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
2011
For calendar year 2011, or tax year beginning 01-01-2011 , and ending 12-31-2011
G
Check all that apply:
Name of foundation
KATE L DUNWOODY TR UW 35007750
 

Number and street (or P.O. box number if mail is not delivered to street address)P O BOX 64713 TRUST TAX SERVICES   Room/suite
City or town, state, and ZIP code
ST PAUL, MN551640713
A Employer identification number

41-6014903
B Telephone number (see page 10 of the instructions)

(612) 303-3205
C bullet
D 1. bullet
H Check type of organization:
2. bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$8,787,433J Accounting method:
 
(Part I, column (d) must be on cash basis.)
E bullet
F bullet
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)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities...... 350,415 350,415  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 748,831
b Gross sales price for all assets on line 6a 12,693,873
7 Capital gain net income (from Part IV, line 2)... 748,831
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)....... Click to see attachment 35 35  
12 Total. Add lines 1 through 11........ 1,099,281 1,099,281  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 40,685 32,098   8,587
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule)......... Click to see attachment 1,980 990 0 990
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 17,258 1,025   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... Click to see attachment 382 302   80
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 60,305 34,415 0 9,657
25 Contributions, gifts, grants paid........ 445,601 445,601
26 Total expenses and disbursements. Add lines 24 and 25 505,906 34,415 0 455,258
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 593,375
b Net investment income (if negative, enter -0-) 1,064,866
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 (2011)
Form 990-PF (2011)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing...............      
2 Savings and temporary cash investments.......... 594,127 333,488 333,488
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet0      
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule) 1,550,367    
b Investments—corporate stock (attach schedule)........ 1,885,195 Click to see attachment6,053,783 6,046,194
c Investments—corporate bonds (attach schedule)........ 4,285,239 Click to see attachment2,513,000 2,401,725
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 1 Click to see attachment1 1
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment42 Click to see attachment6,025 Click to see attachment6,025
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 8,314,971 8,906,297 8,787,433
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)   Click to see attachment417
23 Total liabilities (add lines 17 through 22)..........   417
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 2,739,098 2,739,098
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 5,575,873 6,166,782
30 Total net assets or fund balances (see page 17 of the
instructions).................... 8,314,971 8,905,880
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 8,314,971 8,906,297
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 8,314,971
2 Enter amount from Part I, line 27a..................... 2 593,375
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 8,908,346
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 2,466
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 8,905,880
Form 990-PF (2011)
Form 990-PF (2011)
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 6226.937 NUVEEN EQUITY INDEX FUND CL Y   2003-05-14 2011-01-05
b 5650.04 HARLEY DAVIDSON 5.210% 6/15/13   2007-01-23 2011-01-15
c 4369.13 HOUSEHOLD AUTO TR 5.340% 9/17/13   2007-10-03 2011-01-17
d 125000. F H L M C M T N 4.750% 1/18/11   2008-01-03 2011-01-18
e 7564.297 NUVEEN EQUITY INDEX FUND CL Y   2010-05-28 2011-01-24
96818.18 NUVEEN EQUITY INDEX FUND CL Y   2009-04-13 2011-01-24
6.75 G N M A #510300 7.500% 8/15/29   1999-09-07 2011-01-31
109.58 G N M A #509932 6.500% 6/15/29   1999-09-07 2011-01-31
325000. U S TREASURY NT 2.625% 8/15/20   2010-10-01 2011-02-08
100000. U S TREASURY NT 0.500% 11/30/12   2010-11-29 2011-02-08
5481.96 HARLEY DAVIDSON 5.210% 6/15/13   2007-01-23 2011-02-15
4545.75 HOUSEHOLD AUTO TR 5.340% 9/17/13   2007-10-03 2011-02-17
125000. CREDIT SUISSE USA 5.250% 3/02/11   2006-03-27 2011-03-02
44.41 G N M A #510300 7.500% 8/15/29   1999-09-07 2011-03-15
123.03 G N M A #509932 6.500% 6/15/29   1999-09-07 2011-03-15
5613.84 HARLEY DAVIDSON 5.210% 6/15/13   2007-01-23 2011-03-15
4597.02 HOUSEHOLD AUTO TR 5.340% 9/17/13   2007-10-03 2011-03-17
86.72 G N M A #510300 7.500% 8/15/29   1999-09-07 2011-04-15
13.6 G N M A #509932 6.500% 6/15/29   1999-09-07 2011-04-15
6422.02 HARLEY DAVIDSON 5.210% 6/15/13   2007-01-23 2011-04-15
64769.75 HOUSEHOLD AUTO TR 5.340% 9/17/13   2007-10-03 2011-04-17
6.72 G N M A #510300 7.500% 8/15/29   1999-09-07 2011-05-15
64.75 G N M A #509932 6.500% 6/15/29   1999-09-07 2011-05-15
5546.65 HARLEY DAVIDSON 5.210% 6/15/13   2007-01-23 2011-05-15
73.98 G N M A #510300 7.500% 8/15/29   1999-09-07 2011-06-15
14.38 G N M A #509932 6.500% 6/15/29   1999-09-07 2011-06-15
5693.42 HARLEY DAVIDSON 5.210% 6/15/13   2007-01-23 2011-06-15
425000. U S TREASURY NT 2.625% 11/15/20   2011-02-08 2011-06-30
50000. U S TREASURY NT 0.500% 11/30/12   2010-11-29 2011-06-30
6.64 G N M A #510300 7.500% 8/15/29   1999-09-07 2011-07-15
15.6 G N M A #509932 6.500% 6/15/29   1999-09-07 2011-07-15
5460.45 HARLEY DAVIDSON 5.210% 6/15/13   2007-01-23 2011-07-15
130000. PRAXAIR INC 1.750% 11/15/12   2009-12-02 2011-08-05
125000. ATT INC 5.500% 2/01/18   2010-02-11 2011-08-10
135000. ALABAMA POWER CO 4.850% 12/15/12   2010-04-07 2011-08-10
125000. ALLSTATE CORP 5.000% 8/15/14   2004-08-24 2011-08-10
135000. AMERICAN EXPR BK MTN 5.500% 4/16/13   2008-06-13 2011-08-10
125000. BP CAPITAL PLC 3.625% 5/08/14   2009-06-05 2011-08-10
125000. BANK NY MELLON MTN 3.100% 1/15/15   2009-11-17 2011-08-10
125000. BARCLAYS BK PLC 5.000% 9/22/16   2009-11-19 2011-08-10
125000. BEAR STEARNS CO 5.350% 2/01/12   2007-05-16 2011-08-10
225000. BECTON DICKINSON 5.000% 5/15/19   2009-12-10 2011-08-10
125000. BERKSHIRE HATHAWAY 4.750% 5/15/12   2009-03-31 2011-08-10
125000. BOEING CO 3.500% 2/15/15   2009-08-06 2011-08-10
125000. BOTTLING GROUP 5.125% 1/15/19   2009-01-28 2011-08-10
125000. CISCO SYSTEMS 3.150% 3/14/17   2011-03-18 2011-08-10
125000. COCA COLA CO 3.625% 3/15/14   2009-03-05 2011-08-10
125000. RABOBANK MTN 1.850% 1/10/14   2011-01-05 2011-08-10
100000. JOHN DEERE CAP MTN 2.950% 3/09/15   2011-07-13 2011-08-10
125000. DEUTSCHE BANK AG MTN 3.250% 1/11/16   2011-01-05 2011-08-10
65000. WALT DISNEY CO 4.700% 12/01/12   2009-06-22 2011-08-10
125000. DUPONT EI NEMOUR 3.250% 1/15/15   2010-02-08 2011-08-10
125000. EMERSON ELECTRIC 4.625% 10/15/12   2008-07-14 2011-08-10
365000. F H L B DEB 5.375% 5/18/16   2006-12-07 2011-08-10
60000. F N M A DEB 6.125% 3/15/12   2005-04-22 2011-08-10
400000. F H L M C M T N 5.250% 4/18/16   2006-04-25 2011-08-10
100000. F N M A M T N 5.375% 6/12/17   2007-07-02 2011-08-10
2286.86 G N M A #510300 7.500% 8/15/29   1999-09-07 2011-08-10
4375.56 G N M A #509932 6.500% 6/15/29   1999-09-07 2011-08-10
125000. GENERAL DYNAMICS 5.250% 2/01/14   2009-03-03 2011-08-10
125000. GENERAL ELEC CAP MTN 5.875% 2/15/12   2006-03-27 2011-08-10
125000. GLAXOSMITHKLINE 4.850% 5/15/13   2009-01-08 2011-08-10
125000. GOLDMAN SACHS GROUP 5.500% 11/15/14   2004-08-24 2011-08-10
130000. HSBC HOLDINGS PLC 5.100% 4/05/21   2011-08-05 2011-08-10
21533.2 HARLEY DAVIDSON 5.210% 6/15/13   2007-01-23 2011-08-10
125000. HONEYWELL INTL 4.250% 3/01/13   2008-05-01 2011-08-10
125000. IBM CORP 5.700% 9/14/17   2009-06-30 2011-08-10
125000. NORTHERN TRUST CORP 3.450% 11/04/20   2010-11-01 2011-08-10
125000. OCCIDENTAL PETRO 1.450% 12/13/13   2011-03-16 2011-08-10
125000. PEPSICO INC 3.750% 3/01/14   2009-02-26 2011-08-10
125000. PITNEY BOWES INC MTN 3.875% 6/15/13   2003-07-07 2011-08-10
125000. PROCTER & GAMBLE 3.500% 2/15/15   2009-04-20 2011-08-10
125000. SHELL INTL FIN 3.250% 9/22/15   2009-10-07 2011-08-10
125000. STATE STREET CORP 4.375% 3/07/21   2011-03-18 2011-08-10
135000. STATE STREET CORP 2.875% 3/07/16   2011-03-16 2011-08-10
125000. TARGET CORP 4.000% 6/15/13   2003-06-05 2011-08-10
475000. U S TREASURY NT 3.125% 5/15/21   2011-06-30 2011-08-10
125000. WELLS FARGO CO MTN 3.750% 10/01/14   2009-09-29 2011-08-10
17825. SPDR S&P 500 ETF TRUST   2011-01-24 2011-08-11
120000. QUEBEC PROVINCE 5.125% 11/14/16   2009-06-18 2011-08-12
8.15 G N M A #510300 7.500% 8/15/29   1999-09-07 2011-08-15
69.13 G N M A #509932 6.500% 6/15/29   1999-09-07 2011-08-15
4907.22 HARLEY DAVIDSON 5.210% 6/15/13   2007-01-23 2011-08-15
225. HESS CORP   2011-08-16 2011-08-17
201. T ROWE PRICE GROUP INC   2011-08-16 2011-08-17
778. PAYCHEX INC   2011-08-16 2011-08-19
126. COGNIZANT TECH SOLUTIONS CL A   2011-08-16 2011-08-31
203. TEXAS INSTRUMENTS INC   2011-08-16 2011-08-31
166. WPP PLCSPONSORED A D R   2011-08-16 2011-09-02
130. EQUITABLE CORP   2011-08-16 2011-09-13
15. BLACKROCK INC   2011-08-16 2011-10-04
1174. ISHARES DOW JONES REGIONAL BK IN FD   2011-08-16 2011-10-04
378. JACOBS ENGR GROUP INC   2011-08-16 2011-10-04
37. UNION PACIFIC CORP   2011-08-16 2011-10-04
53. LORILLARD INC   2011-08-16 2011-10-12
130. NOVO NORDISK AS A D R   2011-08-16 2011-10-14
236. LIFE TECHNOLOGIES CORP   2011-08-16 2011-10-19
614. ADMIRAL GROUP PLC ADR   2011-08-16 2011-11-07
64. V F CORP   2011-08-16 2011-11-08
728. ENCANA CORP   2011-08-16 2011-11-17
676. WASTE MGMT INC   2011-08-16 2011-12-08
93. SEADRILL LIMITED   2011-10-17 2011-12-08
179. HALLIBURTON CO   2011-08-16 2011-12-09
327. AGCO CORP   2011-08-16 2011-12-20
CAPITAL GAIN DIVIDENDS P    
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 135,685   109,808 25,877
b 5,650   5,649 1
c 4,369   4,381 -12
d 125,000   129,316 -4,316
e 166,793   150,000 16,793
2,134,841   1,625,387 509,454
7   7  
110   104 6
299,126   327,439 -28,313
99,601   99,957 -356
5,482   5,481 1
4,546   4,559 -13
125,000   124,569 431
44   44  
123   117 6
5,614   5,613 1
4,597   4,610 -13
87   86 1
14   13 1
6,422   6,421 1
64,770   64,952 -182
7   7  
65   61 4
5,547   5,546 1
74   74  
14   14  
5,693   5,693  
409,511   390,442 19,069
50,121   49,979 142
7   7  
16   15 1
5,460   5,460  
132,101   130,499 1,602
146,869   130,550 16,319
142,479   145,843 -3,364
137,169   124,320 12,849
142,358   134,213 8,145
132,796   124,274 8,522
131,250   126,073 5,177
132,024   129,673 2,351
127,188   125,438 1,750
260,213   238,191 22,022
128,701   130,100 -1,399
135,143   125,245 9,898
145,725   128,521 17,204
132,738   126,530 6,208
135,509   125,391 10,118
127,204   124,714 2,490
106,740   105,275 1,465
125,048   124,099 949
68,483   69,367 -884
134,091   126,284 7,807
130,911   126,031 4,880
437,303   374,993 62,310
62,140   65,838 -3,698
475,938   396,526 79,412
121,221   99,243 21,978
2,447   2,279 168
4,769   4,149 620
138,419   134,178 4,241
128,018   128,689 -671
134,319   130,239 4,080
131,911   127,634 4,277
139,071   140,270 -1,199
21,325   21,530 -205
132,250   125,698 6,552
150,298   132,560 17,738
128,078   125,441 2,637
126,806   125,785 1,021
134,250   125,424 8,826
129,511   124,230 5,281
135,719   126,804 8,915
135,103   126,688 8,415
131,875   127,058 4,817
138,983   135,478 3,505
133,011   125,306 7,705
515,449   474,369 41,080
131,910   125,029 6,881
2,028,795   2,289,978 -261,183
141,576   123,344 18,232
8   8  
69   66 3
4,907   4,907  
13,635   13,243 392
10,327   10,249 78
20,057   20,920 -863
7,962   7,865 97
5,366   5,469 -103
8,292   8,591 -299
7,572   7,272 300
2,082   2,412 -330
20,083   22,118 -2,035
12,039   13,279 -1,240
2,923   3,377 -454
6,151   5,581 570
12,945   14,439 -1,494
8,894   9,159 -265
11,449   15,694 -4,245
8,625   7,164 1,461
13,833   18,455 -4,622
20,992   20,564 428
3,139   2,888 251
5,993   8,160 -2,167
13,470   13,210 260
      831
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       25,877
b       1
c       -12
d       -4,316
e       16,793
      509,454
       
      6
      -28,313
      -356
      1
      -13
      431
       
      6
      1
      -13
      1
      1
      1
      -182
       
      4
      1
       
       
       
      19,069
      142
       
      1
       
      1,602
      16,319
      -3,364
      12,849
      8,145
      8,522
      5,177
      2,351
      1,750
      22,022
      -1,399
      9,898
      17,204
      6,208
      10,118
      2,490
      1,465
      949
      -884
      7,807
      4,880
      62,310
      -3,698
      79,412
      21,978
      168
      620
      4,241
      -671
      4,080
      4,277
      -1,199
      -205
      6,552
      17,738
      2,637
      1,021
      8,826
      5,281
      8,915
      8,415
      4,817
      3,505
      7,705
      41,080
      6,881
      -261,183
      18,232
       
      3
       
      392
      78
      -863
      97
      -103
      -299
      300
      -330
      -2,035
      -1,240
      -454
      570
      -1,494
      -265
      -4,245
      1,461
      -4,622
      428
      251
      -2,167
      260
       
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 748,831
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 . . . . . . . . . . . . . 		Bracket 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?
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))
2010 461,717 8,760,283 0.052706
2009 473,104 8,345,588 0.056689
2008 473,116 8,735,621 0.054159
2007      
2006      
2 Total of line 1, column (d) ...................... 2 0.163554
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 0.054518
4 Enter the net value of noncharitable-use assets for 2011 from Part X, line 5..... 4 8,834,634
5 Multiply line 4 by line 3....................... 5 481,647
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 10,649
7 Add lines 5 and 6......................... 7 492,296
8 Enter qualifying distributions from Part XII, line 4.............. 8 455,258
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 (2011)
Form 990-PF (2011)
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 Bulletand enter “N/A” on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 21,297
hereBulletand 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 21,297
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 21,297
6 Credits/Payments:
a 2011 estimated tax payments and 2010 overpayment credited to 2011 6a 9,996
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 9,996
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 11,301
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2012 estimated taxBullet   Refunded Bullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletMN
    b
    If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2011 or the taxable year beginning in 2011 (see instructions for Part XIV on
    page 27)? If “Yes,” complete Part XIV..........................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) .......
    11
     
    No
    12
    Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletUS BANK NATIONAL ASSOCIATION Telephone no.bullet (612) 303-3205
    Located atbullet800 NICOLLET MALLMINNEAPOLISMN ZIP+4bullet55402
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2011, 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? .................
    16
     
    No
    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 (2011)
    Form 990-PF (2011)
    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
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2011?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2011, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2011?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 2011 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 2011.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2011?
    4b
     
    No
    5a
    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))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
    5b
     
     
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2011)
    Form 990-PF (2011)
    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
    US BANK NATIONAL ASSOCIATION CORP TRUSTEE
    8     		40,685    
    PO BOX 64713
    ST PAUL,MN55101
    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...................bullet 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.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (2011)
    Form 990-PF (2011)
    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.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    8,681,423
    b
    Average of monthly cash balances.......................
    1b
    287,749
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    8,969,172
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    8,969,172
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ...........................
    4
    134,538
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    8,834,634
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    441,732
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    441,732
    2a
    Tax on investment income for 2011 from Part VI, line 5......
    2a
    21,297
    b
    Income tax for 2011. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    21,297
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    420,435
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    420,435
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1................................
    7
    420,435
    Part XII
    Qualifying Distributions (see page 25 of the instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    455,258
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    455,258
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see page 26 of the instructions)............
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    455,258
    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 (2011)
    Form 990-PF (2011)
    Page 8
    Part XIII
    Undistributed Income (see page 26 of the instructions)
    (a)
    Corpus     		(b)
    Years prior to 2010     		(c)
    2010     		(d)
    2011
    1 Distributable amount for 2011 from Part XI, line 7 420,435
    2 Undistributed income, if any, as of the end of 2011:
    a Enter amount for 2010 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2011:
    a From 2006....... 0
    b From 2007....... 0
    c From 2008....... 42,883
    d From 2009....... 63,335
    e From 2010....... 33,696
    fTotal of lines 3a through e......... 139,914
    4Qualifying distributions for 2011 from Part
    XII, line 4: bullet$ 455,258
    a Applied to 2010, but not more than line 2a 0
    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..... 420,435
    e Remaining amount distributed out of corpus 34,823
    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 5 174,737
    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 ..........     		0
    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 ......     		174,737
    10 Analysis of line 9:
    a Excess from 2007.... 0
    b Excess from 2008.... 42,883
    c Excess from 2009.... 63,335
    d Excess from 2010.... 33,696
    e Excess from 2011.... 34,823
    Form 990-PF (2011)
    Form 990-PF (2011)
    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 2011, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2011 (b) 2010 (c) 2009 (d) 2008
             
    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).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number 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 (2011)
    Form 990-PF (2011)
    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)
    aPaid during the year
    DUNWOODY INSTITUTE
    818 DUNWOODY BOULEVARD
    MINNEAPOLIS,MN55403     		    GENERAL SUPPORT 445,601
    Total .................................bullet 3a 445,601
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2011)
    Form 990-PF (2011)
    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 (e)
    Related or exempt
    function income
    (See page 28 of
    the instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3Interest on savings and temporary cash investments          
    4 Dividends and interest from securities....     14 350,415  
    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     18 748,831  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aCLASS ACTION SETTL     01 35  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   1,099,281  
    13Total. Add line 12, columns (b), (d), and (e)..................
    131,099,281
    (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.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See
    page 28 of the instructions.)
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    SignHere
    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.
    Bullet Bullet
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    Form 990-PF (2011)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2011 InvestmentsCorpBondsSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Name of Bond End of Year Book Value End of Year Fair Market Value
    WELLS FARGO & CO 3.750%    
    MORGAN STANLEY 4.250%    
    HARLEY DAVIDSON 5.290%    
    CREDIT SUISSE USA 5.250%    
    BEAR STEARNS CO INC 5.350%    
    GENERAL ELEC CAP 5.875%    
    PITNEY BOWES INC 3.875%    
    TARGET CORP 4.000%    
    HOUSEHOLD AUTO TR 5.340%    
    ALLSTATE CORP 5.000%    
    GOLDMAN SACHS GROUP 5.500%    
    EMERSON ELECTRIC 4.625%    
    HONEYWELL INTL 4.250%    
    AMERICAN EXPR BK C D 5.500%    
    BOTTLING GROUP 5.125%    
    BECTON DICKSON 5.000%    
    BP CAPITAL MARKETS PLC 3.625%    
    SHELL INTERNATIONAL FIN 3.250%    
    BARCLAYS BANK PLC 5.000%    
    QUEBEC PROVINCE 5.125%    
    BERKSHIRE HATHAWAY FIN 4.750%    
    WALT DISNEY CO 4.700%    
    GLAXOSMITHKLINE 4.850%    
    GENERAL DYNAMICS 5.250%    
    PEPSICO INC 3.750%    
    COCA COLA CO 3.625%    
    BANK OF NY MELLON 3.100%    
    BOEING CO 3.500%    
    PROCTOR & GAMBLE 3.500%    
    IBM CORP 5.700%    
    ALABAMA POWER CO    
    DUPONT EI NEMOUR    
    ATT INC    
    NORTHERN TRUST GROUP    
    CREDIT SUISSE COMM RET ST CO 356,000 315,844
    DRIEHAUS ACTIVE INCOME FUND 712,000 672,370
    NUVEEN HIGH INCOME BOND 445,000 431,578
    PIMCO TOTAL RETURN FUND INST 1,000,000 981,933

    TY 2011 InvestmentsCorpStockSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Name of Stock End of Year Book Value End of Year Fair Market Value
    FIRST AMERICAN EQUITY INDEX FD    
    ABBOTT LABORATORIES 28,809 32,445
    AFLAC INC 35,288 41,054
    ALLERGAN INC 17,405 20,268
    AMAZON COM INC 12,197 10,732
    AMERIPRISE FINL INC 10,232 11,318
    AMERISOURCEBERGEN CORP 27,422 26,516
    ANADARKO PETROLEUM CORP 16,291 17,403
    APPLE INC 46,918 50,220
    ATT INC 30,410 31,964
    BLACKROCK INC 21,867 24,241
    BORG WARNER INC 23,570 21,353
    BROADCOM CORP CL A 18,748 15,443
    CAMERON INTL CORP 19,377 20,020
    CATERPILLAR INC 31,920 32,525
    CELGENE CORP 12,296 14,872
    CERNER CORP 18,420 19,355
    CHEVRON CORP 46,224 50,221
    COCA COLA CO 32,698 33,656
    COGNIZANT TECH SOLUTIONS 15,667 16,142
    CULLEN FROST BANKERS 23,278 24,762
    DANAHER CORP 17,340 18,534
    DEERE & CO 13,575 13,768
    DIRECTV CL A 14,316 13,983
    DISNEY WALT CO 9,185 10,350
    DOVER CO 23,433 24,787
    DU PONT E I DE NEMOURS & CO 15,683 15,062
    E BAY INC 17,381 17,409
    E M C CORP 26,598 25,029
    EATON CORP 18,565 19,110
    EMERSON ELEC CO 17,419 17,658
    EQUINIX INC 15,968 16,832
    EQUITABLE CORP 24,669 24,162
    EXPRESS SCRIPTS INC 13,283 12,424
    FLOWSERVE CORP 11,242 12,415
    FLUOR CORP 15,970 15,075
    GOOGLE INC CL A 28,488 34,233
    HALLIBURTON CO 20,424 15,460
    INTERNATIONAL BUSINESS MACH CO 57,521 61,968
    ITC HLDGS CORP 20,697 20,867
    JP MORGAN CHASE CO 35,929 33,882
    KINDER MORGAN INC 23,492 29,243
    LAUDER ESTEE COS IN CL A 22,519 26,957
    LEGGETT PLATT INC 25,126 27,740
    LORILLARD INC 25,169 27,246
    MCCORMICK CO INC 21,830 23,798
    MCDONALDS CORP 25,573 29,597
    MICROCHIP TECH INC 30,529 35,751
    MICROSOFT CORP 62,969 64,485
    MOTOROLA SOLUTIONS INC 22,155 21,849
    NEW YORK COMM BANCORP INC 27,333 26,076
    NEXTERA ENERGY INC 27,875 31,110
    NIKE INC 22,499 26,020
    ONEOK INC 20,582 26,267
    ORACLE CORP 24,558 22,931
    PACCAR INC 20,662 20,421
    PEPSICO INC 18,412 19,175
    PFIZER INC 29,254 34,537
    PHILIP MORRIS INTL 32,079 37,121
    PIONEER NAT RES CO 24,532 27,918
    PRAXAIR INC 21,457 23,197
    PRICELINE COM INC 22,652 21,515
    PROCTOR & GAMBLE CO 23,035 24,950
    QUALCOMM INC 26,430 28,499
    RALPH LAUREN CORP 12,199 12,289
    RAYTHEON CO 20,031 23,706
    SCHEIN HENRY INC 23,549 24,226
    SOUTHERN COPPER CORP DEL 30,906 31,387
    TEXAS INSTRUMENTS INC 14,036 15,166
    THERMO FISHER SCIENTIFIC INC 16,362 13,626
    UNION PACIFIC CORP 45,482 52,758
    V F CORP 24,514 27,811
    VARIAN MED SYS INC 22,470 26,651
    YUM BRANDS INC 31,117 35,878
    ABB LTD A D R 20,484 17,983
    ACCENTURE PIC CL A 42,590 41,573
    AIR LIQUIDE S A A D R 54,395 53,185
    ALLIANZ SE A D R 31,897 27,662
    AMERICA MOVIL A D R 28,781 27,323
    ARM HLDFS PLC A D R 42,808 46,264
    ATLAS COPCO AB SPONS A D R 23,155 22,952
    B G GROUP P L C A D R 32,500 32,100
    BUNGE LIMITED 14,304 13,042
    CANADIAN NATL RY CO 22,570 24,904
    CANON INC SPONS A D R 32,298 30,388
    ABERDEEN FD EMRGN MKT INSTL 222,000 205,508
    GOLDMAN SACHS M C VALU CL INST 222,000 223,063
    HIGHLAND LONG SHORT EQUITY Z 712,000 725,883
    NEUBERGER BERMAN GENESIS INSTL 267,000 267,345
    NUVEEN REAL ESTATE SEC 801,000 809,535
    OPPENHEIMER DEV MKTS FDS CL 222,000 199,051
    T ROWE PRICE MID CAP GROWTH FD 222,000 208,478
    WPP PICSPONSORED A D R 28,618 28,883
    CARNIVAL CORP 28,179 29,213
    CHINA RES ENTERPRISE LTD ADR 15,582 15,668
    CNOOC LTD A D R 15,028 13,625
    COCHLEAR LTD UNSPON A D R 22,526 18,279
    COMPANHIA DE BEBIDAS P R A D R 23,731 25,985
    CSI LIMITED A D R 16,076 16,020
    DASSAULT SYSTEMES SA A D R 57,002 57,976
    DBS GROUPS HLDGS LTD 23,025 17,710
    DIAGEO PLC SPONSORED A D R 15,383 17,222
    ERSTE GROUP BANK AG A D R 36,671 16,487
    FANUC CORP A D R 47,342 41,568
    FRESENIUS MED CARE 40,081 38,953
    HOYA CORP A D R 25,917 24,968
    HSBC HLDGS PIC SPONS A D R 15,556 13,145
    I C I C I BANK LIMITED A D R 36,583 23,443
    IMPERIAL OIL LTD 23,985 25,487
    ITAU UNIBANCO HLDGS SA A D R 17,290 18,337
    JGC CORP UNSPONS A D R 18,320 15,360
    JUPITER TELECOM A D R 21,060 18,274
    LI FUNG LTD 38,424 39,533
    LONZA GROUP AG UNSPONS 21,164 19,086
    LOREAL CO UNSPONS 31,701 28,412
    LVMH MOET HENNESSY LOU VUITT 19,937 17,029
    MTN GROUP LTD 31,993 28,745
    NESTLE SA SPONS 58,262 53,497
    NETEASE COM INC 16,696 15,832
    NOVARTIS AG 15,521 15,893
    NOVO NORDISK AS 19,961 20,747
    OAO GAZPROM SPON 13,247 11,920
    PETROLEO BRASILEIRO SPONS 23,170 20,624
    QIAGEN NV 17,461 15,578
    ROCHE HLDGS LTD 34,064 35,189
    ROYAL DUTCH SHELL PIC 30,467 34,060
    SAP AG 39,778 39,607
    SASOL LTD SPONS 14,436 15,358
    SCHLUMBERGER LTD 58,597 51,233
    SCHNEIDER ELECT SA UNSP 35,005 27,032
    SEADRILL LTD 26,655 29,165
    SONOVA HLDGS INSPONS 19,994 25,899
    SWATCH GROUP AG 28,640 23,562
    TAIWAN SEMICONDUCTOR 14,359 16,008
    TESCO PIC 23,035 22,551
    TEVA PHARMACEUTICAL INDS LTD 11,262 11,260
    THOMSON REUTERS CORP 20,942 17,816
    TURKIYE GARANTI BANKASI 25,019 21,795
    UNICHARM CORP 32,491 34,396
    UNILEVER PIC SPSD 15,690 15,620
    WAL MART DE MEXICO SAB DE CV 25,964 28,486

    TY 2011 InvestmentsGovtObligationsSch
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    US Government Securities - End of Year Book Value:

     
    US Government Securities - End of Year Fair Market Value:

     
    State & Local Government Securities - End of Year Book Value:


     
    State & Local Government Securities - End of Year Fair Market Value:


     


    TY 2011 InvestmentsOtherSchedule2
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    VARIOUS MINERAL INTERESTS AT COST 1 1

    TY 2011 LegalFeesSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL EXPENSE 1,980 990   990


    TY 2011 OtherAssetsSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ACCURED INCOME 42 6,025 6,025


    TY 2011 OtherDecreasesSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Description Amount
    ROUNDING 3
    WASH SALE 2,463


    TY 2011 OtherExpensesSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OTHER NONALLOCABLE EXPENSES - 302 302   0
    FILING FEES 80 0   80


    TY 2011 OtherIncomeSchedule2
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    NET SETTLEMENT FROM CLASS ACTION SUIT 35 35  


    TY 2011 OtherLiabilitiesSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Description Beginning of Year - Book Value End of Year - Book Value
    RETURN OF CAPITAL   417


    TY 2011 TaxesSchedule
    Name:
    KATE L DUNWOODY TR UW 35007750
    EIN: 41-6014903
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 312 312   0
    FEDERAL TAX PAYMENT - PRIOR YE 6,237 0   0
    FEDERAL TAX 9,996 0   0
    FOREIGN TAXES ON QUALIFIED FOR 587 587   0
    FOREIGN TAXES ON NONQUALIFIED 126 126   0