LINCOLN INSTITUTE OF LAND POLICY: Form 990PF, tax year 2013

View the entire original 990 at ProPublica ↗

Organization: LINCOLN INSTITUTE OF LAND POLICY (EIN 86-6021106)
Tax period: 2013-07-01 to 2014-06-30
Filed: 2015-02-16
IRS object ID: 201500479349100505
Schema version: 2013v4.0
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990-PF
Accounting Fees Schedule
Depreciation Schedule
General Explanation Attachment
Investments Corp Bonds Schedule
Investments Corp Stock Schedule
Investments Govt Obligations Sch
Investments Other Schedule2
Land Etc Schedule2
Legal Fees Schedule
Other Assets Schedule
Other Decreases Schedule
Other Expenses Schedule
Other Income Schedule2
Other Increases Schedule
Other Liabilities Schedule
Other Professional Fees Schedule
Taxes Schedule

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2015-02-16T10:03:12-06:00	ReturnTs
Tax Period End	2014-06-30	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	132060851	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	Owen J Flanagan & Co	BusinessNameLine1

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	60 East 42nd Street	AddressLine1
City	New York	City
State	NY	State
ZIP Code	10165	ZIPCode

Field	Value	IRS element (for citing)
Return Type	990PF	ReturnTypeCd
Tax Period Begin	2013-07-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	866021106	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	LINCOLN INSTITUTE OF LAND POLICY	BusinessNameLine1

Field	Value	IRS element (for citing)
Business Name Control	LINC	BusinessNameControlTxt
Phone	6176613016	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	11010 N TATUM BLVD No D101	AddressLine1
City	Phoenix	City
State	AZ	State
ZIP Code	85028	ZIPCode

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	KATHRYN J LINCOLN	PersonNm
Person Title	CHAIRMAN & CIO	PersonTitleTxt
Phone	6176613016	PhoneNum
Signature	2015-02-13	SignatureDt
Discuss With Paid Preparer	Yes (1)	DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	Kevin Sunkel	PreparerPersonNm
PTIN	P00706145	PTIN
Phone	2126822783	PhoneNum

Field	Value	IRS element (for citing)
Tax	2013	TaxYr
Build TS	2016-03-07 17:11:31Z	BuildTS

Form 990-PF IRS990PF

Field	Value	IRS element (for citing)
Organization501c3 Exempt PF	Yes (X)	Organization501c3ExemptPFInd
FMV Assets EOY	$546,402,591	FMVAssetsEOYAmt
Method Of Accounting Other	Yes (X)	MethodOfAccountingOtherInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

Field	Value	IRS element (for citing)
Schedule B Not Required	Yes (X)	ScheduleBNotRequiredInd
Dividends Rev And Expnss	$7,023,514	DividendsRevAndExpnssAmt
Dividends Net Invst Incm	$7,107,622	DividendsNetInvstIncmAmt
Dividends Adj Net Incm	$7,023,514	DividendsAdjNetIncmAmt
Gross Rents Rev And Expnss	$39,607	GrossRentsRevAndExpnssAmt
Gross Rents Adj Net Incm	$39,607	GrossRentsAdjNetIncmAmt
Net Rental Income Or Loss	$39,607	NetRentalIncomeOrLossAmt
Net Gain Sale Ast Rev And Expnss	$26,752,468	NetGainSaleAstRevAndExpnssAmt
Gross Sales Price	$133,102,686	GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm	$26,756,504	CapGainNetIncmNetInvstIncmAmt
Net ST Capital Gain Adj Net Incm	$4,353,855	NetSTCapitalGainAdjNetIncmAmt
Incm Modifications Adj Net Incm	$84,108	IncmModificationsAdjNetIncmAmt
Other Income Rev And Expnss	$81,235	OtherIncomeRevAndExpnssAmt
Other Income Net Invst Incm	$0	OtherIncomeNetInvstIncmAmt
Other Income Adj Net Incm	$81,235	OtherIncomeAdjNetIncmAmt
Total Rev And Expnss	$33,896,824	TotalRevAndExpnssAmt
Total Net Invst Incm	$33,864,126	TotalNetInvstIncmAmt
Total Adj Net Incm	$11,582,319	TotalAdjNetIncmAmt
Comp Ofcr Dir Trst Rev And Expnss	$1,443,851	CompOfcrDirTrstRevAndExpnssAmt
Comp Ofcr Dir Trst Net Invst Incm	$478,735	CompOfcrDirTrstNetInvstIncmAmt
Comp Ofcr Dir Trst Adj Net Incm	$478,735	CompOfcrDirTrstAdjNetIncmAmt
Comp Ofcr Dir Trst Dsbrs Chrtbl	$965,116	CompOfcrDirTrstDsbrsChrtblAmt
Oth Empl Slrs Wgs Rev And Expnss	$3,272,558	OthEmplSlrsWgsRevAndExpnssAmt
Oth Empl Slrs Wgs Net Invst Incm	$1,360	OthEmplSlrsWgsNetInvstIncmAmt
Oth Empl Slrs Wgs Adj Net Incm	$1,360	OthEmplSlrsWgsAdjNetIncmAmt
Oth Empl Slrs Wgs Dsbrs Chrtbl	$3,271,198	OthEmplSlrsWgsDsbrsChrtblAmt
Pension Empl Bnft Rev And Expnss	$1,321,786	PensionEmplBnftRevAndExpnssAmt
Pension Empl Bnft Net Invst Incm	$100,948	PensionEmplBnftNetInvstIncmAmt
Pension Empl Bnft Adj Net Incm	$100,948	PensionEmplBnftAdjNetIncmAmt
Pension Empl Bnft Dsbrs Chrtbl	$1,220,838	PensionEmplBnftDsbrsChrtblAmt
Legal Fees Rev And Expnss	$16,171	LegalFeesRevAndExpnssAmt
Legal Fees Net Invst Incm	$875	LegalFeesNetInvstIncmAmt
Legal Fees Adj Net Incm	$875	LegalFeesAdjNetIncmAmt
Legal Fees Dsbrs Chrtbl	$15,296	LegalFeesDsbrsChrtblAmt
Accounting Fees Rev And Expnss	$67,891	AccountingFeesRevAndExpnssAmt
Accounting Fees Net Invst Incm	$10,260	AccountingFeesNetInvstIncmAmt
Accounting Fees Adj Net Incm	$10,260	AccountingFeesAdjNetIncmAmt
Accounting Fees Chrtbl Prps	$57,631	AccountingFeesChrtblPrpsAmt
Other Prof Fees Rev And Expnss	$2,697,050	OtherProfFeesRevAndExpnssAmt
Other Prof Fees Net Invst Incm	$2,561,005	OtherProfFeesNetInvstIncmAmt
Other Prof Fees Adj Net Incm	$2,561,005	OtherProfFeesAdjNetIncmAmt
Other Prof Fees Dsbrs Chrtbl	$136,045	OtherProfFeesDsbrsChrtblAmt
Interest Rev And Expnss	$154,095	InterestRevAndExpnssAmt
Interest Net Invst Incm	$18,519	InterestNetInvstIncmAmt
Interest Adj Net Incm	$18,519	InterestAdjNetIncmAmt
Interest Dsbrs Chrtbl	$123,956	InterestDsbrsChrtblAmt
Taxes Rev And Expnss	$788,907	TaxesRevAndExpnssAmt
Taxes Net Invst Incm	$158,907	TaxesNetInvstIncmAmt
Taxes Adj Net Incm	$158,907	TaxesAdjNetIncmAmt
Taxes Dsbrs Chrtbl	$630,000	TaxesDsbrsChrtblAmt
Deprec And Dpltn Rev And Expnss	$362,592	DeprecAndDpltnRevAndExpnssAmt
Deprec And Dpltn Net Invst Incm	$22,786	DeprecAndDpltnNetInvstIncmAmt
Deprec And Dpltn Adj Net Incm	$22,786	DeprecAndDpltnAdjNetIncmAmt
Occupancy Rev And Expnss	$439,156	OccupancyRevAndExpnssAmt
Occupancy Net Invst Incm	$48,985	OccupancyNetInvstIncmAmt
Occupancy Adj Net Incm	$59,489	OccupancyAdjNetIncmAmt
Occupancy Dsbrs Chrtbl	$357,851	OccupancyDsbrsChrtblAmt
Trav Conf Meeting Rev And Expnss	$576,398	TravConfMeetingRevAndExpnssAmt
Trav Conf Meeting Net Invst Incm	$36,139	TravConfMeetingNetInvstIncmAmt
Trav Conf Meeting Adj Net Incm	$36,139	TravConfMeetingAdjNetIncmAmt
Trav Conf Meeting Dsbrs Chrtbl	$540,259	TravConfMeetingDsbrsChrtblAmt
Printing And Pub Rev And Expnss	$514,680	PrintingAndPubRevAndExpnssAmt
Printing And Pub Net Invst Incm	$0	PrintingAndPubNetInvstIncmAmt
Printing And Pub Adj Net Incm	$70,736	PrintingAndPubAdjNetIncmAmt
Printing And Pub Dsbrs Chrtbl	$443,944	PrintingAndPubDsbrsChrtblAmt
Other Expenses Rev And Expnss	$6,605,197	OtherExpensesRevAndExpnssAmt
Other Expenses Net Invst Incm	$146,723	OtherExpensesNetInvstIncmAmt
Other Expenses Adj Net Incm	$146,723	OtherExpensesAdjNetIncmAmt
Other Expenses Dsbrs Chrtbl	$6,613,877	OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss	$18,260,332	TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm	$3,585,242	TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Adj Net Incm	$3,666,482	TotOprExpensesAdjNetIncmAmt
Tot Opr Expenses Dsbrs Chrtbl	$14,376,011	TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss	$534,492	ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl	$534,492	ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss	$18,794,824	TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm	$3,585,242	TotalExpensesNetInvstIncmAmt
Total Expenses Adj Net Incm	$3,666,482	TotalExpensesAdjNetIncmAmt
Total Expenses Dsbrs Chrtbl	$14,910,503	TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses	$15,102,000	ExcessRevenueOverExpensesAmt
Net Investment Income	$30,278,884	NetInvestmentIncomeAmt
Adjusted Net Income	$7,915,837	AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

Field	Value	IRS element (for citing)
Cash BOY	$364,577	CashBOYAmt
Cash EOY	$492,290	CashEOYAmt
Cash EOYFMV	$492,290	CashEOYFMVAmt
Sav And Temp Cash Invst BOY	$27,641,764	SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY	$8,262,900	SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV	$8,262,900	SavAndTempCashInvstEOYFMVAmt
US Government Obligations BOY	$10,770,345	USGovernmentObligationsBOYAmt
US Government Obligations EOY	$10,885,040	USGovernmentObligationsEOYAmt
US Govt Obligations EOYFMV	$10,885,040	USGovtObligationsEOYFMVAmt
Corporate Stock BOY	$258,157,104	CorporateStockBOYAmt
Corporate Stock EOY	$313,320,237	CorporateStockEOYAmt
Corporate Stock EOYFMV	$313,320,237	CorporateStockEOYFMVAmt
Corporate Bonds BOY	$30,435,184	CorporateBondsBOYAmt
Corporate Bonds EOY	$29,670,311	CorporateBondsEOYAmt
Corporate Bonds EOYFMV	$29,670,311	CorporateBondsEOYFMVAmt
Other Investments BOY	$132,399,286	OtherInvestmentsBOYAmt
Other Investments EOY	$168,671,107	OtherInvestmentsEOYAmt
Other Investments EOYFMV	$168,671,107	OtherInvestmentsEOYFMVAmt
Land Bldg Equip Cost Or Other Bss	$20,026,928	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$4,935,252	LandBldgEquipAccumDeprecAmt
Land BOY	$12,983,326	LandBOYAmt
Land EOY	$15,091,676	LandEOYAmt
Land EOYFMV	$15,091,676	LandEOYFMVAmt
Other Assets BOY	$0	OtherAssetsBOYAmt
Other Assets EOY	$9,030	OtherAssetsEOYAmt
Other Assets EOYFMV	$9,030	OtherAssetsEOYFMVAmt
Total Assets BOY	$472,751,586	TotalAssetsBOYAmt
Total Assets EOY	$546,402,591	TotalAssetsEOYAmt
Total Assets EOYFMV	$546,402,591	TotalAssetsEOYFMVAmt
Other Liabilities BOY	$10,769,560	OtherLiabilitiesBOYAmt
Other Liabilities EOY	$13,039,790	OtherLiabilitiesEOYAmt
Total Liabilities BOY	$10,769,560	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$13,039,790	TotalLiabilitiesEOYAmt
Organization Follows SFAS117	Yes (X)	OrganizationFollowsSFAS117Ind
Unrestricted BOY	$461,982,026	UnrestrictedBOYAmt
Unrestricted EOY	$533,362,801	UnrestrictedEOYAmt
Tot Net Ast Or Fund Balances BOY	$461,982,026	TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY	$533,362,801	TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY	$472,751,586	TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY	$546,402,591	TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

Field	Value	IRS element (for citing)
Tot Net Ast Or Fund Balances BOY	$461,982,026	TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses	$15,102,000	ExcessRevenueOverExpensesAmt
Other Increases	$56,278,780	OtherIncreasesAmt
Subtotal	$533,362,806	SubtotalAmt
Other Decreases	$5	OtherDecreasesAmt
Tot Net Ast Or Fund Balances EOY	$533,362,801	TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp (11 entries)

PropertyPropertyDesc	How AcquiredHowAcquiredCd	Gross Sales PriceGrossSalesPriceAmt	Cost Or Other BasisCostOrOtherBasisAmt	Gain Or LossGainOrLossAmt	Gains Minus Excess Or LossesGainsMinusExcessOrLossesAmt
PUBLICLY TRADED SECURITIES	P	$66,193,520	$47,137,071	$19,056,449	$19,056,449
PUBLICLY TRADED SECURITIES	P	$50,707,310	$46,356,238	$4,351,072	$4,351,072
CLASS ACTION PROCEEDS	P	$39,792		$39,792	$39,792
MORGAN CREEK PARTNERSHIPS K-1	P	$149,215		$149,215	$149,215
MORGAN CREEK PARTNERSHIPS K-1	P	$2,783		$2,783	$2,783
ARDEN SAGE CLASS DD	P	$14,661,002	$11,958,332	$2,702,670	$2,702,670
ARDEN SAGE CLASS A	P	$1,072,719	$892,420	$180,299	$180,299
INSURANCE STOCK	P	$10,470		$10,470	$10,470
ADJUSTMENT FOR FAIR VALUE AT MERGER	P	$4,036		$4,036	$4,036
CARLYLE PARTNERSHIPS	P	$261,839		$261,839	$261,839
ARDEN SAGE EMERGING MARKETS FUND	P		$2,121	-$2,121	-$2,121

Field	Value	IRS element (for citing)
Capital Gain Net Income	$26,756,504	CapitalGainNetIncomeAmt
Net Short Term Capital Gain Loss	$4,353,855	NetShortTermCapitalGainLossAmt

Qlfy Und Sect4940e Reduced Tax QlfyUndSect4940eReducedTaxGrp

Field	Value	IRS element (for citing)
Liable Section4942 Tax	0	LiableSection4942TaxInd
Adjusted Qlfy Distri Yr1	$14,346,101	AdjustedQlfyDistriYr1Amt
Net Vl Noncharitable Assets Yr1	$429,309,121	NetVlNoncharitableAssetsYr1Amt
Distribution Yr1	0.033417	DistributionYr1Rt
Adjusted Qlfy Distri Yr2	$13,411,119	AdjustedQlfyDistriYr2Amt
Net Vl Noncharitable Assets Yr2	$410,368,652	NetVlNoncharitableAssetsYr2Amt
Distribution Yr2	0.032681	DistributionYr2Rt
Adjusted Qlfy Distri Yr3	$17,884,254	AdjustedQlfyDistriYr3Amt
Net Vl Noncharitable Assets Yr3	$404,360,408	NetVlNoncharitableAssetsYr3Amt
Distribution Yr3	0.044228	DistributionYr3Rt
Adjusted Qlfy Distri Yr4	$13,991,625	AdjustedQlfyDistriYr4Amt
Net Vl Noncharitable Assets Yr4	$367,112,591	NetVlNoncharitableAssetsYr4Amt
Distribution Yr4	0.038113	DistributionYr4Rt
Adjusted Qlfy Distri Yr5	$16,846,013	AdjustedQlfyDistriYr5Amt
Net Vl Noncharitable Assets Yr5	$356,824,941	NetVlNoncharitableAssetsYr5Amt
Distribution Yr5	0.047211	DistributionYr5Rt
Total Distribution	0.195650	TotalDistributionRt
Average Distribution	0.039130	AverageDistributionRt
Net Vl Noncharitable Assets	$496,450,552	NetVlNoncharitableAssetsAmt
Adj Net Vl Noncharitable Assets	$19,426,110	AdjNetVlNoncharitableAssetsAmt
Net Investment Income Pct	$302,789	NetInvestmentIncomePctAmt
Adj Nonchrtbl Net Invst Incm Pct	$19,728,899	AdjNonchrtblNetInvstIncmPctAmt
Qualifying Distributions	$17,226,042	QualifyingDistributionsAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

Field	Value	IRS element (for citing)
Investment Income Excise Tax	$605,578	InvestmentIncomeExciseTaxAmt
Tax Under Section511	$0	TaxUnderSection511Amt
Subtotal	$605,578	SubtotalAmt
Subtitle A Tax	$0	SubtitleATaxAmt
Tax Based On Investment Income	$605,578	TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx	$772,091	EstimatedPlusOvpmtIncmTxAmt
Total Payments And Credits	$772,091	TotalPaymentsAndCreditsAmt
Form2220 Attached	Yes (X)	Form2220AttachedInd
Es Penalty	$6	EsPenaltyAmt
Overpayment	$166,507	OverpaymentAmt
Applied To ES Tax	$166,507	AppliedToESTaxAmt
Refund	$0	RefundAmt

Statements Regarding Acty StatementsRegardingActyGrp

Field	Value	IRS element (for citing)
Legislative Political Acty	0	LegislativePoliticalActyInd
More Than100 Spent	0	MoreThan100SpentInd
Form1120 POL Filed	0	Form1120POLFiledInd
Section4955 Organization Tax	$0	Section4955OrganizationTaxAmt
Section4955 Managers Tax	$0	Section4955ManagersTaxAmt
Tax Reimbursed	$0	TaxReimbursedAmt
Activities Not Previously Rpt	0	ActivitiesNotPreviouslyRptInd
Changes To Articles Or Bylaws	0	ChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over Limit	Yes (1)	UnrelatedBusIncmOverLimitInd
Form990 T Filed	Yes (1)	Form990TFiledInd
Organization Dissolved Etc	0	OrganizationDissolvedEtcInd
Section508e Rqr Satisfied	Yes (1)	Section508eRqrSatisfiedInd
At Least5000 In Assets	Yes (1)	AtLeast5000InAssetsInd
Org Report Or Register State	AZ	OrgReportOrRegisterStateCd
Org Report Or Register State	MA	OrgReportOrRegisterStateCd
Form990 PF Filed With Atty Gen	Yes (1)	Form990PFFiledWithAttyGenInd
Private Operating Foundation	Yes (1)	PrivateOperatingFoundationInd
New Substantial Contributors	0	NewSubstantialContributorsInd
Own Controlled Entity	0	OwnControlledEntityInd
Donor Advised Fund	0	DonorAdvisedFundInd
Comply With Public Insp Rqr	Yes (1)	ComplyWithPublicInspRqrInd
Website Address	WWW.LINCOLNINST.EDU	WebsiteAddressTxt
Individual With Books	Lincoln Institute of Land Policy	IndividualWithBooksNm
Phone	6176613016	PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

Field	Value	IRS element (for citing)
Address Line1	113 Brattle Street	AddressLine1
City	Cambridge	City
State	MA	State
ZIP Code	021383400	ZIPCode

Field	Value	IRS element (for citing)
Foreign Accounts Question	0	ForeignAccountsQuestionInd

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

Field	Value	IRS element (for citing)
Sale Or Exch Disqualified Prsn	0	SaleOrExchDisqualifiedPrsnInd
Brrw Or Lend Disqualified Prsn	0	BrrwOrLendDisqualifiedPrsnInd
Furn Goods Disqualified Prsn	0	FurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified Prsn	Yes (1)	PayCompDisqualifiedPrsnInd
Transfer Ast Disqualified Prsn	0	TransferAstDisqualifiedPrsnInd
Payment To Government Official	0	PaymentToGovernmentOfficialInd
Acts Fail To Qlfy As Exceptions	0	ActsFailToQlfyAsExceptionsInd
Uncorrected Prior Acts	0	UncorrectedPriorActsInd
Undistributed Income PY	0	UndistributedIncomePYInd
Business Holdings	0	BusinessHoldingsInd
Jeopardy Investments	0	JeopardyInvestmentsInd
Uncorrected PY Jeopardy Invst	0	UncorrectedPYJeopardyInvstInd
Influence Legislation	0	InfluenceLegislationInd
Influence Election	0	InfluenceElectionInd
Grants To Individuals	Yes (1)	GrantsToIndividualsInd
Grants To Organizations	0	GrantsToOrganizationsInd
Noncharitable Purpose	0	NoncharitablePurposeInd
Transactions Fail To Qlfy As Exc	0	TransactionsFailToQlfyAsExcInd
Rcv Fnds To Pay Prsnl Bnft Cntrct	0	RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct	0	PayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTransInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (23 entries)

Address Line1USAddress/AddressLine1	CityUSAddress/City	StateUSAddress/State	ZIP CodeUSAddress/ZIPCode	TitleTitleTxt	Average Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRt	CompensationCompensationAmt	Employee Benefit ProgramEmployeeBenefitProgramAmt	Expense Account Other AllwncExpenseAccountOtherAllwncAmt
KATHRYN J LINCOLN
11010 N TATUM BLVD	PHOENIX	AZ	85028	CHAIRMAN AND CIO/ DIRECTOR	37.50	$303,000	$62,329	$0
GREGORY K INGRAM
113 BRATTLE STREET	CAMBRIDGE	MA	02138	CEO AND PRESIDENT/DIRECTOR	37.50	$504,385	$17,980	$0
DENNIS W ROBINSON
113 BRATTLE STREET	CAMBRIDGE	MA	02138	TREAS. & VP-FIN. & OPS.	37.50	$192,021	$61,800	$0
LEVERING F T WHITE
113 BRATTLE STREET	CAMBRIDGE	MA	02138	AST. SEC. & VP ADMIN & HR	37.50	$146,621	$57,112	$0
DIONE A ETTER
11010 N TATUM BLVD	PHOENIX	AZ	85028	SECRETARY	37.50	$102,700	$39,367	$0
DAVID C LINCOLN
11010 N TATUM BLVD	PHOENIX	AZ	85028	ASSIST. TREASURER/DIRECTOR	2.00	$8,250	$0	$0
CAROLINA BARCO
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	3.00	$11,375	$0	$0
ROY W BAHL
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	6.00	$35,000	$0	$0
HENRY COLEMAN
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	3.00	$12,750	$0	$0
ALBERTO HARTH
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	2.00	$6,000	$0	$0
JOHN G LINCOLN III
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	2.00	$6,000	$0	$0
DOUG WHEELER
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	3.00	$11,250	$0	$0
CAROL WHITESIDE
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	2.00	$5,000	$0	$0
ANDREA TAYLOR
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	2.00	$5,250	$0	$0
KENNETH PANG
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	2.00	$8,000	$0	$0
THOMAS BECKER
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	3.00	$15,500	$0	$0
BRUCE LINCOLN
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	2.00	$5,250	$0	$0
BRUCE BABBITT
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	2.00	$6,000	$0	$0
THOMAS NECHYBA
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	2.00	$8,000	$0	$0
JOHANNES LINN
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	6.00	$26,500	$0	$0
JILL SCHURTZ
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	3.00	$13,000	$0	$0
RAPHAEL BOSTIC
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	2.00	$5,000	$0	$0
ANTHONY COYNE
11010 N TATUM BLVD	PHOENIX	AZ	85028	DIRECTOR	2.00	$7,000	$0	$0

Compensation Highest Paid Empl CompensationHighestPaidEmplGrp (5 entries)

Address Line1USAddress/AddressLine1	CityUSAddress/City	StateUSAddress/State	ZIP CodeUSAddress/ZIPCode	TitleTitleTxt	Average Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRt	CompensationCompensationAmt	Employee BenefitsEmployeeBenefitsAmt	Expense AccountExpenseAccountAmt
JOAN YOUNGMAN
113 BRATTLE STREET	CAMBRIDGE	MA	02138	SR. FELLOW	37.50	$239,621	$58,306	$0
MARTIM SMOLKA
113 BRATTLE STREET	CAMBRIDGE	MA	02138	SR. FELLOW	37.50	$191,521	$54,454	$0
ARMANDO CARBONELL
113 BRATTLE STREET	CAMBRIDGE	MA	02138	SR. FELLOW	37.50	$180,521	$54,411	$0
ZHI LIU
113 BRATTLE STREET	CAMBRIDGE	MA	02138	SR. FELLOW	37.50	$135,000	$94,252	$0
ANTHONY FLINT
113 BRATTLE STREET	CAMBRIDGE	MA	02138	FELLOW	37.50	$131,021	$58,999	$0

Field	Value	IRS element (for citing)
Other Employee Paid Over50k	23	OtherEmployeePaidOver50kCnt

Compensation Of Hghst Pd Cntrct CompensationOfHghstPdCntrctGrp (5 entries)

Address Line1USAddress/AddressLine1	CityUSAddress/City	StateUSAddress/State	ZIP CodeUSAddress/ZIPCode	Service TypeServiceTypeTxt	CompensationCompensationAmt
DREMAN VALUE MANAGEMENT
HARBORSIDE FINANCIAL PLAZA 10	JERSEY CITY	NJ	07311	INVESTMENT ADVICE	$499,036
EAGLE CAPITAL MANAGEMENT
499 PARK AVENUE	NEW YORK	NY	10222	INVESTMENT ADVICE	$394,248
MERRILL LYNCH
2555 E CAMELBACK RD	PHOENIX	AZ	85016	INVESTMENT ADVICE	$333,067
SANDS CAPITAL
1101 WILSON BLVD	ARLINGTON	VA	22209	INVESTMENT ADVICE	$257,198
FRED ALGER
360 PARK AVENUE SOUTH	NEW YORK	NY	10010	INVESTMENT ADVICE	$199,931

Field	Value	IRS element (for citing)
Contractor Paid Over50k	12	ContractorPaidOver50kCnt

Summary Of Direct Chrtbl Acty SummaryOfDirectChrtblActyGrp

Field	Value	IRS element (for citing)
Description1	DEPARTMENT OF PLANNING AND URBAN FORM SEE STATEMENT 10 FOR DETAILED DESCRIPTION	Description1Txt
Expenses1	$2,894,386	Expenses1Amt
Description2	DEPARTMENT OF VALUATION AND TAXATION SEE STATEMENT 10 FOR DETAILED DESCRIPTION	Description2Txt
Expenses2	$2,974,293	Expenses2Amt
Description3	PROGRAM ON LATIN AMERICA AND THE CARIBBEAN SEE STATEMENT 10 FOR DETAILED DESCRIPTION	Description3Txt
Expenses3	$2,261,232	Expenses3Amt
Description4	PROGRAM ON PEOPLE'S REPUBLIC OF CHINA SEE STATEMENT 10 FOR DETAILED DESCRIPTION	Description4Txt
Expenses4	$2,158,107	Expenses4Amt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Minimum Investment Return MinimumInvestmentReturnGrp

Field	Value	IRS element (for citing)
Average Monthly FMV Of Sec	$502,574,125	AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances	$583,747	AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast	$852,841	FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets	$504,010,713	TotalFMVOfUnusedAssetsAmt
Reduction Claimed	$0	ReductionClaimedAmt
Acquisition Indebtedness	$0	AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast	$504,010,713	AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable	$7,560,161	CashDeemedCharitableAmt
Net Vl Noncharitable Assets	$496,450,552	NetVlNoncharitableAssetsAmt
Minimum Investment Return	$24,822,528	MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

Field	Value	IRS element (for citing)
Sect4942j3j5 Fndtn And Frgn Org	Yes (X)	Sect4942j3j5FndtnAndFrgnOrgInd

Qualifying Distri Part XII QualifyingDistriPartXIIGrp

Field	Value	IRS element (for citing)
Expenses And Contributions	$14,910,503	ExpensesAndContributionsAmt
Program Related Invst Total	$0	ProgramRelatedInvstTotalAmt
Charitable Assets Acquis Paid	$2,315,539	CharitableAssetsAcquisPaidAmt
Qualifying Distributions	$17,226,042	QualifyingDistributionsAmt
Pct Sect4940e Org Net Invst Incm	$0	PctSect4940eOrgNetInvstIncmAmt
Adjusted Qualifying Distri	$17,226,042	AdjustedQualifyingDistriAmt

Private Operating Foundations PrivateOperatingFoundationsGrp

Field	Value	IRS element (for citing)
Private Operating Fndtn Ruling	2006-11-01	PrivateOperatingFndtnRulingDt
Section4942j3	Yes (X)	Section4942j3Ind

Lessor Adj Net Incm Min Invst Ret LessorAdjNetIncmMinInvstRetGrp

Field	Value	IRS element (for citing)
Current Year	$7,915,837	CurrentYearAmt
Year1	$4,856,267	Year1Amt
Year2	$2,799,914	Year2Amt
Year3	$3,740,388	Year3Amt
Total	$19,312,406	TotalAmt

Pct85 Lessor Adj Incm Or Min Ret Pct85LessorAdjIncmOrMinRetGrp

Field	Value	IRS element (for citing)
Current Year	$6,728,461	CurrentYearAmt
Year1	$4,127,827	Year1Amt
Year2	$2,379,927	Year2Amt
Year3	$3,179,330	Year3Amt
Total	$16,415,545	TotalAmt

Qualifying Distributions QualifyingDistributionsGrp

Field	Value	IRS element (for citing)
Current Year	$17,226,042	CurrentYearAmt
Year1	$14,346,101	Year1Amt
Year2	$13,411,119	Year2Amt
Year3	$18,035,156	Year3Amt
Total	$63,018,418	TotalAmt

Qualifying Distri Not Used Drt QualifyingDistriNotUsedDrtGrp

Field	Value	IRS element (for citing)
Current Year	$0	CurrentYearAmt
Year1	$0	Year1Amt
Year2	$0	Year2Amt
Year3	$0	Year3Amt
Total	$0	TotalAmt

Qualifying Distri Made Drt QualifyingDistriMadeDrtGrp

Field	Value	IRS element (for citing)
Current Year	$17,226,042	CurrentYearAmt
Year1	$14,346,101	Year1Amt
Year2	$13,411,119	Year2Amt
Year3	$18,035,156	Year3Amt
Total	$63,018,418	TotalAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Total Assets Sect4942j3 Bi TotalAssetsSect4942j3BiGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Two Thirds Minimum Invst Ret TwoThirdsMinimumInvstRetGrp

Field	Value	IRS element (for citing)
Current Year	$16,548,352	CurrentYearAmt
Year1	$14,310,304	Year1Amt
Year2	$13,678,955	Year2Amt
Year3	$13,478,680	Year3Amt
Total	$58,016,291	TotalAmt

Total Support TotalSupportGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Public Support Type PublicSupportType

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Largest Support From EO LargestSupportFromEOGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Gross Investment Income GrossInvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Supplementary Information SupplementaryInformationGrp

Field	Value	IRS element (for citing)
Only Contri To Preselected	Yes (X)	OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (36 entries)

Address Line1RecipientUSAddress/AddressLine1	CityRecipientUSAddress/City	StateRecipientUSAddress/State	ZIP CodeRecipientUSAddress/ZIPCode	Recipient RelationshipRecipientRelationshipTxt	Grant Or Contribution PurposeGrantOrContributionPurposeTxt	AmtAmt	Address Line1RecipientForeignAddress/AddressLine1	Address Line2RecipientForeignAddress/AddressLine2	CityRecipientForeignAddress/City	CountryRecipientForeignAddress/Country	Postal CodeRecipientForeignAddress/PostalCode	Address Line2RecipientUSAddress/AddressLine2
David Albouy
1955 N Leavitt	Chicago	IL	60647	none	Urban Land Value: Measurement and Theory	$20,000
Alexander Anas
151 Rollingwood Street	Williamsville	NY	14221	none	Effects of Land Value Taxation:Computable Equilibium-L.A. & Paris	$20,000
Elliott Ash
500 Seminary Row 2A	New York	NY	10027	none	Effects of Property Taxes on Foreclosures and Unemployment	$10,000
Antonio Jos Avendao Arosemena
				none	Bogota: Effects of Urban Ecnomic Structure on Land Use and Price	$11,800	Calle 44 D No 95-30 Interior 8 Apto	402	Bogata	CO
Andres Francisco Baquero-Ruiz
				none	Bogota:Patterns of Indust. Loc. & Relocation:&Factors of Influence	$12,600	Carerra 13A 110-64		Bogota	CO
Kaizo Iwakami Beltrao
				none	Rio De Janeiro:Resident. RE Val. & Dist. Among Hshld. Incm. Groups	$12,000	Ladeira do Joao Homem 43		Rio de Janiero	BR
Jennifer Brodie
238 E Jenkins Avenue	Columbus	OH	43207	none	Factors Influencing Ohio Communities:Just Another Levy?	$10,000
Sandip Chakrabarti
3600 Bagley Avenue	Los Angeles	CA	90034	none	Does Service Reliability Promote Transit Use?	$10,000
Sarah R Cordes
221 Avenue A	New York	NY	10009	none	School Finance Reform-Parental Invst. in Childrenn's Human Capital	$10,000
Meagan M Ehlenz
30 S 22nd Street	Philadelphia	PA	19103	none	The Impacts of University-Led Neighborhood Revitalization	$10,000
Nathan Ela
1455 E 54th	Chicago	IL	60615	none	Urban Farming Possibilities: Cultivating a Commons?	$10,000
Elias Paez Frias
				none	Transportation & Urban Compactness:BRT Corridors in Mexican Cities	$12,720	Islas Bahamas 1541		Mexicali BC	MX	21339
Fundacin Universidad Torcuato Di Tella
					Argentine Municiplaity Regulatory Prac.: Effects on Land, Housing	$38,200	Calle Miones 2177		Buenos Aires	AR
Fundacin Universidad Torcuato Di Tella
					Spatial Issues:Equity & Efficency in 31 Large Cities-Argentina	$10,700	Calle Miones 2177		Buenos Aires	AR
Enrique Gilles
				none	Bogota, Col.: Industrial Locations/Relo. Decision Factors	$11,900	Carerra 10 128-60 Torre 1 Apto 402		Bogota	CO
Adriana Hidalgo Guerrero
				none	Tunja, Col.: Gully Areas-Growth Patterns Vulnerabitity Clim. Change	$24,692	Transcersal 59 No 108-67 Apto 104		Bogota D C	CO
Institute for International Development
2235 Massachusetts Avenue	Cambridge	MA	02140		Increasing Resilience to Climate Change:Informal Settl. Cntrl. Am	$15,880
Luis Inostroza Pino
				none	Climate Change-Lat. Am.: Measuring Local Impact:Trends,Adaptation	$15,300	Lesni 1011		Milovice	EZ
Jeffrey P Cohen
144 Beacon Hill Drive	West Hartford	CT	06117	none	Replacing Sales Tax with Land Tax: Where, What Goods, Why	$10,000
Christos Makridis
5111 E Pasadena	Phoenix	AZ	85018	none	Enviornmental Taxes:Affects on Land Values & Housing Markets	$10,000
Rosa Maria Ramalho Massena
				none	Residential R.E. Value Deteminants in RioDeJaneiro & Dist. Groups	$12,000	Rua Mundo Novo 1100 Casa		Rio de Janeiro	BR
Michael Keith McCall
				none	Local Capacity:Minimize Flood Hazard-in Urban Morelia Mexico	$21,700	Aquiles Serdan 835		Morelia Michoacan	MX
Oswaldo Molina Campodonico
				none	Peru: Loss of Title Fomality-Land Transaction Title Regisration	$17,800	Calle Las Laderas 429		Surco Lima	PE
The Marshall University Foundation Inc
519 John Marshall Drive	Huntington	WV	25703	none	State & Local Ad Valorem Taxation of Mineral Interests	$20,000
Dusan J C Paredes Araya
				none	Chile:Demand for Housing Attributes-Insights on Price & Income	$10,000	Avenida Corro Parananl 320		Antofagasta	CI
Jose Joaquin Prieto
205 Waldon Street	Cambridge	MA	02140	none	Santiago 2002-11:Low Income Famalies-Residential Location Prfrncs	$21,000
Resources for the Future
1616 P Street NW	Washington	DC	200361400	none	Beijing:Study Housing & Trans.-Using Existing Lg. Survey Dataset	$12,000
Maria Edisa Soppelsa
5405 Tuckerman Lane	North Bethesda	MD	20852	none	State Tax Breaks for Conservation: Do They Work	$10,000
Tufts University
169 Holland Street	Medford	MA	02144		China: Long Term Investment Financing for Urban Infrastructure	$17,200
Universidad de los Andes
					Bogata:Low Income Household Access as Choice Factor-Residntal Loc	$15,000	Carrera 1 este 19A-40		Bogota	CO
Regents of the University of Michigan
2044 Wolverine Tower	Ann Arbor	MI	481091382		Urban Land Value: Measurement and Theroy	$10,000
Robert Morris University
6001 University Boulevard Revere	Moon Township	PA	15108		The Pennsylvania Experience: Effects of Two-Rate Property Tax	$10,000						Center
Robert Morris University
6001 University Boulevard Revere	Moon Township	PA	15108		Penn:Spillover Effects- Two Rate Prop. Tax- Zero Sum or Win-Win	$20,000						Center
David Vetter
				none	Brazilian Mun:Reducing Infrastructure Deficit using Value Capture	$32,000	Rua Kopke 794		Petropolis	BR
Shu Wang
4239 N Kedvale Avenue	Chicago	IL	60641	none	Loc. Govt. Finance:Effect of Tax&Ependiture Evolution-Legal Approach	$10,000
Pengju Zhang
5800 Stonegate Heights	Jamesville	NY	13078	none	Three Essays on Capitalization Issues in Local Public Finance	$10,000

Field	Value	IRS element (for citing)
Total Grant Or Contri Pd Dur Yr	$534,492	TotalGrantOrContriPdDurYrAmt
Total Grant Or Contri Apprv Fut	$0	TotalGrantOrContriApprvFutAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Program Service Rev Part VII ProgramServiceRevPartVIIGrp (4 entries)

DescDesc	Related Or Exempt Function IncmRelatedOrExemptFunctionIncmAmt
PUBLICATIONS	$70,736
SONORAN INSTITUTE	$4,884
EMPLOYEE PARKING	$5,040
OTHER	$575

Div And Int From Sec Part VII DivAndIntFromSecPartVIIGrp

Field	Value	IRS element (for citing)
Exclusion	14	ExclusionCd
Exclusion	$7,023,514	ExclusionAmt

Net Rntl Incm Re Debt Fincd Prop NetRntlIncmReDebtFincdPropGrp

Field	Value	IRS element (for citing)
Business	531120	BusinessCd
Unrelated Business Taxbl Incm	$39,607	UnrelatedBusinessTaxblIncmAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

Field	Value	IRS element (for citing)
Exclusion	18	ExclusionCd
Exclusion	$26,752,468	ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

Field	Value	IRS element (for citing)
Unrelated Business Taxbl Incm	$39,607	UnrelatedBusinessTaxblIncmAmt
Exclusion	$33,775,982	ExclusionAmt
Related Or Exempt Function Incm	$81,235	RelatedOrExemptFunctionIncmAmt

Field	Value	IRS element (for citing)
Total Income Producing Acty	$33,896,824	TotalIncomeProducingActyAmt

Rln Of Acty To Accom Of Exmpt Prps RlnOfActyToAccomOfExmptPrpsGrp

Rln Of Acty To Accom Of Exmpt Prps RlnOfActyToAccomOfExmptPrpsGrp (4 entries)

Line NumberLineNumberTxt	Relationship StatementRelationshipStatementTxt
1A	SALES OF SCHOLARLY PUBLICATIONS IN VARIOUS PROGRAM AREAS
1B	CHARGE FOR OCCUPANCY BY NON-PROFIT ENGAGED IN JOINT PROGRAM
1C	PARKING PROVIDED FOR EMPLOYEE CONVENIENCE
1D	USE OF CLASSROOM SPACE BY CHARITABLE ORGANIZATION ENGAGED IN EDUCATION

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

Field	Value	IRS element (for citing)
Trnsfr Of Cash To Nonchrtbl EO	0	TrnsfrOfCashToNonchrtblEOInd
Trnsfr Other Asset Nonchrtbl EO	0	TrnsfrOtherAssetNonchrtblEOInd
Sales Or Exchanges Of Assets	0	SalesOrExchangesOfAssetsInd
Purchase Of Assets Nonchrtbl EO	0	PurchaseOfAssetsNonchrtblEOInd
Rental Of Facilities Oth Assets	0	RentalOfFacilitiesOthAssetsInd
Reimbursement Arrangements	0	ReimbursementArrangementsInd
Loans Or Loan Guarantees	0	LoansOrLoanGuaranteesInd
Performance Of Services Etc	0	PerformanceOfServicesEtcInd
Sharing Of Facilities Etc	0	SharingOfFacilitiesEtcInd
Relationships Nonchrtbl EO	0	RelationshipsNonchrtblEOInd

Accounting Fees Schedule AccountingFeesSchedule

Accounting Fees Detail AccountingFeesDetail (3 entries)

CategoryCategoryTxt	AmtAmt	Net Investment IncomeNetInvestmentIncomeAmt	Adjusted Net IncomeAdjustedNetIncomeAmt	Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt
KPMG - CHINA PROGRAM AUDIT	$16,592	$0	$0	$16,592
OWEN J. FLANAGAN & CO, CPAS	$48,885	$10,260	$10,260	$38,625
UTICA INSURANCE CO.	$2,414	$0	$0	$2,414

Depreciation Schedule DepreciationSchedule

Depreciation Property DepreciationPropertyGrp (9 entries)

PropertyPropertyDesc	Cost Or Other BasisCostOrOtherBasisAmt	Prior Year DepreciationPriorYearDepreciationAmt	Computation MethodComputationMethodTxt	Current Year ExpenseCurrentYearExpenseAmt	Net Investment IncomeNetInvestmentIncomeAmt	Adjusted Net IncomeAdjustedNetIncomeAmt
LAND AND BUILDINGS, BRATTLE STREET, CAMBRIDGE	$10,082,406	$4,051,021	VAR	$278,483	$0	$0
FURNITURE	$151,848	$151,848	VAR	$0	$0	$0
OFFICE CONDO - PHOENIX	$2,119,729	$277,920	VAR	$56,526	$0	$0
CONDOMINIUM IMPROVEMENTS - PHOENIX	$389,901	$63,902	VAR	$12,997	$0	$0
CONDOMINIUM IMPROVEMENTS - PHOENIX	$30,980	$3,226	VAR	$1,106	$0	$0
CONDOMINIUM IMPROVEMENTS - PHOENIX	$43,809	$24,743	VAR	$13,480	$0	$0
PHILLIPS PLACE, CAMBRIDGE - LAND	$2,500,000		VAR	$0	$0	$0
PHILLIPS PLACE, CAMBRIDGE - BUILDINGS	$1,550,255		VAR	$0	$0	$0
PHILLIPS PLACE, CAMBRIDGE - CAPITALIZED EXP	$3,158,000		VAR	$0	$0	$0

General Explanation Attachment GeneralExplanationAttachment

General Explanation GeneralExplanationGrp (3 entries)

Form And Line ReferenceFormAndLineReferenceDesc	Medium ExplanationMediumExplanationTxt	IdentifierIdentifierTxt
990 PF- SUMMARY OF DIRECT CHARITABLE ACTIVITIES - PART IX-A	THE DEPARTMENT OF VALUATION AND TAXATION EXAMINES ISSUES OF LAND TAXATION, PROPERTY TAXATION, THE VALUATION PROCESS AND LOCAL PUBLIC FINANCE, BRINGING TOGETHER FOR TRAINING AND POLICY ANALYSIS SCHOLARS INTERESTED IN PRACTICAL APPLICATIONS OF THEIR RESEARCH AND PUBLIC OFFICIALS SEEKING A WIDER PERSPECTIVE ON THEIR POLICY DECISIONS.THE DEPARTMENT OF PLANNING AND URBAN FORM ADDRESSES ISSUES IN LAND POLICY, PLANNING AND THE ENVIRONMENT AT THE METROPOLITAN, MEGAREGIONAL, AND NATIONAL SCALES. MAJOR TOPICS INCLUDE NATIONAL INFRASTRUCTURE PLANNING, LANDSCAPE-SCALE CONSERVATION, CLIMATE CHANGE ADAPTATION, LAND AND NATURAL RESOURCE POLICIES IN THE WESTERN STATES, AND THE DEVELOPMENT AND IMPROVEMENT OF PLANNING TOOLS.THE PROGRAM ON LATIN AMERICA AND THE CARIBBEAN CARRIES OUT RESEARCH, POLICY ANALYSIS, AND TRAINING ON CORE TOPICS INCLUDING: VALUE CAPTURE; PROPERTY TAXATION, ASSESSMENTS, AND CADASTRES; INFORMALITY, REGULARIZATION, AND LAND MARKETS; ANALYSIS OF URBAN LAND MARKETS; AND LEGAL ASPECTS OF LAND POLICY.THE INSTITUTES'S CHINA PROGRAM BRINGS TOGETHER INTERNATIONAL EXPERTS, POLICY MAKERS, AND SCHOLARS TO PARTICIPATE IN RESEARCH, TRAINING AND PILOT PROJECTS ON URBAN EXPANSION AND LAND POLICY REFORM; PROPERTY TAXATION AND LOCAL PUBLIC FINANCE; AND URBAN DEVELOPMENT AND ENVIRONMENTAL POLICY. THE PEKING UNIVERSITY-LINCOLN INSTITUTE CENTER FOR URBAN DEVELOPMENT AND LAND POLICY PROVIDES AN ON THE GROUND PRESENCE IN CHINA THAT ENHANCES THE PROGRAM'S EFFECTIVENESS.
PART XV LINE 2	FOR INFORMATION REGARDING FELLOWSHIPS/DISSERTATIONS/RFP'S INCLUDING APPLICATIONS, SUBMISSIONS AND DEADLINES, PLEASE SEE WWW.LINCOLNINST.EDU.	FELLOWSHIPS/DISSERTATIONS/RFP'S
FORM 990PF - GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR - PART XV	PROGRAM RELATED GRANTS PAID DURING THE YEAR REPRESENT FELLOWSHIPS/DISSERTATIONS/RFP'S OF $10,000 OR MORE FOR WHICH THE INSTITUTE MAINTAINS ACTIVE INVOLVEMENT.AMOUNTS UNDER $10,000 ARE INCLUDED IN STATEMENT 8.

Investments Corp Bonds Schedule InvestmentsCorpBondsSchedule

Investments Corporate Bonds InvestmentsCorporateBondsGrp (221 entries)

BondBondNm	EOY Book ValueEOYBookValueAmt	EOYFMVEOYFMVAmt
$ 45000 ABB FINANCE USA INC COMPANY GUARNT GLB 02.875% MAY 08 2022	$44,683	$44,683
$ 260000 ABBVIE INC GLB 01.200% NOV 06 2015	$261,755	$261,755
$ 50000 ABBVIE INC GLB 01.750% NOV 06 2017	$50,273	$50,273
$ 35000 ABBVIE INC GLB 02.900% NOV 06 2022	$33,846	$33,846
$ 80000 AETNA INC GLB 02.750% NOV 15 2022	$77,282	$77,282
$ 50000 AETNA INC GLB 04.750% MAR 15 2044	$52,564	$52,564
$ 30000 ALTERA CORP GLB 01.750% MAY 15 2017	$30,335	$30,335
$ 35000 ALTERA CORP GLB 02.500% NOV 15 2018	$35,538	$35,538
$ 40000 AMERICAN EXPRESS CO GLB 04.050% DEC 03 2042	$38,496	$38,496
$ 65000 AMERICAN EXPRESS CREDIT GLB 01.300% JUL 29 2016	$65,541	$65,541
$ 95000 AMERICAN EXPRESS CREDIT GLB 02.125% MAR 18 2019	$95,404	$95,404
$ 310000 AMERICAN EXPRESS CREDIT SER MTN GLB 01.750% JUN 12 2015	$313,930	$313,930
$ 225000 AMGEN INC GLB 01.250% MAY 22 2017	$224,800	$224,800
$ 55000 ANALOG DEVICES - 03.000% APR 15 2016	$57,017	$57,017
$ 315000 ANHEUSER-BUSCH INBEV FIN COMPANY GUARNT GLB 00.800% JAN 15 2016	$316,327	$316,327
$ 340000 APPLE INC GLB 00.450% MAY 03 2016	$339,275	$339,275
$ 125000 APPLE INC GLB 02.400% MAY 03 2023	$118,086	$118,086
$ 70000 APPLIED MATERIALS INC - 02.650% JUN 15 2016	$72,470	$72,470
$ 95000 AT&T INC GLB 00.800% DEC 01 2015	$95,248	$95,248
$ 345000 AT&T INC GLB 02.950% MAY 15 2016	$358,571	$358,571
$ 60000 BANK OF AMERICA CORP 7.625% DUE 6/1/2019	$74,111	$74,111
$ 60000 BANK OF AMERICA CORP GLB 02.600% JAN 15 2019	$60,706	$60,706
$ 500000 BANK OF AMERICA CORP SER 1 03.750% JUL 12 2016	$525,980	$525,980
$ 130000 BANK OF AMERICA CORP SER MTN 05.000% JAN 21 2044	$137,921	$137,921
$ 100000 BANK OF NEW YORK MELLON SER MTN 02.200% MAR 04 2019	$100,872	$100,872
$ 115000 BANK OF NEW YORK MELLON SER MTN 02.300% JUL 28 2016	$118,600	$118,600
$ 70000 BAXTER INTERNATIONAL INC GLB 01.850% JUN 15 2018	$70,107	$70,107
$ 240000 BEAR STEARNS CO INC GLB 07.250% FEB 01 2018	$285,618	$285,618
$ 55000 BECTON DICKINSON - 03.250% NOV 12 2020	$57,182	$57,182
$ 65000 BERKSHIRE HATHAWAY FIN COMPANY GUARNT GLB 00.950% AUG 15 2016	$65,349	$65,349
$ 50000 BHP BILLITON FIN USA LTD COMPANY GUARNT GLB 01.625% FEB 24 2017	$50,876	$50,876
$ 180000 BMW VEHICLE OWN ABS 2013 A A3 00.670%NOV27 17 AMORTIZED FCR 1.0	$180,218	$180,218
$ 45000 BOSTON PROPERTIES LP - 03.125% SEP 01 2023	$43,700	$43,700
$ 225000 BRANCH BANKING & TRUST SER BKNT 01.450% OCT 03 2016	$227,440	$227,440
$ 95000 BRANCH BANKING & TRUST SER BKNT 01.450% OCT 03 2016	$96,031	$96,031
$ 95000 BS COMML MTGE CMO 2006 PW13 A4 05.540%SEP11 41 AMORTIZED FCR .	$98,473	$98,473
$ 200000 BS COMML MTGE CMO 2006 PW14 A4 05.201%DEC11 38 AMORTIZED FCR	$217,218	$217,218
$ 40000 BURLINGTN NORTH SANTA FE - 07.950% AUG 15 2030	$56,096	$56,096
$ 225000 CANADIAN IMPERIAL BANK GLB 00.900% OCT 01 2015	$226,105	$226,105
$ 215000 CAPITAL AUTO RE ABS 2013 4 A3 01.090%MAR20 18 AMORTIZED FCR 1.0	$215,704	$215,704
$ 120000 CAPITAL AUTO RE ABS 2013 4 A3 01.090%MAR20 18 AMORTIZED FCR 1.0	$120,393	$120,393
$ 70000 CAPITAL ONE FINANCIAL CO - 02.450% APR 24 2019	$70,657	$70,657
$ 65000 CARDINAL HEALTH INC GLB 03.200% MAR 15 2023	$64,432	$64,432
$ 230000 CAREFUSION CORP GLB 01.450% MAY 15 2017	$229,827	$229,827
$ 55000 CAREFUSION CORP GLB 03.875% MAY 15 2024	$55,569	$55,569
$ 80000 CATERPILLAR FINANCIAL SE SER MTN 01.625% JUN 01 2017	$81,266	$81,266
$ 190000 CATERPILLAR INC GLB 00.950% JUN 26 2015	$191,150	$191,150
$ 70000 CATERPILLAR INC GLB 03.400% MAY 15 2024	$70,797	$70,797
$ 215000 CELGENE CORP - 02.450% OCT 15 2015	$219,237	$219,237
$ 25000 CELGENE CORP GLB 05.250% AUG 15 2043	$27,169	$27,169
$ 225000 CISCO SYSTEMS INC GLB 01.100% MAR 03 2017	$225,700	$225,700
$ 70000 CISCO SYSTEMS INC GLB 02.125% MAR 01 2019	$70,544	$70,544
$ 345000 CITIBANK CREDIT ABS 2013 A3 A3 01.110%JUL23 18 AMORTIZED FCR 1.	$347,036	$347,036
$ 105000 CITIBANK CREDIT ABS 2013 A3 A3 01.110%JUL23 18 AMORTIZED FCR 1.	$105,620	$105,620
$ 65000 CITIGROUP INC GLB 01.700% JUL 25 2016	$65,854	$65,854
$ 110000 CITIGROUP INC GLB 08.500% MAY 22 2019	$140,601	$140,601
$ 245000 COCA-COLA CO/THE GLB 00.750% NOV 01 2016	$244,778	$244,778
$ 65000 COMCAST CORP COMPANY GUARNT 05.150% MAR 01 2020	$74,487	$74,487
$ 105000 COMCAST CORP COMPANY GUARNT GLB 05.875% FEB 15 2018	$121,044	$121,044
$ 495000 CONAGRA FOODS INC GLB 01.300% JAN 25 2016	$499,112	$499,112
$ 20000 CONAGRA FOODS INC GLB 03.200% JAN 25 2023	$19,277	$19,277
$ 95000 CONOCOPHILLIPS COMPANY COMPANY GUARNT GLB 01.050% DEC 15 2017	$94,085	$94,085
$ 105000 COOPER US INC COMPANY GUARNT 03.875% DEC 15 2020	$111,177	$111,177
$ 365000 COSTCO WHOLESALE CORP GLB 00.650% DEC 07 2015	$366,329	$366,329
$ 70000 CUMMINS INC - 03.650% OCT 01 2023	$72,633	$72,633
$ 225000 CVS CAREMARK CORP - 01.200% DEC 05 2016	$226,375	$226,375
$ 35000 DCP MIDSTREAM OPERATING COMPANY GUARNT 02.700% APR 01 2019	$35,452	$35,452
$ 35000 DCP MIDSTREAM OPERATING COMPANY GUARNT GLB 05.600% APR 01 2044	$38,666	$38,666
$ 55000 DELMARVA PWR & LIGHT CO 1ST MORTGAGE 03.500% NOV 15 2023	$56,500	$56,500
$ 70000 DELPHI CORP COMPANY GUARNT 04.150% MAR 15 2024	$72,684	$72,684
$ 20000 DIRECTV HOLDINGS LLC COMPANY GUARNT GLB 06.350% MAR 15 2040	$24,145	$24,145
$ 30000 DOW CHEMICAL CO/THE GLB 03.000% NOV 15 2022	$29,506	$29,506
$ 50000 DOW CHEMICAL CO/THE GLB 04.250% NOV 15 2020	$54,355	$54,355
$ 35000 EATON CORP COMPANY GUARNT GLB 02.750% NOV 02 2022	$33,890	$33,890
$ 60000 EBAY INC GLB 01.350% JUL 15 2017	$60,283	$60,283
$ 90000 EMC CORP GLB 01.875% JUN 01 2018	$90,595	$90,595
$ 55000 ENABLE MIDSTREAM PARTNER 144A 03.900% MAY 15 2024	$54,883	$54,883
$ 55000 ENERGY TRANSFER PARTNERS - 04.150% OCT 01 2020	$58,147	$58,147
$ 50000 ENTERPRISE PRODUCTS OPER COMPANY GUARNT GLB 06.125% OCT 15 2039	$60,898	$60,898
$ 30000 ERP OPERATING LP - 03.000% APR 15 2023	$29,259	$29,259
$ 205000 EXPRESS SCRIPTS HOLDING COMPANY GUARNT GLB 02.650% FEB 15 2017	$212,975	$212,975
$ 255000 FIFTH THIRD BANCORP SER BNKT 01.150% NOV 18 2016	$255,824	$255,824
$ 315000 FORD CREDIT AUT ABS 2013 A A3 00.600%MAR15 16 AMORTIZED FCR 1.0	$315,422	$315,422
$ 230000 FORD CREDIT AUT ABS 2013 D A3 00.670%APR15 18 AMORTIZED FCR 1.0	$230,064	$230,064
$ 50000 FORD CREDIT AUT ABS 2014 A A4 00.900%JUN15 17 AMORTIZED FCR 1.00	$50,120	$50,120
$ 50000 GENERAL ELEC CAP CORP NOTES 05.875% JAN 14 2038	$60,660	$60,660
$ 110000 GENERAL ELEC CAP CORP SER GMTN GLB 03.150% SEP 07 2022	$110,503	$110,503
$ 430000 GENERAL ELEC CAP CORP SER MTN 03.350% OCT 17 2016	$453,693	$453,693
$ 25000 GENERAL ELEC CAP CORP SUBORDINATED GLB 05.300% FEB 11 2021	$28,428	$28,428
$ 25000 GENZYME CORP COMPANY GUARNT GLB 05.000% JUN 15 2020	$28,452	$28,452
$ 235000 GILEAD SCIENCES INC GLB 02.400% DEC 01 2014	$236,911	$236,911
$ 70000 GILEAD SCIENCES INC GLB 04.800% APR 01 2044	$73,864	$73,864
$ 215000 GLAXOSMITHKLINE CAPITAL COMPANY GUARNT GLB 01.500% MAY 08 2017	$217,453	$217,453
$ 145000 GLAXOSMITHKLINE CAPITAL COMPANY GUARNT GLB 01.500% MAY 08 2017	$146,654	$146,654
$ 200000 GOLDMAN SACHS GROUP INC GLB 03.300% MAY 03 2015	$204,442	$204,442
$ 100000 GOLDMAN SACHS GROUP INC GLB 05.950% JAN 18 2018	$113,605	$113,605
$ 40000 HALLIBURTON COMPANY - 03.250% NOV 15 2021	$41,374	$41,374
$ 50000 HALLIBURTON COMPANY - 03.250% NOV 15 2021	$51,718	$51,718
$ 60000 HCP INC - 05.375% FEB 01 2021	$68,247	$68,247
$ 40000 HEALTH CARE REIT INC - 05.250% JAN 15 2022	$44,864	$44,864
$ 40000 HEALTH CARE REIT INC GLB 04.125% APR 01 2019	$43,028	$43,028
$ 280000 HERSHEY COMPANY - 01.500% NOV 01 2016	$285,138	$285,138
$ 30000 HOME DEPOT INC GLB 02.700% APR 01 2023	$29,118	$29,118
$ 70000 HONDA AUTO RECE ABS 2011 2 A4 01.550%AUG18 17 AMORTIZED FCR .897	$62,965	$62,965
$ 200000 HSBC USA INC GLB 02.375% FEB 13 2015	$202,487	$202,487
$ 85000 HUMANA INC GLB 03.150% DEC 01 2022	$83,418	$83,418
$ 255000 HYUNDAI AUTO RE ABS 2013 C A3 01.010%FEB15 18 AMORTIZED FCR 1.0	$256,524	$256,524
$ 155000 HYUNDAI AUTO RE ABS 2014 A A3 00.790%JUL16 18 AMORTIZED FCR 1.0	$155,339	$155,339
$ 65000 HYUNDAI AUTO RE ABS 2014 A A3 00.790%JUL16 18 AMORTIZED FCR 1.00	$65,142	$65,142
$ 365000 IBM CORP - 01.950% JUL 22 2016	$374,570	$374,570
$ 105000 INTEL CORP GLB 01.350% DEC 15 2017	$105,029	$105,029
$ 45000 INTEL CORP GLB 03.300% OCT 01 2021	$46,597	$46,597
$ 75000 JOHN DEERE CAPITAL CORP GLB 01.300% MAR 12 2018	$74,223	$74,223
$ 65000 JOHN DEERE CAPITAL CORP SER FIX 01.050% OCT 11 2016	$65,315	$65,315
$ 215000 JOHN DEERE CAPITAL CORP SER MTN 01.850% SEP 15 2016	$219,897	$219,897
$ 180000 JOHNSON CONTROLS INC GLB 01.400% NOV 02 2017	$179,874	$179,874
$ 140000 JPMBB COMMERCIA CMO 2013 C12 ASB 03.157%JUL15 45 AMORTIZED FCR	$144,261	$144,261
$ 265000 JPMORGAN CHASE & CO GLB 03.450% MAR 01 2016	$276,533	$276,533
$ 205000 KEY BANK NA SER BKNT 01.100% NOV 25 2016	$205,775	$205,775
$ 30000 KEYCORP SER MTN 05.100% MAR 24 2021	$33,993	$33,993
$ 240000 L-3 COMMUNICATIONS CORP COMPANY GUARNT GLB 01.500% MAY 28 2017	$240,329	$240,329
$ 40000 L-3 COMMUNICATIONS CORP COMPANY GUARNT GLB 03.950% MAY 28 2024	$40,273	$40,273
$ 160000 LOEWS CORP - 05.250% MAR 15 2016	$172,146	$172,146
$ 35000 LOWE'S COMPANIES INC GLB 03.875% SEP 15 2023	$36,906	$36,906
$ 35000 LYB INTL FINANCE BV COMPANY GUARNT 04.000% JUL 15 2023	$36,744	$36,744
$ 55000 MASTERCARD INC GLB 03.375% APR 01 2024	$55,817	$55,817
$ 35000 MCKESSON CORP GLB 01.292% MAR 10 2017	$35,092	$35,092
$ 50000 MERCEDES-BENZ A ABS 2013 B A4 00.760%JUL15 19 AMORTIZED FCR 1.00	$50,123	$50,123
$ 130000 MERCEDES-BENZ A ABS 2014 A A4 00.900%DEC16 19 AMORTIZED FCR 1.0	$130,318	$130,318
$ 160000 MERCEDES-BENZ A ABS 2014 A A4 00.900%DEC16 19 AMORTIZED FCR 1.0	$160,390	$160,390
$ 65000 MORGAN STANLEY GLB 01.750% FEB 25 2016	$65,923	$65,923
$ 65000 MORGAN STANLEY GLB 03.750% FEB 25 2023	$66,123	$66,123
$ 380000 MORGAN STANLEY GLB 03.800% APR 29 2016	$398,973	$398,973
$ 225000 MYLAN INC GLB 01.350% NOV 29 2016	$225,376	$225,376
$ 70000 NATIONAL RURAL UTILITIES COLLATERAL TRUST 05.450% APR 10 2017	$78,138	$78,138
$ 230000 NORTHERN STATES PWR-MINN 1ST MORTGAGE 01.950% AUG 15 2015	$234,110	$234,110
$ 70000 NUCOR CORP - 04.125% SEP 15 2022	$73,520	$73,520
$ 80000 ORACLE CORP GLB 01.200% OCT 15 2017	$79,893	$79,893
$ 35000 PACCAR FINANCIAL CORP SER MTN 01.100% JUN 06 2017	$34,965	$34,965
$ 175000 PACCAR FINANCIAL CORP SER MTN 01.150% AUG 16 2016	$176,307	$176,307
$ 65000 PACCAR FINANCIAL CORP SER MTN 01.150% AUG 16 2016	$65,486	$65,486
$ 50000 PENTAIR FINANCE SA COMPANY GUARNT GLB 03.150% SEP 15 2022	$48,879	$48,879
$ 245000 PEPSICO INC - 02.500% MAY 10 2016	$253,555	$253,555
$ 25000 PETROBRAS INTL FIN CO COMPANY GUARNT GLB 03.500% FEB 06 2017	$25,663	$25,663
$ 20000 PETROBRAS INTL FIN CO COMPANY GUARNT GLB 06.875% JAN 20 2040	$20,950	$20,950
$ 65000 PHILIPS ELECTRONICS NV GLB 05.750% MAR 11 2018	$74,129	$74,129
$ 210000 PHILLIPS 66 COMPANY GUARNT GLB 01.950% MAR 05 2015	$212,102	$212,102
$ 60000 PHILLIPS 66 COMPANY GUARNT GLB 02.950% MAY 01 2017	$62,882	$62,882
$ 75000 PHILLIPS 66 COMPANY GUARNT GLB 04.300% APR 01 2022	$81,173	$81,173
$ 105000 PHILLIPS PETROLEUM CO - 06.650% JUL 15 2018	$125,192	$125,192
$ 35000 PLAINS ALL AMER PIPELINE GLB 04.700% JUN 15 2044	$35,473	$35,473
$ 65000 PNC FUNDING CORP BANK GUARANTEED 04.250% SEP 21 2015	$67,866	$67,866
$ 65000 PNC FUNDING CORP BANK GUARANTEED GLB 03.300% MAR 08 2022	$66,288	$66,288
$ 185000 PRECISION CASTPARTS CORP GLB 00.700% DEC 20 2015	$185,392	$185,392
$ 100000 PRECISION CASTPARTS CORP GLB 00.700% DEC 20 2015	$100,212	$100,212
$ 325000 PROCTER & GAMBLE CO/THE GLB 01.800% NOV 15 2015	$331,279	$331,279
$ 230000 PRUDENTIAL FINANCIAL INC SER MTN 03.875% JAN 14 2015	$234,262	$234,262
$ 35000 PSI ENERGY INC - 06.050% JUN 15 2016	$38,435	$38,435
$ 415000 RABOBANK NEDERLAND BANK GUARANTEED GLB 02.125% OCT 13 2015	$424,201	$424,201
$ 55000 RABOBANK NEDERLAND BANK GUARANTEED GLB 02.125% OCT 13 2015	$56,219	$56,219
$ 55000 RIO TINTO FIN USA LTD COMPANY GUARNT GLB 02.500% MAY 20 2016	$56,771	$56,771
$ 260000 ROYAL BANK OF CANADA SER MTN GLB 01.150% MAR 13 2015	$261,573	$261,573
$ 100000 SANOFI GLB 01.250% APR 10 2018	$98,688	$98,688
$ 60000 SANOFI-AVENTIS GLB 04.000% MAR 29 2021	$64,968	$64,968
$ 215000 SCRIPPS NETWORKS INTERAC - 02.700% DEC 15 2016	$223,704	$223,704
$ 45000 SEMPRA ENERGY - 06.500% JUN 01 2016	$49,721	$49,721
$ 30000 SIERRA PACIFIC POWER CO GENL REF MORT SER T 03.375% AUG 15 2023	$30,660	$30,660
$ 105000 SIMON PROPERTY GROUP LP GLB 02.200% FEB 01 2019	$106,000	$106,000
$ 260000 SOUTHERN CO SER A 02.375% SEP 15 2015	$265,698	$265,698
$ 65000 SPECTRA ENERGY CAPITAL COMPANY GUARNT 05.650% MAR 01 2020	$73,332	$73,332
$ 130000 STATE STREET CORP - 02.875% MAR 07 2016	$134,970	$134,970
$ 40000 STATOIL ASA COMPANY GUARNT GLB 01.950% NOV 08 2018	$40,342	$40,342
$ 225000 STRYKER CORP - 02.000% SEP 30 2016	$230,793	$230,793
$ 90000 SUNTRUST BANKS INC - 03.500% JAN 20 2017	$95,290	$95,290
$ 165000 TEXAS GAS TRANSMISSION GLB 04.600% JUN 01 2015	$170,937	$170,937
$ 105000 TORONTO-DOMINION BANK SER MTN GLB 02.625% SEP 10 2018	$108,413	$108,413
$ 95000 TOYOTA MOTOR CREDIT CORP SER MTN 02.050% JAN 12 2017	$97,585	$97,585
$ 220000 TOYOTA MOTOR CREDIT CORP SER MTN 03.200% JUN 17 2015	$226,045	$226,045
$ 60000 TRANS-CANADA PIPELINES - 07.625% JAN 15 2039	$87,220	$87,220
$ 50000 TRINITY ACQUISITION PLC COMPANY GUARNT GLB 04.625% AUG 15 2023	$51,801	$51,801
$ 240000 UNION BANK NA - 01.500% SEP 26 2016	$243,329	$243,329
$ 60000 UNION ELECTRIC CO - 06.700% FEB 01 2019	$71,906	$71,906
$ 145000 UNITED TECHNOLOGIES CORP GLB 01.800% JUN 01 2017	$148,103	$148,103
$ 60000 UNITEDHEALTH GROUP INC GLB 01.625% MAR 15 2019	$59,075	$59,075
$ 225000 UNITEDHEALTH GROUP INC GLB 01.875% NOV 15 2016	$230,321	$230,321
$ 30000 UNITEDHEALTH GROUP INC GLB 03.950% OCT 15 2042	$28,104	$28,104
$ 170000 US BANCORP SER MTN 01.950% NOV 15 2018	$171,119	$171,119
$ 265000 US BANCORP SER MTN 02.450% JUL 27 2015	$270,940	$270,940
$ 270000 USD BANK NOVA SCOTIA .750% OCT 09 2015	$270,837	$270,837
$ 100000 USD BANK NOVA SCOTIA .750% OCT 09 2015	$100,310	$100,310
$ 95000 USD BP CAPITAL PLC 2.500% NOV 06 2022	$90,660	$90,660
$ 85000 USD CAN IMPERIAL BK 2.350% DEC 11 2015	$87,325	$87,325
$ 75000 USD CAN NATURAL RES 3.450% NOV 15 2021	$77,334	$77,334
$ 220000 USD CARNIVAL CORP 1.200% FEB 05 2016	$221,300	$221,300
$ 150000 USD DIAGEO CAP PLC 1.500% MAY 11 2017	$151,718	$151,718
$ 75000 USD HUSKY ENERGY INC 3.950% APR 15 2022	$79,344	$79,344
$ 325000 USD ONTARIO PROVINCE 0.950% MAY 26 2015	$327,143	$327,143
$ 125000 USD PETROBRAS INTL 3.875% JAN 27 2016	$128,881	$128,881
$ 75000 USD ROGERS COMM INC 5.000% MAR 15 2044	$78,211	$78,211
$ 175000 USD ROYAL BK CANADA .625% DEC 04 2015	$175,348	$175,348
$ 95000 USD SCHLUMBERGER INV 3.650% DEC 01 2023	$98,793	$98,793
$ 140000 USD SHELL INTL FIN 1.125% AUG 21 2017	$139,714	$139,714
$ 325000 USD TRANS-CANADA PL .875% MAR 02 2015	$326,172	$326,172
$ 25000 VALERO ENERGY CORP COMPANY GUARNT GLB 09.375% MAR 15 2019	$32,814	$32,814
$ 15000 VENTAS REALTY LP/CAP CRP COMPANY GUARNT 05.700% SEP 30 2043	$17,506	$17,506
$ 280000 VERIZON COMMUNICATIONS GLB 02.000% NOV 01 2016	$285,861	$285,861
$ 25000 VERIZON COMMUNICATIONS GLB 03.500% NOV 01 2021	$25,756	$25,756
$ 30000 VERIZON COMMUNICATIONS GLB 05.150% SEP 15 2023	$33,573	$33,573
$ 60000 VERIZON COMMUNICATIONS GLB 06.400% SEP 15 2033	$73,496	$73,496
$ 100000 VODAFONE GROUP PLC GLB 01.500% FEB 19 2018	$99,334	$99,334
$ 615000 VOLKSWAGEN AUTO ABS 2013 1 A3 00.560%AUG21 17 AMORTIZED FCR 1.0	$615,658	$615,658
$ 125000 WACHOVIA CORP SER MTN 05.750% FEB 01 2018	$143,100	$143,100
$ 105000 WELLPOINT INC - 04.350% AUG 15 2020	$114,588	$114,588
$ 150000 WELLPOINT INC GLB 02.375% FEB 15 2017	$154,236	$154,236
$ 225000 WELLS FARGO & COMPANY GLB 01.250% JUL 20 2016	$226,941	$226,941
$ 45000 WELLS FARGO & COMPANY GLB 02.150% JAN 15 2019	$45,408	$45,408
$ 275000 WESTPAC BANKING CORP GLB 01.125% SEP 25 2015	$277,159	$277,159
$ 90000 WF-RBS COMMERCI CMO 2014 C19 A3 03.660%MAR15 47 AMORTIZED FCR 1.	$93,799	$93,799
$ 70000 WILLIAMS PARTNERS LP GLB 03.900% JAN 15 2025	$70,323	$70,323
$ 315000 WORLD OMNI AUTO ABS 2012 B A3 00.610%JUN15 17 AMORTIZED FCR 1.0	$315,436	$315,436
$ 35000 XILINX INC GLB 02.125% MAR 15 2019	$35,062	$35,062

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp (434 entries)

StockStockNm	EOY Book ValueEOYBookValueAmt	EOYFMVEOYFMVAmt
5000 SHS 3M COMPANY	$716,200	$716,200
1285 SHS A N S Y S INC COM	$97,429	$97,429
1850 SHS A SCHULMAN INC	$71,595	$71,595
3510 SHS AAR CORP	$96,736	$96,736
5240 SHS AARON'S INC SHS A	$186,754	$186,754
23973 SHS ABB LTD SPON ADR	$551,858	$551,858
18030 SHS ABBVIE INC SHS	$1,017,612	$1,017,612
4435 SHS ABM INDUSTRIES INC COM	$119,656	$119,656
2605 SHS ACADIA PHARMACUTICAL INC	$58,847	$58,847
8897 SHS ACCENTURE PLC SHS	$719,233	$719,233
8504 SHS ACE LIMITED	$881,865	$881,865
4035 SHS ACTUANT CORP CL A	$139,490	$139,490
1285 SHS ACUITY BRANDS INC	$177,651	$177,651
625 SHS AEGERION PHARM INC	$20,056	$20,056
4070 SHS AEGION CORP	$94,709	$94,709
66869 SHS AEGON N.V. NY REG SHS	$586,441	$586,441
6045 SHS AGRIUM INC	$553,903	$553,903
12905 SHS AIRCASTLE LTD	$229,322	$229,322
1700 SHS ALASKA AIR GROUP INC COM	$161,585	$161,585
7600 SHS ALEXION PHARMS INC	$1,187,500	$1,187,500
3715 SHS ALIGN TECH INC DEL COM	$208,189	$208,189
2925 SHS ALKERMES PLC NEW	$147,215	$147,215
5508 SHS ALLEGION PLC SHS	$312,193	$312,193
1875 SHS ALLIANT TECHSYSTEMS INC	$251,100	$251,100
30948 SHS ALLIANZ SE SPD ADR	$519,586	$519,586
5885 SHS ALLIED WORLD ASSURANCE CO HOLDINGS	$223,748	$223,748
4150 SHS ALLISON TRANSMISSION HLD INC	$129,065	$129,065
24700 SHS ALTERA CORP COM	$858,572	$858,572
7950 SHS AMAZON COM INC COM	$2,582,000	$2,582,000
27940 SHS AMERICA MOVIL SAB DE CV ADR	$579,755	$579,755
19705 SHS AMERICAN AXLE&MFG HLDGS	$372,228	$372,228
6700 SHS ANADARKO PETE CORP	$733,449	$733,449
35380 SHS AON PLC	$3,187,384	$3,187,384
10960 SHS APOLLO RESIDENTIAL MTG I	$183,251	$183,251
12047 SHS APPLE INC	$1,119,528	$1,119,528
28200 SHS ARM HLDGS PLC SPD ADR	$1,275,768	$1,275,768
11135 SHS ARRIS GROUP INC NEW	$362,222	$362,222
15172 SHS ASHFORD HOSPITALITY PRIME INC SHS	$193,136	$193,136
10900 SHS ASML HLDG NV NY REG SHS	$1,016,643	$1,016,643
4350 SHS ASPEN INSURANCE HLDS LTD	$197,577	$197,577
4235 SHS ASPEN TECHNOLOGY INC DEL	$196,504	$196,504
15155 SHS ASSOCIATED BANC CRP .01	$274,002	$274,002
5530 SHS ASSOCIATED ESTATES RLTY REIT	$99,651	$99,651
8114 SHS ASTRAZENECA PLC SPND ADR	$602,951	$602,951
27947 SHS AT&T INC	$988,206	$988,206
7830 SHS ATHENAHEALTH INC	$979,768	$979,768
4440 SHS ATWOOD OCEANICS INC	$233,011	$233,011
3270 SHS AUXILIUM PHARMACEUTICALS INC	$65,596	$65,596
9200 SHS AXA -SPONS ADR	$220,616	$220,616
4745 SHS B & G FOODS INC NEW CL A	$155,114	$155,114
1855 SHS B/E AEROSPACE INC	$171,569	$171,569
18752 SHS BAE SYS PLC SPN ADR	$559,935	$559,935
15500 SHS BAIDU INC SPON ADR	$2,895,554	$2,895,554
46191 SHS BANCO BILBAO VIZCAYA ARGENTARIA S A ADR	$589,859	$589,859
54492 SHS BANCO SANTANDER SA ADR	$567,807	$567,807
7865 SHS BANCORPSOUTH INC	$193,243	$193,243
25790 SHS BANK NEW YORK MELLON CORP	$966,609	$966,609
34910 SHS BARCLAYS PLC ADR	$510,035	$510,035
3040 SHS BARNES GROUP INC DE $.01	$117,162	$117,162
12174 SHS BASF SE SPONSORED ADR	$1,418,271	$1,418,271
18570 SHS BELLATRIX EXPL LTD SHS	$161,745	$161,745
35100 SHS BERKSHIRE HATHAWAYINC DEL CL B NEW	$4,442,255	$4,442,255
27733 SHS BHP BILLITON LTD ADR	$1,898,324	$1,898,324
2830 SHS BIG LOTS INC COM	$129,331	$129,331
5500 SHS BIOGEN IDEC INC	$1,734,204	$1,734,204
12900 SHS BIOMARIN PHARMACEUTICALS	$802,509	$802,509
2176 SHS BLACKROCK INC	$695,450	$695,450
7183 SHS BOEING COMPANY	$913,893	$913,893
11271 SHS BP PLC SPON ADR	$594,545	$594,545
2875 SHS BRADY CORP WI CL A	$85,876	$85,876
15590 SHS BRANDYWNE RLTY T SBI NEW REIT	$243,204	$243,204
4990 SHS BRINKER INTL INC	$242,764	$242,764
6500 SHS BRINKS CO	$183,430	$183,430
5950 SHS BRITISH AMN TOBACO SPADR	$708,526	$708,526
2425 SHS BROADRIDGE FINL SOLUTIONS INC	$100,977	$100,977
20680 SHS BROCADE COMMUNICATIONS SYS INC NEW	$190,256	$190,256
10425 SHS BROOKFIELD ASSET MGMT INC CL A	$458,908	$458,908
2595 SHS BRUNSWICK CORP	$109,327	$109,327
1890 SHS CABELAS INC	$117,936	$117,936
4485 SHS CABOT CORP	$260,085	$260,085
7340 SHS CALGON CARBON CORP	$163,902	$163,902
23225 SHS CANADIAN NATL RAILWAY CO	$1,510,090	$1,510,090
10125 SHS CANADIAN NATURAL RES LTD	$464,839	$464,839
12450 SHS CANADIAN PACIFIC RAILWAY LTD	$2,255,192	$2,255,192
17927 SHS CANON INC ADR REP5SH	$587,109	$587,109
5758 SHS CATERPILLAR INC DEL	$625,722	$625,722
8120 SHS CBL & ASSOC PPTYS INC REIT	$154,280	$154,280
2345 SHS CBOE HOLDINGS INC COM	$115,397	$115,397
6840 SHS CELESTICA SUB VTG SHS	$85,910	$85,910
3340 SHS CELLDEX THERAPEUTICS INC	$54,509	$54,509
3165 SHS CEPHEID INC CALIF COM	$151,730	$151,730
20600 SHS CERNER CORP COM	$1,062,547	$1,062,547
3245 SHS CHARLES RIVER LABS INTL	$173,672	$173,672
1350 SHS CHEMICAL FINL CORP	$37,908	$37,908
7395 SHS CHEMTURA CORP. COM STK	$193,231	$193,231
2770 SHS CHENIERE ENERGY	$198,609	$198,609
7246 SHS CHEVRON CORP	$945,965	$945,965
11577 SHS CHINA MOBILE LTD SPN ADR	$562,758	$562,758
3400 SHS CHIPOTLE MEXICAN GRILL	$2,014,534	$2,014,534
65700 SHS CITIGROUP INC COM NEW	$3,094,470	$3,094,470
1395 SHS CITY NATIONAL CORP	$105,685	$105,685
8540 SHS CLIFTON BANCORP INC	$108,202	$108,202
3384 SHS CNOOC LTD ADR	$606,717	$606,717
90373 SHS COCA COLA COM	$3,828,200	$3,828,200
13780 SHS COEUR MINING INC	$126,500	$126,500
10989 SHS COLGATE PALMOLIVE	$749,230	$749,230
36700 SHS COMCAST CRP NEW CL A SPL	$1,957,211	$1,957,211
8235 SHS COMMSCOPE HLDG CO INC	$190,476	$190,476
1880 SHS COMMVAULT SYS INC	$92,440	$92,440
75466 SHS COMPANHIA ENERG DE ADR	$602,973	$602,973
19700 SHS CONSTELLATION BRANDS INC	$1,736,161	$1,736,161
3920 SHS COOPER TIRE RUBBER	$117,600	$117,600
5625 SHS CORE LAB N.V. COM	$939,713	$939,713
2720 SHS CORNERSTONE ONDEMAND INC	$125,174	$125,174
625 SHS COSTAR GROUP INC COM	$98,856	$98,856
10110 SHS COVIDIEN PLC SHS NEW	$911,719	$911,719
2980 SHS CRANE CO DELAWARE	$221,593	$221,593
18680 SHS CREDIT SUISSE GP SP ADR	$529,952	$529,952
1955 SHS CREE INC	$97,652	$97,652
3410 SHS CROWN HLDGS INC	$169,682	$169,682
2870 SHS CSG SYSTS INTL INC COM	$74,936	$74,936
6470 SHS CST BRANDS INC SHS	$223,215	$223,215
61463 SHS CTC MEDIA INC	$676,708	$676,708
2255 SHS CUBIST PHARMACEUTICALS	$157,444	$157,444
9911 SHS CULLEN FRST BKRS PV$0.01	$787,132	$787,132
14811 SHS CVS CAREMARK CORP	$1,116,305	$1,116,305
3310 SHS DEALERTRACK TECHNOLOGIES INC	$150,075	$150,075
30891 SHS DELHAIZE GROUP SPONS ADR	$520,822	$520,822
1705 SHS DEMANDWARE INC	$118,276	$118,276
7445 SHS DENBURY RES INC	$137,435	$137,435
22403 SHS DEUTSCHE BANK AG PARENT ML # 23AL9	$424,369	$424,369
8100 SHS DIAGEO PLC SPSD ADR NEW	$1,030,887	$1,030,887
1790 SHS DICKS SPORTING GOODS INC	$83,342	$83,342
12246 SHS DISCOVER FINL SVCS	$759,007	$759,007
22000 SHS DISH NETWORK CORPATION CLASS A	$1,431,760	$1,431,760
4650 SHS DONALDSON CO INC	$196,788	$196,788
2165 SHS DST SYSTEMS INC DEL	$199,548	$199,548
4660 SHS DSW INC	$130,200	$130,200
2100 SHS DUNKIN BRANDS GROUP INC	$96,201	$96,201
27908 SHS E M C CORPORATION MASS	$735,097	$735,097
1670 SHS EAGLE MATERIALS INC	$157,448	$157,448
14379 SHS EATON CORP PLC	$1,109,770	$1,109,770
21400 SHS ECOLAB INC	$2,382,675	$2,382,675
2375 SHS EMCOR GROUP INC	$105,759	$105,759
7630 SHS ENDOLOGIX INC	$116,052	$116,052
3290 SHS ENDURANCE SPECIALTY HLDG	$169,731	$169,731
8990 SHS ENERGY XXI LTD NEW COM SHARES	$212,434	$212,434
2115 SHS ENERSYS	$145,491	$145,491
11750 SHS ENSCO PLC SHS CL A	$652,948	$652,948
1360 SHS ESTERLINE TECHNLOGIES CP	$156,563	$156,563
2600 SHS EVERCORE PARTNERS INC CL A	$149,864	$149,864
1775 SHS F E I COMPANY	$161,046	$161,046
37300 SHS FACEBOOK INC CLASS A COMMON STOCK	$2,509,917	$2,509,917
2985 SHS FEDERATED INVESTRS B	$92,296	$92,296
18431 SHS FIDELITY NATL INFO SVCS INC	$1,008,913	$1,008,913
16585 SHS FIRST HORIZON NTNL CORP	$196,698	$196,698
4650 SHS FIRST MIDWST BANCORP DEL	$79,190	$79,190
21940 SHS FIRST NIAGARA FINL GROUP INC NEW	$191,756	$191,756
8752 SHS FIRSTMERIT CORP	$172,852	$172,852
20200 SHS FMC TECHS INC COM	$1,233,614	$1,233,614
1945 SHS FORTUNE BRANDS HOME AND SECURITY INC SHS	$77,664	$77,664
760 SHS FOSTER L B CO CL A	$41,131	$41,131
4960 SHS FREESCALE SEMICONDUCTOR LIMITED	$116,560	$116,560
15730 SHS FULTON FINL CORP PA	$194,895	$194,895
2780 SHS GALLAGHER ARTHUR J & CO	$129,548	$129,548
1825 SHS GARTNER INC	$128,699	$128,699
1150 SHS GENESEE & WYOM CL A	$120,750	$120,750
4260 SHS GENTIVA HEALTH SVCS INC	$64,156	$64,156
8050 SHS GEO (THE) GROUP INC SHS	$287,627	$287,627
4390 SHS GLOBAL BRASS AND COPPER HOLDINGS INC SHS	$74,191	$74,191
6675 SHS GOLDMAN SACHS GROUP INC	$1,117,662	$1,117,662
5090 SHS GOOGLE INC CL A	$2,975,971	$2,975,971
4290 SHS GOOGLE INC SHS CL C	$2,467,951	$2,467,951
1945 SHS GRACO INC	$151,866	$151,866
14120 SHS GRAN TIERRA ENERGY INC.	$114,654	$114,654
4310 SHS GRAND CANYON EDUCATN INC	$198,131	$198,131
10635 SHS GRAPHIC PACKAGING HLDG C	$124,430	$124,430
1870 SHS HAIN CELESTIAL GROUP INC	$165,944	$165,944
5990 SHS HANCOCK HOLDING CO	$211,567	$211,567
1350 SHS HANESBRANDS INC	$132,894	$132,894
4440 SHS HANOVER INS GROUP INC	$280,386	$280,386
7520 SHS HAWAIIAN ELEC INDS INC	$190,406	$190,406
4155 SHS HD SUPPLY HLDGS INC	$117,960	$117,960
4880 SHS HEALTHSOUTH CORP	$175,046	$175,046
3080 SHS HELEN OF TROY LTD	$186,740	$186,740
3505 SHS HEXCEL CORP NEW COM	$143,355	$143,355
5185 SHS HILL ROM HLDGS	$215,229	$215,229
2915 SHS HILLENBRAND INC	$95,087	$95,087
3730 SHS HMS HLDGS CORP	$76,129	$76,129
8810 SHS HOME LN SERVICING SOLTNS LTD	$200,251	$200,251
7953 SHS HONEYWELL INTL INC DEL	$739,231	$739,231
1930 SHS HORNBECK OFFSHORE SVCS INC NEW	$90,556	$90,556
7280 SHS HOSPITALITY PPTYS TRUST REIT	$221,312	$221,312
10059 SHS HSBC HLDG PLC SP ADR	$510,997	$510,997
1445 SHS HUBBELL INC CL B PAR .01	$177,952	$177,952
705 SHS HYSTER-YALE MATLS HNDLNG INC CL A	$62,421	$62,421
3980 SHS IDACORP INC COM	$230,163	$230,163
1195 SHS INDEPENDENT BK CORP MASS	$45,864	$45,864
10960 SHS INFOSYS TECH LTD ADR	$589,319	$589,319
38400 SHS ING GP NV SPSD ADR	$538,368	$538,368
19600 SHS INGERSOLL-RAND PLC	$1,225,196	$1,225,196
7955 SHS INGRAM MICRO INC CL A	$232,366	$232,366
4995 SHS INSULET CORP	$198,152	$198,152
2550 SHS INTEGRA L HLDGS CORP NEW	$120,003	$120,003
250 SHS INTERCEPT PHARMACEUTICAL INC	$59,158	$59,158
2175 SHS INTL BANCSHARES CORP COM	$58,725	$58,725
2175 SHS INTUITIVE SURGICAL INC NEW	$895,665	$895,665
8760 SHS INVESTORS BANCORP INC NEW	$96,798	$96,798
45131 SHS ITAU UNIBANCO BANCO HOLD SA SPONSORED ADR	$648,984	$648,984
17824 SHS ITC HLDGS CORP	$650,220	$650,220
2790 SHS ITRON INC	$113,135	$113,135
4565 SHS ITT CORP SHS	$219,577	$219,577
14520 SHS JANUS CAPITAL GROUP INC	$181,210	$181,210
2835 SHS JARDEN CORP	$168,257	$168,257
1000 SHS JAZZ PHARMACEUTICALS PLC SHS	$147,010	$147,010
8785 SHS JDS UNIPHASE CORP	$109,549	$109,549
1175 SHS JONES LANG LASALLE INC	$148,508	$148,508
18303 SHS JPMORGAN CHASE & CO	$1,054,619	$1,054,619
3930 SHS KATE SPADE & COMPANY	$149,890	$149,890
16686 SHS KB FINL GROUP INC SPN AD	$580,005	$580,005
27458 SHS KINDER MORGAN INC. DEL	$995,627	$995,627
2420 SHS KINDRED HEALTHCARE INC	$55,902	$55,902
64116 SHS KINROSS GOLD CORP	$265,440	$265,440
26824 SHS KOMATSU NEW NEW SPNSDADR	$623,122	$623,122
2555 SHS KOPPERS HLDGS INC	$97,729	$97,729
15600 SHS KULICKE&SOFFA INDUST	$222,456	$222,456
1295 SHS LAKELAND FINCL CORP IND	$49,417	$49,417
2721 SHS LAM RESEARCH CORP COM	$183,885	$183,885
2335 SHS LAMAR ADVERTISING CL A	$123,755	$123,755
17800 SHS LAS VEGAS SANDS CORP	$1,356,716	$1,356,716
1945 SHS LENNOX INTL INC	$174,214	$174,214
90774 SHS LIBERTY GLOBAL PLC CL C	$3,840,648	$3,840,648
3130 SHS LIFE TIME FITNESS INC	$152,556	$152,556
3335 SHS LIFEPOINT HOSPS INC COM	$207,104	$207,104
1003244 SHS LINCOLN ELEC HLDGS INC	$70,106,691	$70,106,691
10600 SHS LINKEDIN CORP CLASS A COMMON STOCK	$1,817,582	$1,817,582
4560 SHS LKQ CORP	$121,706	$121,706
28600 SHS LOEWS CORP	$1,258,686	$1,258,686
14822 SHS LOWE'S COMPANIES INC	$711,308	$711,308
2965 SHS LPL FINANCIAL HOLDINGS SHS	$147,479	$147,479
9980 SHS LUKOIL OAO-SPON ADR	$597,004	$597,004
1720 SHS LULULEMON ATHLETICA INC	$69,626	$69,626
7260 SHS MACK CALI REALTY CORP REIT	$155,945	$155,945
13498 SHS MACYS INC	$783,154	$783,154
13200 SHS MANULIFE FINANCIAL CORP	$262,284	$262,284
37188 SHS MARVELL TECHNOLOGY GROUP	$532,904	$532,904
1425 SHS MATTHEWS INTL INC CL A	$59,237	$59,237
4045 SHS MAXIMUS INC	$174,016	$174,016
8993 SHS MC CORMICK NON VTG	$643,809	$643,809
9755 SHS MENTOR GRAPHICS CORP	$210,415	$210,415
3955 SHS MEREDITH CORP	$191,264	$191,264
16985 SHS MICROSEMI CORP	$454,518	$454,518
105788 SHS MICROSOFT CORP	$4,411,360	$4,411,360
925 SHS MIDDLEBY CORP COM	$76,516	$76,516
95670 SHS MITSUBISHI UFJ FINL GRP INC	$588,371	$588,371
4430 SHS MOLINA HEALTHCARE INC	$197,711	$197,711
52700 SHS MONDELEZ INTERNATIONAL INC	$1,982,047	$1,982,047
13900 SHS MONSANTO CO NEW DEL COM	$1,733,886	$1,733,886
3235 SHS MONTPELIER RE HLDGS LTD	$103,358	$103,358
68000 SHS MORGAN STANLEY	$2,198,440	$2,198,440
11388 SHS MOTOROLA SOLUTIONS INC	$758,099	$758,099
1770 SHS MSC INDL DIRECT INC CL A	$169,283	$169,283
43430 SHS NABORS INDUSTRIES LTD	$1,275,539	$1,275,539
15800 SHS NATIONAL-OILWELL VARCO INC	$1,301,130	$1,301,130
1980 SHS NBT BANCORP INC	$47,560	$47,560
1490 SHS NELNET INC CL A	$61,731	$61,731
30050 SHS NESTLE S A REP RG SH ADR	$2,333,984	$2,333,984
3560 SHS NEUROCRINE BIOSCNCE INC	$52,813	$52,813
28300 SHS NEW RESIDENTIAL INVT CORP SHS	$178,290	$178,290
7815 SHS NEXTERA ENERGY INC SHS	$800,881	$800,881
15689 SHS NIELSEN NV	$759,504	$759,504
18900 SHS NIKE INC CL B	$1,465,695	$1,465,695
1970 SHS NIMBLE STORAGE INC	$60,518	$60,518
20733 SHS NIPPON TELG&TEL SPDN ADR	$647,077	$647,077
34425 SHS NOBLE CORP PLC SHS	$1,155,303	$1,155,303
35600 SHS NOBLE ENERGY INC	$2,757,576	$2,757,576
81720 SHS NOMURA HLDGS INC ADR	$574,492	$574,492
1515 SHS NORDSON CORP	$121,488	$121,488
6260 SHS NORTHERN OIL AND GAS INC	$101,975	$101,975
8100 SHS NOVARTIS ADR	$733,293	$733,293
15337 SHS NOVO NORDISK A S ADR	$708,416	$708,416
68358 SHS OAO GAZPROM SPON ADR	$595,740	$595,740
1290 SHS OCEANEERING INTL INC	$100,788	$100,788
1270 SHS OCWEN FINL CORP COM NEW	$47,117	$47,117
8010 SHS OLIN CORP $1 NEW	$215,629	$215,629
8970 SHS OMEGA HEALTHCARE INVS REIT	$330,634	$330,634
111000 SHS ORACLE CORP $0.01 DEL	$4,498,830	$4,498,830
3030 SHS OREXIGEN THERAP INC	$18,725	$18,725
3250 SHS OSHKOSH CORPORATION	$180,473	$180,473
2310 SHS OSI SYSTEM INC	$154,193	$154,193
5195 SHS OWENS &MINOR INC NEW COM	$176,526	$176,526
11589 SHS PACKAGING CORP AMERICA	$829,927	$829,927
11794 SHS PAN AMERN SILVER CORP	$181,038	$181,038
4345 SHS PARSLEY ENERGY INC SHS CL A	$104,584	$104,584
3000 SHS PARTNERRE LTD	$327,630	$327,630
3120 SHS PBF ENERGY INC CL A	$83,148	$83,148
7560 SHS PENN RL EST INV TR REIT	$142,279	$142,279
2910 SHS PENSKE AUTO GROUP INC INC	$144,045	$144,045
22200 SHS PEPSICO INC	$1,983,348	$1,983,348
40900 SHS PETRLEO BRAS VTG SPD ADR	$598,367	$598,367
34427 SHS PFIZER INC	$1,021,793	$1,021,793
1535 SHS PHARMACYCLICS INC	$137,705	$137,705
11040 SHS PHILIP MORRIS INTL INC	$930,782	$930,782
9896 SHS PHILLIPS 66 SHS	$795,935	$795,935
4530 SHS PLANTRONICS INC NEW COM	$217,667	$217,667
1970 SHS PLATINUM UNDRWRITRS HLDG	$127,755	$127,755
760 SHS POLARIS INDUSTRIES COM	$98,982	$98,982
3970 SHS POLYONE CORP COM	$167,296	$167,296
6450 SHS PORTLAND GEN ELEC CO	$223,622	$223,622
2490 SHS PORTOLA PHARMACEUTICALS INC COM	$72,658	$72,658
25850 SHS POTASH CORP SASKATCHEWAN	$981,266	$981,266
12300 SHS PRAXAIR INC	$1,633,932	$1,633,932
1580 SHS PROOFPOINT INC	$59,187	$59,187
6290 SHS PROSPECT CAPITAL CORP	$66,831	$66,831
2730 SHS PROSPERITY BANCSHARES	$170,898	$170,898
4930 SHS PROTECTIVE LIFE CORP COM	$341,797	$341,797
3935 SHS PTC INC SHS	$152,678	$152,678
745 SHS PUMA BIOTECH INC	$49,170	$49,170
4505 SHS QEP RESOURCES INC SHS	$155,423	$155,423
16220 SHS QLOGIC CORP	$163,660	$163,660
11502 SHS QUALCOMM INC	$910,958	$910,958
845 SHS QUESTCOR PHARMACEUTICALS	$78,154	$78,154
22460 SHS RAIT FINANCIAL TRUST SHS	$185,744	$185,744
2000 SHS RED ROBIN GOURMET BURGRS	$142,400	$142,400
5800 SHS REGENERON PHARMACTCLS	$1,638,326	$1,638,326
20375 SHS RF MICRO DEVICES INC	$195,396	$195,396
27575 SHS RIO TINTO PLC SPNSRD ADR	$1,496,771	$1,496,771
21275 SHS RITE AID CORPORATION	$152,542	$152,542
4215 SHS ROBERTHALF INTL INC COM	$201,224	$201,224
2645 SHS ROCKWOOD HLDGS INC	$200,994	$200,994
1870 SHS ROSETTA RESOURCES INC.	$102,570	$102,570
7257 SHS ROYAL DUTCH SHELL PLC SPONS ADR A	$597,759	$597,759
3585 SHS RYDER SYSTEM INC	$315,803	$315,803
43100 SHS SALESFORCE COM INC	$2,503,248	$2,503,248
5620 SHS SANMINA CORP	$128,024	$128,024
32500 SHS SCHLUMBERGER LTD	$3,833,375	$3,833,375
43100 SHS SCHWAB CHARLES CORP NEW	$1,160,683	$1,160,683
2710 SHS SCIENCE APPLICATIONS INTL CORP	$119,674	$119,674
21640 SHS SEADRILL LTD	$864,518	$864,518
13380 SHS SELECT MEDICAL HOLDINGS CORP	$208,728	$208,728
7220 SHS SERVICE CORP INTL	$149,598	$149,598
2300 SHS SERVICENOW INC	$142,508	$142,508
4035 SHS SIEMENS AG ADR	$533,387	$533,387
1545 SHS SIGNATURE BANK	$194,948	$194,948
1545 SHS SIGNET JEWELERS LTD SHS	$170,862	$170,862
4440 SHS SIX FLAGS ENTMT CORP NEW	$188,922	$188,922
25142 SHS SK TELECOM ADR	$652,184	$652,184
2935 SHS SMITH A O CORP DEL COM	$145,517	$145,517
6985 SHS SMITH-NPHW PLC SPADR NEW	$623,621	$623,621
46467 SHS SOCIETE GENERAL SPN ADR	$486,974	$486,974
31900 SHS SOUTHWESTERN ENERGY CO	$1,451,131	$1,451,131
1995 SHS SOVRAN SELF STORAGE INC REIT	$154,114	$154,114
21000 SHS SPLUNK INC COMMON SHARES	$1,161,930	$1,161,930
10500 SHS STARBUCKS CORP	$812,490	$812,490
18287 SHS STATOIL ASA SHS	$563,788	$563,788
10905 SHS STEEL DYNAMICS INC COM	$195,745	$195,745
655 SHS STRATASYS LTD	$74,428	$74,428
59651 SHS SUMITOMO MITSUI-UNSPONS ADR	$505,244	$505,244
45319 SHS SUNCOR ENERGY INC NEW	$1,931,949	$1,931,949
6690 SHS SUNEDISON INC	$151,194	$151,194
4675 SHS SWIFT TRANSPORTATION COMPANY INC	$117,950	$117,950
2600 SHS SYKES ENTERPRISES INC	$56,498	$56,498
5520 SHS SYMETRA FINANCIAL CORP	$125,525	$125,525
765 SHS SYNAGEVA BIOPHARMA CORP	$80,172	$80,172
4870 SHS SYNCHRONOSS TECHNOLOGIES INC	$170,255	$170,255
1465 SHS TABLEAU SOFTWARE INC CL A	$104,498	$104,498
12975 SHS TALISMAN ENERGY INC COM	$137,535	$137,535
4410 SHS TANGER FACTORY OUTLT CEN REIT	$154,218	$154,218
815 SHS TARGA RESOURCES CORP COM STK	$113,750	$113,750
14579 SHS TATA MOTORS LTD ADR	$569,456	$569,456
1310 SHS TAUBMAN CENTERS INC COM REITS-REGIONAL MALLS	$99,311	$99,311
5445 SHS TAYLOR MORRISON HOME CORP CL A COMMON STOCK	$122,077	$122,077
5930 SHS TCF FINANCIAL CORP COM	$97,074	$97,074
1780 SHS TECH DATA CORP	$111,286	$111,286
6575 SHS TECK RESOURCES LTD CLS B	$150,107	$150,107
8455 SHS TECO ENERGY INC	$156,248	$156,248
33908 SHS TELEFONICA SA SPAIN ADR	$581,861	$581,861
26425 SHS TENARIS S A ADR	$1,245,939	$1,245,939
3815 SHS TENET HEALTHCARE CORP COM NEW	$179,076	$179,076
1670 SHS TENNECO INC DEL	$109,719	$109,719
38516 SHS TESCO PLC SPNRD ADR	$564,259	$564,259
11257 SHS TEVA PHARMACTCL INDS ADR	$590,092	$590,092
1475 SHS THE PRICELINE GROUP INC	$1,774,425	$1,774,425
10700 SHS THERMO FISHER SCIENTIFIC INC	$1,262,600	$1,262,600
2480 SHS THORATEC CORP COM NEW	$86,453	$86,453
6957 SHS TIME WARNER CABLE INC SHS	$1,024,766	$1,024,766
8733 SHS TOTAL S.A. SP ADR	$630,523	$630,523
5725 SHS TOTAL SYS SVCS INC	$179,822	$179,822
2790 SHS TRIPLE S MGMT CORP CL B	$50,025	$50,025
2040 SHS TRULIA INC SHS	$96,655	$96,655
8212 SHS TUPPERWARE BRANDS CORP	$687,345	$687,345
7240 SHS TUTOR PERINI CORP	$229,798	$229,798
94800 SHS TWENTY-FIRST CENTURY FOX INC CLASS A	$3,332,220	$3,332,220
28000 SHS UBS AG REG	$512,960	$512,960
1580 SHS ULTA SALON COSMETICS & FRAGRAN	$144,428	$144,428
8390 SHS ULTRA PETROLEUM CORP	$249,099	$249,099
4505 SHS UMPQUA HLDGS CORP ORE	$80,730	$80,730
15900 SHS UNILEVER NV NY REG SHS	$695,784	$695,784
9560 SHS UNION PACIFIC CORP	$953,610	$953,610
2960 SHS UNISYS CORP	$73,230	$73,230
3180 SHS UNIT CORP	$218,879	$218,879
2160 SHS UNITED NAT FOODS INC	$140,616	$140,616
1645 SHS UNITED RENTALS INC COM	$172,281	$172,281
39270 SHS UNITEDHEALTH GROUP INC	$3,210,323	$3,210,323
2065 SHS UNIVERSAL HEALTH SVCS B	$197,744	$197,744
3640 SHS URS CORP NEW COM	$166,894	$166,894
16076 SHS V F CORPORATION	$1,012,788	$1,012,788
28875 SHS VALE SA	$382,016	$382,016
43554 SHS VALE SA	$576,219	$576,219
9300 SHS VALEANT PHARMACEUTICALS INTERNATIONL INC	$1,172,916	$1,172,916
2105 SHS VALSPAR CORP COM	$160,380	$160,380
14950 SHS VISA INC CL A SHRS	$3,150,115	$3,150,115
14810 SHS VISHAY INTERTECHNLGY	$229,407	$229,407
33550 SHS W R BERKLEY CORP	$1,553,701	$1,553,701
1850 SHS WABCO HOLDINGS INC	$197,617	$197,617
28200 SHS WAL-MART STORES INC	$2,116,973	$2,116,973
8975 SHS WASHINGTON FEDL INC	$201,309	$201,309
4017 SHS WASTE CONNECTIONS INC	$195,025	$195,025
2550 SHS WATTS WATER TECH INC	$157,412	$157,412
74500 SHS WEATHERFORD INTL PLC	$1,713,500	$1,713,500
4005 SHS WEBSTER FINL CP PV $0.01	$126,318	$126,318
1365 SHS WELLCARE HLTH PLANS INC	$101,911	$101,911
23544 SHS WELLS FARGO & CO NEW DEL	$1,237,472	$1,237,472
1150 SHS WESBANCO INC	$35,696	$35,696
1380 SHS WEX INC	$144,859	$144,859
4518 SHS WHIRLPOOL CORP	$628,996	$628,996
2620 SHS WHITING PETROLEUM CORP	$210,255	$210,255
24600 SHS WHOLE FOODS MKT INC COM	$950,298	$950,298
1995 SHS WILEY JOHN & SONS CL A	$120,877	$120,877
4185 SHS WINTRUST FINL CP ILL COM	$192,510	$192,510
4000 SHS WORTHINGTON INDSTRS OHIO	$172,160	$172,160
5475 SHS WRIGHT MEDICAL GROUP INC	$171,915	$171,915
33100 SHS YAMANA GOLD INC	$272,082	$272,082
1050 SHS YARA INTL ASA SP ADR	$52,553	$52,553

Investments Govt Obligations Sch InvestmentsGovtObligationsSch

Field	Value	IRS element (for citing)
US Govt Obligations Book Vl EOY	$10,885,040	USGovtObligationsBookVlEOYAmt
US Govt Obligations EOYFMV	$10,885,040	USGovtObligationsEOYFMVAmt
State Local Sec Book Vl EOY	$0	StateLocalSecBookVlEOYAmt
State Local Sec EOYFMV	$0	StateLocalSecEOYFMVAmt

Investments Other Schedule2 InvestmentsOtherSchedule2

Investments Other InvestmentsOtherGrp (19 entries)

Category Or ItemCategoryOrItemTxt	Listed At Cost Or FMVListedAtCostOrFMVCd	Book ValueBookValueAmt	EOYFMVEOYFMVAmt
RESIDUAL INVESTMENTS ARDEN SAGE ACCOUNT	FMV	$100,748	$100,748
ROSE VALUE-ADD OFFICE RETROFIT FUND	FMV	$2,080,246	$2,080,246
CARLYLE PARTNERS	FMV	$4,551,352	$4,551,352
BLACKSTONE MARKET OPPORTUNITIES OFFSHORE FUND	FMV	$41,463,546	$41,463,546
ARDEN-SAGE CAPITAL INTERNATIONAL, LTD	FMV	$1,864,311	$1,864,311
MORGAN CREEK PARTNERS	FMV	$3,628,539	$3,628,539
VANGUARD INTERNATIONAL EQUITY FUND	FMV	$191,129	$191,129
ECO SYSTEM PARTNERS	FMV	$2,274,286	$2,274,286
1454475 SHS SPHINX ACCESS LTD CL DH	FMV	$298,135	$298,135
RUSSELL 1000 INDEX FUND	FMV	$27,646,710	$27,646,710
NEUBERGER BERMAN EMERGING MARKETS EQUITY FUND	FMV	$11,590,000	$11,590,000
MONARCH DEBT RECOVERY FUND LTD	FMV	$13,345,650	$13,345,650
BEACH POINT TOTAL RETURN OFFSHORE FUND II LTD	FMV	$12,379,983	$12,379,983
NUVEEN GLOBAL EMERGING MARKETS	FMV	$14,003,906	$14,003,906
GRESHAM TAP	FMV	$15,309,862	$15,309,862
VANGUARD EMERGING MARKETS	FMV	$2,975,970	$2,975,970
BLACKROCK COMMODITIES	FMV	$7,043,345	$7,043,345
POWERSHARES PRIVATE EQUITY	FMV	$5,511,510	$5,511,510
BARROW HANLY BOND FUND	FMV	$2,411,879	$2,411,879

Land Etc Schedule2 LandEtcSchedule2

Land Etc LandEtcGrp (9 entries)

Category Or ItemCategoryOrItemTxt	Cost Or Other BasisCostOrOtherBasisAmt	Accumulated DepreciationAccumulatedDepreciationAmt	Book ValueBookValueAmt
LAND AND BUILDINGS, BRATTLE STREET, CAMBRIDGE	$10,082,406	$4,329,504	$5,752,902
FURNITURE	$151,848	$151,848	$0
OFFICE CONDO - PHOENIX	$2,119,729	$334,446	$1,785,283
CONDOMINIUM IMPROVEMENTS - PHOENIX	$389,901	$76,899	$313,002
CONDOMINIUM IMPROVEMENTS - PHOENIX	$30,980	$4,332	$26,648
CONDOMINIUM IMPROVEMENTS - PHOENIX	$43,809	$38,223	$5,586
PHILLIPS PLACE, CAMBRIDGE - LAND	$2,500,000	$0	$2,500,000
PHILLIPS PLACE, CAMBRIDGE - BUILDINGS	$1,550,255	$0	$1,550,255
PHILLIPS PLACE, CAMBRIDGE - CAPITALIZED EXP	$3,158,000	$0	$3,158,000

Legal Fees Schedule LegalFeesSchedule

Legal Fees LegalFeesGrp (6 entries)

CategoryCategoryTxt	Legal FeesLegalFeesAmt	Net Investment IncomeNetInvestmentIncomeAmt	Adjusted Net IncomeAdjustedNetIncomeAmt	Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt
SNELL & WILMER	$1,964	$875	$875	$1,089
PARKER BROWN	$2,383	$0	$0	$2,383
ROPES AND GRAY	$4,554	$0	$0	$4,554
CHIN AND CURTIS LLP	$470	$0	$0	$470
JONES DAY	$5,065	$0	$0	$5,065
LEXIS/NEXIS	$1,735	$0	$0	$1,735

Other Assets Schedule OtherAssetsSchedule

Other Assets Schedule OtherAssetsScheduleGrp

Field	Value	IRS element (for citing)
Desc	HEALTH INSURANCE DEPOSIT	Desc
EOY Book Value	$9,030	EOYBookValueAmt
EOYFMV	$9,030	EOYFMVAmt

Other Decreases Schedule OtherDecreasesSchedule

Other Decreases Detail OtherDecreasesDetail

Field	Value	IRS element (for citing)
Description	ROUNDING	Description
Amount	$5	Amount

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (14 entries)

DescDesc	Revenue And Expenses Per BooksRevenueAndExpensesPerBooksAmt	Net Investment IncomeNetInvestmentIncomeAmt	Adjusted Net IncomeAdjustedNetIncomeAmt	Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt
CURRICULUM DEVELOPMENT AND RESEARCH	$672,195	$0	$0	$672,195
EVALUATION	$65,525	$0	$0	$65,525
GENERAL OFFICE	$114,484	$27,739	$27,739	$86,745
BOARD TRAVEL AND MEETING COSTS	$297,712	$70,039	$70,039	$227,673
INSURANCE	$49,776	$0	$0	$49,776
JOINT/DEMONSTRATION PROJECTS	$2,701,952	$0	$0	$2,701,952
TEMPORARY SUPPORT STAFF	$64,325	$0	$0	$64,325
PUBLIC AFFAIRS	$167,860	$0	$0	$167,860
INFORMATION TECHNOLOGY	$464,012	$48,945	$48,945	$415,067
MULTI-MEDIA	$7,000	$0	$0	$7,000
DISTANCE EDUCATION	$336,585	$0	$0	$336,585
COURSES, CONFERENCES AND MEETINGS	$1,342,159	$0	$0	$1,342,159
PROGRAM AWARDS UNDER $10,000	$321,612	$0	$0	$321,612
CAPITALIZED INTEREST	$0	$0	$0	$155,403

Other Income Schedule2 OtherIncomeSchedule2

Other Income Detail OtherIncomeDetail (4 entries)

DescDesc	Revenue And Expenses Per BooksRevenueAndExpensesPerBooksAmt	Adjusted Net IncomeAdjustedNetIncomeAmt
PUBLICATIONS	$70,736	$70,736
SONORAN INSTITUTE	$4,884	$4,884
EMPLOYEE PARKING	$5,040	$5,040
OTHER	$575	$575

Other Increases Schedule OtherIncreasesSchedule

Other Increases Detail OtherIncreasesDetail

Field	Value	IRS element (for citing)
Description	CHANGE IN UNREALIZED APPRECIATION FOR YEAR	Description
Amount	$56,278,780	Amount

Other Liabilities Schedule OtherLiabilitiesSchedule

Other Liabilities Detail OtherLiabilitiesDetail (3 entries)

DescDesc	BOY Book ValueBOYBookValueAmt	EOY Book ValueEOYBookValueAmt
PAYROLL RELATED	$23,306	$36,776
TENANT DEPOSIT	$3,014	$3,014
REVOLVING LOAN ACCOUNT	$10,743,240	$13,000,000

Other Professional Fees Schedule OtherProfessionalFeesSchedule

Other Professional Fees Detail OtherProfessionalFeesDetail (16 entries)

CategoryCategoryTxt	AmtAmt	Net Investment IncomeNetInvestmentIncomeAmt	Adjusted Net IncomeAdjustedNetIncomeAmt	Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt
DREMAN VALUE MGMT- INV. ADVICE	$499,035	$499,035	$499,035	$0
SANDS - INV. ADVICE	$257,198	$257,198	$257,198	$0
FRED ALGER - INV. ADVICE	$199,931	$199,931	$199,931	$0
MERRILL LYNCH - INV ADVICE	$333,067	$333,067	$333,067	$0
EAGLE CAPITAL MANAGEMENT - INV ADVICE	$394,248	$394,248	$394,248	$0
CARLYLE GROUP - INV ADVICE	$104,380	$104,380	$104,380	$0
MISC ADMIN CONSULTING FEES	$8,027	$0	$0	$8,027
BARROW HANLEY - INV ADVICE	$168,567	$168,567	$168,567	$0
WENTWORTH HAUSER - INV ADVICE	$150,003	$150,003	$150,003	$0
ARDEN SAGE - INV ADVICE	$11,663	$11,663	$11,663	$0
MORGAN CREEK - INV ADVICE	$73,318	$73,318	$73,318	$0
JONATHAN ROSE COMPANY	$113,313	$113,313	$113,313	$0
SANTA BARBARA ASSET MGMT	$192,529	$192,529	$192,529	$0
THRU MUTUAL FUND	$63,668	$63,668	$63,668	$0
RUSSELL REYNOLD	$128,018	$0	$0	$128,018
OTHER INVESTMENT	$85	$85	$85	$0

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail (2 entries)

CategoryCategoryTxt	AmtAmt	Net Investment IncomeNetInvestmentIncomeAmt	Adjusted Net IncomeAdjustedNetIncomeAmt	Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt
FOREIGN TAXES	$158,907	$158,907	$158,907	$0
FEDERAL EXCISE	$630,000	$0	$0	$630,000