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 07-01-2011 , and ending 06-30-2012

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

Amended returnAddress changeName change

Name of foundation
JOSEPH C DUKE FOUNDATION 25245340

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

41-6554802

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

$1,795,655J 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......	42,892		42,892
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		55,848
b	Gross sales price for all assets on line 6a 843,563
7	Capital gain net income (from Part IV, line 2)...			55,848
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).......		17	17
12	Total. Add lines 1 through 11........	98,757		98,757
13	Compensation of officers, directors, trustees, etc.	34,660		27,278		7,382
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
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)		1,961	1,232		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).......		1,164	209		955
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	37,785		28,719	0	8,337
25	Contributions, gifts, grants paid........	116,058				116,058
26	Total expenses and disbursements. Add lines 24 and 25	153,843		28,719	0	124,395
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-55,086
b	Net investment income (if negative, enter -0-)			70,038
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...............
	2	Savings and temporary cash investments..........	51,359	71,090	71,090
	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)	59,578	59,578	61,369
	b	Investments—corporate stock (attach schedule)........	1,176,142	995,647	1,172,897
	c	Investments—corporate bonds (attach schedule)........	372,750	478,702	490,299
	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 )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	1,659,829	1,605,017	1,795,655
	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 )	30	259
	23	Total liabilities (add lines 17 through 22)..........	30	259
		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.........	1,972,380	1,972,380
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds	-312,581	-367,622
	30	Total net assets or fund balances (see page 17 of the
		instructions)....................	1,659,799	1,604,758
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	1,659,829	1,605,017

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	1,659,799
2	Enter amount from Part I, line 27a.....................	2	-55,086
3	Other increases not included in line 2 (itemize)	3	45
4	Add lines 1, 2, and 3..........................	4	1,604,758
5	Decreases not included in line 2 (itemize)	5	0
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	1,604,758

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	352. CISCO SYS INC	P	2009-03-02	2011-07-11
b	.0071 SANOFI A D R	P	2008-08-15	2011-07-12
c	43. AGRIUM INC	P	2007-12-10	2011-07-15
d	54. ALPHA NATURAL RESOURCES INC	P	2011-04-29	2011-08-10
e	187. CITIGROUP INC	P	2011-05-10	2011-08-10
	7. INTERNATIONAL BUSINESS MACHINES CORP	P	2009-03-02	2011-08-10
	13. MCDONALDS CORP	P	2009-05-18	2011-08-10
	34. WAL MART STORES INC	P	2010-07-29	2011-08-10
	24. ACCENTURE PLC CL A	P	2011-06-21	2011-08-10
	104. SONY CORP A D R	P	2011-03-24	2011-08-16
	99. HESS CORP	P	2011-01-19	2011-08-17
	107. T ROWE PRICE GROUP INC	P	2009-03-02	2011-08-17
	73. AMERIPRISE FINL INC	P	2011-08-10	2011-08-25
	415. BANK OF AMERICA CORP	P	2009-06-04	2011-08-25
	9. GOLDMAN SACHS GROUP INC	P	2009-09-09	2011-08-25
	92. ILLINOIS TOOL WORKS	P	2011-03-16	2011-08-25
	50. LINCOLN NATL CORP IND	P	2011-01-27	2011-08-25
	38. NORTHROP GRUMMAN CORPORATION	P	2011-02-25	2011-08-25
	97. SUNTRUST BKS INC	P	2011-04-29	2011-08-25
	53. COGNIZANT TECH SOLUTIONS CL A	P	2009-03-02	2011-08-31
	124. TEXAS INSTRUMENTS INC	P	2009-03-02	2011-08-31
	39. B A S F A G A D R	P	2011-04-06	2011-09-12
	66. HSBC HOLDINGS PLC SPONS A D R	P	2011-04-06	2011-09-12
	94. LINCOLN NATL CORP IND	P	2009-08-11	2011-09-12
	5. LINCOLN NATL CORP IND	P	2011-01-27	2011-09-12
	209. SOCIETE GENERALE FRANCE SPONSOR ADR	P	2009-10-15	2011-09-12
	302. SOCIETE GENERALE FRANCE SPONSOR ADR	P	2010-09-15	2011-09-12
	43. BAYER AG A D R	P	2011-05-20	2011-09-14
	19. CNOOC LTD A D R	P	2010-03-10	2011-09-22
	85. FOCUS MEDIA HOLDING A D R	P	2010-06-09	2011-09-22
	168. B N P PARIBAS S A A D R	P	2010-05-11	2011-09-23
	440.529 NUVEEN CORE PLUS BOND CLASS I	P	2009-11-17	2011-09-30
	122. JACOBS ENGR GROUP INC	P	2008-11-14	2011-10-04
	57. JACOBS ENGR GROUP INC	P	2010-10-08	2011-10-04
	104. SONY CORP A D R	P	2011-03-24	2011-10-14
	101. LIFE TECHNOLOGIES CORP	P	2011-06-23	2011-10-19
	7. APACHE CORP	P	2011-08-10	2011-10-25
	29. APACHE CORP	P	2009-10-02	2011-10-25
	84. COMCAST CORP CL A	P	2011-04-29	2011-10-25
	23. CONOCOPHILLIPS	P	2010-04-22	2011-10-25
	43. HESS CORP	P	2009-06-26	2011-10-25
	155. ISHARES DOW JONES REGIONAL BK IN FD	P	2010-01-07	2011-10-25
	29. ISHARES DOW JONES REGIONAL BK IN FD	P	2011-08-10	2011-10-25
	27. MCDONALDS CORP	P	2009-05-18	2011-10-25
	11. OCCIDENTAL PETROLEUM CORPORATION	P	2009-03-02	2011-10-25
	60. P N C FINANCIAL SERVICES GROUP INC	P	2009-04-30	2011-10-25
	24. PEABODY ENERGY CORP	P	2011-08-10	2011-10-25
	18. PEPSICO INC	P	2009-05-18	2011-10-25
	15. TARGET CORPORATION	P	2009-08-03	2011-10-25
	101. VALE SA SP A D R	P	2007-12-10	2011-10-25
	458. PRECISION DRILLING TRUST	P	2011-04-11	2011-10-31
	325. INFINEON TECHNOLOGIES A G A D R	P	2011-02-01	2011-11-09
	35. VOLVO AB SPONSORED A D R	P	2011-02-16	2011-11-09
	59. VOLVO AB SPONSORED A D R	P	2011-02-16	2011-11-10
	134. VOLVO AB SPONSORED A D R	P	2010-09-28	2011-11-10
	873.362 NUVEEN CORE PLUS BOND CLASS I	P	2009-11-17	2011-11-11
	171. UBS AG REG	P	2010-08-27	2011-11-14
	90. FOCUS MEDIA HOLDING A D R	P	2010-06-09	2011-11-21
	315. INFINEON TECHNOLOGIES A G A D R	P	2010-12-15	2011-11-21
	69. HALLIBURTON CO	P	2010-11-18	2011-12-09
	2403.846 CREDIT SUISSE COMM RET ST CO	P	2011-06-07	2011-12-12
	1760.563 NUVEEN CORE PLUS BOND CLASS I	P	2009-11-17	2011-12-12
	774.593 NUVEEN MID CAP INDEX FUND CL I	P	2007-12-20	2011-12-12
	1051.893 TFS MARKET NEUTRAL FUND	P	2011-01-21	2011-12-12
	146. AGCO CORP	P	2010-09-15	2011-12-20
	1794.258 NUVEEN HIGH INCOME BOND FD CL I		2011-05-27	2012-01-03
	95. DOVER CORP		2010-03-04	2012-01-11
	182. TOKIO MARINE HOLDINGS A D R		2008-12-15	2012-01-11
	40. UNION PACIFIC CORP		2009-07-27	2012-01-11
	44. TRANSOCEAN LTD		2012-01-11	2012-01-12
	16. APACHE CORP		2009-08-03	2012-01-13
	20. CONOCOPHILLIPS		2010-04-22	2012-01-13
	86. FIFTH THIRD BANCORP		2010-09-27	2012-01-13
	32. FRANKLIN RES INC		2011-08-25	2012-01-13
	12. GOLDMAN SACHS GROUP INC		2009-04-17	2012-01-13
	38. MCDONALDS CORP		2009-05-18	2012-01-13
	20. NESTLE SA SPONSORED A D R		2010-09-14	2012-01-13
	31. P N C FINANCIAL SERVICES GROUP INC		2009-04-23	2012-01-13
	22. P P G INDS INC		2011-08-10	2012-01-13
	17. PEPSICO INC		2009-05-18	2012-01-13
	29. PRUDENTIAL FINANCIAL INC		2009-05-18	2012-01-13
	28. TARGET CORPORATION		2009-08-03	2012-01-13
	40. TIME WARNER CABLE INC		2011-04-06	2012-01-13
	41. WAL MART STORES INC		2010-07-29	2012-01-13
	46. ACCENTURE PLC CL A		2011-06-21	2012-01-13
	3. ACCENTURE PLC CL A		2010-04-22	2012-01-13
	20. ACE LTD		2011-05-10	2012-01-13
	51. TYCO INTERNATIONAL LTD		2011-08-25	2012-01-13
	177. COMPANHIA DE BEBIDAS P R A D R		2009-03-02	2012-01-24
	102. NOVARTIS AG A D R		2008-08-28	2012-01-26
	31. CARNIVAL CORP		2011-10-25	2012-01-27
	70. CARNIVAL CORP		2009-07-10	2012-01-27
	54. KOHLS CORP		2011-04-06	2012-01-27
	7. P G E CORP		2009-10-20	2012-01-27
	20. P G E CORP		2011-10-25	2012-01-27
	36. PUBLIC SVC ENTERPRISE GROUP INC		2011-10-25	2012-01-27
	41. ACCENTURE PLC CL A		2010-04-22	2012-01-27
	154. FUJIFILM HOLDINGS A D R		2009-12-10	2012-02-03
	76. AON CORP		2012-01-13	2012-02-13
	11. BOSTON PPTYS INC		2009-03-02	2012-02-13
	21. GENERAL DYNAMICS CORP		2009-06-26	2012-02-13
	28. P G E CORP		2009-10-20	2012-02-13
	31. PEABODY ENERGY CORP		2010-03-12	2012-02-13
	3. PEABODY ENERGY CORP		2011-08-10	2012-02-13
	14. UNITED TECHNOLOGIES CORP		2008-08-08	2012-02-13
	106. VERIZON COMMUNICATIONS INC		2009-03-02	2012-02-13
	67. ASTRAZENECA P L C SPSD A D R		2008-08-15	2012-02-16
	21. CELANESE CORP SER A		2012-01-13	2012-02-23
	30. CONOCOPHILLIPS		2010-06-22	2012-02-23
	11. DEERE & CO		2012-01-13	2012-02-23
	49. METLIFE INC		2010-01-27	2012-02-23
	38. PEPSICO INC		2009-03-11	2012-02-23
	43. PUBLIC SVC ENTERPRISE GROUP INC		2011-10-25	2012-02-23
	23. AMERICAN ELECTRIC POWER CO INC		2009-04-17	2012-02-29
	28. AMERICAN ELECTRIC POWER CO INC		2011-10-25	2012-02-29
	30. WAL MART STORES INC		2010-07-14	2012-02-29
	141. PEPSICO INC		2004-11-18	2012-03-01
	113. PRAXAIR INC		2009-03-02	2012-03-01
	1. APPLE INC		2011-02-07	2012-03-21
	515. ENEL SOCIETA A D R		2011-06-01	2012-03-21
	6. HALLIBURTON CO		2011-04-06	2012-03-21
	62. HALLIBURTON CO		2011-01-27	2012-03-21
	60. PUBLIC SVC ENTERPRISE GROUP INC		2011-08-25	2012-03-21
	47. TIME WARNER INC		2012-01-27	2012-03-21
	49. VODAFONE GROUP PLC A D R		2011-04-06	2012-03-21
	47. WELLS FARGO CO		2009-04-01	2012-03-21
	141. ABB LTD A D R		2007-12-10	2012-03-26
	214. CARNIVAL CORP		2010-11-01	2012-03-28
	99. ORACLE CORPORATION		2010-11-01	2012-03-28
	91. ORACLE CORPORATION		2011-06-13	2012-03-28
	377.295 NUVEEN HIGH INCOME BOND FD CL I		2011-05-27	2012-04-02
	759.069 NUVEEN HIGH INCOME BOND FD CL I		2006-02-03	2012-04-02
	426.621 NUVEEN SMALL CAP INDEX FUND CL I		2006-02-03	2012-04-02
	718.907 NUVEEN MID CAP INDEX FUND CL I		2007-12-20	2012-04-02
	165. KEPPEL CORP LTD SPONS A D R		2007-12-10	2012-04-18
	72. NETEASE INC A D R		2011-04-11	2012-04-18
	133. TEVA PHARMACEUTICAL INDS LTD A D R		2011-05-26	2012-04-18
	30. AMGEN INC		2010-06-22	2012-04-19
	15. ANADARKO PETROLEUM CORP		2011-10-25	2012-04-19
	2. APPLE INC		2011-02-07	2012-04-19
	16. B H P BILLITON LIMITED A D R		2009-03-02	2012-04-19
	31. MACYS INC		2012-02-29	2012-04-19
	144. P P L CORPORATION		2011-09-12	2012-04-19
	8. SIMON PROPERTY GROUP INC		2011-02-16	2012-04-19
	70. ASTRAZENECA P L C SPSD A D R		2008-07-21	2012-04-27
	102. E M C CORPORATION		2011-02-08	2012-05-03
	206. ORACLE CORPORATION		2010-02-23	2012-05-03
	17. SIEMENS AG A D R		2010-09-28	2012-05-04
	24. AMGEN INC		2009-03-02	2012-05-15
	12. AVALONBAY CMNTYS INC		2009-03-02	2012-05-15
	19. HESS CORP		2012-02-13	2012-05-15
	49. HESS CORP		2009-09-09	2012-05-15
	106. REYNOLDS AMERICAN INC		2011-02-25	2012-05-15
	25. REYNOLDS AMERICAN INC		2012-01-13	2012-05-15
	8. SIMON PROPERTY GROUP INC		2011-02-16	2012-05-15
	44. TJX COMPANIES INC		2010-10-28	2012-05-15
	431. ABB LTD A D R		2010-03-04	2012-05-18
	52. MCDONALDS CORP		2009-03-02	2012-05-18
	145. ATT INC		2009-09-18	2012-05-24
	145. ATT INC		2012-05-15	2012-05-24
	81. AMERICAN ELECTRIC POWER CO INC		2009-06-04	2012-05-24
	101. AMERICAN EXPRESS CO		2010-09-27	2012-05-24
	48. AMERICAN EXPRESS CO		2012-04-19	2012-05-24
	62. AMERIPRISE FINL INC		2012-02-13	2012-05-24
	29. AMGEN INC		2009-03-02	2012-05-24
	33. ANADARKO PETROLEUM CORP		2011-10-25	2012-05-24
	22. APACHE CORP		2009-03-02	2012-05-24
	7. APPLE INC		2011-02-25	2012-05-24
	13. APPLE INC		2012-05-15	2012-05-24
	16. AVALONBAY CMNTYS INC		2012-01-13	2012-05-24
	10. AVALONBAY CMNTYS INC		2009-03-02	2012-05-24
	30. BED BATH & BEYOND INC		2012-03-21	2012-05-24
	42. B H P BILLITON LIMITED A D R		2009-03-02	2012-05-24
	15. BOEING CO		2012-01-13	2012-05-24
	41. BOEING CO		2011-02-25	2012-05-24
	21. BOSTON PPTYS INC		2011-02-16	2012-05-24
	20. BOSTON PPTYS INC		2012-01-13	2012-05-24
	76. CVS CAREMARK CORP		2012-05-15	2012-05-24
	119. CVS CAREMARK CORP		2010-09-27	2012-05-24
	61. CELANESE CORP SER A		2012-04-19	2012-05-24
	111. CENTURYLINK INC		2012-02-13	2012-05-24
	95. CHEVRON CORPORATION		2012-02-23	2012-05-24
	216. CITIGROUP INC		2012-03-21	2012-05-24
	35. COMCAST CORP CL A		2011-04-29	2012-05-24
	82. COMCAST CORP CL A		2012-01-13	2012-05-24
	58. CONOCOPHILLIPS		2010-06-22	2012-05-24
	36. DEERE & CO		2012-03-21	2012-05-24
	124. DISNEY WALT CO		2012-05-15	2012-05-24
	79. DISNEY WALT CO		2011-02-07	2012-05-24
	13. EXXON MOBIL CORP		2012-04-19	2012-05-24
	88. EXXON MOBIL CORP		2010-06-14	2012-05-24
	188. FIFTH THIRD BANCORP		2010-09-27	2012-05-24
	273. FORD MOTOR CO		2012-02-29	2012-05-24
	103. FREEPORT MCMORAN COPPER GOLD		2010-02-26	2012-05-24
	26. GENERAL DYNAMICS CORP		2009-03-02	2012-05-24
	392. GENERAL ELECTRIC CO		2010-02-26	2012-05-24
	165. GENERAL ELECTRIC CO		2012-04-19	2012-05-24
	66. GILEAD SCIENCES INC		2012-05-15	2012-05-24
	26. GOLDMAN SACHS GROUP INC		2009-03-02	2012-05-24
	3. GOOGLE INC CL A		2012-05-15	2012-05-24
	133. HEWLETT PACKARD CO		2012-02-23	2012-05-24
	37. HONEYWELL INTERNATIONAL INC		2012-02-13	2012-05-24
	38. HUMANA INC		2011-03-16	2012-05-24
	21. INTERNATIONAL BUSINESS MACHINES CORP		2009-03-02	2012-05-24
	11. INTERNATIONAL BUSINESS MACHINES CORP		2011-06-21	2012-05-24
	141. ISHARES DOW JONES REGIONAL BK IN FD		2011-08-10	2012-05-24
	226. J P MORGAN CHASE CO		2007-12-11	2012-05-24
	26. J P MORGAN CHASE CO		2011-08-10	2012-05-24
	136. JOHNSON JOHNSON		2010-08-13	2012-05-24
	19. JOHNSON JOHNSON		2011-06-21	2012-05-24
	55. JOHNSON CONTROLS INC		2012-01-13	2012-05-24
	345. KEYCORP NEW		2011-01-04	2012-05-24
	28. KRAFT FOODS INC CL A		2012-03-21	2012-05-24
	95. KRAFT FOODS INC CL A		2010-08-25	2012-05-24
	86. MACYS INC		2012-01-27	2012-05-24
	131. MARATHON OIL CORPORATION		2012-05-15	2012-05-24
	140. MERCK AND CO INC NEW		2010-08-13	2012-05-24
	98. MERCK AND CO INC NEW		2012-04-19	2012-05-24
	85. METLIFE INC		2009-04-23	2012-05-24
	26. METLIFE INC		2011-08-25	2012-05-24
	219. MICROSOFT CORP		2011-03-25	2012-05-24
	35. MICROSOFT CORP		2011-06-21	2012-05-24
	48. NATIONAL GRID PLC SP A D R		2010-09-14	2012-05-24
	46. NATIONAL GRID PLC SP A D R		2012-01-27	2012-05-24
	47. NESTLE SA SPONSORED A D R		2010-09-14	2012-05-24
	60. NEXTERA ENERGY INC		2012-04-19	2012-05-24
	81. OCCIDENTAL PETROLEUM CORPORATION		2009-03-02	2012-05-24
	144. ORACLE CORPORATION		2011-03-25	2012-05-24
	141. ORACLE CORPORATION		2012-02-23	2012-05-24
	46. P G E CORP		2009-10-20	2012-05-24
	45. P N C FINANCIAL SERVICES GROUP INC		2012-01-27	2012-05-24
	39. P N C FINANCIAL SERVICES GROUP INC		2009-04-23	2012-05-24
	76. PACCAR INC		2012-02-23	2012-05-24
	50. PEABODY ENERGY CORP		2010-06-22	2012-05-24
	479. PFIZER INC		2010-09-14	2012-05-24
	59. PHILIP MORRIS INTL		2012-05-15	2012-05-24
	29. PHILLIPS 66		2010-06-22	2012-05-24
	35. PHILLIPS 66		2012-05-15	2012-05-24
	68. PRUDENTIAL FINANCIAL INC		2009-06-26	2012-05-24
	565. REGIONS FINL CORP		2012-03-21	2012-05-24
	26. SCHLUMBERGER LTD		2012-03-21	2012-05-24
	80. SEMPRA ENERGY		2010-05-04	2012-05-24
	9. SIMON PROPERTY GROUP INC		2011-02-16	2012-05-24
	16. SIMON PROPERTY GROUP INC		2012-01-13	2012-05-24
	44. STATE STR CORP		2012-01-13	2012-05-24
	34. TJX COMPANIES INC		2011-10-25	2012-05-24
	142. TJX COMPANIES INC		2009-03-02	2012-05-24
	33. TARGET CORPORATION		2009-07-23	2012-05-24
	21. TARGET CORPORATION		2012-02-29	2012-05-24
	43. THERMO FISHER SCIENTIFIC INC		2009-03-02	2012-05-24
	77. TIME WARNER INC		2011-10-25	2012-05-24
	105. TRAVELERS COS INC		2012-02-13	2012-05-24
	98. UNILEVER N V A D R		2011-05-10	2012-05-24
	66. UNION PACIFIC CORP		2009-11-11	2012-05-24
	62. UNITED TECHNOLOGIES CORP		2011-03-16	2012-05-24
	27. UNITED TECHNOLOGIES CORP		2012-04-19	2012-05-24
	118. UNITED HEALTH GROUP INCORPORATED		2011-02-07	2012-05-24
	51. UNITED HEALTH GROUP INCORPORATED		2011-08-10	2012-05-24
	149. VODAFONE GROUP PLC A D R		2011-04-06	2012-05-24
	281. WELLS FARGO CO		2009-04-01	2012-05-24
	41. WELLS FARGO CO		2011-08-10	2012-05-24
	71. COVIDIEN PLC		2010-06-22	2012-05-24
	28. ACE LTD		2012-02-13	2012-05-24
	37. ACE LTD		2011-05-10	2012-05-24
	211. PETROLEO BRASILEIRO SPON A D R		2007-12-10	2012-06-18
	168. KONINKLIJKE (ROYAL) KPN NV SP ADR		2011-11-14	2012-06-25
	29. KONINKLIJKE (ROYAL) KPN NV SP ADR		2007-12-10	2012-06-25
	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	5,386	5,087	299
b
c	3,848	2,683	1,165
d	1,566	3,136	-1,570
e	5,466	9,034	-3,568
	1,172	625	547
	1,096	710	386
	1,673	1,812	-139
	1,273	1,310	-37
	2,283	3,699	-1,416
	5,999	8,105	-2,106
	5,497	2,339	3,158
	3,110	3,772	-662
	3,220	4,863	-1,643
	997	1,522	-525
	4,054	4,994	-940
	973	1,484	-511
	1,954	2,356	-402
	1,837	2,747	-910
	3,349	925	2,424
	3,278	1,723	1,555
	2,272	3,339	-1,067
	2,544	3,369	-825
	1,622	2,043	-421
	86	148	-62
	889	3,255	-2,366
	1,285	3,645	-2,360
	2,246	3,495	-1,249
	2,817	3,145	-328
	2,451	1,346	1,105
	2,814	5,663	-2,849
	4,996	4,833	163
	3,885	3,844	41
	1,815	2,301	-486
	2,084	3,384	-1,300
	3,806	5,251	-1,445
	668	707	-39
	2,766	2,565	201
	2,045	2,202	-157
	1,636	1,292	344
	2,588	2,640	-52
	3,109	3,025	84
	582	542	40
	2,491	1,458	1,033
	947	542	405
	3,237	2,431	806
	968	1,098	-130
	1,115	917	198
	817	646	171
	2,264	3,086	-822
	5,626	5,199	427
	2,821	3,490	-669
	403	605	-202
	669	1,019	-350
	1,520	1,930	-410
	9,965	9,581	384
	2,024	2,859	-835
	1,390	1,425	-35
	2,394	2,939	-545
	2,310	2,533	-223
	19,712	23,149	-3,437
	20,018	19,313	705
	9,822	10,279	-457
	14,926	15,600	-674
	6,014	3,710	2,304
	15,072	16,525	-1,453
	5,627	4,104	1,523
	4,145	5,512	-1,367
	4,473	2,296	2,177
	1,784	1,793	-9
	1,482	946	536
	1,404	1,123	281
	1,204	1,041	163
	3,078	3,732	-654
	1,186	1,321	-135
	3,808	2,052	1,756
	1,119	1,075	44
	1,912	1,239	673
	1,925	1,651	274
	1,094	856	238
	1,605	1,189	416
	1,394	1,199	195
	2,613	2,889	-276
	2,440	2,105	335
	2,447	2,511	-64
	160	131	29
	1,395	1,370	25
	2,471	2,040	431
	6,537	1,327	5,210
	5,593	5,657	-64
	942	1,101	-159
	2,127	1,730	397
	2,507	2,906	-399
	285	300	-15
	815	854	-39
	1,090	1,229	-139
	2,316	1,788	528
	3,621	3,835	-214
	3,705	3,643	62
	1,145	371	774
	1,472	921	551
	1,155	1,201	-46
	1,102	1,448	-346
	107	137	-30
	1,179	941	238
	4,028	1,695	2,333
	3,016	3,217	-201
	1,005	977	28
	2,233	1,679	554
	923	932	-9
	1,858	1,598	260
	2,388	1,800	588
	1,310	1,445	-135
	865	620	245
	1,054	1,093	-39
	1,774	1,514	260
	8,813	7,250	1,563
	12,323	6,110	6,213
	607	350	257
	1,904	3,553	-1,649
	205	290	-85
	2,114	2,719	-605
	1,780	1,998	-218
	1,682	1,716	-34
	1,333	1,435	-102
	1,604	696	908
	2,887	4,207	-1,320
	6,891	7,644	-753
	2,911	2,697	214
	2,675	2,899	-224
	3,320	3,475	-155
	6,680	7,173	-493
	5,060	6,553	-1,493
	10,050	9,540	510
	3,005	2,805	200
	4,238	3,836	402
	6,019	6,561	-542
	2,008	1,708	300
	1,080	1,178	-98
	1,176	700	476
	1,162	540	622
	1,218	1,180	38
	3,856	3,889	-33
	1,180	861	319
	3,039	3,202	-163
	2,902	2,387	515
	6,068	5,075	993
	1,504	1,777	-273
	1,688	1,149	539
	1,733	483	1,250
	882	1,184	-302
	2,274	2,598	-324
	4,304	3,396	908
	1,015	1,034	-19
	1,225	861	364
	1,862	966	896
	6,911	6,255	656
	4,687	2,938	1,749
	4,875	4,542	333
	4,875	4,351	524
	3,069	2,155	914
	5,647	3,669	1,978
	2,684	2,483	201
	2,942	3,265	-323
	1,995	1,389	606
	2,098	2,592	-494
	1,816	1,161	655
	3,976	2,445	1,531
	7,383	4,643	2,740
	2,253	2,044	209
	1,408	403	1,005
	2,155	1,987	168
	2,634	1,417	1,217
	1,063	1,119	-56
	2,905	2,593	312
	2,169	1,199	970
	2,066	1,977	89
	3,446	3,103	343
	5,395	3,742	1,653
	2,499	2,880	-381
	4,292	4,219	73
	9,466	10,099	-633
	5,730	7,130	-1,400
	1,016	917	99
	2,381	1,867	514
	3,012	2,355	657
	2,710	3,027	-317
	5,509	4,939	570
	3,510	2,873	637
	1,070	1,109	-39
	7,244	5,679	1,565
	2,525	1,834	691
	2,877	3,383	-506
	3,327	2,575	752
	1,643	1,070	573
	7,487	5,797	1,690
	3,152	2,947	205
	3,334	3,461	-127
	2,502	2,276	226
	1,808	1,836	-28
	2,891	3,600	-709
	2,106	2,206	-100
	2,916	2,427	489
	4,101	1,876	2,225
	2,148	1,826	322
	3,306	2,636	670
	7,675	10,371	-2,696
	883	911	-28
	8,584	8,244	340
	1,199	1,265	-66
	1,678	1,932	-254
	2,581	2,554	27
	1,082	1,074	8
	3,673	2,781	892
	3,230	2,945	285
	3,230	3,975	-745
	5,239	6,342	-1,103
	3,667	3,742	-75
	2,568	1,693	875
	785	831	-46
	6,364	4,735	1,629
	1,017	864	153
	2,533	2,107	426
	2,427	2,223	204
	2,680	1,512	1,168
	3,912	3,757	155
	6,575	3,994	2,581
	3,768	3,950	-182
	3,690	4,234	-544
	2,017	1,974	43
	2,767	2,328	439
	2,398	1,559	839
	2,917	3,367	-450
	1,187	2,103	-916
	10,552	6,375	4,177
	5,023	5,040	-17
	898	700	198
	1,084	1,118	-34
	3,177	2,688	489
	3,565	3,512	53
	1,716	1,933	-217
	5,135	3,956	1,179
	1,325	969	356
	2,355	1,934	421
	1,822	1,896	-74
	1,391	1,009	382
	5,808	1,572	4,236
	1,887	1,404	483
	1,201	1,184	17
	2,216	1,502	714
	2,660	2,640	20
	6,576	5,455	1,121
	3,121	3,271	-150
	7,400	4,152	3,248
	4,524	4,171	353
	1,970	2,051	-81
	6,613	2,940	3,673
	2,858	2,480	378
	4,017	4,231	-214
	8,865	3,233	5,632
	1,294	958	336
	3,774	2,778	996
	2,034	1,907	127
	2,687	2,510	177
	3,846	9,513	-5,667
	1,510	2,242	-732
	261	537	-276
			41

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			299
b
c			1,165
d			-1,570
e			-3,568
			547
			386
			-139
			-37
			-1,416
			-2,106
			3,158
			-662
			-1,643
			-525
			-940
			-511
			-402
			-910
			2,424
			1,555
			-1,067
			-825
			-421
			-62
			-2,366
			-2,360
			-1,249
			-328
			1,105
			-2,849
			163
			41
			-486
			-1,300
			-1,445
			-39
			201
			-157
			344
			-52
			84
			40
			1,033
			405
			806
			-130
			198
			171
			-822
			427
			-669
			-202
			-350
			-410
			384
			-835
			-35
			-545
			-223
			-3,437
			705
			-457
			-674
			2,304
			-1,453
			1,523
			-1,367
			2,177
			-9
			536
			281
			163
			-654
			-135
			1,756
			44
			673
			274
			238
			416
			195
			-276
			335
			-64
			29
			25
			431
			5,210
			-64
			-159
			397
			-399
			-15
			-39
			-139
			528
			-214
			62
			774
			551
			-46
			-346
			-30
			238
			2,333
			-201
			28
			554
			-9
			260
			588
			-135
			245
			-39
			260
			1,563
			6,213
			257
			-1,649
			-85
			-605
			-218
			-34
			-102
			908
			-1,320
			-753
			214
			-224
			-155
			-493
			-1,493
			510
			200
			402
			-542
			300
			-98
			476
			622
			38
			-33
			319
			-163
			515
			993
			-273
			539
			1,250
			-302
			-324
			908
			-19
			364
			896
			656
			1,749
			333
			524
			914
			1,978
			201
			-323
			606
			-494
			655
			1,531
			2,740
			209
			1,005
			168
			1,217
			-56
			312
			970
			89
			343
			1,653
			-381
			73
			-633
			-1,400
			99
			514
			657
			-317
			570
			637
			-39
			1,565
			691
			-506
			752
			573
			1,690
			205
			-127
			226
			-28
			-709
			-100
			489
			2,225
			322
			670
			-2,696
			-28
			340
			-66
			-254
			27
			8
			892
			285
			-745
			-1,103
			-75
			875
			-46
			1,629
			153
			426
			204
			1,168
			155
			2,581
			-182
			-544
			43
			439
			839
			-450
			-916
			4,177
			-17
			198
			-34
			489
			53
			-217
			1,179
			356
			421
			-74
			382
			4,236
			483
			17
			714
			20
			1,121
			-150
			3,248
			353
			-81
			3,673
			378
			-214
			5,632
			336
			996
			127
			177
			-5,667
			-732
			-276

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	55,848
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	106,683	1,916,221	0.055674
2009	54,974	1,786,808	0.030767
2008	102,954	1,694,467	0.060759
2007	134,064	2,419,393	0.055412
2006	104,752	2,449,023	0.042773

2	Total of line 1, column (d) ......................	2	0.245385
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	0.049077
4	Enter the net value of noncharitable-use assets for 2011 from Part X, line 5.....	4	1,806,911
5	Multiply line 4 by line 3.......................	5	88,678
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	700
7	Add lines 5 and 6.........................	7	89,378
8	Enter qualifying distributions from Part XII, line 4..............	8	124,395
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	700
	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	700
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	700
6	Credits/Payments:

a	2011 estimated tax payments and 2010 overpayment credited to 2011	6a	636
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	636
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	64
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2012 estimated tax	Refunded	11	0

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

101 EAST 5TH ST 14TH FLOORST PAULMN ZIP+4 bullet

551011860

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.) .........

Yes

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
US BANK NA	CORPORATE TRUSTEE 8	34,660
800 NICOLLET MALL MINNEAPOLIS,MN554027020	CORPORATE TRUSTEE 8	34,660

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...................

1,782,029

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

52,398

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

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

1,834,427

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.........................

1,834,427

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

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

27,516

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

1,806,911

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

90,346

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....................

90,346

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

700

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

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

700

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

89,646

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

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

89,646

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................................

89,646

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 ..........

124,395

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

124,395

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

700

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

123,695

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					89,646
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.......	0
d From 2009.......	0
e From 2010.......	6,803
fTotal of lines 3a through e.........		6,803
4Qualifying distributions for 2011 from Part
XII, line 4: $ 124,395
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.....					89,646
e Remaining amount distributed out of corpus		34,749
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		41,552
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 ......		41,552
10 Analysis of line 9:
a Excess from 2007....	0
b Excess from 2008....	0
c Excess from 2009....	0
d Excess from 2010....	6,803
e Excess from 2011....	34,749

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:

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)

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
AMERICAN HEART ASSOCIATION 4701 W 77 ST MINNEAPOLIS,MN55435	NONE	PUBLIC	GENERAL FUNDING	7,538
CHILDRENS HOME SOCIETY OF MN 2230 COMO AVE ST PAUL,MN55108	NONE	PUBLIC	GENERAL FUNDING	7,538
J AND L DUKE FOUNDATION PO BOX 64713 ST PAUL,MN55164	NONE	501(C)(3)	GENERAL FUNDING	85,905
UNIVERSITY OF DUBUQUE 2000 UNIVERSITY AVENUE DUBUQUE,IA52001	NONE	SCHOOL	GENERAL FUNDING	15,077
Total ................................. 3a				116,058

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	42,892
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	55,848
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aCLASSACTION
bSETTLEMENT			14	17
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				98,757

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

1398,757

(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
AMERICAN CENTURY INTL BOND FD	45,000	44,734
NUVEEN CORE BOND FD	244,024	252,342
NUVEEN HIGH INCOME BOND FD	92,827	87,986
CREDIT SUISSE COMM RET ST CO	26,851	21,776
BARCLAYS 24MO 200% SPX	70,000	83,461

Name of Stock	End of Year Book Value	End of Year Fair Market Value
EXXON MOBIL CORP
COPA HOLDINGS	3,278	3,464
COMCAST CORP
PEPSICO INC
WAL MART STORES INC
JOHNSON & JOHNSON
UNITED HEALTH GROUP INC
BANK OF AMERICA CORP
TRANSOCEAN LTD	3,015	3,310
VERIZON COMMUNICATIONS INC
APPLE INC	4,815	40,880
CISCO SYS INC	9,112	7,486
NUVEEN MID CAP INDEX FD	48,422	56,353
NUVEEN SMALL CAP INDEX FD	32,901	30,410
NUVEEN REAL ESTATE SECS FD	20,252	24,197
FREEPORT-MCMORAN COPPER & GOLD
BOEING CO
CATERPILLAR INC	5,189	4,925
GENERAL DYNAMICS CORP
UNITED TECHNOLOGIES CORP	11,300	11,330
APACHE CORP
HALLIBURTON CO	3,661	6,217
SBERBANK SPONSORED	6,936	5,399
TIME WARNER INC
ALLERGAN INC	7,056	10,275
CELGENE CORP	7,080	7,314
MERCK & CO INC
J P MORGAN CHASE & CO
AT&T INC
BROADCOM CORP CL A	9,720	8,710
CARNIVAL PLC	3,512	2,781
GOOGLE INC CL A	14,977	15,082
INTERNATIONAL BUSINESS MACHINE	7,504	16,429
MICROSOFT CORP	18,653	19,149
ORACLE CORPORATION
AGRIUM INC	3,619	5,131
ANGLO AMERICAN PLC A D R	5,747	2,727
B H P BILLITON PLC SPSD A D R	10,007	7,778
ABB LTD A D R	4,297	2,350
ATLAS COPCO AB A D R CL B	3,727	4,686
KEPPEL CORP LTD SPONS A D R	9,622	9,260
PETROLEO BRASILEIRO SPON A D R
SUNCOR ENERGY	2,957	3,040
BRITISH AMERN TOB PLC ADR	12,472	18,075
DIAGEO PLC SPONSORED ADR NEW	11,504	13,914
FOMENTO ECONOMICO MEXICANO S A	2,222	5,712
NESTLE S A SPONSORED ADR REPST	10,833	13,919
NOVARTIS A G A D R	3,974	4,360
ROCKWELL AUTOMATION	12,483	10,107
BARCLAYS PLC A D R	7,538	4,141
BOC HONG KONG HLDGS LTD A D R	3,122	4,337
DBS GROUP HLDGS LTD	8,441	7,754
MICHAEL KORS HOLDINGS	5,537	6,109
ORIX CORP SPNS A D R	2,843	3,957
CHINA MOBILE LIMITED	2,898	3,062
NATIONAL GRID PLC SP A D R	2,867	3,073
SANDS CHINA LTD	2,922	2,699
B A S F A G ADR	6,058	6,454
KONINKLIJKE (ROYAL) KPN NV SP	4,535	2,367
TOTAL S A A D R	13,392	7,866
SCHLUMBERGER LTD	5,642	8,114
MC DONALDS CORP	5,108	8,676
PFIZER INC
ISHARES DOW JONES REGIONAL BK
GOLDMAN SACHS GROUP INC
TEXAS INSTRUMENTS INC	3,544	7,316
DEERE & CO	6,635	7,036
EQUINIX INC	7,791	14,228
PRAXAIR INC
VALE SA SP A D R	3,566	2,497
AGCO CORP
DANAHER CORP	5,022	9,374
FLOWSERVE CORP	2,907	7,229
FUJIFILM HLDGS CORP
JACOBS ENGR GROUP INC
UNION PAC CORP	3,793	11,454
ANADARKO PETE CORP	7,132	7,679
CAMERON INTL CORP	4,696	9,353
HESS CORP
LUKOIL SPON A D R	6,546	6,674
OCCIDENTAL PETROLEUM CORP
POSTNL NV ADR	2,789	2,890
CANON INC SPONC	5,450	5,632
CANADIAN PACIFIC RAILWAY	3,090	3,077
DIRECTV GROUP INC	2,638	6,591
NIKE INC CL B	6,581	11,587
PRICELINE COM INC	1,884	15,284
TFS MARKET NEUTRAL FUND
CVS CAREMARK CORP
CHEVRON CORP	6,523	6,963
COMPANHIA DE BEBIDAS P R A D R	1,909	9,774
UNILEVER PLC SPSD ADR	2,849	3,103
AMGEN INC
ASTRAZENECA P L C SPSD A D R
BAIDU COM INC	12,122	9,773
CERNER CORPORATION	2,824	13,391
COVIDIEN PLC
EXPRESS SCRIPTS INC CL A	3,267	7,928
DEUTSCHE BANK AG	2,952	3,111
SANOFI A D R	9,548	10,087
SCHEIN HENRY INC	5,687	12,637
THERMO FISHER SCIENTIFIC INC	5,257	7,008
VARIAN MED SYS INC	6,149	10,756
ACE LTD
AVALONBAY CMNTYS INC
BOSTON PPTYS INC
METLIFE INC
NOVO NORDISK AS	6,408	6,540
PNC FINANCIAL SERVICES GRP INC
PRUDENTIAL FINANCIAL INC
T ROWE PRICE GROUP
TOKIO MARINE HOLDINGS A D R
WELLS FARGO CO
ZURICH FINANCIAL SERVICES AG	2,133	2,687
AMERICAN ELECTRIC POWER CO INC
DUPONT E I DE NEMOURS	7,675	8,142
ACCENTURE LTD	3,606	7,391
COGNIZANT TECH SOLUTIONS CRP	2,146	7,380
RALPH LAUREN	4,950	7,143
VMWARE INC CL A	8,968	7,192
MITSUI & CO LTD	4,736	6,289
DOVER CORP	4,137	5,361
GENERAL ELECTRIC
NIPPON TELEGRAPH	2,923	2,684
NUVEEN SANTA BARBARA DIV	140,000	143,873
VOLVO AB SPONSORED	2,953	2,679
CARNIVAL CORP
CNOOC LTD A D R	6,883	7,648
CONOCOPHILLIPS
PEABODY ENERGY CORP
PIONEER NAT RES CO	8,944	11,908
BORG WARNER	6,539	10,691
DISNEY WALT CO	5,513	6,111
FOCUS MEDIA HOLDINGS
GAP INC	9,062	9,412
NISSAN MTR LTD	6,029	6,498
TARGET CORPORATION
TJX COMPANIES
AMERICAN EXPRESS CO
AMERIPRISE FINL INC	4,752	5,331
B A E SYSTEMS P L C	2,930	3,072
B N P PARIBAS S A A
FIFTH THIRD BANCORP
KEYCORP NEW
LINCOLN NATL CORP
SOCIETE GENERALE FRANCE
TFS MARKET NEUTRAL	64,400	65,269
VALEOSA SPON ADR	3,222	2,554
P G E CORP
SEMPRA ENERGY
ROCHE HLDG LTD	6,206	6,224
CANON INC SPONS
LULULEMON ATHLETICA	5,454	5,128
WILLIAMS SONOMA INC	5,892	5,385
B H P BILLITON LIMITED A D R
BAYER AG A D R
FLOUR CORP	8,980	7,253
HITACHI LTD ADR	6,509	7,000
ILLINOIS TOOL WORKS
NORTHROP GRUMMAN CORP
SIEMENS AG A D R	2,684	2,270
ALPHA NATURAL RESOURCES
ENEL SOCIETA A D R
PRECISION DRILLING TRUST
REPSOL S A	3,405	1,630
ROYAL DUTCH SHELL	6,371	6,338
AMAZON COM INC	5,441	6,851
BAYERISCHE MOTOREN WERKE	5,840	6,434
CARNIVAL PLC A D R
HONDA MOTOR CO LTD	4,924	4,956
INTERCONTINENTAL HTLS GRP	2,992	4,001
KOHLS CORP
LVMH MOET HENNESSY	2,518	2,328
POLO RALPH LAUREN
SONY CORP A D R
ANHEUSER BUSCH	3,257	4,142
KRAFT FOODS INC
LAUDER ESTEE COS	11,054	12,015
REYNOLDS AMERICAN
HUMANA INC
LIFE TECHNOLOGIES CORP
SHIRE PLC A D R	3,472	3,110
TEVA PHARMACEUTICAL
AFLAC SE A D R	11,458	8,731
ALLIANZ SE A D R	6,697	4,595
BROOKFIELD ASSET MANAGE	3,513	3,542
CITIGROUP INC
HSBC HOLDINGS PLC	3,200	2,692
SIMON PROPERTY GROUP
SUNTRUST BKS INC
UBS AG REG
B T GROUP P L C	9,443	11,016
NETEASE COM INC	4,825	5,944
VODAFONE GROUP	6,250	6,650
E BAY INC	9,045	12,561
E M C CORPORATION	8,468	10,867
INFINEON TECHNOLOGIES
ISHARES MSCI EMERGING MKTS	23,939	19,568

Category	Amount	Net Investment Income
FOREIGN TAXES	1,203	1,203
FEDERAL TAX PAYMENT - PRIOR YE	93	0
FEDERAL TAX	636	0
FOREIGN TAXES ON QUALIFIED FOR	27	27
FOREIGN TAXES ON NONQUALIFIED	2	2