Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 09-01-2020 , and ending 08-31-2021
Name of foundation
FISCHER OWEN ORTHOPEDIC FUND
 
Number and street (or P.O. box number if mail is not delivered to street address)116 ALLEGHENY CENTER MALL P8YB3502L
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
PITTSBURGH, PA15212
A Employer identification number

61-6168361
B Telephone number (see instructions)

(412) 442-3927
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$7,923,995J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 129,609 128,378  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 161,398
b Gross sales price for all assets on line 6a 248,715
7 Capital gain net income (from Part IV, line 2)... 161,398
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).......      
12 Total. Add lines 1 through 11........ 291,007 289,776  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 73,098 69,443   3,655
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 3,620     0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... Click to see attachment 1,044 458   586
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 77,762 69,901 0 4,241
25 Contributions, gifts, grants paid....... 316,444 316,444
26 Total expenses and disbursements. Add lines 24 and 25 394,206 69,901 0 320,685
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -103,199
b Net investment income (if negative, enter -0-) 219,875
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 77,286 25,802 25,802
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet0      
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 137,922 Click to see attachment158,291 289,653
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 4,678,382 Click to see attachment4,602,893 7,608,540
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 4,893,590 4,786,986 7,923,995
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22).........   0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 4,893,590 4,786,986
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)..... 4,893,590 4,786,986
30 Total liabilities and net assets/fund balances (see instructions). 4,893,590 4,786,986
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
4,893,590
2
Enter amount from Part I, line 27a .....................
2
-103,199
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
700
4
Add lines 1, 2, and 3 ..........................
4
4,791,091
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
4,105
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
4,786,986
Form 990-PF (2020)
Form 990-PF (2020)
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 99.174 INVESCO OPPENHEIMER INTERNATIONAL GROWTH FUND CL R6   2013-08-23 2020-09-24
b 845.731 BAIRD INTERMEDIATE BD FD INSTL FD 70   2013-06-14 2020-09-24
c 718.013 BAIRD AGGREGATE BOND FUND FD 72   2017-09-19 2020-09-24
d 75.431 ISHARES S&P 500 INDEX FUND CLASS K   2013-07-10 2020-09-24
e 131.244 BLACKROCK STRATEGIC INCOME OPPORTUNITIES PORTFOLIO   2014-06-20 2020-09-24
111.724 DELAWARE VALUE FUND-R6   2016-12-27 2020-09-24
102.149 DODGE & COX INTERNATIONAL STOCK FUND   2014-02-13 2020-09-24
565.739 DODGE & COX INCOME FUND   2016-06-17 2020-09-24
128. ISHARES CORE DIVIDEND GROWTH ETF   2016-09-23 2020-09-24
102.329 MFS EMERGING MKTS DEBT FD-R6   2018-09-20 2020-09-24
71.742 T ROWE PRICE GROWTH STOCK FUND   2011-06-30 2020-09-24
262.106 PRINCIPAL MIDCAP FUND-R6   2013-02-20 2020-09-24
256.926 PGIM HIGH YIELD FUND CLASS R6   2016-06-17 2020-09-24
21.052 ROWE T PRICE MID-CAP GROWTH FD INC     2020-09-24
55.154 ROWE PRICE NEW HORIZONS FUND INC CAP   2014-12-16 2020-09-24
69.752 ROWE T PRICE VALUE FD INC COM   2013-02-20 2020-09-24
143.309 T ROWE PRICE INSTITUTIONAL FLOATING RATE FUND   2015-09-21 2020-09-24
26. VANGUARD REAL ESTATE ETF   2020-05-18 2020-09-24
6. CABOT CORP   2019-06-03 2020-10-02
10. CORPORATE OFFICE PPTYS TR REIT   2019-06-06 2020-10-02
9. FIRST MERCHANTS CORP     2020-10-02
6. FRANKLIN ELECTRIC INC   2011-05-04 2020-10-02
2. MERITAGE HOMES CORPORATION   2004-10-01 2020-10-02
5. RYDER SYSTEM INC   2020-05-08 2020-10-02
20. STEELCASE INC CL A   2018-09-04 2020-10-02
4. STIFEL FINL CORP   2013-09-27 2020-10-02
6. TIMKEN CO   2006-04-11 2020-10-02
4. ALBANY INTERNATIONAL CORP CL A   2014-05-07 2020-11-16
4. CASELLA WASTE SYS INC   2018-05-22 2020-11-16
10. FORM FACTOR INC   2018-06-04 2020-11-16
3. GATX CORP   2013-04-10 2020-11-16
96. AMERICAN EQUITY INVT LIFE HLDG     2020-11-17
9. CATALENT INC   2016-09-30 2020-11-17
13. DARLING INGREDIENTS INC   2017-09-08 2020-11-17
20. EATON VANCE CORP MERGED 03/01/21 @ $28.25 P/S   2004-10-01 2020-11-17
75. WOLVERINE WORLD WIDE INC COM     2020-12-17
3. WOLVERINE WORLD WIDE INC COM   2018-02-01 2020-12-17
41. ENTEGRIS, INC     2020-12-24
1. PFIZER INC XXX-XX-XXXX   2001-01-01 2021-01-07
10. MONOLITHIC POWER SYSTEMS INC   2013-10-08 2021-01-13
21. COHERENT INC     2021-02-09
75. FLIR SYSTEM INC   2004-10-01 2021-02-19
18. EATON VANCE CORP MERGED 03/01/21 @ $28.25 P/S   2004-10-01 2021-03-02
.499 MORGAN STANLEY   2004-10-01 2021-03-10
15.313 TEMPLETON GLOBAL BOND FUND R6   2014-12-17 2021-03-26
10. MORGAN STANLEY   2004-10-01 2021-03-31
12. MYRIAD GENETICS INC   2019-08-27 2021-04-08
24. MERIDIAN BIOSCIENCE INC   2021-03-12 2021-04-16
9. MYRIAD GENETICS INC   2019-08-27 2021-04-26
7. STEELCASE INC CL A   2018-09-04 2021-04-26
21. MYRIAD GENETICS INC   2019-08-27 2021-05-13
40. SANMINA CORP   2013-10-08 2021-06-04
60. DARLING INGREDIENTS INC   2017-09-08 2021-07-01
3. TELEDYNE TECHNOLOGIES INC   2007-04-26 2021-08-30
CAPITAL GAIN DIVIDENDS P    
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(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 4,565   3,500 1,065
b 10,005   9,481 524
c 8,530   7,855 675
d 29,080   14,976 14,104
e 1,319   1,362 -43
2,087   2,216 -129
3,613   4,350 -737
8,339   7,762 577
4,985   3,562 1,423
1,494   1,421 73
6,154   2,428 3,726
8,065   4,418 3,647
1,354   1,346 8
2,053   1,275 778
4,259   2,319 1,940
2,389   1,986 403
1,360   1,435 -75
2,018   1,893 125
228   247 -19
248   285 -37
220   316 -96
357   131 226
231   79 152
220   176 44
227   294 -67
214   167 47
334   134 200
266   140 126
243   96 147
394   140 254
248   158 90
2,641   1,316 1,325
939   232 707
635   232 403
1,321   405 916
2,359   2,050 309
94   100 -6
3,919   386 3,533
29     29
3,900   302 3,598
4,615   1,199 3,416
4,208   1,109 3,099
509     509
41   17 24
144   179 -35
781   348 433
340   271 69
549   569 -20
270   203 67
98   103 -5
532   474 58
1,687   667 1,020
4,045   1,070 2,975
1,380   137 1,243
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
      108,580
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       1,065
b       524
c       675
d       14,104
e       -43
      -129
      -737
      577
      1,423
      73
      3,726
      3,647
      8
      778
      1,940
      403
      -75
      125
      -19
      -37
      -96
      226
      152
      44
      -67
      47
      200
      126
      147
      254
      90
      1,325
      707
      403
      916
      309
      -6
      3,533
      29
      3,598
      3,416
      3,099
      509
      24
      -35
      433
      69
      -20
      67
      -5
      58
      1,020
      2,975
      1,243
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 161,398
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE
1 Reserved
(a)
Reserved 		(b)
Reserved 		(c)
Reserved 		(d)
Reserved
2
Reserved...........................
2
3
Reserved...........................
3
4
Reserved...........................
4
5
Reserved...........................
5
6
Reserved...........................
6
7
Reserved...........................
7
8
Reserved,..........................
8
Form 990-PF (2020)
Form 990-PF (2020)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Reserved................................ 1 3,056
c All other domestic foundations enter 1.39% 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 3,056
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 3,056
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 2,924
b Exempt foreign organizations—tax withheld at source...... 6b 0
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 2,924
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 132
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet0 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletKY
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletPNC BANK NA Telephone no.bullet (412) 442-3927

    Located atbullet116 ALLEGHENY CENTER MALLPITTSBURGHPA ZIP+4bullet15212
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2020?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2020 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 2020.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    PNC BANK NA TRUSTEE
    15     		73,098    
    116 ALLEGHENY CENTER MALL
    PITTSBURGH,PA15212
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    7,214,904
    b
    Average of monthly cash balances.......................
    1b
    0
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    7,214,904
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    7,214,904
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    108,224
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    7,106,680
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    355,334
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    355,334
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    3,056
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    3,056
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    352,278
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    352,278
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    352,278
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    320,685
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    320,685
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    320,685
    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 (2020)
    Form 990-PF (2020)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2019     		(c)
    2019     		(d)
    2020
    1 Distributable amount for 2020 from Part XI, line 7 352,278
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015...... 3,951
    b From 2016...... 5,216
    c From 2017...... 0
    d From 2018...... 0
    e From 2019...... 0
    fTotal of lines 3a through e........ 9,167
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 320,685
    a Applied to 2019, 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 2020 distributable amount..... 320,685
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2020. 9,167 9,167
    (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 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		22,426
    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 2015 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2016.... 0
    b Excess from 2017.... 0
    c Excess from 2018.... 0
    d Excess from 2019.... 0
    e Excess from 2020.... 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    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 2020, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2020 (b) 2019 (c) 2018 (d) 2017
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    NORTON HEALTHCARE SYSTEM
    224 EAST BROADWAY
    LOUISVILLE,KY402325070     		NONE PC GENERAL SUPPORT 316,444
    Total .................................bullet 3a 316,444
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		         
    4 Dividends and interest from securities....     14 129,609  
    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 ............     		    18 161,398  
    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)..   291,007  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    291,007
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below?
    See instructions.
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2020)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    FISCHER OWEN ORTHOPEDIC FUND
    EIN:
    61-6168361
    Name of Stock End of Year Book Value End of Year Fair Market Value
    COMMON STOCK    
    207410101 CONMED CORP 4,814 6,961
    353514102 FRANKLIN ELECTRIC IN 2,217 7,393
    840441109 SOUTH STATE CORP 3,610 3,429
    860630102 STIFEL FINL CORP 1,838 4,561
    909907107 UNITED BANKSHARES IN 3,726 4,105
    29275Y102 ENERSYS 1,419 5,075
    70509V100 PEBBLEBROOK HOTEL TR 5,358 4,406
    85254J102 STAG INDUSTRIES INC 4,307 5,873
    754730109 RAYMOND JAMES FINANC 912 5,876
    879360105 TELEDYNE TECHNOLOGIE 867 8,804
    007973100 ADVANCED ENERGY INDS 1,941 4,238
    012348108 ALBANY INTERNATIONAL 2,588 4,700
    127055101 CABOT CORP 3,505 4,005
    147448104 CASELLA WASTE SYS IN 3,529 8,657
    148806102 CATALENT INC 2,427 12,261
    237266101 DARLING INGREDIENTS 2,388 9,685
    293712105 ENTERPRISE FINANCIAL 4,153 4,132
    320817109 FIRST MERCHANTS CORP 3,655 4,280
    346375108 FORM FACTOR INC 2,761 7,659
    361448103 GATX CORP 2,585 4,492
    428291108 HEXCEL CORP 3,186 6,125
    440327104 HORACE MANN EDUCATOR 2,261 2,952
    441593100 HOULIHAN LOKEY INC 4,365 8,479
    537008104 LITTELFUSE INC 1,296 6,850
    564563104 MANTECH INTL CORP CL 1,858 4,988
    589584101 MERIDIAN BIOSCIENCE 3,273 2,793
    609839105 MONOLITHIC POWER SYS 423 6,929
    615394202 MOOG INC CLASS A 1,050 2,780
    729132100 PLEXUS CORP 3,679 4,867
    759351604 REINSURANCE GROUP OF 1,283 3,706
    783549108 RYDER SYSTEM INC 2,043 4,610
    801056102 SANMINA CORP 3,321 4,856
    810186106 THE SCOTTS MIRACLE-G 1,917 6,273
    858155203 STEELCASE INC CL A 4,313 3,832
    887389104 TIMKEN CO 2,521 5,589
    898402102 TRUSTMARK CORP 1,856 2,719
    910340108 UNITED FIRE GROUP IN 2,009 1,661
    978097103 WOLVERINE WORLD WIDE 3,891 4,196
    02208R106 ALTRA INDUSTRIAL MOT 2,664 5,036
    03957W106 ARCHROCK INC 2,663 2,104
    12571T100 CMC MATERIALS INC 2,117 6,233
    22002T108 CORPORATE OFFICE PPT 4,222 4,171
    22410J106 CRACKER BARREL OLD C 4,370 5,312
    23291C103 DMC GLOBAL INC 3,105 2,049
    29089Q105 EMERGENT BIOSOLUTION 4,206 4,542
    29362U104 ENTEGRIS, INC 874 7,809
    33767D105 FIRST CASH INC 2,636 6,341
    42234Q102 HEARTLAND FINL USA I 4,724 4,186
    58502B106 MEDNAX INC 5,524 8,156
    59001A102 MERITAGE HOMES CORPO 2,079 5,354
    60855R100 MOLINA HEALTHCARE IN 1,099 7,257
    62855J104 MYRIAD GENETICS INC 3,561 5,439
    70202L102 PARSONS CORP 4,465 3,933
    78573M104 SABRE CORP 4,473 5,694
    N22717107 CORE LABORATORIES N 2,364 1,240

    TY 2020 InvestmentsOtherSchedule2
    Name:
    FISCHER OWEN ORTHOPEDIC FUND
    EIN:
    61-6168361
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    MUTUAL FUNDS - FIXED      
    MUTUAL FUNDS - EQUITY      
    066922204 ISHARES S&P 500 INDE AT COST 904,443 2,436,079
    779578301 T ROWE PRICE VALUE F AT COST 146,607 228,359
    74256W584 PRINCIPAL MIDCAP FUN AT COST 323,450 668,365
    552746364 MFS EMERGING MKTS DE AT COST 85,107 92,283
    74440Y884 PGIM HIGH YIELD FUND AT COST 80,328 85,837
    77958B402 T ROWE PRICE INSTITU AT COST 85,562 83,254
    256206103 DODGE & COX INTERNAT AT COST 261,907 298,489
    256210105 DODGE & COX INCOME F AT COST 467,045 487,550
    741479406 T ROWE PR GROWTH STO AT COST 228,516 516,747
    779556406 T ROWE PR MID CAP GR AT COST 82,506 167,612
    057071854 BAIRD AGGREGATE BOND AT COST 469,698 496,746
    24610C840 DELAWARE VALUE FUND- AT COST 132,297 165,781
    057071805 BAIRD INTERMEDIATE B AT COST 572,253 585,054
    922908553 VANGUARD REAL ESTATE AT COST 109,607 166,019
    09260B382 BLACKROCK STRATEGIC AT COST 87,766 87,840
    779562206 T ROWE PR NEW HORIZO AT COST 141,895 321,619
    46434V621 ISHARES CORE DIVIDEN AT COST 213,150 404,702
    00900W621 INVESCO OPPENHEIMER AT COST 210,756 316,204

    TY 2020 OtherDecreasesSchedule
    Name:
    FISCHER OWEN ORTHOPEDIC FUND
    EIN:
    61-6168361
    Description Amount
    COST BASIS ADJUSTMENT - SALES 2
    RETURN OF CAPITAL ADJUSTMENT 1,728
    2020 TRANSACTION POSTED IN 2021 1,132
    2020 SALES POSTED IN 2021 1,243


    TY 2020 OtherExpensesSchedule
    Name:
    FISCHER OWEN ORTHOPEDIC FUND
    EIN:
    61-6168361
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OTHER EXPENSE (NON-DEDUCTIBLE 586 0   586
    MAP MANAGEMENT FEES 458 458   0


    TY 2020 OtherIncreasesSchedule
    Name:
    FISCHER OWEN ORTHOPEDIC FUND
    EIN:
    61-6168361
    Description Amount
    2019 TRANSACTION POSTED IN 2020 689
    ADJUSTMENT TO INCOME 9
    ROUNDING ADJUSTMENT 2


    TY 2020 TaxesSchedule
    Name:
    FISCHER OWEN ORTHOPEDIC FUND
    EIN:
    61-6168361
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES   0   0
    FEDERAL TAX PAYMENT - PRIOR YE 696 0   0
    FEDERAL ESTIMATES - PRINCIPAL 2,924 0   0