
			73,699
			13,653
			49,383
			2,852
			4,431
			307
			22,213
			18,807
			6,495
			24,475
			6,048
			50,200
			2,281
			632
			1,102
			1,014
			631
			17
			3
			118
			245
			22
			9
			1,485
			199
			182
			30,685
			9,423
			1,002
			361
			893
			5,449
			-1,100
			-543
			-730
			-9,624
			-1,023
			-363
			-733
			-418
			119,986
			405
			174
			13
			22
			16
			198
			276
			86
			655
			15,608
			-151
			2,288
			-203
			2,593
			-68
			-43
			5
			-5
			-6
			50
			71
			75
			297
			696
			36,729
			19
			89
			-37
			146
			14,300
			412
			11,650
			22,239
			18,168
			70
			291
			144
			16,470
			2,769
			4,115
			27,275
			16,034
			28,497
			2,496
			681
			9,041
			34
			2,218
			2,952
			1,106
			3,574
			8,089
			45,843
			7,314
			124
			210
			598
			13,306
			762
			1,010
			5,825
			188
			256
			200
			514
			19,122
			1,163
			1,205
			573
			734
			297
			438
			450
			13,398
			320
			136
			225
			717
			10,233
			140
			332
			301
			47,053
			31,559
			-9,488
			-1,635
			33,308
			3,224
			2,734
			25,082
			9,711
			30,380
			47,332
			21,677
			339
			20,786
			2,032
			74
			708
			151
			277
			25,935
			13,474
			3,797
			7,022
			788
			495
			3,629
			3,357
			26,894
			6,818
			2,888
			12,282
			4,923
			16,847
			3,603
			442
			339
			-80
			-17
			367
			114
			24,187
			54,501
			797
			24,396
			17,962
			1,085
			949
			119
			501
			22,929
			1,094
			1,074
			57
			275
			109
			571
			1,686
			725
			49
			1,009
			1,095
			509
			627
			55,097
			1,400
			6,500
			4,548
			1,687
			6,041
			8,691
			5,776
			2,484
			2,982
			3,920
			2,360
			5,760
			3,612
			1,030
			21,346
			17,481
			405
			790
			4,308
			9,853
			453
			19,577
			765
			3,102
			-2,231
			-286
			-406
			1,239
			2,526
			-6,544
			-6,129
			22,712
			20,424
			928
			1,593
			36,170
			909
			340
			3,607
			63
			1,957
			38,081
			372
			3,010
			517
			1,019
			847
			16,922
			4,558
			6,379
			5,694
			-54
			-142
			-233
			997
			-2,758
			-321
			-215
			20,871
			51,486
			20,524
			10,794
			-5,206
			-18
			-1,338
			6,938
			250
			378
			352
			4,914
			-571
			95,826
			31,619
			372
			3,218
			188
			-5,245
			-1,561
			-265
			547
			7,513
			-13,710
			-8,995
			4,123
			-325
			-1,989
			-3,330
			-601
			-100
			-442
			-329
			-94
			-244
			-238
			-200
			-161
			-335
			-7,724
			3,130
			154,117

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	1,961,519
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	1,502,454	33,425,407	0.044949
2016	1,500,636	31,244,702	0.048028
2015	1,200,004	31,676,521	0.037883
2014	1,608,094	32,492,066	0.049492
2013	1,486,289	30,061,700	0.049441

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

0.229793

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 ......

0.045959

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

34,176,605

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

1,570,723

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

28,700

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

1,599,423

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

1,645,021

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	28,700
	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	28,700
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	28,700
6	Credits/Payments:

a	2018 estimated tax payments and 2017 overpayment credited to 2018	6a	29,636
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ...........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	29,636
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	936
11	Enter the amount of line 10 to be: Credited to 2019 estimated tax936	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

$ 0(2) On foundation managers. bullet

$ 0

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

on foundation managers. bullet

$ 0

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

WWW.GWNF.ORG

The books are in care of bullet

MILLER MCDONALD INC Telephone no. bullet

(218) 751-6300

Located at bullet

513 BELTRAMI AVENUEBEMIDJIMN ZIP+4 bullet

56601

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

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

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

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

16 No

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

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If "Yes," list the years bullet

20, 20, 20, 20

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

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

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

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

20, 20, 20, 20

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

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

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

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

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

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

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

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

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

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

Form 990-PF (2018)

Page 6

Part VII-B

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

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Part VIII

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

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

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)
SUZANNE LIAPIS	TRUSTEE 0.25	12,000
1122 MINNESOTA AVE NW BEMIDJI,MN56601	TRUSTEE 0.25	12,000
PAUL WELLE	TRUSTEE 0.25	12,000
3121 BIRCHMONT DR BEMIDJI,MN56601	TRUSTEE 0.25	12,000
JAMES NAYLOR	TRUSTEE 0.25	12,000
4925 OAKDALE LANE NW BEMIDJI,MN56601	TRUSTEE 0.25	12,000
GLEN LINDSETH	TRUSTEE 0.25	12,000
PO BOX 1558 BEMIDJI,MN56619	TRUSTEE 0.25	12,000
MARK DICKINSON	TRUSTEE 0.25	12,000
2310 BIRCHMONT DR NE BEMIDJI,MN56601	TRUSTEE 0.25	12,000

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

34,597,516

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

99,545

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

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

34,697,061

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

34,697,061

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

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

520,456

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

34,176,605

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

1,708,830

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

1,708,830

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

28,700

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

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

28,700

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

1,680,130

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

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

1,680,130

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

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

1,680,130

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 ..........

1,645,021

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

1,645,021

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

28,700

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

1,616,321

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				1,680,130
2 Undistributed income, if any, as of the end of 2018:
a Enter amount for 2017 only.......			1,641,540
b Total for prior years:20, 20, 20		0
3 Excess distributions carryover, if any, to 2018:
a From 2013......
b From 2014......
c From 2015......
d From 2016......
e From 2017......
fTotal of lines 3a through e........	0
4Qualifying distributions for 2018 from Part
XII, line 4: $ 1,645,021
a Applied to 2017, but not more than line 2a			1,641,540
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.....				3,481
e Remaining amount distributed out of corpus	0
5 Excess distributions carryover applied to 2018.	0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5	0
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........		0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......		0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........		0
e Undistributed income for 2017. Subtract line 4a from line 2a. Taxable amount—see instructions .............			0
f Undistributed income for 2018. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2019 ..........				1,676,649
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......	0
8 Excess distributions carryover from 2013 not applied on line 5 or line 7 (see instructions) ...	0
9Excess distributions carryover to 2019. Subtract lines 7 and 8 from line 6a ......	0
10 Analysis of line 9:
a Excess from 2014....
b Excess from 2015....
c Excess from 2016....
d Excess from 2017....
e Excess from 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 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 e-mail address of the person to whom applications should be addressed:

SUZANNE LIAPIS
PO BOX 692
BEMIDJI,MN56619
(218) 444-4963

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

GENERAL OUTLINE OF PROPOSAL

cAny submission deadlines:

NONE

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

QUALIFIED CHARITABLE ORGANIZATIONS

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
AMERICAN LEGION POST 14 PO BOX 1099 BEMIDJI,MN56619	NONE	PUBLIC CHARITY	HHH PROJECT	1,000
BELTRAMI COUNTY 701 MINNESOTA AVE NW BEMIDJI,MN56601	NONE	LOCAL GOVERNMENT	HSSF PHASE II	80,000
BEMIDJI AREA CROSS COUNTRY SKI CLUB PO BOX 3165 BEMIDJI,MN56619	NONE	PUBLIC CHARITY	CARGO TRAILER/2 ATV'S	16,137
BEMIDJI COMMUNITY ARENA 3000 DIVISION ST W BEMIDJI,MN56601	NONE	PUBLIC CHARITY	2ND ICE SHEET	500,000
BEMIDJI COMMUNITY FOOD SHELF 1260 EXCHANGE AVE SE BEMIDJI,MN56601	NONE	PUBLIC CHARITY	CARGO TRAILER	7,000
BEMIDJI GRADUATION PARTY 502 MINNESOTA AVE NW BEMIDJI,MN56601	NONE	PUBLIC SCHOOL	SR GRADUATION PARTY	1,000
BEMIDJI ROTARY CLUB 1270 NEILSON AVE SE BEMIDJI,MN56601	NONE	PUBLIC CHARITY	TRLRS FOR DR BT FEST	18,800
BEMIDJI SHOW CHOIRS INC 21132 GOLD COAST RD NW BEMIDJI,MN56601	NONE	PUBLIC CHARITY	VOLCALMOTIVE CSTMS/CHORE	25,000
BEMIDJI STATE UNIVERSITY FOUNDATION 1500 BIRCHMONT DRIVE 17 BEMIDJI,MN56601	NONE	PUBLIC CHARITY	FULL TUITION SCHOLARSHIP	34,760
BEMIDJI STATE UNIVERSITY FOUNDATION 1500 BIRCHMONT DRIVE 17 BEMIDJI,MN56601	NONE	PUBLIC CHARITY	FUND 30 SCHOLARSHIPS	30,000
BEMIDJI STATE UNIVERSITY 1500 BIRCHMONT DRIVE NE BEMIDJI,MN56601	NONE	PUBLIC SCHOOL	FUND 14 INTERNSHIPS	37,500
BEMIDJI SYMPHONY ORCHESTRA PO BOX 3136 BEMIDJI,MN56619	NONE	PUBLIC CHARITY	PROG 2018-2019	24,779
BEMIDJI VETERANS HOME 5441 15TH ST NW BEMIDJI,MN56619	NONE	PUBLIC CHARITY	LOCAL MATCH	265,000
BEMIDJI YOUTH TRAP SHOOT 4650 CARDINAL RD NW BEMIDJI,MN56601	NONE	PUBLIC CHARITY	CARGO TRAILER	5,000
BLACKDUCK PUBLIC SCHOOLS 156 1ST ST NW BLACKDUCK,MN56630	NONE	PUBLIC SCHOOL	BASEBALL FACILITY	20,000
BOYS AND GIRLS CLUB - BEMIDJI AREA 1600 MINNESOTA AVE NW BEMIDJI,MN56601	NONE	PUBLIC CHARITY	PROG 2017-2018	42,750
BOYS AND GIRLS CLUB - BEMIDJI AREA 1600 MINNESOTA AVE NW BEMIDJI,MN56601	NONE	PUBLIC CHARITY	PROG 2018-2019	52,500
BEMIDJI MIDDLE SCHOOL - SCHOOL FOREST 1910 MIDDLE SCHOOL AVE NW BEMIDJI,MN56601	NONE	PUBLIC SCHOOL	MATERIALS/LABOR	4,700
CITY OF BEMIDJI - CARNEGIE 317 4TH ST NW BEMIDJI,MN56601	NONE	LOCAL GOVERNMENT	ADA ACCESSIBILITY	30,000
GALLERY NORTH ART GALLERY 310 4TH ST NW BEMIDJI,MN56601	NONE	PUBLIC CHARITY	FIXTURES/FURNISH	3,570
CASS COUNTY SHERIFF'S OFFICE 301 MINNESOTA AVE W WALKER,MN56484	NONE	LOCAL GOVERNMENT	K-9 REPLACEMENT	17,500
GIRL SCOUTS OF MN 750 PAUL BUNYAN DR NW 6 BEMIDJI,MN56601	NONE	PUBLIC CHARITY	INITIATIVES	5,000
FIRST NATIONAL BANK FOUNDATION PO BOX 670 BEMIDJI,MN56619	NONE	PRIVATE FOUNDATION	DONATION	3,000
HOCKEY DAY MINNESOTA 518 BELTRAMI AVE NW BEMIDJI,MN56601	NONE	PUBLIC CHARITY	SPONSORSHIP	30,000
LUTHERAN SOCIAL SERVICES OF MN 2485 COMO AVENUE SAINT PAUL,MN55108	NONE	PUBLIC CHARITY	COMM REFRIGERATOR	6,000
MISSISSIPPI HEADWATERS AUDUBON SOCIETY AND NEILSON SPEARHEAD CENTER 48851 COUNTY 29 BEMIDJI,MN56601	NONE	PUBLIC CHARITY	REPAIRS/PLANNING	46,000
NORTHWEST TECHNICAL COLLEGE 905 GRANT AVE SE BEMIDJI,MN56601	NONE	PUBLIC SCHOOL	FUND 20 SCHOLARSHIPS	20,000
NORTHWEST TECHNICAL COLLEGE 905 GRANT AVE SE BEMIDJI,MN56601	NONE	PUBLIC SCHOOL	COMMUNITY REFRIG EQUIP	150,000
NORTHWEST TECHNICAL COLLEGE 905 GRANT AVE SE BEMIDJI,MN56601	NONE	PUBLIC SCHOOL	FACULTY SUPPORT	35,000
UNITED WAY OF THE BEMIDJI AREA 716 PAUL BUNYAN DR NW BEMIDJI,MN56601	NONE	PUBLIC CHARITY	FIXTURES/FURNISH	35,000
Total ................................. 3a				1,546,996

bApproved for future payment
BEMIDJI AREA TENNIS ASSOCIATION PO BOX 694 BEMIDJI,MN56619	NONE	PUBLIC CHARITY	INDOOR TENNIS FACILITY	300,000
BEMIDJI CAREER ACADEMIES 502 MINNESOTA AVE NW BEMIDJI,MN56601	NONE	PUBLIC SCHOOL	FRESHMAN COUNSELING	125,000
BEMIDJI COMMUNITY ARENA 3000 DIVISION ST W BEMIDJI,MN56601	NONE	PUBLIC CHARITY	2ND ICE SHEET	1,500,000
BEMIDJI STATE UNIVERSITY FOUNDATION 1500 BIRCHMONT DRIVE 17 BEMIDJI,MN56601	NONE	PUBLIC CHARITY	FULL TUITION SCHOLARSHIP	139,040
BEMIDJI STATE UNIVERSITY FOUNDATION 1500 BIRCHMONT DRIVE 17 BEMIDJI,MN56601	NONE	PUBLIC CHARITY	FUND 30 SCHOLARSHIPS	120,000
BEMIDJI STATE UNIVERSITY 1500 BIRCHMONT DRIVE NE BEMIDJI,MN56601	NONE	PUBLIC SCHOL	FUND 14 INTERNSHIPS	150,000
BEMIDJI VETERANS HOME 5441 15TH ST NW BEMIDJI,MN56601	NONE	PUBLIC CHARITY	LOCAL MATCH	85,000
GREATER BEMIDJI 102 1ST ST W BEMIDJI,MN56601	NONE	PUBLIC CHARITY	WORKFORCE DEVELOPMENT	200,000
SANFORD HEART CENTER 1300 ANNE ST NW BEMIDJI,MN56601	NONE	PUBLIC CHARITY	4 YEAR PLEDGE	750,000
Total ................................. 3b				3,369,040

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 ...........			14	62
4 Dividends and interest from securities....			14	1,023,845
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.....			14	17,614
8 Gain or (loss) from sales of assets other than inventory ............			18	1,961,519
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		0		3,003,040	0

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

3,003,040

(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
TARGET CORP 3.875 7/15/2020	128,494	126,876
MORGAN STANLEY 5.5 1/26/2020	150,021	153,408
KIMBERLY CLARK 3.625 8/01/2020	108,256	111,044
NORTHERN TRUST CORP 3.45 11/04/2020	312,406	303,066
ARCHER DANIELS MIDLAND 4.479 3/01/2021	160,939	154,784
DOVER CORP 4.3 3/01/2021	152,877	153,086
NATIONAL RURAL UTIL COOP 3.050 2/15/2022	313,405	298,932
HSBC HOLDINGS PLC 4.0 3/30/22	310,405	303,909
PEPSICO INC 2.25 01/07/2019	125,543	124,985
GENERAL ELEC CO MED TERM 4/15/2023	125,000	113,244
LOWES COMPANIES INC 3.875 9/15/2023	324,661	312,294
GENERAL ELEC CAP CORP 2.3 1/14/19	152,762	149,942
BERKSHIRE HATHAWAY INC 3.0 2/11/23	151,800	148,632
COMCAST CORP 3.6 3/1/24	314,472	300,720
EXXON MOBIL CORP 2.709 3/6/2025	200,671	193,670
PRECISION CASTPARTS CORP 3.25 6/15/25	248,562	245,563
SIMON PROPERTY GROUP 3.5 9/1/25	375,378	367,358
BANK OF MONTREAL 2.55 11/6/22	250,010	242,427
STATE STREET CORP 3.3 12/16/2024	254,937	247,622
APPLE INC 3.25 2/23/2026	264,105	244,033
LLOYDS BANK PLC 6.375 1/21/2021	186,286	184,838
ORACLE CORP 2.375 1/15/19	126,966	124,970
BB T CORPORATION 2.25 2/1/19	125,775	124,924
UNITED HEALTH GROUP INC 1.7 2/15/19	124,695	124,799
CHEVRON CORP 1.686 2/28/19	125,037	124,756
ILLINOIS TOOL WORKS INC 1.95 3/1/19	100,826	99,843
PNC BANK NA 1.95 3/4/19	125,249	124,783
AMERICAN EXPRESS CREDIT 2.125 3/18/19	125,474	124,796
APPLE INC	118,320	116,745
MANUF TRADERS TRUST CO	125,972	124,559
NORTHERN TRUST CORP 3.375 8/23/2021	130,386	125,897
MERCK CO INC 2.8 5/18/2023	76,062	73,990
COCA COLA CO 3.2 11/1/2023	240,038	230,715
TOYOTA MOTOR CREDIT CORP 3.2 1/11/2027	128,489	121,486
UNITED HEALTH GROUP INC 3.45 1/15/2027	207,438	197,944
BP CAPITAL MARKETS PLC	246,917	233,479
AMERICAN HONDA FINANCE 2.25 8/15/19	249,142	248,825
NATIONAL RURAL UTIL COOP 2.3 11/15/19	124,032	124,285
HOME DEPOT INC 4.4 4/1/21	312,288	308,955
CATERPILLAR INC 3.9 5/27/21	203,769	203,620
PNC BANK NA 2.625 2/17/22	244,675	244,342
MEDTRONIC INC 3.15 3/15/22	252,175	249,310
IBM CORP 3.375 8/1/23	276,784	271,997
LOWE S COMPANIES INC 3.875 9/15/23	30,451	30,222
BURLINGTON NORTH SANTA FE 3.65 9/1/25	81,827	80,716

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ALTRIA GROUP INC	318,191	428,113
PFIZER INC	590,728	1,051,005
MICROSOFT CORP	259,334	480,223
GENERAL DYNAMICS CORP	145,377	323,067
UNILEVER NV ADR	285,985	341,738
ANADARKO PETROLEUM CORP	397,702	295,701
CHEVRON CORPORATION	609,597	830,176
OCCIDENTAL PETROLEUM CORPORATION	441,461	411,982
UNITED HEALTH GROUP INCORPORATED	113,627	296,203
C M S ENERGY CORP	315,082	399,980
SIX FLAGS ENTERTAINMENT	249,138	251,670
ABBVIE INC	176,869	235,914
AT&T INC	899,633	775,917
CIGNA CORP	337,189	413,076
CISCO SYSTEMS INC	508,656	627,852
NEXTERA ENERGY INC	413,773	564,394
OLD REPUBLIC	237,133	271,359
CAMBIAR INTL EQUITY FUND INS	52,600	48,981
FIDELITY INVT TRAD INTL DISCI	131,500	120,907
T ROWE PRICE INTL GR&INC FD	131,500	120,628
BARON EMERGING MARKETS INSTITUTIONAL	42,589	49,197
CAUSEWAY EMERGING MARKETS INSTL	42,600	49,678
CROWN CASTLE INTL CORP	328,918	400,627
STARWOOD PROPERTY TRUST INC	329,505	314,611
CELANESE CORP SER A	234,574	256,774
COMCAST CORP CLASS A	630,391	600,199
CSX CORP - CSX	224,705	378,434
HILTON WORLDWIDE HOLDINGS IN	227,760	265,229
HOLLYFRONTIER CORP	203,102	252,635
JP MORGAN CHASE CO	574,969	889,611
KEYCORP	294,257	256,330
RAYMOND JAMES FINL INC	375,243	415,431
WILLIAMS COS INC	230,153	203,301
XILINX INC	102,380	194,698
CITIGROUP INC	606,295	454,276
CVS HEALTH CORPORATION	620,238	591,908
DXC TECHNOLOGY CO	379,025	268,987
EAST WEST BANCORP INC	333,058	231,231
GILEAD SCIENCES INC	462,433	361,289
HUBBELL INC	195,052	172,554
PRUDENTIAL FINANCIAL INC	402,940	298,065
AMEREN CORP	320,212	304,689
BANK OF AMERICA CORP	644,315	514,040
BROADCOM INC	367,326	389,303
CATERPILLAR INC	372,457	321,995
CF INDUSTRIES HOLDINGS INC	263,231	250,052
E TRADE FINANCIAL CORP	308,063	263,412
EVERGY INC	410,045	408,403
FIRST ENERGY CORP	342,382	339,752
HOME BANCSHARES INC	213,193	144,446
LAM RESERACH CORP	211,126	179,608
MARATHON PETROLEUM CORP	375,135	287,792
MONDELEZ INTERNATIONAL	316,716	327,966
MORGAN STANLEY	404,963	343,964
NEWELL BRANDS INC	432,803	313,781
PUBLIC SVC ENTERPRISE GROUP INC	456,836	442,581
LINDE PLC	282,982	271,197
ROYAL CARIBBEAN CRUSIES LTD	271,179	243,888
DIGITAL REALTY TRUST INC	431,436	420,020
PARK HOTELS RESORTS INC WI	396,039	397,884

Description	Revenue and Expenses per Books	Disbursements for Charitable Purposes
INSURANCE	2,515	2,515
TELEPHONE	1,081	1,081
OFFICE SUPPLIES	881	881
DUES & SUBSCRIPTIONS	750	750
ADVERTISING AND PROMOTION	690	690
MISCELLANEOUS EXPENSE	132	132
ADMINISTRATIVE EXPENSES	10,200	10,200

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT ADVISORY FEES	146,454	131,808		14,646
DESIGN ANGLER	250	0		250

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
EXCISE TAXES	28,011	0		0
FOREIGN TAXES	1,215	1,215		0