TY 2019 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.
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Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0052

2019

Open to Public Inspection

For calendar year 2019, or tax year beginning 01-01-2019 , and ending 12-31-2019

Name of foundation
THE GRAINGER FOUNDATION INC

Number and street (or P.O. box number if mail is not delivered to street address)100 GRAINGER PARKWAY
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
LAKE FOREST, IL600455201

A Employer identification number

36-6192971

B Telephone number (see instructions)

(847) 535-2030

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

$378,283,794J 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)	25,000,000
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	8,089,759		7,983,423
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		4,653,273
b	Gross sales price for all assets on line 6a 54,681,819
7	Capital gain net income (from Part IV, line 2)...			4,653,273
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).......		373,894
12	Total. Add lines 1 through 11........	38,116,926		12,636,696
13	Compensation of officers, directors, trustees, etc.	590,406
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......	62,027		0	0
16a	Legal fees (attach schedule).........		142,575	0	0	0
b	Accounting fees (attach schedule).......		5,188	0	0	0
c	Other professional fees (attach schedule)....		636,413	636,413		0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		180,458	78,358		0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............	87,643
21	Travel, conferences, and meetings.......	1,795		0	0
22	Printing and publications..........			0	0
23	Other expenses (attach schedule).......		71,308
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	1,777,813		714,771	0	0
25	Contributions, gifts, grants paid.......	128,592,354				128,592,354
26	Total expenses and disbursements. Add lines 24 and 25	130,370,167		714,771	0	128,592,354
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-92,253,241
b	Net investment income (if negative, enter -0-)			11,921,925
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2019)

Form 990-PF (2019)

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.............	34,363	15,053	15,053
	2	Savings and temporary cash investments.........	10,166,726	4,957,019	4,957,019
	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)	6,990,918	6,632,107	6,852,754
	b	Investments—corporate stock (attach schedule).......	166,216,098	153,221,325	337,791,916
	c	Investments—corporate bonds (attach schedule).......	34,028,620	27,289,005	28,105,487
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........			0
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	561,565	561,565	561,565
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	217,998,290	192,676,074	378,283,794
	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 FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	217,998,290	192,676,074
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	217,998,290	192,676,074
	30	Total liabilities and net assets/fund balances (see instructions).	217,998,290	192,676,074

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 29 (must agree with end-of-year figure reported on prior year’s return) ...............

217,998,290

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

-92,253,241

Other increases not included in line 2 (itemize) bullet

66,931,025

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

192,676,074

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 29 .

192,676,074

Form 990-PF (2019)

Page 3

Part IV

Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation	(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1 a	84000. AT&T INC SR UNSECD NT		2016-11-04	2019-03-11
b	22000. AT&T INC SR UNSECD NT		2016-11-04	2019-03-11
c	2000. AT&T INC SR UNSECD NT		2016-11-04	2019-03-11
d	7000. AT&T INC SR UNSECD NT		2016-11-04	2019-03-11
e	6000. AT&T INC SR UNSECD NT		2016-11-04	2019-03-11
	26000. AT&T INC SR UNSECD NT		2016-11-07	2019-03-11
	3000. AT&T INC SR UNSECD NT		2016-11-07	2019-03-11
	105042.017 CAMBIAR INTL EQUITY FUND INV CL		2018-02-14	2019-02-27
	70846.617 CAMBIAR INTL EQUITY FUND INV CL		2018-02-07	2019-02-27
	227465.986 CAMBIAR INTL EQUITY FUND INV CL		2016-05-13	2019-02-27
	200000. AERCAP IRELAND CAP DESIGNATED ACTIVITY CO/AERCAP GBL UNSECD IE		2018-01-16	2019-06-19
	50000. AERCAP IRELAND CAP DESIGNATED ACTIVITY CO/AERCAP GBL UNSECD IE		2018-12-14	2019-06-19
	225000. AMERICAN INTL GROUP INC SR UNSECD NT		2015-05-14	2019-11-22
	200000. AMERICAN TOWER CORP SR UNSECD NT		2017-07-25	2019-04-22
	25169.51 AMERICREDIT AUTO RECEIVABLES TR 2015-3 NT CL B		2017-03-08	2019-01-07
	3785.52 AMERICREDIT AUTO RECEIVABLES TR 2015-3 NT CL B		2017-03-08	2019-02-08
	69154.069 ARTISAN INTERNATIONAL FUND		2015-03-06	2019-06-19
	48844.025 ARTISAN INTERNATIONAL FUND		2015-02-12	2019-06-19
	6302.714 ARTISAN INTERNATIONAL FUND		2015-02-02	2019-06-19
	72379.849 ARTISAN INTL VALUE FUND		2019-02-27	2019-06-19
	200000. AUTOZONE INC UNSECD SR NT CALL 03/18/24 @100		2019-04-05	2019-06-19
	148000. BARCLAYS PLC UNSECD SR NT UNITED KINGDOM		2017-04-05	2019-06-20
	400000. BARCLAYS PLC SR UNSECD BD UNITED KINGDOM		2018-05-24	2019-06-19
	200000. CAPITAL ONE FINL CORP SR UNSECD NT CALL 01/02/25 @100		2015-04-13	2019-02-04
	40000. CAPITAL ONE NATL ASSN MCLEAN VA SR UNSECD BD C12/31/19 @100		2018-03-28	2019-06-19
	160000. CAPITAL ONE NATL ASSN MCLEAN VA SR UNSECD BD C12/31/19 @100		2018-04-02	2019-06-19
	17000. CELGENE CORP SR UNSECD NT		2017-08-16	2019-04-25
	91000. CELGENE CORP SR UNSECD NT		2017-08-16	2019-04-26
	45000. CELGENE CORP SR UNSECD NT		2017-08-16	2019-04-26
	47000. CELGENE CORP SR UNSECD NT		2017-08-16	2019-05-07
	29354.291 COLUMBIA INCOME OPPORTUNITIES FUND INSTL3 CL		2015-06-08	2019-02-20
	49000. DH EUROPE FIN II S A R L UNSECD SR PIDI NT LUXEMBOURG		2019-10-29	2019-10-30
	225000. DISCOVER CARD EXECUTION NT TR DISCOVERSERIES NT 2016-A1 CL A1		2017-05-11	2019-01-15
	200000. ENERGY TRANSFER PARTNERS L P UNSECD SR NT CALL 3/1/21 @100		2018-03-28	2019-12-12
	68000. ENERGY TRANSFER PARTNERS LP UNSECD SR NT CALL 10/15/25 @100		2015-10-08	2019-03-26
	54000. ENERGY TRANSFER PARTNERS LP UNSECD SR NT CALL 10/15/25 @100		2015-10-28	2019-03-26
	78000. ENERGY TRANSFER PARTNERS LP UNSECD SR NT CALL 10/15/25 @100		2015-10-06	2019-03-26
	3472.68 FEDERAL HOME LN MTG CORP POOL #G16210		2018-04-24	2019-01-31
	10429.96 FEDERAL HOME LN MTG CORP POOL #G16210		2018-04-24	2019-02-28
	3332.19 FEDERAL HOME LN MTG CORP POOL #G16210		2018-04-24	2019-03-31
	13516.09 FEDERAL HOME LN MTG CORP POOL #G16210		2018-04-24	2019-04-30
	6716.58 FEDERAL HOME LN MTG CORP POOL #G16210		2018-04-24	2019-05-31
	9738.54 FEDERAL HOME LN MTG CORP POOL #G16210		2018-04-24	2019-06-30
	13143.36 FEDERAL HOME LN MTG CORP POOL #G16210		2018-04-24	2019-07-31
	12364.47 FEDERAL HOME LN MTG CORP POOL #G16210		2018-04-24	2019-08-31
	8112.18 FEDERAL HOME LN MTG CORP POOL #G16210		2018-04-24	2019-09-30
	7025.79 FEDERAL HOME LN MTG CORP POOL #G16210		2018-04-24	2019-10-31
	9995.65 FEDERAL HOME LN MTG CORP POOL #G16210		2018-04-24	2019-11-30
	2978.65 FEDERAL HOME LN MTG CORP POOL #G16210		2018-04-24	2019-12-31
	5034.92 FEDERAL HOME LN MTG CORP POOL #C91778		2015-06-02	2019-01-31
	3777.31 FEDERAL HOME LN MTG CORP POOL #C91778		2015-06-02	2019-02-28
	4683.48 FEDERAL HOME LN MTG CORP POOL #C91778		2015-06-02	2019-03-31
	5526.19 FEDERAL HOME LN MTG CORP POOL #C91778		2015-06-02	2019-04-30
	4552.34 FEDERAL HOME LN MTG CORP POOL #C91778		2015-06-02	2019-05-31
	3276.55 FEDERAL HOME LN MTG CORP POOL #C91778		2015-06-02	2019-06-30
	4947.48 FEDERAL HOME LN MTG CORP POOL #C91778		2015-06-02	2019-07-31
	6659.12 FEDERAL HOME LN MTG CORP POOL #C91778		2015-06-02	2019-08-31
	8438.38 FEDERAL HOME LN MTG CORP POOL #C91778		2015-06-02	2019-09-30
	5462.19 FEDERAL HOME LN MTG CORP POOL #C91778		2015-06-02	2019-10-31
	7358.46 FEDERAL HOME LN MTG CORP POOL #C91778		2015-06-02	2019-11-30
	6284.15 FEDERAL HOME LN MTG CORP POOL #C91778		2015-06-02	2019-12-31
	3677.61 FEDERAL HOME LN MTG CORP POOL #C91385		2015-05-19	2019-01-31
	3556.88 FEDERAL HOME LN MTG CORP POOL #C91385		2015-05-19	2019-02-28
	4061.91 FEDERAL HOME LN MTG CORP POOL #C91385		2015-05-19	2019-03-31
	5095.44 FEDERAL HOME LN MTG CORP POOL #C91385		2015-05-19	2019-04-30
	7056.24 FEDERAL HOME LN MTG CORP POOL #C91385		2015-05-19	2019-05-31
	4653. FEDERAL HOME LN MTG CORP POOL #C91385		2015-05-19	2019-06-30
	3363.74 FEDERAL HOME LN MTG CORP POOL #C91385		2015-05-19	2019-07-31
	4858.91 FEDERAL HOME LN MTG CORP POOL #C91385		2015-05-19	2019-08-31
	5930.99 FEDERAL HOME LN MTG CORP POOL #C91385		2015-05-19	2019-09-30
	3714.35 FEDERAL HOME LN MTG CORP POOL #C91385		2015-05-19	2019-10-31
	7460.43 FEDERAL HOME LN MTG CORP POOL #C91385		2015-05-19	2019-11-30
	3383.29 FEDERAL HOME LN MTG CORP POOL #C91385		2015-05-19	2019-12-31
	6399.64 FEDERAL HOME LN MTG CORP POOL #J11722		2015-04-29	2019-01-31
	5000.19 FEDERAL HOME LN MTG CORP POOL #J11722		2015-04-29	2019-02-28
	222979.23 FEDERAL HOME LN MTG CORP POOL #J11722		2015-04-29	2019-03-20
	8886.97 FEDERAL HOME LN MTG CORP POOL #G61238		2018-04-11	2019-01-31
	5775.04 FEDERAL HOME LN MTG CORP POOL #G61238		2018-04-11	2019-02-28
	9259.49 FEDERAL HOME LN MTG CORP POOL #G61238		2018-04-11	2019-03-31
	11235.43 FEDERAL HOME LN MTG CORP POOL #G61238		2018-04-11	2019-04-30
	8330.88 FEDERAL HOME LN MTG CORP POOL #G61238		2018-04-11	2019-05-31
	7007.07 FEDERAL HOME LN MTG CORP POOL #G61238		2018-04-11	2019-06-30
	7765.13 FEDERAL HOME LN MTG CORP POOL #G61238		2018-04-11	2019-07-31
	8124.65 FEDERAL HOME LN MTG CORP POOL #G61238		2018-04-11	2019-08-31
	10860.58 FEDERAL HOME LN MTG CORP POOL #G61238		2018-04-11	2019-09-30
	7199.91 FEDERAL HOME LN MTG CORP POOL #G61238		2018-04-11	2019-10-31
	16999.46 FEDERAL HOME LN MTG CORP POOL #G61238		2018-04-11	2019-11-30
	7189.33 FEDERAL HOME LN MTG CORP POOL #G61238		2018-04-11	2019-12-31
	9101.96 FEDERAL HOME LN MTG CORP POOL #QN1106		2019-12-17	2019-12-31
	3962.3 FEDERAL NATL MTG ASSN SER 2012-51 CL EB		2015-05-28	2019-01-31
	3174.58 FEDERAL NATL MTG ASSN SER 2012-51 CL EB		2015-05-28	2019-02-28
	1465.77 FEDERAL NATL MTG ASSN SER 2012-51 CL EB		2015-05-28	2019-03-31
	2613.74 FEDERAL NATL MTG ASSN SER 2012-51 CL EB		2015-05-28	2019-04-30
	6429.02 FEDERAL NATL MTG ASSN SER 2012-51 CL EB		2015-05-28	2019-05-31
	4157.08 FEDERAL NATL MTG ASSN SER 2012-51 CL EB		2015-05-28	2019-06-30
	3706.93 FEDERAL NATL MTG ASSN SER 2012-51 CL EB		2015-05-28	2019-07-31
	7103.01 FEDERAL NATL MTG ASSN SER 2012-51 CL EB		2015-05-28	2019-08-31
	6187.78 FEDERAL NATL MTG ASSN SER 2012-51 CL EB		2015-05-28	2019-09-30
	5185.84 FEDERAL NATL MTG ASSN SER 2012-51 CL EB		2015-05-28	2019-10-31
	4100.07 FEDERAL NATL MTG ASSN SER 2012-51 CL EB		2015-05-28	2019-11-30
	5171.83 FEDERAL NATL MTG ASSN SER 2012-51 CL EB		2015-05-28	2019-12-31
	9655.82 FEDERAL HOME LN MTG CORP SER 3817 CL MJ		2016-02-11	2019-01-31
	8928.2 FEDERAL HOME LN MTG CORP SER 3817 CL MJ		2016-02-11	2019-02-28
	8096.47 FEDERAL HOME LN MTG CORP SER 3817 CL MJ		2016-02-11	2019-03-31
	6050.69 FEDERAL HOME LN MTG CORP SER 3817 CL MJ		2016-02-11	2019-04-30
	8149.11 FEDERAL HOME LN MTG CORP SER 3817 CL MJ		2016-02-11	2019-05-31
	6343.35 FEDERAL HOME LN MTG CORP SER 3817 CL MJ		2016-02-11	2019-06-30
	7041.85 FEDERAL HOME LN MTG CORP SER 3817 CL MJ		2016-02-11	2019-07-31
	6034.2 FEDERAL HOME LN MTG CORP SER 3817 CL MJ		2016-02-11	2019-08-31
	8728.32 FEDERAL HOME LN MTG CORP SER 3817 CL MJ		2016-02-11	2019-09-30
	7533.2 FEDERAL HOME LN MTG CORP SER 3817 CL MJ		2016-02-11	2019-10-31
	10696.44 FEDERAL HOME LN MTG CORP SER 3817 CL MJ		2016-02-11	2019-11-30
	12887.94 FEDERAL HOME LN MTG CORP SER 3817 CL MJ		2016-02-11	2019-12-31
	11902.5 FEDERAL HOME LN MTG CORP SER 4403 CL GB		2017-11-21	2019-01-31
	7583.82 FEDERAL HOME LN MTG CORP SER 4403 CL GB		2017-11-21	2019-02-28
	6835.19 FEDERAL HOME LN MTG CORP SER 4403 CL GB		2017-11-21	2019-03-31
	18873.08 FEDERAL HOME LN MTG CORP SER 4403 CL GB		2017-11-21	2019-04-30
	11227.39 FEDERAL HOME LN MTG CORP SER 4403 CL GB		2017-11-21	2019-05-31
	5806.19 FEDERAL HOME LN MTG CORP SER 4403 CL GB		2017-11-21	2019-06-30
	7147.91 FEDERAL HOME LN MTG CORP SER 4403 CL GB		2017-11-21	2019-07-31
	28423.15 FEDERAL HOME LN MTG CORP SER 4403 CL GB		2017-11-21	2019-08-31
	12346.25 FEDERAL HOME LN MTG CORP SER 4403 CL GB		2017-11-21	2019-09-30
	27739.93 FEDERAL HOME LN MTG CORP SER 4403 CL GB		2017-11-21	2019-10-31
	14447.15 FEDERAL HOME LN MTG CORP SER 4403 CL GB		2017-11-21	2019-11-30
	12556.14 FEDERAL HOME LN MTG CORP SER 4403 CL GB		2017-11-21	2019-12-31
	4362.81 FEDERAL HOME LN MTG CORP SER 4549 CL JA		2016-02-10	2019-01-31
	5427.23 FEDERAL HOME LN MTG CORP SER 4549 CL JA		2016-02-10	2019-02-28
	4959.31 FEDERAL HOME LN MTG CORP SER 4549 CL JA		2016-02-10	2019-03-31
	3908.1 FEDERAL HOME LN MTG CORP SER 4549 CL JA		2016-02-10	2019-04-30
	6322.04 FEDERAL HOME LN MTG CORP SER 4549 CL JA		2016-02-10	2019-05-31
	5376.3 FEDERAL HOME LN MTG CORP SER 4549 CL JA		2016-02-10	2019-06-30
	6383.06 FEDERAL HOME LN MTG CORP SER 4549 CL JA		2016-02-10	2019-07-31
	7950.2 FEDERAL HOME LN MTG CORP SER 4549 CL JA		2016-02-10	2019-08-31
	7227.46 FEDERAL HOME LN MTG CORP SER 4549 CL JA		2016-02-10	2019-09-30
	5091.92 FEDERAL HOME LN MTG CORP SER 4549 CL JA		2016-02-10	2019-10-31
	7646.91 FEDERAL HOME LN MTG CORP SER 4549 CL JA		2016-02-10	2019-11-30
	7808.54 FEDERAL HOME LN MTG CORP SER 4549 CL JA		2016-02-10	2019-12-31
	5553.77 FEDERAL NATL MTG ASSN POOL #AS7387		2016-09-30	2019-01-31
	2209.85 FEDERAL NATL MTG ASSN POOL #AS7387		2016-09-30	2019-02-28
	5811.76 FEDERAL NATL MTG ASSN POOL #AS7387		2016-09-30	2019-03-31
	12605.52 FEDERAL NATL MTG ASSN POOL #AS7387		2016-09-30	2019-04-30
	9415.08 FEDERAL NATL MTG ASSN POOL #AS7387		2016-09-30	2019-05-31
	9357.06 FEDERAL NATL MTG ASSN POOL #AS7387		2016-09-30	2019-06-30
	12512.46 FEDERAL NATL MTG ASSN POOL #AS7387		2016-09-30	2019-07-31
	12082.75 FEDERAL NATL MTG ASSN POOL #AS7387		2016-09-30	2019-08-31
	15918.59 FEDERAL NATL MTG ASSN POOL #AS7387		2016-09-30	2019-09-30
	17823.2 FEDERAL NATL MTG ASSN POOL #AS7387		2016-09-30	2019-10-31
	6954.75 FEDERAL NATL MTG ASSN POOL #AS7387		2016-09-30	2019-11-30
	10290.73 FEDERAL NATL MTG ASSN POOL #AS7387		2016-09-30	2019-12-31
	8720.8 FEDERAL NATL MTG ASSN POOL #AY8284		2018-04-26	2019-01-31
	4835.57 FEDERAL NATL MTG ASSN POOL #AY8284		2018-04-26	2019-02-28
	15754.35 FEDERAL NATL MTG ASSN POOL #AY8284		2018-04-26	2019-03-31
	8473.24 FEDERAL NATL MTG ASSN POOL #AY8284		2018-04-26	2019-04-30
	4340.33 FEDERAL NATL MTG ASSN POOL #AY8284		2018-04-26	2019-05-31
	6468.81 FEDERAL NATL MTG ASSN POOL #AY8284		2018-04-26	2019-06-30
	11052.1 FEDERAL NATL MTG ASSN POOL #AY8284		2018-04-26	2019-07-31
	11330.33 FEDERAL NATL MTG ASSN POOL #AY8284		2018-04-26	2019-08-31
	4375.71 FEDERAL NATL MTG ASSN POOL #AY8284		2018-04-26	2019-09-30
	7705.1 FEDERAL NATL MTG ASSN POOL #AY8284		2018-04-26	2019-10-31
	4220.6 FEDERAL NATL MTG ASSN POOL #AY8284		2018-04-26	2019-11-30
	11222.3 FEDERAL NATL MTG ASSN POOL #AY8284		2018-04-26	2019-12-31
	5303.03 FEDERAL NATL MTG ASSN POOL #BD7060		2018-01-16	2019-01-31
	5592.65 FEDERAL NATL MTG ASSN POOL #BD7060		2018-01-16	2019-02-28
	6032.83 FEDERAL NATL MTG ASSN POOL #BD7060		2018-01-16	2019-03-31
	7627.48 FEDERAL NATL MTG ASSN POOL #BD7060		2018-01-16	2019-04-30
	6813.84 FEDERAL NATL MTG ASSN POOL #BD7060		2018-01-16	2019-05-31
	8157.94 FEDERAL NATL MTG ASSN POOL #BD7060		2018-01-16	2019-06-30
	11264.5 FEDERAL NATL MTG ASSN POOL #BD7060		2018-01-16	2019-07-31
	11588.76 FEDERAL NATL MTG ASSN POOL #BD7060		2018-01-16	2019-08-31
	21745.22 FEDERAL NATL MTG ASSN POOL #BD7060		2018-01-16	2019-09-30
	20535.19 FEDERAL NATL MTG ASSN POOL #BD7060		2018-01-16	2019-10-31
	14044.2 FEDERAL NATL MTG ASSN POOL #BD7060		2018-01-16	2019-11-30
	378703.737 FEDERAL NATL MTG ASSN POOL #BD7060		2018-01-16	2019-12-17
	7033.53 FEDERAL NATL MTG ASSN POOL #BN6266		2019-04-17	2019-04-30
	8096.2 FEDERAL NATL MTG ASSN POOL #BN6266		2019-04-17	2019-05-31
	7723.04 FEDERAL NATL MTG ASSN POOL #BN6266		2019-04-17	2019-06-30
	2147.68 FEDERAL NATL MTG ASSN POOL #BN6266		2019-04-17	2019-07-31
	18185.86 FEDERAL NATL MTG ASSN POOL #BN6266		2019-04-17	2019-08-31
	28851.49 FEDERAL NATL MTG ASSN POOL #BN6266		2019-04-17	2019-09-30
	24766.11 FEDERAL NATL MTG ASSN POOL #BN6266		2019-04-17	2019-10-31
	12705.85 FEDERAL NATL MTG ASSN POOL #BN6266		2019-04-17	2019-11-30
	55921.7 FEDERAL NATL MTG ASSN POOL #BN6266		2019-04-17	2019-12-31
	5632.96 FEDERAL NATL MTG ASSN POOL #CA2408		2018-10-29	2019-01-31
	5838.76 FEDERAL NATL MTG ASSN POOL #CA2408		2018-10-29	2019-02-28
	5427.23 FEDERAL NATL MTG ASSN POOL #CA2408		2018-10-29	2019-03-31
	11037.03 FEDERAL NATL MTG ASSN POOL #CA2408		2018-10-29	2019-04-30
	10759.06 FEDERAL NATL MTG ASSN POOL #CA2408		2018-10-29	2019-05-31
	8617. FEDERAL NATL MTG ASSN POOL #CA2408		2018-10-29	2019-06-30
	8824.33 FEDERAL NATL MTG ASSN POOL #CA2408		2018-10-29	2019-07-31
	9282.86 FEDERAL NATL MTG ASSN POOL #CA2408		2018-10-29	2019-08-31
	5067.85 FEDERAL NATL MTG ASSN POOL #CA2408		2018-10-29	2019-09-30
	9898.2 FEDERAL NATL MTG ASSN POOL #CA2408		2018-10-29	2019-10-31
	7954.52 FEDERAL NATL MTG ASSN POOL #CA2408		2018-10-29	2019-11-30
	12549.89 FEDERAL NATL MTG ASSN POOL #CA2408		2018-10-29	2019-12-31
	15044.23 FEDERAL NATL MTG ASSN POOL #FM2024		2019-12-17	2019-12-31
	6622.31 FEDERAL NATL MTG ASSN POOL #890790		2017-09-11	2019-01-31
	6878.9 FEDERAL NATL MTG ASSN POOL #890790		2017-09-11	2019-02-28
	9062.65 FEDERAL NATL MTG ASSN POOL #890790		2017-09-11	2019-03-31
	10651.12 FEDERAL NATL MTG ASSN POOL #890790		2017-09-11	2019-04-30
	8653.99 FEDERAL NATL MTG ASSN POOL #890790		2017-09-11	2019-05-31
	6227.61 FEDERAL NATL MTG ASSN POOL #890790		2017-09-11	2019-06-30
	9501.74 FEDERAL NATL MTG ASSN POOL #890790		2017-09-11	2019-07-31
	12349.94 FEDERAL NATL MTG ASSN POOL #890790		2017-09-11	2019-08-31
	7556.76 FEDERAL NATL MTG ASSN POOL #890790		2017-09-11	2019-09-30
	10103.43 FEDERAL NATL MTG ASSN POOL #890790		2017-09-11	2019-10-31
	6537.59 FEDERAL NATL MTG ASSN POOL #890790		2017-09-11	2019-11-30
	11363.22 FEDERAL NATL MTG ASSN POOL #890790		2017-09-11	2019-12-31
	7362.61 FEDERAL NATL MTG ASSN POOL #MA0204		2015-04-24	2019-01-31
	29021.55 FEDERAL NATL MTG ASSN POOL #MA0204		2015-04-24	2019-03-21
	7499.607 FEDERAL NATL MTG ASSN POOL #MA0204		2015-04-24	2019-03-25
	7571.52 FEDERAL NATL MTG ASSN POOL #MA3427		2018-10-25	2019-01-31
	9217.97 FEDERAL NATL MTG ASSN POOL #MA3427		2018-10-25	2019-02-28
	12332.63 FEDERAL NATL MTG ASSN POOL #MA3427		2018-10-25	2019-03-31
	11227. FEDERAL NATL MTG ASSN POOL #MA3427		2018-10-25	2019-04-30
	19319.46 FEDERAL NATL MTG ASSN POOL #MA3427		2018-10-25	2019-05-31
	17455.26 FEDERAL NATL MTG ASSN POOL #MA3427		2018-10-25	2019-06-30
	16093.29 FEDERAL NATL MTG ASSN POOL #MA3427		2018-10-25	2019-07-31
	15973.04 FEDERAL NATL MTG ASSN POOL #MA3427		2018-10-25	2019-08-31
	24183.13 FEDERAL NATL MTG ASSN POOL #MA3427		2018-10-25	2019-09-30
	20774.05 FEDERAL NATL MTG ASSN POOL #MA3427		2018-10-25	2019-10-31
	20644.93 FEDERAL NATL MTG ASSN POOL #MA3427		2018-10-25	2019-11-30
	501714.006 FEDERAL NATL MTG ASSN POOL #MA3427		2018-10-25	2019-12-17
	7282.66 FEDERAL NATL MTG ASSN POOL #MA3637		2019-03-25	2019-04-30
	9853.49 FEDERAL NATL MTG ASSN POOL #MA3637		2019-03-25	2019-05-31
	10385.47 FEDERAL NATL MTG ASSN POOL #MA3637		2019-03-25	2019-06-30
	23317.56 FEDERAL NATL MTG ASSN POOL #MA3637		2019-03-25	2019-07-31
	45498.94 FEDERAL NATL MTG ASSN POOL #MA3637		2019-03-25	2019-08-31
	69158.45 FEDERAL NATL MTG ASSN POOL #MA3637		2019-03-25	2019-09-30
	65506.38 FEDERAL NATL MTG ASSN POOL #MA3637		2019-03-25	2019-10-31
	43671.54 FEDERAL NATL MTG ASSN POOL #MA3637		2019-03-25	2019-11-30
	1122260.944 FEDERAL NATL MTG ASSN POOL #MA3637		2019-03-25	2019-12-17
	152000. FIDELITY NATL INFORMATION SVCS INC UNSECD SR NT CALL 07/15/21		2018-04-16	2019-12-03
	18000. FIDELITY NATL INFORMATION SVCS INC UNSECD SR NT CALL 07/15/21		2018-04-19	2019-12-03
	5000. FIDELITY NATL INFORMATION SVCS INC UNSECD SR NT CALL 07/15/21		2018-04-20	2019-12-03
	3000. FIDELITY NATL INFORMATION SVCS INC UNSECD SR NT CALL 07/15/21		2018-04-23	2019-12-03
	22000. FIDELITY NATL INFORMATION SVCS INC UNSECD SR NT CALL 07/15/21		2018-04-24	2019-12-03
	32000. FIDELITY NATL INFORMATION SVCS INC UNSECD SR NT C2/21/29 @100		2019-05-14	2019-05-15
	31094.72 FORD CR AUTO LEASE TR 2017-A NT CL A-3		2017-05-15	2019-01-14
	39385.06 FORD CR AUTO LEASE TR 2017-A NT CL A-3		2017-05-15	2019-02-14
	40140.87 FORD CR AUTO LEASE TR 2017-A NT CL A-3		2017-05-15	2019-03-14
	39356.1 FORD CR AUTO LEASE TR 2017-A NT CL A-3		2017-05-15	2019-04-14
	30716.43 FORD CR AUTO LEASE TR 2017-A NT CL A-3		2017-05-15	2019-05-15
	13000. FORD MTR CR CO LLC SR UNSECD NT		2018-06-18	2019-04-08
	147000. FORD MTR CR CO LLC SR UNSECD NT		2018-06-15	2019-04-08
	190000. FORD MTR CR CO LLC SR UNSECD NT		2018-06-15	2019-04-08
	21986.121 FRANKLIN FTLG RATE DAILY ACCESS FUND CL AD		2015-02-02	2019-02-20
	169491.525 FRANKLIN FTLG RATE DAILY ACCESS FUND CL AD		2018-02-07	2019-02-20
	68586.16 GM FINL AUTOMOBILE LEASING TR 2017-NT CL A-4		2018-10-30	2019-08-19
	272208.99 GM FINL AUTOMOBILE LEASING TR 2017-NT CL A-4		2018-10-30	2019-09-19
	9204.85 GM FINL AUTOMOBILE LEASING TR 2017-NT CL A-4		2018-10-30	2019-10-21
	275000. GENERAL MTRS FINL CO INC UNSECD SR NT		2018-11-28	2019-04-08
	18570. ISHARES MSCI EMERGING MKTS INDEX FUND		2013-10-15	2019-06-19
	11450. ISHARES MSCI EMERGING MKTS INDEX FUND		2013-10-23	2019-06-19
	9000. ISHARES MSCI EMERGING MKTS INDEX FUND		2015-04-17	2019-06-19
	11600. ISHARES MSCI EMERGING MKTS INDEX FUND		2013-09-20	2019-06-19
	12050. ISHARES MSCI EMERGING MKTS INDEX FUND		2013-10-04	2019-06-19
	32530. ISHARES MSCI EMERGING MKTS INDEX FUND		2013-09-16	2019-06-19
	20300. ISHR MSCI EAFE INDEX FUND		2018-02-02	2019-06-19
	10550. ISHR MSCI EAFE INDEX FUND		2018-02-14	2019-06-19
	7850. ISHARES RUSSELL MID-CAP GROWTH ETF		2018-02-02	2019-06-19
	2735. ISHARES RUSSELL MID-CAP GROWTH ETF		2018-04-17	2019-06-19
	11070. ISHARES RUSSELL 1000 VALUE ETF		2015-02-02	2019-06-19
	11100. ISHARES RUSSELL 1000 VALUE ETF		2013-10-23	2019-06-19
	1645. ISHARES RUSSELL 1000 VALUE ETF		2013-09-17	2019-06-19
	3830. ISHARES RUSSELL 1000 VALUE ETF		2013-09-17	2019-10-30
	25460. ISHARES RUSSELL 1000 GROWTH ETF		2016-05-13	2019-06-19
	12225. ISHARES RUSSELL 1000 GROWTH ETF		2016-05-13	2019-10-30
	400000. LLOYDS BKG GROUP PLC UNSECD SR NT UNITED KINGDOM		2018-11-06	2019-02-04
	128000. LLOYDS BKG GROUP PLC UNSECD SR NT UNITED KINGDOM		2019-02-05	2019-06-19
	225000. LLOYDS BKG GROUP PLC UNSECD SR NT UNITED KINGDOM		2019-02-04	2019-06-19
	47000. LLOYDS BKG GROUP PLC UNSECD SR NT UNITED KINGDOM		2019-02-05	2019-06-19
	66000. MPLX LP UNSECD SR PIDI NT C12/15/27 @100		2018-02-05	2019-02-04
	77000. MPLX LP UNSECD SR PIDI NT C12/15/27 @100		2018-02-06	2019-02-04
	68000. MPLX LP UNSECD SR PIDI NT C12/15/27 @100		2018-02-06	2019-02-04
	22000. MPLX LP UNSECD SR PIDI NT C12/15/27 @100		2018-02-06	2019-02-04
	67000. MPLX LP UNSECD SR PIDI NT C12/15/27 @100		2018-02-05	2019-02-04
	100000. SHIRE ACQUISITIONS INVTS IRELAND UNSECD SR GBL NT IRELAND		2016-10-13	2019-06-19
	175000. SYNCHRONY FINL SR UNSECD NT CALL 05/15/24 @100		2017-05-03	2019-11-22
	200000. UNITED STATES TREAS NT DTD 07/17/17 1.500% DUE 07/15/20		2019-05-07	2019-06-19
	250000. UNITED STATES TREAS NT DTD 01/31/18 2.375% DUE 01/31/23		2018-02-20	2019-06-19
	500000. UNITED STATES TREAS NT DTD 02/15/18 2.750% DUE 02/15/28		2018-02-28	2019-03-04
	500000. UNITED STATES TREAS NT DTD 02/15/18 2.750% DUE 02/15/28		2018-02-28	2019-03-26
	200000. UNITED STATES TREAS NT DTD 08/15/18 2.875% DUE 08/15/28		2018-08-28	2019-06-19
	50000. UNITED STATES TREAS NT DTD 08/15/18 2.875% DUE 08/15/28		2018-09-26	2019-06-19
	500000. UNITED STATES TREAS NT DTD 08/15/18 2.875% DUE 08/15/28		2018-09-26	2019-11-04
	500000. UNITED STATES TREAS NT DTD 08/15/18 2.750% DUE 08/15/21		2018-08-28	2019-06-19
	500000. UNITED STATES TREAS NT DTD 12/31/18 2.500% DUE 12/31/20		2019-01-04	2019-03-04
	50000. UNITED STATES TREAS NT DTD 12/31/18 2.500% DUE 12/31/20		2019-01-04	2019-03-20
	775000. UNITED STATES TREAS NT DTD 12/31/18 2.500% DUE 12/31/20		2019-01-04	2019-03-26
	300000. UNITED STATES TREAS NT DTD 12/31/18 2.500% DUE 12/31/20		2019-01-04	2019-06-19
	375000. UNITED STATES TREAS NT DTD 12/31/18 2.500% DUE 12/31/20		2019-01-04	2019-08-01
	200000. UNITED STATES TREAS NT DTD 12/31/18 2.625% DUE 12/31/25		2019-02-04	2019-06-19
	525000. UNITED STATES TREAS NT DTD 02/17/15 2.000% DUE 02/15/25		2015-05-18	2019-04-18
	175000. UNITED STATES TREAS NT DTD 11/16/15 2.250% DUE 11/15/25		2016-03-07	2019-12-12
	150000. UNITED STATES TREAS NT DTD 11/16/15 2.250% DUE 11/15/25		2016-03-15	2019-12-12
	75000. UNITED STATES TREAS NT DTD 11/16/15 2.250% DUE 11/15/25		2015-12-23	2019-12-12
	650000. UNITED STATES TREAS NT DTD 02/01/16 1.375% DUE 01/31/21		2018-02-28	2019-04-18
	100000. UNITED STATES TREAS NT DTD 02/16/16 1.625% DUE 02/15/26		2016-07-08	2019-06-19
	100000. UNITED STATES TREAS NT DTD 02/16/16 1.625% DUE 02/15/26		2016-06-28	2019-06-19
	150000. UNITED STATES TREAS NT DTD 02/16/16 1.625% DUE 02/15/26		2016-09-19	2019-06-19
	150000. UNITED STATES TREAS NT DTD 02/16/16 1.625% DUE 02/15/26		2016-04-29	2019-06-19
	188000. UNITEDHEALTH GROUP INC SR UNSECD NT		2018-07-16	2019-11-22
	262000. UNITEDHEALTH GROUP INC SR UNSECD NT		2018-07-16	2019-11-22
	100000. VERIZON COMMUNICATIONS INC UNSECD SR NT		2019-06-12	2019-06-19
	27908.26 WFRBS COML MTG TR 2013-C13 MTG PASS THRU CTF CL A-3		2019-03-19	2019-06-30
	7295.42 WFRBS COML MTG TR 2013-C13 MTG PASS THRU CTF CL A-3		2019-03-19	2019-09-30
	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	84,000	84,503	-503
b	22,000	22,124	-124
c	2,000	2,011	-11
d	7,000	7,041	-41
e	6,000	6,034	-34
	26,000	26,149	-149
	3,000	3,017	-17
	2,661,765	3,000,000	-338,235
	1,795,253	2,000,000	-204,747
	5,763,988	5,350,000	413,988
	197,848	199,326	-1,478
	49,462	43,984	5,478
	241,533	235,552	5,981
	206,010	209,877	-3,867
	25,170	25,263	-93
	3,786	3,800	-14
	2,225,378	2,150,000	75,378
	1,571,801	1,500,000	71,801
	202,821	192,611	10,210
	2,500,000	2,492,762	7,238
	203,534	199,550	3,984
	148,260	148,951	-691
	401,452	393,956	7,496
	192,266	199,460	-7,194
	39,946	39,423	523
	159,786	157,602	2,184
	16,992	17,234	-242
	90,994	92,253	-1,259
	45,000	45,620	-620
	47,007	47,635	-628
	281,801	294,421	-12,620
	49,021	48,952	69
	225,000	225,018	-18
	205,200	202,793	2,407
	71,079	63,262	7,817
	56,445	50,125	6,320
	81,532	71,811	9,721
	3,473	3,511	-38
	10,430	10,546	-116
	3,332	3,369	-37
	13,516	13,666	-150
	6,717	6,791	-74
	9,739	9,847	-108
	13,143	13,289	-146
	12,364	12,502	-138
	8,112	8,202	-90
	7,026	7,104	-78
	9,996	10,107	-111
	2,979	3,012	-33
	5,035	5,291	-256
	3,777	3,970	-193
	4,683	4,922	-239
	5,526	5,808	-282
	4,552	4,784	-232
	3,277	3,443	-166
	4,947	5,199	-252
	6,659	6,998	-339
	8,438	8,868	-430
	5,462	5,740	-278
	7,358	7,733	-375
	6,284	6,604	-320
	3,678	3,960	-282
	3,557	3,830	-273
	4,062	4,374	-312
	5,095	5,487	-392
	7,056	7,599	-543
	4,653	5,011	-358
	3,364	3,622	-258
	4,859	5,232	-373
	5,931	6,387	-456
	3,714	4,000	-286
	7,460	8,034	-574
	3,383	3,643	-260
	6,400	6,908	-508
	5,000	5,397	-397
	229,294	240,678	-11,384
	8,887	9,381	-494
	5,775	6,096	-321
	9,259	9,775	-516
	11,235	11,860	-625
	8,331	8,794	-463
	7,007	7,397	-390
	7,765	8,197	-432
	8,125	8,577	-452
	10,861	11,465	-604
	7,200	7,600	-400
	16,999	17,945	-946
	7,189	7,589	-400
	9,102	9,385	-283
	3,962	3,961	1
	3,175	3,174	1
	1,466	1,465	1
	2,614	2,613	1
	6,429	6,427	2
	4,157	4,156	1
	3,707	3,706	1
	7,103	7,101	2
	6,188	6,186	2
	5,186	5,185	1
	4,100	4,099	1
	5,172	5,171	1
	9,656	10,310	-654
	8,928	9,534	-606
	8,096	8,645	-549
	6,051	6,461	-410
	8,149	8,702	-553
	6,343	6,773	-430
	7,042	7,519	-477
	6,034	6,443	-409
	8,728	9,320	-592
	7,533	8,044	-511
	10,696	11,422	-726
	12,888	13,762	-874
	11,903	11,845	58
	7,584	7,547	37
	6,835	6,802	33
	18,873	18,782	91
	11,227	11,173	54
	5,806	5,778	28
	7,148	7,113	35
	28,423	28,285	138
	12,346	12,286	60
	27,740	27,606	134
	14,447	14,377	70
	12,556	12,495	61
	4,363	4,587	-224
	5,427	5,706	-279
	4,959	5,214	-255
	3,908	4,109	-201
	6,322	6,647	-325
	5,376	5,652	-276
	6,383	6,711	-328
	7,950	8,359	-409
	7,227	7,599	-372
	5,092	5,353	-261
	7,647	8,040	-393
	7,809	8,210	-401
	5,554	5,887	-333
	2,210	2,342	-132
	5,812	6,160	-348
	12,606	13,362	-756
	9,415	9,980	-565
	9,357	9,918	-561
	12,512	13,263	-751
	12,083	12,808	-725
	15,919	16,874	-955
	17,823	18,893	-1,070
	6,955	7,372	-417
	10,291	10,908	-617
	8,721	8,823	-102
	4,836	4,892	-56
	15,754	15,939	-185
	8,473	8,573	-100
	4,340	4,391	-51
	6,469	6,545	-76
	11,052	11,182	-130
	11,330	11,463	-133
	4,376	4,427	-51
	7,705	7,795	-90
	4,221	4,270	-49
	11,222	11,354	-132
	5,303	5,527	-224
	5,593	5,829	-236
	6,033	6,287	-254
	7,627	7,949	-322
	6,814	7,101	-287
	8,158	8,502	-344
	11,265	11,740	-475
	11,589	12,078	-489
	21,745	22,663	-918
	20,535	21,402	-867
	14,044	14,637	-593
	397,106	394,680	2,426
	7,034	7,234	-200
	8,096	8,326	-230
	7,723	7,943	-220
	2,148	2,209	-61
	18,186	18,703	-517
	28,851	29,672	-821
	24,766	25,470	-704
	12,706	13,067	-361
	55,922	57,512	-1,590
	5,633	5,767	-134
	5,839	5,977	-138
	5,427	5,556	-129
	11,037	11,299	-262
	10,759	11,015	-256
	8,617	8,822	-205
	8,824	9,034	-210
	9,283	9,503	-220
	5,068	5,188	-120
	9,898	10,133	-235
	7,955	8,143	-188
	12,550	12,848	-298
	15,044	15,477	-433
	6,622	6,848	-226
	6,879	7,113	-234
	9,063	9,371	-308
	10,651	11,014	-363
	8,654	8,949	-295
	6,228	6,440	-212
	9,502	9,825	-323
	12,350	12,771	-421
	7,557	7,814	-257
	10,103	10,448	-345
	6,538	6,760	-222
	11,363	11,750	-387
	7,363	7,756	-393
	29,058	30,572	-1,514
	7,500	7,900	-400
	7,572	7,711	-139
	9,218	9,388	-170
	12,333	12,560	-227
	11,227	11,434	-207
	19,319	19,676	-357
	17,455	17,777	-322
	16,093	16,390	-297
	15,973	16,268	-295
	24,183	24,629	-446
	20,774	21,157	-383
	20,645	21,026	-381
	522,410	510,964	11,446
	7,283	7,399	-116
	9,853	10,011	-158
	10,385	10,552	-167
	23,318	23,691	-373
	45,499	46,228	-729
	69,158	70,266	-1,108
	65,506	66,556	-1,050
	43,672	44,371	-699
	1,152,334	1,140,235	12,099
	152,883	147,153	5,730
	18,105	17,392	713
	5,029	4,829	200
	3,017	2,897	120
	22,128	21,236	892
	32,248	31,944	304
	31,095	31,196	-101
	39,385	39,513	-128
	40,141	40,271	-130
	39,356	39,484	-128
	30,716	30,816	-100
	12,931	12,935	-4
	146,225	146,212	13
	188,999	188,959	40
	187,542	195,676	-8,134
	1,445,763	1,500,000	-54,237
	68,586	68,117	469
	272,209	270,348	1,861
	9,205	9,142	63
	276,117	270,553	5,564
	780,017	794,796	-14,779
	480,947	488,526	-7,579
	378,037	383,490	-5,453
	487,248	489,984	-2,736
	506,150	506,703	-553
	1,366,394	1,360,431	5,963
	1,314,905	1,481,393	-166,488
	683,362	743,407	-60,045
	1,111,739	990,003	121,736
	387,338	342,356	44,982
	1,393,961	1,124,457	269,504
	1,397,739	995,547	402,192
	207,142	144,955	62,187
	499,029	337,495	161,534
	3,998,028	2,507,151	1,490,877
	1,998,282	1,203,846	794,436
	400,484	388,176	12,308
	128,548	125,644	2,904
	225,963	220,849	5,114
	47,201	46,120	1,081
	63,553	65,920	-2,367
	74,146	76,850	-2,704
	65,479	67,829	-2,350
	21,184	21,934	-750
	64,516	66,699	-2,183
	99,781	99,860	-79
	184,692	178,131	6,561
	198,859	198,000	859
	254,570	246,865	7,705
	501,797	494,980	6,817
	514,258	494,980	19,278
	213,469	199,891	13,578
	53,367	49,107	4,260
	545,215	491,074	54,141
	509,258	500,273	8,985
	499,395	500,144	-749
	50,063	50,014	49
	777,755	775,215	2,540
	302,461	300,073	2,388
	378,120	375,084	3,036
	208,266	200,059	8,207
	513,064	514,664	-1,600
	179,464	178,996	468
	153,826	152,937	889
	76,913	74,915	1,998
	638,422	630,982	7,440
	97,934	101,803	-3,869
	97,934	101,260	-3,326
	146,900	149,191	-2,291
	146,900	147,053	-153
	206,930	189,732	17,198
	288,381	264,316	24,065
	109,746	108,940	806
	27,908	27,703	205
	7,295	7,242	53
			1,422,999

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			-503
b			-124
c			-11
d			-41
e			-34
			-149
			-17
			-338,235
			-204,747
			413,988
			-1,478
			5,478
			5,981
			-3,867
			-93
			-14
			75,378
			71,801
			10,210
			7,238
			3,984
			-691
			7,496
			-7,194
			523
			2,184
			-242
			-1,259
			-620
			-628
			-12,620
			69
			-18
			2,407
			7,817
			6,320
			9,721
			-38
			-116
			-37
			-150
			-74
			-108
			-146
			-138
			-90
			-78
			-111
			-33
			-256
			-193
			-239
			-282
			-232
			-166
			-252
			-339
			-430
			-278
			-375
			-320
			-282
			-273
			-312
			-392
			-543
			-358
			-258
			-373
			-456
			-286
			-574
			-260
			-508
			-397
			-11,384
			-494
			-321
			-516
			-625
			-463
			-390
			-432
			-452
			-604
			-400
			-946
			-400
			-283
			1
			1
			1
			1
			2
			1
			1
			2
			2
			1
			1
			1
			-654
			-606
			-549
			-410
			-553
			-430
			-477
			-409
			-592
			-511
			-726
			-874
			58
			37
			33
			91
			54
			28
			35
			138
			60
			134
			70
			61
			-224
			-279
			-255
			-201
			-325
			-276
			-328
			-409
			-372
			-261
			-393
			-401
			-333
			-132
			-348
			-756
			-565
			-561
			-751
			-725
			-955
			-1,070
			-417
			-617
			-102
			-56
			-185
			-100
			-51
			-76
			-130
			-133
			-51
			-90
			-49
			-132
			-224
			-236
			-254
			-322
			-287
			-344
			-475
			-489
			-918
			-867
			-593
			2,426
			-200
			-230
			-220
			-61
			-517
			-821
			-704
			-361
			-1,590
			-134
			-138
			-129
			-262
			-256
			-205
			-210
			-220
			-120
			-235
			-188
			-298
			-433
			-226
			-234
			-308
			-363
			-295
			-212
			-323
			-421
			-257
			-345
			-222
			-387
			-393
			-1,514
			-400
			-139
			-170
			-227
			-207
			-357
			-322
			-297
			-295
			-446
			-383
			-381
			11,446
			-116
			-158
			-167
			-373
			-729
			-1,108
			-1,050
			-699
			12,099
			5,730
			713
			200
			120
			892
			304
			-101
			-128
			-130
			-128
			-100
			-4
			13
			40
			-8,134
			-54,237
			469
			1,861
			63
			5,564
			-14,779
			-7,579
			-5,453
			-2,736
			-553
			5,963
			-166,488
			-60,045
			121,736
			44,982
			269,504
			402,192
			62,187
			161,534
			1,490,877
			794,436
			12,308
			2,904
			5,114
			1,081
			-2,367
			-2,704
			-2,350
			-750
			-2,183
			-79
			6,561
			859
			7,705
			6,817
			19,278
			13,578
			4,260
			54,141
			8,985
			-749
			49
			2,540
			2,388
			3,036
			8,207
			-1,600
			468
			889
			1,998
			7,440
			-3,869
			-3,326
			-2,291
			-153
			17,198
			24,065
			806
			205
			53

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	4,653,273
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))
2018	68,232,200	453,851,118	0.15034
2017	52,539,636	351,969,733	0.149273
2016	59,248,291	398,171,837	0.148801
2015	64,207,802	430,507,672	0.149144
2014	47,668,312	417,547,601	0.114163

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

0.711721

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 ......

0.142344

Enter the net value of noncharitable-use assets for 2019 from Part X, line 5......

400,744,395

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

57,043,560

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

119,219

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

57,162,779

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

128,592,354

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

Form 990-PF (2019)

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	119,219
	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	119,219
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	119,219
6	Credits/Payments:

a	2019 estimated tax payments and 2018 overpayment credited to 2019	6a	102,100
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	102,100
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	17,119
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2020 estimated tax0	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 2019 or the taxable year beginning in 2019? 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. Click to see attachment

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

Yes

Form 990-PF (2019)

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

G J Sinclair Telephone no. bullet

(847) 535-2030

Located at bullet

100 GRAINGER PARKWAYLAKE FORESTIL ZIP+4 bullet

600452501

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 2019, did the foundation have an interest in or a signature or other authority over YesNo

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

16 No

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

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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 2019?.............

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 2019, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2019?.............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 2019 as a result of (1) any purchase by the foundation

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

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

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

if the foundation had excess business holdings in 2019.)..................

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 2019?

Form 990-PF (2019)

Page 6

Part VII-B

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

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Part VIII

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

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

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation
D W Grainger	Chairman & Director 20	0
100 Grainger Parkway Lake Forest,IL60045	Chairman & Director 20	0
G J Sinclair	Senior Vice President & Secretary 30	255,606	62,027
100 Grainger Parkway Lake Forest,IL60045	Senior Vice President & Secretary 30	255,606	62,027
W B Hayden	Vice President 4	40,000
100 Grainger Parkway Lake Forest,IL60045	Vice President 4	40,000
C J Bellmore	Treasurer 6	50,000
100 Grainger Parkway Lake Forest,IL60045	Treasurer 6	50,000
J S Chapman	President & Director 15	166,650
150 S Wacker Dr SUITE 2400 Chicago,IL60606	President & Director 15	166,650
Julia Wold	Vice President 6	28,150
1057 East Illinois Road Lake Forest,IL60045	Vice President 6	28,150
J L Howard	Senior Vice President and Director 5	0
100 Grainger Parkway Lake Forest,IL60606	Senior Vice President and Director 5	0
D L Kendall	Vice President and Director 5	50,000
111 S Wacker Dr Chicago,IL60606	Vice President and Director 5	50,000

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 (2019)

Page 7

Part VIII

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

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
Locke Lord LLP	LEGAL	142,575
111 SOUTH WACKER DRIVE CHICAGO,IL60606	LEGAL	142,575
Bank of America	FINANCIAL	535,998
135 SOUTH LA SALLE STREET CHICAGO,IL60603	FINANCIAL	535,998
William Blair	FINANCIAL	80,602
222 WEST ADAMS ST STE 33 CHICAGO,IL60606	FINANCIAL	80,602

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 (2019)

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

395,349,168

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

10,936,369

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

561,565

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

406,847,102

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

406,847,102

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

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

6,102,707

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

400,744,395

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

20,037,220

Part XI

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

and do not complete this part.)

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

20,037,220

Tax on investment income for 2019 from Part VI, line 5......

119,219

Income tax for 2019. (This does not include the tax from Part VI.)...

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

119,219

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

19,918,001

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

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

19,918,001

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

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

19,918,001

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 ..........

128,592,354

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

128,592,354

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

119,219

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

128,473,135

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

Form 990-PF (2019)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2018	(c) 2018	(d) 2019
1 Distributable amount for 2019 from Part XI, line 7					19,918,001
2 Undistributed income, if any, as of the end of 2019:
a Enter amount for 2018 only.......				0
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2019:
a From 2014......	27,972,573
b From 2015......	42,904,880
c From 2016......	39,538,479
d From 2017......	35,155,083
e From 2018......	47,307,056
fTotal of lines 3a through e........		192,878,071
4Qualifying distributions for 2019 from Part
XII, line 4: $ 128,592,354
a Applied to 2018, 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 2019 distributable amount.....					19,918,001
e Remaining amount distributed out of corpus		108,674,353
5 Excess distributions carryover applied to 2019.		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		301,552,424
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 2018. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2019. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2020 ..........					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 2014 not applied on line 5 or line 7 (see instructions) ...		27,972,573
9Excess distributions carryover to 2020. Subtract lines 7 and 8 from line 6a ......		273,579,851
10 Analysis of line 9:
a Excess from 2015....	42,904,880
b Excess from 2016....	39,538,479
c Excess from 2017....	35,155,083
d Excess from 2018....	47,307,056
e Excess from 2019....	108,674,353

Form 990-PF (2019)

Page 10

Part XIV

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

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2019, enter the date of the ruling....... bullet

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) 2019	(b) 2018	(c) 2017	(d) 2016	(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).)

D W GRAINGER

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

NONE

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

Check here bullet

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

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

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

cAny submission deadlines:

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

Form 990-PF (2019)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
SEE ATTACHED SCHEDULE SEE ATTACHED SEE ATTACHED,IL11111	N/A	PC	UNRESTRICTED GENERAL	128,592,354
Total ................................. 3a				128,592,354

bApproved for future payment

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

Form 990-PF (2019)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(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	8,089,759
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	4,653,273
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aEXCISE TAX REFUND			1	373,894
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				13,116,926

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

13,116,926

(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 (2019)

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 (2019)

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