TY 2011 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

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

OMB No. 1545-0052

2011

For calendar year 2011, or tax year beginning 01-01-2011 , and ending 12-31-2011

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

Amended returnAddress changeName change

Name of foundation
R L & A C DELL CHARITABLE TRUST 050013716000

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

41-6046675

B Telephone number (see page 10 of the instructions)

(612) 303-3208

C If exemption application is pending, check here bullet

D 1. Foreign organizations, check here . bullet

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

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

$3,711,059J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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

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

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see page 11 of the instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities......	91,955		91,955
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		178,050
b	Gross sales price for all assets on line 6a 2,223,884
7	Capital gain net income (from Part IV, line 2)...			178,050
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).......		2,162	162
12	Total. Add lines 1 through 11........	272,167		270,167
13	Compensation of officers, directors, trustees, etc.	35,841		28,673		7,168
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........		1,566	783	0	783
b	Accounting fees (attach schedule).......		1,500	750	0	750
c	Other professional fees (attach schedule)....		13,729	2,746		10,983
17	Interest...............					0
18	Taxes (attach schedule) (see page 14 of the instructions)		5,393	2,968		0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......	279		0	0	279
22	Printing and publications..........			0	0
23	Other expenses (attach schedule).......		96	16		80
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	58,404		35,936	0	20,043
25	Contributions, gifts, grants paid........	216,688				216,688
26	Total expenses and disbursements. Add lines 24 and 25	275,092		35,936	0	236,731
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-2,925
b	Net investment income (if negative, enter -0-)			234,231
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	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...............		4,434	4,434
	2	Savings and temporary cash investments..........	22,347	58,791	58,791
	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)	202,212
	b	Investments—corporate stock (attach schedule)........	3,121,556	3,377,942	3,311,829
	c	Investments—corporate bonds (attach schedule)........	412,582	314,037	335,133
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........			0
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	246	872	872
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	3,758,943	3,756,076	3,711,059
	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 )		60
	23	Total liabilities (add lines 17 through 22)..........		60
		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.........	3,360,743	3,360,743
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds	398,200	395,273
	30	Total net assets or fund balances (see page 17 of the
		instructions)....................	3,758,943	3,756,016
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	3,758,943	3,756,076

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	3,758,943
2	Enter amount from Part I, line 27a.....................	2	-2,925
3	Other increases not included in line 2 (itemize)	3	0
4	Add lines 1, 2, and 3..........................	4	3,756,018
5	Decreases not included in line 2 (itemize)	5	2
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	3,756,016

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	400. ALLSTATE CORP		2005-03-24	2011-01-18
b	554. APACHE CORP		2006-06-09	2011-01-18
c	30. APPLE INC		2009-10-27	2011-01-18
d	325. B M C SOFTWARE INC		2010-07-13	2011-01-18
e	1267. BANK OF AMERICA CORP		2005-02-28	2011-01-18
	256. BEST BUY CO INC		2009-10-27	2011-01-18
	440. BOEING CO		2006-12-07	2011-01-18
	300. BRISTOL MYERS SQUIBB CO		2009-10-26	2011-01-18
	231. BROADCOM CORP CL A		2010-07-29	2011-01-18
	151. CATERPILLAR INC		2007-04-20	2011-01-18
	136. CATERPILLAR INC		2007-04-20	2011-01-18
	64. CERNER CORPORATION		2010-07-13	2011-01-18
	288. CITIGROUP INC		2001-05-10	2011-01-18
	500. COSTCO WHSL CORP		2006-12-07	2011-01-18
	21. DIRECTV CL A		2010-07-13	2011-01-18
	300. EXELON CORPORATION		2006-06-09	2011-01-18
	106. EXPRESS SCRIPTS INC		2010-07-13	2011-01-18
	997. EXXON MOBIL CORP		1966-03-08	2011-01-18
	150. F5 NETWORKS INC		2010-07-13	2011-01-18
	146. FREEPORT MCMORAN COPPER GOLD		2007-04-20	2011-01-18
	1624. GENERAL ELECTRIC CO		1969-08-22	2011-01-18
	300. GENERAL MILLS INC		2009-10-26	2011-01-18
	450. GILEAD SCIENCES INC		2008-04-10	2011-01-18
	7.00071 GOLDMAN SACHS GROUP INC		2009-10-27	2011-01-18
	5.99929 GOLDMAN SACHS GROUP INC		2009-10-27	2011-01-18
	611. HEWLETT PACKARD CO		2006-06-09	2011-01-18
	600. ILLINOIS TOOL WORKS		2006-12-07	2011-01-18
	316. INTEL CORP		1995-03-29	2011-01-18
	129. INTEL CORP		1996-03-29	2011-01-18
	651.99999 J P MORGAN CHASE CO		2000-10-11	2011-01-18
	26.00001 J P MORGAN CHASE CO		2000-02-23	2011-01-18
	229. JOHNSON JOHNSON		1980-10-21	2011-01-18
	700. MEDTRONIC INC		1999-11-09	2011-01-18
	56. MERCK AND CO INC NEW		2006-06-09	2011-01-18
	220. MICROSOFT CORP		2000-12-21	2011-01-18
	207. MICROSOFT CORP		2000-10-11	2011-01-18
	375. MICROCHIP TECHNOLOGY INC		2010-07-29	2011-01-18
	400. NORFOLK SOUTHN CORP		2007-04-20	2011-01-18
	256. OCCIDENTAL PETROLEUM CORPORATION		2010-06-29	2011-01-18
	172. P G E CORP		2006-06-09	2011-01-18
	130. PANERA BREAD COMPANY CL A		2010-07-13	2011-01-18
	230. PEPSICO INC		2005-05-03	2011-01-18
	199. PEPSICO INC		2005-05-03	2011-01-18
	45. PFIZER INC		2009-10-15	2011-01-18
	800. PROCTER & GAMBLE CO		2000-04-13	2011-01-18
	600. QUALCOMM INC		2004-12-15	2011-01-18
	460. SUNTRUST BKS INC		2010-07-13	2011-01-18
	336. TARGET CORPORATION		1987-01-08	2011-01-18
	417. 3M CO		1970-08-05	2011-01-18
	789. VERIZON COMMUNICATIONS INC		2006-06-09	2011-01-18
	30. ATT INC		2011-01-18	2011-01-19
	34. ABBOTT LABORATORIES		2011-01-18	2011-01-19
	7. AIR PRODS CHEMICALS INC		2011-01-18	2011-01-19
	38. AMERICAN ELECTRIC POWER CO INC		2011-01-18	2011-01-19
	21. AMERICAN EXPRESS CO		2011-01-18	2011-01-19
	22. AMGEN INC		2009-10-26	2011-01-19
	18. APACHE CORP		2005-05-03	2011-01-19
	10. AVALONBAY CMNTYS INC		2011-01-18	2011-01-19
	136. BANK OF AMERICA CORP		2004-12-15	2011-01-19
	18. BEST BUY CO INC		2009-10-27	2011-01-19
	15. B H P BILLITON LIMITED A D R		2011-01-18	2011-01-19
	7. BOEING CO		2006-12-07	2011-01-19
	6. BOSTON PPTYS INC		2011-01-18	2011-01-19
	29. CVS CAREMARK CORP		2011-01-18	2011-01-19
	17. CARNIVAL CORP		2011-01-18	2011-01-19
	6. CATERPILLAR INC		2007-04-20	2011-01-19
	19. CISCO SYS INC		2011-01-18	2011-01-19
	162. CITIGROUP INC		2001-05-10	2011-01-19
	71.01427 COMPANHIA DE BEBIDAS P R A D R		2011-01-18	2011-01-19
	129.98573 COMPANHIA DE BEBIDAS P R A D R		2011-01-18	2011-01-19
	36. CONOCOPHILLIPS		2011-01-18	2011-01-19
	16. DISNEY WALT CO		2011-01-18	2011-01-19
	37. ERICSSON (LM)TEL SP A D R		2011-01-18	2011-01-19
	26. EXXON MOBIL CORP		1966-03-08	2011-01-19
	17.98774 FIFTH THIRD BANCORP		2011-01-18	2011-01-19
	45.01226 FIFTH THIRD BANCORP		2011-01-18	2011-01-19
	14. FREEPORT MCMORAN COPPER GOLD		2007-04-20	2011-01-19
	15. GENERAL DYNAMICS CORP		2011-01-18	2011-01-19
	95. GENERAL ELECTRIC CO		1969-08-22	2011-01-19
	11. GOLDMAN SACHS GROUP INC		2009-10-27	2011-01-19
	26. HESS CORP		2011-01-18	2011-01-19
	24. HEWLETT PACKARD CO		2006-06-09	2011-01-19
	22. INTEL CORP		1995-03-29	2011-01-19
	8. INTERNATIONAL BUSINESS MACHINES CORP		2011-01-18	2011-01-19
	61. ISHARES DOW JONES REGIONAL BK IN FD		2011-01-18	2011-01-19
	54. J P MORGAN CHASE CO		2000-10-11	2011-01-19
	34. JOHNSON JOHNSON		1980-10-21	2011-01-19
	13. KELLOGG CO		2011-01-18	2011-01-19
	99. KEYCORP NEW		2011-01-18	2011-01-19
	10. KIMBERLY CLARK CORP		2011-01-18	2011-01-19
	23. KRAFT FOODS INC CL A		2011-01-18	2011-01-19
	29. LINCOLN NATL CORP IND		2011-01-18	2011-01-19
	21. MCDONALDS CORP		2009-10-26	2011-01-19
	49. MERCK AND CO INC NEW		2006-06-09	2011-01-19
	38. METLIFE INC		2011-01-18	2011-01-19
	35. MICROSOFT CORP		2000-12-21	2011-01-19
	11. NATIONAL GRID PLC SP A D R		2011-01-18	2011-01-19
	32. NESTLE SA SPONSORED A D R		2011-01-18	2011-01-19
	11. NORTHERN TR CORP		2011-01-18	2011-01-19
	24. OCCIDENTAL PETROLEUM CORPORATION		2010-06-29	2011-01-19
	17. ORACLE CORPORATION		2011-01-18	2011-01-19
	28. P G E CORP		2006-06-09	2011-01-19
	32. P N C FINANCIAL SERVICES GROUP INC		2011-01-18	2011-01-19
	10. PACCAR INC		2011-01-18	2011-01-19
	7. PARKER HANNIFIN CORP		2011-01-18	2011-01-19
	29. PEABODY ENERGY CORP		2011-01-18	2011-01-19
	15. PEPSICO INC		2004-07-07	2011-01-19
	119. PFIZER INC		2009-10-15	2011-01-19
	31. PRUDENTIAL FINANCIAL INC		2011-01-18	2011-01-19
	16. PUBLIC SVC ENTERPRISE GROUP INC		2011-01-18	2011-01-19
	10. RESEARCH IN MOTION		2011-01-18	2011-01-19
	17. REYNOLDS AMERICAN INC		2011-01-18	2011-01-19
	13. ROGERS COMMUNICATIONS INC CL B		2011-01-18	2011-01-19
	19. SEMPRA ENERGY		2011-01-18	2011-01-19
	22. STAPLES INC		2011-01-18	2011-01-19
	23. TJX COMPANIES INC		2011-01-18	2011-01-19
	20. TARGET CORPORATION		1987-01-08	2011-01-19
	10. THERMO FISHER SCIENTIFIC INC		2011-01-18	2011-01-19
	9. TRAVELERS COS INC		2011-01-18	2011-01-19
	16. UNION PACIFIC CORP		2011-01-18	2011-01-19
	12. UNITED STATES STEEL CORP		2011-01-18	2011-01-19
	16. UNITED TECHNOLOGIES CORP		2011-01-18	2011-01-19
	18. UNITED HEALTH GROUP INCORPORATED		2011-01-18	2011-01-19
	26. VERIZON COMMUNICATIONS INC		2006-06-09	2011-01-19
	16. VODAFONE GROUP PLC A D R		2011-01-18	2011-01-19
	9. VORNADO REALTY TRUST		2011-01-18	2011-01-19
	36. WAL MART STORES INC		2011-01-18	2011-01-19
	19. WASTE MGMT INC		2011-01-18	2011-01-19
	81. WELLS FARGO CO		2011-01-18	2011-01-19
	11. ACCENTURE PLC CL A		2011-01-18	2011-01-19
	20. COVIDIEN PLC		2011-01-18	2011-01-19
	12. TYCO INTERNATIONAL LTD		2011-01-18	2011-01-19
	11. APACHE CORP		2005-05-03	2011-01-27
	20. HESS CORP		2011-01-18	2011-01-27
	9. OCCIDENTAL PETROLEUM CORPORATION		2010-06-29	2011-01-27
	72. PACCAR INC		2011-01-18	2011-01-27
	52. PARKER HANNIFIN CORP		2011-01-18	2011-01-27
	71. ABBOTT LABORATORIES		2011-01-18	2011-02-07
	18. AVALONBAY CMNTYS INC		2011-01-18	2011-02-07
	8. CATERPILLAR INC		2007-04-20	2011-02-07
	12. INTERNATIONAL BUSINESS MACHINES CORP		2011-01-18	2011-02-07
	89. KELLOGG CO		2011-01-18	2011-02-07
	74. NORTHERN TR CORP		2011-01-18	2011-02-07
	23. WASTE MGMT INC		2011-01-18	2011-02-07
	244. AVON PRODS INC		2011-01-24	2011-02-08
	10. 3M CO		2011-01-24	2011-02-08
	83. 3M CO		1970-08-05	2011-02-08
	21. ABBOTT LABORATORIES		2011-01-18	2011-02-16
	21. HEWLETT PACKARD CO		2006-06-09	2011-02-16
	162. INTEL CORP		1995-03-29	2011-02-16
	20. KIMBERLY CLARK CORP		2011-01-18	2011-02-16
	114. PUBLIC SVC ENTERPRISE GROUP INC		2011-01-18	2011-02-16
	91. ROGERS COMMUNICATIONS INC CL B		2011-01-18	2011-02-16
	63. TRAVELERS COS INC		2011-01-18	2011-02-16
	66. VORNADO REALTY TRUST		2011-01-18	2011-02-16
	204. ECOLAB INC		2011-01-24	2011-02-17
	51. KIMBERLY CLARK CORP		2011-01-18	2011-02-25
	20. WAL MART STORES INC		2011-01-18	2011-02-25
	16. WAL MART STORES INC		2011-01-18	2011-02-25
	88. TYCO INTERNATIONAL LTD		2011-01-18	2011-02-25
	127. WAL MART STORES INC		2011-01-24	2011-02-28
	89. AMERICAN ELECTRIC POWER CO INC		2011-01-18	2011-03-16
	16. AMGEN INC		2011-01-18	2011-03-16
	35. CATERPILLAR INC		2007-04-20	2011-03-16
	46. MERCK AND CO INC NEW		2006-06-09	2011-03-16
	59. P G E CORP		2006-06-09	2011-03-16
	153. STAPLES INC		2011-01-18	2011-03-16
	22. COVIDIEN PLC		2011-01-18	2011-03-16
	286. AECOM TECHNOLOGY CORP		2011-01-24	2011-03-22
	50000. F F C B DEB 2.625% 4/21/11		2009-02-26	2011-03-22
	50000. F N M A M T N 4.750% 11/19/12		2008-06-04	2011-03-22
	50000. F N M A M T N 3.375% 5/19/11		2008-06-04	2011-03-22
	50000. U S TREASURY NT 4.000% 11/15/12		2005-02-28	2011-03-22
	126. BEST BUY CO INC		2009-10-27	2011-03-25
	213. CISCO SYS INC		2011-02-07	2011-03-25
	139. DOLBY LABORATORIES INC CL A		2011-01-24	2011-03-31
	17. CONOCOPHILLIPS		2011-01-18	2011-04-06
	144. HEWLETT PACKARD CO		2006-06-09	2011-04-06
	11. HUNTINGTON INGALLS INDUSTRIE		2011-02-25	2011-04-06
	72. RESEARCH IN MOTION		2011-01-18	2011-04-06
	52. TARGET CORPORATION		2011-02-25	2011-04-06
	11. TARGET CORPORATION		1987-01-08	2011-04-06
	371. INTEL CORP		1996-03-29	2011-04-11
	55. INTEL CORP		2011-01-24	2011-04-11
	214. RED HAT INC		2011-01-24	2011-04-11
	546.448 PIMCO TOTAL RETURN FUND INST		2011-03-24	2011-04-25
	260. ERICSSON (LM)TEL SP A D R		2011-01-18	2011-04-29
	125. ISHARES DOW JONES REGIONAL BK IN FD		2011-01-18	2011-04-29
	66. PEABODY ENERGY CORP		2011-01-18	2011-04-29
	48. PRUDENTIAL FINANCIAL INC		2011-01-18	2011-04-29
	89. FED EX CORP		2011-01-24	2011-05-05
	277. BANK OF AMERICA CORP		2004-12-15	2011-05-10
	86. NESTLE SA SPONSORED A D R		2011-01-18	2011-05-10
	93. UNITED STATES STEEL CORP		2011-01-18	2011-05-10
	87. DIRECTV CL A		2010-07-13	2011-05-11
	39. DIRECTV CL A		2011-01-24	2011-05-11
	85. T ROWE PRICE GROUP INC		2011-01-18	2011-05-11
	2150. IPATH DOW JONES UBS COMMODITY		2009-10-27	2011-05-13
	1300. IPATH GSCI TOTAL RETURN		2009-10-27	2011-05-13
	.6 CITIGROUP INC		2001-05-10	2011-05-25
	141. PETROLEO BRASILEIRO S A A D R		2011-01-24	2011-05-26
	72. VISA INC CLASS A SHARES		2011-01-24	2011-06-13
	516. COMPANHIA DE BEBIDAS P R A D R			2011-06-15
	145. ABBOTT LABORATORIES		2011-01-18	2011-06-21
	47. AIR PRODS CHEMICALS INC		2011-01-18	2011-06-21
	18. AVALONBAY CMNTYS INC		2011-01-18	2011-06-21
	24. EXXON MOBIL CORP		1966-03-08	2011-06-21
	28. GENERAL DYNAMICS CORP		2011-01-18	2011-06-21
	230. KEYCORP NEW		2011-02-16	2011-06-21
	55. MERCK AND CO INC NEW		2006-06-09	2011-06-21
	26. NESTLE SA SPONSORED A D R		2011-01-18	2011-06-21
	636.364 PIMCO TOTAL RETURN FUND INST		2011-03-24	2011-06-21
	35. WAL MART STORES INC		2011-01-18	2011-06-21
	105. WASTE MGMT INC		2011-01-18	2011-06-21
	462. CORNING INC		2011-01-24	2011-06-23
	397. CISCO SYS INC		2011-01-24	2011-07-11
	93. ALPHA NATURAL RESOURCES INC		2011-04-29	2011-08-10
	164. CITIGROUP INC		2011-05-10	2011-08-10
	160. CITIGROUP INC		2002-04-03	2011-08-10
	12. INTERNATIONAL BUSINESS MACHINES CORP		2011-06-21	2011-08-10
	44. MCDONALDS CORP		2009-10-26	2011-08-10
	59. WAL MART STORES INC		2011-01-18	2011-08-10
	41. ACCENTURE PLC CL A		2011-06-21	2011-08-10
	122. HESS CORP		2011-01-24	2011-08-17
	128. T ROWE PRICE GROUP INC		2011-01-24	2011-08-17
	126. AMERIPRISE FINL INC		2011-08-10	2011-08-25
	720. BANK OF AMERICA CORP		2005-11-07	2011-08-25
	16. GOLDMAN SACHS GROUP INC		2009-10-27	2011-08-25
	161. ILLINOIS TOOL WORKS		2011-03-16	2011-08-25
	88. LINCOLN NATL CORP IND		2011-02-16	2011-08-25
	66. NORTHROP GRUMMAN CORPORATION		2011-02-25	2011-08-25
	169. SUNTRUST BKS INC		2011-04-29	2011-08-25
	61. COGNIZANT TECH SOLUTIONS CL A		2011-01-18	2011-08-31
	88. TEXAS INSTRUMENTS INC		2011-01-18	2011-08-31
	68. B A S F A G A D R		2011-04-06	2011-09-12
	115. HSBC HOLDINGS PLC SPONS A D R		2011-04-06	2011-09-12
	172. LINCOLN NATL CORP IND		2011-01-18	2011-09-12
	455.789 PIMCO TOTAL RETURN FUND INST		2011-03-24	2011-09-21
	145. ABB LTD A D R		2011-01-18	2011-09-26
	85. AFLAC INC		2011-01-24	2011-09-26
	50. AGCO CORP		2011-01-18	2011-09-26
	95. ATT INC		2011-06-21	2011-09-26
	46. ALLERGAN INC		2011-01-18	2011-09-26
	11. AMAZON COM INC		2011-02-08	2011-09-26
	57. AMERICAN ELECTRIC POWER CO INC		2011-01-18	2011-09-26
	70. AMERICAN EXPRESS CO		2011-08-25	2011-09-26
	32. AMERIPRISE FINL INC		2011-01-24	2011-09-26
	29. AMGEN INC		2009-10-26	2011-09-26
	17. AMGEN INC		2011-01-18	2011-09-26
	49. ANADARKO PETROLEUM CORP		2011-01-18	2011-09-26
	11. APACHE CORP		2011-08-10	2011-09-26
	28. APACHE CORP		2005-05-03	2011-09-26
	11. APPLE INC		2011-02-07	2011-09-26
	26. APPLE INC		2009-10-27	2011-09-26
	16. AVALONBAY CMNTYS INC		2011-08-25	2011-09-26
	32. B H P BILLITON LIMITED A D R		2011-01-18	2011-09-26
	18. BOEING CO		2011-02-25	2011-09-26
	4. BOEING CO		2006-12-07	2011-09-26
	75. BORG WARNER INC		2011-01-18	2011-09-26
	22. BOSTON PPTYS INC		2011-08-25	2011-09-26
	58.28576 BROADCOM CORP CL A		2011-02-08	2011-09-26
	11.71424 BROADCOM CORP CL A		2011-02-08	2011-09-26
	9. CNOOC LTD A D R		2011-01-18	2011-09-26
	17.00199 CVS CAREMARK CORP		2011-01-18	2011-09-26
	46.99801 CVS CAREMARK CORP		2011-01-18	2011-09-26
	72. CAMERON INTL CORP		2011-01-18	2011-09-26
	38. CARNIVAL CORP		2011-01-18	2011-09-26
	83. CARNIVAL CORP		2011-01-18	2011-09-26
	13. CATERPILLAR INC		2007-04-20	2011-09-26
	11. CATERPILLAR INC		2011-01-24	2011-09-26
	56. CELGENE CORP		2011-01-18	2011-09-26
	73. CERNER CORPORATION		2010-07-13	2011-09-26
	25. CHEVRON CORPORATION		2011-08-17	2011-09-26
	52. COGNIZANT TECH SOLUTIONS CL A		2011-01-18	2011-09-26
	88. COMCAST CORP CL A		2011-04-29	2011-09-26
	187. COMPANHIA DE BEBIDAS P R A D R		2011-01-18	2011-09-26
	70. CONOCOPHILLIPS		2011-01-18	2011-09-26
	76. DANAHER CORP		2011-01-18	2011-09-26
	39. DIAGEO PLC SPONSORED A D R		2011-05-05	2011-09-26
	63. DISNEY WALT CO		2011-02-07	2011-09-26
	51. DISNEY WALT CO		2011-02-28	2011-09-26
	50. DIRECTV CL A		2010-07-13	2011-09-26
	74. DOVER CORP		2011-01-18	2011-09-26
	61. DU PONT E I DE NEMOURS & CO		2011-08-17	2011-09-26
	201. E M C CORPORATION		2011-02-08	2011-09-26
	131. E BAY INC		2011-03-22	2011-09-26
	23. EQUINIX INC		2011-08-31	2011-09-26
	21. EXPRESS SCRIPTS INC		2011-01-24	2011-09-26
	28. EXPRESS SCRIPTS INC		2010-07-13	2011-09-26
	48. EXXON MOBIL CORP		1966-03-08	2011-09-26
	151. FIFTH THIRD BANCORP		2011-01-18	2011-09-26
	27. FLUOR CORP		2011-03-31	2011-09-26
	26. FLOWSERVE CORP		2011-01-24	2011-09-26
	18. FRANKLIN RES INC		2011-08-25	2011-09-26
	56. FREEPORT MCMORAN COPPER GOLD		2007-04-20	2011-09-26
	26. GENERAL DYNAMICS CORP		2011-01-18	2011-09-26
	97. GENERAL ELECTRIC CO		2011-08-25	2011-09-26
	144. GENERAL ELECTRIC CO		1969-08-22	2011-09-26
	21. GOLDMAN SACHS GROUP INC		2009-10-27	2011-09-26
	10. GOOGLE INC CL A		2011-01-18	2011-09-26
	36. HALLIBURTON CO		2011-04-06	2011-09-26
	116. HALLIBURTON CO		2011-01-18	2011-09-26
	50. HESS CORP		2011-01-18	2011-09-26
	21. HUMANA INC		2011-03-16	2011-09-26
	17. INTERNATIONAL BUSINESS MACHINES CORP		2011-06-21	2011-09-26
	27. INTERNATIONAL BUSINESS MACHINES CORP		2011-01-24	2011-09-26
	142. ISHARES DOW JONES REGIONAL BK IN FD		2011-01-18	2011-09-26
	44. J P MORGAN CHASE CO		2011-08-10	2011-09-26
	95. J P MORGAN CHASE CO		2000-10-11	2011-09-26
	47. JACOBS ENGR GROUP INC		2011-01-18	2011-09-26
	33. JOHNSON JOHNSON		2011-06-21	2011-09-26
	51. JOHNSON JOHNSON		1980-10-21	2011-09-26
	190. KEYCORP NEW		2011-01-18	2011-09-26
	29. KOHLS CORP		2011-04-06	2011-09-26
	53. KRAFT FOODS INC CL A		2011-01-18	2011-09-26
	42. LAUDER ESTEE COS INC CL A		2011-05-11	2011-09-26
	40. LIFE TECHNOLOGIES CORP		2011-06-23	2011-09-26
	35. MCDONALDS CORP		2009-10-26	2011-09-26
	77. MCDONALDS CORP		2011-01-24	2011-09-26
	76. MERCK AND CO INC NEW		2006-06-09	2011-09-26
	85. METLIFE INC		2011-01-18	2011-09-26
	61. MICROSOFT CORP		2000-12-21	2011-09-26
	74. MICROSOFT CORP		2011-03-25	2011-09-26
	238. MICROSOFT CORP		2011-07-11	2011-09-26
	27. NATIONAL GRID PLC SP A D R		2011-01-18	2011-09-26
	37. NESTLE SA SPONSORED A D R		2011-01-18	2011-09-26
	33. NETEASE INC A D R		2011-04-11	2011-09-26
	70. NIKE INC		2010-07-13	2011-09-26
	50. OCCIDENTAL PETROLEUM CORPORATION		2010-06-29	2011-09-26
	115. ORACLE CORPORATION		2011-03-25	2011-09-26
	161. ORACLE CORPORATION		2011-06-13	2011-09-26
	45. P G E CORP		2006-06-09	2011-09-26
	90. P N C FINANCIAL SERVICES GROUP INC		2011-01-18	2011-09-26
	12. P P G INDS INC		2011-08-10	2011-09-26
	77. P P L CORPORATION		2011-09-12	2011-09-26
	55. PEABODY ENERGY CORP		2011-01-18	2011-09-26
	35. PEPSICO INC		2005-05-03	2011-09-26
	25. PEPSICO INC		2011-01-24	2011-09-26
	17. PEPSICO INC		2004-07-07	2011-09-26
	261. PFIZER INC		2009-10-15	2011-09-26
	47. PIONEER NAT RES CO		2011-02-17	2011-09-26
	50. PRAXAIR INC		2011-01-18	2011-09-26
	8. PRICELINE COM INC		2011-01-18	2011-09-26
	53. PRUDENTIAL FINANCIAL INC		2011-01-18	2011-09-26
	46. PUBLIC SVC ENTERPRISE GROUP INC		2011-08-25	2011-09-26
	27. RALPH LAUREN CORP		2011-01-18	2011-09-26
	57. REYNOLDS AMERICAN INC		2011-02-25	2011-09-26
	63. SCHEIN HENRY INC		2011-01-24	2011-09-26
	45. SCHLUMBERGER LTD		2011-02-17	2011-09-26
	44. SEMPRA ENERGY		2011-01-18	2011-09-26
	17. SIMON PROPERTY GROUP INC		2011-08-25	2011-09-26
	52. TJX COMPANIES INC		2011-01-18	2011-09-26
	42. TARGET CORPORATION		1987-01-08	2011-09-26
	45. TEVA PHARMACEUTICAL INDS LTD A D R		2011-05-26	2011-09-26
	98. TEXAS INSTRUMENTS INC		2011-01-18	2011-09-26
	65. THERMO FISHER SCIENTIFIC INC		2011-01-18	2011-09-26
	24. THERMO FISHER SCIENTIFIC INC		2011-01-18	2011-09-26
	22. TIME WARNER CABLE INC		2011-04-06	2011-09-26
	37. TRAVELERS COS INC		2011-09-12	2011-09-26
	53. UNILEVER N V A D R		2011-05-10	2011-09-26
	46. UNION PACIFIC CORP		2011-01-18	2011-09-26
	36. UNION PACIFIC CORP		2011-01-18	2011-09-26
	48. UNITED TECHNOLOGIES CORP		2011-01-18	2011-09-26
	90. UNITED HEALTH GROUP INCORPORATED		2011-08-10	2011-09-26
	70. VARIAN MED SYS INC		2011-01-18	2011-09-26
	58. VERIZON COMMUNICATIONS INC		2006-06-09	2011-09-26
	108. VODAFONE GROUP PLC A D R		2011-02-16	2011-09-26
	38. WAL MART STORES INC		2011-01-18	2011-09-26
	61. WELLS FARGO CO		2010-07-13	2011-09-26
	142. WELLS FARGO CO		2011-01-18	2011-09-26
	50. ACCENTURE PLC CL A		2011-01-24	2011-09-26
	49. ACCENTURE PLC CL A		2011-06-21	2011-09-26
	38. COVIDIEN PLC		2011-01-18	2011-09-26
	37. ACE LTD		2011-05-10	2011-09-26
	28. TYCO INTERNATIONAL LTD		2011-08-25	2011-09-26
	144. JACOBS ENGR GROUP INC		2011-01-24	2011-10-04
	81. LIFE TECHNOLOGIES CORP		2011-06-23	2011-10-19
	43. APACHE CORP		2005-05-03	2011-10-25
	96. COMCAST CORP CL A		2011-04-29	2011-10-25
	26. CONOCOPHILLIPS		2011-01-18	2011-10-25
	51. HESS CORP		2011-01-18	2011-10-25
	252. ISHARES DOW JONES REGIONAL BK IN FD		2011-08-10	2011-10-25
	32. MCDONALDS CORP		2009-10-26	2011-10-25
	12. OCCIDENTAL PETROLEUM CORPORATION		2010-06-29	2011-10-25
	64. P N C FINANCIAL SERVICES GROUP INC		2011-01-18	2011-10-25
	30. PEABODY ENERGY CORP		2011-01-18	2011-10-25
	21. PEPSICO INC		2004-07-07	2011-10-25
	17. TARGET CORPORATION		1987-01-08	2011-10-25
	50000. GENERAL ELEC CAP MTN 4.375% 11/21/11		2005-03-24	2011-11-21
	62. HALLIBURTON CO		2011-01-18	2011-12-09
	1378.93 NUVEEN REAL ESTATE SECS I		2010-10-29	2011-12-13
	3154.574 NUVEEN MID CAP INDEX FUND CL I		2010-10-29	2011-12-13
	124. AGCO CORP		2011-01-24	2011-12-20
	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	12,384	21,255	-8,871
b	70,174	32,372	37,802
c	10,224	5,919	4,305
d	15,665	12,035	3,630
e	18,916	59,253	-40,337
	8,965	10,101	-1,136
	31,803	39,637	-7,834
	7,698	6,601	1,097
	10,834	8,541	2,293
	14,487	10,805	3,682
	13,058	9,732	3,326
	6,244	5,219	1,025
	1,380	13,388	-12,008
	36,255	26,965	9,290
	895	771	124
	12,858	17,211	-4,353
	6,157	5,114	1,043
	78,163	2,160	76,003
	21,148	11,431	9,717
	17,235	10,192	7,043
	30,173	1,426	28,747
	10,761	9,759	1,002
	17,361	23,355	-5,994
	1,220	1,250	-30
	1,045	1,071	-26
	28,246	18,361	9,885
	33,569	28,458	5,111
	6,643	2,252	4,391
	2,712	919	1,793
	29,229	32,905	-3,676
	1,166	1,349	-183
	14,191	376	13,815
	26,340	25,986	354
	1,895	1,906	-11
	6,288	5,399	889
	5,914	5,796	118
	13,980	11,139	2,841
	26,052	22,428	3,624
	25,198	20,310	4,888
	8,151	7,002	1,149
	13,123	10,072	3,051
	15,272	12,445	2,827
	13,213	11,146	2,067
	824	788	36
	52,407	27,122	25,285
	31,752	22,312	9,440
	13,423	12,065	1,358
	18,335	1,266	17,069
	36,720	2,047	34,673
	27,267	22,462	4,805
	851	851
	1,609	1,607	2
	620	623	-3
	1,363	1,378	-15
	949	975	-26
	1,248	1,199	49
	2,242	1,014	1,228
	1,123	1,132	-9
	1,962	6,230	-4,268
	630	710	-80
	1,360	1,371	-11
	501	631	-130
	540	544	-4
	995	1,019	-24
	790	800	-10
	575	429	146
	395	405	-10
	766	7,531	-6,765
	1,963	1,978	-15
	3,593	3,620	-27
	2,434	2,448	-14
	624	631	-7
	425	428	-3
	2,045	51	1,994
	262	268	-6
	655	671	-16
	1,628	977	651
	1,087	1,093	-6
	1,732	83	1,649
	1,861	1,965	-104
	2,100	2,133	-33
	1,109	721	388
	460	157	303
	1,246	1,206	40
	1,515	1,549	-34
	2,382	2,160	222
	2,122	56	2,066
	663	666	-3
	845	881	-36
	639	640	-1
	716	714	2
	836	850	-14
	1,578	1,245	333
	1,654	1,668	-14
	1,746	1,770	-24
	989	758	231
	474	481	-7
	1,762	1,742	20
	582	614	-32
	2,356	1,904	452
	532	534	-2
	1,320	1,140	180
	1,994	2,022	-28
	561	565	-4
	635	641	-6
	1,754	1,795	-41
	987	804	183
	2,161	2,084	77
	1,883	1,915	-32
	507	502	5
	639	654	-15
	543	549	-6
	464	471	-7
	983	990	-7
	503	512	-9
	1,077	1,062	15
	1,091	75	1,016
	560	570	-10
	491	492	-1
	1,552	1,570	-18
	636	664	-28
	1,276	1,273	3
	729	735	-6
	895	740	155
	452	461	-9
	769	782	-13
	1,975	1,990	-15
	706	707	-1
	2,580	2,632	-52
	551	554	-3
	960	947	13
	534	542	-8
	1,299	620	679
	1,584	1,641	-57
	881	714	167
	4,034	4,064	-30
	4,575	4,760	-185
	3,243	3,356	-113
	2,053	2,038	15
	799	572	227
	1,974	1,809	165
	4,737	4,557	180
	3,851	4,129	-278
	873	856	17
	6,814	7,070	-256
	892	903	-11
	7,404	407	6,997
	969	993	-24
	1,026	631	395
	3,502	1,154	2,348
	1,296	1,279	17
	3,649	3,575	74
	3,250	3,297	-47
	3,733	3,447	286
	5,824	5,732	92
	9,598	10,045	-447
	3,311	3,262	49
	1,032	1,105	-73
	825	884	-59
	3,937	3,972	-35
	6,598	7,030	-432
	3,087	3,228	-141
	847	917	-70
	3,537	2,504	1,033
	1,461	1,566	-105
	2,533	2,402	131
	2,998	3,562	-564
	1,117	1,042	75
	7,776	8,043	-267
	50,084	50,947	-863
	53,399	51,788	1,611
	50,222	50,038	184
	52,857	49,439	3,418
	3,624	4,972	-1,348
	3,672	4,625	-953
	6,805	8,376	-1,571
	1,371	1,156	215
	5,932	4,327	1,605
	437	439	-2
	4,008	4,712	-704
	2,649	2,732	-83
	560	41	519
	7,427	2,643	4,784
	1,101	1,165	-64
	9,617	9,629	-12
	6,005	5,945	60
	3,952	3,006	946
	3,034	3,174	-140
	4,403	4,085	318
	3,041	2,964	77
	8,469	8,481	-12
	3,380	12,689	-9,309
	5,270	4,682	588
	4,334	5,147	-813
	4,273	3,195	1,078
	1,916	1,658	258
	5,266	5,753	-487
	102,747	87,830	14,917
	45,978	40,922	5,056
	24	280	-256
	4,756	5,272	-516
	5,390	5,133	257
	6		6
	7,560	6,854	706
	4,344	4,181	163
	2,367	2,038	329
	1,935	47	1,888
	2,054	2,041	13
	1,883	2,160	-277
	1,962	1,872	90
	1,620	1,415	205
	7,006	6,924	82
	1,846	1,934	-88
	3,921	3,907	14
	7,964	9,180	-1,216
	6,074	8,449	-2,375
	2,697	5,400	-2,703
	4,794	7,554	-2,760
	4,677	73,601	-68,924
	2,009	1,992	17
	3,709	2,609	1,100
	2,904	3,261	-357
	2,174	2,238	-64
	7,393	9,936	-2,543
	6,576	8,621	-2,045
	5,368	6,568	-1,200
	5,587	31,956	-26,369
	1,773	2,858	-1,085
	7,094	8,766	-1,672
	1,712	2,680	-968
	3,393	4,107	-714
	3,200	4,787	-1,587
	3,855	4,621	-766
	2,326	3,056	-730
	3,961	5,884	-1,923
	4,433	5,927	-1,494
	2,969	5,041	-2,072
	4,986	4,959	27
	2,427	3,445	-1,018
	2,687	4,863	-2,176
	1,845	2,671	-826
	2,674	2,833	-159
	3,774	3,329	445
	2,469	1,995	474
	2,144	2,067	77
	3,235	3,360	-125
	1,272	1,954	-682
	1,590	1,580	10
	932	974	-42
	3,297	3,885	-588
	925	1,110	-185
	2,354	1,577	777
	4,362	3,850	512
	10,296	5,130	5,166
	1,867	2,005	-138
	2,156	2,925	-769
	1,107	1,313	-206
	246	360	-114
	4,332	5,329	-997
	2,008	2,178	-170
	1,943	2,605	-662
	391	516	-125
	1,392	2,212	-820
	580	597	-17
	1,603	1,651	-48
	3,185	3,714	-529
	1,203	1,788	-585
	2,623	3,904	-1,281
	978	930	48
	827	1,040	-213
	3,485	3,189	296
	5,124	2,977	2,147
	2,233	2,471	-238
	3,232	3,939	-707
	1,893	2,306	-413
	5,702	5,206	496
	4,393	4,760	-367
	3,246	3,596	-350
	2,975	3,180	-205
	1,882	2,531	-649
	1,522	2,231	-709
	2,120	1,836	284
	3,501	4,417	-916
	2,502	2,908	-406
	4,205	5,107	-902
	4,136	3,976	160
	2,038	2,212	-174
	813	1,227	-414
	1,084	1,351	-267
	3,380	94	3,286
	1,521	2,256	-735
	1,344	2,030	-686
	1,963	3,066	-1,103
	1,785	2,099	-314
	1,843	1,955	-112
	1,474	1,895	-421
	1,473	1,518	-45
	2,187	126	2,061
	2,010	3,751	-1,741
	5,206	6,382	-1,176
	1,162	1,706	-544
	3,743	4,643	-900
	2,604	4,103	-1,499
	1,634	1,341	293
	2,934	2,684	250
	4,654	4,139	515
	2,547	3,605	-1,058
	1,338	1,541	-203
	2,890	4,119	-1,229
	1,583	2,389	-806
	2,061	2,196	-135
	3,185	84	3,101
	1,098	1,691	-593
	1,381	1,587	-206
	1,808	1,645	163
	3,906	4,183	-277
	1,498	2,080	-582
	3,100	2,075	1,025
	6,814	5,791	1,023
	2,389	2,587	-198
	2,341	3,958	-1,617
	1,523	1,321	202
	1,848	1,994	-146
	5,943	6,417	-474
	1,311	1,180	131
	2,004	2,014	-10
	1,286	1,758	-472
	6,154	4,954	1,200
	3,697	3,967	-270
	3,337	3,822	-485
	4,671	5,141	-470
	1,935	1,832	103
	4,288	5,688	-1,400
	853	900	-47
	2,204	2,144	60
	2,016	3,404	-1,388
	2,154	1,960	194
	1,538	1,652	-114
	1,046	911	135
	4,581	4,571	10
	3,188	4,619	-1,431
	4,648	4,671	-23
	4,024	3,515	509
	2,355	3,273	-918
	1,556	1,532	24
	3,863	2,962	901
	2,092	1,935	157
	3,910	4,144	-234
	2,737	4,149	-1,412
	2,214	2,293	-79
	1,895	1,898	-3
	2,970	2,400	570
	2,103	158	1,945
	1,584	2,220	-636
	2,628	3,404	-776
	3,257	3,702	-445
	1,203	1,368	-165
	1,429	1,592	-163
	1,751	1,774	-23
	1,647	1,769	-122
	3,771	4,515	-744
	2,953	3,533	-580
	3,408	3,820	-412
	4,323	4,519	-196
	3,530	5,023	-1,493
	2,092	1,651	441
	2,710	3,201	-491
	1,957	2,100	-143
	1,461	1,696	-235
	3,401	4,614	-1,213
	2,547	2,534	13
	2,498	2,675	-177
	1,734	1,799	-65
	2,221	2,534	-313
	1,192	1,120	72
	4,586	7,314	-2,728
	3,053	4,211	-1,158
	4,102	2,422	1,680
	2,338	2,516	-178
	1,849	1,768	81
	3,069	4,185	-1,116
	5,055	5,541	-486
	2,952	1,897	1,055
	1,033	952	81
	3,453	4,045	-592
	1,210	1,857	-647
	1,301	1,125	176
	926	64	862
	50,000	50,000
	2,076	2,482	-406
	24,766	24,504	262
	39,243	37,950	1,293
	5,108	6,589	-1,481
			341

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			-8,871
b			37,802
c			4,305
d			3,630
e			-40,337
			-1,136
			-7,834
			1,097
			2,293
			3,682
			3,326
			1,025
			-12,008
			9,290
			124
			-4,353
			1,043
			76,003
			9,717
			7,043
			28,747
			1,002
			-5,994
			-30
			-26
			9,885
			5,111
			4,391
			1,793
			-3,676
			-183
			13,815
			354
			-11
			889
			118
			2,841
			3,624
			4,888
			1,149
			3,051
			2,827
			2,067
			36
			25,285
			9,440
			1,358
			17,069
			34,673
			4,805

			2
			-3
			-15
			-26
			49
			1,228
			-9
			-4,268
			-80
			-11
			-130
			-4
			-24
			-10
			146
			-10
			-6,765
			-15
			-27
			-14
			-7
			-3
			1,994
			-6
			-16
			651
			-6
			1,649
			-104
			-33
			388
			303
			40
			-34
			222
			2,066
			-3
			-36
			-1
			2
			-14
			333
			-14
			-24
			231
			-7
			20
			-32
			452
			-2
			180
			-28
			-4
			-6
			-41
			183
			77
			-32
			5
			-15
			-6
			-7
			-7
			-9
			15
			1,016
			-10
			-1
			-18
			-28
			3
			-6
			155
			-9
			-13
			-15
			-1
			-52
			-3
			13
			-8
			679
			-57
			167
			-30
			-185
			-113
			15
			227
			165
			180
			-278
			17
			-256
			-11
			6,997
			-24
			395
			2,348
			17
			74
			-47
			286
			92
			-447
			49
			-73
			-59
			-35
			-432
			-141
			-70
			1,033
			-105
			131
			-564
			75
			-267
			-863
			1,611
			184
			3,418
			-1,348
			-953
			-1,571
			215
			1,605
			-2
			-704
			-83
			519
			4,784
			-64
			-12
			60
			946
			-140
			318
			77
			-12
			-9,309
			588
			-813
			1,078
			258
			-487
			14,917
			5,056
			-256
			-516
			257
			6
			706
			163
			329
			1,888
			13
			-277
			90
			205
			82
			-88
			14
			-1,216
			-2,375
			-2,703
			-2,760
			-68,924
			17
			1,100
			-357
			-64
			-2,543
			-2,045
			-1,200
			-26,369
			-1,085
			-1,672
			-968
			-714
			-1,587
			-766
			-730
			-1,923
			-1,494
			-2,072
			27
			-1,018
			-2,176
			-826
			-159
			445
			474
			77
			-125
			-682
			10
			-42
			-588
			-185
			777
			512
			5,166
			-138
			-769
			-206
			-114
			-997
			-170
			-662
			-125
			-820
			-17
			-48
			-529
			-585
			-1,281
			48
			-213
			296
			2,147
			-238
			-707
			-413
			496
			-367
			-350
			-205
			-649
			-709
			284
			-916
			-406
			-902
			160
			-174
			-414
			-267
			3,286
			-735
			-686
			-1,103
			-314
			-112
			-421
			-45
			2,061
			-1,741
			-1,176
			-544
			-900
			-1,499
			293
			250
			515
			-1,058
			-203
			-1,229
			-806
			-135
			3,101
			-593
			-206
			163
			-277
			-582
			1,025
			1,023
			-198
			-1,617
			202
			-146
			-474
			131
			-10
			-472
			1,200
			-270
			-485
			-470
			103
			-1,400
			-47
			60
			-1,388
			194
			-114
			135
			10
			-1,431
			-23
			509
			-918
			24
			901
			157
			-234
			-1,412
			-79
			-3
			570
			1,945
			-636
			-776
			-445
			-165
			-163
			-23
			-122
			-744
			-580
			-412
			-196
			-1,493
			441
			-491
			-143
			-235
			-1,213
			13
			-177
			-65
			-313
			72
			-2,728
			-1,158
			1,680
			-178
			81
			-1,116
			-486
			1,055
			81
			-592
			-647
			176
			862

			-406
			262
			1,293
			-1,481

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	178,050
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see pages 13 and 17 of the instructions). If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . .		3

Part V

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

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

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

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

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

1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a) Base period years Calendar year (or tax year beginning in)	(b) Adjusted qualifying distributions	(c) Net value of noncharitable-use assets	(d) Distribution ratio (col. (b) divided by col. (c))
2010	170,998	3,838,169	0.044552
2009	19,644	3,771,740	0.005208
2008	207,679	3,504,896	0.059254
2007	256,734	4,726,048	0.054323
2006	219,449	4,941,230	0.044412

2	Total of line 1, column (d) ......................	2	0.207749
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	0.04155
4	Enter the net value of noncharitable-use assets for 2011 from Part X, line 5.....	4	4,053,724
5	Multiply line 4 by line 3.......................	5	168,432
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	2,342
7	Add lines 5 and 6.........................	7	170,774
8	Enter qualifying distributions from Part XII, line 4..............	8	236,731
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)

Page 4

Part VI

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

1a	Exempt operating foundations described in section 4940(d)(2), check hereand enter “N/A” on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	2,342
	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	2,342
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	2,342
6	Credits/Payments:

a	2011 estimated tax payments and 2010 overpayment credited to 2011	6a	1,724
b	Exempt foreign organizations—tax withheld at source.......	6b
c	Tax paid with application for extension of time to file (Form 8868)	6c	1,598
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	3,322
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	980
11	Enter the amount of line 10 to be: Credited to 2012 estimated tax980	Refunded	11	0

Part VII-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

Yes

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

instructions) bullet

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

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

Yes

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

or 4942(j)(5) for calendar year 2011 or the taxable year beginning in 2011 (see instructions for Part XIV on

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

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

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) .......

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

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

Yes

Website address bullet

The books are in care of bullet

US BANK NATIONAL ASSOCIATION Telephone no. bullet

(612) 303-3208

Located at bullet

P O BOX 64713 TRUST TAX SERVICESST PAULMN ZIP+4 bullet

55164

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —Check here......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ...... bullet

At any time during calendar year 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? .................

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)

Page 5

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

that were not corrected before the first day of the tax year beginning in 2011?.............

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

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

At the end of tax year 2011, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2011?...............YesNo

If “Yes,” list the years bullet

20, 20, 20, 20

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

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

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

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

20, 20, 20, 20

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

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

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

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

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

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2011?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If “Yes” to 6b, file Form 8870.

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

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

Form 990-PF (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
RICHARD L PEMBERTON	CO-TRUSTEE 1	0
LAW OFFICE BUILDING FERGUS FALLS,MN56537	CO-TRUSTEE 1	0
STEPHEN F RUFER	CO-TRUSTEE 1	0
LAW OFFICE BUILDING FERGUS FALLS,MN56537	CO-TRUSTEE 1	0
MORRIE KERSHNER	CO-TRUSTEE 1	0
LAW OFFICE BUILDING FERGUS FALLS,MN56537	CO-TRUSTEE 1	0
US BANK NATIONAL ASSOCIATION	CORPORATE TRUSTEE 1	35,841
101 5TH STREET E ST PAUL,MN551640713	CORPORATE TRUSTEE 1	35,841

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









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

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

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

Part IX-A

Summary of Direct Charitable Activities

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


2


3


4

Form 990-PF (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.)

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

purposes:

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

4,032,403

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

83,053

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

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

4,115,456

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

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

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

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

4,115,456

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

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

61,732

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

4,053,724

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

202,686

Part XI

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

and do not complete this part.)

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

202,686

Tax on investment income for 2011 from Part VI, line 5......

2,342

Income tax for 2011. (This does not include the tax from Part VI.)...

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

2,342

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

200,344

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

2,000

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

202,344

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

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

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

202,344

Part XII

Qualifying Distributions (see page 25 of the instructions)

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

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

236,731

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

236,731

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)............

2,342

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

234,389

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)

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					202,344
2 Undistributed income, if any, as of the end of 2011:
a Enter amount for 2010 only.......				39,298
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.......	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: $ 236,731
a Applied to 2010, but not more than line 2a				39,298
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.....					197,433
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 ..........					4,911
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (see page 27 of the instructions) ...........		0
8Excess distributions carryover from 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

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 section4942(j)(3) or4942(j)(5)

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

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

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

aThe name, address, and telephone number of the person to whom applications should be addressed:

RICHARD L PEMBERTON AT US BANK
101 EAST FIFTH STREET
ST PAUL,MN55101
(612) 303-3208

bThe form in which applications should be submitted and information and materials they should include:

APPLICATION SHOULD BE SUBMITTED IN WRITTEN FORM OUTLINING THE NATURE OF THE REQUEST

cAny submission deadlines:

NONE

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

THE TRUST HAS LIMITED THE GEOGRAPHIC AREA OF ITS' PROGRAM MAINLY TO FERGUS FALLS MN AND THE SURROUNDING AREA

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
ALEXANDRIA AREA YMCA 901 STATE HWY 29 N 206 ALEXANDRIA,MN56308	NONE	N/A	GENERAL OPERATING EXPENSE	8,500
CHRISTIAN CHILDRENS FUND INC 2821 EMERYWOOD PARKWAY RICHMOND,VA23294	NONE	N/A	CCF ADOPTION PLAN	288
UNIVERSITY OF WISCONSIN-LACROSSE 121 GRAFF MAIN HALL LACROSSE,WI54602	NONE	N/A	SCHOLARSHIP AWARD	7,500
OPERATION BOOTSTRAP AFRICA 122 WEST FRANKLIN AVE SUITE 306 MINNEAPOLIS,MN55404	NONE	N/A	GENERAL OPERATING FUNDS	2,000
FERGUS FALLS FLYERS 544 EDUCATION FOUNDATION P O BOX 30 FERGUS FALLS,MN56537	NONE	N/A	GENERAL OPERATING FUNDS	10,500
PIONEER HOME FOUNDATION 1006 SOUTH SHERIDAN STREET FERGUS FALLS,MN56537	NONE	N/A	GENERAL OPERATING FUNDS	25,000
OTTER TAIL COUNTY HISTORICAL SOCIETY 1110 LINCOLN AVE W FERGUS FALLS,MN56537	NONE	N/A	GENERAL OPERATING FUNDS	16,000
BOY SCOUTS 5100 CENTENNIAL DRIVE ALEXANDRIA,MN56308	NONE	N/A	GENERAL OPERATING FUNDS	2,000
KADDATZ GALLERIES 111 WEST LINCOLN AVE FERGUS FALLS,MN56537	NONE	N/A	GENERAL OPERATING SUPPORT	15,000
FRIENDS SCHOOL OF MINNESOTA 1365 ENGLEWOOD AVE ST PAUL,MN55104	NONE	N/A	GENERAL OPERATING SUPPORT	5,000
HABITAT FOR HUMANITY 1500 SOUTH CASCADE FERGUS FALLS,MN56537	NONE	N/A	GENERAL OPERATING SUPPORT	2,000
FRIENDS OF THE PRAIRIE WETLANDS 602 HIGHWAY 210 BYP SE FERGUS FALLS,MN56537	NONE	N/A	GENERAL OPERATING SUPPORT	3,000
MACALESTER COLLEGE 1600 GRAD AVENUE ST PAUL,MN55105	NONE	N/A	SCHOLARSHIP SUPPORT	1,000
LUTHER COLLEGE 700 COLLEGE DRIVE DECORAH,IA52101	NONE	N/A	SCHOLARSHIP SUPPORT	1,000
NON-VIOLENT PEACE FORCE 425 OAK GROE STREET MINNEAPOLIS,MN55403	NONE	N/A	GENERAL OPERATING SUPPORT	1,000
UNIVERSITY OF MINNESOTA - MOORHEAD 1104 7TH AVENUE SOUTH MOORHEAD,MN56563	NONE	N/A	SCHOLARSHIP	2,500
FERGUS FALLS SALVATION ARMY 917 PEBBLE LAKE ROAD FERGUS FALLS,MN56537	NONE	N/A	GENERAL OPERATING SUPPORT	10,000
FERGUS FALLS AREA FAMILY YMCA 1164 FRIBERG AVENUE FERGUS FALLS,MN56537	NONE	N/A	REPAIR RACQUETBALL COURT	10,000
NAT'L MN SOCIETY - MN CHAPTER 200 12TH AVENUE SOUTH MINNEAPOLIS,MN55415	NONE	N/A	MS - 150 RIDE	1,000
FERGUS FALLS AREA COLLEGE FDN 1414 COLLEGE WAY FERGUS FALLS,MN56537	NONE	N/A	GRANT AWARD	10,350
LETS GO FISHING OF MN 1025 19TH AVE SW - STE 3 WILMAR,MN56201	NONE	N/A	GRANT AWARD	5,000
FERGUS FALLS CENTER FOR THE ARTS 124 WEST LINCOLN AVE FERGUS FALLS,MN56537	NONE	N/A	INTERIM MATCHING MONEY	17,800
WEST CENTRAL INITIATIVE FBO PERHAM HOSPITAL 1000 WESTERN AVE FERGUS FALLS,MN56537	NONE	N/A	GENERAL OPERATING FUND	5,000
LIFETIME LEARNING CENTER DBA TWIN OAKS SCHOOL 402 WESTERN AVW FERGUS FALLS,MN56537	NONE	N/A	GENERAL OPERATING SUPPORT	2,500
LAURA BAKER SCHOOL ASSOCIATION 211 OAK STREET NORTHFIELD,MN55057	NONE	N/A	GENERAL OPERATING FUND	1,000
CLAIRE ANN SHOVER NURSERY 522 SPRUCE STREET FERGUS FALLS,MN56537	NONE	N/A	OPERATING SUPPORT	500
LAKE REGION HEALTHCARE CORPORATION FERGUS FALLS CANCER CENTER 712 CASCASDE STREET FERGUS FALLS,MN56537	NONE	N/A	CANCER CENTER	50,000
WEST CENTRAL MN EDUCATIONAL TV CO DBA PIONEER PUBLIC TELEVISION 120 W SCHLIEMAN AVENUE APPLETON,MN56208	NONE	N/A	GENERAL OPERATING SUPPORT	1,000
MUSCULAR DYSTROPHY ASSOCIATION FARGO DISTRICT OFFICE - 3951 4749 AMBER VALLEY PARKWAY - STE C FARGO,ND58103	NONE	N/A	GENERAL SUPPORT	250
Total ................................. 3a				216,688

bApproved for future payment

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

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
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	91,955
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	178,050
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aGRANT REFUND			01	2,000
bROYALTY INCOME			01	89
cCLASS ACTION INC			01	73
d
e
12 Subtotal. Add columns (b), (d), and (e)..				272,167

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

13272,167

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

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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

Form 990-PF (2011)

Page 12

Part XVII

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

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

Yes

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

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If “Yes,” complete the following schedule.

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

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.

	Signature of officer or trustee	Date	Title

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

Form 990-PF (2011)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Name of Bond	End of Year Book Value	End of Year Fair Market Value
GENERAL ELEC CAP CORP 4.375
SOUTHERN CO SR NT 5.300	51,577	50,072
DOVER CORP 4.875	105,630	112,995
CISCO SYS INC 5.500	105,166	116,373
TOTAL CAPITAL SA 4.450	51,664	55,693
PIMCO TOTAL RETURN FUND

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ALLSTATE CORP
AMGEN INC	5,394	6,357
APACHE CORP	2,591	4,167
APPLE INC	20,820	32,805
B M C SOFTWARE INC
BANK OF AMERICA CORP
BEST BUY CO INC
BOEING CO	4,414	3,594
BRISTOL MYERS SQUIBB CO
BROADCOM CORP CL A	8,662	6,136
CATERPILLAR INC	3,649	4,621
CERNER CORPORATION	5,304	7,656
CITIGROUP INC	4,816	4,104
COSTCO WHSL CORP
DIRECTV CL A	4,113	4,789
EXELON CORPORATION
EXPRESS SCRIPTS INC	5,597	5,184
EXXON MOBIL CORP	205	8,900
FREEPORT MCMORAN COPPER GOLD	4,328	4,562
F5 NETWORKS INC
GENERAL ELECTRIC CO	472	9,618
GENERAL MILLS INC
GILEAD SCIENCES INC
GOLDMAN SACHS GROUP INC	8,003	4,069
HEWLETT PACKARD CO
ILLINOIS TOOL WORKS
INTEL CORP
J P MORGAN CHASE CO	11,959	9,942
JOHNSON & JOHNSON	306	12,198
MCDONALDS CORP	12,791	17,457
MEDTRONIC INC
MERCK AND CO INC NEW	5,719	6,334
MICROCHIP TECHNOLOGY INC
MICROSOFT CORP	20,962	21,287
NIKE INC	7,530	9,733
NORFOLK SOUTHN CORP
OCCIDENTAL PETROLEUM CORP	7,854	9,276
PG&E CORP
PANERA BREAD COMPANY CL A
PEPSICO INC	10,087	12,142
PFIZER INC	10,071	12,443
PROCTER & GAMBLE CO
QUALCOMM INC
SUNTRUST BANKS INC
TARGET CORPORATION	279	3,790
VERIZON COMMUNICATIONS INC	3,616	5,095
WELLS FARGO CO	11,897	12,099
3M CO
FIRST AMERN MID CAP INDEX FD
FIRST AMERN REAL ESTATE SECS F
FIRST AMERN SMALL CAP INDEX FD
IPATH DOW JONES UBS COMMODITY	81,491	84,480
IPATH GSCI TOTAL RETURN	61,774	67,500
ISHARES MSCI EMERGING MKTS ETF	316,059	269,374
AFLAC INC	8,881	6,965
COMCAST CORP	2,013	2,205
CHEVRON CORP	12,227	12,662
TEXAS INSTRUMENTS	7,172	6,026
THERMN FISHER SCIENTIFIC INC	8,994	7,105
AMERICAN CENTURY INTL BOND FD	130,000	128,737
ATT INC	7,618	7,983
EQUINIX INC	6,523	6,692
ISHARES S&P SMALL CAP 600 INDX
METLIFE INC	8,886	6,018
AVALONBAY CMNTYS INC	3,963	4,571
DRIEHAUS ACTIVE INCOME FD	88,864	89,400
ISHARES S&P PREF STOCK INDEX F	20,743	18,701
NUVEEN HIGH INCOME BOND FD	20,000	18,253
PIMCO TOTAL RETURN FD INSTL	192,172	192,459
ALLERGAN INC	6,425	7,809
AMAZON COM INC	4,534	4,328
AMERICAN ELECTRIC POWER CO	5,941	6,651
AMERICAN EXPRESS CO	7,259	7,359
AMEROPRISE FINL INC	5,125	4,170
ANADARKO PETROLEUM CORP	11,601	11,297
AON CORP	2,417	2,293
BORG WARNER INC	9,174	8,286
BOSTON PPTYS INC	4,371	4,781
CAMERON INTL CORP	8,555	8,166
CELGENE CORP	5,181	6,152
COGNIZANT TECH SOLUTIONS	7,150	6,109
CONOCOPHILLIPS	8,908	9,546
CVS CAREMARK CORP	6,761	7,748
DANAHER CORP	6,759	6,727
DEERE & CO	5,415	5,492
DISNEY WALT CO	9,792	8,963
DOVER CORP	9,517	9,346
DU PONT E I DE NEMOUIRS & CO	6,292	6,043
EBAY INC	6,854	6,885
E M C CORPORATION	10,524	9,219
FIFTH THIRD BANCORP	4,872	4,159
FLOWSERVE CORP	5,858	4,966
FLUOR CORP	7,940	5,930
FRANKLIN RES INC	4,432	3,560
GENERAL DYNAMICS CORP	4,082	3,719
GOOGLE INC	13,872	14,210
HALLIBURTON CO	10,741	9,007
HESS CORP	4,923	3,408
HUMANA INC	2,874	3,942
INTERNATIONAL BUSINESS MACHINE	16,432	20,043
KEYCORP	3,658	3,161
KOHLS CORP	3,430	3,158
KRAFT FOODS INC	3,506	4,222
LAUDER ESTEE COS	9,062	10,221
ORACLE CORP	17,950	14,569
P G E CORP	5,018	5,029
P N C FINANCIAL SERVICES	6,657	6,747
P P G INDS INC	1,951	2,171
P P L CORPORATION	4,580	5,060
PEABODY ENERGY CORP	5,583	3,410
PIONEER NAT RES CO	10,619	10,201
PRAXIAR INC	8,462	9,728
PRICELINE COM INC	8,291	8,886
PRUDENTIAL FINANCIAL INC	7,164	5,814
PUBLIC SVC ENTERPRISE GROUP	5,682	5,579
RALPH LAUREN CORP	4,341	5,523
REYNOLDS AMERICAN INC	4,104	5,260
SCHEIN HENRY INC	9,150	9,020
SEMPRA ENERGY	5,003	5,280
SIMON PROPERTY GROUP	4,198	5,029
TIME WARNER CABLE INC	3,466	3,051
TIME WARNER INC	3,909	4,120
TJX COMPANIES	6,489	8,650
TRAVELERS COS INC	3,883	4,793
UNION PACIFIC CORP	17,965	19,493
UNITED HEALTH GROUP INC	8,399	10,288
UNITED TECHNOLOGIES CORP	8,250	7,748
VARIAN MED SYS INC	9,893	9,264
WAL MART STORES	4,753	5,139
ABB LTD A D R	8,272	6,572
ACCENTURE PIC	10,657	11,125
ACE LTD	5,636	5,960
B H P BILLITON LIMITED A D R	6,399	4,944
CARNIVAL CORP	14,495	9,988
CNOOC LTD A D R	7,022	5,415
COMPANHIA DE BEBIDAS P R A D	9,150	11,874
COVIDIEN PIC	4,025	3,826
DIAGEO PIC SPONSORED A D R	6,767	7,256
NATTIONAL GRID PIC SP A D R	2,491	2,763
NESTLE SA SPONSORED A D R	4,301	4,559
NETEASE COM INC A D R	7,589	6,324
SCHLUMBERGER LTD	9,067	7,173
TEVA PHARMACEUTICAL INDS LTD A	5,623	4,601
TYCO INTERNATIONAL LTD	2,440	2,849
UNILEVER N V A D R	3,905	4,021
VODAFONE GROUP PIC A D R	6,893	6,643
HIGHLAND LONG SHORT EQUITY Z	207,349	209,063
ISHARES MSCI EAFE INDEX FD	739,302	572,072
ISHARES DOW JONES REGIONAL BK	3,197	3,618
NUVEEN MID CAP INDEX FD	346,050	411,599
NUVEEN REAL ESTATE SECURITIES	179,496	191,618
NUVEEN SMALL CAP INDEX FD	209,000	229,549

Category	Amount	Net Investment Income
FOREIGN TAXES	193	193
FEDERAL TAX PAYMENT - PRIOR YE	701	0
FEDERAL TAX	1,724	0
FOREIGN TAXES ON QUALIFIED FOR	2,677	2,677
FOREIGN TAXES ON NONQUALIFIED	98	98

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
OTHER NONALLOCABLE EXPENSES -	16	16	0
FILING FEES	25	0	25
OTHER EXPENSES	55	0	55

Description	Revenue And Expenses Per Books	Net Investment Income
GRANT REFUND	2,000	0
ROYALTY INCOME	89	89
CLASS ACTION PROCEEDS	73	73