TY 2010 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.

OMB No. 1545-0052

2010

For calendar year 2010, or tax year beginning 01-01-2010 , and ending 12-31-2010

Check all that apply:Initial returnInitial return of a former public charityFinal return

Amended returnAddress changeName change

Name of foundation
1923 FUND 78990200

Number and street (or P.O. box number if mail is not delivered to street address)C/O US BANK NA PO BOX 2043 Room/suite

City or town, state, and ZIP code
MILWAUKEE, WI532019668

A Employer identification number

36-7070455

B Telephone number (see page 10 of the instructions)

(630) 390-3767

C If exemption application is pending, check here bullet

D 1. Foreign organizations, check here . bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trustOther taxable private foundation 2. Foreign organizations meeting the 85% test,
check here and attach computation bullet

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

$45,588,075J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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

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

	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 page 11 of the instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities......	968,080		968,403
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		1,360,750
b	Gross sales price for all assets on line 6a 9,618,549
7	Capital gain net income (from Part IV, line 2)...			1,395,963
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........	2,328,830		2,364,366
13	Compensation of officers, directors, trustees, etc.	232,530		157,088		75,442
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......	5,771		0	0	5,771
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......		1,750	0	0	1,750
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see page 14 of the instructions)		34,116	15,291		0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......	5,728		0	0	5,728
22	Printing and publications..........	441		0	0	441
23	Other expenses (attach schedule).......		3,787	917		2,870
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	284,123		173,296	0	92,002
25	Contributions, gifts, grants paid........	3,177,400				3,177,400
26	Total expenses and disbursements. Add lines 24 and 25	3,461,523		173,296	0	3,269,402
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-1,132,693
b	Net investment income (if negative, enter -0-)			2,191,070
c	Adjusted net income (if negative, enter -0-)...				0

For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.

Cat. No. 11289X Form 990-PF (2010)

Form 990-PF (2010)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............	112
	2	Savings and temporary cash investments..........	487,931	822,941	822,941
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see page 15 of the
		instructions)....................
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule)........	16,879,687	14,683,700	27,457,419
	c	Investments—corporate bonds (attach schedule)........	4,946,170	4,297,114	4,785,808
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	10,077,868	11,306,519	12,521,907
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	32,391,768	31,110,274	45,588,075
	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 )	1,507	1,826
	23	Total liabilities (add lines 17 through 22)..........	1,507	1,826
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted....................
	25	Temporarily restricted................
	26	Permanently restricted................
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds.........	32,381,366	31,108,448
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds	8,895
	30	Total net assets or fund balances (see page 17 of the
		instructions)....................	32,390,261	31,108,448
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	32,391,768	31,110,274

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 30 (must agree
	with end-of-year figure reported on prior year’s return)...............	1	32,390,261
2	Enter amount from Part I, line 27a......................	2	-1,132,693
3	Other increases not included in line 2 (itemize)	3	0
4	Add lines 1, 2, and 3..........................	4	31,257,568
5	Decreases not included in line 2 (itemize)	5	149,120
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30..	6	31,108,448

Form 990-PF (2010)

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	1135. A T P OIL & GAS CORPORATION		2010-06-10	2010-08-05
b	123. AZZ INCORPORATED		2009-09-16	2010-01-22
c	207. AZZ INCORPORATED		2008-11-26	2010-01-22
d	1000. ABBOTT LABS		1993-03-19	2010-03-15
e	3168. AIRTRAN HLDGS INC		2010-07-12	2010-09-28
	209. AMEDISYS INC		2008-11-26	2010-01-07
	30. AMEDISYS INC		2009-09-16	2010-01-21
	13. AMEDISYS INC		2008-11-26	2010-01-21
	145. AMEDISYS INC		2009-09-16	2010-03-01
	31. AMEDISYS INC		2009-02-26	2010-03-01
	455. AMEDISYS INC		2010-05-10	2010-07-14
	112. AMERICAN ITALIAN PASTA CO CL A		2009-07-29	2010-03-15
	470. AMERICAN ITALIAN PASTA CO CL A		2009-10-16	2010-06-22
	797. AMERICAN MED SYS HLDGS INC		2010-05-18	2010-11-05
	1000. APACHE CORP		2005-08-04	2010-09-02
	483. ARCELORMITTAL NY REGISTERED		2010-02-11	2010-07-14
	456. ARCELORMITTAL NY REGISTERED		2010-02-11	2010-07-27
	442. ARENA RES INC		2010-01-14	2010-05-21
	217. ATLANTIC TELE-NETWORK INC		2009-11-02	2010-05-05
	60. ATLANTIC TELE-NETWORK INC		2008-02-06	2010-05-05
	1307. AXA A D R		2009-11-18	2010-12-15
	200000. BHP BILLITON FIN 5.125% 3/29/12		2008-11-06	2010-12-07
	5292. BP PLC SPONS A D R		1997-09-26	2010-06-09
	8000. B M C SOFTWARE INC		2008-06-25	2010-10-15
	393. BAKER MICHAEL CORP		2009-09-16	2010-03-19
	1839. BANCO SANTANDER CENT HISPANO A D R		2009-11-18	2010-05-06
	2881. BANCO SANTANDER CENT HISPANO A D R		2009-11-18	2010-05-10
	203. BANCORPSOUTH INC		2009-09-21	2010-04-15
	289. BANCORPSOUTH INC		2009-09-21	2010-04-26
	353. BANCORPSOUTH INC		2008-10-03	2010-04-26
	12000. BANK OF AMERICA CORP		2009-11-04	2010-12-07
	82. BANK OF HAWAII CORP		2008-08-06	2010-04-22
	346. BANK OF HAWAII CORP		2009-09-16	2010-12-21
	9434. BANK OF NEW YORK MELLON CORP		2005-08-05	2010-03-15
	200000. BANK NY MELLON MTN 4.950% 11/01/12		2008-11-06	2010-12-07
	4000. BAXTER INTL INC		1991-01-29	2010-10-15
	145. B E AEROSPACE INC		2008-10-16	2010-01-21
	106. B E AEROSPACE INC		2008-10-16	2010-03-15
	146. B E AEROSPACE INC		2008-10-16	2010-08-11
	296. B E AEROSPACE INC		2009-09-16	2010-10-27
	124. BERRY PETE CO CL A		2009-05-12	2010-05-21
	112. BERRY PETE CO CL A		2009-09-16	2010-10-27
	574. BIG 5 SPORTING GOODS CORP		2010-04-20	2010-07-12
	259. BIOMED REALTY TRUST INC		2009-09-16	2010-03-15
	104. BIOMED REALTY TRUST INC		2009-09-16	2010-08-05
	654. BIOMED REALTY TRUST INC		2009-03-30	2010-08-05
	441. BOC HONG KONG HLDGS LTD A D R		2009-11-18	2010-12-10
	417. BRANDYWINE REALTY TRUST		2009-09-16	2010-10-29
	1295. BRANDYWINE REALTY TRUST		2009-09-16	2010-12-03
	619. BRIDGEPOINT EDUCATION INC		2010-03-05	2010-10-15
	280. BRIGHTPOINT INC		2009-09-16	2010-11-05
	154. BRIGHTPOINT INC		2009-09-16	2010-11-08
	552. BWAY HOLDING COMPANY		2009-12-11	2010-03-30
	4000. CVS CAREMARK CORP		2000-10-19	2010-03-15
	42. CAPELLA EDUCATION CO		2009-09-16	2010-02-22
	120. CAPELLA EDUCATION CO		2009-05-04	2010-03-05
	158. CAPELLA EDUCATION CO		2010-09-22	2010-10-15
	200000. CATERP FIN SERV MTN 5.050% 12/01/10		2006-02-10	2010-12-01
	790. CHINA VALVES TECHNOLOGY INC		2010-11-15	2010-11-22
	300000. CISCO SYS INC 5.250% 2/22/11		2007-02-27	2010-12-07
	15000. CITIGROUP INC		1989-07-13	2010-03-15
	250000. CITIGROUP INC 5.100% 9/29/11		2006-11-14	2010-12-07
	167. CITI TRENDS INC		2009-07-29	2010-03-25
	98. CITI TRENDS INC		2009-09-16	2010-04-15
	304. CITI TRENDS INC		2009-09-16	2010-10-01
	81. COINSTAR INC		2010-03-29	2010-05-03
	131. COINSTAR INC		2010-03-29	2010-05-11
	110. COINSTAR INC		2010-07-14	2010-10-27
	71. COINSTAR INC		2010-02-25	2010-10-29
	78. COINSTAR INC		2010-02-25	2010-11-01
	144. COMMSCOPE INC		2009-09-16	2010-02-24
	253. COMMSCOPE INC		2008-11-18	2010-02-24
	98. COMPASS MINERALS INTERNATIONAL		2009-09-16	2010-01-21
	151. COMPASS MINERALS INTERNATIONAL		2009-09-08	2010-02-18
	266. COMTECH TELECOMMUNICATIONS CORP		2009-10-16	2010-07-22
	296. COMTECH TELECOMMUNICATIONS CORP		2009-05-06	2010-07-22
	733. CORINTHIAN COLLEGES INC		2010-03-29	2010-05-07
	1106. CRYOLIFE INC		2009-09-16	2010-05-10
	161. CYBERSOURCE CORP		2009-09-16	2010-01-21
	970. CYBERSOURCE CORP		2009-10-27	2010-04-22
	34. DECKERS OUTDOOR CORP		2008-04-29	2010-03-05
	14. DECKERS OUTDOOR CORP		2008-04-29	2010-03-25
	19. DECKERS OUTDOOR CORP		2008-11-07	2010-06-23
	49. DECKERS OUTDOOR CORP		2009-09-16	2010-11-30
	54. DECKERS OUTDOOR CORP		2009-09-16	2010-12-08
	262. DIAGEO PLC SPONSORED A D R		2009-11-18	2010-09-28
	831. DIAMONDROCK HOSPITALITY CO		2010-01-07	2010-12-22
	328. DIAMONDROCK HOSPITALITY CO		2010-01-07	2010-12-23
	144. DIGITAL RIVER INC		2009-09-16	2010-08-13
	253. DIGITAL RIVER INC		2008-02-06	2010-08-13
	96. DREAMWORKS ANIMATION SKG INC CL A		2010-05-11	2010-12-14
	333. DREAMWORKS ANIMATION SKG INC CL A		2009-09-16	2010-12-14
	200000. E I DU PONT DE 4.125% 4/30/10		2005-02-15	2010-04-30
	595. DUPONT FABROS TECHNOLOGY		2009-09-16	2010-01-07
	127. DUPONT FABROS TECHNOLOGY		2009-05-21	2010-03-19
	211. DUPONT FABROS TECHNOLOGY		2009-05-21	2010-06-07
	507. E ON A G A D R		2009-11-18	2010-09-15
	52. EMERGENCY MEDICAL SERVICES A		2009-09-16	2010-12-15
	4000. EMERSON ELEC CO		1998-03-18	2010-10-15
	133. ENERSYS		2009-09-16	2010-11-17
	197. DELHAIZE GROUP SPONS A D R		2010-07-15	2010-10-12
	251. EVERCORE PARTNERS INC		2009-12-14	2010-09-27
	260. EVERCORE PARTNERS INC		2009-09-17	2010-09-27
	5000. EXELON CORPORATION		2007-07-30	2010-12-07
	1704. FAIRCHILD SEMICON INTL CL A		2010-01-29	2010-08-13
	1500. FED EX CORP		2000-12-27	2010-03-15
	135. FINISAR CORPORATION		2010-12-03	2010-12-22
	317. FOMENTO ECONOMICO MEX SP A D R		2009-11-18	2010-01-13
	113. FOSSIL INC		2008-02-14	2010-03-25
	89. FOSSIL INC		2008-02-06	2010-05-12
	268. FOSSIL INC		2009-09-16	2010-12-03
	795. FRANCE TELECOM SPSD ADR		2009-11-18	2010-01-13
	916. GT SOLAR INTERNATIONAL INC		2009-04-16	2010-02-04
	1018. GT SOLAR INTERNATIONAL INC		2009-09-16	2010-02-22
	405. GT SOLAR INTERNATIONAL INC		2010-10-01	2010-12-09
	200000. GENERAL ELEC CAP 4.875% 10/21/10		2006-02-10	2010-10-21
	100000. GENERAL ELEC CAP MTN 5.500% 4/28/11		2007-08-14	2010-12-07
	285. GENOPTIX INC		2010-01-28	2010-07-13
	281. GENOPTIX INC		2009-07-02	2010-07-13
	90. GEOEYE INC		2010-01-07	2010-07-21
	33. GEOEYE INC		2010-01-07	2010-07-22
	81. GEOEYE INC		2010-01-07	2010-08-10
	145. GEOEYE INC		2009-09-30	2010-10-18
	5000. GILEAD SCIENCES INC		2008-06-25	2010-09-02
	768. GLACIER BANCORP INC NEW		2009-09-16	2010-10-25
	95. GULFMARK OFFSHORE INC CL A		2009-09-16	2010-03-11
	166. GULFMARK OFFSHORE INC CL A		2008-02-06	2010-03-11
	236. GULFPORT ENERGY CORP		2010-08-05	2010-10-26
	221. HARBIN ELECTRIC INC		2009-09-16	2010-10-12
	176. HARBIN ELECTRIC INC		2010-03-08	2010-10-26
	30. HARBIN ELECTRIC INC		2009-09-16	2010-10-26
	480. HARBIN ELECTRIC INC		2009-09-16	2010-11-22
	674. HARMONIC INC		2008-06-20	2010-08-02
	285. HARMONIC INC		2009-09-16	2010-12-17
	488. HAWAIIAN HLDGS INC		2009-12-23	2010-10-01
	165. HHGREGG INC		2010-03-15	2010-03-29
	140. HHGREGG INC		2010-03-15	2010-10-13
	1013. HHGREGG INC		2010-02-23	2010-12-15
	991. HILL INTERNATIONAL INC		2009-09-22	2010-02-22
	564. HONDA MOTOR CO LTD A D R		2010-02-16	2010-11-08
	93. HORNBECK OFFSHORE SERVICES		2009-09-16	2010-03-01
	177. HORNBECK OFFSHORE SERVICES		2008-02-06	2010-03-01
	181. IDACORP INC		2010-05-21	2010-09-21
	97. IDACORP INC		2010-05-21	2010-10-14
	11500. INTEL CORP		2005-11-23	2010-03-15
	199. INTERACTIVE INTELLIGENCE INC		2010-04-30	2010-10-15
	179. INTERACTIVE INTELLIGENCE INC		2010-04-20	2010-11-03
	196. INTERACTIVE INTELLIGENCE INC		2010-04-20	2010-11-10
	681. INTERNATIONAL COAL GROUP INC		2010-03-25	2010-10-27
	433. INTERNATIONAL COAL GROUP INC		2010-03-12	2010-11-30
	1259. INTESA SANPAOLO A D R		2009-11-18	2010-03-10
	163. J2 GLOBAL COMMUNICATONS INC		2008-04-04	2010-03-05
	130. J2 GLOBAL COMMUNICATONS INC		2009-09-16	2010-11-17
	9. JACK IN THE BOX INC		2009-07-29	2010-02-25
	422. JACK IN THE BOX INC		2008-10-10	2010-02-25
	556. JACK IN THE BOX INC		2009-09-16	2010-05-14
	309. JAMES RIV COAL CO		2010-04-06	2010-05-21
	171. JAMES RIV COAL CO		2010-08-06	2010-11-30
	2098. JETBLUE AIRWAYS CORP		2010-09-29	2010-11-11
	211. JO ANN STORES INC		2010-02-22	2010-12-27
	1300. JOHNSON JOHNSON		2000-12-06	2010-03-15
	1500. LOCKHEED MARTIN CORP		2000-02-23	2010-03-15
	3500. LOCKHEED MARTIN CORP		2000-02-23	2010-09-02
	100. LULULEMON ATHLETICA INC		2010-01-29	2010-03-25
	83. LULULEMON ATHLETICA INC		2010-05-05	2010-07-30
	72. LULULEMON ATHLETICA INC		2010-05-05	2010-10-14
	207. LULULEMON ATHLETICA INC		2010-01-29	2010-11-09
	444. MARINER ENERGY INC		2008-11-18	2010-01-14
	866. MARINER ENERGY INC		2009-09-16	2010-04-16
	510. MARINER ENERGY INC		2008-12-11	2010-04-16
	297. MASTEC INC		2009-06-19	2010-01-07
	1000. MCDONALDS CORP		1991-05-02	2010-03-18
	492. MEADOWBROOK INS GROUP INC		2010-08-05	2010-09-29
	525. MEADOWBROOK INS GROUP INC		2010-08-05	2010-10-15
	862. MEADOWBROOK INS GROUP INC		2009-09-16	2010-10-15
	112. MICROS SYS INC		2008-02-06	2010-08-13
	73. MICROS SYS INC		2008-02-06	2010-09-29
	5000. MICROSOFT CORP		1992-09-16	2010-06-09
	10000. MICROSOFT CORP		1992-09-16	2010-12-07
	61. MIDDLEBY CORP		2008-02-06	2010-04-06
	57. MIDDLEBY CORP		2008-02-06	2010-07-30
	48. MIDDLEBY CORP		2008-02-06	2010-11-04
	9. MIDDLEBY CORP		2008-02-06	2010-11-05
	4367. MITSUBISHI UFJ FINL GRP A D R		2009-11-18	2010-10-15
	66. MITSUI & CO LTD SPSD ADR		2009-12-10	2010-08-12
	2500. MONSANTO CO		2009-05-08	2010-06-09
	887. MTN GROUP LTD A D R		2009-11-18	2010-02-16
	576. NCI INC CL A		2009-12-17	2010-09-28
	2468. NATIONAL BANK OF GREECE A D R		2009-11-18	2010-03-10
	4069. NATIONAL BANK OF GREECE A D R		2009-12-16	2010-04-27
	401. NATIONAL GRID PLC SP A D R		2009-11-18	2010-02-16
	265. NESTLE SA SPONSORED A D R		2009-11-18	2010-11-09
	123. NET 1 UEPS TECHNOLOGIES INC		2009-11-02	2010-09-23
	604. NET 1 UEPS TECHNOLOGIES INC		2009-09-16	2010-09-23
	669. NIDEC CORPORATION A D R		2010-04-23	2010-09-15
	15000. NOKIA CORP SPSD A D R		1997-06-10	2010-03-15
	274. NOVARTIS AG A D R		2009-11-18	2010-12-16
	977. NTELOS HOLDINGS CORP		2009-09-16	2010-01-28
	298. OPLINK COMMUNICATIONS INC		2009-06-11	2010-08-05
	180. OPLINK COMMUNICATIONS INC		2010-04-26	2010-08-13
	223. OPLINK COMMUNICATIONS INC		2009-09-16	2010-10-07
	1500. PEPSICO INC		1991-12-12	2010-03-18
	416. PERICOM SEMICONDUCTOR CORP		2009-10-14	2010-12-22
	74. PHILLIPS VAN HEUSEN CORP		2009-09-16	2010-12-08
	205. PLEXUS CORP		2010-07-14	2010-10-29
	484. PLEXUS CORP		2010-08-16	2010-12-14
	1000. PRAXAIR INC		1992-12-01	2010-03-15
	1500. PROCTER & GAMBLE CO		2000-02-08	2010-03-18
	229. PSYCHIATRIC SOLUTIONS INC		2008-02-06	2010-05-07
	592. PSYCHIATRIC SOLUTIONS INC		2010-03-01	2010-05-18
	251. PSYCHIATRIC SOLUTIONS INC		2009-03-18	2010-05-18
	2000. QUEST DIAGNOSTICS INC		2009-01-29	2010-09-02
	401. RWE AG A D R		2009-11-18	2010-10-15
	293. RED ROBIN GOURMET BURGERS		2009-01-16	2010-02-05
	442. RED ROBIN GOURMET BURGERS		2009-09-16	2010-03-29
	64. RED ROBIN GOURMET BURGERS		2008-06-06	2010-03-29
	573. REHABCARE GROUP INC		2010-05-18	2010-08-11
	30000. REGIONS FINL CORP		2010-03-15	2010-12-07
	416. RIO TINTO PLC A D R		2009-11-18	2010-05-10
	6000. ROCHE HLDG LTD A D R		1992-12-31	2010-09-02
	6000. ROCHE HLDG LTD A D R		1992-12-31	2010-10-15
	368. ROCK TENN CO CL A		2010-02-24	2010-12-15
	51. S P X CORP		2009-09-16	2010-04-15
	91. S P X CORP		2008-11-18	2010-04-15
	123. SVB FINL GROUP		2009-09-16	2010-01-21
	8000. ST JUDE MED INC		2008-05-07	2010-03-15
	1500. SCHLUMBERGER LTD		1997-05-28	2010-09-02
	15000. SCHWAB CHARLES CORP		2009-09-15	2010-06-09
	1157. SEACHANGE INTERNATIONAL INC		2009-10-16	2010-01-25
	263. SEACHANGE INTERNATIONAL INC		2009-01-16	2010-01-25
	78. SILGAN HLDGS INC		2008-02-06	2010-01-05
	146. SILGAN HLDGS INC		2009-09-16	2010-12-15
	236. SKYWORKS SOLUTIONS INC		2010-06-04	2010-08-13
	332. SKYWORKS SOLUTIONS INC		2010-09-24	2010-11-09
	215. SKYWORKS SOLUTIONS INC		2009-11-09	2010-12-03
	130. SKYWORKS SOLUTIONS INC		2009-12-11	2010-12-06
	355. SKYWORKS SOLUTIONS INC		2009-11-09	2010-12-06
	2122. SONIC WALL INC		2010-04-22	2010-06-04
	641. STATOIL ASA A D R		2009-11-18	2010-11-22
	944. STERLITE INDS INDIA A D S		2009-11-18	2010-06-09
	378. SYKES ENTERPRISES INC		2010-05-27	2010-08-05
	128. SYKES ENTERPRISES INC		2010-05-27	2010-08-09
	554. SYKES ENTERPRISES INC		2009-06-12	2010-08-09
	143. SYNIVERSE HLDGS INC		2008-09-29	2010-08-02
	157. SYNIVERSE HLDGS INC		2010-01-28	2010-10-29
	652. SYNIVERSE HLDGS INC		2009-09-16	2010-10-29
	1095. TELE COMMUNICATIONS SYSTEMS INC		2009-11-11	2010-08-05
	752. TELE COMMUNICATIONS SYSTEMS INC		2009-05-12	2010-08-05
	93. TELEDYNE TECHNOLOGIES INC		2008-02-06	2010-02-25
	241. TELEFONICA SA SPON A D R		2009-11-18	2010-11-09
	876. TENARIS SA ADR		2010-01-13	2010-06-09
	8400. TEXAS INSTRUMENTS INC		2000-12-06	2010-03-15
	457. TITAN MACHY INC		2009-09-16	2010-01-29
	451. TITAN MACHY INC		2009-04-14	2010-02-01
	294. TOTAL S A A D R		2009-11-18	2010-03-10
	284. TOYOTA MTR CORP A D R		2009-11-18	2010-02-11
	356. TRIQUINT SEMICONDUCTOR INC		2009-10-21	2010-03-05
	324. TRIQUINT SEMICONDUCTOR INC		2009-10-21	2010-09-24
	278. TRIQUINT SEMICONDUCTOR INC		2009-10-21	2010-12-08
	398. TRUE RELIGION APPAREL INC		2009-11-06	2010-02-02
	182. TRUE RELIGION APPAREL INC		2008-12-19	2010-02-02
	57. TUPPERWARE BRANDS CORP		2009-09-16	2010-07-30
	1750. UNION PACIFIC CORP		1998-02-04	2010-10-15
	127. VCA ANTECH INC		2009-09-16	2010-01-21
	221. VCA ANTECH INC		2008-02-06	2010-01-21
	324. VECTREN CORPORATION		2008-02-06	2010-03-08
	225. VECTREN CORPORATION		2009-09-16	2010-06-23
	350. VECTREN CORPORATION		2010-05-10	2010-09-15
	80. VECTREN CORPORATION		2008-02-06	2010-09-15
	126. VEECO INSTRS INC DEL		2010-05-28	2010-08-06
	171. WMS INDS INC		2008-02-06	2010-04-15
	70. WMS INDS INC		2008-06-26	2010-05-10
	350. WMS INDS INC		2009-09-16	2010-10-13
	1500. WAL MART STORES INC		1999-07-15	2010-03-18
	3000. WAL MART STORES INC		1996-01-18	2010-09-02
	3400. WELLS FARGO CO		2005-11-23	2010-03-15
	921. WET SEAL INC CL A		2009-03-10	2010-04-20
	389. WILSHIRE BANCORP INC		2009-09-16	2010-07-13
	710. WILSHIRE BANCORP INC		2008-09-15	2010-07-13
	140. WOODWARD, INC.		2008-10-21	2010-08-09
	117. WOODWARD, INC.		2008-02-06	2010-12-06
	370. CENTRAL EUROPEAN MEDIA ENT A		2009-11-18	2010-08-06
	240. PLATINUM UNDERWRITER HLDGS		2008-02-06	2010-03-11
	83. PLATINUM UNDERWRITER HLDGS		2009-09-16	2010-10-14
	127. VALIDUS HOLDINGS LTD		2009-09-16	2010-01-21
	221. VALIDUS HOLDINGS LTD		2008-12-31	2010-01-21
	. SECURITIES LITIGATION PROCEEDS FROM EL PASO CORP			2010-11-29
	. SECURITIES LITIGATION PROCEEDS FROM ENRON CORP			2010-01-04
	. SECURITY LITIGATION PROCEEDS FROM GENERAL MOTORS CORPORATION			2010-05-20
	. SECURITY LITIGATION PROCEEDS FROM GENERAL MOTORS CORPORATION			2010-11-24
	. SECURITIES LITIGATION PROCEEDS FROM NORTEL NETWORKS CORP			2010-03-11
	. SECURITIES LITIGATION PROCEEDS FROM WORLDCOM INC			2010-04-01
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	16,395	20,180	-3,785
b	3,761	4,707	-946
c	6,330	4,278	2,052
d	54,311	11,809	42,502
e	23,182	17,531	5,651
	10,576	8,829	1,747
	1,727	1,254	473
	749	507	242
	8,462	6,061	2,401
	1,809	1,169	640
	12,078	21,268	-9,190
	4,161	3,558	603
	24,741	14,407	10,334
	15,750	17,005	-1,255
	92,168	69,209	22,959
	14,503	18,601	-4,098
	14,522	16,682	-2,160
	13,185	16,692	-3,507
	11,613	10,885	728
	3,211	2,053	1,158
	22,068	34,477	-12,409
	210,738	199,079	11,659
	168,870	192,515	-23,645
	354,681	305,085	49,596
	13,050	15,487	-2,437
	18,725	32,512	-13,787
	34,603	50,934	-16,331
	4,628	4,987	-359
	6,462	6,829	-367
	7,893	9,302	-1,409
	139,198	244,360	-105,162
	4,356	4,480	-124
	16,090	16,946	-856
	280,214	410,812	-130,598
	214,866	199,854	15,012
	196,218	34,296	161,922
	3,432	1,340	2,092
	3,051	980	2,071
	4,164	1,349	2,815
	10,565	5,869	4,696
	3,597	2,145	1,452
	3,862	3,114	748
	6,570	10,151	-3,581
	4,318	3,766	552
	1,918	1,502	416
	12,059	3,988	8,071
	29,007	22,116	6,891
	4,969	4,764	205
	14,088	6,723	7,365
	8,983	10,930	-1,947
	2,467	2,514	-47
	1,392	1,383	9
	11,043	7,780	3,263
	138,026	91,995	46,031
	3,433	2,376	1,057
	10,174	5,871	4,303
	10,715	11,004	-289
	200,000	199,734	266
	7,466	8,982	-1,516
	302,946	302,151	795
	57,388	61,028	-3,640
	257,803	250,100	7,703
	5,630	4,442	1,188
	3,655	2,520	1,135
	7,398	7,576	-178
	3,877	2,680	1,197
	6,569	4,163	2,406
	5,038	4,433	605
	4,063	2,106	1,957
	4,598	2,313	2,285
	3,616	4,478	-862
	6,353	3,036	3,317
	6,796	5,767	1,029
	11,254	8,133	3,121
	5,713	9,062	-3,349
	6,357	10,998	-4,641
	10,445	13,703	-3,258
	5,662	7,456	-1,794
	3,011	2,692	319
	24,890	14,997	9,893
	4,364	4,785	-421
	1,953	1,970	-17
	2,917	1,929	988
	3,699	1,260	2,439
	4,377	1,388	2,989
	18,147	18,067	80
	9,568	7,655	1,913
	3,805	3,021	784
	3,742	5,669	-1,927
	6,574	7,605	-1,031
	2,873	3,652	-779
	9,966	8,323	1,643
	200,000	200,688	-688
	10,100	7,824	2,276
	2,851	1,068	1,783
	5,118	1,772	3,346
	14,789	20,721	-5,932
	3,282	2,488	794
	213,682	37,103	176,579
	3,902	2,956	946
	13,591	15,651	-2,060
	6,756	7,649	-893
	6,998	7,631	-633
	198,116	255,414	-57,298
	13,805	17,022	-3,217
	130,325	66,250	64,075
	3,915	3,259	656
	13,950	14,091	-141
	4,290	3,969	321
	3,709	3,118	591
	19,134	7,568	11,566
	20,125	21,035	-910
	5,654	6,081	-427
	5,621	5,952	-331
	3,801	3,501	300
	200,000	198,164	1,836
	101,951	100,755	1,196
	4,809	9,072	-4,263
	4,741	8,658	-3,917
	2,875	2,598	277
	1,051	953	98
	3,131	2,194	937
	6,409	3,805	2,604
	166,164	268,999	-102,835
	10,236	14,582	-4,346
	2,703	2,886	-183
	4,723	6,933	-2,210
	3,819	3,328	491
	5,087	3,490	1,597
	3,634	3,880	-246
	619	474	145
	8,609	6,686	1,923
	4,660	6,878	-2,218
	2,311	2,399	-88
	2,899	3,572	-673
	4,218	3,744	474
	3,396	3,093	303
	22,212	20,620	1,592
	4,854	7,578	-2,724
	20,460	19,245	1,215
	1,727	2,567	-840
	3,286	7,001	-3,715
	6,311	5,809	502
	3,488	3,113	375
	242,650	296,210	-53,560
	4,566	4,170	396
	4,893	3,686	1,207
	5,124	4,036	1,088
	3,888	3,199	689
	3,191	2,013	1,178
	28,977	35,000	-6,023
	3,711	3,701	10
	3,505	2,968	537
	182	196	-14
	8,537	8,091	446
	12,659	11,909	750
	4,784	5,550	-766
	3,379	3,226	153
	14,231	13,421	810
	12,670	7,996	4,674
	83,397	63,440	19,957
	125,869	58,440	67,429
	245,167	34,044	211,123
	4,009	2,891	1,118
	3,368	3,149	219
	3,273	2,289	984
	10,222	5,983	4,239
	5,912	9,326	-3,414
	21,997	12,138	9,859
	12,954	5,286	7,668
	3,814	3,637	177
	66,651	8,556	58,095
	4,157	4,300	-143
	4,514	3,687	827
	7,411	6,812	599
	3,982	3,760	222
	3,069	2,451	618
	126,493	12,656	113,837
	269,095	25,313	243,782
	3,516	3,662	-146
	3,283	3,422	-139
	3,579	2,882	697
	668	540	128
	20,059	23,665	-3,606
	17,752	18,479	-727
	123,455	216,735	-93,280
	12,404	14,414	-2,010
	10,618	15,927	-5,309
	10,611	18,057	-7,446
	10,693	26,392	-15,699
	20,207	21,583	-1,376
	15,198	12,680	2,518
	1,330	2,153	-823
	6,532	11,242	-4,710
	14,973	17,422	-2,449
	220,496	64,664	155,832
	15,972	14,723	1,249
	15,661	17,347	-1,686
	5,514	3,166	2,348
	2,932	3,079	-147
	4,425	2,967	1,458
	99,812	21,706	78,106
	4,576	4,856	-280
	5,124	3,123	2,001
	6,184	6,076	108
	13,525	13,738	-213
	79,713	8,285	71,428
	95,567	70,742	24,825
	6,986	7,291	-305
	19,169	14,820	4,349
	8,127	5,672	2,455
	89,858	99,800	-9,942
	27,841	37,879	-10,038
	5,497	4,351	1,146
	10,856	8,895	1,961
	1,572	2,120	-548
	10,568	13,909	-3,341
	179,997	215,442	-35,445
	20,602	22,909	-2,307
	205,857	43,125	162,732
	221,276	43,125	178,151
	20,187	17,812	2,375
	3,463	3,227	236
	6,179	3,057	3,122
	5,747	5,424	323
	319,205	335,913	-16,708
	83,810	43,659	40,151
	237,969	268,682	-30,713
	7,457	8,458	-1,001
	1,695	1,693	2
	4,338	3,724	614
	5,178	3,707	1,471
	4,050	3,927	123
	7,858	5,712	2,146
	5,855	2,657	3,198
	3,583	1,791	1,792
	9,785	4,388	5,397
	23,851	18,105	5,746
	13,228	16,742	-3,514
	12,532	17,755	-5,223
	4,423	8,069	-3,646
	1,550	2,234	-684
	6,709	9,784	-3,075
	3,266	2,413	853
	4,779	2,664	2,115
	19,847	11,692	8,155
	3,650	8,569	-4,919
	2,507	5,428	-2,921
	3,477	4,653	-1,176
	18,563	21,296	-2,733
	31,086	38,622	-7,536
	199,126	197,960	1,166
	4,872	5,770	-898
	4,902	4,156	746
	17,111	18,686	-1,575
	21,398	22,541	-1,143
	2,531	2,958	-427
	2,893	2,693	200
	3,633	2,310	1,323
	7,720	8,055	-335
	3,530	2,266	1,264
	2,230	2,307	-77
	149,279	53,595	95,684
	3,194	3,256	-62
	5,558	7,074	-1,516
	7,780	9,114	-1,334
	5,188	5,424	-236
	8,694	8,346	348
	1,987	2,250	-263
	4,921	5,194	-273
	7,943	6,094	1,849
	3,454	2,163	1,291
	14,105	13,424	681
	83,658	26,553	57,105
	154,303	19,906	134,397
	99,765	353,485	-253,720
	4,606	2,618	1,988
	2,773	3,122	-349
	5,061	10,064	-5,003
	4,234	4,472	-238
	4,396	3,668	728
	8,476	10,856	-2,380
	8,824	8,180	644
	3,583	2,909	674
	3,347	3,208	139
	5,824	5,396	428
	76		76
	5,648		5,648
	561		561
	63		63
	362		362
	83		83
			7

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			-3,785
b			-946
c			2,052
d			42,502
e			5,651
			1,747
			473
			242
			2,401
			640
			-9,190
			603
			10,334
			-1,255
			22,959
			-4,098
			-2,160
			-3,507
			728
			1,158
			-12,409
			11,659
			-23,645
			49,596
			-2,437
			-13,787
			-16,331
			-359
			-367
			-1,409
			-105,162
			-124
			-856
			-130,598
			15,012
			161,922
			2,092
			2,071
			2,815
			4,696
			1,452
			748
			-3,581
			552
			416
			8,071
			6,891
			205
			7,365
			-1,947
			-47
			9
			3,263
			46,031
			1,057
			4,303
			-289
			266
			-1,516
			795
			-3,640
			7,703
			1,188
			1,135
			-178
			1,197
			2,406
			605
			1,957
			2,285
			-862
			3,317
			1,029
			3,121
			-3,349
			-4,641
			-3,258
			-1,794
			319
			9,893
			-421
			-17
			988
			2,439
			2,989
			80
			1,913
			784
			-1,927
			-1,031
			-779
			1,643
			-688
			2,276
			1,783
			3,346
			-5,932
			794
			176,579
			946
			-2,060
			-893
			-633
			-57,298
			-3,217
			64,075
			656
			-141
			321
			591
			11,566
			-910
			-427
			-331
			300
			1,836
			1,196
			-4,263
			-3,917
			277
			98
			937
			2,604
			-102,835
			-4,346
			-183
			-2,210
			491
			1,597
			-246
			145
			1,923
			-2,218
			-88
			-673
			474
			303
			1,592
			-2,724
			1,215
			-840
			-3,715
			502
			375
			-53,560
			396
			1,207
			1,088
			689
			1,178
			-6,023
			10
			537
			-14
			446
			750
			-766
			153
			810
			4,674
			19,957
			67,429
			211,123
			1,118
			219
			984
			4,239
			-3,414
			9,859
			7,668
			177
			58,095
			-143
			827
			599
			222
			618
			113,837
			243,782
			-146
			-139
			697
			128
			-3,606
			-727
			-93,280
			-2,010
			-5,309
			-7,446
			-15,699
			-1,376
			2,518
			-823
			-4,710
			-2,449
			155,832
			1,249
			-1,686
			2,348
			-147
			1,458
			78,106
			-280
			2,001
			108
			-213
			71,428
			24,825
			-305
			4,349
			2,455
			-9,942
			-10,038
			1,146
			1,961
			-548
			-3,341
			-35,445
			-2,307
			162,732
			178,151
			2,375
			236
			3,122
			323
			-16,708
			40,151
			-30,713
			-1,001
			2
			614
			1,471
			123
			2,146
			3,198
			1,792
			5,397
			5,746
			-3,514
			-5,223
			-3,646
			-684
			-3,075
			853
			2,115
			8,155
			-4,919
			-2,921
			-1,176
			-2,733
			-7,536
			1,166
			-898
			746
			-1,575
			-1,143
			-427
			200
			1,323
			-335
			1,264
			-77
			95,684
			-62
			-1,516
			-1,334
			-236
			348
			-263
			-273
			1,849
			1,291
			681
			57,105
			134,397
			-253,720
			1,988
			-349
			-5,003
			-238
			728
			-2,380
			644
			674
			139
			428
			76
			5,648
			561
			63
			362
			83

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	1,395,963
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 pages 13 and 17 of the instructions). If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . .		3

Part V

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

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

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

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

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

1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a) Base period years Calendar year (or tax year beginning in)	(b) Adjusted qualifying distributions	(c) Net value of noncharitable-use assets	(d) Distribution ratio (col. (b) divided by col. (c))
2009	2,306,084	37,441,490	0.061592
2008	2,679,296	46,917,746	0.057106
2007	2,626,530	56,603,279	0.046402
2006	2,162,763	52,438,436	0.041244
2005	1,981,027	47,528,828	0.041681

2	Total of line 1, column (d) ......................	2	0.248025
3	Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by the number of years the foundation has been in existence if less than 5 years. . .	3	0.049605
4	Enter the net value of noncharitable-use assets for 2010 from Part X, line 5.....	4	42,493,081
5	Multiply line 4 by line 3.......................	5	2,107,867
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	21,911
7	Add lines 5 and 6.........................	7	2,129,778
8	Enter qualifying distributions from Part XII, line 4..............	8	3,269,402
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions on page 18.

Form 990-PF (2010)

Page 4

Part VI

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check hereand enter “N/A” on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	21,911
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2............................	3	21,911
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	21,911
6	Credits/Payments:

a	2010 estimated tax payments and 2009 overpayment credited to 2010	6a	23,044
b	Exempt foreign organizations—tax withheld at source.......	6b
c	Tax paid with application for extension of time to file (Form 8868)	6c	0
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	23,044
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	1,133
11	Enter the amount of line 10 to be: Credited to 2011 estimated tax1,133	Refunded	11	0

Part VII-A

Statements Regarding Activities

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

Yes

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

Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of

the instructions for definition)?.............................

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

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

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

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

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

If “Yes,” attach a detailed description of the activities.

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

Yes

Enter the states to which the foundation reports or with which it is registered (see page 19 of the

instructions) bullet

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

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

Yes

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

or 4942(j)(5) for calendar year 2010 or the taxable year beginning in 2010 (see instructions for Part XIV on

page 27)? If “Yes,” complete Part XIV...........................

Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.

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 page 20 of the instructions) .......

Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?

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

Yes

Website address bullet

The books are in care of bullet

US BANK NA Telephone no. bullet

(630) 390-3767

Located at bullet

1026 OGDEN AVELISLEIL ZIP+4 bullet

60532

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

At any time during calendar year 2010, did the foundation have an interest in or a signature or other authority over

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

See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet

Form 990-PF (2010)

Page 5

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...

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

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

that were not corrected before the first day of the tax year beginning in 2010?.............

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

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

At the end of tax year 2010, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2010?...............YesNo

If “Yes,” list the years bullet

20, 20, 20, 20

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

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

to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........

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

20, 20, 20, 20

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

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

If “Yes,” did it have excess business holdings in 2010 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 2010.)....................

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

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

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2010?

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

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

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

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

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

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

in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...YesNo

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

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

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

Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?

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

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

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

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

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

premiums on a personal benefit contract?....................YesNo

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

If “Yes” to 6b, file Form 8870.

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

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

Form 990-PF (2010)

Page 6

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 page 22 of the 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
U S BANK NA	TRUSTEE 40	157,088
1026 OGDEN AVE LISLE,IL60532	TRUSTEE 40	157,088
STEVEN P DHEIN	EXECUTIVE CO-ADVISOR 40	75,442
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001	EXECUTIVE CO-ADVISOR 40	75,442
DAVID H COFRIN	ADVISOR 1	0
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001	ADVISOR 1	0
ROBERT HOWE	ADVISOR 1	0
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001	ADVISOR 1	0
JOE NEIDENBACH	ADVISOR 1	0
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001	ADVISOR 1	0
CINDY FOLLICK	SECRETARY 1	0
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001	SECRETARY 1	0
ELLEN WEIDNER	ADVISOR 1	0
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001	ADVISOR 1	0
MARY ANN HARN COFRIN	ADVISOR 1	0
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001	ADVISOR 1	0
SAM GOFORTH	ADVISOR 1	0
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001	ADVISOR 1	0

2 Compensation of five highest-paid employees (other than those included on line 1—see page 23 of the instructions). If none, enter “NONE.”
(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









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

3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

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

Part IX-A

Summary of Direct Charitable Activities

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


2


3


4

Form 990-PF (2010)

Page 7

Part IX-B

Summary of Program-Related Investments (see page 23 of the 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 page 24 of the instructions.
3

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

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
see page 24 of the instructions.)

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

purposes:

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

42,636,459

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

503,725

Fair market value of all other assets (see page 24 of the instructions)............

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

43,140,184

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

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

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

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

43,140,184

Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25

of the instructions) ............................

647,103

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

42,493,081

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

2,124,654

Part XI

Distributable Amount (see page 25 of the instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet

and do not complete this part.)

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

2,124,654

Tax on investment income for 2010 from Part VI, line 5......

21,911

Income tax for 2010. (This does not include the tax from Part VI.)...

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

21,911

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

2,102,743

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

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

2,102,743

Deduction from distributable amount (see page 25 of the instructions)...........

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

line 1.................................

2,102,743

Part XII

Qualifying Distributions (see page 25 of the instructions)

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

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

3,269,402

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

3,269,402

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 page 26 of the instructions)............

21,911

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

3,247,491

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 (2010)

Page 8

Part XIII

Undistributed Income (see page 26 of the instructions)

		(a) Corpus	(b) Years prior to 2009	(c) 2009	(d) 2010
1 Distributable amount for 2010 from Part XI, line 7					2,102,743
2 Undistributed income, if any, as of the end of 2010:
a Enter amount for 2009 only.......				1,845,570
b Total for prior years:2008, 20, 20			0
3 Excess distributions carryover, if any, to 2010:
a From 2005.......	0
b From 2006.......	0
c From 2007.......	0
d From 2008.......	0
e From 2009.......	0
fTotal of lines 3a through e.........		0
4Qualifying distributions for 2010 from Part
XII, line 4: $ 3,269,402
a Applied to 2009, but not more than line 2a				1,845,570
b Applied to undistributed income of prior years (Election required—see page 26 of the instructions)			0
c Treated as distributions out of corpus (Election required—see page 26 of the instructions)...		0
d Applied to 2010 distributable amount.....					1,423,832
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2010.		0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		0
b Prior years’ undistributed income. Subtract line 4b from line 2b ...........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount—see page 27 of the instructions ...			0
e Undistributed income for 2009. Subtract line 4a from line 2a. Taxable amount—see page 27 of the instructions ...........				0
f Undistributed income for 2010. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2011 ..........					678,911
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (see page 27 of the instructions) ...........		0
8Excess distributions carryover from 2005 not applied on line 5 or line 7 (see page 27 of the instructions) .............		0
9Excess distributions carryover to 2011. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2006....	0
b Excess from 2007....	0
c Excess from 2008....	0
d Excess from 2009....	0
e Excess from 2010....	0

Form 990-PF (2010)

Page 9

Part XIV

Private Operating Foundations (see page 27 of the 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 2010, enter the date of the ruling....... bullet

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

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2010	(b) 2009	(c) 2008	(d) 2007	(e) Total

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

Part XV

Supplementary Information (Complete this part only if the organization had $5,000 or more in
assets at any time during the year—see page 27 of the 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).)

NONE

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

NONE

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

Check here bullet

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. (see page 28 of the instructions) to individuals or organizations
under other conditions, complete items 2a, b, c, and d.

aThe name, address, and telephone number 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 (2010)

Page 10

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
UNIVERSITY OF WISCONSIN FOUNDATION CL 810 2420 NICOLET DR GREEN BAY,WI543117001	NONE	PUBLIC CHARITY	WEIDNER CENTER PRESENTS	75,000
UNIVERSITY OF WISCONSIN FOUNDATION CL 810 2420 NICOLET DR GREEN BAY,WI543117001	NONE	PUBLIC CHARITY	KRESS EVENTS CENTER	190,000
UNIVERSITY OF WISCONSIN FOUNDATION CL 820 2420 NICOLET DR GREEN BAY,WI543117001	NONE	PUBLIC CHARITY	COFRIN CENTER / BIODIVERSITY	82,000
OAK HALL SCHOOL 8009 SW 14TH AVENUE GAINESVILLE,FL32607	NONE	PUBLIC CHARITY	OPERATIONS BUDGET	50,000
UNIVERSITY OF WISCONSIN FOUNDATION CL 810 2420 NICOLET DR GREEN BAY,WI543117001	NONE	PUBLIC CHARITY	KROC CENTER	400
UNIVERSITY OF FLORIDA FOUNDATION INC S W 34TH STREET AND GAINSVILLE,FL32611	NONE	PUBLIC CHARITY	HARN MUSEUM/UROLOGIC BIOENGINE/SHANDS HOSPITA	1,510,000
ST NORBERT COLLEGE 100 GRANT ST DEPERE,WI54115	NONE	PUBLIC CHARITY	PANAMA STRI COURSE	195,000
MINNESOTA MEDICAL FOUNDATION 200 OAK ST SE STE 300 MINNEAPOLIS,MN55455	NONE	PUBLIC CHARITY	GENERAL SUPPORT	25,000
WEILL CORNELL MEDICAL COLLEGE 575 LEXINGTON AVE STE 640 NEW YORK,NY10022	NONE	PUBLIC CHARITY	DAVID A COFRIN CENTER-BIOMEDICAL INFORMATION	1,000,000
CARE 151 ELLIS STREET ATLANTA,GA30303	NONE	PUBLIC CHARITY	HAITIAN EARTHQUAKE RELIEF FUND	50,000
Total ................................. 3a				3,177,400

bApproved for future payment

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

Form 990-PF (2010)

Page 11

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514
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....
3Interest on savings and temporary cash investments
4 Dividends and interest from securities....			14	968,080
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6Net rental income or (loss) from personal property
7 Other investment income.....
8Gain or (loss) from sales of assets other than inventory			18	1,360,750
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)..				2,328,830

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

132,328,830

(See worksheet in line 13 instructions on page 28 to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See page 28 of the instructions.)

Form 990-PF (2010)

Page 12

Part XVII

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

Did the organization directly or indirectly engage in any of the following with any other organization described in section

Yes

501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........YesNo

If “Yes,” complete the following schedule.

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

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 or fiduciary) is based on all information of which preparer has any knowledge.

	Signature of officer or trustee	Date	Title

Preparer's Signature	Date	Check if self- employed	PTIN
Firm's name Firm's address		Firm's EIN
		Phone no.

Form 990-PF (2010)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
U.S. BANK, N.A., TAX PREP FEES	1,750			1,750

Name of Bond	End of Year Book Value	End of Year Fair Market Value
CREDIT SUISSE 5.375% 3/1/16	206,944	219,458
E I DU PONT D N 4.125% 4/30/10
GENERAL ELEC CAP 4.875% 10/10
CATERPILLAR FIN 5.05% 12/1/10
CITIGROUP INC SR 5.1% 9/29/11
CISCO SYS INC NT 5.25% 2/22/11
GENERAL ELEC CAP 5.5% 4/28/11
BEAR STEARNS CO 6.95% 8/10/12	200,524	218,200
BANK OF NY MELLON 4.95% 11/12
IBM CORP 6.5% 10/15/13	212,406	227,936
PEPSI BOTTLING GROUP LLC 3/14	211,270	231,762
BHP BILLITON FIN 5.125% 3/12
J P MORGAN CHASE CO GLBL 11/11	1,000,000	1,173,100
BB&T CORP 5.7% 4/30/14	197,454	220,046
AXTRAZENECA PLC 5.4% 6/1/14	217,156	222,408
GENERAL DYNAMICS 5.375% 8/15	212,570	225,340
WYETH 5.5% 2/15/16	209,506	226,254
DEUTSCHE BK LOND 4.875% 5/13	204,720	214,446
BP CAPITAL PLC 5.25% 11/7/13	215,006	216,602
QUEBEC PROVINCE 5.125% 11/16	209,558	224,256
BARCLAYS BANK PLC 3/27/13	1,000,000	1,166,000

- TIN:

TY 2010 InvestmentsCorpStockSchedule

Name:

1923 FUND 78990200

EIN: 36-7070455

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ABBOTT LABS	100,523	431,190
AMERICA MOVIL S A DE C V A D R	19,364	636,474
APACHE CORP	279,597	596,150
AUTOMATIC DATA PROCESSING INC	70,536	462,800
B P P L C SPONS A D R REPSTG 6
BAXTER INTL INC	31,492	202,480
BRISTOL MYERS SQUIBB CO	121,405	264,800
C V S CORP/CAREMARK CORP
CITIGROUP INC
CONOCOPHILLIPS	197,612	370,600
CORNING INC	52,900	173,880
DISNEY WALT CO	84,149	495,132
DUKE ENERGY CORP	57,900	142,480
EMERSON ELEC CO	50,898	485,945
ENRON CORP
EXXON MOBIL CORP	148,748	548,400
FED EX CORP	210,650	511,555
HEWLETT PACKARD CO	154,299	440,576
INTEL CORP
INTL BUSINESS MACHINES CORP	186,640	293,520
J P MORGAN CHASE & CO	190,816	339,360
JOHNSON & JOHNSON	146,161	463,875
LOCKHEED MARTIN CORP
MATTEL INC	98,478	254,758
MCDONALD'S CORP	133,313	690,840
MICROSOFT CORP	37,969	418,650
NOKIA CORP SPSD ADR
NORFOLK SOUTHERN CORP	50,760	251,280
PEPSICO INC	116,842	489,975
PRAXAIR INC	57,995	668,290
PROCTER & GAMBLE CO	263,602	385,980
QUALCOMM INC	161,507	296,940
ROCHE HLDG LTD SPNSRD ADR	22,838	20,744
ROYAL DUTCH SHELL PLC ADR RPST	158,329	365,621
SCHLUMBERGER LTD	133,080	584,500
SEALED AIR CORP	69,750	203,600
TARGET CORP	52,444	601,300
TEXAS INSTRUMENTS INC	17,076	325,000
3M CO	142,149	431,500
U S BANCORP	158,554	450,021
UNION PAC CORP	79,689	254,815
WAL MART STORES INC	21,575	215,720
WALGREEN CO	97,791	350,640
YUM BRANDS INC	9,513	156,960
ZIMMER HLDGS INC	88,008	176,070
A T & T INC	190,501	440,700
BANK OF AMERICA CORP
EXELON CORP
WELLS FARGO & CO	328,707	309,900
BANK OF NEW YORK MELLON CORP
CISCO SYS INC	339,396	242,760
OCCIDENTAL PETE CORP	282,516	392,400
ORACLE CORP	349,513	516,450
ACCENTURE LTD	362,155	484,900
STATOILHYDRO ASA REPSTG 1 ORD
APPLE INC	271,731	483,840
B M C SOFTWARE INC
GILEAD SCIENCES INC
GOLDMAN SACHS GROUP INC	444,078	420,400
PHILIP MORRIS INTL INC	21,873	175,590
ST JUDE MED INC
ACE LTD	336,045	435,750
AMEDISYS INC
ATLANTIC TELE-NETWORK INC
AZZ INC
B E AEROSPACE INC	6,827	20,737
BANCORPSOUTH INC
BANK OF HAWAII CORP
CITY HLDG CO	12,810	13,949
COMMSCOPE INC
COMTECH TELECOMMUNICATIONS CO
CRANE CO	18,213	20,740
CUBIST PHARMACEUTICALS INC	16,533	16,820
DECKERS OUTDOOR CORP	8,789	18,898
DIGITAL RIVER INC
EMERGENCY MEDICAL SERVICES A	11,964	20,094
ENTERTAINMENT PPTYS TR	12,192	17,806
FOSSIL INC
GARDNER DENVER INC	12,698	24,362
GLACIER BANCORP INC NEW
GULFMARK OFFSHORE INC
HARMONIC INC	15,634	21,674
HORNBECK OFFSHORE SERVICES
ICU MED INC	15,570	17,557
JACK IN THE BOX INC
J2 GLOBAL COMMUNICATIONS INC	11,061	14,070
MARINER ENERGY INC
MICROS SYS INC	10,156	14,035
MIDDLEBY CORP	11,802	18,319
MWI VETERINARY SUPPLY INC	14,222	24,944
NET 1 UEPS TECHNOLOGIES INC
PHILLIPS VAN HEUSEN CORP	12,535	17,706
PROASSURANCE CORP	14,108	16,423
PSYCHIATRIC SOLUTIONS INC
RED ROBIN GOURMET BURGERS
S P X CORP
SILGAN HLDGS INC	12,572	18,120
SVB FINL GROUP	10,909	19,947
SYNIVERSE HLDGS INC
SYNNEX CORP	19,129	20,623
TELEDYNE TECHNOLOGIES INC	16,012	18,423
TRUE RELIGION APPAREL INC
TUPPERWARE BRANDS CORP	43,155	118,222
VCA ANTECH INC
VECTREN CORP
WILSHIRE BANCORP INC
WMS INDS INC
WOODWARD GOVERNOR CO	13,783	24,752
PLATINUM UNDERWRITER HLDGS	13,407	16,414
CENTRAL EUROPEAN DISTRIBUTION	23,766	17,083
COACH INC	230,394	387,170
KEYCORP NEW	224,673	265,500
ALLERGAN INC	173,747	206,010
BLACKROCK INC	351,690	333,515
E BAY INC	227,438	278,300
GOOGLE INC CL A	119,399	178,191
ILLINOIS TOOL WORKS	188,898	213,600
MASTERCARD INC	184,474	224,110
MONSANTO CO
QUEST DIAGNOSTICS INC	249,500	269,850
SCHWAB CHARLES CORP	179,121	171,100
VISA INC CLASS A SHRS	238,169	211,140
WILLIAMS COS INC	289,978	494,400
AMERICAN ITALIAN PASTA CO
AMTRUST FINANCIAL SERVICES	15,927	21,893
ARENA RES INC
BAKER MICHAEL CORP
BERRY PETE CO	14,504	26,351
BIOMED REALTY TRUST INC
BRANDYWINE REALTY TRUST
BRIGHTPOINT INC	21,098	27,569
BYWAY HOLDING COMPANY
CAPELLA EDUCATION CO
CITI TRENDS INC
COMPASS MINERALS INTERNATIONAL
CRYOLIFE INC
CYBERSOURCE CORP
DREAMWORKS ANIMATION SKG INC
DUPONT FABROS TECHNOLOGY	10,263	15,144
ENERSYS	12,153	21,745
EVERCORE PARTNERS INC
FAIRCHILD SEMICON INTL CL A
FLUSHING FINANCIAL CORP	11,111	17,318
GENOPTIX INC
GEOEYE INC	19,795	25,731
GLIMCHER REALTY TRUST	5,210	13,297
GRAFTECH INTL LTD	20,024	26,010
GT SOLAR INTERNATIONAL INC	19,886	22,526
HAWAIIAN HLDGS INC	11,671	14,088
HILL INTERNATIONAL INC
LSB INDS INC	12,169	17,419
MASTEC INC	21,395	28,188
MEADOWBROOK INS GROUP INC
MEDNAX INC	19,256	20,994
NCI INC CL A
NTELOS HOLDINGS CORP
OPLINK COMMUNICATIONS INC	14,239	17,897
PERICOM SEMICONDUCTOR CORP	19,210	21,016
REHABCARE GROUP INC
ROCK TENN CO CL A
SCHULMAN A INC	15,395	17,236
SEACHANGE INTERNATIONAL INC
SKYWORKS SOLUTIONS INC
SONIC WALL INC
SYKES ENTERPRISES INC
TELE COMMUNICATIONS SYSTEMS IN
TITAN MACHY INC
TRIQUINT SEMICONDUCTOR INC	15,472	22,749
WET SEAL INC CL A	12,752	13,398
HARBIN ELECTRIC INC
VALIDUS HOLDINGS LTD
AXA ADR
ABB LTD ADR REPSTG ONE REG	29,428	34,393
AGRIUM INC	30,928	49,820
ANGLO AMERICAN PLC ADR REPSTG	19,514	23,212
ARCELORMITTAL NY REGISTERED
ASTRAZENECA PLC SPSD ADR REPST	33,836	34,365
ATLAS COPCO AB ADR CL B REPSTG	18,289	30,032
BANCO SANTANDER CENT HISPANO
BARCLAYS PLC ADR REPSTG 4 ORD	28,976	22,368
BOC HONG KONG HLDGS LTD ADR	19,508	26,619
BRITISH AMERN TOB PLC SPSD ADR	62,902	74,592
CANON INC ADR REPSTG SHS	31,963	39,429
CENTRAL EUROPEAN MEDIA ENT A
DBS GROUP HLDGS LTD	40,800	43,142
DESARROLLADORA HOMEX ADR REPST	34,074	35,467
DIAGEO PLC SPSD ADR REPSTG
E.ON AG ADR
FOMENTO ECONOMICO MEX SP ADR	23,114	29,078
FRANCE TELECOM SPSD ADR
FUJIFILM HOLDINGS ADR REPSTG	44,309	53,574
GLAXO SMITHKLINE PLC ADR REPST	28,911	27,140
HONDA MTR LTD AMERN SHS	24,866	30,810
INTESA SANPAOLO ADR REPSTG
KEPPEL CORP LTD SPONS ADR REP	54,352	81,367
KONINKLIJKE KPN NV SP ADR REPS	27,078	21,946
LUKOIL SPON ADR REPSTG	29,266	26,321
MITSUBISHI UFJ FIN GRP ADR REP
MITSUI & CO LTD SPSD ADR	30,184	38,016
MTN GROUP LTD ADR
NATIONAL BANK OF GREECE ADR
NATIONAL GRID PLC SP ADR
NESTLE SA SPONS ADR REPSTG	60,817	74,760
NISSAN MTR LTD SPONS ADR	32,950	35,436
NOVARTIS AG ADR REPSTG	52,821	57,948
ORIX CORP SPONS ADR REPSTG	15,498	22,767
PETROLEO BRASILEIRO SA PETRO	51,490	39,159
RIO TINTO PLC ADR REPSTG 4 ORD
RWE AG SPONS ADR
SANOFI AVENTIS ADR REPSTG	22,525	18,887
SOCIETE GENERALE FRANCE SPONS	36,899	30,349
STERLITE INDS INDIA ADS REPSTG
TELEFONICA SA SPON ADR REPSTG	31,281	24,221
TENARIS SA ADR
THOMPSON CREEK METALS CO INC	32,756	41,319
TOKIO MARINE HOLDINGS ADR	27,062	29,422
TOTAL SA ADR REPSTG .5 ORD SH	47,097	39,629
TOYOTA MTR CORP ADR REPSTG
TURKCELL ILLETISIM HIZMET ADR	38,081	40,170
UNILEVER PLC SPSD ADR	37,496	38,291
VALE SA SP ADR REPSTG 1 PFD	47,382	55,816
ZURICH FINANCIAL SERVICES AG	14,962	16,932
DIRECTV CL A	269,374	279,510
E M C CORP	212,118	229,000
MEDCO HEALTH SOLUTIONS INC	224,015	214,445
STARBUCKS CORP	146,882	192,780
TEXTRON INC	214,938	236,400
THERMO FISHER SCIENTIFIC INC	194,898	221,440
UNITED TECHNOLOGIES CORP	302,909	354,240
V F CORP	264,355	301,630
WHITING PETROLEUM CORP	179,065	234,380
ALLEGIANT TRAVEL	10,534	12,113
APAC TELESERVICES INC	9,249	10,277
ASHFORD HOSPITALITY TR INC	9,121	9,187
BANK OF THE OZARKS INC	18,675	18,250
BUFFALO WILD WINGS INC	21,341	19,075
CARDTRONICS INC	22,877	23,222
CINEMARK HLDGS INC	27,691	26,463
COINSTAR INC	5,784	11,006
COLONIAL PROPERTIES TRUST	19,803	22,220
DOUGLAS EMMITT INC	15,449	15,338
ENTEGRIS INC	16,193	16,277
FERRO CORP	8,315	8,667
FINISAR CORP	13,193	20,219
G III APPAREL GROUP LTD	14,482	16,485
GULFPORT ENERGY CORP	19,059	30,547
HANGER ORTHOPEDIC GROUP INC	18,069	22,016
HEALTH MGMT ASSOC INC NEW CL A	13,076	12,974
IBERIABANK CORP	18,360	19,809
IDACORP INC	6,964	8,025
INTERACTIVE INTELLIGENCE INC	11,318	16,088
INTERNATIONAL COAL GROUP INC	14,107	21,657
JAMES RIV COAL CO	17,787	26,343
JO ANN STORES INC	7,588	12,285
KAPSTONE PAPER & PACKAGING COR	10,806	11,001
KOPPERS HLDGS INC	13,331	15,493
LAKELAND FINANCIAL CORP	11,339	11,932
LITTELFUSE INC	18,562	21,648
MADISON SQUARE GARDEN INC	14,344	15,288
MAGELLAN HEALTH SVCS INC	19,285	22,127
MAXIMUS INC	22,565	24,330
MEASUREMENT SPECIALTIES INC	8,364	10,654
MULTI FINELINE ELECTRONIX INC	22,619	25,457
NETGEAR INC	18,861	25,799
NEWMARKET CORP	18,392	21,343
NORTHWEST BANCSHARES INC MD	17,622	18,208
NU SKIN ENTERPRISES INC - A	21,865	23,966
OIL STATES INTERNATIONAL INC	14,513	20,765
OMNI VISION TECHNOLOGIES INC	18,859	17,944
PAREXEL INTL CORP	21,957	22,228
R F MICRO DEVICES INC	14,180	13,223
RENASANT CORP	11,882	13,427
REPUBLIC AIRWAYS HOLDINGS INC	8,953	8,176
SIGNATURE BK	16,834	20,274
SMURFIT STONE CONTAINER ENTERP	17,754	17,766
SOLUTIA INC	18,840	25,619
STONE ENERGY CORP	16,414	26,547
TEXAS ROADHOUSE INC	19,934	22,888
TRIUMPH GROUP INC	22,001	25,571
VEECO INSTRS INC DEL	18,200	21,437
VIEWPOINT FINL GROUP INC	10,829	11,257
VOLTERRA SEMICONDUCTOR CORP	19,959	21,006
ANHEUSER BUSCH INBEV NV ADR	17,913	16,328
B A S F AG ADR REPSTG1 ORD SH	33,094	40,620
B H P BILLITON PLC SPSD ADR	18,280	18,676
B N P PARIBAS SA ADR REPSTG	30,876	29,266
B T GROUP PLC ADR REPSTG 10 OR	33,707	35,532
BANCO BRADESCO ADR REPSTG 1 PR	16,319	18,018
BAYERISCHE MOTOREN WERKE UNSP	31,857	38,300
CENTRICA PLC ADR REPSTG ORD	16,866	16,140
CNOOC LTD ADR REPSTG ORD SHS	17,051	24,552
FOCUS MEDIA HOLDING ADR REP	15,090	20,899
HSBC HOLDINGS PLC SPS ADR REP	17,362	16,894
INFINEON TECHNOLOGIES AG ADR	17,858	17,647
INTERCONTINENTAL HTLS GRP PISP	16,368	17,915
LVMH MOET HENNESSY LOU VUITT	13,667	13,857
SIEMENS AG ADR REPSTG	24,428	29,944
SWISS REINSURANCE CO SPSD ADR	17,642	19,124
UBS AG REG	15,583	15,350
VODAFONE GROUP PLC ADR REPSTG	16,670	18,032
VOLVO AB SPONSD ADR REPSTG	26,676	35,502

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
FIRST EAGLE SOGEN GLOBAL A	AT COST	1,981,439	2,199,210
FIRST AMER MID CAP GRWTH OPP	AT COST	2,000,000	2,001,958
T ROWE PRICE INTL GR & INC ADV	AT COST	1,750,000	1,726,058
FIRST AMER HIGH INCOME BOND FD	AT COST	1,500,000	1,420,551
BARCLAYS IPATH DJ AIG COMMODIT
GOLDMAN SDACHS M/C VALUE	AT COST	1,500,000	2,117,086
ISHARES MSCI EMERGING MKTS ETF	AT COST	1,694,010	2,000,964
IPATH DOW JONES UBS COMMODITY	AT COST	881,070	1,056,080

Description	Beginning of Year - Book Value	End of Year - Book Value
EMPLOYEE TAXES WITHHELD	1,093	1,348
EMPLOYER'S FICA/MEDICARE ACC'D	414	478

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
INSURANCE	745	0	745
FILING FEE ATTY GEN	15	0	15
BUS TAX REGIST FEE	10	0	10
MISCELLANEOUS	2,100	0	2,100
ADR FEES	917	917	0