TY 2011 Form 990PF

Part I	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see 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)	2,963,270
2	Check
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities......	881,282	881,678
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		2,841,703
b	Gross sales price for all assets on line 6a 9,447,327
7	Capital gain net income (from Part IV, line 2)...		2,930,202
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........	6,686,255	3,811,880
	13	Compensation of officers, directors, trustees, etc.	249,598	172,348		77,250
14	Other employee salaries and wages......		0	0	0
15	Pension plans, employee benefits.......	5,910	0	0	5,910
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)		50,350	15,600		0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......	11,210	0	0	11,210
22	Printing and publications..........	455	0	0	455
23	Other expenses (attach schedule).......		5,476	1,511		3,965
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	324,749	189,459	0	100,540
25	Contributions, gifts, grants paid........	2,478,000			2,478,000
26	Total expenses and disbursements. Add lines 24 and 25	2,802,749	189,459	0	2,578,540
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	3,883,506
b	Net investment income (if negative, enter -0-)		3,622,421
c	Adjusted net income (if negative, enter -0-)...			0

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...............
	2	Savings and temporary cash investments..........	822,941	4,070,597	4,070,597
	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)........	14,683,700	14,764,811	25,319,315
	c	Investments—corporate bonds (attach schedule)........	4,297,114	2,251,038	2,405,582
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	11,306,519	13,918,000	13,787,149
	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)	31,110,274	35,004,446	45,582,643
	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 )	1,826	12,492
	23	Total liabilities (add lines 17 through 22)..........	1,826	12,492
		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.........	31,108,448	34,991,954
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds
	30	Total net assets or fund balances (see page 17 of the
		instructions)....................	31,108,448	34,991,954
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	31,110,274	35,004,446

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	31,108,448
2	Enter amount from Part I, line 27a.....................	2	3,883,506
3	Other increases not included in line 2 (itemize)	3	0
4	Add lines 1, 2, and 3..........................	4	34,991,954
5	Decreases not included in line 2 (itemize)	5	0
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	34,991,954

(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	184. INTERNATIONAL COAL GROUP INC		2010-12-15	2011-01-04
b	220. INTERNATIONAL COAL GROUP INC		2010-12-15	2011-01-05
c	330. JAMES RIV COAL CO		2010-08-06	2011-01-05
d	204. JO ANN STORES INC		2010-02-18	2011-01-06
e	354. TELEFONICA SA SPON A D R		2009-11-18	2011-01-10
	756. WET SEAL INC CL A		2010-06-09	2011-01-13
	2865. WET SEAL INC CL A		2009-09-16	2011-01-13
	566. ROCHE HLDG LTD A D R		2009-11-18	2011-01-14
	132. B E AEROSPACE INC		2009-09-16	2011-01-18
	195. COINSTAR INC		2010-02-25	2011-01-18
	786. CUBIST PHARMACEUTICALS INC		2009-09-16	2011-01-18
	604. GT SOLAR INTERNATIONAL INC		2010-12-06	2011-01-18
	62. PHILLIPS VAN HEUSEN CORP		2010-03-25	2011-01-18
	219. PHILLIPS VAN HEUSEN CORP		2009-09-16	2011-01-18
	. SECURITIES LITIGATION PROCEEDS FROM ENRON CORP			2011-01-21
	381. SMURFIT STONE CONTAINER ENTERPRISES		2010-12-15	2011-01-25
	313. SMURFIT STONE CONTAINER ENTERPRISES		2010-12-15	2011-01-26
	136. OPLINK COMMUNICATIONS INC		2009-09-16	2011-01-31
	1240. UNILEVER PLC SPSD ADR		2009-11-18	2011-01-31
	157. GULFPORT ENERGY CORP		2010-08-02	2011-02-03
	638. HAWAIIAN HLDGS INC		2009-11-11	2011-02-03
	758. BRIGHTPOINT INC		2009-09-16	2011-02-04
	1159. HAWAIIAN HLDGS INC		2009-11-11	2011-02-04
	61. FINISAR CORPORATION		2010-12-03	2011-02-07
	419. HARMONIC INC		2009-09-16	2011-02-07
	64. EMERGENCY MEDICAL SERVICES A		2009-09-16	2011-02-09
	1117. REPUBLIC AIRWAYS HOLDINGS IN		2010-11-23	2011-02-09
	299. TRIQUINT SEMICONDUCTOR INC		2009-10-21	2011-02-09
	280. TRIQUINT SEMICONDUCTOR INC		2009-10-23	2011-02-10
	62. EMERGENCY MEDICAL SERVICES A		2010-05-05	2011-02-15
	185. EMERGENCY MEDICAL SERVICES A		2008-02-06	2011-02-15
	89. VEECO INSTRS INC DEL		2010-05-28	2011-02-15
	168. FOMENTO ECONOMICO MEX SP A D R		2009-11-18	2011-02-16
	2000. ABBOTT LABS		1993-03-29	2011-02-18
	2200. DISNEY WALT CO		1990-08-03	2011-02-18
	924. DOUGLAS EMMITT INC		2010-12-03	2011-02-18
	10000. E BAY INC		2009-11-04	2011-02-18
	2000. EMERSON ELEC CO		1985-08-23	2011-02-18
	500. EXXON MOBIL CORP		1989-06-27	2011-02-18
	1000. FED EX CORP		2000-12-27	2011-02-18
	1465. HEWLETT PACKARD CO		1999-04-28	2011-02-18
	2500. JOHNSON JOHNSON		2000-12-06	2011-02-18
	2000. MCDONALDS CORP		1991-05-02	2011-02-18
	5000. MICROSOFT CORP		1992-09-16	2011-02-18
	2000. PEPSICO INC		1991-12-12	2011-02-18
	1000. PRAXAIR INC		1992-12-01	2011-02-18
	1000. PROCTER & GAMBLE CO		2000-02-08	2011-02-18
	5000. QUEST DIAGNOSTICS INC		2009-01-29	2011-02-18
	2000. SCHLUMBERGER LTD		1999-04-14	2011-02-18
	10000. SCHWAB CHARLES CORP		2009-09-15	2011-02-18
	2000. TARGET CORPORATION		1989-12-01	2011-02-18
	2500. TEXAS INSTRUMENTS INC		1975-09-24	2011-02-18
	1250. 3M CO		1986-07-08	2011-02-18
	2000. TUPPERWARE BRANDS CORP		1988-07-14	2011-02-18
	8000. WILLIAMS COS INC		2009-01-29	2011-02-18
	1500. ACCENTURE PLC CL A		2009-11-04	2011-02-18
	56. DECKERS OUTDOOR CORP		2009-09-16	2011-02-22
	84. ROCK TENN CO CL A		2011-01-25	2011-02-22
	103. GULFPORT ENERGY CORP		2010-08-02	2011-02-23
	888. BANCO BRADESCO ADR RIGHTS			2011-02-24
	1049. DESARROLLADORA HOMEX A D R		2010-02-16	2011-02-25
	399. GRAFTECH INTL LTD		2010-01-05	2011-02-25
	130. STONE ENERGY CORP		2010-08-05	2011-02-25
	123. TELEDYNE TECHNOLOGIES INC		2009-09-16	2011-02-25
	44. DECKERS OUTDOOR CORP		2008-11-07	2011-02-28
	324. MADISON SQUARE GARDEN INC		2010-12-07	2011-03-01
	120. OMNI VISION TECHNOLOGIES INC		2010-12-07	2011-03-01
	271. GULFPORT ENERGY CORP		2010-08-02	2011-03-03
	385. INTERNATIONAL COAL GROUP INC		2010-12-15	2011-03-03
	269. MADISON SQUARE GARDEN INC		2010-12-06	2011-03-03
	197. STONE ENERGY CORP		2010-08-05	2011-03-03
	659. WOODWARD, INC.		2009-09-16	2011-03-03
	92. LSB INDS INC		2009-06-02	2011-03-07
	1693. APAC TELESERVICES INC		2010-11-12	2011-03-10
	75. MWI VETERINARY SUPPLY INC		2009-09-16	2011-03-10
	198. MASTEC INC		2009-07-02	2011-03-10
	155. OPLINK COMMUNICATIONS INC		2009-03-26	2011-03-10
	678. OPLINK COMMUNICATIONS INC		2010-12-03	2011-03-10
	168. ROCK TENN CO CL A		2011-01-25	2011-03-10
	1033. TURKCELL ILETISIM HIZMET A D R		2009-11-18	2011-03-10
	912. GRAFTECH INTL LTD		2010-02-24	2011-03-14
	507. INTERNATIONAL COAL GROUP INC		2010-03-12	2011-03-14
	170. JAMES RIV COAL CO		2011-01-27	2011-03-14
	40. JAMES RIV COAL CO		2010-03-11	2011-03-14
	37. KOPPERS HLDGS INC		2010-01-22	2011-03-14
	103. KOPPERS HLDGS INC		2011-02-22	2011-03-14
	112. NU SKIN ENTERPRISES INC - A		2011-02-03	2011-03-14
	792. NU SKIN ENTERPRISES INC - A		2010-10-29	2011-03-14
	77. TUPPERWARE BRANDS CORP		2009-09-16	2011-03-14
	155. PLATINUM UNDERWRITER HLDGS		2010-08-05	2011-03-14
	210. PLATINUM UNDERWRITER HLDGS		2009-09-16	2011-03-14
	43. NEWMARKET CORP		2010-01-21	2011-03-15
	130. NEWMARKET CORP		2010-02-18	2011-03-16
	1047. BRIGHTPOINT INC		2009-07-29	2011-03-23
	746. CENTRAL EUROPEAN DISTRIBUTION CORP		2009-11-18	2011-03-24
	692. GLAXO SMITHKLINE P L C A D R		2009-11-18	2011-03-24
	118. SYNNEX CORP		2010-10-29	2011-03-25
	116. MEDIDATA SOLUTIONS INC		2011-02-09	2011-03-31
	546. VIVO PARTICIPACOES S A A D R		2011-01-10	2011-03-31
	385. CITY HLDG CO		2009-09-16	2011-04-07
	138. LSB INDS INC		2009-06-02	2011-04-07
	598. VALE SA SP A D R		2009-11-18	2011-04-11
	. SECURITIES LITIGATION PROCEEDS FROM BRISTOL MYERS SQUIBB CO			2011-04-12
	94. BERRY PETE CO CL A		2009-09-16	2011-04-13
	130. GULFPORT ENERGY CORP		2010-06-14	2011-04-13
	224. SOLUTIA INC		2010-03-31	2011-04-13
	124. STONE ENERGY CORP		2010-08-05	2011-04-13
	888. BANCO BRADESCO A D R		2010-09-10	2011-04-14
	2807. THOMPSON CREEK METALS CO INC		2009-11-18	2011-04-14
	120. SILGAN HLDGS INC		2009-09-16	2011-04-18
	73. OIL STATES INTERNATIONAL INC		2010-08-09	2011-04-19
	190. STONE ENERGY CORP		2010-08-05	2011-04-19
	356. SWISS REINSURANCE CO SPSD ADR		2010-01-13	2011-04-20
	1502. INTERNATIONAL COAL GROUP INC		2010-03-15	2011-05-03
	214. MULTI FINELINE ELECTRONIX INC		2010-11-01	2011-05-03
	537. PAREXEL INTL CORP		2010-11-05	2011-05-04
	176. RENASANT CORP		2010-01-26	2011-05-04
	173. RENASANT CORP		2011-01-19	2011-05-04
	76. GARDNER DENVER INC		2010-03-08	2011-05-06
	109. LITTELFUSE INC		2010-10-12	2011-05-06
	63. MAXIMUS INC		2010-12-03	2011-05-06
	66. WORLD ACCEP CORP		2011-03-10	2011-05-06
	73. MWI VETERINARY SUPPLY INC		2009-09-16	2011-05-11
	168. MAGELLAN HEALTH SVCS INC		2010-03-01	2011-05-11
	510. PAREXEL INTL CORP		2010-12-01	2011-05-11
	782. CENTRICA PLC A D R		2010-09-17	2011-05-12
	433. GLIMCHER REALTY TRUST		2009-09-21	2011-05-19
	1150. GLIMCHER REALTY TRUST		2009-10-06	2011-05-20
	624. GLIMCHER REALTY TRUST		2011-02-18	2011-05-20
	1079. KEPPEL CORP LTD SPONS A D R		2009-11-18	2011-05-20
	97. I B E R I A B A N K CORPORATION		2010-03-04	2011-05-26
	1000. ABBOTT LABS		1993-03-29	2011-06-01
	246. ALLEGIANT TRAVEL CO		2010-09-28	2011-06-01
	1600. AMERICA MOVIL A D R		1991-05-13	2011-06-01
	436. ASHFORD HOSPITALITY TR INC		2011-02-28	2011-06-01
	10000. IPATH DOW JONES UBS COMMODITY		2009-11-04	2011-06-01
	200000. BEAR STEARNS CO MTN 6.950% 8/10/12		2008-11-06	2011-06-01
	220. CINEMARK HLDGS INC		2010-04-22	2011-06-01
	12000. CISCO SYS INC		2007-12-07	2011-06-01
	1000. EMERSON ELEC CO		1985-08-23	2011-06-01
	48. FUJIFILM HOLDINGS A D R		2010-04-23	2011-06-01
	609. FUJIFILM HOLDINGS A D R		2010-04-23	2011-06-01
	200000. IBM CORP 6.500% 10/15/13		2008-11-06	2011-06-01
	62. MWI VETERINARY SUPPLY INC		2008-02-06	2011-06-01
	10000. MICROSOFT CORP		1992-09-16	2011-06-01
	262. SALLY BEAUTY COMPANY		2011-03-16	2011-06-01
	2000. TARGET CORPORATION		1989-12-01	2011-06-01
	89. VEECO INSTRS INC DEL		2010-03-05	2011-06-01
	185. AMTRUST FINANCIAL SERVICES		2010-05-18	2011-06-06
	75. BANK OF THE OZARKS INC		2010-12-22	2011-06-07
	84. SIGNATURE BK		2010-04-27	2011-06-07
	1231. COLONIAL PROPERTIES TRUST		2010-08-16	2011-06-09
	386. SILGAN HLDGS INC		2009-09-16	2011-06-10
	1312. TURKCELL ILETISIM HIZMET A D R		2009-11-18	2011-06-17
	217. MIDDLEBY CORP		2009-09-16	2011-06-22
	488. GT SOLAR INTERNATIONAL INC		2010-12-06	2011-06-24
	259. VIEWPOINT FINL GROUP INC		2011-01-19	2011-06-24
	. SECURITIES LITIGATION PROCEEDS FROM NORTEL NETWORKS CORP			2011-06-29
	434. ENTEGRIS INC		2011-02-23	2011-06-30
	625. VIEWPOINT FINL GROUP INC		2011-01-19	2011-07-08
	.1522 SANOFI A D R		2009-11-18	2011-07-12
	385. VIEWPOINT FINL GROUP INC		2010-12-15	2011-07-12
	96. NETGEAR INC		2010-09-23	2011-07-14
	225. AGRIUM INC		2009-11-18	2011-07-15
	72. BUFFALO WILD WINGS INC		2010-10-15	2011-07-15
	113. ARCTIC CAT INC		2011-03-14	2011-07-21
	92. ARCTIC CAT INC		2011-03-14	2011-07-22
	1317. ENTEGRIS INC		2011-07-14	2011-07-22
	95. ARCTIC CAT INC		2011-03-14	2011-07-25
	139. VOLTERRA SEMICONDUCTOR CORP		2010-09-27	2011-07-27
	3000. AMERICA MOVIL A D R		1991-05-13	2011-08-04
	200000. ASTRAZENECA PLC 5.400% 6/01/14		2009-05-08	2011-08-04
	2000. AUTOMATIC DATA PROCESSING		1991-09-24	2011-08-04
	200000. PEPSI BOTTLING GROUP 6.950% 3/15/14		2008-11-06	2011-08-04
	200000. DEUTSCHE BK LOND MTN 4.875% 5/20/13		2009-05-08	2011-08-04
	1000. DIRECTV CL A		2010-06-09	2011-08-04
	2500. GOLDMAN SACHS GROUP INC		2008-05-27	2011-08-04
	2500. HEWLETT PACKARD CO		1989-10-20	2011-08-04
	2000. MCDONALDS CORP		1991-05-02	2011-08-04
	500. PEPSICO INC		1991-12-12	2011-08-04
	1000. PRAXAIR INC		1992-12-01	2011-08-04
	2000. TARGET CORPORATION		1989-10-26	2011-08-04
	750. V F CORP		2010-06-09	2011-08-04
	1500. ACCENTURE PLC CL A		2009-11-04	2011-08-04
	203. JAMES RIV COAL CO		2011-05-06	2011-08-09
	670. JAMES RIV COAL CO		2010-03-19	2011-08-09
	517. KAPSTONE PAPER & PACKAGING CORP		2011-02-22	2011-08-09
	753. SCHULMAN A INC		2010-01-07	2011-08-09
	886. COOPER TIRE & RUBR CO		2011-01-26	2011-08-10
	14. DECKERS OUTDOOR CORP		2011-01-26	2011-08-11
	37. DECKERS OUTDOOR CORP		2008-11-07	2011-08-11
	56. PERRY ELLIS INTERNATIONAL		2011-01-03	2011-08-11
	128. UMB FINL CORP		2011-05-03	2011-08-11
	67. VEECO INSTRS INC DEL		2011-06-22	2011-08-11
	77. VEECO INSTRS INC DEL		2010-03-05	2011-08-11
	108.00014 PERRY ELLIS INTERNATIONAL		2011-03-03	2011-08-12
	89.99986 PERRY ELLIS INTERNATIONAL		2011-03-03	2011-08-12
	989. KAPSTONE PAPER & PACKAGING CORP		2011-06-22	2011-08-16
	564. SONY CORP A D R		2011-03-24	2011-08-16
	162. DECKERS OUTDOOR CORP		2011-01-26	2011-08-18
	183. AMTRUST FINANCIAL SERVICES		2010-05-18	2011-08-19
	68. CASH AMERICA INTL INC		2011-06-09	2011-08-19
	238. I B E R I A B A N K CORPORATION		2010-07-23	2011-08-19
	106. I B E R I A B A N K CORPORATION		2011-03-17	2011-08-19
	628. ARCTIC CAT INC		2011-03-15	2011-08-24
	326. MASTEC INC		2010-03-19	2011-08-24
	267. MULTI FINELINE ELECTRONIX INC		2010-10-18	2011-08-24
	91. TELEDYNE TECHNOLOGIES INC		2009-09-16	2011-08-24
	130. J2 GLOBAL COMMUNICATONS INC		2010-08-18	2011-08-26
	613. OMNI VISION TECHNOLOGIES INC		2011-02-25	2011-08-29
	1155. SOCIETE GENERALE FRANCE SPONSOR ADR		2009-11-18	2011-09-12
	1637. SOCIETE GENERALE FRANCE SPONSOR ADR		2010-09-15	2011-09-12
	233. BAYER AG A D R		2011-05-20	2011-09-14
	193. AMTRUST FINANCIAL SERVICES		2009-08-12	2011-09-15
	1736. FERRO CORP		2011-06-07	2011-09-15
	575. G I I I APPAREL GROUP LTD		2011-02-04	2011-09-15
	1047. TRIQUINT SEMICONDUCTOR INC		2010-04-30	2011-09-15
	718. TRIQUINT SEMICONDUCTOR INC		2011-07-25	2011-09-15
	558. NORTHWEST BANCSHARES INC MD		2010-10-25	2011-09-19
	352. R F MICRO DEVICES INC		2011-02-10	2011-09-19
	. SECURITIES LITIGATION PROCEEDS FROM BANK OF AMERICA CORP			2011-09-20
	103. FINISAR CORPORATION		2010-12-03	2011-09-21
	103. CNOOC LTD A D R		2010-03-10	2011-09-22
	463. FOCUS MEDIA HOLDING A D R		2010-06-09	2011-09-22
	334.00401 R F MICRO DEVICES INC		2011-02-10	2011-09-22
	10.99599 R F MICRO DEVICES INC		2010-12-14	2011-09-22
	916. B N P PARIBAS S A A D R		2010-05-11	2011-09-23
	70. CASH AMERICA INTL INC		2011-06-09	2011-09-27
	313. COMPLETE PRODUCTION SERVICES		2011-02-03	2011-09-27
	278. KOPPERS HLDGS INC		2010-01-22	2011-09-27
	245. KOPPERS HLDGS INC		2011-06-13	2011-09-27
	93. B E AEROSPACE INC		2011-02-25	2011-09-29
	145. LSB INDS INC		2009-07-02	2011-09-29
	70. TRIUMPH GROUP INC		2010-09-07	2011-09-29
	121. CARDTRONICS INC		2010-11-09	2011-09-30
	234. DARLING INTL INC		2011-07-22	2011-10-04
	153. GENERAL CABLE CORPORATION		2011-04-07	2011-10-04
	487. COMPLETE PRODUCTION SERVICES		2011-02-07	2011-10-10
	570. SONY CORP A D R		2011-03-24	2011-10-14
	207. CLECO CORPORATION		2011-04-19	2011-10-20
	64. PROASSURANCE CORPORATION		2009-09-16	2011-10-20
	549. VALE SA SP A D R		2010-09-28	2011-10-25
	120. CLECO CORPORATION		2011-04-19	2011-10-28
	184. HEALTHSPRING INC		2011-05-11	2011-10-28
	101. IDACORP INC		2010-05-21	2011-10-28
	2501. PRECISION DRILLING TRUST		2011-04-11	2011-10-31
	120. TELEDYNE TECHNOLOGIES INC		2009-09-16	2011-11-01
	169. TELEDYNE TECHNOLOGIES INC		2011-02-15	2011-11-01
	109. GULFPORT ENERGY CORP		2010-06-14	2011-11-07
	1775. INFINEON TECHNOLOGIES A G A D R		2011-02-01	2011-11-09
	190. VOLVO AB SPONSORED A D R		2011-02-16	2011-11-09
	730. VOLVO AB SPONSORED A D R		2010-09-28	2011-11-10
	319. VOLVO AB SPONSORED A D R		2011-02-16	2011-11-10
	932. UBS AG REG		2010-08-27	2011-11-14
	141. CARDTRONICS INC		2010-11-09	2011-11-15
	197. SALLY BEAUTY COMPANY		2011-10-12	2011-11-17
	318. PERRY ELLIS INTERNATIONAL		2011-03-03	2011-11-18
	354. SALLY BEAUTY COMPANY		2011-10-12	2011-11-18
	490. FOCUS MEDIA HOLDING A D R		2010-06-09	2011-11-21
	1718. INFINEON TECHNOLOGIES A G A D R		2010-12-15	2011-11-21
	1000000. JPMORGAN 24MO 200% EEM 11/25/11		2009-11-20	2011-11-25
	405. HEALTHSPRING INC		2011-08-10	2011-12-01
	168. BANK OF THE OZARKS INC		2010-12-22	2011-12-02
	181. PROTECTIVE LIFE CORP		2011-09-15	2011-12-06
	322. INVACARE CORP		2011-04-18	2011-12-09
	170. CLECO CORPORATION		2011-08-19	2011-12-13
	116. IDACORP INC		2010-05-21	2011-12-13
	34. IDACORP INC		2011-10-04	2011-12-13
	323. INVACARE CORP		2011-04-18	2011-12-13
	185. MWI VETERINARY SUPPLY INC		2008-10-10	2011-12-23
	542. MEDICIS PHARMACEUTICAL CORP CL A		2011-06-01	2011-12-23
	266. NORTHWEST BANCSHARES INC MD		2010-10-14	2011-12-23
	189. TENNECO AUTOMOTIVE INC		2011-07-15	2011-12-23
	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	1,529	1,349	180
b	1,780	1,613	167
c	8,220	5,962	2,258
d	12,284	7,588	4,696
e	22,907	31,281	-8,374
	2,817	3,002	-185
	10,677	9,749	928
	20,134	22,838	-2,704
	5,285	2,617	2,668
	7,974	5,784	2,190
	17,335	16,533	802
	6,313	5,060	1,253
	3,725	3,522	203
	13,156	9,013	4,143
	8,343		8,343
	13,354	9,747	3,607
	11,497	8,007	3,490
	3,360	1,470	1,890
	36,130	37,496	-1,366
	4,040	2,182	1,858
	4,277	5,189	-912
	9,117	6,185	2,932
	7,708	6,482	1,226
	2,434	1,473	961
	4,079	2,882	1,197
	4,483	2,976	1,507
	7,025	8,953	-1,928
	4,019	2,485	1,534
	3,629	1,719	1,910
	3,901	3,325	576
	11,640	5,663	5,977
	4,602	3,465	1,137
	9,133	7,468	1,665
	93,198	23,340	69,858
	95,347	18,388	76,959
	17,150	15,356	1,794
	345,776	227,438	118,338
	124,111	11,976	112,135
	42,064	4,647	37,417
	97,928	38,300	59,628
	70,949	49,092	21,857
	152,422	90,050	62,372
	151,918	17,113	134,805
	135,254	12,656	122,598
	126,858	28,942	97,916
	98,342	8,285	90,057
	64,249	46,528	17,721
	287,700	249,500	38,200
	189,856	56,305	133,551
	193,059	179,121	13,938
	103,578	10,554	93,024
	91,003	4,361	86,642
	115,798	16,111	99,687
	109,380	22,720	86,660
	243,608	115,991	127,617
	80,758	57,723	23,035
	5,144	1,435	3,709
	5,768	5,035	733
	2,966	1,432	1,534
	76		76
	29,648	34,074	-4,426
	8,030	6,485	1,545
	3,626	1,835	1,791
	6,430	5,269	1,161
	3,901	1,071	2,830
	9,110	7,957	1,153
	3,757	3,829	-72
	7,696	3,693	4,003
	3,900	2,101	1,799
	7,849	6,387	1,462
	5,726	2,781	2,945
	21,326	13,783	7,543
	3,179	1,617	1,562
	9,779	9,249	530
	5,723	3,017	2,706
	3,790	2,268	1,522
	3,392	1,288	2,104
	14,837	11,481	3,356
	11,141	10,071	1,070
	14,623	16,775	-2,152
	18,394	13,539	4,855
	4,933	2,288	2,645
	3,463	3,735	-272
	815	717	98
	1,358	1,095	263
	3,781	4,283	-502
	3,202	3,408	-206
	22,640	21,865	775
	4,481	3,116	1,365
	5,650	6,147	-497
	7,655	7,260	395
	6,073	5,116	957
	18,496	13,276	5,220
	10,358	5,869	4,489
	8,515	23,766	-15,251
	26,039	28,911	-2,872
	3,751	3,455	296
	2,955	3,122	-167
	21,752	18,908	2,844
	13,800	12,810	990
	5,435	2,426	3,009
	18,143	14,950	3,193
	59		59
	4,653	2,613	2,040
	4,269	1,771	2,498
	5,507	3,729	1,778
	4,003	1,750	2,253
	17,993	16,319	1,674
	33,748	32,756	992
	5,489	3,047	2,442
	5,598	3,335	2,263
	6,007	2,682	3,325
	19,765	17,642	2,123
	21,600	6,756	14,844
	5,578	5,235	343
	12,670	11,731	939
	2,748	2,677	71
	2,701	2,897	-196
	6,294	3,462	2,832
	6,666	4,661	2,005
	5,031	3,983	1,048
	4,465	3,874	591
	5,965	2,915	3,050
	8,533	7,045	1,488
	12,457	10,226	2,231
	16,107	16,866	-759
	4,117	1,360	2,757
	11,018	3,712	7,306
	5,978	5,748	230
	19,663	11,565	8,098
	5,558	5,548	10
	51,939	11,345	40,594
	11,024	10,534	490
	83,663	2,791	80,872
	6,012	4,784	1,228
	497,382	409,800	87,582
	214,284	200,524	13,760
	4,676	4,158	518
	197,637	339,396	-141,759
	53,089	5,988	47,101
	1,370	1,641	-271
	17,314	18,959	-1,645
	224,964	212,406	12,558
	5,143	2,150	2,993
	245,127	25,313	219,814
	4,299	3,556	743
	97,867	10,534	87,333
	4,939	3,199	1,740
	3,969	2,553	1,416
	3,590	3,361	229
	4,587	3,575	1,012
	24,694	19,643	5,051
	16,854	9,525	7,329
	17,789	21,306	-3,517
	19,872	11,802	8,070
	7,242	3,938	3,304
	3,461	3,261	200
	27		27
	4,370	3,582	788
	8,567	7,086	1,481
	6	6
	5,299	4,329	970
	3,952	2,556	1,396
	20,134	12,815	7,319
	4,832	3,575	1,257
	1,780	1,625	155
	1,441	1,253	188
	11,937	10,476	1,461
	1,462	1,294	168
	3,546	3,115	431
	70,109	2,617	67,492
	225,448	217,156	8,292
	97,116	14,953	82,163
	230,468	211,270	19,198
	211,340	204,720	6,620
	45,780	38,426	7,354
	320,143	444,078	-123,935
	82,448	12,146	70,302
	169,766	17,113	152,653
	32,125	7,235	24,890
	99,791	8,285	91,506
	97,778	10,452	87,326
	82,853	56,648	26,205
	86,894	56,212	30,682
	2,706	4,657	-1,951
	8,930	11,108	-2,178
	6,719	8,903	-2,184
	12,873	15,395	-2,522
	10,204	20,393	-10,189
	1,169	1,036	133
	3,089	901	2,188
	936	1,572	-636
	4,395	5,390	-995
	2,387	3,337	-950
	2,743	2,767	-24
	1,938	3,032	-1,094
	1,615	2,524	-909
	13,742	15,102	-1,360
	12,378	20,080	-7,702
	12,650	9,969	2,681
	3,965	2,437	1,528
	3,514	3,483	31
	10,680	12,812	-2,132
	4,756	5,949	-1,193
	8,957	8,527	430
	6,320	4,147	2,173
	4,871	6,333	-1,462
	4,635	3,165	1,470
	3,742	3,005	737
	10,783	18,929	-8,146
	4,915	17,140	-12,225
	6,967	19,759	-12,792
	12,172	18,937	-6,765
	4,350	2,518	1,832
	13,387	24,701	-11,314
	13,268	18,405	-5,137
	6,198	7,581	-1,383
	4,251	7,925	-3,674
	6,802	6,374	428
	2,411	2,841	-430
	61		61
	2,251	2,085	166
	15,272	17,051	-1,779
	13,350	7,331	6,019
	2,272	2,682	-410
	75	88	-13
	15,344	30,876	-15,532
	3,750	3,486	264
	6,769	8,888	-2,119
	6,876	8,227	-1,351
	6,060	8,754	-2,694
	3,149	3,241	-92
	4,476	2,543	1,933
	3,558	2,491	1,067
	2,826	2,131	695
	2,661	4,299	-1,638
	3,240	6,789	-3,549
	13,514	13,285	229
	11,425	18,545	-7,120
	7,300	7,080	220
	4,896	3,427	1,469
	12,308	14,900	-2,592
	4,493	4,105	388
	9,957	7,952	2,005
	4,160	3,241	919
	30,722	28,400	2,322
	6,418	3,901	2,517
	9,039	7,919	1,120
	3,864	1,485	2,379
	15,408	19,059	-3,651
	2,190	3,283	-1,093
	8,282	10,514	-2,232
	3,619	5,512	-1,893
	11,033	15,583	-4,550
	3,674	2,483	1,191
	3,919	3,304	615
	4,265	10,244	-5,979
	6,871	4,821	2,050
	7,568	7,759	-191
	13,055	16,029	-2,974
	1,000,000	1,000,000
	22,068	15,825	6,243
	4,682	3,764	918
	4,043	3,126	917
	5,137	10,110	-4,973
	6,149	5,776	373
	4,782	3,723	1,059
	1,402	1,280	122
	5,012	10,141	-5,129
	12,323	6,140	6,183
	18,100	20,217	-2,117
	3,323	3,028	295
	5,572	8,012	-2,440
			13

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			180
b			167
c			2,258
d			4,696
e			-8,374
			-185
			928
			-2,704
			2,668
			2,190
			802
			1,253
			203
			4,143
			8,343
			3,607
			3,490
			1,890
			-1,366
			1,858
			-912
			2,932
			1,226
			961
			1,197
			1,507
			-1,928
			1,534
			1,910
			576
			5,977
			1,137
			1,665
			69,858
			76,959
			1,794
			118,338
			112,135
			37,417
			59,628
			21,857
			62,372
			134,805
			122,598
			97,916
			90,057
			17,721
			38,200
			133,551
			13,938
			93,024
			86,642
			99,687
			86,660
			127,617
			23,035
			3,709
			733
			1,534
			76
			-4,426
			1,545
			1,791
			1,161
			2,830
			1,153
			-72
			4,003
			1,799
			1,462
			2,945
			7,543
			1,562
			530
			2,706
			1,522
			2,104
			3,356
			1,070
			-2,152
			4,855
			2,645
			-272
			98
			263
			-502
			-206
			775
			1,365
			-497
			395
			957
			5,220
			4,489
			-15,251
			-2,872
			296
			-167
			2,844
			990
			3,009
			3,193
			59
			2,040
			2,498
			1,778
			2,253
			1,674
			992
			2,442
			2,263
			3,325
			2,123
			14,844
			343
			939
			71
			-196
			2,832
			2,005
			1,048
			591
			3,050
			1,488
			2,231
			-759
			2,757
			7,306
			230
			8,098
			10
			40,594
			490
			80,872
			1,228
			87,582
			13,760
			518
			-141,759
			47,101
			-271
			-1,645
			12,558
			2,993
			219,814
			743
			87,333
			1,740
			1,416
			229
			1,012
			5,051
			7,329
			-3,517
			8,070
			3,304
			200
			27
			788
			1,481

			970
			1,396
			7,319
			1,257
			155
			188
			1,461
			168
			431
			67,492
			8,292
			82,163
			19,198
			6,620
			7,354
			-123,935
			70,302
			152,653
			24,890
			91,506
			87,326
			26,205
			30,682
			-1,951
			-2,178
			-2,184
			-2,522
			-10,189
			133
			2,188
			-636
			-995
			-950
			-24
			-1,094
			-909
			-1,360
			-7,702
			2,681
			1,528
			31
			-2,132
			-1,193
			430
			2,173
			-1,462
			1,470
			737
			-8,146
			-12,225
			-12,792
			-6,765
			1,832
			-11,314
			-5,137
			-1,383
			-3,674
			428
			-430
			61
			166
			-1,779
			6,019
			-410
			-13
			-15,532
			264
			-2,119
			-1,351
			-2,694
			-92
			1,933
			1,067
			695
			-1,638
			-3,549
			229
			-7,120
			220
			1,469
			-2,592
			388
			2,005
			919
			2,322
			2,517
			1,120
			2,379
			-3,651
			-1,093
			-2,232
			-1,893
			-4,550
			1,191
			615
			-5,979
			2,050
			-191
			-2,974

			6,243
			918
			917
			-4,973
			373
			1,059
			122
			-5,129
			6,183
			-2,117
			295
			-2,440

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	2,930,202
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

1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
2010	3,247,491	42,493,081	0.076424
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

2	Total of line 1, column (d) ......................	2	0.282768
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	0.056554
4	Enter the net value of noncharitable-use assets for 2011 from Part X, line 5.....	4	44,746,126
5	Multiply line 4 by line 3.......................	5	2,530,572
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	36,224
7	Add lines 5 and 6.........................	7	2,566,796
8	Enter qualifying distributions from Part XII, line 4..............	8	2,578,540
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.

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	36,224
	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	36,224
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	36,224
6	Credits/Payments:

a	2011 estimated tax payments and 2010 overpayment credited to 2011	6a	35,883
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	35,883
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	341
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2012 estimated tax	Refunded	11	0

1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
U S BANK NA	TRUSTEE 40	172,348
1026 OGDEN AVE LISLE,IL60532
STEVEN P DHEIN	CHIEF ADVISOR 40	77,250
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001
DAVID H COFRIN	CO-ADVISOR 1	0
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001
ROBERT HOWE	ADVISOR 1	0
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001
JOE NEIDENBACH	ADVISOR 1	0
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001
CINDY FOLLICK	SECRETARY 1	0
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001
ELLEN WEIDNER	ADVISOR 1	0
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001
MARY ANN HARN COFRIN	ADVISOR 1	0
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001
SAM GOFORTH	ADVISOR 1	0
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001

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

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

		(a) Corpus	(b) Years prior to 2010	(c) 2010	(d) 2011
1 Distributable amount for 2011 from Part XI, line 7					2,201,082
2 Undistributed income, if any, as of the end of 2011:
a Enter amount for 2010 only.......				678,911
b Total for prior years:2009, 20, 20			0
3 Excess distributions carryover, if any, to 2011:
a From 2006.......	0
b From 2007.......	0
c From 2008.......	0
d From 2009.......	0
e From 2010.......	0
fTotal of lines 3a through e.........		0
4Qualifying distributions for 2011 from Part
XII, line 4: $ 2,578,540
a Applied to 2010, but not more than line 2a				678,911
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 2011 distributable amount.....					1,899,629
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2011.		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 2010. Subtract line 4a from line 2a. Taxable amount—see page 27 of the instructions ...........				0
f Undistributed income for 2011. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2011 ..........					301,453
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 2006 not applied on line 5 or line 7 (see page 27 of the instructions) .............		0
9Excess distributions carryover to 2012. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2007....	0
b Excess from 2008....	0
c Excess from 2009....	0
d Excess from 2010....	0
e Excess from 2011....	0

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) 2011	(b) 2010	(c) 2009	(d) 2008	(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

NONE

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:

3 Grants and Contributions Paid During the Year or Approved for Future Payment
aPaid during the year
UNIVERSITY OF WISCONSIN FOUNDATION CL 810 2420 NICOLET DR GREEN BAY,WI543117001	NONE	PUBLIC CHARITY	COFRIN CENTER FOR BIODIVERSITY	70,000
UNIVERSITY OF WISCONSIN FOUNDATION CL 820 2420 NICOLET DR GREEN BAY,WI543117001	NONE	PUBLIC CHARITY	THEATER DEPT	40,000
UNIVERSITY OF WISCONSIN FOUNDATION CL 810 2420 NICOLET DR GREEN BAY,WI543117001	NONE	PUBLIC CHARITY	LAND PURCHASE & WABIKON BASE SITE	20,000
UNIVERSITY OF WISCONSIN FOUNDATION CL 810 2420 NICOLET DR GREEN BAY,WI543117001	NONE	PUBLIC CHARITY	STRI PANAMA COURSE	15,000
UNIVERSITY OF WISCONSIN FOUNDATION CL 810 2420 NICOLET DR GREEN BAY,WI543117001	NONE	PUBLIC CHARITY	COFRIN ASSISTANTSHIPS	8,000
UNIVERSITY OF FLORIDA FOUNDATION INC S W 34TH STREET AND GAINSVILLE,FL32611	NONE	PUBLIC CHARITY	SWISHER BIOLOGICAL STATION LAND PURCHASE	260,000
OAK HALL SCHOOL 8009 SW 14TH AVENUE GAINESVILLE,FL32607	NONE	PUBLIC CHARITY	REFURBISHING OF EDITH D COFRIN THEATER	50,000
UNIVERSITY OF FLORIDA FOUNDATION INC S W 34TH STREET AND HULL ROAD GAINESVILLE,FL32611	NONE	PUBLIC CHARITY	PROSTATE DISEASE RESEARCH FD, HARN MUSEUM	1,020,000
MINNESOTA MEDICAL FOUNDATION 200 OAK ST SE STE 300 MINNEAPOLIS,MN55455	NONE	PUBLIC CHARITY	TED SULLIVAN MEMORIAL FUND	25,000
WEILL CORNELL MEDICAL COLLEGE 575 LEXINGTON AVE STE 640 NEW YORK,NY10022	NONE	PUBLIC CHARITY	CAVE IMAGING PROJECT	35,000
REICHERT HOUSE 1704 SE 2ND AVE GAINESVILLE,FL32641	NONE	PUBLIC CHARITY	MENTAL HEALTH PROGRAM, BUILDINGS, TRAINING	135,000
ALACHUA CONSERVATION TRUST INC 7204 SE COUNTY RD 234 GAINESVILLE,FL32641	NONE	PUBLIC CHARITY	PURCHASE OF LAND	400,000
GAINESVILLE COMMUNITY FDN 5214-A SW 91ST DR GAINESVILLE,FL326083006	NONE	PUBLIC CHARITY	GENERAL SUPPORT	400,000
Total ................................. 3a	2,478,000

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.)

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

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

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

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	881,282
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	2,841,703
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)..				3,722,985

Name of organization 1923 FUND 78990200
Schedule B (Form 990, 990-EZ, or 990-PF) (2011)
Part I	Contributors (see Instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	DAVID A COFRIN IRREV TRUST C/O U S BANK NA P O BOX 2043 MILWAUKEE, WI 532019668	$374,379	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
2	DAVID A COFRIN IRREV TRUST C/O U S BANK NA P O BOX 2043 MILWAUKEE, WI 532019668	$571,077	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
3	DAVID A COFRIN IRREV TRUST C/O U S BANK NA P O BOX 2043 MILWAUKEE, WI 532019668	$888,333	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
4	DAVID A COFRIN IRREV TRUST C/O U S BANK NA P O BOX 2043 MILWAUKEE, WI 532019668	$88,778	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
5	DAVID A COFRIN IRREV TRUST C/O U S BANK NA P O BOX 2043 MILWAUKEE, WI 532019668	$1,040,703	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2011)

Name of organization 1923 FUND 78990200
Schedule B (Form 990, 990-EZ, or 990-PF) (2011)
Part II	Noncash Property (see Instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions).	(d) Date received
1	2,000 SHS AMGEN INC - $113,660, 2,000 SHS CENTRAL VT PUB SVC $70,400. 1,125 SHS JARDEN CORP - $33,19	$374,379	2011-10-07
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions).	(d) Date received
2	1,000 SHS ROYAL DUTCH SHELL PLC ADR - $63,280, 2,000 SHS SCHLUMBERGER LTD - $127,780, 5,070 SHS SPRI	$571,077	2011-10-07
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions).	(d) Date received
3	2,000 SHS EXELON - $82,480, 2,000 SHS EXXON MOBIL CORP - $147,780, 7,374.455 SHS FIRST EAGLE GLOBAL	$888,333	2011-10-07
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions).	(d) Date received
4	1,333 SHS VECTREN CORP - $35,898. 4,000 SHS WEATHERFORD INTL - $52,880. 36,000 SHS FRAC WELLS FARGO	$88,778	2011-10-07
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions).	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions).	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2011)

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))
2010	3,247,491	42,493,081	0.076424
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

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	172,348
1026 OGDEN AVE LISLE,IL60532	TRUSTEE 40	172,348
STEVEN P DHEIN	CHIEF ADVISOR 40	77,250
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001	CHIEF ADVISOR 40	77,250
DAVID H COFRIN	CO-ADVISOR 1	0
2420 NICOLET DR MAC 212 GREEN BAY,WI543117001	CO-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

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	COFRIN CENTER FOR BIODIVERSITY	70,000
UNIVERSITY OF WISCONSIN FOUNDATION CL 820 2420 NICOLET DR GREEN BAY,WI543117001	NONE	PUBLIC CHARITY	THEATER DEPT	40,000
UNIVERSITY OF WISCONSIN FOUNDATION CL 810 2420 NICOLET DR GREEN BAY,WI543117001	NONE	PUBLIC CHARITY	LAND PURCHASE & WABIKON BASE SITE	20,000
UNIVERSITY OF WISCONSIN FOUNDATION CL 810 2420 NICOLET DR GREEN BAY,WI543117001	NONE	PUBLIC CHARITY	STRI PANAMA COURSE	15,000
UNIVERSITY OF WISCONSIN FOUNDATION CL 810 2420 NICOLET DR GREEN BAY,WI543117001	NONE	PUBLIC CHARITY	COFRIN ASSISTANTSHIPS	8,000
UNIVERSITY OF FLORIDA FOUNDATION INC S W 34TH STREET AND GAINSVILLE,FL32611	NONE	PUBLIC CHARITY	SWISHER BIOLOGICAL STATION LAND PURCHASE	260,000
OAK HALL SCHOOL 8009 SW 14TH AVENUE GAINESVILLE,FL32607	NONE	PUBLIC CHARITY	REFURBISHING OF EDITH D COFRIN THEATER	50,000
UNIVERSITY OF FLORIDA FOUNDATION INC S W 34TH STREET AND HULL ROAD GAINESVILLE,FL32611	NONE	PUBLIC CHARITY	PROSTATE DISEASE RESEARCH FD, HARN MUSEUM	1,020,000
MINNESOTA MEDICAL FOUNDATION 200 OAK ST SE STE 300 MINNEAPOLIS,MN55455	NONE	PUBLIC CHARITY	TED SULLIVAN MEMORIAL FUND	25,000
WEILL CORNELL MEDICAL COLLEGE 575 LEXINGTON AVE STE 640 NEW YORK,NY10022	NONE	PUBLIC CHARITY	CAVE IMAGING PROJECT	35,000
REICHERT HOUSE 1704 SE 2ND AVE GAINESVILLE,FL32641	NONE	PUBLIC CHARITY	MENTAL HEALTH PROGRAM, BUILDINGS, TRAINING	135,000
ALACHUA CONSERVATION TRUST INC 7204 SE COUNTY RD 234 GAINESVILLE,FL32641	NONE	PUBLIC CHARITY	PURCHASE OF LAND	400,000
GAINESVILLE COMMUNITY FDN 5214-A SW 91ST DR GAINESVILLE,FL326083006	NONE	PUBLIC CHARITY	GENERAL SUPPORT	400,000
Total ................................. 3a				2,478,000

bApproved for future payment

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

Name of Bond	End of Year Book Value	End of Year Fair Market Value
CREDIT SUISSE 5.375% 3/1/16	206,944	211,550
BEAR STEARNS CO 6.95% 8/10/12
IBM CORP 6.5% 10/15/13
PEPSI BOTTLING GROUP LLC 3/14
J P MORGAN CHASE CO GLBL 11/11
BB&T CORP 5.7% 4/30/14
AXTRAZENECA PLC 5.4% 6/1/14
GENERAL DYNAMICS 5.375% 8/15	212,570	228,618
WYETH 5.5% 2/15/16	209,506	232,596
DEUTSCHE BK LOND 4.875% 5/13
BP CAPITAL PLC 5.25% 11/7/13	215,006	214,512
QUEBEC PROVINCE 5.125% 11/16	209,558	232,608
BARCLAYS BANK PLC 3/27/13	1,000,000	1,066,900
BB&T CORP MED TRM NT 5.7% 4/14	197,454	218,798

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ABBOTT LABS	65,837	337,380
AMERICA MOVIL S A DE C V A D R	13,956	361,600
APACHE CORP	279,597	452,900
AUTOMATIC DATA PROCESSING INC	55,583	432,080
BAXTER INTL INC	31,492	197,920
BRISTOL MYERS SQUIBB CO	121,405	352,400
CONOCOPHILLIPS	197,612	396,559
CORNING INC	52,900	116,820
DISNEY WALT CO	65,760	412,500
DUKE ENERGY CORP	57,900	176,000
EMERSON ELEC CO	32,934	256,245
ENRON CORP
EXXON MOBIL CORP	286,612	762,840
FED EX CORP	172,350	375,795
HEWLETT PACKARD CO	95,838	167,440
INTL BUSINESS MACHINES CORP	186,640	367,760
J P MORGAN CHASE & CO	190,816	266,000
JOHNSON & JOHNSON	56,111	327,900
MATTEL INC	98,478	278,100
MCDONALD'S CORP	74,063	501,650
MICROSOFT CORP
NORFOLK SOUTHERN CORP	50,760	291,440
PEPSICO INC	77,895	331,750
PRAXAIR INC	41,425	534,500
PROCTER & GAMBLE CO	217,074	333,550
QUALCOMM INC	161,507	328,200
ROCHE HLDG LTD SPNSRD ADR	15,708	15,829
ROYAL DUTCH SHELL PLC ADR RPST	238,899	490,799
SCHLUMBERGER LTD	165,803	478,170
SEALED AIR CORP	69,750	137,680
TARGET CORP	20,904	204,880
TEXAS INSTRUMENTS INC	12,715	218,325
3M CO	106,612	306,488
U S BANCORP	158,554	451,356
UNION PAC CORP	79,689	291,335
WAL MART STORES INC	21,575	239,040
WALGREEN CO	97,791	297,540
YUM BRANDS INC	9,513	188,832
ZIMMER HLDGS INC	88,008	175,218
A T & T INC	555,257	841,852
EXELON CORP	82,480	86,740
WELLS FARGO & CO	328,707	275,600
CISCO SYS INC
OCCIDENTAL PETE CORP	439,636	562,200
ORACLE CORP	349,513	423,225
ACCENTURE LTD	248,220	372,610
APPLE INC	271,731	607,500
GOLDMAN SACHS GROUP INC
PHILIP MORRIS INTL INC	21,873	235,440
ACE LTD	336,045	490,840
B E AEROSPACE INC	15,245	29,187
CITY HLDG CO
CRANE CO	18,213	23,589
CUBIST PHARMACEUTICALS INC
DECKERS OUTDOOR CORP
EMERGENCY MEDICAL SERVICES A
ENTERTAINMENT PPTYS TR	19,992	25,177
GARDNER DENVER INC	9,236	21,423
HARMONIC INC	16,594	14,762
ICU MED INC	19,933	26,370
J2 GLOBAL COMMUNICATIONS INC	15,196	17,053
MICROS SYS INC	15,175	20,029
MIDDLEBY CORP
MWI VETERINARY SUPPLY INC
PHILLIPS VAN HEUSEN CORP
PROASSURANCE CORP	23,122	31,289
SILGAN HLDGS INC
SVB FINL GROUP	10,909	17,931
SYNNEX CORP	18,860	20,043
TELEDYNE TECHNOLOGIES INC
TUPPERWARE BRANDS CORP	17,319	22,556
VECTREN CORP	35,898	40,297
WOODWARD GOVERNOR CO
PLATINUM UNDERWRITER HLDGS
CENTRAL EUROPEAN DISTRIBUTION
COACH INC	230,394	427,280
KEYCORP NEW	224,673	230,700
ALLERGAN INC	173,747	263,220
BLACKROCK INC	351,690	311,920
E BAY INC
GOOGLE INC CL A	119,399	193,770
ILLINOIS TOOL WORKS	188,898	186,840
MASTERCARD INC	184,474	372,820
QUEST DIAGNOSTICS INC
SCHWAB CHARLES CORP
VISA INC CLASS A SHRS	238,169	304,590
WILLIAMS COS INC	173,987	396,240
AMERICAN EXPRESS CO	277,960	259,435
AMTRUST FINANCIAL SERVICES	8,419	16,388
BERRY PETE CO	11,891	21,388
BRANDYWINE REALTY TRUST	21,814	21,983
BRIGHTPOINT INC	16,371	23,629
DUPONT FABROS TECHNOLOGY	15,800	22,961
ENERSYS	12,153	17,582
FLUSHING FINANCIAL CORP	11,111	15,623
GEOEYE INC	28,858	20,465
GLIMCHER REALTY TRUST
GRAFTECH INTL LTD
GT SOLAR INTERNATIONAL INC
HAWAIIAN HLDGS INC
LSB INDS INC	13,320	16,678
MASTEC INC	23,436	32,708
MEDNAX INC	19,256	22,467
OPLINK COMMUNICATIONS INC
PERICOM SEMICONDUCTOR CORP	22,877	18,363
ROCK TENN CO CL A	18,594	21,061
SCHULMAN A INC
TITAN MACHY INC	19,706	19,296
TRIQUINT SEMICONDUCTOR INC
WET SEAL INC CL A
ABB LTD ADR REPSTG ONE REG	29,428	28,848
AGRIUM INC	18,113	21,341
ANGLO AMERICAN PLC ADR REPSTG	19,514	16,135
ASTRAZENECA PLC SPSD ADR REPST	33,836	34,440
ATLAS COPCO AB ADR CL B REPSTG	18,289	25,300
BARCLAYS PLC ADR REPSTG 4 ORD	28,976	14,880
BOC HONG KONG HLDGS LTD ADR	19,508	18,345
BRITISH AMERN TOB PLC SPSD ADR	62,902	91,085
CANON INC ADR REPSTG SHS	31,963	33,823
DBS GROUP HLDGS LTD	40,800	34,003
DESARROLLADORA HOMEX ADR REPST
FOMENTO ECONOMICO MEX SP ADR	15,646	24,538
FUJIFILM HOLDINGS ADR REPSTG	23,709	19,585
GLAXO SMITHKLINE PLC ADR REPST
HONDA MTR LTD AMERN SHS	24,866	23,829
KEPPEL CORP LTD SPONS ADR REP	42,787	56,846
KONINKLIJKE KPN NV SP ADR REPS	39,303	28,751
LUKOIL SPON ADR REPSTG	43,042	34,580
MITSUI & CO LTD SPSD ADR	30,184	35,902
NATIONAL GRID PLC SP ADR	15,667	15,368
NESTLE SA SPONS ADR REPSTG	60,817	73,349
NISSAN MTR LTD SPONS ADR	32,950	33,231
NOVARTIS AG ADR REPSTG	52,821	56,198
ORIX CORP SPONS ADR REPSTG	15,498	19,197
PETROLEO BRASILEIRO SA PETRO	51,490	26,920
SANOFI AVENTIS ADR REPSTG
SOCIETE GENERALE FRANCE SPONS
TELEFONICA SA SPON ADR REPSTG
THOMPSON CREEK METALS CO INC
TOKIO MARINE HOLDINGS ADR	27,062	21,868
TOTAL SA ADR REPSTG .5 ORD SH	47,097	37,873
TURKCELL ILLETISIM HIZMET ADR
UNILEVER PLC SPSD ADR	15,578	16,861
VALE SA SP ADR REPSTG 1 PFD	17,532	14,420
ZURICH FINANCIAL SERVICES ADR	14,962	14,833
DIRECTV CL A	230,948	256,560
E M C CORP	212,118	215,400
MEDCO HEALTH SOLUTIONS INC	224,015	195,650
STARBUCKS CORP	146,882	276,060
TEXTRON INC	214,938	184,900
THERMO FISHER SCIENTIFIC INC	292,174	247,335
UNITED TECHNOLOGIES CORP	302,909	328,905
V F CORP	207,707	349,222
WHITING PETROLEUM CORP	179,065	186,760
ALLEGIANT TRAVEL
APAC TELESERVICES INC
ASHFORD HOSPITALITY TR INC	23,219	18,176
BANK OF THE OZARKS INC	18,109	24,593
BUFFALO WILD WINGS INC	17,766	24,506
CARDTRONICS INC	18,263	28,413
CINEMARK HLDGS INC	27,116	27,790
COINSTAR INC
COLONIAL PROPERTIES TRUST
DOUGLAS EMMITT INC
ENTEGRIS INC	15,944	19,291
FERRO CORP
FINISAR CORP	15,668	14,752
G III APPAREL GROUP LTD
GULFPORT ENERGY CORP	14,851	24,974
HANGER ORTHOPEDIC GROUP INC	18,069	19,419
HEALTH MGMT ASSOC INC NEW CL A	24,260	18,639
IBERIABANK CORP
IDACORP INC	20,554	24,259
INTERACTIVE INTELLIGENCE INC	11,318	14,096
INTERNATIONAL COAL GROUP INC
JAMES RIV COAL CO
JO ANN STORES INC
KAPSTONE PAPER & PACKAGING COR
KOPPERS HLDGS INC
LAKELAND FINANCIAL CORP	14,552	17,902
LITTELFUSE INC	17,818	18,309
MADISON SQUARE GARDEN INC
MAGELLAN HEALTH SVCS INC	15,243	18,057
MAXIMUS INC	23,510	30,558
MEASUREMENT SPECIALTIES INC	10,613	12,442
MULTI FINELINE ELECTRONIX INC	18,834	17,241
NETGEAR INC	16,304	22,492
NEWMARKET CORP
NORTHWEST BANCSHARES INC MD	8,220	8,982
NU SKIN ENTERPRISES INC - A
OIL STATES INTERNATIONAL INC	15,495	24,897
OMNI VISION TECHNOLOGIES INC
PAREXEL INTL CORP
R F MICRO DEVICES INC	20,179	14,521
RENASANT CORP	14,590	14,685
REPUBLIC AIRWAYS HOLDINGS INC
SIGNATURE BK	17,415	23,936
SMURFIT STONE CONTAINER ENTERP
SOLUTIA INC	21,634	22,118
STONE ENERGY CORP	17,133	25,589
TEXAS ROADHOUSE INC	23,205	23,587
TRIUMPH GROUP INC	19,510	29,342
VEECO INSTRS INC DEL	12,592	8,362
VIEWPOINT FINL GROUP INC
VOLTERRA SEMICONDUCTOR CORP	21,685	25,405
ANHEUSER BUSCH INBEV NV ADR	17,913	17,443
B A S F AG ADR REPSTG1 ORD SH	33,094	35,423
B H P BILLITON PLC SPSD ADR	37,743	29,078
B N P PARIBAS SA ADR REPSTG
B T GROUP PLC ADR REPSTG 10 OR	51,472	53,648
BANCO BRADESCO ADR REPSTG 1 PR
BAYERISCHE MOTOREN WERKE UNSP	31,857	32,634
CENTRICA PLC ADR REPSTG ORD
CNOOC LTD ADR REPSTG ORD SHS
FOCUS MEDIA HOLDING ADR REP
HSBC HOLDINGS PLC SPS ADR REP	17,362	12,611
INFINEON TECHNOLOGIES AG ADR
INTERCONTINENTAL HTLS GRP PISP	16,368	16,335
LVMH MOET HENNESSY LOU VUITT	13,667	11,746
SIEMENS AG ADR REPSTG	24,428	23,042
SWISS REINSURANCE CO SPSD ADR
UBS AG REG
VODAFONE GROUP PLC ADR REPSTG	34,197	36,187
VOLVO AB SPONSD ADR REPSTG	16,162	13,940
AMGEN INC	113,660	128,420
BOEING CO	209,242	201,713
CENTRAL VT PUB SVC CORP	70,400	70,200
HESS CORP	328,140	340,800
JARDEN CORP	33,199	33,615
SPRINT NEXTEL CORP	15,261	11,864
UNITED HEALTH GROUP INC	258,899	304,080
WEATHERFORD INTERNATIONAL LTD	52,880	58,560
AMERICAN AXIE & MFG HLDGS INC	16,453	18,949
AMERISTAR CASINOS INC	25,260	24,569
ATWOOD OCEANICS INC	14,008	12,812
AMERICAN EQUITY INVT LIFE	17,124	15,121
CASH AMERICA INTL INC	14,075	13,802
CENTENE CORP	26,730	30,524
CIECO CORP	20,800	24,194
CLOUD PEAK ENERGY INC	9,521	8,907
COMMUNITY BK SYS INC	12,767	13,900
CYBERONICS INC	19,944	19,765
DARLING INTL INC	19,743	15,350
DIGITAL GENERATION INC	26,269	10,919
DSW INC CL A	25,215	25,995
GENERAL CABLE CORP	19,858	11,755
GT ADVANCED TECHNOLOGIES INC	10,888	9,977
HORSEHEAD HOLDING CORP	9,549	9,406
LIFEPOINT HOSPITALS INC	20,849	18,055
MEDIDATA SOLUTIONS INC	24,062	20,445
MOLINA HEALTHCARE INC	13,970	13,755
P M C - SIERRA INC	18,493	15,637
PERRY ELLIS INTERNATIONAL	15,299	8,347
POLARIS INDS INC	18,570	26,870
PORTLAND GENERAL ELECTRIC CO	17,448	18,841
PROSPERITY BANCSHARES INC	21,713	20,821
PROTECTIVE LIFE CORP	18,642	24,681
RUE21 INC	12,703	12,074
SALLY BEAUTY CO	13,415	21,447
SONIC AUTOMOTIVE INC CL A	24,255	25,414
SPIRIT AIRLINES INC	10,682	10,748
TAL INTL GROUP INC	22,757	18,742
TENNECO AUTOMOTIVE INC	14,991	11,495
TITAN INTL INC III	13,425	11,890
TWO HARBORS INVESTMENT CORP	22,657	19,422
UMB FINL CORP	19,149	18,998
WESBANCO INC	11,753	11,234
WORLD ACCEP CORP	12,941	16,537
B A E SYSTEMS PLC ADR RESPTG	15,986	16,283
BROOKFIELD ASSET MGMT CL A	19,174	16,048
CARNIVAL PLC ADR REPSTG 1 ORD	19,165	14,555
CHINA MOBILE LTD ADR REPSTG	15,834	14,838
ENEL SOCIETA ADR	19,384	11,240
HITACHI LTD ADR 10 COM	35,402	32,327
NIPPON TELEGRAPH TELE ADR	15,902	15,983
REPSOL SA SPONSORED ADR	18,592	16,994
SANOFI ADR REPSTG .5 ORD SHS	54,086	53,312
SBERBANK SPONSRD ADR RPSTG	18,811	12,326
SHIRE PLC ADR REPSTG 3 ORD SHS	18,998	20,468
ALLIANZ SE ADR REPSTG .1 ORD	36,573	23,789

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
FIRST EAGLE SOGEN GLOBAL A	AT COST	2,373,639	2,536,270
FIRST AMER MID CAP GRWTH OPP
T ROWE PRICE INTL GR & INC ADV	AT COST	1,750,000	1,500,303
FIRST AMER HIGH INCOME BOND FD
GOLDMAN SACHS M/C VALUE	AT COST	1,500,000	1,965,991
ISHARES MSCI EMERGING MKTS ETF	AT COST	1,694,010	1,593,480
IPATH DOW JONES UBS COMMODITY	AT COST	471,270	485,760
DRIEHAUS ACTIVE INCOME FUND	AT COST	250,082	223,720
NUVEEN HIGH INCOME BOND FUND	AT COST	1,500,000	1,328,390
HIGHLAND LONG SHORT EQUITY Z	AT COST	706,968	686,839
NUVEEN MID CAP GRWTH OPP FD	AT COST	2,000,000	1,872,976
TFS MARKET NEUTRAL FUND	AT COST	1,422,031	1,346,452
GAM ABSOLUTE RETURN BOND FD	AT COST	250,000	246,968

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
INSURANCE	782	0	782
FILING FEE ATTY GEN	15	0	15
BOARD MEETING EXPENSES	2,473	0	2,473
ADR FEE	1,511	1,511	0
FOUNDATION DUES	695	0	695

Description	Beginning of Year - Book Value	End of Year - Book Value
EMPLOYEE TAXES WITHHELD	1,348	1,318
EMPLOYER'S FICA/MEDICARE ACC'D	478	492
CASH OVERDRAFT		10,682

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